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The.
nonmetal
Volume 1'37
financial
linmurie
New York, Saturday, September 16 1933.
Number 3560
The Financial Situation
OLONEL LEONARD P. AYRES of the Cleveland Trust Co. is one of those who entertain
the view that "the vigorous recovery which has characterized business activity since early last spring
has given way to a period of hesitation and recession," and he expresses himself to that effect in the
monthly survey of his company, issued under date
of Sept. 15. Obviously there is much to sustain this
view, more particularly the fact that the steel production of the country has further declined the present week and is now down to 41% of capacity
against 45% last week and a peak for the year,
reached last July, of around 59%, according to the
computations of the "Iron Age." Perhaps, however, the qualifications pointed out by the "Age"
in its comment should not be overlooked, since they
indicate that in the steel trade special causes are in
part responsible for the lowered output, and that
the setback is not to be taken as entirely due to a
general slowing down of trade and business. The
"Age" observes that the steel industry is "wrestling
with the details of filing prices and standardizing
market practices under its new code." But though
the latter have evidently contributed in no unimportant degree to the falling off, yet we find the
"Age" saying: "While perplexities growing out of
the new code prices and regulations undoubtedly
have played their part in checking buying, there are
increasing evidences that consumption itself is
diminishing. In many cases labor difficulties are
blamed for the shrinkage in demand, but whatever
the reasons there is growing apprehension over the
current business trend and an increasing conviction
that September will prove the critical month in the
.NRA program."
Colonel Ayres discusses the new codes in a general way, and notes that they are being put into
force and effect with all possible dispatch, with the
purpose of increasing the number of the employed
workers, and the aggregate of their payrolls, to as
great a degree as possible before the approach of
winter. The avowed intent is to increase the mass
purchasing power of the workers in the expectation
that they will promptly spend the wages received,
and that the resulting increases in the demand for
goods will so expand the operations of industry and
trade as to enable manufacturers and merchants to
operate profitably. He well observes, however, that
in the long run there is just one test of the soundness of such a plan when the reduction in hours and
the increases in payrolls are applied as these are
10 all form.; of business ativity. That test is
C
whether or not they result in increased national production. The fundamental principle involved is that
production is purchasing power. "We all produce
services or goods, and by using the money we receive
for them we buy the goods and services of others.
The total that we all produce is all that there is to
be divided among us." Colonel Ayres declares it is
possible to show from the records that over a long
period of years in this county the prevailing industrial wage rates have varied in close relationship to the value of the goods produced per industrial worker, and this leads him to the conclusion
•that the codes will be successful only if the higher
wage payments per hour of work are accompanied
by proportionately greater increases in the volume
and value of the goods and services produced. As
to the probable outcome, "This will require greater
production volume, and prompt price advances that
must not, however, be so great as to curtail purchasing."
Colonel Ayres also examines into the question of
expansion in Reserve bank credit as a factor in
influencing trade activity, and what he says on
that point is of the utmost importance and significance. Reserve credit inflation is a favorite device
at present of the Roosevelt Administration, as reflected in the purchase of United States Government
securities through the open market operations of
the Federal Reserve System, and it was a favorite
device also of the Hoover Administration. The result of Colonel Ayres's investigations therefore on
that point are interesting. He points out that one
of the effects of Federal Reserve purchases of United
States Government securities is to increase member
- bank reserves with the Federal Reserve banks. In
these transactions the Reserve banks buy the Government bonds in the open market, paying for them
by drafts which soon return to the Reserve banks
and are credited to the reserves of the member
banks. The result is that the member banks, now
having increased reserves, are enabled to expand
their loans to commercial borrowers.
Colonel Ayres notes that before the depression the
Reserve bank purchases of this sort were considered
potent stimulants to business activity, while sales
were believed to restrict expansion. The validity,
however, of the theory in times of trade setback has
certainly been impugned by the experience during
the last four years. But let Colonel Ayres tell the
results in his own words: "In 1930, the first full
year of the depression, the bonds held by the Reserve banks increased by 43%,but contrary to theory
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Financial Chronicle
the loans of the member banks shrank 7%. The
results in 1931 were even worse, for the increase
in the bonds was 12% and the shrinkage in the bank
loans was 20%. In 1932 the Reserve System made
a determined and systematic attempt to stimulate
credit expansion by bringing into existence excess
reserves for the member banks, but again without
success. The bond holdings were lifted by 127%,
but the bank loans decreased 21%. In 1933 there
has been a nearly continuous and fairly rapid increase in the bond holdings of the Reserve banks,and
excess reserves have been piled up to the credit of
member banks, but there has been a further decrease
in bank loans."
Accordingly, Colonel Ayres deems it fairly well
demonstrated that "excess bank reserves are impotent a.4 business stimulants while collateral security
values are collapsing. The experience in 1933 may
well show that excess bank reserves will not suffice
to stimulate business activity so long as conditions
of costs and prices make it impossible for large
numbers of businesses to earn profits." And he
throws out the suggestion that "This may have an
important bearing on the success of Administration
policies with respect to Reserve credit"—an observation with which no competent student will be inclined to disagree.
ENTIRELY new scheme of credit expansion
is now to be inaugurated. The Reconstruction Finance Corporation is to engage in very extensive loaning on its own account to the banks, this
to be supplementary to the credit expansion of the
Federal Reserve banks. A three-fold credit program, which the Administration hopes will rapidly
expand credit facilities and finance activities under
the National Industrial Recovery Act over the next
six months, was made public on Thursday by Jesse
H. Jones, Chairman of the Reconstruction Finance
Corporation. The important features of the program, as outlined by the New York "Times," are:
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1. Loans by the Reconstruction Finance Corporation to banks and trust and mortgage companies
at 3% interest for any part of six months, when the
loans are obtained for the purpose of relending at
not more than 5% to industry, to aid it in meeting
requirements under the National Recovery Administration.
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2. A reduction from 4 to 4%,as of Oct. 1, in the
Reconstruction Finance Corporation interest rate
on long-term loans to banks and related financial
institutions, including those outstanding.
3. A proposal for the organization of local mortgage companies, to supplement bank lending where
loans are of a sound character but slow. Under
this plan industries would be permitted to join in a
co-operative local movement to seek loans from the
Reconstruction Finance Corporation on collateral
on which banks have been hesitant to extend credit.
Mr. Jones stated that the Reconstruction Finance
Corporation would have at its disposal several hundred million dollars which could be used in carrying out the credit inflation program. He said that
if the short-term credit proposal worked successfully for six months,it would carry activities under
the National Recovery Administration over the
"present hiatus." The proposal for the setting up
of local or community mortgage companies was
stressed by Mr. Jones as one of the important factors of the program. He referred to it as compar-
Sept. 16 1933
able to action taken by co-operatives to protect their
interests. A group of business concerns, he said,
could organize a mortgage company and thus obtain
long-term money with collateral which was sound,
but might be slow.
HIS present monthly survey Colonel Ayres does
I not return to one of the main themes in his survey of the previous month, but this continues to be
one of the live and pressing problems of the day, and
which must receive close and careful sttidy on the
part of the Administration at Washington. In his
survey of last month (and to which we have several
times previously referred), he pointed out that most
of the goods that our industries produce may be
classified into two great groups. One consists of
products that may be termed consumption goods.
These are commodities that are promptly put into
use by individual members of our population, and
usually consumed or worn out in a relatively short
time. Most food products, textiles, and articles
made of paper, rubber and leather fall within this
grouping. The other great group consists of durable goods. It includes such products as the metals,
lumber, cement, freight cars, locomotives and motor
vehicles. "In the main, they augment the national
wealth, and they are often termed capital goods."
•Colonel Ayres finds that in 1929, when prices were
high, we produced consumption goods valued at
about $30,000,000,000 and durable goods worth
nearly $40,000,000,000. Accordingly, he argues with
much force, that to restore prosperity we must revive the production of durable or capital goods,
which involves the floating of corporate bonds, and
this last we all know has for the time being been
rendered out of the question by the provisions of
the new Securities Act.
There are now indications, however, that Colonel
Ayres's discussion of the subject has not been without avail, and that the authorities at Washington
are at length giving the matter considerable attention—which is one of the most hopeful features of
the day, since trade revival otherwise cannot be
expected to attain full momentum. New capital is
a prime essential for the development of the country,
and this in turn involves the floating of new securities which, as already noted, has been brought to a
standstill as a result of the enactment of the Securities law. Washington, slow to recognize this fact,
appears now to be getting stirred up about it, judging from the dispatches that are finding their way
into the daily papers. As is well known, all
branches of the Federal Government are now engaged in attempts to induce banks to indulge in extending credit to needy borrowers with greater ease
and facility, it having in fact been decided, as noted
at length further above,to make direct Federal loans
to banks who will lend the money to business men
and concerns for the conduct of business, the Reconstruction Finance Corporation being the instrument
to be used for the puspose. But there is also much
to show that the Administration is becoming deeply
impressed with the need for making provision for
the capital goods industries. Thus a Washington
dispatch printed in the New York "Herald Tribune"
on Thursday morning stated that "stock-taking conferences of the last few days have satisfied officials
that unemployment has been reduced below
8,000,000 and mass purchasing raised about 16%,
but that the capital goods industries need stimula-
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Volume 137
Financial Chronicle
tion while moves to loosen long-term credit are making slow headway." Partly with a view to spurring
the capital goods industries, we are told, "representing, roughly, about half the nation's normal
business activity, three Federal agencies have been
set to work to determine what banks will need Government aid to qualify for the insurance deposit
system." This dispatch also went on to say that
"Tightness of long-term credit is a factor in the
capital goods industries, slow reaction to the national recovery moves. Without the same demand
for capital goods that the national recovery movement has helped develop for the products of the
consumer industries, the capital goods industry,
now pretty much under codes, was described in one
of the conferences of the week as 'all dressed up and
having nowhere to go'."
This brings us right back to a consideration of
the question how the financing needful for revivifying the capital goods industries can be provided.
This latter, in turn, involves consideration of the
question of the part played by the new Securities
Act in hampering such financing. At the annual
convention the present week of the Financial Advertisers' Association some very illuminating comments
on the subject were made, and these should prove
of great service, not alone in enlightening the
authorities at Washington, but the general public
as well, as to the fundamental difficulties underlying the operation of the Securities Act. Allan M.
Pope, President of the First of.Boston Corp., and
former head of the Investment Bankers' Association,
expressed the opinion that great numbers of defaults
and bankruptcies are bound to occur because of the
inability to undertake refunding of maturing obligations of business occasioned by the unfortunate
provisions of the new Securities Act. Colonel Pope
pointed out that "the Securities Act places upon all
long-term borrowers such drastic requirements that
the officers, directors, and even the stockholders
of those public utilities and industries that desire
to borrow are subjected to the definite possibility
of lawsuits, which they may have to defend at great
cost, very possibly on matters beyond their knowledge, very possibly on matters technically allowed
by the Securities Act." Colonel Pope went on to
say that the disruption of the normal functions by
which money is borrowed results in suffering on the
part of the public He declared that long-term loans
are just as essential as short-term borrowings, and
that under present conditions these loans cannot be
secured for borrowers of conservative businesses.
The result is that the investment banking underwriter is completely out of business, except for underwriting specifically exempted securities such as
municipal, governmental and quasi-governmental
obligations. Colonel Pope also urged the discontinuance of the practice of selling securities through
salesmen on a commission basis in order that the
public may continue its confidence in the retail
investment banker. Colonel Pope's address went
into all phases of the subject and abounded in excellent advice and suggestions.
A gratifying feature of the discussions was the
spirit of co-operation displayed by a number of the
speakers—a desire to co-operate with the Government in carrying out the provisions of the new Act
where possible and in advising with the authorities
as to the needful changes where conformance to the
requirements is impossible. An illustration of the
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desire to make the best of the situation, and. of a purpose to act in a conciliatory fashion appeared in
the remarks of Robert E. Christie, speaking as a
member of Dillon, Read & Co., and also as President
designate of the Investment Bankers' Association.
Mr. Christie sought to emphasize the point that it
would be good policy "to adjust ourselves to it."
He said that "No matter what may be the peculiarities of the Securities Act this is certainly no time to
be hypercritical or to hold back on technicalities.
This country is going forward. We cannot allow
it to go backward again. The time calls for imagination and courage to support the President in seeing
to it that this fundamental fact is understood, and
that there is general realization that a sound basis
for the gradual expansion of credit has actually
been established."
We are of the opinion that this is the right attitude. We think investment bankers ought to adjust
themselves to the requirements of the new law, seeing if some way cannot be found of adapting themselves to its provisions and advising freely with
the Government where amendment or modification
of the law is clearly called for and can be done with
out sacrificing any of the guaranties and safeties
which it is the intent of the lawmakers to provide
for the protection of the investor. We happen to
know that some of the investment houses are doing
this very thing, having instructed their legal advisers to see if some way cannot be found of complying with the essential requirements of the law without incurring the oppressive liabilities and responsibilities which it cannot have been the intention of
the lawmakers to impose. It will be several months
before the reassembling of Congress in January, and
precious time will be lost if in the interval some
very needful financing cannot be undertaken, be:.
sides which the success of the recovery program may
be endangered.
ENERAL regret will be felt at the resignation
of Robert P. Lamont as President of the
American Iron and Steel Institute. Mr. Lamont
was Secretary of Commerce in the Hoover Administration and is a man of such high calibre and
breadth of understanding that it is a public misfortune that he could not carry to a conclusion the
important task which he undertook to fill when
accepting the presidency of the Iron and Steel Institute. Mr. Lamont feels that operation of the
steel industry, under the code provided for it, has
so changed the situation as to impair his usefulness
in the position which he has occupied. He refers,
in the letter tendering his resignation, to the attendance of three Government representatives at the
meeting of the board of directors of the Institute
on Aug. 29 as "the beginning of Government regulation of business," and adds: "No one knows how
far it may go," adding: "From now on, for an indefinite period, the principal activities of the Iron
and Steel Institute will be in seeing that the obligations of the industry under the code are properly
carried out and reported to the Government. The
opportunity for constructive, forward-looking
studies and plans for the industry as a whole that
seemed possible a year ago must give way to the
present practical, immediate demands which can
best be met by men familiar with the vast details
of the various branches of the industry. I can be
of little help in this work."
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1976
Financial Chronicle
It is easy to see that Mr. Lamont had some broad
plans for co-operation within the industry itself,
hoping thereby to advantage all those within the
industry, while promoting the common good, but
what has now taken place is co-operation with the
Government, destroying individual initiative and
really leaving the Government in entire control,
and, as he says, removing "the opportunity for constructive, forward-looking studies and plans for the
industry as a whole." Accordingly, he finds his
usefulness gone and steps out. His action is significant as indicating the swift substitution of Government control for private control in business affairs, and how seriously the change is regarded by a
man of broad vision and a high sense of public duty.
What is involved by the change should prompt us
all to give pause and induce a spirit of caution lest
the change be carried to dangerous extremes.
HE condition statements of the Federal Reserve
banks this week show that the open market
operations of the Federal Reserve banks in the purchase of United States Government securities continues unabated, and therefore that the policy of
credit inflation is growing apace. The Reserve
banks have added $36,289,000 more to their previous holdings of United States securities, after an
addition of $37,599,000 last week, $34,758,000 the
previous week, and $35,161,000 the week preceding,
and running up the total of the holdings in these
four weeks from $2,058,853,000 to $2,202,660,000,
being an addition for the four weeks of $143,807,000.
This is at the rate of purchases of nearly $2,000,000,000 a year. The new acquisitions the past week
did not involve an addition to Reserve credit to their
full amount, owing to the fact that the member
banks reduced their borrowings at the Reserve institutions, as indicated by a decrease in the discount
holdings of the Reserve banks from $144,793,000 to
$133,233,000, but Reserve credit did increase for the
week in amount of almost $25,000,000, the total of
the bill and security holdings, which constitute a
measure of the volume of Reserve credit outstanding, having risen from $2,320,077,000 to $2,345,029,000.
• Contrary, however, to the experience last week,
the amount of Federal Reserve notes in circulation,
instead of increasing this week, shows a decrease
again of $21,826,000, which has been offset only in
the sum of less than $1,000,000 by a further increase in the amount of Federal Reserve bank notes
in circulation, and it is evident that last week's
addition of $36,769,000 to the Federal Reserve note
issues was mainly due to the holiday demand in connection with the observance of Labor Day. Gold
holdings show a further increase for the week from
$3,588,381000 to $3,590,455,000. This increase in
the gold holdings, along with the reduction in the
• amount of Federal Reserve issues outstanding,
would have brought a gain in the ratio of cash re• serves to liabilities except that the deposits rose
during the week from $2,673,045,000 to $2,745,047,000, the increase here following entirely from
the fact that the reserve deposits of the memberbanks ran up during the week from $2,439,393,000
to $2,541,745,000. This growth in member bank reserves may be ascribed entirely to the continued
purchases of United States securities which operate
in a double way to the advantage of the member
banks, first in reducing the borrowings of the mem-
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Sept. 16 1933
ber banks at the Federal Reserve institutions, and
secondly in adding to their reserves with the Federal Reserve institution. The final result is that the
ratio of gold reserves and other cash to deposit and
Federal Reserve note liabilities combined is a little
lower this week, at 66.8% as against 67.0% last
week. The amount of United States Government
securities held as part collateral for Reserve note
issues increased during the week from $483,700,000
to $507,700,000.
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HE grain crops fared somewhat better in August, and slightly higher yields were indicated
for the important crops, in the September crop report, issued by the Department of Agriculture at
Washington on Monday. However, all the leading
crops are far short of the yield in former years. The
condition of the corn crop on Sept. 1 was fixed by
the Department of Agriculture at 61.9% of normal.
compared with 65.5% on Aug. 1 and 74.4% on
September 1932. The Sept. 1 condition this year
was the lowest for that date in many years, excepting only Sept. 1 1930, when it was 51.6% of normal.
Production this year is now placed at 2,284,799,000
bushels, compared with the estimate of 2,273,019,000
bushels a month ago, but last year's harvest was
2,875,000,000 bushels. The low yield, that for the
crop harvested in 1930, was 2,060,185,000 bushels.
Spring wheat prospects improved slightly, yet
the Sept. 1 condition was only 50.7% of normal;
on Aug. 1 it was.44.6%. For the crop harvested
last year the Sept. 1 1932 condition was 67.5%.
The Sept. 1 condition of spring wheat this year is
the lowest with three exceptions for 20 years. The
lowest during this period of 20 years was September
1931, when it was down to 36.5%. Production of
spring wheat this year is now estimated at 166,202,000 bushels. A month earlier the yield was
indicated at 159,288,000 bushels, while the harvest
last year was placed at 264,604,000 bushels. The
entire wheat crop this year, including winter and
spring combined, is now placed at 506,557,000 bushels, compared with the harvest for 1932 of 726,831,000 bushels, of both winter and spring wheat.
The promise for oats, while slightly •better, can
hardly be called satisfactory. The September estimate of yield is placed at 688,000,000 bushels, compared with 667,000,000 bushels indicated a month
earlier, but the harvest last year was 1,238,231,000
bushels, the latter being somewhat below some
earlier records. • Conditions as to other crops generally improved, although there were some exceptions. The estimate for rye was unc'hanged at
23,100,000 bushels against last year's harvest of
40,400,000 bushels; barley, 1,000,000 bushels higher
at 159,000,000 bushels against 299,950,000 bushels
harvested last year; white potatoes are estimated at
294,000,000 bushels, also 1,000,000 bushels above the
August estimate, compared with a yield in 1932 of
358,000,000 bushels, and tobacco 1,362,000,000
pounds, which was considerably higher than the
August estimate, and much higher than last year's
yield.
Conditions improved very materially during August in the drouth section of the Western plains.
The drouth was broken early in August in time to
help very greatly the feed and forage crops in that
section. In the area from the central lake region
to western Dakota, the drouth continued later and
the pastures were unrelieved, with the condition
Volume 137
Financial Chronicle
second lowest on record for September. Fruit prospects declined slightly during August because of
storm damage. It is estimated that crop prospects
improved 1% during the past month, but yields will
average nearly 7% below those of last year.
--•-HE New York stock market this week has enjoyed a period of recovery, though with a
sharp reaction yesterday. The main influences responsible for this were the development of further
inflationary tendencies, with a rise in both the
pound sterling and the French franc and other Continental exchanges, involving a corresponding depreciation of the American dollar, which always
appears to be the signal for an advance on the
Stock Exchange, and the sharp spurt to higher levels in the grain market, and later in the week also
quite a noteworthy advance in cotton prices. The
upward spurt in the grain market was based mainly
on the appearance after the close of bpsiness on
Monday of the Agricultural Bureau report on the
condition of the country's grain crops as of Sept. 1,
fully confirming previous reports of a greatly reduced yield in the case of all the leading grains.
The indicated production of wheat, both winter and
spring wheat, is put at only 506,557,000 bushels as
compared with 726,283,000 bushels the quantity harvested in 1932 and 900,219,000 bushels-in 1931. At
the same time the Dominion Bureau of Statistics
estimated the Canadian crop at only 282,771,000
bushels compared with 428,514,000 bushels in 1932.
In other words, the American crop, as compared
with last year, is smaller by, roughly, 220,000,000
bushels, while the Canadian crop shows a falling
off of 145,743,000 bushels, indicating a combined
shrinkage of 365,369,000 bushels for the two countries combined. The natural result was a sharp
rise in grain prices all around, the corn crop and the
oats crop being heavily reduced the same as the
wheat yield.
In other respects underlying conditions remained
the same as before. The "Iron Age" reported a
further sharp falling off in steel production, the
steel mills of the country being now engaged to only
41% of capacity against 45% last week and 59%
when the peak was reached in July. On the other
hand,railway train loading continued to make satisfactory comparisons with a year ago, while the production of electricity by the electric light and power
industry for the week ended Saturday, Sept. 9, was
put at 1,582,742,000 kilowatt hours against 1,423,977,000 kilowatt hours in the corresponding week
of last year, being an increase of 11.1%, which compares with 11.8% the previous week and 13.5% the
week before, and somewhat larger ratios of increase
in the weeks preceding. The bond market moved
upward with stocks, but with a downward trend on
Friday. The alcohol stocks were special features
of strength as several more States voted in favor
of the repeal of the Prohibition Amendment. On
the other hand, the gold mining shares were not
conspicuous in the'upward flight, though Homestake
Mining attained a ne whigh figure for the year at
3311 and closed yesterday at 325 against 300 on
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Friday of last week. Some corporate dividend increases and resumption of payments served as a
further stimulus to rising prices. Best & Co., which
omitted dividend payments after March last year,
resumed by the declaration of 25c. a share on common, payable Oct. 16. Air Reduction Co. declared
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1977
an extra dividend of 75c. a share in addition to
the regular quarterly dividend of 75e. a share on
the capital stock of the company. Of an opposite
nature was the action of the Engineers' Public Service Co. in voting to omit the quarterly dividends
due Oct. 1 on the $5, $5.50 and the $6 cumul. pref.
shares.
