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The Financial Situation
OR some time past events have been rather several responsible newspapers leaves, and can leave,
steadily, if at times somewhat slowly, clarify- no doubt that what is being urged is that the bank
ing the atmosphere and pointing issues in such a examiners (and the Comptroller of the Currency)
way that the equivocations and the postponement revert to that laxity of supervision for which they
of decisions concerning fundamental policies, which were so severely condemned during the recent inhave been all too characteristic of governmental vestigations by the Senate Committee on Banking
auflorities, have been becoming less and less tenable. and Currency, and that the banks themselves, so
The same factors have of late been virtually obliging often excoriated by Administration officials for loose
responsible executives in many branches of business lending when their faith in the New Era was more
to re-appraise the New Deal in many of its aspects vigorous than wise, should now show a similar trust
more to face realities unflinchingly and to endeavor in the New Deal. The President thus now chammore vigorously to reach conclusions as •to what pions one of the central doctrines of all the more
their policies are to be in face of the facts thus rabid inflationists and other ill-informed malcontents
emphasized. The rate of progress in this direction in the land.
NRA Reorganization
has been substantially acThe projected reorganicelerated during the past
"Bitter-End Deflationists"
zation of the National Reweek or two. The probSome apologists for managed currencies,
covery Administration is
lems that 'the business
controlled economy, priming-the-pump phicommunity must expect
another case in point. The
losophy, and the other kindred proposals
of the day often refer-to those who disagree
President the other day
and the decisions it must
with them as "bitter-end deflationists."
make during the months
warned the public not to
A "bitter-end deflationist" seems to be a
speculate in too great a
immediately before us are
man who believes that before real recovery
takes place, we shall be obliged to permit
in consequence now fairly
detail as to what the final
those readjustments to occur within the busidiscernible at least in broad
outcome of his work in this
ness structure which are dictated by the
interaction of normal economic forces. He
outline.
connection would be, addusually also adds that the sooner these reing that he himself had not
adjustments, painful as they are, actually
Election Results
take place the better for all concerned.
yetreached the point where
Since such readjustments often involve price
he was giving detailed arHE emergence of Mr.
reductions (as well as price increases) and
since they inevitably necessitate the writing
rangements attention. It
Upton Sinclair as the
down of assets, the process is popularly
none the less seems clear to
Democratic gubernatorial
viewed as "deflation."
us that running like a
nominee in Calfironia, the
Beneath this epithet of "bitter-end deflationists" there seems to lie the implicit
scarlet thread through all
results of other primaries,
assumption that feasible methods are at
this formal rearrangement
particularly in the West,
hand by which readjustment to its bitter
end may be permanently avoided, and that
of machinery and personnel
and more recently the electherefore the question is whether or not we
is the plain intention to
tion results in the State of
choose to submit to the painful process.
convert the NRA more
Is there any such choice? It is of course
Maine, while in each case
true that realignment of costs, prices and
the outgrowth of many
and more into a laborproduction through natural processes can
consumer organization
complicated factors includfor a time be deferred, as our experience in
the past year or two demonstrates. But can
ing both personal and local
centering its attention, and
they in the nature of the case be permanently
issues, are all of a sort to
perhaps the attention of
avoided if business is to prosper?
It is difficult to see how they can be. It
give encouragement to
Government offices, upon
seems to us that the only choice we have is
what are popularly termed
an effort to keep wages
in the matter of whether we shall permit
the left-wing elements in
these changes to take their own course
high if not to raise them
promptly or whether we shall prolong the
political parties.
both
further, to inflict other reagony or perhaps build up other and further
is of fully as great
What
strictions upon business
mal-adjustments that must later be eliminated.
importance, they are well
enterprises that inevitably
We do not believe there is any way in which
calculated to cause the Adraise costs of production,
the penalty for past errors can be avoided.
It is for that reason that we have no faith
ministration, with all its
and at the same time to
in current nostrums designed for that
power and political presprevent, or at the least to
purpose.
tige, to swing still farther
limit severely, increases in
from the well-tried path of
the cost of living by keepconservatism and common sense. That they are ing the prices of manufactured goods low if not
indeed having this effect is increasingly evident, actually reducing them. We have never believed
notwithstanding repeated reiterations of the ortho- in monopoly in any form, but of course there is a
doxy of Treasury financing prior to and upon the vast difference between preserving the play of normal
occasion of a large conversion offering.
competitive forces and a campaign to harry manuUpon a number of recent occasions the President's facturers and others with the purpose of preventing
informal conversations with the press have clearly them from asking prices sufficiently high to cover
indicated the left-ward trend of official inclinations. artificially swollen costs of production. This latter
One of the most recent of these is found in what begins to appear to be what the Government now
the President had to say on Wednesday about bank has in mind, and it is precisely what most of the
examinations, and in his remarks about "character more radically inclined advisers of the President
loans" by the banks. There is a general rule that have long been demanding.
There is likewise the recently adopted attitude of
the words of the President at these "press conferences" are not to be precisely quoted, but careful the Administration concerning labor minorities. The
study of the reports of his statements carried by automobile agreement, negotiated by the Presi-
F
T
1588
Financial Chronicle
Sept. 15 1934
dent himself last spring, embodied the principle ignore them, and mere complaint does not help
of proportional representation of workers in col- much in the formulation of programs for adjustment
lective bargaining agencies. It was hailed at the to the inevitable. Two questions, or perhaps two
time as a most hopeful indication of a more just sets of questions, have thus been thrust very sharply
and rational attitude on the part of the Adminis- to the front in the minds of those who must bear the
tration concerning labor matters. The recent Houde responsibility of leadership in the business comEngineering decision by the National Labor Rela- munity. One is: How,if at all, can business leaders
tions Board asserts that only those groups within with an understanding of the hazards of the present
a given establishment who can command a majority course make themselves more effective in Washingmay have any voice at all in the collective bargaining ton? The other has to do with the attitude of the
process. This is of course what the American various industries and individual enterprises
Federation of Labor has all along demanded, since toward the numerous demands and attempted replainly it would give the Federation an enormous strictions of the Federal Government, as well as with
advantage, including an opportunity to bring all the methods to be employed in adjusting the affairs
manner of pressure upon wage earners to join its of individual enterprises to what even proves to be
ranks. Quite naturally the decision came as a inevitable.
The present political ineffectiveness of informed
shock to employers throughout the country. The
Houde Engineering Corporation was in our opinion and forward looking groups in the community is,
wise and courageous in concluding to carry the we believe, a result of a number of causes. Among
matter to the courts. The National Association of them is the fact that the rank and file distrust those
Manufacturers is also, we think, to be commended who seem to have been, and in some instances were,
n advising employers to ignore the Houde decision responsible for the New Era whose madness someuntil such time as its validity has been tested in times seems almost to match that of the New Deal.
the courts. The President now lets it be known that So also is the sloth with which the Republican party
the Administration is prepared to stand behind shakes off the discredited leadership of former
majority rule, at least in some instances. The years, and proceeds with vigorous and constructive
victory of the American Federation of Labor is not programs suited to the needs of this day and time.
complete, but it is obvious that as compared Lastly—with deep regret be it said—an important
with last spring the Administration is more inclined factor is the reluctance shown, until quite recently
at least, by many elements in the business community
to pamper the Federation further.
to abandon the tenets of the New Era which in some
The Rhode Island Decision
particulars are fundamentally not greatly different
The eleventh hour decision of the President not from those of the New Deal.
to send aid to the officials of the State of Rhode
Making Progress
Island until a thorough investigation has been made
community seems now to be making
The business
of the situation that developed there during the
direction of ridding its mind of
A number real progress in the
past week points in the same direction.
lingering fondness for the old fallacies tried and
of other indications have also come to light, includfound wanting in the period which came to an end
ing the progress said to have been made by Mr. Sinin 1929. A number of groups which a year ago were
clair in negotiating with the Federal authorities
willing to undertake commitments in terms of
for financial aid for his socialistic schemes in Calihigher wage payments and inefficient labor relafornia, all of which suggest not greater conservationships for the sake of monopolistic or semitism on the part of the Administration, but the opmonopolistic privileges are reliably reported to be
posite. Although no definite word has as yet been
seriously asking themselves whether they did not
forthcoming on the subject, it is more than probable
make a bad bargain. Others are now frankly assertthat the program said now to be in preparation for
ing that they would like nothing better than to be
the coming session of Congress will plainly show the
entirely rid of the National Recovery Administraimpress of the same factors.
tion and all its policies. We hear a good deal less
All this has been accompanied by, and in substanin responsible business quarters about the alleged
tial degree has been the cause of, momentous growth
benefits of credit inflation at the same time that the
in the distrust and disfavor with which the business
equivalent in currency inflation is roundly concommunity generally views what is going on at
demned. All this is distinctly encouraging. It is
Washington. The various organizations of business
late in putting in its appearance if it is to be of
men have, with few exceptions, been slow in taking
great service in modifying governmental policies
forthright positions in these matters, and the
during the next year. But that it is developing at
average business man is still extremely cautious in
all is a cause for gratification, and its further
his public utterances. But no one in close touch
growth will doubtless do more than almost anything
with the trend of current thought among responsible
else in stimulating needed political realignments
business men doubts, or can doubt, that the New
and in the formulation of constructive economic
Deal in virtually all its aspects and phases is more
if we are to make headway
disliked in these circles than at any time since the policies so essential
against the demagoguery of the times.
inauguration of President Roosevelt a year and a
As to the problem of formulating day-to-day ophalf ago. Nor is there good ground to doubt that
erating policies adapted to meet current conditions,
Administration officials have been pointedly told
the matter has long ago passed the abstract stage
by leading representatives of industry, trade and
and is daily presenting itself in concrete form. Confinance what the inevitable outcome of present polisider the situation from the point of view of the
cies will be.
banker who is being urged, each day with more fervor
Protests Ineffective
than on the previous day, to become lax in making
But of course such protests are not likely to be loans. The statement of the President the other day
effective so long as it seems politically expedient to concerning bank examinations, and the rather vague
1589
Financial Chronicle
Volume 139
reports that have come from Washington during the able? What if (as is manifestly not out of the quespast week's sessions of the various public officials tion), upon refusal on his part to yield, the Presiconcerned with bank policies and bank supervision, dent undertakes to impose a code, as the law permits
both tend strongly to suggest that if the individual him to do? Or if, as is now reported in some
banks of the country desire to do so they may with- quarters to be under serious consideration, the
out much interference from Washington be about President issues a general executive order shortenas easy-going as they like in the making of new loans. ing the work week to thirty hours without proporIndeed the threats, for that is what they seem to be, tional reduction in weekly wages? The business
of the organization of a government-owned central man may of course take his troubles to the courts,
bank to replace the Federal Reserve System as it but that is a time-consuming, costly process, and
now stands, and the somewhat vaguer threats of under current conditions it is all but impossible
"taking over" the banks of the country, seem very to do more than guess what the ultimate result
definitely to raise the question as to whether the would be. Pressure upon the profit and loss stateFederal Government is not now bringing active ment is already becoming extremely severe, so much
pressure upon the banks to indulge in thoroughly so among the larger banks in New York City that
unsound credit practices of just the sort responsible staffs in some instances have recently been again
reduced and similar steps are said to be under confor the collapse of 1929.
sideration elsewhere.
Government Bonds
In addition, of course, great effort has for a good
while past been exerted to induce the banks to become more and more waterlogged with obligations
of the Federal Government. Perhaps never before
has this type of pressure been so vigorous as in connection with the present conversion offer of the
Treasury. Just how is the banker to respond to all
of this? He has already yielded further than he
ought in connection with the purchase of Government oligations, although a healthy and wholesome
rebellion has been in evidence for some weeks past.
To date he has generally, we are informed, successfully resisted attempts to induce him to let down
the bars in the extension of credit. We earnestly
hope that he will continue to do so. Continued
firmness may presently require great strength of
will and may be made costly, but let it never be forgotten that compliance with what seem to be official
wishes in this matter can not in the long run fail to
bring utter disaster. We are convinced that by and
large our banks have beefi and .are fully as liberal
in their lending as they ought to be, and furthermore
that bank examiners, so far from being too stringent,
have not been as strict as they ought to be in reporting the condition of the banks. We look with something akin to dismay upon the fact that so-called
working capital and building loans under the recent
enactments of Congress are placed in special categories by examining and supervising officials, and
even more askance at reports, apparently reliable,
that the practice of permitting banks to carry assets
at fictitious values, so far from being abandoned,
is to be further extended in connection with investments in Government obligations. The banker is
thus placed in an extremely uncomfortable position,
but he ought not to find it difficult to decide in what
direction his duty lies.
Other Problems
Non-observance
The truth of the matter is that the codes now in
effect are not being well observed. They have been
characterized in some quarters as seven hundred
pocket editions of the Volstead Act. There is more
truth than fancy in the characterization. Yet obviously this furnishes no solution. The signing of
contracts only to evade or ignore them, or the
passage of laws only to let them lie as dead letters
upon the statute book, is bad business with which
we have had plenty of unpleasant experience in the
past. There ought to be a concerted and determined
effort to rid American business of these codes. But
pending the time when such a consummation can
be effected, they, like so much else in the New Deal,
present many soul-trying problems to the practical
business man.
The Inflationary Trend
.
There is likewise the whole question of the prosinflation which an increasing numpect of continued
ber of perspicacious observers believe is very likely
before a great while to take the form of the issue of
fiat money. Here is a situation that must be faced
by every business man and,for that matter, by every
individual in the land, including those who earn
their living by the sweat of their brows. We have
repeatedly stated here the opinion that fundamentally there is little distinction between the type of
inflation that is now a daily occurrence and that
type which takes the form of greenbacks. Yet it is
quite true that the psychological reaction to the
printing of fiat money, or even to use of the other socalled Thomas Amendment powers, might well be
different from that now resulting from what is
known as credit inflation. Every investor and
every business manager must, and every citizen
ought, to ask himself at this time what is likely to be
the effect upon him and his affairs of further and
more drastic inflationary action on the part of the
Government. He must then undertake to manage
his business so that he may escape with the least possible damage. The problems presented by this phase
of the New Deal are as difficult as any now encountered.
But of course there are many other problems
created by the course of Government policy. What,
for example, is the industrial establishment to do if
presently it finds itself, as is apparently. likely to
be the case, confronted by a situation in, which it
is under contract to pay wages it, cannot recover
Manipulation Futile
in its operations because of lack of purchasing power
among its customers or perhaps as a result of exLet no one suppose that the type of manipulation
ecutive orders modifying agreements it more or less that has been going forward in the Government bond
voluntarily entered into? What ought to be the market and in the foreign exchange market of late
response of responsible business executives when, has solved or can solve the problem of Treasury
upon the expiration of existing codes, they are ex- credit, or enable the Treasury to avoid the natural
pected to sign other agreements much less favor- consequences of its policies. In the first place,
1590
Financial Chronicle
what have now become known as orthodox methods
of Treasury financing are but a form of inflation,
and in the second no one is longer either deceived or
in any way encouraged by such tactics. The Federal
Government could not if it so desired avoid huge
deficits during the coming months. As a matter of
fact, it has shown not the slightest intention even
of rational limitation of outlays. There is therefore no solid ground for hope of avoidance of further
inflation of serious proportions. The only questions left open have to do with the form it will take
and the effects it will produce—and of course the
best methods of limiting its damage.
This in brief, it seems to us, is the situation as it
now stands. It has been inevitable since the inauguration of the present Administration, assuming
that there was to be no basic alteration of policy.
It is a disease that can be cured only through resort
to major surgery. There is, however, no reason to
doubt the possibility of a cure, though of course the
development of conditions such as that coming to a
crisis in Rhode Island during the past week and in
Louisiana during recent weeks could hardly fail to
cause apprehension concerning the very foundations
of our Government. What we need to do is not to
despair, but to summon the courage to select a competent surgeon and direct him to proceed. Once
that is done the beginning of the end of our worst
troubles will have arrived. The question is, of
course, how long we shall delude ourselves with the
thought that other remedies may be effective.
The Federal Reserve Bank Statement
HE current Federal Reserve Bank statement
reflects a resumption of credit and currency
tendencies that were interrupted to some degree
last week. Member banks were able to build up their
deposits with the Reserve institutions on reserve
account by $41,000,000, largely because the Treasury
utilized its own balances with the Reserve System.
The gain in member bank balances with the Federal
Reserve follows the recession of $220,000,000 recorded
last week. The Treasury, moreover, resumed its
deposits of gold certificates with the System, such
certificates increasing slightly to $4,960,996,000 on
Sept. 12 from $4,960,078,000 on Sept. 5, notwithstanding fairly extensive exports of the metal to
Europe. In other words, the loss of certificates
occasioned by exports of more than $11,000,000
in the week covered were more than 'offset by
additional deposits by the Treasury of these instruments, which now represent the sole interest of the
Reserve banks in the I monetary gold stocks of the
country. Also tending toward credit ease was a
decline of $10,000,000 in monetary circulation, reported in the credit summary, but reflected only
to a %very small degree in the Federal Reserve
statement.
Waning of the currency requirements of the
holiday period early in the month caused an increase
in "other cash" of the System, and this, together
with the small gain in gold certificates, increased
the total reserves of the banks to $5,212,353,000
on Sept. 12 fiom $5,193,080,000 on Sept. 5. Discounts were not materially changed at $23,340,000.
Bankers' bill holdings were approximately level with
the previous total at $5,202,000, and the aggregate
of United States Government security holdings was
similarly unchanged at $2,431,306,000, although
some switching from certificates and bills into
T
Sept. 15 1934
Treasury notes is apparent. Industrial advances
by the System increased a little to $1,281,000 from
$922,000. Federal Reserve notes in circulation receded slightly to $3,148,449,000 on Sept. 12 from
$3,149,659.000 on Sept. 7. There was a further very
small decrease in the net circulation of Federal
Reserve bank notes, which moved to $31,127,000
from $31,432,000. The increase in member bank
deposits on reserve account brought this item up
to $3,948,304,000. Treasury deposits on general
account fell some $24,000,000, and these changes,
together with other adjustments, occasioned an increase in total deposits to $4,300,059,000 on Sept. 12
from $4,273,047,000 on Sept. 5. Wifi circulation
virtually unchanged, offsets were provided by the
increase in reserves and the increase in deposits, and
the ratio of total reserves to deposit and Federal
Reserve note liabilities combined remained at 70%.
Cotton Crop Report
PROSPECTS
for cotton, as indicated by the
September report of the Department of Agriculture, promise a slightly larger yield than appeared likely a month ago, according to the Government. The latest estimate is for a crop of 9,252,000
bales this year, against last year's harvest of
13,047,000 bales. The yield this year will be close to
the small records of some previous years. This "desirable" result has been brought about by the elimination of an estimated 5,300,000 bales under the
Government's curtailment project. The improvement during the past month has been largely in the
eastern part of the cotton belt. For all of the cotton
States east of Mississippi, an increase in yield over
the August estimate is indicated. In the western
section there was further damage from the drought,
especially in the first three weeks of August. The
yield for Oklahoma was cut down to 80 pounds to the
acre, the lowest on record. The yield in Texas is put
down at 110 pounds per acre against 185 pounds last
year. These are the two lowest estimates. On the
other hand, 325 pounds for North Carolina is one of
the highest ever made in that State. Last year the
yield in North Carolina was 300 pounds.
The Sept.1 -condition, on which the estimated yield
for that month was made, was 53.8% of normal,
against 60.4% on Aug. 1. The condition of the crop
harvested last year was 67.5% on Sept. 1, while the
average Sept. 1 condition for the 10 years, 1923-1932,
inclusive, was 57.7% of normal. The estimated area
remaining to be harvested this year is now placed by
the Department at 27,241,000 acres. This allows for
an area of abandonment of 2.8%. The average abandonment for the past 10 years has been 2.4%. The
indicated yield per acre is now placed at 162.6
pounds, while the average for the past 10 years has
been 169.9 pounds. Last year's yield per acre was
208.5 pounds.
The production of 9,252,000 bales now indicated
for this year compares with 9,195,000 bales estimated
on Aug. 1 this year. In no year since 1923 has the
harvest been below 12,956,000 bales, and for three
years of that period it was some 16,000,000 and
17,000,000 bales and more.. Production for Texas
this year is estimated at 2,383,000 bales, 1,000 bales
higher than in the Aug. 1 estimate, and compared
with 3,815,000 bales in the Sept. 1 estimate for the
1933 cotton crop for that State. The final yield of
cotton in Texas for the 1933 cotton crop was
4,428,000 bales. A considerable loss this year is
Volume 139
Financial Chronicle
1591
shown for Arkansas and Oklahoma, but for both of year average; grain sorghums, 53,900,000 bushels
these States the final results last year were much the and 94,000,000 bushels for the same periods; likesame as for Texas. Reductions during August also wise, for rye, respectively, 17,300,000 bushels and
appear for Mississippi and Louisiana. For Ala- 40,900,000 bushels. The report further says that
bama, Georgia and North and South Carolina, how- "late potatoes, sweet potatoes, apples,late hay crops,
ever, the gains were substantial. Ginnings to Sept.1 tobacco, sorghum, buckwheat, onions, cabbage and
this year total 1,397,886 bales, against 1,396,139 bales other crops still growing were helped, and in some
to that date in 1933 and 865,160 bales in 1932. The areas they may still make considerable growth if
bulk of ginnings were in Texas, for which the total cold weather holds off." This year's yield of white
potatoes is now indicated at 337,000,000 bushels,
this year exceeds that for the same date last year.
compared with the five-year average yield of 366,Government Grain Report
000,000 bushels. Production of tobacco is estimated
TTLE that was of a hopeful nature could be at 1,078,000,000 pounds against 1,471,000,000 pounds
extracted from the September report of the the average of the preceding five years.
Department of Agriculture on the grain crops of the
Corporate Dividend Declarations
United States. This year's yield of corn is now
IVIDEND actions taken the current week inreduced to 1,484,602,000 bushels, the lowest since
clude several of an important nature. Favorthe corn crop of 1881. In the August report, issued
able action was taken by the United Fruit Co., which
a month earlier, production was estimated at 1,607,100,000 bushels, a decline during the month of 122,- declared a quarterly dividend of 75c. per share on
only
498,000 bushels. The Department declares "that in the capital stock, payable Oct. 15; previously
50c. per share was paid quarterly. Air Reduction
much of the drought area the crop was past recovery
when August rains arrived, and no grain was pro- Co. declared an extra dividend of $1.50 a share, in
duced." The crop of corn now in prospect will be addition to the regular quarterly dividend of 75c. a
less than 60% of the usual yield. Last year's har- share on its common stock, both payable Oct. 15.
vest for corn was 2,343,883,000 bushels. The con- Continental Can Co. declared a stock dividend of
dition of the crop on Sept. 1, on which the latest 50% on its common stock, subject to approval of the
estimate was based, was given as 43.5% of normal. stockholders, at a special meeting, of a plan to inThis compares with 49.1% on Aug. 1 this year and crease the authorized issue from 2,000,000 shares to
61.9% Sept. 1 1933 for the crop harvested last year. 3,000,000 shares; company announced that, after
The 10-year average condition on Sept. 1 was 71.5% the issuance of the stock, it expects the initial diviof normal. The yield per acre for this year's corn dend declared will be 60c., in comparison with 75c.
Companies taking adcrop is now placed at 16 bushels, against an average in the two previous quarters.
verse action include International Hydro-Electric
yield for the 10 years, 1922-1931, inclusive, of 25.7
System and its subsidiary, New England Power
bushels per acre.
Association. The former voted to omit the dividend
Although too late for corn, the August rains benefited spring wheat, and the prospects for that grain due in October on the $3.50 cony. pref. stock after the
were slightly improved. The Sept. 1 condition of New England company announced it would omit the
payable in
spring wheat was 32.1% of normal, compared with divideml on its common stock, regularly
October.
a condition of 30.4% on Aug. 1. A year ago the
Sept. 1 condition of the spring wheat crop harvested
The New York Stock Market
last fall was 50.2% of normal. The indicated yield IN A SERIES of quiet sessions this week, prices
of spring wheat from this year's crop is now placed I of stocks in the New York market moved someby the Department at 92,763,000 bushels, against what lower, with most of the recessions recorded in
90,438,000 bushels the Aug. 1 estimate. Last year jerky downswings Monday and yesterday. The marthe barvest of spring wheat was considerably below ket was unsettled at all times, as the textile strike
that for many years, excepting only for the crop of reports were grim and serious, affording little basis
1931. The yield in 1933 was 176,370,000 bushels. for any marked optimism. Declines were rather
The Sept. 1 condition of 32.1% of normal compares pronounced on Monday, with shares of metal comwith the low Sept. 1 condition for the 1931 crop of panies and others that might benefit price-wise from
36.5%. Total wheat prospects this year, including inflation softer than others. This was attributed
both winter wheat (which is now harvested) and to the announcement of a Treasury refinancing
spring wheat indicates a production of 493,285,000 operation, which is again to be accompanied by
bushels. This compares with last year's total wheat ordinary means. The share market was unsettled
harvest of 527,978,000 bushels. It is necessary to Tuesday, some of the metal stocks improving a little
go back to 1893 for a crop below that indicated for owing to the election in Maine, where a Democrat
the current year.
again was chosen for the Governorship. Most other
Allowing for the heavy reductions above indi- stocks idled, and net changes were small and irregucated, and slight changes for oats, barley and grain lar. Changes on Wednesday were again small, and
sorghum, the report says production of feed crops in both directions, the market lacking any definite
will be 34% under the yield of 1933 and 46% below trend. In Thursday's dealings conditions were much
the average for the preceding 10 years. A crumb of the same, with the more pronounced changes toward
comfort, however, is to be found in the usual reas- lower levels. There was a rather drastic and gensuring feature that "on the whole, national supplies, eral decline yesterday, stocks of all kinds falling
if closely utilized, should be sufficient for ordinary in a mild wave of liquidation. Turnover on the New
requirements." Yield of oats is now placed at 545,- York Stock Exchange was small in all sessions, the
870,000 bushels against 545,345,000 bushels the 1,000,000 figure not even being approached. Nor is
Aug. 1 estimate, and compared with a five-year there any general expectation of an increase in tradaverage yield of 1,186,956,000 bushels; barley, 123,- ing before the preliminaries of exchange regulation
000,000 bushels against 270,000,000 bushels the five- under the Securities Exchange Act are completed.
L
D
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Financial Chronicle
The market for United States Government securities attracted much attention, as great importance
naturally attaches to the refinancing of $1,775,000,000 certificates of indebtedness and called Liberty bonds payable this month and next. Announcement on Monday of a series of exchange offerings
available to holders of the maturing securities was
followed by a steady market for that day. But the
downward trend that set in when the silver nationalization project made its appearance in August was
resumed on Tuesday, notwithstanding Treasury
support of its own issues. On Wednesday a further
recession developed, and fears were expressed that
the movement might endanger the success of part
of the Treasury refinancing. The pressure lifted on
Thursday, when some fairly extensive gains were
registered, but the downward movement was resumed yesterday. Foreign exchange developments
furnished nothing unusual, but commodity markets
showed pronounced weakness, especially in the latter sessions of the week, when rumors were circulated that large importations of foreign grains might
develop. Cotton also was weak, owing to the textile
strike. Trade and industrial indices failed to reflect any distinct change. Steel-making operations,
as estimated for this week by the American Iron and
Steel Institute, were at 20.9% of capacity, against
18.4% for last week. Although a rising trend of
electric power production would be normal at this
time of year, the Edison Electric Institute reports
production of 1,564,867,000 kilowatt hours for the
week ended Sept. 8, against 1,626,881,000 kilowatt
hours in the preceding week. Even after allowance
is made for the holiday last week (Labor Day,
Sept. 3), this means a downward tendency, and it
is evident that the textile strike is affecting power
production. Car loadings of revenue freight for
the week to Sept. 8 were 562,730 cars, a decrease of
83,050 cars, or 12.8% less than in the previous week,
the American Railway Association reports.
As indicating the course of the commodity markets, the September option for wheat in Chicago
closed yesterday at 103c. as against 1061 2c. the close
/
on Friday of last week. September corn at Chicago
closed yesterday at 76c. as against 7914c. the close
/
on Friday of last week. September oats at Chicago
/
closed yesterday at 52%c. as against 541 8c. the close
on Friday of last week. The spot price for cotton
here in New York closed yesterday at 13.05c. as
against 13.35c. the close on Friday of last week. The
spot price for rubber yesterday was 15.05c. 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
21 11/16 pence per ounce as against 21 13/16 pence
per ounce on Friday of last week. In the matter of
the foreign exchanges, cable transfers on London
closed yesterday at $5.012 as against $5.0018 the
/
1
/
close on Friday of last week, while cable transfers
on Paris closed yesterday at 6.67%c. as against
6.68c. on Friday of last week.
On the New York Stock Exchange 14 stocks
reached new high levels for the year, while 93
stocks touched now low levels. On the New York
Curb Exchange eight stocks touched new high levels,
while 61 stocks touched new low levels. Call
loans on the New York Stock Exchange remained
unchanged at 1%.
Sept. 15 1934
On the New York Stock Exchange the sales at the
half-day session on Saturday last were 211,400
shares; on Monday they were 695,990 shares; on
Tuesday, 631,260 shares; on Wednesday, 401,420
shares; on Thursday, 415,680 shares, and on Friday,
835,485 shares. On the New York Curb Exchange
the sales last Saturday were 33,720 shares; on Monday, 139,265 shares; on Tuesday, 152,921 shares; on
Wednesday, 136,105 shares; on Thursday, 110,140
shares, and on Friday, 199,625 shares.
The stock market this week moved considerably
lower, although the turnover continued light. On
Monday and Friday fairly sharp breaks occurred,
while on the other days there was little change.
General Electric closed yesterday at 17% against
181 4 on Friday of last week; Consolidated Gas of
/
N. Y. at 25 against 27; Columbia Gas & Elec. at 8
/
1
4
against 9; Public Service of N. J. at 301 4 against
/
30%; J. I. Case Threshing Machine at 36 against 39;
International Harvester at 2412 against 2578; Sears,
/
/
Roebuck & Co. at 3478 against 36%; Montgomery
/
Ward & 'Co. at 221/ against 241 8; Woolworth at
2
/
46% against 47 ; American Tel. & Tel. at 10838
/
1
4
/
against 113 ,and American Can at 95 against 97.
/
1
4
/
1
2
Allied Chemical & Dye closed yesterday at 117
against 127 on Friday of last week; E. I. du Pont
/
1
2
de Nem ours at 843 against 88; National Cash Regis/s
/
1
2
/
ter A at 12 against 1378; International Nickel at
2$78 against 24½; National Dairy Products at 16
/
against 16%; Texas Gulf Sulphur at 33% against
/
34½; National Biscuit at 30% against 3218; Continental Can at 79 against 80%; Eastman Kodak at
95 against 99; Standard Brands at 18% against
19 ; Westinghouse Elec. & Mfg. at 291 8 against
/
1
4
/
32 ; Columbian Carbon at 62 against 6518; Loril/
1
4
/
lard at 17 against 17T/ ; United States Industrial
8
Alcohol at 3514 against 37 ; Canada Dry at 1338
/
1
2
/
against 15%; Schenley Distillers at 2014 against
/
2038, and National Distillers at 18% against 19%.
/
The steel stocks moved lower again this week.
United States Steel closed yesterday at 30 against
/
1
4
33 on Friday of last week; Bethlehem Steel at 26%
against 28%; Republic Steel at 112 against 1278
/
1
/,
and Youngstown Sheet & Tube at 14 against 1578
/
1
4
/.
In the motor group, Auburn Auto closed yesterday
at 2078 against 22% on Friday of last week; Gen/
eral Motors at 263 against 2834; Chrysler at 30
4
,
/
1
4
against 32%, and Hupp Motors at 238 against 2 .
/
1
2
/
In the rubber group, Goodyear Tire & Rubber closed
yesterday at 19% against 2012 on Friday of last
/
week; B. F. Goodrich at 9 against 102 and United
/
1
,
States Rubber at 1418 against 151 2
/
/
.
The railroad shares following the general trend,
.
,
showed further losses the current week. Pennsylvania RR. closed yesterday at 20% against 223 on
/
4
Friday of last week; Atchison Topeka & Santa Fe
at 47 against 49½; New York Central at 1978
/
against 21½; Union Pacific at 93 against 9634;
/
1
2
/
Southern Pacific at 16% against 17%; Southern
Railway at 143 against 16, and Northern Pacific
4
at 16 against 171 8 Among the oil stocks, Standard
/.
Oil of N. J. closed yesterday at 41% against 44 on
Friday of last week; Shell Union Oil at 62 against
/
1
678 and Atlantic Refining at 2214 against 24%. In
/,
/
the copper group, Anaconda Copper closed yesterday
at 1078 against 11' 8 on Friday of last week; Kenne- •
/
7
/
cott Copper at 17 'against 18½; American Smelt/
1
2
ing & Refining at 3178 against 341 2 and Phelps
/
/,
Dodge at 14 against 15.
Volume 139
European Stock Markets
EALINGS on stock exchanges in the leading
European financial centers were generally
this week, with the trend somewhat irregular.
quiet
On the London Stock Exchange good gains were
registered in industrial stocks, but investment issues were neglected. The Paris and Berlin markets
were dull and prices were marked down in most sessions, although some rallies also were reported.
Sentiment regarding the course of trade improved
decidedly in the British center this week, some authorities predicting unexampled progress in the not
distant future. The steadiness of British currency
was helpful and an additional favorable circumstance was the successful underwriting, Tuesday,
of a £10,000,000 conversion loan for the Argentine
Government, the new 41 2% bonds being offered at
/
93
/ with the maturity set for 1986. The Paris
3
4
Bourse was perturbed by mounting criticism of the
Doumergue Government, which was due to the
growing seriousness of the depression in France.
On the Berlin Boerse an unfavorable impression was
caused by the exceedingly stringent foreign trade
control announced by Dr. Hjalmar Schacht, the
economic dictator of the country. There was less
anxiety in all markets regarding the American silver
nationalization scheme and its possible repercussions, but the international monetary questions remain constantly under debate. Some satisfaction
was caused by reported gold shipments from Russia
to Germany and from France to Switzerland.
The London Stock Exchange was dull in the
opening session of the week, with British funds
slightly easier. Industrial stocks were in fair demand and some good gains were registered in issues
that are expected to benefit from increased dividends. African gold mining stocks were irregular,
while international securities remained close to
former levels. British funds again eased in slow
trading on Tuesday, but the gains in industrial
stocks were extended. The industrial issues were
not very active but the supply was small and buying
orders caused rather extensive gains, which were
diminished a little toward the end by profit-taking.
Argentine issues were favored in the international
list, but Anglo-American stocks fell on unfavorable
reports from New York. Demand for British funds
revived in a more active session, Wednesday, but the
gains were very small. Industrials were marked
higher and some issues attained best figures of the
year. Almost all securities improved in the international section, but Argentine loans reflected the
best inquiry. Cheerful conditions prevailed on
Thursday, although British funds failed to show
much improvement. The industrial market continued to attract attention and strength was noted
in many issues. Foreign loans resumed their advance, with Argentines in the van, but Anglo-American equities were affected adversely by news of
strike conditions here. Very little business was
done at London yesterday, and prices were virtually
unchanged.
The Paris Bourse was unsettled in the initial session of the week and buyers were difficult to find
even for small offerings, so that extensive recessions developed. Rentes received support and lost
comparatively little ground, but French bank stocks
dropped precipitately while industrial securities
likewise were weak. International issues were con-
D
1593
Financial Chronicle
sidered less attractive than any others and drastic
declines were registered. The tone was again soft
Tuesday, but losses were less pronounced. Rentes
dipped and almost all French bank, utility and industrial stocks also declined, but some gains were
noted in international obligations. Little business
was done on the Bourse, Wednesday, but there were
some fairly extensive and irregular movements of
prices. Rentes closed with small gains, while some
French industrial stocks likewise improved. Bank
shares remained weak and most international issues
also declined. The session on Thursday was more
animated and most securities improved. French
bank stocks recovered part of their previous losses
and international issues joined the upswing as well,
but rentes were not greatly affected. Prices receded
slightly on the Bourse yesterday, with business on a
small scale.
The Berlin Boerse was dull with prices generally
lower as trading was resumed on Monday. There
were a few fractional advances but the major movements were toward lower levels, with some stocks
off as much as 2 and 3 points. Changes on Tuesday
were in both directions and mostly fractional. On
this occasion, however, the more important movements were toward better levels. In an extremely
quiet session on Wednesday, prices fluctuated
narrowly with a definite trend lacking. Much interest was occasioned by announcement of new
foreign trade restrictions by Dr. Hjalmar Schacht,
but the interest did not extend to purchases of
securities and the market was stagnant. Trading
on Thursday was again desultory, with fluctuations
small and inconsequential. The tone improved a
little yesterday, but changes were modest.
Trade Control in Germany
ULFILLING the promise he made in a speech at
the opening of the Leipzig Fair two weeks ago,
Dr. Hjalmar Schacht, the economic dictator of Germany, issued on Tuesday a new set of regulations
governing imports by the Reich and to some degree
also the exports of that country. The degree of control now established is virtually complete and in
this respect it resembles the monopoly of foreign
trade long since established by the Soviet Government of Russia. All German imports, without exception, are brought under Governmental control,
and their volume is to be adjusted hereafter in accordance with the amount of foreign exchange or
gold available to the Reichsbank. Individual foreign
exchange permits are to be issued and the system of
assigning German importers a fixed quota based on
percentages of their former requirements will go
into the discard. The transition is not likely to be
a difficult one, since the German exporters recently
have been permitted only 5% of what they required
before restrictive measures were applied. The new
system has at least the benefit of assuring payment
to foreign shippers of the sums due them in their
own exchange. But under the regulations now
promulgated, imports by Germany will be restricted
to what the German Government considers absolute
essentials, and Berlin reports indicate that first consideration will be given to imports of raw materials
and semi-manufactured goods which can be converted into finished products and again exported
by German industries. Additional Governmental
boards will be set up to make the control effective,
F
1594
Financial Chronicle
and the number of such boards will thus be increased
to twenty-five. The scope of this control is illustrated by a provision for limiting "free" imports to
sums less than 10 marks, as against the previous
limit of 60 marks.
These new German foreign exchange and trade
restrictions occasioned much interest throughout
the world, and also some sharply critical comments
by Secretary of State Cordell Hull. The German
program was described by Mr. Hull, in a press conference in Washington, Wednesday, as "another of
the artificial and arbitrary devices that the human
imagination can conjure up to balk and obstruct
international transactions." London dispatches
suggest that some progress is being made toward
adjustment of the unpaid debts of German textile
mills to Lancashire cotton interests. Under the
German exchange restrictions, mills in that country
were unable to effect payments to British mills for
large amounts of yarn, and the Lancashire mills decided a month ago to suspend all shipments to the
Reich until accumulated debts were paid in sterling.
The German importers, who are obviously acting
with the approval of the Berlin authorities, are now
said to have offered the Lancashire mills sterling
payments equivalent tci $250,000, to be effected in
twelve monthly instalments. In the negotiations it
was made plain that Germany regards immediate
resumption of shipments of yarn essential, but the
offer was not accepted and further negotiations are
expected.
Brazilian Trade and Exchange
:
T THOUGH the tendency toward foreign trade
and exchange control still prevails in many
countries, it is satisfactory to note that Brazil is
moving to free her traders and business men from
these restrictions. Announcement was made Monday by the Brazilian Government that a free exchange market for all products exported by Brazil,
with the exception of coffee, would be established
immediately. This step was anticipated in Rio de
Janiero and caused little comment there, a dispatch
to the New York "Times" remarks. The Government began early this year to free Brazilian exports
from exchange control and the process has now been
nearly completed. Control is still to be exercised on
the bills of exchange resulting from the sale of coffee
abroad, and the Federal Foreign Commerce Council
adopted a suggestion that exchange derived from
the sale of coffee bills be devoted to the extent of
60% to cover for imports, while the remaining 40%
is to be purchased in the open market at a rate which
would automatically tax imports about 20%, or the
difference between the Banco do Brasil official rate
and the free exchange rate. Senhor Souza Dantas,
the Brazilian Exchange Director, is represented as
stating that the new exchange policy would not
affect the Government's coffee policy nor influence
the gold price of coffee. The Exchange Director
pointed out that a declining tendency in coffee
prices might be neutralized by improving the milreis
quotation in relation to other currencies. He also
declared that the new rulings would tend to end
artificial restraints and therefore would facilitate
foreign trade. With the need for improving foreign
trade in mind, the Brazilian Government only last
month organized the Federal Foreign Commerce
Council. President Getulio Vargas presides over
this body, which holds weekly meetings with a view
A
Sept. 15 1934
to bringing order out of the present chaotic conditions.
Trade Agreements
ECIPROCAL tariff agreements apparently are
to be concluded with a great many countries
under the special bargaining powers granted President Roosevelt by Congress last June. After completing the arrangement with Cuba and announcing
hearings on treaties with four additional countries,
the State Department now indicates that five Central American countries and Sweden also will be
included in the list. Good results of the Cuban
treaty probably are stimulating the negotiations
with other States, although it seems hardly likely
that equally favorable terms are probable elsewhere.
Jefferson Caffery, United States Ambassador to
Cuba, reported to the State Department on Wednesday that trade between the two countries already
has been enhanced materially by the new treaty,
which rests largely upon the special relations of a
geographical and historical nature. The five Central American countries that are now to be brought
within the scope of these treaties are Costa Rica, El
Salvador, Guatemala, Honduras and Nicaragua.
The chief export products in all cases are coffee and
bananas, while imports cover a wide variety of
manufactured articles. It was indicated in Washington that the treaties will probably be similar in
general terms and will be negotiated at the same
time. Public hearings on the proposed agreements
are to be held in Washington Oct. 22, and applications for representation at the hearings must be
filed by Oct. 15. Announcement followed on Monday that a reciprocal trade agreement likewise is
to be negotiated with Sweden, the public hearings
to be held Nov. 5 while applications for presentation
of views must be filed by Oct. 29. In addition to
the countries named, negotiations now are pending
for treaties with Brazil, Haiti, Colombia and Belgium.
R
League Assembly Session
HE fifteenth session of the League of Nations
Assembly opened at Geneva, Monday, with
Soviet Russian entry into the League the main item
on its agenda. Although the most careful plans
were laid by representatives of the great Powers to
bring Russia into the gathering without friction,
difficulties rapidly developed and in other respects,
also, the course of the Assembly session has been anything but smooth. The preliminary Council meeting and the debates in the Assembly have furnished
a few interesting sidelights on the current European
situation. Russian entry into the League, it is
generally assumed, was desired especially by France
as an offset to the German and Japanese withdrawals, but many European reports indicate that
Russia has demanded in return the conclusion of
the Eastern Locarno pact whereunder territorial
and other guarantees would be given jointly by
Russia, Germany, Poland, Czechoslovakia and the
three Baltic States. German objections to the Eastern Locarno proposal are well known, and Poland
also appears to have no use for such an agreement.
As the League sessions started, therefore, the diplomatic position was somewhat clouded on these important matters, while other problems likewise
loomed.
Council sessions, which always precede the annual
Assembly meeting by a few days, were begun late
T
Volume 139
Financial Chronicle
last week, and it is evident that some adroit maneuvering was required in order to obtain "unanimous"
consent for Russian entry. A single opposing vote
in the Council is sufficient to prevent an invitation
being sent to a prospective member, and it is significant that all the Council sessions were surrounded
with the utmost secrecy. Argentina and Portugal,
which currently have seats on the Council, raised
some points regarding Russian entry, but it is understood they were both induced to remain silent when
votes were taken. The Polish Foreign Minister,
Colonel Josef Beck, appears to have criticized the
plan for giving Russia one of the few permanent
seats on the Council, but by last Saturday it was
reported that this obstacle also had been overcome.
The final "unanimous" vote for Russian entry was
taken by the Council in a further secret session on
Monday, and as the Assembly session started on the
same day the question was promptly introduced before the full plenary body, where unanimity is not
required.
A juridical committee of the Assembly was detailed to draft an invitation to Moscow for entry
into the League, but on this point also the path has
been a bit difficult. Before a vote could be taken
in the Assembly, it was pointed out by the delegate
from Australia that an invitation would be tantamount to assuming that Russia was willing to undertake all obligations of League membership, whereas
assurances on this aspect of the matter were lacking.
Maxim Litvinoff, Foreign Minister of Russia, was
variously reported nearby in France and in Czechoslovakia, and several drafts of an invitation are said
to have been submitted to him for approval. Before
these problems were cleared up, another trying question was raised by Eamon de Valera, Irish Free
State delegate. President de Valera criticized the
method of maneuvering Russia into :the League, and
then suggested that Russia furnish assurances that
her people will be permitted religious freedom before
the Moscow Government enters the Geneva organization. Although favoring Russian admission, because of her importance, Mr. de Valera complained
of the "backstairs" method of planning the entry,
and he added that the thing probably could be managed as well in the Assembly as in some hotel room.
It was made evident on Thursday that the delicate
problem of religious freedom will be circumvented,
as it was pointed out that Turkey and Mexico were
admitted without any assurances of this nature.
Apart from the Russian question, early meetings
of the League Assembly were colorless. Chancellor
Kurt Schuschnigg, of Austria, made a long address
on Wednesday in which he paid tribute to his assassinated predecessor, Dr. Engelbert Dollfuss, and then
proceeded to appeal for financial aid. On Thursday, however, the Assembly was startled by a declaration by the Polish Foreign Minister to the effect
that Poland no longer will abide by the general
treaty for the protection of minorities. Until all
States protect minorities, he added, his country
would refuse any control by the international organization of its minorities question. All great Powers,
including Russia, should adhere to minorities regulations and not merely a few States where the problem is admittedly acute, Colonel Beck declared. He
promised that foreign peoples in Poland would be
amply protected under the fundamental laws of his
country. This speech, an Associated Press report
indicated, caused consternation in Geneva, where it
1595
was generally regarded as a shrewd stroke in the
complicated political game now being played there.
Eastern Locarno Pact
ERMANI at length has made a formal reply
to the proposal by the great Powers of Europe
for the conclusion of an Eastern Locarno pact of
mutual aid and guarantees, and, as anticipated, it is
adverse. The proposal is really of Russian origin,
but it was sponsored by France and finally presented to the countries concerned by Great Britain.
Essentially, it is a regional application of the Russian system of concluding non-aggression pacts with
all neighboring States, and it calls for joint guarantees by Russia, Germany, 'Czechoslovakia, Poland,
Estonia, Latvia and Lithuania. The newly-formed
friendship of the French and Russian Governments
is reflected in French adoption of the idea, and the
whole matter seems definitely related to French and
Russian distrust of Nazi Germany. It has been indicated reliably that Great Britain was won over
when it appeared that the alternative would be a
military alliance between France and Russia, but
the British Government itself has declined to accept
any responsibilities under the plan, even though it
agreed to foster it by diplomatic activities. There
was an impression at first that Germany alone
would object to the proposal, since it would definitely confine the Reich to the borders defined in
the Versailles treaty. But Poland also has exerted
all possible influence against the treaty, and successive diplomatic incidents are making it ever
clearer that Warsaw now is more inclined toward
Berlin than toward Paris.
The substance of German communications to the
intrested governments on the Eastern Locarno proposal was made available by the authorities in Berlin
last Monday. Not only on principle, but because of
practical considerations, Germany felt constrained
to reject the suggestion, it was made clear. The
principle involved concerns Germany's participation in such international pacts or in the League,
"which could not be considered as long as certain
Powers doubted her equal rights in the matter of
armaments." A number of practical objections were
advanced. The mutual military aid would prove an
insurmountable obstacle, and in this connection it
was pointed out that the Reich could not undertake
obligations that would involve her in all Eastern
European conflicts and perhaps make her the battlefield. No advantage for Germany was seen, moreover, in the proposed special guarantees, and it was
denied that there is any real political need for such
guarantees. It was explained that Germany is not
averse to entering multilateral pacts, provided the
basis is not an automatic obligation to extend military aid in the event of war, and the correspondence
hinted at pacts of consultation. Bilateral agreements of non-aggression and consultation would be
even more preferable, it was added. In Paris it was
indicated Tuesday that the French are undismayed
by the anticipated German rejection, and further
efforts to conclude such an arrangement are to be
made. It was broadly hinted in Paris that any
Polish efforts to block the pact would be viewed
very gravely.
G
Disarmament Conference
OSTPONEMENTS of scheduled meetings of the
General Disarmament Conference have been
so frequent since the discussions began more than
P
.1596
Financial Chronicle
two and a half years ago that further delays seem
hardly more than a routine matter. When the
League of Nations Assembly gathered at Geneva
early this week it was assumed that _disarmament
problems would receive an airing, but in a conference between Arthur Henderson, President of the
General Disarmament Conference, and Louis Barthou, Foreign Minister of France, an adjustment
was quickly reached on this delicate subject. As
usual, an adjournment of conversations was decided
upon, and it is now indicated in a dispatch to the
Associated Press that no meeting will take place,
at least until early November. This decision, the
dispatch added, "definitely removed disarmament
from the program of important international political questions to be considered by the Assembly."
Before the conference can resume, it appears that
preliminary naval discussions again will get under
way between • the chief naval Powers. Here, also,
the outlook for any genuine measure of disarmament
is bleak. British, American and Japanese naval
experts will assemble in London late in October for
further talks on the 1935 naval conference, which
will determine the fate of the Washington and London treaties. The United States now is engaged in
its program of rapidly building up to treaty limits.
There has been no indication of a change in the
reported British desire for treaty changes that would
permit the building of a larger number of small
cruisers, which are peculiarly suited for British
requirements. Japan, according to Tokio reports
of last Saturday, now is determined to denounce
existing naval treaties so as to "do away with the
disadvantages of the ratio system and establish
security and national defense on a fair basis by concluding a new treaty." This, of course, is merely
another diplomatic statement of Japan's dissatisfaction with her 60% of British or American tonnages of certain types of ships.
Sept. 15 1934
to recent political upheavals. Taking all factors
into consideration, the deficit for the current year
should not exceed 140,000,000 schillings, of which
82,000,000 schillings already have been covered by
various non-recurrent cash resources. It is admitted that serious financial troubles still face the
Austrian Government, and in this connection the
report suggests the possibility of converting part
of the public debt on a basis favorable to the State.
The external Austrian loan, known as the League
loan, might be included, and it is noted that the
guarantor States already have agreed to a conversion. "The amount of short-term debts blocked
under the standstill agreement—at one time 146,000,000 schillings—has been so much reduced as to
constitute no longer a serious problem," the report
adds. A Vienna report to the New York "Herald
Tribune" states that the Austrian Government hopes
to arrange, by agreement, for suspension of sinking
fund payments for a period of three years on the
League loan, and a saving of 40,000,000 schillings
annually is envisaged for the period from this anticpated arrangement and the conversions of the public
debt.
Hungarian financial conditions are improving,
according to a further League Financial Commission report, submitted on Monday. The budget
deficit has been reduced from 87,000,000 pengoes to
38,000,000 pengoes, but this reduction includes the
untransferred portion of service on the 1924 reconstruction loan. Some gains are noted in industrial
production and in coal output, a dispatch to the
New York "Times" indicates, but bank deposits do
not yet reflect this improvement. Although exports
for the first seven months of 1934 are valued at
215,000,000 pengoes, against 190,000,000 pengoes in
the same period of last year, the proportion of foreign exchange available for foreign payments fell
from 47% to 35%, due to the operation of exchange
controls. Clearing agreements, while serving as a
temporary expedient, will not help the country's
trade in the long run, the report adds.
League Finance Reports
EPORTS on the financial conditions in Austria
and Hungary were placed before the League
Discount Rates of/Foreign Central Banks
of Nations Assembly as that body began its annual
deliberations early this week, and it is noteworthy
HERE have been no changes during the week in
that some improvement is recorded in both counthe discount rates of any of the foreign Central
tries. The reports were prepared by the Financial banks. Present rates at the leading centers are
Commission of the League, which is charged with the shown in the table which follows:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
task of advising governments that request aid or
from the League. The statement on the
advice
PrePie
Rate in
Rote in
clout
clout
Country. Effect
Date
Country. Effect
Date
financial affairs of Austria was published in Geneva
deg 14 Established. Rate.
Sept 14 Established. Rate.
last Sunday, and a dispatch to the New York Austiia...„ 434 June 27 1934 5 Hungary
434 Oct. 17 1932 5
1934 3
334 Feb. 18 1933 4
234 Aug.
"Times" states that it was more favorable than had Belgium _ __ 7 Jan. 28 1934 8 India
Ireland
Bulgaria_ __
3
June 30 1932 334
3
Chile
Dee. 11 1933 334
434 Aug. 23 1932 534 Italy
3
been anticipated. Notwithstanding the serious po- Colombia__ 4 July 18 1933 5 Japan
3.65 July 3 1933 4.38
Java
Czechoslo434 Aug. 16 1933 5
litical disturbances of the country, Austria has disvakia____ 334 Jan. 25 1933 434 Jugoslavia. 634 July 18 1934 7
Danzig__ 4
Lithuania__ 6
Jan. 2 1934 7
July 12 1932 5
played impressive powers of recovery. Austrian cur- Denmark __ 234 Nov.29 1933 3 Norway._ _ 331 May 23 1933 4
England_.. 2
June 30 1032 214 Poland.
5
Oct. 25 1933 6
534 Dec. 8 1933 8
rency remains stable and reserves of the National Estonia__ 534 Jan. 29 1932 634 Portugal
Rumania. _ e
Finland__ 434 Dec. 20 1933 5
Apr. 7 1933 8
3
Feb. 21
234
Bank continue to increase, while deposits in savings France.. ___ 4 May 311034 5 South Africa 4 Oct. 22 1933 7
Spain
Germany _.
1932 534
Sept.30 1932
6
Greece
. . 234 Dec. 1 1933 3
7
Oct. 13 1933 734 Sweden _ _
banks also are gaining, the report notes. Gold and Tinhorn!
9*,4 gem. 14 1044
I
Rialtos...land
9
Ton 99 1011
t4
foreign exchange reserves, adjusted on the basis of
Bank of England Statement
the present legal value of the schilling, increased
from 257,000,000 schillings at the end of 1933 to
HE Bank of England statement for the week
286,000,000 schillings at the end of August. A
ended Sept. 12 shows a gain of £109,932 in gold
greater degree of liquidity has been attained by the holdings and this, together with a contraction of
commercial banks and also by the savings institu- £2,238,000 in circulation, resulted in an increase of
tions, it is said. An increase of foreign trade is £2,348,000 in reserves. The gold holdings of the
indicated, with the adverse balance somewhat re- Bank, which now aggregate £192,438,395, are again
duced.
at a new high level; a year ago the total was £191,The Austrian Treasury faces a further and sizable 744,969. Public deposits decreased £13,112,000,
deficit, but this is attributed in the report partly while other deposits rose £14,103,222. Thellatter
R
T
T
consists of bankers' accounts, which increased £14,223,162, and other accounts, which fell off £119,940.
The proportion of reserve to liability is at 46.89%, in
comparison with 45.67% last week and 47.76% a
year ago. Loans on Government securities decreased
£145,000 and those on other securities £1,211,452.
Of the latter amount £672,081 was from discounts
and advances and £539,371 was from securities.
The discount rate remains at 2%. Below we furnish a comparison of the different items for five
years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
1
Sept. 12
1934
Sept. 13
1933
Sept. 14
1932
Sept. 17
1930
Sept. 16
1931
£
£
£
E
E
Circulation
379,046,000 372,533.038 362,284,819 351,617,567 357,767.920
Public deposits
16,524.000 12,263,034 12,932,853 16,573,649 8,933.517
Other deposits
139,980,577 153,585.326 122.983,846 108,895,725 99,093,531
Bankers' accounts_ 103,170,079 109.643.378 89,8127,311 58.437,169 65,307,729
Other accounts
36,810,498 43,941,948 33,156.535 50,458,556 33,785,802
Govt. securities
84,884,709 83,745,963 70,862.094 49,390.906 38,766,247
Other securities
16,487,234 21,123,994 30,353,061 34,108,625 27,785,787
Disct. & advances_ 6,263,099 9,184,584 12,052,097 8,320,794 5,376,536
Securities
10,224.135 11,939,410 18,300,964 25.787,831 22,409.251
Reserve notes & coin 73,393,000 79,211,626 53,036,896 60,262,685 59,742,841
Coin and bullion._
192,438,395 191,744,969 140,221,715 136,880,252 157,510,761
Proportion of reserve
55.30%
48.02%
38.94%
to liabilities
46.89%
47.76%
2Y.
3%
414./..
9c7'..
2'".
Bank rate
Bank of France Statement
HE weekly statement of the Bank of France,
dated Sept. 7, reveals another increase in gold
holdings, the current advance being 62,145,389
francs. Gold holdings now total 82,098,927,896
francs, in comparison with 82,269,647,782 francs a
year ago and 82,400,237,395 francs two years ago.
Credit balances abroad, bills bought abroad and
advances against securities record decreases of
3,000,000 francs, 2,000,000 francs and 13,000,000
francs, respectively. Notes in circulation show a
loss of 716,000,000 francs, bringing the total of notes
outstanding down to 81,016,019,560 francs. A year
ago circulation aggregated 82,036,810,575 francs and
the year before 80,680,750,385 francs. The proportion of gold on hand to sight liabilities stands now
at 80.50%, compared with 79.71% last year and
76.46% the previous year. An increase appears in
French commercial bills discounted of 168,000,000
francs and in creditor current accounts of 211,000,000
francs. Below we furnish a comparison of the different items for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT
Changes
for Week
Gold holdings
Credit bals. abroada French commercial
bills discounted-b Bills bought she'd
Adv. against secure.
Note circulation_ --Credit current accts.
Propor'n of gold on
hand to Bight Ilab_
1597
Financial Chronicle
Volume 139
Sept. 7 1934
Sept. 8 1933
Sept. 9 1934
Francs
Francs
Francs
Francs
+62,145.389 82,098,927,896 82,269,647,782 82,400,237,395
10,856,632 1,290,483.166 2,979,524,012
—3,000,000
+168,000,000 3.285,598,374 2,799,529,526 3.947,054,793
—2,000,000 1,065,294,766 1,345,765,409 2,080.959.121
—13,000,000 3,127,572,051 2,735,706,445 2,804,895,439
—716,000,000 81,016,019.560 82,036.810,575 80,680.750.385
+211.000,000 20,974,618.833 21.178,490,278 27,093.765,683
79.71%
76.46%
80.50%
+0.46%
a Includes bills purchased in France. b Includes bills discounted abroad.
Bank of Germany Statement
HE Bank of Germany, in its statement for the
first quarter of September, reveals a slight increase in gold and bullion of 30,000 marks. The
bank's gold now stands at 74,937,000 marks, in comparison with 325,442,000 marks a year ago and 768,436,000 marks two years ago. An increase also appears in reserve in foreign currency of 147,000
marks; in silver and other coin of 6,629,000 marks;
in notes on other German banks of 5,002,000 marks;
in investments of 2,547,000 marks, and in other liabilities of 2,713,000 marks. Notes in circulation
record a contraction of 114,968,000 marks, bringing
the total of the item down to 3,708,940,000 marks.
Circulation last year stood at 3,420,431,000 marks,
and the previous year at 3,688,799,000 marks. The
T
bank's ratio remains unchanged at 2.1%. Bills of
exchange and checks, advances, other assets and
other daily maturing obligations register decreases
of 98,364,000 marks, 32,097,000 marks, 45,212,000
marks, and 49,063,000 marks, respectively. Below
we furnish a comparison of the different items for
three years:
REICKSBANK'S COMPARATIVE STATEMENT
Changes
for Week
Assets—
Gold and bullion
Of which depos. abroad
Reserve in foreign curr.
Bills of exch. and checks
Silver and other min.__
Notes on other Ger. bks.
Advances
Investments
Other assets
Liabilities—
Notes In circulation
Other daily matur. oblig
Other liabilities
Propor, of gold & for'n
curr. to note eircula'n
Sept. 7 1934 Sept. 7 1933
Sept. 7 1934
Retchsmarks Retchsmarks Rekhsmarks
Retchtmarks
74,937,000 325,442,000 768,436,000
+30,000
63,353,000
78.779,000
16,973,000
No change
71,119,000 157.181.000
3,777.000
+147,000
—98,364,000 3,444,402,000 3.125,872,000 2,966,496,000
+6,629,000 219,540,000 214,636,000 206,898,000
7,245,000
8,316,000
9,872,000
+5,002,000
88,707,000 103,502,000
96,150.000
—32,097,000
+2.547,000 739,734,000 320,156,000 365,002,000
—45,212,000 604,280,000 507,200,000 784,702,000
—114,968,000 3,708,940,000 3,420,431,000 3,688,799,000
—49,063,000 667,526,000 378,356,000 388.510,000
+2,713,000 183,389,000 239,510,000 714,727.000
No chansre
2.1%
11.7%
25.1%
Foreign Money Rates
IN LONDON open market discounts for short bills
3
on Friday were 11-16@34%, as against 4% on
Friday of last week, and 11-16@%% for three
3
months' bills, as against 4% on Friday of last week.
3
Money on call in London yesterday was 4%. At
Paris the open market rate remains at 23/8% and in
Switzerland at 13/2%.
New York Money Market
XTREME dulness was the rule in the New
York money market this week, with rates unchanged in all departments. Funds were in plentiful
supply but there was little demand and also no
occasion whatever to alter the charges for accommodation. The Treasury sold competitively last
Monday an issue of $75,000,000 discount bills due
in 182 days, and the average discount figure on the
awards was 0.23%. Call loans on the New York
Stock Exchange were 1% for all transactions, whether
renewals or new loans, but in the outside market
there were daily transactions at 4%. Time loans
3
remained at their range of %@1%, with very little
business done. Brokers'loans against stock and bond
collateral declined $28,000,000 in the week to Wednesday night, to a total of $796,000,000, according •
to the report of the Federal Reserve Bank of New
York.
E
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day,1% remained
the ruling quotation all through the week for both
new loans and renewals. No new developments
have been apparent in the time money market this
week, no transactions having been reported. Rates
are nominal at 34@1% for two to five months and
1
1(4)13.% for six months. Dealings in prime commercial paper have been fairly brisk this week as
both the supply and demand has continued strong.
3
Rates are 4% for extra choice names running from
four to six months and 1% for names less known.
D
Bankers' Acceptances
HE market for prime bankers' acceptances has
shown slight improveinent this week due to
the modest increase in the supply of bills. Rates are
unchanged. Quotations of the American Acceptance
l%
Council for bills up to and including 90 days are Y
bid and 3-16% asked; for four months,/% bid and
t%
V asked; for five and six months, M% bid and
%% asked. The bill buying rate of the New York
T
1598
Financial Chronicle
Reserve Bank is M% for bills running from 1 to 90
days and proportionately higher for longer maturities. The Federal Reserve banks' holdings of acceptances decreased from $5,219,000 to $5,202,000
Their holdings of acceptances for foreign correspondents, however, increased from $579,000 to $647,000.
Open market rates for acceptances are nominal in w)
far as the dealers are concerned, as they continue to
fix their own rates. The nominal rates for open
market acceptances are as follows:
Sept. 15
1934
follow any downward course which the dollar may
take in terms of the French franc. Ever since Tuesday
of last week the British Exchange Equalization
Fund, well-informed bankers assert, has intervened
to steady the fluctuations in the pound, but only
with respect to the relation of sterling and francs.
This week and since the end of last week, it would
seem that the expenditures of the Equalization Fund
have been comparatively moderate, as bear covering
prompted by the interference of the Equalization
SPOT DELIVERY.
Fund has served to strengthen sterling. There can
—180 Days— —150 nays— —120 Days—
Asked.
Bid.
Asked. Bid.
Bid.
Asked.
be no doubt that bears were also forced to cover
Prime eligible bills
%
34
34
34
34
ti
by what appeared to be official intervention of
—90 Days— —80 Days-- —30 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bills
St
tat
American financial authorities in the exchange
ti
hi
FOR DELIVERY WITHIN THIRTY DAYS.
market. Any firmness of the dollar in terms of
34% bid
Eligible member banks
SS% bid
Eligible non-member banks
French francs seems to be accompanied by a corDiscount Rates of the Federal Reserve Banks responding firmness in sterling exchange. Likewise,
HERE have been no changes this week in the weakness in the dollar is reflected in easier sterling.
The seasonal strain on the pound which is now
rediscount rates of the Federal Reserve banks.
beginning to become marked, is undoubtedly a
The following is the schedule of rates now in effect
for the various classes of paper at the different source of pressure, but commercial requirements
under the present circumstances of world-wide ecoReserve banks:
nomic difficulties affect rates less than do speculative
FEDERAL RESERVE BANKS.
DISCOUNT RATES OF
influences and fears expressed in world markets as
Rate in
Date
Effect on
Previous
Federal Reserve Bank.
to the probable course of monetary policy in the
Established.
Rate.
Sept. 14
United States. However groundless these fears may
234
Boston
Feb. 8 1934
2
2
New York
Feb. 2 1934
134
prove to be, they persist, especially on the Continent.
3
Philadelphia
214
Nov. 16 1933
Cleveland
2
Feb. 3 1934
234
London seems not to share them to the same extent.
Richmond
3
Feb. 9 1934
334
Atlanta
3
Feb. 10 1934
33.4
At least bear speculation against the dollar does not
3
Chicago
Oct. 21 1933
234
St. Louis
Feb. 8 1934
3
234
center in London. The New York "Times" London
16
Minneapolis
3Mar. 1934
314
Kansas City
Feb. 9 1934
334
a
correspondent stated recently "Probably neither in
Dallas
3
Feb. 8 1934
334
San Francisco
Feb. 16 1934
234
2
the United States nor in this country is there any
definite currency policy. What appears to be the
Course of Sterling Exchange
TERLING exchange is dull. Rates have fluc- policy is revealed from time to time by the action
tuated this week within an extremely narrow of the British Exchange Fund, and its recent decision
range, but on the whole the relation of the pound to bow to the pressure on sterling and to allow the
to the dollar is unchanged from last week. On the pound to fall has encouraged the view that it is
other hand, sterling is fractionally firmer in terms willing to allow the pound to follow the dollar wherof French francs, due in part to operations of the ever it may go. This may be an entirely wrong
British Exchange Equalization Fund, but also to view, but nothing ever is done to guide opinion and
the cessation of withdrawals of funds from London distrust of the dollar has caused a serious distrust
by Dutch, Swiss, and Belgian interests which for in sterling." The key to the foreign exchange
several weeks have been withdrawing their London situation• lies in the United States, in the opinion
• balances by way of Paris. The real interest of foreign of London experts, and disconcerting tactics continue
exchange traders continues to center around the to influence the entire international currency situadollar. The range for sterling this week has been tion.
The London attitude is well illustrated by an in/
4
between $4.995 and $5.013 for bankers'sight bills,
a range of between $4.98% and stance pointed out by the financial editor of the
compared with
$5.023( last week. The range for cable transfers New York "Sun" in a recent issue. He called
has been between $4.993 and $5.02, compared with attention to the fact that one Wall Street. man
received a letter from the head of a London investa range of between .99 and $5.023/ a week ago.
The following tables give the mean London check ment trust which controls securities amounting to
rate on Paris from day to day, the London open about $100,000,000. It said: "We are doing nothing
market gold price and the price paid for gold by the in the United States at this time. The position
both in your country and on the Continent is so
United States:
confused that we don't dare commit funds anywhere
MEAN LONDON CHECK RATE ON PARIS
except in Great Britain." The weakness of the
75.03
Saturday, Sept. 8
74.812 Wednesday, Sept. 12
Monday, Sept. 10
74.905 Thursday, Sept. 13
dollar in terms of the French franc is reflected in
75
Sept. 14
5..01
75.062 Friday,
Tuesday, Sept. 11
the price of gold in the London open market rendered
LONDON OPEN MARKET GOLD PRICE
Wednesday, Sept. 12_140s. 5;4d. in dollar equivalent.
Saturday, Sept. 8____140s. 9d.
Monday, Sept. 10_ __ _140s. 11d.
Thursday, Sept. 13_ _140s. 64d.
This price varies with the fluctuations in the dollarSept. 14_ _140s. 63.4d.
Tuesday, Sept. 11_ __ _140s. 334d. Friday,
sterling exchange, and the London gold price is
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
fixed each day by the London-Paris rate. The
35.00
Saturday, Sept. 8
35.00 Wednesday, Sept. 12
United States Treasury price of gold continues at
35.00
35.00 Thursday, Sept. 13
Monday, Sept. 10
Sept. 14
Tuesday, Sept. 11
35.00 Friday,
35.00 835.00 per ounce. The dollar rate in London this
In London and in Paris the weakness in sterling week has ranged between $35.08 and $35.22. On a
is attributed largely to bear speculation which seems percentage of the new parity, the dollar-sterling
to be working on the supposition that there will be rate and the price for gold in London indicate the
further devaluation of the United States dollar and value of the dollar in London this week as having
that the British authorities will permit the pound to ranged between 99.21% and 99.74%, while on the
T
S
Volume 139
same basis the dollar-franc rate indicated a dollar
value of between 99.25% and 99.75%.
It will be recalled that late on Wednesday of last
week foreign speculators against the dollar were
trapped by a sudden upswing in dollars and a de-:
pression in the price of francs, a movement which
was widely attributed to official intervention here.
A similar intervention was attributed to the action
of the market here on Tuesday, when the dollar and
sterling again firmed up in terms of francs. It
cannot be positively asserted that banks acting for
the Treasury Department have been or are active
in foreign exchange operations, but the general
opinion of market observers both here and abroad is
that such is the case. Concerning the operation of
the United States Exchange Equalizatoin Fund on
Vie Paris market "L'Information" said on Wednesday
"This operation comprised among other things purchases of dollars and sales of francs over a threemonth term. But partial success of this operation
already met may induce the American control to
settle its future position without waiting much
longer. By repurchasing with only slight profit
francs recently sold and reselling the dollars purchased, the control would be able to acquire a
reserve in francs to meet the three-month settlement
and procure a reserve in francs for future operations.
This possibility itself may serve to prevent any
great extension of the dollar's recovery." The
"Wall Street Journal," commenting on Tuesday's
market, stated: "Despite the support which has
been accorded the dollar officially in the past week
and the prospects of no further monetary moves
of a disturbing nature for the near future, Paris
continues openly suspicious of the dollar, it is reported locally. The feeling here is that it would
take only a small development which might be
construed as of an unfavorable nature to start a
heavy bear attack against the dollar again." The
widespread strike activities here have undoubtedly
stimulated fears abroad and the extremely critical
condition of labor unrest in Rhode Island would
have caused a wave of dollar selling abroad were
bear interests not intimidated by the recent action
of what is believed to have been Treasury operations.
The Federal Reserve Bank reports a shipment
of $9,263,000 of gold to France this week. This
follows upon shipments in the two preceding weeks
amounting to $19,167,000. The plethora of funds
in the London open market continues unabated, as
indicated by the London open market money rates.
3
Call money against bills is in supply at 4%. Twoi%
months bills are Y to 13-16%, three-months bills
25-32% to 13-16%,four-months bills %% to 15-16%,
and six-months bills 15-16% to 1%. Both India
and South Africa have been withholding gold from
the London market for the last three weeks or more,
in the expectation that the price for gold might go
higher there. The expectation seems to be that the
price may rule above 141s. for a prolonged period.
On Sept. 3 the London price reached the record high
of 141s. 7d. This compares with Vie average price
of around 84s. 11d, which prevailed before the
abandonment of gold by Great Britain in September 1931. This week the price of gold has ranged
between 140s. 3d. and 140s. 11d. London reports
that there seems to be a disposition to resume gold
shipments from South Africa and India. Since the
abandonment of gold India has shipped to London
approximately $775,000,000 out of an estimated
1599
Financial Chronicle
total possible shipment of approximately a little
more than one billion dollars. This week all the
gold available in the London open market was taken
for an unknown destination, which is generally
interpreted as for private hoard, which are kept in
the safe deposit vaults of the leading London banks.
However, there can be no doubt that some of the
open market purchases so designated reach European central banks. On Saturday last there was
available and taken for unknown destination £231,000,
on Monday £135,000, on Tuesday £383,000, on
Wednesday £298,000, on Thursday £337,000, and
on Friday £222,000.
This week the Bank of England statement shows
an increase in gold holdings of £109,932, the total
standing on Sept. 12 at £192,438,395, which compares with £191,744,969 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 Sept. 12, as
reported by the Federal Reserve Bank of New York,
consisted of imports of $62,000, of which $48,000
came from Chile and $14,000 from Guatemala.
Exports totaled $11,357,000, of which $9,263,000
was shipped to France and $2,094,000 to Belgium.
The Reserve Bank reported a decrease of $462,000
in gold earmarked for foreign account. In tabular
form the gold movement at the Port of New York
for the week ended Sept. 12, as reported by the
Federal Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,SEPT.6—SEPT. 12, INCL.
Exports
Imports
29,263,000 to France
248,000 from Chile
2,094,000 to Belgium
14,000 from Guatemala
262,000 total
$11,357,000 total
Net Change in Gold Earmarked for Foreign Account
Decrease: 2462,000
Note.—We have been informed that approximately 2278,000 of gold
was received from China at San Francisco.
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 or exports of gold or change in gold held earmarked for foreign account.
Canadian exchange continues firm, with Montreal
funds at a premium. On Saturday last Montreal
%
funds were at a premium ranging from 2 8 to
3 1-16%, on Monday at from 2 15-16% to 3 1-16%,
4%,on Wednesday
on Tuesday at from 3 1-16% to 31
at from 3 1-16% to 3 3-16%, on Thursday at 338%,
and on Friday at from 2 27-32% to 3%.
Referring to day-to-day rates, sterling exchange
on Saturday last was steady in a listless market.
Bankers' sight was $5.00@$5.00%; cable transfers
$5.003/g®$5.00. On Monday the market was dull
and steady. The range was $4.99%@$5.00% for
bankers' sight and $4.9934@$5.00% for cable transfers. On Tuesday sterling displayed a firmer tone.
Bankers' sight was $5.003/s@$5.0134; cable transfers
$5.0034 ®$5.02. On Wednesday exchange was steady
.
The range was $5.003/2®$5.01A for bankers' sight
4
and $5.007 ®$5.01% for cable transfers. On Thursday the market continued dull but steady. The
range aas $5.002®$5.01 for bankers' sight and
.
A
$5.00% ®$5.011 for cable transfers. On Friday
sterling was steady, the range was $5.00 11-16®
$5.01 for bankers' sight and $5.00%®$5.013'i for
cable transfers. Closing quotations on Friday were
$5.00% for demand and $5.013/ for cable transfers.
Commercial sight bills finished at $5.00%; 60-day
1600
Financial Chronicle
Sept. 15 1934
bills at $5.003/; 90-day bills at $4.99%; documents is largely a seasonal matter and is due to the heavy
8
for payment (60 days) at $5.003/ and seven-day imports by Italy of foodstuffs and raw materials.
grain bills at $5.01 1-16. Cotton and grain for payThe following table shows the relation of the
ment closed at $5.00%.
leading European currencies still on gold to the
United States dollar:
Continental and Other Foreign Exchanges
Old Dollar
New Dollar
Ranw
This Week
Parity
Parity
XCHANGE on the Continental countries is firm. France (franc)
6.63
3.92
6.663 to 6.683
23.71 to 23.79
23.54
Belgium (belga)
13.90
French francs continue I to rule well above Italy (lira)
8.67 to 8.70
5.26
8.91
40.13 to 40.40
23.82
40.33
dollar parity, although below the point for profitable Germany (mark)
32.67
33.01 to 33.10
19.30
Switzerland (franc)
gold export. The main features of the interrelation Holland (guilder)
68.06
68.43 to 68.05
40.20
of francs, sterling, and the dollar are set forth above
The London check rate on Paris closed on Friday
in the resume of sterling exchange. This week the at 75.07, against 74.82 on Friday of last week.
Federal Reserve Bank reports a shipment of $9,- In New York sight bills on the French center finished
263,000 gold to France. It is believed that this gold on Friday at 6.673/, against 6.673 on Friday of
4
2
was arranged for some days ago, when the franc last week; cable transfers at 6.67%, against 6.68
was above the gold export point for the dollar. This and commercial sight bills at 6.655 s, against 6.66.
/
makes a total of $28,430,000 of gold shipped to Antwerp belgas finished at 23.77 for bankers' sight
France on the present movement. It seems im- bills and at 23.78 for cable transfers, against 23.77
probable that the gold exports from New York to and 23.78. Final quotations for Berlin marks were
Paris will continue. The firmness of francs in terms 40.44 for bankers' sight bills and 40.45 for cable
of the dollar is due entirely to speculative drives transfers, in comparison with 40.22 and 40.23.
against the dollar. The trade position of France in Italian lire closed at 8.68 for bankers' sight bills
no wise justifies the firmness of the franc, against and at 8.69 for cable transfers, against 8.681 and
%
either the dollar or sterling. This is pointed out 8.693/2. Austrian schillings closed at 19.18, against
above. Under normal conditions of exchange such 19.20; exchange on Czechoslovakia at 4.213/, against
2
as prevailed before the World War the franc and all 4.223i; on Bucharest at 1.02h, against 1.023/; on
2
European currencies should be showing weakness in Poland at 19.18, against 19.18, and on Finland at
terms of the American unit at this season. In fact 2.213/, against 2.213.. Greek exchange closed at
2
francs are so easy in terms of belgas, guilders, and 0.953 for bankers' sight bills and at 0.95% for cable
Swiss francs that for several weeks the Bank of transfers, against 0.95% and 0.96.
--•-France has been shipping gold to these neighbor
XCHANGE on the countries neutral during the
countries. These heavy shipments largely offset gold
war presents no new aspects of importance,
sales of the British Equalization Fund to the Bank
of France and also the gold receipts which have and the currencies of these countries are, of course,
been coming to the bank from private sources. This profoundly affected by the disorganized interrelation
week the Bank of France shows an increase in gold of the dollar, sterling, and the French franc. The
holdings of fr. 62,145,389. This makes the 27th Scandinavian currencies move habitually in close
successive weekly increase in the bank's gold, bring- sympathy with sterling exchange, to which they are
ing the total for the period to fr. 8,170,728,450. attached. The Swiss franc and the Dutch guilder
The current Bank of France statement as of Sept. 7 are firm in terms of the dollar, rulling well above
shows total gold holdings of fr. 82,098,927,896, new dollar parity. However, the guilder is not
which compares with fr. 82,269,647,782 a year ago sufficiently above parity to call for exports of gold
and with fr. 28,935,000,000 when the unit was from the United States. The Swiss franc is excepstabilized in June 1928. The bank's ratio is at the tionally firm and in the past few weeks has ruled
high point of 80.50%, which compares with 80.04% at levels at which gold exports to Switzerland might
on August 31, with 79.71% a year ago, and with be expected, but no matter how high the Swiss franc
might go in terms of the dollar, gold exports could
legal requirement of 35%.
There is nothing new in the German mark situa- not be made from the United States as the foreign
tion. The free mark is quoted very high in terms exchange regulations here permit gold exports to a
of the dollar, ruling close to new dollar parity. foreign central bank only if the country concerned
These quotations, however, are really nominal and is on the gold basis and the central bank has a
do not properly reflect the mark exchange situation. legally fixed buying and selling rate for gold. The
For all practical purposes there is no mark ex- Swiss National Bank has no fixed buying and selling
change. The amount of free marks which may be price for gold. The Dutch guilder and the Swiss
taken from Germany on strictly commercial account franc are and have been for several weeks excepis strictly limited by the Reichsbank and this limi- tionally firm in terms of the French franc, with the
tation of supply, especially of marks with relation result that large shipments of gold have been made
to some of the European units, fixes the nominal by the Bank of France to both Switzerland and
value of the mark in terms of the dollar at the Holland in order to rectify exchange. Recent dispresent high ruling figures. The amount of overdue patches from Amsterdam indicate that there is a
commercial debts is increasing. The total gold possibility of renewed gold exports from Holland
holdings of the Reichsbank are in the neighborhood to the United States. An announcement to this
of only $30,000,000. The Reichsbank statement of effect is reported to have been made by the Bank
Sept. 7 shows gold holdings of approximately rm. of The Netherlands on Thursday, which also said
74,937,000, with its reserve ratio down to 2.1%, that such a movement would be conditioned upon
which compares with record low of 2% reported the maintenance of the gold dollar at its present
level and placing of gold at the disposal of exporters
in the statement of June 30.
lira is ruling easier than most of the for shipment to The Netherlands as soon as the export
The Italian
Continental currencies in terms of the dollar. This point was reached.
E
E
Volume 139
Financial Chronicle
Bankers' sight on Amsterdam finished on Friday
at 68.64, against 68.61 on Friday of last week; cable
transfers at 68.65, against 68.62 and commercial
sight bills at 68.62, against 68.59. Swiss francs
closed at 33.05 foe checks and at 33.06 for cable
transfers, against 33.07 and 33.08. Copenhagen
checks finished at 22.37 and cable transfers at 22.38,
against 22.31 and 22.32. Checks on Sweden closed
at 25.83 and cable transfers at 25.84, against 25.78
and 25.79; while checks on Norway finished at 25.17
and cable transfers at 25.18, against 25.12 and 25.13.
Spanish pesetas closed at 13.83 for bankers' sight
bills and at 13.84 for cable transfers, against 13.843/b
and 13.85.
1601
of foreign exchange, with three exceptions: first,
legitimate normal business requirements; second, on
contracts entered into prior to September 8, and
third, reasonable traveling or personal requirements.
According to United Press dispatches the Government simultaneously abolished speculative gold bar
dealings by "prohibiting the privilege of set-offs in
foreign currency on the gold bar exchange," thereby
making obligatory delive-y of the actual gold.
Experts in Shanghai said that the ruling means
the end of exchange speculation by Chinese banks.
The market generally expects tliat the Chinese Government will soon place an embargo on exports of
silver. However, the present new regulations may
obviate the necessity for such a measure. The gold
bar exchange in Shanghai theoretically serves the
same purpose for Chinese exchange business as the
silver market in New York. China is on the silver
standard and the buying and selling of gold currencies
requires dealings in gold.
Closing quotations for yen checks yesterday were
29.97, against 29.95 on Friday of last week. Hong
Kong closed at 39%@39 7-16, against 39M@
39 9-16; Shanghai at 35 11-16@359,against 35 13-16
@,36; Manila at 49.90, against 49.90; Singapore at
58.90, against 58.75; Bombay at 37.80, against
37.62 and Calcutta at 37.80, against 37.62.
Foreign Exchange Rates
XCHANGE on the South American countries
is showing a firmer undertone and displaying
more activity than at any time in the past few years.
This is due to a strong revival of trade in these
countries, with heavier exports of foodstuffs and
raw materials at higher prices than these markets
have enjoyed in a long time. The Brazilian Federal
Council for Exterior Commerce 'recently cabled the
New York Coffee and Sugar Exchange that it has
resolved (1) to liberate exchange for all products
CERTIFIED BY FEDERAL RESERVE
except coffee; that (2) coffee exporters shall deliver FOREIGN EXCHANGE RATES UNDER TARIFF ACT OF 1922.
BANNS TO TREASURY
SEPT. 8 1934 TO SEPT. 14 1934, INCLUSIVE
to the Bank of Brazil 155 francs or the equivalent
Transfers in
in other currencies per bag exported, and shall offer Country and Monetary Noon Buying Bate for CableStates Money New York.
Value in United
Unit
the balance in the free market; (3) against payments
Sept. 8 Sept. 10 Sept. 11 Sept. 12 Sept. 13 Sept. 14
for importations the Bank of Brazil will supply only
s
$
$
$
EUROPEs
$
190208* .190275* .190091* .190158* .190258* .190175*
Austria,schilling
60% of exchange at official rates, the remaining 40% Belgium, belga
237650 .237284 .237061 .237584 .237646 .237630
.013000 .013000*
.012700* .012875*
to be bought in the free market. Sr. Enrique Gil, Bulgaria. lev krone 013000* .042125 .042067 .013000* .042157 .042128
042195
.042160
Czechoslovakia,
Denmark, krone
223158 .223145 .223391 .223566 .223533 .223533
President of the Argentine-North American Cultural England, pound
sterling
5 000583 4.997678 5.004583 5.006428 5.006250 5.007500
Institute of Buenos Aires, stated in a recent speech Finland, markka
.022112 .022118 .022106 .022150 .022145 .022125
Franoe, franc
.066651 .066616
.066726
in New York that Argentina has not followed the ex- Germany, reichsmark .066793 .401250 .401728 .066758 .066750 .403630
.402021
.403178 .403242
Greece. drachma
.009591 .009587 .009577 .009570 .009580 .009555
ample of the United States in pegging the peso to gold, Holland, guilder
686064 .684835 .684414 .685921 .685923 .685992
.300250 .300125 .300250* .300375* .300375* .3003754
Hungary.
as it is felt in Buenos Aires that the value of gold is Italy. lira Deng°
.086943 .086773 .086703 .086840 .086873 .086851
Norway, krone
.251158 .251063 .251416 .251583 .251550 .251541
.191575 .191400 .191225 .191550 .191450 .191500
not yet stabilized. Since January the Argentine Poland, zloty
Portugal, escudo
.045630 .045450 .045560 .045825 .045712 .045700
Rumania,leu
.010155 .010150 .010185 .010185 .010175 .010150
gold peso has moved up to 210% of former parity, Spain, peseta
138417 .138175 .138076 .138332 .138355 .138317
257716 .257625 .257941 .258141 .258150 .258141
from 198% in January. The relatively stable internal Sweden, krona
Switzerland, franc_ _ _ .330578 .330146 .329676 .330407 .330417 .330342
price level for commodities, he said, while the same Yugoslavia, 1inar_ _._ .023193 .023175 .023156 .023175 .023162 .023150
ASIAcommodities were falling in world markets, gave China- (yuan) dol'r .356250 .352916 .353541 .352708 .353333 .353541
Chefoo
Hankow(yuan) dol'r .356250 .352916 .353541 .352708 .353333 .353541
their people renewed confidence. Sr. Gil pointed out
Shanghla(yuan)dorr .355781 .351875 .352656 .352656 .353125 .352968
Tientsin(yuan)dol'r .356250 .352916 .353541 .352708 .353333 .353541
that three principal considerations have dominated
Hongkong. dollar
.391875 .390009 .390625 .390625 .390937 .390625
375900 .375640 .376250 .376275 .376725 .376430
the fiscal policy of Argentina. First is the meeting of India, rupee
Japan. yen
298700 .298825 .298925 .299085 .299050 .298985
Singapore (8. 8.) dol'r .585937 .585000 .585812 .585000 .586625 .586625
external obligations by the National Government.
AUSTRALASIA
Australia, pound
3.970000* 3.967500*5.980000* 3.973750* 3.975625
To this end every effort was bent to discourage New Zealand, pound.3.993125•3.991250*4.003593*3.997187*3.999062* 3.974687'
3.998125'
AFRICA
imports and encourage exports, in order to create South Africa, pound 4.945250*4.942750*4.949250*4.952250*4.953250*4.952750'
NORTH AMER.Canada,
sufficient foreign exchange to effect payment. Cuba dollar
1.029218 1.029427 1.030911 1.030598 1.029921 1.030000
peso
999150 .999150 .999150 .999150 .999150 .999150
Mexico, peso (silver).
.277433 .277433 .277433 .277575 .277433
Second was the policy of the Government economy, Newfoundland. dollar .
1.026937 1.027000 1.028625 1.027812 1.027375 1.027375
SOUTH AMER.which included refunding of internal obligations at Argentina, peso
.333333* .333200* .333500* .333766* .333766* .333833'
mitosis
.083437* .083450* .083816* .083616* .083558* .083650'
a lower interest rate and keeping the National Brasil,peso
Chile,
.102850* .102850* .103000* .103100* .103000* .103000'
Uruguay.
.810750* .810000* .809500* .810750* .810750* .810750'
budget in balance. The third important factor in Colombia,peso
pow.
573100* .576400* .576400* .576400* .578000* .578000'
the Government's fiscal policy was its monetary
•Nominal rates; firm rates not available.
measures.
Gold Bullion in European Banks
Argentine paper pesos closed on Friday, official
HE following table indicates the amount of gold
quotations, at 33% for bankers' sight bills, against
bullion in the principal European banks as of
3334 on Friday of last week; cable transfers at 3332,
against 33%. The unofficial or free market close Sept. 13 1934, together with comparisons as of the
was 27.20@27.25, against 27.10 and 2738. Brazilian corresponding dates in the previous four years:
/
milreis, official rates, are quoted 8.35 for bankers'
1934
1933
sight bills and 8% for cable transfers, against 8.30 Banks of1932
1931
1930
£
and 89/8. The unofficial or free market close was
£
£
E
E
192,438.395 191,744,969 140,221,715 136.880,252 157.510,761
734, against 69. Chilean exchange is nominally England_. .
France ft.__ 656,791.423 658.157,182 659.201,899 468,614,374 380,342,673
Germany b.
2,899,250
13,089,250
35,254,150
63,626,250 123,448.000
quoted 10%, against 1034. Peru is nominal at Spain
90,582.000
90.402,000
90,273,000
91,029,000
98,968,000
Italy
68,549,000
75,854,000
61,810,000
58,093,000
56.503,000
22.90, against 22.95.
Netherlands
71,951,000
68,921,000
86,114.000
54,738,000
32.551,000
E
T
XCHANGE on the Far Eastern countries, except
in the case of China, presents no new features of
importance from those of recent weeks. Shanghai dispatches on Saturday last stated that the Chinese
Ministry of Finance prohibited purchases or sales
E
Nat. Belg“
Switzerland
Sweden_ __.
Denmark.
.
Norway _ _ _
75,633,000
64,201,000
15,461,000
7,397,000
6,577,000
77,144,000
61,461,000
13,959.000
7,397,000
6,569,000
74,835,000
89,165,000
11,444,000
7,400,000
7,91L,000
46,403,000
33,970,000
12,770,000
9,536,000
8,128,000
34.564.000
25,585,000
13,467,000
9,566,000
8,141.000
Total week_ 1,252,480,068 1,264,698,401 1,263,629,764
Prey. week_ 1.251_496.423 1.263.510 445 1 Oat an& 940
983,786,876
Geo 1412 rue
940,646,434
Geo 150 ORO
a These are the gold ho dings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £847,600.
1602
Financial Chronicle
Sept. 15 1934
The Menace of Government Competition tion will continue to be used to buy or exchange
supplies." A report in June that "a broad plan for
in Business
The intimations which continue to come from the operation of private factories by the unemployed
with the aid of Federal funds" was being drawn up
Washington to the effect that the Government is
brought official denials, but attention was called to
planning to engage directly in manufacture as a part the action of Massachusetts
and Texas in taking
of its relief program raise pointedly the question of over some factories and using unemployed workers.
how far American business must expect to be sub- It was not denied, however, that the plan was being
jected to direct Government competition. The pro- considered, and the Washington Bureau of the"Wall
posals, according to press reports, include the estab- Street Journal" reported on June 14 that "those
lishment of factories, or the opening of idle ones, and sponsoring the program declared that the goods
the production of shoes, clothing, bedding, canned produced would be kept off the open market and
foods and other articles, the labor to be drawn from would help and not injure private business, since a
the ranks of the unemployed and the products to be demand for raw materials would be created." A
distributed, presumably free, to persons on the re- week later the New York "Times" reported that the
lief rolls. The theory appears to be that since the Federal Emergency Relief Administration had auraw materials to be used represent, in most cases at thorized State relief organizations "to acquire
least, surplus products which the Government has plants for the processing of meat and milk products,
taken over as an aid to the original producers, they which will be operated by the Government but not
constitute a resource which may properly be used in competition with private industry."
The wholesale slaughter of cattle purchased by
for relief purposes, and that it is better to give work
the Government as a part of its effort to relieve
to the unemployed where possible than to relieve
them directly. With this goes the belief, less widely sufferers from the drought glutted the hide market,
held but nevertheless advocated in influential and threatened to demoralize prices not only for
quarters, that the Government may properly engage hides but also for shoes. Following representations
in manufacture as a means of providing employment from the tanners it was agreed, on Aug. 15, that the
even where there is no question of disposing of a Federal Surplus Relief Corporation should take
over, after Sept. 5, all the hides and skins which the
surplus.
Neither issue is new, and the history of the matter Government had acquired and hold them for relief
is worth reviewing. It will be recalled that when purposes. "In this way," it was stated, "this raw
the subsistence homestead project at Reedsville, material will be non-competitive and kept entirely
W. Va., was being pressed upon Congress with the out of commercial channels." Reports that the Govactive support of Mrs. Roosevelt, one of the features ernment contemplated using its stock in the manuof the plan was a Government operated furniture facture of shoes brought vigorous protests from the
factory whose products were to be used by the Post shoe industry. The directors of the National Boot
Office Department. In aid of this project the Pub- and Shoe Manufacturers' Association, representing
lic Works Administration had allocated grants to some 800 manufacturers and about 40,000 retailers,
the amount of 025,000. On Feb. 28 the House of in a message to President Roosevelt on Aug. 30, deRepresentatives, by a vote of 275 to 110, refused to clared that "if the announced policy of the Governapprove the project notwithstanding the statement ment providing for the processing of these hides preby one of its supporters that "the White House is vails, it will be disastrous to the business of many
particularly interested in this measure," and the re- retailers, will vitally affect the solvency of others,
ported opinion of Secretary Ickes that the factory and will demoralize the orderly and regular channels
would serve as "a yard-stick by which to measure of the manufacturing and distributing of the leather
furniture prices in the States." The underlying and shoe industries and of 40,000 retailers and
purpose of the proposed undertaking was made clear their employees." The excess supply of hides "now
by Representative Isabella S. Greenway of Arizona, on hand and to be available in the near future from
a friend of Mrs. Roosevelt, who stated frankly that the Government kill," it was urged, "comes from
"this is a far broader issue than a furniture factory, the anticipated kill of future years, and should not
the leading lady of the land or one commodity. We be released at this time but should be held and reare now well into the experiment on the decentrali- leased in the years in which they would normally
zation of wealth, which must be accompanied by a come on the market."
On the day on which this message was sent, the
decentralization of industry." Representative Daniel A. Reed of New York, however, carried the House Federal Relief Administration disclosed, according
with him when he denounced the proposal as "simply to the Associated Press, that the production of the
a plunge into State socialism" and a waste of public millions of shoes required for the needy unemployed
money, while Representative John J. Cochran of was to be divided between private manufacturers,
Missouri declared that "the question here is whether "who would handle the bulk of it," and "idle
you are going to put the Government further into factories reopened by State relief administrations."
In these relief plants, it was said, "relief money
business."
In an order issued on March 20 Harry L. Hopkins, would go further toward reducing unemployment
Administrator of the Federal Emergency Relief Ad- than in private plants, because all would go into
ministration (FERA), suggested "the production wages and not into profit." An earnest protest
and distribution of goods for the use of the unem- against the entry of the Government into the shoe
ployed" as one of six general lines of work relief. manufacturing business was voiced in a resolution
"Such workers as skilled and common labor, factory, adopted by the National Shoe Retailers' Associatextile and clothing workers, industrial engineers tion at its meeting at Buffalo on Tuesday last.
Meantime, it was learned on Aug. 17, according
and trained production and business workers"
would, it was said, be required, and "where it is to the Washington correspondent of the New York
advantageous the Federal Surplus Relief Corpora- "Herald Tribune," that the Federal Emergency Re-
Volume 139
Financial Chronicle
lief Administration planned to put "60,000 women
now on direct relief rolls" to work "on the production of mattresses in 643 manufacturing units, 410
of which are already in operation." To mattresses
were also to be added comfortables, cotton sheets,
pillow cases and towels. The production of mattresses and comfortables would, it was estimated,
absorb at least 250,000 bales of cotton. "The Government's ventures into manufacturing, it was
stated, will not stop here, but will be extended to
the production of shoes, leather jackets and leather
mittens," the extension being "made necessary" by
the Government agreement with the tanners regarding hides. A purchase of 60,000,000 yards of cotton
material for the coverings of comfortables was announced on Aug. 23, with the accompanying statement that contractors who drew on their own stocks
of raw cotton to manufacture the material would
be "required to purchase a corresponding amount
of the staple for replacement." The Illinois Manufacturers' Association, in a letter to General Johnson on Sept. 2, protested against the plan as
"ruinous to the industry for many reasons. There
are 2,100 looms in the country capable of turning
out" the kind of ticking which the Government requires, the type of mattress which was being made
"is a luxury, as kw mattresses sold in regular commerce are of staple cotton," and the mattress "costs
three or four times as much as the cotton linters
used in 95% of the mattresses regularly manufactured."
The facts here recited may well be pondered by
those who have been disposed to accept without
reservation the recent assurances of Administration
spokesmen that the New Deal is not opposed to the
conduct of business for profit. What the Government is doing, and planning to do on an increasingly
extended scale, is to deprive established industries
of the opportunity of making a legitimate profit
from the production of goods to be used for unemployment relief. In the case of hides and cotton it
is going farther than that, in the former case continuing an over-supply of raw material in the market
by processing and distributing an abnormal supply
of hides, and in the latter forbidding certain manufacturers to cut down their stocks of raw cotton by
requiring replenishment of so much of the stock as
may be used in the manufacture of certain cotton
textiles. In the case of hides, the drive at profits
is made through the utilization of a low-grade raw
material—the skins of famished and shrunken
cattle are of poor quality—purchased by the Government at low prices partly to relieve impoverished
cattle raisers, and partly to take advantage of the
opportunity which the drought unexpectedly offered
to reduce the alleged over-supply of cattle in the
country.
The effect upon manufacturers, wholesalers and
retailers alike is depressing. The millions of unemployed or impoverished persons to whom relief
must be extended are nevertheless consumers, and
they do not cease to be consumers because their
support comes temporarily from the Government
and their per capita consumption •is small in
amount and greatly limited in variety. The total
of Government contributions, actual and prospective, for relief purposes runs into the billions of
dollars, but so much of that expenditure as is represented by goods produced in Government factories
1603
or similar establishments is so much taken from the
legitimate activities of manufacture and trade. It
is idle to contend that the goods which the Government produces and distributes do not "enter into
competition" with private industry and trade; the
very fact of their production and distribution establishes competition between private business and
Government business, since what the Government
produces under the guise of relief, private business
is deprived of the opportunity to produce.
Doubtless it is better, other things being equal,
that the poor and impoverished should be given work
rather than be left to rely wholly upon Government
hand-outs, but things are not equal when industries
running on part time, and businesses with a depressed volume of turnover, are prevented by Government competition from obtaining a normal
amount of business. Government competition in
business is in any case an evil, but it becomes an
evil in the extreme when it operates to prolong a
depression from which a vaunted recovery program
professedly offers a means of escape. The less the
retailer sells, the fewer and smaller will be the
orders which he places with wholesalers or manufacturers; the less the manufacturer sells, the
smaller will be his volume of production and his
likelihood of being able to keep on his force of
employees. As Ohanning E. Sweitzer, managing
director of the National Retail Dry Goods Association, put the situation in a statement on Sept. 8, if
the Government feels that surplus supplies must be
used for relief, it should use them in co-operation
with business, not in uneconomic and discriminatory competition with it.
American Tourist Bill Abroad Totaled
$292,000,000 Last Year
Represents Decline of 65% Compared with 1929
Notwithstanding the fact that this country during
the past three years has been confronted with one
of the most severe crises in history, American tourists spent $292,000,000 abroad in 1933, while the
corresponding expenditures by foreign tourists to
this country showed no change as compared with
1932. The net result of these unlike tendencies during 1933 led to a decline of 41% in the net inflow
of funds on tourist account.
According to a final report just prepared by the
Finance Division of the Bureau of Foreign and Domestic Commerce, the contribution made by American tourists was 35% less than in 1932 and represents a drop of 65% below the record figure of P21,000,000 in 1929.
So-called tourist expenditures abroad represent
outlays of United States citizens and alien residents
who visit foreign countries not only for recreation
and sight-seeing, but also for business, professional,
or educational purposes. In the same category are
the estimated foreign expenditures of those United
States citizens who are more or less permanently
residing abroad and who derive their incomes from
sources within the United States. Figures collected
by the Department of State show that on Jan. 1 1933
United States citizens living permanently abroad
numbered 420,000.
Excluding approximately
246,000 who reside in Canada, and whose principal
source of income in most cases was derived from
agricultural pursuits within that country, a great
number derive all or a part of their funds for personal expenditures from investments, inheritances,
or other sources of income in the United States.
Expenditures of alien residents in the United
States on trips abroad are included in tourist outlays, even though a certain part of the funds taken
back to the home country would, in the absence of
such visits, be remitted and therefore included in
the estimates of immigrant remittances. Many
people combine travel for pleasure with travel for
professional, educational, and other purposes. In
spite of various exceptions and numerous borderline
eases, the outlays abroad by American travelers
represent very largely what may be strictly called
tourist expenditures. The relative importance of
the respective objects of travel in 1933, as reported
to the Department of State by passport applicants,
is shown in the following summary:
Travel
Family affairs
Health
Educational
Commercial business
Personal business
Per Cent
39.28
41.34
1.85
4.63
5.42
1.93
Professional business
Employment
Missionary
Official business
Scientific '
.
Total
Per Cent
1.76
1.86
1.13
.22
.58
100.00
Expenditures of American Visitors to Canada
Drop 45%
United States tourist expenditures in Canada
during 1933 are estimated at $101,000,000, or 45%
less than 1932. On the other hand, outlays of Canadian visitors in the United States, estimated at $35,000,000, showed no change compared with the preceding year.
Canada normally sells more services to our travelers than does any other country, but the total tourist travel across the Canadian border involves larger
total expenditures than between any other two countries. During the three-year period, 1928-1930, estimated outlays in Canada of United States motorists
alone averaged in excess of $200,000,000. Expenditures by United States motor, steamer and rail
visitors account for more than 90% of Canada's
entire tourist revenue.
In contrast with the year's trend in United States
travel in Canada, the actual number of Canadians
visiting the United States in 1933 exceeded the number of visitors in 1932. The number of Canadian
motor cars entering the United States increased
9.7% over the preceding year, while the estimated
number of rail and steamer visitors increased from
227,000 to 285,000, or 25.5%. The increase in the
number of Canadian motor visitors was accompanied, however, by a decline in the expenditures
per car from $72 to $59, with the result that total
outlays were approximately equal to those of the
preceding year.
Mexico City Lends Attraction
According to the Department of Immigration of
the Mexican Government, the number of United
States residents who visited Mexico as tourists was
39,096. Approximately 11;000 of these visited
Mexico City, and their estimated expenditures were
$1,650,000, or an average per capita of $150. The
remainder visited other interior cities, most of which
are less distant from the border than Mexico City.
The latter group's average expenditures per capita
are estimated at $84, and their total outlays are
therefore placed at $2,360,000. The estimated outlays of United States residents crossing the border
on short trips during 1933 were approximately.
$24,000,000.
Sept. 15 1934
Financial Chronicle
1604
The Oversea Tourist Account
Expenditures abroad, exclusive of Canada and
Mexico, by United States tourists last year are computed at $163,000,000, as compared with $228,000,000 in 1932. Departures of United States citizens for oversea travel aggregated 257,752, or approximately 25% less than in 1932. The decline in
departures from American seaports was, roughly,
equal to the drop over the two-year period, 19311932. The decline in estimated expenditures was
not quite so sharp, owing to the fact that reported
outlays in each class of ocean travel showed a rise,
due, in large part, to the depreciation of the dollar
in terms of foreign currencies.
Expenditures of those United States citizens who
left for foreign countries which (with several minor
exceptions) grant visas only to holders of passports,
are estimated through the use of questionnaires submitted to passport applicants whose names are
selected at random from the records of the Department of State. The number of citizens in this group
in 1933 was 162,890, as compared with 228.986 in
1932 and 239,343 in 1931. The respective destinations, by important geographic areas, of this group
in each of the last three years were as follows:
Area—
Western Europe
Northern Europe
Mediterranean area
Orient and Far East
South America
Total
19311
126,658
52,646
40,499
13,789
5,751
1932
:19,853
53,004
38,560
13,180
4,389
1933
79,256
30,834
34,181
14,293
4,417
239,343
228,986
162,980
Expenditures of American tourists in Canada and
Mexico are appraised by methods which make no
distinction between citizens and alien residents
here; however, the most important estimate is that
which applies to United States citizens visiting foreign countries, entry to which requires a passport.
Fully 90% of the tourists entering countries with
passports normally visit Europe. Probably 95% of
the calculated expenditures of the regular passport
group may be considered as payments to Europe, in
view of the fact that the major part of passengerfare payments made to foreign lines is received by
European lines.
Another tourist group consists of those who visit
non-passport areas other than 'Canada and Mexico.
It is estimated that they spend approximately
$15,000,000. Other items include $11,000,000 spent
on cruise trips by citizens not included in the regular tourist sailings, and an estimate of $10,000,000
to cover expenditures, made out of income derived
from sources of income in the United States, by
American citizens permanently residing abroad.
In 1932 approximately 57,000 aliens (including
students) residing in the United States returned
from visits abroad. Their average expenditures,
exclusive of fare payments to American vessels, are
estimated at $525. Their total estimated outlays
are, therefore, placed at $30,000,000. Approximately 6,000 additional aliens who left the United
States had not returned by the end of the year.
Allowing $320 as average expenditures of this
group, another $2,000,000 is added to estimated outlays abroad of alien residents, or a total of
$32,000,000.
Contributions by Charitable and Other Institutions
Total contributions made to foreign fields of
activity by United States charitable, religious, educational and scientific institutions during 1933 are
rated at $25,000,000 on the basis of data submitted
Volume 139
Financial Chronicle
portion to the value of commodities. The freight
rate upon a ton of sand is not made so high as on
814,000,000
a ton of silk. But rates must be based upon the
Protestant
1,500,000
Roman Catholic
average value of commodities over a period of years.
875,000
Jewish
7,500,000
Educational, scientific
The entire rate structure of the country would be
1,500,000
Miscellaneous
thrown into anarchy, and neither producers and
825,375,000
Total
shippers on the one hand, nor railroads on the other,
Although the total contributions considered were would ever know where they stood if rates were
nearly 19% less than the $31,200,000 estimate of based, not on the average value of commodities over
1932, the year's decline was distributed rather un- a period of years, but on their temporary flucevenly. As computed. Protestant contributions de- tuations.
clined approximately 32%; the Roman Catholic
A study of the trend since 1870 of the wholesale
share fell nearly 17%, while Jewish contributions prices of all commodities, and railroad rates, or
showed an increase of 25%. Gifts by educational what the railroads received for producing transand scientific institutions increased from, roughly, portation, reveals some very striking facts. The
$6,500,000 in 1932 to approximately $7,500,000 in average revenue received by the railroads for haul1933, largely because several of the outstanding in-' ing a ton of freight one mile is the result obtained
stitutions in this group made larger donations in by dividing the total revenue ton-miles into the
1933 than in the preceding year.
entire freight revenue collected by the railroads.
When considering the fact that American invest- The year 1885 is selected as the base year, because it
ments abroad now total about $14,500,000,000, with lends to the movement of freight rates and prices
interest payments aggregating $267,000,000, one can the most points in common, and consequently makes
almost become reconciled to the rambling dispo- them easier to compare.
sition of the American. The important part he has
A study of the situation is most interesting. The
played in the realm of world finance and business most forcible fact disclosed is that while the average
apparently justifies his wanderlust.
revenue per ton-mile of the railroads is now about
/
112% lower than in 1885, the decrease being from
Should Freight Rates Be Increased?
1.011c. to 0.997c., the wholesale prices of all comRailway executives recently petitioned the Inter- modities average 32% higher. Yet present protests
State Commerce Commission for an increase in against any advance in freight rates are based
freight rates, and hearings have been set for con- mainly on the ground that it would be an intolerable
sideration of the situation on Oct. 1. There is no burden to some or all industries.
During the past 64 years prices have gone through
question but what this subject is of vital importance,
the things two major movements. From the early seventies to
for it has a tremendous bearing upon
most of us are required to buy and sell. In other 1897 the trend was steadily downward. There were
and
words, normally, increases in freight rates are sup- brief rallies in 1872, 1880, 1882,1887,1888, 1891,
quickly by proposed to raise the price which the purchaser pays in 1893, but these were superseded
longed declines. Prices touched bottom in 1896 and
or depress the price which the seller receives.
As a consequence, protests from producers, ship- 1897. Thereafter they rose until 1910, when they
pers and various and sundry individuals are already were halted for a brief period. From 1917 to 1920,
being received, although the petition has just been war demand and the post-war boom carried them
filed with the Commission. Most of the protests are to an unprecedented peak. The depression of 1921
predicated upon the assumption that freight rates caused a precipitate fall. Thereafter prices rose
have an important effect upon the development of until 1923, after which they showed a recession.
industry and the movement of commerce, and that They gained momentum again in 1925, moved lower
an increase now would tend to destroy any further in 1926 and 1927, advanced again in 1928. The
chances for a revival in prosperity of the country or average level for the five months ended May 31 1934
stood 32% above the level of 1885.
prosperity of certain industries.
In 1885 the average freight rate was more than
If these protestants are producers who have been
misled into excess production by expectation of mar- 87% lower than it was in 1870. Fourteen years
kets which were not realized, is it fair to ask the later, in 1899, the average freight rate had made a
railways to help bear their loss? It must be ad- further decline of nearly 29%. Thereafter, freight
mitted that prices in local markets are lower than rates remained at the depression level of the nineties
the central markets upon which they depend, but until 1917, a period of 18 years, while prices were
it does not follow that any problem of surplus can rising. The increase in freight rates did not begin
be solved by failure to allow an advance in freight until 1918. When it did occur, they did not rise as
rates to competitive markets. A surplus makes a fast or as far as prices had risen. Since 1921 they
buyer's market,in which neither production costs nor have again fallen, and the reductions in the last 12
l
years ha e saved the public the huge sum of $8,508,transportation costs are decisive for the moment.
The fact of the matter is that the rates charged 921,000. In other words, if the freight rates of 1921
by the railways never actually have been, except had remained in effect, the public, in the past 12
perhaps for short intervals, inimical to the nation's years, would have had to pay $8,508,921,000 more
progress. Indisputable facts of history show that than was actually paid to the railroads for the same
over a period of years freight rates in this country amount of freight transportation.
When the largest advance in freight rates in hishave always declined more or advanced less than the
tory was made in 1920, the wholesale prices of all
general.
prices of commodities in
History of the past 60 years demonstrates that commodities averaged 172.8% higher than in 1885.
to base freight rates upon prices which fluctuate This advance in rates having been made late in 1920,
constantly would be to establish them upon shifting it was not in effect throughout a year until 1921.
sand. They should, and are, made roughly in pro- Meantime, prices had declined. Even in 1921 the
by approximately 120 organizations. The distribution among groups of institutions was as follows:
I.
1605
1606
Financial Chronicle
average freight rate was only 26.1% higher than in
1885, while the wholesale prices of all commodities
averaged 72.4% higher. As a result of consequent
changes in freight rates and prices, the average
freight rate for the year ended 1933 was 1.5% lower
than in 1885, while the wholesale prices of all commodities averaged 32% higher.
The railway rates, of course, are forbidden to be
excessive, and are supervised by public authority.
If it is found that they are adequate to maintain
the transportation system in a state of efficiency,
they should not be advanced to help out a situation
which cannot be corrected in that way. However,
Sept. 15 1934
during the past 28 years the railroads have never
received a return even approaching that which other
industries earned. As a consequence, the dividends
during a greater part of that period have been
inadequate to attract capital, and the managements
in their endeavor to serve the public have taken the
meager earnings of the stockholders and employed
them to provide facilities for the public. It
naturally follows that there is no honest way to
maintain these transportation facilities other than
by payment by the shippers who use the rail facilities, and the burden of such payments in the aggregate must be distributed among such users.
Gross and Net Earnings of United States Railroads for the
Month of July
That seriously adverse conditions once again are
being encountered by the railroads of the United
States is made plain by our tabulation of gross and
net earnings for the month of July, presented herewith. In contrast with the sharp improvement evident in July of last year, both gross and net earnings now reflect a contrary tendency. Gross revenues from the operation of the roads show a decrease of $17,757,929, or 6.05%, as compared with
July 1933, while the net earnings reflect the far
more drastic decline of $31,234,339, or 31.61%. The
downward trend of gross revenues is due, of course,
to the general decline of business throughout the
nation, and a corresponding effect upon the net
revenues is to be anticipated. Noteworthy, however,
is the much greater decrease of the net earnings,
and in this connection it may be pointed out that the
managers of the roads are now struggling with
sharply increased costs of operation occasioned by
the national recovery program. Although the prices
of many materials that are needed •by the carriers
have been increased inordinately through governmental action and interference, the railroads are
receiving little support in their pleas for higher
rates, which are a perfectly natural result of the
current situation in which they find themselves.
The more severe decline of net earnings as against
gross earnings is, in itself, a matter for concern, but
this aspect of the railroad problem becomes additionally grave when it is remembered that the
new railroad pension law, if upheld by the courts,
will entail further large expenditures in operations.
The comparison we now present is with a period of
last year in which very substantial recovery from
the business paralysis of the earlier months of 1933
already had been achieved. In July of last year a
very handsome improvement in both gross and net
earnings was reflected, as against the same month
of 1932, the gain in gross earnings being no less than
859,691,784, or 25.13%, while net earnings increased
s54,334,821, or 117.74%. These increases, although
large in themselves, were modest in comparison with
the appalling and continuous losses recorded in
earlier years, and it is thus the more regrettable
that the upward tendency noted a year ago could
not be continued. It may be added that there are
no qualifying circumstances in the comparison of
earnings for July this year with the same month of
1933, as each month contained five Sundays.
Month of JutY—
1934.
1933.
/se. (+) or Dec. (—•).
Miles of road (146 roads)
239,180
240,882
—1,722 0.71%
Gross earnings
8275,583,676 $293,341,605 — $17,757,929 6.05%
Operating expenses
208,014,185
194,537,775
+13 476,410 6.93%
Ratio ot earnings to expenses_
75.48%
86.32%
+9.16%
--Net earnings
367,569,491
898,803,830 —831,234,339
31.61%
It remains to be seen, of course, whether the general business decline now reflected is merely a temporary setback in the recovery from the depths of
the depression, or whether more pronounced difficulties are to be encountered in coming months.
Current reports of business activity are not conclusive in this respect. It is evident, moreover, that
widespread strikes made serious inroads on activities, and therefore on the earnings of the carriers,
while the severe and protracted drought in the West
likewise was an abnormally adverse factor. As instances showing the industrial trend, the statistics
regarding automobile production come first in order.
The output of motor vehicles in July the present
year was 266,575 cars as compared with only 229,357
cars in July last year, and but 109,143 cars in the
same month of 1932, and compares with 218,490 cars
in July 1931, but in July 1930 the production was
265,533 cars, and in July 1929 the output was no
less than 500,840 cars. On the other hand, the make
of pig iron in July 1934, according to the figures
compiled by the "Iron Age," was only 1,224,826 gross
tons, which contrasts with 1,792,452 tons in July
1933, but compares with only 572,296 tons in July
1932. In July 1931 the production of pig iron was
1,463,320 tons; in July 1930, 2,639,537 tons, and in
July 1929 actually reached 3,785,120 tons. In the
case of steel production, the falling off is much more
striking. The calculated output of steel ingots in
July 1934, as reported by the American Iron and
Steel Institute, reached only 1,472,584 tons, as
against 3,168,354 tons in July last year, but comparing with a production of only 806,722 tons in July
1932. Carrying the comparison further back, we
find that the make of steel ingots in July 1931 aggregated 1,887,580 tons; in 1930, 2,922,220 tons, and in
July 1929 no less than 4,850,583 tons.
As it happens, too, coal production shows a falling off as compared with July a year ago. In July
1934 the quantity of bituminous coal mined in the
United States was only 25,280,000 tons, as against
29,482,000 tons in July 1933, but comparing with
17,857,000 tons in July 1932. The production of
bituminous coal in the same month of 1931 was
29,790,000 tons; in 1930, 34,715,000 tons, and in
July 1929 was no less than 41,379,000 tons. As to
the output of Pennsylvania anthracite, this also
shows a decrease. Production is figured at 3,443,000
tons in July 1934 as against 3,677,000 tons in July
last year, but compares with only 3,021,000 tons in
July 1932. In July 1931 the output stood at
3,954,000 tons; in 1930 at 5,557,000 tons, and in July
1929 at 4,810,000 tons. An exception, however, to
Volume 139
Financial Chronicle
the decreases just noted is found in the case of the
building industry. There things were decidedly
better. According to the statistics compiled by the
F. W. Dodge Corp., construction contracts awarded
in the 37 States east of the Rocky Mountains called
for an expenditure of $119,698,800 in July the present year as compared with but $82,554,400 in the
corresponding month of 1933. In July 1932, however, the figures stood at $128,768,700; in July 1931
at $285,997,300; in 1930 at $367,528,400, and in July
1929 at no less than $652,436,100. In face, however,
of this improvement in the building trade, lumber
production showed a decrease. The National Lumber Manufacturers Association reports that for the
four weeks ended July 28 1934 an average of 613
identical mills show a cut of only 532,411,000 feet
as against 842,729,000 feet in the corresponding four
weeks of 1933. This is a decrease of 37%, but nevertheless is 13.3% above the record of comparable mills
during the same period of 1932. Shipments in the
same four weeks aggregated only 460,710,000 feet
against 876,655,000 feet in July a year ago, a loss
of 47%, and orders received were only 501,885,000
feet as compared with 752,257,000 feet, a decline
of 33%. However, the orders were .2% above those
of the corresponding period of 1932.
In the case of the Western grain traffic, as might
be expected, there was a heavy falling off as compared to the large movement in July 1933, when, it
will be remembered, there was a sharp advance in
the market prices of all kinds of grain and, as a
consequence, farmers sent their supplies to market
with great freedom. The present year the contrary
was the case. In addition, too, the production of
grains, especially of corn and oats, were cut to very
low levels, chiefly because of .the unfavorable
weather conditions which prevailed and in part to
the curtailment of acreage under the crop control
plan. We deal in detail with the Western grain
movement in a separate paragraph further along in
this article, and need only say here that for the four
weeks ended July 28 1934 the receipts of the five
staples, wheat, corn, oats, barley and rye at the
Western primary markets aggregated only 83,625,000 bushels as against 103,204,000 bushels in
the same four weeks of 1933, but comparing with
only 57,386,000 bushels in July 1932. Going further
back, however, comparison is with 122,995,000
bushels and 102,069,000 bushels, respectively, in the
corresponding four weeks of 1931 and 1930.
The most conclusive evidence, however, of the
falling off in the volume of traffic moved by the
railroads is found in the figures giving the loading
of railroad revenue freight. The statistics in that
case relate to the railroads of the entire country and
include all the different items of freight, constituting, in the latter respect, a sort of composite picture
of railroad tonnage of all classes. For the four
weeks of July 1934 the number of cars loaded with
revenue freight was 2,346,297, as against 2,498,390
cars in 1933, but comparing with only 1,932,704 cars
in the same period of 1932. In 1931, 3,024,732 cars
were loaded with revenue freight, in 1930, 3,683,338
cars and in 1929 no less than 4,354,855 cars.
In what has been said above there is ample evidence going to show how the shrinkage in traffic
and revenues of the railroads of the United States
has come about. In the case of the separate roads
and systems the showing is the same as in the case
of the general totals, and the reasons for the big
1607
decrease are likewise the same. Only 10 roads are
able to show an increase in both gross and net in
amounts in excess of $100,000. And these roads,
we find, are located in the southwestern and northwestern sections of the country. Chief in the list
are the Southern Pacific and the Atchison Topeka &
Santa Fe, the former showing an increase in gross
earnings of $2,136,143 and an increase in net earnings of $557,573, and the latter an increase of
$1,260,944 in the gross, accompanied by an increase
of $557,573 in the net. The roads showing decreases
in both gross and net are very numerous and embrace practically all classes of roads and in every
section of the country. To name separately, with
their losses, even the most conspicuous of them
would involve a needless loss of time and space, and
we will, therefore, only mention two, namely, the
New York Central and the Pennsylvania RR. The
former (which heads the list for both gross and net
losses) reveals a loss in gross earnings of $2,644,116
and a decrease in net earnings of $3,117,650. This
is for the New York Central and its leased lines.
Including the Pittsburgh & Lake Erie,the result is a
decrease of $3,040,199 in the gross and a decrease
of $3,484,584 in the net. The Pennsylvania RR. reports a decrease in gross earnings of $1,389,893 and
a decrease in net earnings of $2,553,062. In the
table which follows we bring together all changes
for the separate roads and systems for amounts in
excess of $100,000, whether increases or decreases,
and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF JULY 1934
Decreafie
Increase
Southern Pacific(2 roads) $2,136,143 Dela Lack & Western-- $522.698
471,922
Atcht i trt S Fe(3 roads) 1,n(4,944 Illinois Central
T* Sth
444,511
,348 Elgin Joliet & Eastern
444.248
388,632 New York Chic & St L
Duluth Missabe & North
397.277
252.846 Chic R I & Pac (2 roads)
Les Angeles & Salt Lake..
396,083
252,205 Pittsburgh & Lake Erie
Western Pacific
328,374
215,543 Lehigh Valley
Den & Rio Grande West_
317,356
209.626 Delaware & tiludson_
Colo & Southern (2 roads)
303.266
147,087 Chic St P Mimi & Omaha
Northern Pacific
293.941
Union Pacific (4 roads).290,059
$5,602,374 Minn St P & SS Marie
Total (13 roads)
252.119
Wheeling & Lake Erie
213.547
Decrease Atlantic Coast Line
42,644.116 Wabash
New York Central206.636
201,289
1,899.566 Nash Chattanooga & St L
Chesapeake & Ohio
197,894
1,806.458 Missouri Pacific
Baltimore & Ohio
176,283
1,389,893 Chicago Great Western
Pennsylvania
174,242
1,322,895 Minneapolis & St Louis
Southern
140,483
1,006,472 Cin New Orl & Tex Pac
Norfolk & Western_ _
125.707
937,526 Maine Central
Chicago & North Western
124,612
837,758 Clinchfield
Louisville & Nashville__ _
123.103
829,311 Western Maryland
Chic Milw St P & Pacific
1144
0
9
7
799,822 Lake Superior & Ishp
Reading
Central of Georgia
,
New York N H & Hartf_
105,565
631,240 Pere Marquette
Chic Burl & Quincy....
615,740
Erie (2 roads)
Total (44 roads)
$22,400,499
533,756
Boston & Maine
a These figures cover the operations of the New York Central and the
Cincinnati Chicago & St. Louis, Michigan Central,
leased lines—Cleveland
Cincinnati Nortnern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie, the result is a decrease of $3.040.199.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF JULY 1934
Decrease
Increase
Atch Top Ars Fe(3 roads) $557,573 Elgin Joliet & Eastern...- $434.537
419.861
433.784 Great Northern
Southern Pacific(2 roads)
366,934
213,528 Pittsburgh & Lake Erie_
Duluth Missabe & North
360,968
176.656 Seaboard Air Line
Los Angeles & Salt Lake
349.453
129.226 Atlantic Coast Line
Colo & Southern (2 roads)
346,109
124,260 Minn St P & SS Marie...
Western Pacific
Delaware & Hudson__
308,830
$1,635,027 Wheeling & Lake Erie__ _
306.323
Total (10 roads)
393: 1
2 94
00 139
Chic St P Minn & Omaha
Decrease Northern Pacific
269,599
New York Central
43,117.650 Wabash
245,265
Pennsylvania
2,5,062 Long Island
53
233,702
Baltimore & Ohio
2,272,854 St L San Fran (3 roads).220.606
1.561,816 Chicago Great Western
Southern
220,098
Norfolk & Western
1,433,004 Bessemer & Lake Erie-. _
187.170
Chesapeake & Ohio
1,401,721 Nash Chattanooga & St L
182.429
Chicago & North Western 1,292,838 Pere Marquette
177,243
Louisville & Nashville__ _ 1.114,997 Cin New On & Tex Pac_.
167,085
Chic Milw St P & Pacific 1,072,793 Minneapolis & St Louis
134,744
Reading
1,041,069 Western Maryland
892,730 Lake Sup & Ishpeming
120.185
New York N H & Hartf_
119.072
Illinois Central877,258 Central of Georgia
801.251 Clinchfield
115.855
Chicago Burl & Quincy
115,462
793,354 Yazoo & Mississippi Val_
Erie (2 roads)
110.959
760,090 Maine Central
Missouri Pacific
108.660
702,664 Central Vermont
Delaware Lack & West
653,083 Spokane Portl & Seattle..
108.625
Boston & Maine
107,367
627,572 Pittsburgh & West Va...._
Union Pacific(4 roads) -103,010
Chic R I & Pac (2 roads)
614,681 Central RR of N
New York Chicago & St L
553.149
$31.159,659
Lehigh Valley
487,792
Total(57 roads)
a These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central.
Cincinnati Nortnern, and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie, the result is a decrease of *3.484,584.
When the roads are arranged in groups or geographical divisions according to their location, as
S.
1608
Financial Chronicle
is our custom, we find losses in gross earnings in
all the different districts-the Eastern, the Southern and the Western-as well as in all the different
regions grouped within each of these different districts, with the exception of the Central Western
region and the Southwestern region in the Western
district, which show small increases. In the case of
the net earnings there are no exceptions-ail the
different districts and their regions showing decreases. As previously explained, we group the
roads to conform to the classification of the InterState Commerce Commission. The boundaries of
the different groups and regions are indicated in the
footnote to the table:
SUMMARY BY GROUPS.
District and Region.
Gross Earnings
Month of July1033.
1934.
am.(1-) or De4.(-)
Eastern Districta
New England region (10 roads)_.__ 10,950,992
12,456,538 -1,505,546 12.09
Great Lakes region (24 roads)
51,823,441 -5,938,09 10.27
51,884,468
Central Eastern region (18 roads)__ 56,783,368
tii,tiou,983 -5,00/,tii0 8.19
Total (52 roads)
Southern District
Southern region (28 roads)
Pocahontas region la roads)
119,618,848
132,130,968 -.12,512,120
9.47
31,131,955
15,262,033
34,832,708
10,201,700
-3,700,753 10.62
-3,035,717 15.70
47,393.988
54.130,468
-.6.736,470
12.44
34,692,349
0.4000,442
22,912.049
36,373,657
47,685,491
22,821,025
-1,681,308
+3,080,940
-r i,1)24
4.62
0.43
0.40
108,570,840
107.080,179
1-1,490,661
1.39
Total (32 roads)
Western DistrtaNorthwestern region (16 roads)_
Central ii einem region (21. roads)..
Soutnweatern region (25 roads)
Total (62 roads)
Total all districts (146 roads).
216,683,676 293,341,605 -17,767,929
6.05
District and Region.
Net Earning
Month of Julti--M aeage
1933. 2 nc.(-t-) or Dec.(-).
1934.
Eastern Diana- 1934.
1933,
3
8
$
%
New England region_ 7,152
7,237
3,955,128 -1,927,232 48.08
2,007,896
Great Lakes region__ 26,989 27,110 10,065,024 14802,05a -7,2aii,i57 40.85
Central r-astern reg'n 25,05 25.172 10,035,60 22,079,086 -7,543,390 33.41
Total
69,196 59,519 27,609,516 44,376,30-10,706,789 37.78
soutnern District
Southern region
39,375 39,611
4,8/0.605 0,258,398 -5,387,793 52.52
Pocahontas region_ 6,006
0,584,090 -2,904.000 31.90
6,590,582
6,157
Total
Western District
Northwestern regionCent. reat. region__
Southwestern region_
Total
45,440 45,769
11,261,187
19,642,988 -8,381,801
42,07
48,497 48,717
8,011,391 12,353,528 -4,342,137 35.15
03.3s5 53,857 15,487,162 10,852,2w -30,137
2.30
h,o78,7111 -1,310,475 20.95
32,032 35,020 5,200,235
134,624 135,594 28,698,788
34,784,537 -0,086,749
17.60
Total all districts_ _ _239,160 240,882 67,669,491 98,803,830 -31234,339 01.61
NOTE.
-We have changed our grouping of the roads to conform to the classification of the Interstate Commerce Commission, and toe loilowuig inuicates tne
commas of tne different groups and regions:
EASTERN DISTRICT.
New England Region.
-This region comprises the New England States.
Great Lakes Region.- -Thls region comprises the section on the Canadian boundary
between New Englana and me westerly snore of sake micingsu to Chicago, and
north of a line from Chicago via Pittsburgn to New I ors.
Central Eastern Region.
-Tins region comprises the secticil south of the Great
Lakes Region, east of a line from Cnicago through reoria to se. Loins and toe
Mississippi River to toe mouth of the Limo River, and north of lie Ohio River to
YaraersDurg, W. a., and a line thence to the southwestern corner of maryland
and by the rotomae River to its mouth.
SOUTHERN DISTRICT.
Southern Region -This region comprises the section east of the Mississippi River
and south oh the Ohio River to a point near Kenova.
Va., and a line thence
following the eastern boundary of Kentuoky and the southern houndary :Virginia
to the Atlantic.
...Pocahcottas Region.
-This region comprises the section north of the 17Outhern
boundary of Virginia, east of Kentucky and the Ohio River north to rarkersburg
. Va., and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
WESTERN DISTRICT.
Northwestern Region: This region comprises the section adjoining Canada lying
West of the Great Lakes Region, north of the a line from CI:I:coati° to Omaha and thence
to Portland and by the Columbia River to the racific.
Central Western Region.-Thls region comprises the section south of the Northwestern Region, west of a line from Chicago to reoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.
-This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
The Western grain movement in July the present
year, as we have already indicated, fell far below
that of a year ago, the receipts of wheat, corn, oats,
barley and rye combined having reached only 83,625,000 bushels in the four weeks ending July 28
1934 as against 103,204,000 bushels in the corresponding four weeks of 1933. However, in the
same four weeks of 1932 the receipts were only
57,386,000 bushels as against 122,995,000 bushels
in 1931 and 102,069,000 bushels in the corresponding period of 1930. While a much larger volume of wheat and rye was moved-50,427,000 bushels and 2,492,000 bushels, respectively, as compared
with 40,996,000 bushels and 1,423,000 bushels, respectively, in July last year-the receipts of the
other cereals, especially corn and oats, were on a
Sept. 15 1934
greatly reduced scale. The receipts of corn were
only 23,929,000 bushels as against 40,439,000 bushels; of oats, but 3,165,000 bushels against 15,251,000
bushels, and of barley, only 3,612,000 bushels against
5,095,000 bushels. The details of the Western grain
movement, in our usual form, are set out in the
following table:
4 Wks, End. Flour
Wheat
I uiy 28.
(BM.)
(Bush.)
Chicago
1934 ____ 644,000 8,183,000
1933 ____
790.000
2,377,000
Minneapolis
1934 _
2,799,000
1933 _
6,302,000
Duluth
1934 _
1,061,000
1933 1,985.000
Milwaukee
1934
68,000
522,000
1933 ____
64,000
364,000
Toledo
1934 _
4.300,000
1933 _
4,355,000
Detroit
1934 ____
84,000
1933 83,000
Indianapolis & Omaha
934 _
8,998,000
1933 _
5,436.000
St. LOWS
344,000
1934 ____
7,791,000
1933 ____
486,000
5.773,000
Peoria
1934 ____
129,000
495,000
1933 _ _
133.000 ,4„, 332,000
Kansas City
1934
42,000 11,649,000
53.000
1933 __
9,154.000
St. Joseph
1934 _
1,083,000
1933 _
1,400,000
Wichita
3,429,000
_
3,236,000
Stow City
1934 _
33.000
1933
199,000
Corn
(Bush.)
8,211,000
14,314,000
Oats
(Bush.)
832,000
2,467,000
Barley
(Bush.)
Rye
(Bush.)
821,000 2,065,000
271,000
642,000
3,441,000
439,000 1,004,000
3,033,000 5,316,000 2,288,000
132,000
761,000
431.000
11,000
2,439,000 1,325,000
562,000
384,000
8,000
233,000
1,341,000
3,585,000
87,000
819,000
758,000
1,281,000
11,000
85,000
137,000
298,000
436,000
652,000
1,000
3,000
17,000
17.000
39.000
17,000
38,000
46,000
68,000
28,000
15,000
4,576,000
6,012,000
545,000
1,761,000
134,000
1,320,000
320,000
3.038,000 1,166,000
33,000
101,000
26,000
39,000
1.622,000
2,093,000
231,000
732.000
327,000
306,000
85,000
1,785,000
3,401,000
148,000
596,000
581,000
1,791.000
76,000
275,000
54,000
124,000
10,000
20,000
413,000
272,000
13,000
84,000
1,000
24,000
2,000
Total all
1934 ____ 1,227,000 50,427,000 23.929,000 3,165,000 3,612,000 2,492,000
1933 ____ 1,526,000 40,996. 00 40,439,000 15,251,000 5.095,000 1,423.000
0
Moq. End. Flour
Wheat
July 28- (Bbls.)
(Bush.)
Chicago
4,860,000 12.887,000
1934
1933 ____ 5,322,000
7,093,000
Minneapolis
1934 ____
20,308,000
1933 ____
38,626,000
Duluth
1934 _
10,591,000
1933 _
19,281,000
Milwaukee
1934 ____ .424,000
1,763,000
388.000
1933 ____
1,170,000
Toledo
1934 _
6,644,000
20,000
1933
7,731,000
Detroit
552,000
1934 _
510,000
1933 Indtanapotis & Omaha
1934 _
16,117,000
1933
11,000 12,048,000
St. Louis
1934 ____ 3,544,000 14,085,000
1933 ____ 3,888,000 12,773,000
Peoria
1934 ____ 1,242,000
813,000
1933 ____ 1,438,000
1,104,000
Kansas City
1934 ____
336,000 29,489,000
1933 ____
387,000 31,547,000
St. Joseph
1934 ---2,265,000
1933
2,933,000
Wichita
1934
12,234.000
1933 10,044,000
Sioux City
1934 557,000
1933.
585,000
Cons
(Bush.)
Oats
(Bush.)
Barley
(Bush.)
Rye
(Bush.)
27.783,000 7,879,000 5,770,000 4,1337,000
51.846,000 11,248.000 5.416,000 1.937,000
8,339,000 2,564,000 10,563,000
11,374,000 13.421,000 12,816,000
1,482,000
3,946,000
543.000 1,528,000
2,838,000
260,000
7,909,000 5.365,000 2,732,000 3,785,000
701,000 8,937,000
4,984.000
9,416,000 2,526,000 6,863,000
162,000
449,000
926,000
1,370,000
3,084,000
2,860,000
30,000
20,000
130.000
29,000
318,000
228,000
354,000
381,000
468,000
486,000
177,000
172,000
16,607,000 4,418,000
26,728.000 11.191,000
23,000
4,000
430,000
2,000
8,228,000 3,212,000
14,608,000 5.583,000
319,000
577,000
141,000
138,000
8.803,000 1,707,000
10,819,000 2,482,000
1,547,000
1,348,000
557,000
1,783,000
8.169,000
11,638,000
882,000
1,874,000
945,000
2,961,000
5,827,000 1,529,009
925,000
251.000
59,000
32.000
3.000
2,000
1.000
725,000
1,300,000
48,000
555,000
71,000
151,000
4,000
191,000
Total all
1934 ____10,406,000 128,305,000 91,606,000 26,396,000 27,259,000 7,980,000
1933 ____11,454.000 145,445,000 153,314,000 59,047,000 30,415,000 12,433,000
On the other hand, Western roads (taking them
collectively) had the advantage of a much heavier
livestock movement than in July 1933. At Chicago
the receipts comprised 13,492 carloads in July 1934
as against only 11,995 carloads in July last year;
at Omaha they were 5,560 carloads against 2,937 carloads, and at Kansas City, 8,454 cars against only
3,546 cars.
Coming now to the cotton traffic in the South
which is never very large in July, it being the tail
end of the old crop season-the movement, though
somewhat larger so far as the overland shipments
are concerned, fell very much below that of last year
in the case of the port receipts of the staple. Gross
shipments overland of cotton in July the present
year aggregated 37,914 bales as against only 30,603
Volume 139
Financial Chronicle
1609
had also gone on strike, and that this led to acts of violence
on the part of the men who quit work, or their sympathizers,
to prevent others from taking the abandoned jobs, with the
result of interrupting railroad operations, and in some instances even preventing the movement of coal from the nonunion mines. It should not be forgotten, either, that it was
on July 1 of that year that the 10% horizontal reduction in
freight rates promulgated by the Inter-State Commerce
Commission went into effect. There was at the same time
a reduction of about 7@8% in the wages of the shop crafts
employees and the maintenance of way men, but the benefit
that might have accrued from this was, of course, vitiated
FOR MONTH OF JULY
RECEIPTS OF COTTON AT SOUTHERN PORTS
by the shopmen's strike, which increased expenses rather
AND SINCE JAN. 1 TO THE END OF JULY 1934, 1933 AND 1932.
than decreased them. The previous year there had been a
Since Jan. 1.
Month of July.
reduction in wages of 12%, effective July 1 1921, but this,
Ports.
1932.
1933.
1934.
1934. 1933. 1932.
in turn, followed 20% increase in wages put in effect by the
49,617 48,103 26,410 657,677 611,169 816,440
Galveston
Labor Board on July 1 1920 immediately after its advent to
32,233 74,202 23,245 429,097 1,010,447 867,225
Houston, ,fcc
57,290
35,544 136,549
power.
20,244 103,909 30,178
Corpus Christi
10.628
3,314
679
Beaumont
Not only did the 1923 gain of $91,678,679 in gross earnings
67,661 85,715 55,168 624.077 849,794 1,264,719
New Orleans
86,003 168,982 278,413
19,296 30,314 26,044
Mobile
follow $19,960,589 loss in July 1922, but this latter, in turn,
36,720
43,247
47.916
48
7,669 21,490
Pensacola
75,211 104.805
47,717
9,016 24,296 5,821
Savannah
followed an antecedent loss of no less than $66,407,116 in
19,668
9,437
14,483
233
1,427
Brunswick
51,606
98,267
July 1921 as compared with July 1920. On the other hand,
38,910
Charleston
6,099 21,882 7,591
27,525
46,191
13,320
940
366 7,917
Lake Charles
the loss in 1921 was attended by an enormous saving in ex19,343
18,613
7,591
Wilmington
3,391 1,416
749
12,904
21,638
18,691
4,404 4,844 1,746
Norfolk
penses, with the result of bringing a gain of $84,615,721 in
6,510
5,746
2,633
157
Jacksonville
118 3,362
the net at that time. The contraction in expenses amounted
Total
217,472 430,852 178,997 2,024.338 3,098,605 3,573,796
to no less than $151,022,837, and wfhile due in part to the
shrinkage in the volume of traffic owing to the intense
RESULTS FOR EARLIER YEARS
business depression prevailing, it was in no small degree the
As already indicated, the July losses. the present year outgrowth of dire necessity, the railroads being obliged to
of $17,757,929 in gross and $31,234,339 in the net came after practice the utmost saving and economy to avert banksubstantial gains in both gross and net earnings in July ruptcy after the enormous additions to expenses forced upon
last year, there being at that time an increase of $59,691,784 them in the year preceding, during the period of Governin gross, or 25.13%, and $54,334,821 in net, or no less than
ment control.
117.74%. But this came after tremendous cumulative
The truth is, prior to 1921 expenses had been mounting
losses in the three years preceding. In carrying the com- up in such a prodigious way that in 1920 net earnings had
parison back, beyond 1932, 1931, 1930, it is found that the got down to a point where some of the best managed proper-a loss of $138,851,525 ties were barely able to meet ordinary running expenses, not
heavy shrinkage of these three years
In gross and $50,857,523 in net in July 1932, following $80,- to mention taxes and fixed charges. And it is the inflated
150,008 loss in gross and $28,465,456 loss in net in July 1931, expense accounts of these earlier years that furnished the
and $101,152,657 loss in gross and $43,753,737 loss in net in basis for the savings and economies effected subsequently.
July 1930
-comes after $43,884,198 gain in gross and $30,- As an indication of how expenses had risen in 1920 and prior
793,381 gain in net in July 1929 (which was before the years, we may note that in July 1920, though our tables
advent of the stock market panic in that year), and also showed $65,975,059 gain in gross, they registered $69,121,669
follows moderate improvement in July 1928, when our decrease in net, while in July 1919 there was a falling off
-$14,658,220 in the former and $55,compilation showed $3,333,445 increase in gross and $11,- in both gross and net
711,856 increase in net. In July 1927, on the other hand, 352,408 in the latter. In the following we furnish the July
comparisons back to 1909:
there was heavy contraction in gross and net alike, and
the moderate increase in July 1928 was merely a recovery
Mileage
Gross Earnings
of what had been lost in 1927, and only a partial recovery
Month
Year
Year
Per
Year
of
Inc. 1+) or
Year
at that. The loss in gross in July 1927 reached no less than
Cent
Given Preceding
Given.
Dec.(-)
Preceding
July
$48,297,061, or 8.67%, and the loss in the net $35,436,548,
$219,964,739 $195,245,655 +324,719,084 12.66 234,500
or 22.03%. At the same time. the fact must not be over- 1909
5.88 238,169
230.615,776 217,803,354 +12,812,422
1910
0.68 230,076 226,493
224,751,083 226,306,735 -1.555,652
looked that the 1927 losses came after very substantial 1911
1912
245.595,532 222,587,872 +23,007.660 10.35 230,712 227,194
5.38 206,084 203.773
gains in both gross and net in each of the two preceding 1913
235.849,764 223,813,526 +12,036,238
3.67 235.407 231,639
252.231,248 261,803,011 -9,571,763
years. In July 1926 our compilation showed $33,875,085 1914
0.89 243,042 241,796
262,948,115 260,624,000 +2,234,115
1915
308,040,791 263,944,649 +44,096,142 16.70 244,249 243,563
gain in gross and $21.435,011 gain in net, while in July 1916
353,219,982 306,891,957 +46,328,025 15.09 245,699 244,921
1917
463,684.172 346,022,857 +117,661,315 34.00 231,700 230,570
1925 our tabulation registered $40,595,601 increase in gross 1918
3.13 226.654 226,934
454,588,513 469,246,733 -14,658,220
1919
and $27,819,865 in net. On the other hand, however, it is 1920
467,351,544 401,376.485 +65,975,059 16.43 220,459 218,918
460.989,697 527,396,813 -66,407,116 12.59 230,991 230,410
equally important to bear in mind that in July 1925 com- 1921
4.31 235,082 234,556
442,738,397 462,696,986 -19,960,589
1922
534,634,552 442,955,873 +91,678,679 20.70 235,477 235,813
parison was with heavily diminished earnings in 1924. The 1923
480.704,944 534,222,102 -53,517,158 10.02 235,145 235,407
1924
8.44 236.762 236,525
521,538,604 480.943,003 +40,595,601
latter, it may be recalled, was the year of the Presidential 1925
6.50 236,885 235,348
686,471,276 521,596,191 +33.875.085
election, when such a very decided slump in business 1926
8.67 238.316 237.711
108,413.874 556,710.935 -48,297.061
1927
0.65 240,433 238,906
512.145,831 508,811,786 +3,333,445
occurred, and this was reflected in heavily diminished traf- 1928
8.55 241,410 241,183
1929
556.706.135 512.821,937 +43,884,198
458.369.950 557,522,607 -101,152,657 18.16 235,049 242,979
fic over the country's transportation lines, large and small. 1930
377.938,882 458,088,890 -80,150,008 17.49 232.831 232,405
1931
So decided was the slump in business at that time, and so 1932
237,462,789 376.314,314-138,851,525 36.89 242,228 242,221
297.185,484 237,493,700 +59.691.784 25.13 241,348 241,906
great the contraction in railroad traffic, that our July com- 1933
6.05 239,160 240.882
275,583,676 293,341,605 -17,757,929
1934
pilation recorded a falling off in gross earnings of $53,(+)or Dec.(-)
Net Earn no:
517,158, or 10.02%, and a falling off in net of $9,601,754,
Month
Year
Year
of
$7.86% as compared with .the year preceding (1923).
or
Amount
Per Cent
Given
Preceding
July
This last, though, was a year of very active business, when
16.48
+811,083,420
$78,350,772
1909
$67,267,352
the railroads enjoyed-at least in the great manufacturing 1910
77,643,305
-4,485,758
5.78
73,157,547
1911
72,392,058
+31,411
0.04
72,423,469
districts of the East-the very largest traffic movement in 1912
12.61
+8,890,588
79,427,565
70,536,977
4.83
64,354,370
67,620,157
-3,265,787
their entire history. Our tables for July 1923 recorded the 1913
1914
1.31
75,359,468
76,358,377
-998,911
12.66
87.684,985
77,833,745
+9,851,240
huge gain of $91,678,679 in gross and of $18,392,282 in net. 1915
22.94
1916
88,421.559
+20.287,937
108,709,496
However, if we go still further back we find that the 1923 1917
2.89
111,424,542
108,293,945
+3,130,597
31.36
144,348,682
109,882,551
+34,466,131
gain in gross itself followed losses in both 1922 and 1921, 1918
96,727,014
1919
152,079,422
-55,352,408
36.40
78.70
18,827.733
87,949,402
-69,121,669
though the gains in net were continuous, extending through 1920
1921
556.97
99,807.935
15,192,214
+84.615.721
1.95
102,258.414
+1,964,485
100,293,929
1921 and 1922, even while the grcoss earnings were declining. 1922
17.92
121,044,775
1933
+18,392,282
102,652,493
Our tabulations for July 1922 showed a decrease of $19,- 1924
7.86
112,626,696
122,228,460
-9,601,764
24.80
139,606,752
+27,819,865
111,786,887
960,589 in the gross, with $1,964,485 increase (1.95%) in the 1925
161.079,612
1926
15.35
139,644,601
+21.435,011
1927
22.03
125,438,334
160,874,882
-35,436,548
net. The reason for the poor showing in that year was that 1928
9.37
137.412,487
+11,711,856
125,700,631
22.37
168.428,748
+30,793,381
137,635,367
the strike at the unionized coal mines of the country, which 1929
165,580,269
23.61
1930
-51,096,084
2111,676.353
had been such a disturbing factor in the months preceding, 1931
96,965,387
22.73
125,430,843
-28,465,456
46,125,932
52.43
-50,857,523
96,983,455
not only continued, but that its adverse effects were greatly 1932
100,482,838
1933
117.74
+54,334,821
46,148,017
67.569,491
31.61
-31,234,339
98.803.830
emphasized by the fact that on July 1 the railroad shopmen 1934
bales in July 1933; 14,361 bales in 1932; 28,361 bales
in 1931, and 18,912 bales in July 1930. At the Southern outports the receipts comprised only 217,472
bales in July 1934 as against 430,852 bales in July
last year, but comparing with 178,997 bales in July
1932; 93,986 bales in 1931; 81,860 bales in 1930, and
77,294 bales in July 1929. In the following table
we show the port movement of the staple for the
past three years:
Financial Chronicle
1610
Sept. 15 1934
New Capital Issues in Great Britain
The Course of the Bond Market
The following statistics have been compiled by the Midland
Bank Limited. These compilations of issues of new capital,
which are subject to revision, exclude all borrowings by the
British Government for purely financial purposes, shares
issued to vendors, allotments arising from the capitalization
of reserve funds and undivided profits, sales of already issued
securities which add nothing to the capital resources of the
company whose securities have been offered, issues for conversion or redemption of securities previously held in the
United Kingdom, short-dated bills sold in anticipation of
long-term borrowings, and loans by municipal and county
authorities except in cases where there is a specified limit to
the total subscription. They do not include issues of capital
by private companies except where particulars are publicly
announced. In all cases the figures are based upon the
prices of issue.
•
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
[Compiled by the Midland Bank Limited]
Month of
August
1919
£14,807,000
1920
9,855,000
1921
3,059,000
1922
1,097,000
1923
1,308,000
1924
3,649,000
1925
1,564,000
1926
1,480,000
1927
2,230,000
19286,512,000
.
1929
3,592,000
1930
6,560,000
1931
1,666,000
1932
73,000
1933
21,208,000
1934
9.878.000
8 Months to
Aug. 31
Year to
Aug. 31
£123,384,000
294,510,000
134,632,000
187,871,000
145,691,000
131,217,000
142,455,000
159,844,000
196,818,000
250,948,000
221,347,000
164,852,000
77,766,000
78,157,000
96,538,000
93.898.000
£166,106,000
408,667,000
224,333,000
269,035,000
193,489,000
189,285,000
234,784,000
237,286,000
290,240,000
368,845,000
332,917,000
197,254,000
149,075,000
89,057,000
131,420,000
120.229000
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS.
[Complied by the Midland Bank Limited]
1931.
8 months
September
October
November
December
Year
1932.
1933.
£12,332,412
19,606,243
13.446,859
1,687,195
11,009,880
12,832,397
5,184,993
1,666,492
£2,895,798
11,994,734
12,104,130
18,013,115
12,296,311
17,467,795
3,312,507
72,500
£8,310,263
7,167,385
13,447,603
8,247,859
14,614,014
17,541,251
6,001,777
21,208,047
£10,853,233
7,007,995
7.081,462
9,590,367
22,440,935
12,048,454
14,997.397
9,878,332
£77,766,471
£78,156,890
£96,538,199
£93,898,175
1.315,308
2,482,875
4,409,179
2,692,359
17,000
19,745,198
10,807,078
4,312.163
7,164,097
10,026,260
12,786.859
6,353,481
£88,666,192
January
February
March
April
May
June
July
August
£113,038,329
£132,868,896
1934.
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY MONTHS.
[Compiled by Midland Bank Limited]
United India and Other Brit. Foreign
Kingdom. Ceylon. Countries. Countries.
1932
-January
February
March
April
May
June
July
August
8 months
September
October
November
December
Year
133
-January
February
March
April
May
June
July
August
8 months
September
October
November
December
Year
-January
1 134
February
March
April
May
June
July
Again
R months
Total.
£
X
£
291,000
2,605,000
9,109,000
78,000 2,805,000
11,072,000 1,032,000
9,572,000 3,516,000 4,925,000
8,936,000 1,496,000 1,864,000
15,391,000
2,067,000
3.225.000
60,000
50,000
23,000
£
£
2,896,000
3,000 11,995,000
12,104,000
18,013,000
12,296,000
10.000 17,468,000
27.000 3,312,000
73,000
57,646,000 6,182,000 14,289,000
40,000 78,157,000
160,000 7.734,000
271,000
48,000
190,000
7,000
17,000
19,745.000
264.000 10,807,000
37,000 4,312,000
83,817,000 6,390,000 22,483,000
348,000 113,038,000
10,000
11,8.51,000
10,272,000
4.037,000
7,875,000
56,000
269,000
110,000
4,917,000
30,000 1,727,000
493,000
12,287,000
1,000 1,160,000
7,283,000
965,000
9,328,000 4,753,000
241,000
292,000
16,029,000
5.000 1,070,000
437,000
5,232,000
48,000
244.000
478,000
1,285,000
15,589,000 4,334,000
8,310,000
7,167,000
13,448,000
8,248,000
14,614,000
17,541,000
6.002,000
21,208,000
64,236,000 4,893,000 20,300,000 7,109,000 96,538.000
6,738,000
6,814.000
12,172,000
5,098,000
176,000
11,000 3,016,000
67,000
437,000
47,000
867,000
250,000 7.164.000
185,000 10,026,000
111,000 12,787,000
341,000 6,353.000
95,059,000 5.018,000 24,796,000 7.996,000 132,869,000
8.682.000
5,309.000
6,011,000
8,665,000
11,397,000
7,021,000
9,958.000
3,165,000
49,000 1,763,000
359,000
221,000 1,433,000
45.000
7,000
873,000
190,000
12,000
850,000
63,000
62,000 10,945,000
37,000
32,000 4,609,000
386,000
1,000 5,014,000
25,000
5,485,000 1,228,000
80.208000
185 000 30 972 non 2 323 ono 02 R052 Ann
10,853.000
7,008.000
7,081,000
9,590,000
22.441,000
12,048,000
14,998.000
9,878.000
U. S. Government bonds have remained the center of
interest this week, due to the severe decline in prices which
accompanied the refunding program. Announcement was
made on Monday of the offer of either 2% %
4-year notes
or 332% 10-12 year bonds in exchange for the called Liberty
43s, no part of the new issues being offered for cash subscription. The average of 8 long-term Treasury issues
showed a loss in the first three days this week of approximately a point, as compared with a one-point decline for the
whole of last week. A rally occurred on Thursday, but
Governments weakened again on Friday.
The lower-grade rail issues again led the decline which
took place in corporate bonds. High-grade corporates have
displayed only a very moderate tendency toward lower
levels. The average yield on 30 Aaa bonds stands at 3.96%,
compared with an average yield of 3.24% on 8 Treasury
bonds, and the present margin between these two groups is
unusually narrow.
After their recent decline of $220,000,000 member bank
reserves at the Federal Reserve banks increased again this
week, by $41,000,000. Short-term money rates, at record
low levels, have remained unchanged for some 17 weeks.
Market weakness in railroad bonds has not been confined
to the second-grade group alone but also was apparent in
the medium and high-grade issues. Bonds in the gilt-edge
group lost some ground. Chicago, Burlington, & Quincy,
Ill. div. 4s, 1949, were off from 105 to 1033 , and Union
4
%
Pacific L.G. 45, 1947, declined from 1053 to 1033%. Securities of medium-grade quality lost from 2 to 4 points. Illinois
Central Coll. Tr. 4s, 1953, selling at 643/i were off 23/i points
since a week ago; Louisville & Nashville 1st ref. 5s, 2003,
%
closed at 993', down 23 points, and Erie Gen. Lien 4s,
1996, declined 4 points to close at 66. Several speculative
bonds sold at new lows for the year. Chicago, Milwaukee,
St. Paul & Pacific 5s, 1975, sold as low as 243/ and Missouri
Pacific 5s, 1978, reached 203% on Friday.
Utility bonds of all classes lost ground, with issues in the
middle group exhibiting the most pronounced weakness.
Houston Lighting & Power 43's, 1981, Los Angeles Gas &
Elec. 6s, 1942, Niagara Falls Power 6s, 1950, and Southern
California Gas 5s, 1957, all bonds of investment caliber,
showed declines of from 13% to 734 points. Lower-grade
and speculative issues also declined appreciably. International Hydro-Electric 6s, 1944, closed at 45 on Friday,
down 834 since a week ago, Northwestern Elec. 6s, 1935,
declined 53 points to 5734, and West Penn Elec. 5s, 2030,
4
lost 434 points, to close at 60%. Securities of companies
operating in California were particularly susceptible.
Moderately lower prices were seen by industrial issues.
On the whole, highest-grade obligations were firm, but in a
few cases weakness was discernible, such as in Liggett &
Myers 5s, 1951, which declined 134 points to 114. Oils
were mainly steady. Rubber issues were lower, U. S. Rubber 5s, 1947, dropping 23' points to 833%, while Goodrich
6s, 1945, lost % to 813%. Steels were down, National Steel
3
5s, 1956, declining % to 1023/s, Youngstown Sheet & Tube
5s, 1970, losing 134 to close at 833' and Otis Steel 6s, 1941,
selling off 3, closing at 59. Meat packing issues continued
firm. Among miscellaneous bonds International Cement 5s,
1948, declined 1% points to close at 93% and National Dairy
3
Products 534s, 1948, declined % to 973. Purity Bakeries
5s, 1948, rallied to 853 , up 2 points and United Drug 5s,
%
1953, advanced 1% to 823'.
With the exception of the German bond group, which
continued to display weakness, foreign bonds were fairly
strong. Noticeable rises were experienced by most South
American issues, particularly Argentine, Chile and Peru
bonds. Japanese issues were fractionally lower, with the
expection of Government loans which rose slightly. Italians
were weak, Scandinavians steady.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND YIELD AVERAGES.t
(Based on Individual Closing Prices.)
MOODY'S BOND PRICES.
(Based on Average Yields.)
June 29-2215__
8__
1-May 25.18-11-Apr. 27.._
13_
Mar.30-.
23-16-Feb. 2316-9._
Jan. 26_
19_
12-5__
High 1934
Low 1934
High 1933
Low 1933
Yr.Ago
Sep.14'33
2 Yrs.Ago
840.14'32
120 Domestic
Corporate* by Groups.
P. U. Indus.
Baa.
96.54 114.63 106.60
96.70 114.43 106.96
96.54 114.63 106.96
96.23 114.43 106.96
97.62 115.41 107.85
97.62 115.02 107.31
99.68 116.01 108.39
100.00 115.81 108.39
99.36 115.21 107.85
99.36 115.02 108.03
99.20 114.82 108.03
99.36 115.02 107.85
98.73 114.63 107.14
98.09 114.04 106.78
98.25 113.65 106.78
98.57 113.26 106.60
98.41 112.88 106.42
98.73 112.50 106.42
98.88 112.50 105.89
98.88 112.31 105.89
98.25 111.92 105.54
97.16 111.16 104.68
achang a Close d.
95.93 110.42 103.48
96.70 111.16 104.16
95.63 110.79 103.15
94.88 110.23 101.81
95.18 110.23 101.97
95.83 109.86 101.47
93.99 109.12 100.00
93.85 108.75 99.68
91.53 107.67 98.41
90.55 107.67 97.16
87.69 106.25 95.48
84.85 105.37 93.26
100.00 116.01 108.57
84.85 105.37 93.11
92.39 108.03 100.33
74.15 97.47 82.99
89.86 107.67
98.41
30.98 100.33
87.96
RR.
74.67
75.40
75.40
75.82
76.03
76.35
76.35
76.57
76.78
76.78
92.25
92.82
92.97
93.40
93.99
94.29
94.29
94.58
94.73
94.73
89.04
89.45
89.31
89.86
90.13
90.27
90.41
90.41
90.41
90.41
77.11
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94.58 113.85 104.51
95.18 114.04 105.20
95.18 114.04 105.37
95.63 114.24 105.89
95.93 114.63 106.42
96.08 114.63 106.42
96.08 114.63 106.60
96.23 114.82 106.60
96.39 114.63 106.78
96.39 114.63 106.96
achang e Clove d.
96.54 114.82 106.78
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120 Domestic Corporate*
by Ratings.
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120
U. 8.
Govt. Domes1934
Daily
Bonds. tic.
Corp.*
Averages.
**
Sept.14__
13_ 12-11__
10__
1611
Financial Chronicle
Volume 139
94.88
120 Domestic Corporate
All
by Ratings.
120
1934
Daily
DomesA.
Baa.
Aa.
Aaa.
tic.
Averages.
90.69 104.85
103.48
103.99
104.16
104.33
104.51
104.51
104.51
104.51
104.85
104.82
94.88
95.63
95.33
94.14
96.70
97.47
99.68
100.49
99.52
99.68
99.68
100.17
99.20
98.57
98.73
99.04
98.88
99.68
100.00
100.33
99.84
99.04
90.69
90.55
90.41
90.41
91.67
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
104.81
104.51
104.51
104.85
105.20
104.82
106.42
106.60
106.07
106.07
106.07
105.81
105.37
104.82
104.82
104.6E
104.82
104.6E
104.51
104.32
103.62
102.81
79.68 97.47
80.60 98.41
78.88 97.47
78.66 96.54
79.68 97.16
80.37 97.81
78.88 95.33
78.99 95.33
75.50 92.68
74.36 91.39
70.52 88.36
66.55 85.74
83.72 100.49
66.38 85.61
77.66 93.26
53.16 69.59
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
100.42
100.81
100.81
100.00
99.62
98.82
98.71
98.00
97.00
106.78
96.54
99.04
78.44
77.11
77.44
76.78
76.03
77.77
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
71.87
90.55
81.42
99.04
64.96
74.88
85.74
82.61
120 Domestic
Corporate by Groups.
RR.
tt
so
ForP. U. Indus. elms.
5.49
5.46
5.47
5.43
5.41
5.40
5.39
5.39
5.39
5.39
4.54
4.51
4.50
4.49
4.48
4.48
4.48
4.48
4.46
4.46
7.24
7.24
7.25
7.25
7.27
7.29
7.30
7.30
7.31
7.32
5.23
4.48
5.22
4.44
5.22
4.43
5.13
4.40
5.16
4.37
5.17
4.37
5.16
4.36
5.15
4.36
5.15
4.35
4.34
5.14
Close d.
5.13
4.35
6.70
6.63
6.63
6.59
6.57
6.54
6.54
6.52
6.50
6.50
5.26
5.22
5.21
5.18
5.14
5.12
5.12
5.10
5.09
5.09
6.47
5.08
5.37
4.46
7.30
5.12
4.36
3.93
4.97
5.12
4.34
3.94
4.96
4.34
5.10
3.93
4.97
4.34
5.11
3.94
4.99
5.00
4.29
4.90
3.89
4.32
5.00
3.91
July 27__ 4.90
4.88
4.26
3.86
20- _ 4.77
4.88
4.26
3.87
13__ 4.75
4.94
4.29
3.90
6__ 4.79
4.93
4.28
3.91
June 29_ 4.79
4.93
4.28
3.92
22.._ 4.80
4.93
4.29
3.91
15._ 4.79
4.98
3.93
4.33
4.83
4.35
5.02
3.96
4.87
4.99
4.35
May 25.- 4.88
3.98
4.96
4.00
4.36
18-- 4.84
4.95
4.37
4.02
11_ 4.85
4.37
4.94
4.04
4.83
4.40
4.92
4.04
Apr. 27-- 4.82
4.92
4.40
4.05
20-- 4.82
4.42
4.96
4.07
13._ 4.86
4.47
5.02
4.11
4.93
Mar.30_ Stock E =hang e Close d.
5.11
4.54
4.15
23._ 5.01
5.06
4.50
4.11
16_ 4.96
5.13
4.56
4.13
5.03
4.64
5.20
4.16
5.08
5.19
Feb. 23-- 5.06
4.63
4.16
5.19
4.66
4.18
16-- 5.05
5.27
4.75
4.22
5.14
5.29
4.77
4.24
5.15
5.47
Jan. 26_ 5.31
4.85
4.30
5.57
4.93
19- 5.38
4.30
5.81
5.04
12__ 5.59
4.38
5.19
6.04
4.43
5.81
4.87
Low 1934 4.75
4.25
3.86
6.06
High 1934 5.81
5.20
4.43
5.04
Low 1933 4.96
4.49
4.11
High 1933 6.75
6.98
4.91
5.96
Yr. Ago
5.58
4.85
Sep.14'33 5.43
4.30
2 Yrs.elgo
6.48
5.57
Sep.14'32 6.13
4.73
6.47
6.44
6.50
6.57
6.41
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
5.08
5.03
5.05
5.13
4.96
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
4.75
4.73
4.76
4.81
5.37
5.38
5.39
5.39
5.30
5.33
5.17
5.18
5.22
5.22
5.22
5.24
5.27
5.31
5.30
5.25
5.28
5.24
5.24
5.25
5.80
5.40
4.46
4.48
4.48
4.46
4.44
4.46
4.37
4.36
4.39
4.39
4.39
4.40
4.43
4.46
448
4.47
4.46
4.47
4.48
4.49
4.53
4.58
7.31
7.34
7.33
7.30
7.37
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
7.58
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
8.38
8.53
7.13
8.65
7.23
11.19
6.98
5.38
6.09
4.81
9.31
7.75
6.68
5.74
5.99
10.58
Sept.14._
13._
12__
11_
10._
5__
3.97
5.10
3.96
5.06
3.96
5.06
5.03
3.95
3.93
5.01
3.93
5.00
3.93
5.00
3.92
4.99
4.93
3.93
3.93
4.98
Stock E achang e
3.92
4.97
Weekly
Aug.31__
24__
17__
10__
•These prices are computed from average yields on the basis of one "Ideal" bond (43(% coupon, maturing in 31 years) and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market. For Moody's index of bond prices by months back to 1928, see the issue of Feb. 8 1932. page 907.
C• Actual 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
difficulties and
Business activity has been adversely affected by labor
uncertainty over legislation, but on the
Oklahoma. For the 24 hours ended 8 a. m. Thursday, fair
to good rains occurred in Missouri, extreme southern Illinois
and south central Iowa. Late last week terrific gusts of
wind accompanied a heavy storm that swept over New Eng-
whole it makes a favorable showing. The steel rate advanced slightly, car loadings gained, and there was a lessthan-seasonal decline in electric power output. Retail sales
land and did heavy damage,especially in Connecticut. Heavy
rains flooded sewers and streets and tied up traffic throughout Washington. Torrential rains were also reported in
continued to rise, with the largest increase for the week
reported in wearing apparel. In some instances sales of
A
Baltimore, flooding cellars and overflowing sewers.
severe storm in New Jersey last Saturday did heavy damage. Here the weather has been rainy practically all week.
THE STATE OF
TRADE COMMERCIAL EPITOME
Friday Night, Sept. 14 1934.
millinery, hosiery, notions and dress accessories were reported to have doubled those at this time last season. Men's
clothing sold on a larger scale, and there was a better demand for shoes and furnishings.
Sales of automobiles are
keeping apace with the August average, and furniture sold
in larger volume. What is more, wholesale business showed
further expansion. There was a marked increase in orders
for shoes, and prices were well maintained. Fill-in orders
for.fall merchandise exceeded expectations.
The dry goods
business has been adversely affected by the textile strike.
On the other hand, industrial activity is making little headway. Both steel and iron continued dull. Cotton showed
little activity during the week, and prices declined under
A heavy storm in the fore part of the week did considerable
damage around the city. It tied up traffic in some sections,
and many trees were felled and windows broken. To-day it
was cloudy and rainy here, with temperatures ranging from
62 to 67 degrees. The forecast was for cloudy to-night and
Overnight at
Saturday, with occasional rains to-night.
Boston it was 52 to 66 degrees; Baltimore, 66 to 68; Pitts-
to 74; Portland, Me., 48 to 66; Chicago, 66 to 72;
Cincinnati, 66 to 86; Cleveland, 64 to 80; Detroit, 62 to 82;
Charleston, 74 to 84; Milwaukee, 62 to 64; Dallas, 64 to 90;
burgh, 66
Savannah, 72 to 88; Kansas City, Mo., 64 to 70; Springfield,
Mo., 62 to 86; St. Louis, 64 to 72; Oklahoma City, 64 to 86;
the influence of a rather bearish Government crop report
and the none-too-hopeful outlook for an early settling of the
Denver, 54 to 86; Salt Lake City, 50 to 78; Los Angeles,
62 to 86; San Francisco,62 to 78; Seattle,48 to 58; Montreal,
textile strike.
62 to 70, and Winnipeg, 44 to 66.
Grains declined steadily during the week,
Other commodity markets were
generally weak, with trading volume light. Hides, however,
under heavy liquidation.
showed more activity and considerable firmness at times.
The various Indices on food prices show a lower average,
New High for Year Again Reached by Wholesale Commodity Prices During Week of Sept. 1, According
to United States Department of Labor
which was accounted for in declines for butter, steers, hogs,
The general average of wholesale commodity prices con-
coffee, lard and grains.
The Western winter wheat region had beneficial rainfall
advanced
to the highest level of the present year, according to an
announcement made Sept. 7 by Commissioner Lubin of
the Bureau of Labor Statistics, United States Department
of Labor. "The Bureau's index number recorded the fifth
consecutive weekly advance," Mr.Lubin said. "It increased
by 0.8 of 1%. The wholesale .price level is now at 77.5%
over the week-end. Heavy rains were reported for the area
extnding from Oklahoma northward to South Dakota and
improved conditions for fall seeding. Scattered showers also
fell in parts of the spring wheat area. Heavy rains fell in
parts of Texas, and scattered showers fell in Arkansas and
tinued to rise during the week of Sept. 1 and
1612
Financial Chronicle
of the 1926 average, the highest level reached since January
1931." He added:
The current rise was confined to farm products, foods, textile products,
chemicals and drugs, and miscellaneous commodities. The level of"all commodities other than farm products and foods" showed no increase. Three
of the 10 major groups covered by the Bureau showed minor decreases
and two remained unchanged.
The general level for all commodities (77.5) was 1.8% above the average
of two weeks ago and approximately 3.2% higher than a month ago.
As compared with the corresponding week a year ago, when the index
was 69.7, the current index is up by 11%. It is 18% above two years ago
when the index was 65.5. The increase since the low of 1933. the week
of March 4, when the index was 59.6, is 30%.
Farm products, with a general rise of 2.4%, reached a new high for
the year and the highest point since December 1930. when the index was
75.2. Among the farm products showing marked rises were barley, corn,
oats, livestock, and hay. Livestock increased over 11% during the week.
Foods advanced by 1.5%. also reaching a new high for the year, due to
advances in the prices of cereal products, dried fruits, meats, lard, and
vegetable oils.
The following table was contained in Mr. Lubin's announcement:
Sept. 1 Date and Low P.C.of Date and Low
1934
Inc.
01 1934
01 1933
Commodity
Farm products
Foods
Hides dr leather products_
Textile products
Fuel & lighting materials_
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods_
Miscellaneous
All commodities other than
farm products and foods
73.5
76.6
84.5
71.3
75.1
85.9
86.3
76.3
82.9
70.3
57.4
62.7
84.2
70.8
72.4
83.3
85.5
73.3
81.7
65.9
28.0
22.2
0.4
0.7
3.7
3.1
0.9
4.1
1.5
6.7
78.4
Jan.
77.6
77 g
All rnmmnaltlasa
Jan. 6
Jan. 6
Aug. 18
Aug. 11
Mar. 31
Jan,
Jan.
Jan.
Jan. 2
Jan.
Tan
71 11
ft
Feb. 4
Mar. 4
Mar. 11
Mar. 4
Mar. 4
June 10
Feb. 18
Apr. 15
May 6
Apr. 8
P.C.al
Du.
40.2
53.4
67.5
50.6
60.8
76.7
69.6
71.2
71.7
57.6
82.8
43.4
25.2
40.9
23.5
12.0
24.0
7.2
15.6
22.0
1.0
Apr. 22 65.5
19.7
09
M.
500
The present index for the farm products group is 73.5% of the 1926
average. It is 28.7% above a year ago and 45.8% above two years ago,
when the indexes were 57.1 and 50.4, respectively. The index for foods
is 76.6 compared with 65.3 for a year ago and 61.6 for two years ago,
showing increases of 17.3 and 24.4%, respectively. The index for this
group now stands at the highest level that has been reached since March
1931, when prices had declined to 77.6% of the 1926 average.
Advance in prices for clothing and cotton goods caused the textile products
group to increase by 0.4 of 1%. The index for the group (71.3) was 6%
below the price level for the week ended Jan. 6 of this year, when the
index number registered 76.0. The current level compares with 74.2 for
one year ago and 54.2 for two years ago.
. Miscellaneous commodities as a whole showed an increase of 0.3 of 1%.
The rise was mainly due to advances in cattlefeed, crude rubber and
certain other miscellaneous commodities. Automobile tires and tubes and
paper and pulp showed no change in the general average.
The groups of hides and leather products, fuel and lighting materials
and building materials all registered slight decreases, amounting to 0.1
of 1%. Metals and metal products and housefurnishing goods remained
unchanged, as did also the group of all commodities other than farm products
and foods.
All commodity groups show a material price advance since the low
point of 1933. Farm products have recorded a rise of 83%. foods an
advance of 43% and textiles an increase of41%. The smallest rise occurred
in chemicals and drugs and amounted to slightly more than 7%. As
compared with the 1934 low point, all groups showed advances ranging
from 0.4 of 1% for h.des and leather products to 28% for farm products.
The mdex number of the Bureau of Labor Statistics is composed of 784
separate pr.ce ser.es, 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
ended Sept. 2 1933 and Sept. 3 1932.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF SEPT. 1,
AUG. 25, AUG. 18, AUG. 1 AND AUG.4 1934, AND SEPT. 2 1933 AND
SEPT. 3 1932. (1926=100.0.)
Commodity
Sept. 1 Aug. 25 Aug. 18 Aug. 11 Aug. 4 Sept. 2 Sept. 3
1934
1934
1934
1934 1934
1933
1932
78.4
77 5
760
ONOICOCRO.P.A. W
,
L.1 .
<011:4. %ON
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
57.1
65.3
92.9
74.2
67.2
81.4
81.0
72.2
77.0
65.2
50.4
61.6
70.6
54.2
72.2
80.2
69.9
73.2
74.8
64.7
30
71.8
75.5
84.6
71.1
75.2
85.9
88.4
76.0
82.0
70.1
co
N
All commorlItle4
1.om.oco ...cmmmm
.
nnminnwooncon
i
Farm products
Foods
Hides & leather products_
Textile products__ _.. _ _ _
Fuel & lighting materials_
Metals & metal products_
Building materials
Chemicals and drugs _ _ _ _
Housefurnishing goods_ _
Miscellaneous
All commodities other
than farm products and
foods
78.4
78.4
74.6
70.4
75 1
764
75.1
611 .7
1
65.5
Revenue Freight Car Loadings for Latest Week Decline
Loadings of revenue freight for the week ended Sept. 8
1934 totaled 562,730 cars, a decline of 83,050 cars or 12.8%
from the preceding week and a decline of 15,203 cars or
2.6% from the total for the like week of 1933. The comparison with the corresponding week of 1932 however is more
favorable, the current week's total loadings being 61,193
cars or 12.2% higher. For- the week ended Sept. 1 loadings
were 4.2% lower than in the corresponding week of 1933,
but 15.0% above the like week of 1932. Loadings for the
week ended August 25 showed a loss of 5% when compared
with 1933, but a gain of 12.6% when the comparison is made
with the corresponding week of 1932.
The first 16 major railroads to report for the week ended
Sept. 8 1934 loaded a total of 243,982 cars of revenue freight
on their own lines, compared with 279,740 cars in the preceding week and 247,017 cars in the seven days ended
Sept. 9 1933. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cara)
Loaded on Own Lines
Weeks Ended
-
Receivedfrom Connections
Weeks Ended
Sept. 8 Sept. 1 Sept. 9 Sept. 8 Sept. 1 Sept. 9
1934
1934
1933
1933
1934
1934
Atchison Topeka & Santa Fe 11YChesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. St.Paul & Pac. Ry
y Chicago & North Western Ry....
GulfCoast Lines
International Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
New York Chicago & St. Louts Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
2(1(1
A
In addition to farm product. and food items, Mr. Lubin's
announcement said, other important commodities responsible
for the rise in the index were overalls, work shirts, percale,
- cotton yarns7burlap, jute, he
inedible tallow, sheets
and pillow cases, cottonseed meal, crude rubber, cylinder
oil, and laundry starch. Important items showing price decreases were hides, sisal, scrap steel, pig tin, bran, middlings
and paraffin wax. The announcement continued:
Sept. 15 1934
20,430
18,112
14,809
18,358
14,922
2,047
2,796
4,933
14.042
34,311
4,280
15,303
48,321
3,482
23,325
4,511
21,645
21,117
17,757
21,279
17,491
2,180
3,364
5,315
15,812
41,826
4,741
18,756
53,236
4,340
25,709
5,592
17,323 4,943 5,116 4,207
20,257 8,226 9,360 7,332
14,247 8,909 6,717 6,109
15,297 6,860 6,613 6,054
12,602 9,214 9,255 7.837
858
1,224 1,142 1,243
2,218 1,636 1,756 1,229
4,685 2,628 2,907 2,334
12,669 7,775 7,686 6,456
39,171 49,395 53,948 51,062
4,082 8,997 7,643 7,013
17,880 3,211 4,035 3,987
55,653 28,790 31,497 32,360
3,709 3,537 3,923 3,725
21,552
4,448 6,579 6,417 6,216
Total
243,982 279,740 247,017 147,642 158,114 146.779
x Not reported. y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended
Sept. 8 1934
Chicago Rock Island & Pacific Ry.
Illinois Central System
St. Louis-San Francisco Ry
Total
Sept. 1 1934
Sept. 9 1933
20,472
25,842
12,672
• 24,573
29,002
14,317
17,854
23,083
10,945
58,986
67,892
51,882
The American Railway Association, in reviewing the week
ended Sept. 1, reported as follows:
Loading of revenue freight for the week ended Sept. 1 totaled 645,780
cars, which was an increase of 40.264 cars above the preceding week, but
27,998 cars under the corresponding week in 1933. It was, however.
an increase of 84,455 cars above the corresponding week in 1932.
Miscellaneous freight loading for the week ended Sept. 1 totaled 233,538
cars, an increase of 12,177 cars above the preceding week, 521 cars above
the corresponding week in 1933, and 36,924 cars above the corresponding
week in 1932.
Loading of merchandise less-than-carload-lot freight totaled 162,839
cars, an increase of 2,154 cars above the preceding week this year, but
9.384 cars below the corresponding week in 1933, and 11.506 cars below
the same week in 1932.
Grain and grain products loading for the week totaled 38.503 cars, an
increase of 1,820 cars above the preceding week, and 5,988 cars above
the corresponding week in 1933. but a decrease of 1,983 cars below the
same week in 1932. In the Western districts alone grain and grain products
loading for the week ended Sept. 1 totaled 25,783 cars, an increase of
4,019 cars above the same week in 1933.
Forest products loading totaled 21,725 cars, an increase of 220 cars
above the preceding week, but 4.179 cars below the same week in 1933.
It was, however, an increase of 5.301 cars above the same week in 1932.
Ore loading amounted to 26.939 cars, a decrease of 806 cars below the
preceding week. and 14.938 cars below the corresponding week in 1933.
but 20,950 cars above the corresponding week in 1932.
Coal loading amounted to 120,106 cars, an increase of 19,124 cars above
the preceding week, but a decrease of 22,094 cars below the corresponding
week in 1933. It was, however, an increase of 14,677 cars above the
same week in 1932.
Coke loading amounted to 5,280 cars, an increase of 1.046 cars above
the preceding week. but 2,152 cars below the same week in 1933. Compared with the same week in 1932 it was an increase of 1,840 cars.
Livestock loading amounted to 36,850 cars, an increase of 4,529 cars
above the preceding week, 18.240 cars above the same week in 1933, and
18,252 cars above the same week in 1932. In the Western districts alone
loading of livestock for the week ended Sept. 1 totaled 31.796 cars, an
Increase of 17.459 cars above the same week in 1933.
The Eastern, Allegheny. Pocahontas, and Northwestern districts reported reductions for the week ended Sept. 1, compared with the 'corresponding week in 1933. but the Southern, 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
Four weeks in August
Week of Sept. 1
Total
1933
2,177,582
2,308,869
3,059.217
2,334.831
2,441,653
3,078.199
2,348,297
2,419,908
645,780
1,924,208
1,970,566
2,354,521
2,025,564
2,143,194
2,026,247
2,498,390
2,531,141
673,778
2,268,771
2,243,221
2,825,798
2,229,173
2,088,088
2,454,789
1,932,704
2,084,798
581,325
20,812,316
19,047,609
18,888,847
1932
In the follwoing table we undertake to show also the loadings for the separate roads and systems for the week ended
Sept. 1 1934. During this period a total of 72 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,
1613
Financial Chronicle
Volume 139
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.,
the Chicago Burlington & Quincy RR., the Chicago Rock
Island & Pacific Ry., the Missouri Pacific Ry., and the
Southern System.
-WEEK ENDED SEPT. 1
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS(NUMBER OF CARS)
1934
Eastern District
Group A
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N.Y. N. H.& Hartford
Rutland
Total
Group B
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_ _
Pittsburgh & Shawmut
Pittsburgh Shawmut & North
Total
Group C
Ann Arbor
Chicago Indianapolis & Loulav_
C. 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. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia_
Wabash
Wheeling & Lake Erie
Total
Grand total Eastern DistrictAllegheny District
Akron Canton & Youngstown..
Baltimore& Ohio
Bessmer & Lake Erie
Buffalo Creek & Gauley
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
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District
Group A
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina_
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac._
Southern Air Line
Southern System
Winston-Salem Southbound_ _ _
Total Loads Re,ceised
from Connections
Total Revenue
Freight Loaded
Railroads
1933
1932
1934
1934
1933
795
3,078
7,529
1,010
2,725
9,934
640
842
2,991
8.826
1,100
2,779
10.881
685
611
2,557
7,714
641
2,477
10,101
591
275
3,896
8,597
2,226
1,608
9,839
965
265
4,694
9,693
2,033
1,825
11,128
1,060
25,711
28,104
24,692
27,406
30,698
5,366
10,290
12.602
196
1,948
8,191
2,136
20,105
2,313
345
330
6,359
9,881
13,451
169
1,392
9,350
2,449
22,745
1,924
413
406
6,224
9,486
10.828
175
1.705
7.755
1,574
18,186
2,165
374
236
6,137
5,411
12,999
1,693
977
6,188
45
27,729
1,647
41
178
7,168
5,410
14,212
1,968
972
6,480
50
29,510
2,296
41
323
63,822
68,539
58,708
63,045
68,430
571
1,241
7,373
39
284
195
1,284
2,954
6.077
3,122
4.741
4.340
4,704
1,190
5,592
2.981
556
1,295
8,414
24
230
290
1,796
3,103
6.744
4,413
4,790
4,392
6,041
1.304
5,489
4,510
434
1,466
8,340
22
402
148
1,130
2.214
5,099
2,996
4,548
3.672
3,371
1,410
5,109
2.801
996
1,911
9,938
58
137
1,897
655
5,162
7,160
224
7,643
3,923
4,852
775
6,417
2,308
1,049
2,036
11,372
81
115
2,035
753
5,251
7,959
198
7,998
4,007
5,697
1,031
6,676
3,057
46,668
53,391
43,162
54,056
59,315
136,221
150.034
126,562
144,507
158,443
360
25,412
3,371
252
6.432
85
262
119
944
1,461
53,236
13,717
4.859
34
3,101
581
32,696
3,905
308
6,600
9
301
122
1.227
1,457
65,737
13,804
8,986
73
3,322
a
23,692
1,124
105
6,260
1
195
81
1,042
1,180
51,730
11,825
2,390
32
2,562
553
14,082
1,243
7
9.225
51
25
13
2,033
896
31,497
12,733
2,715
0
4,603
669
14,930
2.108
3
10.218
36
16
28
2,229
1,463
37,248
14,744
3,955
2
4,958
113,645
139,128
102,219
79.676
92,607
21,117
18,756
830
3,434
23,595
21,825
829
3,451
18,867
15.598
616
2,970
9.360
4,035
1,132
700
9,040
4,202
1,043
543
44,137
49.700
38.051
15,227
14.828
7,315
1,062
358
180
50
1,426
518
331
6,530
19,237
163
7,548
1,309
353
155
56
1,449
461
345
6,460
18,599
145
6,503
735
368
152
49
1,239
524
286
6.039
18,272
172
4,506
1.387
769
535
91
1.345
705
1,841
3,610
10,655
751
4,369
1,333
766
491
72
1,217
729
2,003
2,988
11,566
804
Total Loads Received
from Connections
Total Revenue
Fretght Loaded
Railroads
Group B
Alabama Tennessee & Northern
Atlanta Birmingham & Coast& W.P.
-W.RR.of Ala..
Centralof Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & SavannahMississippi Central*
Mobile & Ohio
Nashville Chattanooga & St. L_
Tennessee Central
•
Total
1933
1932
1934
1933
186
734
658
3,670
195
373
768
319
1,200
20,425
18,014
179
115
1,734
2,845
334
183
668
616
3.547
167
261
750
415
1,334
18,773
19,901
171
145
1,882
2.632
357
171
717
626
3,497
208
279
722
403
1,125
19,906
16,449
160
182
1,671
2,491
322
201
422
982
2,373
270
342
1,317
315
838
9,313
4,490
249
245
1,563
2,220
613
155
402
944
2,247
232
209
1.272
337
712
8,337
3,891
248
270
1,431
1,915
782
.51,749
51,802
48,929
25.753
23,384
Grand total Southern District..
88,979
88,662
83.268
51,946
49,722
NorthwesternDistrictBelt By. 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 & IshpemingMinneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
Spokane International
Spokane Portland & Seattle....
708
19,083
3,161
21,279
4,400
9,523
848
3,916
347
15.593
582
1,458
2,302
5,945
9,952
268
1,310
809
18,350
2,448
18,608
3,474
14,083
831
4,882
299
16,246
520
1,926
1,955
6,342
9,868
256
1.019
1,348
15,039
2,290
17,028
3,833
2,347
330
2,950
294
10,044
477
a
2,000
4,901
8.628
a
1,361
1,643
9.255
2,458
6,613
3,723
102
345
3,464
118
2,576
350
99
1,388
1,911
2,321
170
958
1.726
8,274
2,130
6,645
2.762
103
330
5,017
162
2,038
328
94
1.403
2,293
2.456
134
724
100,675
101,916
72,870
37.492
36.619
21,645
3,141
210
17,757
1,698
13.875
2,818
1,024
3,047
382
948
2,046
682
99
18,781
241
326
13,905
358
1,645
18,536
2,847
169
15,792
1,636
11.719
2,696
906
2,457
537
744
2,370
844
189
18,256
241
348
12,139
313
1,639
18.821
3,086
130
16,122
a
12,924
2,781
903
3.216
460
1.007
a
589
150
16,889
220
329
11,625
366
1,360
5.116
2,062
21
6,717
610
6.910
2,042
1,241
2,522
35
739
982
311
70
3,419
193
1,069
7,579
13
2,143
4,634
1,597
39
6.169
663
6,058
2,050
1.157
1,953
22
558
999
307
34
3,017
397
932
6,760
10
2.551
104,628
94,378
90,978
43,794
39.907
234
181
119
1,875
2,704
203
1,549
1,059
106
295
877
123
5,018
14,140
47
79
7,424
1.729
5,941
3,756
2,478
23
133
243
138
1,660
2.353
128
1.492
1,273
a
151
538
71
4.819
13,266
38
88
8,253
2,149
5,014
3,829
1,716
25
3,344
233
201
1,243
1.756
892
1.814
705
338
751
179
189
2,907
7,686
11
166
3,773
1,533
1,807
3,469
c16,257
29
3.504
216
134
827
1.433
978
1.355
822
282
763
212
249
2,247
6,083
19
103
3,239
1.261
1,823
2,622
c14.469
49
Total
Central Western DistrictAtch. Top.& Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington &(Idiocy..
Chicago & Illinois Midland....
Chicago Rock Island & Pacific.
Chicago& Eastern Illinois
Colorado & Southern
Denver dc 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 & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock 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 & New Orleans
Texas & Pacific
Terminal RR. of St. Louis
Weatherford M. W.& N. W*
128
185
269
2,160
3,364
109
1.653
1,352
129
359
884
207
5,315
15,612
43
109
9.052
2,017
6,928
4,838
2,759
23
Total
37,230
36,860
34,339
Total
26,195
26.338
57,495
49,960
47.377
42,690
49,283
*Previous figures. a Not available. b Penney vania-Reading Seashore Lines nclude the new consolidated lines of the West Jersey & Seashore RR., formerly part
of Pennsylvania RR.,and Atlantic City RR.,formerly part of Reading Co. c Since and including the week of Aug. 111034 this figure includes total number of cars received
from connections regardless of destination instead of only cars received from connections and unloaded on own lines.
Col. Ayres of Cleveland Trust Co. Finds Recovery
Here and Abroad Halting-Sees Necessity of Discriminating Between Sound and Unsound Economic Policies-Discusses Seven Economic Fallacies-Regards Inflation Not Needed but Removal
of Barriers Impeding Production
"At present," it is observed by Col. Leonard P. Ayres
Vice-President of the Cleveland Trust Co., "the recovery
here and abroad is halting." "Its resumption and future
progress," he declares, "depend on the degree of sound
economic policy guiding the steps that are taken, and on
the wisdom with which Government abstains from yielding
to alluring temptations to undertake more than it can
manage effectively."
Col. Ayres precedes the foregoing with the statement
that "we and most of the rest of the world are engaged in a
managed recovery." "Never before," he adds, "have so
many Governments undertaken such a wide range of economic experiments in the attempt to restore normat business
activity." Asserting that "all Governments are inexperi-
enced in the task of recovery management," Col. Ayres
makes the following further comments in the Sept. 15
issue of the company's "Business Bulletin":
In this country governmental policy is sensitively responsive to changes
in public opinion concerning its economic innovations. Moreover as a
people we are now discussing economic problems more widely and more
eagerly than ever before. We have more at stake than at any previous
time,and the economic changes in our National life that are currently under
way are more consequential. For these reasons it is now important as
it has never been previously that we should discriminate between the
sound and the unsound. Attempting to do good through enforced changes
that are economically invalid is one of the surest ways to do harm.
This number of the "Business Bulletin" is devoted to a discussion of
seven economic fallacies that have wide current acceptance. Singly or
in combination they underlie much of the discussion that is going on. They
constitute mass delusions which form or condition the materials for thinking
used by large numbers of our people in reaching economic judgments and
in formulating their opinions about them.
Economics is not an exact science, but neither is it a changing collection
of personal opinions. It consists of general princilpes demonstrable by
close reasoning, and confirmed by history. These principles declare that
under known conditions economic forces will operate in ways that have
been ascertained by repeated experience. Economic principles tell how
people have acted throughout recorded history when trying to protect or
advance their material interests. Sound economic principles conform to
the lessons of that history.
1614
Financial Chronicle
The "seven economic fallacies" with which Col. Ayres'
discussion has to do, are "overproduction," "concentration,"
"redistribution," "profit margins," "taxation," "inflation,"
and "purchasing power." With reference to inflation
Col. Ayres comments thus:
Inflation is the most insidious fraud among all the economic fallacies,
and it has been ever since the invention of money. The simple idea that
makes men favor it is that since we all use money to buy the things we
want, we should be able to buy more of them if the Government would
increase the amount of money in circulation. The fact is that in order
to have more goods we must produce more, and then we shall have more
money. Increasing the money raises prices, but induces fears about the
future of money that result in reduced production.
In the diagram [This we omit
-Ed.] the columns represent the changes
in the physical volume of all production in this country per unit of population during the past 35 years. The volume in 1899 is taken as equal to
100, and during this depression production per person has fallen even lower
than it was at the close of the last century. Production is purchasing
power. We all produce goods or services, and by using the money we
receive for them we buy the goods and services of others. The total
of them that we all produce is all there is to be divided among us.
In recent years most of the Nations of the world have re-learned the
old lesson that the bountiful manufacturing of money does not successfully
stimulate the production of goods. The most bitter opponents of inflation are those peoples in other countries that have had recent personal
experience with it. In near unanimity they join in agreeing that their
inflations ended in failure. Our need is not inflation, but the removal
of the barriers that impede production.
We also quote as follows from Col. Ayres' observations,
omitting the diagrams referred to:
Overproduction
There is widespread belief that the depression was caused by industrial
overproduction. The theory is that workers received in wages too little
of the values their labor produced, while too much profit was paid to
stockholders, who through oversaving reinvested unduly large amounts
which were used to construct still greater plants resulting in still more
overproduction. On this theory are based the movements for enforcing
shorter hours and higher pay, and restricting plant expansions.
The irregular heavy line in the diagram shows for the 35 years since
1899 the per capita changes in the physical volume of industrial production.
The slanting light line shows the general trend of production to 1930.
There were brief periods of overproduction before the panic of 1907 and
during the war, but not in important degree during the long prosperity
before this depression.
During that period production, prices, and employment were in better
balance with one another than in almost any other period of which we
have records. The burden of proof is on those who base their arguments
for new forms of regulation on claims that we were experiencing overproduction.
Concentration
A member of the Cabinet is reported to have said in a recent address
that 2% of the people own 80% of the wealth. Similarly a recent report
of a Federally appointed committee states that 1% of the people own
60% of the wealth. Such claims cannot be supported by adequate evidence, for we do not have in this country official statistics on the distribution of wealth. No one knows even approximately how it is distributed. We do have a good deal of fragmentary information about
the distribution of income.
The diagram shows the results of a painstaking attempt to find out how
income was probably distributed in 1929. It is based on the researches
of three careful students of such matters, King, Doane, and von Szeliski.
Their methods have been employed, and their findings combined to produce
the diagram. No claims of authoritative accuracy can be made for the
figures. No one really knows how income is distributed in this country.
It is believed by the economic staff of this bank that the figures shown
afford about as close an approximation as the available data make possible.
Such evidence as we can
The distribution shown is most uneven.
glean from the Federal reports on income indicates that it has probably
15 years. Possibly important changes in
not changed much in the past
it should be made. It seems fairly clear that before undertaking to make
them we ought to know at least roughly what the facts really are. Meanwhile dogmatic statements should be doubted.
Redistribution
We now have official data showing how the redistribution of income
would work out if it could be accomplished. The results indicate that
the increases that would be received by the wage earners would probably
prove disappointing to them. The source of the new data is the report
on National income from 1929 through 1932 recently published by the
Department of Commerce. That report shows in considerable detail
the amounts paid out by corporations in wages, salaries, bonuses, and
to proprietors.
In the diagram the column on the left represents the average monthly
earnings of wage workers employed by corporations in 1929. That average
was $119. The taller column on the right represents the average amount
that would have been received monthly by each worker if there had been
an equal redistribution of all wages, all salaries, all bonuses, and all the
shares of proprietors. Such a redistribution in a most prosperous year
would have increased the monthly receltps from 8119 to 3131,or about 10%.
If the increase shown seems small it is because any redistrubtion of income
into equal shares for all workers would yield similarly disappointing results.
A little mental arithmetic will demonstrate this. In 1929 there were less
than 50,000,000 gainfully employed people in this country, and our National
income was about $83,000,000,000 or an average of some $1,660 dollars
per worker, or about $138 per month. In 1932 the average for the same
people would have been about 867 per month.
Profit Margins
We have heard so much for so many years about large profits made
by exceptional corporations that as a people we have come to assume
that business can successfully bear almost any burdens of taxation, higher
wages, shorter hours, or regulated prices that may be placed upon it.
Such assumptions are erroneous, and they are dangerous for they are
unconsciously accepted as the real basis for much current discussion of
proposed economic changes. In reality the margin of most business
income above the necessary costs of operation is both narrow and sensitive.
In the diagram the heavy irregular line shows for the past 14 years
the changes in the total sales or gross income of all American corporations
as reported by the Federal authorities. These corporations number
nearly half a million companies in recent years. The light line shows
the cost of doing business, and the shaded area between the two represents the net profit or loss. In most good years that margin of profit
Sept. 15 1934
fluctuates around 4% of the income. In poor years it is promptly reduced, and in bad ones it is converted into a serious net loss.
Even in this small diagram it is easy to see that the profit margin was
distinctly narrowed by the slightly slow periods of business that came
in 1924 and 1927. The lesson of the diagram is that disaster would threaten
the thousands of small businesses if all corporations were called upon to
support increased costs of doing business that were adjusted to the capacities
of only the large, the strong, and the successful ones.
Taxation
One of the plausible comments frequently made about our huge governmental expenditures and growing deficits is that this rich Nation can
certainly afford to spend in our campaign against the depression sums
comparable to those we recently used in waging war. The argument
has force, but it should not be allowed to persuade us that our mounting
volume of indebtedness may safely be viewed with unconcern. We could
not really afford the sums we spent for war, nor can we afford to underestimate the importance of those we are spending now.
- The heavy irregular line in the diagram shows the changes over the
Past 25 years in the percentage relationship that ou: governmental debts
have borne to our National income. All Government debts, National,
State, and local, are taken into account. Before the war these debts
amounted to about 15% of our annual income. From the war to this
depression they fluctuated around 40%. Now they have suddenly gone
up nearly to 90% and are still rising.
In part the recent advances are due to the immense increases in public
expenditures, and in part they result from the drastic declines that have
taken place in National income. Both factors combine to make the
present relationship between our debts and our income far more hazardous
than were those that existed at the close of the war. The conclusion appears
inescapable that the most important objectives of our National policy
must promptly be to check our mounting governmental expenditures and
to increase our National income.
Purchasing Power
Increases in consumer purchasing power have been widely advocated
as the most efficient means for reviving business activity and restoring
employment. It is argued that generous disbursements of Federal funds
will create so much purchasing power among so many people that the
resulting demand for goods will cause a general re-employment of the
workers. Such arguments assume that expanded retail purchases paid
for out of wages will produce business stimulus and cause general reemployment.
Unfortunately the heaviest unemployment cannot be cured by increased
retail consumer purchasing power. The diagram shows this. The whole
area enclosed by heavy lines represents employment in all impor taut groups
of works as it was in 1929. The shaded portions show the unemployment
in 1932. The figures, except for data relating to construction, are taken
from the recent Federal report on National income. The striking feature
is the evidence that the heavy unemployment is among construction workers
and those making durable goods.
In large measure the goods produced by construction workers and makers
of durable goods are not bought at retail from wages. They are mainly
bought with borrowed funds secured through bond issues and mortgages,
and large proportions of them are purchased by corporations. Re-employment in the durable goods industries depends on reviving markets for new
securities, and re-establishing faith in the future of our money. If these
workers could be re-employed and kept so, most other unemployment
would cure itself.
Moody's Daily Index of Staple Commodity Prices Mirrors
General Decline in Commodities
Primary commodity markets have suffered a broad decline
during the current week. Moody's Daily Index of Staple
Commodity Prices registered a loss on every day and closed
3.6 points lower at 150.8. The Index is now back to its level
of a month ago, and has lost approximately one-third of the
gain made in the upward move which began July 26.
The decline was general and evenly distributed. Eleven
of the 15 commodities comprising the Index lost ground during the week, the most important losses being in wheat,
cotton, hogs, rubber, hides, corn and steel scrap, while coffee,
cocoa, silk and silver contributed smaller amounts to the
decline in the Index number. Copper, lead and sugar were
unchanged, and wool tops scored the sole gain.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri.,
Sept 7
Sat., Sept. 8
Mon., Sept. 10
Tues., Sept. 11
Wed., Sept. 12
Thurs., Sept. 13
Fri.,_ _Sept. 14
154.4
not compiled
153.1
152.6
152.2
151.9
150.8
2 Weeks Ago, Aug. 31
Month Ago, Aug. 14
Year Ago,
Sept. 14
1933 High, _July 18
Low,
Feb. 4
1934 High, _Aug. 29
Low,
Jan. 2
154.9
149.7
131.1
148.9
78.7
156.2
126.0
Decrease of 1.8 Points Noted in "Annalist" Monthly
Index of Business Activity for August
The "Annalist" index of business activity showed a further
decrease of 1.8 points, the preliminary figure for August
being 71.3 as compared with 73.1 for July, 77.1 for June,
80.2 for May, the high for the year, and 83.5 for August
1933. The net loss from this year's high now amounts to
8.9 points,or 11.1%,the "Annalist" said, while the preceding
gain had carried the index up 11.8 points, or 17.3%. The
'Annalist" also stated:
Compared with August of last year, the index shows a loss of 12.2 points.
The net gain over last year's low has been cut to 12.9 points, or 22.1%.
The most important factor in the decline of the combined index was an
estimated decrease in the adjusted index of automobile production. Substantial losses occurred in the adjusted indices of freight car loadings,
steel ingot production and pig iron production. The adjusted index of
silk consumption showed a further slight decline, while the adjusted index
of electric power production, based on a preliminary estimate, also decreased slightly. Only two of the components of the combined index for
which data rue available increased last month. The adjusted index of
cotton consumption, based on a preliminary estimate, showed a substantial
gain, while the adjusted index of zinc production rose slightly.
Table I gives the combined index and its components, each of which
Is adjusted for seasonal variation and where necessary for long-time trend,
for the last three months. Table II gives the combined index by months
back to the beginning of 1929.
TABLE I. THE "ANNALIST" INDEX OF BUSINESS ACTIVITY AND
COMPONENT GROUPS
August
June
July
59.6
34.3
34.8
a96.0
1381.2
Freight car loadings
Steel ingot production
Pig iron production
Electric power production
Cotton consumption
Wool consumption
Silk consumption
Boot and shoe production
Automobile production
Lumber production
Cement production
Zinc production
Combined index
61.9
40.8
40.6
96.2
77.6
63.3
58.2
e114.9
70.9
44.8
49.5
51.4
73.1
5'7".i
--c59.4
____
52.7
d7I.3
64.9
77.4
64.6
95.8
68.5
63.0
61.7
105.3
71.2
47.6
52.6
52.2
77.1
aBased on an estimated output of 7,871,000,000 kilowatt-hours as against a Geological Survey total of 7,567,000,000 kilowatt hours in July and 7,686,000,000 in
August 1933. bBased on an estimated output of 415,000 bales, as against Department
of Commerce total of 359.372 bales in July and 588,570 bales in August 1933.
c Based on an estimated output of 235,000 cars and trucks as against Department of
Commerce total of 266,575 cars and trucks in July and 233,825 cars and trucks in
August 1933. d Subject to revision. e Based on an estimated output of 30.000,000
pairs, as against Department of Commerce total of 27,783,201 pairs in June and
33,749,134 pairs in July 1933.
1934
1933
1932
1931
1930
73.1
76.7
78.9
80.0
80.2
77.1
73.1
x71.3
63.0
61.6
58.4
64.0
74.2
83.3
89.3
83.5
76.4
72.3
68.4
69.5
C9 06,040C.03 GA CD CO CO..1
1Pol•010...0000C.30000
TABLE. II. THE COMBINED INDEX SINCE JANUARY 1929
January
February
March
April
May
June
July
August
September
October
November
December
1615
Financial Chronicle
Volume 139
81.4
83.1
85.1
86.4
85.1
82.6
83.1
78.9
76.3
72.6
72.2
72.1
102.1
102.5
100.5
101.8
98.5
97.1
93.1
90.8
89.6
86.8
84.4
83.9
1929
112.9
112.4
111.9
115.0
115.7
116.6
116.7
115.6
115.0
113.4
106.0
101.2
x Subject to revision. •
Electric Sales to Ultimate Consumer During July
0.8% Higher Than During Corresponding Month
of 1933-Revenue Gains 2.3%
The following statistics, covering 100% of the electric
light and power industry, were released on Sept. 8 by the
Edison Electric Institute:
SOURCE AND DISPOSAL OF ENERGY AND SALES TO ULTIMATE
CONSUMERS
Month of July
1934
x Kilowatt-hours Generated (Na)By fuel
By water power
Total kilowatt-hours generated
Additions to Supply
Energy purchased from other sources
Net international imports
Total
Deductions front Supply
Enemy used in electric railways dents
Energy used in electric and other depts
1933
P. C.
Change
4,712,681,000 4,390.664.000
2,324,657,000 2.532,667,000
+7.3
-8.2
7,037,338,000 6,923,331,000
+1.6
161,404.000
74,868,000
213,954,000 -24.6
66,364.000 +12.8
236,272,000
280,318,000 -15.7
46,404,000
110,945,000
47,068,000 -1.4
97,981,000 +13.2
Total
Total energy for distribution
Energy lost in transmission, distribution, &e.
Kilowatt-hours sold to ultimate consumers
Sales to Ultimate Consumers (Kwh.)Domestic service
Commercial-Small light and power (retail)_
Large light and power (wholesale)
Municipal street lighting
Railroads-Street and interurban
Electrified steam
Municipal and miscellaneous
145,049,000
157,349,000
7,116,261,000 7,058,600,000
1,307,955,000 1,298,674,000
5,808,306,000 5,759.926,000
Total sales to ultimate consumers
Tntal ravannes fpnm ”lilmsztr. ennamnarw
5,808,306,000 5,759,926,000
5146529400 3143.211.700
+8.5
+0.8
+0.7
+0.8
866,876,000 +10.2
955,691,000
1,060,357,000 1,013.208,000 +4.7
3,211,654,000 3,309,822,000 -3.0
150,296,000 +0.1
150,464,000
301,700,000 +7.4
324,082,000
56,151,000 -4.7
53,513.000
61,873,000 -15.1
52,545,000
+0.8
+2.3
Twelve Months Ending July 31
1934
x Kilowatt-hours Generated (Net)
By fuel
By water power
1933
P. C.
Change
'
52,386,385,000 45,198,180,000 +15.9
30,692,259,000 31,373.142,000 -2.2
"Annalist" Weekly Index of Wholesale Commodity
Prices Declined Slightly During Week of Sept. 11
A decline of 0.1 point for the week left the "Annalist"
weekly index of wholesale commodity prices at 120.7 on
Sept. 11, compared with the three-year high of 120.8 (revised) established Sept. 4. The "Annalist" said that no
pronounced trend was discernible, a sharp reaction in hog
prices and a recession in steers offsetting net gains in wheat,
flour and cotton, The index follows:
83,078,644,000 76,571,322,000 +8.5
Total kilowatt-hours generated
3,330,225,000 2,707,349,000 +23.0
Purchased energy (net)
Energy used in electric ry. and other depts. 1,985,116,000 1,946,156,000 +2.0
84,423,753,000 77,332,515,000 +9.2
Total energy for distribution
Energy lost in transmission, distribution, &c. 14,613,174,000 14,089,870.000 +3.7
Kilowatt-hours sold to ultimate consumers 69,810,579,000 63,242,645,000 +10.4
31,808,943,200 31,774,993.500 +1.9
Total revenue from ultimate consumers
Important Factors
41.0%
- -- 36.9%
Per cent of energy generated by waterpower_
1.48
1.45
Average pounds of coal per kilowatt-hour
Domestic Service (Residential Use)
600 +2.8
617
Average annual consumption per customer
(kwh.)
5.55 -3.2
5.37
Average revenue per kilowatt-hour (cents)- 82.78 -07
52 76
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES
Basic Information as of July 31
Unadjusted for seasonal variation (1913=100)
1934
Sept. 11 1934
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
z All commodities on old dollar basis
Sept. 4 1934
Sept. 12 1933
111.5
123.0
x114.3
163.8
109.9
113.1
98.7
81.6
120.7
70.7
112.3
122.7
y113.9
163.1
110.1
113.1
98.7
81.4
y120.8
70.5
87.5
105.6
122.0
136.8
104.6
107.9
97.0
86.1
103.7
72.5
x Preliminary. y Revised. z Based on exchange quotations for France, Switzerland, Holland and Belgium.
Department Store Sales Increased More Than Seasonal
from July to August According to Federal Reserve
Board
Preliminary figures on the value of department store sales
show an increase from July to August of considerably more
than the estimated seasonal amount. The Federal Reserve
Board's index, which makes allowance for differences in the
number of business days and for usual seasonal changes, was
79 in August, on the basis of the 1923-1925 average as 100,
compared with 73 in July and 74 in June. Under date
Sept. 12 the Board further announced:
In comparison with a year ago, the value of sales for August was 2%
larger. The largest increases compared with last year are shown in the
Richmond, Atlanta, and Chicago Districts, while a decrease from a year
ago is reported for the Boston District. The aggregate for the first seven
months of the year was 15% larger than last year.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO
Augusta
Federal Reserve Districts:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Jan. I
to
Aug. 31*
Number of
Reporting
Stores
Number
of
Cities
-4
0
+3
0
+10
+6
+6
0
0
+5
+2
+5
+9
+8
+12
+23
+16
+31
+21
+18
+10
+17
+25
+9
52
50
36
18
45
34
47
37
36
17
20
68
30
25
15
11
19
21
26
20
17
12
8
25
•
229
460
+15
+2
Total
• August figures prelim roily: in most cities the month bad the same number of
business days this year and last year.
1933
-Steam
General capacity (kw.)
Water power
Internal combustion
23,917.900 24,026,300
9,006,600 8,975.100
461,500
468,800
Total generating capacity in kilowatts
Number of CustomersFarms in eastern area (included with domestic)
Farms in western area (included with commercial, large)
Domestic service
Commercial-Small light and power
Large light and power
All other ultimate consumers
33,393,300 33.462,900
Total uitimate consumers
(514,016) (504,220)
(209,301) (204,032)
20,294,276 19,709,378
3,708,465 3.674.819
526,404
529,715
62,439
65,898
24,598,454 23.973,040
x As reported by the U.S. Geological Survey with deductions for certain plants not
onsidered electric light and power enterpi ises.
National Fertilizer Association Reports Slight Increase
in Wholesale Commodity Prices During Week of
Sept. 8
Wholesale commodity prices advanced slightly during
the week ended Sept. 8, according to the index of the National Fertilizer Association, issued on Sept. 10. This index
advanced one point during the week, moving up from 75.9
to 76.0. During the preceding week the index advanced
nine points, two weeks ago it advanced eight points, and
three weeks ago it advanced two points. The latest index
number, 76.0, compares with the index number, 74.0, a
month ago, and 67.3 a year ago. (The three-year average
1926-1928 equals 100.) The index is at the highest point
recorded since the early part of 1931. The lowest point
during the last several years was reached on March 4 1933,
when the index stood at 55.8.
During the latest week seven of the 14 groups in the index were affected
by price changes. Two groups advanced and five declined slightly. Foods
and textiles advanced. Grains, feeds and livestock, building materials,
metals, fertilizer materials, and fats and oils declined, but none of the losses
were very large. rho gains appeared in the most heavily weighted groups.
Prices for 26 individual commodities advanced while the prices for 22
declined during the latest week. This is the smallest number of advances
in several weeks. A week ago there were 43 advances and 23 declines. Two
weeks ago there were 29 advances and 16 declines. Three weeks ago there
were 35 advances and 28 declines. Higher prices were noted for cotton.
corn, wheat, oats. barley, potatoes, apples, eggs, lard, ham, pork, lambs.
silk, flour, tin, hides, coffee, and rubber. The declining commodities
included hogs and most feedstuffs which previously had materially advanced,
cotton yarns, burlap, heavy melting steel, silver, brick, lumber, and calf
skins. Both the advances and declines in the prices for individual comcomparatively small.
modities were
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100)
Group
Latest
Week
Sept. 8
1934
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
75.4
71.9
78.3
72.2
68.4
88.7
81.4
81.4
85.8
59.4
93.4
64.6
76.3
99.8
c.c.tsrmmm000locomeoc.0
7R0
Inn n
All arnnna enrnhInael
Preceding
Week
Month
Ago
Year
Ago
ctoll'aroomcp.toomool
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
7L9
70.2
69.7
73.0
69.4
88.7
81.5
82.1
86.2
57.1
93.2
64.9
76.1
98.8
89.3
63.7
51.5
63.8
69.3
84.4
74.7
78.5
78.7
48.3
87:0
64.1
66.7
90.1
75.9
74.0
67.3
Weekly Electric Production Continues Decline-1.1%
Lower than Corresponding Week of 1933
The production of electricity by the electric light and power
industry of the United States for the week ended Sept. 8
totaled 1,564,867,000 kwh. according to the Edison Electric
Institute. This was a loss of 1.1% from the 1,582,742,000
kwh. produced during the week ended Sept. 9 1933. The
total output for the latest week also fell below the total
for the preceding week, production for the week ending
Sept. 1 amounting to 1,626,881,000 kwh. For the seven
days ended Sept. 2 1933 production of electricity reached
1,637,317,000 kwh. or 0.6% higher than the same week in
1934. The Institute's statement follows:
PER CENT INCREASES (1934 OVER 1933)
Week Ended
Sept. 8 1934
Major Geographic
Divisions.
New England
Middle Atlantic
Central Industrial_ _
Southern States
Pacific Coast
West Central
Rocky Mountain
Total United States_
Week Ended
Week Ended
Week Ended
Sept. 1 1934 Aug. 25 1934 Aug 18 1934
x6.6
0.9
x3.9
x1.2
10.8
2.5
x9.2
13.1
x0.2
x4.1
3.8
7.7
6.9
x2.4
14.8
0.7
.0.6
4.0
6.0
10.5
x7.6
x7.0
3.8
1.1
1.9
5.4
12.3
x8.2
x1.1
x0.6
1.1
1.5
1932
1931
%The.
1934
Over
1933
Week of
Week ofWeek ofWeek ofMay 5 1,632.766 May 6 1.435.707 May 7 1,429,032 May 9 1,637,296 +13.7
May 12 1,643.433 May 13 1,468,035 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 1.425,151 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 1.621,451 +7.3
June 16 1,665,358 June 17 1,578,101 June 18 1,441.532 June 20 1,609,931 +5.5
June 23 1,674.586 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 1,603,713 +1.1
July 14 1,647,680 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 1,440,386Aug. 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 1,648,107 Aug. 26 1,630,394 Aug. 27 1.436,440 Aug. 29 1,637,533 +1.1
Sept. 1 1.628,881 Sept. 2 1.637,317 Sept. 3 1,644,700 Sept. 5 1,635,623 -0.6
Sent. 8 1.564.667 Sent. 9 1.582.742 Sent.10 1.423.977 Sent. 12 1.582.267 -1.1
DATA FOR RECENT MONTHS
1934
1933
January ____ 7,131,158,000 6,480,897,000
February ___ 6,608.358,000 5,835,263,000
7,198,232,000 6,182,281,000
March
8,978,410,000 6,024,855,000
April
7.249,732,000 6,532,686,000
May
7,056,116,000 6,809,440,000
June
July
7,116,261,000 7,058,600,000
7,218,678.000
August
6,931,652.000
September _
7.094,412,000
October
November..6,831,573,000
7,009,164.000
December
1932
7,011,736,000
6.494.091,000
6,771,684.000
6,294.302,000
6,219,554,000
6.130,077.000
6,112,175,000
6,310,667,000
6,317.733.000
6,633,765,000
6,507,804,000
6.638,424.000
1931
1932
1933
1934
1931
1932
1933
1934
3.4 45.5 69.9
1.3 47.7 41.3 89.7
61.1
Automobile
Automobile parts and ac9.0 -6.5 -0.4 17.2
8.6
4.1
5.2 -1.8
cessories (excl. tires)_
1.8 -1.3
3.1 -1.0
2.9 -0.4
1.0 -1.5
Aviation
5.5 -3.8 -3.7
1.9
0.9
1.9 -2.3 -1.1
Building supplies
27.1 11.7 17.4 25.0 54.8 30.9 30.1 51.6
Chemicals and drugs
0.2 -0.3 -15.6
0.6
1.6
0.7
0.1 -2.2
Clothing and textiles
0.6 -2.2 -2.4
0.5
2.2
0 -1.5 -1.4
Coal and coke
0.3 -1.3 -3.9 -4.2
2.2
-0.7 -1.4 -1.3
Copper
7.4 19.8
0.3
2.1 -2.2 10.5
0.4
11.6
Electrical equipment- _
38.2 28.3 29.5 28.6 96.6 71.8 63.9 67.9
Food and food products
2.5 18.3 -3.1
8.2 14.2
1.9
20 -0.1
Household supplies
2.1
6.1
7.2
4.3
Leather andshoes. __
3.0
3.3 -7.8 -7.2
3.5
1
0.6 -2.3 - 19
Machinery
Metals and mining (excl.
9.7 13.3
7.1 11.2 24.2
5.9
2.0
5.3
copper, coal and coke).
3.4 -10.3 -2.4
1.6
6.0
-2.1 -6.8 -1.3
Motion picture
3.2
2.6
5.6
5.9
2.7
1.6
0.9
3.2
Office equipment
-28.1 13.8 -6.7 12.7 -40.6 12.6 -34.1 28.2
011
3.0 -0.5
0.8
0.3
2.6
0.2
1.1 -0.2
Paper
5.1
2.3 10.7
2.2
0.3
5.8
2.1
3.7
Printing and publishing
1.4
4.6 -4.4 -5.9 -0.5
2.1 -1.7 -1.7
Railroad equipment
____ ---- -1.2 -5.8 -4.1
3.5
Rubber and tires
0.1 -0.7
0.3 -0.6
0
0.4
0.3
0.9
Shipping
8.0 -36.4 -14.4 20.3 16.9 -69.2 -51.2 14.6
Steel
5.2 15.6
.
-- - -- 10.5 -0.4
Stores
1.6
1.2
0.5
0.5
1.2
2.7
0:6
1.2
Tobacco
9.8 27.9 14.7 15.1 30.0
6.9
4.1
9.0
VILscellaneous
Total'276 cos. 2nd quer.
1407 cos. 1st half_ 152.4
102 Telephone cos. Viet
operating income)
i2 other public utility cos
(net earnings)
7.3
90.6 180.9 361.0
19.1
75.1 385.0
88.5 e99.3
72.3
51.2
47.1 e50.1 141.8 102.0
101.1
85.7
78.0
72.9 212.2 186.0 161.2 155.2
Total public utilities- 173.4 136.9 125.1 123.0 354.0 288.0 249.7 254.5
1931
7,435,782,000
6,678.915,000
7.370.687.000
7,184,514.000
7,180,210,000
7,070,729,000
7,286,578,000
7,168.086.000
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%
3.6%
0.8%
____
____
____
80.009,501.000 77,442,112,000 86.063,969.000
Total
-The monthly figures shown above are based on reports covering approxiNote.
mately 92% of the electric lght and power industry and the weekly figures are
based on about 70%.
Business (Corporate) Earnings in Second Quarter of
-Double Those of Corresponding Period of
1934
Last Year, According to Federal Reserve Bank of
New York
Comparative figures of corporate earnings during the second quarter this year as compared with the same period a
year ago, as made available by the Federal Reserve Bank of
New York, show net profits in the corporation groups in the
second quarter of 1934 of $180,900,000 compared with $90,600,000 in the second quarter of 1933. In presenting the corn-
First Six Months
Second Quarter
ELECTRIC PRODUCTION FOR RECENT WEEKS
-000 Omitted)
-hours
(In Kilowatt
1933
Reflecting the maintenance of a somewhat higher level of industrial output
than in 1933, earnings reports which have become available from 276 industrial and mercantile companies indicate that aggregate profits during the
second quarter of this year were double those of the corresponding period
of last year, which was the first quarterly period in nearly two years in
which business generally earned any appreciable amount of net profits.
Profits of these companies were also about 20% larger than in 1931. These
companies represent numerically only a small sampling of all businesses in
the country, and in the main constitute the largest and strongest concerns.
Consequently, the comparison is a much more favorable one than would be
shown if interim reports were available for all concerns.
Despite the large percentage increase in corporate profits, the return on
invested capital remained low relative to previous years; as compared with
the average for the 1925-1929 period, second quarter profits were only about
one-half as large. The increase in aggregate profits over 1933 was due in
large part to the fact that the steel and oil companies earned some net profit
this year, whereas their operations last year resulted in sizable deficits. The
profits of the chemical and electrical groups of companies also increased considerably over a year ago. These increases, however, were offset to some
extent by smaller profits reported by the automobile group, despite a matrially larger volume of business.
For the first six months of the year, reports available for 407 industrial
and mercantile companies indicate that net profits were about five times
those of the first half of 1933, due chiefly to the much larger year-to-year
increases in the first quarter than occurred in the second quarter of this
year. Virtually all groups of companies reported better earnings for the
half-year than in 1933, the exceptions being the aviation and shipping groups,
which showed deficits this year as against some net profit last year. The
only other group to show a combined deficit was the railroad equipment
companies, but in this case the deficit was smaller than last year's. The
number of companies of all kinds reporting deficits through operations in
the first half of the year decreased from 46% of the total in 1933 to 24%
in 1934.
Net operating income of telephone companies, both for the second quarter
and half-year, was somewhat larger than in 1933, but was less than in 1932.
Net earnings of other public utility companies, however, declined further
to a new low level for recent years, despite a generally higher level of business than a year ago. Net operating income of Class I railroads in the
second quarter was somewhat less than a year ago, but the total for the
half-year was about 50% higher than in 1933, due to the rather favorable
showing made in the first quarter. It appears that as a result of the
decline in operating income in the second quarter there was a deficit after
payment of interest and other fixed charges for these railroads as a group.
Corporation GTOUPS-
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:
1934
pilation, in its Sept. 1 "Monthly Review," the Reserve Bank
says:
(Net profits in millions of dollars)
x Decrease from 1933.
Month of-
Sept. 15 1934
Financial Chronicle
1616
.48 Class I railroads (net
129.2 44.2 120.2 113.6 235.4 109.6 154.7 225.8
operating income)
-Deficit. e Partly estimated.
Business Activity in Canada Recessed Slightly During
-S. H. Logan of Canadian Bank of ComAugust
merce Says Activity Maintained Much Higher
Plane Than in 1933
In his review of conditions in Canada, issued Sept. 7, S. H.
Logan, General Manager of the Canadian Bank of Commerce,
said that "a moderate industrial revival during the first part
of the autumn is in prospect, following a slight summer recession. The recent seasonal downturn," Mr. Logan said.
"was initiated somewhat later than usual, and at first
affected fewer industries than is normally the case, but, on
the other hand, the decline was, in contrast with the record
in the like period of last year, more pronounced in August
than in July, although business activity as a whole was maintained on a much higher plane than in 1933." He continued:
It would, however, be well to bear in mind that a progressive record of
such proportions as that of the spring and early summer seasons need not be
expected to continue, for not only was that rate of progress exceptional, but
it was bound eventually to react to such adverse influences as the poor crop
conditions over a large part of the agricultural domain, the Worst midsummer
slump in American business since 1929 and disturbing elements in European
economy which, though less threatening in the political sphere than a month
or so ago, are now manifested in trade circles by the announcement of Germany, one of the world's most important markets for raw materials, that she
will restrict her imports even more narrowly than in recent years.
Thus we find Canadian export trade falling in July below the June level.
whereas it increased in 1933 and 1932. While the decrease this year is
accounted for mainly by a loss in grain exports (a not unexpected development in view of the fact that Argentina continued to offer her wheat freely
at lower prices than her competitors), there was a fall also in metal exports
which was not compensated by a rise in meats and wood, chemical and iron
products, the latter being made up principally of automobiles. Imports
were also reduced, but to a lesser extent than usual. Notwithstanding these
developments on both sides of the foreign trade account there was the third
largest monthtly favorable balance of the current year, and the total for
the first seven months was thereby swelled to $58,331,650, as compared with
$57,114,790 in the corresponding period of 1933. . . .
•
Construction, though still of subnormal volume, has now became a sustaining influence in national business. Contracts awarded in August for
building and engineering had a value Of nearly $14,000,000, about $2,750,000
in excess of those reported In July; most of this increase can be traced to
new projects under the Dominion Government's public works plan. This
comparatively large volume of new work undertaken in August brought the
total value of contracts for the first eight months of the year to $86,000,000,
the highest since 1932; we estimate that the work now actually in progress
is about 50% greater than at this time last year.
Changes in Cost of Living of Wage Earners During
August According to National Industrial Conference Board-Increase of 0.6% Over July Noted
The cost of living of wage-earners continued its upward
trend with a rise of 0.6% from July to August, according to
the monthly survey of the National Industrial Conference
Board issued Sept. 10. The increase brought living costs to
a level 3.5% above that of a year ago, but 21% below that
of August 1929. The survey further notes:
The purchasing value of the dollar was 125.6 cents in August as compared
with 126.4 cents in July, 139.9 cents in April 1933, and 100 cents in 1923.
Food prices advanced 1.7% from July to August to a level 4.8% higher
than in August 1933, but 30.3% lower than in August 1929.
Rents were 1.1% higher in August than in July and 3.5% higher than in
August 1933, but 28.9% lower than in August 1929.
pi Clothing prices increased 0.3% from July to August, which made them
10.3% above those in August 1933. but 22.4% lower than those in August
1929. From July to August men's clothing prices rose 0.2%; women's
clothing prices rose 0.3%. Since last year, however, the advance in clothing prices has been more marked in men's than in women's clothing prices,
the former increasing 14.8% and the latter. 5.7%.
Coal prices went up 1% from July to August, 6.1% above the August
1933, level, but 5.7% below that of August 1929.
The cost of sundries declined 0.2% owing to a reduction in tobacco
prices. Since August 1933, the cost of sundries has increased 0.5%. but
it is still 6.2% lower than in August 1929.
Item
-
Relative
Importance
in
Family
Budget
Index Number of
the Cost of hiving
Average Prices
1923=100
August
1934
July
1934
Per Cent
Inc. (-I-) or
Dec.(-)ftom
July 1934 to
August 1934
75.2
76.5
+1.7
Foods
33
Housing
65.4
64.7
+1.1
20
77.2
77.0
Clothing
+0.3
12
. Men's
80.5
80.7
+0.2
Women's
73.7
73.5
+0.3
,Fuel and light
86.9
86.4
+0.6
5
Coal
84.9
84.1
+1.0
r Gas and electricity
91.0
91.0
0
Sundries
92.3
92.5
-0.2
30
Weighted average of all items_ _
79.6
79.1
+0.6
100
* Based on food price index of the United States Bureau of Labor Statistics as of
Aug. 14 1934 and July 17 1934.
0
-Industrial Employment in Ohio Declined Further
During August According to Ohio State University
The Bureau of Business Research of the Ohio State
University reports that "the decline in employment in
Ohio industry which started in June and ran through July
continued into August. The August decline, however,"
the Bureau said, "was less than the usual seasonal change
from July and marked a slowing up of the July trend.
August 1934, employment was 7.9% above the corresponding
month a year ago." Under date of Sept. 9 the Bureau also
reported:
The 1.3% decline in employment was largely centered in the manufacturing industries, in which employment fell off 1.5%. Six of the 11
major classes of manufactures declined In August from July. Five groups
chemicals, food products, machinery, textiles, and miscellaneous manufacturing-recorded increases in employment in August from July. In
each of these groups the improvement was either of greater proportions
than the average for the month for tho last five years or was in contrast
with a seasonal decline. In the non-manufacturing industries, employment
Increased 0.8% against a usual seasonal decline of 1.4%. The construction
industry, which is small as compared with the other groups, employed
11% fewer persons in August than in July.
Industrial employment changes were rather irregular among the eight
major cities in the State. Pour cities showed declines, while the other
four showed increases. Cincinnati, Dayton, Toledo, and Akron registered
declines of approximately seasonal proportions. Cleveland, Canton, Youngstown, and Columbus showed increases although the usual seasonal trend
Is downward in each. All cities except Youngstown showed increases for
August 1934 over August 1933. Employment outside of these eight cities
declined 1.8%.
Decrease of 16,537 from May to June Estimated in
Employment in Lumber and Timber Products
Industries
Estimated total employment in the lumber and timber
products industries dropped to 397,185 in June from 413,722
1617
Financial Chronicle
Volume 139
in May, as shown by data prepared for the Lumber Code
Authority by the National Lumber Manufacturers Association. These totals were computed by use of production
ratios from actual reports made by 4,780 identical firms for
the two months. Under date of Aug. 31 the Association
further announced:
April total employment under the Lumber Code, previously estimated
as 386.000. should be revised to at least 390,000 to include code groups
organized in April and participating in the employment report for May
June.
Employment in June was affected by the decline in demand for lumber
due to anticipation of the reduction in mill prices which became effective
July 20 and by the longshoremen's strike on the Pacific Coast. The strike
seriously affected operations in the Douglas Fir region, the output of
lumber there dropping from 416.000,000 feet in May to 213.000,000 in
June and causing the number of logging and sawmill employees to drop from
52,554 to 38,620.
May and June production and shipments of lumber compared as below,
according to preliminary figures.
Production.
Shipments.
1,588,465,000 ft. 1,482,926,000 ft
May
1,351,647,000 ft. 1,145.804.000 ft:
June
The total shipments declined more than total production, and the
greatest decrease in production was in the Pacific northwest.
Lumber Production During Five Weeks Ended Sept. 1
1934 11% Below Corresponding Period of 1933
-Orders Received Higher
Shipments Off 6%
We give herewith data on identical mills for the five weeks
ended Sept. 1 1934 as reported by the National Lumber'
Manufacturer's Association on Sept. 11:
An average of 655 MiTh3 reported as follows to the National Lumber
Trade Barometer for the five weeks ended Sept. 1 1934.
Production
(In 1,000 Fed)
1934
Softwoods
Hardwoods
Total lumber
1933
Shipments
1934
I
1933
Orders Re
rceivcd..
1934
1933
834,797 902,121
61,240 101,875
858,407 867,584 810,947 686,885
55,933 84,823
59,314 104,092
896,037 1,003,996
917,721
971.676
866.880
771,708
Production during the five weeks ended Sept. 1 1934 was 11% below
that of corresponding weeks of 1933, as reported by these mills and 58%
above the record of comparable mills during the same period of 1932.
The 1934 softwood cut was 7% below that of the same weeks of 1933
and hardwood cut was 40% below that of the 1933 period.
Shipments during the five weeks ended Sept. 1 1934 were 6% below
those of corresponding weeks of 1933, softwoods showing loss of 1% and
hardwoods of 43%.
Orders received during the five weeks ended Sept. 1 1934, were 12%
above those or corresponding weeks of 1933 and 6% above those of corresponding weeks of 1932. Softwoods showed gain of 18% as compared
with similar period of 1933; hardwoods, loss of 34%•
On Sept. 11934, gross stocks as reported by 1.570 mills were 5.004,197.000
feet. As reported by 558 mills stocks were 3,249.808.000 feet, the equivalent
of 155 days' average production of reporting mills, as compared with
2,846,431,000 feet on Sept. 2 1933, the equivalent of 136 days' production.
On Sept. 1 1934, unfilled orders as reported by 1,570 mills were 756.759,000 feet. As reported by 569 mills, unfilled orders were 535,126,000
feet. the equivalent of 25 days' average production as compared with
458,360,000 feet on Sept. 2 1933. the equivalent of 21 days' average production.
Holiday Week Lowers Lumber Movement
During the holiday week ended Sept. 8 1934, lumber
orders, shipments and production were below those of recent
weeks, receding to early July levels, 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
Sept.8 were from 1,348 mills whose production was 172,883,000 feet; shipments, 167,957,000 feet; orders, 159,391,000
feet. Revised figures for the preceding week were mills,
1,371; production, 191,753,000; shipments, 214,040,000 feet;
orders, 194,699,000 feet. The Association further reported
in part as follows:
Southern Cypress was the only softwood region to report orders above
production during the week ended Sept. 8, total softwood orders being 11%
below production. Hardwood orders were 22% above hardwood output,
all regions but North Central reporting excess. All regions except West
Coast reported orders below those of corresponding week of last year. Total
orders as shown by identical mills were 2% below those booked during
similar week of last year, softwoods showing gain of 2%, hardwoods, loss of
25%. Production was 7% below that of last year and shipments were 3%
above the 1933 week.
Unfilled orders on Sept. 8 as reported by 1,650 mills totalled 762.496,000
feet and gross stocks, 5,420,636,000 feet. As reported by 603 mills, unfilled
orders were 538,635,000 feet or the equivalent of 22 days' average production
on Sept. 8 1934, as compared with 485,513,000 feet on Sept. 9 1933. the
equivalent of 20 days' average production.
Forest products carloadings totalled 21,725 cars during the week ended
Sept. 1 1934, an increase of 220 cars over the preceding week; 4,179 cars
below the same week of 1933 and 5.301 cars above similar week of 1932.
Lumber orders reported for the week ended Sept. 8 1934, by 940 softwood
mills totaled 141,205,000 feet; or 11% below the production of the same
mills. Shipments as reported for the same week were 151.252,000 feet, or
4% below production. Production was 157,944,000 feet.
Reports from 446 hardwood mills give new business as 18,186,000 feet, or
22% above production. Shipments as ieported for the same week were
16.705.000 feet, or 12% above production. Production was 14,939.000 feet.
Unfilled Orders and Stocks
Reports from 1650 mills on Sept. 8 1934, give unfilled orders of 762,496.000 feet and gross stocks of 5,420,636,000 feet. The 603 identical mills
report unfilled orde,s as 538,635.000 feet on September 8 1934. or the
Financial Chronicle
1618
equivalent of 22 days' average production, as compaaed with 48,551300
feet, or the equivalent of 20 days' average production on similar date a
year ago.
Identical Mill Reports
Last week's production of 428 identical softwood mills was 141,426,000
.
feet, and a year ago it was 144,061.000 feet; shipments were respectively
136,006,000 feet and 127,508.000; and orders received 124,874,000 feet and
122,774,000 feet. In the case of hardwoods. 271 identical mills reported
Production last week and a year ago 12,442,000 feet and 21,209,000; shipments 13,492,000 feet and 17,622,000 and orders 12,961.000 feet and
17,229,000 feet.
167,407 Motor Vehicles Produced by Auto Chamber
Members in August.
August motor vehicle production by members of the National Automobile Chamber of Commerce was estimated at
167,407 units in a report released to-day by the Chamber.
This represented a decrease of 14% under the preceding
month and 3% under the corresponding month a year ago.
Eight months'production was estimated at 1,640,230 units
an increase of 42% over the same period last year and 10%
over the total output of Chamber members for the entire
year in 1933.
The Chamber estimate which includes the output of all but
one major producer in the industry is based upon reports of
factory shipments. Comparative figures on motor vehicle
production by the Chamber members is summarized below:
Aug. 1934
July 1934
Aug. 1933
167,407 Eight months 1934
194.347 Eight months 1933
173.172
1,640,230
1,155.429
Colombia Coffee Exports Increased During First Six
Months of Year as Compared with First Half
of 1933
Exports of coffee from Colombia during the first six
months of this year totaled 1,877,219 bags of 60 kilos each,
compared with 1,092,779 bags during the corresponding
period of last year, an increase of 184,440 bags, American
Commercial Attache Clarence C. Brooks, Bogota, has reported to the United States Department of Commerce.
Under date of Sept. 10, the Commerce Department announced:
During the six-month period of this year the United States absorbed
1,548,398 bags of Colombian coffee compared with 1,493,992 bags during
the six months of 1933, statistics show.
Other first-ranking foreign markets for Colombian coffee, as shown by
the report, with comparisons for 1933, were Germany, 69,223 bags against
148,813 bags; Holland, 39,758 bags against 45,463 bags; France, 34,510
bags against 57,251 bags; Canada, 19,445 bags against 19,442 bags; Great
Britain, 10,202 bags against 8,956 bags, and Sweden, 4,581 bags against
20,548 bags.
Increase of 22,000 Long Tons Noted in Exports of
Sugar by Java During August Over Year Ago.
Javan exports of sugar during the month of August 1934
amounted to 105,000 long tons according to a cable received
by B. W. Dyer & Co., sugar economists and brokers, from
their Semarang correspondent. This figure compares with
83,013 tons exported by Java during August 1933, an
increase of approximately 22,000 tons. The firm said that
exports for the first five months of the present Javan campaign (April 1 to Aug. 31) amounted to 422,010 tons compared with 466,416 tons exported during the corresponding
period of 1933, or a decrease of 44,406 tons.
Chadbourne Sugar Plan Expected to Expire by Limitation According to B. W. Dyer Because of Inability
to Arrive at Compromise
Divergent aims held by various European sugar producing
countries, both in and out of the International Sugar Agreement, have made most of the continental sugar men pessimistic regarding a continuation of the Agreement according
to B. W. Dyer of B. W. Dyer & Co., sugar economists and
brokers, who recently returned from a tour of Europe. The
agreement, more popularly known as the Chadbourne plan,
expires by limitation in 1935. Mr. Dyer says that the consensus of those with whom he talked is that the agreement will
be permitted to expire due to inability to arrive at a compromise which would permit renewal.
A meeting of the conference of the agreement was held in
July and then adjourned until October. Germany did not
send representatives to this meeting, and this fact is accepted,
according to Mr. Dyer, as indicative of Germany's unwillingness to longer accept a limitation of exports. British India,
Cuba, and Java, are other countries which are not expected
to be able to meet on any common grounds of agreement.
Mr. Dyer added:
Opinions expressed to me by various sugar men in Europe indicated that
the International World Agreement would expire by limitation. In regard
to the possibility of getting all countries into the agreement, considerable
Sept. 15 1934
doubt was expressed that there was any really serious possibility of getting
British India to forego her program of sugar expansion and come within the
International agreement. As for the possibility of the present countries
continuing the agreement beyond 1935. the consensus seems to be that
there is no chance for a compromise of views between Cuba and Java.
844,480 Short Tons of Sugar Shipped to United States
From Jan. 1 to Sept. 8 by Cuba-Direct Consumption Sugar Shipments to United States Nearing
Quota
Cuban sugar shipments to the United States from Jan. 1
to Sept.8,amounted to 844,480 short tons raw value, according to advices received by the New York Coffee & Sugar
Exchange. The Exchange announced Sept. 12 that the
shipments represent 44.4% of the 1,902,000 tons alloted for
use in the United States from Cuba during 1934, under the
Costigan-Jones Sugar Act. The Exchange added:
Cuban shipments to the world amounted to 1.299389 long tons during
the same period, or, comparatively, 57.3% of the 2,270.000 tons produced
so far this year.
As only one mill is still active of the 135 sugar centrals used in grinding
this year's crop, the total production can be estimated at very close to
2,275,000 tons,some 40,000 tons or 2% less than the decreed maximum crop
figure, 2,315,459 tons.
The Agricultural Adjustment Administration announced
Sept. 10 that between Jan. 1 1934 and Sept.8 1934, a total of
300,000 short tons, raw value of Cuban direct consumption
sugars had been withdrawn from bonded warehouse or imported for consumption, leaving a balance of approximately
118,000 short tons, raw value, remaining on the 1934 quota
for Cuban direct consumption sugars of 418,385 short tons,
raw value, established under the Costigan-Jones Act. The
Costigan-Jones Act specifically limits imports of direct
consumption sugar from Cuba to 22% of the total quota
established for Cuba.
Sugar Exports of Cuba Show Decrease of 6.7% From
Jan. 1 to Sept. 8 as Compared With Same Period
Last Year
Exports of Cuban sugars since the beginning of the year to
Sept. 8 totaled 1,404,543 long tons raw sugar value as compared with 1,504,819 tons during the similar period last year,
a decrease of 100,276 tons, or approximately 6.7%, according
to advices received by Lamborn & Co. Under date of Sept.
12 the firm said:
To the United States there were shipped 829.952 tons as against 958.945
tons for the same period in 1933, a decrease of 128,993 tons or approximately
13.4%. The shipments to Sept.8 this year approximate 48.9% of the quota
allocated to Cuba by the United States Agricultural Adjustment Administration.
To other destinations, principally United Kingdom, France, and Canada,
the exports amounted to 574,591 tons, as contrasted with 545,874 tons
shipped during the same period last year, an increase of 28,717 tons or
approximately 5.3%.
As to shipments by Cuba during the week ended Sept. 8
the firm announced:
Cuban exports ofsugar during the week ended Sept. 8 amounted to 59,455
long tons, raw sugar value, of which 28,419 tons went to the United States,
26,484 tons to the United Kingdom, 3,704 tons to France, and 848 tons to
Belgium. During the corresponding week in 1933, the shipments totaled
25,704 tons, of which 22,642 tons went to the United States, and 3,062 tons
to the United Kingdom.
Puerto Rican Sugar Shipments to United States Exceed
Quota Fixed Under Costigan-Jones Act-831,276
Short Tons, Raw Value, Shipped From Jan. 1 to
Sept. 8
Shipments of sugar from Puerto Rico to the United States
from Jan. 1 to Sept. 8 totaled 831,275 short tons, raw value,
according to advices received by the New York Coffee and
Sugar Exchange. This total exceeds, by 28,433 tors, the
amount fixed, under the Costigan-Jones Act, for use by the
United States during 1934. The excess sugars are being held
in bond here for release after Jan. 1 1935. The Exchange,
on Sept. 10, further announced:
The amount shipped in refined state, 95.883 short tons (raw value). is
37.236 tons less than the alloted amount, while shipments of raws totaled
735.392 tons, compared with a total of only 669,723 tons allowable if the
refined allotment had been filled.
As there were no shipments at all during the week ending Sept. 1 and only
605 tons of refined to New York during the week ending Sept. 8, the trade
is of the opinion that the balance of the current crop, as yet unshipped,
which is estimated at about 200,000 tons, will be stored on the island rather
than in this country, until 1935. Comparatively, shipments of raw this
year to date exceed the 1933 shipments for the same period by 120,228 tons,
or an even 20% while refined shipments show a gain of 6,964 tons or 7.8%.
The quota allotted to the Philippines under the Act for
shipments to the United States has also been exceeded;
reference thereto was made in our issue of June 30, page 4368.
Excess quota sugar is permitted to enter the United States
providing an equivalent amount of sugar already entered is
turned over to the custody of any collector of customs. A
ruling to this affect by the Secretary of Agriculture was
referred to in our columns July 21, page 349.
Volume 139
Financial Chronicle
1619
about the operation of the plan will be immediately heard
by the PAB. All decisions of this Committee are subject
to the Oil Administrator's approval.
The plan, originally sponsored by the industry itself
through the Planning and Co-ordination Committee, which
acts as a liason unit between the industry and Federal oil
authorities, calls for purchases during the first month of its
operation of approximately 1,700,000 barrels of gasoline
with an estimated total of about 1,250,000 barrels in the
following months. The discrepancy between the first
month and succeeding months is due to the fact that there
are several large cargoes of gasoline now overhanging the
markets which condition is not expected to continue in the
following months. The Department of Justice is reported
to have approved the plan.
At the time, Mr. Ickes increased the national allocation
of gasoline for October to 33,690,000 barrels from 32,380,000
RAW SILK AT NEW YORK AND HOBOKEN PUBLIC WAREHOUSES-.
barrels in the current month, explaining that this was due
SEPT. 1
in part to the fact that October had one more day than
(Figures in Bales)
September and also in keeping with the revised gasoline
Japan Europe Russia Canton Shanghai Total
At warehouses, Aug. 1
1,641
2,360
59,769 1,668
830 66,268
purchasing plan. Under the plan, refiners selling gasoline
Imported.August_z
110
334 28.673
69
28,078
82
to the major companies have to promise to obey all provisions
Total
1,710 2,470 1,164 94,941
87,847 1,750
At warehouses. Sept. l_y
52,940 1,410 1,504 2,103
737 58,694
of the petroleum code and to observe all State and Federal
x Approx. deliveries to mills
production and refining regulations. In addition, the comduring August
206
340
34.907
367
427 36,247
panies have to agree to supply all reports requested by
SUMMARY
State and Federal oil authorities and keep their books open
for inspection by these groups.
Imports During the Month
In Storage at End of Month.
The plan is designed to meet a condition in the bulk gaso1934
1932
1934
1933
1932
1933
line markets east of the Rocky Mountains which has proJanuary
27,976
83,820
53,114
69,747
52,238
62,905
gressed in recent weeks to the point where it was proving a
February
29,808
60,459
53,574
74,607
23,377
70,570
March
32,301
62,828
43,814
38,866
22,289
62.675
serious menace to the stability of the crude oil-price structure,
April
35,647
30,953
61,083
41,134
43,038
57.849
May
38,717
34,233
61,060
40,125
44,238
59,159
it was pointed out. Bulk and retail gasoline prices in the
June
31,355
31,057
59,048
33,933
47,435
53,048
July
affected areas have been easy and reductions have been
39,241
51,684
36,055
66,268
62,348
50,721
August
61,412
28,673
55,515
58,694
46,683
52,228
posted in many sections with further downward revisions
September
56,859
73,800
49,470
49,393
October
58.775
93,625
48,346
54,465
an early prospect.
November
47,422
91,122
32,319
57,932
December
45,453
32,623
96,786
On the basis of the prices set by Administrator Ickes for
62,837
crude oil originally scheduled to be effective Dec. 1 1934,
Total
263,420 503.376 547,195
Monthly average._ 32,928
65,926
45,560
41,948
62.804
57,815
only to be abandoned before that date, the basic minimum
prices for 36 degree gravity Mid-Continent crude was set
Approximate Amount of Japan
Approximate Deliveries
Silk in Transit at Close
at $1.11 a barrel on which basis the price of 60-64.0 octane
to American M ills.x
Of Month
gasoline in the Mid-Continent area and on the Gulf Coast
1932
1934
1934
1933
1933
1932
was set at 63 cents a gallon. Current prices for 36 gravity
January
32,200
58,793
25,700
40,942
46,204
48,500
crude is $1, with 63-70 octane gasoline in the Mid-Continent
February
45,909
37,600
28,100
31,000
39,021
32,665
March
41,000
39,100
46,761
44,080
38,934
28,800
area at 43' cents a gallon.
April
35,779
38,400
37,392
41,910
40,200
34,800
May
32,923
33,200
47,151
38,740
42,300
30,800
Regulations issued by the Bureau of Internal Revenue on
38,600
June
37,466
41,500
33,069
53,627
31,100
July
38,382
38,000
32,021
44,597
38,600
43,200
Tuesday ordered all producing and refining companies to
August
59,905
54,200
48,800
42,852
36,247
43,400
open all books and records to both Federal and State tax
September
59,694
48,300
31,185
42,800
October
53,703
28,521
37,100
44.700
collection and production regulation groups under the
November
43,955
34,822
37,200
50,200
December
40,548
27,200
26,959
51,400
authority conferred by the "hot oil" provisions of the
Total
553,818
301,512 469,427
Revenue Act of 1934, which imposed a tax of 1-10th cent a
Monthly average.. 37,690
46,151
39,150
39,119
37,842
40,058
barrel on production and a similar tax on refining of crude
x Manifests 31-32; 123-124 inclusive. y Includes 4,260 bales Commodity Exchange certified stock and 958 bales at Terminals. z Includes re-exports.
oil. The regulations were drawn up with the co-operation
of the Petroleum Administrative Board.
In addition to this, officers of the Internal Revenue
Petroleum and Its Products-Administrator Ickes Bureau were granted broad powers in making actual inspecApproves Extended Gasoline Purchasing Pact
- tions of company property and in inspecting pipe line conGovernment to Check Oil Companies' Books nections. The companies must also furnish these
officers
-Texas Refiners Win Court Decision Over Commission-Federal Oil Body Revises Shipping Rules with all requested detailed statements and maps showing
the companies' properties. Certain methods in compiling
-Crude Oil Output Dips
A three-fold program sponsored by Federal and State reports for the State and Federal authorities are ordered not
oil control authorities gathered momentum this week as only for producers but also for purchasers.
Bond requirements of $500 not only require that the
new plans and additional regulations strengthened the position of the two groups in their efforts to re-establish the companies pay all taxes but also keep their records in the
manner ordered in the regulations. On failure to make
petroleum industry on a stable basis.
First in importance was the formal approval of the plan bond, a producer or purchaser is liable to a fine of $1,000.
to extend the East Texas marketing agreement to include Other penalties provided in the regulations include the
all markets east of the Rocky Mountain area, which is cur- addition of 25% of the tax for failure to file returns while
rently operating under a similar pact. Second was rules false or fraudulent returns are punishable by a penalty of
and regulations drawn up by the Bureau of Internal Revenue 50% of the tax. The penalties provided in the revised
and the Petroleum Administrative Board whereby oil com- Criminal Code, Section 35, which will permit a maximum
panies have to give all Federal and State tax collection and fine of $10,000 and (or) ten years' imprisonment also are
oil production regulatory bodies access to their books. applicable to the regulations governing the tax returns, it
Third,in Texas, a temporary defeat suffered by the Railroad was stated.
Commission in an adverse court decision was quickly erased
A decision handed down last Saturday by the State.
through the quick co-operation of the Federal Oil Administra- District Court in Austin ruling that the Texas Railroad
tion in reyising Government rules covering the disputed Commission had no power under the Conservation Act
regulating oil production to issue and enforce its orders as
point.
Creation of a sub-committee composed of members of the to crude oil products was quickly followed by revision of
Planning and Co-ordination Committee to be known as the Federal regulations governing inter-State shipments of crude
"Program Committee" to handle the gasoline purchases was and refined petroleum products which closed the loophole
disclosed by Mr. Ickes in his announcement. In pointing afforded by the State Court ruling in inter-State shipments
to the safeguards taken to prevent any danger of monopolistic of such cargoes.
trends developing, he stated that all records of the subTemporary injunctions obtained by Attorney-General
committee must be open for inspection while any complaints Allred against 31 East Texas refiners and four railroads
August Raw Silk Imports into the United States
Lower Than Preceding Month-Deliveries to
American Mills Higher
Raw silk imports into the United States during August
totaled 28,673 bales according to the monthly report of the
National Federation of Textiles, Inc. This compares with
39,241 bales imported during July and 46,683 bales during
August 1933.
Raw silk in storage at warehouses totaled 58,694 bales on
Sept. 1 as against 66,268 bales Aug. 1. On Sept. 1 1933
55,515 bales were in storage.
Deliveries of raw silk to American mills during August 1934
were 36,247 bales, or 6,605 bales under the same month of
1933. July deliveries totaled 32,021 bales.
Approximately 54,200 bales of raw silk were in transit at
the end of August. The National Federation of Textiles,
Inc. further reported as follows:
1620
Financial Chronicle
seeking to restrain them from handling refined products
which had not been approved by the Commission were
dissolved by the Court. The State appealed the decision.
With Texas oil men pointing out that the Court's ruling
left the way open for shipments of gasoline produced from
"hot oil" without any effective check due to certain loopholes in the Federal regulations, Administrator Ickes, notified
of the situation, was quick to issue revised regulations.
Under the revised rules, issued Tuesday, all shippers of
gasoline and other crude oil products are to sign affidavits
certifying that they were not manufactured from crude oil
produced or withdrawn from storage in violation of any
State law or order of a State regulatory body. The new
regulation applies only to inter-State and foreign commerce.
The penalty for a false affidavit is $10,000 and (or) ten years'
imprisonment. Any carrier accepting an inter-State shipment without the affidavit is liable to a penalty of 8500 or
six months imprisonment.
Texas oil men, however, had swung into action on Monday, when it was reported that Governor Miriam A. Ferguson had been requested to submit to the special session of
the Legislature, now sitting, the proposal to amend the State
Conservation Act so as to extend the authority of the Railroad Commission to require that no shipments of gasoline
shall be permitted by pipe line, rail or motor truck without
the granting of a permit by the Commission. The Commission placed "hot oil" production in the East Texas field at
around 41,000 barrels daily, compared with unofficial estimates of around 75,000 barrels daily.
Daily average crude oil production last week exceeded the
Federal allowable of 2,341,700 barrels, although it dipped
17,700 barrels to 2,404,450 barrels, reports to the American
Petroleum Institute disclosed. In the like week last year,
production reached 2,691,950 barrels, the report pointed out.
The American Petroleum Institute compilation does not include "hot oil."
Oklahoma was the only major oil producing State to hold
production within the Federal limits, output dropping 43,650
barrels to 416,900, against an allowable of 461,000 barrels
ordered by Administrator Ickes for September. Despite a
dip of 850 barrels in Texas output, the total of 1,003,550 was
over the 968,400-barrel level set in Federal regulations while
California production mounted 42,200 barrels to 502,600
barrels, approximately 45,000 barrels over the State's
September allowable.
A total of 282 plans for the orderly development of newlydiscovered fields have been approved by the Federal Oil
Administration to Sept. 1, it was disclosed in statements
issued in Washington by the PAB.
Rumors which had received wide circulation in oil circles
that Nathan R. Margold would be replaced as Chairman of
the Petroleum Administrative Board in a general shakeup
of that group were denied by Administrator Ickes in a statement issued in Washington Thursday.
At the same time, the Administrator disclosed that he had
disapproved the plans for a change in the Petroleum Labor
Policy Board suggested by Harvey Fremming, Head of the
Oil and Gas Field Workers' Union on the grounds that it
would, in the end, amount to "nothing more than a one-man
committee."
Mr. Fremming had suggested to Mr. Ickes that a board of
five members be established, with two members representatives of the employers,two of the employees and one impartial
member to represent the public. Mr. Ickes, in announcing
that he favored a board composed of three impartial members,
pointed out that other labor boards are following similar
action.
A ruling issued by the Planning and Co-ordination Committee Thursday specifically defining stripper oil wells (which
are exempt from the labor provisions of the code concerning
maximum hours and minimum wages) read as follows:
"The wells in any group of wells, upon a single lease or
group of leases within a single pool, operated by the same
• pumper or pumpers, and which do not return in aggregate
gross income from the working interest, over a six-month
period (said period to begin on April 1 and Oct. 1 of each
year), an atnount in excess of 40 cents per day per 100 feet
in aggregate depth of the wells in such groups, are declared
to be stripper wells.
"Any such group of wells, as above described, which do not
return from the working interest, an average gross income
exceeding $4 per day per well during such six months' period,
shall be considered stripper wells, regardless of the average
depth of such wells."
Sept. 15 1934
The final settlement of the dispute between union em'•
ployees and the Indiana Territory Illuminating Oil Co. over
wages and working conditions was effected Monday with the
signing of a 1-year contract between the company and
employee members of the International Association of Oil
Field, Gas Well and Refinery Workers of America. Under
the contract, the employees gain vacations, higher wages and
arbitration of disputes and other conditions bearing upon
employee-management relations.
There were no price changes during the week.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown.)
$1.00
$2.55 Eldorado, Ark.. 40
Bradford, Pa
1.08
1.32 Rusk, ex., 40 and over
Corning, Pa
.87
1.13 Darst Creek
Illinois
1.02
1.08 Midland District, Mich
Western Kentucky
1.35
Mid-Cont., Okla.,40 and above..._ 1.08 Sunburst, Mont
.81 Santa Fe 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
.75 Petrolia, Canada
Winkler, Tex
.70
Smackover. Ark.. 24 and over
REFINED PRODUCTS—RETAIL GAS PRICES BREAK IN NEW
YORK—NEW ENGLAND MARKETS—STANDARD OIL OF
INDIANA READJUSTS CHICAGO PRICES—REFINERY RUNS
LOWER—MOTOR FUEL STOCKS OFF
Reductions in retail gasoline prices in the New YorkNew England marketing areas despite the announcement of
the extension of the East Texas purchasing plan to all markets
east of the Rocky Mountains in an effort to absorb distress
gaslline stocks and strenghten the sagging price structure
featured developments in the Nation's refined products
markets this week. Some strengthening of the Gulf Coast
market developed late in the week, however, under the
stimulant of the new purchasing pact.
The breaks in the New York marketing section have been
confined mainly to up-State cities as yet. In the local market, the retail strucutre is holding fairly firm although price_
cutting has spread somewhat in Brooklyn with some distributors offering gasoline at 2 cents under the regular market
level.
Reductions up-State started Tuesday when service station and tank-wagon prices were reduced M-cent a gallon at
Albany and Troy with fractional cuts effective in Saratoga
-cent a gallon
and Schenectady. In New England, where a 4
cut was posted in New Bedford late last week, further reductions developed as price-cutting spread throughout the entire
area. Tuesday saw New London prices dip M-cent a gallon
with a similar reduction posted at Worcester, Mass., and
prices in Vermont suffering downward adjustment in practically all major marketing sections of the State.
The price weakness in the New England area spread to
Maine Wednesday when service station and tank-wagon
prices of gasoline were slashed 3.2 cents a gallon at Portland
and 13, cents a gallon at Augusta. Prices at Manchester
were off 1-cent a gallon. Further reductions are in view,
trade circles believed as the week ended.
The one bright spot in the Eastern marketing areas was
the restoration of the 53 cents a gallon cut in service station
and tank-wagon prices at Wilimngton, Del., Tuesday as the
price war in progress there was ended. Prices in that area
had been unfavorably affected by the weakness of the
Washington markets and the sharp slash developed a short
time ago when price-cutting competition endangered the
gallonage of the major companies.
The Mid-Western gasoline markets shared in the general
weakness with the Standard Oil Co. of Indiana posting
reductions of from fractions of a cent to as much as 2 cents
in some sections of its marketing area in a widespread
readjustment of the company's price list, effective Sept. 11.
In some sections, however, no changes were necessary, due
to previous price cuts.
The move, affecting outlets in Michigan, Indiana, Illinois,
Wisconsin, Minnesota, Iowa, Missouri, Kansas, South
Dakota, North Dakota and Oklahoma, was attributed by
company officials to the need to eliminate price inequalities
resulting from widespread local price wars. The adjustment
will involve the reduction of the normal spread between
third grade and standard grades from 13 cents to 1 cent,
-cent spread between standard and premium
while the 2
grades remains unchanged. In the metropolitan Chicago
area the result of the adjustment was to lower prices 3 -cent
on premium and standard grades.
In the local market bulk gasoline prices showed no change,
although the widespread reductions in the retail field created
an uneasy sentiment in distributing circles. Other refined
products showed no change in prices, with fuel oils strengthening somewhat on the basis of the normal seasonal rise
in trading interest as the season of heavy consumption
Volume 139
draws near. Kerosene was aided by this seasonal development and inquiries were reported to be broadening.
A cut of 3 cents a gallon in retail gasoline prices posted
in Oklahoma County, Okla., late last week by the Phillips
Petroleum Co. brought forth a bitter protest from a large
group of independent refiners and distributors to Administrator Ickes, who was asked to force the company to restore
prices to the former level. The independents, who said
that they could not continue to handle gasoline which
could only be sold at a loss, and continue to operate under
NRA regulations, charged that the action of the Phillips
company was designed to "bankrupt and close up every
independent operator in the county."
A sharp break in refinery operations was disclosed in the
American Petroleum Institute report for last week, which
showed a drop of 3.8% to 66.2% of capacity. Reporting
plants ran an average of 2,232,000 barrels of crude to stills
daily, off 129,000 barrels from the previous week. Stocks
of motor fuel dipped 285,000 barrels to 45,452,000 barrels.
The lower refinery rate was laid to the need for cutting
down operations to keep output in line with the gasoline
production allowables set by the Oil Administration for
September, while it was also pointed out that the seasonal
trend at this time is toward decreased production.
Price changes follow:
-Retail gasoline prices were cut 4 cents a gallon at New Bedford,
Sept. 7.
Mass.
-Retail gasoline prices were cut 34-cent a gallon at Albany
Sept. 11.
and Troy with fractional cuts effective at Saratoga and Schenectady.
-Retail gasoline prices at New London and Wooster. Maas.,
Sept. 11.
were lowered 34-cent a gallon with fractional downward adjustment
being posted throughout Vermont.
-Retail gasoline prices were advanced 534 cents a gallon at
Sept. 11.
Wilmington, Del.
Sept. 11.
-Standard Oil of Indiana posted readjustments in its retail
gasoline price structure throughout its marketing area which necessitated
reductions of from fractions of a cent to 2 cents a gallon. In Chicago
standard and premium grades were cut 34-cent a gallon.
Sept. 12.
-Service station and tank wagon prices of gasoline were cut
3.2 cents a gallon at Portland, 11i cents a gallon at Augusta and 1 cent
a gallon at Manchester.
New York
Atlanta
Boston
Buffalo
Chicago
Cincinnati
Gasoline, Service Station. Tax Included
.18
Minneapolis
$.175
Cleveland
21
I New Orleans
.22
Denver
Philadelphia
18
.14
Detroit
18
San Francisco
185
Houston
St. Louis
20
.173
Jacksonville
18
.18
Los Angeles
169
$ 15
175
.185
17
Kerosene, 41-43 Water White, Tank Car, F. 0. B. Refinery
03-.0314 New Orleans...S.0434,0454
New York:
North Texas
(Bayonne)_ $.05-.05Si Los Angeles _ _ _ .04 Si-.05 Si Tulsa
.0334-.0334
Fuel 0 1, F. 0. 13. Refinery or Terminal
Gulf Coast C
N. Y.(Bayonne):
$S5
California 27 plus D
$1.05-1.20 I Phila, bunker C.-- 1.30
Bunker C
$1.30
Diesel 28-30 D.-. 1.95 New Orleans C...._ .95-1.10
Gas Oil, F. 0. B. Refinery or Terminal
N. Y.(Bayonne):
Tulsa
$ 02-.0214
IChicago:
27 plus
5.0434-05' 32-36 GO ---$.02,02)4
S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F. 0. B. Refinery
Standard Oil N.J.:
Sinclair Refining- .0651
N. Y.(Bayonne):
Motor, U. S--- .0034
5 04S4-.04)4
Shell Eastern Pet-$.0635 Chicago
New Orleans
62-63 octane__ .0634 New York:
.0434
Los Angeles. ex.0434-.04 Si
:Stand. 011N. Y. .0634
Colonial-Beacon _
*Tide Water 011 Co .06)4
z Texas
0691 Gulf ports ----.0534-0591
:Richfield 011 (Cal.) .07
0691 Tulsa
.0434
Y Gulf
Warner-Quin. Co- .07
0691
Republic Oil
"Golden." z "Fire Chief," $0.07. •Tydol, $0.07. y "Good Gulf.'
Richfield
$0.073'l. z "Mobilgas."
Crude Oil Production Off 17,700 Barrels During Week
Ended Sept. 8 1934-62,750 Barrels Above Federal
Quota-Inventories of Gas and Fuel Oil Higher
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Sept. 8 1934 was 2,404,450 barrels, a decrease of 17,700
barrels from the total output of the previous week. The
output for the week under review, however, exceeded the
new Federal allowable figure which became effective Sept. 1
by 62,750 barrels. The daily average production for the
four weeks ended Sept.8 1934 was 2,452,500 barrels as against
a daily average output of 2,691,950 barrels for the seven
days ended Sept. 9 1933. Further details as reported by
the Institute follow:
Imports of crude and refined oil at principal United States ports totaled
580,000 barrels for the week ended Sept. 8, a daily average of 82,857 barrels
compared with a daily average of 136.571 barrels for the week ended Sept. 1
and 106,286 barrels daily for the four weeks ended Sept. 8.
Receipts of California oil at Atlantic and Gulf Coast ports totaled 1.024.000 barrels for the week, a daily average of 146,286 barrels, compared with
a daily average of 78,714 barrels over the last four weeks.
Reports received for the week ended Sept. 8 1934 from refining companies
owning 89.7% of the 3,760,000 barrels estimated daily potential refining
capacity of the United States, indicate that 2.232,000 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, 28,038,000 barrels of finished
gasoline; 5.547,000 barrels of unfinished gasoline and 115.340,000 barrels
of gas and fuel oil. Gasoline at bulk terminals, in transit and in pipe lines
amounted to 17,414,000 barrels.
Cracked gasoline production by companies owning 95.6% of the potential
charging capacity of all cracking units, averaged 479,000 barrels daily
during the week.
1621
Financial Chronicle
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Average
Actual Production.
Federal
4 Weeks
Agency
Allowable Week End, Week End, Ended
Sept. 8
Sept. 1
Sept. 8
Effective
1934
1934
1934
Sept. 1
Week
Ended
Sept. 9
1933
416,900
120,950
468,000
129,500
513,850
127.400
59,800
60,950
27,100
154,850
51,800
414,850
47,650
57,400
58.700
60,600
27,100
154,100
52,450
414,100
47,450
58,050
44,550
53,500
22,600
162,950
58,700
613,100
89,900
50,250
131,500
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
460.550
128,000
54,700
61,050
27,000
154,050
52,300
417,250
47.650
58,050
461,000
120,700
Oklahoma
Kansas
130,000
130,100
133,200
968,400 1,003,550 1,004.400 1,002,650 1,228,750
Total Texas
24,200
74,400
North Louisiana
Coastal Louisiana
24,500
73,700
24,450
72,750
25,950
48,250
87,200
98,600
98,200
97,200
74,200
Arkansas
Eastern (not incl. Mich.).
Michigan
29,300
97,300
29,300
31,200
102,200
30,950
31,450
108,200
30,600
31,350
103,700
29.450
31.000
93,900
29,600
Wyoming
Montana
Colorado
33,900
8,800
3,000
38,100
10,400
3,500
38,450
10,350
3,700
38,500
10,000
3,600
29,350
7,550
2,400
Total Louisiana
45,700
Total United States
52,000
52,500
52,100
39,300
45,800
457,000
Total Rocky Mtn,States
New Mexico
California
45,500
502,600
47.850
460,400
47,150
491,400
41,8.50
512,100
2.341.700 2.404.450 2,422,150 2,452,500 2,691.950
Note,
-The figures indicated above do not include any estimate of any oil
might have been surreptitiously produced.
which
CRUDE RUNS TO STILLS FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED SEPT. 8 1934
(Figures in thousands of barrels of 42 gallons each.)
Stocks a Stocks
of
of
UnFinDaily P. C. faked finished
Reyor ing
Aver- Oper- Gaso- Gasoline
sled line
Total P. C. age
Daily Refining
Capacity of Plants
Maria
Potenna)
Rate
East Coast__
Appalachian,
Ind., Ill., Ky
Okla., Kan.,
Missouri__
Inland Texas
Texas Gulf__
La. Gulf_ _ _
No. La.
-Ark.
Rocky Mtn_
California__
Totals week:
Sept.8 1934
Sept. 1 1934
582
150
446
386
167
552
162
77
64
822
3,760
3.760
of
Gas
and
Fuel
Oil
902
277
1,041
201 13,616
143 1.430
46 4,811
573 4,374
50.9 1,084
88.9 3,352
57.4 1,520
230
58.4
643
62.5
47.7 11,885
505
278
1,347
170
84
137
806
676 3,771
652 1,554
170 .10.509
17 2.458
601
22
589
39
2,334 76.001
2,232 66.2 c45,452
2.361 70.0 d45,737
5,547
5,870
4,300 e115340
4,250 114.685
221
85
491
93
45
40
392
83.7
47.6
97.5
96.4
83.7
66.7
96.9
3,374 89.7
3.374 89.7
b Stocks
of
Other
Motor
Fuel
461 79.2 13,898
93 66.4 1,617
311 73.7 6,849
582 100.0
140 93.3
422 94.6
461
351
566
168
92
96
848
Crude Runs
to Stills
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 28,038,000 barrels at refineries and 17,414,000 barrela
at bulk terminals in transit and pipe lines. d Includes 28,603,000 barrels at refineries and 17,134,000 barrels at bulk terminals, in transit and pipe lines. e Stocks
as of the week ended Aug. 25 have been revised as follows: Texas Gulf, 10,119.000
barrels; total U. S., 113,988,000 barrels. Stocks as reported for the week ended
Sept. 1 are correct as reported.
World Crude Oil Production for First Half of 1934
Rises 7.7%
Production of crude oil in all oil producing countries of the
world during the first half of 1934 amounted to 733,162,796
barrels, against 680,585,975 barrels produced in the corresponding period of 1933,according to official figures furnished
by the governments of the oil producing countries direct to
"World Petroleum," international oil trade journal.
Production in the first half of 1934 represents an increase of 52.576,821
barrels or 7.7% compared with the first half of 1933 and an increase of
75,490.494 barrels or 11.0% compared with the first six months of 1932.
This increase of 7.7% over production in the first half of 1933, "World
Petroleum" points out, does not place the world oil industry in a less advantageous statistical position because of an increase estimated at approximately 10% in the rate of consumption of petroleum products throughout
the world during the period when production of crude was increasing only
7%.
By individual countries "World Petroleum" reports that the largest
advance in production for the first half of 1934 compared with the first
half of 1933 took placed in Roumania with an increase of 23.4% from
24,216,000 barrels in 1933 to 29.879,000 barrels in 1934. Russia was
a close second with an increase of 20.6% from 68,656,000 barrels first
half 1933, to 82,852,000 barrels first half 1934.
Venezuela, where production is more accurately controlled with reference
to world markets, production for the first half 1934 was 18.5%. 10.570,000
barrels higher than the 57,136,000 barrels produced in the first half of 1933.