The Stock Exchange was closed in the afternoon
of Wednesday on account of the NRA parade, which
proved one of the most imposing in the city's history,
250,000 taking part in it, and the parade lasting
from 1:30 p. in. until midnight. As already stated,
the commodity markets developed an upward tendency. The September option for wheat at Chicago
closed yesterday at 88 c. against 83%c. the close
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2
on Friday of last week, while September corn closed
yesterday at 4835c. against 46
/
/ the close the
3
4c.
previous Friday. The September option for rye at
4c.
Chicago closed yesterday at 70c. against 66y the
close the previous Friday and the September option
for barley at Chicago closed yesterday at 52%c. as
against 49 c. on Friday of last week. The spot
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2
price for cotton in New York yesterday was 9.60c.
compared with 9.00c. on Friday of last week. The
spot price for rubber yesterday was 7.07c. as against
6.63c. the previous Friday. Domestic copper yesterday was 9c. as against 9c. the previous Friday.
Silver again moved within narrow limits, with the
London price yesterday 18% pence per ounce against
181 8 pence the previous Friday and the New York
/
quotation 3858c. against 3678c. The foreign ex/
/
changes moved against New York, as already stated.
Cable transfers on London closed yesterday at $4.67
against $4.54 the previous Friday, while cable transfers on Paris yesterday closed at 5.792 against
/
1
c.
5.611 2c. the close on Friday of last week. On the
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New York Stock Exchange 70 stocks established
new high records for the year during the current
week, while four stocks dropped to new low figures
for 1933. For the New York Curb Exchange the
record for the week is 30 new highs and 13 new
lows. Call loans on the Stock Exchange have continued to rule at % of 1% per annum.
Trading has been moderately large. On the New
York Stock Exchange the sales on Saturday last were
279,110 shares; on Monday they were 1,917,340
shares; on Tuesday 2,243,016 shares; on Wednesday
when the Exchange closed at noon, 734,930 shares;
on Thursday 2,896,170 shares, and on Friday 2,453,460 shares. On the New York Curb Exchange
the sales on Saturday were 70,785 shares; on Monday
266,797 shares; on Tuesday 314,435 shares; on Wednesday 118,975 shares; on Thursday 388,460 shares,
and on Friday 388,370 shares.
As compared with Friday of last week, prices are
quite generally higher except for the public utilities.
General Electric closed yesterday at 233/b against
233 on Friday of last week; North American at 20
against 23; Standard Gas & Elec. at 11N against 14;
Consolidated Gas of N. Y. at 435 against 4734.;
A
Brooklyn Union Gas at 70 against 743/ bid; Pacific
Gas & Elec. at 213/ against 225 ; Columbia Gas &
A
Elec. at 16 against 173/; Electric Power & Light at
2
73 against 8%; Public Service of N. J. at 35
4
against 415s; International Harvester at 41 against
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38N; J. I. Case Threshing Machine at 773 against
4
723'; Sears, Roebuck & Co. at 433/ against 41;
Montgomery Ward & Co. at 24% against 233 ;
A
Woolworth at 38% against 381 ; Western Union
Tel. at 67 against 643';Safeway Stores at 484 against
1978
Financial Chronicle
50; American Tel. & Tel. at 127% against 1271 ;
4
American Can at 92% against 903/2; Commercial
Solvents at 38% against 363/2; Shattuck & Co. at
9 against 9, and Corn Products at 863/ against 963 .
4
Allied Chemical & Dye closed yesterday at 137%
against 135 on Friday of last week; Associated Dry
Goods at 173/ against 1638;E.I. du Pont de Nemours
/
at 79% against 79; National Cash Register "A" at
19% against 193; International Nickel at 20%
against 193/; Timken Roller Bearing at 30% against
2
28%; Johns-Manville at 543 against 52%; Gillette
8;
Safety Razor at 14 against 143/ National Dairy
Products at 17% against 18%; Texas Gulf Sulphur
at 333/i against 293/; American & Foreign Power at
2
123' against 12%; Freeport-Texas at 423 against
4
433; United Gas Improvement at 163 against ISM;
National Biscuit at 57 against 543/8; Continental Can
at 653/ against 64; Eastman Kodak at 85 against 82;
2
Gold Dust Corp. at 223/ against 22; Standard Brands
at 27% against 273; Paramount Publix Corp. ctfs.
at 1% against 1 8; Coca-Cola at 893' against 883 ;
,
Westinghouse Elec. & Mfg. at 43% against 433;
Drug, Inc. at 453/ against 423'; Columbian Carbon
at 623 against 583; Reynolds Tobacco class B at
/
533 against 51%; Lorrillard at 233i against 22%;
Liggett & Myers class B at 97 against 95; and Yellow
Truck & Coach at 63/i against 6.
Stock allied to or connected with the alcohol or
brewing group are nearly all higher. National Distillers closed yesterday at 103% against 92% on
Friday of last week; Owens Glass at 803 against 77;
United States Industrial Alcohol at 74 against 69;
Canada Dry at 31% against 29%; Crown Cork &
Seal at 43 against 43%; Liquid Carbonic at 3432
against 313,and Mengel & Co. at 133/ against 133'.
The steel shares have moved up with the rest of
the list. United States Steel closed yesterday at 53
against 51% on Friday of last week; United States
Steel pref. at 90 against 923; Bethlehem Steel at
38% against 383/ Vanadium at 253/i against 25.
;
8
In the auto group Auburn Auto closed yesterday at
59% against 583 on Friday of last week; General
Motors at 333 against 32; Chrysler at 49% against
2
44%; Nash Motors at 233' against 223/; Packard
Motors at 43/i against 5; Hupp Motors at 5 against
53, and Hudson Motor Car at 14% against 133s.
/
In the rubber group Goodyear Tire & Rubber closed
yesterday at 36% against 363/i on Friday of last
week; B. F. Goodrich at 15% against 153', and
United States Rubber at 173' against 173/s.
The railroad shares have given a good account of
themselves. Pennsylvania RR. closed yesterday at
36 against 34% on Friday of last week; Atchison
Topeka & Sante Fe at 66% against 65; Atlantic Coast
Line at 463'g against 46; Chicago Rock Island &
Pacific at 5% against 63; New York Central at
47% against 463'; Baltimore & Ohio at 33% against
32; New Haven at 25% against 253'; Union Pacific at
119 against 1183'; Missouri Pacific at 6 against 6
bid; Southern Pacific at 283 against 28; MissouriKansas-Texas at 11% against 11%; Southern Ry.
at 30% against 303'; Chesapeake & Ohio at 45%
against 45% ex-div.; Northern Pacific at 27 against
26%, and Great Northern at 263/i against 26.
The oil stocks have continued their upward trend.
Standard Oil of N. J. closed yesterday at 413' against
40% on Friday of last week; Standard Oil of Calif. at
413' against 39%; Atlantic Refining at 293 against
29%. In the copper group Anaconda Copper closed
Sept. 16 1933
yesterday at 173 against 17 on Friday of last week;
Kennecott Copper at 223 against 20%; American
Smelting & Refining at 423' against 36%; PhelpsDodge at 163, against 153; Cerro de Pasco Copper
at 393 against 343, and Calumet & Hecla at 63'
against 6.
N EUROPEAN stock exchanges prices tended
to move upward in most sessions of the current week. There was much uncertainty in the
initial sessions at London, Paris and Berlin, owing
to general nervousness induced by the uncomfortable political situation in Europe and fears regarding the recovery program in America. Reports from
the United States were interpreted more favorably,
Tuesday, and an advance resulted in that session
at London and Paris. The upward trend was on a
modest scale, but it continued in most subsequent
dealings. The Berlin market also reported gains,
but mainly as a result of intervention by the large
German banks. Increasingly, as the weeks go by,
European observers are convinced that more drastic
measures of inflation will be adopted in the United
States to maintain prices and insure the working
cf the NRA program. In the week now ending these
thoughts were stimulated by several more or less
authoritative pronouncements at Washington. Because of the presumed influence of any inflationary
move here a demand for equities promptly developed
in the leading European markets. Little change is
noted, currently, in European trade and industrial
reports that are considered reliable. Official German unemployment figures reflected a decrease of
207,000 in the latter half of August, bringing the
total down to 4,128,000 as against 6,000,000 early
this year. These figures are not credited in Germany, according to a Berlin dispatch to the New
York "Times." British foreign trade figures for
August, issued by the Board of Trade on Tuesday,
reflected a modest gain in both exports and imports
as compared with July and with August 1932.
•
Initial movements of the week on the London
Stock Exchange were almost uniformly downward.
British funds receded slightly in Monday's ssesion
and home rail stocks also dropped. The industrial
section was sharply unsettled. South African gold
mining shares developed weakness owing to a fall
in the London auction market quotation for gold.
Anglo-American securities were soft until just before the close. Tuesday's dealings were more cheerful. British funds lost a little more ground because
of competition from new issues, but home rail stocks
improved. A firmer trend was noted in industrial
issues and South African gold shares, while international stocks moved up in response to better advices from New York. In a generally firm market,
Wednesday, South African gold mining shares attracted strong buying because of better prices for
the metal. British funds were firm, and industrial
stocks also moved ahead. International securities
were slightly weaker as a result of overnight news
from New York. The tone of the London market
was again good Thursday. British funds were well
supported and gold mining issues also advanced
again. Industrial shares were active and higher,
with distillery issues in greatest demand owing to
further indications of the trend against prohibition
in the United States. The international group of
securities advanced sharply on favorable reports
from New York. In, a quiet session yesterday
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prices again moved forward. British funds showed
good results, and most industrial stocks also were
in demand.
The Paris Bourse was sluggish in Monday's session, with the price trend irregular. Some of the
better known speculative securities advanced a
little, but the great majority of issues declined.
Rentes joined in the general downward tendency.
Tuesday's dealings were influenced by continuous
rumors that inflation impends in the United States,
and a strong buying movement developed in equities.
Favorable reports from London and New York
aided the trend, which continued until the close,
so that final prices were the highest of the day.
Rentes proved on exception to the upward tendency,
these obligations dropping owing both to currency
uncertainty and nervousness regarding the budget.
Prices turned soft in Wednesday's session, which
was marked by extreme dulness. Changes were
small and in many issues only fractional losses were
recorded. Rentes developed firmness. The upward
movement was resumed Thursday, but also on a modest scale. Rentes participated in - the movement,
which was more pronounced, however,in stocks connected with raw materials. Prices advanced generally at the start yesterday, on renewed talk of
inflation. Some selling pressure developed toward
the close but the gains were modified only a little.
The Berlin Boerse slumped sharply in the first
session of the week, notwithstanding small dealings.
Losses of 2 to 4 points were common, and in some
instances recessions of 8 points appeared. Most of
the offerings were absorbed by banks, it was said,
as ordinary buying orders were almost non-existent.
At the quotations established in the session it was
noted that many stocks had fallen more than onethird below their highest prices of the year. After
a firm opening, Tuesday, stimulated by further bank
operations, prices of securities again declined on
the Boerse. The losses, however, carried levels back
only to previous closing figures, so that net changes
for the session were quite unimportant. In Wednesday's dealings more extensive support was given the
market by the banks, under reported "persuasion"
by the German Government. The good tone remained in evidence throughout the session, and
prices at the finish were 1 to 2 points better in most
issues, with a few stocks showing gains of 4 points.
The recovery was continued Thursday, with public
participation on the increase. Some speculative
favorites gained as much as 5 and 6 points in this
session, while gains of 2 to 3.points were common
among other securities. After early strength, yesterday, prices declined on the Boerse, and net
changes were small.
OVEME NTS of capital which is seeking safety
in this world of unstable currencies attracted
some discussion early this week, owing to several
frank references by eminent Britons to the problem
encountered in the London market by reason of an
influx of funds from the United States. Questions
were raised regarding such nervous capital by Viscount Cecil of Chelwood, at the opening meeting in
Toronto, Monday, of the British Commonwealth Relations Conference, held under the auspices of the
Royal Institute of International Relations. This
gathering is unofficial, but it is quite likely that
some of its conclusions will result in representations
to the various governments of the Empire. Viscount
1979
Cecil, as Chairman of the United Kingdom delegation, remarked that recent transfers of capital to
London showed that the owners considered Great
Britain the "safest place possible" for their assets.
"One of our problems," he said, "is the flood of unwanted money that is pouring into our banks. These
funds, deposited in the main by United States investors, are subject to withdrawal at 24 hours'
notice and are of little or no value, although it has
not yet been discovered how to get rid of them."
Sir John Power, Member of Parliament and Treasurer of the Royal Institute of International Affairs,
agreed that "huge masses of money, most of it from
the United States," are now being deposited. He
added that the funds are of no value to Great
Britain because the threat of immediate withdrawal
constitutes a problem that is distressing and
difficult.
That foreign balances in London are unusually
large at present was confirmed also in a dispatch of
Monday, from that city, to the New York "Times."
It is estimated, this report said, that "at least £400,000,000 of foreign balances are in London at present,
unwanted by British authorities and constituting a
perpetual threat to stability of exchanges." This
appears to indicate that the slim is in excess of the
normal foreign balances in London, but the point
was not made entirely clear. It was further stated
in the dispatch that £60,000,000 of total foreign balances are gold, the remainder being sterling. The
funds are referred to variously in the London market as "nervous money" and "nuisance money."
Large amounts came from New York, owing to fears
that the dollar might be depreciated drastically, it
is reported. In a subsequent cable, it was mentioned
that American balances in London represent in
large part the proceeds from sales of American goods
which exporters prefer to keep in London. Officials
in Washington estimated, Monday, that $500,000,000
to $1,000,000,000 of capital had left the country
since the United States suspended gold payments.
"The Government has made no effort to stop the
capital movement," a Washington dispatch to the
New York "Times" said. "In fact, the movement
has been encouraged to a certain extent. Exchange
prices on the dollar would rise rapidly if the outward movement of capital were halted."
THOUGH the intergovernmental debt problem
emerges periodically from the comparative
obscurity which has enveloped it since the last instalments were due on June 15, there are no signs
as yet of formal negotiations for revision of the debt
settlements in accordance with the requests made
by the European debtors of the United States Government. On June 15, it will be recalled, Finland
was the only Government to make full payment in
the silver which the United States found acceptable.
Great Britain, Czechoslovakia, Italy and several
other countries that owe lesser sums made "token
payments" of 10% or less of the amounts due, also
in silver, while France and Belgium headed the
smaller list of countries that defaulted entirely for
the second time. At a meeting of the French Cabinet, late last week, the debt question was reviewed,
a dispatch to the New York "Times" said, and what
was called a "decision in principle" was reached.
The French Government henceforth will take the
position, the report added, that it would be willing
to settle on the same basis the British are believed
A
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Financial Chronicle
to have under consideration, namely, at 10% of the
amount fixed in the debt settlements. "This figure
of 10% corresponds in French calculations to the
settlement made with Germany at Lausanne last
year, when reparations were reduced to 10% of the
Young plan schedule," the dispatch states. The
French Cabinet also is said to be prepared to make
full payment of the instalment due last December,
and payment of the June instalment in the same
"token payment" ratio adopted by the British.
The position now reported to have been adopted
by the French Government is in substantial agreement with the resolution of the Chamber of Deputies, last December, which held that payment on the
French debts should be in proportion to reparations
payments by Germany. Any proposal to begin negotiations on the basis of a 10% settlement would be
eagerly accepted by the Cabinet and would be ratified by the Chamber, it is held. British officials,
according to Paris reports to the New York "Times"
and the Associated Press, expect making a proposal
for such a 10% settlement when the negotiations
begin, and the French are disposed to await the
results of the expected Anglo-American discussions.
These reports from the French capital were received
with interest in Washington. Secretary of State
Cordell Hull remarked last Saturday that they were
regarded as mere rumors, as there has been no discussion of the French debt. In a dispatch to the
New York "Times" it was remarked that President
Roosevelt has kept the debt problem in his own
hands and no other official is in a position to discuss it.
ESPITE ever clearer indications that real international disarmament is altogether impossible of attainment in the present state of European
affairs, exploratory conversations on the matter
were continued in London this week. After conferring with officials of the British Foreign Office,
last week, Norman H. Davis, chief American delegate to the General Disarmament Conference,
plunged into a further series of conversations,
Thursday, with Arthur Henderson, the President
of the Conference. Mr. Davis will continue his discussions in Paris, next Monday, in preparation for
tesumption of the Conference at Geneva, Oct. 16.
That France has no intention of disarming in any
degree whatever was made very plain last Sunday
by Minister of Pensions Edmond Miellet, in a
speech celebrating the nineteenth anniversary of the
Battle of the Marne. France intends to remain
strong, he said, since all efforts at collaboration
"seem doomed to interminable discussions." '
The problem of disarmament, as it relates to
Europe, was discussed with realism in a London
report to the New York "Times," printed last Sunday. Great Britain intends to make every effort to
get a disarmament convention signed, in the belief
that this will prevent re-armament by Nazi Germany, the dispatch said. "There is a dangerous element of make-believe, of course, in all this enthusiasm for a disarmament treaty," the report continued. "No one in Great Britain really wants to
disarm at the present time; no one wants to weaken
the preponderant strength of the former Allies at a
time when the Nazis' Pan-German policy is agitating all Europe. But the British argue—and in this
they are supported by Norman H. Davis—that, unless they do something toward disarmament them-
D
Sept. 16 1933
selves and do it quickly, their present advantage
will be wiped out by large-scale re-armament across
the Rhine. One has only to examine the behavior
of the British Government in recent weeks to see
how far German re-armament dominates British
minds. Ever since the Nazi attacks on Austria
began Great Britain has hesitated to take a strong
line in Berlin for fear it would provoke the Germans to wreck the disarmament conference."
In Japan, meanwhile, agitation for an increase in
fighting power is incessant, making it altogether
unlikely that the Washington and London naval
accords will be renewed when they come up for review several years hence. War Minister Sadao
Araki discussed international and domestic policies
with Finance Minister Korekiyo Takahashi last
Sunday, and informed the latter that "Japan could
not allow mere financial technique to lead her into
blunders," Tokio dispatches said. The international
situation has been unfavorable since Japan quit
the League of Nations and the 1935 naval conference may witness efforts to continue Japan's interior naval ratio, the War Minister argued. Serious risks of a crisis in the next two or three years
exists, and Japan must strengthen her defenses, he
claimed. In a Tokio dispatch of Wednesday to the
New York "Times" it was indicated that General
Araki is concerned mainly with obtaining appropriations for the army and navy, which Finance Minister
Takahashi is reluctant to grant because of financial
conditions. General Araki proposed a 1,000,000,000
yen domestic loan to meet the appropriations, the
report said. He cited American sympathy and aid
to China, combined with the continued presence of
the American fleet in Pacific waters among the factors making necessary an immediate strengthening
of Japan's national defense.
These views apparently are not shared entirely
by the Japanese Foreign Office, which was placed
in charge of Koki Hirota, Thursday, after resignation of Count Yasuya Uchida, for reasons of health.
In his first public pronouncement, Foreign Minister
Hirota stated that the outlook is hopeful for amity
between Japan and her three great neighbors—the
United States, Russia and China. Premier Saito
remarked on Thursday, however, that national defenie will be placed first in framing the budget,
with greatly expanded appropriations for the army
and navy inevitable. This affords little encouragement for advocates of world disarmament.
CHANCELLOR ENGELBERT DOLLFUSS, of
\--. Austria, spoke at length in a public address,
4
Monday, regarding the political future of his country. This question is agitating all the leading chancelleries of Europe at present, and Dr. Dollfuss's
comments were eagerly awaited. He furnished,
however, no very definite idea of his Government's
intentions, other than an intimation that Austria's
course will be along the road to Fascism, on the
Italian model, rather than toward democracy. Recent Vienna reports indicate that the powerful
Heimwehr supporters of the Dollfuss Government
have served a virtual ultimatum on the Chancellor
to establish a Fascist State along Italian lines, in
order to defeat the aims of the National Socialists,
who incline toward Fascism of the Hitler variety.
There is a distinct and growing possibility of a
coup d'etat by the Nazis of Austria, most of whom
are believed to favor Anschluss, or political union
Volume 137
Financial Chronicle
with Germany. This, however, would be a menacing
development, as the highest officials of the French
Government have stated recently that France is prepared to defend Austrian independence, with arms,
if necessary.
In his speech,last Monday, Dr. Dollfuss dealt with
this situation in a somewhat gingerly way. "The
Chancellor," a Vienna dispatch to the New York
"Times" said, "seemed to leave the door open for
a choice between two courses—dictatorship and
coalition. He promised a further pronouncement
of policy soon, thereby confirming the belief of the
initiated that he was still hesitating between the
demands of the Heimwehr for a Fascist State and
the dislike of his Peasant party supporters for such
a development. On the other hand, certain passages
of the Chancellor's speech indicated that in his own
mind he had already decided to take the Fascist
path, but did not yet see his way clear to swing
all his supporters with him." On one point the
Chancellor was quite positive. The old Parliament
and its system of party leadership has gone, never
to return, Dr. Dollfuss declared. This signified the
end of the epoch of "liberalistic and capitalistic systems," he said, and the end also of "Socialist misguidance."
In an interview, Thursday, with Frederick T.
Birchall, the able correspondent of the New York
"Times," Chancellor Dollfuss elaborated very
slightly his ideas on the kind of State he desires
for Austria. Fascism, he said, would not quite describe this State. "We want an authoritarian Government on a corporative basis," the Chancellor was
quoted as saying. "That is not necessarily what to
many minds is connoted by Fascism." Dr. Dollfuss
expressed the belief that there is great enthusiasm
in his country for his own regime and that the domestic position is very strong. "There remains only
the difficulty of constant isolated attacks and
threats from irresponsible elements in Germany,"
he continued. "I believe these are designed chiefly
for the encouragement of the Nazis in Austria.
However, we are dealing with them and will continue to defend ourselves against them." In a
Vienna report of Thursday to the New York "Evening Post" it was pointed out that one of the chief
dangers to the Dollfuss regime is the existence of
an "Austrian Legion" of exiles in Germany, who
are opposed to the present Vienna Government and
are ready to engineer a revolt in Austria whenever
success seems possible. Whether the Austrian
forces would be able to combat such an incursion
remains to be seen, the dispatch intimated.
ISTINCT modification of the Spanish revolutionary program is foreshadowed in the ousting on Sept. 8 of Premier Manuel Azana, who is one
of the more radical leaders of the Republic, and the
appointment in his place of Alejandro Lerroux, conservative Republican. A Cabinet crisis of four days'
duration was ushered in by the resignation of Senor
Azana and his entire Left Wing Cabinet. This event
signified,. dispatches said, the final disintegration
of the coalition which brought about the change
from a monarchical to a republican form of government in Spain just over two years ago. "The revolutionary honeymoon of the parties is definitely over,"
said a report from Madrid to the New York "Times."
"The constant friction of driving the revolution
along and drafting and implementing the Constitu-
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1981
tion in such a way as to change the whole life of the
country has developed rancors and animosities that
are hard to reconcile in one government." The combined powerful antagonism of the Church, the land
owners and various wealthy individuals made the
position of the Azana regime untenable. Juan
March, one of Spain's richest men, was said to have
directed from a jail cell the campaign which brought
about the defeat of the Azana Cabinet. Senor Azana
was not defeated in the Cortes, but simply lost the
confidence of the coalition groups and of President
Niceto Alcala Zamora. In an official statement,
Senor Azana admitted that a lengthy Cabinet conference had been held to consider the situation, with
the President in attendance. The latter insisted on
an "urgent and definite solution of the political
problems" confronting the nation and this, Senor
Azana said, indicated a lack of confidence which
made resignation imperative.
Alejandro Lerroux, leader of the opposition faction which forced Azana out, was entrusted last
Saturday with the task of forming a new Ministry.
Senor Lerroux made three attempts to organize a
coalition regime before he finally succeeded, Tuesday, by gaining the support of the independent Radical Socialists, as well as that of his own party, the
conservative Radical Republicans. These two parties represent the more sedate groups in the genuinely republican parties. Premier Lerroux thus
heads a regime which is assured of the support of
the Center elements in Spanish politics, with the
extreme Right and Left Wings definitely oppbsed.
The Socialist party, which is far to the Left, is
expected to be particularly belligerent in its opposition, and as the party has 1,000,000 members its
antagonism may prevent the period of political quiet
for which most Spaniards aresaid to be hoping. It
is suggested in some dispatches that the lack of
Socialist participation may be followed by widespread strikes. "There is unquestionably much
opposition to the new Government, which will ostensibly carry on the revolutionary laws, but in reality
is expected to modify them," a Madrid report of
Tuesday to the New York "Times" remarked. The
personnel of the Cabinet, of which the first six
members are adherents to Senor Lerroux's own Radical Republican party, is as follows:
Premier—Alejandro Lerroux y Garcia.
Interior—Diego Martinez-Barrios.
Finance—Antonio Lara.
War—Lopez Rocha.
Public Works—Rafael Guerra del Rio.
Labor—Ricardo Samper.
Justice—Juan Botella Aseni, Radical Socialist.
Education—Domingo Barnes, Radical Socialist.
Agriculture—Ramon Feced, Radical Socialist.
Foreign—Sanchez Albornoz, Republican Action.
Navy—Vincente Iranzo, Republican Service.
Industry and Commerce—Juliano Paratcha, who IS Galician.
Communications—Miguel Santalo, who is a Catalan.
VENTS in Cuba continue to occasion more than
a little anxiety, as the developments of the last
two weeks seem to presage a protracted period of
unsettlement and disorder. Only halting progress
toward stability has been made so far by the revolutionary regime that was set up on Sept. 5, after
the overthrow of the de Cespedes Government. Tension was especially pronounced over the last weekend, when hundreds of deposed army officers gathered in the National Hotel in Havana and made
their opposition to the new revolutionary junta
manifest. The soldiers who, together with Cuban
students, played a prominent part in the revolt,
gathered around the hotel, ready to storm the place
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Financial Chronicle
at the least sign of armed resistance by their former
officers. United States Ambassador Sumner Welles
happened to reside in the hotel at the time, and it is
generally believed that his presence averted a clash
that might have set the whole Island aflame. The
question of intervention by the United States was
widely debated this week, but such action fortunately has been avoided so far. All American
observers in Havana agree, however, that the new
regime has made little progress toward establishing a sufficiently stable regime to warrant recognition by the United States Government.
The junta which seized power 11 days ago negotiated with all political factions for a time, in the
endeavor to present a program that would obtain the
support of the great majority of Cubans. Agreement finally was reached late last week to organize
a coalition regime with a Provisional President
and a Cabinet to replace the junta of five members.
In an official statement issued last Saturday, it was
announced that the "Governmental Executive Commission, after an exchange of impressions with representatives of other revolutionary factions, and
considering the period of transition which justified
the present structure as terminated, is resolved to
carry forward the organization of a presidential
type of government, which will put into effect the
revolutionary program."
This decision was rapidly carried into effect, and
on Sunday last Dr. Ramon Grau San Martin became
the new Provisional President of Cuba. He was
elected by the revolutionary council in the small
hours of Sunday morning, and quickly undertook to
form the Cabinet. Four posts were immediately
filled, Edouardo Chibas taking the portfolio of Public Works; Dr. Carlos Finlay that of Public Health;
Jose Barquin the Treasury post, and Antonio Guiteras that of the Interior. President Grau San
Martin issued a statement late in the clay calling
for a "free and peaceful Cuba, just like the United
States." , He expressed a strong desire for the
friendship of the United States, and added that no
trouble was looked for from the disgruntled officers.
"We shall honor all Government obligations, including foreign debts, to the last penny," the new President added.
There were menacing elements in the situation,
however, despite the reassuring statement by the
new President. The deposed officers remained opposed, and they continued their stay at the National
Hotel, where the 300 officers were joined by 200
other supporters. Overtures by the new regime for
the support of this faction proved unavailing, and
the officers indicated plainly that they still regarded Dr. de Cespedes as the President of Cuba.
To replace the officers, sergeants and corporals who
'beaded the brief military uprising of Sept. 5 were
promoted to Colonels, Captains and Lieutenants.
It was reported by adherents of the new regime this
week that some of the officers had decided to resume
their posts, but Havana dispatches yesterday indicated that all the officers remained at the National
Hotel, in continued opposition. Settlement of this
trouble with the army leaders was widely regarded
in Cuba as the question on which the new Government must stand or fall. Colonel Horacio Ferrer,
Secretary of War under Dr. de Cespedes, spoke for
the officers, Tuesday, and said that the new regime
is in reality a prisoner of the students and governs
only within the confines of Havana. "The rest of
Sept. 16 1933
'the country is in a state of chaos," the military
leader said.
President Gran San Martin proceeded, Tuesday,
to organize his regime. Manuel Marquez Sterling,
Cuban Ambassador to Washington, was appointed
Secretary of State. Plans were made for dealing
with the difficult labor situation throughout the
country, but no announcement of any decisions
reached the public. On Thursday, however, the Government issued the text of a series of new statutes,
which are to govern Cuba until a Constituent Assembly can be called for the purpose of devising a new
Constitution to replace that of 1901. Essentially,
these statutes provide for dictatorial rule until the
Assembly meets. The most important clause states:
"As the Provisional Government would be at fault
if it abandoned the reins of power to aspiring tendencies, it shall temporarily submit personal rights
to a regime of governmental supervision, as to its
use of which it shall advise the Constituent Assembly." No dates were set for the elections or the
meeting of the Assembly.
The difficulties facing the new regime continued
to multiply, especially in the interior, indicating
that the officers were correct in their estimate of the
situation. More than a dozen sugar mills of American ownership were seized by workers, who declared their desire to run them for their own benefit.
At some mills and mines Americans were reported
imprisoned in their homes by the workers. Plantation owners in some instances were served with ultimatums by the recalcitrant laborers. The seriousness of the position was again emphasized yesterday,
a Havana dispatch to the Associated Press said, as
strikes spread throughout the Island, some of them
admittedly in opposition to the new Government.
The capital itself was threatened with a food shortage, it was said. "Fighting and bloodshed, mutiny
and rebellion, were abroad as President Grau San
Martin announced a plan calling for 'absolute independence and national sovereignty,' a 'perfect adjustment of political and economic interests,' and
general elections for a Constitutional Convention,"
the dispatch said.
The growing tension was watched with great
anxiety in Washington, according to reports from
the capital. Intervention by the United States,
under the Platt Amendment of the Cuban Constitution, seemed unlikely early in the week, but none
of the numerous warships in Cuban waters was
withdrawn. Although it was suggested some weeks
ago that Ambassador Welles soon would return to
Washington, orders were issued by the State Department, Wednesday, for an indefinite stay in
Havana by the present Ambassador. "From outside and unofficial sources, word was received that
the new Cuban Government might be approaching a
financial crisis," a Washington report to the Associated Press stated. "It was pointed out that no
collection of taxes had been possible during the
recent weeks of upset conditions, and that little if
any funds would be left after the army had been
paid." Both President Roosevelt and Secretary of
State Hull kept a careful watch over the situation
to determine whether the new Government would
gain the full support of the Cuban people, and
whether it could restore complete order, the report
added. The success of the Government will determine the question of recognition by the United
States, it is said. The Cuban developments also are
Financial Chronicle
Volume 137
being observed with care in all Latin American capitals, chiefly because of the fear in such centers that
intervention may follow. The Mexican Government
addressed notes to Argentina, Brazil and Chile, on
Sept. 8, urging them to join it in representations to
Cuba for maintenance of order and the protection
of lives and property in Cuba. Brazil viewed this
request in a friendly way, but satisfactory responses
from Argentina and Chile were lacking. The State
Department received and published a note from Argentina, last Saturday, urging avoidance of intervention. This accords also with the desires of the
United States Government, it was indicated.
--•-HERE has been no change during the week in the
discount rates of any of the foreign central
banks. Present rates at the leading centres are
shown in the table which follows:
T
figure was £140,221,715. Circulation contracted
£2,693,000 and this together with the gain in gold
brought about an increase of £2,779,000 in reserves.
Public deposits fell off 0,191,000 and other deposits
rose £11,184,718. The latter consists of bankers'
accounts which increased £12,220,700 and other
accounts which fell off £1,035,982. The reserve
ratio is at 47.76% as compared with 46.64% a week
ago and 38.94% last year. Loans on Government
securities increased £210,000 and those on other
securities decreased 093,797. Of the latter amount
£510,308 was from discounts and advances and
83,489 was from securities. The rate of discount
is unchanged at 2%. Below we show the figures
with comparisons for five years:
BANK OP ENGLAND'S COMPARATIVE STATEMENT.
Sept. 13
1933.
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
Rate in
Effect
Date
Sept 15 Established.
Country.
Austria- ___
Belgium__
Bulgaria...
Chile
Colombia_
Czechosloyak's-Danzig_ _ _ _
Denmark_ _
England_ _ _
Estonia__
Finland__
France_ ___
Germany_ _
Greece
Rolland_ _ _
5
334
835
434
4
Mar. 23 1933
Jan. 13 1932
May 17 1932
Aug. 23 1932
July 18 1933
334
4
3
2
534
5
234
4
734
3
Jan. 25 1933
July 12 1932
June 1 1933
June 30 1932
Jan. 29 1932
Sept. 5 1933
Oct. 9 1931
Sept. 31 1932
May 29 1933
Aug. 16 1933
Prestout
Rate.
Country.
Rate in
Date
Effect
Sept 15 Established.
434
Flungary___
334
India
Ireland_
3
334
Italy
Japan
3.65
434
Java
7
434 Lithuania
Norway _ _ - 334
5
6
314 Poland
234 Portugal... 6
6
634 Rumania
534 South Africa 4
Spain
6
2
3
Sweden.,
5
9 • Switzerland 2
334
6
234
934
534
5
PreMOUS
Rate.
Oct. 17 1932 5
Feb. 16 1933 4
June 30 1932 334
Sept. 4 1933 4
July 3 1933 4.38
Aug. 16 1933 5
May 5 1932 734
May 23 1933 4
Oct. 20 1932 734
Mar. 14 1933 634
Apr. 7 1933 7
Feb. 21 1933 5
Oct. 22 1932 614
June 1 1933 334
Jan. 22 1931 235
In London open market discounts for short bills
on Friday were /@7-16%, as against %@7-16%
on Friday of last week and /@7-16% for three
months' bills, as against 7-16% on Friday of last
3
week. Money on call in London yesterday was 4%.
At Paris the open market rate remains at 231% and
in Switzerland at 13/2%.
HE Bank of France weekly statement dated
Sept. 8 shows a decrease in gold holdings of
8,280,619 francs. Total gold holdings stand now
at 82,269,647,782 francs, in comparison with 82,400,237,395 francs a year ago and 58,576,796,780
francs the year before. French commercial bills
discounted and creditor current accounts record
increases of 165,000,000 francs and 693,000,000
francs, while bills bought abroad and advances
against securities register decreases of 2,000,000
francs and 828,000,000 francs, respectively. Notes
in cixulation show a reduction of 828,000,000 francs,
the total of which is now at 82,037,564,355 francs.
Circulation last year aggregated 80,680,750,385
francs and the previous year 78,198,303,760 francs.
The proportion of gold on hand to sight liabilities is
now 79.71% as compared with 76.46% a year ago and
55.49% two years ago. Below we furnish a comparison of the various items for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for IVeek.
Gold holdings
Credit bale. abr'dalerench commercial
bills discounted_
b Bills bought abr'd
Adv. against secure_
Note circulation
Credit current accts.
gold
Proportion
on hand to sight
linhilltlaa
of
Sept. 8 1933.
Sept. 9 1032. Sept. 11 1931.
Francs.
Francs.
Francs.
Francs.
—8.280,619 82,269.647,78282,400.237,395 58,576,796,780
No change.
1,291,655.428 2,979,524,012 15,803,143,945
+165,000,000 2.799,385,657 3,947,054,793 4,496,120.547
—2,000,000 1,346,251,972 2,080,959,121 12,981,336,362
—28,000,000 2,735,723,057 2,804,895,439 2,790,727,849
—828,006,000 82,037,564,355 80,630,750,385 78,198,303.760
+693,000,000 21,168,772,638 27,093,765,683 27,361,002,170
1983
Circulation a
Public deposits
Other deposit's__
Bankers'accounts.
Other accounts. _ _
Gov't securities
Other securitlec. _ _
Disc. .8 advances_
Securities
Reserve notes ts coin
Coin and bullion__ _.
Proportion of reserve
to liabilities__
_
Bank rate
Sept. 14
1932.
Sept. lb
1931.
Sept. 17
1930.
Sept. 18
1929.
E
£
f
E
£
372.533,000392,284,819 351,617,567 357,767,921 361,855,509
12,263,000 12,932,853 16,573,649 8,933,517 18,588,618
153,585,326 122,983,846 108.895,725 99,093,531 99,442,701
109,643,378 89,827,311 58,437,169 65,307,729 63,344,434
43,941,948 33,156.535 50,458,556 33,785,802 36,097,767
83,745,963 70,862,094 49,390,906 38,766,247 73,781,855
21,123,994 30,353,061 34,108.625 27,735,787 27,481,309
9,184,584 12,052,097 3,320,794 5,376,536 3,298,964
11,939,410 18,300,964 25,787,831 22,409,251 24,132,345
79,212,000 53,036,896 60,262,685 59,742,841 35,069,4.11
191,744,969 140,221,715 136,880,252 157,510,761 136.921,000
47.76%
2%
38.94%
2%
48.02%
434%
55.30%
•
3%
29.70%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note Issues adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
HE Bank of Germany in its statement for the
first quarter of September reveals an increase
in gold and bullion of 18,122,000 marks. The total
of the Bank's gold is now 325,442,000 marks in comparison with 768,442,000 marks a year ago and 1,370,514,000 marks two years ago. A decrease appears
in reserve in foreign currency of 3,254,000 marks,
in bills of exchange and checks of 37,887,000 marks,
in advances of 74,368,000 marks, in investments of
54,000 marks, in other assets of 41,420,000 marks
and in other daily maturing obligations of 37,133,000
marks. Notes in circulation show a contraction of
100,771,000 marks, reducing the total of the item to
3,394,431,000 marks. A year ago circulation stood
at 3,688,799,000 marks and the year before at 4,292,061,000 marks. Silver and other coin, notes on other
German banks and other liabilities register increases
of 18,017,000 marks, 4,757,000 marks and 21,817,000
marks respectively. The proportion of gold and
foreign currency to note circulation stands at 11.7%,
a year ago it was 25.1% and the year before 41.3%.
A comparison of the various items for three years
appears below:
T
REICHS IANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Assets—
Gold and bullion
Of which depos. abr'd_.
Reserve in foreign curr_
Bills of each. dc checka
Silver and other coin_
Notes on oth. Ger. blue.
Advances
Investments
Other assets
LiabilUfes —
Notes in circulation
Other daily matur.oblig.
Other liabilities__ _
Propor.ot gold .1... foreign
curr. to note circurn.
Sept. 71933. Sept.7 1932. Sept.7 1931.
Relchsmarks. Retchsmarks. Retchsmarks. Reid:smarts.
+18,122,000 325,442,006 768,436,000 1,370,514,000
99,553,000
63,353,000
No change.
63,657,000
71,119,0u0 157,181,000 400,438.000
—3,254,000
—37,887,000 3,125,872,600 2,966,496,000 3,025,463,000
80.539,000
+18,017,000 214,636,000 206,898,000
7,245,000
7,476,000
+4,757,000
8,136,000
—74,368,000
88,707,000 103,502,000 151,417,000
—54,000 320.156,000 365,002,000 102,913,000
—41,420,000 507,200,000 784,702,000 830,149,000
—100,771,0003,394,431,096 3,688,799,000 4,292,061,000
—37,133,000 378,356,000 388,510,000 434,103,1331
+21,817,000 240,110,000 714,727.000 755,411,000
+1.2%
11.7%
25.1%
41.3'1.
XTREMELY easy conditions in the New York
money market again prevailed this week, under
the influence of the official easy money policy. Rates
HE Bank of England statement for the week are at record low figures in several departments.
ended Sept. 13 shows an increase of £85,703 Commercial paper rates and yields on bankers' acin gold holdings which brings the total up to L191,- ceptances remained unchanged from last week. Call
3
744,960, another new high mark. A year ago the loans also held over at the rate of 4% on the New
+0.1061
79.7161
76.4661,
5549%,
a Includes bills purchased in France. is Includes bills discounted abroad.
T
E
1984
Financial Chronicle
York Stock Exchange, this level prevailing both fo:
renewals and new loans. There were no dealings
Wednesday, owing to the half holiday declared in
connection with the NRA demonstration. In the
unofficial street market call loans were quoted every
•• day, with the exception of Wednesday, at %•
Time loans rates showed a slight downward tendency
early in the week. Brokers' loans against stock and
bond collateral increased $24,000,000 in the week to
'Wednesday night, according to the usual statement
of the Federal Reserve Bank of New York.
EALING in detail with call loan rates on the
Stock Exchange from day to day, 4% has
3
been the ruling quotation all through the week for
both new loans and renewals. The market for time
money has shown moderate improvement this week.
An occasional transaction in 4 and 5
-month paper
having been reported. Rates are nominal at M%
for 30 and 60 days, 3/2(4)./% for 90 days, M@%%
for four and five months, and 1% for six months.
The market for commercial paper has been very good
this week, and while paper is available in larger
volume than heretofore, the supply is still short of
the actual.Kequirements. Rates are 13/2% for extra
choice names running from four to six months and
13 % for names less known.
4
D
HE market for prime bankers' acceptances has
been quiet most of the week due largely to a
shortage of bills. Rates are unchanged. Quotations of the American Acceptance Council for bills
3
up to and including 90 days are /% bid, and 4%
asked; for four months, /% bid and M% asked;
3
7 (0
4
for five and six months, /7 bid and 4% asked.
The bill buying rate of the New York Reserve Bank
is 1% for bills running from 1 to 90 days, and proportionately higher for longer maturities. The Federal Reserve banks' holdings of acceptances increased
during the week from $6,974,000 to $7,347,000.
Their holdings of acceptances for foreign correspondents also increased during the week from 1,402,000
to $43,362,000. Open market rates for acceptances
are as follows:
T
SPOT DELIVERY.
—180 Days-- —150 Days— —120 Days—
Bid.
Asked.
Asked.
Bid.
Asked.
Bid.
34
34
Prime eligible bills
34
%
35
%
—90Days— ---60 Days-- --30Days—
Asked.
Asked.
Bid.
Bid.
Bid.
Asked.
g
34
34
h
Prime eligible bills
34
34
FOR DELIVERY WITHIN THIRTY DAYS.
ii% bid
Eligible member banks
Eligible non-member banks
ii% bid
_.•.--
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
Sept. 15.
Date
Established.
Previous
Rate.
3
214
3
3
314
334
3
3
334
334
314
3
June 1 1933
May 26 1933
June 8 1933
June 10 1933
Jan. 25 1932
Nov. 14 1931
May 27 1933
June 8 1933
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
June 2 1933
314
3
314
334
4
3
334
334
4
3
4
334
exchange has spurted up with great
STERLING the present week as movesresultthis
of
the
rapidity
on
inflationary
what are regarded as
side. The pound sterling on cable transfers advanced
Sept. 16 1933
16h cents during the week and yesterday sold as high
as $4.6834, at which figure the American dollar was
1
worth only 673/ cents, the biggest depreciation yet
shown. The close for sterling yesterday was $4.67.
The Continental exchanges in like manner soared,
the French franc on cable transfers yesterday selling
up to 5.81 cents, with the close at 5.793/b cents,
making the value of the dollar also close to 673/ cents.
All foreign exchange quotations reflect the utterly
demoralized condition of the foreign exchange
market caused by the abandonment of the gold
standard by London in 1931 and by ourselves last
March. The range for sterling this week has been
from 4.5134 to 4.68 for bankers' sight bills, compared with a range of between 4.52 and 4.594 last
week. The range for cable transfers has been from
4.52 and 4.683., compared with a range of between
4.523/i and 4.593/ a week ago. As sterling moves
up or down in terms of gold, the price of gold in
the London open market varies accordingly. Last
week gold bars sold in the London open market on
Thursday at 131s., record high. On Saturday last,
gold bars moved down to 129s. 2
On Monday
gold bars were quoted at 128s. 93/2d; on Tuesday,
127s. 7d.; on Wednesday, 129s. 2d.; on Thursday,
129s. 6d., and on Friday, 130s. 5d. The daily rate
for domestic gold offered for sale through the Federal
Reserve banks is based upon the London open market
gold quotations, and the pound and the dollar
fluctuate in very nearly equal balance with these
quotations. As pointed out here only last week, if
the trade position alone were considered, exchange
should at this time be strongly against Paris and
in favor of New York, and the gold value of the
dollar in Paris should be something in excess of
100 gold cents. On July 17 the dollar was quoted
in Paris at the low of 68.8 gold cents. On Friday of
last week the rate was 69.9 gold cents. On Saturday
it advanced to 71.2, on Monday receded to 71.1,
on Tuesday to 70.0, on Wednesday 69.6, on Thursday
69.0, and yesterday 67.8. On Friday of last week
the pound was quoted (mean quotation) 80.674 francs
to the pound. On Saturday last, the London check
rate on Paris was 81.75 francs to the pound. On
Monday the range was 81.875 to 82.72; on Tuesday,
81.843 to 82.625; on Wednesday, 81.562 to 81.75;
on Thursday the quotation was 81.437, and yesterday the mean was 80.875, and the closing quotation 80.93 francs to the pound. New regulations
issued by the United States Treasury for prices of
gold as based on the London open market quotation
will be found in another column.