Increased production for other leading oil producing countries of the world
IS given in the following tables:
Country
United States
Russia
Venezuela
Roumania
Persia
Mexico
Netherland, India
All other countries
World total
Crude Oil
Crud,e Oil
Production
Production
First Half 1934 First Half 1933
Increase
Per Cent
InMAU
Barrels
448,680,000
82,852,000
67,706,000
29,879,000
25,968,000
18,000,000
20,869,000
39,208,000
Barrels
433,230,000
68,656,000
57,136,000
24,216,000
22,984,000
16,933,000
19,184,000
38,247,000
Barrels
15,450,000
14,196,000
10,570,000
5,663,000
2,984,000
1,067,000
1,685,000
961,000
%
3.5
20.6
18,5
23.4
12.9
6.3
8.7
2.5
733,162,000
680.586.000
52.576.000
7.7
Financial Chronicle
1622
Worlds Silver Production Declines During July 1934
Worlds production of new silver during July 1934 according to figures released by the American Bureau of Metal
Statistics amounted to 14,829,000 fine ounces. This is a
falling off from the 14,866,000 ounces produced during June
1934.
Production of silver from mines in the United States during July dropped
to the lowest figure to be reported since last December. Mexico and
Canada, the other two members of the "Big Three" showed increases in
contrast to the American trend. The trend of American production has
been downward ever since last March.
July production from mines in the United States amounted to 1.825,000
fine ounces against 2,312,000 in June and 1,552,000 in July 1933. Preliminary estimates for Mexico on the other hand show 6,500,000 fine
ounces for July against 6,461,000 in June and 5.100.000 in July a year
ago. Canadian output jumped to 1,359,000 fine ounces in July after
June had fallen away to only 963,000. July a year ago showed 1.227.000
fine ounces.
Metals and Mineral Markets in its issue of Sept. 6 published the following table.
WORLD PRODUCTION OF NEW SILVER
(In Thousands of Fine Ounces)
United States
Canada
Mexico
Peru
Other America
Europe
Australia, refined
Other Australia_ a
Japan
Burma, refined
Other Asia
South Africa
Other Africa
MAYOR
Feb.
2,025
1,368
6,255
618
c950
1,200
844
227
514
486
210
87
40
1,903
1,351
5,413
548
c850
1,000
790
238
532
489
200
77
36
IS 59.1
10 497
March
April
June
May
2,791 2,389 2,303
1,085 1,015 1,543
4,495 7,822 7,065
659
517
548
920
900 c1,000
1,350 1,360 1,360
637
733
829
240
260
250
548
611
577
490
490
490
215
215
210
80
91
80
40
640
40
10
nen is 510
is 111
July
di
0 W
,
,7 .t1 0W0W044.00
.
....1=00•40Q0000.
0..4000041000.WW
Jan.
1,825
1,359
66,500
797
930
1,250
547
275
b560
460
205
83
b40
is Ras
is R90
Sept. 15 1934
for instance. Moreover, the code for the copper industry is said to be
functioning in an encouraging manner, providing a reasonable and sensible
means of supervising procedure in the industry. The price of Blue Eagle
copper held at 9c. valley.
A conference on scrap-buying procedure of the customs smelters was held
ast Thursday by 11. 0. King, managing director of the Copper Code Authority, with the executive committee of the Code Authority for the NonFerrous Scrap Metal Trade. A meeting of the executive members of the
Copper Code Authority was reported to be scheduled for to-day, to review
the progress that has been made in effecting agreements with buyers.
In the foreign markets demand for copper continued light, with the outlook for any early improvement reported as being slightly more unfavorable
than a week ago. Fluctuations in international exchange that have prevailed recently were held in one direction to be an important factor in
retarding stabilization of foreign markets and improvement in the demand
for the metals abroad. Prices for copper during the seven-day period ranged
from 6.85c. to 7.050c., c.i.f.
Lead Unsettled
On Thursday, Sept. 6. the American Smelting & Refining Co., in the
absence of a satisfactory demand for its lead, again lowered its contract
settling basis to 3.70c., New York, and quoted 3.55c. in the St. Louis
district. The St. Joseph Lead Co., however, retained its former price basis
of 3.75c., New York, and 3.60c., St. Louis. This price situation continued
throughout the week, with several other sellers adopting the lower scale of
prices. Despite the availability of metal at a lower price basis, sufficient
demand did not develop to absorb all such metal. Consequently, as the
seven-day period closed, an immediate return by all sellers to the higher
price level did not seem probable. Total sales for the week were somewhat
less than 2.500 tons, with battery makers acquiring a fair share of the tonnage sold. Business booked by St. Joseph Lead was understood to be for
accounts desiring the particular brands sold by that company.
Stocks of lead held by consumers to-day are generally believed to be
materially below the level of those in such hands a year ago. Moreover, the
trade holds that a substantial amount of metal remains to be bought for
October requirements. Owing to the unsettled status of general business
conditions, however, consumers are evidently hesitant about adding to
their holdings, and apparently feel that a conservative attitude at present
is advisable. The upward trend of refined stocks is undoubtedly also an
influential factor in shaping the existing buying policy of consumers.
a Includes New Zealand. b Conjectural. c Revised.
Upward Trend Indicated in World Copper Production
Metal and Mineral Markets in its issue of Aug. 30 stated:
Statistics on copper operations outside of the United States covering
the first half of the year reveal a general upward trend in output. The
American Bureau of Metal Statistics estimates that the quantity produced
excepting the United States and Cuba, totaled 512,200 short tons in the
Jan.
-June period of the current year, and increase of more than 15% in
the rate of operations, compared with the rate for the whole of 1933.
The production of copper in the world from ore originating outside of
the United States, allocated to countries where produced as blister copper,
with a few exceptions, as noted, in the first six months of 1934, with comparative data for twelve months of 1933, is given in the following table
prepared by the American Bureau of Metal Statistics.
(In Short Tons)
1934
1933
12 Mos. 6 Max.
U. S. (foreign ore)___ a25,239 814.300 India
Mexico
43,642 b23,600 Other Asia
Canada
129,763 81,500 Australasia
199,413 124,700 Africa
Chile and Peru
Germany
54,895 28.600
Totals
Yugoslavia
44,154 23.900
Russia
41,336 21,000 Deduct Cuba (f)
38,803 19,100
Other Europe _c
Tntala R747010.
as inn
57 Ann
Inman .1
1933
1934
12 Max. 6 Mos.
5,376
3,500
1,000
600
16,539
4,400
197,621 e135,500
864,781 516,800
8,000
4,600
555 751
510 Onn
a Copper content of ore and matte imported. b Blister copper shipped to United
States in bond. c Great Britain, Spain, France, Norway, Sweden, Italy, Rumania
and Belgium ex-Katanga. d The 1934 figures for Japan are on a refined basis,
including some secondary, and may be about 12.5% too high in terms of new copper.
e Partly estimated and probably a little too low. I Cuban copper admitted to United
States duty tree.
Lead, Zinc and Tin Prices Decline-Copper Abroad
Falls Below 7c. Level
"Metal and Mineral Markets"in its issue of Sept. 13 states
that sentiment in the major non-ferrous metal markets was
at low ebb yesterday, with sellers generally disappointed at
consumers' only too apparent lack of interest in the several
metals. Copper abroad continued to decline in price, and
this development had the repercussive effect in the domestic
market of discouraging at this time any further serious
discussion of an increase here in the price of the metal.
Weakness in Prime Western zinc appeared early in the week,
sales at 4.150., St. Louis, being made as early as Thursday.
During the remainder of the seven-day period all sales
reported were booked on this lower basis. Lead was established on a 3.70@3.75c., New York, 3.55@3.60c., St. Louis,
basis. Sales were in fair volume, but by no means exhausted
the supply of metal available at the lower prices. Tin was
relatively quiet, with slightly more interest developing during
the last few days, and prices improving in sympathy with the
tc.
London market. Silver declined W to 493c. on Tuesday.
"Metal and Mineral Markets," further stated:
Copper Sales Light
Business in the domestic copper market last week was decidedly disappointing in volume, total sales for the seven-day period ended Sept. 11
amounting to but 676 tons, the lowest level reached in any week since
the latter part of July. Despite this inactivity of the market, a certain
amount of hopeful sentiment prevailed, particularly as consumers generally
are held to need metal to cover their requirements for October and the
remainder of the year. Operations of fabricators, although admittedly
on a materially reduced basis, are nevertheless holding at a fair rate as
compared with other industrial plants, such as those of the steel industry,
Zinc at 4.15C., St. Louis
With the publication on Friday of the zinc statistics for August,the once
of the metal promptly dropped to 4.15c., St. Louis, all sellers without exception adopting that basis. Prior to the establishment of the new price
level, the prevailing basis had generally been 4.20c., although one seller
on Thursday had booked an order of sizable tonnage at 4.15c., and in
another direction a similar lot was sold at 4.175c. These transactions
resulted in the quotational basis for that day being lowered to 4,15@4.20C.
In spite of the general reduction in the price basis, consumers exhibited
only a mild interest in the metal, sales for the calendar week totaling about
1,500 tons.
Another unfavorable development in the zinc situation during the week
was a report from the Tri-State district that producers there do not agree
on further curtailment at this time. Price of concentrate declined $1 a ton;
a substantially increased production during the current week is held to be
probable.
Light Demand for Tin
Demand for tin in the domestic market was relatively light last week, with
slightly more interest in the metal becoming evident during the last few
days. On Monday prices moved up moderately in the London market,
which action resulted in a reversal of the downward trend in prices here that
had prevailed during the week up until that time.
Chinese tin. 99%, was quoted nominally as follows: Sept. 6, 50.750c.;
Sept. 7, 50.450c.; Sept. 8, 50.450c.; Sept. 10, 50.700c.; Sept. 11, 50.700e.;
Sept. 12, 50.975.
World Gold Production Holds Gain Over 1933
"Metal and Mineral Markets" in its issue of Sept. 14 said:
Production of gold for the world remains at a moderately higher rate than
last year. Output for the first seven months of the year totaled about 15,117,000 oz., against 13,657,000 oz. in the same period last year, according
to the American Bureau of Metal Statistics. South African production has
been running below that for 1933, as operators in that important gold
territory have been taking advantage of the higher market for the metal
and are working up low-grade ore. Russia is being credited with a much
larger yield this year. which more than offsets the drop in output in South
Africa. Output in the United States has also increased.
Gold operations yielded a total of 2,229,000 oz. during July, against
2.190,000 oz. in June. Production statistics for June and July, the accounting for some of the countries being preliminary, in ounces, follow:
June
United States_a
Canada
Mexico
Colombia
Other South America
British India.5
Japan_ 5
Queensland
Western Australasia
Other Australasia_e
South Africa
Belgian Congo
Rhodesia
British West Africa
Russia_d
Elsewhere_e
236.000
243,000
56,000
30,000
60,000
27.000
f39,000
12,000
56.000
41,000
861,000
24,000
59,000
80,000
1300,000
116.000
July
250,000
244,000
f60,000
130,000
61,000
27,000
138,000
/10,000
56,000
44.000
876,000
24,000
59,000
33.000
1300,000
f117,000
2,229,000
2,100,000
Totals
a Includes Philippines. b Principal mines only, but nearly complete. c Includes
New Zealand and New Guinea. d Chiefly Siberia. e Includes West Ind es, Central
America, Europe, and Asiatic and African lands not separately reported. I Conjectural.
Steel Shipment in August
The United States Steel Corp. reports a total shipment of
378,023 tons of finished steel shipped by its subsidiaries in
August, which is a slight increase over the previous monthly
shipment of 369,938 tons. In August 1933, 668,155 tons
were shipped. Below are the shipments for months since
January 1930.
TONNAGE OF SHIPMENTS OF STEEL PRODUCTS BY MONTHS FOR
YEARS INDICATED.
Month.
January
February
March
April
May
June
July
August
September
October
November
December
1623
Financial Chronicle
Volume 139
Year 1930. Year 1931. Year 1932. Year 1933. Year 1934.
1,104,168
1,141,912
1,240,171
1,188,456
1,203,916
984,739
946,745
947,402
767,282
784,648
676,016
579,098
800,031
762,522
907,251
878,558
764,178
653,104
593,900
573,372
486,928
478,032
435,697
351,211
426,271
413,001
388,579
395,091
338,202
324,746
272,448
291,688
316,019
310,007
275,594
227.576
285,138
275,929
256,793
335,321
455.302
603,937
701,322
668,155
575,161
572,897
430,358
600,639
Yearly adjustment_ a(40,219)
a(6,040)
a(5.160)
6(44.283)
Total for year
11,624,294
a Reduction. b Addition.
7,676.744
3,974,062
331,777
385,500
588,209
643,009
745,063
985,337
369.938
378,023
5.805,235
Steel Production at 193/2% of Capacity-Steel Scrap
Again at New Low
The second week of September has brought out further
moderate expansion of iron and Fteel bookings, especially
from miscellaneous sources, but nothing resembling a definite
upward trend in buying is yet apparent the "Iron Age"
of Sept. 13 atated.
Steel ingot production has risen two points to 11% at
Pittsburgh, three points to 23% in the Valleys and one
point to 24% at Chicago, but these gains were due mainly
to an accumulation of orders during the shutdowns of Labor
Day week and have been partly offset by losses of 11 points
to 15% at Cleveland, three points to 21% in the Wheeling
district and two points to 16% in the Philadelphia area.
The national average, at 193'%, compares with 19% in the
two preceding weeks. The "Age" further stated:
While there is growing evidence of depletion of consumer stocks, replenishment buying is still characterized by extreme caution, both because of
business uncertainty and the protection which the code affords against
price advances. Demand from the largest sources of steel business-the
railroads, the automobile industry and construction-is now limited mainly
to the last of the three, which is still sustained by Federal expenditures.
Of foremost interest among Government-sponsored projects is a prospective purchase by the Forest Service, Department of Agriculture, of approximately 100.000 miles of wire fencing, calling for 165,000 tons of steel.
for the 1,000-mile long, 100
-mile wide shelter belt which is to extend from
Canada to the Mexican border. The first inquiry, calling for 25.000 tons,
will be issued by the Lincoln, Neb., offices of the Forest Service in October.
Pending structural steel work, largely of a public character, has been
Structural awards, at 8.900
swelled by fresh inquiries for 16,000 tons.
tons, compare with 9,200 tons in the preceding week. Plate lettings
exceed 1,500 tons.
Acceleration of releases against old PWA awards and the expediting of
new contracts of that category have increased activity among cast iron
pipe foundries in the South.
The Administration's home modernization program is being watched
for stimulating effects on the demand for merchant steel pipe. Steel line
pipe remains dormant. Although higher coal prices have brought natural
gas into greater favor, private capital for the financing of new lines is lacking. Where the construction of lines is actually being undertaken, used
pipe, dug up from old lines, is commonly employed.
Tin plate production continues at a strong 40%, being supported by an
influx of orders from South America and the Orient and indirectly by specifications for the Federal meat packing program. Export business has been
stimulated for some time by a succession of price advances that has attended
the establishment of an international pool. The world agreement is now
full effect, with all prices qouted c.i.f. foreign port instead of f.a.s. port
of shipment. Under the new arrangement f.o.b. mill prices will vary
somewhat after deduction of transportation costs, but the present American export price approximates $4.33 per 100-1b. base box, Pittsburgh.
A price of $3.60 was current as recently as last April. Our London cable
reports that further depreciation of the pound sterling is aiding British
export trade in iron and steel and checking foreign competition in the
domestic market.
Production of railroad steel is steadily approaching the vanishing point.
but further Federal aid for maintenance of way and equipment expenditures
Is said to be in sight. Lending weight to this report is the allocation of
PWA funds to the Lehigh Valley for the construction of 1,900 freight cars
in its own shops and the purchase of three Diesel electric switching locomotives. The Pennsylvania is in the market for 10 to 50 electric locomotives.
Automobile demand for steel remains light, but both sales and production by motor car makers in August exceeded expections.
The "Iron Age" scrap composite, influenced by a 25c. per ton recession
at Chicago, has dropped from $9.75 to $9.67 a ton, a new low for the year.
The finished steel and pig iron composites are unchanged at 2.124c. a lb.
and $17.90 a ton. The intimation from Washington that all forms of
price control will be eliminated from codes has been received with mixed
feelings by the steel industry. While the preponderance of opinion is that
the open price system provides a needed stabilizing influence, there is dissatisfaction with its inflexibility and with various roundabout methods
employed to evade it.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Sept. 11 1934, 2.124o., a lb.
Based on steel bars, beams, tank plates.
2.124o, wire, rails, black pipe, sheets and hotOne week ago
2.124e. rolled strips. These products make 85%
One month ago
1 959o, of the United States output.
One year ago
Low
High
2.008c. Jan. 3
2.199e. Apr. 24
1934
1.867c. Apr. 18
2 0150. Oct. 3
1933
1.926c. Feb. 2
1.977e. Oct. 4
1932
1.9450. Dec. 29
1931 -------------------------------2.037o. Jan. 13
2.018c, Dec. 9
2.2730. Jan. 7
1030
2.2730. Oct. 29
2.317c, Apr. 2
1929
2.2170. July 17
2 288c. Dec. 11
1928
2.212c, Nov. 1
2 402c. Jan. 4
1927
Pig Iron
Sept. 11 1934, $17.90 a Gross Ton. Based on average of baste iron at Valley
$17.90 furnace foundry irons at Chicago.
One week ago
17.90 Philadelphia, Buffalo, Valley, and MrOne month ago
16.71
mingham.
One year ago
Low
High
$16.90 Jan. 27
$17.90 May 1
1934
13.56 Jan. 3
16.90 Dec. 5
1933
13.56 Dee. 8
14.81 Jan. 5
1932
14.79 Dee. 15
15.90 Jan, 6
1931
15.90 Dec. 16
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov.27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap
Based on Nov. 1 heavy melting steel
Sept. 11 1934, $9.67 a Gross Ton
One week ago
59.751 quotations at Pittsburgh, Philadelphia
10.171 and Chicago.
One month ago
11.42
One year ago
High
$9.61Am
7 Sent. 11
$13.00 Mar. 13
1934
6.75 Jan. 3
12.25 Aug. 8
1933
6.42 July 5
19328.50 Jan. 12
8.50 Dee. 29
11.33 Jan, 6
11.25 Dec. 9
15.00 Feb. 18
1931
90
3
14.08 Dec. 3
17.58 Jan. 29
1929
13.08 Ju y 2
16.50 Dec. 31
1928
13.08 Nov.22
15.25 Jan. 11
1927
The American Iron and Steel Institute on Sept. 10 announced 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 20.9%
of the capacity for the current week, compared with 18.4%
last week and 22.3% one month ago. This represents an
increase of 2.5 points, or 13.6%, from the estimate for the
week of Sept. 4. Weekly indicated rates of steel operations
since Oct. 23 1933 follow:
1934Jan. 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
193331.6%
Oct. 23
26.1%
30
25.2%
Nov. 6
Nov. 13
27.1%
Nov. 20... __26.9%
Nov.27
26.8%
Dec. 4
28.3%
Dec. 11
31.5%
Dec. 18
34.2%
Dec. 25
34_
31.8%
Jan 1
Jan. 8
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%
1934Apr. 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
ly 16
50.3% Jui93454.0% July 23
55.7% July 30
Aug. 6
56
56.6% Aug. 13
54.2% Aug. 20
56.1% Aug. 27
57.4% Sept. 4
56.9% Sept, 10
56.1%
44.7%
23.0%
27.5%
28.8%
27.7%
26.1%
25.8%
22.3%
21.3%
19.1%
18.4%
20.9%
"Steel" of Cleveland, in its summary of the iron and steel
markets, on Sept. 10 stated:
A slight gain in steel demand, mainly representing orders held back
during the holidays, has emerged since Labor Day, while steel works
operations last week due to the suspension on Monday averaged only
18%, down
point from the preceding week.
So far the improvement has been too scattered to indicate a definite
trend. Sheet mill operations, responding to miscellaneous and seasonal
purchasing, have advanced three points to 20%, while tin plate mills.
reflecting export sales, are up five to 40%.
Automobile production during the week increased about 25% to 40,000
cars, on resumption by Ford, though the aggregate still was 12,000 units
short of the weekly output before manufacturers shut down for holidays.
Preparations for new models generally are indefinite, and except for tentative inquiries from parts makers there is nothing to indicate an early
renewal in buying from this source.
As the leading consuming groups continue to lag, the opinion among
steel producers is strong that there will be no broad and substantial recovery in the markets until after the fall elections, or until the Government's policies are more clearly defined.
Structural shape awards for the week dropped to 7,224 tons from 15.790
tons in the preceding week. Few new projects have come out. In the
final plans for Chevrolet's Baltimore assembly plant, on which bids will
be asked shortly. 5,000 tons of shapes are required, double the amount
originally contemplated.
Pending cast pipe orders from municipalities aided by Government
funds are large, but there is no certainty that mast of them will be awarded
before winter. Lone Star Gas Co., Dallas, Tex., has decided to lay a
75
-mile line in Texas with pipe salvaged from another line, cutting out
8.000 tons of new pipe. This is the second instance in three weeks that a
Western company has decided to lay an important line with old pipe.
Pennsylvania RR. is inquiring for 10 to 50 locomotives, and it is repo.ted a Western road will enter the market this week for 1.000 freight
cars. A leading car builder is erecting a freight car to demonstrate a
special construction, five tons lighter than the standard type, to carry
10 tons more freight.
For the first time in recent years several heavy export orders for foundry
coke have been 000ked at Pittsburgh. Pig iron consumption by stove
and range manufacturers has increased moderately.
Steel ingot peoduction in August averaged 50,495 gross tons daily.
14.3% leas than in July, the lowest since February 1933. The total for
the month was 1,363.359 tons, down 7.4%. Output for eight months is
19,016,832 tons, compared with 14,906,311 tons in the first eight months
ast year.
August developed another sharp reduction in active blast furnace stacks.
a net loss of 13. to 61 in operation at the close of the month, following the
loss of 18 in July. Daily average pig iron output for the month. 34.199
gross tons, as well as the total for the month. 1.060,187 tons, was down
13.7% from July, and lowest since May 1933. For the eight months
this year production of 12,141,339 tons represents a gain of 50.3% over
the period last year.
Steel works operations last week in the Pittsburgh district dropped
2 points to 8%; Chicago, 4
to 23; eastern Pennsylvania, 3 to 1534;
Wheeling. 3 to 23. Cleveland was up 9 to 24; Youngstown, 5 to 23. De.
troit held at 77; New England. 25, and Buffalo, 19.
"Steel's" iron and steel price composite is unchanged at $32.17; the
finished steel composite holds at $54, while the scrap index is down four
cents to $9.54.
Steel ingot production for the week ended Sept. 10 is placed
at a fraction under 20% of capacity, accordirg to the "Wall
Street Journal" of Sept. 13. This compares with a shade
below 19% in the previous week; and with 20% two weeks
ago. The "Journal" added:
U. S. Steel is estimated at around 19%,the same as in the two preceding
weeks. Leading independents are credited with a rate of nearly 21
against a little under 19% in the week before and a fraction below 203i%
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
U. S. Steel
Independents
42
15 +3
2835-235
56 -135
86 -135
78 + 34
65 -235
1933
1932
1931
1930
1929
1928
1927
40-1
14+3
32-2
63-2
91-2
77 __
67-3
4335 +1
16 +334
26 -3
51
82 -1
7835 +1
63 -2
August Anthracite Shipments 22.07% Lower than a
Year Ago
Shipm.ents'of anthracite for the month of August 1934,
as reported to the Anthracite Institute, amounted to 3,109,699 net tons. This is an increase, as compared with shipments during the preceding month of July, of 135,721 net
tons, or 4.56%, and when compared with August 1933,
shows a decrease of 880,691 net tons, or 22.07%. Shipments by originating carriers (in net tons) are as follows:
Month ofReading Company
Lehigh Valley RR
Central RR.of New Jersey
Delaware Lacks. ex Western RR_
Delaware et Hudson RR. Corp
Pennsylvania
Erie RR
New York Ontario ex Western Ry_
Lehigh ex New England RR
During the calendar year to Sept. 1 1934 a total of 235,928,000 net tons of soft coal and 39,960,000 net tons of hard
coal were produced. This compares with 210,826,000 tons of
bituminous and 30,870,000 tons of anthracite produced
during the calendar year to Sept. 2 1933, The Bureau's
statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
4
.
TntAl
Sept. 15 1934
Financial Chronicle
1624
August
1934
July
1934
August
1933x
July
1933x
738,892
415,741
236,540
403,763
349,368
317,295
281,001
228,588
138,511
668,692
479,172
232,294
345,079
307,116
256,497
326.656
225,698
132,774
885,325
620,188
302,108
441.672
505,630
340,801
504.248
266.227
124,191
781,637
490,331
211,616
359.044
367,334
284,208
397,636
195,278
151,804
3 109 999
2.973.978
3.990 390
3.238.908
x Revised.
Weekly Production of Bituminous Coal Again Increases-Anthracite Production up 45.4%
The weekly report of the United States Bureau of Mines,
Department of the Interior, states that the production of
coal during the week ended Sept. 1 registered another sharp
increase. The total production of bituminous coal is estimated at 6,755,000 net tons as against 6,210,000 net tons
in the preceding week-a gain of 545,000 tons or 8.8%.
Output during the corresponding week in 1933 amounted to
8,010,000 net tons.
The total production of Pennsylvania anthracite during
the week under review is estimated at 1,098,000 net tons, an
increase of 343,000 tons or 45.4% over the week ended
Aug. 25 1934. Production during the week ended Sept. 2
1933 amounted to 1,234,000 net tons.
Calendar Year to Date.
Week Ended
Sept. 1
1934 c
Aug. 25
1934 d
Sept. 2
1933
1934
1933 ,
1929
Bltum. coal:a
Weekly total 6,755,000 6,210,000 8,010,000 235,928,000 210,826,000 345,647,000
Daily aver__ 1,126,000 1.035,000 1,335,000 1,141,000 1,017,000 1,667.000
Pa, anth.: b
Weekly total 1,098,000 755,000 1,234,000 39,960,000 30,870,000 46,27900
225,200
150,200
194,500
Daily aver_ _ 183,000 125,800 205,700
Beehive coke:
548,900 4,624,000
19,000
605.900
9,600
Weekly total__
10,900
22,127
2,626
2,899
3,167
1,600
Daily aver_ 1,817
a Includes lignite, coal made into coke,lora sales, and colliery fuel. b Includes
local sales, and colliery fuel. c Subject to
Sullivan County. washery and dredge coal,
revision. d Revised.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES (NET TONS)
Week Ended
Stale.
Aug. 18
1934
Aug. 25
1934
Aug. 26
1933
Aug. 27
1932
August
Average
1923 a
397,000
144,000
214,000
174,000 174,000
Alabama
81,000
22.000
29,000
63,000
. . 46,000
Arkansas and Oklahoma _ _
173,000
64,000
70.000
95,000
77,000
Colorado
534,000 1,363,000
610,000
677,000 587,000
Illinois
440,000
199,000
266,000
242,000 202,000
Indiana
100,000
53,000
46,000
48,000
48,000
Iowa
145,000
95,000
71,000
103,000
87,000
Kansas and Missouri
765,000
546,000
545,000 538.000 734,000
Kentucky-Eastern
217,000
113,000
131,000 177,000
122,000
Western
44,000
18,000
23,000
32,000
24,000
Maryland
21.000
4,000
5,000
2,000
3,000
Michigan
50,000
26,000
31,000
34.000
36,000
Montana
49,000
20,000
16,000
20,000
18,000
New Mexico
20,000
28,000
14,000
15,000
27,000
North Dakota
871,000
229,000
543,000
324,000 310,000
Ohio
(bituminous) 1,630,000 1.510,000 d2,194,000 dl 309,000 3,734,000
Pennsylvania
118,000
67,000
59,000
100,000
65,000
Tennessee
24,000
12.000
13,000
10,000
12,000
Texas
83,000
31,000
31,000
42,000
36,000
Utah
248,000
148,000
201.000
166,000 148.000
Virginia
47,000
22,000
32,000
26,000
28.000
Washington
West Virginia-Southern b 1,376,000 1,265,000 1,711,000 1,260,000 1,515,000
875,000
375,000 375,000 d577,000 d336,000
Northern c
154,000
57,000
69,000
80,000
Wyoming
67.000
4,000
3,000
3,000
3.000
5,000
Other States
.
Total bituminous coal__ _ 6,210.000 5,772,000 e7,754,000 5,390,000 11,538.000
812,000 1,926,000
Pennsylvania anthracite_ _ _ _ 755,000 658,000 1,032,000
Total coal
6 965,000 6,430.000 8,786,000 6,202,000 13,464.000
a Average weekly rate for he entire month. b Includes operations on the N. &
W.; C. et 0.: Virginian; K. A: M.; and B. C. dc G. c Rest of State, including the
Panhandle and Grant, Mineral and Tucker counties. d Revised figures. e Original
estimates. No revision will be made in the 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 September 12,as reported
by the Federal Reserve banks, was $2,469,000,000, a decrease
of $1,000,000 compared with the preceding week and an
increase of $132,000,000 compared with the corresponding
week in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
On September 12 total Reserve Bank credit amounted to $2,469,000,000,
an increase of $2,000,000 for the week. This increase corresponds with
Increases of $41,000,000 in member bank reserve balances, and $9,000,000
In non-member deposits and other Federal Reserve accounts, offset in part
by increases of$5,000,000 in monetary gold stock and $2,000,000 in Treasury
and National bank currency, and decreases of $10,000,000 in money in
circulation and $29,000,000 in Treasury cash and deposits with Federal
Reserve banks.
The System's holdings of bills and securities remained practically unchanged, an increase of $22,000,000 in holdings of United States Treasury
notes being offset by a decrease in Treasury certificates and bills.
The statement in full for the week ended Sept. 12 in comparison with the preceding week and with the corresponding
date of last year will be found on pages 1669 and 1670.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
September 12 1934 were as follows:
increase 1-0 or Decrease (-)
Sept. 12 1934
Bills discounted
Bills bought
U.S. Government securities
Other Reserve bank credit
23,000,000
5,000,000
2,431,000,000
10,000,000
TOTALRESERVE BANK CREDIT 2,469,000,000
Monetary gold stock
7,968,000,000
Treasury and National Bank currency2,414,000,000
Since
Sept. 5 1934
Sept. 13 1933
-1,000,000
1,000,000
+4,000,000
-110,000.000
-2,000,000
+228,000,000
-4,000.000
+2,000,000 +112,000,000
+5.000.000 +3,928,000.000
+2.000,000 +133,000.000
Money In circulation
5,409,000,000 -10,000,000
+94,000,000
Member bank reserves balances
3,948,000,000 +41.000,000 +1.406.000,000
Treasury cash and deposits with Federal Reserve banks
3 058,000,000 -29,000,000 +2,741,000,000
Non-member deposits and other Federal Reserve accounts
437,000,000 (+9,000,000
-66.000,000
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 show a decrease
of $28,000,000, the total of these loans on Sept. 12 1934
standing at $796,000,000, 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 $675,000,000 to $652,000,000, loans "for account of
out-of-town banks"from$148,000,000 to $143,000,000, while
'remained even at $1,000,000.
loans"for the account of others'
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Sept. 12 1934 Sept. 5 1934 Sept. 13 1933
$
7,150,000,000 7,186,000,000 6,744,000,000
Loans and investments-total
Loans-total
On securities
All other
Investments-total
U. S. Government securities
Other securities
3,093,000,000 3.117,000,000 3,444.000,000
1 479,000,000 1,505,000,000 1,820.000.000
1,614,000,000 1,612,000,000 1,624,000,000
4,057,000,000 4,069,000.000 3,300,000,000
2 816,000,000 2,827,000,000 2,252,000,000
1,241,000,000 1,242,000,000 1,048,000,000
903,000,000
38,000,000
Reserve with Federal Reserve Bank__
Cash in vault
1,331,000,000 1,332,000,000
38,000,000
40.000,000
Net demand deposits
Time deposits
Government deposits
6,241,000,000 6,284,000,000 5,296,000.000
659,000,000 661,000.000 761,000,000
597,000,000 598,000,000 388,000,000
Due trorct banks
Due to banks
59,000,000
67,000,000
60,000,000
1 577,000,000 1,571,000,000 1.181.000.000
Borrowings from Federal Reserve Bank,
Financial Chronicle
Volume 139
Sept. 12 1934. Sept. 5 1934. Sept. 13 1033.
1625
declared essential that delivery of yarn to Germanyrecommenceimmediately.
Lancashire exporters stopped shipments to Germany more than a month
ago and issued an ultimatum that no further shipments would be made until
S
Loans on secur. to brokers & dealers
For own account
652,000,000 675,000,000 790,000,000
For account of out-of-town banks
143,000,000 148,000,000 92,000,000 German firms had agreed to pay past accounts. Temporary closing of the
For account of others1,000,000
1,000,000
8,000,000 German market threw thousands of Lancashire mill workers out of jobs.
It was thought likely that the offer would be accepted.
Total
796,000,000 824,000,000 890,000,000
Items bearing on the above appeared in our issues of Aug.
On demand
491,000,000 513,000,000 604,000,000
On time
305,000,000 311,000,000 286,000,000 11, page 845 and Aug. 18, page 1009.
Chicago.
Loans and investments—total
1 476,000,000 1,434,000,000 1,207.000,000
Loans—total
552,000,000 549,000,000 686,000,000 Chancellor Hitler Extols Nazi Influence in Germany—
Says Reich Will Not Witness Another Revolution
On securities ,
240,000,000 238,000,000 335,000,000
in a Thousand Years—Condemns Women's Rights
All other
312,000,000 311,000.000 3.51,000,000
in Politics
Investments—total
924,000,000 885,000,000 521,000,000
The Nazi regime in Germany has made tremendous strides
C. S. Government securities
622,000,000 584,000,000 300,000,000
in conquering the depression, and there will not be another
Other securities
302,000,000 301,000,000 221,000,000
revolution in the Reich within the next 1,000 years, ChancelReserve with Federal Reserve Bank___ _ 498,000,000 514,000,000 330,000,000
Cash in vault
36.000,000 36,000,000 26,000.000 lor Hitler told his followers in a series of speeches at the
annual Nazi party convention in Nuremberg, Sept. 5 to 9.
Net demand deposits
1,451,000,000 1,431,000,000 1,010,000,000
Time deposits
374,000.000 373,000.000 349,000,000
In his address on Sept. 5 Chancellor Hitler attacked the
Government deposits
32,000,000 32,000,000 61,000,000
"Jewish influence" on German life, and at the same time
Due from banks
150,000,000 153,000,000 261,000,000
Due to banks
423,000,000 426,000,000 272,000,000 asserted that the National Socialist movement is now the
absolute master of the Reich. A proclamation by the Chan•
Borrowings from Federal Reserve Bank_
cellor, read on the same day, warned that those who dare to
Complete Returns of the Member Banks of the Federal oppose the Nazi State under his rule would be ruthlessly
dealt with.
Reserve System for the Preceding Week
In an informal address, on Sept. 6, Chancellor Hitler deAs explained above the statements of the New York and
Chicago member banks are now given out on Thursday, scribed the laboring class as "the incarnation of a mighty
simultaneously with the figures for the Reserve banks them- idea," and said that the deeper sense of the Nazi program
must be the "genuine community of all Germans." Speaking
selves and covering the same week,instead of being held until
the following Monday, before which time the statistics cover- before the convention, on Sept. 8, the Chancellor condemned
ing the entire body of reporting member banks in 91 cities the idea of woman's rights in politics as "a product of decadent Jewish intellectualism," and said that under the Nazi
cannot be got ready.
program woman's sole duty was motherhood. ParliamenIn the following will be found the comments of the Federal
tary life, he added, tended to degrade women. On Sept. 9
Reserve Board respecting the returns of the entire body of
Chancellor Hitler reviewed a parade of the Storm Troopers,
reporting member banks of the Federal Reserve System for
and in a later address said that he had called the convention
the week ended with the close of business on Sept. 5.
this year in order that the world might know that the relaThe Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on Sept. 5 shows increases for the week
tions between him and the Storm Troopers were as firm and
of $49,000,000 in loans and investments, and decreases of $105,000,000 in
as strong as at any other time in the last 14 years, and that
Government deposits and $216,000.000 in reserve balances with Federal
he considered them the bulwark of the Reich. This was the
Reserve banks.
Loans on securities declined $36,000.000 at all reporting member banks.
first occasion on which the Storm Troopers had been rewhile "all other" loans increased $86,000,000 in the New York district and
viewed by the Chancellor since the revolt among their lead$114,000,000 at all reporting member banks.
ers was crushed two months ago.
Holdings of United States Government securities declined $45,000,000
at reporting member banks in the New York district and $89.000.000 at all
United Press advices from Nuremberg, Sept. 5, described
reporting member banks. Holdings of other securities increased $23,the proclamation by the Chancellor as follows:
000,000 in the New York district and $60,000,000 at all reporting member
In his proclamation, read by District Leader Adolf Wegner, Herr Hitler
banks.
Is 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 $1,196,000,000 and net
demand, time and Government deposits of $1,286,000,000 on Sept. 5.
compared with $1,176,000,000 and $1,274.000,000. respectively, on Aug. 29.
Mt 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 Sept. 5 1934, follows:
Increase (-I-) or Decrease (—)
Since
Aug 29 1934
Sept 5 1934
Sept. 6 1933
Loans and investments—total_17,757,000.000
+49,000,000 +1,195,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities__
Other securities
Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. It. banks
7,880,000,000
3,211,000.000
4,689,000,000
9,877,000,000
6,538.000,000
3,339,000,000
2,916,000,000
237,000,000
12,936,000,000
4,508,000,000
1,098.000.000
1,512,000,000
3,780,000.000
6,000,000
+78,000,000
—658.000,000
—36,000,000 —537,000,000
+114,000,000 —121,000,000
—29,000.000 +1,853,000,000
—89,000,000 +1,455.000,000
+60,000,000 +398,000,000
—216,000,000 +1,126,000,000
—6,000,000 +46,000,000
+10,000,000 +2,556,000,000
—2,000,000 +13,000,000
—105,000,000 +233,000,000
—48,000,000 +352,000,000
+48,000,000 +1,259,000,000
+1,000,000 —21,000,000
Manchester Cotton Concerns Reported to Have Rejected German Proposals For Settlement of Dispute
Over Claim For Overdue Payments For Textiles
In Canadian Press advices from Manchester, Eng. Sept. 13
to the New York "Herald Tribune" it was stated that Manchester cotton traders at a meeting Sept. 12 rejected German
proposals for settlement of the dispute arising from Lancasshire's claim for overdue payments for textiles exported to
Germany. The advices added the German offer was to pay
up $1,000,000 in old accounts within a year. A special
committee was formed to consider the advisability of approaching the coal industry and the woolen industry with a
view to united action against German importers.
On the previous day (Sept. 11) Canadian Press accounts
from London stated:
German importers of yarn, facing a complete shutdown at the source of
supply, have offered to pay $250,000 owing to Lancashire cotton concerns,
as 12 monthly instalments, it was announced to-day. In the offer it was
declared: "By this (Nazi) revolution the German form of life is definitely
settled for the next thousand years. .
. The will of the NationalSocialist Government and leadership is unfaltering and unshakable. . . .
If in the face of this, our enemies—especially those beyond our borders—
are prone to consider the 4,000,000 negative votes (to our rule) as a menacing opposition, then we can only smile to ourselves."
The seven "outstanding" Nazi achievements were listed by Herr Hitler
as follows:
1. The party not only stopped but abolished the destruction of German
peasantry.
2. "Unheard-of success" has been met by the Government's re-employment measures.
3. Unemployment has been diminished by 4,500,000 workers.
4. The reichsmark has been held stable, despite export difficulties.
5. There has been an enormous increase in savings accounts.
6. There has been an enormous increase in railway, automobile and air
traffic.
7. Tax receipts and dues from official organizations have exceeded expectations.
Predicting he would succeed, in "converting" the millions who voted
against his seizure of unchallenged rule of the Reich in a recent plebiscite,
Herr Hitler added:
"Our next attack also will disperse this last remnant of non-Nazi world
philosophy. . . . National Socialism knows what it wants—and wants
what it knows. . . . The National-Socialist revolution as a revolutionary struggle is now ended. There can be no continuous revolution which
would not lead to anarchy. Just as the world cannot live by war, so a
nation cannot live by revolution. . . . Strong nerves and iron hardness are the best guarantees of success in this world."
A dispatch from Nuremberg, Sept.9 to the New York "Herald Tribune" commented on the significance of the demonstration by the Storm Troopers as follows:
Another thing to be noted about to-day's manifestation was that it signalized the advent of the German totalitarian State and the complete supremacy of the Nazi organization over every phase of the national life. A year
ago the Reichswehr (regular army) was not represented at the Nazi party
congress. To-day General Werner von Blomberg, Reichswehr Minister, was
the guest of honor, and regular army batteries fired salutes as new Nazi
standards were dedicated. Reichswehr soldiers acted as markers for the
review before Herr Hitler.
To-day's proceedings here symbolized the triumph of the so-called "New
Germany." It is manifest that, if what was witnessed is to be believed, the
monarchist Germany was to the Nazis as bad as the Weimar Republic. For
there were present not Steel Helmet men (monarchist war veterans), such
as marched with the brown shirts here a year ago, and not a single flag
of the black-white-red imperial colors was carried in the parade. The sole
trace of the Hohenzollern Reich was afforded by a few German war flags—
white with a Maltese cross and with a black-white-red stripe in an upper
corner. Decorated with oak leaves, they were borne this morning at a
solemn service.
For the demonstration at the Luitpold Arena not only was a magnificent
pageant, but it struck the note of an impressive religious rite—in the Na-
1626
Financial Chronicle
tional-Socialist religion of Nazi Germany, which seems, at times, to threaten
to sever connections with Christianity and with the Roman civilization of
Western Europe, and to revert to the ideals of the pagan Germany.
Germany's Foreign Trade Placed Under Complete
Government Control Incident to Dr. Schacht's
Plan For Reorganizing Country's Trade Relations
With World—Supervision of Departments For Distribution of Foreign Currency Permits
Government control over Germany's entire foreign trade,
including imports and exports, was announced on Sept. 11
by Dr. Hjalmar Schacht, German Minister of Economics, in
furtherance of that country's plans for the reorganization
of Germany's trade relations with the world. In Associated
Press accounts from Berlin, Sept. 11, it was stated that the
nation's 10 import control departments will be increased to
25, thus putting the whole import systems, including the
field of farm products, into the Government's hands. It was
added that five decrees, three of whidh will be issued in the
near future, define the functions of the control departments.
From these accounts we also quote:
The Ministries of Economics and Agriculture will supervise the departments for distribution of foreign currency permits. Requests for imports
for use in the manufacture of products to be exported will be given first
consideration. The value of materials which may be imported without a
permit was radically reduced from 50 marks ($20) to 10 marks ($4).
The newly-created control departments, instead of the Reichsbank, are
authorized to issue permits beginning on Sept. 24.
According to Berlin accounts, Sept. 11, to the New York
"Times," the importation of goods for which no foreign exchange licenses have been granted is not forbidden, but the
pronouncement makes it plain that "under present conditions the importer can by no means count on obtaining
facilities to pay them in any visible future." In part, the
Berlin advices (Sept. 11) to the "Times" also said:
customs Men Must Report
To prevent payment in violation of the control system all such unlicensed imports must be reported by the customs authorities to the respective control boards.
An import license must also be obtained if payment is to be made in
marks through clearing accounts. The pronouncement says that care has
been taken to meet the obligations that Germany has to foreign countries,
but in this connection it may be recalled that in a recent interview Dr.
Schacht asserted that the clearing arrangements that Germany had concluded with several European countries "simply won't work."
Exports have been put under similar control through clearing arrangements, through the required surrender of foreign exchange proceeds from
exports and through Government supervision of barter deals, but, most of
all, perhaps, through a provision that license applications for the importation of raw materials needed for finished export goods are to be specified
as such for the applicant to obtain preferential treatment.
Substitutes for Use in Reich
The main purpose of the latter provision is, of course, to keep up the
quality of German export goods, inferior substitutes being reserved for
domestic use.
Under this plan all United States trade with Germany on a consignment
basis and through open-book accounts becomes impossible. Only three
modes of trade remain—cash down, utilization of acceptance credit (which,
however, has been cut down to half of the previous allotment), and barter
deals.
In the barter method, United States dealers in raw materials vital to
Germany may trade unit for unit, but for all "non-essential" materials
Americans must take 30% more German goods than Germany will take
of American goods.
Secretary of State Hull Says New German Trade Restrictions Are Similar to Others Responsible For
Over 25,000,000 Unemployed Throughout World
Plans announced by Dr. Hjalmar Schacht, German Minister of Economics, for rigid restrictions on the foreign trade
of the Reich were described by Secretary of State Hull on
Sept. 12 as another of the "artificial and arbitrary devices
that the human imagination can conjure up to balk and
obstruct" international commerce. Mr. Hull, speaking at a
press conference, said that world unemployment of between
25,000,000 and 30,000,000 can be directly attributed to the
existence of such trade-obstructing systems as that adopted
by Germany. He added that the huge unemployment figures represent the principal factor for the wave of crime
and revolution that has swept around the world during the
last four or five years.
Germany Refuses to Join in "Eastern Locarno" Pact—
Communication to Interested Powers Cites Need of
Reich for Arms Equality
The German Foreign Office announced on Sept. 10 that it
had refused to join in a projected "Eastern Locarno" pact
under which Soviet Russia would enter the League of Nations.
The proposal for the pact had been presented to Germany by
Great Britain with the approval of France and Russia. In
making public the substance of formal communications
transmitted to the interested Governments, Germany explained that her decision had been based on questions of
principle and practicability. It was said that Germany
Sept. 15 1934
could not participate in such pacts or in the League of Nations
as long as "certain powers doubted her equal rights in the
matter of armaments." Further details of the memorandum
were given as follows in a Berlin dispatch of Sept. 10 to the
New York "Times:"
The practical considerations she listed were:
First—That the mutual military assistance provided by the pact, like
the sanction provisions of the League of Nations covenant, presented insurmountable difficulties.
Second—That because of her cental situation among heavily armed
powers Germany could not undertake obligations that would involve her in
au European conflicts and would peobably make her the battle field.
Third—That there was no real "political need" for special guarantees to
be undertaken by Prance and Russia and that anyhow Germany could not
expect to profit from them.
In place of this pact,in which she sees the danger of serious complications,
Germany proposes bilateral pacts based not on automatic military assistance in case of war but on non-aggression obligations and consultation.
The semi-official Deutsche Diplomatische Korrespondence presents, in
connection with the announcement of the rejection, an article saying that
Russia has been forced to enter Geneva through the back door because
despite French pressure some countries persisted in blacklisting the proposed new member.
Germany's. Commercial Banks Make Poor Showing,
According to Max Winkler—Effect of Hitlerism
The showing by Germany's leading banks during the first
year of Nazism is clearly indicative of the adverse effects
which Hitlerism has exerted and will continue to exert on
Germany's,economic and financial life, says Max Winkler,
who states that an analysis of last year's results of the leading branch banks of the Reich, whose aggregate capitalization amounts to 60% of the entire capital of German commercial banks, reveals a shrinkage in gross of well over 24%
%
1
/
compared with 1932, and a loss of more than 682 compared with 1931. Mr. Winkler, who is President of the American Council of Foreign Bondholders, also had the following
to say on Sept. 6:
Salient statistics of the 1933 balance sheets and income statements of
Germany's largest banks are presented hereunder (in reichsmarks):
1931
1932
1933
422,100,000 1,023,700,000
319,800,000
Gross income
410,100,000
302,500,000
231,000,000
Expenses and taxes
719,300,000
86,400.000
164,200,000
Depreciation and reserves
1,900,000
2,400,000
900,000
Net profit
374,000,000 444,000,000
360,000,000
Capital stock
.43
.24
.67
Net, In per cent of capital
5,864,000.000 6,560,000.000 8,030,000,000
Deposits
100,000,000
24,000,000
16,000.000
Collateral loans
801,000,000 1,031,000,000
492,000,000
Loans on merchandise
Treasury bills, non-Interest-bearing
Treasury certificates and Reich
282,000,000
824,800,000
792,800,000
Treasury notes
The above statistics disclose the following significant features:
1. Profits in the past year showed a most disheartening decline compared
with preceding years.
2. The marked drop in deposits, the loss during 1933—the first year of
the Hitler regime—amounting to more than 10% compared with 1932, and
to more than 32% compared with 1931, indicates:
(a) That confidence on the part of the German public In the soundness and
Integrity of their financial institutions Ls on the wane; and
(b) That the position of the German currency Is precarious, the shrinkage in
deposits representing without doubt a desire on the part of depositors to avoid losses
resulting from the deterioration of the mark, which seems inevitable.
3. Business conditions are distinctly unsatisfactory. This is evident from
the very sharp decline in collateral loans and in loans granted by Germany's
leading financial institutions on merchandise.
4. The liquidity of banks is greatly impaired because of the steady increase in governmental obligations which financial institutions are forced
to acquire. Although some commentators might incline to minimize the
effect of the large purchases of governmental bonds by German commercial
banks, and might even go so far as to compare the situation with that obtaining in this country, it is apparent to any competent observer that the two
situations are not at all analogous, and that, compared with the country's
resources and productive powers, the German internal debt is beginning to
constitute an enormous burden upon the nation.
Decree Prohibiting Establishment ofINew Banks in
Germany Until End of December, 1936—Reported
Decline in Private Banks in Past 20 Years and
Large Increase in Other Banking Institutions
Commenting on the recent decree in Germany prohibiting,
until the end of 1936, the organization in that country of
new financial institutions and the opening of new branch
offices of existing banking houses, a copyright cablegram,
Sept. 9, from Berlin to the New York "Herald Tribune"
stated that this measure is regarded as necessary in view of
the excessive number of existing banks, which already. has
caused a serious disturbance In German economics. In part,
these copyright advices continued:
Investigation by a special committee revealed a decline in the number
of private banks in the last 20 years, while a large increase was registered
In the corporative and public banks. The number of private credit banks
has dropped from 352 in 1913 to 220 in 1932, and the number of private
bankers declined from 1,221 to 709, respectively, and falling further since
then. However, the number of corporative banks has increased from 18,557
to 21,415, and public banks in the State provincial district, communal and
savings banks from 205 to 3,149.
The pre-war figures exclude savings banks, then numbering 3,133, as these
scarcely handled short-term credit business. The State provincial and communal banks accounted for virtually the entire rise, the last-named alone
increasing from five to 38. The number of branch offices from private banks
increased from 2,506 to 3,125, and branches of public banks from 52 to 515,
excluding savings banks.
Volume 139
Financial Chronicle
The number of branches of private banks has been declining in the last
18 months through mergers and rationalization measures, and this trend
still is continuing to eliminate duplication, work and unnecessary competition.
While a number of banks now are much larger than before the war, total
deposits with private and public banks now are about 25% smaller, having
dropped from 55,700,000,000 marks in 1913 to 41,400,000,000 marks in
1933. The inevitable result was that numerous banks failed during the
crisis in the last four years, through inability, lucrative operation and the
impossibility to strengthen reserves.
The decree aiming to prevent expansion of the banking trade is considered
indicative of the increasing confidence in German economics which is liable
to induce the opening of new banks in view of favorable domestic developments.
Reference to the new decree was made in our Sept. 8 issue,
page 1478.
Financial Policies of German Government—Institute
of International Finance Surveys Financial Policies
of Germany As Affecting External Debt Services—
Country's Commercial Banks Regarded As Holding
Substantial Assets in Foreign Currencies—External Debt Reduced 60% in Last Three Years
The moratorium on Germany's external debt service is
attributable solely to transfer difficulties, it was stated in a
special bulletin of the Institute of International Finance,
made public Aug. 30 by Dean John T. Madden, director. The
bulletin declared that the individual German debtors are,
with few exceptions, able to provide funds in reichsmarks for
the entire service of their external obligations, but the Reichsbank is unable to convert these funds in full into the foreign
currencies in which the debt service is payable.
The Institute of International Finance is a non-profit-making research organization conducted by the Investment
Bankers Association of America in co-operation with New
York University. The Institute, in its "Bulletin," said:
The German transfer difficulties began in June 1931, when the international finance panic precipitated by the collapse of the Austrian Credit
Anstalt resulted in a large-scale withdrawal of foreign short-term funds from
Germany. Since then the repayment of foreign short-term credits, the
amortization and repurchase of foreign medium- and long-term obligations,
and the adverse development of the external trade balance have resulted in a
drastic reduction in the Reichsbank's gold and foreign exchange reserves.
It is clear that the gold and foreign exchange reserves of the Reichsbank
have dwindled to almost negligible proportions. However, these reserves do
not constitute the total foreign exchange resources of the country.
According to reliable information, the Reichsbank on April 30 1934 held
149,100,000 reichsmarks of foreign bills maturing in from 15 days to three
months which are not included in its legal foreign exchange reserve. On
the same date the Gold Discount Bank, a subsidiary of the Reichsbank, held
foreign bills to the amount of 59,972,000 reichsmarks, and the four note.
issuing banks of Bavaria, Saxony, Wurttemberg and Baden held gold and
foreign exchange reserves of 73,346,000 reichsmarks against note issues of
164,300,000 reichsmarks.
Data on the foreign exchange holdings of the commercial banks are not
available, but it is generally understood that they hold substantial assets in
foreign currencies. In addition, it is well known that substantial payments
are due to Germany from Russia which will augment the legal reserves of
the Reichsbank.
The depletion of Germany's foreign exchange resources is attributed
chiefly to the unfavorable trend of the foreign trade balance and to the
rapid reduction in the amount of the debt outstanding abroad.
The reduction of the German external indebtedness has taken two forms:
first, the repayment of principal, and secondly, the repurchase of external
obligations by German nationals. In addition, the amount of the debt in
terms of reichsmarks has declined sharply as a result of the depreciation
of a number of the foreign currencies in which it is payable. Official
statistics on the amount of external obligations outstanding have been published at intervals by the Reich Statistical Office.
According to this official agency, the total external indebtedness of Germany of Sept. 30 1933 amounted to 14,800,000,000 reichsmarks as compared with 23,800,000,000 reichsmarks on July 31 1931, revealing a reduction during the period of two years and two months of 9,000,000,000 reichsmarks.
The Institut fuer Konjunkturforschung, a reputable German statistical
organization, estimates the total external debt at the end of 1933 at 12,800,000,000 reichsmarks, indicating a reduction of 2,000,000,000 reichsmarks in
the fourth quarter of 1933. It has been carefully estimated that, after taking into consideration the repatriation of securities and further repayments
since the date of the last official German figures, the total amount of the
German debt now outstanding abroad is not more than nine or ten billion
marks. It, therefore, appears that in one manner or another the German
external debt has been reduced by approximately 60% during the last three
years.
There has been considerable criticism in the creditor countries of the
economic and financial policies of the German Government in so far as they
pertain to the external debt service. This criticism involves chiefly the
German foreign trade policy. Dr. Schacht, President of the Reichsbank, has
attempted to shift the blame for the adverse development of Germany's foreign trade to the creditor countries. In a statement issued on June 14 1934.
he attributed the decline in Germany's exports to (a) the depreciation of
foreign currencies, and to (b) increased tariffs and import control by foreign countries.
A statistical analysis of Germany's foreign trade by countries, contained in the "Bulletin," affords a basis for appraising Dr. Schaches contention and shows that:
1. German exports to Great Britain and the United States, countries with
depreciated currencies, declined by only 9.0% and 12.6%, respectively, in
1933 as compared with 1932. At the same time Germany's adverse trade
balance with the United States declined by 23.7%.
2. In the first quarter of 1934 exports to Great Britain actually increased
by 18%, as compared with the first quarter of 1933.
3. Exports to France and Switzerland, gold standard countries, declined
by 18.1% and 14.4%, respectively, in 1933 as compared with 1932.
1627
The "Bulletin" continues:
It is more difficult to ascertain the effect of foreign tariff policies on the
German export trade. However, Secretary Hull's note of June 28 to the
German Government pointed out that "The German Government is no doubt
aware that its policies have created opposition in many parts of the world,
which has expressed itself in various trade conflicts. . . ." Shortly
after the present German Government came into power, tariff rates on a
number of agricultural commodities were raised and the affected countries
retaliated by increasing duties on German goods. Similarly, the resentment
aroused in foreign countries by the German Government's policy towards
certain racial minorities and towards organized labor, as well as the changed
political relations with the Soviet Union, have affected Germany's foreign
trade. It is significant that Germany's exports to Russia declined from
625,800,000 reichsmarks in 1932 to 282,200,000 reichsmarks in 1933, and
in the first quarter of 1934 amounted to only 21,000,000 reichsmarks as
compared with 117,600,000 reithsmarks in the first quarter of 1932.
The adverse development of Germany's trade balance during the first seven
months of 1934 has been due almost as much to the increase in imports as
to the decrease in exports. Secretary of State Hull's note of June 28 to the
German Government stated that "It is widely believed that during recent
months German foreign purchases of material susceptible of military use
have been extensive." Figures from official German sources show a sharp
increase in imports of certain raw materials in the first four months of 1934
as compared with the corresponding period of 1932. While there has been
some increase in business activity in Germany, the percentage increase in
imports appears disproportionate to the rate of increase in industrial production.
Russian Gold Shipments Halt Drain on German
Reichsbank
Under date of Sept. 8, Berlin advices to the New York
"Times" stated:
Since the status of the Reichsbank's gold reserves has remained virtually
unchanged for seven weeks, it appears likely that any further drain, which
would speedily cause an utter depletion, can be prevented. The Reichsbank
avoided a decline in reserves in its last weekly report only through receipt
of a consignment of gold from Russia. The reserves in coming months may
be materially influenced by further Russian payments.
Due to the recent improvement in her trade balance, Russia feels more
able to meet her obligations in Germany and therefore has voluntarily relinquished her right to use 25,000,000 marks out of the remainder of 140,000,000
marks credits given by German banks in 1932.
ncrease of 10% as Compared with 1933 Reported in
German Retail Trade
Stating that official reports affirm that industrial improvement in Germany is continuing, advices, Sept. 8, from
Berlin to the New York "Times" added:
Consumption of meat and some other necessities has risen, but the movement is irregular. The value of foods consumed this year has increased, but
the quantity has declined slightly. Both the quantity and value of textile
consumption have risen.
Retail sales for the first half of the year are officially reported to be 10%
more than in the first six months of 1933. The value of industrial output
in July was 4,440,000,000 marks, against 4,350,000,000 marks in June and
3,420,000,000 marks in July 1933. Output is now 89.8% of that in 1928,
production goods being 83.3%, and consumption goods 99.6%. Textiles are
104.6%. Unofficial reports agree that textile activity is increasing again.
German tinplate production in the first seven months of 1934 was 136,500
tons, against 112,700 tons in the same part of 1933, while exports were
84,400 tons, against 69,400 tons. Japan, Holland, Belgium and Switzerland
were the principal buyers. Potash exports for the seven months were 273,000
tons, against 207,000 tons last year, but the cash yield rose only slightly
because of the 23% decline in prices.
Germany Extends Commodity Control
The following (United Press) from Berlin, Sept. 7, is from
the New York "Journal of Commerce":
In a sweeping extension of Government supervision of national distribution
and supply, Acting Economics Minister Hjalmar Schacht to-night ordered
the establishment of 10 new control bureaus.
They cover distribution of wood, vegetables, drinks and other foodstuffs;
coal, salt mineral oil, chemicals, silk, artificial silk, clothing, furs and
kindred articles; paper, technical products and miscellaneous.
Other items include grain and fodder for animals, animal products, milk
and eggs which now come under control of the new bureaus.
Italy Curbs Payments to Germany
A decree obliging Italian importers to make their payments
for merchandise imported from Germany in marks purchased
in Italy at the Milan Bourse's rate of exchange was published on Sept. 3,it was indicated in Associated Press advices
from Rome, Sept. 3, which also had the following to say:
The measure follows Germany's denouncement last Saturday of the October 1932 agreement for exchange of commercial credits with Italy. Negotiations looking to a new agreement based on exchanges of merchandise are
under way.
Reich Rules on Tobacco—Purchases of Foreign
Supplies Banned by Minister
The establishment of a new tobacco control board in Germany was reported in a Berlin account (copyright), Sept. 2,
to the New York "Herald Tribune," which went on to say:
Pending the time that the new board begins operations, all purchases of
foreign tobacco and products are prohibited which entail obligations subject
to foreign exchange control. The prohibition does not apply to oriental
tobacco from the countries whose central banks have agreements with the
Reichsbank, excluding payments in third currencies.
The cigarette industry will not be badly affected by the new measure, since
it uses, almost exclusively, Oriental tobaccos from the countries having
agreements with the Reichsbank. This will stop imports from America.
However, it is asserted that this import prohibition is to be a temporary
measure only, and that it is to be canceled shortly.
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Financial Chronicle
Netherland Bank Acts to Permit Exports of Gold to
United States
Under date of Sept. 13 Associated Press advices from
Holland,said:
The Netherlands Bank was announced officially to-day as prepared to
sell gold for transfer to the United States if and when the exchange rate
makes such a course profitable on condition that the United States Government maintains the present gold value of the dollar and agrees to export
gold to Holland if necessary.
Hitherto, the Netherlands Bank has refused to release gold for export to
any country, including the United States, which has stopped exporting
gold.
From the New York "Times" of Sept. 14 we quote the
following:
Recognition by Holland
The decision of Holland to permit gold exports to the United States is a
matter largely of academic interest in view of the present position of the
dollar. It is scarcely likely that there will be any occasion for gold to flow
from Holland to this country for a while. The action is, however, tantamount to official recognition of our gold standard—a recognition that was
withheld by the Dutch for many months on the score that, 4ince this country had not declared its price of $35 an ounce for gold to be permanent, it
could not be considered to have returned to the gold standard in strict
terms. The change of view seems to have resulted from the recent action
of the Treasury here in licensing shipments of gold to Holland.
£10,000,000 Conversion Loan of Argentina Government
—Offering in London
A conversion loan of £10,000,000 of the Argentine Government announced this week, was offered in London Sept. 13.
Under date of Sept. 11 a cablegram from London to the New
York "Times" stated that under the plans the holders of
5% Argentine loans will be invited to exchange their holdings
for 43% sterling bonds of the Argentine Government on
terms which mean that the holders of the maturing issues will
receive new bonds at a price equivalent to 933/%. No cash
subscriptions it was added would be invited. From Buenos
Aires Sept. 12 the same paper reported the following:
The Finance Ministry's statement of its conversion of the 5% sterling
loan, announced last night, belongs to a series of measures in connection
with the debt to Britain which commenced in May when Baring Brothers
& Co. were instructed to cancel It by redemption.
The remainder still in circulation, part of the capital and sanitary works
loans, amounting, respectively to E242,800 and £777,100, is due in 1936.
The City of Buenos Aires and irrigation loans were converted from 5%
to 4%% bonds and later the Government canceled the entire outstanding
balance of short-term loans from Britain totaling E585.000.
The new 4.54% conversion loan will be offered in London to-morrow. It
totals about £10.000,000 and covers all outstanding 5% issues in London,
including the 1907 and 1909 loans, portions of which are held outside
Britain.
It is understood Argentina will pay off in cash the foreign-held portions
totaling more than £4,000,000 as the conversion offer is available exclusively
to holders of the British issues. Conversion and redemption operations
already effected in London have cut down interest payments more than
10,000.000 pesos annually.
Argentina Anticipates Oct. 1 Payment of Last Quota
of £5,000,000 Short-term Loan of 1929
From its branch in Buenos Aires, Argentina, the First
National Bank of Boston, made known the following advices
Sept. 12.
Argentina anticipated the payment of the last quota of £885.000, which
was due on October 1st, of the £5,000,000 short-term loan made in 1929.
Conditions are generally favorable with bank clearings increasing,the bonds
market firm and active, railway receipts somewhat better than last year
and ocean freight charterings about 1,000.000 tons ahead of the figure in
August 1933. The favorable trade balance for the first seven months was
$235,801,647, compared with $180,936,338 in the same period in 1933.
Brazil Liberates Exchange For Products Exported
Except Coffee. Announcement By New York Coffee
and Sugar Exchange
The New York Coffee & Sugar Exchange received advices
Sept. 10 from Brazil stating that the Federal Council for Exterior Commerce had resolved to liberate exchange for all products exported except coffee. Asfar as coffee was concerned,
the Exchange stated,it was resolved that exporters would deliver to the Bank of Brazil 155 francs, or the equivalent per
bag in other currencies (in dollars this comes to about 10.30
per bag) while the balance per bag above this amount could
be negotiated in the free market. Against payments for
importations, it was stated, the Bank of Brazil will only
supply 60% at the official rate, the remaining 40% to be
bought in the free market. The latest rates in the free market were understood to be about 26% under the official rate.
In a release issued by the Exchange it was further reported:
The Exchange was also informed that port receipts of coffee from the
interior would be:educed until the port stocks reached, as a maximum,only
double the average monthly exportation, and that the National Coffee
Department would maintain an equilibrium by withdrawing eventual excesses of the present coffee crop as verified and take the necessary steps to
maintain in an equilibrium in the market as far as the next coffee crop was
concerned.
A Rio de Janeiro cablegram Sept. 10 to the New York
"Times" had the following to say:
The abandonment of exchange control was announced at to-day's meeting
of the Federal Foreign Commerce Council, presided over by President
Getullio Vargas, The Banco do Brasil's exchange director, Senor Souza
Sept. 15 1934
Dantas, recommended ending the control except for coffee, advocating that
from the exchange derived from the sale of coffee bills the Banco do Brasil
should allow 60% cove:for imports and that the remaining 40% should be
purchased in the open market at a rate which would automatically tax
imports about 20%, the difference between the Banco do Brasil official rate
and the free exchange rate.
Coverage Rules Announced
Beginning to day on foreign coffee import drafts, provided the milreis
equivalent has already been deposited and the exchange closed, the Banco
do Brasil will give full cover at the official rate. Drafts having no milteis
deposits or closed exchange and drafts arriving hereafter will fall within the
new rule receiving 60% at the offcial rate and 40% at the free exchange
rate. Other regulations controlling exchange will remain in force.
Senor Souza Dantas stated that the new exchange policy
would not change the government's coffee policy nor influence the gold price of coffee. He further stated if a tendency
was noted in coffee prices to drop, the Banco do Brasil might
neutralize it by improving the miLreis quotation in relation to
other monies. He declared the present exchange measures
showed the Banco do Brasil's disposition to end artificial
measures tending to entangle import liquidation and to
upset commercial interchange. He believed the liberal ruling
would facilitate foreign trade.
The Federal Foreign Commerce Council also resolved to
reduce seaboard coffee entries until the stocks should correspond at maximum to double the monthly export average,
and to maintain crop equilibrium by withdrawing from the
market excess coffee.
State Department Announces Negotiation of Reciprocal Trade Agreements with 6 More Nations—
Dates Fixed for Hearings on Pacts with Sweden
and Central American Republics
Hearings on proposed reciprocal trade agreements with
six additional foreign nations were announced by the State
Department this week. On Sept. 8 it was announced that
foreign trade agreements will be negotiated in the near future
with the five Central American Republics. Public hearings
on these agreements will be held on Oct. 22, and applications
to be heard must be submitted to the Tariff Commission by
noon of Oct. 15. The Department announced on Sept. 10
that it intended to negotiate a reciprocal trade agreement
with Sweden, making the 10th nation for which such an
announcement had been issued.
Plans of the Department for negotiating such agreements
were described most recently in our issue of Sept. 8,
page 1479. A Washington dispatch of Sept. 8 to the New
York "Times" commented on the proposed agreements
with the Central American Republics as follows:
The principal exports of Honduras, Guatemala, El Salvador, Nicaragua
and Costa Rica are coffee and bananas. They import wheat flour, lard,
cotton and silk textiles and manufactured articles. Their economic problems are so similar that the State Department will negotiate the agreements
concurrently and presumably on largely the same terms.
Exports to and imports from all of the Central American counties have
shown a marked decline since 1929.
Schedule of Public Hearings
The following public hearings on projected foreign trade agreements
are now scheduled.
Date for
Latest Date
Date forl
Latest Date
Oral Prefor SubmitOral Prefor Submitsentation
sentation
ting Written
ting Written
of Views Country— Statements
of Views
Country—. Statements
Oct. 22
Oct. 22 El Salvador _ Oct. 15
Brazil
Oct. 15
Oct. 22
Haiti
Oct. 15 Guatemala_ - Oct. 15
Oct. 8
Oct. 22
Belgium_ _
Oct. 29 Honduras - _ Oct. 15
Oct. 22
Oct. 22
Colombia
Oct. 15 Nicaragua .._ Oct. 15
_ Oct. 8
Costa Rica
Oct. 22
Oct. 15
We also quote from a Washington dispatch of Sept. 10
to the New York "Journal of Commerce" regarding the
proposed agreement with Sweden:
William Phillips, Acting Secretary of State, in making the announcement
fixed Oct. 20 as the deadline for filing written statements, with the Committee on reciprocity information and Nov. 5 as the date for presentation
of oral testimony on products involved in the trade between the United
States and Sweden. Trade between the two nations, Mr. Phillips said
has fallen to almost one-third of its value in 1929. Our exports to Sweden
in 1929 amounted to $58,703,501, but had declined to $18,597.580 in 1933,
while Swedish exports to the United States were valued at $52,985,698
in 1929 and were worth only $30,972,309 in 1933.
Some of the leading articles which Sweden imports from the United
States are wheat, fruits and nuts, cotton, gasoline and other petroleum
products, crude copper, machinery, automobiles and automobile parts,
unmanufactured tobacco, sulphur and rosin.
Sweden's principal exports to the United States are wood pulp, newsprint and iron and steel.
Sept. 1 Coupons of 7% External Sinking Fund Loan of
Pernambuco (Brazil) Paid in Part—New York
Stock Exchange Rules on Bonds
State of Pernambuco (United States of Brazil) is notifying
holders of its 7% External Sinking Fund Loan, due March 1
1947, that, in accordance with provisions of the Presidential
Decree of Feb. 5 1934, there has been remitted to White,
Weld & Co., special agent, funds for the payment of the
Sept. 1 1934 coupons at the rate of 173/2% of the dollar
face amount of such coupons. An announcement in the
matter said:
Volume 139
1629
Financial Chronicle
Payment at the rate of $6.125 lawful currency of the United States of
America per $35 coupon will accordingly be made on and after Sept. 11
1934 by White, Weld & Co., 40 Wall St., N. Y. Coupons must be accompanied by letter of transmittal (copies of which may be obtained from the
special agent) wherein the coupon-holder agrees to accept such partial
payment at the above-mentioned rate in full satisfaction and discharge
of such coupon.
Rulings on the bonds by the New York Stock Exchange
were issued as follows on Sept. 11 by Ashbel Green, Secretary
of the Exchange:
NEW YORK STOCK EXCHANGE
Committee on Securities
Sept. 11 1934.
Notice having been received that payment of $6.125 per $1,000 bond is
now being made on State of Pernambuco 7% External Secured Sinking
Fund Gold bonds, due 1947, on surrender of the Sept. 11934. coupon.
The Committee on Securities rules that beginning Wednesday, Sept. 12
1934, the said bonds may be dealt in as follows:
(a) "With Sept. 1 1931, and subsequent coupons attached."
(b) "With Sept. 1 1931. to March 1 1934, inclusive (ex Sept. 1 1934) and
March 1 1935, 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.
$196,000 of Bonds of Leipzig (Germany) Sinking Fund
Gold Loan of 1926 Retired Through Annual
Sinking Fund
Speyer & Co., as fiscal agents, announced Sept. 8 that
there have been retired and cancelled through the annual
sinking fund, for the year 1934, $196,000 bonds of the City
of Leipzig 7% Sinking Fund Gold Loan of 1926. Out of an
original issue of $5,000,000 bonds there remain outstanding
$3,742,000 bonds, the agents said.
Permanent Injunction Obtained By Securities and
Exchange Commission Restraining Carleton Saunders & Co. From Further Violation of Securities
Act
The Securities and Exchange Commission announced
on Sept. 13 that it had obtained a permanent injunction restraining Carleton Saunders & Co. from further violation of
the Securities Act of 1933. The injunction was granted
Sept. 12 by Judge William Clark in the U. S. District Court,
Newark, N. J., according to the Commission, whose announcement also said:
Mining stock is closed. The inquiry was referred to in our
issue of Sept. 8, page 1482.
Applications for Registration Under Securities and
Exchange Act of 1934 Filed by 23 Exchanges
12 Exchanges File Applications for Exemption—
Five New York Exchanges Seeking Registration
Announcement was made by the Securities and Exchange
Commission that 23 Exchanges had filed applications for
registration under the Securities and Exchange Act of 1934
up to Sept. 12. Five Exchanges in New York City, the New
York Stock, New York Curb, New York Produce, New
York Mining, and New York Real Estate Securities, are
included in the list. The application of the New York
Stock Exchange was filed with the Commission on Sept. 11
by its President, Richard Whitney, who brought the application to Washington. The Commission stated that 12 Exchanges had filed applications for exemption from registration. Three Exchanges, the Honolulu Stock Exchange,
Honolulu, Hawaii, and the Manila Stock Exchange and the
Philippine Stock Exchange, both of Manila, P. I., have
cabled the Commission requesting extensions of time because
of the distances the statements have to travel. The Commission announced that it is examining all applications
received. The Exchanges which have filed applications for
registration in addition to the New York Exchanges are:
Baltimore Stock Exchange
Boston Stock Exchange
Buffalo Stock Exchange
Chicago Stock Exchange
Cincinnati Stock Exchange
Cleveland Stock Exchange
Denver Stock Exchange
Los Angeles Curb Exchange
Los Angeles Stock Exchange
New Orleans Stock Exchange
Philadelphia Stock Exchange
Pittsburgh Stock Exchange
St. Louis Stock Exchange
Salt Lake Stock Exchange
San Francisco Curb Exchange
San Francisco Stock Exchange
Standard Stock Exch. of Spokane, Wash.
Washington Stock Exchange (D. C.)
Applications for exemption from registration were received
from the following:
Boston Curb Exchange
California Stock Exch.(Los Angeles)
Chicago Curb Exchange
Colorado Springs Stock Exchange
Hartford Stock Exchange
Louisville Stock Exchange
Minneapolis-St. Paul Stock Exch.
Milwaukee Grain & Stock Exch.
Richmond Stock Exchange
San Francisco Mining Exchange
Seattle Mining Exchange
Seattle Stock Exchange
SEC Extends Time For Filing Applications for Temporary Registration Under Securities and Exchange
Act of 1934-35 Companies on New York Stock
The defendant agreed to accept a permanent injunction shortly after the
Exchange Fail to File Applications
Commission's attorneys had begun examination of the first witness.
The Securities and Exchange Commission announced
The complaint charged Carleton Saunders & Co. with marketing the
yesterday (Sept. 14) that it has extended from Sept. 15 to
stock of the Inspiration Gold Mining Co. in violation of the Securities Act
of 1933. . . A representative of Carleton Saunders & Co. would call up
Sept. 22 the time within which applications by companies for
a prospective purchaser and advise the purchase of a well-known stock
temporary registration under the Securities and Exchange
listed on the New York Stock Exchange. Subsequently, another call would
be made advising a switch to Inspiration Gold Mining Co. stock. QuotaAct of 1934 must be received by the Commission. The rules
tions would be given on the price of Inspiration Gold Mining stock when
of the Commission regarding temporary registration were
actually the stock had been suspended from trading on the New York
modified accordingly.
Mining Exchange.
The injunction permanently restrains Carleton Saunders & Co. not only
The New York Stock Exchange announced Sept. 13 that
from further sale of stock of Inspiration Gold Mining Co. but also from
it is estimated that 35 companies, listed on the Exchange
using similar methods to sell any other security in violation of the Securities
have failed to present to it their applications for temporary
Act.
The injunction follows a temporary restraining order, obtained July 2,
registration. The Exchange had set Sept. 13 as the final day
1934 by the Federal Trade Commission, which at that time was in charge of
it would accept the applicatons.
administration of the Securities Act of 1933.
The Exchange on Sept. 13 declined to reveal any additional
New York Curb Exchange Cancels F. W. Ludwig's names of companies which have filed applications. It gave
as its reason for its action that "the list was so nearly closed
Suspension
Governors of the New York Curb Exchange at their that it feared publication of further names might lead to
regular meeting on Sept. 12 remitted the balance of the term mistaken conclusions as to those which had not yet applied."
of suspension of three years imposed upon Frederick W. On Sept. 10 the Exchange issued a list of companies which
had made application up to that date.
Ludwig on Jan. 26, 1933.
An announcement issued Sept. 13 by the Stock Exchange
Nomination of Officers of New York Cocoa Exchange— regarding companies failing to file applications follows:
The Stock Exchange declined today to give out any fuither statement of
George Hintz Named for Presidency
made
temporary registranames of corporations
George Hintz, of \Vessels, Kulenkampff & Co., was nomi- tion. giving as a reasonwhich hadso thatapplication for nearly closed that it
for doing
the list was so
nated as President of the New York Cocoa Exchange by the feared publication of further names might lead to mistaken conclusions as
Nominating Committee of the Exchange, Sept. 12, to succeed to those which had not yet applied.
reorganization
Excluding from the
Howard T. McKee, whose term expires Oct. 15. Carlos A. pursuant to Section 77computation companies in process ofcorporations in
or 77 (b) of the Bankruptcy Act,
Scholtz, of Scholtz & Co., was noininated Vice-President to bankruptcy or receivership,foreign governments or subdivisions, and foreign
succeed Mr. Hintz, who now occupies that office. Francis J. corporations, for which the Exchange will make application for temporary
registration under Rule JE2, issued by the Commission, the number of
Ryan was renominated Treasurer. Together with the above- listed companies which have not as yet filed application is estimated to be
named officers, the following were nominated to constitute about 35. It is quite certain that for a number of these the Stock Exchange
will make application under the Rule of the Commission permitting such
the Board of Managers:
C. II. Butcher, William Berry, W. J. Kibbe, T. J. Mahoney, H .T. McKee,
F. K. Nieschlag, B. B. Peabody, R. S. Scarburgh and I. Witkin.
The election of officers and managers will be held on Oct. 9.
Chairman Kennedy of Securities and Exchange Commission States that Inquiry Is Closed into Price
Decline of Stock of United States Smelting, Refining & Mining Co.
Chairman Joseph P. Kennedy, of the Securities and Exchange Commission, announced yesterday (Sept. 14) that
as far as the Commission is concerned, the inquiry into the
recent price decline of United States Smelting, Refining &
application under special circumstances approved by the Commission.
It is quite possible, and even likely, that substantially all of those companies for which application will not be received will be covered by applications to be made by the Exchange under this Rule, with the exception of a
limited number of companies in whose securities there has been practically
no trading for a long time, which will not apply, and which will therefore be
dropped from the list.
New York Stock Exchange Institute Offers New Course
on "The Work of the Margin Department"
The New York Stock Exchange In:tante announced
Sept. 11 a new course which is called. "The Work of the
Margin Department." Two instructors, William Phelan,
Manager of Rhoades, Williams & Co., and Charles C.
1630
Financial Chronicle
Ferran of the Margin Department of Hirsch, Lilienthal &
Co., will have charge of the course. The Institute catalogue
describes the course as follows:
An actual set of margin cards will be prepared and current changes in
the market will be reflected in the various adjustments on the cards. Each
student will be required to maintain his own set. The ledger balance and
equity systems of margins will be used and current changes in practice
will be explained.
The classes in the "Work of the Margin Department"
began this week, but the Institute has announced that registrations for the course from employees of member firms
will be accepted up to Sept. 22.
Short Interest on New York Stock Exchange August 31
Above July 31
The New York Stock Exchange announced Sept. 7 that
the total short interest existing as of the opening of business
on Aug. 31, as compiled from information secured from its
members, was 826,911 shares. This represents an increase
of 103,750 shares as compared with the July 31 total of
723,161 shares.
Report of Senate Banking and Currency Committee
Into Stock Exchange Operations—New Instalment
Holds Internal Revenue Agents Lax in Examining
Tax Returns
The sub-committee of the Senate Banking and Currency
Committee charged Internal Revenue Agents with laxity
in enforcement, for accepting, without examination, income
tax returns. A new instalment of the committee's report into
the inquiry conducted by it into stock market operations
was made public Sept. 10. Regarding this instalment
Associated Press accounts from Washington, Sept. 10 said
in part:
"Many returns, particularly of partners in large banking houses, were
exempted from adequate scrutiny," the Committee said.
"When examinations were made the time devoted to them was comparatively short, in view of the wealth of the taxpayers and the complex
nature of their transactions.
Citing that since the hearings were held, Congress had enacted certain
forms in legislation and administration to prevent tax avoidance, the
report said.
"The need for reform, either in the law or its method of enforcement, or
both, was made abundantly clear when the income tax returns of some of the
leaders of American finance for the years since 1929 weee examined by the
sub-committee.
"For the year 1929, the partners of J. P. Morgan & Co. collectively paid
about $11.000.000 in taxes to the Federal Government. For the year 1930.
17 Morgan partners, including J. P. Morgan. paid no tax and five paid
aggregate taxes of about $56,000. For the year 1931 not a single Morgan
Partner paid any tax. For the year 1932 not a single Moegan partner paid
any tax.
"For the year 1929. the partners of Kuhn, Loeb & Co. collectively paid
about $1,900.000 in taxes. For the year 1930, four Kuhn, Loeb partners,
including Otto H. Kahn, paid no tax, and four paid aggregate taxes of
about $100.000. for the year 1931, six Kuhn. Loeb partners paid no tax,
and the others paid taxes totaling less than $2,000. A similar situation
prevailed in 1932."
Charles E. Mitchell, at the time Chairman of the National City Bank, the
report said "sold his wife in 1929 18,300 shares of National City Bank stock
at a loss of $2,872.305."
"This transaction," Mr. Mitchell admitted, "was entered for the express
purpose of establishing the loss for income tax purposes."
Richard Whitney and New York Bankers Meet With
Federal Reserve Board Incident to Regulations
Governing Margins Under Securities and Exchange
Act
At a meeting on Sept. 13 the Federal Reserve Board heard
statements by Richard Whitney, President of the New York
Stock Exchange, and others, incident to the regulation to
he issued by the Board, pursuant to the provisions of the
securities Exchange Act of 1934, with regard to the extension and maintenance of credit by brokers, dealers, and
members of securities exchanges.
These regulations have to do with margin requirements.
A reference to a preliminary draft of the credit and margin
rules appeared in our issue of Sept. 8, page 1481. The
Federal Reserve Board's announcement of Sept. 13 stated
that in addition to Mr. Whitney, there were present the
following:
E. H. H. Simmons, ex-President of the New York Stock Exchange.
Roland L. Redmond, L. Randolph Mason and Henry Alexander, of
'counsel for the New York Stock Exchange.
S. Parker Gilbert, of J. P. Morgan & Co., New York, New York.
Gayer G. Dominick, of Dominick & Dominick, New York, New York.
Henry W. Brower, of Laidlaw & Co., New York, New York.
Warren A. Lamson, of Lamson Bros. & Co., Chicago, Illinois.
Joseph P. Kennedy, Chairman of the Securities and
Exchange Commission, was also present. The Board said:
The views expressed at the meeting will be given consideration by the
Board in connection with the preparation of its regulation, which will
be issued in the very near future.
The Securities and Exchange Commission announced on
Sept. 13 that the Commissioners and certain members of
the staff would spend next Tuesday and Wednesday, Sept.
Sept. 15 1934
18 and 19, in New York City, where they will make a
survey of the New York Stock Exchange and its operations. The Commissioners will also inspect the workings
of the Stock Clearing Corporation and other subsidiary
departments of the Exchange. The Commission's announcement added:
The purpose of the visit to the New York Exchange is in line with
the Commission's present study of exchange practices, preparatory to
drafting new rules and regulations.
All five Commissioners, Joseprh P. Kennedy, Chairman, Ferdinand
Pecora, James H. Landis, George 0. Mathews, and Robert E Healy,
will go to New York, it is expected. Accompanying them will be David
Saperstein, Chief of the Exchange and Trading Division, and his assistants,
Frank J. Meehan and Leon Cohen.
In addition to his meeting with the Federal Reserve
Board, Mr. Whitney and other New York Stock Exchange
members conferred on Sept. 11 with members of the Securities and Exchange Commission regarding rules affecting
control over specialists. Those in attendance besides Mr.
Whitney included L. Randolph Mason, William Harding
Jacquin, Benjamin H. Brinton, Thomas R. Cox, Carl R.
Levis, George P. Smith, Robert L. Stott and T. Ferdinand
Wilcox. G. Wright Hoffmann of the Reserve Division of
the Federal Reserve Board was also present. On Sept. 10
representatives of the leading stock exchanges of the country conferred with the Securities and Exchange Commission, the exchanges represented, according to United Press
accounts from Washington, being the New York Curb Exchange, the Los Angeles Stock Exchange, the San Francisco Curb Exchange, the New York Mining Exchange, the
Chicago Stock Exchange, the Philadelphia Stock Exchange,
and the New York Produce Exchange.
Committee on Banking Relations Between Federal and
State Agencies and Banking Institutions Named
in Philadelphia Federal Reserve District
Appointment of 12 bankers as members of a permanent
committee on banking relations between Federal and State
governmental agencies and banking institutions in the Third
(Philadelphia) Federal Reserve District, was announced on
Aug. 31 by W. Walter Wilson, President of the First Milton
National Bank, Milton, Pa. Mr. Wilson is a member of the
committee. The other members are:
0. Howard
Wolfe, Philadelphia National Bank, Philadelphia, Pa.
H. T. Bush, Farmers' Bank, Wilmington, Del.
Carl 5. Crispin, Swedesboro National Bank, Swedesboro, N. J.
P. T. Davis, Clearfield Trust Co., Clearfield, Pa.
Frank Hummler, First National Bank, Scranton, Pa,
E. W. McSparran, Berks County Trust Co., Reading, Pa.
'F. J. Mowbray, Security Trust Co., Wilmington, Del.
Harold Ray. First-Mechanics National Bank, Trenton, N. J.
Hugh Riddle, Guarantee Trust Co., Atlantic City, N. J.
H. W. Spong. Dauphin County Trust Co., Harrisburg, Pa.
George D. Snyder, Berks County Regional Clearing House Association,
Reading, Pa.
We take the following from the Philadelphia "Inquirer"
of Sept. 1:
In announcing the appointment of the permanent committee, Mr. Wilson
said consideration had been given to have adequate and proper representation of all the banks in the District, and to have the various geographical
Districts and banking groups in Pennsylvania. New Jersey and Delaware
adequately eepresented.
0 The Philadelphia Reserve District embraces Eastern Pennsylvania,
Southern New Jersey and Delaware. It is the intention to call a meeting
of the permanent committee before Sept. 15 for the purpose of organization
and the discussion of any matters brought to the body's attention.
All banks in the Third Reserve District, whether or not they are members
of the reserve system, are to be invited by the committee to place before it
any subject concerning banking matters in which It is thought the committee
might be of service.
Federal Reserve Bank of New York Issues Circular
Containing Instructions Regarding Shipments of
Paper Currency and Coin by Banks in Second
Federal Reserve District
The Federal Reserve Bank of New York, in a circular
addressed on Sept. 11 to Member Banks, State Banks and
Trust Companies in the Second Federal Reserve District,
gave instructions and detailed information regarding the
handling of shipments of paper currency and coin between
the Federal Reserve Bank of New York and banking institutions in the Second Federal Reserve District. The Circular, numbered 1415, supersedes Circular No. 737 dated
Sept. 1 1926, entitled "Shipments of Paper Currency, Coin
and Bullion." It is pointed out that the Federal Reserve
Bank of New York will pay the expense of all postage, expressage and insurance incident to shipments of paper currency and coin to and from it for member banks provided
the listed instructions are observed. The Bank adds that
banking institutions in the territory assigned to the Buffalo
Branch of the Federal Reserve Bank of New York are asked
to transact such business directly with the Buffalo Branch
as usual.
Financial Chronicle
Volume 139
The instructions cover such points as method of packing
currency, when to ship by registered mail and when by express, and the manner of packing and shipping coin. The
Circular also describes the procedure to be followed when
banking institutions request the Reserve Bank for coin or
currency.
New York Clearing House Reported To Have Decided
Against Proposal of Kings County Bankers Association for Central Co-Operative Agency for Handling
Housing Loans
The proposal that the New York Clearing House Association take the initiative in a movement to create a Central
Co-operative agency for the handling of housing modernization loans, in behalf of New York City banks, is said to have
failed of approval by the Clearing House. The proposal,
made by the Kings County Bankers' Association, was referred to in our issue of Sept. 1, page 1345.
Comptroller of Currency Issues Regulations for National Bank Loans Secured by Real Estate—Outlines Changes in Limitations as Result of National
Housing Act
Regulations governing loans by national banks with real
estate as collateral, in accordance with the amendment to
the Federal Reserve Act contained in the National Housing
Act, have recently been sent to the banks by J. F. T. O'Connor, Comptroller of the Currency. Mr. O'Connor said that
a bank must purchase an entire loan, and not a participation
therein, with each loan subject to the limitations prescribed
under the National Bank Act. Mr. O'Connor said that the
National Housing Act contains an amendment to Section 24
of the FRA which makes certain exceptions to the limitations
imposed by the latter law. His letter read, in part, as follows:
"Provided that in the case of loans secured by real estate which are insured under the provisions of Title II of the National Housing Act, such
restrictions as to the amount of the loan In relation to the actual value of
the real estate, and as to the five-year limit on the terms of such loans shall
not apply.
"Loans made to finance the construction of residential or farm buildings,
having a maturity of not to exceed six months, whether or not secured by a
mortgage or similar lien on the real estate upon which the residential or
by
farm building is constructed, shall not be considered as loans secured
real estate within the meaning of this section but shall be classed as ordinary
commercial loans; provided that no national banking association shall
in excess
invest In, or be liable on, any such loans in an aggregate amount
of 50% of its actually paid-in and unimpaired capital. Notes representing
such loans shall be eligible for discount as commerical paper within the
terms of the second paragraph of Section 13 of the Federal Reserve Act, as
amended, if accompanied by a valid and binding agreement to advance the
entered into
full amount of the loan upon the completion of the building,
by an individual, partnership, association or corporation acceptable to the
discounting bank."
FHA Modifies Loan Regulations to Enable Instituions
to Extend Credit to Property Owners with Unpaid
Taxes or Delinquent Mortgage Instalments—Banks
Are Authorized to Use Own Judgement
The Federal Housing Administration on Sept. 7 announced
important modifications of its modernization credit regulations in order to permit loans to be made to property owners
who are faked with unpaid taxes or delinquent mortgage instalments. James A. Moffett, Administrator of the FHA,
said that full payments of taxes and-or full settlement of all
mortgage instalments would not in the future be a requisite
to obtaining housing loans from participating lending institutions if those institutions were otherwise willing to extend
the credits. Banks and other lending insititions will be
allowed to use their own judgment in this connection, he
said.
Value of Commercial Paper Outstanding as Reported
by Federal Reserve Bank of New York—Figure for
Aug.31,$188,100,000 as Compared with $168,400,000
July 31
The following announcement, showing the commercial
paper outstanding on Aug. 31, was issued yesterday (Sept.14)
by the New York Federal Reserve Bank:
Reports received by this Bank from commercial paper dealers show a
total of 8188,100,000 of open market commercial paper outstanding on
Aug. 311934.
Below we furnish a record of the figures since they were
first reported by the Bank on Oct. 31 1931:
1934—
Aug. 31
July 31
June 30
May 31
April 30
Mar.81
Feb. 28
Jan. 31
8188,100,000
168.400.000
151,300,000
141.500,000
139,400,000
132,800,000
117,300,000
108,400,000
1933—
Aug. 31
July 31
June 30
May 31
April 30
Mar. 31
Feb. 28
Jan. 31
1933—
Dec. 31
Nov. 30
Oct. 31
Sept. 30
$108,700,000
133,400.000
129,700,000
122,900,000
1932—
Dec. 31
Nov. 30
Oct. 31
Sept.30
1932—
Aug. 31
July 31
June 30
May 31
April 30
Mar, 31
Feb. 29
Jan, 31
$108,100,000
100,400,000
103,300,000
111,100,000
107,800.000
105,806,000
102.818,000
107,902,000
1931—
$81,100,000 Dec. 31
109,500.000 Nov. 30
113,200,000 Oct. 31
110.100,000
5117.714,784
173,684,384
210,000,000
$107,400.000
96,900,000
72,700,000
60,100,000
64,000.000
71,900.000
84,200,000
84,600,000
1631
$244,980,000 Received to Offering of $75,000,000
-Day Treasury Bills Dat
Thereabouts of 182
Sept. 12—$75,365,000 - Accepted—Average Rate
0.23%
Henry Morgenthau Jr., Secretary of the Treasury, announced Sept. 10 that tenders of $75,365,000 were accepted
to the offering of $75,000,000 or thereabouts of 182-day
Treasury bills dated Sept. 12 1934, the tenders received
amounted to $244,980,000. The offering was announced on
Sept. 6 by Secretary Morgenthau and the tenders thereto
were received at the Federal Reserve banks and the branches
thereof, up to 2 p. m., Eastern Standard Time, Sept. 10.
Reference to the offering was made in our issue of Sept. 8,
page 1485. The accepted bids represent an increase in the
public debt as no Treasury bill issues matured Sept. 12. The
new bills dated Sept. 12 will mature on March 13 1935.
The announcement of Sept. 10 said that the average price
at which the new bills sold is 99.886 and the average rate
about 0.23% per annum, on a bank discount basis. The
rate of 0.23% compares with rates at which recent offering
of similar securities sold of 0.18% (bills dated Sept. 5),
0.22% (bills dated Aug. 29), 0.23% (bills dated Aug. 22)
and 0.25% (bills dated Aug. 15). The accepted bids to the
latest offering ranged in price from 99.925, equivalent to a
rate of about 0.15%, to 99.874, equivalent to a rate of about
0.25% per annum, on a bank discount basis.
Offering of $13,000,000 of 13/3% Debentures of Federal
Intermediate Credit Banks Heavily Over-Subscribed
Charles R. Dunn, fiscal agent, announced heavy oversubscription on the offering Sept. 7 of an issue of $13,000,000
Federal Intermediate Credit banks 13/2% collateral trust
debentures.
The debentures are dated Sept. 15 1934 and mature in
six and nine months. The proceeds of the offering will be
used towards the payment of approximately $22,000,000 of
2% and 2%% debentures of the banks which mature to-day
(Sept. 15), the balance will be paid in cash. Reference to the
offering was made in our issue of Sept. 8, page 1486.
Sept. 15 Treasury Financing Embodies Refunding
Program of $1,774,748,500—Offering of Two Series
of Treasury Notes in Exchange for Treasury
Certificates and Fourth Liberty Bonds—Additional
Issue of 314% Treasury Bonds also Offered in
Exchange for Fourth Liberty Bonds—Books Closed
on Issue of 13.% Notes
The Sept. 15 financing program of the Treasury announced
Sept. 9 takes the form of a refunding program, and embraces
the offering of two new issues of Treasury notes and an issue
of Treasury bonds. No cash subscriptions were invited for
these three issues, which were offered solely in exchange for
Treasury Certificates of indebtedness maturing Sept. 15
1934 and Fourth Liberty 414% bonds called for redemption
Oct. 15 1934. The total face value of the called Fourth
Liberty bonds is slightly less than $1,250,000,000, while the
amount of 1 % Treasury Certificates maturing Sept. 15 is
$524,748,500.
The Treasury notes offered in exchange for these Certifi2%
cates are designated Series D-1936; they will bear 13/
interest, will be dated and bear interest from Sept. 15 1934
and will become due Sept. 15 1936; interest will be payable
March 15 and Sept. 15.
The Treasury notes (Series D-1938) offered in exchange for
interest,
called Fourth Liberty Loan bonds will carry 2
will be dated and bear interest from Sept. 15 1934 and will
mature Sept. 15 1938.
-Day
New Offering of $75,000,000 or Thereabouts of 182
Treasury Bills—To Be Dated Sept. 19 1934
Announcement was made on Sept. 13 by Henry Morgenthau, Jr., Secretary of the Treasury, of a new offering of
$75,000,000 or thereabouts of 182-day Treasury bills, dated
Sept. 19 1934 and maturing March 20 1935. On the maturity date the face amount will be payable without interest.
The new issue will represent an increase in the public debt
as there are no bills maturing on Sept. 19. Tenders to the•
offering will be received at the Federal Reserve banks, or
the branches thereof, up to 2 p. m., Eastern Standard Time,
Monday, Sept. 17. Tenders will not be received at the
Treasury Department, Washington. The bills will be sold
on a discount basis to the highest bidders. In his announcement of Sept. 13 Secretary Morgenthau also said:
They (the bills) will be issued In bea,:er form only, and in amounts or
denominations of $1,000, $10,000, 8100,000, 8500,000, and $1,000.000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
1632
Financial Chronicle
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 cempanies 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 Sept. 17 1934,
all tenders received at the Federal Reserve banks or branches thereof
up
to the closing hour will be opened and the pubic announcement of the
acceptable prices will follow as soon as possible thereafter, probably on the
following morning. The Secretary of the Treasury expressly reserves
the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Those submitting tendres 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. 19 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 nor ir hereafter imposed
by the United States or any of its possessions.
The Treasury Offering Also Comprised an Issue of
33.i% Treasury Bonds of 1944-46, Offered in Exchange for Fourth Liberty Bonds
Announcement was made by the Treasury Department
yesterday (Sept. 14) that $508,000,000 of the Treasury certificates of indebtedness of Series TS-1934 had been tendered
in exchange for the new 13/% Treasury notes. It is expected by Treasury officials that this figure will be slightly
higher as additional reports are received. The subscription
books for the Treasury notes were closed at the close of
business Sept. 13. It was stated by the Treasury Department on Sept. 12 that subscriptions mailed before midnight
Sept. 13 would be considered as having been entered before
the close of the subscription books. The announcement also
said that the subscription books for the receipt of Fourth
Liberty Loan Bonds tendered in exchange for the 2M%
Treasury notes and 3Yi% Treasury bonds would remain
open until further notice. The New York Federal Reserve
Banks made known the Treasury Department's instructions
as follows:
Sept. 15 1934
on them in full to Oct. 15, while on the securities obtained in
exchange interest will accrue to them from Sept. 15." As to
this the Washington correspondent of the New York "Journal
of Commerce" on Sept. 9 commented as follows:
Special "Bonus"
Herein is a "bonus" to the holders of these bonds to make an exchange
for the lower interest bonds rather than to demand cash.
It is said at the Treasury Department that there are plenty
of funds
available from the Treasury's cash balance of $2,100,000,00
0 to pay off
those who do not wish to continue their investment in Governments
.
While the rates of interest offered on the three issues are
probably considerably higher than those in charge of the financial operations
of the
Government had hoped would be required, they are seen by observers
as
in line with the present market tendencies. Government
33i% bonds.
1932-1947, were quoted Saturday at 102.29, which accounts for
the 3Yl %
offer on the new 10-12 year bonds.
The banks are reported to hold about two-thirds of the called
Liberties
and it has been made manifest to officials here that these
holders are not
interested in long term issues, preferring paper of about the character
of the
new four-year notes on which the rate is fixed at 234%.
This is felt to be
comparable with the cost of other issues.
The Treasury is seen in no position to try to beat down the
interest rate
but, on the contrary, must exert itself in every direction
to make the
program successful at this time. It is admitted in high circles
here that
much depends upon the acceptance of the offer and developments
thereunder will be watched most carefully.
The Treasury Department's announcement Sept. 9 of its
Sept. 15 refinancing program follows:
Secretary of the Treasury Morgenthau is to-day offering for subscription
through the Federal Reserve banks two series of Treasury
notes and an
issue of bonds in exchange for Treasury certificates of
indebtedness of
Series TS-1934 maturing Sept. 15 1934 and Fourth Liberty
Loan 4 A %
bonds called for redemption Oct. 15 1934. The offering
is entirely on an
exchange basis. Cash subscriptions will not be received.
Of the notes, one series, maturing in two years and bearing
interest at
the rate of 13i% per annum, is offered only in exchange for
the certificates
of indebtedness maturing Sept. 15, which bear interest at
the same rate.
This is the only exchange offering open to the holders of
these maturing
certificates.
The second series of notes, maturing in four years and bearing
interest
at the rate of 234% Per annum, is offered only in exchange for
Fourth
Liberty Loan bonds called for redemption Oct. 15.
An additional issue of 334% Treasury bonds of 1944-46 is also offered
in
exchange for the called Fourth Liberties. Bonds of this additional
issue
are identical with and form part of the series first issued April
16 1934.
They will mature April 15 1946, but are redeemable on and after
April 15
1944.
Thus holders of the called Fourth Liberties will have the option ofexchanging for a four year note bearing 234% interest or a 10-12
year 334% bond.
In each case interest adjustments will be made so that all holders
of called
Fourth Liberties will receive interest on them in full to Oct. 15, while
on
the securities obtained in exchange interest will accrue to them from
Sept. 15.
No other exchange offering will be made for these called Fourth Liberties.
The bonds eligible for exchange for the new securities are the Fourth
Liberty Loan 434% bonds of 1933-38 included in the second call for redemption, issued April 13 1934. They are those bearing serial numbers ending
with the digit 2 or the digit 8, which in the case of permanent coupon bonds
are preceeded by the distinguishing letters B or H. Their total
face
amount is slightly less than $1,250,000,000. Interest on all these called
bonds, whether they are exchanged or not, ceases on Oct. 15 1934.
The amount of Treasury certificates of indebtedness of Series TS
-1934.
maturing Sept. 15, is $524,748,500.
Holders of the maturing certificates of indebtedness or the called
bonds
who desire to take advantage of the exchange offering should act
promptly.
A brief description of the three issues now offered for subscription follows:
FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States
(Circular No. 1416, Sept. 12 1934j
Subscription Books to Close Sept. 13 1934
On Offering of United States of America Treasury Notes,
%,Series D-1936
To all Banks and Trust Companies in the Second
Federal Reserve District and Others Concerned:
In accordance with instructions from the Treasury Department the subscription books for the offering of United States of America Treasury notes,
%, Series 13-1936, due Sept. 15 1936, dated and bearing interest from
Sept. 15 1934, offered only in exchange for Treasury certificates ofindebtedness of Series TS
-1934, will close at the close of business Thursday, Sept.
13 1934.
Exchange subscriptions for Treasury notes of Series D-1936 actually
mailed before midnight, Thursday. Sept. 13 1934, as shown by post office
cancellation, will be considered as having been entered before the close
of
the subscription books.
The subscription books will remain open until further notice for the receipt
of subscriptions for 23 % Treasury notes of Series D-1938 and 3
,
6
A%
Treasury bonds of 1944-46, offered only in exchange for Fourth Liberty
Loan bonds called for redemption on Oct. 15 1934.
GEORGE L. HARRISON, Governor
Treasury Notes. Series D-1936
Treasury notes of Series D-1936 are offered only in exchange for Treasury
certificates of indebtedness of Series TS-1934, maturing Sept.
15 1934.
The notes will be dated Sept. 15 1934. and will bear interest from that
date
at the rate of 155% per annum, payable semi-annually. They will
mature
Sept. 15 1936, and will not be subject to call for redemption prior to
maturity. The amount of the offering is limited to the amount of
the
certificates maturing Sept. 15 1934, tendered and accepted.
The 3N% Treasury bonds offered in exchange for called
Fourth Liberties represent an additional issue of 334%
Treasury bonds of 1944-46; the bonds of this additional issue,
the Treasury Department announced, are identical with and
form part of the series first issued April 16 1934. They will
be dated and bear interest from April 16 1934, and will
become due April 15 1946; they are redeemable at the option
of the United States on and after April 15 1944. The earlier
offering of 334% Treasury bonds of 1944-46 (in exchange for
Fourth Liberty bonds called on Oct. 12 1933 for redemption
April 15 1934) was referred to in our issue of April 7, page
2338; April 14, page 2503 and April 28, page 2841. A second
call for the partial redemption before maturity of Fourth
Liberty Loan 434% bonds was made on April 13 last by the
Treasury Department and an item with regard thereto
appeared in our April 21 issue page 2670. It was announced
at that time that the called bonds might be presented for
redemption after Sept. 15, and it was urged that such presentation be made in advance of Oct. 15. Incident to this
week's offering it is announced that no other exchange
offering will be made for the called Fourth Liberty bonds.
The announcement of the Treasury Department in calling
attention to the fact that holders of the called Fourth
Liberties will have the option of exchanging for a four year
note bearing 23/2% interest or a 10-12 year 3Y% bond,
A
says that "in each case interest adjustments will be made so
that all holders of called Fourth Liberties will receive interest
Treasury Notes. Series D-1938
Treasury notes of Series D-1938 are offered only in exchange for Fourth
Liberty Loan 4 A % bonds of 1933-38 called for redemption on
Oct. 15
1934. The notes will be dated Sept. 15 1934, and will bear interest from
that date at the rate of 234% per annum. They will mature on
Sept. 15
1938, and will not be subject to call for redemption prior to maturity.
The amount of the offering is limited to the amount of such called Fourth
Liberty Loan bonds tendered and accepted.
Treasury notes of both series will be exempt. both as to principal and
interest, from all taxation (except estate or inheritance taxes) now
or
hereafter imposed by the United States, any State, or any of
the possessions
of the United States, or by any local taxing authority.
The Treasury notes will be issued in bearer form only, in denominations
of $100, $500, $1.000. $5.000, $10,000 and $100,000, and the additional
denomination of $50 will be made available in notes of Series
D-1938.
Treasury Bonds of 1944-46
3 A % Treasury bonds of 1944-46 are offered only in exchange for Fourth
Liberty Loan 434% bonds of 1933-38 called for redemption
on Oct. 15 1934.
The bonds will be an addition to and will form a part of the series
of 334%
Treasury bonds of 1944-46,issued pursuant to Department Circular
No.508,
dated April 4 1934. They are identical in all respects with
such bonds,
with which they will be freely interchangeable. These bonds are dated
April 16 1934. and will bear interest at the rate of 3 A % per annum payable
on a semi-annual basis. The coupon bonds will carry the semi-annual
coupon payable Oct. 15. They will mature April 15 1946, but are redeemable at the option of the United States on and after April 15 1944. The
amount of the additional offering of these bonds is limited
to the amount
of such called Fourth Liberty Loan bonds tendered and accepted.
As more specifically stated in the official circular, the bonds will be
exempt, both as to principal and interest, from all taxation except surtaxes,
estate and inheritance taxes, and excess profits and war profits taxes. The
interest on bonds of $5,000 principal amount under one ownership will be
exempt from all taxation.
Bearer bonds with interest coupons and bonds registered as to principal
and interest will be issued in denominations of $50, $100, $500, $1,000,
55.000, $10,000 and 3100,000.
Financial Chronicle
Volume 139
At the time of the Treasury Department's June 15 financing a total of $800,000,000 or thereabouts was offered by the
Treasury Department, consisting of $300,000,000 or thereabouts of 12-14 year 3% Treasury bonds of 1946-48, and
five year 2M% Treasury notes in amount of about $500,000,000 or thereabouts. This offering was referred to in
these columns June 9, page 3870 and June 16, page 4046.
Details of the present week's offering are contained in the
following circulars issued by the Treasury Department:
UNITED STATES OF AMERICA
31%
TREASURY BONDS OF 1944-46
Additional Issue
Dated and bearing interest from April 16 1934. Due April 15 1946.
Redeemable at the option of the United States at par and accrued
interest on and after April 15 1944.
Offered only in exchange for second-called Fourth Liberty Loan
bonds
1934
Treasury Department,
Department Circular No. 524
Office of the Secretary,
(Public Debt Service)
Washington, Sept. 10 1934.
Exchange Offering of Bonds
The Secretary of the Treasury', pursuant to the authority of the Second
Liberty Bond Act, approved Sept. 24 1917, as amended, for refunding
purposes, invites subscriptions, at par with an adjustment of accrued
interest as of Sept. 15 1934, from the people of the United States, for
3 X% Treasury bonds of 1944-46, in payment of which only Fourth Liberty
Loan 4X% bonds of 1933-38 included in the second call for redemption on
Oct. 15 1934 (hereinafter referred to as Second-called Fourth 4X's) may
be tendered.a The amount of the additional issue of Treasury bonds of
1944-46 will be limited to the amount of Second-called Fourth 4h's tendered
and accepted. Fourth Liberty Loan bonds not included in the second call
for redemption on Oct. 15 1934, will not be accepted for exchange under
this circular.b
In addition to the exchange offering under this circular, holders of Secondcalled Fourth 4('s are also offered the privilege of exchanging all or any
part of such called bonds for 2X % Treasury notes of Series D-1938, which
offering is set forth in Department Circular No. 523, issued simultaneously
with this circular.
Description of Bonds
The bonds now offered will be an addition to and will form a part of the
series of 3X% Treasury bonds of 1944-46 issued pursuant to Department
Circular No.508, dated April 4 1934, are identical in all respects therewith,
will be freely interchangeable, and are described in the following quotation
from said Circular No. 508:
"The bonds will be dated April 16 1934, and will bear interest from that
date at the rate of 3 X% per annum, payable on Oct. 15 1934 on a semi-annual basis and thereafter semi-annually on Apr. 15 and Oct. 15 in each year
until the principal amount becomes payable. They will mature April 15 1946
but may be redeemed at the option of the United States on and after April 15
1944, in whole or al part, at par and accrued interest, on any interest day
or dayb, on four months' notice of redemption given in such manner as
the Secretary of the Treasury shall prescribe. In case of partial redemption
the bonds to be redeemed will be determined by such method as may be
prescribed by the Secretary of the Treasury. From the date of redemption designated In any such notice, interest on the bonds called for redemption shall cease.
"Bearer bonds with interest coupons attached and bonds registered as
to principal and interest will be issued in denominations of $50. $100, $50b.
$1,010, $5,000, $10,000 and $100,000. Provision will be made for the
interchange of bonds of different denominations and ofcoupon and registered
bonds and for the transfer of registered bonds under rules and regulations
prescribed by the Secretary of the Treasury.
"The bonds shall be exempt, both as to principal and interest, from all
taxation now or hereafter imposed by the United States, any State, or any
of the possessions of the United States, or by any load taxing authority.
except (a) estate or Inheritance taxes, and (b) graduated additional income
taxes, commonly known as surtaxes, and excess-profits and war-profits
taxes, now or hereafter imposed by the United States, upon the income or
profits of individuals, partnerships, associations, or corporations. The
Interest on an amount of bonds authorized by said act approved Sept. 24
1917, as amended, the principal of which does not exceed $5.000, owned by
any individual, partnership, association, or corporation, shall be exempt
from the taxes provided for in clause (b) above.
"The bonds will be acceptable to secure deposits of public moneys, and
will bear the circulation privilege only to the extent provided in tho act
approved July 22 1932. as amended. They will not be entitled to any
privilege of conversion.
"The bonds will be subject to the general regulations of the Treasury
Department, now or hereafter issued, aoverning United States bonds."
Application and Allotmen.
Applications will be received at the Federal Reserve banks and branches
and at the Treasury Department, Washington. Banking institutions
generally will handle applications for subscribers, but only the Federal
Reserve banks and the Treasury Department are authorized to act as
official agencies.
Subject to the reservations made in the next succeeding paragraph, all
subscriptions will be allotted in full.
The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, and to close the books as to any or all subscriptions at any time without notice; and any action he may take in these
respects'shall be final. Allotment notices will be sent out promptly upon
allotment.
Terms of Payment
Payment at par and accrued interest to Sept. 15 1934, for any bonds
allotted under this circular must be made on or before Sept. 15 1934, or on
later allotment. Payment of the principal amount may be made only in
Second-called Fourth 4)'s, which will be accepted at par, and should
accompany the subscription. If any subscription is rejected, in whole or
in part, the Second-called Fourth 43('s tendered therewith and not accepted
will be returned to the subscriber.
Interest on Second-called Fourth 4 Yes tendered and accepted will be
paid in full to Oct. 15 1934. In the case of coupon bonds accepted in
exchange such interest will be anticipated and paid upon the terms and
conditions hereinafter prescribed. Interest on all Second-called Fourth
4 X's will cease on Oct. 15 1934.
a Pursuant to the second call for partial redemption (see Department Circular
No. 509, dated April 13 1934) all outstanding Fourth Liberty Loan 414% bonds of
1933-38 bearing serial numbers ending in 2 or 8 (In the case of permanent coupon
bonds preceded by the distinguishing letter B or H, respectively) have been called
for redemption on Oct. 15 1934, on which date interest on such bonds will cease.
I) First-called Fourth 4K's (which ceased to bear interest on April 15 1934) bear
serial numbers ending in 9,0 or 1 (In the case of permanent coupon bonds preceded
by the diltinguishing letter J, K or A, respectively), and uncalled Fourth 414's
bear serh!rnumbers ending In 3, 4, 5.6 or 7 (In the case of permanent coupon bonds
preceded by the distinguishing letter C. D, E, F or 0,respectively).
1633
Coupon Bonds—Coupon bonds tendered in payment should have coupons
dated Oct. 15 1934, as well as all subsequent coupons attached. 334%
Treasury bonds in coupon form issued in exchange will have all coupons
attached, including the coupon maturing Oct. 15 1934; and a paymentiof
the amount by which the 434% coupon maturing Oct. 15 1934, exceeds
the accrued interest from April 16 to Sept. 15 1934, of the 3X% coupon
maturing Oct. 15 1934,(such excess beingl$7.752732 per $1,000 principal
amount) will be made upon delivery of the 3X% coupon bond. 334%
Treasury bonds in registered form issued in exchange will bear interest
from Sept. 15 1934; and a payment of the full amount of the 434% coupon
maturing Oct. 15 1934, will be made promptly following allotment.
Registered Bonds—Interest on registered bonds tendered in payment and
accepted will be payable on Oct. 15 1934 to the holders of record on Sept. 15
1934,the date of closing of the transfer books. 3g% registered bonds issued
in exchange for registered bonds will bear interest from Sept. 15 1934:
and no cash payment for accrued interest will be required. 3X% Treasury
bonds in coupon form issued in exchange for registered bonds will have all
coupons attached,including the coupon maturing Oct. 15 1934; accordingly,
a cash payment for accrued Interest from April 16 to Sept. 15 1934.
($13.497268 per $1.000 principal amount) must accompany the application.
Surrender of Second-Called Fourth 4X's on Exchange
Coupon Bonds—Second-called Fourth 434's in coupon form tenderedibl
exchange for Treasury bonds offered hereunder, should be presented and
surrendered to a Federal Reserve bank or to the Treasurer of the United
States and should accompany the application. Coupons datedlOct. 15
1934,c and all coupons bearing dates subsequent to Oct. 15 1934, should
be attached to such coupon bonds when surrendered,and ifany such coupons
are missing, the application must be accompanied with cash payment
equal to the face amount of the missing coupons.d The bonds must be
delivered at the expense and risk of the holder. Facilities for transportation
of bonds by registered mail insured may be arranged between incorporated
banks and trust companies and the Federal Reserve banks, and holders
may take advantage of such arrangements when available, utilizing such
incorporated banks and trust companies as their agents. Incorporated
banks and trust companies are not agents of the United States under this
circular.
Registered Bonds—Second-called Fourth 434's in registered form tendered
In exchange for Treasury bonds offered hereunder should be assigned by the
registered payee or assigns thereof in accordance with the general regulations of the Treasury Department governing assignments for transfer or
exchange in one of the forms hereafter set forth, and thereafter should be
presented and surrendered with the application to a Federal Reserve bank
or to the Treasury Department, Division of Loans and Currency, Washington. The bonds must be delivered at the expense and risk of the holder.
If Treasury bonds are desired registered in the same name as the Secondcalled Fourth 434's surrendered, the assignment should be to "The Secretary of the Treasury for exchange for Treasury bonds of 1944-46"; if Tres"sury bonds are desired registered in another name,the assignment should be
to "The Secretary of the Treasury for exchange for Treasury bonds of
1944-46 in the name of
": if Treasury bonds in
coupon form are desired, the assignment should be to "The Secretary of
the Treasury for exchange for Treasury bonds of 1944-46 in coupon form
to be delivered to
General Provisions
As fiscal agents of the United States. Federal Reserve banks are authorized and requested to receive subscriptions, to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury to
the Federal Reserve banks of the respective districts, to issue allotment
notices, to receive payment for bonds allotted, to make delivery of bonds
on full-paid subscriptions allotted, and they may issue interim receipts
pending delivery of the definitive bonds.
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the
offering which will be communicated promptly to the Federal Reserve
banks.
HENRY MORGENTHAU JR.,
Secretary of the Treasury.
UNITED STATES OF AMERICA
TREASURY NOTES
2X %. Series D-1938. Due Sept. 15 1938. Dated and bearing interest from
Sept. 15 1934. Interest payable March 15 and Sept. 15.
Offered Only in Exchange for Second-Called Fourth
Liberty Loan Bonds
Treasury Department,
1934
Department Circular No. 523
Office of the Secretary.
(Public Debt Service)
Washington, Sept. 10 1934
Exchange Offering of Notes
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act. approved Sept. 24 1917, as amended, offers for subscription, at par, 2.34% notes of the United States, designated Treasury
notes of Series D-1938, in payment of which only Fourth Liberty Loan
4 X% bonds of 1933-38 included in the second call for redemption on
Oct. 15 1934 (hereinafter referred to as Second-called Fourth 4 Xs)a may
be tendered. The amount of the offering is limited to the amount of Secondcalled Fourth 434s tendered and accepted. Fourth Liberty Loan bonds not
included in the second call for redemption on Oct. 15 1934, will not be
accepted for exchange under this circular.b
In addition to the exchange offering under this circular, holders of
Second-called Fourth 4Xs are also offered the privilege of exchanging all
or any part of such called bonds for 334% Treasury bonds of 1944-46.
which offering Is set forth in Department Circular No. 524. issued simultaneously with this circular.
Description of Notes
The notes will be dated Sept. 15 1934, and will bear interest from that
date at the rate of 2)4% per annum, payable semi-annually on March 15
c It will be noted that Second-called Fourth 434's in coupon form tendered in
exchange for 234% Treasury notes of Series D-1938 under Department Circular
No. 523 will not have the Oct. 15 1934, coupon attached; and there will, accordingly,
be no anticipation of interest upon exchange for notes under such circular.
d The final coupon attached to temporary coupon bonds became due on Oct. 15
1920. The holders of any such temporary bonds which are included in the second
call for partial redemption on Oct. 15 1934, will receive the past due interest from
Oct. 15 1920, If such bonds are tendered for exchange under thia circular.
a Pursuant to the second call for partial redemption (see Department Circular
No. 509. dated April 13 1934). all outstanding Fourth Liberty Loan 434% bonds of
1933-38 bearing serial numbers ending in 2 or 8 (In the case of permanent coupon
bonds preceded by the distinguishing letter B or H, respectively) have
for redemption on Oct. 15 1934, on which date Interest on such bonds willbeen called
cease.
First-called Fourth 434s (which ceased to bear interest on April 15 1934) bear
serial numbers ending in 9, 0 or 1 (in the case of permanent coupon bonds preceded
by the distinguishing letter J, K or A, respectively), and uncalled Fourth
bear serial numbers ending in 3, 4, 5, 6 or 7 (in the case of permanent coupon 454s
bonds
preceded by the distinguishing letter C. D. H. F or G, respectively).
Financial Chronicle
1634
Sept. 15 1934
and Sept. 15 in each year. They will mature Sept. 15 1938, and will not be
subject to call for redemption prior to maturity.
The notes shall be exempt, both as to principal and interest, from all
taxation (except estate or inheritance taxes) now or hereafter imposed by the
United States, any State, or any of the possessions of the United States,
or by any local taxing authority.
The notes will be accepted at par during such time and under such rules
and regulations as shall be prescribed or approved by the Secretary of the
Treasury in payment of income and profits taxes payable at the maturity
of the notes.
The notes will be acceptable to secure deposits of publlc moneys, but will
not bear the circulation privilege.
Bearer notes with interest coupons attached will be issued in denominations of $50, $100, $500, $1,000, $5,000, $10,000 and $100,000. The
notes will not be issued In registered form.
The notes shall be exempt, both as to principal and interest, from all
taxation (except estate or inheritance taxes) now or hereafter imposed by
the United States, any State, or any of the possessions of the United States,
or by any local taxing authority.
The notes will be accepted at par during such time and under such
rules and regulations as shall be prescribed or approved by the Secretary
of the Treasury in payment of income and profits taxes payable at the
maturity of the notes.
The notes will be acceptable to secure deposits of public moneys, but
will not bear the circulation privilege.
Bearer notes with interest coupons attached will be issued in denominations of $100. $500, $1,000, $5,000, $10,000, and $100,000. The notes
will not be issued in registered form.
Application and Allotment
Applications will be received at the Federal Reserve banks and branches
and at the Treasury Department, Washington. Banking institutions
generally will handle applications for subscribers, but only the Federal
Reserve banks and the Treasury Department are authorized to act as
official agencies.
Subject to the reservations made in the next succeeding paragraph, all
subscriptions will be allotted in full.
The Secretary of the Treasury reserves the right to reject any subscription,
In whole or in part, and to close the books as to any or all subscriptions at
any time without notice; and any action he may take in these respects shall
be final. Allotment notices will be sent out promptly upon allotment.
and at the Treasury Department, Washington. Banking institutions
generally will handle applications for subscribers, but only the Federal
Reserve banks and the Treasury Department are authorized to act as
official agencies.
Subject to the reservations made in the next succeeding paragraph, all
subscriptions will be allotted in full.
The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, and to close the books as to any or all subscriptions at any time without notice; and any action he may take in these
respects shall be final. Allotment notices will be sent out promptly
upon allotment.
Terms of Payment
Payment at par for any notes allotted under this circular must be made
on or before Sept. 15 1934, or on later allotment, and may be made only
-1934, maturing
in Treasury certificates of indebtedness of Series TS
Sept. 15 1934, which will be accepted at par, and should accompany the
subscription.
General Provisions
As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions, to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury
to the Federal Reserve banks of the respective districts, to issue allotment
notices, to receive payment for notes allotted, to make delivery of notes
on full-paid subscriptions allotted, and they may issue interim receipts
pending delivery of the definitive notes.
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the
offering which will be communicated promptly to the Federal Reserve
banks.
HENRY MORGENTHAU Jr.,
Secretary of the Treasury.
Terms of Payment
Payment at par for any notes allotted under this circular must be made
on or before Sept. 15 1934, or on later allotment, and may be made only in
Second-called Fourth 43.1s, which will be accepted at par,and should accompany the subscription. If any subscription is rejected, in whole or in part,
the Second-called Fourth 4s tendered therewith and not accepted will be
returned to the subscriber.
Interest on Second-called Fourth 4;Is tendered and accepted will be paid
In full to Oct. 15 1934, on which date interest on all Second-called Fourth
431s will cease. Such payments will be made, in the case of coupon bonds,
through payment of coupons dated Oct. 15 1934, when due, which coupons
must be detached by holders before presentation of the bonds for exchange
for the notes offered hereunder, and,in the case of registered bonds,through
the issue of interest checks in regular course for final interest due Oct. 15
1934, In favor of the holders of record on Sept. 15 1934.
-is
Surrender of Second-Called Fourth 43 on Exchange
Coupon Bonds—Second-called Fourth 43,4s in coupon form tendered in
hereunder, should be presented and
exchange for Treasury notes offered
surrendered to a Federal Reserve bank or to the Treasurer of the United
States and should accompany the application. All coupons bearing dates
subsequent to Oct. 15 1934,c should be attached to such coupon bonds
when surrendered, and if any such coupons are missing, the application
must be accompanied with cash payment equal to the face amount of the
missing coupons.d The bonds must be delivered at the expense ad risk
of the holder. Facilities for transportation of bonds by registered mail
insured may be arranged between incorporated banks and trust companies
and the Federal Reserve banks, and holders may take advantage of such
arrangements when available, utilizing such incorporated banks and trust
companies as their agents. Incorporated banks and trust companies are
not agents of the United States under this circular.
Registered Bonds—Second-called Fourth 43-18 in registered form tendered
In exchange for Treasury notes offered hereunder,should be assigned by the
registered payee or assigns thereof to "The Secretary of the Treasury for
exchange for Treasury notes of Series D-1938," in accordance with the
general regulations of the Treasury Department governing assignments
for transfer or exchange, and therafter should be presented and surrendered
with the application to a Federal Reserve bank or to the Treasury Department. Division of Loans and Currency, Washington. The bonds must be
delivered at the expense and risk of the holder.
General Provisions
Asfiscal agents of the United States, Federal Reserve banks are authorized
and requested to receive subscriptions, to make allotments on the basis
and up to the amounts indicated by the Secretary of the Treasury to the
Federal Reserve banks of the respective districts, to issue allotment notices,
to receive payment for notes allotted, to make delivery of notes on full-paid
subscriptions allotted, and they may issue interim receipts pending delivery
of the definitive notes. .
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the
offering which will be communicated promptly to the Federal Reserve banks.
HENRY MORGENTHAU JR.,
Secretary of the Treasury.
Application and Allotment
Applications will be received at the Federal Reserve banks and branches
Government Securities Purchased by Treasury During
Week of Sept. 10 Totaled $18,652,000
In the weekly statement issued Sept. 10 by the Treasury
Department it is reported that $18,652,000 of Government
securities were purchased in the open market by the Treasury
during the week, for the investment accounts of the various
Government agencies. The Treasury, during the previous
week ended Sept. 3 purchased $17,746,000 of the securities.
Since the inauguration 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:
530,500,000
88,748,000 , Apr. 211034
Nov. 25 1933
4,885,000
2,545,000!Apr. 28 1934
Dec. 2 1933
5,001,500
7.079.000 , May 5 1934
Dec. 9 1933
500.000
16.600,0001May 12 1934
Dec. 16 1933
4,000,000
16,510,000 May 19 1934
Dec. 23 1933
5,000,000
11,960,000 May 26 1934
Deo, 30 1933
44,713,000 June 2 1934
Jan. 6 1934
33.868,000 June 9 1934
Jan. 13 1934
17,032.000 June 16 1934
Jan. 20 1934
2,800,000 June 23 1934
Jan. 27 1934
500,000
7,900,000 June 30 1934
Feb. 5 1934
*22,528.000 July 7 1934
Feb. 13 1934
3,828,000
7.089,000 July 14 1934
Feb. 17 1934
400,000
1,861,000 July 23 1934
Feb. 24 1934
10.208,100 July 30 1934
Mar, 3 1934
6,900,000 Aug. 6 1934
Mar. 10 1934
45,098,100
7,909,000,**Aug. 13 1034
Mar. 17 1934
1,250.000
37,744,000'Aug. 20 1934
Mar. 24 1934
10,798.000
23,600.000 Aug. 27 1934
Mar. 31 1934
17.748,000
42,369,400 Sept. 3 1934
Apr. 7 1934
18,652,000
20,580,000 Sept. 10 1934
Apr, 14 1934
• In addition to this amount. $638.400 of bonds held by the Treasury as collateral
deposits purchased Feb. 9 by FDIC.
security for postal savings
•• In addition $22,000,000 of securities of IIOLC purchased direct.
UNITED STATES OF AMERICA
TREASURY NOTES
%. Series D-1936. Due Sept. 15 1936. Dated and bearing interest
from Sept. 15 1934. Interest payable March 15 and Sept. 15
Offered only in Exchange for Treasury Certificates of Indebtedness
Series TS-1934
Treasury Department,
1934
Office of the Secretary,
Department Circular No. 522
Washington, Sept. 10 1934
(Public Debt Service)
Exchange Offering of Notes
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved Sept. 24 1917, as amended, offers for subscription, at par, 1;i% notes of the United States, designated Treasury
notes of Series D-1936. in payment of which only Treasury certificates of
-1934, maturing Sept. 15 1934, may be tendered.
Indebtedness of Series TS
The amount of the offering is limited to the amount of Treasury certficates
-1934 tendered and accepted.
of indebtedness of Series TS
Description of Notes
The notes will be dated Sept. 15 1934 and will bear interest from that
date at the rate of 1%% per annum, payable semi-annually on March 15
and Sept. 15 in each year. They will mature Sept. 15 1936 and will not
be subject to call for redemption prior to maturity.
c It will be noted that Second-called Fourth 41is in coupon form tendered in
exchange for 3 % 'treasury bonds under Department Circular No. 524 must have
such
the Oct. 15 1934 coupons attached as the interest represented byissued coupons will
In exchange
be applied to the accrued interest on the 3si% Treasury bonds
on delivery of such bonds or promptly following allotment.
and the balance paid
final coupon attached to temporary coupon bonds became due on Oct. 15
d The
1920. The holders of any such temporary bonds which are included in the second call
past due interest from
for partial redemption on Oct. 15 1934, will receive thethis circular.
Oct. 15 1920, 11 such bonds are tendered for exchange under
Silver Transferred to United States Under Nationalization Order—Receipts During Week of Sept. 7
Total 4,144,157 Fine Ounces
Silver in amount of 4,144,157 fine ounces was transferred
to the United States during the week ended Sept. 7 under
the Executive Order of Aug. 9, nationalizing the metal.
Receipts since the order was issued and up to Sept. 7 total
75,998,998 fine ounces, it was indicated in a statement issued
by the Treasury Department on Sept. 10. The order of
Aug. 9 was given in our issue of Aug. 11, page 858. In the
statement of the Treasury of Sept. 10 it was shown that the
silver was received at the various mints and assay offices
during the week of Sept. 7 as follows:
Philadelphia
New York
San Francisco
Denver
New Orleans
Total for week ended Sept. 7
Fine Ounces
45,143
3,452,392
640,565
5,986
71
4,144,157
Following are the weekly receipts since the order of Aug.9
was issued:
Ounces
Week Ended—
Aug. 17 1934
Aug. 24 1934
Aug. 31 1934
Sept. 7 1934
Total
Fine
33,465,091
26,088,019
12,301,731
4,144,157
75,998,998
Financial Chronicle
Volume 139
Silver Purchased by Treasury in Amount of 264,307.27
Fine Ounces During Week of Sept. 7
During the week of Sept. 7, it is indicated in a statement
issued by the Treasury Department on Sept. 10, silver
amounting to 264,307.27 fine ounces was received by the
various United States mints from purchases wade by the
Treasury in accordance with the President's proclamation of
Dec. 21 1933. The proclamation, which was referred to in
our issue of Dec. 23, page 4440, authorized the Department
to buy at least 24,000,000 ounces of silver annually. During
the week of Aug.31 the purchases amounted to 11,574.25 fine
ounces. Of the amount purchased during the latest week,
148,958.19 fine ounces were received at the Philadelphia
Mint; 113,077.08 fine ounces at the San Francisco Mint, and
2,272 fine ounces at the mint at Denver. The total weekly
receipts since the issuance of the proclamation are as follows
(we omit the fractional part of the ounce):
Week EndedJan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Apr. 8
Apr. 13
Apr. 20
Apr. 27
May 4
* Corrected figure.
Ounces
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
647,224
Week EndedMay 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
Aug. 31
Sept. 7
OUPICCS
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
11,574
264,307
The Treasury's statement of Sept. 10 contained a figure of
total receipts since the issuance of the Dec. 21 proclamation
and up to Sept. 7 of 11,976,000 fine ounces.
--.....----
$931,899 of Hoarded Gold Received During Week of
Sept. 5-$74,519 Coin and $867,380 Certificates
The Federal Reserve banks and the Treasurer's office
received $931,899.08 gold coin and certificates during the
week of Sept. 5, it is shown in figures issued by the Treasury
Department on Sept. 10. 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 Sept. 5, amount to
$99,961,505.65. Of the amount received during the week of
Sept. 5, the figures show, $74,519.08 was gold coin and
$857,380 gold certificates. The total receipts are shown as
follows:
Gold
Coin
Received by Federal Reserve Banks:
Week ended Sept. 5
Received previously
Total to Sept. 5
Received by Treasurer's Office:
Week ended Sept. 5
Received previously
Gold
Certificates
874,519.08
28,916,972.57
$847.480.00
68,158.740.00
$28,991,491.65 $69,006,220.00
250,994.00
$9,900.00
1,702,900.00
3250,994.00 81.712,800.00
Total to Sept. 5
Note-Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
Government's Silver-Buying Program Regarded by
National City Bank of New York As Having Tendency to Create Uncertainty in Minds of Investors
and Keep Capital in Hiding-Sees Silver Ineffective As Reserve in Time of Emergency
Commenting on the recent announcements by the Government with respect to silver, the National City Bank of
New York, in its September review of economic conditions,
observes that an unfortunate consequence of the new silver
measures "has been to make investors more nervous about
the currency." "This," the bank adds, "has a tendency to
keep capital in hiding and it has been a factor in the reaction
of the Government bond market." The bank also says:
We have commented repeatedly in previous issues upon the inflationary
possibilities of adding a large quantity of silver to our already enormously
enlarged monetary base. To the extent, of course, that the purchase of
silver abroad leads to the export of gold, the further building up of our
monetary stock would be avoided. Such a development, however, involving an exchange of gold for silver at a value ratio nowhere else recognized, could not be regarded as In the interest of the United States.
The fact is that while silver reserves would be as effective as gold in facilitating credit expansion, they would probably prove ineffective as reserve
in time of emergency. In a period of capital exports,such as 1931 and 1932,
this country would not be able to settle its adverse balances with silver.
This is because there would be no way of disposing of the silver abroad except in the open markets, which would not be in a position to absorb the
increased supplies save at a great sacrifice of values. As a consequence,
such balances would have to be settled in gold, which always has a market
because the mints of the world will buy it in unlimited quantities at a fixed
price. In time of crisis this centering of demand upon our gold supply
might make it impossible for the United States to stay on the gold standard.
1635
in the Treasury at $1.29 an ounce, the legal coinage ratio-would call for
approximately $80,000,000 of such certificates. This, together with the
$50.000,000. would mean $130,000,000 of new money in all.
Inasmuch as the total money in circulation already amounts to $5,300,000,000, it will be seen that another $130,000,000, or 2.5% of the total,
would not affect the situation very much.
Moreover, since the currency already in circulation is adequate for the
needs of trade, it is unlikely that these additional issues can be kept in
circulation. Unless there is a pick-up in business they will either be
promptly redeposited in the banks and retired from circulation, or they will
force an equivalent amount of other types of money into retirement. In
either case, the redundant currency, coming back to the banks, would be
deposited by them in the Reserve banks, with the effect of increasing still
further the excess reserves. Since the excess reserves of all banks already
amount to something over $2,000,000,000, the raising of this total by another $130,000,000 would not alter the situation materially.
United States Purchases of Silver Abroad
With the domestic stock of silver absorbed by the Treasury. interest now
centers upon the possible extent of silver purchases by our Government in
the world market. That such purchases have already been made is indicated by a recent shipment from London to New York of 400 tons of silver,
valued at £1,125,000, said to be the largest cargo of silver ever to cross the
Atlantic.
It is estimated that in order to build up our monetary stock of silver to
the level of one-fourth silver to three-fourths gold, as directed in the silver
legislation of last summer, it will be necessary to acquire approximately
1.300,000,000 ounces of silver, of which possibly a billion would have to
be purchased abroad. At the present world price of 50 cents an ounce, this
would cost $500,000,000 and the cost would increase in step with any increase in the price of silver that might occur under stimulus of the buying
program.
Treasury Denies Reports that Ban on Private Imports
of Silver Is Considered
Reports reaching Washington from trading centers that
the Treasury Department was considering a ban on private
purchases of silver in foreign markets and the importation
of silver for the account of individuals were declared on
Sept. 7 by Herbert E. Gaston, assistant to Secretary Morgenthau, to be unfounded, according to advices that day
from Washington to the New York "Journal of Commerce."
Treasury Department Said to Have Terminated Plans
to Sell Old Assay Office in Wall Street Because of
Excessive Silver Purchases
The plans to sell the old Assay Office at 30-32 Wall Street,
have, it is reported, been abandoned by the Treasury Department, which is said to have canceled by negotiation,
about two weeks ago, its agreement for the sale of the same
at $6,501,000. In noting this, the New York "Times" of
Sept. 8 said:
The Treasury Department announced on July 19 1929 that it had accepted a bid of $6,501,000 for the old Assay Office property, but under the
terms of the contratc did not guarantee when possession would be given to
the purchaser. The bid was the highest of six, which ranged upward
from $5,120,000.
The buyer was announced as a syndicate known as the Forty Wall Street
Corp., headed by George L. Olustrom of the banking firm of G.L. Ohrstrom
& Co., and including the Starrett Corp.
As to the reasons prompting the cancellation of the agreement the "Times" said:
For several days the Treasury has been moving silver into the old Assay
Office, which has been remodeled internally for the purpose, although
Government employeessaid plenty of space remained available in the new
Assay Office, at Old Slip and South Street, for both the gold and silver
that are arriving or are due to arrive at this center.
It was indicated, however, that the volume of silver taken over by
the Government or imported from London has been so large that the
handling of the deliveries has become difficult, so that the Treasury decided
to cancel the proposed sale of the old Assay Office.
Provisional Government of Montreal Silver Exchange
Allots 48 Memberships
-17for New York Firms
Announcement was made on Sept. 14 by the provisional
government of the Montreal Silver Exchange that 48 memberships have been allotted. United Press advices Sept. 14
from Toronto said:
Of this number 17 are for New York firms, 15 for Montreal firms, ten for
Toronto, 3 for Shanghai, 2 for Paris and 1 for Rio de Janeiro. A block of
80 seats held for members of the Montreal Stock Exchange will be formally
offered next week.
With one exception the New York seats have gone to members of the
New York Stock Exchange or of the Commodity Exchange. The three
memberships in Shanghai are for three of the largest bullion firms in that
city, it was announced. One seat has been taken by the American Metal
Co., producer of silver in both Mexico and Canada.
By-laws,rules and regulations, which have been patterned after the Commodity Exchange of New York and adapted for the new Canadian institution will be available for members next week. One major change is announced, the contract or unit of trading has been reduced to 5,000 ounces.
The vice consul and acting consul of Brazil is listed as a seat holder,
while those going to France, are in the names of Cudebec and Courony
and Andre Paulve.
Several of the well-known firms of the Toronto Stock Exchange are represented and most of the leading houses of the Montreal Stock Exchange.
An earlier item regarding the Montreal Silver Exchange
appeared in our Sept. 1 issue, page 1329.
From the bank's review we also quote:
Assuming that private stocks of silver subject to Government order
amount to 100,000,000 ounces (information as to exact totals is not available), the taking over of this silver at 50.01 cents an ounce would mean the
issuance of approximately $50,000,000 of new money. In addition, the
issuance of silver certificates against the 62,000,000 ounces of silver already
Li Ming of Bank of China Asserts Rise In Price of
Silver Would Be Harmful to China
Li Ming, dean of Chinese bankers, who is in this country
for a study of the monetary policy of the United States to
1636
Financial Chronicle
ascertain its probable effect on Chinese affairs, is reported
as stating that "a rise in the world price of silver means a
corresponding rise in the value of our currency. This means,"
he is further quoted as saying "that China is forced by outside
influence to appreciate her currency, whereas most of the
nations are trying to depreciate their own currencies in
order to help their export trade and also to maintain their
internal commodity prices. If our currencylappreciates,
then we are doing the opposite." Mr. Li, who is chairman
of the Bank of China, which has more than 100 branches
throughout that country, and who also is chairman of the
Chekiang Industrial Bank, was quoted as above in the New
York "Times" of Sept. 9, which in indicating that he stated
that China was not suffering from the low value of silver,
also gave the following account of his comments:
He maintained that her purchasing power was not measured by the value
of the silver that she possessed, but by her productivity and capacity of
export, both of which, he believed, would be interfered with seriously by
a high value for silver.
Mr. Li stated that from the beginning of this year to the close of last
month a huge amount of silver had been withdrawn from China as the
result of the rise of the gold price of silver. Ile expressed the opinion that
China could not afford to lose much more silver, and if the export movement continued much further, he believed the Chinese Government would
Interfere by declaring an embargo, by levying a high export duty or by
establishing a managed currency.
"I for one have never believed in managed currency," Mr. Li continued,
"because managed currency will necessarily disturb free trade. Our
economic situation is entirely different from yours. On account of your
richness and great stability in government, you can afford to experiment.
But we cannot.
"Silver with you is no problem, You can experiment with it. But
silver with us is of vital importance. It is with us the same as gold is with
you. We are on a silver standard and have been for centuries. More
than that, we are on a silver metallic standard which is our medium of
exchange."
China Orders Censorship of News
Regarding Silver Exports
Associated Press advices from Shanghai, Sept. 12, it
In
was stated that the Chinese Government had ordered a
censorship of all news concerning the export of silver. It
was added that the exports, however, are continuing to a
sizable degree.
Turkey Will Revive Silver Coin Minting
From Ankara, Turkey, Sept. 12, United Press advices
to the New York "Sun" said:
Silver coins, which disappeared 10 years ago, when the Turkish Republic
abolished imperial money, will reappear about the end of this month.
Minting will begin on Saturday of silver in denominations of one, onehalf and one-quarter Turkish pound. The portrait of President Kemal
Pasha will be on the face, and the Turkish insignia, surmounted by a
crescent, on the reverse.
The public is favorable to the change, preferring "hard money" to the
greasy one-pound notes.
President Roosevelt Said to Regard Bank Examiners
As in Part Responsible for Present Restricted
Credit Conditions—Holds Rule of Reason Should
Be Guide
Responsibility, in part, for restricted credit conditions
was held by President Roosevelt to be due to regulations
imposed by Federal bank examiners. These examiners, the
President is reported as contending, should be guided more
by the rule of reason than by regulations that were used
In normal business times.
To quote from a dispatch, Sept. 12,from Hyde Park, N. Y.,
to the New York "Times," President Roosevelt criticized
bank examination methods in a press conference when
asked for an expression on a speech by Francis M. Law,
President of the American Bankers Association, making
the same criticism. An item bearing on Mr. Law's address
Incident to the meeting of the bank examiners in Washington, appears elsewhere in our issue to-day. From the Hyde
Park advices to the "Times" we also take the following:
Soon after the President expressed his agreement with Mr. Law, Jesse
Jones, Chairman of the Reconstruction Finance Corporation and a caller
at Hyde Park House to-day, told newspaper men that banks generally are
being more liberal with their loans than in the past three years. He also
said that repayments of loans to the RFC since July 1 have exceeded new
loans by $200,000,000.
Mr. Roosevelt ascribed the regulations promulgated by Federal bank
examiners to conditions obtaining many years ago when there were comparatively few National banks and most of the local financing in communities was handled by State banks operating under more liberal rules.
Now almost all banks are under Federal supervision, either through National
charters or membership in the Federal Reserve System or in the Federal
Deposit Insurance Corporation.
The President was particularly critical of the general practice of bank
examiners in requiring banks to close out loans on which the principal has
not been reduced annually, even though all interest payments have been
met promptly.
He expressed the thought that any borrower was lucky who had been
able to meet all his interest payments in the last three years. In illustrating his criticism, Mr. Roosevelt cited two instances furnished by local
residents, as follows:
Sept. 15 1934
The first was a small clothing merchant who increased his business until
he needed a larger store, requiring a capital expenditure of about $800.
A bank agreed to lend the money if the merchant obtained two endorsers.
He did so, getting the signatures of two prosperous persons, one a wellknown lawyer. But the loan was thrown out by the bank examiner.
The other instance was that of a farmer with a $3,000 mortgage on a
farm which the President said he knew personally could be sold for $6,000
in a quick sale and probably $8,000 if two months were taken to find a
buyer.
Because the farmer had paid only the interest and had not reduced the
principal of the debt for three years, the bank holding the mortgage was
ordered by the bank examiner to close out the loan.
President Roosevelt Believes Question of Representation in Collective Bargaining Depends on Nature
of Industry—National Association of Manufacturers Advises Employers to Ignore National Labor
Relations Board Decision in Houde Case
President Roosevelt, at a press conference on Sept. 12,
said that the question of whether labor should be represented
solely by those elected by a majority in a given plant or
industry, or whether it should have proportional representation in collective bargaining, depended largely on the
industry itself. The subject arose incident to a discussion
of the decision of the National Labor Relations Board in
the Hondo Engineering Corp. case, which is referred to
elsewhere in this issue. The President did not re-assert his
earlier preference for proportional representation, as given
at the time of the threatened automobile strike, nor did he
indorse the decision of the National Labor Relations Board.
The National Association of Manufacturers issued a
statement on Sept. 12 in which it advised employers to ignore
the decision of the National Labor Relations Board in the
Houde case "until competent judicial authority" had sustained it. The Association said that employers have the
choice between the interpretations of the National Industrial
Recovery Act provided by those who have been charged
with administering it and the contrary rulings of the Labor
Board. The statement read, in part, as follows:
In view of the policies and decisions of the National Labor Relations
Board and regional labor boards throughout the country, we urge upon
manufacturers the utmost caution in seeking or submitting to the jurisdiction of such boards.
Employers should negotiate with authorized representatives of any
groups of their employees. Many individual workers prefer to negotiate
directly with their employees regarding their own employment conditions,
and their wishes must be respected. This is particularly important, since
over 75% of all employers employ not over 20 workers each.
President Roosevelt Considers Both Democrats and
Republicans Guilty of Seeking Political Advantage
Through Relief Expenditures
President Roosevelt said on Sept. 12 that Democrats
are as guilty as Republicans in seeking to gain political
advantage through Federal relief expenditures. The President's remarks were made in the course of a press conference
in which he discussed efforts by Harry S. Hopkins, Federal
Emergency Relief Administrator, and the Department of
Justice to eliminate graft in distributing relief funds. A
dispatch from Hyde Park, N. Y., to the New York "Times"
on Sept. 12 added:
Most of the difficulties, the President said, arise from the fact that
funds of necessity must be administered by local officials of counties, cities
and towns who select the persons to go on relief rolls.
Commenting on reports that some Republican officials are using relief
funds to build up political machines, the President said that officials of
his own party have done the same thing.
President Roosevelt at Newport, R. I., for International
Yacht Race To-day.
President Roosevelt yesterday (Sept. 14) left his home at
Hyde Park, N. Y., to sail on the yacht Nourmahal, owned
by Vincent Astor, bound for Newport, R. I., where the first
of the America's Cup yacht races is scheduled to be held
to-day. The Nourmahal was expected to arrive at Newport
this morning, and the President planned to witness the race
from the deck of the yacht.
Senate Munitions Investigating Committee to Continue
Inquiry Into Armament Activities Despite Diplomatic Protests—Senate Department Supports Investigation
Despite the receipt by the State Department of a number
of diplomatic protests as a result of disclosures in the Senate
Munitions Investigating Committee inquiry which brought
out mention of officials of other Governments, Secretary of
State Hull indicated on Sept. 11 that the Committee would
continue to receive the support of the State Department.
He was reported to have assured Senator Nye, Chairman of
the Committee, that the State Department and President
Roosevelt are both in complete sympathy with the Committee's program. Reference to the inquiry appeared in
our issue of Sept. 8, pages 1488-89.
Volume ln
Financial Chronicle
At the hearing on Sept. 10 A. J. Miranda, Jr., President
of the American Armament Corporation of New York, was
reported to have said that the State Department had ad-.
vised munitions companies to attempt to evade the embargo
placed by the United States on shipments of arms to Bolivia
and Paraguay. This statement was immediately denied
by Joseph C. Green of the State Department's Division of
Western European Affairs. Mr. Miranda's other testimony
was concerned principally with the details of attempts to
sell arms to Latin American countries. Representatives of
the Curtiss-Wright Export Corporation testified on Sept. 11
concerning secret negotiations with the Governments of
Bolivia, Paraguay, Peru and Columbia.
Repercussions of the inquiry in Washington continued to
come from abroad this week. The British Labor party
officially announced on Sept. 11 that it would seek a full
inquiry into the international armaments situation by the
British Government when Parliament meets on Oct. 30.
The announcement declared that all private manufacture
and trade in arms should be suppressed. Meanwhile a special investigating committee in Argentina reported to the
Argentine Senate this week that it had found serious irregularities in armament purchases in Europe. On Sept. 12
Liberals joined the British Labor party in a demand that
the Government investigate the activities of armament firms,
according to Associated Press accounts from London,which
also said:
the
Urging that private manufacture of arms be suppressed entirely,
purLabor party has republished a letter presented at Washington and
Vickers
of
ported to have been written by Sir Charles Craven, director
to
Armstrong, Ltd., in which the British arms manufacturer is alleged
"my
have stated in connection with a pending deal for submarines that
friend at the Admiralty will hell) us."
Former Representative Franklin Fort of New Jersey denied
on Sept.7 that Sterling J. Joyner of the Electric Boat Co.had
anything to do with his election to the Rules Committee of
the House of Representatives, as had been alleged at the
hearings before the Senate Investigating Committee Sept. 6.
Amelia Earhart, (aviatrix) who on Sept. 10 was named by
Mr. Miranda as "most useful in the pursuit of business,"
issued a categorical denial on Sept. 10 and declared that she
had never wittingly been of service to Mr. Miranda. She
added: "I can think of nothing that I ever would do to help
munition manufacturers, and nothing not dishonorable I
would not do to oppose their growth."
E.I. duPont de Nemours & Co., Inc., distributed to stockholders and employees this week a booklet signed by its
President, Lammot duPont, stating that the company has
vastly more to gain from peace than from war, and pointing
out that "total profits earned by the duPont company on
military explosives of all sorts over the last ten years" have
amounted only to about 2% of the total manufacturing profits of the corporation.
United Press Washington advices of Sept. 10 summarized
the testimony before the Senate Committee on that day
in part as follows:
Senator Gerald P. Nye, Chairman of the Committee summoned Green,
to the witness chair.
Green said the embargo resolution—adopted in the dying days of the last
Congress—was not a strict prohibition against shipping arms to Bolivia and
Paraguay because of certain treaties existing among the three nations.
"Did you give advice to Miranda to seek counsel and bring an injunction
against the Government?" Senator Nye asked Green.
"I suggested they get counsel to explain the resolution to them," Green
replied, "but I never suggested they bring an injunction."
Miranda said his concern held $1,000,000 worth of supplies which could
not be shipped.
He also told of preparations by arms manufacturers to obtain orders from
Columbia and Peru when those two nations' truce in the Leticia boundary
dispute ended last May. I. J. Miranda, partner in the American Armament
Corporation, wrote to the Severesky Aircraft Corporation of New York
that the truce was "soon to end and a big time is expected by all."
"We can't sell to both Colombia and Peru," the letter, which was read
intoithe Committee's record. continued, "so we have chosen Colombia,
first and foremost because they have money."
Testimony that $50,000 was to be paid to a high official of the Brazilian
Government by the Miranda concern in 1933 for his aid in obtaining contracts for the company was presented.
We quote in part from a Washington dispatch of Sept. 11
to the New York "Times" regarding the testimony at the
hearing on that date:
Documents put into the record suggested that President Rodriguez of
an aviation plant in that country
Mexico "might favor" the establishment of
some of the losses he was said
if it held promise of helping him to get back
aviation venture.
to have sustained in another
This latter venture, according to the Curtiss-Wright representative,
Juan Azcarate. now military attache of
had been sponsored by General
the Mexican Embassy in this city.
was the main
The Gran Chaco war between Paraguay and Bolivia
between Curtiss-Wright
feature of the evidence to-day. Letter after letter
representatives or to the head offices of the company in New York were
from files of the corporation in
read into the record. Every letter was
New York.
C. W. Webster, a former
Mr. Allard, President of the corporation, and
ive, admitted that the
President but now its South American representat
1637
and Paraguay and the
concern had been negotiating with both Bolivia
carried on without
documentary evidence was that these negotiations were
facts.
either Bolivia or Paraguay having knowledge of the
on the assumption that it alone
Each of the warring countries proceeded
corporation.
was receiving the trade attentions of the American
Nye's Letter
Senate Munitions Investigation—Senatorof Committee
to Secretary Hull Indicating Attitude Foreign PerWith Regard to Testimony Affecting
sonages or Governments—British Government
Reported Satisfied With Explanation
by
Incident to the investigation which is being conducted
the Senate Munitions Investigating Committee,Senator Nye,
Chairman of the Committee, in a letter to Secretary of State
Hull, set forth the attitude of the Committee in regard to
testimony affecting foreign personages or governments, it
was noted in a Washington dispatch Sept. 11 to the New
York "Herald Tribune" which gave the letter as follows:
September 11 1934.
The Hon. Cordell Hull,
The Secretary of State.
Washington, D. C.
My dear Mr. Secretary:
a misconception as to the
Reports have reached the committee showing
introduced into the
nature of some of the allegations which have been
the munitions industry as
record of the special committee investigating
in a mass of docuexhibits. We have been endeavoring to find the truth
placing of such
ments found in the files of munitions manufacturers. The
companies does not
material in the record from foreign agents of American
found in these agents
necessarily imply the substantiation of the statements
personages in foreign
documents. There has been mention of highly placed
impression may have
countries. The committee deeply regrets that a false
agents abroad,
been created, and that statements made by manufacturers'
as those high personages
although believed by them,may be unfounded as far
of these agents
are concerned, and the committee regrets that the opinions
the opinion of the
seem to have been construed as necessarily reflecting
committee.
Very sincerely yours.
GERALD P. NYE,Chairman.
The dispatch to the New York "Times" also said:
of the
In duscussing the letter and his conference with the Chairman
investigating committee, Mr. Hull said:
with the Senate munitions
"I anent an hour or two to-day in conference
of the work in
investigating committee, during which a number of phases
hand were discussed in a co-operative spirit.
Investigation "Righteous in Nature"
committee well illus"The letter handed to me by Chairman Nye of the
the munitions
trates both the righteous nature of the investigation of
must be dealt with by
situation, and some of the manifold difficulties that
its single objective
the committee. The committee is consistently pursuing
trade, with a view
of exposing vast and unimagined abuses in the munition
to remedial action, either by legislation or otherwise.
nor of any official
"Naturally, it was not in the mind of the committee
other govof the American government to give the slightest offense to any
ernment or its officials."
In a London wireless message Sept. 12 to the New York
"Times"it was stated that the British Government is satisfied
with the explanation by Senator Nye,as Made public Sept. 11
by Secretary Hull, concerning the character of some of the
documents revealed last Friday at the Washington investigation of the munitions industry.
The Senate Munitions Investigating Committee yesterday
Sept. 14) acted to suppress the names of certain foreign officials and prominent personages who were mentioned in
testimony. The Committee withheld from the press and
from the record the names of certain Chinese officials who
reputedly accepted "commissions" from the agent of an
American explosives manufacturer in 1932. This action was
taken after a conference between Secretary of State Hull
and Secretary of Commerce Roper, after it had been reported
that five foreign Governments had filed diplomatic protests
with the State Department against the publication of testimony involving their nationals.
Senate Munitions Investigation—Chilean Minister
Denies Allegations Made During Inquiry
Under date of Sept. 12 Associated Press advices from
Santiago, Chile said:
r
The Chilean Minister of Defense denied last night that Commande
Marcial Arredondo, aide to the President, had negotiated with the Curtiss
company for purchasing an airplane, as reported in testimony before the
United State munitions investigation.
He said Commander Arredondo had received advertising matter, with a
request to forward it to the Ministers of Finance and Defense, but that he
had not acted further.
Senate Munitions Investigation—Secretary of President Rodriguez Issues Statement Declaring All
Purchases by Mexico Were in Legal Form
Advices from Mexico City to the New York "Times"
reported that a statement declaring it was "absurd" that the
names of the President of Mexico and other officials should be
mixed in the munitions investigation now being carried out
in Washington was issued on Sept. 11 by Gavier Gaxiola,
Private Secretary to President Rodriguez of Mexico on instructions of the Mexicau Executive. The cablegram to the
New York "Times" added:
1638
Financial Chronicle
Regarding reports published in the press relating to the investigation
by the United States Senate regarding the sale and purchase of armaments
and munitions, which were duly brought to the attention of President
Rodriguez, I am instructed by him to make the following declaration:
The only purchase of airplanes made by Mexico in the United States
was in 1929, when General Rodriguez was Governor of the northern district
of Lower California. They were made by the Douglas company.
Similar operations were effected about that time by General Plutarco
Haas Calks, then Minister of War, who used the technical services of General Juan Azcarate for the purchase of Vought Corsairs.
All the purchases mentioned were made in strictly legal form and the
planes were immediately placed in the Mexican Army service, where they are
still functioning.
The firm of Juan F. Azcarate & Co., engaged in the manufacture of
airplanes in Mexico City, used patents of the Corsair observation planes,
with previous permission from the proprietary company after payment of
royalties.
The Mexican Government has not bought any war planes since 1929,
and as regards arms, munitions and other warlike elements Mexico likewise
has not made a single purchase, for the Mexican Army workshops have
proved sufficient for all military necessities.
Committee on Enrollment and Disbarment Named by
United States Treasury
A new Committee on Enrollment and Disbarment was
named on Aug. 28 by the Treasury Department, Washington
advices on that date to the Baltimore "Sun" indicating that
In this action the Treasury for the first time went beyond its
department personnel for a unit to regulate legal practice
before it. From the same account we quote:
Formerly Part-Time Unit
In the past the Enrollment and Disbarment Committee has been made up
of a half-dozen employees of the Department who devoted only a part of
their time to regulation of the Treasury bar. Under the plan announced
to-day Mr. Cook, the Chairman, and Mr. Becker will be full-time committeemen, while Mr. Gilruth will be the only part-time member of the group.
Selection of the new committee came after the whole matter of practice
before the Treasury Department had been surveyed, at Mr. Morgenthau's
request, by Charles C. Burlingham, New York attorney. The Treasury staff
and the new committee will begin immediately on the revision of the regulations concerning admission and disbarment.
As announced on Aug. 28 by Secretary of the Treasury
Morgenthau the committee is composed of:
Walter Wheeler Cook, of Baltimore, formerly of the Institute of Law of
the Johns Hopkins University, Chairman. Mr. Cook is General Secretary
and former President of the American Association of University Professors;
former President of the Association of American Law Schools, and at various
periods Professor of Law at the State Universities of Nebraska, Missouri and
Wisconsin and at Yale and Columbia Universities.
Irwin T. Gilruth, Chicago attorney, Secretary and member of the Board
of Managers of the Chicago Bar Association, who for many years has been
active in law reform movements.
Lawrence Becker, of 1Vashington, a former Indiana judge, Solicitor of the
Treasury Department from 1915 to 1922, and attorney for the Committee
on Enrollment and Disbarment since 1922.
In the Baltimore "Sun" it was Stated:
Asks Lawyers' Co-operation
A few hours before announcement of the new commission was made here,
Robert H. Jackson, Assistant General Counsel of the Treasury Department,
addressing the tax lawyers attending the American Bar Association meeting
in Milwaukee, sought the co-operation of the bar in the revision of the
regulations.
The Treasury, he said, would welcome the creation of a representative professional group for this work, and he invited the Association to name a
committee "to take up at once consideration of a new code to govern the
Treasury bar." In doing so, he added, the Association would "demonstrate
the usefulness of collective effort as a measure of self-interest and also one
of public service."
Dr. Donald C. Horton of University of Michigan to
Conduct Study For Department of Commerce of
Long-Term Credits of Individuals, Firms and
Government Units
The appointment of Dr. Donald C. Horton of Ann Arbor,
Mich., to conduct a study of the long-term credits of individuals, firms, and government units in the United States
was announced on Sept. 6 by Dr. C. T. Murchison, Director
of the Bureau of Foreign and Domestic Commerce of the
Department of Commerce. Dr. Horton's work will be carried
on under the direction of Dr. H. Gordon Hays, Chief of the
Bureau's Division of Economic Research, according to the
Department of Commerce, the announcement of which also
said:
This study, undertaken on the recommendation of the Business Advisory
and Planning Council for the Department of Commerce. will carry on
research in this important field which was initiated by the Twentieth
Century Fund, Inc., in a study of internal debts in the United States for
the -year 1933. It is proposed to conduct this study on an annual basis
under the direction of Dr. Horton. The determination of the volume of
debt, the dates at which they were incurred, and the experience in relation
to the payment of interest and principal, defaults and readjustments,
together with the current reporting of such data periodically in subsequent
years, should prove of great value to business men, students of American
economic activity, and government officials.
Restriction of Production Criticized by Brookings
Institution—Nation Large Enough to Absorb
Output Greater Even Than in Peak Year 1929
Despite evidences of overproduction in this country, the
Brookings Institution reported on Sept. 7 that its studies
showed the United States cannot yet produce "more than the
Sept. 15 1934
American people would like to consume." As to the conclusions of the Institution, Associated Press advices from Washington, Sept. 7, said:
The Institution, an independent economic research agency, said the wants
of the nation are "large enough to absorb a productive output many times
that achieved in the peak year of 1929."
"The study indicates," it added, "that even a relatively minor increase
In family incomes would be sufficient to create a consumptive demand In
excess of the potential productive capacity of the country in 1929."
The Institution's statement was headed "Permanent Prosperity Cannot Be
Achieved Through Restriction of Output."
"We cannot materially shorten the working day and still produce the
quantity of goods and services which the American people aspire to consume,"
it said. "The actual production of 1929 was accomplished on an industrial
work-week which averaged close to 51 hours.
"If, as has been suggested, the working week were to be shortened to 30
hours, with a view to absorbing all complete and partial unemployment,
production would be greatly reduced below the 1929 level."
Business Outlook as Viewed by Ralph B. Wilson,
Vice-President of Babson's Reports, Inc.—Reports
Business 33 1-3% Better Than in March 1933—
"Fly in Ointment" is Discontent at Manner of
Handling Problem by Administration
Surveying the outlook for 1935, Ralph B. Wilson, VicePresident of Babson's Reports, Inc., declares that "general
business to-day is 331/3% better than it was at the low point
In Mardi 1933. At that time," he says, "business was 401
h%
below normal, and to-day, September 12, stands at 27% below
—or general business has recovered 1/3 of the way from the
low point to the normal line."
His observations on the business outlook were presented
by Mr. Wilson in addressing the opening session of the 21st
Annual National Business Conference at Babson Park, Mass.,
on Sept. 12, and in part we give his further remarks as follows:
Obeolescense, replacement demand, super-abundant money, and increased purchasing power will sooner or later triumph and gradually lead
us back to normal business conditions in spite of or in co-operation with
Governmental activities. The Government program of relief, reform and
recovery acts both as a stimulant and a retardant, but a 33% recovery
under this regime would seem to indicate that the stimulating effects predominate so far. In fact, there is nothing in the present situation to
warrant the exaggerated pessimism that prevails.
The Government is so inextricably interwoven with business and finance
through its loans to banks, financial institutions, railroads, farms, homes
and bank deposit insurance that from the standpoint of self preservation
alone it cannot in the long run take other than a constructive attitude
towards business. The chances are that the fall election will add a little
more conservatism to the Administration and that the last quarter of this
year will show a substantial improvement. . .
Labor Outlool.
The basic outlook for labor during the next twelve months is good. Ern.
ployment trends which have weakened slightly during the past summer due
to the seasonal setback to business will soon definitely resume the upward
march. Likewise, payrolls will also move upward and should show increases in most major industries during the period ahead. Living costs
must be watched closely as the winter approaches because on this factor
may depend, a good deal, the question of labor troubles after the winter
has closed in. Due primarily to the drought, retail food prices have shown
a sharp advance during the past month or more. This, of course, is inevitable but the danger lies in living costs mounting too sharply in proportion to wage rates. . . .
Labor troubles are continuing to prove a real irritant in the industrial
outlook. At the same time we must watch the situation carefully. As
business picks up this Fall and Winter, demands for wage increases will become more numerous and if, coupled with these demands is a sustained rise
in living costs, we may expect plenty of strike troubles before Spring. It
is hoped that labor disturbances will not get out of hand and no strike of
crippling import to any major industry will be allowed to retard our
fundamental recovery that has been under way for the past eighteen months.
Conclusion
The low point of this depression was reached in March 1933. The fundamental trend has been upward since then accompanied by the usual and
some unusual interruptions. The bond market has had an unprecedented recovery; the stock market has been consolidating its gains for the past year.
Commercial loans are making their appearance in appreciable amounts.
Farm, industrial purchasing power, and dividends are increasing, and the
banks are overflowing with reserves. The fly in the ointment is the discontent caused by the manner in which the Administration is handling the
problem. With all these considerations in mind, there are three outlook
possibilities. First—there is a chance for no improvement in business over
the next few months; second—there are good possibilities for good business;
and third—there are bare possibilities of a business boom.
Frank Statement by President Roosevelt Which Will
Inspire Confidence Only Thing Needed to Put
Men Back to Work Says Roger W. Babson—Sees
Everything Set for Improvement in Business
According to Roger W. Babson, "everything is set for an
Improvement in general business." He states that "the bad
situations are being cleaned up all the time, stocks of merchandise are being reduced, and the business cycle is
naturally working itself out." "All that is needed now to
put men to work and have a legitimate upturn in business,"
says Mr. Babson, "is a frank statement by the President that
will give confidence." Mr. Babson thus voiced his views at
the opening session of the twenty-first annual National Business Conference at Babson Park, Mass., on Sept. 12, following the address of Ralph B. Wilson on the outlook for 1935.
Volume 139
Financial Chronicle
We refer in another item to Mr. Wilson's address. Questions
put to Mr. Babson brought from him his views on various
aspects of the business situation, as follows:
Retail Sales
Retail sales in dollars are running 10% above a year ago, but owing to
price increases this means a less volume of goods moving than a year ago.
Statistically, this is one of the weak factors of the situation, because if the
retail volume continues to decline, it means that unemployment will increase. This decline in the unit volume of retail sales is probably the
greatest factor in holding back the stock market.
Stock Market
Of course the stock market cannot advance until the volume of retail
sales begins to pick up in a legitimate manner, but I believe this will
happen. In other words, I am optimistic on the stock market, although
stocks must be selected with the greatest care. By this I mean that stocks
should be selected which would improve both under inflation and under
a chiselling program. Concretely, this means good earners with large
natund resources.
Bonds
Although radical inflation would cause bonds to sell lower, yet I believe
that every conservative investor should. have a portion of his funds in highgrade bonds as a hedge against a chiselling program, vdrich is the program
I personally believe the President would like to follow. Here again bonds
should be selected with great care.
Textile Strikes and Labor
The textile strike will be settled as soon as the surplus supply of merchandise is off the market and some bad weather comes so that the workers will
want no further vacation. On the other hand, I think we are headed for
collective bargaining, however much we all may dread it. Personally, I
feel that collective bargaining is in the same category to-day as woman
suffrage was twenty years ago. You remember that the women then were
turning Heaven and earth to get their vote and we men were afraid that
we were all going to be put to work doing housework. After the women
got the vote, they have nearly forgotten all about it and it has made no
change in the situation. My guess is that after collective bargaining becomes universal, it will develop in about the same manner.
State of Maine
As far as the Maine vote goes, I shouldn't say it was very decisive one
way or the other. Governor Brann is a very popular chief executive and
was entitled to re-election. Without doubt the Republicans will gain seats
In the House in November, but the President will have a good working
majority in Congress and should be able to continue to put through his
program.
Building and Real Estate
Building must pick up. When you consider that building permits as a
whole are running only about 30% of the pre-depression levels and. residential permits only 20%, one must realize that a shortage in housing is
constantly rolling up. I also have confidence in the Federal housing program because it is under the direction of one of the ablest business men in
the country, Mr. Moffett, rather than some college professor. Furthermore,
real estate would be the greatest factor to benefit from inflation. Of
course, with inflation we would surely have increased taxation and real estate holders might not profit indefinitely from even radical inflation. However, I am distinctly bullish on real estate. One thing I am certain of: If
you have property to rent, make short-term leases because rents are going
up, while if you are renting property, make your lease as long as possible
for the same reason.
Capital Goods Industries
Although the capital goods industries are at a very low ebb on the whole
at the present time, I am optimistic on them beginning with the spring of
1935.
Farm Outlook and Relief
These are two problems that are too deep for me. You must go to the
college professors for an answer to these.
Conference in Washington of Examiners With Secretary of Treasury Morgenthau and Heads of Government Agencies—National Bank Examiners, Those
of Federal Reserve System, Federal Deposit Corp.
and RFC in Attendance—Meeting Regarded as
Move Toward Liberalization of Credit
A conference between Secretary of the Treasury Morgenthau, heads of Government financial agencies and examiners
for the Federal Reserve system, the National banks, Reconstruction Finance Corp. and the Federal Deposit Insurance
Corp., took place in Washington this week—the meeting extending over two days, Sept. 10 and 11. Assembled for the
first time in twelve years under one roof said the Washington
account Sept. 10 to the New York "Herald Tribune" the
examiners, in executive session, listened to addresses by
Henry Morgenthau Jr., Secretary of the Treasury, Jesse H.
Jones, Chairman of the R.F. C., and F. M. Law, President
of the American Bankers Association.
President Law's address subsequently was revised and
made public by the Treasury as "an excellent statement of
the situation" according to the same account which went on
to say:
Discussing both co-ordination and credit, Mr. Law laid heavy emphasis
on the desirability of getting an agreement on credit.
"Of very great interest among bankers," said Mr. Law,"is the important
subject of the classification of loans by examiners. The general and prevalent complaint of bankers against examiners is not in regard to the loss or
doubtful columns but rather the classification of loans admitted to be good
but criticized as slow. Let us see if we can agree on the following:
"First: That banks generally are super-liquid but that under present
conditions it is no longer necessary or advisable for them to remain so.
"Second: That there is not enough quick commercial paper to go around.
"Third: That this country cannot, after all, be liquidated on a ninety-day
basis.
"Fourth: That every bank may properly have a reasonable proportion
ofso-called slow Paper.
1639
"Fifth: That many good banks would be starving to death but for the
Income received from slow paper.
"Sixth: That the banks are under terrific criticism and censure because
of the fact that the volume of credit continues to shrink rather than to expand. The volume of this criticism and censure is growing daily. Many
thoughtful bankers have expressed to me the view that it would be fortunate
indeed if the banks of the country could devise ways and means ofincreasing
loans within the next few months."
The President of the American Bankers Association expressed little Patience with the examiners' practice to constantly hammer on loans that are
admittedly good, only because they are slow."
"It will," he continued, "have the effect not only of forcing banks to
exert unecessary pressure on such loans, but will prevent them from making
any new loans except those that are extremely liquid and short duration."
The meeting is a part of Secretary Morgenthau's plan of inquiring into
bank credit, but he declined to-day to be drawn into a discussion of reports
that banks are backward in making loans as the result of Federal restrictions
Imposed and carried out by examination methods requiring a high degree of
liquidty.
The Washington correspondent of the New York "Journal
of Commerce" in his report of the Meeting Sept. 10 said in
part:
In response to questions of newspaper correspondents today Secretary
Morgenthau insisted that it Is up to the examiners to make suggestions for
Improving the present situation. He was asked whether he would take up
with them the question of the Government's own refinancing in which apparently is involved the question of marking up or down the Government
securities in the portfolios of the banks,but his reply was,"Why should we VI
Suggestions Sought
"Our attitude," later explained Mr. Morgenthau, "isn't that we brought
them together to lay down the law to them, but to get some suggestions.
If we get one good one, the meeting would be worth while. This isn't just
."
my meeting; this is a meeting of these four agencies together. . .
He did promise, however, that one outgrowth of the conferences doubtpaper work required of the banks by
less would be the cutting down of the
these agencies. . . .
R: F: C: Starts Survey
It was made known by Chairman Jones that the B.F. C. has undertaken
infora thorough study of the industrial loan situation. He explained that
mation is being sought from the field agents as to whether an increase in
R. F. C.thus far has made 145
Industrial loans should be authorized. The
direct industrial loans aggregating $10,661,000, and 188 loans through
mortgage companies totaling $19,182,000.
Secretary Morgenthau stated that he was awaiting the results of the invesone of
tigation being conducted under the supervision of Dr. Jacob Viner,
his assitants, to determine the cause for rejection of applications for loans
In the Chicago Federal Reserve district. Be said that 4,000 cases would be
reviewed and the information tablulated for the cosideration of the Treasury
It will take about six weeks more, however, before the data is available.
As a result of the conference, adoption of a uniform system
of banking examination and of a reclassification of loans to
distinguish between sound long-term credit and doubtfulloans
was considered virtually assured on Sept. 11,according to the
Washington advices that day to the New York "Times."
In part these advices also said:
Ninety per cent ofthe banks ofthe country are in the temporary insurance
fund of the FDIC, and therefore practically under the regulation of the
the
government. About 1,160 State commercial banks elected not to join
Insurance fund, and, therefore, are subject only to jurisdiction of State
the country
banking authorities. These are the only commercial banks in
that would not be affected by the new examination and reclassification
program.
The reclassification ofloans.it was agued here,should mean the beginning
of a liberalization of credit. For a year or more examiners have been exlongtremely cautious in appraising assets, and have frequently marked
term loans as slow and doubtful.
Quick Action Sought
was known
SeCreatrY Morgenthau, who brought about the conference,
to be seeking quick action because of President Roosevelt's desire to bring
possible.
Into play a wider extension of the banking credit as soon as
of
The plan is looked upon in some quarters as a move in the direction
centralized control of all banking in the country. The FDIC has a broad
potential control, since, in addition to the member banks of the Federal
Reserve System,it embraces temporarily a large number of State banks not
assciated with the Federal Reserve System.
Officials said there was a general agreement among the bank examiners
and regional managers of the R. F.C.that prompt action be taken to relieve
a situation that does not tend to promote a more liberal extension of credit.
Nevertheless,emphasis was placed on the necessity for conscientious,careful
examination and the prevention of unsound practices.
It is expected that the record of the meeting will be studied exhaustively
by Mr. Morgenthau and his experts, J. J. Thomas, Vice-Governor of the
Federal Reserve Board; Chairman Crowley of the F. D.I. C.. who presided
to-day, and Chairman Jones of the R. F. C. These officials will confer soon
and through experts prepare the uniform bank examination plan and reclassification ofloans.
In the classification of loans the new reports by examiners are expected
to include, in addition to the ordinary short-term commercial loan, overdue
loans,slow loans, doubtful loans and long-term loans adequately secured.
Many of the conferees believed that a closer analysis of slow loans should
be developed—in other words that there should be a breakdown that would
Indicate the various characteristics of such advances.
FDIC Plans Redistricting
While the main meeting concluded tonight, it was expected that the
F. D. I. C.field agents would remain here for a day or two for conferences
with Mr. Crowley. A proposal has been made that the country be redisstricted so far as the depsoit corporation is conceived and that the lines be
made to conform to those of the Federal Reserve districts.
In the Washington dispatch Sept. 10 to the "Times" it was
stated that President of Law of the American Bankers' Association related that a President of a large bank had told him
recently that under the present system of duplicating examinations by various authorities it was costing his bank $50,000
a year to furnish reports. Mr. Law was also quoted as saying:
"There is a general feeling among bankers that a program of co-ordination
among government authorities is highly desirable," he said. "I am per-
1640
Financial Chronicle
fectly confident that you gentlemen will have no particular difficulty In
working out a plan to promote real co-oridination.
Cities Criticism of Banks
"The banks are under terrific criticism and censure because of the fact
that the volume of credit continues to shirink rather than to expand. The
volume of this criticism and censure is growing daily. Many thoughtful
bankers have expressed to me the view that would be fortuante indeed if
the banks of the country could devise ways and means of increasing loans
within the next few months.
"The listing of a slow paper is a matter about which there hzs been a
great difference of opinion and it would seem highly desirable if a fair and
broad definition of'slow paper subject to criticsm' might be agreed upon.
MrLet us say that there are two classes ofslow paper, one which should be
criticized and one which should not be mentioned in the examiner's report.
Let us then set up the elements entering into each class so that each may be
readily identified both by the banker and by the examiner.
In the same dispatch it was stated that the Government
heads in attendance at the conference the latter all agreed
before the close of the sessions that the bankers had a legitimate complaint and a move toward bringing about a greater
degree of co-ordination between the various Federal agencies
was obviously in prospect.
Government Control of Credit, of Prices and of Production Viewed by James P. Warburg as Meaning
End of Democracy and Individual Enterprise—
Regards Private Banking System as on Trial for Its
Life—Urges Overhauling of Banking Laws
According to James P. Warburg "Government control of
credit, Government control of prices, Government control of
production cannot but mean the end of democracy, cannot
but mean the end of all individual enterprise, and the substitution of an all-powerful and arbitrary central authority
for the voluntarily delegated authority vested in the Government of a free country by a free people." Mr. Warburg,
who is Vice-Chairman of the Bank of the Manhattan Co.,
of New York thus recorded his views, in an address delivered
on Sept. 12 before the Financial Advertisers' Association at
Buffalo, N. Y. In his further declarations he said "I do not
hesitate to say to you that, if we pass the sentence of death
upon the private banking system and go in for a system of
Government owned and operated banks, we shall have passed
the sentence of death upon ail private business, upon all
private capitalistic enterprise, and upon our political, social,
and economic freedom. That may sound like a somewhat
hysterical statement. I assure you that it is made in the
coldest of cold blood."
Mr. Warburg alluded in his address to the fact that "the
most frequently voiced criticism of private bankers is that
they have selfishly refused to provide adequate credit facilities for those who legitimately require them." Continuing
he said:
The most frequently advanced argument for Government banking is that
the Government would be more fair and generous than we private Shylocks
have been in the past.
As to that. I think we may safely admit that the Government would be
more "generous"—a great deal more so. It would be so much more "generous" that the annual cost of its "generosity" would add a tidy sum to the
already staggering burden that we and future generations of tax-payers will
have to shoulder, if we are to avoid something more drastic in the way of
repudiation of debt than the polite versions of partial repudiation already
resorted to under the heading of "revaluing our currency." I think it is
safe to say that it would be so much more "generous" that the excessive
speculation we have had in the past would pale into insignificance when
compared to the "booms" and consequent depressions we should have in
the future.
If private bankers, with their own capital at stake, were unable in the
past to say "No" when they should have—if private bankers, with their own
capital at stake, were unable to arrest excessive speculation and were themselves drawn into the whirlpool of public madness—If such warnings of the
coming storm as were issued prior to the collapse of 1929 Came, as they did
come, not from the Government, but from a few courageous private bankers
—why should we expect that in future Government officials, with nothing
at stake except their political popularity, should prove more capable of
safeguarding the public interest?
Why should we expect that Government officials, untrained and without
practical experience, should be able in future to recognize the signs of an
Incipient boom or hear the rumblings of an impending collapse?
And why, above all, should we assume that a political bureaucracy,
depending for its life upon popular favor, should ever be willing to do anything so essentially unpopular as to arrest an excessive upward movement
of prices? . . .
It is. . ,because the private banking system is at this very moment on
trial for its life. that I have found it impossible to adhere strictly to the
subject that had been assigned to me. In the few moments that remain,
however, let me see if I can indicate a few of the policies private bankers
might adopt and follow if they are permitted to go on existing as private
bankers.
1. If the private banking system is to survive it is essential that our
banking laws be thoroughly overhauled and brought into conformity with
the requirements of present-day economic life. This applies not only to the
laws governing the operations of the various kinds of individual banks but it
applies with equal force to the laws governing the issuance of currency and
the rediscount functions of the Federal Reserve System. At present we
have no currency system at all,and an emasculated Federal Reserve System.
I have discussed this at some length in a book published last May, called
"The Money Muddle." If private bankers are permitted to survive as
such, the first thing they can do is to devote all their energies to the accomplishment of the necessary legislative reforms.
This they can only do if they are willing to brave the present hostile
atmosphere, disregarding the unfair attacks made upon all bankers as a
Sept. 15 1934
whole, and exposing their own constructive ideas to public criticism. That
Is what I have tried to do in a modest way in my latest book—("It's Up
to Us"). I think that bankers as a whole have been far too much intimidated
by the demagogic crusade against them. My own experience indicates that
both the press and public opinion in general are only too glad to hear the
other side of the story and to accord it fair treatment.
If the bankers decline to take a hand in working out the necessary reforms,
they cannot justly complain if the train leaves without them. It does not
matter whether they receive a cordial reception in Washington or not. As
yet we have the right of free speech and a free press, and there are more
ways of getting the right kind of legislation passed than by lobbying in the
halls of Congress. It is a question which in the last analysis concerns the
people as a whole, and no one is better qualified to help the people understand its significance than the bankers themselves.
2. Assuming that the necessary reforms are enacted—that is, assuming
that we have a real currency system, a real Federal Reserve System, and a
real private banking system—then it seems to me that what we bankers
can do is to protect the good name of our profession by making it very
much more exclusive than it has been in the past. We can set up certain
standards of educational requirements without which it will be impossible
to become a junior bank officer, and certain other standards of requirement for senior bank officers. We can establish certain customs and practices as sound, and others as unsound. We can build up the authority of
our bankers associations so that they will be able to enforce these standards
and customs,just as the bar associations do in the legal profession. We can
get to work and at last build up a tradition of American banking which will
be something more than a record of a few great bankers—which will be a
record of an entire profession of good bankers, succeeding each other from
generation to generation constantly improving and modernizing the service
they give to the Public and constantly and vigilantly on guard to protect
their good name as a whole against the irresponsible and selfish activities
of a few.
3. Finally, and this, I think, is particularly appropriate to the occasion,
private bankers can, if they are permitted to survive, do much to improve
their relations with the public which they serve. By and large people cannot
trust what they cannot understand. One reason why the seeds of distrust
sprout so easily in our financial soil is that the majority of the American
people have only the haziest notion of what a bank does, what money is,
and how the whole machinery of credit operates. In the past it seems to me
that bankers instead of trying to foster an understanding of these things in
the minds of the public, have almost deliberately made a mystery of the
whole affair—as if banking were some peculiar esoteric process which the
average man and woman could not possibly understand.
In the future, if we desire to command the confidence of the people—if
we hope to avoid those periodic spasms of panic fear for the safety of their
money that have gripped our people from time to time—we must build our
structure on the firm foundation of mutual knowledge and understanding.
We, as bankers, must learn better to understand the needs of the people,
and we must help them better to understand the problems that confront us
In performing our various services.
There is nothing particularly mysterious about the ordinary operations
of a bank. It would take only a little intelligent effort to make these operations comprehensible and even interesting to the average citizen. Financial
advertising in the past has been couched very largely in the jargon of the
trade. It has been worded so as to impress rather than explain. In future I
think we should do well to think less of showing how big and strong and
mysteriously powerful we are, and to think a great deal more of making the
plain truth of our problems sink into the public consciousness by means of
plain English.
In the course of his remarks Mr. Warburg said:
"When we are talking about the system that broke down completely in
March 1933, we must realize that we are not talking about a system, but
about 49 systems. We must realize that we have never had one banking
system in this country and that we have had no uniformity of banking law.
Inspection, or regulation. ... The breakdown was caused by a series of
stresses and strains that were entirely abnormal and would probably have
broken down any system." Mr. Warburg referred to the major problem
confronting the American public as"nothing less than a choice between being
free citizens of a free country or regimented vassals of a social and economic
dictatorship; it is a choice" he said "between individual capitalism under
a democratic form of government and state capitalism under the tyranny
of a totalitarian state."
Paine, Webber & Co. Says Country Is on "Picnic
Basis" With Idleness of Resources Colossal
Under the circumstances, no stock market boom can
occur unless there is an actual overt act of inflation, and
an "overt act", according to the weekly letter of Paine,
Webber & Co., may be any one of the following: An official
advance in the Treasury price to be paid for gold, a similar
advance in the price of silver (described as of far lesser
importance), denial of licenses to export gold, irregular
procedure in refinancing a Government maturity, or recourse
to issue of Thomas amendment paper money. The firm,
members of the New York Stock Exchange, further says:
The probabilities that any of these acts•will occur before elections are,
in our opinion, remote, although possible between elections and Jan. 1,
but by no means certain. If events work out this way, the main reliance
for increased business activity, meanwhile, must be heavier Government
spending.
The firm declares that the United States is at present
operating on a "picnic basis" with 8,000,000 workers idle;
nearly $8,000,000,000 in gold, or 85% more than a year
ago, inoperative; $2,000,000,000 of excess bank reserves
not working, and 40% of the country's plant facilities
unutilized. Continuing its weekly letter says:
By now it should be evident to all that despite the powerful engines and
agencies of recovery, as contrived and acclaimed by the New Dealers in
their boasted quest of the "more abundant life," the economy of the last
four months has been slipping into reverse. The engines refuse to work.
Fire won't burn water. Why? Because the designers have blue-printed
a mechanism that is structurally inoperative. As known before, except
to the arch-experimenters, the major policies of the Now Deal were untenable from the start. Any benefits ascribable to certain features of the
program have been torpedoed, either deliberately or thoughtlessly, by the
conglomeration of paralyzing laws and decrees, and a mass of unintelligible
Volume 139
Financial Chronicle
of
contradictions, inconsistencies, uncertainties, vacillations, and twists
caprice.
No where is there a consistent, coherent and sane line of doctrine upon
which anyone can build a dependable course of action.
As a result, practically every individual,firm and corporation is planning
ahead only for the plain requirements visibly ahead. There is no effort
other than to "just get by." The basis of American life has descended to
tema picnic standard of providing for the day's simple needs, departing
porarily (?) from the use of fuller and richer satisfactions of a bountiful
civilization.
How can we have the "more abundant life" with such collosal idleness
of resources?
Opposition in Reports of New York Chamber of
Commerce Committees to Plan to Finance Unemployment Relief in New York City Through an
-Cent Tax on Transit
Additional Income Tax-2
Fares Recommended
Strong opposition to the plan to finance unemployment
relief in New York City through the imposition of an additional income tax, is voiced in an interim report of two committees of the Chamber of Commerce of the State of New
York, made public Sept. 12 by President Thomas I. Parkinson. The report also opposes Mayor LaGuardia's gross
business receipts bill because of its "vicious consequences"
and advocates in its place as an emergency relief measure a
two-cent tax on local transportation fares.
The Committees on Taxation and on Public Service in the
Metropolitan District, which sponsor the report, contend
that income tax levies should be confined to the Federal and
State Governments. It points out that the State has just
resumed the 1% emergency tax on incomes to provide $14,000,000 for school aid and that the Federal Government
plans to levy heavier income taxes when Congress meets.
The report warns.
New capital for business and industrial development cannot be created
with the Governments absorbing all surplus funds for revenue to carry on
their various projects. The fact is that current governmental expenditures
in the United States are now greater than the total of the entire $5,500,000,000 in business profits and all the personal incomes over $10,000 which were
reported in 1932.
Serious injury to economic recovery is seen in Mayor
LaGuardia's bill. The report says:
A tax on gross receipts Is generally considered a capital levy because in
many instances it would be paid out of capital. It would have the effect
of a pyramided sales tax and bring about an advance in prices and a reduction
in purchasing power. At the same time it would tend to drive business from
the city; also, unemployment would be increased and the tax would thus
tend to defeat its own purpose. The vicious consequences of the proposal
have been lucidly set forth in detail at public hearings. Taxing gross receipts has no relation to ability-to-pay.
In recommending a two-cent tax on transit fares to meet
the relief funds emergency, the Committees point out that
until unification of transit lines and a self-sustaining fare are
effected, all efforts to balance the budget will be increasingly
difficult. Continuing the report says:
As unification has not been accomplished, the emergency situation should
be met by a tax on fares. This has been discussed for some time and has
many advocates. The tax can be repealed or modified when unification is
effective or the city's fiscal stringency is lessened. All proceeds would go
directly to the city. Neither the companies no. the stockholders will
benefit. The levy would spread the heavy load of taxation now being borne
by business activities. Its collection would be easily made and at small
expense. It would not drive business away from the city, nor affect the price
of commodities, and the city would still have the lowest priced transportation service in the United States.
The Committees estimate that a two-cent tax based on the
2,733,000,000 passengers carried in 1933 would yield around
$54,660,000 annually. The tax would reach approximately
600,000 non-resident daily riders on the city's transit lines.
The report, which will be acted upon at the next meeting of
the Chamber, on Oct. 4, is signed by the following: Committee on Taxation—Richard W. Lawrence, Chairman;
Edward G. Merrill, John Sloane, Andrew V. Stout, William
R. K. Taylor, and Committee on Public Service in the
Metropolitan District—Alfred V. S. Olcott, Chairman;
J. Vipond Davies, Cleveland E. Dodge, Frank Gulden, H.
Boardman Spalding.
Return from Abroad of James Speyer.
James Speyer, of Speyer & Co., who has been abroad for
two months, returned on the "Olympic" Sept. 12. He went
to his country home"Waldheim" at Scarborough-on-Hudson,
N. Y. Mr. Speyer sailed abroad on June 29, as noted in
our issue of June 30, page 4395.
U. M. Dickey Re-appointed Director of Central Bank
for Co-operatives
Reappointment of U. M. Dickey, of Seattle, Wash., as a
director of the Central Bank for Co-operatives for the term
'I.
of three years has been announced by W. Myers, Governor
of the Farm Credit Administration. Mr. Dickey, who is
General Manager of the Consolidated Dairy Products Co.
of Seattle was nominated by the present borrowers of the
1641
Central Bank as prescribed by the Farm Credit Act of 1933.
He has served as a director of the Central Bank since its
establishment under the Farm Credit Act, Sept. 13 1933.
His reappointment became effective at the end of his first
term, which expired Sept. 12.
Arrival of P. Ashley Cooper, Director of Bank
of England
P. Ashley Cooper, of London, a director of the Bank of
England and Governor of the Hudson's Bay Co., arrived
in New York City on Sept. 10. Mr. Cooper has just completed the first tour of inspection ever to be made by a
Governor of the Hudson's Bay Co. through the northernmost reaches of the Dominion of Canada, including trips
along the Labrador coast, through Baffinland and into the
vast Hudson's Bay Region, later entering western Canada
via Churchill and the Hudson's Bay Railway.
More Than 126 Persons Perish in Fire on Ward Line
Steamer Morro Castle Off New Jersey Coast—
Federal Board of Inquiry Holds Hearings, While
Grand Jury in New York Also Investigates Tragedy
One of the worst Marine disasters in many years occurred
on Sept. 9, when the steamer Morro Castle, bound from
Havana to New York, was swept by fire of undetermined
origin off the New Jersey coast, with the loss of more than
y
125 lives. A Federal board of inquiry was immediatel
appointed to investigate the disaster, and this board began
hearings on Sept. 10 in New York City in an effort to learn
the cause of the fire and whether due care and seamanship had
been exercised by the officers and crew of the vessel, which
was owned and operated by the Ward Line. Meanwhile a
Federal Grand Jury also began investigation the tragedy, in
search of evidence that might support criminal charges. The
Chairman of the Federal inquiry board is Dickerson N.
Hoover of the Department of Commerce. The Federal
board adjourned hearings yesterday (Sept. 14), to meet
again on Monday, Sept. 17.
A statement issued by the Ward Line on Sept. 11 revealed
that 29% of the passengers on board the liner and 18% of the
crew had been lost. The statement said that of 549 on board,
there were 414 survivors, 86 dead and 49 missing. Of 318
passengers, the company listed 225 survivors, 66 dead and
27 missing, while of 231 crew there were 189 survivors, 20
dead and 22 missing..
The fire broke out early in the morning on Sept. 8 as the
vessel was steaming toward New York. Eventually radio
distress signals brought other ships to the assistance of the
Morro Castle, and many of the passengers and crew were
picked up in boats and struggling in the water, into which
they had leaped to escape the flames. The burning liner was
finally taken in tow by a Coast Guard cutter and beached at
Asbury Park, N. J. Captain Robert Wilmott, master of the
Morro Castle, had died supposedly of a heart attack following
acute indigestion only a few hours before the fire broke out,
and command of the liner was assumed by Chief Officer
William F. Warms, who remained aboard the burning ship
until taken off by a Coast Guard cutter on the afternoon
of Sept. 8.
United Press advices from New York on Sept. 10 summarized the testimony before the Federal board of inquiry
on that day in part as follows:
inquiry. Acting
Testifying before the Federal Government's board of
Castle after
Captain William F. Warms—the last man to leave the Morro
d the flat opinion that the fire was
it was beached at Asbury Park—expresse
of incendiary origin.
ing First
His theory was borne out by the day's two other witnesses—Act
three men
Officer Ivan Freeman and Second Officer Clarence Hackney. All
fire started, "in a locker
based their conclusions chiefly on the fact that the
devastating rapin the ship's writing room," and that it spread with such
locker.
idity that it must certainly have been caused by gasoline or oil. The
Captain Warms told the Board of inquiry, exploded before the blaze started.
27, and said
Warms told of a previous fire on the Morro Castle, on Aug.
that it appeared to have been set deliberately. The testimony of the three
Mono Castle officers tended to absolve the crew in any dereliction. The
crew strove despeaately to get passengers into life boats, but the passengers
"wild and hysterical," refused to obey. Many of them "refused to come out
of their cabins."
Secretary of Commerce Daniel C. Roper made known his
intention on Sept. 8 to immediately undertake an investigation of the Morro Castle disaster. As to this we quote the
following from a dispatch from Washington Sept. 8 to the
New York "Herald Tribune."
Acting upon reports from the New York district headquarters of the
Bureau of Navigation and Steamboat Inspection Service, the Secretary
named a board of inquiry and dispatched D. N. Hoover. Assistant Director,
to New York to go aboard the vessel's hulk to-morrow.
The investigating board, headed by Director Hoover, will include Captain
Karl Neilsen, Federal hull inspector; James Smith. boiler inspector. and
John L. Crone, supervising inspector in the second district of the Steamboat
Inspection Service, with headquarters in New York City.
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Financial Chronicle
Vessel Cost $4,800.000
Speaking of the disaster, the first major sea tragedy on the North Atlantic
seaboard since the White Star liner Olympic sideswiped and sank the Nantucket lightship last May, Secretary Roper said.
"I am deeply concealed and greatly shocked over the tragic disaster of
the steamer Morro Castle, a vessel plying between Havana and New York
City. This vessel experienced heavy weather this morning off the Jersey
coast and while all the facts concerning the disaster are not yet available,
it is currently reported that a number of lives have been lost.
"The Morro Castle was built in 1930 through a construction loan from the
United States Shipping Board as provided by the Jones
-White Act. The
cost of the ship was $4.800,000 and the Shipping Board loaned $3,400,000
of this amount. The vessel is owned by the Agwi Navigation Co., Pier 14,
East River. New York.
"Under our navigation law regulations, the boat was inspected last in
New York City on Aug. 4 1934. She is required to carry 237 officers and
crew and permitted to carry 534 passengers, making the total number of
persons permitted 771.
"In order to deal with the situation expeditiously and meet every responsibility of the department, I have instructed D. N. Hoover. Assistant
Director, Bureau of Navigation and Steamship Inspection, to proceed to
New York to-day in order to deal promptly with the situation."
Sept. 15 1934
and last of a series of reports on the progress of the recovery
program made to President Roosevelt on Sept. 9 by Donald
R. Richberg, Secretary of the Executive Council. Mr. Richberg declared that the money already spent by the Administration "has been a small price to pay for such a gain," and
told the President that he might "take profound satisfaction
in your leadership and in the achievements of your Administration." The report discusses "advance in public services,"
"administrative services," and "promotion of foreign trade."
Mr. Richberg said that after studying the facts of "our
economic advance" one finds "a record of many difficulties
and some disappointments, but, on the whole, of great
achievement." This particular report was designed to summarize data and statistical material from various Federal
departments and agencies without interpretation. We quote
below from a Washington dispatch of Sept. 9 to the New
York "Journal of Commerce," giving the chief features of
the final report of the series:
Federal Spending for Relief Purposes Described by
In his transmittal
President, under date of Sept. 7, Mr. RichDonald R. Richberg in Fourth Report to President berg pointed out: letter to the
Roosevelt—$5,653,000,000 Disbursed by RFC—
"The size of our unemployment problem was indicated, but not measured,
HOLC Spent $1,299,445,000 to Save Homes from
by over 15,000,000 applications for jobs filed during the last 12 months
Foreclosure—Work of Other Government Relief
with national and State employment services.
"Millions of these applications have been absorbed in permanent and temAgencies
porary work; but it is natural to feel disappointed that there have not
Reference was made in our issue of Sept. 8 (page 1494) to
been greater reductions in the numbers of the unemployed and those dethe fourth of a series of reports on the operation of the Ad- pendent on Federal relief.
ministration's recovery program which was submitted to
Gains Are Listed
"On the other hand, the achievements of one year are clearly evident,
President Roosevelt on Sept. 5 by Donald R. Richberg, Sec,
retary of the Executive Council. In this report Mr. Rich- although only part ally measured, by these facts.
"Over 4,000,000 workers have been re-employed in private enterprises.
berg discussed in detail relief measures which have been
4,000,000 others have been given temporary public employment.
"Over
"Over 675,000 have been employed during part of the year on permanent
taken by Government. agencies, and stressed the emphasis
public works.
which has been placed on relief of the individual, rather
"Farm prices of seven basic commodities have been raised within the
than of corporations or institutions. Pointing out that Fed- year to 95% of pre-war 'parity,' and total farm income has increased far
eral loans totaling about $7,000,000,000 had been advanced more than one billion dollars.
"Over $5,000,000,000 has been disbursed in loans and grants to relieve
in the Administration's efforts to combat the depression, Mr.
the financial distress of individuals and institutions, of which over $2,000,Richberg said that of this amount $5,653,000,000 was ad- 000,000 has been already repaid.
The banking system of the nation has been restored to health.
vanced by the Reconstruction Finance Corporation.
"More than 1,000,000 farm and city homes have been saved from foreThe report described expenditures which have been made
closure by aid already extended or under way."
by such other agencies as the Federal Home Loan Bank SysThe report specifically reviews the advance in public services, administratom. the Federal Deposit Insurance Corporation, the Farm tive services and promotion of foreign trade. Previous reports dealt with
Credit Administration. the Commodity Credit Administra- the relief of industrial unemployment, relief of agrieultural distress, relief
of destitution and relief of finaneial jreasures.
tion and the Federal Housing Administration. The princiSpecial Boards
pal features in the report were outlined as follows in a WashThe section dealing with "advance in public services" reviews the work
ington dispatch of Sept.5 to the New York "Herald Tribune":
of new regulatory and advisory agencies set up by the new Administration.
In addition to the loans by the RFC which have gone to banks and finanIn the regulatory group are the Securities and Exchange Commission, the
cial institutions, railroads and agricultural agencies through the CCC, Mr.
Richberg stated other efforts to mitigate the financial pressure to the last
two years as follows:
The HOLO has advanced $1,299,445,000, ending a real estate panic and
saving the homes of 432,000 families from foreclosure.
The FHLB system loans are far below capacity because of faults now being
corrected.
The RDIC reporting about 50,000,000 accounts in 14,034 of the nation's
banks insured, the insurance liability of the Corporation being estimated
as in excees of $12,000,000,000. More than 97% of the depositors in insured
banks are insured to the full amount of their deposits, the maximum limit
of insurance for each depositor being $5,000 under the temporary fund. Of
the total of 15,700 licensed banks in the country, having total deposits of
$15,278,000,000, approximately 90% in number are members of the Federal
Deposit Insurance Fund and 5% are members of State insurance funds.
In addition are the following agencies functioning to relieve individual
financial pressure:
FCA, extending credits to farmers.
CCC, extending loans to agricultural producers in order to assist in stabilizing the market for certain commodities.
FHA, improving the credit of home owners and other owners of real
estate improvements, and improving the security and usefulness of their
properties by facilitating necessary or desirable renovations.
National mortgage associations, which may be chartered under the Housing
Act to buy, hold and sell insured mortgages and thereby improve the flow
of credit into home financing.
The actual advances of the RFC since its creation amount to $7,944,000,000, of which $5,208,000,000 has been allocated since March 4 1933.
Of this amount $900,000,000 went for relief and $674,000,000 for governmental agencies. Of the remaining total $4,347,000,000, more than 44%
has been repaid.
The program to strengthen banks by loans and subscriptions to preferred
stock is 80% complete, 6,579 institutions having been authorized to obtain
$1,154,000,000 in this way, RFC has authorized lame aggregating $348,000,000 to aid reorganization or liquidation of closed banks.
Mr. Richberg predicted that comparatively little would be loaned directly
to business under the Loans to Industry Act through which 69 borrowers
so far have obtained $5,800,000.
Railroads have repaid $58,300,000 of the $421,700,000 advanced by RFC.
Mr. Richberg said many rail receiverships were averted. The Corporation
advanced $1,645,000,000 to aid agriculture and has authorized loans aggregating $321,000.000 for self-liquidating projects.
Donald R. Richberg Declares Nation Is Definitely Out
of Depth of Depression—In Final Report to President Roosevelt Says Administration Has Record of
"Great Achievements"
The United States has definitely risen from "the depths
of the worst depression" and is moving steadily forward
toward economic recovery at a cost less than that of one year
of participation in the World War, according to the fifth
Communications Commission. the Federal Co-ordinator of Transportation.
the Railroad Retirement Board and the varied activities under the Grain
Futures Administration and Feral and Drug Act. The advisory group includes the newly-appointed Federal Aviation Commission, the National
Power Policy Committee and the National Resources Board.
Under "Administrative Services" the Treasury's activities in financing
recovery measures are outlined. Referring to the financial agency, the
report said:
"The Treasury Department has performed successfully the essential service of financing successfully the relief, recovery and reconstruction programs, in addition to the performance of its normal functions, to which
should be added the extraordinary burdens involved in the reopening and
reorganization of National banks and general rehabilitation of the banking
system following the collapse of March 1933.
Public Debt Increased
"The public debt has increased from $20,936,000,000 March 5 1933 to
$27,065,000,000 Aug. 15 1934—an increase of $6,129,000,000. At the same
time the net balance in general fund has increased from $158,000,000
March 5 1933 to $2,260,000,000 Aug. 15 1934—ar. increase of $2,102,000,000.
"Owing to the increase in the amount of outstanding debt, the annual
Interest charge rose from $719,000,000 in March 1933 to $845,000,000 in
July 1934—en increase of $126,000,000. However, the computed rate of
interest has steadily declined from 3.427% in March 1933 to 3.177% in
July 1931."
The same section discusses the work of agencies active in adjustment of
economic conflicts, including National Recovery Administration, National
Labor Relations Board, Petroleum Administration, Federal Trade Commission, Justice Department and National Mediaticn Board. Various units are
grouped under bureaus furnishing information.
Chairman Jones of RFC Hopes For Early Discontinuance of Government Lending.
--15% of Federal
Loans to Banks Repaid
Before-the}National Business Conference at Babson Park,
Mass. on Sept. 13, Jesse H. Jones, Chairman of the Reconstruction Finance Corporation reviewed the loaning operations of the Corporation and incidentally remarked that
"circumstances have forced!the Government into lending
in many directions and I would not favor retracing many of
these steps." "On the other hand," he added, "I hope tne
day is not too far distant when most Governmental lending
can be discontinued. We should, however, retain the machinery that is set up, and be prepared for emergencies."
In his concluding remarks he said:
It will probably be necessary to continue lending to railroads. We cannot get along without the railroads, and until they can be brought to a
better earning basis, some of them will need Government assistance. The
loans can be furnished with little, or no loss, and a good purpose served,
Volume 139
Financial Chronicle
All principal transportation service, railroads, trucks and busses, inland
waterways, river traffic, etc., should probably be brought under a single
regulatory control, with a view to the elimination of waste and unnecessary
duplication of service.
The public must be protected against excessive rates, both freight and
passenger, but fewer trains and tracks, and probably fewer trucks, busses
and barges could provide adequate service. I do not suggest Government
ownership of railroads, but effective regulation accompanied by financial
assistance, where necessary and proper.
In conclusion I should like to say that while the Government is using its
credit freely to bring recovery in business and agriculture, and to provide
employment, without the lendings by RFC, the Farm Credit Administration, Home Owners'loans, and the Public Works Administration, we would
have had little recovery. Also, in large measure, sound business principles
are employed in these lendings.
In the earlier part of his address, Mr. Jones stated that
he did "not mean to minimize the problems ahead of us—
but to emphasize complete confidence in the outcome."
He asserted that "the money that is being expended by the
United States Government, and by States and Municipalities for relief and to provide employment, is not money
thrown away. It goes immediately into circulation. All
channels of trade benefit by it, and while by no means ideal,
most of it is necessary, and worse things could happen to
us. The surest way to get people off the relief rolls is to
find work for them, and in the main that is principally the
job of business and industry." In part Chairman Jones
also said:
The RFC has softened many a blow and broken many a fall. We have
put capital in half the banks of the country, and on most favorable terms.
Some of these banks did not need the capital that they took from the Government, but were patriotic and unselfish enough to go along in the program
for the common good. These bank capital investments will exceed a
billion dollars. .
There are still a few banks scattered throughout the country that need
additional capital, and we are continuing our preferred stock program,
hoping to complete it before the year is out. We want every bank in the
United States to be a strong bank, and will help make them so if bank
stockholders and local interest will cooperate with us.
The RFC has made more than 10,500 bank loans to over 5,500 banks,
aggregating $1,126,000,000, 75% of which has been repaid, and the greater
part of the balance is owed by 670 banks that closed after receiving loans.
Our loans for all purposes have aggregated $3,610,000,000. This includes
more than $600,000,000 disbursed to receivers of closed banks for distribution to depositors, and $414,000,000 to railroads. Most of our railroad
loans are well secured, and $70,000.000 has been repaid.
It also includes $140,000,000 loaned on cotton at 10c. a pound, $100,000.000 of which has been repaid, and $121,000,000 loaned on corn at 45c.a
bushel in the bin or pen—much of it on the farm. More than one-half of
these loans have been repaid, and collections are coming in at a satisfactory
rate without any pressure whatsoever.
Our cotton and corn loans served an unusually good purpose by insuring
the farmers in the cotton states and the great corn belt, a fair price for these
commodities.
All of our loans, taken as a whole, are reasonably well secured, and
losses to the taxpayer from this source will not be serious. Repayments on
loans of all descriptions have been $2,060,000,000. or 57% of the total.
We owe the Treasury $3,100,000,000 and notes to banks, given in exchange for preferred stock. $241.000,000. Of the former amount, 51,500.000,000 was for other Governmental agencies and relief, under direct
instructions from Congress. leaving 31,841.000,000 that we owe for money
used in actual operations of the Corporation.
To repay this $1,841,000,000, we have returnable assets of $2,400,000,000—$1,600,000.000 in loans, and $800,000,000 preferred stock and capital
notes in banks.
Allocations to other Governmental agencies include $280,000,000 for
capital of the Home Loan Banks and the Home Owners' Loan Corporation;
3150,000,000 to the Farm Loan Commissioner for loans to farmers and to
Joint stock land banks; 555,000,000 to the Federal Farm Mortgage CorporaLion for loans to farmers; $10,000,000 to the Federal Housing Administrator
to create the Mutual Mortgage Insurance Fund; $115,000,000 to the Secretary of Agriculture for crop loans to farmers; 340,000,000 to the FCA to
provide capital for Production Credit Corporations; $50,000,000 for the
capital and expenses of the Regional Agricultural Credit Corporations; and
$800,000,000 for relief through the States and the Federal Emergency Relief
Administration.
Our capital stock of $500,000,000 was paid out of the 1932 budget and
by no stretch of the imagination could out returnable assets, that is our
loans and preferred stock investments, fall to repay the Treasury the money
that we have borrowed for all purposes other than allocations for relief
and to other Governmental agencies.
In a dispatch from Babson Park to the New York "Herald
Tribune," Mr. Jones was said to have answered the request
of industry for a note of reassurance from the President by
asking "since when should the President of the United States
be required to assure or guarantee any class of citizens a net
profit, whether business, banking, labor, farming, or whatnot?"
Revolving Fund of PWA in Operation, According to
Administrator Ickes — Securities Obtained in
Financing Non-Federal Projects Being Sold to RFC
The Public Works Administration's revolving fund, set up
in accordance with an Act of Congress authorizing the Reconstruction Finance Corporation to purchase marketable
securities acquired by the Administration in financing nonFederal projects, has been declared in operation by Harold
L. Ickes, Public Works Administrator. Funds obtained
by the PWA through the sale of bonds to the RFC, it was
stated, are to be allotted as loans to finance construction of
new non-Federal projects. An announcement issued by
Mr. Ickes also said in part:
1643
$5.952,808,
The first sale ofsecurities to RFC resulted in PWA receiving
is authorized
which included a premium of395.747. Under the law the RFC
one time. Chairman
to purchase bonds held by PWA up to $250.000,000 at
soon will sell other
Jesse Jones of the RFC has announced that that agency
issues now held by PWA.
were sold for
The nine municipal issues, which cost PWA 33,492,049,
cash profit of
$3.587,796, netting the PWA revolving fund an actual
also were sold
$95,747. Two railroad issues which PWA took at $2,404,000
$2,365,012. This
to RFC. The highest bids for the railroad issues were
t of the balance
figure represents premium bids discounted for non-paymen
of the first year's interest.
marked the second
Purchase by the RFC of PWA securities on Aug. 20
in the private intime PWA was successful in disposing of its holdings
conducted its own sale and disposed
vestment market. Last March PWA
bidders for $757,050.
of bonds of a par value of $737,000 to the highest
from the sale reUnder the law in force at the time the money derived
law so that funds
verted to the Treasury. Congress voted to change the
as a revolving fund. . .
received through sale ofPWA securities be used
loans only. Allotments
The revolving fund may be used for non-Federal
appropriation and the
from the original $3,300,000,000 public works
from the emergency de$400,000,000 allotted to PWA by the President
grants and grants only.
and
ficiency appropriation included loans, loans
fund. The grants which have
No grants will be made from the revolving
cost of
from its regular funds amounted to 30% of the
been made by PWA
labor and materials involved in a project.
Major Philip B. Fleming Designated Acting Deputy
Administrator of PWA
Harold L. Ickes, Public Works Administrator, has designated Major Philip B. Fleming as Acting Deputy Administrator. Major Fleming, an executive officer of the Public
Works Administration since it came into existence, assumed
the duties of Col. Henry M. Waite, who resigned as Deputy
Administrator Sept. 1. The Acting Deputy Administrator
is an officer in the Army Corps of Engineers, from which he
was temporarily detached last year for service with the PWA.
Sites in
1,500,000 Employed by PWA on Construction July 15,
Year—Wages of $195,000,000 Paid Up to
According to Harold L. Ickes, Administrator
"More than 1,500,000 jobs at fair wages doing useful work
on construction sites alone, plus an unknown number of
jobs behind the lines in industries supplying the materials
for use on construction sites, are the Public Works Administration's contributions to labor since Labor Day a year ago,"
Public Works Administrator Harold L.Ickes reported Sept.3.
"These figures do not include," Administrator Ickes pointed
out, "more than 4,000,000 men and women given employment by the Civil Works Administration program, which was
financed with a $400,000,000 allotment from PWA, nor the
750,000 young men who have been transferred from relief
rolls to healthy, useful work in the Civilian Conservation
Corps, which also has been financed by PWA with allotments totaling $323,000,000." The Administrator also
reported in part:
employment in
Material production has created indirect and industrial
making it
many thousands of industries scattered throughout the Nation,
jobs have been
impossible to compile statistics to show exactly how many
to
created indirectly. Best estimates indicate that two men are required
man working
produce, fabricate and transport the materials used by each
, which is not cited in
on a construction site. This indirect employment
PWA employment.
construction site employment, is the major factor in
up to
Wages paid to men working on construction sites of PWA projects
Bureau
July 15 totaled 3195,000,000, according to reports received by the
orders totaling
of Labor Statistics ofthe Department of Labor, and material
of the ratio
$414,000,000 had been placed. These figures are indicative
They do
of indirect to direct employment on PWA construction projects.
and
not include wage payments or material purchases under the CWA
CCC programs.
indirect employment created by
Women have received a fair share of the
created in the
the PWA program. A great amount of office work has been
on construction
handling of material orders and in the offices of contractors
projects.
30 a total of
The Department of Labor has reported that up to June
men registered with
1.403,358 jobs on PWA project sites had been filled by
offices
the United States Re-employment Service and by employment
maintained by the States.
registered with
A very large additional number of men who were not
projects.
these employment offices are known to have obtained jobs on PWA
and
Among them are 70,000 men now working on the railroad construction
.. . .
rehabilitation program financed by PWA with loans of$191,000,000
Close to 700,000 men now are employed at construction sites, the differthe
ence between that figure and the 1,500,000 jobs provided being due to
turnover of labor on projects under construction and completion of several
a man
thousand projects on which men no longer are employed. When
his
quits his job on a project under construction another is hired to take
place. And when a project is completed in one locality, another opens
increased purchasing power in
up somewhere else to give employment and
that locality.
The Bureau of Public Roads of the Department of Agriculture reported
on Aug. 18 that 3,855 road projects under its supervision were completed
at a cost of approximately $140,689,000, but that 3,944 projects were then
under construction and several hundred others were about ready to open
up. A large number of other Federal projects and nearly 300 non-Federal
projects have been finished, having contributed their share to re-employment and industrial recovery.
Employment on PWA projects now is near the peak expected to be attained this year. It is anticipated that direct employment will run along
on its present level of about 700,000 men on construction sites through
September and then begin to decline, which will be governed by the severity
of the winter. The curve will begin to rise with the opening of spring.
PWA is not predicting what the peak of employment will be next year.
for that depends on imponderable factors. One of them is how much construction will be slowed down this winter.
1644
Financial Chronicle
Awards of $771,498 for Construction of Post Office
Buildings Canceled by Public Works Administrator
Ickes—$525,000 for Postal Furniture Factory Also
Rescinded
Rescission of $771,498 previously awarded for construction of five postal substations and four post office buildings
was announced Sept. 6 by Public Works Administrator
Harold L. Ickes. Cancellation of these 'projects from the
postal building program was recommended by the joint
Treasury-Post Office Department committee, representing
the Secretary of the Treasury and the Postmaster-General.
The projects rescinded and the amounts are as follows:
Location
Brooklyn, N. Y.
Brooklyn, N. Y.
Brooklyn, N. Y.
New York, N. Y.
New York, N. Y.
East Hampton, N. Y.
East Syracuse, N. Y.
Hartsdale. N. Y.
Princeton, W. Va.
Amt. Rescinded
Project
$97,697
Blythebourne Station
90.685
Station G
64.820
Station T
Tompkins Square Station
143,660
135,000
Fordham Station
72,334
Post Office
55,485
Post Office
55,955
Post Office
56,100
Post Office
$771,498
The Administrator also made known that $525,000 previously allotted to the Post Office Department for construction and equipment of a postal furniture factory at Reedsvile, W. Va., has also been canceled, Mr. Ickes said:
It was originally planned to construct and operate such a factory to turn
out postal equipment as part •of the Subsistence Homestead project at
Reedsville. Various objections led the Post Office Department to abandon
the proposal and the 11525,000 will be returned to the Public Works fund.
Secretary Ickes Says Petroleum Industry Has Organized
Forces of Recovery During First Year Under Oil
Code—Foresees Elimination of "Hot Oil" and
Assurance of Stability
The first year of operation under the oil code has enabled
the petroleum industry to organize the fundamentals of
recovery, Secretary of the Interior Ickes said on Sept. 1,
in drawing attention to the first anniversary of the code,
which became effective Sept. 2 1933. Mr. Ickes, who is
Code Administrator, said that the desire of the industry and
of Government agencies to stimulate the $12,000,000,000
industry and to preserve the sources of supply was a compelling force in working out a sound program for recovery.
We quote, in part, from his statement issued on Sept. 1:
Many bad practices accompanied the growth of the industry in the 75
years since it began at Titusville, Pa., in the Drake discovery well. Wasteful methods developed a costly and appalling loss to the nation. Gas pressure has been squandered by excessive production of crude.
The result has been a sharp curtailment of the potential amount of oil
that might have been recovered. The national wealth has been sorely
depleted by the premature tapping of supplies that would have been of more
value in the future.
Our position is jeopardized by the legal attack on its validity in the
Amazon and Panama cases. This litigation has now reached the Supreme
Court, after our position had been maintained by the Circuit Court of
Appeals. With continued victory in the litigation. I anticipate that the
current year will bring success in the elimination of "hot oil" and assure
stability.
To assist in the program we have attempted to balance refinery production
with gasoline needs. The elimination of marketing practices which directly
and indirectly disrupt all branches of the industry is another phase to which
we have turned our attention.
Crude oil prices have been increased from 30
-cent to 50
-cent levels to 90
cents and $1 a barrel. We are also seeking to obtain similar improvements
for refiners and distributers.
We are maintaining a vigilant watch to guard against unjustifiable,
exorbitant prices to the consumer.
Revision of Oil Code Urged by International Association
of Oil Field, Gas Well and Refinery Workers—
Declares Workers Are Worse Off Than Before Its
Operation.
Contending that workers in the oil industry were "much
worse off" under the oil code than before it was put into
operation, the International Association of Oil Field, Gas
Well and Refinery Workers asked on Aug. 29 that the code
be reopened and its labor provisions entirely rewritten.
Associated Press accounts from Washington, Aug. 29, indicating this added:
The workers' proposal was put before Harold L. Ickes, Secretary of the
Interior and Administrator of the code, in a statement by H. C. Frernming,
Association President. Secretary Ickes was asked to call a public hearing
on the labor clauses.
Proposals reconunended for discussion included.
Putting all branches of the industry on a basic 30
-hour instead of 36
-hour
week with no cut in normal pay schedules.
Raising the common labor rate to 60 cents in all regions instead of the
present 45 to 52 cents.
Establishing a labor advisory and enforcement board of five members,independent of the Planning and Co-ordination Committee of the industry.
Mr. Flemming also asked that Amos L. Beaty be removed as Chairman
of the Planning and Co-ordination Committee. Mr. Beaty, who is general
counsel of the Phillips Petroleum Corp., was said by Mr. Frenuning to be
employed by a company guilty of "malicious" conduct through gross infractions of the Oil Code.
The workers' statement charged that the industry had failed to live up
to a pledge at hearings on the code that wages would be raised an aggregate
of$360,000,000 annually and that more than 26% of unemployed oil workers
would be reabsorbed.
Sept. 15 1934
The statement said it was true hours of employment had been reduced
substantially in some parts of the country but that it was equally true that
"countless thousands" of oil workers, under the "share-the-work" plan were
under hourly schedules totaling less than those provided for in the code.
"While the basic plea of the oil firms is that they do not have the ability
to pay increased wages, retroactive pay, add more workers to their pay rolls,
by reason of the heavy financial losses sustained over a long period of time."
the statement said, "this logic does not appear to square with the pledge
made last August to the President when they agreed to assist so materially
in lifting this country out of the throes of an economic catastrophe."
Plans for Development of 88 New Oil Fields Approved by
Administrator Ickes Between May 1 and Sept. 1—
Statement Traces Record of Conservation of Oil
Resources
Oil Administrator Ickes announced on Sept.9 that between
May 1 and Sept. 1 he had approved plans for the orderly
development of 88 newly-discovered oil fields with an estimated minimum producting area of 74,471 acres. Prior to
May 1 Mr. Ickes had approved 194 plans, making a total of
282 to Sept. 1. The plans were approved after that action
had been recommended by the Petroleum Administrative
Board, which based its findings on hearings by the technical
experts of the Geological Survey of the Interior Department
and the production division of the Board. Mr. Ickes said
that the plans had been formulated jointly by operators and
State and Federal agencies in accordance with "sound engineering, economic and conservation principles." Details of
the announcement are given below, as contained in a Washington dispatch of Sept. 9 to the New York "Journal of
Commerce:"
The Oil Code requires that new pool development plans be approved by
the Oil Administration. The procedure is necessary, it is said, to prevent
waste from excessive cl.filing and to permit crude oil from new sources to
move to market in an orderly fashion so that industrial stability will not be
demoralized.
In approving each of the pools Administrator Ickes stipulated thatithe
productioa should not exceed the allowable quotas set to balance production
with consumer demand,should at all times be without waste and be limited
to production that could be put to beneficial use without prematurely
exhausting the supply.
Following is a list of States in which the 88 pools are found.
Arkansas, 1; California, 11; Colorado, 2; Kansas, 13; Louisiana,C
Michigan, 1; Montana, 2; New Mexico, 4; Oklahoma, 16; Texas. 23, and
Wyoming, 10.
At the same time, Administrator Ickes made public a "statistical record
of the steady progress toward conservation of America's oil resourcesiand
stability in crude oil production." The occasion for the announcement, it
was said, is the first anniversary of the effective date of the initial production
allowable to balance the national flow of crude to the national demand.
The first production allowable was established on Sept. 2.1933 by Administrator Ickes and became effective on Sept. 8.
Faced Overproduction
When the first allowable went into effect, the production branch of the
industry and the Oil Administration were confronted with excessive overproduction. In the preceding weeks, the daily production had been running
nearly as high as 3,000.000 barrels. There were heavy stocks in storage
which could have been thrown on the market at any time, and prices were
at less
-than-cost levels.
As the first step in building the keystone for recovery, the initial allowable
provided for a daily production of 2,413,700 barrels in September. Withdrawals from storage were prohibited, except with the approval of the Oil
Administrator. Imports were limited to the average amount received daily
during the last six months of 1932. approximately 108,000 barrels. These
measurer; were inaugurated so that the domestic producer and the operator
would not carry the whole burden of reduced production.
Administrator Ickes then traces the allowable production program to the
present time, stressing the benefits which have been afforded the industry
through the plan's operation.
Results Listed
Following are some of the results he lists.
1. A more equitable distribution between the producing States of the
amount necessary to meet the national consumptive demand. Employees and
employers in fields and States with settled oil production have been protected.
2. Thousands of small, stripper wells, in old oil fields, have been kept in
operation. They could not have competed over a long period in the national market with oil from the newer and heavier-producing fields. The
aggregate daily production of the stripper wells is approximately 500.000
barrels, but it is estimated that there are many millions of barrels of crude
in reserve beneath them.
3. The price of crude oil was increased from less-than-cost of production
levels of from 30 to 50 cents a barrel to 90
-cent and $1 levels.
4. Better prices for crude encouraged exploratory drilling in other States
and more reserves were charted.
5. As conditions warranted, some of the stocks of crude oil which had
accumulated in storage were worked off in an orderly manner when sufficient
crude from current production was not available to meet the needs of individual refiners. Crude oil stocks aggregated 259,946,000 barrels on
Sept. 11933. as compared with 355.260.00000 Aug. 11934.
Oil Administration Approves Plan Designed to Remove
Surplus Gasoline Stocks East of Rocky Mountains
—Major Companies Will Buy Excess from Small
Refiners
Federal Oil Administrator Ickes on Sept. 10 made public
details of a plan designed to avert a threatened collapse of the
wholesale gasoline market and at the same time curtail the
production of so-called "illegal" petroleum. The plan was
suggested by members of the industry and approved by the
Planning and Co-ordination Committee. It provides for the
purchase of surplus gasoline by major oil companies in all
States east of the Rocky Mountains. Most of this gasoline
Volume 139
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Financial Chronicle
will be purchased from small,independent refiners. The plan
was described as an alternate to price-fixing, and the Oil
Administration said that it should bring more effective relief
from low refinery prices which have been depressed by huge
gasoline stocks in storage and the dumping of gasoline refined
from "hot" or illegally produced oil.
The proposal provides that holders of excess gasoline will
sign agreements not to process any oil produced illegally in
return for the opportunity to dispose of their surplus. Further details of the plan were given as follows in Associated
Press, Washington advices of Sept. 10:
Mr. Ickes has been told that purchases probably will begin at once and
They
that they should reach about 1,700,000 barrels in the first month.
may continue at around 1,258,000 a month for several months.
The plan stipulates that refiners and producers whose gasoline will be
bought must agree:
allowNot to produce, purchase, transport or process crude oil beyond
shies established to balance production with demand;
the oil
Not to produce more gasoline than the monthly quota fixed under
code;
To comply with all code provisions;
Federal
To make all reports required by the Oil Administration and other
inspection.
and State agencies and to keep their books and records open for
gasoline manufactured
The Oil Administration said it expected all stored
operates
from illegal crude would be taken over during the first week the plan
of the
and that these illegal supplies would be exhausted shortly because
refiners' agreement to produce no gasoline in excess of quotas.
and CoA program committee, a special sub-committee of the Planning
ordination Committee, will supervise the gasoline buying for the industry.
are:
It was this same committee which worked out the plan. Its members
Jacob France, Midcontinent Petroleum Co., Chairman.
Clyde M. Boggs, Kanotex Refining Co.
Paul G. Blazer. Ashland Refining Co.
E.J. Bullock,Standard 011 Co.of Indiana.
M.E. Foster, Phillips Petroleum Co.
B. A. Giraud, Humble 011 & Refining Co.
G. F. Greene, Gulf Refining Co.
H.E. Hewetson, Standard Oil Co.(Louisiana)
F. Kendall, Sinclair Refining Co.
E. It. Lederer, Texas Pacific Coal & 011 Co.
Arthur E. Pew, Jr., Sun Oil Co.
Noel Robinson, Tide Water 011 Co.
John E. Shatford, Ouachita Valley Refining Co.
George H. Taber, Consolidated 011 Corp.
Co-ordinaFred Van Covern, Statistical Committee on the Planning and
tion Committee.
G. H. Van Sonde'', Shell Union Oil Corp.
Federal Court Upholds Legality of California's Franchise Tax on Foreign Corporations — Ruling
Handed Down in Suit Brought by Barnsdall Oil Co.
Federal Judge Kerrigan of San Francisco on Sept. 5 upheld
the legality of California's franchise tax on foreign corporations. His decision was concurred in by the other two judges
who constituted the "three-judge court" which was called to
pass on the legality of State laws under the United States
Constitution. The ruling was handed down in a suit brought
by the Barnsdall Oil Company against former Governor Ralph
and other State officials to prevent them from collecting
$49,031 assessed by the Franchise Tax Commissioner for 1931.
A San Francisco dispatch of Sept 5 to the New York "Times"
outlined the company's contentions and the decision as
follows:
The Barnsdall Company contended the listing of its oil leases in this State
leases had
as "real estate" violated the Fourteenth Amendment, though the
been classified as personal property by the County Assessor. Under the State
the
law the full amount of the personal property tax may be offset against
franchise tax, but Judge Kerrigan held that the leases properly might be
classified as real estate, and added:
"The Federal courts have refused to interfere with the taxing statutes of
the
the States unless they were palpably discriminatory and in violation of
Constitution of the United States."
After holding the contention had no merit, Judge Kerrigan ordered a
temporary restraining order against the State officials continued for ten
of
days to allow the Barnsdall Company to pay the tax and avoid forfeiture
Its franchise to do business in California.
Injunctions Restraining East Texas Refining Companies From Transporting Crude Oil Without
Permits From State Railroad Commission—Order
Applies to Inter-State and Intra-State Shipments
On Sept. 4 the Texas Railroad Commission, according to
Associated Press dispatches from Austin, Tex., backed up a
recent order requiring tenders for movement of oil products
by obtaining temporary injunctions against 19 East Texas
Refiners. The press advices continued:
The new injunctions brought to 31 the total in effect against refiners.
District judge W.F. Robertson did not set a date for hearing on the State's
application to make the injunctions permanent, but set for Friday (Sept. 7)
to vacate the injunca hearing on the application of three refiners enjoined
tions.
four Texas railroads that the
Meanwhile, the Commission telegraphed
to both interorder requiring tenders for shipment of oil products applied
state and intrastate shipments.
construing
"We are advised that attorneys for some of the railroads are
which are of inter-state
our order of Aug. 29 does not include shipments
character," the telegram said.
"You are advised that it was the intention of the Railroad Commission
of products whether interto make such order effective as to all shipments
in terms broad
state or intra-state and the order was accordingly drawn
enough to cover shipments of both kinds.
"Unless the railroads comply with the terms of this order with regard to
with the temporary
both inter-state and intrastate shipments, and comply
1645
injunctions which are in force, it is our intention to request the AttorneyGeneral to enforce the terms of our order and injunction by all appropriate
and legal means available."
lThe telegram was sent to the Texas & Pacific Ry., the Internationa
Colorado
Great Northern Ry.,the St. Louis Southwestern By.and the Gulf,
& Santa Fe By.
Blackstone,
Companies enjoined Tuesday were the Culver Oil Co., Union,
State, TriJohnson, Pope. Lake, Lone Star, Linzie, Supreme, Alexander,
Gilliland Refining Cos., Model Oil Co.,
angle, Pelican, Pacific, Wabash and
Producers Oil Refining Co. and Friar Topping & Refining Co.
Oil
Operator Plans Test of Securities Act—Notifies
Federal Trade Commission He Will Sell Oil from
Lands Leased in Texas, Despite FTC Ruling That
This Would Constitute Marketing Unregistered
Securities.
The first test of the new Securities Act appeared on Sept.
5, when it was announced that Aldrich Blake, Texas oil operator, had written to Baldwin Bane, Chief of the Securities
Division of the Federal Trade Commission, stating that he
plans to sell oil from lands he has leased in Texas, despite the
fact that he is forbidden to do so by the Commission on the
ground that this would constitute marketing of unregistered
securities. He said in his letter that he would sell oil at his
office in Washington on Sept.6 to test in the courts the powers of the Commission to interfere with his activities. A
Washington dispatch of Sept 5 to the New York "Times"
described Mr. Blake's position and quoted from his communication in part as follows:
the oil,
Under the terms of Mr. Blake's leases, he obtains seven-eights of
being reor other minerals found on his property, the other one-eighth
procedure,
served as royalty by those who own the land. According to his
Mr. Blake receives in advance a fixed sum for each barrel of oil contracted
his
for at market price, the oil to be delivered only if a well comes in on
leases, none of which has yet been developed. This advance is used to finance
gas
operations.
Gives His Basis for Test.
"It is my understanding," a memorandum by Mr. Blake sets forth, "that
in
the securities department regards say contract as 'an undivided interest
an oil or gas lease.' Such an interest, according to the act, is considered a
security.
"I have not sold and do not for the present intend to sell any undivided
or other interest in my leases," continues the memorandum. "If I strike
oil, I may decide to sell all of the lease interests purchased by me to some
major company that will complete development on the properties. Of course,
whoever purchased the leases from me would have to deliver the number of
barrels of oil sold by me to the public.
"It is not unusual for major companies and others who purchase a lease
from the landowner to pay for the lease by contracting to deliver a given
number of barrels of oil to the landowner when, as, and if produced.
"Surely a contract for the delivery of pre-discovery oil, given as consideration for the entire lease interest, could not possibly be interpreted as reconveying an 'undivided lease interest' to the landowner who had just passed
full and complete title. Under my contract, I am no more selling an unfor a
divided interest in my leases than is a major oil company that pays
lease by giving the landowner a contract for oil, when, as and if produced."
Production Adjustment Program to Be Continued in
1935, According to Acting Administrator of AAA
"Control through necessary adjustments in production of
basic farm products by means of machinery created by the
Agricultural Adjustment Act will be continued in 1935,"
Victor A. Christgau, Acting Administrator of the Agricultural Adjustment Act, said on Aug. 11. The announcement
issued by the AAA quoted Mr. Cluistgau as follows:
The Agricultural Adjustment Administration now is at work on the 1935
Programs applying to wheat and several other basic commodities.
Farmers are demanding continuance of control over production. Continuance is important because when normal weather returns after a major
drought many market, soil and price conditions are present which, without
controls, would lead to another cycle of surplus and price collapse with
bad consequences affecting the whole country. There would be particular
danger of this because this country has not regained the export markets
which are needed as outlets for surpluses when production is uncontrolled.
The drought with its important and widely varying effects upon agricultural production and on present carryovers will, of course, make advisable
many adjustments in the application of the 1935 programs with increased
production probable in several instances. But these changes will not mean
abandonment of production adjustment programs. They will mean that
the flexible provisions of the Agricultural Adjustment Act will be utilized
in the manner best adapted to bring about a balance between production
nad demand.
Farm Mortgage Loans by Federal Land Banks and Land
Bank Commissioner Since Jan. 1 Approximate
$1,000,000,000 According to Governor Myers of FCA
In a statement made at Wa-hington, D. C., Sept. 11,
Governor W. I. Myers of the Farm Credit Administration
said that the amount of farm mortgage loans advanced by the
12 Federal Land banks and the Land Bank Commissioner
since Jan. 1 1934 had reached $1,000,000,000. Mr. Myers
said that the lending of $1,000,000,000 during the past eight
and a half months represented about 400,000 loans made up
of approximately $575,000,000 loaned by the Land banks
secured by first mortgages on farms and $425,000,000 loaned
by the Land Bank Commissioner on the security of either
first or second mortgages. About half of the Commissioner's
loans were made on first mortgage security, Mr. Myers said.
He stated:
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Financial Chronicle
The amount offarm mortgage financing by the Land banks and the Commissioner so far this year is more than four times the amount advanced in
1933 and 30 times the sum lent by the Land banks in 1932. Altogether,
$1,250,000,000 has been loaned on the security offarm mortgages since the
FCA was organized in May 1933.
With this tremendous amount of mortgage credit extended, the program
of the FCA for refinancing the depression-debts of American farmers is over
the crest, and the approach of a more normal period of Land bank financing
may be expected. Although there was a slight increase in applications for
loans during August, the demand for refinancing has receded in general
since January 1934;and the backlog of applications on hand has been cut in
half during the summer months. The Land banks have continued to make
property appraisals and close loans much faster than applications are received. having closed loans at an average rate of about 10,000 a week during
the summer while applications received have ranged from 4,500 to 5,500
a week.
Details of Loans
Aside from the immediate benefits to farmers whose homes and farms
have been saved by the $1,000,000,000 loaned this year and to the farmers'
creditors who have received almost 90% of the amount loaned, the refinancing program has meant a turn to co-operative financing by thousands
of farmers who will obtain the long-term benefits of lower interest rates,
sounder methods of financing, and lower cost of farm operation.
The loans advanced are based on normal producing values of the properties taken as security; the borrowers' instalments extend over a long
period of years; and these two factors give farmers the maximum opportunity of meeting their obligations promptly from the incomes from their
farms. The debts are being refinanced on the basis of normal values and the
loans kept in the bounds of what can be safely repaid without undue hardship
on the borrower. Land bank loans are made in amounts limited to one-half
the normal value of the land plus one-fifth the value of the permanent.
Insured improvements. Land Bank Commissioner's loans may be made
on second mortgage security but in such cases the amount of the loan plus
all prior indebtedness must not exceed 75% of the northal value of the farm
property.
Where a farmer's debts have exceeded the 75% limit a scale-down of creditor claims has been necessary and the total of all the farmer's debts, not
secured by other assets, put below the 75% level so as to give him a clear
opportunity to work out. About 16% of the loans under the refinancing
program were made in connection with scale-down cases. Where such scaledowns occurred the amount of the reduction of the creditor claims averaged
about 26 cents on the dollar. The total amount of scale-downs of indebtedness refinanced under the program is over $59,000,000.
Final Date to Make Application for Seed Wheat and
Fallowing Loans Extended to Oct. 15
Farmers in the drought areas will have until Oct. 15 to
make application for loans for the purchase of winter seed
wheat, rye or barley, or for summer fallowing, or both,
according to an announcement made at Washington, D. C.
Sept. 10 by the Farm Credit Administration. The date was
previously set for Sept. 15. The announcement continued:
Theloans for the purchase of winter wheat,etc.,and for summer fallowing
are being made in both the primary and secondary drought areas and disbursed from the $40,000,000 crop loan appropriation of 1934. This fund is
also being used in the secondary areas to make feed loans, applications for
which will be accepted until Jan. 1, 1935 as previously announced. Applications for the loans should be made to the local county crop and feed loan
committees now operating through the drought areas.
An announcement by the Administration to the effect that
applications for feed loans in secondary drought areas will be
accepted up to Jan. 1 1935 was referred to in our issue of
Sept. 8, page 1496.
Debts of 20,000 Farmers Adjusted by Farm Debt Conciliation Committees in Year—More Than $125,000,000 Involved—Dr. H. M. C. Case Resigns as
Director of Debt Adjustment Program of FCA
Dr. H. M. C. Case, who is returning to the University of
Illinois after a year's work in organizing the farm-debt adjustment program of the Farm Credit Administration, said on
Sept. 11 that during the past year, over 20,000 farmers with
debts in excess of $125,000,000 have obtained settlements
with their creditors by means of county farm debt adjustment
committees. These committees were organized to assist
heavily indebted farmers to secure scale-downs or longer
periods in which to pay their debts, it was stated in an
announcement issued by the FCA. The announcement
continued in part:
Dr. Case came to the FCA last fall shortly after the program of assisting
the various States in setting up local committees was inaugurated by the
Administration. Since then, more than 2,500 county farm debt adjustment
committees appointed by State Governors have been organized in 43 States.
This work will be carried on under the direction of Mr. Alvin T. Anderson
who has been identified with agricultural work in Illinois for the Past
14 years.
According to a report made by Dr. Case, the farm debt adjustment work
has been progressing steadily during the summer in many States. . . .
Dr. Case states that the services of practically all of the debt adjustment
workers throughout the country have been given voluntarily and without
remuneration. The fact, he says, that a local body of responsible men are
willing to give voluntarily their time to interview debtors and creditors and
propose settlements is largely responsible for the success of this work.
First Production Credit Association Completes First
Year—Association at Champaign, Ill., Reports No
Loans Overdue
Coincident with the celebration of the first anniversary of
the Production Credit Association at Champaign, Ill.—the
first to be organized in the United States—on Sept. 12,
Charles M. Stahl, Secretary-Treasurer, announced that
the association's records show that not a single loan has been
Sept. 15 1934
overdue and that one-fourth of the loans made during the
year have already been repaid. The association was the first
of 652 similar units set up under the Farm Credit Act of 1933,
which provided for a permanent system of local production
credit for American farmers. The associations now in operation cover every county in the United States. In his announcement Mr. Stahl said:
The fact that our association has no overdue accounts shows that our
members mean to perpetuate this system of credit which has provided lowcost cash loans this season, and intend to protect both their credit ratings
and the value of their stock in the association.
The showing of the Champaign Production Credit Association is indicative of what is happening in hundreds of farm
communities throughout the country, according to W. I.
Myers, Governor of the Farm Credit Administration, it was
stated in an announcement issued Sept. 12 by the Adminisistration. The announcement continued:
The new associations have been making loans this year to finance the
growing of crops and livestock, marketing, and to finance other production
expenses; and have enabled thousands of farmers to get their farm business
In better shape. Most of the loans run for one year or less, and many of
them already are being repaid from the sale of cash crops. Loans and
commitments:have been made to more than 108.000 farmers and stockmen
for over $68,000,000. The notes of applicants, secured by crop and chattel
liens, are endorsed by the local associations and discounted with the Federal
Intermediate Credit Bank of the District.
Booklet Issued by AAA Entitled "Achieving
a Balanced Agriculture"
The plan and the philosophy of the New Deal for American
agriculture constitute the thesis of a 52-page booklet entitled
"Achieving A Balanced Agriculture," issued Sept. 8 by the
Agricultural Adjustment Administration.
Part 1 of the booklet states the "why" of agricultural
adjustment and Part 2 states the "how." A preface entitled
"Security for the Individual" is an excerpt from President
Roosevelt's message to Congress concerning the Housing Bill.
Five brief chapters in the first part treat the historical background of American agriculture, the development of the
country's economic system, and the emergence of the situation which brought forth the Agricultural Adjustment Act.
Part 2 relates in five chapters how the powers given by the
Act are administered, traces the main lines of development
in the first year of Agricultural Adjustment Administration,
and summarizes gains to date.
President Roosevelt to Retain Collective Bargaining
with Reorganization of NRA—Also Would Include
Child Labor and Maximum Hour Clauses—Confers
with General Johnson on Permanent Program
Principles of collective bargaining will be retained with
any permanent reorganization of the National Recovery Administration, President Roosevelt declared at a press conference on Sept. 7. The President held a series of conferences
at his Hyde Park home this week with General Hugh S. Johnson, Recovery Administrator, at which plans for a permanent
industrial program to be submitted to the next Congress were
discussed. Price-fixing, Mr. Roosevelt indicated at his press
conference, is likely to be abandoned. In addition to collective bargaining, the President said that the child labor and
maximum hour clauses now contained in codes will probably
also be retained. A dispatch from Hyde Park, N. Y., to the
New York "Times" on Sept. 7 commented on possible changes
In the NRA,in part, as follows:
It was made clear that the immediate reorganization, expected to eventuate soon after General Johnson's visit, as well as the steps to be taken by
Congressional enactment, would be temporary.
The President. has divided the problems arising from the NRA roughly into
two categories. The first consists of reforms or changes in industrial procedure which have been made with the NRA as the vehicle, and the second
concerns the actual work of operating the NRA most effectively as a coordinating and regulating force in business.
In informed quarters it is considered quite possible, if not probable,
although President Roosevelt has made no commitment on this point, that
the legislative program yet to be outlined will separate as far as possible
these two branches of the recovery movement.
In the industrial procedure group are listed such problems as collective
bargaining, child labor and price-fixing.
All of the regulations and agreements governing these questions, if not
specifically perpetuated in the next session of Congress, would lapse with
the expiration of the Recovery Act next June.
Such a lapse would not be permitted, President Roosevelt said, in collective
bargaining and the abolition of child labor. On the other hand, price.
fixing presents what he termed a border-line problem that remained to be
determined on the basis of practicability, especially as to whether the practice can be carried on without running afoul of the anti-trust laws.
Simplification to Be Sought
The administration of the recovery program, Mr. Roosevelt said, would be
changed in many ways, although no definite procedure had yet been evolved.
These changes will teal mainly with detail, with the ultimate objective of
reaching a permanent establishment operating with the greatest simplicity.
The legislative program covering administrative changes might be presented to Congress in January or withheld as late as March, but Mr. Roosevelt stressed the fact that this program would not represent the permanent
form of the NRA.
Volume 139
Financial Chronicle
He indicated that Congress probably would be asked only to authorize
changes for one year In order that the Administration might carry on its
experimentation.
In the meantime, by temporary regulation to be continued under new
authorization to be asked of Congress, the President said that whatever
procedure was found to be unworkable would be thrown overboard, useless
offices would be abolished and functions exercised by many officials would
be combined, with the simplification process probably extending down into
the operation and supervision of industrial codes.
NRA Creates General Code Authority to Supervise
Administration of Industries Under Basic Code—
Dr. Willard Hotchkiss Named Chairman—Pact
Designed for Industries Not Having Special Codes
The National Recovery Administration on Sept. 8 announced the appointment of a General Code Authority to
administer the basic code which General Hugh S. Johnson,
Recovery Administrator, authorized on July 11 to cover 262
industries which do not have special codes of fair competition. The Chairman of the new Code Authority is Dr.
Willard Hotchkiss, President of Armour Institute of Technology, who has had extended experience in industrial
affairs. Other members of the General Code Authority include deLancey Kountze, member of the Industrial Advisory
Board of the NRA and Chairman of the Board of Devoe &
Reynolds Co.; the Rev. Francis J. Haas, member of the Labor
Advisory Board of the NRA,and Stacy Macy, member of the
NRA Consumers' Advisory Board, Assistant Director of the
Rockefeller Foundation.
From the announcement in the matter issued Sept.8 by the
NRA we quote:
General Code Authority for Basic Code
As part of the conclusion of code-making, the NRA to-day approved application for the "basic" code by two small industries, first of several to apply
for this short-cut to codification. Simultaneously, it created the General
NRA Code Authority which is to supervise administration of industries
coming under the basic code.
Only about 30 miscellaneous industries are down on NRA records as
candidates for the basic code at this time. The two for which the pact was
ordered into effect were the ring traveler industry and the shuttle manufacturing industry, both making products used with textile machinery.
Though highly specialized, and having a large output in dollar valume,
both industries are composed of only a few units concentrated in the New
England textile zone.
The General Cede Authority, authorized in July so as to furnish a central
liaison between the members of such miscellaneous industries and NRA,
differs fran the usual code authorities in that, instead of a wholly industrial
membership, it includes direct representation for the labor and consumer
interest.
The order creating this General Code Authority specified that an additional
member shall be appointed by the Administrator for each industry under
the basic code. While the other four will sit on all authority matters, the
special member is not to participate beyond the affairs of the industry for
which he is chosen. The special member for the first two industries will be
named later.
The Administration, in creating this all-round authority, emphasized that
its character did not reflect any change of policy in regard to code authority
structure but was dictated by the peculiarly general assignment which is
entrusted to this unit.
It is expected that industries coming under the basic code will, in most
cases, be those small ones which do not fit well into any other grouping,
and whose problems do not justify the expense of maintaining independent
and individual industrial governing structure.
Though the General Code Authority's services are offered to all these,
the industries are free, if they later so elect, to name code authoritjes of their
own. The number of basic code industries may increase if others now under
specially-framed individual codes choose to adopt the simplicity of the
standard pact.
The basic code is primarily devoted to labor provisions flexibly established for each basic code industry so as to follow the maximum hours and
minimum wages governing the most closely related industries. In the case
of the two codes approved to-day, these are 40 hours and 35c. an hour.
In addition the basic code provides for adherence to the simplest rules of
business fair practice.
The General Code Authority's function will be to interpret for members
of the industry the application of code provisions in specific instances; to
promote compliance with the provisions; to serve as a clearing house for
information between these industries and NRA.
In providing for the selection of the Authority's members, the Administrative Order established that the Chairman should be chosen by the Administrator, and that each of the Advisory Boards, Industrial, Labor and Con.
sumer, should recommend to the Administrator one of the other three per
manent members. The additional industrial member to sit on the problems
of each code is to be chosen with the advice of the Industrial Advisory Board.
Private Secretaries Must Work Limited Hours in the
Retail Trade
Private secretaries and secretaries to executives in the
retail trade must observe the maximum hour limitations of
the retail code, according to an announcement issued Sept. 6
by the NRA on Sept. 6. It was further stated therein:
The National Recovery Administration to-day announced an order denying
an application made by Henry C. Lytton & Sons, Chicago, asking for an
exemption from hour provisions of the retail code "to the extent that the
applicant be permitted to work private secretaries and secretaries to executives unrestricted hours regardless of salary received."
Denial was recommended by the Local Retail Code Authority for Chicago,
by the National Retail Code Authority and by the NRA advisers who considered the application. The order of denial was issued by Robert L. Houston, Deputy Administrator.
The petition of Lytton & Sons said employment is not increased by reducing the working time of secretaries "say from six to five days per week."
1647
It added that "the peculiar and necessary knowledge which a secretary must
have cannot be turned over to somebody else, and . . . the executive is
therefore hampered and handicapped in trying to get along without a
secretary for the one day in question."
The retail code fixes three groups of maximum work hours: 40, 44 and 46
hours per week, applicable to varying schedules cf store hours; and provides that all employees not under one of these classifications shall be
limited to 40 hours.
New York Supreme Court Justice Upholds Legality
of Price-Fixing Under NIRA—Decision in Suit
Brought by Code Authority to Restrain Retail
Coal Company from Selling Below Code Minimum—
Temporary Injunction Denied
Price-fixing was upheld as Constitutional and as having
been intended by Congress when it passed the National Industrial Recovery Act, in a ruling handed down on Sept. 7
by Justice Steuer of the New York Supreme Court. The ruling was issued incident to proceedings by Divisional Code
Authority Four for the retail solid fuel industry against the
Newtown Creek Coal & Coke Co., Inc., of Brooklyn, in a suit
charging the company with cutting coal prices below the
level fixed by the Authority. The court's decision, in addition to passing upon price-fixing under the NIRA, also upheld price-fixing in New York State under the Schackno Act.
The court denied a temporary injunction, which had been
sought by the Authority to restrain the company from continuing sales below the code minimums, but ordered an early
trial to determine whether a permanent injunction shall be
issued against the company.
The company announced, after the Code Authority had
fixed retail fuel prices, that it would "stand on its Constitutional rights," and continue to sell coal at prices estimated
about 75c. less a ton than the code figures. The New York
"Times" of Sept. 8 quoted from the court's ruling, in part, as
follows:
"It should be clearly understood that the question is not whether the
legislative authority has the power to fix minimum prices at which commodities may be sold, but whether the Legislature has in fact fixed such
prices or duly delegated to a different body the right to do so," the court
declared.
After reviewing the wording of sections of the Act, Justice Steuer declared
that in his opinion Congress had intended to authorize price-fixing, although
the words of authorization in the "standards of fair competition" of Section
803-B "are not happily chosen." Discussing his rejection of the alternative
conclusion, the decision declared:
"Such a construction would make the Act but a puny measure to accomplish the purpose it proclaims. It would provide an elaborate machinery to
deal with practices already amply provided against."
Operative Under Schackno Act
The constitutionality of price-fixing under the Schackno Act was upheld
by the court on the ground that the points raised by the defendant corporation had been decided upon adversely by the Appellate Division.
The Divisional Code Authority, in a statement on the decision, said that
the ruling should be of great interest to all persons interested in suppressing
unfair competition, and added:
It is felt that the Code Authority's efforts to obtain code compliance and to stamp
out cut-throat practices within the industry will be greatly sided by this decision.
The Code Authority will continue to proceed not only against this offender, but also
against any other coal dealer who attempts to sell below the minimum costs established pursuant to the code.
Jerome S. Ormont, Assistant Secretary of the coal corporation, and S.
Frederick Placer, of 276 Fifth Avenue, its counsel, expressed gratification
over the denial of the temporary injunction and declared that the case would
be carried to the Supreme Court of the United States, if necessary, to uphold
the corporation's plan to continue sales of coal at prices under the code
minimum.
The conflicting affidvaits cited by Justice Steuer as his reason for denying the temporary injunction contained charges by the Newtown Creek Co.
that the Code Authority had been moved by the self-interest of its memberr
in fixing the price schedules.
Protest By National Boot & Shoe Manufacturers Association Against Proposed Government Manufacture of Shoes From Hides of Drought-Stricken
Cattle
A protest against the program of using hides from Government-killed cattle for the manufacture of shoes and other
leather products was recently made by the National Boot
and Shoe Manufacturers Association. The Association, it
was stated, on Aug. 31, sent a resolution to President Roosevelt and Secretary of Agriculture Henry A. Wallace protesting against the Government program.
At the same time, it was reported, employees of the Endicott-Johnson Shoe Co., of Endicott, sent a petition to the
President asking that the program be discontinued. This
followed a protest earlier in the week by the Endicott-Johnson management. The resolution of the National Boot &
Shoe Manufacturers said:
If the announced policy of the Government providing for the processing
of these hides prevails, it will be disastrous for the business of many
retailers, will vitally affect the solvency of others, and will demoralize
the orderly and regular channels of the manufacturing and distributing
of the leather and shoe industries and of 40,000 retailers and their employees.
We earnestly urge that these hides, which have been and are going to
be purchased by the Government, be held and released from time to time,
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Financial Chronicle
as they may be absorbed in an orderly and normal way by the leather
and shoe industries.
This excess supply of hides now on hand and to be available in the
near future from the Government kill comes from the anticipated normal
kill of future years and should not be released at this time, but should
be held and released in the years in which they would normally come on
the market.
Government to Ask Bids On Drought Hide Tanning—
All Members of Industry Under NRA Eligible For
Work
In the New York "Herald Tribune" it is stated that the
Tanners Council of America announced on Sept. 8 that it
had been advised by its Washington committee, of which
David G. Ong, President of the United States Leather Co., is
Chairman, that the Government, through the Federal Emergency Relief Association, was preparing bidding schedules
for contract tanning of all drought hides and skins taken
off after Sept. 5. The statement was reported as saying:
We are advised that the work will be done under competitive bidding
and that each member of the industry operating under the National Recovery Administration will receive a proper opportunity to bid.
At the headquarters of the Tanners Council it was
pointed out, said the account from which we quote, that
it would take about 30 days for the hides to be cured, and
that actual tanning could not begin until around Oct. 5, but
that more likely it would be a week or two after that date.
Opposition to Government Competition With Industry
In Manufacture of Leather and Shoes From Hides
of Drought-Striken Cattle—Resolution of Group
of National Shoe Retailers Association
Only by united action of all shoe retailers in the country
can the Government's policy of utilizing hides of droughtstricken cattle to make shoes for the unemployed be defeated, it was stated by M. A. Mittelman, of Detroit, President of the National Shoe Retailers Association, at Buffalo,
N. Y., on Sept. 11. Mr. Mittelman spoke at the closing session of the New York State Association, it was reported in
a Buffalo dispatch to the New York "Herald Tribune,"
which further quoted him as follows:
The tanners, through eternal vigilance in Washington and efficient care
for their interests, have protected themselves from loss in this Governmentoperated tanning of the hides of drought-stricken cattle," Mr. Mittelman
declared.
"They will do the work. The manufacturer has protection because they
must have shoe factories to build shoes. But when those shoes are built
lot. free distribution to the destitute of the nation, we, the retailers, will
be left holding the bag. If between 30,000,000 and 50,000,000 pairs of
free shoes are distributed, who would have nerve enough to say that our
business wouldn't suffer?"
Mr. Mittelman declared that retailers should also take steps to see that
Government-distributed footwear is placed in the hands of the retailers.
The dispatch also stated that Jesse Adler, President of
the Adler Shoe Stores, New York City, and a member of the
National Retail Code Authority, had previously said that
the Government was "wasting its money" spending it for
tanning poor hides of under-fed drought animals and then
manufacturing these hides into shoes. Mr. Adler likewise
said:
believe that our Government would save money if these hides were
thrown into the ocean instead of being tanned and made into extremely
poor quality footwear, even though this footwear is to be given to the
unemployed.
A resolution which was adopted opposing the Government's proposed activities in the shoe industry reads as
follows:
Resolved, That as we are opposed to the Government entering into business in competition with retail shoe merchants, shoe manufacturers and
tanners, we deplore the reported proposed plan of the United States to
manufacture leather and shoes under the direction of the Federal Relief
Administration. We believe such action would be ill advised, as there
are a great many shoe distributors in New York and other States who
would be adversely affected, in our opinion, if the manufacture of leather,
shoes, &c., should be undertaken by the Government rather than through
the present natural and normal channels of trade. We furthermore believe
that the proposed. Federal plan is impractical from a technical standpoint, as well as unfair to the shoe and leather industries of the United
States. Be it further
Resolved, That a copy of this resolution be sent to the President of the
United States and to the Federal Administration.
Other resolutions adopted (we quote from the same dispatch) called upon shoe retailers to appeal to manufacturers and jobbers for a sincere revision of their code
regarding dates, terms, &c., and gave approval to efforts
for an agreement regarding a national style show, as a step
toward further co-operation.
Government Not to Operate Shoe Factories for Processing Hides From Cattle, According to Gen.
Johnson of the NRA
Abandonment of plans for Government-operated factories
for the manufacture of shoes and other cotton products from
the hides and skins being rapidly accumulated under the
Sept. 15 1934
drought cattle buying program was announced on Sept. 7 by
Federal Relief Administrator Harry L. Hopkins. Advices
to this effect were contained in Washington advices on that
date to the New York "Journal of Commerce" which went
on to say:
Such manufacturing as is done with the leather, Mr. Hopkins said will be
In established commercial plants, on bids on which a profit will be allowed,
and in communities where such operation will prove of the greatest aid to
the local unemployment situation.
The hides and skins resulting from the cattle purchase program are now
being held off the market by the Relief Administration in its own name
with funds made available by the Commodity Credit Corpo.ation.
Decision to take over control of the hides was reached by officials several
weeks ago following protests from the tanning indust:y that the excessive
supplies were demoralizing the market and threatening huge losses to those
members of the industry who had purchased hides at high prices.
In the first step in a proposed plan for orderly liquidation of the stocks
announcement has been made that bids for tanning the hides and skins
will be sought early this month and in October and contracts spread among
the commercial tanners in virtually every tannery district in the country.
This operation will be followed by the letting of contracts to the leather
manufacturers for manufacture of shoes, gloves, jackets and other products
In preparation for the coming winter months when the relief agencies expect
a heavy demand for clothing.
Purchase of sheep by the Government, which was begun last week, will
be governed largely by the amount of feed available. Mr. Hopkins said.
however, that the Government is prepared to buy up to 5,000,000 head, but
it is not anticipated that the total will reach this figure.
An item bearing on the announcement of the Federal Surplus Relief Corporation regarding the taking over of hides
from Government slaughtered cattle appeared in our issue
of Aug. 18, page 1028.
NRA Approves Code for New England Fishing Industry
—Pact Affects 320 Extablishments Employing
4,500 Persons
A divisional code of fair competition for the New England
fishing industry has been approved by the National Recovery Administration, it was announced on Sept. 10. The
code, which covers fish and shellfish preparing and wholesaling, or wholesaling alone, will become effective Sept. 17.
The pact affects 320 establishments employing about 4,500
wage earners, the NRA stated. It limits office employees
to a 40-hour work week and other employees to 48 hours
weekly, with some exceptions. Two executive committees
will administer the code. One of these organizations will
be elected by members of the industry in Maine, New Hampshire and Vermont and the other by those in Massachesetts,
Rhode Island and Connecticut. The code does not cover
sardine canning, the manufacture of herring or menhaden
oil and meal, wholesaling or whole lobsters, or dealing in
fresh oysters, blue crabs or fresh-water trout.
NRA Calls Upon Cigar Manufacturers to File Price
Lists with National Tobacco Council
On Sept. 11 the National Recovery Administration directed cigar manufacturers to file price lists "forthwith"
with the National Tobacco Council, Inc. Associated Press
advices from Washington in reporting this also said:
Codes for the cigar manufacturing industry, the wholesale tobacco trade
and the retail tobacco trade contained merchandising plans whereby manufacturers are permitted to establish minimum retail prices for their cigars
with the specific discounts allowable through each distribution step.
The National Tobacco Council, Inc., was formed by the trade to handle
filed prices, discount lists and the distribution of such lists through the
industry. Pending organization of the council, NRA had stayed the open
price provisions of the code but to-day's action puts them into immediate effect. Jobbers and sub-jobbers were given 15 days to file their
price lists.
NRA Amends Minimum Price Rule for Cigarettes
General Hugh S. Johnson, Recovery Administrator, on
Sept. 10 amended a previous order which temporarily fixed
the minimum retail price for cigarettes by providing that in
States having a stamp tax on cigarettes "such tax shall be
added to the minimum price whether the seller is located
within or without the State." The original price-fixing
order by the National Recovery Administration was designed
to prevent stores using cigarettes as "sales bait," but it was
said that in practice it tended to promote fair competition
only in States where no tax was imposed. Under the new
order cigarettes now selling for 13 cents a package and two
packages for 25 cents must retail at 15 cents a package and
two for 29 cents in States having a 2 cent tax.
Houde Engineering Corp. Indicates It "Cannot Comply" with Collective Bargaining Decision of National Labor Relations Board—Case May Reach
Supreme Court as Test of Section 7-A of NIRA
The Houde Engineering Corp., of Buffalo, N. Y., announced
on Sept. 10 that it "cannot comply" with a ruling by the National Labor Relations Board that the company must recognize the United Automobile Workers Union, an affiliate of
the American Federation of Labor, as the representative of
Financial Chronicle
Volume 139
all its workers in collective bargaining negotiations. The
Labor Board's decision had been handed down on Sept. 1, as
described in our issue of Sept. 8, page 1500. As a result of
the contention of the company that it "cannot comply" with
the terms of the opinion and the order, the Board planned to
refer the case to the National Recovery Administration Compliance Division for withdrawal of the Blue Eagle insignia
and to the Department of Justice for prosecution for violation of Section 7-A of the National Industrial Recovery Act.
It was reported from Washington this week that the company would he supported in its position by the automobile
and steel industries, and that the case might eventually reach
the United States Supreme Court as the first test case involving Section 7-A. The company states that "it cannot recognize the right and authority of the Board to make this order."
In a statement issued by it on Sept. 10 (as given in the Buffalo "Courier") the company also said, in part:
The opinion lays down conclusions of law and rules of action that violate
the constitutional rights of the company and of its employees, and are
directly contrary to the decisions of the highest courts of the land and the
principles of law and the Constitution.
One Bargaining Agency
The opinion particularly denies to Houde Engineering Corp. the right to
bargain with any of its employees except with and through United Automobile Workers Federal Labor Union No. 18839, and it denies the right to any
other group of employees of Houde Engineering Corp. or any individual
employee of this corporation to bargain as to wages, hours of labor and
working conditions with Houde Engineering Corp. through other representatives of their own choosing or to so bargain as individuals. It, in effect,
declares that neither Houde Welfare and Athletic Association nor any other
group of employees of Howie Engineering Corp., nar any individual employee,
can bargain with the corporation as to these matters except through this
union. This corporation regards it as its legal duty to bargain with the
duly chosen representatives of any group of its employees or with any individual employee if he so chimes, irrespective of the fact that at the election
on March 23 certain individual members of United Automobile Workers
Federal Labor Union received a majority of the votes. It cannot concede
to the representatives chosen by the majority in that election the exclusive
right to bargain and agree as to the wages, hours or working conditions of a
substantial minority of its employees, who, by their votes at that election,
indicated that they did not choose the members of this union or the union
itself as their representatives to so bargain with Houde Engineering Corp.,
and who still insist upon their right to be separately represented in collecti -e
bargaining.
Houde Engineering Corp. has bargained not only with the representatives
of its employees receiving the majority of the votes cast at the election,
but also with the representatives of the minority group of its employees
organized in the Honde Welfare and Athletic Association. It is willing to
bargain with these representatives separately or in a composite committee
if they so agree. But Houde Engineering Corp. cannot agree to a course
of action which will deny to any of its employees or to any group of them
the right to bargain with it as to wages, hours of labor or working conditions, either directly or through any representatives they may select.
The position of the Houde Engineering Corp. in this respect is in conformity with the law as declared by Donald Richberg, general counsel of
the National Recovery Administration and General Hugh S. Johnson, Admin.
istmtor of the NRA, who specifically so stated in a Joint statement on Feb. 2
1934, saying •
"The selection of majority representatives does not restrict or qualify in any way
the right of minority groups of employees or of individual employees to deal with
their employers."
It is likewise in conformity with the position taken by the President of
the United States in the statement which he issued in March 1934, on the
occasion of the settlement of the threatened automobile strike. He then
spproved the following provisions of the agreement:
"If there be more than one group each bargaining committee shall have total
membership pro rata to the number of men each member represents."
Houde Engineering Corp., therefore, regrets that it cannot agree with
the opinion of the Blard, either in its findings of facts or in its conclusions
of law. It, therefore, has advised the Board that it cannot recognize the
United Automobile Workers Federal Labor Union No. 18839 as the exclusive
agency of its employees for collective bargaining, nor can it otherwise comply
with the requirements of the Board set forth in the opinion.
The statement is signed by Claire F. Barnes, President of
Houde Engineering Corp,
Government's Petition Against Weirton Steel Co. in
Collective Bargaining Dispute to Be Heard in
Court Oct. 2—Complaint Amended to Exclude
Request for Federal-Supervised Election
A petition for an injunction whereby the Government
seeks to restrain the Weirton Steel Co. from interfering with
an election by its employees to choose representatives for
collective bargaining negotiations will be heard Oct. 2, according to an order to that effect on Sept. 5 by Federal Judge
Nields of Wilmington, Del. The Government on Sept. 5 filed
a new complaint in the Federal District Court at Wilmington
charging the company with coercing its employees into a
company union and otherwise violating the provisions of the
National Industrial Recovery Act. This new complaint
omitted an earlier request that the court compel the holding
of a Government-supervised election among the Weirton employees. It was stated that this request was omitted in view
of a fact that a group of Weirton employees have petitioned
the National Steel Labor Relations Board to conduct such
an election.
Other charges in the Government's complaint included
one that the company had interfered with an attempt by
1649
employees to organize a union affiliated with the American
Federation of Labor.
Companies in Nebraska andINorth Carolina Enjoined
From Violating Motor Vehicle NRA Retailing
Trade Code
The Government has won two more victories in court tests
of codes, according to an announcement Aug. 23 by the
National Recovery Administration, which said that in each
case an injunction was issued against an automobile dealer
to prohibit violations of the motor vehicle retailing trade
code. One of these injunctions was issued by a Nebraska
court, the other in North Carolina. Details of these cases
were described in the NRA announcement as follows:
A permanent injunction was issuedlbAFederal Judge Johnson J. Hayes,
in the U. S. District Court for the middle district of North Carolina, at
Greensboro, against the Joyner Chevrolet Co., Inc., High Point, N. C.
The decree enjoins the company from violating provisions of the auto retailing code regarding minimum wages, maximum hours, maximum tradein allowances for used cars, using new cars with the speedometers disconnected, and giving rebates in order to:induce sales.
In addition to being enjoined, theJoyner company was required, before
the decree was entered, to make:restftution to its employees of back wages.
This case was handled by Carlisle Higgins, U. S. District Attorney, and
W. F. Farrell, Assistant Counsel of the NRAglitigation division.
United States District Judge Donohoe, adMcCook, Nebraska, issued a
temporary injunction restraining Dallas G. Divine, trading as the Divine
Motor Co.,from violating the same code. Proof was presented that Divine
had allowed more than the permissible maximum trade-in allowance for a
used car. Robert W. Strange, supervising counsel for the NRA Litigation
Division, filed the bill of complaint, in cooperation with the U. S. District
Attorney.
NM MY
NRA to Press Code Cases for First Time in California
Courts—Two Alleged Violations to be Tried in
San Francisco
The National Recovery Administration will act as plaintiff
in two cases of alleged code violation to be heard by San
Francisco courts, it was announced on Aug.23 by the NRA,
which remarked that these are the first cases in which the
NRA has been a party in a California court action. The
announcement added, in part:
Judge A. F. St. Sure of the United States District Court, San Francisco.
has issued a temporary restraining order:against James W. McAlister, Inc.,
and James W. McAlister, enjoining,the defendants from violating the trade
practice provisions of the motor vehicle retailing trade code. The defendants
had threatened, both verbally and byibulletins, to violate those provisions.
This is the second time that Judge St. Sure has issued orders which in
effect upheld the validity of the NIRA. In the earlier case, that of Wallace
v. Calistan Packers, Inc., he said, among other things:
"To adopt the view that the Constitution is static, and that it does not
permit Congress from time to time to take sucn steps as may be reasonably
deemed appropriate to the economic preservation of the country,is to insist
that the Constitution was created containing the seeds of its own destruction. This court will not subscribe to such a view."
The case against McAlister was prepared by Assistant Attorney Clark,
San Francisco, in cooperation with James F. Pinkney, Assistant Counsel,
Litigation Division, NRA.
An action has been commenced by the State of California against the
Henry Cowell Lime & Cement and W. H. George,its Secretary and General
Manager in the San Francisco Municipal Court, charging 51 separate violations of the motor-vehicle parking and storage code maximum hour provisions. A warrant was issued by the court for the arrest of the defendant.
NRA Announces Increase of Industry Divisions to
Ten—Textile, Apparel, Leather and Fur Codes
Grouped in One Division
The National Recovery Administration Aug.29 announced
increase of its industry divisions to 10, through grouping all
textile, apparel, leather and fur codes in one division. The
step, it was announced, was a second stage in the program
of Administrator Hugh S. Johnson for ratio: alizi g the
administration of codes by placing all allied industries
together and allocating them, for National Recovery,
Admistration purposes, to 22 sections. The placing (on
Aug. 27) of all codes within 22 classifications was indicated
in our issue of Sept. 1, page 1343. In its announcement of
Aug. 29 the NRA said:
The new division, containing two of these sections, covers more than
100 codes which represent an enormous segment of the employment, capital
investment and production of American industry.
It is the second new division resulting from the realignment of codes,
the other having brought together in a new Division LX all public utility,
communication, land, water and air transportation codes, under Acting
Divisional Administrator Leighton H. Peebles.
Prentiss Coonley, who has been a Depty Administrator in charge of the
textile codes, was placed in charge of the new Division X as Acting Divisional Administrator. Because of important pending questions in relation
to the apparel codes, Mr. Coonley will for the present act with the assistance
of Divisional Administrator Sol A. Rosenblatt in all matters affecting these
codes. Heretofore they have been under the latter in Division Five.
The textile fabrics group has been in Division Four, which is being transformed into a grouping of distribution and service codes only.
The fur and leather section, under Deputy Administrator Harry S.
Berry, was bought in from Division Three, which is to concentrate on construction codes exclusively. In the transfers, personnel wasleft intact. . .
.
The grouping of this division, as well as that in the recently announced
Division IX, is regarded as typical of the new structure being erected.
Here, under a single central supervision, are assembled all the codes that
bear upon the production of clothing and other coverings.
From production of the raw fibres into weavable material—whether
cotton,rayon or other artificial fibre, wool or silk—the processing is followed
through until the products emerge as clothes, hats, hose, blankets, gloves,
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Financial Chronicle
and other finished products. All side products1whicia enter into the final
group of items are brought in also; buttons, suspenders, belts, powder
puffs, umbrellas, embroidery and millinery trimmings.
Side by side are codes for shoe manufacturers, saddlers, luggage and
handbag makes;fur trapping contractors and dealers in skins; fur dressers
and dyers, fur manufacturers.
The wholesale and retail outlets for these products are not included in
the division. In line with general policy, all codes covering distributive
functions are together, regardless of product. This is because most retailers
and wholesalers handle a great variety of products and have problems in
common which are not directly related to the products handled.
More Detailed Requirements Than Heretofore Governing Posting of Labor Provisions of Codes
Requirements more detailed than heretofore for the posting of labor provisions of codes of fair competition were
announced Sept. 4 by the National Recovery Administration. In an Administrative Order (X-82) of Administrator
Hugh S. Johnson, dated Sept. 1, the new regulations governing the posting of labor provisions are set forth as a substitute for Paragraph 1 of Administrative Order X-7, dated
Feb. 29 1934. The announcement Sept. 4 of the NRA adds:
The new requirements are that, in addition to labor provisions which
employers heretofore had to post, they now must post also orders, interpretations, explanations or statements issued by the President or the Administrator as part of or in connection . . . with such code provisions.
This new order leaves unchanged all provisions of Order X-7, except
Paragraph 1. That new paragraph reads in full as follows.
"Every person shall, in the manner hereinafter provided, make application for and display official copies oflabor provisions for each code to which
he is subject or may hereafter be subject. Such °Metal copies of labor
provisions (hereinafter referred to as official copies) will contain (a) the
provisions of the code relating to hours of labor, rates of pay and other
conditions of employment;such conditions,orders,interpretations,explanations or statements issued by the President or the Administrator as part of
or in connection with any order,approving such code or any amendment
thereto so far as they relate to sun provisions of the code;other interpretations, orders and explanations; all to such extent as NRA may in the case
of each code deem to be advisable to effectuate the purposes of these Rules
and regulations. A separate application shall be made with respect to
each code."
President Roosevelt Plans New NRA Organization-Would Separate Work into Executive Legislative
and Judicial Branches—Discusses Tentative Revisions with General Johnson
President Roosevelt on Sept. 11 discussed tentative plans
for a reorganization of the National Recovery Administration
with General Hugh S. Johnson, Recovery Administrator,
who visited him at his home in Hyde Park, N. Y. After
the conference it was announced that the work of the revised
NRA will be separated according to three functions: Legislative, executive and judicial. Each of these branches will
be operated with a separate personnel. It was said that the
legislative branch will determine matters of policy; the
executive division will continue to negotiate, administer and
enforce codes; while the judicial branch will act as an
independent board of review to consider complaints regarding
code provisions, to interpret disputed points, to handle
certain labor disputes and hand down decisions in controversies involving the anti-trust laws.
Further details of these plans were described, in part, as
follows in a dispatch from Hyde Park Sept. 11 to the New
York "Herald Tribune":
No definite statement was made concerning General Johnson's place in
the new set-up, but it is believed that be will continue as head of the executive branch, although as such he may sit as one member of the legislative
or policy-making branch. In any event, his personal views will be subordinated to those of a policy-making board.
Beyond the bare outline of the revised National Recovery Administration, the information made public was so vague as to be meaningless. One
of the points of dispute for many months has been whether NRA policy
should be determined by a Cabinet board, by a board of government officials
giving full time to the NRA but separate from the NRA administrators, by a
board of administrators or by a council on which industry,labor and consumers would be represented.
Question Left Unanswered
The question was left unanswered to-day. All that can be said with
moderate certainty is that the policy making branch will be expected to
keep NRA policy co-ordinated with the rest of the New Deal. That would
imply Cabinet representation on the policy-making branch of the NRA,
or at least very close and continuing contact between the policy-making
branch and the White House of a Cabinet committee such as the Emergency
Industrial Committee, of which Donald R. Richberg is chairman.
Likewise, no information was available as to the form of the judicial
branch of the revised NRA. It was stated that the judicial branch would
handle labor disputes of certain kinds, but no line was drawn between its
work and that of the present National Labor Relations Board. The latter
is attempting to function primarily in a judicial capacity, and presumably
it will be regarded as part of the judicial branch of the NRA. Presumably,
also, a separate body will be created to pass on fair practice provisions of
codes.
New York NRA Aids 949 Employees to Obtain $25,040
in Back Pay-9,000 Cases Handled in Five Weeks
The New York office of the National Recovery Administration has been successful in inducing employers to pay back
wages aggregating $25,040 to 949 employees between July 23
and Aug. 28, according to an announcement Sept. 9 by
Nathan Straus Jr., New York State Director of the National
Emergency Council. In the same period the local NRA
compliance office handled approximately 9,000 cases and
Sept. 15 1934
investigated and reviewed 5,547 complaints. In addition
it is stated that this office referred more than 2,000 cases to
the various code authorities which handle complaints in the
first instance. Mr. Straus, in commenting on the report,
paid that any person with just claims for back wages may
submit his complaint directly to the State Director, who will
disclose no names to employers.
H. L. Hopkins Announces Plans to Reduce Relief
Rolls to Persons in Actual Need—Federal Relief
Expenditures $132,000,000 in July
Harry L. Hopkins, Federal Relief Administrator, announced on Sept. 7 that he had inaugurated "a new drive to
get the relief rolls down to those people who are actually in
need." Declaring that Federal relief funds must be guarded
"very carefully," Mr. Hopkins said that there were 3,830,000
families on relief rolls during July in addition to 525,000 single
persons and 200,000 transients. The cost to the Nation for
the month was approximately $132,000,000, he added, with
the average amount of relief funds per faimly $23.09.
We quote from a Washington dispatch of Sept. 7 to the
New York "Times" regarding Mr. Hopkins' remarks on the
relief program:
Mr. Hopkin's statement follows:
'You see it is very important that we guard this Federal money very
carefully and to watch this thing. We are making a new drive to get the
relief rolls down to those people that are in need. You know that old story
we go through ever so often about really making a drive to cut this thing
down to those who are actually in need. In a thing like this there are always
a few on that shouldn't be on. We want our relief machinery tightened up
for the Winter."
The $132,000,000 July relief bill represented the amount paid out for
this purpose by Federal, State and local governments, but Mr. Hopkins
said that at least two-thirds of the total was expended by the Federal
Relief Administration.
Although relief costs had risen, due to an increase in general living costs
estimated by Mr. Hopkins at about 20%, he said that this did not mean an
Increase in the adequacy of relief in recent weeks. This Mr. Hopkins
regarded as unfortunate, asserting that there was need for more adequate
relief in many places.
Burden Increased by Drought
The drought had added substantially to the relief task and the numbers
carried on relief rolls, said Mr. Hopkins, and expenditures would be further
increased during the Fall and Winter months by the necessity of purchasing
feed for livestock maintained by families now on relief themselves.
Mr. Hopkins expressed gratification that the actual number on relief
in July was about 170.000 under original estimates. About 1,600,000 were
engaged on work relief projects and the number of these was gradually on
the increase.
Shorter Hours for Labor Here to Stay, According to
Harvey S. Firestone—Tire Manufacturer Believes
NRA Has "Helped No One"
Shorter hours for labor are here to stay and "they will
never go back to where they were," Harvy S. Firestone,
Chairman of the Board of the Firestone Tire & Rubber Co.,
said in an interview published in the Rochester "Times
Union" Sept. 7. Mr. Firestone was quoted as believing that
the National Recovery Administration "helped no one."
Hours, however, must be shortened so that everyone can
work, he said. "Our factory is working on a five-day week
now," the interview reported the manufacturer as remarking. "Hours are going to stay shorter and they will never
go back to where they were."
William Green Demands 30-Hour Week Under NRA
Codes—Head of A. F. of L. in Labor Day Speech
Also Urges Direct Relief Payments to Unemployed
and Revival of CWA As Aids to Recovery
A 30
-hour working week is "the real remedy for unemployment," William Green, President of the American Federation of Labor, declared in a Labor Day address at
Wichita, Kan., on Sept. 3. Mr. Green asserted that National
Recovery Administration codes must be revised to provide
for the shorter work week or else the Federal Government
will have to furnish relief to about 40,000,000 people. He
said that the Federation plans to appeal to the Government
to grant direct relief to the unemployed in addition to such
aid as is now being given through various relief projects.
He also urged the restoration of the Civil Works Administration, the acceleration of public works activities, and the mobilization of public support for the modernization and building program sponsored by the Federal Housing Administration. A dispatch from Wichita to the New Jerk "Journal of
Commerce" reported his address, in part, as follows:
In his advocacy of fewer working haws for the employed, Mr. Green said
that it is unthinkable that the nation would readily decide to support all of
the unemployed and their dependents who, he estimated, would number
40,000,000. Such a condition, he said, "would constitute a menace to the
existing social order." He proposed shorter working hours as the
alternative.
Present kid for Idle
Regarding the need for immediate aid to those who are without employment, he declared:
Volume 139
Financial Chronicle
"It is quite obvious that we are facing our worst winter, and in facing it
we must firmly resolve that no man, woman or child shall suffer from hunger, lack of shelter or for the elemental necessities of life. Adequate relief
must be supplied to the unemployed and their familis and to our farm population who are victims of lessee of crops as the result of the drought.
"The American Federation of Labor urges and recommends that the Federal Government include as part of its huge relief program an acceleration of
public works activities, restoration of the MA program, and the mobilization of public support for the modernization, renovation and building program provided for in the FHA better housing program.
"Running parallel with this activity there should be a plan of direct payments adequate and sufficient to supply the elemental needs of those who
are idle or dependent upon public support. The American Federation of
Labor will appeal to the Federal Government to accept this plan in order to
adequately meet the relief needs of the coming winter."
-hour Week Voted by International Typographical
Forty
Union—Four-day -Week Proposal Rejected
Delegates to the International Typographical Union convention at Chicago voted on Sept. 14 to place a 40-hour week
permanently in its general laws. The ballot of President
Charles P. Howard broke a three-and-a-half-hour deadlock,
according to Associated Press accounts. On Sept. 12 the
union defeated a proposal to allow local unions to adopt a
4-day week. The proposition, submitted by New York
Local, No.6,advocated the 4
-day week for any local so voting
by referendum. The present union week is five days. Associated Press advices from Chicago Sept. 12 further reported:
President Charles P. Howard, speaking against the proposition, said:
"If you extend to local unions the authority to advance such a plan, you
are courting revolution. There is a difference between Federal and local
laws of that nature. If the law is Federal you have police power in Congress.
What are you going to do in a local situation if some members rebel? You
will lose offices and men if the local union is allowed to do this thing."
Under consideration by the committee on organizations but not yet reported to the convention, is a proposal for a national six-bout day and
-hour week for the printing trade.
30
The New York proposal also included a clause to eliminate the now
existing 1% limit on assessments fen out-of
-work relief. It also was rejected.
In view at the convention was a placard purportedly printed by 24 members of the New York Local. It read in part:
"A warning to I. T. U. delegates—be on your guard against any attempt
to inaugurate a 4
-day week. Unlimited assessments and a 4
-day week spell
local autonomy in the terms of communism." . . .
The convention also defeated a proposal to move national headquarters
from Indianapolis to Washington.
A measure to take up some slack in unemployment was adopted. It provided that beginning in December any member who accumulates overtime
equal to two-thirds of the unit of hours of one shift shall engage a substitute as soon as one becomes available for a period equal to the overtime.
The union voted to hold its 1935 convention at Montreal in September.
Stating that action aimed at preventing hasty calling of
printers' strikes was taken on Sept. 11 by the Union. Associated Press accounts from Chicago on that date added:
Delegates voted to change the union rule, requiring a strike vote of local
members within 24 hours after its authorization by the executive council
of the International, to allow the council discretion in fixing the time for a
vote.
An alternative method of voting was also provided. empowering the
council to decree a referendum by secret ballot, eliminating the possibility
of hasty strike action at an angry meeting of a possible minority of local
members.
"These changes will enable us to give longer consideration to the issues,"
said Charles P. Howard, President of the International. "In effect, however, we have for some time been following these rules."
The convention also voted to withdraw the union label from any jurisdiction in which the hourly rate of pay falls below 80 cents or the work week
exceeds 40 hours.
Frank Morrison, Secretary of the American Federation of Labor, reviewing national recoveey legislation, told delegates he believed the NRA
Is here to stay.
"We believe the NRA will stand," he said. "It has accomplished such
tasks as eliminating child labor and wiping out much of the sweatshop work
and I do not see how the labor movement can permit retrogression." He
also urged continued efforts to reduce the working day and week.
Strike of Anaconda Copper Mining Co. Employees
Settled by Agreement Between Union Leaders
and Company Officials
A strike of employees of the Anaconda Copper Mining
Co. has been settled, it was announced yesterday (Sept. 14),
as the result of an agreement between company officials and
union representatives of the strikers. Terms of the settlement will be submitted to a general vote of the union members on Sept. 17. A dispatch from Butte, Mont., Sept. 14
to the New York "Sun" discussed the details of settlement
as follows:
The agreement provides that to settle all future labor disputes with
Anaconda there shall be set up in Butte two Industrial Relations Committees
and one each in Groat Falls and Anaconda, each committee to consist of
five members representing labor and five representing the company. Over
these committees will be appointed an executive board of six, a sort of
Supreme Court, consisting of one representative of labor and one representative of the company from each one of the three cities.
Before another strike can be called, it was agreed, all matters must first
go through the industrial relations committees and finally through the executive board, and if they cannot settle the controversy, a strike may be called,
but only by the union members directly involved and not by tne general
membership of the union, as was the case in the present strike.
For the union, the closed shop was granted under the agreement reached,
but not the checkoff, whereby the company would collect union dues.
Wage increases of 50 cents a day all around on 9
-cent copper are granted,
1651
bringing miners a wage of $4.75 a day against $4.25 before the strike.
The company guarantees a $4.75 wage for six months, with an extension„of
another six months, even if copper drops below 9 cents; additional advances
of 25 cents a day when copper reaches 113i cents and an advance of 25
cents for every one and a half
-cent rise in price over 11 cents.
Threatened Strike of 2,500 Utility Employees Averted
by New York Regional Labor Board—Brooklyn
Edison Co. Agrees to Reinstate Two Employees,
Allegedly Discharged for Union Activity
A threatened strike of 2,500 employees of the Brooklyn
Edison Co., which might have spread to a walkout of other
power and light employees in New York City, was averted
on Sept. 7 through the mediation of the Regional Labor
Board. The Brotherhood of Utility Employees had threatened to call the walkout in protest against the dismissal of
two workers who, they charged, had been discharged for
union activity. Under the plan of settlement the company
agreed to reinstate the two employees while they, in turn,
withdrew charges of discrimination by the company which
they had filed with the Regional Labor Board. The Board
had previously held a series of bearings on the complaint
brought by the union. The New York "Times" of Sept. 8 gave
further details of the plan of settlement as follows:
Under the terms of the settlement brought about by fowler Supreme Court
Justice Jeremiah T. Mahoney, Chairman, and Ben Golden, Executive Secretary of the Board, the two employees who complained that they had been
discharged for union activities are to be reinstated immediately without
prejudice to their standing, and the two employees withdraw their charge
that they were discharged because of their activities on behalf of the union.
The discharged employees were James Donegan, President of Brooklyn
Edison Local 102 of the Brotherhood of Utility Employees, and Marshall
Neely, an organizer. No action in the case of Luke O'Reilly, a third employee who was discharged, has been taken by the Board.
Explanation., Clarify Issue
According to the announcement by the Regional Labor Board, the company recognized that the penalty imposed on the two employees for alleged
breach of discipline probably was excessive in view of their explanations
before the Regional Labor Board.
The announcement came late in the afternoon, at the end of conferences
held by company and union representatives with members of the Regional
Labor Board, who had conducted a hearing on Thursday and adjourned it
abruptly for the two different groups to begin negotiations. The settlement
eliminated the necessity for an adjourned hearing of Thursday's session set
for Monday.
Bernard Lambe, President of the Brotherhood of Utility Employees, commended the Regional Labor Board, and particularly Mrs. E. M. Herrick,
Vice-Chairman, for their efforts. The union, which recently had refused to
submit its case to the Regional Labor Board on the ground that Mrs. Herrick
was prejudiced, withdrew that accusation after Chairman Mahoney had
pointed out that the union membeiship figures supplied to the company
were a part of the Board's record, which was public.
Employees of Aluminum Co. of America End FourWeek Strike—Six Plants Reopened Under Agreement Which Includes Recognition of Collective
Bargaining Principle
A strike of 8,700 employees of the Aluminum Company of
America, which had closed six of the company's plants since
It began on Aug. 11, was ended on Sept. 7 when the workers
began returning to their jobs under a settlement which recognized "the principles of collective bargaining" as provided
for by the National Industrial Recovery Act. The company
agreed not to reduce the wage scale, and also not to discriminate against any employee who belongs to a labor organization. Representatives of both the company and of the strikers expressed themselves as pleased with the terms of settlement. The agreement was reached after a conference among
company officials, a Federal mediator, and the National
Council of Aluminum Workers.
The last previous reference to the strike was contained in
our issue of Sept. 1, page 1344. Associated Press advices
from Pittsburgh, on Sept. 6, outlined the plan of settlement
'as follows:
Representatives of the employees and the National Council of Aluminum
Workers reached an agreement which included these terms:
1. The company "recognizes and accepts the principles of collective bargaining" as provided in the NIRA.
2. The "closed shop" is not involved.
3. No reduction in the wage scale of Aug. 9 1934 is contemplated.
4. There shall be no discrimination against any employee because of membership or non-membership in a labor organization or any other organization
5. Employees who feel they have a grievance may carry their case to the
highest company officials, personally or through representatives. If satisfaction is not obtained, and "if agreed upon by both parties," the case may
be submitted to the National Labor Relations Board for arbitration.
The agreement was reached between representatives of the aluminum company, a Mellon concern, and the National Council of Aluminum Workers
with the aid of Fred Keightly, Government mediator. The Council called
the strike Aug. 10, and to-day's peace terms will reopen the big plants at
New Kensington, Pa.; East St. Louis, Ill.; Alcoa, Tenn., and Massena, N. Y.
Both sides expressed satisfaction with the terms. Mr. Keightly termed
it "mutually satisfactory," and David A. Williams, an organizer for the
American Federation of Labor, which sanctioned the strike, said the conference resulted in "a just agreement."
No agreement with the union was signed by the company, although recognition was in effect extended to it as the collective bargaining agent of it,
members in the concern's employ.
1652
Financial Chronicle
Renewed Violence Marks Continuation of Textile
Strike—President Roosevelt's Board of Inquiry
Seeks to Mediate—Almost 400,000 Reported in
Walkout—Many Southern Mills Re-open Under
Guard
Acts of violence and rioting marked the continuation of
the textile strike this week, as President Roosevelt's special
Textile board continued its efforts to arbitrate between the
manufacturers and leaders of the striking textile unions.
The walkout—which affects the cotton textile, silk, woolen
and worsted industries—was described in our issues of Sept.
8, pages 1498-99. Conflicts between the strikers and troops
guarding mills were reported this week at many points in
New England and the South, and on Sept. 12 the Governor
of Rhode Island proclaimed martial law for the strike area
in that vicinity. This action was taken after about a
dozen pickets had been shot and more than 100 injured in
several battles with National Guardsmen at Saylesville, R. I.
Governor Green of Rhode Island on Sept. 13 asked the
State General Assembly, called in extraordinary session, for
the enactment of legislation which would permit the entry
of Federal troops into the State to restore order. The
Governor said that he had communicated with President
Roosevelt and that the President had promised to send the
troops as soon as the request was made. The General Assembly did not pass the requested legislation, however, and
Governor Green said yesterday (Sept 14) that the strike
situation was so quiet that there would be no necessity for
calling on the Federal Government for troops. He added
that police had been instructed to arrest all known Communists within the State.
Francis J. Gorman, union leader, said on Sept. 13 that the
unions disclaimed all responsibility for any violence which
has already occurred. On the same day George A. Sloan,
President of the Cotton Textile Institute, said that the
strike was weakening and that more than half a dozen mills
had re-opened in the South and four in New England.
Union leaders on Sept. 8 made a proposal for arbitration
to the textile mediation board, but this was rejected by the
manufacturers on Sept. 11. When the labor offer for the
mediation board to arbitrate expired at 6 p. m. on Sept. 11,
Francis J. Gorman, National strike leader, issued a statement in which he said that "peace is denied to us and we must
face the management on the field of conflict." On Sept. 12
Mr. Gorman telegraphed President Roosevelt, declaring
that Governors of several States had called State troops into
action against the strikers and asserting that the principal
function of these troops is to protect strikebreakers. He
appealed to the President to "urge fairness in the use of
troops." At a press conference on the same day Mr. Gorman said that the United Textile Workers of America is
preparing for "at least a month of struggle to win the textile
strike." He added that proposals for settlement must now
come from employers and "must come from each'division
of the industry as a whole."
The total number of strikers throughout the country did
not appear to change greatly in recent days, with estimates
at mid-week placing the aggregate at slightly below 400,000
persons. Many mills that had closed re-opened under
guard, but the defections in the ranks of strikers were at
least partially offset by others who walked out for the first
time. The American Cotton Manufacturers' Association
said on Sept. 11 that 54 mills had re-opened in North and
South Carolina, and that operations were being slowly increased. William Green, President of the American Federation of *Labor, announced on Sept. 11 that aid from more
than 100 international unions is being extended in strike'
areas in the form of visiting labor organizers and contributions to funds.
Mr. Gorman, in a radio address on Sept. 8, proposed that
both employers and strikers designate by Sept. 10 the President's special mediation board as a board of arbitration and
agree in advance to accept its findings. He added, as a condition of arbitration, that all mills in all branches of the
textile industry should remain closed. On Sept. 10 the
President's board of inquiry held two conferences with
George A. Sloan, President of the American Cotton Textile
Institute, and later issued a statement that it believed a
fair settlement of the controversy could be reached. The
union leaders on the same day said that their arbitration
offer would be extended to 6 p. m. of Sept. 11. We quote
from a Washington dispatch of Sept. 11 to the New York
"Herald Tribune" regarding the failure of negotiations at
that time:
P Closeted with 13 representive manufacturers of New England and the
South and George A. Sloan, head of the Cotton Textile Institute, the
Sept. 15 1934
President's board discussed the situation and directed its powers of persuasion in morning, afternoon and evening sessions toward arrival at some
concessions which might offer grounds for negotiations. The mill operators as a group arrived in no mood for great deference to the United Textile
Workers of America, the union leading the strike.
The responsibility of the managements for contributing to a peaceful
settlement was impressed upon them, however. There were rumors that
President Roosevelt had been in touch with the situation directly during the
day. A shortening of work hours with a maintenance of the wage scale was
believed to offer a possibility of discussion, even though recognition of
the union and immediate hard and fast limitations on the "stretch-out"
were especially repugnant to the manufacturers. Although agricultural
officials were not enthusiastic, there was still talk of a reduction in the
processing tax on cotton as the Government's contribution to a settlement.
Parleys Extend Into Night
The afternoon conference between- the Presidential board and the mill
operators did not break up until almost 8 o'clock to-night. It resumed at
9.30. All the participants maintained silence at the suggestion of Governor John G. Winant of New Hampshire, Chairman of the Board. The
Governor himself declined to comment either on the conference or Mr.
Gorman's withdrawal of his arbitration offer. He would make no prediction on the outlook of the conversations, although yesterday he issued
an optimistic statement.
The revocation of the offer to arbitrate was not considered of very great
significance because the strike headquarters retained an attitude of receptiveness toward peace suggestions. In response to a question Mr. Gorman said that "of course" he would listen to any reasonable proposals. The
next step, however, must be taken by the Winant board or the manufacturers. The union offer had been to make the board of arbitration whose
decisions would be binding on both sides in the labor dispute. But the
proposal was linked with the condition that the mills be closed pending this
action. Mr. Sloan had characterized the proposal Sunday as "impossible.".
Whereas most of the strike violence last week was reported
in the South, this week clashes between pickets and troops
were most numerous in the New England area. On Sept. 7
police in Lawrence, Mass., engaged in a fight with about
100 pickets and succeeded in preventing them from entering
the city. On Sept. 10 two men were shot and almost 50
others were bruised or overcome by tear gas at Saylesville,
in the most serious strike rioting in the New England area
since the textile walkout was declared. On the following
day a crowd estimated at between 3,000 and 4,000 sought to
break the ranks of National Guardsmen and police at Saylesvine, and eight strike sympathizers were shot, while others
were injured. A dispatch from Saylesville to the New York
"Times" on Sept. 11 described this riot in part as follows:
The principal riot started at 3 p. m. shortly before quitting time for,
1,100 employees imprisoned in the mills. The crowd surged forwards°
captured the mill gate, ripped up a fire hydrant, overturned a gate hou
and appeared about to take possession of the plant.
The State troopers and deputy sheriffs, many of whom were stationed
on the roof, where two machine guns had been placed, finally took alarm.
Deputies fired a volley of buckshot from their automatic guns, felling five
persons, including a 70
-year-old woman.
Notified of the casualties, Brig. Gen. Herbert Dean hurried to the mill
with 280 members of riot detachments of the 103d Coast Artillery. The
men rode into action on caissons and were boohed and jeered by strikers,
who almost immediately began to rip up paving stones and hurl them at
the steel-helmeted troops.
The Guardsmen, under orders not to fire no matter how great the provocation, were compelled to start fighting as soon as they left their collisions.
Armed with long billies, they clubbed their way to the mill property, where
they stacked their rifles.
Fought at Every Step
Then they began to advance, hurling tear gas and nausea grenades,
and were pelted every inch of the way with stones, sticks, bricks and other
missiles. Hardly a guardsman escaped without at least one wound and
18 were hurt badly enough to need medical attention.
Labor leaders in the dyeing and printing branches of the
silk textile industry announced on Sept. 11 that unless the
-hour week were met by Sept.
demands of the workers for a 30
13, a strike would be ordered for Sept. 17, at the latest.
The existing contract between the workers and members of
-hour
the Institute of Dyers and Printers provides for a 40
week and does not expire until Oct. 24. Peter Van Horn,
Chairman of the Silk Textile Goods Authority, on Sept. 11
telegraphed to the Mayors of 34 cities in the strike centers
asking their co-operation in protecting mill workers against
outside intimidation. His telegram read:
Our figures show that under Silk Code workers' average wage increased
11%. Our workers have no real grievance. Real questions are. Shall
labor totally ignore government and NRA? and Shall a willing worker be
idle through intimidation of outsiders? I solicit your influence in providing safeguard in your city to workers who wish to work, so that mills may
operate. Will appreciate your co-operation.
At the Convention of Financial Advertisers Association
N.S. Calhoun of Security National Bank of Greensboro, N. C., Urges Honesty and Frankness in Bank
Advertising
Honesty and frankness in bank advertising were advocated on Sept. 11 by N.S. Calhoun, President of the Security
National Bank, Greensboro, N. C., an institution organized
to take the place of financial institutions which failed to open
in that territory after March, 1933. In his address before
the Financial Advertisers Association Convention at Buffalo,
N.Y., Mr. Calhoun expressed satisfaction with the results of
the novel experiment conducted by his institution in advertising. The Security National Bank it is said has published
Volume 139
Financial Chronicle
1653
statements showing the precise condition of the institution ship is the only true justification for embarking on an adverin a manner understandable by anyone. Even the salary of tising course—selling the institution and selling its services."
the President has been made a matter of public knowledge
The cost is also an important factor in planning the prothrough advertising.
gram, Mr. Wilson said, and spasmodic advertising, due to
Mr. Calhoun criticized the practices of bank directors in limited budgets or lack of courage is more often than not,
lending money to themselves and said that one of the first money wasted. Mr. Wilson pointed out that competent dipolicies adopted by his institution was to prohibit the bank rection during the course of the program is one of the most
from making loans to its own directors. Secured deposits, a important factors. He recommended the employment of
practice which attracts large accounts by offering preferen- outside advertising counsel to supplement the efforts of the
tial extraordinary protection, was also banned in his institu- advertising manager as one of the means of commanding the
tion, Mr. Calhoun said. He stated that the advertising respect of senior officers for the advertising program.
policy adopted by his bank was one of absoulte frankness.
The methods of lending depositors' money were described in New Courses Included in Classes of New York Chapter,
detail in its advertisements, and in the bank's financial stateAmerican Institute of Banking
ment quick assets were separated to show which were imThe New York Chapter, American Institute of Banking,
mediately available for payment. Liabilities were also sepa- opens its 34th year of classes during the week of Sept. 17.
rated so that the exact position of the bank would be known. The Institute, which is a section of the American Bankers
This he indicated was done despite an operating loss.
Association, said that among the 44 courses to be offered
Mr. Calhoun advocated as a means of improving banking this semester are the following new courses:
practice that banks be made to publish the amount and due
"Contemporary Legislative and Banking Problems" by Edward Stone.
date of all notes held in order that the public may be informed M.A., LL.B., with national office, American Institute of Banking. "Real
Estate and Real Estate Law" by Ralph A. Newman,B.A.. LL.B., member
fully regarding collections. If the Federal Deposit Insurance of Wise, Shepard & Houghton. "Regulation of Security Issues and
Corporation which is now grading our banks, Mr. Calhoun Trading" by J. Frederic Dewhurst, Ph.D., economist, Twentieth Century
said, required all members publicly to display their individ- Fund,Inc.
ual ratings, "it would cause a scramble to get into class "A"
and do more to improve the condition of the banks than all "American Bankers Association Journal" Changes
Name to "Banking" with October Issue
the additional laws that could be passed."
The name of the "American Bankers Association Journal"
will be changed to "Banking" with the October issue, it was
Encroachment of Federal Government on Banking announced on Sept.6 by F. M.Shepherd,Executive Manager
Functions Can Only Be Corrected Says H. A. Lyon
of the Association. Mr. Shepherd said that the change has a
By Change in Policies and Practices of Banks
Unless the banks of this country alter their policies and broader significance than a mere alteration in wording.
practices to the point where they are acceptable to the public Stating that the magazine will continue to be edited primarily
and adopt a program of informing the public about these for bankers and that it will present material aimed to develop
policies, privately capitalized banking in this country is the best in banking and to interpret the traditions and aims
doomed to extinction, according to H. A. Lyon, Vice-Presi- of American banking to those who come in contact with the
dent of the Harold F. Strong Corp., New York,in an address country's banking institutions, he adds:
be editedfor
Mere
on Sept. 11 before the Financial Advertisers Association in desiring than this, however, the magazine will changes and a wider audience
development in
to follow the progress of economic
Convention at Buffalo.
this country, especially as they are related to the financial field. Admittedly
In a talk outlining the encroachments by the Federal important changes are going on in industry, commerce and finance in the
governmental contacts with these
United States, particularly in
Government on banking functions and operations, Mr. fields of private initiative, andrespect tointention of "Banking" to play its
it is the
Lyon stated that the general public, through pressure on the journalistic part in recording,interpreting and commenting on these changes
Federal Government, is rapidly causing the functions of as they unfold. It is its prime function to do so by reason of the fact that the
business of banking is closely interwoven into all phases of business activity
privately operated banks to be restricted or absorbed, largely and is deeply affected by whatever changes are taking place in them.
because bankers have failed to initiate and prosecute their
own reforms. Government encroachment is illustrated, Mr. Reopening of Closed Banks for Business and Lifting
Lyon said, by the activities of the Federal Deposit Insurance
of Restrictions.
Corporation, direct loans to railroads and utilities, small
Since the publication in our issue of Sept. 8 (page 1502)
capital loans by the Government, political domination of the with regard to the banking situation in the various States,
Federal Reserve Board and the NRA banking code.
the following further action is recorded:
The Government encroachment, Mr. Lyon said, "can be
MISSOURI
corrected only by a sound public relations program . . .
On Sept. 7 the State Finance Department of Missouri
which includes alterations of policies and practices to the
issued a charter to the Maplewood Bank & Trust Co. of
point where they will be acceptable by the public, as well as
Maplewood (St. Louis County), Mo., which is capitalized
a program of informing the public as to their nature in terms
at $100,000 with surplus of $25,000. The new institution
so simple that there can be no widespread misunderstanding.
has purchased the assets of the Bank of Maplewood Bank &
Public opinion is the greatest possible weapon that could be
Trust Co., which has been operating under restrictions since
used in getting rid of unsound banking practices. Without
approval privately capitalized banking cannot persist. the banking holiday in 1933. A Jefferson City dispatch
public
(Associated Press) on Sept. 7, from which this is learned,
It may last for twenty years, but given another debacle
also said:
similar to the last and it will find itself taken over lock, stock
It will also advance a percentage of the deposit liabilities to depositors
and barrel by public demand."
of the old bank.
Essential Factors To Assure Successful Advertising For
Financial Institutions Outlined By E. Bird Wilson
At Financial Advertisers Convention
Edwin Bird Wilson, head of Edwin Bird Wilson, Inc.,
advertising counsel, outlined the essential factors to assure a
successful advertising program for a financial institution in a
talk before the Financial Advertisers Association at Buffalo,
N.Y.on Sept. 13.
First, he said, "the advertising manager must have the
technical knowledge necessary to plan the program. He
must be able to define the area his institution serves." Secondly, he said, the institution must be fundamentally sound,
for advertising cannot save an institution that is "unseaworthy." "Pseudo successes have been produced by able
advertising, but in the long run unsound business will find
its deserved level and even advertising cannot save it." An
understanding of the clientele and the services which the
financial institution can render is the third essential for a
successful financial advertising program, Mr. Wilson said.
Advertising should have a definite purpose. "There may
be times (I don't know of any), when advertising for the
mere sake of advertising is justifiable, but serious salesman-
Edward H. Rabenberg, President of the old bank, will also become head
of the new institution.
The St. Louis "Globe-Democrat" of Sept. 8 gave additional information regarding the new bank as follows:
William H. Hellwege, AssistantlCashier, said there would be no change
in officers. The bank has been operating under restrictions permitting to
pay out not more than 5% of deposits.
Under the reorganization plan 60% of deposits will become available for
payment. Hellwege said it had not been definitely decided when operation
would begin under the new name.
The Bank of Maplewood & Trust Co. suspended business in Feb. 1933,
but later reopened on a restricted basis. The last statement before the
voluntary closing showed deposits of $1.187,205. . . .
NEW JERSEY
The Edgewater Trust Co. of Edgewater, N.J., on Aug. 31
was given an extension of its license to operate on a restricted
basis under the Altman Act by William Kelly, State Comptroller of New Jersey, according to an announcement by
Hiram Grover, President of the depositors' committee of the
institution. The extension is until Sept. 29. Mr. Grover
believes that the $75,000 necessary to reopen the institution
will be pledged by the depositors before the dead line,
possibly by Sept. 15. The "Jersey Observer" of Sept. 1,
from which the above information is obtained, furthermore
said:
Financial Chronicle
1654
Last night's summary showed that more than $45,000 had been subscribed by 400 of the 2,000 depositors who have accounts in the old bank.
The committee is trying to reach every depositor and believes that it
will be only a short time before the capital stock will be oversubscribed.
Two large factories in Edgewater and several New York business concerns
have pledged sums toward the 375.000 goal. Although Grover would not
disclose the names of the Edgewater plants, it is believed that the Public
Service Corp. and the National Sugar Refinery of New Jersey has subsctibed for a large part of the $45,000.
NEW YORK
Supreme Court Justice Frederick P. Close, Westchester
County, has signed an order restraining former officers and
directors of the defunct Westchester Trust Co. of Yonkers,
N. Y., from the issuance, sale, promotion and distribution
:within this State of all stocks, bonds, notes, evidences of
interest or other securities of the Westchester Trust Co.,
pending the argument of a motion to be heard on Sept. 21
in the Supreme Court Building at White Plains, why the
injunction should not be continued pending the trial of the
action. The "Wall Street Journal" of Sept. 14, authority
for the above, continuing said:
The action is the result of an extensive investigation conducted by Assistant Attorney General Ambrose V. McCall in charge of the Bureau of
Securities, and Edward A. McAllister, pursuant to the provisions of article
23-A of the General Business Law. Attorney General John J. Bennett
seeks to ultimately secure a permanent injunction restraining the defendants
from engaging in the sale ofsecuritiesfrom and within the State of New York.
OHIO
Two banks in Berea, Ohio—the Commercial & Savings
Bank and the Bank of Berea Co.— (which had been operating
under restrictions) reopened for business on Sept. 5, making
available $1,350,000. The Cleveland "Plain Dealer" of
Sept. 6, in noting the matter said in part:
W. H. Ames, President of the Commercial & Savings Bank, reported
that his institution opened with $740,000 of deposit accounts distributed
among 3,500 individuals and firms and that the day's total withdrawals
were only $11,078, as against deposits of $13,120—a net increase of $2,042
for the day.
Of the depositors of $100 and less who received 100% of their deposits
In the form of credits at the revived bank, only 51 withdrew their cash,
while 39 other depositors drew all or a portion of the 60% made available
to them. . . .
The Bank of Berea Co., with 4,800 deposit accounts, aggregating $1,032,945, paid out $16,012 to 78 depositors on withdrawals and received in new
deposits a total of $13,015. Of the withdrawals 41 were by depositors of $50
and under whose accounts were paid in full. . . .
Both bank presidents said things had been resumed "as If nothing had
ever happened to interrupt the normal routine."
Regarding the affairs of the defunct Union Trust Co. of
Cleveland, Ohio, a dispatch by the Associated Press from
that city on Sept. 8 contained the following:
Liquidation of the closed Union Trust Co. from June 15 1933 to Sept. 1
1934, has shown a net profit of $2,992,252.62, Oscar L. Cox, liquidator,
said to-day. Ofthe total double stockholders' liability of $22.777.806 there
has been collected $352,019, or 1.54%.
PENNSYLVANIA
In its issue of Sept. 7, the Philadelphia "Record," reported
that the Merchants' National Bank of Pottsville, Pa., closed
since the National banking holiday, had reopened on that
date, releasing $1,100,000 to its depositors. The paper
continued:
The money represents about 60% of the total deposits. The other 40%
will be liquidated by the Federal Banking Department.
The following with reference to the affairs of the defunct
Bankers Trust Co. of Philadelphia, Pa., appeared in the
Philadelphia "Inquirer" of Sept. 12:
Legal obstacles blocking payments to depositors of the closed Bankers
Trust Co. were outlined in detail yesterday (Sept. 11) by Secretary of Banking Gordon, in a statement describing how the Department of Banking is
meeting the situation.
Aside from the $4,200,000 loan already granted the institution by the
Reconstruction Finance Corporation, he said, it is probable a separate
application may be filed for an additional loan at an early date.
Dr. Gordon indicated Payments will be made as soon as the legal technicalities are cleared away.
The delay now is due to the necessity for a check of the assets of the
former Metropolitan Trust Co., which had been merged with the Bankers
Trust. These assets are being withdrawn from the collateral given
the RFC for a $4,200,000 loan in order to avoid the greater delay of having
the shareholders of the Metropolitan and the courts approve of having the
assets so used.
Concerning the affairs of the Fifth Avenue Bank of Pittsburgh, Pa., the Pittsburgh "Post Gazette" of Sept. 12 had
the following to say:
An order permitting Secretary of Banking William D. Gordon, as receiver in charge of the Fifth Avenue Bank, to borrow $440,000 from the
RFC was made by Judge Frank P. Patterson, in Common Pleas Court
yesterday (Sept. 11).
The loan, according to Attorney Kenneth L. Leydic, who presented the
petition, will permit payment of a 40% dividend to depositors in the near
future. It is to be secured by a deposit of assets of the bank.
VIRGINIA
Approximately $31,000 was to be paid out in dividends to
depositors of the Brunswick Bank & Trust Co. of Lawrenceville, Va., on Sept. 10, according to H. S. Culbreth, the
receiver, who stated that this would constitute a dividend
of 20%. Lawrencevilletadvices on Sept. 6, appearing in the
Sept. 15 1934
Richmond "Dispatch," from which the foregoing is learned,
went on to say in part:
The Brunswick Bank & Trust Co. was placed in the receiver's hands
April 4. Since that time, according to the receiver's report, he has realized
an amount from the assets and resources of the bank sufficient to pay off
all borrowed money of the bank, preferred and secured deposits, and trust
accounts.
Mr. Culbreth further stated that after payment of this 20% dividend,
there will remain a balance of approximately $125.000 due the depositors,
and that he has under his control as receiver, with which to pay this balance,
resources of $170,000 represented by notes receivable, stocks, bonds, and
real estate, and that he expects to pay another substantial dividend later
in the fall, and another some time during the winter—probably about
Christmas.
The receiver, and others closely identified with the closed institution,
express themselves as being of the opinion that all depositors will be paid
in full, and that some amount will probably be paid the stockholders.
The receivership is being very economically administered—the receiver
being paid a stated monthly salary rather than on a commission basis, and
during the month of July,showed a net operating profit of $519.77.
The Richmond "Dispatch" of Sept. 6 carried the following
in regard to the affairs of the American Bank & Trust Co.
of Richmond, Va.:
A plan for the reorganization of the closed American Bank & Trust Co.
to-day (Sept. 6) will be placed before the Successor Bank Depositors
Committee by Robert N. Denham, of Washington, who has been engaged
to wage an aggressive sign-up campaign among depositors.
Mr. Denham, formerly with the reorganization division of the office of
the Comptroller of the Currency, arrived here yesterday, bringing with
him a tentative reorganization plan. Last night he went to Lawrenceville
to consult with former Senator George Allen, counsel for the depositors committee, and to-day will lay the plan before the committee headed by P. C.
Abbott.
Headquarters will be set up soon, Mr. Denham said. He believes a
successor bank can be set up to liquidate the assets of the closed institution.
The plan is to have depositors agree to pledge up to 50% of their deposit
claims, accepting stock therefor, and to issue deferred certificates of deposit
for the remaining sum.
WISCONSIN
The Milwaukee "Sentinel" of Sept.8stated that a dividend
of 25% will be distributed to the depositors of the defunct
Blue Mound State Bank, Blue Mound, Wis., on Sept. 19,
according to Alfred Newlander, District Deputy Banking
Commissioner, in charge of the liquidation of the institution.
The paper continued:
The dividend has been declared subject to Court approval, he said.
The disbursement will amount to $13,815. Previously the bank distributed
10% or $5,528. to depositors.
The Blue Mound State had deposit liabilities of $55,262 when it closed
April 28 1933.
With reference to the affairs of the defunct St. Francis
State Bank of Milwaukee, Wis., the Milwaukee "Sentinel"
of Sept. 5 carried the following:
Circuit Judge John J. Gregory yesterday (Sept. 4) authorized the State
Banking Commission, as receiver for the closed St. Francis State Bank.
to accept a loan of $100,000 from the Reconstruction Finance Corporation.
The loan, already approved by the RFC will be used to pay depositors a
30% dividend.
There have been three previous dividends of 5% each.
Judge Gregory's decision was made on petition of Alfred Newlander
Special Deputy of the Banking Commission. To obtain the loan the bank
has pledged $160,000 of its assets.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The proposed transfer of New York Stock Exchange
memberships, Sept. 13, is as follows: John L. Tuthill to
Jerome T. Meighan, at $90,000; Crawford Hill to Arthur N.
Selby, at $90,000; Richard P. Worrall to Norman S. Walker,
at $83,000; Richard H. Moeller to David B. Spielman, at
$78,000; William F. Ladd to William Stix Friedman, at
$76,000.
A Chicago Board of Trade membership sold at $7,400,
Sept. 12, against a sale of $7,500 on Sept. 11. On Sept. 13
a membership changed hands at $7,500.
—•_-_
Arrangements were made, Sept. 14, for the transfer of a
New York Stock Exchange membership at $78,000.
Rensselaer Havens Bissell, former head of the brokerage
firm of It. H. Bissell & Co., New York, and a former member
of the New York Stock Exchange, died Sept. 9 in the Harbor
Hospital. He was 86 years old. Mr. Bissell was a member
of the Stock Exchange for 55 years; he became a member in
1871, retiring in early 1926. He began his career in Wall
Street as an employee of Lockwood & Co., private bankers
and brokers. A few years later he purchased his Exchange
membership and established his own firm of R. H. Bissell
& Co.
—•-__
Robert Gilmor, of Robert Gilmor & Son, New York, and a
former member of the New York Stock Exchange for 30
years, died on Sept. 2 at his home in Smithtown, L. I. Mr.
Gilmor, who was 63 years old, became a member of the Stock
Exchange in June 1903. He was for many years a specialist
in Columbia Gas & Electric and Southern Railway stocks,
and later specialized in Westinghouse and Missouri-Kansas-
Volume 139
Financial Chronicle
Texas. He transferred his seat at the start of this year to
his son, Robert Jr., and at the same time formed, with his
son, the firm of Robert Gilmor & Son. Prior to 1903 the late
Mr. Gilmor was employed by a Baltimore bank.
1655
Banking," commemorating the anniversary. Schuyler Merritt is Chairman of the Board of Directors.
Regarding the affairs of the defunct Media-69th Street
Trust Co., of Philadelphia, Pa., the Philadelphia "Record"
The General Motors Accepta- nce Corp., New York City, has . of Sept. 5 had the following to say, in part:
Developments on the closed bank front in Pennsylvania yesterday (Sept. 4)
filed an application with the New York State Banking Denet liabilities of the closed Media-69th Street Trust
partment for permission to open a branch office at Colum- included revelation that than net assets on May 8. . . .
Co. were four times larger
bia, S. C.
preponderance of liabilities over assets of the Media-69th Street Trust
The
At a meeting of the board of directors of the Williamsburgh Savings Bank, Brooklyn, N. Y., held Sept. 10, Edward
G. Carstens, heretofore Cashier, was appointed Comptroller;
John M. Roberts, previously Assistant Cashier, was appointed Cashier; and Alexander E. Leighton and Frederick
C. Koch, formerly Assistant Cashiers, were made Assistant
Comptrollers. Edward P. Birkett and Roland C. Sherrer
were appointed Assistant Cashiers.
Depositors in the savings d- epartment of the Community
Savings Bank of Lawrence, Mass., will receive another share
of their money, tied up when the Lawrence Trust Co. closed
Its doors two years ago, on Sept. 24, according to an announcement made by bank officials on Sept. 5. A Lawrence
dispatch printed in the Boston "Herald," also said:
The Community Savings Bank succeeded the closed Lawrence Trust Company*. When the new institution opened, depositors in the savings department were given credit for 40% of their money, 25% of which could be
withdrawn. Bank Commissioner Arthur Guy has ruled that the remainder
can now be released to depositors.
Alfred Spencer, Jr., Chairman of the executive committee
of the Hartford National Bank & Trust Co. of Hartford,
Conn., died at his home in Suffield, Conn., on Sept. 12. He
was 82 years old. Mr. Spencer, who was born in Suffield,
went to Hartford in 1891 to become Cashier of the Aetna
National Bank. Seven years later he was made President
of"the institution, which at that time was closely affiliated
with the Aetna Life Insurance Co. In 1915 the Aetna Bank
was consolidated with the old Hartford Bank, and Mr.
Spencer continued as President of the Hartford-Aetna National Bank until 1926, when he became Chairman of the
board/of directors. The following year when the HartfordAetna National Bank and the United States Security Trust
Co. were merged to form the present institution, Mr.Spencer
became Chairman of the executive committee, the office he
held at his death. The deceased banker was a former
President of the Gray Telephone Pay Station Co.of Hartford
and from (1929 to 1933 President of the Hartford Clearing
House Association.
The Bridgeville National Bank, Bridgeville, Pa., was
chartered on Aug. 24 by the Comptroller of the Currency.
The institution, which replaces The First National Bank of
the same place, is capitalized at $50,000, consisting of $25,000
preferred and $25,000 common stock. Dante Pigossi and
0. L. Ilolman are President and Cashier, respectively, of
the new bank.
According to Hamburg, Pa., advices, appearing in "Money
& Commerce" of Sept. 8, the National Bank of Hamburg (a
new bank which replaces the First National Bank & Trust
Co. of Hamburg), opened for business on Sept. 8, releasing
50% in about 2,000 accounts, totaling more than $500,000.
The dispatch continued:
The bank is headed, by William H. Hahn, Allentown motor truck manufacturer, as President, with Frank P. Benno, Hamburg merchant, as VicePresident. Eugene H. Byers, formerly of the Tradesmen's National Bank,
Philadelphia, is Cashier.
A charter was issued by the Comptroller of the Currency
on July 31 to The Hartley National Bank of Bedford, Bedford, Pa. The new institution, which replaces the Hartley
Banking Co., is capitalized at $100,000, consisting of $60,000
preferred stock and $40,000 common stock. J. Frank Russell
Is President of the institution and Walter C. Allen, Cashier.
The First-Stamford Nation-al Bank & Trust Co. of Stamford, Conn., on Sept. 10 celebrated the one hundredth anniversary of its establishment, having been organized under
the name of the Stamford Bank in 1884. For 17 years it wa,
the only bank in Stamford. In 1919 the institution united
with the First National Bank of Stamford to form the
present institution—the First-Stamford National Bank &
Trust Co. The institution to-day is capitalized at $1,000,000.
with surplus and undivided profits of $1,575,149, and has deposits of $8,865,868. Clarence W. Bell, President of the institution, who has been associated with the bank for 47 years
has written a book entitled "Stamford's First Century of
was disclosed in an accounting filed with the Prothonotary of Delaware
County by J. Paul Skidmore, Deputy Receiver.
The bank closed Sept. 30 1933, freezing nearly $5,000,000 in deposits.
Thus far nothing has been repaid to the 20,000 depositors, and there is no
indication as to when they are likely to receive anything.
When a similar accounting was filed last March, officials of the State
Banking Department were credited with having remarked that the bank
had been badly managed but that investigation had revealed nothing irregular
in the conduct of its affairs.
Mr. Skidmore's figures yesterday placed net assets at $1,236,454 and net
liabilities at $4,821,189 as of May 8. Only $42,240 of the assets is in casb.
The account shows that the claims of the Reconstruction Finance Corporation to have been reduced from $333,998 to $212,980, and those of Pennsylvania Co. from $873,380 to $525,413.
A. C. Merriam, bank examiner, recently announced that a
dividend of 10%, amounting to $35,066, would be paid to
1,100 depositors of the People's Banking Co. of Smithsburg,
Md. This information is obtained from Hagerstown, Md..
advices, on Sept. 3, to the Washington "Post," which went
on to say:
The bank closed at the same time as the Central Trust Co., Frederick, but
a court order last year ordered the divorcement of the Smithsburg institution from the Central Trust and returned most of the former bank's assets
as they existed at the time of the merger.
This is the second dividend paid this year, the first being 15% of the
total deposits.
On Sept. 4 the National Bank of Washington, Washington,
D. C., said to be the. Capital's oldest bank, celebrated the
one hundred and twenty-fifth anniversary of its founding.
The Washington "Post" of Sept. 2, in commenting on the
approaching anniversary, had the following to say, in part:
In that remarkable span of years a most fascinating history has been
woven about the institution. Celebrated statesmen have intrusted their funds
to its safekeeping, perhaps the most distinguished being Henry Cdty and
Daniel Webster. . . .
One of the earliest loans on record made to the United States Treasury was
negotiated by the institution's directors when the Government faced bankruptcy after the War of 1812. Many years later the doors were closed for
two days following the assassination of President Lincoln, and the bank
went into mourning for a month.
Articles of association forming a banking co-partnership
were signed on Sept. 4 1809, the capital being placed at
$1,000,000 in shares of $40 each. Subsequently, a charter
was obtained from Congress, the new bank being incorporated on March 3 1811 and the charter accepted two days
later. In January 1886 the institution (which had been
known as the Bank of Washington) was organized under
the National Banking Act as the National Bank of Washington. To-day the institution is capitalized at $1,050,000, with
surplus and undivided profits of $562,362, and at the close
of business Sept. 1 (according to the "Post") had deposits
in excess of $9,000,000. Clarence F. Norment is Chairman
of the Board of Directors and George L. Starkey, who has
been connected with the institution for more than 40 years,
is President. Other officers include James Trimble, VicePresident; J. Frank White, Vice-President and Cashier;
Edmund H. Graham, John Alden, William E. Howard and
Rutherford J. Dooley, Assistant Cashiers; E. C. Brandenburg, General Counsel and Trust Officer; Odell S. Smith,
Secretary of the Board, and Everett H. Parsley, Auditor.
That depositors of the closed Union Savings & Trust Co.
of Bluffton, Ind., were to receive another 5% dividend, beginning Aug. 30, according to an announcement by D. A.
Walmer, the liquidating agent, was reported in a Bluffton
dispatch on that day to the Indianapolis "News," which also
said:
The 5% distribution will amount to $6,700 and will bring the total
amount paid to creditors since the bank closed to 75%.
Accordtag to Rochester, Ind., advices, on Aug. 30, to the
Indianapolis "News," about 50 Fulton County, Ind., farmers
and business men have petitioned the State Banking Department for a charter for a new bank for Rochester, to be known
as the Farmers' & Merchants' Bank. The new institution
will be capitalized at $50,000, with surplus of $5,000. A public hearing in the matter by the Banking Department was
scheduled for Sept. 10.
The Milwaukee Avenue National Bank of Chicago, Chicago, Ill., was granted a charter by the Comptroller of the
Currency on Aug. 10. The institution (a primary organization) is capitalized at $200.000, $50,000 of which is preferred
1656
Financial Chronicle
stock and $150,000 common stock. H. S. French is President
of the new bank and C. D. Oakley, Cashier.
The Liberty National Bank of Chicago, Chicago, Ill., with
capital of $300,000, was chartered by the Comptroller of the
Currency on Aug. 10. The new bank represents a conversion to the National system of The Liberty Bank of Chicago.
L. S. Burk heads the new bank and W. G. Dooley is Cashier.
From Pontiac, Ill., advices on Sept. 1 to the Chicago
"Tribune," it is learned that Calistus A. Bruer, State representative of Illinois, is President of the new Pontiac National Bank, which opened on Sept. 4. The dispatch added:
The new bank will take over the good and liquid assets of the Old National Bank of Pontiac, closed nearly 20 months ago.
The Comptroller of the Currency on Aug. 14 granted a
charter to the Mount Carroll National Bank, Mount Carroll,
Ill. The new bank, which succeeds The First Carroll County
State Bank of Mount Carroll, is capitalized at $50,000, made
up of $25,000 preferred and $25,000.common stock. Fred
J. Rhodes and Francis E. Weidman are President and
Cashier, respectively, of the new institution.
Sept. 15 1934
brought the present bank into being, the depositors accepting 8% of their
claims in this stock.
The new capital set up of Manufacturers would be as follows with ratification of the proposed plan: Capital stock, all common ($20 par),
$700,000, and surplus of $466,666, totaling $1,166,666.
The set up as it is at present, follows: Preferred stock, $1,215,000;
common stock, $430,000; surplus, $286,666; totaling $1,931,666. . . •
There are 26,000 holders of preferred stock of whom about 6,600 own
one share or more each, and 19,500 own trustees' certificates representing
less than one share.
There are 2,500 persons holding five shares or more each, an aggregate
of 44,000 shares out of the 60,000 preferred outstanding. The additional
common stock would be offered to them for a total of $450,000, or at a
price of $33.33 the share, representing $20 par of stock and $13.33 to be
credited to surplus.
Preferred holders having five, six and seven shares each will be asked
to subscribe for one share of common. Those having eight and nine shares
of preferred will be asked to take two shares of common. Between 10 and
25 shares, an investment in common of 40% of retirement proceeds of preferred will be requested, and between 26 and 49 shares, 50%. The 75
holders of more than 50 shares of preferred will be asked to invest 80 to
100% of retirement proceeds in common. Preferred stockholders having
four shares or less will be paid in full, including accrued, dividends, the
total per share being approximately $20.70.
Under this plan the bank must arrange to have the prescribed amount
of common stock subscriptions taken by present stockholders. While an
offer of preferred to the Reconstruction Finance Corporation is possible
sometimes in the future, officials state that it is not at present their intention to make such an offer.
The Pontiac National Bank, Pontiac, Ill., was chartered
by the Comptroller of the Currency on Aug. 30. It replaces
The National Bank of Pontiac, and is capitalized at $100,000,
consisting of half preferred and half common stock. C. A.
Bruer and Louis Wolff are President and Cashier, respectively, of the new bank.
The Citizens' National Bank of Quitman, Quitman, Ga.,
was chartered by the Comptroller of the Currency on Aug.
25. It replaces the Peoples-First National Bank of Quitman
and is capitalized at $50.000, consisting of $25,000 preferred
and $25,000 common stock. R. C. McIntosh is President of
the institution and C. D. Cocke is Cashier.
—6—,
A charter was granted by the Comptroller of the Currency
on Aug. 20 1934 to The National Metals Bank of Hancock,
Hancock, Mich., a new organization which succeeds The
First National Bank of Hancock, Hancock, and three other
Michigan banks—The Merchants' & Miners' National Bank
of Ironwood; The First National Bank of Laurium, and The
First National Bank of Calumet. The new bank is capitalized at $700,000, of which $350,000 is preferred stock and
$350,000 common stock. W. R. Thompson is President of
the institution, while J. P. Thornton is Cashier.
The Southern Bank & Trust Co. of Miami, Fla., planned to
pay a 10% dividend on preferred claims about the middle of
September, according to State Comptroller Lee, it was stated
in Miami advices on Sept. 10 to the "Wall Street Journal,"
which added:
Checks amounting to $1,150,000 were mailed Sept. 15 to
depositors of the Detroit Trust Co., Detroit, Mich. (which
since its recent reorganization does a trust and fiduciary
business only). Announcement of this proposed payment
was made on Sept. 4 by Harry J. Fox, Chairman of the
Board,acting for the liquidating trustees. The Detroit "Free
Press" of Sept. 4, from which this is learned, added:
This payment represents another 5% dividend.
Effective Aug. 28 1934, the First State Savings Bank of
Bronson, Mich., was admitted to membership in the Federal
Reserve System.
A charter was issued by the Comptroller of the Currency
on Aug. 27 to the First National Bank of Scribner, Scribner,
Neb. The new bank, which succeeds The First National
Bank of that place, is capitalized at $50,000, consisting of
$30,000 preferred stock and $20,000 common stock. Claus
Ehlers is President of the new organization with A. R. Kuhlman, Cashier.
We learn from Norfolk, Neb., advices, on Aug. 31, printed
in the Omaha "Bee," that depositors of the closed Norfolk
National Bank of that city would receive dividends of approximately 11% during September, bringing the total payments, according to Forrest Lear, the receiver, to 71%. The
defunct Norfolk Savings Bank, an affiliated institution, is
expected to pay a 20% dividend at the same time. The dispatch added:
The National bank payment totals $70,658, and the State bank will pay
$28,300. There are 1,500 National and 603 State bank patrons.
Directors of the Manufacturers' Bank & Trust Co. of St.
Louis, Mo., on Sept. 4 announced a plan to simplify the capital structure of the institution by retiring the $1,215,000 of
$20 par preferred stock and making a cash distribution to
holders of •about $800,000 and issuing 13,501 shares of common stock. The plan has been approved by the State Finance
Commissioner, the Federal Reserve Board and the Federal
Deposit Insurance Corporation. The St. Louis "GlobeDemocrat" of Sept. 5, authority for the foregoing, continuing said:
Letters are now being sent out to stockholders and a special meeting for
ratification of the plan probably will be called for in about 60 days. The
cash distribution would be made after the plan is ratified.
This preferred stock had been issued to depositors of the old LafayetteSouth Side Bank and Trust Company in the reorganization plan which
This will be the second payment, 15% having been disbursed Dec. 9 1933.
Before the liquidator took charge the bank had paid 17%.
The Union National Bank in Denver, Denver, Col., was
chartered by the Comptroller of the Currency on Aug. 17.
The new institution succeeds The South Broadway National
Bank of Denver, and is capitalized at $100,000, consisting of
$50,000 preferred and $50,000 common stock. W. L. Johnson and H.0. Murray are President and Cashier, respectively
of the new organization.
Directors of the Bank of America National Trust & Savings Association (head office San Francisco, Calif.), on
Sept. 12 declared regular quarterly dividends of 50 cents and
15% cents, respectively, on the capital stock of the institution and its associated State bank, the Bank of America
(California). The announcement in the matter goes on to
say:
The current quarterly disbursement, which will be paid Oct. 1 to stock
of record Sept. 20, aggregates $1,025,000, bringing total dividends of
1934 to date to $2,825,000. More than 991% of this amount is paid to
/
2
Transamerica Corporation.
of Bank of America N. T. & S. A. is the
The current quarterly dividend
same amount as was declared in June, when directors increased the disbursement from $750,000 a quarter.
The Board of Directors of the Wells Fargo Bank & Union
Trust Co., San Francisco, Calif., has declared the regular
quarterly dividend of $3.25 per share, payable Oct. 1 to stockholders of record Sept. 21 1934. This is at the rate of $13 per
share annually, the same rate which has obtained since 1929.
M. A. Arnold, President of the First National Bank of
Seattle, Wash., has assumed also the duties of Chairman of
the Board of Directors because of the recent retirement of
William H. Parsons, who had occupied the position many
years. The New York "Times" of Sept. 13, in reporting this,
added:
While retiring from active banking, Mr. Parsons will remain as a
director and a member of the Executive Committee of the bank.
William H. Parsons, Chairman of the board of directors
of the First National Bank of Seattle, Wash., on Sept. 4
announced his resignation from that office. He will, however, continue with the institution as a director and a member of the executive committee. The position relinquished
bylMr. Parsons will for the present be combined with that
of the President, M. A. Arnold, it was announced. The
above information is obtained from the Seattle "PostIntelligencer" of Sept. 5, which continued:
. . . Parsons first entered the Seattle banking field in 1908, after a
successful career in Alaska. He was long President of the Dexter Horton
National Bank and was instrumental in the negotiations through which
the institution..took In the TJnioniNational and Seaboard banks. Later
Volume 139
Financial Chronicle
1657
played some activity on the upside, Newmont recovered its
morning loss and Aluminum Co. of America held steady
The National Bank of India, Ltd. (head office London), throughout the session. In the alcohol group Distillers
has declared an ad interim dividend for the half-year ended Seagram continued to hold fairly firm but made no gains and
June 30 last at the rate of 18% per annum less income tax the Swift issues showed moderate improvement.
Trading was quiet and many of the most active of the
payable on and after Sept. 27.
market leaders slipped downward on Friday. There were a
few isolated stocks that worked against the trend, but the
THE CURB EXCHANGE
Public
Erratic price movements, and a strong tendency toward major part of the list closed on the side of the decline.
utilities were generally lower than the rest of the active
lower levels, were the outstanding characteristics of the de- Z
down and many of the
ings on the Curb Exchange during the greater part ofIre stocks. Oil shares were fractionally
compared with Fripresent week. Trading has been in small volume and price mining and metal stocks were lower. As
day of last week, many of the market leaders were off,
changes have generally been within a comparatively narrow
night at 493%
channel. Specialties were off during the forepart of the Aluminum Co. of America closing on Friday
against 523% on the preceding Friday, American Cyanamid B
week butimproved slightly on Wednesday. This was true also
(4) at 193%
%
of the mining and metal shares, but the changes were not at 155 against 17, American Gas & Electric
4
4
against 221 , American Superpower at 13 against 1%,
especially noteworthy.
Atlas Corp. at
Very little interest was displayed in the curb market trading Associated Gas & Electric A at % against %,
13/s, Cities
4
during the short session on Saturday. Dealings were in 8 against 9, Canadian Marconi at 13 against
Service at 13% against 2, Consolidated Gas of Baltimore
small volume and some of the most active of the speculative
against
favorites did not appear on the tape until well along in the (3.60) at 63 against 65, Creole Petroleum at 123/2
Greyhound
/
session. Prices were irregularly lower throughout the 1338, Electric Bond & Share at 93,4 against 103/2,
Smelting
morning, though the offerings were not particularly heavy Corp. at 153% against 163/2, Hudson Bay Mining &
against
4
at any time. Packing stocks and mining and metal shares at 133% against 143 , Humble Oil (New) at 403%
4
423%, International Petroleum at 27 against 283 , National
were fairly steady, Garlock Packing improving about a point
while a similar gain was recorded by Lake Shore Mines. Bellas Hess at 23% against 23%, Niagara Hudson at 43%
United
4
Specialties were generally down, Great Atlantic & Pacific against 43%, Pennroad Corp. at 13 against 2, and
Gas Corp. at 13% against 2.
Tea Co. and Bellas Hess showing fractional declines on the
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
day. Public utilities also were off and moved slowly downward under the leadership of Cities Service and Electric Bond
Bonds (Par Value).
Stalls
& Share. Creole Petroleum and Humble Oil yielded frac(Number
Week Ended
Foreign
Foreign
of
Sept. 14 1934.
tionally and the alcohol issues were practically unchanged
Total.
Domestic. Government. Corporate.
Shares).
from the previous close.
$862,000
$15,000
564.000
3783.000
33,720
Saturday
18.000 1,576,000
73,000
139,265 1,485,000
Curb stocks continued to move irregularly downward on Monday
67.000 2,235,000
66,000
152,921 2,102,000
101.000 2,816,000
Monday, the alcohol issues and specialties bearing the brunt Tuesday
180,000
138,105 2,535,000
Wednesday
40,000 2,280,000
104,000
110.140 2,136,000
of the declines, though the most of the changes were within a Thursday
23,000 2,446.000
40,000
Friday
199,625 2,383,000
comparatively narrow channel. In the public utility group
$264,000 812.215,000
8527.000
771,776 811,424.000
Total
the declines included such market favorites as American Gas
Jan 1 to Sept. 14.
Wed Ended Sept. 14.
Sales at
& Electric and Electric Bond & Share. Niagara Hudson and
New York Curb
1933.
1934.
1933.
1934.
Exchange.
United Light & Power A were fairly steady and closed with
79,824,777
46,985,385
1.547,742
little or no change. The Swift stocks sagged and most of Stocks—No. ot shares_
771,776
Bonds.
the alcohol shares were lower at the end. Oil issues showed Domestic
$655,039,000
5716,289,000
311,424,000 $12,651,000
30,893,000
27,101,000
467,000
527,000
Foreign government_
modest improvement in the closing hour and some of the Foreign corporate
29,517,000
20,241,000
495,000
264.000
of America held fairly
metal shares like Aluminum Co.
5715,449,000
8763,631,000
Total
$12,215,000 813,613,000
steady throughout the day. The declaration of a $2.50 extra
•Corrected total.
dividend in.connection with the regular $1.50 quarterly diviCOURSE OF BANK CLEARINGS
dend by Singer Mfg. Co.failed to arouse any enthusiasm in
Bank clearings this week will show an increase as comthat stock.
The selling among the specialties had a depressing effect pared with a year ago. Preliminary figures compiled by
on the curb list on Tuesday, and while there were occasional us, based upon telegraphic advices from the chief cities of
gains made by some of the more popular of the trading the country, indicate that for the week ended to-day (Saturfavorites, the bulk of the dealings were at lower prices. De- day, Sept. 15) bank exchanges for all cities of the United
clines of one or two points were recorded by such active shares States from which it is possible to obtain weekly returns
as Bunker Hill Sullivan, Pan-American Airways, Sherwin- will be 5.0% below those for the corresponding week last
Williams, Atlas Corp. pref. and Pittsburgh Plate Glass. year. Our preliminary total stands at $4,861,877,051,
Consolidated Gas of Baltimore also lost a point. Oil stocks against $4,630,532,546 for the same week in 1933. At
recorded fractional advances in Humble Oil and International this center there is a gain for the five days ended Friday of
Petroleum, and in the mining group, Lake Shore Mines 15.3%. Our comparative summary for the week follows:
moved up about a point. In the public utilities list, Electric
Per
Clearings—Returns by Telegraph
Cent.
1933
'1934
Wed Ended Sept. 15
Bond & Share, United Light & Power and Niagara Hudson
52,575,334,444 82,233,027,983 +15.3
held fairly steady around the previous close, and so did the New York
170,319,604 +18.0
197,637,021
Chicago
alcohol stocks including Distillers Seagram and Hiram Philadelphia
195.000,000 +10.3
215,000.000
139,000,000 —0.7
138,000,000
Boston
Walker.
49,806,220 +35.7
67,565,697
Kansas City
48,100,000 +15.4
55,500,000
Weakness in the metal shares carried the leading curb Bt. Louis
89,882,000 —6.0
84,500,000
San Francisco
66,709,023 +1.9
67,954,936
issues downward on Wednesday, and while trading was Pittsburgh
50,788,656 +9.3
55,520,055
•
somewhat more active than on the preceding day, losses Detroit
47,330,178 +4.4
49,429,925
Cleveland
29,388,247 +27.9
37,579,586
predominated during most of the session. Alcohol stocks Baltimore
17,172,679 +35.2
23,214,000
New Orleans
specialties made the best showing, but the gains were
and
53,567,235,664 33,136,524,590 +13.7
Twelve cities, 5 days
largely fractional. Public utilities were off, some of the most Other cities, 5 dais
478,334,545 +1.3
484,328,545
active stocks like Electric Bond & Share, American Gas &
84,051,564.209 83,614,859,135 +12.1
Total all cities, 5 days
1,015,673,413 —20.2
810,312,842
Electric, United Light & Power A and Niagara Hudson show- All cities, 1 day
14 RR1 577 051 54 Ran 552.545 4-3.0
TntR1 R11 Milan Mr mawk
ing small declines. Lake Shore Mines dipped more than 2
points at its low for the day and recessions of fractions to a
Complete and exact details for the week covered by the
point or more were registered by such stocks as the Swift foregoing will appear in our issue of next week. We cannot
issues and Parker Rust Proof. In the oil group, Interna- furnish them to-day, inasmuch as the week ends to-day,
tional Petroleum was firm and Humble Oil yielded frac- (Saturday), and the Saturday figures will not be available
tionally.
until noon to-day. Accordingly, in the above the last day
Erratic price movements were again in evidence on the of the week in all cases has to be estimated.
Curb Exchange during most of the dealings on Thursday.
In the elaborate detailed statement, however, which we
Trading was in small volume, and while Niagara Hudson present further below, we are able to give final and complete
showed a small gain in the early transactions, most of the results for the week previous—the week ended Sept. 8. For
utilities held steady near their previous finals. Some im- that week there is an increase of 13.2%, the aggregate of
provement was apparent in the oil stocks though most of the clearings for the whole country being $4,019,822,275, against
gains were erased before the close. Lake Shore Mines dis- $3,551,180,164 in the same week in 1933.
he assisted in the merger of the Dexter Horton National, Seattle National
and First National banks.
1658
Financial Chronicle
Outside of this city there is an increase of 26.0%, the bank
clearings at this center having recorded a gain of 6.0%. 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 gain of 6.2% and in the Philadelphia Reserve
District of 27.9%, but in the Boston Reserve District the
totals show a loss of 1.3%. The Cleveland Reserve District
registers an improvement of 19.9%, the Richmond Reserve
District of 34.7% and the Atlanta Reserve District of 24.9%.
In the Chicago Reserve District the increase is 28.3%, in the
St. Louis Reserve District 19.5% and in the Atlanta Reserve District 24.4%. The Kansas City Reserve District
has enlarged its totals by 44.8%, the Dallas Reserve District
by 47.6% and the San Francisco Reserve District by 54.9%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Inc.01
Dec.
Week Ended Sept. 8 1934
1934
Federal Reserve Dlsts.
let Boston_ _ _ _12 cities
2nd N ew York_ _12 "
3rd Philadelpla 9 "
8th Cleveland__ 5 "
6th Richmond - 6 "
5th Atlanta_ ___10 "
7th Chicago _ _ _19 "
96h St.Louls___ 4 "
9112 Minneapolis 6 "
10th Kansas City10 "
11th Dallas
5 "
12th Ban Fran_ _12 "
S
160,843,961
2,489,548,122
234,002,351
165,077,441
89,553,480
87,454,523
293,046,066
85,326,084
83,272,654
107,292,719
48,305,682
176,099,192
S
162,924,723
2,343,792,249
182,924,554
137,698,192
66,505,532
70,023,419
228,431,683
71,407,064
66,935,420
74,102,224
32,725,614
113,709,490
Total
110 cities
Outside N. Y. City
4,019,822,275
1,606,342,176
3,551,180,164 +13.2
1,274,662,290 +26.0
fle.m.da
10...Mao
lin WIC
1933
ea'.
nr, /01
.3.1.4
%
-1.3
+6.2
+27.9
+19.9
+34.7
+24.9
+28.3
+19.5
+24.4
+44.8
+47.6
+54.9
1931
$
$
159,847,3=
271,152,744
2,578,198,834 3,569,677,826
202,392,022
333,428,050
137,331,570
235,027,668
80,381,588
94,425,766
69,610,976
91,200,136
235,078,135
486,507,146
68,810,991
106,559,072
59,232,328
76,840,138
77,684,925
109,455,988
31,064,523
38,452,712
119,209,476
188,336,696
3,819,042,690
1,309,533,738
5,521,113,940
2,054,225,765
nen vnes qr."
...,..............
_LA/ ft
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended Sept, 8
Clearings at
1934
1933
lax. or
Dec.
$
$
%
First Federal Reserve Dist rict-Boston Me.
-Bangor _ _
489,621
432,607 +13.2
Portland
•
1,519,739
1,210,667 +25.5
Mass.
-Boston _ • 139,133,384 143,954,698 -3.3
Fall River _ _ _ •
452,442
408,868 +10.7
Lowell
221,172
244,308 -9.5
New Bedford_
412,701
462,297 -10.7
Springfield _
1,902,420
1,924,461 -1.1
924,254
Worcester
887,435 +4.1
Conn.-Hartfor
4,872,393 +52.0
7,406,606
New Haven_ _
2,226,787
2,738,782 -18.7
R.1-Providen
5,739,800
5,426,900 +5.8
N.H.-Manch'r
415,035
361.307 +14.9
Total(12 cities
160,843,961
162,924,723
-1.3
1932
$
1931
$
381,441
1,695,508
136,082,414
430,325
183,076
438,377
1,976,303
1,247,528
7,652,790
3,848,523
5,593,800
317,237
671,988
2,538,915
239,467,286
877,110
368,916
700,792
3,083,523
2,074,934
8,438,809
4,783,407
7,692,700
454,364
159,847,322
+6.2 2,578,198,834 3,569,677,826
Third Federal Reserve Dist rIct-Phila d elphia-Pa.
322,556
-Altoona _ _
325,348 -0.9
268,318
Bethlehem _ _
a1,342,752
b__
81,624,889
Chester
251,394
204,174 +23.1
202,815
687,398
Lancaster
643,504
+6.8
871,966
Philadelphia _
223,000,000 176,000,000 +26.7 194,000,000
Reading
775,240
895,870 -13.5
1,417,623
1,807,333
• 1,450,095 +24.6
Scranton
1,730,487
805,216
Wilkes-Barre_ _
1,121,299 -28.2
1,373,956
York
974,214
820,264 +18.8
878,857
N.1.
-Trenton..
5,379,000
1,464.000 +267.4
1.648,000
Total (9 cities)
234,CO2,351
182,924,554 +27.9
574,061
82,349,501
677,496
2,069,353
316,000,000
2,380,192
4,824,772
2,727,491
1.674,685
2,500.000
202,392,022
333,428,050
Fourth Fede al
Ohio-Akron....
Canton
Cincinnati _ _ __
Cleveland
Columbus
Mansfield
Youngstown __
Pa.
-Pittsburgh.
Reserve D Istrict--Clev eland- C
c
C
c
C
c
c
c
34,040,513
28,845,815 +18.0
31,602,063
52,802,614
42,210,359 +25.1
41,735,050
7,895,200
5,507,300 +43.4
5,743,500
822,460
758,156
+8.5
721,197
b
b
b
b
69,516,654
60,376,562 +15.1
57,529,760
c
c
45,024,313
80,063,785
9,107,900
1,020,239
b
99,811,431
Total(5 cities).
137,698,192 +19.9
165,077,441
Fifth Federal Reserve Diw trict-Rich
W.Va.-Hunt'to
146,769
107,809
Va.-Norfolk _ __
1,731,000
1,835,000
Richmond ___ _
31,937,136
21.633,698
S. C.
-Charleston
761,556
952,132
Md.-Baltimore _
43,143,310
32.436,899
D.C.-Washing'
11,833,709
9,539,994
Total(6 cities).
89,553,480
137.331,570
235,027.668
mond-278.431
+36.1
-5.7
1,872,414
+47.6
22,004,872
-20.0
718,269
+33.0
41,460,999
+24.0
14,046,603
506,162
2,703,869
28,164,868
1,229,975
43,615,716
18,205,176
66,505,532 +34.7
80,381,588
94,425,766
Sixth Federal Reserve Dist rict-Atlant a2,148,014
Tenn.
-Knoxville
3,608,186 -40.5
Nashville
9,612,042
7,316,020 +31.4
Ga.-Atlanta__ _ _
31,700,000
25,600,000 +23.8
912,611
Augusta
1,185,649 -23.0
693,541
Macon
470.959 +47.3
9,666,000
Fla.-Jack'nville
8,500,000 +13.7
11,135,706
Ala.-Birm'ham _
7,914,901 +40.7
1,101,182
Mobile
980,877 +12.3
b
Miss -Jackson..
b
b
95,474
Vicksburg
101,652 -6.1
20,389,953
La.
-New Orleans
14,345,175 +42.1
1,669,156
7,589,697
21,600,000
832.430
473,083
5,733,127
6,691,547
724,272
b
87,091
24.210,573
3,079,622
10,211,457
28,100,000
1,161,808
594,904
8,147,915
10,046,453
1,173,440
b
122,602
28,561,935
69.610.976
91.200.136
Total(10 cities)
87,454,523
70,023,419 +24.9
1934
Inc. or
Dec.
1933
1932
$
Seventh Feder al Reserve D 'strict-Chi cago
Mich.
-Adrian
54,804
48,891 +12.1
74,063
Ann Arbor_ _
298,375
276,639 +7.9
294,702
Detroit
50,104,235
37,139,548 +34.9
36,250,608
Grand Rapids_
1,094,724 +63.1
1,784,966
2,253,543
674,651 +43.7
Lansing
969,385
884,700
Ind.
-Ft. Wayne
577.083
445,817 +29.4
731,449
Indianapolis_ _ _
8,267,000 +21.8
10,068,000
10,251,000
South Bend_ _ _
359,699 +60.1
575,816
857,065
Terre Haute__ _
3,038,639
2,383,256 +27.5
2,227.687
Wis.-Milwaukee
12,792,950
9,304,781 +37.5
13,041,664
575,283
192,290 +199.2
Ia.-Ced. Rapids
506,036
Des Moines_ _ _
6,341,073
3,536,158 +79.3
3,926,910
Sioux City.
2,800,924
1,954,217 +43.3
1,768,908
Waterloo
Is
285,269 +71.1
111.
-Bloomington
488,179
815,113
Chicago
198,481.937 159,151,931 +24.7 157,172,328
414,039 +10.4
Decatur
457,027
381,879
2.169,447
Peoria
1,665,977 +30.2
2,015.732
474,364 +28.6
Rockford
609,952
344.533
762,432 +12.5
857,991
Springfield_
1.280,215
150,919
507,696
78,594,531
3,537,944
2,225,052
1,338,418
14,041,000
1,057,060
3,525,788
19,232,179
2,518,987
5,587,519
3,482.831
1,334,004
263,305,197
681.679
2,458,026
1,135,130
1,843,186
235,078,135
406,557,148
75,000,000
22,820,542
8,123,449
+46.0
45,100,000
14,658,567
8,621.270
Is
431,154
71,407,064 +19.5
68,810,991
106,559,072
Ninth Federal Reserve Die trict
-Minn eapolis
2,798,203 -22.7
2,164,114
Minn.
-Duluth._
48.785,427 +21.8
Minneapolis__ _
59.444,549
13,101,784 +43.8
St. Paul
18,835,711
406,846 -7.2
S.23 -Aberdeen.
377,632
282,840 +52.5
-Billings _
431,200
Mont.
1,560,320 +29.4
Helena
2,019,448
2,306,746
43,984,522
10,845,196
514,411
274,351
1,307,102
3,622,649
53,426,167
16,811,191
673,180
471,812
1,835.137
66,935,420 +24.4
59,232,328
76,840,136
Tenth Federal R eserve Distri ct-Kansas City
44,471 +151.4
Neb.-Frement_ _
111.812
Hastings
75,387
1,467,081
Lincoln
1,909,997
17.996,588 +42.5
Omaha
25.648,268
1,299,206 +52.8
Kan.
-Topeka _
1,984,782
1,374,557 +55.5
Wichita
2,137,244
48,467,586 +47.9
Mo.-Kan. City.
71,672,830
2,570,309 +5.7
St. Joseph _ _ _
2,716,108
461,371 +12.8
Colo.
-Col. Spgs.
520,224
421,055 +22.6
Pueblo
516,067
114,862
116,903
1,467,569
18,562,375
1,323,504
3,079,743
49,917,639
2,238,677
555,394
508,259
192,965
311,522
2,458.136
28,403,142
2,094.035
4,093,122
66,658,553
3,005,031
952,137
1,287,345
74,102,224 +44.8
77,884,925
109,455,988
-Da HasEleventh Fede ral Reserve District
602.738 +51.5
Tex.
-Austin.
913,181
25,299,775 +53.3
Dallas
38,786,994
3.699.444 +26.3
Fort Worth...
4,673.624
1,681,000 +12.4
Galveston
1,890,000
1,442,657 +41.5
La -Shreveport.
2,041,883
576,002
23.164,738
3.730,793
1,569,000
2,023,990
1,125,211
27,766,195
5,469.696
1,580,000
2,511,610
32.725,614 +47.6
31,064,523
38,452,712
Franci sco-+33.0
17,967,030
+100.2
4,309,000
+76.9
416,282
+34.5
14,266,262
+36.4 , 7,324,791
+34.3
1,957,036
+39.0
1,614,899
+98.7
5,726,754
+65.4
62,910,836
+46.8
1,093,289
+32.2
701,451
+26.6
1,021,846
25,452,991
8,052,000
804,094
22,005,978
10,433,801
4,160,393
3,071.693
7,449,091
102,184,000
2,209,117
1,456,938
1,056,600
293,046,066
228,431,683 +28.3
1931
Eighth Federa I Reserve Die trict-St. Lo
Ind.
-Evansville.
47,800,000
Mo.-St. Louis
55,700,000
15,045.280
Ky.-Louisville_ _
18,573,291
8,272,784
-Memphis
Tenn.
10,630,793
I11.-Jacksonville.
289,000
422,000
Quincy
Total(4 cities)_
Total(6 cities).
85,326,084
83,272,654
uis+16.5
+23.4
+28.5
615,081
271,152,744
Second Fede • al Reserve D 'strict
-New York
-Albany_
4,579,000
N. Y.
4,621,467 -0.9
5.124,106
6,842,826
845,432
Binghamton.._
575,682 +46.9
559,680
821,102
Buffalo
19,868,009
20,615,028 -3.6
16,626,469
28,319,886
Elmira
410,949 -4.2
393,731
430,990
776,562
Jamestown_
418,722
255,730 +63.7
390,824
688,601
New York _
2,413.480,099 2,276,517,874
+6.0 2,509,508,952 3,466,888,175
Rochester
5.676,392 -1.7
5,579,895
5,707,574
7,490,559
Syracuse
2,235.144 +11.5
2,491,961
2,753,551
4,037,856
Conn.-Stamfor
1,997,563 +10.7
2,210,569
2,004,528
2,525,004
N. -1.-Montcla
.300,C00
143,368 +109.3
195,500
374.940
Newark
11,165,573
11,980,607
+7.3
13,366,735
26,386,880
Northern N. J
19,577,479 +40.0
27,400,097
21,529,925
24,525,435
Total(12 cities 2,489,548,122 2,343,792,249
Week Ended Sept. 8
Clearings at
-
Total(19 cities)
1932
Sept. 15 1934
Total (10 cities)
Total(5 cities)-
107,292,719
48.305,682
Twelfth Feder al Reserve D istrIct-San
17,369,726
Wash.
-Seattle _
23,094,041
3,771,000
Spokane
7,551,000
369,624
Yakima
653,682
14,486,477
Ore -Portland.
19,488,727
7,564,744
Utah-S. L. City
10,317,802
1,973,580
Calif.
-L.Beach_
2,651,375
1,520,659
Pasadena
2,113,833
2,489,085
Sacramento_ _
4,974,647
61.200,247
San Francisco_ 101,203.002
1,289,546
San Jose
1,892,447
693,601
Santa Barbara_
916,597
981,201
Stockton
1,242,039
Total(12 cities)
176,099.192
113,709.490 +54.9
119,209,476
188,336,696
Grand total (110
cities) _ _ ..... 4,019,822,275 3,551,180,164 +13.2 3,819,042,690 5,521,113,940
Outside New York 1,606,342,176 1,274,662,290 +26.0 1,309,533,738 2,054,225,765
Week Ended Sept. 6
Clearings at
1934
Canada-.
Montreal
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
86,744,512
120,198,815
44.397,308
13,217,300
3.857.569
3,997,091
2,075,537
8,380,985
5,309,096
1,540,617
1,342.903
2,101,936
3,614,274
4,996.606
344,822
560,180
1,291,226
470,029
617,669
644,066
485,474
252,683
563,877
538,829
833.106
1,543.748
287,317
604,640
516,050
345,222
403,829
651,345
Total (32 cities)
312.726.661
1933
Inc. or
Dec.
1932
1931
+13.8
+50.2
+16.6
-8.8
+2.7
+6.4
-6.9
+163.6
-4.2
+6.8
-27.0
-10.2
+10.7
+37.4
+13.7
+28.5
+14.4
-4.2
-2.0
+16.2
+16.7
+21.3
-5.1
-1.3
+2.9
-21.5
+19.4
+12.6
-2.7
+8.8
-3.8
+20.5
76,717,329
74,058,303
35,199,512
10,496,777
3,721,732
4,146,968
2,399,973
3,456,548
4,424,631
1,711,764
1,331,276
2,408,603
3,393,265
2,945,843
345,364
367.888
1,362,155
518,276
779,305
622,684
418,472
182,539
559,923
537,240
674,976
1,885,826
256,055
544,158
534,007
312,032
409,685
415,283
73,590.822
69,639,890
3
29,919,62
12,239,741
4,947,023
4,180,431
2.780,237
3,955,404
4,236.324
6
2,019,22
1,593,116
2,019,642
3,405,699
3,215,574
350,653
308,102
1,344,049
525,489
653,214
675,036
552,368
235,422
610,163
664,922
663,781
979
1,963,
299,923
671,713
642,718
361,523
388,965
573,367
250,481,324 +24.9
237,138,392
229,228,139
76,213,555
80,031,384
38,083,898
14.493,071
3,755,975
3,757,863
2,228,644
3,179,547
5,542,560
1,442,835
1,839,790
2,341.113
3,264.506
3,637,402
303,308
435.781
1,129,140
490,582
630,117
554,467
415,902
208,259
593,966
545,656
809,548
1,966.665
240,646
536,998
530,305
317,417
419,731
540,693
a Not included in totals. b No clearings available. c Clearing House not functioning at present. •Estimated.
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 29 1934:
GOLD.
The Bank of England gold reserve against notes amounted to £191.676,960 on the 22d inst. showing no change as compared with the previous
Wednesday.
About £1,900,000 gold has been dealt with in the open market this week.
A brisk Continental demand still keeps the price above the parity of the
gold exchanges.
Quotations during the week:
Per Ounce Equivalent Value
of E Sterling.
Fine.
12s. 3.08d.
1385. 73id.
August 23
12s. 2.42d.
139s. 3d.
August 24
12s. 2.25d.
139s. 5d.
25
August
12s. 2.33d.
139s. 4d.
August 27
12s. 2.55d.
139s. 134d.
August 28
12s. 2.29d.
139s. 43.4d.
August 29
12s. 2.49d.
1398. 2.25d.
Average
During the week the Bank of England has purchased E85.138 in bar gold'
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 20th inst. to mid-day on the 27th inst.:
Exports
Imports
£289,200
£17,683 Belgium
Switzerland
24,792
17.443 France
France
334,908
6,584 Switzerland
Iraq
Czechoslovakia
6,175
America_
United States of
201,196
1.000
British India
721,326 Other countries
Hong Kong
61,854
Australia
446,093
British South Africa
145,445
from SS. Egypt _
154.092
Salved
Spain
2,900
Other countries
2,816
£1,777,432
No shipments of gold were made from Bombay last week.
£656.075
SILVER.
The market has shown no change of feature during the past week and
there has been little or no fluctuation in prices.
Considerable purchases have, on some days, been made on American sc.
count for prompt shipment but demand from this quarter has again been
adequately met by sales from China.
With good supplies of cash silver available the premium recently established for this delivery has run off and prices for cash and forward deliveries have been quoted level throughout the week.
The figures of Shanghai stocks shown elsewhere in this letter again show
a heavy decrease as the result of shipments to this country.
The Indian Bazaars and speculators have worked spasmodically and
have both bought and sold.
At the present level the tone of the market is firm.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 20th inst. to mid-day on the 27th inst.:
Exports
Imports
£1,850
Soviet Union (Russia)_ - £36,826 Sweden
1,340
3,385 Denmark
British West Africa
Germany
2,990
781.341
China
5,500
5.200 French possessions in India
Gibraltar
2,803 United States of America--1.458,910
Other countries
Mauritius
26,120
Other countries
4,080
£1,500,790
£829,555
Quotations during the week:
IN NEW YORK
IN LONDON
Per Ounce .999 Fine
-Bar Silver Per O. Std.Cash,
2 Mos.
50 cents
Aug. 23..- -21.9s. 16d. 21.9s. I6d. Aug. 22
50 cents
Aug. 23
Aug. 24---21 9-16d.
21 9-16d.
Aug. 24
21;id.
50 cents
Aug. 2525......213.4d.21;id.
50 cents
Aug. 25
Aug. 27---21 9-16d.
21 9-16d.
50 cents
Aug. 27
Aug. 28---21 9-16d.
21 9-16d.
50 cents
Aug. 28
Aug. 29_.21 9-16d.
21.552d.
Average_ - _21.552d.
21.552d.
The highest rate of exchange on New York recorded during the period
rom the 23d inst. to the 29th inst. was $5.09 Yi and lowest 35.04%.
INDIAN CURRENCY RETURNS
Aug. 22.
Aug. 15.
(In Lacs Of Rupees)Aug. 7.
18,437
18,394
Notes in circulation
18,367
9.897
9.893
Silver coin and bullion in India
9,895
4,155
4,155
coin and bullion in India
Gold
4,155
Securities (Indian Government)
3.127
3,114
3,085
1,258
1,232
Securities (British Government)
1,232
The stocks in Shanghai on the 25th inst. consisted of about 80.600,000
ounces in sycee, 348,000,000 dollars and 29.700,000 ounces in bar silver as
compared with about 100,400,000 ounces in sycee, 368,000,000 dollars and
31,200,000 ounces in bar silver on the 18th inst.
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:
Sat.,
Sept. 8
Silver, per oz._ 2134d.
Gold, D.floe oz. 1408.9d.
Consols, 234% Holiday
British 334%Holiday
W. L
British 4%Holiday
1960-90
77mrs.,
Wed.,
Tues.,
Mon.,
Frt.,
Sept. 12 Sept. 13 Setp. 14
Sept. 11
Sept. 10
21 13-166. 2134d. 21 11-16d. 21 11-166. 21 11-16d.
140s.11.30. 1408.3)46. 1408.53.4.1. 1403.63.46. 1408.6%d.
80 3-16
803-16
803(
80%
8034
105
105
105
105
105
116
116
116
116
116
The price of silver in New York on the same days has been:
Silver in N. Y.,
(foreign) Per
Os.(cts.)--...
17. S. Treasury_
U. S. Treasury
(newly mined)
4934
50.01
4934
50.01
493.4
50.01
4934
50.01
493.4
50.01
494
50.01
643.4
64)4
64)4
64)4
6434
643.4
1659
Financial Chronicle
Volume 139
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:
Sept.8 Sept. 10 Sept. 11 Sept. 12 Sept. 13 Sept. 14
1934.
1934
1934
1934
1934
1934
Francs Francs Francs Francs Francs Francs
10,500 10,400 10,400 10,500 10.500
Bank of France
1,303
1,308 1,300 1,281
Banque de Paris et Pays Bas--147
142
143
146
Banque d'Union Parisienne---"ia
213
210
211
211
Canadian Pacific
19,300 19,300 19,300 19,400 19,400
Canal de Suez
2,250 2,240 2,250 2,235
Cie Distr. d'Electricitie
1,520 1,520 1,580 1,520 1:666
Cle Generale d'Electrieltie
23
21
25
21
25
Cie Generale Transatiantique190
190
188
183
Citroen B
965
963
965
979
d'Escompte
Comptoir Nationale
110
110
110
"iio
110
Coty El A
217
217
218
223
Courrieres
634
635
645
645
Credit Commercial de France....
1 660
1,950 1,950 1,930 1,930 :
Credit Lyonnais
2,440
2,440
2,460
2,450 2,440
F.aux Lyonnais
583
581
586
585
Energie Electrique du Nord
795
793
798
801
Energie Electrique du Littoral
493
503
501
509
Kuhlmann
650
650
650
670
670
RollL'Alr Liquide
875
863
889
892
day
Lyon (P L M)
1,245 1,245 1,240 1,237
Nord By
445
437
438
439
437
Orleans By
51
50
51
52
Path° Capital
940
933
939
950
Pechiney
-73.00 73.16
72.90 72.50 72.60
Rentes, Perpetual 3%
80.40 80.50 80.40
80.40
80.80
Rentes 4%, 1917
80.50 80.50 80.60
80.90 80.40
Rentee 4%. 1918
87.10
87.20 86.80 86.90 87.10
Rentes 4%%. 1932 A
87.80 87.80
87.60 87.60
87.90
Rentes 434%, 1932 B
110.40 110.10 110.30 110.10 109.30
Rentes 5%, 1920
1,560
1,570
1,560 1,550 1,550
Royal Dutch
_
1,113
1,112 1,101
1,122
Saint Gobain C & C
1,590 1,595
1,610 1,610
Schneider & Cie
52
53
53
54
Societe Francalse Ford
57
59
57
54
Societe Generale Fancier°
2,440
2,450 2,445 2.460
Societe Lyonnais')
512
509
509
511
Societe Marseillaise
108
106
105
107
Tubize Artificial Silk prat
658
662
670
672
Union d'Electricitie
77
77
76
77
WaXon-Lits
THE BERLIN STOCK EXCHANGE
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Sept. Sept. Sept. Sept. Sept.
13
12
10 11
8
Per Cent of Par
153 152 154 155 153
Reichsbank (12%)
96
96
96
96
96
Berliner Handele-Gesellachaft (5%)
67
66
67
68
67
Commerz-und Privet Bank A 0
72
72
74
75
Deutsche Bank und Disoonto-Gesellschaft 75
74
75
77
77
77
Dresdner Bank
112 112
Deutsche Reichsbahn (Ger Rya) pret(7%)-112 112 112
27
27
27
27
28
Angemeine Elektrizitaets-Gesell(A E G)
147 148 146
147
147
Berliner Kraft u Licht (10%)
126 125
128 126
128
D
7
113 112 112
112 113
Gesfuerel (5%)
134
134 134
134 134
Hamburg Elektr-Werke (8%)
150 149 148
149
Siemens & Halske(7%)
147 iii 147 146 145
I G Farbenindustrie(7%)
163 163159
Salzdetfurth (7)4%)247 246 647 617 247
Rheinische Braunkohle (12%)
116
116
117 117 116
Deutsche Erdoel(4%)
71
72
71
71
71
Mannesmann Roehren
25
26
27
26
26
Hapag
29
29
30
29
29
Norrideutscher Lloyd
CURRENT
Sept.
14
153
96
67
71
74
112
27
148
127
112
135
149
145
159
247
117
71
26
29
NOTICES.
Cohen, Wachsman & Wassail, members of the New York Stock Exchange and other leading exchanges, announce the opening ofa branch office
at 2 East Broadway, New York, under the management of John D. Manus°.
This is the second New York branch established by the firm, a previous
one having been opened at 137 West 37th Street earlier this month.
-With the announcement of the closing of the Chicago office of Webster
Kennedy & Co., John B. Dunbar and G. Edward Slezak, formerly with the
above firm, announced the formation of John B. Dunbar & Co., to deal in
tax-exempt securities, with offices at 208 S. La Salle Street.
-C. G. Novotny & Co., Inc., 80 Broad Street, New York, has issued a
list of State and municipal bonds yielding from 4.10% to 6.60%: also a list
of Federal Land Bank and Joint Stock Land Bank bonds with bid and
asked prices.
-G. V. Grace & Co., Inc., 29 Broadway, New York, have prepared an
analysis of the reorganization plan for holders of Northeastern Public
Service general lien 534s of 1961.
Herrick, Heinzelmann & Ripley, Inc., announces the opening of its
fourth out-of-town office in Kansas City, Mo.. under the direction of Miss
Jewell Wilson as manager.
-Dividend record and percentage of earnings distributed by Boston
Insurance Co. are treated in a special analysis by Hare's, Ltd., 19 Rector
Street, New York.
-E. H. Rollins & Sons, Inc., announce that George Harris Baker is
now associated with them in charge of the New York office retail sales
organization.
-Van Alstyne, Noel & Co., Inc., announce the opening of a Buffalo
office at the Ellicott Square Building, under the management of Donald
D. Dietzer.
-John J. Wentworth, formerly with Gertler & Co., is now manager of
the Southern Municipal Bond Department of Dunne & Co. of New York.
-S. Albert Trimarco, formerly of Fairman, Perry & Co., is now associated with Clark, Childs & Keech, 208 South La Salle Street, Chicago.
-Charles E. Doyle & Co., 20 Pine Street, New York, have issued their
monthly New York Bank Stocks and Insurance Stocks Guide.
-W.D. Yergason & Co., 30 Broad Street, New York, are distributing a
resume of Tobacco Products Corp. of Delaware.
James Talcott. Inc., has been appointed factor for Allegheny Textile
Co., New York City, distributors of laces.
First of Michigan Corp., 20 Exchange Place, New York, has issued a
list of State and municipal bonds.
Edward Naumburg Jr. is now associated with Mervin Ash & Co. in
their main New York office.
-R. II. Johnson & Co., Inc., announce that Arthur L. Peal has joined
its sales organization.
1660
Financial Chronicle
PRELIMINARY DEBT STATEMENT OF THE
UNITED STATES AUG. 31 1934
The preliminary statement of the public debt of the United
States Aug. 31 1934, as made upon the basis of the daily
Treasury statement, is as follows:
Bonds
2% Consols of 1930
2% Panama Canal loan of 1916-36
2% Panama Canal loan of 1918-38
3% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
235% Postal Savings bonds (8th to 47th series)
$599,724,050.00
48.954,180.00
25,947.400.00
49,800,000.00
28,894,500.00
88,685,020.00
$842,005,150.00
First Liberty loan of 1932-47:
335% bonds
$1,392,226,350.00
4% bonds (converted)
5,002,450.00
431% bonds (converted)
535,981,250.00
1,933,210,050.00
4
31% Fourth Liberty loan of 1933-38 (called
and uncalled)_a
4,405,055,800.00
Treasury bonds:
434% bonds of 1947-52
4% bonds of 1944-54
3 yi% bonds of 1946-56
335% bonds of 1943-47
331% bonds of 1940-43
3357 bonds of 1941-43
331% bonds of 1946-49
3% bonds of 1951-55
331% bonds of 1941
4.34-331% bonds of 1943-45
331% bonds of 1944-46
3% bonds of 1946-48
8758,983,300.00
1,036,834,500.00
489,087,100.00
454,135,200.00
352,993,950.00
544,914,050.00
819,096,500.00
755,478,850.00
834,474,100.00
1,400,570,500.00
1,061,960,500.00
824,508,050.00
6,338,265,850.00
$16,513,307,600.00
$416,602,800.00
353,865,000.00
528,101.600.00
418,291,900.00
364,138,000.00
357,921,200.00
558,819,200.00
817,483,500.00
502,361,900.00
428,730,700.00
276,679,600.00
618,056,800.00
455,175,500.00
528,521,700.00
$6,624,749,400.00
4% Civil Service retirement fund, series 1935
to 1939
4% Foreign Service retirement fund, series
1935 to 1939
4% Canal Zone retirement fund, series 1936
to 1939
2% Postal Savings System series, maturing
June 30 1939
Certificates of Indebtedness
-1934, maturing Sept. 15 1934.
13.4% series TS
23i% series TD-1934, maturing Dee. 15 1934_
256,300,000.00
2.724,000.00
2,302,000.00
35,000,000.00
6,921,075,400.00
$524,748,500.00
992,496,500.00
$1,517,245,000.00
4% Adjusted Service Certificate Fund series,
maturing Jan. 11035
Treasury Bills (Maturity Value)
Series maturing Sept. 5 1934
Series maturing Sept. 26 1934
Series maturing Oct. 3 1934
Series maturing Oct. 10 1934
Series maturing Oct. 17 1934
Series maturing Oct. 24 1934
Series maturing Oct. 31 1934
Series maturing Nov. 7 1934
Series maturing Nov. 14 1934
Series maturing Nov. 21 1934
Series maturing Dec. 19 1934
Series maturing Dec. 26 1934
Series maturing Jan. 2 1935
Series maturing Jan. 9 1935
Series maturing Jan. 16 1935
Series maturing Jan. 23 1935
Series maturing Jan. 30 1935
Series maturing Feb. 6 1935
Series maturing Feb. 13 1935
Series maturing Feb. 20 1935
Series maturing Feb. 27 1935
164,700,000.00
1,681,945,000.00
$100,236,000.00
60,525,000.00
50,096,000.00
50,225,000.00
50,033,000.00
50,040,000.00
50,037,000.00
50,173,000.00
50,080,000.00
50,140,000.00
75,226,000.00
75,353,000.00
75,167,000.00
75,235,000.00
75,144,000.00
75,200,000.00
75,025,000.00
75,327,000.00
75,320,000.00
75,090,000.00
75,065,000.00
$1,521,600.26
1,979,650.00
3,203,900.00
11,100.00
833,000.00
6,091,500.00
15,828,050.00
35,961,000.00
437,800.00
Emergency:
Agricultural Adjust. Admin.._
Farm Credit Administration
Federal Farm Mtge. Corp.-Federal Land banks
Fed. Emergency Relief Admin
Civil Works Administration
Emerg. Conservation Work._
Dept. of Agriculture-relief_
Public works:
Tennessee Valley Authority
Loans to railroads
Loans and grants to States.
municipalities, &c
Public highways
Boulder Canyon project
River and harbor work....
Subsistence homesteads
All other_
Fed.savings & loan associat•ns
Emergency housing
Reconstruction Finance Corp_
Fed. Deposit Insurance Corp.
Admin. for Indus. Recovery
504,455,020
351,002,058
38,698,974
28,576,145
70,956,625
63,456,923
3,245,772
4,888,382
7,941,393
9,283,7E4
7,066,309
9,078,859
16,607,7 0
2
14,344,893
25,0751891
26,746,856
46,532,274
40,554,8481
42,894,529
27,659,226}
53,702,000J
91,934,240
50,000,000
98,201,284
50,000,000
73,085,694
17,333,431
ai,158,0911
a82,992
5504062
36,297,742
2,540,199
682,992
629,339,128
1,444,402
1,951,021
1,842,673
486,085
6,479,849
1,496,360
11,210,867
630,512
955,532
3,284,159
4,180,4348
2,170,100
24,181
1,055,386
20,850,000
20,850,000
159,100
4,364,290
49.183,827
292.700
5,700.000
39,571,780
a223,331
6223,331
1,750,786
35,126,929
2,783,556
25,909,565
2,999
1,501,729
1,000
3,750
3,500
201,116,853
171.066,028
434,511,545
366,683,998
36,521,708
5,879,120
3,293,038
7,500,000
44,939,809
8,718,758
7,257,951
7,500,000
4,539,596
109,460,994
2,371,896
27,740,356
441,505
3,000,761
8.979,266
265,817,097
7,276,701
67,712,834
441,505
3,000,761
3,750
2,327,038
18,101,000
19,743,7801
43,943,360
2,187,302
16,908,004
248,817
27,740,242
707,000
8,844
610,119,387
6160,616
989,285
24,722,104
49,381
23,067,504
75703,757
314,231
4,373,614
33,039,000
31,475,3621
91,576,890
4,623,8681.
29,621,557
407,012
55,886,964j
2,051,000
458,356
6114,853,938
43,145
1,872,962
44,396.703
65,136
46,979,192
104,435,611
3
368,160
309,582,844
138,650,776
545,461,760
214,003,518
513,699,697
309,716,804
979,973,605
580,687,516
Excess of receipts
Excess of expenditures
227,433,479
121,928,318
475,518,585
229,685,455
=7,433,479
3,750
121,928,318
475,518,585
4,760
229,685,458
3,900
227,429,729
121,928,318
475,513,835
229,681,959
-1,610,978
+1.115,430
-3,549,304
-7,149,860
Excess of expenditures (exclud'g
public debt retirements)
Trust and contributed funds and
Increment on gold, excess of
recelPts(-)or expend. (4-)._
$346,681,016.00
156,039,430.93
222,532,098
225,818,751
471,964,531
123,043,748
Total excess Of expenclitUreS._
Increase (-1-) or decrease (-) in
-335,204,000 +365,582,513 -445,245,381 +337,310,252
general fund balance
Increase (4-) or decrease (-) in
-109,385,249 +488,626,261 +26,719,150 +569 842 350
the public debt
. .
Public debt at beginning or
27,189,245,813 22,609,888,649 27,053,141,414 22,538,672,560
month or year
322,940,425.50
2,037,170.21
Public debt this date
27.079,860,564 23,098,514,910 27,079,860,564 23,098,514,910
3,308,783.04
518,927,963.82
Total gross debt
$27,079,860,564.08
a Includes amount of outstanding bonds called for redemption April 15 1934
on which interest has ceased.
COMPARATIVE PUBLIC DEBT STATEMENT
(On the basis of daily Treasury statements)
Aug. 311919.
Mar, 311917,
When War Debt
Aug. 311933,
Pre-war Debt
Was at Its Peak
a Year Ago
Gross debt
1,282,044,346.28 26,596,701,648.01 23,098,514,910.20
Net balance in general fund_
74,216,480.05 1,118,109,534.76 1,199,515,472.85
Gross debt less net balance in general fund_... 1.207,827,886.23 25,478,592,113.25 21,898,999,437.35
July 311034.
Aug. 31 1934
Last Month
$
Gross debt
27,189,245,812.83 27,079,8013,564.08
Net balance in general fund
2,471,880,859.25 2,136,676,859.18
Gross debt less net balance in general fund__24,717,384,953.58 24,943.183,704.90
Total_
187,788,487
Summary
Excess of expenditures
Less public debt retirements
$28,495,065,000.00
$190,641,585.07
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency_ _
Thrift and Treasury savings stamps, unclassified sales, &c
286,266,218
Expenditures
General:
Departmental (see note 1)
Public bldg. construction and
sites, Treas. Dept.(note 1).
River .3r harbor work (note 1)_
National defense (note 1):
Army
Navy
Veterans' Admin. (note 1)..
Adjusted service ctf. fund__
Agricultural Adjustment Administration mote I)
Farm Credit Admin. (note 1)_
Refunds of receipts:
Customs
Internal revenue
Processing tax on farm prod
Postal deficiency
Panama Canal
Subscription to stock of Federal Land banks
Civil Service retirement fund
(Government share)
Foreign Service retirement
fund (Govt. share)
Dist. of Col.(Govt. share).....
Interest on the public debt_
Public debt retirements:
Sinking fund
Purchases and retirements
from foreign repayments_
Received from torn Govts.
under debt settlements__
Estate taxes forfeitures,
gifts, &c
Total expenditures
65,867,600.26
Debt Bearing No Interest
United States notes
Less gold reserve
General & Special Funds -Month of August- -July 110 Aug.31Receipts
-1934
1933
1934-35
1933-34
Internal revenue:
27,387,024
Income tax
25,133.956
42,919,155
14,483.595
Miscell. internal revenue
140,300,718
277,596,965
239,292.154
126,212,481
Processing tax on farm prod's_
43,043,301
9,320,536
9,134,167
81,863,685
57,771,s27
Customs
22,952,077
42,283,408
32,690,282
Miscellaneous receipts:
Proceeds of Gov't-owned securities:
179,595
Prinelpal-forn obligations
1,187,544
Interest torn obligations__
971
196,128
All other
957,686
1,349,849
358,644
2,009,343
1,813,753
3,530,934
Panama Canal tolls, Sec
1,887,927
3,681.892
4,436
42,934,688
42,934,688
Seigniorage
4,436
10,978,459
Other miscellaneous
4,100,039
10,936,757
3.015,984
Total
1,378,737,000.00
Total interest-bearing debt outstanding
Matured Debt on Which Interest Has Ceased
Old debt matured-issued prior to April 1 1917
4% and 431% Second Liberty Loan bonds of
1927-42
431% Third Liberty Loan bonds of 1928._
334% Victory notes of 1922-23
434% Victory notes of 1922-23
Treasury notes, at various Interest rates
Ctrs. of indebtedness, at various interest rates
Treasury bills
Treasury savings certificates
GOVERNMENT RECEIPTS AND EXPENDITURES
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for August 1934
and 1933 and the two months of the fiscal years 1934-35
and 1933-34.
Total receipts
.
9,333,036,600.00
Total bonds
Treasury Notes
3% series A-1935, maturing June 15 1935....
131% series 13-1935, maturing Aug. 1 1935._
235% series 0-1935, maturing Mar. 15 1935.
235% series D-I935, maturing Dec. 15 1935_
331% series A-1936, maturing Aug. 1 1936._
234% series 13-1936. maturing Dec. 15 1936_
2.35% series 0-I936, maturing Apr. 15 1936._
31% series A-1937, maturing Sept. 15 1937.
3
3% series B-I937, maturing Apr. 15 1937
3% series C-1937, maturing Feb. 15 1937....
231% series A-1938, maturing Feb. 1 1938...
23470 series 13-1938, maturing June 15 1938._
3% series 0-1938, maturing Mar. 15 1938. _ _
235% series A-I939, maturing June 15 1939_
Sept. 15 1934
Trust and Contributed Funds
and Increment on Gold
Receipts
Trust and contributed funds
Increment resulting from reduction in weight of gold dollar
Total
Expenditures
Trust and contributed funds
Chargeable against increment on
gold:
Exchange stabilization fund
Total
Excess of receipts or credits.___
Excess of expenditures
a Excess of credits (deduct).
10,721,426
9,744,666
268,204
24,972,719
25,541,858
540,367
10,989,630
9,744,666
25,513,086
25,541,858
9,378,652
10,860,097
21,963,782
18,391,998
9,378,652
10,860,097
21,963,782
15391,998
3,549,304
7,149,860
1,610,978
1,115,431
Note 1.
-Additional expenditures on these accounts for this month and the fiscal
year 1934 are Included under Emergency Expenditures, the classification of which
will be shown in the statement of classified receipts and expenditures appearing
on page 4 of the daily Treasury statement for the 15th of each month.
COMPLETE PUBLIC DEBT OF THE UNITED STATES
The statement of the public debt and Treasury cashThMings of the United States, as officially issued April 30 1934,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparison with the same date in 1933:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
Apr2130 1934 April 30 1933
$
2,293,981,573
240,752,592
Balance end of month by daily statements, &ei
Add or Deduct—Excess or deficiency of receipts over
—22,612,470 —20,454,570
or under disbursements on belated items
2,271,369,103
Total
220,298,022
42,371.635
154,190.562
4,004,755
1,281,021
47,454.974
104.015.030
4,189,945
1,622,675
201,847,973
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount secured on War Savings Certificates.—
Settlement on warrant checks
157,282,624
+2,069.521,130 +63,015,398
Balance, deficit(—)or surplus(±)
INTEREST-BEARING DEBT OUTSTANDING
Interest Apr1130 1934 April 30 1933
$
Payable
$
Title of Loan—
599,724,050
28 Consols of 1930
-J, 599,724.050
Q.
48,954,180
48,954,180
2s of 1916-1936
Q.
-F.
25.947,400
25,947,400
Q.
28 of 1918-1938
-F,
49,800,000
49,800,000
Q.
-M.
its of 1981
28,894.500
28,894,500
Q.
-J,
38 convertible bonds of 1946-1947
1,814,150,6002,362,982,000
Certificates of indebtedness
J.
-D. 1,392,226,350 1,392.227,350
4328 First Liberty Loan, 1932-1947
5,002,450
5,002,450
-D.
45 First Liberty Loan, converted 1932
-1947...J.
532,490,450
-D. 532,489,350
43(5 First Liberty Loan, converted 1932-1947 J.
3,492,150
3,492,150
43(5 First Liberty Loan. 26 cony., 1932
-1947—J.
-D.
43(5 Fourth Liberty Loan of 1933-1938
A -044,469,133,250 6,268,095,250
758,983,300
4725 Treasury bonds of 1947-1952
A.-0, 758,983,300
J.
-D. 1,036.834,500 1,036,834,500
3s Treasury bonds of 1944-1954
489,C87,100
-S. 489,087,100
3725 Treasury bonds of 1946-1956
M.
454,135,200
332s Treasury bonds of 1943-1947
J.
-D, 454,135,200
332s Treasury bonds of 1940-1943
352,994,450
J -13. 352,993,950
332s Treasury bonds of 1941-1943
-S. 544,914,050
544,916.050
M.
3728 Treasury bonds of 1946-1949
J.
-D. 819,096,500
821,400,500
3s Treasury bonds of 1951-1955
764,488,000
M.-13. 755,481.350
372s Treasury bonds of 1941
-A. 834,474.100
F.
4128-372s Treasury bonds of 1943-1945
A.-0. 1,400.570,500
33(8 Treasury bonds of 1944-46
1,037,084,950
78.030.240
52,697.440
272s Postal Savings bonds
.7 -3
Treasury notes
6,689,310,100 3,575,477,200
Treasury bills, series maturingc150,932,000
1934—May 2
May 9
c125,493,000
May 16
c75,007.000
May 23
c74,955,000
June 20
c100,110.000
June 27
c50,091,000
July 3
c50,151,000
July 11
c50,257,000
July 18
c75,047,000
July 25
c75,325.000
Aug. 8
c50,678,000
Aug. 15
c75,044,000
Aug. 29
c75,088,000
Sept. 5
c100,236,000
Sept. 26
c50.525,000
Oct. 3
c50,096,000
Oct. 10
c50,225,000
Oct. 17
c50,033,000
Oct. 24
c50.040,000
1933—May 10
c75,228,000
May 17
c75,202.000
May 24
2'60,074,000
May 31
c100,613,000
June 7
C 75.216,000
June 21
c100,569,000
June 28
c100,158.000
July 5
c100,096,000
July 12
c75,733,000
July 19
c75,188,000
July 26
c80,295.000
Aggregate of Interest-bearing debt
Bearing no Interest
Matured,Interest ceased
25,598.931,020 21,086,995,520
466,623,389
286,448,382
52,702,915
67,764,670
Total debt
a26,118,257,324 21,441,208,572
Deduct Treasury surplus or add Treasury deficit-- 2,069,521,130 +63.015,398
Net debt
824,048,736,194 21.378.193,174
Note.—The contingent liabilities of the United States as of April 30 1934 with
respect to obligations the interest and(or) principal of which is guaranteed by the
United States were as follows: Reconstruction Finance Corporation, principal.
$226,815.219.38; interest, $1,770,824.66. Home Owners' Loan Corporation,
interest, $8,135,048.50. Federal Farm Mortgage Corporation, principal, $98,346,400.00 interest, $343,459.33. Consolidated Federal Land Bank bonds, interest, 81,044,000
a Total gross debt April 30 1934 on the basis of dolly Treasury statements was
$26,118,280,752.48, and the net amount of public debt redemptions and receipts
in transit, &c., was $23,428.25. b No reduction is made on account of obligations
of foreign Governments or other investments. c Maturity value. d Includes
amount of outstanding bonds called for redemption on April 15 1934.
MANI
TREASURY CASH AND CURRENT LIABILITIES
The cash holdings of the Government as the items stood
Aug. 31 1934 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of Aug. 31 1934.
CURRENT ASSETS AND LIABILITIES
GOLD
Assets—
Gold
7 977,825,266.56 Gold certificates:
Outstanding (outside
of Treasury)
951,631,649.00
Gold ctf. fund—Fed.
Reserve Board_ _ _ _4,168,681,195.08
Redemption fund—
Fed. Reserve notes_ 23,889,430.64
Gold reserve
156,039,430.93
Exch.stabilization fund 1,800,000.000.00
Gold in general fund___ 877,583,560.91
7 977,825,266.56
Total
7 977,825.266.56
Total
'Note.—Reserve against 8346,681,016 o United States notes and $1,187',324 of
Treasury notes of 1890 outstanding. Treasury notes of 1890 are also secured by
silver dollars in the Treasury.
SILVER
Liabilities-s
$
Assets—
66,832,430.00 Silver ctfs. outstanding_ 533,495,937.50
Silver bullion
504,704,832.00 Treasury notes of 1890
Silver dollars
outstanding
1,187,324.00
Silver dole. In gen. fund_ 36.854.001.00
Total
1661
Financial Chronicle
Volume 139
571,537,262.00
Total
571,537,262.00
GENERAL FUND
Assets—
Liabilities—
$
877,583.560.91 Treasurer's checks outGold (see above)
6,964.989.58
standing
Silver dols. (see above). 36,854,001.00
United States notes
3,186,530.00 Deposits of Government
officers:
Federal Reserve notes
14,628,825.00
Post Office Dept
2,966.845.00
3,398,717.23
Fed. Reserve bank notes
Board of Trustees,
National bank notes_ _
19,634,688.00
Postal Savings
Subsidiary silver coin_
4,719,761.50
System:
Minor coin
3,329,550.45
5% reserve, lawful
Silver bullion
61,985,434.62
money
60,719,706.29
Unclassified—
Other deposits
30,848,008.46
Collections, Szc
2,462,865.38
Postmasters, clerks of
Deposits in:
48
courts, disbursing
93,354,171.
Fed. Reserve banks
officers. dm
381,530.791.16
Special depos. acct. of
00 Deposits for:
sales of Govt.secs_ _1,508,407.000.
Redemption of F. R.
Nat. and other bank
bank notes(5% fund
depositaries:
lawful money)
2,112,700.00
To credit of TreasRedemption of Nat'l
urer of U. S
6,872,666.64
bank notes(5% fund
To credit of other
lawful money)
32.594.891.69
Govt. officers_ 22,692,016.16
Retirement of add'I
Foreign depositaries:
circulat'g notes, Act
To credit of Treasof May 30 1908....
1,350.00
1,304,599.06
urer of U. S
Uncollected items, exTo credit of other
7,827,880.14
.99
changes, dec
1,590,682
Govt. officers__ _
Philippine Treasury:
525.999.034.55
To credit of Treas2 136,676,859.18
1,102.695.54 Net balance
urer of U.S
2,662,675.893.73
Total
2,662,675.893.73
Total
Note.—The amount to the credit of disbursing officers and agencies to-day was
8733.825,924.47.
$1,027,155 in Federal Reserve notes, $2,966,845 in Federal Reserve bank notes.
and 319.565,468 in National bank notes are in the Treasury in process of redemption
and are charges against the deposits for the respective 5% redemption funds and
retirement funds
TREASURY MONEY HOLDINGS
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of June, July,
August, and September 1934
geldings in U. S. Treasury June 1 1934
July 1 1934
Aug. 1 1934
Sept. 1 1934
$
$
8
s
Vet gold coin and bullion_ 1,142,563,274 1,098,334,316 1,053,432,860 1,033,622,992
57,624,460
Vet silver coin and bullion
55,450,225
56,019,640
98,839,436
3,143,815
1,979.789
3,242,571
3,186,530
Vet United States notes _ 21,656,177
19,308,272
21,729,326
19,634,688
Vet National bank notes_
13,656,905
13,614,445
16,048,820
14,628,825
Vet Federal Reserve notes
2.331,357
2,243,212
3,644,116
2,966,845
Vet Fed. Res. bank notes_
5,144,308
4,719,761
4,824,267
3.686,152
Vet subsidiary silver
5,450.851
5,792,416
6,610,279
6,497,359
Minor coin, &c
Total cash in Treasury_ 1,250,277,599 1,204,061,695 1,163,797,502 *1183 391,493
156,039,431 156,039,431 156,039,431 156,039,431
Lees gold reserve fund
Cash balance in Tress 1,094.238,168 1,048,022,264 1,007,758,071 1,027,352,062
Dep. in spool depositories
account Treas'y bonds,
Treasury notes and certificates of indebtedness 1,314,617,000 1,854,046,000 1,770,054,000 1,508,407,000
93,354,171
59,628,524
96,627,778
68,374,977
Dep. in Fed. lies. bank_
Dep. in National banks—
5,568,034
6,872,667
To credit Treas. U. S
7,048,597
6,073,743
24,085,491
23,683,972
22,692,016
To credit disb. officers_
22,518,246
1,273,113
1,102,696
1,110,443
1,065,053
Cash in Philippine Islands
2,895,282
2,378,126
3,142,476
Deposits in foreign depts_
2,687,981
Dep. in Fed. Land banks_
Net cash in Treasury
and in banks_ _ _____ 2,500,828,715 3.032,917,180 2,880,256,162 2,662,675,894
Deduct current liabilities_ 479,115,707 450,994,940 408,375,303 525,999,035
Available cash balance_ 2,021,713,008 2,581,922.240 2,471.880,859 2,136.676,759
* Includes Sept. 1, 861 985,435 silver bullion and $3,329,550 minor, c., co
not included in statement "Stock of Money."
CHANGES IN NATIONAL BANK NOTES
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
Amount Bonds
on Deposit to
Secure Circula
ties for National
Bank Notes
National Bank Circulation Afloat on—
Legal
Tenders
Bonds
Total
$
S
$
$
Aug. 31 1934 .___
226,778,812
928,988,450
702,209,638
707,112,660
941,784,225
228,770,240
July 31 1934_ _ _ _
718,150,910
713,013,985
224,720.785
954.694,753
June 30 1934.... 736,948,670
729.973,968
May 31 1934.... 750,869,320
219,211,255
963.191,553
743.980.298
Apr. 30 1934._ _ 799,699.770
974,148.798
182,152,445
791.996.353
981.547,663
Mar. 31 1934____ 847,058,170
140.669,333
840.848,330
100.489.113
984,636.948
Feb. 28 1934____ 887.005.520
884.147.835
Jan. 31 1934_ _ __ 890,191,530
99,508,223
985.594,513
886,086.290
101,678.700
987,514.378
Dec. 31 1933-- 890.136,780
885.835,678
107,333.292
961.271.287
Nov. 30 i933__ 859.736,430
853.937.995
Oct. 31 1933__._ 852,631.430
112,094,540
961,548.135
849,453,595
962,998,545
Sept. 30 1933.... 857,210430
852,464,810
110,533,735
965.932.095
Aug. 31 1933_ _
851.509.995
114.422.100
. 855.781.930
$2,432,763 Federal Reserve bank notes outstanding Sept. 1 1934, secured by
lawful money, aganst $2,524,683 on Sept. 11933.
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 Aug. 31 1934:
U. S. Bonds Held Aug. 31 1934
Bonds on Deposit
Sept. 1 1934
28. U. S. Consols of 1930
2s, U. S. Panama of 1936
2s, U. S. Panama of 1938
35, U. S. Treasury of 1951-1955
83(s, U. S. Treasury of 1946-1949
372s, U. S. Treasury of 1941-1943
372s, U. S. Treasury of 1940-1943
332s, U. B. Treasury of 1943-1947
35, U. S. Panama Canal of 1961
3s, U. S. convertible of 1946-1947
33(8. U. S. Treasury of 1933-1941
334s. U. S. Treasury of 1944-1946
35. U. S. Treasury of 1946-1948
Totals
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes
Notes
Total
Held
$
508,407.050
31,609,880
16,090.680
33,006,100
20,036,650
25,461.000
8,668,150
23,502,750
1,000
15,000
22,858,150
10,668,500
6,787,750
508,407.050
31,609.880
16,090.680
33,006,100
20,036,650
25,461,000
8,668,150
23,502,750
1.000
15,000
22,858,150
10.668.500
6,787,750
707,112.680
707,112,660
Financial Chronicle
1662
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits Aug. 1 1934
and Sept. 1 1934 and their increase or decrease during the
month of August:
National Bank Notes-Total Afloat
Amount afloat Aug. 1 1934
Net decrease during August
$941,784,225
12,795.775
$928,988,450
Amount of bank notes afloat Sept 1
Legal Tender Notes
Amount deposited to redeem National bank notes Aug 1
Net amount of bank notes redeemed In August
3228,770,240
1,991,428
8226.778,812
Amount on deposit to redeem National bank notes Sept. 1 1934
Pittsburgh Stock Exchange-Record of transactions
at Pittsburgh Stock Exchange, Sept. 8 to Sept. 14, both
inclusive, compiled from official sales lists:
Stocks
sates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
14
7
95c
33
7%
9
2%
5
1%
14%
4734
65
4%
1734
1
234
20
39Si
4%
1%
9%
3c
1%
16
15%
90c
3%
15%
28%
Jan
Sept
Sept
Jan
July
Jan
Aug
May
Jan
Sept
Sept
Jan
July
Jan
Aug
Sept
Sept
Jan
July
Jan
Jan
Jan
Sept
Jan
Mar
Jan
July
July
July
264
16%
3
6%
19
18
434
30
234
24
75
85
834
29%
434
5
39
57
11%
234
15
70
234
25%
2034
134
5
35%
47
Feb
Jan
Feb
Feb
Feb
May
Feb
Feb
July
Feb
Feb
Apr
Feb
Feb
Feb
Feb
Feb
Apr
Apr
Apr
Apr
Feb
Apr
Feb
Sept
June
Feb
Feb
Feb
•
Armstrong Cork com
7
•
Blaw-Knox Co
1
1
Carnegie Metals Co
Clark (D L) Candy Co_ •
7%
Columbia Gas & Elec._ *
io
Devonian 011
Duquesne Brewing com5
Follansbee Bros pref___100
Fort Pittsburgh Brewing_l
Flarb-Walker Refrac com_• 14%
Jones & Laughlin SU pf100
Koppers Gas & Coke p1100 79
•
Lone Star Gas
5
Mesta Machine
Nati Fireproofing com_ *
Pittsburgh Brewing corn.*
•
Preferred
Pittsburgh Plate Glass__25
534
Pittsburgh Screw & Bolt_•
1
Renner Co
1014
Ruud Mfg Co
3c
1
Ian Toy Mining
Shamrock 011 & Gas_ •
United Engine & Fdry_ •
Vanadium Alloy Steel___•
1
Victor Brewing
Western Pub Serv v t c_ •
Westinghouse Air Brake.* 18%
Arestingh Elec & Islfg__50 2934
20
7
95c
4
7%
1034
234
6
1%
14%
4734
79
4%
2434
1
234
20
43%
534
134
1034
3c
134
22
2034
1
4
17%
2934
20
7%
1%
4
9
10%
2%
6
1%
14%
47%
79
5
26%
1
2%
2134
44
6
134
1034
30
134
22
2034
134
434
18%
3134
130
461
2,050
385
810
95
100
30
400
260
20
10
834
272
50
105
530
215
750
1,400
25
3,700
100
110
35
2,800
245
570
201
Unlisted
.'one Star Gas 6% 'ref 100
68
68%
74
64
Jan
75
Feb
eg nnn
nt
T.,,
In9
T.l.
' Bonds-
nan
Inn
•No par value.
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTERS ISSUED
Capital
July 31-The Nartley National Bank of Bedford, Bedford, Pa__ $100,000
of $40,000 common stock and $60,000 proCapital stock consists
(erred stock. President, J. Frank Russell; Cashier. Walter C.
Allen. Will succeed Hartley Banking Co. of Bedford.
50,000
July 31-First National Bank in Newfield, Newfield, N. J
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, Walter It. Lewis: Cashier, W.
Clifford Davis. Will succeed No. 12145, the First National
Bank of Newfield.
50,000
-First National Bank in Condon, Condon, Ore
Aug. 3
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, John F. Reisacher; Cashier W.L.
Holten. Will succeed No. 7059, the First National Bank of
Condon.
-The Clintonville National Bank, Clintonville, Wis.--- 50,000
Aug. 6
President, R. H. Schmidt; Cashier, W. T. Luedeke. Will succeed No.6273. The First National Bank of Clintonville.
50,000
-The Claxton National Bank, Claxton, Ga
Aug. 6
and $30,000
Capital stock consists of $20,000 common stockCashier, W.L.
President, C. M.Rushing Jr.;
preferred stock.
Newton. Will succeed No. 10333, the First National Bank of
Claxton.
50,000
-The First National Bank in Amboy, Amboy, Ill
Aug. 10
Capital stock consists of $25,000 common stock and $25,000 preferred stock. President, E. A. Sullivan; Cashier, L. L.Brink.
Will succeed No. 5223, the First National Bank of Amboy.
-The Milwaukee Ave. Nat'l Bank of Chicago, Chicago,111. 200,000
Aug. 10
Capital stock consists of $150.000 common stock and $50,000
preferred stock. President, II. S. French; Cashier, C. D.
Oakley. Primary organization.
300,000
-Liberty National Bank of Chicago. Chicago, Ill
Aug. 10
President. L. S. Burk; Cashier, W. G. Dooley. Conversion of
the Liberty Bank of Chicago.
50,000
-Mount Carroll National Bank, Mount Carroll, Ill
Aug. 14
Capital stock consists of $25,000 common stock and $25,000
stock. President, Fred J. Rhodes; Cashier. Francis
preferred
E. Weidman. Will succeed the First Carroll County State
Bank of Mount Carroll.
100.000
-Union National Bank in Denver, Denver, Colo
Aug. 17
Capital stock consists of $50,000 common stock and $50,000
W. L. Johnson; Cashier, H. 0.
preferred stock. President,
Murray. Will succeed No. 12947. the South Broadway
National Bank of Denver.
Industrial Bank of Washington (bank organized under code 50,000
of laws of District of Columbia)
-The National Metals Bank of Hancock, Hancock, Mich 700,000
Aug. 20
Capital stock consists of $350,000 common stock and $350,000
preferred stock. President, W. R. Thompson; Cashier,
National
J. P. Thornton. Will succeed No. 2143, the Firstthe MerBank of Hancock, Hancock, Mich.; No. 12387.
It Miners National Bank of Ironwood, Mich.; No.
chants
8598, the First National Bank of Laurium, and No. 3457.
the First National Bank of Calumet.
125,000
-The National Bank of Hamburg, Hamburg, Pa
Aug. 23
Will succeed
President, W. G. Hahn; Cashier, E. H. Byers. of Hamburg.
No. 9028. the First National Bank & Trust Co.
50,000
-The Bridgeville National Bank, Bridgeville, Pa
Aug. 24
Capital stock consists of $25.000 common and $25.000 preferred stock. President, Dante Pigossi; Cashier, C. L.
Holman. Will succeed No.6636, the .First National Bank of
Bridgeville.
Aug. 24-Frist National Bank in Pierre, Pierre, S. Dak $30,000 50,000
Capital stock consists of 620,000 common stock and L. L.
preferred stock. President, E. P. Thelm; Cashier,
Branch. Will succeed No. 2941, the First National Bank of
Pierre.
Sept. 15 1934
Capital
66.000
-First National Bank in Le Mars, Le Mars,Iowa
Aug. 24
Capital stock consists of $40,000 common stock and $25,000
preferred stock. President, It. J. Koehler; Cashier, It. E.
Tool. Will succeed No. 2728, the First National Bank of
Le Mars.
50,000
Aug. 25
-Lamar National Bank, Lamar, Colo
Capital stock consists of ULM common stock and $25,000
preferred stock. President, B. T. McClave; Cashier, Gale
A. Lee. Will succeed No. 9036, the Lamar National Bank.
Aug. 25
-The Citizens National Bank of Quitman, Quitman, Ga_ 50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, R. C. McIntosh; Cashier, C. D.
Cocke. Will succeed No. 7994, Peoples-First National Bank
of Quitman.
50,000
Aug. 27
-First National Bank in Scribner, Scribner, Nob
Capital stock consists of $20,000 common stock and $30,000
preferred stock. President, Claus Ehlers. Cashier, A. It.
Kuhlman. Will succeed No.6901.the First National Bank of
Scribner.
100,000
-First National Bank in Cordele, Cordele, Ga
Aug. 28
Capital stock consists of $50,000 common stock and $50.000
preferred stock. President W. B. Haley; Cashier, H. E.
Corner. Primary organization.
50,000
Aug. 29
-Citizens' National Bank of Linton, Linton, Ind
President, Joe E. Turner: Cashier, W. H. Crowder. Will succeed No.7411, the First National Bank of Linton.
50.000
-First National Bank in Clinton. Clinton. Ky_____ _
Aug. 30
Capital stock consists of $30,000 preferred stock and $20,000
common stock. President. J. H. McPheeters; Cashier, C. V.
Heaslet. Will succeed the First National Bank of Clinton,
No. 9098.
100,000
-The Pontiac National Bank, Pontiac. Ill
Aug. 30
Capital stock consists of $50,000 common stock and $50,000
preferred stock. President. C. A. Bruer; Cashier, Louis
Wolff, Will succeed the National Bank of Pontiac. No.2141.
VOLUNTARY LIQUIDATIONS
July 31-The First National Bank of Lucas, Lucas, Kan
Effective July 24 1934. Liq. committee: H. W. Wilcox. R. C.
Harris, C. R. Holland, II. It. Carbiener and Lewis O'Brien,
care of the liquidating bank. No absorbing or succeeding
bank.
July 31-The First National Bank of Trenton, Trenton, Ill
Effective May 3 1934. Liq. Agent, C. W. Eisenmayer, Trenton, Ill. There is no absorbing or succeeding bank.
July 31-The Farmers National Bank & Trust Co. of WinstonSalem, N.C
Effective June 28 1934. Liq. Agent, F. G. Wolfe, WinstonSalem, N. C. Succeeded by the First National Bank of Winston-Salem, Charter No. 14147. Liquidating bank had
authority for operation of two branches.
Aug. 1-The American National Bank of McLean, McLean,Tex.
Effective July 10 1934. Liq. Agent, J. B. Hembree, care of the
liquidating bank. Succeeded by "American National Bank
in McLean," Charter No. 14165.
-The Merchants National Bank of Nebraska City, Nob.
Aug. 2
Effective June 30 1934. Liq. Agent, James T. Showell, Nebraska City, Neb. No absorbing or succeeding bank.
-The First National Bank of Donnybrook, Donnybrook.
Aug. 2
N. Dak
Effective Aug. 11934. Lief. committee: Vic Rose, L. W. Wieman, II. Horneke and W. A. Pullen, care of the liquidating
bank. No absorbing or succeeding association.
-The National Bank of Olney in Philadelphia,Phila., Pa_
Aug. 2
Effective July 16 1934. Liq. committee: Wm. II. McCreary,
Wm. H. Decker and Chas J. Gruber, care of the liquidating
bank. Succeeded by "National Bank of Olney at Philadelphia," Charter No. 14120.
-The First National Bank of Revere, Revere,
Aug. 2
Mass_Effective Aug. 11934. Liq. Agent, Eldon F. Everett. care of
the liquidating bank. Succeeded by "First National Bank
in Revere," Charter No. 14152.
-The First National Bank of McKees Rocks, McKees
Aug. 3
Rocks, Pa
Effective Aug. 2 1934. Liq. committee: James It. Davis, H.E.
Millard and J. J. Thomas, care of the liquidating bank. Succeeded by "The First National Bank at McKees Rocks,"
Charter No. 14107.
-The first National Bank of Conway, Wash
Aug. 6
Effective July 27 1934. Liq. Agent, the First National Bank
of Mount Vernon, Wash. Absorbed by the First National
Bank of Mount Vernon, Wash.. Charter No, 4529.
-The First National Bank of Fort Collins, Colo
Aug. 7
Effective July 14 1934. Liq. committee: T. B. Carpenter,
R. Irl Mawson and Stanley A. Curtis, care of the liquidating
bank. Succeeded by "the First National Bank in Fort
Collins," Charter No. 14146.
Aug. 9
-The National Bank of Girard. Pa
Effective Aug. 11934. Liq. Agent' Eben J. Gunnison, Girard,
Pa. Succeeded by "the Girard National Bank," Girard, Pa.,
Cnarter No. 14191.
Aug. 9
-The First National Bank of Torrance Calif
'
Effective Aug. 6 1934. Liq. committee: Chas. T. Hippy,
Beverly B. Smith and Sherwood McIntyre. care of theBquidating bank. Succeeded by "Torrance National Bank,' Charter No. 14202.
Aug. 13
-The First National Bank of Headland, Headland, Ala
Effective Aug. 10 1934. Lie. committee: J. J. Espy, M. W.
Espy and J. B. Johnson, all of Headland, Ala. There is no
absorbing or succeeding bank.
Aug. 11-The First National Bank of Hornet, Calif
Effective July 19 1934. Liq. Agent: Trust Department of the
Citizens National Trust & Savings Bank of Riverside, Calif.
Absorbed by the Citizens National Trust & Savings Bank of
Riverside, Calif., Charter No. 8907.
Aug. I4
-The Vancouver National Bank, Vancouver, Wash
Effective Aug. 7 1934. Liq. committee: E. N. Blythe, T. L.
Henrichson and Fred Sinn. care of the liquidating bank.
Succeeded by the "Vancouver National Bank," Vancouver,
Wash., Charter No, 14186.
-The Tuckahoe National Bank, Tuckahoe, New Jersey
Aug. 14
Effective Aug. 3 1934. Liq. committee: E. L. Rice, Samuel
G. Langley and Geo. D. Richards, care of the liquidating
bank. Succeeded by"The First National Bank of T uckahoe,"
Charter No. 14189.
Aug. 14
-First National Bank in Lubbock, Lubbock, Tex
Effective Aug.9 1934. Liq. Agent:0.L. Staten, Lubbock, Tex.
Succeeded by First National Bank at Lubbock, Lubbock,
Tex., Charter No. 14208.
Aug. 17
-The First National Bank of Condon. Oro
Effective Aug. 4 1934. Liq. committee: Lester Wade, E. R.
Fatland and R. W. Ilanneman, care of the liquidating bank.
Succeeded by "First National Bank in Condon," Charter
No. 14241.
-The National Bank of Commerce of Mankato, ManAug. 20
kato, Minn
Liq. committee: S. B. Wilson Jr., John Balkenhol and T. M.
Coughlan, care of the liquidating bank. Succeeded by
"National Bank of Commerce in Mankato," Charter No,
14220.
-The First National Bank of Hampden,Ilampden, ND.'
.
Aug. 20
hffective Aug. 15 1934. Liq. Committee: Y. A. Nelson,
Erick Myhre and A. E. Berklaiad, care of the liquidating bank.
Absorbed by the First National Bank of Munich, N. Dak.,
Charter No, 7569.
25,000
25,000
500,000
25,000
50,000
25,000
300.000
100,000
200,000
25,000
200,000
125,000
50.000
130,000
50,000
100,000
25,000
200,000
100,000
100,000
25,000
Volume 139
Financial Chronicle
Capital
Aug. 20—The Clifton Forge National Bank, Clifton Forge, Va._ - $100,000
Effective Aug. 11 1934. Liq. Agent, Willis E. Chambers, Clifton Forge, Va. Succeeded by the Mountain National Bank of
Clifton Forge. Charter No. 14180.
Aug. 21—The Peoples National Bank of Zellenople,Zelienople,Pa. 50,000
Effective Aug. 17 1934. Liq. committee: H. A. Hallstein,
Wm. Seaton and C. S. Passavant Jr., care of the liquidating
bank. Succeeded by the "Union National Bank of Zelienople," Charter No. 14215.
Aug. 22—The First National Bank of Zelienople, Zelienople. Pa_ - 50.000
Effective Aug. 17 1934. Liq. committee: Henry Faoffensteen,
C. B. Nesbitt and 0. S. Passavant Jr., care of the liquidating
bank. Succeeded by the "Union National Bank of Zelienople
Charter No. 14215.
200,000
Aug. 23—The First National Bank of Bangor, Bangor, Pa
Effective Aug. 13 1934. Liq. committee: Donald B. Heat,
Clayton R. Horton and W. J. Pysher, care of tile liquidating
bank. Succeeded by "First National Bank in Bangor,"
Charter No. 14170.
Aug. 23—The First National Bank of North Girard, North Girard.
25,000
Pa
Effective Aug. 1 1934. Liq. committee: C. M. Van Atten, Sam
Ralph W. Porter, care of the liquidating bank.
Hannah and
Succeeded by the Girard National Bank, Girard, Pa., Charter
No. 14191.
25,000
Aug. 24—The Caledonia National Bank, Caledonia, Ill
Effective Aug. 14 1934. Liq. Agent,toe Second National Bank
of Belvidere, Ill. Absorbed by the Second National Bank
of Belvidere, Ill., Charter No. 3190.
-01d-Merchants National Bank & Trust Co. of Battle
Aug. 28
1,300,000
Creek, Battle Creek, Mich
Effective June 11 1934. Liq. committee: Henry F. Jacobs,
John Winship and Richard A.Donovan,care of the liquidating
bank. Succeeded by "Security National Bank of Battle
Creek," Charter No. 14185.
BRANCHES AUTHORIZED
Aug. 8—Bank of America National Trust & Savings Association, San
Francisco, Calif.
Location of branch, 8811 Santa Monica Boulevard, West Hollywood.
Los Angeles County, Calif. Certificate No. 1009A.
Aug. 20—Security National Bank of Battle Creek, Battle Creek, Mich.
Location of branch, 573 E. Michigan Ave., Battle Creek, Mich. Certificate No. 1010A.
Aug. 20—The National Metals Bank of Hancock, Hancock, Mich.
Location of branches: 301 Heels St., Laurium, Houghton County. Mich.;
215 Fifth Street, Calumet, Houghton County, Mich.; 211 South
Suffolk Street, Ironwood, Gogebic County, Mich. Certificates Nos.
1011A to 1013A inclusive.
Aug. 22—Bank of America National Trust and Savings Association, San
Francisco, Calif.
Location of branch, Northeast corner of Foothill Boulevard and County
Road, Cucamonga, San Bernardino County, Calif. Certificate No.
1014A.
Aug. 26—Peoples National Bank of Grand Rapids, Grand Rapids. Mich.
Joeation of branches: Corner of Division Avenue and Burton Street, S.E.,
Grand Rapids, Mich.,• corner of Grandville Avenue and Cordons Street.
S. W., Grand Rapids. Mich.; corner of Leonard Street and Alpine
Avenue, N.W. Grand Rapids, Mich.: corner of Madison Avenue and
Hall Street, S.E., Grand Rapids, Mich.; corner of Wealthy Street and
Lake Drive, SE., Grand Rapids, Mich. Certificates Nos. 1015A to
1019A inclusive.
CHANGE OF TITLE AND LOCATION
Aug. 24—The First National Bank of Plainfield, Plainfield. Conn., to the
"Plainfield National Bank of Moosup," Moosup, Conn.
Name of Company.
1663
When Holders
Per
Share. Payable. of Record.
30c Sept.29 Sept. 21
Abraham & Straus,corn.(War.)
15c Sept.29 Sept.21
Extra
3734c Oct. 1 Sept. 20
Acme Steel Co.(quar.)
12).c Oct. 1 Sept. 20
Extra
Sc Oct. 1 Sept. 29
Adams Royalty Co
40c Oct. 1 Sept. 17
Aetna Ins. Co. (Hartford. Conn.) (guar.)
10c Oct. 1 Sept. 8
Aetna Life Insurance Co.(quar.)
75c Oct. 15 Sept. 29
Air Reduction Co., Inc. (quar.)
$1.S4 Oct. 15 Sept. 29
Extra
25c Oct. 1 Sept.20
Allemania Fire Ins.(Pitts.,Pa.)(quar.)
10c Oct. 1 Sept.20
Extra
10c Oct. 1 Sept. 20
Alice & Fisher. common (guar.)
851K Oct. 1 Sept. 20
Aloe (A. S.) 7% preferred
Aluminum Co. of America, preferred (quar.)...... 37Sic Oct. 1 Sept. 15
10c Oct. 1 Sept. 20
Aluminum Goods Mfg. Co. (quar.)
h65c Sept.25 Sept. 15
American Capital Corp., $3 preferred
$1 Oct. 15 Sept. 15
Amer. Dist. Telep. Co. of N. J., common (qu.)_
8134 Oct. 15 Sept. 15
Preferred (guar.)
25c Oct. 1 Sept. 17
American Ins. Co.(Newark, N.J.)(s-a)
American Woolen Co.,7% cum.pref.—Dividend action deferred
6234c Oct. 1 Sept. 15
American Wringer Co.(quarterly)
h50c Oct. 1 Sept. 15
Arkansas Power & Light,cum.pre
h58c Oct. 1 Sept. 15
$7 cum.preferred
Sept.29 Sept. 20
$1
Atlantic City Fire Ins. Co. (quar.)
25c Oct. 1 Sept. 8
Automobile Insurance Co. of Hartford (quar.)..
$1.45 Jan. 1 Dec. 26
Avon Geneseo & Mt. Morris RR.(s-a)
18c Oct. 1 Sept. 20
Bancohlo Corp.(quarterly
30c Nov. 1 Oct. 10
Bangor Hydro-Electric, corn.(quar.)
50c Oct. 1 Sept.20
)
Bank of Manhattan Co.(N.Y.) ,,quar.
$.3Si Oct. 1 Sept. 21
Bank of New York & Trust Co quar.)
Ba
-a)._ 27.12c Oct. 1 Sept. 1
Bank Stock Trust Shares, ser. C-1, reg. (s
25.47c Oct. 1 Sept. 1
Series C-2 registered (s-a)
Belgian National Ry. Co., Amer. shares, pref.. $7.02 Sept.21 Sept. 14
75c Oct. 1 Sept. 20
BeltRR. & Stockyards,6% pref. (quar.)
15c Oct. 1 Sept. 20
Bickford's, Inc.,corn.(quar.)
62Sic Oct. 1 Sept. 20
Preferred (quarterly)
1234c Oct. 1 Sept. 25
Bird & Son, Inc. (quar.)
Sept.15 Sept. 10
142
Boyd-Richardson Co., 8% pref
15c Oct. 1 Sept. 29
Bralorne Mines, Ltd. (guar.)
50c Oct. 15 Sept. 20
Brantford Cordage Co., Ltd.. 1st pref.(quar.)-Sept.2 Sept. 20
741
Bridgeport Machine Co
r20 Oct. 1 Sept. 15
British American 011 Co., Ltd. (guar.)
h50c Oct. 1Sept.21
Bucyrus-Erie, $7 preferred
45c Oct. 1 Sept. 20
Bucyrus-Monighan Co., class A (quar.)
25c Oct. 1 Sept. 18
Building Products,Ltd., Cl. A & B (quar.)
$1 Oct. 1 Sept.15
Burger Bros., pref.(guar.)
Oct. 1 Sept. 15
81
Calgary Power Co., common (quar.)
Oct. 1 Sept. 15
11
Ltd.. 7% pref. (quar.)
Canada Packers,
Oct. 1 Sept. 15
r$1
Canadian Canners, Ltd., 6% 1st preferred
r7)4c Oct. 1 Sept. 15
Convertible preferred
c Oct. 1 Sept. 18
Cannon Mills (quarterly)
h88c Oct. 1 Sept. 15
Carolina Power & Light Co., $7 prof
875c Oct. 1 Sept. 15
$6 preferred
81Si Oct. 1 Sept.20
Chatham Mfg. Co.,7% pref.(quar.)
$134 Oct. 1 Sept.20
6% preferred (quarterly)
45c Oct. 1 Sept. 19
Chemical Bank & Trust(N.Y.)(quar.)
h50c Sept. 20 Sept. 10
Chicago Electric Mfg., class A. preferred
Sept.29 Sept.19
81
Co., preferred (quar.)
Chicago Towel
81)1 Oct. 1 Sept. 14
Cincinnati Gas & Electric,5% Pref.(War-)
Cincinnati Newport & Covington Lt.& Trac.—
81% Oct. 15 Sept.28
Quarterly
$1.125 Oct. 15 Sept.28
$4% preferred (quarterly)
40c Sept.29 Sept. 15
Union Stockyards(qar.)
Cincinnati
30c Oct. 1 Sept.20
Citizens National Trust & Savings Bank (quar.)
Claude Neon Electrical Products Corp.—
25c Oct. 1 Sept. 20
Common (quarterly)
1234c Oct. 1 Sept. 20
Cleveland Union Stockyards Co.(quar.)
$13( Oct. 15 Oct. 1
Clinton Water Works Co.. 7% pref. (guar.)
40c Oct. 1 Sept. 15
Cohen(Dan) Co.(quar.)
$2 Oct. 1 Sept. 11
Collateral Loan Co.(quar.)
AUCTION SALES
Inc.—
Columbia Broadcasting System,
50c Oct. 1 Sept.14
Class A & B (quarterly)
Among other securities, the following, not actually dealt in
Water & Light. $7 Pref. (guar.) 51)4 Oct. 1 Sept.30
at the Stock Exchange, were sold at auction in New York, Commonwealth(quarterly)
$134 Oct. 1Sept.20
$6 preferred
20c Oct. 1 Sept.22
Boston, Philadelphia and Buffalo on Wednesday of this Connecticut General Life Ins. Co.(quar.)
82% Oct. 1 Sept.15
Consumers Gas Co.(Toronto)(guar.)
week:
e50%
Continental Can Co
813.4 Oct. 1 Sept. 15
Continental Gin, pref. (quar.)
By Adrian H. Muller & Son, New York:
25c Oct. 31 Oct. 1
Continental Oil Co
$ per Share
Stocks
Shares
Cottrell(C. B.)& Sons Co.,6% pref.(quar.)__ - $134 Oct. 1 Sept. 20
50c Oct. 1 Sept.24
1,000 United Gas Corp. (Del.) common, no par
Cream of Wheat Corp. (quar.)
$5
$2 lot
1234c Oct. 15 Oct. 5
10 Hudson Counties Title St Mortgage Co.(N. Y.). Par 3100
Crum & Forster (quarterly)
$2 Dec. 28 Dec. 18
35 Consolidated Mortgage Corp., N. Y. City (Del.), 2d pref., no par, and
8% preferred (quar.)
$2 lot
51)4 Oct. 1 Sept. 15
30 common, no par
Davenport Hosiery Mills, 7% pref. (quar.)
$10 lot
50c Oct. 1 Sept.20
1,204 Magnolia Compress & Warehouse Co. (Texas), par $100
Dayton Power & Light,6% pref.(mthly)
$1,400 lot
Oct. 1 Sept.20
12
500 National Shareholders' Corp. (Del.). no Par
Deisel-Wommer-Gilbert, common
23.4V Nov. 1 Sept. 15
$1,000 Indiana Ice & Fuel 1st mtge. gold 614%, series A, due Mar. 1 1947:
Deposited Insurance Shares, A stock (s-a)
1 Oct. 15 Oct. 1
$2,000 Kansas City Southern Ry.(Mo.) 3% 1st mtge., 1950; 16 Associated
Detroit Edison Co., common (guar.)
50c Oct. 20 Sept. 29
Gas & Electric Co.(N. Y.) class A, par $1; 10 Scranton-Spring Brook Water
Dome Mines, Ltd. (quarterly)
51)4 Sept.29 Sept.20
Service Co. (Pa.) $6 cum. pref., no par; 10 Nassau & Suffolk Lighting Co.
Dominion Rubber. 7% pref. (guar.)
h$55( Oct. 1 Sept. 20
(N. V.) pref., par $100; 20 Pennroad Corp. (Del.) v. t. c., par $1; 16 PennDow Drug Co.,7% Preferred
$1( Oct. 1 Sept. 20
sylvania RR.(Pa.). par $50; 10 Cities Service Co.(Del.). no par; 20 United
Driver Harris Co., preferred (quar.)
Oct. 1 Sept. 26
$1
Gas Impt. Co. (Pa.), no par, and 5 Federal Public Service Corp. (Del.)
Eagle Warehouse & Storage Co. (quar.)
$3,000 lot
75c Oct. 1
cum. pref. Otis. of deposit, par $100
614%
Eastern Magnesia Talcum Co.. Inc
81% Oct. 1 Sept. 15
Eastern Steel Products Co., pref.(quar.)
18Sic Oct. 1 Sept. 20
By R. L. Day & Co., Boston:
Economic Investment Trust, Ltd
51)1 Sept.28 Sept. 14
per Share
Electrical Securities, pref. (guar.)
Stocks
Shares
Oct. 1 Sept.27
$2
18%
Elizabethtown Consel Gas (quar.)
National Shawmut Bank, Boston, par $25
26
2% Sept. 28 Sept.21
49
Empire Safe Deposit Co.(guar.)
5 NaUmkeag Steam Cotton Co.. par $100
25c Sept.20 Sept. 12
Einsco Derrick & Equipment Co
70 Packard Motor Car Co
3c Sept.29 Sept. 15
174
Eureka Standard Consolidated Mining
10 Massachusetts Investors Trust, par $1
50c Sept. 15 Sept. 5
90X
Fear (Fred.) & Co.(quar.)
9 Columbian National Life Insurance Co.. Par $100
15c Oct. 1 Sept. 21
3)4
Market Cold Storage & Warehouse Co.common, par $100
Federated Department Stores (quar.)
7 Quincy
10c Oct. 1 Sept. 21
Extra
.
9
0
oett 29 e :2
$1St Sep . 1 Rept 3
Fidelity Title & Trust (Conn.)(quar.)
By Crockett & Co., Boston:
$
N.Y.(quar.)
Fifth Avenue Bank,
per Share
Stocks
Shares
Finance Co. of America at Baltimore—
100
Somerville Trust Co., par $100
10
10c Oct. 15 Oct. 5
Class A and B common
21S4
10 Arlington Mills
Oct. 15 Oct. 5
15(
7% preferred and 7% preferred class A
2
415 Caro Cloth Corp
Oct. 1 Sept. 15
$2
Finance Co.of Pennsylvania (quar.)
20St
20 Garfield Land Co
Sept.15 Sept. 11
Corp (quar.)
First Insurance stocks
5
15 Thompson Spa, Inc., preferred
$25 Oct. 1 Sept. 20
First National Bank (quar.)
$1 lot
American Commonwealth Power Corp. common, class A
175
51% Oct. 1 Sept. 15
Fishes Flouring Mills,7% pref. (quar.)
$1.57
32 Lowell Electric Light Corp, par $25
$1 Sept.25 Sept. 15
49 W.37th Street Corp., v.t. c.(8.-a.)
25c Oct. 1 Sept. 20
Gardner Denver Co.. common (guar.)
By Barnes & Lofland, Philadelphia:
82 Oct. 1 Sept. 22
cumul. pref.(guar.)
General Baking.$8
$ per Share
Stocks
Shares
7i25c Oct. 1 Sept. 25
General Candy Corp.. class A
9
100 Ninth Bank St Trust Co.. par $10
15c Oct. 25 Sept. 28
General Electric Co..common (quar.)
11
30 Industrial Trust Co., par $10
15c Oct. 25 Sept. 28
Special stock (guar.)
5)4
46 Real Estate-Land Title & Trust Co., par $10
10c Oct. 15 Oct. 15
General Shoe Corp.,common & common A
29
60 Pennsylvania Co.for Ins. on Lives & Granting Annuities. par $10
81134 Sept.29 Sept. 20
Rubber Co..6% prof
General Tire &
Per Cent
20c Oct. 1 Sept. 20
Bonds—
Gibson Art (guar.)
693i
h873.4c Oct. 1 Sept. 21
Gilbert(A.C.).83% cumul.pref
$1,000 Pennsylvania Water Service Co. 5% first mortgage, due 1967
98)(
Oct. 1 Sept. 20
11
Goodyear Textile Mills. pref. (guar.)
$1.000 Northern Pennsylvania Power Co., 5% first mortgage. due 1958
1
Oct. 1 Sept. 15
$1,000 Cities Service Power & Light Co.514% gold debenture bonds, due 1949 38
Goodyear Tire & Rubber Co.of Can.,corn.(qu.)
$600 lot
$131 Oct. 1 Sept. 15
$6,000 Dept. of Tolima 7% sinking fund. due 1947
(quar.)
Preferred
Sept.29 Sept. 27
Grace(W. R.)& Co.. pref. A (guar.)
12)4c Oct. 1 Sept. 20
By A. J. Wright & Co., Buffalo:
Grand Rapids Varnish Corp
Oct. 1 Sept. 15
h$1
$ per Share
Greening (B.) Wire Co., Ltd., pref. (quar.)
Stocks
Shares
Oct. 1 Sept. 15
81
10c.
Gurd (Chas.),7% pref. (q)lar.)
10 Angel International Corp. common
51)4 Oct. 1 Sept. 20
Hanes(P. H.) Knitting Mills, pref.(quar.)
40c Oct. 1 Sept. 17
Hanover Fire Insurance Co.(guar.)
45c Oct. 1 Sept. 17
Hanover Fire Insurance(N .)(guar)
DIVIDENDS
50c Oct. 1 Sent. 15
Hartford Fire Insurance (quar.)
25c Sept.15 Sept. 14
two separate tables. In the Hawaiian Sumatra Plantation. Ltd
Dividends are grouped in
Oct. 1 Sept 22
51
Hickok 011 Co..7% pref.(guar.)
8131 Oct. 1 Sept. 20
first we bring together all the dividends announced the Horn & Hardart Baking (quar.)
$1-' Sept.30 Sept. 20
with a second table in which Howes Bros. Co..7% 1st pref.(guar.)
current week. Then we follow
51Si Sept.30 Sept. 20
6% preferred (quar.)
75c Sept.29 Sept. 21
we show the dividends previously announced, but which Howe Sound Co.(quar.)
e234% Oct. 20 Sept. 20
Incorporated Investors (8.-a.)
have not yet been paid.
30e Sept. 29 Sept. 20
Inter-Island Steam & Navigation Co.(quar.)
The dividends announced this week are:
1664
Financial Chronicle
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
International Buttonhole Sewing Machine (qu.)_
20c Oct. 1 Sept. 15
International Carriers, Ltd., common
5c Oct. 1 Sept. 17
International Hydro-Electric., pref.—Div. omit ted
International Nickel Co., preferred (quar.)
$131 Nov. 1 Oct. 2
7% preferred ($5 par) (quar.)
8Mc Nov. 1 Oct. 2
Investment Foundation Ltd.. pref. (quar.)
3734c Oct. 15 Sept. 29
Preferred
hl3c Oct. 15 Sept. 29
Investors Corp. of R. I., $6 1st pref. (quar.)
$154 Oct. 1 Sept. 20
Island Creek Coal Co., corn.(quar.)
50c Oct. 1 Sept. 20
Preferred (quar.)
$1;4 Oct. 1 Sept. 20
Jefferson Electric (quar.)
.50c Oct. 1 Sept. 15
Joliet & Chicago RR. Co
$1% Oct. 1 Sept.20
Joplin Water Works.6% pref. (guar.)
$134 Oct. 15 Oct. 1
Kansas Gas & Electric. 7% pref. (quar.)
$131 Oct. 1 Sept 19
$0 preferred (guar.)
$154 Oct. 1 Sept. 19
Kennecott Copper
15c Sept. 29 Sept. 20
Kings Royalty,8% pref. (quar.)
$2 Sept. 29 Sept. 15
Kohn's(E.) Sons Co., 1st pref.(quar.)
$13' Oct. 1 Sept. 20
Loomis Sayies Mutual Fund (quar.)
50c Oct. 1 Sept. 15
Mack Trucks, Inc. (guar.)
25c Sept.29 Sept. 21
Magnin (1.) & Co. (quar.)
10c Oct. 15 Sept. 30
Mahoning Coal RR.,corn.(quar.)
$634 Nov. 1 Oct. 15
Manufacturers Trust Co.(quar.)
25c Oct. 1 Sept. 14
Marlin Rockwell
50c Oct. 1 Sept. 20
Massachusetts Investment Trust
19c Sept.29 Sept. 15
Merchants Bank (N. Y.) (quarterly)
50c Oct. 1 Sept. 20
Merchants National Realty Corp.
6% preferred A & B (quar.)
$134 Oct. 1 Sept. 25
Merk Corp.,8% preferred (quar.)
$2 Oct. 1 Sept. 17
Minnesota Power & Light Corp.
6% cum. preferred
$1.13 Oct. 1 Sept. 11
$6 preferred (quar.)
$1.13 Oct. 1 Sept. 11
7% preferred (quar.)
$1.32 Oct. 1 Sept. 11
Mitchell (J. S.) & Co., Ltd..7% pref.(quar.)_ _ _
75c Oct. 1 Sept. 15
Mock. Judson & Voehringer Co., pref. (quar.)_ _
$1%; Oct. 1 Sept. 15
Monongahela Valley Water Co.,7% pref. (qu.)_
$13, Oct. 15 Oct. 1
1
Motor Finance Corp.,8% preferred (quar.)..
Sept.29 Sept. 22
Mountain States Telep.& Teleg.(quar.)
$2 Oct. 15 Sept. 29
Murphy(G. C.) Co..cum. pref.(quar.)
$2 Oct. 2 Sent. 22
Nashua Gummed & Coated Paper,7% pf.(qu.)_ • $131 Oct. 1 Sept. 24
National Automotive Fibers
h$1% Oct. 1 Sept. 15
National Finance Corp. (Bait.), cl. A & B (qu.)_
20c Oct. 1 Sept. 22
8% preferred (quarterly)
20c Oct. 1 Sept. 22
National Grocers Co., Ltd.,7% pref
hil 31 Oct. 1 Sept. 20
National Licorice Co.6% pref.(quar.)
$154 Sept. 29 Sept. 17
Newberry (J. J.) Realty Co.
631% preferred series A CI Jar.)
$1% Nov. 1 Oct. 16
6% preferred series B (quar.)
$135 Nov. 1 Oct. 16
,
Newark Telep. Co.(Ohio).6% pref.(quar.)_ _ _ _ $131 Oct. 10 Sept. 29
New England Power Assoc. corn. div. omitted.
$6 preferred (quar.)
$1% Oct. 1 Sept. 15
$2 preferred (quar.)
50c Oct. 1 Sept. 15
New England Power Co.,6% pref. (quar.)
$IX Oct. 1 Sept. 10
Newport Electric Corp.,6% pref.(guar.)
$131 Oct. 1 Sept. 15
New Rochelle Trust(N. Y.)(guar.)
50c Oct. 1 Sept. 15
New York Savings Bank
Niagara Alkali, preferred (quar.)
$4 Oct. 1 Sept. 15
Noblitt-Sparks Industries, corn.(guar.)
30c Oct. 1 Sept. 20
Northland Greyhound Lines, Inc.
3654 preferred series I (quar.)
$131 Oct. 1 Sept. 20
Northwestern National Ins. (quar.)
$131 Sept. 29 Sept. 17
Northwestern Yeast (quar.)
$3 Sept. 15 Sept. 12
Novadel Agene Corp., corn
50c Oct. 1 Sept. 20
Ogilvie Flour Mills (quar.)
$2 Oct. 1 Sept. 21
Old Colony Trust Assoc., 1st ser. tr. shares (qu.)
15c Oct. 1 Sept. 15
Ontario Loan & Debenture (quar.)
$1;4 Oct. 1 Sept. 15
Orange & Rockland Electric Co.
7% preferred (guar.)
$1% Oct. 1 Sept. 25
6% preferred (quar.)
$131 Oct. 1 Sept. 25
O'Sullivan Rubber Co., corn
10c Oct. 1 Sept. 21
Ottawa Electric Ry
80c Oct. 1 Sept. 15
Ottawa Light Heat & Power Co.(quar.)
Oct. 1 Sept. 15
$1
Preferred (quarterly)
Oct. 1 Sept. 15
$1
Ottawa Traction Co. Ltd
50c Oct. 1 Sept. 15
Otis Elevator, corn. (quar.)
15c Oct. 15 Sept. 24
Preferred (quar.)
$154 Oct. 15 Sept. 24
Pacific Gas& Elec.,com.(quar.)
37he Oct. 15 Sept.29
Pacific Mutual Life Ins. Co. of Calif.—
Capital stock (guar.)
40c Oct. 1 Sept. 20
Pacific Southern Investors, $3 prof
h75c Oct. 1 Sept. 15
Packer Corp
25c Oct. 1 Sept. 21
Page-Hersey Tubes. Ltd., corn.(quar.)
r75c Oct. 1 Sept. 20
Preferred (quarterly)
$131 Oct. 1 Sept. 20
Panama Power & Light,7% pref.(quar.)
$131 Oct. 1 Sept. 14
Paton Mfg.,7% pref.(guar.)
$131 Sept. 15 Aug. 31
Pavortia Building Corp
50c Sept. 15 Sept. 10
Penn Conley Tank Car Co.,8% pref.(quar.)_ _ _
$2 Sept. 30 Sept. 20
Penna. Warehouse & Safe Deposit Co.(Phila.)—
Quarterly
60c Oct. 1 Sept. 22
Peoples Natural Gas Co.05% prof. (quar.)
6254c Oct. 1 Sept. 15
Peter Paul(quar.)
50c Oct. 1 Sept. 21
Phoenix Ins. Co.(Hartford, Conn.)(quar.)
50c Oct. 1 Sept. 15
Pioneer Mill Co.. Ltd.(monthly)
10c Oct. 1 Sept. 21
Planters Nuts & Chocolates(quar.)
$1 8 . Oct. 1 Sept.15
4
Plymouth Rubber Co., Inc.,7% pref.(quar.)_ $IM Oct. 15
Porto Rico Power Co., pref. (quar.)
$131 Oct. 1 Sept. 15
Procter-Gamble Co..8% pref.(quar.)
$2 Oct. 15 Sept. 25
Providence Gas Co.(quar.)
25c Oct. 1 Sept. 15
Providence Washigton Ins. Co.(R.I.)
25c Sept. 27 Sept. 14
Providence & Worcester RR.(quar.)
$231 Oct. 1 Sept. 12
Prudential Investors. Inc.,$6 pref.(quar.)
$134 Oct. 15 Sept. 29
Public National Bank & Trust(N.Y.)
3734c Oct. 1 Sept.30
Rath Packing Co., corn.(guar.)
50c Oct. 1 Sept. 20
Reece Buttonhole Machine (guar.)
20c Oct. 1 Sept. 15
Reece Folding Machine (quar.)
20c Oct. 1 Sept. 15
Reliable Fire Insurance Co.(quar.)
90c Oct. 1 Sept. 16
Reliance Mfg. of Illinois. pref.(quar.)
$131 Oct. 1 Sept. 21
Republic Investors Fund
lc Oct. 1 Sept.20
Rice-Stix Dry Goods Co., 1st & 2d pref.(quar.)_
$1
Oct. 1 Sept. 15
Richmond Water Works Corp.,6% pref.(quar.) $131 Oct. 1 Sept. 20
Riverside Silk Mills. Ltd., series A
hSOc Oct. 1 Sept. 29
Rockville-Willimantic Lighting Co.
75' preferredquar.)
$131 Oct. 1 Sept. 15
65' preferred (quar.
$131 Oct. 1 Sept. 15
6-7% preferred(quar.)
$131 Oct. 1 Sept. 15
Sabin Robbins Paper, pref.(quar.)
$131 Oct. 1 Sept. 25
St. Joseph South Bend & Southern Ry.(s.
-a.)_ _ 8731c Sept. 15 Sept. 10
Preferred (s.
-a.)
$231 Sept. 15 Sept. 10
San Carlos Mill Co.(monthly)
20c Sept. 14 Sept. 1
Sayers & Scovill (quar.)
$1.54 Oct. 1 Sept. 20
6% preferred (guar.)
$131 Oct. 1 Sept. 20
Selected Industries, Inc.
Full paid allotment certificates (quar.)
31 Oct. 1 Sept. 15
Shaffer Stores Co..7% pref.(quar.)
3131 Oct. 1 Sept.30
Shawmut Association
10c Oct. 1 Sept. 14
Silver King Coalition Mines
10c Oct. 1 Sept.20
Singer Manufacturing Co.(quar.)
$131 Sept. 29 Sept. 10
Extra
Sept. 29 Sept. 10
$2
South Pittsburgh Water Co.,7% pref. (quar.)'.._
$131 Oct. 15 Oct. 1
65' preferred (quar.)
$134 Oct. 15 Oct. 1
Southern Indiana Gas & Electric Co.
75' preferred (quarterly)
131% Oct. 1 Sept. 20
6% preferred (quar.)
Oct. 1 Sept. 20
6.6% preferred (guar.)
ct. 1 Sept. 20
Southern Ry.. Mobile & Ohio (s-a)
Oct. 1 Sept. 15
Southwestern Bell Telep. Co.,7% pref. (quar.)_ $131 Oct. 1 Sept. 20
Southwestern Gas & Electric Co.
8% preferred(quarterly)
$2 Oct. 1 Sept. 15
uarterly)
7% preferred
$131 Oct. 1 Sept. 15
Standard Gas & lectric Co.
36 cumulative prior preference (quar.)
h45c Oct. 25 Sept. 30
$7 cumulative prior preference (quar.)
h5231c Oct. 25 Sept. 30
Name of Company.
Spencer-Trask Fund,Inc.(quar.)
Spiegel-May-Stern. $631 preferred
Standard Power & Light, pref
State Theatre Co., preferred (quar.)
Sunset McKee Salesbook, B (quar.)
Superheater(quarterly)
Supertest Petroleum Corp., Ltd.(quar.)
$7 preferred A (quar.)
$1 preferred. $25 par, B Omar.)
Ordinary (quar.)
Common bearer (quar.)
Ordinary bearer (quar.)
Taylor Milling Co. (quar.)
Thrift Stores, Ltd.,com.(quar.)
7 2nd preferred (quar.)
631% 1st preferred (quar.)
Tint c Standard Mining Co.(guar.)
Toledo Light & Power Co pref.(quar.)
Toronto Mortgage Co.(Ont.)(quar.)
Trumbull Cliffs Furnace Co., pref. (quarterly) _ _
Twin Bell Oil Syndicate (monthly)
United Fruit Co., corn. (quar.)
United Gold Equities of Can.,standard shs
United Shoe Machinery Co.(guar.)
Preferred (quarterly)
Valve Bag,6% preferred
Vermont & Massachusetts RR.(s-a)
Wailuku Sugar(monthly)
Walker & Co., class A
Waukesha Motor Co., corn. (quar.)
Weeden & Co. (quar.)
West Coast Oil, preferred
Westerm Massachusetts Cos.(quar.)
Western Public Service. pref. A (quar.)
Preferred (quarterly)
Western Tablet & Stationery Corp.
7% preferred (quar.)
Weston Electrical Instruments, A (quar.)
Weston (Geo. A.)Co., A (quar.)
West Texas Utility. $6 cum. pref (quar.)
White Rock Mineral Springs Co.—
Common (quar.)
1st preferred (quar.)
2d preferred (quar.)_
_
Whittall Can Co., Ltd 631% preferred
631% preferred (Var.)
Wichita Water Co., 7% pref. (quar.)
Winn & Lovett Grocery Co., cl. A (quar.)
Preferred (quarterly)
Sept. 15 1934
When Holders
Per
Share. Payable. ofRecord.
1234c
h$331
5234c
$2
37%c
1231c
25c
$131
37.4c
25c
25c
25c
25c
rlOc
r1A%
rli
$154
$134
,
$131
75c
2%c
6254c
3731c
h$131
$3
20c
50c
30c
50c
$1
500
37)4c
$134
$131
Oct. 1 Sept. 14
Oct. 5 Sept. 20
Nov. 1 Oct. 15
Oct. 1 Sept. 21
Sept. 15 Sept. 4
Oct. 15 Oct. 5
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1
Oct. 1
Oct. 1 Sept. 12
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Sept. 29 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 29
Oct. 15 Sept.20
Oct. 25 Oct. 15
Oct. .5 Sept. 15
Oct. 5 Sept. 15
Oct. 1 Sept. 15
Oct. 8 Sept. 11
Sept.20 Sept. 15
Sept. 15 Sept. 15
Oct. 1 Sept. 15
Sept. 29 Sept. 20
Oct. 5 Sept. 15
opt.29 Sept. 18
Sept. 1 Aug. 10
Sept. 1 Aug. 10
Oct.
50c Oct.
25c Oct.
75c Oct.
1 Sept. 20
1 Sept.24
1 Sept.20
1 Sept. 15
50c Oct. 1 Sept. 21
13
Oct. 1 Sept. 21
Oct. 1 Sept. 21
Oct. 1 Sept. 15
$1% Oct. 1 Sept. 15
$1.% Oct. 15 Oct
1
50c Oct. 1 Sept. 20
131% Oct. 1 Sept. 20
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
3P
1
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Abbott Laboratories (quar)
50c Oct. 1 Sept. 14
Extra
10c Oct. 1 Sept. 14
Acme Glove Works, Ltd., 634% prof
h81 Sic Sept. 16 Aug. 31
Adams Express Co.,5% cum. pref. (guar.)
$131 Sept. 29 Sept. 140
Affiliated Products, Inc. (mo.)
Sc Oct. 1 Sept. 14
Agnew Surpass Shoe Stores. pref. (quar.)
$131 Oct. 1 Sept. 15
Agricultural Insurance Co. tquar.)
65c Oc.., 1 Sept.26
Alabama Power Co., $7 pref. (guar.)
$131 Oct. 1 Sept. 15
$131 Oct. 1 Sept. 15
$6 preferred (quarterly)
$5 preferred (quarterly)
$131 Nov. 1 Oct. 15
Alabama & Vicksburgh By. Co. (senal-ann.)
3
Oct. 1 Sept. 7
Albany & Susquehanna (8.-a.)
$431 Jan. 2 Dec. 15
Allied Chemical & Dye Corp., pref. (quar.)
$131 Oct. 1 Sept. 11
Allied Laboratories. Inc.(qar.)
10c Oct. 1 Sept. 26
8731c Oct. 1 Sept. 26
$331 convertible preferred (quar.)
Alpha Portland Cement. 7% pref. (guar.)
$131 Sept. 15 Sept. 1
Aluminum Mfg.(quar.)_ _ _
50c Sept.30 Sept. 15
Quarterly
50c Dec. 31 Dec. 15
7% preferred (quar.)
$131 Sept.30 Sept. 15
7% preferred Omar.)
$131 Dec. 31 Dec. 15
Amalgamated Leather Cos., Inc., preferred_
50c Oct. 1 Sept. 19
American Agricultural Chemical (Dela.)(quar.)
50c Sept.29 Sept.20
American Bakeries Corp., $7 pref. (quar.)
$1
Oct. 1 Sept. 14
American Bank Note Co., pref. (guar.)
134
Oct. 1 Sept. ha
American Can Co., pref. (guar.)
Oct. 1 Sept. 14a
31
American Chicle Co. (guar.)
75c Oct. 1 Sept. 12
American Cigar Co., common (quar.)
$2 Sept. 15 Sept. 1
Preferred (quarterly)
$14 Oct. 1 Sept. 15
American Envelope, 7% pref. (guar.)
$131 Dec. 1 Nov. 25
American Express Co.(quar.)
$14 Oct. I Sept.21
American Factors, Ltd.(mo.)
10c Oct. 1 Sept.31
American Felt Co.,6% pref. (quar.)
$134 Oct. 1 Sept. 15
American Gas & Electric Co., corn. (quar.)_
25c Oct. 1 Sept. 7
Preferred (guar.)
d$1;4 No v 1 Oct. 8
)ct.
.
American Hardware Corp.(quar.)
25c
Quarterly
Jan. 1
American Hawaiian Steamship Co. (quar.)____
25c Oct. 1 Sept. 15
American Home Products (monthly)
20c Oct. 1 Sept. 14a
American News Co. (bi-monthly)
25c Sept. 15 Sept. .5
American Optical, 75' pref. (quar.)
$131 Oct. 1 Sept. 15
American Paper Goods, 7% pref. (quar.)
$131 Sept. 15 Sept. 5
American Power & Lt. Co.. $8 cum. pref
3734c Oct. 1 Sept. 6
$5 cum. preferred
3131c Oct. 1 Sept. 6
American Safety Razor Co.(quar.)
$
Sept. 29 Sept. 10
American Ship Building Co. 7% preferred
147 Nov. 1 Oct. 20
American Snuff Co., corn. (quar.)
75c Oct. 1 Sept. 13
Preferred (quarterly)
$131 Oct. 1 Eept. 13
American Steel Foundries. 7% pref
50c Sept.29 Sept. 15
American Stores Co. (quarterly)
50c Oct. 1 Sept. 15
American Sugar Refining Co.common (quar.)
50c Oct. 2 Sept. 5
Preferred ((mar.)
$131 Oct. 2 Sept. 5
American Sumatra Tobacco Co., (guar.)
25c Sept. 15 Sept. 1
Extra
25c Sept. 15 Sept. 1
American ,uperpower Corp. 1st pref. (qu.)_ _ _
*131 Oct. 1 Sept.15
American Telephone and Telegraph Co. (quar.) $231 Oct. 15 Sept. 15
American Thermos Bottle. 7% pref. (quar.)_ __ 8 14c Oct. 1 Sept. 20
7
American Tobacco Co., 65' pref. (quar.)
$1
Oct. 1 Sept. 10
American Water Works & Elec. Co. pref.(qu.)_ $131 Oct. 1 Sept. 7
Anchor Cap Corp., corn. (quar.)
15c Oct. 1 Sept. 18
3631 preferred (quar.)
$131 Oct. 1 Sept. 18
Appalachian Electric Power Co.,$7 pref.(quar.) *131 Oct. 1 Sept. 4
$6 preferred (quar.)
$131 Oct. 1 Sept. 1
Apponaug Co., corn. (quarterly)
50c Oct. 1 Sept. 15
Armour & Co. of Del., 7% pref. (quar.)
$131 Oct. 1 Sept. 10
Armour (Illinois), $6 pref.. Initial (quar.)
$131 Oct. 1 Sept. 21
Associates Investment. corn. (quar.)
SI Sept. 29 Sept. 19
Associated Breweries of Can., Ltd.—
Common (guar.)
r25c dOct. I Sept. 15
Preferred (quar.)
5131 Oct. 1 Sept. 15
Atlantic & Ohio Telegraph (quarterly)
$131 Oct. 1 Sept. 15
Atlantic Refining Co., corn. (quar.)
. 0
.
75c Sept.15 A ug 21
25 pee 1 No v 2
Atlas Corp. $3 pref. A (quar.)
Auto City Brewing
e25% Oct. 1 Sept. 20
Automatic Voting Machine Co.(guar.)
1254c Oct. 2 Sept. 20
Quarterly
1231c Jan. 2 Doc. 20
Quarterly
1231c Apr. 2 Mar. 20
Quarterly
1234c July 2 June 20
Axton-Fisher Tobacco Co.. cl. A corn.(qu.)— _
q
Cict
.
SOc Oet. 1 Sept. 15
5
Class B common (quarterly)
40g
Preferred (quarterly)
$154 Oct. 1 Sept. 15
Babcock & Wilcox
10c Oct. 1 Sept. 20
Baekstay Welt Co., corn. (special)
35c Oct. 1 Sept. 16
Bandini Petroleum (mthly.)
Sc Sept.20 Aug. 31
Volume 139
Name of Company.
Financial Chronicle
Per
When Holders
Share. Payable ofRecord.
Baldwin Co.6% cum. pref. (quar.)
$131 Oct. 15 Sept.29
6% preferred A (quar.)
$131 Sept.15 Aug. 31
Bangor & Aroostook RR., corn. (quar.) ...63c Oct. 1 Aug. 31
Preferred (guar.)
$131 Oct. 1 Aug. 31
Bangor Hydro Elec., 7% pref. (guar.)
$1% Oct. 1 Sept. 10
6% Preferred (quar.)
$1% Oct. 1 Sept. 10
Bankers Trust Co.(quarterly)
% Oct. 1 Sept. 12
Barber(W. H.) & Co.. pref.(quar.)
$1% Oct. 1 Sept.20
Preferred (quar.)
% Jan. 1 Dec. 20
Battle Creek Gas Co..6% pref.(quar.)
SI % Oct. 1 Sept. 20
Beatrice Creamery Co.. pref. (quar.)
$1% Oct. 1 Sept. 14
Beech Creek RR. (quarterly)
50c Oct. 1 Sept. 15
Beech-Nut packing Co., common (quar.)
75c Oct. 1 Sept. 12
Extra
25c Oct. 1 Sept. 12
Belding-Cortecelli Ltd.,pref. (quar.)
$131 Sept.15 Aug. 31
Bell Telephone Co. of Canada (quar.)
r$1
Oct. 15 Sept. 22
Bell Telep. Co. of Penna., 655% pref. (quar.)
$1% Oct. 15 Sept.20
Bethlehem Steel Corp., 7% cum. pref
$1% Oct. 1 Sept. 7
Biltmore Hats, Ltd.. 7% pref. (guar.)
$1% Sept. 15 Aug.
Birmingham Water Works,6% pref. (quar.)_. $1% Sept.15 Sept.15
1
Block Bros. Tobacco (guar.)
37%c Nov. 15 Nov. 11
Preferred (quar.)
$1% Sept 30 Sept.25
.
Preferred (quar.)
$1% Dec. 31 Dee. 24
Bloomingdale Bros., Inc., corn
10c Sept.27 Sept. 17
Bohn Aluminum & Brass Corp., cons
75c Oct. 1 Sept. 14
Bon Ami Co., class A (quar.)
$1 Oct. 30 Oct. 15
Class 13 (guar.)
50c Oct. 1 Sept.24
Borg-Warner Corp
25c Oct. 1 Sept. 14
Preferred (guar.)
$13( Oct. 1 Sept. 14
Boston & Albany RR
$2 Sept.29 Aug. 31
Boston Elevated Ry. corn. (quar.)
$1% Oct. 1 Sept. 10
Boston Insurance(Mass.)(quarterly)
$4 Oct. 1 Sept. 20
Boston & Providence R.R. Co.(quar.)
g•2.125 Oct. 1 Sept. 1
Boston Warehouse & Storage (quar.)
$1% Sept.30
Bower Roller Bearing Co. (quar.)
25c Oct. 25 Oct. 1
Brazilian Traction, Light & Power Co.
Preferred (quar.)
$131 Oct. 1 Sept. 15
Bridgeport Gas Light(quar.)
60c Sept.29 Sept.15
Briggs & Stratton Corp., COM.(quar.)
25c Sept.29 Sept.20
Extra
10c Sept.29 Sept. 20
Bright (T. G.). $6 pref. (guar.)
$131 Sept. 15 Aug. 31
Quarterly
731c Sept. 15 Aug. 31
Brillo Mfg. Co., Inc.. corn. (guar.)
15c Oct. I Sept. 15
Class A stock (quay.)
50c Oct. I Sept. 15
Bristol Brass (quarterly)
25c Sept.15 Aug. 30
7% preferred (quarterly)
3131 Oct. 1 Sept.
British Amer.Tobacco Co.,ord. bearer (interim) tolOd Oct. 6 Sept. 15
5
Or•Pn try rester
wl0d Oct. 6 Sept. 5
Preferred, ord. boater (s-a)
zw.231% Oct. 6 Sept. 5
PrefJrre I, ord. reg'ster (8.-a.)
2w231% Oct. 6 Sept. 5
British Columbia Power Co.,cl. A (quar.)
r38c Oct. 15 Sept.29
Broad Street Investing Co., Inc. Rillari
20c Oct. 1 Sept. 17
Brooklyn-Manhattan Transit Corp., common.._
75c Oct. 15 Oct. 1
Preferred(,u ,rt erly)
$1 34 Oct. 15 Oct. 1
Preferred (quarterly)
91131 Ja 15'35 Jan. 2
Preferred (quarterly)
$134 Ap15 35 Apr. 1
Preferred (quarterly)
$134 J1y15'351.1311Y
Brooklyn & Queens Transit Corp.
$6 preferred A (,quar.)
,
$1 34 Oct. 1 Sept. 15
Brooklyn Union as Co.(quar.)
$131 Oct. 1 Sept. 4
Bruck Silk Mills. Ltd
25c Oct. 15 Sept. 15
Buckeye Pipe Line Co
75c Sept.15 Aug. 24
Buffalo, Niagara & Eastern Power Corp.
$5 1st preferred (quar.)
$131 Nov. 1 Oct. 15
Preferred
40c Oct. 1 Sept. 15
Burmah Corp., Ltd., ordinary reg. (final)
231 ann Oct. 10 Sept. 11
American deposit receipts (final)
234 arm Oct. 17 Sept. 11
Butler Water,7% pref. (quar.)
$131 Sept.15 Sept. 1
Calamba Sugar Estates (quar.)
40Ic Oct. 2 Sept. 15
7% pr• ferred (quar.)
35c Oct. 2 Sept. 15
Extra
$1 Oct. 1 Sept.15
California Electric Generating pref. (quar.)- -- - 5134 Oct. 1 Sept. 5
California Ink Co., Inc. (guar.)
50c Oct. 1 Sept.21
California Packing Corp
3734c Sept. 15 Aug. 31
Cambria Iron Ce.(semi-annual)
$1 Oct. 1 Sept.15
Canada Malting (quar.)_
3734c Sept.15 Aug. 31
Canada Northern Power Corp., Ltd.
Common (quarterly)
25c Oct. 25 Sept.29
7% cumulative preferred (guar.)
1'6% Oct. 15 Sept.29
Canada Permanent Mtge. Corp. (quar.)
Oct. 1 Sept.15
Canadian Celanese Ltd..7% cum. pref
h75c Sept.30 Sept 14
.
7% cum. preferred (guar.)
$1 3 Sept.30 Sept.14
4
Canadian Cottons. Ltd. common (guar.)
rill Oct. 1 Sept. 15
Preferred (quarterly)
r$134 Oct
1 Sept.15
Canadian Foreign Investors Corp. (quar.)
25c Oct. 1 Sept. 20
$8 preferred (guar.)
$2 Oct. 1 Sept. 20
Canadian General Electric (quar.)
r75c Oct. 1 Sept. 15
Preferred (quarterly)
r8734c Oct. 1 Sept. 15
Canadian Wirebound Boxes, A
1i25c Oct. 1 Sept. 15
Capital Administration Co., pref. A (quar.)
75c Oct. 1 Sept. 17
Carnet ion Co.. 7% pref.(quar.)
$131 Oct. 2 Sept. 20
Preferred (guar.)
$131 Jan. 1 ec. 20
Preferred (guar.)
$131 4-1-35 Mar. 20
Preferred (guar.)
$134 7-1-35 June 20
Carolina Telephone & Telegraph (quar.)
$2 Oct. 1 Sept. 24
Carter (Wm.) Co., 6% pref. (quar.)
$134 Sept. 15 Sept. 10
Case(J.I.) Co..7% cum.pref
/41 Oct. 1 Sept. 12
Celanese Corp.of Amer..7% pref.(qu.)
$131 Oct. 1 Sept. 14
Central Aguirre Associates, corn. (guar.)
3734c Oct. 1 Sept. 18
Central Brewing, A (guar.)
631c Sept.30 Sept.15
Central Ilanovo. Flank & Trust (quar.)
$1 34 Oct. I sent.20
Central Illinois Light Co., 6% pref. (quar.)__.._ 131
Oct. 1 Sept. 15
7% preferred (quarterly)
Oct. 1 Sept. 15
131
Centrifugal Pipe corp. (euar.)
Inc\Inv. 15 Nov. 5
Champion Coated Paper. pref.(guar 1.
$131 Oct.. 1 Sept. 20
Special preferred (quar.)
$131 Oct. 1 Sept. 20
champion Fiber Co. 1st preferred (guar.)
Oct. I Sept. 20
$1
Chapman Ice Cream (guar.)
Sc Oct. 15 Sept.25
Chesapeake & Ohio Ry. Co., corn. (quar.)
$2.80 Oct. 1 Sept. 7a
Chesapeake & Ohio Ry. corn. (quar.)
70c Oct. 1 Sept. 7
Preferred (semi-annual)
$3
1-1-35 Dec. 7
Chesapeake Corp.(quar.)
62c Oct. 1 Sept. 7
Chesebrough Mfg. Co. (quay.)
$1 Sept. 29 Sept. 4
Extra
50c Sept.29 Sept. 4
Chicago Flexible Shaft(quer.
25c Sept.30 Sept. 20
Chicago Junction Union S
yards (quar.)
- $234 Oct. 1 Sept. 15
6% preferred (quarterly)
3131 Oct. 1 Sept. 15
Chicago Rivet & Machine
25c Sept. 20 Sept. 10
Chickasha Cotton Oil Co., special
50c Oct. 1 Sept. 10
Christiana Securities Co., 7% pref. (quar.).... $1 34 Oct. 1 Sept. 20
Chrysler Corp.. common (quar.)
25c Sept.29 Sept. 1
Cincinnati &'Suburban Bell Telep. Co.,(quar.)_ $1.13 Oct. 1 Sept.20
Cincinnati Union Terminal,4% pref. (guar.)... $131 Oct. 1 Sept.20
4% preferred (quar.)
$131 Jan. 1 nee. 20
Citizens Water Co.(Wash., Pa.),7% pref.(qu.) $131 Oct. 1 Sept. 20
City Ice & Fuel (quarterly)
50c Sept.30 Sept.15
Cleveland & Pittsburgh, reg. gtd.(quay.)
8734c Dec. 1 Nov. 10
special guaranteed (quar.)
Dec. 1 Nov.10
Molybloom Co. (quar.)
Climax
Sc
50c Sept.30 Sept. 15
Quarterly
Sc Dec. 31 Dec. 15
Clinton Trust Co.(N. Y.) (guar.)
50c Oct. 1 Sept. 10
Clorox Chemical Co.(guar.)
50c Oct. 1 Sept.20
Cluett Peabody & Co. Inc.,pref.(guar.)
$1 31 Oct. 1 Sept.20
Counties Gas & Elec., 1st pref. (quar.)___ $131 Sept.15 Aug. 25
Coast
Coca Cola Co., common (quar.)
$1 31 Oct. 1 Sept. 12
Coca-Cola International Corp. (quer.)
$3 Oct. 1 Sept. 12
Colgate-Palmolive-Peet Co., pref.(quar.)
$134 Oct. 1 Sept. 10
Commercial Credit Co.. com.(guar.)
25c Sept.29 Sept. 10
cum. preferred (guar.)
8%
50c Sept.29 Sept. 10
7,cum. preferred (quar.)
4334c Sept.29 Sept. 10
Class A cony. (guar.)
75c Sept. 29 Sept. 10
gyi% preferred (guar.)
$134 Sept.29 Sept. 10
Name of Company.
1665
Per
When Holders
Share. Payable. ofRecord.
Colt's Patent Fire Arms Mfg.(quar.)
25c
Columbia Pictures Corp., corn. (guar.)
25c
Commercial Investment Trust Corp., corn
.f25%
Common (quarterly)
50c
Convertible preference stock (quar.)
Commonwealth & Southern Corp., pref. (quar.) 5ui
Tti
Commonwealth Utilities, 7% pref. A (guar.)._ $
6% preferred B (quarterly)
$134
Compressed Industrial Gas (guar.)
50c
Confederation Life Association (quar.)
It
Quarterly
Congoleum-Nairn, Inc., corn. (quar.)
40c
Connecticut Electric Service (guar.)
75c
Consolidated Film Industries, pref
h50c
Consolidated Gas Co.. $5 cum. pref. (guar.)... $134
Consolidated Gas of Bait, corn. (quar.)
90c
Preferred A (quar.)
$131
Preferred D (quar.)
SI
Preferred E (guar.).
$1
Consolidated Gas of N. Y., corn
5
Consolidated Paper 7% preferred (quar.)
17%c
Consumers Power Co.. $5 pref.(guar.)
$134
$5 preferred (quarterly)
5131
6% preferred (quarterly)
$134
6% preferred (quarterly)
El
6.6% preferred (quarterly)
$I.
6.6% preferred (quarterly)
51.65
7% preferred (quarterly)
$134
7% preferred (quarterly)
$134
6% preferred (monthly)
50c
6% preferred (monthly)
50c
6% preferred (monthly)
50c
6% preferred (monthly)
50c
6.6% preferred (monthly)
55e
6.6% preferred (monthly)
55c
6.6% preferred (monthly)
55c
6.6% preferred (monthly)
55c
Continental Assurance (quar.)
50c
Continental Baking, pref. (guar.)
$I
Continental Bank & Trust Co.(quar.)
20c
Continental Gas & Electric, pref.(quar.)
$131
Continental Steel Corp pref
h$1%
Crowell Publications (guar.)
25c
Crown Cork & Seal. pref. (guar.)
67c
Crown Willamette Paper Co.
cumulative 1st preferred
57
551
Crum & Forster,8% pref.(quay.)
$2
Curtis Publishing Co., $7 cum. pref
h$1 31
Danahy Faxon Stores (quar.)
2Sc
Davenport Hoslery Mills, Inc., common
50c
Dayton & Michigan RR.(s.
-a.)
8734c
8% preferred (quar.)
$1
De Long Hook & Eye Co. (quar.)
75c
Denver Union Stockyards (guar.)
50c
Quarterly
50c
7% preferred (quar.)
$134
Deposited Bank Shares,series N.Y.(s.
434c
-a•)
Series A (semi-annual)
c
Detroit Hillsdale & So. West. RR. Co
$2
Devoe & Reynolds Co.,corn. A & B (quar.)
25c
Common A & B (extra)
25c
1st & 2d preferred (quarterly)
$I
Diamond State Telep. Co., 634% pref. (quar.).
Doctor Pepper Co iquar.)
1
Dominion Bridge Co.common (quar.)
r50c
Dominion Glass, coin.(guar.)
$134
Preferred (quarterly)
5134
Dominion Stores. common (guar.)
r30c
Dominion Textile Co.. corn (quar.)
r$1
Preferred (quar.)
ni%
Dover & Rockaway RR.,6% gtd.(s
-a)
$3
Draper Corp. (quarterly)
60c
Duke Power Co., common (guar.)
75c
Preferred (quarterly)
Duplan Silk Corp. preferred (guar.)
Duquesne Light Co..5% pref.(quar.)
$134
Eastern Gas & Fuel ASSOC., prior pf.stock (qu.)_ 51.125
$6 preferred (quarterly)
$134
Eastern New Jersey Power.6% pref.(guar.)._
$1 ti
Eastern Steamship Lines, 1st pref. (quar.)
$13i
Preferred (quar.)
87 tic
Eastern Township Telep. Co
36c
Eastman Kodak Co.common (quar.)
$1
Preferred (quar.)
$134
Ecuadorian Corp., Ltd., corn. (guar.)
u2c
Edison Bros. Stores,corn.
25c
7% pref. (quar.)
$131
E. I. DIM Pont de Nemours & Co.,Inc.
Common (quarterly)
65c
Extra
50c
Depenture stock (quarterly)
$1 Si
Electric Auto-Lite Co., 7% pref. (quar.)
$1 ti
Electric Controller & Manufacturing Co. (guar.)
25c
Electric Storage Battery Co.common (guar.).
- 550c
Preferred (quay.)
550c
Elizabeth & Trenton RR.(s.
-a.)
$1
5% preferred (s.
-a.)
$134
El Paso Electric (Texas)6% pref. (guar.)
$131
Emerson's Bromo Seltzer, 8% pref
50c
Empire & Bay State Teleg..4% guar (quar.)
$1
Emnire Power Corp., $8 cum. preferred
Endicott-Johnson Corp.,corn.(quar.)
Preferred (guar.)
$134
Escanawba Power & Traction.6% prof. (guar.).. $134
Eureka Vacuum Cleaner (quar.)
12tie
Faber Coe & Gregg (quarterly)
25c
Quarterly
25c
Fairbanks (E. T.). 7% pref. (s.
-a.)
$334
Falconbridge Nickel Mines. Ltd.(guar.)
10c
Fanny Farmer Candy Shops,Inc.,corn.(quar.)_
25c
Preferred (quat.)
60c
Farmers & Traders Life Insurance Co.(guar./.- $231
Faultless Rubber Co.(quar.)
50c
Ferro Enamel Corp., com. (guar.)
10c
Extra
10c
Fifth Ave. Bus Securities Corp.(guar.)
16c
Filene's (Wm.) Sons Co
20c
Extra
10c
Preferred (quar.)
$144
First Bank Stock Corp. (s.
-a.)
10C
First National Stores, Inc., corn. (guar.)
62tic
7% preferred (quar.)
$13.1
8% preferred (quar.)
20c
Fisk Rubber, $6 pref. (cuar.)
$131
Flintkote, A corn., epees.]
$4
Food Machinery, 634% preferred (monthly)._
50c
14ortnum & Mason. 7% pref. (semi-ann.)
17%c
Foreign Light & Power Co., $6 1st pref.(quar.)_ $1.%
Freeport Texas, pm eferred (quar.)
$134
Galland Mercantile Laundry Co.(guar.)
87%c
Gamewell Co.. preferred (guar.)
$1%
General American Investors, pref.(quar.)
$1%
General Cigar Co. preferred (quar.)
$134
General Mills, Inc.,6% pref. (quar.)
$131
General Motors Corp.. $5 preferred (guar.) _ _ $134
General Printing Ink Co.. corn. (guar.)
15c
Extra
10c
Preferred (guar.)
$134
General Railway Signal (quar.)
25c
Preferred (quarterly)
$1%
Georgia Power Co.. $6 preferred (quar.)
$1%
$5 preferred (quarterly)
1
'1g
Sept.29 Sept. 8
Oct. 1 Sept. 18
Oct. 1 Sept. 5
Oct. 1 Sept. 5
Oct. 1 Sept. 5
Oct. 1 Sept. 7
Oct. 7 Sept.15
Oct. 1 Sept.15
Sept. 15 Aug. 31
Sept.30 Sept.25
Dec. 31 Dec. 25
Sept.15 Sept. 1
Oct. 1 Sept.15
Oct. 1 Sept. 10
Nov. 1 Sept.24
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Sept.15 Aug. 10
Oct. 1 Sept. 21
Oct. 1 Sept. 15
Jan. 2 Dec. 15
Oct. 1 Sept. 15
Jan. 2 Dec. 15
Oct. 1 Sept. 15
Jan. 2 Dec. 15
Oct. 1 Sept. 15
Jan. 2 Dec. 15
Oct. 1 Sept. 15
Nov. 1 Oct. 15
Dec. 1 Nov. 15
Jan. 2 Dec. 15
Oct. 1 Sept.15
Nov. 1 Oct. 15
Dec. 1 Nov. 15
Jan. 2 Dec. 15
Sept.29 Sept. 15
Oct. 1 Sept. 17
Oct. 1 Sept. 14
Oct. 1 Sept. 12
Oct. 1 Sept.15
Sept.24 Sept. 14
Sept.15 Aug. 31a
Oct. 1 Sept. 13
Sept.30 Sept. 19
Oct. 1 Sept.20
Sept.29 Sept. 17
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept.15
Oct. 1 Sept. 20
Oct. 1
Jan. 1
Dec. 1 Nov. 20
Oct. 1 Aug. 31
Oct. I Aug. 31
Jan. 5 Dec. 20
Oct. 1 Sept. 20
Oct. 1 Sept. 20
Oct. 1 Sept. 20
Oct. 15 Sept. 20
Dec. 1 Nov. 15
Nov. 15 Oct. 31
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 15 Sept. 29
Oct. 1 Sept.20
Oct. 1 Sept. 1
Oct. 1 Sept. 15
Oct. 1 Sept.15
Oct. 1 Sept. 18
Oct. 15 Sept.15
Oct. 1 Sept 15
Oct. 1 Sept. 15
Oct. 1 Sept.15
Oct. 1 Sept.14
Oct.. 1 Sept.14
Oct. 1 Sept.15
Oct. 1 Sept. 5
Oct. 1 Sept. 5
Oct. 1 Sept. 10
Sept.25 Sept 10
Sept. 15 Aug. 31
Sept. 15 Aug. 29
Sept. 15 Aug. 29
Oct. 25 Oct. 10
Oct. 1 Sept. 15
Oct. 1 Sept.20
Oct. 1 Sept. 10
Oct. 1 Sept. 10
Oct. 1 Sept. 20
Oct. 1 Sept. 20
Oct. 15 Sept. 28
Oct. 1 Sept. 15
Dec. 1 Nov. 21
Oct. 1 Sept. 15
Oct. 1 Sept. 18
Oct. 1 Sept. 18
Nov. I Oct. 28
Oct. 1 Sept.15
Dec. 1 Nov. 15
3-1-35 2-15-35
Oct. 1 Sept.29
Sept. 27 Sept. 12
Oct. 1 Sep..15
Oct. 1 Sept.15
Oct. 1 Sept. 10
Oct. 1 Sept.15
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
Oct. 1 Sept. 12
Oct. 1 Sept. 12
Oct. 1 Sept. 12
Oct. 1 Sept.12
dSept.8 Sept. 8
Sept.1 Sept. 10
OcL. 1 Sept 26
.
Oct. 1 Sept.20
Nov. I Oct. 15
Oct. 1 Sept.15
Sept. 15 Sept. 5
Oct. 1 Sept.20
Dec 1 Nov. 22
Oct. 1 Sept.140
Nov. 1 Oct. 8
Oct. 1 Sept.17
Oct. 1 Sept.17
Oct. 1 Sept. 17
Oct. 1 Sept. 10
Oct. 1 Sept. 10
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Financial Chronicle
1666
Name of Company.
When Holders
Per
Share. Payable. of Record.
40c Oct. 1 Sept. 15
Glen Falls Insurance (quarterly)
25c Sept. 28 Sept. 4
Gillette Safety Razor, cont. (guar.)
Nov. 1 Oct. 1
$1
$5 convertible preferred (guar.)
Oct. 1 Sept.14
2
Glidden Co.,com.(guar.)
The Oct. I Sept. 14
Extra
$14 Oct. 1 Sept. 14
Preferred (guar.)
$154 Oct. 1 Sept.29
Gold and Stock Telegraph (guar.)
n25c Oct. 1 Sept. 10
Goldblatt Bros., Inc., common (guar.)
$114 Sept.29 Sept.17
Gold Dust Corp., pref. (guar.)
$1 Oct. 1 Sept. 1
1st preferred....
Goodyear Tire & Rubber
25c Sept.15 Sept. 1
Co..
Gordon Oil (Ohio). B (guar.)
50c Sept.28 Sept. 18
Gorton-Pew Fisheries (guar.)
Gottfried Baking Co.. Inc., preferred (quar.)— 151% Oct. 1 Sept. 20
151% Jan. 2 Dec. 20
Preferred (guar.)
33 Dec. 29 Dec. 27
Grace(N. R.).6% firs. pref. (semi-annual)___ _
$2 Dec. 20 Dec. 10
Grand Rapids & Indiana Ry. Co. (5.-a.)
25c Sept.29 Sept. 17
City Steel Co.(guar.)
Granite
25c Oct. 1 Sept. 12
Grant(W. T.) Co., cont. (guar.)
Great Western Electro-ChemIcal. 1st pf. (qu.).. $14 Oct. I Sept. 20
of1%
34
Great Western By. (initial)
60c Oct. 2 Sept. 15
Great Western Sugar, com.(guar.)
$14 Oct. 2 Sept. 15
Preferred (quar.)
Green & Coats Street Phila. Passenger Ry., pref. $1 34 Oct. 6 Sept. 22
$14 Oct. 1 Sept. 15
Green (Daniel) Co.,6% pref.(guar.)
Oct. 1,Sept. 20
$1
Greenwich Water & Gas System, pref. (quar.).
$13 Oct. 1 Sept. 21
Greyhound Corp., 7% cum. pref. A (guar.)
25c Oct. 1 Sept. 15a
Grief Bros. Cooperage Corp.. cl. A corn. (guar.)
$100 Sept.29 Sept. 10
Group No. 1 Oil Corp.(guar.)
$100 Sept.29 Sept. 10
Extra
$5 Oct.. 1 Sept. 7
Guaranty Trust Co.(guar.)
$134 Sept.15 Aug. 31
Gulf States Utilities, $54 pref.(guar.)
$155 Sept.15 Aug. 31
$6 preferred (guar.)
Hackensack Water Co. class A preferred (quar.). 43,4c Sept.30 Sept. 17
15c Dec. I Nov. 15
Hale Bros. Stores. Inc.(guar.)
10c Sept. 15 Sept. 1
Hall (C. M.) Lamp Co., com
25c Oct. I Sept. 15
Retold Co. (quarterly)
25c Oct. 1 Sept. 15
Extra
Oct. 1 Sept. 15
$I
79' preferred (quarterly)
Sept.29 Aug. 31
Hamilton United Theaters, Ltd.. 7% pref. (qu.) $I
$134 Oct. 1 Sept-15
Hammermill Paper Co.. pref. (quar.)
Hanes(P. H.) Knitting Mills, 7% pref. (guar.)- $14 Oct. 1 Sept. 20
$2 Oct. 20 Oct. 10
Hannibal Bridge Co. (guar.)
SI.V• Sept.20 Sept. 5
Hanna(M. A.) Co., preferred (quar.)
$154 Oct. 1 Sept.21
Harbauer Co., 7% preferred (guar.)
$14 Jan. 1 Dec. 21
7% preferred (guar.)
Harbison Walker Refractories Co. pref. (quar.) $14 Oct. 20 Oct. I
$131 Dec. 1 Nov. 15
Hardesty (R.) Mfg.. 7% pref.(guar.)
$111 Oct. 1 Sept. 15
Hazel-Atlas Glass Co.(guar.)
25c Sept. 15 Sept. 1
Hazeltine Corp
11c Sept.15 Sept. 1
Hearst Consol. Publications, pref. (quar.).... 431
$14 Sept. 29 Sept. 27
Heath (D. C.) & Co., pref. (guar.)
10c Sept. 15 Aug. 15
Heels Mining Co. (guar.)
$14 Oct. 1 Sept. 10
Helme (Geo. W.) Co., com.(quar.)
$134 Oct. 1 Sept. 10
Preferred (guar.)
75c Sept.25 Sept. 14
Hercules Powder Co., com
10c Sept.28 Sept.21
Hibbard. Spencer. Bartlett & Co.(mo.)
50c Sept. 15 Sept. 8
Hickok Oil Co. (semi-annual)
r25c Sept.15 Aug. 24
Walker, Gooderham & Worts, pf.(qr.)Hiram
$1.05 Oct. 1 Sept. 15
Holophane,Inc.. Prof. 8-a)
(
50c Sept. 15 Sept. 5
Home Fire & Marine insurance (War.)
El Sept.25 Sept.20
Homestake Mining Co.(monthly)
$2 Sept.25 Sept.20
Extra
25c Sept.15 Sept. 5
Honolulu Oil Corp., Ltd
25c Sept.26 Sept. 11
Hoskins Mfg. Co.(guar.)
25c Sept.26 Sept 11
Extra
25c Oct. 1 Sept. 1
Humble 011 & Refining Co.(guar.)
$154 Oct. 1 Sept. 15
Huron & Erie Mtge. Corp. (Ont.) (quar.)
$1 Oct. 1 Sept. 17
Huylers of Del., 7% pref., at. & unst. (quar.)_ _
50c Oct. 1 Sept. 10
HYgrade Sylvania Corp., corn. (guar.)
$11! Oct. 1 Sept. 10
Preferred (guar.)
Sept.20 Sept. 5
Idaho Maryland Consol. Mining Co.(guar.)...
Imperial Chemical Industries, Ltd.—
rw214%
Common (interim)
$351 Oct. 1
Imperlai Life Assurance (guar.)
1
$351 Jan
Quarterly
Imperial Tobacco Co. of Can.. ord. (guar.).-- r15.1% Sept.29 Sept.14
T3% Sept.29 Sept 14
Preference (semi-ann.)
5c Oct. 1 Aug. 31
Independent Trust Shares (semi-ann.)
Indiana Hydro-Electric Power Co.7% pref.(go) 874c Sept.15 Aug 31
Indiana Michigan Electric Co., 7% pref.(guar.) $151 Oct. 1 Sept. 4
$14 Oct. 1 Sept. 4
6% preferred (guar.)
Oct. 1 Sept. 5
Indianapolis Power & Light, 6% pref. (guar.)._ $1
Oct. 1 Sept. 5
$I
% preferred (guar.)
5% cum pf. A (guar.). Sill Oct. I Sept.Ila
Indianapolis Water Co.,
$154 Oct. 1 Sept. 4
Indian General Service Co., pref. (guar.)
42c Oct. 1 Sept. 17
Industrial Rayon Corp.(new)
15c Oct. 1 Sept. 20
Inland Investors, Inc., corn.(guar.)
.5c Sept. 20 Sept. 12
Insuranshares Certificates. Inc. (semi-ann.)
El 4 Oct. 10 Sept. 22a
International Business Mach. Corp.(guar.).—
15c Oct. 15 Sept. 20
International Harvester, corn. (guar.)
International Nickel Co. of Canada, Ltd.—
r15c Sept.29 Aug. 30
Common (quar.)
r65c Sept. 15 Aug. 22
International Proprietaries, Ltd.. A (quar.)
r15c Sept. 15 Aug. 22
Extra
$154 Oct. 1 Sept.30
International Ocean Telegraph Co. (quar.)_
3734c Oct. 1 Sept. 15a
International Salt Co. (quarterly)
SOc Oct. 1 Sept.15
International Shoe Co.. com. (guar.)
El Oct. I Sept. 14
International Silver Co..7% cumul. pref
50c Nov. 15 Nov. I
Hosiery Mills (quar.)
Interstate
$2 Oct. 1 Sept.14
Intertype Corp.. 1st pref. (quar.)
50c Sept.15 Sept. 1
Investment Corp. of Phila. (guar.)
20c Dec. 1 Nov. 10
Iron Fireman Mfg. Co.. com. (guar.)
25c Oct. 1 Sept.10
Irving Trust Co.(guar.)
25c Oct. 1 Sept. 14
Jamaica Public Service (quar.)
134% Oct. 1 Sept. 14
Preferred and preferred B (guar.)
Oct. 1 Sept. 14
Jamestown Telep. Corp.. 7% 1st pref. (guar.).
Oct. 1 Sept. 21
Jefferson Standard Life Ins
Jersey Central Power & Light Co.
$154 Oct. 1 Sept.10
cum. pref. (guar.)
534%
$14 Oct. 1 Sept.10
6% cum. pref.(guar.)
$14 Oct. I Sept.10
7% cum. pref. (guar.)
75c Oct. 15 Oct. 1
Jewel Tea Co., Inc.. common (guar.)
Johns-Manville Corp. 7% preferred (TinaT.)---- 3151 Oct. 1 Sept. 17
15e Sept.30 Sept.20
Kalamazoo Vegetable Parchment Co. tguar.)-15c Dec. 31 Dec. 20
Quarterly
Kansas City Power & Light. 1st pref. B (quar.) $155 Oct. 1 Sept. 14
Oct. 1 Sept. 15
pref.(guar.).
Kansas Electric Power Co..6%
Oct. 1 Sept. 15
7% preferred (guar.)
$154 Oct. 1 Sept. 15
69 cum. Jr. preferred (guar.)
75c Sept.15 Aug. 31
Katz Drug Co.common (guar.)
$154 Oct. 1 Sept.15
Preferred (guar.)
Kaufmann Dept. Stores. Inc., pref. (guar.).- -- $14 Oct. 1 Sept. 20
25c Sept. 15 Aug. 31
Kayser (Julius) & Co.. coin
1254c Oct. 1 Sept. 5
Keivinator Corp
.0188c Sept.15 Aug. 31
Keystone Custodian Fund. series II-1
Sept. 12
$154
Kimberly-Clark Corp., preferred (guar.)
Oct. 1 Sept. 18
Si
Kings County Lighting Co. common (quar.)
$14 Oct. 1 Sept. 18
7% preferred (guar.)
$14 Oct. 1 Sept. 18
69' preferred (guar.)
$151 Oct. 1 Sept. 18
5% preferred (guar.)
25c Oct. 1 Sept. 20
Klein (Emil D.) Co.. common (quar.)
$154 Oct. 1 Sept. 12
& Coke Co.. pref. (guar.)
Koppers Gas
20c Oct. 1 Sept. 11
Kresge (S. S.) Co. common (guar.)
315' Oct. 1 Sept. 11
Preferred (guar.)
Oct. 1 Sept. 20
Kroger Grocery & Baking. 6% 1st pref. (guar.) _ $1
$15 Nov. 1 Oct. 19
7% 2d preferred (guar.)
El Oct. 1 Sept. 8
Lackawanna RR.of N.J.,4% gtd.(guar.)
r50c Sept. 15 Sept. 1
Lake Shore Mines. Ltd. (guar.)
r50c Sept. 15 Sept. 1
Extra
75c Oct. 1 Sept. 17
Lambert Co. (guar.)
3754c Sept.30
Landers, Frary & Clark.com.(quar.)
3755c Dec. 31
(guar.)
Common
114
•
Name of Company.
Landis Machine, pref.(guar.)
Preferred (guar.)
Lazarus (F. R.) & Co.(guar.)
Extra
Lehigh Portland Cement Co.,7% pref. (guar.).
Lehman Corp. (guar.)
Lerner Stores, 634% pref
Leslie-Calif. Salt Co. (guar.)
Libbey-Owens-Ford-Glass Co.,corn.(quar.)
Liggett & Myers Tobacco Co., pref. (quar.)
Lily-Tulip Cup (guar.)
Lincoln Nat. Life ins.(Ft. Wayne)(guar.)
Linde Air Products Co.6% pref.(guar)
Lindsay Light Co., pref. (guar.)
Link Belt Co., preferred (guar.)
Little Miami RR.special guaranteed (quar.)
Original guaranteed (quar,)
Lockhart Power. 7% pref. (5.-a•)
Lock Joint Pipe,8% pref. (guar.)
Loew's, Inc., common (quar.)
Long Island Lighting Co. 79', cum. pref. A (qu.)_
6% cumulative preferred B (guar.)
Loose-Wiles Biscuit Co., 1st preterred (guar.)._
Lord & Taylor common (guar.)
Lorillard (P.) & Co., com.(guar.)
Preferred (guar.)
Loudon Packing (guar.)
Extra
xw
London Tin Corp.. 754% pref. (8.-a.)
xw
Amer. dep. rec. for 754% pref. (s.-a.)
Lone Star Gas Corp..69' pref.(guar.)
Louisville Gas & Electric Co. (Del.)
Class A .5z B common (guar.)
Lunkenheimer Co.634% preferred (guar.)
634% preferred (guar.)
& Co , preferred (guar.)
Magnin
Mapes Consol. Mfg. Co.(guar.)
Marine Midland Corp. (guar.)
Marion Water Co., 77,z pref.(guar.)
Mathieson Alkali Works, Inc. (guar.)
Preferred (quarterly)
Mayflower Associates (guar.)
McClatchy Newspapers, 7% pref. (guar.)
McColl-Frontenac Oil, com.(guar.)
McKeesport Tin Plate Co., com.(quar.)
Mead Johnson Co. (guar.)
Extra
Meadville Conneaut Lake &LinesvIlle RR.(s.-a)
Medley Scovil (guar.)
Memphis Natural Gas. $7 pref. (guar.)
Memphis Power & Light. $7 pref. (guar.)
$6 preferred (quar.)
Merchants & Miners Transp. Co.,corn. (guar.) _
Mesta Machine Co.. common
Preferred (quarterly)
Metal & Thermit Corp. preferred (guar.)
Metro-Goldwyn Pictures, preferred (quarterly)_
Metropolitan Coal Co., pref. (guar.)
Metropolitan Edison $7 preferred (guar.)
$6 preferred (guar.)
$5 preferred (guar.)
Midland Royalty Corp..$2 cony. pref.(qu.)
Minneapolis-Honeywell Regulator Co..
6% preferred A (guar.)
Mississippi River Power Co., pref. (guar.)
Mississippi Valley Public Service Co.
6% preferred 15 (guar.)
Monarch Knitting, Ltd.,79' pref.(guar.)
Monongahela West Penn Public Service
7% cum. preferred (guar.)
Monroe Chemical Co., pref. (guar.)
Monsanto Chemical Co. (guar.)
Montgomery Ward & Co. cum.class A
.51
Montreal Cottons, Ltd., pref. (guar.)
Montreal Loan & Mortgage (guar.)
Moore Dry Goods Co.(guar.)
Quarterly
Morrell (John) & Co. (quarterly)
Morris (Philip) Consol., Inc., cl. A (quar.)..._
Morris Finance Co., A (guar.)
Class B (quarterly)
Preferred (quarterly)
Morris 5 & 10c. Stores. 7% pf.(guar.)
Morris Plan Ins. Soc.(guar.)
Mountain Producers Corp. (guar.)
Muncie Water Works Co., 8% pref. (quar.)_ _ _
Mutual Chem.of America. pref. Man/
Preferred (guar.)
Mutual Telep. (Hawaii) (mo.)
Myers (F. Er.) & Bro. Co.. com
Preferred (guar.)
Nassau .5c Suffolk Lighting Co..7% pref. (quar.)
National Battery Co., pref. (guar.)
National Biscuit Co.. com.((Wan)
National Bond & Share Corp
National Breweries. Ltd. (guar.)
Preferred (quarterly)
National Candy Co., cont. (quar.)
1st and 2d preferred (guar.)
Natlonal Container Corp., preferred (quar.)_
Preferred _
National Dairy Products common (guar.)
Preferred A & B (guar.)
National Distillers Products.special
National Enameling & Stamping Co
National Gypsum,7% pref. (guar.)
National Industrial Loan Corp.(guar.)
National Lead Co.,corn.(guar.)
Preferred A (quarterly)
Preferred B (quarterly)
National Oil Products
$7 preferred (guar.)
National Refining Co.,8% cum. pref
National Standard Co.(guar.)
National Sugar Refining Co.of N.J.(guar.)._ _
National Tea Co., com.(guar.)
Natomas Co.(guar.)
-a.)
Newark & Bloomfield RR.(s.
Newberry (J. J.) Co.. (guar.)
New Bradford Oil Co. (8.-a.)
New England Gas & Elec Assoc. $54 Pt.(qu.).
New England Telep. dc Teleg. (guar.)
New Hampshire Power.S% pref.(quar.)
New Jersey Power & Light. $6 pref. (quar.)____
$5 preferred (quarterly)
New Jersey Water Co.,79' pref.(guar.)
Newport Electric,6% pref.(guar.)
New York Lackawanna & Western Ry.5% guaranteed (quar.)
New York Power & Lt.,7% pref.(qu.)
$6 preferred (quarterly)
New York Shipbuilding. pref.(quar.)
Participating shares (guar.)
Founders shares (guar.)
New York Steam,6% preferred (quar.)
7% preferred (guar.)
New York Telephone Co.. 654% pref. (guar.)._
New Ycrk Transit Co. (8.-a.)
New York Transportation Co. (guar.)Niagara Share Corp. of Md.,cl. A pref. (qu.)
Niagara Wire Weaving,$3 pref.(guar.)
Vineteen Hundred Corp , class A (guar.)._ _
Sept. 15 1934
When Holders
Per
Share. Payable. of Record
$151
$1%
10c
Sc
874c
60c
h$1%
35c
30c
$14
3755c
30c
$154
1754c
$154
50c
$1.10
334
32
25c
$151
$14
$14
$24
30c
$151
37540
25c
34%
31a
374c
11;1
$14
75c
10c
$191
3734c
$194
50c
434c
T20c
$I
75c
25c
$1
24%
$14
$151
$114
40c
50c
$14
$14
474c
$151
$151
$1
Si
25c
Sept. 15 Sept. 5
Dec. 15 Dec. 5
Sept. 29 Sept. 19
Sept. 29 Sept. 19
Oct. I Sept. 14
Oct. 5 Sept.21
Sept. 15 Sept. 10
Sept. 15 Sept. 4
Sept. 15 Aug. 31
Oct. 1 Sept. 10
Sept. 15 Sept. I
Nov. 1 Oct. 26
Oct. 1 Sept. 20
Sept. 17 Sept. 8
Oct. 1 Sept. 15
Dec. 10 Nov. 24
Dec. 10 Nov. 24
Sept.29 Sept.29
Oct. 1 Sept. 20
Oct. 1 Sept. 14
Oct. 1 Sept. 15
Sept. 15
Oct.
Oct. 1 Sept. 18
Oct. 1 Sept. 17
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 14
Oct. 1 Sept, 14
Oct. 1 Sept. 6
Oct. 8 Sept. 6
Sept. 29 Sept. 14
Sept. 25 Aug. 31
Oct. 1 Sept.21
Jan. 2 Dec. 22
Nov. 15 Nov. 5
Oct. 1 Sept. 14
Oct. 2 Sept. 14
Oct. 1 Sept. 20
Oct. 1 Sept. 10
Oct. 1 Sept. 10
Sept. 15 Sept. 1
Nov.30 Nov. 29
Sept.15 Aug. 15
Oct. 1 Sept. 13
Oct. I Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. I Sept. 20
Oct. 1 Sept. 20
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Sept. 29 Sept. 17
Oct. 1 Sept. 17
Oct. 1 Sept. 17
Oct. 1 Sept. 20
Sept.15 Aug. 31
Sept. 29 Sept. 22
Oct. 1 Aug. 31
Oct. 1 Aug. 31
Oct. 1 Aug. 31
Sept. 15 Sept. 5
$154 Oct. 1 Sept. 20
$14 Oct. 1 Sept.15
$14 Oct.
$1 Oct.
1 Sept. 21
1 Sept. 15
4354c Sept.30 Sept. 15
874c Oct. 1 Sept. 15
250 Sept. 15 Aug. 25
h$194 Oct. 1 Sept. 19
$14 Sept. 15 Aug. 31
624c Sept.15 Aug. 31
$14 Oct. 1 Oct. 1
$114 Jan. 1 Jan. 1
75c Sept.15 Aug. 25
Wtc Oct. 1 Sept. 18
$14 Sept. 29 Sept. 19
30c Sept. 29 Sept. 19
,
$13 Sept. 29 Sept. 19
Oct. 1 Sept.20
$1
3 Dec. 1 Nov. 26
15c Oct. 1 Sept. 15a
$2 Sept.15 Sept. 1
1 54 Sept.28 Sept.20
$14 Dec. 28 Dec. 20
8c Sept. 20 Sept. 10
40c Sept. 29 Sept. 15
$154 Sept. 29 Sept. 15
$151 Oct. 1
55c Oct. 1 Sept. 17
50c Oct. 15 Sept. 14
25c Sept. 15 Aug. 31
r40c Oct. 1 Sept. 15
d r44c Oct. 1 Sept. 15
25c Oct. 1 Sept. 12
$14 Oct. 1 Sept. 12
50c Dec. 1 Nov. 15
h50c Dec. 1 Nov. 15
30c Oct. 1 Sept. 4
$194 Oct. 1 Sept. 4
45c Oct. 2
50c Sept.29 Sept. 17
$151 Oct. 1 Sept. 15
Sc Sept.31 Aug. 15
Sept. 29 Sept. 14
El
Sept. 15 Aug. 31
Si
Nov. 1 Oct. 19
Si
30c Oct. 1 Sept. 20
$151 Oct. 1 Sept. 20
h$2 Oct. 1 Sept. 15
50c Sept. 29 Sept. 19
50c Oct. 1 Sept. 4
I5c Oct. 1 Sept. 14
The Oct. 1 Sept. 15
$154 Oct. 1 Sept. 22
250 Oct. 1 Sept. 17
10c Sept.15 Aug. 15
$14 Oct. 1 Aug. 31
Sept.29 Sept. 7
Oct. 1 Sept. 15
Oct. 1 Aug. 31
Si
Oct. 1 Aug. 31
Si
31 • Oct. 1 Sept. 20
$14 Oct. 1 Sept. 15
sia
15c
50c
$154
75c
50c
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 20
Sept. 20
Oct.
Oct. 1 Sept. 20
Oct. 1 Sept. 15
Oct. I Sept 15
Oct. 15 Sept. 20
Oct. 15 Sept. 21
Sept. 28 Sept. 14
Oct. 1 Sept. 14
Oct. 2 Sept. 15
Nov. 15 Nov. 1
Volume 139
Name of Company.
Financial Chronicle
When Holders
Per
Share. Payable. of Record.
9c Sept. 15 Sept. 5
1932 Trust Fund,ctfs. of bef.int
Norfolk & Western By.common (guar.)
$2 Sept.19 Aug. 31
North American Co.common (quar.)
1234c Oct. 1 Sept. 5
Common (quar.)
f 1% Oct. 1 Sept. 5
Preferred (quar.)
75c Oct. 1 Sept. 5
h$1 Oct. 20 Sept. 29
North American Investors, 6% preferred
554% preferred
h91 2-3 Oct. 20 Sept. 29
North Central Texas Oil Co. preferred (quar.)_. $154 Oct. 1 Sept. 10
Northern Ontario Power Co., Ltd., corn.(quar.).
50c Oct. 25 Sept. 29
% Oct. 25 Sept. 29
6% cum.cony. pref.(quar.)
$1 Dec. 1 Nov.21
Northern RR. of N. J.. 4% gtd. (quar.)
Norwalk Tire & Rubber Co.(Conn.)
Preferred (quarterly)
8754c Oct. 1 Sept. 21
Norwich Pharmacal Co.(mar.)
$1 31 Oct. 1 Sept.20
$itl Jan. 1 Dec. 20
Quarterly
$2 Oct. 1 Sept. 15
Norwich & Worcester RR.,8% pref.(quar.)
75c Oct. 1 Sept. 15
Nova Scotia Light & Power (quar.)
15c Sept.15 Sept. 10
Oahu By.& Land (monthly)
10c Sept. 15 Sept. 6
Oahu Sugar (monthly)
h$3 Sept.15 Aug. 31
Ohio Brass Co., pref
Ohio Edison Co., $5 preferred (guar.)
3134 Oct. 1 Sept.15
$154 Oct. 1 Sept. 15
$6 preferred (quarterly)
$1.65 Oct. 1 Sept.15
$6.60 preferred (quarterly)
$1.54 Oct. 1 Sept. 15
$7 preferred (quarterly)
$1.80 Oct. 1 Sept. 15
S7.20 preferred (quarterly)
Ohio Finance, class A (quar.)
$I Oct. 1 Sept. 10
8% preferred (quarterly)
$12 Oct. 1 Sept. 10
Ohio on Co., common
15c Sept.15 Aug. 18
Preferred (quarterly)
Sept.15 Sept. 4
$1
Ohio Service Holding,$5 pref. (initial)
50c Oct. 1 Sept. 15
Ohio Public Service Co., 7% preferred (mo.)
58 1-3c Oct. 1 Sept.15
6% preferred (monthly)
50c Oct. 1 Sept. 15
5% preferred (monthly)
412-3c Oct. 1 Sept. 15
Oklahoma Gas & Electric, 7% pref. (quar.) .. $154 Sept.15 Aug. 31
67 preferred (guar.)
5154 Sept. 15 Aug. 31
Nov. 1 Oct. 20
Old Colony Insurance Co. (quarterly)
Old Colony RR. Co. (quar.)
$154 Oct. 1 Sept. 15
Omnibus Corp., preferred ((mar.)
$2 Oct. 1 Sept. 14
Oneida Community, Ltd., 7% preferred
h50c Sept. 15 Aug. 31
Onomea Sugar (monthly)
20c Sept. 20 Sept. 10
Onomea Sugar (monthly)
20c Sept.20 Sept. 10
Ontario Loan & Debenture (guar.)
$1% Oct. 1 Sept. 15
Ontario Mfg. Co. common (quar.)
25c Oct. I Sept. 20
Preferred (quar.)
$154 Oct. 1 Sept. 20
Oriental Consolidated Mining
50c Sept. 18 Sept. 4
Pacific Bancshares, Ltd. (quar.)
15c Aug. 1 July 16
Pacific Finance Corp. of Calif. (Del.)(quar.)_ _
Sc Oct. 1 Sept.15
Preferred A ((marl
20c Nov. 5 Oct. 15
Preferred C (guar.
1631c Nov. 5 Oct. 15
Preferred D (ouar.
17540 Nov. 5 Oct. 15
Pacific Lighting Corp.. $6 pref. (quar.)
*154 Oct. 15 Sept. 29
Pacific Telep. & Teleg. Co., common (quar.)_.. $134 Sept. 29 Sept.20
Preferred (quarterly)
$154 Oct. 15 Sept. 29
ParaMne Co.. Inc. (guar.)
50c Sept. 27 Sept. 17
Parke. Davis & Co. (quar.)
25c Sept. 29 Sept. 19
Extra
10c Sept.29 Sept. 19
50c Sept.15 Sept. I
Penick & Ford. Ltd.. corn. (quarterly)
Penney (J. C.) Co., common (guar.)
30c Sept.29 Sept. 18
Preferred (quar.)
$154 Sept.29 Sept. 18
Penn Central Light & Power Co.,$5 pref. (qu.)_ $154 Oct. 1 Sept. 10
70c Oct. 1 Sept. 10
$2.80 preferred (quarterly)
Pennsylvania Gas & Electric Corp.
$154 Oct. 1 Sept.20
7% preferred (quarterly)
$7 preferred (quarterly)
$154 Oct. 1'Sept.20
55c Oct. 1 Sept. 20
Pennsylvania Power Co.. $6.60 pref.(mo.)
55c Nov. 1 Oct. 20
$6.60 preferred (monthly)
55c Dec. 1 Nov. 20
$6.60 preferred (monthly)
$154 Dec. 1 Nov. 20
$6.60 preferred (quarterly)
50c Sept.15 Aug. 1
Pennsylvania RR. Co
$134 Oct. 1 Sept. 15
Pennsylvania Telep. Corp.,6% pref. (quar.).__
75c Oct. 1 Sept. 15
Pennsylvania Water & Power Co. (quar.)
$131 Oct. 1 Sept. 15
Preferred (guar.)
$154 Oct. 1 Sept. 20
Penn Water Power.$7 pref.(guar.)
25c Oct. 1 Sept. 8
Peoples Drug Stores (quarterly)
Preferred (quarterly)
$1% Sept.15 Sept. 1
Peoria Water Works,7% pref.(quar.)
5154 Oct. 1 Sept. 20
50c Oct. 1 Sept. 19
Perfect Circle Co. (quarterly)
30c Sept. 29 Sept. 20
Perfection Stove Co.common (quar.)
Peterborough RR. (semi-ann.)
$1 Si Oct. 1 Sept. 25
25c Oct. 1 Sept. 10
Pet Milk Co.,common (quarterly)
Preferred (quarterly)
$1 54 Oct. 1 Sept.10
Petroleum Exploration (quar.)
123.4c Sept. 15 Sept. 5
Philadelphia Co.. $5 cum. pref. (quar.)
$13( Oct. 1 Sept. 1
$6 cum. preferred (quar.)
5154 Oct. 1 Sept. 1
Philadelphia Elec. Power Co.8% pref.(quar.)_.
50c Oct. 1 Sept. 5
Philadelphia & Trenton RR.(quar.)
3254 Oct. 10 Oct. 1
Phoenix Finance. pref. (quar.)
50c Oct. 10 Oct. 1
Preferred (quar.)
50c Jan. 10 Jan.1'35
Pinchin, Johnson & Co., Ltd., Am.she. Onter•m) zw7%% Sept. 24 Aug. 31
Pioneer Gold Mines of Brit. Columbia (quar.)_ _
r20c Oct. 1 Sept. 1
Pittsburgh Bessemer & Lake Erie R.R.(s.
750 Oct. 1 Sept. 15
-a.)- 6% preferred (5.-a.)
$134 Dec. 1 Nov. 15
Pittsburgh Port Wayne & Chicago R.R.(quar.)_ 5154 Oct. 2 Sept. 10
Quarterly
$134 Jan. 1 Dec. 10
7% preferred (quar.)
$1 51 Oct. 2 Sept. 10
$1 5 Jan. 1 Dec. 10
4
7% preferred (quar.)
Pittsburgh Plate Glass Co
35c Oct. 1 Sept. 10
Pittsburgh Thrift Corp. (quar.)
1734c Sept.29 Sept. 10
7%, preferred (quar.)
$1% Sept.29 Sept. 10
Pittsburgh Youngstown & Ashtabula R.R.7% preferred (quar.)
8151 Dec. 1 Nov.20
Plymouth Oil (guar.)
25c Sept. 29 Sept. 8
Pollock Paper & Box Co., pref. (quar.)
154 Sept.15
Preferred (quarterly)
134 Dec. 15
SIX Oct. 1 Sept.14
Ponce Electric, 7% Pref. (quar.)
Powell River. 7% preferred
$154 Dec. 1
Power Corp. of Canada. Ltd.. 6% pref. (quar.) r134% Oct. 15 Sept. 29
6% non-cum. part. preferred (quarterly)
r75c Oct. 15 Sept.29
Pratt & Lambert, Inc. (quar.)
25c Oct. 1 Sept. 15
Premier Gold Mining Co. (guar.)
3c Oct. 15 Sept. 14
Premier Gold Mining (guar.)
r3c Oct. 15 Sept. 14
Procter & Gamble Co.. 5% pref.(quar.)
$134 Sept. 15 Aug. 24
Prudential Investors. 6% pref. (quar.)
$154 Oct. 15 Sept. 29
Publication Corp., 7% 1st pref.(quar.)
$154 Sept.15 Sept. 5
7% original preferred (quar.)
$154 Oct. 1 Sept. 20
Public Service Co. of Colorado,7% pref.(mo.) _ 58 1-3c Oct. 4 Sept. 15
67 preferred (mo.)
50c Oct. 1 Sept. 15
5f,, preferred (mo.)
41 2-3c Oct. 1 Sept. 15
Pub ic Service Co. of Oklahoma
7% prior lien stock (quar.)
$154 Oct. 1 Sept. 20
6% prior lien stock
*154 Oct. 1 Sept. 20
Public Service Corp. of N. J. common (quar.)__
70c Sept.29 Sept. 1
$2 Sept.29 Sept. 1
8% preferred (quar.)
7% preferred Wear.)
$154 Sept. 29 Sept. 1
$154 Sept. 29 Sept. 1
$5 preferred (quar.)
6% preferred (monthly)
50c Sept.29 Sept. 1
5154 Oct. I
Public Service Corp. of Texas, pref
Sept. 29 Sept. 1
Public Service Elec. & Gas Co.,$5 pref.(quar.)_ $1
7% preferred (quarterly)
5151 Sept. 29 Sept. 1
Public Service of New Hampshire
3154 Sept. 15 Aug. 31
$6 pref.(quarterly)
5131 Sept. 15 Aug. 31
$5 pref.(quarterly)
31 Oct. 15 Oct. 1
Quaker Oats Co. common (quar.)
Special
SI Oct. 15 Oct. I
3154 Nov.30 Nov. 1
6% preferred (quar.)
Queens Borough Gas & Electric Co
6% preferred (quar.)
*1 54 Oct. 1 Sept. 15
h50c Dec. 1 Nov. 10
Rainier Pulp & Paper,$2 class A
h50c Mar. 1 Feb. 10
$2 class A
h50c June 1 May 10
$2 class A
30c Sept.15 Sept. 1
Rapid Electrotype
Name of Company.
1667
When Holders
Per
Share. Payable. ofRecord.
50c Oct. 11 Sept. 20
Reading Co.. 2d preferred (quar.)
25c Sept. 16 Aug. 31
Reeves,(Daniel),Inc.. cont.(quar.)
$154 Sept. 16 Aug. 31
6%% preferred (quarterly)
$154 Sept. 15 Aug. 31
Reliance Grain, 654% pref
20c Nov. 10 Oct. 31
Republic Insurance. Texas(guar.)
25c Oct. 5 Oct. 2
Republic Supply Co.(quar.)
75c Oct. 1 Sept. 18
Reynolds Tobacco Co.,corn.& corn. B (quar.)_
5134 Sept.29 Sept. 15
Rich's Inc..
% preferred (guar.)
Telep. Corp.,654% 1st pref. (quar.)_ 5154 Oct. 1 Sept. 20
Rochester
30c Oct. 1 Sept. 20
Ross Gear & Tool Co.,common (quar.)_
20c Oct. 1 Sept. 17
Rossia Insurance Co. of America
25c Oct. 1 Sept. 4
Royal Baking Powder Co.(guar.)
5154 Oct. 1 Sept. 4
6% pref.(quarterly)
25c Sept.15 Sept. 1
Ruberoid Co.(quarterly)
25c Sept. 15 Sept. 5
Ruud Manufacturing Co.(guar.)
75c Oct. 1 Sept. 19
Safeway Stores, Inc., common (quar.)
5154 Oct. 1 Sept. 19
7% preferred (quarterly)
$134 Oct. 1 Sept. 19
6% preferred (quarterly)
10c Sept. 20 Sept. 7
St. Joseph Lead Co
5154 Oct. 1 Sept. 15
St. Louis National Stockyards (quar.)
20c Sept. 15 Sept. 1
San Carlos Milling (monthly)
San Joaquin Light & Power Co
5154 Sept. 15 Aug. 31
7% prior preferred (quar.)
SIX Sept. 15 Aug. 31
7% series A preferred (quar.)
$134 Sept. 15 Aug. 31
6% prior preferred series A (quar.)
$134 Sept.15 Aug. 31
6% series B preferred (guar.)
$2 Oct. 1 Sept. 10
Savannah Electric & Power,8% pref. A (quar.)
5154 Oct. 1 Sept. 10
734% preferred B (quarterly)
5154 Oct. 1 Sept. 10
7% preferred C (quarterly)
$15 Oct. 1 Sept. 10
654% preferred Di (quarterly)
553 Oct. 1 Sept. 10
6% preferred
50c Sept. 15 Aug. 31
Schiff Co. (quarterly)
$134 Sept.15 Aug. 31
Preferred (quarterly)
4234c Sept.30 Sept.15
Scott Paper Co.,common (guar.)
25c Oct. 1 Sept. 15
Scoville Mfg. Co. (quar.)
$134 Oct. 1 Sept. 4
Scranton Electric Co.,$6 pref.(guar.)
150 Sept.15 Sept. 1
Seaboard Oil of Delaware (quarterly)
10c Sept.15 Sept. 1
Extra
d50c Oct. 1 Sept. 25
Second International Securities, 6% 1st pref
1.7c Sept. 15 Aug. 31
Selected American Shares, Inc.(s-a)
Selected Industries, Inc.
$154 Oct. 1 Sept.15
$554 dividend prior stock (guar.)
6c Oct. 10 Sept. 20
Shattuck (F. G.) Co.(quar.)
$134 Dec. 1 Nov. 20
Shenango Valley Water.6% pref. (quar.)
$154 Nov. 15 Nov. 14
Sioux City Stockyards Co., pref. (quar.)
3c Sept.30
Siscoe Gold Mines, Ltd. (quar.)
2c Sept.30
Extra
15
1
51 N
Smith (S Morgan) Co.(quar.)
iSa Sept.15 Aug. 24a
Socony-Vacuum Oil
hlOc Sept.25 Sept.15
South American Gold & Platinum Co
$134 Oct. 1 Sept. 15
South Carolina Power Co.$6 pref.(quar.)
1% Sept.15 Aug. 31
South.Colorado Power Co.,7% cum.pref(quar.)
50c Sept.15 Sept.10
Southern Acid & Sulphur (quar.)
$134 Oct. 1 Sept.10
7% preferred (quar.)
6254c Oct. 1 Sept.15
-a.)
Southern & Atlantic Telegraph Co.(s.
Southern Calif. Edison Co., Ltd.
433(c Sept.15 Aug. 20
7% series A preferred (quar.)
3754c Sept.15 Aug. 20
6% series B preferred (quar.)
43%c Oct. 15 Sept. 20
Original pref.(quar.)
3454c Oct. 15 Sept. 20
(guar.)
854% preferred series C
Southern Canada Power Co., Ltd.
cumulative participating preferred (qu.)_. 134% Oct. 15 Sept. 20
6%
30c Sept.29 Sept.15
South Penn Oil Co.(quar.)
60c Oct. 1 Sept. 12
South Porto Rico Sugar Co.,corn.(guar.)
S2 Oct. 1 Sept. 12
Preferred (quarterly)
$154 Oct. 1 Sept. 20
Southwestern Bell Tel. Co.,7% pref.(guar.)_ _ _
South western Gas & Elec. Co..7% pref. (guar.) $PA Oct. 1 Sept. 15
$2 Oct. 1 Sept. 15
8% preferred (quarterly)
Southwestern Light & Power Co.
50c Oct. 1 Sept.15
$6 cumulative preferred (guar.)
$1 Oct. 1 Sept. 15
South West Penna. Pipe Line Co.(guar.)
75c Oct. 1 Sept. 15
Sparta Foundry (quar.)
25c Oct. 1 Sept. 15
Extra
40c Sept. 29 Sept. 15
Spencer Kellogg & Sons, corn
Oct. 1 Sept. 15
bpringfield Gas & El. Co.(Mo.), pf. ser. A (qu.) $1
2734c Oc••• 1 Sept. 20
Square D Co.. class A preferred (quar.)
25c Oct. 1 Sept. 4
Standard Brands, Inc., common (quar.)
5114 Oct. 1 Sept. 4
$7 cum. preferred series A (quar.)
1234c Oct. 1 Sept. 20
Standard Coosa Thatcher (guar.)
SI.% Oct. 15 Oct. 15
7% preferred (guar.)
5154 Oct. 1 Sept. 15
Standard Fuel, 654% preferred (quar.)
25c Sept.15 Aug. 15
Standard Oil Co. of Calif. (guar.)
25c Sept.15 Aug. 15
Standard Oil Co. of Indiana (quar.)
50c Oct. 31 Oct. 1
Standard 011 Co. of Kansas (Delaware) (quar.)_
250 Sept.15 Aug. 31
Standard Oil of Kentucky (quar.)
Standard Oil Co.(Ohio),5% cum. pref.(guar.). *1 54 Oct. 15 Sept. 29
$I% Sept.29 Sept. 18
Starrett (L. S.) Co.. preferred (quar.)
$154 Oct. 1 Sept. 14
Stein (A.) & Co., pref.(guar.)
250 Sept.15 Aug. 25
Sun Oil Co.common(quar.)
16c Sept.29 Sept.15
Sunshine Mining Co.(quar.)
Sunset McKee Salesbook Co., Ltd. el. A ,qu.)_ _ 3754c Sept. 15 Sept. 4
5254% Sept.20 Sept. 1
Superior Oil Co.(Calif.), pref
1254c Oct. 1 Sept. 1
Swift & Co. (quar.)
25c Sept. 15 Sept. 5
Sylvania Industrial Corp. (guar.)
u5c Sept.30 Sept. 1
Sylvanite Gold Mines, corn. (quar.)
50c Sept.30 Sept. 10
Tacony Palmyra Bridge (quar.)
50c Sept.30 Sept. 10
Class A (guar.)
20c Oct. 1 Sept.20
Telephone Investment Corp. (monthly)
5134 Oct. 1 Sept. 15
Tennessee Elect. Pow.Co..5% pref.(guar.)Oct. 1 Sept. 15
$I
6% preferred (quar.)
5154 Oct. 1 Sept. 15
7% preferred (guar.)
$1.80 Oct. 1 Sept. 15
7.2% preferred (guar.)
50c Oct. 1 Sept.15
6% preferred (monthly)
60c Oct. 1 Sept.15
7.2% preferred (monthly)
25c Oct. 1 Sept. 7
Texas Corp (quarterly)
Sept.15 Aug. 17
e2
Texas Gulf Products
Sept. 15 Sept. 1
Texas Gulf Sulphur (guar.)
$15 Dec. 1 Nov. 15
4
3
Tex-O-Kan Flour Mills, pref.(guar.)
Mar. 1 Feb. 15
$1.
Preferred (quarterly)
$14 June 1 May 15
Preferred (quarterly)
15c Sept. 29 Sept. 10
Texon Oil & Land Co., common
15c Sept. 29 Sept. 10
Extra
50c Oct. 1 Sept. 20
Time. Inc. (quar.)
25c Oct. 1 Sept.20
Extra
$6% preferred (quar.)
$154 Oct. 1 Sept. 20
250 Sept.20 Sept. 7
Todd Shipyards Co.(quar.)
581-Sc Oct. 1 Sept.15
Toledo Edison Co.,7% pref.(mo.)
50c Oct. 1 Sept. 15
6% preferred (monthly)
41 2-3c Oct. 1 Sept.15
5% preferred (monthly)
51 Oct. 1 Sept. 14 1
Torrington Co
'Fri-Continental Corp., $6 pref. (quar.)
$154 Oct. 1 Sept. 15
6254c Oct. 1 Sept. 15
Trice Products Corp.(quar.)
Triplex Safety Glass Co., Ltd.
rw25% Oct. 5 Sept. 4
Amer. dep. rec. for ord. reg. (final)
Twentieth Century Fixed Trust Shares
Series B coupon
0514c Sept. 15
Underwood-Elliott-Fisher, corn. (guar.)
50c Sept.29 Sept. 12
Preferred (quarterly)
$151 Sept.29 Sept. 12
,
Union Carbide & Corbon Corp
35c Oct. 1 Sept. 4
.Union Electric Light & Power (Ill.)
6% preferred (guar.)
$1% Oct. 1 Sept. 15
Union Electric Light & Power Co.(Mo.)7% preferred (quarterly)
$13' Oct. 1 Sept. 15
Union Pacific RR., corn
5154 Oct. 1 Sept. 1
Preferred (semi-annual)
$2 Oct. 1 Sept. 1
United Biscuit Co of Amer.. pref.(quar.)
$1% Nov. 1 Oct. 16
60c Oct. 1 Sept. 15
United Carbon Co., corn. (quar.)
15c Sept. 15 Sept. 5
United-Carr Fastener Corp. common
75c Oct. 1 Sept. 4
United Corp., $3 preference (quar.)
United Dyewood, pref. (quar.)
$154 Oct. 1 Sept. 14
10c Sept. 24 Sept. 6
United Elastic Corp. (quar.)
Financial Chronicle
1668
When Holders
Per
Share. Payable. of Record.
Name of Company.
United Gas & Electric Corp. preferred (quar.)......
United GasImprovement(guar.)
5% preferred (quar.)
United Grain Growers, Ltd., common
United Light & Rys.,7% prior prf. (monthly)___
6.36% prior preferred (monthly)
6% prior preferred (monthly)
United N. J. RR.& Canal (quar.)
Quarterly
United Profit Sharing, pref.(s-a)
United States Foil, A & B (quar.)
Preferred (quarterly)
United States Gypsum Co.common (quar.)
7% preferred (quar.)
U.S. Petroleum Co.(quar.)
U. S. Pipe & Foundry Co.. corn.(quar.)
Common (quar.)
Preferred (quar.)
Preferred (quar.)
United States Playing Card (quar.)
Extra
United States Sugar Corp., pref. (quar.)
Preferred (quarterly)
Preferred (quarterly)
Preferred
United States Tobacco Co., common (guar.)...
Preferred (guar.)
United States Trust Co.(guar.)
United Stores Corp. preferred (quar.)
Universal Leaf Tobacco Co., Inc.,com.(quer.).
Preferred (quar.)
Upper Michigan Pow. de Lt..8% pref. (quar.)
6% preferred (guar.)
Upressit Metal, preferred (quar.)
Utica Chenango & Susq. Val. guar.(seml
-ann.)Utica Clinton & Binghamton.debenture (5.
-a.)Vicksburg, Shreveport & Pacific Ry. Co.—
Common (semi-annual)
Preferred (semi-annual)
Viking Pump Co. preferred (quar.)
Virginia Elec. & Power Co. pref.(quar.)
Vortex Cup Co.. common (quar.)
Extra
Class A stock (quarterly)
Vulcan Detinning Co., preferred (quar.)
Wagner Electric Corp. pref. (quar.)
Walgreen Co., pref.(quar.)
Ward Baking Corp., 7% cumul. pref
Warren RR.,gtd.(s-a)
Washington Water Power.$6 Pref.(guar.)
Wesson Oil & Snowdrift Co..corn.(quar.)
Extra
Western Canada Flour,634% pref
Western Canadian Collieries
Western Grocers,7% pref.(quar.)
1
%
30c
$1
$1
58 1-3c
53c
50c
$234
$234
50c
15c
$131
25c
$14
lc
123.4c
1234c
Oct. 1 Sept. 15
Sept. 29 Aug. 31
Sept. 29 Aug. 31
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Oct. 10 Sept. 20
1 Dec 20
Oct. 31 Sept. 28
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 14
Oct. 1 Sept.14
Dec. 10 Dec. 5
Oct. 20 Sept.29
Jan. 20 Dec. 31
Oct. 20 Sept.29
30c Tan. 20 Dec. 31
1 Sept. 20
25c
25c Oct. I Sept. 20
$131 Jan 5'35 Dec. 10
Apr5'35 Mar. 10
$1
Jly 5'35 June 10
it
Fb20'35 Sept. 10
$1
Oct. 1 Sept. 17
$1
Oct. 1 Sept. 17
$1
$15 Oct. 1 Sept. 20
814c Sept.15 Aug. 25
50c Nov. 1 Oct. 17
$2 Oct. I Sept. 12
$194 Nov. 15
slit Jan, 1
Oct. 1 Sept. 15
$3 Nov. 1 Oct. 14
$234 Dec. 26 Dec. 26
$134
37Sic
20c
62Hc
131%
$151
$14
50c
$1
$1H
12Hc
50c
75c
131%
$13'
Oct. 1 Sept. 7
Oct. 1 Sept. 7
Sept. 15 Sent. 1
Sept.20 Aug. 31
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 20 Oct. 10
Oct. 1 Sept. 20
Sept. 1 Sept. 20
Oct. 1 Sept 15
Oct. 15 Oct. 6
Sept. 15 Aug. 24
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Sept. 15 Aug. 31
Oct. 15
Oct. 15 Sept. 20
Sept. 15 1934
When Holders
Per
Share. Payable. of Record.
Name of Company.
West Jersey & Seashore RR.6% spec. gtd.(s.-a.) $194 Dec. 1 Nov.15
Westland 011 Royalty.(monthly)
10c Sept.15 Aug. 31
Westmoreland, Inc. (quar.)
30c Oct. 1 Sept.15
Westmoreland Water Co..$6 pref.(quar.)
$134 Oct. 1 Sept.20
West Penn Electric, class A (quar.)
$14 Oct. 1 Sept. 17
Wait Penn Power. 6% pref. (quar.)
$134 Nov. 1 Oct. 5
7% preferred (quarterly)
$131 Nov. 1 Oct. 5
Westvaco Chlorine Products, pref. (quar.)
$131 Oct. 1 Sept. 15
Weyenberg Shoe Mfg.. preferred (quar.)
$1 94 Sept.15 Sept. 5
Preferred (quarterly)
$14 Dec. 15 Dec. 5
Whitman(Wm.)& Co.,Inc.. pre
/414 Sept. 16 Sept. 1
Wilcox Rich Co. class A (quar.)
62Sic Sept.30 Sept.20
Wilson & Co.,7% preferred
hil4 Oct. 1 Sept. 15
1 y4 Nov, 1 Oct. 15
Winstead Hosiery (guar.)
Wisconsin Michigan Power,6% pref.(qu.)
$13i Sept. 15 Aug. 31
Wisconsin Power & Light Co.,6% pref.(guar.). 3734c Sept. 15 Aug. 31
7% cumul. pref. (quar.)
4351c Sept. 15 Aug. 31
Wisconsin Public Service Corp.
7% cumulative preferred (quar.)
$14 Sept. 20 Aug. 31
834% cumulative preferred (quar.)
$14 Sept. 20 Aug. 31
6% cumulative preferred (quar.)
$134 Sept. 20 Aug. 31
Wiser Oil Co.(quarterly)
25c Oct. 1 Sept. 11
Woodley Petroleum 00
f10% Sept.30 Sept. 15
Wright
-Hargreaves Mines (guar.)
rlOc Oct. 1 Sept. 10
Extra
r5c Oct. 1 Sept. 10
Wrigley (Wm.) Jr. Co. (monthly)
25c Oct. 1 -,ept. 20
Monthly
25c Nov. 1 Oct. 20
Monthly
25c Dec. 1 Nov. 20
Yale & Towne Mfg. Co.(quar.)
15c Oct. 1 Sept.21
Young (L. A.)Spring & Wire (guar.)
25c Oct. 1 Sept. 17
Extra
25c Oct. 1 Sept. 17
Liegler-Hutter Breweries. Inc. (quar.)
234c Oct. 1 Sept. 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 oils date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
f Payanle in common stock. g Payable In scrip. h On account of accumulated dividends. .1 Payable In preferred stock.
m A quar. div. on the cony. pref. stock, opt. ser. of 1929, of Commercial
Investment Trust Corp.. has been declared in corn, 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.
p White Rock Mineral Springs Co. declared $2.50 per share on 830 shares
—equivalent to $.50 per share on 4,150 shares of corn, stock for which the
2d preferred may be exchanged, and payable on the equivalent number of
common if so exchanged before the record date.
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.
U Payable In U. S. funds. It A unit w LOSS depositary expenses.
T I AAR 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 Sept. 12 1934,
in comparison with the previous week and the corresponding
date last year:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR WEEK ENDED SATURDAY, SEPT. 8 1934.
Clearing House
Members.
•Surplus and Net Demand
Undivided
Deposits,
Average.
Profits.
• Capital.
$
Bank of NY & Trust Co
6.000,000
Bank of Manhattan Co. 20,000,000
National City Bank__ 127,500,000
Chem Bank de Trust Co.
20.000.000
Guaranty Trust Co
90,000,000
Manufacturers Trust Co
32,935,000
Cent Hanover Bk & Tr Co
21,000,000
Corn Exch Bank Tr Co.
15,000,000
First National Bank
10,000,000
Irving Trust Co
50,000.000
Continental Bk & Tr Co
4,000,000
Chase National Bank
150,270,000
Fifth Avenue Bank
500,000
Bankers Trust Co
25,000,000
Title Guar & Trust Co
10.000,000
Marine Midland Tr Co_
5.000.000
New York Trust Co
12.500.000
Comml Nat Bk & Tr Co
7,000,000
Public Nat Bk de Tr Co_
8,250,000
$
$
9,928,100
101,231.000
31,931.700
283,225.000
38,018,700 a946.107,000
48.945,300
325,612,000
177,466.200 61,025,763,000
10,297.500
242,699,000
81.312.500
571,551.000
16,170.300
176.971,000
88,495,500
368.597,000
57,693.500
389,362,000
3,507.900
26,301.000
66,520.800 c1,281,171.000
3,251,600
41,547,000
60,009,000 d604,887,000
8,208.000
16,960,000
7,346.200
48,505,000
21,714.500
214,204.000
7.564,500
51.869.000
4,912,400
45,304,000
Time
Deposits,
Average.
$
11,789,000
32.199,000
173.851.000
25,710.000
55.376.000
100,991,000
28,403,000
21,470.000
12.591,000
6,578.000
3.319.000
75,440,000
102,000
22,880,000
271.000
4.114,000
18,382.000
1.499.000
34.283.000
Totals
614,935,000 723,312,200 6,761.872,000 627,246,000
* As per official reports: National, June 30 1934; State, June 30 1934. trust
companies, June 30 1934.
Includes deposits in foreign branches: a $205.462,000, b 858,294,000; c $65,478,000; d $20,525,000.
The New York "Times" published 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 Sept. 7:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, SEPT. 7 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investnients.
Manhattan5
Grace National
23,367.800
Trade Bank of N. Y. 3,392.278
Brooklyn—
Peonle's National__ 4.790 000
Cash.
Res. Dep., Dep. Other
N. F, and Banks and
Elsewhere. Trust Cos.
$
73,100
107,082
$
2.051,800
606.670
80 000
296 000
Gross
Deposits.
$
$
1,420.900 22,257,000
67,554 8,001,954
308000
4 87n nnn
TRUST COMPANIES—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Cash.
Res. Dep.. Dep. Other
N. Y. and Banks and
Elsewhere. Trust CO.,
Gross
Deposits.
Manhattan-$
$
$
$
$
Empire
53.864.300 *3.254.300 9,848.800 1.117.800 55,707.500
Federation
6,623,503
103,080
503,403
680,775 6,180.082
Fiduciary
8,739,851
*522.238
392.158
82.385 7,884.426
Fulton
18.188,000 *2,483,500 1,495,900 1,063,700 16.256,500
29,974,200 M.618,400
Lawyers County
397,700
32,383.200
United States
62,789,016 15,223.337 17.330,963
66.862,065
Brooklyn—
Brooklyn
46.576.000 2.397,000 22,071,000
380,000 97,265,000
Kings County
27.019.481 1.873.923 6.319.380
28.603 430
* Includes amount with Federal Reserve as follows: Empire, $2,266,600; Fiduciary, 8302,786, Fulton, 92,320,600: Lawyers County. $4,020,400.
Sept. 12 1934 Sept. 5 1934 Sept. 13 1933
Assets—
Gold certificates on hand and d 1 from
$
$
1,685,585,000 1,578,498,000
U. S. Treasury.:
Gold
Redemption fund—F. R. notes895,000
1,084.000
Other cash
67,108,000 62,744,000
Totai reserves
Redemption fund—F.It. bank no ss
Bills discounted:
Scoured by U. B. Govt. obligati ins._
Other bills discounted
$
260,744,000
729,239,000
6,549,000
65,787,000
1,723,566,000 1,732,326,000 1,062,289,000
1,976,000
1,648,000
2,748,000
2.410.000
11,980.000
2,499,000
11,540,000
12,389,000
28,608,000
14,390,000
14,039,000
40,997,000
1,934,000
101,000
1,952,000
81,000
2,333,000
165,749.000
418,076.000
193.930,000
165,749,000
411,807.000
200,199,000
173,677,000
313,010,000
293,604,000
777,755,000
777.755.000
780,291,000
Total bills and securities
794,180,000
793,827,000
824,858,000
Gold held abroad
Due from foreign banks
F. Ft. aotes of other banks
Uncollected items
Bank premises
AB other meta
1,191,000
5,055,000
99.868,000
11,468,000
41,866,000
1.193,000
4,641.000
98.074,000
11,468,000
51,122,000
1,369,000
6.567,000
108.501,000
12,818,000
30,611,000
Total bills discounted..
Bills bought in 00013 market
Industrial Advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U.S.Government see
Iles--
Other securities
Total tweets
1,237,000
2,678,970,000 2,694,299,000 2,049,761,000
Liabilities—
F. It. notes in actual circulation._
854,357.000 661,485,000 638,950,000
F. R,. ban* notes Its actual circulati m net
30.155,000
30,529,000
52,784,000
Deposits—Member bank reserve acol.. 1,572.157.000 1,583,595,000 1,070,645,000
U. S. Treasurer—General account
67,983,000
7,545,000
53.505.000
Foreign bank
4,438,000
6,971,000
4,121,000
Other deposits
127,618,000 125,557,000
16,743,000
Total deposits
Deferred availability items
Capital paid in.
Surplus
Reserve for contingencies_
All other liabilities
1,772,196,000 1.766,778.000 1,101,904,000
94,264,000
96.745,000 101,176,000
59.591,000
58,497,800
59.518,000
45,217,000
85,058.000
45,217,000
4,737.000
4.737.000
1.667,000
18,453,C00
9,725,000
29,290,000
Total liabilities
2,678,970,000 2,694,299,000 2,049,761,000
Ratio of total reserves to depoeli
a
F. R. note liabilities combined
71.0%
61.0%
71.3%
Contingent liability on bills purc based
for foreign correspondents
14,682,000
300,000
231,000
Commitments to make industri 1
advances
15,000
15,000
•"Other cash" does not include Federal Reserve notes or a bant's own Federal
Reserve bank notes.
a 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 19.06 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.
1669
Financial Chronicle
Volume 139
Weekly Return of the Federal Reserve Board
The following is the return issued by the Federal Reserve Board Thursday afternoon, Sept. 13,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 SEPT. 12 1934
1934 July 25 1934 Sept. 13 1933
Sept 12 1934 Sept. 5 1934 Aug. 29 1934 Aug. 22 1934 Aug. 15 1934 Avg. 8 1934 Aug. 1
$
5
S
$
s
$
5
ASSETS.
5
$
953,889,000
Gold ctfs. on hand & due from U. 5_l_. 4,960,996,000 4,960,078,000 4,979,482,000 4,963,361,000 4,961,374,000 4,929,548,000 4,906.009.000 4.873,172,000 2.599,847,000
Gold
36,719,000
24.620.000
34.003.000
24,357,000
24,313.000
24,034,000
24,293,000
23,889,000
23.043,000
Redemption fund (9'. R.. notes)
228,314,000 209.113,000 235,917,000 224.660,000 224,456,000 219,961,000 225.891,000 235.327.000 238,121,000
Other cash •
Total reserves
Redemption fund-F. R.. bank notes
Bills discounted:
Secured by U. S. Govt. obligations..
Other bills discounted
5,212,353,000 5.193,080,000 5.239,692,000 5,216.055,000 5,210,143,000 5,173,866.000 5,155,903,000 5.133,119,000 3,828,576,000
8,534,000
2,304,000
2.105,000
2,347.000
2,006,000
2,336,000
2.112,000
1.898,000
2,226,000
U. S. Government securities
Treasury notes
Certificates and bills
-Bonds
6,180,000
17,457,000
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
29,030,000
104,203,000
23,340,000
Total bills discounted
Bills bought In open market
Industrial Advances_
5,624,000
17,716,000
23,637,000
21,007,000
19,816,000
20,207,000
20,550,000
31,370,000
21,298.000
133,233,000
5,202,000
1,281,000
5.219,000
922,000
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
7,347,000
467,343,000 467,848,000 467.839,000 467.565.000 467,499.000 467,799,000 467,809,000 468.094.000
1,324,622,000 1,303,369,000 1,281,420,000 1,271,709,000 1,271,707,000 1,257,759,000 1,252,330.000 1.252,308,000
639,341,000 660,592,000 682,543.000 692,250,000 692.251,000 706,202,000 711,651,000 711,650,000
442,231,000
890,877,000
869,552,000
,202,
660,000
Total U. S. Government securities- 2,431,306,000 2,431,809,000 2,431,802,000 2,431,524,000 2.431,457,0u0 2,431,760,000 2,431.780.000 2,432,052,000 2
1,789,000
471.000
465.000
440,000
391,000
356,000
428,000
Other securities
356,000
428,000
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premises
All other resources
Total assets
LIABILITIES.
F. It. notes in actual circulation
F. R. bank notes in actual circulation
2,461,485,000 2,461,943,000 2,459,257,000 2,457.180.000 2.457,504,000 2,457,978.000 2,458.826,000 2,459,092,000 2,345,029,000
3,713,000
3.128,000
3,124,000
3,124,000
3,127,000
3,125,000
3.127,000
3,126,000
3,141.000
19,577,000
18,700.000
17,298,000
16,519,000
17,834,000
16.703.000
17.539,000
16,727,000
19,700.000
458,386,000 436,531,000 401,225,000 404.761,000 470,989,000 377.518,000 438,558,000 399.143,000 422,779.000
54,542,000
52.728.000
52,727,000
52,753.000
52,775,000
52,803,000
52.774.000
52,820,000
52,775,000
55,575,000
52,754,000
49.674.000
50.878,000
56,824,000
60,582,000
51,917,000
57,121,000
54,759.000
8,267,217,000 8,233,503,000 8,232,846,000 8.207,734.000 8.265,161,000 8,134,983.000 8.178,215.000 8.120,968,000 6,738,325,000
3,148,449,000 3,149,659,000 3,103,289,000 3,105,028,000 3.102.373,0003,095,333,000 3.078,823,000 3,060,241,000 2,989,123,000
33,743,000 133,638,000
33.864,000
33.184,000
32.303,000
32,651,000
31,933,000
31,127,000
31,432,000
Deposits
--Member banks' reserve account 3,948,304,000 3.907.169.000 4,126,973,000 4,072,321,000 4,064,270,000 4,059.070,000 3,914,813,000 4.020.030,000 2,541,745.000
46,004,000
47.801.000
24.595.000 159,594,000
29,936,000
57,894,000
U. S. Treasurer-General account-a- 138,729,000 162,988,000
43,773,000
21,207,000
7,885,000
6,864,000
6,978.000
11.710,000
11,238,000
8,147,000
Foreign banks
9,513,000
12,028,000
200,998,000 191,180,000 192.686,000 201,775,000 203,261,000 202,280,000 211.978,000 211,851.000 136,091,000
Other deposits
Total deposits
Deferred availability Items
Capital paid ln
Surplus
Reserve for contingencies_
All other liabilities
Total liabilities
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bilis purchased for
foreign correspondents
Commitments to make industrial advances
Maturtry Distributton of Blils and
Short-term Securities
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61 90 days bills discounted
Over 90 days bills discounted
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
61-00 days bills 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
2,745,047,000
4,300,059,000 4,273,047,000 4,360,833.000 4
.327.382,000 4 333 572 000 4.292.923,000 4,293,249,000 4,287,567.000
. . .