Essentially there has been no change in the foreign
exchange situation during the past few weeks. The
complete demoralization and nervousness which now
prevails derives entirely from uncertainty as to
Washington's position on monetary questions. It
can be stated confidently that the British authorities
have no intention of following the dollar in a downward course, but no one knows what course the
President may decide upon. It may just as well as
not be that he may arbitrarily fix a higher dollar
price for an ounce of gold rather than the hitherto
established price of $20.67. It is conceivable that
an arbitrary price of twice the legal price of $20.67,
or $41.34, might be adopted. Should the United
States authorities by any device decree the dollar
to be equal to or greater than the London open
market price for gold, all other nations would be
Volume 137
obliged to adopt a similar policy, as the gold of the
world would by natural law seek the place of highest
valuation, which is now the London open market.
Foreign exchange markets throughout the world are,
as already stated, highly nervous and demoralized
because any tampering with the money base of a
great nation is dangerous.
It is evident that the British Equalization Fund
control has been active in the exchange market ever
since Monday of last week, when the London check
rate on Paris fell to 79% francs to the pound. From
current quotations it would seem that London is
averse to a lower quotation than 813/2 francs, and so
it would seem that the pound is again anchored for
the time being at least to the franc with some regard
to gold valuation. The•outflow of funds from London to the gold bloc countries, which was strongly
in evidence when the bloc was organized after the
collapse of the London monetary and economic conference, has now evidently ceased, although there is
still a substantial flow of funds to Holland and
Switzerland from many countries. There is everywhere marked confidence in London as the safest
place of deposit for "uneasy money." The great
amount of foreign funds in London is causing much
anxiety to the British authorities. They call it
"unwanted" money. London estimates these funds
at approximately £400,000,000. It is estimated conservatively that London has become the depository
of no less than $500,000,000 of American funds since
the United States went off the gold standard. These
vast accumulations are largely responsible for the
low rates prevailing in Lombard Street .for many
months. Call money is in supply there at 4% to
to 7-16%, threeVi%, two-months' bills at
months' bills at 7-16 to 4%, four-months' bills at
1.
3
M to 9-16%, and six-months bills at 54 to 4%.
The day-to-day quotations for gold in the London
market have already been enumerated in an earlier
part of this resume. On Saturday last £250,000 in
gold bars were taken for Continental account at a
premium of 4d. On Monday the Continent took
£286,000 at a premium of 6d. On Tuesday the Bank
of England bought £90,769 in gold bars. There were
£330,000 available in the open market, of which the
greater part was taken for the Continent at a premium
of 3d. On Wednesday £83,009 was taken by Continental hoarders at a premium of 7d. On Thursday
the Continent took the entire supply of £50,000 at
Yesterday £170,000 was availa premium of
able and taken by the Continent at a premium of
63/d. This week the Bank of England shows an
2
increase in gold holdings of £85,703, the total standing at £191,744,969, which compares with £140,221,715 a year ago and with the minimum of £150,000,000 recommended by the Cunliffe Committee.
The gold movement at the Port of New York for
the week ended Sept. 13, as reported by the Federal
Reserve Bank of New York, consisted of exports of
$10,520,000, of which $8,333,000 was shipped to
France, and $2,187,000 to Italy. There were no
gold imports. The Reserve Bank reported a decrease
of $8,333,000 in gold earmarked for foreign account.
There was an export to England of 4,208 ounces gold
recovered from natural deposit. In tabular form the
gold movement at the Port of New York for the week
ended Sept. 13, as reported by the Federal Reserve
Bank of New York, was as follows:
1985
Financial Chronicle
GOLD MOVEMENT AT NEW YORK, SEPT. 7-SEPT. 13, INCL.
Imports.
Exports.
$8,333,000 to France
None.
2,187,000 to Italy
$10,520,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease: $8,333,000.
Exports of gold recovered from natural deposits 4,208 fine ounces.
The above figures are for the week ended Wednesday evening. On Thursday there were no imports
of gold while $16,900 was shipped to France. There
was no change in gold held earmarked for foreign
account. On Friday there were no imports of the
metal, but $8,532,400 was withdrawn for export,
$8,333,200 being shipped to France and $199,200 to
England. Gold held earmarked for foreign account
decreased ,532,400. There have been no reports
during the week of gold having been received at any
of the Pacific ports.
Canadian exchange continues at a discount. On
Saturday last Montreal funds were quoted at a discount of 4 8%,on Monday at 43 %,on Tuesday at
A
44%, on Wednesday at 44%, on Thursday at
43' % and yesterday at 3%%.
.
4
Beginning with Friday, Sept. 8, the Treasury at
Washington has been announcing daily the price per
ounce which it would pay for new gold from American
mines. In the table below we furnish a record of
these daily prices. As indicating the extent of the
depreciation of the American dollar, it should be
borne in mind that the price for gold by the mint
as fixed by law is $20.67 per ounce.
Friday
Saturday
Monday
Tuesday
PRICE PAID FOR GOLD BY U. S. TREASURY.
Sept. 8
$29.62 Wednesday Sept. 13
Sept. 9
29.12 Thursday Sept. 14
Sept. 11
29.10 Friday
Sept. 15
Sept. 12
29.21
$ .
29
77
30.41
Referring to day-to-day rates, sterling exchange on
Saturday last was easy in a quiet market. Bankers'
sight was 4.513 @4.524; cable transfers, 4.52@
4
4.523 . On Monday the rate was firmer in terms
4
of the dollar in a mixed market. The range was
4.534@4.55 for bankers' sight, and 4.533/2@4.553
for cable transfers. On Tuesday sterling was still
firmer in terms of the dollar. Bankers' sight was
4
4
2
4.563/@4.583 ; cable transfers were 4.563 @4.58%.
On Wednesday sterling again moved up in quiet
trading. The range was 4.573/@4.58% for bankers'
2
sight and 4.57%@4.593 for cable transfers. On
Thursday sterling was much higher. The range was
4.603/@4.63 for bankers' sight and 4.60%@4.631 8
2
/
for cable transfers. On Friday sterling soared; the
range was 4.661 @4.68 for bankers' sight and
4
4.663/2@4.6831 for cable transfers. Closing quotations on Friday were 4.663/2 for demand and 4.67
for cable transfers. Commercial sight bills finished
at 4.6634; 60
-day bills at 4.653 ; 90-day bills at
4
4.653/; documents for payment at 4.653 , and
2
4
seven-day grain bills at 4.663i. Cotton and grain
for payment closed at 4.6631.
the Continental countries has
EXCHANGE onwith sterling. French francs are,
soared along
of
course, the strongest of the Continental units
and have sharply advanced in terms of the dollar
and the pound. As a matter of fact, as pointed out
above in the resume of sterling exchange, any
variation in the franc, whether upward or downward,
with respect to either the dollar or the pound, means
a change in these last two currencies rather than
in the franc as the franc is always convertible into
a fixed amount of gold. The franc, however, is
1986
Financial Chronicle
displaying a somewhat easier tone in terms of other
Continental currencies as there seems to be a movement of funds away from Paris to other centres,
particularly to the gold bloc countries Holland
and Switzerland, because of some apprehension in
Continental foreign exchange circles as to the ability
of France to maintain a free gold standard in face
of the great uncertainties arising from the equivocal
attitude of the Washington authorities in the matter
of currency. While the Bank of France continues
to acquire sums of gold through operations of the
British Equalization Fund, it is at the same time
shipping gold to Switzerland, Holland, and other
Continental countries whose currencies are firm
against francs on purely commercial or trade balance
grounds. It would appear that Paris is confident
that the gold bloc can rest secure against all speculative attacks on the currencies of its members.
Nevertheless, there is. not wanting a considerable
body of opinion which believes that France and the
gold bloc countries, while still adhering to the gold
standard in principle, must impose certain restrictions in order to protect their holdings from speculative influences stimulated by the gold hoarding
excitement now rampant on the Continent. This
week the Federal Reserve Bank of New York reports
the export of $8,333,000 gold to France. As frequently pointed out, this gold is supposed to come
from the earmarked stock of the British Equalization
Fund. The present shipment brings the total of
such withdrawals from New York to Paris since
the beginning of March to approximately $177,000,000. The Bank of France statement from week to
week does not reveal any such large increases in
gold holdings. Doubtless some of this gold does
get into the vaults of the Bank of France, but is
offset by sales of gold by Paris to other Continental
centres. It is also possible that much of these
withdrawals from New York are temporarily deposited by the British Exchange Equalization Fund
with private banks in Paris, or perhaps earmarked
with the Bank of France. In either case they would
not appear as additions to the gold stock of the
Bank of France; for were they to so appear, the
present gold holdings of the Bank would be greater
by several billions of francs than the weekly statements reveal. The Bank of France statement for
the week ended Sept. 8 shows a decrease in gold
holdings of 8,280,619 francs. The total now stands
at 82,269,647,782 francs, which compares with
82,400,237,395 francs a year ago and with 28,935,000,000 trams in June 1928, when the unit was
stabilized. The Bank's ratio stands at the high
figure of 79.71%, which compares with 79.61% on
Sept. 1; with 76.46% a year ago, and with legal
requirement of 35%.
German marks are quoted high in terms of dollars,
but these relative quotations are without significance
as there is practically no market in mark exchange,
as all German foreign exchange and foreign trade
operations are under strict Reichsbank control. The
rise in Reichsbank reserves continues. For the week
ended Sept. 7 the Reichsbank shows an increase of
18,122,000 marks in gold holdings, the total standing
at 325,442,000 marks, which compares with 768,436,000 marks a year ago. The increase in the German reserves ieobtained chiefly at the expense of
the foreign bondholders. It is expected that interest
on German bonds;willIbelpaid_in;about,two„months
Sept. 16 1933
and foreign exchangeldealerainl New York are
planning to start "when-issued" trading in certificates of indebtedness of the Reichsbank conversion
office. The existence of such a market would make
it possible for bondholders to obtain immediate cash
for the conversion certificates, though at a substantial discount from their face value. The German
exporter who receives dollars in New York will be
able to buy the new certificates, which are payable
in marks, at a large discount. This can be used to
reduce the cost of goods sold, thereby enabling German exporters to produce in competition with exporters in other countries.
The London check rate on Paris closed on Friday
at 80.93, against 80.90 on Friday of last week. _ In
ig French centre finish—d
New York sight bills on—
e
Friday at 5.793, against 5.573/i on7Friday of
on
. /
last week; cable transfers at 5 793 2, against 5.58,
and commercial sight bills at 5.79, against 5.563/
2
.
Antwerp belgas closed at 20.69 for bankers' sight
bills and at 20.70 for cable transfers, against 19.84
and 19.85. Final quotations for Berlin-marks were
35.49 for bankers' sight bills and 35.50 for cable
transfers, in comparison with 34.14 rand 34.l57
2
Italian lire closed at 7.783/ for bankers' sfght bills
and at 7.79 for cable transfers, against 7.513/ and
7.52. Austrian schillings closed at 16.60, against
16.20; exchange on Czechoslovakia at 4.40,'against
2
4.24; on Bucharest at 0.923/, against 0.873/; on
2
Poland at 16.90, against 16.35; and on Finland at
2.093/2, against 2.013/2. Greek exchange closed at
0.833/2 for bankers' sight bills and at 0.84 for cable
transfers, against 0.813/ and 0.82.
XCHANGE on the countries neutral during the
war presents no new aspects from those of
recent weeks. The Scandinavian currencies, of
course, move in harmony with the fluctuations in
the pound, to which they are closely allied. The
Spanish peseta is inclined to move sympathetically
with the French franc. Swiss francs and Dutch
guilders are especially firm in terms of the French
franc, with the Dutch guilder stronger:7 Of course,
all these units seem unwarrantably high in terms of
the dollar, for as a seasonal matter, were the dollar
on the gold basis, exchange would now be in favor
of New York and against all Europe. The Dutch
position is especially strong and confidence in the
guilder appears to have returned completely, bringing with it extreme ease in money conditions in
Amsterdam, and a further lowering in the discount
rate of the Bank of The Netherlands is expected.
Bankers' sight on Amsterdam finished on Friday
at 59.74, against 57.64 on Friday of last week; cable
transfers at 59.75, against 57.65; and commercial
sight bills at 59.60, against 57.35. Swiss francs
closed at 28.69 for checks and at 28.70 for cable
transfers, against 27.59 and 27.60. Copenhagen
checks finished at 20.89 and cable transfers at 20.90,
against 20.29 and 20.30. Checks on Sweden closed
at 24.14 and cable transfers at 24.15, against 23.45
and 23.46; while checks on Norway finished at 23.49
and cable transfers at 23.50, against 22.84 and 22.85.
2
Spanish pesetas closed at 12.393/ for bankers' sight
bills and at 12.40 for cable transfers, against 11.91 14
and 11.92.
E
XCHANGE on the South American countries is
purely nominal. There is practically no market
in New York and whatever transfers of exchange
E
Financial Chronicle
Volume 137
the South American control boards sanction seem
to favor the British interests. It is also stated that
funds accumulating in the South American markets
in favor of American interests are allowed to remain
on deposit there or are inclined to seek temporary
domicile in London as a result of uneasiness over the
dollar situation here.
Argentine paper pesos closed on Friday nominally
at 37 for bankers' sight bills, against 37; cable
transfers at 38, against 3732. Brazilian milreis are
nominally quoted 6.95 for bankers' sight bills and
83. for cable transfers, against 7.81 and 8%. Chilean
exchange is nominally quoted 9 against 83 . Peru
4
is nominal at 19.75, against 20.25.
1987
HE following table indicates the amount of gold
bullion in the principal European banks as of
Sept. 14 1933, together with comparisons as of the
corresponding dates in the previous four years:
T
Ranks of-
1933.
-f
England_ _ _ 191,744.969
France a_ _ _ 658,157,182
Germany b.
13,089,250
Spain
90,402,000
Italy_ _ __ _
75,854,000
Netherlands
68,921,000
Nat. Beig'm
77,14-4,000
Switzerland
61.461,000
Sweden_
13,989,000
Denmark.
7,397,000
Norway _
6,569,000
1932.
1931.
£
£
140,221,715 136,880,252
659,201,899 468,614,374
35,254,150
63,626.250
90,273,000
91,029.000
61,810,000
58.093,000
54,738,000
86,114,000
46,403,000
74,835
89,165,000
33.970,000
11,444,000
12,770,000
7,400,000
9,536,000
7,911,000
8,128,000
1930.
1929.
£
C
157.510,761 136,921,000
380,342,673 312,244,144
123,448,000 101,828,160
98,968,000 102,594,000
56,503,000
55,597,000
32,551,000
36,929,000
34,564,000
29,171,000
25,585,000
20,273,000
13,467,000
13,455,000
9,566,000
9,586.000
8,141,000
8,153,000
Total week_ 1,264,698,401 1,263,629,764
983,786,876
940,646,434
826,951,294
Prroir urook
0R9 1R17 AAR
ORO 1Rc 92A
Ratige7 F90
1 952 cm 4.1 2 1 9A1 sue 9.1k
.
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Cold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £3,182,850.
0
•••==
XCHANGE on the Far Eastern countries follows
the trends which have developed since the
abandonment of gold by the United States in March.
Trading is of the most limited character and the
major part of whatever exchange operations are permitted or possible between the Occident and the
Oriental countries take place chiefly through London.
The highly nominal quotations posted in New York
are so far as China is concerned governed by the
price of silver. Japanese yen are under the strictest
of government control regulations and while the rate
for yen is fractionally above that fixed by the Japanese authorities in January 1932 (around 253/ cents),
the nominal rate now quoted is virtually meaningless
as the Japanese Government is also inclined to favor
London in the settlement of accounts. The Indian
rupee fluctuates of course with the pound.
Closing quotations for yen checks yesterday were
27.55 against 26.25 on Friday of last week. Hong
Kong closed at 33%@33 15-16 against 323@32 9-16;
Shanghai at 303/@303/,against 29@29 3-16; Manila
8
2
at 49 8, against 4978; Singapore at 543 , against
4
53%; Bombay at 35.05, against 34.25; and Calcutta
at 35.05, against 34.25.
E
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
SEPT. 9 1933 TO SEPT. 15 1933, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New
Value fa United States Money.
Country and Monetary
York
Unit.
Sept. 9. Sept. 11. Sept. 12.1 Sept. 13. Sept. 14, Sept. 15.
$
EUROPE3
$
8
3
$
.159750 .159366 .161600 .161833 .162333 .167066
Austria, whiffing
.195307 .196627 .198625 .200136 .201853 .205741
Belgium, belga
Bulgaria, ley
.010750 .010750* .011250 .011666 .014166 .014750
Czechoslovakia, krone .042012 .041955 .042500 .042575 .042931 .043906
Denmark, krone
201709 .202516 .204600 .204458 .206008 .208663
England, pound
sterling
4.521416 4.539750 4.578303 .580416 4.614750 4.668666
Finland, markka
.020040 .020070 .020241 .020250 .020375 .020783
.054748 .055225 .055823 .056131 .056758 .507725
France,franc
Germany, reichsmark .334300 .336750 .339441 .341736 .345771 .353916
.008066 .007965 .008085 .008083 .008178 .008304
Greece. drachma
.563525 .569123 .574645 .578207 .585033 .594883
Holland, guilder
.247500* .246833 .249666 .250833 .253620 .260550
Hungary. Peogo
.073885 .074283 .074980 .075516 .076270 .077734
Italy, lira
.226808 .227938 .230045 .230107 .231918 .234700
Norway, krone
159800 .160033 .161000 .162125 .162500 .167640
Poland,zloty
.042910 .042925 .043040 .043318 .043735 .044562
Portugal, escudo
Rumania.leu
.008437 .008500 .008612 .008700 .008840 .009050
.117000 .117850 .119266 .119550 .121125 .123600
Spain, peseta
232854 .234023 .236000 .236220 .237920 .241080
Sweden.krona
Switzerland, franc... .270725 .272515 .275316 .277458 .280475 .285727
Yugoslavia, dinar
.019487 .019550 .019570 .019562 .019830 .020325
ASIAChinaChefoo (yuan) doh* .284375 .288125 .289583 .288750 .292708 .299166
Hankow (yuan)dol'r .284375 .288125 .2895.83 .288760 .292708 .299166
shanghal(yuan)dar .285468 .288593 .290000 .289375 .293593 .300000
Tientsin (yuan) dol'r .284375 .288125 .289583 .288750 .292708 .299166
Hong Kong dollar._ .318437 .320000 .321875 .321875 .327187 .334375
.339500 .340375 .342910 .343437 .345500 .350100
India, rupee
Japan, yen
261425 .263250 .266125 .265525 .268150 .273437
figagapore (S.S.) dollar .527500 .527500 .533750 .532500 .536875 .545000
AUSTRALASIA
3.602500 3.620000 3.653333 3.656458 3.664166 3.718750
Australia, pound
New Zealand, pound 3.611658 3.629166 3.662033 3.665625 3.673333 3.727916
AFRICA
South Africa, pound 4.461688 .479166 .520000 4.523333 4.554166 4.608958
NORTH AMER..950781 .951770 .953385 .952760 .953520 .961931
Canada, dollar
.999750 .999750 .990750 .999780 .999750 .999750
Cuba.Peso
Mexico, peso (silver). .286880 .280840 .280920 .280960 .280960 .280960
Newfoundland, dollar .948375 .949500 .950875 .956375 .950825 .959531
SOUTH AMER.Argentina, Peso (gold) .816260* .818840* .827154* .831988* .839886* .8566984
.080980* .080480* .080980* .080980* .081;75* .0817754
Brazil, mIlreis
.083750* .082500• .084375* .084375* .086250* .0850004
Chile, peso
.670000* .663750* .667083* .668750* .673750* .6850004
Uruguay, peso
,
7717 10* 793700* 793700. 7 12700* wrvinn. ..7no........
, ,
OnInmhin npqn
_
Nominal rates; firm rates not available.
Another Blow at Parliamentary Government
-The New Regime for Austria.
The full text of the speech which Chancellor Dollfuss of Austria delivered at Vienna on Monday. at a
great popular celebration commemorating the 230th
anniversary of the deliverance of Vienna from the
Turks, is not yet available in this country, but press
summaries have given enough of its substance to
make clear its revolutionary import. If the program
which Chancellor Dollfuss outlines, albeit with a
good deal of indefiniteness regarding details, is
carried through, Austria will have ceased to have a
parliamentary government and will have become, to
all intents and purposes, a Fascist State. The last
remaining fragment of what was one of the two central foundations of the Austro-Hungarian Empire
will have renounced the parliamentary system as no
longer adapted to its needs, and turned to dictatorship as the form by which its interests can best be
served.
The following extracts from accounts of the address transmitted by correspondents of the New
York "Times" and "Herald Tribune" indicate with
sufficient clearness the road which the Chancellor
proposes to take. "Liberalism," he declared, referring to the recent political history of Austria.
"has been followed by Marxism, both of which were
materialistic. I wish here to expose the sills of
parliamentarism and so-called democracy. We are
now beginning a new era. The time of liberal
capitalism is past, as also is the selfish, materialistic Marxism. . . . The old Parliament with the
old leaders has gone, never to return. The epoch of
liberalistic and capitalistic systems has ended and
will never come back. The period of Socialistic misguidance is over. There will no longer be a rigid
party system in Austria. We shall build up a
Catholic, German State which will he thoroughly
Austrian upon a corporative (in Austria and Italy
this means Fascist) basis. It will be an authoritarian State, based on corporations formed on occupational lines. But we decline co-ordination and
terrorism. At the beginning of autumn we stand at
the eve of renewal of our country. We will go as far
in its defense as we are compelled to go, and we will
allow no terrorists to overrun us."
Elsewhere in his speech the Chancellor used expressions which, as Vienna correspondents pointed
out, might be interpreted as an intimation that the
new system of government which he had in mind
was one resting on a party coalition. "To-day," he
said, "the Fatherland front issues a general appeal
to all Austrians. This front is no union of two or
three parties, but of all who recognize Austria as
1988
Financial Chronicle
their German Fatherland. All must wear the red,
white and red emblem as a symbol of their cooperation in the work of winding up the party
State." Read, however, in the light of the previous
emphasis upon the "authoritarian" and "corporative" State, and of the transformation which the
party system has undergone in Italy under Premier
Mussolini and in Germany under Chancellor Hitler,
it is.difficult to see in the remarks just quoted much
ground for expecting that the Austrian Government,
when it is made over according to Chancellor Dollfuss's mind, will bear any real resemblance to what
has commonly been recognized as a coalition government. If there were doubt at this point, as apparently there was, it was removed by the further statement of Chancellor Dollfuss on Thursday, in an
interview for the New York "Times," that "the
Fatherland front is not to be an amalgamation of
the old parties, but a new organization that can
be joined by the members of the old parties."
The fascism of Hitler's Germany is not, in all
respects, identical with the fascism of Mussolini's Italy, but in neither country does the system
admit of rival parties or a Government and an
Opposition. If Chancellor Dollfuss, after calling
for an "authoritarian" and "corporative" State—
terms which none of his hearers would be likely to
misunderstand—felt it advisable to suggeSt a union
of parties, it was only, we may be sure, a verbal and
diplomatic concession to those who, while agreeing
that the old forms of parliamentary government had
had their day and ceased to be, still hoped that
parties themselves might in some way survive.