453,515,000
146.663,000
138,383,000
22,447.000
26,574,000
434,944,000
146,554.000
138,383,000
23.453,000
37,031.000
400,800,000
146.529,000
138,383,000
22,545,000
28.534,000
408,230.000
146.514,000
138,383,000
23,545.000
37,349,000
464,045,000
146.423,000
138,383,000
22.544,000
25.170,000
381,093,000
146,612,000
138,383,000
22,541,000
24.914,000
437.474,600
146,552.000
138,383,000
22.540,000
27,330,000
405.799.000
147.285,000
138,383,000
22,540.000
25,410,000
414,240,000
145,889,000
278,599,000
12,105,000
19,684,000
8.267,217,000 8,233,503,000 8,232.846,000 8,207,734,000 8,265,161.000 8.134,983.000 8.178.215,000 8.120,968.000 6,738,325,000
70.0%
70.0%
70.2%
70.2%
70.1%
70.0%
69.9%
69.9%
66.8%
647,000
681,000
579.000
491,000
573,000
357,000
_
528,000
345,000
642,000
80,000
895,000
1.085,000
1,196,000
43,362,000
$
$
$
S
g
5
g
$
$
17,401,000
646,000
651,000
4,598,000
44.000
21.320,000
725,000
676,000
864,000
52,000
17.667.000
1,584.000
811,000
884,000
61,000
13,548,000
4,859.000
719,000
619.000
71,000
13,971,000
3.802,000
1,464,000
882,000
88,000
13,033,000
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
96,670,000
11,961,000
12,415,000
11,092,000
1,095,000
23,340,000
23,637.000
21,007,000
19,816,000
20.207.000
20,550,000
21,370,000
21,298,000
133,233,000
441,000
142,000
928,000
3,691,000
406,000
192,000
765,000
3,856,000
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
754,060
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
2,877,000
1,065,000
744,000
2,661,000
5,202,000
5,219,000
5.247.000
5,114,000
5,198,000
5,200,000
5,206,000
5,271,000
7,347,000
3,000
17,000
25,000
80,000
1,156,000
3.000
1.000
9.000
69,000
850,000
2,000
5,000
10,000
793,000
3,000
3,000
9,000
283:000
1,281,000
932,000
810,000
298,000
48,522,000
51,547,000
78,468,000
40,875,000
419,929,000
23,022,000
64.515.000
113.310,000
69,815.000
390.930,000
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
187,431,000
78,088,000
97,472,000
151,670,000
354,891,000
639,341,000
660,592,000
682,543,000
692,250,000
692,251,000
706,202,000
711,651,000
711,650,000
869,552,000
356,000
356.000
391,000
428.000
393,000
35,000
405,000
35,000
430.000
436,000
1,677,000
33.000
35,000
35,000
b
Total industrial advances
1-15 days U. S. certificates and bills
16-30 days U. S. certificates and bills
31-60 days U. 8, certificates and bills
61-90 days U. S. certificates and bills
Over 90 days U. S. certifIcatas and billsTotal U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants
Federal Reserve Notes
Issued to F. It. Bank by F. R. Agent
Held by Federal Reserve Bank
37,000
42,000
356,000
356.000
391,000
428,000
428.000
440,000
465,000
471,000
1,789,000
3,436,603,000 3.416,357.000 3,392,499,000 3,393.650,000 3,389.813.000 3,348,544.000 3,367,162,000 3,376.032,000 3,282,847,000
288,154,000 266,698,000 289,210,000 288.622.000 257,440,000 293,211,000 288,339,000 315,841.000 293,724,000
3,148,449,000 3,149,659.000 3,103,239.000 3,105,038,000 3,102,373,000 3,095.333,000 3,078,823,000 3,060,341,000 2,989,123,000
In actual circulation
_
Collateral Held by Agent as Security for
Notes Issued to Bank
Gold etts on hand & due from U.S. Treas
3,189,656,000 3,145,156.000 3.130,656,000 3,131,656,000 3.125,656.000 3,134,156.000 3,098.156,000 3,118,656,000 1521916000
gold and gold certificates
BY
1 218 735 000
Gold fund-Federal Reserve Board
81,215,000
13.120,000
10,685,000
10,263.000
11,026.000
12,852,000
16.250.000
10,831.000
9,623,000
By eligible paper
278,400,000 296,000,000 396.000,000 289,500,000 294.500.000 281,500.000 297,400,000 393,000,000 507,700,000
U. S. Government securities
3,480,904,000 3,454.276,000 3,437,311.000 3.430.779,000 3.430.406.000 3.425.919,000 3.406.387.000 3.422.682.000 3,329,566.000
Total collateral
•"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
a 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 toe difference, the difference itself having been appropriated as profit by the Treasury under the provisions
the Gold Reserve Act of 1934.
of
a Caption changed from "Government" to "U. 9 Treasurer-General account" and $100,000.000 included In Government deposits on May 2 transferred to "Other
deposits."
b Less than $500,000.
1670
Financial Chronicle
Sept. 15 1934
Weekly Return of the Federal Reserve Board (Concluded)
WILEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 12 1934
Two Ciphers (00) Omitted.
Federal Reserve Bank of-
Total.
Boston. New York.
Phila.
Cleveland. Richmond Atlanta.
Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
RESOURCES.
$
$
$
$
$
$
$
$
$
$
$
$
$
Dold certificates on hand and due
from U.8.Treasury
4,960,996,0 356,955,0 1,665,565,0 255,812,0 381,842,0 186,158,0 105,499,0 1,097,160,0 184,495,0 138,750,0 177,852,0 107,191,0 303,717,0
Redemption fund-F.R. notes
23,043,0 1,784,0
895,0 3,029,0 2,834,0 2,022,0 3,858,0
761,0 1,071,0
1,397,0
447,0 4.110,0
835,0
Dther Cash
228,314,0 19,716,0
57,106,0 36,249,0 11,533,0 7,498,0 13,122,0
34,251,0 8,875,0 12,297,0 8,872,0 6,047,0 12,748,0
Total reserves
5,212,353,0 378,455,0 1,723,566,0 295,090,0 396,209,0 195,678,0 122,479,0 1,132,808,0 194,131,0 152,118,0 187.559,0 113,685,0 320,575,0
Redem. fund-F. R. bank notes.
250,0
2.226,0
1,976.0
Mita discounted:
See. by. U.S. Govt.obligations
5,624,0
825,0
29,0
2,410,0 1,310.0
204,0
50,0
100,0
450,0
35,0
165,0
26,0
20,0
Other bills discounted
13,0
17,716,0
11,980,0 4,252,0
259,0
461,0
145,0
137,0
61,0
138,0
138,0
132,0
Total bills discounted
Bills bought in open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
23,340,0
5,202,0
1,281,0
838,0
371,0
3,0
14,390,0
1,934,0
101,0
5,562,0
536,0
128,0
288,0
488,0
85,0
665,0
193,0
80,0
450,0
650,0
101,0
187,0
178,0
271,0
161,0
122,0
70,0
303,0
85,0
319,0
152,0
142,0
85,0
164,0
142,0
38,0
180,0
361,0
467,343,0 27,224,0
1,324,622,0 87,745,0
639,341,0 42,709,0
165,749,0 30,024,0 35,999,0 17,500,0 15,966,0
418,076,0 92,551,0 119,068,0 57,886,0 52,662,0
193,930,0 44,545,0 57,957,0 28,177,0 25,631,0
76,079,0 16,166,0 17,369,0 16,772,0 20,390,0 28,105,0
233,803,0 51,815,0 32,450,0 51,234,0 34,361,0 92,971,0
118.461,0 25,219,0 15,795,0 24,938,0 16,724.0 45,255,0
Total U.S. Covt.securities_ 2,431,306,0 157,678,0
Dther securities
356,0
777,755,0 167,120,0 213,024,0 103,563,0 94,259,0
356,0
428,343,0 93,200,0 65,614,0 92,944,0 71,475,0 166,331,0
Total bills and securities
2,461,485,0 158,890,0
Due from foreign banks
3,126,0
236,0
Fed. Res. notes of other banks...
330,0
19,700,0
Inoollected items
458,386,0 46,718,0
3ank premises
52,820,0 3,224,0
Ul other resources
609,0
57,121,0
794.180,0 173,702,0 213.885,0 104,501.0 94,895,0
342,0
1,191,0
360,0
119,0
109,0
5,055,0
727,0 1,026,0 1.594,0 1,338,0
99.868,0 36,135,0 44,797.0 41.390,0 13,333,0
11,468,0 4,332,0 6,788,0 ' 3,128,0 2,372,0
41,666,0 5,043,0 1,447,0
1,685,0 2,038,0
429,544,0 93,553,0 66,321,0 93,323,0 71,819,0 166,872,0
222,0
10,0
414,0
7,0
88,0
88,0
280,0 1,393,0
3.783.0 1,660.0 1,000,0 1,514,0
63.519,0 22,033,0 14,098,0 28,601.0 21,922,0 25,972,0
7,387,0 3,126,0 1.664,0 3,485.0 1,757,0 4,089,0
613,0
231,0 1,043,0
438,0 1,011,0
1,297,0
Total resources
8,267,217,0 588,712.02,678.970,0 515,371,0 664,452,0 348,095,0 236,564,0 1,638,752,0 314,744,0 236,251,0 315,008,0 210,562,0 519,736,0
LIABILITIES.
r. R.notes in actual circulation. 3.148.449.0254,461,0 654,357,0 245,798,0 318,024.0 156,287,0 129,751,0
?. R. bank notes in act'l °Volans-31,127,0
972,0
30,155,0
3epoeits:
Member bank reserve account- 3,948,304,0 254,659,0 1,572,157,0 191,694,0 256,606,0 133,383,0 74,229.0
U. S. Treasurer-Gen. acct.- 138,729,0 6,655,0
67,983,0 4,122,0 8,796,0 2,794,0 2,373,0
Foreign bank
836,0
12,028,0
4,438,0 1,207,0 1,114,0
441,0
406,0
Other deposits
200,998,0 2,386,0 127,618,0 7,016,0 5,724,0 2,303,0 3,912,0
723,562,0 126,004,0 97,251,0 158,065,0 126,079,0 234,615,0
33,449,0 3,164,0 1,991,0 2,146,0 1,378,0 3,878,0
383,0
1,462,0
824,0
267,0
325,0
325,0
3,723,0 17.770,0 8,375,0 4,034,0 2,407,0 15,730.0
Total deposits
3eferred availability items
3apital paid In..
lurplus
icserve for contingencies
Mother liabilities
762,196,0 147,321,0 107,884,0 164,570,0 130,189,0 255,047.0
64,184,0 22,756,0 15,105,0 27,794,0 23,138,0 26,991.0
12,699,0 4,053,0 3,118,0 4,133,0 4,002,0 10,776,0
20,681.0 4,756,0 3.420,0 3,613,0 3,683,0 9,645,0
851,0 1,026,0
2,969,0
619,0 1,133,0 1,619,0
384,0
432,0
3,666,0
247,0
324,0
260,0
4,300,059,0264,538,0 1,772,196,0 204,039,0 272.240,0 138,921,0 80,920,0
94,264,0 33,539,0 44.165,0 41,472,0 13,516,0
453,515,0 46,593,0
59,591,0 15,211,0 12,968,0 4,986,0 4,369,0
146,663,0 10,757,0
138,383,0 9,610,0
45,217,0 13,352,0 14,090,0 5,171,0
5,145,0
22,447,0 1,053,0
4,737,0 2,500,0 2,300,0 1,155,0 2,485,0
26,574,0
18,453,0
730,0
932,0
665,0
103,0
378,0
Total liabilities
772,357,0 134,575,0 105,451,0 114,019,0 48,095,0 215,274,0
8,267,217,0 588,712,0 2,678,970,0 515,371,0 664,452,0 348,095,0 236,564,0 1,638,752,0 314,744,0 238,251,0 315,008,0 210,562,0 519,736,0
Memoranda.
11410 of total res. to del). & F. R.
note liabilities combined
*Jontingent liability on bills purabased for torn correspondents
lommitments to make industrial
advances
70.0
72.9
71.0
65.6
67.1
66.3
58.1
73.8
68.9
71.3
67.3
63.8
68.2
647,0
38,0
300,0
55,0
51,0
20,0
19,0
67,0
17,0
12,0
15,0
15,0
38,0
681.0
110.0
15.0
7.0
105.0
37.0
115 0
132.0
160.0
•"Other Cash" does not include Federal Reserve notes or banks own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Boston. New York.
Total.
Federal Reserve notes:
s
$
Issued to F.R.Bk. by F.R.Agt_'3,436,693,0 281,880,0
Held by Fed'I Reserve Bank__ 288,154,0 27,419,0
In actual circulation
3,148,449,0 254,461,0
Collateral held by Agent as security for notes issued to bka:
Gold certificates on hand and
due from U.S. Treasury._ 3,189,656,0 281,117,0
Eligible paper
12,852,0
838,0
U. S. Government seouritles.. 278,400,0
Total collateral
3.480.908.0 281.955.0
5
Phila.
Cleveland. Richmond Atlanta.
a
$
s
$
Chicago. St. Louts. MinneaP. Kan.Citic. Dallas. San Fran,.
s
s
$
$
$
$
756,754,0 261,686,0 331,963,0 163,915,0 149,661.0
102.397,0 15,888,0 13,939,0 7,628,0 19,910.0
807,898,0 141,640,0 109,986,0 120,679,0 53,450,0 257.091,0
35,541,0 7,065,0 4,535,0 6,660,0 5,355,0 41,817,0
654,357.0245.798,0 318,024,0 156,287,0 129,751,0
772,357,0 134,575,0 105,451,0 114,019,0 48,095,0 215,274.0
763,708,0212,500,0 282,431,0 134.340,0 81,385,0
8,273,0 1,828,0
288,0
343,0
152,0
50,000,0 50,000,0 30.000,0 72,000,0
819,513,0 132,936,0 108,000,0 113,290,0 54,675,0 205,763,0
178,0
156,0
75,0
164,0
450,0
107,0
10,000,0 2,400,0 10,000,0
54,000,0
771.979.0 264.328.0 332 719 0 164 (183 0 Ins 537 n
RIO on n 143 092.0 110.578.0 123.365M 54.830.0 259.870.0
FEDERAL RESERVE BANK NOTE STATEMENT
Two Ciphers (00) Omitted.
Federal Reserve Agent alFederal Reserve Dank notes:
Issued to F. R.Bk.(outstdg.)Held by Fed'I Reserve Bank..
In actual circulation-net •..
Collat. pledged agst.°WA. notes:
Discounted & purchased bills..
V. S. Government securities..
1
Boston. New York.
Total.
s
$
42,739,0
11,612,0
1,511,0
539,0
31,127,0
972,0
Phila.
3
31,020,0 10,208,0
865,0 10,208,0
a
a
$
Chicago. St. Louts. Minnecrp. Kan.Citg. Dallas. San Frosts
$
$
3
a
$
$
30,155,0
48,474,0
5,000.0
31,474,0 12,000,0
48.474.0
Total eellateral
Cleveland. Richmond Atlanta.
$
5.000.0
31.474.0 12.000.0
•Does not include $96,976,000 of Federal Reserve bask notes for the retirement of which Federal Reserve banks have deposited lawful money with the Treasurer 0
the United States.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS SEPT. 5 1934 (In Millions of Dollars)
Federal Reserve DistrictLoans and investments
-total
Loans-tota1
$
17,757
Phila.
s
$
$
1,189
8,090
1,062
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap Kan.014‘. Dallas. Son*
Fras.
$
1,193
$
344
$
s
331
1,818
510
358
565
418
$
$
3
3
$
1,879
7,880
Investments
-total
672
3,613
493
405
160
166
705
210
166
215
187
888
3.211
4.669
On securities
All other
238
434
1,718
1.895
222
271
188
217
57
103
56
110
291
414
72
138
37
129
59
156
50
137
223
685
9,877
U. S. Government securities
Other securities
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time depositS
Government depasits
Due from banks
Due to banks
11"•••••••,•4n no tnnn. r
Boston. New York
Total.
IP
Fta rt 1r
• Aug. 29 figures repeated.
517
4,477
569
788
184
165
1,113
300
192
350
231
991
6,538
3,339
345
172
3,005
1,472
287
282
580
208
123
61
106
59
751
362
186
114
135
57
229
121
170
61
621
370
2,916
237
12,936
4,508
1,098
1,512
3,780
218
50
881
338
90
109
196
1,389
49
6,697
1,091
628
120
1,632
a
119
12
669
319
61
119
224
139
18
651
467
40
97
177
54
12
228
134
8
85
94
29
6
184
128
22
75
81
5.53
44
1.687
503
52
218
524
74
8
339
166
30
100
148
53
4
243
123
10
81
116
87
10
431
166
20
193
261
71
8
280
123
59
134
131
130
16
868
950
78
181
196
A
1671
Financial Chronicle
Volume 139
ob ginanriai
United States Government Securities
Bankers Acceptances
arvnirig
Tannittrri° 1
PUBLISHED WEEKLY
NEW YORK AND HANSEATIC CORPORATION
Terms of Advertising
45 Cents
Transient display matter per agate line
On request
Contract and Card rates
of Fred. H. Gray, Western Representative.
Clamant/ Otsicre--In charge
208 South La Salle Street, Telephone State 0613.
LONDON OFFICE-Edward.& Smith, 1 Drapers' Gardens. London. B.C.
37 WALL ST., NEW YORK
U. S. Treasury Bills-Friday, Sept. 14
Rates quoted are for discount at purchase.
WILLIAM B. DANA COMPANY, Publishers,
Bid.
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 (Sept. 8 to Sept. 14 inclusive) of shares not represented in our detailed list on the pages which follow:
STOCKS.
Week Ending Sept. 14
Lowest. I Highest.
Highest.
Lowest.
Par Shares.
Railroadsper share. $ per share. $ per share.$ per share.
July
Sept205
20 196 Sept 14 196 Sept 14 196
Albany & Susque___100
Jan 4434 Apr
20 43% Sept 8 4334 Sept 8 38
Cleve & Pitts spec_ _50
18% June
M
10 12 Sept 12 12 Sept 12 10
Detr & Mackinac p1100
% Sept 234 Apr
% Sept 14
400
Duluth S 8 & Atl p1100
% Sept 14
Apr
Aug 7
Int Rys of Cent Am_
20 24 Sept 8 2% Sept 8 2
Preferred
loo
10 11 Sept 13 11 Sept 13 7% Jan 2234 Apr
% Jan 2% Mar
% Sept 12
100
100
Market Sy Ry
% Sept 12
Apr
Jan 71
50
Morris & Essex
10 62 Sept 11 62 Sept 11 58
July
Mar 88
50
Northern Central
20 85 Sept 11 85 Sept 14 81
Indus. 8c Miscell.Abrah'm & Straus p1100
Am Mach & Meta ctis_
Art Metal Construct_10
Bloomingdale 7% p1100
Boeing Airplane w
Bon Am! class A
.
Briggs & Stratton.. 5
Brown Shoe pref__100
Burns Bros cl B ctfs...*
Class A ctfs
50 108 Sept 10 108 Sept 10 89
300 7 Sept 10 7% Sept 10 434
40 4% Sept 11 5 Sept 8 4
2010034 Sept 11 10036 Sept 11 88
3.700 7 Sept 14 9% Sept 8 7
150 823.4 Sept 13 84 Sept 11 76
300 18 Sept 11 19 Sept 10 14
130 120 Sept 13122 Sept 10 118%
36
)1 Sept 8
)4 Sept 8
20
100 13.4 Sept 13 1% Sept 13 1
Checker Cab isag Corps
Collins & Aikman p1100
Colonial Beacon 011 Co*
Col Fuel & Iron p1_100
Consol Cigar pf (7) 100
Corn Exch Ilk Tr Co_20
Cushm Sons pf (7%)100
Devoe & Raynolds1st preferred
100
Duplan Silk prof.
.100
Durham Hosiery Mills
100
Preferred
Fed Min & Smelt p1100
200
60
100
10
10
980
110
6% Sept 14
75 Sept 11
6% Sept 14
17 Sept 14
49 Sept 13
41% Sept 14
803.6 Sept 14
634 Sept 8 6
78 Sept 14 75
6% Sept 14 5
17 Sept 14 1034
49 Sept 13 31
44% Sept 8 41%
8134 Sept 11 so%
Jan 110
Jan 10
July 9%
Jan 107%
Sept 10%
May 86
July 24%
Jun 125
Jan 234
Jan 4%
July
May
Apr
July
Sept
July
Apr
Aug
Feb
Feb
16%
94
9
32
59
51
91
Mar
Apr
Feb
Feb
Apr
Jan
May
Aug
Sept
Aug
Jan
Jan
Sept
Mar
90 1133.4 Sept 14 114 Sept 14 99
10 101% Sept 11 10134 Sept 11 100
Feb 116
Feb 110
Sept
Mar
Sept 12 21
Sept 12 70
Feb 30
Jan 98
May
July
Jan 100
Mar 147
Jan 7234
Jan 110
Jan 7%
Jan 55
Aug 33
Aug 4034
Jan
June
Apr
Aug
Feb
Apr
May
Sept
Jan 110
Jan 90
Sept 2%
Jan 127
Sept 273.4
Sept 1134
Sept 6%
Sept 13
Jan 14531
Jan 127
Ante 2234
Sept
June
Jan
Sept
Aug
Sept
Sept
Feb
July
Sept
June
10 21
100 77
Sept 12 21
Sept 12 77
Barb-Walk Refracpf100
110 93 Sept 12 9534 Sept 10 87
Helme (G W) pref.. _100
30 143 Sept 13 143 Sept 13 123%
100 6134 Sept 14 61% Sept 14 21%
pf100
InterstateDeptSts
Told Creek Coal prof _1
.
10 106 Sept 11 106 Sept 11 90
Kresge Dept Stores_ __11
200 434 Sept 10 434 Sept 10 2)4
50 38 Sept 14 40 Sept 1' 19
Preferred
100
Mackay Coo pref...100
20 20)6 Sept 12 20% Sept 12 20%
Norwalk T & R pref 50
370 3736 Sept 11 39)( Sept 8 30
Peoples Drug Stores
20 110 Sept 11 110 Sept 11 86
634% cony pref..100
Revere Cop & lir p1_100
10 74 Sept 13 74 Sept 13 46
Sou Dairies Cl B
10 234 Sept 10 234 Sept 10 231
•
Stand Brands prof...100
80 124)4 Sept 13125 Sept 1 121%
Stand 01101 Indiana_25 13,000 25% Sept 14 26% Sept 8 25%
United Aircraft w I. 5 16,000 934 Sept 14 11 Sept 10 934
UtdAirLinesTr v t c w 15 7.800 334 Sept 14 434 Sept 10 34'
U S Distrib pref.. _100
20 6 Se t 12 734 Sept 10 6
US Tobacco prof...100
20 140 Sept 13 140 Sept 1 126
,
Unix Leaf Tob pref_100
10 126 Sept 10 126 Sept 101l2)4
Vadsco Sales pref._ _100
100 19% Sept 12 19% Sept 121 19q
•No par value. f Companies reported in receivership.
-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 fended
Sept. 14 1934.
United
States
Bonds.
State.
Stocks.
Railroad
Number of and Miscall. Municipal ce
Porn Bonds.
Shares.
Bonds.
211,400
695,990
631,260
401.420
415,680
835,485
Saturday
Monday
Tuesday
Wednesday _
Thursday
Friday
$2,013,000
3,850,000
5,493,000
6,644.000
4,599,000
5.175,000
$740,000
1,699,000
1,793,000
2.307,000
2,408.000
2.166,000
Total
Bond
Sale,.
$4,225,000
7,140.000
7.433,000
7.775,000
6,022,000
10,255,000
:0 PH 9RA 597 771 AAA Ell 110000 242 RAA nnn
9..t.1
1933.
1934.
3,191,235
-No. of shares_
Stocks
Bonds.
$42,850,000
Government bonds_ _
11,113,000
State & foreign bonds_
27.774,000
Railroad bonds
Total
• Corrected total.
$6,978,000
12,689,000
14.719,000
16,726.000
13,029.000
17.596,000
501 717
nnn
Jan. 1 to Sept. 14.
Week Ended Sep. 14.
Sates at
New York Stock
Ezchange.
1934.
1933.
10,524,026
*256,464,535
520,834,160
89,992,500
10,030,000
31,687.000
$635,249,700
449.808,000
1,703,706,000
$310,951,900
545,250,500
1,548,764,900
881,737,000 851.709,500 $2.788,763.700 $2.404.967,300
Quotations for United States Treasury Certificates of
-Friday, Sept. 14
Indebtedness, &c.
maturity.
Int.
Rate.
Bid.
Asked.
Maturity
Int.
Rate.
Bid.
Asked.
Sept.lb 1934Aug. 11935...
June 15 1939--Dec. 151934...
Mar.15 1935...
Dee. 15 1935_ _ _
Feb. I 1938_
Doe. 15 1936...
14%
1)4%
234%
2)4%
2)4%
234 %
2)4%
241 %
100
101
993n
100Phr
101ln
102lu
101
10230,1
1011Itt
10001.
IOW%
1011.31
102%
101.61
10211X
Apr. 151936...
June 161938...
June 151935...
Feb. 151937....
Apr. 15 1937_
Mar.15 1938._
Aug. 1 1936._ _
.
Sept.15 1937_ -
236%
2)4%
3%
3%
3%
3%
334%
3%%
102ust
101303,
102
10224rr
10214,,
102's,
,
10313 2
,1
1033
1022on
101un
1024n
103
103
102"31
1031*.,
10310,1
0.15%
0.15%
6.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
A 211%.
Bid.
Asked.
Jan. 2 1935
Jan 9 1935
Jan. 16 1935
Jan. 23 1935
Jan. 30 1935
Feb. 6 1935
Feb. 13 1935
Feb. 20 1935
Feb. 27 1934
Mar. 6 1935
Mar. 13 1935
Asked.
0.25%
0.25%
0.25%
0.25%
0.25%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
Range Since Jan. 1.
Range for Week.
Sales
for
Week.
Sept.26 1934
Oct. 3 1934
Oct. 10 1934
Oct. 17 1934
Oct. 24 1934
Oct. 31 1934
Nov. 7 1934
Nov.14 1934
Nov.21 1934
Dec. 19 1934
TO,,, 914 1094
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Sept. 14
Daily Record of U. S. Bond Price, Sept. 8 Sept. 10 Sept. 11 Sept. 12 Sept. 13
102s4,,
1021.33 1021132 10213,3 103
First Liberty LoanHigh 103
1022Nt 1022113
3)6% bonds of 1932-47...{Low. 10229,2 10211ss 102"s: 102"ss
%
13: 1021
Close 10223u 1022132 1022131 102":: 102.
(First 334,)
22
77
4
64
40
3
Total sales in $1,000 units_
Converted 4% bonds 0_1 High
1932-47 (First 1s)
LowClose
Total sales in $1,000 units__
103
103
103
% bonds_(High 103
Converted 44
1021.s: 103
9: 102ns: 1022.ss
(LOW. 10211
of 1932-47 (First 434a)
10211 : 1031ss
4
10210s: 10211ss 10211,3 103
27
17
67
61
14
18
Total sales in $1,000 units__
H
Second converted 434% Loigh
w_
1932-47 (First
bonds of
(Close
Second 43(s)
Total sales in $1,000 units___
103
- -1
-3
;
103
;103
1
; - 14; 103
{High 101
Fourth Liberty Loan
Low. 1031st 1031s: 102213, 1021111 10221n 103
4H% bonds of 1933-38
102213: 1031s: 103183
Close 10313: 103un 103
(Fourth 43(s)
15
221
333
161
145
41
Total sales in $1.000 units___
100"ss Muss 100"as
{High 1002,33 10143 101
Fourth Liberty Loan
10011,3 100"ss 100"st 100"32
1001132 101
434% bonds (2d called). LowClose 1001,3 1011st 10011n 100.1n 1002132 1001133
625 21394
381
269 4,283 1,036
Total sales in $1,000 units _
10922as
(High 11012s 110uss 110"as 10911n 110
Treasury
, 11011n 1092232 10933: 109.33: 10911n
Low_ 11011
4)(5 1947-52
1091331
Close 110", 1100s: 10921,1 109uss 110
27
21
38
49
22
91
Total sales in $1,000 units...
106
, 1061.32 106111: 1052.32 106
10623
Hl
.3 1061112 10521:, 105132 1051322 105"ss
1061
4
{Low_
s, 1944-54
.
.ss
" 1053,82 1052
.3 106113: 105nss 10521
Close 1062
17
146
323
98
252
52
Total sales in 81.000
100213t 1003s: 10011st 100.12
units...11111 101'33 100142
3s: 1002n
9911:2 100.
::
. 10021n 1001
{Low. 10023
.
440-348. 1943-45
1001ss
,
, 10014: 100113: 1013 ss
Close 10013
103
187
151
505
212
22
Total sales in $1,000 units....
1041131 1041n 10411:: 104112
105
Illiti
(High 105
10411:: 103213: 1041n 10323n
105
Low_ 10413s
334s. 1946-56
104"ss 10311n 10413: 103"n
Close 104". 105
79
42
114
14
1
3
Total sales in $1,000 units_
, 101313, 1011ss 1002,as 1013ss 1011131
(High 10210
.
I.ow. 102133 1011.31 1011s3 10011s: 10011ss 101
334a. 1943-47
Close 102.ss 101"ss 10113: Muss 101.ss 101
21
69
140
28
10
6
Total sales in $1,000
, 99113: 99"ss 98"ts 981182 982.ss
9933
units...Illl
2
98:3.
9811n 98"n 9832.
9918,
a,
3 1951-55
ILow. 99331
9811:: 9811ss 98"n
£01,32 99
23
Close 99.
466
253
685
700
111
62
Total sales its $1,000 Units...
go",
.: 9811ss 98nu
{ml 991.3, 991,n 9813., 9821
9812:s 9811n 9812st
991n
as, 1946-48
Low_
: 98"n 982112 9811ss
1s: 991132 9811
Close 99.
675
712
746
70 1,002
639
Total sales in $1,000 units..
: 101 1133 1011.31 101"ss
(High 102% 102"n 101 30
101113 101.11 10111s: 1011ss
3%s, 1940-43
Low. 102lu 102
% 1013ss
10124 1011s: 1011
Close 1023:1 102
85
74
77
27
23
36
Total sales in 81,000 units...
,1 102133 10111n 101113 10120.2 10122n
Hie'
(High 1023
101us 101132 1013ltr 1011132
102
1023
”
3465, 1941-43
Low101", 101.n 10110n 10112n
Close 1021as 102
28
85
24
25
10
12
Total sales in $1,000 units...
99113s
, 992133 100
10010
100111:
Iln
991Irt 991.31 9922,2 9912s:
334s, 1946-49
Low_ 1001s: 1001,1
, 99,113
992.1: Naos
Close 100"33 1001223 100
412
136
387
515
68
51
Total sales in $1,000 units___
10134 1010s: 101uss 101"33
(High 102132 102
10111:: 101.32
101 us 101
101"ss
Low. 102
3)(s. 1941
. 101112 1011.32 101131
Close 1021:3 101"ss 10111
162
78
695
304
581
105
Total sales in $1,000 units...
Muss
miii mon., 1001132 10021n 1001ss 1001,:s 1001st
(High 101
100132
1002233 1001::
3lis. 1944-46
Low_
,
Close 100uss 10021n 100.32 100212 100111: 100 ss
646 3,313
536 1,267 1,050
343
Total sales in $1,000 units...
pon.. 991
981113
9811ss
,
% 99 3:
Federal Farm Mortgage {High
9811ss
1s: 991ss
98.
3)(s, 1944-64
Low. 991232 991332 9811s
981182
981
,
.3: 991:1
Close 9912n 99113, 99 12
650
373
207
268
68
56
Total sales in 41.000 units_
, 951.12 953012 952082
9621
,
Federal Farm Mortgage (High 971182 97 33
,
942,
962.12 95"s
33 951.32 95 22
38, 1949
97
Low_
, 951ss
9521st 9513821
96ust 9518
Close 971n
554
935
635
448
301
Total sales in $1,000 units...
246
9511s3 95"s2
, 9518:
9617
Home Owners' Loan
(High 971132 97
2 95.ss
.n 9814.
942
4s. 1951
97
96ns: 95228
Low_
9511., 953ss
9513:
961/st 952ls
Close 971n
460
890
306
201
233
541
Total sales in $1,000 units...
95111: 953182 952082
Home Owners' Loan
96338
,
High 971h, 97 n
9630., 962132 951322 941132 gsltn 95 22
,
38, series A, 1952
Low_
952,22 95382
962.ss 9,522„ 95132
Close 971n
637
228 1,188
Total sales in 81.000 untts_ __
950 1,184
696
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
15
24
73
10
1
Fourth 434s (uncalled)
Fourth 431s(2d called)
Treasury 3)(-4%%
Treasury 4)(8. 1952
Home Owners' 3s. 1952
1023,1 to 1033n
100.,1 to 101112
100% to 1008ss
109urt to 109uu
951., to 9541
The Curb Exchange-The review of the Curb Exchange is
given this week on page 1657.
A complete record of Curb Exchange transactions for the
week will be found on page 1690.
1672
Sept. 15 1934
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
or
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 transactlons
of the day. No account is taken of such
sales In computing the range for the year.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 8
Monday
Sept. 10
. Tuesday
Sept. 11
WednesdayThursday
1
Sept. 12
Sept. 13
Friday
Sept. 14
Sales
for
the
!Peek.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Sines Jan. 1.
On basis of 100-share Iota.
Lowest.
Highest.
$ per share S per share $ Per share S per share $ per share $ per share Shares.
Railroads
Par $ per share
S per share
4918 495
8 473 5018 4714 4812 48
3
495
8 48
4912 463 49
4
23.600 4tch Topeka & Santa Fe__100 4514 Aug 11 733 Feb 5
4
747k 7514 7413 7434 743 7438 7214 733
.7518 76
8
8
4 717 7212 2,300
Preferred
100 705, Jan 5 90 July 14
*264 28
26
2714 *2614 30
263 27
4
27 18 2714 253 253
4
4
900 Atlantic Coast Line RR
100 2412July 31 5414 Feb 16
j4lz 15
1514 153
8 1414 1514
147 1514 15
8
1514 1418 1434 8,900 Baltimore dr Ohio
100 1314July 26 3412 Feb 5
1712
, 17
1712 165 163 •1714 19
8
8
17
19
17
17
1,200
Preferred
100 1658Sept 11 373 Feb 6
8
*40
4114 40
40
*3914 41
*3914 41
*4012 41
3914 40
400 Bangor & Aroostook
50 3512July 27 4618 Feb 1
•10714 109 *10714 109 *10714 109
10714 10714 109 109
108 10814
100
Preferred
100 9518 Jan 5 111 June 30
.65
8 87
8 *65
8 84 *83
s 9
*64 9
Boston & Maine
*64 9
6l2 July 27 1912 Feb 5
100
*633 9
*412 47
8
478 512
5
5
*413 54 *412 512 *414 0
900 Brooklyn & Queens Tr..No par
312 Aug 6
84 Feb 7
*4718 4912 47
47
*47
4913 *4712 4912 *47
4912 47
47
200
Preferred
No par 38 July 26 5814 Apr 26
403 4214 4112 433
4
4318 4214 4334 4078 425 11,200 Bklyn Manh Transit_ No par 2814 Mar 27 447 Aug 27
4 413 423
4
4 43
8
8
*913 9112 •9118 925
8
91
*9018 9213 *9038 9212 904 904
8 91
200
56 preferred series A.No par 8218 Jan 4 97 July 21
1312 133
4 1318 133
8 13
1314 1314 1313 1312 131z 13
1314 16,100 Canadian Pacific
8July 26 1814 Mar 12
25 117
•____ 95 5
95 e____ 95 •____ 95 .____ 87 .____ 87
Caro Clinch & Ohio stpd__100 70 Jan 6 9212June 23
*50
60
*50
*50
60
60 .5112 60
*5112 60
54
54
500 Central RR of New Jersey_100 53 July 27 92 Feb .1
43
4318 424 434 42
427
8 4258 4258 4238 423
4 41
423 10,500 Chesapeake dr Ohio
8
25 3912 Jan 5 485
8June 16
.2
214 •2
214 *2
214 *2
214
2
*13
8 24
2
300 :ChM & East Ill Ry Co____100
14 Aug 2
7 Feb 17
*212 3
*212 27
8
212 212 *212 23
4
212 212 *214 23
4
200
8% preferred
8July 23
8 Feb 16
13
100
*218 27
8 •218 23
8
218 218
2
2
*2
218
2
24
600 Chicago Great Western
512 Feb 1
2 July 26
100
.43
8 458
8 •418
43
8 43
414 414
414
414
414
4
4
700
Preferred
4 July 23 114 Feb 19
100
318 318 *318 33
4
34 *3
3
318
3
3
3
3 18 1,500 Chic Milw St P & Pao_No par
212July 26
813 Feb 5
518
5
47
8
5
43
4 5
47
8 5
5
5
412 47
8 5.500
358July 26 1314 Feb 5
Preferred
100
55, 53
57
8 64
53
4 618
53
4 57
54 618
4
8
512 54 5,700 Chicago & North Western_100
412July 26 15 Feb 5
11
1112 11
11
11
11
*1112 12
11
11
1012 1012
900
Preferred
814 July 26 28 Feb 16
100
23
4 23
4 8312 23
4
212 212 *212 23
238 238
4
24 212
700 :Chicago Rock Tel & Pacifle100
614 Feb 7
2 July 24
*4
43
4 *33
4 4
313 33
4 •
34 4
.34 414
312 312
400
314July 26
7% preferred
95 Feb 6
100
8
412
•
318
3
318 3,
3
27
8 3
8
3
34
800
24 27
6% preferred
8
8 Feb 6
2 July 23
100
*23
25
23
*23
23
24
*32
24
*22
26
21
22
90 Colorado & Southern
100 18 Aug 4 4038 Feb 1
2413 *20
*20
2512 20
20
*19
1913 *19
1912 19
14 Feb 9
19
50
4% 1st preferred
100 15 Aug 13 33
•____ 183 *--- - 18 •____ 18 •____ 18 •____ 18 •____ 18
4
4% 2d preferred
100 20 Jan 12 30 Feb 3
*312 4
.312 4
*312 37
8 .34 33
4
3 8 34
5
35
8 353
200 Consol RR of Cuba pref
63 Feb 5
4
218 Jan 5
100
•514 7
*514 67
8 *514 67
8 *514 7
*514 7
518 518
10 Cuba RR 8% pref
100
34 Jan 15 1012 Jan 23
*3814 39
3712 3812 374 38
38
3813 .3714 3814 35
3612 2.100 Delaware & Hudson
100 35 Aug 6 7312 Feb 1
183 163
4
4 154 163
8
4 155 1618 1813 17
1634 1634 1512 1612 7.600 Delaware Lack dr Western_50 14 July 26 333 Feb 5
4
512 6
*53
8 6
6
6 18
54 54
533 538
512 512
600 Deny & Rio Or West pref 100
418July 28 1314 Mar 28
81214 13
1112 1212 105 1114
8
1114 117
8 11
11
93 11
4
6.400 Erie
4Sept 14 244 Feb 5
93
100
.1612 17
*1514 17
*16
.16
1812 *1012 18
1812 16
16
100
4July 26 2814 Apr 26
First preferred
100 153
•10
17
*818 15
*9
15
.9
*7
15
15
*712 15
Second preferred
100 11 July 28 23 Apr 21
4 135 1412 134 1418 14
1412 143
8
144 14
144 13
14
12.300 Great Northern pref
100 1214July 26 3212 Feb 5
•814 8
*614 8
8 14 614 *6
8
*512 8
*512 8
100 Gulf Mobile de Northern_ _100
1614 Feb 20
5 July 25
*14
16
*1214 18
8123 18
4
16
*13
*1314 16
*1314 16
Preferred
3
100 12 July 28 35 4 Feb 21
812
•12
4
812
7
8
7
8
812
*12
7
8
8
*12
7
7
8
Havana Electric Ry Co No par
4July 2
112 Jan 23
*53
6
4 6
6
*514 6
*514 6
•514 53
4 *514 53
4
100 Hudson & Manhattan
47 Aug 6 124 Feb 7
8
100
1613 1612 1512 1614 1512 1614
1618 163
8 16
1612 1438 1618 7.400 Illinois Central
8
8J
100 135 111 y 26 387 Feb 5
*25
31
25
25
*2018 31
.25
31
.25
31
*2013 30
100
8% prof series A
100 25 Sept 10 50 Apr 26
854
57
*54
*5314 57
54
57
51
*5314 67
*5314 5/
100
Leased lines
100 484 Jan 5 66 May 2
S.;.93.1 11s *93 118 *93 117
4
3
8 *93 114 *93 117
4
4
8 893 117
4
8
RR See ctls series A__1000
913 Aug 7 2414 Feb 6
133 143
8 143 153
8
8
4
8 1414 1578 144 1512 147 153
8 135 141 37,600 IInterboro RapidTran v t e 100
8
512July 26 154Sept 10
*73
4 9
74 74
133
4 7
7
718 714
74
7
2,000 Kansas City Southern
7
4
658July 28 193 Apr 21
100
15
*12
*1114 14
*1114 1412 *1114 1512 81114 1513 *1114 1512
Prererred
100 1114 Aug 7 2712 Apr 21
1112 1112 11
1114 1018 103
4 103 104 1013 107
8
8 10
1018 2,700 Lehigh Valley
912Ju1y 26 2114 Feb 5
50
4014 3912 393
40
40
40
4 3912 3912 *383 40
4
3812 383
800 Louisville & Nashville____ 100 3912sep1 14 6212 Apr 20
4
2812 33
3312 35
*30
35 .31
34
337 3414 3012 32
8
325 :Manhattan Ry 7% guar_100 20 Jan 3 35 Sept 10
234 2714 265 2938 2712 287
8
8 2713 283
8 2634 283
8 2412 27
29,600
42uly 26 2938Sept 10
Mod 5% guar
100 103
*5
9
9
*5
*5
9
9
*5
*5
9
*5
9
Market St Ry prior pref___100
47 Jan 16 1214 Apr 24
8
85,
1
.3
*4
2
12
12
12
*3
8
*3
12
8
12
*5
8
I4 July 30
:Minneapolis & St Louis__ 100
13 Mar 28
8
•1
112 .1
112 *1
112 •1
113 .1
112
1
1
100 Minn St Paul & SS Marle_100
35 Feb 6
8
1 July 26
•1
213 *1
212 *1
212 *1
213 *114 212 *114
7% preferred
212
518 Apr 20
13 Jan 8
4
100
*25
8 34 *213 37
8 *24 312 *212 34
2 2 212 •
,
212 312
10
4% leased line Mrs
212July 26
712 Mar 10
100
618 64
512 6
54 612
8
55
6
8 63
612
314 633 6,900 Mo-Kan-Texas RR____No par
438July 27 147 Feb 5
8
•15
1413 1412 15
1413 1512 14
163
4
8 1312 1414 4,400
144 143
Preferred series A
8
100 1312July 26 343 Feb 6
•23
4 314
24 23
314 314 *23
4 *214 25
8
8 34 *24 24
300 :Missouri Pacific
8 Feb 5
2 July 26
100
4
4
*35
8 34
33
3 312 *34 314 *33
3 '34
33
8 333
314 July 24
700
Cony preferred
93 Feb 7
4
100
2212 2212 *22
*2212 26
*2212 26
2213 .22
2512 *20
26
20 Nashville Chatt & St Louis 100 21 Aug 13 46 Jan 24
•1
112 .1
112 *1
8
112
14
13
13
8
13
8
114
11 1
300 Nat Rye of Mex 1st 4% pf.100
23 Apr 4
8
1 May 16
12
12
5
8
*12
*12
5
8
5
8
*12
5
8
5
8
12
12
300
2d preferred_
33 Jan 5
100
1 Mar 7
207
8 204 2112 2014 213
2134 20
8 20
213 215
8
3 1912 203 47.500 New York Central_ _No par 1838 Aug 6 454 Feb 5
8
1312 12
*12
12
.11
*11
12
14
1212 *1118 14
*11
100 NY Chic & St Louls9 July 26 264 Apr 24
100
Co
*183 21
8
18
18
*164 1812 *1614 1812 *1512 1712
18
18
300
Preferred series A
100 1712 Jan 3 4314 Apr 23
•11414 118 *114 119 *114 115
114 114 .114 115 *114 115
10 N Y & Harlem
50 108 Jan 2 139 Feb 1
94 97
8
97'4 10
95
8 94
93 1014
4
,
9 8 10
7
94 93
5.200 NY N II & Hartford
4
9 July 26 2418 Feb 5
100
•1513 17
*154 17
*1512 1612 1614 1614 1614 1614 1434 1512
Cony preferred
900
3
100 1412July 26 373 Feb 5
53
8 558 •553 6
512
8 •512 54 *512 622
55
514
8 53
400 NY Ontario & Western
412July 27 115 Feb 5
8
100
•1
14
1
14 114 *1
11 1
1
*34
114
*3
4
114
200 NY Railways pref
58 July 23
134 Jan 16
No par
•13
8 212 .114 27
4 *114 27
4 *114 274 •114 274 *114 278
:Norfolk Southern
14 July 23
44 Apr 20
100
168 188
168 168 *168 170
•16912 174
168 168
166 166
400 Norfolk & Western
100 161 Jan 5 187 July 16
943 95
4
9513 9513 *9414 97
*9414 97
*9414 97
*9414 97
40
Adjust 4% pref
100 82 Jan 8 100 June 9
174 1714
17
163 177
4
1714 1614 1714
1812 17
s
16
1634 5.500 Northern Pacific
100 1412July 31 3614 Apr 20
*238 314
238 24
214 214 *214 314 *214 314 .214 314
20 Pacific Coast
63 Mar 14
8
2 Jan 4
10
.5
64 .3
67
2 .312 67
2 *312 67
8
4
4
*4
412
50
1st preferred
334 Jan 19 114 Apr 20
No par
*23
4 5
*318 5
*314 312
34 318 *2
5
.2
5
10
24 preferred
64 Mar 14
No par
2 Jan 3
23
231 1 2114 23
21, 22
4
213 223
224 2058 2178 17,300 Pennsy:vania
4
4 22
8
50 2033Sept 14 377 Feb 19
•212 314
212 212
212 212 .218 4
.218 4
*24 4
200 Peoria & Eastern
21,July28
8 Feb 17
100
,
•1414 25 4 •1414 255 *1414 255 *1414 255* •1414 19
8
8
*1414 254
Pere Marquette
100 12 Aug 7 38 Apr 24
*22
3012 .22
30 .22
30 .22
30
•22
30 .22
30
Prior preferred
100 18 Jan 13 5112 Apr 23
•154 36
.15
36
*1518 30
36
*15
36
.15
*1518 36
Preferred
100 1318 Aug 7 43 Apr 23
*214 24
23
4 23
23
4 23
4
4 •218 23
4 *24 23
24 24
4
150 Philadelphia Rap Tran Co...50
2,8 Sent 14
6 Apr 25
84 *54 814 *518 8
*8
*54 613 *54 612 *54 612
7% preferred
16 Apr 24
412 Jan 1.2
60
•1212 20
*1212 20
81213 20
*1213 20 .1212 18
*1213 20
Pittsburgh & West Virginia 100 114July 30 27 Feb 21
*3812 4313 384 3814 *33
43
3714 374 *3714 44
*3513 40
400 Reading
50 3518 Aug 11 564 Feb 5
.3814 40
*3814 40
*3814 40
381 1 3814 *384 3812 3812 3812
300
1st preferred
50 331 2 Feb 8 4112June 9
37
37
38
*37
*37
*37
40
40
40 .37
*37
40
100
2d preferred
3912June 19
50 2918 Jan 11
853
•55
8 9
*53
8 7
8 7
*553 7
.553 9
*55
Rutland RR 7% pref
8 9
100
7 July 26 15 Feb 7
.14 2
*13
4 2
*13
4
174 •13
4 2
*134 2
.13
4 2
1St Louts-San Francisco...100
112 Aug 9
45 Feb 6
8
.214
23
4
214 214
23
8 23
8
214
214
214 2 4
,
214
900
214
1s1 preferred
618 Apr 4
2 July 23
100
•54 1412 *512 1412 *512 1412 .513 1413 *512 141
*513 1412
9t Louis Southwestern___ 100
8 July 26 20 Mar 8
4
7
8
4
*7
8
4
1
5
8
7
8
511
kl
78
34 13.500 :Seaboard Air Line____No par
58Sept 13
2 Feb 6
•114
15
8 *114
13
8 •114
118 *118
14
,
14
Ds 3,800
114
Preferred
1
34 Feb 21
1 Sept 12
100
4 163 173
17
173
8
4 163 1714 1718 175
8
8 163 17
8 1634 177
8
22.000 Southern Pacific Co
4
100 144 Aug 6 333 Feb 5
1512 16
143 1618 143 1513 15
4
16
8
15
153
4 1414 1518 11,600 Southern RallwaY
100 1112 Aug 6 3612 Feb 5
1818 1812 18
.185 19
8
1812 .183 1918 18
1818 1712 18
4
2,100
Preferred
100 14 July 26 4114 Apr 26
.31
375 .34
8
375 *34
8
37 .34
37 .32
*32
37
37
Mobile & Ohio etk tr ctts 100 35 Aug 13 473 Apr 20
4
*17
30
*15
*15
17
18
*15
*15
30
30
*15
30
Texas & Pacific Ry Co__ _100 1312July 27 4314 Feb 1
64 63
8
618 7 3
3
7
74
612 63
8
612 612
618 618 5,300 Third Avenue
814 Jan 12
4 July 26
100
*4
43
4 *4
518 *4
514 .4
518
.5
*4
514
518
400 Twin City Rapid Trans No pa
14 Jan 10
812 Apr 24
*2112 2312 2012 22
20
20
20
2212 19
21
201 1 20
570 Preferred
6 Jan 12 39 Apr 24
100
97 97
933 97
8
933 94
4
9414 9612 96.3 9612 93
5,200 Union Pacific
95
8
100 90 Aug 8 1337 Apr II
*7814 79
7812 7812 7818 7818 755 754 75
8
753
8 7518 753
4 1,300
Preferred
100 714 Jan 18 89 July 13
•214 24
214 214
214 214 *214 234 *214 212
214 214
300 :Wabash
100
44 Jan 30
17s July 27
312 313
313 312 *312 4
312 34
313 312
3
314
900
Preferred A
8July 26
100
853 Apr 26
23
9
83
3 91s
9
0
9
85
8 9
812 84
8
812 2,400 Western Maryland
100
718July 26 1714 Feb 20
•103 1312 *103 1312 *10 4 12
4
4
3
.103 12
4
*103 12
4
10
103
4
200
2d preferred
958July 26 23 Feb 20
100
13 4
7
1 2 1,300 Western Pacific
34 31
312 312
*3
*312 4
312 312
312 3
253July 27
100
812 Mar 29
*85
8 9
4
814 83
74 8
74 814
74 818
714
7
2.200
Preferred
100
45 Jan 5 1712 Mar 28
8
•BM and asked prices. no sales on this day.
PER SHARE
Range for Previous
Year 1933
Lowest.
Highest.
$ per share $ per share
3458 Feb 8018 July
50
Apr 7984 June
1612 Feb 59 July
814 Feb 377 July
8
94 Apr 3914 July
Jan 413 Dec
20
4
685 Jan 110 Aug
8
6
Apr 30 July
312 Mar
93 July
8
353 Apr 6018 July
4
213 Feb 4114 July
4
64 Mar 8312 June
712 Apr 207 July
8
5014 Apr 7912 July
38
Apr 122 July
245 Feb 4914 Aug
8
12 Apr
8 July
12 Apr
812 July
13 Apr
,
738 July
212 Apr 147 July
8
1
Apr
113 July
4
Ili Feb 1814 July
14 Apr 16 July
2 Apr 243 July
4
2 Apr
1018 July
312 Apr
1913 July
27 Apr
8
15 July
1514 Feb 51 July
1213 Apr 423 July
4
10 Mar 30 July
114 Feb
105 June
8
213 Jan
16 June
373 Feb 933 July
8
4
1714 Feb 46 July
2 Feb
193 July
4
3 4 Apr 253 July
3
4
44 Apr 2913 July
212 Apr 2314 July
453 AM 3354 July
134 Mar
1112 July
212 Mar 2312 July
4 Dee
23 June
4
613 July
19 June
812 Apr 604 July
16 Mar 8018 July
31 Mar 60 July
44 Apr 34 July
418 Feb
133 Dee
4
612 Feb ..7 July
8
s12 Mar
14 July
858 Feb 2' July
34
2114 Jan 6712 July
12 Mar 28
Oct
e Jan 20 Oct
14 Mar
8 June
4 Jan
214 July
12 Mar
57 July
8
3 Apr
4
813 July
212 Dec 1413 July
554 Jan
1718 July
1113 Jan 3714 July
118 Apr
1014 July
158 Apr
1514 July
Jan 57 July
13
18 Mar
312 June
4 Jan
13 June
8
14 Feb 5812 July
24 Jan 275 AMC
8
25 Apr 345* July
8
4June
100 Mar 1583
1118 Feb 3474 July
Apr 56 July
18
74 Dec 15 July
313 July
4 Mar
44 July
13 Apr
11112 Mar 177 July
74 May 8713 Sept
8
953 Apr 347 July
1
7 July
Jan
153 Feb
10 July
1
7 July
Feb
133 Jan 4214 July
4
9 July
Feb
4
378 Mar 37 July
8
Jan 4412 July
412 Feb 3812 July
2 June
54 July
3 Dec
10 July
3
612 Apr 35 4 July
2312 Apr 6212 July
25
Apr 38 July
2312 Mar 37 July
1812 July
Jan
8
93 July
3
7 Jan
8
914 July
Apr
1
Isla Mar 22 July
3 July
14 Jan
4
47 July
38 Mar
,
1118 Feb 38 4 July
418 Mar 36 July
57 Jan 49 July
8
Jan 4014 July
8
15 Apr 43 July
1218 Juno
41s Feb
84 Dec
454 June
16 June
412 Dec
0114 Apr 132 July
Apr 7512 July
56
712 July
112 Jan
8
lls Apr
97 July
18 July
4 Feb
1912 July
53 Jan
3
912 July
Apr
1
17 Mar 18 July
8
:Companies reported In receivership. a Optional sale. c Cash sale. 5 Sold 15 days. r Ex-d vidend.
y E8-11R11/18.
,
1673
New York Stock Record-Continued-Page 2
SECOND PAGE PRECEDING.
re FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE
-PER SHARE. NOT PER CENT.
HIGH AND LOWISALE PRICES
Saturday
Sept. 8
Monday
Sept. 10
Tuesday
Sept. 11
Wednesday
Sept. 12
Thursday
Sept. 13
Friday
Sept. 14
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
pangs Since Ian. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1933.
Lowest.
Highut.
$ per share $ Der share 5 per Mare
Industrial & &Rowel. Par 5 vet share
5 per share $ per share g per share s per share $ per share S per share Shares.
8
3 Feb
1314 July
6 July 26 117 Feb 5
No par
714
8
714
638 65
8 6,000 Adams Express
714
67
63
634 679
4 678
612 63
4
39
Apr 71 June
7014 Jan 25 84 July 18
100
40
Preferred
*7912 86
83 .80
86
*80
86
.7912 86
83
83
.80
8
8 Apr 215 July
8
No par 16 Jan 5 347 Apr 5
02418 2514 233 24
233 234 2414 2414 2414 2414 24
4
2414
700 Adams Millis
4
634Sept 14 113 Feb 6
8
518 Apr 124 June
10
734 73
4
75
8 758
73
8 73
4
63
4 714 3,500 Address Multtgr Corp
*73
4 9
*73
4 8
13 Feb
4
75* Feb 5
93* July
318 July 27
No par
8
100 Advance Rumely
8 44
334 34 *33
8 .33
8 458 5338 45
44 .35
8 45
*4
113 May
4
8
5 8 July
5
518 Aug 6 9 5 Feb 6
514
514 514
300 Affiliated Products Inc_No par
*514 512 .
514 512 *512 5'2 *514 512 1514
4712 Feb 112 Sept
4June 2 10614 Jan 24
No par 913
9634 9912 2,300 Air Reduction Inc
99
9934 100
99
97
9912 9612 97
99
99
12 Feb
4 May
33 Apr 26
8
8July 24
15
158
158
300 Air Way Elea Appllance No par
158
15
8
.15
8
13
4
'14 2
*14 2
*15
8 2
1118 Jan 33 Aug
8
1714
1658 173 21.100 Alaska Juneau Gold Min___ 10 1658Sept 14 237 Jan 15
8
8 17
167 1712 164 17 4 164 1714 1714 175
8
,
33 July 27
4
77 Apr 24
8
1
Jan
95 July
8
No par
514
414 *4
100 A P W Paper CO
414
*414 518 *414 54 *414 518 *414 518
514 Feb 1
814 July
7 Apr
2
4,800 Allegheny Corp
No par
l's July26
17
8 2
17
8
17
8
17
8 2
17
8 2
17
8 2
17
s
Ps
1
Apr 217 July
8
514 Sept 12 1618 Apr 10
.612 7
warr___100
8 712
1,600
Pref A with $30
8 "65
67
8 67
63
4 7
67
8 7
7
7
118 Apr 21 July
612 *610 612
614
514 *5
5 Sept 8 144 Apr 10
612
100
Pref A with $40 warr___100
612 •5
612
*
518
•5
8
14 Mar 20 July
514 Jan 6 143 Apr 9
518
518
500
Prof A without warr___100
8 53
8
5
5
518 54
518 518 *54 614
53
5 Mar 26 July
15 June 16 2318 Feb 23
*15
18
.15
18
•15
18
18
*15
18
Allegheny Steel Co__ __No par
18
.15
*15
4
70 4 Feb 152 Dee
3
12714 12712 126 127
126 126
117 124
6,300 Allied Chemical & Dye_No par 117 Sept 14 1603 Feb 17
127 127
12512 126
Apr 125
Oct
100 1224 Jan 16 130 June 22 115
130 *12614 130 *12614 12812.12614 12812 *12614 12812
Preferred
•128 130 *12614
8
6 Feb 263 July
8
12
1214
1058 113
4 4.500 Allis-Chalmers Mfg_ _ _ _No par 1038July 26 233 Feb 5
12
1112 12
12
125 123* 12
8
127
8
5 3 Jan 24 July
4
700 Alpha Portland Cement No par 1112July 28 2018 Feb 5
4
12141 8113 1318
"123 133
4
8 12 2 12 2 *1214 13
,
,
124 123* 12
58 Feb
94 July
7 4 Mar 12
3
213 July 27
1
Amalgam Leather Co
4 312 .27
8 3
*3
35
8 .27
8 314 *27
8 312 "27
8 34 .23
5 Feb 40 July
50 25 Jan 6 45 Mar 13
200
3338 2718 2718 *2612 30
*2814 3018 2612 2612
7% preferred
8
*2714 333 .27
1812 Mar 4758 Nov
No par 4112 Jan 4 555sJune 8
46
44
4418 4412 4412 447
2,600 Amerada Corp
8 4414 4414 42
4612 4612 45
74 Mar 35 July
8
357 3718 1,400 Amer Agri° Chem (Del) No par 2514 Jan 4 413 Aug 22
8
38
38
*371.2 38
374 374 373 3812 *3711 38
4
8 Mar 2812 July
10 1214 Sept 14 2514 Apr 27
1418 123 134 1314 133
4
1214 123
4 2,300 American Bank Note
4
4 123 1314
*134 1412 13
34 Apr 494 June
50 40 Jan 4 5012 Apr 27
10
Preferred
8
543
4412 *4214 437 "4214 4412 423 423 *4214 4412 *4214 44,2
4
4
918 Mar 4212 July
8July 27 38 Feb 6
.2318 234 23
2318 22
22
223 227
4
8 22
22
2,000 Am Brake Shoe dr Fdy _No par 197
20
21
60 Mar 106 Aug
100 98 Jan 10 11012 Apr 18
10
Preferred
105 105 *10312 107 .10312 107 *10312 107 .10312 107 .10312 107
4912 Feb 10012 Dec
4
25 9014May 14 1073 Feb 15
9412 963
9618 98
9718
4 8.700 American Can
9514 9614 953 963
4
8
963
8
963 9712
4
100 12612 Jan 6 14812July 24 112 Feb 134 July
Preferred
*140 150 "140 150 *140 150 *140 150 *140 150 "140 150
4
618 Jan 393 July
8
12 July 26 337 Feb 5
1512 14
15
2,000 American Car At Fdy_ _ _No par
4 15
1614 1614
15
152
8 1514 1512 1512 153
15 Feb 593 July
4
100 3214 Sept 14 5612 Feb 5
600
*33
3412 3412 3412 3211 3212
Preferred
36
.33
36
34
'3512 37
15 Mar 14 July
8
0612 6
*612 6
.612 6
6
6
4.61.„ 6
*612 6
412 Aug 7 1214 Feb 27
100 American Chain
No par
312 Mar 314 July
25
200
7% preferred
100 19 Aug 31 40 Apr 24
21
*21
*21
254 21
21
'21
2518 21
2514 *21
34 Mat 5114 July
No par 4614 Jan 8 62 Sept 1
59
5914 .5712 59
'5918 GO
5712 5712 5712 5712 5634 5712 1,100 American Chicle
2 Feb
618 June
612 Feb 5
24 Aug 6
212
212
100 Amer C,olortype Co
10
•238 3
"23
8 3
*212 3
.212 3
*212 3
13 Feb 8974 July
24
27
24
*2612 27
2412 2414 243
4 2414 2514 2318 2418 5,800 Am Comml Alcohol Corp_20 2034July 26 8212 Jan 31
1
Jan
163 July
4
814 1,400 b American Crystal Sugar_ _ _10
8
7 July 26 131 2June 19
818 812
083
4 9
8
83
4
818 84
812 812
23 Jan 84 Sept
4
8June 18
*55
62
100 4612 Jan 4 727
62
7% preferred
627 055
8
*55
*55
627 *55
8
*55
62
GI
8 June
1
Jan
5 Feb 16
1'5June27
158
700 Amer Encaustic Tiling_No pa
158
13
4
13
4
.13
4 2
13
4 13
4
8
13
4
13
4 .13
4 17
5438 5
3 7 Apr 13 July
8
5 Aug 8 1012 Feb 3
.43
8 5
Amer European See's__No par
*47
8 5
*4
5
5
*414 5
*4
37 Feb
8
195 June
8
4 6,500 Amer & For'n Power_ _ _No par
4
512 53
534 6
412July 28 133 Feb 6
6
618
53
4 618
55
Ws 57
8
8
578
714 Apr 444 June
1512 1614
1,000
No par
1314July 27 30 Feb 7
Preferred
'15
1512 16
16 '1514 16
157 16
8
,
1514 15 4
2714 June
438 Apr
100
618July 26 1712 Feb 6
2nd preferred
No par
"712 814 *618 8
"8
912 *712 9
*712 812
8
8
3
618 Apr35 8 July
900
1112July 30 25 Feb 6
$6 preferred
13
1234 13
No par
13
•123 16
4
123 123 *1212 123
4
4
4
123 13
4
2112 July
44 Jan
8
300 Amer Hawaiian 13 El Co____10 1012July 27 225 Feb 16
1158 115
8
.1112 13
12
12
12
*12 4 133
,
8 12
*114 13
24 Mar
16 June
312July 26 1012 Feb 5
300 Amer Hide & Leather_No pa
*43
4 5
434 43
4 .414
5
*43
4 5
*43
4 5
518
518
1312 Feb 5712 June
800
100 1734 Aug 1 4214 Mar 15
20
20
Preferred
20
*2014 22
203 207
4
8 2012 2012 203 2034 20
4
243 Dec 4212 May
4
8
1,900 Amer Home Products
1 2618 Jan 5 363 Apr 26
*3012 32 .3012 3114
32
32
32
.314 32
3114 317 *30
8
1712 June
3 Feb
04
312July 26 10 Feb 5
No par
312 358 1,100 American Ice
37
8 378
37
8 37
8 *35
8 33
4
8 4
35
8 3 8 *32
5
8
25 Feb 577 June
29
31
400
6% non-cum pref
100 29 July 26 454 Mar 26
*31
35
*29
33
*2918 32
*29
3312 .2918 31
1518 July
414 Feb
4July 26 11 Feb 6
43
53
4 614 4,200 Amer Internal Corp___No par
84 612
614 63
8
614 614
6
6 14
614 612
14 Apr
312 June
112 Apr 4
58July 27
74
1,600 Am L France & Foamite No par
*5
8
'I
3
4
5
8
ki
5
8
*,
4
4
4
4
12 June
114 Jan
4 Jan 18 10 May 22
Preferred
100
8 512 .43
8 512
"412 512 "412 512 .414
512
"438 512 *43
8
57 Jan 3918 July
4
700 American Locomotive_No par
1518July 26 383 Feb 6
4 1512 1512
.16
1714
153 16
4
*1514 1612 '1514 17
1512 153
173 Jan 63 July
4
8
2Sept 12 745 Mar 13
700
37
Preferred
100 351
8 3612 3612 37
*3914 44
3512 375
3914 3914 '377 39
8
3
84 Feb22 8 July
4
900 Amer Mach & Fdry Co_No par 123
8July 27 193 Feb 5
,
.133 14
4
133 133
4
4 1312 1312 1312 1312 1312 131
4
133 133
4
8 June
1
Jan
73
. 3,300 Amer Mach & Metals_No par
8
7
8
314 Jan 3 1014May 11
74 73
*814 9
73
718
4 77
8
7
7
73
4
5
34 Feb23 8 July
8
16
16
1,500 Amer Metal Co Ltd___No par
15 Sept 6 275 Feb 15
154 16
16
17
17
1514 1612 *153 17
16
4
8
1512 Jan 757 Nov
78
6% cony preferred
78 '63
100 73 Jan 2 91 Feb 15
*63
78
78
*63
*63
.64
78
.63
78
Jan
17
30 2 July
,
4
Amer News Co Inc____No par 21 Jan 3 343 Mar 13
4
.2212 253 .2212 253 *2314 253 "2312 2534 *2212 253 .2314 2514
4
4
4
4 Feb194 July
37 Sept 14 1214 Feb 6
8
34 418 20,700 Amer Power & Light_No par
412 434
47
8 44
44 412
418 43
8
418 44
4118 July
97 Apr
8
8
1234 1,400
56 preferred
1234 124 12
12 Sept 14 297 Feb 6
No par
4
*133 14
4
133 14
8
125 125 *123 13
8
8
Apr 35 July
9
4Sept 14 2614 Feb 7
103
55 preferred
11
11
10 4 1034 1,700
3
No par
11
*1112 113
4 1118 113
4
11
1112 11
4 Feb
4
19 July
8
10 July 26 175 Feb 1
8
8
8 123 1212 123 1212 114 1214 24,900 Am Bad & Stand San'y No par
127 1318 1218 13
8
1214 125
8
4
53 Mar 317 July
1614 9,100 American Rolling Mill
25 1312July 26 2814 Feb 19
1614 1612 15
4
164 163
4 1618 167
8 1618 1612 1614 163
204 Apr 4754 July
58 July 20
200 American Safety Razor No par 36 Jan 13
53
5314
*5314 55
*5314 55
8
*5314 55 .535 55
*5314 55
74 Mar
718 July
738 Feb 19
218July 2
300 American Seating vi o_No par
*212 3
3
.212 31
*25
8 35
*25
3
8 33
8 "25
8 3
412 June
18 Apr
23 Jan 30
8
7
I4 July24
*3
4
800 Amer Ship & Comm__No par
3
3
4
3
4
3
4
3
4
3
4
*3
4
1
7
8
7
4
1112 Mar 363 June
8
240 Amer Shipbuilding Co_No par
17'sJuly27 30 Jan 30
1812 185
8 1812 182
•1812 191z 19
19
1812 1858 •1812 19
103 Feb 5312 Sept
4
31.600 Amer Smelting & Refts_No par 3014 July26 5114 Feb 15
,
317 34
8
331 35
4 35
344 35
325 35
8
3234 337
333
Jan 9912 Dec
31
125 June 29
400
111 111
114 114
Preferred
100 100 Jan 2
•112 ll3's 112 112 .11118 117 .111 116
2012 Jan 73 July
885
2nd preferred 6% cum - 100 7114 Jan 2 9812Sept 6
9412 95
95
500
95
•9612 981 .96
9712 9612 9812 95
3212 Jan 5114 Sept
861
500 American Snuff
65
6212
25 4834 Jan 5 65 Aug 27
.624 65
26212 621 .62
63 63
6212 63
Preferred
100 106 Feb 2 x125 June 13 10218 Jan 112 July
*121 1221 .121 12214 *121 12214 *11912 1224 *11912 12214 *11912 12214
44 Feb 27 July
2612 Feb 5
1114 113
1018July 2
8 1214 1214
4 1,600 Amer Steel Foundries_No par
1314 1314 1314 133
8
8 12
1212 123 123
375 Mar 85 July
8
40
8June 2 81 Jan 30
Preferred
100 597
6914 6914 16914 6914 .
6514 7212
67
67
653
"6512 67 . 4 67
2
30 Feb 477 July
300 American stores
.4114 4214 4214 4214
No par 37 Jan 3 4414 Feb 7
.42
4214 .42
42
4214 42
42
42
74 July
2112 Jan
61
615
8 3,000 Amer Sugar Refining
8 63
100 46 Jan 3 72 July 14
6418 653
62
62 7
6514 66
4 63
62
63
Jan 11214 July
80
4
200
Preferred
100 10312 Jan 3 1213 Aug 23
8
•1193 1212 12012 12012 12012 12012 .119 1205 *11614 12058 *11614 12018
4
8
26 July
Jan
8
4May 10 2114July 20
185
8 1758 1812 4,400 Am Sumatra Tobacco__No par 133
18
19
1818 18
19
1818
18
175 18
8
4
8612 Apr 1343 July
4
8
190 10534July 30 12514 Feb 6
4
113 11318 1113 113
1113 113
1125 11314 111014 1103 1083 11014 16,500 Amer Telep & Teleg
8
4
49
Feb 904 July
8
72
1,100 Amedcan Tobacco
4 72
25 6514 Jan 6 823 Feb 6
4
*73
7412 723 7314 7212 7212 7212 7212 7212 723
50 Feb 944 July
14
Common class B
8 7412 7512 7412 743
76
7312 7512 5,000
25 67 Jan 8 844 Feb 5
757
75
753
8
*7518
4 75
1233 12334
4
300
Preferred
100 10714 Jan 3 125 Aug 23 1024 Mar 120 July
*124 125 *124 126
124 124
124 124 512312 124
218 Dee 25 July
*4
438
500 :Am Type Founders__No par
4
4
3 July 25 13 Feb 21
.44 44
438 44
.44 5
414 414
8
7
Oct 377 July
4
Preferred
100
734 Jan 6 283 Feb 21
•4
1518 .318 25
•6
1518 •718 1518 *712 1518 *712 154
4
107 Apr 4314 July
1434 15
1518 153
1518
4,200 Am Water Wks & Elea-No Par 1412July 26 274 Feb 7
8
4 15
157 1618
153
8 1518 1512 15
35 Mar 80 June
0633 70
70
8
1s1 preferred
"64
No par .54 Jan 3 80 Feb 5
70
*633 70 .633 70
8
70
.64
8
*64
17 July
312 Mar
84
8
8
8
84
8
818 2,700 American Woolen____No par
8
7 July 31 1718 Feb 5
814 812
812 812
225 Feb 6712 Dec
8
3
100 363 Sept 14 83 4 Feb 7
4
4
Preferred
4
3712 393
413 4214 414 42
4 3718 3818 384 3812 363 3812. 5.000
418 June
38 Feb
414 Mar 14
1
1
1
1
1 June 27
I
GOO IAm Wilting Paper
114 .1
118
118 "1
118 .1
118
143 July
4
8 Feb
4
312
312
35,
312
312
312 33
4
Preferred
8July 27 1712 Apr 23
500
No par
27
4 414
35*
*33
4 414 *33
107 July
8
214 Feb
8 .412 43
4
334 July 26
9 Feb 16
45
8 45
300 Amer Zinc Lead & Smelt _1
41. 412
.44 54 *412 54
412 412
20 Feb 66 July
Preferred
.39
45
.37
45 .37
45
100
25 3712 Jan 4 5018 Feb 16
45
39 - 39
45
*37
*39
8
5 Feb 227 July
1138
1078 115 22,500 Anaconda Copper Mining 50 10 July 26 1734 Apr 11
8
8 11
8 1118 113
8 1114 117
8 1114 113
115 117
8
1512 June
418 Jan
1212 .10
1212
12
12
1112 1112 *11
300 Anaconda Wire & CableNo par
*115 1228
8
13
914 Jan 12 1319 July 12
*12
Jan 394 July
8
243 Jan 31
4
600 Anchor Cap
1514 *1414 1514
No par 1318July 24
153 153
4
4 1512 1512 1514 1514 15
•153 17
4
894
8212 Jan 90 June
98
40
*94
"98
99
100 100
$6.50 cony preferred_No par 84 Feb 5 100 Apr 17
98
98
98
5913 98
8
93 Mar 2914 July
4
8
335 3414 *325 3312 3312 3312 333 337
8
4
8 322 331 2 1.100 Archer Daniels Micird_No par 2614 Jan 9 36 Aug 31
8
*3414 343
95 Feb 115 July
50
7% preferred
100 110 Jan 24 11614Sept 13
- - •11614
_ 11614 11614 *11614
__ •11614
a11614 11614 *1161
41
Jan 90 July
94 4- - *9012 - 94
4
92
400 Armour & Co (Del) pref _100 7614 Jan 2 95 Aug 30
95
95
*925 --- 8 923 931 .9014 --8 935
.94
4
63 Aug 29
----- -614
53
4 618 40,300 Armour of Illinois new
618 614
614
6
S
312July 26
6
6
63
s
57
8 618
_ _ ----- --_ 86 cony prof
61
6211 6034 6112 6114 6212 614 6212 60
6112 9,800
No par 4614July 26 614 Aug 29
8
607 61
7 Feb 93 July
8
7212 74
7212 73
73
1,700
100 54 July 26 773 Aug 29
73
7318 7313 72
Preferred
•7318 74
73
7 July
118 Jan
83 Fen 9
8
412 458
4
4 544 45
8 *4
3 July 27
4
438 *418 43
43
8 1,100 Arnold Constable Corp
5
43
4 43
912 June
2 Mar
414 Jan 5 1012 Apr 21
5
'4
5
Artloom Corp
No par
6
'4
6
*4
6
*4
.4
6
*4
54 June
4 Apr
312 F ,b 15
Associated Apparel Ind No par
'2 July 13
312 Feb 20 July
093 10
93.
4
91
878 9
714July 26 1814 Feb 8
1,1590 Associated Dry Goods
1
4 *9
93
4 93
05
8 93
4 *9
4
Feb 6112 July
18
5478
55
55
'50
6% tot preferred
*50
55 .50
'50
55 .
50
100 46 July 26 7712 Apr 20
55
*
50
Jan 5114 July
15
8
4
100
7% 2d preferred
100 36 July 26 847 Apr 20
4
373 373 •3612 4212 *3612 4212 *3612 4212 *3612 421 *3612 4212
4
63 Mar 3512 July
4878 *35
487
s
484 .35
484 *35
Associated 011
25 2912 Jan 5 4012 Apr 25
487 '35
8
484 *35
•35
412 Mar 26 JuIY
16 Apr 12
12
*8
12
200 AtO&WISSLine,_Nopar
*8
5 Aug 1
8
8
714
12
12
714 *7
.8
124 Feb 3212 Nov
2412 2312 2418 2338 2312 2314 235
8 2214 2311 7,200 Atlantic Refining
25 2112July 26 3514 Feb 5
4 24
2412 243
9 Feb 3918 July
4 43
4312 4314 4312 4078 4212 1,700 Atlas Powder
No par 3514 Jan 8 5512 Mar 13
43
42
•4312 4512 4312 433
80 Apr 834 Sept
102 102
50
Preferred
102 102
100 83 Jan 9 10312 Aug 23
"102 10314 *102 103 '102 10314 102 102
3
112 Feb 34 4 Dec
7
7
100 Atlas Tack Corp
1614 Mar 14
812
No par
7 Aug 1
73
4 •7
*7
812 *7
73
4 *7
*7
10
Oct8414 July
31
2338 2114 2212 6,500 Auburn Automobile- No par
22
8
24
2112 227
1612July 30 573 Mar 13
8 2212 23
8
223 2238 22
4 Feb 954 July
12 1012 893 1012
300 Austin Nichols
8
*1112 12
par
Jan 4 165 Mar 5
1214
1114 1112 .912 1112 .
4
No
7
9
*12
164 July
512 Feb
4
414
8 4
9,200 Aviation Corp of Del (The)--5
4
414
37
4
418
4
44
4
33
4July 26 103 Jan 31
418 44
8
312 Apr 175 July
718 7 8 7.600 Baldwin Loco Works No pa
,
612July 26 16 Feb 5
75
77
8
3
73
8 74
74 712
713 734
75
8 73
4
Apr 60 July
Apr 21
4
.2712 36 '2712 3112 2978 2978 •297 31 . 8 30
8
273
100
Preferred
100 27 July 27 643
93*
36
.29
8
6814 Feb997 Aug
.99 107 .99 103
Bamberger (L) de Co pref .100 8612 Jan 9 100 Aug 20
*99 104
*99 104
*99 104
.99 104
714 June
214 July24
3 Jan
8
200 Barker Brothers
212
212
'212
No par
612 Feb 5
212 212 *212 3
23
4
*212
3
*212 3
8183 2314 21
518 Apr 2414 July
2314 22
21
90
4
1618 Jan 9 3812 Apr 12
22 '183 21
4
83*% cony preferred____10
2314 .22
"22
3 Mar 11 July
614 63
8
6
63
8
8,100 Barnsdall Corp
5
6 July 27 10 Jan 22
614 612
8
614
65
65
8 63
8
63
8
63
8
34 Jan 5212 July
3212 *31
3112 3112 31
31
400 Bayuk agars Inc
35
No par 23 May 8 39 Feb 5
33 .31
4 32
353
"32
Jan 100 July
27
097 100 '97 100
1st preferred
100 89 Jan 15 101 Sept 6
'97 100 .97 100
*100 101 *100 101
7 Mar 27 June
4
4
8 163 1734 5,600 Beatrice creamery
4
25 1014July 27 193 Apr 28
163 18
165 173
8
4 164 1712 1714 177
1814 1814
883
45 Feb85 May
39
89
*83
89
100 55 Jan 13 91 July 6
.8312 89 .83
Preferred
89
.83
89 .83
Jan 7012 June
45
3
4 6714
Beech-Nut Packing Co
20 58 Mar 2 67 Apr 3
6312 674 .6312 65 4 '633
6718 *6312 6718 .
65
6612 .
.65
312 Feb1212 July
1112 105 1114 .105 114 •1012 11
*1012 1112 1.800 Belding Hemlnway Co_No par
8
84 Jan 3 1514 Apr 24
8
1112 1112 11
62 4 Apr10114 Nov
,
_ •11778
- •12518
.1251g _ - - •118
100 Belgian Nat By, part pref___ 9512 Jan 9 127 Sept 8
127 127 •12518
64 Feb 2114 July
8
1138 --- 8 6,900 Bendix Aviation
117
5
1212 1112 -- -312
93
4July 26 237 Feb 1
8 12 --11 4
113 1218 12 -- -18
4 1212 122
1314 Sept 15 Aug
1218 Jan 31 191s Apr 26
4 1514 1514
153 153
8
1514 1512 154 15 2 15
,
1514 3,100 Beneficial Indus Loan_No par
1584 1534
•Bid and asked prices, no sales on this day. I Companies reported In receivership.
b Name changed from Amer. Beet Sugar Co. 2 Ex-dividend.
1674
New York Stock Record-Continued-Page 3
Sept. 15 1934
VIP 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
Sept. 8
Monday
Sept. 10
Tuesday
Sept. 11
Wednesday
Sept. 12
Thursday
Sept. 13
Friday
Sept. 14
Sales
for
the I
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On balls of 100-share lots.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
Lowest.
Highest.
5 per share 5 per share $ per share $ per share $ per share $ per share Shares.I Indus.& MIscelL (Con.)
Par S per share
$ DO share $ per share $ per share
32
32
32
32
31
3112 '3118 3112 3014 31
30
3018 1,400 Best & Co
No par 26 July 26 3414 Apr 10
9 Mar 3318 Aug
2818 2812 27
283
8 2718 28
275 283
8
8 2714 2814 2618 275 21,400 Bethlehem Steel Corp No par 2514July 26 4912 Feb 19
8
1018 Mar 4914 July
*6112 64
"603 64
2
6018 6012 60
60
59% 593
8 5712 5914
1,600
7% preferred
100 55 July 26 82 Feb 19
2514 Feb 82 July
.2112 2212 2112 22
21, 2114 22
8
22
22 18 2218 2114 2212
360 Bigelow-Sant Carpet Inc No par 1912 Aug 8 40 Feb 5
618 Apr 2912 June
•718 7 8
5
718 714 *7
714 *7
714
*7
714
7
300 Blaw-Knox Co
7
No par
7 Sept 14 1814 Jan 30
312 Feb
19 4 July
,
•1218 18
*1218 18
*1218 18
•1218 18
*1218 18
*1218 18
Bloomingdale Brothers_No par
18 Jan 12 26 Feb 7
65 Feb 21 July
8
4812 4812 4812 4918 4818 4812 485 49
8
249
49
47
4712 2,900 Bohn Aluminum & Br
5 47 Sept 14 68% Jan 24
912 Mar 5812 Dec
2518 2518 2412 2518 2414 2412 2414 25
243 243
8
8
4 233 243 12,000 Borden Co (The)
4
8
25 197 Jan 6 2814July 14
18
Feb 3712 July
2038 2012 197 2012 1912 193
8
4 20
203 x2012 207
8
8 1914 2014 3,100 Borg-Warner Corn
10 1618July 26 285 Feb 5
8
5 12 Feb 2214 Dec
'1
114 *1
2
*1
2
*1
2
*1
2
*1
2
:Botany Cons Mills class A_50
8July 25
3 Feb 9
7
3 May
8
412 July
157 16
8
153 1614 155 1618
4
8
155 16
8
157 1618 1552 16
2
10,600 Briggs Manufacturing_No p..r
12 Jan 6 19% Apr 26
25 Feb 1438 July
8
3318 3318 3212 3212 3212 3212 33
33
3312 3312 327 3312 1,000 Bristol-Myers Co
8
5 26 Jan 4 3712July 18
25 Dec 3814 Sept
057
5912 5912 573 5912 *5612 60 '5612 60
8
60
567 57
8
1,800 Brooklyn Union Gas___No par 567
8Sept 14 80, Feb 6
2
60 Dee 8812 June
*48
52
*48
51
.48
53
"46
49
46
*40
46
48
100 Brown Shoe Co
No par 46 Sept 13 61 Feb 16
2812 Mar 537 July
8
*5
514
5
5
.5
53
4 "5
53
4 '5
500 Bruns-I3alke-Collender_No par
514
412 5
8
4 July 23 107 Mar 17
13 Mar 1812 June
4
*418 412
4
418
4
4
*4
414 *4
4
412
4
700 Bucyrus-Erie Co
938 Feb 5
312July 27
10
2 Feb
127 June
8
*612 7
614 612 *614 7
*612 7
*614 63
4
614 614
500
Preferred
6 July 26 1412 Apr 24
5
23 Feb
4
105 June
8
*51
54
5018 5018 *45
50
50
50
.51
58
*50
58
30
7% preferred
100 50 July 30 75 Jan 15
2012 Mar 72 June
"418 4 8
3
4
4 18
37
8 4
4
4
37
8 4
33
4 33
4 2,800 Budd (E 0) Mfg
No par
3 July 26
73 Apr 25
4
54 AIDT
972 July
2214 2214 22
22
22
22
21
21
2018 21
20
2018
230
7% preferred
100 16 July 25 44 Apr 25
3 Mar 35 July
*212 234 *212 25
8
212 212
212
212 *212 258
238 212
600 Budd Wheel
52 July
53 Jan 30
8
No par
2 July 26
I
Feb
033
'33
4 5
4 5
"33
4 4,
8 *33
4 47
8 "314 414
600 Bttlova Watch
4
3 2 33
,
612 Apr 28
No par
27 Jan 9
8
7 Mar
8
5 June
8
8
712 8
712 712 *73
4 9
*712 8
'714 8
500 Bullard Co
No par
8July 31 1512 Feb 16
57
212 Feb 1314 July
*2
3
*2
3
"2
3
*2
3
'2
3
*2
3
Burns Bros class A____No par
6 Feb 21
15 Jan 26
8
5 June
12 Apr
10
*8
"8
10
"8
9
'8
10
8
.6
8
10
10
7% preferred
100
4 Jan 9 1512 Feb 20
134 Jan
13 June
113 118 1113 113
4
4 11
113
8 113 115
8
8 1112 113
4 11
113 11,800 Burroughs Add Mach-No par
8
1012July 26 z1938 Feb 1
618 Feb 2078 July
"1
118
118
118
1% 118 "142
114
118 *1
118
118
600 :Bush Term
Ws Feb 9
No par
118July 27
1
Apr
8 June
*212 3% *212 318 *212 318 *212 318 *212 318 '212 318
Debenture
6 Mar 8
3 June 29
100
1
Apr
912 June
812
812 *618 1012 .618 912 *812 912 *9
9
912
9
30 Bush Term BI gu prof ctfs_100
3
518 Jan 3 15 4 Feb 23
418 Dee
8 Dee
*112 13
4 *112 13
4 *Ds 158 *112
13
4 *112 15
8 '112 13
8
Butte & Superior Mining__10
218 Feb 16
112 Jan 13
I
Feb
27 June
8
*218 214 *218 214
2
218
2l8 214
218 218 *2
218
300 Butte Copper & Zino
8July 27
314 Aug 8
13
5
414 1111113
12 Mar
•17
8 214 *2
214 *2
214
2
*13
4 212 *13
2
4 214
100 Butterick CO
112July 27
43 Feb 1
4
No par
DA Apr
712 June
'165 1712 1518 165 •1518 18
8
8
153 153
8
4 1512 16
1412 1518 2,200 Byers Co (A M)
4
No par
133 July 26 323 Feb 7
4
812 Feb 4314 July
.44
447 '44
8
44
45
44
'43
4412 '43
4412 43 43
20
100 40 Aug 6 677 Apr 23
Preferred
8
3018 Mar 80 July
40, 403
4
4 37
40
37
383
4 3818 387
8 373 3812 3612 38
4
11,400 California
_ __No par
1834 Jan 4 4432 Aug 29
4
73 Mar 343 July
4
"8
3
4
"8
3
4
3
4
3
4
5
8
5
8
5
8
5
8
3
4 1,100 Callahan Zino-Lead
3
4
13 Jan 23
4
Packing12July 27
1
14 Jan
214 Juno
"314 312
3 4 314
,
3% 314 •
8
3
318 318
33
3
3
1,300 Calumet de Hecht Cons Cop.25
652 Feb 5
234July 26
2 Feb
932 June
"612 712
718 718
7
7
.612 7
*612 7
7
'65
8
300 Campbell W & C Fdy__No par
6 July 27 1578 Feb 23
2 Feb
1614 July
1512 1512 15
1514 15
143 147
15
4
8 1438 145
8 133 143
8
8 2,700 Canada Dry Ginger Ale____5 1212July 26 2912 Apr 24
712 Feb 4112 July
*32
33
32
32
32
32
*3112 34
'3112 34
*3112 3212
200 Cannon Mills
No par 2812 Jan 4 38 Apr 2
14 Feb 3512 July
14 714 *714 912 *714 812 *714 7,
*714 912 '714 83
4
7
100 Capital AdutInts 01 A
2
8
53 Jan 2 1014 Apr 20
1
414 Oct 1212 July
*25
34 .25
34
30
ns
ns
34
34
"25
*25
34
Preferred A
4
10 263 Jan 24 39 Apr 20
25, Jan 3512 J1111'
8
3838 3914 38
3918 38
3912 4012 3912 41
40
36
3912 8,100 Case (J I) Co
July 26 8634 Feo 6
100 35
3012 Feb 10312 July
'3114 64
"62
66
64
*62
*6114 66
•6114 63 .6014 63
Preferred certifIcates___100 56% Aug 15 8112 Feb 6
41
Feb 8614 July
25
25
243 2514 24
4
243
4 2414 2434 2414 2478 23
2418 3,600 Caterpillar Tractor___No par 23 Sept 14 333 Apr 21
8
512 Mar 2954 July
20
20
1912 20
1812 19,
8 1912 20
1914 1914 1812 1938 8,600 Celanese Corp of Am__No par 1718July 26 447k Feb 5
412 Feb 587 July
8
7
*2
212 .17
8 212 .1
212
2
*17
8 212 '17
2
8 212
100 :Celotex Corn
118July 27
45 Apr 12
8
No par
Is Mar
57 July
8
0114
15
8 •114
15
8 *118
158 *118
1$8 •118
158 *118
13
8
8 Feb
43 July
Certificates
4 Apr 12
No par
1 July 27
91
" 3 1014
'9
10
9,
2 912 *9
11
1012
*9
9
9
200
Preferred
612 Jan 18 2238 Apr 13
100
112 Jan
1284 July
*24
2512 *24
.2438 2512 25
25
233 24
8
25
2414 2438
600 Central Aguirre Asso__No par 2318Sept 11 3218 Feb 5
14
Jan 41 July
*614
7
*614 65
*614 7
8 .614 7
'614 7
512 614
100 Century Ribbon MIlls_No par
512Sept 14 123 Feb 19
8
2 Apr
115 July
8
'85
95 '85
95 .85
95
*85
95 '85
"85
95
95
Preferred
100 82 Mar 31 95 Jan 2
52 Feb 100 Deo
3712 373
4 3538 3712 3818 3712 3718 3778 3634 3778 3531 37 s 17,200 Cerro de Pasco Copper_No par 30141May 16 4312July 5
,
5 7 Jan 4434 Sept
8
043
4 53
4
43
4 43
4
43
4 43
4
4 *412 5
45
8 43
412 412 1,100 Certain-Teed Products_No par
734 Apr 5
314 Jan 2
1
Jan
73 July
8
"23
32
32 '23
.23
32 '23
27
*23
27
27
"23
7% preferred
4 Mar 3014 July
100 1712 Jan 19 35 Apr 5
.3814 39
3712 3818 '3618 40
"3612 383 *3612 3918 36
4
38
400 Chesapeake Corp
8
No par 34 Jan 4 487 Apr 21
147 Jan 5212 July
8
*43
8 47
8 *434 478
43
4 43
4
43
8 452 *412 5
418 412
400 Chicago Pneumat Tool.No par
338July 26
97 Feb 5
s
218 Mar 123 July
8
1712 1712 17
17
1612 1612 .1618 163 '1618 167
4
8 1512 161
;
500
Cony preferred
4
No par
1414July 26 283 Apr 24
512 Feb 2514 June
*2612 2712 2738 273
8 2614 2612 2612 2612 2638 263
4 26
2612 1,200 Chickasha Cotton 011
5 Mar 34 July
10 1914 Jan 8 3034 Feb 5
*5
53
8 "5
514
5
5% 53
5
8 •5
512
5
53
8
400 Childs Co
4July 25 115 Feb 19
8
No par
33
2 Feb
1018 July
•12
15 .12
123
4 12
12
*12
14
15
'12
12
12
40 Chile Copper Co
6
Apr 2112 July
25 1014 Aug 9 1758 Apr 9
3218 325
8 30
33
3018 3118 303 3112 31
4
317
8 3018 313 74,900 Chrysler Corp
8
8
754 Mar 575 Dec
5 2914 Aug 7 603 Feb 23
8
•19
1912 '1914, 1912 19
1914
19
19
x1918 1918 19
19
1,400 City Ice & Fuel
8
718 Mar 25 June
No par
1714 Jan 5 243 Jan 30
"79
807 "79
8
807
8 79
*79
79
807 079
8
807 '79
2
807
8
40
Preferred
45 Apr 72 July
100 67 Jan 3 86 Apr 23
"8
3
4
5
8
3
8
5
8
3
4
38
5
8
52
52
12
'2 2,200 City Stores
12July 27
218 Feb 6
No par
'4 Feb
8
35 July
*13
2
2
12
12
*12
2
2
•12
2
2
12
12
Voting trust certifs No par
12
12 1,200
38July 24
18 Mar
218 July
1 14 Feb 6
47
"312 43
8 *3
8 '3
314 47
4 *3
4% •
43
4
314 314
Class A
200
8 Feb 6
53
No par
1 12 Jan
214July 25
812 July
*4
*4
5
434 54
*4
5
438
4
4
*314 4
100
Class A v to
3 Nov
4
518 Feb 21
2 July 20
514 July
No par
014
1618 *12
17 '12
1638 "12
17
17
'12
*12
17
Clark Equipment
4
5 Mar 1414 June
No par
4
83 Jan 5 213 Mar 5
'25
27
*25
33
27
29 .25
30 '25
33 .25
2912
100 Cluett Peabody dr Co No par 27 Sept 10 45 Apr 7
10
Jan 4112 July
•112 116 '112 116 '112 116 '112 116 '112 116 *112 116
Preferred
90
100 95 Jan 17 115 Apr 23
Jan 100 June
135 1363 135 1353 .132 13312 13314 13312 '132 13312 130 132
8
4
2,000 Coca-Cola CO (The)___No par 9514 Jan 2 1363
,July 12
7312 Jan 105 July
__ *55
__ "5518
__ *5518
. *5512
__ *5518
. _ _ _ ___
Class A
44
Apr 51 Dec
No par 5018 Jan 11 5518July 10
*5514
8 14
14 -137 -1312 Y4
1358 - - - •133 14
14
4 13 - -3i 4,100 Colgate-Palmollve-Peet No par
13
93 Jan 3 1818 Mar 13
7 Mar 223 July
8
8
95
.92
"92
9312 "92
95
9312 '92
92 92
*913 95
4
100
6% preferred
100 6812 Jan 8 95 Aug 23
49
Apr 88 Aug
11% 113
8 11
8
11
1112 103 11
11
4
105 103
'103 11,
4
8
4 2,000 Collins & Altman
No par 10 July 26 2812 Feb 19
3 Apr 26 Sept
45
8 47
418 412
8 .412 434
418 418
*418 412
4
418
900 :Colorado Fuel & Iron_No par
83 Feb 6
4
35 Jan 2
27 Dec
8
8
173 July
8
6514 6512 64
63 6312 64
64
65
6312 6312 62
6312 2,800 Columbian Carbon v t c No par 58 Jan 8 7714 Apr 23
2318 Feb 7112 July
3212 323
4
4 313 3212 *313 3212 .31% 32
8
313 32
4
30
3012 1,500 Columb Pict Corp v t c_No par 21 12July 26 3134May 28
65 Mar 28 Nov
8
87
8 9
812 9
814 85
8
818 812
8
814
8
814 20,600 Columbia Gas & Elec No par
4July 26 1914 Feb 6
73
0 Mar 2818 July
65
63
65
63
62 62
8 61
615 615
8
61
60
61
900
Preferred series A
4June 21
100 52 Jan 5 783
50 Dec 83 June
60
*53
53
*3114 60
53
55
55
56
55
55
55
50
5% preferred
100 41 Jan 9 71 Apr 24
40 May 7412 June
263 27
4
2518 2612 253 26
8
2512 253
4 2512 253
8 2514 2512 3,400 Commercial Credit
8
4 Feb
10 185 Jan 4 3518 Apr 21
19 4 Dee
,
.267 29
8
*267 29 '27
8
29
"27
29
29
29
•27
29
30
7% 1st preferred
1812 Mar 25 Sept
25 2312 Jan 5 30 July 19
.4712 49
*48
49
48
487
8
8 487 49
.4712 497 *4712 497
2
8
500
Class A
50 38 Jan 3 50 Mar 9
16
Feb 3912 Aug
.28
2912 '28
2912 28
28
*2818 2912 "2818 2912 •281s 2912
10
Preferred B
25 24 Jan 3 30 Mar 3
1818 Mar 25, Sept
8
*1043 110 *105 108 '105 108 *105 108 "105 108
8
105 105
20
654% first preferred__ _100 9112 Jan 3 107 Aug 28
8
70 Mar 957 Sept
56
56
56
55
5314 543
8 5418 55
533 5412 5214 5334 6.700 Comm Invest Trust_No par 353 Jan 4 61 Aug 16
4
4
18 Mar 4312 July
'10412 107 .104 108 •104 1055,.104 10538 '104 107 '104 107
Cony preferred
Vo par 91 Jan 3 11014 Aug 0
Jan 977 Jan
8
84
1918 193
8 1812 197
8 18% 1914 183 1914
4
1838 123
4
4
2 173 183 21,400 Commercial Solvents__No par
4July 28 3684 Jan 30
153
9 Feb 5714 July
112 15
112 15
8
112 15
8
112
8
112 13
8
15
8
112
15 32,200 Commontv'Ith & Sou___No par
8
3 4 Feb 6
3
1 12July 26
618 June
114 Dee
*3512 3712 3512 3512 35
35
35
33
3212 3312 33
33
1,600
$6 preferred aortas_ __No par 2112 Jan 2 523 Apr 23
4
1738 Dee 8012 June
2718 2718 2612 2712 2614 263
4 2612 27
27
2712 2614 263
4 5,200 Congoleum-Nairn Inc__No par 22 July 26 3114 Feb 16
73 Jan 273 July
8
8
*714 0
8
8 712 *73
714 73
3
8 712
7 4 7 4 *73
73
3
2 78
3
500 Congress Cigar
714Sept 7 1412Mar 5
No par
612 Feb
18 June
*67
8 814
7
'634 712 •7
712
7
7
7
*618 67
8
400 Consolidated Cigar
514July 26 133 Mar 17
3
No par
312 Apr
1934 June
'60
63
*60
61
63
5912 5912 *5912 64 "5912 64
61
20
Prior preferred
100 4514 Jan 2 62 July 12
Apr 65 June
31
*3
314
3
3
'23
3
4 318
4
3
25
8 23
27
8 278
700 Consol Film Indus
8July 27
1
5 4 Feb 15
3
5
1
534 May
13 Jan
4
•13
1312 1212 123 •12
8
1212 1212 1212 '1212 127
8 1212 1212
600
Preferred
4
No par
10% Jan 2 1712 Feb 15
57 Mar 143 May
8
2614 263
4 2552 2612 253 26
2578 2614 2514 257 18,600 Consolidated Gas Co
4
255 26
8
8
No par 2314 Sept 14 473 Fro 6
2
34 Dec 6418 June
89
89 '88
8812 883 893 '88
4
4 8812 8812
8
893 *8812 883
4
400
Preferred
No par 82 Jan 4 95 July 23
Jan
8118 Dee 99
•17
8 2
17
8
4 2
17
8 "13
.13
8 '13
4 2
.13
4 17
4
17
8
100 Consul Laundries Corp_No par
8
43 Feb 7
8
17 Aug 7
112 Dec
512 Jan
814 83
8
818 83
8
8
8
8
8
83
8
83
8 14
73
4 818 17,500 Consol 011 Corp
No par
714July 26 1414 Feb 13
4
5 Mar 153 July
•111 11212 .111 11212 *111 11212 '111 11212 "111 11212 '111 11212
8% preferred
Oct
100 108 Feb 9 112 July 24
9512 Mar 108
3
4
3
4
7
8 3,400 Consolidated Textile_ __No par
3
4
7
8
3
4
3
4
7
8
7
8
3
12July 26
4
3
4
3
4
2% Feb 7
314 July
14 Mar
8
818
8
8
8
8
77
2 8
77
8 77
8
712 712 1,500 Container Corp class A
4
1014 July
618 Jan 5 133 Apr 23
20
1[8 Jan
318
318
3
318
3
3
3
278 3
3
*27
8 3
Class B
2,900
No par
8
23 Jan 2
53 Apr 18
8
412 June
14 Feb
6
6 12
618
6
6
6
6
6
6
6
514 July 26 145 Jan 24
57
8 57
8 2,300 Continental Bat class A No par
8
3 Mar 1814 July
11,
118
118 '1
1
1
1
1
1
1
1
1 3,600
Class B
No par
7 July 27
8
232 Feb 7
312 July
12 Jan
•501s 6212 *5013 52
5012 5012 .50
50
5112 5012 5012 250
Preferred
500
100 4614 Jan 6 64 Feb 9
Jan 64 July
36
793 803
4
8 7912 8014 7812 7912 80
8214 8012 8112 79
803
4 8,000 Continental Can Inc
20 6912May 14 8314 Apr 21
8
3514 Feb 783 1)ec
6
6 18 *618 812
6
63
4 *6
618 *6
63
4 *6
63
4 1,600 Cont'l Diamond Fibre
6 July 28 1134 Feb 6
5
1712 July
312 Feb
.273 2812 2712 2814 .277 2814 273 273 •273 29
4
8
263 273
4
4
4
4
4
1,300 Continental Insurance_ __2.50 233 Jan 6 3512 Apr 20
8
1012 Mar 3612 JUil
3
4
3
4
3
4
3
4
54
3
4
7
8 3,000 Continental Motors_ _No par
7
8
3
4
3
7
4
8
3
34July 24
4
23, Feb 21
4 Juno
1 Mar
1714 173
2 17
173
8 1612 17
163 177
8
8 1712 173
4 1718 1712 13,100 Continental Oil of Del
4July 26 223 Apr 21
8
4
5 153
47 Mar 195 Sept
4
6812 583
4 577 5812 5758 58
8
5778 583
575 5812 5,100 Corn Products Reflning____25 5512 Aug 8 8412 Jan 26
4 583 59
8
4
45 8 Feb 905 Aug
3
8
•144
-- '144
_ '144 _ __ "144
_ . 145 145 .144 .
100
Preferred
4
100 135 Jan 4 14812July 24 11712 Mar 1453 Jan
•514 -6
5 -- 53
4
5
434 - 1 2,900 Coty Intl
5 12
513 1
48
18
8
8July 26
978 Feo 5
No par
35
712 June
23 Mar
2
32
32
32
3218 32
32
3218 32
32
32
32
3218 2,600 Cream of Wheat etf_No par 28 Jan 3 35 Jan 31
23 Feb 3912 July
•1212 14 '125 14 '123 14
8
.1214 13
8
12
12 '12
1412
100 Crosley Radio Corp
No par
8 Jan 2 1712June 16
214 Mar
14% June
'2212 2312 2112 2112 "2118 223
4 22
.203 203
24
4
22 '21
4
400 Crown Cork dr Seal
4July 26 3614 Feb I
No par
183
1414 Feb 65 July
8
*3812 4018 *38 4 4018 *3814 4018 •39
,
3978 *3814 3978 *3814 397
32.70 preferred
'ho par 3512 Jan 2 4114 Apr 20
2412 Feb 3812 July
•43
8 43
4
4
45
8 43
43
8 45
8
438 412 2.000 Crown Zellerback v t o_No par
412 434
4
43
4 43
8July 27
812 July
35
658 Apr 27
Apr
1
•19
1912 18
1814 *1712 1912 18
500 Crucible Steel of America__ 100 17 July 27 383 Feb 19
1814 1814 1712 1734
18
8
0 Mar 3712 July
*5312 60
'5312 60
*5312 56
.5312 55
*5312 55
100
5312 5312
Preferred
100 48 Jan 12 71 Apr 19
Feb 6038 July
16
•112 218 '112 17
8
13
8
15
8
15
8
15
8
112
600 Cuba Co (The)
112
112 112
la Feb
8
No par
1 Jan 2
43 June
31e Feb 9
818 812
7 8 818
7
77
8 8
73
714 77o 5,200 Cuban-American Sugar ____10
4 8
1112 May
818 814
312 Jan 10
9% Feb 8
118 Jan
056
"5712 62
*5718 60
60 .57
60 '57
60 .543 57
8
Preferred
Jan 68 June
10
100 2018 Jan 9 65 Aug 30
.4812 50
4912 "4712 49
4812
4714 4712 48
48
4712 1,100 Cudahy Packing
47
8
203 Feb 5912 June
50 37 Jan 2 523 Aug 29
4
1614 163 .1612 18
•177 18% 1614 18
2
4
*1612 18
1614 1612 1,500 Curtis Pub Co (Tbe)___No par
1312 Jan 8 293 Apr 12
8
612 Mar 3214 June
4
.823 8414 '823 84
4
82 823 '81
4
82
823
82 82 14
8 82
800
Preferred
Feb 66 June
No par 4312 Jan 3 85'4 July17
30
23
8 27
8
23
4
4 27
8
45 July
258
258
4
212 23
238 23
212 212 9,700 Curtiss-Wright
212 Jan 2
1
514 Jan 31
112 Feb
67
718 *7
8 7%
77
718
5
714
, 5,400
4
6,8 67
75, 73
718
C11148 A
8 July
514 Jan 3 1214 Apr 2
2 Mar
1
15
1412 1412 1312 1312 14
15
14
14
14
137 137
8
600 Cutler-Hammer Inc ,_No par 11 Jan 4 2112 Feb 21
8
21 July
414 Jan
•1816 and asked prices. no sales on this day.
2 Companies reported In receivership. a Optional sale. e Cash sale. 2 Ex-divldend. y Ex-rights.
1675
New York Stock Record-Continued--Page 4
FOURTH PAGE PRECEDING.
Vir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Sept. 8
Monday
Sept. 10
Tuesday
Sept. 11
Wednesday
Sept. 12
Thursday
Sept. 13
Friday
Sept. 14
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per share $ per share
$ per share 3 per share $ Per share $ per share $ per share S per share Shares. Indus.& Misceil.(Con.) Par $ per share
83 July
4
15 Feb
8
814 Feb 5
5
6 Jan 10
6
6
1,400 Davega Stores Corp
*6
7
*6
7
612 612
7
*6
*6
7
24% July 49 July
1018July 26 3418 Feb 1
No par
*1512 1578
16
1412 133
4 3,700 Deere & Co
143 15
8
154
1512 1512 1518 16
8
614 Feb 183 June
20 1014July 27 1512 Jan 30
1112 1,200
Preferred
8
8 113 1112 1114 1138 1112 1112 *1112 1134 11
*113 117
8
48
Apr 9112 July
100 6312 Jan 5 84 Feb 23
4 66
67
800 Detroit Edison
*67
70
4
*663 70
4
*663 6812 663 663
4
*663 70
4
10 Mar 337 Aug
8
600 Devoe & Reynolds A__No par 29 Jan 6 5518 Apr 25
4112 42
42
*40
43
37
40
8 4112 4112 •40
*4112 425
1712 Feb 2912 July
No par 2114 Sept 13 2812 Jan 16
8 2138 2112 2114 2114 2114 2114 1.100 Diamond Match
8
*2114 217 "2114 2214 2112 217
2618 Feb 31 July
500
Participating preferred_ __25 2814 Mar 27 3412 Aug 21
*30
3212 30
*2914 33
30 30
33
30
327 *30
8
*30
12 Feb 3912 Sept
No par 32 Jan 25 4614June 27
43
4114 4214 10,900 Dome Mines Ltd
4358 42
43
43% 4214 43
43
4318 44
1012 Feb 263 July
8
900 Dominion Stores Ltd No par 15 July 26 23 Mar 10
1614 1614
174 1714 17
17
17
17
*1614 17
19
*17
1014 Feb 1814 July
,
9,000 Douglas Aircraft Co Inc No par 1414 Jan 2 28 2 Jan 31
8
4
16
1618 153 1612 113 155
4
153 174 153 1614
8
4
lit 163 17
4
18 June
63 Feb
4
814 Sept 14 19 Feb 17
SOO Dresser(SR) Mfg cony A No par
8
83
4 87
8
83
4 83
8 *87 10
4 *9
„., 87
8 87
912
884 9
8
24 Mar 103 June
4
5 Sept 14 117 Mar 28
5
5
300
614
Convertible class 13_ _No par
......612 814
6,
2 612 *5
64 *514 614 *5
7 Apr 148 July
8
4
4
1
318July 27 113 Mar 26
4
318 318
318 318
600 Dunhill International
34 314 *318 33
34 314
• 34 314
85 Nov 10218 June
180 Duquesne Light lot pref __100 90 Jan 16 106 Aug 25
10512 10512 10512 10512 106 106 9.0414 10512 105 105
*10512 106
118 Mar 10 July
4
418July 25 123 Feb 19
8 5
5
47
8 47
8 "47
800 Eastern Rolling MIlls__No par
518
5
5
5
5
5
5
Apr 893 July
4
8
48
6612 2,300 Eastman Kodak (N J)..1sTo par 79 Jan 4 1015 Aug 25
9712 9914 9512 9712 96
9612 9618 9612 95
•903 99
8
100 120 Jan 16 147 June 27 110 May 130 Mar
013812 143 *138 143
10
6% cum preferred
143 143 *140 144 *140 144 *13812 144
318 Mar 18 July
No par
1218July 26 2212 Apr 19
1312 3,000 Eaton Mfg Co
1414 143 143
4 1414 1414 13
4
r11412 1412 1412 144 14
8
8
3218 Mar 983 Dec
8 843 86
8
8714 8512 8714 9414 9612 31,500 E I du Pont de Nemours____20 80 May 16 1037 Feb 16
853 885
8
85
875 88
8
9712 Apr 117 July
100 115 Jan 2 125 July 20
8
400
8
8% non-voting deb
4
8
01235 12412 *12312 12412 *12312 12412 124 12412 *1243 1243 123% 1235
614 July 26 1914 mar 6
No par
200 Eitingon Schild
65
8 65
8
818 818 *718 8
.65
8 77
8
*818 83
4 *818 812
Apr /712 July
YO
8
5 15 July 26 313 Feb 21
28,200 Elea Auto-Lite (The)
2134 2312 22
2278
2218 23
213 223
4
4 2014 22
227 23
8
75
Oct 8812 July
100 80 Jan 5 101 Apr 6
Preferred
9.
98
2.0
*96
97
97
97
9712 9712 29.12 98
*963 97
4
Jan
84 July
1
712 Jan 29
July 26
84 3 2
3
3
33
8 312 3,800 Electric Boat
8 312
312 33
4
312 3%
3
,
33
8 33
8 *33
412 Dec
Feb
1
918May 8
414 Jan 3
8 2,o00 Elec & Mum Ind Am shares__
7
67
8 7
67g 67
4
67
8 7
7
612 612
6 8 63
,
3
318 Feb 15 8 June
95 Feb 7
8
312July 26
4 5.600 Electric Power & Light No par
4
4 18
37
8 4
4
35
8 33
4
4
37
8 4
33
4 33
712 Apr 3612 June
4July 26 21 Apr 18
73
No par
800
Preferred
988
' 8 92
,
912 912 8 87
812 812
9
9
9
912 912
4
4
612 Apr 323 June
No par
7 July 27 193 Feb 7
1,000
$8 preferred
818 818
818 818
734 8
8
8
77
8 8
*85
8 912
21
Feb 54 July
No par 35 Sept 14 52 Jan 24
800 Elec Storage Battery
37
37
37 37
*35
37
357 3578 33
8
37
3514
37
4 June
17 Feb 21
8
58May 11
4 Jan
200 :Elk Horn Coal Corp No par
1
1
118
*1
118 *1
Us 81.
118 *1
118 *1
58 Apr
6 June
33 Feb 23
4
300
50
1 July 26
138
112
6% part preferred
112 112
*112 2
*112 2
*112 2
*112 1%
Feb 627 July
8
26
50 45 Sept 8 63 Feb 16
4712 49
700 Endicott-Johnson Corp
*4612 48
45
45
45
48
45
4514 45
*45
Oct
100 120 Jan 3 12712Ju1y 26 107 Feb 123
190
125 12512
Preferred
4
1243 125 •1245 1244 1233 125
4
4
4
*1243 125 *1243 125
8
3 4 Dec 14% June
3
8% Feb 7
212July 27
400 Engineers Public Berv__No par
4
8 3
*3
33
4 *23
334 *3
4 3 2 *27
,
8 43
4 *3
11 Deo 47 June
*1212 1514 *1214 1514
200
$5 cony preferred____No par
1414 *1212 14
105* July27 2312 Feb 6
•1.312 15
1314 1314 *13
11
Dec 497 June
11 Jan 8 2412 Feb 5
.1212 13
No par
1312 14
137 *1212 14
8
*133 14
4
*13
1312 *13
$534 preferred
12 Dee 55 June
100
No par 13 July 26 2512 Feb 5
*1418 18
1318 1418
$6 preferred
18
*1412 17
*14
*1412 17
*145 20
8
612 Mar 133* July
3
5
1,800 Equitable °Rice Bldg No par
5 July 24 10 8 Jan 22
5
5
5
5
518
5
5
584
5 8 54 *5
,
3 Apr 1814 July
900 Eureka Vacuum Clean
7 July 20 143 Feb 19
5
9
*858 9
2812 85
8
812 812
*85
8 9
9
9
9
% Mar 10 Nov
15
16
9 Jan 3 2714 Apr 27
8,000 Evans Products Co
5
1612 1714 15
17
17
1512 153 1650 1034 16
3
31 Nov
1112 July
40 Exchange Buffet Corp_No par
3 July 27 1012 Apr 2
412 '4
*414 412 *414 412 *414 412
414 '4
412
4
25* June
Apr 17
28
7 May
8
30 Fairbanks Co
1 Sept 1
25
13
4 *1
13
4
1
1
112 112 *1
14 *114 14 *I
Feb814 June
1
Apr 14
4 July 26 1212
280
Preferred
100
412
412
414 5
*5
53
43
4 618
412 5
*414 5
212 Mar 1114 June
7 Jan 6 18 Feb 19
300 Fairbanks Morse & Co_No par
*93 1082
4
93
4 94
3
*97 10
8
97 10
8
*934 10
*93 10
4
10 Feb4212 Nov
g 40
Preferred
100 30 Jan 10 61 Feb 19
70
3912 38
*40
45
*40
437
40
*38
3912 *38
3912
43 Apr 1412 June
4
•518 51
15
4 July 27 1114 Apr 3
*518 612
700 Federal Light & Trao
8
5
5
*43
4 53
518 518
5
5
33 Dec591 July
90
Preferred
No par 3418 Jan 12 62 Mar 13
*45
49
44
45
*45
47
45
49
45
45
45
*45
15 Mar 103 Sept
Federal Min & Smelt Co__100 71 Aug 9 107 Feb 14
*45
e0
*45
60
*60
95
*60
95
*60
60
95
*45
4
3 Mar 113 July
4
83 Jan 30
4
8July 25
27
334 4
900 Federal Motor Truck__No par
*312 33
4 *314 33
4
8
33
4 33
312 38
" *314 33
8
538 Feb 23
% Feb47 July
2 Jan 13
214 214
200 Federal Screw Works_ No par
*214 212
218 24 '214 3
*214 3
*214 3
63 June
4
I% De
4 Feb 6
138July 27
400 Federal Water Seri A__No par
112 112
,
*112 1u
*112 2
11
18
*112 2
*112 2
712 Feb30 July
100 Federated Dept Stores_No par 20 Aug 7 31 Mar 6
22
*2014 2312
4 22
*20
2814 *203 247 *2014 2212 *2014 223
8
8
1014 Mar 36 July
5 35 Apr 20
4
600 Fidel Phen Fire Ins N Y__2.50 233 Jan
*2612 2714 2614 2082 2614 2614 2612 261 *2614 2712 2612 2612
93 Nov
8
5 Mar
Fifth Ave I3us Sec Corp.No pa . 7 Feb 15 11 Jan 3
4 8
'818 93
•814 93
•8 8 93
,
4
4 *814 93
4 *814 93
*814 93
9 Apr30 July
Filene's(Wm)Sons Co_No par 23 July 25 30 June 21
*23
34
34
23
34
34
23
*23
34
34
*23
81
Apr 95 Sept
10
100 87 Jan 10 106 Aug 9
652% preferred
2
101, 10112
*99 10512 *99 1051 *99 104 *100 1044 *100 104
918 Apr 3112 July
8
4
*143* 1512 145 143* 14% 1450 145s 144 143 1434 13% 1412 3,100 Firestone Tire & lkubber__10 1312July 26 2514 Feb 19
42 Mar 75 June
100
Preferred series A
100 71 Jan 9 86 Apr 21
79 '75
7912 *75
7812
*79
7912 *7912 80
7912 7912 *75
4
43 Mar 703 July
2,200 First National Stores__No par 5414 Jan 5 6914 July 16
8
617 63
6118 6118 *613 62
8
643 6514 644 6514 26114 64
4
212 Feb19 June
8
2 July 26 173 Feb 21
278 27
8
500 :Follansbee Bros
No par
8 3
8 312 *27
*3
312
27
8 27
8
27
8 2% *27
612 Apr
16 July
600 Food Machinery Corp_No par
1012 Jan 9 21 Slay 4
4
1518 1512 1434 143 *1412 16
*1612 17
11312 1612 16
16
412 Feb23 July
812July 27 22 Feb 16
1,000 Foster-Wheeler
No par
*104 12% 1014 103
*103 1112 105 11
4
8
*1012 10% 10% 11
8
2 Feb 233 July
614July 26 1714 Jan 30
4 1,800 Foundation Co
No par
714 73
8
73
8
75
8
8
814 83*
8
8
75* 8
135 Marl 2614 June
*
200 Fourth Nat Invest w w
1 1712July 26 2712 Feb 5
8 1814 1814 *1814 185
8
8
*185 19% 185* 188 *183 195 *1814 185
8
Octl 19 Sept
12
1,900 Fox Film class A
No par
814July 26 1712 Feb 28
104 1018 11
108
*1118 1112 104 1114 104 104 10% 11
Jan 50 Aug
12
2412
Fkln Simon dr Co Inc 7% 91100 20 Aug 16 63 Feb 7
2412 *23
2412 *23
*24
2412 *24
2412 *23
2412 *23
1618 Feb 493* Nov
505* Feb 19
2,000 Freeport Texas Co
10 2678July 2
2712 28
28
215* 28
*28
2912 2912 2912 28
283
4 28
Jan 31 Jude
9
14
20 Fuller (GA) prior pref _No par 14 July 26 3312 Apr 26
*16
20
*16
20
20
20
*16
*16
1912 1912 1912 20
4
Jan 23 June
8
75
5 July 26 195 Apr 26
50
$6 20 pref
No par
7
7
*7
712 *7
78 *7
74
3
73
4 73
4 *7
514 Aug
Feb
1
45 Mar 12
8
100 Gabriel Co (The) cl A No par
112
118July 2
112 112 *114
4
"112 2
*112 2
*112 2
*112 13
8
812 Jan 207 Aug
1112 1112 1112
70 Gamewell Co (The)
1012 Aug 7 20 Feb 19
No par
111
1112 11
1112 1112 1112
11
11
11
1112 Feb 6
23* Feb 12 June
558July 2
7
63
1,500 Gen Amer Investors_ No par
67
4 7
6% 7
714
7
4
714 73
*712 73
42 Feb 85 July
78
Preferred
No par 73 Aug 25 87 Mar 13
80
*73
*73
*73
80
80
*73
80
*73
80
*73
133 Feb 434 July
4
313
4 3,900 Gen Amer Trans Corp
5 30 Aug 9 435 Feb 19
32
323
4 31
4
*32
33% 31
32
30
3112 303 32
48 Mar 27 July
10 12 July 26 2312 Apr 24
4
1614 1614
1550 154 1514 1512 1514 1512 143 1558 1414 1514 2,400 General Asphalt
1012 Dec 20% July
3,100 General Baking
77 Sept 14 1450 Feb 5
8
8
5
7%
8
818 814
818 84
8
814
8
8
8
993 Mar 10814 Sept
4
30
$8 preferred
No par 100 May 8 10812 Feb 7
10412 10412 *104 10112 104 104 *10312 10412 *10312 10412 10312 1031
218 Feb 1012 July
534 6
1,700 General Bronze
55 Aug 6 1018 Mar 9
8
5
614 614
*614 612
614
6
6 12 *53
4 6
6
1112 June
114 Ma
Feb 1
818
33
400 General Cable
*27
No pa
214July 2
3
318
318 318 *2711 3
3
3
3%
3
24 Feb 23 June
484 July 27 12 Feb 1
100
Class A
55
8 5%
No par
"5% 6
*55
8 6
*5% 6
'55
6
*53
8 6
612 Mar 46 June
19
*13
17
100
7% cum preferred
100 1412 Jan 9 33 Apr 20
1918 *13
8 1718 1718 .14
1918 *13
.1718 207
2414 Dec 4850 Jude
4412 43
4312 1,100 General Cigar Inc
43
No par 27 Jan 2 4412Sept 13
43% 43 43
*4014 43
*4112 43
*43
Jan
90 July 112
20
100 97 Jan 8 116 July 24
7% preferred
11412 11412 *11312 115
4
4
4
4
*1123 115 *1123 115 *1123 115 *1123 115
1012 Feb 3014 July
2514 Feb 5
8July 2
8
No par
167
8
173 1818 1112 177 44.900 General Electric
4
1818 175 1814
1712 18
17% 18
18
8
107 Apr 1214 July
4
Specitl
10 113 Jan 2 123 Feb 26
8
1212 1212 1212 1212 1212 1212 1214 1212 124 1214 1212 1212 5.700
Feb 397 Sept
8
21
8
No par 28 July 26 367 Jan 30
2914 5,700 General Foods
2978 294 293
4 2914 2912 29
294 2912 28% 2914 29
27 June
8
12 1,700 Genii Gas & Elec A_
4
12 Dec
58
11
13 Feb 8
I.
•12
12
No par
5
8
12July 24
58
5
8
•58
84
5*
318 Apr 1812 June
8 14
14
Cony pref series A No par
100
614 Jan 2 19 Mar 13
8
4 1418 1418 1418 13% 137 '1312 14% *1312 145
•133
64 Dec 1812 June
$7 prof class A
No par 11 July 25 21 Mar 13
*1414 18
*143 1734
4
*144 18
*1234 18
*143 IS
4
•1514 18
5 Apr 20 June
13 Aug 6 22 Mar 12
$8 pre! class A
*17
19
No par
"16
19
*14
*1512 19
19
19
*16
4
*163 19
2414 Jan 555 Nov
_ _ ___
Gen Ital Edison Elec Corp- 50 Jan 24 6114 Feb 16
*617 __ - •61
8
*60% -__ *6218 64
*6012 6212 *6014
3512 Mar 71 June
par 52 Sept 14 6412 Jan 15
5412 5412 52 No
54
2,100 General Mills
56
55 56
55
55
577
8 56 .56
9212 Mar 10612 Sept
Preferred
100 103 Feb 27 115 Aug 1
8
*110 115 *110 1148 •110 115 *110 114% *10812 1147 *11012 114%
4
Feb 353 Sept
10
10 245
8July 26 42 Feb 5
2812 263 283 93,000 General Motors Corp
4
8
2712 2838 28
285
8 28
2812 28% 2712 29
6512 Mar 95 July
11
4
No pat 893 Jan 6 10312July
4
4 1,100
$5 preferred
10018 10018 101 10114 1003 1003 1003 1003
4
10012 10012 10014 101
518 Jan 24 June
83 Jan 5 21 Apr 14
4
1234 *10
123
4
400 Gen Outdoor Adv A__No par
8 1018 1018 *10
10% 105 '
8 1018 127
•105 12%
8
211 Mar 1018 June
6% Apr 20
310 33
Common
318 Aug 30
No par
34 33
8
300
*33
*33
8 434 *338 358
4
*33
8 4
34 Jan 17 June
1012 Jan 3 2512 Apr 23
No par
*1714 1814 *17
160 General Printing Ink
1812
18
184 18
*18
1912 *18
1812 *18
31 Mar 82 Aug
No par 7312 Mar 10 88 Apr 24
88
88
•8612 90
70
$6 preferred
84
*84
88
84
88
*86
84
*80
814 June
2 Apr
5 8 Feb 7
5
218July 24
218 8
'218
700 Gen Public Service
No par
218
218
212
218
*218
212
*218 2% *218 212
1314 Jan 4912 July
3
No par 2312July 27 45 4 Mar 3
4
200 Gen Railway Signal
*243 268 *2434 267 •2434 27% *243 278 2434 243
4
4
*243 27
4
5
3 Feb4 8 June
8
3 * Jan 30
114
1
1 July 26
5
14
118
118
700 Gen Realty & Utilities
15*
114 *114
•114
112 '114
112
150
4
512 Jan 223 June
8
10 Sept 14 263 Jan 30
$6 preferred
No par
127 •10
8
121
10
10
100
12
*10
1283 *10
128 •10
*10
3
212 Feb19 4 July
8
No par
*1212 18
100 General Refractories
1018 Jan 3 233 Feb 23
*1212 13
*1212 16
13
*1212 16
13
•1212 16
714 Sept18 June
1912 Feb 21
10 July 26
11
11
11
1112 2,200
Voting trust certlfs_ _No par
1214 13
12
1218 1214
12
124 13
93 Feb3812 June
8
Gen Steel Castings pref No par 25 July 31 4812Mar 15
1._
e____ 271 .--- 2712 •____ 2712 *...... 27 ' -._ 28 •_-__ 28
750 Dec 204 Jan
812 Jan 6 1384 July 20
1114 107 11
8
7,200 Gillette Safety Razor __No par
1118 113
8 11
1118 114 1118 1118
•1150 11%
Jan
4512 Dec 75
400
Cony preferred
No par 47 Jan 11 6512July 6
*60
6114 59
60
8212 6012 6012 .60
6312 *60
63
*60
5
382 31
.34 312 *34
312
3 Feb7 8 June
4
34 34 *3
34
3
258July 27
3
700 Gimble Brothers
No par
65* Feb 5
514 Mar 33 July
Feb 5
Preferred
100 1614 Jan 8 30
4
•1714 1914 *1714 1914 *1714 1918 *1714 1914 '173 1914 *1734 19
33 Mar 20 July
8
4
No par
4
218 224 4,000 Glidden Co (The)
155* Jan 4 283 Apr 26
233 233 2223 227
4
4
2312 234 223 233* 228 225
'10314 103'2 10312
47
el2 518
1714
173 18
•11214 119% *108
93
4
1012
•10
.3912 43
*3618
4
8 193
2012 207
891, 6912 *69
4
*45
8 54 *43
*465
8
•4612 58
1%
1% 2
634
64 7
54
54
5
3212 *31
•31
.1
*227
8
*227 25
3114
32
32
1118 1118 11
2912 294 29
11312 11312 *11214
14
*13
4 2
*18
•18
24
64% *62
*82
Prior preferred
100 83 Jan 19 104 July 28
120
1031 10312 10312 10312 10312 210214 1021 101% 1014
912 Feb 27
41. 43
5
33
4July 26
5
412 43
412 450
450 412 5,500 Gobel (Adolf)
8
4
18
1714 1734 1714 18
1714 1712 17
1714 4.500 Gold Dust Corp vi o___No Par 163 Jan 11 23 Apr 23
1193 *108 118 *110 118 *101ii 118 *108 118
4
$6 cony preferred___No par 9812 Jan 6 120 Sept 4
9
912 5,100 Goodrich Co (13 F)
oh
93
4
,
92 10
8 July 26 18 Feb 19
No par
1012
912 97
4
Preferred
38
38
200
100 3512July 26 623 Apr 21
41
38
38
*3618 39
*3618 38
21
193 2014 15,000 Goodyear Tire & Rubb_No par 1812 Aug 6 413* Feb 19
8
2114
197 2012 2014 207
8
8 20
*68
72
300
lst preferred
No par 64 Aug 6 8614 Feb 19
72
70
69
69 '68
69
69
412 1,600 Gotham Silk Hose
Ns par
37
8July 26 11% Feb 5
414
450 45
8
4
450 43
*43
4 5
5
Preferred
100 4912 Jan 22 7112 Apr 26
*4612 58
*4612 58
*4612 58
58
*4612 58
412 Feb 1
5,300 Graham-Paige Motors
1
112July 26
1% 2
17
8
lo
17
8
1%
13
4
17
8
2
8
512July 27 133 Feb 16
4 2.000 Granby Cons M Sm & Pr__100
614 63
84
• 14 7
6
4 7
4 '63
0
4 63
83 Jan 31
4
1
4 Jan 8
478 47
43
4 43
43
4 1,200 Grand Union Co tr Ws
5
40
5
54
Cony pref series
4
400
No par 23 Jan 6 40 Apr 24
303 32 '303 32
321 '31
3212 *3112 32
*227 25
8
Granite City Steel
No par 23 Jan 15 3118 Apr 25
8
25
*227 25
8
*227 25 .227 27,
8
5
No par 2814 Sept 14 40 8 Feb 19
4 1.900 Grant (W T)
2912 2912 2912 2814 283
3012 *29
3114 229
812July 27 1518 Feb 19
103 114 5,400 Gt Nor Iron Ore Prop No par
1118 11
1114
114 114 11
li's
2914 2818 287
8 4,600 Great Western Sugar No par 25 May 14 3514 July 9
2912 2814 29
2918 2914 x29
4June 23
Preferred
100 102 Jan 2 1153
120
1131 *11214 11312 11214 11312 •112 115 *112 115
3 Jan 2
4
312 Feb 8
500 Guantanamo Sugar____No par
4 2
153 15* *13
1%
14
8
13
4 14 '15
24
Gulf States Steel
No par 1514July 26 42 Mar 13
24
*18
24 '18
24
*18
24
*18
100 47 Jan 8 83 Apr 20
20
Preferred
*50
62
*50
62
62
82
62
*50
65
•Bid and asked prices, no sales all this day
I Companies reported in recelvershlp.
a Optional sale.
c Cash sale
r Es,11v1dend
Apr 9112 Aug
48
16 July
3 Feb
8
12 Feb 273 July
9612 Dec 105 July
3 Mar 2112 July
9 Feb 83 July
914 Feb 4712 July
273 Mar 8014 July
4
612 Oct 1712 June
Apr 73 July
41
5 8 July
5
Apr
1
3 8 Mar
7
1550 June
3
358 Mar 10 8 June
8
20 Sept 363 July
8
1118 Mar 305 July
15% Feb 3612 Dee
163 July
4
518 Feb
6% Jan 41, Sept
s
7212 Jan 110 Sept
412 May
14 Jan
P.8 Feb 38 July
4
1614 Jan 64 June
v Es-right-9.
New York Stock Record-Continued-Page 5
1676
Sept. 15 1934
12ir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDE
D IN THIS LIST. SEE FIFTH PAGE PRECEDING.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 8
Monday
Sept. 10
Tuesday
Sept. 11
Wednesday
Sept. 12
Thursday
Sept. 13
Friday
Sept. 14
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share tote.
PER SHARE
Range for Precious
Year 1933.
Lowest.
Highest.
Lowest.
Highest.
5 per share 5 per share 5 per share $ per share $ per share
$ per share Shares. Indus.& ltfIscell. (Con.) Par $ per share
$ per share $ per share $ per share
.24
25
*24
25
*24
25
2414 2414 24
24
.223 24
8
200 Hackensack Water
25 2013 Jan 9 2614July 6
•29
3014 *293 3024 .293 3014 .293 3014 3014 3014 *283 31
15 Mar 2513 July
4
4
4
4
10
7% preferred class A
25 27 Jan 4 3012June 27
418 414
25
418 418
Apr 287 Jan
8
414 414
418 414
411
418
413 413 1,800 Hahn Dept Stores_._ _No par
312July 26
*315 38
814 Feb 15
8
*313 35
118 Feb
4
.3I3 34
4
912 July
*313 36
4
.317 36
8
*313 36
4
Preferred
100 2514 Jan 9 523 Apr 21
4
614
6
6
9 Apr 3812 July
63
8
614 63
2
614 614
618 618
6
6 14 5.800 Hall Printing
10
312 Jan 8
9; Feb 14
*612 718
313 Feb
*613 7 8 "612 8
1012 July
5
*5
8
*5
*5
8
8
Hamilton Watch Co___Aro par
353 Jan 26 1173 Apr 20
*35
39
*35
212 Apr
39
*35
9 July
39
*35
39
35
35
*35
38
20
Preferred
100 25 Jan 15 5313 Apr 25
100 101
100 100
15 Feb 35 J11137
99
99
9812 9813 98
9812 98 98
360 Hanna(M A) Co $7 pf_No par 84 Jan 8 1013
1k Jan 85 Aug
•15
4July 21
16
.15
45
1512 .1412 15
*1412 1512 *1453 15
1414 1412
300 Harblson-Walk Refrao_No par
13 July 26 24; Feb 21
212 212 .23
618 Feb 2513 July
2 4
*25
8 3
*252 3
*3
4
*3
312
100 Hat Corp of America el Al
112July 26
•52
612 Apr 13
5913 .52
7 Mar
8
5912 52
712 June
52
*52
59
.52
55
*52
55
10
6.ii % preferred
100 19; Jan 4 6214June 27
51 Apr 30 June
213 212
214
214
214 214 *214
21
212
213
2
2
1,000 Hayes Body Corp
2
114 Jan 2
.84
85
63 Feb 15
4
7914 84
8 Feb
4
74
313 July
77
75
76
*75
77
7612 77
1,300 Hazel-Atlas Glarra Co
25 74 Sept 11 967 Apr 23
.112 115 *112 115 '112 115 •112 115 •112 115
85 July 9713 Dec
112 112
100 Helme (0 W)
25 101 Jan 9 115 June 27
*87
8 812 *67
6912 Jan 105 Dec
8 812 *67
2 812 *67
9 8
' 8 712 •672 712
067
Hercules Motors
No par
514July 10 1218 Mar 15
*7118 7112 7013 7013 '68
3 Mar 17 July
71
.6913 71
z6912 693
4 67
6714 1,400 Hercules Powder
No par 59 Jan 4 815 July 17
*124 1217 124 124
8
15 Feb 6852 Dec
8
1247 1247 *122 1247 1247 12473 1247 12478
8
8
8
8
2
40
$7 cum preferred
100 111 Jan 4 125 July 14
*63
672 •63
85
*63
Apr 11018 Dec
67
*63
633
4 63
63
*62
*62
67
64
100 Hershey Ch000late____No par 4813 Jan 15 68 July 16
*89
9912 *89
3518 Mar 72 July
9913 *8912 9812 *89
97
97
97
*89
98
100
Cony preferred
No par 83 Feb 16 101 July 17
64; Apr 90 July
614 614
6
614
512 53
4 *5 4 614
3
53
4 53
513 512 1,300 Holland Furnace
4
No par
434 Aug 8 1014 Apr 23
812 812
312 Jan
83
8 812
1012 June
8
8 14 *814 9
*814 878
8
8
5 5 3 Jan 2 13 June 21
4
*385 418 *385 418 .38513 418 *38512 418 *38512 418 *38512 41818 1,100 Hollander & Sons (A)
214 Mar
1013 June
Homestake Mining
100 310 Jan 4 x43013 July 19 145
*1813 20
18
Jan 373
Oct
1812 18
18
*18
20
18
18
18
18
700 Houdaille-Hershey cl A No par 11 Jan 8 2314 Jan 30
41 Apr 15 June
4
353 4
4
4
4
37
33
4 37
8 •
378
3 4 37
3
g 1,500
Class B
No par
258July 26
67 Jan
3
*4612 49
1 Mar
*4613 4713 *4612 4712 4712 473 *47
63 June
4
4
.4613 48
49
200 Household Finance part pf _50 43 Feb 5 54 Mar 26
"15
12
1512 15
43 Nov 5124 Jan
15
145 1458 14; 147 •15
8
8
16
1412 14;
600 Houston 011 01 Tex tern ctfs100 1212July 26 293 Feb 5
4
3 3
814 Mar 38 July
3
3
27
8 3
2% 278 *234 274
254
234 2,200
Voting trust ctfs new____25
55 Apr 6
212July 27
4952 5014 48
I% Feb
5012 477 497
73 July
3
8
495 5014 483 50
8
4
472 4912 18,600 Howe Sound • to
5 3512 Jan 3 5714June 28
814 814
512 Jan 383 Dec
77
8
88
75
8 8
8
8 14
73
4 8
714 8
13,300 Hudson Motor Car_ ___No par
612July 23 2414 Feb 5
212 212
3 Feb 163* July
212 25
8
212 212
212 253
212 212
213 3,200 Hupp Motor Car Corp
23
10
1 7 July 23
3
714 Jan 30
23% 237
153 Mar
23
73 July
4
23
2214 223 '2212 223
4
4 223 23
4
3213 23
4
2,500 Industrial Rayon
No par 193 July 26 2638June 14
*53
58
54
54
53
54
*53
54
*53
55
51
53
1,200 Ingersoll Rand
No par 50 May 14 733 Feb 3 . Feb /8 July
4
*37
39
1918
3612 37
3612 3612 .35
3512 35
35
3414 3512
900 Inland Steel
No par 3414 Sept 14 493 Feb 21
4
12 Feb 457 July
312 3 2
,
313 313
324
314 *3% 4
*3
4
312 312
600 Inspiration Cons Copper-20
*33
8 312 *33
3 July 23
6% Feb 5
8 312 *33
2 Feb
8 312
912 June
338
338 *314 312 '314 312
100 Insuranshares Ctfs Inc
218 Jan 2
1
414 Apr 25
114 Mar
'33* 33 '
37 June
8
4
314 33
4
314
314
33
8 312
312 3 2 *314 334
,
500 Intercont'l Rubber___No par
214 Jan 1'
57
2May 4
•434 5
*43
4 5
52 Mar
434 43
413 July
4 *413 5
453 458
4
412 2,400 Interlake Iron
No par
4 Sept 14 1114 Feb 19
218 Mar 12 July
33
8 33*
324 314
3
3
3 12
3
3
318
3
3 14 4,500 Internat Agricul
par
2 Jan 8
No
618 Feb 5
20 20
"18
23
53 July
7 Feb
8
8
1812 1812 *19
22
•19
2012 207 22
700
Prlor preferred
100 15 Jan 8 3714 Feb 3
138 13813 138 139 *136 13812 '136 138
5
Jan 2712 July
138 139
1371 13714 1,300 Int Business Machines_No par 131 June 2 14914
Jan 30
6
753 Feb 16314 July
4
6
*513 6
*512 5 4
3
513 512 *512 6
3512 512
500 Internal Carriers Ltd
412July 26
1
.21
22
273 Jan
21
21
1072 July
19
19
19
19
1913 20
1914 1914 1,000 International Cement__No par 1834 July 30 1212 Feb 21
573 Feb 5
4
618 Mar 40 July
2518 2513 2413 253
8
2518 2518 25% 2534 2412 2513 6,300 Internat
4 245 25
Harvester____No par 2314 July20 467 Feb 5
8
•I1212 11514 *11214 11514 *11214 115 *11214 115 *1123* 115
135 Feb 423 July
8
113% 1137
8
100
Preferred
100 110 Aug 31 1253
8May 11
414 414
80
Jan 11918 Aug
413 414
37
33
37
4 4
334 4
334 4
4,600 Int Hydro-El Sys el A
4July 2
25
33
9% Feb 7
23
8 23
8 *213 3
213 Apr 137 July
8
*212 27
33
8
3
33
8
33g
22
8 25
8 1,100 Int Mercantile Marine_No par
214July 27
6 Jan 24
2414 243* 24
2412 24
114 Jan
67 June
8
243* 2413 247
8 243 2478 2378 247 39,000 lot Nickel
4
of Canada__No par 21 Jan 4 2914 Apr 27
*125 127 *12512 127 *12512 127 *12512 127 *12513 127 *12512 127
854 Feb 2314 Nov
Preferred
100 115; Jan 13 130 June 26
*1012 15
72
Jan 115 Dee
103 103 *1012 12
4
4
12
12
"1012 13
.1012 12
40 Internat Paper 7% prof
July 27 25 Apr 24
100 10
.228 318
213 Jan 213 July
*213 313
4
23
8 253 *212 3
*212 3
*212 27
8
100 Inter Pap & Pow cl A__No par
2 July 23
612 Apr 20
•11
12 Apr 10 July
P. •11.4
112 .114
15
153 "114
13
8 •114
*114
15
Class B
No par
312 Apr 21
l's July27
•1121
114
14 Apr
Ps
118
554 July
1
Ilg •I
I% •1
1%
1
1
700
Class C
1 July 26
No par
23 Apr 23
4
1014 1014
14 Jan
4 July
93 1012
4
93 10
4
10
1028 1014 1014
912 93
4 2,200
Preferred
100
812July 26 247 Apr 23
2 Apr 2212 July
•19
20
1813 19
1812 1812 18
1818 •17
1812 .18
1812
600 lot Printing Ink Corp_No par
9 Jan 13 25 Apr 21
312 Feb
*8614 90
14
Oct
8614 8614 85
8614 85
85 ••83
85
85
85
170
Preferred
100 66 Jan 2 90 July 13
.29
35 Apr 71 Aug
31; "2812 31
.30
31
.30
1
307 *30
31
30
30
100 International Salt
No par 21 Jan 3 32 June 19
133 Mar 27; July
'39
4
3912 383 39
8
39
39
39
39
.38
39
3813 3812
800 International Shoe
No par 3412Sept 14 503 Jan 26
2
243 Jan 567. July
.19
2
263 *19
4
263* .19
4
263 .20
27
25
53 255 *19
8
26
100 International Sliver
4
100 19 July 27 453 Feb 15
93 Feb 5913 July
'64
4
70 .65
70 .65
*6612 70
70
.651 70 .6513 70
7% preferred
100 59 Jan 4 8412 Apr 9
2412 Mar 71% July
83
4 93
8
83
4 914
83
4 918
87
9
88 9
812 87 38,800 Inter Telep dr Teleg___No par
8
712July 26 173 Feb 6
4
512 Feb 213 July
*103 11
4
4
10
1072 10
1014 '1014 11
1014 1012
9; 103
8 1,600 Interstate Dept Stcres_No par
312 Jan 4 163 Apr 20
87 July
8
"6
712
112 Mar
6
6
*6
714 *6
714 .6
714
6
6
200 lntertype Corp
552 Jan 3 10 Feb 8
No par
*2712 28% *2734 2812 *273 28
I% Jan
1114 July
4
28
28
.27 4 2812 *273 2812
0
4
100 Island Creek Coal
1 243 Jan 29 3058July 18
4
11
*4612 49 .4612 49
Feb 32 July
*4613 49
*4612 49
*4812 49
4613 47
300 Jewel Tea Inc
No par 33 Jan 9 52 Apt 20
23 Feb 45 July
4412 443
4 4213 45
4218 433
423 4312 423 4414 4014 42% 13,500 Johns-Manville
4
4
No par 39 Aug 6 6853 Jan 30
1214 Mar 6312 Dee
*112 115 "112 118 *112 115 '112 118 *112 118 .112 118
Preferred
100 101 Jan 4 115 Sept 7
43 Apr 10612 July
48
48
•47
48
"47
48
*47
48
47
47
4512 46
90 Jones & Laugh Steel pref..100 45 Aug 1 77 Jan 23
35 Feb91 July
*612 63
4
63
8 612 *613 7
*613 7
*612 7
613 612
300 Kaufmann Dept Stores $12.50
8
a July 26 103 Apr 13
253 Mar
•1418 1414 14
953 June
1418 *14
15 .14
15 .14
15
14
14
500 Kayser (J) & Co
2
17
17
5 137 Jan 4 1813 Apr 20
67 Feb 1912 July
2
•13
4 2
153 13
4
I% I%
158
12
8
112
112 2,500 Kelly-Springfield Tire
412 Mar 12
114July 26
5
72 Ma
*718 814 "718 814
618 July
718 718 *7
8
*7
814
612 612
400 .6% preferred
5 July 26 20 Jan 30
No par
6 Feb 3118 June
'313 6
*312 6
.33
8 512 .3 8 512 .
5
358 414 '35
8 412
Kelsey Hayes Wheel conv.clAl
3 July 28 10 Feb 16
2 Feb
"233 32
8 May
1.232 32
'23* 312 *23
8 318 •23
3 318 .23* 318
Class B
23 Jan 2
1
3
712 Feb 16
112 Dee
123 127
4
2 1214 13
634 June
1213 1212 1232 123
4
1212 1258 12
123
8 7,200 Kelvinator Corp
11%July 26 2114 Mar 14
No par
318 Feb 153 Sept
"86
95
*86
2
95
"86
95 '86
95
*88
95
*86
95
Kendall Co
30
Jan 73 July
1814 1812 18
183
4
183
18
2 1814 1853 188 1834 1712 183 21,400 Kennecott pt pf eel A_No par 8518 Jan 18 90 July 20
8
Copper____No par
16 July 26 2318June 13
753 Feb 26 Sept
*10
1214 *10
1214 *10
1214 *10
1214 *1014 1214
121.1 1214
200 Kimberly-Clark
57 Apr 25 8 July
No par 12 Jan 2 1814 Apr 12
4
4
*33
533
4 41
3
*33
4 41
*33
4 4
4 4
3 4 33
3
4
200 Kinney Co
3 Jan 16
No par
7% Apr 13
1
217
24
Apr
614 June
.1912 3" '1814 35 .1814 34
*1814 34
*1814 34
1 referred
No par 1312 Jan 6 41 Apr 26
45 Feb 30 July
"175 18
8
8
31712 1753 167 1718 17
8
171 17's 17
173*
10 138 Jan 2 223 Feb 5
4
512 Mar 167 July
'106 109 310612 1061 •10414 111 *10414 110 "10414 111 *10414 1714 3,200 Kresge (S 5) CO
2
111
10
7% preferred
100 101 Jan 4 111 Mar 16
88
63 63
Apr 105 June
"56
*55
64
6313 *55
63 .5514 63
*5514 6212
100 Kress (S H) & Co
No par 36 Jan 3 65 Sept 4
28
27
28
2712 2734 2713 28
Jan 4414 July
27
2713 2718 271
2612 2714 2,400 Kroger Grog & Bak .,_No par 2314 Jan 8 335 Apr 23
1412 Feb 355 July
"231g 25
2212 2212 *2112 25 "22
25
"22
2412 22
22
20 Laclede Gas Lt Co St Louis 100 20 July 26 6313 Feb 13
30 Nov 80 June
'3014 38
'3014 38
*3014 38
*3014 38
*30% 38
*3014 38
5% preferred
100 30 Aug 30 60 Feb 9
Jan
3712 Apr 61
237 24% 23; 23; 235 2338
8
8
2338 2358 2312 235 32212 223
*
4 3,200 Lambert Co (The)____No par 2214 Jan 4 3153 Feb 5
193 Dec 41 12 July
3
'912 1112 *912 1112 *913 1112 *912 11
.012 11'2 '912 1112
Lane Bryant
5 Jan 6 14% Apr 19
No par
3 Feb1012 June
*812 9
813 812
812 83
4
812 81
812 812
814 812 1,500 Lee Rubber de Tlre
7 July 26 1413 Apr 26
5
1253 July
33 Mar
4
'1213 1412 '1112 1412 '11
"11
14
13
"11
12
*11
12
Lehigh Portland Cement_ __50 11 May 14 20 Feb 23
57 Jan 27 June
•7512 80
s
7512 7512 "7512 80
.7512 80
.7423 80 .7513 80
20
7% prefened
8June 22 81 Apr 26
100 733
*3
312 iii3I8 312
34 Feb78 Sept
3'
8 318 *318
314
3
318
3
31
1,300 Lehigh Valley Coal____No par
213 Jan 8
5 Feb 21
Jan
63 July
1
2
•1114 11; 11
1114
103 11
4
*11
1114 12
113
4 103 11
4
1,000
Preferred
5 Jan 3 163
50
8July 19
212 Apr 12 June
69
6914 685 6913 67
671, 68
8
69
6812 6914 68
6814 2,200 Lehman Corp (The)___No par 6414July 26 78 Feb 6
3713 Feb7053 July
1413 1412 1414 1412 *1414 1412 13
1414 12; 13
12
1238 1,600 Lehn & Fink Prod Co
12 Sept 14 2312 Apr 19
5
14 Feb2314 June
2713 2712 27
2712 267 27
8
2714 2712 2734 26% 2712 8,000 Libby
27
Owens Ford Glass No par 2514July 26 43 2 Jan 19
7
454 Mar 375 July
'20
2038 20 20
"20
2012 "20
*1912 193
203* 1978 20
4
900 Life Savers Corp
5 1712 Jan 8 24 Apr 23
155 Ort 2218 Sept
9413 9412 9412 9412 .94
*95
96
9412 9453
97 '95
97
300 LIggett de Myers Tobacco_.25 73 Jan 6 9734 Aug 25
49 Feb 98 Sept
97
97
96
96% 9713 9712 97
*97
98
98
96
9714 4,000
Series 13
25 7412 Jan 8 99 Aug 25
4914 Feb 998 Sept
.14712 15018 *14712 150 *148 150 *148 150 *148 149 *148 149
Preferred
100 129 Jan 13 150 Aug 16 121 Mar 14012 Sept
'21
22
21
2114 2013 21
2012 201 "205 2112 195 2012 1,100 Llly Tulip Cup Corp__No par
8
8
16 Jan 15 2613 July 18
13 Apr 2112 May
•16
19
*16
19 '153 19
4
*1512 18
1612 163
4 1512 1658
500 Lima Locomot Works__No par
1512Sept 14 3614 Feb 5
2
Jan 313 July
10
•13
14
.13
14
13 '13% 1353 1318 1314 *1314 14
13
300 Link lielt Co
1214 Jan 3 1953 Feb 6
No par
63 Apr 19; July
4
21
213
4 20
2012 20
20
20
201 *20
21
1914 20
1,500 Liquid Carbonic
No par
1618July 26 353 Apr 23
8
1014 Feb 50 July
265 2658 2512 27
8
2514 2614 26
z2553 267
27
2 2538 265 15,100 Loew12 Incorporated_ No par 207
8
8July 26 3518 Apr 12
812 Mar 3612 Sept
•9112 93
*9112 932
9112 9112 9012 911 *9012 92
9012 9013
500
Preferred
No par 72 Jan 2 9714 Apr 24
38
•15
Apr 7812 July
13
4
152
131 *15
8 13
4 .153
13
4 .13
8 13
4 .13
3 13
200 Loft Incorporated
4
114 Aug 15
No par
3 Jan 31
414 June
112 Dee
'114
Ps '114
13
3 •114
13
114 *113
114
8
13
hg
I%
300 Long Bell Lumber A No par
1 July 26
2 4 Feb 20
3
512 June
13 Feb
.39
41
39 39
39
3914 38
3824 3714 3714 37
37
1,600 Loose-Wiles 131scult
25 37 Sept 14 344 Jan 17
34
243 Dee
4
1914 Fob
*125 ..
.. 125 125 *125
_ '125 _
*125
_
_ •I25 _ .
10
7% lot preferred
100 1193 Jan 11 12812July 13 11313 M iy 120
4
Jan
18
_18
1712 173
4
1712 - 7.12 1738 1734 x1714 17
f-34 17
17
- -14 4,200 Lorillard (P) Co
10 15; Jan 8 1913 Feb 5
103 Feb 2514 July
•113 115 .1137 115 '113 11418 11412 11418 •11114 115 *11114 115
2
8
10
7% preferred
100 102 Jan 26 11512Sept 1
8712 Feb 1116 Nov
•114
112
114
114 *114
112 .114
112 *114
112 *114
112
100 Louisiana 011
No par
1 14 Jan 10
3% Apr 4
4 July
2 Jan
8
*913 10
*912 10
*912 10
*912 10
912 9 2 *712 012
,
10
Preferred
100
714 Jan 2 2312 Apr 4
313 Feb 29 July
•1412 15 '1418 15
1414 1414 *1414 15
.1414 15 .1414 15
100 Louisville Gas & El A_No par 13 July 20 21 Feb 7
137 Apr 25;June
.1213 13
1212 1212 1212 1212 1212 125
8 123* 123
8 12
1212 1.400 Ludlum Steel
814July 26 1913 Feb 20
1
4 Feb 2012 J1113
"70
7
79
*70
787 '65
783 '65
4
78; *65
7834 70
70
100
Cony preferred
No par 70 Sept 14 97 Feb 20
1453 Mar 95% Dee
'36
8 36
363
36
.3413 3512 .343 3512 3512 35; *3412 355
4
8
300 MacAndrews & Forbes
10 30 Jan 5 37 Aug 27
912 Feb 3134 Dec
*100% 10612 *10512 10612 *10012 10612 '10012 10612 10612 106%'104
6% preferred
10
10612
100 95 Jan 13 110 July 12
Apr 96 Nov
74
*2312 243
3 2312 233
4 233 2312 2314 2312 2312 24
8
23
2334 2,000 Mack Trucks Inc
No par 22 July 26 41114 Feb 6
1312 Feb 465* July
.38
40
37
38
3613 3613 3512 36
355 36
3514 36% 2,400 Macy (R II) Co Inc
8
No par 3514 Sept 14 8213 Jan 30
4
2424 Feb 651 July
*412 5
412 412
438 43
8 *414 5
.438 47
*414 412
200 Madison Sq Gard v t e_No par
8
25 Jan 2
7 Ape 27
7 June
15* Mar
187 18% '183 19 '19
2
4
193 '19
4
19; '19
4 19
193
19
300 Magma Copper
55 Mar 193 July
10 1512 Jan 17 32314.Iune 28
8
"2
218
2
2
'17
8 218
17
8
17
2
8
2
"17
8 2
400 Mallinson (LT R) & Co_No par
112July 26
414 Apr 24
514 June
% Feb
•10
177 •10
178 .10
1314 *10
138 '10
1712 '10
177
8
75 Jan 9 333 Apr 24
7% preferred
100
8
3 Feb 26; July
212 212 '2
3
"2
3
'2
212 *2
212 *2
212
100 IManati Sugar
100
1 Jan 8
33 Jan 23
4
Pi July
14 Jan
'412 613 *412 612 *412 612 '5
613 *512 612
20
5
5
Preferred
914 Apr 26
100
13 Jan 3
4
97 J1153
3
"33
8 6
3 Jan
2
*33
8 6
*33
.35
8 6
5
*33* 5
33
3 33*
100 Mandel Bros
97 June
No par
3 July 26
812 Jan 26
112 Jan
'11
127 *11
127 •1112 13
2
8
*11
127 "11
8
127g .11
127
Manhattan Shirt
8
25 1012July 27 2032 Feb 1
512 Apr 23 July
•114
13
4 '114
13
4 '1% 1; *112 13
4 *112 13
4 '114
13
4
Maracaibo 011 Explor_No par
112July 25
4 June
33, Feb 17
12 Jan
.43
8 412 *43
3 412
43
8 453
433 453
4% 43
47. 47.
8
800 Marancha Corp
53 Nov
47 Nov
418Sept 14
5
53 Feb 5
2
57
6
53
4 6
55
8 53
4
534 53
4 *558 53
512 53
4
4 4.600 Marine Midland Corn
5'3 July27
5
9 Feb 6
5 Dee 11 12 Jan
•185 2012 2014 2014 *185 2013 *183 19% 197 197
8
8
4
8 193* 20
600 Marlin-Rockwell
No par
17 July 31 32 Jan 25
8 Feb 2314 Dee
11
11
1012 10% 10
97 10
103
8 1014 1053 1012 1012
2,500 Marshall Field & Co_No par
83 Aug 9 19% Apr 11
183* June
414 Jan
*414 53t *453 53
4 *414 5
*414 43
4 *414 434 .4
43
4
Martin-Parry Corp.___No oar
4 July 27 1233 Mar 3
77 Dec
8
12 Jan
•Fild and asked prima no sales on thl*dqv
I Companies reported In reeelvership
a Optional sale c Cash sale .Sold 15 days. r Ex-d vidend. 1/ Ez-"141123
New York Stock Record-Continued--Page 6
1677
farFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Sept. 8
Monday
Sept. 10
Tuesday
Sept. 11
Wednesday
Sept. 12
Thursday
Sept. 13
Friday
Sept. 14
1 Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On baste of 100-share jots.
Lowost.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
IiWhat.
per share S per share $ per share
per share $ per share $ per share Shares. Indus.& MIscell.(Con.) Par $ per share
5 Per share $ Per share $ Per share
2614 2614 2514 2618 2514 254 2514 2512 244 25
24
20
4,600 Mathieson Alkali WorksNo par 24 Sept 14 403 Jan 24
14
4
Feb 4652 Nov
.3512 36
4
3612 343 35
3512 3512 341 35
*36
3412 3514 1,900 May Department Stores___10 30 Jan 2 4438 Apr 23
/
4
9 4 Feb 33 Sept
3
5
*434
5
53
8
*434 5
*5
418 July 26
.43
100 Maytag Co
4 5
4 5
83 Feb 21
112 Apr
4
*43
No par
812 July
533
24
24
8 24
24 .2312 2412 •2312 24
243
2312 2312
.24
Preferred
10 Jan 2 2812 Apr 26
300
No par
318 Apr 1514 Aug
72 .72
7212 72
7212 •72
•72
724 72
50
7212
7212 .72
Prior preferred
15
No par 49 Jan 3 9212 Apr 3
Oct
Apr 58
28
26
*26
28
•26
26
26
2612 .26
2612 •26
300 McCall Corp
2612
13 Mar 303 Sept
No par 24 Jan 11 32 Apr 13
4
2
24
/
1
17
2
*2
8 2
2
*17
8 2
2
900 :McCrory Stores classANo par
11 2
/
4
412 Feb 6
11 Jan 8
/
4
47 June
2
/ Apr
1
4
*112 2
*112 13
*112 2
114 July24
*1% 2
11 14
/
4
8 2
4 .13
Class B
414 Feb 6
11 Dec
100
/
4
No par
Jan
6
15
16
15
.1614 1012 1614 1614 16
153 .1518 1614
8
15
Cony preferred
500
4
100
514 Jan 2 253 Mar 17
21 Mar 21
/
4
Jan
•612 6
*614 7
•5
614 614 •512 6
6
6
•5
100 McGraw-Hill Pub Co_No par
3 Apr
4 Jan 4 1012 Apr 21
81 June
/
4
441 4614 443 4534 443 455
8
/
4
46
45
8 443 4434 44
4
4
4412 9,800 McIntyre Porcupine Mine8_.5 3812 Jan 25 5012June 19
18 Mar 483 Oct
8
851. x85
8518 85
85
*851 87
85 .84
/
4
87
87 .85
900 McKeesport Tin Plate_No par 79 July 26 9414 Feb 21
4418 Jan 953 Aug
4
614
8 6,700 McKesson & Robbins
612 67
5
/ 618
1
4
57
•6
8 6
53
4 6
4
918 Apr 10
13 Mar 1312 July
53
4
4 53
5
414 July 26
2612 263 263
8 2512 2512 2514 25 2 *253 263
8
26
8
4 2312 2514 1.300
Cony pref aeries A
,
34 Mar 25 July
2
60 117 Jan 2 3412 Apr 27
614
6
618 25,000 :McLellan Stores
61
6
6
6
6 14
6
614
63
1 Jan 6
4Sept 6
No par
57
4 614
33 July
8
14 Feb
57
5718 5718 58
617
8 57
*57
58
GO
60
597 60
8
1,300
8% cony prof ser A
218 Jan 224 July
912 Jan 2 6312June 8
/
1
100
8
34
.321 35
327 33
*33
/
4
34
*3018 34
34
•30
•30
200 Melville Shoe
83 Feb 2834 Oct
4
No par 26 Jan 2 39 June 28
8
418 412 *418 412 .438 412
414 41
*414 45
800, Mengel Co (The)
4
43
4
312July 26 11 Jan 22
2 Mar 20 July
1
•2514 3212 •2514 321 *2514 3212 "2514 3212 *2514 3212 2514 2514
201 7% preferred
22
Jan 57 July
100 2514 Sept 11 52 Apr 19
24
25
26
2514 26
24
24
25
1613 Jan 4 30 Feb 19
25
24
25
x24
2,000 Mesta Machine co
7 Feb 21 Sent
5
*2412 261 *25
26
.25
2612 *2518 2612 *2518 26
*2518 28
Metro-Goldwyn Pict pref.
4May 22
1312 Mar 22 Sept
.27 21 Jan 5 283
31 312
/
4
*35
8 33
4
32 3
,
/
1
4
312 312 .
32 3
,
3 July 26
4June
700 Miami Copper
,2
93
612 Feb 16
34 31
5
/
4
159 Mar
/
4
1112 1112 1112 111 1118 1112 11
1118 1018 1118 4,600 Mid-Continent Petrol
1118 11
918July 26
1434 Feb 5
33 Mar 16 July
4
10
812 812 *812 9
/
1
83
8 84
6i2July 28 2178 Feb 19
8
/ 812
1
4
900 Midland Steel Pred____No par
814 814
83
8 83
8
3 Mar 173 July
4
59
60
637 *59
8
*59
60
60 60
*5914 60
8% cum 1st pref
190
26 Mar 72 Sept
100 59 Aug 7 8514 Apr 21
54
52
5214 *51
.52
52
52
52
52
52
52
52
300 NIinn-Honeywell Regu_No par 38 Jan 4 59 July 10
13 Apr 363 Dee
2
2.,
218 218
58 Julg
57 Jan 30
2
*218 214
218 *2
218
800 Minn Moline Pow Impl No par
2
July 26
218
7 Feb
8
1712 .15
1712 •15
19
*15
•15
171
1712 *15
8 Feb
No par 1512July 26 3534 Feb 1
1712 *15
Preferred
30 July
•I4
16
13
•I31 14
/ 14 .134 15 .133 1534 *14
1
4
/
4
200 Mohawk Carpet Mills
4
15
7
Jan 22 July
20 1212 Jan 4 2232 Apr 21
5012 4912 50
4
514 515s 503 5214 49
3.100 Monsanto Chem Co
49
5018 51
51
25 Mar 83 Dec
10 39 May 14 5512July 13
225 2414 223 2312 233 2414 233 2414 2212 24
8
233 24
4
4
4
52.400 Mont Ward & Co Ine__No par 20 Aug 6 354 Feb 15
4
WS July
85 Feb
8
52
52
*5012 52
5112 5112 *5014 5112 *5014 5112 5014 501
500 ttforrel (J) dr Co
25
Jan 56 July
No par 37 Jan 4 5212 Aug 29
I
12
5
8
12
12
1 Jan
3
2
5s
12
*12
3,200 Mother Lode Coalltion_No par
12July 17
13 Feb 8
June
Dec
12
1
.712 11
.8
11
*814 11
*8
10
*7
*712 11
Moto Meter Gauge drEq1
11
Jan
6 July 27 12 Feb 21
18
174 18
•1814 1812 18
/
1
1,600 Motor Products Corp No pa
17
*18
4
173
1812 1712 18
73 Mar 363 Sent
1514July 27 444 Feb 15
4
712 71
7 4 73
•73
3
4 8
1,000 Motor Wheel
74 71
/
1
73
4 73
4
838July 26 1812 Feb 16
112 Mar
Ps 74
/
1
5
113* July
.714 9
73
8 7
3
400 Niullins Mfg Co
'714 8
738
112 Mar 1084 July
714
*712 9
No pa
712 712
514 Jan 12 154 Apr 23
*24
29
•24
.24
27
*24
29
24
Cony preferred
2714 2412 25
24
60
1213 Jan 12 46 Apr 21
5 Mar 25 June
No pa
•1414 161 *1414 1614 •1414 1614 '1414 1614 .1414 16,
•1414 17
MunsIngwear Inc
4
5 Mar 183 June
2
13 Aug 10 2514 Apr 13
No pa
4 5
43
43
2 43
43
4 5
43
4 43
4
374 July 26 113 Feb 18
15, Feb1112 July
412 43
4 4,000 Murray Corp of Amer
2
43
4 414
10
"2018 21
*2018 21
*2012 21
21
220
1958 194
300 Myers F & E Broa
*20
20
Jan 201e July
/
1
14 July 26 2134 Feb 21
8
No pa
1314 131
135s 132
4 1312 133
/
1
133 1312 1314 1312 124 1314 5.200 Nash Motors Co
8
12NJuly 26 3214 Jan 30
11N Apr 27 July
No pa
*414 5
.
414 5
414
414
4
4
3I July 23
.334 4
400 National Acme
•33
4 4
87e Feb 23
l's Feb
1
73 July
4
•53
4 6
*53
4 6
*534 67
1.000 National Aviation Corp.No par
534 534
.3
54 7
1314 Jan 31
94 Dec 1059 Dec
/
1
514 Sept 14
514
54
5
/
1
4
.5
5
5
•412 512
412
412 •414 5
700 :National Hellas Hess pref_100
412 412
97 July
8
114 Jan
4
314 Jan 6 123 Mar 19
32
3218 3222 32
32
3238 3134 321 x31
3118 3012 3118 6,100 National Biscuit
3112 Feb 603* June
10 3012Sept 14 4912 Jan 18
.14112 145 .14112 145 *14112 145 *142 145 •1424 145 .142 145
7% cum pre
100 131 Jan 3 14812July 23 118 Mar 145 Aug
1312 1312 131 1312 133 1312 13 2 131 1314 133
/
4
8
8 1218 1318 2,800 Nat Cash Register
51e Mar 2339 July
Nro par 12 July 26 2352 Feb 6
,
/
4
164 167
/
1
8 1612 164 161 163
/
4
4
4June 9
1614 1612 1614 1612 1574 164 11,100 Nat Dairy Prod
1012 Feb 253 July
4
/
1
No par 13 Jan 4 183
119
124 .1
11
/
4
.1,
8
118 •1
118
118 •1
200 :Nat DepartmentStoresNo par
1
1
3 Mar 18
18 Mar
212 June
1 Jan 9
22
•1114 21
*11
*1114 21
•1218 1718 *12
171
114 Feb
Preferred
10 June
5 Jan 17 2212 Apr 18
100
*1138 21
4 183 2014
1918 193
8
183 19
8
19
193
8 1914 20
1814 191 40,000 Nati Distil Prod
2
4
16 July 28 314 Feb 1
207 Dec 3314 Nov
No par
.24
4
254 233 2412 .233 25 .2312 25
222
*23
400 Nat Enant & Stamping_No par 1613 Jan
223
4
25
3218 Apr 24
5 Feb 1939 Dec
150 150 .149 150
•140 155
400 National Lead
145 145
147 149 .145 149
4314 Feb 140 Nov
100 135 Feb 10 163 July 14
•142 14412 •142 14412 .142 14412 *142 144 2 •142 14412 •142 1441
Preferred A
145 July 18 101 Mar 12814 Nov
1
,
11020212
111 111
•111 114
11014 11014 111 111
100
111 111
Preferred B
75 Feb 1091g July
110 110
Jan
116 Aug 7
110000
73
4 8
718 71
9,500 National Pow de Lt___ _No pa
87 Apr 2012 July
se ly6 1512 Feb 8
2
73
1
4 8,
8
7'2 7 4
3
7'g Sept 2
74 71
/
4
71 754
/
4
.3914 401
3711 38
3812 4014 3714 3714 38
38
2,400 National Steel Corp
3612 371
5814 Feb 5
15 Feb 5513 July
.1018 12
1214 1214 12
12
•1014 11
81018 11
500 National Supply of Del... 25 3
*1014 12
4
285 June
2118 Apr 24
8
Apr
23
.41
*41
43 •41
43
431 *41
431 *41
41
10
41
43
Preferred
17 Feb6014 June
3312 Jan 4 80 Apr 23
4
104 103
•103 11
8 104 104 X101 2 1059 10
4 1038 103
/
1
103
8 2.000 National Tea Co
612 Jan 27 July
i
/
1
9 July 26 185 Feb 1
Bra,No1pa
0
4
193 1912 1814 19
•1912 193
8
1818 1,200 Neisner
121a June
112 Jan
1812 1812 183 1834 18
No par
612 Jan 4 3014 Apr 13
7% pry
•35
36
300 New berr efCoe(,7 J)._ _ _No pa
34
3412 35
3512
3559 33
34
*33
3512 833
31 J uly 26 497s Apr 10
-.103 1071 •103 10718 •103 10714 •103 10718 •103 1071 *103 10718
10 100 Apr 3 10614 Aug 21
/
1
4
600 Newport Industries
6
/
612 612 *61 612 *618 64 •618 6
4
612 61
68
,
- -37 Mar 11' July
18
6 Jan 10 13 Mar 6
/
1
•1412 15
14
/
1
300 N Y Air Brake
134 134 .135 1412
8
1412 1412 .14
151
1112Ju1y 28 241 Feb 7
8 14
814 Apr 2312 July
No par
312
*314
New York Dock
378 •314
*314 4
814 Mar 19
2N Dec 1174 June
.314 4
238July 31
.314 312 .34 4
100
.7
10
•6
100
7
10
10
Preferred
10
7
*6
.
6
.6
Oct 22 June
10
114 i
6
7
5 July 26 20 Mar 13
100
12
12
12
1,
*12
23 June
4
3 Dec
2
Feb
3
8 1.700 IN Y Investors Inc___No par
11+3
/
1
4
12
12
8
12
12
, Sept 14
4
123 1234 1212 12,2 1218 1218 •1214 13
124 123
4
1114 1214 2,100 NY ShIpblds Corp part stk.-1
227 Feb 1
912July 2
IN Jan 2212 Aug
2
•7418 80
•742s 80
893 Apr 13
7418 7418 .
*7418 79 .74
10
7918
7% preferred
Jan 90 June
31
7418 80
100 72 July 2
*90
013
4 90
90
10 NY Steam $6 pref
.89
913
913 •87
0134 .87
4
4
913 •87
4
70 Nov 1017 Aug
a
9912 Apr 10
No par 82 Jan
•100 108 *100 108 .100 108 •100 108
•9814 108
•9814 103
$7 1st preferred
Jan
1097
83 Nov 110
sMaY 26
No par 90 Jan 1
3912 404 3978 4014 3912 4014 7.800 Noranda N.:Wee Ltd
41
4112 393 4114 3912 40
4
4
457 Aug 9
8
1739 Jan 387 Sept
No par 3314 Jan
127 133
13
8
1314
8 12
8
/ 13
1
4
/
1
127 1318 1235 131s 1214 124 18,600 North American Co
1214 Dec 3812 July
No par 12 July 26 2514 Feb 6
*3714 40
/ •3714 404 .3714 40
1
4
38
•3714 38
3714 3714
200
Preferred
/
1
Jan
38
45 Apr 20
31 Dec 48
50 34 Jan
318
4,500 North Amer Aviation
3
3
3
'8
3
34 318
*3'4
318 .3
9 July
3
4 Feb
3
232July 2
83 Feb 1
4
1
65
65 .6314 65 .6314 05
63
*6314 65
63
*6314 65
400 No Amer Edison prat __No Par 4712 Jan
39 Nov 79 July
7414 Apr 26
35
*34
35
*34
33
33
31
35
33
35 .32
*34
130 Northwestern Telegraph ___50 33 Sept 1
283 Apr 43 June
4
43 Apr 26
.2
21
/
4
2
218 .2
2
*2
2
2
214
700 Norwalk Tire & Rubber No pa
2
2
5 July
/
1
4
1 18 Feb
158July 2
412 Feb 19
1014
978 1014
1014 1014 10
93 10
8,100 Ohio Oil Co
4
93 10
10
4
1018
17 July
812July 2
/
1
4
43 Feb
4
154 Feb 5
/
1
No pa
212 212
8 .212 23
*212 23
2 21
4 "2,
700 Oliver Farm Equip___ _No pa
212 212
212 212
4
1 18 Feb
83 July
5
4
2 July 21
7 1 t3 5
11
4
111 11
/
4
•117 13
11
500
•1012 1114 •1012 1112 1012 10'z
Preferred A
4
273 Feb 5
9 July 2
314 Feb 303 June
2
No pa
43
5
4 43
4
5
5
5 ,8
43
4 424 3,800 Omnibus Corp(The)vtc No par
434 5
5
5
884 July
358July 2
832July 9
13 Max
4
46
732
612 612.
,
714 7'z 1,500 Oppenhelm Coll & Co No pa
64 6 8
63
718 714
4 63
15 June
212 Feb
143 Mar 31
4
518July 2
2
1418 1412 14
1414
1334 14
1414
14
134 137
14
14
7,100 Otis Elevator
193 Feb 16
101s Feb 2514 July
8July 2
133
No pa
•10012 110 .10059 110 .10012 110 •1001 110 *10012 110 •10012 110
/
4
Preferred
9312 Apr 106 July
10212 Aug 22
100 92 Jan 1
412 412
428 414
/
4
41 414
414 414
414
4
4
414
1,600 Otis Steel
914 June
332July 2
114 Mar
8 Feb 19
No pa
*1412 17
•1412 16
•1412 161, •1514 1612 •1412 161
1412 14'2
Prior preferred
100
214 Feb2114 June
100
9 Jan 2 25 Feb 20
853 6614 63
4
.653 89
4
66
82
633 633
4
64
4 6334 633
2,200 Owens-Illinois Glass Co._...25 6112July 26 94 Jan 30
3112 Mar 961 July
144 15
/
1
15
15
15
15
1518 144 154 15
/
1
1412 143
/
1
4 5.000 Pacific Gas & Electric
15 Dee 32 July
25 1412Sept 14 2312 Feb 7
25
233 241
25
25
25
4
2212 2278 2,100 Pacific Ltg Corp
2234 23
233 24
4
3
22 Dec43 8 Jan
No par 2212Sept 14 37 Feb 7
2012 22
22
•2012 25
.20
2012 2012
*2012 25 .2054 25
o00 Pacific Mills
6 Feb29 July
No par 20 July 27 34 Feb 5
/
1
•74
. 8 80 .744 80
747
80
•74
80
80
•74
•74
80
Pacific Telep & Teleg
4
65 Mar 943 July
100 72 Jan 11 8512 Mar 13
•____ 115 .109 114 •109 114 •____ 112 •10912 112
1091z 10912
6% preferred
30
994 Nov 11112 Sept
100 103 Jan 3 116 June 22
68
,
*614 612
.5
/ 6
1
4
614 6'4 •6
6
6
600 Pac Western 011 Corp_.No par
53
4 578
912 Sept
53 Dec
4July 26
4
53
81 Apr 25
/
4
5
.
312 33
312 338
338 3
4
312 3 8
,
3
/ 35 16,000 Packard Motor Car___No par
1
4
312 33
8
8
67 July
IN Mar
4
63 Feb 23
4July 26
8
23
4
4
•10 4 1118 .103 1118 .1054 1118 1034 104 *103 1114 •1034 1118
3
100 Pan-Amer Petr & Trans ._..6 103 Jan 9 1112 Jan 30
8 June 14 July
4
*1812 20
81812 20
20
18
.18
19
20 .
18
•18
100 Park-Tllford Inc
18
8
Jan 383 Oct
6
1 17 July 26 3512 Feb 6
3,
•8
5
"8
N
3
4
N
*52
3
4
200 Parmelee Transporta'n_No par
"8
3
4
3 July
"8
38
N July 30
IN Mar
2 Feb 5
.3
43
4
4
7
8
7
8
*84
•3
4
7
8
7
8
7
8
"4
Panhandle Prod & Ref_No par
"4
N Apr
78
414 June
/
1
4July 24
212 Apr 8
9
.8
9
9
.8
9
9
9
•8
*8
*8
20
9
8% cony preferred
20 June
534 Jan
8 Aug 20 2112 Apr 6
100
312 33
312 334
4
8
35
3
8 33
/ 33
1
4
4
3
/ 35
1
4
8
33
8 3
/ 10,900 :Paramount Publix °Us__ __10
1
4
212 June
12 Apr
8
13 Jan 2
57 Feb 16
4
3
/ 312
1
4
312 312
314 312
3
33
8 312
318 5.500 Park Utah C M
,2
3
4 3
1
414 July
212July 26
2
3 Jan
4
67 Feb 15
118
I
1
Ps
114
1
1
114
1
114
1
14 Jan
118 11,800 Pathe Exchange
212 July
414 Mar 2
12July 27
No par
13
12
14
12
13
•1218 13
.
121s •1212 13
117 1212 1,400
8
Preferred clue A...
1414 Dec
.No par 1012 Jan 4 243
14 Jan
4June 12
131 14
/
4
1314 134 134 134 1354 133
15
•14
4 1314 1312 3,600 Patina Mines & Enterpr No par 1252July 26 2112 Jan 2
bse Jan 25 Nov
2
2
2
2
2 18
2
2
2
*2
218
2
2
2,900 Peerless Motor Car
918 July
3
2 Jan 2
8June 5
47
kt Feb
.47
50 .47
/
4
48
465 461 47
.
8
1638 50
47
•4634 4714
300 Penick & Ford
3
No par 461Sept 12 64 Jan 30 x2512 Feb60 4 Dec
/
4
5814 57
.
5712 571
56
5512 55
54
5512 5512 55
551 3.600 Penney (3 C)
/
4
No par 5112 Jan 4 67 Mar 3
56 Dec
1914 Mar
74
•106
•106
•108 ---- *106 ---- •106
•106
Preferred
100 10512Mar 8 10812May 16
Jan 108 Aur
90
8
238 414 "212 41 *212 418 *212 44
23
8 23 .
/
4
238 418
•
/
1
10 Penn Coal & Coke Corp....10
34 Feb
95 July
17
514 Apr 26
8
jJuly 27
312 31
312 312
312 312
314
314
1,40 Penn-Dixie Cement___No par
312 35
8 *314 34
278July 26
3 Jan
4
912 Julie
73 Feb 5
4
/
4
•1418 17
•1418 17
.141 18
*1418 17
/
4
•1418 17
•141 18
Preferred series A
100 1214July 26 32 Apr 24
414 Mar 32 July
2214 2234 23
2214 231
23
24
224 23
/
1
24
22
2238 3,000 People's 0 L & C (Chic)_.100 22 Sept 14 43 Feb 6
/
1
4
Jan
25 Dec 78
143
143 143
4
*1412 15
15
144 .14
4 15
•141 15
,
•14
200 Pet Milk
914 Jan 3 1514 Aug 27
612 Feb
No par
1514 June
914 914
9
0 4 9,2
,
*914 94 *914 91
9 14 3.500 Petroleum Corp of Am
/
1
4
924 9
824 July 27 1414 Feb 3
5
4
/ Jan
1
4
15 July
1412 1412 1418 1412 1418 141 14
1414 143
/
4
1512
1414 5.400 Phelpe-Dodge Corp
.15
25 1334July 31 187 Apr 26
187e Sept
412 Jot
s
•30
8
33
3114 3114 3112 3112 •307 3214
8
4
200 Philadelphia Co 6% pref. 50 2414 Jan 2 37 Feb 9
.307 33 .307 33
36 July
,
211 No
55
55 •____ 55 .____ 55
•____ 55
100
$6 preferred
No par 49 Jan 12 643 Feb 17
4
3814 Dec 82 July
14 414
412 414
41
41 43
/
4
4
s
412
418 414 3,000 Phlla & Read C & I
4
4
No par
314 Jan 4
912 July
6N Feb 21
212 Feb
301
2812 2912 3014 3118 3112 3414 3214 333
29
31
4 7.300 Phillip Morris & Co Ltd___10 1112 Jan 3 3512July 19
31
1474 June
8 Feb
•8
.
8
10
10
*8
10
.8
*712 10
812
8
8
100 Phillips Jones Corp
7 July 27 21 Apr 2
No par
3 Feb
183 July
4
711 *60
68 .60
•60
*60
68
7112 .60
68
65
10
7% preferred
65
100 48 Aug 14 747 Apr 7
35 June 35 June
2
1518 153
,
15
1518 16
8
4 15, 15 8 154 16
16
9,100 Philip, Petroleum
153 16
4
1412July 26 2203 Apr 11
No par
183 Sept
4
4
43 Jan
4
.
5
6
6
•5
•5
•5
8
6
.5
6
Phoenix Hosiery
*5
5
412July 26 1312 Feb 3
4
13 Mar 173 Dee
4
13
4
13
13
8 13
13
4
13
4
4
4
13
s 4.300 Pierce-Arrow Mot Car Co
11
4
/
4
11
/
4
13
17
4
13
4
112July 27
5
712 Nov
612 Feb 19
3 Dee
•i2
12
5
8
12
•12
/
1
4
12
12 1,100 Pierce Oil Corn
12
12
12July 24
25
"12
17 June
112 Jan 30
s
14 Jan
200
534 53
53
4 6
4 534 *53
4 •512 8
37 Feb
Preferred
*534 6
.
514 6
5 Aug 24 103 Feb 14
100
1318 June
4
118
Its
118
114
118
112
1,
4
118
118 '2.800 Pierce Petroleum
•1
1,
4 •118
1 July 26
No par
2 Feb 6
23 June
4
38 Jan
2834 •277 2814 2774 28
8
2778 28
1,400 Pillsbury Flour Mills
2814 •2712 2811 28
.27
1812 Jan 8 2914 Aug 7
No par
s
939 Feb 267 June
.8434 87
853 853 •853 87
8
8
8
4
*853 00
4
100 Pirelli Go of Italy Amer shares 7014 Jan 22 8518Sept 12
.8512 8718 •847 87
$33 Apr 75 Nov
8
*778 912
/
4
912 *8
200 Pittsburgh Coal of Pa
774
"8
81
77
8 •8
9,2
100
8
712July 26 1812 Feb 18
8
4 Feb 23 July
30
36
36 .30
30 .
36
30
30
.30
30
36
400
Preferred
100 30 Jan 8 4212 Feb 1
30
.
17
Jan 48 July
Companies reported In recelvershlp. a Optional sale. c Cash sale. a Sold 15 days. z Ex-dividend. it Ex-r1eP ta
• Bid and a•ked prices. 110 sales on this day.
New York Stock Record-Continued-Page 7
1678
Sept. 15 1934
far FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
Sept. 8
Monday
Sept. 10
$ per share
6
6
*20
23
•2
27
8
*1514 178
*15
218
*2718 29
*2
27
914 9 2
,
88 83,
*25
8 3
14
13
133 14
4
2
2
*618 8
3612 37
114 114
---- ----
$ per share
6
6
.20
23
•2
27
8
18
18
*15
218
"2718 28
*218 278
84 9
75
8 8
'23
4 3
112 112
13
14
*14 2
•63
8 814
3614 37
114 114
---- ----
Tuesday
Sept. 11
Wednesday
Sept. 12
Thursday
Sept. 13
Friday
Sept. 14
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
OA basis of 100
-share lots.
Lowest.
Highest.
$ per share $ per share
512 53
4 *5 4 63
3
*20
23
20
20
*2
"2
27
27
*1414 17
17
17
•15
8 2
*158 2
*2718 29
*2718 38
*218 27
8 *218 28
84 84
812 83,
714 75
8
73
4 78
*25
8 3
*25
8 24
*1
112 *1
112
1212 1314 1314 14
14 *14 2
1%
*614 83
4 '618 88
3618 368 3614 3612
114 114 *114 11412
---- ---- ---- ----
$ per share $ per share Shares Indus.& kflscell.(Con.) Par I per share
$ per share
512 54 2,200 Pittsburgh Screw & Bolt No par
*53
4 612
412July 26 11% Apr 4
*20
23
•20
23
10 Pitts Steel 7% cum pref___100 1514July 28 43 Feb 21
27
*2
278 *2
Pitts Term Coal Corp
112July 26
312 Feb 21
100
16
'1414 174 16
30
6% preferred
84 Jan 4 1814 Aug 22
100
"15
8 2
Pittsburgh United
112July 27
5 Feb 19
*15, 2
25
2718 274
*2718 38
10
Preferred
100 2718 Sept 14 597 Feb 19
"218 24 *24 27
Pittston Co (The)
4
8
5 Feb 21
No par
13 Jan 4
83
858 3,500 Plymouth 011 Co
12 85
*
4
8
8 July 26 163 Jan 30
5
'73
8 75
8
718 73
8 1,700 Poor & Co class B
No par
6 June 2 147 Feb 5
'258 3
*258 3
Porto Ric
258July 27
-Am Tob Cl A No par
614 Jan 30
117
112 '1
500
'1
Class B
1 July 27
34 Jan 30
No par
1312 1312 1212 133
3,100 Postal Tel dr Cable 7% pref 100 1012July 27 293* Feb 6
17
14
600 :Pressed Steel Car
17
8
17
8
114 July 26
No par
512 Feb 16
___.,__
'618 8
'64 8
Preferred
8July 26 22 Feb 17
100
55
3614 3612 3512 364 6,100 Procter & Gamble
No par 3318June 2 414 Jan 23
11412 11412 *114 116
50
5% pref (ser of Feb 129)100 10212 Jan 22 11412Sept 13
---- ---- -- ---- ------ (Producers & Refiners Corp_50
14 Mar 15
14 Jan 2
60
___
14May 2
67 Feb 19
Preferred
4
-38 30 303
3012 304 303 11
4 3018 103
8 30 3012 295 1014 5,300 Pub Ser Corp of N J___No par 295 Sept 14 45 Feb 6
8
75 4 753 '74
3
4
753
4 74
74
*70
7312 *7012 7214
300
35 preferred
2
No par 67 Jan 2 84 Feb 6
2
"87
91
*87
9018 *8412 88 '8512 90
*8312 88
6% preferred
100 79 Jan 8 973
4July 11
3 90
8
•100 1033 *993 1033 *993 1034 '993 10334 9034 9934 99
4
4
4
99
4
4
200
7% preferred
100 90 Jan 8 106 Feb 21
*111 116 *110 116 '110 116 '110 11513 110 110 *105 11518
100
8% preferred
100 105 Jan 12 11912 Feb 17
*10012 10418 *10012 10418 *10012 10418 *10012 10418 *101 103 *101 103
Pub Ser El de Gas pf 35_No par 90 Jan 10 10412 Aug 9
*40
4012 3912 4014 39
8
3912 40
3912 393 40
3634 39
4,600 Pullman Inc
No par 364 Sept 14 593* Feb 5
714 73
7
7'
714 6,700 Pure 011 (The)
8
733
4
714 712
*73
4 74
7 Sept 14 147 Feb 16
712 73
738
No par
593
603
4 59
61
8 593 60
*603 6112 59
4
59
8
*59
61
310
8% cony preferred
100 58% Jan 9 80 Feb 6
3
94 104
94July 26 193 Feb 5
912 95
8 2,600 Purity Bakeries
8 94
94 94
4
No par
912 953
9 4 97
8
95
512 512
5
512
5
514
5
5 14 55,600 Radio Corp of Amer
518 514
518 53
8
412July 26
94 Feb 6
No par
37
37
37
4
37
37
37
373 383
4
4 3714 3714 363 37
1,000
Preferred
50 2314 Jan 4 4318 Aug 25
2412 2418 2478 2412 243
23
25
4 2212 24
25
2312 25
11,400
Preferred B
3
No par 15 Jan 4 35 8May 11
218 218
24 218
218
2
2
218 2,600 (Radlo-Keith-Orph____No par
23,
214 23
8
214
112July 23
414 Feb 17
1712 *17
1712 17
•18
1412July 26 23 Feb 5
1812 18
1718
183
8 1712 174 •17
900 Raybcstos Manhattan_No par
*6
7
6
*65
8 7
6
"512 6
5 July 27 14 Feb 6
600 Real Silk Hosiery
5 2 512
,
10
51 2 5 2
,
40
*40
40
45
45
*40
*40
•40
45
45
45
*40
20
Preferred
100 40 Sept 14 6014 Apr 26
2
*2
218 *2
24
214
2
214 *2
*2
218
8July 27
214
6 Apr 2
200 Reis (Robt) .12 Co____No par
15
*9
1014
10
8July 26 385 Apr 2
9
*9
*9
94
1014 *9
11
*9
12
200
53
1st preferred
100
73
8
1
8
818
714 753 '73
6 July 26 133 Feb 23
4 74
74 74
Pa 712 5,000 Remington-Rand
8
'4012 423 *4012 423 *4012 423.1 4012 4012
'43
50
4
43 43
4
200
1st preferred
100 323 Jan 5 6912 Mar 14
43 '40
43
*40
"46
49 '40
4912 *40
43
40
40
60
2d preferred
100 30 Jan 8 67 Mar 14
212 212
212 212
238 212 2,200 Reo Motor Car
212 212,
212 212
212 212
512 Feb 23
2 July 26
5
12% 127
8 1218 13
12
1212 123 127
8
8 123 123
8
4 1112 1214 17,600 Republic Steel Corp___No par
1012JulY 26 253 Feb 23
4
44
42
44
4012 42
44
4238 3912 413
4118 4212 42
6% cony preferred
4 3,200
100 37 Aug 6 6712 Feb 23
*712 912 *712 94 *712 8
712 712
'712 8
*712 8
100 Revere Copper & Brass
5 Jan 8 1412 Apr I 1
5
•184 2112 *164 2112 1613 164 *1312 1818 *1312 1818 *13 2 184
,
100
Class A
10 114 Jan 29 2812 Apr 11
1914 1914 1914 1914 *1914 193
1912 20
4 183 1914 1812 1914 2,000 Reynolds Metal Co __No par 1512 Jan 2 273 Apr 26
4
4
*7
712 "7
712 '7
8
'7
7
712
600 Reynolds Spring
7
7
612 Jan 9 1312 Feb 25
7
1
4614 465
8 46
465
8 454 4614 4618 464 47
4712 4614 4714 9,500 Reynolds (It J) Tob class 11_10 393 Mar 21 47125ePt 13
593
4 593 593 *57
•57
4
61
4
*57
61
61
Class A
20
*57
593 *57
4
10 67 Jan 5 6012July 6
4
200 Ritter Dental Mfg
5 2 512 *512 7
,
*53
4 7
534 53
*55
No par
8 7
512JMY 25 1312 Feb 8
"
512 7
4 225 2278 *2314 235
8
2212 223
23
23
8 2314 2314 22% 2234 2,000 Roan Antelope Copper Mines_
21 Aug 1 3318 Apr 26
5
4 Jan 3 1014 Feb 6
1,300 Rossia Insurance Co
4
7'2 73
4
7 8 714 283
,
74 74
'712 73
8 65
718 713
3434 •3438 35
*347 351 1 335 3412 333 333 '34
8
8
4
4
*343 348
3
600 Royal Dutch Co (N Y shares) 3214July 26 3918 Feb 19
8July 31 277 Feb 5
4
8 1714 1714 1614 1714 2,900 St Joseph Lead
1614 164 167 173
163 164 163 17
4
8
10 153
46
4612 4612 45 2 46
46
46
464 464 4653 46% '45
700 Safeway Stores
,
No par 44 Jan 5 57 Apr 23
*100 10618 •100 106 *100 10618 103 10618 '105 10618 *100 10618
6% preferred
4
100 843 Jan 3 108 July 5
*1067 11012 *1087 11012 *1077 11012 '1074 11012'10812 1123* •10812 11258
100 9812 Jan 15 113 June 16
8
8
8
7% preferred
634 63
8
8
'614 8
*6
7
4 *8
*6
614 614
200 Savage Arms Corp____No par
512July 30 1214 Feb 15
2034 2138 2018 21% 203 2114 2114 213
8
4 2112 224 2014 2118 16,400 Schenley Distillers Corp
5 1718JulY 26 384 Apr 11
314 4,700 Schulte Retail Stores
3 Sept 14
8 Feb 5
1
4
314 35,
33
'33
4 34
4 4
3
33
4 33
33
4 3
4
3
22
22
22 '14
•14
•15
193 •14
1812 '14
8
22
*14
Preferred
100 15 Jan 2 303 Apr 16
52 '5012 52
*51
52
505 5038 *5012 52 '5012 52
8
10 Scott Paper Co
No par 41 Jan 10 5112 Aug 30
4 2234 2318 22
8
*243 26
4
23
2314 3,400 Seaboard 011 Co of Del_No par 22 Sept 14 383 Apr 11
25
2214 223
4 2212 223
3
44 Feb 7
8 *212 23
*23
8 24 *212 27
4 *212 234
4 *212 2 4 *212 23
Seagrave Corp
22 Jan 18
No par
364 363 3713 343 3612 19,600 Sears. Roebuck & Co No par
8
3613 363
8 3514 365
8 353 3614 36
8
4
31 Aug 6 5114 Feb 5
414 Jan 26
*2
2
2
218 *2
•178 2
*178
2
218
2
2
1
134July 25
400 Second Nat Investors
*3212 40 '3213 40
,
*3212 40 '32 2 40
*3212 40
Preferred
*3212 40
1 32 Jan 8 4518 Feb 2
2 Jan 22
12Sept 13
1,800 (Seneca Copper
*12
3
4
No par
12
5
8
7
8
3
4
3
4
3
4
3
4
*3
4
*3
4
7
8
514 514
5
514
518 518
5
538
Apr 24
518 51 1
438Ju1y 26 9
5
5
3,600 Servel Inc
1
8
6114 Jan 2 137 Mar 9
800 Shattuck (F G)
No par
718 7,
7'2 712 *714 7,2
714
4
714 '73
718 714
8 75
8
6
618 64
6
6
74
6
•6
6
74
6
500 Sharon Steel Hoop..__ No par
'6
518 Jan 11 134 Feb 23
45
8 45,
45
8 42.
412 43* 1,100 Sharpe & Dohme
*412 4 8
"458 5
74 Feb 5
*412 5
4 July 26
No par
46
*42
46
46
•42
*42
*42
46
46
*40
46
Cony preferred ser A.No par 3814 Jan 8 49 May 3
46
100
65
65
63
4
65
8 63
65
8
4
612 63* 3,900 Shell Union 011
7
67
8 67
8
7
No par
612July 26 1112 Jan 27
*6014 61
603 61
8
*61
63
604 61
*607 65
8
800
*61
Cony preferred
65
100 57 July 31 89 Jan 26
914 10
818July 26 244 Feb 5
938 9,
4 918 4,400 Simmons Co
2
83
2
No par
2
9,
2 9,
912 9,
912 9'2
95g 95
714July 26 1112 Feb 5
93* 938
10
958 95
93
4 3.900 Simms Petroleum
912
8
934 10
9 2 934
,
4July 25 1118 Apr 25
712
7
7
73
8 *7
712 *7
7
7
712 *7
200 Skelly 011 Co
*7
63
25
"5412 5712 *5412 5712 "5412 5712
*5412 61
"5412 61
Preferred
*5412 61
100 54 July 26 6818 Apr 26
*123 25
4
*127 25 '127 25
8
8
"125 25
8
•125 25
"12
Sloss-Sheff Steel & Iron__100 15 Jan 9 2712 Feb 17
25
20
*20
2312 *19
*19
20
*20
2312 '19
2312 20
10
7% preferred
100 20 July 26 42 Apr 23
23,2
4 1318 14
12
8
13
1318 1314 135 133
4
3,600 Snider Packing Corp__No par
13% 133
63 Jan 3 17 May 5
4 1318 14
135 137
13
135 30,300 Socony Vacuum Oil Co Inc__15 1212July 26 197 Feb 5
8
8
8
134 1414 133 1414 131 i 133 133 137
4
4
4
8
700 Solvay Am Invt Tr pref 100 86 Jan 6 10414June 28
*102 1023 1023 10234 1023 1023 .102 1035 •102 103
4
4
10218 10258
•30% 3112 3012 3112 230
3018 *3014 3112 '303 3112 3012 3114 1,100 So Porto Rico Sugar__ _No par 2918MaY 14 395 Feb 5
Preferred
*13212 14412 *13212 14412'1324 14412 *13212 140 *13212 1371 '13212 13712
100 115 Jan 16 137 July 23
1112 1134 11
1158 12
1112 6,900 Southern Calif Edison
1214
114 12
25 11 Sept 14 2212 Feb 7
1214 1214 12
6
7
200 Spalding (AG).4 Bros_No par
*6
612
7
8
06
Ms Jan 10 13 Apr 21
65
8 65
8 "6
"65
8 714
'51
58
18t preferred
*51
•51
58
56
56
5812 '51
5812 *51
100 3014 Jan 11 74 Apr 21
*51
8
Spang Chalfant &Co Inc No par
7 Jan 22 153 Apr 23
10
":15 - 0
100 30 Jan 23 62 Apr 24
Preferred
.
5
27
8 3
9,100 Sparks WithIngton _ __ _No par
318
27
,801)114
318
8 Feb 21
3
3
3
3 18
34 314
34 314
2 Jan 3
738 Apr 18
60 Spear & Co
312 312 *312 4
*312 4
*312 4
No par
'312 4
*34 4
254 25
25
700 Spencer Kellogg & Sons No par 15 4 Jan 5 2714 Aug 29
8 2512 2512 "25
3
•2412 25
24% 253
*25
27
73,
7%
73
4
718 74
s
718 7 8
1
3
5 8 Jan 5 113 Apr 2
5
718
74 714
67
8 714 13,800 Sperry Corp (The) v to
6 July 19 13 Feb 7
8
Spicer Mfg Co
No par
612 77
*612 74
8 '612 74 '
612 74 "612 773 "612 77
30
30
Cony preferred A
*25
.25
100
30
No par 21% Jan 2 31 12 Feb 20
30 '25
*253 30
4
253 253 •25
4
4
4814 50
51
2,500 Spiegel
5112 50
19 Jan 4 6712 Apr 25
-May-Stern Co_No par
50
5014 4814 4914 *50
*50
53
22,200 Standard Brands
1912 1814 19
1714July 26 2514 Feb 1
8 19
193
1912 184 193
8 19
No par
1914 193
4 19
45
43
4
414 45
4
8 Mar 13
1,000 Stand Comm Tobacco_No par
414 43
43
314July 27
4
43
4 43
4 *4
*418 43*
4July 26 17 Feb 6
63
4 718 4,700 Standard Gas & El Co_No par
6,
8 •738 74
712
714 73
7
42 712
7
712 712
4 2,700
Preferred
718 73
73
8 75
658July 26 17 Feb 6
No par
73
4 74
714 714 *712 8
712 7 4
3
*153, 20 .1512 20
200
16
1612 1612 16
36 cum prior pref
15 July 27 33 Feb 6
01512 20
No par
"16
20
700
19
193
$7 cum prior pref
8 1918 1918
No par
1712 Jan 4 3812 Apr 24
*1812 20
193 •1812 21
1912 1912 19
17 Jan 5
300 Stand Investing Corp No par
2
7 Jan 13
8
112 112
4
15
*112 15
8 *112 14 *112 15
15, •112 13
500 Standard 011 Export pref__100 9612 Jan 2 11014May 26
10912 10912 '1091
10912 111
- *10912 11214 10912 110 *10912 111
8May 14 427 Jan 30
3112 17,500 Standard Oil of Callf
g
4 31
No par 2305
2--333 333
4
4 3212 333
4 3114 3212 3138 31% 3112 313
400 Standard 011 of Kansas____10 28 Sept 12 41 Apr 21
*2712 2812
*2712 29
28
.20
314 29
29
2812 2812 28
8 415 4213 18,800 Standard 01101 New Jersey _25 40%July 27 5018 Feb 17
8
8
8 4212 427
44
44
433 44
8
425 4314 425 427
8
1313
83
4
1414 Apr 19
600 Starrett Co (The) L S No par
6 Jan 15
914
93
4
* 4
83
9'4
* 4
83
83
4
oi4 914
*94 104
574 2,700 Sterling Products Inc
5714 57
57
10 4714 Jan 4 13612July 30
*57
4
5712 56
5714 553 5612 5612 57
112 0158
1%
700 Sterling Securities Cl A_No par
112
3 Feb 6
13 Jan 2
8
8
15
*15
8
15
8 '112 14
17
8 •15g
17
•338 4
200
0312 4
Preferred
34 312 *34 4
*312 4
*312 4
7 Feb 6
No par
3 Jan 3
600
Convertible preferred____50 30 Jan 12 36% Feb 1
33
33
029
33 '29
30 '29
3218 '30
3112 30
*30
1,600 Stewart-Warner
6
55
*54 614
6
6
534 6
5
412July 26 103* Feb 21
6
6 12
612 612
53
512 2,500 Stone & Webster
514
8
55
8 55
8
No par
478July 26 1314 Feb 8
512 55
8
34
538 55
5
53
4 6
8 3
8,100 :Studebaker Corp(The)No par
27
9 4 Feb 21
,
3
214July 24
3
3
318
3
3
3
3
318
3
100
Preferred
100 1112July 24 47 Feb 19
"1318 154 •1318 144 *1318 1414
1414 1414 '1318 15
*1414 16
68
500 Sun 011
.67
4Sept 6
683 69
No par 514 Jan 2 693
*68
4
70
68
69
*6712 70
"6712 70
150
4
Preferred
4
100 100 Jan 17 117 Aug 20
11614 1163 116 116 .115 1163
11614 116% 116 116
116 116
14
200 Superheater Co (The)__No par
11 12July 27 2514 Feb 5
153 14
4
8
4
134 133 '133 154 *133 154 *133 155 •14
15
8
14 4,100 Superior 011
2
3 Feb 1
2
2
2
24
2
2
1
114July 26
2
24
2
45July 26 153 Feb 19
4
7
612 612 1,400 Superior Steel
83
4 63
4
7
100
4
612 63
64 714
'612 714
55 Jan 26
200 Sweets Co Of Amer (The).. 50
July 27
'34 413 '314 44
*312 418
31u
33
8 312 *314 418 " 4 4,
8
3
08
Symington Co
38 July 24
212 Feb 19
No par
3
4
52
"3
34
5
8
3
4
3 '
4
3
4
*5
8
34
•
%
53 Feb 23
Class A
112July 27
4 218
200
4 *134 21s .13
No par
13
4
13
4 218 '134 2
•14 218 '13
.814
712 8
800 Telautograph Corp
914 0858 93* •83
818
712Sept 14 1514 Feb 1
8
8 9
5
814 814
8 1,300 Tennessee Corp
8
34July 26
4
43
63 Feb 19
4
4
4 18
418 414 *438 47
414
5
"414 4% *4
213
4 9,000 Texas Corp (The)
8 21
8 2158 217
25 20 July 26 293* Feb 5
2212 2112 22
22% 2212 22
213* 217
3412 3312 3418 11,400 Texas Gulf Sulphur____No par 30 July 26 4314 Feb 6
335 334 3358 3414 34
8
35
34
343 35
4
212July 27
2% 23
4 2,100 Texas Pacific Coal & 011_10
612 Apr 4
8
4 27
4 24 "23
8 '23
8
234 27
27
8 27
3
3
63 Jan 6 12 Apr 2
4
814 84 5,200 Texas Pacific Land Trust_ 1
'83
4 873
83 83
4
9
9
84 9
87
8 87
97
8 94
300 Thatcher Mfg
No par
*94 10
8 July 26 1512 Jan 30
*97 10
8
*97 10
8
10
10
•1018 11
543
44
44
*43
*43
$3.60 cony pref____No par 39 Jan 15 44 Jan 29
44
'43
44
44
*43
44
*43
.5012
•40T2 ii *4038 15. 4612 .-i
• 1514 and asked price's, no sales on this day.
4611 li
i5 ig
/ Companies reported In receivership.
a Optional sale. c Cash male.
r Ex-dividend.
PER SHARE
Range for Previous
Year 1033.
Lowest.
Highest.
$ per share $ per share
17 Feb 113 July
4
1014 Jan 383 May
4
13 Feb
64 July
4
Jan 2312 July
612 July
3 Feb
4
1538 Feb 64 July
7 June
% Apr
8
6% Feb 175 July
14 Apr 133 July
4
158 Mar
8 June
4 May
5 Feb
8
4 Feb 403 June
4
512 June
5 Jan
8
3 Jan
18 June
195 Feb 4712 July
8
3
Apr 110 4 Nov
97
27 June
8
14 Jan
2 Nov
13 June
325 Nov 574 June
8
597 Nov 884 Jan
2
75 Dec 10138 Jan
84 Deo 11212 Jan
Jan
99 Nov 125
83% Dec 10312 Jan
18 Feb 6818 July
212 Mar 15 8 Sept
3
30 Mar 694 Sept
57 Feb 25 8 July
3
3 Feb 1214 July
1314 Feb 40 May
612 Feb 27 July
53 June
1 Mar
5
Feb 205 Sept
8
512 Feb 207 June
8
25
Jan 60 May
412 July
14 Jan
118 Jan 1812 June
212 Feb
1114 July
712 Feb 3712 July
8 Feb 35 Dee
34
13 Feb
8
8June
63
a
Feb 23 July
9 Feb 5412 July
114 Jan
12 June
214 Mar 26 June
6 Feb 2112 June
112 Feb 153 July
4
2612 Jan 25414 Sept
60
Jan 6234 Jan
612 Feb 163 June
4
233 Nov 2612 Nov
8
2 Apr 107 June
8
175 Mar 393 Nov
8
4
64 Feb 31% Sept
28 Mar 623 July
8
72 Apr 944 July
8014 Feb 105 Sept
214 Apr 12 July
24 Nov 4514 Aug
5 Mar
8
1038 July
318 Apr 3554 July
28
Jan 447 July
15 Feb 435, Sera
Da Feb
4% July
1212 Feb 47 July
114 Feb
5 June
24 Feb 48 July
35 June
18 Mar
112 Feb
712 July
55 Apr 1314 July I
112 Feb 12 July 1
212 Feb
85 June 1
8
2114 Mar 417 July '
312 Feb
115 July
8
2812 Mar 61 July
43 Feb 31 July
47 Feb 123* June
3 Feb
94 June
22 Feb 5712 July
7
Jan 35 July
814 Feb 42 July
5 Mar
8
13 July
4
6 Mar 17 Nov
58
Feb 92 July '
157 Jan 485 July
2
8
Jan 132 July
112
Jan
28
1418 Nov
4
Jan 117 July
2
2518 Mar 61 June
412 Feb 1512 July
1712 Feb 60 June
8 June
% Feb
512 June
12 Jan
712 Apr 22 July
vz July
24 May
16 June
Jan
6
11% Mar 3212 Jur e
1
Feb 21 12 Dec
4
133 Mar 37% July
1
Jan
95 Aug
518 Mar 2212 June
8
64 Dee 257 June
15 Dee 61 June
16 Dec 66 June
12 Mar
27 June
9212 Mar 102% Sept
1912 Mar 45 Nov
123 Apr 394 Dee
4
4
223 Mar 4712 Nov
4 Feb 1112 June
453, Dec 60% Sept
37 Juno
8
3 Jan
8
7% June
112 Feb
20 Mar 3614 July
1112 July
212 Feb
512 Dee 1914 July
838 June
112 Mar
9 Apr 3818 June
35 Feb 59 Nov
89 Mar 103 July
712 Feb 27 July
412 July
3 Jan
4
8
2 Feb 223 July
1 Mar 10 July
3 June
4 Apr
,
5 4 July
14 Apr
163 July
8
818 Feb
7, Aug
4
13 Feb
8
10 4 Feb 304 Sept
3
1514 Feb 454 Nov
612 May
13* Mar
3:2 Mar 114 June
5 Feb 2218 July
2752 Feb 44 July
y Ex-rights.
New York Stock Record-Concluded-Page 8
1679
lar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Sept. 8
Monday
Sept. 10
Tuesday
Sept. 11
Wednesday
Sept. 12
Thursday
Sept. 13 I
Friday
Sept. 14
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Ian. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Rangefor Previous
Year 1933.
Lowest.
Highest.
$ Per share $ per share $ per share
$ Per share $ per share $ per share 5 per share 5 per share Shares Indus.& Miscell.(Coact.) Par $ Per share
4 Aug 7 1218 Feb 16
23 Mar 1212 May
8
*5
64 *5
618 *5
The Fair
NO par
618 *5
618
*5
618
*3
318 *3
34 314
918 Feb 19
312 312
1
Feb 1012 July
338 *3
338 1.800 Thermold Co
1
34 Sept 11
16
*15
16
1
1312 Jan 2 1938 Feb 6
10 Mar 2114 July
*15
*15
157 '15
8
157
8
Third Nat Investors
157 *15
8
6 Dec 1512 June
*518 514
54 518 "518 54 *5
100 Thompson (J R)
25
47g Aug 15 11 Feb 5
54 *5
514
*103 1112 .11
4
10 July 26 2014 Feb 16
12
5
/ Jan 2014 Sept
1
4
111 12
/
4
*1112 12
500 Thompson Products Inc No par
105 105
8
8
4July 26
512 Jan 29
238 212
214
214
13
214
*214 2 8
3
238 238
214 1,500 Thompson-Starrett Co_No par
12 Mar
912 June
1812 Aug 6 2412 Jan 30
12
Jan 30 June
"1814 2212 *1814 2214 *1814 2214 *1814 2214 *1814 2214
$3.50 cum pref____ _No par
111 S
/ ept
4
318 Jan
914 93
4
812 Jan 4 1438 Apr 23
87
8 914
8
/ 9
1
4
9 18 914
8
/ 918 7,900 Tidewater Assoc 011___No par
1
4
2312 Apr 6514 Nov
81
80
80 80
100 6412 Jan 4 8518 Apr 30
*765 80 '77
8
80
*761 78
/
4
500
Preferred
02418 31
31 Mar 26 40 Apr 27
914 Apr 26 Dec
*2418 31
*2418 31
No par
*2418 31
02418 31
Tide Water Oil
45
Feb 80 Dec
*9412 96
*9412 96 '9412 96
100 80 Jan 11 9612 Apr 27
*9412 96
9412 9412
200
Preferred
514 512 2,200 Timken Detroit Axle
812 Apr 24
112 Mar
814 June
55
8 57
8
5
/ 55
1
4
4
10
3 8 Jan 4
7
8
55
8 5
/
1
4
53
4 53
133 Feb 3512 July
4
6,500 Timken Roller Bearing_No par 24 July 26 41 Feb 5
/
4
/
1
284 294 2 12 275
6
8 2712 271 2712 2818 264 28
812 Feb 5
25 Mar
8
9 July
/
1
4
512 55
8
512 55
8
53
8 5
/ 9,300 Transamerica Corp__ __No par
1
4
518July 26
/
1
4
,
/
4
512 5
5 2 51
24 Mar 1712 July
/
1
6
512
512
300 Transue & Williams St'l No par
412July 26 1312 Feb 17
*512 53
4 *512 53
4
53
4 .53
4 *5
/
4
24 Feb
/
1
418 414
4
4
318July 27
61 Feb 3
83 July
4
4
418
3
/ 33
1
4
4
35
8 4
5,200 TM-Continental Corp__No par
41
Apr x75 May
"6812 75
*6918 75
*6812 847 *673 75
8
4
*673 73
4
No par 6014 Jan 9 78 Apr 20
6% preferred
2018 Feb 384 July
/
1
3612 3612 36
235
36
No par 33 Jan 6 40 Feb 3
36
35
1,000 Trice Products Corp
'3518 37
3.3
410 July 12
11 Jan 3
/
4
12 Apr
•318 33
4 *318 312 *34 34 0318 312
318 318
54 July
300 Truax Traer Coal
No par
4
412 412
33o July23
94 Feb 19
/
1
2 Mar 123 June
412 458
10
*44 4
/
1
/
1
4
438 43
8
412 412
4
414 1.400 Truscon Steel
1 July 23
4 Jan 15
614 June
5 Jan
4
/
4
No par
*17
8 2
11 11
/
4
112 112 *112 134 *112 11
300 Ulen & CO
/
4
13
4
13
4
4818 x45
*46
914 Feb 3912 July
46
45
*45
48
*4412 45
/ 4414 45
1
4
46
500 Under Elliott Fisher Co No par 38 Jan 5 5112 Jan 20
8
512 Jan 60 July
*4612 4912 *4612 49,2 46
600 Union Bag & Pap Corp_No par 3914July 26 607 Feb 23
4 4512 4512
461 3 *4512 48
*4512 483
/
4
8May 14 507 Jan 19
2
193 Feb 511 July
4
41
391 4014 4010 407
/
4
404 4112 40
/
1
8 4012 4112 3912 413 16.800 Union Carbide & Carb_No par 357
8
812 Mar 233 July
8
4July 27 2012 Feb 5
/ 1514 147 144 145 144 1412 144 1414 145
1
4
8
/
1
/
1
/
1
8 1.600 Union 011 California
25 133
*1514 1512 14
8
1012 Feb 223 June
4
8
15 Jan 9 2114June 18
52
8 1914 193 *19
1914 19
19
191 1914 1.9
/
4
1914 1,000 Union Tank Car
No par
187 187
8
8
8
1612 Mar 4C7 July
/ 14
1
4
12
/ 1378 32,100 United Aircraft & Tran_No par
1
4
123 Sept 14 373 Feb 1
4
8
/
1
/ 144 1378 1414 13
1
4
/
1
144 1412 137 144 13
/
1
1312 Feb 2712 July
8 223 2238 225 22
8
8
/
1
4
2212 223
4 225 227
8
/ 224 224 2212 2212 1,400 United Biscuit
1
4
/
1
/
1
No par 22 Sept 11 2914 Apr 26
Dec
92 May III
10
Preferred
100 107 Jan 9 120 June 30
*115 117 *115 117 *116 117
11612 11612 *116 117 *116 117
1014 Feb 38 Dee
40
/ 403
1
4
4 4012 41
40
No par 35 Jan 4 4612June 16
404 4018 4018 24012 4012 3914 4012 2,800 United Carbon
/
1
8 Feb 7
/
1
4
4 Dec 1412 June
34 4
/
1
35
8 37
3
/ 3
1
4
/ 46,200 United Corp
1
4
33 Sept 14
8
8
5
No par
312 33
312 3 8
4
312 3
/
1
4
2218 Nov 407 June
8
4
/
1
4
26
2614 253 264 257 2618 2578 26
8
8
4,000
No par 24 Jan 3 37 Feb 7
14
255 26
8
247 251
Preferred
618 Dec 12 Sept
914 Jan 8 1814 Apr 28
*12
1212 111 1218 . 4 111 113 114 1112 11.34 1012 1114 2,700 United Drug Inc
/
4
/
1
5
4
115
/
4
8
6 June
/
1
4
3 Feb
3
*412 514 *412 6
*412 5
"412 5
*412 5
412 413
100 United Dyewood Corp
10
33 Jan 2 107 Apr 26
8
1 Ma
8 July
/
1
4
414 414
414 414
4
4
4
4
6 Apr 25
*414 43
4
418
900 United Electric Coal___No par
34 Jan 10
4
2314 Jan 68 Aug
/
1
71
72
71
72
734 7214 7334 5,600 United Fruit
No par 69 Jan 5 77 Apr 21
71
71
7114 72
74
8
1414 11,800 United Gas Improve
13 Dec25 July
/
1
4
8 1414 143
8 1414 141 14
/
4
14 Sept 14 2018 Feb 6
1412 1412 143 1458 1414 143
No par
9412 99's
8212 Dec100
*9412 95
95
95
95
97
500
95
95 95
*94
No par 86 Jan 8 9938July 18
Jan
Preferred
3 Feb 19
/
1
4
512 July
"2
23
8 *2
23
8 *2
13 Feb 13
4
12 Jan
24 *2
Wnited Paperboard
100
/
1
23
8 *2
23
8 *2
2
/
1
4
311 Mar 217 July
8
412 434
4 July 26 13 Feb 20
/
1
4
*45
8 54 *44 314
/
1
400 United Piece Dye Wks_No par
412 412 *412 518 *43
4 518
35 Dec 85 July
*33
38
*33
38
*33
38
*33
38
*33
38
*33
38
100 35 Aug 30 88 Feb 21
61
/
4% preferred
714 July
6 Apr 20
3 Feb
4
*25
8 3
700 United Stores class A__No pa
*27
8 3
4
23
4 3
24 27
/
1
8
24 July 26
27
8 2
/ "25
1
4
8 23
5818
45 Mar 66 July
.50
5818 *50
581 *50
/
4
5818 •50
584 *50
Preferred class A____No par 54 Aug 15 66 Apr 16
5818 '50
211/ Apr 5112 July
43
44
1,200 Universal Leaf Tobacco No par 4014 Feb 26 5013 July 13
*4512 457
8 4512 46
444 4514 *4414 4612 *4412 46
/
1
10
Apr 35 June
.28
50
*27
49
*27
49
/
1
•261 50
/
4
*263 50
4
*27
50
Universal Pictures let pfd.J00 164 Jan 8 4612 Apr 11
33 July
8
3 Feb 16
14 Apr
I
1
1
1
700 Universal Pipe & Rad
/ July 27
1
4
"1
118
118
118
118
11
1
118
1
/
4
618 Mar 2218 July
1814 174 173 *18
20 1512July 26 33 Feb 7
181 1812 18
/
4
184 1714 18'o 1612 1712 3.700 U S Pipe & Foundry
/
1
4
8
12
/ Apr 19 May
1
4
200
*1812 19
1st preferred
*1812 19
*1812 19
8 18.2 181 *1818 1812
No par 1812 Jan 11 195 Feb 23
*1812 185
4 Jan 31
1
Oct
6 June
US Distrib Corp
112 Jan 5
No par
*12 11
*12 1,
*12 11
•12 11
2
•1 1
/
4
,
*12 1,
2
1414 1214 13
7 Feb 2958 July
200 U S Freight
II July 26 2712 Feb 5
*1218 14
*113 127 *113 15
4
No par
4
8
4
*113 143 *13
4
318 Feb
173 July
4
7
7
700 U S & Foreign Secur
618 Aug 7 1514 Feb 5
*75
8 8
75
8 7o
75
8 75
No par
8
712 7
/ •74 81
1
4
3612 Mar 84 July
6912 *67
65
70
*66
Preferred
691 *66
691 •66
6912 '67
No par 6314 Jan 5 78 Feb 26
6922
18
Feb 5312 July
1,200 U S Gypsum
3914 383 3884 3712 371
4
2373 3812 373 38
4
4
*39
3712 38
20 3414June I 5012 Jan 24
4
30
7% preferred
139 139 *13814 139
100 115 Jan 10 140o July27 101, Jan 121 Sept
*13814 139
139 139 *13612 139 *13612 139
111 June
/
4
13 Apr
8
618 650 *618 658 .618 658
U 8 Hoff Mach Corp
5
4 8 Jan 9 1018 Apr 24
3
*618 67
*618 6
/ *618 6o
1
4
1312 Feb 94 July
3
8 3,400 U S Industrial Alcohol_No par 3412July 26 64 4 Feb 9
374 38
36
37,
2 363 364 37
4
4
37
363 3714 3514 363
23 Mar 1714 July
8
612
614
614
500 U S Leather v t e
518July 26 1178 Jan 24
612
"612 7
614 614
No par
612 612
64 612
414 Feb 27 July
/
1
4
712July 26 1934 Feb 1
Class A v t o
No par
93
4 93
'912 93
93 10
4
4
93
4 9
/
1
4
8
/ 918 1,000
1
4
9,
2 91
30 Feb 784 Sept
100
Prior preferred vs a
*41
50
*43
50
*44
49
*42
50
49
49
100 498e pt 12 80 Jan 30
*41
49
212 Feb
1412 July
/
1
4
4 July 26 12 Feb 2
4
/ 434
1
4
43
4 4
/
1
4
458 434
434 43
412 43
4 1,900 U S Realty & Impt___No par
4
47
8 5
24 Feb 25 July
/
1
No par
11 July 26 24 Apr 21
155
8 1518 1512 1418 1514 16,200 U S Rubber
1512 151
/ 144 1514 15
1
4
/
1
147 15
8
512 Feb 437 July
3514 34
11,200
8
1st preferred
363 363
4
3412 364 34
/ 354 34
1
4
/
1
/ 355
1
4
8 3214 34
100 2418 Jan 8 614 Apr 20
/
1
8
1312 Jan 1055 Sept
4
10914 115
11312 116
11212 11514 111 1143 49.700 U S Smelt4ng Ref Se Min___50 9852 Jan 13 141 July 19
121 1221 11112 122
3912 Jan 58 Sept
6412 64
64
64
64
700
6518 65'o 65 65
Preferred
50 5412 Jan 13 6518Sept 8
6412 641 *64
/ Mar 6712 July
1
4
/
1
4
/
1
/
4
323 331
4
32
8
100 3014 Sept 14 59 Feb 19
334 317 327
323 3314 3114 324 3014 311 65,700 U S Steel Corp
8
5
Mar 10512 July
75
754 71
743
4 7,700
Preferred
100 71 Sept 14 9912 Jan 5
7712 773
8
4 763 7712 7618 7612 763 77
4
Jan 10912 Dec
59
U S Tobacco
8
/
4
8
*11018 1197 *11018 1191 •11018 1197 *11018 1197 '11018 1197 *1071 1197
No par 99 Jan 5 120 July 10
8
/
4
8
8
3
11 Apr
/
4
87 June
8
2
218
2
5 8 Feb 6
*2
2
218 2,500 Utilities Pow St Lt A
2 July 23
214
2
1
2
2
2
2
318 July
*3
4
7
8
2
4
400 Vadsco Sales
54July 21
11 Jan 25
/
4
/ Jan
1
4
No par
3
4
*3
4
7
8
3
4
3
4
03
4
7
8
3
4
34
7 8 Mar 3614 July
5
1412 153
/
4
4
4 4,400 Vanadium Corp of Am_No par 14 July 26 311 Feb 19
163 163
4
4 16
1634
1534 16
16
163
8 153 16
71
7l2
11 May
/
4
10 July
100 Van Raalte Co Inc
412 Jan 2 1138 Apr 18
5
*73
4 012 073
4 812 *7
/ 812 *712 812 "712 812
1
4
2012 May 65 Sept
69 '66
74
69
40
7% lot pref
71
*70
76
*70
73
75
71
100 x5414 Mar 1 98 Feb 5
*71
4July 20
2318 Dec31 Sept
*32
3212 *3218 3212 3218 3218 3212 3212 3214 3214 32
3218
700 Vick Chemical Inc
5 244 Jan 4 363
/
1
318 314 1,600 Virginia-Carolina Chem No par
31,
4
34
34 33
8
58 Feb78 July
5
318 314
8
54 Jan 23
/
1
33
8 33
8 "318 35
11 July 23
/
4
33 Mar 2612 July
8
1612 161 1618 1714 2,900
/
4
6% preferred
1612 1612 161 163
/
4
4 1612 1634 17
17
100 10 July 26 26 Feb 5
35 8 Mar 6312 July
3
*68
80
"68
80
7% preferred
*70
80
*69
80 *__ __ 78
80
/
1
4
*68
100 59 Jan 8 84 Aug 17
60 Dec 8558 Jan
76
60 Virginia El & Pow $6 pf No par 65 Jan 2 80 July 31
7612 7612 *7612 7712 *7612 7712 7612 7612 76
*7512 7612
218 Feb15 May
Virginia Iron Coal & Coke_ 100
9 Feb 23
8 712 '35
8 712 *35
8 712 *34 712 • / 7 2
/
1
3
1
4
358July 31
*3
/ 712 *35
1
4
124 Feb67 June
/
1
/
1
4
62
62
6012 62
•57
5812 57
57
120 Vulcan Detinning
58
57
*57
100 52 Jan 4 79 Mar 9
57
414 414
518 Dec 12 July
/ *414 4
1
4
400 Waldorf System
*414 4
414 412 *414 412
87 Feb 20
8
/ *414 438
1
4
No par
414 Sept 12
.___
4 23
/ 233
1
4
4 2312 23
*23
/ 243
1
4
No par 2214 Feb 26 2914June 18
/ 2312 2312 2312 2358 2318 2312 1,900 Walgreen Co
1
4
Apr - 9
012 Sept
75
80
61
110 110
/
4% preferred
100 8412 Jan 4 110 Sept 13 *10812 10912 10912 10912 *10812 110 *10812 10912 10912 110
7 Apr
8
8 June
/
1
4
312 312 *312 4
4
4
312
700 Walworth Co
214 July27
312 312
*312 34
/
1
No par
32
,
63 Feb 1
s
24 Mar 20 July
.53
4 8
53
4 5
/ "55
1
4
8 8
5
/ 5
1
4
/ *514 8
1
4
*514 8
200 Ward Baking class A No par
5 Aug 6 12 Feb 5
/ Apr
1
4
5 8 July
5
'112 2
114
114 2,100
*13
4 2
112
Class B
3 8 Feb 5
5
112 112 *114 112
114July 27
No par
l's
/
4
/
1
*2414 27 "2414 26
111 Apr 444 July
*2414 28
*2414 27
*2414 27
Preferred
*2414 27
100 2412 Aug 20 36 Jan 24
414 43
918 Sept
4
418
1
Feb
418 43
8
418 414
8
41
/
4
3
/ 44 9.700 Warner Bros Pictures
1
4
814 Feb 5
4
5
July 26
4
414 Feb 2412 Oct
8
01518 197 *1518 193 "1518 193 '15
•141 19 4 "1012 19
/
4
3
/
4
4
19
23.85 cony pre
No par 17 Aug 29 311 Apr 24
58 Mar
41 June
/
4
8
11
*138
/
4
/
4
114
/
4
15
8 *138
158 *11 11
13
8
3 Feb 16
/
1
4
*13
8
11 "13
300 Warner Quinlan
No par
114 Sept 141
24 Feb 223 June
/
1
8
6
61
/
1
4
5
/ 6
1
4
512July 2611358 Jan 24
*612 6
3,900 Warren Bros
5
54 6
/
1
No par
/ 6
1
4
8,
4 014
01012 144 *1012 145 •1012 14
/
1
712 Feb 355 June
8
8
/
1
*1012 14
*1012 14
Convertible pret____No par
.1012 14
10 July 30 284 Apr 23
*1612 19
*1614 17
5 Feb 30 Dec
.1614 19
16
16
200 Warren Fdy & Pipe__ _No par
1312July 27 31 Jan 20
*1612 19
/ *1614 19
1
4
1
Jan
8 Jul
*3
/ 4
1
4
3 July 27
7 Jan 25
334 334
400 Webster Eisenlohr__ __No par
3
/ 3
1
4
/ *33
1
4
4 4
33
4 33
/
1
4
4
33
4 3
Is Apr
312 June
214 Jan 23
118 *1
118
1
1
I
1
1
4July 27
1
210 Wells Fargo 6r CO
3
118 *1
1
"1
7 Mar 3712 July
8
8
8 3,300 Wesson Oil& Snowdrift No par
15 4 Jan 4 295 Aug 29
3
28
28
264 273
/
1
8
4 263 2712 2718 275 22714 2714 263 267
1
6614 6614 6614 663
40 Mar 63 July
67
67
664 6612
8 67 67
Cony preferred
*6614 67
700
No par 5212 Jan 5 67 Sept 12
3412 324 3312 324 3312 33 3334 3014 33
1714 Feb 7714 July
33
/
1
/
1
4
11,100 Western Union Telegraph_100 3014 Sept 14 68 Feb 6
/
1
33
/ 34
1
4
4
8
113 Jan 355 July
1858 184 1712 1812 1712 1734
/
1
1758 175
18
1712 1814 3,300 WestInglfse Air Brake_No par
157
8July 26 36 Feb 6
8 18
1938 Feb 583 July
4
4
4 303 3218 2918 307 20,600 Westinghouse El & Mfg___50 277 July26 4714 Feb 5
311 3218 3012 3214 3012 3118 3114 313
/
4
8
8812
86
8812 *86
8012 Feb 96 July
*86
8812 *86
let preferred
8812 86
8812 .86
50
50 82 Aug 8 95 July 11
.86
/
1
4
3 Feb1314 July
•7
87
8 "714 8
/ "7
1
4
'8
9
712 8
•
8
300 Weston Elea Instruml_No par
6 July 30 14 Feb 5
27
"25
8
27
10 Mar 2214 July
*2518 2612 2612 2612 26
27
40
Class A
163 Jan 5 27 Sept 14
8
*2214 277 *24
No par
60
59
30 Apr 73 June
4
59
a9 "493 59
593 '55
5812 59 '57
8
30 West Penn Eleo class A_No par 4412 Jan 8 70 June 13
*55
68
68
*66
37 Apr
77 June
/
1
4
68
69
68 68
68 68
65 65
110
Preferred
100 513 Jan 8 80 July 13
4
68
56
*53
56
33 Apr 6912 July
/
1
4
57 '53
*54
57
57
57
56
56
50
6% preferred
100 45 Jan 3 x6812July 19
56
10612 *10614 109
10614 1064 10712 10712 *10712 10812 10712 10712
8812 Dee 1103 Jan
8
90 West Penn Power pref
8June 12
100 8912 Jan 2 1105
10612
*9514 101
80 Dec101
Jan
*95
99
*95 101
*94
98
10
6% preferred
100 78 Jan 10 105 June 29
/
1
4
9812 9812 "9514 101
/
1
4
24 214 "2
212 Apr
111 June
/
4
214 2
214
500 West Dairy Prod cl A __No par
2,2
214 *2
2
2
64 Jan 30
/
1
*214
11 Aug 1
/
4
/ Mar
1
4
44 June
5
8
100
Class B v t c
/
1
4
"8
3
212 Jan 30
4
"
/
1
4
No pa
12July 27
3
4
*3
8
3
4
.5a
3
4
*3
8
3
4
*20
21
1912 2012 1912 1912 "20
2012 20
2012 1912 1912
800 Westvaco Chlorine Prod No par
1478 Jan 12 2714 Feb 8
5 Mar 20 2 July
,
14
.13
200 Wheeling Steel Corp_ No par
1412 14
131 13
/
4
*12
131
/
4
15
712 Jan 35 July
13
*12
13 July 26 29 Feb 21
*14
*38
4118 *38
15 Feb 67 July
Preferred
4014 *38
4018 38
38
"35
40
100
100 38 Jan 4 57 Feb 26
4118
*38
14
Jan 2612 July
10 White Motor
4
4
4
50 15 July 26 2812 Feb 19
/
1
•1514 163 *1514 1512 1514 1514 *1514 163 *1514 163 '1514 164
25
25
25
Oct
25
25
2518 *253 26
800 White Rk Min Spr ctt __No par 2114July 26 3112 Apr 19
23 Oct 29
25
25
26
8
*25
*112 14 *112 11 0112
/
1
112
112
100 White Sewing Machine_No par
4 July
/
1
4
/
4
11 *112
/
4
15
8
112 Jan 8
12 Jan
11 *112
/
4
3 Feb 6
/
1
4
200
Cony preferred
1012 July
4 6
*33
4 6
5 July 25 1114 Apr 20
118 Jan
5
5
'33
4 6
*33
4 6
*33
No par
*334 5
33
8 3
/
1
4
300 Wilcox 011 & Gas
/
1
4
312 312
312 3 2 533
5 June
,
8 312
212JulT 26
5 Apr 5
/
1
4
2 Mar
8 312 *33
8 312 *33
6
u
s 67
8
634 6
/
1
4
612 63
612 612
618
618 3,000 Wilson & Co Inc
11 June
4
9 Apr 11
612 612
4 Jan 8
/
1
4
No par
/ Jan
1
4
2212 2334 211 224 2218 2318 2212 2314 2034 2212 17,100
/
4
/
1
8
4
Jan 22 June
Class A
1214 Jan 9 263 Apr 13
No par
4
233 24
8112 82
8112 82
279
34 80
774 80
/
1
2,100
19 Mar 7212 July
Preferred
8 8212 83
100 53 Jan 8 8412 Apr 11
833
83
477
8 47
473
4 465 471 11,600 Woolworth (F W) CO
8
/
4
8
473
8 4718 47
/ 47
1
4
10 4114 Jan 3 544 Apr 21
/
1
254 Apr 507 July
/
1
4 47
4714 473
15
1312 14
900 Worthington P & W
8
•1312 18
17
15
15
*1518 17
*14
*15
100 1312July 24 311 Feb 5
/
4
8 Mar 397 July
8
/
4
50
344 •3112 343 *3112 341 3112 3112
/
1
8
Preferred A
14 Mar 51 June
100 3112Sept 14 53 Jan 24
8
•3214 343 .3112 343 •32
28
*24
23
/ 233
1
4
4
200
Feb 47 June
30
"231 31
/
4
Preferred B
100 23 8 Aug 6 42 Jan 24
5
14
*2312 31
3012 28
"28
62
040
62
62
*25
62
*40
62 "40
Wright Aeronautical_ _No par
Apr 24 May
*41
167g Jan 8 75 Jan 27
6
*444 62
/
1
3412 Feb 574 Dec
6114
800 Wrigley (Wm) Jr (Del)No par 5412 Jan 11 6618 July 11
*64
66
644 64 4 *64
,
65
6414 644 6414 6414 64
/
1
200 Yale & Towne Mfg
8
Jan 23 June
16
16
*147 17
8
1478 147 '1414 18
_ __25 14 Jan 5 22 Apr 24
7
8
*147 16
16
'15
4
73 July
900 Yellow Truck & Coach clB_10
24 July26
218 Mar
Co714 Feb 19
8 •338 312
311 33
34 3
4
314
314
33
8 31
.312 4
145
8
/
4
8
34
*30
355 •30
8
354 •271 345 *30
/
1
Preferred
100 28 Jan 2 4712 Apr 26
18 Mar 42 July
3418 "30
•30
1614 1.000 You& Spring & wire No par
16
13 July 26 223 Feb 19
1614
161 '1618 1612 *1638 1612 216
312 Mar 1918 July
4
/
1
164 164 1614
/
1
8
1512 1412 147
1512 1418 1518 5.200 Yo1lnet09311 Sheet & T_No par 12
/
1
4July 26 333 Feb 19
8 1518 1538 15
4
712 Feb 375 July
8 15
155 157
8
5 Dec
.214
700 Zenith Radio Corp____No par
17
8July 26
12 Feb
3
27
8
218
44 Feb 5
/
1
214
214
214
214
2
*2,
4
"214 3
4
4384 37,
33
4 33
334
33
4 *334 3
/
1
4
3
/ 33
1
4
4
312 3
/ 2,900 Zonite Products Corp
1
4
1
33
8July aa
35 Feb
8
8,2 July
7 Feb 19
/
1
4
$ per share
618
*5
8
*312 35
16
*15
*518 514
*12
1214
8
212 25
*1814 227
8
612 9
/
1
4
*81
813
4
*2418 32
95
95
5
/ 57
1
4
8
2912 2912
52 5
,
/
1
4
6
6
4
418
"6910 75
364 361
/
1
/
4
*278 4
• 1114 and asked prices, no sales on this day. I Companies reported In receivership.
a Optional sale.
c Cash sale.
/Sold 7 days.
r Es-dividend.
o Ex-rights.
1680
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prizes are now "and interest"—except for income and defaulted bonds.
NOTICE.—Csah and deferred delivery sales are disregarded in the week's range. unless they are the only transactions of the week, and when selling outside of the
regular weekly rang* are shown in a footnote in the week in which they °Cour. No account is taken of such sales in computing the range for the year.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 14
i
1
..,n.
Price
Fridge
Sept. 14
Week's
Range or
Last Sale
1;
410
4
U. S. G
ment.
Bid
Ask Low
fligo No.
First Liberty Loan-334 of '32-47 J D 10222,2 Sale 1021212103
192
.1 D ____ __ _ 10227uMay34 ---Cony 4% of 1932-47
.1 D 10223, Sale 10224,103412 208
Cony 4%% of 1932-47
J D ____ ___ 10222,aune34 ____
2d cony 4%% of 1932-47
Fourth Lib Loan 414% of '33-'38 A 0 10348 Sale 1022%210314 1087
434% (2d called)1933-1938
- 1001232 Sale 10012321012 32 8837
Treasury 4348
A0
1947-1952 -- 1091232 Sale 109232 1102232 249
Treasury 4%s to Oct 15 1934.
thereafter 3)4%
1943-45 A 0 1002 Sale 992421012,2 1708
,,
Treasury 4s
1944-1954.5 0 1052222 Sale 105232 1062232 983
277
Treasury 3%03
1946-1956 M S 1032812 Sale 10320,2105
Treasury 3)4s
1943-1947.5 D 101
Sale 10010 1102,2n 343
%
Treasury 3s___Sept 15 1951-1955 M S 98142 Sale 98142 991732 2797
Treasury 3sDec 15 1948-1948 J 0 981232 Sale 981235 991282 961
Treasury 334s June 15 1940-1943 J D 1012 Sale 10142 102121, 209
,,
Treasury 384s Mar 15 1941-1943 M S 1011232 Sale 101242 102222 161
Treasury 334s June 15 1946-1949.5 D 991732 Sale 995
4,10012n 1576
102232 2064
Treasury 334s
Aug 1 1941 F A 1012 Sale 101
,2
6918
Treasury 334s
.
1944-1946 - - 1001 Sale 9924,2101
Fed Farm Mtge Corp 3%2_1964 M S. 981232 Sale 9812s, 99123 1577
3s
1944-1949 M 4 9512,2 Sale 9424, 971132 3032
Home Owners Mtge Corp 49_1951 J J 952,2 Sale 9420 , 9711,3 2514
35 series A
1952 M N 95282 Sale 942233 9712,2 4796
State & City—See note below.
Foreign Goat & Municipals.
32
Agric Mtge Bank a f 6s1947 F A 27
Feb 1 1935 subseq coupon___
- 254 Sale
A0 27_
Sinking fund Os A_ _Apr 15 1948 -25 iii
_
With Oct 15 1934 coupon _
4
_Akershus (Dept) ext 5s
1963 M N 773 793
11 Sale
Antioquia (Dept) coil 7s /1_1945 J J
1114 Sale
External a f 7s ser B
1945 J J
1945 J J 11% Sale
External a 178 ser C
1114 Sale
Externals t 7s ser D
1945 J J
Externals f 7s 1st ser
1957 A 0 1112 Sale
8
External see s f 7s 2d ser_,1957 A 0 105 1112
External see a f 703 3d ser_l957 A 0 1084 11%
Antwerp (City) external 5s 1958 J D 101 Sale
Argentine Govt Pub Wks 62_1960 A 0 8812 Sale
Argentine 8s of June 1925,1959.5 D 864 Sale
Extl s 1 8s of Oct 1925-1959 A 0 8612 Sale
External If 6s series 1957 M 4 86 Sale
AExternal Os aeries 13,__Dec 1958 J D 88 Sale
Exti If Os of May 1928_19030 M N 86 Sale
External a 1 6s (State Ry)_1960 M 4 8612 Sale
Ext! On Sanitary Works _1961 F A 8684 Sale
Esti 136 pub wks May 1927 1961 MN 8684 Sale
-Public Works esti 5403.-1962 F A 80 Sale
_1945 M S 1014 sale
Argentine Treasury 52
Australia 30-yr 503__July 15 1955.5 J 9312 Sale
g.._External 58 of 1927..-Sept 1957 M S 9312 Sale
External g 4342 of 1928
1956 M N 89% Sale
Austrian (Govt) 8 t 78
1043.5 D 9912 Sale
Internal sinking fund 78_..1957J J 631s Sale
Bavaria (Free State) 6%2_1945 F A
Belgium 25-yr esti 6%9
1949 M S
External is f 65
1955.5 J
External 30-year a t 703---.1955 1 D
Stabilization loan 7s
1956 M N
Bergen (Norway)5s__Oct 15 1949 A 0
External sinking fund 55_1980 M S
Berlin (Germany)If 6345-1950 A 0
External a f 8s___June 15 1958 J I)
Bogota(City) esti s f Ks
1945 A 0
Bolivia (Republic of) exti 8s-1947 M N
External secured 75 (flat).1958 J .1
External a f 7s (flat)
1969 M 9
Bordeaux (City of) 15-yr 62_1934 al N
Brazil (U S of)external 8s
1941 2 D
External s 1 6348 of 1926..1957 A 0
External s 1 6%a of 1927 1957 A 0
7s (Central RY)
1952.5 D
Bremen (State of) exti 78
1935 M 4
Brisbane (City) a 1 5s
1957 M S
Sinking fund gold 58
1958 F A
20
-years f(Ss
1950.5 D
Budapest (City) exti a f 6s 1982 2 D
Dec 11034 coupon on
Buenos Aires(City) 634s B 2 1955 5 -I
External a f fis ser C-2____1960 A 0
External a 1 603 ser C-3__1960 A 0
Buenos Aires (Prov) exti 68_1981 M S
68 stamped
1961 M 5
External a f 63403
1961 F A
1961 F A
634s stamped
Bulgaria (Kingdom)a f 7s
1967 J .1
Stabli'n If 734s__Nov 15 1968 MN
May coupon on
Caidas Dept of(Colombla)7)403'46 J J
Canada (Dom'n of) 313-yr 48_1980 A 0
53
1952 M N
424s
1936 F A
Carlsbad (City) s f 138
1954.5 J
Cauca Val (Dept) cram 7y:2046 a 0
.1950 M S
Cent Agric Bank (Ger).
Farm Loan s t 6s__July 15 1960 5 .1
7A,Farm Loans f 603_0ct 15 1960 A 0
Farm Loan as ser A Apr 15 1938 A 0
Chile (Rep)—Ext1 a f 7s
1942 M N
External sinking fund 62_1960 A 0
Ext sinking fund 813...Feb 1961 F A
Ry ref ext a f 6s
J
Jan 1961
Ext sinking fund 62._Sept 1961 NI S
External sinking fund 63_1982 M 9
External sinking fund 6s__1963 M N
Chile Mtge Bk 634s June 30 1957
D
S f 6ais of 1926_June 30 1961
D
Guar s f 62
Apr 30 1961 A 0
Guar a f 62
1962 M N
Chilean Cons Munic 78
1960 M 4
Chinese(Hukuang RY)5.,_195I
D
Christiaria (0810) 20-yr s 16s '54 M Et
Cologne (City) Germany634201950 M 13
Colombia(Rep)6s of'28..Oct'61
Oct 1 1934 and sub coupons on A 0
Exter 6s (July 1 '34 coup on)'61
J
Colombia Mtge Bank 634s of 1947 A 0
Sinking fund 780? 1926___1946 MN
Sinking fund 7801 1927___1947 F A
Copenhagen (City) 55
1952 1 D
25
1953 M N
-year e 434s
Cordoba (City) exti a f 7s_ 1957 F A
External s f 7s-_ __Nov 15 1937 MN
Cordoba (Prov) Argentina 781942 1 .1
Costa Rica ( public)—
78 Nov 1 1932 coupon on_1951 MN
703May 1 1936 coupon on_1951 -___
26 May'34 _--254
27
2
29 Sept'34 ---27% Sept'34 ---7712
773
4
1012
1114
8
1012
1112 12
1114
1134 14
1074
113
4 15
103
4
1112
5
11
11
2
10
2
6
11
9512 10212 170
832
8612 77
834
8684 203
8314
8612 135
834
8612 140
8312
8614 137
8314
86 2 9
,
4
8312
86% 190
8372
8684 126
83
8684 93
78
82
87
9514 1014 121
9184
9312 158
9114
9314 134
8712
8912 120
9
9812 10012
6214
64
40
2614
2614 28
2612
4
100 10012 100
1014 13
100 Sale 100
10074
9
107 Sale 10684 10712 17
102 Sale 101
10212 24
7812 Sale 7812
7812
5
5
7412 78 a75
2
a753
4
22 4 Sale 223
3
234
5
2112 Sale 214
234 18
19%
185 Sale 183$
4
714
7 4 19
3
7% Sale
53
4
6% Sale
68 37
6 Sale
584
614 23
172
____ 172 Sept'34 ---,
3412 Sale 32
3412 75
31 Sale 291
32
149
3184 Sale 297
315
4 93
3012 Sale 29
31
44
30
354 31
324 25
817 Sale 817
2
2
824 12
81% Sale 817
827
2 23
933
93 4 Sale 92
5
4 80
39% Sale 3984
40
8
,_ ___ 2612 Aug'34 -783 Sale 784
3
803
4 12
81 Sale 81
81
1
79 Sale 79
80
5
6284 Sale 62
6314 38
53 Sale 50%
53 4 213
3
59 ---- 64
64
1
54 Sale 5284
55 4 80
,
20 Sale 20
2
20
1
2112
163$ 19 4 2112
3
1914 Sale 194
1914
2
1412 23
133 Sale 135
4
10314 Sale 1034 104
66
11012 Sale 11012 11214 40
. 1043
10412 Sale 1043
4 42
584 Sept'34 ____
57
60
133
4 21
1284 13% 1212
29'2 Sale 2912
3012 30
2714 Sale 27 4
,
29% 37
264
30
30
27
96
28
304 11
2684 30
2
1533 97
15 Sale 145
15 sale 1334
1512 210
1512 170
144 Sale 14
2
1512 156
142 Sale 137
4
152 120
143 Sale 13%
4
14% Sale 14
1584 47
4
14% Sale 133
1512 179
15
18
1414 1512 14
153
15
__ 14
40
1514 14
14% Sale 13%
1512 29
1412 Sale 13
11
47
952 1012 912
3
37% 29
35 Sale 353
91 Sale 90%
4
91
2452 Sale 2414
2514 11
3214
32
23 2
7
233
4
233
77%
74
4314
4812
65
39
25
Sale
Sale
Sale
28
29
Sale
Bale
Sale
48
70
30%
334 138
33
209
31
237
26
5
2
244
2512
2452 Sept'34 ___75
7733 11
72
73
74
42
4314 40
4514
46
7
6512
6512
8
4012 Aug'34 ____
40
___ 25
2512 10
Range
Since
Jan. 1
BONDS
N. Y STOCK EXCHANGE
Week Ended Sept. 14
il
11;
.,a.
Price
Friday
Sept. 14
Week's
Range or
Last Sale
1;
04,
1
Range.Since
Jan. 1
Low
High
1002,210412n
100121, 10314,
1012
004,2n
1021%110222n
101233,104103,
10012,210212n
1042421141,3
Bid
Foreign Govt. & Munk.(Con.)
Ask Low
High
High No. Low
Cuba (Republic) 5501 1904._1944 M S a964 Sale 299
7472 994
4
99
External 5s of 1914 ser A1949 F A --------095
93
96
1
a95
External loan 434a
1949 F A 80
83
8114
£2 2 8114
7
6
8114
Sinking fund 5345 Jan 15 1953J J 7412 Sale 7412
78
617 844
2
8
Public wks 534s June 30 1945.1 D 28 Sale 28
45
29
225k 417
5
Cundinamarca 1334s
1959 MN
133 Sale 133
4
4
1412 20
1041984
Czechoslovakia(Rep of) 8a 1951 A 0 9912 Sale 9812
994 23
88 101
Sinking fund as ser B
0 9912 Sale 98%
1952 A
90 101
9912 55
97121,10414n Denmark 20-year exti 68......1942 J J 953 Sale 95
4
953
4 29
864 9812
10124,10912,,
External gold 530
1955 F A 9112 Sale 8852
89
835k 9512
92
3
10023, 1082
,2
External g 434s_Apr 15 1962 A 0 82 Sale 79
8214 134
71
87
98130,1051233 Deutsche fik Am part al 6s 1932
93,200214n
Stamped extol to Sept 1 1935 --- 514 52
5072 7714
4
5112
51
9814,102,1n Dominican Rep Cust Ad 534s '42 M 9 8712 Sale 6712
435 70
6712
6
98223110522u
lit ser 534s of 1926
1940 A 0 65 Sale 65
36
67
16
65
9812,210522n
2d series sink fund 5)4s....1940 A 0 65
665 65 Aug'34 ---2
374 67
9512,110312,, Dresden (City) external 72_1945 MN ---- 467 48 Aug'34 ____
2
454 584
9714,105113, Dutch East Indies 30
-year extl
991231104120,
____ 59 Aug'34 -- 151 16412
534s
Nov 1953 M N 156
981232102244, El Salvador (Republic) 85 A 1948J 2 524 -- 5612 Aug'34 ---4812 60
9417,21011n
J 42 41 Sept'34 _-__
50
Certificates of deposit
38
55
9424, 10124, Estonia (Republic of) 7s____1967 J J 78 Sale 774
78
577 78
2
10
942231 10173, Finland (Republic) ext 68-1945 M 4 99 Sale 99
9
9912
79 100
External sinking fund 7E1_1950 M S 100 8 Saki 100
,
1003
4
8612 1014
7
External sink fund 8143_1956 M 4 9952 Sale 993
7812 100
993
4 27
External sink fund 5318_1958 F A 96 Sale 943
4
39
98
76
96
Finnish Mun Loan 6348_1954 A 0 98 Sale 9714
77
98
6
98
754 984
2
98
9812 98
External 63403 serial B.__1954 A 0 98
188 274 Frankfort(City of) a f 830_1953 M N 2012 Sale 203
20% 48
6
$
23
20
27
4
French Republic extl 73413_1941 .1 D 1813 18414 184
18614 64 15414 1881:
1522 32
External 7s of 1924
4 1853
1949 J D 182 186 1853
2 180 189
4
16
275 German Government Interns2812 190
MI 815
2312 834
8
tional 35-Yr 53471 of 1930_1985 2 13 2412 Sale 2312
812 173 German Republic extl 7s-1949 A 0 3312 Sale 334
355
4
83
323 8712
9
German Prov & Communal Bks
17
928 17
(Cons Agric Loan) 00_1958 J D 26 Sale 26
2814 19
26
714
84 17 4 Graz (Municipality) 8a
1954 M N 88 ____ 8814
8812
4
s
5734 885
772 1414
7012 Sale 88
Only unmatured coupons on__
_
4
7012
62
7012
8
4
14% Gr Brit & Ire(U K of) 534s_1937 FA 1163 Sale 118
_-1
1174 76 1115 124,
5
8
04% fund loan £ opt 1960_1990 MN all5 Sale 011412 al 15
263 109 11712
1484
821: 10212 Greek Government steer 713_1964 M N
28
32% 3212 Aug'34 _-_
22
334
5312 8612
s f sec Os Aug '33 COUP:18_1968 F A 2114 Sale 2114
182 31
4
4
2114
787 77%
2
7412 82
13
78
5311 8652 Haiti (Republic) a 16s ser A.I952 A 0 77
53
8612 Hamburg (State) 138
6
22
1948 A 0 21 Sale 21
21
58
2
53
8612 Heidelberg (German) extl 7343'50 J .1 171a 197 18
15
44
1
18
5352 8614 Rejaingfors (City) ext 630_1960 A 0 9212 9312 93
9314
5
722 95
4
5384 8612 Hungarian Mon% Loan 7341 1945 J .1 39 Sale 3812
3
39
2884 4414
30
27 Aug'34 __-Only unmat coup attached__ J J 24
25
2714
53% 8624
3912 38
5284 867
4
38
External 51 78 (coup). —1946 J J 38
2
30% 45
2
5284 8622
Only unmat'd coups attached J J 2512 297 30 June'34 __-30
30
4714 Sept'34 ____
4712 82
Hungarian Land M Inst 7%s '61 MN 464 91
3312 504
80% 10112
Sinking fund 734s ser B 1961 M N 4612 4814 47%
31
4
473
2
5015
3912 38 Sept'34 -8812 97% Hungary (King of) of 7345_1944 F A 38
3112 4214
89
9733
110 120 ilO8s
Irish Free State extl 51 5s
11084
83
95
1 110 116
1980 M N
914 1004 Italy (Kingdom of) extl 78-1951 .11 D 904 Sale 90
9184 218
90 102
50
9912 21
Italian Cred Consortium 713 A '37 M S 977 9912 59912
77
934 100
4
8914 100
External sec at User B
1947 M 23 -:„. 913 92 Sept'34 __-2614 5912 Italian Public Utility extl 703_1952 J J 8334 Sale 834
76
14
835
934
55 105
844 984
8
8972 93
Japanese Govt 30-yr 8f 6%9_1954 F A 897 Sale 86
737
a
7512 40
76
734 88
Esti tanking fund 51.ft_1965 M N 75
94 104
99 109
Jugoslavia (State Mtge Bank)—
33
7
957 1068
234 4212
Secured a 1 g 7s
5
1957 A 0 33 Sale 33
4
88
8212
2212 25
78 with all unmat coup_1957 --- 204 35 205
1584 27
_
18
16
20
1312 18
1
18
With Oct 1 '35 & sub coups
664 8212
407 44 Aug'34 __-2
Leipzig (Germany) 51 7i1-1947 FA 30
on-2212 62
37% 654
2112 494 Lower Austria (Prov) 734s-1950
60
D 9114 -___ 8912 Sept'34 -891
:
50
63
. --- -__ 50 Feb'34 .._ _
Only unmatured coupe
1712 24
___ 172
64 1124 Lyons (City of) 15
172
7 149 172
attach'd_-year 6s 1934 M14 172
514 104 Marseilles (City of) 15-yr 603_1934 MN 173 Sale 173
1 149 173
173
54 1015 Medellin (Colombia) 6345_1954 J D 104 Sale
914
103
11
84 18%
Mexlcan Irrig Asstng 4%8_1943 M N
,
6% 12
614 63
4 64
149 172
64
Vs
6 Sept'34 _ 223 3612 Mexico (US) extl 5s of 1899 £'45 Q 5 ____ 20
6
0
93
9s 9
5
2014 32
6
615 10
22
Assenting 503 01 1899
1945 _—.
97
2014 32
1114
7
10
Assenting 58 large
---- ---- 97
204 32
---- ---- ills July'34 ___
812 8
Assenting 503 small
29
634
67
44 - -- 64
Assenting 4s of 1904
44 7,
4
20
1954 -6
612 414 Mitr'33___ - -7314 88
Assenting 45 01 1910
73
824
8772
5 ---31
7
Assenting 4a 01 1910 large
0 Sale
---6
6 Sale
6
83
974
-____
Assenting 48 01 1910 small
484 85
62
4 48
8
10
10 Sept'34 .._
3118 4612
812 11
*Trees 68 of 13 assent(large)'33 2 5
24
.1 J --------884 Sept'34 ___
2618
Small
5 4 1112
3
atos 803 Milan (City, Italy) extl 6%s 1952 A 0 7914 Sale 79
4
79
91%
32
280
47
81
Minas Germs (State) Brazil—
24
4514 80
17
3
2014
1955 M S 194 204 19%
External a f 83403
Ext sec 8348 series A
304 6314
17
6
1984
2312
1959 M 4 1914 Sale 1914
2814 55
2784 364
Montevideo (City of) 7s
1952 J D 3584 3612 352
6
36
32
264 327
s
312
2
External 51 tis series A-1959 M N 31
4
3184 64
313
4
27
5514
93
90
18% 24
New So Wale.(State) call 58 1957 F A 89
91
85
96
37
1754 2812
External s 1 58
8514 954
84
91
Apr 1958 A 0 91 Sale 90
164 2012 Norway 20
914 1013
4
7
s
-year eztl 6a____1943 F A 1003$ 1017 10084 101
los 1824
9014 102
4
20-year external (Ss
1944 F A 10012 1012 101
1012
4 21
8
92 10414
8912 100
30-year external Os
22
1952 A 0 097 Sale 9984 100
10314 11212
40-year 9 t 5348
9312 33
1965 2 D 924 9272 9212
83% 9512
8012 924
1002 105
4
External 5 1 5s___Mar 15 1963 M S 89 Sale 8714
37
89
5814 801
: Municipal Bank extl a t 5sA907J D 9084
90% Aug'34 —_
8312 91
92
81
9084
104 19
Municipal Bank esti 8 f 52_1970 .1 D 904 9112
3
903,
554
2912 73
26 Aug'34 ___
Nuremburg (City) eat] 6s-1952 F A 203$ 25
20
26
89
Oriental neve! guar 6.
1953 M S 744 Sale 7314
7414 18
65
7712
6912 Sale 89101
26
69
4
Esti deb 534s
623 74
17
70
1958 M N
274 70
Oslo (City) 30-year a t 65_1955 M N 92 Sale 9112
7815 93
6
92
812 18
4
Panama (Rep) esti
D 1033 Sale 1032
74 18
98 1033
4 1033
4
2
4
. _1953
7
Esti s f 5s ser A___ May15 1963 M N 36 Sale 3552
2912 44
15114
10
36
53403-35 4 Sale 35%
2
7
Stamped
2952 44
36
11
152
4
724 153 Pernambuco (State of) extl 78 '47 M 23 144 Sale 1312
107 184
5
7
1412
74 1533 Peru (Rep of) external 78_1959 M 4 18 Sale 1514
815 17
1614 32
7 144
74 16
1014 Sale
Nat Loan extl a fas 1st ser 19605 D
9
5
1114 233
Nat Loan esti 8 f 13s 2d ser_1961 A 0 10 Sale
94
1114 107
814 141a
915 1512
59
79
697
8 16
2
10
1814 Poland (Rep of) gold 8s____1940 A 0 697 Sale 6812
84 1512
Stabilization loan a 1 703_1947 A 0 12312 Sale 1223
88 125
4 1233 105
4
8
154
External sink fund g 803_1950 2 J 8214 8312 8212
6914 90
12
837s
7
12
Porto Alegre guar 8s
174 2472
1961 .1 0 2152 2484 22 Sept'34 ____
Esti guar sink fund 730._19136 J J 2112 2212 22
1658 2419
3
22
2784 4272
Prague (Greater City) 7%2_1952 MN 90 Sale 90
8133 93
3
90
83 100
2414 50
Prussia (Free State) ext1 6%s '5I M S 2412 Sale 243$
2484 584
12
26
External a f Os
234 574
1952 A 0 231s Sale 3212
34
25
2112 3533 Queensland (State) eat! a 1 78 1941 A 0 1043 Sale 10412 1043
4
3 102 106,
2
21
9412 103
3524
25
-year external 801
1947 F A 10012 Sale 100
12
101
s
44
15
Rhine-Main-Danube 7s A-1950 M 4 38
3812
3812
26
3812 893
6
26
154 2512 Rio Grande do Sul esti s f 8a 1946 A 0 24 Bale 2312
19
7
24
15
205 23
8
26
1884 23
213
4
Apr'32-Oct'33-0et'34 cpn on __ _
2
213
4
834 84
1514 24
13 24 Sale 22
External sinking fund 68_1968 2 24
24
5912 7812
174 24
External a f 78 of 1926
3
2
243. 227
24
1986 MN 24
144 4312
2
24 Sale 223
May coupon off
183 24
5
2
24
297 46
2414 2212
1714 24,
4
External 8 f 7s M11189 loan_1987 2 D 24
244 21
1
2512 853 Rio de Janeiro 25
17, 2312
4
-years f 88_1946 A 0 234 Sale 215s
234 16
22
213a 2212 21
19
April coupon off
2152 10
30 4012
External a f 81 s
18
4
1953 F A 234 Sale 2158
23 03
,
234 81
92
181 152512 Rome (City) extl 63403
80
1952 A 0 80 Sale 80
8312 11
For footnotes gee page 1685
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."
New York Bond Record-Continued--Page 2
Sept. 15 1934
1681
Weeks41,'
Range
Price
.61
BONDS
Range
."
4
.
Week's
Price
2
BONDS
tC.. Friday
Since
Range or
p.,..;
N. Y. STOCK EXCHANGE -... ...
Friday
Range 0,
N. Y. STOCK EXCHANGE
Since
Jan. 1
zZIZ.
Last Sale
Sept. 14
•467.
Week Ended Sept. 14
Jan. 1
14
al34
Last Sale
Sept.
-,z.
,
Week Ended Sept. 14
High
High No. Low
Ask Low
Bid
High
Railroads (Continued)High No Low
Ask Low
Bid
Foreign Govt. &Munk.(Cartel)
8
10812 22 105 1093
4
4
Canadian North deb guar 7s_1940 J 0 1073 Sale 1073
21 112 143
144
Rotterdam (City) extl 65.. 1964 MN 139 Sale 139
11 1083 12214
12214
4
8
1946 J .1 122 124 1223
40
23
61
Deb guar 650
33
8
3218 3312 323
Rumania (Monopolies) gu 75 1959 F A
10312 10 1004 19312
1935 1 .1 10315 ____ 10318
8618 81
1
guar g 450
7812
7812
1953 1 J 7812 79
Saarbruecken (City) 65
8512
61
4 99
763
8
Canadian Pac Ry 4% deb stock__ -,-. 753 Sale 75
30
22
8
27
____ 26
Sao Paulo (City) of 88_ _Mar 1952 MN 27
748 993
0612 86
4
1946 M S 9414 Sale 0414
2012 2012
Coll tr 450
2012 Aug'34
22
May coupon on
8
8
1103 39
994 1107
1944.1 .1 110 Sale 110
24
174
8
5s equip tr ars
235s
8
External St 650 of 1927__1957 M N 233 Sale 2312
7774 102
9914 84
4
Dec 1 1954 J 13 973 Sale 9714
1912 2112
7
Coll tr g 55
2118
21
22
18
May coupon on
7118 97
9114 73
1960 J .1 9012 Sale 9014
36
18
Collateral trust 430
5
San Paulo (State) en'St 8s..1936 J J 347 ____ 3512 Sept'34 ____
3212 45
1949 J J 41
438 4112 Aug'34 ____
32
35
4
:Car Cent lot guar g 45
35
33
35
July 1932 coupon on
4
8 10618
953 10714
9
_ __ 1053
1938 1 D 103
13% 28
Caro Clinch & 01st 5s
2512 17
2414
1950 .1 J 24
27
External sec s f 8s
5
104
9014 109
1812 23
1st & cons g (is ser A_Dec 15'52 J D 1035s 1015 104
20 Sept'34 -___
____ ____
2218 25
July 1932 coupon on
84
70
80 July'34 ____
1981 J 13 7312 84
Cart & Ad 1st gu g 4s
133 24
20
23
4
4
External Si 78 Water L'n_1956 M S 213 233 22
56
29
5112 48 Sept'34 ____
.
125 2318 Cent Branch U P lot g 40_1948 J D 45
2318 50
1968.1 J 23 Sale 2214
External s f 6s
65
41
58 July'34 ____
60
35
1945 F A
17%21
:Central of Ga 1st g 5s_Nov
1918 2212 21 Sept'34 ____
--_
July 1932 coupon on
1612 38
8
217 23 Aug'34 ____
18
1945 MN
89
65
55
Consol gold 58
88
A0 8714 Sale 867
1940 -Secured 0 f 7s
912
7
9
26
9
9
107
1811 50
1959 A 0
20
Ref & gen 550 series B
50
Santa Fe (Prov Arg Rep) 75_1942 Si S 50 Sale 4612
97
95
26
9
9
12
9
1959 A 0
38
4712
Ref & gen 58 series C
4712 18
8
467 4812 45
Stamped
37
18
25 July'34 _-__
25
3512 87
Chatt Div pur money g 4s_1951 1 D 20
36 Sale 3512
3612 17
Pub Wks(Germany) 75 '45 F A
Saxon
__
Jan'33 ____
g 5s 1946 1 J --------35
2812 607
Mac dr Nor Div 1st
2912 Sale 29
294 11
1951 M N
Gen ref guar 6545
Jan'34 ---20
21
2112
71
43
Mid Ga & At! Div pur m 55'47 1 .1 ____ 2
44 Aug'34 ____
59
Saxon State NI tge Inst 7s.....1045 J 0 39
35
25
25 Aug'34 _ __ 7
27
1946 1 .1 20
Mobile Div 1st g 53
70
46
497 294 Sept'34 ____
Sinking fund g 650_ _Dec 1936.1 D 38
4
74
833
74
85
1
1
214 28
Cent New Engl lot gu 4s_ _1961. J __ __ 74
2612 38
26
27
26
Serbs Croats & Slovenes 8.s_ _1962 M N
674
73
53
I
6712
68
18
22
Cent RR & Bkg of Ga coil 5s 1937 M N 65
s 26
z177
173
21
18
All unmatured coupon on__ ---95 108%
5
103
5
1987.1 .1 100 104 102
1312 16
8
Central of NJ gen g 55
13
16
14
Nov 1 1935 coupon on
8
. 963 9714 July'34 _ - -78
.
9712
25%
18
1987 J J _ _
18
233
4
1962 M N 234 Sale 223
General 4s
External sec 78 ser 13
3
1812 Sale 177
4
123 20
1812
All unmatured coupons on__ ___
754 9612
59
93
4
A 905 Sale 893
1949 F
17
11
2
Cent Pac 1st ref gu g 45
1514
1514
4
133 17
Nov 1 1935 coupon on
8912 21
734 96
8912
95
2
6412
52% 71
Through Short L 1st git 4s_1954 A 0
1958 .1 D 6412 Sale 6412
Silesia (Prov of) extl 75
20
72
8
637 87
71 Sale 7012
3412
3
33
1960 F A
69
Guaranteed g 5s
3412 Sale 34
Silesian Landowners Awn 65 1947 F A
1936 J J --------106 Aug'34 ---- 103 106
2 150 17214 Charleston & Say'h 1st 7s
17214
17214
Soissons (City of) esti 6s_1936 NI N 1723
110
18 10512 11112
1939 M N 10912 Sale 10912
55
88
4
s- -7
Ches & Ohlo 1st con g 5s
4
Styria (Prov) external 75_1946 F A 823 85 5 853 Sept'34 ___
11014 15
98% 11112
1992 M S 10814 Sale 108
,
General gold 430
10418 24 102 1093
Sweden external loan 550_1954 MN 10212 Sale 10212
4 48
88% 106
8
1993 A 0 1003 10112 10012 1023
80
93Ref & (rapt 430
884 13
1955 F A 884 Sale 8612
Sydney (City) a f 550
8815 1061/3
10212 91
1995 I J 10014 Sale 10014
Ref &'met 4545 ser B
6134 7313
7012 13
Taiwan Elec Pow s f 530_1971 J J 7018 Sale 6914
974 10514
7312
65
3
67
65%
Craig Valley 1st 5s__May 1940 J J 10418. 104 Sept'34 ---Tokyo City Os loan of 1912.1952 M S 6718 70
9012 101
6
4
993
4
4 - - 093
6134 73%
10
70%
Potts Creek Branch 1st 45.1946 J J 993 102
6012
Externals f 530 guA 0 69% 71
ar1961
101
9712 1034
3
8
1
11 & A Div 1st con g 4s_ __ _1989 . J 100, 10212 101
1012 17
Tolima (Dept of) extl 7s_ _ 1947 M N
1214 1312 1212 Sept'34 ____
8712 101 12
2d consol gold 4s
82 Aug'34 ____
67% 8714
1989 1 J ____ 10112 10112 July'34 _--Trondhjem (City) 1st 550_1957 M N ____ 87
99 102
86
62
1941 M S 10018 105 102 Aug'34 _ .._ _
5
Warm Spring V Ist g 5.9
80
8212 80
Upper Austria (Prov) 75._ _1945 .1 D 7818
2
5312
51% 7015
74
76
Chic de Alton RR ref g 3s_ _ _1949 A 0 5314 Sale 5314
Only unmatured coops atten ------------74 may•34 ___
101
95
88 10114
4
4812 774 Chic Burl & Q-III Div 330_1949 J .1 99 1003 99
i
7518
7518
External 52 630_June 15 1957 J I) 75% 77
97 107
4
1949 J .1 1033 Sale 10312 1045s 27
4014
3412 46
11
Illinois Division 4s
40 Sale 38
Uruguay (Republic) WI 80_1946 F A
101% 107
9212 10514
1958 M S 100 Sale 99
2714 42
General 4s
3714 68
3714 Sale 3434
1960 M N
External s f 6s
64
4 1003
884 1044
34
1st & ref 4545 ser B
373
29i4 42
1977 F A 99 Sale 983
External 5 f 68
1968 M N 37% Sale 35
4 11
1043
98 1093
4
1971 F A 104 Sale 104
1st & ref 35 ser A
94 109
Venetian Prov Mtge Bank 78 '52 A 0 ____ 947 94 Aug'34 ____
2
7518
83
33
7518
80
58
901? :Chicago & East III 1st 8s.1934 A 0 75
Vienna (City of) esti s t 6s 1952 NI N ____ 867 90 Sept'34 ____
95 Sale
812 2512
104 15
05
--------7312 Sept'34 ____
SC &E III Ey (new ea) gen 551951 M N
76
50
_
linmatured coupons attached. M N
21
4
8
4
83 1212 83 Aug'34 ---,
,,
6218 18
8814
33
Warsaw (City) external 7s_.1958 F A 61% Sale 615s
Certificates of deposit
91 110
2
1074
Chicago & Erie 1st gold 55 _1982 INNT 107 108 10718
77
68
22
737
Yokohama (City) exti 6s__ _1961 J D 73 Sale 724
2712 64
25
57
25 Sale 25
Chicago Great West 1st 45_ A959 M S
25 Aug'34 _--25
223 474
4
1947 J .1 21
tChic Ind & Loulsv ref 6s
Railroad.