So will pass, if Chancellor Dollfuss has his way,
another parliamentary State. So will advance, by
another momentous step, the cause of dictatorship.
To the Fascist States of Italy and Germany will
be added the Fascist State of Austria, weak, to be
sure, in numbers and material resources and heavily
handicapped financially, but politically of outstanding importance for the immedate future of Europe.
There is no reason to conclude that what is
planned for Austria, reinforced by the example of
what has actually taken place in Italy and the German Reich, means the early disappearance of parliamentary government throughout Europe. The
proposed change, however, points to certain weaknesses in the parliamentary system which contemporary conditions in Europe have increasingly emphasized. The parliamentary system, with its
theory of government by a party or parties representing a majority of the elected members of a
national legislature, has rarely worked well in times
of crisis. Even in Great Britain, with ancient and
powerful political traditions, immense moral as
well as material resource, and a security and independence which no opposition has been able seriously to endanger, parliamentary rule has more
than once given way temporarily, not in form but
in effective substance, to what was virtually a Cabinet or Ministerial dictatorship. The weaknesses of
the system become specially obvious when, as in
our own time, complicated economic and political
problems, domestic as well as foreign, press hard
for solution, and when unemployment, disordered
finance and depressed industry and trade put a
people under increasing strain. Party dissension,
harrassing debate, and sharp differences of opinion
within Cabinets and parties are ill-adapted to cope
with a situation in which security, certainty and
Sept.
16 1933
prompt and definite government action are the
uppermost demands.
The lack of adaptation is the more apparent when,
as in the case of Austria, the very existence of the
nation as an independent unit appears to be at
stake. It is not the fault of Austria that it is weak,
for it was the outstanding victim of the vengeance
of the Paris Peace Conference, whose leaders decreed that the empire of the Hapsburgs should be
destroyed beyond all possibility of resurrection, and
crippled Austria to an extent which left it permanently dependent under even the best conditions.
It was later forbidden to make a customs union
with Germany at a time when such a union would
have met with Austrian approval, and it has been
saved from national bankruptcy only by the aid of
foreign loans supported by the League of Nations.
With domestic economic problems grave enough to
tax its ability and resources to the utmost, it has
had to meet the propaganda attacks of the German
Nazis, and has seen the Hitler type of fascism grow
apace among its own people. In this situation the
Austrian parties have had little to offer except demoralizing attacks on the Government and heated
controversy over their respective party claims, while
socialism as a political practice has become not only
hopelessly ineffective but a positive menace to peace
and security.
The problem of the Government under these trying circumstances has •been to keep government
going with one hand while resisting the Nazi attacks
with the other. As Chancellor Dollfuss said in his
speech on Monday, "during our fight on Marxism,
which could have been smashed faster than any one
dared hope, a movement under the flag of nationalism attacked us in the rear, thus compelling the
Government, while fighting on two fronts, to keep
its hand steadfastly in control of the State and take
measures necessary in such difficult times." There
is nothing in Chancellor Dollfuss's speech to show
that he is opposed to the particular kind of nationalism which the Hitler Government represents; on
the contrary, he himself comes out flatly for a government which is not only nationalist, but which
is also Fascist in all except name. What he objects
to, and what he has resisted thus far with notable
success, is the forcible imposition of nationalism or
fascism upon Austria from the outside by organized
propaganda and incidental terrorism. He sees
fascism as the need of Austria because, in the pres'ent peril, parliamentary government has broken
down, representative institutions of the parliamentary type no longer work, parties have become a
hindrance rather than a help, and only a dictatorship holds promise of preserving the integrity of
Austria as a nation.
Whether, on the other hand, in speaking out as
he has in favor of fascism, Chancellor Dollfuss has
intended to dissociate himself and his proposed reorganized Government from the Pan-German movement which Hitler is believed to be furthering is
not so clear. "It is so self-evident that we are Germans," he declared at Vienna, "that it is needless
to proclaim it. * * * The campaign that is carried on across the frontier against us was never provoked here. We have repeatedly declared our willingness to be reconciled. Our German feeling prevents us from taking measures we would otherwise
have taken long ago. We wish to live.at peace with
Germany. We wish to build our own house in free-
Volume 137
Financial Chronicle
dom and peace." The initial reception accorded to
the speech in Germany does not suggest that this
olive branch, if such the references to Germany
were meant to be, is likely to be viewed with much
cordiality. An Associated Press dispatch from Berlin on Tuesday reported that German official circles characterized the Dollfuss speech as a "maze
of muddled notions" and "an admission of weakness on the part of the Dollfuss regime." A corporative State, it was insisted, could not be established by decree, and "Austro-German co-operation,
however much desired by Germany, could not materialize under the present Austrian regime." Nevertheless, if Austria "goes Fascist," as Chancellor
Dollfuss evidently means that it shall, such differences as may exist between the Austrian and German systems are not likely to prove an insuperable
barrier to a rapprochement unless the Hitler Government contemplates an actual absorption of Austria. Of that expectation there is as yet no proof.
The extent to which fascism, even in the aggressive form which it has taken in Germany,is accepted
in Europe as inevitable may be inferred from the
calm way in which the announcement of Chancellor
Dollfuss has been received. Only in France, as far
as American newspaper dispatches show, has a note
of anxiety been sounded, the political writer "Pertinax" being quoted as expressing some concern lest
Austria should now draw closer to Hungary, and
the rapprochement "end by an appeal for German
aid against the encircling Slays, since Italy might
not be in a position to extend such aid." As for
the rest of the Paris press, the correspondent of
the New York "Herald Tribune" reported on Tuesday that the announcement had "aroused sympathetic admiration * * * although there were not
lacking voices to express fear lest the distinction
between Austrian fascism and Hitlerite fascism
should fade rapidly." That France was not unprepared for the change seems evidenced by the further
statement of the correspondent that it was "reported credibly at Paris" that M. Paul-Boncour,
French Foreign Minister, "desired until quite recently to see Chancellor Dollfuss return to a parliamentary regime in Austria, but revised his views
as a result of urgent representations from the
French Ambassador at Vienna." One wonders if
the caution of the French and the silence of the
British press, both of them representing countries
whose governments are deeply interested in the Austrian situation, may not be due to a realization that
Chancellor Dollfuss has taken, apparently, the only
course open to him, and that Europe must be prepared to get on with more fascism rather than less
whatever the effect upon parliamentary government
in Great Britain and France may be.
Co-operation of Banks, Bankers and the Administration—Prudence Calls for Consultation.
Ever since the National Banking Act was enacted
as an outgrowth of the Civil War all of the banks
in the States and territories established under that
system have been to a great extent under the control
of the Federal Government. Supervision was exercised chiefly through the Comptroller of the Currency until as a product of the World War there
came into existence the Federal Reserve System
which now embraces not only all institutions having a Federal charter but many which operate under
State charters and which have permission to become
"member banks" of the Reserve System.
1989
Thus throughout the entire country all of the
principal banks excepting privately operated banks
come under at least partial jurisdiction of the Federal Government, the Federal Reserve Board at
Washington having supervision of each of the twelve
Federal Reserve Banks with which all of the National Banks and the member banks are identified
and through their memberships in the local Clearing House Associations exacting rules are prescribed for the conduct of business.
The power of the Government was well exemplified when the bank moratorium was declared by the
Administration last March, closing for a short
period not only the institutions identified with the
Federal Reserve System, but all banks including
State commercial banks and even mutual savings
banks. When the doors were temporarily closed
access was barred to the safe deposit departments.
Thus for a few days the ready cash resources of all
the people were practically reduced to the loose
change in their pockets or to the cash in the tills of
business organizations.
The formation of the Reconstruction Finance
Corporation put another cog in the Federal machinery which seems is destined to play an important part in banking affairs as it is permitted to
subscribe for preferred stock of the banks and thus
acquire a claim upon banking resources ahead of
that possessed by the owners of-the common stock
of such banks.
Under these unusual conditions, presenting circumstances never before encountered, the American Banking Association held its annual Convention last week in Chicago. Little wonder therefore
that the delegates to the Convention were somewhat
dumfounded, especially as a representative of the
Administration was present to tell the bankers just
what was expected of them in the Herculean efforts
now being exerted to bring the nation back to prosperity. The delegates could do little else but reflect. They could not be combative.
The public would be deeply interested if it could
learn the reports made by those attending the Convention to their various Boards of Directors upon
their return home, after due consideration of all the
views presented on the floor of the Convention and
in private conversation after adjournment.
The purpose of the Federal spokesman evidently
was to impress upon the bankers the spirit of loyalty
embodied in the formation of the National Recovery
Administration, pointing out the manner in which
the financial institutions may be of particular
benefit in carrying out the efforts being made to
bring about normal operation of industry in order
to increase employment, thus putting more money
in circulation and enlarging the buying power of
consumers.
Apparently the key to the situation as construed
by those in National authority is a loosening of
credit which will lubricate the wheels of business
machinery including production of raw materials,
manufacture, transportation and distribution.
On its own behalf the Government is doing much
to stimulate purchases by granting loans which
should encourage new buying on a large scale, but
all such efforts will need the hearty co-operation of
the bankers who control credit.
During the recent banking crisis the Federal Reserve Banks performed a public service by lending
aid to many member banks which were imperilled
Financial Chronicle
1990
by unexpected runs. Officers of the Reserve Banks
had full knowledge of the resources of the banks
which were endangered and they knew the character
of • the officers and directors responsible for the
management of such institutions. They were consequently in a position promptly to extend aid where
they believed that assistance was justified, and by
extending aid they saved many banks from closing
their doors and thus were instrumental in allaying
public apprehension. In other words the Reserve
Banks set a good example of extending credit when
it was needed.
After three years of marking time there has undoubtedly accumulated a very large need for improvements. Individuals, firms and corporations
will apply to their local banks for loans in order to
restock, make replacements and in some cases extensions and installations of new machinery. Credit
where justified will undoubtedly stimulate trade
activity which is much needed and in large degree
the success of the efforts of the Government will
depend upon the judgment of the bankers who control the credit mills.
Certainly banking to-day is "not a happy lot."
Bankers are trustees for their shareholders and
their depositors, which imposes upon them responsibilities that are not assumed by Government offi-
Sept. 16 1933
cials handling public funds. Government officials
generally have a brief tenure of office and upon being retired hand all responsibility over to their
Successful bankers
newly chosen successors.
for life and must
often hold their positions
shoulder full responsibility for their judgment and
actions.
It may be well if the Administration will hesitate
to ride "rough shod" over tried and proven leaders
of finance. Helpful co-operation may be obtained
by consultation before cast iron rules are promulgated to be executed without fear or judgment as
to the consequences. Credit is a delicate plant
which may be withered by frost or strengthened by
cultivation and irrigation to be productive of fruit.
Only an expert horticulturist knows how to handle
vegetation to produce the best results. Amateurs
often fail. Progress and upbuilding are required
upon a National scale. Requirements of widely
separated sections differ greatly; so much in fact
that an order might prove beneficial in one locality
but withering elsewhere. A high degree of judgment
and caution is called for if the best results are to
be obtained. Why not, therefore, consult men of
the highest type in the profession who have knowledge based upon long experience before an imperative order is issued?
Gross and Net Earnings of United States Railroads for the
Month of July
The record of the earnings of United States railroads is now one of general improvement, just as a
year ago, and the two previous years, it was one of
steady and uninterrupted and cumulative losses,
and our compilation to-day for the month of July
furnishes conspicuous illustration of the fact. As
compared with July of last year, the gross revenue
from the operations of the roads shows an increase
of $59,691,784, or 25.13%, and the net revenue an
increase of $54,334,821, or no less than 117.74%.
Let the reader well note that the improvement in
the net exceeds 100% as an indication of the wonderful transformation which has occurred. And it
deserves to be noted that in the month of June the
improvement in the net also exceeded 100%. The
great change for the better, and a change which
should remain in evidence for some time to come,
is the twofold result of a gain in the gross revenues
and of economy in the operation of the roads, or
the holding down of the expenses. The enlargement
of the gross revenues in the ratio of over 25% certainly must be regarded as very substantial, reflecting a considerable addition to the traffic handled
and moved in contrast with the poor traffic movement 12 months ago, while the concurrent augmentation of only 2.80% in the operating expenses (not
including taxes), and a reduction in the ratio of
expenses to earnings from 80.04% to 66.19%, furnishes striking testimony to the economy with which
the roads are being managed.
To be sure, the comparison is with a conspicuously bad period in 1932, but that ought not to
diminish satisfaction over the fact that the situation has now changed, and very radically, too, yielding the improvement so earnestly desired. In order
that the reader may have a clear idea of how poor
the showing was in July of last year, we may recall
that in our comments on the figures of 12 months
ago we observed that both in amount and in ratio
the July losses then exceeded those of any other
month of the year, and we made the observation that
the only qualifying circumstance to mention in connection with that unenviable distinction was that
there had been five Sundays in the month in 1932
against only four Sundays in July 1931, depriving
the roads of one working day, and to this we may
now add that July 1933 also had five Sundays. The
loss in the gross earnings in July 1932 was $138,851,525, or nearly 37%, and the loss in the net earnings $50,857,533, or over 52%,and we remarked that
shrinkages of such proportions could not be considered other than strikingly bad even when standing alone, but when conjoined.with a falling off of
$80,150,008 in gross and $28,465,456 in net in 1931
and a loss of $101,152,657 in gross and $43,753,737
in net in 1930, made a record of continuous losses
that was perfectly appalling. We have now in 1933
recovered only a portion of the huge falling off in
these three previous years, but the important point
is that we have now begun to travel once more in
the right direction, and perhaps also comfort ought
to be derived from the circumstance that contemplation of the results for these earlier years makes
it plain that there is room for much further improvement before we shall get back to anywhere
near the results for these earlier years.
Month of.1015—
Mlles of road (16f roads)
Gross earnings
Operating expenses
Ratio of earnings to expenset
Net earnings
1932.
inc. (+) or Dee.
1933.
—558 —0.23
241,906
241,348
$
297,185,484 237,493,700 +59,691,784 +25,13
+2.10
+5,356,963
196,702,646 191,345,683
80.44%
14.25%
66.19.
100,482,838
46,148,017
+54,334,821 +117.71
In showing a very noteworthy improvement over
1932, but falling far short of the results attained
when the country was in the heyday of its prosperity, railroad earnings are reflecting the general
situation of trade and industry. Much greater
activity now prevails than a year ago, and the country is unmistakably on the road to recovery, but
Volume 137
Financial Chronicle
we shall have to travel much farther in the same
direction if we hope to bring business back, not to
the unhealthy and fictitious level of 1928 and 1929,
but to a normal and legitimate basis in the conduct
of the everyday business affairs of the times. All
the trade statistics bear eloquent testimony to the
fact, and while activity is now very much greater
than in 1932, very much further progress will have
to be made before we shall get back to a really normal state, taking all past experience into account.
And that is the chief usefulness of the statistics we
bring together each month in this article in that
they throw light on the point referred to. 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 233,088, which is double the output
in July 1932, when the number of motor vehicles
turned out was only 109,143, and compares with
218,490 in July 1931, but in July 1930 the product
was 265,533 cars, and in July 1929 the output was
no less than 500,840 cars. In most other directions
the comparisons are of like character. The make
of pig iron in July the present year, according to
the figures compiled by the "Iron Age," was
1,792,452 gross tons, which stands in stark contrast
to 572,296 tons in July 1932, and compares with
1,463,320 tons in 1931, but in July 1930 the make
of pig iron was 2,639,537 tons, and in July 1929
actually reached 3,785,120 tons. The comparisons
in the case of steel production are the same. The
calculated output of steel ingots in July 1933 stands
at 3,203,810 tons, which is certainly in striking contrast with a production of only 806,722 tons in July
1932, and compares with 1,887,580 tons in July 1931,
2,922,220 tons in July 1930, but in July 1929 the
steel production reached no less than 4,850,583 tons.
Coal production in like manner shows only part
return to the figures of other recent years. In July
1.933 the quantity of bituminous coal mined in the
United States was 29,482,000 tons, as against
17,857,000 tons in July 1932, and 29,790,000 tons in
July 1931, but in July 1930 the production was
34,715,000 tons, and in July 1929, 41,379,000 tons,
while back in July 1923 the production of bituminous coal aggregated 46,707,000 tons. The production of Pennsylvania anthracite in July 1933 is figured at 3,677,000 tons against 3,021,000 tons in July
1932, but compares with 3,954,000 tons in July 1931;
5,557,000 tons in July 1930; 4,810,000 tons in July
1929, and no less than 8,136,000 tons in July 1923.
An exception to recovery is found in the case of
the building industry. There things continue to lag.
According to the compilations of the F. W. Dodge
Corp., construction contracts in the 37 States east
of the Rocky Mountains called for an expenditure
of only $82,693,160 in July 1933 as against $128,768,700 in July 1932; $285,997,300 in July 1931;
$367,528,400 in July 1930, and ,no less than $652,436,100 in July 1929. In face, however, of this continued shinkage, lumber production greatly increased as compared with the small output of 1932.
The National Lumber Manufacturers' Association
reports that for the four weeks ended July 29 an
average of 572 mills show a cut of 750,070,000 feet
of lumber in 1933 as compared with 420,861,000 feet
in the corresponding four weeks of 1932. This is
an increase of 78%, but nevertheless is 5% below
the record of comparable mills for the same period
of 1931.
1991
In addition to the greater volume of traffic
handled by the railroads as a result of the revival
in trade, Western roads had the advantage of a
decidedly larger grain movement. This followed,
not from the fact that the 1933 grain crops, as far
as ready for shipment, promise a larger production
(the contrary is really the case), but because of the
sharp advance in the market prices of all kinds of
grain. As a natural consequence,farmers sent their
supplies to market with great freedom, whereas
previous to the rise, and particularly in July of
last year, when market prices ruled inordinately
low, farmers refused to ship and withheld their supplies from market. A notable contrast in the Western grain movement between the two years has been
the outcome. We discuss the details of this Western grain movement in a separate paragraph further
below in this article, and need only note here that
for the four weeks ended July 29 the present year
the receipts at the Western primary markets of
wheat, corn, oats, barley and rye aggregated
103,204,000 bushels as against only 57,386,000 bushelf4 in the corresponding four weeks of 1932.
As a sort of composite picture of the freight movement as a whole, over the railroads of the country,
the figures showing the loading of revenue freight
furnish unquestionably the best index of all of the
course and trend of trade and business, inasmuch
as they cover all classes of freight and all sections
of the country. For the five weeks ending July 29
the loading of revenue freight on the railroads of
the United States in 1933 aggregated 3,108,813 cars,
and this compares with 2,420,985 cars in the same
five weeks of 1932, but with 3,692,362 cars in the
corresponding five weeks of 1931; 4,475,391 cars in
the same period of 1930, and 5,265,998 cars in 1929.
We have already referred to the course of railroad earnings as a whole, and noted the great improvement over 1932 in the gross revenues and the
very striking improvement in the net earnings, the
conspicuous feature being the relatively small augmentation in the expenses in face of a greatly enlarged volume of traffic. In the case of the separate
roads, the saving in operating expenses is also the
most noteworthy feature of the returns, and here
some wonderful transformations in the character of
the exhibits has been worked by many separate roads
and systems, there being numerous instances where
large gains in gross revenues have been attended by
actual reductions in expenses. Illustrations of that
kind are to be found in all sections of the country.
In equally numerous instances large gains in gross
revenues have been attended by relatively small
additions to expenses. To attempt to enumerate
all of the instances of that kind in the two classes
would take far too much space, but we may note a
few of the especially conspicuous cases. The great
East and West trunk lines naturally come first in
order, and the New York Central RR. reports
$5,393,525 gain in gross and $4,722,911 gain in net.
If we include the Pittsburgh & Lake Erie and the
Indiana Harbor Belt, the result for the New York
Central lines is an increase of $6,416,856 in gross
and $5,426,184 in net. The Pennsylvania RR. shows
$5,669,046 gain in gross and $3,931,177 gain in net,
and the Baltimore & Ohio $4,149,991 gain in gross
and $2,798,287 in net.
In the Northwest, the Chicago Milwaukee St. Paul
& Pacific has bettered its gross from last year by
$2,311,350, and its net by $2,470,478. The Great
1992
Financial Chronicle
Northern- has added $2,038,273 to gross and
$2,599,957 to net, and the Northern Pacific with
$868,696 addition to gross has succeeded in enlarging its net by $947,073. Coming further south in
the West, the Union Pacific shows gross enlarged
in amount of $999,231 and net enlarged in amount
of $952,070. The Southern Pacific has suffered a
reduction of $86,303 in gross, but has converted this
into a gain of $672,811 in net. The Southwestern
roads make the least favorable showing of all, owing
to the prolonged drouth and the poor yield of winter wheat and other grains. The Atchison Topeka &
Santa Fe, accordingly, falls behind $450,107 in gross
and $325,213 in net. The Chicago Rock Island &
Pacific has added $140,129 to gross and $88,428
to net.
As a group, the Southern railroads give perhaps
the best account of themselves. The Southern Railway, for many months conspicuous in that respect,
has added no less than $2,368,739 to gross and
$2,514,336 to net, and many of the other roads in
the Southern Railway System have distinguished
themselves in the same way-the Cincinnati New
Orleans & Texas Pacific reporting a gain in gross
of $499,573 in gross and of $476,673 in net. The
Louisville & Nashville shows $1,778,227 increase in
gross and $1,341,481 in net; the Atlantic Coast Line
$450,511 in gross and $16,270 in net, and the Seaboard Air Line $442,463 gain in gross and $499,880
in net. In the table below we follow our usual custom in bringing together in tabular form 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. It will be observed that
there are only two roads where the decrease in the
gross reaches or exceeds $100,000, namely, the
Atchison and the Long Island-and only one system where the loss in the net earnings reaches or
exceeds $100,000, the single exception being •the
Atchison System.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF JULY 1933.
Increase.
Increase.
$5,669,046 Chicago Great Western_ - $ 377,242
Pennsylvania
n5393,525 Union RR. of Penna.._ 368.883
New York Central
312.326
4.149.991 St Louis Southwestern__
Baltimore & Ohio
3.555,444 Minn St P & S S Mario....
310,159
Chesapeake & Ohio
298,678
2,368,739 Lake Sup & Ishpeming__
Southern Ry
280,037
Chic Milw St P & Pacific 2,311,350 Delaware & Hudson_ _ .. _
276,033
2,248,029 Virginian
Norfolk & Western
251,663
Chicago & North Western 2.113,312 Chic & Eastern Illinois
226,351
Chicago Burl & Quincy-- 2,079,491 Clinchfield
215,998
2.038,273 Mobile & Ohio
Great Northern
215,423
1,778,227 Indiana Harbor Belt_ _
Louisville & Nashville
188,491
1.386,302 Chic & Ill Midland
Illinois Central
183.330
1,276.385 Minneapolis & St. Louis
Erie (3 roads)
172,191
1,272,028 St L San Fran (3 roads)_ _
Pacific
Missouri
149,022
1,220,265 Terminal RR Assn of St L
Reading Co
147,295
999.231 Montour
Union Pacific (4 roads)_ ..