424
22 Sept'34 __-22
1947 J ./ 2214 50
94 10412
____ 10334 Aug'34 _
Refunding g Os Fier B
Ala Gt Sou 1st cons A 5s...1943 J D 103
41
20
4
1618 263 20 Aug'34 ____
1947 J .1
96 1007g
10012 Sept'34 _
1st cone 45 ser 11
8
Refunding 4s series C
1943.1 D 1007
712 812 10 Sept'34 ___
912 23%
1966 m N
1st de gen 55 series A
08% 12
9914
85
Alb & Susq 1st guar 350_1946 A 0 9812 Sale 9812
25%
9
1014 Sept'34 ---7
1014 11
7334 91
__
1st & gen 65 series B.May 1966 J .1
Alleg & West 1st gu 43
1998 A 0 83
88% 9015 July'34
71
3
871s
3
95 4
8
897 8712
96 1043 Chic Ind & Son 50-year 45_1956 1 J 85
4 10
4
1023
Alleg Val gen guar g 4s
8
1942 M S 1023 Sale 102
_ _ 105 Aug'34 ...-_
99 10514
4
5212
29
80
Chic T. S er East 1st 450_ _ _1960 .1 D
5212 Sale 5212
:An n Arbor 1st g 4s_ _ _Ju1y1995 Q .1
52 18
9
521
48
3112 74%
Chic M & St I' gen 4s ser A. 1989 J J 105- - 52
10134 221
93 106
A teh Top & S Fe
-Gen g 40_1995 A 0 10018 Sale 1004
49
13
48
71
84
07 Sept'34 __
9934
Gen g 350 ser B May L,1989 J .1 48 Sale 48
Adjustment gold 4s_ _July 1995 Nov ____ 97
56
16
53
53
8012
Gen 430 series C__May 1 1989 .1 J 5012 54
9212 Sale 924
9418 77
83 100
Stamped 49_ _ - _ _ _ July 1995 M N
8
53
81
52
Gen 450 series ESSay 1 1989 J J 52 Sale 52
94
824 9812
1
Cony gold 4s of 1909_ _1955 J D --------94
5812
1
b812 84
971?
4
80
963 Sept'34 ____
96
Gen 450 series F__Nlay 1 1089 .. J 50
1
5S' 5813
Cony 4s of 1905
1953 .1 D 93
7815 9512
Cony g 4s issue of 1910_ 1960 J D 8712 947 9514 Aug'34 ___
2412 564
2812 514
4
243 Sale 2412
9514 107
Chic Milw St P & Pac 58 A-1975 F A
Cony deb 434s
1948 .1 D 10212 Sale 10212 10334 45
9
8
73
566
8
73 23%
712 Sale
99
9912 98
82 102
14
Cony adj 5s
Rocky Mtn Div 1st 45.
Jan 1 2000 A 0
.1965 .1 .1 98
5112
8
483 70
8
2
95% 106
Chic & No West gen g 350_19/37 NI N 50 Sale 50
Trans
-Con Short I. 1st 45_1958 J .1 101 10312 10312 10312
Leis 77
9
59
16
5714 Sale 5714
95 10818
1987 M N
General 45
Cal-Ariz 1st & ref 450 A_1962 M S 10412 Sale 10412 106
5812 Sept'34 __...
36
78
993 10512
Stpd 4s non-p Fed Inc tax '87 NI N 5714 60
Atl Knox & Nor 1st g 5s 1946 J D ____ 110 10512 Aug'34 ____
63 Sept'34
_.
63
4
823
102
8878 103
5
Gen 454s stpd Fed Inc tax 1987 M N ____ 63
AU & Chart A L 1st 430 A_ _1944 J .1 102 Sale 102
8715
CO
2
6114
0
Gen Os stpd Fed Inc tax_ _1987 NI N 60 Sale 6
4
88 1063
6
8
1017
1st 30-year is series 13.,.j944 J .1 10112 Sale 10112
6012 62
430stamped
90
75
90 Ntay'34 ____
98
1987 SIN --------62 Aug'34 __-Atlantic City let guar 45_ _1951 J J 90
7412 18
7012 98
1936 M N 7012 Sale 7012
8
94
82 10012
42
Secured g 6545
Atl Coast Line 1st eons 4s July '52 NI S 027 Sale 92
39
19
664
35
8
8112
92
74
Ist ref g 5s
May 1 2037 J D 35 Sale 35
General unified 450 A_ .. _1964 J D 81 Sale 81
33
63
27
5
607
74
68
16
1st & ref 4345stpd_May 1 2037 J D 27 Sale 27
85
72 Sale 72
L & N colt gold 4s__ __Oct 1952 SIN
3212 21
61
29
39
3
4014
39
40
537k
J D 29 Sale 29
1st & ref 4.30 ser C_May I 2037
All & Dan 1st g 431
1948.1 J 37
534
43
.
2612 495
2312 Sale 23
47
35
8
367 3712 Aug'34 _
1949 M N
Cony 450 series A
2d 4s
1948 J J 35
56
10
4
4
55
48
574 July'34 ____
1988 J .1 523 544 543
64
5115 7312
:Chic R I & P Ry gen 4s
Atl & Yad 1St guar 4s
1949 A 0 39
64
6412 July'34 ____
65
54
73
844 Aug'34 ____
7914 92
89
Austin de N W let gu g 55. _1941 J .1 83
Certificates of deposit_
177 3112
1014 41
8
1003
A 0 177 Sale 174
4 90
Bait &Ohio 1st g 48__ _July 1998 A 0 9914 Sale 9914
8815 10314
1934 - *Refunding gold 4s
8
163
5
16
29
16 Sale 18
__
69
86
65
38
Refund & gen Os series A _1995 J D 65 Sale 65
Certificates of deposit
1812
5
18
4
323
4
104
92
9815 109
1st gold 5e
*Secured 450 series A.___1952 Si S 18 Sale 18
July 1948 A 0 10315 Sale 1023
1812
1818 28
5
79
__ ___ Sale_ 1818
74
25
9712
Ref & gen Os aeries C
1995 .1 D 73 Sale 74
Certificates of deposit
712
8
17
712
i
7
185
067
36
85 100
1960 M N
P. L E & W Va Sys ref 4s 1941 M N 944 Sale 9412
Cony g 450
10015
53 107
2
02
22
8312 10014 Ch St L & NO 5s__June 15 1951 1 D -___ 105 100
Southwest Div 1st 354-50_1950 J J 89 Sale 89
844
4
1
843 843
70
4
71
4
88
10
Tol & Cin Div 1st ref 48A.1959 J .1 __-_ 74
4
D 843 Sale 843
8812
Gold 330
June 15 1931 1
784 83 Aug'34 _-7
6812
Ref & gen 55 series D._ 2000 M 9 ---- 67
6314 863
2
4
854
68
Memphis Div 1st g 4s_ _ __1951 J D 73
66
80
52
0
52 Sale 52
Cony 4345
55
72% Chic T H & So East 1st 65-1960 J D 52 Sale 52
51
5514 101
1960 F A
4015
7
4
4
363 62
69
6
6711 857
Inc gu 50
Ref & gen NI 55 ser F
1996 M 8 --- 66
Dec 11960 M S 383 Sale 36 4
66
10718 15 10015 10712
101 110
Chic Un Sta'n 1st gu 450 A_1963 J J 1007 105% 106
Bangor dr Aroostook 1st 58 1943 .1 J 107 109 108 Sept'34 __
s
108
5 1054 11012
97
oi 73 9878
Con ref 4s
1951 J .1 9512 Sale 95%
1st Os series 13
1963 J .1 108 10814 108
8 16
9714 10812
70
6514 July'34 __
6514
60
Battle Crk & Stur lot gu 35_1989 J D 50
1944 J D 1064 1067s 10612 1067
Guaranteed g 5s
113
8
26 11134 115
10112 Sept'34 ____
4.
Beech Creek 1st gu g 4s_..._1938 J J 1003
90 102
1st guar 6545 series C
1963.1 J 113 11318 1123
88
61
7214 9312
- Aug'34 _
1936 J .1 101 1012 101
20 guar g 50
92 10134 Chic & West Ind eon 45
1952 J J 86 Sale 86
1004 53
4
8415 10412
Beech Creek ext 1st g 330_ _1051 A 0 89 .___ 05 July'34 ____
83
1st ref 530 series A
95
1962 NI S 093 Sale 9918
46 July'34 _-_44
62
46
_. _ _-_ __
___ -__
____ .
13elvidere Del cons gu 3345.1943 J J 101
Choc Okla & Gulf cons 5s- _.1952 M N 32
10318
5
06 1034
- 103 Aug'34 _
961s 103
1944 J D 10115
Cin H & D 2d gold 4345
Big Sandy 1st 40
1937 J J 10318 Sale 10318
4
____ 1023 Aug'34 ---4
99 103
8
703 9015 C 1St L & C 1st g 45__Aug 2 1936 Q F 103
Boston & Maine 1st 55 A C_1967 NI S 7112 Sale 713
7312 55
9814
85
8 ___ 9712 Aug'34 ____
7414 29
72
90
195551 N 72 Sale 72
CM I..eb & Nor 1st co, gu 45.1942 M N 057
lot NI Ss series It
8
72
1961 A 0 ____ 707 6912
9
lst g 450 ser JJ
8414 CM Union Term 1st 450 A.2020 J .1 ____ 10614 10612 10612 10 10012 10812
68
13 10438 11112
60
60
4
6014
6
51
7312
let mtge Os series B
Boston & NY Air Line 1st 45 1955 F A 57
2020.1 J 1093 Sale 10912 111
28 10412 111
1957 MN 10912 Sale 10912 111
887 1003
3
Bruns .4 West lot gu g 45_1938 .1 J 99_ 100 Aug'34 __
4
5
1st guar 55 series C
4 1047
8
8
8
963 103
3
97 1057 Clearfield & Mah 1st gu 55 1943 1 J 95 ---- 103 Sept'34 --7Buff Reel'& Pitts gen g 5s 1937 Si S 104% COB 1043
8
7518 97
14
86
Sale 593
6315 15
4
M N
5934 803 Cleve CM Chi & St L gen 45.1993 1 D 86 Sale 86
1957
5934
4
Consol 430
3212 2814
2814
9212 109
1
28
*Mal C R az Nor 1st & coil .5.9 '31 A 0 27
4814
1993 J D 10812 Sale 10812 10812 10
General 50 series B
Apr'34 _
40
27
40
80 10012
34
Certificates of deposit
Ref & Impt 65 ser C
1941 1 J ____ 100 10012 Aug'34 ___74% 9112
2
7814
Canada sou cons gu 3s A...1062 A 0 105 Sale 105
106
15
92 1097
Ref dr Dept 5s ser D
1963 J .1 78 Sale 78
72
10612 11
13
64
69
69
82
Canadian Nat guar 450.-1954 M S 10618 Sale 106
4
1977 J J 65
Ref & Impt 430 ser E
9815 1063
13
102
11 112 58
92 10414
gold guar 4545.._ _1957 J J 11112 Sale III
J 1013s 102 101
9812 111%
1939 J
Cairo Div 1st gold 4s
30-year
1
4 38
83
9212
1073
68
83
90
Guaranteed gold 450._ _1963 J D 107 Sale 107
994 1083
Cin W & M Div 1st 4s_1991 I .1 81
4
Jury 1969 J J 116 Sale 115%
Guaranteed g Os
11612 57 105 11612
St L Div 1st coil tr g 45_ _ .1990 NI N 8815 sale 883
,
8 88 8 1 77 95
Apr'34 ____
90
Oct 1960 A 0 11712 Sale 11712
11814 22 1047 11814
92
99
Guaranteed g 35
s
Spr & Col Div 1st g 451940 NI S 99 104
8
737 9514
118
1970 F A 11712 Sale 11712
5 105 118
95 July'34 ____
05
Guaranteed 055
W W Val Div 1st g 45_ _ 1940 J J 86
1157
9912 10315
5 56 10215 1157 Cleveland & Mahon Val g55 1938 J .1 102
4
____ 1013 Aug'34 ____
8
Guar gold 450-June 15 1955 J D 11515 Sale 11515
11318 112 100 11318 Clev & Mar 1st gu g 450
1958 F A 112% Sale 1 1215
9912 10115
Guar g 4 W
1935 M N 10112 ____ 10112 July'34 ____
1127
Sept 1951 M 5 1121s Sale 11218
8 62 1004 11314
Guar g 4)-4o
i
...E
g3
For footnotes see page 1685.
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members- New York Curb Exchange
49 WALL STREET
-
-
NEW YORK
Prirate Wires to Chicago. indianapotin and St. Louis
New York Bond Record-Continued-Page 3
1682
BONDSPrice
N. Y. STOCK EXCHANGE at
Friday
Week Ended Sept. 14
.5a. Sept. 14
Week's
Range or
Last Sale
1;
cola
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 14
Railroads (Continued)Bid
Ask Low
High No. Low
High
Clev & P gen gu 430 ser B__1942 A 0 103 ____ 98 June'33 _-_- ____ ____
Series B 330 guar
1942 A 0 96 ____ 86 Jan'33 -- ___
_
Series A 430 guar
1942.8 J 10358 ---_ 1013 May'34 ---- 1018 10134
4
Series C 330 guar
1948 M N 96 ____ 91 Aug'33 ---- ..-__ ___.
Series D 330 guar
1950 A F 10012 _--- 83 Oct'33 __-- _ _
_ ,
Gen 434s ser A
1977 F A 103 ___ 103% Sept'34 ---- 10012 104
Cleve Sho Line 1st gu 434s 1961 A 0 100 Bale 100
82 10418
12
102
Cleve Union Term gu 5%8_1972 A 0 0014 Sale 99
100
44
841k 104
1st 2 1 52 Series 13 guar_,.1973 A 0 93 95% 9434
951
35
82 10078
1stsf 430series C
1977 A 0 8858 9014 89
90
20
75
96
Coal River Ry 1st gu 4s
1945.1 D 100 ___ 102 July'34 -__
95 102
Colo & South ref & ext 4342-1935 M N 93 Sale 93
9778
33 84
95
General mtge 430 ser A 1980 MN ---- 69% 643
8112
2 65
4
67
Col & H V 1st ext g 48
1948 A 0 10058 10034 100 Sept'34 _-_96 1021
1666 F A
Col & Tol 1st ext 42
_ 102% Aug'34.
97 105
--Conn & Passum My 1st 4s 1943 A 0 10058-- 9212 Aug'34 -__
96 9912
92
9812
Consol Ry non-cony deb 45_1954 .1 J ---- 4838 46 Aug'34 ___
40
6912
Debenture 42
1955.1 J ____ 45 4912 Aug'34 ___
49% 58
Debenture 42
1955 A 0 ____ 50 59 Mar'34 ___
4458 59
Debenture 48
1956.1 J ____ 52 52 July'34 - 44
5812
.
Cuba Nor Ry 1st 530
1942.1 D 33% 35% 3412
13
36
1914 39
Cuba RR 1st 52 g •
18
13
33
1952 J .1 3038 Sale 30%
34
1st ref 7345 series A
29
4
1963 5 0 283 Sale 2834
7
1614 31
1st nen & ref 6s ser B
26
2512 2512
1936.7 O 20
4
15
29
Del & Hudson 1st & ref 48_1983 MN
ter
1935 A 0
Gold 530
1937 MN
D RR & Bridge 1st g 42 _
1936 F A
Den & HG 1st cons g 4s___,,1936.1 J
Consol gold 430
1936.1 J
Den & KG West gen 52 Aug 1955 F A
Assented (subj to plan)Ref & impt 52 sec B__Apr 1978 :4 o
-Wes M & Ft Dodge 413 ctfs_1935 J .1
Des Plaines Val let gu430_1947 M S
Dot& Mac 1st lien g 42
1995.1 D
1995 J D
Second gold 45
Detroit River Tunnel 454a 1961 M N
Dul Missabe & Nor gen 5s
1941 J J
Dul & Iron Range 1st 5s
1937 A 0
Dui Sou Shore & All g 5s___ _1937 J J
917
10118
102
1003
4
40
____
13%
12
241
3
____
20%
10
1033
4
10512
1053
4
----
East Ry Minn Nor Div 1st 42'48 A 0
East T Va & Ga Div 1st 52-1956 M N
Elgin Jollet & East 1st g 5s 1941 M N
El Paso & SW let 58
1965 A 0
Erie & Pitts g gu 330ser B 1940 J .1
Series C 3345
1940.7 J
Erie RR 1st cons g 42 prior 1996 J J
let consol gen lien g 413
1996 J J
Penn coil trust gold 4s.,,_1951 F A
Cony 42 series A
1953 A 0
Series B
1953 A 0
Gen cony 42 series D
1953 A 0
Ref & impt 5s of 1927.__1967 M N
Ref & impt 52 of 1930_1975 A 0
Erie & Jersey 1st at62-_ _1955 J .1
Genessee River 1st s 1 62_1957 J J
NY dr Erie RR ext let 48_1947 M N
1938 M S
3d mtge430
99% Sale 9918
4
9914
8958 99%
9514 100% 89912 89912
91 1091s
I
98 103 104 July'34 --9412 10512
--- 873 867 Aug'34 ---s
4
8112 94
100 1007 96 Feb'34 -__9414 99
95 10012
5
100 ___ 10012 10012
90 Sale 90
7912 98
15
93
71
68 Sale 66
29
66
7958
10414
10414 Aug'34 --9918 10414
-___ - -- 70 Sept'34 ---893
4
6258 78
___- 7014 71 Sept'34 --63
78
--------73 Aug'34 --82 76
65 105
6012 Sale 6012
8014 797
8
6414 144 60
6018 Sale 6018
7978
1081? 114 10812 10813
1
96 114
97 111
4
1063 10912 109 Sept'34 _-__
101 10412 10i18 Sept'34 _-__
9334 10512
101% ____ 100 Mar'34 _-- 100 100
Sale
102
Sale
____
Sale
4278
Sale
Sale
Sale
06
___
20
Sale
---Sale
33
9212 95
9112
801g 97
101 Aug'34 - 97 10212
14
1013
4 102
92 105
101% May'34 --9914 1015
40
42
18
35% 6113
44 Sept'34 --38
63
1314
1412 20
13 32
4
12
1212
II
2313
24
2812 26
23% 491
4 Sept'34____
4
824
81 Aug'34 ____
65
8712
2012 July'34 ---20
2412
12 May'34 --_1118 12
10314 10412 19
84 106
8
1037 Jan'34 ---- 103 a 1037
7
s
1053
4 10712 90 10212 10814
31
5
231 4912
31
(Fla Cent & Penin 58
4234 4012 Aug'34
1943 1 .5 41
k
:Florida East Coast 1st430_1959 J D 50
547 56 Sept'34
'71
let & ref 55 series A
838
712 Sale
1974 M 5
6
612
8 Sale
Certificates of deposit
---*Fonda Johns & Cloy 430_1952
Proof of claim filed by owner _ MN
10 Aug'34
7
12
(Amended) let cons 2-42_ _1982
5
Proof of claim filed by owner M N
5 Sale
5
9712 June'34
Fort St U D Co 1st g 430___1941 .1 J 9812 100
Ft W dc Den C 1st g 5 Ms___1961 5 D 1033 ---- 104 July'34
4
Galv Hoes & Hood 181 5548 A '38 A 0
tGa & Ala Ry 1st cons 52 Oct '45 J J
*tGa Caro dr Nor 1st gu g 5329Extended at 6% to July 1 19345 J
Georgia Midland let 32
1946 A 0
Gouv & Oswegatchie 1st 5s 1942 J D
Gr R & I ext 1st gu g 430-1941 J .1
Grand Trunk of Can deb 78_1940 A 0
Deb guar 62
1936 M 5
Grays Point Term 1st gu 52_1947 J D
Great Northern gen 7s ser A-1936 J J
J
let & ref 430 series A
1961
General 5345 series B
1952 ./ J
1973 J J
General 52 series C
General 4342 series D..
.1
1976
General 430 series E
19777 .1
Feb
Green Bay & West deb Ws A
Feb
Debentures ctfs B
Greenbrier Ry 1st gu 42____1940 M N
Gulf Mob & Nor 1st 534s B__1950 A 0
1960 A 0
1st mtge 55 series C
Galt& 5I let ref & ter 52 Feb 1952.1 J
1 J
Stamped
Hocking Val 1st cons g 430_1999 J .1
Housatonic Ry cons g 52_ _ __I937 MN
H & T C let g Is int guar_ __1937 J .1
Houston Belt & Term 1st 58.1937.7 J
Hud & Manhat 1st 5.s ser A.I957 F A
Adjustment income Is Feb 1957 A 0
----8
9
34
543
4
grz
8
-_
7
46
84
19
1712
13
1
-__
___
31 15
83 9712
9614 10512
81 Aug'34 --1712 Aug'34 ----
75
9114
1412 26
2312- - 3012 Aug'34 ___
5112 Sept'34 ---____ 55
95 10014 100 Jan'31 _--103 10312 103 Aug'34 ____
10738 Sale 107
10712 49
107113 Sale 10634 1071s 78
--------96 Nny' ---30
8658 117
8212 Sale 82
____ 9113 913,
92
11
70 80 8112 Sept'34 ---7312 22
7112 75 72
15
69
6712 68 6712
4
6814 42
6634 Sale 663
33 50 381.8 July'34 ---_
414 678 7 Aug'34 ___
993 --- 02 Aug'34 ----___ 75 76 Aug'34 ---8
62 637 65 Sept'34 ____
--------67 Feb'34 ---___
8 55 Dec'33 _ _ _ _
105%106 10514 106
6
9914 13
9834 Sale 9813
4 1043
104% Sale 1043
4
5
101 Sale 10018 10134 13
8134 23
8114 Sale 81
4
373
37 Sale 363
4 41
2058 3012
40 60
__, -.._
9534 10414
105 10912
10252 109
---- --82 9912
78
9938
7612 99
68% 923
65 871
6413 86%
26
3818
534 83
8
9812 102
6212 8612
69 61
57
70
_.
.
98% 110112
-82 10114
97 10534
918 102
72
8911
32
503
8
____
15
84
18
-
-
Illinois Central let gold 45-1951 J J
1051 .5 J
1st gold 330
Extended 1st gold 330-1951 A 0
let gold 53 sterling
1951 M 13
Collateral trust gold 42-1952 A 0
Refunding 42
1955 M N
Purchased lines 330
1952 J .1
Collateral trust gold 4s_1953 MN
1955 M N
Refunding 58
15
-year secured 630
_1936 J .1
40
-year 4301
Aug1 1966 F A
g_-Cairo Bridge gold 4r3
1950 .7 D
Litcbfield Div 1st gold 313_1951 J .1
Loulay Div & Term g 330 1953 J .1
Omaha Div 1st gold 323_
1951 F A
St Louts Div & Term g rr_1951
J
Gold 330
1
1951
Springfield Div 1st g 330-1951 J J
Western Lines 1st g 42.-1951 F A
HI Cent and Chic St L & NO-Joint let ref 52 series A.,,1963J D
1st dr ref 4348 series C
D
1963
100 ____ 10118 Sept'34 --__
9214 10212
98
98 ____ 98
2
83
9812
92 9814
1
9814
9
8 ---- 9814
--------73 Mar'30 - _ __
_
5 613% -74%
8g
7414 74
--75
8
7414 Sale 74
74 8814
65
78
63 82
7812 July'34 --15
6412
68
6212 7922
____ 66
831
6
8112 Sale 8112
81
98%
9934 13
9934 Sale 9934
90 1037
21
59
53
5514 Sale 5514
7612
87 100
____ 997 995 Aug'34 ___
75 8312
76
8312 8312 Sept'34 ___
8
833
4
76
88
7
8358 Sale 833
6212 Aug'34 -6212 76
6212
66
79
62
75 79 July'34 ____
8512 85 Aug'34 ---84
69 85%
67 80
8434 ___ 80 May'34 ____
81 86 8712 Aug'34 ---75
90
Ind Bloom & West 1st ext 48_1940 A 0
Ind III & Iowa 1st g 42
.1
1950
:Ind & Louisville 1st gu 42_ _1956
J
Ind Union Ry gen 52 ser A 1965
J
J
Gen & ref 58 series B
1965
tInt-Grt Nor 1st 6s ser A_ _ _1952 J J
Adjustment 62 ser A_July 1952 A 0
19565 .1
1st Is series B
19563 J
1st g 5s series C
lot Rya Cent Amer let 52 B_1972 MN
let coll trust 6% g notes_ _1941 MN
let lien & ref630
1947 F A
70
__ 9834 July'34
90 1538 9758 Aug'34
---- 30 25 Feb'34
102% ____ 102 Aug'34
102% ..___ 1033 July'34
4
2914 Sale 2918
30
712
9
734 Sale
2558
253
4
2578 30
257
257 34
2518
7114
6738 7212 70
69
72
7458 Aug'34
7212 Sale 69
7212
For footnotes see page 1685.
69 Sale
6314 Sale
68%
6314
713
66
66
7
____
_--_ _
____
____
57
36
6
5
11
___
9
67 8 87
7
62 81
95 100
75
9712
25
25
9858 10412
100 1033
4
25
4413
7
1814
25
4012
24
41
45% 7214
4958 74%
431s 7212
r... _e
It
'.,a.
Sept. 15 1934
Prce
Friday
Sept. 14
Week's
Range or
Last Sale
13,...
eli ol
Range
Since
Jan. 1
Railroads (Continued)Bid
Ask Low
High No, Low
High
:Iowa Central 1st 52 ctfs -_1938 ./ D
512 8
12
512
7
4
113
s
Ist & ref g 4s
112 23
2% Aug'34 ---1951 M 5
212 512
James Frank & Clear 1st 42_1959 J 13 80
84 84 Aug'34 ---6918 8814
Kal A & G R 1st gu g 5s
1938 .1
Kan dr M 1st gu g 4s
1990 A
VC C Ft S & M Ry ref g 4s 1936 A
A
Certificates of deposit
Kan City Sou 1st gold 3s_--1950 A
Ref & impt 5.5
Apr 1950 .1.
Kansas City Term 1st 4s.___1960.1
Kentucky Central gold 42_1987 J
Kentucky & Ind Term 430_1961 1
Stamped
1961 J
Plain
1961 J
.1 97 102% 102% Aug'34 ---0 9412 ___ 941 Aug'34 ---0 3758 Sale 3712
25
40
397
391
0 ____ 40
1
0 65 6658 6614 68 25
J 67 6814 673
13
4
68
J 100 Sale 100
10134 136
J 995 103 995
10014
4
J ____ 91 8918 Aug'34 -__
J 95 100 9512 July'34 -_J 97 ___ 9812 Aug'34 ---
Lake Erie Sr West let g 53 1937 J .7
2d gold 5s
1941.7 J
Lake Sh dr Mich So g 33413_ _1997 J 13
Lehigh &N Y 1st gu g 42_ _ _ _1945 M S
Leh Val Harbor Term gu 55_1954 F A
Leh Val NY 1st gu g 41-(s
1940 S .1
Lehigh Val (Pa) cons g 4.2..„9003 M N
2003 M N
General cons 430
General cons 55
2003 M N
Leh V Term Ry 1st gu g 5s 1941 A 0
Lex dr East 1st 50-yr 52 gu 1965 A 0
Little Miami gen 4s series A_I962 MN
Long Dock consol g 68
1936 A 0
Long Island19333 D
General gold 42
Unified gold 0
1949 M 13
20-year pm deb 52
1937 M N
Guar ref gold 4s
1949 M S
Louisiana &Ark 1st 53 ser A-1969 J .1
Louis &Jeff Bdge Co gu g 481945 M S
Louisville &Nashville 5s
1937 M N
Unified gold 4s
1940 J .1
1st refund 530 series A__2003 A 0
151 & ref 52 series B
2003 A 0
1st & ref 430 series C__2003 A 0
Gold 55
1941 A 0
Paducah dr Mem Div 4s_1946 F A
St Louis Div 2d gold 3s_ _,.1981) M S
Mob dr Monts 1st g 434s_1945 M 5
South Ry joint Monon 4s_1952 J .1
Atl Knoxv & Cin Div 0_1955 MN
10212 10212
79
97
36
5354
35% 52
6212 7712
6912 84
9313 10418
9012 103
73 92
80
9513
93 9812
---- 100 993
4
4 100
90
901 Si)
1
90
91 Sale 9018
911
16
70
7412 a73 Aug'34 ___
96 10114 10034 Sept'34 --96
9712 9738 Aug'34 --__
50 Sale 50
5412 22
55
62 6112 Sept'34 ---6218 64 6334
6412
3
105 106 105 Sept'34 -__
10412 108 108
108
1
8
101--- 005 June'34 ---10112 103 102 Sept'34 __--
8312 1013
4
70
95
81
98
57
83
8212 10312
8314 10058
47 68
52
7412
54 83
94 106
91 11018
95 100 8
5
99 1035s
10414 105 104
104
1
99 102 100 Sept'34 ___10314 10334 0212 Sept'34 ____
9812 Sale 9812 10012 25
57 Sale 567
581
67
9912 100 2905
8
9934 13
107 ---- 0612 Aug'34 ____
10234 Sale 102
10378 121
10214 10412 10212 10412 12
98 100 9912 101%
6
90 Sale 8912
9212 51
106 Sale 106
3
10638
97 100 9914 Sept'34 ____
_- 6734 673
4
683
4 19
_
10512 Aug'34 ____
104- 71
55 7178
13
72
9812 Sale 9812 1003
4 28
9914 1044
95 105
9324 1043
4
9212 104%
5018 6137
s
84 10112
102 1071z
9415 105
925 1055
8
90 10458
83
9912
10112 10658
82 101
6078 7412
9612 10512
6418 8412
85 102
711
Manila RR (South Lines) 0.1939 M N 6914 75 70
6
1st ext 413
68
1
1959 M N 6318 70 68
Man GB dr NW 1st 330_1941 .1 .1 ---- 68 70 June'34 __
Mex Internal let 4s sand-1977 M S --------17 June'34 __
Michigan Central Detroit & Bay
__ 10338 Aug'34 __
City Air Line 42
19401 J ____
92 91 May'34
Jack Lens & Sag 3348_1951 M 5 82 -9734
1st gold 3342
5
1952 M N 97 9712 97%
Ref &'mot 4342 series C_1979 J J -_-- 94 94 Aug'34 __
80 84 Aug'34 _-__
Mid of NJ let ext Ss
1940 A 0 75
7
*Milw&Nor let ext430(1880)'34 J 13 ---- 93 8 8712 July'34
95 May'34 ____
*Cons ext 430 (1884)_ _1934 J D _-_ 91
54 5712 Sept'34 ____
Mil Spar & NW 1st gu 45_1947 M 5 50
Milw & State Line 1st 3%5_1941 .1 J --------75 June'34 __-..
714 7 Aug'34 __
4
:Minn & St Louis 52 ctfs
1934 MN
1st & refunding gold 48
2% 3
1949 M S
3
212
212
312 314 Aug'34 __-2
Ref & ext 50-yr 55 ser A 1962 Q F
2
2
2
13
4 2
Certificates of deposit
Q F
M St P & SS M con g 42 int gu '38 J .1 31 Sale 31
19
33
1st cons 52
1938 J .1 --------31 Aug'34
1st cons 55 gu as to int_
16
41
1938 .1 J 39% Sale 3914
let & ref 6s series A
4
4
20
2234 193
1946! .1 19
25
8
1978
1934 19
-year 5342
1949 M 8 18
let ref 5342 series B
64 Sept'34 ____
1978 J J 641s 71
1st Chicago Term s t 4s_ _1941 MN 77 _ _ 85 Jan'34 ____
Mississippi Central 1st 5s__ _1949 J J 75 91 93 Aug'34 ___
5718 75
65
7214
5978 70
17s 214
94 10338
8734 91
86 100
7514 97
62 85 2
,
7814 97
65
95
5514 7512
70 4 75
3
4
958
2
14 57
23
4 414
118 458
31
49
81
4212
BO
56
1812 38
15
34
60 80
85 88
76% 93
(Mo-Ill RR 1st 52 series A 1959 J J
Mo Kan & Tex 1st gold 48_1990 J D
Mo-K-T RR pr lien 5s ser A_I962 J J
40
-year 4s series B
1962.8 .7
Prior lien 4342 series D
1978 1 .1
Cum adjust 52 ser A_ _Jan 1967 A 0
:Mo Pac let & ref 5s ser A 1965 F A
Certificates of deposit
_
..
General 42
Ha ivi §
1st & ref 5s series F
1977 M 5
Certificates of deposit_
let & ref 5s series CI
1978 kiri
Certificates of deposit ____ _-_
Cony gold 5%s
1949 MN
1st & ref g 55 series H
1980 A 0
_
Certificates of deposit ____
let & ref 55 series I
_.1981 FA
Certificates of deposit ___ __
Mo Pee 3d 75 ext at 4% July 1938 MN
Mob & Birm prior long 52_1945 J .1
Small
J .1
1st M gold 42
1945 J J
Small
J J
:Mobile dr Ohio gen gold 413_1938 M 5
Montgomery Div 1st g 52_1947 F A
Ref dr impt 4345
1977 M S
Sec 5% notes
1938 M 5
Mob & Mal let gu gold 4s__ _1991 M S
Mont C 1st gu 62
1937.7 J
let guar gold 52
1937.7 .1
Morris & Essex 1st gu 330_ _2000 J D
Constr M 55 ser A
1955 M N
Constr M 430 series B
1955 MN
14
26
7574 93 8
3
70 9112
61
79
631$ 834
36
6212
2018 39
22
35
8% 20ss
2018 3814
1912 35
2014 3812
20
34
1612
6
2058 3312
22
34
20% 3812
2134 34
7234 89
85 93
83 91
48
60
55 80
99
9912
1518 27
734 2138
23
87
8312 88
87% 10314
81 10238
7458 895
1
77 103
73
975*
Nash Chatt & St L 4s ser A_1978 F A
Nash Flo & S ist gu g 5s_
1937 F A
Nat Ry of Mex pr lien 430._1957 .1 .1
Assent cash war rct No 4 on_ -_
Guar 42 Apr '14 coupon I977 A0
Assent cash war rct No 5 on_ ____
Nat RR Mex pr lien 4342..„1926
Assent cash war rct No 4 on_
1951 i ,5
let consol 45
Assent cash war rct No 4 on_ _-.
Naugatuck RR lat g0
1954 MN
New England RR guar 581945 .1 .1
Consol guar 4s
1945 J J
N J Junction RR guar 1st 43_1986 F A
New Orb Great Nor 55 A_ __ _1983 J .7
NO & NE 1st ref&impt 434s A '52.8 J
New Orleans Term 1st gu 42_1953 J J
(NO Tex & Mex n-c Inc U..1935 A 0
1st 58 series B
1954 A 0
1st 55 series C
1956 F A
1st 4342 series D
1956 F A
1st 530 series A
1954 A 0
N & C Bdge gen guar 430_1945 J .1
N Y B & MB let con g 5s__ _1935 A 0
NY Cent RR cony deb 6s__ _1935 M N
Cony secured 6s
1944 MN
Consol 48 series A
1998 F A
Ref &!mot 430 series A2013 A 0
Ref & imps 52 series C_---2013 A 0
20
20 Sale 20
2
88 Sale 8612
37
88
76
28
721s Sale 7218
9
6612
645 68 65
8
14
71
6812 Sale 6812
38% 76
3714 Sale 37
21
2018 ____ 2018
10
1312
_ 2711 July'34 __
9 Sale
834
.8
914 1 .
20% Sale 20%
2314 170
18% 2314 1912
1912
1
2014 Sale 2014
223
4 44
2
20
1812 ___ 20
612
612 Sale
7% 55
2234 38
2014 23 205*
1812 ____ 23 Aug'34 ____
2012 Sale 2014
148
23
1812
9
22
22
7512 78 80
80
1
83 100 93 July'34 ____
81 8912 90 Aug'34 ___
45
70 60 May'34 ____
---- 57 60 July'34 ___
8
---- 887 99 Jan'34 ____
1518 Sept'34 ___
814 19
74 85a 7 4
3
3
814
4
812 8
9
7
78
80 84 Aug'34 ___
10034 Sale 10034 101
3
993
4
3
991 10024 9934
8712 35
86 Sale 86
10018 57
98 Sale 98
9014 54
8
887 Sale 8878
90
8614 9114 90
2
10414 ____ 10412 Aug'34 _
---- --- - 18 July'28___
47
512 59
4% Sale
--------12 4 July'31 ____
3
6
414 514 558
6
8212
99
_...
212
____
Vs
9512
106
_.
_- 3
54
_.
_
5
7
7 Sale
7 4 12
3
258 Vs
Apr'28 ____ _. __ ..
458
4% Sale
5
14
2
512
8112 Nov'32 ____ _. __
71
81
76
87 8912 July'34 ___
80 9212
79 Sept'34 __-70
78
66
85
8213 92
92 June'34 ____
8812
59 - - 60 Sept'34 __.
61
5712 77
___. 57 58 Aug'34 ____
54
7511
8538 83
78
8234 90
5
85
---- 22 18 Aug'34 -__
16
293
4
2
18
17
20
175* 32
18
1814 33
197 Aug'34 ____
17
19
1514 Sale 15 4
1514 31 12
,
1
1514
174 Sale 1734
18%
7
17 4 33
3
10058 ____ 10212 Aug'34 ____
97 103
103 --.. 10258 Sept'34 ___ 10114 18312
96 Sale 9512
83 101
26
96
110 Sale 110
11212 328 110 11812
8
8013 Sale 8012
8334 12
73 90,
2
573 Sale 573
4
57 75
4
40
61
62% Sale 62
62 82
65% 103
--------22
!N.
1683
-Page
New York Bond Record-Continued- - 4
_
F. V
BONDS
1
N. Y. STOCK EXCHANGE`1?
...., o',.
Week Ended Sept. 14
Price
Friday
Sept. 14
Week's
Range of
Last Sale
1:1
earZ
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 14
Range
Since
Jan. 1
High
High No Low
456 Low
Mil
Railroads (Continued)794 96
9012 89
NY Cent &Hud Rly M 3515 1997 J J 8714 Sale 8714
9514 26
8018 99
1942 J J 92 Sale 92
Debenture 4s
57
75
57
61
4
4
573 Sale 573
Ref & impt 4518 tier A_ __ _2013 _ _
6918 8813
8012 12
7914 Sale 7914
-Lake Shore coil gold 3519_1998 F A
88
71
6
8112
81 Sale 81
gold 351s 1998 F A
Mich Cent coil
8518 101
4 10014 38
4
1937 A 0 993 Sale 993
NY Chic & St List g
4
554 803
27
63
48_Refunding 554s series A_ _1974 A 0 60 Sale 60
200
4714 70
54
Sale 4812
1978 NI S 4812
Ref 451s series C
80
49
6212 26
8
1935 A 0 593 Sale 5812
3-yr 6% gold notes
96 1063
4
8
NY Connect 1st gu 451s A_1953 F A 1043 105 10414 Sept'34 ---1953 F A 107 ____ 10714 Sept'34 ---- 101 10714
1st guar 5s series B
NY & Erie-See Erie R11.
88
68
87 May'34 ---85
NY Greenwood L gu g 5(3_1946 M N 75
954
86
2
95
____ 95
91
NY dc Harlem gold 3345_ _ _2000 M N
61
93
4
973
94
NY Lack & West 48 ser A1973 M N 93 Sale 93
2 100 104
103
1973 M N 101 103 103
4518 series 13
9513 10034
2
3
NY & Long Branch gen 4s_ _1941 NI 5 9612 100 4 10012 10012
._
N Y & N E Bost Term 45_ _1939 A 0 --------9512 July'29 ____
..5473 65
60 June'34 ---NY N H 53H n-c deb 4s_ _ _.1947 M S ---- 54
44
2
6013
44
44
46
Non-cony debenture 354s_1947 M 5 41
4012 58
8
4212 443 Scpt'34 --Non-cony debenture 3518_1954 A 0 36
15
44
47
644
Non-cony debenture 4s...1955 J J _--- 46i 44
4
444 64
46
8
1956 M N ____ 443 4413
debenture 4s
Non-cony
1
40
2
597
40
1956 J J ____ 43
40
Cony debenture 3518
59
49
S77
8
62
1948 J J 59 Sale 59
Cony debenture 65
64
6912 43
8918
8
0 655 Sale 6512
1940 A
Collateral trust 65
16
3712 58
38
3713 3812 374
1957 M N
Debenture 45
454 7012
4973 54
1st & ref 451s ser of 1927.1967 J D 46 Sale 4553
1
833 997
95
4
95 Sale 95
8
Harlem R & Pt Ches 1st 451954 M N
5713 71
35
60
N Y0& W ref g 48__ _ _June 1992 51 5 584 Sale 58
6818
50
5312 15
4
5312 523
1955 J D 51
General 4s
90
90
__ 90
Jan 34 ____
NY Providence & Boston 481942 A 0 90
3
717 873
4
8213 Aug'34 ___
NY & Putnam 1st con gu 4s_1993 A 0 80 14
8
50
617 65 Sept'34 ____
3
757
NY Susq & West lit ref 58_1937 .1 .1 57
43
5612
4912 4612 Sept'34 ____
45
1937 F A
2d gold 451s
384 5812
49
2
49
50
1940 F A 48
General gold 55
_
8253 9813
8
1943 M N 9618 983 9712 Aug'34
Terminal 1st gold 58
40
8
365 594
40 __NY Westch & B lit sect 434546.1 .1 39 Sale 3814
31
168
168 Sale 187
15
1
1412 1513 15
1413 1512 1312 Sept'34 ____
25 Aug'34 ._ _ _
2413 34
10412 50
103 Sale 103
105 Sale 10412 10514 29
8 10514
7
4
1043 ____ 1045
Oct'33 ____
4
1043 ____ 98
8 ___ 103 Aug'34 __
1015
4512 65 40 Aug'34 ____
60 June'34 ____
49
42
128 17114
25
8
4
73 22
1414 40
8
4
983 1077
8
10018 1083
9934 10634
___.
9913 10618
60
35
3534 84
____
94
91
__ _
63
____
Is
____
8
343 52
83 101
71
60
7312 9014
8618 103
7614 9712
7513 97
100 100
Og & L Cham 1st gu g 45_ ___1948 J J
Ohio Connecting Ry 1st 4s_ _1943 M 5
1936 .1 D
Ohio River RR 1st g 5s
1937 A 0
General gold 55
Oregon RR & Nay corn g 4s_1946 J D
Ore Short Line 1st cons g 55_1946 J i
1946.1 J
Guar stpd cons 58
Ore-Wash RR & Nay 4s__.1961 J .1
8
4314 563 59 July'34 ____
-- 97 Mar'32 _ _ _
1
10013- - 10418 10418
104 10414
100 10312 101 Aug'34 ____
10113 Sale 10112 10314 28
3
10813 Sale 10812 10812
9
4
1103
8
1107 11278 11018
4 59
973
8
947 Sale 944
1940 A 0
PCC&StL 4518 A_
1942 A 0
Series IS 450 guar
1942 NI N
Series C 4515 guar
1945 hi N
Series D 48 guar
'
Series E 3518 guar gold...1949 11 A
1953 J D
Series F 48 guar gold
1957 M N
Series G 4s gua
Series II cons guar 48._ _ .1960 F A
1963 F A
Series 1 cons 4518
series .1 cons guar 451s.._ _1964 MN
General M 58 series A_ _ _1970 J D
1975 A 0
Gen mtge 55 ser 13
1977 J J
Gen 4518 series C
1940 A 0
Pitts Sh & L E 1st g 53
10435 J
1st con_sol gold 58
Pitts Vs & Char 1st 45 guar .1043 5,f N
Pitts & W Va. 1st 454s ser A_1958 J D
1958 A 0
1st 51 4548 series II
1960 A 0
1st M 4518 series C
Pitts Y & Ash lit 48 ser A...._1948 .1 D
1962 F A
lit gen 53 series B
Providence Sec guar deb 45._1957 M N
1956 M 5
Providence Term 1st 4s
10618 Sale 10618 10612 39
105 106 106 Aug'34 --_8
____ ____ 1075 July'34 ____
101 ---_ 10112 Aug'34 --__
9512 ____ 8912 Aug'33 __
4
___ 1033 July'34 ____
100
4
4 - 4
1003 1053 1043 June'34 _ _ _
_ _ 105 July'34 __
102
- -13
105 110 108 Aug'34 ____
106 109 106 Sept'34 ____
8
106
3
10518 106 1047
4
1063
8 20
8
1057 1073 106
10012 10
8
9712 987 99
103
____ 103
1
103
100 Mar'33 ____
101
9912 10714 94
Oct'33 ___ 66 Aug'34 ____
70
66
70 Sept'34 ____
__ 73
__ ._ 667 68 Sept'34 --__
8
96
-_ 100 May'34 ____
-103 109 10914 Aug'34 ____
_ 40
50 Aug'34 -_ __
87 ____ 9112 Apr'34 ____
__-
Reading Co Jersey Cent coll4F3'51 A 0
1997 J J
Gen & ref 4515 series A
1997 J J
Gen & ref 4548 series B
Rensselaer & Saratoga 65 gu 1941 M N
1948 NI N
Rich & Mack 1st g 4s
Riclarn Term Ry 1st gu 58-1952 J J
Rio Grande June 1st gu 5s__1939 J D
:Rio Grande Sou 1st gold 4s_1040 .1 .1
Guar 48 (Jan 1922 coupon)1940 J J
Rio Grande West 1st gold 45_1939 J J
1st con & coil trust 48 A..._1949 A 0
•:R I Ark & Louis 1st 451s_ _1934 M S
1949 J .1
-Canada 1st gu e 45
Rut
1941 J J
Rutland 1st con 4515
1947 J J
Joe & Gmnd Isid 1st 4s
St
19965 1
St Lawr & Adr 1st g 58
1996 A 0
2,1 gold 6
For Tootn.,te. .,... ,iiite 1985
8 23
965
3
8
933 9412 933
4 45
1013
10018 Sale 10018
10014
6
100 Sale 100
Oct'30 ____
--------113
40 July'33 ____
60
39
_ 10214 Aug'34 -__
10212
81
78 -- - 95 Aug'34 ____
114 Oct'33
4
____
--------311 July'33 _ _ _
.
80
12
7712 Sale 7712
1
47
47 Sale 47
1214 10
1134
1214 13
Aug'34 ____
5214 5812 51
6214 Sept'34 ____
____ 65
4
8
10013 Sale 10013 1003
90 Aug'34 ____
90
82
8
883 Aug'34 ___
92
85
Week's
Rang. or
Last Sale
4_
5 4',.,
Range
Since
Jan. 1
oll,
Z
4
6013 853
18
78
8
757 75
-1943 J
S A & Ar Pass 1st gu g 4s
8
10613 July'34 __-97 1067
JSanta Fe Pros & Phen 1st 55_1942 hi 5 10614
4
9712 1074
-N 104 10512 10412 10412
1989 M
&lot° V & N E 1st go 4s
1714
1
1714
1714 27
4
•(Seaboard Air Line 1st g 43_1950 A 0 163 22
2313
16
16 July'34 _ ..- . 1613 26
Certificates of deposit
27
16
17 Aug'34 -4
____-1950 A0 163 21
*Gold 48 stamped
25
15
Certifs of deposit stamped__ A 0 1612 2212 1612 Sept'34 __-712
4 Aug'34 __-4
4 4
33
Oct 1949 F A
Adjustment 5s
14
5
713 20
613
714 Sale
1959 A 0
*Refunding 4s
13
5
7 Sept'34 __-7
5
deposit _____
Certificates of
4
63 1612
33
8
738 Sale 738
1945 M S
1st & cons 6s series A
64 14
514 1453
6
614 Sale
Certificates of deposit ____ ____
1418 2514
15 July'34
1314 20
1933 NI 5
*Atl & Birm 1st a 4s
314 __-8
80
23
8
23
712
314 Sale
:Seaboard All Fla 6s A etf8.1935 A 0
24 74
4
33 Aug'34 ____
214 5
1935 F A
Series B certificates
1 1005s 10413
1936 F A 10413 _ __ 10413 10412
So 53 No Ala cons all g 5s
91 110
108 Sept'34 - Gen cons guar 50-year 55.. _ 1963 A 0 107
8
15
747
56
63 -8
8
So Pac coil 48(Cent Pac coil) 1949.1 D 565 Sale 565
7112 23
6313 8414
4
1st 45113 (Oregon Lines) A_1977 M S 703 Sale 69
4 35
534 72
573
196886 S 5514 Sale 5514
Gold 434*
72
53
53
58
1969 MN 54 Sale 54
Gold 4 11s
71
52
58
90
1931 M N 5314 Sale 5314
Gold 434s
9612 40
3
827 9914
_1950 A 0 9413 Sale 9412
San Fran Term 1st _ _
107
5 101 107
43So Pac of Cal 1st con gu g 55_1937 M N 107 Sale 107
99 100
100 July'34 __ . .
_
So Pac Coast let gu g 48__ 1937 J .1 101
84
60 70 904
1955 .1 J 81 Sale 81
So Pac RR 1st ref guar 4s
.
9212 May'30 __-_ _ .
1955 1 J
Stamped (Federal tax)
- 47
Sii 10- 8
78
9218 9434
95
1994 .1 .1 ____---- 92
Southern Ry 1st cons g 5s
5314 7334
574 85
1956 A 0 5512 Sale 5514
Devi & gen 4s series A
6
95
71
7614
- 7418 75
1956 A 0
Devi ei gen 65
8012 23
4
733 973
4
77
1956 A 0 --- Sale 77
Devi &gen 650
4
9614 July'34 __-803 100
19'56J J 8518 92
Mem Div 1st g 5s
77
77
6614 91
80
1
1951 .1 J 70
St Louis Div 1st g 4s
8
84 1025
East Tenn reorg lien g 5s_1938 M 5 - _ 102 102 Aug'34 _-81
58
4
593 60 Sept'34 __-Mobile & Ohio coil tr 48_ 1938 hi 5 53
914 17
914
5
8 914
107
914
:Spokane Internet 1st g 5s-1955 J i
Staten Island Ry 1st 451s 1943 J ID --------60 May'34 _ _ ._ joo 196
.
____ 100 Feb 34
Sunbury de Lewiston 1st 4s 1936 J J 100
72
51
1_ _
__
00 10413
-89 104
92 16412
10414 112
10412 115
4
8313 1003
7
9912
9914 Sale 9914
Pac RR of Mo 1st ext g 48_ _A938 F A
95 July'34 ____
95
1938 J J 90
2d extended gold 5s
Paducah & Ills 1st 8 f g 450_1955 J .1 10313 10513 10413 Aug'34 __ _
8 25
Paris-Orleans RR ext 534s_1968 M S a156 Sale 215714 1573
90 80 Sept'34 _ _
1942 M S: 72
Paulista Ry 1st ref s f 75
100
23
Pa Ohio & Det 1st & ref 451sA'77 A 0 93 Sale 98
6
8
Pennsylvania RR cons g 4s_ _1943 M N 10553 Sale 10512 1055
10511
6
8
1948 M N 10118 1047 10514
Consol gold 4s
8
45 sterl cited dollar May 1 1048 M N 10118 1047 10514 Sept'34 -___
4 39
1083
Consol sinking fund 4 518._1960 F A 10718 Sale 10718
5
137
1965 J 13 99 Sale 93 8 100
General 4548 series A
29
4 106
1968 J D 10512 Sale 1043
General 55 series B
5
106
75
1936 F A 10553 Sale 105 8
Secured 65413
8 1013 102
8
8
1964 M 1s 1013 Sale 1003
Secured gold 5s
4 83
843
1970 A C 8312 Sale 8313
Debenture g 4518
4
943 144
8
General 4518 series D__1981 A 0 925 Sale 9258
8
9414 226
9318 Sale 927
1984 J J
Gen mtge 4545 ser E
6478 67 Aug'34 ____
48_1940 A 0
Peoria de Eastern 1st cons
8
65
714
5
.1.3 9
6
April 1990 Apr
Income 48
8 1003
4 12
8
Peoria 53 Pekin Un lit 550-1974 F A 1005 101 1005
7218
2
7212 724
Pere Marquette 1st ser A Os 1956 J .1 63
1956 J i ____ 71
6212
4
6212
18t 45 series B
66
f
6412
1980 M 5 __ . 64
1st g 4518 series C
10678 12
phila halt & Wash lit g 4s_ _1943 m N 10614 10658 10638
1974 F A 104_ 110 Aug'34 _ -__
General 5s series B
103
-r
1977 .1 J 100 1034 103
General g 451s series C
10
1981 J D __ _ 1024 10112 102
General 4518 series D
26
7
1937J .1 2512 Sale 25
Philippine Ry lit if 43
Price
Friday
Sept. 14
90
High Hu Low
Ask Low
High
Railroads (Concluded)St Louis Iron Mt & Southern
4712 64
8 26
555
534
*Rly & G Div 1st g 4s__1933 M N ___ 57
59
52
_ 52 Aug'34 ---Certificates of deposit __ ____ __-_ ____
5713 82
60
_-- 6112 Sept'34 __-_
St L Peor & NW 1st gu 5s__1948 J J 54
1312 28
4 34
143
8
8
135 Sale 135
:St L-San Fran pr lien 45 A..1950.1 J
1112 26
9
1412
4
13 Sale 123
--_
Certificates of deposit__
.1
133 30
5
8
143
8
1414 167 1414
____1950 J J
Prior lien 55 series B
1312 28
1313
5
1313 Sale 1312
_
Certificates of deposit
12
1358 63
254
19 li S 124 1312 1212
Con M 4548 series A
23
13
1112 2413
12 Sale 12
_
Ctfs of deposit stamped_ _ _
644 8114
68 Sept'34 _____St L S W 1st 4s!g bond ctfs 1989 MN ____ 74
4253 63
2s g 45 Inc bond ctfsNov 1989.1 J ____ 60 61 Aug'34 ---48
5218
8
6912
1st terminal & unifying 58_1952 .1 J 5112 Sale 51
40
4114 12
5812
1990 J ..1 40 Sale 40
Gen & ref g 58 ser A
1818
184
1
1818 19
1713 374
St Paul & K C Sh L gu 4518_1941 F A
84 100
99 100 July'34 ---St P & Duluth 1st con g 45_1968 J D 86
7612
63
73 June'34 ---St Paul E Gr Trk 1st 451s 1947 J .1 ---- 67
29
97 1065
105
8
8
1943 J .1 1037 Sale 103
St Paul Minn 5, Man 5
8 1013
8
94 10113
9
8
1937 J D 1013 Sale 1013
gold 4s
Mont ext 1st
8
993
89
9813
2
Pacific ext gu 4s (sterling)_1940 J J 9812 Sale 9813
1972.3 ./ 108 Sale 10712 10812 28 101 112
St Paul Un Dep 5s guar
Nord Ry ext sink fund 6515.1950 A 0
*(Norfolk South 1st & ref 55_1961 F A
Certificates of deposit
•:Norfolk & South 1st g 55_1941 MN
1096 0 A
N de W Ry 1st cons g 4s
Dly'l 1st lien & gen g 4s....1944 J „1
1941 .1 D
Pocah C& C joint 4s
North Cent gen de ref 5s A_ _1974 M S
Gen & ref 451s series A_ _ _1974 M S
:North Ohio 1st guar g 5s..1915 A 0
Na Apr'33-Oct'33-Apr'34 consStmpd as to sale Oct 1933, &
_
Apr 1934 coupons
North Pacific prior lien 4s_ _ _1997 6 .i
Gen lien rY & Id g 38 Jan 2047 Q F
Ref & impt 451s series A__2047 J J
Ref & impt 65 series B__2047 .1 .1
Ref & impt 5s series C____2047 J .1
Ref & impt 55 series D___2047 J .1
Nor Ry of Calif guar g 5s,...1938 A 0
48 Aug'34
_ __ 50
96
4
943 Sale 9412
66
4
6418 Sale 633
77 Sept'34
7614 79
4
903
4
4
873 Sale 873
_ 83 8512 Sept'34
8312
844 82
78
__--------100 Jan'34
S
te
....,3r,
1947 A 0
Tenn Cent 1st 68 A or B_
Term Assn of St List g 4519_1939 A 0
1944 F A
1st cons gold 5s
1953) J
Gen refunds t g 48
4
Texarkana & Ft S gu 51 8 A_ 1950 F A
1943 J J
Tex & NO con gold 5s
2000 J D
Texas & Pac 1st gold 5s
1977 A 0
Gen & ref 5s series B
1979 A 0
Gen & ref 5s series C
1980 J D
Gen & ref 5s series D
Tex Pac-Mo Pac Ter 5548 A _1964 NI 5
Tol & Ohio Cent 1st gu 5s-1935 J J
1935 A 0
Western Div 1st g 5s
1935 J D
General gold 5s
1950 A (3
Tol St L & \V 1st 45
Tol WV & Ohio 4s ser C. _1942 M S
Toronto loam & Buff 1st g4s 1946 J D
Union Pac RR lit &Id gr 4s 1947 J .1
June 2008 M S
1st Lien & ref 4s
1967.1 J
Gold 4518
June 2008 M S
1st lien & ref 55
1968.3 D
Gold 48
1944 M S
U N J RR & Can gen 4s
Vandalic% cons g 4s series A 1955 F A
1957 MN
Cons if 4s series B
*Vera Cruz & P 1st gu 451s_ _1933 J J
J .1
July coupon off
Virginia Midland gen 5s____1936 M N
5s_2003 1 J
Va & Southwest 1st gu
1958 A 0
1st eons 5s
Virginia Ry 1st 58 series A 1962 MN
1962 M N
1st mtge 434s series B
8714 1003
4
84 10013
4
1003 10413
12314 16213
8012
50
85 10334
101 10618
100 1067
8
8
997 107
103 112
883 1033
3
4
974 110
4
1033 10712
914 1043
4
784 924
834 984
9113 97
57
8184
6
1914
8513 10212
5812 90
5014 7812
5112 81
10012 1073
8
100 11012
1939 MN
924 1954 :Wabash RR 1st gold 5s
1939 F A
10112 102
2d gold 5s
1954 J
2313 314
1st lien g term 4s
Det & Chic Ext 1st 5s...._1941 J J
Des Moines Div lit g 4s..1939 J J
10114 10814
102 108
Omaha Div 1st g 3515_ _1941 A 0
103 1074
Toledo & Chic Div g 4s_1941 M S
9918 101 13 :Wabash Ry ref & gen 5515 A.:75 M S
_ _
Certificates of deposit ____ _ _
034
66 1- 3- Ref & gen 5s(Feb'32 coup) B'76 F--A
_
gli 105
Certificates of deposit ____
_10213 10512
Ref de gen 4548 series C_1978 A0
_
10034 109
Certificates of deposit ____
_1980 A0
10133 108
Ref & gen 5s series D
____
94 110
Certificates of deposit
_ _2000 F A
8
943 110
Warren 1st ref gu a
8434 1(13
3515_Washington Cent 1st gold 4s 1948 Q M
1945 F A
103 103
Wash Term 1st gu 355s
1945 F A
Ist 40-year guar 48
....._
_
.
.--- Western Maryland 1st 48_ -1952 A 0
.- -- 1st & ref 551s series A_....1977 .1 .1
5680
7938 West N y & pa 1st g 5s
1937 J J
56
1943 A 0
80
Gen gold 4s
56
9414 100
Western Pac 1st 58 ser A...1946 M S
2361 J J
101 10913 West Shore 1st 4s guar
2361 J J
50
50
Registered
814 9113 Wheel & L E ref 454s ser A 1966 51 5
1966 M 5
Refunding 58 series B
82
9813
1940 151 5
RR lit consol 48
1942 .1 D
86 105
Wilk & East 1st gu g 5s
I938 J D
864 105
Will & SF 1st gold 5s
____ .... Winston-Salem S 13 lit 4s_ 1960 J J
---- - - - - :Wis Cent 50-yr 1st gen 4s._1940 J J
9934 10314
Sup & Dul div & term 1st 4s'36 M N
73
963 Wor de Conn East lit 451s 1943 J J
8
__
93 8
__- -768
445* 67
8
97 25
47
72
534 785
8
86 103
77
9514
.
v97 93
3
697
46
__ 5813 5713 Aug'34 __-10712 17 1004 1084
106 Sale 106
10133 111
10812 110 10812 Sept'34 _
9812 2.
1
82 101
9512 Sale 9513
754 97
19
87
8518
86
85
91
85 Aug'34 _64
--__ 85
8 27
1093
9114 111
10818 Sale 107
87
64
7714 21
8
76 Sale 747
8614
65
7612 33
4
76 Sale 753
4 18
85
763
4
864
3
75 4 Sale 753
9114
67
__ 8613 8518 Sept'34 ____
9413 10312
8
4
-- 4
1013 1023 1017 Aug'34 __-9712 1027
3
4
1013 10214 102 Aug'34 ---90 102
2
4
4 1013
-- 10214 1013
4
673 8718
81 Aug'34 ___
7212 76
-_ 9618 Apr'31
100
9
i TRi - -73;
96
- 96
9412 97
8 1054 129
993 1084
4
4
1033 Sale 1035
8
3
89 1035
99 4 75
8
98 Sale 973
8934 105
81
4 101
9914 Sale 983
8 1093
4
4
6 10212 1153
8
1095 Sale 1095
5
8212 99 8
9514 88
0213 Sale 9212
8
8
8
1057 10613 1073 Aug'34 ____ 10012 1073
99 102
4
100 1003 10018 Sept'34 ---34
Apr' ---974 101
4
1003 ____ 101
5
22
414
24 514
5 Sale
312 318
8 478 318 July'34 ____
43
4
9814 1037
__ 1033 Sept'34 ____
8
90
8
757 97
90
1031236
1
90
87
79
67
7614
_-__ 78
5
4 23
994 110
8 1053
10512 Sale 1043
90 1034
10212 Sale 10214 10312 23
8
8712
8
80 Sale 797
65 12
8
65
65
60
60 Feb'34 ____
___ - 58
___. 99 100 July'34 ____
52 Apr'34 ____
57
49
48 Aug'34 --4514 50
3
70
--------70
16
20
15
144
25 Apr'34 _. _
--._ 18
1412
1514 14
____ 15
r4
14
14
- _ 18
1514 13
_15 Sale 1412
____ 171 20 May'34 ___ 1512 21
1412
15
14
2314 Apr'34 ____
____ ___
____ 783 7712 Sept'34 ___
____ SS's 79 June'34
1
8
997 ___8
997 .-__ 994
1
4
4 1013
4
1013 _ _ 1013
8314 53
8114 Sale 8114
924 36
8
915 9214 9214
4
8
8
10512 1065 10512 1057
14
100
9912 Sale 99
3712 37
3413 Sale 3413
8018 32
77 Sale 77
2
77
7513 7712 77
6
98 10112 98
994
6
4 1033
4
1034 Sale 1033
3
9812 9914 9912 100
47
20
47 Sale 4653
9912 997 99 Sept'34 ____
8
2
97 100 z100
100
1314 10
1212 163 13
8
718 912 84 Aug'34 --70 ____ 66 May'34 ____
95
74
564 834
60
60
70 100
58
45
55
45
75
70
134 29
1411 25
13
284
2414
14
1312 284
2513
16
1314 28
14
234
76
7712
79
79
143 103
1013 10134
4
704 884
80
4
973
1024 1063
4
85 10313
30
464
8
687 86
8
654 823
85 10112
9313 105
4
863 10112
3
393 594
99 1024
90 10213
1 134 224
1712
7
66
68
INDUSTRIALS.
8
8
•:Abitibi Pow ktr Paper 1st 55 '03.3 D 257 Sale 275
4
Abraham & Straus with warrants A 0 1023 10314 103
Adams Express coil tr g 45.__1948 M 5 77 Sale 7612
4
963
99
1052 A 0 97
Adriatic Elec Co ext 75
8
6714 657
Albany Perfor Wrap Pap 68_1948 A 0 65
274
10314
77
4
963
6712
7
18
6
6
9
184
93
62
9014
56
484
10512
83
110
70
New York Bond Record-Continued-Page 5
1684
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 14
,.."
o3
z
.
,4
4
Price
iWeek's
Range or
Friday
Sept. 14
Last Sale
3
g ,..
co,
Z
Industrials (Continued)Bid
Ask Low
High No.
Alleghany Corp colt tr 5s _ __1944 F A 59 Sale 59
6212 35
Coll & cony 55
1949 1 D 5114 Sale 503
5312 25
4
Coll & cony 55
1950 A 0 2112 Sale 214
224 160
Certificates of deposit ____ --_
..
23 Sale 23
2418 29
Allis-Chalmers Mfg deb 5s 1937 MN 9712 Sale 9718
973
4 44
Alpine-Montan Steel lot 7s_ _1955 M S 7712 ---_ 77
7712
2
Amer Beet Sugar 65
1935 F A 10014 101 101 Sept'34
6s extended to Feb 1 1940___ F A
9234 93 93
93
6
American Chain 5-yr 133___ _1938 A 0 8713 Sale 8713
8818 13
Amer Cyanamid deb 5s_ .... _1942 A 0 10214 Sale 102
1023
8 16
Am & Foreigh Pow deb 58.2030 M S 4912 Sale 49
505
8 71
American Ices f deb 55_
1953 .1 D 6812 72 6812
69
11
Amer I G Chem cony 5 Hs_ _1919 M N 9513 Sale 94
9512 48
Am Internat Corp cony 53s 1949 J J 83 Sale 83
8318 20
Amer Mach & Fdy of 6s
1939 A 0 1033 ___ 10512 Aug'34 --4
Am Rolling Mill cony 55_1938 MN 102 Sale 102
103% 53
Am Sm & R. 1st 30-yr 55 ser A '47 A 0 1033 Sale 10314
74
4
105
Amer Sug Ref 5
-year 65.......1937 J J 10512 Sale 105
106
16
Am Telep & Teleg cony 4s
1936 M S 1037 ____ 10378
8
3
1038
30-year coll tr 5s
1946 J D 10812 Sale 10812 10938 43
35
-yours f deb 5s
1960 1 J 10712 Sale 10718
10834 148
20-year of 550
1943 MN 11112 Sale 1103
4
11112 128
Cony deb 4Hs
1939 J .1 1073 10912 107
4
/ 108
1
4
5
Debenture 5*
1965 F A 108 Sale 10712
109
145
:Am Type Founders (is ctfs_1940 ____
20
22
26 Aug'34 ---Am Water Works & ElectricDeb g 6s series A
1975 SIN 75 Sale 75
78
11
10-yr 5s cony coil tr
1944 M S 99 Sale 983
8
4 1013 161
:Am Writing Paper 1st g 65_1947 J J 21 Sale 21
213
4 23
97
Anglo-Chilean Nitrate 7s_ _ _1945 M N
878 sale
812
32
Ark & Stem Bridge & Ter 5s_1964 M 9 ____ 79
8618 July'34 ____
Armour & Co (III) 1s14 Hs_ A939 J D 10014 Sale 100
10012 89
Armour & Co. of Del 5tis_1943 1 J 97 Sale 965
8
0712 95
Armstrong Cork cony deb 5s 1940 J D 10214 Sale 10118
1027
8 52
Atlanta Gas L lot 5s
1947 J D 1015 ___ 10018 May'34 ____
8
Atl Gulf & WI 99 coll tr 55.19591 J 4618 Sale 46
5318 71
Atlantic Refining deb 55___ _1937 J J 106 Sale 108
107
64
Baldwin Loco Works 1st 5s_1940 MN
Batavian Petr guar deb 4348 1942 1 J
Bell Telep of Pa 5s series B 1948 1 .4
1st & ref 55 serles C
1960 A 0
Beneficial Indus Loan deb Cs 1946 M S
Berlin City Elec Co deb 6345 1951 J D
Deb sinking fund 634s_...,1950 F A
Debentures (is
1955 A 0
Berlin Elec El &Underg 63.4* 1956 A 0
Beth Steel lot & ref 5s guar A '42 M N
30
-year pm & impt of 55_1936 J J
Bing & Fling deb 634s
1050 M S
*:13otany Cons Mills 6%5_1934 A 0
Certificates of deposit
A 0
*Bowman-1311t Hotels lot 7s1934
Stull, as to pay of $435 pt red
M S
•:8'way & 7th Av 1st cons 5s'435 D
Brooklyn City RR 1st 55_1941 J J
Bklyn Edison Inc gen 58 A__1949 J J
Gen mtge 5s series E
1952 1 J
Bklyn-Manh It T sec 65 A 1968 J 1
13s series A
1949 J J
Bklyn Qu Co & Sub con gtd 5s'41 MN
1st 55 stamped
1941 J .4
Bklyn Union El 1st g 5s_ _ 1950 F A
Bklyn Un Gas 1st cons g 5s_1945 M N
lot lien 63 ref (is series A_.1947 M N
Cony deb g 534s
19365 J
Debenture gold 55
1950 1 D
1st lien & ref 5s series B....1957 M N
Buff Gen El 434s series B
1981 F A
:Bush Terminal lot 48
1952 A 0
Consol 55
1955 .1 J
Bush Term Bldgs 55 gu tax ex '60 A 0
By-Prod Coke 1st 5Hs A_ 1945 M N
Cal G & E Corp unf & ref 5s_1937 NI N
Cal Pack cony deb 55
19405 J
Cal Petroleum cony deb s f 5s .39 F A
Cony deb s f g 534s
1938 51 N
Camaguey Sugar 7s ctfs
1942
_
Canada SS L 1st & gen 6s_.1941 A0
_Cent Dist Tel lot 30-yr 58..19435 D
Cent Hudson G & E 5s_Jan 1957 51 5
Cent Ill Flee & Gas lot 55_1951 F A
Central Steel 1st got 8s
1941 MN
Certain-teed Prod 534s A_ .1948 M 9
Chesap Corp cony 55 Slay 15 '47 M N
Ch G L & Coke 1st gu g 55..1937 J J
•IChicago Railways lot 5s stpd
Aug 1 1933 25% part pd
F A
Childs Co deb 55
1943 A 0
Chile Copper Co deb 55_ _ _ _1947 1 J
Cin G & E 1st M 4s A
1968 A 0
Clearfield Bit Coal lot 45._ _1910 .1 J
Colon 011 cony deb 65
19385 J
:Colo Fuel & Ir Co gen s f 5s 1943 F A
*Col Indus lot & coil 5s gu_ _1934 F A
Columbia G & E deb 5* May 1052 M N
Debenture 5s
Apr 15 1952 A 0
Debenture 5s
Jan 15 1961 1 J
Columbus Ry P & L 1st 43.4s 19575 .1
Secured cony g 5348
1942 A 0
Range
Since
Jan. 1
Low
High
5118 74
44
6912
2112 46
23
4018
901s 100
5614 8312
71 101
80
9614
64
9058
9312 10314
35
5912
62
793
4
83% 99
6718 87
10412 10712
953 11612
4
9912 10512
10414 107 2
,
10158 1045
8
10518 1103
8
10314 11112
1057 113
8
10618 113
10318 11114
26 50
102
10238
106
106
84
28
253
4
243
28
997
8
99
30
914
738
314
412 MaY'33 ---9% 1014 10 Aug'34 ____
83
85
8312
833
4
9
108 sale 107
10814 22
10812 Sale 10812 109
33
9914 Sale 994
100
179
994 Sale 99
9934 54
5913
5912
__-- 60
2
63
60
63
4
9514 Sale 9514
953
4
8
11414 1143 115
4
11512 29
116 120 118
118
5
158 Feb'34 _
1037 10418 103%
8
1043
4
17
10912 23
10914 Sale 10914
107
10312 10512 105
23
537 60
53
534
6
4
1834
183 Sale 183
4
7
4334 Sale 4314
433
4
9
75
68
74
75
3
---- - -05s 10
72
86
10512 1097
8
10514 110
9314 10234
99 10014
57
67
57314 87
/
1
4
7512 094
/
1
1064 11512
/
1
110% 120
158 168
98 105 5
3
1045 110
99 1083
4
50
60
1218 2612
363* 6012
8112 88
1073 1077 1077
4
5
1077
g
10
10314 Sale 10314
1033
4 31
1023 sale 10213 1023
4
4 13
10212 Sale 10212 103
16
7 Sale
6
7
8
2612 2912 2818 Aug'34 __
1083 110 1085
8
8
1085
8
1
10812 ___ 10812 10812
1
63 Sale 6213
6412 20
111 113 111
112
2
56 Sale 56
60
28
10018 Sale 10018
10212 191
10314 104 10334
10418
10
10318 10812
8612 104
9838 103
9918 10412
27 12
1812 33
/
1
4
1045 10913
8
1044 10914
454 697
10118 113
524 717
96 110
9814 106
___
20
109
85
____
2
1
3
27
____
10
10
31
10712
118
114
116
108
6554
87
654
74
1153*
104
374
25
20
:23
,. t
.,e,,
Week's
Range or
Last Sale
ln,
aloS
Range
Since
Jan. 1
Bat
Industrials (Continued)Ask Low
High No. Low
High
Duquesne Light 1st 4 Hs A1967 A 0 1065 Sale 10658
8
1074 36 1011 108
/
4
lot Mg 434s series B
1957 M S 109 11014 110
111
5 10212 111
*East Cuba Sug 15-yr s f 7555'37 M S 1412 Sale 1412
1512 29
74 2212
Ed El Ill Bklyn lot cons 4s_ _1939 J J 10412
__ 106 Aug'34 --- 1004 107
Ed Elec(NY) 1st cons g 5s_1995 J J 122 1 5 124 Aug'34 ---- 110 124
/
El Pow Corp (Germany) 6 Hs '50 M 5 35 Sale 3318
334 6912
35
13
1st sinking fund 63o
1953 A 0 __-- 3612 344
3514 13
34
8914
Ernesto Breda 78
1954 F A 73 Sale 73
73
6
68
89
Federal Light & Tr lot 5s_1042 M S 7213 85
7212 Aug'34 ---64
82
55 International series 1942 M 5 68
____ 803 June'34 ---4
7.5
803
4
1st lien s f 55 stamped
__ 78 July'34 ---1942 M 9 73
6011 8214
lot lien (is stamped
76 Aug'34 ---,
1942 M S 7614 05
84
8512
30-year deb (is series B__ _1954 J D -- 63 6212
625
8
3
5112 68,
2
Federated Metals s f 7s
1939 .1 D 103 105 104 Sept'34 ---- 101 106
Fiat deb of g 7s
____ 00
1946 1 J 101
NO
1
9712 102
Framerfcan Ind Dey 20-yr 7;0'42 J J 108 Sale 106
106
8 10212 110
:Francisco Sug lot s f 75s.....1942 M N 28
3114 2914
2914
1
19
41
Gannett Co deb 6s ser A__ _1943 F A
Gas & El of Berg Co cons g 551919 1 D
*Gelsenkirchen Mining 6s....,1938 M 9
Gen Amer Investors deb 55A1952 F A
Gen Baking deb s f 5tis.„..1940 A 0
Gen Cable lot 81 5345 A
1947 J J
Gen Electric deb g 310._ 1942 F A
Gen Elec (Germany) 75 Jan 15'45 J J
s f deb 634s
19405 D
20-year of deb 6s
1948 MN
Gen Petrol 1st sink I'd 55.....1910 F A
Gen Pub Serv deb 534s_ _ _ _1939 J J
Gen Steel Cast 5345 with warr '49 J .2
•:Gen Theatres Equip deb 651940 A 0
Certificates of deposit
Good Hope Steel & Jr sec 713_1945 A 0
Goodrich(B F)Co 1st6 Hs_ _1947 J J
Cons' deb Co
19155 D
Goodyear Tire & Rub lot 5s 1957 M N
Gotham Silk Hosiery deb 68_1936 J D
*Would Coupler 1st of 65_1940 F A
Gt Cons El Pow (Japan) 7s.A944 F A
lot & gen of 6345
1950 J .1
Gulf States Steel deb 53481942,1 D
9614 98
96
965
8
0
104 Feb'34 ---110
4412 If% 4612
49
26
-- 95
95
95
2
10412 Sale 104
10412 14
74 Sale 73
7412 15
103% ____ 0438
10478
6
3213 Sale 3212
34
9
2913 45
34
34
7
30
33
3218
3218
3
105 Sale 105
10512 24
90
8612 92
90
2
Sale 8112
82
815s
6
55
55 Sale
6
6
5 Sale
5
0
6
42% Sale 424
4
428
1013 Sale 101
8
102
31
813 Sale 8112
4
831 1 71
9938 Sale 9838
s
1003 139
86 Aug'34 ____
---- 90
1314 Sale 1314
1314
5
84 Sale 8312
85
48
8014 Sale 80
8014 27
863
4
8613 88
885
8 13
794 9912
104 104
4613 80
794 98%
102 1053
4
59
77,
4
100 105
3212 65
34
83 2
,
3218 6312
10313 106
9538
78
6818 90
318 13
1144
3
4278 6318
96 10512
72
90
894 103
8512 95
87s 194
6814 87
651 8014
/
4
71
9212
03% 103%
1035
8
5
5/
46
43 - 11 24513
24
51
-,3- 537 51
1
4212 539 Aug'34 ---39
712 97
5 918 Sept'34 ---32
32 Aug'34 ---26
39 Dec'33 ___
1418 25
8312 Sale 8312
8312
7
44
42 Sale 42
73
11218 114 112
112
3
102 10214 1024 10214 23
109
10812 Sale 108
30
10538 10614 10513 106
44
53614 Sale 353
4
236
25
100 1014 100
100
8
983 Sale 9812 10014 139
4
9934 67
98 Sale 9812
/
1
4
4
761 270
74 Sale 733
/
4
54
5012 Sale 4612
265
50
47 Sale 43
59
8112 63
78 Sale 78
78
79
7512 Sale 7512
67 Sept'34 -__
60
70
98 104
3914 5712
61
703
8
2912 39
7
9
/
1
4
25
40
___
__
65 -88
39
51
1054 114
1024 105 2
,
1051/4 11012
10211 10814
3514 594
94 103
88 10112
8512 101
654 757
30
4912
2712 50
7014 83
87481'2
60
77 8
,
K C Pow & Lt 1st 43.4s Fier B_1957 J J
lot mtge 434s
1961 F A
Kansas Gas & Electric 410_1980 J D
Karstadt (Rudolph) lot Cis_ _1943 MN
Certificates of deposit
Keith (B F) Corp 1st 6s_ _ _1946 M 9
Kelly-Springfield Tire 6s_ _ _1942 A 0
Kendall Co 5)68
1948 51 S
Keystone Telco Co 1st 5s_ _ _1935 J .1
Kings County El 1. & P 55_1937 A 0
Purchase money Os
1997 A 0
Kings County Elev 1st g 48_1949 F A
Kings Co Lighting lot 55_ .1954.1 .1
First and ref 63.40
19545 .1
Kinney(OR)& Co 734% notes'36 J D
Kresge Found'n coil tr 6s__ _1936 1 D
;Kreuger & Toll CIA 5s ctfs_1959 M 9
47
60
41
65
58
87
92 1027
5218 6518
51
82
30
65
1712 3313
89
90%
70
914
6612 89
Lackawanna Steel 1,1 55 A 1950 M S
73
987 *Laclede G-L ref & ext 55_1934 A 0
9014 10712
5s
1939 A 0
Coll & ref 534s series C__ _1953 F A
Comm'l Invest Tr deb 510_1949 F A 108 Sale 108
109
22 101 110
Coll & ref 534s series 121_ _ _1960 F A
Conn Ry & L Ist & ref 4Hs_1951 .1 J 104
1043 July'34 _ __ 103 10434 Lautaro Nitrate Co Ltd 85_1954 J .1
4
Stamped guar 4 34s
1951 I J 102% 105 l034 Aug'34 ____
97 1043 Lehigh C & Nay s f 4348 A_1954 ./ J
4
Consolidated Hydro-Elec Works
Cons sink fund 43.4s ser C_1954 .1 J
of Upper Wuertemberg 78_1956 J .7 36
4
3612
37
353
8
3434 60
Lehigh Val Coal lot & ref s f 5s'44 F A
:Cons Coal of Mid 1st & ref 55'50 J 0 20 Sale 20
2312 33
12
27
lot & ref s f 55
1954 F A
Certificates of deposit
244 Sept'34
/
1
2014 23
1114 2814
lot & ref of 5s
1961 F A
Consof Gas(N Y) deb 5555_1945 F A 10612 Sale l054
107
44 10112 1073
4
lot & ref s 1 5s
1974 F A
Debenture 43.4s
1951 J D 100 Sale 9934
10012 149
903 10314
8
Secured 6% gold notes_ 1938 J J
Debenture 5s
10314 85
1957 1 J 10212 Sale 10214
974 106
Liggett & Myers Tobacco 75.1944 A 0
Consumers Gas of Chic gu 5s 1936 J D 104 105 104
104
1 100 10518
05
1951 F A
Consumers Power 1st 5s C....1952 SIN 108 Sale 1083
/
1
4
8
1093
8 13 10012 1094 Loew's Inc deb of 6s
1941 A 0
Container Corp 1st 6s
92
19465 D 01 Sale 91
7
70
9712 Lombard Elec 75 tier A
1952 J 13
15
-year deb 55 with warr_ _1943 J D 6512 67 64
655
8
4
52
8112 Lorillard (P) Co deb 7s
1944 A 0
Copenhagen Telep 55 Feb 15 1954 F A 58514 Sale 58514 58514
2
7518 95
55
1951 F A
Crown Cork & Seal s f 6s_ _ _1947 J 0 105 Sale 105
105
14
9712 107
Louisville Gas & El(Ky) 55_1952 SI N
Crown Willamette Paper 65_1951 J J 93
07
95
9612 14
794 97
Lower Austria Ilydro El 6 Hs1944 F A
Crown Zellerbach deb 58w w 1940 M S 90 Sale 90
0212
6
70
96
*TCuban Cane Prod deb 65_1950 J J
2 Sale
/
1
4
2
/
1
4
3
50
24 83 :McCrory Stores deb 510_1911
21
Comb T & T 1st & gen 55_1937 J J 1107 Sale 107
107
13 10312 1073
4
Proof of claim filed by owner__
_
McKesson & Robbins deb 534s'50 M St
_Del Power & Light 1st 434s 1971 J J 1043 ____ 1043
4
1053
8 14
4
9414 1054 *jManatl Sugar 1st s f 750_1942 A 0
/
1
1st & ref 4 Hs
1969 .1 J 10012 Sale 100
1003
4
5
8938 103
Certificates of deposit
_
1st mortgage 434s
19695 J 10313
__ 1037
8
1034
5
94 104
*Strnpd Oct 1931 coupon_1942 A0
_Den Gas & El L 1st dr ref s f 5s '51 M N 9812 102 10212
10212
-1
86 1027
5
Certificates of deposit
____
Stamped as to Penns tax_1951 M N 9813 ____ 1013 Aug'34 ___
4
87 1033
/
1
4
4
*Flat stamped modified
Detroit Edison 5s ser A
1949 A 0 10614 Sale 10614
10812 23
964 109 :Manhat Ry(NY)cons g 4s 1990 A 0
/
1
Gen & ref 5s series B
1955 J D 1064 Sale 106l5
1083
4 40
963 109
8
Certificates of deposit __
__ _
Gen & ref 5s series C
1962 F A 10714 Sale 063
1075
8 21
4
905 10814
2d 4s
2013 .1 i)
Gen & ref 43.4s series D
1961 F A 103 Sale 10234
104
85
89 10514 Manila Elec RR & Lt s f 55.1953 M S
Gen & ref 5s series E
1952 A 0 106 108 10612
10812 11
97 10812 Mfrs Tr Co Ws of partic in
Dodge Bros cony deb 6s
10512 71
1940 M N 105 Sale 1044
981 10618
/
4
A I Namm & Son lot es _ _1943 J D
Dold (Jacob) Pack lot 0s...,1942 SI N 9118 0212 9118
1
797 93
8
91 18
Marlon Steam Shovel of 65_1947 A 0
Donner Steel lot ref 7s
1942 5 J 10112
__ 0113 10112
3
94 102
Market St Ry 7s ser A_APrli 1940 Q J
Duke-Price Pow 1st Os ser A_1966 MN 9418 Sale 933
8
953
8 37
7412 9818 Mead Corp lot 6s with warr_1945 1111 N
Meridlonale Elec 1st 7s A_ _1957 A 0
For footnotes see page 1685.
Price
Friday
Sept. 14
1934
Hackensack Water lot 4s....1952 J J
Hansa SS Lines Os with warr.
_1939 A 0
Harpea Minims es
1949 / J
Havana Elec consol g 5s_ __ _1952 F A
Deb 51.0 series of 1926_ _ _1951 M S
':Hoe(R)& Co lot 6348 ser A '34 A 0
Holland-Amer Line Os (flat) A947 M N
Houston Oil sink fund 534s A1940 M N
Hudson Coal lot s f 5s ser A-1962 1 D
Hudson Co Gas 1st g 5s
1949 MN
Stumble Oil& Refining 55.„1937 A 0
Illinois Bell Telephone 5s
1956 .1 D
Illinois Steel deb 43.4s
1940 A 0
Metier Steel Corp mtge 65_1948 F A
Int Nat Gas & 011 ref 53__ _ _1936 M N
Inland steel lot 4)6 ser A. 1978 A 0
lot M 51 434s ser B
1981 F A
:Interboro Rap Tran lot 55_1968 1 J
.10-year 13s .
1932 A 0
Certificates of deposlt ____ ___
°1O-year cony 7% notes_ _1932 M i
Certificates of deposit
j
.5i , /;1
,
jInterlake Iron lot 5s B
lot Agrfe Corp lot & coil tr 55Stamped extended to 1942.. __ M N
Int Cement cony deb 5s_
1948 M N
Internal Hydro El deb 8s
1944 A 0
lot Mere Marine s f 65_1941 A 0
Internat Paper 5s tier A & B_1917 J J
Ref of Os series A
1955 M S
Jot Telep & Teleg deb g 4 Hs 1952.2 J
1939 .2 J
Cony deb 43.4s
Debenture 55
1955 F A
Investors Equity deb 55 A 1947 J1 D
Deb 5s ser B with warr
1948 A 0
Without warrants
1948 A 0
844 90
98 111
21
62
5
17
/
1
4
8314 90
874 10012
82
9812
86 1027
8
95 10018
46
6112
10338 108
1063 1073 l064
4
8
1063
4
1
11112 Sale 11114
11238 47
11278 35
112 11218 112
11412 Sale 114
11512 17
10312 Sale 0318
10312 15
253 283 28
4
8
2812
7
2513 27
2534
27
8
25
277 25
253* 17
2812 Sale 28
SS1
s 28
1011 Sale 1013
/
4
4
10514 61
102 Sale 102
10318 125
31
51
3712 July'34 ____
1018 15
1018 Aug'34 ____
812
9
838 11
5
5434 5612 56 Sept'34
44 Sale 44
465
8
82% Sale 8218
83
1C018 Sale 993
4
10012
63
____ 6518 June'34
5514 Sale 5514
5514
5312
53181,543 5312
4
21 , 233 2138
4
2212
7812 Sale 7812
8112
72
823 82 Sept'34
4
70
76 Sale 76
95 Sale 9412
96
104 Sale 104
10412
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 14
Sept. 15
7112 7914
9312 Sale
95 Sale
4812 50
6318 Sale
45
40
4
513 Sale
59 Sale
54 Sale
9412 Sale
8212 95
8
824 953
72
72
1
0313
9514 94
4214
5314 340
4813
483
4
3
634
68
61
4
493
523* 68
513
4
53
47
59
6212 71)
54
5712 146
94
0412
7
93
93
2
9512 Aug'34 ___
82
79%
4018
44
574
381
/
4
484
57
52
825
3
88
8778
8412
96
6935
65
8212
73
65
734
69
/
1
4
98
98
98
107 Sale 107
107
2
10718 Sale 0718
10812 17
941 Sale 9414
/
4
95
8
32
29
26
2912
5
17
223 217
4
22
8
55 Sale 55
5712
8
4112
-- -- 397 40
8
96 Sale 96
9738 39
88 Aiig'34 ____
7814 85
-- 073
4
1073
4
5
107%-- 141 Aug'34 ____
__-- 145
913 Sale 913
4
4
02
20
10612__ 09 June'34 ____
110 11714 116
116
1
4
100% 104 1003
101
3
100 Sale 0912 10012 11
1614 Salo 161
/
4
1612 119
10012 1084
1004 11014
/
1
7212 997
3612
19
1612 32
51
72
383 5912
4
74, 0838
s
734 88
104 10838
122 145
9512
75
1034 109
108 120
8112 10212
823 100 2
4
,
107 211
8
/
4
102 10214 1011s
10312
6
4
913 0412 954 Sept'34 ____
90
0118 01
91
1
6112 Sale 6112
6318
9
6014 6312 61
61
2
4
4
103 Sale 103
12
180
10018 Sale 10018
101
8
160 100% 10012
101
5
/
1
4
803 8812 87 Aug'34 ____
4
55 Aug'34 ____
5612 60
55 Aug'34 __.
533 56
4
5112 543 5113
4
65
a
9518 07
954 Sept'34 ____
127 Sale 127
1273
4
6
114 Sale 114
11512 16
101 Sale 101
1017
8 29
74 Sale 74
7512 10
1243 12518 1243
8
4
125
20
10812 11012 10913 110
29
102% Sale 10238 10412 21
8112 83 804
81
10
97 10818
79
9712
4
9012 013
50
893
8
50
89 4
,
54 194
81 1013
4
80 10114
7912 91
40
6218
4212 59
40
58
8118 97
11918 13018
108 1154
85 10212
74
98
11212 125
994 110%
88 10712
51
854
45
.55
83 Sale
17 Sale
12
20
1214 17
12
16
2
35
5312 Sale
5214 Sale
37
42
8412 9812
X
7512
74
46
47
8113 Sale
7212 Sale
99 100
60 July'31
824
8313
17
17
16 Aug'34
16 Aug'34
20 Feb'34
1714 Aug'34
5214
5014
52
5214
37
38
94 Sept'34
7413
47
8112
7212
0714
76
4712
85
74
99
___
129
3
_
___
__
___
227
10
2
___
50
584
9
10
10
8
12
42
/
1
4
37
2812
82
66
963
4
23
/
1
4
20
20
20
20
6412
5214
40
97
18
5
20
9
2
60
44
88
153
9118
773
4
61
9112
81
118
,
.
1685
New York Bond Record—Concluded—Page 6
BONDSt.'"
.3
4
N I' STOCK EXCHANGE - b
,,o.
Week Ended Sept. 14
l
Pr(e
Friday
Sept. 14
Week's
Range or
Last Sale
,t;
V.
no
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 14
Z
r'a
iri
......
Price
Friday
Sept. 14
Week's
Range or
,
Last 11 1
g
g P.,
Z
24,
Range
Since
Jan. 1
High
High No. Low
Ask Low
Bid
IndustrIals (Concluded)—
High
High No. Low
Ask Low
Bid
Industrials (Continued)—
2114 36
2914 17
2612 2914 2714
77 10114 •tRichfleld Oil of Calif 6s___1944 M N
10118 47
Metr Ed lot & ref 5s ser C__1953 J J 100 10012 100
20
2914 15
3514
M N 2615 3012 27
Certificates of deposit
9634
71
9
Sale 03
95
8
1968 M S 937
lot g 4348 series D
5414 62
4
613 Aug'34 ____
5912 53
1955 F A
9212 Rime Steel lots f 75
80
8 13
897
8
Metrop Wet Sew & D 54s 1950 A 0 897 Sale 87
8
997 10812
4
Koch G&E gen M 5 340 ser C '48 M S 1063 108 107 Sept'34 ---18
9
918 1214 9 Aug'34 _-_nMet West Side El(Chic)40 1938 F A
86 10314
10
__ 10212 10314
Gen mtge 4348 series D._1977 M S
78
48
8
Ming Mill Mach lots? 7s_ _ _1956 J D ____ 477 48 Aug'34 ____
94 10712
10712 34
8
10612 1073
1962 M S 100-- 8 1067
Gen mtge 58 series E
8
97! 10314
4 77
4 1023
4
'Midvale St & 0 coll trot 55_1936 M S 1013 Sale 1013
9 10212 14214
4
1403
139
7812 27
8512 Royal Dutch 48 with warr 1945 A 0 13658
57
75 Sale 7412
1961 J 13
Milw El Ry & Lt lot 58 B
7412
45
1
46
46
53
1948 A 0 ___- Ruhr Chemical s f 68
85
66
8
78
8
4
733 Sale 735
1971 J J
lot mtge bs
94
23
7912 10012
1943 J J 9212 Sale 92
Montana Power lot 58 A_
4
65 1053 114
112
8134 St Joseph Lead deb 530_1941 M N Ill Sale 110
53
8
1962 J 13 6012 667 70 Aug'34 ---Deb 58 series A
72
9312 17
9614
St Jos Ry Lt Ht & Pr 1st 5s_1937 M N 9312 Salo 9318
Montecatinl MM & Agric—
3534 61
5012 5012 Aug'34 --__
9812 St L Rocky Mt & P58 stpd_1955 J J 47
91
10
4
913
1937 .1 .1 9112 Sale 91
Deb g 78
4514 82
1
7012
7012
73
City Cable COMA 50_ _1937 .1 J 69
103
22
4
9512 1033 St Paul
Montreal Tram lot & ref 58_1941 J .1 10214 Sale 10214
8
457 80
____ 68 Aug'34 --_ 1937.1 J 69
Guaranteed 58
8012 8214
81 Aug'34 ---78
1955 A 0 75
Gen & ref s f 58 series A
71 10012
9814 16
San Antonio Publ Serv lot 631952 J J 9612 Sale 9612
74
74
74 Fen'34 ---1955 A 0 75
86
Gen & ref s f 55 series B
3534 41
1946 J .1 3812 ____ 39 Aug'34 ---Schulco Co guar 6340
7538 76
76 June'34 ---Gen de ref 8 f 4340 series C_1955 A 0 7112 76
45
30
5
38
, 38 ,--- 38
Stamped
85
83
85 Mar'34 _--83
1955 A 0 75
Gen & ref of ris series D
41
32
2
38
A 0 38 Sale 38
1946 --Guar s f 634s series B
8412 IN
8 18
987
Morris & Co lots? 434s.......1939 J .1 9812 Sale 9812
41
30
I
38
38
40
38
Stamped
_ ,
____
8
____ 403 Dec'32 _-__
Mortgage-Bond Co 4s ser 2_1966 A 0 34
76
38
7018 21
Steel Hoop s f 5348__1948 1-A 69 Sale 68
9934 26
88 106 Sharon
9518 Sale 9518
Murray Body 1st 634s
1934 J D
8912 103
10114 48
Line of deb 5s_1952 MN 101 Sale 10014
95 10512 Shell Pipe
10518 16
Mutual Fuel Gas 1st gu g 50_1947 M N 105 Sale 105
8
893 10014
40
100
4
993
97 10312 Shell Union Oils? deb 5s___1947 MN 100 Sale 993
Mut Un Tel gtd 6s ext at 5% 1941 MN 100 103 10312 Aug' ---34
893 10014
10014 29
4
8
Deb 5s with warrants__1949 A 0 100 Sale
5
80
8
645 8014
8
4
Shlnyetsu El Pow 1st 6348_1952 J D 793 8014 795
Namm (Al)& Son__See Mfrs Tr
81
63
8 63
4
8
8
56
5314 623 Siemens & IIalske s f 7s__1935 J J ____ 497 33614 Aug'34 ----___ 567 56
Dee gu g 4s stpd
Nassau
1951 J
37
89
36
15
4
1951 M S 363 Sale
6512 86
Debenture s f 6345
8412 Aug'34 _Nat Acme 1st 5? 6s
19425 D 85
8884 10414
4
1013
7
Sierra & San Fran Power 58_1949 F A 98 10012 101
8
987 203
7818 100
9712 Sale 9714
1948 F A
Nat Dairy Prod deb 5310
3014 6853
2912 32 Aug'34 ___,
10312 219
91 10514 Silesia Elec Corp of 6345-19113 F A 23
Nat Steel lot coil 50
1956 A 0 10218 Sale 102
4
433
4414
18
4
373 58114
Sileslan-Am Corp coil tr 78_1941 F A 44 Sale
Newark Consol Gas COM 5s_1948 J D 110 112 11134 Sept'34 ---- 103 112
4
4 36 10212 10.48
4
1937 M S 1033 Sale 10315 1033
8814 10414 Sinclair Cons Oil 78 ser A
36
104
8
54% notes '40 A 0 1033 Sale 10314
Newberry (JJ) Co
4
1938 J 13 104 Sale 10312 10418 23 101 1053
sale 11212 11312 73 10518 11514
1st lien 6348 series B
New Eng Tel & Tel 5s A
1952 J D 11212
8412 9753
9515 25
1939 M 5 9518 Sale 9518
4
101 11112 Skelly Oil deb 548
1961 84 N 10612 109 1093 Sept'34 _
lot g 434s series B
44 10518 11012
4
6912 9334 South Bell Tel & Tel 1st s f bs '41 J J 1073 Sale 10712 108
Sale 87
9112 27
NJ Pow de Light lot 434s
1960 A 0 87
6318 86
14
83
Southern Colo Power 6s A_1947 J J 82 Sale 82
5638 55
4113 65
New On Pub Serv 1st 5s A 1952 A 0 56 Sale 56
8
4
S'west Bell Tel lot & ref 55_1954 F A 1083 1093 10912 11018 25 10518 11053
5612 77
First & ref Ss series 13-- _1955 J 13 5614 Sale 56
4
403 65
10612 178 10412 107
4
Stand 0110f NJ deb 55 Dec 15 '46 F A 106 Sale 1053
52
4912 67
9
N Y Dock 1st gold 40
1951 F A 4912 Sale 4915
120 100 105
Stand 011 of NY deb 4 4s1951 J 0 104 Sale 10334 104
3812
2
58
37
8
Serial 5% notes
812 3
1938 A o 3712 3
14
4
15
2814
15 Sale 15
IStevens Hotels 68 series A1945 J J
4 32 10912 115 •
NY Edison lot & ref 634s A_1941 A 43 11312 Sale 11312 1133
3978 21
4
353 6853
J D 3712 Sale 3715
8 Is 10512 1101, *(Studebaker Corp 6% notes '42
1093
4
18t lien & ref 50 series B_1944 A 0 109 Sale 1083
67
34
1
40
40
43
38
_
109
30 10518 10912
Certificates of
4
4
lot lien & ref 5s series C 1951 A l 1083 Sale 1083
11514 •10 107 11612 Syracuse Ltg Co deposit-- 110 113 11214 Sept'34 ---- 10312 11312
lst g 5s-1951 JD
NY Gas El Lt II & Pow g gs 1948 J D 11918 114 11414
9912 108
14
Purchase money gold 4s_ _1949 F A 106 Sale 10512 107
104 112
III
8
8 11112 1107
Tenn Coal Iron & RR gen 58_1951 45
7512 95
1
NY L E & W Coal & RR 54s'42 M N 9318 ---- 9314 931 J J 1103 100
5
83
8
6518 8814
813
4
87 1903 Tenn Copp & Chem deb Os B 1944 M 8 83
NY L E & W Dock & Impt 5s'435 j 10012 _ __ 100 May'34 __
8
897
57
8514 71
51 6,8 11 Tenn Eleo Pow 1st 6s ser A 1947 1 D 85 Sale 8312 103
11
4
83
4
83 gale
NY Rys Corp Inc 60___.jan 1965 Apr
967 1033
76
8
4
4
1944 A 0 1023 Sale 10212
70
63
4
Texas Corp cone deb 5s
6812
6812
Prior lien Os series A
1965 5 J 6812 Sale
5312 34
5512
41
52 Sale 52
1960 .1 J
Third Ave Ry 1st ref 4s
106
1
98 107
NY & Mama Gas lot 6s A 1951 M N 10514 10512 106
4
2914 224
8
253 313
II, 5
AdJ Inc 5s tax-ex N Y_Jan 1960 A 0 2712 Sale 2712
3 Aug'34 ____
IN Y State Rys 4348 A ctfs_1962 --,
86 101
3
9914
9914
1937 5 J 9718 100
212 4i2 Third Ave RR 1st g 50
6348 series 13 certificates_1962 — '
4 4 3 4 A911.34 -- -7
4
39 10115 10712
10512 107
4
109
10214 11012 Tobacco Prods(NJ)634s_2022 MN 1053 Sale
4
4
NY Steam 6
N 1083 Sale 1083
I
1947 M 9512
80
9
86
8512
4 1063
8 14
4
1951 66 N 1043 106 1043
8
8
985 1063 Toho Eleo Power lot 78 A_,.1055 M S 8618 8712
1st mortgage 5s
10512
5
1st mortgage 5s
8
973 10534 Tokyo Elec Light Co Ltd—
1956 M N 105 10512 105
63
74
8
637 7514
1953 J D 74 Sale 73
lot 6s dollar series
10738 31 103 10958
8
N Y Telco lot & gets 5? 440_1939 M N 107 Sale 1067
1 102 113
113
_1949 M 13 113 Sale 113
4318 63
2
Trenton G & El lot g 5s
4818
NY Trap Rock lot Os
19465 D 4818 Sale 4818
65
37
2
65
65
65
7
Truax-Traer Coal cone 640_1943 MN 63
/
8
90 106
Meg Lock & 0 Pow lot 5s A_1955 A 0 993 10133 9953 102
8
8318 1007
36
100
Trumbull Steel 1st of 6s__1940 M N 9914 Sale 9914
8 11
625
5914 Sale 59
7218
50
Niagara Share(Nlo) deb 548 1950 M N
_ 28 Aug'28
J J 2812
451, 73
*Twenty-third St Ry ref 50_1942
4934 32
4
NorddeutscheLloyd 20-yr s I 68'47 MN 4712 493 49
7514
48
3
4 71 73
4
733
Tyrol Hydro-Elec Pow 740_1955 M N 733 4534
19
45
1947 m N 45 Sale 45
49
New 4-6%
76
45
6912 11
4
683
4
1952 F A 683 74
Guar sec s f 78
37 Aug'34 _„,
2212 40
Nor Am Cement deb 648 A_1940 M S 3618 45
4
4 39
4
853
8312 913
North Amer Co deb 53
1961 F A 85 Sale 843
7312 87
8414 30
91
61
17
Ujigawa Elec Power s f 78-1945 M S 8418 Sale 8418
86
8512
87
84
No Am Edison deb 58 ser A_1957 M g
9618 10712
10638 32
Union Elec Lt & Pr(Mo) 50_1957 A 0 10512 Sale 10514
88
62, 95
17
Deb 534s ser B___Aug 15 1963 F A 87 Sale 87
13 102 10714
4 107
8 8734 En EL & P1111) lot g 5348A 1954 J J 1055 10753 1053
8
8158 22
58
Deb bs ser C__, Nov 15 1969 MN 8012 Salo 8012
24
13
*Union Elev Ry (Chic) 5s_ _1945 A 0 110 113 113 July'34 ---6
Sale 10134 102
8
747 10514
Nor Ohio Trao & - 60 A_ _1947 M S 10134
Lt
113 8 28 10711 115
,
8
1115 Sale 11158
8912 10538 Union 011 30-yr 6s A__May 1942 F A 101 102 10034 1023
Nor States Pow 25-yr Ss A 1941 A 0 10212 Sale 10212 10438 50
4 33
9434 10414
Deb 5s with warr____Apr 1945 J D
8
107
10618 Sale 10618
9414 10778
lot & ref 5-yr 6s ser B
1941 A 0
3 1023 10712
4
1053
4
4
United 131scult of Am deb 6s 1942 M N 1053 Sale 105
7812 76
7718 90
78 Sale 7710
Norweg Hydro-El Nit 534s_ _1957 M N
8534
60
23
83
8
8
10712
89 110
United Drug Co (Del) 5s_ _ _1953 M S 827 Sale 8118
4
Ohio Public Service 734s A...1916 A 0 1063 Sale 10634
17
20 Aug'34 ---2015
•:United Rys St L lot g 4s_ _1934 J .1 2114 22
10312 Sale 10312 10512 14
78 107
lot .3c ref 78 series B
1947 F A
91
88
85'z 76
8314 Sale 8218
5
1412
US Rubber 1st & ref Is ser A 19475 J
1412
- 16
1412 23
:Old Ben Coal 1st es
1944 F A
9018 98
5 101 11014 United S S Co 15
108
-year 60_1937 M N 95 10014 98 June'34 ---8
104 1067 2108
Ontario Power N F lot 58 _1943 F A
2813 70
20
66%
13 2812 Sale 26
4 1093
4
1 101 11015 Un Steel Works Corp 6348 A_1951 1 13 28 Sale 27
Ontario Transmission lot 53_1945 M N 104 111 1093
4
28
8
263 683
3
1951 .1
Sec. of 6348 series C
6913 86
84
8
86
Oslo Gas & El Wks extl 5s 1963 M S85
2513 40
23
87
Sink fund deb 6348 ser A...1947 J J 2512 Sale 23
Sale 50
70
28
19
Steel 1st mtge (Is ser A_ _1911 M S 59 .ale 59
61
4 107 120
113
0 112 115 113
Un Steel Works (Burbach)7s 1951 A
31
13
267 2212 Aug'34 .___
4078 Universal Pipe & Rad deb 130 1936 J D 20
25
3
Pacific Coast Co 1st it 5s_ _ _1946 J D 313 Sale 3124
33
4
3714 7338
8
10518 50 10012 /0712 Unterelbe Power & Light 65_1953 A 0 H__ 385 3714 Sept'34 __„
Pacific Gas & El gets & ref- A'42 .1 J 10314 Sale 10273
58
5718 7512
23
623
4
4
9418
941. Utah Lt & Trac lot & ref 50_1944 A 0 623 Sale 613
67
3
4
Pacific Pub Serv 5% notes__1936 M S 923 9314 9418
6018 81
23
651
4
643
8
647 67
8 45 10414 10812 Utah Power & Light lot 50_1944 F A
1073
8
Pacific Tel & Tel 1st 5s
1937 1 J 10638 Sale 1063
2 109 110
110
__ 109
4 19 10518 11112 Utica Elec L & Plots? g 5s 1950 .1 J 109
Ref mtge 58 series A
,
,
1952 MN 10014 11014 10912 1093
1131±
3 102 11518
-15 113
3, 4 . 25584712 Utica Gas & Elec ref & ext .5s 1957 J J 11212 1 •:Pan-Am Pet Co(Cal)conv 63'40 J0 3714 Sale 3714
2218 4114
43
29
2612
8
4
3718 423 3712 Sept'34, 28
4634 TAB Power & Light 534s,.._.. _1947 J 13 263 Sale 24
Certificates of deposit
8 71
263
1812 3818
24 Sale
1959 F A
Debenture bs
3513 .1'.
30
Paramount-13'way 18t 545__1951 1 J 3512 3714 3514
47
38 Aug'34 ____
5
deposit35 8 41
30
Certificates of
47
62
844 21
8912
0 8418 Sale 83
Vanadium Corp of Am cony 50'41 A
1
(Paramount Film Lasky 0s.A947
338 14
814 Aug'34
358
712 8
29, 55
4812 26
8
1942 _ __,
Vertientes Sugar 70 ars
4812 Sale 4638
*Proof of claim flied by owner_
1818 181s
1818 May'34 _ _ r
23
19
4818 34
19533 J
Victor Fuel lot of 55
Sale 45
Certificates of deposit
J D 48
2818 5434
10712 12
96 10874
8
Va Elec & Pow cone 5340_1942 M S 106, Sale 10678
:Paramount Pub Corp 534s _1950 F A
11 10114 10412
102
8
4814 35
,
29 4 553
1954 J 13 1015 Sale 10114
8
55 series B
48 Sale 4614
*Proof of claim filed by owner_ __
10812 30 107 110
4 52
483
4514
1944 1 .1 10714 Sale 107
Secured cone 54s
4
483 Sale
Certificates of deposit
39
5434
54
54 Sept'34 ____
6514
59
2
15
15
10
15
Park-Lexington 6145 ctfs_ _ _19539114 2212 Va Iron Coal & Coke 1st it 581919 M 8 54
Parmelee Trans deb 65
351
20
1944 A--0_ 2112 2112 Aug'34 ___;
• 2
1212 4412
1
26
26
27
21
111
'35 A 0
. 4
Pat & Passaic G & E cons 50_1949 M S 1103 11312 111
10311 11114 Walworth deb (34s with warn
.„.'
1538 37
_ 30 Aug'34 _ - _
A 0
Without warrants
813 Sale 9812
9
99
" 85 100
Pathe Exch deb 70 with warn 1937 M N
38
21
9
50
3615 3714
1
10118
_ 101 18
1st sinking fund 6s ser A-1945 A 0 20-- - 37
1937 m s 10118
94 10118
Pa Co gu 3140 coll tr A
443% 87
57
53
98
(us, ,0,-,
1
Warner Bros Pict deb 6s1939 M S 51 Sale 51
9-9-14 98
Guar 34s coil Must ser 13_1941 F A 96 1
30
42
20
g • - , Warner Co lot mtge 6s
0'63
1944 A 0 30 Sale 30
4
903 July'34 ____
95It 100
80
Guar 3348 trust ars C___ _1942 J D
1
32
8
297 4812
32
1
,
868, 99. Warner-Quinlan Co deb 88_1939 M 5 2814 32
.09131s 09618
1944 J D 9513
Guar 334s trust(Ars D
5 10512 1083
10618
8
85
5
1
9538
,
9'Warner Sugar Refin lot 73..1941 J D 10618 Sale 106
8
812
9
Guar 43 ser E trust gt13-1952 M N 9512 --- 953
4334 18
3614 63
10134 37
1941 M S 4018 Sale 4018
Warren Bros Co deb (is
10112 Sale 101
1963 MN
Secured gold 4340
4
853 1033!
9818 108
4
16
68
66
77" Wash Water Powers? 501939 J .1 10614 __ 1053 Sept'34 __ „.
Penn-131010 Cement lot Os A.1941 M S 6712 Sale 671
11412
8 105 11412
11412 Sale 1123
4
8
8
067 156
8
9978 Westchester Ltg 50 stpd gta 1950J D
Pennsylvania P& L 1st 448_1981 A 0 947 Sale 945
79
3
4
2 1033 110 8
1093
11
4 ,, 1007 11212 West Penn Power ser A 50_1946 M S 108 10918 10812 10812
4
8
Poop Gas L & C lot cons Os_ _1943 A 0 1043 11014 100
11234
9 104 11312
,
9812 ‘.
83 103 4
1963 M S 11118 112 112
1st 5s series E
5
Refunding gold 5
1947 h/ S 9714 gale 9612
8 10 104 10934
70
1956 J D 10812 Sale 10812 1087
1st sec 5s series G
87
4
1067J D 853 Sale 8514
Phila Co sec os series A
6314 927A
9714 104
42
103
8 Sale 102:g
PhIla Elec Co lot & ref 440_1967 NI N 10712 Sale 10712 10812 18 1013 10812 Western Electric deb 5s___ -1944 A 0 1023
4
1037 125
8
4
1971 F A 1013 Sale 10114
9314 10414
lot & ref 4s
8
913 10214
4 33
1003
.1 J 98 Sale 98
11
61
5088 69 - Western Union coil trust 50_1938
Phila & Reading C & Ire? 581073 .1 J 5912 6312 61
79
7414 9015
1
4
32
47
55,
39
8
Funding & real cot g 440_1950 M N 79 Sale 79
4
1949 M S 453 Sale 453
Cone deb Os
22
102
8
96 10254
8
15
4 81
4 1013
1936 F A 10114 1017 1007
Sale 1003
-year 6345
Phillips Petrol deb 5345_ __ _1939 J D 101
8912 102
8212 38
7918 9514
8
3 105 109
10712
1951 J D 805 Sale 8012
25
-year gold Is
Pillsbury Flour Nfills 20-yr Os '43 A 0 10718 Sale 10718
21
83
79
1 100 10112
9413
30-year 5s
1980 M S 7912 Sale 7912
.
Pirelli Co (Italy) cony 7s_ _1952 M N 10112 Sale 10112 10112
41
3412 683
25
4014 Sale 37
4
67
July'34 ____
Westphalia Iln El Power 60_1953 1 J
8
807 84
38 88
Pocah Con Collieries 1st of 5s '575 j 80
8214 97
8
4
95
927 93
80
95
69
1
Wheeling Steel Corp 1st 5340 19485 1 90
80
81
Arthur Can & Dk 60 A_1953 F A
79
Port
80
72
19
4
873
70
8238 Aug'34 ____
83
lot & ref 4348 series B.._ _1953 A 0 7712 Sale 77
79
1953 F A
1st mtge Os series II
9034 White
58
58
58 May'34 ___.
70
4678 114
39
Sew Mach Os with warr'36 .1 .1 50
4
Port Gen Elea lot 434s ser C 1960 NI S 443 Sale 4312
5753
69
49
.5 j 50
60 Aug'34 _-_
63
,
95 8
78
8 16
903
Without warrants
4
803 Salo 8912
1935 J J
Portland Gen Elec 1st 5s
57
____ 57 Aug'34 _ --48
, ,
321 57 2
4 15
363
1910 M N 50
Partic 5 f deb 6s
8
Porto Rican Am Tob cony 60 '42 J J 363 Sale 3614
4412 93
63
7
3
:Wickwire Spencer St'l 1st 7s_'35
Postal Teleg & Cable coil 58_1953 J J 4218 Salo 42
734 612 Aug'34 ____
614
53 1412
_
8
41
.
40
Ctf dep Chase Nat Bank _ _ _
J 4014 44
6618
40
2
*:Pressed Steel Car cone g 501933 .1
418 14
1
6
6
512 7
__Ctfs for col & ref cone 7s A 1935 131N
10714
8 10012 1081.
Pub Serv El &CI 1st & ref 4340'67 J 0 106 108 107
107
30
4
973 10812
10712 26 100 1081 Wilson & Co 18t s f 6s A _1941 A 0 106 Sale 106
'
1970 F A 10718 10814 107
1st & ref 44s
'
93 105 1
4 35
1033
1971 A 0 10112 Sale 10112
1st & ref 4s
7418 8944
8
90,. 1003 Youngstown Sheet & 'rube 58'785 J 833 Sale 833
8 80
843
10038 32
8
,
1937 F A 10018 Sale 10018
Oils? 534% notes
Pure
4 50
843
Mt 89's
87 • 99,
4
"
1970 A 0 8312 Sale 8312
1st mtge s f 55 ser B
9014 81
4
983
1940 M S 9814 99
-s
s f 534% note
8512 19
7814 9612
8
Purity Bakeries s t deb 50_ .._1948 1 5 853 Salo 84
'
:Radio-Keith-Orpheum pt pd ctfs
37
35
____
8
_
r Cash sales not Included In year's range. a Deferred delivery sale not included in
for deb Os &com stk (65% pd)-----37 ,.... 367 Aug'34
1
28
28 Sale 28
1941 J
1814 41
3
*Debenture gold 6s
year's range. • Negottsbility impaired by maturity. t Accrued Interest payable at
1
10234
10214 Sale 10214
Ma 66,
Remington Arms lots f 65_1937 M N
8
76 10312 exchange rate of 84.8665. :Companies reported In receivership. z Deferred de56
92
Item Rand deb 5340 with warn '47 M N 9012 Sale 9012
range, are given below:
10314 26
85 10415 livery sales in which no account Is taken in computing the
Repub I & S 10-30-yr bs s f_ _1940 A 0 102 Sale 102
8 84
963
4
Paris-Orleans 5348, Sept. 14 at 156.
9812 Cuba Is 1944. Sept. 14 at 964•
74
Ref & gets 5340 series A _ _ _1953 J J 9514 Sale 933
7
Rhinelbe Union 7s, Sept. 8 at 2034.
Hausa 5.5. Cs. Sept. 13 at 45.
80 105
Revere Cop & Brass 6s ser A.1948 NI 5 103 Sale 10212 103
Rhine-West. 6s 19,53, Sept. 14 at 4134.
8
297 Sale 22718
1916 J
Ilseder Steel Os 1948, Sept. 14 at 3634.
2012 73
8 58
297
Itheinelbe Union s f 7s
2712 13
6.5 1955, Sept. 14 at 41 si.
2712 Sale 213111
2618 5612 Italian Cred. 78 A, Sept. 10 at 974.
Rhine-Ruhr Water series 65_1953 J J
3934
4012 15
Serbs 8s unmet. coups Sept,10 t 18
4
393 17312 Lou. & Jeff. Bridge 40, Sept. Sat 994.
Rhine-Westphalla El Pr 70.1950 NI N _ _ 40
Siemens & Italske 640, Sept. 12 at 3534.
1952 M N 4114 Sale 4034
Milan 6340. Sept. 10 at 8134.
4114
71
5
39
Direct mtge Os
Winston-Salem 48, Sept. 10 at 984.
541
1953 F A 04114 Sale 41
20
Ontario Power 50, Sept. Sat 107.
71
39
Cons mtge Os of 1928
18
241
58
71
Cons M fis of 1930 with warr'55 A 0 04114 Sale 41
1686
Financial Chronicle
Sept. 15 1934
Outside Stock Exchanges
Boston Stock Exchange—Record of transactions at the
Boston Stock Exchange, Sept.8 to Sept. 14, both inclusive,
compiled from official sales lists:
Friday
.Sams
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Stocks—
Railroads—
Boston & Albany
100 11434 11433 120
Boston Elevated . ..... Ion 63
63
65
Boston & ProvIdence 100
155 155
Chic Jet Ry & Stk Yds_100
100 100
Prior preferred
100 15
17
15
CI A 1st pref stpd_ _100
6
6
CI C 1st pref lap& ..100
7
7
Cl C lot pref
100
7
7
Cl D 18t pref
100
834 833
East Mass St Ry lot pfd100
8
8
NY N Haven&Hartford100
934 10
Old Colony RR
100 8134 8034 8533
Pennsylvania RR
60 2134 2134 2233
Miscellaneous—
American Conti Corp..,...*
7
Amer Tel & Tel
1013 10834
Amoskeag Mfg Co
•
434
East (as & Fuel Assn—
•
7
Common
6% cum pref
100 62
43
3% prior preferred 100 68
Eastern SS Lines Com ___*
5
Preferred
•
1st preferred
100 9834
Economy Stores
• 17
Edison Elec Illum
100 123
Employers Omu1)
9
General Cap Corp
*
Gilchrist Corp
•
Gillette Safety Razor
Helvetia Oil Co 'I' C
1
Hygrade Sylvania Lamp
Co corn (T C)
• 1734
Intl Hydro-Elea class A_25
Mass Utilities ASSOC V t 0-•
Mergenthaler Lynotype_.• 22
New Eng Tel & Tel_ _100 9234
.
Pacific Mills
100 21
Ry Light A- Security Co_ •
Shawrout AMID it ctfs__ .•
Stone & Webster
•
Swift & Co
25
Torrington Co
• 65
Union Twist Drill Co_ _5
United Founders ocun„...1
%
U Shoe Meth Corp
25 63
Preferred ......
25 37
Waldorf System Inc
•
Waltham Watch prat
Prior preferred
Warren Bros Co
•
Mining—
Calumet 5, Hecht
28
3
Copper Range
25
334
Isle Royale Copper
25
New River Co pref. __100
North Butte
.2.54
Shannon Copper Co _25
Utah Apex Mining
5
134
Utah Metal & Tunnel__ _1
234
Bonds—
Amoskeag Mfg Co tis__194111
Boston Elev series 4s_.1935
E Mass St Ry ser A 433s '48 4834
Series B bs
1948 50
Series I) 65
1948
•No par value. z Ex-dividend.
734
7
10834 11334
434 434
Range Since Jan. 1.
High.
Lao.
184 10933 Jen 140
Jsn 70
188 AA
Jan 160
7 139
50 8634 Jan 102
45 15 Sept 4234
30
Sept 1634
6
Aug 19
7
11
7
16
Aug 15
10 834 Sept15
1C
634 Jan 1634
238
9
July 24
137 7834 Jan 10434
254 2134 Aug 39
July
Aar
July
May
Feb
Feb
Mar
Feb
May
May
Feb
July
Feb
450
933 July
434 Jan
2,925 10534 July 12534 Feb
110
sg July 1034 Feb
7
734
62
6534
71
68
5
5
3534 3534
9834 100
17
17
123 13034
9
934
21
20
334 334
11
1134
600 600
130
5
177 45
83 55
215
b
70 3534
60 9834
50 16
316 123
270
734
100 19
354
30
217
1134
150 400
Jan 1034
Jan 70
Jan 8034
Aug 1034
Sept42
Sept102
July 1834
Sept15434
Jan 1234
Aug 26
Jan
6
Jan 1234
July
133
Feb
July
July
Feb
Jan
Mar
Apr
Fel)
Feb
Feb
Feb
July
Apr
1734
334
14
22
9234
2034
6
734
534
1734
64
11
34
63
37
434
13
40
534
2033
4
1.4
2234
96
21
6
734
534
1834
6734
1134
%
6534
38
434
1433
40
633
75
178
300
117
191
110
25
295
351
242
614
50
180
565
45
17
30
5
145
1734
334
I
2034
93
2034
533
534
534
14
4934
8
%
5634
3234
434
13
35
534
Sept25
Sept934
234
May
July 2734
Jan 9734
Sept3434
July 1034
Aug
934
July 1334
Jan 2034
Jan 6734
Jan 15
July
134
Jan 111433
Jan 38
Sept
834
Sept 30
Aug 55
July 1334
Apr
Feb
Feb
Feb
Sept
Feb
Feb
Feb
Feb
Aug
Sept
Apr
Feb
Apr
Sept
Feb
Aug
May
Jan
3
334
1
50
320
200
134
234
3
334
1
50
330
20c
134
234
200
91
325
6
400
580
600
7,210
234
3
1
30
250
120
750
1
July
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Feb
Feb
Feb
June
Jan
Sept
Feb
July
5933
101
4833
50
57
5934 82,000 58
101
3,000 101
4834 14,000 38
50
1,000 39
57
1,000 41
633
534
234
52
line
200
3
634
Aug 76
Sept 101
Jan 52
Jan 58
Jan 60
Apr
Sept
Mai
May
June
CHICAGO SECURITIES
Listed and Unlisted
Paul H.Davis &Co.
Members,
New York Stock Exchange
Chicago Stock Exchange
New York Curb (Associate)
Chicago Curb Exchange
37 So. La Salle St., CHICAGO
Chicago Stock Exchange—Record of transactions at
Chicago Stock Exchange, Sept. 8 to Sept. 14, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price, Low. High. Shares.
Abbott Laboratories coin_•
Acme Steel Co
25
Adams Royalty Co com_.•
Advanced Alum Castings.5
Allied Products Corp cl A..*
Altorfer Bros
Amer Pub Sem pref____100
Armour & Co common5
Asbestos Mfg Co corn_ _ _1
Assoc Tel & Tel Co com_.•
Automatic Products coin 8
Automatic Wash cony pref*
Bastian-Blessing Co corn.•
Bendix A elation com___•
Berghoff Brewing Co____1
Borg Warner Corp com.10
7% preferred
100
Brown Fence & Wire—
Class B
•
Bruce Co(EL)corn
•
Butler Brothers
10
Canal Const Co cony pref •
Cent Ill Pub Eery prof....'
Cent Ill /*cur—
Convertible preferred...*
Cent HI Sec Corp corn__ _1
Cent Ind Power Pref .100
Cent Pub Utll vtc corn...1
CentS W Utal—
•
Preferred
Prior Hen ore!
•
Chain Belt Co corn
•
ell......•• 1,......,111 ,....•• nes.,
.
50
CO
3733 3734
234 334
134 134
1134 1134
173.4
634
534
134
533
334
1134
334
1934
7%
11
7
34
1734 1734
6
au
134
h
sg
134
33
5
534
134 133
334 4
1134 1234
334 434
1934 2034
107 107
2
234
.8
8
734 834
134
134
11
12
7
34
4
H
3
12
17
1012
634
1012
734
34
4
x
334
13
17
12
100
100
150
50
50
io
60
3.000
150
600
1,500
50
1,250
700
2,150
1,600
30
150
100
4,800
eo
340
600
300
30
100
30
380
20
270
Range Since Jan. 1.
Low.
High.
Jan 5134
Jan 4734
Mar
4
Aug
434
Aug 2034
Sept 1734
Jan 13
July
634
July
334
Jan
33
934
Jan
Jan
3
Aug 10
934 July 2334
334 Sept 1134
1633 July 241%
Jan 108
93
40
2734
133
134
933
1734
5
4
1%
33
234
133
334
134 Jan
53$ Aug
lan
4
136 Sept
1033 Aug
534
34
4
yi
Jan
June
Aug
Jan
May
Feb
May
Jan
Feb
Sept
Feb
June
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Aug
434
1634
1234
333
24
Feb
Mar
Apr
Apr
Apr
834
134
1533
33
Feb
Feb
June
Feb
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par 'Price. Low. High. Shares.
Chi City de cons Rys corn*
Chicago Corp common..
.•
174
Preferred
•
Chicago Mall Order com.5 11
Chicago Flexible Shaft...5 10
Chic & N W ity arm .100
533
Chicago Rapid Trausit_100
Chicago Rivet & Mach cap*
834
Chl Towel Co cony pref.. •
Cities Service Co coin....•
1%
Coleman L'y & Stove com•
Commonwealth Edison ino 40
Congress Hotel Co corn 100 17
Consumers Co-7% cum pref
100
Common
5
33
Cord Corp cap stook
334
Crane Co common
25
7%
100 53
Preferred
Cudahy Pack Co pref.100 100
Decker & Cohn
_ _10
133
Deep Rock Oil cony pref •
corn_De Mets Inc pref w w_
•
Eddy Paper Corp (The). •
Ele, Household OBI cap....5 1434
Gardner Denver Co corn_ •
General Candy Corp A.__b
5%
Gen Household Uri! cote.
•
7%
Goldblatt Bros Inc corn.
15%
Great Lakes Aircraft A_ •
Great Lakes D it cora_• 14%
Greyhound Corp coca._ __5 15
Hall Printing Co com___10
531
Harnischefeger Corp cona •
Hart-Carter Co cony pref.'
433
Hormel& Co(Geo)corn A•
Houdaille-Hershey—
.
••
Class A
Class B
Illinois Brick Co
4
25
Interestate Pow $7 pref. •
$6 preferred
634
Iron Fireman Mfg v o • 1434
Jefferson Electric Co com.•
Kalamazoo Stove corn...' 2034
Katz Drug Co common_l 33
Keystone St & Wire—
Common
• 1733
Keystone Sri & Wire p1100
Kingsbury Brew Co cap_ 1
Leather & Co cum pref..*
Libby McNeil& Libby .10
733
Lincoln Printino Co corn_•
Lindsay Light corn
10
Lion Oil Ref Co corn
•
Loudon Packing com
•
Lynch Corp corn
McGraw Electric com._ 5
733
McQuay-Norris Mfg corn* 44
McWilliams Dredging Co.•
Mapes Cons Mfg cap_
•
Marshall Field common_• 10
Merch & lvftrs ser A com__1
Mickelberry'sFdProd oom 1
134
Middle West 11t/1COM-. •
34
$6 cony prof A
•
Midland UM
7% prior lien
100
Monroe Chemical Co pref•
Mooser Leather(J K)corn• 16
Nachman Springfilled corns
Natl Battery Co prof..•
Nat Gypsum A n v com__5
National Leather corn, .10
133
Noblitt-Sparks Ind com_.• 13%
North Amer Car corn. 5
...
North Amer Lt & Pr com_l
34
Northwest Bang= coni__•
3
Penn Gas & Elec A cora_• 11
Potter Co (The) corn. •
Prima Co corn
3
•
Public Service of Nor 111—
Common
• 14
-100
7% preferred__
Pub Serv of Nor Ill
6% preferred
100
Quaker Oats Co-Common
• 120
Preferred
100
Rath Packing Co corn...10
Raytheon Mfg coca vtc 50c
Reliance Internet A coin...
Reliance Mfg Co corn..10
Preferred
100
St Louis Natl Stkyds cap.'
)
Southwest Gas & Elec Co_
Stead Dredge cony pref.*
Storkline Fur cony pref.25
Sutherland Paper com__10
Swift International
15 3534
Swift dr Co
25 18
Thompson (J R) com___25
12th St Store pref A
•
U S Gypsum
20 38
Utah Radio Prod corn...'
Util dr Ind Corp corn
•
Convertible preferred..'
234
Vortex Cup Co—
Common .
•
Wahl Co corn
134
Wulgreen Co common__ : 23%
Waukesha Motor Co com • 29%
Wieboldt Stores Inc corn *
Wisconsin Bksheres eom •
234
Yellow Cab Co Inc (Chi) *
Zenith Radio Corp corn' 2
Bonds—
Chl City Rys 55 cris-1927 50
208 So La Salle St Bldg
534s
1953 25%
• No par value. z Ex-d vidend
1333
17
1734
12
Jan
Jan
May
Rant
High.
Low.
34
4
31%
19
11%
163-t
1
17%
80
44
25
532
44
Jan
Jan
Feb
Feb
July
Feb
Sept
Apr
May
Feb
Jan
Feb
Feb
34
13.4
2534
933
10
835
1
834
75
1%
16
40
17
34
2
26
12
10
6
1
834
79
1%
16
44%
17
100
2,450
1,200
500
300
1,450
10
100
40
3,550
50
750
30
34
I%
221
4
8%
7%
4%
1
6
65
1%
13%
44
10
Jan
Jan
Jen
July
Aug
July
Sept
Mar
Jan
July
July
Jail
Aug
2
33
333
731
53
100
1%
433
13%
8
14%
14
533
734
1534
34
14%
15
534
5
4%
2033
2
34
334
731
55%
100
133
434
1334
8%
15%
14
534
833
1531
33
1533
1533
634
5
433
2033
60
650
850
1,100
290
10
50
50
10
70
850
10
350
1,850
450
50
700
350
300
100
250
50
1
33
2%
5%
44
90
1%
433
12
4%
14%
1234
4
7
15
%
1334
5%
3%
5
433
16
Jan
Aug
July
Aug
Jan
Jan
Sept
May
Mar
Jan
Sept
Jan
July
July
July
July
Feb
Jan
May
Aug
May
18%
3%
4
8
6%
14
12%
2033
33
18%
4
4
8
634
14%
1434
20%
3333
50
150
550
10
10
1,250
500
100
25
11
2%
334
733
6%
53
1034
18
21
Jan
July
Aug
July
Sept
Jan
July
Aug
Jan
23
6%
7%
17%
11
18
16%
27%
38
1733
80
133
5
7%
34
334
3%
24
28
733
44
2333
33
1034
134
ig 2
33
33
34
33
5
2
45
2
6,400
300
10
600
30
100
50
20
100
70
100
100
1.600
4,000
50
1136
70
1%
3
8
34
2
333
1633
26
3%
40
1434
30
834
36
1
34
33
Jan
Mar
Sept
Apr
Jan
Aug
Apr
June
Apr
July
Jan
July
Jat
Aug
Au
Jan
Apr
Jan
Jan
23% May
88 Do181'
70
10
20
100
20
200
400
1,900
250
200
450
450
150
250
31
20%
933
4%
15
7;4
34
10
234
%
3
6
233
234
Sept
Jan
Jan
Mar
July
Sept
July
July
Sept
Sept
Sept
Jan
Sept
July
17%
80
134
5
6%
31
334
334
24
27
734
44
23%
32
10
1%
34
40
15%
4%
21
7%
133
1334
234
34
3
10%
233
3
34
40
16
4%
21
831
134
14
4
34
3%
11%
2%
3
14
65
14
65
200
30
56
56
40
JNP
Feb
4
Jan
1
8% Jan
11% Jan
A5% lan
Mar
100
233 Jan
734 Mar
1834 Jan
8% Apr
16
Aug
Jan
20
7% Mar
IR% Apr
32% Feb
1% Feb
Jan
22
1934 July
933 Feb
Feb
7
Feb
9
21
Aug
6% Aug
8% Aug
133Feb
j
3% Fap
5% Feb
254 Sept
4(1% F 0
log May
Feb
47
2634 Jan
b
Apr
35
er
aon
I11 34
314
434 Feb
Feb
2% Feb
2
40
16
5,4
23
14
2%
254
19
634
444
6
22
75
Feb
July
34
66
July
Jan
Jan
Jan
Jan
July
July
Aug
Aug
July
50
25%
Jan
1233 July
3834 Jan
15% is%
ig 1%
2334 2334
30
28
994 9%
233
2
11% 1133
2
234
24
July
Feb
Feb
Feb
Feb
jan
7r
Ap
1934 June
Apr 125
Jan 132%
Jan 81
4
July
3
sent
July 1934
Jan 100%
Jan 70
2
Sept
5%
Aug
63$
Jan
8
Jan
og
Jan
Jan 2033
Aug 1054
8%
Jan
Sept 50
July
2%
2
July
6
Jan
50
Mar
Apr
Sept
12%
120 122
240 106
12534 12534
50 115
31
31
50 24)4
1% 1%
200
133
2% 234
100
233
9;4 10
450
9
100 100
1
90
70
70
10 50
2
2
10
2
45
254 274
1%
434 4%
30
4%
711$ 733
60
634
3534 37% 1,750 24
17% 19
11,300 14
531 5%
100
6
3
3
10
134
38
38
30
38
1
1
5
31
33
2% 2%
450
1%
450
300
900
590
50
100
900
500
Jan
Jan
Feb
Jan
Apr
JUDO
Jan
Feb
Apr
834
1
17%
19
933
2
10%
I%
$6,000
47
Jan
4.000
24
Sept
Aug
July
Aug
Jan
Mar
Apr
Aug
soot
Sept
Feb
Apr
Jan
Sept
Aug
Feb
Apr
Jan
Jan
Feb
Feb
1633
234
29
35
18%
Aug
Feb
JUDO
Feb
Feb
4 Feb
1633 May
Feb
5
5734 July
33
MAY
p Ex-rights
Toronto Stock Exchange—Curb Section—Record of
transactions in the Curb Section of the Toronto Stock Exchange, Sept. 8 to Sept. 14, both inclusive, compiled from
official sales lists:
Stocks—
3
Aug
Jan
5
1631 Sept
7
iltly
Range Since Jan. 1.
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par Price. Low. High Shares.
Brewing Corp corn
•
Preferred
•
Canada Bud Brew corn..'
734
7
834
2634 28%
933 10
6,215
1,276
380
Range Since Jan. 1.
Low.
Jan
5
Jan
15
733 Jan
High,
May
11
37% Aug
Mar
12
Sales
Frtaay
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par Price. Low. High Shares.
Canada Malting coin.--•
Canada Vinegars com____*
1
Canadian Marconi
_•
Can Wire Bd Boxes A.
•
Consolidated Press A_
Disher Steel Cons pref___*
•
Distillers Seagrams
Dominion Bridge
•
Dom Tar & Chem pref_100
Dufferin Pay & Cr Stpfd100
English Elea of Canada B.*
Goodyr Tire & Rub corn _ _•
*
Hamilton Bridge cont.
100
Preferred
Honey Dew corn
Preferred
Humberston,Shoe corn *
Imperial Tobacco ord____5
Internet' Metal Indust_ _5
Preferred
100
Lang'ere Pre1
Montreal L H & P Cons_ _ *
National Steel Car Corp__•
Ontario Silknit corn
•
Preferred
100
Power Corp of Can com_ *
Rogers Majestic
Shawinigan Wat dr Pow.._
Stand Pay & Mat com___*
Supersilk pref
100
Toronto Elevators pref_100
United Fuel Invest pre( 100
Walkerville Brew
•
Waterloo Mfg A
Oils
British American Oil
*
Crown Dominion 011
•
Imperial 011 Ltd
International Petroleum *
McColl-Frontenao Oil come
Preferred
100
North Star 011 corn
5
Supertest Petroleum ord_ _*
Thayers Ltd corn
313
25
13
8%
1334
31
22%
124
10%
33
13%
36%
731
1
731
13%
14
26%
1331
23
2931 31
25% 26
1% 1%
13
14%
8
8
8% 831
13% 15
31
31
22% 22%
22
22
4
4%
124 125
5
5%
2431
23
25
30
3
3
26
26
10% 11
4
4
40
40
56
56
33
32
1335 1331
3
3
3634 3631
9
10%
731 731
19%
19
1
1%
55
52
101 102
14
14
735 731
1
1%
1331
2
13%
2631
13
89
50c
23
6
14
231
1434
2831
1331
90
500
2355
Range Since Jan. 1.
Low.
High.
665 28% Jan 35%
260 2135 Jan 27
4%
131 Sept
20
Feb 16%
45 13
65
6
Jan 1135
8%
6
Feb
50
831 July 26%
8,810
180 25% Jan 37
10 18% Jan 30
22 18
Jan 40
6
25
4
Sep
Jan 136
210 90
9%
431 Aug
35
July 37
20 21
1.60
295 25 Sep
Aug 11
10
3
Mar 26
35 24
12%
516 1031 Seri
10%
10
4 Sep
20 3231 Jan 60
Jan 63
5 25
3
July 39%
198
20 13% Sept 18%
3 Sep
7
75
Jan 43%
67 31
15
7% Jul
86
Jan
931
230
5
20 18
Jan 24%
435
755
1
Sept
20 50 June 65
25 89% Jan 102
20
934 Jan 2031
531 Feb 10
390
4
1
140
Sent
2,49
7
3,54
2,86
900
75
5,075
285
84
12
2
12%
18%
10%
71%
1
16
6
July
Sept
Jan
Jan
Jan
Jan
Feb
Jan
Sep
Mar
Feb
Feb
Jan
Feb
Sept
Jan
Mar
Feb
Mar
Mar
Feb
Feb
Feb
Apr
Feb
June
Feb
Feb
Apr
May
Feb
Feb
Apr
Mar
Feb
June
May
Feb
May
Sept
Apr
July
Feb
15% Mar
435 Mar
15% June
3031 June
14% Apr
91
May
1.90 May
29% Mar
7
July
e No par value.
CANADIAN
MARKETS
JENKS,GWYNNE & CO.
Members New York Stock Exchange. Toronto Stock Exchange
and MUT principal Exchanges
65 Broadway, New York
256 Notre Dame St. W., Montreal
230 Bay St., Toronto
Toronto Stock Exchange-Record of transactions at
the Toronto Stock Exchange, Sept. 8 to Sept. 14, both
inclusive, compiled from official sales lists:
Stocks-
1687
Financial Chronicle
Volume 139
oases
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Range Since Jan. I.
Low.
High.
Abitibi Pow Jr Paper come
- 1.00 1.00 1,000 950 Sept 2.25 Apr
Feb
175 15 Sept 23
6% preferred
15
100
15
25
Feb
Beatty Bros corn
631 July 10
"
831 834
931 Feb
Beauharnois Power corn...*
334 Jan
365
531 54
531
Bell Telephone
591 110
Jan 120 May
100 11754 11631 118
Blue Ribbon Corp corn_ __e
25
4 May
6 June
5
5
Apr
631% preferred
17 2331 Jan 32
50 30
30
30
Brantford Cord let pref_25
Sept
160 22
Jan 26
26
26
Brazilian T L & Pr come 1031
735 July 1431 Feb
914 1031 2,917
Brewers & Distillers corn.* 70
1,305 60 Sept 2.95 Jan
75
60
Brit Col Packers corn..*
2631 2631
85 2331 Jan 3231 Feb
Apr
Brit Col Power A
30
17 2331 Jan 32
30
* 30
Canada Bread corn
*
Aug
231 231
55
2
534 Jan
let preferred
Jan
100 37
30 25
Aug 50
35
37
Canada Cement com
Feb
620
•
431 July 12
631
631 67-4
Preferred
Jan 53
Feb
37
430 33
* 38
3834
Cndn Canners Cony pref.
•
Aug 10
Feb
731 734
700
7
1st preferred
100 8231 8231 8235
Jan 8831 Apr
30 75
Cndn Car & Fdry com--- *
6
634
180
551 July
934 Mar
6
Preferred
is
1231 1331
50 1131 Jan 1631 Feb
Cndn Dredge dir Dk corn • 2131 20
598 17
July 343.4 Feb
2231
Cndn Gen' Elec corn_ __5O
45 59
Feb 63 Sept
6231 63
Preferred
50
8
8
831 2,075
531 July 2031 Jan
Canadian Oil corn
•
13
150 10
1331
July 18 June
100 114
Preferred
114 115
32 92
Feb 120 June
25 1231 1231 1331 1,316 1131 July 1831 Mar
Canadian Pacific Ry
Consolidated Bakeries._ -*
6
615
531 631
531 Sept 1031 Feb
125 134
Cons Mining & Smelting_25 125
404 118
July 170
Apr
Consumers Gas
100 190
190 195
93 165
Jan 200
Sept
11
11
Cosmos Imperial Mills_ •
5
731 Jan 1131 Feb
Crow's Nest Pass Coal_100 16
16
1731
570 16
Sept
3
Mar
•
Easy Wash Mach corn_
131 231
50
131 July
534 Apr
* 2931 2931 2931
Fanny Farmer corn
25 13
Jan 3231 June
Jan 2531 Feb
Ford Co of Canada A__._• 1831 1835 1931 2,840 15
•
General Steel Wares corn.
190
334 Sept
6
Feb
331 831
Goodyear T & Rub pref100 114
50 106
Jan 118
July
11234 114
20
2131
235 11
Feb 2131 Sept
Great West Saddlery ye 100
Gypsum, Lime & Alabast.*
375
831 Feb
431 531
434 Sept
834
8
851
365
Hinde & Dauche Paper_.*
831 July
53-1 Jan
• 10
10
10
40
9
Jan 1635 Apr
Hunts Limited A
100
10534 107
65 99
July 11034 June
Inter Mill let met
International Nickel corn.* 2331 2314 24
10.425 2131 Jan 29
Apr
40
231 234
231 Sept
631 Feb
Inter Utilities A
4
4
150
4 Sept
531 Feb
Keivinator of Can com_ •
35 6631 July 6731 Sept
6734 6731
Lake of Woods Milg pf_100
30 4634 May 59
58
5831
Laura Secord Candy com_•
Sent
1631 1731 2,088 14
Jan 1834 Apr
Loblaw Groceteries A___• 17
• 1634 1631 1634
170 1334 June 1734 Apt
B
•
65
250 500 Aug
6
65
Jan
Maple Leaf Millg com
20
5 May 1031 Feb
100
10
10
Preferred
•
334
334 431
815
331 July
831 Feb
Massey-Harris corn
2 45
Jan 7131 Aug
70
70
Monarch Knitting pret_100
25 11
Jan 1731 Feb
'
'
1
1331 14
Moore Corp com
100 1431 Jan 2031 Feb
National Sewer Pipe A....* 1831
1831 19
30
9
Feb
534 June
Ont Equitable 10% Vd.1118
53-4 6
100 25
July 90
Jar
40
35
Orange Crush corn
50
5
Jan
7
7
951 Jul'
Orange Crush 1st pref_.100
40 55
Jan 77
Mai
65
65
Page-Hersey Tubes corn._• 65
330 14
Jan 2034 Juni
Photo Engravers & Elec._• 1931 1931 1934
13
180 12 Sept2031 Air
*
12
Pressed Metals com
Jan 2431 „rub
23
20 19
23
Riverside Silk Mills A___*
Jan
8
Julj
3
4
' 63-4
Simpson's Limited B
631 631
470 4234 Jan 74 Jura
100
7431
69
Preferred
200 28
Jan 3834 Ap
34
* 3351 33
Canada corn
Steel of
107 31
Jan 3831 Ap
25
3534 36
Preferred
*
110 100 Sept1.00 Jai
100 20c
Traymore Limited nom
8
Ap
25
114 Jan
431 431
Twin City Rapid corn__
Sates
Friday
Range Since Jan. 1.
Last Week's Range for
Week.
ofPrices.
Sale
High.
Low.
Stocks (Concluded) Par Price. Low. High. Shares.
•
2
Aug
6% Mar
Union Gas Co corn
3%
3% 3%
585
•
6% Jan
3 Sept
3
3%
540
United Steel
3
July 5731 Jan
2631 4,644 21
Walker(Hiram)corn - • 2434 24
15
1531 1,603 14% Aug 1734 Jan
15
Preferred
834 Jan
6 June
60
6% 6%
Western Can Flour corn _ *
Feb 47% Sept
47%
769 28
Weston Ltd (Geo) com___• 45% 44
Sept
109 109
5 88% Jan 110
100
Preferred
20 24% Sept 34 Sept
2435 2434
Wood Alex &James pref100
Banks
Feb
139 123
Jan 168
15034 15231
100 153
Commerce
Mar
49 133
Jan 186
168 172
100 168
Dominion
Feb
110 141
Jan 180
173% 174
100 174
Imperial
Feb
53 167
Jan 203
100 199% 195 19931
Montreal
Jan
138 250 Sept 278
247 257
Nova Scotia
100 247
Mar
180 13031 Jan 168
15731 163
Royal
100 163
Jan 210 May
13 162
202% 205%
100 205
Toronto
Loan and Trust
Apr
87 118
Jan 140
120 12231
Canada Permanent__ _ _100 122
July 185 May
140
165 165
100
National Trust
* No par value.
Montreal Stock Exchange-Record of transactions at
the Montreal Stock Exchange, Sept.8 to Sept. 14, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
834 Feb
534 Aug
30
7
7
Agnew-Surpass Shoe
•
Mar
Feb 90
5 72
80
80
Preferred
•
7
Feb
Jan
3
115
3%
331 331
Alberta Pacific Grain A-*
Mar
120 14% July 22
14% 15
100
Preferred
831 Mar
3
Jan
155
4%
4
4
Bathurst Power Jr Paper A*
7
7 July 18 Sept
% Jan
65
15
18
pewit N Grain pref.
100
Mar
Jan 120
264 110
Bell Telephone
100 11731 11631 118
14% Feb
9% 10% 3,772
10%
Brazilian T L & P
335 2231 Jan 32% Feb
Brit Col Pow Corp A.---* 26% 2631 27
8% Feb
235
531 531
5%
Mar
231 Jula 22
j
ay
235 14
13% 13% 14%
Bruck Silk Mills
50 16% Jan 23% Feb
21% 21% 21%
Building Products A
Feb
4% July 12
3,631
6% 7
6%
Canada Cement
Jan 5231 Feb
283 32
100 37% 37% 38%
Preferred
Feb 18 June
1 15
15
15
Canada Iron Foundries.100
170 16% Jan 2234 Mar
19% 1931
Can North Power Corp*
9
Mar
231 Jan
50
6
5
6
Can Steamship pref____100
Mar
Jan 27
20 17
22
22
Canadian Bronze
Jan 109 May
10 95
103 103
Preferred
100
9% Mar
554 July
535
6
634
346
Can Car & Foundry
Feb
180 11% May 16
25 1234 12% 14
Preferred
Aug 2231 Mar
20 16
16
16
•
Canadian Celanese
Apr
Feb 120
5 104
105 105
100
Preferred 7%
Aug
Jan 95
15 70
93
93
Canadian Cottons pref_100
Aug
Jan 63
4 58
62
62
Can Gen Elec pro!
50
Apr
,Julyy
340 5434 Jan 76
68%
Can Hydro-Elec pref _100 67% 67
20% Jan
1,41
831
8
Can Indust Alcohol
•
18% Jan
450
7% 8
7%
Class B
5 .uly
1 0
1uly
Canadian Pacific Ry......25 12% 1235 1331 2,744 1041 .apt 18% Mar
1034 Feb
52
5% 6%
6
Cockshutt Plow
•
Mar
July 170
8 119
125 135
Con Mining dc Smelting_25 125
Mar
2531 Jan 37
55
31%
Dominion Bridge
• 3131 31
Sept
n 95
10
72
95
80
Dominion Coal pref.. _100 93
5% Apr
Ja234
2,45
3% 4
4
Dom Steel & Coal B__25
67
Jan 88 May
18
83
82
Dominion Textile
• 82
Jan 140 May
1 112
130 130
100
Preferred
7% Feb
331 Aug
125
3% 4
3%
•
Dryden Paper
Feb
6
3% Jan
190
3% 331
•
General Steel Wares
Sept
30 114 Sep 114
114 114
Goulds Pumps Inc Pre- WO
6
July 1131 Apr
60
534 5%
Curd (Charles)
831 Feb
4% Sep
255
4% 5
Gypsum Lime Jr Alabast •
9% Feb
431 Sep
5
4% 4%
Hamilton Bridge
Feb
Aug 37
20 23
25
25
100
Preferred
2,625 11.40 Jan 20.10 Aug
Hollinger Gold Mines __5 18.70 18.60 19.2
May
Jan 11
4
65
Howard Smith Paper
6%
Jan 73 May
110 33
Preferred
100 62% 61% 62%
Apr
7,114 21.15 Jan 29
24
23
Int Nickel of Canada____• 23
4
July
Jan
2
75
331 335
3%
International Power
•
Feb
July 15
110 10
11
10
10
Lake of the Woods
Mar
Jan 73
91 55
67
67
100 67
Preferred
335 Mar
335 Apr
1x
5
2
2
2
Lindsay (C NV)
•
Feb
8
July
712
• 3% 3% 4
Massey-Harris
McColl-Frontenac Oil
* 1331 1334 13% 1,760 10% Jan 1434 Apr
5,264 30% July 3931 Feb
33
Montreal L H Jr Pow Cons* 3234 32
Jan 55 may
35 50
5354 55
Montreal Telegraph_ _ _ _40
Feb
July 125
68 93
Montreal Tramways_ ..100
9335 95
27% 2731 2834 1,995 23% Jan 28% Aug
National Breweries
Sept
Feb 37
200
3631 37
25
Preferred
y
1234
1,010 31 31 Julb 18% Feb
12% 13
National Steel Car Corp__• 13
Feb
Apr 209
1 180
195 195
•
Ogilvie Flour Mills
j
Jan 14031 July
an
25
10 190
138 138
Preferred
100
103 June
5
101%101%
Ottawa L H Jr Pow prof 100
Aug
102
87
Jan7H
102 102
Penrnans Preferred_ _100
Feb
Jan 15
645
9% 1031
Power Corp of Canada--• 10%
Feb
20
130
16%
Quebec Power
16% 16
3% Feb
260
1.80 1.95
St Lawrence Corp
• 1.80
1531 Janan
5
50 "jjan 11% May
7
7
7
A preferred
50
Feb 40 Sept
60 33
41%
40
St Lawrence Flour Mills100
Jan 26 May
220 12
St Lawrence Paper pref.100 15% 15% 1535
1931 1,384 17% Jan 24% Feb
Shawinigan Wat Jr Power.* 18% 1834
Mar
100 1231 Jan 21
12% 1235
Sherman Williams of Can_•
Jan 87% Mar
60
7
85
85
Preferred
100
Mar
Jan 16
11
1
13
13
Southern Can Power__ _• 13
Mar
38
28
1,09
34
Steel Co of Canada
• 33% 33
July
Jan 39
31
7
3531 3535
Preferred
25
8;i Apr
134 Jan
4
4
4
Twin City
•
Apr
• 23
Jan 37
20
23
23
Wabasso Cotton
Sept
Jan 100
85
Western Groc Ltd pref _100
100 100
4
Feb
131 Jan
27
2% 231
Winnipeg Electric
•
Jan 50 May
12 20
Woods Mfg 'ref
44
44
100
BanksFeb
Aug 145
6 124
Canadlenne
125 45
100 125
Feb
Ja 166
43 129
Commerce
100 15331 150% 15331
* No par value.
Montreal Curb Market
-Record of transactions at the
Montreal Curb Market, Sept.8 to Sept. 14, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price, Low. High. Shares.
Asbestos Corp vtg trusts...*
5
5
6
Assoc Breweries of Can_ •
11
11%
Cum preferred
100 96% 9634 96%
Assoc 011 & Gas Co Ltd •
13c 13c
Brit Col Packers Ltd_ _
1.50
1.50 1.75
Cum preferred
100 1331 1334 1331
Bathurst Pow & Paper B.*
1.10 1.10
80
Belding-Cortecelll Ltd_100 80
80
105 105
Cum preferred
100
Brit Amer Oil Co Ltd.--* 14
1331 14
Canada Vinegars Ltd---* 25% 2531 2631
Cndn Foreign Invest Corp*
2131 22
Cndn Wineries Ltd
6
6
•
Catell1Mac Products B_
1.00 1.25
30
Preferred A
835 834
329
590
10
200
265
129
15
54
60
620
205
14
7
21
50
Range Since Jan. 1.
Low.
High.
5 Sept 1331
934 June 13
90
Feb 9731
13c Aug 35e
231
1.10 Aug
11
July 13%
334
1.10 Sept
Jan 85
65
Feb 105
97
1235 July 1531
22% Jan 27%
9
Jan 25
531 July 11%
1.00 Sep
231
July
8%
7
Apr
Feb
Sept
Jan
July
Sept
Feb
Aug
Sept
Mar
Feb
May
Jan
Apr
Jan
1688
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price, Low. High. Shares.
Champlain Oil Prods pl. _•
8
8
855
Commonwealth Pet Ltd_.J
500 55c
Distillers Corp Seagrams..* 1334
1335 15
Dominion Eng Works Ltd •
21
20
Dominion Stores Ltd
* 1635
16
1731
DomTar&Chem cum p1100 22
22
22
Fraser Companies Ltd_ _ _*
4
4
435
•
3
Voting trust
3
355
Home Oil Co Ltd
• 880
850 92c
Imperial Oil Ltd
* 1435
1334 1434
Imp Tab Coot Can Ltd_ _5 104
1034 1131
Int Paints (Can) Ltd A_ •
4
4
Int Petroleum Co Ltd_ ___• 2634 2634 28%
Melchers Distil Ltd A__ _-• 11
11
114
B
•
4%
434 536
Slitchell & Co Ltd (Robt)•
5
535
Mtl Refridge & Star vtg tr*
1.50 1.60
Preferred
*
5
5
Page-HersTubes pref..100
67
67
Regent Knit Mills Ltd.. _ _*
331 4
331
Reliance Grain Co Ltd_ •
415 5
Rogers Majestic Corp_ __ -"
8
8
8
Walkerville Brewery Ltd.
• 7.50
7.55 8.25
Walk Gooder & Worts___-• 24
2315 24%
Preferred
*
1434 1531
Public UtilityBeauharnois Power Corp.*
535
535 534
C No Pow Corp Ltd pt 100
101 101
City Gas de El Corp Ltd_ _•
316 316
Hydro-Elec Sec Corp.....5
434 416
Inter Mil Corp class A._ _*
3
3
Class B
1 50e
50e 55c
Pow Corp of Can cum pf100 734 7315 7315
Sou Can P Co Ltd pref _100 90
904
90
United Securities Ltd. 100 36.00 35.50 36.00
Mining
Barry-Boil Gold M Ltd_ _1
100
100 100
Big Missouri Mines Corp-1
32c
31310
13 R X Gold Mines Ltd_ 60c 740
740 950
Cartier-NIalartic G M Ltd 1
Sc 535e
6c
Crown Cons Mines Ltd_25c 373,10 36035 3734c
Falconbr Nickel Si Ltd..
3.75 3.98
3.75
Goldale Mines Ltd
1
20c 21c
J NI Consolidated
1 350
340 36c
Lake Shore Mins Ltd_ _ _ _1 53.75 53,75 56.25
Lebel Oro Mines Ltd
1
7c
70 934c
Noranda Mines I.td
• 38.25 28.25 40.25
Parkhill G Mines Ltd__ _ _ I 300
250 33%c
Pickle-Crow
1
1.56 1.50 1.60
Quebec Gold Min Corp_ _ I 200
180 22e
Read-Authier Mine Ltd_ _1
1.36 1.28 1.43
Stscoe Gold Mines Ltd_ _ _1
2.50 2.50 2.70
Sullivan Consolidated
.1 4516c 450 550
Teck-Hughes G M Ltd_ I
4.80 4.68 6.45
Thompson-Cadillac
1 4834c 460 4831c
Ventures Ltd
*
1.00 1.01
Wayside Con G M Ltd..50e
1040 1016c
Wright Barg Mines Ltd_ •
8.85 9.25
Unlisted Mines
Arno Nlines Ltd
•
20
2c 234c
Cent Patricia G Mines_ _1
1.08 1.14
Eldorado G Mines Ltd_ _I
2.35 2.40
Kirkland Lake G Min Co_ 1
1.28 1.28
Pioneer G Mines of B C _1
400 44c
San Antonio0 Mines Ltd_l
5.00 5.00 5.05
Sherritt-Gordon NI Ltd_ _1 560
560 60c
Stadacona Rouyn Mines_ _. 3335c 31310 37/40
Sylvanite Gold NI Ltd_ _1
2.72 2.80
Unlisted
Abitibi l'ow es Paper Co.. •
1.00 1.00
Brewers & Disti of Vane_ •
70c 70c
Brew Corp of Can Ltd__ _•
731 834
716
Preferred
• 27
2634 284
Canada Malting Co Ltd_ _• 30
3031
30
Canada Bud Breweries_ •
1034 104
Coda Indus Ltd B
•
1.61 1.61
Cndn Light & Pow Co 100
22
20
Claude Neon Gen Ad Ltd_• 35c
350 35c
Consol Paper Corp Ltd_ __•
1.75
1.75 1.90
Ford Motor of Can Ltd A.
19
1834 19
Inter Metals
33
33
Loblaw Groceterlas Ltd A • 1731
1634 1711
Price Bros Co Ltd
100
2/4 3
Royalite Oil Co I.td
14.00 14.00
• No par value.
770
395
1,275
30
196
275
192
505
540
3,225
1,245
15
1,063
345
220
35
20
14
5
410
205
100
1,758
480
324
731
500
834
1831
16
15
3
234
850
124
1034
3
1934
10
44
3
1.50
5
67
2
435
735
3.90
214
1435
34
886
24 8831
30
3
150
434
75
3
300 500
75 51
115 72
725 35.50
High.
Mar
9
Mar
Sept 550 Sept
July 2634 Jan
Aug 28
Feb
Sept 2234 Mar
Jan 2934 Feb
Jan 124 Apr
Jan
9
Apr
Sept
1.90 Feb
Jan
1516 June
June 12% Feb
Jan
5
Feb
Jan 304 June
July
17
May
1131 Jan
Aug
July
1031 Feb
Sept
1.75 July
Sept
516 July
Sept 67
Sept
Jan
615 Feb
554 Sept
Sept
Aug
934 Aug
Jan 10.10 July
July 58
Jan
Sept
1734 Jan
Jan
10
Jan 102
June 1434
Sept
44
Sept
3
July
1.50
Jan 85
Jan
9015
Sept 36.00
Feb
Aug
Mar
Sept
Sept
Feb
June
Mar
Sept
500 100 Sept 190 Apr
1,282 26 55c June 50c Feb
300 310 Jan
1.37 July
25
le
Jan
90 Mar
27,150 Sic Aug 36360 Sept
675
3.00 Feb
4.15 Mar
5,500 12c
Jan 2535c Aug
1,400 340 July 4235c July
235 42.50 Jan 66.50 Sept
9,600
60 Aug 2535c
Apr
2,732 33.25 Jan 45.00 June
22,050 34e July 714c May
1,400
1.37 Aug
1.82 July
25,600 150 June 70e
Apr
6,000 260
Jan
1.74 June
12,845
1.43 Jan
2.87 Aug
18,400 44c June 63c July
13,490
4.68 Sept
8.00 Apr
1,50020/40
Jan 580 Mar
400 770
Jan
1.12 Mar
1,000
7o Aug 4816c Feb
2,140
6.75 Jan 10.25 Apr
20,600
20
3,500 54340
1.90
350
1.28
400
200 3915c
500
1.76
1,000 560
27,050 831 c
700
1.30
July
180
Jan
1.25
July
4.30
Sent
1.28
July
1.20
Jan
6.20
Sept1.43
Jan 4640
Jan
3.20
Feb
Sept
Mar
Sept
Jan
July
Apr
July
Apr
325 90c
Jan
236 Feb
250 650 July
2.95 Feb
2,834
535 Jan
11
Apr
760 154 Jan 3231 July
605 28
Jan 353,4 Mar
20
834 Jan
12
Max
15
1.61 Sept1.61 Sept
60 20
Sept22
Sept
100 350
Jan 80e
Jan
1,995
1.75 Jan
33-4 Jan
236 1531 Jan 2531 Feb
40 33
Sept33
Sept
75 14% Mar 18
Apt
75 950
Jan
6 'May
105 14.00 Sent 14.00 Sept
Philadelphia Stock Exchange-Record of transactions
at Philadelphia Stock Exchange, Sept. 8 to Sept. 14, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Par Price. Low. High. Shares.
Bankers Securities pref _ _50
200
8
8
Bell Tel Coot Pa pref _ _100
115% 11615
200
Budd (E G) Mfg Co
•
4
200
4
Central Airport
331 4
500
331
•
Elec Storage Battery _..100
59
3531 36%
Fire Association
10
4715 4715
25
Horn & Hardart(NY)com • 19
19
19
100
Insurance Coot N A_ _ _ _10 4731 4731 4831
400
Lehigh Coal & Navigation •
200
7
7
715
Lehigh Valley
so
50
1035 10%
Pennroad Corp v t e
134
•
2.600
14 2
Pennsylvania RR
50 21
2236
1,000
21
Philo, Electric of Pa $5 pref• 10331 103/110481
320
Phila Elec Power pref
25
3216 3335
200
Phila. Rapid Transit__ _50
200
24 216
7% preferred
10
50
536 536
Scott Paper
50% 51
17
•
Series A 7% pref...100
114% 1144
20
Tonopah-Belmont Bevel_ 1
1,000
35
54
Tonopah Mining
1
300
34
81
Union Traction
50
300
635 7
,
United Gas Impt corn...._• 14%
144 3.100
14
Preferred
9435 9534
• 95
380
Victory Insurance Co.._10
934
400
831 935
Westmoreland Coal
•
25
6
6
BondsElec & Peoples tr ctfs 4s '45
22
22 $13.000
Certificates of deposit...
1,500
21
21
• No par value.
Range Since Jan. 1.
Low.
715 Jan
11131 Jan
3
July
131 Feb
3531 Sept
31% Jan
17
Jan
39% Jan
534 Jan
914 July
131 July
22
Sept
Jan
93
3034 Jan
1
Jan
43." Jan
43% June
1084 Star
34 July
5,1 July
5
July
14
Sept
Jan
86
431 Jan
Mar
6
154
18
Jan
Jan
High.
1335
117%
73.1
435
514
5035
20%
5116
10%
20%
411
3916
106
3331
13
1535
51
114%
1
1135
204
1004
934
735
Jan
Mar
Apr
July
Jan
Apr
Slay
Apr
Feb
Feb
Feb
Feb
July
July
May
Apr
Sept
Sept
Mar
Feb
Apr
Feb
June
June
Apr
Stocks-
Arundel Corp
• 1135
1135 1235
Black & Decker com
. 5
5
5%
25 1235
Preferred
1235 1234
Ches & P T of Balto pref100
11834 118%
Comm Cr Corp poet B._.25
7% preferred
25
Consol Gas E L & Power_*
515% pref w I ser E__100
5% preferred
100 104
East Porto Rican Sug poet 1
Emerson Brom Sells A 2.50
Fidelity & Deposit
20 35%
Fld & Guar Fire Corp_ _10
Finance Cool Am class A _ *
534
Houston 011 prof
100
Maryland Coo Co
1
136
,
1:lononWPennPS7% pref25
Mt Vern-Wdb Mills pref100
New Amsterdam CasualtY5
7
Owings Mills Dist Inc__ _1
Penne Wat & Pow com___* 54
Real Estate Trust Co_ _100
U S Fid & Guar
2
4
West Sid Dairy Corp pfd_*
Low.
High.
182 11% July
184 Jan
4% July
185
8% Feb
811 Jan
5
164 May
Jan 119
7 112
July
1534
5,%
715
115
1734
35
7
111
50
30
434
83
28:5
2855
65
110
106
5
1935
3534
16
531
7%
134
1734
35
715
134
6411
30
436
83
Range Since Jan. 1.
Low.
34
94
31
11
30
20
10
40
80
4
50
370
40
205
819
100
102
50
705
5
2435
24
524
93
93
5
18
19
1035
3
435
14
13
22
7
131
4534
,
30
3
65%
$400
2.000
98%
944
3,000
3,000
1.000
High.
2934
Jan
Jan
Jan
29
6831
111
106
5
2136
4435
22
634
934
215
19%
49
1235
131
5615
30
7
85
Jan
Sept
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Sept
Sept
Jan
Sept
Jan
Jan
Mar
May
July
July
Aug
Sept
Jan
May
Aug
May
June
Feb
June
Apr
June
May
Aug
Sept
Feb
Apr
Jan 103% May
Jan 105
July
36 Jan
74 Apr
13.1 Sept
Feb
1
1035 Feb
135 Apr
Pittsburgh Stock Exchange.
-See page 1662.
OHIO SECURITIES
Listed and Unlisted
GILLIS WOOD & CO.
Members Cleveland Stock Exchange
Union Trust Bldg.
-Cherry 5050
CLEVELAND, - - - OHIO
Cleveland Stock Exchange-Record of transactions at
Cleveland Stock Exchange, Sept. 8 to Sept. 14, both inclusive, compiled from official sales lists:
Stocks-
OM.
?Tway
Last 1Veek's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
Aetna Rubber
•
Apex Electrical Mfg
•
13ulkley Building pref_100
Central United Natl__ _20
Cleve Elec 1116% pref _ 100
.
Cleveland Ry
100
Ctfs of deposit
100
Cleveland Trust
100
Cleve Union Stkyards_ •
Cliffs Corp v t c
•
Electric Controller & Mfg •
Federal Knitting Mills...
•
Ferry Cap & Set Screw.*
Foote-Burt
•
General Tire Sc Rubber_25
Geometric Stamping
•
Hanna(M A) $7 cum pref•
Higbee 2d poet
100
Lamson Sessions
•
Medusa Portland Cement *
Mohawk Rubber
•
Myers (F E) & Bro
•
National Refining
25
National Tile
•
Nestle LeMur cum cl A.
•
Ohio Brass 13
•
6% cumul pref
100
Patterson-Sargent
•
Richman Bros
•
Robbins & Myers vtc set I*
Vtc series 2
•
Preferred vtc
•
Selberling Rubber
•
Selby Shoe
•
Sherwin-Williams AA pf 100
Trumbull-Cliffs FurnCumul preferred_ _ 100
* No par value.
136
74
57
5731
524
38
60
9
44
39
134
135
435
435
1
1
7.35 814
1081.5 109
57
57
5714 671.1
5215 5431
10
10
6
6
194 19%
38
38
136 2
435 44
60
60
13-1
135
100 100
5
5
334
3
9
9
134
131
21
21
435
435
1
131
3
3
16
16
85
85
20
20
40
39
3-5
3-1
55
55
236
234
14
114
2116 2115
10831 1084
81
81
Range Since Jan. 1.
Low.
High.
60
May
1
3
Feb
25
435 Aug
816 Apr
20
Apr
1
2 Juno
99
715 Sept 16
Jan
57 10015 Jan 11335 July
10 44
Jan 70
July
209 393.4 Jan 7034 July
74 5035 Jan 83
Mar
68 10
Jan
Apr
11
65
May
6
Jan
12
10 15
Jan 23
Aug
. 15 34
Jan 4474 Jan
134 Sept
132
431 Feb
95
4
July
74 Jan
12 60
Sept9635 Apr
125
4 Jan
335 Feb
205 84
Jan 10131 July
75
5
Sept6
Sept
210
3 Sept7% Jan
72
8
Mar 11
Feb
131 July
20
435 Jan
100 134 July 21
Sept
250
4
July
735 Feb
1
200
Aug
3
Feb
115
135 Jan
331 Mar
80 12
May
18
Feb
10 75 Slay 95 Juno
415 1494 Jan 20
Feb
Jan 4931 Jan
159 39
60
3.4 June
4 Jan
15
3.1 Ma
16 Sept
100
235 Feb
Jan
2
30
135 July
54 Jan
Slay 2435 Apr
40 21
20 99
Jan 10836 Aug
10
71
Jan
81
Sept
BALLINGER & CO.
Members Cincinnati Stock Exchange
CINCINNATI
UNION TRUST BLDG.,
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, Sept. 8 to Sept. -14, both
inclusive, compiled from official sales lists:
Stocks-
Range Since Jan. 1.
2736
28
65
110
104
5
1914
3531
Bonds
Baltimore City
4s conduit
1962
103% 103%
4s sewerage impt___1961 104% 1044 10411
United Ry & El
Income 4s(MD_ _1949
31
54
1st 4s (flat)
1949
8
8
Wash B & A 5s(ctfs)flat '41
131
11.4
•No par value.
294 Apr
2736 Apr
Baltimore Stock Exchange-Record of transactions at
Baltimore Stock Exchange, Sept. 8 to Sept. 14, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
1Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Sept. 15 1934
Friday
Sales
Last Week's Range for
of Prices.
TVeek.
Sale
Par Price. Low. High. Shares.
Aluminum Industries
*
Amer Laundry Mach _20
Amer Products met
•
Amer Rolling Mill
25
Amer Thermos A
•
Carthage Mills poet
*
Cita' Ball Crank pref. •
Cinti Gas pref
100
Cinti Street Ry
50
CITA! Telephone
50
CintI Stock Yards
*
Crosley Radio
•
Eagle Plcher
20
Early & Daniel pref.. _ _100
1535
4
21
43.5
9
1135
731
1535
415
51
134
7231
4
64
21
1135
44
70
9
12
731
1635
435
51
14
74
435
65
2135
1231
43-I
70
25
140
50
235
40
15
31
93
154
85
12
10
3
Range Since Jan. 1.
Low,
Jan
Jan
6 Feb
1435 July
14 Jan
Sept
51
115 Sept
Jan
66
4
Aug
Jan
62
Mar
20
Jan
8
331 July
Sept
70
734
11
High.
10
18
74
28
835
51
314
83
6
71
2434
1731
7%
70
Jan
Jan
Aug
Feb
Mar
Sept
Feb
Apr
Apr
Apr
Feb
June
Mar
Sept
Financial Chronicle
Feb
Feb
Feb
July
July
Jan
July
Jan
Jan
Apr
June
Jan
Jan
Feb
Jan
Jan
June
Apr
35
1531
6
934
384
28
11%
33
95
44
41
21
9
19
70
28
18
25
July
July
Apr
Mar
Mar
May
Feb
Apr
July
June
Jan
Apr
Apr
June
Aug
Apr
Feb
June
• No par value.
ST. LOUIS MARKETS
LISTED AND UNLISTED
WALDH El M,PLATT & CO.
Members
Now York Stock Exchange
St. Louis Stock Exchange
Chicago Stock Exchange
New York Curb Exchange (Assoc.)
Monthly quotation sheet mailed upon request.
ST. LOUIS
513 Olive St.
MISSOURI
St. Louis Stock Exchange-Record of transactions at
St. Louis Stock Exchange, Sept. 8 to Sept. 14, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
1Veek.
ofPrices.
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Brown Shoe preferred..100 4534
325 4571
4531 50
Falstaff Brew corn
1
435
235
235
234 3
Hamilton-Brown Shoe corn
3
4A 3 31
34
435
100
8
International Shoe corn •
5 38%
Key Boller Equip't corn •
531
7
20
7
Laclede Steel corn
2050 13
13
13
AlcQuay-Norris corn
•
4434 45
41 40
Meyer Blanke corn
•
5
434
6
6
Alo Portland Cementcom 25
6
225
634 634
614
National Candy corn
•
60 154
17
17
Rice-Stix Dry rids com_ •
835
831 0
115
8
1st preferred
160 984 984 100
10 90
Securities Inv corn
•20
20
50 1534
Southwest Bell Tel pref 100 120
103 116%
120 12034
Wagner Electric corn ___ _15
9
934
46
9
8
• No par value.
High.
Mar
Sept 60
Sept
74 Apr
July
Feb
8
Sept 494 Jan
Jan
8
May
Sept 19
Apr
Jan 47
Feb
July
Sept
6
Aug
9
Feb
Jan 21
Feb
Aug
124 Feb
Jan 1004 July
May 20
Sept
Jan 1214 July
July
1234 Jan
San Francisco Stock Exchange-Record of transactions at San Francisco Stock Exchange, Sept. 8 to Sept. 14,
both inclusive, compiled from official sales lists:
Friday
Last {Peek's Range
of Prices.
Sale
StocksPar Price. Low. High.
-Alaska Juneau G M in_ _ _10 17
174
17
Alaska l'ackers' Assn_ _100 70
70
70
Anglo Cal Nat Bk of S F_20
1235 1334
Assoc In.sur Fund Inc_ _ _10
14 14
14
Bank of Calif N A
100 145
145 147
•
6
Byron Jackson Co
6
64
Calamba Sugar com____20 1934
1935 22
7% preferred
20
2035 214
California Copper
10
34
%
34
Calif Cotton Mills corn.100
84
834 84
Calif Ink Co A COM
• 2
634 2635 2634
Calif Packing Corp
• 364 3634 39
Calif Water Service pref100
6835 70
Cal West Sts Life Ins Cap10 124
124 1235
Caterpillar Tractor
• 2334 2335 2434
Ist pf100 80
Cat Cos G & E
80
80
Indus A
Cons Chem
• 2631 264 2614
Crown Zellerbach v t c
•
435
435 434
l'referred A
• 43
43
4635
Preferred II
• 434 434 47
DiGiorgio Fruit pref
* 2
034 204 204
Emporium Capwell Corp.*
5
5
Fireman's Fund Insur_ -25 594 5931 604
..• 15
Food Mach Corp corn.
15
1634
Galland Nierc Laundry _ *
3435 35
Golden State Co Ltd
535 535
Pine Co Ltd com.20
Haiku
335
331
Hawaiian C & S Ltd_ __.25 4535 4535 46
Ilonolulu Oil Corp Ltd- _ _ • 1134
114 1134
Honolulu Plantation_ ___ 50 2435 24
24%
•
yi
Hunt Bros A corn
835 834
Leslie-Calif Salt Co
•
9
2235 2235
Los A ng Gas & El prof. 100 75
854
75
I.yons-Magnus Inc A__•
7
7
7
Alagnin&Co(I)
pref 150
75
75
•
8
Natomas Company
814
8
100
No Amer Inv corn
5
5
..100
No Amer Inv 6% pref
29
29
53/% preferred
100
27
27
Amer 011 Consol_10
North
10
10
Occidental Insur Co_ -.10
21
20
Oliver United Filters A._ _•
7
7
7
__________ •
_
2
2
25 __ 1434
.5
G
Paciffe- ____ E corn
1434 1535
tat Preferred
6%
1934 2034
1934
25 174
54% preferred
1735 18
Pacific Lighting Corp corn •
224 24%
• 6934 6935 7835
6% preferred
FacPubServ(non-vtg) com•34
34
31
.
(Non-voting) Prot
7%
73.4 84
Pacific Tel & Tel corn_ _100 78
784
78
100 106
• 8% preferred
106 112
•
Paraffine Co's corn
40
39
SJ L & l'ow 7% pr prof.100
88
88
Schlosinger&S (11 F) Corn *
4
34
Shell Union 011 corn
634 634
100
Preferred
6235 62%
Sierra l'ac Elea 6% pref100
644 6434
Southern Pacific Co._ _100 1635
1635 17%
Sou Pacific Golden Gate A•
634 634
•
ati 4%
• 3134
Standard Oil Co of Calif..
3134 3134
'NJ
Telephone Inv Corp
2935 294
•
834
Tide Water Ass'd Oil COM.
831 935
100
6% preferred
78
80
•
Transamerica Corp
534 534
Sales
for
1Veek.
Shares.
Range Since Jan. 1.
Low.
High.
220 17
July 23% Jan
5 70
Feb 80
Sept
520
831 Jan
14% June
1
400
Jan
235 Apr
125 121
Jan 159
Feb
625
94 Jan
8
May
1,466 18
July 2534 Mar
410 19
Feb 2131 Sept
34 Jan
35 Feb
500
435 Jan
10
1231 Feb
100 2034 Jan 2694 Sept
1,494 19
Jan 434 Aug
25 644 Jan 74
June
157 114 June 14
June
634 2335 Jan 334 Apr
14 58
Jan 8535 Aug
412 2434 Jan 27% July
2,840
334 July
64 Apr
66 34
Jan 58
June
65 34
Jan 5735 June
100 16
Aug 22
May
225
5
Sept
831 Feb
400 473.4 Jan 614 Feb
1,507 10% Jan 204 July
65 3135 July 35
Sept
431 Mar
28
731 Feb
900
135 Jan
335 Aug
7
40 Slay 52
Jan
39
114 July
1534 Feb
11
2335 Aug 26 June
25
414 Jar
104 Aug
18
22
June 26
May
50 75
94% Apr
Sep
159
Aug
7
11
Feb
100 85
May 90
Apr
800
7!.4 July
104 Slay
5
434 Jan
734 Mar
23 17
Jan 33
Apr
32 17
Jo
Mar
30
415
74 Slay
1035 Aug
30 144 Jan 22
Feb
150
6
11
Jan
Apr
100
134 Aug
44 Apr
4.058 1435 Sept 234 Feb
6.336 194 Sept 2335 Mar
1,801
174 Sept 2135 Apr
1,310 224 Sept 3635 Feb
259 6935 Sept 89
Mar
261
31 Feb
14 Slay
1,492
14 Jan
831 Aug
70 71
Jan 86
Mar
80 103
Jan 116
June
904 2534 Jan 4134 Aug
15 6731 Jan 92
Aug
700
4 Aug
34 Feb
307
64 July 11% Jan
1
July 8635 Feb
60
Jan 65
48
July
154 July 3334 Feb
33
20
5
Jan
735 Mar
331 Jan
10
59.4 Mar
1,74
304 May 4235 June
1
28
July 30
Jan
65
14
8% Jan
Apr
4
6435 Jan 75
May
19.21
534 July
835 Feb
Union Oil Co of Calif__ _25
Union Sugar Co 7% pref 25
Utd Aircraft & Transport_•
Wells Fargo Ilk & U Tr 100
• No par value.
1435
18%
134
230
1571
184
14
234
Low.
High.
507 1335 July 2034
68 16% Mar 19
200 13% July 374
10 185
Jan 235
Feb
Apr
Feb
Sept
San Francisco Curb Exchange-Record of transactions
at San Francisco Curb Exchange, Sept. 8 to Sept. 14,
both inclusive, compiled from official sales lists:
Stocks-
ermay
OU4C5
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Alaska Treadwell
25
18c 18e
Amer Tel & Tel
100 10834 10835 11335
Amer Toll Bridge Del
_1
230 240
Anglo Nat Corp
834 84
831
•
Argonaut Alining
5 1335 1334 14%
Aviation Corp (Del)
44
4
4
5
Calit-Pac Trading pref__ •
3.50 3.50
Chrysler Corp
5
3034 3034
Cities Service
135
134
134
•
Claude Neon Lights
41c 45e
1
Crown Will 1st pref
64
59
• 59
Dominguez Oil
2334 234
•
General Motors
28%
27
10 27
Idaho Maryland
2.55 2.65
2.60
1
Halo Petroleum
• 15c
150 16e
Preferred
70c 70c
• 70c
Libby McNeill
74 735
735
10
Pacific Amer Fish
831 9
835
•
Pacific Eastern Corp
2% 235
1
00
Pineapple Holding
831 834
84
Radio Corp
5
•
5
5
Sou Calif Edison
25 11
1235
11
535% preferred
15
25 15
1634
6% preferred
25 16
16
1734
7% preferred
19% 21
25 19%
Universal Cons 011
1.50 1.50
1.50
10
Virden Packing
25
5
5
\\Wahl% A orlonttlyrn
9(1 :15“ 3534 36
Range Since Jan. 1.
Low.
100 17c
315 106
400 20c
3.15
174
4,235
4.50
335
245
3.50
40
50 304
14
125
750 410
160 4331
20 20%
695 2434
2.50
350
1,800 10c
100 520
1,525
3
64
575
215
14
634
90
435
60
766 11
1,119 15
1,130 16
900 isy,
1.50
400
5 3.75
200 32
Aug
July
Mar
Jan
Jan
July
June
Sept
Jan
Sept
Jan
May
July
May
Jan
Jan
Jan
May
July
Jan
July
Sep
Sep
Sep
Sept
July
May
Apr
High.
2:V,Ei..5°,7.Egggggg.11iagrgtPagtg4
35%
34
9
4
8
27
18%
8
2334
76
28
334
14
335
12
50
17
8
18
x;gZ- 44'"
4 ,
24
9
27
14
534
8
28
2334
834
27
93
40
3531
17
6
18
70
22
8
2234
100
80
10
15
15
28
191
136
12
12
56
22
80
31
1
145
150
10
71
14
535
8
28
24
9
27
93
40
37
17
6
18
70
22
834
22%
Range Since Jan. 1.
4'r:g4=
31
High.
Friday
Sates
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
• No par value.
Los Angeles Stock Exchange-Record of transactions
at the Los Angeles Stock Exchange, Sept. 8 to Sept. 14,
both inclusive, compiled from official sales lists:
Stocks-
Friday
4.1
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High Shares.
Boles Chien 011 A
235 34
10
3
California Bank new_ _ _ .25 20
21
20
Central Invest. Corp_ _ _100
2
2
Chrysler Corp
5
3031 3031
Citizens Natl Bank
20 . 20
20 20
Claude Neon El Prod.._.• 10
10
1031
Consolidated 011 Corp. •
84 835
Douglas Aircraft Co Inc_.• 1534
154 1535
Emsco Derrick dr Equip.*
735
731
Farm & Merch Nati Lik 100
325 325
Globe Grain & Still corn.25
.556 534
..
Goodyear Textile Mills
(Calif) Prof
110 110
100 119
Goody r T& R(Akron)com•
2035 2036
Hancock Oil corn A
•
734 835
Los Angeles G 4: El pref 100 7335
7334 874
Los Angeles Invest Co_ .10
431 4%
Lockheed Aircraft Corp_ .1
134 2
134
Mortgage Guar Co_..100
334 334
•
3
Pacific Clay Prod Co
3
3
Pae Finance Corp com _ _10
.
74 8
Preferred A
104 1035
10 1035
Preferred C
10
8
8
8
Preferred D
8
8
10
8
Pacific Gas & El corn__ _25
15
15
6% 1st pref
25 1935
1935 2034
Pacific Mut Life loser. _10
1934 2035
Republic Petroleum Ltd.10
2
231
See First Nat Bk of L A.25 26% 264 304
Signal 011 & Gas A
•
434
4
44
Socony Vacuum Corp_ _ _ 25
134 134
So Calif Edison Ltd corn _25 1035
104 1234
7% pref A
25 1934
199.4 21
6% pref 13
25 1574
1534 17%
54% prof C
15
25 15
164
So Counties 06% pref.
84
.100
84
Southern Pacific Co _ _100 1635
164 1735
Standard 011 of Calif
• 314 3135 3174
Transamerica Corp
•
534
54 534
Uninn /Mint 0.11f
2R 1434
1434 1534
a aaa, a aO
0a0Q0ocogaCo
0000000ow00
•
•
•
12
100
•
*
•
50
100
•
•
•
•
_100
10
•
*
Low.
a8
8
Gerrard SA
Gibson Art
(I') Goldsmith Sons
Hatfield prior pref
Pude preferred
Ilobart
Julian & Kokenge
Kroger common
Little MiamiGuar
Mead Corp pref
Procter dr Gamble
Randall A
B
Rapid Electrotype
Sabin Robbins pref.
U 8Playing Card
Waco Aircraft
Whitaker
Range Since Jan. 1.
aWa
a.
t39aW
a
...
....
w. 00,aa4.Oownweaaaa imWwNa
00a0.09.40000.0000Q490.0owp0a
0000,00..00.000000.o0000.4000
Friday
sates
Last Week's Range for
Sate
of Prices.
1Veek
Stocks (Concluded) Par Price. Low. High. Shares.
1689
a
0.:boat.,
enwa•-0-CuN-4
,..C4c,pat.30
a
1
0,14,al,<Dt02C043CCO•
GiaCpaa•C• 0.1
00.01c4
Volume 139
Range Since Jan, 1.
Low.
High.
134
20
2
2934
20
735
735
1534
3
300
5
July
431
Sept 2134
Jan
4
Aug 60
Aug 28
Jan
1234
July
1434
Sept 2834
Jan
834
Jan 327
Mar
6
Jan
Sept
Mar
Feb
Feb
Feb
Feb
Feb
Apr
Aug
Feb
95
20
6
79
234
134
334
3
735
9
634
8
15
1935
1934
14
264
2
Mar 110
July 4134
June
84
Jan 95
Jan
5
Jan
34
8
Jan
Sept
54
Jan
1034
Jan
1034
Jan
875
Jan
935
Sept 234
Jan
2234
Sept 2835
July
534
Sept 3634
434
1935
Sept
Sept 22
Sept 2594
Sept 22
Jan
194
Jan 94
July 334
May 42%
July
834
July 2031
Sept
Feb
Feb
Feb
July
Mar
Mar
Mai
MO
Seln
Sept
Sepl
Fel
Fet
Fel
Jar
Jar
Sepi
Fet
Fel
Fel
Fel
Fel
Jul]
Fel
Jai
Fel
Fel
1334
10%
194
1534
15
75
154
3031
535
1335
• No par value.
New York Produce Exchange Securities Market
Following is the record of transactions at the New York
Produce Exchange Securities Market, Sept. 8 to Sept. 14,
both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
ofPrices.
Sale
1Veek.
Par Price. Low. High. Shares.
Admiralty Alaska
Aetna Brew
Allied Brew
1
x Altar Consolidated
1
a Angostura V. uppermannl
x Arizona Comstock
1
a Austin Silver
1
Bancamerica-Blair
1
x Betz & Son
1
Brewers & Distl v t c
•
Bulolo Gold
20
Cache La I'oudre
20
a Carnegie Metals
1
Cent Amer Mine
1
a Como Mines
1
x Cornucopia Gold New 5c
x Croft Brew
1
Davison Chemical
•
a Delay Stores
1
Distilled Liquors
5
Elizabeth Brew
1
Fada Radio
1
}lock Brew
2
x Fuhrmann & Schmidt...1
a Golden Cycle
10
a Hamilton Mfg A
10
Howey Gold
1
Huron Holding
1
Indian Motorcycle
International Vitamin__ •
3
36%
1574
1.00
1.81
1.84
1%
1434
350
32
1.25
250
150
37e
31
75c
34
20c
134
3
3
34
364
1575
90c
1.00
1.50
1.20
14
35
335
1431
35c
15e
31
35
31
235
1.25
25c
235
34
15c
1.000
37c
100
35
500
75c
500
335
100
1,500
25c
134
100
331
600
3
100
500
74
3731
700
1631
700
90c
500
1.35 1,200
2.00 29.300
1.84 9.400
174 10,700
300
35
331
100
1531
1,800
400
900
151
1,800
100
31
300
34
32
200
234
100
1.30
200
25e
1,000
2%
50
%
100
Range Since Jan. 1.
Low.
9c
25c
71
75c
3
20c
1
294
3
34
234
16
90c
1.00
43c
1.20
135
450
235
1334
350
70
34
31
1835
235
1.06
21c
231
3.4
Jan
July
Sept
Sept
July
Aug
Aug
Jan
Jan
July
Jan
May
Sep
May
May
Sep
Selz
Jan
Jun
Jan
Au
Jun
July
July
Jan
June
Feb
July
Feb
Mar
High.
360
1
44
234
74
650
14
434
5
235
3835
1935
334
24
2.00
1.84
2
131
5
4535
131
1%
135
14
32
7%
1.39
34
4%
35
Feb
Jan
Feb
Mar
Mar
Apr
June
July
Apr
Jan
Aug
Jan
Mar
Apr
Sept
Sept
Apr
Feb
Apr
Apr
Apr
Feb
Apr
Apr
Sept
Feb
Star
Feb
Apr
June
Sept. 15 1934
Financial Chronicle
1690
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par Price. Low. High. Shares.
x Ironrite Ironer
•
1
Kildun Mining
1
K1nner Air
x Knabb Barrel
1
1
a Macassa Mines
Newton Steel
*
Oldetyme Distil
1
a O'Sullivan Rubber
1
Paramount-Publix
10
a Petroleum Conversion_ _1
Petroleum Derivatives_....*
x Polymet Mfg
1
x Railways Corp
1
a Rayon Industries A _ _1
1
Remington Arms
Renner Co
1
Rhodesian Selec Tr
5
•
Richfield Oil
a Simon Brew
1
x SquIbb-Pattison Br Pr_ _1
Sylvanite Gold
1
x Texas Gulf Producing_.*
1
United Cigar
100
Preferred
1
Utah Metals
1
Van Sweringen
1
West Indies Sugar
WIllys-Overland
5
5
C-d
100
Preferred
35e
215
531
2.80
2
2
3%
1%
115
9%
235
14
2.80
4%
200
10e
15c
1
30c
234
4
431
2.70
2
2
631
314
4
1%
115
135
914
2%
154
2
15e
4
%
2.80
4
150
831
215
16c
335
100
150
1
1,300
41c
24 2,500
100
15
534 4,500
2.95 1,400
300
2
2%
1,200
300
7
315
1,600
300
35
1%
300
13.5 12,400
131
800
914 36,500
200
3
100
131
100
2
400
190
500
4
1
300
800
2.95
435 5,000
21c 11,000
814
200
400
234
400
16e
200
34
3,900
16e
15c
100
200
2
Range Since Jan. 1.
Low.
300
1.80
4
414
1.05
2
2
635
111
400
4
25c
135
635
3
135
2
150
15
%
1.50
4
110
555
1.13
140
24
100
100
14
Sept
July
Jan
Aug
Jan
Aug
Aug
June
Jan
Aug
July
May
Sept
Jan
July
Sept
Sept
Sept
Aug
Sept
Jan
Jan
May
Aug
Jan
Jan
Jan
Sept
July
Jan
High.
%
434
1
54
3.00
831
194
731
44
146
5
135
4
935
6%
231
3%
4
13.4
315
3.20
7
290
954
415
50c
54
4
%
34
Feb
Mar
Feb
Sept
Aug
Feb
Jan
June
Aug
Jan
Mar
Sept
Jan
Sept
Mar
Apr
Apr
Feb
Apr
Jan
Apr
Jan
May
June
June
Apr
Feb
Feb
Feb
Feb
Bonds-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
47
49 $18,750
1,000
9515 9515
Shamrock 011 & Gas 6s 1939
Wisc-Mich Pwr 415s _1961
Range Since Jan. 1.
Low.
July
45
954 Sept
High.
Apr
60
954 Sept
• No par value. x Listed.
-Closing
New York Real Estate Securities Exchange.
bid and asked quotations on the New York Real Estate
Securities Exchange for Friday, Sept. 14:
Active Issues.
BondsSway Barclay Ott. Bldg 6s'41
Dorset (The) Cs etfs.__1941
Equitable Office Blg 58_1952
5th Ave & 55th Street
Building 6120 1945
1946
50 Bway Bldg fis
Film Center Big 6s.. _1943
Fox( The)& OfficeBldges'41
Mortgage Bond (N )1) 548
1934
(Ser 61.
New Weston Hotel
Annex 68 1940
N Y Athletic Club 6s_ __1946
111 John St Ride 6,.. tool
Bid
22
20
51
34
27
41
7
33
29
21
3512
Bid
Active Issues.
Ask
Bonds (Concluded)
25 Park Central Hotel
612 ctts of deposit
5
1961
54 Prudence Co 535s
Rosy Theatre 63£0 ctfs_ _ _ _
38 Sherry Netherlands Hotel
1948
531s
30
1958
46 Textile Bldg 6s
____ Trinity Bldgs Corn 555s '3
9
2124 Sway Bldg 54s__ _1943
37
Stocksr'ity & Suburban Home_ _
25 French (F F) In vesting_ _ _
Ask
1012 1212
55
6012
912 1114
1812 22
41
46
95
1112
10
3
1
514
2
New York Curb Exchange-Weekly and Yearly Record
NOTICE.-Caah and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when selling outside of the
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 (Sept.8 1934) and ending the present Friday (Sept. 14 1934). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares,
Week Ended Sept. 14.
Stocks-
Indus. & Miscellaneous.
Acetol Products cony A_ •
Acme Wire Govt c
25
Adams Millis 7% 1st pf 100
Aero Supply Mfg Cl B.. •
Agfa Anson corn
1
Ainsworth Mfg Corp__ _10
•
Air Investors com
Warrants
•
Convertible pref
Alabama Gt Southern_ _50
Alliance Investment
•
Allied Internatl Investing •
83convertible pref
*
Allied Mills Inc
•
Aluminum Co common_ •
6% preference
io()
Aluminum Goods Mfg_ •
Aluminum Ltd coin
•
6% preferred
100
Series D warrants
Amer Bakeries cl A
•
Amer Beverage tom
1
Amer Book Co
100
Amer Brit & Cont Corp_ •
Amer CapitaiCommon class B
•
$3 preferred
•
$515 prior preferred.*
oci
Amer Cigar Co
Amer Cyanamid al B n-v .
•
Amer Equities Co com_ _1
Amer Founders Corp_ _ _ I
.
7% pref series II
50
6% let pref ser D_50
Amer Hard Rubber
50
Amer Investors corn
1
Warrants
Amer Laundry M ach _ _ _20
Amer Mfg Co corn
100
Amer Maize Prod
•
Amer Meter Co
•
Amer Potash dz ChemicaL•
Amer Salamandra CorpGeneral stock
10
Amer Thread Co pref_
_5
Amsterdam Trading .
American shares
•
Anchor Post Fence
•
Arcturus Radio Tube_
I
Armstrong Cork cow_ _ __•
Art Metal Works corn_ _5
Associated Elec Industries
Amer deposit rcts____£1
Associated Rayon com_ •
At Satin Coon Fisheries •
Atlantic est Line Co- -50
Atlas Corp common
•
•
$3 preference A
Warrants
Atlas Plywood Corp
•
Automatic-Voting Mach_•
Axton-Fisher TobaccoClass A common
10
Babcock & Wilcox Co_ _100
Baldwin Locomotive Works
Warrants
Baumann(L)&Co7%pfd100
Bellanca Aircraft v t o_-..1
Benson & Hedges com- •
Converitble preferred •
•
Bickfords Inc tom
$235 cony preferred...,..'
*
Bliss(E W)sk Co com_
Blue Ridge Corp com_ __I
•
$3 opt conv pre!
•
Blumenthal (S) & Co
•
Bohack(HG)Co com_
7% 1st preferred ,__ _100
•
Botany Consol Mills
*
Bourlois Inc
Bowman-Biltmok e Hotels7% 1st preferred_ _100
Bower Roller Bearing_ _ _5
•
Bridgeport Machine
•
Brill Corp class B
•
Class A
*
Brill° Mfg Co com
•
Class A
60
Jan
Feb
Apr
Jan
June
Aug
Jan
Jan
Apr
Apr
Feb
July
Jan
Jan
Jan
Jan
Feb
Apr
Apr
July
Apr
Feb
Apr
mar
35
500
500 154
200 58
50 138
9,300 1435
1
35
1,200
150 11
50
935
7
2
400
100
4
300 104
8
.50 20
7
15
June
34
Jan 21%
Jan 67
Sept 140
July 2231
Jan
235
July
135
Jan 214
Jan 224
Aug
10
Jan
44
1
July
Jan 18
Sept 16
July 3635
June
1734
Sept 1935
Jan
Feb
July
Sept
Apr
Feb
Feb
Apr
Apr
Feb
Feb
Mar
Jan
Feb
Feb
Jan
Feb
3
13
335
13
200
100
35
100
635
4935
6435
935
21%
60
735
524
6435
935
2135
60
4,100
1,950
50
100
200
100
135
135
14
184
62
62
138
1535
1531
4
184
64
140
17
34
116
1235
124
1kr
36
,
1235 1235
,
1231 1215
1145
234 235
%
4
1135 1235
25
25
25
High.
7
July
Sept 114
Jan 100
July
4
Aug
435
Jan
1531
Aug
3
July
1
Aug 2131
Jan 6335
Sept
2
Jan
135
Jan
94
July
935
Sept 8554
Aug 78
July
1131
July 36
Mar 60
Mar 124
July
8
July
335
Jan 56
1
Jan
100
75
35
635
49%
Low.
24
635
73
135
3
10
%
4
10
40
15
4
835
535
4935
62
8
1831
37
615
5
14
48
31
635 636
95
9535
3
Range Since Jan, 1.
200
335
336
100
1
,
134
600
1835 204
2
2
3,500
100
534
11
4
84
2,100
100
2,200
4
Jan
335 Jan
9
July
44 June
1831
535
8
235
535
534
134
836
10,000
8
9
300
4335 45
24 335 2,000
400
534 6
515 535
200
12
1
35
1435
14
Feb
July
Aug
Jan
Jan
12'%
24
1
2635
434
Sept
Mar
Feb
Feb
Apr
4
1
2
28
734
39
24
5
24
Mar
July
Jan
July
July
Jan
July
July
Jan
534
54
935
35
1534
49
635
8
835
Jan
Mar
Sept
May
Feb
Apr
Feb
Feb
Apr
57
135
Aug
094 Feb
22
235
7
7
234
100
7
135
13-4
31
314
335 4
40
34
40
35
100
1,300
986
200
25
40
34
300
634 634
25
25
200
100
AUg
51
Jan
335
11
24
135
335
6
234
24
115
31
3
8
40
4
4
July
July
Aug
July
July
Aug
Feb
Jan
July
Sept
Sept
July
Sept
July
July
11
24
6
435
10
835
29
1015
34
3915
1235
1435
76
%
635
Feb
Apr
Feb
July
Apr
Mar
Mar
Mar
Feb
Apr
Feb
Jan
Jan
Feb
Jan
2
835
35
34
135
535
2235
Mar
July
Jan
Sept
June
Jan
Mar
5
1735
34
234
334
74
25
July
Feb
Apr
Feb
Feb
Feb
Apr
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
British Amer TobaccoAm dep ruts ord bearer£1
Am dep rcts ord reg--£1
British Celanese LtdAm dep rcts ord reg__1(18
Brown Co6% pref
100
Brown Forman OistillerY -1
Bulova Watch 334 pref..'
Burma Am dep rots reg shs
10
Butler Brothers
•
Cable Elec Prod v t 0
Calamba Sugar Estates_20
•
Campo Corp corn
Canadian Indus Alcohol A•
•
B non-voting
Carman & Co class B....*
•
Carnation Co com
*
Carrier Corporation
Catalln Corp of Amer_ ___1
Celanese Corp of America
7% 1st partle pref _ _ _100
7% prior preferred_ --100
15
Celluloid Corp coin
$7 div preferred
•
•
Centrifugal Pipe
Charis Corporation
•
Chicago Nipple cl A_ _5_
Chicago River & Mach_ •
Childs Co pref
ioo
•
Cities Service corn
•
Preferred
*
Preferred B
•
Preferred BB
City Auto Stamping
*
Claude Neon Lights Inc__ I
Cleveland Tractor com___•
Club Aluminum Utensil _ _•
Colt's Patent Fire Arms_25
Columbia Pictures
•
Compo Shoe Machinery _ _1
Consolidated Aircraft. __ _1
Consol Auto Merchand'g_•
Consol Retail Stores
5
8% preferred w w _ _ _100
Continental Securities_ _ _•
Coon(WE)Co corn
•
Cooper Bessemer cora_ --*
$3 pref A w w
•
Cord Corp.
5
Corroon & Reynolds
Common
1
$6 preferred A
•
Courtaulds Ltd-Am dep rots ord reg
Cramp (Wm) & Sons Shin
& Eng Bldg Corp_ _100
Crane Co corn
25
Preferred
100
Crocker Wheeler Elea_
•
Crown Cork Internatl A _.•
Cuneo Press corn
•
Davenport Hosiery Mill'
De Haviland Aircraft Co
Am dep refs ord reg....E1
DeLsel Wemmer Gilbert_10
Distillers Co Ltd
Amer deposit rcts
Distillers Corp Seagrams_•
Doehler Die Casting
•
Dominion Steel & Coal B25
•
Dow Chemical
Driver Harris Co
10
7% preferred
100
Dubiller Condenser Corp.1
Durham Hosiery class B__*
Duval Texas Sulphur_ _ _ _ •
Easy Washing Mach "B" •
Edison Bros Stores com•
Eisler Electric Corp
•
Klee Power Assoc com__ _1
1
Class A
Electric Shareholding
1
Common
•
$6 cone pref w w
Electrical Secur $5 pref •
Electrographic Corp
1
10
Equity Corp coin
Ex-ce11 0 Air & Tool
,
3
Pairehlld Aviation
1
314
2135
735
835
16
7
44
314 3131
100
835 955
2135 2131
3
3
731 8
4
4
200
100
100
2,400
100
831
8
800
200
1635
16
615 735
44. 435
300
2,400
1,500
845
735
Range Since Jan. 1.
Low.
2831 Jan
2831 Jan
314 Aug
31
Aug
235
5
74
1631
3
4
35
1831
10
534
435
115
1335
535
335
Sept
Jan
July
Jan
Aug
Jan
Aug
July
Aug
July
July
Feb
Feb
May
Mar
44
1635
214
28
34
12 35
14
25
10
2035
1935
335
18
94
64
July 10435 Feb
Aug 9835 Feb
July
19
Jan
Jan
July 44
July
735 Jan
Mar 20
Apr
June
.T4 Feb
Feb 174 Apr
Aug 424 Feb
43' Feb
July
2631 Feb
Jan
Jan
235 June
Jan 2334 June
Aug 114 Jan
135 Feb
Aug
635 Feb
July
Feb
1
Jan
Feb
27
Jan
Feb 3255 May
Feb
14
Jan
June
10
July
Ito Feb
Jan
24 Feb
Jan
Apr
Aug 31
May
6
Jan
July
4
July
635 Jan
July
Feb
May 21
834 Jan
July
7111
234
716
24
200
200
935
731
lia
935
77%
II,
100
2,000
100
335
235 235
14
14
335 335
100
100
1,500
81
8235
7
1631
4
94
4
415
13
135
,
1135
1
9
3
35
135
35
1845
2435
8
635
'is
114
20
3
4
24
14
276
155
19
114
13.5
20
19
200
300
13.4
1031
8
435
8
175
16
88
8
935
74
100
., 200
800
415 415
200
124
12
100
15
35
200
8
8
20
1731 1815
135 15,100
135
600
16
1635
15
23.5
88
8
15
10
High.
Mar
Apr
Mar
Apr
Feb
Apr
July
Mar
Aug
Jan
Jan
July
Apr
July
June
Jan
Jan
Feb
4
264 Feb
104 Jan
1431 Apr
2134
14
6
6835
35
6
2035
435
4
4435
135
435
836
2ig 2135
1335 154
635
6
335 335
71
68
350
50
600
1,000
100
Apr
Jan
July
Feb
Mar
Apr
600
9,400
300
100
1,500
35
200
6
7
335 335
2036 21
,
600
400
300
44
445
800
500
4435 4431
350
3
135
47.5
831
100
7,400
700
2.000
35
435
4
3
1
435
814
13.5
11
62
84
89-4
26
Feb
2031 May
10
6
635
2115
7% 7%
54
54
335 4
635 635
2115 2155
Apr
Aug
Jan
July
July
Jan
12
54
1
531
46
334
535
16
Feb
Feb
1514 June
74 Apr
20
835
335
235
674
10
56
35
35
4
335
8
4
335
335
Jan
July
Jan
Jan
July
July
Jan
Jan
July
Jan
Aug
Feb
Jan
July
Jan
244
2635
114
515
7931
23
95
1
2
1034
835
2835
135
834
8
Apr
Jan
Apr
A Pr
July
Apr
Apr
Feb
Feb
May
Jan
Apr
Feb
Feb
Feb
134
36
80
2
1
434
$4
July
Jan
July
Feb
Sept
May
Jan
434
$2
80
3
234
84
914
Feb
Feb
July
Mar
Feb
Feb
Aug
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Fairey Aviation Ltd.
American shares
100
Fajardo Sugar Co
Falstaff Brewing
1
Fansteel Products Co...-•
Fedders Mfg Co class A_ _•
F E D Corp
Federal Bake Shops
Ferro Enamel_
•
Flat Amer dep rcts
Ficiello Brewery .
1
Fire Association (Phila.) 10
First National Stores
7° let preferred ____100
7
Fisk Rubber Corp
'
1
56 preferred
100
FlIntokote Co Cl A
•
Ford Motor Co LtdAm dep rcts ord
Ford Motor of Can cl A •
Class 11
•
Ford Motor of France
American dep rcts
Foremost Dairy Products..
Foundation Co Horn othio•
Froedtert Grain & Malt
Cony preferred
15
3%
14
1,100
100
1034
10% 104
2435 2435
A
%
100
100
4,300
7
7
7%
64
64
8% 934
1,500
50
1,400
2%
1%
8.35
18%
8
85.1 11,900
800
18% 1935
31
31
50
Range Since Jan. 1.
Low.
5
65
24
1%
5
4
4
7%
184
34
41
High.
6% Aug
Mar
July
May 105
8% Apr
Sept
Sept
434 Feb
July
Mar
10
July
8% Mar
Jan
34 Jan
144 Apr
Jan
June 24% Sept
July
2% Jan
Feb 49% Apr
110% June 117
635 July 204
Sept 81
64
435 Jan
16
535 May
Jan
15
Jan
20
935 May
24% Feb
40
June
435
200
July
34 May
435 Sept
44 Apr
34 Jan
84 Mar
154 16%
250
154 Sept
16% Sept
3
435
15%
May
Mar
Mar
Aug
Garlock Packing cora....• 19
19
400 12% Jan
Sept
19
18
uomierai Alloys Co
335 Mal
1% Sept
60
1% 1%
General Aviation Corp. .1
3% Aug
200
334 3%
9% Feb
Gen Electric Co LtdAm dep rcts ord reg. _El
700 10% June 11% Jan
11% 11%
Gen Fireproofing corn
•
835 Feb
3% July
Gen Investment coin._
3
Feb
700
To Jan
"to
35
$6 cony pref class B
•
Apr
Jan 22
1335
6
300
13
Warrants
32 Feb
'to Jan
Gen Rayon Co A stock..
3% Jan
1
200
135
Jan
13.4
General Tire & Rubber_ 21 55
July 99
Apr
100 52
55
55
6% preferred A
Apr
100
7.534 Aug 89
Gilbert (A C) corn
•
4% Apr
135 Jan
Preferred
25
Feb
July
25
25 22
25
Glen Alden Coal
• 1935
4,300 10% Jan 24% July
18% 20
Globe Underwriters Ex_ •
100
Jan
6% 6%
7
64 Feb
Godchaux Sugars B
10% Mar
435 Jar
600
7%
7
7
15,10 seal Electrical
254 Sept
h Jul
2% 2% 10,700
234
Goodyr T & R 7% pref.100
108% Au 108% Aug
Gorham Inc
Class A common
•
434 Apr
14 Jan
$3 preferred
•
50 15
17% July
Fe
17% 17%
Gorham Mfg Co
V t c agreement extended 14% 14% 16
1,700 11
18% Apr
July
Grand Rapids Varnish. •
714 Jan
4% Aug
100
5
5
Gray Teton Pay Station_ •
Sept 194 Feb
8
Great AG A Pac TeaNon- vot corn stock
"
Feb
90 122
Jan 150
128 129%
7% 1st preferred __..100 125
May
40 121
Jan 130
125 1264
Gt Northern Paper
2434
150 19% Mar 2435 Aug
25 24
24
Greenfield Tap & Die. •
Jan
200
Apr
5
6
5
5
Greyhound Corp
534 Jan 2035 July
15% 1631 5,800
5 1534
Grocery Stores Prod v t c25
% Feb
34 Aug
Hall Lamp Co
•
Ilartman Tobacco Co. •
Hazeltine Corp
•
Helena Rubenstein Inc_ •
Heyden Chemical
10
Holly Sugar Co corn
•
Preferred.
100
Horn (A C) Co corn
•
Horn& Harden
•
7% preferred
100
Iluylers of Delaware InnCommon
1
7% pref stamped. .100
Hydro Electric Securities.•
I lygrade Food Prod
5
IlYgrade Sylvania Corp..'
Imperial Chem Industries
Amer deposit rens
Imperial Tob of Canada.
.5
impedes'Tobacco of Great
Britain and Ireland__.Cl
Industrial Finance v t c_10
Insurance Co of N Amer.10
International Clear Mach •
Internatl Hold & Invest..'
International Products_ •
Internet, Safety Razor 13.•
Interstate &Initial
1
$3 cony preferred_ -50
Interstate Hos Mills
•
Irving Air Chute
1
Jonas & Naumburg
•
$3 cony preferred
•
Jones & Laughlin steel_100
Kingsbury Breweries_
_1
Knott Corp
1
Holster Brandes Ltd- ..£1
Koppers Gas & Coke Co
6% preferred
100
Kress (5 11) 2nd pref_.100
Kreuger Brewing
Lakey Foundry & Mach..!
Lane Bryant 7% prof 100
Langendorf United Bak
Class A
•
Lefcourt Realty corn
1
l'referred
•
Lehigh Coal & Nay
•
Lerner Stores common
•
6% pref with warr..100
Libby McNeil k 1.1bby__10
Lobiaw Groceteria.s A_ •
Loudon Packing
•
Louisiana Land & Explor.•
Lynch Corp com
5
M angel Stores Corp
•
100
63.4% prof w w
Mapes. Consol Mfg
•
Marion Steam Shovel__ •
Maryland Casualty
1
Massey-Harris com
•
Mavis Bottling cla,os A_ _ _1
•
Mayflower Associates_
McCord Rad & Mfg B •
McWilliams Dredging•
•
Mead Johnson & Co
Mercantile Stores
•
100
7% preferred
Merritt Chapman & Scott •
6%% A preferred-100
Mesabi Iron Co
•
•
Michigan Sugar Co
Midland Royalty Corn
•
32 cony prof
•
Midland Steel Prod
•
Midvale Co
Minneapolis Honeywell
Regulator preferred_ _100
1691
Financial Chronicle
Volume 139
134
535
29
134
1%
135
54
200
300
304
500
1%
100
17%
334 4
20
17
934
11%
9% 94
1135 114
1,100
225
6%
July
4
Feb
Jan 12%
1%
Jan
Jan 37
Aug 29
Mar 91
Sept
3
1635 Jan 214
ocost Jan 102
Jan
Mar
Mar
Mar
Apr
Apr
Aug
Feb
Apr
Apr
35
25
4
3
17
Jan
Feb
Feb
Apr
Feb
3%
"ti
3
35
19
2235
44
Jul
May
July
Jul
Sep
734 Feb
10% June
32% 32%
47%
700
200
200
4735 484
1,000
28
%
38%
19
%
1
1%
34
lag
19
2%
'to
5%
15%
1%
1
*is
235
35
335
2%
200
34
35
700
20
20
334 335
.16
)
1
100
100
100
20
1
.35
100
1,200
20
1%
Jan
Jan
Jan
Jan
Aug
Jan
June
Aug
Jan
Jan
July
July
Jan
July
Seri
Aug
Aug
2
30
8
535
24
10
Apr
12% Apr
33
3
51%
24%
234
3
234
14
22
aog
754
1%
754
48
9%
395
'la
Aug
Apr
Apr
July
Feb
Aug
Jan
Feb
Feb
Apr
Feb
Feb
Mar
Feb
Jan
Feb
Feb
7
7
335
3135
14
334
54
7%
1,000
Apr
68
10% Jan
6% Sep
82 June
II% June
1434 Apr
34
'Ito
65
65
634
200
40
, Jul
lto
Apr
65
2% Apr
73 June
934 Jul
Jan
Jan
534 Jan
14
Jan
Jan
53
234 Jan
15
Mar
Aug
25
24 Jan
25% July
Jan
2
Jan
20
29% July
1% Aug
155 Jan
335 July
,
35 July
July
38
155 Jan
Jan
16
Jan
45
8% Aug
60
Aug
Sep
1
Aug
6
Septlu
34 Sep
15
3
13%
10%
31%
99%
8%
18
25
4
41
5
42%
3435
3%
3
8
2%
47
6%
2835
634
14
76
234
14
35
1%
6% Mar
835 Jul
184 May
935 Jan
15
Feb
Apr
49
6%
7%
7
26% 26%
300
100
735
9,400
351 3%
27
27
5,600
100
314
135
155
3%
'to
40
534
23
56
3135
2
1 35
335
316
40
51%
23%
56
100
200
400
100
500
100
600
500
100
1
734
'to
35
1%
735
34
I
200
100
1,800
200
7
102
102%
90
87
Jan
Apr
Aug
Feb
Apr
Apr
Aug
Apr
Aug
June
Feb
May
Aug
Mar
Feb
Feb
Feb
Jan
Feb
Sept
Jan
Apr
Apr
Apr
Feb
Mar
May
Jan
Jan 102% June
Sales
Friday
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Conitnued) Par Price. Low. High. Shares.
Mock Judson Yoehringer.•
Molybdenunt Corp v t c. _1
5%
Montgomery Ward A. •
Moody's Investors Service
Panic preferred
•
Moore Corp Ltd B pref100
Moore Drop Forging A..
Mtge Bk of Colombia
Amer shares regis
Murphy(dc)Co
•
8% preferred
100
2%
Nail Beilas Hess corn
Nat Bond & Share Corp__•
Natl Container corn
1
•
$2 cony pref
Nat Dairy Products
100
7% pref class A
135
National Investors corn __1
$54 preferred
1
Warrants
34
Nat Leather corn
•
Nat Rubber Mach
•
Nat Service common
"to
1
Cony part preferred__ •
Nat Steel Car Corp Ltd_ •
Nat Steel Corp warm'
X
Nat Sugar Refining
Nat Union Radio com__ _1
Natomas Co
Nehl Corp corn
2
•
Nelsner Bros 7% pref__106
Nelson (Herman)Corp__ _5
49-4
Neptune Meter class A....*
New Mex & Ariz Land.._1
New York Auction Co..*
New York Merchandise...* 254
N Y Shipbuilding Corp
Founders shares
1
11%
Niagara Shares cl B com 5
3
•
Niles-Bement-Pond
83.4
Noma Electric
•
134
North American Watch. •
North and South Amer A •
Northwest Engineering..
3%
Northam Warren pref. •
Novadel Agene
• 21
Ohio Brass Co cl Beam..• 15
011stocks Ltd corn
5
Outboard Motors B coin •
Class A cony pref. •
Overseas Securities Co_ •
Pacific Eastern Corp
I
23-4
Pan Amer Airwave_ _10
Paramount Motors
•
Parke. Davis
._..• 25%
Parker Rust
-Proof corn..
• 46%
Fender(D)Grocery cl A_ •
Pentiroad Corp vie1
1%
Penna Salt Mfg
50
Pepperell Mfg Co
100 7535
Pet Milk Co 7% pret _ _100
Philip Morris Consol Inc lo
13%
Class A
25
Phoenix securities
Common
1
$3 cony pref nor A. _10
Pie Bakeries corn v t c_.•
Pines Winterfront Co '
Pitney-Bowes Postage
Meter
•
Pgh Bessemer & L Erie 50
Pittsburgh & Lake Erie_50
Pittsburgh Plate Gla.ss__25
.
34
Potrero Sugar corn
5
Pratt & Lambert Co__ •
Prentice-Hall Inc
•
Panic cony stock
Propper McCall EIos Mills
Prudential Investors
•
86 preferred
Pyrene Manufacturing_ _10
Quaker Oats corn
6% preferred
100
Ry & Utilities Investing A 1
Railroad Shares Corp- •
Rainbow Luminus Prod A•
Raymond Concrete Pile
8:3 cony pref
•
Raytheon Mfg v t c_ _50c
Reeves(D) corn
•
Reliable Stores Corp
•
Reliance International A.
•
Reliance Management. •
Reybarn Co Inc
10
235
Reynolds Investing
1
Rike-Kumler com
•
Roosevelt Field, Inc
5
Rossia International
•
Royal Typewriter
•
Ruberold Co
•
Russeks Fifth Ave
Safety Car Heat & Light100
St Regis Paper corn
10
235
7% preferred
100
Schiff Co corn
• 2435
Schulte Real Estate
•
Seaboard Utilities Shares_l
34
Securities Corp General.*
Seeman Bros Inc
Segal Lock & Ilardware •
Seiberling Rubber com_..•
Selby Shoe Co com
•
Selected Industries(no
Common
1
135
$5.50 prior 'Bock
25
Allotment certificates__
Selfridge Prov Stores
Amer dep rec
LI
Sentry Safety Control_ -•
Seton Leather corn
•
Sheaffer Pen com
•
Shenandoah Corp corn_ _1
$3 cony pref
25 1234
Sherwin-Williams corn_ _25 64
6% preferred A A____100
Singer Mfg Co
100 176%
Amer dep rcts ord reg £1
Sisto Financial Corp
Smith (A 0)Corp corn...
• 16%
Sonotone Corp
1
2%
Southern Corp com
7-6
Spanish & Gen Corp
Am dep rcts ord bearer£1
Am dep rcts rug shs_ _£1
Spleg-May-St 64% 0
1-100
Stahl-Meyer corn
Standard Brewing Co....'
Standard Cap & Seal corn....5
Stand Investing $5.50 Pf•
Starrett Corporation
1
34
preferred
10
534
Its
6
'to
1,800
40
Range Since Jan. 1.
Low.
High.
Jan 2034 Apr
9% Apr
Jan
Jan 124
June
9
6
88
1735 Aug 22
115
Feb 115
10
Jan 19
55
55
105 105
234 2%
34
35
104 104
•te 1%
235
100 39
25 105
4,600
2834
200 25
29
25
500
'is
135
X
14
900
400
A
A
1,200
.ta
3435 35
35
51
7% 84
134 2
2,900
200
200
7,100
200
4%
1
100
200
2535 254
100
11% 11%
3
3%
835 835
135
1%
a2234 0223.4
100
700
100
100
25
435
1
3%
500
75
200
2%
2
234
36%
35
3% 3%
25% 26%
45% 47%
300
700
700
200
2,400
700
334
1%
9,200
2
724 75%
200
5,100
1235 14
Aug
Apr
Sept
Apr
Feb
Apr
Apr
80
'is
4035
.35
35
3%
34
135
1334
'to
29
55
734
1
40
2
34
1
14
23%
Sept
Jan 104
3
Sept
Feb
Jan 56
Mar
Sept
1% Feb
2% Jan
July
74 Feb
Jan
Sept
11,,. May
May
3% Apr
July 18% Feb
9
Jan
Sept
Feb 38
June
135 May
Mar
June 1034 Apr
2
Feb
Aug
Jan 101% July
7% Feb
Jan
6
Mar
Jan
2% Apr
Jan
4
Jan
July
Feb 3335 Apr
10
235
8
34
18
Ito
July 20% Mar
July
Feb
7
1534 Feb
July
235 Feb
Jan
23
July
Apr
1
Feb
July
7% Mar
July
Jan
Jan 37
July 23% Apr
Mar 1634 Feb
1035 Apr
Jan
July
1% Apr
3% Apr
Jan
335 Jan
Aug
3% Jan
July
Jan
Aug 51
535 May
,
Sept
Jan 264 Sept
July 7335 Feb
Jan
Apr 30
4% Feb
July
Mar 624 July
July 101
Jan
Feb 110
July
1434 July
Jan
Feb 2635 June
100
214
20
15
1635
9% 975
,
334
Jan
Jan 68
Sept 105
Jan
4%
Aug 36
Feb 40%
Feb 41%
Apr
Feb
Aug
32
17
12
834
'to
2%
2
135
31%
3%
22%
43%
26
1%
5034
69
92%
2%
19
300
100
600
A Aug
1634 Sept
4
Jan
55 June
2
30
14%
1
Feb
Apr
Feb
Aug
335
300
43
4435
34
A
700
100
334 July
30% Jan
55% Aug
39
Jan
54 Sept
1735 Jan
434
35%
81
57%
3%
31
Apr
July
Apr
Apr
Apr
Apr
26% 26%
A
A
5% 5%
84
84
25
100
700
50
2135
35
5
61%
1%
108
113
3-4
316
200
100
M
10% 10%
3% 334
24 2%
100
100
400
35
1
lag 1634
955 9%
335
34
)
16
235
uto
235
35
2,600
1,100
1,400
66% 68%
2% 2%
2131 21%
2435 25%
125
1,500
50
600
X
X
300
%
1%
34
135
500
300
1%
135
1,300
24
35
335
214
35
3%
500
100
400
1234
64
108%
176%
12%
71%
109
17634
200
1,650
130
100
1934 2135
2% 2
34
A
800
1,300
100
83
34
85
200
34
18% 18%
)4
34
900
100
1,500
June
Jan 32
2% Jan
Aug
8% Feb
July
Jan 87% Mar
24 Feb
May
May 12334 Sept
July
Jan 130
1
Feb
Apr
X Feb
54 Feb
35 Mar
20
1%
10%
235
2%
A
1%
5,
1135
;A
34
9
26
5
50
2%
21%
17%
35
%
135
36
34
134
20
Sept
Sept 20
4% Feb
Jan
1634 Feb
Sep
Feb • 4% July
335 Jan
Sep
2
Feb
Jan
334 Apr
Jan
1% Apr
Jan
June
Jan 20
Jun
254 Feb
Jul
31. Feb
14
Jan
Jan
344 Apr
Jul
10
Apr
Feb
Apr
Jan 83
5% Feb
Jan
Apr
Sept 51
Jan 40% Apr
34 Feb
June
July
35 Feb
4% Feb
June
Apr
Jan 48
1
Jan
Sept
5
July
Jan
Feb 24% Apr
135 July
4034 Jan
40
Jan
1%
34
3%
log
1
12
473(
100
156
3%
74
15%
2%
34
35
60
33-4
%
23
1434
34
3
Feb
614 Apr
6235 Feb
24 Mar
Jan
Au
34 Mar
July 10% Feb
13% May
July
Jul
2% Feb
Mar
Aug 23
Jams 734 July
Jan 109% Sept
Sept
Mar 184
44 Feb
Jul
9
Apr
Jul
Feb
July 43
4% Mar
July
1% Jan
June
•
35 Feb
Aug
35 Feb
July
Apr
Jan 87
635 Mar
Sept
Jan
23.4 Mar
July 2735 Feb
Jan 25
Mar
134 Feb
July
3'4 Feb
A ttz
44
Financial Chronicle
1692
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price, Low. High. Shares.
:
Steel Co of Canada
Stein (A)& Co corn
100
655% preferred
•
Stein Cosmetics
•
Stetson (J 13) Co coin
•
Stinnes(Hugo)Corp
Stroock (S)& Co
•
Stutz Motor Car
Sullivan Machinery
•
Sun Investing corn
•
$3 cony pref
25
Swift & Co
15
Swift Internacional
•
Taggart Corp corn
Tastyeast Inc class A_ _ __•
•
Technicolor Inc corn
e
Tennesee Products
Thermold & Co 7% cony
preferred
100
Tobacco Allied Stocks_ _ _.•
Tobacco Prod Exports_ •
Tobacco Secur Trust CoAm deprcts ordreg shs£1
Am den rcts del reg_ _ _58
Todd Shipyards Corp_
•
1
Trans Air Transport
Trans Lux Pict Screen1
Common
Tri-Continental warrants__
Triplex Safety Glass Co
Am dep rets ord reg _109
Trunz Pork Stores Inc. •
Tubize Chatillon Corp__ I
1
Cla.ss A
Tung-Sol Lamp Works.. •
•
$3 cony preferred
Union American Inv'e__-•
•
Union Tobacco corn
United Aircraft Transport
Warrants
United Carr Fastener _ _ _ _*
United Chemicals coin_ --•
United Dry Docks corn _ _•
1
United Founders
United Milk Products
*
•
$3 preferred
United Molassee CoAm dep rcts ord ret_ _ _El
United Protit-Slaaring- •
10
Preferred
United Shoe Mach com_25
Preferred
25
United Stores v t o
•
•
United Wall Paper
•
U S Finishing corn
1
US Foil Co class 13
•
U S Intl Securities
let pref with warr
•
•
II S Lines pref
10
US Playing Card
US Radiator corn
100
7% preferred
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-Gooderharn
& Worts Ltd coxn___.•
•
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 BY
7% 1st preferred_ _100
Westvaco Chlorine Prod100
7% preferred
West Va Coal & Coke_
•
Williams(Ft C)& Co
•
Wit-low cafeterias Inc
I
Common
•
cony preferred
Wilson-Jones Co
Woolworth(F W)LtdAmer deposit refs
Am dep rcts 6% pref __El
Youngstown Sheet & Tube
100
554% preferred
8
14
655
8
134
2
2
654 7
100
600
200
100
184
3534
1734 194 18,700
3734 8,600
35
•rs
12
4
54
1151 124
2,400
1,800
4851
484 4851
1% 134
50
100
2254
6
224 2234
6
6
100
100
151
154
14
14
100
Range Since Jan. 1.
High.
Low.
32
7
8434
54
8
134
5
154
64
331
35
133-1
2351
54
4
734
Jan 374
Jan
104
Jan 101
24
Jan
June 104
Apr
3
8
May
July 104
1751
Sept
54
July
Jan 4151
J90 2051
Jan 4055
234
July
154
Sept
1434
Mar
*is
Apr
Jan
24
Feb
45
34 Jan
2254
6
19
154
Sept
Sept
Jan
July
14 July
May
1
May
Feb
July
July
Jan
May
Mar
Mar
Apr
Feb
Apr
Aug
Sept
Apr
Apr
June
July
444 API*
June
51
134 Apr
23
74
28
454
Jan
Feb
May
Jan
34 Jan
234 Feb
334
11
4
4
"it
354 4
954 104
354 334
224 224
19
19
1,900
400
300
100
100
1834
10
34
954
3
154
17
31
July
July
Sept
Sept
Jan
Jan
July
Jan
21
204
15
304
754
30
25
51
May
Apr
Jan
Jan
Mar
Apr
Feb
Jan
600
354 44
1,300
11
11
200
4
44
800
4
4
1
nu 11,600
315
100
3
3
354
554
3
31
3r1
3
20
Sept
Jan
Jan
Sept
July
Apr
Jan
154
12
11
251
14
34
254
Jan
May
Feb
Feb
Feb
June
Sept
331 Jar)
4 Aug
Apr
6
6734 Jan
324 Jan
34 June
154 Sept
51 Aug
554 Jan
Sept
1
Sept
41
4 Jan
1634 Jan
134 Aug
8
July
1
Jan
54 Jan
14 Jan
36
Jan
54 Jan
134 Jan
354 Jan
554 July
151 June
44 Jan
1
Jan
2
Jan
634
451
934
684
3751
14
454
5
1434
2
6034
134
274
3
1054
13-4
12
4
53
251
531
9
19
251
734
1%
431
Apr
Feb
Jan
Apr
Sept
Feb
Apr
Feb
Apr
Feb
Feb
Mar
Apr
Feb
May
Apr
June
Feb
Feb
Feb
Feb
Feb
Apr
Feb
June
Jan
Feb
2151
1434
54
4
131
19
6351
July
July
Sept
July
July
Jan
Jan
5754
174
54
14
6
4854
88
Jan
Jan
Feb
Feb
Apr
Apr
May
11
19
1,600
500
July
1134 Apr
50
334
2
131
Jan
9834 June
554 Apr
20
Mar
431
1,000
x63
3751
Iis
14
17%
51
94
954
1
1
41
41
65
3734
7it
251
34
10
151
45
350
10
100
700
100
600
1,400
200
224
250
154 154
4554 4514
54
5
.
1
251 251
200
50
200
600
651
74
300
454
454
100
2434 27
1551 1534
34
34
5,400
GOO
800
x63
22
14
54
2434
1534
38
151
131
37
38
100
300
95
95
50
13
7
13
100
Apr
85
If Jan
1154 July
654 7
15
15
250
100
51 Jan
631 Feb
11
Jan
Feb
2
1054 Apr
174 July
2734 277%
654 651
300
100
224 Jan
634 Mar
2834 Aug
7
Mar
3654 July
5951
Feb
Public Utilities10 3151 Jan 584 Apr
x39 x39
Ala Power $7 pref
• x39
Apr
10 3251 Jan 52
x37 x37
•
$6 preferred
Am Cities Pow & L5Jan 344 Apr
200 25
28%
Class A
25
2734
131 Sept
451 Feb
500
134 2
1
Class B
102
Jan 11254 Aug
Am Dist Tel NJ 7% pf_100
July
3
400
951 Feb
354 351
3%
Amer & Foreign Pow warr_
7,100 1834 Jan
3354 Feb
22
Amer Gas & Elec corn__• 194 19
25 72
Jan 91
July
82
82
•
Preferred
2,300 1051 July
Amer L & Tr corn
25 1054 104 11
193-4 Feb
19
Mar 22
Apr
25
6% preferred
131 July
17,400
1% 2
454 Feb
131
Am superpower Corp corn *
514 Jan 70
Apr
lot
100 12
Sept 33
12
preferred. 12
12
Feb
Preferred
Aug 77
77
Aug
Appalachian Elec Pr pref.•
50 2851 Jan 42
36
35
Apr
Arkansas P & L $7 pref ___•
Assoc Gas dr Elec-Common
251 Feb
1
4 July
234 Feb
Tit Jan
1
.34 1,800
34
Class A
34
64 Feb
151 Jan
100
$5 preferred
2
2
2
•
1st Jan
4 Feb
Warrants
54 July
34 Feb
•
Assoc Tel ULU corn
125 11154 Jan 122
12154 122
100
Sept
Bell Tel of Canada
8
July
700
1054 105-4
1451 Feb
Brazilian Tr Lt & Pow_ •
1,200 1551 Jan
Ill% Feb
Buff Meg & East Pr pref 26 1734
1734 1851
100 6854 Jan 81
•
79
79
Aug
$5 1s1 preferred
Cables & Wireless Ltd, Aug
ii
14 Jan
Am deprcts A ord shs _ El
51 JulY
100
"it Jan
.16
16
Am dep rcts B ord shs El
.16
3% Aug
331 Jan
Amer dep rcts pref fobs El
27
Jan 37
Apr
Carotins P & L $6 pref.. •
e
Sept 434 July
34
25 34
34
$7 preferred
1254 Feb
ot July
200
9
9
Cent IludG&Evt o_ •
14
Mar 19% July
CentP & L 7% pref __ _100
34 Aug
2
Jan
Cent & Sou'West Utll coral
16y
. 3,800
1
Cent States.Elec corn
251 Feb
54 Aug
3
3
100
2
Aug
854 Feb
6% pref without warr 100
Aug
4
15
100
4
4
100
7% preferred
Jan
451 454
431 Aug 12
25
100
Jan
Cony preferred
934 Apr
150
234 24
2
Aug
Cony met 00 RN.'29..100
Sales
Friday
Last Week's Range for
Week.
Public Utilities
of Prices.
Sale
Par Price. Low. High. Shares.
(Concluded)
Cities Serv P & L $7 pref_'
36 preferred
•
•
Cleve Elec Ilium com_
Columbia Gas & Eder
Cony 5% pref
100
Commonwealth Edlson.100
Common & Southern Corp.
Warrants
Community P & L $6 pref *
Community Water Serv_ •
Consol G E L&P Bait corn •
Cont G & E 7% prior pf 100
Duke Power Co
10
East Gas dr Fuel Assoc-.
Common
454% prior preferred_100
100
6% preferred
East States Pow corn B.
•
$7 preferred series A_ •
Elee Bond & Share com_ _ _ 5
•
35 preferred
•
$6 preferred
Elec I' & L 2d pref A _ _ _ _•
Option warrants
Empire Gas & Fuel Co
100
6% preferred
654% preferred
100
100
7% preferred
8% preferred
100
Empire Power l'art Stk__•
European Electric CorpClass A
10
Option warrants
15
25
15
25
Range Since Jan. 1.
Low.
50
200
164 Aug
Jan
9
224 Aug
74
69
4054 4551
425
700
Feb
Jan 103
68
3454 Jan 6154 Feb
51
700
63
4
4
66
63
200
1,300
1re
34
51
53
3734
374
Aug
Aug
Mar
Jan
Jan
July
4
114
54
68
57
5734
Feb
Apr
Jan
July
Apr
Apr
6
56
46
4
64
931
2854
31
6
151
Jan
Jan
Jan
July
Aug
Sept
Jan
Jan
Jan
July
104
79
70
254
21
2334
5054
60
1754
44
Feb
July
July
Feb
Feb
Feb
Feb
Feb
Apr
Feb
2534
224
2954
32
10
Feb
Feb
Feb
Feb
Apr
hi
7
951
3254
37
654
7
7
100
954 1034 30,700
500
3254 354
3
634 4251 1,200
50
654 655
174 1754
50
log Jan
July
15
124 Jan
164 July
Jan
5
1056 1056
34
51
16
300
200
854 June
54 July
16
16
100
10
Florida P & L $7 pref____.
Gen Gas di Elec7
650
144
13
* 14
36 cony pref B
25
Gen Pub Serv $6 pref. •
44
Georgia Power $6 pref.
•
41
Gulf Sts Util $5.50 pref_.•
34
400
54
51
54
1
Hamilton Gas v t o
4834
Hartford Electric Light _2c
150 1014
• 124 1234 14
Illinois P & Lie pros
14
50 14
14
6% preferred
100
5854
Incrpolis P & L 64% pf100
Hydro-EleoInternet
19
2,600 11
11
Pret $3.50 series
50 11
Internat UtilitY'
.
4
900
'is
4
1
Class B
7
80
756 8
754
Interstate Power $7 pref.•
1
1
1
200
Italian Super Power A.._*
51
Warrants
Long Island Ltg251
700
234 354
234
•
Common
10 4554
57
57
100
7% preferred
z4634 2464
75 364
Prat class B
100
Marconi Internal Marine
7
Common Am dep rcts_ El
134
2,600
14 2
131
Marconi Wirel T of Can_ 1
151
Mass Util Assoc v t c
•
251
Memphis Nat Gas com_..5
51
Met Edison $6 pref
*
34
"is 2,900
4
4
Middle West CHI com___•
'11
•
$6 cony pretser A
70
Miss River Pow pref _ _ _100
275 45
50
48
Mob & Ilud Pow let pref.'
400 20
30
30
•
2d preferred
600 3154
Montreal Lt Ht & Pow.__• 334 323-4 3334
100
Mountain Sts Tel & Tel 100
750 3554
National P & L $6 pret__ • 424 424 44
69
N Y Pr & Lt 7% pref _ _100
22
N Y Steam Corp corn .._ _•
.
50 11454
119 119
N Y Telep 64% pref _100
25
NY Water Serv pref _100
Niagara Ilud Pow434
451 434 9,100
454
15
Common
3r.
400
he
h.
Class A opt warr
yi
200
134
1
Class 13 opt warrants_ _ _ _
In
In
'is 13,000
Class C opt warr
Nor Amer Lt & Pr- 4
1
600
Common
31
4
1
334
100
555
534
554
•
$6 preferred
Nor Ind Pub Serv21
100
6% preferred
100 1351
134 1354
Nor Sts Pow com class A100
Ohio Power 0% pref _ _ _100
Ohio Public Service
7% 1st pref el A
100
Pacific G & E6% 1st pret25
5547 1st pref
25
•
Paciflo*
Ltg $6 pref
Pacific Pub Set," 1st pref_'
Pa Cent Lt & Pow pref_..
•
Pa Gas & Elec class A _ _.-•
Pa Water & l'ower Co__ _ _"
Philadelphia Co corn
•
Phila El Pow 8% pref _ _ _25
Power Corp of Canada_..•
Pub Serv Ind prior pref__•
Public Serv Nor III com _ _•
Providence Gas Co
•
Puget Sound P dt L
.
$5 preferred
•
$6 preferred
fly & Light Seem' corn._'
Shawinigan Wat & Power_•
Sou Calif Edison5% original preterred.25
7% pref series A
25
Preferred 13
25
554% met series C._ 25
Southern Nat Gas corn _ _ .•
Sou New Engl Telep..100
Southern Union Gas Corn.'
•
Standard P & L corn
Common class
Swiss Am Elec pref._ _ _100
/3.
Tampa Electric Co corn_ _•
Tenn El Pow 7% 1st pf _100
Toledo Edison 6% pref 100
7% Preferred A
100
Union El Lt & Pr pref _ _100
.
Union Gas of Can
United Corp warrants
United El Serv Am ribs_
United 0 & E 7% pref _100
United Gas Corp com1
•
Pref non-voting
Option warrants
_•
United Lt dr Pow corn A.
Common class B
•
•
$6 cony lot pref
US Elec Pow with warr....1
Warrants
Utah Pow de Lt $7 pref_ __•
UCH Pow dr Lt new corn_ _ I
I
V t c clam B
100
7% Preferred
Western Power pref _ _ _ _100
Wisconsin P & L 7% pf _100
High.
30 June
May
25
3054 Feb
69
404
7934 Apr
14
14
434
44
Sept. 15 1934
854 8531
1934
1951 2031
69
69
8
5554 :
55
10
75
8
6634
1034
20
1,100
,_
200
1,700
400
400
1351 1354
25
1434
104
144 154
954 11
460
550
187%
1834 1954
1,200
194
1654
1551
1954 21
164 1751
1551 1654
600
400
1,300
251
33
2451
251
100
34
33
2451 2454
150
300
251
72
72
X7734 78
34
1
154
26
155
74
'is
16
1115
551
354
1
10
20
3%
14
300
4.300
134 24
32
26
34
54
134
134
7,800
2,600
300
4.100
8
'is
1,500
0,900
16
104
1311
11r.
154
134
551 64
125
2,500
100
300
734
'is
80
71
1951
1855
69
251
26
654
4554
8
3034
8
10
144
1354
July
2434
Jan
Jan
Jan
Jan
Jan
July
Jan
Jan
Sept
July
19
57
644
50
34
58
30
28
72
Max
Apr
Feb
Feb
Feb
July
Apr
Feb
Apr
Sept
3134
Apr
July
July
Sept
June
151 Feb
Mar
19
Feb
3
1
Feb
Aug
Jan
Jan
854 Feb
694 Apr
6051 Apr
8
Apr
Mar
434 Feb
Aug
251 Feb
May
Feb
4
Aug
Apr
Jan 75
4 Feb
Jan
254 Feb
Jan
May
Jan 89
July 6434 Jan
Feb
May 40
July 3954 Feb
Jun 11134 Apr
Jan 6934 Feb
Apr
Jan 76
Mar
July
38
Jan 1204 June
Jan 3934 June
Aug
July
Aug
Jan
931 Feb
4 Feb
231 Feb
is Jan
,
Sept
Jan
351 Apr
Apr
16
Jan
Aug
324 May
Feb
32
Jan
DO% July
May
Jan
Sept
Sept
Jan
May
Jan
Jan
Jan
Jan
July
July
Aug
Sept
831 July
554 Jan
531 Jan
Jan
17
1954
20
1654
15
54
1044
251
1
33
21%
46
62
7734
10
654
354
1
2
46
151
17
34
134
134
74
51
11.
1551
"16
134
4
05
274
1234 Feb
251 Feb
7354
2354
204
90
8
294
194
5654
15
32
144
19
20
1334
Apr
Mar
Feb
Apr
Aug
July
June
Aug
June
May
Feb
Apr
Feb
Sept
Apr
20
1551 Aug
Feb
11
2434 Apr
Feb
Sept 36
Feb
Jan 25
Sept 2154 Feb
Sept 1914 Feb
Tit Jan
Jan
Apr 10754 Mar
Aug
234 Mar
Feb
Sept 10
754 Feb
Aug
Sept 4951 Feb
Apr
28
Jan
Aug
Apr 54
Feb 7754 Apr
Mar 8954 Apr
Aug 10751 July
654 Mar
Jan
234 Feb
July
351 Jan
July
Apr
Feb 62
351 Mar
July
Jan 4554 Apr
154 Mar
July
55-4 Feb
July
651 Feb
Aug
July 2434 Feb
54 Feb
Aug
, Jail
is
Mar
July 264 Feb
254 Feb
Sept
454 Feb
Jan
July
1754 Feb
May
Jan 86
Sept 2854 Aug
Friday
Sales
Last IFeel's Range for
Former Standard Oil
Sale
Week.
ofPrices.
SubsidiariesPar Price. Low. High. Shares.
25
Borne Scrymser Co
Buckeye Pipe Line
50
Chesebrough Mfg
25
Eureka Pipe Line
100
Humble 011 & Ref
•
Imperial 011 (Can) coup_ _•
Registered
•
Indiana Pipe Line
10
National Transit_ _ _ _12.50
5
Northern Pipe Line
10
Ohio Oil 6% pref
100
Penn Mex Fuel Co
1
South Penn Oil
25
Southern Pipe Line
10
So-west Pa Pipe Line_ _50
Standard 011(Ky)
Standard Oil(Neb)
25
Standard 031 (Ohio) corn 25
5% preferred
100
Swan Finch 011 Corp_ _ _25
Other Oil Stocks
Amer Maracaibo Co
1
Arkansas Nat Gas COM- -•
Common class A
•
Preferred
10
British-Amer
•
Carib Syndicate
011coup___25c
Colon 011 Corp corn
•
Columbia Oil & Gas vtc_ •
Consol Royalty 011
10
Continental Oil of Mex_ _1
Cosden (Alcorn
Preferred
100
Creole Petroleum
Crown Cent Petroleum...!
Darby Petroleum corn_ _6
Derby Oil& Ref corn
Gulf 011 Corn of Penne_ _26
Indian Ter ilium 011
Non-voting class A_.._ 5
Class B
International Petroleum _ •
Kirby Petroleum
1
Leonard 011 Develop_ _ _25
Lion 011 Development__ •
Lone Star Gas Corp
Margay Oil Corp
•
McColl Frontenac Oil__ •
Michigan Gas & Oil
Middle States PetrolClaasA v to
•
ClassB vtc
•
Mountain & Gulf Oil Co _1
Mountain Producers_ _ _ _10
National Fuel Gas
National Refining Co_ _ _25
New Bradford Oils
5
Nor Cent Texas 011 Co5
Nor European Oil corn _1
Pantepec 011 of Venez •
Producers Royalty
1
Pure Oil Co 6% pref. _100
Red Bank 011 Co
Reiter-Foster Oil
•
Richfield 011 prof
25
Root Refining corn
Cony prior pref
10
Ryan Consol Petrol
•
Salt Creek Consol 011_ _1
Salt Creek Producers_ _10
Savoy 011 Co
5
Southland Royalty Co_ _ _ 5
Sunray 011
5
Swiss Oil Corp
1
Texon Oil & Land Co_
•
Venezuela Men 011
10
Venezuelan Petroleum _5
Woodley Petroleum
1
Mining
Bunker Hill& Sullivan_ _10
Bwana M'Kubwa Copper
Amer shares 5s
Chief Consol Mining
1
Consol Copper Mines_ _5
Consol Min di Smelt Ltd_25
Copper Range Co
•
Cresson Conan!0 M
1
Clad Mexican Mining_50c
Eagle licher Lead Co.
-20
•
Evans Wallower Lead_
Falcon Lead Mines
Goldfield Consol Mines 10
Heels Mining Co
25
Hollinger Consol 0 M _ _ _6
Hud Bay Min & Smelt_ _•
Internal Mining Corp....1
Warrants
10
Iron Cap Copper
4
Kerr Lake Mines
Kirkland Lake0 M Ltd.._1
Lake Shore Mines Ltd
Mining Corp of Canada_ _•
25
New Jersey Zinc
Newmont Mining Corp_ 1()
NY & Honduras Roaarlo10
Nipiseing Mines
5
•
Pacific Tin spec stk
PIoneer Gold Mines Ltd_l
Pond Creek Pocahontas_.•
Premier Gold Mining_ _ _ _1
St Anthony Gold Mines_.1
Shattuck Denn Ming _ _5
Silver King Coalition......S
So Amer Gold & Plat new_l
Standard Silver Lead.._ _ 1
Sunshine Mining Co_ _10e
Teck-Hughes Mines
Tonopah Belmont Develp 1
Tonopah Mining of Nev__1
tin Verde Extension_ __50c
Utah Apex Mining Co___5
1
Walker Mining
1
Wenden Copper
-Hargreaves Ltd_ _•
Wright
5
Yukon Gold Co
6
31
4045
144
50
50
6
31
4055 4134
143,4 15
1444 15
4,900
5,400
700
74
200
74
23
21
21
15%
941
15
1541 15%
9% 9%
15
15
34
145
1
1,300
34
141
145
2,100
800
350
2,800
300
1,200
200
3,200
1,900
1.200
200
14%
2%
154
500
12%
34
1245 13
45
45
5
541
6,500
1,000
300
5145
514 5541
5,100
27
2
264 2945 15,000
1,700
2
296
151
4%
3,4
345
451
14
35
445
2
135
44
345
5
14
1% 1%
34
34
%
%
441 445
14% 1451
2%
144
151
34
34
39% 40
100
100
600
100
1,200
600
200
3,000
600
1,200
3,300
1,000
70
655
1
34
555
5
1%
235
3035
600
100
500
3,000
5
141
245
545
5
155
23,4
545
1,400
2,500
600
500
sat
23
6
6%
1
3,4
6
45
341
1,100
400
3045 3445
135
14
3,4
545
1945
13%
12%
535
5545
155
52%
40%
38%
1145
1751
2945
3%
'Is
8%
44
575
1
100
900
5,000
144
1%
1,300
9,100
11,1
56
III
ins
551 6
19% 1951
13% 14%
12% 1344
545 6
1,300
1,300
1,300
7,600
9,200
1,100
2,500
35
51
5545
1%
51
40
3835
245
200
100
4,000
100
800
1,000
150
600
34
%
1
141
°4
45
4.5.
5845
1%
52%
44
39
245
4,100
11% 13
100
1751 17%
3,900
14
141
'is 1,300
45
245
400
255
29,45 11
2,200
3
3% 5,700
he
55 21,500
855 945 7,800
451 645 109,200
600
1,100
1,500
441
151
34
44
145
%
455
141
84
715
%
5%
7.•
1,100
93.4 25,100
1,700
3,4
Bonds
100
Abbott's Dairy Os,.. _1942
Alabama Power 001946 89
884
1st & ref 58
1051 80
80
let & ref bs
80
1956 80
let & ref 58
69
1968
tat & ref bs
64
1967 64
let & ref 445e
Aluminum Coat deb be'52 103
103
Aluminum Ltd deb 55_1948 8934 894
1693
Financial Chronicle
Volume 139
100
4,000
89
5,000
81
2,000
4,000
SO
7135 7,000
67% 27,000
10455 72,000
9045 21,000
Range Since Jan. 1.
Low.
26
116
30
3341
1295
13
3.
%
5
745
3
444
83%
351
17%
351
41
1444
9
14
77%
24
High.
Jan
Jan
11
July 4151 May
May 126% Feb
July
July
37
Jan 46% Apr
Jan
15% June
Jan
15% Aug
Aug
6% Feb
9% Feb
May
451 Mar
Jan
Jan
Feb
7
Jan 88
Feb
Jan
Jan
6
2644 June
Jan
5% Feb
Aug
Feb 47
Feb
Jan
17% Feb
July
16% Feb
July 2845 Feb
July
Jan 95
445 Jan
Aug
45
145
1
1%
12%
251
4
1
5
145
34
145
July
July
Jan
Aug
July
Feb
1 g
,A auy
Sept
54
95i
445
1
50
July
1%y
jiaan
Aug
Aug
July
14
2%
255
345
1535
544
345
151
2
41
3%
9
1455
14
7%
24
764
Feb
Feb
Feb
Apr
Mar
Mar
Feb
Feb
Jan
May
Jan
Mar
Aug
Feb
Jan
Feb
Jan
14 Aug
191 July
19% Jan
145 Mar
441
445
30%
3
Feb
Feb
June
May
34'4
3
,
44
64
12
2%
Sept
July
Jan
July
a
"
July
Jan
Feb
June
14 Jan
3-4 Jan
55 Sep
4
Jan
1345 July
44 July
151 Jan
14 Jan
Jan
Jan54
34 July
3645 July
Apr
4 July
14
Jul
j
a
July
6
Sep
34 Au
'ii Jai
545 Jul
9' Au
4% Jan
nit Jan
151 Jul
445 Jul
145 Jul
45 Jul
.13
Sept
30% Sept
%
51
51
125
3%
45
%
345
41
11.
45
4
11%
891
104
34
1
54
41
4145
145
4741
40
28
2
17
10%
14
1
'is
141
8
255
41
734
434
%
3,4
345
55
55
45
6%
3,4
;5 Mar
545 Jan
845 Feb
851 Feb
14
Apr
5
Apr
34
135
55
535
1845
6
244
355
III
2%
95
63
14
1
4
14
841
395
34
715
1
8
2
24
11
591
145
531
634
Feb
Aug
141
,
Jan
155
Jan
145
July 170
Aug
544
Ian
155
2
July
Aug
7%
Jan
54
July
Jan
55
July
8%
Jan 20%
Jan
15%
Jan
14%
Jan
64(
Feb
1%
Jan
Mar
Feb
Mar
Apr
Feb
Feb
Mar
Jail
.1,
Apr
Feb
Aug
Aug
Apr
Apr
Apr
May
Feb
Jan
Jan
May
Sept
Feb
May
Jan
Jan
Apr
Jan
Jan
July
May
July
Jan
Aug
Sept
July
Sept
Jan
Jan
Sept
Jan
Jan
Jan
54 Mar
ISIS Sept
59
Aug
2% Feb
63% Jan
57% Apr
4645 July
245 Feb
27% May
1441 Apr
1845 Aug
1% Mar
urt Apr
3
Jan
1235 Feb
535 Feb
55 Feb
94 Sept
845 Apr
7ls Feb
135 Feb
5
Feb
244 Apr
141 Feb
55 Apr
104 Mar
34 Apr
92% July 100
66
59
60
65
51
0541
72
Apr
Apr
Jan
Apr
Apr
Mar
June
Apr
May
Mar
Jan
Feb
Mar
Jan
Feb
Jan
Apr
Jan
Apr
Apr
Mar
Feb
Feb
May
Feb
Jan
Mar
Feb
Sept
Jan 924 July
Jan 88
July
Jan 87% July
Jan so% July
Jan 734 July
Jan 10551 July
Jan 5345 July
Bonds (Continued)
Amer Commonwealth Pow
Cony deb 138
1940
545s
1953
Amer Comm Pow 5355 '53
Amer & Continental 581943
Am El Pow Corp deb 6s '57
Amer G & El deb 5s__2028
Am Gas & Pow deb 68_1939
Secured deb 5s
1953
Am Pow & Lt deb 68_2016
Amer Radiator 4458_ _1947
Am Roll Mill deb 5s__1948
Amer Seating cony 63_1936
Appalachian El Pr 58_1956
Appalachian Power 58_1941
Deb 6s
2024
Arkansas Pr & Lt 5s_ _ 1950
Associated Elec 44s_ _1953
Associated Gas & El Co
Cony deb 5458
1938
Cony deb 4448 C_ 1948
Cony deb 44s
1949
Cony deb be
1950
Deb 5e
1961
Cony deb 5%a
1977
Assoc Rayon 58
1950
Assoc Telephone:Ltd 55 65
Assoc T & T deb 5548 A '55
Assoc Telep UtlI 5%8_1944
Certificates of deposit
68
1933
Ctfs of depoelt___1933
Atlas Plywood 5458_1943
Baldwin Loco Works
Os with warr
1938
6s without ware......1938
Bell Telep of Canada
let M 5eserles A _ _ _ 1955
lat M 5s series B_ _ _1957
bs series C
1960
Bethlehem Steel 68 _1998
Binghamton L H & P5*'46
Birmingham Flee 445s 1968
Birmingham Gas 58_1959
Boston Consol Gas 5s_1947
Broad River Pow 53_1954
Buff Gen Mee be ___ _1939
Gen & ref 5s
1946
Canada Northern Pr ba '58
Canadian Nat Ry 711-1935
Canadian Par Ry 6s__1942
Capital AdrnInis 5s__ _1953
Carolina Pr & Lt 58...1956
Cedar Rapids NI & P5*'53
Cent Ariz Lt & Pow 58 1960
Cent German Power
Panic etre 13s
1934
Cent III Light 5s_ _1943
Central III Pub Service
5s series E
1956
let & ref 445s ser F_1907
56
5s series G
1988
435% series II
Cent Maine Pow 4458 E' 7
195 1
8
5s series D
1955
Cent Ohio Lt & Pow 581950
Cent Power 59 ser D.._1957
Cent Pow & Lt let 56_1956
Cent States Elec 58... _1948
544s with warrants 1954
Without warrants _ _ _
Cent States P & L 546.'53
Chic Dist Elec Gen 4458'70
Deb 5 %s_ _Oct 1 1935
Chic Jet 5., & Union Stk
ar,L, Ry
Yards
1940
Chic Pneu Tools 545s_1942
Chic Rya 55 ctts
1927
Cincinnati Street RY
5%s series A
1952
6s series B
1955
Cities Service 58
1966
Cony deb bs
1950
Registered
Cities service Gas 5455 '42
Cities Service Gas Pipe
Lint fla
1943
Cities Serv P & L 5455 1952
554s
1949
Cleve Flee ill lat 58_1939
55 series A
1954
5s series B
1961
Commonwealth Edison
1st 151 be series A.,. _1953
let M 5a series B__ _1954
let 445a series C
1956
4 1.,4s series D
1957
445e serlee E
1960
158 Si 4s eertes F
1981
1962
Co s erlee 1 Pri vat1
ViiLz u w
(
Bank 545s
Com'wealth Subsid 51 193
7
49'48
Community Pr & Lt 5a 1957
Connecticut Light & Power
78 series A
534s series 13
444s series C
19954
9556
1
55 series D
1962
Conn River Pow bs A 1952
Consol GEL&P 4451936
Stamped
Co
V (Balto City)as
bs
1939
Gen mtge 4455
1954
Consol Gas El Lt& P(Bait'
454 a series G
445s series It
1970
99
6
1st ref s f 45
Congo' Gas UM Co
- 1981
1st & coil Os ser A_ _1943
Cony deb 6545w w _1943
Consol Publishers 73481936
Consumers Pow 4458_1958
let & ref 55
1936
Cont'l Gas & El 5s_ _ 1958
Continental 0115 418._1937
Cosgrove Meehan Coal
645s
Crane Co be__ _ _Aug 1 1945
90
Crucible Steel 5s
Cuban Telephone 7448 1940
9
41
Cuban Tobacco So... _1944
Cudahy Pack deb 545s 1937
s f 58
Cumberld Co P& L 44s'58
194
6
Dallas Pow & Lt 13a A..1949
58 series C
Dayton Pow & Lt 55_1941
52
9
Delaware El Pow 5458-59
Denver Gas tot Flee SA 1949
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Price. Low, High.
%
3,41
6,000
54
96
107%
8145
6855
3234
16
17%
17
19
67
4541
1441
13
8934
90%
1341
8845
3035
2545
42
102%
85%
54
9541
107%
8145
6745
3241
9145
13%
894
3245
27%
4545
103)1
87
5541
9745
10755
82
69
3345
3,000
15,000
91,000
37,000
67,000
95,000
12,000
27.000
13.000
40,000
5,000
5,000
23,000
73,000
1745
1545
1734
1655
19
66
97
45
1445
13
1755
16%
184
184
2031
67
97
4641
1431
14
31,000
37,000
30,000
168,000
4,000
20,000
1,000
24,000
15,000
17,000
1745 1845
76
76
9034
89
32
2634
42
2,000
5,000
Range Since Jan. 1.
Low.
44
34
155
79
935
73
164
1451
4131
97%
7045
4745
76
102
69
57
2541
13
10
10
1145
1145
12%
53
8045
44
94
10
15
14
5045
112 11245 28,000 1054
88;5 91
87,000 74
High.
2
July
2
July
545
Aug
Jan 9345
Mar 20
Jan 9545
Jan 34%
Jan 324
Jan 6745
Jan 105
Jan 92
Jan 70
Jan 10035
Jan 108
Jan 8845
Jan 7954
4245
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2834
234
2445
2545
25
2944
7551
98
60
22
23
2634
2645
8045
Feb
Jan
Feb
Slay
Feb
June
Aug
Apr
Feb
May
AM
Apr
July
Aug
July
Apr
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Aug
Max
Feb
Feb
Feb
Feb
July
Feb
Jan 137
Jan 9745 July
57,000 1024 Jan 110% Aug
109 110
110
11155 11045 1124 60,000 1014 Jan 112% Aug
Aug
13,000 10145 Jan 112
11145 112
12245 May
Ja
105
763,4 Jan 10131 July
99
99.4 14,000
7045 Mar
Jan
62% 6251 6345 18,000 51
Apr
11,000 4034 Jan 60
504 53
Jan 108% June
3,000 104
1064 107
76% Aug
7145 7641 139,000 3631 Jan
75
12,000 10341 Jan 10945 June
108 108
108
6,000 1034 Jan 10945 July
109 109
Jan 99
Aug
15,000 81
9835 984 99
Jan 10445 Mar
102% 1034 29,000 102
103
Apr
10941 los% 11245 45,000 10214 Jan 117
Apr
1,000 70% Jan 90
8551 8551 8551
75
76% 32,000 523,4 Jan 7845 July
75
Feb 11331 Aug
11241 1124 7,000 103
31,000 7645 Jan 944 Apr
8145 83
1054 10641
66
5941
6445
59
9351
5235
54
314
32
4334
8745
543.4
3745 July 63% Mar
2,000 100
Jan 107% July
5245
4741
62
4745
75
8541
57
41
41%
2714
28
32
3354
62
74
Jan 7645 Apr
Feb
Jan 68
Jan 7445 Apr
Apr
Jan 68
Jan 98% Aug
Jan 10245 July
May
Jan
77
Jan 6145 Feb
Apr
Jan 62
Jan 524 Apr
Apr
Jan
51
Feb
45
Sep
Jan 53% Apr
Jan 91% July
July
Jan 100
2,0001 95
104 104
68;5 6845 7.000 5441
5545 23,000, 46
54
Sept
Jan 107
Jan 8445 Apr
Jan 5751 July
66
59
6445
59
93
9945
6941
5244
.54
314
33
32
43%
8735
99%
70
68
6074
6644
59
9444
100
6941
5345
54%
33%
3345
33
4451
8851
99%
7015
15,000
42,000
28,000
2,000
11,000
13,000
2,000
13,000
72,000
53,000
34,000
15,000
39.000
61,000
25,000,
7,000, 50
52%
3054
3035
37
464
3,000
41
42
4131 41 • 424 215,000
1,000
a4134 a4141
16,000
60
64
60
1
804 79%
3845 3835
3845 3845
1064 10641
106%
111
10345
10045
9945
9935
8845
105
43
8045 7,000 5744
68,000 2745
40
4144 25,000 2735
32,000 105
107
106% 5.000 106
5,000 1054
111
104% 10445
103 10345
99% 10145
99 1004
9945 9935
88
9045
105 106%
80
8135
43
46
24,000
23,000
55,000
32,000
2,000
152,000
45,000
16,000
59,000
Apr
Apr
Apr
N1113
,
June
June
Jan 8635 July
Jan 49% Apr
Jan 49% Apr
Jan 107% June
Mar
Jan 111
Jan 112
July
109
108
10546
10445
,
10345
9435
Jan
Jan 108
July
July
July
July
July
July
June
Sept
33
5651 Jan
3645 Jan
62% Feb
8745 May
57
June
Mar 12011 June
112
10645 Jan 11245 June
Sept
Jan 108
100
Jan 109% June
104
91% Jan 10541 June
101
Aug 10344 Apr
10114 Sept 10396 Feb
103%
Dm% 1o1%
10134 Nil%
109% 109%
112% 113
10145
2,000 10495
5,000 102
1174
10851
108
10841
81
83
52%
5345
47%
68%
Jan
Jan
Jan
Jan
Jan
92
92
8445
86
85
7251
9441
2,000
3,000
9,000
5,000
66,00
1,000
4,000
117
108% 10851
108
1084
1034 103
Jan
Jan
Jan
Jan
Jan
Jan
Jan 110% July
July
Jan 114
Jan 109% July
105
July
103% Jan 110
Jan 1064 July
93
1034 103% 105
20,000
41
4351
644 645
8545 86
105 10641
103% 103% 10445
45
47%
45
101% 101% 10235
11,000 3355 Jan 52% Apr
Apr
Mar 13
3,000
6
July
Jan 89
5,000 63
43,000 9441 Jan 106% July
37,000 1024 Jan 10545 July
Apr
99,000 8645 Jan 57
38,000 101% Sept 10455 Apr
63-4
86
234
98
9045
2% 3
98
99
904 93
103% 10345
10634
924 924
10745
10545 10545
10641 106%
8341
84
105
15,000
36,000
29,000
104
18,000
10645 3,000
944 27,000
5,000
108
10551
5,000
1074 9,000
84
25,000
3,000
105
24
85
7345
50
35
98
10345
74
10434
99
102%
65
9245
9
Sept
Jan 100%
Jan 96
80%
Aug
Aug 50
Jan 10431
Jan 10735
Jan 9551
Jan 110
Jan 10645
Jan 108
Jan 914
Jan 105Si
Mar
July
Apr
June
Jan
May
July
July
Apr
June
May
July
Aug
Bonds (Continued)-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
$
Price. Low. High.
Range Since Jan. 1.
Low.
High.
Bonds (Continued)-
bales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
$
Range Since Jan. 1.
Low.
95 104,000 7334 Jan
85
Apr Jersey C P& L 4358C-1961 9131 91
Derby Gas & Elec 5&_1946 79% 79
8134 15,000 5715 Jan
Jan
102 10234 14,000 83
May
bs series B
1947
Det City Gas tle ser A_1947 92% 92% 93
36,000 8415 Jan 101
6,000 10315 Jan
Jan 92% July Jones & Laughlin St] 5839 106% 106% 107
1950
bs 1st series B
85% 8534 5,000 73
Jan
62
Kansas Gas & Elea 6s_2022
Detroit Internat Bridge
6,000 60% Jan
Feb
Kansas Power bs
7434 75
7
1947
3% Jan
Aug. 1 1952
3%
3% 315 1,000
63.ls
Feb Kansas Power & Light
5
2% Jan
Certificates of depoalt
z101 101
5,000 84% Jan
2
Jan
6s series A
1955
% Jan
Aug 1 1952
5,000
1
1
Deb 79
1957 95% 9334 9531 4,000 7334 Jan
Jan
bs series B
% Aug
2
Certificates of deposit..
Aug Kentucky Utilities Co
Jan 103
Dixie Gulf Gas 6%0_1937
10115 10134 1,000 79
Jan
53
1st mtge 58
1961 53
5634 9,000 47
July
Jan 105
Duke Power 415s
1987
101% 102% 2,000 85
Jan
67% 2,000 58
64
1948 64
635s serles D
Eastern Utilities Investing
Jan
57% 8,000 51
57
1955 57
Mar
5155 series F
1954 1834 18% 18% 7,000 10% Jan 25
Is ser A w w
54% 5534 3,000 4555 Jan
be series 1
1969
Edison Elea Ill (Boston)6,000 88% Jan
98
98
5% notes
1935 101% 10135 10215 18,000 100% Jan 10334 Mar Kimberly-Clark 58_ _ _ 1943 98
9534 9734 51,000 82% Jan
Jan 5115 Apr Koppers G dc C deb Is 1947 96
82,000 2534
Elec Power & Light 59_2030 34%, 34% 37
24,000 84% Jan
,
Apr
Sink fund deb 5%8_1950 1003-4 10035 101
Jan 85
83
7,000 62
Elmira Wat,Lt & RR 58'56
80
Jan
102 1023-4 6,000 go
Jan 86% May Kresge(SS) Co 58 _1945
64
El Paso Elea 55 A _ _ _ _1950
12,000 8715 Jan
100% 101
101
Certificates of depoalt
El Paso Nat Gas 630_1943
,
69
1,000 50
Jan
69
June Laclede Gas Light 53491935
Jan 77
67
With warrants
93
Jan
Aug Laruton Gas 6 %s_
Jan 70
_1935
35
Deb 6155
1936
July
Lehigh Pow Secur 68. _ 2026 80% 8015 83% 20,000 8115 Jan
Empire Dist El 59_ _ _1952
669-5 6834 8,000 4634 Jan 75
July
29
Apr Leonard Tietz 73
-Me x w '46
Empire 011 & Ref 515s 1942 5934 593-5 6134 45.000 46% Jan 72
70% 70% 2,000 54% Jan
Lexington Utilities 55.1952
Ercole Marelli Elea Mfg9355 66,000 6815 Jan
92
Apr Libby McN Jr Libby Is '42 92
July 88
615s A ex-warr
1953
7034 7031 9,000 70
Jan 10215 July Lone Star Gas 5s
1942 9715 9715 97% 5,000 8234 Jan
86
Erle Lighting 58
1967
13,000 67
Jan
Long Island Ltg 68.. _ _1945 9015 90% 92
European Elea Corp LtdJan 100% Apr Los Angeles Gas & Elea
80
1965
6159 x-warr
a107%a10712 3,000 102
Jan
Jan
54
June
55
1939
5,000 39
47
46
European Mtge Inv 7s C117
Jan
1961 9315 9334 101% 24,000 89
Jan 8934 Apr
bs
7.000 63
871-1 88
Fairbanks Morse 5s_ _1942
106 108%
2,000 9995 Jan
42
Jan
68
1942
579-5 June
Farmers Nat Mtge 75_1963
May
5%s Bering F
1947 10234 102% 105% 6,000 94% Jan
14,000 1834 Jan 42
31
32
,
Federal Water Sart 5%s'54 31
10,000 9534 Jan
1943 102% 102% 103
53-5s series F
Finland Residential Mtge
102 104
11,000 94% Jan
24,000 7395 Jan 8915 Apr
87
1949
5345 series I
1961 8634 86
Banks 6s
90
9034 27,000 5634 Jan
Sept 8615 Sept Louisiana Pow & Lt 5s 1957 90
8631 86
8634 6,000 86
Stamped
102% 10231 3,000 90
Jan
Louisville G & E 6s_ _-1937
101 102% 41,000 8915 Jan 10334 July
Firestone Cot Mills Is '48 101
1961 98% 9815 100% 6,000 82
Jan
Jan 103% June
34,000 93
41-4s series C
Firestone Tire & Rub 55'42 102% 102% 103
3815 Jan
63% 63% 2,00
Apr Manitoba Power 5159.1951
13,000 56% Jan 80
69
68
Fla Power Corp 5%9_1979 68
34,000 74
1955 93% 9394 95
Jan
Apr Mass Gas deb 55
Florida Power & Lt 58 1954 55% 5534 58% 57,000 53% Jan 71
Jan
9931 42,000 83
5 kis
Jan 6734 Apr
.1946 9931 99
1,000 34
51
51
Gary El& Gus 5sser A 1934 51
July McCord Radiator & Mfg
Gatineau Power 151 55 1956 953-5 9455 959-5 67,000 77% Jan 97
Jan
66
6631 22,000 40
Jan 9234 July
68 with warrants_ _ _1943 66
29,000 69
Deb gold 68 JUDO 15 1941 91
9034 91
Jan
1941 89% 893-5 8934 6,000 6834 Jan 9134 July Memphis P at L 58 A__1948 9331 9334 931.5 6,000 70
Deb 68 series B
Jan 81% Apr Metropolitan Edison
71% 20,000 60
70
General Bronze 6s,...)94(l
Jan
8631 87% 22,000 66
4.9 series E
1971
General Motors Acceptance
Jan
99 100% 53,000 73
Is series F
1/101% 101% 5,000 101% July 103% Jan
1982 100
5% serial notes....i935
69% 8931 3,000 53% Jan
104% 104% 3,000 102% Jan 105% July Middle States Pet 6158 '45
1936
5% serial notes
Jan 82% Aug Middle West Utilities
64
General Pub Serv 58 _ _1953
6
5% Jan
634 14,000
6
June
42
32,000 2534 Jan 56
58 ars of deposit_ _1932
40
Gen Pub HUI 615,4 A _ 19bo 40
7
13,000
6
515 Jan
45
Feb 58% May
&setts of deo
1933
6
General Rayon 68 A__1948
6
615 5,000
555 Jan
5s ars of dep
1934
6
Gen Refractories ris_ _ _1938
515 Jan
39,000 98% Jan 14615 Apr
55 efts of deposit...1935
117
117 125
With warrants
6215
2,000 60
61
Jan
Mar 99
Aug Midland Valley 5s_ _ _1943
94
2,000 85
94
Without warrants
3,000 9334 Jan
104 104
9
Mar Milwaukee (.0us Lt 415a '67 104
2% Jan
Gen Vending 6s ex war '37
Jan
Jan
2
7% Mar Minneap Gas Lt 49.9_1950 9215 929-1 9355 40,000 73
Certificates of deposit_
100% 100% 1,000 100
Aug
Jan 62
June Minn Gen Elea 59._ _1934
11,000 40
53% 55
Gen Wat Wks & El 58_1945 54
5515 Jan
77,000 5934 Jan 8415 Apr Minn P & L 43-48
76
1953
Georgia Power ref 55.1967 7334 73
1,000 64
83
83
Jan
5,000 40
Jan 65
54
Feb
be
53
1965
Georgia Pow & Lt 58_ _ 1978 53
6,000 40
57
Jan
56
Sept 73
Jan Mississippi Pow 58_ _ _1955 57
33% 14,000 30
32
Gestural 68 x-warrants 1957
26,000 4834 Jan
66
65
Jan 10434 July Miss Pow & Lt 5s._.1957 65
9,000 04
103 103
Gillette Safety Razor 58 '40
75% 108,000 57% Jan 8155 July Mississippi River IielGlen Alden Coal U.._ 1165 72% 72
96
97
11,000 90% Jan
6s with warrants_ _1944
Gebel (Adolf) 8%s _ _1935
89
Jan
Sept 85
Apr
72
7215 16,000 70
Without warrant9_ _ _
with warrants
Jan 105
Aug Miss River Pow 1st 59)951 102% 10234 104% 18,000 90% Jan
95
Godchaux Sugar 7%8_1941
24,000 703-5 Jan
Missouri Pow & Lt 5%e '55 99% 99% 100
Grand (1 NV) Prop 68 1948
,
4234 8,000 37
Jan
3314 8,000 1634 Jan 41
Apr Missouri Pub Serv 58_1947 9234 42
30
Certificates of deposit.
Apr Monongahela W est Penn
Grand Trunk Ry 8155 1936 104% 104% 105% 36,000 100% Jan 106
Jan
7914 81% 37,000 61
Pub ,erv 5% ser B.1953 8134
7,000 70
Jan 8894 Apr
8234 8315
Grand 1 runk West 48_1950
10,000 934 Jan 101
Aug Montreal L FI & P Con
Great Northern Pow Is '35 997-5
9931 100
110% 11034 20,000 104% Jan
65,000 9415 Jan 108
1st & ref loser A __ _1951
June
106 107
Great Western Pow 58 1946 106
100 11034 6,000 1033-5 Jan
1970 110
22
22
1,000 12
Jan 2615 Apr
Is series B
Guantanamo & West 6s '58
24
Jan 48
Feb Munson Steamship Lines
Guardian Investors 5.3_1948
4% Aug
434 415 6,000
Jan 10515 Aug
19,000 101
6155 with warrant
1937 104% 104 105
-1_1 37
Gulf 011 of Pa Is
Jan
19,000 98
1947 104% 104% 10534 17,000 9934 Jan 106% June Narragansett Elea 68 A '67 10434 104 1049-5 3,000 98
58
Jan
104% 11)4%
84
19,000 66
Jan 9215 Apr
Is series B
83
1957
Gulf States Util 59_ _ _ 1056 83
1,000 98
Jan
100 100
Jan 84
July Na-ssau & Suffolk Ltg bs'45 100
78% 78% 4,000 63
1961
415s series B
Jun
100% Jan 108
July Nat Pow dt Lt 65 A_ __2026 64( 6415 66% 38,000 57
Hackensack Water 59.1938
4,000 99
Deb 55 series B._ _2030 5531 5434 56% 47,000 4734 Jan
104 105
Jan 10534 July
514s series A
1977
Jan 83
Apr Nat Public Service Is 1978
Hall Printing 515s. _ _ _1947 68% 68% 71% 14,000 61
5% Sept
53-4 6% 16,000
5%
Aug 82
Feb
Certlficatea of deposit _
54
Hamburg Elect 78_ _ _ _1935
33,000 9734 Jan
101 101
Nat Tea Co bs
1935
Hamburg El Underground
54,000 91% Jun
103 104
30% Sept 7094 Jan Nebraska Power 4158_198a 103
1938,
At St Ry 615s
95% 963-4 11,000 77
Jan
66
Jan 81
Mar
6s series A
2022 96
Hood Rubber 5%s_ __ _1936
78% 7894 1,000 43
Jan
75
1,000 7034 July 83
75
Apr Nelsner Bros Realty 68 '48
75
1936
68
7034 29,000 573,5 Jun
24,000 42
Jan 84
June Nevada-Calif Elea 59_1956 68
Ho9ston Gulf Gas 6s_ _1943 73% 7315 74
Jan
100 10034 32,000 85
Jan 729-4 June New Amsterdam Ga 55.48 100
5,000 31
59
57
6158 with warrants.1943 57
9715 10131 146,000 8134 Jan 1023.4 July NE Gas & El Assn 58_1947 5334 533-5 5555 63,000 3934 Jan
,
Hous L & P 1st 4158 E_ 1981 993-4
Jan
55
553-4 8,000 39
98 10115 74.000 8215 Jan 103
June
Cony deb Is
1978 99
194.8
4%s series D
55% 73,000 3815 Jan
53
1950 53
104 10434 13,000 9315 Jan 1059-4 June
Cony deb Is
1953 104
58 series A
90,000 5134 Jan
80
Jan 11834 Apr New Eng Pow AS81155_1948 59% 57
108 11034 32,000 104
Hudson Bay M at 968.1935 108
Jan
103% Feb 106% June
Debenture 5 %8_ _ _ _1954 6335 6234 653-4 35,000 54
Hydraulic Pow 5s___ _1951
499-5 33,000 3694 Jan
45
2,000 104
110 110
Jan 1103,4 June New Orl Pub Serv 4159 '35 45
1950 110
5s
Jan
3194 2,000 26
31
89 series A
1949
Hygrade Food Products80
3,000 69
Jan
80
67
68
15,000 48
Jan 70
Apr N Y Central Elec 5158 '50
1949 67
68 series A
50
Jan 6994 Apr NY at Foreign Investing
1949
63 series 13
Jan
70
515s with warrants.1 48
June
102% 102 103% 17,000 8734 Jan 105
1947
Idaho Power Is
19.000 9634 Jan
100% 101
81
5,000 80
Aug 9334 Apr N Y Fauna & Onlo 415s '38
81
Illinois Central RR 63 1937
Jun
85
8834 141,000 74
23,000 8234 Jan 105
102
Aug NY P&L Corp 1st 41-59 '67 85
101
III Northern Util Is...1957 102
83
65,000 647.5 Jan
80
42,000 52
68
70
Jan 78% May N Y State G & E 4%8_1980 80
III Pow & L 191 69 ger A '53 69
Jan
6,000 80
9834 99
8,000 473-4 Jan 75
Apr
1st 5%n
1962
1st & ref 5159 ser B.1954 6635 6634 67
Jan
99
9955 17.000 98
Apr NY & Westch'r Ltg 4s2004
jut Jr ref Is ser C_ _ _ 1956 6134 61% 6331 49,000 4334 Jan 70
Jun
103 105
5.000 98
Jan 66
Apr
,
Debenture Is
1954
S f deb 5158 .May 1957 5815 5834 58% 17,000 37
107 109
9,000 104% Jan
Niagara Fans Pow 68_11150
Indiana Electric Corp106% 10615 9,000 1003-5 Jan
9,000 543,5 Jan 7534 Feb
Es series A
1959
63
1947 60
60
68 series A
Jan
82
18,000 65
82
Jail 80
Apr Nippon El Pow 63.I5_1953 82
1,000 59
67
67
1953
615s series B
7,000 47
Jan 68
Apr No American Lt & Pow
1951 53% 53% 54
58 series C
Jan
91
98
Jan 106
May
5% notes
1935
Indiana General Elea 58 '48
Jan
100% 1003-5 8,000 82
59
Jan 6734 Apr
b% notes
593-4 7,000 47
1936
Indiana Hydro-Elec 55 '58
50,000 253,5 Jan
9315
2,000 71
Jan 98
July
515s series A
90
1956 483-5 4835 49
Indiana & Mich Elea 58 '55 00
8,000 20
Jan
29
26
1,000 91
Jan 10814 June Nor Cont Util 5158. _1948 26
1957 106
106 106
58
Jan
3,000 71
933-4 04
343.5 33,000 2534 Jan 4834 Apr No Indiana G Jr E 68_1952
1950 32% 32
Indiana Service 5s
3415 11,000 24% Jan 48% Apr Northern Indiana P 832
let lien Jr ref 59_ __1963 32
,
709-4 7015 2,000 5434 Jan
5s aeries C
Jan 88
1966
71
Apr
Indianapolis Gas 5.9A_1952
41,000 65
Jan
6935 71
Jan 9831 July
bsseries D
1960 71
Ind'polls P Jr L 58 ser A '57 92% 9234 9415 68,000 76
Jun
65% 653-5 2,000 50
434s series E
1970
lntercontinents Power993-4 9915 40,000 703,4 Jan
Apr No Ohio P Jr L 5158._1951 993
2
Aug
5
Deb 6s x warrants _ _1948
Jan
95% 9534 1,000 88
-Nor
Ohio Trac & Lt 58 '56
International Power See
July 98
Mar No States Pr ref 4%9_1961 86% 86% 903-4 76,000 733,5 Jan
1955 76% 76% 76% 8,000 73
6 1-5s series C
891-4
1,000 7134 Jan
89
85
1,000 77
July 10334 Mar
1940
85
05% notes
7s series E
1957
Jan
63
12,000 54
July 102
86
1,000 79
Mar N'western Elect 6s_ _ _1935 5794 55
86
1952
79 series F
29
4,000 12% Jan
26
Jun 105
Sept N'western Power fia A _1960 28
International Salt 59_1951 103% 103% 1043.5 18,000 84
Jan
27
7,000 14
25
27
16,000 4614 Jan 65
Jun
,
Certificates of deposit_ _
International Sec 59._1947 5915 5915 61
Aug N'western Pub Serie Is 1957 61% 6194 623-5 4,000 5034 Jan
85% 85% 5,000 67% Jan 87
Interstate Irn Jr Sti 4158'46
95
953-8 17,000 773,5 Jan
103
Feb 105% July Ogden Gas 55
1945
Interstate Nat Gas 68_1936
9435 44,000 6715 Jan
92
Interstate Power 5s_1957 48% 473-4 4955 42,000 41% Jan 617-1 Feb Ohio Edison 1st 5s_ _ _1960 93
12,000 05% Jan
105% 106
36
37% 17,000 283-4 Jan 48
Am. Ohio Power let Is B__1952
1952 38
Debenture 69
Jan
102 102% 5.1,000 85
1st Jr ref 415s ser D 1956
Interstate Public Service-1956 5134
5134 523-5 8,000 4734 July 64
Feb Ohio Public Service Co
5s seders D
8,000 70% Jan
100 101
1958 45
45
Feb
6s series C
1953
4636 23,000 4215 Jun 61
series F
4159
2-1,000 6315 Jan
Is series D
1954 9515 9534 96
Invest Co of AmerJan
1,000 63
96
96
67
Jan 86
Aug
.5359 series E
,
1961
1947
k Is series A w w
93
9434 32,000 7315 Jan
8431 8434 85
2,000 67
Jan 85
Sept Okla Gas Jr Elec 55_ _.1950
r
without warrants
Jan
8534 8,000 66
84
81
81
6,000 6345 Jan 89% Apr
68 aeries A
1940 85
Iowa-Nob L Jr P 59_ _ _ 1957 80
Jan
8,000 44
48
47
1961 80
80
81
16,000 64
Jan 89% Apr Okla Power Jr Water 58'48 47
58 series B
Mar
45
9,000 33
41
Jan 97
July Osgood Co 6s ex-warr _1938
Iowa Pow Jr Lt 4158 1958 94% 9434 9455 11,000 75
64
1,000 513-5 Jan
64
Jan 8734 May Oswego Falls as
1941
78
1057
7834 8,000 58
Iowa Pub Serv 58
Jan
94% 2,000 77
93
74
74
3,000 70% June 92
Apr Pacific Coast Power 5s 1940
Isarco Hydro Elec 78_1952
70
Jan
5,000 7334 Sept 88
Feb Pacific inventing bs A.1948
733-5 74
Isotta Fraschini 7s...1942
8,000 10-1
Jan
Pacific Ltg Jr Pow 5s__1942 110% 1103-4 111
Superpower of Del
Italian
66
29,000 49
June 7834 Apr Pacific Pow & Ltg 5s_ _1955 45% 45
4634 119,000 3534 Jan
63
Deb 6s without war_1963 63
May 53
3434 18,000 32
Feb Pacific Weatern 0116%8'43
/ 4
Jacksonville Gas 58_ _1942 34% 34
Jan
92% 25,000 76
90
With warrants
90
Jan 106% Aug,
10515 105% 2.000 100
Jamaica Wat Sun 5-158'55
High.
98
104
107%
90
86%
July
July
June
June
Apr
102% July
9934 July
68
86%
73
68
9815
99%
102
104
1013-5
75%
101%
89
65
76
93%
9815
9434
Mar
Apr
Apr
Mar
July
July
Aug
Apr
Aug
Feb
July
July
Mar
Apr
Aug
July
Apr
108
101%
109%
10734
106%
107%
97%
104
1023-5
67%
98%
104
July
Aug
July
June
July
July
July
June
July
July
July
July
Apr
70
96% Aug
90% July
10134 Aug
75
Juno
10%
1034
1034
1015
75
10715
9434
102%
80
89%
6734
72
Feb
Feb
Feb
Feb
Apr
July
July
Apr
Aug
July
July
July
100
99
10734
101
56
Apr
Apr
June
Aug
Feb
9015 June
111% Aug
11114 Aug .
12%
106%
105%
101
83
74
Feb
June
June
May
Feb
Feb
16%
102
107%
101%
8434
81
1033.5
65
61
6134
72
779-4
63
443-5
85
Feb
Mar
July
May
July
July
July
Feb
Feb
Feb
Apr
Apr
June
Apr
May
89
102%
963-5
8694
100
106
106
1109-4
1073-4
82
July
June
July
July
July
June
Juno
Mar
June
Sept
101%
103
56
363-5
99%
JUDO
June
Apr
May
July
7834
7634
74
103
98%
953-5
953.4
87
3634
34%
73
100
98
106%
105
May
Mar
Mar
July
Aug
July
July
Apr
May
May
June
July
July
Aug
Aug
104
99
100
98%
93
60
45
65
9915
8215
111
57
July
July
July
July
June
Feb
Aug
Apr
July
May
Aug
Feb
97
June
i
Bonds (Continued)Pacific Gas & El Co1941
let 6s series B
tat & ref 5555 ser C_ 1952
1955
bs series D
1st & ref 4%s E
1957
let dr ref 434s F
1960
Palmer Corp 68
1938
1936
Park & Tilford 6$
Penn Cent L dr P 43481977
1979
58
Penn Electric 48 F._ _ _1971
Penn Ohio Edison&series A xvr
1960
Deb 555s series B__ _ 1959
Penn-Ohio P & L 5558 1959
1956
Penn Power 5s
Penn Pub Serv 8sC _ _1947
1954
5s series D
Penn Telephone 5s C_1960
Penn Water Pow 5s _1940
4555 series B
1968
Peoples Gas L & Coke1936
455% serial notes
1981
45 series 13
1957
(ts series C
Peoples Lt & Pr 58_ _ _ _1979
Phila Electric Co 58_1966
Phila Elec Pow 5355_1972
Ishila Rapid Transit(Is 1962
Phil Sub Co 0 & E 4558'57
Mile Suburban Wat 55 '55
Ilednit Hydro-El 635s '60
Piedmont & Nor 55_ _ _ 1959
Pittsburgh Coal as_ _ _ _1949
Pittsburgn Steel 6s_ _ _1948
Pomeranian El 68__J953
Poor & Co 68
1930
Portland Gas & Coke 55'46
Potomac Edison 5E5_1956
4358 series F
1981
Potomac Elea Pow 55_1936
Potrero Sugar 75
1947
PowerCorp(Can) 4555 13'59
Power Corp of NY6 %a series A
11142
5345
1947
Power Securities 6s _ _ _1949
Pub Serv of N II 4%a B '57
Pub Serv of NJ pet ctfs_
Pub Serv of Nor Illinois1st & ref bs
1956
55 series C
1986
1555 series D
1978
4 55s aeries E
1980
1st & ref 455s ser F_ 1981
63.4sserles G
1937
6555 series II
1052
Pub Serv of Oklahoma5s series C
1961
55serles D
1957
Pub Serv Sub8id 5555_1949
Puget Sound P& L 5555'49
let & ref 55 series C_1956
1st & ref 4348 ser D_ 1950
Quebec l'ower 55
1968
Queens lioro0& E 4558'58
5%s series A
1952
Reliance Management 58'59
With warrants
Republic Gas68
1941
Certificates of deposit._
Rochester Central Pr bs '53
Rochester Ry & Lt 55_1954
Ruhr Gafi Corp 6 355_1953
Ruhr Housing 6345,-1958
Ryerson (Jos T)& Sons55
1943
Safe Harbor Water Power
1970
4348.
St Louis Gas & Coke 65 '47
San Antonio Puulic Servict
1955
5s sertes B
San Diego Consul G dv El5555 series D
1960
San Joaquin Lt & Power1952
65 series 11
1957
5s serie519
1955
Sauda Falls bs
Saxon Pub Wks 65,-1937
Schulte Real Estate 65_'3,5
With warrants
Without warrants
Scripp(E W)Co 5)45_1943
Seattle Lighting 55_ _ _19414
1948
Serval Inc 50
Shawinigan W & P 45.ls '67
1968
455e series Et
1970
1st Ideates C
1st 455s series D_ _ _1970
Sheffield Steel 555s_ _ _1948
Sheridan Wyo Coal 68 1947
Sou Carolina l'ow 55_1957
Southeast I' & L fts_ _2025
Without warrants
Sou Calif Edison 5s___ 1951
1939
55
Refunding 55 June 11954
Refunding 55 Sep 1952
Sou Calif Gas Co 4%5_1981
1957
let ref 65
1952
534s series B
Sou Calif Gas Corp 5s1937
Sou Counties Gas 4355.'68
Southern Gas Co 650.1935
Sou Indiana G & E 6%8'57
.
Sou Indiana Ity 4s_ _ _1951
Sou Natural Gas 6s_ _ _1949
Unstamped
Stamped
S'western AssocTel Is '61
Southwest G & E 59 A..1957
1957
55 series 13
S'western Lt & Pr 55-1957
S'western Nat Gas 68_1945
(lo'West l'ow & Lt 55.2022
S'west Pub Serv 65_ _ _1945
1942
Staley Mfg 68
Stand Gas & Elec 65_1935
1935
Cony 68
1951
Debenture 68
Debenture 68 Dec 1 1966
Standard Investg1939
5558
1937
5s ex warrants
Stand Pow & Lt 65„___1957
Standard Telep 5555..1943
Stinnes (Hugo) Corp1936
75 ex-warr
1936
7-4% stamped
1946
is es-wart
.1046
_1946
7-1% stamped-
1695
Financial Chronicle
Volume 139
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
$
111
111
10434 10434
101
9955 9434
9434 9454
10134
80
93
72
6034
9954
80
93
72
6055
5734
99%
104
Range Since Jan. 1.
Low.
11234
106
104
100
9955
102
98,000 10134 Jan
56.000 9534 Jan
34,000 92
Jan
123,000 8555 Jan
203,000 8534 Jan
4,000 8534 Jan
Feb
77
8334 42,000 .5955 Jan
94
6,000 71
Jan
29,000 57
Jan
74
95
31,000 6255
53,000 75
17,000
134
12,000 10554
27,000 10435
4934
107
7,000 100
10634 107
9634
69
11,000 68
70
69
13,000 7454
85
86
93
9134 9155 9155 4,000 85
28
2934 35,000 27
83
7735 13,000 75
76
76
97
30,000 744
9555 97
6,000 73
90
00
89
10235
18
16,000 63
79
7834 z78
75
7435
7494
9934
8.534
85
75
74%
7455
9934
94%
75
50
50
48
4734
4634 45%
10234 102
9934
81
81
3234 3255
32
32
34
34
109% 10955
39
2635 2654
22,000 70
85
5,000 5134
55
7035 37,000 45
10255 8,000 8334
24,000 103
114
87
y8555
77
76
7534
10055
9455
10034
80
99
534
11334
10934
7434
107
105
9234
93
10334
96
5434
97
9534
10054
94
10634
3431
7954
July
May
Apr
Jan
July
Apr
Apr
June
July
Apr
July
July
June
Feb
July
Mar
July
July
June
Apr
Mar
Jan 95
Jan 6435
Jan 74
Jan 10334
Jan 11935
June
July
Aug
July
July
75
5294
4934
4734
10234
100
8334
2,000
104,000
53,000
90,000
7,000
12,000
3.000
62
5734
42
4134
3954
3634
91
88
62
Jan 90
Jan 9031
Jan 8555
Jan 5935
Jan 574
5434
Jan
Jan 10334
Jan 10155
Jan 89
June
June
June
Feb
Feb
Aug
June
Aug
Apr
59
Jan 79
39
1434 Jan
Jan 3734
15
2834 Jan 47
10255 Jan 113
39
Sept 66
July
7054
23
May
May
June
Feb
July
Feb
Feb
3334 13,000
30,000
33
7,000
35
11034 8,000
21,000
40
2655 1,000
102
Jan
Jan
Jan
Aug
Jan
Jan
Jan
Jan
Jan
Sept
Jan
Jan
Mar
Sept
Jan
Aug
Jan
Jan
Jan
Jan
Jan
9154 July
Jan
July
Jan 87
Jan 8255 July
Jan 81% July
Jan 8134 July
Jan 10334 July
Jan
9934 July
8754 8855 14,000
108
July
Apr
July
July
June
May
Aug
July
June
5534
6034
58
5554
55
7635
7131
10,000
105 105
34 4% 19,000
102
7455
70
105
10634
101
92
103
11134
10555
20.000
3,000
5,000
18.000
42,000
56,000
10,000
9155
105
Aug
June
July
July
July
Aug
July
July
Aug
Aug
4834 Jan
4134 Jan
Jan
79
95
Jan
75
Jan
1.000 64
Jan
Jan
1,000 86
8,000 10334 Jan
9534 Jan
72
72
73
88
8734 8934
2
2
255
113
11234 113
10834 10834 109
8331
54
6934
10134
112%
11434
108
10734
10334
103
102
90
8834
9634
7634
6134 10.000
59
8,000
24,000
101
10434 5,000
8634 8634
102 102
10934 10934 110
6934
High.
Jan
102
July
9534 Jan 10654 June
11
3% Aug
Feb
65
1,000 102
Jan
9434 July
Sept 10755 July
7,000 88
Jan 10835 July
10055 10131
9495 20,000 7534 Jan 99% July
92
8,000 10334 Jan 109
May
10751 108
48
June 7234 Mar
12
87%
2255
9054
95
95
10295
9534 95
102
39%
7035
7034
8854
2234
90%
9534
12
88%
25
9134
9554
9534
103
95%
102
40
7055
8,000
18,000
40,000
12,000
51,000
34,000
16,000
30,000
2,000
4,000
1,000
93.4
7
73
2155
71
72
7231
79
72.4
85%
38
5135
May
1554
Jan
18
Jan 8954
July 41
Jan 9234
Jun 9554
Jan 9534
Jan 103
Jan 9531
Jan 10434
Sept4934
Jan 79
July
July
May
Feb
Sept
Sept
Sept
Sept
Sept
July
Feb
May
6135 6154 8435 80,000 4334 Jan 7455 Apr
9934 9991 10434 110,000 9354 Jan 106
June
10731 10734 10834 36,000 10254 Jan 10834 July
9954 9934 10455 27,000 9355 Jan 106
June
11,000 93
9934 9935 104
Jan 106
June
86
86
94% 44,000 82
Jan 98% July
9354 93% 100
24,000 89
Jan 104
June
13,000 9334 Jan 106
103 103
June
11,000 8335 Jan 10234 July
09
99 101
9354 26,000 87
ssy, 88
Sept 97% Aug
1,000 96
10134101%
Jan 102% Apr
106% 106% 8,000 101
Jan 108% July
4834 48
9,000 48
Aug 73
49
Apr
89
69
56
8634 8654
NU
8654
65
4935
43
43
7334
10355
7455 743.
75
75
43
43
4155
4134
3955
23%
7134 36,000
57 54
8734
8654
65
5034
44
74%
10354
83
8334
4535
4534
3555 42
2355 24
32
33
2735 2731
7,000
35,000
4,000
4,000
16,000
2,000
3,000
4,000
38,000
28,000
37,000
17,000
59
60
42
6254
6355
47
34
41)
57
87
4331
4354
3254
3255
Jan 7754 July
Jan 77
July
Jan 6435 Apr
Jan 9294 July
Jan 91
July
Jan 7535 May
Jan 55
July
Jan 6634 Feb
Jan 84
May
Jun 10355 July
Jan 94
June
Jan 93
June
Jan 60
June
Jan 59
Apr
10,000
7,000
8434
66
2955
18
Jan
Jan
Jan
Jan
3,000
3,000
32 ,. July
26
Aug
33
Aug
25
Aug
82
Apr
83
Apr
5735 Apr
2434 June
58
55
51
50
Jan
Feb
Jan
Jan
Bonds (Concluded)-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
$
Price. Low. High.
Sun Pipe Line 5s_ _ _ _1940
Super Power of III 455s '68 8054
let 4558
1970 79
68
1961
Swift & Co 1st m s f 58_1949 105%
5% notes
1940 10334
Syracuse Ltg 534s__..1954
58 series B
1957
Tennessee Elec Pow 58 1956 7634
Tenn Public Service 581970 9434
Tern! Hydro Elec 6555 1953
Texas Cities Gas 5,5_ _ _1948
Texas Elec Service 58.1960 7734
Texas Gas Util 65_ __ _1945 16
Texas Power & Lt 55_ _1956
9055
.55
1937 10234
6s
2022
Thertneld Co
6s stamped
1937
Tide Water Power 55_1979
Toledo Edlson 55
1962 10234
Twin City Rap Tr 5356'52 44
Glen Co deb Its
1949 4734
Un Amer Invest 59 A1948 90
Union Elec Lt d, Power5s series A
1954
55 series B
1967 10454
4555
1957 10334
Un Gulf Corp 55 July 1 '51 10434
United Elec NJ 45_ _ 1940 10534
United El Serv 78 x-w _ 1956
United Industrial 6%s 1941
1st 68
1945
United Lt & Pow 6s___1975 3634
8355
1974 40
534s
Apr 1 1950 71
United Lt & fly 5555_ _ 1952 4834
65 series A
1952 7634
65 series A
1973 3935
U S Rubber 85
1936
634% serialnotes_ _1936
634% serial notes_ _1936
634% serial notes_ _1937
855% serial notes_ 1938
655% serial notes_ __1939 8931
631% Berta I notes _ __1940 89
Utah Pow & Lt 6s A _ 2022 49
.
434s
1944
Utica G & E 55 E
1952
58 series D
1956
Valvoline 011 78
1937
Vamma Water Pow 5555'57
Va Elee & Power 5s_ _ _1955 10234
Va Public Serv 5%5,1_1946 6934
1st ref 65 ser B
1950
65
1946
Waldorf-Astorla Corp
78 with warrants,._1954
7s ctfs of depoelt_ _1954
Ward Baking 68
1937 10134
Wash Gas Light 5s
1958
Wash fly dr E145
1951
Wash Water Power 55_1960 92
West Penn Elec 553____2030 6034
West Penn Power 4s _ _1961
West Penn Traction 581960
West Texas Util 55 A_ 1957 5434
Western Newspaper Union
65
1944
Western United Gas de Elec
1st 5558 series A _ _ _ _1955 8455
Westvaco Chlorine Prod
5548
1937
Wheeling Electric 5s_.1941
V3 Ise Elec Pow 5$ A__ _1054
Wise-111inn Lt dr Pow 5544 8934
Wise Pow & Lt 58 F_ _1958 7434
bs series E
1956
Wise Pub Bert' 68 A_ __1952 96
Yadkin My Pow 55_1941
York Ityn Co 5s
1937
9634
Foreign Government a ad Mu
Agriculture NigteBank20
-year 75
1947
is
1946
78 with coupon
1946
Baden 75
1951
Buenos Aires (Province)External 7s
1952
78 stamped
1952
External 7345
1947
7555 stamped
1947 60
Cauca Valley 75
1945 10
Cent Tik of German State d
Prov Banks 68 B_ _ _1951
68 series A
1952
Danish 5558
1955
55
1953
Danzig Port & Waterways
External 6555
1952
German Cons Muni° 78 '47 26
Secured 6s
1947 22%
Hanover (City) 75_ _1939
Hanover(Prov)6558._1949 2634
Lima (City) 6158-1958
8
Certificates of deposit__
1958 1454
Maranho 7s
Medellin 75 ser E
1951
Mendoza 7345
1951 4855
48 stamped
1951 44
Mtge Dank of Bogota
78 issue of May 27...1947
7s issue of Oct 27__1947
Mtge 13k of Chile 6s_ _ _1931
Mtge B if of Denmark 58.72
Parana (suite) 7i_ _ __tuba 1334
Rio de Janeiro 6%s_ _1959
Russian Govt 6358_ _1919
6345 eertifleates___ _1919
2
5 355
1921
5355 certifica•c
1921
s
---1938
Saar llama 75
Santa Fe is
1945
Santiago 78
1949 1054
75
1961
10134
8034
79
9554
10634
10334
1014
8134
81
96
107
104
7634
94%
77
.56
7734
16
9034
10234
7735
9534
78
56
783
%
17
9134
103
70
10234
44
46
90
7034 5,000
10355 124,000
4634 57,000
4734 18,000
5,000
90
10434
10334
10434
10534
72
10434
10534
105
10534
7234
3654
36
3934
71
4835
76
3955
10134
100
99%
06
8934
8935
89
49
37
37
40
73%
50
7634
3934
101%
10055
9934
97
92
91
89
50
101% 10235
6934 7034
68
66
5
101
96
98
02
60
104
Range Since Jan. 1.
high.
Low.
2,000 101
25,000 59
12,000 5735
6,000 73
13,000 10355
15,000 9834
10334
100
11,000 55
65,000 44
28,000 62
4,000 51
57,000 63
9,000 1434
69,000 6734
29,000 8934
5634
55
50
8634
2334
3834
85
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
June
Jan
Jan
Jan
Jar
Jan
Jan
10434
8654
85
9955
108
10434
10854
10834
82
96
8655
61
8834
25
9534
10434
87
May
July
July
July
May
Mar
July
Aug
July
Sept
Apr
Feb
Apr
Apr
July
July
May
Feb
76
Jan
Jan 7434 May
Jan 10534 July
Apr
Jan 58
Jan 5234 May
Jan 9034 June
Jan 10534
101
10,000 9555 Jan 10534
28,000 92
Jan 106
39,000 10154 Jan 106
Jan 10754
16,000 100
June 90
18,000 64
41
Aug 6955
3,000 3634 Sept 6735
37,000 2734 Jan 5234
Jan 58
7,000 31
Jan
8034
7,000 50
32,000 3535 Jan 5634
Jan 85
7.000 56
4,000 2834 Jan 52
Jan 102
7,000 90
9,000 8955 Jan 10155
Jan 9954
4,000 77
2.000 7034 Jan 97
9,000 8931 Jan 9955
9,000 8934 Jan
9834
Jan 99
1,000 68
15,000 4651 Jan 6754
5454 Jan 75
9334 Jan 105
94
Jan 10434
Feb85
75
7955 Jan 9135
21,000 89
Jan10454
12,000 5555 Jan 80
Jan 76
2,000 51
4735 Jan 70
Aug
June
June
June
June
Apr
Jan
Jan
Apt
Feb
June
Feb
June
Feb
July
May
Apr
Sept
Apr
Apr
Apr
Feb
Apr
July
July
June
May
Aug
Apr
Apr
Apr
July 20
16
July
Jan 104
Jan 10035
Jan 98
Jan 9955
Jan 71
Jan 10634
Jan 87
Jan 6734
Jan
Feb
June
July
June
July
Apr
July
July
Apr
634 6,000
10131 31,000
9734 6,000
98
3,000
95% 4,000
6234 8,000
5,000
104
5435 5534 27,000
5
2
9655
79
8355
80
55
9455
61
46
2,000
25
Jan
4634
8435 8634 55,000
65
Jan
8934 July
39
39
1,000 10134
104
105% 5,000 10234
3,000 Si)
105
17,000 64
91
7535 16,000 5954
58
4,000 7835
97
96
6,000 66
94
94
12,000 76
9631 97
nicipalitles
104
105%
105
89
74
27
29
55
67
57
9,35
5734 27.000
1,000
67
6034 95,000
6,000
10
30
3235
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10431
105%
108
94
83
8334
99
98
100
Apr
July
Apr
Aug
July
July
July
July
July
July
1934 Jan
1834 Jan
23
May
22
Aug
Sept
29
3034 June
29
Sept
5234 Jan
41
Jan
2554 Jan
Jan
35
2955 Jan
Jan
8
6335
5754
67
6035
16
Aug
Sept
Sept
Sept
Feb
87% 8954 19,000
81
81
1,000
30
Sept
30
Aug
7934 Jan
8234 Jan
70
73
92
82
Feb
Feb
Aug
June
72
26
2155
23
26%
8
8
14
1395
4655
42
72
2735
23%
23
28
8
855
1455
13%
4855
44
44
26
2155
23
2554
5
5
1254
1034
2534
2855
75
5934
5755
53
56
1254
1055
21
2031
4834
44%
Aug
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Sept
May
n28
1354
7631
13
16
2
2
255
2
16155
37
9%
n28
15
7734
133.4
1734
254
2%
254
234
161%
40
10%
Jan 24
Jan 2455
153.
Jan
Jan 82
Jan
17
Jan
1935
5
Sept
Jan
5
554
Sept
July
5
Jan 162
Jae 40
Jan
13
13
Jan
July
Sept
Feb
Mar
Feb
Feb
Mar
May
May
May
Aug
Sept
Feb
Feb
3,000
6,000
1,000
107,000
32,000
10,000
2,000
3,000
5,000
3,000
10,000
11,000
19,000
15
1,000 16
13,000
855
8,000 75
5,000
854
14,000 1454
12,000
2
43,000
2
35,000
235
15,000
2
1,000 108
14,000 1834
12,000
535
635
Jan
Sept
Sept
Sept
Aug
Jan
June
Jan
Jan
Jan
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.
y Under the rule sales not included in current weekly and yearly range are given
below,
General Motors Acceptance 55, 1935, Sept. 10 at 101%.
Public Service of Nor. Illinois 5s, series C. 1966, Sept. 12 at 86.
z Deferred delivery sales not included in the current weekly and yearly range
are _given below:
Kansas Power & Light Gs, 1955, Sept. 12 at 10035.
Power Corp. of Canada, 4555, 1959. Sept. 12 at 7754.
Abbreviations Used Above.
-"Cod" Certificates of deposit. "cons" Consolidated.
"cum" Cumulative. "cony" Convertible. "m" Mortgage. "n-v" Non-voting
stock. "v t c" Voting trust certificates. "w 1" When issued. "w w" With warrants "x w" Without warrants
1696
Financial Chronicle
Sept. 15 1934
Over-the-Counter + Securities + Bought and Sold
We maintain markets in Bank,
Insurance, Industrial, Public
Utility, Trust Company and
Investment Trust Stocks.
11011,141M&T8OTElt,
74 Trinity Place, New York
Whitehall 4-3700
Open-end telephone wires to Boston, Hartford, Newark and Philadelphia.
Real Estate, Industrial, Public
Utility, Railroad, Guaranteed
Mortgage Bonds, Canadian
Stocks and Bonds.
Private wires to principal cities in United States and Canada
Quotations on Over-the-Counter Securities—Friday Sept. 14
Investment Trusts.
Port of New York Authority Bonds.
Bid
Bid
Ask
Ask
Bayonne Bridge 4s series C
J&J 3 95
97
1938-53
Inland Terminal 4948 ser D
M&S 96
9712
1936-60
Geo WastiLlgton Bridge
4s'cries B 1930-50_ _J&D 9912 1003 Holland Tunnel 4gs series E
4
M&S 54.00 3.90
1.991 ser B 1919-53 M&N 54.20 4.05
1935-60
Arthur Kill Bridges 499s
M&S
series A 1935-46
9912 10012
U S. Insular Bonds.
-Bid
Ask
PhIlippine Government
96
98 Honolulu 5s
4s 1946
4998 Oct 1 59.
9612 9712 US Panama 35 June 1 1961_
28 Aug 1 1936
491s July 1952
9712 9812
2s Nov 1 1938
53 April 19,6
100 101
100 102 Govt of Puerto Rico
5s Feb 1952
4999 July 1958
10412 106
5998 Au- 1941
5s July 1948
Hawaii 494s Oct 1056
106 109
1930
S Consol 2s
Bid
103
10612
101
100
Ask
107
108
10124
101
102
104
99
105
107
993
4
Federal Land Bank Bonds.
48 In's optional 1944
48 1957 aptaanal 1937_M,kN
is 1958 optional 1938.M&N
4((s 1956 opt 193,__J&J
,
44s 1057 opt 1937____J&J
4948 1957 opt 1937__MAN
49-j.. 1958 opt 1938_19I&N
Bid I Ask
Bid I Ask
94121 95 4948 1942 opt 1934_ _m&N 9714 98
93141 94 4.99s 1943 opt 1935____J&J 07141 08
9334) 94 4
95 41 9612
,
1953 opt 1935____J&J
,
9412 9514' 499s 1955 opt 1.035____J&J 95 4 9612
!
94121 95, 490 1058 opt 1936____J&J 98121 97
4
9412 9514 Is 1941 optional 1934 MAN 100 10012
94 i1 9514 58 1941 optional 1934_MAN 100 .10012
,
New York State Bonds.
Ask
Bid
Canal & Highway
6s Jan & Mar 1934 to 1935 51.75
5s Jan & Mar 1936 to 1015 93 25
Re Jan & Mar 1946 to 1971 53.65
Eighway Imp 4948 Sept '63_
Canal Imp 4(.(s Jan 1964...
Can & Imp High 494e 1965_
119
116
116
Bid
World War Bonus
4(4s April '933 to 1935_
4948 April 1940 to 1949_
Institution Building
45 Sept 1933 to 1940
Is Sept 1941 co 1976
Highway improvement—
.s Mar & Sept 1958 to '17
Canal Imp la J &J '60 to 67
Barge C T 4s Jan 1942 to '46
Ask
53.25
53.20
52 60
53.30
11112
11112
107
New York City Bonds.
Bid
Ask
99 4 100 8 a4945 June 1974
,
a3s May 1935
,
85 91 I a4948 Feb 15 1978
4399s May 1954
a4 9fs Jan 1977
89
91
a3998 Nov 1954
9212 94 04948 Nov 15 1978
145 Nov 1955 & 1956
9312 9412' a4.99s March 1981
a4s M & N 1957 to 1959..___
93
93 4 a499t3 M & N 1957
,
a4s May 1977
93 93 4 a499a July 1967
,
515 Oct 1980
a449s Dec. 15 1971
2491s Feb 15 103310 1940_ 54.15
a4)4s March 1962 dr 1964._ 961.2 9712, a499s Dec 1 1979
9613 9712'
a4948 Sept 1960
96
97 a6s Jan 25 1935
a49is March 1960
9612 9712, a6s Jan 25 1936
0490 April 1966
9612 971z' a6s Jan 25 1937
a4.94s April 15 1972
a Interchangeable b Basis c Registered coupon (serial)
Bid I Ask
9612 9712
9612, 9712
9612! 9712
9612 1 9712
2
9612 97,
10012.10112
10012 10112
10012 10112
10012 10112
100 41 19112
,
1033 10414
0, 01 2
2
3
Coupon.
Bank and Insurance Stocks
Bought, Sold and Quoted
Par Bia
Administered Fund
1 13 52
Amerex Holding Corp
1414
.86
Amer Bankstocks Corp _ .80
Amer Business Shares
7
Amer & Continental Corp—
Am Founders Corp 6% pf 50 1 1,
2
7% preferred
50 12
3
Amer as General Sec el A__•
$3 preferred
• 38
17
8
Amer Insuranstocks
45
8
Assoc Standard Oil Shares_
Bancamerica-Blair Corp.-..
Bancshares, Ltd part site 50e
Basic Industry Shares
•
British Type Invest A....1
Bullock Fund Ltd
Canadian Inv Fund Ltd__ _
Central Nat Corp class A
Class B
Century Trust Shares
•
Commercial Nati Corp
Corporate Trust Shares
Series AA
Accumulative series
Series AA mod
Series ACC mod
Crum & Foster Ins Shares—
Common 11
10
7% preferred
100
Crum & Foster Ins com___•
8% preferred
Cumulative Trust Shares_ _•
Deposited Bank Shs ser A
Deposited Insur 555 A
Diversified Trustee She B_
Dividend Shares
Equity Corp cv prof
Equity Trust Shares A
Fidelity Fund Inc
•
Five-year Fixed Tr Shares__
Fixed Trust Shares A
•
•
Fundamental Tr Shares A..
Shares B
•
Fundamental Investors Inc
Guardian Invest pref w war
Huron Holding Corp
Incorporated Investors_
•
Independence Tr Shares..'
Indite & Power Security...'
Internat Security Corp(Am)
Class A common
Class B common
•
6 A % preferred
100
8% preferred
100
Investment Co. of Amer
New common
10
7% preferred
•
Ask
14.38
16 4
,
.96
89
8
1412
15
5
43
212
58
,
Ask
Par Bild
investment Trust of N Y
378 412
Low Priced Shares
124 _
Major Shares Coro
Mass Investors 'trust
17.00 18.48
Mutual Invest Trust
.91 .99
Nation Wide Securities Co_ 2 76 2 86
Voting trust certificates__
.99 1 09
N Y Bank & trust Shares__
212
No Amer Bond trust etfs__ _
817 855
8
8
No Amer Trust Shares, 1953 1.66
_
2.02
Series 1955
199
Series 1956
.
2 04 2 30
Series 1958
Northern Securities
65
100 55
Pacific Southern Invest pf_• 25
27
Class A
314 414
•
•
12
1
Clasa B
Plymouth Fund Inc el A.100
.72
82
Qu.rterly Inc Shares
I. 12 I 24
Representative trust Shares 7 00 7.73
Royalties Management
3.18
a
.80 1.05
2.59
65
.40
1018 1118
3.15 3.40
2012 2212
I2 212
18.26 19.62
212 3
Second Internet Sec cl A__ _•
1.71
14
1
18
I
Class B common
1.64
•
27
6% preferred
1 64
50 23
1.91 2 04 Selected Amer Shares Inc.. 1 00 1,01)
04 Selected American Shares.. 228
1.91
Selected Cumulative She__ _ 5'27
3 13 --18, 2112 Selected Income Shares_
2
418 43
s
100 104 Selected Man trustees Sha_
13.6, 14.41
1412 17,2 Spencer Trust Fund
104 109 Standard Amer trust Shares 2 55 2 80
.47 .51
Standard Utilities Inc
3 31
• 57 08 81 79
1 93 2.15 State Street Inv Corp
y1.24 3.60 Super Corp of Am Tr She A 2.60
188
AA
62
,
276
2 55 2 85
190
BB
4
412
47/
1.10 1 22
478
23
19
1.10 1.20
2.50 2 80 Supervised Shares
36 31 39.09
3
3,
8
Trust Fund Shares
2 71
.94 1.04
trustee Industry Shares_
6 85
trustee Standard Investmee 187 _
5.89
143
31z
trustee Standard Oil Sirs A 5.04
38
,
4.40 _
1.85 1 82
trustee Amer Bank She B
85 .95
trusteed N Y Bank Snares_
1 20 1.35
10
9
i39 .
35 20th Century °rig series
.25
Serial B
2 25 2.65
15 19 16.33
1 83
United Gold Equities (Can)
117
8
Standard Shares
2 45 2.05
18
USA Brit lot class A corn •
1
14
114
18
Preferred
•
5
8
12
U S Else Lt & Pow Shares A
1.5
11
10, 11 18
,
1
15
ii
1 65 1.76
Voting trust cos
57 .85
Un NY Bank Trust C 3 _
314
4
1912 21
Un Ins Tr Shs ser
112 2
1912 21
Insurance Companies.
Ask
Par 80.1
Par
Aetna Casualty & Surety _10 5114 6314 Ilartford Steam Boller__ _10
,
,
Aetna Fire
10 38 4 40 4 Home
5
1612 Home Fire Seeurity
Aetna Life
10 15
10
55
Homestead Fire
Agricultural
25 53
10
40 Wall
,
American Alliance
10
10 18 4 2014 Hudson Insurance
Whitehall 4-5500
612 612
American Colony
6
Importers & Exp. of N Y_25
American Equitable
5 1612 19
Members New York, Chicago and other Stock and Commodity Exchanges
American Home
10
8,
4 8,1 Knickerbocker new
5
1112 Lincoln Fire
American of Newark... 2(4 210
4312
American Re-insurance _10 41
New York Bank Stocks.
American Reserve
10 1814 1954 Maryland Casualty
2
Par Bid Ask
Ask
Par Bid
American Surety
25 25
2612 Mass Bonding & his
25
100 60
Kingsboro Nat Bk
Bank of Manhattan Co__10 2412 28
,
Automobile
10 1914 20 4 MerchantsFireAsaurcom294
60 15
21;Nat Bronx Bank
Bank of Yorktown
35
100 30
Merch & Mfrs Fire Newark _ 5
25
63
Nat Safety Bank & Tr
4 7 4 Baltimore Amer
Bensonhurst National 100 25
,
41 .
299
3
10
412 612 Bankers & Shippers
2212 Penn Exchange
Chase new
13.55 21
5412 National Casualty
25 51
10
2
100 45
60
City (N al .nal)__
1914 2054 Peoples National
National Fire
471.
Boston
100 453
10
Public National Bank &
Commercial National Bank
National Liberty
25 27
Trust
& Trust
100 125 135
2812 Camden Fire
1814 1914 National Union Fire
20
Fifth Avenue
4
100 980 1020 Sterling Nat Bank & Tr 25 17, 19
10 18 4 2014 New Amsterdam Cas
,
Carolina
5
100 20
25
First National of N Y
100 1415 1455 Trade Bank
New Brunswick Fire
City of New York
100 170 175
10
0
Flatbash National
Yorkville (Nat Bank 00.100 25
35
100 25
35
New England Fire.
Connecticut General LIfe_10 2412 26
,
Continental Casualty
11, 12 4 New Hampshire Fire_ _ _10
2
Chicago Bank Stocks.
New Jersey
20
Eagle Fire
214 312 New York Fire
299
5
Par Bid
Par Bid
Ask
Ask
273 Northern
4
Employers Re-Insurance.10 2,5
12.50
100 64
First National
72
American National Bank &
Excess
1112 1212 North River
2.50
Harris Trust dx Savings_ _100 170 180
Trust
100 110
Northwestern National_ _25
100 380 390
Continental III Bank &
Northern Trust Co
6212
Federal
10 59
100 3412 3514
Trust
37 Pacific Flre
Fidelity & Deposit of N1d-20 35
25
Firemen's of Newark
10
414 514 Phoenix
New York Trust Companies.
,
2114 22 4 Preferred Accident
Franklin Fire
Providence-Washington _ _10
Par Bid Ask 1
Ask
Pf(11 B
11
18
General Alliance
8
912
1
Banes Comm Italians_ __I 00 145
Empire
Georgia home
Rochester American
100 215 235
10
10 2014 22
Bank of New York & Tr..100 305 311 , Fulton
iOOj 287 292
Glens Falls Fire
10 49
Si . Guaranty
2812 30 St Paul Fire & Marine__ 25
Bankers
10 1312 1412 Globe & Republic
20 10
12 1 Irving
10
5
Bank of Sicily
812 1112 Security New IIaven
100 1780 1810 Globe & Rutgers Fire__ _25 35
38 Southern Fire
20
8 Kings County
IC
6
Bronx County
25 33 35
Great American
5 1814 19 4 Springfield Fire Marine 25
100 77 82 Lawyers County
,
Brooklyn
Great Amer Indemnity....1
10
5,4 7 Stuyvesant
Sun Life Assurance
20 217
20 104 108 Manufacturers
1812
100
Central Hanover
37 New York
25 87 90
Halifax Fire
Chemical Bank ds Trust 10 35
10 1812 18
6
7
Hamilton Fire
28 Travelers
100
50 3812 43 Title Guarantee & Trust 20
25 22
Clinton Trust
12
Hanover Fire
100 10
10 2912 3112 U S Fidelity & Guar Co___2
Colonial Trust
4
1212 Underwriters
100 45
55
Harmonia
10 11
10 19 4 21,4 U S Fire
Continental 13k & Tr
,
42 United States
100 1640 1690 Hartford Fire
2 50
20 41
10 4912 5112 Westchester Fire
Corn Each Bk & Tr
z Ex-dividend is Ex-Stock dividend.
e Defaulted.
Ex-coupon.
• No par value.
POTTER
MUM, WINSLOW & York
Street, New
A
Bid
62
60
24
2512
3
4
14
,
16, 17 4
4
,
714
6
8
814 10 4
,
2
24
,
1
214
14
15
31
34
412 0 4
,
6i4 64
7
8:2
5114 53
98
95
614 7 4
,
43
2
123
4 .1
2:
41
3012 33,2
69 22 63
18
81:4 2114
11
111 115
6312
60
6114 63 4
,
8,, 9,2
2412 2612
16 4 2014
,
146 149
2714 29'4
1912
18
98 101
3
2
313 333
398 908
4
512
364 38'.1
23
2412
1697
Financial Chronicle
Volume 139
Quotations on Over-the-Counter Securities- Friday Sept. 14-Continued
ire specialize in
OVER-THE-COUNTER SECURITIES
-SOLD-QUOTED
BOUGHT
NEW YORK CITY TRACTION ISSUES
RYAN & McMANUS
Also in underlying and inactive
Railroad and Public Utility Bonds.
Members New York Curb Exchange
Wm Carne0e Ewen.
New York City
24 Broad Street
Hanover 2-3050
Private Wire Connections to Principal Cities
2 Wall St., New York
Public Utility Bonds.
Miscellaneous Bonds.
Adams Express 48 ___A947
American Meter 68 _ A946
1951
Amer Tobacco 4s
Am Type Fdrs 68 ___.A937
Debenture 6s
1939
Am Wire Fabrics 78 _ _1942
Bear Mountain-Hudson
1953
River Bridge 78
ButterickPublishing 6551936
1961
Chicago Stock dabs.I
Consolidation Coal 4 Ha 1934
1937
Deep Rock Oil 78
Equitable Office Bldg 55 '52
Forty Wall Street Os. _.1958
Haytian Corp 85
1938
_1948
Hoboken Ferry 58
Home Owners Loan IHri '36
Aug 15 1937
15s
Aug 15 1938
28
Aug 11939-1949
2,48
Journal of Comm 6958A937
Loews New Broad Pro tot 11
--------1945
Bid
7612
83
10012
e20
e20
87
Ask
78
_
26
26
92
Maine Central RR 6s__1935
Merchants Rettig 85__ _1937
N Y & Hob Iry 5s ____1946
1946
N Y ShipbRig Is
NorthAmerican Refractories
1944
6a8
1941
Otis Steel 6s Ctrs
Pierce Butler de P 6)0_1942
7312 78
32
34 Prudence Co guar collateral
1961
891z 92
5455
1937
Realty Assoc see 65
r21
24
e37
39 Sixty-One I3way 1st 53-ie '50
5114 5314 Standard Textile Products
1st 6 Hs onas'nted ___194
441. 46
017
19 Starrett Investing 55_..1950
84
87 Struthers Wells Titusville
194
99233 100 44
6%13
,
9831 2 99.41
982144 99144 l'oledo Term RR 4 Hs1957
1939
92244 93 Trinity Bldg 53-18
Witherbee Sherman 68_1944
4412 48
1952
Woodward Iron 58
9218
Railroad Stocks
sk
71
Bid
64
90
73
90
77
---
83812 4112
62
e56
e5
10
e57
83612
48
52
25
3214 3i 4
151
99
963
4
e9
e26
101
9814
12
30
Guaranteed & Leased Line
Preferred
Common
Railroad Bonds
Adams & Peek
Tel. REctor 2-3273
63 WALL ST., NEW YORK
BO vvling Green 9-8120
Boston Hartford Philadelphia
Par
Albany fly Co con 5s 1930_
General Is 1947
Amer States P S 51is 1946..
Amer Wat Wks & Elec Is '75
Associated Electric 55 1961.
Assoc Gas & Elec Co 4.4s '58
Associated Gas & Elec Corp
Income deb 3,158...A978
Income deb 34is____1978
,
1978
Income deb 45
Income deb 41-ls.... 1978
Cony debenture 4.9 1973..
Conydebenture 4lis 1973
Cony debenture 58 1973...
Cony debenture 51 1973
,
0
Participating 88 1940....
Bellows Falls Hydro El 58'58
Birmingham %Vat Wks 53'57
5,tis 1954
Bklyn C & Newt'n eon 5539
Central G & E 5
1946
1st lien coil tr 55 1946
Colorado lower Is 1953._ _ _
Con Laid & Bklyn con 4s '48
Federal P S 1st 6s 1947
I957
Federated Util
42d St Man .4 St Nick 55'40
Green Mountain Pow 55 '48
Ill %Vat Ser lot 581952
Interborough it T Is cgs '66
Iowa So (All 53 1950
-Is
Kan City l'ub Sexy 38 1951
Keystone Telephone 5 Hei '55
Lehigh Vail Trans ref 55 '60
Par
Long Island Lighting 551955
Monmouth Cons Wat 5356
4612 Nassau El RR 1st 55 1944..
-6512 Newport N & Ham Is 1944_
38 New England G & E 55 1962
New York Cent Elea Is 1952
17
N Y Water ser 15 1)51
14
1438 New Rochelle it ater 5128'51
1414 1514 Norf & Portsmouth Tr Sell
153 1614 Okla Natural Gas Is 1948_ _
4
18
19 Okla Natural Gas 68 1946_ _ _
3012 3112 Old Dorn Pow 58.May 1551
31
32 Parr Shoals Power bs 1052..
34 PeninsularTelephone53-is'51
33
38
40 Pennsylvania liter Is 1012..
66
68 Peoples L & P 5 Hs 1941-___
90
92 Publ1c Seri of Colo Is 1981.
98
99 Roanoke W W be 1950
10114 103 Rochester fly 1st .5s 1930.. _
80 Schenectady fly Co 1st 58'46
75
4412 463 Scranton Gas & %Vat 41-6558
4
481z 51
Sioux City 05.5.8 Elec 6s '47
100 10214 Sou Blvd RR 1st 58 1945_ _ _
65 South Pittsburg Water 5860
60
e2412 2612 Tel Bond & Share 5s 1958
4012 4212 Union fly Co N Y 58 1942._
Un Trac Albany 44s2004._
60
88 United Pow & Lt 5s 1947._ _
86
8112 .412 United Pow & Lt (is 1944...
73
75 Wash & Suburban 5Ws 1941
Virginia Power 5a I942.._
52
54
33 Westchester RR bat Is 1943_
32
64
Western 511 53 1960
-Is
61
35
37 Yonkers RR Co gtd 581040.
Bid
e25
e20
44
64
37
16
Ask
Ask
Bid
99
97
8712 8912
95 100
9234 95
33 57
74
71
8712
86
8914 92
11.15 1073
4
553 5714
4
7134 73
453 4712
4
73
71
1013 10312
4
8514 N7I8
29
27
9114 9212
63 653
4
e25
28
e4
8
91
93
8112 8314
60
65
102 104
4614 473
4
75
70
e4
7
86
89
9412 9712
64
66
103
58
_
57 60
-58
65
We deal in
Public Utility
Preferred Stocks
Guaranteed Railroad Stocks.
(Guarantor in Parenthesis.)
Dividend
Par in Dollars.
100
6 00
Alabama, & Vicksburg (III Cent)
.106 10 50
Albany & Susquehanna (Delaware & Hudson)
100
6 00
Allegheny & Western (Buff Roch & Pitts)
50
2 00
Beech Creek (New York Central)
8 75
100
Boston & Albany (New York I:antral)
100
8.50
Beaton & Providence (New Haven)
3.00
100
Canada Southern (New York Central)
4.00
Caro Clinchfield & Ohio(L & N A C Li 07
0-.100
100
6.00
Common 6% stamped
100
5.00
Chic Cleve Mc & St Louis pref(N Y Cent)
50
3.50
Cleveland & Pittsburgh (Pennsylvania)
50
2 00
Betterman stock
2.00
25
Delaware (Pennsylvania)
Georgia RR & Banking(L& N. A CL)
100 10.00
Lackawanna RR of NJ (Del Lack & Western)-100
4.00
Michigan Central (New York central)
100 60.00
3.875
Morris OZ Esser (Del Lack & western)
60
New York Lackawanna & Western(DL & W).100
5.
00
Northern Central (Pennsylvania)
60
4.00
100
7.00
Old Colony (N Y N II & Hartford)
oawego & Syracuse (Del I.ack & Western)_ _..60
4.60
Pittsburgh Bees & Lake Erie(U S Steel)
50
1.50
Preferred
3.00
50
Pittsburgh Fort Wayne & Chicago (Penn)___ _100
7 DO
Preferred
100
7.00
Rensselaer & Saratoga (Delaware & Hudson).100
6.90
100
6.00
St Louis Bridge let pref (Terminal RR)
100
3.00
2nd preferred
Tunnel RR St Louis (Terminal RR)
100
3 00
100 10.00
United New Jamey RT1 & Canal (Penns)
6 00
Utica Chenango & Susquehanna(D L & W)_100
5.00
Valley (Delaware Lackawanna & Weetern)_100
Vicksburg Shreveport & Pacific (Ill Cent)
160
5.00
Preferred
100
5 00
50
3 50
Warren RR of N J (Del Lack & Western)
50
3.00
Went Jersey & Sea Shore (Penn)
BIB.
82
195
92
32
112
150
49
73
80
85
72
42
42
155
70
850
61
88
83
82
65
32
64
147
160
114
123
61
123
223
88
85
67
68
50
60
W. D. YERGASON & CO.
Ask.
87
200
96
34
117
Dealers in Public Utility Preferred Stocks
Tel. HAnover 2-4350
Public Utility Stocks.
-. 2
5
76
84
89
7411
45
44
160
75
-6312
92
86
85
70
35
ia
165
118
127
64
127
228
92
-'ii.
72
55
63
Railroad Equipment Bonds.
Atlantic Coast Line 68
Equipment atilt
Baltimore ,k Ohio 55
Equipment 43.18.8 55....
Buff Roch & Pitts equip 68_.
Canadian Pacific 4 Hs & (is_
Central RR of N J 65
Chesapeake & Ohio 68
Equipment 83is
Equipment As
chicago & North West 6s
-is
Equipment 8)
Chic It I & l'ac 43-4s & us...
Equipment 68
Colorado & Southern 68__
DelftWilre & Iludson 65_
Erie 43 55
-is
Equipment Os
Great Northern 68
Equipment Is
Flocking Valley re
Equipment 6s
Illinois Central 4 Hs dr Ss..
Equipment 613
Equipment 78 dr 6;45 .
Bid
2.50
300
2.50
4 00
3.50
4.00
3.75
2 00
3.00
3.75
5.75
6.75
8.50
8.50
3.50
2.00
4.00
4.00
2.50
4.00
3.50
200
3 75
2 50
4.01)
Ask
1.00
2.00
1 50
3 25
2 00
3.00
3.25
1.00
2.00
3.00
4.50
4.50
7.00
7.00
2.50
1.00
3.25
3.25
1 50
3.00
2.75
100
3 00
1.50
3.25
Kanawha & Michigan Bs__
Kansas City Southern 6 Hs_
Louisville & Nashville Os.. _
Equipment 6 He
Minn St P & SS M 4 Hit & bs
Equipment 63 & 75
-Is
Missouri Pacific 834s
Equipment Os
Mobile & Ohio As
New York Central 4 Hs & 55
Equipment 65
Equipment 75
Norfolk & Western 4 Hs____
Northern Pacific 75
Pacific Fruit Express 75....
Pennsylvania RR equip 58_
Pittsburgh .8 Lake Erie 63Is
Reading Co 4 Hs & 58
St Louis & San Fran 55....
Southern Pacific Co 41.0.._
Equipment 78
Southern fly 4;0.855
Equipment Is
Toledo .8 Ohio Central Os...
Union Pacific. 7s
BOB
3.00
4.25
2.50
3.75
6.00
6 00
9.00
9 00
9 00
4 00
2 50
2 50
1 50
2 50
2.00
3.25
3.00
3.75
9.00
4 00
2 00
4 20
4 00
3.00
2.00
Ask
1.50
3 50
1 10
3.25
5 00
5 00
6.00
6.00
7.00
3 25
1 50
1 60
1.00
1 00
I 00
2 75
150
3 25
7.00
3 25
1 25
3.50
3.25
2.10
1 00
Aeronautical Stocks.
Par Bid
5
Aviation See Corp (N E)._•
•
1
Central Airports
Ask
Par Bid
7 Kinner Airplane & Mot...)
3 Warner Aircraft Engine___•
New York
30 Broad Street
Par Bid Ask
Ask
Par Bid
Metro Edison $7 pref B___• 733 76
4
41
Alabama Power $7 pref_100 z39
7512
3312
Arkansas Pr & Lt $7 pre_ _• 32
6% preferred ser C____• 73
14
1
Miss Riv Pow 6% pre__ WO z76
82
Assoc Gas & El orig pre __•
12
112 X.lo Pub Ser4 $7 peel....100
3
6
•
16.50 preferred
12 112 Mountain States Pr corn..•
112
57 preferred
•
7% preferred
100
8
Atlantic City Elec $6 pret-• 8212 8512
99
Nassau & Suffolk Ltg p1100 30
32
Bangor Hydro-El 7% p1_100 98
Nebraska Power 7% pref100 90
92
Birmingham Elan $7 Pref. * 2312 25
Broad Riv Pow 7% pf_ _100 30
32
Newark Coiasol Gas
100 103 106
1.812 New Engl G & E 53-1% lif.• 321 33,2
Buff N lag & East pr pret_25 17
Carolina Pr & Lt $7 pref....' z32
35
New Eng Pow Assn 617,, 0100 1391 4012
32 New Jersey Pow & Lt $6 pt • 70
7314
6% preferred
• z29
•
9
11
Cent Ark Pub Sett pref_100 62... New Oil l'ub Serv $7 pf
,
Cent Maine Pow 6% 01.100 611 64
N Y & Queens E L P p1100 100
7212 Northern States Pr $7 pf 100 531 b(i12
$7 preferred_ _ ......100 70
84
Cent Pr & Lt 7% pref..100 16
10
86
17,2 Ohio Power 6% prof
1
• zal
Ohio Edison $6 pref
Cent Pub Set'', Corp Pret•
62 12
• x71
Cleve Elan (11 6% pref _100 10714 10914
73
$7 preferred
.
Co,urnbus Ry. Pr & Lt
62
68
71
OhloPure Sered6% Pf---100 z80
7% p bfer rv .
100 z70
73
let $6 Preferred A_. .100
100 74
4
pref
77
$6.50 preferred B
100 573 61 Okla G & E
Coneol Traction(N J)._ _100 34
36
Pug Gas & Elan 6% p1...25 2112 2212
6212 Pacific Pow & Lt 7% 131-100 1312 15
Consumers Pow $5 pref. -e z60
7212 Penn l'ow & Light $7 peel.' 85
100 170
87
6% Preferred
75 Philadelphia Co $5 pref_ _50 47
6.60% preferred
100 z73
51
42
Continental Gas & El
Piedmont Northern Ry _100 35
38
7% preferred
Pub Serv of Colo 7% pf..100 178
_
100 35
78
Dallas Pow & Lt 7% pref 100 100
Puget Sound Pow & Lt
• 1412 1612
Dayton Pr & Lt 6% pref100 9194
$5 prior preferred
88
Derby Gas & Elec $7 pref.' 5612 5912 Roch Gas & Elec 7% pref B_
74
6% preferred C
Eeaex-Iludnon Gas
70
100 164
Foreign Lt & Pow units_ _.
7312 ___ Sioux City GA E $7 peel
37'z 3912
Gas & Elec of Bergen__ .100 102
80
___ Som'set Un & Micrsex Ltg
Hudson County Gas..._100 164
Sou Calif Ed pref A
25 211 i212
Idaho Power 16 pref
* 63 67
Preferred 13
25 171 183
s
7% preferred
100 67
71
South Jersey Gas & Elec_100 18512 17012
Illinois Pr & Lt 1st pref___• 1212 1312 Tenn Elec Pow 6% pret..100 44
4612
Interstate Natural Gas._ --•
1112 1312
7% preferred
100 49
5112
Interstate Power $7 pref __•
7
7 3 Texas Pow .8 Lt
4
pref
78
7812
Jamaica Water Supply 0.50 48
5034 Toledo Edison 7% pf A.100 577
7912
Jersey Cent P & L 7% 01100 60
6312 United G & E (Conn) 7% Pf 159
6112
Hamm Gas & El 7% Pf 100 174
76
Uialted G & E(N J) pref 100 48
5012
Kings Co Ltg 7% pref 100
77
80 Utah Pow & 14 $7 Pret
1512 1712
Long Island Ltg 6% pf. 100 45
47 Utica Gas & El 7% pref..-.
771 80
5)
4 614
56
Util Power .8 Lt 7% peel...
100 53
7% Preferred
Los Angeles G & E 6% p1100 90
93
Virginia Railway
571 61 12
Memphis Pr ,k Lt $7 pref__• 149
53 Wash fly & Elec com___100 315 340
1)1915183413P1P & L $6 Pref-263
4
b% Preferred
100 98 100
• 25
Western Power $7 pref 100 8112 85
Associated Gas & Electric System
Securities
Inquiries Solicited
S. A. O'BRIEN & CO•
Members New York Curb Exchange
Ask
54
78
150 Broadway, New York
75 Federal St., Boston
COrtlandt 7-1868
Hancock 8920
Direct private telephone between New York and Boston
Financial Chronicle
1698
Sept. 15 1934
Quotations on Over-the-Counter Securities—Friday Sept. 14—Concluded
‘TrirrU8
We Specialize in
•FU LLER CRUTTEN DEN •& COMPANY
PUBLIC UTILITY
An International Trading Organization
Brokers for Banks and Dealers Exclusively
Preferred Stocks and Bonds
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
Gearhart & Lichtenstein
99 Wall Street, New York
A. T. &
Teletype-New York-1-852
Tel. WHitehall 4-1356
German and Foreign Unlisted Dollar Bonds.
Industrial Stocks.
Par Bid
Ask
As
12
16
---- Herring-Hail-Mary Safe.100
Howe Scale
100
114
12
.
Preferred
100
_
814
industrial Accept pref_ 100 20 -24
Eg3- International Textbook_ __•
23
4
8
13e
758 914
138 King Royalty corn
69
8
74
$8 Preferred
183 Lawrence l'ort Cement__100
9
4
7
14
5,
101 Liberty Baking corn
.
3
512
5112
100
Preferred
9 Locomotive Firebox Co...'
312 5
377
s
Macfadden Publica'necom
318 418
24
22
3
Preferred
• 293 3134
4 Merck Corp $8 prof....100 zI21 125
2
14
19
58
National Casket
15
25
104
Preferred
112 3 National Licorice com___100 30
5 Nat Paper & Type pref _100
1
5
35" 40 New Haven Clock pref. _100 32 37
3
3 New Jersey Worsted pref 100
56
l8
3
418 Northwestern
_100 x149 154 88
1, NorwIt Pharmacal Co.__ _• 85
2
Yeast_.
4911 503 Ohio Leather
18
4
• 15
3112 343 Okonite Co $7 pref
33
4
100 18
Publication Corp corn
• 13
1512
$7 let preferred
100 8212
153 173
4
4
10712 11012 Riverside Silk Mills
• z23
25
912
1021 4
Rockwood di Co
•
2912
100 38.2...
Preferred
5
6
Ruberold Co
100 27
2014 21 Scovill Mfg
z
25 19
2012
3
4
112 Singer Manufacturing_ __100 176 180
314 512 Standard Cap di Seal
5 25
30
5
8 112 Standard Screw
100 5612 55
x23
2512 Stetson (J B) common _ _•
8
1012,
91
Preferred
25 15
12 1 Taylor Milling Corp
•
11 4
1) -- -11712 2012 Taylor Wharton Ir&St corn •
155 314
102
Preferred
100
612
45 TennProducts Corp pref _50
40
lts 3
65 Tubize Cha Wien cum pf _100 47
57
5112
28
33 Urexcelled Mfg Co
8
10
212 33
4
1634 183 US Finishing prof
100
13
8 338
48
52 Welch Grape Juice pref.
.100 6412 69
West Va Pulp di Pap corn _.•
67
79
93e 107
8
8
13
Preferred
100 82 ____
1714 183 White Rock Min Spring—
4
$7 let preferred
13
100 95
4 212
9
11
Wilcox-Gibbs corn
50 21
Si) 65
Woodward Iron
100
112 334
4
512 Worcester Salt
100 4212 4712
25
30
Young (3 9) Co corn....100 73
2
2318 247
100 100 ____
7% preferred
Par Bid
Adams-Mills Corp. DI-100 91
Aeolian-Weber P & 1)—
18
Preferred
100
American Arch $1
• 141.
American Book $4
100 5347
1
American Canadian Prop_ _•
512
American Hard Rubber_ _50
25 x18
American Hardware
614
American Mfg
100
Preferred
100 43
712
American Meter corn
Andlan National Corp....' 3514
*
Babcock & Wilcox
100
Bancroft (Jos) SC S0119 corn.*
Preferred
100
Elliss(E W)1st pref
50
2d pref B
10
Bohn Refrigerator pref__100
Bon Aml Co B common_ _.•
Bowman-Biltmore Hotels_•
___I00
1st preferred__
2nd preferred_ _... ____100
Brunsw-Balke-Colpref__100
Bunker II & Sullivan corn 10
Canadian Celanese corn_ •
Preferred
100
carnation Co $7 pref __ .100
Clinchfield Coal Corp p1100
Color Pictures Inc
Colts Patent Fire Arms_ __25
Columbia Baking corn....'
1st preferred
2d preferred
•
Crowell Pub Co $1 com_ •
$7 preferred
100
De Forest Phonofilm Corp..
Dictaphone Corp
•
Preferred
100
Dixon (Jos) Crucible
100
Doehler 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 Fireprooflog $7 o1...100
Graton &
•
Preferred
Knightcora i61:1
Great Northern Paper.._25
Anhalt 7e to 1946
124
Argentine 5%. 1945, 6100
92
pieces
125
Antioquia 8%, 1946
AustrianDefaultedCoupons 190-120
Bank of Colombia, 7%,'47
Bank of Colombia, 7%,'48
Bavaria 655s to 1945
Bavarian Palatinate Cons.
Cit. 7% to 1945
Bogota (Colombia) 655, 47
Bolivia 89,1940
Buenos Aires scrip
Brandenburg Elec. 6s, 1953
Brazil funding 5%, '31-51
Brazil funding scrip
tintlsh Hungarian Bank
7555, 1962
Brown Coal Ind. Corp.
654s, 1953
Call (Colombia) 7%, 1947
Callao (Peru) 754%. 1944
Ceara (Brasil) 8%. 1947..
Columbia scrip Issue of '33
Issue of 1934
Costa Rica funding 5%,'51
City Savings Bank, BudaDest, 75, 1953
East Prussian Pr. Cs, 1953_
European Mortgage & In'
vestment 755e. 1966....
712s. 1950
French Govt. 555e, 1937..
French Nat. Mall SS.68,'52
Frankfurt 7s to 1945
Bid
Ask
102
9912 ---96
94
96
93
98
87
89
99 101.
_ 100
101
10312
102 102
Edison Bros Stores pref.100
Fan Farmer Candy Sh pt..'
Fishman(M II) Stores _ _•
Preferred
100
Great A& P Tea pf__ - _100
Kobacker Stores pref.
Kress(S II) 6% pref
Lerner Stores oref
e Defaulted.
f Ex-coupon.
Z
/45
46
/56
57
/60
124
6112
2712
/24
/21
29
22
/34
/3212
132
38
- r
sz
/4312
/241 2
/43
/25
4712
27
46
29
Saarbruecken M Bk 6s, '47 ./73
77
Salvador 7%. 1957
34
/31
Salvador 7% etl of dee '57 /2512 27
Salvador scrip
113
17
Santa Catharine (Brasil),
8%, 1947
12212 2412
1212
33 Santander (Colom) 7s, 1948 /11
Sao Paulo (Brazil) 6s, 1943 /2312 25
35 Saxon State Mtge. 68, 1947 140
51
Serbian 5s, 1956
2812 3012
0
/36-48
- - 12 Serbian coupons
2
270
35 Stem dr Heist° deb 6s, 2930 /220
State mtg Bk jugosl 501956 27
30
81
coupons
135 48
9612
Stettin Pub Utll 7s. 1940_ /31
34
2612
/38
31 Tucuman City 7s, 1951 _ _
40
49 Tucuman Prov. is. 1950._
76
72
Tucuman Scrip
120
25
4014 Vesten Eleo Ry 75. 1947_ /22
25
Wurtemberg 7s to 1945..
30
---
Ask
Par
Lord & Taylor
11
100
let preferred 6%
52
100
2nd preferred 8%
212
100
714 Melville Shoe pret
100
....„ Miller (I) & Sons pref__ _100
MockJude&Voehrger pt 100
80
_- Murphy (G C)8% pref_100
373
4
1412 Nat Shirt Shops (Del).—*
10
let preferred
99
84
100
2nd preferred
124 127
100
100
10
100
11
85
Reeves (Daniel) pref__ _100
42
113 Schiff Co preferred
4
100
95 81 rl Stores nreferred ..100
dek
Par Bid
Amer Dist Teleg(N J) corn • x70
75
Preferred
100 x110 112
Bell Telco of Canada_
100 11912 122
Bell Telep of Penn prof..100 11514 11714
Mein & Sub Bell Telep .50 6312 6612
Cuban Telep 7% pref
30
100 20
Empire & Bay State Tel_100 493 59
4
Franklin Teleg $2 50
100 3712 92
lot Ocean Teleg 6%
100 7512 83
Lincoln Tel & Tel 7%
• 85
Mount States Tel & re1.100 10714 10V
New England Tel & '1).1_100 9214 9112
Realty, Surety and Mortgage Companies.
•No par value.
35
40
Ask
Bid
150 190
87 ---90--2
1021/ 101114
1612
70
60
103 110
214
1
22- _
E0
30
87
8912 95
8
4
Telephone and Telegraph Stocks.
77
80
10112
98
9612 - - -10 2
8
Par Bid
Bid
Ask
14
_
1
41
Bond & Mortgage Guar_20
3 Lawyers T1t &le Guar100
18
Empire Title & Guar__ _100
15
N Y Title & Mtge Corp_ _10
7
8
Lawyers Mortgage
20
130
/35
/6312 6512
164
178
173
16412 16712
28
/24
Par Bid
13ohack (H C) corn
512
•
7% preferred
100 42
Butler (James) corn....100
12
Preferred
314
100
Diamond Shoe pref
100 62
10212
191
95
Bid
Bid .451
Ask
10312 104 I Norf & Portim'th Trac 5s '36 106
1003.1 10114 Nor floe Ltg Prop 5)6s_1937 10212
10412 105 Texas Pow & Light 5s_ _1937 102 103
102,2 10312
POT
/30
35
29
29
Chain Store Stocks.
Short Term Securities.
Consumers Power 5s....1936
Edison El III (Bus) 3s-1937
Gulf 011 of Pa Ss
1937
Long Island Lig 5s
1936
/5112
/30
/25
124
Bid I Ask
Bid I Ask
Union of Soviet Soo Repub
Union of Soviet Soc Repub
7% gold rouble____19431 87.621 ____ 1 10% gold rouble. 1942 87.621
• Quotation per 100 gold rouble bond equivalent to 77.4234 grains of pure gold.
Water Bonds.
Hunt:ton W let 6s'54...IVI&S
1st m .5e 1954 ser B__M&S
96
5s 1962
96 Joplin W W 5s 57 ser A MdiS
103 Kokomo W W 5s 1958_1&D
9913 NIonm Con W 1st 5s'56 J&D
99 Monon Val W 5)5* '50-J&/
RIchm W W let 58'57_151&N
02 St Joseph Wat 5s 1941.A k0
So Pitts Wat let 5s'55.F&A
1st di ref 58880 ser A _J&J
1st & ref 5s'60 ser 13 _J&J
Terre site WW 6s 49 A J&D
1st m 58 1956 ser B..JAcll
Texarkana W 1st 5558 F&A
89 Wichita Wat 1st (is '49_11A&S
96
1st m 5)1'56 ser B.._ F&A
1st in 58 1960 ser C_M&N
86
r,x dividend.
137
11112
/5
/513
152
13612
52
Mannheim dr Palat 7s, 1941
Munich ls to 1945
Munie Bk, Hessen, 7s to '45
Municipal Gas & Elea Corp
Recklinghausen, 7s, 1947
Nassau Landbank 634s, '38
Natl. Bank Panama 654%
1946-9
5812 Nat Central Savings Bk of
IIungary 755e, 1962...,
42 National Hungarian & Ind.
Mtge. 7%, 1948
1212
8 Oberpfalz Elec. 7%, 1946._
8 Oldenburg-Free State 7%
to 1945
54
3812 Porto Alegre 7%, 1968....
54 Protestant Church (Germany), 7s, 1946
53 Prov Bk Westphalia (is, '33
Prov Bk Westphalia 6s, '36
43
25 Rhine Westph Elea 7%,'38
29 Rio de Janeiro 6%, 1933..
Rom Cath Church 655s,'46
33 R C Church Welfare is. '46
*Soviet Government Bonds.
111 BROADWAY, NEW YORK CITY
Members New York and other stock and commodity Exchanges.
.45k
15612
German Atl Cable 7s, 1945 131
German Building ,k Landbank 655%, 1948
129
German defaulted coupons.
German scrip
119
German called bonds
/25
Haiti 8% 1853
7912
Hamb-Am Line 655s to '40 /9412
Hanover liars Water Wks.
124
6%, 1957
Housing & Real Imp 7s,'46 /29
Hungarian Cent Mut 7s.'37 /47
Hungarian Discount & Exchange Bank 7s, 1963_
13914
Hungarian defaulted coups /30-70
I Flat orlee.
LIVINGSTON & CO.
1 2
0
Bid. Ask.
Hungarian Ital Bk 73.4s,'32 179
Jugoslavia 5s, 1956
2812 11:1 2
1Jugoslavia coupons
/36-48
28 Koholyt 615s, 1943
/31
---- Land M Bk, Warsaw 88,'41 17212 /E12
Leipzig Oland Pr. 655s,'46 /42
46
26 Leipzig Trade Fair 75, 1953 /37
39
Luneberg Power, Light &
26
Water 7%,1948
29
/45
50
23
120
4
/183
4 193
712
/6
41
./39
125
27
68
683
4
-168
Dortmund Mun Utll 68,'48 /40
Duisburg 7% to 1945
120
Duesseldorf 7s to 1945.... /25
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.
Bid
Alton Water 5s 1956__A&O 100
Ark Wat 1st 5s A 1956.A.40 99
Ashtabula W W 55'58.A&O 94
Atlantic Co Witt 5858 M.48 94
BIrm WW Ist )50 A.
54A dr() 102
151 m 5s 1954 ser B_J&D 9812
1st 55 1957 series C....FAA
98
Butler Water 5s 1957_ _A&O 96
City of Newcastle Wat 5s'41 100
City W (Chat) 58 B '54 J&D 101.
1st 58 1957 series C _M&N 101
Commonwealth Water
FAA 10012
1st 5s 1956 B
1st m 5s 1957 set C..FAA 10012
Davenport W 58 1961._J&J 102
E S L & Int W 5s 1942_J&J 87
1st m 6s 1942 ser B J&J 94
FAA
lot 5819 608er D
84
•No par value. e petaulteu.
/24
124
126
Ask.
29
Par
New York Mutual Tel__100
Northw Boll Tel p15)4% 100
Pac & Atl Teleg US 1%.25
Peninsular Telephone coin_ •
l'referred A
100
Roch Telep $6.50 tat pf.100
So & Atl Teleg
Sou New Engl Telep___ _100
S'western Sell Tel, p(
100
TM States Tel Zs Tel
Preferred
10
Wisconsin Telco 7% pref 100
Bid
AO
16
2212 251,1
14
11014 112
4
68
10012
1612
10314
119
512
71
_
19
10514
121
914 1012
109 113
Sugar Stocks.
Ask
2
3
8
Fajardo Sugar
Ilaytian Corp Amer
E x-dividend.
Ask
Par Bid
Par Bid
• 87121
88 Savannah Sugar Ref
100 84
•
7% preferred
100 100
1, 112
United Porto Rican ctfs---•
12
Preferred ctfs
•
Ala
92
--
1699
Financial Chronicle
Volume 139
General Corporation and Investment News
-MISCELLANEOUS.
RAILROAD-PUBLIC UTILITY-INDUSTRIAL
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.
-The following
Monthly Gross Earnings of Railroads
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:
1933.
1932.
-Earnings
Alpha Shares, Inc.
Earningsfor 6 Months Ended June 30 1934
Length of Road.
Dross Altana.
Month.
Sept. 20. A like amount was distributed on July 2. Apr. 2 and Jan. I last.
The previous quarterly payment was made on Jan. 2 1933.
Arrearages, after the July 2 distribution, will amount to 5%.-V.138.
p. 4119.
Dm.(+)Of
Dec.(-)•
Per
Cent.
-46,000.776
52,380.018
89.022,941
-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
Cash dividends
Bond interest
$1.186
1,189
1932.
Total income
Expenses
$2,375
606
1933.
81.769
Net income
Mites
3,836
Net profit on sales of securities
241.991
241.467
55.605
Total income
241.489
622
Federal income tax
242.160
242,143
Net profit for the period
242.333
49
2 6 83
$ ,62
share paid April 30 1934
Div.
241.906 ......., of 15 cents per
...-V. 139. 130• 1544
.
242,358
1-4?...
239.904
114 1-41 4
Aluminum Co. of America-Preferred Dividend-4 242.177
The directors have declared a dividend of 37% cents per share on the
244.143
'
6% cum. pref. stock, par $100, payable Oct. 1 to holders of record Sept. 15.
240.950
Similar distributions have been made each quarter since and incl. Apr. 1
1933, as compared with 75 cents per share in each of the four previous
.
1933
1934.
1934.
1933.
quarters. Following the Oct. 1 1934 payment, accruals on the pref. stock
January __ _ 257.719,855 226,278,523 +31.443.332 +13.90 239.444 241.337
-V. 139, p. 1544.
will amount to 310.873 per share.
Februsry _
248.104,297 211,882,826 +36.221,471 +17.10 239.389 241,263
292,775,785 217,773,265 +75,002,520 +34.44 231.228 241.194 'American Capital Corp.
-d ,.March
-Cent Preferred Dividend
-75
+40.456,313 +18.02 239.109 241,113
265,022.239 224,585,926
April
The directors have declared a dividend of 75 cents per share on account of
281,627,332 254,857,827 +26.769,505 +10.50 238.983 20.908
May
$3 cum. pref. stock, no par value, payable Sept. 25
accumulations on the
282,408,507 277,923,922 +4,482,585 +1.81 239,107 240,932
June
to holders of record Sept. 15. Similar distributions were made on this
275,583.676 293,341,605 -17.757,929 -6.05 239.160 240,882
July
Issue June 4 and March 15 last and on Dec. 28 1933. The latter payment
was the first made since Oct. 1 1931.
Inc.(+107 Dec (-1.
Net Earnings.
Accruals on the pref. stock, after the June 4 payment, will amount to
Month
-V. 139. p. 749.
$6 per share.
Per Cent.
Amount.
1932.
1933.
JanuarY---,
February - March
April
MSY
June
July
A usust
September..
October
November_ _
December.
228.889.421
213.851.168
219.857,806
227.300,543
257,963,036
281,353.009
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
287,480,682
254,378.672
245.869,626
237.493.700
251,782,311
272,059.765
298,084.387
263,225.841
245,760.336
Mites
241,881
241,189
240.911
241,680
241.484
241,455
241.348
241.166
240.992
240.858
242.708
240.338
January
February
March
April
May
June
July
August
September
October
November
December
$
48.603.287
41,460.593
43.100.029
52.585.047
74.844.410
94,448,669
100.482.838
96,108.921
94,222.438
91.000.573
66.866,614
59,129,403
8
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
98,337,561
63.962,092
57,861.144
8
-381.700
-14,727.011
-26.266,013
-3,676,793
+27.428,140
+47.429.940
+64.334.821
+33.555.892
+11.129,616
-7.336.988
+2.904.522
+1.268,269
January
February
March
April
May
June
July
1934.
62.262,469
69.923.775
83.939.285
65,253,473
72,084,732
74,529,258
67 ARO 491
1933.
44.978.266
40.914.074
42.447.013
51.640,515
73,703.351
1)2,967.854
98.803.830
+17.284.203
+19.009.701
+41,492.272
+13.612.958
-1,618.619
-18.438,598
-31.234.339
-0.79
-26.21
-36.94
-6.55
+57.85
+100.87
+117.74
+53.64
+13.39
-7.46
+4.54
+3.19
+38.43
+46.46
+97.75
+26m
-2.20
-19.83
-31.61
1 -e
4?
-Extra Dtstribution
& Straus, Inc.
The directors have declared an extra dividend of 15 cents per share
In addition to the regular quarterly distribution of 30 cents per share
on the common stock, no par value, both payable Sept. 29 to holders of
record Sept. 21. Similar distributions were made in each of the two
preceding quarters.
--V. 139. p. 588.
4
-F. W. Sey-New Control
American Gas & Power Co.
mour Syndicate Buys 51% of Voting Stock of Community
Gas & Power Co.
Control of the company has been acquired by a syndicate headed by
F. W. Seymour President of the company, by cash purchase of 51%
holding company
of the voting stock of the Community Gas & Power
Co.,
for American Gas & Power, from the estate of the late A. E. Fitlrin.
The transaction was contingent upon the placing of approximately
$1,000,000 of American Gas & Power Co.'s 6% debentures, of which
there are outstanding $5,490,000 due Dec. 1 1939. The bonds were sold
abroad.
The present arrangement marks the second time that ownership of
American Gas & Power Co. has changed hands in the past two years.
Originally a subsidiary of the American Commonwealths Power Corp..
American Gas & Power was acquired by the late A. E. Fitkin in 1932
from the receivers of American Commonwealths, subject to the right
of the receivers to repurchase the stock prior to Jan. 18 1933.
As a result of the sale, W. C. Fitkin has resigned as Chairman of the
board of the company. He will, however, retain a place on the board.
to whicn will be added tne names of A. F. Traver and H. H. Hite,associates of Mr. Seymour, to fill resignations of R. J. Ritcttie and P'. H.
frtze.-V. 138. p. 4288.
-Earnings
American Seating Co.(& Subs.)
1934
6 Mos.End. June 30-$1,145,656
Sales
Cost ofsales
1 1,131.206
Admin. & sales ezPs
J
60,360
Depreciation
$45.910
51.508
$164,726
43,161
$293,571
44,070
$124,339
73.092
Loss from direct oper_ prof$5,598
Interest on gold notes86 549
.828
.
39
Other expenses
---
$121,565
89.540
37.642
$249,501
94,221
27,098
$51,247
120.000
19.493
Perating loss
4cadia Sugar Refining Co.-AccumulatedDividend4e14/Ketrincome
t
A dividend of 15 cents per share was paid Sept. I on account of accumulations on the 6% cumulative preferred stock, par $5, to holders of record
Aug. 18. Similar distributions were made on June 1 and Dec. I last. After
the payment of the Sept. 1 dividend accumulations amounted to 52 cents
-V. 139. P. 270.
per share.
-Cent Extra Dividenddel- et-te
-124
--'-Acme Steel Co.
The directors have declared an extra dividend of 12% cents per share
In addition to the regular quarterly dividend of 37.14 cents per share on
the capital stock, par $25. both payable Oct. 1 to holders of record Sept. 20.
Extra distributions of like amount were made on July 2 and Jan. 2 1934.
On April 2 last the regular quarterly rate was increased from 25 cents
-V. 138. p. 4119.
per snare to 37% cents per share.
-Resumes Common Dividends
"'Adams Royalty Co.
--
The directors have declared a dividend of5 cents per share on the common
stock, no par value, payable Oct. 1 to holders of record Sept. 20, the first
since July 1 1927 when a quarterly dividend of 50 cents per share was made.
-v. 139. p. 1074.
.
-414 e"
-Cent Dividend
-10
--Aetna Life Insurance Co.
-The directors have declared a dividend of 10 cents per share on the
capital stock, par $10, payable Oct. 1 to holders of record Sept: 8. A similar
distribution was made on July 2 last, the first since Apr. 1 1932 when a
-V.138, .42 5.
quarterly distribution of 30 cents per share was made.
-Extra Dividend of $I.
"Air Reduction Co.
-
,
1931
1932
1933
$674,613 $1 258,783 $1,742.205
1,190,569
(956,542
778,559
573,975
530.358
102.000
65,454
60.780
$190,740
$370.820
$248.747
$120,779
Net loss
For the quarter ended June 30 1934 net loss was $39,474 after taxes
and charges against net loss of $106,150 in the June quarter of 1933.
Current assets as of June 30 1934, including $1,073,270 cash and shortterm United States Government securities, amounted to $3,639,272 and
current liabilities were $147.557, comparing with cash and United States
Government securities of $1.18'7,044, current assets of $3,576,155 and
current liabilities of $116,153 on June 30 of previous year. Inventories
totaled S1,241,033, against $790,717. Capital stock amounts to 202,875
-V. 138, p. 3936.
no par shares, excluding shares in treasury.
-Sales
American Stores Co.
1934-8 Mos.-l933
-1933
1934-5 Weeks
Period End. Sept. 1$10.298.271 89,900.972 $76,552,353 $72.436.695
Sales
-V. 139. p. 918.
American Telephone & Telegraph
Telephones
Co.
-Gain in
The company reports for August a net increase of 10,750 telephones in
service throughout the Bell System. This compares with a loss of 20.750
iii August 1933. For tile first eight months of 1934 the system had a net
Increase of 167.250 telephones, compared with a net loss of 716.750 in the
like period of 1933.-V. 139. p. 1545.
The directors have declared an extra dividend of $1.50 per share in
addition to the regular quarterly dividend of 75 cents per share oil tile
capital stock, no par value, both payable Oct. 15 to holders of record
-Weekly Output
Sept. 29. An extra distribution of 75 cents per share was made on Oct.
American Water Works & Electric Co.
16 1933. Extras of $1.50 per share were also made on Oct. 15 1931. 1930
Output of electric energy for the week ended Sept.8 1934. totaled 29,154,and 1929.-V. 139, p. 588.
000 kilowatt hours,a decrease of 14% from the output of 33,920,000 kilowatt
hours for the corresponding period of 1933.
.
Mfg. 8c Electrica_15 rp.-Removed from Dealing-kat ..,Comparative table of weekly output of electric energy for the last five
1
. o
. i
-Al
--Tile New York Produce Exchange as removed from dealing the common
years follows.
-V. 135. P. 299.
stock in-par.
1931
1930
1932
1933
1934
Wk. Ended18
31.342,000 36,370,000 24,000,000 30,581.000 33.757,000
-Extra Dividend
Fire Insurance Co.
-...--.Allemania
Whe ug. 25
30,790.000 36,289,000 24.085,000 29,7:14.000 34,399,000
ug.
The directors have declared an extra dividend of 10 cents per share in
30,787,000 36,471,000 25,727,000 30,475.000 34,051,000
Sept. 1
addition to the regular quarterly disbursement of 25 cents per share on the
x29,154.000 33,920,000 25,694,000 29,876.000 32,674,000
Sept. 8
capital stock, par $10, both payable Oct. 1 to holders of record Sept. 20.
-V.139, p. 1545.
Includes Labor Day.
amounts were distributed in each of the three preceding quarters.
Like
-v. 138. p. 4119.
-No Action on Preferred Dividend
American Woolen Co.
Corp.-R:soved from DealingThe directors at their meeting held Sept. 10 took no action in the matter
-Allied
of declaring a dividend on the 7% cumulative preferred stock. It was
The ew York Produce Exchang has removed from dealing the $3
class A stock, no par.
...
stated that this action was deemed advisable because of the uncertainty of
-V. l9, p.
ed stock, no par and
cony. p
business and general conditions in the woolen and worsted industry.
588.
Two distributions of $1.25 each were made on July 16 and April 15 last,
4"2./
,
.
l
this latter payment being the first made on this issue since Apr. 15 1927,
Aloe Co.
-Preferred Dividend
tA.S.)
-V. 139.
when a regular quarterly dividend of $1.75 per share was paid.
A dividend of 1,i% has been declared on the 7% cum. pref. stock, par
F. 918.
3100. on account of accumulations, payable Oct. 1 to holders of record
.
1700
Financial Chronicle
Anglo-American Corp. of So. Africa, Ltd.
-Earnings---
Results of operations for the month of August 1934, follow:
South African Currency
Tons
Total
Milled
Revenue
Costs
Profit
Bralcpan Mines, Ltd_ _ _ _
127,000
£227.187
£126,816
£100,371
Daggafontein Mines,Ltd.
83.000
195,638
90,305
105,333
Springs Mines, Ltd
88,500
239.671
89.330
150,341
West Springs, Ltd
91,600
96,769
71,636
25,133
Note -Revenue has been calculated on the basis of £6.18.0 Per ounce
fine.
-V. 139. p. 1076.
Apponaug (R. I.) Co.
-Earnings.
Years End. June 30Gross profit
Gen. Odin. & sell. ox a....
1934.
$339.987
174.106
1933.
$121,143
174,300
1932.
5265,797
188.938
Net oper. income_ _ _ _
Other income
$165,881 loss$53,157
24,832
24,682
$76,859
49,620
Total income
Other charges
Prov. for Fed. Inc. taxes
$190,712 1088528,475
6.540
4.783
24,018
$126.479
13.031
16,045
Net profit
Preferred dividends..
Common dividends_ __ _
$160,154 1°88533.257
9,980
180,000
180,000
$97,402
31,812
180,000
1931.
$915,795
242.613
Comparative Balance &met June 30.
Assets1934
1933
Liabilities1934
1933
Plant,prop..equip..
x Capital stock _ _ _ $1,643,168 $1,643,168
&c. (less depr. &
5Li% gold debs_ _ _ 1,704,000 1,825,000
depletion)
$2,479,720 52,568,871 Int. on 5Li% cony.
MLscell. invest _ _
1,990
56,772
gold debentures_
15,620
16,729
Inv. in dr advs, to
Divs. payable__
65,550
associated cos
48,120
Accounts payable_
43,921
32.335
Marketable Recur_ 193,197
171,362 Accrued expenses_
32,604
26,617
Def. bal. receivable
4,538
11,697 Prbv.for Canadian
Notes recely, from
income taxes_
604
employees
15,812
17,500 Reserves
131,040
117.921
Good-will
1
1Earned surplus
178,054
44.863
Cash
276,348
370,783
Notes & accts. rec. 156,494
151,552
Life ins. sur. value
11,967
10,700
Inventories
503,890
291,227
Adv. on lumber &
logging opera'ns
89,021
38,237
Deferred charges
19,742
22,562
$673,182
81,627
$7584i280 __Total
534 818
04
9
$3,800,340 53,720,357
Total
$3,800,840 $3,720,357
x Represented by 131.100 shares of no pat value.
-V.138. p.4455.
$616.786
48,599
180,000
Added to surplus___ _ def$19,846 def$223,237 def$114,410
$388,187
Previous surplus
1,686,005
1,937,027
2,055,947
1,596,702
Adjustments
52,243
9,093
7,457
76,508
Total surplus
$1,718,402 $1,722,884 51,948,994 $2,061,395
Prem. on purch.of pf.stk
36,877
6,563
Miscell,surplus adjust
6.020
5,403
5,447
Surplus, June 30...._ $1,712,381
She. corn. stk. (no par).
90.000
Earnings per share
$1.77
Sept. 15 1934
$1,686,005 $1,937,027 52,055,947
90,000
90,000
90,000
$6.31
Nil
$0.73
As cl:i_pated Telephone Coc;Ltd.-Removed from Dealing
The New York Produce Exchange
-V. 1 , . 1392.
as removed the units from dealing.
---- Associated Telephone Utilities Co.
-Removed from
i-L154.tl
Th New York Produce Exchange)as removed the units from dealing.
-V. 1
Deal,ic--, p.
- Auto City Brewing Co.
c 10..14
-25% Stock Dividend___de--e
The directors have declared a 25% stock dividend on the coon stoc
mm
par $1, payable Oct. 1 to holders of record as of the opening of business the
morning of Sept. 21. The stock dividend is subject to the approval of
stockholders at a special meeting to be held on Sept. 20. Previously distributions of 3 cents per share were made on Aug. 1 and May 1 last and
23i cents per share on Nov. 1 1933.-V. 138, p. 2910.
Balance Sheet June 30.
Baldwin Locomotive Works-August Bookings
Assets1934.
Liabililies1933.
1934.
1933.
Consolidated bookings for the month of August amounted to 51,946,000
Cash
$185,529 $260,680 Accounts payable_ $34,201
356,820
against 81,944,000 in July and 51,051,000 in .August 1933.
Ctts. of deposit....
500,000 Accrued accounts_
50.000
14,952
11,288
Shipments in August were $1,735,000 against $1,209,000 in the preceding
Misc. notes and
Res've for Federal
month and $834,000 in August 1933.
accts, receivable
z2,015
1,545 income taxes__
34,840
10,131
Unfilled orders at the end of the month rose to $9,561,000 from 59,344,000
Accts receivable
96,578
102,802 Reserve for conat the end of July, the highest month in recent years.
U. S. obligations
508,788
tingencles
500,000
500,000
Business booked from Jan. 1 to Aug. 31 1934, amounted to $15,048,000
Inventories
141,568
132,304 y Common stock__ 900,000
900,000
against $6,233,000 in the same 1933 period.
x Land, buildings,
Surplus
1,712,382 1,686,006
Shipments for the eight
-month period were $9,799,000 against 55,049.000.
mach. & equip% 1,534.504 1,523,126
Unfilled orders at the beginning of this year were $4,359,000 against $2,627.
Copper rolls
111,015
123,647
000 a year earlier.
-V. 139. P. 1077.
Improvement and
contingent fund 500,000
500,000
---"Baltimore & Ohio RR.
-RFC Takes $13,500,000 Notes
Deferred charges
66,380
80,140
The "Wall Street Journal" of Sept. 8 states that the Reconstruction
Finance Corporation nas taken $13,500.000 of the $50,000,000 of five-year
Total
$3,196,376 $3,164,245
Total
33.196,376 $3,164,245
4ji% notes offered by the B. & 0. RR. in July to refinance maturing
x After allowance for depreciation of $1,506,493 in 1934 and 51,479.879 in
obligations.
1933. y Represented by 90.000 shares of no par value. z Accounts
Official sources revealed that the B. & 0. used $12,000,000 of the proreceivable only.
-V. 137, p. 2978.
ceeds of the $36,500,000 of notes which were marketed by bankers to
r tire a commensurate amount of the Aug. 10 maturity of 525.500,000
------- Arkansas Power & Light Co.
-Preferred Dividends:414e owed the RFC. In addition, it is understood, the corporation used some
The directors have declared dividends of 58 cents per share on the $7( f the notes acquired to retire an added portion of the $25,500.000 maturity.
The main portion of the $36,500.000 obtained through sale of the notes
cum. pref. stock, no par value and 50 cents per share on the $6 cum.
to bankers was used to retire 517.500.000 of two-year 6% notes held
pref. stock, no par value, both payable Oct. 1 to nolders of record Sept. 15.
by the public and to the extent of $7,000,000 for working capital.
Like amounts were paid on the respective issues on July 2 last, and on
The effect of the transaction is to reduce substantially the $72.096,000
April 1 July 1 and Oct. 2 1933, while on Jan. 2 and April 2 1934 the comwhich the B. & 0. owed RFC previous to the financing operation.
pany distributed 59 cents per share on the $7 pref. and 50 cents per share
Y. 139. p. 1392.
on the $6 pref. stock. Prior to the April 1 1933 distribution, dividends
were paid on the above Issues at the regular quarterly rates.
-V.139. p. 1392.
Bathurst Power & Paper Co., Ltd.
-Earnings
Calendar Years1932
1933
1931
1930
Associated Gas & Electric Co.
-Weekly Electric Output. Loss from operations__ _
$91,985
$158,225
$86,460prof$132,953
For the week ended Sept. 1 • Associated Gas & Electric System reports
Int. rec'd from invest__
35.774
7o.726
net electric output of 51.129,928 units (kwh.), a decrease of 2.5% under the
same week a year ago. This is the largest percentage decline recorded
Loss
$122,451
$15,258
$86,460prof$132.953
since the middle of April 1933, more than 16 months.
Loss on sale ofinvestm'ts
3.163
Thirteen of the 24 operating units in the System reported decreases
Bad debts written off_
5.999
115,104
59,871
ranging up to 22%. It can be expected that next week, after the full
Loss for year before
effect of the textile strike begins to be felt, the decreases on certain of the
•
prov. for deprec. of
properties will be far more severe.
bidgs., pl't & mach_
5131.613
$15.258
$201,565 prof$73,082
August Electric Output Lower
Previous deficit
202.474
40,861
160,704 sur107,918
For the month of August 1934 Associated Gas & Electric System reports
Adj. affecting prior yrs.
net electric output of 235.677.146 units (kwh.), which is 0.3% below
(net)
28.202
August of last year. This is the first monthly decrease since April 1933.
Otganiza, exps. writ. off
30.000
This contrasts with the fact that units produced for the 12 months to
Deficit bal. at Dec.31 1245.933
$202.474
$40,860 5'1'5181,000
Aug. 31 amounted to 2.732,297,986, or 6.5% above the previous comparable 12-months' period.
Consolidated Balance Sheet Dec. 31
Gas sendout of 1,314,558,800 cubic feet during August was 9.3% above
1932
1933
1933
1932
the same month of 1933. For the year ended Aug. 31 there were 17.Assets
$
$
804.956,000 cubic feet produced, which was 6.8% above the 12 months
Cash
52,120 Accounts payable87,946
69,757
74,024
endedjAug. 31 1933.-V. 139, p. 1545.
Dom.of Can. bds_ 237.913
227,529 Accrued accounts_
27,031
20,113
Mimic. & oth.bds_ 774,068
622,269 Reserves
624,190
702.191
Atlantic Coast Line RR.
-Seeks Baltimore Listing
Acc'ts receivable
178.813 x Common shares_24,044,082 24,044,082
235,281
The company has filed an apptication with the Baltimore Stock Exchange
Inventories
634,998 1,024,054 Deficit
202,474
245,933
for the restoration to the list of $81,342.700 common stock (par 8100)
Expend. on current
and $51,326,000 1st consol. mtge. 4% bonds. Application has been made
season's logging
to list 33,062,000 Wilmington & Weldon RR. gen. let mtge. 5% bonds
operations
10,937
20,794
and 5938.000 gen. 1st mtge. 4% bonds, 51.406,000 Brunswick & 'Western
Properties
22,459,076 22,448.697
RR. 1st mtge. 4% bonds, 51,314.000 Norfolk & Carolina RR. 1st mtge.
Invest, in assoc. &
other companies
5%, bonds, 8400,000 Norfolk & Carolina RR. 2d mtge. 5% bonds, $2.53,504
53,502
Prepaid taxes, in417,000 Florida Southern RR. let mtge.4% bonds. and 55.547,000 Atlantic
Coast Line RR. Co. of South Carolina 4% gen. 1st mtge. bonds.
surance & exps_
20,015
16,948
Upon admission to the list of these securities, practically all of the
Total
securities of the company will be entitled to temporary registration under
24,519,527 24,637.937
Total
24,519,627 24,637.937
the Securities Exchange Act of 1934 and the advantages which such regisx Represented by 400.000 snares of class A stock and 300,000 shares of
tration gives.
-V. 139. p. 1076, 1392.
class B stock, withcut nominal or par value.
-V. 138. .30 1.
i
------... Belgian National Rys.-$7.02
Atlas Plywood Corp.(& Subs.)
Dividend
,
OL
-EarningsThe directors have declared a dividend of $7.02 per share on the "Amen Years End. June 301934
1932
1933
1931
can shares," representing partic. pref. stock, payable Sept. 21 to holders
Gross profit from sales-- $o17.363
$174,495
5163.932
5575,734
of record Sept. 14. This compares with $5.86 per share paid on Sept. 26
Sen.& adm.expenses_ -272.238
261,660
296.310
374.177
1933, $4.09 per share on Sept. 20 193,2, $44.12 per share paid on Sept. 22
1931 and 69 cents per share paid on June 25 1931.-V. 138. p. 3937.
Net profit from sales_ 5245.126 1°68587.164 10885132,378
3201.558
Other income
33,430
22.598
39.298
64.985
(H. C.) Bohack Co.
-Sales
Period End.Sept. 1- 1934-5 Wks.
Total income
-1933
1934-31 Wks.
5267.724 loss547.865 1088E98,947
-1933
$266,543
Sales
Interest
52,682.600 52.757,395 $18,243,152 $17,592,009
116,679
100,375
105,765
134.917
-V. 139. p. 753.
Cash discount on sales
11,934
17.871
20,337
30,655
Miscellaneous
6.065
16.105
25.403
16,908
Benjamin Electric Mfg. Co.
-Annual Report
Prov. for Fed. & Dom.
Income taxes (est.)_
Years End. Mar.315,961
579
7,331
1934
1933
1932
1931
Disct. on debens. reacq.
Profits for period,
$216,432 108467,456 108465.907
$543,261
and retired
Accrued Fed. inc. tax_
Cr43.716
Cr67.629 Cr211,445
35,325
Depreciation
124,183
158.478
166,444
158,543
Net profit
Interest, incl. bond int
5184.662 dcf$114,620 def$53.417
$76,732
53,098
56,229
63,388
56,838
Dividends
65.550
266,400
Extraord'y markdown of
Net income
$39,151 loss$282,162loss$289,189
$286,006
Inventory
91.321
Previous surplus
168,550
762,631
1.105,464
945,637
Rcs.for foreign exchange
21.204
Refund Fed. inc. tax_
1,407
Miscell. adjustments
3.928
15.138
965
10.227
Total surplus
1209.108
$480,469
3816.274 11,231.643
Deficit for year
prof.$115.184
p,
$199,895
Fed. taxes (prior years)
5115.585
$181,080
468
1,508
Earned surplus at beginComm.& discount on let
ning of year
44,863
288.859
pref. stock (prop.)
157,780
488,754
716
3,881
3,881
3.881
Reeve for contingencies
Adjust. of val. of patents
308,121
no longer required
13.557
50,000
Tax on bonds
503
Cr551
682
1,404
Miscellaneous credits
4,450
2,669
1st pref. diva. pd & accr.
42,172
26,880
2d preferred dividends.
44,933
19.970
Earn. surp. end of yr_ 5178.054
$44,863
$157,780
$288,859
Transf. to conting. res.
34.512
Shs.cap.stk.out.
(no par)
131.100
131.100
131,100
133,200
Earnings per share
$1.41
Nil
Nil
$0.58
Profit and loss surplus 1207,889
$168,550
$762,631 $1,105,464
Volume 139
Comparative Balance Sheet March 31
1934
Liabilities1934
1933
Assets
$377,660 $241,618 Accounts payable_ $75,728
Cash
U. S. Lib. L'n bds. 684,193 671,800 Accr. wages, Int.,
35,963
royalties, Sco.__
27,827
Tax antic. warr'ts.
25,210
86,663 Accrued taxes__
Accts. receivable. _ 154,453
63,068
9.263
9,623 Reserves
Insurance deposit.
603,708 1st mtge. 6% gold
Merch. inventory_ 556.825
854,000
1,000
bonds
1,000
Investments
28,698 1st pref. stock.... 323.200
3,500
Def.& prep'd chgs.
1,000,000
1,201,572 1,263,426 2d pref. stock
y Fixed assets......
89,239 Common stock._ 660,000
80,191
z Patents
207,889
176,393 Surplus
176,393
Good-will
1933
$24,646
23,076
25,661
35,961
928.600
333,500
1.000,000
660,000
168,550
Total
$3,245,057 $3,199,996
$3,245,057 $3,199,996
reserve for depreciation of $1,057,179 in 1934 (1933, $1,018.060)•
reserve for depreciation of $131,213 in 1934 (1933. $119.003).T/. 137. p. 141.
Total
Less
zess
4
1701
Financial Chronicle
-Bonds Called.
iohn Aluminum & Brass Corp.
e company has called for redemption as of Nov. 1 next a total of
$500,000 6% gold debentures dated July 2 1928 at 101 and interest. Pay1
ment will be made at the Detroit Trust Co., trustee. Detroit, Mich. V.
139, p. 592.
"
- "Boyd-Richardson Co., St. Louis-Accumulated DivAll
'A dividend of $2 per share has been declared on account of accumulations
on the 8% cum. 1st prof. stock, par $100, payable Sept. 15 to holders
of record Sept. 10. A like amount was distributed on this issue in each
of the five preceding quarters.
Accruals, after payment of the Sept. 15 dividend, will amount to $8
-V. 138, p. 3938.
per share.
Brewing Corp. of Canada,Ltd.-Consol. Balance Sheet-
(b) The present class B common stock will be exchanged share for share
for new class B common stock, carrying the same rights as the present
class B common stock.
-(1) Payable to the extent of $2 per
Class A Stock Dividend Provisions
share per annum when earned.
(2) If earned and not paid, dividends shall cumulate until paid to the
extent of $2 per share per annum before any distribution to class B stock.
(3) If not earned, dividends are not payable and do not accumulate.
(4) After all earned current dividends and past arrearages on class A
preferred stock have been paid or declared and set aside for payment
directors may declare dividends on the class B shares payable out of earnings or surplus available therefor.
All other provisions contained in the articles of incorporation with reference to the redemption, retirement, rights, preferences and designations
of the class A and class B stock shall remain unchanged.
Central United National Bank of Cleveland is depositary.
The company has signified its willingness to the plan, provided sufficient
holders of the stock of the corporation are in favor of so doini..
Stockholders' Advisory Committee-Ralph Ditty (President. Federal
Foundry Supply Co.), Cleveland; Newell B. Wallace (receiver. Northwestern State Bank), Detroit; W. H. Burnham, Adrian, Mich.; W. R.
Edwards (Vice-Pres., Edwards & Bradford Lumber Co.), Chicago; Joseph
es
Oliff(Vice-Pr., W.F. Hall Printing Co.), Chicago; with M. A. Stenersen,
Sec'y, 308 Euclid Ave.. Cleveland, and R. Hosken Damon, Counsel,
6 North Clark Street, Chicago.
The annual report for the year ended June 30 1934 was published in
f. 139, p. 1547.
-Balance Sheet Apr.30 1934arownhill & Kramer,Inc.
Assets
$51,433
Cash
Accts. receivable-less reserve._ 79,569
315
Notes receivable-less reserve
Inventories-at cost, or market
86,348
if lower
4,629
Prepaid exps.-Insur. & taxes
3,800
Investments-less reserve
2413,304
Fixed assets
Liabilities
$7,298
Trade acceptances payable
7,026
Accounts payable
307
Federal income tax
i
Accrued payroll, commissions,
13,648
&c
500,000
Capital stock
111,119
Surplus
July 31 '34 Oct. 31 '33
LiabilitiesBank loans, &c._. $295,000 $294,725
.11,232
661,648
Payables
60.607
36.107
Mortgages payable
365.000
3-yr. 7%,, guar.deb. 365,000
$639.398
Total
$639,398
Total
450,000
5% serial notes._ _ 450,000
i
x Less reserve for depreciation of $446,155.
65,013
Min.int.(sub.)_ _ _ 497,612
•,
'
c Capital stock... 4,575,554 3,866,572 ----....,
-Cent Preferred Dividend-50
Bucyrus-Erie Co.
432,205
Capital surplus..._ 611,431
The directors have declared a dividend of 50 cents per share on the
76,200
76,200
DIstrib. cap. surp_
7% cum. pref. stock. par $100. payable Oct. 1 to holders of record Sept.21.
DIstrib.surplus.- 1.770,722
Similar disbursements were made in each of the six preceding quarters,
as compared with $1 per snare on Jan. 3 1933 and $1.75 per share pre$9,339,274 $5,921,554
Total
Total
$9,339,274 $5,921,554
viously
.-V. 139. P. 921.
a Approximate market value, $125.299. b After deduction of depreciation reserve of $3,223,041 in 1934 and $2,142,496 in 1933. c Represented
-Production
Calgary & Edmonton Corp., Ltd.
by 144.750(147,675 in 1933) no par shares pref. stock and 647,316 (277.581
1934
1933
Month of Julyin 1933) shares corn. stock.
-V. 139. P. 1393.
24.346
19,767
Production from producing wells (barrels)
$8.043
$7.793
Royalty
Briggs Mfg. Co.
-Plant Expansion Program
-V.139, p. 921.
Officials of the company on Sept. 7 announced a plant expansion program to cost approximately $1,000,000, making the second addition
--Earnings
California Oregon Power Co.
of the year.
1933
1934
Years Ended July 31Increased business, both in automobile body building and drawn metal
$3,711,139 $3,637.103
Gross earnings
plumbing fixture°, was credited with making extensive improvements
1,674,246 x1,429,932
maintenance and taxes
presses and augmented
Operating expenses,
necessary. Installation of six more mammoth
payroll were forecast. The company further stated:
$2.036,894 $2,207,172
Net earnings
"We already have completed the expansion of the tool and die division,
7.866
9.198
Other income
increasing our capacity in that department 25% and are now extending
the cranewax at the Mack plant in order to increase the press capacity
$2,044,760 $2,216.370
Net earnings including other Income
about 20%.'
238,636
238.375
Lease rentals
Stock Options Exercised
1.050,857
1,051,373
Interest charges-net
157,806
The company has notified the New York Stock Exchange that options
157,261
Amortization of debt discount and expense
291,102
covering 1.4(30 shares of common stock granted to employees at $10 a share
176.030
Appropriation for retirement reserve
have been exercised, and that 10,700 shares remained under option on
$592,786
$306.903
Sept. 1.-V. 139, p. 1078.
Net income
x Including $41,666.67 for amortization of extraordinary operating
-162,000,000 Bonds epenses
Brooklyn-Manhattan Transit Corp.
deferred in 1931.-V. 139, p. 921.
July 31'34 Oa.31 '33
AssetsCash
$172,578
$43,760
Marketable secur79,529 2104,389
ities
Receivables (net). 428.381
189,284
Inventories
1,786,750
979,843
177,038
Deferred charges
40,302
. 6,284,496 4,360,362
b Fixed assets_
Miscell. assets_ _ 410,503
203,613
-year bonds dated July 1
Sold-The issue of $2,000,000 15
has been disposed of by direct oral sale to investors by a
banking group comprising Hayden, Stone & Co., J. & W.
Seligman &Co. and Lehman Brothers. The proceeds are
-V. 139, p. 1547.
to provide treasury cash for the company.
-Brown Fence 8c,Mre Cs Cleveland, Ohio-Capital
tl
.e
Reorganization
Canadian National Rys. System-Earnings
Earnings of System for First Week of September
1933.
1934.
$3,194,469 $2,949,341
Gross earnings
-V.139, p. 1548.
Canadian Pacific Ry.-Earnings-
Increase.
$245.128
Earnings for First Week of September.
Increase.
1933.
1934.
ttee has been formed in order to
The stockholders' advisory co
$374,000
$2,751,000 $2,377,000
Gross earnings
independently determine the present status and future outlook of the comNew Vice-Presidents-pany and, if possible, to arrive at some solution of the accumulated and
D,C. Coleman has been elected Vice-President to succeed the late Grant
unpaid dividends on the class A stock. It is comprised of Individual
holders of class A stock who own or represent approximately 20,000 shares
Hall. W. M. Neal has been appointed Vice-President of Western line in
of the 82,554 shares outstanding. The committee in a letter to stockholders
succession to Mr. Coleman.
dated Aug. 24 states:
H. J. Humphrey, General Manager Eastern lines, has been appointed
-V.139. p. 1548.
With the co-operation of the management there was caused to be made
Vice-President and General Manager of Eastern lines.
of the company, and we
a complete and independent analysis and survey
,
oci
"Cattal Transit Co.-Adtted to List
are pleased to report that the examination disclosed the company to be in --Who "ashington Stock Exchange has admitted to e list 240,000 shares
an excellent financial and credit position, well managed and maintained.
Reports of its operations are entirely satisfactory, with encouraging possiof com.
,$100 par and removedfrom the list 120,000 shares of stock of
bilities of an improved future. However, there are accrued and unpaid
Capital Traction Co. The action followed announcement by Capital
dividends on the class A stock up to June 30 1934 of $445,792, equivalent
Transit Co. officials that the new certificates are available at the office of
-V. 137. P. 2805.
the American Security & Trust Co., transfer agents.
to $5.40 per share.
While it is apparent to the committee that the company is in no position
1
-Preferred Dividends:4er.
to pay the accrued dividends in cash, nor is it likely that the company could 'Carolina Power & Light Co.
retire this obligation from earnings in the near future, it nevertheless apThe directors have declared a dividend of 88 cents per share on the $7
peared to the committee that some adjustment of this dividend obligation
cum. pref. stock, no par value, and a dividend of 75 cents per share on the
should be arranged for the benefit of the stockholders, provided the com$6 cum. pref. stock, no par value, both payable Oct. 1 to holders of record
pany's operating position would not be impaired. With this objective in
Sept: 15. Company paid 87 and 75 cents per share, respectively on these
mind, a plan of capital structure readjustment was formulated.
issues on July 2 and Jan. 2 last, and on July 11933. while on April 2 1934
It is the opinion of the committee that the plan provides satisfactory
and on April 1 and Oct. 2 1933 dividends of 88 cents per share on the $7
way impairing the company s
benefits for the stockholders without in any
pref. and 75 cents per share on the $6 pref. stock were paid. The last regular
operations or effecting a diminution of its current position, which must be
puart 3
q. 12er1y payments on these issues were made on Jan. 3 1933.-V. 139.
3.
maintained in face of the uncertainties of the future and the stressful times
of the past and present.
While, through the enforcement of strict economy of operation and im-Reorganization
Central Atlantic States Service Corp.
proved sales, the company made net profits of $151.000 during the past
Plan-p--#t
s
fiscal year ended June 30 1934. there was previously an earned surplus
',accordance with Section 77-B of the Bankdeficit of $145,022. and after giving effect to the last year's net earnings,
A plan of reorganization, In
there is now a net earned surplus of only $6,572, an amount obviously
ruptcy Act has been proposed by the company,through Harold G. Hathainsufficient to retire any of the accrued dividends. Though prospects for
way and T. W. D. Duke as reorganization Managers.
factors that may affect the company's
the future appear promising, there are
The plan of reorganization upon which the U.S. Dist,Courtin New Jersey
earnings that cannot be minimized or discounted in the face of present day
will pass on Sept. 28 provides for a now company, the Cassco Ice Corp.,
conditions.
or one with a similar name, with capital of $537,000 in first mortgage 6%
bonds due in 1949 and 160.000 shares of $I par common stock.
A synopsis of the plan of capital structure readjustment
All assets of the old company will be transferred to the new company.
For each $1,000 of present first mortgage bonds will be issued 861,0 of new
follows:
first mortgage bonds and 100 new common shares;for each $1,000 of present
-The present company will be unchanged
Readjustment of Present Company
secured notes 50 shares, and for each $1.000 of unsecured debt 25 shares.
in all respects except that an amendment will be made o tne certificate of
-V. 139. p. 1548.
incorporation.
Authorized.
Outstanding
Present Capitalization-Earnings
Central Illinois Light Co.
82,554 shs.
Class A convertible preferred stock (no par)---104,439 she.
& Southern Corp.]
[.A. Subsidiary of Commonwea
300,000 ohs.
128.875 shs.
Class B common stock (no par)
1934-12 Mos.-1933
-Month-1933
Period End. July 31- 1934
Additional Capital Stock to Be Presently Issued
$490.699 $6,890,127 $6.528,184
Gross earnings
$509.263
16,510 she.
Class A preferred stock (no par)
Operating expenses, incl.
11.007 she.
Class B common stock (no par)
284,955
249.276 3,635.269 3,124,896
maintenance & taxes
The stock neld in the treasury of the corp. will be caneled.
901,936
841,035
70,102
57.995
Fixed charges
614,500
616,280
51,175
Pro v. for retirement res.
51,620
Exchange and Treatment of Present Capital Stock
692,621
694.204
57.751
57.726
Dividends on pref. stock
convertible stock will be entitled to
(a) Holders of the present class A
receive in exchange for each share of class A convertible stock now out$74,526 $1.103,338 $1,194,230
$44.834
Balance
standing one share of new class A preferred stock, and in addition, to com-The effective date of acquisition of stock of Illinois Power Co.
Note.
pensate for unpaid accumulations of dividends to June 30 1934 and the
was May 1 1933, and for comparative purposes the above figures reflect
revision of the rights and preferences in the present class A cony. stock:
combined results of operation for all periods shown, with fixed charges
For each 15 shares of class A convertible preferred stock: (1) 3 shares of
on funded debt and dividends on preferred stock for periods prior to that
class A preferred stock and (2) two shares of class 13 common stock.
-V.139.
date computed on the basis of annual requirements at that date.
shares or scrip at the option of the company shall be issued
Fractional
p.922.
proportionately for lesser amounts.
1702
Financial Chronicle
---Central Eastern Power Co.
-Notes Bought by Bank
-
Sept. 15 1934
City Stores Co.
-Special Meeting
-
Eleven promissory notes held by the company were purchased recently
The stockholders of record as of Sept. 12 will hold a special meeting on
by the Chase National Bank for $667,680 at a sheriff's auction. The notes
Oct. 16, [not Oct. 10 as previously stated] to consider the proposed rehad been attached in connection with a judgment for $3,642,320. which was
organization of the corporation. See also V. 139, p. 1550.
filed by the bank on June 11 after the company had defaulted in an action
'City Union Corp.
to collect on a demand note.
-Removed from Dealing?*
The note was executed on Nov. 1 1931, and delivered to the Seaboard
-Th(New York Produce Exchang has removedfrom dealing the common
Public Service Co. It was for 33,160,000, with interest at 7%. The note,
stock, $10 par.
-V. 132. p. 2590
upon which only $93.405 in interest had been paid by Central Eastern Power
Co. was subsequently indorsed to Chase National Bank. Court cost and -Cleveland Union Stockyards Co.
2
-123/-CentDiv4.4
interest brought the judgment up to 33,642,320.-V. 137. p. 4011.
The directors have declared a dividend of 123.4 cents per share on the't
common stock, no par value, payable Oct. 1 to holders of record Sept. 20.
A similar distribution was made on July 2 last, 25 cents per share April 2
Central Manitoba Mines, Ltd.
-Earnings
and Jan. 2 last and 12% cents per share Oct. 2, July 1 and April 1 1933.
Years Ended April 301932
1934
1933
-V. 138, P. 4293.
Bullion revenue, including premiums_ $393.876
$496,100
$466,087
Other income
22,203
23,745
24.393
Colonial Beacon Oil Co.(& Subs.)
-Earnings
Total income
Development and mining expenditures
Mill operating
Administrative and general expenses_
Reserve for depreciation
Other charges
$519.845
277,094
127.800
23,036
40.841
53.736
$24,450
348.018
$2,662
345,356
$438,231
Total deficit
$488,290
300,820
127,960
24,787
41,272
17,899
365.763
372.468
Net loss
Previous deficit
$418,269
291.370
107,896
31,322
42,164
11,275
$372,468
$348,018
Balance Sheet April 30
1934
Assets(Cona.)-1934
1933
$53,192 $109,160 Organiz'n, admin.,
37,610
29,749 & gen. expense_ $152,067
311
362 Comm'n dz disc't
54,175
91,863 on sale of shares 156,530
946
Deferred charges__
438,231
178,398
188.137 Deficit
Ands
1933
Cash
Bullion on hand_
$152,067
Accts. receivable.
Mat'ls Jc supplies.
156,530
Plant, equipment
3,769
and buildings
372,468
Adv. to Manitoba
Power Co., Ltd_
52,024
58,986
Total
$4,627,387 $4,666.99
Inv. in Man. Gold
1934
1933
Mines, Ltd__
$4,586,372 $4,586,372
30,000
30,000 Captal stock
Mining property__ 3,042,950 3,042,950 Accounts payable_
41,015
80.624
Mine (level. sect_ 430,953
430,953
Total _
34,627,387 24,666,966
-V. 137, p. 2277.
Total
$4,627,387 $4,666,996
The committee on securities of the New York Curb Exchange has been
informed that the stock purchase warrants attached to the optional 535%
debentures due Sept. 15 1954 expire and are void after Sept. 15 1934.
Accordingly, the Committee ruled that dealings in the debentures with
warrants attached be discontinued at the close of business on Wednesday,
Sept. 12 1934.-V. 139, p. 755.
"Chp'sea Exchange Corp.
-Removed from Dealing--;
New York.Produce ExchangOias removed from dealing the class A
stock, 10 p and the class B sto , no par.
par
-V. 134, p. 1199.
-------thesapeake Corp.
-Bonds Called
J.P. Morgan & Co.and Guaranty Trust Co.of New York,as sinking fund
trustees, are notifying holders of 20
-year 5% convertible collateral trust
bonds, due May 15 1947, that $366,000 of the bonds will be redeemed at
par on Nov. 15 out of moneys in the sinking fund. Drawn bonds will be
paid upon presentation and surrender at the offices of the Finking fund
trustees. The drawing also involves partial payment on two registered
bonds of 510,000 each in addition to the coupon bonds of t,1,000 denomination. Of these registered bonds *1.000 will be redeemed and the holder
will receive a new registered bond without couponsfor the unpaid remainder.
The notice of the sinking fund trustees points out that any bonds drawn for
redemption on Nov. 15 may be converted, as provided in the collateral
trust indenture, into common stock of the Chesapeake & Ohio Railway on
or before Nov. 15.-V' 139. P. 1079.
Chevrolet Motor Co.
-August Production
August production in all plants totaled 74,437 units, compared with
92,947 in July and 73.433 in August 1933. This was the biggest August
In five years.
World production in the first eight months this year was 692,477, which
exceeds by 66.200 production in all of 1933.
Retail sales took a decided upturn in the last 10 days of August, according
to the company and promised a continued demand in September. Reported deliveries in the United States exceeded domestic production.
-V.
139. P. 1549
.
Chicago Great Western RR.
-Pledge of Bonds
The Inter-State Commerce Commission on Sept. 4 authorized the
company to pledge and repledge not exceeding $4,233,000 of 1st mtge.
50
-year 4% gold bonds with the Railroad Credit Corp. as collateral security
for notes.
-V. 139. p. 1396.
& North Western Ry.4eeks Exte sion of
RFC Loans
-Banks Agree to Renew $5,000,000 Note
The company has applied to the Inter-State Commerce Co
lesion for
authority to extend maturing obligations owed the Reconstruction Finance
Corporation and a number of banks. Insufficient earnings to pay off any
part of these obligations, and inability to fund its floating indebtedness
makes an extension of these loans imperative.
Conversations looking toward an extension of its bank loans have already
been held with bankers, and the group of 18 institutions headed by Kuhn,
Loeb & Co. have agreed to extend for a period of two years the $5,000,000
in loans provided the RFC agrees to extend the road's obligations. The
bank loans are due Oct. 13.
The RFC obligation due on the same day amounts to $4,566,000. In
addition, a two-year extension is requested on loans due later this year.
Total maturities on RFC obligations, including the one due next month,
amount to $12,027.350.
In its application for renewal, the company estimates that the net deficit
for the current year after charges will amount to $7,599.477. In 1933. a
net loss of $5.875,418 was reported, after including in earnings one-half
the full interest on investment in bonds of the Chicago St. Paul Minneapolis
& Omaha.
-V. 139. p. 1396.
Chicago Yellow Cab Co., Inc.(& Subs.)
-Earnings
1934-6 Mos.-1933
$2,984 prof.$240.717
Nil
$0.60
Chrysler Corp.
-Shipments
Shipments of cars and trucks by the various divisions of the company
during July and August totaled 100,127 units compared with approximately
112,000 units in the like months of 1933. For the first eight months, shipments were 487.811 units, a larger total than for all of 1933 and an increase
of 47% over shipments of approximately 330,000 units in the first eight
months of last year.
Retail sales set a new record of 14,820 milts in the week ended Sept. 1.
The previous record of 14,782 units was set in the week ended April 17.
Dodge Retail Sales
Retail sales of Dodge passenger cars in week ended Sept. 1 totaled 2870
units against 1903 in previous week, an increase of 50.8%. Deliveries of
Dodge commercial cars and trucks totaled 2254, the highest weekly volume
in the company's history, against 1151 in preceding week, an increase of
95.8%.-V. 139, p. 1397.
Cincinnati & Muskingum Valley RR.-TendersGeo. H. Pabst Jr.. Treasurer of the Pennsylvania RR. will until 3 p. m.,
Sept. 28 next receive bids for the sale of $14,320 first mortgage 4% bonds
at a price not exceeding par and interest.
-V.98, p. 522.
1934
1933
35.462.437 $33,860,399
6,398,160
5,555.250
86,057
458,987
Loss
Minority interest
$1,021,780 $2,153,838
25.798
Net loss
$1,047,578 32.153,838
x Depreciation and amortization included $842,745 in 1934 and $778.151
in 1933.
For the quarter ended June 30 1934 net loss was $147,524 after taxes
and charges, against a net loss of 3927,317 in the June quarter 1933.V. 138, p. 3434.
Columbia Gas & Electric Corp.
-Personnel
Following the meeting of the directors on Sept. 11, Philip G. Gossler.
President, announced the election of Walter C. BeckJord, as Vice-President
and General Manager.
Four additional directors were also elected, viz.: Mr. Beckjord, Edward
Reynolds Jr., C. I. Weaver and Frank M. Tait.
-V. 139, p. 1080.
Columbian National Life Insurance Co. (Boston)
Dividend Passed
The directors have omitted the dividend usually paid on the common
stock at this time. A semi-annual dividend of $4 per share was paid
on Feb. 3 last.
-V. 138, p. 2404.
Coclnercial
a
Central States Electric Corp.
-Warrants Expire
-
Period End. June 30-- 1934-3 Mos.-1933
Net loss after deprec.,
Fed'l taxes, &c
$20,386 prof.$137,743
Earns,per so.on 400,000
shs. no par stock
Nil$0.34
-V.138. p. 3434.
6 Months Ended June 30Gross profits
x Operating expense_
Interest
Investment TigaSorp -Listin
additio
shares of common stock (no plir value)
.,4n official notice of Issuance, as a stock dividend, making the total amount applied for 3,530,412
shares. Upon the issuance of each of the 503,280 shares of common stock,
the sum of $8(the present stated value), will be charged to earned surplus
and credited to capital account.
-V.139, P. 1081.
Commonwealth Gas Corp.
-First Annual Report
-
Company was incorporated in Delaware on July 15 1933. Under a
plan of reorganization of Appalachian Gas Corp., it purchased on July 22
1933 from the debentureholders' protective committee of Appalachian
Gas Corp. the property and assets of that corporation which nad been
purchased by the committee from receivers, the consideration therefor
being the issuance of $4,901,000 15
-year 6% income debentures, $695,000
10
-year 4% collateral sinking fund note, 999.518 shares of common stock
deposited under a voting trust agreement, 18.038 purchase warrants permitting the holders to purchase voting trust certificates at $1 a share, and
254.493 purchase warrants permitting the holders thereof to purchase
voting trust certificates at $5 a snare (based upon an assumed deposit of
the total aggregate principal amount of Appalachian Gas Corp. debentures
and capital stocks), and the payment in cash of all cash requirements of
the plan of reorganization.
Income Account July 22 to Dec.31 1933
Interest and dividends revenues
$16,685
Expenses and taxes
6,324
Interest on funded debt
18,545
Balance, deficit
Amortization of debenture discount and debt expense
$8,184
66,222
Total deficit
$74,407
Balance Sheet Dec.31 1933
Assets
Liabilities
Securities owned
-year 6% income debs......c$4,534,600
a$3,372.718 15
b Other intangible capital
943.454 10-year 4% coll. sinking fund
Cash
note
49,847
657,794
Cash for interest payments
14,289 Secured sink. fund 6% notes250,000
Common stock (par $1)
Adv. for purch. of bonds for
d943,455
sinking funds of aim. cos_
10,000 Purchase money obligations_
3,338
Due from affiliated corps..._ _
16,182 Other accounts payable
3,918
Other accounts receivable_ __
Due to affiliated corporations
1,
1,628
Interest receivable
1,999 Int. on debt, pay. Jan. 1 '34_
14,289
Deb. disct. ez debt expense__ 1,920,917 Paid-in surplus
4
Organization expenses
3,306 Earned surplus
def74,407
Total
$6.334,619
Total
$6,334,619
a This figure represents valuations as of July 22 1933,the date of acquisition, and does not purport to be realizable values or sums whicn could be
realized upon the sale thereof. b 943,454 shares of common stock were
issued in connection with acquisition of the above securities. c Amount
issued and issuable as of Dec. 31 1933 against certificates of deposit of
debenturenolders' protective committee of Appalachian Gas Corp., which
is subject to change if any of tne undeposited Appalachian Gas Corp.
debentures are deposited for exchange. There are $4,548.000 of debentures
issued and issuable as of June 30 1934 against certificates of deposit, of
which $3,707,000 of debentures was issued as of June 30 1934. If 100%
of the undeposited Appalacnian Gas Corp. debentures are exahanged for
new debentures, there will tnen be $4.729.200 principal amount outstanding. d Amount issued and issuable as of Dec. 31 1933, which is subject
to change if any of the undeposited Appalachian Gas Corp. debentures are
deposited for exchange. There are 945.513 shares issued and issuable as
of June 30 1934, of which 816,910 shares were issued at said date. If
100% of the undeposited Appalachian Gas Corp. debentures are exchanged
for new debentures, there will then be 973,213 shares outstanding.
-V.138.
p. 3942.
Community Gas & Power Co.
-Sells Control of American
Gas & Power Co.
-See latter company above.
-V. 137, p.
3147.
Consolidated Electric & Gas Co.
-Earnings
--Summary of Consolidated,Income and Earned Surplus
Period Ended June 30 193412 Mos.
Gross operating revenues
. $22,840,971
$11,905,7
02
Operation
6.120,458 11,812,830
Maintenance
1,153,260
589,109
Uncollectible accounts
295,733
130,508
Taxes
1.809.310
1,016,428
Net operating revenues
Non-operating income
$4,049,199 $7,769,837
61,929
27.069
Net income
$4,076,268 $7,831,766
Provision for retirements
1,856,586
791,629
Interest, amortiz. and other income charges ofsubs. 1,515,737
3,078.930
Int. & other income charges of Cons. El.& Gas Co. 1,605,225 3.188,625
Net income
Surplus at beginning of period
Discount on bonds purch. for retirement (net)
$163,677 loss$292.376
475,378
153,252
563.593
408,867
Total surplus
Surplus charges (net)
$725,796
40.085
$746,595
60,885
$685,710
$685,710
Surplus at end of period
Volume 139
Financial Chronicle
The above statement does not include the Canary Islands Companies,
but does include the Mobile Gas Co. prior to June 1 1933, at which date
that company, due to receivership, was excluded from the consolidation.
Summary of Income and Earned Surplus (Parent Company Only)
Period End. June 30 1934-6 Mos.- -12 Mos.-Subsidiary companies
Interest
$1,503,834 $1,796,478
Other
14,246
3.059
Dividends
33,001
-Subsidiary companies-Pref. stock
19,876
Common stock
556.652
2.478.817
Other
46
Sundry income
136
3,105
1703
distributed, as compared with $1.50 per share on July 1 and Oct. 1 1932
and regular quarterly dividends of $2 per share previously.
Change in Officers and Directors
At the directors' meeting held Sept. 7 the position of President, held
by M. L. Livingston until the time of his death, was combined with that
of Chairman of the Board and M.Lee Marhsall will administer the functions
of both offices.
Samuel F. McDonald was designated Senior Vim-President. Directors
also elected Raymond K. Stritzinger and George M. Gottfried to its
-V. 139. Is. 759.
membership to fill two vacancies.
-50% Stock Dividend- e
Continental Can Co.
---Total gross income
$2,083,558 $4.325.693
A stock dividend of 50% was voted Sept. 12 by the directors, subject to
General expenses
46.766
71,406
the approval by thestockholders ofa plan to increase the authorized common
Total interest and other income charges
4.302.232
2,059,921
stock (par $20) from 2,000,000 to 3,000.000 shares. Stockholders will be
called to a meeting in the near future.
Net loss
$23,129
147,945
The company announced that it is the intention of the directors to place
Surplus at beginning of period
98,184
def7.134
the new stock on an annual dividend basis of$2.40 a share by paying 60 cents
Discount on bonds purchased for retirement
203,637
348,627
quarterly. On the basis of the present capitalization, this would be equiAdjustment of carrying value ofinvestments in subvalent to raising the quarterly dividend from 75 to 90 cents per share.
sidiaries sold or transferred (representing unRecent cash distributions were as follows: 75 cents per share on Aug. 15
distributed earnings for period owned)
34,470
34,470
and May 15, 62 cents per share on Feb. 15 last and Nov. 15 1933 and
50 cents per share on Aug. 15, May 15 and Feb. 15 1933.
Total surplus
$313.162
$328,018
The company now has 1,755.6/59 shares outstanding. This is the second
-(net)
Loss on sale of securities
-to sub. cos.
8,097
21,420
large stock dividend voted by it in the past six years. In Nov. 1928 a
Other-(net)
103,473
105,006
ltiO% stock dividend was voted for which 710,000 shares were issued.
-V.139, P. 439.
Surplus at end of period
$201,592
$201,592
At June 30 1934, cumulative dividends on pref. capital stock accrued but ."
-Cent Common Dividend
-25
--.Continental Oil Co.
not declared amounted to $1,985,680.20.
Tne directors have declared a dividend of 25 cents per share on the
common stock, no par value, payable Oct. 31 to holders of record Oct. 1.
Balance Sheet June 30 (Parent Company Only)
An initial distribution of like amount was made on April 30 last.
1934
1934
1933
1933
AssetsLiabilities$
$
$
$
To Redeem $6,900,000 Outstanding Bonds
Total investsm'ts
a $6 pref. stock_ 18,301,000 18,301,000
The company will on Nov. 1 next redeem all of toe outstanding 531%
in sub. cos_ -.111,358,580 134,113,110 b Cl. A non-cum
bonds, due Nov. 1 1937. of the Continental Oil Co. of Maine, a subsidiary,
Other investm ts 5,374,748 7,619,518
panic. stock
at 101 and interest. There is approximately $6.900.000 of these bonds
Sink, funds and
(1,480,000 no
outstanding.
-V.139. 1)• 759.
special deps160,090
1,480,000 25,900.000
161,532
par shs.)
"
'
6
Cash
-Adjustment Plan- ,41 334,761
291,452 Com.stk.(81par) 1,000,000 1,000,000
'Continental Shares, Inc.
Due from empl_
4.250
The receivers have advised the preferred and common shareholders that
Accrd. interest
submitted a copy of the motion and
Prop. our.obllg_ 20,756,500 21,244,531
they have in their respective courts
receivable_ __ _
3,445
94,217 Sm.bk.loansdrc. 6,085,031
application for an order to show cause why the debt adjustment plan
Due from sift'.
Notes pay., bks169,500 5,819,500
should not be approved. This motion and application has been filed in
-accts.
cos.
Other notes and
38,072
72,789
Circuit Court No. 2. Baltimore City, Md., and a similar motion and appliOther receivables
accounts pay_
92,355
22,273
121,302
21,116
cation has been filed in Cleveland, Ohio, in the Court of Common Pleas.
Def. debit items
622.318
46,239
673,154
18,902 Accrd. int. pay_
The approximate total of asserted claims against Continental Shares, Inc.,
Due to sub. cos261,018
817,661
Is $16,750,000. The total assets of the corporation at the present time,
286
285
Due to affil. cos_
based upon current market values, amount to approximately $6,500,000.
Deferred credit_
11.804
249,828
If this proposed debt adjustment plan is consummated, the two chief
Res. for coating.
items remaining in the portfolio of the receivers will be two holdings of steel
855,941 1,633,005
& reorg. exps_
securities, namely. 150,125 shares of Cliffs Corp. common stock and 81,564
Capital surplus_ 18,002,789 8,864,428
shares Republic Steel Corp. common stock, together with certain misceldef7,134
Earned surplus201,592
laneous holdings of other corporate stocks. It is hoped by the receivers
that within the next year sufficient realization can be made upon these
Total
Total
117,342,458 142,392,636
117,342,458 142,392,636
two blocks of stock and upon the incidental holdings remaining in the porta 183,012 shares (no par). b 1,480,000 shares $1 par value in 1934 (no
folio so as to pay all of the debts of the corporation and to leave an equity.
par in 1933).
after paying costs of administration, for the preferred shareholders. Such
Balance Sheet June 30
a result is, however, directly dependent upon market conditions during the
Consolidated
coming year.
1934
1933
1934
1933
William D. MacMillan. the Maryland receiver, has submitted a report to
Assets
Liabilities
the Court which shows:
Plant and franPreferred stock- 18,301,000 18.301,000
That, prior to the appointment of this receiver and of Charles S. Wachchises
159,323,648 181,131,837 Subs. pref. stock 1,797,100 1,797,100
ner (the other receiver), there were pending in the Ohio Court several
Invest. at carryCl. A non-cum.
causes, being generally in the nature of so-called stockholders' class suits
ing values_
partic. stock_ 1,480,000 25,900,000
5,728,423 7,891,552
brought by stockholders against various persons, firms and corporations
Sink, funds and
Common stock_ 1,000,000 1,000,000
for the benefit of said Continental Shares, Inc., all of which causes are pendspecial dei:e
427,591
527,279 Funded debt of
ing in the Court of Common Pleas of Cuyahoga County, Ohio. at the presCash
Company.... 49,264,300 56.634.600
3,755,117 3.003,963
ent time.
Accounts receivSubsidiaries_ 48,398,351 49,846,142
That the various claims and demands against Continental Shares, Inc.,
able, consum_ 2,944,894 3,178,919 Sec. bank loans
made and asserted at this time are as follows:
Due from empl_
& pur. money
24,693
Approximate Amount
8,585,031
obligations_
Accrd. int. rec_
96,595
of Claim
Name of ClaimantProp, our. oblig.
250,000 3,185,031
Due from Mill.
$4,900,000
(a) Chase National Bank. New York
169,500 5,819,500
cos., accounts
93,339 Notes pay., bks.
42,593
860,000
Cleveland, Ohio
(b) Union Trust Co. of
Other receivables
596,829 Other notes and
558,538
(c) Syndicate participation of Continental Shares. Inc., in
accounts pay_ 1,534.649 1,061,090
Mdse., materials
Cleveland Cliffs Iron Co. preferred stock syndicate (note
and supplies
2,235,742 1,750,452 Accrued interest 1,516,233 1.564,024
of syndicate manager held by Cleveland Trust Co. and
Accrued taxes__
855,136
Prepaym'ts,
834,002
3
above participation pledged with said trust company).- 1.327, 60
Notes & accrd.
prems.,
(d) Syndicate participation of Continental Shares, Inc., in
Interest pay__ b1.373,500
taxes. &c_
169,974
210,518
900.000
Rubber Stocks Syndicate
597 1,392,054
Deps. in closed
Due to Mill. cos.
(e) William Chamberlain,et al., upon alleged obligation of Conbanks
49,259
84,384 Deferred Habits_ 1,238,103 1,365,526
tinental Shares, Inc., to repurchase 11,870 shares Detroit
Def, debit items
497,586
403,853
813,196
884,327 Def. credit items
967,167
Edison Co. common stock
20,962,244 20,793,439
Reserves
(f) Day & Day, Squire. Sanders & Dempsey, Harrington,
a Equity of min.
Smith & Huxley, Park Chamberlain, attorneys, Ernst &
161,840
stockholders _
212,828
Ernst, auditors, and claims of sundry other persons growCapital surplus_ 18,002,789 8,864,428
ing out of services rendered in the Bethlehem Steel685,710
475,378
Earned surplus_
500,000
Youngstown Sheet & Tube litigation
5,000,000
(y) Otis & Co., Cleveland, Ohio
Total
Total
176,073,668 199,449,994
176,073,668 199,449,904
2,000.000
(h) Cyrus S. Eaton, Cleveland, Ohio
a In common capital stocks and of pref. and minority common stock(i) Sundry claims, including those of Cleveland Trust Co..
holders in undistrbiuted surplus of subsidiaries. b By Seattle Gas Co. to
the State of Maryland, Ohio Bell Telephone Co., CuyaPortland Electric Power Co. and subsidiary.
-V. 139.P. 111.1.4s
hoga Building Co., Tones, Hogsett & Ginn, Marbury,
30,000
Gosnell & Williams, Otis & Co. and W.R. Burwell
270,000
Consolidated Coppermines Corp.
-Earnings.
(.0 Assessment on 10,800 shares Union Trust Co.stock
Calendar Years1931
1930
1932
1933
116.754.528
Approximate total asserted claims
Copier produced (lbs.)_
7,685,620 15,075,605 32.612,203
produced (ozs.)
Go
That, if all claims so asserted be valid in the amounts claimed or in subexceed in aggregate amount
at $20
1,498
stantially said amounts, the claims would far
8,129.851
13,917.59
Silver produced (ozs.)_
the fair value of the assets in the possession and control of the receivers
3,411
18,410.87
32,157.12
Coffer revenue
$471,721 $1,055.292 $4,294,982
and the claimants would receive only a percentage of their claims. If,
$51,466
Go revenue
29,975
162,597
however, the plan of debt adjustment proposed, and already consented
278,352
Silver revenue
to by all substantial claimants, be carried out, in all reasonable probability
1.019
5.245
12.337
It will result not only in a satisfactory adjustment of all claims but also
Total oper. revenue..
$502,715 $1,223,135 $4,585,672
would leave a substantial residue of assets more than sufficient to pay in
$51.466
Mining, incl. developfull, if such should become necessary, the claims of all claimants not emment charge
132,265
802,761
braced in the plan of the debt adjustment and would, furthermore, in the
1.710.361
Legal, litigation & corexpectation and opinion of receivers, create and leave an equity ultimately
porate expense
42,594
available for distribution to the owners and nolders of tne shares of the comMilling and smelting_
68,918
518.525
1.248,299
Pany's pretested capital stock.
Interest
14.779
Proposed Plan of Adjustment
Transportation,&c
44,114
384,544
800,544
That, after prolonged negotiations with substantial claimants, tne reIncome from oper_ _ loss$5,907
the following plan of debt adjustment:
ceivers have evolved
$257,418 loss$482,696
$826,467
Miscell. income (net) _
(a) Chase National Bank claims an indeotedness of approximately
1,937
6.399
10,250
15,636
$4.900,000. The receivers claim teat Cease National Bank is indebted
Total income
to Continental Shares, Inc., in a large but unliquidated amount by reason
$259,355 def$472,445
$842,104
$492
Depreciation
of the participation by the bank in a transaction in October, 1930, wherein.
100,134
20,704
130.770
133,038
in connection witn an alleged sale by Foreign Utilities, Ltd.,to Continental
Other charges
133,544
298
27.793
Shares, Inc., the bank made an alleged loan of $30,000,000 to Continental
Net inc. without chgs.
Shares, Inc., and received as collateral security upon said loan large and
for depletion
vast amounts of security belonging to Continental Shares, Inc., wnich it
x108426,212
$25,677 loss$605,782
$683,540
had owned and acquired prior to the engagement in toe aforesaid transBefore adjustment of inventory at Dec. 31 1933 amounting to $211.816
x
action witn Foreign Utilities. Ltd.
which leaves a surplus of $185,603. This added to previous earned surplus
It is proposed to adjust all controversies and claims between said bank
makes total earned surplus as of Dec.31 1933 of $1,445,418.
and Continental Shares, Inc., in the following manner:
The receiver, Chailes S. Wachnet, will sell, transfer and deliver to Chase
Balance Sheet Dec. 31.
National Bank of New Yoik 29,100 shares of the common stock of Snerwin
1933
1932
1033
1932
Williams Co. and 3z,900 shares of the common stock of the Lehign Coal
LiabilitiesAssets
$
$
& Navigation Co. Chase National Bank will sell, ti ansfer and deliver to
7,122,849 7,121,799
x Prop. & equip__ 7,206,769 7,233,320 Capital stock
the receiver, Cnarles S. Wachner. 40,000 snares of the common stock of
355,104
Def'd developm't 5,633,892 5,650,305 Current liabilities_ 300,002
toe Cliffs Corp. and will deliver to said receiver $63,450 in cash and 10.800
2,260
Investments
42,178
2,260 Reserves
43,241
shares of tho common stock of Union Trust Co.of Cleveland. Ohio. Mutual
724,617
6,211.652 6,026,049
660,309 Surplus
Current assets
full releases for all claims and demands between said bank and Continental
Deferred accounts- 109,142
Shares, Inc., and its receivers will be executed and exchanged to the end
that each party will forevsr release and relinquish any and all claims,
13,676,681 13,546,193
Total
13,676.681 13,546,193
Total
demands and rignts that each has heretofore had against the other. The
deducting $1,130,462 in 1933 ($1,103,758 in 1932) reserve for
x After
receivers will procure the dismissal without cost to Chase National Bank
depreeJation. V. 138. P. 3268.
of New Yotk of an action now pending in tne N. Y. Supreme Court. in
ch Continental Shares, Inc., is plaintiff, and Chase National Bank is
-$1 Preferred Dividend
-------Continental Baking Corp.
fendant, and said receivers will also procure the dismissal of an action
The directors on Sept. 6 declared a dividend of $1 per share on the
ending in the U. S. District Court for the Southern District of New
r1F, being entitled Burke Patterson, Plaintiff, vs. Chase National Bank
8% cum. pref. stocic. par $100, payable Oct. 1 to holders of record
and Continental Snares. Inc., defendants, at a cost to the receivers of not
Sept. 17. In each of the seven preceding quarters a like amount was
•
1704
Financial Chronicle
Sept. 15 1934
In excess of $3,200. In connection witn the execution of said releases, the
Continental Shares, Inc., has claimed that Otis & Co. is indebted to it in
receivers, if so requested to do by Chase National Bank, will procure the
vast amounts by reason of various transactions engaged in between the
appointment of an ancillary receiver of Continental Snares, Inc., in New
two, which transactions are the subject matter of divers and sundry actions
'Srrork for tne purpose of release. providing that tne cost thereof to be sust
brought by stockholders of Continental Shares. Inc., on its behalf against
tained by the receivers shall not exceed $250.
Otis & Co., which actions are now pending in the Court of Common Pleas
(b) Tne Union Trust Co. of Cleveland, Ohio, through Ira -T. Fulton,
of Cuyahoga County, Ohio.
Superintendent of Banks of the State of Ohio, and Oscar L. Cox, Deputy
It is proposed to settle all claims, demands and rights on the part of Otis
Superintendent of Banks of the State of Ohio, in charge of toe liquidation of
& Co. against Continental Shares, Inc., and (or) International Share Corp.,
the Union Trust Co., claims an indebtedness due from Continental Shares,
and all claims, rights and demands of Continental Shares, Inc., and (or)
Inc., in the sum of approximately $860,000.
International Share Corp. against Otis & CO. by the exchange of full and
It is proposed to settle, compromise and adjust said claim in the followsatisfactory releases whereby each and all of said parties shall be fully and
ing manner:
forever released and discharged from any and all claims,rights and demands
The receivers will sell, transfer and deliver to tne aforesaid persons In
of one against the other and without the payment or delivery of any other
charge of the liquidation of Union Trust Co. 40,000 shares of the common
consideration.
stock of the Cliffs Corp. and 6,200 shares of the common stock of the Good(h) Cyrus S. Eaton claims that Continental Shares, Inc., Is indebted to
year Tire & Rubber Co. And said persons in cnarge of said liquidation
him in the sum of approximately $2,000,600 and that the claim is made in
will deliver to the receivers a full and complete release of any and all claims
addition to the claim that a promissory note for $2,087,480 given by him to
In i espect ofsaid obligation. The receivers will release claims for impounded
Continental Shares, Inc., should be canceled and extinguished; and that
balances at Union Trust Co. and Guardian Trust Co. and for moneys herethere should be delivered to him 31,213 shares of the common stock of
tofore applied to loan by Central United National Bank.
Republic Steel Corp. delivered as collateral to the note. Eaton claims
(c) Continental Shares, Inc., is indebted in the sum of $1,327,360 upon
that the note and additional indebtednesses claimed by him arose out of
a participation by it in a syndicate created for toe acquisition of the prea merger between Interstate Iron & Steel Co. and Central Alloy Steel
ferred stock of Cleveland Cliffs Iron Co. Said participation has been
Co., wherein Continental Shares, Inc., should have assumed the aforesaid
hypothecated with and is now held by Cleveland Trust Co., together with
obligations arising out of the merger in place of Eaton. Continental Shares,
other securities and syndicate participations of other members of said synInc., and its receivers have always disputed the validity of these claims
dicate to secure a note obligation of George T. Bishop, syndicate manager
of Eaton and have claimed that the obligation upon the aforesaid promissory
ofsaid syndicate,to Cleveland Trust Co.,upon whicn there was due $2.091,note is a valid obligation against Eaton and should be enforced.
348 as of May 2 1934. As principal security on said syndicate obligation,
It is proposed to settle,compromise and adjust said claims as follows:
Cleveland Trust Co. holds 24.845 snares of preferred stock of Cleveland
Eaton will deliver to the receiver, Charles S. Wachner,full and complete
Cliffs Iron Co., and as security to secure the participation of Continental
title and ownership in and to the 31,213 shares of common stock of Republic
Shares, Inc. it holds 9,300 snares of the common stock of Cliffs Corp.,
Steel Corp. deposited as collateral on the aforesaid note. Eaton and the
and as security for the syndicate participation of International Share Corp.
receivers will exchange full and complete releases not only with reference to
(an almost wnolly owned subsidiary of Continental Shares, Inc.) it holds
the claims herein specifically mentioned, but also with reference to all
other possible claims existing, or claimed to exist, between the parties, and
700 shares of the common stock of Cliffs Corp. Cleveland Trust Co.
holds, and claims the light to hold, as additional collateral security for the
the receivers will cancel and surrender the aforesaid note.
Payment of said syndicate loan, which claims of right the receivers have at
(i) There are sundry small claims against Continental Shares, Inc..
all times disputed, 32,000 shares of the common stock of Republic Steel
amounting to a total aggregate sum of approximately $30,000, which the
Corp., 8,000 snares of the common stomr of Youngstown Sheet & Tube
receiver, Charles S. Wachner, expects to settle upon some basis less than
the full amount thereof. These claims include those of the following, to wit:
CO. and 92,000 shares of toe common capital stock of the Cliffs Corp.
It is proposed to settle, compromise and adjust the obligation and inCleveland Trust Co., State of Maryland, Ohio Bell Telephone Co., Cuyahoga Building Co.. Tolles, Hogsett & Ginn, Marbury, Gosnell & Williams,
debtedness of Continental Snares, Inc., as follows:
Otis & Co. and W. R. Burwell. Up to the time of the filing of this motion,
The receiver, Charles S. Wachner, will execute and deliver to Cleveland
Trust Co. and(or) to the banks participating in said syndicate loan the
Receiver Charles S. Wachner has been unable to arrive at agreements for
the settlement thereof and this receiver is, therefore, unable to state the
promissory note or notes of receiver for a total amount of $1,498,132, plus
exact terms upon which said claims may be adjusted.
Continental Shares, Inc.'s, proportionate share of interest on the original
'
syndicate obligation above referred to from May 2 1934 to the closing date
(I) Continental Shares, Inc., ass result of the settlement and adjustment
with Chase National Bank. will have redelivered to it 10,800 shares of the
of settlement hereunder. Said note or notes will mature one year after
the date of execution and will bear interest at the rate of 6% per annum,
capital stock of Union Trust Co. heretofore owned by it and deposited by
It with Chase National Bank as collateral security. There has been assessed
payable quarterly in advance, may be paid in whole or in part at any time
against the stockholders of Union Trust Co. the so-called statutory liability
at receiver's option, and will be secured by the following collateral security:
of said stockholders, which amounts, as to the stock owned by Continental
(1) 135,000 shares common stock Cliffs Corp.; (2) 19,227 shares preferred
stock Cleveland Cliffs Iron Co.; (3) 32,000 shares common stock Republic
Shares, Inc., to the sum of $270,000. Under the terms of said assessment,
Steel Corp.; (4) 8,000 shares common stock of Youngstown Sheet & Tube
stockholders of Union Trust Co. have until Nov. 1 1934 in which to make
adjustment of said liability, and Receiver Charles S. Wachner will take up
Co.; and (5) 5,000 shares common stock of Goodyear Tire & Rubber Co.
The Cleveland Trust Co. will deliver to the receiver full title to 19,227
for adjustment the stock liability before that date. Receiver CharlesS.Wachshares of preferred stock of Cleveland Cliffs Iron Co. and 9.300 shares of
ner will have sufficient and ample assets and property out of which to make
the common stock of Cliffs Corp., with proper stamps affixed thereto,
any proposed adjustment of said claims as well as of the claims mentioned
which shares of stock are included in the collateral security to be posted
In paragraph (I).
as above.
As part of the settlement, various litigation against Cyrus S. Eaton,
International Share Corp. (which is almost a wholly owned subsidiary
dominant figure in the investment trust management, and others would
of Continental Shares, inc.) is indebted in the sum of $92,000 upon a synbe dropped. Nine such law suits which charged mismanagement and
dicate participation in the aforesaid Cleveland Cliffs Iron Co. preferred
sought recovery from Eaton and others are now pending.
stock syndicate, and said syndicate participation has been deposited with,
Judge Eugene O'Dunne of Circuit Court No. 2 of Baltimore has directed
and is held by. Cleveland Trust Co. as security for the loan to George T.
creditors to show cause why the proposal should not be approved and set
Bishop, syndicate manager.
a hearing for Oct. 10.-V. 139, p. 1398.
It is proposed to settle the indebtedness of International Share Corp.
Cornucopia Gold Mines New Stock Listed-7't.._
as follows:
International Share Corp. will pay to Cleveland Trust Co. $111,878
.111 New York Produce Exchange basremoved from dealing the common
plus its proportionate share of interest on the original syndicate loan from
stock,
t par and substituted the new common stock, 5 cents par.
May 2 1934 to the closing date of settlement. Cleveland Trust Co. will
V. 138, p. 3943.
deliver to international Share Corp. the full title to and possession of
Corroon & Reynolds Corp.(& Subs.)
1,436 shares of preferred stock of the Cleveland Cliffs Iron Co. and 700
-Earnings
-shares of the common stock of Cliffs Corp. Cleveland Trust Co. will re6 Months Ended June 301934
1933
lease and fully discharge International Share Corp. and the receivers from
Net income after expenses, interest, taxes and
any further obligation on the aforesaid syndicate loan and (or) the syndiother charges
$77,243
$4,732
cate participations of International Share Corp. and Continental Shares,
-V. 139, p. 1553.
Inc., therein, but will reserve to itself any and all rights which Cleveland
Trust Co. may have against other syndicate participants.
Coty, Inc.
-New Treasurer
(d) Continental Shares. Inc., and George B. Young, as manager of the
H. L. Brooks has been appointed General Manager and Treasurer.
so-called Rubber Syndicate, are in dispute as to the sum of approximately
V. 139, p. 1081.
$900,000 upon a participation in a syndicate which was created in the
month of November, 1929, for the purpose of acquiring the capital stocks
Crown Drug Stores, Inc.
-August Sales Up 23.6%
of various rubber manufacturing companies.
Month of August1934
1933
It is proposed to settle, compromise and adjust said indebtedness as
Sales of 82 stores
$583.728
$476,923
follows:
Note-Sales of the 116 stores included in consolidation with LarimoreThe receiver, Charles S. Wachner, will sell, transfer and deliver to George
Woods Drug Co.. totaled $806.430 in August 1934.-V. 138, p. 4460.
B. Young, syndicate manager of said so-called Rdbber Syndicate, 16,500
shares of the common stock of Firestone Tire & Rubber Co. with proper
Crow's Nest Pass Coal Co.
-Earnings.
revenue stamps affixed thereto at the cost of receiver, and properly endorsed
George B. Young, as such syndicate manager, will deliver to receiver Charles
Years End, Dec. 311932.
1931.
1933.
.1930.
shares of common stock of Cliffs Corp. (heretofore deS. Wachner 3,000
Profit on lands, timber
posited by Continental Shares, Inc., as collateral security on its participaoperations, &c
$68,512
$52,605
$76,147
tion in said syndicate) and will deliver to the receivers a full and complete
Profit on coke and coal
release of Continental Shares, Inc., and its receivers from any and all claims
operations
$35,005 loss30,899 loss23,470
101,345
Other income
rights and demands against them or any of them in respect to the partici71,362
pation of Continental Shares, Inc., in said syndicate.
(e) William Chamberlain and others, to wit: B. J. Denman, Glenn R.
Total income
$106,367
337.613
$177.492
$29,135
Chamberlain, R. E. Brown, Walter Beckjord, H. E. Weeks and King &
Note-Company has paid capital distributions as follows: 1933,32 ".472;
MacDonald, claim that Continental Shares, Inc., is indebted to them in the
1932, $236.381: 1931, $186,354. In 1930 company paid dividends amountsum of approximately $967.000 by reason of a written contract entered
ing to $297,529.-V. 137. p. 1058.
into between them and Continental Shares, Inc., on Nov. 12 1930, wherein,
among other things, Continental Shares, Inc., agreed to purchase 11,870
-Admitted to List
shares of Detroit Edison Co. common stock at $185 per share within a 'Cusi Mexicana Mining Co.
The(New York Curb Exchangc/ias admitted to the list 318,
period between 12 and 14 months after date of contract; that, in pursuance
e
t
additional
shares -bf common stock, par 50 nts. The shares are to be listed on notice
of the contract, Continental Shares, Inc., was called upon to purchase the
of issuance, upon conversion of $195,000 outstanding 3
stock at the price aforesaid, and failing so to do, said persons claim the
-year 6% collateral
trust convertible bonds, due April 15 1935.-V. 139, P• 1399.
aforesaid amount against it.
It is proposed to settle said claim as follows:
The receiver, Charles S. Wachner, will deliver to William Chamberlain
Davenport Hosiery Mills, Inc.
-Earnings.
and said other persons, or to their order, the sum of $125,000 in cash,
Calendar Years1932.
1933.
1930 .
1931.
and William Chamberlain and the others mentioned will execute and deProfit from operations__
$318,096 x$138.136
$590.703
$488,325
liver a full and complete release to the receivers in respect of any and al
Depreciation
116.439
133,940
132,593
claims and demands arising from or growing out of said transaction.
Interest received (net)._
Cr6,122
Cr5,591
(f) The law firms, Day & Day of Cleveland, Ohio, Squire, Sanders &
Provision for Federal InDempsey of Cleveland, Ohio. Harrington, Smith & Huxley of Youngstown,
come tax
27.944
9,448
40,487
72.135
Ohio, and Park Chamberlain of Chicago. Ill., and the accountancy firm
of Ernst & Ernst of Cleveland. Ohio. and sundry other persons claim that
Net profit
$134,279
$313,897
$179,834
3385.975
International Share Corp. and Continental Shares, Inc.. are indebted to
Preferred dividends
59,122
59.853
68,863
63,977
them in the sum of approximately $500.000 by reason of divers and sundry
Common dividends
75,000
93,750
Services performed by all of said persons in respect of the so-called Youngstown Sheet & Tube Co -Bethlehem Steel Corp. merger litigation, conducted
Balance
$45,712 def$19,324
$245,034
$321.998
principally in the courts of Mahoning County, Ohio. and In the U. S. DisEarns, per sh. on 75,000
trict Court for the Northern District of Ohio. International Share Corp.
shs. cona, stock
$1.61
$0.99
$3.27
$4.29
was one of the parties plaintiff in some of said litigation under direction
x After depreciation.
and authority of its board of directors and Continental Shares, Inc., had
taken action through its board of directors authorizing contribution to the
Condensed Balance Sheet Dec. 31.
costs and expenses of said litigation. In litigation which was initiated and
Assets
pursued for the purposes of recovering from the Youngstown Sheet & Tube
1933
1932
Ltablittles1932
1933
Cash
Co. fees and expenses arising out of said merger litigation, a special master,
$83,949 Notes payable.
$152,011
33.000
U. S. Govt. bonds
acting in said proceeding under order of Court,found the reasonable value of
Accounts payable_ 832,338
29,057
at par
such services to be in excess of $500,000.
425,000
425,000 Prov. for Fed, inAccts. rec., less res. 232,408
It is proposed to settle said claims and demands as follows:
come tax
251,228
31,500
27,000
Inventories (lower
7% pref. stock
The receiver, Charles S. Wachner, will deliver to Luther Day, as repre837,700
851,300
of cost or mkt.)_ 282.592
sentative and agent of all of the aforesaid persons interested in said claim,
281,971 y Common stock &
Other cure. assets.
9,842
initial surplus.. 854,887
the sum of $68,604 in cash and Luther Day will procure and deliver to
10,538
854.867
Bal. in closed bks.
Pref. stk. sinking
the receivers a full and complete release of all persons claiming to have any
38,410
rights against International Share Corp. and (or) Continental Shares, Inc.,
Invest., at cost..5,000
1,000 fund reserve....
32,700
16,300
x Land, bldgs.. maor its receivers arising out of the things and matters aforesaid.
Cap. sure. arising
chinery & equip. 948.354 1,277,951
from purch. of
(g) Otis & Co. of Cleveland claims that Continental Shares, Inc., and
International Share Corp. are indebted to it in the sum of approximately
Deferred charges._
18,204
pref. stk at less
5.785
14,004
than par value__
18,525
$5,000,000 by reason of stocks purchased from timtr to time for and at the
713,417
Earned surplus__ 488,450
instance of said corporations, which stocks Otis & Co. claims were so purchased and for which corporations failed to pay, and for certain sundry
Total
$2,098,077 82.308,948
Total
$2.098,077 32,308.948
claims ag.sinst Continental Shares, Inc., and (or) International Share
Corp. • Continental Shares, Inc., and International Shares Corp. have at
x Less reserve for depreciation of $601,935 in 1933 and $615,428 in 1932.
.all times disputed the,validity of any such claims, and, in addition thereto,
y Represented by 75,000 no par shares.
-V. 138, p. 1923.
-Earnings
-Dexter Co.
Calendar Years
-
-Tenders
Dallas (Texas) Gas Co.
The Bank of the Manhattan Co. will until noon, Sept. 26, receive bids
for the sale to it of 1st mtge. 6% gold bonds at a price not to exceed 104%,
to an amount sufficient to exhaust the sum of $14,919.-V. 137, p. 2272.
Davis Coal & Coke Co.(& Subs.).
-Earnings.
1930.
1931.
1932.
Calendar Years1933.
Sales
$1,065,590 $1,217,887 $1,837,952 $2,386,903
Oper. costs, sell. & gen.
2,192,671
1.757.310
expenses, taxes, &c_
1,222,544
1,096,908
Empl. group life instil. &
10,413
6,540
9,628
indust. relation activs.
3.415
Depletion, depreciation,
108,300
94.717
royalties & amortien
.
91,754
87.571
def$23,702
159.724
$75,518
164,411
$136,022
$239,929
7,100
Profit from operationsdef$122,304 def$102,950
139,823
136,970
Net inc. fr. other sources
21,400
$218,529
162,693
Cr8,992
Profit before interest_
Prov. for Federal taxes,
contingencies, &c_
$14,667
Net income
Dividends declared
Profit & loss adjust
$14,667
$36.873
$128,921
Dr4,511
Cr4.865
Dr11,661
$36,873
Balance, surplus _
$64.829
$117,261
$41,738
$10,156
Shares of capital stock
53,091
52,547
outstanding (par $100)
52,400
52,400
Earns, per sh.on cap.stk.
$4.11
$2.45
$0.70
$0.28
Condensed Consolidated Balance Sheet Dec. 31.
1932
1933
1933
1932
S
Assets$
$
Liabilities$
Cap,stock outst'g. 5,240,024 5,240,024
% Coal lands, leaseholds, min. etS,
Curr. Habil. (Incl.
plant and equipco.'s est. of Fed.
94,321
7,910,093 8,025,436
taxes on Income) 126,009
ment
317,861
Securities owned_ 3,186,743 2,854,375 Res. for cont., &c.. 320,642
Current assets
938,366 1,118,267 Capital surplus__ 3,000,000 3,000.000
Deferred charges
56,619
49,118 Profit & loss surp_ 3,405,147 3,394,991
Total
12,091,822 12,047,197
x After reserves.
-V.136, P. 4277
Total
Net operating profit_ _
Miscellaneous income_ _
Miscellaneous expenses_
Federal income tax
$26,026 loss$53.762
Cr22,883
Cr24.676
9.191
17.326
4,145
$31,164
GT29,176
16.580
5,450
$177.648
Cr34,051
20,467
22.917
Net income
Dividends
Earns, per sh.on 100,000
shares common stock_
$29,230 loss$40,070
20,600
638.310
105,000
$167,715
146.000
$0.38
Nil
$0.29
Balance Sheet Dec. 31
1933
Liabilities1932
1933
Assets$107,650 $100,223 Accounts payable_ $17,281
Cash
8,172
192,884 Reserve for taxes_
Marketable bonds 195,418
52,547 Reserve for sales
72.717
Receivables
contracts
110,564
133,030
Inventories
1,002
Other reserves_
Land, buildings &
167,974 Corn. stk. (100,000
136,240
equipment
500,000
23,798
shares)
29,330
Misc. & def. chgs_
1,444 Earned surplus__ _ 149,488
1,559
Patents
$675.944
Total
$675,944 $649,434
Total
-V.138, p. 2406.
De Long Hook & Eye Co.(& Subs.).
-Earnings.
(Including De Long Hook & Eye Co.. Ltd., Canada.]
1932.
Years End. Mar. 311933.
1931.
1931,
Net profit after deprec.,
int, on bonds,amo,tic.
of bond diset. & esti$48,513
$42.665
$53.843
mated Fed . Inc taxes..
$71.171
$3.99
$5.03
Earnings per share
$4.56
$6.65
Ctu rent assets as of March 31 1934, were $453,264. Current liabilities
current assets to current liabilities is 10 to 1.
were $44.479. Tne ratio of
This compares with current assets as of Starch 31 1933, of $363,706, and
current liabilities of 822,448.-V. 138, p. 154.
-Earnings
Delaware Power & Light Co.
1932
1931
1930
1933
$4.455,092 $4,631.811 $4,925,375 $4.955.249
2.690.165
2,582.838
2.705,416
2.573,962
Operating income_ _ _ _ $1,881.130 $2,048,973 $2,235,210 $2,249,8.32
142,484
70.950
230,689
Non-operating income__
80,428
Gross income
$1,961,558 $2,119,923 $2,377.694 $2,480,522
611,436
Int. on fund. & unf. debt
573,371
603.174
613,761
Amort. of debt disct. &
exp. & other deduces.
12,620
19,533
27.865
22,370
Net income
-V.136, p. 3906.
$1,325,427 $1,504,129 $1,746,725 $1,879,285
-Gets Minority
Denver & Rio Grande Western RR.
Stock of Moffat Road-All but 1,676 of 20,530 shares of minority stock in the Denver & Salt
Lake RR. (the Moffat road), which the Rio Grande has obligated to buy
at $155 a share, has been tendered the Rio Grande, according to press
dispatches from Denver, which add:
"The 18.854 shares tendered since July 4 last include a block of approximately 15.000 shares which included the holdings of Gerald Hughes,
Chairman of the Board of the Moffat road and a former United States
Senator; State Senator Lawrence C. Phipps and his son. Lawrence C.
Phipps Jr.
"Tender of the Hughes-Phipps stock holdings was withheld until after
the recently completed Dotsero cutoff was put into operation, making the
Moffat road a link in a now transcontinental railroad route through Denver.
Mr. Hughes and the l'hippses refused to part with the stock interest in the
Moffat road until it was made certain, through the construction and the
opening of the Dotsoro cutoff, that the road would be used as a transcontinental link as its founder. David H. Moffat, intended.
"Under the agreement which it has made with the Inter-State Commore
Commission, Rio Grande must pay $155 a share for all stock tendered at
that price or must forfeit one share for every share it does not buy. If the
Rio Grande is unable to borrow the money for the purchase, it stands to
lose 20.531 of the 29,467 shares already purchased at $155 a share.
"The Rio Grande has put up 20,530 shares with Colorado National Bank
of Denver as trustee to be forfeited in the event that it does not pay for .
the minority stock tender.
"The Rio Grande has until July 1 1935 to pay for the Moffat stock
tender, but the stock tendered begins to draw interest at 6% 55 80011 as It is
offered to the Rio Grande.
"Minority stockholders of the Moffat road have until Dec. 31 next to
-V. 139. P. 1400.
tender their stock to the Rio Grande at $155 a share."
$1.68
1932
$7,303
3,780
2,124
500,000
136,227
$649,434
--Earnings.
Diamond Electrical Mfg. Co., Ltd.
Dec. 31 '33 Dec. 31 '02 Dec. 26 '31 Dec. 27 '30
I cars EndedNet income after deduct.
taxes & depreciation__ loss$4,994 loss$49,240
Gain on pref. shs. retired
164.935
82,106
Sur. at begin, of period
$41.815
2,142
178,359
$117,203
$115,695
26,954
$222,316
66.384
20.996
$263,141
36,533
48.750
$77,112
Gross surplus
Preferred dividends
Common dividends
DeLmoving exp.writ.off
Ad .of Fed. Inc. tax, &c.
6,637
145.938
Cr502
$178,359
$164,935
$82,106
$77,112
Comparative Balance Sheet
Dec. 31'33. Dec. 31'32.
LiabuitiesDec. 3133. Dec. 3132.
Assets$ 8,822
Current assetS____ $372,447 $378,996 Current liabilities_ $14,275
28,527
5.797
18,747 Acct. with affil. co.
22,687
(Texas)___
25,000
25,000
275,433 Mtge. note pay.._
Property deprec__ 255,918
513,400
stock. _ _ 513,400
4,969 Preferred
4,821
Deferred charges_.
20,289
20,289
Corn. stk. (no par)
82,106
77,112
Surplus
Surplus end of period_
4,
The directors have declared a dividend of 12Si cents per share on th'
common stock, par $10, payable Oct. 1 to holders of record Sept. 20.
A similar distribution was made on July 2 last, previous to which quarterly
distributions of 25 cents per share were made on March 15 1932, Dec. 15
and Sept. 15 1931.-V. 139, p. 760.
1930
1931
$956,905 $1,463,557
961,562
672,773
229.220
160.533
95.728
92,434
6730,710
540,250
162,025
62,409
Dayton Power & Light Co.
-Offers to Reduce Rates
'
....e;Deisel-Wemmer-Gilbert Corp.-I2-Oent Dividend , tt‘
1932
6567.441
400,450
86.381
74,372
Net sales
Cost of sales
Selling expense
Administrative expenses
12,091,822 12,047,197
The company has voluntarily offered the City of Dayton, Ohio, a reduction in power rates in a schedule filed by Frank 83. Tait, President, with
the City Commission, covering the five years beginning Oct. 1 1934.
President Tait estimated that the reduction would save consumers approximately $1,827.580 during the period -V. 139, p. 1082.
Calendar YearsOperating revenue
Total oper. expenses_
1705
Financial Chronicle
Volume 139
$655,874
Total
-V.137. p. 496.
$678,144
$655,874
Total
$678,144
-Earnings
Dominion Coal Co., Ltd.
1933
Years End. Dec. 31$1,492,178
Operating profit
730,000
Sinking fund & deprec
Half net profit of Springhill div. tran. to Cum64,939
berland Ry.& Coal Co
476.909
Int.& disc, on bonds,&c
Net loss
Previous surplus
prof$220,331
def571,597
1932 $941,195
730,000
1930
1931
3158.826 $1,283,275
730.000
730,000
127.485
524,413
163.059
539.640
$418,027 $1.223,072
1,069,502
def153,570
$149,424
1.218.926
121,096
508.126
df$153,570 81.069,502
Profit & loss surplus_ -def$351,266def$571,597
Balance Sheet Dec. 31
1932
1933
1932
1933
$
S
Liabilities$
Assets$
18,000.000 18,000,000
24,971,825 Capital stock
24,389,800
aPropertles
6,293.500 6,585,000
34,313 Funded debt
13,046
Cash (trustees).-70.243
493,9311
1,176,376 1,198,024 Bank loans
Inventories
382,868
Trade accts. rec.. 1,772,271 1,289,420 Curr. accts. pay _ _ 902,082
119.990
158,997
406,381 Wages payable_ _ _
Other accts. reclv_ 339,428
55,571
52,404
1.500 Accrued interest _ _
1,500
Investments
b1,747,317
148,020 Balance payable- 234,514
Cash
2,663,100 1,900,593
Reserves
138,516
cBalance reedy
240,500
147,296
Deferred charges
571,597
351,266
Deficit
28,564,013 28,861,581
Total
28,564,013 28,861,581
Total
a After depreciation of $17,092,2 9 in 1933 and $16,510.018 in 1932.
b On liquidation of current accounts with associated companies. c In
-V. 138. p. 4295.
liquidation of accounts with associated companies.
-Earnings
Dominion Engineering Works, Ltd.
[Including Wholly Owned Subsidiaries]
1931
1932
1933
Calendar Years$68,741
$178,517
Profits after inc. tax., Scc $104,121
50.306
155,155
120.493
Reserve for deprec., &c_
44.263
41,290
Bond interest
Exp. in connection with
11,257
management trust
Expenditures on develop.
18,435
35,168
31.199
research
1930
$557,253
166.000
43,613
$353,640
1.469,030
Not income
Previous surplus
loss$88,861 loss$67,326
1,247,670
1.180,344
Total surplus
Dividends
$1.091.484 $1,180,344 $1.322,670 $1,822.670
500.000
75,000
1,322.670
Surplus at end of year $1,091,484 $1,180,344 81.247,670 $1,322,670
Consolidated Balance Sheet Dec. 31
1932
1933
Liabilities1932
Assets1933
x Real est., plant,
y Capital stock _ _ _$2,900,050 $2.900,050
$4,271,043 Capital surplus... 1,642,117 1,642,117
mach. & equip _54,153,551
250,000
125,266 Res, for canting__ 250,000
Cash
82,117
I
Reserve for workVictory and other
9,000
men's comp. Ins.
bonds
1,805,781 1,711,968
729,500
672,500
409,451 Funded debt
Call loans
210,000
762,958
213,616 Accounts payable. 591,130
Acct. & bills rec.. 199,381
1,091.484 1,180,344
/
5,066 Surplus
2,065
-2Y2% Stock Dividend „.., '',.. Dep, on tenders._ 64,583
'.- Deposited Insurance Shares
54,573
Work In progress.
,
The usual semi-annual 21i% stock dividend on the Deposited Insurance 'rz Inventories
80,255
93,573
Shares, Series A, has been declared payable Nov. 1 to holders of record (
837
Milking fund cash_
262
Sept. 15.-V. 138. p. 1751.
133,326
Other Investments 110,436
Investments in and
Detroit Edison Co.(& Subs.)
-Earningsadv. to assoc.
1934
1933
393,809
363,644
companies
12 Months Ended Aug. 31_
$42,151,163 839,418,784
Total electric revenue
Prepaid insurance
43,335
1,654,162
39,527
1,775,094
and taxes
Steam revenue
370,912
31,426
22,361
395,093
His. on sale of bds.
Gas revenue
Miscellaneous revenue
536
3,402
$7,147,281 $7,473,969
Total
Total
$7,147,281 $7,473,969
$44,176.773 $41.592.373
Total utility operating revenue
x After depreciation of $2,155,468 in 1933 ($2,038,449 in 1932). y Repre281,100
311,883
Other revenue
-V. 138, p. 4124.
sented by 125,000 shares (no par).
844.457,873 841,804.256
Total revenues
-Investment Company AverDistributors Group, Inc.
and non-operating expenses
30,684,477 28,955,687
Operating
ages Decline.
6,459,832 6.486.266
Interest on funded and unfunded debt
204,193
Amortization of debt discount and expense
202.676
The investment companies common stock index declined with the general
Miscellaneous deductions
20,379
market during the past week, as evidenced by the averages complied by
Distributors Group, Inc. The average for the common stock of 10 leading
$7,109,371 $6,239,248
income
management companies, influenced by the leverage factor, stood at 11.16
Net
as of the close Sept. 7, compared with 12.01 on Aug. 31.
_v. 139. p. 1082.
Financial Chronicle
The average of the non-leverage stocks stood at 14.26 as of the close
Sept. 7. compared with 14.13 at the close on Aug. 31.
average of
the mutual funds closed at 10.03. compared with 10.22 The
at the close of
the previous week.
-V. 139,p. 1400.
4 ----Dopinion Explorers, td.
.
-Admitted to List
The(Toronto Stock Exchange)has admitted to list new s
of this
company-which was formed to t e over the old Dominion Explorers, Ltd.
They were called for trading on Sept. 4, at which time the shares of the old
company were removed from the list. Old shares are exchangeable into
new on a basis of one new for four old. The new company was incorporated
under the Ontario Companies Act March 14 last. Authorized capital is
$3.000.000 ($1 par) of which the issued capital is 1,204.258 shares.
Dominion Steel & Coal Corp., Ltd.
-Earnings
Calendar Years1933
1932
1931
1930
x Combined profits
$468,046
$112,987
$813,738 $2,296,390
Prov. for deprec. & depletion of minerals_
114.114
y605,066
y758,497
y587,370
Int. on deb. stock in the
hands of the public &
on loans secured by
deposit of deb.stock
762,434
681,603
798,498
679,459
Netloss for year
$408,503 $1,173,681
$572,130 pf$858.433
x From operations and returns from investments after deducting manufacturing, selling and administration expenses. y Includes provision for
sinking fund.
Consolidated Balance Sheet Dec. 31.
1933
1932
1933
1932
Assets
LiabilUtes$
5
:Props.& plant_ _ _31,958,674 32,167,554 Funded debt
9,486,548 9,642,548
Invest.in stocks &
Deferred payments
sec. of assoc. cos. 5,681,125 5,681,125 on property - - 763,356
820,812
Cash in hands of
Bank loans
4,324,246 5,886,575
trustees for bondAccounts Pay. &
holders
14,964
38,985 accrued Habil__
458,894
322,164
Bonds purchased.. 123,227
144.247 Wages accrued_ _ _
65,420
47,477
Inventories
4.931,923 5,500,416 Interest accrued on
Trade accts.& bills
debenture stock. 648,443
145,521
receivable
2,548,605 1,665.169 Bal. pay. to assoc.
Other accts. rec
175,128
220,580 cos
138,516
Investments
42,917
80,253 Oper.& cont.res. _ 1,443,851 1,366,802
Cash
279,699
332,333 Com. cl. B stock21,044.600 21,044,000
Balance rec. from
Capital surplus__ 8,983,298 8,983,298
associated cos
1,346,433 Def. from oper__ 1,299,173
867,712
Deferred charges_ 301,135
214,387
Total
46,057,398 47,391,484 Total
46,057,398 47,391,484
x After reserve for depreciation of $2,325,062 in 1932 and $2,563,582 in
1933. y Represented by 841.760 class B common shares.
-V.137. P. 4365.
Dominion Tar 8c Chemical Co., Ltd.(& Subs.)
Earningsfor Cal. Years
a Net earnings
Depreciation
Debenture interest
Prov. for exchange and
prem.pd.on deb.coup.
Balance
Preferred dividends
Balance
Tax provision
1933
$520,241
424,065
313,190
1932
1931
1930
$529,150 $1,279,761 $1,681,683
116,360,
500,380
320,239
326,837
286,331
24,802
39,183
34.539
def$241.816
_22,960
$53,370
106,192
$417,557
353,424
$894,972
356,728
def$264,776 def$52,822
5.475
20,625
$64,133
58,613
$538,244
74.000
Sept. 15 1934
Comparative Balance Sheet March 31
1934
1933
1934
1933
Assets$
Liabilities$
$
$
Land, bldgs., mac Common stock_ _18,375,000y18,375,000
chinery, &a_ _ _ _28,314,504b18,422,660 Preferred stock_ __ 1,940,600 1,940,600
Invest, and adv. to
Bonds
4,758,000 4,837,000
subsidiaries- _ 6,242.299 6,104,599 Loans
1,848,942
Other loans & mtgs
20,323
Cotton acceptances 2,172,429
Bills& accts. sec_ _ 2,531.545 1,471,237 Open accounts and
Accts.receivable__
53,814
205,347 dep., incl. tax_ _ 805,648
445,506
Adv.to assoc. co150,631 Allow.for wages_ _ 201,704
63,500
Raw
2,504,493 813,725 Interest on bonds_
23,790
24,185
Stock mfd. and in
Preferred dividend
33,961
33,961
process & suppl_ 2,120,707 2,174.341 Reserves
11,236.798
516,048
Cash
190,759
213,643 Profit and loss_ ___ 6,013,596 5,567,123
Deferred charges
123,487
94,499
Inv.& call loans_ _ 3,459,593 4,001,181
Total
45,561,525 33,651,864 Total
45,561,525 33,651,864
b After depreciation of $9,766,588. c Represented by 270.000 shares
no par).
-V 138. p. 3086.
Draper Corp.
-Balance Sheet
Dec. 30'33
Assets5,
Real estate
2,239,244
Mach'y and tools_ 1,905,409
Office turn., &c
8,001
Inventories
1,751,104
Mill stocks & miscellaneous secur_ 1,240,624
Cash
1,332,475
Receivables
2.618,261
Govt.securities__ _ 5,185,438
Patents
600,000
Accrued interest
30,479
Treasury stock
2,048,765
Dec.31'32
Dec. 30'33 Dec. 31 '32
Liabilities2.
$
$
2,504,351 Accounts payable_
8,614
43,519
1,896,946 Res. for doubtful
8,001 accounts, allow1,251,987 ances, taxes,&c_ 566,428
Other reserves__
410,893
1,502.005 x Capital and sur2.555,737
plus
18,349,854 17,948,950
2,063,132
4,135,250
675,000
12,743
1,763,302
Total
18,959.800 18,368.456 Total
18,959,800 18,368,456
x Represented by 350,000 shares (no par).
-V. 138, p. 154.
Dumbarton Bridge Co.
-Earnings
-Calendar Years1933
1932
Tolls
Operating expenses
(len. & adminis. expense
Interest and amortiz, on
bonds, &c.(net)
Other income
Depreciation
Bond interest & expenseProv. for Fed. inc. taxes
Other deductions
$133,592
44,310
9,783
$149,680
44,599
10,399
Cr1,586
44.799
47,466
Cr3,074
44.719
49,702
762
1,559
1931
$169,974
90.269
10.713
1930
$166,400
90,404
11,985
59,949
58,546
1,781
643
Net profit
loss$12,738
$2,573
$7,262
$4,822
Comparative Balance Sheet Dec. 31.
Assets
Liabilities1933
1932
1933
1932
Cash
$18,023 Accounts payable_
$13,863
$6,583
$5,185
Accts. receivable_ _
5,065 Accrued liabilities_
4,843
1,032
1,544
Dep. with trustee
1st mtge. 61,5%
for retire, on bds.
gold bonds
701,500
676,500
matur. Jan. 1_
25,000 Reserve
31,000
3,110
10.424
Other assets
552 Capital stock
51)
2,391,670 2.391,670
Permanent
1,799.913 1,843,222 Surplus
22.996
10,258
Deferred
1,239,484 1,241,458
v 1 7 p. 696.
3
33,089.153 $3,133,320 Total
$3,089,153 $3,133,320
def$270,251 def$73,447
$5,520
$464,244 -V. 137,
Net profit_ _ _ _ ______ def$270,251 def$73,447
$5,520
$464,244
Dunhill International, Inc.
-Earnings
Bond exp. written off__ _
50,000
c Deduct reserves
6 Months Ended June 301934
1933
3,276
7,835
2,567
24,875
Net loss after charges and taxes
4141.663
$59,361
Surplus
z Estimated.
-V. 139, P. 1400.
def$323,527 def$81,282
$2,953
$439,369
C
Previous balance
551,677.
'
912,716
994,000
991,047
'
I)
u Pont de Nemours & Co., Inc.-lavas/bon-3
Profit and loss balance $589,189
nn tion with the ac ulsition of plant and business of Alountri
n
$912.718
$991.04e
"
$994 0
. 00
a After all operating, management and selling expenses, exclusive of
Varnish & Co10 Works,
. -Pont Malmo:
(), -t-144
earnings applicable to minority share interests. c Reserves provided by
At a receiver's sale on July 16 1934. company pUrchased or $340,000 t e
subsidiary companies.
plant and business of the Mountain Varnish & Color Works at Toledo. 0.,
to provide increased facilities for the manufacture of paints, varnishes, and
lacquers. This plant is being operated by the Fabrics and Finishes DepartComparative Consolidated Balance Sheet Dec. 31
ment which has five other factories of this type located at Boston, Phila1933
1932
1933
1932
delphia, Chicago, Flint, Mich., and Parlin, N. J. The Mountain property
Assets
offered a favorable opportunity to acquire additional facilities in a desirable
Inventories
1.466,309 1,785,644 Accounts payable_ 309,916
289,018
ocation for future expansion.
-V.139. p. 1236.
Accts. receivable_ 666,901
639,455 Bank overdrafts
Cash
251,043
less cash on hand
-Earnings--Duquesne Light Co.
Prepaid insurance_
23,853
35,740 & in banks
351
Value of life bunsDeb. int. accrued_ 166,482
30,663
Year Ended July 311934
176,552
1933
Invest. in co's own
Prof. dlv. payable_
Gross earnings
5,740
$25,071,129 $23,801.942
5.863
debentures
1.120
34,879 Debentures
Operating expenses, maintenance and taxes
5,159,000 5,280,000
10,073.327 8,407.053
Cash in hands of
Minority interest_ 290,746
389.406
trustee for sinkPref.sinking fund_
Net earnings
55,256
51,980
$14,997,802 $15,394,889
ing fund
1,649
1,239 General reserve__ _
Other income-net
53,605
53,605
946.245
988.763
Properties
10,233,301 10,714,439 Preferred stock.- 5,363,000 5,370,000
Common stock x
Net earnings including other income
681,906
$15,944,047 $16,383,652
681.906
Rents for lease of electric properties
Surplus
569.867
178,614
888.578
178,119
Profit arising from
Interest charges
-net
3,228,375 3,187,558
red. of co's debs_
Amortization of debt discount and expense
19,321
24,138
167.310
167,281
Miscellaneous
721
721
Total
12,674,839 13,211,396
Total
Appropriation for retirement reserve
12.674,839 13,211.396
2,105.690
1,904.155
x Represented by 272,500 shares (no par value)
.-V.137,P.497
Net income
$10,263,860 $10,945,293
-V. 139, p. 926.
"----Dow Drug Co.
-Pays $5.25 on Account of Accruals
The directors have declared a dividend of $5.25 per share on account
Eastman Kodak Co.
-New Vice-Presidents
of accumulations on the 7% cum: pref. stock, par $100. payable Oct. 1
At a meeting of directors on Sept. 12, Albert F. Sulzer was elected Viceto holders of record Sept. 20. This payment covers the dividends due in
President in charge of Kodak Park. Dr. C. E. Kenneth Moos, was elected
April, July, and October 1933.. A distribution of $3.50 per share was
a Vice-President in charge of Research and Development and Herman 0.
made on July 1 last and one of $1.75 per share was made on April I last.
Sievers was elected Vice-President in charges of Sales and Advertisement.
this latter being the first payment made since April 1 1932. Arrearages
-V. 139. p. 1400.
after the Oct. 1 disbursement will amount to $7 per share.
-V.138, p.4124.
Balance
Inc
.-Removed fronjealing-i:
ew York Produce Exchange has removed from dealing the capital
sacMo- Par.
-V. 137. p. 333
Dominion Textile Co., Ltd.
-Earnings
--
Years End. Mar.31- 1934
1932
1933
1931
Sales
$17,097,752 $11,463,646 $13,854,637 $15,307,758
Manufacturing profits- _ x1,381.817
367,215 1,071,254 1,085.351
Interest received
444,571
550,828
562,273
721.952
Total income
$1,826,388
$918.044 $1,633,527 $1,807,303
Bond interest
292,095
296.470
300,595
Adjust.of deprec., Kingston plant
160,123
Premitun on bonds red- _
3,950
3.750
3.500
3,350
Net income
$1,662,315
$622.199 $1,333,557 $1,503.358
Preferred dividends_ --135,842
135,842
135,842
135,842
Common dividends
1,080,000 1,282,500 1,350,000 1,350,000
Trans. to res,for deprec.
of investment
1.000,000
Surplus
$446,473def$1,796,143 def$152,285
$17,516
Previous surplus
5.567.123 7,363,266 7,515.552 7,498,035
Profit &loss balance-- $6,013.596 $5.567,123 $7,363,266 $7,515.551
Shs.of com.outs.
(no par)
270.000
270,000
270.000
270,000
Earns. per sh.on com___
$5.65
$1.80
$4.43
$5.06
x After providing for interest on bonds and income taxes.
"Eat Puerto Rican Suga, Co.
-Admitted to List
Baltimore Stock Exchange ljas approved the listing of vat trust
certifibates representing the outstanding common and preferred shares.
These shares have been issued as an outgrowth of the reorganization of the
United Puerto Rican Sugar Co.
Easy Washing Machine Co., Ltd.
-Earnings
Calendar YearsGross profit on sales_
Selling expenses
1
Admin.& gen. expenses_
Financial exps. (net)
1933
$75.434
103,904
Loss
Other income
$29,636
Loss for year
Previous surplus
Refund of taxes
Balance, deficit
Dividend on pref. stock_
Res.for loss on repos'ns_
Res,for inventory depre.
Loss,sale offixed assets.
Sundry adjustments_
Write-down, fixed assets
Prov, for collection cost
of retail accounts
Deficit, Dec.31
1932
$130,526
206,593
1931
$254,093
367.125
1930
$391,611
1254.270
1275,024
$76,067
$113,033
$137,684
56,671
$29,636
$76.067
def357,893 def216,269
$113,033
61,070
$81,012
182,252
6.786
1,167
8387.529
$292,336
6.135
7,520
1.668
5.101
$51,963 sur$108.027
6.956
25,000
111,621
15,000
3,686
58,788
$401.185
$357,893
49,000
$216,269 sur$61.071
Assets
Cash
Receivables
a Retail receivables
Sundry receivables
Salesmen and employees' awls__
Inventories
b Fixed assets__ _
Deterred
Real estate
Good-will
Balance Sheet Dec. 31
LiabilUies1932
1933
$3,315 Demand loans (se$570
cured)
53,126
39,744
22,991
79,697 Overdraft
Payables
1,106
Salesmen's comm's
1,064
1,219 Preferred stock.
91,532 c Common stock_ _
82,390
47,621 Deficit
36,801
11,202
10.306
500
1,500
166,709
166,709
-Earnings
Electrical Securities Corp.
1933
1932
$11,000
926
24,207
1,218
397,500
329,410
401,185
$58,000
24,955
3,052
397,500
329,410
357.893
$363,077 $455,025
Total
$363,077 $455,025
Total
a After reserves of $38,393 in 1933 ($108,310 in 1932). b After reserve
shares.
-V. 137, p. 874.
for depreciation. c Represented by 38,535 no par
Early & Daniel Co. (& Subs.)-Bal. Sheet Dec. --1932
1933
LiaMlittes1933
Assets1932
Cash
$167,876
$67,516 Accounts payable_ $87,357 $126,848
305,000
Cust's' accts. rec.- 230,730
449,468 Notes payable__ __ 915,000
6.027
10,509
Accruals
Claims due from
fire insurance co
4,442 Prov. for Federal
3,764
16,600
Income taxes...
64,834
Adv.against mdse. 253,889
130,000
50,207
Adv. to customers
26,077 Mtge. indebtedn's 120,000
79,113
82,311
Cust's' notes rec._
134,395 Reserves
400,000
Inventory
1,012,845
406,668 7% pref. stock.... 400,000
125,000
100,000
840,729
Fixed assets
901,845 6% p1. stk. of sub_
803,208
364,010
Other assets
361,845 x Common stock__ 803,208
333,892
Capital surplus_ - _ 333,892
25,518
Deferred charges._
31,067
1
Good-will
1 Sur. from approp.
79,285
57,220
of perm. assets.
Approp. for red, of
36,813
preferred stock_
56,325
147,517
Undivided profits_
$3,028,117 $2,448,163
Total
Total
$3,028,117 82,448,163
x Represented by 37,042 no par shares.
-V. 139, p. 1082.
--Earnings
Economic Investment Trust, Ltd.
1931
Years End. Mar.31Divs., hit, and other income received
Operating expenses
Bond interest
Prov. for Dom.inc. tax_
1934
1933
590,934
12,261
48,014
1,280
$98,327
12,562
48,664
563
1932
•
8134,843
13,133
• 49.851
1,856
$179,553
17.886
50,000
2,534
Net profit
Dividends paid
$29,379
19,965
$36,538
29.945
$69,803
64,879
$109,133
99,812
$9,414
89,140
$6.593
82,547
$4,924
77,623
Balance, surplus
Previous surplus
1707
Financial Chronicle
Volume 139
Calendar YearsInt. on invest. bonds...
Int. on bank depos., &c_
Divs,on invest. stocks__
1933
8901,090
5,939
2,499,553
1932
$930,995
14,201
3,045,020
1930
$489,160
111,946
2.607.491
1931
$693,982
66,400
2,850,111
$3,406,583 $3,990,216 $3,610,493 $3,208,598
Gross income
896.467
1,020,429
986,372
Int. on notes pay., &c.... 1,060,555
72.881
73.743
57.102
64,782
Expenses
38,503
67,071
30,350
30,694
-miscellaneous
Taxes
$2.250.551
Net income
Net profit on sale & exchange of securities._.
32,916.391
82,449,250 $2,200.748
225,949
520.014
$2,250.551
Total income
2,847,910
Previous surplus
Adj. of book val. of secs_
82.918.391
3,219,979
10,873
52.675,199
3.244.701
52.720,761
5,420.026
85.098,460 $6.147,243
Total
874,096
873,870
Preferred dividends
1,925,238
1,370,081
_
Common diva.(cash)
Common diva. (stock).
Federal tax adjustment_
Discount on notes
Amt. transferred to cap.
stk. acct. to adjust the
pref. stk. to its value
in liquidation
35.919.900
824.920
1.500.000
88,140,787
639.373
1,000,000
2,500.000
15.000
366,713
375,000
375,000
$3,347,910
$33,219,979
53,244,701
Surplus Dec.31
32,854,510
Balance Sheet Dec. 31
1932
1933
Liabilities
Assets$
Notes pay. 1947_ _14,096,264
Investments:
Due June 1 1950 5,900,000
75.349,200 74,188,220
Stocks
2,455,000
13,272,499 13,897,532 Notes payable__
Bonds
1,860
838,705 Accounts payable_
Notes receivable 838,705
183
230,743 • 589.411 Accrued int. pay..
Cash
35,000
208,011 Accr. miscell. taxes
278,285
Accrued int. rec..
Reserves:
1,567
Accts. receivable
16,050
For annuities _ _ _
For poss. losses_38,343,935
40,797
For Fed. taxes__
For miscell.taxes
y5 pref. stock ____17,477,400
a Common stock__ 8,250,000
Capital surplus-- 500,
000
Earned surplus__ 2.854.510
14,096,264
5,900,000
3,865
17,557
40.553,087
40,797
35,000
17,477,400
8,250,000
.
500 000
2,847,910
89.970,999 89,721.880
Total
89,970,999 89,721,880
Total
Represented by 330.000 no par shares.
-V.137, p. 146.
y Represented by 174,774 no par shares,
$77,621___E
$9,321
68,302
382.547
589,140
Total surplus
398.554
lectric Auto-Lite Co.-Lü4ng A.i36eI-c•
Balance Sheet March 31
""The New York Stock Exchanglms authorized he listing of 3,023 addi.
1934
1933
Assets1934
1933
tional preferred shares ($100 par on official notice of- issuance, the same
$797
$892
a Investments_ - _83,063,965 $3,112,459 Sundry creditors..
to be issued in part payment of t pur chase price for certain shares of Cor14,972
12,478
Cash
26,106
25,363 Dividend payablecoran-Brown Lamp Co., making the total amount applied for 45,000 pre19,990
20,053
Call loans
Bond int. accrued_
50,000
ferred snares.
54,529
55,211
Sundry amts. rec.
2,708
514 General reserve__
The directors at a meeting held Aug. 21 1934, adopted a resolution
962.500
959.500
Funded debt
authorizing the purcnase of 53,531 class A common shares and 334 class B
Cora. stk.(par $50) 1,996,250 1,996,250
common snares of Corcoran-Brown Lamp Co. and the issuance of 3,023
89,141
98,553
Revenue account_
preferred shares of the company and the payment of 8128,629 in cash
tnerefor.
Total
$3,142,779 $3,138,335
Total
83,142,779 83,138,335
On Aug. 21 1934 options for the purchase of 25,00C common shares of
x At cost less reserve account. The market value at March 31 was
the company, neld in its treasury, at $25 per share for the period expiring
$1.762,639 in 1934 and $1,171,754 in 1933.-41, 138, p. 2092.
June 30 1927 were given to certain officers and employees of the company
and of certain subsidiary or controlled companies.
-Earnings
Edison Brothers Stores, Inc.
The Corcoran-Brown Lamp Co. nas outstanding at the present time
-Years End. Jan. 1931
162,137 class A common shares, 10,642 class B common shares and 4,489
11 Mos. End.
1932.
1931.
1933.
preferred shares, of whicn 494 preferred snares are held in the treasury.
Dec. 31 '33
Net profit for year
$30.419
$173,853
The Electric Auto-Lite Co. at the present time owns 65,541 class A
$77.295
$484.186
Previous surplus
422,062
340,986
320.547
116,776
common shares: it has agreed to purchase 36,596 additional class A common
Disc, on purch. of pref.
shares, and upon the acquisition thereof and of the class A and class B comstock held In treasury_
5,696
11,808
mon shares with reference to which this application is made, it will hold
Excess of par value over
155,668 class A common shares and 334 class B common shares.
cost of pref.stk. pur_ ..
36,752
Net reduction of prov.
Consolidated Income Account 6 Months Ended June 30 1934
for loss on sec, sold
[Company and All Wholly Owned Subsidiary Companies]
during year. _ _ _
35,233
$928,215
Profits from operations
Excess of coat over de188.493
Other profits and income
clared value of shares
ofcorn.stk. piu.
Dr838
51,116.708
Total
288,628
Provision for depreciation
Total surplus
8458,177
3444,683
$514.839
8636,880
631
Interest charges
Reduct.ofcost val.ofsec.
15,022
Adjust, of book val. of
$827,448
Surplus
stock held (net)
29.950
146.692
Preferred dividends(net)
Reduct. in deprec. cost
80.56
Earnings per share on common stock
value of fixtures &
proportion of the sum of or difference between
The consolidated group's
improvement, &c_
176,834
current earnings or losses and the dividends of unconsolidated companies
Reduct.in carrying value
of which the consolidated group owns a majority of the equity stock is
21,873
of corn, treasury stock
as follows:
Organizat'n oxp. written
1934
Equity
Name45,589
off
-55,268
51%
Columbus Auto Parts Co
34,027
Other expenses
-458
60%
Burt Foundry Co
_
51,905
dividends_
49,783
Preferred
52,500
42.188
+4,010
51%
Barley Industries, Inc
40.753
Common dividends
40,278
for 2 mos.
Moto Meter ()nage & Equipment Corp.
+89,077
93.8%
ended June 301934
8116.779
Consol.surplus
$320,547
$422,062
$594.694
Skis. corn. stk. outstand.
Consolidated Balance Sheet
106,835
110 000
par)
110,000
(no
106,435
June 30'34 Dec. 31'33
June 30'34 Dec. 31 '33
ism
80.26
Earnings per share
$1.10
$4.15
Liabilities
$
AssetsPreferred stock._ 4,197.700 4,197,700
Consolidated Balance Sheet
bLand, buildings.
equipment, &c_ 7,541,942 7,624,988 cCommon stock__ 6,040,605 4,649,170
LiabilitiesDec. 31 '33 Jan. 31 '33
Dec. 31 '33 Jan. 31 '33
Assets36,234
5,000
3,992,059 1,568,833 Bank loans of subs.
Investments
$513.552 6557,193 Accts. pay., accrd.
Cash
Surp. arising out of
Cash and market&c
securities_ 304.094
taxes,
$435,050 $520,887
Market.
496,770
865,571
acquis.of sub.cos 864,711
able securities
2,329,253 1,268,885
5,857
Vendors debit bats
3,927 Fed. Inc. & cap.
479,627
Accts. & notes rec_ 1,729,506 1,915,039 Accounts payable. 675,543
stock tax
90,000
848,298
Inventories
487,045
2,025
70,000
1,603
2,714,801 2,223,017 Notes pay,of subs.
Inventories
1,118 Notes payable...150,000
300,000
Cash val. of life ins
40,000
Mortgage payable
Inv. in own com41,042
42,147 Res. for insurance
Sundry note§s
171,093
174,890
mon stock
827.973 d803,793 Accrued taxes__ _ _
1.424
6,044
losses
5,710
Sundry securities153,994
130,846
Accrued accounts_
Investment in co.'s
3.000
7% pref. stock.... 655,100
715,500
Munk:. warrants- 12,859 Unearned income
12,859
preferred stock_
y Common stock. 106,435
106,635
Real est. not used
28,974
applic. to 1934.. 175,892
1
1
900
Pats.,g'd-will, &c.
240,000
1,486 Capital surplus... 240,000
in operations_
45,175
45,175
159,156 Fed, tax reserve__
227,210
Deferred charges
Earned surplus... 504,694
116,779
Capital stock of
1.000,678
Paid-in surplus_
1,040
corp..
domestic
5.954.562 4,947,008
Surplus
Furniture, fixtures
& improvements
19,375,603 15,576,573
Total
Total
19,375,603 15,576,573
524,550
391,500
to leased prop_ _
22,723
12,904
Deferred charges
b After reserve for depreciation of $6,056,558 (35,843.394 in 1933) and
reserve for valuation of certain properties of 32.417,476 (32.425.201 in
Total
62,272,703 $1,999,801
$2,272,703 81,999,801
Total
1933). c Shares of $5 par value. t145,825 snares in 1934 (44,925 in
1933).-V. 139, p. 1553.
y Represented by 106,435 shares of no par value in 1934 and 108.635 in
19:33.-V. 139. P 1553.
-Electric Output of Affiliates
Electric Bond & Share Co.
--Earnings
80 John Street Corp.
Calendar Years
Total income
Interest
Real estate taxes
Corporate taxes
Transfer agent & trustee
expense
Oper. and basun expense
Repairs
General expenses
Depreciation
Net profit
--V. 137. D. 140.
1933
3385.848
168,947
56,498
9,502
1932
$414,081
172.654
66,330
10,903
1931
$438,715
178,598
67.320
1,442
1,209
81,893
8,407
1.547
55.000
1,207
82.249
1.714
1,720
55.000
1.295
85,079
10,677
5.211
55,000
$4,645
$22.304
$34.092
1930
$437,533
183,018
84,800
1,883
Electric output for the three major affiliates of the Electric Bond &
Share System for the week ended Sept. 6 compares with the corresponding
week of 1933 as follows (kwh.):
- -IncreaseAmount
1934
1933
*a.0
American Pow.& Lt. Co---- 72.066,000 80,983.000 *8.917.000
9.2
Electric Pow.& Lt. Corp_ _ _ 39,545,000 36,225,000 3,320,000
*1.4
65,396.000 66,356,000 *960.000
National Pow.& Lt. CO-V. 139. p. 1554.
• Decrease.
1,213
85.244
6.988
-Pays Preferred Dividend
1,080 ---•••• Electrographic Corp.
A dividend of $1.75 per share was paid on account of accumulation on
55,000
the cum. pref. stock, par $100. on Sept. 1 to holders of record Aug. 20,
the first payment since Dec. 1 1931, when the regular quarterly dividend of
$38,509
$1.75 per share was disbursed -V. 135, p. 2837.
1708
Financial Chronicle
Derrick & Equipment Co.
-25
-Cent Common Div,
The directors have declared a dividend of 25 cents per share on thi
common stock, no par value, payable Sept. 20 to holders of record Sept. 12,
the first payment since Oct. 25 1930, when a dividend of 20 cents per share
was distributed, prior to which quarterly distributions of 40 cents per share
were made.
The company states that the Sept. 20 payment does not constitute
resumption of regular quarterly payments on this issue.
-V.139. P. 1401.
-.
Escanaba Iron Mountain & Western RR.-PWA
Loan Rescinded
Public Works Administrator Harold L. Ickes on Sept. 11 announced that
two previously awarded railroad loan allotments have been rescinded.
One of $3,500,000 to the Escanaba Iron Mountain & Western RR., for
construction of a concrete ore dock at Escanaba, Mich., was rescinded because the company has decided to repair two existing docks and continue
to use them instead of building the new one. The other rescinded allotment was for a loan of $75,000 to the Fort Smith & Western it R., an Oklahoma short line, for repairs to roadway and equipment. This allotment
also was rescinded at the request of the company.
-V.139, p.441.
1932
1931
$3,185,457 $3,405,130
1930
2,689.852
3,282,940
3,063,798
Gross profit on sugar
and molasses
$1,313,532
Other operating income_
74,319
$495.605
70,862
$122,190
113,424
$520,869
50,784
Total income
Operating charges
$1,387,851
888
$566,467
2,224
$235,614
1,791
$571,653
1,440
Gross operating ptofit $1.386,964
Fin'l inc. (divs., &c.)
280,432
Prem. on sale of seem's_
Dr4,124
$564,243
356,255
Dr14,607
$233,822
310,559
23,891
$570,213
304,107
24,184
Total income
Income charges
Loss on sale of securs
$1,663,272
1.194
157.522
$905,891
695
$568,273
1,489
$898,504
911
Profit for year
Taxes (estimated)
$1,504,556
281,500
$905,196
141.500
8566,784
53,322
S897,593
72,069
Net profit
Dividends
$1.223,056
600.000
$763.696
x850,000
$513.461
600,000
$825,523
600,000
Balance, surplus
$623.056 def$86,304 def$86,539
$225,523
x Includes $250,000 special distribution of surplus funds.
Comparative Balance Sheet Dec. 31.
1933
1932
1933
1932
AssetsS
$
Liabilities
Cash
23,980
34,909 Payrolls
24,281
28,351
Due from agents
412,012
651,618 Long-term contr
65,939
73,503
Accounts, notes &
Personal and trade
other accts. rec.
88,942
97,541
accounts
123,418
25,359
Mat'ls & supplies. 252,911
242,909 Reserves
284,064
504,994
Growing crops_ __ _ 1,238,295 1,238,295 Common stock_ _ _ 5,000.000 5,000,000
Investments
3,358,856 5,050,695 Surplus
2,637,580 4,494,190
x Illdgs., mach'y,
Leasehold valuat'n
equipment, &c. 2,694,110 2,740,943 surplus
420,000
490,000
Campbell est. lease
66,177
69,486
Leasehold valuat'n 420,000
490,000
Fansteel Products Co., Inc.
-Income Account[Incl. Ramet Corp. of America & Tantalum Corp. of America]
Income Account for Eight Months Ended Dec. 31 1933
Surplus at beginning of period per previous report to stockholders:
Fansteel Products Co., Inc., surplus
$437,660
Ramet Corp. of America, deficit
59,024
Total
Organization expense--Ramet Corp. of America charged off
$378,637
Dec. 31 1933
1,262
Total
$377.375
Consolidated net income for eight months ended Dec. 31 1933:
Fansteel Products Co., Inc., profit
50,766
Ramet Corp. of America, loss
5,848
28,861
148,550
20,000
60,579
46,341
959,700
289,898
203,065
-Federated Department Stores, Inc.
r
-Extra Dividend7
$3,584,667
Total
8,555,283 10,616,397
Total
8,555,283 10,616,397
x'After reserve for depreciation of $3,583,332 in 1933 and $3,438,293
In 1932.-V. 137. p. 4195.
1932
$35,828
$1,673,684 $1,792,824
Total
Total
$1,673,684 $1,792.824
x Represented by 216,000 shares (no par).
-V. 137, p. 147.
L.,:_,L4e
it
Ewa Plantation Co.
-Earnings
Calendar Years1933
Gross receipts from sugar
and molasses
83,935,741
Cost of producing and
marketing
2,622,208
Sept. 15 1934
Condensed Consolidated Balance Sheet Dec. 31
Assets1933
1933
LiabilUies1932
Cash
-trade $22,816
$132,269 5140.365 Accts. pay.
Notes & accts. rec.
8,601
14,312 Accrued int., taxes,
Inventories
18,742
90,348
salaries. &c_ _ _ _
90,939
Bakery equIpt. In
143,500
Real estate mtges_
storage
20,000
25,352
26,741 Insurance reserve_
Cash in closed bks.
60.579
4,492
1,916 Fed. Inc. tax res__
Util.deps. & sund.
37,281
Min. int. In subs__
assets
1,556
1,908 Pref. 7% cum.stk. 959,700
U. S. Govt. bonds
x Common stock__ 289,898
& accrued int.__
121,169
40,462
40,462Surplus
Bank stock and debenture bonds._
28,760
28,760
Ld., bldgs.& eqpt. 633,598
693,612
Leasehold impt__ _ 205,628
249,469
Leaseholds & goodwill
485,059
485,059
Patents
1
1
Deferred charges
17,560
19.281
The directors have declared an extra dividend of 10 cents per share In
addition to the regular quarterly distribution of 15 cents per share on the
common stock, no par value, both payable Oct. 1 to holders of record Sept.
21. Similar distributions were made in each of the three preceding quarters.
-V. 138, p. 3945.
-Sales
First National Stores Inc.
Period End.Aug.25-- 19342 Weeks
-1933
-4
1934-21 Weeks-I933
S8.479,483 $8,118,503 $44,655,677 $42,464,119
Sales
-V.139, p. 1401.
-Earnings
Florence Stove Co.
Calendar Years
Net earns, after res.,
depr., int. & Fed. tax_
Preferred dividends_ ___
Balance
Earns, per sh. on 60,000
shs. of no par value _ _ _
AssetsCash
Accounts, notes &
tr. accepts. rec.
Inventories
Est, return prem.
on mutual ins
Prepaid ins., int.,
taxes, &c
Inv. In pref, stock
of other co
Treasury stock. _ _
x Property
Non-oper. prop...
Parts & good-wIll _
1933
1932
1931
1930
$532,489
54,147
$256,866
57,001
$196.958
60.606
8229,236
61,682
$478,342
3199,865
$136,352
$167,554
$3.33
$7.97
$2.27
Balance Sheet Dec. 31.
1932
1933
1933
$74,439 $168,471 Notes payable_ ___ $300,000
Accounts payable_
94,640
748,007 Accr. payroll, Int.,
610,066
and other exps__
883.109
53,736
1,747,725
Pros', for Fed. inc.
and Mass, excise
14,642
13,367
taxes
108.800
12.512 Notes payable..
18,034
10,000
Notes payable
liability under
9,750
9,793
purch. contract_ 690,235
1,385
1,385
1,545,092 1.492,634 7% cons'. pref. stk. 729,900
990,000
42,717 y Common stock
21,242
1 Earned surplus
1,065,110
1
$2.79
1932
$50,000
61,065
35,155
51,400
750,235
786,300
990,000
647,797
Total
54,042.421 $3,371,951
$4.042,421 $3,371,951
Total
x After provision for depreciation of $577,381 in 1933 and $917,933 in
-V. 138, p. 2092.
1932. y Represented by 60,000 shares no par value.
-Listing of
Fonda Johnstown & Gloversville RR.
Certtates of Deposit- •
The ew York Stock Exchange has authorized the listing of certificates
of depOsIt for 35,700.000 1st consol. gen. ref. mtge. bonds on official notice
of issuay upon deposit of a like principal amount of bonds now outstandingV. 139, P. 1083•
Ford Motor Co. of Detroit-August Sales
World total of Ford sales in August was 88,800 cars and trucks, an increase of 40% over the total for August 1933. They were the largest for
any August since 1930 and exceeded the company's expectations by more
than 7,000 units. .Sales within the United States reversed the normal trend
by exceeding those for July.
Sales increased in volume as the month progressed and cash sales formed
an unusually large proportion of the total.
Sales of Ford trucks and commercial cars in August were the greatest
for that month since 1929 and, like passengers cars, tended to increase
toward the end of the month.
The company reports that the outlook for September is excellent. ("Wall
Street Journal.")
-V. 139, p. 1402.
---Fort Smith & Western RR.-PWA Loan Rescinded
-
Consolidated total
$44,918
-V. 139, p. 1402.
Soo Escanaba Iron Mountain & Western RR.above.
Consolidated surplus Dec.31 1933 per balance sheet
$422,293--Fr
ecdtert Grain & Malting Co., Inc.-L
-istert=Consolidated Balance Sheet
Th preferred sIck was admitted to trading on the New York Curb
Assetsrr
Dec.31 '33 Apr. 30'33
MairtItliesExcha e Sept. 12 This is the first preferred stock issue qualified under
Dec. 3133 Apr. 30 '33
Current assets_ _ _ _ x$396,279 5370,843 Cum& accr. liabs. $161,113 $126,325
the Securities Act f 1933 to be admitted to trading on the Curb Exchange
Cont. III. Nat. Bk.
Deps. on for, sales
since the Act went into effect. The 80.000 shares were offered and sold
& Trust Co. of
contract
on June 7 of this year by Hammons & Co., Inc.
5,169
5,801
Chicago, trustee y31,765
lot mtge. & coil 6s
Prepd. Ins., int.&c.
Earnings for the Year Ended July 31 1934
3,077
4,913
1943
277,000
277,000
$6,327,205
Funds In closed bks
Net sales of malt
8,936
8,936 7% cony. debs.'39
48,830
48,930
Cost of malt sold (incl. provision for depreciation at usual rates) 4,930.782
Investments
38,267 Res. for losses on
39,469
474,392
Sell. & adm.exp.(incl. prov. for doubtful notes & accts.)
Capital stock in
accts., returnable
affiliated co. _ 300,000
spools, &c
22,888
21,914
Net profit from malt sales
$922.031
Fixed assets
1,234,376 1,273,104 Res. for deprec. of
Other income
18.954
Good - will, trade
fixed assets_
423,295
412,285
names, kc
915,722 1,143,264 Preferred stock.
687,240
686,700
Gross income
$940,985
Common stock_ _ _ 881,795
881,735
83,853
Income charges
Surplus
422,293
378,637
171.119
Income and capital stock taxes
Total
$2,929,623 $2,839,327
Total
$2,929,623 $2,839,327
Net income for the year
$686,013
x Less amount to be paid into sink ng fund, Feb. 15 and March 31 1934
Dividends declared
192,800
for redemption of sinking fund bonds of $31.765. y Amount to be deposited
with trustees under sinking fund agreement for redemption of sinking
$493,213
Net income added to surplus
fund bonds.
-V. 137, p. 1771.
Earned surplus at beginning of the year
1,145.670
3,233
Surplus credits
Federal Bake Shops, Inc.(& Subs.)
-Earnings
Calendar Years1933
1931
1932
Gross surplus
31,612,116
1930
Sales
$2,730,853 $3,233,943 $3,983,877 $4.402.995
Surplus charge
920,000
Cost of goods sold
1,677,520 2,110,441
1.446.530
2,345,327
Earned surplus at end of the year
$722,116
Gross profit from sales $1,284,323 $1,556.423 $1.873,436 $2,057,668
Earnings per share on 420.000 common shares
$1.40
Operating expenses
1,234,893
1,465.024
1,644.755
1.722,200
Condensed Balance Sheet July 31 1934
Profit from operations
$49,430
$91,398
$228,681
$335,468
A ssasLiabilities
Other income-Interest,
Cash on deposit & on hand._ $187,729 Notes payable
$600,000
royalties, disct., &c.,
39,100
Notes ,tc accts. rec.-trade__ _ _ 1,120,005 Accounts payable
net
15,518
10.550
12.871
16,431
1,062,961 Dividends declared
Inventories
66,000
Cash surr. val. of Ins, on lives
84,456
Stockholders' accounts
Total income
$64.948
3101.948
$241,552
$351.899
of Messrs. R. R. Froedtert
219,396
Accrued accounts
Int. on notes & mtges.
and W. A. Telpel
33,164 WLs. unemp. Ins. reserve
198
payable
8,536
9,051
9,366
9,939
Notes ‘1.-, accts. receivable
13,557 Cum.cony. panic. pref. stock_ 1,200.000
Provision for doubtful
Investments
33,446 Common stock
420,000
accounts. &c
20.422
23,506
16,533
Fixed awls
825,557 Earned surplus
722,116
Amortiz & doprec'n_ _ _ _
126,948
138,636
138,997
124,970
Deferred charges
74,847
Prov. for Fed,inc. tax_
6.166
17,686
Net loss
$90,958
Total
369.607 prof$70,851prof$199,304
Total
$3,351,265
$3,351,265
Applic. to min. stks. of
-V.139. p. 1084.
sub. cos. (based on
stock ownership at
--Gardner Denver Co.
-25
-Cent Common Dividende f 111
Dec. 31)
9,061
Cr9,370
Dr4.184
3,069
The directors have declared a dividend of 25 cents 'per shslre on the
Extraordinary charges
48,665
common stock, payable Oct. 1 to holders of record Sept. 20. A Millibar
Net loss
$81.897
$108,901 sur$75.035 sur$202.374
distribution was made on July 1 last tnis latter payment marking the
Earnings per sh. on corn.
Nil
Nil 1$0.03
$0.61
resumption of dividends on this issue. Dividends of 20 cents per share
Financial Chronicle
Volume 139
were paid Oct. 1 and July 1 1931 and 40 cents per share previously each
quarter.
-V. 138. P. 4126.
Gatineau Power Co.(& Subs.).
-Earnings.
Period End. June 30- 1934-3 Mos.-1933
1934-12 Mos.-1933
Oper. rev. & other inc-- $2,389,094 $2,328,806 $9,337,210 $9.332.474
Loss on exceange
269.153
2,079
127,026
51,876
Profit on bonds & debentures redeemed
_
192,422
265,587
36,140
84,753
Total gross revenue including other inc__- $2,423,155 $2,286,533 $9,477,756 $9,328,908
Net rev, before int., depreciation. &c
- 2,120,467 2,014,040 8,268,409 8,148.217
Int. on 1st mtge. bonds
and prior liens
3,512,732
3,526,258
876,926
881,251
Interest on debentures
274,386
1,077.698
1,103,317
267,255
Other int., amort.of disc,
div. on pref.stk. ofsub
173,513
694,878
687.560
169,229
Deprec. and amortiz. of
storage works
159,853
644.988
653.747
165,212
Balance added tosurp.
-V. 139, p. 1402.
$641,845
$525,037 $2,338,113 $2.177.335
-Accumulated Dividend
s---General Candy Co.
-he
-4
The directors have declared a dividend of 25 cents per share on account
of accumulations on the $2.50 cumulative class A stock, no par value.
payable Oct. 1 to holders of record Sept. 25. A distribution of 23M cents
per share was made on this issue on Dec. 15 1933 and one of 25 cents per
share on Oct. 20 1933.
.Accruals after the Oct. 1 payment will amount to $10.513i Per share.
-v.138, P. 1052.
General Motors Corp.
-Sales for August Lower-The
company on Sept. 8 made the following announcement:
August sales of General Motors cars to consumers in the United States
totaled 86,258 compared with 86,372 in August a year ago. Sales in July
this year were 101.243. Sales for the first eight months of 1934 totaled
682,473, as compared with 573,434 in the corresponding eight months
of 1933.
Sales of General Motors cars to dealers in the United States in August
totaled 87,429, compared with 84,504 in August a year ago. Sales in
July this year were 107,554. Sales for the first eight months of 1934
totaled 787,850, compared with 604,812 in the corresponding eight months
of 1933.
August sales of General Motors cars to dealers in the United States
and Canada, together with overseas shipments, totaled 109.278, as against
97.614 in August a year ago. Sales in July this year were 134,324. Sales
for the first eight months of 1934 totaled 993,878,as compared with 703,154
in the same eight months of 1933.
Sales to Consumers in United States.
1932.
1934.
1933.
1931.
January
47,942
23,438
50,653
61,566
February
42,280
46,855
68.976
58,911
March
47.436
48,717
101,339
98,174
A
71,599
81.573
135.663
106.349
ay
85,969
63,500
122,717
95,253
101.827
56,987
June
103.303
112,847
July
32,849
87,298
85.054
101,243
August
86,372
37.230
69,876
86,258
71,458
34,694
September
51,740
63,518
26,941
October
49,042
November
35,417
12,780
34,673
11.951
19,992
December
53.588
Total
January
February
March
April
may
June
July
August
September
October
November
December
755,778
510,060
937,537
Sales to Dealers in United States.
3
932.
1931.
72.274
65,382
76,681
46,140
50.212
52.539
80.373
82.222
45,098
48.383
98.943
119.858
74,242
69,029132,629
121.964
85.980
60,270
103.844
136,778
46,148
99,956
100.270
118.789
31,096
92,546
78.723
107,554
24.151
84,504
62,667
87,429
23,545
67.733
47,895
41,982
5.810
21.305
3,483
2.405
23.716
44,101
11,191
68,650
Total
472,859
729.201
928,630
Total Sales to Dealers in U. S. Ss Canada Plus Overseas Shipments.
1932.
1933.
1934.
1931.
January
82,117
74,710
89,349
62.506
February
59,614
62.850
100.848
96.003
59,696
March
58.018
153.250
119,195
78.359
April
86.967
153,954
154,252
May
98,205
66,739
132,837
153,730
52,561
June
146,881
113.701
111,668
134,324
36.872
July
106.918
87,449
30.419
August
97.614
109,278
70,078
September
18,148
30,117
58,122
10.924
53,054
October
25.975
November
5,781
10,384
29,359
53.942
December
21.295
79.529
Total
869,035
562,970
1,074.709
Unit sales of Chevrolet. Pontiac, Oldsmobile, Buick, LaSalle and
Cadillac passenger and commercial cars are included in the above figures.
New Profit-Sharing Plan for Executives Announced
At the special meeting of stockholders called for Sept. 27 action will
be taken on modification of the profit-sharing plan for its executives
through changes in the corporate set-up of the General Motors Management Corp., which was organized in 1930 to carry out the plan, it was
announced Sept. 11 in letters sent to the stockholders.
The amendments provide for alteration of the date of retirement of
$38,525,000 of the serial bonds issued in 1930 by the management corporation toward the payment of 1.375,000 shares of General Motors
stock at $40 a share. They provide also for an adjustment in the interest
rate on the bonds and on the security underlying the bonded indebtedness.
Alfred P. Sloan, Jr. President, stated that no change was contem'
plated in the amount of participation of the General Motors Management
Corp. in the earnings of General Motors Corp., nor in the price of the
General Motors stock which was purchased by the management corporation from General Motors.
The change with respect to the security underlying the bonded indebtedness, Mr. Sloan said, was to insure the managers' group in the
corporation their pro rata participation in the earnings of the contract
between General Motors and the management corporation.
The notice of the special meeting sent to stockholders
states that it will be held in Wilmington for the following
purposes:
"Canceling $38,525,000 6% serial bonds of the management corporation
now owned by General Motors Corp., and substituting an indebtedness of
the management corporation to General Motors Corp.for the same amount,
payable on or before March 15 1937.
"Adjusting the rate of interest payable on the issue of $50,000,000 6%
serial bonds of management corporation from 6% to 5% per annum, from
March 15 1930 to March 15 1934; and providing that the interest on the
indebtedness of $38,525,000 commencing March 15 1934 shall be at the
rate of 6% per annum, cumulatively, but in no event to exceed the dividends received on the unpaid and unearned General Motors common stock
held by the management corporation.
"Agreeing that the unearned and unpaid portion of the General Motors
common stock held by the management corporation shall be held in specie
by the management corporation and shall not be sold, disposed of, pledged
or otherwise hypothecated. except (a) that any time prior to March 15
1937 the management corporation shall at the request of General Motors
deliver to it not to exceed 250,000 shares of General Motors common
1709
stock at the price of $40 a share to be applied in the reduction of the outstanding indebtedness, and (b) that the management corporation may
prior to March 15 1937 sell any part of such unpaid for General Motors
common stock at a price in excess of $40 a share and up to an amount
not in excess of one-half of the outstanding indebtedness upon the condition
(I) of the payment of the entire net proceeds of such sale to General Motors
as and when received, and (II) the concurrent delivery in specie to General
Motors of the number of shares of unearned and unpaid General Motors
common stock at $40 a share (irrespective of the then market value) which
number of shares so delivered shall be the quotient or number of times
40 as a divisor is contained in the dividend or amount of the net proceeds
of the shares sold and received from the management corporation.
"Agreeing that if on or before March 15 1937 the indebtedness of the
management corporation to General Motors has not been paid out of contract earnings or out of the sale and delivery of General Motors common
stock held as security for the payment of said indebtedness pursuant to
the foregoing provisions that the management corporation shall pay said
indebtedness by one of the following alternative methods of payment:
(a) by the delivery in specie of the entire number of unearned or unpaid
for shares of General Motors common stock at $40 a share (irrespective
of the then market value), which shall be accepted by General Motors
in full payment of the indebtedness, or (b) by delivery in specie of one-half
of the entire number of unearned or unpaid for shares of General Motors
common stock at $40 a share, which shall be accepted by General Motors
at $40 a share (irrespective of the then market value), in reduction pro
tanto of said debt, and by the concurrent payment of the remaining indebtedness in cash; and (c) agreeing that the indebtedness of the management corporation to General Motors shall be payable only by the methods
of payment hereinbefore described which shall be exclusive of any other."
Mr. Sloan stated that "these changes are necessitated by the redical
alteration of circumstances which have come about since the plan was
approved by the stockholders in 1930, which has resulted in the plan
becoming inoperative. The proposals have the approval of the board
of directors of both General Motors Corp. and the General Motors Management Corp.
Ih a separate analysis of the revised management corporation plan.
Lammot du Pont, Chairman of the board of directors, explains that there
has been set aside for the executive group since 1918, 10% of the net profit
of the corporation in each year, which is in excess of 7% of the capital
employed in the business. Earnings must therefore be in excess of *58.700,000, or $1.15 a share on the common stock, before the executive group
participated in any bonus.
The number of executives participating has ranged from 2.882 in 1929
to 1.291 in 1933. One-half of the total 10% bonus was distributed to
executives in the form of General Motors common stock and the other half
to a group of senior executives, through their interest in the common stock
of the General Motors Management Corp.
0.. There are 50,000 shares of the common stock of the management corporation outstanding, and the highest individual participation is represented by 2,250 shares of such stock, Mr. du Pont said. This entitles
the holder thereof to 1-40th of the total 10% fund, Mr. du Pont said.
Mr. du Pont reminded the stockholders that the corporation had made
a non-operating profit of $9,482,861 in 1930 through the sale to the management corporation of 1,375.000 shares of General Motors stock at $40 a
share, which had cost the company $33 a share. The purchase price was
Paid $5,000,000 in cash and $50,000,000 in 6% serial bonds. Of the
cash. $3,880,000 was subscribed by the participating executives, who
received 38,880 of the 50,000 shares of the common stock of the management corporation.
I* Mr. du Pont declared that earning power and safety of the General
,
Motor company's business was "absolutely dependent upon the intelligence and aggressiveness with which the organization deals with the very
important problems that constantly arise." For this reason "supplementary benefits" were distributed to its employees and executives to
an extent dependent upon their contribution to the success of the business.
he declared.
"Notwithstanding the materially altered economic and social circumstances of the day," Mr. du Pont said, "and perhaps more importantly
the materially changed thinking with respect to many of these problems,
it is considered that the question under discussion-speaking now in
general terms
-is more vital to the future position of the corporation, and
hence of greater concern to the stockholders, than ever before in its history."
I' As a result of the reduced earnings of the corporation since 1930 and
the corresponding reduction in profit-sharing payments to the management corporation the latter had deferred to March 15 last the retirement
of $16,525,000 of its bonds. The entire issue of $50,000,000 was to have
-V. 139. P. 1554
been retired serially at the rate of $7,000,000 a year.
1
-EarningsGeorgia & Florida RR.
PeriodGross earnings
-V. 139, p. 1402.
-Fourth Week August- -Jan. 1 to Aug.
1933.
1934.
1933.
1934.
$669,892
$733.658
$46,591
$24,400
co
---Goedard Securities Corp. Removed from DealingThe New York Produce Exchange has removed from dealing the
voting
mmon stock, no par.
-V.1
non-
P. 2236.
( /z
-Preferred Dividend
General Tire & Rubber Co.
The directors have declared a dividend of 134% on account of accumulations on the 6% cum. pref. stock, par 5100. payable Sept. 29 to holders
of record Sept. 20. Like amounts were distributed on June 30 and March
31 last and on Dec. 30 1933. Previously the company had paid regular
Quarterly dividends of 1 % up to and including March 31 1932. Accruals,
after the June 30 payment, will amount to 9%.-V. 139. 1)• 599.
Grand Union Co.
-Sales--saes Ended Sept. 1-1934-4 Weeks-1933
Period
$2,184,526
-1933
1934-35 Weeks
$2,287.978 $18.579,440 $18,320,057
-V. 139. p. 1084.
-Earnings-Great Lakes Power Co., Ltd.
Years End. Dec. 31Operating revenues
Oper.exps., maint.& tax
Retirement appropria'n_
Ploy,for doubtful a c'ts
19331932
$682.856 y$722.872
154,667
160.486
95,96790,224
46,094
4,252
x1931
$746,461
304.068
115.571
1930
$704,834
323,795
77.938
$303,101
$326.822
$431.887
Net operating income- $422,151
30.074
21.287
3,582
Non-operating income-5.710
$333,175
$348,109
$435.469
Gross income
$427,861
116.370
121.615
Interest on funded debt109.900
103,008
General interest
277.743
290.749
9.521
46,664
Misc.Int.& 0th. deduce..
26.643
33,719
$185,075
$202,039
Net income
$21,183
$386
44,450
42.000
Preferred dividends.....52,500
8,750
110.000
90,000
Common dividends
20,107
Deficit for year
$51,424 sur350,625 sur$50.039
$8,364
x On Oct. 6 1931 the Great Lakes Power Co., Ltd., and the Algoma
District Power Co., Ltd., were amalagmated, forming Great Lakes Power
Co.. Ltd. The figures for 1931 are for the consolidated figures for the
Great Lakes Power Co., Ltd., and Great Lakes Power Co., Ltd., together
with the International Transit Co. y Does not include International
Transit Co. (which see).
Comparative Condensed Balance Sheet as of Dec. 31
1932
1933
1932
1933
AssetsLtabtittfes-$
$
Property account_10,439,866 10,402,492 Preferred stock.._ 750,000
750,000
Inv. In affil. cos__ 150,501
150,501 Common stock__ 2,050,000 2,050,000
Inv. In other utils.
1,678,000 1,795,000
79,930 Funded debt
7,523
Malls & supplies.
4,000
11,921
11,906 Misc. notes pay
18,002
Acels rec'le, dm- 246,588
237,572 Accounts payable_
9,962
Cash
1,311
1.270
38,359 Consumers' depos.
67,909
4,375
Special deposits
26
56 Divs. accrued..
7,422
2.089
497 Taxes accrued_
Prepayments
Miscell. investls_
16,780
17,950
6,446
10,965 Interest accrued
Due to affil. cos._ 4,182,500 4,019,500
Miscellaneous de1,323,845 1,289,322
ferred debits...
29,131
43,588 Reserves
577
135
Misc. unadj. credits
945,023 1,022,891
Surplus
10,961,998 10,975,867
Total
139. P. 1085
.
-V.
Total
10,961,998 10,975,867
Financial Chronicle
1710
Sept. 15 1934
-Earnings
-Hamilton Cotton Co., Ltd.
1932
Calendar Years
1931
1933
Operating profit
3457,964
x$56,948
$54,797
51,493
Bond interest
46,420
49,500
56,044
Depreciation
C.) Gilbert Co., New Haven, Conn.-Pref. Div.
4111444
A dividend of 87J'i cents per share has been declared on account of
accumulations on the $3.50 cum. preference stock, no par value, payable
Oct. 1 to holders ofrecord Sept.21. Similar distributions were made July 2,
April 2 and March 1 last, prior to which no distributions were made since
Jan. 2 1933 when the regular quarterly payment was made.
Accruals, following the Oct. 1 disbursement, will amount to $2.623
per snare.
-V. 138, p.4127.
1934
$163,718
1933
$90,689
Net loss
prof.$10.981
Previous deficit
378,786
Int. on bonds redeemed,
transf. from skg. fund
Deficit, June 30
AssetsCash
AceIs receivable
Acc'ts receivable,
not current....
Inventories
Bal. of sink. fund_
Investments
x Fixed assets......
Deferred charges__
Good-will
Deficit
$367,805
1931
1933
1932
$42,673
36,920
37,579
Not
$27,0801
37,3551 reported
,
43,092f
$31.826
355,923
$53,367
309,906
Cr8,963
$278,834
31,072
Cr7,350
$378,786
$355,923
Balance Sheet June 30
Liabilities1934
1933
$2,761
$3,005 Bank In, secured..
431,102
569,657 Bank overdraft__
Accts. payable and
z123,293
accr. charges...
612,608
524,817 Bond int. payable
848
and accrued__
28,247 First mtge. 20-yr.
25,640
1,143,205 1,142,377 6% bonds
7,183 Res've for deprec_
12,158
1 Sundry reserves__
1
378,785 Capital surplus.
367,805
First pref. stock__
Second pref. stock
y Common stock__
$309,906
1934
$88,000
13,435
54,738
11,940
555,000
237,255
5,367
273,422
742,800
169,200
542,532
196,557
784,900
199,900
542,532
1,642
$3,304
29,267
1,093
$45,390
39,151
3,138.
310,155
242,818
def$50,238
293,056
def$27,056
320,114
$3,101
317.013
-Earnings
Hammermill Paper Co.
Calendar Years-r•
Net prof. after depletion,
depr., int. & Fed. tax_
Preferred dividends - - - Common dividends
1933
1932
1931
1930
$11,352
274,958
27,000
$422,800
294,207
144,000
$561,839
297,300
180,000
Surplus for the year.... $3350,887 def$290,606
Previous surplus_ _ _ _ _ 3,502,813
4,637,987
Disc,on pref. stk. retired
71,650
Res. restored to surplus
6,311
Federal tax refund_ _ _ _
669
13,370
608,500
202,325
def$48,696
1,389
Total
Total
$2,455,344 82,321,817
52,455,344 82,321,817
x After reserve for depreciation of $766,329 in 1933 and $728,362 in 1932'
y Represented by 20,000 no par shares.
-V. 137. p. 1945.
1933
$25,000
27,097
79,621
$11,544
$320,111
Total surplus
$242,818
$293,056
$252,973
x Includes profit from purchase of companies 1st mtge. bonds of $22,710.
y After depreciation.
Balance Sheet Dec. 31
1932
Liabilities1933
Assets1933
1932
827.816
560,554
Receivables
$215,414 $135,602 Payables
9,830
10,658
Cash
27,540 Accr. wages, &c...._
3,516
90,644
Investments
13,375 Bank loan
11,952
12,444
11,605
Stock on hand...... 531,689
461,346 Bond int. accrued..
844,000
let mtge. bonds__
844,000
Dep. with fire ins.
584,910
14,029
15,236 Cony. pref. shares 584,910
companies
600,000
xReal estate, &c.. _ 1,661,424 1,651,373 y Common shares.. 600,000
242,817
252,973
Deferred expense_
17,319
17,344 Surplus
Great West Saddlery Co., Ltd.
-Earnings
Years End. June 30
-1934
Profit before deprecia'n
and bond interest_ __ $84,408
Depreciation
37,970
Bond interest
35,457
Net profit
Preferred dividends..
Income tax (prey. year) _
Balance,surplus
Previous surplus
Great Western Electro-Chemical Co.
-Earnings
six Months Ended June 30Net income after taxes and charges
-V. 139, p. 1240.
1930
$97,942:
52,552
def$15,407
5,921,208
49,286
600,000
$84.539
5,855,351
$609,766
258,879
Total surplus
$3.860,010 $4.419,700 $6,555,087 $5,939,890
Reduct. in book value of
paper mill plant prop.
1,147,583
Loss on prop. abandoned
53,893
Prov. made for anticip.
demands, &c..
500,000
750,000
-U.75 Preferre
zvi end Reserve for investments
(B.) Greening Wire Co., Ltd.
The directors have declared a dividend of $1.75 per share on account/ Penn. spruce reforestration project
35,953
of accumulations on the 7% cumulative red, preferred stock, par $100,
10,000
Addition Fed.inc. taxes..
215,625
payable Oct. 1 to holders of record Sept. 15. The dividend is payable in
Prior year's adjustment..
Dr18,882
Canadian funds and in the case of non-residents subject to a 5% tax.
This distribution is the first to be made on this issue since Oct. 1 1932 when
Profit & loss surplus_ -x$3,860,010 $3,623.748 $4,637,987 $5,921,208
a regular quarterly distribution of like amount was made.
Earns. per sh.00 180,000
Accruals after the payment of the Oct. 1 dividend will amount to $12.25
Nil
$1.46
shs. com.stk.(par $10)
$1.95
$0.71
-V. 135, P. 4565.
Per share.
x Before deducting $4,590, the cost of 54 shs. of pref. stock purchased for
retirement.
Gulf Power Co.
-Earnings
Comparative Balance Sheet Dec. 31
[A Subsidiary of Commonwealth & Southern Corp.]
1932
1933
1932
1933
Period End. July 31- 1934
1934-12 Mos.-1933
-Month-1933
$
$
Assets$
$
Gross earnings
$825,187
397.135
$68,488 $1,013,880
Inventories
1,317.542 1,279,671 Accts. pay.& misc.
Operating expenses, incl.
accrued items_
379,697
207,836
Accts. & notes rec. 619,305
419,059
maintenance & taxes
658,730
Div. on pref. stk._
63,612
67,941
41,982
507,207
62,070
Interest accrued on
Fixed charges
15,201
Bond.indebeness
271,000
276,000
201,471
179,946
16,073
sec
5,517
Prov.for retirement res_
4,246,200 4,529,400
2.500
35.178
30,000
3,250
709,848 6% pref. stock
Cash
938,188
Divs. on 1st pref. stock_
67,140
5,592
5,603
67,366
311,367
401,219 Com.stk.(Par $10) 1,800,000 1,800,000
U.S. Treas. Sec_
Surplus
4,055,307 3,623,748
Advances on pulpBalance
$10.149
$51,358
$40,666
$33,201
wood
102,599
-V.139. D. osn
zInvests.& adv._ 1,104,710 1,044,902
.
x Timberlands and
-Earnings
-947,301 1,027,105
(Charles) Gurd & Co., Ltd.
improvements
y Paper mill plant 5,236,421 5,362,766
Calendar Years
1932
1931
1930
1933
Deterred charges
232,867
260,355
Net profit after deprec.
$136,550
and income taxes.._- _
$26,196
$15,163
$196,837
Total
10,815,816 10,504,925
Total
10,815,816 10,504,925
Preferred dividends........
18,200
18,200
18,550
19,950
x After reserve for depletion and depreciation $935,077 in 1933 ($855,464
Common dividends
72.000
120,000
120,250
depreciation of $4,311,338 ($4,062,351 in
In 1932). y After reserve for
1932) and general reserve of $417,355 ($461,130 in 1932). z After reserve
def$2,000
Surplus
def$3,037 def$64,004
$56,637
of $825,000 in 1933 and $750,000 in 1932.-V. 138, P. 871.
Previous surplus
274,120
280,723
207,798
224,087
Inc. in income tax
Dr2,317
Dr4,604
$2,718,573 $2,654,920
Total
Total
$2,718,573 $2,654,920
x After reserve for depreciation. y Represented by 40.003 shares (no
par). z After deducting reserve for doubtful accounts of 96,0 9.V.137, p.3681.
.---,Harding Carpets, Ltd., Brantford, Ont.-To Reorganize
Profit & loss, balance..
Earns, per sh. on 60,000
shs. corn. stk. (no par)
AssetsCash
Accts. receivable._
Inventories
Properties
Equipment
Investments
Good-will
Deferred charges
1933
$4,510
104,784
191,609
882,705
108,090
62,600
250,000
4,138
$204,761
$207,798
$274,119
$280,724
Nil
$0.13
$1.97
$2.95
Balance Sheet Dec. 31.
1932
Liabilities17,746 Accounts payable.
106,681 Tax reserve
168,733 Deprec. reserve...
988,256 Preferred stock..__
Common stock__
59,303 Surplus
250,000
3,979
Total
Total
$1,608,435 $1,584,698
x Represented by 60,000 no par shares.
-V. 137.
1933
$18,891
4,411
245,260
250,000
875,113
204,761
1932
$23,845
5,870
212,072
260,000
875,112
207,798
$1,608,435 $1,584,698
p. 1587.
-Earnings
Halle Bros. Co.(& Subs.)
1932
1931
$395,942 $1,050,312
255,430
290,917
326,733
240,889
70,000
Years End. Jan. 31Profit
Prov. for depreciation
Int., bond disct.,
Prov. for Federal taxes_
1933
1934
$610,388 loss$179,254
245,477
174,836
123,014
169,328
31,000
Net profit
Pref. divs. (635%)
Common dividends
Prov. to reduce invest.
to approx. market val..
Atli. appl.to prior years.
$281,537 loss$594,059 loss$186,221
147,621
140,857
129,900
11,224
11,224
168,360
Balance, surplus
Earns, per sh. on 225,000
shs. common stock...
$140,413 der$886,140 def$528,095
def$97,010
Nil
$1.31
$448,507
152,727
392,790
140,000
25,892
$0.67
Nil
Condensed Consolidated Balance Sheet Jan. 31
Assets1934
1934
1933
Cash
$432,718 8609,106 Unpaid purchases, 8608,578
City, county and
expenses, &c.....
School Bd. scrip
48,773
Accr. taxes, int.,
U. S. Govt. seem
627,708
801.338
241,265
&c
Accts. receivable... 2,444,528 2,183,605 let mtge. leasehold
1,573,314 1,252,636
3,415,800
Inventory
serial 68
Value of life insur_
152,219
100,000
133,160 Res. for coating
Land & leasholds
634% pref. stock.. 1.920,500
197,219
not used, &c__ _
246,630 Common stock...._ 1,122,400
135,414
132,634 Profit & loss sur_ _x2,574,910
Investments
202,535
202,534
Land
Leaseholds
133,087
ImPts, to leased
Properties, &e 3,737,622 4,013,534
295,473
Deferred assets_ _ 298,316
1933
8292,569
220,386
3,632,500
125,000
2,043,300
1.122,400
2,434,498
Total
59.983,453 89,870,652
Total
59,983,453 $9,870,652
x Of which $651,778 appropriated as special reserve for fixtures depreciation and $1,782,719 unappropriated.
-V. 138. p. 2576.
The stockholders will vote Sept. 25 on approving a plan of reorganization.
A. E. Cuthbertson, President, in a letter to stockholders states:
Gradual but steady improvement in business conditions in Canada has
been noted in operations of company. In common with general business
the low-water mark of our affairs was passed in March, 1933. Since that
time we have made steady progress, and at the end of the fiscal year 1933
showed sufficient profit to set up depreciation, which we had been unable
to do during the preceding three years.
For the first half of the 1934 fiscal period, we show a net profit of $18,197.
after providing for income tax and depreciation at the full rate allowed by
the Dominion income tax department. The business now on the books
indicates that for the balance of the year 1934 we should be able to continue that rate of profit.
Starting operations just before the depression, this company, like many
others, was unable to make dividends during that period, out the business
has been conserved and a most valuable good-will has been created throughout the trade.
At end of this fiscal year we shall be 49% in arrears of dividends, and it is
quite apparent that the payment of those accrued dividends, plus regular
dividends and the provision for deferred depreciation, all out of future earnings, would be a long and tedious task and would impose a severe handicap
on the building up of our working capital.
Proposed Plan to Exchange Preferred Stock for Common
Directors, therefore, propose to rearrange the share capital by the conversion of preferred shares and accrued dividends into common, on the following basis:
For 1 share preferred stock and accrued dividends, 20 shares of new common stock (1. e., 14 shares for each preferred share and 6 shares for accrued
dividends).
For 1 share of old common stock-1 share of new conunon stock.
The outstanding capital will then be represented by 170,000 common
shares of no inir value, and the directors propose to increase the authorized
capital to 300,000 shares, which will leave 130,000 shares in the treasury
available for use in future development.
On the approval of these proposals by the shareholders, the directors will
Immediately apply for the listing of the shares on the Toronto Stock Exchange.
-V. 137. p. 4536.
Holland Land Co.
-Earnings.
-Calendar YearsLease rentals
Farming oper. (net). _ _ _
Profit on land sales (net)
Int. on land sales contr's
Interest on warrants_
Miscell. income
1933
$29,830
'148
Total
Admix. oper., &c., exp...
Depreciation
Loss on head, orch., incl.
expense of removal.._ _
Int., loss on equip. sales,
&c. (net)
$66,833
39,295
2,118
Net profit before Fed'l
income tax
36,854
1,042
1931
$4,223
19,166
28,054
52,061
635
822
1930
$5.010
8,099
5,098
53,666
1,587
1,234
$41,337
25,276
1,420
$104,983
47,559
5.457
174,693
63,554
8,723
1932
$558
108815,768
55,505
58,354
23,79a
Cr1,388
$26,808
$14,641
loss$6.407 loss$19,381
Balance Sheet Dec. 31.
1932
1933
LlabUUieS1932
1933
Assets
$48,339 Capital stock..... $150,000 $150,000
Plant, equip.. &c. $242,317
1,626
1,329
Accountspayable.
Div. In & adv. to
1,019
7,287
7,393 Federal income tax
7,393
other as
717
922,039 Fed, cap. stk. tax_
Land sales contract 596,957
Def'd liability for
13,140
Inventory of crops
1,221
990
title insurance_ _
45,773
U. S. Tress. ctfs__ a82,108
Deferred profit on
Conditional sales
288,999
156,271
land sales
3,357
contract reale_ _
613.213
629,698
y Surplus
Reel. dist. 999 war144
in excess of Bab.
1,219
15,000
Accts.receivable..
17,390
Cash
$946,492 $1,058,078
Total
$946,492 51,056,078
Total
y Includes special surplus of $621 085 in 1932 and 1933 and deficit in
earned surplus of $7.871, in 1932.-V. 139, D. 444.
-Balance Sheet Dec.31.Hollingsworth & Whitney Co.
1932
1933
$
$
98,170
Accounts payable_ 220,021
15,000.000 20,000,000
5,959,910 7,687,243 Capital stock
261,810
3,075,554
2,146,838 2,923.998 Surplus
487,023
432,137
5,469,597 5,084,451
1933
Assets
Real estate, mach..
tools, &c
Merchandise .____
Accts. receivable__
Cash & securities__
Inv. In Canadian
company
Brassaua storage
Deferred charges...
1932
3,977,219 3,977,219
220,587
220,587
54,601
34,347
18,295,575 20,359,980
Total
-V.137, p. 4705.
Total
18,295,575 20,359,980
-R oved from Dealing-41'L_phane Co., Inc.
removed
The ew York Produce Exchange as removed the units from dealing.
V.136,
'---Hot.4099.
-New Vice-President, &c.
Home Insurance Co.
Wilfred Kurth, President, announced on Sept. 5 the election of Richard
F. Van Vranken as Vice-Presidentvand the appointment of Leonard Peter-V. 139, P. 444.
son as Assistant Secretary.
Honomu Sugar Co.
-Earnings.
Calendar YearsOperating income
Oper.& marketing exp..
1932.
$578,564
688,944
1930.
$696,224
704,456
1931.
$687,845
709.786
$110.380
44.455
$21,940
42,164
$8,232
35.874
$105.753 loss$65,925
17,688
2,627
5,810
$20,224
3.861
1.408
827.643
2,244
2.553
$14,953
$22,842
(43)56.250
def$93,552
$14,953
def$33.408
prof$57.549
48,204
Total income
Taxes
Other income charges.. _ _
Balance, surplus
AssetsProperties (net).Crops
Advs. to planters.
Inventories
Miscell. accts., &o.
Stocks
C. Brewer & Co.,
Ltd., agents....
Cash
Store account....
Other assets
1933.
$726,879
669,330
$82,255 108468,552
(6%)75,000 (2%)25.000
Operating loss
Other income
Net income
Dividends paid
1711
Financial Chronicle
Volume 139
$7,255
Comparative Balance Sheet Dec. 31.
1932
Liabilities1933
1932
1933
5831.536 $859,185 Unsettled labor ac$10,128
$3.128
count
240,250
212,344
12,153
10,520
53,546 Paneli
49.068
42,988 Persontl and trade
34,010
6.371
17,807
accounts
10,511
9,428
81
571
174,200 Unpaid checks174,200
Capital stock
1,250,000 1,250,000
13,282
160,802 Res. for Fed. taxes
267,010
2,208
137,083 Ret.for cap.stk.tax
143,192
27,299 Res. for Territorial
30.172
11,589
8,988
excise tax
1,193
1,781
435,224
427.989
Surplus &Muni
Total
$1,752,741 $1,707,038
-V.137, P. 1420.
Total
81,752,741 $1,707,038
-Earnings.
Honolulu Oil Corp., Ltd.(& Subs.).
1931
1932
1930
Calendar Years1933
Gross operating income_ $1,942,942 $2.050.093 $2,316,290 $5,187,159
1,126,011
1,086.651
1.384,057
Costs, oper. & gen. exp.
896,456
225,498
188,380
216.525
Taxes
181,415
Intangible develop. costa
60,909
45,267
420,809
220.899
Depletion & lease amort. :229,868
z68.615
235,172
z53,680
Deprec. and retirements
880,654
1.033,916
865.473
420,961
Net operating loss_ _ _
Non-operating income_ _
$6.659
245,422
Total income
Fed. inc. tax (est.)
Amount accrued to min.
int. in sub. companies
$238,764
Net inc. for the year._
$238,764
Earned surplus Jan. 1.. 4.544,192
Amount accrued to min,
int. in sub. companies
Excess provision for 1930
Federal income tax
Adj. of prior years earns
$243,899
989.320
$159,300 pf$2065,122
12.553
195.264
$745,420 loss$171.853
82.260,386
138,600
1,313
$745,420 los:4171.853 $2,120,472
4,021.685
4.866.687
4,924,544
1,314
55,449
40,422
Total
$4,782,956 $4.807,528 $4,750.283 87,046.330
234,287
469.224
1,887,525
234,286
Cash dividends paid---292,118
136,472
Adj.of dept.& depr.,&c.
Amount accrued to min.
Int. in sub. companies
3,013
Elirninat'n of excess cost
20,457
ofstock over stated val
39,497
Def. of Seacliff Dev. Co_
250.000
Approp. for conting_
4,570
178,123
Adj.of prior years earns..
Net earnings of insurance
8,592
4.803
9,525
fund, &c
Congo!. earned surplus
$4,185,053
Dec. 31
z Depletion only.
$4,544.192 $4,021,685
84.863.673
Consolidated Balance Sheet Dec. 31.
1933
1933
1932
1932
Liabilities
$
Assets
72,693
1.841.783 1,395,390 Accounts payable_
95.139
Cash
125.907
272,460
454,254 Accr. liabilities_ __
120,795
Accts. receivable
228,910
234,287
225.370 Dividends payable
Inventories
Res,for self-carried
by, in stock of &
insurance
311,540
302,051
dei'd accts. rec.
from other cos.. 4.248,445 4,311,762 Minority interest
In subsidiary cos. 161,700
312,744
181,700
308,095
Special funds
b Fixed assets.... 7,506,770 8,119,017 c Capital stock__ 9,285,875 9,285,988
47,500
Cap.surp. paid in.
47,500
Prepaid & deferred
173.849
209,762 Earned surplus... 4.397,746 4,794,192
charges
Total
14,382,962 15.021,852
14,382,982 15,021,852
Total
b After deducting reserve for depreciation, depletion and intangible
development costs of $12,764,909 in 1933 and 511.920,999 in 1932.
c Represented by 937.143 no par shares in 1933 and 937,148 In 1932.V. 139, p. 1404.
-Earnings.
Holt, Renfrew & Co., Ltd.
1932.
1933.
1934.
Years End.Jan.31loss$90.439 loss$141,622 lossi89,052
Profits
36.252
42,490
43,338
Interest
10,203
22,290
1,847
Depreciation
3.000
3,000
3.000
written off
Bond,disc,
3,277
Prov. for contingencies-
1931.
$134.864
39,876
loss$138,624 loss$209,402 loss$141,815
70,000
70,000
$94,988
70,000
22,500
def$138.624 def$279,402 def$211,815
882,252
670,436
391,034
$2,488
879,763
Net profits
Preferred dividend
Common dividend
Surplus
Previous surplus
Balance,surplus
Earn, per sh. on 10,000
shares common stock
(par $100)
8252.410
8391.034
$670,436
$882.251
Nil
Nil
Nil
$2.50
Balance Sheet Jan. 31.
1933
1934
LtabUtttes1933
1934
Assets$1,269,387 $1,267.575 Preferred stock.._51.000.000 51,000,000
Property, &c
772,454 Common stock__ 1,000.000 1,000.000
772,454
Good-will
444,000
421,500
690,581 Bonds
462,194
Inventories
209,396 Balance of porch.
Accts.receivable__ 228,585
202,500
consideration... 202,500
52,900
29,317
Other receivables_
20,000
19,206 Bank loan
79,003
Cash
14,787
14,072
66,990 Accrued interest__
57,978
Cash deposit
10,319
11,316
55,035 Prepaid storage...
62,480
x Investments_
11,097
15,143
29,600 Tax reserves
25,543
Deterred charges
70,000
70.000
Deprec'n reserves_
391.034
252.410
Surplus
$2,986,942 53,163,737
Total
$2,986,942 $3,163,738
Total
-V.139, p.930.
x Including company's own bonds at cost.
--Earnings.
Honolulu Plantation Co.
1930
1931
1932
1933
Calendar Years$3,575,388 $3,245,848 $3,465,953 $3.882,153
Gross proceeds
3,435,902
3,356,076
3,062,837
Cost, depreciation, &c-- 3,018,178
Net profit
Other income
$557,210
95,573
$183,011
77,936
$109,877
109,874
$446.251
111,691
Total income
Other deduct. (incl. tax)
Tax on diva.not withheld
charged to expense...
$652.783
131,378
$260,947
56,895
$219,751
51,272
$557,942
117,116
Net prof. to surp.acct.
Dividends paid
$523,282
600,000
$204,052
400,000
$168,479
500,000
$440,826
500,000
$76,718
$195,948
$331,521
$59,174
Balance, deficit
AssetsCash
Ctfs. of deposit...
Accts.receivable
Sales in suspense..
Inventories
Accrued interest
Investments
Growing crops__ _ _
Land, buildings &
equipment,&c
Cr1,878
Comparative Balance Sheet Dec. 31
1932
1933
Liabilities1932
1933
$414,151 $250,683 Honolulu drafts
$861
outstanding
100,000
130,000
109,782 Notes payable_ __ _
110,303
752
556,121 Tool deposits
634,810
838,887
44,424
138,765 Accrued wages_ -217,793
26,292
29,871
8,846 Accounts payable_
5,889
491,889 Market charges on
488,194
59,869
53,239
sales In suspense
890,234
702,435
84,363
50,881
Unsettled labor...
2.530
2.818
3.536,381 3,779.154 Bango deposits...
31,024
77,494
Ped'I income tax__
8.541
32,852
Territorial Ins. tax
100,000
Dividend payable_
Accrued Territorial
48,158
49,040
excise tax
Acced Federal ex5,995
cise tax
4.948
Accr. cap. stk. tax
Hawaiian unempl.
287
relief tax
627
Miscell. liabilities_
5,000,000 5,000,000
Capital stock
725,382
825,092
Surplus
Total
$8,107,956 $6,123,455
-V.138. p. 3604.
Total
$68,107,956 $86,123,455
-3500,000 Suit Settled-Change
Hupp Motor Car Corp.
in Management
The New York "Times," Sept. 11, had the following:
Settlement of a suit by Areal° M. Andrews, director and largest stockholder of the company, against former directors and depositaries of the
company, was disclosed yesterday (Sept. 10) as the result of a decision by
Supreme Court Justice Lauer approving toe action of the attorneys in ending
the action.
By the settlement the Hupp company will receive more than $500,000,
which the petition to the court said was sufficient to enable the company
to Carry out its manufacturing program for the remainder of the year.
Coupled with a change in the active management, brought about as part of
the settlement, the company will resume its position among Independent
automobile manufacturers, it was said.
The suit, filed a year ago on tne ground of alleged negligence of directors
and to recover sums deposited with Ladenburg, Thalmann & Co. of tnis
city and A. G. Becker & Co. of Chicago, is ended as a result of months of
effort by George L. Scnein of this city and Ernest Schein of Chicago,
representing Mr. Andrews; Alexander B. Stiegel of this city, appearing for
Ladenburg, Tnalmann gz Co., and Moritz Rosenthal, a member of the
firm and a former director of Hupp; Benjamin V. Becker and Arthur
Schaffner of Chicago.representing Robert Schaffner and A.G. Becker & Co.
Robert Schaffner is President of Becker & Co. and was a director of' Hupp
Motor Car.
The terms ofsettlement presented to Justice Lauer disclosed that$250.030
was to be paid for Mr. Rosenthal and his firm, and $262,500 for Robert
Schaffner and the Becker firm. As a result of negotiations previous to the
present suit toe Hupp company received $800,000 from Mr. Rosenthal and
his firm and Robert Schaffner and his company on total deposits of $1,882,037 held for the Hupp company.
The papers include a statement in the offer from Mr. Siegel for his
clients, submitted to the directors at a meeting in Detroit on Aug. 17.
last, and accepted by them, in which he said ne was confident that there
was no merit in the claims against Mr. Rosenthal and his firm. He said
that while ne believed if the case "ever came to trial, the absence of all
liability on their part would be conclusively established," they were participated in tne settlement because they were "willing to be helpful."
The petition of Mr. Andrews for court approval of the settlement said
that as Chairman of the executive committee of the directors, he was
seeking a man to succeed Charles D. Hastings as President and general
manager, but tnat competent men whom he had interviewed were reluctant
to accept because of "the poor cash position of the company."
An affidavit by Ralph P. Lyons, Treasurer of the company, asserting
the need for accepting the offer of cash settlement, said toe sales department estimated tnat to Dec. 31 next, 2,560 cars would be sold, and to
.consummate tnis program the company needed $736,567 in addition to
the cash on hand. Against tnis requirement the company nad $250,000
in Federal Land Bank bonds, $156.000 in dividends on deposit in closed
banks and $318,600 in cash receivable.