140.129
992.976 Chic RI & Pac(2 roads)..
Duluth Missabe & North
137,892
868,696 Missouri-Kansas-Texas- _
Northern Pacific
137.351
Pittsburgh & Lake Erie_ _
807.908 Alabama Great Southern
129,742
776,148 Pittsburgh & West Va....
New York Chic & St L.128,925
684,113 Belt Ry of Chicago
Lehigh Valley
116,618
650,885 Detroit & Toledo Sh Line
Bessemer & Lake Erie__ _
115,319
649,314 Atlanta 13irrn & Coast
Elgin Joliet & Eastern- - 115,128
571.808 Illinois Terminal
New York New Hay & H
113,303
554,603 Yazoo & Mississippi ValPere Marquette
110,301
535,044 Texas & Pacific
Wheeling & Lake Erie
109,956
499,573 Monongahela
Cinc New On & Tex Pac
109,948
phiia Reading S Lines_ 478,612 Alton
103,853
463.641 Chic River & Indiana
Western Maryland
101.128
453,163 Denver & Rio Grande W
Wabash By
450,511
Atlantic Coast Line
Total (77 roads)
$58,298,268
447,953
Grand Trunk Western_ 442,463
Seaboard Air Line
Decrease.
440,531
Boston & Maine
431,293 Atchison Top & Santa Fe
Chic St P Minn & Omaha
(3 roads)
3450.107
429.397
Central of Georgia
226,832
402,786 Long Island
Nashville Chatt Sr St L.._
385,641
Del Lack & Western.._
$676,939
Total (4 roads)
378,855
International(It North_ a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central.
Cincinnati Northern, and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result
is an increase of $6,416,856.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF JULY 1933.
Increase.
Increase.
$1,637.427
Central
44,722,911 Norfolk & Western
New York
Pennsylvania
3.931.177 Louisville & Nashville_ _ .. 1.341,481
1,263.911
2,798,287 Erie (3 roads)
Baltimore dr Ohio
1,171,451
2,599,957 Illinois Central
Great Northern
1,135.779
Southern By
2,514,336 Reading Co
961.300
P & Pacific 2,470,478 Missouri Pacific
Chic Milw St
952,070
Chic & North Western-- 2,291.304 Union Pacific(4 roads)-947.073
Chesapeake & Ohio
2,237,847 Northern Pacific
892,606
Chicago Burl & Quincy-- 2,205,070 Duluth Missabe & North
Sept. 16 1933
Increases.
Increases.
$219,408
New York Chic & St L__
$726,563 Clinchfield
201,354
Nashv Chattan & St L_ _
New York New Hay & H
723768
189.328
Lehigh Valley
691,106 Alton
175,605
Southern Pacific(2 roads)
672,811 Mobile & Ohio
166.379
Bessemer & Lake Erie__ _
616.109 Terminal RR Assn of St L
162,535
Atlantic Coast Line
610,270 Indiana Harbor Belt_
162,480
Wabash
595,889 Western Maryland
159,250
Pittsburgh & Lake Erie_ _
540,738 Maine Central
158,205
Dela Lack & Western_
532,048 Alabama Great Southern
145,509
Minn St Paul & S S Marie
520.461 Chic & Illinois Midland_
138,385
Boston & Maine
512,725 Spokane Port! & Seattle..
136.803
Chic St P Minn & Omaha
509.411 Gulf Mobile & Northern.
133,720
Seaboard Air Line
499,880 Atlantic Birmingham &
129,044
Chic New Or!& Tex Pac
476,673 Denver & Rio Grande W
126,234
Elgin Joliet & Eastern_ 472,369 Central RR of New Jer
111,061
St. Louis Southwestern_ _
418,358 Yazoo & Mississippi Val
111,039
Chicago Great Western_ _
385.623 Pittsburgh & West Va__
Pere Marquette
385.359 St Louis San Francisco
106,593
(3 roads)
Central of Georgia
336,461
103,896
Delaware & Hudson_ __ _
333,067 Dul So Shore & Atlantic.
102,446
Wheeling & Lake Erie_ _ _
313.922 ColoradoSou (2 roads)-102,148
Grand Trunk Western-307,749 Belt By of Chicago
Chicago & East Illinois_ _
288.091
$51,876,357
Total (76 roads)
Union RR of Penna_ _ _ _
279,690
Decrease.
Internal Great Western_
265.276
Lake Sup & Ishpeming_ _
259,178 Atch Top & S Fe(3 roads) $325,213
Virginian
250,738
$325,213
Total (3 roads)
Minneapolis & St Louis-236,137
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result
is an increase of $5,426,184.
When the roads are arranged in groups or geographical divisions, according to their location, as
is our custom, the generally favorable character of
the returns is brought conspicuously to view, inasmuch as it is found that all the different districts
Eastern, Southern and Western-as well as all the
different regions grouped under these districts,
show improved results over a year ago in the case
of gross and net alike, the ratio of improvement
alone varying. Our summary by groups is as below.
As previously explained, we group the roads to
conform to the classification of the Inter-State
Commerce Commission. The boundaries of the different groups and regions are indicated in the footnote to the table.
SUMMARY BY GROUPS.
-Gross Earnings
District and Region.
1932.
Inc.(+) or Dec.(-)
1933.
Month of JulyEastern District
11,250,550
+1,205,988 10.72
New England region (10 roads)_ _ _ 12,456,538
58,791,013
46,648,284 +12,142,729 26.02
Great Lakes region (30 roads)
63,442,052
48,338,366 +15,103,686 31.25
Central Eastern region (25 roads)
134,689,603
Total (65 roads)
Southern District
Southern region (29 roads)
Pocahontas region (4 roads)
106,237,200
34,939,696
19,297,750
-54,237,445
25,800,637
13,145,427
+28,452,403
26.78
+9,139,059 35.42
+13,152,323 46.80
38,946,064
+15,291,382
26,185,198
45,576,342
20,548,896
Total (33 roads)
Western District
36,795,705
Northwestern region (17 roads)
Central Western region (22 roads). 47,968,585
Southwestern region (28 roads)._ _ 23,494,145
+10,610,507 40.52
5.25
+2,392,243
+2.945,249 14.33
39.26
108,258,435
Total (67 roads)
Total all districts (165 roads)
92,310,436
+15,947,999
17.28
297,185,484
237,493,700
+59,691,784
25.13
Not Earnings
District and Region1932.
1933.
Month of July- --MileageInc.(-j-) or Dec.(-)
$
$
%
Eastern District- 1933.
$
1932.
New England region 7,232 7,294 3,935.128 2,296,614 +1,638,514 71.34
7,221.125 +11,088,358 153.53
Great Lakes region_ 27,196 26,688 18.307,483
Central East. region 25,444 25,473 23,175,284 12,281,810 +10,893,474 88.70
.59,872 59,455 45,417,895
Southern District
Southern region_ _ _ _ 39,654 40,011 10,321,912
9,384,590
Pocahontas region_ 6,156
6,137
21,799,549 +23,618,346 108.34
19,706,502
7,070,544 +12,635,958 178.71
12.606,549
15,870,113
6,881,779
758,727 +11,847,822 461.59
12,449,251 +3,420,862 27.48
4,069,946 +2,811,833 69.07
Total
Total
45,810 46,148
Western District
Northwestern region 48,729 49,035
Cent. West. region_ 53,865 54,020
Southwestern region 33,072 33,248
1,855,845
5,214,898
+8,468,266 458.26
+4,169,692 79.96
135,666 136,303 35,358,441
17,277,924 +18,080,517 104.65
Total all districts_241,348 241,906 100,482,838
46,148,017 +54,334,821 117.74
Total
NOTE.
-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-Thls region complises the New England States.
Great Lakes Region -This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago. and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.
-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River. and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to Its mouth.
SOUTHERN DISTRICT.
Southern Region.
-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
Pocahontas Region.
-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg
W.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.
Northwatern Region.-ThL5 region comprises the section adjoining Canada lying
west of the Great Lakes Region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Volume 137
Financial Chronicle
Central Western Region.
-This region comprises the section south of the Northwestern Region, west of a line from Chicago to Peoria and thence to St. Louts, 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. Louts to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
As already pointed out, Western roads (taking
them collectively) in July the present year had a
very much larger grain traffic, though this was
after a heavily reduced movement in July 1932.
While the biggest part of the increase occurred in
the corn receipts, all the different cereals in greater
or less degree contributed to it. The receipts of
wheat at the Western primary markets for the four
weeks ending July 29 1933 were 40,996,000 bushels
as against 40,286,000 bushels in the corresponding
four weeks of 1932; of corn, 40,439,000 bushels as
compared with only 7,760,000 bushels; of oats, 15,251,000 against but 7,945,000; of barley, 5,095,000
against 1,091,000 and of rye 1,423,000 bushels
against only 304,000 bushels. Altogether the receipts at the Western,primary markets for the five
,
cereals, wheat, corn, oats, barley and rye, aggregated for the four weeks of July 1933, 103,204,000
bushels, as against only 57,386,000 bushels in the
same four weeks of July 1932, but comparing with
122,995,000 bushels in the corresponding period of
1931 and with 102,069,000 bushels and 106,454,000
bushels, respectively, in the same period of 1930 and
1929. In the following table we give the details of
the Western grain movement in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS.
4 Wks.End. Flour.
Wheat.
Corn.
Oats.
Barlett.
July 29. (bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago
1933_ __ _
790,000
2,377,000 14,314,000
2,467,000
642,000
1932_ _ 679,000
2,776,000
3,474,000
3,750,000
213,000
Minneapolis
1933_
6,302,000
3.033,000 5,316,000 2,288,000
1932_
2,046,000
523,000
251,000
313,000
Duluth
1933....
2,439,000
1,985,000
1.325,000
384,000
1932..
826,000
115,000
2.000
71,000
Milwaukee
1933......
64,000
364,000
3.585,000
819,000 1,281,000
1932_ _ _
50,000
424,000
390,000
289,000
311,000
Toledo
1933_
298,000
4,355,000
652,000
1,000
1932_ _ _ _
167,000
1,693,001)
530,000
1.000
Detroit
1933_
39,000
83,000
38,000
68,000
1932_
6,000
118,000
26,000
14,000
Indianapolis & Omaha-.1933_ 5,436,000 6,012,000
1,761.000
1932_ _ -2,000
5,436,000
847,000
1,757,000
1,000
St. Louis
1933__ _ _
486,000 5,773,000
3,038,000
1,166,000
101,000
1932_ _ -- 395,000
1,039,000
3,725,000
523,000
38,000
Peoria
1933....133,000
332,000
2,093,000
732,000
306,000
1932- _ 163,000
379.000
899,000
678,000
122,000
Kansas City
1933._._
53,000
9,154,000
3,401,000
596,000
1932-- 36,000 14,433,000
626.000
71,000
St. Joseph
1933.___
1,400,000
1,791,000
275,000
1932___
52,000
54,000
1,614,000
Wichita
1933...._
124,000
3,236,000
20,000
255,000
5,925,000
Sioux City
i933__
199,000
272,000
84,000
24.000
145,000
1932_ __ _
31,000
14,000
227,000
7.000
Tctal Alt1933_- 1,526,000 40,996,000 40,439,000 15,251,000 5,095,000
1,470,000 40,286,000
1932_
7,760,000
7,945,000 1,091,000
Rye.
(bush.)
271,000
16,000
761.000
219,000
233,000
56,000
85,000
2,000
17,000
15,000
6,000
3,000
39,000
1,000
1,000
2,000
1,423,000
304,000
Western roads also had the advantage of a somewhat heavier livestock movement than in July a
year ago. This was due entirely to the larger receipts at Chicago, which comprised 11,995 carloads
in July 1933 as against only 9,786 cars in July
1932. At Omaha and Kansas City the receipts
were only 2,937 and 3,546 carloads, respectively, as
against 3,120 and 4,520 cars, respectively, last year.
As to cotton traffic in the South-which is never
very large in July, it being the tail end of the old
crop season-the movement was above the average
for the season both as regards the port receipts and
the overland shipments of the staple. The latter
aggregated 30,603 bales in July the present year
as against 14,361 bales in July 1932; 28,361 bales in
July 1931 and 18,912 bales in July 1930. At the
Southern outports the receipts comprised 430,852
1993
bales in July 1933, as against only 178,997 bales in
July 1932; 93,986 bales in July 1931; 81,860 bales
in July 1930; 77,294 bales in July 1929 and 115,861
bales in July 1928. The port movement of the staple
for the past three years is shown in the table we now
present:
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR MONTH OF JULY
AND SINCE JAN. 1 TO THE END OF JULY 1933, 1932 AND 1931.
Month of July.
Since Jan. 1.
Porte.
1933.
Galveston
Houston, Stc
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola
SaVannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
Jacksonville
Total
1932.
1931.
1933.
1932.
48,103 26,410 9,583 611,169 816,440
74,202 23,245 13,206 1,010,447 867,225
57,290
103,909 30,178 3,724 136,549
_4
585
3,314
10,628
85,715 55,168 16,616 849,794 1,264,719
30,314 26,044 6,586 168,982 278,413
48 19,143
43,247
36,720
21,490
75,211 104,805
24,296 5,821 7,592
9,437
19,668
1,427
233
98,267
51,606
21,882 7,591 8.222
27,525
940 4,165
46,191
7,917
19,343
18,613
3,391
1,416
488
21,638
12,904
4,844 1,746 4,096
6,510
____
5,746
3,362
157
1931.
269,002
392,254
19,999
5,398
477,888
210.936
37,697
164.313
54,942
18,781
18,840
37,043
68
430,852 178,997 93,986 3,098,605 3,573,796 1,707.161
RESULTS FOR EARLIER YEARS.
As already indicated, July the present year was a period
of recovery in railroad earnings, with the month having to
-$59,691,784 in gross, or 25.13%
its credit very notable gains
and $54,334,821 in net, or not less than 117.74%. But this
comes after tremendous cumulative losses in the three years
preceding. In carrying the comparison back, beyond 1932,
1931, 1930, it is found that the heavy shrinkage of these
-a loss of $138,851,525 in gross and $50,857,523
three years
in net in July 1932, following $80,150,008 loss in gross and
$28,465,456 loss in net in July 1931, and $101,152,657 loss in
-comes after
gross and $43,753,737 loss in net in July 1930
$43,884,198 gain in gross and $30,793,381 gain in net in July
1929 (which was before the advent of the stock market
panic in that year), and also follows moderate improvement
in July 1928 When our compilation showed $3,1.13,445 increase in gross and $11,711,856 increase in net. In July
1927, on the other hand, there was heavy contraction in
gross and net alike, and the moderate increase in July 1928
was merely a recovery of what had been lost in 1927, and
only a partial recovery at that. The loss in gross in July
1927 reached no less than $48.297,061, or 8.67%, and the
loss in the net $35,436,548, or 22.03%. At the same time,
the fact must not be overlooked that the 1927 losses came
after very substantial gains in both gross and net in each
of the two preceding years. In July 1926 our compilation
showed $33,875,085 gain in gross and $21,435,011 gain in net,
while in July 1925 our tabulation registered $40,595,601 increase in gross and $27,819,865 in net. On the other hand,
however, it is equally important to bear in mind that in July
1925 comparison was with heavily diminished earnings in
1924. The latter, it may be recalled, was the year of the
Presidential election, when such a very decided slump in
business occurred, and this was reflected in heavily diminished traffic over the country's transportation lines, large
and small. So decided was the slump in business at that
time, and so great the contraction in railroad traffic, that
our July compilation recorded a falling off• in gross earnings of $53,517,158, or 10.02%, and a falling off in net of
$9,601,754, or 7.86%, as compared with the year preceding
(1923). This last, though, was a year of very active business, when the railroads enjoyed-at least in the great manufacturing districts of the East
-the very largest traffic
movement in their entire history. Our tables for July 1923
recorded the huge gain of $91,678,679 in gross and of $18,392,282 in net.
However, if we go still further back we find that the 1923
gain in gross itself followed losses in both 1922 and 1921,
though the gains in net were continuous, extending through
1921 and 1922, even while the gross earnings were declining.
Our tabulations for July 1922 showed a decrease of $19,960,589 in the gross, with $1,964,485 increase (1.95%) in the
net. The reason for the poor showing in that year was that
the strike at the unionized coal mines of the country, which
had been such a disturbing factor in the months preceding,
not only continued, but that its adverse effects were greatly
emphasized by the fact that on July 1 the railroad shopmen
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 non-
Financial Chronicle
1994
union 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 Commerde
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
by the shopmen's strike, which increased expenses rather
than decreased them. The previous year there had been a
reduction in wages of 12%, effective July 1 1921, but this,
in turn, followed 20% increase in wages put in effect by the
Labor Board in July 1 1920 immediately after its advent to
power.
Not only did the 1923 gain of $91,678,679 in gross earnings
follow $19,960,589 loss in July 1922, but this latter, in turn,
followed an antecedent loss of no less than $66,407,116 in
July 1921 as compared with July 1920. On the other hand,
the loss in 1921 was attended by an enormous saving in expenses, with the result of bringing a gain of $84,615,721 in
the net at that time. The contraction in expenses amounted
to no less than $151,022,837, and while due in part to the
shrinkage in the volume of traffic owing to the intense business depression prevailing, it was in no small degree the outgrowth of dire necessity, the railroads being obliged to practice the utmost saving and economy to avert bankruptcy
after the enormous additions to expenses forced upon them
in the year preceding, during the period of Government
control.
The truth is, prior to 1921 expenses had been mounting
up in such a prodigious way that in 1920 net earnings had
got down to a point where some of the best managed properties were barely able to meet ordinary running expenses, not
to mention taxes and fixed charges. And it is the inflated
expense accounts of these earlier years that furnished the
basis for the savings and economies effected subsequently.
As an'indication of how expenses had risen in 1920 and prior
years. we may note that in July 1920, though our tables
showed $65,975,059 gain in gross, they registered $69,121,669
decrease in net, while in July 1919 there was a falling off
in both gross and net
-$14,658,220 in the former and $55,352,408 in the latter. In the following we furnish the July
comparisons back to 1906. For 1910, 1909 and 1908 we use
the Inter-State Commerce Commission's totals, since in those
years they included all the minor roads and were more comprehensive than our own figures, but for the preceding years
(before the Commerce Commission began to require returns)
we give the results just as registered by our own tables
each year:
Gross Earnings.
Net Earnings.
Year.
Year
Given.
Inc.(+) or
Year
Preceding. Dec.(-).
Year
Given.
1
Year
Inc.(+) or
Preceding. Dec.(-)•
July.
$
$
3
$
3
1
5
1906 ___ 129,386,
114,556,367 +14,380,073 42,808,250, 36,718.416 +6,089,834
1907 _ _ 137.212.522118,666,092 +18,546,430 41,891,837, 39.448,771 +2,443,066
1908 ___ 195,246,134228,672,250-33 426 116 67,194,3211 75,879,805 -8,485,484
1909___ 19,964,739 195,245,655 +24,719,084 78,350.772, 67,267,352 +11,083,420
1910 __230,615,776 217,803,354 +12,812,422 73,157,5471 77,643,305 -4,485,758
1911 _ __ 24,751,08 228,306,735 -1,555,652 72,423,469, 72,392,058
+31,411
1912 .__p45,595,532222,587,872 +23,007,860 79,427,565 70,536,977 +8,890,588
1913 _ __ 35,849,764223,813,526 +12,036,238 64,354,370 67,620,157 -3,265,787
-998,911
1914 _ __ 252,231,248281,803,011 -9,571,763 75,349,466 76,358,377
1915 .._ _ 262,948,115280,624,000 +2,234,115 87,684,985 77,833,74 +9,851,240
1916 ___ 308,040,791 263,944,64 +44,096,142 108,709,496 88.421,559 +20,287,937
1917 _ __ 353,219,982306,891,957 +46.328.025111.424,342108.293,94 +3,130,597
1918 - -- 63,684,172346,022,857 +117661315 144,348,682 109,882,551 +34,466,131
1919 ___ 454,588,513469,246,733-14,658,220 96,727,014 152,079,422 55,352,408
1920 ___ 467,351,544401,376,485 +65.975,059 18,827,733 87.949,402-69,121,669
1921 ___ 460,989,697 527,396,8131-.66,407,116 99,807,935 15,192,214 +84,615,721
1922 __ 442,736,397462,696,9861-19,960,589 102,258,414 100,293,929 +1,964,485
1923 _ __ 534.634,552442,955,873 +91,678,679 121,044,775 102,652,493 +18,392,282
1924 _ .. _ 480,704,94 534,222,1021-.53,517,158 112,626,996 122,228,450 -9,601,754
1925.
-521.538,6041480,943,003 +40,595,601 139,606.752 111,786,887 +27,819,865
1926 _ __ a „
„ +33,875,085161,079.612139,644,601 +21.435,011
1927 .... _ .508.413,8741556,710.935-48,297,081 125,438.334 160,874,882-35,438,548
1928 _ _ 502,145,3311508.811,788 +3,333.445137.412.487125,700,631+11.713.854
1929 ___ 556,706.1351512,821.937 +43,884,198168,428.748137,635,367 +30,793,381
1930 _ __ 458.369,9 557,522,607-101152657125,495,422 169,249.159- 43,753,737
1931 .. _ _ 377,938,882458,088,890-80,150,008 96,965,387 125,430,843-28,465,458
1932 ___ 237,462,789376,314,314- 138851525 46,125,932 96,983,455-50,857,522
1933 _ _ _ 297185.484237493.700 +59.691.784 100.492.83R 46.148.017 +54.334.821
Note.
-In 1906 the number of roads Included for the month of July was 90; in
1907, 82; in 1908 the returns were based on 231,836 ;idles of road; in 1909, 234.500;
In 1910, 238,169; In 1911, 230,076; in 1912, 230,712: In 1913, 206,084; In 1914,
235,407; In 1915, 243,042; in 1916, 244,249; In 1917, 245,699; in 1918, 231,700;
In 1919, 226,654; In 1920, 220,459; in 1921, 230,991; in 1922, 235,082; in 1923,
235,477; in 1924, 235,145; in 1925, 236,762; in 1920, 236,885: in 1927, 238,316;
In 1928, 240,433; In 1929, 241,450; In 1930, 235,049. In 1931, 232.831; In 1932,
"42,228, and in 1933, 241,348.
Common Sense About Gold.
[Editorial in New York "Times" Sept. 10 1933.]
last week's address on the money standard to the
In
British Association for the Advancement of Science, by
Professor John H. Jones of the University of Leeds, general
return to the gold standard was predicted almost as a matter of course. That a single economic expert should make
this prediction would be itself of no great significance, but
the consensus of judgment to the same effect has been im-
Sept. 16 1933
pressive. Not to mention the emphatic turning-down at
Ottawa of every suggestion for a "managed empire currency," we have had last year's declarations of the Bank
for International Settlements and the League of Nations
Economic Committee, that the gold standard is the one
mechanism through which a "monetary system resting on
a common basis" may be re-established. Even speakers and
writers, who have stressed the argument that the gold standard has not been working rightly in the past few years, have
tacitly assumed that the real problem is not indefinitely to
relinquish the gold standard, but to remove the obstacles
which have interfered with its proper operation.
The contention of the address to the British Association
is that nations such as England and America have a particular motive for return to gold. They are visibly injuring
one another by trying to get the advantage in a depreciated
exchange. The essential feature of the gold standard, Professor Jones pointed out, has been that it "maintained a
fixed rate of exchange, established an international price
system and controlled the internal currency supply." That
is what the Chicago Bankers' Convention meant, in its resolution that "this nation cannot indefinitely continue to
carry on its business affairs with a monetary system in so
unsettled a state as it is at present." The recent foreign exchange market tells the story. In July, the pound sterling
and the dollar were at parity on the international market;
in terms of gold, each was depreciated about 31%. But at
the close of August the pound's depreciation was 35%, the
dollar's less than 27. It is futile to talk of "lifting" artificial
barriers from trade while that sort of thing is going on.
In the face of this confusion the paradox is presented of
governments, which are professedly "cutting loose from
gold," accumulating in the vaults of their own central banks
unprecedently large amounts of it. Talking at Oxford a
year and a half ago, Professor Cassel, a bitter-ender among
the "managed-currency" adherents, lamented that those
short-sighted institutions were clinging persistently to their
gold. He denounced it as."the old idolatry of gold reserves."
One may fancy his feeling to-day, when the Bank of England
since last January has added $346,000,000 to its stock of
gold, which is now $73,000,000 greater than the highest record prior to 1931. For that acquisition, the heavy premium
charged in England's depreciated currency was paid cheerfully.
With equally unaccountable disregard of New-Era money
theories our own Federal Reserve has accumulated gold so
fast since April that it now holds $102,600,000 more than the
largest gold reserve reported in any other year. This recent increase at our own central institution, it is true, has
resulted mostly from the threats to private holders of gold
coin or certificates, unless they should give it up. But that
Is not the case with the European banks, and the very
measures taken to pry out private American hoards of gold
are indirect evidence of the value officially placed on it as
a currency reserve.
It must at least be admitted that these incidents throw a
singular light on the contention of occasional philosophers
that "we have done with gold," that "the gold standard is an
obsolete superstition," and that all we need, in order to
establish an ideal standard of value for the future, is a committee of statisticians equipped with pads, pencils and the
latest market reports.
The Course of the Bond Market.
Bond prices this week reversed the declining trend which
had held since early August, in a gradual upward movement
starting on Saturday a week ago to-day. Railroad and
utility bonds shared alike in the upturn. While the industrial averages did not show so much improvement, they
remained close to the year's highs, which levels they have
maintained with only minor exceptions since first established
in August. On Friday some reaction took place.
Federal Reserve bank purchases of Government securities
were a little over $36000,000 this week, or about the same
as last week. The expansion of excess reserves which has
resulted from the Federal Reserve's open market policy, and
which was brought about to encourage loans to industry,
will now be supplemented, it was announced on Friday, by
direct loans through the R. F. C. to banks and trust and
mortgage companies for the purpose of reloaning to industry
and trade.
United States Government long-term bond prices moved
up to the year'slbest levels on Monday, but subsequently
1996
Financial Chronicle
fear of higher prices. The food canning industry was
adversely affected by the recent storms and the pack of
vegetables it is estimated will be reduced about 2,000,000
cases. Industrial activity still shows some slackening, but
a number of divisions maintain the same rate as in the
preceding week. Foundry and machine shops were working
at a higher rate and working forces in coal mining regions
were increased. Operations in the glass industry show an
increase as compared with the same time last year and
the brewing industry continues active. Cotton mills
slowed down a little owing to the smallness of orders and
the prospects of heavy operating costs and taxes. Manufacturers report more activity. Dress goods and cloakings
were in good demand and the sales of men's wear were
encouraging. August sales of automobiles doubled those
of the same month last year and there were 100,000 more
persons employed in Detroit plants than a year ago. Steel
operations again receded.
Cotton shows an advance for the week of about $3 a bale
owing to a general expectation of some inflationary develop3c.
ment in the near future. Wheat advanced 4% to 4N
on inflation talk and prospects of a small crop. Corn
advanced with wheat on inflation talk and so did oats and
rye. Further sales of Canadian rye were reported to go to
Chicago.
In the four weeks ended Sept. 10 sales of Sears, Roebuck
& Co. totaled $22,584,264, a gain of 18% over the $19,145,291 sales in the same period last year. For the 32
weeks ended Sept. 10 total sales aggregated $150,754,786,
against $162,983,072 in the same period in 1932.
The weather during the greater part of the week over
most of the country has been favorable. Temperatures
have averaged near normal and rainfall has been light to
moderate, except in some sections locally. Crops and
harvesting have advanced satisfactorily in most sections,
although heavy rainfalls in a few parts of the country delayed
this work.
Canada has also had more favorable weather conditions
than during most of the season, except that frosts in the more
northern portions of some of the privinces have caused
damage to late crops. The reports of the Dominion Bureau
of Statistics issued the present week shows the extremely
bad conditions encountered by the Canadian crops during
the whole season, the estimated yield for all of the principal
crop of Canada, being below the harvest of last year. Only
282,771,000 bushels of wheat is now expected, as against a
harvest of 428,514,000 bushels last year; oats hit 316,966,000 bushels, against 80,773,000 bushels; barley 64,291,000
bushels, as compared with 80,773,000 bushels harvested last
year.
To-day it was 55 to 60 degrees here and raining heavily.
The forecast was for rain and continued cool weather. Overnight at Boston it was 54 to 60 degrees; Baltimore, 60 to 64;
Pittsburgh, 58 to 76; Portland, Me., 48 to 56; Chicago,
60 to 62; Cincinnati, 62 to 84; Cleveland, 58 to 62; Detroit,
56 to 62; Charleston, 74 to 88; Milwaukee, 62 to 64; Dallas,
72 to 86; Savannah, 74 to 92; Kansas City, Mo., 58 to 62;
Springfield, Mo., 62 to 72; St. Louis, 64 to 70; Oklahoma
City, 64 to 76; Denver, 56 to 76; Salt Lake City, 58 to 82;
Los Angeles, 56 to 68; San Francisco, 56 to 66; Seattle, 54 to
62; Montreal, 42 to 64, and Winnipeg, 50 to 66.
Col. Leonard P. Ayres of Cleveland Trust Co. Finds
Recovery Which Characterized Business Activity
Since Spring Giving Way to Hesitation and Recession—Increased Purchases of Government Securities by Federal Reserve System Interpreted
as Attempt to Induce Credit Expansion.
The observation that "the vigorous recovery which has
characterized business activity since early last spring has
given way to a period of hesitation and recession" is contained
in the survey by Col. Leonard P. Ayres, Vice-President of
the Cleveland Trust Co., contained in the company's
"J3usiness Bulletin," issued Sept. 15. Col. Ayres notes
that in July the initial upward surge "had run its course,
and business settled down to the multiple tasks of adjusting
operations to new conditions." He adds that "an enormous
amount of work has had to be done on the codes, and much
is still going forward." Col. Ayres points out that "it may
safely be concluded that the cocks will be successful only
if the higher wage payments per hour of work are accompanied by proportionately greater increases in the volume
and value of the goods and services produced." "This,"
he says, "will require greater production volume, and prompt
price advances that must not, however, be so greast as to
Sept. 16 1933
curtail purchasing." Col. Ayres also comments on the
increased purchases of Government securities by the Federal
Reserve System, and states that "this development was
widely interpreted to mean that the system was going to
make another serious attempt to induce credit expansion by
what was called open market operations." We quote in
full what Col. Ayres has to say, omitting the diagrams to
which he refers:
The first phase of our recovery effort probably terminated in July. It
began in March end continued for four months, and was characterized by
a most rapid expansion in nearly all lines of industrial production, by sharp
advances and vigorous speculative activity in the price movements of both
commodities and securities, and by important reductions in unemployment. Probably we shall look back at that period as one in which business
was actively preparing for recovery, and by so doing was really achieving a
considerable measure of recovery.
From March to July business men were buying securities and commodities
because they felt confident tha,the prices would be higher later on. Manufacturers were forcing production at top speed, both because they had
accumulated orders, and because they believed that costs of production
would be higher later on through the operation of the new industrial codes.
Merchants were selling more goods by advertising that prices would rise
sharply soon, and they were ordering more than they sold so as to protect
themselves against the expected advances.
In July this initial upward surge had run its course, and business settled
down to the multiple tasks of adjusting operations to new conditions. An
enormous amount of work has had to be done on the codes, and much is
still going forward. New price prelationships have come into being, and the
costs of almost all kinds of operations have changed. Meanwhile business
expansion has naturally slowed down. We have completed the phase of
preparation for recovery, and are devoting our national energies to that of
adjustment to the new conditions.
Unfortunately it is not yet possible to report accurately on how the codes
are working out. We know that employment has materially increased,
and that wage payments are larger. Retail prices are advancing, but up
to the present the wage increases have been greater than those of the cost
of living. Despite some delays and disagreements the public support of the
new measures for business control has been general, and for the most part
enthusiastic. The next task is for the new partnership of government and
business to make some profits.
Business Activity.
The vigorous recovery which has characterized business activity since
early last spring has given way to a period of hesitation and recession. The
upturn in most of the business indexes took place in March, and during the
next four months almost all the changes reported from week to week were
advances. In July commodity and security prices broke badly. For the
most part the price declines have not continued, and in fact they have been
followed by moderate recoveries, but the July break in prices has been
followed by declines in many sorts of production that are still continuing.
The diagram [we omit all diagrams—Ed.]shows the course of six weekly
Indexes of business from the first of January through August of this year.
All except those for price changes and for cotton forwardings have been
corrected to allow for normal seasonal changes. This is important for it
shows that the decreases being recorded are not to be accounted for as
being merely or mainly seasonal in nature. The diagram showing steel
operations is based on the percentages of full ingot capacity at which the
Industry has been operating, but the data used here are percentages of the
computed normal level. The advance was halted in the middle of July,
and in August a real decline has developed.
Automobile production normally reaches its peak in the spring, but
this year its greatest actual output came in June, and the peak of seasonally
corrected output in July. During August progressive declines have been
recorded. The index of general business activity shown here is that of the
Econostat which combinessix series offinancial activity,eight of production,
and three of distribution. Its decline in August has been continuous, and
so considerable as to cancel about a quarter of the advance achieved in
the preceding four months. The index of railroad freight has been declining
since the latter part of July. The index of wholesale prices is based on the
Moody compilation of quotations for 15 sensitive commodities. In this
index the average of the prices at the close of 1931 is taken as being equal
to 100. The cotton forwardings show the greatest decline of all, and the
one that started earliest. This last line has been slightly smoothed. The
average for the first six months of this year is taken as being equal to 100.
We cannot know as yet whether this general recession from the advancing
trend of business activity is merely a temporary hesitation or whether it
is to prove more serious than that. Clearly the first phase of the recovery
movement has been checked, and perhaps terminated. The progress
made from March to August was abnormally swift, and it would be quite
unreasonable to suppose that recovery could long continue at such a pace.
Moreover nothing in our previous business history would lead us to believe
that business could continue for long to expand without occasional set-backs.
Industrial Production.
The volume of industrial production advanced in the four months ended
in July with a sustained vigor never before equalled or even approached in
our previous economic history. In March the volume was 45.4% below
the computed normal level, and by July it as less than 11% below. We
may look at these figures from the other direction, and note that in March
the volume of production was only 54.6% of normal, while by July it had
mounted until it was 89.2% of normal. This advance from 54.6 to 89.2
Is an increase of 63% over the March level.
The data in the small table in the diagram bring the index as nearly
up to date as the available figures will permit. These figures may be
used to bring forward any of the long diagrams of business conditions
published by this bank. The data used are records of industrial production
compiled by the Federal Reserve Board, and adjusted by this bank to
show the percentage fluctuations above and below the computed normal
level. One of the long diagrams referred to carries the record of business
activity in this country back by months to 1790, and it is interesting to
note that the percentage increase in the four months from March to July of
this year is more than three times as great as that of any previous four
months in our history.
The advances registered in April, May and June were noteworthy not
merely for their size, but also because all except one of the 18 industrial
series constituting the final index made important contributions to the
advance. The exception was silver production. The advance from June
to July was wholly different in nature, for it consisted almost entirely in a
large in.vease in the output of iron and steel and an accompanying advance
in the output of bituminous coal.
The August data are not yet available, but it is evident that they will
show a material decline. Most of the production series have recently been
Ni&
Volume 137
Financial Chronicle
moving down, and that of iron and steel has been shrinking notably. The
steel industry was operating at about 57% of full ingot capacity in July,
and by the end of August its rate had fallen to under 48%. Moreover it
seems probable that production in the important textile and automobile
industries has passed the peak for this year.
Credit Pressure.
In the latter part of last month the condition statement issued by the
Federal Reserve System showed that purchases of government securities
bad been increased to amount to 35 million dollars in a week as contrasted
with the regular purchases of 10 million dollars a week that had been reported
for a good many weeks previously. This development was widely interpreted to mean that the System was going to make another serious attempt
to induce credit expansion by what are called open market operations.
Stock and bond quotations advanced vigorously when the news was made
public, and the exchange value of the dollar abroad broke sharply.
The matter is of special interest because the first provision of the Thomas
amendment to the farm relief act authorizing inflation permits the President
to direct credit expansion by arranging to have the Federal Reserve banks
buy government bonds in amounts up to three billion dollars. Such
purchases are termed open market operations, and in these transactions the
Reserve banks buy the bonds in the open market, paying for them by drafts
which soon return to the Reserve banks and are credited to the reserves of
the member banks. The result is that the member banks now having
increased reserves are enabled to expand their loans to commercial
borrowers. Before the depression the Reserve Bank purchases of this sort
were considered potent stimulants to business activity, while sales were
believed to restrict expansion.
In the diagram the solid line shows in billions of dollars the monthly
changes during the past five years in the loans of member banks in leading
cities. The decreases in 1931 and 1932 were rapid and continuous, and no
sustained increases have developed in 1933. The dashed line shows the
volume of government securities held by the Federal Reserve banks, and
in this case the amounts involved have been multipled by 10, in part to
facilitate comparison of the proportionate changes in the two lines, and
partly because in theory the member banks can create about 10 thousand
dollars of new bank credit for each one thousand dollars of bonds newly
acquired by the Reserve banks through open market operations.
In 1930, the first full year of the depression,the bonds held by the Reserve
banks increased by 43%, but contrary to theory the loans of the member
banks shrank 7%. The results in 1931 were even worse, for the increase
in the bonds was 12% and the shrinkage in the bank loans was 20%. In
1932 the Reserve System made a determined and systematic attempt to
stimulate credit expansion by bringing into existence excess reserves for the
member banks, but again without success. • The bond holdings were lifted
by 127%, but the bank loans decreased 21%.
In 1933 there has been a nearly continuous and fairly rapid increase in
the bond holdings of the Reserve banks and excess reserves have been piled
up to the credit of member banks, but there has been a further decrease in
the bank loans. The experience of the depression period appears to indicate
that open market operations are not so potent an influence as was formerly
assumed. It seems to be fairly well demonstrated that excess bank reserves
are impotent as business stimulants while collateral security values are
collapsing. The experience in 1933 may well show that excess bank reserves
will not suffice to stimulate business activity so long as conditions of costs
and prices make it impossible for large numbers of businesses to earn profits.
This may have an important bearing on the success of administration
policies with respect to reserve credit.
Purchasing Power.
The new codes are being put into force and effect with all possible dispatch
with the purpose of increasing the numbers of the employed workers, and
the aggregate of their payrolls, to as great a degree as possible before the
approach of winter. The avowed intent is to increase the mass purchasing
power of the workers in the expectation that they will promptly spend the
wages received, and that the resulting increases in the demand for goods
will so expand the operations of industry and trade as to enable manufacturers and merchants to operate profitably.
In the long run there is Just one test of the soundness of such a plan when
the reductions in hours and the increases in payrolls are applied as these
are to all forms of business activity. That test is whether or not they
result in increased national production. The fundamental principle involved
is that production is purchasing power. We all produce services or goods,
and by using the money we receive for them we buy the goods and services
of others. The total that we all produce is all that there is to be divided
among us.
It is possible to show from the records that over a long period of years in
this country the prevailing industrial wage rates have varied in close
relationship to the value of the goods produced per industrial worker.
The diagram on this page shows such a comparison for the years from 1850
through 1933. The data on which it is based are neither as full nor as
reliable as one would wish, but it is believed that they involve no invalidating bias. The solid line shows the changes in the value of industrial goods
produced per industrial worker. It is made by multiplying the annual
data of a series showing the volume of industrial production by the corresponding figures for the prices of industrial commodities, and dividing these
products by figures derived from the census reports showing the numbers of
Industrial workers.
The dashed line shows changes in prevailing industrial wage rates. It
is a combination of one series of weekly wages of unskilled workers, one of
those of skilled workers, one of hourly wages of non-agricultural workers.
and two intermittent series based on census reports of salaries and wages in
manufacturing establishments. All five series were given equal weights and
combined in a single index series. Both the solid line and the dashed line
are shown in the diagram as percentages of their own averages for thp
period 1850-1930.
The general lesson of the diagram is that in actual practice as well as In
theory average wages per individual do in the long run vary in close relationship to average value of output per worker. It may safely be concluded
that the codes will be successful only if the higher wage payments per hour
of work are accompanied by proportionately greater increases in the volume
and value of the goods and services produced. This will require greater
production volume, and prompt price advances that must not however be
so great as to curtail purchasing.
Revenue Freight Car Loadings Declined During Week
Ended Sept. 9 1933, Due to Observance of Labor
Day Holiday, But Continue to Show Increases
Over 1932.
The first 13 major railroads to report car loadings of revenue freight originated on their own lines for the seven days
ended Sept. 9 1933 loaded 203,970 cars, compared with
237,823 ears in the preceding week and 184,462 cars in the
1997
corresponding period last year. With the exception of the
Atchison, Topeka & Santa Fe Ry., the Chicago, Burlington
& Quincy RR., the Gulf Coast Lines and the Wabash Ry.,
all of these carriers showed increases over the 1932 period.
Comparative statistics follow:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number or Cars).
Loaded on Lines.
Ree'd from Connections.
Weeks Ended.
Sept.9 Sept. 2 Sept. 10 Sept. 9 Sept. 2 Sept. 10
1933. 1933. 1932. 1933. 1933. 1932.
Atch. Top. & Santa Fe By
Chesapeake & Ohio Ry
Chic. Burl. & Quincy RR
Chic. MIlw.St. Paul & Pae. By._
Chicago & North Western Ry_ _ _
Gulf Coast Lines & subsidiaries_ _
International Great Northern RR
Missouri-Kansas-Texas Lines_ _
Missouri Pacific RR
New York Central Lines
Pennsylvania RR
Pere Marquette Ry
Wabash By
17,660
20,257
14,247
15,297
12,732
1,224
2,218
4,685
12,669
39,171
55,653
3,709
4,448
18,536
23,595
15,792
18,608
14,742
1,875
2,704
5,018
14,140
47,195
65,737
4,392
5.489
17,730 3,960 4,634
18,520 7,332 9,040
14,461 6,109 6,169
14,763 6,054 6,648
12,671 7,693 8,274
1,323
858 1,021
2,002 1,229 1,433
4,042 2,334 2,247
12,646 6,456 6,992
32,778 51,155 59,503
45,484 32,360 37,248
3,506
4,536 6,216 6,676
3,671
7,003
4,890
5,830
7,308
855
1,224
2,010
6,193
41,357
27,549
5,509
Total
203,970 237,823 184,462 131.756 149,885 113,398
x Not available.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Sept. 9
1933.
Total
Sept 10
1932.
26,623
12,127
25,433
11,573
33,929
Illinois Central System
St. Louis-San Francisco By
Sept. 2
1933.
23,083
10,846
Weeks Ended.
38,750
37,006
Loading of revenue freight for the latestfull week-that is,
for the week ended Sept. 2
-totaled 666,652 cars, the highest
for any week so far this year, the American Railway Association announced on Sept. 9. This was an increase of 34,654
cars above the preceding week this year and an increase of
105,327 cars above the corresponding week in 1932 but
93,219 cars below the corresponding week in 1931. All
commodities showed increases over the preceding week
except live stock, and forest products. All commodities
showed increases over the corresponding week last year
except live stock, grain and grain products and merchandise
less than carload freight. Details for the latest full week
follow:
Miscellaneous freight loading for the week of Sept. 2 totaled 230,396
cars, an increase of 14,309 cars above the preceding week and 33,782 cars
above the corresponding week in 1932 but 49,139 cars under the same week
in 1931.
Loading of merchandise less than carload lot freight totaled 171,832
cars, an increase of 3,325 cars attove the preceding week, but 2,513 cars
below the corresponding week last year, and 46,454 cars below the same
week two years ago.
Grain and grain products loading for the week totaled 32,407 cars, an
increase of 3,730 cars above the preceding week, but 8,079 cars below the
corresponding week last year and 5,841 cars below the same week in 1931.
In the Western Districts alone, grain and grain products loading for the
week ended Sept. 2 totaled 21,668 cars, a decrease of 5,459 cars below the
same week last year.
Forest products loading totaled 25,456 cars. 1,188 cars below the preceding week but 9,032 cars above the same week in 1932. It was, however,
2,487 cars below the same week in 1931.
Ore loading amounted to 40,245 cars, an increase of 2,879 cars above the
week before, 34,256 cars above the corresponding week in 1932. and 5,090
cars above the same week in 1931.
Coal loading amounted to 140,365 cars, an increase of 10.741 cars above
the preceding week, 34,936 cars above the corresponding week in 1932, and
7,346 cars above the same week in 1931.
Coke loading amounted to 7.365 cars, 997 cars above the preceding week,
3,925 cars above the same week last year, and 2,213 cars above the same
week two years ago.
Live stock loading amounted to 18,586 cars, a decrease of 139 cars below
the preceding week. 12 cars below the same week last year and 3,947 cars
below the same week two years ago. In the Western Districts alone,
loading of live stock for the week ended Sept. 2 totaled 14.328 cars, a
decrease of 102 cars compared with the same week last year.
All districts, except the Central Western, reported increases in the total
loading of all commodities compared with the same week in 1932. All
districts, except the Pocahontas which showed an increase, reported
decreases compared with the corresponding week in 1931.
Loading of revenue freight in 1933 compared with the two previous years
follows:
1933.