"The money offered is essential to enable the company to complete
the program of operations for the remainder of the year," be said.
A letter to the 16,000 stockholders said the company was receiving
$512.000 on claims written down to $507.037 on the books and tnat the
court had ruled that the litigation might be discontinued on terms agreed
to by the parties.
In his opinion Justice Lauer said he "has not considered nor approved
the particular terms of the settlement," but "welcomes the idea that the
settlement of a litigation has been arrived at."
1712
Financial Chronicle
Sept. 15 1934
No Merger Being Negotiated-New President Being Sought
-International Hydro-Electric System-Defers Pref. Div.
When questioned regarding certain news items concerning the corporation
which appeared in New York papers, Charles D. Hastings, Cnairman of
the board, replied:
"It is quite true tnat a suit started by Archie M.Andrews against certain
directors and others, has been settled by its witndrawal. With the approval
of the board of directors, settlements have been effected with certain parties
Which will substantially benefit the corporation.
"When I again assumed toe duties of President and General Manager in
In November 1933, I made it clear to my associates that my tenure of
office would be only temporary. I am entirely in accord with the present
plans of the board of directors and our executive committee, as outlined in
our annual bulletin to all stockholders, to secure as my successor a man of
outstanding ability. Our efforts to do so are progressing satisfactorily,
although it is too early to make a definite statement.
"Rumors have been actively lately, linking practically every independent
motor car manufacturer into a merger of some kind. Naturally in view of
our importance as an independent company, our name has been mentioned
in this manner. Yet. I can say positively that at the present time we are
not negotiating nor do we have in mind any merger with any other manufacturer.
"In recent weeks a number of steps nave been taken which will greatly
strengthen the corporation in its personnel and its products. The first
step, which can be announced now, lathe appointment of Arthur J. Brandt
as Assistant General Manager, effective Sept. 10. Mr. Brandt, who is
nationally known in automotive engineering and manufacturing circles. will
supervise our engineering, purchasing and manufacturing plans for the
future. These aggressive plans, coupled with an intensive program to
make our manufacturing processes even more efficient and economical,
should result in our producing cars wnicn will cover a wider price range,
yet retain traditional Hupmobile quality.
It is expected that additional plans may be announced after the annual
meetings of stockholders and of directors, which will be held in the very
near future."
-V.139. p. 931.
The directors have voted to omit the quarterly dividend of 87M cents
on the $3.50 convertible preferred stock. Par MO, due at this time. Dividends of 873 cents, per share have been paid each quarter since July 1930.
Regarding the passing of the dividend, President Archibald E. Graustein,
said:
"Directors of New England Power Association, largest subsidiary of
International Hydro Electric System, to-day (Sept. 10) postponed action
on dividends on its common stock, nearly 90% of which is owned by
International Hydro Electric System. Dividends at the rate of 50 cents a
share quarterly were paid on this common stock from 1927 until three
months ago, at which rate the International Hydro Electric System treasury'
was receiving from this source cash income of about $1,600,000 a year.
Last June the quarterly declaration was reduced to 25 cents a share, and
now this revenue is entitely stopped.
"Business conditions continue uncertain and the full effect of additional
taxation imposed by recent legislation is not yet apparent. In New England the textile strike has already cut heavily into the revenues of operating
subsidiaries.
"With New England Power Association common dividends cut off, the
directors of International Hydro Electric System were forced to postpone
dividend action on the System's preferred stock."
-V. 139, p. 1242.
Interstate Department Stores, Inc.-Auqust Sales
Increase
1934
Increase] 1934-7 Mos.-1933
-August
-1933
$1,395,368 $1,394,011
$1,3571310,787,350 $9,378,799 $1,408,551
Note.
-Above sales include company's own departments, but Include/
1
groceries and leased departments.
-V.139, p. 1556.
Investment Foundation Co., Ltd.-Accumutated Div.
The directors nave declared a dividend of 13 cents per share on accoWt
of accumulations in addition to a regular quarterly dividend of 37 cents
per share on the 6% cum. cony. pref. stock, par $50, both payable Oct. 15
to holders of record Sept. 29. The dividend will be paid in Canadian funds,
subject to the 5% tax in tne case of non-residents. Similar dividends
Importers & Exporters Insurance Co.-ALargar-A.p- on account of accumulations were paid on July 16 and on April 16 last,
while regular quarterly distributionsof 38 cents per share and 37 cents
pr vas'
per share, respectively, were paid on these dates.
-V. 138, p. 4129.
Stockholders
.."( 'I
'a‘roved trite-merger of this compa
and
theMohawk Fire Insurance o. under the name of the formernf. The-,
Invostors Equity Corp., Ltd.-Ro*de-errttedbasis for the exchange of shares will be decided after completimeof an
-year
Thetoompany will on Oct. 1bonds,deem all of its outstanding 20
next5
e
examination by the New York State Insurance Department.
-V. 138, P.
ries A at 104 and interest.
53.5% first collateral trust gold
-V. 129.
3604.
. 2085.
Incorporated Investors-23/Z% Stock Dividend
The directors have declared a regular semi-annual stock dividend of2;5%
payable Oct. 20 to holders of record Sept. 20. Similar distributions were
made on April 20 last. and on Oct. 16 and April 20 1933.
Tne company states that the above distributions will be made to over
25,500 registered nolders. the largest number to receive a dividend in the
company's history.
-V.139, p. 1556.
Indiana Harbor Belt RR.
-Earnings
Period End,July 31
- 1934
1934-7 Mos.-1933
-Month-1933
Railway oper. revenues,. $681,755
$721.492 $4,969.135 $4,267,886
Railwayoper. expenses_
404.154
372.164
2,880,534
2,485,442
Railway tax accruals__382.040
51,413
62,399
343,395
Uncollectible ry. revs_ _ _
128
79
34
Equip. & it. fac. rents__
43,812
60,871
350.626
358,042
Net ry. oper. income..
Misc. & non-oper. inc__
$182,294
1,868
$226.056 $1,355,805 $1,080.971
2.084
19,577
19.382
Gross income
Deduens fr. gross Income
$184.163
42,076
$228,141 $1,375,382 $1,100.353
41,940
296,520
296,671
Island Creek Coal Co.
-Production
g.
• Coal Output (Tons)
January
February
March
April
May
June
July
August
September
October
November
December
Year's total
-V.139, p. 1087.
279,116
292,116
249,143
215,856
315,919
334.352
396.209
417,208
376.352
362,803
232.460
216,966
1932.
285,245
274,145
327,707
244,243
246,172
224,635
228,989
286.321
319.195
427,664
323,917
296,390
1931.
375.07S
285,901
332,220
300,349
336,362
372,228
374,349
393,015
419,101
461,061
343,055.
336,404
3.688,500
296.427
302,235
390,864
237,116
333,721
299.287
211,646
245,768
3,484,623
4,329,023
-Doubles Dividend
"Jefferson Electric Co.
-
The directors have declared a quarterly dividend of 50 cents per share
on the common stock, no par value, payable Oct. 1 to holders of record
Sept. 15. This compares with 25 cents per share paid on July 2 and April 20
$186.201 $1.078,862
$142.086
$803,682
last. The company also made a distribution of 25 cents per share on Oct. 1
1931, prior to which the stock received quarterly dividends of 50 cents per
04.ihare.-V. 138. P. 2580.
...
---•,..
jaull Utility Investments, Inc.
e
-Removed from Dealing 1
New York Produce Exchange as removed from dingthe 10
-year
-Earnings
(Mead) Johnson & Co.(& Subs.)
6% gold debentures, series B. with t warrants, 1940.-V. 139, P. 601.
1932
1933
1931 -'
6 Mos. End. June 30-- x1934
$539,387
$439,379
$700,775
Net profits
$429,409
Interborough Rapid Transit Co.
-6% Noteholders Pro- Preferred
59,500
59,500
59,500
59,500
dividends_
tective Committee247,500
288,750
412,500
Common dividends
330,000
Harvey D. Gibson and Grover A. Whalen have been elected members
Add'I prov. for indicated
of this committee to fill the vacancies caused by the retirement of Louis J.
shrinkage in market
Horowitz and Henry E. Cooper. Grayson M.
-P. Murphy was elected
27,243
value of securities_ __ _ Cr193,000
Cnairman of the committee.
-V. 139, p. 1405.
$132,379
$232,909
Balance, surplus
8191.137
$201,531
International Agricultural Corp.
Previous surplus
3,491,474 3,062,740
-Earnings--3,662,238 3,957,957
11,679
12,818
Miscell. deductions_ _ _ _
55.456
Income Account for Years Ended June 30
1934
1932
1933
1931
Consolidated surplus_ $3,839,691 $4,102,016 $3,695,429 $3,264,272
Gross profit on oper____ $2,225,213
4826,148 $1,441,895 $2,850,125
Earns, per sh.00 165.000
Operating, &c., exp---- 1,130.559
1.129,095
1,395.943
1,897,492
$2.31
$2.24
abs. corn. stk. (no par)
$2.91
$33.72
x Detailed income account for the six months of 1934 follows:
Net earnings
$1,094,655 loss$302,947
345.952
$952,633
Gross profit from operatione, $1,382,502; shipping and selling expense.
Dividends earned
62,081
25,967
43,756
84,552
$316,213; advertising, $341,598; administrative and general expense.
Profit on bonds purch
2,092
29.529
$199,595; other deductions, $71,635; balance, $453,460. Other income,
$53,993; total. $507,454; provision for Federal income tax, $78,045; net
Total income
$1,150,150 loss$238,775
$89.708 $1,037,185
profit, $429,408.
Bond interest
299,753
301,000
352,441
370.013
Consolidated Balance Sheet June 30
Interest on band
21,270
53,975
76,086
78.485
Liabilities1933
Deprec. & depletion---Assets1933
1934
1934
435,288
414,097
458,712
532,363
Profit on bonds purch.
Land. bldgs. & eq_81,968,751 $2,044,640 Preferred stock---$1,700,000 51,700.000
:Common stock
550,000
through sinking fund
Cash on hand & In
550,000
Cr199,762
Cr4.353
724,787 Accounts payable_ 175.244
141,118
Addit. prov. for bad &
859,585
banks
22,871 Dividends payable 224,500
183,250
Accrued Interest....
20,018
doubtful accounts_
450,000
Unpaid install. of
Reinstate. In part of inGovt.& other marFederal tax____
85,500
vestm't in Kaliwerke
ketable secure__ 1,782,398 1,923,078
78,170
Fed, cap. stk. tax
Sollstede
Invest. In Amer.
Gewerkes700,000
for year ended
chart
Soya Prod. Corp 857,135
Cr200.000
180,084
Fed. income tax prov_
Accts. receivable_
11,500
June 30
188,020
832,580 Reserve for income
Proportion of loss arisInventories
908,917
71,147
taxes
ing through oper. of
78,100
Cash val. of life ins.
Reserve for extrajointly owned corps
& premiums paid
Cr6,547
52,248
15,911
In advance
ordinary expo
111,878
126.250 Res. for employ's'
121,091
Net profits
Other assets
$400.3861's$1,060,096 loss$847,770
$60,677
8,000
retire compen_
Preferred dividends
Adv. on purchases
220.000
8,000
525,000
1 Surplus
3,839,691 4,102,017
Good-will
1
82,270
Patents purchased
58,880
Deficit
p'13400,386 $1,060,096
$847,770
$464,323
244.421
Deferred assets_ _ - 218.551
Consolidated Balance Sheet June 30 (Incl. Affiliated Cos.)
Total
Total
88,875,205 $6,848,942
86,875,205 $8,848,942
1934
1933
1934
1933
AssetsLiabilities-3
$
S
x Represented by 165.000 no par shares.
3
-V. 139, p. 1556.
A il
RI. est., plant, 5,0.20,420,132 20,566,998 Prior pref. stock__10,000,000 10,000,000
Investments
784,871
572.710 a Common stock_ 2,250,000 2.250,000 -15
Kennecott Copper Corp.
-Cent DividendJ
-(
-4
Cash
2,218,199 1,527,977 1st mtge. bonds__ 6,082,560 6,287,100
The directors have declared a dividend of 15 cents per share on the
b Accts. and notes
Accounts payable.. 141,881
202.044
common stock, no par value, payable Sept. 29 to holders of record Sept. 20.
receivable
1,929,874 3,019,923 Due to jointly
A similiar distribution was made on June 30 last, this being the first payInventories
2,541,471 1,783,747
17,021
owned corps10,288
ment made on this issue since Jan. 2 1932 when 12)4 cents per share was
Due from jointly
Accrued Interest,
paid. See also V. 138, p. 3951.
owned corps- 123.042
277,244
138.959
taxes, &o
140,821
Deferred charges_
38,001
1,402,083 1,399.300
119,145 Res, for conting
Consolidated Income Account for Six Months Ended June 30 1934
Cash held by trees
2,059
1,973,149 1,569,855
1,353 Earned surplus
Operating revenue
$32.267.094
d Invest. In cos'
25,023,038
Capital surplus- 8,448,958 8,489,155
Operating costs
securities
371,910
395,910
Overburden from
$7,244.056
Operating income
unreined phos308,230
Other income
phate property_
24.998
83,134
87,552,288
Total income
Total
28,452,548 28.328,142
1.853,838
Total
28,452,548 28,328,142
Depreciation
1,735,119
Federal taxes, dze
a Declared capital. 450,000 shares of no par value. b After deducting
74,922
Minority interest
reserves of $1,115,244 in 1934 and $1,297,937 in 1933. c After deducting
$61,033 reserves. d 13,951;i common shares at cost and $249.000 bonds
$3,888.409
Net profit before depletion
at par in 1934 (8273,000 in 1933).-V. 138, p. 3092.
$0.36
Earnings per share on 10,754.575 ohs. of capital stock (no par)_
International Business Machines Corp.
-New Member -V.138. p. 3951.
Net income
-V. 139, p. 1086.
of Finance Committee
The directors have elected Erskine Hewitt, director, to the Executive
and Finance Committee of the board of'directors, succeeding John W.
-V. 139, P. 445.
Herbert. deceased.
(S. H.) Kress & Co.
-August Sales
-August
-1933
1934
85,_574,040 $5,416,829
-V. 139, p. 933.
Increase
Increase I 1934-8 Mos.-1933
$157,211 1115,016,096 836,815.783 88,200.313
1713
Financial Chronicle
Volume 139
Kerr Lake Mines, Ltd.-Earnings-
narnings for the Year Ended Aug. 31 1934
Dividends received
Interest
Profit on sale of securities
$61,007
459
634
$ 62.100
26,591
4,152
3.627
3.346
Total income
Administration and general expenses
Taxes
Sundry exploration and mine examinations
Accounts receivaole written off
$24,382
Profit for year ended Aug. 31 1934
-V. 135, p. 2002.
-August Sales Up
Lerner Stores Corp.
-1933
1934-August
$1,886,996 $1.655,685
-V. 139, p. 1557.
Increase
Increase j 1934-8 Mos.-1933
$231,3111316,964,250 $12,921,946 $4.004,304
-August Sales Up
Lincoln Stores, Inc.
1934
-August- 1933
$234,851
$267,037
-V. 139, p. 282.
Increase l 1934-7 Mos.-1933
$32,1861 31,784.338 $1,517,372
Increase
$266.966
-Earnings
Lockheed Aircraft Corp.
-Earnings.
Lamson & Sessions Co.(& Subs.).
Calendar YearsOperating profit
Allow,for depreciation- _
Other charges, incl. int.
The second, of $600.000, was to enable the company to purchase 5 new
locomotives, which are being manufactured by Baldwin Locomotive in
Philadelphia.
-V. 139, p. 1406.
1932
1931
1933
$328,732 loss$453,816 loss$263,946
208.307
212,543
157,146
47,356
70.378
75,633
1930
$353,210
340,468
96.851
Earnings for the 6 Months Ended June 30 1934
3937.772
Unfilled orders June 30
48,761
Net loss after depreciation, &c
Current assets. June 30 1934, were $490,142 and current liabilities
3311,913.-V. 138. p. 3606.
$84,110'-...-Low's Incorporated-Listing
2,247.469
The ew York Stock Exchange has authorized the listing on and after
1934 of 250,000 additional shares of common stock without par
Dec.
Total surplus
$748,023 $2,163,359
value upon official notice of issuanCe, on exercise of outstanding options
$10.359 def$30,196
464,648
Dividends paid
96,880
to bd issued, making the total amount applied for 1,714,205 shares of
Provision for anticipated
common stock.
-Goldwyn
449,845
loss, &c
Authority and Purpose of Issue-Since April 1924 (when Metro
Reduction of res. for liaPictures Corp. was organized) Louis B. Mayer, J. Robert Rubin and Irving
Cr18,769
bility insurance
Thalberg, as co-partners trading under toe trade name and style of Louis B.
Mayer Pictures, have pursuant to a contract, been in charge of the producSurplus, Dec. 31
$651,144 $1,267,634
tion of feature pictures, which have during that period been distributed
$10,359 def$30.196
under the name of Metro-Goldwyn-Mayer Pictures.
Condensed Consolidated Balance Sheet Dec. 31
In order to insure their continued service with and interest in the com1932
1933
AssetsLiabilities1933
1932
Pany, by an agreement dated Dec. 15 1932, the existing contract originally
8755,087 8800,000
Cash
$54,093 $108,821 Notes payable_
made April 7 1924 (heretofore modified and renewed) providing for tneir
60,468
Account payable_ 250,553
-9
Notes dc accounts
continued supervision, &c., of feature photoplays, was further extended to
51,679
receivable
37,484
363,994
192,708 Accrued accounts.
Dec. 31 1938. As part of the agreement for the extension of the existing
22,500
Inventory
1,155,256
7.500
755,518 Land contract pay.
contract. Loew's Inc. granted to Louis B. Mayer, J. Robert Rubin and
Miscall. receivables
1st mtge. 6% bds_ 386,000
Irving Thalberg, individually and as co-partners trading under the trade
386.
000
and investments
39,184
46,650 Res.for anticipated
name and style of Louis B. Mayer Pictures, options to purchase shares of
308,259
265,828
Land, bides., malosses, ftto
the company's presently authorized unissued common stock without par
61,644
51,062
chinery, equipRes've for conting.
value, in the amounts set opposite their respective names:
950,800
ment, do
4,897,009 5,071,977 7% preferred stock 950,800
100,000 shares
Irving Thalberg
Prepaid expenses
13,968
15,922 a Common stock_ 3,872,337 3.872,337
50.000 shares
Louis B. Mayer
10,359 def30,196
y Treasury stock_
77,701
77,701 Surplus
50,000 shares
J. Robert Rubin
These options are subject to exercise by the optionees at the times and
Total
Total
$6,601,205 $6,289,29
$6,601,205 $6,269,296
upon the following terms:
x Represented by 277,862 shares of no par value. y Represented by
Between Dec. 31 1934 and Marcn 1 1935, each optionee may subscribe
3,953 shares no par common stock -V. 138, p. 2253.
up to 27.78% of the allotted shares at $30 per share.
March
Between Dec.
Landers, Frary & Clark Co., New Britain.
-Earnings. foregoing allotted31 1936 andshares at1 1937, up to a like 27.78% of the
$35 per snare.
number of
Calendar Ycars1931
1930
1932
Between Dec. 31 1938 and March 1 1939, the remaining 44.44% of the
1933
Profit after res've adjust. $614,681
$301,934 $1.083,766 $1,440,395
allotted number of shares at $40 per share.
Depreciation
375.734
371.993
377,851
378,271
In case they do not purchase by the end of both or either of the first two
option periods, all of the stock which they are given an option to purchase
Net earnings
$711.773 $1,064,661
$236,409 def$75,915
during these two option periods, then at any time thereafter and prior to
Sutplus on Jan. 1
5,873,602 6.488,941
3.779,458 4,905.374
March 1 1939, they may purchase said stock or any part thereof at the
following prices:
Total
$4,829,458 $6,585,374 $7,553,602
$4,015,868
From March 1 1935 to March 1 1937. at $35 per share
Dividends
1,050.000
1.680.000 1.680,000
630.000
From March 1 1937 to March 1 1939. at $40 per share
David Bernstein, Vice-President & Treasurer, has been associated with
Profit & loss surplus... $3,385,868 $3,779,458 $4.905,374 $5,873,60
9
the company and its predecessor for upwards of 25 years.
Shs. of capital stk. outTo insure his continued service for a period from Dec. 15 1932 to Dec.
standing (par $25)- _
420.000
420.000
420.000
.
420.000
31 1938. the company entered into an agreement with him dated Dec. 15
Earn. per sh. on cap.stk.
Nil
$1.b9
$2.53
$0.56
1932. As part of the agreement, the company granted to him an option
to purchase up to 50,000 shares of its presently authorized and unissued
Balance Sheet Dec. 31.
common stock, subject to exercise in like manner and upon the same terms
1933
1932
1933
1932
and conditions as the options granted to Irving Thalberg, Louis B. Mayer
AssetsLiabilities
$
IS
and J. Robert Rubin.
Plant, mach. St eq. 4,082,249 4,278,968 Capital stock
10,500,000 10,500,000
Inventories
1,706,026 1,536,194 Accts. pay. accr.,
Consolidated Balance Sheet (Including Wholly-owned Subsidiaries)
Cash
345,314
294,967
taxes and exps
818.071 1.333,070
Mar. 15 '34 Aug. 31 '33
Mar. 15 '34 Aug. 31 '33
U. S. bonds and
Reserve for con$
Liabilities$
Assetstingencies
550.000
550,000
Treasury notes_ 6,051,747 5,748,064
xProp.,plant.dzc. 68,611,136 69,688,158 yPreferred stock 13,073,980 13,073,980
Inv. In other secs_ 798,351
3,385,868 3,779,458
Surplus
460,797
515,162 zCommon stock. 36,576,580 36,576,580
575,054
Due fr. affil. cos.
Invest. In subside. 107,880
163,343
3.110,779 4,153,061 Bonds & mtges.
Cash
Accts. dt notes rec. 1,132,929 1,316.207
of subsidiaries 19,411,114 19,795,208
U. S. Govt. sec. 7,966,284 7.075,143
Certifs. of deposit200,000
Debenture bonds 8,965,000 8,965,000
Accts. at notes
Prepaid expenses_
83,929
87,782
receivable.... 2,526,099 1.621,919 Sub. stk. outstM 4,563,639 4,571,939
891,253 Accts. pay., curr 3,611,146 4,312,186
Sk. Id. req. antic
910,213
Total
14,781,182 15,124,425
Total
14,781,182 15,124,426
89,873
6,341
884,389 Notes payable_
Advances
1,165.861
-V. 136. p. 4281.
365,648
366,039
Inventories
24,879,567 22,171,287 Divs. payable__
64,058
13,760,272 Subs, diva. pay_
Investments__ 14,170,685
Lane Bryant, Inc.
-August Sales Up 2.6%.478,258
279,357
Deterred charges 2.613,417 2,936,947 Fed. & State tax
526,686
1934
-August
Accrued interest
Increase.
-1933.
Increase.' 1934-8 Mos.-1933.
87,276
75.961
cos
$943,908
Adv.fr. affil.
$920,244
323,6641$8,487,523 $7,312,285 $1,175,238
-V. 139, P. 1243.
Long term notes
113,750
128,297
payable
147,990
Lawton Mills Corp.
147,990
-Balance SheetCoating. reserve
Res. for thea.
AssetsDec. 31 '33 Nov. 30'32
Dec. 31 '33 Nov. 30 '32
Liabilitiesexp.,
overhead
Cash at accts. reo_ $326,889 $248,731 Accounts payable. 828,163
$23,580
1,326,453
Inventory
688,939
289,827 Notes payable.__. 400.000
Res.for est.curr.
Prepaid insurance_
6,035
12,011
121
7,107 Unclaimed wages_
704,687
Federal taxes
Investments
38,489
28,481
27,074
38.489 Aced prop'ty tax
828.839
592,744
Deferred credits
Prem. depos. with
Mlsoell. accruals,
surplus. 36,699,767 33,700.322
Earned
Mutual Ins. Co_
5,514
28,011
taxes
29,683
2,818,418 2.816,664 Capital stock
a Plant account
2,000,000 2,000,000
126,529,095 123,697,591
Total
Total
126,529,095 123,697,591
1,432,613 1.379,726
Surplus
x After depreciation: 1933. 320,994,483; 1934, $22,634,404. y Repre$3,906,782 $3,430,502
Total
Total
$3,906,782 83,430,502
sented by 138.349 no par shares of $6.50 cumulative preferred stock.
z Represented by 1.464,205 no par shares.
-V. 130, P • 933.
x Less reserve for depreciation of $1,866,022 in 1933 and $1,847,721 in
1932.-V. 136. p. 3357.
-New Directors
(Marcus) Loew's Theatres, Ltd.
James Bicknell and F. M. Kimbark, representing the committee of preLeath & Co.
-Earnings
-to the board of directors, replacing
ferred stockholders, have been added
Calendar Years1931
1932
1930
1933
R. R. Bongard and B. V. McCrimmon. Mr. McCrimmon continues to
$362,161
Total loss
$245,576
$52,573
$259.982
act as Secretary. however.
-V. 138, p. 3952.
Other charges
39.033
27,533
11,683
Depreciation
43,811
-Earns.
Louisville Gas & Electric Co. (Del.)(& Subs.)
Interest, bad debts, &c..
61,914
1933
1934
Years Ended July 31Precautionary reserves_
80,000
$9,912,953 39.653,688
Gross earnings
Special charges
38,122
4,673,759 4,564,936
Operating expenses, maintenance and taxes
Net loss
$284,609
$389.693
$445,707
$102,378
Net earnings
35.239,194 $5,088,753
Preferred dividends_
42,738
177,796
Other income
401,220
431.613
Deficit
$284,609
$432,431
$623,503
$102,378
Net earnings, including other income
35.640,414 35,520,365
Interest charges (net)
1,536,277
1,535.597
Balance Sheet Dec. 31
Amortization of debt discount and expense
141.832
141,954
1933
Liabilities
1933
1932
Assets
1932
Other charges
37,959
37,925
$195,542 8123.060 Accounts payable. $41,711
$91,217
Cash
Appropriation for retirement reserve
893,000
893,000
11,993
Accruals
8,291
13.341
U. S. Govt. bonds
Dividends on preferred stock of Louisville Gas
9,973
Cost's' deposits_
5.622
Accts. receivable._ 371.738
798.199
& Electric Co.(Kentucky)
1,354,920
1.354,920
40,000
396,792
Inventories
228,607 Long-term obliga's
44,390
52.467
50,489 Reserves
54,402
Fixed assets
Net income
$1,676,339 $1,557,058
50,730
Capital stock
769,916
769,916
24,851
Other assets
-V.139, p. 1088.
297.971
1 Capital surplus... 198,755
Good-will
33,771
7,260
Prepayments
'-----TvIcLellan Stores Co.
-Original Common Stockholders'
Total
31.113.035 81,232,467
$1,113,035 81,232.467
Committee Planning to Present Program Sept. 28
Total
x Represented by 24.761 shares of preference stock (no par) and 88,288
The original common stockholders' committee in a letter to shareholders
-V. 138. p. 2415.
shares of common stock.
wishes to impress upon them that it is in no way connected
declares that it
with the recently formed independent committee, the fourth group to offer
' 'Lehigh Valley RR.-PWA Loan
--its services to stockholders. There are now two common and two preferred
Works Administrator Harold L. Ickes on Sept. 11 announced an
Public
committees active in the affairs of the company.
allotment of $33.000,000 for a loan to the company.
The letter states the committee hopes to present a workable program for
The money will be used by the company to build 1.900 freight cars in its
reorganization at the next hearing, scheduled for Sept. 28.
saops at Sayre, Pa., where the company's shopmen will receive more than
Stating that because of the favorable financial position of the company
and the "rather moderate amount of new money necessary to effectuate a
4,000.000 mamhours of employment, and to purchase 3 Diesel-electric
switching engines.
sound reorganization," no banking group should make a large profit for
supplying or underwriting the new capital, the committee discloses that
This is tne third loan to the Lehigh Valley. Tne first, of $2.000,000, was
it has refused to approve a proposition recently submitted by bankers
made last winter to give employment to the company's shopmen at Sayre
interested in the reorganization. For this reason, among others." the
and Packerton. Pa.,on the job ofrepairing and rebuilding 2,000 freight cars.
Net loss
Previous surplus
prof$40,555
def30,196
$681,340
651,144
$519,610
1,267,633
1714
Financial Chronicle
committee states,"we have refused to approve the latest proposition which
has recently been made to us by the Hedden-Morrow group, now allied
with the Lehman group.
Commenting on the present activities of the company, the committee
declares that earnings for July and August have been in excess of those
for the like months of last year and that the best four months. including
the holiday season, are still ahead. Last year the earnings for that period
were approximately $800,000. the letter states, adding that even assuming
no increase in the income for the life period of this year the total earnings
for 1934 are expected to approximate $L250,000.
Pointing out that creditors have now been paid 75 cents on the dollar,
the committee declares it is conceded that by the end of the year the trustees
will have sufficient cash to pay the remaining 25 cents and still have a small
cash balance for the operation of the business.
-V.139, p. 1088.
Manhattan Ry.-Claims Put Off
-Decision Reserved on
Application to File $35,000,000 Claim Against I. R. T.
judge Julian W. Mack on Sept. 13 reserved decision on the application
of counsel for the company to file proof of various claims against the Interborough Rapid Transit Co. rather than have the Manhattan receiver
file proof on such claims, the largest of which has to do with alleged undermaintenance of Manhattan property to the extent of $35.000,000.
Judge Mack intimated that the entire question was closely bound up
with the question of affirmance of dis-affirmance of the Manhattan lease,
a matter now pending, and that he would therefore render no decision at
this time.
Counsel for Manhattan Ry. questioned the advisability of leaving in the
hands of William Roberts, company receiver, the prosecution of claims
against the I.R.T.
Counsel argued that it was his legal duty under Article 9 of the lease to
obtain such maintenance. The claim is that $35.000,000 is due Manhattan
for failure of Interborough to provide new cars to supplant outmoded
wooden equipment described as less safe than steel trains; for failure to
Improve dilapidated stations and make structural improvements.
Other claims which would be pushed deal with $250,000 reimbursement
alleged due to Manhattan Railway for legal services; 83.196.000 alleged due
stockholders, and $5,898,482 allegedly due Manhattan in allocation of
power income.
Counsel for Manhattan bondholders and for Interborough maintained
that the petition to press such claims at this time was premature and in
this they were sustained by Judge Mack.
-V. 139, p. 282.
Manila Electric Co.
-Earnings
-
Sept. 15 1934
Balance Sheet Dec. 31 (Including Subsidiary Companies)
1932
1933
1933
1932
Assets
Liabilities
Properties, plant.
Ordinary shares 13,585,000 13,585,000
equipment,&o 69,783,431 69,511,042 7% cum. pt.shs. 6,000,000 6,000.000
5,700,000
Rts., franchises,
4% cum. pf.shs. 5,700,000
good-will, &c. 25,911,243 25,909,912 Funded debt__ 44,851,433 45,222,433
Cost of invest. in
872,757 1,122,758
x 10-year notes_
& adv. to subs 1,151,533 1,158,025 Gen. unsec. bds. 3,500,000 3,500,000
827,558
Stores in hand &
Accr. bond int__
793,808
In transit__ _
693,753
797,319 Accts. pay. and
887,385
Accts. receivable
889,447
989,025 1,057.964
accr. charges_
Deterred charges
218,929
616,133 Res. for deprec.,
29,951,651 28,019,052
&c
Securities
147,251
132,027
Cash
4,168,133 3.004,935 Profit and loss__ 1,697,463 2,696,550
Sink. fund Inv
1,043,185
818,077
y Accts. dqe by
Government _ 3,735,077 4,555,312
107,841,560 107,580,746
Total
Total
107,841,560 107,560,746
x 10
-year unsecured non-interest bearing, due 1937. $3,532,758, less
redeemed through sinking fund, $2,660.000 in 1933 and $2,410,000 in
1932. y After reserve for exchange of $2,988,071 in 1933 and $1,907,765
in 1932.-V. 139, p. 1558.
Melville Shoe Corp.
-Sales-----1933
Period Ended Sept. 1- 1934-4 Weeks
-1933 1934-36 Weeks
Sales
$1,562,967 $1,500,476 $17,112,152 $13,046,012
Reduced Prices
The company has reduced prices on all "John Ward" shoes to $5.50 a
pair. These shoes have been retailing at $6. $7 and $8 a pair.
Last month the company reduced prices on all men's shoes retailed through
its "Thom McAn" stores to $3 a pair, from $3.40 a pair.
-V. 139, p. 1088.
-Noteholders' Representatives
Middle West Utilities Co.
Drop Option to Buy Out Secured Creditors
At a recent meeting held in New York. where all parties interested in the
company's situation were represented with the exception of the common
stockholders' committee, representatives of the holders of the serial notes
verbally surrendered their option to buy out the secured creditors at about
.51 cents on the dollar, which option, good until Dec. 1, they had hoped to
exercise through raising of $11,340,000 by sale of new preferred or common
stock. A meeting of the noteholders' committee will be held shortly to
-V. 139, p. 1408.
ratify this action.
1933
1934
12 Months Ended June 30Total operating revenues
$4,747,485 $4,944,079
1,719,541
1,810,377
Operating expenses
415,636
411,082
Maintenance
..
301.551
356,842
Prov.for retirements-renewals & replacements__ _
-Mexico
138,322142,014
Taxes
Tramways Co.-A7rnual-Report4inancial Plan
A pproved '
$2,176.988 $2,219,210
1,086
R. H.MZy,Secretary,in his remarks to stockholders states In part:
Reference has been made in previous reports to the acquisition by the
company of the 8% (reduced to 3%) 1st mtge. debs. of the Com:Pante de
Gross income
$2,178.075 $2,219,210
Ferrocarriles del Distrito Federal de Mexico, S.A. All of these debentures
Interest on funded debt
136,484
145.401
have now been acquired with the exception of a small amount of 3,900 Pesos•
1,053,170
1,176,049
Interest on unfunded debt
The funds required for this purpose, namely $2,442,068 Canadian cur36.
36r10
c,010
5
Amortization ofsuspense
rency, were obtained by means of the loan referred to in previous annual
we
Net of acquired properties prior to date of acquisition Dr3,374
reports, which, under the agreement made at the time, was to be liquidated
Interest during construction
Cr9,353
Cr16,098
on Dec. 31 1933 by the sale of the requisite number of ordinary shares of
Mexican Light & Power Co., Ltd., held by this company, at a price of $90
Balance of income
$877,973
$958,399
Per share. In strict accordance with this arrangement, the above loan
-V. 139, p. 1088.
was liquidated on Jan. 2 1934 by the transfer of 27,134 ordinary shares of
„Mexican Light & Power Co., Ltd., and the payment of the broken amount
'"-.....Maple Leaf Milling Co., Ltd.
e
-Removed from Dealing4t..44.....of $8.31 in cash. The result of this transaction Is that, as from Jan. 1
1934, all interest on the loan ceased and the debentures of the Companta
The(New York ProduceExchange as removed from dealing the new
-V.139,
comm stock, no Par, and the 7% pre rred (old)stock. $100 par.
de Ferrocarriles del Distrito Federal de Mexico, S.A., which were formerly
deposited as collateral security for the loan, are now held in the treasury
P. 1407.
of the company.
The directors report that in view of the losses being suffered in the opera-Earnings
Market Street Ry. Co.(& Subs.)
tion of the Tramways in Mexico, it became impossible for this company to
1934
Year Ended July 311933
continue providing funds for the service of the 5% first charge debentures
$7,338,057 $7,452,039
Gross earnings
of Mexico Electric Tramways, Ltd., and after lengthy negotiations with
6.349,831
6,531,170
Operating expenses, maintenance and taxes
the trustees for the debentureholders, an offer was made to the holders of
the outstanding debentures under which they would surrender their debenNet earnings
$920,869
$988,226
tures to this company and receive in exchange for each £100 thereof £20
11,449
Other income
10,901
par value of 5% second mortgage bonds (to be converted into debenture
stock) of Mexican Light & Power Co.. Ltd., owned by this company, and
$931,770
$999,675
Net earnings including other income
£70 of 5% non-cumulative income debenture stock of Mexico Tramways
536.211
568,890
Interest charges
-net
Co. which the company would create for that purpose. This offer was
31,138
29,135
Amortization of debt discount and expense
submitted to a meeting of the debentureholders held on May 14 1934 and
8.752
9,503
Other charges
unanimously accepted.
In the directors' annual report for 1932 shareholders were informed that
Balance
$425,577
$322,238
the committees representing the holders of the 5% first mortgage bonds
Appropriation for retirement reserve
425,577
322,238
and the 6% mortgage bonds of the company had notified the directors of
their intention to prepare a report on the company's situation to be laid
Net income
before the respective bondholders. Since then, continuous representations
-V.139, p. 934.
have been made to the directors that the situation must be met, culminating
in a formal joint notification to the board by the Chairmen of the two com-Admitted to List 45- 4
Macrt_
aland & PennsylvaVa RR.
mittees to the effect that they could not permit the company to continue
The Baltimore Stock Exchange has approved the listing of 10303, 00
to use its revenue from other sources in making good the losses on operation
additio
1st 4% bonds.
-V. 13 , p. 2754.
accouat, and they they must insist on some arrangement being made to
conserve the interests of the bondholders. After prolonged and difficult
-Tenders
Massachusetts Gas Cos.
negotiations with and between the two committees, a draft report to the
The Union Trust Co. of Pittsburgh, trustee, will until noon, Sept. 20,
bondholders was prepared and submitted to the directors, embodying the
receive bids for the sale to it of sinking fund 5% debenture gold bonds, due
joint recommendations of the committees that an arrangement be agreed to,
May 1 1955, to an amount sufficient to absorb $375,695 at prices not
which, shortly stated, provided as follows:
exceeding 103 and Interest.
-V.138, p. 2582.
The holders of the 5% first mortgage bonds would receive in satisfaction
and discharge of each $500 bond and upon the surrender of the same (and
-19-Cent Dividend
----Massachusetts Investors Trust
portionately for bonds of other denominations) the following:
The trustees on Sept. 12 declared a quarterly distribution of 19 cents 6e 40 In cash ((anadian currency).
41 of 5% 2d mtge. bonds of Mexican Light & Power Co., Ltd. (to be
per share, payable Sept. 29 to holders of record Sept. 15. A similar dis,
converted before distribution into registered debenture stock).
tribution was made on June 30 last, and compares with 21 cents per share
350 of 6% cumulative income bonds of Mexican Light & Power Co., Ltd.
paid on March 31 last and on Dec. 30 1933; 19 cents per share on June 30
$
(to be converted before distribution into registered deb. stock).
and Sept.30 1933,and 20 cents per snare on March 31 1933.-V. 139,p.122.
1 7-10 ordinary shares of no par value of Mexican Light & Power Co., Ltd.
- 2 ordinary shares of Mexico Tramways Co.
Massachusetts Power & Light Associates(& Subs.)
The interest coupon No. 43, dated March 1 1928, and all subsequent
1932
1931
1933
Calendar Yearscoupons to be surrendered for cancellation without payment when the bonds
Operating revenue
$14,719,176 $15,470,945 $15,944,931
were delivered up.
655,447
447,110
465,713
Other income
The holders of the 6% mortgage bonds would receive In satisfaction and
$15,166,288 $15,936,658 $16,600,378
discharge of each £100 bond and upon the surrender of the same the folGross
lowing:
Operating expenses, maint. and taxes 10,154,390 10.617,796 11,221,558
£51 of 5% 2d mtge. bonds of Mexican Light & Power Co., Ltd. (to be
$5,011,898 $5,318,862 .05.378,820
Net before interest
converted before distribution into registered debenture stock).
1,838,276 2.056,909 3.658,672
Interest charges, &c
$400 of 6% cumulative income bonds of Mexican Light & Power Co., Ltd.
Net earnings
$3,173,622 $3,231,953 $1,720,148
(to be converted before distribution into registered deb. stock).
3,137,192
3.137,388
Preferred dividends
1.555,746
2 1-10 ordinary shares of no par value of Mexican Light & Power Co., Ltd.
Balance to surplus
$164,402
2 ordinary shares of the Mexico Tramways Co.
$36,430
$94,585
All original coupons from and including No. 12, due Jan. 11915. and sub-V.136, p. 4266.
sequent thereto (not exchanged for income coupons) and all income coupons
-Removed from numbered from R1 to R21,inclusive,issued in exchange for original coupons
" Municipal Telephone & Utilities Co.
---to be surrendered for cancellation without pyament when the bonds were
delivered up.
The board, after full consideration of the whole situation, decided that the
w
Whet York Produce Exchangè 582.has removed from dealing the class A
t
proposed arrangement was the only possible one under existing circumstances
no par.
commo
-V.132. p.
if the company was to continue its operations; that the proposals, by reason
of their terms, were not unreasonable to the company and that they must
-Earnings
Mexican Light & Power Co., Ltd.
be accepted as being in the best interests of the bondholders and the comIncome Statement for Calendar Years (Canadian Currency)
pany alike. The proposals were also considered by the Natinoal Trust
1933
1932
Co., Ltd., trustee for the bondholders of both issues, and they approved
Earnings, light and power:
of the same and recommended their acceptance by the bondholders. Ac
Government
$919.815 $1.016,528
cordingly, the proposals were submitted by the respective committees to
7,787,344
8,418,716
Private and commercial
meetings oftheir bondholders held in London. At these meetings the recomMiscellaneous
33,629
40,476
mendations were approved and the agreement has become effective and Is
being carried out.
$8,740,787 $9,475,720
Gross earnings from operations _,
Earnings for Calendar Years (Canadian Currency)
dian
$5,352,758 $5,862,011
Operation, maintenance, depreciation and taxes1931
1932
Car earnings
S2.635,063 $2,920.567 $3,635,831
Net income from operations in Mexico before
$3,388,029 $3,613,709
56,510
Miscellaneous earnings
63,356
49,601
Providing for fixed charges
282,287
Additional provision for doubtful accounts. &c_ __ _
289,340
Total earnings from operation_
- $2,698,419 82.970,168 $3.692,341
26,047
33,325
Head office expenses less Investment income
Oper., maint., deprec'n and taxes-- 3,475,213
3,392,812
4,202,149
3,768.855
3,089,890
Bond Interest and sinking fund
Operating income
Other income
ir
Net income for the year
def$313.116
$201,154
Net deficit from oper. in Mexico-
$776,793
$798.687
8509,807
1715
Financial Chronicle
Volume 139
Consolidated Balance Sheet Dec. 31 (Canadian Currency)
1932
1933
1933
1932
$
Liabilities$
Assets$
$
20,177,000 20,177,000
Prop., plant & eq_17,885,536 18,138,893 Capital stock
Funded debt
18.678,478 18,713,649
Rights, franchises,
good-will, Sze___10,270,194 10,270,194 Secured by Ferrocurdles 1st debs. 2,442,068 2,440,915
Cost of invest. In
Mex.L.&Pr.Co.:22,934,403 23,026,403 Int. on 6% 50-yr.
mtge. bonds of
80,338
62,266
Inv. in other cos__
Mexico TramStores In hand and
8,321.781 7,895,023
475,034
ways Co
406,763
in transit
84,572 Accr. bond Interest 3,579,371 3,497,574
52,017
Accts. receivable.361,289
Floating liabilities 416,971
Def'd charges and
633,391
13,611
15,750 Deferred liabilities 328,469
debit balances__
1,627,196 1,359,039
Secure. at mkt.val. 1,562,315 1,721,154 Sinking fund res
388,058
345,431 Reserve for depreCash
elation, mordMexican Govt.zation of IranClaims and other
1,425,890 1,490,436
chises and other
debts
7,952,535 7,804,836
assets
10-year notes and
6,176,090 4,872.061
accrued interest 1,236,305 1,480,411 Deficit
900,112
Sink, fund invest_ 1,092,350
Consolidated Balance Sheet
June 30 '34 Dec 31 '33
June 30'34 Dec. 3133
Liabilities
Assets
Plant & property_60,209,676 60,108,259 Fund. debt of subs. 2,818.400 2,853,400
95,617 Fund, debt of co_ _20,733,000 20,733,000
Women. investm'ts 116,600
212,900
Accounts payable. 265.831
Cash on dep. with
trustees
61,615
59,025 Due to MM. cos__ 5,157,983 5,276,383
398,979
Taxes accrued_ _ __ 328,849
Cash in banks & on
435,322
703,338
506,575 Interest accrued__ 433,452
hand
Customers' sec. &
Cash in closed bks.,
246,358
construe'n dep..257,089
87.471
62,504
less reserve
2,482
2,482
Accts. & notes ree_ 996,748 1,088,076 Other def. Rani's_
17.930
25,313
6,658 Deferred credits...
1,773
Due from affil. cos.
4,460,261 4,313,975
8.296 Reserves
10,347
Accrued int. me
7% preferred stock 7,297,050 7,297,050
Mat'is, coal, &e.,
500
500
6% preferred stock
supplies (at cost
283,735
287,552 Common stock_.l4,602.450 14,602,450
or less)
Surplus invest. in
Unamort. disc. on
131,206
136,426
fixed capital_
bonds, &c., def.
1,204,611 1,231,246 Capital surplus__ _ 6,065,111 6,065,111
charges
958,963
1,132,923
General surplus_
Unamort. comm.
67,234
66,174
& expense
63,717,12163,546,013
Total
63,717,121 63,546,013
Total
57,347,779 58,010.655
57,347,779 58,010,655
Total
Total
-V.138, p. 4131.
,
x Ordinary shares, 87.336 (incl. 27.134 shs. subsequently delivered in
settlement of loan of $2,442,068); 2d mtge. bonds, £1,500,000; income
-British Subsidiary Financing
bonds, $11,037,000.-V. 139, p. 1558.
-Monsanto Chemical Co.
*--Monsanto Chemicals, Ltd., the British subsidiary, has sold to bankers
"'Midland United Co.
-Transfer of Jurisdiction Denied.
£400,000 out of an authorized issue of £500.000 of its non-voting cumuTransfer of the proceedings for reorganization of the Midland United
lative preferred stock. Offering to the public will be made at 205. 6d.
Co. and Midland Utilities Co. its principal subsidiary, to the Federal
per share, or 6d. above par.
Court for the Northern District of Indiana has been'denied by Judge John
'
The prospectus discloses that there are no sinking fund requirements
P. Nields of the Federal Court for the Delaware District. The companies
and that the issue may be retired before 1970 at 21s. 6d., or 734% premium.
-V. 139,
are to be reorganized under the provisions of the McKeown bill.
No guarantee by the parent company is involved. Monsanto Chemical
p. 770.
o. retains all of the 600,000 shares of common stock.
Edgar M. Queen y, President, stated that the requirements of the British
"
"*Minnesota Power & Light Co.
-Larger Pref. DivshYtel
.
Securities Act are thorough but reasonable as to the amount of information
share
.
The directors have declared dividends of $1.13 per she on the 67
required to be disclosed and that the preparation was not costly to their
errea
cumulative preferred stock, Nor $100, and on the $6 cumulative pref
British company. He had no hestitancy in accepting the liabilities imstock of no par value, and a ividend of $1.32 per share on the 7% cumula-V. 139, p. 771.
posed thereunder.
tive preferred stock, par $100, all payable Oct. 1 to holders of record Sept.
11. This compares with $1.12 per share distributed on the 6% and $6
-August Sales Up 22.9%Montgomery Ward & Co.
pref. stock and $1.31 per share distributed on the 7% pref. stock on July 2
Increase
Increase I 1934-7 Mos.-1933
-August
-1933
1934
last. In each of the four preceding quarters the company distributed
4
$3,524,839 l$129,612,867$97,443,464$32,169. 03
$18.914,959 $15,390,120
75 cents per share on the 6% and $6 referred stocks and 8734 cents per
share on the 7% issue, prior to whichregular quarterly dividends were
To Build Two New Stores
on all issues.
paid
-V. 139, p. 1244.
A new department store will be erected in Sacramento, Calif.: construcMississippi Power Co.
-Earnings
-tion will begin early in 1935.
Plans have also been completed for a new store building in Mason City,
[A Subsidiary of Commonwealth & Southern Corp.]
Iowa, to replace the present store. The new building will cost about $100,1934-12 Mos.-1933.
Period End. July311934
-Month-1933
000 and is due for completion in February 1935.-V. 139. p. 1559.
Gross earnings
$222.578 $2.747,135 $2,813,055
$217,598
Oper. exps., incl. maint.
-Earnings
Mother Lode Coalition Mines Co.
1.894,617
Sr taxes
1,b75,772
156,974
153,494
1931
1932
1934
1933
6 Mos.End. June 30-690,271
Fixed charges
650,639
53,995
51,543
.
Net prof. after taxes,
Int. canceled per agree$71,902
*84,192 loss$40,306
expenses,&c __ __ *def$9,176
62,500
ment of June 29 1934_
12,500
_- * Based upon the sale of 817.279 pounds of copper in 1934 (1.934.041
73.200
73400
Provision for retire. res_
6,100
6.100
3609.
pounds in 1933).-V. 138, p.
262,164
Divs. on pref. stock_ -253,474
21,318
21,098
Deficit
-V.139, p. 934.
$2,137
443.450
$15,809
$107,198
sag-Texas
Thecompan
on the cumulat
RR.--A4/444zugsa-Borgi-Int-j_
declared the regular semi-ann al interest of 234%
V. 139, P. 604.
djustment bonds, payable Oct. 1
"
.. 1
"Missouri Southern RI1.-PWA Loan
Public Works Administrator Harold L. Ickes announced on Sept. 11
that he has signed a contract for a loan of$32,500 to the company.the money
to be used to purchase a new Diesel-electric locomotive. The allotment for
this loan was made some time ago.
-V.138. p.3954.
-Earnings
Mohawk Valley Co.(& Subs.)
1934
1933
12 Months Ended June 30Total operating revenues
$34.615,195 $34,120,851
Operating expenses
15,703.989 14,983,194
Maintenance
2,780,282
2,606,081
Provision for retirenfts, renewals & replacements_ 1,697,235
1,666,892
Taxes (including provision for Federal income tax) 3,769,006
3.321,226
Operating income
Other income (net)
$10,664,683 $11,543,458
113,241
237,686
Gross income
Deductions from Income
Subsidiary companies:
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense_
Dividends on pref. stock, paid or accrued
Interest during construction
$10,777,924 $11,781,144
Balance
Mohawk Valley Co.:
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense_
$4,986,436 $5,898,836
Balance of income
-V.139, p. 1244.
$1,997,187 82,928,178
4,032,966
167.482
218,309
1,418,755
Cr46,025
2,935,000
52,409
1,840
4,003,543
254.135
284.859
1.430,944
Cr91,I73
2,935,000
33,895
1,763
-Tenders
Monroe Coal Mining Co.
The Fidelity-Philadelphia Trust Co. will until 12 noon Sept. 21 receive
tenders for the sale to it of sufficient 1st mtge. 6% bonds due Aug. 1 1947
to exhaust the sum of $20,643.-V. 114. p. 529.
""
- --Mortgage Co. of Pennsylvania-To Reorganize, A hearing on a plan of reorganization with respect to the 1st mtge. coll.
534% bonds, which has been formulated by a committee headed by George
Ramsey as Chairman, will be held on Oct. 1 in Philadelphia at Room 313.
Post Office Building. The committee has filed a petition in the U.S. District
Court for the Eastern District of Pennsylvania and the Court nas granted
a rule to show cause why it should not approve and supervise the plan.
Other members of the committee, of which -Robert E. Goldsby, 100 Broadway, is Secretary, are Charles B. Roberts 3d and Albert R. Thayer.
Monongahela West Penn Public Service Co.(& Subs.)
-EarningsConsolidated Income Account 6 Months Ended June 30 1934.
Operating revenue
$4,093,669
7,254
Mon-operating income
Gross earnings
Operating expenses
Maintenance
Taxesx
Reserved for renewals, retirements & depletion
Gross income
Interest on funded debt-Subsidiaries
Other interest-Subsidiaries
-Monongahela West Penn Public Service Co.
Deductions
Interest on funded debt
Interest-Other
Amortization of discount & expense
Miscellaneous
$4,100.923
1.773.810
272.261
545,500
266,335
-Earnings
Motor Transit Co.
Period End. Aug.31Gross earnings
Operation
Maintenance
Taxes
Interest x
-1933
-Month
1934
$46,494
$41,161
30,454
27,855
8.360
7.332
4,674
5,338
866
597
$701
Balance_ _ _ _ ____ Reserve for retirements (accrued)
--
$1.473
1934-8 Mos.-1933
$429.085
8564.308
243.642
363,821
63.660
96,326
38.604
65,270
6,760
8,333
$30,556
90.810
$76,419
61,997
$14.422
def$60,254
Balance
x Interest on 634 V secured income bonds is deducted from surplus when
declared and paid. Interest not declared or paid to Aug. 31 1934 amounts
-V.139, p. 1092.
to $142,050 and is not Included in this statement.
-Earnings
Mountain States Power Co.
Years Ended July 31Gross earnings
Operating expenses, maintenance and taxes
1933
1934
82,816,900 $2,747,035
1,909,950
2,072,024
$837,086
246.088
Net earnings
Other Income
$744,876
245,710
Net earnings, including other income
Lease rentals
Interest charges (net)
Appropriation for retirement reserve
$990,586 81,083.174
12.000
12,000
867.447
875,017
59,831
103,570
Net income
-V. 139, p. 935.
Nil
$143,896
-Accumulated Div.
----National Automotive Fibres, Inc.
4-"e
The directors have declared a dividend of $1.75 per share on account
of accumulations on the $7 cum. pref. stock, no par value, payable Oct. 1
to holders of record Sept. 15. Similar distributions were made on Sept. 1,
Aug. 1, and June 1 last, this latter being the first disbursement made on
this issue since March 1 1931, when the regular quarterly dividend of
$1.75 per share was paid.
Effective with the Oct. 1 payment, accumulations will amount to $17.50
per share.
-V. 139, p. 1245.
-Semi-Annual Report
National Bond & Share Corp.
Gayer G. Dominick, President, states:
"Net incomefrom interest and dividends for toe six months ended Aug.31
1934, after all expenses and reserves, was in excess of the two dividends of
25c. per share each declared during this period.
After provision for the dividend payable Sept. 15 the net asset value at
the close of business Aug. 31 1934 of the 181.800 shares of the capital stock
then outstanding was $39.59 per share. This compares with a net asset
value of $42.08 per share on 187,000 shares outstanding at the close of
the fiscal year ended Feb. 28 1934.
"At the close of business Aug. 31 1934 the assets of corporation taken at
market values were distributed as follows:
Cash and U. S. Government securities_ _ _ $620,607
249,843
Short-term obligations
45,473
Accrued interest, &c
8915,924
12.5%
10.2
747,086
Bonds
9.6
703.837
Preferred stocks
4,950,449 2_7.7 •
Common stocks
87,317.297 100.0%
"During tne first half of the current fiscal year directors have caused
to be purchased and placed in the treasury for subsequent retirement 5,200
shares of the capital stock, 4,400 shares of which were so put chased during
the quarter ended May 31 1934. The remaining 800 shares were acquired
during the quarter ended Aug. 31 1934, leaving 181,800 shares outstanding
on that date."
-V. 138. p. 4132.
$1,243.017
71.72
"'
National Grocers Co.,•, td.
-161.75 Accumulated Div.4
139
The directors have declared a dividend of $1.75 per share on account of
555013
accumulations on the 7% cum. pref. stock, par $100. payable Oct. 1 to
133,697
holders of record Sept. 15. The dividend is payable in Canadian funds
and is subject to a 5% tax in the case of non-residents. The above dig16,611
tribution compares with $3.50 paid on Sept. 1 last, $1.75 per share paid on
11.599
July 2, May 1, and April 2 last, and $2.61 per share paid on Jan. 1 last.
$716,910
After the payment of the Oct. 1 dividend accruals on this issue will
$454,243
-V. 139, p. 1246.
Net income
amount to $38.50 per share.
-7% preferred cumulative
255,383
Dividends
-Removed from Dealing
15 'Vana'Hotel of Cuba Corp.
6% preferred cumulative
The New York Stock Exchange)has removed the units from dealing.
Common
40,887
Provision for Federal income taxes included in the above,$21,500.
131. p.3052.
x
-V•
1716
Financial Chronicle
National Public Service Corp.
-Referee Calls Creditors
of the National and Seaboard Public Services to Act on Sale
Special meetings of creditors of tne National Public Service Corp. and the
Seaboard Public Service Co. have been called for Sept. 21 by Irwin Kurtz,
referee in bankruptcy, to approve measures in connection with the settlement of the receivership estates.
The creditors of National Public Service Corp. will consider a petition of
the Irving Trust Co. trustee, for a court order authorizing acceptance of an
offer of the Chase National Bank to purchase for $45,000 three promissory
notes of the Municipal Service Co. to National Public Service in principal
amounts of $262,822. $107,000 and $39,500, and 19,554 common shares of
Municipal Service Co.
The trustee would agree not to oppose the sale of certain other common
shares of Municipal Service deposits as a pledge by National Public Service
under an indenture dated Feb. 1 1928, making tne New York Trust Co.,
trustee.
The creditors of Seaboard Public Service will be asked to approve a
petition of the Irving Trust Co., trustee, for a court order authorizing the
sale to E.J. Welsh for 5122,000 cash of(a) $719.000 first mtge.6% bonds of
the Florida West Coast Ice Co.. (b) $1,239,000 promissory demand notes
of Florida West Coast Ice, and (c) at the election of the purchaser to purchase. and Knot purchased to be surrendered for cancellation by the trustee,
75,000 shares of Florida West Coast Ice COMP011stock.-V. 138, P. 504.
National Terminals Corp.
-Removed from Dealing-zi-t..../
'F.Jleew York Produce Exchangehas removed from dealing the partic.
prefere stock, no par, and the% cum. cony. pref. stock. $25 par.
-V. 133, p. 1136.
--Neccrcla Congo). Copper
rav
-.The New York Produce Exchange
stock,
ar.-V. 137, p. 1591.
Balance Sheet July 1
Assets
1933
1934
1933
1934
LiabilitiesCash
$38,593
$234,188 $137,956 Accounts payable_ $37,445
Certif. of deposit.. 100,000
100,600 Reserve for taxes &
U.S. bonds
25,546
383,331
contingencies__ 156,046
225,908
Invest. & other sec 117,887
2,500,000 2,500,000
92,709 Capital stock
Accts.& bills rec _ _ 219,995
486,529
291,645 Surplus
562,829
Inventory
596,991
517,250
Plant & equipment 1,603,928 1,685,201
Total
$3,258,321 $3,050,668
-V. 137, p. 3850.
3394.1421524,241.537 $20,108,975 54,132,562
---New England Power Association-Passes Corn. Div.
-
The directors have omitted the common dividend due at this time. On
July 16 last the dividend was reduced to 25 cents from 50 cents, which rate
had been paid each quarter since October 1927.
President Frank D Comerford in connection with the passing of the
common dividend states:
"Dividends on the common shares were at the rate of 50 cents a quarter
from 1927 until June of this year, when the quarterly declaration was reduced to 25 cents a share. The reasons which caused the directors to make
this reduction in June were adverse business conditions, burdensome and
discriminatory taxation on the industry, increased payroll costs due to
compliance with the NIRA and increased costs of operating materials and
supplies.
'Business has been no better during the summer and any improvement
which might have been anticipated this autumn has been negatived by the
textile strike, which has already cut heavily into our revenues. In addition.
many of our larger operating companies face substantial increases in local
taxes.
"Under these circumstances the directors felt that they had no alternative but to postpone action on the common dividend."- V. 138. P. 3955.
New Kroy Corp.
-Remove from Dealing-- ',....-Thc(New York Produce Exchange as removed from dealing the capital
stock,$5 par.
New York Central RR.
-Earnings
[Including All Leased Lines]
Period End, July 31- 1934-Month-1933
1934-7 Mos.-1933
Railway oper. revenues_$23,824,079 $26.468,1955175,344,722$157,339,857
Railway oper. expenses_ 18,681,965 18,208.431 130,259.819 114,728,466
Railway tax accruals.. 1,973.339 2,439,890 16,117,200 16,730,480
Uncoil. ry. revenues...._
6,456
132,321
7,099
55.080
Equip. & it. facil.
1,232,704
1.336,217
9,842,236 8.457,694
Net ry. oper. income_ $1,825,457 $4,580.712 $18,993,138 $17.368.135
Miscel. & non-oper. inc_ 2,106,052
1.779,576 13,054,152 12,784,923
Gross income
$3,931,509 $6.360.289 $32,047,291 $30,153.058
Deduct,from gross inc
5.143,142 5,107,030 34.872,258 35,784,386
NetIncome
def$1,211.632 $1,253,258 df$2,824,966df$5,631.328
-V. 139, p. 1560.
New York Telephone Co.
-Gain in Stations
The company reports for the week ended Sept. 7 a net gain of 3,042 stations, compared with 2,236 stations gained in the corresponding period of
1933 and loss of 3,768 stations in like period of 1932.
For the period Jan. 1 to Sept. 7, the company had a net loss of 4,030
stations, compared with a loss of 124,860 stations in the corresponding
period of 1933 and loss of 198,293 stations in the corresponding period
of 1932.-V. 139. p. 937.
York Title & Mortgage Co.
-Court
Decision Re-
served on Reorganization Petition
Decision was reserved by Federal Judge Frank Cooper at Albany,Sept. 11,
in the action of creditors who seek a reorganization of the company. Atterneys are to file briefs by Oct.2 If the company is reorganized as the creditors
.
urged the State Superintendent of Insurance. George S. VanSchaick. would
be ousted as supervisor of its affairs.-V. 139. p. 1411.
----Nitrate Corp. of Chile-Liquidation
-
Total
$3,256,321 $3,050,668
---No th American Co.-/
.
..,avt.g-The siew York Stock Exchange has authorized the listing on or after
Oct. 1 934 of 84,759 additional sha
(no par) common stock, on official
notice of issuance as a stock dividend making a total of 8,603,040 shares
applied for.
Income Statement 12 Months Ended June 30 (Parent Company)
1933
1934
Interest received and accrued
51.019,782 $1,346,917
Dividends
10,141.913 11.004.864
Other credits
631,000
486,000
-'1.1
-Removed from Dealing-2
s removed from dealing the capitar
(J. J.) Newberry Co.
-August Sales Up 13.84%.1934-August-1933. Increase. I 1934-8 Mos.-1933.
Increase
$3,241,506 $2,847,365
-V.139. p. 936.
Sept. 15 1934
Total income
511,647.695 $12,982,781
Expenses and taxes
638,774
667.481
Interest on debentures
1.250,000
1.250,000
Other interest paid and accrued
63,477
Amortiz. of discount & expense on debentures_ _ _ _
56.038
56,038
Balance for dividends and surplus
Previous earned surplus
Other credits
-net
$9,674,175 $10,974,491
39,718,062 42,717,963
253,813
Total
Preferred dividends
Conunon dividends
-stock
Cash
Approp. for res. for conting.. Dec. 31 1932
Other charges
$49,392,237 $53,946,267
1,820,034
1.820,034
x4,897,818 x8,542,317
2,088,076
3,865.854
44.043
Undivided profits, June 30 1933
$40.542.267 $39,718,062
x Paid by issue of 489,781 shares in 1934 and 680,726 in 1933.
Balance Sheet June 30 (Parent Company Only)
1933
1933
1934
1934
AssetsLiabilities3
$
$
$
Stocks & bonds_183,978,825 184,229,609 Preferred stock_ 30,333,000 30,333,900
a Common stock 83,931,940 78,354,470
Loans & advs.:
Scrip
To sub. cos__ 28,995,061 23,324,291
365,820
412,150
To others_ __
. 2,088,018 2,092,422 Div. payable in
corn. stock...
Accts. receivle:
839,250 1,566,915
5% debentures_ 25,000,000 25,000,000
From sub. &
anti. cos_ .._
750,594 Dens. of sub. ez
892,419
affil. cos. for
From others_
13,589
43,753
PaY, of bd. lot
842,011
Cash
466,415
2,987,194 6,205,312
51,175
Short-term inv's 6,275,983 2,482,629 Due to sub. cos_
175,257
Accts. payable.
Disc. & expense
19,912
18,474
on debentures 1,489,693 1,545,732 Divs. payable in
cash
455,008
Office turn. &
1,504,219
miscell. prop_
1 Accr.int.on debs
1
520,833
520,833
Accrued taxes__
117,058
150,000
Divs. unclaimed
26,760
28,511
Res. for conting. 41,653,733 42,431,816
807,497
Other reserves__ 1,206,940
Undivided prors 40,542,267 39,718,062
Total
Total
226,750,950 220,644,182
226,750,950 220,644,182
x Represented by 7,872,029 shares in 1933 and 8,434,409 shares in
1934.-V. 139, p. 1247.
-Earnings
Northern States Power Co.(Del.)(& Subs.)
1934-12 Mos.-1933
Period End. July 31- 1934-7 Mos.-1933
Grossearnings
$18,552,720 $17,907,099 $31,594,877 $31,152,443
Oper. exps., maint. &
taxes
10,316.828 9,136,477 17,505,176 15,980.382
Net earnings
Other income
$8,235.892 $8,770,622 $14,089.702 515.172,062
122,938
48,968
87,280
65.223
Net earns. incl. other
income
$8,301,115 58,819,590 514,212,639 515,259,342
Int.chags.-Net
5.810.969
5,783.137
3.390.409 3,390,091
121.190
Amort. of dt .dis. &exp.
207,326
196,190
121,945
Min. int, in net inc. of
15,384
25.900
subsidiary company
26,863
15,979
1,613,333 2,900,000 2,900,000
Approp. for retire. res
1,613,333
Net income
$3,159,449 $3,679,590 55,267,481 56.354,113
Note-No provision nas 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 temnotary Injunction has been issued restraining the assessment of these taxes.
V. 139, p. 1412.
.....,___
,
Northwest Bancorporati?n-Lristint944- ,,-/- I Pic / do(c
( (>“.
The(i
5 York Produce Exchange as removed horn dealing thS common
row
St(
0 par and substituted the rear par shares.
-V. 139, P. 286.
The liquidating committee advises that by resolution adopted on Sept. 5
1934, the New York and Chile register and transfer books for series 1.1
-Ordered to Refund Tolls
Ohio Bell Telephone Co.
ordinary shares will be permanently closed on Sept. 30 1934, except for
The Ohio Utilities Commission in a final order on Sept. 6 ordered Ohio
entry of receipt of shares surrendered for extinguishment pursuant to
Bell company to refund approximately $12,000,000 to 44 Ohio cities within
the following offer hitherto made and published:
90 days and to pay interest on excess rates collected. The company stated
The certificates corresponding to the 10.500.000 ordinary shares B series
it would carr an appeal to the United States Supreme Court for final adof Nitrate Corp. of Chile, which were delivered in exchange for 779,166
judication.- . 138, p. 3100.
ordinary shares of Lautaro Nitrate Co., Ltd., and the 400,000 shares,
-Removed from Dealing-lzkL___
'
g
which constitute the capital of Compania Salitrera Anglo-Chilena, among ----Ohio Valley Gas Corp.
whose assets appears the balance of the 1,220,834 ordinary shares of Lautaro
.'h4 New York Produce Exchang)has removed from dealing the common
Nitrate Co. Ltd., will be exchanged upon surrender for extinguishment
stock, o par and substituted the s ares of $1 par value.
-V. 132, p. 3714.
of the certificates'for the 10.500.000 ordinary shares to Nitrate Corp. of
-Earnings
Oklahoma Gas & Electric Co.
Chile. who will deliver certificates corresponding to the appropriate number
of shares of the Compania Salitrera Anglo-Chilena and ordinary shares
Years Ended July 311933
1934
of Lautaro Nitrate Co., Ltd.
$10,812,611 510,403,687
Gross earnings
Exchange will be made in the following proportions:
5,199.516
Operating expenses, maintenance and taxes
5,674.151
For each 1.000 ordinary series B shares of Nitrate Corp. of Chile (Compania de Salltre de Chile) will be delivered 74.20632 ordinary shares of
Net earnings
$5,138,459 $5,204,171
Lautaro Nitrate Co., Ltd., and 38.09524 shares of Compania Salitrera
59,203
Other income
50,346
Anglo-Chilena.
Certificates will be received in the offices of company in Santiago, Chile.
Net earnings including other income
55,188.805 55,263,374
Certificates may, however, be deposited, for dispatch to Chile at do2,265,648
Interest charges-net
2,263,907
positor's risk, at the transfer office of Compania de Salltre de Chile, D. A.
200.000
Amortization of debt discount and expense
200,000
Crockett, transfer agent, 120 Broadway, N. Y. City, where the requisite
950,631
Appropriation for retirement reserve
950,000
forms may be obtained.
The liquidating committee further resolved that, to permit brokers to
Net income
$1,774,898 $1,847,094
break down certificates for corresponding clients, in proven cases, and until
-V. 139, p. 938.
Sept. 30 1934, certificates in smaller denominations will be exchanged free
of charge. Subsequent to Sept. 30 1934 any transfers made for the conOld Colony Investment Trust.
-Earnings.
venience of brokers will carry a corresponding charge for the expense
Years EndedFeb. 1 '34 Feb. 1 '33 Feb. 1 '32 Feb. 2 '31
Involved.
-V. 139, p. 1094, 637.
Interest
$218,836
$121,295
$182,531
$135,681
Dividends
404.758
_ ,
1S5
390.505
212,405
North & Judd Mfg. Co.
-EarningsYear Ended June 30Earnings after reserves
Depreciation
1934
$339,314
161,770
1933
$230.401
160,384
Total income
Interest-series A debs_
Interest-series B debts_
Expenses
$348,086
191.284
Net profit
Previous surplus
Adjustments
$177,544
486,529
Dr.1,244
5293.480
168.336
85.282
5.914
$70,017
500.542
15,970
Net Inc.fr. Int.& dive.
Previous surplus
$33,948
474.544
$55,422
419.122
$237.782
301,340
$255.647
285,693
Total surplus
Dividends paid
$662,829
100,000
$586,529
100,000
$508,492
$474,544
$539,122
120.000
$541.340
240.000
$562,829
$486,529
5508,492
$474,544
$419,122
$301,340
Surplus June 30
Total surplus
Dividends
Earned eery. Dec.31-
5573.036
214,585
91:2,14 'MN
$623.595
225.000
130rig
Financial Chronicle
Volume 139
Comparative Balance Shea nb. 1.
1934
1933
1934
1933
Assets
y Inv. at cost__ 9,798,814 10,437,242 04% debentures_ 5,340,400 6,031,200
Cash
40,302
56,532 Accrd. int. on debs.
10,994
11,270
Accrued interest._
20,770
23,240 Common stock and
x4,508,492 4,474,543
surplus
Total
9,859,886 10,517,014
Total
9,859,886 10,517,014
x Represented by 300,000 no par shares, of which $...,000,000 is capital
and $508,492 is earned surplus. y Investment securities at cost, but after
deducting reserve of $668,945 in 1934 and $695,895 in 1933. Tne market
value of the securities as of Feb. 1 1934 was approximately $5,804,758
(1933, $5,007,137)•
The reserve represents: Realized net profits, after taxes, from sales of
securities from date of organization to Feb. 1 1933. $540.491; less net loss
from sales of securities for the year ending Feb. 1 1934. $28,043: balance,
$512,447. Less: Book value of securities written off during the year ending Feb. 11934. $206,073; balance, 5306.374. Discount on 4 yi% debentures repurchased and retired to Feb. 1 1933 ($1.468,800 par value).
5485,405; year ending Fob. 1 1934 ($690,800 par value), $207.167: total;
$662,571. Less: Discount on original issue of 434% debentures, $300,000.
balance ofreserve Feb. 1 1934,3668,945.-V. 136, p.4285.
Qne La Salle Street Building, Chicago
-To Reorganize
The 1st mtge. bondholders committee has completed a plan of reorganization which will shortly be promulgated. The ground rental has
been reduced by the University of Chicago with a total saving over the
term of the lease (which runs for about 94 years) of about $6,000,000.
The new corporation will have only capital stock, of which there will
be but 60.000 shares issued. Of this 89% will go to the 35,250,000 1st
mtge. bondholders, 900 shares will go to the holders of the $250,000 2d mtge.
bonds, and the remainder will go to the common stockholders of the present
corporation.
-V. 127, p. 3715.
Oppenheim, Collins & Co.
-Obituary
-
Isaac D. Levy, President, died Sept. 9.-V. 138. p. 3283.
Oregon-Washington Water Service Co.
-Trustee--
The company announces the appointment of the Chase National Bank
of the City of New York as successor trustee under the indenture dated
June 1 1927. and the indenture supplemental thereto.
-V. 139, P.
-"
--O'Sullivan Rubber Co.
-10
-Cent Common Dividen
The
directors have declared a dividend of 10 cents per share on the common stock. par $1, payable Oct. 1 to holders of record Sept. 21. An initial
distribution of like amount was made on June 30 last.
-V. 138, p. 3283.
Pacific Greyhound Corp.. Subs.)
(&
-Earnings
--
6 Months Ended June 30Net income after depreciation and other charges--V.136, p. 4474.
1934
$496,105
1933
$43,089
.--""Pacific Southern Investors, Inc.
-75
-Cent Pref. Div.
The directors
have declared a dividend of 75 cents per share on account
ofaccumulations on the $3 cumulative preferred stock, no par value, payable
Oct. 1 to holders of record Sept. 15. A similar distribution was made on
July 2 last, the first since July 2 1933, when a regular quarterly dividend of
75 cents per share was paid.
-V,139, p. 608.
,
4.•"Packer Corp.
-25-Cent Dividend
The directors have declared a dividend of 25 cents per share on the
common stock, no par value, payable Oct. 1 to holders of record Sept. 21.
The last previous distribution made on this issue was on Dec. 30 1933 when
10 cents per share was distributed, prior to which quarterly payments of
25 cents per share were made from Oct. 1 1931 to andcl dn,...15 Oct. 1
1932.-V. 138. p. 1928.
r 74410
1 --Pathe Exchange, Inc.-PlabADeleted-/
.
' Owing to the lack of a quorum, no action was taken Sept. 11, at a
meeting
of stockholders on the proposed reorganization plan. (V. 139, 1249.) The
stockholders present, however, voted to petition the Supremep.
Court for the
right to hold an extraordinary meeting at which two-thirds of the stockholders then present would have the right to vote on the recapitalization
plan.
If the court grants the petition, the stockholders will be given 90 days'
notice of the special meeting. This action is being taken under Section
a new amendment to the New York State Stock Corporation law. 52,
-V.
139, p. 1412.
(J. C.) Penney Co.
-August Sales Up 13.42%.-
1934-Augus1-1933.
Increase. I 1934-8 Mos.-1933.
Increas
$16,119,413 $14,211,719 $1,907,6931$120149.170898,799,242821,309,928
-V. 139, p. 939.
Peoples Drug Stores, Inc.
-August Sales
-
1934-it ugust-1933
$1,337,185 $1,239,938
-V. 139. P. 939.
Increase I 1934-8 Mos.-1933
$97,247 f $10,668.562 810,042,202
Pittsburgh & Lake Erie RR.
-Earnings
Per. End, July 31-Month
1934-7 Mos.-1933
1934
-1933
Railway oper. revenues_ $1,301.675 $1,697,759 $9.324,725 $7,795.670
Railway oper. expenses_ 1,086,885
6,354.006
1,116,035 7,495,939
Net rev.from ry. oper.
Railway tax accruals_ _ Uncollectible ry. rev__ _ _
Equip. & it. fac. rents*_
8581.724 81,828.785 81.441,663
645,203
642,470
130,484
39
45
761,710
1,023,674
97,496
$214,789
81,067
155.738
Net ry, oper. income_ 8289.460
Mace'. & non-oper. inc.
43,501
Gross income
$3332,962
Deduct,from gross inc.._
87.602
Net income
$245,359
* Credit balance.
-V. 139, p. 1413.
$548,736 $2,209,950 $1,558,126
462.377
64,601
342,279
$613,338 32.552,229 32,020,503
155.588
801.737
770.313
$457,749 $1,750,492 $1.250,189
Pond Creek Pocahontas Co.
-Coal Output
Month ofCoal mined (tons)
-V.139, p. 610.
Aug. 1934
120,674
July 1934
109,743
Aug. 1933
144.559
Porto Rico Telephone Co.
-Tenders
--
The Montreal Trust Co., Montreal, Can.,will until noon Sept. 20 receive
bids for the sale to it of sufficient 6% 1st mtge. 30-year•bonds, due Dec. 1
1944, to exhaust the sum of 352,000.-V. 138, p. 4475.
Power Corp. of Canada, Ltd.
-Earnings
-Income Account Years Ended June 30
Revenue
Profits on securities
Gross earnings
Expenses
Taxes
Interest
Surplus for year
Surplus forward
Prior years' adjust
1934
1933
$1,525,470 $1,485,341
1932
1931
$1,929,473 $2.654,687
y757,717
$1,525,470 $1,485,341 $1,929,473 $33,412,404
426.805
434,020
311,785
266,028
5,329
7.851
53,691
5.746
623,160
522.489
747.374
828.556
$731,207
1,012,286
$545,067
1,805,700
8666,261 32.177,319
3.491,304
3.531,562
280.485
"(
Total surplus
$1,743,493 $2,350,767 $4,197,823 85,949,106
Div. on cum. preferred..
300,000
300,000
300,000
300,000
Div. on non-cum. prof...
300,000
300,000
300,000
300,000
Dividend on common
743,44.3
817,545
Loss on sale of securities
738,481
1,043.998
Trans. to invest. res_
1,000,000
Total surplus
31,143.493 81,012.286 81,810.382 $3,531,562
Earns, per sh. on corn..
Nil
$0.15
$0.29
$3.54
y Before providing for $900,549 of losses on sales of securities which
as_)eharged direct to investment reserve.
Comparative Balance Sheet June 30
1934
1933
1934
1933
Assets
Liabilities-2
$
$
$
Cash
51,563 Accts. payable
232,826
Guar'd demand
274,825
& seer. habits
212,966
loan receiv_
150,000 Divs. payable__
150.000
150,000
Inv.in com.stks.
Liab,for invest.
of & adv. to
Commitment_
270,000
MM. cos
20,065,299 y27,320,434 Cony. debs_ 10,974,000 11,454.700
Other investmls 7,273,334
1st cumul. 67;
Invest. commit.
270,000
prof
5,000,000 5.000,000
Accts. rec., incl.
Non-cumul. 6%
accr. revenues
290,076
260,803
5,000.000 5,000,000
part. pref
Miscell. assets__
47,151 Special reserve_ z358,257
41,620
z Common stock
6,146,073 6,012,286
& surplus
Total
28,173,155 27,829,953
28.173,155 27,829,953
Total
x Represented by 446,196 no par shares in 1934 and 446,153 in 1933.
y After deducting $12,973,375 applied to write-down investment and
as transferred from reduction in paid-up capital. z Being the net profits
on sale of securities and discount on debentures redeemed during the
period.
-V. 139, p. 775.
Pullman Co.
-Earnings
-
aoeePaulista Ry.-To Pay Sept. 15 1934 Interest
-
11 Ladenburg. Thalmann & Co., as fiscal agents, announced that they
4received funds to pay the Sept. 15 1934 coupons on the 1st & ref. had
mtge.
7% bonds, series A. Since Jan. 1 1934 the company paid the remaining
half of the coupons due Sept. 15 1932, the March and Sept. 1933 coupons,
as well as the March 1934 coupons.
Notice having been received that the interest clue tsept.
1st & ref. mtge. 7% sinking fund gold bonds, series A. 15 1934 on the
paid on that date, the Committee on Securities of the due 1942, will be
Exchange rules that the bonds be quoted ex-interest 334% New York Stock
that the bonds shall continuo to be dealt in "flat" and on Sept. 15 1934;
to be a delivery
in settlement of transactions made beginning Sept. 15 1934 must carry
the
March 15 1935 and subsequent coupons.
-V. 138, p. 3285.
•
1717
Increase
8626,360
<"-.-..Phelps Pub *sbint Co., Springfield, Mass.
-Bankre it,
ruptcy Petition
The company, hich has been in business for more than 50 years, has
filed a petition
debtor in the Federal Court under Section 77-13 of the
Bankruptcy Act, The corporation seeks to reorganize. Corporation
admits it is unable to meet its debts as they mature and states that the
Petition was filed by authorization of a vote of the stockholders of
corporation on Sept. 4. The corporation asks that it may continuethe
in
possession of its estate and also for authority to operate its business.
Philadelphia Co.(& Subs.)
-Earnings
[Not including Beaver Valley Traction Co. (in receivership) and its subsid.
Years Ended July 311934
1933
Gross earnings
$46,893,596 844,619,243
Operating expenses, maintenance and taxes
23,038.193 '21,494,440
Net earnings
$23,855,403 $23,124.804
Other income-net
554,941
586.241
Net earnings including other income
324,410.344 $23,711,044
Rent of leased properties
1,680.856
1,713,623
Interest charges-net
6.765,221
6,689,441
Contractual guarantee
69,192
69,456
Amortization of debt discount and expense
387,101
387,130
Other charges
129,743
113.578
Appropriation for retirement and depletion res..- 7.357,769 7.093.105
Net income for diva. on Prof. stocks and mm.
int. of sub. cos. and on pref. and common
stocks of Philadelphia Co
$8,020,463 $7,644,710
-V. 139, p 9 .
39
Period End. July 31- 1934
-Month-1933
1934-7 Mos.-1933
Total revenues
$33.710,105 $3,356,101 $25,356.502 $21,190,304
Fetal expenses
3,4e7,408 3,104,023 24,497,633 21,775,643
Net revenue
Auxiliary Operations
Total revenues
Total expenses
Net revenue
Total net revenue____
Taxes accrued
Operating income_
-V.139. p. 1097.
$222,697
$252,078
$118,516
100,251
$83,395
82,735
$18,324
$241,122
128,842
$112,179
$660
$858,869 def$585.339
$804,387
752,855
$473,941
501,788
$51,532 defo27,847
$910,401 def$613,187
$252,739
970.543
981.547
131,196
deft61,142df$1,594,734
$120,943
Railway Equipment & Realty Co., Ltd., Oakland,
Calif.
-Earnings for Calendar Years.
Total income
Operating & miscellaneous expenses
Taxes
1932
1933
1931
$1,080,287 $1,099,742 31,202,499
52,410
81,200
43,393
14,340
14.504
23,350
Net inc. before int. & depreciation_
Interest on funded debt
Other interest
Amortiz. of bond discount & expense
Depreciation
Income tax under tax-free covenant
$984,747 81.032.827 $1,135,756
187,164
220,927
235,674
64,751
65,237
73,407
1,110
1,110
1,110
331,671
358,922
381,887
2,261
2,602
Net income
Preferred dividends
$397,789
$384.028
104,970
Balance
$397.789
$279,058
Comparative Condensed Balance Sheet Dec. 31
1933
1932
1933
Assets$
Liabilities
$
Properties
12,686,576 13,919,029 Funded debt
2,461,750
Invest. In corpoDerd liabilities dc
rate stks. (book
instalment contr. 170,997
value)
14,698,527 14,634,527 Advances
616,412
Advances
918,807
535,332 Current liabilities_ 754,186
Current assets.._
25,046
11,010 Deferred credits_
Deferred charges
11,854
44,974 Reserves
1,745,855
Capital & surplus_22,591,609
Total
28,340,811 29,144,872
Total
28,340,811
-V.137. p.3159, 2474.
1443,678
209,824
$233,854
1932
3,518,750
173.017
240,804
889,685
4,500
1,813,017
22,505,099
29,144,872
Rand Mines, Ltd.
-Earnings.
Calendar YearsDividends received
Other income
1933
£787,114
1932
£485,390
102,609
1931
£476,117
96,586
•1930
£500,514
128,125
Pittsburgh Cincinnati Chicago & St. Louis RR.Tenders-
Total income
Administration exp.. &c.
Taxes,&c
£787,114
22,767
E588,000
21,009
30,279
£572,704
31,663
31,412
£628,639
24.360
39,607
Geo. H. Pabst Jr., Treasurer of the Pennsylvania RR.,380 Seventh Ave.,
N.Y.city, will until 3 p. m.. Sept. 28,receive bids for sale to the company
of consol. mtge. bonds at a price not exceeding par and int., to an amount
sufficient to exhaust 82,624,675.-V. 138, p. 4474.
Net income
Dividends
£764,347
690,238
£536,712
409,030
£509,628
409,030
£564,672
460,159
£74,109
£127,682
£100,598
£104,513
Balance,surplus
Sept. 15 1934
Financial Chronicle
1718
Balance Sheet Dec. 31
1932
1933
1932
1933
Assets-a Capital stock___ £531,499 £531,499
c Mines, claims,
2,519,879 2,117,412
£55,171 Reserves
£49,964
lands, &c
2,596,976 2,426,759 Unp'd & unclalm'd
Investments
267,920
405,649
dividends
Sundry shs. & debs 237,457
397,954
- 420,701
174,512 Sundry credit.
Govt. stocks
198.778
708,080
517,598
Una pprop. surplus
b Rand Mines,Ltd.
166,979
166,980
shares
6,727
6,096
Plant stores, &c_ _
296,279
Sundry debtors_ _ - 116,316
654,973
615,893
Deposits
238,942
Divs. receivable_ _ 391,505
3,151
Cash
14.727
£1,395,325 £4,022,867
Total
£4.395,325 £4,022,867
Total
a Represented by 2.125,995 shares, par value 5s. b Represented by
-V. 139. p. 1097.
80,844 ex-enemy share at cost. c After depreciation.
Consolidated Balance Sheet.
Liabilities- June 30'34
June 30'34 Dec. 31 '33
AssetsPreferred stock_ 59,560,800
x Prop., plant,
Pref. stock of
203,432,457 207,792,603
&c
4,419,400
Cash
6,259,041 4,509,008 subs
1,200,000 Common stock_ 91,998,968
Ctfs. of deposit_
47,964,300
Funded debt
Notes & accts.
6,062,500
rec., after res. 14,044,533 9,772,973 Notes payable
Inventories ____ 27,465,249 25,955,359 Notes payable of
1,242,000
subs
Market, gems..
ccft. D ilt &ci
7,064,863 A ce. edar. eres 4,974,949
.
7,945,143
at cost
Inv. in & adv.
2,067,312
7,211,602 7,616,299 & tax
to Mill. cos
12,310,178
210,759 Reserves
227,886
Sub. notes rec..
Other investm'ts 3,169,865 2,867,657 Capital surplus_ 41,407,707
Deferred charges 1,060,988 1,285,631 Profit & loss del 1,191,350
Dec. 31 '33
59,560,800
4,439,100
91,289,344
48,818,850
5,200,000
1,320,000
4,135,627
1,716,331
12,468.782
41,340,238
2,013,920
270,816,764 268,275.152
Total
270,816,764 268,275,152
Total
x After depreciation and depletion amounting to $102,450,449 in 1934
and $99,233,324 in 1933.-V. 139. p. 1561.
.
.
Rapid Transit in N. Y. City-Bus Franchise Suit Settled
-Corn. Div. Aottrfit
'Reliance Manufacturing Co. of I11.
-City Acting with General Unification Ultimate Aim
dividend of ,
In connection with the declaration of tne regular quarterly
Three successive moves made last week toward ending litigation with
various surface lines are seen as preliminary steps by the City Administration in the general direction of eventual unification of all forms of local
passenger transport within the City of New York, including rapid transit,
bus and trolley lines, developing the latter two transportation agencies into
feeders for the then unified subway and elevated system.
The most recent move in reference to surface lines was Mayor LaGuardia's
announcement Sept. 8, that the city will compromise on pending claims
against the Eighth and Ninth Avenues Railway System if the company will
surrender its perpetual franchises. Acceptance of the offer would produce
immediate action toward granting of a franchise for bus operation on the
company routes, the mayor said. The matter will come before Judge
Henry W. Goddard on Oct. 3 in U. S. District Court where receivership
proceedings are pending. The city has been seeking payment from the
company of back taxes and charges in connection with street paving done
along company routes, while the company claims damages caused while the
city's Independent System was under construction in Eighth Avenue.
On Sept. 5, Mayor LaGuardia announced settlement of bus franchise
litigation in connection with the Madison Avenue Coach Co. and the
New York Omnibus Corp. Early substitution of motor buses for trolley
cars on five longitudinal and eight crosstown routes was forecast by the
mayor. Franchises granted in the last days of the previous Administration
for 25 years, without recapture clauses, were contested by the LaGuardia
Administration. A modified contract, permitting recapture after 10 years,
will be presented to the Board of Estimate and Apportionment shortly.
The Mayor said that similar negotiations were being conducted with the
Comprehensive Omnibus Corp. in reference to three crosstown routes.
Further progress in the direction of rapid transit unification appeared
late last week when it was indicated that a plan for deposit of Interborough
Rapid Transit Co. and Manhattan Railway stocks would be announced
in the near future, with stockholders apparently ready to present a united
-V.
front in negotiations with the city and company securities holders.
139, p. 289.
-Earnings
Real Silk Hosiery Mills, Inc.(& Subs.)
1933
1934
6 Months Ended June 30Net loss after deprec., int., Fed. taxes, &c., but
87.594
$413,459
before sub. pref. diva
During the period the consolidated deficit was increased by $3,157, reyears' taxes amounting to $1,087 and
presenting an adjustment of prior
payment of 112.G70 preferred dividends of a subsidiary, and decreased by
314,321, representing adjustments of prior years' taxes. The consolidated
deficit at. June 30 1934, was $1,158,203, against $755.9(.8 Dec. 31 1933.V. 138. p.3287.
-Annual Statement
(C. A.) Reed Co.
1933
$25.328
5,026
1932
$100,245
13,895
1931
$158,922
23.342
$20,302
76,0G0
$86,350
76.000
20.000
$135,580
86,000
10,000
def$2,653 def$55,698
Balance, surplus
269,987
84.450
Previous surplus
Dr2,500
Adj. of res. for deprec
127,339
Patents, &c., written off
def$9,650
277.137
Cr2,500
$34,580
234,887
Cr7,671
$81,797
$84,450
$269.987
$277,137
Nil
Nil
Years End.Apr.30Net profit from oper_ _ _ _
Federal taxes
1934
$86.987
13,211
Net Income
Divs, on class A stock
Divs. on class B stock..
Excess prof. tax for per'd
Prov. for uncoil. accts_
$73,776
76,000
Profit and loss surplus
Earns, per sh. on 40,G00
shs. class B stock_ _
Assets
Cash
Marketable secur_
Accr'd int, receivable on bonds
Surrender value of
life ins. policies_
Accts. & notes rec_
Inventory
Cash in closed bits.
Land, bides., machinery
Patents, patent
rights, tire
Deferred charges__
.
429
5.000
Balance Sheet April 30
Liabilities-1933
1934
$88,360 Accounts payable_
875,827
48.625 Notes payable_ _
21.663
Dividends payable
673 Federal income tax
171
Accrued wages and
commissions _ _ _
8.156
10,226
67,736 y Capital stock (no
81,387
par value)
298,442
329.978
Surplus
2.861
548,390
Richman Brothers Co., Cleveland-Earnings
1930
1931
1932
1933
$1,795,074 $1,317.695 $1,902,728 $3,173,659
309,557
362.912
327,684
155,977
$1,951,051 $1,645,379 $2,265,640 $3.483,216
398.000
240,G00
185,000
231,500
Calendar YearsOperating profit
Other income
Total income
Federal taxes
$1.719,551 $1,460,379 $2.025,640 $3,085,216
1.789,796
1.795,965
1.787,418
1.787,460
$229,675 $1,295,420
def$67,9C9 def$327,040
Net profit
Dividends
Surplus for year
Balance Sheet Dec. 31
1933
1932
1933
$
Liabilities$
Assets$
Cash& U.Ssecurs. 8,063,240 8,376.040 Current liabilities_ 1.014.782
50,087 x Capital stock_ _ _ 1,034.476
58,396
Accounts, &c
2.580,088 1.770,143 Capital surplus_ __ 1,411,986
Inventory
Permanent assets_ 3,812,296 3,821,030 Profit & loss surp.12,288,029
Leaseholds & re454,829
modeling
649,764 1,307,829
Other assets
Deferred expenses_ 130,659
• 1932
$
523,629
1,034,476
1,411,986
12,355,937
15,749,273 15,326,028
Total
15,749.273 15.326,028
Total
-V. 138..p. 1760.
x Represented by 603,446 no par shares.
Richmond Radiator Co., New York-Earnings- .
1933
$330,475
def52,249
Calendar YearsNet loss
Previous surplus
Total surplus
Assets
z Plant, eq.. &c_ _
Pats., g'd-will. &c.
Cash
Dep. In closed Us.
Due from empl's_
Accts., notes & tr.
accts. receivable
(less reserve)_ _
Stock in treasury Inventories
Doubtful accts. &
notes receivable
Deferred charges
1932
$354.485
302.235
1931
$528,747
830,983
1930
$411,345
1,242,328
$830,983
$302.236
def$382,724 def$52.250
Comparative Balance Sheet Dec. 31
1932
1933
Liabilities1932
1933
$721,792 $795,282 x Preferred stock_ $750,000 $750,000
339,344
1 y Common stock _ _ 339,344
1
222,999 Cap. surp. arising
45.965
from red, of pref.
5,115
stock to stated
2,499
432,677
432,677
value (net)
44,324
61,018
Accounts payable.
to
224,682 Notes payable
111,913
25,000
bank
116
116
52,249
382,725
262,029 Deficit
310,360
24,329
3.223
8,985
$1,225,313 $1,514,096
Total
$1,225,313 $1,514,095
Total
Represented by
x Represented by 59,563 shares of no par value. y
$1,630,518 in 1932 and
68.287 shares of no par value. z After deducting
-V. 136 p. 4475.
$1,736,152 in 1933 for depreciation.
acompany
eTo Change Name
Co. of America, Inci
.
Nil$1.24.---Rolls-Royce changed its name to th Springfield Manufacturing
has
-President and
Corp. t was announced on Sept. 7 by Henry . Keyes, Vice
er.
Tr
-V. 138. V.
1934
1933
$26,071A majority of the stock is owned by the English company.
$20,158
4475.
50,000
-Earnings
Rutland RR.
19,000
19,000
-7 Mos.-1933
13,211
4,403
1934
1934-Month-1933
Per. End. July 31
$302,225 $1,910,805 $1,911,386
$275,002
revenues _
Railway oper.
1,734.775
1,803,729
4.872
3,587
252,948
263,298
Railway oper. expenses _
141,530
140,268
22,318
21,855
Railway tax accruals_ _ _
210
942.443
30
942,443
12
18
Uncollectible ry.rev_ _ _
87.881
84,450
20,502
81,797
3.676
12,855
Equip. & jt. fac. rents*-
574,878
1
16,891
$1.75 on tne preferred stock, payable Oct. 1 to holders of record Sept. 21,
directors announced tnat they have decided to act on the common dividend
at their October meeting and since this disbursement is payable a month
later than tne preferred they will act separately on the common thereafter.
-V. 139, p. 776.
•
1
37,169
$1,087,395 $1,124,041
Total
$1,087,395 $1,124,041
Total
y Represented by 38.000 shares class A stock and 40,000 shares class B
stock.
-V. 137. p. 2118.
Net ry. oper. income_
Miscel. & non-oper. inc.
der86.487
Gross income
Deduct,from gross inc_ _
deft1,185
35.029
5.302
def336,214
Net income
-V. 139, p. 1416.
* Credit balance.
$39,795 def$12,720
36,898
5.954
$122,751
41,066
324.177
246,946
$163,818
248,621
$45,749
35.208
$10,541 def$222,768
-Larger
St. Joseph South Bend & Southern RR.
"---- Republic Steel Corp.-Win o Dep sit Receipts-ht../ ..""The directors have declared a semi-annual dividend of gni cen
or
record
orized the listing of deposit
New York Stock Exchange Eat a
share on the common stock, par $100. payable Sept. 15 to holders of
pref. stock on official
'
semi-annually
the 6% clirtjul. c
595,608 shares of
receip
Sept. 10. This compares vrith 75 cents per share distributed
In March and Sepnotice of issuance, upon deposit of outstanding shares.
from March 15 1930 to and includig March 15
-The directors Aug. 27 authorized the issue of
Authority for Issue.
last'
tember 1929 dividends of 50 cents per share were distributed. V. 131,
pref. stock deposited for
deposit receipts for shares of 6% cumul. cony.
P. 2060.
exchange under the exchange offer to preferred stockholders contained
in the plan of acquisition and recapitalization. Bank of The Manhattan ` St. Louis
-San Francisco Ry.-Special Master to Rule on
4"....
Co.. New York, Continental Illinois National Bank & Trust Co.of Chicago,
Solvency
and Cleveland Trust Co.. Cleveland, are agents and depositaries of the
is
of shares.
corporation in connection with the proposed exchange
The ICC's application for a court ruling as to whether the company
solvent or insolvent has been referred by Federal Judge Faris to Special
Ended June 30 1934
to take evidence and ascertain facts pertinent to
Master John T. Harding
Consolidated Income Account 6 Months
the inquiry. The Special Master will notify those concerned in the proceed$60.310.623
Sales
-V. 139, p. 1562.
ings when the time and place is set for hearing.
Cost of sales, incl. charges for repairs & maintenance of plants_ 49,777,393
3,594,006
St. Louis Southwestern Ry. Lines-EarningsSelling, general and administrative expense
36.939.224
-First Week Sept.- -Jan. 1 to Sept. 7Operating profit
1933.
1934.
45,936
1933.
1934.
PeriodDiscount on bonds purchased for retirement
278.857
$242,931 $9,855,186 38.771.351
$220,900
Gross earnings
Earnings from investments and sundry other income
-V. 139, p. 1562.
$7,264,017
Total income
-Stock Options CanceledProvision for depreciation of manufacturing plants & exhaustion
-----Safeway Stores, Inc.
3,945,535 .
shares of
minerals and mining equipment
of
• The company has served notice that options covering 2,006 canceled,
1,584.645
Interest on Indebtedness
,
common stock granted to executives at $50 a share have been30 1937.721.056
Other deduction, incl. sundry fixed charges, reserves, &c
options expiring on June
and that 19,000 shares still remain under
79,904
Provision for Federal income taxes
V. 139,.p. 1252.
$932,876
profit from operations
Net
-SalesSchiff Co.
•
Furnace Co.,
Pref. divs. on guar. stock of Trumbull-Cliffs
1934-8 Mos.-1933
-1933
Period End.Sept. 1- 1934-5 Wks.
127.433
less discount on stock purchased for retirement
3886,114 36.991.361 35.848,263
3866.064
Sales
-V. 139, p. 1098.
$805.442
Net profit
Volume 139
Financial Chronicle
San Diego Consolidated Gas & Electric Co.
-Earnings
Years Ended July 311934
1933
Gross earnings
$6,833,728 $7,106,142
Operating expenses, maintenance and taxes
3.875,518 3,947,673
Net earnings
Other income
$2,958,210 $3,158,470
9,373
6.075
Net earnings, including other income
Interest charges (net)
Amortization of debt discount and expense
Appropriation for retirement reserve
Net income
-V.139, p. 1098.
52,967,583 $3,164,545
861.920
847,705
80.470
88,295
1,176,000
1,130,000
$849,193 $1,098,545
Schenley Distillers Corp.(& Subs.)
-Earnings
--3Mos.Ended- 6 Mos.End.
PeriodJune 30 '34 Mar. 31 '34 June 30 '34
Net profit after provision for Federal
axes and other charges •
Earnings per share on 1,050.000 shares $1,058,229 $3,214,338 34,272,567
($5 par capital stock
$1.01
$3.06
$4.07
-V.138, p. 4477.
Seaboard Air Line Ry.-Annual Report
-
1719
Signal Oil 8c Gas Co.
(& Subs.)
-Earnings
Calendar Years1933
1932
1931
1930
Gross sales & royalties- -$10,869,532 $6,187,272 54.152,615 $4,566,107
Cost of oper., gen. &c.
expense
10.149,175 5,857,341 3.805.378 3.315,487
Gross operating profit $720,356
$329,930
$347,238 $1,250,620
Non-operating income__
92,712
130,574
330,109
609,385
Total profits
$113,067
$460,504
5677.346 51,860,005
Interest paid
154,819
149,173
175,063
Deprec.& deplet
335.339
343,827
y785,210 y1,166,796
Applic. to minority int.
in sub. cos
Cr13,521
3,493
Amortiz. of debt disct_ _
12.130
12,290
Amortiz of intangible
.
assets &c. charges.....
342,352
Propor. of loss of Signal
.
Gasoline Co.of Texas..
14,493
32,027
Uncoil. accts., loss on
abandonment & miscellaneous charges_ _ _ _
171,042
67,229
Net loss accruing to
corporation
$217,109
$144,041
b269,405 pf$689,716
Dividends paid
:439,696
55.334
Deficit
8217,109
$144,041
$324,739 sur$250.020
Not including stock dividend of $111,250. y Includes Federal taxes.
Consolidated Balance Dec. 31
Assets
1933
1932
1932
1933
Cash
$317,310 $119,6
Accounts payable_ $836,674 5476.310
Marketable secur_
61,072
55,880,15-yr. 634% cony.
Accts. & notes rec. 733.929
415,425 gold debs., ser.A 1,998,000 2,045,000
Inventories
555,203
416,666 Unsecured obligs_
622,762
Inv. In & adv. to
Purch. money °Wig 1349,769
affil. cos
526,739
575,992 Purch. oblige. due
Other inv.& adv _ 101,012
98,243 in 1934
170,447
Sec. pledged in
Accr. int. & taxes_
47,829
27,690
connec. with inc.
Trust deed pay_
28,250
tax litigation,,
178,477
166,266 Special loan
180,697
Gas &marketing
Res. for Govern.
contracts
500,000
500,000 claim for addit,
Real est., producinc. taxes, prior
ing prop.. Plants
years
399,745
392,984
& other operatReserves for other
ing facilities_ _ 2.099.689 c1,618,032
pending litigat'n
8,151
Prepaid & deferred
Miscellaneous res_
77,491
charges
269,435
238,969 a Cl. A corn, stock 733.810
762,795
b Cl. II corn, stock 211,335
211.335
Capital surplus__
234,461
224,098
Earned deficit,,,,.. 347,010
144.041
Total
$5,342,867 $4,205.118 Total
$5,342,867 $4,205,118
a Represented by 152,559 no par shares in 1932 and 146,762 no par shares
in 1933. b Represented by 42,267 no par shares. c After depreciation and
depletion of $4,140,898 in 1932 and $4,617,090 in 1933. Maturing after
:
1934.-V. 1,37, p. 2287.
Traffic Statistics for Calendar Years
:1933
*1932
x1931
1930
Average miles
es
4,356
4,424
4,479
4,495
Revenue tons carried-- _ 9,633.705 8,772,640 13,415,649
16,216,655
Rev, per ton per mile__
1.34 cts.
1.38 cts.
1.33 cts.
1.33 cts.
Passengers carried
921,597
704.269
742,741
1,025,100
Pass.carried 1 mile
146,109,133 122,807,911 130,625,638 166,684,684
Rev,per pass,per mile_ 1.63 cts.
2.24 cts.
3.25 cts.
3.43 cts.
z Combined corporate and receivers' accounts.
Income Account Calendar Years
O
iperating Revenuesx1933
:1932
x1931
1930
Fre hi
$26,040,603 $24,936,536 $34,014,178 $39,190,861
Passenger
,
Mail
1,012,420 1.056,547 1.121,728
1,133,685
Express
1,049.425 1,034.344 1,482,396 1.734.863
Other
1,063,320
964,620 1,440,165 1,895,945
Total oper.revenues_ _631,549.557 $30,740,335 $42,303,665
$49,679.049
Operating ExpensesMaInt. of way & struc__ 4,858,112 5,136,818 6,936,608 7,166,258
Maint. of equipment,,,,..6,301.163 6,788,509 8.328,002
9,303,580
Traffic
1,541,245 1,656,859 2,083.392 2.338,125
Transportation
11.344,891 11,814.510 15,893.709 18,467,953
Miscellaneous operations
310,011
372,000
518,283
666,914
General
1,537,353 1,696,157 2,097,597 2,023,942
Tramp.for Invest-Cr,,
82,703
77,999
207,685
316,900
Total oper.expenses_ _$25,810,072 $27,386,854
Net operating revenues_ 5,739,485 3,353,481 835,649,906 $39,649,874
6,653.759 10,029.175
Taxes
Uncollectible ry. rev_ _ _ 2,199,481 2,332,615 3,172.499 3,397,977
14,241
10,559
19,668
20.730
,
Signode Steel Strapping Co.(& Subs.)-EarningsOperating income- _ - _ $3,525,763 $1,010,307 $3.461,592 $6,610,468
Other income
Years Ended Dec. 31474,783
502,673
471,844
1933
1932
999,161
Gross proceeds from sales, deposits & rentals billed
Gross income
for tools & machs,placed,discounts earned,&c__ 52.197,235 81.560.504
$4,000,546 $1,512,980 $3,933,436 $7,609,629
Deduct
Costs ofgoodssold
2.078.881
1.600,552
Hire of equip.-Dr. bal_
761,042
660,666
728,600
672,942
Joint facility rents
Operating profit
142,628
140,811
154,343
$118,353 loss$40,049
120,486
Interest on funded debt_ 7,962,174 7,943,409 7.396.428 7,887,279
Earnings on tools and machines
7.843
58.381
Int. on equip. obliga'ns_
784,684
707,902
1,264.728 1,260,646
Rent for leased road_ _
Total profit
802,423
174,170
807,761
$126.197
$18,332
2,174,370
Miscellaneous
Depreciation of plant and equipment
783,134
709,167
692,329
49,864
40,992
92.539
Amortization of patents
19,952
19,400
y Net deficit
Government income and profits taxes
$6,530,504 $9,528,179 $7,110.753 $4,598,633
11.520
6.670
z Combined corporate and receivers' accounts. y Exclusive of
Prov. to cover possible foreign losses, &c
25,000
interest
on adjustment mortgage (income bonds).
Reserve for contingencies
20,000
Minority interests in subsidiary
904
403
Balance Sheet Dec. 31
1933
1932
Net profit for year
$23,957 loss$74,133
Assets$
Earned surplus, Jan. 1
$
Invested in road and equipment
8,973
83.107
237,752,396 239,192,859
Deposits in lieu of mortgaged property sold
105,008
104.891
Earned surplus. Dec. 31
Miscellaneous physical property
$32,930
$8.973
3,527.610 3,560.979
Invest. in affiliated companies-Stocks.
Consolidated Balance Sheet Dec. 31
pledged,
•
•
Bonds,pledged
Assets
10,934,671 10,
934,671
1933
Liatditttes1932
1933
1932
Notes, Pledged
Bank bats.& work.
4,445,886 4,207,499
Bank loans
520,000
$75,000
Advances
funds
4,675,111 4,888.883
889,814
$60,738 Accts. pay. & accr.
Other investments
Accts. receivable
4,185,864 4,228,750
407,822
299.137 liabilities
319,081
182,214
Cash
Advs. to salesmen.
3,420,911 2.375,116
17,931 Customers' depos _ 318,741
Demand loans and deposits
Loans to officers &
656,152
400,000
Reserves
113,663
26,436
Time drafts and deposits
2,591.530 3.161,197
employees
17,701
Min. Int. in subs...
14,276
15,299
Special deposits
Inventories
151,958
164,303
731,478
666,721 Unearned proport,
Loans and bills receivable
Prepaid items_ _
177,148
188,597
43,616
44,608 of prepaid rental
Traffic and car service balances receivable
Investments
766,865 1,002,797
144,325
145.974 on tools in sent_
18,689
Net balance receivable from agents & conductorsTools &machs. in
268,577
201,532
$2.50 cum. pf. stk.. 1,053,840 1,102,200
Individuals and companies
918,566 1,210,679
services
379,112
38.307 z Common stock.. 367,585
372,029
United States Government
y Plant dc
239.060
188,317
402,826
421,188 Surplus from
Other companies for claims
Patents
49,385
65,315
81.118
86.743
treas. stock
89,125
67,057
per.of
Materials and supplies
2,817,876 2.492,966
Deferred charges
50,120
67.859 Earned surplus_ _
. 32.930
8,973
Interest and dividends receivable
364,572
282,481
Rents receivable
Total
346
3.909
$2,347.931 $1,849,207 Total
$2,347,931 $1,849,207
Other current assets
31,863
27,878
y After depreciation of $426.296 in
Working fund advances
in 1933. z Re62,820
63,955
presented by 126,121 no par shares in 1932 and $464.055no par shares in
Other deferred assets
1932 and 124,614
305,381
142,212
1933.-V. 138, p. 1063.
Rents prepaid
62,665
62,413
Insurance premiums prepaid
114,638
152,70.-___5 "Silver King Coalition Mines Co.
Claims in suspense
-Smaller Dividend-ekelei
te
60,925
86.878
The directors have declared a dividend of 10 cents per share on the capital
Other unadjusted debits
1,321.464 1.
054.
319
stock,law $5. payable Oct. 1 to holders of record Sept. 20. This compares
with 1 cents per share paid in each of the last four quarters and on Jan. 2
Total
289,596,166 290,033,021
Liabilities
1931 and Oct. 1 1930.
Common stock (2.600.321 shares, no par value)
Calendar Years61,179,262 61,179,262
1933
1932
1931
1930
Preferred 4-27' stock
°resales
23,894,100 23,894,100
51,503,772
5975.080 51,200.749 02.403,733
Preferred 6% capital stock
Other earnings
37.300
37,300
8.160
51,663
41.230
61,314
Equipment obligations
14,355,900 14,910,200
Mortgage bonds proprietary companies
Total earnings
22,050.000 28,715,000
$1.511,932 $1,026,743 51,241,979 52,465.047
Seaboard Air Lino bonds
Mining, mill, &c.. exp-.
96,622,500 96,622,500
882,621
927,673 1,144,905 1,740,980
Secretary of Treasury of United States-Notes..,, 14,443.888 14.443,888
Administrative expenses
41,161
38,161
49.068
57,572
Union Switch & Construction Co.deferred payment 1,070,824
Depreciation
1,078,405
54,366
37,078
36,986
73,611
Other miscellaneous obligations
Tax reserve
37,220
100,097
21,509
21,157
48,350
Receivers' certificates
13,566,000 13,323,000
Non-negotiable debt to affiliated companies
Net income
320.696
354,364
$433,686
$2,322 loss$10,137
$544,533
Traffic and car service balance payable
Dividends paid
1,217,119
1.406,806
366,140
976.373
Audited accounts and wages payable
2,412.635 4,338,298
Miscellaneous accounts payable
Balance, surplus
1.204.264
353,090
$67,546
$2,322 loss810,137 loss$431,840
matured unpaid
Interest
21,899,843 14,626,335
Shs.cap.stk.out.(par $5) 1,220.467 1.220,467
1,220.467
1,220.467
Grants in aid of construction
Earnings
share
13,889
13,889
$0.36
$0.002
Nil
......'T, 139,per1417.
$0.44
Funded debt matured unpaid
18,441,343 11,517,462
P.
Unnustured interest accrued
3.957.457 3,291,664
Unmatured rents accrued
848.850
--Singer Manufacturing Co.
865,391
-$2.50 Extra Dividend4
-4 7'
Other current liabilities
65,175
53,088
The directors have declared an extra distribution of $2.50 per 144 }
Other deferred liabilities
927,865
752.459
addition to the regular quarterly dividend of $1.50 per share on share in
the capital
Tax accruals
.
903.604
stock. par $100, both payable Sept. 29 to holders of record Sept. 10. A
Accrued depreciation on equipment
similar distribution was made on June 30 last, while on March
Reserve for outstanding stock of proprietary cos,,. 15.230,857 14,347.683
19,026
of $1 per share In addition to the regular quarterly dividend 31 an extra
19,026
unadjusted credits
was paid.
Other
4,315.183 3,802,733
V. 138. P. 4138.
Additions to property through income and surplus_
830,214
820,329
Funded debt retired through income and surplus
4,205
4,205
Siscoe Gold Mines, Ltd.
-Production
Profit and loss, deficit
30,280,934 21,678,279
Production of gold by the company during
month of
to $174,857. This compares with $181.294the July and August amounted
Total
in
with 5146.620 in
289,596,166 290,033,021
August of last year. All figures are based upon gold at $35 per ounce.
--V. 139, P. 1562
.
Tonnage handled during August was 10,319, while millheads averaged
$17.52 per ton. August tonnage constituted a new high for the Siscoe
Seaboard Public Service Co.
-To Act on Sale
mill, the previous high being established in March of this year when
See National Public Service Corp. above.
-V.135, p. 2833.
10,259 tons were handled in the mill.
-V. 139. p. 1252.
.
7-
Financial Chronicle
1720
-Earnings
Sonotone Corp.
1934
E47,018
-Earnings
Stott Briquet Co., Inc.
1934
Years End. April 30$643,383
Net sales
527,370
x Cost of goods sold
105.786
operating expenses
12,340
Other income charges
$2,113
Gross loss for year
5.958
Income credits
1933
$60,842
$0.07
6 Months Ended June 30
NetIncome after charges
Earnings per share on 600,000 shares corn, stock
(after allowing for preferred dividends)
-V.139, P. 942.
it .10
-Earnings
South Carolina Power Co.
[A Subsidiary of Commonwealth & Southern Corp.]
1934-12 Mos.-1933
-Month-1933
1934
Period End. July 31$168,475 $2,409,808 $2,142,867
$206,021
Gross earnings
Oper. exps., incl. maint.
1,126,503
1,336,359
90,795
122.162
and taxes
621,700
611.158
46,321
54,208
Fixed charges
120,000
141.241
10,000
13,000
Prov. for retire. reserve..
171,536
171,438
14.291
14.286
Divs.on 1st & pref.stock
Balance
-V. 139, p. 942.
Southern
$149.611
87.066
$2,364
Net profit for year
Reduction of stoker division plant, materials.
patent rights, &c.,to salvage values
Profit for the year
Previous deficit
1933
1934
$1.783,995 $1,691,048
900,691
1,002,047
$ 790,357
175
Net earnings,including other income
Interest charges (net)
Appropriation for retirement reserve
$782,978
433,841
179,023
$790,532
433,451
133,751
Net income
-V.139. p. 1253.
$170,114
$223,330
-Tenders
Southern Ice & Utilities Co.
The company will until noon, Oct. 1 next, receive bids for the sale to
it of5-year 6 % convertible notes due Dec. 1 1932 to amount an sufficient
to exhaust the sum of $20,000.-V. 139, p. 1417.
-Earnings
Southern Indiana Gas & Electric Co.
[A Subsidiary of Commonwealth & Southern Corp.]
1934-12 Mos.-1933
-Month-1933
1934
Period End. July 31$219.133 $2,825,976 $2,751,660
$229,937
Gross earnings
°Per. exPs., incl. maint.
1,458,877
1,625,445
116,961
144,795
& taxes
328.350
315,422
26,618
25.870
Fixed charges
277.700
277,766
23,141
23,141
Prov. for retire. reserve_
541,323
542,178
45,150
45,197
Dividends on pref. stock
Balance
-V. 139, p.943.
def$9,067
$7,261
$65,229
The directors have declared a
payable Sept. 15 to folders of record
on the class B snares, no par value. when a quarterly dividend of 25 cents
Sept. 4, the first since June 15 1932
paid -V.135, p. 1838.
per share was
$145,408
ga
.
"Teas Gulf Sulphur Co.-' authoriz) the listing of 1,300,000
Tfre ew York Stock Exchange has par value) making the total amount
of its capital stock (no
additi alshares
shares (for detail of purp e of additional stock, see
-First Week Sept.- -Jan. 1 to Sept. 71933.
1934.
1933.
1934.
PeriodGross earnings (est.)---- $1,849,9711 $1,975,100 $70,245,981 $67,556,371
-V.139, p. 1562.
applied for 3,840,000
V. 139. p. 944).
Income Account 6 Months Ended June 30 1934
$8,206,897
Sales ofsulphur
9 :9 9
135 23
_ 4,5 8 03
Costs & reserves. incl. oper., adm.,sell. & delivering expenses..
Depreciation
2 34
165 9
$3,47 :654
Operating income
Miscellaneous income
$3,638.588
Total income
287,363
Provision for Federal income tax
$3.351,225
depletion
Net income before
30,987.353
:Earned surplus at beginning of period
--Earnings
Sparks-Withington Co.
1934
Years Ended June 30-
1932
1933
$4,850,830 $2,500,046 $3,864,576
4,986,995 2,268,377 4,720,823
Operating loss
Other income
$136,165 pf$231,669
56.323
x34,029
$856,247
Loss
Depreciation
Prov.for loss on accts. receivable_
Other deductions
Inventory adjustment
$102,136 pf$287,992
110,264
10b,411
386,508
107,000
76.357
26,834
$856,247
245.343
Net loss
Preferred dividends
Common dividends
$344,381
79,148
749.776
Total
Dividends
$285,137 $1,930,514
21.822
10,911
224,815
$296,048 $2,177,151
$344,381
Deficit for year
x Includes adjustment of Canadian assets to current rate of exchange, &c.
Consolidated Balance Sheet June 30
1933
1934
Liabilities1933
1934
Assets
Pref. 6% stock_ $363,700 $363,700
x Land, buildings,
mach'y & equip.$1,663,796 $1,709,511 yComrnon stock._ 2,251,685 2,251,685
11,000,000
1 Bank note
1
Pats. & pat. rights
1Accts. and accrued
1
Tr.-mk. & g'd-will
453,528
282,463 accounts payable 883.216
231,433
Cash
10,000
10,000
493,190 Contract payable_
Marketable securs. 304,156
100,000
Contingent reserve 100,000
Notes and accounts
65,735
43,447
492.924 Miscell. oper. res.
rec., after res__ _ 656,969
672,592 Deferred income_
1,150,701
Inventories
686,471 1,296,908
568,518 Capital surplus
484,120
Other assets
266,055
56,301 Deficit
47,342
Deferred charges
$4,538,519 $4,275,501
Total
$4,538,519 $4,275,501
Total
:After depreciation. y Represented by 900,674 no par shares.
V. 139. p. 1563.
piegel May Stern Co.-Aar/1 **leers-1933
Increase
1934-8 Months
Incerase
934-August-1933
$905,797 l$13,724,055 $5,95,660 $8,028,395
8671,895
. 7.692
Clears Up Accumulations on Preferred Stock
27,683
$3,845 def$155,862
87.366
243,226
-Dividends Resumed
"---• Sunset McKee Salesbook Co. dividend of 37% cents -share
per
quarterly
Southern Ry.-Earnings-
Net sales
Costs and expenses
$3,845 def$128,179
'
5
11/
53 % first mortgage fee and leasehold
A plan of reorg izationfor
first
bonds, has been gbbmitted yesterday to all holders of record by tile
mortgage bondholders' committee.
$5.025,000 is outstanding, constitutes tne second
The issue, of whicn
bonds
largest S. W. Straus & Co., underwriting on the Pacific Coast. The
are secured by fee title to Consolidated Building and by leasenold interest
and Chester Williams Building-three of the
in the Roosevelt Building
largest downtown Los Angeles office buildings.
1932.
Both interest and principal payments defaulted May 1 which is now in
All three properties are owned by the Sun Realty Co.,
the
receivership. Permission has been granted by tne Federal Court forconsale of these properties by the trustee and the reorganization plan
respectemplates tne formation of three new corporations to acquire title
tively to each of the three properties securing the bonds. 5%,(cumulative
-year
Holders of certificates of deposit will receive new 20
new
to 3%)income mortgage and collateral trust sinking fund bonds of thetheir
title to the fee property in like face amount of
corporation acquiring
deposited bonds.
These new bonds will be secured by first mortgage upon the Consolidated
corporation
Building owned in fee, a secured note to be executed by the
issued
acquiring title to tne Roosevelt Building leaseholds and all of its
acand a secured note to be executed by the corporation all
capital stock,
Williams Building leasehold, as well as
quiring title to the Chester
of its issued capital stock.
also
In addition to the new bonds, holders of certificates of deposit will the
of
receive participating certificates representing in the aggregate all of two
capital stock of the new corporation distributed at the rate
issued
snares of stock for each $1,000 bond.
Approximately 85% of the outstanding bonds of the issue have been
in condeposited with the committee, it was announced. Negotiations Bond
nection with the reorganization have been handled by the Realty
Co. as representatives of the bondholders' committee.
Reorganization
-V. 126. p. 3466.
-Earnings
Southern Colorado Power Co.
$781,948
1,030
$129,934
1,756
Sun Office B • dings(Sun Realty co.), Los Angeles
Reorganization
ali Corp.-New--P-dant-Operted--
Net earnings
Other income
1933
$670,724
564,919
135,982
99,758
$243,227
$239,381
Deficit April 30
x Including $44,278 depreciation of buildings, machinery, and equip1933).-V. 137. p. 2990.
ment in 1934 ($50,492 in
$103,127
S4ekt. 14 started operation of its new $7,000,000 plant
Th
This culminates a three-year building program
at Corpus Christi, Te
Plate Glass
and makes the corpora on, jointly owned by the Pittsburgh alkali in the
Co. and the American Cyanamid Co., the pioneer producers of
raw materials and fuel
far South. The plant is located on tide water with
close at hand, which should make it one of the country's important producers of alkalls.-V. 137, p. 1594.
Years Ended July 31Gross earnings
Operating expenses, maintenance and taxes
Sept. 15 1934
$34,338,578
2,540,000
831,798,578
xTotal earned surplus
$1.32
Earnings per snare
depletion.
x Including reserves for
Balance Sheet
Comparative
June 30 '34 Dec 31 '33
June 30'34 Dec. 31'33
LiabilitiesAssetsYCapital stock-- 6,350,000 6,350,000
buildings.
xLands,
483,725
plants,mach.,&c.15,916,726 16,063,321 Accounts payable. 399,047
Provision for curMiscell. investmls
1,018,210 1.032,772
rent taxes
1,660,405 1,695,415
at cost
Canting., miscell.
Marls, suppl. &
explor. & other
sulphur invent's12,785,564 12,938,878
2,371,693 2,018,345
reserves
8.028,005 7,801,448
Cash
cEarned surplus-31,798,579 30,987,353
U. S. Treas. notes
1,000,525
& certificates...
1,826,584 1,663,283
Accts. receivable
Notes and trade
143,530
accept. receiv_ _ 137,758
122,183
Miscell. rec. & adv 124.030
444,137
457,932
Deferred charges..
41,937,529 40,872.195
Total
41,937,529 40.872,195
Total
x After depreciation and amortization: 1934,$9,678,465: 1933,$9.460,372.
y Represented by 2.540.000 no par shares. c Includes reserves for depletion.
-V. 139. p. 1099.
J
-Cent Common Dividend''' M C ei
----Thayers Limited-25 was
"paid on the no par common stock on
$1.623 per share
actors have declared two quarterly dividends
each on account of accumulations on the 63% Cum. pref. stock, par $100,
payable Oct. 5 to holders of record Sept. 20. Similar distributions were
made on Aug. 29, July 23. May 1, March 1 and Jan. 3 last. The Oct. 5
-V.139, p. 943
payments will clear up all accumulations on the above Issue.
A dividend of 25 cents per share
Sept. 11. An initial distribution of like amount was made on Jan. 2 last.
V. 138, p. 162.
Timken-Detroit Axle Co.(& Subs.).-Bal. Sheet June 30.
1933
1934
1933
1934
Liabilities
Assets
7% pref. stock_ ..... 2,770,700 2,774,800
:Land, bldgs., &c.,
See Rolls-Royce of America, Inc., above.
less depreciation 5,816,909 6,427,632 Common stock_ 9.802,340 9,803.190
868,900
255,500
-Trading Suspended-It7L.Good-ww & Pats- 1,593,758 1,683,758 Debenture notes__ 700,000
Sqtn-Pattison Breweries, Inc.
Notes payable_ _
Dies, jigs, fixtures
394,868
1 Accounts payable. 587,331
rCius hicago Curb Exchange as suspended trading in the $1 par panic.
patterns___
and
269,807
Oth, current assets 323,731
ock, the compass,having failed to maintain registrar for the
Drefere
Work orders in pro433,767
464,042
Reserves
19,256
-V. 137, p. 2475.
stock.
0388
59,769
61,603
558,467 Deferred income
322,565
ash
950,240
oti
1,236,141
-Preferred Dividend
Surplus
Standard Gas & Electric Co.
otes, accts.. &c.,
2,142,286 1,666,320
The directors on Sept. 11 declared a dividend of 45 cents per share on the
receivable
the
2,072,958
„
ventories
$6 cum, prior preference stock and 52;i cents per share on to $7 cum.
p
holders of
prior preference stock, no ar value, both payable Oct.'5
Govt. & other sec_ 1,477,746 1,628.413
30. Like amounts were paid on these Issues in the tnree pro4% demand Ms.
record Sept.
ceding quarters. Previously, tne company paid regular quarterly dividends
on deposit & lot,
85,335
25,219
of $1.50 per snare on tne $6 prior preference and $1.75 per sh e o the
thereon
ce stock
$7 prior preferen.-V. 139, V. 456.
iv
4t i Miscellaneous._ _ _ 1,077,381 1,348,942
83,516
141,453
o" Deferred assets
l
-Preferred Dint- end
0
'----- Standard Power & Light Corp.
16,201,388 15,555,343
on
Total
16,201,388 15,555,343
The directors on Sept. 11 declared a dividend of 52;i cents per sn
Total
the $7 cum. pref. stock, no par value. payable Nov. 1 to holders of re rd
x After allowance for depreciation ($6,482,431 in 1934).
were made on this issue in therthree preceding
Oct. 15. Similar payments
The Income statement for the six months ended June 30 was given in
quarters prior to which regular quarterly distributions of $1.75 per share
"Chronicle" of Sept. 8, p. 1564.
-V. 138. p. 4139.
were made.
-New Name
Springfield Manufacturing Corp.
1721
Financial Chronicle
Volume 13,
-Common Div. Increased
---Tintic Standard Mining Co.
The directors have declared a quarterly dividend of 10 cents per share
on the common stock, par $1, payable Sept.29 to holders ofrecord Sept. 15.
This compares with 7 cents per share paid on June 30 and March 31
last and 5 cents per share distributed in each of the four preceding quarters.
-V. 138. p. 1762.
-Shows
Title & Mortgage Co. of Westchester County
Profit
Justice William F. Bleakley of the N. Y. Supreme Court announced
Sept. 11 to more than 150 holders of mortgage certificates that this new
company, which will service the mortgages of the three companies taken
over by George S. Van Schaick, as State Superintendent of Insurance,
had made a profit of about $50,000 in the few months of its operations.
He said this profit would be held in a general fund for the benefit of holders
of the guaranteed mortgage certificates of the concerns that are in rehabilitation. They are the Westchester Title & Trust Co. and the Lawyers Westchester Mortgage & Title Co. of White Plains and the First Mortgage
Guaranty & Title Co. of New Rochelle. The stock of the new corporation
Is held by the Superintendent of Insurance for the benefit of the certificate
holders.
-V. 139. P. 615.
-Earnings
United Elastic Corp.
Tooke Brothers, Ltd.
-Earnings
Years End. June 30-Trading loss
Bond interest
Income tax reserve
Depreciation
Loss due to inventory ac1,1
1934
$22,804
14,913
1932
1931
1933
$110,791 prof$40,319
$139,216
15,97516,008
17,472
489
9,000
54,935
Deficit
Preferred dividends
$37,716
$155,191
$126,799
$41,578
68.950
Deficit
$155,191
$126,799
8110,528
$37,716
Previous surplus _ _ _ -- def42,474
386,964
117,387
258.936
Burp, on purch. of
mtg. bonds & refund of
Income tax
8,994
Prov. for depr. in invest.
Dr.13,664 Dr.14,750 Dr.17.500
Profit & loss surplus - def$80,190 def$42,474
$258,936
$117,387
Balance Sheet June 30
1934
1933
Assets
Liabilities
1934
1933
149,345
Cash
$79,862
$13,475 Accounts payable _ $45,313
3,961
3,775
Accts. receivable.. _ 285,624
275,449 Accrued bond int_
157
Inventory
158
265,475
384,985 Unclaimed diva_ _
235,800
223,100
Investments
23,951
22,751 Bonds
225,849
Deferred charges_ _
4,147
4,821 Deprec., reserve- _ 225,850
985,000
Sinking fund
7,400
20,100 Preferred stock_ _ _ 985,000
246,250
Property
659,011
658,522 Common stock_ _ _ 246,250
42,473
80,190
Good-will
823,785
323,784 Deficit
Total
$1,649,255 $1,703,890
-V. 137, p. 4372.
Total
and that the present:plan was not adapted to the conditions and procedure
under that Act.
The reorganization committee calls attention to its many activities during
the past year which have been of distinct benefit to the participants in the
plan, including the committee's activities in the bankruptcy proceedings
and its activities in successfully opposing the disposition of the Whelan
Drug chain to outside interests, resulting in its acquisition by the United
Cigar estate at a relatively small cash cost.
Over 97% of the outstanding debentures were deposited under the plan,
which had been approved and adopted by the debentureholders' protective
committee, and a large amount of other creditors' claims were assigned to
the reorganization committee. The committee will, accordingly, release
to the debentureholders' protective committee all debentures which have
been deposited with them and will make distribution through the Guaranty
Trust Co. of New York, depositary, of the third dividend, amounting to
5%, less expenses incurred by the committee, to holders of certificates of
deposit and to owners of allowed claims which were assigned to the reorganization committee. Dividends aggregating 45% of their claims have heretofore been distributed to creditors represented by the committee. Subscriptions received by the committee for capital stock of the new company
which was to be organized under the plan have been cancelled and deposits
are being refunded.
-V. 139, p. 780.
$1,649,255 $1,703,890
Truax-Traer Coal Co.
-Listing-Options
--
Income Account for Year Ended Dec. 31
1932
1933
$2,239,496 $1,781,682
1,922,683 1.768,094
38.520
43,207
100,644
71,727
53,325
130,539
Grossoperatingincome
Costofoperations
Taxes,city and State
Depreciation
Cotton tax FAAA
Special charges
Net profitfrom regular operations
Federalincome & cap.stock taxes
Incomefrom investments,&c
$148,5541064256,115
27,264
107,604
81.767
$203.05810s$148,511
Net profitfor the year
1,141,147 1,371,322
Surplus,Jan.1
3,653
Refund of prior years'taxes
Excess of stated value over purchase price of stock
835
acquired for the treasury
$1,344.205 $1,227.299
Balance
86.152
103.877
Dividends paid
Dr2,123
Miscellaneous charges
$1,238,204 51,141,147
Surplus, Dec.31
Note.
-A surplus of $1,566,400 transferred from capital stock on change
in stated value in 1933 was appropriated as follows: Reduction in book
value of investment in Easthampton Rubber Thread Co., $1,162,800;
reduction in book value of plants and equipment, $303,690; transfer to
contingencies, $100,000.
Balance Sheet Dec. 31
1932
1933
LiabilUies1932
Assets
1933
265,000
Cash
$185,492 $117,801 Notes payable_
99,801
65,731
188,230 Accounts payable.
Accounts receivle. 206,659
12,826 Res. for Fed. &
Notes receivable...
22,034
11.750
42,066
State taxes
Marketable secure. 354,777
100,000
730,540 Res. for conting_
Inventories
1,207,626
1,566,400 3,132.800
122,764 x Capital stock
Value of life Incur_ 100.290
1,238,204 1,141,147
Surplus
Interest receivable
2,094
by. in Easthampton Rub.Thread
Co
409,323 2,132,800
Inv.In other sec. dr
notes
24.704
32,606
37.176
Prepaid Mew., &c
35,538
Plants & equipm't 720,963 1,018,657
$3,277,401 14,385,499
Total
Total
$3,277,401 $4,385,499
)
-V.139,ry. 1256.
z Repres,potod by 156.640 shares of no par value.
The New York Stock Exchange has authorized the listing of 40,000
shares of common stock (no par value upon official notice of issue pursuant
to options granted to officers and employees of the company and affiliated
companies, making tne total amount of common stock applied for 408,725
shares.
The directors, on April 12 1934, authorized the granting of options to
designated officers of the company and affiliated companies to subscribe
to an aggregate of 40,000 additional shares of common stock at the purchase
price of $3 per share for the first three years,$4 the fourth year and $5 the
fifth year. The stockholders, at the annual meeting held June 28 1934,
approved the granting of the options.
The names of the officers to whom said options were granted and the
number of shares covered by each of the options were as follows: A. H.
Truax, 15,000 shares; John A. Howe, 15.000 shares; J. 0. Westlund. 3.500
shares; G. W. Traer Sr., 2,800 shares; C. A. Steen,850 shares; C. R. Moriarty, 1,000 shares; M. L. Patton, 1,000 shares, and Garner Williams.
850 shares.
1
-Cent Common Dividend0-044 7"(
-75
The options are non-assignable, terminate April 11 1939, or earlier in "'United Fruit Co.
The directors have declared a quarterly dividend or 75 cents per share
event the holder thereof dies or ceases to be employed by the company,
on the common stock, no par value, payable Oct. 15 to holders of record
and may be exercised severally, in whole or in part, for the several blocks
Sept. 20. This compares with quarterly distributions of 50 cents per
of shares at any time upon 6 months' advance notice to the company.
share made from July 1932 up to and Including July 1934. 75 cents per share
-V. 139, p. 1564.
paid in April and January 1932 and $1 per share in preceding quarters.
In addition an extra distribution of 50 cents per share was made on April
Tubize Chatillon Corp.
-Strike Settled-V. 139, p. 291.
.'A Richmond, Va., press dispatch states: "Amicable settlement of the 14 last.
strike of employees of the company's artificial silk plant at Hopewell, Va.,
-Earnings.
U. S. Dairy Products Corp.(& Subs.).
resumed in the knitting departhas been announced. Operations will be
ment shortly and will give employment to about 200 of the 1,850 workers
Consolidated Uncame Account for Calendar Years.
who walked out of the plant last June 29."-V. 139, P. 615.
(Including subsidiaries from the dates of their respective acquisitions.]
1930.
1931.
1932.
1933.
-Earnings
-20 Wacker Drive Building Corp.
Sales
$16,497,605 $21,318,926 $28,359,115 $27,813.139
Years Ended Dec. 311933
1932
Cost ofsales & oper.exp. 15,366.045 19.358,421 24,445,900 24,309,021
Totalincome
$1.159,794 $1,394,333
Total deductions from income
103,435
174.302
Operating profit
$1,131,560 $1,960,505 $3.913,215 $33,504,118
280,732
322,767
Divs, sub. cos. pref._ _ _
318.680
303,440
102,159
Estimated collectible income
84,605
$1,056,359 $1,220,031
81,112
Int. & exp.6% %
notes_
80,573
208,000
Operating expenses
269,200
322,019
342,883
Estimated Federal taxes
8,846
186,968
220.119
236,327
Miscell. charges(net)
233,540
Operating profit before occupancy and carrying
charges and depreciation
$734,340
$877,148
Net profit
$505,161 $1,324,385 $3,016,524 52,726,259
1,195.054
Total occupancy and carrying charges
1,247,677
881,659
887,795
1,224,165
Appropr.for deprec_ _ _ _ 1,107,921
Net loss before depreciation and amortization-Depreciation and amortization
Net loss
$147.319
538,631
$685,949
Consolidated Balance Sheet Dec. 31
1933
1932
1933
$
LiabilitiesAssets
$
$
19,094
Cash
9,034 Current liabilities_ 767.030
Notes pay, to bk _ 3,385,000
Notes & accts. rec.
73,882
(less reserves).55,382 1st M. 5% notes. 10,000,000
11,180
Deferred income__
Tax antic. warr'ts
3,015
Cum. pref. stock__ 8,962,408
z Due from Chicago
1
Music Founda'n
1 Common stock... 505,000
Property (net).- _20,524,600 21,049,624 Donated surplus-1,000
159,649
Deferred charges
150,588 Deficit
2,835,047
9 788,406 21,264,628
0
Total
Total
x Less reserve of $23,515.-V. 137 p. 707.
$10,647
537,508
$548,155
1932
$
462.592
3.410,000
10,000,000
3,467
8,962,408
505,000
1,000
2,079,838
20788,406 21,264,628
Utn Investment Co.
-Removed from Dealing-a'4-.../
removed from dealing the $3
%he eve York Produce Exchange
cum. c v. pref. stock, no par, and e common stock, no par.
-V .131,
p. 3723.
--United Cigar Stores Co. of America
mmittee Aba r
dons Reorganization Plan-50% of Claims Have een Allowed
The reorganization committee announced Sept. 13 its decision to aban oi
.
its plan of reorganization promulgated in July 1933 (V. 137. p. 1069) owing
to changed conditions which make it evident that the plan cannot be put
through in its present form.
Letters addressed by the committee to the holders of certificates of
deposit for Cigar Stores Realty Holdings, Inc. debentures and to other
participants in the plan of reorganization stated that due to some improvement in the earnings of the United Cigar-Whelan Drug Stores business and
the liquidation of miscellaneous securities and other assets the cash position
of the business has proved to be better than it was anticipated and permitted the payment by the trustee in bankruptcy of United Cigar Stores
Co. of three dividends aggregating 50% of allowed claims, although the
an had contemplated that only about 22.7% in cash could be paid to
creditors.
In addition the letter points out that the plan was promulgated when
United Cigar Stores Co. was in bankruptcy but that the bankruptcy
proceedings had been superseded by reorganization proceedings instituted
by the company under the recently enacted corporate reorganization Act
$100,220 $1,768,847 $1,531,205
Net inc. to surplus__ _def$602,759
Divs., U.S. Dairy Prod.
234.101
231,236
208,265
preferred stocks
95,880
Divs., U.S. Dairy Prod.
774,713
881,672
326,114
common A stock
Consolidated Balanee Sheet Dec. 31.
1932.
1933.
1932.
1933.
Licht/WesAMU
620,426
Notes & loans pay_ 222,507
Cash In bank & in
556,714 Liab. to banks &
hand
472,155
276,501
brokers assumed d97,202
Notes & accts. rec. 1,413,841 1,789,750
Accounts payable_ 1,054,628 1,083,695
Amt. of install. dr
notes receiv. for
6% sec. serial gold
80,000
150,000
notes
capital stock - -40,000
Due from trustee of
tii% cony. s. f.
notes series B.. 620,000
Dairy Operators
180,575
11626,520
Mtges. payable_
Co.6% notes17,824
290,976
Special cash dep12,152 Accrued liabilities_ 280,708
22,271
64,836
diva., pt. stks
367,225 Accr.
Inventories
318,769
46,630
39.935
Notes & accts. rec.
Due to employees162,791 Sink, fund paym't
(not current)_
107,837
52,500
on prior pr. stock
Advs. to officers
131,614
112,454
Invest. & advance 599,159
354,774 Notes & accts. pay.
423,401
304,940
Prepaid expenses
89,688
120,585 (not current)...
& notes rec b679,461
800,511 Fund.& mtge.debt 2,699,000 3,904.145
110,867
86,110
c Expendit. made
Reserves
f125,699 1,846,082
& liab. assumed_ 2,447,703 2.313,327 Interim receipts
Cash held by trusLiab. to deliver pl.
tees for sinking
& com, stock on
754,891
542,001
subscription_
funds
53,974
35,500
e Prop., plant, eq.
Pref. stks. of subs_ 1,720,840 1,904,340
_12,610,641 11,690,688
11.213,020 13,125.886 a Capital stock_
114,671,012 5,113,098
367,319 Surplus
Treasury stock... 360,681
Milk bottles, boxes
and cans
331,194
19,192
48,672
Deferred charges
Good-will
7,488.938 8,064,943
25,766,579 28.401.077
25,766,579 28,401,077
Total
Total
a Represented by: Philadelphia Dairy Products Co.. Inc. $6.50 cum.
prior pref. stock 30,025 shares, no par value (1932, 29,130 shares), entitled
to $107,50 per share In voluntary liquidation and $100 per share in involuntary liquidation; United States Dairy Products Corp. $7 cony.
1st pref. cum. stock. 29,380 shares no par (1932, 12,020 shares) entitled
to $112.50 per share in voluntary liquidation and $100 Per share in in-
1722
Financial Chronicle
Sept. 15 1934
Note-Above figures are exclusive of sales made at stores located on
voluntary liquidation; 88 cony. 2d pref. cum. stock, 16,049 shares no par
grounds of"A Century of Progress Exposition." On Aug. 31 last, company
entitled to $112.50 per share in voluntary liquidation and $100 in involunhad 482 stores, exclusive of fair stores, in operation against 480 a month
tary liquidation; $6 employees series 11,895 shares no par value entitled
previous and 468 a year ago.
-V. 139, p. 947.
to $112.50 per share in voluntary liquidation and $100 per share in involuntary liquidation; common stock, 164,682 shares of class A stock and
Western Maryland Ry.-Earnings275,258 shares of class B no par. b Representing subscriptions to 4,932
shares of $7 1st pref. cum.stock and 3,713 shares of $6 2d pref. cum.stock
-First Week Sept.- -Jan. I to Sept. 7(per contra); $7 1st pref., $370,239; $6 2d pref. due from certain directors
1933.
1934.
Period1933.
1934.
3117,987, due from officers and employees, $138,120; due from former offiGross earnings (est.)_ --- $225,709
$285.795 $9,481,153 $8,169,560
cers, $41,001. notes receivable, $52,114, total $719,461; less amount
-V. 139, p. 1421.
thereof estimated by officers as collectible within one year, considered
current assets $40,000; total, $679,461.
as.
"
We t Penn Power Co.--Lioting---,.
c Expenditures made and liabilities assumed to Dec. 31 1933,for account
-The ew York Stock Exchange has authorized 19611
the l.iting of $10,000,000
of the plan of reorganization of Dairy Operators Co. dated June 1 1932
1st mtge. gold bonds, series H,4%, due July 1
equity represented by (1) securities of Dairy Operators Co. which, upon
Consolidated Income Account 6 Months Ended Vune 30 1934
consummation of plan, will be represented by shares of capital stock of the
$9,394,556
Operating revenue
'
United States Dairy Products Corp., and (2) by 28,497 shares of class A
237,836
Total non-operating income
stock,4,845 shares of class B stock and 100 shares of $8 2d pref. cum.stock
of the United States Dairy Products Corp. (all pledged with banks and
$9.632.393
Gross earnings
brokers, per contra), $2,313,327. d Secured by equity in Dairy Operators
2,890,321
Operating expenses
Co., &c., $2,447,703. amount due from trustee. $17,824 per contra and
514,374
Maintenance
15,425 shares of class A stock of United States Dairy Products Corp. de822,805
Taxesx
posited by certain stockholders. e After deducting reserve for depreciation
686,312
Reserved for renewals & retirements
of $9,287,502 in 1933 and $8,668,270 in 1932.
f Interim receipts exchangeable on presentation for a $7 1st pref. cum.
$4,718,579
Gross income
and $6 2d pref. cum. stock ($62.849 of this amount to be credited upon
18
Deductions-Subsidiaries-Interest
issue to be paid in surplus and appropriated for treasury stock until retireDeductions-West Penn Power Co.:
ment of such stock). g Appropriated for retirement of pref. stocks, $844,1,187.500
Interest on funded debt
972, reserve for dividend on $6.50 prior pref. cum.stock, $289,835:appro16,086
-Other
Interest
priated for purchase of pref. and common stock, including subsidiary com58,365
Amortization of discount & expense
panies holdings, $284,606, appropriated in anticipation of acquisition of
26,680
Miscellaneous
treasury stock on consummation of plan of reorganization of Dairy Operators Co., $2,384,854; unappropriated as per statement. $866,746. h In$3,429,928
Net income
cludes bonds payable.
510,000
-6% preferred cumulative
Dividends
Note.
-There are outstanding 74,759 warrants entitling the holders to
444,769
7% preferred cumulative
subscribe to class B common stock.
2,220,000
Common
Stocks Reinstated to Dealings on New York Curb
x Provision for Federal income taxes included in the above, $421,778.
The New York Curb Exchange on Sept. 13 reinstated dealings in the
-V. 138. p. 4145.
class A common and class B common stocks. The stocks were on Aug. 31
-Accumulated Dividend
removed from trading because transfer facilities were temporarily suspended -- -West Texas Utilities Co.
4
1
by the trustees as the corporation has entered a voluntary petition under
The directors have declared a dividend of 75 cents per share on accoun 1
Section 77-B of the Corporation Bankruptcy Act. U. S. District Court
ciunul. pref. stock, no par value, payable
of accumulations on the $6
at Baltimore has approved reinstatement of transfer facilities on petition
Similar distributions have been
Oct. 1 to holders of record Sept.
of the trustees.
15*
-V. 139, p.616.
made each quarter since and including Oct. 1 1933, prior to which regular
-V. 139, p. 1101.
- quarterly dividends of $1.50 per share were paid.
United Gas Improvement Co.
-Weekly Electric Output
Wheeling Terminal Ry.-Tenders
Week EndedSept. 8 1934 Sept. 1 1934 Sept. 9 1933
Elec. output U. G. I. System (kwh.)_ 64,214,567 66,866,089 64,511,021
Geo. H. Pabst Jr., Treasurer of the Pennsylvania RR., 380 Seventh
-V. 139, p. 1564.
Ave., N. Y. City, will until 3 p. m. Sept. 28 receive bids for the sale of
513,070 first mortgage 4% bonds at a price not exceeding par and interest.
United Puerto Rican Sugar Co.
-Successor Company
V. 125, p. 1577.
See East Puerto Rican Sugar Co. above.
-V.138. P. 2429.
-Earnings
White Motor Co.(& Subs.).
-Earnings.
U.S. Printing & Lithograph Co.
(& Subs.).
1933
1934
Six Months Ended June 301930.
Calendar Years1931.
1932.
Net loss after taxes,interest, depreciation, develop1933.
Gross earnings
$835,441
$389,235
$640,520 $1867,900
ment expenses, &c
$611.702 def$14,843
524,127
Depreciation
376,456
382.077
-V. 139, p. 1565.
365,773
Special commission and
-Accumulated Dividend-4-61041.4e6
'Whittall Can Co., Ltd.
interest on 6% serial
213,889
gold notes_ _
181,006
211,422
242.714
A dividend of 1%% on account of accumulations has been declared on
the 614% cumul. pref. stock, par $100. payable in Canadian fluids on
$97,426
Net profit
$3,215 loss$608.342 loss$168,226
Oct. 1 to holders of record Sept. 5. Similar distributions have been made
Paid-in Surplus Dec. 31 1933.
-Gross surplus arising from reduction in
.
on this issue quarterly since July 1 1933 Following the Oct. 1 1934 payment.
stated value of 171,256-9,272/10,000 shares common capital stock issued
arrearages on the pref. stock will amount to 11%%.-V. 139. p. 1421.
and reserved for exchange of old stock, $4,495,586; reduction due to valuation of 4,995 shares of common stock in treasury at Jan. 1 1933, at revised
-Sells Canadian Subsidiary
Whys
-Overland Co.
stated value, $121.926; difference between cost and revised stated value of
The receivers on Sept. 7 were given permission in the U. S. District
555 shares of common stock acquired through cancellation of employees'
equipment of Willys-Overland, Ltd., Toronto.
Court to sell the plant and
stock subscriptions during the year ended Dec. 31 1933, $14,359; net surto the Canadian Bank of Commerce under an agreement, whereby Willysplus arising from reduction in stated value of common capital stock,
Overland Co. receives $25,000 and is released from liability on a note for
$4,359,300. Excess of appraised sound value Jan. 1 1929 (based on Manu5500,000 it guaranteed for the Canadian subsidiary. The plant, it is said.
facturers' Appraisal Co.'s appraisal) over net book value written off.
is to be taken over by the Acme Gear & Drill Co. of Toronto.
52,508,568: investment in 20,000 shares class A stock of Consolidated
A letter was read from trustees of the bondholders holding claims of
Lithographing Corp. written down to $15 per share, $383,503; profit and
52,000,00 withdrawing objections to the sale. The Snyder Tool & Engineerloss deficit. Dec. 31 1932. $177,686: engineering and selling expenses aping Co. of Detroit, one of the Willys-Overland creditors, objected to the
plicable to period prior to Jan. 1 1933. $44.459; loss on machinery and
-V. 139. 13. 1555.
transactions, declaring the offer was too low.
equipment classified as obsolete and idle as of Jan. 1 1933, $21,954; paidin surplus Dec. 311933. $1,223,128.
-Sales.
Winn & Lovett Grocery Co.
-1933.
Balance Sheet Dec. 31.
1934-34 Wks.
-1933.
Period End,Aug.25- 1934-4 Wks.
$370,308 53.261.855 $3,090,345
48849LiabilitiesSales
1933.
1932.
$370,625
1933.
1932.
Cash
-V.139, p. 1101.
$258,715 1419.610 Notes payable_ _- $408,500 $773,433
Notes, accep. and
Accounts payable_ 310,910
178.867
-Earnings
-Winnipeg Electric Co.
sects receivable 887,561
918,850 Accrued accounts_ 208,969
111,186
Other accounts &
31,177
Deferred credit___
Period Ended July31- 1934-Month-1933 1934-7 Mos.-1933
accr. Items rec
2,658,333 2,612,500
45,226
68,340 Funded debt
$368,982' $3,052,463 $3,036,272
Gross earnings
$384.256
Finished goods on
Reserves
46.257
292.217 2,119.175 2.149,080
292.878
Operating expenses
specific contracts
2,499,346 2,500,000
Preferred stock
---held for customs 895,666
967,592 5,495,586
785,024 x Common stock
$887,192
$933.288
576,765
Net earnings
$91,378
Def. accts. receiv_
Paid-In surplus_
1,223,128
68,400
-V. 139. p. 1565.
Inventories
1.158,190
844,820 Deficit
10,167
177,687
Investments
566,223 1,162,049
Winston-Salem Southbound Ry.-Earnings.Deposit on agree.
1930.
1932.
1931.
Calendar Years1933.
to lease proply.
28,760
$770,696 $1.130,270 $1,260,141
Railway oper. revenue-- $754,413
Property
4,161,450 4,499.474
741,490'830,726
589,466
Railway oper. expense__
501.754
Excess of appriased
113,000
103,000
81.200
Railway tax accruals_ __
77,000
sound valuation
2,508,568
289
36
197
Uncollectible ry.rev.....
39
Good-will
1
Deferred charges
227,598
333,406
$316,126
$285,744
Railway oper.income- $175,620
$99,832
78.046
87.124
Non-operating income__
59.128
69,181
Total
18.297,790111,540,142
Total
58,297,790511,540,142
x Represented by 171,256 (no par) shares.
-V. 139, p. 780.
$394,172
$372,868
Gross income
$234,748
$169,013
200,000
200.000
Interest on funded debt_
200,000
200,000
United States Steel Corp.
-July Shipments
155.773
145,968
Other deductions
102,105
108,866
See under "Indications of Business Activity" on a preceding-page.
$38.398
,899Balance, surplus_ _ _ _def$67,356 def$139,852
$26
V. 139, p. 1419.
Consolidated General Balance Sheet Dec. 31.
-Output
United Verde Extension Mining Co.
1932.
1933.
LiabilitiesAssets1932.
1933.
1931
$1,245,000 $1,245,000
Copper (Lbs.)1932
1934
1930
1933
Road and equip_$6,730,614 $6,752,118 Capital stock
5,000,000 5,000,000
January
2.690,000 3,014,232 3,043,930 2.824,696 4,447,540
Other investments 161,937
256,194 Funded debt
February
2,826,578 2,710,020 3,031,459 3,221.198 3,737,914
Cash
55,916 Traf. & car service
61,495
44,306
March
29,784
balances payable
2,803,708 3,013,188 3,049.976 2,336,882 3.362,598
Remit.In transit
8,018
7,694
April
2.755,874 2,977,420 3.019,072 3,074,758 4,094,740
Special deposits_ _ _
105,140 Audited accts. and
105,160
162,375
May
b1,206.538 3,006,300 3.020,100 3,369,080 4,013.796
Traffic & car serv.
wages payable_ 114,939
1,996
June
1,355
2,441,058 2,673,788 3.007.702 3,284,984 3,580,772
bats. receivable_
24,458
30,794 Miscell.accts. pay.
100,140
July
a
Int. matur. unpaid 100,160
2,574,468 2.745.556 3,008.902
3.898,170
Net bal. rec. from
August
a
4,028,442
9,094 Prepayment on frt.
2,640,9C0 2,610,580 3,038,998
agents & conduc.
6,017
6,383
September
5,995
a
In transit
2,682,440 2,969.622
3,771,274
4
Adv.on !Min tran,
2,999
October
7,626
2,536,902 2,909.0083,404,000
Miscell. accts. rec.
17,921
17,238 Taxes accrued _ _ _ _
217.081
November
2,586,920 2.913.886 2,74,000 3.800.000
Mats. & suppl
16,830
18.995 Accr. depr. equip. 231,726
4,539
December
4,790
Work,fund advs.2,736.448 2,908,322 2,917,000 2,473,000
623
757 0th. unadj. credits
Disc.on fund. dt... 185,500
192,500 Addition to prop.
a Operations suspended. b The low production in May 1934 was due to
through Income
Other unadjusted
the caving-in of the roof of one of the reverberatory furnaces which caused
531,259
and surplus_ _ _ _
515,036
6,373
debits
8,254
a shut-down of the smelter for part of the mont..-V. 139, p. 947.
137,062
70,091
Profit & loss surp_
Vanadium Corp. of America
-New Directors
57,326,502 57,453.149
Total
Total
17,326.502 57,453,142
Oscar Cooper, Lewis G. Bissell, Charles Rees and P. J. Gibbons were
elected directors at the annual meeting held Sept. 10.
-V. 136. P. 3718.
A. A. Corey, Jr.. President, announced that the gross business of the
-Earnings
-company for the eight months ended With August totaled $2,443,058.
Wisconsin Public Service Corp.(& Subs.)
against $1,541,813 a year before.
-V. 139, p. 1256.
1933
Year Ended July 311934
$6,752,502
$6,958,483
...Oner
Victory Insurance Co. oiPhila.-Removed from Dealing a...4 Gross earnings
3,767,851
4,094,180
' 'sting expenses, maintenance & taxes
he ew York Produce Exchang has removed from dealing the capital
stock,
ar.-V. 139, P. 1101.
$2,864,303 $2,984,651
Net earnings
39,453
Other income
31,626
Wabash Ry.-Interest Payment Authorized
An order has been entered by Federal Judge Faris authorizing the re$2,895,929 $3,024,103
Net earnings including other income
ceivers to pay the semi-annual interest of $55,308 due Oct. 1 on Omaha
1.335,724
1,374,538
Interest charges
-net
division first mortgage 354% bonds of Wabash RR.
-V. 139, P. 1256.
147,701
98,212
Amortization of debt discount & expense
565,504
471,968
Appropriation for retirement reserve
Walgreen Co.
-August Sales
$975,175
-1933
Increase' 1934-8 Months
$951,211
-August
-1933
Net income
1934
Increase
-V. 139, p. 1257.
$4.486.306 $4,216,887
5269,4191534,953.137 $29,801,022 $5,152,115
•
Financial Chronicle
Volume 139
1723
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
-WOOL
-METALS
-DRY GOODS
-ETC.
PETROLEUM-RUBBER-HIDES
ended at 4.69c. Oct. at 4.76c., Dec. at 4.90c., Jan. at 4.96c.,
March at 5.10(., May at 5.23c. and July at 5.37c.
On the 13th inst. futures declined 9 to 12 points owing
to liquidation from outside sources and a lack of demand.
Sales were 149 lots. Oct. ended at 4.67c., Dec. at 4.80c.,
and other commodities
Jan. at 4.85c., March at 5.01c., May at 5.13c. and July at
Special letter regarding current
grain situation supplied upon request.
5.26c. To-day futures closed unchanged to 2 points higher
after sales of 140 lots. January ended at 4.86c., March at
5.01c., May at 5.14c., July at 5.27c., Oct. at 4.68c. and
Dec. at 4.81c.
-Established 1895
Sugar futures on the 10th inst., after an early show of
MEMBERS
weakness, subsequently rallied and closed unchanged to
NEW YORK STOCK EXCHANGE
3 points higher. News that the American Agricultural
CHICAGO BOARD OF TRADE
and other principal exchanges
Administration would take early action to secure the orderly
New York
Des Moines
Chicago
marketing of surplus warehouse stocks here that will be
50 Broadway
135 So. La Salle St. Fleming Bldg.
available after Jan. 1 and new crop supplies that will come
forward after that date contributed to the strength. Sales
were 37,000 tons. Raws were quiet with refiners adopting a
COMMERCIAL EPITOME
holding back policy pending the clarification of recent
Friday Night, Sept. 14 1934.
rulings. It was reported that a Cuban decree had been
Coffee futures on the 10th inst. declined 14 to 24 points signed requiring a bond of $1.45 per bag on shipments to
on Santos contracts and 9 to 17 on Rios, with sales of 15,750 insure sales at not below the minimum price of 2.29c. per
pound.
1 to 3 points on
bags of Rios and 27,000 bags of Santos. News of the partial buying On the 11th inst. futures advanced the AAA would
stimulated by further reports that
lifting of restrictions on coffee export bills caused selling. take action to stagger throughout the year, the supplies of
On the 11th inst., futures closed 1 point lower to 2 points new crops coming to the United States during 1935. Tradhigher on Santos, with sales of 16,000 bags and 2 to 9 point; ing was moderately active, sales being 423 lots. On the 12th
lower on Rios, with sales of 8,500 bags. On the 12th inst., inst. there was a further advance of 1 to 3 points on buying
attributed to news from Havana that Cubas c. & f. had sold
early gains were followed by a recession and futures ended on
Saturday at the minimum price of 2.29636 cents and on
3 to 8 points lower on Santos and 2 to 5 lower on Rios, sales Friday at 2.30c. These sugars, it is generally believed, had
14,500 bags of Santos and 8,750 bags of Rios. Weaker been sold but re-shipped prior to the Cuban price fixing
Brazilian cables contributed to the decline. Cost of freight decree and that some special arrangement had been made
possibly involving a rebate by the seller of the difference
offers and spot prices were about unchanged.
On the 13th inst. news that rain had fallen in Brazil between the contract price and the minimum price. sales
On the 13th inst. futures closed 1 point lower with
brought out selling orders and prices ended 1 to 10 points of 143 lots. Modificat on by the Cuban sugar authorities
lower on Santos with sales of 16,250 bags and 4 to 10 points of the export permit decree authorizing shipment from the
lower on Rios with sales of 3,250 bags. Spots were un- Island of sugar sold prior to Sept. 1 and ready for clearing
changed. To-day futures closed unchanged to 4 points by Sept 14. To-day futures closed 2 points lower to 1
point higher. Volume of trading was small.
lower on Rios and 1 to 7 points lower on Santos.
Prices
as follows:
In an address to the Federal Council for Exterior Com- September were
1.94
1.89 1March
1.97
December
1.93 May
merce, the President of the National Coffee Department of January
2.00
1.92 July
Brazil, according to a cablegram to the New York Coffee &
Lard futures on the 8th inst. closed 2 to 5 points lower
Sugar Exchange, said that destruction of coffee henceforth in quiet trading. Cash lard was steady, in tierces 9.45c.,
will necessarily be on a much smaller basis, as the National refined to Continent 8 to 83/sc., South America 83 to 81 c.
4
Coffee Department has completed its task of balancing the Hogs were easier with the top $7.40. On the 10th inst.
world coffee statistical position. It is understood that he weakness in hogs and grains encouraged selling and futures
declined
also pointed out in his address that the retained stocks $7.20. 10 to 15 points. Hogs fell 25 to 35c. with the top
Cash lard was easier. On the 11th inst. there
held by the Department on July 31 amounted to only was a further decline of 10 to 15 points owing to the sharp
14,921,000 bags, of which 11,614,000 bags were directly break in hogs which fell 25e. to 30c., top price $6.95. Cash
oledged against the 193040 coffee loan of the State of Sao lard steady, in tierces 9.32c., refined to Continent 8c., South
Paulo and held by trustees for that loan. He went on to America 8%c. On the 12th inst. tutures closed steady 2
say that 1,147,000 bags had been destroyed during August, points lower to 2 points higher. Hogs were firmer with
the top $7. Cash
the 13th inst. futures
leaving a balance of 2,160,000 bags-comimed of 1,243,000 closed unchanged tolard steady. On
7 points higher under buying stimulated
in the State of Sao Paulo and 917,000 bags in other by the strength in hogs. Liquidat on appears to have run
bags
Brazilian States.
its course. Packers bought. Hogs were 10 to 20e. higher
The Sao Paulo holdings, he stated, were partly necessary with the top $7.15. Cash lard was steady, in tierces 9.30c.,
77/i to Sc., South America 8 to 83/8c.
for propaganda and bonus purposes, and the balance only refined to Continent
To-day
points lower to 17 points higher.
was destructible after revision and substitution where neces- "'"WAILYfutures closed 12 OF LARD FUTURES IN CHICAGO.
CLOSING PRICES
Fri.
Wed. Thurs.
for pledged coffees considered useless. The holdings
Sat.
Mon. Tues.
sary
9.10
9.15
9.15
9.25
9.17
9.37
in other States, he said, are practically eliminated or are September
9.12
9.22
October
9.20
9.22
9.30
9.47
9.25
9.35
9.30
9.30
9.55
9.40
awaiting substitution for destruction by the end of December
Pork firm; mess $30.; family $27.50, nominal; fat backs
September.
Destruction of coffee in Brazil during August was re- $22 to $27. Beef firm; mess nominal; packer nominal;
family $19 to $20 nominal; extra India mess nominal. Cut
ferred to In our issue of Sept. 8, page 1470.
meats steady; pickled hams 4 to 6 lbs. 11%c.• 6 to 8 lbs.
Rio coffee prices closed as follows:
11
'
8 to 10 lbs. 113'c.; 14 to 16 lbs. 193.c.; 18 to 20 lbs.
september
7.50 1 May
173'c.; 22 to 24 lbs. 1530.• bellies, clear, f.o.b. N. Y. 6 to
/
8.95
December
7.70 July
8.06
12 lbs. 20c.• bellies, clear, dry salted, boxed, N. Y. 14 to
'
March
7.88
16 lbs. 16qc.; 18 to 20 lbs. 1578c.; 20 to 25 lbs. 15% to
/
coffee prices closed as follows:
Santos
153/gc.; 25 to 30 lbs. 15%c. Butter, creamery, firsts to
September
10.97 1May
10.81
higher than extra 223 to 251 c. Cheese, flats 17 to 20c.
December
4
10.77 July
10.80
March
10.80
Eggs, mixed colors, checks to special packs 17 to 29c.
Cocoa futures on the 10th inst., were under the influence
Oils-Linseed was in somewhat better demand and prices
of easier cables and declined 11 to 13 points. Hedge selling were maintained at 8.9c. for tank cars, ranging up to 10.1c.
by dealers was reported. Sales were 523 tons. Sept. ended for small barrel quantities. Cocoanut, Manila, coast,
at 4.750., Oct. at 4.82c., Dec. at 4.94, March at 5.14c., tanks 2%c.• tanks, New York, spot 2%c. Corn, crude,
May at 5.27c., and July at 5.520. On the 11th inst., there tanks f.o.b. Western mills 63 c. China wood, N. Y.drums,
'
%
was a rise of 2 to 4 points on scattered Wall Street buying. delivered 10.2c. tanks, spot 9.6c. Olive, denatured, spot,
Sales were 89 lots. Oct. ended at 4.84c., Dec. at 4.97c., Spanish 84 to 86c.; shipments Spanish 81 to 86c.; Greek 79
March at 5.17c., May at 5.30e., and July at 5.44c. On the to 81c. Soya bean, tank cars, f.o.b. Western mills 6.0c.;
12th inst., futures declined 7 to 8 points under general cars, N. Y. 7c.; L.C.L. 7.5e. Edible, olive $1.60 to $2.15.
liquidation. Foreign interests bought on the decline. Sales Lard, prime 9c.; extra strained winter 83'1c. Cod, dark
were 118 lots. Warehouse stocks at New York fell off nominal; light filtered 33e. Turpentine 46 to 50c. Rosin
1,059 bags to 944,795 bags, the lowest of the year. Sept. $5.35 to $6.50.
Orders executed in
-CORN
WHEAT-OATS
BABCOCK, RUSHTON & CO.
1724
Financial Chronicle
Cottonseed Oil sales, including switches, 214 contracts.
Crude, S. E., 63(©63/2. Prices closed as follows:
September
October
November
December
7.38'7.44 January
7.40 7.44 I February
7.43 7.53 I March
7.480;437.50'April
7.557.00
7.56 7.66
7.78@7.70
7.60c7.80
Petroleum-The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
.Rubber futures closed 2 to 9 points higher on the 8th inst.
with sales of 170 tons. Ribbed smoked sheets spot here were
unchanged at 15.75c. London was closed. Singapore
ended slightly lower. Sept. closed at 15.76 to 15.78c.,
Oct. at 15.89c., Dec. at 16.15 to 16.16c., March at 16.54e.,
April at 16.79c. and July at 17.06c. On the 10th inst.
futures declined 11 to 14 points after sales of 1,250 tons.
Spot ribbed smoked sheets here fell to 15.65c. London
showed little change. Singapore was up 1-32 to 1-16d.
Sept. closed at 6.020., Oct. at 6.06c., Dec. at 6.16c., Jan. at
6.21c., March at 6.30 to 6.32c., May at 6.45e. On the 11th
inst. there was an advance of 4 to 8 points on futures with
sales of 1,770 tons. Spot smoked ribbed sheets were up to
15.70c. London was dull and practically unchanged.
Singapore was quiet and slightly lower. Sept. closed at
15.70 to 15.73c., Oct. 15.82c., Dec. 16.07c. to 16.08c., March
16.45 to 16.46c., May 16.73c. and July 16.990. On the
12th inst. futures dropped 12 to 19 points after sales of 2,420
tons. Spot smoked ribbed sheets declined to 15.58e.
London and Singapore showed little change with trading
dull. Sept. ended at 15.58c., Oct. at 15.69 to 15.72c.,
Dec. 15.90 to 15.93c., Jan. 16.03c., March 16.28 to 16.300.,
May 16.54c. and July 16.80 to 16.82e.
On the 13th inst. futures closed 19 to 27 points lower
with sales of 5,910 tons. Spot ribbed smoked sheets declined to 15.32c. London was off 3-16d. Singapore
declined 3-32d. to %d. Sept. ended at 15.32c., Oct. at
15.420., Dec. at 15.67 to 15.70c., Jan. at 15.81c., March
at 16.09c., May at 16.34c. and July at 16.580. To-day
futures closed 25 to 33 points lower with sales of 935 lots.
Jan. ended at 15.51c., March at 15.79 to 15.80c., May at
16.01 to 16.07c., July at 16.30c., Dec. at 15.38 to 15.41c.
and Oct. at 15.15c. News that the Siamese Assembly had
refused to ratify the rubber restriction agreement caused
selling.
Hides futures continued active on the 8th inst. and prices
closed 5 to 10 points higher on oid contract and 12 to 25 points
up on standard, sales 2,640,000 lbs., largely standard contracts. Some 15,000 hides were reported sold in the Chicago
spot market, including light native cows at 73e. Old contract closed with Sept. at 6.55 to 6.95c., Dec. at 7.00c.,
and March at 7.15c., standard Sept. 7.85 to 7.90c., Dec.,
8.06 to 8.10c., March, 8.38 to 8.40c., June, 8.70 to 8.73c.,
and Sept., 9.05 to 9.09e. On the 10th inst., futures closed
16 to 30 points lower, with sales of 1,120,000 lbs. Spot sales
of approximately 7,500 hides were reported in Chicago,
including native cows at 73c. and 8c. and extra light native
steers at 8c. Old contract closed with Sept. at 6.350.,
Dec. at 6.75c., and March at 6.90c.,standard contract closed
with Sept. at 7.60c., Dec. at 7.90c., March at 8.15 to 8.20c.,
June at 8.40 to 8.45c., and Sept. at 8.75 to 8.90c. On the
11th inst., standard contract ended 7 to 21 points lower,
after showing early weakness. Sales were 1,560,000 lbs.
The old contract was inactive and closed 5 points higher.
Some 14,000 hides were reported to have been sold in the
Argentine spot market. Old contract closed with Sept. at
6.40 to 7.00c., Dec. at 6.80 to 7.25c., and March at 6.95c.,
standard contract Sept., 7.80 to 7.90c., Dec., 7.97 to 8.070.,
March at 8.30 to 8.35c., June at 8.61 to 8.64c.,and Sept.at
8.90 to 9.00e. On the 12th inst., standard futures declined
20 to 30 points and old contract 5 points, sales, 1,280,000 lbs.
Old contract closed with Sept. at 6.35e., Dec.,6.75 to 7.05c.,
and March, 6.90c., standard contract, Sept., 7.50 to 7.65c.,
Dec., 7.77 to 7.83c., March,8.05 to 8.15c., June,8.38c., and
Sept., 8.70 to 8.80c.
On the 13th inst. futures closed 15 to 23 points lower
with sales of 4,240,000 lbs. In the Chicago spot market
25,000 hides were reported sold and sales of 1,400 hides were
reported here. About 6,500 frigorifico steers and light
steers were reported from the Argentine. Old contract
closed with Sept. at 6.00 to 6.40c., Dec. at 6.50 to 6.75c.,
March at 6.65c.; standard, Sept. 7.35c., Dec. 7.59c., March
7.85c., June 8.17 to 8.19e. and Sept. 8.47 to 8.55c. To-day
futures closed 7 to 9 points higher and active. Dec. ended
at 7.50c., March at 7.77c., June at 8.10e. and Sept. at 8.35c.
Ocean Freights were rather quiet.
Charters included: Grain, Montreal, Nov., to picked United Kingdom
ports, is. 9d.; option A. R. Booked
-6 loads from each New York and
Montreal, 6c.; a few loads, New York to Havre-Dunkirk, 7c. Coal
Hampton Roads, Rio, 9s. 3d.; Hampton Roads to St. John, about $1.10.
Trip-West Indies, prompt, round, about $1.40; North Atlantic trip
across, redelivery United Kingdom-Continent, p. t., and refused, understood about $1.45; north of Hatteras, prompt trip down East coast of
South America, 80c.: prompt delivery north of Hatteras, redelivery United
Kingdom-Continent via South Atlantic, 45. 9d.: via Gulf, 4s. 6d.
Coal was in fair demand but the textile strike has been
a drag on the sales movement. According to the National
Coal Association, the output in the week ended Sept. 8
dropped 905,000 tons. The total for three weeks then ended
was 18,815,000 tons, the weekly average 6,271,000 as
against 22,274,000 tons and 7,424,000 tons, respectively,
a year ago.
Sept. 15 1934
Copper for domestic delivery was unchanged at 9c. delivered to the end of 1934, but the foreign price was weaker
at 6.85 to 6.90c. c.i.f. Hamburg, Havre and London. In
London on the 13th inst. spot fell 2s. 6d. to £27 6s. 3d.;
futures off 3s. 9d. to £27 11s. 3d.; sales, 200 tons of spot
and 1,150 tons of futures; electrolytic dropped 5s. to £30 5s.
for spot and £30 15s. for futures.
Tin was in small demand and weaker of late at 51 Vic.
for spot Straits. In London on the 13th inst. spot standard
was up 7s. 6d. to £229 17s. 6d., while futures fell 5s to.
£227 5s.; sales, 100 tons of spot and 100 tons of futures;
spot Straits advanced £1 2s. 6d. to £230 5s.; Eastern c.i.f.
London dropped 5s. to £228 15s.; at the second session in
London spot standard declined 7s. 6d. and futures 5s. with
no sales.
Lead was in limited demand at 3.70c. to 3.750. New York
and 3.55 to 3.60c. East St. Louis. In London on the 13th
inst. spot was up 2s. 6d. to £10 5s.; futures unchanged at
£10 10s.; at the second session prices fell is. 3d. on sales of
100 tons of futures.
Zinc was quiet at lower prices, i.e. 4.10e. East St. Louis.
In London on the 13th inst1 spot was up is. 3d. to £12 us.
3d.; futures unchanged at £12 13s. 9d.; sales 25 tons of spot
and 150 tons of futures.
Steel Production increased slightly but there was very
little improvement in demand. Scrap prices have been
weaker. Heavy melting steel was quoted at $10.50 to $11.
Pittsburgh and around
.75 at Chicago. Quotations:
Semi-finished billets, rerolling $27; billets, forging $32;
sheet bars $28; slabs $27; wire rods $38; skelp $1.70; sheds,
hot rolled annealed 2.450.• galvanized 3.10c.; strips, hot
rolled 1.850.; cold rolled 2.60c.; hoops 1.850.; bands 1.85c.;
tin plate, per box $5.25; hot rolled bars 1.80c.; plates 1.80c.;
shapes 1.80e.
Pig Iron remained dull. Malleable and steel making
grades have sold in the East recently. Foundry No. 2
plain, Eastern Pennsylvania $19.50; Buffalo, Chicago,
Valley and Cleveland $18.50 and Birmingham $14.50; basic,
Valley $18; Eastern Pennsylvania $19.
Wool was in small demand. Boston wired a Government
report on Sept. 13 saying: "Spot greasy combing domestic
wools held in the country, however, are reported firmer.
Recent sales of ordinary 12 months wools in Texas have been
reported closed at prices that are estimated to cost Eastern
buyers mostly 60c. or higher, scoured basis." London
cabled that the fifth series of London Colonial wool auctions
will open on Sept. 18 with offerings of 131,500 bales.
Silk-On the 10th inst. futures closed % to 13'c. lower
with sales of 1,350 bales. Crack double extra spot fell
Mc. to 1.13. Tenders for delivery against Sept. contracts
totaled 1,190 bales. The Yokohama Bourse closed 2 points
lower to 1 point higher. Grade D in the outside market
fell 23 yen to 450 yen. Yen exchange was unchanged at
303'g. Sept. ended at $1.07 to $1.08, Oct. at $1.08 to
$1.09, Nov. $1.093/ to $1.1032, Dec. $1.103/ to $1.113',
Jan. $1.11 to $1.12, and Feb. March and April $1.113/2 to
$1.12. On the 11th inst. futures were unchanged to Mo.
lower with sales of 1,880 bale?. Crack double extra spot
fell 13/rc. to 1.11%. The Yokohama Bourse was 5 to 8
points lower. Grade D in the outside market fell 5 yen to
455 yen. Yen exchange was unchanged at 303. Sept.
ended at $1.07 to $1.073', Oct. $1.08, Nov. $1.093/ to
$1.10, Dec. $1.10 to $1.11, Jan. $1.11 to $1.113', Feb.
$1.113/r, and March and April $1.11 to $1.113/2. On the
12th inst. futures were unchanged to lc. lower, sales 1,070
bales. Crack double extra spot unchanged at $1.113/2.
The Yokohama Bourse closed 3 to 6 points higher. Grade D
in the outside market was unchanged at 445 yen. Yen
exchange was unchanged at 303/8. Sept. ended at $1.063/
to $1.083/, Oct. at $1.073/2, Nov. $1.093'2, Dec. $1.10 to
$1.11, Jan. $1.11 to $1.113/2, Feb.$1.103/ to $1.113/2, March
$1.11 to $1.113/2, and April at $1.103/ to $1.113/r.
On the 13th inst. futures closed unchanged to Hc. higher
with sales of only 140 bales. Crack double extra spot was
Yokohama Bourse was 1 to 2 points
unchanged at 1.11
higher. Grade D in the outside market was up 23/i yen to
4473/2 yen. Yen exchange was unchanged at 303/8. Sept.
ended at $1.07 to $1.08, Oct. at $1.073/2, Nov. at $1.09 M,
Dec. at $1.103/ and Jan., Feb. andiMarch at $1.11 to $1.12.
To-day futures closed Me. lower to %c. higher with sales of
110 lots. Sept. ended at $1.07 to $1.09, Oct. at $1.073/ to
$1.083/i, Nov. at $1.093/2, Jan. at $1.11 to $1.12, March
at $1.113/ to $1.12 and April at $1.11% to $1.123/2.
COTTON
Friday Night, Sept. 14 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
191,728 bales, against 137,090 bales last week and 122,533
bales the previous week, making the total receipts since
Aug. 1 1934 646,182 bales, against 1,028,292 bales for the
same period of 1933, showing a decrease since Aug. 1 1934
of 382,110 bales.
Financial Chronicle
Volume 139
Receipts at-
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Total.
Galveston
6,708 12,622 5,534 4,369 5,560 7,304
Texas City
5,137
Houston
16,874 9,635 3,721 10,204 31,763
Corpus Christi
3,755 4,223 2,315 3,574 1,533 1,939
New Orleans_.
1,760 2,619 4,625 4,716 1,131 4,748
Mobile
300
293
411 1,107
324
328
Pensacola
---3,548
Jacksonville ------------------------631
Savannah
2,715 3,892 1,289 1,206 1,716 1.388
Charleston
1,012
158 2,417
790
768 5.74b
Lake Charles--_ __ -___ ___- 3,877
Wilmington
33
___Norfolk
8
53
58
64
28
---Baltimore
42,097
5,137
'12,197
17,339
19,059
2,763
3,548
631
12,206
10,893
3.877
34
211
mows this week_ 16.259 40.194 26.290 19.541 24.845 64.599 191.728
The following table shows the week's total receipts, the
total since Aug. 1 1934 and stocks to-night, compared with
last year:
1934
Receipts to
Sept. 14
This Since Aug This
Week
1 1934
Week
Galveston
Texas City
Houston
Corpus Christi_
Beaumont
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles._ -Wilmington
Norfolk
N'port News, &c_
New York
Boston
Baltimore
Philadelphia
Totals
42,097
5,137
72,197
17,339
Since Aug
1 1933
114,630 54,944
11,180 7,684
186,778 105,819
139,440 27,167
546
____
79,933 24,907
19.059
2,763
3.548
631
12,206
Stock
1933
21,208 4,474
12,245 10,886
1,821 1.050
36.842 11,646
3,403
23,361 9,691
6,607 11.180
918
951
3,134 1.387
10,893
3,877
34
211
18.284
21,290
3,465
57.251
4,971
34,233
32,192
2,151
3,176
1.139
5,345
1,736
7,506
1934
1933
142,384 510,498 472.021
14,991
12.800
19.841
371.622 899.797 1.198,475
213.489 126,633 189.167
968
4,209
17,560
101,430 580,814 659,240
91,802
19,1.32
4,412
113,595
112.420
19,305
4,849
127,182
50,406
22,923
17,019
8,611
45,998
58,974
14.960
17,606
57,254
9.303
1,200
123.717
14.887
1,000
191,728 646,182 276.295 1.028.292 2,529,258 3.097,202
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1934.
1932.
1931.
1930.
1929.
28.183
74,858
52.630
11,119
9,466
42,542
112,388
8,757
2,712
22.197
6.122
683
902
46.275
151,726
38,288
17,749
49,405
7.113
20,008
1,111
4,046
62,827
103.037
58,639
11,831
34,739
17.441
1,729
1.108
1933.
Galveston-Houston
New Orleans_
Mobile
Savannah _
Brunswick
Charleston...
Wilmington.. _
Norfolk
Yvon News_
All others-- _
32,268
59.106
38.900
45,497
51,760
32.105
Tot, this week
191,728
276,295
235,434
241,800
389,481
316,746
Since Aare 1
548 189 1 028 202 881.171
42,097
72.197
19,059
2.763
12.206
10,893
34
211
54,944
105.819
24.907
4,474
11,646
3.403
9,691
918
1,387
9.798
2,789
981
703.427 1.664.361 1.262.833
The exports for the week ending this evening reach a total
of 80,023 bales, of which 5,706 were to Great Britain, 8,515
to France, 19,263 to Germany, 5,451 to Italy, 30,307 to
Japan, 1,000 to China and 9,781 to other destinations. In
the corresponding week last year total exports were 184,886
bales. For the season to date aggregate exports have been
425,857 bales, against 898,006 bales in the same period of
the previous season. Below are the exports for the week.
Exported to
Week Ended
Sept. 14 1934
Great
- Britain France
Exports from
Galveston
Houston
Corpus Christi
New Orleans....
Lake Charles
Mobile
Jacksonville
Pensacola
Savannah
Charleston
Norfolk
Total
Total 1933
Total 1932
2,946
3,659
2,958
986
Germany
1,409
1,148
1;eiti
76
84
3,801
617
1,386
5,697
3,377
58
5,706
8,515 19,263
1,971
1,625
Total
5,375
2.654 7,835
16,840
550
450
1,347
1,450
100
157
Other
Total
1,555 11,285
1,629 13,816
2,751 26,658
2,234 6,253
84
1,117 10,064
617
495 2,114
5,697
3,377
as
5,451 30,307
1,000
9,781 80,023
3,192 16,683 184,886
11,448 145,978
Exported to
-
Great
Sept. 14 1934
Exports from- Britain France
New Orleans__
Lake Charles__
Mobile
Jacksonville
Pensacola
Savannah
Charleston.Norfolk
Gulfport
New York
Los Angeles
San Francisco.
Japan China
46,660 17,653 39,833 9,941 50,924
18,732 28,048 60,771 11,710 15,269
From
Aug. 1 1934 to
Galveston
Houston
Corpus Christi.
Beaumont
Italy
I
9,54
5,999
5,184 3,668
8,177 11.082
2,550
20,215 4,889,
2,347
1581
7.888 2,530
6
1,408
7.094 2,570
3,848
739
50
596
100
2
Geemany
11,540
7,907
2,344
24,098
143
11,413
617
3,786
14,169
4,218
1,957
125
76
243
Italy
Japan
China
Other
Total
38,594 2,858 24,397 100,751
32,017 21,244 14,922 93,607
38,691
650 13,95
77,822
95
2,645
4,415
5,765
75 13,247 72,704
674
3,322
3.000100
1,75
26,690
682
157
84
6,246
1,100
596 25,529
37
8,103
612
3,358
721
602
705
1,
2,729
243
7,82
8,665
2,923
70,416 30.946 83,330 28,223 115,374 24,827 72,741 425,857
182,418 117,659 167,694 65,134 206,125 22,550135,426 898,006
Total 1933
100.337136.876 221,311 83,353 119,694 44.865 88.649 795,085
Total 1932
-E1ports to Canada.
-It has never been our practice to include in the
NOTE.
above table reports of cotton shipments to Canada, the reason being that virtually
all cotton destined to the Dominion comes overland and it is Impossible to give
returns concerning the same from .week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of July the exports to the Dominion the present season
1725
have been 19,860 bales, In the corresponding month of the preceding season the
exports were 14,482 bales. For the 12 months ended July 31 1934 there were
275,910 bales exported, as against 196,869 bales for the 12 months of 1932-33.
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
-
Sept. 14 a/
-
Great
GerOther CoastBritain. France. many. Foreign wise.
Galveston
Houston
New Orleans
Savannan
3.300
2,500
3,179
2,800
4.917
1,264
3.500 24,000
1.432 21,073
2,693 6.410
Leaving
Stock.
Total.
1,500 35,100
29,922
845 14.391
Charleston_ _ _ _
Mobile
Norfolk
Other ports *
Total 1934
9.867 8.981 7,625 52,803
Total 1933- _ 13,489 8,527 26,936 56,163
Total 1932
15.075 10,489 19.313 56.048
*Est
--- _
---_
475.398
869,877
566;5495
113 23
50.404
89.594
8.611
273,735
2.345 81,621 2,447.637
2,500 107,6152,989,587
7.807 108.732 3.296.105
Speculation in cotton for future delivery has been rather
light. The Government report, issued last Saturday, was
construed as bearish, and hopes for an early ending of the
textile strike were not very bright.
On the 8th inst. prices closed 5 points lower to 2 points
higher. Early prices were slightly higher on over-night
covering and foreign buying but subsequently came a recession under increased hedge selling and general liquidation.
It was a short session, the market closing at 11.50 a. m. for
the Government report. Trading was rather active with
traders evening up both ways. The Government report,
issued after the close, indicated a yield of 9,252,000 bales
as compared with the August estimate of 9,195,000, and a
yield of 13,047,000 last year. On the 10th inst. traders had
their first opportunity to show their reaction to the Government report and prices closed 20 to 22 points lower. After
showing a fairly steady tone throughout most of the session
prices turned lower towards the close under general liquidation and hedge selling, against purchases of actual cotton in
interior points in the South. Liverpool was 20 to 25 American points lower than due. Heaviness in the 3vheat market
and late weakness in stocks contributed to the decline. At
present prices many believe that the Government loan price
of 12c. acts as a check on hedge selling. The weather over
the week-end was generally favorable and there was a lack
of favorable developments in connection with the textile
strike. The New York Cotton Exchange estimated last
season's aggregate consumption of American cotton at
13,681,000 bales, against 14,405,000 in the previous season
and 12,506,000 two seasons ago.
On the 11th inst. early prices declined 3 to 5 points, but
after the first wave of selling had spent itself the market
moved up on light speculative buying. The trade and
foreign interests bought on a more hopeful strike outlook.
Scattered Wall Street and mill buying was evident. The
strength of the New Orleans market also had a bracing
influence. There was an absence of Southern selling.
Among the sellers were local and professional operators and
the South. News on the textile strike was looked upon as
more hopeful. One report said that the removal or reduction
of the processing tax was being considered, but this was
received with a good deal of scepticism owing to the fact
that it would entail considerable Government expense.
The South reported the spot basis very firm with an advancing tendency. Offerings from the interior were comparatively light. The weather map showed further rains
in Texas and Oklahoma. The New Orleans district also
received light rains. Very little precipitation was reported
elsewhere.
On the 12th inst. prices ended 14 to 17 points lower,
ov5ing to increased hedge selling and a less active demand.
Trade buying caused an early slight advance, but the market
was weak throughout the session. Spot interests and the
South were selling. Liverpool also sold. Selling was not
large, but buying was limited owing to the unfavorable outlook for an early ending of the textile strike. Rains were
reported along the Gulf Coast and at scattered points in
the Southwest and in Tennessee. The weather was more
favorable as to Texas and Arkansas, but conditions in
Oklahoma were reported as poor. The increased hedge selling, some thought, suggested a more liberal movement from
the interior, but the spot basis continued firm.
On the 13th inst. there was little hope in the news for an
early ending of the textile strike, and there was a further
decline of 6 to 11 points. There was an early show of
strength on a good demand from trade and spot interests,
but pre-notice day liquidation sent the market down later.
Near positions showed noticeable firmness, and there was
a further narrowing of the differences between near and
distant months. The weather was generally fair except in
the Carolinas and in portions of the central belt and south
Texas, where heavy rains occurred. A fairly good demand
appeared from the trade on a scale down, and there was
good buying of December around 13c.
To-day prices ended with net losses of 6 to 15c., owing to
uncertainty over the textile strike and a lack of demand.
The South, Japanese interests, Liverpool and New Orleans
sold, while the trade, commission houses, the Continent,
Wall Street and spot interests bought. Hedge selling was
on a fair scale. Heavy rains fell in parts of Texas and in
Oklahoma, as well as light showers in North Carolina and
Financial Chronicle
1726
Western Arkansas. Spot cotton ended at 13.05c. for middling, a decline for the week of 30 points. The Census
Bureau estimated consumption in the United States at
420,949 bales against 359,372 bales in July and 568,902 bales
in August last year. Consumption for the 12 months ended
July 31 amounted to 5,700,495 bales against 6,137,495 bales
in the same period of the previous season. Exports for the
12 months' period were 7,534,415 bales against 8,419,399
bales in the previous year. August exports amounted to
267.562 bales, compared with 308,820 bales in July.
Staple Premiums
60% of average of
six markets Quoting
for deliveries on
Sept. 20 1934.
15-18
Inch.
Differences between grades established
for deliveries on contract Sept. 20 1934
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
1-inch &
longer.
7500
White
Middling Fair
.59
do
Strict Good Middling_
.48
do
Good Middling
.33
do
Strict Middling
Basis
do
Middling
.39 off
do
Strict Low Middling
do
.82
Low Middling
1.32
*Strict Good Ordinary- do
do
1 77
*Good Ordinary
.49 on
Extra White
Good Middling
.33
do do
Strict Middling
01
do do
Middling
.38 off
Strict Low Middling__ do do
.78
do do
Low Middling
.28 on
Spotted
Good Middling
.42
.16
do
Even
Strict Middling
.42
.16
do
.39 off
Middling
.14
.35
.82
*Strict Low Middling__ do
do
1.32
*Low Middling
.02 off
Strict Good Middling___Yellow Tinged
.11
.34
do do
.28 off
Good Middling
.14
.34
do do
.44
Strict Middling
.14
.32
.82
do do
*Middling
1.29
do do
*
Strict Low Middling_
do do
1.71
*Low Middling
Light Yellow Stained_ .42 off
Good Middling
.13
.32
do
do
do -- .83
*Strict Middling
do
do -1.31
do
*Middling
Yellow Stained
80 off
Good Middling
.13
.32
1.27
*Strict Middling
do do
1.70
do do
*Middling
Good Middling
Gray
.28 off
.33
.14
.52
do
Strict Middling
.14
.33
do
84
*Middling
Blue Stained
.83 off
*Good Middling
1.29
*Strict 'iddling
'
do do
1 71
do do
*MiddlLut
•Not deliverable on future contract
.16
.16
.16
.16
.16
.14
.13
.43
.43
.43
.43
.43
.36
.33
Mid.
do
do
do
Mid
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
In
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed.Thurs.
13.40 13.20 13.30 13.15 13.10
Sept.8 to Sept. 14Middling upland
Fri.
13.05
New York Quotations for 32 Years
The quotations for middling upland at New York on
Sept. 14 for each of the past 32 years have been asfollows:
1934
1933
1932
1931
1930
1929
1928
1927
13.05c.
9.55c.
7.25c.
6.60c.
11.00c.
18.70c.
17.40c.
22.55c.
1926
1925
1924
1923
1922
1921
1920
1919
17.85c.
24.75c.
23.30c.
28.70c.
21.75c.
13.60c.
33.50c.
29.55c.
35.05c. 1910
1918
1917
21.80c. 1909
1916
15.65c. 1908
10.45c. 1907
1915
1914 ---------1906
13.20c. 1905
1913
11.90c. 1904
1912
1911
11.80c. 1903
13.75c.
12.50c.
9.40c.
12.60c.
9.80c.
10.90c.
10.35c.
12.0ec.
Futures
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Sept. 8
Monday.
Sept. 10
Tuesday,
Sept. 11
Wednesday. Thursday,
Sept. 12
Sept. 13
Fr ay,
Se)t. 14
Sept(1934)
Itange._
12.98n
12.85n
12.79n
12.86n
Closing 13.08n
12.7:
Oa.
Range _ _ 13.14-13.22 12.89-13.08 12.94-13.08 12.91-13.03 12.85-12.92 12.71 12.88
12.91 12.85-12.86 12.71
Closing.. 13.15-13.16 12.93-12.94 13.05Nov.
Range _ _
13.11n
12.97n
12.99n
12.84
Closing. 13.21n
Dec.
Range 13.27-13.35 13.04-13.19 13.06-13.19 13.04-13.16 12.07-13.04 12.9( 12.99
13.04-13.05 12.97-12.98 12.9( 12.91
Closing 13.27-13.28 13.06-13.07 13.18Jan.
(1935)
Range _ 13.31-13.41 13.09-13.21 13.10-13.22 13.06-13.16 12.99-13.06 12.91 13.00
13.0612.9912.91 12.91
Closing.. 13.31-13.33 13.09-13.10 13.22Feb.
Range
Closing _
March
Range _ _ 13.36-13.49 13.16-13.29 13.19-13.30 13.15-13.27 13.04-13.15 12.94 13.04
13.15-13.16 13.04-13.05 12.94
13.30Closing _ 13.36-13.39 13.16April
Range
Closing.
May
Range.._ 13.43-13.53 13.22-13.36 12.23-13.36 13.21-13.32 13.10-13.21 12.91 -13.09
13.21 13.10 -- 12.91 -12.98
Closing 13.43-13.44 13.22-13.23 13.36 June
Range _ _
Closing _
July
Range _ _ 13.48-13.59 13.28-13.40 13.29-13.42 13.25-13.38 13.13-13.26 13.91 13.14
13.2813.42 -13.25-13.26 13.1513.01 13.01
Closing _ 13.48Aug.
Range _ _
Closing.
n Nominal.
Range of future prices at New York for week ending
Sept. 14 1934 and since trading began on each option:
Option for
Sept. 1934_
Oct. 1934_ _ 12.79
Nov. 1934.
Dec. 1934_ _ 12.90
Jan. 1935_. 12.90
Feb. 1935.
Mar. 1935.. 12.94
April 1935_
May 1935.. 12.96
June 1935_
July 1935... 13.00
Aug. 1935
Range for Week
Range Since Beginning of Option
11.35
Sept. 14 13.22 Sept. 8 10.05
11.14
Sept. 14 13.35 Sept. 8 10.73
Sept. 14 13.41 Sept. 8 11.02
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
Sept. 14 13.49 Sept. 8 11.13 May
Aug. 16 1934
Aug. 9 1934
July 20 1934
Aug. 9 1934
Aug. 9 1934
1 1934 14.15 Aug. .9 1934
Sept. 14 13.53 Sept. 8 11.79 May 251934 14.23 Aug. 9 1935
Sept. 14 13.59 Sept. 8 13.00 Sept. 14 1934 14.21 Aug. 9 1934
Sept. 15 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.
1934
bales.. 894,000
78,000
Sept. 14Stock at Liverpool
Stock at Manchester
1933
721,000
95,000
1932
663.000
129,000
1931
693,000
145,000
972,000
367,000
141,000
24,000
58,000
44,000
12,000
11,000
816,000
438,000
172,000
25,000
66,000
101,000
792,000
288,000
129,000
15,000
66,000
61,000
838,000
245.000
236,000
7,000
70,000
27,000
657,000
802,000
539,000
585,000
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
1,629,000 1,618,000 1,351,000 1,423,000
Total European stocks
31,000
42,000
85,000
India cotton afloat for Europe--- 67,000
American cotton afloat for Europe 164,000 359,000 333,000 167,000
104,000
93,000
118,000
Egypt,Brazil,&c.,art for Europe 148,000
137,000
228,000 432,000 537,000
Stock in Alexandria, Egypt
841,000 700,000 770,000 505,000
Stock in Bombay, India
2,529,258 3,097.202 3,404,837 2,909,177
Stock in U. S. ports
1,226,568 1,152,214 1,344,300 749,994
Stock in U. S. interior towns
14,726
22,463
31,174
33,064
U. S. exports to-day
6,756,552 7,363,590 7,817,201 6,459,634
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
277,000
Liverpoolstockbales- 269,000 368,000 315,000
,
48,000
70,000
45,000
Manchester stock
315,000
Bremen stock
100,000
Havre stock
100,000 726,000 505,000 490,000
Other Continental stock
164,000 359,000 333,000
167,000
American afloat for Europe
2,529.258 3,097,202 3,404,837 2,909,177
U. S. port stocks
1,226,568 1,152,214 1,344,300 749,994
U. S. interior stocks
14.726
31,174
33,064
22,463
U. S. exports to-day
Total American
East Indian. Brazil,
Liverpool stock
Manchester stock
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c , afloat
Stock in Alexandria, Egypt
Stock In Bombay, India
4,758,552 5,781,590 6,005,201 4,660,634
625,000
353.000 348,000 416,000
38,000
47,000
59,000
100,000
52,000
.
41,000
49,000
76,000
54,000
95,000
87,000
85,000
31,000
42,000
148,000
93,000
118,000
104,000
137,000
228,000 432,000
537,000
700,000 770,000
841,000
505.000
1,998,000 1,582.000 1.812,000 1,799,000
Total East India, &c
4,758,552 5,781,590 6.005,201 4,660,634
Total American
6,756,552 7,363,590 7,817,201 6,459.634
Total v.sible supply
7.10d.
5.47d.
5.88d.
3.74d.
Middling uplands, Liverpool_ _
9.60c.
7.05c.
6.40c.
Middling uplands, New York- _ _ 13.05c.
7.90d.
8.87d.
9.85d.
7.10d.
Sakel, Liverpool_ __ Egypt, good
4.58d.
5.44d.
5.60d.
3.21d.
Broach, fine, Liverpool
6.23d.
5.21d.
5.73d.
3.66d.
Tinnevelly, good, Liverpool
Continental imports for past week have been 49,000 bales.
The above figures for 1934 show an increase over last
week of 144,563 bales, a loss of 607,038 from 1933, a
decrease of 1,060,649 bales from 1932, and an increase:of
296,918 bales over 1931.
At the Interior Towns the movement-that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movement to Sept. 14 1934
Towns.
Ship- Stocks
melds. kept.
14.
Week. Season. Week.
Receipts.
90 8,046
2,960
174
Ala., Birming'm
158 5,482
2,120
Eufaula
944
608 24,090
4,623
Montgomery 2,188
503 27,002
8,060
Selma
4,749
11,259 1,196 40,458
Ark.,Blytheville 7,181
14 11,059
1,776
Forest City-. 1,361
51 17,418
7,159
Helena
3,979
420 12,129
3,876
Hope
1,727
557 3,365
487
Jonesboro_ .._
115
5,392 1,174 30,042
2,430
Little Rock
548 7,947
329
Newport.
2
769 19,989
4,961
2,604
Pine Bluff
74 5,026
537
311
Walnut Ridge
176 9,784
2,543
Da., Albany
545
200 48,536
Athens
280 . 1,373
14,731 4,738 166,663
Atlanta
2,167
12,519 2,706108.389
Augusta _ _ 4,228
4,800 -_ _ 12,811
Columbus...
300
2,231 1,787 29,021
Macon
667
75 8.181
46
Rome
30
14.875 3,118 24,629
La., Shreveport 3,207
589 35,793
26,243
Miss.Clarksdale 12,019
603 7,992
173
Columbus...
164
638 45,893
21,811
Greenwood... 13,167
62 10.974
2,045
Jackson
1,157
115 3,290
64
Natchez
45
62 3,049
Vicksburg...
539
359
92 11,513
5,305
3.124
Yazoo City
25.059 4,257 8,828
Mo., St. Louis_ 4,035
55 18,651
65
N.C.Greensb'ro
__
Oklahoma
7,670 1,237 39,282
3,662
15 towns* _
9.486 2.729 79,684
S.C., Greenville 1,213
Tenn.,Memphis 35,432 107.884 14,599289,693
1.378 1,416 1,937
Texas. Abilene. 1.378
6,342 1,372 4,108
1,884
Austin
6,336 1,264 5,586
1,615
Brenham_ __ _
7.787 2,708 7,079
3,080
Dallas
822 5,983
5.105
Paris
2,620
290 4.090
6,066
Robstown_
80
897 1,281
2,958
394
San Antonio.
215 9,761
2,14
Texarkana _
.
890
16,235 3,438 12,034
Waco
4,341
Total, 56 towns 130,044
Movement to Sept. 15 1933
Receipts.
Week.
Season.
Ship- Stoats
ments. Sept.
Week.
15.
243
620
2,026
3,880
212
53
951
2,768
____
278
87
656
__
687
820
449
6,777
700
323
25
5,235
4,596
389
7,580
2,143
28
258
2,241
2,785
6
565
2,137
4,896
8,615
385
82
1,181
3,923
27
2,926
195
2,111
31
4,332
2,260
2,985
35,877
1,600
3,296
28
7.391
8,040
859
14,545
3,391
37
661
3,527
15,866
294
4,377
2,855
7,974
199
2,093
2,906
5,397
3,257
213
1,408
686,
8,200
7,394 1,647 17,920
14,693 4,545 82,188
63,475 11,764248,298
175
169
109
7,445 1,010 5,084
13,275 2,1351 5,980
11,624 3,432 12,162
983 4,248
4,648
4111 3,070
3,813
7661 2,306
6,740
127 11,278
1,152
24,5871 5,320 13.601
367,360 56,4201226568 86.360
290.687 53,4781152214
681 5,217
502 5,779
1,638 32,200
323 30,350
171 15,195
4 9,976
250 19,752
797 11,617
69 1,437
255 37,728
506 6,891
431 23,312
____ 1,986
70 4,195
440 45,155
2,821182,302
2,821109,017
250 16,251
783 34,176
450 5,365
2,050 28,272
652 18,125
188 4,457
1,038 43,941
582 17,323
14 2,529
235 5,109
283 11,260
2
2,78'
80 16,935
• Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
increased during the week 73,753 bales and are to-night
74,354 bales more than at the same period last year. The
receipts of all the towns have been 43,684 bales more than
the same week last year.
1727
Financial Chronicle
Volume 139
Agricultural Department's Report on Cotton Acreage
Condition and Production-The Agricultural Department at Washington on Saturday (Sept. 8) issued its report
on cotton acreage, condition and production as of Sept. 1.
The production of cotton is placed at only 9,252,000 bales,
which is 3,795,000 bales less than last year's crop and
5,414,000 bales less than the average production in the
five-year period, 1928 to 1932. The area indicated for
SALES
Futures
Market
Spot Market
harvest is given as 27,241,000 acres which is the area in
Spot Contect Total
Closed
Closed
cultivation July 1, less the abandonment after that date.
797
797
Saturday. _ _ Steady, 5 pts. adv_ _ Barely steady....
The condition of the cotton crop is placed at only 53.8% of
100
lOO
Quiet,30 pts. dec_ _ _ Barely steady_ _
Monday _
normal on Sept. 1 this year and compares with a condition of
-3
.156
300
Tuesday _- - Steady, 10 pts. adv.. Steady
-year (1923-32) average
Wednesday.. Quiet, 15 pts. dec_ _ _ Barely steady_ _
67.5% a year ago and 57.7% the 10
Thursday -- Quiet,5 pts. dee_ _ _ _ Barely steady_ _
condition. The indicated yield per acre is placed at 162.6 lbs.
Quiet,5 pts. dee__ __ Barely steady
Friday
as against 208.5 lbs. last year and a 10-year average yield of
1,097
100 1,197
Total week_
169.9 lbs. None of the figures take any account of linters.
14.887
600 15,487
Since Aug. 1
Comments on the report will be found in the editorial pages.
- Below is the report in full:
Overland Movement for the Week and Since Aug. 1
A United States cotton crop of 9,252,000 bales in 1934 is forecast by tile
We give below a statement showing the overland movement
conditions as of Sept. 1. This refor the week and since Aug. 1, as made up from telegraphic Department of Agriculture, based on6-10ths of 1% over the United States
presents an increase of 57.000 bales, or
reports Friday night. The results for the week and since total as forecast on Aug. 1. The crop as forecast is 3.795.000 bales less than
last year's crop and 5,414.000 bales less than average production in the
Aug. 1 in the last two years are as follows:
Market and Sales at New York
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same day.
1934-Since
Week. Aug. 1.
4.257
27.929
8.516
1,049
1933
Since
Week. Aug. 1.
2,785
15.604
845
4,836
4,000
2,324
27,306
28,195
1,095
4.13924,606
22,121
3,000
Total gross overland
14,987
Deduct Shipments
Overland to N. Y., Boston, Stc_... 1,736
Between interior towns
496
Inland, &c.,from South
7,838
94,270
9,924
63,426
7,566
1.733
22,433
1,139
232
2,016
5,340
1.587
20.500
Sept. 14Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
10,670
31.672
3,387
27,427
Leaving total net overland*____ 4,917
Total to be deducted
62,598
6,537
35,999
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 4,917 bales, against 6,537 bales for
the week lost year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 26,599 bales.
1934------1933
Since
Since
In Sight and Spinners'
Week.
Aug. 1.
Week.
Aug. 1.
Takings.
646.182 276,295 1,028,292
Receipts at ports to Sept. 14
191,728
35.999
62,598
6,537
Net overland to Sept. 14
4,917
510,060 105,000
805.000
Southern consumption to Sept. 14 78,000
Came into sight during week
Total in sight Sept. 14
1.869,291
*39,650
*190,238
421,247
348,398
1,292,611
North. spin's' takings to Sept. 14.. 18,820
128,205
1,639.403
14,101
112,475
* Decrease.
Movement into sight in previous years:
Week
Since Aug. 1-Bales
1932
-Sept. 16
397,720,1932
1931-Sept. 18
367,627 11931
1930
-Sept. 19
535.10011930
Bales
1,316.310
1.236,522
2,338,100
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:
Closing Quotations for Middling Cotton on
Week Ended
Sept. 14.
Galveston
New Orleans.. _ _
Mobile
Savannah
Norfolk
Montgomery.. _ _
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth_ _
Oklahoma snow snarp declines because of further damage from drought
during the first tnree weeks of August. The yield of 80 pounds per acre
forecast for Oklahoma is the lowest of record for that State. On the other
hand, the 325 pounds per acre forecast for North Carolina is one of the
highest ever made there.
Cotton Report as of Sept. 1 1934.
The Crop Reporting Board of the United States Department of Agriculfollowing report from data furnished by crop correspondents,
ture makes the
field statisticians, co-operating State Boards (or Departments) of Agriculture and Agricultural Colleges. The final outturn of cotton will depend
upon whether the vations influences affecting the crop during the remainder
of the season are more or less favorable than usual.
Slate.
Virginia
North Carolina
South Carolina
Georgia
Florida
Missouri
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
New Mexico
Arizona
California
All other
United States total
T MOO! 1,11.‘vvelch l/11•1
13.15
13.13
12.88
13.04
12.75
12.75
13.03
12.95
13.15
12.88
12.70
12.70
13.25
13.22
13.00
13.20
13.05
12.85
13.25
13.05
13.25
13.00
12.85
12.85
13.10
13.11
12.86
13.06
12.95
12.85
13.11
12.90
13.10
12.85
12.70
12.70
13.05
13.04
12.80
13.01
12.90
12.75
13.05
12.85
13.05
12.80
12.65
12.65
13.00
12.97
12.73
12.99
12.85
12.70
12.99
12.89
13.00
12.73
12.60
12.60
-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,
Sept. 8
Monday,
Sept. 10
Tuesday, Wednesday, Thursday,
Sept. 12
Sept. 11
Sept. 13
FrMay,
8e1 t. 14
Sept(1934)
12.98- - 12.89
13.07-13.09 12.95
12.8! -12.83
October - 13.15November..
December 13.25-13.28 13.08-13.09 13.17-13.20 13.06-13.07 12.99-13.00 12.91 -12.92
Jan.(1935) 13.31 -13.11 Bid. 13.22 Bid. 13.11 Bid. 13.02 Bid. 12.9 -12.93
February..
13.03-13.04 12.9
,
March_ ___ 13.36-13.38 13.18-13.19 13.30-13.31 13.15April
13.22 Bid. 13.34 Bid 13.20 Bid. 13.08 Bid. 12.91 -12.98
13.42May
June
13.47-13.48 13.29 Bid. 13.39 Bid 13.26 Bid. 13.1513.0
Bid
July
August - -ToneSteady.
Steady.
Steady..
St dy
Steady.
Steady,
Spot
Stnady.
Steady_
Steady.
Steady.
Steady.
St ady
Options_ _
New York Cotton Exchange Fixes Limit of Interest
at 1,000,000 Bales for September Delivery-The Board of
Managers of the New York Cotton Exchange voted Sept. 11
to set the maximum limit of interest by any member, firm,
or corporation, and his or its affiliations, at 1,000,000 bales
for delivery in September 1934, and in all months up to and
including August 1935.
27,241
82
Average
1923-32
1934
%
73
71
63
69
74
78
72
65
65
55
68
72
%
88
80
70
66
67
57.7
d 87
1933
Virginia
North Carolina
South Carolina
Georgia
Florida
Missouri
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
New Mexico
Arizona
California
All other
Lb.
270
269
208
176
124
256
196
172
191
192
139
149
188
318
322
386
227
Lb.
275
300
255
246
141
340
240
195
194
176
185
208
193
468
391
500
311
United States total
Lower Calif.(Old Mexico)e
169.9
242
208.5
159
61
oo
69
91
88
84
84
61
50
44
30
43
69
94
91
77
67.5
81
53.8
42
66
Production (Gtnnings)
500 lb. Gross Wt. Bales
Yield per Acre
State.
1933
Thousand
Acres
%
57
72
67.
964
1,267
56
56
2,124
61
84
66
288
755
63
59
2,199
58
2,615
54
1,225
55
10,390
56
2,539
59
2,269
86
92
86
c 132
88
222
d 73
19
2.8
(In
TufekvIne,.
Saturday Monday. Tuesday. Wed'day. Thursd'y. Friday.
13.35
13.30
13.09
13.25
13.15
12.95
13.25
13.15
13.35
13.08
12.75
12.75
Sep. 1 Condition.
1934 Acreage
Total
AverFor
Abandonage
ment After Harvest
(Prelim.) 1923-32
July 1
(Prelim.)
,,,o01,ococrot-we coo,,e0.1,Lo
!
Total marketed
274,645 1,218.780 387,832
33,415
73,831
Interior stocks in excess
73,753
Excess of Southern mill takings
over consumption to Aug. 31
five-year period, 1928 to 1932.
Tile estimated acreage remaining for harvest is 27,241,000 acres. In the
-year average abandonAug. 1 report the Crop Reporting Board used the 10
ment of 2.4%; in tne Sept. 1 report tne Board Used tne abandonment of
2.8% indicated by the reports made by crop correspondents as of Sept. 1.
The forecast yield per acre for the United States is 162.6 pounds,compared
-year period, 1923 to 1932.
with the average of 169.9 pounds for the 10
During August the prospects have improved in all States from Alabama
east, because of tne generally favorable weather conditions whicn obtained
there during the greater part of the month. These increases are partly
offset by decreases in the States west of Alabama. In Texas the production
forecast is practically tne same as was reported a month ago. Arkansas and
Indicated
1934 a
1933
Crop b
Lb.
Thousand
Bales.
320
325
265
210
130
290
225
210
190
170
110
so
150
400
375
470
288
162.6
104
1934 Crop
Indicated
sert.1
37
684
735
1,105
28
253
443
969
1,159
477
4,428
1.266
1,041
94
96
217
15
Thousand
Bales
38
656
703
933
23
175
355
965
1,039
436
2.383
424
711
77
c 104
218
12
13,047
18
9,252
13
a Indicated Sept. 1, on area remaining for harvest. b Allowances made for interstate movement of seed cotton for ginning. c Including Pima Egyptian long staple
cotton, 29,000 acres and 16,000 bales. d Short-time average. e Not included in
California figures nor In United States total
Cottonseed Oil Consumption During August Highest
on Record According to New York Produce Exchange
The cottonseed oil futures market on the New York
Produce Exchange announced Septl 12 that consumption of
cottonseed oil for the month of August was a record figure
for all time, totaling 402,405 barrels, which compares with
318,352 barrels the previous month and 234,536 barrels
last year. Visible supply of oil and seed as of Sept. 1 amounted
to 1,656,000 barrels, compared with 1,889,000 barrels a
year ago, the Exchange said, the lowest since September
1931, with the exception of one month. The Exchange
continued:
Financial Chronicle
1728
The August consumption and visible supply figures are the first to
seriously reflect the Government slaughter of hogs and the resultant
decrease in lard stocks. This, together with expectations of a small cotton
crop, give indication that the supply of cottonseed oil on hand will be
heavily drawn upon from now on.
World Consumption of American Cotton Last Season
Above Preliminary Estimate, New York Cotton
-The world consumption of American
Exchange Reports
cotton was slightly larger than preliminary reports indicated,
according to a report issued Sept. 10 by the New York Cotton
Exchange Service. The world carryover of American cotton
on July 31 was slightly smaller than originally estimated,
which fact, the Exchange Service said, together with the
new Government cotton crop forecast issued. last Saturday,
makes necessary a revision in the indicated world supply of
American cotton for this season. "World consumption of
American cotton during the past season aggregated 13,681,000 bales as compared with our preliminary estimate of
13,564,000 bales," the Service stated, adding:
Two seasons ago, world cotton spinners used 14,405,CCO bales of the
American staple, three seasons ago 12,506,000, and four seasons ago 11,113,000. Returns on mill stocks issued last week by the International
Federation of Master Cotton Spinners showed smaller stocks at mills on
the Continent and in the Orient than allowed for in our preliminary calculations, and hence necessitated upward revisions in our consumption
estimates for the Continent and the Orient.
However, the essential facts of our preliminary estimate remain unchanged,since only very slight revisions were necessary in our estimates of
consumption in the United States, Great Britain, and minor cotton-consuming countries, and slight revisions in our estimates for the Contient
and the Orient.
Domestic mills used 5,554,000 bales of American cotton last season as
compared with 6,004.000 two seasons ago,and 4.744,000 three seasons ago.
In Great Britain, spinners consumed 1,403,000 bales as against 1,365.000
two seasons ago, and 1.323,000 three seasons ago. Continental mills nsed
3,499,000
4,230.000 bales as compared with 4,079,000 two seasons ago and as against
three seasons ago. Oriental spinners consumed 2,221,000 bales
ago, and 2,731,000 three seasons ago. In the minor
2.721,000 two seasons
cotton-consuming countries. Canada, and Central and South America,
mills used 273,000 hales as compared with 236,000 two seasons ago, and
209,000 three seasons ago.
Our revised estimate of the world carryover of American cotton on
July 31 1934. is 10.748.000 bales as compared with our preliminary estimate
of10,836,000 bales. The carryover at the end of July last year was 11,754,000 bales, and two years ago 13,228,000. The reduction of 1,006,000 bales
in the world carryover at the end of last July as compared with a year
earlier occurred partly in the United States and partly abroad. The endseason stock of American cotton in the United States totaled 7,650,000 bales
as against 8,081,000 a year earlier, a reduction of 431,000 bales. The endseason stock abroad was 3,098,000 bales as compared with 3,673,000 a
year before, a drop of 575,000 bales. Stocks in the Orient were slightly
larger than at the end of July a year ago, while stocks in Great Britain and
on the Continent were somewhat smaller.
Census Repost on Cottonseed Oil Production During
-On Sept. 12 the Bureau of the Census issued the
August.
following statement showing cottonseed received, crushed
and on hand, and cottonseed products manufactured,shipped
out, on hand and exported for 1 month ended Aug. 31 1934
and 1933:
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS)
Received at Mills.*
Aug. 1 to Aug. 31
State
1934
1933
15,607
29,718
17,569
17,689
1,456
177,677
11,434
Alabama
Georgia
Louisiana
Mississippi
Oklahoma
Texas
All other States
18,274
33,874
9,316
6,492
3,381
157,991
6,712
Crushed
Aug. 1 to Aug. 31
1934
16,906
27,845
8,522
12,227
14,225
98,429
17,607
1933
On Hand at Milts
Aug. 31
1933
1934
17,752
10,425
28,309
27,204
12,602
6,373
24,690
11,610
5,783
27,705
122,908 182,196
28,808
28,691
10,813
18,161
5,521
6,619
2,958
134,386
43,487
271,145 236,040 195.761 235,033 300,023 221,945
United States
•Includes seed destroyed at mills but not 224,639 tons and 220,938 tons on hand
Aug. 1 nor 1,047 tons and 2,131 tons reshipped for 1934 and 1933 respect vely.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
HAND
Item
Season
On Hand
Aug. 1
Produced
Aug. 1 to
Aug. 31
Shipped Out
Avg. 1 to
Aug. 31
On Hand
Aug. 31
54,762,231 .38,669,694
59,322,191
Crude oil, lbs___ 1934-35 .35,548,984
65,450,940
59,111,236
71,562,448
51,269,417
1933-34
a543,143,857
Refined oil, lbs 1934-35 a655,584,187 648,521,687
641,109,922
57,393,345
676,331,574
1933-34
122,865
96,147
90,633
128,379
Cake and meal, 1934-35
90,261
177,948
107,335
160,874
1933-34
tons
43,310
42,923
54,808
31,425
1934-35
Hulls, tons
44,447
98,205
65,966
76.686
1933-34
42,198
73,411
38,450
77,159
Linters, running 1934-35
39,600
38,471
69,657
70,786
1933-34
bales
1,727
840
1,858
709
Hull fiber, 500- 1934-35
1,425
1,178
1,618
985
1933-34
lb. bales
2,471
3,496
1,928
4,039
3rabbots, motes 1934-35
1,578
3,844
2,206
3,216
do., 500-lb 1933-34
bales
•Includes 4,909,814 and 7,167,164 pounds held by refining and manufacturing
establishments and 10,658,880 and 6,962,280 pounds In transit to refiners and
consumers Aug. 1 1934 and Aug. 311034 respectively.
a Includes 3,658,221 and 2,392,194 pounds held by refiners, brokers, agents and
warehouseman at places other than refineries and manufacturing establishments
and 4,811,478 and 9,424,440 pounds In transit to manufacturers of lard substitute,
oleomargarine, soap, do.. Aug. 1 1934 and Aug. 31 1934 respectively.
S Produced from 53,737,308 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR TWELVE MONTHS ENDED
JULY 31
1934
Item
Oil, crude
Oil, refined
Cake and meal
Linters
pounds
pounds
tons of 2,000 pounds
running bales
1933
15,188,334
7,302,799
73,009
169,076
33,364,461
10,166,512
150,283
183,810
Sept. 15 1934
865,160 bales from the crop of 1932. Below is the report
in full:
REPORT ON COTTON GINNING
Number of bales of cotton ginned from the growth of 1934 prior to
Sept. 1 1934. and comparative statistics to the corresponding date in 1933
and 1932.
Running Bales
(Counting round as half bales and excl. linters)
State
1934
Alabama
Arizona
Arkansas
Florida
Georgia
Louisiana
Mississippi
Missouri
Oklahoma
South Carolina
Texas
All other States
1933
1932
58,190
6,453
58,758
6,709
125,715
93,730
82,432
7,953
13,830
4,505
936,287
3,324
90,673
216
5,161
8,410
238,886
47,136
45,856
2
3,544
51,271
902,951
2,033
34,970
478
28,014
2,669
84,758
78,835
58,915
None
3,902
19,806
551,273
1,540
*865,160
*1,397.886
*1,396,139
United States
* Includes 99,787 bales of the crop of 1934 ginned prior to Aug. 1 which was
the supply for the season of 1933-34. compared with 171,254 and 71,063
counted in
bales of the crops of 1933 and 1932.
The statistics in this report include 19,052 round bales for 1934; 35,685
for 1933 and 16,179 for 1932. Included in the above are 207 bales of
American-Egyptian for 1934: None for 1933: and 31 for 1932.
The statistics for 1934 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
CONSUMPTION, STOCKS, IMPORTS, AND EXPORTS
UNITED STATES.
Cotton consumed during the month of July 1934, amounted to 359,372
bales. Cotton on hand in consuming establishments on July 31, was
_,1 230,369 bales, and in public storages and at compresses 5,565.140 bales.
The number of active consuming cotton spindles for the month was 24.417,682. The total imports for the month of July 1934, were 10,893 bale.
and the exports of domestic cotton, excluding linters, were 305,820 bales
WORLD STATISTICS
The world's production of commercial cotton, exclusive of linters, grown
in, 1933, as compiled from various sources, was 25,193.000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the United States) for
the year ending July 31 1933, was 24,986,000 bales. The total number of
spinning cotton spindles, both active and idle, is about 158,000,000.
Weather Reports by Telegraph-Reports to us by
telegraph this evening denote that temperatures have been
unseasonably low in the central part of the cotton belt during
the week but near normal in the other sections. There
have been heavy rains in much of the Atlantic areas except
locally.
Texas-There has been very little rain in this State and
the condition of cotton is mostly fair.
Galveston, Tex
Amarillo. Tex
Austin, Tex
Abilene, Tex
Brenham, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
El Paso, Tex
Henrietta, Tex
Kerrville, Tex
Lampasas, Tex
Longview, Tex
Luling, Tex
Nacogdoches, Tex
Palestine. Tex
Paris, Tex
San Antonio, Tex
Taylor, Tex
Weatherford, Tex
Oklahoma City, Okla
Eldorado, Ark
Fort Smith, Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria, La
Amite, La
New Orleans, La
Shreveport, La
Meridian, Miss
Vicksburg, Miss
Mobile, Ala
Birmingham. Ala
Montgomery, Ala
Jacksonville, Fla
Miami, Fla
Pensacola. Fla
Tampa, Fla
Savannah, Ga
Athens, Ga
Atlanta, Ga
Augusta, Ga
Macon, Ga
Charleston, S.0
Greenwood,S. C
.
Columbia, 8 0
Asheville, N. 0
Charlotte, N.0
Newborn, N.0
Raleigh, N.0
Weldon, N.0
Wilmington, N. C
Memphis, Tenn
Chattanooga, Tenn
Nashville, Tenn
i
Rain.
2 days 1.67 in.
1 day 0.06 in.
2 days 0.22 in.
1 day 0.84 in.
3 days 2.57 in.
5 days 1.03 in.
4 days 2.70 in.
1 day 4.18 in.
dry
1 day 6.16 in.
3 days 2.78 in.
1 day 3.18 in.
dry
dry
3 days 1.24 in.
1 day 0.20 in.
1 day 0.68 in.
1 day 0.46 in.
2 days 0.28 in.
3 days 0.10 in.
2 days 0.79 in.
3 days 3.32 in.
dry
2 days 0.56 in.
dry
dry
dry
1 day 0.04 In.
1 day 0.08 in.
1 day 0.56 in.
1 day 2.26 in.
dry
dry
1 day 0.80 in.
dry
4 days 0.39 in.
3 days 1.30 in.
2 days 0.42 in.
3 days 1.96 in.
4 days 2.23 in.
1 day 0.02 in.
2 days 1.11 in.
1 day 0.60 In.
dry
1 day 0.84 in.
1 day 0.71 in.
3 days 0.05 in.
1.38 in.
1 day
3 days 3.44 in.
1 day 2.01 in.
2 days 2.53 in.
3 days 1.30 in.
3 days 2.48 in.
1 day 0.15 in.
2 days 0.84 in.
4 days 0.52 in.
h gh 86
high 96
high 92
high 94
high 90
high 90
high 86
high 90
high 94
high 94
high 96
high 94
high 100
high 98
high 94
high 96
high 92
high 92
high 92
high 96
high 96
h
high 93
i
high 92
92
l
3
li
l
i lfg 18
Thermometer
low 75 mean 81
low 56 mean 76
low 70 mean 81
low 66 mean 80
low 68 mean 79
low 68 mean 79
low 72 mean 79
low 62 mean 76
low 72 mean Fa
low 62 mean 76
low 56 mean 76
low 66 mean 80
low 64 mean 82
low 58 mean 78
low 70 mean 82
low 58 mean 77
low 60 mean 76
low 58 mean 76
low 70 mean 81
low 62 mean 79
low 56 mean 76
mean 72
low 54 mean 74
56 mean 74
low 50 mean 71
7
4
lew 9 mean 7
o 5
high 95 low 53 mean 74
high 88 low 68 mean 80
high 94
94
w 60 mean 7
4
77
94
92 low
high
low 58 mean 75
high 91
63mean 77
M
high. 88 low
mean
high 92 low
high 90 low 72 mean 81
high 92 low 72 mean 82
high 88 low 68 mean 78
ean
high 92 low 70 mea n 81
high 91 lew 670
i ow 1
mean 74
high 88
high 88 low 60 mean 74
high 92 low 68 mean 80
high 92 low 62 mean 77
high 86 low 71 mean 78
high 97 low 66 mean 82
high 92 low 68 mean 80
high 86 low 54 mean 70
high 91 low 68 mean 77
high 90 low 68 mean 79
high 92 low 66 mean 79
high 92 low 62 mean 77
high 88 low 68 mean 78
high 89 low 56 mean 74
high 92 low 58 mean 75
high 86 low 56 mean 71
ga r....
The following statement we. have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge..
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Sept. 14 1932
Feet
2.3
1.8
9.5
7.6
3.5
Sept. 15 1933
Feet
3.2
6.7
9.9
8.1
12.9
Receipts from the Plantations-The following table
Cotton Ginned from Crop of 1934 Prior to Sept. 1
actual movement each week from the plantaCensus report issued on Sept. 8, compiled from the indicates the figures do not include overland receipts nor
The
returns of the ginners, shows 1,397,886 running tions. The
individual
Southern consumption; they are simply a statement of the
bales of cotton (counting round as half bales and excluding weekly movement from the plantations of that part of the
from the crop of 1934 prior to Sept. I.,
linters) ginned
which finally reaches the market through the outports.
compared with 1,396,139 bales from the crop of 1933 and crop
Receipts at Ports.
1934.
1933. 1932.
Stocks at Interior Towns. 'Receiptsfrom Plantations
1934. 1933. 1932.
1933. 1 1932.
1934.
II
Jun
6,431 36.501 3,473
15_ 34,833 72.682 24.783 1,284,17711.442,02711,476,605 25,524 10.929 14.242
22-- 47.623 60,353 40,793 1.262.078 1,39k,o03 1,450.054 33.7
27.035 25.367
59,054 75,954 44.758 1,236,729 L343,684,1.430,583
29
I
July
13,044
50,199 80,277 34,435 1,222,383 1.310.456,1,409,172 85,853 47.049 10.987
16,112 55,790
13__ 34,622 82,935 31,295 1,203,873 L283,31111,388,864 27,222 97,662 4,520
361,854
20__ 51.435125,404 31.530 1,179,680 1,255,589i1,
84,451 52,884
27-- 50.608103,031 62,468 1,164,839,1.204,9891,352,270 35,787
I
Aug.57,227 79.362
3._ 62,636 96,563 98,638 1.145,79611,177,653 1.332,994 43,693 51,108 56,075
1,313,467 38,119
10._ 55,632 77,524 75,602 1,128,283 1,151,524 1,293.783 39.943 82,275 66.032
1,130,073
17.. 50.645103.437 85,716 1.117,581
66.929121.850 86,882
24__ 71,884 142,921 111,1421,104,626 1,109,002 1,269.523 120.080 209,142 146,525
31._ 122,533206,619 154,553,1302.1731,111,5251.261.495
11I
Sept.
195.738 193,916
14._ „
7_ _ 137,090188,484183,6761,152,8151,118,779 1,271,735 187,732 „
, 26„ . „
-Our report received by cable toManchester Market
night from Manchester states that the market in both
yarns and cloths is quiet. Demand for both yarns and cloth
is poor. We give prices to-day below and leave those for
previous weeks of this and last year for comparison:
325 Cop
Twist.
d.
6,611,989
Visible supply Sept. 7
6.879,719
Visible supply Aug. 1
348.398 1.292,611
American in sight to Sept. 14
138.000
15,000
Bombay receipts to Sept. 13_
66,000
17,000
Other India ship'ts to Sept.13
25,200
17.000
Alexandria receipts to Sept. 12
65.000
14,000
Other supply to Sept. 12*b__ _
Total supply
Deduct
Visible supply Sept. 14
7,242,993
7,632,242
421,247 1,639,403
77.000
7.000
102.000
8,000
14.400
11,000
61,000
8,000
7,023.387 8,466,530 7,698.240 9,526.045
6.756,552 6,756,552 7.363,590 7.363.590
334,650 2,162,455
266,835 1,709,978
Total takings to Sept. 14_a_ _
284,650 1.700,055
188,835 1,228.778
Of which American
462.400
50,000
481,200
78,000
Of which other
West Indies, &c.
* Embraces receipts in Europe from Brazil. Smyrna,
the total estimated consumption by
a This total embraces since Aug. 1
-takings
Southern minis, 510,000 bales in 1934 and 805,000 bales in 1933
and
-and the aggregate amounts taken by Northern
not being available
bales in 1933, of
foreign spinners, 1.199.978 bales in 1934 and 1,357,455
bales and 895,055 bales American.
which 718.778
Estimated.
-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:
Week.
15,000
Bombay
Since
Aug. 1.
138,000
Week.
7,000
Great
Great Conti- Japan&
Britain. ,tent. China. Total. Britain.
Bombay
1,000 5,000 15,000 21,000
1934
--- -1 6.000 3,000 9,000
1933
__ I 3,000 17,000 20,000
1932
Other India17,000
2,000 15,000
1934
8,000
1,000 7.000
1933
8,000
._ --, 8,000
1932
Total all1934
1933
1932
Since
Aug. 1.
Since
Aug. 1.
Week.
183,000
77.000 47.000
Since August 1.
For the Week.
Exports
from--
1932.
1933.
1934.
Sept. 13
Receipts at
-
I
3,000 20,000 15,000 38,000
1,000 13,000 3,000 17,000
17,000•28.000
4,000
4,000
2000,
12,000
30,000
11,000
Contineat.
Japan &
China.
Total.
26,000 100,000
32,000
43,000
14,000 86,000
130,000
79,000
102,000
54.000
72,000
28,000
66.000
102,000
39,000
16,000 80,000 100,000 196,000
32,000 181.000
34,000 115.000
141.000
13,000 42,000 86.
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
8,000 bales. 'Exports from all India ports record an increase
of 21,000 bales during the week, and since Aug. 1 show an
increase of 15,000 bales.
-We now re'Alexandria 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:
Alexandria, Egypt,
Sept. 12
Receipts (cantars)This week
filvinga Alm' 1
Export (Bales)-
1934.
85,000
126.162
This Since
Week. Aug. 1.
1933.
55,000
69.347
This Since
Week. Aug. 1.
1932.
320,000
341 2fiR
This Since
Week. Aug. 1.
4,400 3.000 10,969 2,000 10,962
To Liverpool
---- 10,026 2.000 6,622
8,772
To Manchester, &c
10,000 43,349 5,000 46.115
To Continent & India--- 9,000 46,213 ‘....-- 6,791
2,960
---2.592
____
To America
9.000 61.977 13.000 71.135 9.000 66.659
Tnt.1 arnnrtit
750 lbs.
-A cantar is 99 lbs. Egyptian ha es weigh about Sept. 12 were
Note.
for the week ended
This statement shows that the receipts 9 000 bales.
cantars and the foreign shipments
85,000
92 @94
92 0 9 4
92 @94
7
7
7
094
@94
@94
@9 4
6.66
6.99
7.17
6.97
93401034
934 010X
934181034
9 010X
7
7
7
7
@94
@96
@96
@96
@96
7.07
7.42
7.11
7.12
7.11
934@1034
9311810%
834 010
83i4010
9 ,g1.0%
7
7
4
4
4
18 9 6
09 6
7.20
7.10
8%@ 9%
8%@10
3
3
.
d
6.18
6.18
6.38
6.40
6.33
6.23
6.47
6
6.25
5.90
5.66
5.53
5.60
5
5
5.38
5.47
6
-As shown on a previous page, the
Shipping News.
have
exports of cotton from the United States the past weekmade
reached 80,023 bales. The shipments in detail, as
up from mail and telegraphic reports, are as follows: Bales.
Season.
Week.
Season.
d.
9341810%
9%610%
934010X
s. d.
a. d.
d.
d.
92
92
20. 1034 01134 92
1034011X 92
27.
Aug.1034 WIX 92
94
1034012
94
I034 012
1034181134 94
1034 01134 94
Sept.
1034 @Hid 9 4
10%011% 94
1933.
1934.
Week.
10 01114
22. 10 @1131
10%@11%
July
10341811%
32s Cop
Twist.
814 Lbs. Shirt- Cotton
Wigs, Common
UpIds.
to Finest.
6.61
6.69
6.84
s. d.
June
The above statement shows: (1) That the total receipts
bales;
from the plantations since Aug. 1 1934 are 720,013 bales.
in 1933 were 988,644 bales and. in 1932 were 876,766 past
(2) That, although the receipts at the outports the
week were 191,728 bales, the actual movement from plantations was 265,481 bales, stock at interior towns having
increased 73,753 bales during the week. Last year receipts
from the plantations for the week were 309,710 bales and
for 1932 they were 307,999 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:
Cotton Takings.
Week and Season.
1933.
1934.
834 Lbs. Shirt- Cotton
ings. Common MicklPg
to Finest.
SO 00000 6000 000
Week
Ended
1729
Financial Chronicle
Volume 139
400
GALVESTON-To Copenhagen-Sept. 11-Tennessee, 400
5,375
To Japan-Sept.11-Kirishima Marti,5.375
209
-Effingham, 209
-Sept. 8
To Ghent
2,946
-Effingham, 2,946
To Havre-Sept. 8
775
-Effingham, 775
To Rotterdam-Sept. 8
1,409
-Minden, 1,409
To Bremen-Sept. 8
171
-Minden, 171
To Gdynia-Sept. 8
1.148
-Minden, 1,148
8
-To Bremen-Sept.
HOUSTON
859
-Giulia,859
To Venice-Sept.10
-Tennessee,650- 1.129
-Minden,479_ _ _Sept.7
To Gdynia-Sept.8
1.795
-Giulia, 1,795
To Trieste-Sept. 10
29To Japan-Sept. 10-Kirishima Meru, 5,500_ _Aug.
7,835
. -Singapore Maru.2,035
Bradaurn,300_ -Sept 13
550
-Singapore Marts 551:
To China-Sept. 13
506
'
-Tennessee, 500
n-Sept. 7
To Copenhage
5,647
-To Bremen-Sept. 13-Sundance, 5,647
SAVANNAH
50
13-Sundance. 50
To Hamburg-Sept.
617
JACKSONVILLE-To Bremen- Sept. 7-Sundance, 617
6,275
-To Japan-Sept. 7-Kirishima Meru,
CORPUS CHRISTI
-Houston
-Singapore Meru, 200_ _.Sept. 12
.
- __Sept 10
16.640
City. 10.365
450
To China-Sept. 16--Singapore Mani, 450
544
,544
To Rotterdam-Sept. 13-Waban
2.352
-West Queechee, 2,352
To Liverpool-Sept. 12
1,367
-West Queechee, 1,367
12
To Mandhester-Sept.
-San Mateo, 1,407---Sept. 13-Waban. 2.313
To Havre-Sept. 12
906
645
-San Mateo,645
To Dunkirk-Sept. 12
357
-San Mateo,162_ --Sept.13-Wahan,195
--Sept. 12
To Ghent
-Mar
-West Ekonk,756._ _Sept. 13
11
To Barcelona-Sept.
1,850
Negro, 1,04
325
---To Gothenburg-Sept.10-8tureholm,325NEW ORLEANS
350
To Marseilles-Sept. 13-Arisa. 350
1.059
10--Stureholm.1.059
To Gdynia-Sept.
486
-San Mateo, 486
-Sept. 8
To Havre
150
-San Mateo, 150
To Dunkirk-Sept. 8
500
-San Mateo, 500
To Antwerp-Sept. 5
,
1(0
-Santa Marta. 1(10
To San Salvador-Sept. 5
966
-West Moreland. 906
6
To Bremen-dept.
100-Sept. "-West Moreland,
To Hamburg-Sept. 6
780
Patricia,680
50
-Giulia 50
.
To Venice-Sept.7
1,297
To 'rrieste-Sept.7-.Giulia. 1,297
250
-Patricia. 250
7
To Rotterdam-Sept.
100
-Liberator,100
-To Japan-Sept.8
MOBILE
24-Wido,
To Bremen-Sept. 16-Westerwald, 262 .Aug.
3,196
117_ _Aug.31-Wwt Madaket,2,817
-West
31
To Gdynia-Sept. 10-Westerwald, 172.-_Aug.
293
Madaket,121
249
-Mar Cantabrico,249
To Barcelona-Sept.1
800
800
-Giulia,
To Trieste
-Aug. 29
650
To Genoa-Aug.31-Monflore.650
-West Madaket, 150---Sept. 1
-Aug. 31
To Hamburg
605
455
Patricia,
275
To Rotterdam Aug.31-West Madakct 275
955
s,955
To Liverpool-Sept.1-Kenowl
1.016
To Manchester-Sept. 1-Kenowis. 1,016
100
To Ghent
-Sept.1-West Hiles, 100
1,625
To Havre-Sept. 1-West Inks, 1,625
200
To Antwerp-Sept.1-West Hike,200
84
-To Bremen-Sept. 11-West Camak,84
LAKE CHARLES
.
ta,347__ -Sept 10PENSACOLA-To Bremen-Sept.11-Wacas
1.386
Westerwald. 1,039
-Wester10
To Gdynia-Sept. 11-Wacasta, 100- _ -Sept.
495
weld,395
67
Sept.11-Atoundrla.67
To Liverpool9
ria,9
To Manchester-Sept.11-Afound
157
--City of Houston,157
To Japan-Sept.10
3.300
ce, 3,300
CHARLESTON-To Bremen-Sept. 11-Sundan
77
To Hamburg-Sept. 11-Sundance. 77
58
-City of Newport News.58
-Sept.13
-To Hamburg
NORFOLK
80,023
Total
-Current rates for cotton from New
Cotton Freights.
are as
York, as furnished by Lambert & Barrows, Inc.,
follows, quotations being in cents per pound:
High
Density.
Liverpool .25e.
Manchester.25o.
Antwerp .35c.
.25c.
Havre
Rotterdam .35e.
.40e.
Genoa
.460.
Oslo
Stockholm .420.
High
StandHigh
StandDensity.
acct.
Density.
ard.
.75e.
Mc. Piraeus
.500.
.25e. Trieste
.75e.
.65c. Saionica
.50c.
.25e. Fiume
.500.
Mc. Venice
Barcelona .35e.
Copenhag'n.38c.
•
•
.40e. Japan
.400.
Naples
•
•
Shanghai
.40e.
.55c. Leghorn
.55c. Bombay z .40c.
.50e. Gothenberg.42e.
.35c.
.610. Bremen
.500.
Hamburg .35e.
.57e.
Standard.
.90c.
.90c.
.65c.
.530.
.55c.
.55c.
.57e.
-By cable from Liverpool we have the followLiverpool.
ing statement of the week's sales, stocks, &c., at that port:14
7 Sept.
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Aug. 24
41,000
887,000
292,000
56.000
5,000
171,000
43,000
Aug. 31
37,000
899,000
289,000
47,000
12,000
165,000
41,000
Sept.
45,000
908,000
281,000
57.000
14,000
144.000
38,000
49,000
894,000
269.000
28.000
7,000
149.000
37,000
1730
Financial Chronicle
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.
Friday.
Market. { A fair
12:15
business Moderate
More
Good
Good
Good
P. M.
doing, demand, demand, demand, demand. demand
Mid.Upl'ds
7.24d.
7.12d.
7.08d.
7.15d.
7.09d.
7.10d.
Futures. Steady,
[
Steady, Steady, Steady,
Quiet, Steady at
Market 3 to 5 pta. 22 to 24 pta 1 to 3 pia. 1 to 3 pta. .5 to 7 Ma. 2 to 3 pta.
opened advance, decline, decline, advance, decline.
decline
Market, 1 Steady, Steady, Steady, un- Quiet but Steady. Quiet at
4 ..* 2 to 4 pta. 14 to 16 pta changed to Indy., un- 3 to 4 pta. 4 to 8 pts.
P. M. advance. decline. 3 pta. dec. changed to decline.
decline
5 pta. doe.
Prices of futures at Liverpool for each day are given below:
Sept. 15 1934
Season.? High and When Made. 1
Seasons Low and When Made.
September_ -- -111
Aug. 10 1934 September __ -- 7434 Apr. 19 1934
December
11334 Aug. 10 1934 December
89
July 2 1934
May
117
Aug. 10 1934IMaY
10334 Sept. 4 1934
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
October
8334 8334 8434 8334 8434 8234
December
85
8434 8534 8434 8434 83s
May
90
8954 8934 8834 88% 8754
Corn-On the 8th inst.,prices ended
to /c.lower,under
profit-taking sales. Spreaders were buying wheat and selling
corn. The country movement was rather light. Cash corn
ruled firm at good premiums. Many traders were inclined to
await the Government report on Monday, which is expected
to be around 1,400,000,000 bushels.
On the 10th inst., prices ended
to %e. lower on selling
by those who believed the Government crop report after the
close would be more favorable than had been generally
expected. The Government indicated a yield of 1,484,Sat. I Mon.
Tues.
Wed.
Thurs.
Fri.
602,000 bushels based on conditions of Sept. 1, or the smallest
Sept.8
i
to
112.00 12.00 12.15 4.0012.15 4.0012.15 4.0012.15 4.0012.15 4.00
Sept. 14 lp. In. P. m• IL In• P. In.la• m•P.81.P. 1o. P. in.P. m.P. m.P. m.1). m. output since 1881 and a little less than 60% of average production. The Government figures, however, are 25,602,000
New Contract. I d. d. d. d. d. d. d, d. d. d. d. d.
bushels
October (1934) __ __ 7.04 6.88 6.90 6.84, 6.90 6.91 6.90 8.85 6.87 6.86 6.83 on Aug.higher than the average of private estimates issued
31. Its Aug. 1 estimate was 1,607,000,000 bushels.
December
__ - 7.00 6.82 6.8. 6.80 6.85 6.88 6.8 6.80 6.82 6.82 6.78
January (1935) _ _ __ 6.99 6.81 6.84 6.79 6.84 6.85 6.84 8.79 6.80 6.8 6.76
On the 11th inst. prices ended M to %e. higher on buying
March
6.99 6.82 6.84 6.79 6.84 6.84 6.83 6.77 6.79 6.78 6.74 prompted by reports that loans on corn
in sealed cribs on
May
8.98 6.81 6.83 6.78 6.83 6.83 6.81 8.75 6.77 6.75 6.72 farms
July
would be increased to 55 cents for corn that would
October
6.92_ __ 6.76__ __ 6.74__ __ 6.71 - -6.66 ____6.60 grade No.4 or better than shelled, as
compared with 45 cents
December
__ __ 6.91 _ __ 6.75_ -.6.73 __ __ 6.69__ - 6.65 --__ 8.58
January (1936)_ __ 6.91 _.. - 6.7. __ __ 6.73__ __ 6.68_ - 6.64 ---- 6.57 a year ago.
_
March
6.92__ --6.76 .._ __ 6,73_ __ 6.68__ --6.64 ---- 6.57
On the 12th inst. prices closed % to %c. lower, under sellMay
6.92... --6.76 _ __ 6.73.. __ 6.68.. - 6.64 ---July
6.92- __ 6.76 __ - 6.73.. __ 6.68-- 6.64 ---- 6.57 ing influenced by the weakness in wheat. Bookings to
6.56
arrive were heavy, totaling 276,000 bushels, and offset the
announcement that 55e. a bushel would be loaned on corn
sealed in cribs. Cash interests were buying old December
BREADSTUFFS.
and selling May at 2c. difference. On the 13th inst. prices
Friday Night, Sept. 14 1934.
closed % to 7
43c. lower, under
Flour continued in small demand, and recently prices was a good demand for May at general liquidation. There
around 80c. The Farmers'
have been weaker, in sympathy with wheat.
National was a good buyer of old December. Russian shipOn the 12th inst., after showing early strength, the mar- ments were 9,000 bushels; South African, 994,000 bushels,
ket reacted and closed 1 to 1%c. lower. The early firmness and Danubian, 510,000 bushels. Argentine exports were
was due to stronger cables, but commission house liquida- estimated at 5,315,000 bushels. The open interest at Chicago
at the close on Wednesday was 87,117,000 bushels against
tion sent prices downward. Demand was lacking. Reports 86,721,000 bushels on
the previous day and 80,413,000 bushels
of I'olish rye imports also had a depressing influence. Win- on the same day last week. To-day prices
ended 13 to
nipeg was 1 to 11 3c. lower. Liverpool was up % to 14d. 2%c. lower, under general liquidation.
,f
/
DAILY CLOSING PRICES OF CORN IN NEW YORK
Rotterdam closed lc. lower to / higher. On the 13th
3
4c.
Sat. Man. Tues. Wed. Thurs. Fri.
Inst. prices recovered from an early decline, on short cover- No.2 yellow
9354 93
9334 9334 9234 9034
ing, and ended / lower to 14c. higher. Winnipeg was %
1
4c.
/
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
to %c. higher, but Liverpool dropped % to %d. The early
Sat. Mon. Tues. Wed, Thurs. Fri.
(old)
781 783< 78 34 7834 77 34 6
weakness was due to selling by Eastern interests and local September(old)
December
797 79
79 54 79
7834 76
operators. Commission houses bought. The open interest December (new)
79
7954 7934 7954 784 76
May (new)
82
8134 8134 8134 8034 777
at Chicago, at the close on Wednesday, was 153,554,000
Season's High and When Made
Season's Low and
bushels, against 153,261,000 bushels on the previous day and September_ _ 8034 Aug. 10 1934 September__ 45 When Made
Apr. 17 1934
December
84
Aug. 10 1934 December
155,407,000 bushels a week previously.
5634 June 5 1934
May
8834 Aug. 10 1934 May
7834 Aug. 18 1934
To-day prices ended % to 2%c. lower, owing to general
7734 Sept. 14 1934
May
selling in a featureless market. Demand was lacking. The
Oats
-On 8th inst. prices closed X lower to Wie. higher
le.
weakness of coarse grains also had its effect.
after showing some early strength. On the 10th inst. prices
4
Wheat
-After showing early firmness on the 8th inst. ended 3 e. lower to %e. higher. The Government report
owing to stronger foreign markets, prices fell later under estimated the crop at 545,870,000 bushels, or half a million
general liquidation prompted by the decline in cotton and bushels over the Aug. 1 figures. Yet the indicated proclosed % to Mc. lower. The Department of Agriculture put duction would be the smallest crop since 1882 and the yield
3
the production at 10% lower than last year. Liverpool was per cent is the lowest on record beginning with 1866. On
% to Md. higher on a good demand for Argentine and the 11th inst. prices ended % to %e. higher, reflecting the
3
Canadian wheat. On the 10th inst. an increase of 515,00C strength in wheat. The production in Canada was estibushels in the United States visible supply, the weakness in mated at 344,746,000 bushels by the Dominion Bureau of
stocks and reports of good rains in the drought stricken Statistics.
On the 12th inst. prices ended unchanged to 1 2c. lower.
winter wheat territory influenced selling and prices ended
/
K. to %c.lower. Export demand was only moderate. Cash The market reflected the trend in wheat. Eastern interests
premiums were well maintained. Liverpool closed 13% to were early buyers. On the 13th inst. prices ended % to %c.
13 d. lower. World shipments were 10,252,000 bushels, lower. New Orleans was said to be offering heavy test
%
including 3,103,000from North America. On-passage stocks Argentine oats delivered at Memphis by barge at 2c. less
to Europe decreased 1,028,000 bushels. Rotterdam ended than Illinois oats can he purchased. The open interest at
unchanged to Mc.lower. Trading was rather light. Traders Chicago at the close on Wednesday was 34,156,000 bushels
were awaiting the Government report which came after the against 33,794,000 bushels on the previous day and 34.566,000
close. It forecast a spring wheat yield of 92,763,000 bushels bushels on the same day last week. To-day prices ended 2 to
and no change was predicted in the Aug. 1 estimate of 401,- 2%e. lower, due to threats of Argentine competition owing
000,000 bushels for winter wheat. The spring and winter to the prevailing low rates for barge shipment northward
wheat total showed an increase of more than 2,000,000 from New York.
bushels over the figures of a month ago and 10,000,000
DAILY CLOSING PRICES OF OATS IN NEW YORK
more than the average of private estimates. Yet this estiSat. Mon. Tues. Wed, Thurs. Fri.
No. 2 white
67
6754 8734 6734 6734 6534
mate would be the smallest crop since 1893. On the 11th
inst. prices ended % to lc. higher on buying stimulated by the
5
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
strength of Winnipeg and a firm cash market. Early prices
Sat. Mon. Tues. Wed. Thurs. Fri.
(new)
5434 5434 5554 5534 54
52
were lowefowing to the bearish interpretation put on the Gov- September(new)
December
5434 5434 5554 55
5434 52
ernment crop report of the previous say. Receivers booked May (new)
5434 5434 55
5434 5434 52
Septtimber (old)
5434 5434 55
5554 5454 52
20,000 bushels to arrive. Receipts were 20 cars. Winnipeg December (old)
5434 5434 5534 55
5434 52
was Mc. lower to 1 Mc. higher owing to the expectation of a
Season's High and When Made
•
Season's Low and When Made
bullish crop report and reports of rains in the Canadian September -- _ 5534 Aug. 10 19341 Sep tember___ _ 2654 Apr. 17 1934
December
5634 Aug. 10 1934 December
4134 June 22 1934
West. Liverpool closed 3 to 3%d. lower and Rotterdam was May
5034 Aug. 10 1934 May
50
Aug. 4 1934
lc.
Ylo. lower to Y higher. Canada's crop was estimated by DAILY CLOSING
PRICES OF OATS FUTURES IN WINNIPEG.
the Dominion Bureau of Statistics at 277,304,000 bushels
Sat. Mon. Tues. Wed. Thurs. Fri.
as compared with 269,729,000 last year.
October
4734 4634 4734 4634 4734 4574
I
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
119 11834 11934 11834 118% 116
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues. Wed, Thurs. Fri.
September (new)
106
105% 10654 10534 1053 103
December (new)
10734 1063 10734 1063.4 106
10334
May (new)
108 10734 1083.4 1067 106% 10434
September (old)
10534 10534 10654 10534 10554 103
December (old)
1073.1 10634 10734 10634 10634 10334
December
4654 4634 463.4 4634 4634
4534
Rye
-On 8th inst. prices reflected the early strength in
wheat but reacted later to close 13% to liAc. lower. On
the 10th inst. prices closed
to 4c. lower under liquidation
3
prompted by the weakness in wheat. On the 11th inst.
prices ended M fo lAc. higher.
On the 12th inst. prices ended 7 to 214c. lower, under
%
g,Ineral liquidation. On the 13th inst. there was a further
4
decline of Y to lc. The open interest in Chicago at the
close on Wednesday was 15,468,000 bushels against 15,175,000
bushels on the previous day and 13,035,000 bushels on the
same day last week. To-day prices ended 3% to 4c. lower,
owing to the threat of further importation of Polish rye.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
834 82% 834 81 804 76%
September (new)
82% 79
85% 854 85% 83
December (new)
86% 82
89% 88% 88% 86
May(new)
834 82% 83
8134 804 76
September (old)
79
8534 8334 83
85 X 85
December (old)
Season's Low and When Made
Season's High and When Made
19 1934
September ---- 1380$ Aug. 9 1934 September ---- 524 Apr.
654 June 22 1934
Aug. 9 1934 December
December
Aug. 6 1934
88
Aug. 10 1934 May
95
May
Sept.14 1934
82
May
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
704 704 68% 66% 664
71
October
71% 714 71% 693i 69% 6ssi
December
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
89
9134 90
9134 91
91
September (new)
85% 82%
84% 85% 86% 86
pew)
December(
81
86
86
86
85
85
May(new)
91% 91% 89
91% 91
91
September (old)
CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
DAILY
Sat. Mon. Tues. Wed. Thurs. Fri.
644 62% 62% 60%
624 63
October
60%
62
December
614 62% 63% 62
Closing quotations were as follows:
GRAIN
Oats, New York
Wheat, New YorkNa.2 white
65%
No.2red,c.i.f., domestic_ --116
75
Manitoba No.1,f.o.b. N.Y.. 9131 Rye,No.2,f.o.b.bond N.Y
Chicago. No. 1
BarleyCorn, New York
N.Y.,474 lbs.malting 102
No. 2 yellow, all rail
9034
88-130
Chicago. cash
Spring pats.,high protein $7.95
Spring patents
7.50
Clears,first spring
6.70
Soft winter straights__ - 6.30
Hard winter straights_
6.95
Hard winter patents
7.20
Hard winter clears
6.40
FLOUR
$5.50@5.80
8.25 Rye flour patents
7.85 SeminGla.bbl-Nos.1-3_10.50@)10.70
3.65
7.20 Oats good
2.40
6.70 Corn flour
7.20 Barley goods
3.60
Coarse
7.45
Fancy pearL Nos.2,4&7 5.45@5.65
6.65
All the statements below regarding the movement of grain
-are prepared by us
-receipts, exports, visible supply, &c.
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for each
of the last three years:
Receipts at-
Wheat. I
Flour.
Oats.
Corn.
Eye.
Barley.
.
6013.196 Os bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. ush.56lbs. bush.48lbs
4,000
272,000
167,000
381,000 1,227,000
183,000
Chicago
799,000
110,000
175.000
563,000
1,110,000
Minneapolis
23,000 457,000
69,000
158,000
1,202,000
Duluth
463,000
59,000
246,000
99,000
19,000
Milwaukee._ _
3,000
2,000
66.000
24.000
117,000
Toledo
3,11i
11,000
24,000
20,000
46,000
Detroit
4,000
90,000
355,"
41,000
IndianapolLs._
32,000
64,000
6,000
171,000
199,000
115,000
St. Louis_ __ _
2,000
47.000
24,000
220,000
34,000
32.000
Peoria
22.000
686,000
493,000,
10,000
Kansas City
29,000
547,000I 1,056.000
Omaha
7,000
174,000
84,000,
St. Joseph-.
11,000
93,000
2,000;
231,000:
Wichita
2,000
8,000
91,000
5.000,
Sioux City
2,000
136,000
263,000
513,000
2.293,000:
Buffalo
Total wk.1934
Same wk.1933
Same wk.1932
6,882,000 5,580.000
7,305,000, 4,539,000
9,839,000, 5,820,000
359,000
342,000
347.000
1,074,000
2,368,000
3,026,000
167,000 2,234,000
700,000 1,751,000
453,000 1,281,000
Since Aug. 12,058,000 48,433,0001 58.814,000 10,799.000 1,414,000 12,766,000
1934
1,712,000 37,856.000 20,393,000 23.012,000 2.394,000 9,056,000
1933
2,128,000 65,821,000 25,144,000 31,933.000 2.348,000 8,225,000
1932
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Sept. 8 1934. follow:
Receipts Id
Flour.
Wheat.
Oats.
Corn.
Rye.
Barley.
bbls.1961bs,bush. 60 lbs. bush. 56 lbs.1 bush. 32155. bush.56lbs.bush.481bs.
62,000
111.000
123.000'
664,000
New York...
8.111
1,000
8,000
20.000
192,000
Philadelphia
5.000
10,000
8,000
15,000
103,000
Baltimore. _ _
12,000
3,000
Newport News
225,000
69,000
22,000
New Orleans
19,000
GalveStOn99.000
255,000
36.000
646.000
Montreal 2,000
1,000
1,0001
23,000
Boston
318,000
t4orel
6,000
itaiitax
4,000
Churchill.
594,000
245,000 2,539,000
Total wk.1934
Since Jan.1'34 9.248,000 60.006,000
405,000
209,000,
255,000
5,705,000. 5,678,000 1,759,000 1,642,000
149.000
95,000
13,000
56.000
310,000 3.163,000
Week 1933_
Since Jan.1'33 10,365,000 62,411,000 4.068,000 3,177,000 229,000 513,000
Receipts do not include grain passing through New Orleans for foreign ports
•
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Sept. 8 1934, are shown in the annexed
statement:
Exports from-
Wheat,
Bushels.
corn,
Bushels.
Flour.
Barrels.
Oats.
Bushels.
Barley,
Rye,
Bushels. Bushels.
14,963
494,060
124,000
4,000
646,000
594,000
318,000
4.000
36,000
Total week 1934._ 2,180,000
Gin,,s. W.* 1933._2.645.000
60,963
104.285
New York
Philadelphia
New Orleans
Montreal
Churchill
Sorel
Halifax
1731
Financial Chronicle
Volume 139
1,000
99,000
4,000
255,000
104,000
9.000
255,000
17000
8,000
The destinat'on of these exports for the week and since
July 1 1934 is as below:
Flour.
Exports for Week
Since
Week
and Since
Sept. 8 Jtay 1
July 1 to-1934,
1934.
Corn.
Wheat.
Week
Sept. 8
1934.
Week
Sept. 8
1934.
Since
July 1
1934.
Bushels. Bushels.
Bushels.
Barrels. Barrels.
458,730 1,171,000 8,484.000
United Kingdom_ 31,400
753,000 10.399,000
134.927
10,508
Continent
57,000
5,000
12,000
1.000
So.& Cent. Amer_
11.000
56,000
6,000
West Indies
24,000
Brit. No. Am. Col. 3,000
650,000
251,000
41,520
9,055
Other countries
Total 1934
Total 1933
Since
July 1
1934.
Bushels.
1.000
1.000
20.000
727,177 2,180,000 19,601.000
60,963
104.285 1.048.467 2,645.000 23,102,000
The visible supply of grain, comprising the stodks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Sept. 8, were as follows:
GRAIN STOCKS
Barley:
Oats,
Ale.
Corn,
Wheat,
bush.
bush.
bush,
bush,
bush,
United States1,000
2,000
25.000
Boston
34,000
96,000
144,000
158,000
38,000
New York
101,000
49,000
afloat
"
15,000
233,000
75,000
97,000
990,000
Philadelphia
3,000
153,000
18,000
61,000
2,413,000
Baltimore
1,000
31,000
368,000
Newport News
31,000
254,000
321,000
45,000
New Orleans
746,000
Galveston
52.000
6.000
791,000
98,000
6,200,000
Fort Worth
5,000
52,000
1.736,000
Wichita
4,915,000
Hutchinson
3,000
235,000
2,331,000 3,073,000
St. Joseph
3,000
40,000
249,000
30,696,000 3,455,000
Kansas City
1,000
9,000
917,000
9,529,000 9,954,000
Omaha
3,000
2,000
126.000
341,000 1,013,000
Sioux City
24,000
24,000
276,000
481,000
8,030,000
St. Louis
364,000
754,000
2,330,000
Incllanapolis
64,000
386,000
22,000
Peoria
8,020,000 15,855,000 2,472,000 5,667.000 1,300,000
Chicago
631,000
618,000
"
afloat
120,000
300,000
946,000
On I.akes
457,000
15,000
546,000
492,000 2,766,000
Milwaukee
16,526,000 6,933,000 11,047.000 2,243,000 6,295,000
Minneapolis
11,556,000 3,532,000 4,466,000 1,667,000 1,257,000
Duluth
22,000
110,000
15,000
10.000
190,000
Detroit
323,000
615,000
6,672,000 8,247,000 1,683,000
Buffalo
322,000
afloat
"
310.000
On Canal
Total Sept.8 1934_._i15.479.000 58,554,000 23,970,000 11,456,000 9,880,000
Total Sept. 1 1934_ _ _114,981,000 58,006,000 23,739,000 11,611,000 9,001,000
Total Sept. 9 1933-145,476,000 54,708,000 44,532,000 12,402,000 14,429,000
Note.
-Bonded grain not included above: Barley, Duluth, 227,000 bushels: total,
227,000 bushels, against none in 1933. Wheat, New York, 884,000 bushels; New
York afloat, 360,000; Philadelphia, 45,000; Buffalo, 3,767,000; Buffalo afloat,
786,000; Duluth, 94,000; Erie, 1,583.000; en Lakes. 1,109,000; Canal. 807.000:
total, 9,435,000 bushels, against 6,976,000 bushels in 1933.
Barley,
Rye.
Oats.
Corn,
Wheat,
bush.
bush.
bush,
bush,
bush,
Canadian373,000. 727,000
1,211,000
4,200,000
Montreal
1,547,000 2,564,000 2.834.000
Ft. William dr Pt. Arthur 56,460,000
Other Canadian & other
471,000 1,808,000
2.812,000
42,343,000
water points
5,570,000 3,408.000 5,369,000
Total Sept.8 1934.__ _103.003,000
4,935,000 3,233.000 5,399,000
Total Sept. 1 1934_ _ _100,462,000
6,233,000 4,046,000 5,214,000
Total Sept.9 1933_ _A06,434,000
Summary
115,479,000
American
103,003,000
Canadian
Total Sept. 8 1934____218,482,000
Total Sept. 1 1934___215,443,000
Total Sept.9 1933____251.910.000
58,554,000 23.970,000
5.570.000
58,554.000 29,540,000
58.006,000 28.674,000
54,708,000 50,765,000
11.456,000
3,408,000
14,864,000
14,844,000
16,448,000
9,880,000
5,369,000
15,249,000
14,400,000
19,643,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Sept. 7, and since July 1 1934 and July 1 1933, are
shown in the following:
Corn.
Wheat.
Exports.
Week
Sept. 7
1934.
Since
July 1
1934.
Since
July 1
1933.
Week
Sept. 7
1934.
Since
July 1
1934.
Since
July 1
1933.
Bushels.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
47,000
12.000
North Amer_ 3,103,000 37,735,000 38,982,000
51,000 1,131.000 10.750.000
Black Sea_
464,000 1,368,000 1,656,000
Argentina_ _ _ 4,538.000 38,840,000 33,413,000 5,657,000 54,880.000 44,513,000
Australia _ _ 1,347,000 18,297,000 19,674,000,
216.000
India
0th. countr's
800,000 5,512,000 4,400,0001 722,000 3.241,000 1.303,000
Total ____ 10,252,000 101,968,000 98,125,0001 6,430.000 59,264,000 56.613,000
Agricultural Department's Official Report on Cereals,
&c.
-The Crop Reporting Board of the United States Department of Agriculture made public late Monday afternoon,
Sept. 10, its forecasts and estimates of the grain crops of
the United States as of Sept. 1, based on reports and data
furnished by crop correspondents, field statisticians and cooperating State Boards (or Departments) of Agriculture.
This report shows that the production of winter wheat is
now placed at 401,000,000 bushels, the same as the Department's estimate a month ago, and comparing with a
harvest of 351,608,000 bushels in 1933, with 461,679,000
bushels harvested in 1932 and a five-year (1927-31) average
production of 632,061,000 bushels. The production of
spring wheat is estimated as of Aug. 1 to be only 92,800,000
bushels, which compares with a production of 176,000.000
bushels in 1933 and a five-year (1927-31) average production
of 254,000,0GO bushels. Comments concerning the report
will be found in our editorial department. We give below
the report:
Corn prospects have declined 122,500,000 bushels since last month,
according to the September estimates of the Crop Reporting Board of the
United States Department of Agriculture. Recent reports show that in
much of the drought area the crop was past recovery when the August
rains arrived and no grain was produced. The total corn crop is now
estimated at 1,484.600,000 bushels, which would be less than 60% of
usual production and the smallest corn crop since 1881.
Although too late for corn, the rains of the last several weeks have
caused a mark improvement In growing conditions in the drought-hit
States from Minnesota and Nebraska southward and also in much of the
area east of the Mississippi. Late potatoes, sweet potatoes, apples, late
hay crops, tobacco, sorghum, buckwheat, onions, cabbage and other
crops still growing were helped and in some areas they may still make
considerable growth if cold weather holds off.
Pastures were the poorest on record fbr Sept. 1 but they are expected
to show some recovery, and so far as surface moisture is concerned con-
1732
Financial Chronicle
Sept. 15
1934
ditions for seeding winter wheat are vastly improved in the main winter
Flaxseed—It now appears almost certain, based on the Sept. 1 1934
wheat belt. From the eastern counties of the Dakotas and Colorado
condition of flaxseed, that this year's crop will be the lowest ever rceorded.
westward the drought has not yet been broken and in most of this area,
Forecast production is only 5,253,000 bushels and the Sept. 1 condition
except on the Pacific Coast, it is now too late to expect grass in pastures
of 35.1% of normal is the second lowest on record.
and ranges to make much growth this fall.
Drought and withering temperatures, especially in the important flaxAllowing for the heavy reduction in the estimates of corn production
seed States, the Dakotas and Montana,took a heavy toll and were followed
and for slight cnanges in prospects for oats, barley, and grain sorghums,
In late August by some frost damage.
the production of these four feed grains combined is estimated at 55,000,000
Minnesota, while more fortunate, also suffered from the drought and
tons, which would be 34% below production last year and 46% below
extreme heat, but not as much as the other important producing areas.
average production during the previous 10 years. Deducting seed and
The indicated yield per acre on Sept.1 was placed at 4.6 bushels, or a
industrial requirements and an allowance for corn and grain sorghums
total production of 5,253,000 bushels, compared with 6,806.000, the
utilized only for silage or fodder and, on the other hand, adding an allowsmall 1933 crop, and 18,664,000 bushels, the five-year average (1927-31).
ance for wheat, rye, cottonseed and minor grains that will be fed, for
Grain Sorghum—The condition of grain sorghum on Sept. 1 was
mill feeds and oil meals, for increased net imports of feed and for close
23.8% compared with 57.4 a year ago and the 1927-31 average Sept. 1
utilization of grain and feed supplies on hand, the total quantity of grain,
condition of 70.1%. This condition indicates a production of 53,912,000
mill feeds, and concentrates that will be available for feeding livestock in
bushels. Production last year was 87,884,000 bushels, and the average
the United States during the current 12 months July 1 to June 30. now
for 1927-31 inclusive was 93,955,000 bushels. Condition in the main
appears to be about 62,000,000 tons. Last year about 87,000,000 tons
producing States of Texas and Oklahoma was 27 and 19%, respectively.
were fed and during the preceding nine years the quantity fed averaged
Late August rains resulted in an improvement in the Oklahoma crop,
about 96,000,000 tons per year.
while prospective production in Texas is unchanged from that of Aug. 1.
The hay crop is estimated at 56,000,000 tons, which would be only 75%
The outlook in many of the minor producing States declined during August.
of the quantity harvested last year and about 67% of the average tonnage
The indicated United States crop is only slightly less than was forecast
harvested during the preceding 10 seasons. Far less straw and corn
a month ago.
fodder were grown than in any recent year but close utilization may inBroomcorn—Sept. 1 indications point to a broomcorn crop of 28,900
crease the quantity consumed by livestock. An unusual quantity of
tons, compared with 31.800 tons harvested in 1933 and an average of
Russian thistles, weeds, and coarse forage of all kinds is being stacked
47,260 tons for the five years, 1927-31. The final outturn of this year's
and, in the drought areas that have had rain, winter grains and late forage
crop is most uncertain—yield indications varying rather wIdely, especially
crops are being planted for fall pasture. On the whole, however, it is inIn the western dwarf area. It now seems likely that Illinois will harvest
creasingly evident that an acute shortgage of both feed grain and roughage
about 12.800 tons; the Lindsay area 4,500 to 5,0130 tons, Kansas, Colorado
is now unavoidable, though of course feed requirements and death losses
and the western part of Oklahoma possibly as much as 6,700 tons; and
will depend in part on the mildness of the winter. Feed costs have risen
New Mexico and Texas perhaps 2,200 tons each.
sharply and are now high in comparison with livestock prices. As a result
Dry Edible Beans—The forecast as of Sept. 1 is for 9,094,000 bags
the numbers of cattle, sheep, hogs, and hens on farms are being steadily
of 100 pounds net weight,compared with 9,169,000 bags forecast on Aug. 1.
reduced and marketings are expected to continue heavy for some months.
Slight increases in New York and California were more than offset by a
In the case of the principal food crops there has recently been some
improvement in prospects. Reports on spring wheat yields were closely in
decrease in Idaho. The production of 9.094.000 bags this year compares
line with expectations and the total wheat crop is estimated at 493,000,000
with 12,280.000 bagslastseason and 11,594,000 bags thefive-year (1927-31)
bushels. This would be the smallest wheat crop since 1893. but with
average. The most important decreases from last season are in Michigan,
where white pea-beans predominate; in Nebraska, Montana, Idaho and
supplies on hand it would meet ordinary requirements and leave some for
feed and carryover. The estimates for buckwheat, rice, peanuts, apples,
Wyoming, where Great Northerns are the principal variety, and in Colorado and New Mexico, where Pintos are the chief variety; the lowered
pears, potatoes, sweet potatoes, sugar beets, and onions are all above
those of a month ago. The estimate for dry beans is only slightly lower
production California beans is mainly in the varieties other than limas,
and the only Important food crop reduction shown this month is the 11%
lima production now being indicated at 1,588,000 bags, or substantially the
decrease in the estimated tonnage of California grapes. On the whole,
same as last season.
national supplies of principal food crops, if closely utilized, should be
Sugar Crops—The United States sugar beet crop will be considerably
sufficient for ordinary requirements.
larger than was expected a month ago, according to reports as of Sept. 1
Supplies of fruits and vegetables are, however, quite unevenly disreceived from both beet growers and sugar companies. The crop is now
tributed. In the Central States production of both fruits and vegetables
forecast at 7,468.000 tons, compared with 6,801,C00 tons forecast as of
has been reduced by drought and in the Northeast. where a very large
Aug. 1 this year, 11,030.000 tons harvested in 1933, and a five-year
number of fruit trees were killed by the severe cold last winter, the fruit
(1927-31) average production of 7.854,000 tons. Although handicapped
crop is unusually light. In the country as a whole, the apple crop is the
In various areas by poor stands, drought, scarcity of irrigation water,
smallest since 1921 and the production of dried fruits, chiefly prunes,
extreme heat, and white fly, it is probable that 804,000 acres of the 960,000
raisins and apricots, will be materially below average. On the other
reported as planted will be harvested with an average yield of over nine
hand, with no more than average losses from storms and freezes, the
tons per acre.
orange and grapefruit crops are likely to equal the record crops produced
Reports from Louisiana indicate a small increase since Aug. 1 in the
in 1930 and a rather large crop of canning tomatoes is expected. With
probable production ofsugar cane and a corresponding increase in indicated
these possible exceptions there does not appear to be an unusually heavy
production of cane sugar to 217,000 tons (of 2,000 pounds).
production of any important food crop this year.
Tobacco—Tobacco production for all types based upon Sept. 1 conCombining the estimates for 33 of the principal crops, present indicadition is forecast at 1,078,117,000 pounds. which is an increase of about
tions are that yields per acre will average fully 18% less than they were
3% above the August forecast, but is 22% below the 1933 crop of 1.385,last year and about 22% below the average of yields during the past 13
107.000 pounds. The average production for the five years 1927-31 is
years. Total crop production appears much lower than in any year since
1,470,556,000 pounds.
the beginning of the world war.
The flue-cured forecast of 535,483,000 pounds shows an increase of
Corn—The Sept. 1 indicated production of 1.484,602,000 bushels of
1.5% over this August report, but is still considerably below last year's
corn is about 92% of the August indicated production of 1,607,108,000
crop of 737.703,000 pounds and the five-year (1927-31) average of 748.bushels, but only about 63% of the 1933 production of 2,343,883,000
359.000 pounds. While the Georgia crop did not turn out as large as
bushels. The five-year average (1927-31) VMS 2,516,307,000 bushels.
estimated last month. favorable weather conditions in the other flue-cured
This forecast of production of corn for all purposes as indicated by
districts caused improvement.
conditions Sept. I includes not only corn for krain but the grain equivalent
The production of the fire-cured types is forecast at 119,252,000 pounds.
of corn to be utilized for forage, silage and pasturage.
which is an increase of about 6% over the August forecast. The 1933
The unfavorable growing conditions of June and July continued through
crop was 133.353.000 pounds and the five-year (1927,31) average 158,the early part of August, reducing prospects for the corn crop. August
346.000 pounds. Prospects improved in all sections producing these types
rains were too late to be of much benefit in most areas.
as weather conditions were favorable.
The crop is a near failure in so far as the production of corn for grain
The burley crop improved during August in all sections except Missouri
Is concerned in the important States of Kansas, Nebraska, Oklahoma, and
and the September forecast of 294.360,000 pounds is 6% greater than
South Dakota. In these States the crop will be largely utilized for fodder
the August forecast. The 1933 crop was 382,033,000 pounds and the
and silage. Heavy abandonment is reported from these States.
five-year (1927-31) average 316.110.000 pounds. The other air-cured
The corn equivalent of silage, fodder, and hogged-off corn is unusually
types show an increase over August on a report of favorable weather conlow this year on account of the absence of ears and premature drying up
ditions but the production, except for southern Maryland and Virginia
of the stalks in the drought areas.
sun-cured will be less than last year.
While it is too early to determine very accurately how much corn will
Cigar filler types all show improvement since Aug. 1 and the September
actually be husked or snapped for grain, preliminary figures derived from
forecast is 37,675.000 pounds, compared with 35,247,000 pounds harthe special livestock and feed survey now in progress indicate that the
vested last year and 73,359,000 pounds the five-year (1927-31) average
amount of corn for grain as distinguished from corn for all purposes will
production.
be in the neighborhood of 1,150,000,000 bushels. In 1933 2,029,000,000
Forecasts of production for the cigar binder types of 28,330,000 pounds
bushels were harvested as grain and in 1932 about 2,500.000,000 bushels.
show little change since the August report. Production, however, will
be about 23% less than last year and 813% below the five-year (1927-31)
Wheat—Wheat production—winter, durum and other spring wheat
average of 82,685.000 pounds.
combined—is expected to total 493,285.000 bushels. The spring wheat
Production of the cigar wrapper types of 6.983,000 Pounds is slightly
forecast shows a slight increase over last month. No change is made in
less than the August forecast but is greater than the 1933 crop of 6,156,000
the estimated production of winter wheat. In 1933 the total wheat proPounds. The five-year (1927-31) average production is 11,368,000 pounds.
duction was 527,978,000 bushels and the five-year (1927-31) average was
886,359.000 bushels.
Soybeans—The condition of soybeans reported at 70% of normal,
Of the expected 92,763.000 bushel crop of all spring wheat, 6,081,000
improved in the North Central and South Atlantic States as the result
bushels is durum and 86,682,000 bushels Is bread wheat, compared with
of August rains. In the South Central States, howveer, the condition
16,109,000 bushels of durum and 160,261.000 bushels of other spring
shows little change since Aug._ 1. September condition last year was
wheat harvested in 1933. The five-year (1927-31) average production
68.4% and the nine-year (1923-31) average 80.5%. Soybean production
of the two types was 61,460,000 bushels of durum and 192,838,000 bushels
for grain in the six states producing about 87% of the total crop in 1933
of other spring wheat.
Is estimated to be 12,160,000 bushels, which is an ancrease of approximately 20% over the 1933 crop in these States of 10.084.000 bushels but
Oats—The oat crop is turning out slightly better than was anticipated
only 4% above the 1932 crop of 11.732,000 bushels. The acreage to be
a month ago, forecast production now being 545,870,000 bushels (half a
harvested for grain is estimated at 849,000 acres, compared with 711,000
million above the Aug. 1 forecast) compared with 731,524,000 bushels
acres last year and 689,01)0 acres in 1932. August rains caused considerable
harvested in 1933 and a five-year (1927-31) average crop of 1,186,956,000
improvement in Ohio, Indiana, Illinois. and Iowa. but in Missouri rains
bushels. The 1934 crop is, however, the smallest since 1882 and the
were insufficient or too late to improve the crop materially. A large acreage
yield per acre Is the lowest on record beginning with 1866. Decreases
will be cut for hay this year in these States.
totaling more than 14,900,000 bushels from the crop forecast as of Aug. 1
In the six central corn belt States (Indiana to Nebraska) are more than
Cowpeas—Condition of cowpeas improved during August in all except
offset by indicated increases of 2,000,000 bushels to 6,000,000 bushels
the South Central States, where rains were insufficient or too late. The
each in such more northern States as Minnesota, Wisconsin, Michigan,and
condition is reported at 64.7% of normal, compared with 68.7% last
New York.
Year and 69.5 the nine-year (1923-31) average.
Barley—The Indicated production of barley as of Sept. 1 is for 122,Rice—The rice crop prospects appear, on the whole, to have improved
983.000 bushels, compared with 156,988,000 bushels in 1933 and the
somewhat during August. Production is now forecast at 36,492.000 bushels
five-year average (1927-31) of 270.444.000 bushels. Improved prospects
(of 45 pounds), compared with 35,619,000 bushels harvested in 1933 and
over the Aug. 1 forecast are indicated in a number of the principal States.
a five-year (1927-31) average of 43,651,000 bushels.
The total United States forecast shows an increase of 3,882,000 bushels
Pastures—Pastures improved somewhat during August but the average
over the forecast on Aug. 1. The probable yield this year is placed at
condition on Sept. 1 was still lower than on that date in any of the pre14.1 bushels.
vious 19 years for which records are available. The condition of pastures
Buckwheat—Buckwheat conditions improved during August, and
was reported at 43.1% of normal on Sept. 1, compared with 59.5% last
with moderate increases in the forecasts of the crop in nearly all of the
year, 47.7% on Sept. 1 1930 and the 1923-31 Sept. 1 average of 72.6%•
Important States, there is indicated crop of 7,061,000 bushels, compared
Pastures are improving generally in the States east of the Mississippi River.
with 7,832,000 bushels in 1933 and the five-year (1927-31) average of
From Illinois eastward to New Jersey, while pastures were still mostly poor
9,496,000 bushels. A considerable portion of the crop in New York,
on Sept. 1, they were markedly better than a month earlier. In most of
where late sowing was occasioned by dry weather in mid-summer,
the area from Minnesota and Nebraska south to Texas pastures showed
Is unusually liable to possible frost damage, unless killing frosts come
no recovery up to Sept. 1 and the condition was by far the lowest on record
later than usual.
for that date, but some improvement is expected as a result of recent rains.
Farther west there was some slight recovery in Colorado and Arizona, but
Hay—Production of hay is forecast as of Sept. 1 at 56,014,000 tons—
marked deterioriation in the Pacific Northwest. In the Western area
a 4.4% increase above Aug. 1 indications—but still one-fourth leas than
as a whole pastures and ranges were poorer than in either 1931 or 1924
the previous smallest crop in the 15
-year period for which comparable
and much poorer than in any other years for which September records
records are available. In 1933 74,616.000 tons were harvested from
66,262,000 acres. In 1931 73,708,000 tons were harvested from 66,389,000
•
acres and in 1930 (also a drought year) 74.310,000 tons from 66.416.000
Milk Production—With prices of dairy products more favorable than
acres. The five-year (1927-31) average crop was 83,618,000 tons from
prices received for livestock, total daily milk production on Sept. 1 appears
67.838,000 acres.
to have been averaging only about 1% below production on that date
The acreage that will finally actually be cut for hay in 1934 is more
last year. Milk production per cow declined much less than usual during
uncertain than usual at this time of year. In surplus areas, vegetation
August and crop correspondents were securing a slightly higher production
not ordinarily saved is being cut for hay and forage. In areas of shortgae,
per cow on Sept. 1 than on that date last year even though pastures were
every possible scrap is being saved—including plants usually considered
much poorer. They reported a daily average of 12.80 pounds of milk
as weeds. An increase in feed from pastures, including fall-sown grain,
per cow in their herds, compared with 12.74 pounds on Sept. 1 last year,
will probably permit making some hay from fields which would otherwise
12.59 pounds in 1932 and a Sept. 1 average of 13.54 pounds during the
have been entirely grazed off. The yields of late hay crops per acre will
previous five years. Production per cow on Sept. 1 was equal to or above
also likely be slightly larger than was anticipated a month ago.
last year in most of the important dairy States from Minnesota, Iowa,
Better late cuttings of alfalfa hay indicate a production of 19,483,000
and Illinois east to the Atlantic Coast. In this area poor pastures were
more than the Aug. 1 forecast) of that kind of hay,
tons (469,000 tons
being supplemented with grain and hay and much green feed, such as
compared with 24,907,000 tons harvested in 1933 and a five-year (1927-31)
corn, was being cut and fed to milk cows. In the drought areas production
average crop of 23,611.000 tons.
per cow continued low and herds were being reduced. A larger proportion
Financial Chronicle
1733
Condition Sept. 1Per Cent
Total Production
in Millions
Crop
Indicated
1933
Average
1927-31
1934
1933
Avg. 1 Sept. 1
1934
1934
10
Average
1922-31
be63L.1 N * ag
b
I
Corn. bushels
71.5
43.5 2,516 2,344 1,607 1,485
Wheat, all, bushels
----___
528
491
886
493
Winter, bushels
632
-___
352
8401
a401
All spring, bushels_ __ _ 68.6
32.1
254
176
90.4
92.8
Durum, bushels_
. b69.3
24.5
61
6.1
16
6.6
Other spring, bushels b64.0
32.8
193
160
83.9
86.7
Oats, bushels
77.1
39.2 1,187
732
545
546
75.5
Barney. bushels
40.2
270
157
119
123
Rye, bushels
____
40.9
21.2 a17.3 al7.3
Buckwheat, bushels
79.5
73.1
9.5
7.8
6.1
7.1
Flaxseed, bushels
68.0
35.1
18.7
6.8
5.3
5.3
Rice, bushels
82.2
83.9
43.7
35.6
35.0
36.5
Grain sorghums, bushels_ 70.1
23.8
94.0
87.9
54.3
53.9
Hay, all tame, tons
b78.8
45.1
72.3
66.0
49.0
50.7
Hay, wild, tons
____
11.4
8.6
4.7
a5.3
Hay, all clover and timothy, tons.c
____
33.6
25.1 d17.6 a16.9
Hay, alfalfa, tons
b77.8
48.5
23.6
24.9
19.0
19.5
Pasture
72.6
43.1
Beans, dry edible, 100-1b.
bag
69.9
11.6
12.3
55.5
9.2
9.1
Soybeans
1380.5
70.0
Cowpeas
b69.5
64.7
Peanuts (for nuts),lbs.__ 73.2
70.3
____
904
1,025
921
Apples, total crop, bu
42.7
59.0
156
112
143
110
Apples. com'l crop, bu
61.1
44.2
96.4
74.7
68.1
67.9
Peaches, total crop, bu._ b62.4
52.1 e56.3 e44.7
45.4
45.7
Pears, total crop, bu
66.1
62.4 e22.3 e21.2
22.9
23.1
Grapes, tons_ r
76.3
81.5 e2.28 el.91
1.88
1.69
Pecans, pounds
48.2
40.5
____
56.2
35.8
61.2
Potatoes, bushels
75.3
366
61.9
320
327
337
Sweet potatoes, bushels
73.0
65.1
62.5
62.4
63.1
64.2
Tobacco, pounds
75.6
77.8 1,471 1,385 1,041 1,078
Sugar beets, tons
84.3
7.85 11.03
59.8
6.80
7.47
Broomcorn, tons
35,6 g47.3 g3i.8 g26.2 g28.9
69.8
Hops, pounds
85.2
76.3
29.3
39.5
35.3
36.9
a Preliminary estimate. b Short-time average c Excludes sweet clover and
lespedeza (minor States excluded). d July indication. e Includes some quantities not harvested. f Production is the total for fresh, fruit, Juice, and ratans.
g Thousands of tons.
u.g4,8
a,co , cn
1-4
Cowo...w wo
0—
CC:
-.173
0 7".1
• ,
,
••1 1
Volume 139
of the cows were being milked on Sept. 1 than usual for that time of the
year due large.y to disposal of dry cows and to fewer cows bred to freshen
in the fall.
Egg Production-The production of eggs on Sept. 1 was about 6%
less than on that date a year earlier and about 17% less than the Sept. 1
average of the five years, 1927 to 1931. This decrease was partly due
to the smaller size of the laying flock. The decrease in egg production
occurred largely in the Central States, where the drought has been most
severe. Compared with last Sept. 1, egg production decreased about
103, in the North Central States and about 7% in the South Central States.
Peanuts for Nuts
-The indicated production of peanuts for nuts
based upon Sept. 1 conditions and estimated acreage for harvest is 1.025,480,000 pounds, compared with 920,505,000 pounds harvested last year
and 1,037,840,000 pounds in 1932. The acreage is estimated to be 1,535,000
acres, which is an increase of about 13% over last year, but is 4% less
than in 1932. Weather conditions have generally been favorable in the
Virginia-North Carolina and the Southeastern districts, although some
sections, especially in Virginia, report too heavy vine growth for best
yields. Prospects west of the Mississippi River are below average because
of extreme dry weather.
Pecans
-Pecan production is indicated on Sept. 1 at 35,801,000 pounds.
as compared with 61,210.000 pounds produced in 1933 and 56,222,000
pounds, the average for the five years 1927 to 1931. Dry weather in
Texas reduced prospects materially. A hurricane of June 16 did considerable damage in Louisiana.
Apples
-The Sept. 1 condition of apples of 42.7% is practically the
same as that for Aug. 1 and is the lowest Sept. 1 condition since 1927.
The total production is now forecast at 111,703,000 bushels, which is a
slight improvement over the Aug. 1 indication but the outlook is still for
a total crop about 29% smaller than the average for the five years, 1927-31,
and about 22% less than last year.
Rains accompanied by lower temperatures in most of the apple producing
sections during August were responsible for the improvement in conditions.
In most of the Eastern States fruit is reported to be sizing well. Injury
from insects and °image has been well controlled in the better cared for
orchards and the fruit is comparatively clean. In the Pacific Northwest
difficulty has been experienced from insects and the fruit is not coloring
well. The commercial crop is now placed at 67,863,000 bushels, which
is about 9% loss than last year and 30% below the average for the five
years 1927-31.
A recent survey of injury to fruit trees in New York from the severe
winter weather of 1933-34 reveals about a sixth of the bearing apple trees
were killed and slightly more than a fourth injured. About 4% of the
trees not of bearing age were killed and an eighth injured. ealdwins
suffered most. About 27% are dead and nearly 36% are injured. All
other fruit trees and vines suffered heavy losses and injuries in most sections.
Peaches
-Condition of the peach crop on Sept. 1, 52.1%, was unchanged from that reported on Aug. 1 and is 10.3 percentage points below
average. The indicated production is now 45,687,000 bushels, which
is slightly more than the crop of 1933, bet is about 19% below the average
production for the five Years 1927 31.
Shipments of peaches from 10 Southern early States are about completed. Production in these States amounted to 15,415.000 bushels and
can be eliminated when considering the current supply situation. In
addition, the production of 13,668.000 bushels of California clingstones,
which are used largely for canning, may be eliminated when considering
the market supplies of fresh peaches. These two taken together amount
to 29,083,000 bushels, which when deducted from the total production as
shown on Sept. 1, leaves 16,604,000 bushels in the remaining States. This
would be about 6% less than the 17,702,000 bushels produced in 1933
and nearly 36% less than the 25.966.000 bushels the five-year (1927-31)
average production.
The 19:34 peach crop in the North Atlantic and North Central groups of
States was reduced by the severe winter weather which not only caused
practical failure of the current crop prospects in a number of the Northern
States, but also destroyed many trees. Drought in a number of the
States further reduced the 1934 crop. Outside the drought areas and
where rains came soon enough peaches were generally of good size and
quality.
Pears
-Pear production is indicated as of Sept. 1 to be 23,134,000
bushels, which would be about 4% more than the average (1927-31) crop
and 9% larger than the crop of 1933. About 72% of the crop this year
will be produced in the three Pacific Coast States (Washington, Oregon.
and California). These three States usually account for about two-thirds
of the National pear crop. They produced slightly better than threefourths of the production in 1933. Improvement was noted during the
month in some of the Central and Northern States as a result of rains and
cooler weather. In the Pacific Coast the season is from two to four weeks
earlier than usual. The fruit is sizing well with minor damage reported
in Washington and Oregon from frost marking and more than usual worm
injury.
Grapes-Production of all grapes is indicated as of Sept. 1 to be 1,689,501
tons, or about 12% less than the crop produced in 1933 and about threefourths of an average crop during the five years 1927-31. About the usual
portion, 87% of the crop, will be produced in California this year. The
garvest of raisin grapes there has been unusually early. In the ChautauquaErie belt of New York and Pennsylvania rains arrived in time to prevent
undersize of fruit. Good quality is reported from these areas. Arkansas
expects a much better than average crop this year despite minor damage
from dry weather. There are many young vineyards in this section and
the trend of production is sharply upward.
Citrus
-No forecasts of citrus fruits are made as of Sept. 1; however,
present indications point to the possibility of a total crop of oranges and
grapefruit close to the large crop recorded in 1930. when the combined
production reached 74.204.000 boxes for the country as a whole. Fruit
Is reported sizing well in both Florida and California.
Potatoes
-Potatoes continue to show a rather light acre-yield prospect
for the country as a whole, with condition on Sept. 1 reported at 61.9%
of normal,compared with 59.17 a year ago and a 10
o
-year (1922-31) average
of 75.3%. There has been, however, a definite improvement in production prospects during August, chiefly in the Eastern States, but also
in some of the Central States where August rains were beneficial. Frosts
occurred in a few sections in August, but there was no widespread injury.
A further decline was registered for the Western potato crop, which is
revealing the effect of seriously limited irrigation water, lack of rainfall
and excessive temperatures. The total United States production is now
forecast at 337,141,000 bushels, or nearly 17,000,000 bushels more than
was estimated produced in 1933, but less than the five-year (1927-31)
average production by over 28,000,000 bushels. For the group of 18 surplus
late potato States production is forecast at 234,003,000 bushels, compared
with 232,421,000 bushels in 1933 and a five-year average of 254.081,000
bushels. The forecasts indicate that production in the 10 Western surplus
States will be about 15,500,000 bushels below their 1933 production but
that the five Central States will have about 7,500,000 bushels more than
their short crop of last year and the three Eastern States about 9,500,000
bushels more than a year ago. Many of the potato fields in the Northern
States are later and greener than usual and production is still largely dependent upon moisture conditions and on how soon growth is halted by
killing frosts.
More than half of the indicated 16.800,000
-bushel increase over last
year's United States production occurred in the early States which have
completed their marketing's from a 1934 crop that was nearly 8,600,000
bushels larger than in 1933. The intermediate States also contributed
an increase of about 4,800,000 bushels to the larger United States production, the bulk of this intermediate production being marketed before
Sept. 1. The remainder of the increase, or 3,400.000 bushels, is about
equally divided between the 18 surplus late States and the 12 other late
potato States.
Sweet Potatoes
-The Sept. 1 condition of sweet potatoes was reported
to be 62.5% of normal for that date, compared with 71.8% on this date
-year (1922-31) average condition of 73.0%. There
last year and a 10
has been a slight increase in the prospective production since Aug. 1, now
forecast at 64.176,000 bushels, compared with 65,073,000 bushels estimated produced last year and an average production during the 1927-31
period of 62.386,000 bushels. In the Eastern States, rains have been
ample and weather generally favorable, vines have made heavy growth
and good yields are in prospect. In the drought States, yields are rather
generally low but the crop holds on remarkably well in many areas and
responds very quickly to any rains that occur.
The Crop Reporting Board of the United States Department of Agriculture makes the following forecasts and estimates for the United States
from reports and data furnished by crop correspondents, field statisticians,
and co-operating State Boards (or Departmetns) of Agriculture and Agricultural Colleges:
Acreage
Yield per Acre
1,000 Acres
Crop
Average
1927-31 1933
1934
Per Cem Average
1922-31
of
1934
1933
1933
Inditoted
Sept. 1
1934
Corn, bushels
100.706 102,397 92,526 90,4
25.7
22.9
16.0
Wheat, all, bushels
60,388 47,518 43,996 92.6
11.1
11.2
14.4
Winter, bushels
40,1150 28,446 32,485 114.2
15.2
12.4
212.3
All spring, bushels..
20,338 19,072 11,511 60.4
12.6
9.2
8.1
Durum, bushels_
5,105 2,310 1,061 45,9
12.1
7.0
5.7
Other spring, bushels 15,233 16,762 10,450 62.3
12.7
9.6
8.3
Oats, bushels
39,673 36,704 33,348 90.9
16.4
30.1
19.9
Barley, bushels
11,963 10,108 8,712 86.2
22.7
15.5
14.1
Rye, bushels
3,319 2,358 2,260 95.8
12.4
9.0
a7.6
Buckwheat, bushels
630
461
15.8
446 96.7
17.0
15.8
Flaxseed, bushels
2,915 1,286 1,133 88.1
5.3
4.6
7.3
Rice, bushels
954
769
737 95.8
42.5
46.3
49.5
Grain sorghums, bushels_ 6,626 8,143 7,993 98.2
14.3
10.8
6.7
Hay, all tame, tons
54,420 53,947 53,152 98.5
1.11
1.22
0.95
Hay, wild, tons
13,418 12,315 10,865 88.2
0.83
0.70
a0.49
Hay, all clover and timothy, tons_b28,260 23,869 22,040 92.3
1.16
1.05
a0.77
Hay, alfalfa, tons
11,397 12,780 12,249 95.8
1.59
2.10
1.95
Beans,dry edible, pounds 1,769 1,671 1,742 104.2
666
735
522
SoYbeans_c
2,506 2,722 3,590 131.9
Cowpeas_ c
1,578 1,733 1,799 103.8
Peanuts (for nuts),lbs
1,253 1,361 1,535 112.8
706
676
668
Velvet beans_ c
84
82
85 103.7
Potatoes, bushels
3,201 3,197 3,383 105.8 1- 2 5 1- 0.2
.
0 .
-9
1-977
Sweet potatoes, bushels_
770 101.2
688
761
90.2
85.5
83.3
Tobacco, pounds
1,904 1,770 1,364 77.1
783
790
776
Sorgo for sirup
182
240
246 102.5
Sugar cane for sirup
103
127
128 100.8
Sugar beets, tons
708
983 d804 81.8 el0".8
11.2
9.3
Broomcorn, pounds
306
296
291 98.3 312.8 214.1 198.1
HoPs, Pounds
28
23
32 115.0 1.284 1,411 1.145
a Preliminary estimate b Excludes sweet clover and lespedeza (minor States
excluded). c Grown alone for all purposes. d Planted acreage less probable
abandonment. e Short-time average.
DURUM WHEAT
CondUion Sept, 1
Per Cent
Stale
Average
1923-31
79
69
68
63
69.3
Minnesota
North Dakota
South Dakota
Montana
Four States
1933
Production-1,000 Bushels
1934
Average
1927-31
1933
be
48
19
38
60
23
13
30
3,270
44,028
13,890
273
880
14,651
326
252
954
4,604
348
175
46.2
24.5
61,460
16,109
6,081
Indicated
1934
SPRING WHF AT (OTHER THAN DURUM)
State
CondUion Sept. 1
Per Cent
Average
1922-31
1933
1934
89
81
81
76
76
77
79
82
a75
1315.8
74
a64
a60
73
138.6
a62
82
76
70
70
87
88
67
78
88
62
72
66
51
54
56
69
55
b13.0
70
44
23
47
b3.5
36
69
45
53
65
71
79
81
77
86
62
65
58
65
30
61
68
50
b8.0
26
17
20
9
b4.0
34
75
38
35
40
63
Production-1,000 Bushels
Average
1927-31
1933
Indicated
1934
49
181
191
242
225
2,761
168
1,258
14,420
789
149
63,503
21,191
2,553
358
41,099
14,393
2,332
4.653
416
2,186
283
16,001
3,415
120
124
105
80
140
826
125
1,152
13,415
559
39
50,735
3,924
3.312
52
20,776
11,340
1,330
3,500
275
1,739
330
33,159
13,104
110
124
84
45
112
308
1613
1,290
10,458
312
14
18,650
2.748
1,076
48
17,808
11,684
791
1,588
176
1,330
240
14,205
3,333
United States.. c68.6
50.7
32.8
192,838
160,261
a Short-time average. b Yield per acre. c All spring wheat.
86.682
Maine
New York
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota _- _ _
South Dakota_
Nebraaka
Kansas
Montana
Idaho
Wyoming
Colorado
New Mexico
Utah
Nevada
Washington
Oregon
88
71
59
Financial Chronicle
1734
WHEAT (BY CLASSES)
-1,000 BUSHELS
Total
Durum
White
(Winter
and
Spring)
56,307
59,191
21,266
41,607
17,443
6.627
84,341
87,760
70,174
84,150
89,443
64.334
822,180
389,702
932,221
744,076
527,978
493.285
Spring
Winter
Year
Solt
Red
Hard
Red
Hard
Red
144.712
160.594
70,376
191,444
103,915
57.606
160,430
178,794
254,480
149,425
147,262
163.245
a Indicated Sept. 1 1934.
1929
1930
1931
1932
1933
1934.a .._
370,390
403,363
515.925
277,450
169,915
201.473
CORN
Production
1,000 Bushels
Condition Sept. 1Per Cent
Stale
Indicated
1934
Average
1922-31
Maine
New Hampshire-- _
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania_
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Dolorado
New Mexico
trizona
Utah
Nevada
Washington
Oregon
Ualifornia
iTnitoel
Rtn.tr.
1933
1934
Average
1927-31
1933
81
83
82
81
87
83
77
80
77
76
74
74
70
77
71
79
71
69
60
66
60
77
73
75
76
79
69
71
78
74
72
71
68
64
66
60
66
64
86
77
69
68
84
86
90
80
84
86
89
92
84
66
85
82
75
67
76
65
65
53
73
82
66
78
60
52
23
64
38
89
69
78
82
80
75
68
61
78
79
71
73
59
69
26
51
46
82
58
57
60
77
79
65
78
81
83
79
85
84
84
84
90
78
59
88
68
61
48
58
77
46
46
9
19
15
10
6
90
75
85
76
86
62
68
74
82
76
80
70
24
48
10
32
26
80
25
18
29
64
58
84
74
81
83
538
562
2,617
1,686
346
2,042
19,072
6,581
45,570
121,397
146,379
302,578
34,013
64,895
134,848
413,751
150,699
20,200
95,749
230,002
137,700
3,782
15,187
33,611
11,290
40,713
21,215
37,678
6,373
63,954
58,880
35,799
31,919
30,424
18,030
53,1343
81,615
1,933
1,478
2,633
24,119
3,747
571
407
48
1,233
2,046
2,557
697
600
2,520
1,520
410
2,067
17,546
6,012
50,560
112,694
127,263
224,748
42.315
77,980
142,957
450,000
141,446
20,010
40,440
234,698
80,431
3,625
16,240
36,918
13.920
44,252
22.808
39,270
5,384
68,175
66,035
36,978
35.850
27,716
15,574
19.485
74,824
2,472
1,950
2,080
22,044
3,332
738
483
44
1,558
2,414
2,800
71 5
619
435 2516.397 2.343.883 1454 6112
663
630
2,665
1,554
400
2,142
20,026
6,888
53,504
91,488
107,590
178,296
34,125
79,526
94,860
216,000
24,375
8,166
13,209
29,936
10,492
4,416
16,480
36,125
11,772
49,280
22,212
41,621
6,573
67,366
56,902
48,024
40,396
12,444
15,816
8,728
54,084
1,836
1,368
525
3,606
1,712
518
306
40
1,224
1,643
3,050
OATS
Production
1,000 Bushels
Condition Sept. 1Per Cent
State
Average
1922-31
90
Maine
89
New Hampshire- -- 90
Vermont
86
Massachusetts
87
Rhode Island
85
Connecticut
83
New York
82
New Jersey
83
Pennsylvania
79
Ohio
72
Indiana
74
Illinois
80
Michigan
85
Wisconsin
81
Minnesota
235.8
lows _
70
Missouri
67
North Dakota
70
South Dakota
75
Nebraska
a22.4
Kansas
81
Delaware
82
Maryland
78
Virginia
81
West Virginia
817.1
Notth Carolina
a21.9
South Carolina
218.7
Georgia
1114.0
Florida
76
Kentucky
74
Tennessee
a17.8
Alabama
a20.0
Mississippi
a19.4
Arkansas
223.3
Louisiana
a21.0
Oklahoma
a25.4
Texas
65
Montana
83
Idaho
80
Wyoming
75
Colorado
66
New Mexico
83
Arizona
89
Utah
SS
Nevada
SO
Washington
83
Oregon
a25.2
Ualifornia
h77 1
.
TI...1•.el Cl•n1.0.a
1933
1934
92
87
74
73
75
87
51
77
59
44
37
44
49
57
49
*23.0
61
39
17
30
a17.0
81
62
74
63
*16.5
819.5
a18.0
al1.5
59
69
a16.0
216.0
a16.0
a16.3
a18.5
1117.5
36 •
75
51
61
67
84
76
84
SI
90
223.5
89
82
85
81
88
88
69
86
70
45
29
26
55
66
44
*13.0
25
18
17
8
813.5
73
75
71
52
216.0
a17.0
al9.0
a13.0
53
62
218.4
a22.0
a14.0
*25.5
a15.5
222.0
46
SO
46
39
41
64
59
73
70
55
a21.5
4,322
285
1,847
157
64
235
26,861
1,233
29,069
63,826
61.328
139,955
45,707
84,750
138,1159
214,018
36,652
38,074
59,223
67.015
32,929
88
1,563
3,189
3,352
3,206
8,117
5,778
126
3,187
1,778
1,864
716
2,288
399
25,684
37.046
8,897
4,346
3,399
5,262
789
299
1,691
82
7.292
8,116
2.192
5,200
228
1.593
150
72
225
16.810
1,161
20,812
26,096
28.730
78,760
23,541
63,882
96,406
143,589
32,634
22,139
5,220
23.373
25,976
87
1,100
3,360
2,358
3.382
7,215
5.310
80
1.952
1,744
1,104
336
1.648
261
21.478
20.808
6,511
4,544
3,246
4,131
836
377
1,550
90
9,487
9,842
2,092
4.750
266
1,860
128
32
261
22.572
1,290
22,874
25,051
19.773
43,140
28,612
63,525
75,480
68,991
14,990
8,939
3.674
7,235
17,942
84
1.188
2,613
1.960
3,441)
6.596
6,384
91
1,624
1,395
1,914
638
2 016
612
19,794
39,012
5,933
4,455
1,210
2.034
540
351
910
46
7,138
5,400
2.107
h48.3
h392 1.186_956
731.524
545.870
Indicated
1934
a yield per acre. b Allowance made for concUtion at harvest In Southern States,
Foreign Crop Prospects-The latest available information pertaining to cereal crops in foreign countries, as reported by the Foreign Service of the Bureau of Agricultural
Economics to the United States Department cf Agriculture
at Washington, and given out on Sept. 10. is as follows:
-The 1934 wheat production in 38 countries which
Wheat and Rye
present about 80% of the Northern Hemisphere wheat crop, exclusive of
Russia and China, Is reported at 2,557,078.000 bushels, compared with
2,875,631,000 bushels in the same countries last year.
The first official estimate of the Canadian crop will be issued Sept. 11.
Cutting is nearly completed and threshing is under way in western Canada,
althoug widespread rainfalls have caused. delays. Frost damage to yields
and grades is reported in central and western Alberta and northern
Saskatchewan.
The total wheat production in 27 European countries is reported at
1.431,410,000 bushels, compared with 1,743,153,000 bushels last year.
Minor revisions for several countries have increased the total during the
past month but no major revision has been reported for any one country.
France, Italy, Germany, Poland, Czechoslovakia, and the Danubian
countries have reported smaller crops but the northern European countries
expect crops about equal to last year. The rye production in 15 European countries is reported at 499,106,000 bushels, or 83,787,000 bushels
less than last year. A smaller crop is 8150 expected in Poland, which is
not included in the total, but no estimate is available.
The estimate of the total wheat production in the four North African
countries is 14% above last year and the five Asiatic countries for which
estimates are available report an increase of 3%.
The first official estimate of the area sown to wheat in Argentina for the
1934-35 season is 18,483,000 acres. This is slightly above the first estimate for 1933-34 of 18,285,000 acres, but is about 6% below the final
estimate of 19,662,000 acres. The area In Australia is reported at 13,500,000 acres,a decrease of10% from the 1933-34 area of 14,966,000 acres.
-PRODUCTION IN SPECIFIED COUNTRIES, 1931-'32
WHEAT AND RYE
TO 1933-34 (1,000 BUSHELS)
1931-32
1932-33
1933-34
1934-35
932,221
16,226
1.433,907
115,468
494,530
744.076
9,858
1,489,177
127.246
449,820
527,978
12,122
1,743,153
110.037
482,341
493,285
10,346
1,431,410
124.962
497,075
Total. 38 countries
Canada
Rye
United States
Europe, 15 countries
Turkey
2,992,352
321,325
2,819,977
443,061
2,875,631
269,729
2,557,078
32,290
447,753
15,698
40,639
549,687
8,425
21,236
582.893
9,842
17,261
499,106
9.842
Total, 17 countries
Canada
495,741
5.322
598,751
8.470
613.971
4.327
526.209
Country
Wheat
United States
Mexico_
Europe, 27 countries
Africa. 4 countries
Asia, 5 countries
FEED GRAINS
Barley
-The 1934 production In 21 foreign countries reported to date,
which last year accounted for 55% of the Northern Hemisphere total.
exclusive of Russia and China, is about 3% below the production in the
same countries in 1933. The European countries reported shows decrease
of 13%, while the North African countries reported show an increase of
nearly 16%, and the Asiatic countries an increase of 13%.
-The 1934 production in 14 foreign countries reported, which
Oats
last year raised 28% of the Northern Hemisphere total. exclusive of Russia
and China, is more than 19% below the 1933 harvest in the same countries.
The European countries show a decrease of about 20%, while there is a
net Increase of 21% in Morocco, Tunis, and Turkey.
Corn-The 1934 corn production in seven foreign countries reported,
which last year raised 11% of the Northern Hemisphere total, exclusive
of Russia, shows an increase of nearly 2% over the 1933 harvest in those
countries. The supply of corn from the 1933-34 harvest still available
for export from Argentina after Sept. 1 was only about 57,000.600 bushels,
compared with 110,000,000 bushels at the same time last year.
-PRODUCTION IN SPECIFIED COUNTRIES. 1931-34
FEED GRAINS
(1.000 BUSHELS)
Crop and Countries Reported in 1934
Barley
United States
Europe, 13 countries
North Africa. 4 countries
Asia, 4 countries
1931
1932
1933
1934
302,042
489,445
105,729
170,944
156,988
493,988
102,982
186.191
122,963
429,505
119,052
210,449
923,089 1,068,160
940.149
881,969
Estimated Northern Hemisphere total, ex1,444,000 1,597,000 1,426,000
cluding Russia and China
Oats
1,126.913 1,246,658 731,524
States
United
752,462 807,581 829,229
Europe, 11 countries
3,927
3,196
2,572
North Africa, 2 countries
8,113
8,681
17,568
Turkey
545,870
660,795
3,720
20,668
198.543
424.031
104,059
196,455
Total, 22 countries
Average
1927-31
1933
Sept. 15 1934
1,891,415 2,066,116 1,580,893 1,231.053
Total. 15 countries
Estimated Northern Hemisphere total, ex3,210,000 3,550,000 3,036,000
cluding Russia and China
Corn
United States
Europe. 3 countries
North Africa. 2 countries
Asia, 2 countries
'
2,588,509 2,906,873 2,343.583 1,484,602
342,374 366,573 291,589 301,982
5,385
5,560
5,784
4,894
79,995
87,003
89,321
77,509
3,025,764 3,355,849 2,728,259 1,874,964
Total, 8 countries
Estimated Northern Hemisphere total, ex- 'I R7ft (Inn d MI, Mil '1 RIM Mil
-The
Weather Report for the Week Ended Sept. 12
general summary of the weather bulletin issued by the Department of Agriculture, indicating the influence of the
weather for the week ended Sept..12, follows:
The week was characterized by continued cool weather in nearly all
sections between the Allegheny and Rocky Mountains, heavy rains in much
of the Atlantic area, and widespread showers in the central valleys and
Midwest. Chart I shows that the temperature averaged above normal
along the Atlantic seaboard, while a generally warm week was experienced
in the more western States. In the Great Basin the week was 'generally
from 4 to 6 degrees warmer than normal. In the Ohio and Mississippi
Valleys, and the central and southern Great Plains it was correspondingly
cool, with the weekly means mostly from 4 to 6 degrees subnormal. Minimum temperatures were comparatively low, being under 50 degrees in the
eastern mountains to southwestern Virginia, and in the interior southward
to northern Illinois and northern Kansas; in some northern sections they
were under 40 degrees. The lowest temperature reported for the week from
first-order stations was 32 degrees at Yellowstone Park, Wyo., on the 8th.
Chart II shows that the weekly rainfall was heavy to excessive in nearly
all of the Atlantic area, the totals in cone localities running as high as 4 to
Inches or more; Hatteras, N. C., reported 8.8 inches for the week. In
the central valleys rainfall, mostly in moderate to generous amounts, was
widespread from the eastern portion of the Ohio Valley to the western
Great Plains. However, in northern sections west of the Lake region but
little rain occurred, except in the far Northwest where the amounts were
generous in some sections. The Great Basin and much of the South had
practically a rainless week.
While temperatures continued rather too low for 1)&4 growth of late
crops in the central valleys, additional widespread showers have maintained an increasingly steady ininprovement in the agricultural situation
over much the larger portion of the drought area east of the Rocky Mountains. In fact, except for continued dryness in the northern half of Minnesota, most of the Dakotas. Montana, some eastern foothill sections of
the Rocky Mountains, and locally In the central Gulf area, the ton soil
now has sufficient moisture for present needs practically everywhere
throughout the central and eastern parts of the country. Within these
areas there are, here and there, localities still needing rain, but, in general,
the top soil is in fairly good shape. In most of the Central-West the subnormal
soil is still dry, and much more rain will be needed to restore it to
condition.
Volume 139
Financial Chronicle
1735
applied particularly to the Southwest and the Pacific Coast
where substantial gains in sales are being made. In the
metropolitan area a satisfactory call for merchandise needed
in connection with the reopening of the schools, was noted
but the interest in Fall fashion goods was restricted, largely
due to unfavorable weather. Chain store sales during the
first half of September are expected to register an increase
of about 10% as compared with the corresponding period
of 1933, but a longer duration of the textile strike may affect
the sales volume in the centers of the industry. Department
store sales during the month of August, according to the
preliminary figures of the Federal Reserve Board, gained
2% over August 1933, with the New York district reporting
no change. The best showing was made by the Richmond
district, with an increase of 10% while the least favorable
result was shown by the Boston district, with a decline of 4%.
Trading in the wholesale dry goods market continued to
be visibly affected by the general textile strike. Pressure
for quick shipment of goods on order was again noted in
numerous instances and the price trend was definitely
on
stronger, as a result of many mills refusing to quote. any
merchandise excepting that actually on hand. Prices for
towels advanced 5%. An acute shortage of desirable goods,
with a concurrent advance in quotations is anticipated,
time,
should the shutdown be prolonged for any length of .
and even in the event of an early settlement of the difficulty
the statistical position of the market promises to reveal a
considerable strengthening. While retailers so far failed to
be stamped into any real scramble for goods, a disposition on
their part to hurry the delivery of former purchases is
unmistakable. Business in silk goods was dominated by considerations of the labor disturbances. Under the impact of
urgent covering by converters and cutters, prices of greige
goods advanced an average of 2e. per yard,.with sales confined to spot goods and most sellers refusing to consider
forward contracts. Prices of finished goods were also
sharply higher as the walkout in the dyeing industry became
a serious threat. Demand for rayon yarns continued to be
greatly affected by the strike in the rayon weaving industry
which resulted in numerous requests for deferred shipment
or outright cancellations. As a consequence, producers
The Weather Bureau furnished the following resume of resorted to a corresponding curtailment in production
conditions in the bifferent States:
schedules. Towards the end of the week, however, slightly
Virginia—Richmond: Temperatures subnormal to normal: precipitaimproved strike conditions brought a better call for goods,
tion mostly heavy. Plowing continues in Great Valley. Cotton beginning
and in the event of an early ending of the tie-up, a strong
to open; cutting corn and tobacco progressing, while most of tobacco
cured in central and southeast. Some southeastern seaborad crops condemand for yarns is anticipated.
tinue good to excellent; others, including cotton and peanuts, badly damaged by weather.
Domestic Goods—With most mills showing no inclinaNorth Carolina—Raleigh: Much cloudiness; rainfall excessive on coast
and heavy in parts of interior; warmer latter half of week. Progress of cottion to book orders for future delivery, trading in gray cloths
ton varies from poor to good, but mostly only fair account rain and Insufwas confined to spot goods which early in the week comficient sunshine.
Growth of food, pastures, and forage crops good, but
rains delayed harvesting and caused some flooding; damage from coast
manded premiums ranging from M to Yie. a yard. Followstorm apparently not heavy. Soil in good condition in west for fall plowing.
ing the reopening of a number of mills later in the week, a
South Carolina—Columbia: Temperatures seasonable; heavy rains middle of week; sunshine somewhat below normal. Cotton picking and ginning
somewhat more liberal supply of goods became available,
good advance in central and south: picking fair progress in north where
epening fairly well; crop about reached maturity on coastal plain. Late resulting in the virtual disappearance of the previous price
corn, forage crops, sweet potatoes, gardens, and pastures excellent progress.
advances,for quick shipment. Opinions on the future course
Georgia—Atlanta: Cool in north, but moderate in south, with light
of prices are entirely dependent on the length and on the
showers. Condition and progress of cotton mostly fair, but local deteriointensity of the tie-up. A protracted strike would no doubt
ration in northwest; picking excellent advance in most places and nearing completion in some southern sections. Sweet potatoes, sugar cane,
result in sharply higher quotations, but even in the event
and peanuts generally good. Pastures and vegetables need rain.
of an early settlement, there are some who look for a conFlorida—Jacksonville: Week warm; rainfall slightly deficient. Cotton
condition fairly good; picking and ginning well advanced. Active prepatinued steady trend in the price structure based on the conration of land for fall crops; beans and turnips being planted. Citrus
sideration that the end of this major labor difficulty would
maturing; some in local markets.
Alabama—Montgomery: Cool with light showers. Cotton progress very
result in an accelerated general seasonal pickup in business
good, but condition fair; picking good avdance. Corn crop good, except
whereas the inventory position of the mills would be greatly
only fair locally; early hardening rapidly and picking begun. Sweet potatoes also good. Potato stands fair to good. Fall truck being planted.
strengthened. Trading in fine goods was largely restricted
Mississippi—Vicksburg: Generally cool; mostly dry, but occasional
to small lots for quick shipment but buyers showed considerlight showers. Rapid progress in cotton opening, with picking making
ably more interest than for some time, with particular
good advance. Fair progress in harvesting corn. Progress of gardens
and pastures poor to fair.
attention centered on combed lawns. Closing prices in
Louisiana—New Orleans: Dry and cool, except warmer at close, with
print cloths were as follows: 39 inch 80's, 93% to 93'c.,
scattered showers. Favorable for work and crops, except more rain
needed in northwest for late gardens and sweet potatoes. Cotton mostly
39-inch 72-76's, 8% to 9c., 39-inch 68-72's, 8M to 83'c.,
open and picking well advanced in most portions. Gathering corn pro4
383/2-inch 64-60'd, 7 8 to 73 0.,383/2-inch 60-48's, 6 to 63.c.
greased well. Sugar cane in good condition.
/
Texas—Houston: Averaged slightly cool during the week; showers,
Woolen Goods—Trading in men's wear fabrics was not
locally heavy, occurred throughout State. Progress and condition of
cotton mostly fair to locally poor: showers stopped premature opening
greatly affected by the walkout in the industry. While
and filled out bolls in many localities; picking and ginning progressed
many small mills were closed, partly owing to the walkout
favorably well into northern portion of State. Preparation of soil for fall
seeding got well under way in south during week. Cattle mostly in fair
of the workers but, to a larger extent, due to insufficient
condition, but some losses in south-central account of dryness.
orders, the most important men's wear mills were untouched
Oklahoma—Oklahoma City: Cool, with light to moderate rains in west,
extreme south, and extreme east portions, but mostly heavy to excessive
by the strike although remaining idle on account of poor
elsewhere last of week; sunshine normal. Rapid progress of plowing and
business conditions. Orders received by clothing manuplanting oats and winter wheat: much early planted up. Propress of cotton
fair, but condition very poor: picking fair to very good advance, while
facturers showed some expansion as a result of cooler weather
much being snapped; quality rather poor. Corn crop poorest of record.
in sections of the country, but with the Fall season virtually
Gardens, pastures, sweet potatoes, sorghums, and alfalfa
gems. Stock water generally plentiful. More rain needed in good proended, cutters were hesitant in placing larger orders for piece
southeast.
Arkansas—Little Rock: Progress of cotton good to excellent due to
goods. No real shortage of merchandise is anticipated,
favorable weather; bolls opening very rapidly and practically all open in
inasmuch as most buyers incline to the view that the strike
south and hills; green bolls filling out in central-northern lowland; picking and ginning advancing rapidly. Progress of late corn excellent since
will be short-lived. Prices for some classes of overcoatings
rains. Meadows, pastures,sweet potatoes, tomatoes, and vegetables coming
showed a slight stiffening. Business in women's wear
back very rapidly.
Tennessee—Nashville: Cooler, favorable for conserving moisture. Early
fabrics was greatly curtailed by the observance of the religious
corn maturing satisfactorily and considerable cut; late good progress and
holidays. The strike failed to affect sentiment which was
condition mostly very good. Much tobacco cut and stored; condition
generally good. Condition of cotton poor to fairly good in west, but good
more subject to the paucity of actual business caused by the
central and east; picking good advance.
in
slow response to early Fall promotions encountered by
.
Kenlucky—Louisville: Good rain in extreme north where needed and
moderate to heavy in west; otherwise mostly light showers. Cloudy and
retailers. A scarcity in women's wear fabrics, due to strike
cool weather interfered seriously with making hay. Progress of tobacco
conditions, appears remote since the largest center of the
cutting fair in west, but good in central and east; conditions unsatisfactory
industry so far has remained impervious to attempts of
for curing. Corn cutting advanced slowly; progress of late fair, but condition very good. Late potatoes show improvement, but generally poor to
strike leaders to induce a walkout of the workers.
fair. Pastures mostly good. All crops need sunshine and warmth.
Foreign Dry Goods—No change occurred in the linen
market. Suitings and dress goods remained seasonally dull
THE DRY GOODS TRADE
but there continued to a trickle of orders in household linens.
New York, Friday Night, Sept. 14 1934.
Confidence in the outlook for the next lien season is undiAdverse weather conditions in parts of the country and the minished. A lightly better tone developed in the burlap
continued tie-up on the textile industry resulted in retail market. Calcutta sent steady cables and there was a sometrade assuming a more spotty character, although the volume what better demand, particularly for near-by shipments. Doof business as a whole, rather exceeded expectations. This mestically lightweights were quoted at 4.35c., heavies at 6.00c.
In the Mountain and more western States conditions continue variable.
There has been material improvement in most of Arizona and New Mexico,
and recent rains have been beneficial in much of Wyoming, especially in
Fremont County and the Platte Valley. In addition, rains during the
last couple of days have been very beneficial in much of the Pacific Northwest, especially in Washington and northern Idaho. However, moisture
Is still badly needed in much of Colorado and in most of the Great Basin,
including Utah, Nevada, southern Idaho and Oregon.
Heavy rains and wind did some damage to growing crops, especially
corn, in parts of the middle Atlantic area, and there was some interruption by wet weather to the harvesting of late forage crops in parts of the
interior valleys where warmer weather and more sunshine are needed.
Otherwise, seasonal farm work made generally satisfactory progress, with
the preparation for fall seeding especially active, facilitated by recent
rains over the Winter Wheat Belt. In the northern Great Plains but
little fall plowing is possible because of continued dryness, There was local
frost damage in some Central-Northern States, especially in Minnesota.
SMALL GRAINS—In the Ohio Valley fall plowing and seeding winter
wheat were generally favored, although in the western part rain delayed
work somewhat and warmth and sunshine are needed. In Iowa much
plowing has been done since tile rain and considerable rye and winter
wheat have been sown, with the early seeded up and showing green. In
Missouri wheat, rye, and barley are coming up nicely, while in Arkansas
growth was reported rapid in parts.
In the important western grain sections, moderate to generous rains were
very favorable, with plowing progressing from Texas to Nebraska and seeding winter wheat and rye begun; in Kansas seeding is in progress, while in
Oklahoma much early planted is up. In the Dakotas and Montana little
fall plowing has been done,due to the unusually dry soil, while in some other
western sections notably eastern Colorado. Utah and Oregon, fall plowing
is delayed due to dryness. In Washington beneficial rains in the wheat
belt improved conditions sufficiently for fall seeding to begin.
CORN—Progress toward maturity of the corn crop was slow during the
week because of the showery, cool weather, but much is now safe from
frost, and considerable harvesting has been done. In Illinois the earliest
corn has matured, but some of the late crop will require about a month
longer to be safe from frost; chinch bugs and ear-worms continue active,
and more sunshine is needed. In Iowa progress was poor to fair; earworms continue depredations and chinch bugs are active in the southeast.
In Ohio and the Atlantic States progress was favorable, but in some sections of the latter. especially New Jersey, considerable corn was blown
down by the wind storm of the week.
COTTON—Temperatures were unseasonably low in the central Cotton
Belt, but near-normal warmth prevailed in the eastern and more western
portions. There were heavy rains in much of the Atlantic area and rather
extensive showers in the northwestern belt, but, otherwise, except locally,
there was very little rain.
In Texas progress and condition of cotton were mostly fair to locally
poor; showers have stopped premature opening, and improved bolls in
many localities; picking and ginning are progressing fairly well to northern
sections. In Oklahoma weekly progress was fair, but condition continues
very poor; harvest is in progress, with much being snapped.
In the central States of the belt the week was mostly favorable for field
work and harvest advanced well. In Arkanseas, since the rain, many
green bolls are filling out better; the crop is opening rapidly, with picking
and ginning advancing. In the Atlantic States, especially in the north,
progress varied, being mostly only fair because of heavy rains and insufficient sunshine. The crop is beginning to open as far north as Virginia,
but with some damage from excessive moisture.
Financial Chronicle
Sept. 15 1934
State and City Department
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105W. Adams St.
CHICAGO
•
DIRECT
WIRE
•
314 N. Broadway
ST. LOUIS
PUBLIC WORKS ADMINISTRATION MUNICIPAL
ALLOTMENTS
The following is a list of the municipalities to whom the
PWA has agreed to furnish loans and grants for various
public works projects. These allotments were reported
during the period from Sept. 8 to Sept. 14, inclusive. In
each instance the PWA has agreed to furnish a grant, not
subject to repayment, for 30% of the total expenditures incurred for the payment of labor and material costs. Moreover, the PWA will accept 4% general obligation or revenue
bonds of the municipality as security for the loan portion of
the allotment. The table shows the name of the municipality, the total allotment, estimated expenditures for labor and
materials and the nature of the project to be undertaken. In
the case of the type of bond to be used as security for the
loan, this is indicated, whenever known, by ()for general
obligations and (x) for revenue or special assessments. We
wish to point out that mere announcement of an allotment
does not necessarily imply that a given project is already
under way or that arrangements have been fully completed.
The PWA has already allotted millions of dollars to local
government units but has purchased a comparatively small
portion of the bonds covered by the allotments. In many
cases, too, the municipalities have asked that allotments be
rescinded in the belief that they can finance the projects in
the public market on terms lower than the 4% interest rate
basis required by the PWA.
Labor and
Material
Total
NameCosts
Allotment
536,000
Butler, Ohio
x$40,000
98,700
60,000
Clarke County, Ala
20,70
x22,000
Des Moines, Iowa
27,500
Edward Sch. Dist. No. 17, Neb.._ *28,200
Edwardsville Twp. School Dist.
8,100
.8.600
No. 78. III
6,100
x6,800
Electra Ind. School Dist., Tex
980
•1,100
Escanaba, Mich
4,300
*4,500
Escanaba, Mich
1,650
•1,700
Escanaba, Mleh
*39,000
38.000
Escanaba, Mich
1,600
x2,000
Escanaba, Mich
165,000
*177,000
Falls Church, Ya
,
Hartford, Argyle, Gram llle, Hebron and Fort Ann Central
80,500
School District No. 1, N. Y.._ *83,500
x29,000
27,500
Jewett, Tex
8,000
x8,500
Junction, Tex
292,000
.304,000
Laredo Ind. Sch, Dist., Tex
132,000
*306,000
Louisiana, Mo
18,000
x19,000
Mount Calm, Tex
295,600
326.000
New York, N. Y
918,000
977,000
New York, N. Y
373,300
384.100
New York, N. Y
209,000
214,000
New York, N. Y
92,600
97,400
New York. N. Y
355,000
391.300
New York, N. Y
34,000
x39,000
La
Ringgold.
40,000
*45,000
St. Clair, Mo
27,000
x29,000
Sunset, La
185,200
*200,000
Weber County, Utah
Nature of Project
Water works system
School building
Park improvement
School building
School building
School construction
Water pumping station
Sewer
Tennis court
Water mains
Water pump
Sewage system
School building
Water works system
Water works system
High school building
Water works system
Sewer system
Transit improvements
High school building
School building
Health center building
Hospital repair
Transit improvements
Water works system
Sewage system
Water system
School building
NEWS ITEMS.
Arkansas-Refunding Bond Deposits Total $93,404,175
Out of $144,112,967 Previously Outstanding-The following
report on the progress of the refunding program on the highway and toll bridge bonds of this State, is taken from a Little
Rook dispatch to the "Wall Street Journal" of Sept. 11 f
State Refunding Board announces total of highway, bridge and road
improvement district bonds assembled or deposited for refunding is $93,404,175, which compares with $144,112,967 outstanding as of Jan. 1.
The Board has forwarded Chase National Bank sufficient funds to cover
April 1 interest coupon on refunding bonds and will leave to State of Arkansas bondholders' protective committee duty of arranging payment. Act 11
of 1934 forbids allowance to paying agent. Blank bond forms for road
district bonds will be delivered Tuesday.
The Board thus far has actually refunded $2,823,000 bonds and has on
deposit $45,000,000 in addition to $10.000,000 held by Arkansas road district bondholders' protective committee at St. Louis .Nlne state officials
and employees headed by Secretary of State E. F. McDonald, Treasurer
Roy Leonard and Comptroller Griffin Smith will handle exchange of bonds
at New York.
Illinois-Diversion of Gas Tax Revenue to Schools Upheld
Circuit Judge L. E. Stone on Sept. 7 upheld the diversion of
one-third of the gasoline tax revenue to the financial relief
of school districts during the period between July 1 and next
March 1. The Court's ruling was made only two hours
after the filing of a petition for an injunction attacking the
special session law which provided for the diversion. An
Associated Press dispatch from Springfield to the Chicago
'News" of Sept. 7 reported as follows:
The legality of gasoline tax diversion to the fnancial relief of school
districts was upheld to-day as Circuit Judge L. E. Stone dismissed an
injunction suit.
Judge Stone ruled in favor ofMontgomery S.Winning,Assistant AttorneyGeneral, who had argued that the legality of the gas tax diversion had been
previouhly established in the unemployment relief bond issue cases.
Winning was over-ruled when the petition was accepted, but his final
victory came two hours later.
Although the suit was filed in Werner's name, it was reported several
oil companies were interested in the effort to prevent part of the gasoline
revenues from being used to bolster up the State school distributive fund.11%
If the injunction had been issued, the State, the counties and the municipalities would not have to turn over a third of their gas tax funds to the
schools.
Maine-Governor Brann Re-elected-Associated Press dispatches from Portland on March 10 reported that Governor
Louis J. Braun, Maine's first Democratic Governor in 16
years, was re-elected on that day over his Republican opponent, Alfred K. Ames, wealthy retired lumberman, in the
face of Republican demands for his defeat as a symbol of
Maine's repudiation of the New Deal. It was reported to
be the first time in the history of Maine that a Democratic
Governor had won a second term. Gov. Brann, who went
into office in the Democratic overturn of two years ago, is
said to be the fifth member of his party to occupy the executive chair in this State since the Civil War.
-Supreme Court Asked to Affirm Decision
Miami, Fla.
-An Associated
Validating $29,891,000 Refunding Bonds
Press dispatch from Tallahassee on Sept. 4 reported as follows on the request of officials of the above named city to
State Supreme Court for a confirmation of the Dade County
Circuit Court decision validating the $29,891,000 refunding
bonds
-V. 139, p. 631:
The City of Miami to-day asked the Supreme Court to affirm a Dade
County lower court decision, validating $29,891,000 worth of refunding
bonds, which the city said would refund its total bonded indebtedness.
The Dade court ruling was appealed in Supreme Court by State's Attorney Vernon Hawthorne, but the State was not represented in court
to-day.
John W. Watson, Jr., city attorney for Miami, said the State claimed
the City of Miami had no right to issue refunding bonds, and certificates
of indebtedness on these bonds; that pledging the full credit of the city for
tne bonds would violate the rights of the cities annexed to Miami, which
were not to be responsible for Miami's debts, and that the levying of a tax
to pay the bonds would violate the proposed homestead amendment to
the State Constitution.
Watson contended Miami as a municipality did have a right to issue
bonds. He said Miami's full credit could be pledged for the bonds because the Legislature had changed the law, which made annexed cities free
of debt responsibility. Watson also claimed the proposed homestead
amendment could not enter into the case until it became effective.
-year bonds, dated from Jan. 1
The refunding bonds. Watson said, are 30
1934 to Jan. 1 1964. Interest would not begin until 1936. In the meantime, he said. 3% cash would be paid, and certificates of indebtedness
would be issued for the difference in order to give Miami "a breathing spell."
Watson said the bonds had not been exchanged.
Municipal Finance-Course Offered on Analysis of Municipal Securities
-New York University announces a timely
course in the Analysis of Municipal Securities to be given
Tuesday evenings at the Wall Street Center,90 Trinity Place,
during the Fall term, beginning Sept. 25. This course was
given last year and is being repeated.
It will deal witn the broad field of domestic public securities, including
State, county, city and district obligations from the investor's viewpoint.
Financial statements of municipalities will be analyzed in the light of
assessment methods, tax delinquency, debt structure, revenue sources,
debt and tax limits. Current developments in the field of municipal finance
will be discussed at each session and special attention will be devoted to
the problem of municipal debt adiustment and refunding, with special
reference to the new bankruptcy law.
The course will again be under the direction of Dr. Bert C. Goss, Assistant
Professor of Finance, who wrote a review of municipal finance during 1933
-V. 138, P. 354•
which appeared in the "Chronicle" of January 12th.
-Governor Recommends Diversion of Road
New Jersey.
Bonds.
-In a message to the special session of the Legislature
on Sept. 5 Governor A. Harry Moore recommended the
diversion of $10,000,000 in highway bonds for relief purposes.
A Trenton dispatch to the Newark "Evening News"of Sept.5
read in part as follows:
Governor Moore demanded to-day in a message to the special session of
the Legislature that it divert $10,000,000 of existing State Highway bonding authority to relief purposes, a plan already rejected by the Republicans
in conference.
Support of the Governor for the highway bond diversion resulted in a
clear cut issue with Harold G. Hoffman, Republican nominee for Governor.
Hoffman has come out in opposition to the highway bond diversion, which
are amortized by gasoline taxes and motor vehicle fees.
Referring to Senator Cole's bill to transfer highway bonds to emergency
relief, the Governor declared he had caused it to be introduced last April
but the Legislature has not passed it.
"I therefore" said the Governor, "again urge that this bill be passed
Immediately. It is my considered judgment that transfer of these highway
bonds is the method least fraught with difficulties at the present time. I
know, of course, of the objection voiced to this plan, chief of which is this
would be unfair to the motoring public.
"After all, who are the motoring public of New Jersey but a vast proportion of the citizens and tax payers themselves, who in the end will pay
a large share of this additional money for relief, regardless of the type of
levy. I fail to discover the injustice to the motorists of the State which
the opponents to this plan aver."
New York City-Housing Loan Terms Outlined by Ickes
Public Works Administrator Harold L. Ickes on Sept. 10
offered Mayor LaGuardia a plan whereby the $25,000,000
earmarked for low cost housing and slum clearance in New
York City can be released.
Mr. Ickes in a letter to the Mayor made the proposal so
New York City may take over control of the housing when
it is financially able. In the interim Federal authorities
would assume financial responsibility for the Federal funds
advanced to the City. The proposed agreement provides
that the Federal Government will acquire the land for projects and lease it to the Municipal Housing Authority and
that loans and grants will be advanced to the authority by
Volume 139
Financial Chronicle
the Public Works Administration for project improvements
on agreed terms until the authority wishes to assume full
financial responsibility and control. We quote in part as
follows from an article on the subject in the New York "Herald
Tribune" of Sept. 11:
A basis for the settlement of the dispute between the Housing Division
of the PWA and the Municipal Housing Authority, which has delayed
the advance of $25,000,000 of PWA funds earmarked for slum clearance
in New York, was proposed in Washington yesterday by Harold L. Ickes,
Public Works Administrator. The Federal authorities continue to demand virtually complete control over the New York housing projects until
such time as the municipal agency ,s financially able to take them over.
The insistence of the Municipal Housing Authority that it be permitted to
acquire the land and put up the buildings has been the chief point of disagreement in the negotiations ter the Federal funds.
The proposed agreement was drawn up after numerous discussions
participated in by Mr. Ickes, Mayor F. H.LaGuardia, Colonel Horatio B.
Hackett, Director of the PWA Housing Division; Dwight L. HoopinPost,
garner, Associate Director of the Housing Division,and Langdon W.
Tenement House Commissioner and Chairman of the Municipal Housing
Authority.
May Be Approved Friday
The City will not formally approve the agreement, the Mayor said last
until the conditions laid down by Secretary Ickes have peen subnight,
mitted to the Board of Estimate. This may be done at the special meeting of the Board next Friday.
In commenting on the plan Mr. Ickes said: "I believe these proposals
pave the way toward a successful low-cost housing program for New York
City. We have received generous co-operation from the New York authorities in approaching the highly difficult problems of housing, and I believe
we are now ready to go ahead with definite action on a carefully considered
basic plan.
"The immediate problems we have faced has not concerned the desirability of low-cost housing for New York—there is no argument about
that—but the establishing of a basic financial plan. I believe we have
arrived at such a basic plan which should be satisfactory to all parties, and
that we can not proceed with specific projects."
New York City—Comptroller Makes Public Returns on
Business Tax—The following statement was issued on Sept.9
from the office of the Department of Finance:
Comptroller Joseph D. McGoldrick announced yesternday (Saturday.
Sept. 8) that the Department of Finance has now received the last of the
tentative returns filed for the 1934 business tax and that the total receipts
now are $3,121,775.39, which is approximately the amount he expected
after the first returns were filed on August 1. The amount paid up to and
including Aug.2 1934 was $2,721,737.42 so that the difference of $400,037.97
represents the receipts from the amended returns. The Comptroller explained that the special force under Deputy Comptroller Walter R. Corwin
and City Collector William Reid are now proceeding with the auditing of
the returns, and that they expect to have men in the field soon examining
the books and the related records in those instances where special checks
must be made. The Comptroller said that his examiners have discovered
that in a number of instances individuals and corporations which filed State
Income tax returns failed to file returns for the City business tax, and that
within the next ten days forms will be mailed out to ascertain the facts in
those instances. Mr. McGoldrick said that the State Department of
Taxation and Finance had supplied him with a complete list of names and
addresses of all income taxpayers. The Comptroller added that he expected to announce the returns by boroughs*within a short time.
Aldermen Vote to Recommit Business Tax Bill to Board's
Law Committee—The Board of Aldermen refused late on
Sept. 14 to pass Mayor La Guardia's business tax bill, voting
instead to recommit the bill to the local laws committee for
further consideration. The vote was 49 to 13. The tax
bill, already passed by the Board of Estimate, would levy a
tax of M of 1% on gross business receipts of $15,000 a year
and over. This action by the Board of Aldermen, after
weeks of agitation, means virtually the death of the tax bill
as it now stands.
City Reports Cash Balance of $39,535,929—The weekly
financial statement of Comptroller Joseph D. McGoldrick
shows that the city had a cash balance in the treasury for
all purposes at Sept. 8 of $39,535,929, which compares with
the balance of $50,268,107 as of Sept. 1.
The statement reports that during the 36 weeks ended
Sept. 8 taxpayers paid into the city the following amounts
available for ordinary operating expenses: Taxes, 1933
and prior years, $91,193,738; 1934, current, first half,
$167,605,242; 1934, current, second half, $30,799,969, thus
making a grand total of $289,598,949. Of this total, there
was pledged under the bankers' agreement for the repayment
of prior and current borrowings the sum of $252,968,783,
leaving available for current city purposes an amount of
$36,630,166.
New York State—Clear Municipal Financial Statements
Urged—Attacking misleading municipal financial statements
at the hearings conducted by the New York State Mastick
Tax Revision Commission, G. Charles Hurdman, Jr., Chairman of the Committee on Municipal Accounting and Finance
of the New York Society of Certified Public Accountants,
urged that municipalities throughout the State adopt the
policy of issuing clear and understandable statements at
frequent intervals so that all taxpayers would be informed
constantly of the affairs of their city. The New York "Journal of Commerce" of Sept. 8 reported as follows on Mr.
Hurdrnan's statement:
Advocating clearer municipal financial statements at the hearings conducted yesterday by the New York State Mastic.k Tax Revision Commission, G. Charles Hurdman, Jr., Chairman of the Committee on Municipal
Accounting and Finance of the New York State Society of Certified Public
Accountants, urged that municipalities throughout the State adopt the
policy of issuing clear and understandable statements at fret-went intervals
so that all taxpayers would be informed constantly of the affairs of their
.
citrn his statement made at the hearing, Mr. Hurdman declared that
"the critical financial conditions of many municipalities during the recent
period of economic stress has served to emphasize the need for the engaging
by municipalities of trained and competent advisers and the adoption of
their recommendations.
The New York State Society has co-operated in every constructive effort
As chairman
for the betterment of municipal financing and administration.and otter such
of this committee I endorse the efforts of your commission
as you may desire.
co-operation
Bill Signed Giving Winner at Primary Right to Change Place
on Ticket—Gov. Lehman on Sept. 8 signed the Kleinfeld bill
modifying the primary election law so as to permit any
nominee to decline if subsequently nominated by his party
for some other office, according to Albany advices of that
date. It is said to be effective immediately.
1737
The privilege of declining after nominations have been
made at a primary election have been prohibited heretofore
except when a candidate has been nominated for another
office at a State or judicial convention. It is reported that
the Governor made no comment in announcing his approval
of the bill.
The measure had been attacked by friends of the direct
primary law who contended it would undermine the primary
system by restoring control of nominations to party bosses
through committees to fill vacancies.
New York State—Decision Against Profits on Municipal
Utilities to be Appealed—The N. Y. "Journal of Commerce"
of Sept. 12 carried the following report on the resolution
of the Municipal Electric Utilities Association to appeal a
recent Court decision holding illegal profits resulting from the
operation of municipal utility plants:
The Municipal Electric Utilities Association will appeal the New York
Public Service Commission's decision that municipal utility plants should
not make a profit on their operations as soon as the Commission's opinion
is made final by a direct order.
Dean Paul Shipman Andrews of Syracuse University stated that his
contention is that municipalities should be permitted to earn a fair return
and make a profit on their utility plants and to use the profit to reduce
taxes. To forbid it, he contends, would be held not in governmental, but
In proprietory capacity and confiscatory as in the case of privately owned
utilities.
Reconstruction Finance Corporation-18 Bond Issues
Awarded—At the offering on Sept. 12 of the municipal bonds
aggregating $4,571,100, described in V. 139, p. 1584,
another portion of the bonds that had been taker over by
the above Corporation from the Public Works Administration, satisfactory bids were received on 18 of the issues
totaling $4,070,100. The following statement was issued
on Sept. 13 by Jesse H. Jones, Chairman of the Reconstruction Finance Corporation:
Bide on 18 issues of PWA bonds offered by the RFC have been awarded
to the highest bidders. The face amount of bonds sold was $4,070,100 and
the sale price, $4,125,018.41, a premium of $54,918.41.
The bonds, the successful bidders and the prices paid were:
$94,00(, City of Alexandria, Va.,4% 1933 street and sewer bonds. Brown,
Goodwyn & Co.of Washington, D.C.;51,022.07 per thousand.
200,000 Arlington County, Va.,4% Arlington County sewer bonds. Halsey.
Stuart & Co.. Inc.. of New York;$1,017.80 per thousand.
88,000 Town of Bel Air, Harford County, Md., 4% sewerage system
bonds. W. W. Lanahan & Co. of Baltimore, Md.; $1,003.49
per thousand.
494,600 City of Columbus, Ohio, 4% Intercepting Sewers Fund No. 1
bonds. Harris Trust & Savings Bank of Chicago, Ill.; $1,006.39
per thousand.
400,000 The Delaware River Joint Commission, 4 % Delaware River
bonds. Moncure
Joint Commission Philadelphia-Camden bridge
Biddle & Co. of Philadelphia; $1,050.78 per thousand.
101.500 Town of East Providence, R. I., 4% Town of East Providence
dam and reservoir construction bonds. Laurence M. Marks &
Co. of New York; $1,013.64 per thousand.
71,000 City of Lowell, Mass.. 4% street construction bonds. The First
National Bank of Chicago; $1.022.10 per thousand.
99,000 City of Lowell, Miss., 4% Belvidere Park sewer bonds, 1934.
Halsey, Stuart it Co., Inc., of New York; $1,018.36 per thousand.
360,000 Milwaukee County, Wis., 4% Milwaukee County metropolitan
sewerage bonds of 1933. Bancamerica-Blair Corp. of New York;
S1.005.85 per thousand.
138,000 City of Newport News, Va.,4% waterworks improvement bonds.
Mason-Hagan,Inc.,of Richmend, Va.;$980.60 per thousand.
110,000 City of Plainfield, N. J., 4% general public improvement bonds o
1934. Reynolds & Co.of New York;$IX 05.50 per thousand.
30,000 City and County of San Francisco, Calif., 4% sewer bonds, 1933.
The First Boston Corp.of New York;$1,007.08 per thousand.
338,000 City and County of San Francisco, Calif., 4% water distribution
bonds, 1933. The First Boston Corp. of New York; $1,007.08
per thousand.
372,000 County of Shelby, Tenn., 4% Shelby County institution bonds.
Chemical Bank & Trust Co.ofNew York;$1,012.90 per thousand.
185,000 City of Springfield. Sangamon County, Ill., 4% water revenue
bonds of the City of Springfield, Sangamon County, Ill, R. W.
Pressprich & Co. of New York; $1,019.30 per thousand.
664,000 City of Springfield, Clark County, Ohio, 4% Springfield, Ohio,
sewer bonds. Van Lahr, Doll & Isphording, Inc., of Cincinnati,
Ohio; $1,010.77 per thousand.
45,000 City of Warwick. R. I.. 4% serial water bonds, series of 1934.
Reynolds St Co.of New York,$1,012.80 per thousand.
80.000 City of Warwick, R. I., 4% serial school bonds, series of 1934.
Faxon,Gade & Co..Inc.,of Boston, Mass.:$1,008.30 per thousand.
(These sales are reported in detail on subsequent pages.)
Texas.—Legislature Reduces Relief Bond Issue.—The Unrelief bond bill of the House sub-committee
was amended to reduce the amount of the bonds to be issued
under authorization of the Legislature to $6,000,000 from
the $9,500,000 unsold remainder of the $20,000,000 issue approved in August 1933, according to press advices from
Austin on Sept. 7. It is said that the amendment also fixes
the rate of interest at 4%, instead of 43/%, as originally
provided. All revenues of the State going to the general
fund are reported to have been pledged to pay maturities
and interest.
Relief Bonds Voted—An Austin dispatch to the "Wall
Street Journal" of Sept. 14 reported as follows on a later
action of the Legislature:
Sitting as a committee of the whole the Senate by unanimous vote reported favorably its bill authorizing the issuance and sale of $9,500,000 of
employment
S' tate unemployment relief bonds.
The House a few days ago passed a bill authorizing $6,000,000 of bonds.
The difference will be adjusted in conference committee.
The Senate bill also would retain the 'present set-up of the State Relief
Commission, while the House bill would transfer the work to the State
Board of Control.
BOND PROPOSALS AND NEGOTIATIONS
ABERDEEN,Grays Harbor County,Wash.—WARRANTPAYMENT
REPORT—The following report on the retirement of warrants by this city
is taken from the Portland "Oregonian" of Aug. 31:
"Aberdeen's City Treasurer is cashing at face value all old and new
current expense warrants presented at the city ball. The city has a special
fund for purchase of the warrants and is doing a land-office business. The
warrants, many of them held for several years, bear 6% interest. They
will be cashed until the fund is exhausted."
The City Treasurer is also said to be calling for payment from Sept. 2
to Sept. 25,'axiom local improvement bonds and coupons.
1738
Financial Chronicle
ADAMS COUNTY SCHOOL DISTRICT NO. 27 (P. O. Brighton),
Colo.
-BOND SALE DETAILS
-The $54,000 refunding bonds that were
sold last May
-V. 138, p. 3641-were purchased
composed of
Gray B. Gray, the International Trust Co., and by a group&
Boettcher
Co., all of
Denver, as 48 at par. Dated May 15 1934. Due on May
$6,000. 1935; $7,000, 1936; $8,000, 1937 to 1940, and $9,00015 as follows:
in 1941.
AKRON, Summit County, Ohio
-DEFICIENCY BOND ISSUE
PROPOSED
-A definite plan to cover the
operating fund
shortage in the city treasury has been proposed $1,200,000Mayor C. Nelson
by
Sparks, according to local press reports. Briefly,former for the
it calls
by the voters of a deficiency bond issue to fund the operating approval
the exchange, through the Ohio Municipal Advisory Council, of shortage:
deficiency
bonds for bonds maturing in 1934 and 1935,
saved from debt service to general operating and diversion of cash thus
purposes.
that between $1,000,000 and $1,500,000 would be made It is estimated
available from
debt service funds for general operations, including payroll
requirements
and other current obligations. In connection with the plan,
it
that no action has been taken by the city as yet about refunding theis stated
mately $5,173,720 bonds maturing in the last three months of thisapproxiyear.
ALLEGHENY TOWNSHIP SCHOOL DISTRICT (P. 0. Duncans.
ville) Blair County, Pa.
-BOND SALE
-The $9,000 coupon school
building bonds offered on Sept. 7-V. 139, p. 1117
,
to the Farmers & Merchants Bank of Williamsburg,-were awarded as 4.3es
price par.
Oct. 1 1934. Denom. $500. Due semi-annually at aApril ofand Dated
on
1
Oct. 1,
first maturity Oct. 1 1936. Prievously it was reported that the
issue would
mature $1,000 annually.
ALEXANDRIA, Va.-BOND SALE BY RFC.
-The $94,000 issue of
4% semi-ann,street and sewer bonds offered for sale by the Reconstruction
Finance Corporation on Sept. 12-V.139,P. 1584
-was awarded to
Goodwyn & Co.of Washington,D.C.,and the State Planters Bank Brown,
Co. of Richmond, jointly, at a price of 102.20, a basis of about& Trust
3.62%.
Due on Dec. 1 as follows: $7,000. 1934 to 1946, and $3,600
in 1947.
ALLIANCE, Stark County, Ohio.
-PLANS REISSUANCE OF
BABY BONDS.
-The City Council recently discussed the question of reissuing $12,000 in baby bonds which had been received in payment of taxes.
ANOKA COUNTY (P. 0. Anoka), Minn.
-BOND SALE
-The
issue of 4% semi-annual drainage funding bonds offered for sale on $4,500
-V. 139, p. 1270
-was purchased by the State Bank of Anoka at Sept. 8
of 101.00, a basis of about 3.89%. Dated Sept. 1 1934. Due from a price
1939 to 1943. The Anoka National Bank bid par for the bonds. Sept. 1
ANTELOPE COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Neligh),
Neb.-BONDS CALLED.
-The entire issue of 5% school
bonds
bearing date of Sept. 1 1923, were called for payment as of building at
Sept. 1,
the
office of the Kirkpatrick-PettkeLoomis Co. of Omaha. Due
on Sept. 1
1943, optional on Sept. 1 1933.
ARCATA, Humboldt County, Calif.
-BOND
-It Is
stated that an election will be held on Oct. 2 to voteELECTION
on the issuance of
$90,000 in bonds for the purchase and improvement of the municipal
water
system.
ARLINGTON COUNTY (P. 0. Clarendon), Va.-BOND SALE BY
RFC.
-The $200,600 issue of 4% semi-ann. sewer bonds offered
by the Reconstruction Finance Corporation on Sept. 12-V. 139. for sale
was awarded to Halsey, Stuart & Co. of New York, at a price p. 1584
of 101.77,
a basis of about 3.607
0. Due on Dec. 1 as follows: $10,000, 1936;
$13.000,
1937; $47,600, 1938; $95.000. 1939: 335,000, 1940.
BONDS OFFERED FOR INVESTMENT
-The successful bidder reoffered the above bondsfor public subscription at prices to yield from
2.50%
to 3.50%,accerding to maturity. There bonds are said to be general o
oligalions, payable from unlimited ad valorem taxer.
ASHTABULA COUNTY (P. 0. Jefferson), Ohio
-FINANCIAL
STATEMENT -In connection with the proposed sale on Sept. 24
500 6% poor relief bonds, notice and description of which appearedof $27,in
-V.
139, p. 1579
-we have received the following information:
Financial Statement.
True valuation approximate
$140,000.000
Assessed valuation
125,000.000
This issue
Total bonded debt, including township's portion and general
assessments
1,287.535
Selective sales tax bonds, this issue Included
115,735
Sinking fund and investments
43,496
Population, 68.361. Tax rate. 3.282 mills.
County Principal and Interest Requirements on All Outstanding Debt
over
Next 5 Years.
1933
1934
1935
1936
1937
Principal
$165,575 $151,075
$94,075
$8:3,075
$47.695
Interest
35.031
27.220
19,883
15,497
9,371
Tax Report
Fiscal year begins Jan. 1. Ends Dec. 31.
Tax payment dates (without penalty) up to Jan. 20 and July 20, payable
semi-annually.
Fiscal Yr. End. Dec. 311933
1932
1931
1930
* General taxes levied
$2.231,669 $3,044,084 $3,644,400 $3.660,684
General taxes collected
1,719,538 2,217,511 3,327,722 3,206,669
General taxes uncollected_
512,130
826,572
316.677
454.015
Special assessment taxes lev_
250,798
721.167
578,842
511,126
* Special asst. taxes collected
66,725
377,369
337.454
327.018
* Special asst. taxes uncoll
184,072
343,798
241,387
184,108
Total unpaid general taxes $1,298,599.36.
Total unpaid county special assessment taxes $184.072.46.
* Note.
-The above figures include also the taxes, special assessments,
&c. of all political subdivisions within Ashtabula County.
Bank Deposits (All Funds).
Amount $605,403.66 as of Sept. 4 1934. Deposited in four banks.
Exact security of bank deposits $704,596.81.
Funds, if any, deposited in closed banks: unsecured, none; secured, none.
ASHVILLE, Pickaway County, Ohio.-PWA ALLOTMENT INCREASED-The Public Works Administration loan and grant allotment
of $60.000 for a new water system has men increased to $66,060 because
bids received from contractors show that the work to be done will cost
more than originally estimated.
AUBURN,Worcester County,Mass. WA ALLOTMENT CHANGED.
-P
-Tho Public Works Administration loan and grant allotment of $260,000
for construction of a high school building has been changed to a grant
only of $75,700. The municipality will borrow the balance of the funds
needed from sources other than the PWA.
BANNOCK COUNTY SCHOOL DISTRICT NO. 29 (P. 0. Lund),
Ida.
-BONDS VOTED
-At a recent election the voters are said to have
approved the issuance of $19,000 in school building bonds.
Sept. 15 1934
defaulting, but would like to lower its interest charges, if possible, through
refinancing. Walter P. North, City Attorney, has been asked to study
the legal questions that may apply.
BEAUMONT INDEPENDENT SCHOOL DISTRICT (P. 0. Beaumont), Jefferson County, Tex.
-FEDERAL FUND ALLOTMENT
RESCINDED
-A grant of $3,900 to this district for construction of a
grandstand, approved by the Public Works Administration, was rescinded
at the request of the district.
BEL AIR, Harford County, Md.-BOND SALE
sewerage system bonds offered for sale on Sept. 12 by-The $88,000 4%
the Reconstruction
Finance Corporation-V. 139. p. 1584
-were awarded to W. W. Lanahan
& Co. of Baltimore, at a price of 100.349, a basis of about 3.95%. Due
Oct. 15 as follows: $4,000 from 1934 to 1938 id.;$6,000, 1939 to 1943 incl.;
$7,000, 1944 to 1948 incl., and $3,000 in 1949. Legal opinion of Semmes.
Bowen & Semmes of Baltimore. The issue was originally purchased by
the Public Works Administration.
BELLEVUE, Campbell County, Ky.-BOND SALE DETAILS.
The $34,256 funding bonds that were purchased by the Campbell County
Bank of Bellevue--V. 139, p. 1579
-were sold as 58, at a price of 100.14.
a basis of about 4.98%. Dated June 11934. Due on Dec. 1 as follows:
$2,000, 193910 1952;$3,600, 1953 and $3,250 in 1954.
BELVIDERE, Warren County, N. J.-PWA ALLOTMENT RESCINDED
-The Public Works Administration loan and grant allotment of
$98,500 for a new school building was rescinded at the municipality's
request.
BEVERLY, Essex County, Mass.
-LOAN OFFERING-John 0.
Lovett, City Treasurer, will receive sealed bids until 11 a. m. (Daylight
Saving Time) on Sept. 19 for the purchase at discount basis of a $100,000
revenue anticipation loan. Dated Sept. 19 1934 and due on March 15
1935. Denom. $25,000, $10,000 and $5,000. Payable at the First
National Bank of Boston or at the First of Boston International Corp.,
New York. Legality approved by Ropes, Gray, Boyden & Perkins of
Boston.
BISMARCK SCHOOL DISTRICT (P. 0. Bismarck) Burleigh
County, N. Dak.-BOND SALE
-The $203.000 issue of 4% semi-ann.
school bonds offered for sale on Sept. 7-V. 139. p. 1271-was purchased
at par by the Public Works Administration. Dated May 15 1934. Due
from 1935 to 1953. No other bids were received.
BLACK HAWK COUNTY(P.O. Waterloo),lowa.-CORRECTION.We are now informed by the County Treasurer that the $85.000 coupon
funding bonds awarded on Sept. 5 to the Waterloo Savings Bank, for a
premium of 3126, equal to 100.148-V. 139, p. 1578
-were awarded
33.is, not 3els, and the basis is equal to about 3.23%. The following as
is
an official list of the bids received:
Names of Other BiddersRate Bid.
Premium.
Shaw, McDermott & Sparks, Des Moines
3
$100
Polk-Peterson Corp, Des Moines
3
1.150
Glaspell, Vieth & Duncan, Davenport
3
1,175
Iowa-Des Moines National Bank, Des Moines
3
1,250
Halsey-Stuart & Co., Chicago
3
75
Carleton D. Beh Co., Des Moines
331 o
125
BLAIRSVILLE SCHOOL DISTRICT, Indiana County, Pa.
PROPOSED BOND ISSUE
-The district has announced its intention to
Issue $15,000
% refunding bonds, due $1.500 annually from 1935 to
1944 inclusive.
BOTTINEAU COUNTY SPECIAL SCHOOL DISTRICTS (P. 0.
Bottineau), N. Dak.-CERTIFICATES OFFERED
-Both sealed and
open bids were received at 2 p. m. on Sept. 15, by the District Clerks, for
the purchase of two issues of not to exceed 7% certificates of indebtedness
aggregating $8,000, as follows:
$4,000 Scotia Special School District No. 22 certificates. Due in one year.
4,000 Antler School District No. 32 certificates. Due in one year.
Denom. $500. Bids received at the office of toe County Auditor.
BOWDLE, Edmunds County, S. Dak.-BONDS AUTHORIZED
-An
ordinance is said to have been passed recently by the City Council authorizing the issuance of $48,000 in refunding bonds.
BOYCEVILLE, Dunn County, Wis.-BOND ELECTION
-It is
reported that an election will be held on Sept. 18 to vote on the issuance
of $7.000 in improvement bonds.
BUCYRUS, Crawford County, Ohio
-BONDS AUTHORIZED
-The
City Council has passed ordinances providing for the issuance of $7,893.10
6% refunding bonds in the following amounts:
$5.893.10 bonds. Dated Oct. 1 1934. One bond for $893.10, others for
$1.000. Due Oct. 1 as follows: $893.10 in 1936 and $1,000 from
1937 to 1941, inclusive.
2,090.00 bonds. Dated Oct. 1 1934. Denom. $500. Due $500 annually
from 1937 to 1940, inclusive.
BUCYRUS, Crawford County, Ohio.
-BOND ELECTION
-At the
general election on Nov. 6 the voters will pass on the question of issuing
$335,000 sewer bonds.
BUFFALO, Erie County, N. Y.
-BOND SALE
-The $950,000 4%
coupon or registered school bonds offered on Sept. 13-V. 139, p. 1580
were awarded to a syndicate composed of Halsey. Stuart & Co.,_Inc•;
Bancamerica-Blair Corp.; R. W. Pressprich & Co.; Stranahan, Harris
& Co., Inc., and Jackson & Curtis, all of New York, at par plus a premium
of $4,626.50, eqival to 100.48, a basis of about 3.94%. Dated June 1 1934
and due June 1 as follows: $47,000 from 1935 to 1944 incl., and $48,000
from 1945 to 1954 incl. The one other bid received, an offer of 100.307
by the Guaranty Trust Co. and associates, figured a net interest cost of
3.96%. Members of the successful group are re-offering the bonds for
public investment at prices to yield from 1.75% to 3.85%, according to
maturity. They are stated to be legal investment for savings banks
and trust funds in New York State; also general oblgiations of the city,
payable from unlimited ad valorem taxation.
Financial Statement (Aug. 311934)
Property Valuations (Assessed at 100% of Actual Value)
Fiscal Year1934-35
1933-34
Actual or full valuation
$969,222,560
$1,038,770,775
Assessed or taxable valuation
1,038,770.775
969,222.560
Tax rate-all purposes
20.469 per M
25.396 per M
Population of the city as of July 1 1934. estimated at 601,696. Population of the city per 1930 U. S. Census was 573,076.
Bonded Debt (As of July 311934)
Amount
Amounts in
Purpose of IssueOutstanding
Sinking Funds
General (all purposes not listed below)---- $54,742,259.80 $6,266,814.74
Special assessments:
(a) Payable only from spec, asst. taxes332,233.01
(b) Payable as well from general taxes- 1,275,000.00
Utility debt-water
4,669,131.62
17,011,686.92
Home and work relief
17,000,000.00
General refunding
16.420,000.00
Deficiency refunding
2,38b,000.00
Tax loan
L000Roo.00 2,350,040.11
BARTON, Washington County, Wis.-FEDERAL FUND ALLOTMENT RESCINDED
-A loan and grant of 1121,000 for a sewage
disposal plant, approved by the Public Works Administration, was rescinded at the request of the applicant.
Totals
$114,169,179.73 $13.285,986.47
BATON ROUGE, East Baton Rouge Parish, La.
-CORRECTION.
All water bonds are fully supported by earnings of the property. None
It is announced by L. J. Ricaud, Commissioner of Finance, that the report
of these bonds are legally payable solely from earnings, however. The
given in V. 139, P. 1432, to the effect that $40,000 city hall bonds were to
legal debt limit is regulated by the Constitution of the State of New York
be sold on Sept. 6, was incorrect.
which limits the total non-exempt debt to 10% of the assessed valuation
BOND OFFERING-Sealed bids will be received until 11 a. m. on Oct. 2
of real property and franchises. On July 31 1934, the debt margin was
by the above Commissioner of Finance, for the purchase of a $39,000 issue
of4% excess revenue bonds. Dated Oct. 11934. Due on Oct. 1 as follows: • $9,581,943.26 including all bonds authorized but not issued to date.
Bonds authorized but not issued:
83,500, 1935 to 1938: $4,000. 1939 to 1942 and $4,500 in 1943 and 1944.
Fillmore-Lovejoy Drain-(contracted for by PWA)
Prin. and int.(A.& 0.) payable at the office of the Commissioner of Finance
$848,000.00
Construction of School No. 37
-(contracted for by PWA)_
782,000.00
the City National Bank or the Louisiana National Bank, all of Baton
Construction of Kensington High School
Rouge. These bonds are issued for the purpose of repairing and improving
950,000.00
the city hall. They are issued under authority of Act. No. 40 of the LegisTotal
$2,580,000.00
lature of Louisiana of 1922. A certified check for 1% of the amount bid,
payable to the Commissioner of Finance, is required.
Sinking Funds
-(As of July 311934)
BATTLE CREEK, Calhoun County, Mich.
-CONSIDERS BOND
Cash on hand or in bank
$9.486,402.70
REFUNDING
.-Mayor Murphy and City Treasurer H. It. Atkinson have
Securities (City of Buffalo bonds)
3,799,583.77
conferred recently with representatives of bond houses on the question of
undertaking a bond refunding plan in order to reduce interest charges on
Total
$13,285,986.47
the city's indebtedness. The city, it is pointed out, is not a in danger of
Amount of term bonds for which sinking funds are provided
14,255,020.24
Volume 139
Financial Chronicle
Unfunded Debt (As of July 31 1934)
Tax anticipation notes
None
None
Delinquent tax notes
None
Bond anticipation notes
Bank loans
None
Warrants
*$990,552.05
Contracts and unpaid bills
1,392,772.87 .
*Cash on hand July 31 1934, available to meet these obligations totaled
$4,443,394.17.
Tax Data
Taxes for fiscal year beginning July 1 1934 are due July 1 1934, one-half
of which may be paid during the month of July without penalty and onehalf during the month of December without penalty. No discounts for
prepayment are allowed. All unpaid taxes are sold annually about May 25.
Local taxes due and unpaid on March 1 of each year are spread and added
to general city tax rolls of ensuing fiscal year, and collection enforced in
the same manner as general city taxes. Constitution of the State of
New York limits the amount to be raised by tax in any one year to "2%
of the assessed valuation of all property, in addition to providing for the
principal and interest on existing indebtedness." Up to the present time
the city has never levied taxes in excess of actual requirements in order to
provide a margin against delinquencies.
Tax Collection Data
Taxes levied for past four years with amounts collected in each year of
levy, and amounts collected to Aug. 31 1934:
1932-33
1933-34
1930-31
1931-32
General city tax levy_ _$32,560,616 $31,297,857 $26,591,148 $21,262,218
Unpaid local assessments
613,311
434,501
680,b89
698,147
Total to collect
$33,258,763 $31.978,746 $27,204,460 $21,696,720
Collected in year of levy 32,628,1.91 29,761,932 24,079,558 19,136,555
Uncollected at end of
year of levy
187
0 165
$430,572 $2,216,813 $3,124,901 $2,561: 0
P Cent uncollected_ _ _
Per
6.9%
1.3%
11.5%
Uncollected Aug.31 1934 $297,196
$808,016 $1,587,206 $2,139,070
Per cent uncollected..
9.86%
.9%
2.53%
5.84%
Note.
-Accumulated total of uncollected taxes on Aug. 31 (exclusive of
current year) represented by tax sale certificates purchased and held by
the city was $5,550,982.48.
Bank Deposits (As of Aug. 31 1934)
Total bank deposits of all funds were $20,088,698 and were deposited in
nine banks. All funds are secured by deposit of U. S. Government bonds
to the extent of at least 50% ofsuch deposits. No funds are in closed banks.
-R. V.
CALDWELL, Noble County, Ohio
-BOND OFFERING
Pryor, Village Clerk, will receive sealed bids until 12 m. on Sept. 29, for
the purchase of $11,660 5% water works and electric light system extension
and improvement bonds. Dated Oct. 1 1934. One bond for $660, others
for $1,000. Due Oct. 1 as follows: $660 in 1935 and $1,000 from 1936 to
1946, incl. Principal and interest (A. & 0.) payable at the Village Clerk's
office. A certified check for $100 must accompany mai proposal.
-BOND SALE
-The
CALIFORNIA, State of (P. 0. Sacramento)
$50,000 issue of 33. % semi-annual State Park, Act of 1927, bonds offered
for sale on Sept. 13-V. 139, P. 1271-was purchased by the State Department of Finance at par. Dated Jan. 2 1929. Due $50,000 on Jan. 2
1957. No other bid was received.
-SPECIAL SESSION
CALIFORNIA, State of (P. 0. Sacramento).
-The following report is taken from the
ON RELIEF CONTEMPLATED.
Sept. 7 issue of the "Wall Street Journal":
"Governor Merriam intends to call a special session of the California
Legislature within a week or 10 days in order to recommend that a bond
issue of $24,000,000 for relief be placed on the November ballot.
"Funds provided by the sale of $20,000.000 State relief bonds last October
have been virtually exhausted and Federal Relief authorities have intimated
that California must continue its share of relieffinancing in order to qualify
for further Federal aid, which has been forthcoming at the rate of approximately $3,500,000 monthly.
"Estimates place the total required expenditures for relief in California
at about $5,500,090 monthly, of which approximately $2,000,000 will be
furnished by the State."
CARTERSVILLE IRRIGATION DISTRICT (P. 0. Forsyth),
-FEDERAL FUND ALLOTMENT RERosebud County, Mont.
SCINDED
-The loan and grant of $81,000 that was allotted to this district
by the Public Works Administration has been rescinded at the request
of the applicant.
CARLTON COUNTY INDEPENDENT SCHOOL DISTRICT NO. 12
(P. 0. Carlton), Minn.
-BOND OFFERING-Sealed bids will be received
until 8 p. m.on Sept. 17, by Frank E. Erickson, Clerk of the Scnool Board,
for the purchase of a $6,000 issue of5% semi-ann,refunding bonds. Denom.
$500. 'Due $500 from 1937 to 1948, incl. Open bids will also be received
for the purchase of these bonds.
CAROLINA BEACH (P. 0. Wilmington) New Hanover County,
-BOND OFFERING-It is reported that sealed bids will be received
N. C.
until Sept. 18, by the Secretary of the Local Government Commission, at
his office in Raleigh, for the purchase of a $39,000 issue of water works
bonds. (A. loan and grant of $50,000 is said to have been approved by the
Public Works Administration.)
CARTHAGE Hancock County, Ill.
-FURTHER BOND ELECTION
-It is stated that another election must be held regarding the
NECESSARY
proposed issuance of $30,000 sewage disposal plant bonds, inasmuch as
bond attorneys have declared that the original election on July 5, when the
measure was approved, was irregular, owing to discrepancies in the public
notice.
CARTHAGE SCHOOL DISTRICT (P.O.Carthage), Jasper County,
-The Board of Education announced recently that it
Mo.-BOND CALL
will call for redemption on Oct. 1. 4% school bonds numoered 1 to 102,
106 to 155 and 158 to 163. Denom. *500. Dated April 1 1916. Due
on April 1 1936, optional April 1 1926 or any interest payment date thereafter. Funds for the payment of these bonds will be on hand on Oct. 1,
at the fiscal agency, namely, the Central National Bank of Carthage.
Bonds may also be sent to the bond department of the Commerce Trust Co.
of Kansas City. Interest on these bonds will cease on Oct. 1.
-It is reported that a $79.000 issue of 4% refunding
BOND SALE
bonds were purchased privately by the Commerce Trust Co. the City
National Bank & Trust Co. and Stern Bros. & Co., all of Kansas City,
jointly. Due in from 2 to 20 years.
CASHTON, Monroe County, Wis.-BONDS VOTED-At the election
held on Aug. 28-V. 139, p. 1433-the voters are said to have approved the
issuance of $10,000 in 4% community recreation hall bonds. Coupon
bonds dated Sept. 15 1934. Due from Sept. 15 1935 to 1944, inclusive.
CEDAR BLUFFS, Saunders County, Neb.-MATURITY.-We are
informed by the Village Clerk that the $9,000 coupon or registered water
bonds that were purchased as 4s at par by the Public Works Administration
-are due on Jan. 1 1954 and are optional after
on Aug. 27-V. 139, p. 1580
five years. Interest payable J. & J.
CEDAR RAPIDS INDEPENDENT SCHOOL DISTRICT (P. 0.
Cedar Rapids) Linn County, Iowa-BOND ISSUANCE NOT CONTEMPLATED.
-In connection with the report given in V. 139, p. 801,
that the School Board authorized the issuance of $100,000 in refunding
bonds in July the District Secretary states that it is not the intention of
the District to issue these bonds.
CHAFFEY UNION HIGH SCHOOL DISTRICT (P. 0. San Bar
-BONDS AUTHORIZED-The Board of Supervisors is
nardino), Calif.
said to have authorized recently the issuance and sale of $45,000 in school
bonds.
-It is
CHARLOTTESVILLE, Albemarle County, Va.-BOND CALL
announced by James E. Bowen Jr., Clerk of the Council, that the street
Improvement bonds dated June 1 1903. and maturing in 1943, are being
called for payment at par on Dec. I 1934, at the office of the City Treasurer
m Charlottesville. Interest will cease after Dec. 1.
CHAMPAIGN COUNTY (P. 0. Urbana), Ohio-BONDS AUTHORIZED-The State Relief Commission has authorized the county to issue
$20,672.28 bonds for poor relief purposes.
1739
CHEROKEE SCHOOL DISTRICT (P.0.Cherokee) Alfalfa County'
Okla.
-BONDS APPROVED
-It is reported that the issuance of $25,000
in building bonds was approved recently by the Attorney General's office.
lw CHESWICK, Allegheny County, Pa.
-BOND SALE.
-The $17.060
-were awarded as
coupon sewer bonds offered on Sept. 7-V. 139, p. 1118
4s to McLaughlin, MacAfee & Co. of Pittsburgh, at par plus a premium
Dated Sept. 1 1934
of $104.13, equal to 100.61, a basis of about 3.90%. and due Sept. 1 as follows: $2,000 from 1938 to 1941, incl. and $3,000 from
1942 to 1944, inclusive.
CHICAGO, Cook County, Ill.
-21,000,000 BONDS OFFERED FOR
INVESTMENT
-A. C. Allyn & Co.. Inc. of New York made public offering on Sept. 11 of a block of $1,000,000 4% general obligation bonds at
prices to yield 4.25%. plus accrued interest. Due Jan. 1 as follows: $14,000,
1937: $65,000, 1938; $94,000. 1939; $24,000, 1940; $20,000, 1941; $84.000.
1942; $40,000, 1943; $94,000. 1944: $25,000, 1945; $70,000, 1946; $60,000.
1947; $312,000, 1948: $82,000 in 1949 and $16,000 in 1950.
CHICAGO CONSOLIDATED PARK DISTRICT, Cook County,
111.
-BUDGET ADOPTED-Commissioners of the District held their
first meeting on Sept. 7 in the administration building at Lincoln Park
and adopted a budget for the period from May 1 to Dec. 31 1934. Ralph
M.Shaw resigned as Secretary of the new board and J. Frank Lyman, formerly Superintendent of Lincoln Park, was elected to the post. Principal
budget appropriations were $20,357,407 for bond principal and interest
charges during the period and $5,834,028 for the corporate fund. The
latter item will be offset in part by $400,975 estimated revenues to be
received for park services, leaving M.433,232 to be provided for in the
tax levy for corporate purposes, including a 7% allowance for loss and
cost in collection. The $20,357,407 for debt service charges represents the
amount due On obligations for all the 22 superseded park districts. In a
statement issued at the close of the meeting, R. .T. Dunham, President
of the consolidated district, declared that owing to insufficient time it was
impossible for the Board to prepare any comprehensive plan of reorganization looking toward large-scale economies in operating costs. He added,
however, that steps in that direction will be taken in connection with
preparation of the budget for 1935, which according to law must be adopted
before the start of the new year. The State Supreme Court on Aug. 23
upheld the validity of the act of the Legislature under which the amalgamation of the 22 separate park bodies into a single cohesive unit was
authorized-V. 139. p. 1577. Grouping of the Districts was approved
by the voters of Chicago at an election on April 10.-V. 138. p. 2964.
-PAYMENT
CHICAGO SANITARY DISTRICT, Cook County, III.
-Frank 0. Birney, District Treasurer.
OF 7% ON DEFAULTED BONDS
is reported to have announced that payment would oe made on Sept. 17
at the First National Bank of Chicago. of 7% on the principal amount
of bonds which matured from July I 1932 to June 1 1933. The money
was obtained from 1931 tax collections.
CHICOPEE, Hampden County, Mass.-PWA ALLOTMENT
-The Public Works Administration loan and grant allotment
CHANGED.
of $260,000 for a new school building has been changed to a grant only of
$72,000.
CINCINNATI, Hamilton County, Ohio-VOTE ON CHARTER
AMENDMENTS
-At the general election on Nov. 6 the voters will
determine whether they want to amend the City Charter to reduce by 33%
the statutory tax levy limitation, restrict the powers of the city to issue
bonds without referendum and to limit the issuance of bonds to within six
years of the date of authorization. The changes, it is said, are sponsored
by taxpayers' organizations, banks, insurance companies and other local
interests. A dispatch from the city to the "Wall Stmet Journal" of Sept. 10
commented on the proposed amendment as follows:
"Besides reducing the tax levy limitation for current city operating
expenses to 4.43 mills from 6.65 mills per dollar of assessed valuation, the
proposed charter amendment would require a referendum vote for the issuthe
ance of bonds by the city council in excess of $100,000 a year (with and
exception of tax anticipation bonds and notce, refunding securities
special issues to meet the costs of judgments and 'Act of God' catastrophes)
and would make void all bonds not issued within six years of their authorization by the electorate.
"This last section is retroactive; $10.386,879 of the total of $17,624,415
bonds authorized but not issued would be void under the amendment. The
bond restriction clauses would be effective upon the passing of the proposed
ordinance following its approval by the voters, but the tax limitation provision would not apply until the tax-year 1935, collections for which are
made in 1936.
"Under the tentative budget for 1934, revenue for which will be collected
next year, the city would levy 6.65 mills for operating expenses, .74 mill
for councilmanic bonds and 2.81 mills for referendum bonds, a total city
levy of 10.20 mills. That this amount exceeds the 6.65 charter limitation
-mill limitation written into the Ohio State constitution by the last
and 10
legislature is explained by the fact that Cincinnati's charter empowers the
city council to levy outside the limitation a sum sufficient to pay interest,
sinking fund and retirement charges on all bonds and notes legally issued."
-BOND REFUNDING PLAN MEETS WITH APPROVAL
CISCO. Tex.
-The following report on the approval of a bond refunding plan by the
holders of obligations of this city, is taken from a Cisco dispatch to the
"Wall Street Journal" of Sept. 6:
"Charles P. Bullard, representing the Bondholders Protective Committee
at New York, has advised Mayor J. T. Berry that bondholders will accept
a proposal to refund City of Cisco bonds on the basis of 25% of the total.
Under the proposal the city's indebtedness would be cut from more than
-year basis,
$6,200.000 principal and interest to $1,598,335, funded on a 40
with the interest rate beginning at 1% and being graduated up to 5% in
16 years' time. Bankruptcy proceedings may be necessary to complete
the refunding, however, since some of the bonds are held by State agencies
which by law can not accept refunding propositions except through bankruptcy action."
CLAY COUNTY (P. 0. Liberty), Mo.-BOND SALE DETAILS.
The $200,000 issue of 314% court house bonds that was sold at par on Aug.
the First National Bank, the
-was purchased by
25-V. 139, P. 1580
National Commercial Bank and the Citizens' Bank, all of Liberty. Dated
Aug. 1 1934. Due on Feb. 1 as follows: $10,000. 1936 to 1944; $15,000.
1945: $10,000, 1946; $15,000. 1947, and $10,000. 1948 to 1954. Principal
and interest (F. & A.) payable at the office of the County Treasurer.
CLEVELAND PORT COMMISSION, Cuyahoga County, Ohio
-At a meeting held on Sept. 10 members
PROPOSED BOND FINANCING
interest In the long-projected improveof the Comm:Aston decided to revive
ment of the Cuyahoga River and to explore the possibility of financing
the work through the sale of $3,250,000 bonds to the Public Works Administration or private investors. The bond issue, it is said, was authorized by the voters in 1930 but,the city has been able to sell only $100,000
worth for preliminary engineering work.
CLEVELAND SCHOOL DISTRICT, Cuyahoga County, Ohio.
-In expressing opposition to the proposal
BOND ISSUANCE OPPOSED.
of the Teachers Union that the Board of Education issue $635,000 in noninterest bearing bonds to cover salaries of school teachers and other employers, G. A. Gesell. Clerk Treasurer of the Board, referred to the plan
as' wildcat financing." He proposed that the voters at the general election
in November consider a special levy up to 2 mills in order to obtain funds
for operating purposes, in the event that the Legislature does not extend
financial assistance to school districts.
-BONDS
CLINTON SANITARY DISTRICT, DeWitt County, III.
PUBLICLY OFFERED-R. W. PressprIch & Co. of Chicago made public
offering on Sent. 6 of $87,000 49' sewage disposal plant and sewer bonds at
prices to yield from 2% to 3.80%, according to maturity. Dated April 1
1934. Denom. $1,000. Due serially on April 1 from 1935 to 1954. incl.
Principal and interest (A. & 0.) payable in Chicago. The bonds, it is said,
were authorized at the special election held Dec. 5 1933 and constitute a
direct general obligation of the district, payable from unlimited ad valorem
taxes levied against all the taxable property therein. Legality to be
approved by Chapman & Cutler of Chicago.
Financial Statement
$3 658,673
Assessed valuation 1933
87,000
Total bonded debt (this issue only)
$30,348.47
Cash on hand
Population of district, 6.200: City of Clinton, 5,899.
The above statement doss not include the debt of overlapping municipalities which have the power to levy taxes. Total overlapping debt less than
5%.
1740
Financial Chronicle
COLBY COMMUNITY HIGH SCHOOL DISTRICT (P. 0. Colby),
Thomas County, Kan.
-BOND OFFERING.
-Sealed bids will be received until 5 p.m. on Sept. 24, by B, A. Herold, Clerk of the Board of
Education,for the purchase of a 3200,000 issue of4% school building bonds.
Dated July 1 1934. Due $10,000 from July 1 1935 to 1954, incl. Interest
payable J. & J. A certified check for 2% of the amount of the bid is
required.
COLORADO SPRINGS, El Paso County, Colo.
-BOND SALE
DETAILS
-The $181,000 issue of 3% light and power department revenue
bonds purchased on Aug. 13 by Engle. Adams & Co. of Denver, at a price
of 98.166-V. 139, p. 1118
-is dated Oct. 1 1934. Denom. $1,000. Due
from Oct. 1 1939 to 1942. Optional at 102 and accrued interest upon
30 days' notice of redemption. Basis of about 3.40% to maturity. Prin,
and semi-ann. int. payable in New York City, or at the City Treasurer's
office, at the option of the holder. Legality to be approved by Myles P.
Tallmadge of Denver.
Financial Statement July 1 1934
Assessed valuation 1933
$28,760,070
(Outstanding bonds are of two classes, as shown below:)
General Obligation Bonds
Total general obligation bonds
$1,751,000
Less general obligation water, light & power bonds *1,224,000
Net general obligation bonded debt
* Sinking funds for these issues $467,500.
Municipal Revenue Bonds
Light and power revenue bonds to be outstanding
-Oct. 1 1934
Less sinking funds July 1 1934
$527,000
$405,000
131,375
Sept. 15
1934
CRAWFORD COUNTY (P. 0. Girard), Kan.
-BONDS OFFERED
Sealed bids were received until 11 a.m. on
Robert Fox, County
Clerk, for the purchase of two issues ofSept. 12 by
bonds aggregating $38,500, as
follows:
$30,000 33-% poor relief bonds. Denom. $1,000. Dated Sept. 1 1934.
Due $3,000 from Sept. 1 1935 to 1944 incl. Interest payable
M. & N.
8,500 public work relief bonds. Denom. $500. Dated July 25 1934.
Due on Aug. 1 as follows: $500, 1935 to 1937, and $1,000, 1938 to
to 1944 incl. Interest payable F. & A.
CULPEPER, Culpeper County, Va.-BONDS NOT SOLD
The $110,000 4% semi-annual electric light and power bonds BY
offered
the Reconstruction Finance Corporation on Sept. 12-V. 139, p. 1584by
were not sold, as the highest bid received, an offer of 96.25 by MasonHagan, Inc.,of Richmond, was rejected. Due from July 1 1935 to 1952 Wel.
CUSTER, Custer County, S. Dak.-FEDERAL ALLOTMENT
REDUCED
-A loan and grant of $15.000 for a school building, previously
approved by the Public Works Administration, has been reduced to $33,500
because the city naa reduced the cost and the scope of this project.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio
-PROPOSED REFUNDING OF MATURING COUNTY, CITY OF CLEVELAND AND
SCHOOL DISTRICT BONDS
-The Board of County Commissioners on
Sept.8 submitted to representatives of the City of Cleveland and the Cleveland School Dist. a tentative plan to solve financial problems confronting
the respective units of government in 1935. The principal feature of the
program calls for the refunding of the $19,582,000 County, City and school
bonds maturing next year. The bond maturities, it is pointed out, represent more than half of the general property taxes levied for both debt
service and general operating purposes in 1934. Steps must be taken,
the report states, to maintain the tax rate in the City at a figure consistent
with the ability of the taxpayers to meet their taxes; place the affairs of
local taxing subdivisions on a sound financial basis before insisting on new
forms of tax revenue: apply all receipts from any State-wide emergency tax
program in 1935 exclusively to the meeting of direct unemployment relief
and old age pension needs; refinance outstanding bond obligations "so as
to relieve the financial distress of those taxing districts burdened with
excessively high annual bond obligations"; provide for such refinancing
through adoption by the General Assembly of enabling legislation to
conform with the Federal Sumners-Wilcox Bill; pass levies outside of 10-mill
limitation to cover requirements of city, school and county governments;
liberalize law requiring 65% majority vote on levies. and "that a pay-asyou-go policy with regard to future capital expenditures must be adopted
and an agreement made that bonds will not be issued for purposes other
than poor relief during the first five years of the debt refinancing plan.'
The Cleveland "Plain Dealer" of Sept. 9, from which the foregoing information has been taken, quoted further from the Commissioners' report as
follows:
"Each subdivision shall arrange to have all debt within limitations voted
outside and then proceed immediately to develop plans to readjust its debt
as provided by the Federal Sumners-Wilcox Bill. It Is fully realized that
the success of the debt refinancing plan is based primarily upon unified
agreement by the City of Cleveland, Cleveland School District, Cuyahoga
County,the citizens of Cuyahoga County, the bondholders and co-operative
action by the General Assembly of Ohio. It is certain that accomplishments involved in this procedure are possible. Success of the debt refinancing plan certainly is possible if those involved recognize the fact that the
three major subdivisions will not have sufficient funds available to meet
the cost of governmental operation on a minimum basis and the Payment
of debt obligations in full."
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio
-TAX COLLECTIONS
-A dispatch from Cleveland to the 'Wall Street Journal" of
recent date reported as follows: "Tax collections to date in Cuyahoga
County, Ohio, for the last half of 1933 are well ahead of receipts for the
first half and total tax revenue for the full year will exceed the 1933 county
budget. It is estimated that between 78% and 80% of the year's levy of
$59,044.102 will be collected whereas the budget was based upon a 75%
collectien.
"The 1932 levy was $73,176,270 and a collection of 76% was made. The
budget in that year was based upon an 85% collection.
Tax revenue so far for the second half of 1933 amounts to E23,730,251
and final receipts are expected to total over $24,000,000 compared with a
collection of $22,209,530 for the first half of the year."
DANVILLE TOWNSHIP INDEPENDENT SCHOOL DISTRICT
NO. 5 (P. 0. Danville), Des Moines County, Iowa-BOND SALE
The $40,000 issue of 3 3.1 % semi-ann. refunding bonds offered for sale on
Sept. 1-V. 139. p. 1272
-was purchased at par by local investors. Due
In 20 years.
DELAWARE RIVER JOINT COMMISSION (P.O. Camden), N. J.
BOND SALE
-Camden bridge bonds
-The $400,000 434% Philadelphia
offered for sale on Sept. 12 by the Reconstruction Finance Corporation
V. 139, p. 1584
-were awarded jointly to Moncure, Biddle & Co., Phila.,of hPich
delphia, and Singer, Deane & !cribner,
ittsburgho iginalirice ig
,rat a p y pu
105.078, a basis of about 3.857 • The bonds, which were
chased by the Public Works Administration and have been declared legal
by Thomson, Wood & Hoffman of New York, mature as follows: $10,01
W,
Sept. 1 1935-37. incl.: $11,000. Sept. 1 1938-39, incl.; $10,000, Sept. 1
1940-45, incl.; $11,000, Sept. 1 1946-47, incl.; $10,000, Sept. 1 1948-53,
incl.; $11,000 Sept. 1 1954-55, incl.; $10,000, Sept. 1 1956-61, incl.; $11,000.
Sept. 1 1962-63, incl.: $10.000. Sept. 1 1964-69, incl.: $11,000, Sept. 1
1970-71, incl.: $10,000, Sept. 1 1972-73. incl.
Net light and power revenue bonded debt
$273,625
Water revenue bonds
292,500
Population, City of Colorado Springs, 1930. 33,223: population of
communities served by Light and Power Department with gas and(or)
electric service, 41.700.
COLUMBUS, Franklin County, Ohio
-BOND SALE
-The $494,600
4% intercepting sewers fund No. 1 bonds offered for sale on Sept. 12
by the Reconstruction Finance Corporation-V. 139 p. 1584-were
awarded to the Harris Trust & Savings Bank of Chicago, at a price of
100.639, a basis of about 3.97%. Due Feb. 1 as follows: $72,600, 1940;
$72,000 from 1941 to 1945 incl., and $62,000 in 1946. Legal opinion of
Squire, Sanders & Dempsey of Cleveland. The issue was originally
purchased by the Public Works Administration.
COLUMBUS, Franklin County, Ohio
-PLAN TWO
-MILL LEVY
FOR OPERATING PURPOSES
-The City Council on Sept. 4 decided to
Include on the ballot at the general election on Nov. 6 the question of
levying a two-mill tax in order to provide additional funds for operating
purposes next year. It is estimated that the levy would yield $700,000.
CONNEAUT,Ashtabula County,Ohlo.-PROTESTSSALE OF BOND
ISSUE BY RFC.
-Vigorous protest to the announcement by the Reconstruction Finance Corperation of its intention to sell in the open market,
on a 5% int. basis, the $200,000 water works bond issue on which the City
is paying the Federal agency a 4% rate, was voiced by Mayor L. R. Naylor
at a conference with RFC officials in Washington on Sept. 4. W. H.
Kremer, City Clerk, declared that sale of the bonds at 5% int. would
cost the municipality an additional $20,000 in int.charges. The bonds were
authorized to pay 5%, but the RFC agreed to a 1% reduction in the rate
prior to acquiring them, it is said.
CONNECTICUT (State of)
--TAX REVENUES DECLINE
-The
State collected $16,941,771.15 in tax revenues during the fiscal year ended
June 30 1934. according to a compilation issued on Sept. 4 by William H.
Hackett, Tax Commissioner. The receipts during the past year were lower
than in any of the preceding five years. The total of $16,941,771.15 during
the past year compares with receipts of $18,364,621.63 in 1933; $21,557.972.98 in 1932: E25,216,394.16 in 1931; $23,151,306.84 in 1930 and $21,416,938.21 in 1929. The 1939 figure represents collections-from 34 separate
tax sources.
COOK COUNTY (P. 0. Chicago), 111.
-TAX PENALTIES REDUCED-Following a conference recently between the County Treasurer
and Mayor Kelly of Chicago, it was announced by the former that on and
after Sept. 6 all penalties that have accrued on 1932 taxes will be cut in
half when payment was made. The move serves to reduce the interest
charge on the first installment to 3% and on the second half payments to
%. The action was taken as a means of stimulating tax payments for
that year. It was made, however, with the understanding that the State
Legislature sanction the change. At present the law permits reductions in
the case of taxes due in the years 1928, 1929, 1930 and 1931. In reporting
the foregoing, a dispatch from Chicago to the "Wall Street Journal" of
Sept. $ further stated as follows: "Tax collections in the first half of this
year continued at the rate noted in 1933, which was in excess of the levy
for that year. As a result, the delinquent tax situation has been improved
further this year. As of Aug. 31, last, 1928 taxes were 88.22% collected,
1929 taxes were 80.30% paid, 1930 levy was 71.39% collected, 1931 taxes
67.68% and 1932 levy 52.97%. The aggregate unpaid balance for these
years amounted to about $348,000,000 on that date."
TAX COLLECTIONS
-The Chicago "Journal of Commerce" of Sept. 4
gave the following: "In the period from July 12 to Aug. 31 1934 tax
collections In Cook County totaled $14,404,260, according to a report
Issued by County Treasurer Thomas D. Nash. The total included
$7,668,436 of collections on the 1932 levy: $3.268,497 on the 1931 levy:
$2,076,266 on the 1930 levy; $1,047,865 on the 1929 levy, and $343,197
DENVER (City and County),Colo.
-1935 TAXES TOSHOW REDUCon the 1928 levy.
TION
-The Denver "Rocky Mountain News" of Sept. 2 carried an
"The addition brought the total of real estate, personal property, and
article on proposed reductions in taxes for 1935, from which we quote in
railroad tax collections as of Aug. 31 to $115,401021, or 52.97% of the
part as follows:
$217,863,487 1932 tax levy. Real estate extensions were 53.529 col"Denver's taxes will see another drop in 1935. This was manifested in
lected; personal property extensions were 47.63% collected; and railroad
the abstract of assessment filed yesterday by Manager of Revenue William
extensions were 73.84% collected.
F. McGlone with the Colorado State Tax Commission, which shows the
"As of Aug. 31 1934 total collections of the $263,756.604 1931 tax exassessed valuation of all taxable property in the city and county for 1934,
tensions were $178.523,111, or 67.68% of the levy. On the same date a
upon which taxes are payable next year, is $345,767,080.
total of $207.247,955 of 1930 taxes had been collected, or 71.39% of the
"The new valuation emphasizes a decrease of $1,759.777, representing
levy, while $209,212,524 or 80.30% of the 1929 taxes had been collected."
approximately $60.600 to be saved by taxpayers. Although the actual
REFUNDING OF LOCAL DEBTS CONSIDERED-Proponents of a
saving is comparatively small in the aggregate, nevertheless Denver taxplan for refunding over the statutory period of 20 years of the bonded debts
payers have saved more than $6,000,000 in reduced taxes during the last
of the major governments in the county are expected to present a proposal
three years, Mayor Begole said.
at the next session of the State Legislature designed to permit the refinancing
on the basis suggested. Approximately $375,000,000 bonds would be
Valuations Drop
affected by the plan, of which around $292,500,000 is accounted for by
"The Mayor paid a high tribute to the Manager of Revenue and the
the City of Chicago, the Chicago School District, Cook County, the
latter's staff of assistants. Despite decreased salaries and personnel, the
Sanitary District, and the Forest Preserve District. The balance repreMayor said, the abstract for the State Commission was completed on time.
sents bonds of the smaller units included in the new Chicago Consolidated
"The assessed valuation of taxable property in 1931 was $464,482,500.
Park System. Action on the plan is wholly dependent upon the passage
The decrease in valuation since that time has been $118,715,420,or approxiof enabling legislation by the General Assembly of the State.
mately 25A %."
COOS COUNTY (P. 0. Berlin), N. H.
-BOND SALE
-M. H.
DENVER (City and County) Colo.
-BOND RETIREMENT
-Local
Taylor, County Treasurer, made award on Sept. 7 of $170,000 coupon
Improvement bonds amountng to t5,700 will be called by the city Oct. 1.,
refunding bonds to Brown Harriman & Co., Inc. of Boston. as 3As, at a
Manager of Revenue Wiliam F. cGlone announced recently. He said
price of 101.309, a basis of about 3.32%. Dated Sept. 1 1934. Denom.
that this will make a total of $1,043.100 in local improvement bonds retired
$1,000. Due $10,000 on Sept. 1 from 1935 to 1951. incl. Principal and
by the city this year.
interest (M. & S.) payable at the National Shawmut Bank, Boston.
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
DUBUQUE, Dubuque County, Iowa.
-BONDS AUTHORIZED
Public re-offering of the bonds is being made at prices to yield from 1.50%
The City Council is reported to have authorized recently the issuance of
to 3.30%, according to maturity. Other bids for the bonds were as follows:
*28,000 in sewer construction bonds.
Burr Gannett & Co., 100.070 for 3;iii; E. H. Rollins & Sons, 100.621 for
Ms and First National Bank of Boston. 100.378 for 3Xs•
DUNLAP, Peoria County, III.
-BONDS VOTED
-At an election held
on Aug. 21 the voters authorized the issuance of $30,000 high school
CRANSTON, Providence County, R. I.-PWA BONDS SOLD TO
building construction bonds. The measure carried by a vote of 245 to
PRIVATE PURCHASERS
-The $352,000 city garage and Hugh B. Bain
71. The Public Works Administration will be asked to furnish $12,000
school addition construction bonds which were intended for purchase at
as a grant to apply to the cost of the structure.
4% int. by the Public Works Administration were authorized by the City
Council on Sept.610 be sold to Philip S.Chase & Co.of Providence,as 3
DURHAM, Durham County, N. C.
-OTHER BIDS.
-The following is
at par and accrued Int. Disposal of the obligations at the lower rate will
an official list of the other bids received on Sept. 4 for the $150.000 coupon
naturally result in a consideraole saving to the City in int. charges during
or registered sewer bonds that were awarded to the Durham Loan & Trust
the life of the bonds. The Council voted to accept the PWA grants of 30%
Co., as 4;is, at 100.06, a basis of about 4.495%-V. 139. p. 1580:
of the cost of labor and materials on each of the projects. The $352.000
Names of Other BiddersPrice Bid.
Int. Rate.
3U'% bonds are divided as follows:
Kirchofer & Arnold, Raleigh, N.C.; Branch Banking) 4% 4150.121.66
$314.00 school building addition construction bonds. Due as follows:
& Trust Co., Wilson, N. C
14
. •0
$15,000 from 1935 to 1954 incl. and $14,000 in 1955.
McAlster, Smith & Pate and Louis & Hall
150,261.00
4
38,000 city garage construction bonds. Due as follows: $1,000 from
Wachovia Bank & Trust Co
1935 to 1947 incl. and $5,000 from 1948 to 1952 incl.
R. S. Dickson& Co., and Equitable Investment Co.. 4
115500,541039..01
o
CRAWFORD COUNTY (P. 0. Bucyrus), Ohio
-BONDS AUTHORa (First 75 M). b (Last 75 M).
IZED-The county has been authorized to issue $20.000 selective sales
tax poor relief bonds. They will probably bear 434% interest and mature
EAGLE PASS INDEPENDENT SCHOOL DISTRICT (P. 0. Eagle
n 1937 and 1938.
Pass), Maverick County, Tex.
-BOND SALE CORRECTION.
-We are
pw
Volume 139
Financial Chronicle
informed by the Superintendent of Schools that the $25,000 5% coupon
school building bonds purchased by the State Permanent School Fund-V.
-was sold on June 27, not June 9, and brought a premium of
138, p. 4495
$90, equal to 100.36, a basis of about 4.96%. Dated June 1 1934 and due
$1,000 from June 1 1935 to 1959 incl. Interest payable June 1.
-BOND SALE
EAST BLOOMFIELD, Ontario County, N. Y.
POSTPONED-Date ofsale of the $36,920 not to exceed 6% interest coupon
or registered water bonds, originally scheduled for Sept. 14-V. 139. p.
-has been postponed to 3 p. m.(Eastern Standard Time) on Sept.28.
1580
Sealed bids should be addressed to George T. Sweeney, Village Clerk.
EAST CHICAGO, Lake County, Ind.-PWA ALLOTMENT RE-The Public Works Administration loln and grant of $145,200
SCINDED
for construction of five fire stations and renovating thc city hall building
has been rescinded because of the $1.50 State tax limitation law. (See
item under "Indiana" on preceding page.)
EAST HADDAM, Middlesex County, Conn.-PWA ALLOTMENT
-The Public Works Administration loan and grant allotment
CHANGED.
of $73,000 for paving three and a quarter miles of the Mt. Parnassus Road,
Including construction of two concrete bridges, has been changed to a
grant only of $29,000.
EAST HAMPTON (P. 0. East Hampton), Suffolk County, N. Y.
-The $50,000 4 % registered poor relief bonds offered on
BOND SALE
-were awarded to the Riverhead Savings Bank
Sept. 14-V. 139, p. 1119
at a price of 102.05, a basis of about 3.84%. Dated Sept. 20 1934 and
due $10,000 on Jan. 1 from 1936 to 1940 incl. Rutter Sr Co. bid 101.83.
-BOND SALE
EAST PROVIDENCE, Providence County, R. I.
The $101,500 4% dam and reservoir construction bonds offered for sale on
Sept. 12 by the Reconstruction Finance Corporation-V. 139. P. 1584
were awarded to Laurence M. Marks & Co. of New York, at a price of
101.36, a basis of about 3.825%. Due Feb. 1 as follows: $2,000 from
1935 to 1938, incl.; $2.500, 1939 to 1943. incl.; $4,500. 1944 to 1956. incl.,
and $7.500 from 1957 to 1959, incl. Legality approved by Hopes, Gray,
Boyden & Perkins of Boston. The bonds were originally purchased by the
Public Works Administration.
EAST PROVIDENCE, Providence County, R. I.
-TEMPORARY
LOAN AUTHORIZED
-The Town Council on Sept. 4 voted to negotiate a
short-term loan of $60,000 to finance relief expenditures.
EAST SIDE LEVEE AND SANITARY DISTRICT, East St. Louis,
III.
-II Grady
-REPORT ONPROPOSED 32.360,000P WA ALLOTMENT
Vien, Attorney for the district, on Aug. 26 transmitted for approval of the
Public Works Administration in Washington the bond ordinance in connection with the contract for a loan and grant of $2,360,000 from the
Federal agency for the Cahokia Creek elimination project.
EAST WORCESTER SCHOOL DISTRICT (P. 0. East Worcester),
Otsego County, N. Y.
-At an election held on Aug. 28
-BONDS VOTED
the voters authorized the issuance of $20,500 auditorium construction bonds.
The count was 68 to 6.
EKALAKA, Carter County, Mont.
-FEDERAL ALLOTMENT NOT
-In connection with the loan and grant of $36,000 for
CONSUMMATED.
Water works system improvement, approved recently by the Public Works
Administration-V. 139, p. 1268
-it is reported by the Acting Town Clerk
that action on the project has been postponed indefinitely.
EVERSON SCHOOL DISTRICT, Fayette County, Pa.
-BOND
-The $5,000 5% operating expense bonds offered on July 28-V.
SALE
139. P. 476-were sold at a price of par to the State School Employees'
Retirement Board. Dated July 1 1934 and due $1,000 annually from 1939
to 1943, inclusive.
FAIRFIELD, Jefferson County, lowa.-BONDS APPROVED,
The City Council is reported to have voted approval of a Proposal to
refinance $45,500 water works bonds at 3h %•
FARMINGTON, St. Francois County, Mo.-FEDERAL FUND
ALLOTMENT RESCINDED
-A loan and grant of $141,000 for an electric
plant, approved by the Public Works Administration, was rescinded at
the request of the city.
FENTON (P. 0. Port Crane) Broome County, N. Y.
-BOND OFFER-C. L. Robinson, Town Supervisor, will receive sealed bids until
ING
2 p. m.(Eastern Standard Time) on Sept. 20, for the purchase of $80,000
not to exceed 6% interest coupon or registered refunding bends. Dated
Aug. 11934. Denom. $1,000. Due Aug. 1 as follows: $4,000 from 1949
to 1953. incl.; $5,000. 1954 to 1959. incl. and $6,600 from 1960 to 1964,
incl. Bidder to name a single interest rate for all of the bonds, expressed
in a multiple of
or 1-10th of 1%. Principal and interest (F. & A.)
payable in lawful money of the United States at the Marine Midland Trust
Co. Binghamton, or at the Marine Midland Trust Co.. New York City.
The refunding issue is authorized by Chapter 861 of the Laws of 1934 and
the General Municipal Law. The original bonds were issued by the Town
to pay the cost of the water system in 11111crest Water District No. 1 in
said town. A certified check for $1,600. payable to the order of the Supervisor, must accompany each proposal. Legal opinion of Clay, Dillon &
Vandewater of New York will be furnished the purchaser. The bonds are
said to be direct obligations of the town, payable from unlimited taxes.
FERGUS FALLS,Otter Tall County,Minn.
-BONDS AUTHORIZED
-The Board of Education of Independent School District No. 21 is said to
have authorized the issuance of $20,(.00 in 4% refunding bonds, to be
taken over by the State of Minnesota in exchange for the original bonds.
-BOND SALE.
FOREST CITY, Winnebago County, Iowa.
-The
$28,000 issue of sewage treatment plant bonds offered for sale on Sept. 12-was purchased by the Carleton D. Beh Co. of Des Moines.
V. 139, p. 1580
Dated Sept. 11934. Due from 1936 to 1951 incl.
-SUIT FILED ON FEDERAL
FORT SMITH,Sebastian County, Ark.
-Former Mayor Fagan Bourland recently instituted
LOAN CONTRA CT.
suit in the Chancery Court to test the validity of a contract entered into
between the city and the Public Works Administration for a loan and grant
of $1,650,000 for water system construction. The suit was brought in order
to obtain a permanent injunction against the city to sell city bonds for the
said purpose. One of the stipulations of the contract mentioned above was
that the right of the city and the water district to enter into such a contract
be determined by court action.
TEMPORARY INJUNCTION GRANTED-According to a later report a
hearing Is scheduled for Sept. 20 before Chancellor Wofford in order to make
permanent the temporary injunction granted on Sept. 6 restraining the city
and the water district from completing the above described contract with the
PWA for the allotment.
-BOND ELECTION
-It Is
FORT WORTH, Tarrant County, Tex.
stated by the City Manager that an election will be held on or about
Oct. 20 to pass on the issuance of $2,341,000 in bonds, divided as follows:
$477,000 library; $376,000 sewage disposal plant; $88,000 airport building:
$150,000 jail and public station; $300,000 city-county hospital; $500,000
city hall, and $450,000 municipal auditorium bonds.
-BOND ELECTION CONFORT WORTH, Tarrant County, Tex.
-The following report on a proposed bond election is taken
TEMPLATED.
from the Fort Worth "Record' of Aug. 29:
"An election on seven bond issues to cost $2,694,000, which would provide
employment for an average of more than 1.300 men for nine months on
payrolls totaling about $1,200,000, was decided by the City Council at an
executive meeting yesterday afternoon at the Fort Worth Club.
"A resolution calling the election at which seven separate issues are
to be submitted, is to be enacted by the Council at its meeting this morning.
The election likely will be for late October or early November.
"Projects for which the Issues are to be submitted are:
"Additions to sewage disposal system, $519,000.
"Now Carnegie Public Library, $650,000.
"Combination passenger terminal and administration building for the
Municipal Airport, with field and landing lights, $125.000.
"New city hall, $500,000.
"Municipal auditorium, $450,000.
"New City-County Hospital, $300,000.
"City jail and central police station, $150,000.
"The Public Works Administration has agreed to finance the additions
to the disposal plant to eliminate the odor nuisance and the the new library
provided the bonds are voted.
"An application for financing the airport improvements on a self-liquidatand landing fees
ng basis through the collection of rents the PWA. The from operating
PWA indicated
ompanies already has been rejected by
he financing, however, might be granted if tax bonds were offered."
1741
-DUE BONDS
-PAST
FOUNTAIN COUNTY (P.O. Covington), Ind.
NOTSURRENDERED-It is reported that $9,000road bondslong past-due
for payment, although the money to pay them
have never been presented
lies in the county treasury. The county, it is said, has no record of the
owners of the bonds.
FRANCONIA, Grafton County, N. H.-PWA ALLOTMENT RE--The Public Works Administration announced that the
SCINDED
allotment of $100,000 on a loan and grant basis for construction of a water
system has been rescinded at the request of the Town.
-BOND OFFERING.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-Fred L. Donnelly, Clerk of the Board of County Commissioners, will
m.(Eastern Standard Time) on Sept. 29 for
receive sealed bids until 10 a.
the purchase of $238,000 4% poor relief bonds. Dated Sept. 1 1934. Denom.
$1.000. Due as follows: $77,000 March 1 and $79,000 Sept. 1 1937 and
$82,000 March 1 1938. Principal and interest (M. & S.) payable at the
County Treasurer's office. Bids for the bonds to bear interest at a rate
other than 4%,expressed in a multiple of .511 of 1%, will also be considered.
A certified check for 1% of the bonds bid for, payable to the order of the
County Commissioners, must accompany each proposal. Purchaser must
pay charges, if any, for delivery of the bonds outside of Columbus. A complete transcript of all proceedings had in the matter of authorizing, advertising and awarding said bonds will be furnished the successful bidder at
the time of the award, and bids conditioned on the acceptance of bonds
bid upon only upon the approval of said proceedings by the Attorney of the
bidder will be accepted and considered and a reasonable time will be allowed
the successful bidder for the examination of said transcript before requiring
compliance with the terms of the sale notice.
-FEDERAL FUND ALLOTGALVA, McPherson County, Kan.
MENT RESCINDED-The loan and grant of$6,000 for a city hall building,
approved by the Public Works Administration, has been rescinded at the
request of the applicant.
-BOND CALL.
GALVESTON COUNTY (P. 0. Galveston), Tex.
It is announced by I. Predecki, County Auditor, that the following bonds
are being called for payment upon presentation at his office on Oct. 10.
on which date interest shall cease: Nos. 5608 to 5812, in the denomination
of $500 each, of the sea wall and breakwater bonds, and Nos. 1 to 52, in
the denomination of $1,000 each, of the special road bonds of 1913.
-An election
GENEVA, Fillmore County, Neb.-BOND ELECTION
is said to be scheduled for Sept. 18 to pass on the issuance of $15.000
in land purchase bonds.
-Sealed bids
-BOND OFFERING
GLENCOE, McLeod County, Minn.
will be received until 2 p. m.on Sept. 21, by F. X. Eickmann, City Clerk,
for the purchase of a $36,000 issue of4% semi-ann.refunding bonds. Dated
Oct. 1 1934. Denom. $500. Due on Oct. 1 as follows: $3,000, 1940 to
1947, and $4,000, 1948 to 1950. Callable on any interest date after Oct.
1938.
-BOND ELECTION-At the
GLENFIELD, Allegheny County, Pa.
general election on Nov.6 the voters will consider a proposal calling for the
Issuance of $49,000 water and sewer system construction bonds.
-The
-TEMPORARY LOAN
GLOUCESTER, Essex County, Mass.
$100,000 revenue anticipation loan offered on Sept. 12-V. 139. p. 158I
was awarded to the Cape Ann National Bank at 0.41% discount basis.
Dated Sept. 13 1934 and due April 17 1935. Other bidders were:
0.49
Newton, Abbe & Co
0.53
Whiting, Weeks & Knowles
0.68
Brown, Harriman & Co
0.69
New England Trust Co
0.71
First National Bank of Boston
0.72
E. H. Rollins & Sons
0.73
Trust
Gloucester Safe Deposit &
0 745
Gloucester National Bank
0.83
Faxon, Gade & Co
0.84
Day Trust Co
GOODLAND SCHOOL DISTRICT (P. 0. Goodland), Sherman
-FEDERAL FUND ALLOTMENT NOT CONSUMCounty, Kan.
-It is now stated by the Clerk of the Board of Education that
MATED.
action is uncertain on the loan and grant of $175.000 for school construction,
-V. 139, p. 1430
approved recently by the Public Works Administration
since the voters rejected the proposed issuance of bonds to secure the
loan, as reported in V. 139, p. 1273.
GREEN BAY METROPOLITAN SEWERAGE DISTRICT (P. 0.
by
Green Bay) Brown County, Wis.-BOND OFFERING-It is stated In.
the District Commissioners that they will receive sealed bids until 2 p.
on Sept. 19, for the purchase of two issues of 4% bonds, aggregating
$240,f CO,as follows:
P
000 East River - jeCtiMilch3. DaterZYCr1 1T3371jue on Oct. 1
5147,
as follows: $36,000, 1942 and 1943; $41 001 in 1944 and $34.000
in 1945. These bonds are part of an authorized issue of S723,600.
93,000 Supplemental East River project bonds. Dated April 1 1934.
Due on Oct. 1 as follows: $2,000, 1942; $6,060, 1943; $7,000.
1944 to 1948, and $10,000, 1949 to 1953. These bonds are part
of an authorized issue of $133,000.
Denom. $1,000. Bids may be made for all of the bonds and separate
bids shall be made for each issue of bonds. In addition a combined bid may
be made for both issues. The district will furnish the printed bonds and
the legal opinion of Chapman & Cutler of Chicago. (A loan and grant of
-V.
$822,000 has been approved by the Public Works Administration
139, p.476.)
GREENFIELD, Hancock County, Ind.-PWA FUNDS RECEIVED.
-Anna Cooper, City Treasurer, recently received a check for $37,00 from
the Public Works Administration as part of an allotment to finance construction of a sewage disposal plant. The Federal grant of $11,000 will be
obtained at a later date. The project will cost $55,100, with the balance of
$7.000 to be furnished ny the City. The $37,000 represents a loan to the
City by the PWA and is secured by a like amount of 4% bonds.
GREENFIELD TOWNSHIP SCHOOL DISTRICT (P.O.Claysburg)
-The $25,000 5% coupon school bonds
Blair County, Pa.
-BOND SALE
-were awarded to Singer. Deane &
offered on Sept. 7-V. 139, p. 1119
Scribner, Inc. of Pittsburgh, at par plus a premium of $560, equal to
102.24, a basis of about 4./315%. Dated July 1 1934. Due in 20 years;
optional in five years. Other bids were as follows:
Premium
Bidder
$402.50
Glover & MacGregor. Inc
326.25
First National Bank, Claysburg
60.00
S. K. Cunningham & Co
100.30
Leach Bros
GREEN TOWNSHIP CENTRALIZED SCHOOL DISTRICT (P. 0.
-The
-BOND SALE
Sidney, R. F. D. No. 1) Shelby County, Ohio
-were
$4,000 g% refunding bonds offered on Aug. 18-V. 139. p. 803
awarded to M. B. Bowman & Co. of Toledo, at par plus a premium of_.$2
equal to 100.05, a basis of about 5.99%. Dated April 1 1934 and due $LOW
on Oct. 1 from 1941 to 1944, inclusive.
-At
-BOND ELECTION
GROVE CITY, Franklin County, Ohio
the general election on Nov.6 the ballot will include the question of issuing
$4,500 fire department equipment purchase bonds.
"dig
HANOVER TOWNSHIP SCHOOL DISTRICT (p. 0. Wilkes-Barn)
-W. C. Wint,
-BOND OFFERING REPORT
Luzerne County, Pa.
District Clerk, states that the issue of $450,000 55i% bonds voted at the
primary election on Aug. 14 will be offered for sale about Oct. 1. The
proceeds of the issue will be used to meet unpaid obligations for the 19331934 school year. The bonds will mature in 1939 and are now up for
approval of the Pennsylvania Department of Internal Affairs.
HARDIN COUNTY (P. 0. Kenton) Ohio-BONDS AUTHORIZED
-Permission to issue 8211.775.70 poor relief bonds has been granted to the
county by the State Relief Commission.
•
-The
HARFORD COUNTY (P. 0. Bel Air), Md.-NOTE SALE
$300,000 3;4% State road construction refunding notes offered on Sept.10
-V. 139, p. 1581-were awarded to a syndicate composed of the Mercantile Trust Co. of Baltimore, Stein Bros. & Boyce, Mackubin, Legg &
Co., Strother. Brogden & Co. and Baker, Watts & Co., at a price of
102.312. Dated Oct. 1 1934 and due Oct. 1 as follows: $100,000 in 1935
and $200,000 in 1936.
The bonds were sold at a net interest cost to the county of 2h%• Fon
Lanahan & Co.. 101.956853
other bids were submitted, as follows: W. W.
1742
Financial Chronicle
Brown, Harriman & Co.. 101.5099: Halsey, Stuart & Co. 101.789,
and the
Harford Bank at Bel Air, 100. Tne only other indebtedness
of
County is an issue of $112,500 school bonds, of which $12,500 areHarford
held in
the treasury. On issuance of the present notes the total
outstanding debt
will be only $400,000. The tax basis was officially
estimated at $50,000,000.
HARRIS COUNTY (P. 0. Houston), Tex.
-BOND OFFERING.
Sealed bids were received until 11 a. m. on Sept. 15. by
County Auditor, for the purchase of a $700,000 issue ofH. L. Washburn,
4, 4.
coupon semi-ann. road bonds. Dated Aug. 10 1931. Due on or 455%
as follows: $30.000 in 1951 and 567,000. 1952 to 1961. Legality Aug. 10
approved
by Thomson. Wood & Hoffman of New York.
The last sale of bonds by this county took place on May 1934.
9
following report on that sale is taken from the account given in V. The
138,
p.3316:
BOND SALE.
-The two issues of road bonds, aggregating $470,000.
offered for sale on May 9-V. 138, p,
awarded to a syndicate
composed of N. W. Harris & Co. of New York, the Northern Trust Co.
of Chicago and the Chase National Bank of New York,at a price of
103.094,
a basis of about 3.99%. The bonds are divided as follows:
3350.000 4% road bonds. Due from Dec. 15 1934 to 1944.
road bonds. Due from 1945 to 1949.
120.0005%
Denom. $1,000. Dated Dec. 15 1933. Principal and interest (J. & D.)
payable at the County Treasurer's office or at
Diew York. Authority for issuance is Articlethe Chase National Bank in
3, Section 52, State Constitution, and Title 22. Chapter 3, Revised Statutes of 1925, as amended
at the first called session of the 39th Legislature, Chapter 16.
HAVERHILL, Essex County, Mass.
-BOND SALE.
-E. H. Rollins
& Sons of Boston were awarded on Sept. 13 an issue of $125,000 hospital
loan bonds of 1934 as 3 YIP, at a price of 100.147, a basis of
about 3.24%.
Dated Sept. 1 1934 and due serially from
F. L. Putnam & Co., offering 100.29 for1935 to 1954 incl. Other bidder was
4s.
HELENA, Sandusky County, Ohio.
-PROPOSED BOND ISSUE.
At the general election in November the voters will be asked to approve
the
issuance of $1,900 bonds outside the 10
-mills limitation.
HEMP SANITARY DISTRICT (P. 0. Carthage) Moore County,
N. C.
-BONDS TENTATIVELY AUTHORIZED.
-The Local Government Commission is said to have approved recently the
of $60,000
in water bonds, subject to the approval of the votersissuanceelection
at an
on
Oct. 25.
HEMPSTEAD, Nassau County, N. Y.
-LOCAL PWA ALLOTMENTS
RESCINDED.
-Among the 26 loan and grant allotments rescinded by the
Public Works Administration on Sept. 13 were those of $3345,000 for alterations to the high school in Floral Park; $930,000 for a school in Garden
City and $65,000 for fire alarm improvements in Rockville Centre. In each
instance the rescindment was caused by the failure of the voters to authorize
bond issues for the projects.
HIGHLAND, Madison County, 111.
-BOND ISSUE VOTED
-At an
election held on Aug. 28 the proposal to issue $30.000 light and
power
plant bonds carried by a vote of 208 to 7.
HILLSIDE TOWNSHIP(P.O. Hillside), N.J.
-BONDS NOTSOLD
No rids were obtained at the offering on Sept. 12 of $615,100 not to exceed
6% interest coupon or registered bonds
-V. 139, p. 1435.
Co. of New York, acting as fiscal agent for the Township, H. L. Allen &
have taken an
option on the bonds and will endeavor to exchange $500,000 worth
for a
corresponding amount of 6% temporary obligations maturing Oct. 11934.
The company nas served the Township in that capacity on previous
occasions. It was able to exchange 99% of the $560,0,,0 short-term dent which
matured at this time in 1933 for longer-dated bonds. In this connection,
reported that the exchanges have t erved to reduce the outstanding tempc it is
rarY
bonds of the Township during the past three years from a maximum
$2,400,000 to a total of 3801,000,including the $500,000 due Oct. 1 1934.of
HOCKING COUNTY (P. 0. Logan), Ohio.
-BOND OFFERING
W. S. Yaw, Clerk of the Board of County Commissioners, will
sealed bids until 1.30 p.m. (Eastern Standard Time) on Sept. 28 receive
for the
purchase of $17,500 6% poor relief bonds. Dated Sept. 11934. Due
as
follows: $5,700 March 1 and $5,8i3O Sept. 1 1937 and $6,000 March
1
Principal and interest(M.& S.) payable at the County Treasurer's 1938.
office.
A certified check for 1% of the bonds bid for, payable to the
order
County Commissioners, must accompany each proposal. Bids of the
conditioned upon approval of transcript of proceedings, which may be
will be
furnished by the County, oy the attorney for the bidder.
HOMESTEAD, Allegheny County, Pa.
-BOND ELECTION
-At the
general election on Nov.6 the voters will be asked to approve the issuance
of $105.‘ CO bonds to pay current debt.
HOMEWOOD, Cook County, Ill.
-BONDS AUTHORIZED
Board of Trustees passed an ordinance in August providing for the -The
issuance
of $40,000 4% water system bonds. Dated July 11934. Denom.
$1,000.
Duo July 1 as follows: $2,000 from 1936 to 1939, Incl.•, $3,000, 1940
to
1947, incl. and $4,000 in 1948 and 1949. The Public Works Administration
has agreed to allot $52,000 for the project.
HOPKINS, Hennepin County, Minn.
-BONDS VOTED
-At the
special election held on Sept. 4-V. 139, p. 1435
-the voters approved the
issuance of $10,500 in water works bonds by a substantial margin.
HOUSTON, Harris County, Tex.
-FEDERAL FUND ALLOTMENT REDUCED
-In connection with the allotment of $403,000 for
sewer main connection, approved by the Public Works Administration a
in
July-V. 139. p. 796
-It is now reported by the City Engineer that a
grant only was received, since the city sold bonds after the loan application
had been filed.
HURON COUNTY (P. 0. Norwalk), Ohio
-BONDS AUTHORIZED
-The State Relief Commission has authorized the county to issue 313,630
poor relief bonds.
ILLINOIS (State of).
-DEBT STATEMENT-The report of John C.
Martin, State Treasurer, on the receipts and disbursements of the Treasury
during the month of August, includes the following:
Statement of Indebtedness (Sept. 11934).
Called bonds outstanding which have ceased to draw
interest, viz.:
New internal improvement stock
$4,000
New internal impr. int. stock: payable after 1878500
One old internal improvement bond
1,000
Twelve canal bonds
12,000
$17,500
State highway bonds
140,512,000
Soldiers' compensation bonds
32,163,000
Waterways bonds
6,000.000
Emergency relief bonds
20,000,000
Total bonded debt
$198,692,500
Revenue notes for use of emergency relief
20.000,000
(Motor fuel tax fund for revenue
4,190,000
Tax anticipation (Motor fuel tax fund for waterway bond__ _
420.000
Notes held by I Motor fuel tax fund for soldier's compen. bd
1,390,000
(Agricultural premium fund for revenue-- 500,000
Total
3225.192,500
INDIANA, State of (P.0.Indianapolis)
-FEDERAL ALLOTMENTS
RESCINDED-The following announcement was released to the public
recently by the above Administration:
"Public Works Administrator Harold L. Ickes to-day announced that
because no assurance was available that the $1.50 tax limitation law of
Indiana will be amended or repealed in the reasonably near future two nonFederal allotments in Indiana have been rescinded.
"One of the rescinded allotments is a loan and grant of $145,200 awarded
to East Chicago, Indiana, for construction of five fire stations and renovizing the City Hall. The other is a loan and grant of $45,000 allotted to
Rushville for additions and alterations to a high school building.
"Both allotments were made on the condition that the Government will
not -undertake to advance funds unless the dollar and a half tax limitation
law was repealed or amended so funds could be transferred under the National Industrial Recovery Act. The mind contracts covering the two
allotments contained this condition.
"The next regular session of the Indiana legislature will convene on Jan.
8 1935, and it seems unlikely at this time that a special session will be
convened before then. In view of the time that will elapse before the
legislature will be in session and the uncertainty as to whether the tax law
will be amended when tete legislature is in session, Public Works Adminis-
Sept. 15 1934
tration does not feel justified in longer holding these recovery
at the disposal of the cities of East Chicago and Rushville. funds tied up
national
re-employment purposes of the PWA program require that The
projects which will not be subject to so much uncertainty and funds be to
delay.
"If the two cities are able to sell their bonds locally they will be eligible
for PWA grants of30% of the cost of labor and materials to be used on their
projects. The city attorney at East Chicago has been in Washington conferring with PWA officials, and has been assured that if a local bond sale
was arranged an application for a grant would be given consideration if
PWA had funds available for allotment at that time.
INDIANAPOLIS, Marion County, Ind.
-PROPOSED $7,000,000
LOAN TO ACQUIRE UTILITY COMPANY
-Officials of the city utility
district conferred with members of investment bond houses on Sept. 4
regarding the possible means of financing a $7,000,000 loan to consummate
acquisition of the Citizens Gas Co. Representatives of the bond houses
Included L. C. Von Thron of John Nuveen &
of Otis & Co., Cleveland, and George Kadel, Co., Chicago; W.0. Craven
Indianapolis agent of Brown
Harriman & Co. New York. The most important feature of the discussion concerned the question of the levy by the city of a tax to e ecure
'
payment of the proposed loan in the event that revenue from the gas
system is insufficient to service the debt. One of the representatives is
reported to have expressed the opinion that the $1.50 State lax limitation
law was an almost insurmountable obstacle in the way of providing a tax
levy as an additional backing for the bonds.
INDIANAPOLIS, Marion County, Ind.-PWA ALLOTMENT
CHANGED.
-At the request of the city, the Public Works Administration
has changed the loan and grant allotment of $62,000 for construction of a
garbage disposal plant to a grant only of $19,000.
INDIANAPOLIS SCHOOL DISTRICT, Marion County, Ind.
LOAN OFFERING.
-A. B. Good, Business Manager of the Board of
Education, will receive sealed bids until 8 p. m.on Sept. 25 for the purchase
of $200,000 not to exceed 6% interest time warrants, issued in anticipation
of 1934 tax collections. Payable Nov. 26 1934 at the Treasurer's office.
Proceeds will be used to pay teachers' salaries and to finance other current
expenses of the school board.
ITHACA, Tompkins County, N. Y.
-BOND OFFERING-'-James E.
Matthews, City Clerk, will receive sealed bids until 2 p. m. (Eastern
Standard Time) on Sept. 26, for the purchase of $3300,000 emergency
relief bonds, due in from 1 to 10 years. Bidder to name the rate of interest.
JEFFERSON COUNTY (P. 0. Hillsboro), Mo.-BOND ELECTION
It is reported that an election will be held on Oct. 9 to vote on the issuance
of $175,000 in bonds for a new court house.
KANSAS, State of (P. 0. Topeka)
-STATE EXPENSES REDUCED
IN YEAR
-We quote in part as follows from an article on the cost of the
State Government, given in the Topeka "Capital" of Aug. 28'
"How costs of State Government in Kansas, exlcusive of the State Highway Department, have been reduced,in line ith the reductions In property
values although not to the same extent, is told in a statement issued yesterday by D. A. N. Chase, State Budget Director.
"Combined operating costs of all departments and institutions in fiscal
Year 1931 were 314,474,911. For the fiscal year ended June 30 1934. the
combined costs were $10.511,709, or a net reduction of 27.4% from 1931.
"Thefollowing table tells the story ofthe combined reeuctlons in operating
costs of State departments and institutions:
Year
Costs
- Coati
11 Year-1931
.14.744,911 1933
11,136,523
1932
10,511,709
13,056,459 1934
"Stating it another way, reductions in 1932 were 9.b%-comblir&
departments and institutions.
"Reductions in 1933 were 14.7% of costs in 1932, bringing expenditures
in 1933 down 23.1% under 1931. Reductions in 1934 were 5.6% of operating costs from 1933, bringing the expenditures in 1934 down 27.4 from
those in 1931."
KANSAS CITY, Jackson County, Mo.-BOND SALE DETAIL
-In
connection with the report given in V. 139, D. 1581,that the city sold
$350,000
% bonds to an undisclosed purchaser, we quote as follows from
a Kansas City dispatch to the Chicago "Journal of Commerce" of Sept. 8:
"The announcement of H. F. McElroy, city manager, that the city has
sold $350,000 3% city hall and street improvement bonds maturing
serially up to 40 years is causing considerable inquiry among bond dealers
here concerning the identity of the purchaser. Guesses include the city's
sinking fund or a bank under a repurchase agreement for the sinking fund.
"The City Council Tuesday night authorized the deposit of $550 premium
reported by the city manager in the bond interest fund.
-It is reported
KANSAS CITY, Jackson County, Mo.-BOND SALE.
that two issues of 33 % semi-ann. bonds aggregating $350,000, were pur,
i
chased recently by the First National Bank of Kansas City. The ponds
are divided as follows: $300,000 city hall bonds, being part of an authorized
issue of $4,000,000. and $50,000 traffic way impt. bonds, part of an authorized issue of 38.300,000. Dated Sept. 1 1934. Legality approved
by Benj. 11. Charles of St. Louis. (This report supplements the preliminary
sale notice given in V. 139, p. 1581.)
KAYSV1LLE, Davis County Utah-BONDS VOTED
-At the election
-the voters approved the issuance of the
held on Aug. 31-V. 139, p. 1120
$24,000 in water system bonds by a wide margin.
KEARNY (P. 0. Arlington), Hudson County, N. J.
-SINKING
-James Ness, Town Treasurer, states that the
FUND TO BUY BONDS
$162,252 State road tax funding and $26.292 soldiers' bonus tax funding
bonds recently authorized-V. 139, p. 1581- will not be offered at public
sale, but will be purchased by the State Sinking Funds.
-Recommendation of
FURTHER RETRENCHMENT ADVOCATED
further economies in government is suggested in a report on the town's
finances submitted to its council on Sept. 12 by Dr. Thomas II. Reed,
director of the Municipal Consultant Service of the National Municipal
League. The report, according to the "Herald Tribune" of Sept. 13, was
prepared following a detailed study of the financial structure of the community. The additional retrenchments are advocated, notwithstanding
the fact that the town has been economically administered, the report
states. This is apparent, it is said, when it is noted that the budget for
the current year is 18.2% lower than in 1931, also that up to the present
the town has paid all debt service requirements regularly. The chief
financial difficulty of the town concerns the large technical deficits in the
water fund, due to the heavy debt which it assumed in acquiring 1-12th
of the Wanaque water project. The water facilities are considerably in
excess of the present needs of the municipality and the service on the
water debt Is greater than can be paid out of the earnings of the operating
department. It is suggested that water rates be based only on the volume
used by consumers and that a general tax be levied to cover the balance
of the coat of the system. The amount of additional savings advocated
in general operating costs is placed at $75.000. Mention also is made of
the fact that current conditions indicate that the town will be obliged to
refund $2,250,000 temporary improvement notes maturing before the
end of 1935.
KEENE, Cheshire County N. H.
-BOND OFFERING.
-Walter R.
Porter,City Treasurer, will receive sealed bids until 12 m.(Eastern Standard
Time) on Sept. 20 for the purchase of $140.000 4*7 coupon sewage system
0
bonds. Dated Feb. 1 1934. Denom.81,000. Due Feb. 1 as follows: $8,000
from 1936 to 1942 Incl. and $7,C1.0 from 1943 to 1954 incl. Principal and
interest (F. & A.) payable at the Chase National Bank, New York. Legal
opinion of Storey, Torndike, Palmer Ss Dodge of Boston will be furnished
the successful bidder.
KENNETH SQUARE, Chester County, Pa.
-The
-BOND SALE
668.000 coupon refunding bonds offered on Sept. 10-V. 139. p. 1120""
wereawarded as 3s to Graham, Parsons & Co. of Philadelphia, at a price
of 100.763, a basis of about 3.16%. Dated Oct. 15 1934 and due as follows:
$5,000 from 1935 to 1953 incl. and $3,000 in 1954.
KIRKSVILLE SCHOOL DISTRICT (P. 0. Kirksville), Adair
County, Mo.-BOND VALIDITY QUESTIONED IN SUIT
-The following report is taken from a Jefferson City dispatch to the "Wall Street Journal''
of Sept. 13:
"Briefs by Kirksville School District, petitioner, and Auditor of State
Forest Smith, defendant, will be filed in Missouri Supreme Court before
Sept. 20 in litigation in which the District seeks to compel registration of
3225,000 bond issue authorized recently in a special election. Registration
was refused by Mr. Smith until validity of the election has been established
in the courts. In Supreme Court, Acting Chief Justice Charles T. Hay,
issued temporary writ of mandamus returnable after filing of briefs."
Volume 139
Financial Chronicle
KITSAP COUNTY SCHOOL DISTRICT NO.59(P.O.Port Orchard)
Wash.
-BOND.SALE-The $4,500 issue of school bonds offered for sale on
Sept. 8-V. 139, p. 1435
-was purchased by the State of Washington, as
58 at par. Dated Aug. 15 1934. Due in from 2 to 20 years after date.
-The
KLAMATH FALLS, Klamath County, Ore.
-BOND SALE
545.000 armory construction bonds offered for sale on Aug. 6-V. 139.
-were purchased by the Public Works Administration as 4s at par.
p. 634
Dated Jan. 11934. Due from 1935 to 1954 inclusive.
KNOX COUNTY (P. 0. Mount
Ohio-BOND ISSUE
AUTHORIZED
-The county will issueVernon), rioor relief bonds in
$11,901.46
accordance with authority granted by the State Relief Commission.
LAKE COUNTY (P.O. Poison), Mont.
-BOND AWARD DEFERRED
-It is stated oy the Clerk of the Board of County Commissioners that the
only bid received for the two issues of bonds aggregating $36,000, offered on
-was an offer of par for 5%s,submitted by the
Sept. 10-V. 139, p. 1274
State Land Board, which tender was laid over for consideration. The
issues are divided as follows: $25,000 court noose construction, and $5,000
county jail building bonds.
LAKE COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Lakeport),
Ore.
-BOND ELECTION
-It is reported that an election was held on
Sept. 15 to vote on the issuance of 535,000 in school repair bonds.
LANCASTER COUNTY SANITARY DISTRICT (P. 0. Lincoln),
Neb.-FEDERAL ALLOTMENT REDUCED
-A grant of 560,000 for
widening and deepening Salt Creek Channel, previously approved by the
Public Works Administration, has been reduced to $55,500 because a part
of the work has been done with other funds.
LARIMER COUNTY (P. 0. Fort Collins), Colo.
-BOND CALL.It is stated that Nos. 1 to 175 of the farm building and hospital bonds,in
the denomination of $1,000 each, are called for payment at the Colorado
National Bank in Denver, on Oct. 1, on which date interest shall cease.
Dated Oct. 11924. Due on Oct. 11944, optional on Oct. 1 1934.
LARIMER COUNTY (P. 0. Fort Collins), Colo.
-BOND SALE
DETAILS
-The $175,000 refunding bonds that were purchased by Boettcher & Co. of Denver as 4s
-are dated Oct. 1 1934 and
-V. 139, p. 804
mature on Nov. 1 as follows: $8,000. 1936 to 1940, and 59,000, 1941
to 1955. It is reported that Gray B. Gray of Denver was associated
in the purchase of these bonds with the above firm.
LEMONT SCHOOL DISTRICT, Cook County, Ill.
-PROPOSED
BOND SALE
-The District had arranged during the latter part of August
for the sale of $40,000 bonds, the proceeds of which were to be used in the
payment of outstanding bills, thus clearing the way for operation on a cash
basis. Completion of the transaction awaited approval of the issue by
Chapman & Cutler of Chicago.
LIMA, Allen County, Ohio
-No bids were
-BONDS NOT SOLD
obtained at the offering on Sept. 10 of $52,000 6 bonds,including $31,000
sewage disposal and $21.000 poor relief issues
-V. 139. p. 1274.
LOS ANGELES, Los Angeles County, Calif.
-BOND SALE AUTHORIZED-The Board of Water and Power Commissioners recently
authorized the sale of $2,000,000 water works bonds that were voted
In 1930 for the water development in the Mono Basin,according to report.
-BOND OFFERING
LOS ANGELES, Los Angeles County, Calif.
Sealed bids will be received until 10:30 a. m.on Sept. 18, by RobertDominguez, City Clerk, for the purchase of a $2,000,000 issue of water works,
election of 1930, Class J, Series 1 bonds. Interest rate is not to exceed
45.1%, payable A. & 0. Denom. $1,000. Dated Oct. 1 1934. Due
$50,000 from Oct. 1 1935 to 1974. incl. Prin. and int. payable in lawful
money at tne City Treasurer's office, or at the National City Bank in New
York City. The approving opinion of Thomson, Wood & Hoffman of New
York, will be furnished. These bonds are part of a $38,800,000 issue authorized at an election held on May 20 1930. The bonds will be sold for cash
only and at not leas than par and accrued interest. No split bids will be
received. A certified check for 2% of the amount of the bonds, Payable to
the City Treasurer, must accompany the bid.
The last sale of bonds by this city took place on May 15 1934 and was
reported as follows in V. 138, p. 3479:
BOND SALE
-The $2,000,000 issue of water works, election of 1930,
Class I, Series 1 bonds offered for sale on May 15-V. 138, p. 3317-was
awarded to a syndicate composed of Halsey, Stuart & Co., the BancamericaBlair Corp., Goo. B. Gibbons & Co., Inc., Darby & Co., and Graham,
Parsons & Co.,all of New York, and William Cavalier & Co. of San Francisco, as 434s, paying a premium of $17,120. equal to 100.856 a basis of
about 4.42%. Due $50,000 from June 1 1935 to 1974, inclusive.
-The successful bidders
BONDS OFFERED FOR INVESTMENT.
reoffered for public subscription the above bonds, at prices to yield from
1.25% to 4.40%, according to maturity. The bonds, in the opinion of the
bankers, are legal investment for savings banks in New York and
Massachusetts.
-VALULOS ANGELES COUNTY (P. 0. Los Angeles), Calif.
ATIONS DECREASE
-We quote in part as followsfrom a report appearing
n the Los Angeles "Times" of Sept. 1, regarding tax rates and assessed
valuations:
"Although the general county basic tax rate is to remain steady at $1.20
and there is to be a raise of 4 cents in the one for the County Flood Control
District, the total tax bill for Los Angeles county taxpayers this year will
be 2 cents lower than last year on each $1L6 of assessed valuation.
"This was indicated yesterday as the figures of the 1934-35 budgets
of the county and the Flood Control District were being compiled in the
County Auditor's office after being adopted by the Board of Supervisors
late Thursday. The new rates must be adopted to-day.
"There will be no change in the general county rate, which last year was
$1.20, even though there has been a 5%, or S83,000.000 decrease, in the
assessed valuation on which taxes are raised.
'With no change in the tax rate, the 5TS decrease in valuation will mean
a saving of about 6 cents in the bill. However, the rate for the Flood
Control District is increased 4 cents. This leaves a difference of 2 cents in
favor of the taxpayer in the total tax bill."
LOS ANGELES METROPOLITAN WATER DISTRICT (P. 0.
-BOND OFFERING-Sealed bids will be received
Los Angeles), Calif.
until 1:30 p. m. on Sept. 28 by S. H. Finley, Secretary of the Board of
Directors, for the purchase of an issue of 81,500.000 Colorado River
water works bonds. Int. rite is not to exceed 4%. payable M. & S.
Denom. $1,000. Dated Sept. 1 1934. Due $50,000 from Sept. 1 1940 to
1969 incl. Prin. and in (m. & 8.) payable in lawful money at the office
of the District Treasurer, or at the National City Bank in New York,
or at the Continental Illinois National Bank & Trust Co. in Chicago.
The approving opinions of Thomson, Wood & Hoffman of New York and
O'Melveny, Tulles & Myers of Los Angeles will be furnished. Bids submitted must bo for all of said bonds and no bids for less than all of said
bonds will be considered. The bonds will be sold for cash only and at not
less than par and accrued Interest. The premium, if any, offered for
the bonds bid for, is to be stated separately. These bonds are said to be
payable from ad valorem taxes, unlimited as to rate or amount. They
are part of a $220,000,000 issue voted at an election on Sept. 29 1931.
These bonds may be registered as to both principal and interest with the
privilege of later conversion and reconversion. A certified check for
$30,000. payable to the district, must accompany the bid.
LOUDON TOWNSHIP SCHOOL DISTRICT, Seneca County,
-One of the questions of direct interest to the
-BOND ELECTION.
Ohio
voters of the District to be decided at the general election on Nov. 6 will
concern the proposed issuance of$55,00 school building construction bonds.
-BOND SALE
-The $170,000
LOWELL, Middlesex County, Mass.
the Reconstruction Finance
49' bonds offered for sale on Sept. 12 by as follows:
Corporation-V. 139, p. 1584-were awarded
$99,000 Belvidere Park sewer bonds were purchased by Halsey, Stuart &
Co., Inc. of New York, at a price of 101.83, a basis of about
3.769%. Due March 1 as follows: $5,000 from 1935 to 1942 incl.;
$4.000, 1943 to 1956 incl. and $3,000 in 1957.
71,000 street construction bonds were purchased by the First National
Bank of Chicago, at a price of 102.21. a basis of about 3.08%.
Due March 1 as follows: 516,000 from 1935 to 1937 incl.: $15,000
In 1938 and $8,000 in 1939.
Each issue has been approved as to legality by Storey, Thorndike,
Palmer & Dodge of Boston and was originally purchased by the Public
Works Administration.
LOWER PENNS NECK TOWNSHIP (P. 0. Salem), Salem County,
-The $88,000 coupon or registered school bonds
-BOND SALE
N. J.
1743
offered on Aug. 6-V. 139, p. 634
-were sold as 58 at a price of par to the
City National Bank & Trust Co. of Salem. Dated Jan. 15 1934 and due
Jan. 15 as follows: $18,000 from 1935 to 1937 incl., and 817.000 in 1938
and 1939.
-NOTE SALE
-A $7,000
MADISON, Rockingham County, N. C.
Issue of revenue anticipation notes is reported to have been purchased
recently by the Bank of Madison, at 6%.
MADISON SCHOOL DISTRICT NO. MI (P. 0. Phoenix) Maricopa
-On Sept. 22 the voters will pass on
-BOND ELECTION
County, Ariz.
the proposed issuance of $21,000 in school building bonds, according to
report. Interest rate is not to exceed 4%. Denom.$500. Due in 20 years.
-BOND ELECMADISON TOWNSHIP SCHOOL DISTRICT, Ohio
-At the general election on Nov.6 the voters will be asked to authorTION
ize the issuance of $60,000 bonds to finance the construction of a new grade
school building in East Mansfield.
-BONDS AUMAHONING COUNTY (P. 0. Youngstown), Ohio.
-The State Relief Commission on Sept. 5 authorized the
THORIZED.
county to issue 5150,000 poor relief bonds payable from selective sales tax
funds.
MANISTEE SCHOOL DISTRICT, Manistee County, Mich.
BOND OFFERING-Lillian B. Brugman, Secretary of the Board of Education, will receive sealed bids until 2 p m. on Sept. 17 for the purchase of
$20,000 4% school bonds. Due $1,060 each year on Jan. 1 from 1936 to
1955 incl. Interest is payable in J. & J. A certified check for 2% of the
amount bid, payable to the order of L. H. Peterson, District Treasurer.
must accompany each proposal.
-PROPOSED BOND ISSUE.
MANSFIELD, Richland County, Ohio.
-The city plans to issue $37,500 bonds in order to finance its portion
of the cost of a $55,000 water works system expansion program to be
undertaken with the aid of the Public Works Administration.
-The
-BOND SALE
MARION COUNTY (P. 0. Indianapolis), Ind.
$18.000 bridge bonds offered on Aug. 30-V. 139. p. 1121-were awarded
as 3.60s, at a price of par, jointly to the Merchants National Bank and the
Indiana Trust Co., both of Indianapolis. Dated Aug. 1 1934 and due
$6.000 annually over a period of three years.
MARION COUNTY (P. 0. Knoxville), Iowa-BONDS AUTHORIZED-The issuance of 850,000 in 4% refunding bonds was authorized
recently by the Board of Supervisors to replace a like amount of 534%
bonds. It is reported that Glaspell, Vieth & Duncan of Davenport, have
agreed to take over the refunding bonds on an exchange basis.
-BOND ELECTION DOUBTMARYSVILLE,Marshall County, Kan.
FUL- The City Clerk reports that it is doubtful if an election will be held
in the near future to pass on s40,000 in municipal lake construction bonds.
as tentatively reported in V. 139. p. 1582.
-BONDS SOLD TO PWAMASCOUTAH, St. Clair County, 111.
The Public Works Administration purchased $82,000 water works system
bonds in connection with the allotment of $100,000 to the city for the
project.
SUED FOR BOND PAYMENT-Five bondholders filed suit Sept. 4 at
Hagist
Belleville to collect $3.000 on defaulted sewer bonds. Mayor Oscar can be
declared that payment would be made as rapidly as asessments
collected, adding that the $3,000 bonds are the last of an issue of $25,000
gold in 1925.
--VOTE ON UTILITY ISSUE
MASSILLON, Stark County, Ohio
At the general election on Nov. 6 the voters will be asked to determine
to purchase the present privately-owned water system,
whether the city is
at a cost of about 81,755,000, or finance the construction of a new system.
Issuance of bonds would be necessary, regardless of the method adopted.
MELMORE SCHOOL DISTRICT, Seneca County, Ohlo-BOND
ELECTION-The question of issuing 561,000 school ouilding construction
bonds will be among those on the ballot at the general election on Nov.6.
MELROSE, Middlesex County, Mass.-TDMPORARY LOAN
The Merchants National Bank of Boston was awarded on Sept. 12 an
issue of $100,000 renewal notes, due in four months, at 0.42% discount
basis.
-BOND OFFERING-Leander
MEREDITH, Belknap County, N. H.
G.Pynn, Chairman of the Board of Selectmen, will receive sealed bids until
for the purchase of $25,900 4%
3 p. m. (Standard Time) on Sept. 18,
coupon street improvement bonds. Dated March 1 1934. Denoms.
$1.000 and $500. Due March 1 as follows: $1,500 from 1935 to 1949, incl.
and $500 from 1950 to 1954. incl. Principal and interest (M.& S.) payable
at the Town Treasurer's office. The bonds have been engraved under the
supervision of and will be authenticated as to their genuineness by the
First National Bank of Boston. Legality to be approved by Ropes. OraY,
Boyden & Perkins of Boston.
Financial Statement (Sept. 1 1934)
$2,641,885
Assessed valuation 1934
61,500
Total bonded debt, not including this issue
17,000
School district debt, included in total debt
24500
Water bonds, included in total debt
done
Sinking funds
Population 1,904.
-WARRANT CALL.
Junction), Colo.
MESA COUNTY (P.O. Grand
-The County Treasurer is reported to be calling for payment at his office,
various county and school warrants. Interest shall cease on the county
warrants Sept. 16 and it ceased on the school warrants Sept. 6.
-The $37,750
MIAMI COUNTY (P. 0. Troy), °Mo.-BOND SALE.
-were awarded to
poor relief bonds offered on Sept. 7-V. 139, p. 1275
Widmann, Holzman & Katz of Cincinnati, as 3s, at par plus a premium of
$57.77, equal to 100.15, a basis of about 2.97%. Dated Sept. 1 1934
and due as follows: $12,200 March 1 and $12.600 Sept. 1 1937,and $12,950
March 11938. The following is an official list of the other bids submitted
at the sale:
Premium.
Int. Rate.
Bidder$113.25
4%
Stranahan, Harris & Co., Toledo
33i26.43
Cincinnati
Provident Savings Bank,
37.75
State Teachers' Retirem't System, Columbus
R.
53.53
Fox, Einhorn & Co., Cincinnati
57.77
3
Widmann, Holzman & Katz, Cincinnati
157.00
33.1%
Well, Roth & Irving, Cincinnati
113.00
Cleveland
Hayden, Miller & Co..
125.00
3
Citizens Nat. Bank & Trust Co., Piqua
25.00
33.%
First-Troy Nat. Bank & Trust Co., Troy
38.85
3
Seasongood & Mayer,Cincinnati
35.00
31%
Johnson, Kase & Co., Cleveland
-BOND ELECTION
MIAMISBURG, Montgomery County, Ohio
The City Council passed a resolution on Sept.8 calling for a vote on Nov.6
on the question of issuing $30,000 swimming pool construction bonds.
Proponents of the plan hold that the pool could be made to pay for itself
in a few years without any tax levy being necessary.
MIDDLEFIELD, Middlesex County, Conn.-PWA ALLOTMENT
-The Public Works Administration loan and grant allotment
CHANGED
of 477,600 for street paving purposes has been changed to a grant only
of $30,200.
-TAX COLLECTIONS
MILFORD, New Haven County, Conn.
Collections of back taxes to Sept. 1 1934 totaled $147,962, although the
estimate of the Finance Board placed the probable receipts from that
source at $130,333. Payments on account of the current levy have
amounted to $470,646. or 9834% of the estimated collections of $479,410,
it is said.
MILWAUKEE COUNTY (P. 0. Milwaukee) Wis.-BOND ISSUANCE
-A resolution is said to have been adopted recently by the
AUTHORIZED.
Finance Committee of the County Board authorizing the said Board to
issue $455.000 in bonds to aid the financing of new county buildings which
are to be constructed in Wauwatosa. The County Board is expected to
ratify this authorization. The Finance Committee also voted to accept a
Federal aid grant of $132,000 toward the construction.
MILWAUKEE, Milwaukee County, Wis.-BONDS OFFERED FOR
INVESTMENT-The $500,000 4% coupon semi-ann. water works mortgage bonds that were purchased on Sept. 5 by a syndicate headed by
Halsey, Stuart & Co., Inc., of New York, at 101.40, a basis of about 3.85%
-V. 139, p. 1582- were offered for public subscaption on Sept. 10 by the
1744
Financial Chronicle
Sept. 15 1934
successful bidders at prices to yield from 3.00% to 3.75%, according to
Arvid Kangas, Village Recorder, for the purchase of an $18,000 issue of
maturity. These bonds are secured by a pledge of a portion of
certificates of indebtedness. Due on Dec. 31 1934. A certified check
of the water works system and will be additionally secured by the revenue
a mortgage
for 10% must accompany the bid.
lien upon tne water works system.
MOUNT HEALTHY,Hamilton County, Ohio.
LIST OF BIDS
-BOND OFFERING:
-The following is an official list of the bids received at
E. G. Ruoff, Village Clerk, will receive sealed bids until 12 m. on Sept. 29
botn of the offerings on these bonds:
for the purchase of $33,000 57a refunding general obligation bonds. Dated
Premium
Oct. 1 1934. Denom. $500. Due Oct. 1 as follows: $3,000 from 1936 to
Halsey,Stuart & Co., Chicago and Piper, Jaffray & Hopwood,1nc.$7,000.00
1938 incl. and $4,000 from 1939 to 1944 incl. Prin. and interest (A. & 0.)
(Bid subject to there being no litigation either pending or
payable at the Mount Healthy Savings & Commercial Bank. A certified
threatened concerning the validity of the bonds at the time of
check for 2% of the amount of the bid, payable to the order of the Village
delivery)
Treasurer, must accompany each proposal. This issue was authorized
A.G.Becker & Co. Chicago and Laurence Stern & Co
6,059.00
recently.
-V. 139, p. 1122.
Securities Co. of Milwaukee, Inc. and The Milwaukee Co
5,250.00
C. W. McNear & Co., Chicago and John Nuveen & Co
MOUNT VERNON, Westchester County, N. Y.
3,250.50
-DEFEATS CITY
All bids rejected.
MANAGER PLAN
-At a special election held on Sept. 12 the voters
The following bids were received at 2.00 p. m., Sept. 5 1934:
defeated by a count of 5.456 to 3,722 the proposal that the present form
of government be replaced by the city manager plan. It was the third
Halsey,Stuart & Co.,Chicago* and Piper, Jaffray & Hopwood,1nc.$7,000.00
time in 23 years that the proposition was turned down. The plan proSecurities Co. of Milwaukee, Inc. and The Milwaukee Co
5,250.00
posed was that known as Plan C. It provided for a council of five to be
C. W. McNear & Co., Chicago and John Nuveen & Co
3,250.50
elected, with one of its members to have the honorary title and purely
•Successful bid.
decorative functions of Mayor. The City Manager was to be appointed
by the council offive. The plan was favored by various local organizations.
MILWAUKEE, Milwaukee County, Wis.-SCHOOL BOND ISSUE
REQUESTED.
-The following report is taken from the "Wall Street
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 39 (P. 0.
Journal" of Sept. 7:
Corbett), Ore.
-BOND SALE
-The 817,000 issue of coupon school bonds
"A bond issue of $600,000 has been requested by the School Board of
offered for sale on Sept. 5-V. 139, P• 1436
-was awarded to Atkinson,
the Common Council for two new school buildings.
Jones & Co. of Portland as 4348. at a price of 100.02. a basis of about
"In its budget,the School Board asks $6,862,000 fromMilwaukee in taxes
4.49%. Dated Oct. 1 1934. Due from Oct. 1 1935 to 1943. The only
toward schools and playgrounds. The tax requestlast year was $6,756,000.
other bid was an offer of 100.17 for 4s tendered by 13lyth & Co. of
In addition to the property tax money, the Board expects $2,812,000 from
Portland.
the State gasoline tax, and with the $600,000 bond issue, the Board outlay
for the new year would total $10,275,000, of which $7,815,000 is needed
MURRAY (Salt Lake City), Salt Lake County, Utah.
-BOND
for school operating costs."
ELECTION
-It is stated that an election will be held on Oct. 16 to vote
on the issuance of 824,000 in 4% municipal power system bonds.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BONDS SOLD
BY RFC
-The $360,000 issue of 47 semi-ann. metropolitan sewerage
°
NASHVILLE Davidson County, Tenn.
-BONDS PARTIALLY
bonds of 1933 offered for sale by the Reconstruction Finance Corporation
SOLD
-Of the five issues of coupon semi-ann. bonds aggregating $543,000,
on Sept. 12-V. 139. p. 1584
-was awarded to the Bancamerica-Blair
offered for sale on Sept. 11-V. 139, p. 1437-a total of four issues amountCorp. at a price of 100.585, a basis of about 3.93%. Due $185,000 on
ing to $493.000, were awarded jointly to the Guaranty Trust Co., and
Oct. 1 1944 and $175,000 on Oct. 1 1945.
Edward B. Smith & Co.. both of New York, as 4s, at a price of 101.39, a
basis of about 3.85%. The issues are divided as follows:
MINGO, Randolph County, W. Va.-BOND ELECTION
-It is
stated that the voters will be asked to pass on the proposed issuance of
$200,000 permanent street bonds of 1933. Due Dec. 1 as follows: $7,000
$175,000 in bonds to purchase the existing water works plant and system.
in 1934 and 1935: 86,000 in 1936,• $7,000 in 1937 and 1938: $6,000
at the general election on Nov. 6. Int. rate not to exceed 6%. Due
in 1939: $7.000 in 1940 and 1941 $6,000 in 1942; $7,000 in 1943
over a period of 25 years.
and 1944; $6,000 in 1945: $7,000 in 1946 and 1947: $6,000 in
1948; $7,000 in 1949 and 1950: $6,000 in 1951: $7.000 in 1952
MINNEAPOLIS, Hennepin County, Minn.
-BOND SALE POS7'and 1953: $6.000 in 1954; $7,000 in 1955 and 1956: $6.000 in
PONED-We were informed by Geo. M. Link, Secretary of the Board of
1957; $7,000 in 1958 and 1959; $6,000 in 1960; $7,000 in 1961 and
Estimate and Taxation, in a letter dated Sept. 7, that the sale of the $300,1962, and $6.000 in 1963.
000 not to exceed 6% coupon or registered permanent impt. (work relief)
150,000 Demonbreun St. Viaduct bonds of 1933. Due $5,000 on Dec. I
bonds, scheduled for Sept. 14, as described in V. 139, p. 1582, has been
from 1934 to 1963 incl.
postponed until 11 a. m. on Sept. 26, in the City Treasurer's private office
43,000 permanent impt. and construction bonds of 1933. Due Dec. 1
In the Municipal Building. In all other respects the terms of the sale remain
as follows: $10,000 from 1934 to 1936 incl., and $13.000 in 1937.
the same as pre%iously reported.
100,000 incinerator bonds of 1933. Due Dec. 1 as follows: $3,000 in
MINNEAPOLIS, Hennepin County, Minn.
1934 and 1935: 84.000 in 1936; 33,1)00 in 1937 and 1938; $4,000
-BONDS NOT SOLD
It is stated that the two issues of not to exceed 5% coupon sewage disposal
in 1939; 53,000 in 1940 and 1941; $4,000 in 1942; $3,000 in 1943
system bonds aggregating $1,287,000. offered on Sept. 14-V. 139, p.
and 1944; $4,000 in 1945; $3,000 in 1946 and 1947; $4,000 in
1582-were not sold as all the bids were rejected. The New York "Evening
1948; $3,000 in 1949 and 1950: $4,000 in 1951; $3,000 in 1952
Sun" of Sept. 14 reported on this action as follows:
and 1953; $4,000 in 1954; $3,000 in 1955 and 1956; $4,000 in
"One of toe unexplained developments in the municipal bond market to1957; $3.000 in 1958 and 1959; $4,000 in 1960; $3,000 in 1961
day was toe action of the financial authorities of Minneapolis in rejecting
and 1962, and $4,000 in 1963.
all bids on an issue of $1,587,000 bonds when the most attractive of them
The following issue of bonds was withdrawn from sale:
offered the city a cost basis of only 3.80%. Phelps, Fenn & Co. was the
50,000 police station, court and work house bonds of 1933. Due Dec. 1
high bidder, offering to pay 100.57 for $275,000 as 5s and the balance as
as follows: $1,000 in 1934; 82,000 in 1935 and 1936; $1,000
3Hs.
in 1937; $2,000 in 1938 and 1939: $1.000 in 1940; 52,000 in 1941
"Halsey, Stuart & Co., Inc.,came second with a bid of 100.01 for $1,193.and 1942; 31.000 in 1943; $2.000 in 1944 and 1945; 81,000 in
000 as 4s and $94.000 as 3Hs,or a cost basis of 3.93%. Brown, Harriman
1946; $2,000 in 1947 and 1948; S1000 in 1949; 52.000 in 1950
&
Inc., bid 100.569 tor 45, or a cost basis of 3.965%. Edward ,
B.
and 1951; $1,000 in 1952; $2,000 in 1953 and 1954; $1,000 in
Sznith.& Co. was fourth with a bid of 100.225 for 45, a basis of 3.98%.
Co.,
*
1955; $2,000 in 1956 and 1957: 81.000 in 1958; 52,000 in 1959
and 1960; 51.000 in 1961; and $2,000 in 1962 and 1963.
MINNESOTA, State of (P. 0. St. Paul)
-LOAN AUTHORIZATION
-Julius A. Schmahl, State Treasurer, reports that the Executive
NEBRASKA, State of (P. 0. Lincoln)
-BONDS REGISTERED
Council of Minnesota on Sept. 11 authorized a loan of $6,000,000, to be
It is reported that city, village and school district bonds issued during
secured by general revenue certificates bearing interest at a rate not to
August and registered with the State Auditor totaled $591,420. It is
exceed 1 H %. Dated Sept. 20 1934. Due in six months. Bids without
said that of the total amount 3247.420 were original issues.
advertising will be received at once for the issue, according to report.
NEKOOSA, Wood County, Wis.-BOND ELECTION CANCELLED
MISSOURI, State of (P. 0. Jefferson City)
-BOND OFFERING
- It is stated by the City Clerk that the proposed submission of $42,000 in
Sealed bids will be received until 2 p.in.(Central standard time) on Sept.21
improvement bonds to the voters for approval at the primary election on
by Richard R. Nacy, State Treasurer, for the purchase of a $3,000,000
Sept. 18-V. 139. p. 1583
-was rejected by the City Council on Sept. 5.
issue of State Building, series A bonds. Dated Oct. 1 1934. Due S1,000,NEW BEDFORD, Bristol County, Mass.
-BOND SALE
-Local
000 on July I from 1939 to 1941. These bonds are coupon bonds in the
banks have purchased an issue of $150,000 street repair bonds as 334s, at
denomination of $1,000. registerable as to principal or as to principal and
par plus a premium of $1,449.70, equal to 100.96.
interest and are exchangeable for fully registered bonds in the denomina•
tion of $5,000, $10,000. $50,000 and $100,000, which fully registered
NEWBERRY COUNTY (P. 0. Newberry), S. C.
-TEMPORARY
bonds may again be exchanged for coupon bonds in the denomination of
LOAN
-The South Carolina State Bank of Newberry is reported to have
$1,000 on the payment of $1 per thousand. Rate of interest to be deterpurchased a $20,000 temporary loan at 4%•
mined after bids are received. The bonds will be sold to the highest
bidders at par or better at the lowest rate of interest, all of said bonds to
NEW JERSEY, State of (P. 0. Trenton)
-FUNDS GRANTED FOR
bear the same rate of interest. Prin. and int. payable at the Chase National
GENERAL RELIEF.
-The following report is taken from a Washington
Bank in New York City. Each bid must be submitted on a form furnished
dispatch to the New York "Herald Tribune" of Sept. 11:
by the State Treasurer. The approving opinion of Roy McKittrick,
"The Federal Relief Administration announced to-day a $4,077.194 grant
Attorney-General, and Benjamin H. Charles, of St. Louis, will be furto New Jeisey for relief in September. The grant was for the following
nished the purchaser. Delivery of the bonds will be made on or about
purposes: 53.400.000 for general relief; 840,000 for transient relief; $50.000
Oct. 15 1934 at St. Louis, Kansas City, Chicago or New York City, at the
for rural renabilitation; $467,000 for professional work projects; $80,600 for
option of the purchaser or purchasers, provided notice shall have been
educational program and $9.075 for student aid, as well as 828.519 reimgiven the State Treasurer on or about Oct. 1; otherwise delivery will be
bursement of expenditures for cotton for a mattress program and $2,000
made at the office of the State Treasurer. Payment of the purchase price
for storing and filing Civil Work Administration records."
of said bonds will be required to be made in Federal Reserve funds. Proposals should be addressed to "Board of Fund Commissioners, care of
NEWPORT NEWS, Warwick County, Va.-BOND SALE BY THE
Richard R. Nacy, State Treasurer, Jefferson City, Mo.
RFC
-The $138,000 issue of 4% semi-ann. water works impt. bonds offered
These bonds
are said to be full faith and credit obligations of the State. A certified
for sale by the Reconstruction Finance Corporation on Sept. 12-V. 139,
check for 1% of the amount of the bonds bid for, payable to the State
p. 1584-was purchased by Mason-Hagan, Inc., of Richmond. at a price of
Treasurer, is required.
98.00, a basis of about 4.22. Due from Dec.31 1934 to 1957 incl.
BONDS NOTSOLD BY RFC
-The $48,000 issue of4% semi-ann. garbage
BOND SALE
-The $5,000,000 issue of road, series W, bonds offered
incinerator bonds offered for sale at the same time, was not sold by the
for sale on June 25-V. 138, p.4165
-was awarded to a syndicate composed
above Corporation as the only bid received, an offer of 94.55, tendered by
of the Chase National Bank; Kidder, Peabody & Co.', Lehman Bros.;
Reynolds & Co. of New York, was rejected. Due from April 1 1935 to
F. S. Moseley & Co.; Hemphill, Noyes & Co. all of New 'York; the Mann1957 incl.
factuters & Traders Trust Co. of Buffalo; Arthur Perry & Co. of Boston;
Stranahan, Harris & Co., Inc., of Toledo, and Whitaker & Co. of St. Louis
NEW MEXICO State of (P. 0. Santa Fe)
-OTHER BIDS
-The
as 3s at a price of 101.169, a basis of about 2.81%. Dated June lb 1934.
following is an official report on tile other bids received Sept. 4 for the
Due $1,000,000 from June 15 1953 to 1957, inclusive.
$625.000 coupon hignway bonds awarded to the State Treasurer, as 4s
BONDS OFFERED FOR INVESTMENT
at par and accrued hit.
-V. 139, p. 158.1:
-The successful bidders
re-offered the above bonds for public subscription at prices to yield 2.857
Peters Writer & Christensen. Inc., Denver; Cray, McFawn dt•Co., Defor all maturities. The bonds constitute, in the opinion of counsel, valid
troit; Eldredge & Co., N. Y. City; J. K.Mullen Co.,Denver,4H% bonds
and direct obligations of the State for the payment of which ad valorem
at $1.006.112 and accrued int. per $1,000.
taxes may be levied upon all of the taxable property in the State without
John Nuveen & Co. & Associates on 434% bonds,$625,000 at a total
limitation as to rate or amount. They are legal investments for savings
bid of $628,125 and accrued int.
banks in New York, Mn*sachusetts, Connecticut and certain other States,
NEW MEXICO, State of (P. 0. Santa Fe)
-SUIT FILED AGAINST
according to the bankers.
ROAD BONDS
-In connection with the report given in V. 139. P• 1583,
MOBILE, Mobile County, Ala.
-INTEREST PAYMENT REPORT
- of the sale of $625.000 highway bonds to the State Treasurer, as 44 at par.
It is announced by H. G. Ziegler, City Comptroller, in a notice to bondwe quote in part as follows from a Santa Fe newspaper of Aug. 31:
holders, that funds are on deposit with the Irving Trust Co. of New York,
"On the ground that the people of the State are being deprived of their
to pay interest due Nov.2 1933 and all prior coupons on an issue of Series X
constitutional right of referendum, an injunction is asked in a complaint
public improvement bonds.
filed in the District Court here to-day to restrain the State Board of
Finance from selling the 5625,000 remaining of the $2,000,000 highway
MONACA SCHOOL DISTRICT; Beaver County, Pa.
-BOND
debentures authorized by the 1933 Legislature, advertised for sale Sept. 4.
SALE
-The $30,000 coupon school bonds offered on Sept. 10-V. 139.
"Arthur W.
President
p. 1436-were awarded as 4Hs to McLauglln. MacAfee & Co. of Pitts- Association, is Cameron of Clovis,complaint of the State Farm Holiday
the plaintiff. The
sets out that 47,462 of the
burgh at par plus a premium of $240.60, equal to 100.802, a basis of about
voters of the State signed the referendum petition and continues, alleging
4.12%. Due $5.000 on Sept. 1 from 1939 to 1944 inclusive.
that the purpose of advertising the remaining $625,000 for sale is 'to
MONTICELLO SPECIAL CONSOLIDATED SCHOOL DISTRICT
prevent the voters of said State from expressing their views, by voting
(P. 0. Monticello), Lawrence County, Miss.
thereon, as to the propriety of the issuance and sale of debentures' at the
-FEDERAL ALLOTcoming State election in November.
MENT INCREASED
-A loan and grant of $23,500 for school building
construction and repairs, approved by the Public Works Administration,
"The plaintiff alleges the referendum petition casts a cloud on the
legality of the debentures and the sale will involve the State in litigation;
was increased to $25,000 to enable the district to increase the amount
'for should it be hereafter determined that such sale is illegal and unof work to be done.
warranted under the Constitution of the State (it) will impair the credit
MOORE COUNTY (P. 0. Carthage), N. C.
-BONDS DEFEATED
- and financial standing of said State.'
At an election on Aug. 25 the voters are said to have defeated the proposed
"It is charged that there is no reasonable justification for the sale of
issuance of $232,000 in bonds for school buildings and additions. The
the debentures before the November election, but that the sale was ordered
proposed plan called for a loan from the Public Works Administration of
to be advertised merely to deprive the people of the right to vote on them,
$166,000. and $66,000 from the State Literary Fund.
as guaranteed by the Constitution."
MOUNTAIN IRON, St. Louis County Minn.
-CERTIFICATE
NEW YORK, N. Y.
-OBTAINS 52,000,000 PIM FUNDS
-Mayor
OFFERING-Sealed bids will be received until '7.30 p. m. on Sept. 19 by
La Guardia received on Sept. 7 an allotment of $2,000.000 Publlc Works
Volume 139
Financial Chronicle
1745
-In connection
-CORRECTION
PHOENIX, Maricopa County, Ariz.
semi-annual
with the sale of the four issues of 4% coupon or registered
at par, report of
bonds on Sept. 4 to the Public Works Administration Joseph C. Furst,
1583, we are informed by
which was given in V. 139, p.
$1,520,000, as previously
City Clerk, that $1,250,000 in bonds were sold, not
reported. No other bid was received for these bonds.
0. Tacoma),
PIERCE COUNTY SCHOOL DISTRICT NO. S (P.
-The $50,000 school bonds that were
-BOND SALE DETAILS
Wash.
of Seattle, as 44s,at a price of 100.264
purchased by Conrad, Bruce & Co.
ly
-are due in from 2 to 20 years from date in approximate
-V.139, p. 1276
4.22%.
equal annual installments, giving a basis of about
-BOND
County, Ohio
PIQUA CITY SCHOOL DISTRICT, Miami Education. reports that
-W. H. Koester, Clerk of the Board of prior to the date of sale
SALE
the State Teachers' Retirement Fund purchased house construction bonds
field
the issue of $17.700 4% recreation hall and 12-V. 139, p. 1583. Dated
which was scheduled for award on Sept.
1936 to 1938 incl.
Sept. 1 1934 and due Sept. 1 as follows: $1.100 from
and $1,200 iron) 1939 to 1950 incl.
-The $165,000 munic-BOND SALE.
PIQUA, Miami County, Ohio.
offered on Sept. 7ipal electric light and power plant completion bonds
jointly to Cray, McFavvn & Co..
SCHOOL DISTRICT, Trumbull County, Ohio
NILES CITY
V. 139. p. 1276-were awarded as 44s
par plus a premium of
BOND OFFERING-Anna D. Masteller, Clerk of the Board of Education,
Detroit, and C. W. McNear & Co. Chicago, at
Dated Sept. 15 1934 and
will receive sealed bids until 12 m. on Oct. 1 for the purchase of $8,000
$1.056, equal to 100.64, a basis of about 4.41%. incl. Other bids for the
Due $1,000
1936 to 1950
54% refunding bonds. Dated Aug. 1 1934. Denom. $1,000. 0.) payable
due $11,000 annually on Sept. 15 frominterest rate, were as follows: Van
on Oct. 1 from 1937 to 1944 incl. Principal and interest (A. &bear interest
which named a 4%
bonds, all of
to
od & Mayer; Weil,
at the office of the Board of Education. Bids for the bonds1%, will also be
Lahr, Doll & Isphording Co.. Cincinnati; Seasonongo
of
premium of $451. Fox, Einhorn
at a rate other than 54%,expressed in a multiple of 4,order of the Board
Roth & Irving Co., Cincinnati, offering a& Katz. Nelson, Browning & Co.
considered. A certified check for $80, payable to the
Widmann, Holzman
& Co., Grau & Co.,
of
$727.77. Otis & Co. and
a
of Education, must accompany each proposal. The approving opinion
and Middendorf & Co.of Toledo with ofpremium ofwith a premium of $975.
Squire, Sanders & Dempsey of Cleveland will be furnished the successful
McDonald, Callahan & Richards Co. Cleveland
bidder.
-BOND ISSUE PROGRAM
Pa.
PITTSBURGH, Allegheny County, taxpayers have voiced vigorous
NORMAN SCHOOL DISTRICT (P. 0. Clifford), Trail! County,
-Two local orgaMzations of the voters at the general election
OPPOSED
-Sealed bids will be received until 2 p. m.
N. Dak.-BOND OFFERING.
submission to
opposition to the plan for
providing for the issuance of
on Sept. 22, by C.P. Peterson, District Clerk, at the office of the County
in November of a publlc works program of this disapproval, the City
school
Auditor, for the purchase of a $32,000 issue of 4% coupon 1937 tobonds.
more than $8,000.000 bonds. As a result entire schedule or
1940.
Due on Sept. 1 as follows: $1,000,
the
Dated Sept. 1 1934.
Council is expected either to abandon
call for the expenditure of
and $2,000, 1941 to 1954. Principal and interest (M. & S.) payable at
curtail the proposed program. Present plans $2,039,000 on additional
ts.
the County Auditor's office.
$5,800,000 on various public improvemen of the fire-alarm system.
- hospital facilities, and $350.000 for expansion
-TEMPORARY LOAN
NORTH ANDOVER, Essex County, Mass.
-The $110.000
-BOND SALE
The Second National Bank of Boston was awarded on Sept. 10 a $75,000
PLAINFIELD, Union County, N. J.
discount basis. Due Dec. 26 1934.
for sale on Sept. 12 by the
revenue anticipation loan at 0.71%
4% general public improvement bonds offered p. 1584
-were awarded to
Other bids were as follows:
-V. 139.
Corporation
Reconstruction Finance
100.55, a oasis of anout
Disci. Basis
Bidder
Reynolds & Co. of New York City, at a price of to 1943.incl.;$R.600.
0.72
Merchants National Bank
3.90%. Due March 1 as follows: $8,000 from 1935
0.77
and 1947,and $2,000 in 1948. Legality
Faxon, Gade & Co
1944;$8,000, 1945;$9,000 in 1946
York. The bonds were
0.81
New England Trust Co
approved by Clay, Dillon & Vandewater of New
- originally purchased by the Public Works Administration.
-BOND SALE
NORTH TONAWANDA, Niagara County, N. Y.
Bay), Nassau
The $50,000 coupon or registered public welfare bonds offered on Sept. 8
PLAINVIEW WATER DISTRICT (P. 0. Oyster
to the Clerk
-were awarded to the State Trust Co. of North Tona-V. 139, p. 1437
-BOND OFFERING-Scaled bids addressed the purchase
County, N. Y.
until Sept. 24 for
wanda as 55 at par plus a premium of $100, equal to 100.20. a basis of
of the Town of Oyster Bay will be received
due $10,000 on Sept. 1 from
about 4.93%. Dated Sept. 1 1934 and
of $19,800 refunding bonds.
1935 to 1939 inclusive.
-PROPOSED BOND
-The follow-BOND SALE.
PLEASANTVILLE, Atlantic County, N. J.
NORWOOD, Hamilton County, Ohio.
the firm of Antinoph
by the Sinking Fund
REFUNDING-The City Council has designated refinancing the bonded
ing bond issues aggregating $61,000 offered for sale to Breed & Harrison.
to formulate a plan for
-were awarded
& Glassman of Atlantic City
Trustees on Sept. 6-V. 139, p. 1276
defaults may be avoided. In this condebt of the city to the end that engaged in a program providing for the
Inc. of Cincinnati, at par plus a premium of $2,486.30, equal to 104.07, a
nection, the agents are presently
basis of about 3.66%:
by extensions under
temporary refinancing of 1934 and 1935 maturities in that direction,
$15,000 6 series -1926 incinerator bonds.
its efforts
agreement. Following the conclusion of refinancing plan.
12.000 5 series No. 1-1925 storm water sewer bonds.
prepare a permanent
the counsel proposes to
12,000 SV series A-1928 water works bonds
-GOVERNMENT PUR12,000 6 series No. 4-1930 sanitary and storm sewer bonds.
PORTLAND, Multnomah County, Ore.
-The Portland "Ore10,000 6% series No. 1-1930 incinerator plant bonds.
BY CITY
CHASE OF REVENUE BONDS URGEDreport on the city's effort to get
Other bids for the bonds were as follows:
Premium.
gonian" of Sept. 1 carried the following
bonds:
Bidder3
2 0.
$2 35 . 0
Government to buy $6,000,000 of sewer revenue
:137 0
the Federal
Fox, Einhorn & Co
the $6,000,000 issue of
"Efforts to get the Federal Government to buy disposal plant so the
Charles A. Hinsch & Co
the sewage
2,066.75
revenue bonds for the construction of available for unemployment relief
& Moerlein, Inc.,jointly
Seasongood & Mayer and Assel, Goetz
city will have the money immediately
-At the
Riley.
-BONDS VOTED.
OKEMAH, Okfuskee County, Okla. voters approved the issuance
were launched yesterday by City Commissionerof the Interior, Mr. Riley
Secretary
-the
held on Sept. 4-V. 139, ID. 1276
election
"In a letter to Harold L. Ickes, t has granted an outright gift of $2,bonds by a wide margin, according to
of $25,000 in water works extension
pointed out the Federal Governmen
upon the city's sale of the
report.
240,000 for the project, but this is contingent
by the voters.
-Sealed bids will be
$6,000,000 bond issue authorized market for such a large bond issue is not
OLD BENNINGTON, Vt.-BOND OFFERING.
the muchase of
"Mr. Riley said that the local
received until 12 m.(Daylight Saving Time) on Sept. 22 for$1,000 annually
but the bonds have been approved
particularly favorable at this time, city is such that its other bonds are
% refunding bonds, dated Oct. 1 1934 and due
$18,6C0
by the voters and the credit of the
1943 incl.
want to sell the sewage
on Jan. 1 from 1936 to
bringing a premium. He said the city would not has been authorized.
-BOND OFFERING
OLD WESTBURY, Nassau County, N. Y.
bonds at less than par and an interest rate up to 6% Portland a substantial
p. m.
1Dring to
William P. Kelsey. Village Clerk, will receive sealed bids until 3.45
"Construction of the Bonneville dam will
and the benefits
Increase in the population of the city, said Mr. Riley. that the sewage
(Eastern Standard Time) on Sept. 25 for the purchase of $150,000 not to
out
bonds. Dated
from that project will be material. He also pointed it is one of the few
exceed 6% interest coupon or registered water works $10,000 in 1936
the city now because
Sept. 1 1934. Denom. $1,000. Due Sept. 1 as follows: S.) payable at
project is of vital importance to relief can be provided and it is not deand $5,000 from 1937 to 1964 incl. Prin. and int.(M. &the rate of inways by which unemployment
the New York Trust Co., New York. Bidder to name of each yearly
pendent on weather conditions.
and the recent
He said the unemployment situation has increased Relief for those
terest in a multiple of 4 or 1-10th of 1%. All of the bonds
maturity must bear the same coupon rate. The bonds are stated to be
strike has put an additional load on the relief agencies. and construction
allocations,
general obligations of the village, payable from unlimited taxes. A cerIn need will be impossible through regularcarry through with the load.
projects of this character are important to
tified check for 2% of the bonds bid for, payable to the order of the village,
must accompany each proposal. The approving opinion of Root, Clark,
he said.
ion securities sold
Buckner & Ballantine of New York will be furnished the successful bidder.
"He also pointed out that Public Works Administrat
Corporation recently brought good
- through the Reconstruction Financeof the reasons this bond issue might
T SCHOOL DISTRICT, Lackawanna County, Pa.
OLYPHAN
prices and he advanced that as one
-The $105,000 5% Mansfield Act operating revenue bonds
BOND SALE
be purchased by the Federal Government."
-have been
originally scheduled for award on June 19-V. 138, p. 4166
Employees' Retirement Fund, according
-BOND CALL-William
purchased by the Public School
PORTLAND, Multnomah County, Ore. for payment at his office
to an announcement by Joseph Hastings, President of the School Board,
Adams, City Treasurer, is reported to be calling
The bonds are dated June 1 1934 and include issues of $80,000
6% impt. bonds aggregating $61,362:
on Aug. 31.
on Oct. 1 at par, the following
amounting to $26,302,
and $25,000, due $8,000 and $2,500 annually, respectively.
Nos.45.656 to 45.688 of the issue dated Jan. 11929,
amounting to
and Nos. 45.689 to 45,723 of the issue dated Feb. 1 1929,
ONONDAGA AND DeWITT COMMON SCHOOL DISTRICT NO.20
-The
-BOND SALE
$35.000.
(P. 0. Jamesville), Onondaga County, N. Y.
-The Public
8-V. 139, p. 1437
.
$13,000 registered school bonds offered on Sept.
PRESTON, Conn.-PWA ALLOTMENT CHANGED
for paving
were awarded as 5s at a price of par to the Liverpool Bank of Liverpool.
Works Administration loan and grant allotment of $118,000 to a grant
changed
Dated Sept. 15 1934 and due Nov. 1 as follows: $500 from 1935 to 1937
work on the PrestoniPlains-Griswold Road has been
incl.; $600, 1938 to 1942 incl.; $700. 1943 and 1944; $800, 1945 to 1948
only of $36,500.
incl.: $900 in 1949, and $1,000 from 1950 to 1952 incl. The First National
-CHANCES IN FEDERAL
PUBLIC WORKS ADMINISTRATION
Bank of Tully bid a price of par for 5 % bonds.
-The following statement was made public recently
FUND ALLOTMENTS
-BONDS VOTED
OTTO TOWNSHIP SCHOOL DiSTRICT, Pa.
the Administration:
by
to-day that
At a special election held on Sept. 1 the voters authorized the issuance
"Public Works Administrator Harold L. Ickes announced
tnat they can sell
of t,60,000 bonds to finance the construction of an extension to the Junior
10 more municipalities and public bodies have foundthat reason will not
High School Building. The measure carried by a vote of 347 to 77.
investment market and for
their bonds in the private
need loans from Public Works Administration.
PAINT TOWNSHIP SCHOOL DISTRICT (P. 0. Bloomingburg),
loan
-At the general election
"These public bodies have requested that their previously awarded
Fayette County, Ohio-BOND ELECTION
and grant allotments be changed to grants only of 30% of the cost of their
on Nov. 6 the voters will determine whether an jissue of $12,000 school
projects. The changes have been made, Administrator Ickes announced.
bonds should be authorized for sale.
construction
This action results in the release of $705,000 to expand the public works
waiting
=gram through reallotting the money to other projects still on the
PAOLA SCHOOL DISTRICT (P. 0. Paola), Miami County, Kan.
-It is stated by the Superintendent of Schools that
ELECTION
BOND
of $65.000
Made because of the reviving market
"To date 334 sucn changes have been
an election will be held on Sept. 18 to vote on the issuance
for municipal securities, releasing $35,796,638 for reallotment to new
in school construction bonds. (In V. 139, p 1437, we reported that
projects. All of this money has been reallotted.
this election would probably be held in November.)
The following allotments were changed to-day:
-Toe Public
-PIVA ALLOTMENT CHANGED
PARKSIDE, Pa.
-Docket 1828: A loan and grant of $69,500 for street
Parkside. Pa.
Works Administration loan and grant allotment of $69,500 for street
paving changed to a grant of $19,500.
neen changed to a grant only of $19,500.
paving has
West Liberty, Iowa-Docket 2383: Loan and grant of $18,500 for a
- sewage treatment plant changed to a grant of $5.600.
-BOND SALE.
PARKSIDE(P.O. Chester), Delaware County,Pa.
an and grant of $8,500 allotted to
-were
-Docket 3913:
Centerville, Kan.
The $50,000 4% coupon bonds offered on Sept. 8--V. 139, p. 1437a price
School District 103 of Linn County for a school building in Centerville
Leach Bros., Inc. of Philadelphia, the only bidders, at
awarded to
and due $2,500
changed to a grant of $2,560.
of 100.13. a basis of about 3.987%. Dated July 1 1934
Gilmore City, Iowa-Docket 4090: Loan and grant of $28.900 allotted
on July 1 from 1935 to 1954 incl.
to the Independent School District of Gilmore City for an addition to a
-BOND SALE
PARK DISTRICT, Tazewell County, III.
PEKIN
school building changed to a grant of $9,800.
to the White-Phillips Co.
-Docket 4240: Loan and grant of $300.000 for extenWilkes-Barre, Pa.
An issue of $50,000 park bonds was sold recently
sions to the sanitary and storm sewer systems and construction of a concrete
of Davenport at a price of 102.25.
of
highway bridge over Laurel Run Creek changed to a grant for $92.000.
-FEDERAL FUND ALLOTPETALUMA, Sonoma County, Calif.
an elemenChilton. Wis.-Docket 4454: Loan and grant of $145,060
-In connection with the allotment of
MENT NOT CONSUMMATED.
to a grant of $54.000.
tary and nigh school building changed
by the
$325,000 for sewer construction that was approved recently the CityPublic
Wauwatosa. Wis.-Docket 4471: Loan and grant of $200,000 for storm
Clerk
-it is reported by
ion-V. 139, p. 1430
Works Administrat
sewers to serve the northern section oftne city changed to a grant of$59,000.
said project failed to receive the apthat a similar issue of bonds for theis
-Docket 5884: Loan and grant of $77.600 for pavMiddlefield, Conn.
proval of the voters on Aug. 28. It stated that no action is being taken
ing work for four streets changed to a grant of $30.200.
defeat.
at present on the allotment due to this
n of a new
Administration funds, of which $544.680 is for the constructio
Island; $305,470 for an
maternity pavilion at City Hospital, Welfare,and $1,198,000 for health
out
-patient department at CireenpoInt Hospital,
lower
centers in Williarnsbridge and Red Hook, Brooklyn, East Harlem and
East Side, Manhattan, and Astoria, Queens.
-PLANS SALE OF $75,000,000 NOTESNEW YORK (State of)
r
Althougn press reports stated that Morris S. Tremaine, State Comptrolle
arrange for the sale
expected to arrive in New York City on Sept. 12 to announcement had
was
eight months, no
of about $75.000,000 notes, due in
in the
been made up to Friday night as to any action that had been taken funds
matter. The proceeds would be used to bolster tne general operating
from tax collections.
of the State. Payment of the notes would be made occurred on July 13
The last previous short-term financing by the State
eacn from the
1934, when $30,000,000 was obtained. $15,000,000Co., botn of New
Chase National Bank and tne Bank of the Mannattan
notes bore a maturity date of Feb. 15 1935 and were sold
York. These
of
by the State at a record low interest cost, that of an annual basis of it is
1%. In the present instance, due to cnanged market conditions,
will have to pay a higher rate for tne money sought.
expected that tne State
The $30,000,000 note sale in July was reported in V. 139, p. 479.
1746
Financial Chronicle
Windsor Locks, Conn.
-Docket 7136: Loan and
paving work on Elm, North, Grover, Whitton and grant of $90,000 for
School streets changed
to a grant of $30,500.
Roseville, Calif.
-Docket 8339: Loan and grant of
tion of a new school building and building additions $96,000 for constructo the Atlantic Street
and Vernon Street school buildings changed to a
grant of $26,000.
RACINE, Racine County, Wis.-DETAILS ON
FEDERAL FUND
ALLOTMENT.
-It is stated by the Manager of the
that the loan portion of the $300,000 allotment City Water Department
approved by the Public
Works Administration early in August for
improvements to the water
system-V. 139. p. 960
-will be
due $16,000 from Aug. 1 1937 to $288,000, secured by 4% revenue bonds,
1954.
RECONSTRUCTION FINANCE
LOANS MADE TO DRAINAGE ANDCORPORATION-REPORT ON
IRRIGATI
-The
following announcement was made public by the ON DISTRICTS
above Corporation on
Sept. 12:
"Loans for refinancing two irrigation districts in California,
an irrigation
disttict in Colorado, one drainage district each
Mississippi, Illinois and Kentucky and two drainage in Texas, Arkansas,
districts in Missouri,
a total of $3,403,000 nave been authorized by
Corporation. This makes a total to date ofthe Reconstruction Finance
$68,770,008
under the provisions of Section 36 of toe Emergency Farm .46 authorized
Mortgage Act
of 1933. as amended.
"Tne districts are:
South San Joaquin Irrigation Dist.. San Joaquin Co., Calif_
_$2,652.500.00
Byron-Bethany Irrigation Dist., Alameda and San Joaquin,
Cos., Calif
372.500.00
The Maybe11 Irrigation Dist., Moffat Co., Colo
9,000.00
Ellis Co., Texas, Drainage Dist. No. 1
61,000.00
Bayou Deview Drainage Dist. No. 1, Cross, Jackson and
Woodruff Cos., Ark
61,000.00
Johnson Creek Drainage Dist. No. 1, Clay Conuty, Miss
18,500.00
Henderson County Drainage Dist. No. 1, Henderson Co.,
51.000.00
The Bayou De Chien Drainage Dist., Fulton, Graves Ill_
and
Hickman Cos., Ky
35,500.00
Gregory Drainage Dist.. Gregory Landing,
66,000.00
Drainage Dist. No,36, Dunldin Co., Mo Mo
76,000.00
"Tne following loans heretofore authorized by the
of the Corporation have been canceled at the request Board of Directors
the District and
the amounts involved have been deducted from the total of loans authorized:
of
Boone County Levee Dist,. No. 1, Boone Co., Mo
$17,000.00
Middlefork Drainage Dist., Gentry Co., Mo
13.000.00
RENSSELAER, Rensselaer County, N. Y.
-ADDITIONAL INFORMATION
-The 810,000 4 94., ‘,"/ relief bonds sold last week to John L. Dame
of Rochester, at 100.52-V.°Lig. la. 1584-are dated Sept.
mature Jan. 1 as follows: $1,000 from 1936 to 1943, incl. 1 1934 and
and $2.000 in
1944. Denom. $1,000. Principal and interest (J. & J.)
money of the United States at the City Treasurer's payable in lawful
office. Legality
approved b ytohtg ,
g Ct ,
3
& 4
uyanZater of New York. Net interest cost
city
Sept. 15 1934
ST. CHARLES, St. Charles County, Mc.
-BONDS
-At
the election on Sept. 8-V. 139, p. 1123-thc voters heartily VOTED
endorsed the
issuance of $65,000 in filtration plant bonds, according to the City Clerk.
ST. CLOUD, Stearns County, Minn.
-DETAILS ON FEDERAL
FUND ALLOTMENT.
-It is stated by the City Clerk
finance the loan portion of the $1,229,000 allotment for that in order to
a steam-electric
generating station that was approved in August by the Public Works
Administration-V. 139, p. 1430
-it will be necessary
Charter to provide for the issuance of revenue bonds. to amend the City
For this purpose it
is said that an election will be held on Oct. 2 and
the bonds wilt be voted on at the general election onif the proposal carries
Nov. 6.
ST.LOUIS,Mo.-1% TAX ON INCOMES TO BE LEVIED.
-The
ing report is taken from a St. Louis dispatch to the New York follow"Herald
Tribune" of Sept. 14:
"A city income tax of 1%,applicable to net income of corporations and
gross income of individuals, was agreed upon to-day by a caucus of the
16
Democratic Aldermen with leaders of the Administration. It was estimated
the tax would raise $2.500,00 a year.
"Mayor Bernard Dickmann and Democratic leaders of the Board of
Aldermen said the bill would be brought up for passage Saturday. A
tax bill, calling for a 29 tax for one year and 1% for two years has sales
been
shelved without action."
ST. LOUIS COUNTY (P. 0. Duluth), Minn.
-BOND OFFERING
Sealed bids will be received until 1:30 p. m. on Sept. 20 by W. H. Borgen,
County Auditor, for the purchase of a $615.000 issue of 4% county road
bonds. Denom. $1,000. Dated Aug. 11934. Due on Aug. 1 as follows:
$60.000 in 1935; $70,000, 1936: $80,000. 1937; $90,000, 1938; $100,000.
1939 to 1941, and $15,000 in 1942. Prin. and int. (F. & A.) payable in
lawful money at the County Treasurer's office, or, at the option of the
holder, at the Irving Trust Co. in New York, or at any other place designated by the purchaser. The approving opinion of Thomson, Wood &
Hoffman of New York will be furnished. The bonds cannot be sold for
less than par and accrued interest. Authority: Chapter 10, Mason's
Minn. Stat., 1927, and amendments. Bonds shall be delivered and paid
for at the County Treasurer's office, otherwise at the expense of the buyer.
Blank bond forms will be furnished by the county at its own expense, no
allowance to be made for same. The County Board reserves the right to
reject any and all bids and to accept bids for all or part of the issue.
ST. LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT NO. 19
(P. 0. Floodwood), Minn.
-BOND OFFERING-It is reported that bids
will be received at 8 p. m. on Sept. 24 by M. W. Raihala, District Clerk,
for tho purchase ofa $32,500 issue offunding and refunding bonds. Interest
rate is not to exceed 4 %,payable semi-annually. Denom.$500. Dated
Oct. 1 1934. Due as follows: $500, 1937 to 1942; $1,000, 1943 and 1944:
$1,500, 1945 to 1947; $2,000, 1948 to 1951, and $2,500, 1952 to 1957.
All of said bonds are redeemable on any interest paying date at par and
accrued interest. The bonds will be sold by popular subscription and the
holders of outstanding bonds to be funded or refunded may use the same
in payment in whole or in part for bonds purchased.
RESERVE TOWNSHIP SCHOOL DISTRICT (P. 0. Pittsburgh
ST. PAUL, Ramsey County, Minn.
-AGREEMENT REACHED
),
Allegheny County, Pa.
-BONDSALE
ON POWER PACTS
-The St. Paul "Pioneer-Press" of Sept. 9 reports that
-The $30,000 coupon school bonds
offered on Sept. 11-V. 139, p. 1438
on the previous day an agreement was reached by the City Council with
-were awarded as 4s to McLaughlin,
MacAfee & Co. of Pittsburgh, at par plus a premium
the representatives of the Northern States Power Co. on 20
-year gas, steam
of
100.62, a basis of about 3.90%. Dated Sept. 1 1934 and $186. equal to
and electric franchises, which will be presented to the voters on Nov. 6
Sept. 1 from 1939 to 1944 incl. Other bids were as follows:due $5,000 on
for concurrence. It is stated that this agreement was reached after three
Bidderyears of negotiations with the power company.
Int. Rale
Premium
Glover & MacGregor,
Inc$
6/.50
SALEM, Essex County, Mass.
-BOND SALE
-Award was made on
Singer. Deane & Scribner
4T %
'
t
310.00
Sept. 14 of $5C.CCO relief bonds to Blyth & Co.,Inc. of Boston, as 1 V , at a
E. H. Rollins & Sons
ta
45.00
price of 100.032, 5 nasls of about 1.24%. Dated Sept. 1 1934. Denom.
S. K. Cunningham & Co
27.50
$1,000. Due $25,000 on Sept. 1 in 1935 and 1936. Principal and interest
Leach Bros., Inc
44%
z100.63
(M.& S.) payable at the National Shawmut Bank. Boston, or at the city
z Per $100 bond.
Treasurer's office. A bid of 100.03 for 1 ha was submitted by Whiting,
RHODE ISLAND (State of)
Weeks & Knowles of Boston.
-BOND SALE
-The $250,000 3% public
works bonds offered on Sept. 11-Y. 139, p. 1438
-were awarded to EstaSALMON, Lemhi County, Ida.
-BONDS AUTHORIZED.
-An ordibrook & Co.of Boston, at a price of 103.36. a basis of about
2.37%. Dated
nance was passed recently by the City Council providing for the issuance
Sept. 1 1934 and due Sept. 1 as follows: $100,000 in
of $28.000 in not to exceed 6% semi-ann. water system bonds. Denomina000 in 1941. The State received a total of 16 bids 1939 and 1940 and $50,for the issue. The suctions $1,000. $500 and $100. Dated Jan. 11935, Due on Jan. 1 1955,
cessful bidders made public re-offering at prices to yield
2.20% on the 1939
optional in 10 years.
maturity: 2.259" in 1940 and 2.30% in 1941. Second
was 103.132, submitted by Webster, Kennedy & Co.high bid for the bonds
SAN DIEGO, Dan Diego County, Calif.
-BOND ELECTION
-The
In addition, Brown,
Lisle & Marshall of Boston offered a price of 103.03;
following report is taken from the Los Angeles "Times" of Sept. 3:
J. & W.
bid 102.655, while the Northern Trust Co. of Chicago Seligman & Co.
"This city has completed plans for erection of city hall to cost $1,000,000
offered 102.646.
Estabrook & Co. announced that orders had been
as first unit of the proposed city-county civic center group. Initial unit
received in advance of
the formal offering for virtually all of the bonds.
will be financed thru bond issue acceptable to PWA. Around this building
which is to house all city-county offices will be three structures: hall of
RIDGEWAY, Hardin County, Ohio
Justice; city-county libraries: municipal auditorium. Work on state
-BOND ELECTION
-At the
general election on Nov. 6 the voters will
armory to cost $250,000
-part of civic center-will start within a month.
of $3,500 bonds, payable in 10 years from be asked to approve the issuance
City and county vote upon the bend issue for central building will be part
real estate
property taxes. Proceeds would be used to purchase and tangible personal
of ballot at general election In November.
additional equipment
for the fire department and drill a new fire well.
SAN FRANCISCO (City and County) Calif.
-NOTE SALE AURIFLE, Garfield County, Colo.
THORIZED-It is stated in a press dispatch from San Francisco that the
-BOND SALE
-A
Board of Supervisors formally authorized the sale on Sept. 17 of $3,000,000
% water extension bonds was purchased recently by $15.000 issue of
Brown, Schlessman, Owen & Co. of Denver. Denom. $500. Dated
tax anticipation notes, maturing on Dec. 20 1934, and to bear interest at
Sept. 11934. Due
not exceeding 6%. (A tentative report on this offering appeared in V. 139,
$1.000 from Sept. 1 1935 to 1949, incl. Principal and
interest (M. & S.)
payable at the First National Bank in Denver. Legality
P. 1584.)
to be approved
by Myles P. Tallmadge of Denver.
SAN FRANCISCO (City and County), Calif.
-BONDS SOLD BY
RFC
-The two issues of 4% bonds aggregating $558,000 offered for sale
Financial Statement
by the Reconstruction Finance Corporation on Sept. 12-V. 139, p. 1584
Assessed valuation,1933
were awarded to the First Boston Corp.. at a price of 100.708. a
$647,070
Total bonded dent(including this issue)
basis of about 3.53%. The issues are divided as follows:I
40,000
Less water bonds
$538,000 water distribution bonds, 1933. Due on Dec. 1 1934.
$40.000
Sinking fund for water bonds
30,000 sewer bonds, 1933. Due on Dec. 1 1934.
7,S98
Net debt
None
Population.1930 Census
SANTA BARBARA, Santa Barbara County, Calif.
-BOND ELEC1,287
TION CONTEMPLATED.
The above statement does not include the debt
-The following report on a proposed bond issue
is taken from the Los Angeles "Times" of Aug. 28:
divisions which have power to levy taxes upon the of other political subproperty within the city.
"Decision not to raise the ante $50,000 in proposed water supply exROCHESTER, Monroe County, N. Y.
penditures of the City of Santa Barbara, was reached at a conference
-DELINQUENT TAX PAYMENTS HIOHEft-Delinquent tax collections during the
to-day between Mayor Harvey L. Neilson and city officials. Superinof 1934 amounted to more than $2,000.000 and exceeded first eight months
tendent Trace of the Water Department had requested the increase on disthe amount received from that source in the same period by about $700,000
covering that it will bo necessary to deepen and enlarge Sheffield Reservoir
last year, according
to report. On Dec. 31 1933 unpaid taxes totaled
unless the storage plant is faced with concrete.
tax payments during the current year included $7,112,702. Delinquent
"A proposed water system bond of $390.000 will be passed upon by the
$1,427,900 due from the
voters in October."
1933 levy and $427,681 from 1932.
SANTA CLARA VALLEY WATER CONSERVATION DISTRICT
ROCKY MOUNT, Edgecombe County, N. C.
-FEDERAL FUND
(P. 0. Santa Clara), Calif.-PWA ALLOTMENT EXPECTED-The
ALLOTMENT REDUCED
-A loan and grant of
following report Is taken from tne San Jose "Mercury-Herald" of Sept. 5:
ments to the water system, previously approved $310,t00 for improveby
"Official confirmation of the Federal Public Works Administration of
Administraticn, has been reduced to $284,000 because the Public Works
$673,000 to the Santa Clara Valley Conservation District was received
some bonds locally. This sale reduces the PWA loan the city is selling
but
yesterday by directors.
the grant of 30% of the coat of labor and materials used. don; not reduce
-11
"Complete plans and specifications for the Vasona dam were presented
It is said G na
Local Governmen
during the meeting by Engineer Fred Tibbetts.
vroved the
city's request to Issue $15,001, in watert Commission recently
4
works ponds
"The plans have been approved by George Hawley, State Engineer 1'
of
$241 .000 purchased recently by the Public Works as a supplement to the
Dams, but PWA officials must approve contract forms before bids can be
Administration.
called."
ROCKY RIVER, Cuyahoga County, Ohlo-BON
D OFFERING
Frank Mitchell, City Auditor, will receive sealed bids
SCALP LEVEL, Cambria County, Pa.
-BOND SALE
until 12 in. on Oct. 1
-The $10,000
for the purcnase of $210,410.60 5% refunding bonds,
4% improvement and refunding bonds offered on Sept. 1-V. 139. P.
authorized for the
purpose of taking up a similar amount of special assessment
1123
-were sold to the Merchants & Miners Bank of Scalp Level. Dated
obligations
whicn matured Oct. 1 1933. The refundings will
Nov. 1 1934 and due $1,000 on Nov. 1 in each of the following years:
be dated Oct. 1 1933.
Due Oct. 1 as follows: $21,410 in 1939 and
1935, 1936. 1938 and 1939 and from 1941 to 1946 incl.
$21.000 from 1940 to 1948 incl.
Int.is payable in A.& 0. Bidsfor the bonds
to bear
SEATTLE, King County, Wash.
5%,expressed in a multiple of 31' of 1%,will also be int.at a rate other than
-BONDS CALLED
-H.
considered. A certified
City Treasurer, is reported to have called for payment from L. Collier,
check for $2,105, payable to the order of the City,
Sent. 7 to
must accompany each
Sept. 19 various local impt. district bonds and coupons.
proposal.
SELMA, Dallas County, Ala.
-BOND SALE DETAILS
RUSHVILLE, Rush County, Ind.-PWA
-The $148,500
ALLOTMENT RE5% semi-ann. refunding, Series C bonds that were purchased by
SCINDED
-The Public Works Administration loan and
King &
Co., Inc., of Mobile, at a price of 99.02, a basis of about 5.09%-V. 139,
for additions and alterations to the high school building grant of $45.000
has been rescinded
D. 1585
-will be payable both as to principal and
because of the $1.50 State tax limitation law. (See
the City
item under "Indiana"
National Bank of Selma. The legality of these bondsinterest at approved
on preceding page.)
by Storey. Thorndike, Palmer & Dodge, of Boston. has been
RYE, Westchester County, N. Y.
-CERTIFICATE SALE
SHAKER HEIGHTS SCHOOL DISTRICT, Ohio
-The
-PROPOSED
Town made award on Sept. 14 of $200,000
BOND SALE
tax certificates to George
-If the district succeeds in disposing of a
B. Gibbons & Co., Inc. and $100,000 to
$134.500 refunding bonds the $269,000 bonds maturing projected issue oi
3.0% basis. They mature July 11935. Faxon, Gade & Co., Inc., on a
Oct. 1 1934 will
be paid in full in cash, J. W. Main, Clerk-Treasurer of the Board of
Education announced on Sept. 7. In the event that the refundings
ST. ANTHONY INDEPENDENT SCHOOL DISTRICT
are not sold.
NO. 2
payment of the Oct. 1 obligations will be made on the basis of
(P. 0. St. Anthony), Fremont County, Ida.
-BOND SALE
-A $30,000
cash and 50% in refunding bonds. Other maturities falling due 50% in
issue of 4)4%, school bonds is reported to have
Including $10,000 refunding bonds from last year and $96,500 Oct. 1,
by the State Department of Public Investments. been purchased recently
charges on outstanding issues, will be met in cash, Mr. Main interest
declared.
Volume 139
Financial Chronicle
1747
Each issue is dated oept. 1 1934. One bond for 55(1., others for $1,000.
-WARRANTS CALLED
Clinton, or at the
SHAWNEE COUNTY(P.O. Topeka) Kan.
Principal and interest payable at the Clinton Trust Co.,by Storey, ThornpayIt is stated by J. Glen Davis, County Treasurer, that he is calling forfrom
Merchants National Bank, Boston. Legality approved
numbers
was sucmitted
ment at once county poor fund warrants bearing registered
A bid of 10c.07 for 3
dike, Palmer & Dodge of Boston.
471 to 640 incl. Interest to cease at once.
by Merchants National Bank of Boston.
-The
ED.
-BONDS AUTHORIZ
-The
SHELBY, Richland County, Ohio.
-BOND SALE DETAILS.
STERLING, Logan County, Colo.
City Council recently passed an ordinance for the issuance of $2,500 bonds
that was purchased by
$171.000 issue of 4%% semi-ann. refunding bonds at a price of 98.50-V.
to satisfy a judgment against the city.
Chanute. Loughridge & Co. of Denver,
Bosworth,
Aug. 1 follows:$15.000.
-BONDS SOLD BY
SHELBY COUNTY (P. 0. Memphis), Tenn.
139, p. 151-is dated Aug. 1'1934 and matures ona basis as about 4.71%.
of
RFC
-The $372,C00 issue of 4% semi-annual county institution bonds of1937 to 1941 and 516,000, 1942 to 1947, giving
on Finance Corporation on Sept. 12fered for sale by the Reconstructi
-PROPOSED BOND
SUFFOLK COUNTY (P. 0. Riverhead), N. Y.
V. 139, p. 1584-was awarded to the Chemical Bank & Trust Co. of New
giving consideration to the question
-The Board of Supervisors are
ISSUE
York,at a price of 101.29, a basis of about 3.87%. Due from Nov. 1 1934
of issuing $250,000 6% work relief bonds, dated Sept. 1 1934.
to 1957 incl.
-An
SALE.
SUMMERVILLE, Chattanooga County, Ga.-BOND
-ADDITIONAL INFORrecently by Wayne
SHELBY COUNTY (P. 0. Shelbyville), III.
$11,000 issue ofstreet improvement bonds was purchased
by the H. C. Speer
report.
-The $150,000 judgment bonds purchased
MATION
Martin, of Atlanta. at a price of 103.25. according to
-were sold to the bankers as 5s,
& Sons Co. of Chicago-V. 139. p. 1585
SCHOOL DISTRICT (P. 0.
SUMMERVILLE CONSOLIDATEDGa.-PURCHASER-The $32,500
at a price of 101.33, a basis of about 4.80%. The bonds, authorized at the
1 as
Summerville) Chattanooga County,
primary election on Aug. 14, are dated Sent. 1 1934 and mature Sept.
-were purchased
-V. 139,
5% school bonds that were sold recently price ofp. 1585
follows: $4,000, 1935: $8,000, 1936; $9,000, 1937 and 1938: 510,000, 1939
98.46.
to 1941. incl.; $11,000, 1912: 812,000, 1943 and 1944; $13,000, 1°45 and
by Brooke, Tindall & Co. of Atlanta, at a
-It is stated by the
1946; $14,000 in 1947 and $15,000 in 1948.
SUMNER, Bremer County Iowa-BOND SALE
light and power plant
'
Town Clerk that the 3115,000a municipal electric 3-V. 138. p. 3321
SHENANGO TOWNSHIP SCHOOL DISTRICT (P. 0. New Castle,
-E. C.
-BOND OFFERING
approved by the voters on May
Pa.
R. F. D. No. 6), Lawrence County,
bonds that were
Construction Co.of Chicago.
Dean. Secretary of the Board of Education, will receive sealed bids until
have been purchased by the Fairbanks, Morse
m. on Sept. 24 for the purchase of $10.000 6% bonds. Dated July 2
7 p.
ROLLEREXPLA1NS
SYRACUSE,Onondaga County, N.Y.-COMPT N. Wesley Markson
1934. Denom. $500. Due $2,000 on July 2 from 1935 to 1939 incl.
LOAN-Comptroller
Interest payable semi-annually.
4)-i % INTEREST RATE ON week in explanation of the recent sale of
a statement during the
issued
and due March 11 1935.
-CONFIRMATION OF ALLOTSILVER CITY, Grant County, N. M.
$600,000 tax anticipation notes, dated Sept. 10
declared tnat the accepted
-The City Clerk confirms the reports given in V. 139. p. 1268, of
MENT
at an int, rate of 4%%-V. 139,p. 158,5. Hers & Traders Trust Co. of
the loans and grants of $19,000 for sewage treatment plant construction,
submitted by the Manufacture
bid, which was
invitations to bid on toe
and $30,000 for water works system improvements, approved in August
Buffalo, was the only offer received, altnougn
banking nouses wnich during
by the Public Works Administration, but he reports that the loans have
loan nail been sent to 11 banks and investment
connot as yer been consummated.
participated in competitive bidding at loan sales
the past 12 years had
ducted by the City.
-The Village has ap-PROPOSED BOND VOTE.
SILVERTON, Ohio
County, N. J.
Bergen
plied to the County Board of Elections for permission to place a bond issue
TEANECK TOWNSHIP (P. 0. Teaneck), has passed an ordinance
-The Town Council
if $18.000 for park and playground purposes on the ballot at the general
BONDS AUTHORIZED.
bonds, of whicn 51,000,000.
election on Nov. 6.
autnorizing the issuance of$2,898,000 refunding obligations, according to
bearing 5% int., will be sold to cover maturing
-It
SIOUX CITY, Woodbury County, Iowa-BOND OFFERING.
report.
offer for sale at public auction on
Is reported that the City Treasurer will
NO. 1 (P. 0. Thorp) Clark
bridge,
Sept. 19 at 2 p.m.,the following bonds aggregating $101..000:$70
THORP JOINT SCHOOL DISTRICT reported that an election was
and $30,000 grading and sewer bonds.
County, Wis.-BOND ELECTION-It is of $15,000 in 4% high school
issuance
held on Sept. 14 to vote on the
-The
SIOUX FALLS, Minnehaha County, S. Dak.-BOND SALE
building bonds. Due in not to exceed 15 years.
$241,000 issue of 4% semi-ann. city hall bonds offered for sale on Sept. 10
-At the general
-BOND ELECTION
-V. 139, p. 1439-was purchased at par by the Public Works AdministraTIFFIN, Seneca County, Ohio
consider the question of issuing $50,000
tion. Dated Aug. 15 1934. Due from Aug. 15 1935 to 1964, inclusive.
election on Nov. 6 the voters willto provide funds for construction of a
-mill limit
bonds outside the 10
SMELTER SCHOOL DISTRICT (P. 0. El Paso), El Paso County,
-the voters
municipal building.
Tex.
-At the recent election-V. 139, p. 969
-BONDS VOTED
approved the issuance of $50,000 in school construction bonds by a count
-ISSUANCE AUTHORIZED
-SCRIP RE
TOLEDO, Lucas Co., Ohio.
of 40 to 4. At the same time favored raising tne tax rate from 65 cents to
authorized the re-issuance of $300,000
-The Finance Committee on Sept. 1 to meet the Sept. 5 payrolls. At the
$1 to retire the bonds.
in Marshall Act certificates in order
to a 4 3. % interest rate
-PRIVATE SALE
SOUTH AMBOY, Middlesex County, N. J.
same time the Committee reiterated its opposition Bondholders' Protective
by the
-George H. Kress, City Treasurer, reports that no further
PLANNED.
on the protected refunding bonds,suggested Mayor Solon T. Klotz had
Committee declared that
of the $127.000 not to exceed 6% interest
public offering will be made
Committee. The
issuing a report recommending
coupon or registered refunding bonds for which no bids were obtained on
complicated its efforts to obtain a 3% rate by
Sept. 4-V. 139, p. 1585, The city, he said, intends to dispose of them at
acceptance of the 43.6% offeri
bear 6% interest and mature
-The First Trust
private sale. The bonds to be refunded
-BOND SALE
TONAWANDA, Erie County, N. Y.
Oct. 15 1934.
554.000 5% bonds at par plus a
Co. of Tonawanda recently purchased basis of about 4.97%. The sale
SOUTH BEAVER TOWNSHIP SCHOOL DISTRICT (P. 0. R. D.
premium of $100, equal to 100.18. a
-BOND OFFER/NG-William
No 2, B
Falls), Beaver County, Pa.
consisted of:
July 1 as follows: $3,000 from 1935
J. Relight, District Secretary, will receive sealed bids until 8 p. m.(Eastern
$32.000 emergency relief bonds. Due
3
Standard Time) on Sept. 27 for the purchase of $3.500 4 4% bonds. Dated
to 1942, incl. and $4,000 in 1943 and 1944. $1,000 from 1935 to
as follows:
Sept. 1 1934. Denom. $500. Due $500 on Sept. 1 from 1937 to 1943
22.000 improvement bonds. Due July 1 1954.
incl. A certified check for $50 is required.
1952, incl. and $2,000 in 1953 and
-BOND SALE.
-BOND SALE NOT CONTEMSOUTH DAYTON. Cattaraugus County, N. Y.
TOPEKA, Shawnee County, Kan.
grant of 536.500 for fire alarm
The $36,000 coupon or registered water bonds offered on Sept. 5-V. 139,
PLATED-in connection with the loan and
on
p. 1439-were awarded as 4)/s to Phelps, Fenn & Co. of New York, at par
by the Public Works Administrati
system construction, approved
no bonds will
to 100.25, a basis of about 4.235%. Dated
plus a premium of $91, equal
-it is stated by the City Clerk that
recently-V.139, p. 1430
Sept. 1 1934 and due $1.000 on Sept. 1 from 1937 to 1972 incl. Among the
be sold.
other bidders were A. C. Allyn & Co.. Leach Bros., Marine Trust Co. and
-BOND OFFERING
the Manufacturers & Traders Tema Co.
TRUMBULL COUNTY (P. 0. Warren), Ohio
of Commissioners, will receive
David H. Thomas, Clerk of the Board purchase of 521.000 5% County
SPRINGER, Colfax County, N. Mex.-FEDERAL ALLOTMENT
sealed bids until 2 p. m. on Oct. 1 for the 1 1934. Denom. 51.000. Due
-A loan and grant of$45,000 for improving the watersystem,
INCREASED
Home improvement bonds. Dated Oct.
approved by the Public Works Administration, was increased to 548,000
$2,000 April 1 and 53.000
$2.000 April 1 and Oct. 1 from 1936 to 1939 incl.: for the bonds to bear
because the project will cost more than originally estimated.
0. Bids
Oct. 1 1940. Interest is payable in A. & in a multiple of si of 1%. will
-The $664,006
-BOND SALE
LD, Clark County, Ohio
other than 5%, expressed
SPRINGFIE
interest at a rate
$210. payable to the order of the
4% sewer bonds offered for sale on Sept. 12 by the Reconstruction Finance
also be considered. A certified check for
each proposal. Successful bidder to pay
-were awarded to VanLahr, Doll & Isphord-V.139, p. I584
Corporation
Commissioners, must accompany Squire, Sanders & Dempsey of Cleveland.
of
at a price of 101.077,a basis of about
ing, Inc. of Cincinnati and associates,
for the legal approving opinion
bonds.
3.90%. Due Sept. 1 as follows: 3,22,000, 1935; 527,000 from 1936 to
The County will bear the expense ofprinting the
1958, incl., and 4021.001. in 1959. Legality approved by Squire, Sanders &
-BONDELECTION CONTEMPLATED
Okla.
Dempsey of Cleveland. The bonds were originally purchased by the
TULSA,Tulsa County,
that he had approved a
Public Works Administration.
-It was announced by the Attorney-General
bonds to be used for relief
proposed 5150,000 county, and $100,000 city
-The $164,936
-BOND SALE.
LD, Clark County, Ohio.
that a vote on the proposal may be
SPRINGFIE
purposes, and Mayor Penney stated
-were awarded as 4s to
is understood that these
sewer bonds offered on Sept. 6-V. 139, p. 1277
possible at the general election on Nov. 6. It
Government on a ratio of
Mitchell, Herrick & Co., Cleveland, and Van Lahr. Doll & Tshpording.
relief funds would be matched by the Federal
a premium of $2.608, equal to 101.58. a
of Cincinnati, jointly, at par plus
four to one.
basis of about 3.84%. Dated Sept. 1 1934 and due Sept. 1 as follows:
-BOND
a), Ohio
$6,936 in 1936; $7,000 from 1937 to 1950 incl., and $6,000 from 1951 to
TUSCARAWAS COUNTY (P. 0. New Philadelphi
-J. A. Neff, County Auditor, states that the
1960 Incl. Other bids were as follows:
SALE DATE POSTPONED
Sept.
Int. Rate.
Premium,
Bidder$49,000 5% poor relief bonds was postponed from and
date of sale of the
15 1934
$1,855.53
The First National Bank & Trust Co.. Springfield_ 4'7
-to Oct. 8. The issue will be dated Sept.Sept. 1 1936
10-V. 139, p. 1124
1,92.754
4
March 1 and
Gran & Co., Cincinnati
mature as follows: 58.000 Sept. 1 1935: $8,000
4%
1,154.55
Stranahan, Harris & Co., Toledo
and 1937 and $9,000 March 11938.
4.i%
2,607.00
McDonald-Callahan-Richards Co., Cleveland
-The
-GRANTS MADE FOR AUGUST RELIEF
Pr UNITED STATES
-BOND SALE
-The
SPRINGFIELD, Hampden County, Mass.
Associated Press dispatch fron Washington
- following report is taken from an
8400.000 coupon or registered bonds offered on Sept. 11-V. 139. P. 1585
on Sept. 8:
511.600,548 were
were awarded as follows:
Grants to Washington, New York and Utah totaling
Hopkins. The grants were:
$300,000 relief bonds sold to Edward B. Smith & Co. and Whiting, Weeks
announced to-day by Relief Administrator during August.
& Knowles, both of Boston, jointly, as Is at a price of 100.031,
New York. 510,000,000, for general relief August and September.
a basis of about 1.99%. Due $60.000 on Sept. 1 from 1935 to
Utah, $328,000 for cattle processing during
1939 incl. The bankers made public re-offering at prices to
including 51,000,000 tor general
Washington, 51.272.548 for September,for rural rehabilitation; 2108,000
as follows: 1935, 0.70%; 1936,
yield, according to maturity,
relief; $40.000 for transient relief; $75,000 educational program; $12,548
1.10%; 1937, 1.85%; 1938, 2%, and 1939, 2.10%. All of the
for
for professional work projects: $26,200 student aid.
other bids submitted for the issue were for 2 si% bonds. Among
for social worker training and $10,800 for
these were the following: Halsey, Stuart & Co., Inc., 100.428:
-It is an-P. Murphy & Co. and Burr &
-BOND CALL
Estabrook & Co., 100.41; G. M.
UPSHUR COUNTY (P. 0. Gilmer), Tex.
L. Day & Co. and the First Boston
he is calling for payCo., jointly, 100.39; R.
nounced by W. A. Lunsford, County Treasurer, that and accrued interest,
Corp., Jointly, 100.309, Seven other tenders were received.
in 53. % bonds, at par
ment an aggregate of $128,000
1, on which date in100,0003% water bonds sold to Estabrook & Co. of Boston at a price of
at the Mercantile National Bank in Dallas, on Oct.
102.669, a basis of about 2.79%. The interest rate on this issue
follows:
terest shall cease. The bonds are described asbearing 5s,5% interest, being
was fixed in the offering. The bonds mature Sept. 1 as follows:
15 1929,
Road Bonds, Series D, dated Mar.
each aggregating
82.090 from 1935 to 1940 inc.1.; $3,000, 1941 to 1952 incl.; $4.000.
numbers 28-30-31 and 33 to 55, inclusive, for $1,000
1953 to 1960, incl., and $5,000 from 1961 to 1964 incl. Public
526.000, maturing May 15 1959.
re-offering of the bonds is being made at prices to yield from
53.% interest, being
Road Bonds, Series E, dated May 15 1920, bearing
70, inclusive, for
0.75% to 2.80%, according to maturity. Other bids for the
numbers 21, 23. 25. 27 to 30 inclusive, 32, 34. and 36 to
issue were as follows: E. It. Rollins & Sons, 101.57; R. L.
1960.
51,000 each. aggregating $,44,000, maturing May 15 53. % interest, being
& Co. and First Boston Corp., jointly, 100.79; Hasley.
Day
Road Bonds, Series F, dated June 16 1920. bearing inclusive, 73 to 104,
Stuart & Co., Inc., 100.182; Edward 11. Smith & Co.and Whiting,
numbers 26,27, 33 to 35, inclusive, 43, 44, 49 to 61,aggregating $58,000,
Weeks & Knowles, jointly, 100.17
inclusive and 107 to 112, inclusive, for $1,000 each,
Each issue is dated Sept. 1 1934.
maturing June 15 1960.
-The $185,-BOND SALE
SPRINGFIELD, Sangamon County, III.
DETAILS.
VERSAILLES, Woodford County, Ky.-BOND SALE par on Aug.
4% water revenue bonds offered for sale on Sept. 12 oy the Reconstruc000
The 550,000 4%% water works bonds that were purchased at -are more
-were awarded to It. W. Presstion Finance Corporation-V.139, p. 1584
-V. 139, P. 1440
Co. of Louisville
27 by the Bankers Bond
prich & Co. of Now York, at a price of 101.93, a basis of about 3.84%.
Denom. $1.fully described as follows: Coupon bonds dated July 1 1934. Prin. and int.
Due Oct. 1 as follows: ie9C.060 in 1955 and $95,000 in 1956. Legality
000. Due on July 1 1954, callable at par after July 1 1939.
approved by Chapman & Cutler of Chicago. The bonds were originaly
Treasurer.
(J. & J.) payable at the office of the City
purchased by the Public Works Administration.
Financial Statement
-BOND SALE,
-Raymond H.
STERLING, Worcester County, Mass.
51.609.823
Assessed valuation 1933
Kendall, Town Treasurer, made award on Sept. 14 of $71,506 bonds to
date).
513.000 Water works 5% (callable on any interestissue).
E.II. Rollins & Sons of Boston,as 33.s,at a price of 101.19,a basis ofabout
50.000 Water works 4%% due July 1 1954 (this
3.37. The sale consisted of.
None Floating debt.
$36.000 water bonds. Due Sept. 1 as follows:$2,000from 1935 to 1940 incl.
and $1,1.00 from 1941 to 1964 incl.
$63,000 Total indebtedness.
2.244.
35,54.0"schoo1 bonds. Due Sept. 1 as follows: 02,500, 1935; 52,01.0 from
Funds in treasury sufficient to retire 5% issue. Population 1930.
-1936 to 1949 incl. and 81,01,0 from 1950 to 1954 incl.
1748
Financial Chronicle
VANCE COUNTY (P. 0. Henderson), N. C.
-NOTE
-A
$19,000 issue of 67 revenue anticipation notes is reported to SALE.
have been
purchased recently by Kirchofer & Ainold. of Raleigh.
WARWICK Kent County, R. I,
-BOND SALE
-The $125,000 4%
bonds offered for sale on Sept. 12 by the Reconstruction Finance
Corporation-V. 139, p. 1584
-were awarded as follows:
$80,000 series of 1934 school bonds were purcnased by Faxon, Glade & Co.,
Inc., of Boston, at a price of 100.83, a basis of about 3.687. Due
Feb. 1 as follows: $11,000 from 1935 to 1941 incl. and $3,000
In 1942.
45,000 series of 1934 water bonds were purchased by Reynolds & Co. of
of New York, at a price of 101.28, a basis of about 3.84%. Due
Jan. 1 as follows: 32,000 from 193550 1939 incl.; $1,500 from 1940
to 1962 incl. and $500 in 1963.
The two bids were the only offers submitted for the issues. The bonds
have been approved as to legality by Storey, Thorndike,
of Boston. They were originally purchased by the PublicPalmer & Dodge
Works Administration.
WARREN, Trumbull County, Ohio
-BOND SALE.
$60,6C0
coupon refunding non& offered on Sept. 12-V.139,P.1278-The awarded
-were
as 5;is to Seasongood & Mayer of Cincinnati, at par plus a premium of
$97.85, equal to 100.16, a basis of about 5.46%0. Dated Sept. 1 1934 and
due $6,000 on Oct. 1 from 1936 to 1945 incl. Other bids were ar follows:
BidderPremium
Int. Rate
Fox, Einhorn & Co
$201.00
Charles A. Hinsch & Co
79.27
WATERTOWN, Middlesex County, Mass.
-TEMPORARY LOAN
Faxon, Gade & Co. of Boston were awarded on Sept. 12 a $100.000 revenue
anticipation loan at 0.93% discount basis. Due May 18 1935. Other
bidders were: W.0. Gay & Co., 1.23%; Shavrmut National Bank. 1.49%.
and First Boston Corp., 1.51%.
WAUPACA, Waupaca County, Wis.-BOND SALE
-A $20,000
of emergency relief bonds is reported to have been sold recently to issue
local
Investors. Dated Aug. 15 1934.
WAUWATOSA,Milwaukee County,Wis.-FEDERALFUND ALLOT
MENT REDUCED.
-The loan and grant of $21.500 for swimming pool
construction, approved in July by the Puolic Works Administration
-is stated to have been changed to a grant alone,in thesum
V• 139. P• 808
of 6.300.
WAYNE TOWNSHIP SCHOOL DISTRICT (P. 0. Wayne), Passaic
County, N. J.
-BOND ELECTION-N.Demarest, District Clerk,
that at an election to be held on Sept. 18 the voters will consider thestates
question of issuing bonds to cover the District's share of the cost of constructing
a new school building. The Public Works Administration has already
approved a loan and grant of $300,000 for the project.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-BONDS
NOT SOLD
-No bids were submitted for the $343.000
North Yonkers
sanitary sewer bonds offered for sale on Sept. 12 by 4% Reconstruction
tne
Finance Corporation
-V. 139. p. 1584. The issue is to
as follows: $75,000 from 1936 to 1939 incl., and $43.000 inmature March 1
1940. Legality
approved by Hawkins, Delafield & Longfellow of New York. The bonds
were originally purchased by the Public Works Administration.
WESTERLY, Washington County, R. 1.-P WA ALLOTMENT
CHANGED.
-The Public Works Administration loan and grant allotment
of $60,000 for a reinforced concrete bridge has been changed to a grant
of only $17,000.
WESTERVILLE, Franklin County, Ohio
-BONDS AUTHORIZED
The Village Council adopted a resolution a short time ago providing for the
refunding of $26,253.40 bonds, including $15,053.40 special assessment
and $11,200 general obligations, maturing Oct.
Issue will be dated Oct. 1 1934, bear 5% interest 1 1934. The refunding
and mature Oct. 1 as
follows: $2,253.40 in 1937; $3,000 from 1938
1941, incl., and
from 1942 to 1944,Incl. Principal and interest to & O.) payable $4,000
(A.
at the
State Treasurer's office, Columbus.
WICHITA, Sedgwick County, Kan.
-BOND ISSUANCE
PLATED.
-The City Clerk states that a $95,979.15 issue CONTEMbonds will be offered for sale about Nov. 5. The bonds of refunding
Nov. 1 1934 and an interest rate will be determined later. will be dated
WILKES-BARRE, Luzern° County, Pa.-PWA ALLOTMENT
CHANGED.
-The Public Works Administration loan
of $300.000 for extensions to the sanitary and stormand grant allotment
sewer systems and
construction of a concrete highway bridge over Laurel Run Creek
has been
changed to a grant only of 892,000.
WINDSOR LOCKS, Hartford County, Conn.-PWA
CHANGED-The Public Works Administration loan and ALLOTMENT
of $90,000 for street paving purposes has been changed to grant allotment
a grant only of
$30,500.
WORTHINGTON, Franklin County, Ohio
-P WA ALLOTMENT
INCREASED.
-The Public Works Administration loan and grant allotment of $18,000 for improvements to the water system has been
increased
to $22,000. The first estimate of the cost of the work was incorrect.
YADKIN COUNTY (P. 0. Yadkinville), N. C.
-BONDS VOTEDAt the election held on Sept. 8-V. 139, p. 808
-the voters approved
issuance of the $140.60 in school building bonds, according to report. the
YAKIMA COUNTY (P. 0. Yakima), Wash.
-FINANCIA
MENT.-In connection with the offering scheduled for Sept.L STATE
$163,000 not to exceed 6% semi-ann. serial refunding bonds 25 of the
-V. 139, P.
1440
-the following information is furnished by the Deputy County
Auditor:
1933 Tax Roll
Actual value all taxable property certified by assessor
$66,529,136.00
Assessed value real property
$7,0O0,634.00
Assessed value personal property
6,263,934.00
Assessed value 50%, State ratio 41%
Constitutional limit of debt (5% of $33,264,568)
33.264.568.00
1,663,228.40
Without vote limit of debt (1.5% of $33,264,568)
With a vote (3.5% of $33,264.568)
498,968.52
1,164,259.88
$1,663,228.40
1.164,259.88
Limit of debt by vote (3.5%)
Voted Obligation-General Obligation:
Bond debt, balance due
Balance
Limit of debt without vote(1.5%)
Bond Issued General Obligation:
Refunding
Bond Issued General Obligation:
Voting machines
Balance
257,000.00
$907,259.88
498,968.52
$94,000.00
8,153.00
102,153.00
$396,815.52
YOUNGSTOWN, Mahoning County, Ohio
-BOND OFFERING
Hugh D. Hindman, Director of Finance, will receive sealed bids until
12 m. (Eastern Standard Time) on Sept. 29 for the purchase of $560,150
6% refunding bonds, divided as follows:
$266,520 bonds. One bond for $520, others for $1,000. Due Oct.
1 as
follows: $26.520 in 1936; $26.000 from 1937 to 1939 incl..
and $27,000 from 1940 to 1945 incl.
213,830 bonds. One bond for $630. others for $1,000. Due Oct. 1 as
follows: $21,630 in 1936; $21,000 from 1937 to 1942 incl., and
$22,000 from 1943 to 1945 incl.
80,000 bonds. Denom. $1,000. Due $8,000 on Oct. 1 from 1936 to
1945 incl.
Each issue is dated Oct. 1 1934. Principal and
payable at the office of the Sinking Fund Trustees. interest (A. & 0.)
Bids for the bonds
to bear interest at a rate other
a
1%. will also be considered. A than 67. expressed in ofmultiple of of
certified check for 2%
the bid,
to the ordered of the Director of Finance, is required. Purchaser payable
to take
delivery of the bonds not later than Oct. 5 1934. Payment for same
to
be made at a local bank or at the office of the Director of Finance.
Sept. 15 1934
CANADA, Its Provinces and Municipalities
CANADA (Dominion of)
-$250,000.000 LOAN OFFERING IN
OCTOBER
-A loan of at least $250,000,000
by the Dominion Government sometime in October forwill be sought of refunding
the
the approximately $223,000,000 in Victory Loan purposes bonds
which
mature Nov. 1 1934 and to provide funds to meetof 1919 the extraordinary needs of the Federal Exchequer, according to some of
of Aug. 31. Additional funds will be needed by the the Toronto "Globe"
Dominion, it
In order to fund the operating deficit and cover interest charges is said,
on
obligations of the Canadian National Rys. and to finance poor relief the
loans
to the Provinces.
INCOME TAX PAYMENTS HEAVIER
-A dispatch from Ottawa to
the "Herald Tribune" of Sept. 13 stated as follows:
"Indicating improved business in Canada,
the first five months of the fiscal year endedrevenue from income tax for
Aug. 31
203,545, an increase of $976,218 over the correspondingamounted to $45.period last year."
DRUMMONDVILLE,Que.-BOND OFFERING-J. Marier. Secretary
Treasurer, will receive sealed bids until 8 p. m.on Sept. 18 for the purchase
of $77.100 4 % improvement bonds, divided as follows:
$40,000 bonds, dated Sept. 1 1934 and due serially in 30 years.
23.100 bonds, dated June 1 1934 and due serially in 25
14,000 bonds, dated Aug. 1 1934 and due serially in 25 years.
years.
Payable in Drummondville and Montreal.
GIFFARD, Que.-OTHER BIDS.
-The $50,000 5% bonds awarded on
Sept. 4 to the Garneau, Boulanger Co. of Quebec, at 99.27, a basis of about
5.10%-V. 139, p. 1586
-were also bid for by the following:
BidderRate Bid.
J. E. LaFlamme and Lucien Cote, Ltd., jointly
99.09
Lagueux & Draveau
99.07
L. G. Beaubien & Co
98.84
Dube. LeBlond & Co
98.15
GREATER VANCOUVER WATER DISTRICT (P. 0. Vancouver),
B. C.
-BONDS AUTHORIZED
-An issue of $500,000 4% improvement
bonds, to mature in 35 years, has been authorized for sale.
KIRKLAND LAKE, Ont.-BOND SALE
-The $50.000 5% Roman
Catholic Separate School Board bonds offered on Sept. 10-V. 139.
were awarded to A. E. Ames & Co. of Toronto, at a price of p. 1278
basis of about 4.34%. Due serially on Nov. 1 from 1935 to 105.27, a
1954 incl.
MACAMIC, Que.-TO pity DEFAULTED INTEREST
-The Quebec
Municipal Commission has advised bond creditors that the Village has
authorized to deposit in a special bank account funds sufficient to been
pay
certain defaulted interest coupons. Payment will be made upon presentation of the coupons at the bank.
MONCTON, N. B.
-BOND SALE
-The following report appeared in the
"Monetary Times" of Toronto of Sept. 8:
An issue of$100,000,4%,15
-year school bonds has been purchased t the
Bank of Montreal at 96.67, and which is equal to a cost basis of 4.307. A
higher bid of 97.07 was submitted by A. E. Ames & Co., Ltd., and T. M.
Bell & Co., but as the price and conditions of the Bank of Montreal bid were
most acceptable to the school board, this offer was accepted. Alternative
bids were asked for 15 and 20
-year bonds. Tenders were as follows:
15-Yr.
20-Yr.
Bank of Montreal
96.67
A. E. Ames & Co., Ltd., and T. M. Bell & Co
97.07 Q
Eastern Securities Co.and Wood,Gundy & Co
% 94.769%
Bell, Gouinlock & Co
96.40%
95.54%
Johnston .Sz Ward; Irving, Brennan & Co.; Nesbitt,
Thomson & Co.; and W. C. Pitfield & Co
93.01%
McLeod, Young, Weir & Co
96.39%
95.41%
MONTREAL, Que.-FINANCIAL STATUS UNCERTAIN
-As a result of the discharge by Mayor Houde of the special citizen's committee
which he appointed last May to advise him on matters pertaining to the
financial affairs of the City, the municipality faces a critical situation in its
finances, according to a dispatch from Montreal to the Wall Street Journal"
of recent date. The Mayor's action, it is said, is contrary to the wishes of
local banks which have been financing municipal operations. The initial
test was expected to come in connection with the Sept. 15 payroll requirements. The aforementioned dispatch further declared as follows:
"Early last May, the 'financial council of the City of Montreal, a coinmitteee of prominent citizens appointed by the Mayor to advise him on
finance in pursuance of his compaign promises, stated the civic debt had
increased by $100,000,000 in the past five years. Montreal then owed the
banks $25.000,000 and would need over the ensuing 12 months another
$20,000,000 and the entire $45,000,000 would have to be financed during
the 12 months' period. The Mayor since then has obtained from the banks
the $20,000.000 additional estimated as required, but now, with another
57.000.000 required, he has dismissed the conunittee."
DEBT CONSOLIDATION PROPOSED-Members of the City Administration are reported to be giving consideration to the question of consolidating the outstanding bonded debt of the city on a 40
-year basis.
The plan is suggested as a means of easing the financial condition of the
city, through a reduction in the annual requirements of the sinking fund.
Another factor in behalf of consolidation,it is said, would be reduction
of interest charges by a refinancing of existing indebtednessaat a basic
interest rate of perhaps 2% below present levels.
NEW BRUNSWICK (Province of).
-PRICE PAID.
-The syndicate
headed by the Dominion Securities Corp., Ltd. which was awarded on
Sept. 6 an issue of $1,100,000 4% bonds
-V. 139,
1586-paid a price
of 100.077 for the securities, the net interest cost of the financing to the
p*
Province being about 3.995%. Bonds are dated Sept. 1
and due
Sept. 1 1954. The successful group also included the Bank1934
of Montreal,
Royal Bank of Canada, A. E. Ames & Co., Wood, Gundy & Co. and the
Eastern Securities Co. The bankers made public re-offering of the issue
at a price of 101.75, to yield 3.90%. In addition to the successful bid,
the following other tenders were received by the Province:
BidderRate Bid.
Royal Securities Corp., Ltd.; Imperial Bank of Canada; McTaggart, Hannaford, Birks & Gordon, Ltd.; Hanson Bros., Inc.,
and Harrison & Co
Bank of Nova Scotia; Dominion Bank; McLeod, Young. Weir & 99.38
Co.. LW.; Fry, Mills, Spence & Co., Ltd.; T. M. Bell & Co.,
Ltd., and John M. Robinson & Co., Ltd
Cochran, Murray & Co.; Drury & Co.; Dyment, Anderson & Co.; 99.37
Griffis, Pairclough & Norsworthy, Ltd.: Matthews & Co.;
Midland Securities Corp., Ltd.; Nesbitt, Thomson & Co., Ltd.,
and R. A. Daley & Co., Ltd
99.03
ONTARIO (Province of)
-SUPERVISORY BOARDS TO BE ABOLISHED
-During the course of an address before the Ontario Municipal
Association at Toronto recently, Hon. D. A. Croll declared that bills will
be introduced at the next session of the Legislature providing for important
changes in the Ontario Municipal Act. These will include, he said, repeal
of that section of the Act under which Boards of Supervisors have been
appointed to assume charge of the affairs of municipalities in default and
the automatic dismissal of all such agencies now existing. The foregoing
has been taken from the "Monetary Times" of Toronto of Sept. 8, which
further stated as follows:
"The supervisors will be asked before leaving office, to make recommendations for a rearrangement of the finances of the municipalities over
which they have exercised control. The government, guided by these
recommendations, will step in and aid in refinancing operations.
"He also issued a warning to holders of municipal debentures.
government, he said, will not hesitate, where necessary, to scale downThe
the
face value of municipal debentures.
"Though there will, he admitted, be indignation on the part of debenture
holders, they will simply have to realize that the best way
their
Investment is by placing the municipality in the position to to protect
meet its obligations as they fall due."
SOREL, Que.-BOND OFF,ERING-B. T. Lafreniere, SecretaryTreasurer of the Board of School Commissioners, will receive sealed bids
until 8 p. m. on Sept. 17 for the purchase of $225,000 5% school bonds,
dated June 11934. Alternative bids are asked on bonds to mature serially
In 10, 20.30 and 40 years.
@FedFRASER