Four weeks in January
Four weeks in February_ _ 4_ _
Four weeks in March
Five weeks in April
Four weeks in May
Four weeks in June
Five weeks In July
Four weeks in August
Week ended Sept. 2
Total
1932.
1931.
1,910,496
1,957,981
1,841,202
2,504,745
2,127,841
2,265,379
3,108,813
2,502,714
666,652
2,266,771
2,243,221
2,280,837
2,774,134
2,088,088
1,966,488
2,420,985
2,064,798
561,325
2,873,211
2,834,119
2,936,928
3,757,863
2,958,784
2,991,950
3,692,362
2,990,507
759,871
18 8115 823
IR MI6 647
25.795.595
The foregoing, as noted, covers total loadings by the railroads of the United States for tha weel ended Sept. 2. In
the table below we undertaki to show also the loadings for
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind
those of the general totals-that is, are for the week ended
Aug. 26. During the latter period a total of 42 roads showed
decreases as compared with the corresponding week last
year. Among the most important carriers continuing to
lost close to one-half of a point. Call money was unchanged
at % of 1% and other short term interest rates were either
3
unchanged or slightly lower.
Railroad bonds advanced moderately during the first
part of this week, but declined rather sharply on Friday.
In the high grade category price movements were for the
most part limited to fractions, for instance, Pennsylvania
4s, 1948, from 1003/i to 101 for the week and Union Pacific
4s, 1947, from 1003/i to 1003.. As usual, price fluctuations
in lower grade bonds were greater, but large net changes for
the week have been rare. Among the advances scored have
been Alleghany 5s, 1944, from 56 to 62, Great Northern 7s,
1936, from 813/i to 843' and Louisiana & Arkansas 5s,
1969,from 45 to 493i. Railroad news was not of a spectacular nature, lower carloadings for the Labor Day week being
about offset by the indications of good income statements
for August shortly to be released.
A better tone seemed to prevail in the utility bond market
this week and strength of a mild sort was apparent in many
second grade issues. High grades held up, but made little
headway. Flurries in the bonds of utilities serving New
York City took place upon enactment of emergency tax
measures affecting these utilities. Flurries also were noticeable in the bonds of companies operating in the Tennessee
Valley area upon announcement of the Federal Government's
low rate charges for Muscle Shoals power. The reaction on
Friday was partly ascribed to this cause.
On the average, high grade industrials remained in a fractional price range. Second grade and speculative issues
covered a wider range in accord with individual developments. Despite further slackening in steel industry activity,
this grouR held well. Oils remained firm. Further indications of Government regulations in the dairy industry caused
National Dairy 51 s, 1948, to decline 23 points for the week
4
%
to 89. United Drug 5s, 1953,rallied strongly, up 63 points,
and Baldwin Locomotive 6s, 1938, with warrants, were a
4
strong feature, up 23 points to 115.
During the current week German bonds of all classes continued to drift lower. Argentine bonds, on the other hand,
have shown a sharp gain of around 10%. Japanese issues
have been somewhat stronger and all the "gold currency"
issues have gained considerable ground. Australian and
New South Wales issues evidenced some strength toward the
end of the week, while Czech bonds also advanced. Prague
7Ms, however, at 803%, are down 193' points from their
preceding sale at 993% the last week of August.
Moody's computed bond prices and bond yield averages
are given in the tables below:
MOODY'S BOND YIELD AVERAGES.t
(Based on /tufty/dud/ Closing Prices.)
MOODY'S BOND PRICES.*
(Based on Average Y(elds.)
1933
Daily
Averages.
Sept. 15
14
13
12
11
9
8
7
6
5
4
2
1
Weekly
Aug. 25
18
11
4
July 28
21
14
7
June 30
23
16
9
2
May 26
19
12
5
Apr. 28
21
14
13
7
1
Mar,24
17
10
3
Feb. 24
17
10
3
an. 27
20
13
6
High 1933
Low 1933
High 1932
Low 1932
Year Ago
Sept. 15 1932_- -Two Years Ago
Rent 16 163l.....
1995
Financial Chronicle
Volume 137
AU
120
120 Domestics by Ratings.
Domes
A.
Baa.
Aa.
tic.
Aaa.
89.59
89.86
89.45
89.45
89.31
89.17
89.04
89.17
89.17
89.59
107.67
107.67
107.67
107.49
107.49
107.49
107.31
107.31
107.14
107.31
89.86 107.14
90 69
91.25
91.39
91.67
91.67
90 97
91.67
90.41
88.90
87.96
86.77
86.64
85.87
85.10
84.10
82.74
79.68
77.11
74.67
107.67
107.85
107.85
107.67
107.14
106.96
106.96
106.25
105.72
105.54
105.20
104.18
103.82
103.99
103.32
102.30
99.36
99.68
97.78
75.61 100.00
74.48 99.84
74.77 99.52
77.88 101.64
79.11 102.30
74.67
78.77
81.30
83.23
82.38
83.11
82.99
83.85
81.66
92.39
74.15
82.62
87.57
99.04
102.98
104.51
105.89
105.37
105.54
105.03
105.54
104.85
108.03
97.47
103.99
85.61
98.25
98.41
98.09
98.09
98.09
97.78
97.47
97.78
97.78
98.25
Stock
Stock
98.25
99.04
100.00
100.33
100.00
99.52
99.36
99.04
97.62
96.54
95.33
93.85
94.43
93.99
93.26
92.25
90.55
87.30
85.35
83.35
Stock
85.87
85.10
84.48
87.83
89.17
Stock
85.48
89.31
90.83
92.68
92.53
92.39
91.81
92.25
90.89
100.33
82.99
89.72
71.38
120 Domestics
by Groups.
RR.
P. U. Indus.
71.09 90.27
71.87 90.55
71.19 90.13
71.38 90.27
70.90 90.13
70.90 89.86
70.90 89.59
71.00 89.86
71.09 90.00
71.87 90.69
nge Clo sed
age Clo sed
72.28 91.11
80.72
81.42
81.07
81.07
80.60
80.37
80.37
80.49
80.37
80.84
88.63 73.05 91.81
88.77 74.15 91.96
88.77 74.36 92.25
89.17 75.19 92.25
89.17 75.71 92.25
88.23 74.67 91.96
88.23 76.67 92.39
86.91 75.40 90.97
85.35 73.35 88.90
84.60 72.06 87.17
83.60 70.43 85.61
83.48 70.15 86.12
82.87 68.94 85.61
81.78 68.04 84.47
80.72 66.98 83.35
79.34 65.62 81.66
76.67 62.56 78.55
74.46 58.32 74.36
72.16 55.73 71.38
Excha age Clo sed
73.95 54.80 71.09
72.65 53.28 70.62
72.85 53.88 71.38
75.82 57.24 73.65
77.33 58.52 74.57
Excha age Clo sed
72.06 54.18 69.59
76.25 57.98 73.15
79.45 60.60 75.50
81.54 62.48 77.77
80.49 61.34 76.25
81.18 62.95 76.25
81.07 63.11 75.09
81.90 64.31 75.71
79.34 61.56 71.96
89.31 77.66 93.26
71.87 53.16 69.59
78.55 67.86 78.99
54.43 37.94 47.58
87.69
87.83
87.56
87.43
87.30
87.04
86.91
87.04
87.04
87.30
Exchs
Excha
87.83
AU
120 Domestic.? by Ratings.
1933
120
Daily
DomesBaa.
Aa.
A.
Aaa.
Averages. tic.
9.36
9.31
9.34
9.37
9.35
9.35
9.34
934
9.31
9.28
4.84
9.27
4.83
4.83
4.83
4.85
4.88
4.83
4.92
5.01
5.09
5.13
5.23
5.26
5.34
5.40
5.47
6.59
5.81
5.93
6.10
9.09
9.10
9.09
9.03
8.91
8.84
8.89
9.32
9.65
9.51
9.68
9.78
9.62
9.66
10.08
10.07
9.89
10.26
10.58
6.05
6.22
6.20
6.03
5.98
10.83
11.02
10.80
10.76
10.73
5.76
5.47
5.36
5.23
524
5.25
5.29
5.26
5.37
4.73
5.96
5.44
7.03
6.00
5.29
5.52
6.86
5.28
5.88
5.51
6.75
5.86
6.73
5.26
5.51
5.78
6.65
5.26
5.48
5.76
6.60
5.26
5.48
5.82
5.28
6.70
5.55
5.73
6.51 .5.25
5.55
5.82
5.35
6.63
5.65
4.89
5.50
6.83
5.77
5.63
5.94
6.96
5.83
6.00
7.13
5.75
5.91
5.71
5.06
7.16
5.92
6.11
5.75
7.29
5.97
6.14
5.84
7.39
6.06
6.20
5.93
7.51
6.15
6.07
6.29
7.67
6.27
6.58
6.34
8.05
6.51
6.76
6.73
8.63
6.72
6.96
7.03
9.02
6.95
Stock Excha e Clo sed
6.70
6.77
9.17 -7.06
6.84
7.11
9.42
6.90
6.83
7.03
9.32
6.88
6.38
6.80
6.59
8.79
6.17
6.71
8.60
6.45
Stock Excha age do sea
6.54
7.22
9.27
6.96
6.16
6.85
8.68
6.55
5.89
6.62
8.31
6.26
5 72
6.41
8.06
6.08
5.72
6 55
821
6 17
5.60
6.55
8.00
6.11
5.55
6.66
7.98
6.12
5.48
6.60
7.83
6.05
5.55
6.97
6.27
8.18
5.47
5.19
5.47
6.42
6.97
7.22
9.44
6.98
6.30
5.59
6.34
7.41
7.66
9.23 12.96 10.49
6.35
5.95
5.80
570
5.76
5.69
5.67
5.60
5.69
4.81
6.35
5.75
8.11
11.19
11.05
10.40
10.05
10.20
9.88
9.85
9.62
9.95
8.65
11.11
9.86
15.85
.5.58
6.50
6.00
10.41
5.45
5.43
5.46
5.46
5.47
5.48
5.49
5.48
5.48
5.45
4.30
4.30
4.30
4.31
4.31
4.31
4.32
4.32
4.33
4.32
81.30
98.57
4.33
4.86
98.73
98.73
98.73
98.41
97.94
97.16
97.31
95.93
94.73
94.14
92.68
92.25
91.11
90.27
89.31
87.69
84.88
83.35
81.30
5.37
5.33
5.32
5.30
5.30
5.35
5.30
5.39
5.50
5.57
5.66
5.67
5.73
5.79
5.87
5.98
6.24
6.47
6.70
4.30
4.29
4.29
4.30
4.33
4.34
4.34
4.38
4.41
4.42
4.44
4.50
4.52
4.51
4.55
4.61
4.79
4.77
4.89
4.81
4.75
4.73
4.75
4.78
4.79
4.81
4.90
4.97
5.05
5.15
5.11
5.14
5.19
5.26
5.38
5.62
5.77
5.93
74.67
73.25
73.35
78.10
80.49
81.90
79.91
80.14
82.14
82.74
6.61
6.72
6.69
6.40
6.29
4.75
4.76
4.78
4.65
4.61
5.73
5.79
5.76
5.58
5.48
76.35
80.60
83.85
85.99
85.99
87.56
88.23
89.17
88.23
89.31
71.96
87.69
65.71
78.44
83.11
84.97
86.25
85.48
86.38
86.64
87.56
86.38
99.04
78.44
85.61
62.09
1__
Weekly
Aug.25._
18._
11_ _
4..
July 28__
21._
14__
7__
June 30__
23__
16-9_
2;.
May 26..
19__
12__
5._
Apr. 28..
21__
14__
13__
7__
I__
Mar.24.._
17..
10._
3__
Feb. 24__
17__
10__
3._
Jan. 27..
2013__
6._
Low 1933
High 1933
Low 1932
High 1932
Yr AgoSep.15'32
2 Yrs.Ago
Sen. 16'511
5.43
82.50
83.97
84.22
85.23
85.48
84.72
85.87
84.72
83.85
83.23
82.50
81.90
81.18
80.84
80.14
79.11
75.92
74.05
72.06
6.70
6.32
6.10
5.94
681
5.95
5.96
5.89
6.07
5.25
6.75
5.99
8.74
4.81
4.57
4.48
4.40
443
4.42
4.45
4.42
4.46
4.28
4.91
4.51
5.75
6.15
4.74
87.83
76.78
64.88
74.67
85.87
82.50
05.78
79.22
62.40
77.44
03.40
7022
40
ForP. U. Indus. tuns.
4.81
4.81
4.84
4.84
4.84
4.85
4.85
4.84
4.85
4.83
Sent.15__
14..
13-12._
11-_
9-8__
7-6._
5__
80.72 100.17
RR.
6.15
5.40
7.06
5.38
6.09
6.98
6.12
7.05
5.41
6.12
7.03
5.40
6.16
5.41
7.08
5.43
6.18
7.08
6.18
5.45
7.08
543
6.17
707
6.18
5.42
7.06
6.14
5.37
6.98
Excha age Clo sed
Excha age Clo sed
6.10
5.34
6.94
99.04
99.04
98.57
98.57
98.57
98.41
98.41
98.57
98.41
98.73
82.87 104 nn
120 Domestics
by Groups.
4.86
4.85
4.87
4.87
4.87
4.89
4.91
4.89
4.89
4.86
5.59
5.58
5.60
5.61
5.62
5.64
5.65
5.64
5.64
5.62
Stock
Stock
5.58
7.76
6.70
5.73
9.81
Notes.---* These prices are computed from average yield on the basis o one "Ideal" bond (49(70 coupon, maturing in 31 Years) and do not Purport to show either
actual price quotations. They merely serve to illustrate in a more comprehensive way the relative levels and the relative
the average level or the average movement of
movement of yield averages, the latter being the truer picture of the bond market. t The latest complete list of bonds used in computing these indexes were published in
the "chronicle" of Sept. 9 1933, page 1820. For Moody's Index of bond prices by months back to 1928, see the "Chronicle" of Feb. 6, 1932, page 907.
5.07
4.49
5.02
13.28
8.07
6.44
5.18
6.28
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, Sept. 15 1933.
Retail trade still makes a good showing as compared with
a year ago. Sales during the past week were 10% to 40%
larger than in the same week last year. Wholesale buying
has been better. Department stores and specialty shops
reported the largest gains in retail business. There was
some falling off in the sales of school supplies and clothing
for students, but those of draperies, blankets, table linens,
china, glassware, rugs and lamps increased. Ready-towear knit goods met with a big demand. Shoes were also in
good demand. The fear of higher prices stimulated buying.
The automobile industry has been active with sales of [new
automobiles thus far in September of rather large volume.
The demand for radios and musical instruments has been
better. Carpets and rugs continued in good demand and
with the time for the usual fall housecleaning and change
from summer to winter furnishings now at hand sales are
expected to increase. In the wholesale markets the demand
for shoes was better. Orders have been so large that manufacturers are finding it difficult to make deliveries promptly.
August clearance sales of furniture almost depleted
retailers' stocks and consequently reorders have been of
good volume. Sales of carpets and rugs this far in September
are reported to be 50% over the same period last year.
The demand for stoves and ranges was larger owing to a
Financial Chronicle
show increases over a year ago were the Pennsylvania
System, the Baltimore & Ohio RR., the Louir vine & Nashville RR., the Chesapeake & Ohio Ry., the New York
Central RR., the Norfolk & Western Ry., the Atchison
Sept. 16 1933
Topeka & Santa Fe Ry., the Southern Ry. System, the
Chicago Milwaukee St. Paul & Pacific Ry., the Chicago &
North Western Ry., and the Southern Pacific Co. (Pacific
Lines).
-WEEK ENDED AUG. 26.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
1933.
Eastern District
Group A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N.H.& Hartford...
Rutland
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1932.
1931.
1933.
1932.
662
2,605
7,912
952
2,817
10,211
648
924
2,664
7,465
602
2,557
9,654
632
894
3,697
9,625
783
4.071
12,951
725
232
4,785
9.156
2,668
1,533
10,375
955
219
3,867
7,882
1,706
1,198
9,137
1,048
25,807
24,498
32,746
29,704
25,257
6,097
9,052
12,562
133
1,036
7,811
2,387
21,703
2.207
552
412
4,946
7,763
10,469
• 156
1,410
7,211
1.402
17.46(1
2,330
154
285
7,650
12,155
15,469
203
2,107
10,602
1,939
26,457
2.331
378
424
6,724
5,194
13,340
1,732
841
6,276
39
28,014
1.931
42
347
5,360
4,576
11,158
1,463
723
5,493
39
21,147
1,741
92
204
63.952
53,786
79,715
64,471
51.996
553
1,328
7,935
19
189
213
1,713
3,035
5,694
4,365
4,511
4,218
6,109
1,380
5,300
3,960
467
1,561
7,747
21
450
169
963
2.157
4.976
2,842
4,576
3,649
3,093
1,217
5,055
2,722
1,031
674
2,240
1,776
9,862
15,083
54
50
369
121
244
1.844
1,258
771
3,594
5,118
7,626
7,673
4,401
220
5,758
7,644
5,222
3,967
4.457
5,410
882
1,497
6.809 . 6.265
4,088
3.164
878
1,613
9,214
48
120
1,152
540
3,859
5,718
187
6.352
3.112
3,124
403
5.504
1,693
51,522
41,665
58.153
57,019
43,517
Grand total Eastern District- _
141,281
119,949
170,614
151.194
120,770
Allegheny DistrictBaltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & GaUleY
Central RR.of New Jersey....
Cornwall
Cumberland & Pennsylvania.-Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
c Penn-Read Seashore Lines__
30,474
4,054
300
5,586
4
146
105
i162
61,730
11,560
8,665
61
2,909
1,409
23,392
999
148
5,212
1
• 132
74
1,046
50,790
10,734
2,395
53
2,570
1,199
33,480
4,007
142
9,589
656
326
127
1,502
75,450
15,870
6.176
53
3,285
a
14.726
1,729
4
9,046
39
15
28
2,064
35,849
13,451
4,199
10,133
576
5
8,594
31
58
10
2,086
27,832
11,618
879
4 53.5
.
1,310
3
.055
1,085
128,165
98,745
160,671
87.098
65,923
Total
Group B:
Delaware & Hudson
Delaware Lackawanna & West_
Elm
Lehigh dr Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western._
Pittsburgh & Shawmut
Pitts. Shawmut & Northern
Total
Group C:
Ann Arbor
Chicago Ind. & Louisville
Cleve. Cin. Chic. & St. LouisCentral Indiana
Detroit de Mackinac
Detroit & Toledo Shore Line
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis_
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia....
Wabash
Wheeling & Lake Erie
Total
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup A:
Atlantic Coast Line
Clinchfleld
Charleston & Western Carolina_
Durham & Southern
Gainesville dr Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom_
Seaboard Air Line
Southern System
Winston-Salem Southbound_.-
24,010
21,088
669
3,245
18,594
14,310
612
3,304
24,464
19,820
968
3,930
8,421
3,920
969
525
7,399
2,811
834
393
49,012
36,820
49.172
13,835
11,437
7,018
1,343
333
127
37
1,135
417
286
5,964
17,948
151
5,966
844
339
148
48
1,251
459
308
5,859
17.199
162
8,030
1,233
402
150
62
1,610
521
423
8,160
22,503
206
4,077
1,334
820
459
64
1,265
702
1,913
2,879
10,928
695
3,435
895
579
269
61
878
597
1,809
2,368
8,717
597
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1932.
1933.
1932.
1931.
1933.
230
726
527
3,361
190
312
637
601
1,448
17,048
28,673
178
169
1,811
2,703
-iii
207
606
592
3,253
194
405
729
394
1,254
18,259
15,701
194
178
1.791
2.409
__ __
273
272
733
692
4,001
214
416
1,172
614
1,548
24,784
21,127
125
184
2,377
2,916
__ _
581
137
364
947
2,053
187
219
1.101
363
678
8,273
3,519
242
235
1,349
1,966
48,987
46,419
61,757
22,321
18,828
Grand total Southern District__
83,746
79,022
105,059
47,457
39,033
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic, Milw, St. Paul dr Pacific_
Chic. St. Paul Minn. Or Omaha_
Duluth Missabe dr Northern...
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des M.& SouthernGreat Northern
Green Bay & Western
Minneapolis & St. Louis
Mimi, St. Paul & S. S. Marie_
Northern Pacific
Spokane Portland & Seattle...
738
17,413
2,434
17,707
3,415
13,511
984
4,804
126
14,499
514
1,557
5,983
9,364
960
1,311
14,791
2,456
16,754
3,779
2,134
254
2.680
318
9,222
467
2,068
4,451
8,519
1,210
1,643
22,991
3,156
22,718
4,540
12.238
1,091
4,601
378
16,275
641
2.468
6,305
11,397
1,132
1,602
7,898
2.364
6,332
2,803
73
365
4,966
129
1,915
331
1,513
2,280
2,291
1,138
1,576
7,230
1,971
6,174
3,341
101
359
2,961
110
2,019
323
1,182
1,664
2.336
1,055
94,189
_
70,414
111,564
36,043
32,402
18,920
2,882
163
14,593
11,076
2,584
838
2,266
.232
841
690
191
17,558
250
317
11,348
261
1,586
18.534
3,084
158
16,021
12.368
2,719
670
2.191
385
912
563
182
15,526
217
321
11,661
208
1,303
26,442
3,507
225
21,192
15,730
3,499
1,182
3.492
681
1,190
905
162
21.821
293
314
14.588
420
1,550
4,073
1.677
23
6,007
5,976
1,935
1,182
2,062
19
829
260
22
2,972
330
930
6,205
8
2,409
3,602
1,432
18
4,801
5,108
1,544
681
1,743
11
651
217
37
2,314
296
785
5,695
4
1,830
86,596
87.025
117,193
36,919
30,769
122
212
162
1.711
184
174
251
a2,058
3,501
204
129
950
2,668
195
135
1,047
2,083
110
1.461
1.186
132
715
83
4,592
12.941
36
61
7.540
2,068
- -- 5.356
3,671
1,532
18
2 170
,
356
2,081
2,054
277
1,018
83
5,336
17,898
34
97
9,857
2,404
1;468
,
1- 544
867
1,338
712
677
251
289
2.383
6,786
20
140
3,186
1,169
670
1,217
584
328
1 71
259
1,995
6,037
17
92
2,760
981
6.554
3,894
2,439
29
2,i/
- 5:i
2,764
2.139
35
2i255
2,271
1,910
44
Group B.
Alabama Tenn. & Northern___
Atlanta Birmington & CoastA tl. & W.P.
-West.RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah....
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. Louis...
d New Orleans-Great Northern
Tennessee Central
Total
Total
Central Western DistrictAtch. Top.& Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington Sc Quincy
Chicago Rock Island Sc Pacific_
Chicago & Eastern Illinois_ __ _
Colorado & Southern
Denver dr Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City-Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island__
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
b Houston & Brazos Valley_ _ __
International-Great Northern__
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas
Missouri
-Kansas-Texas Lines-.
Missouri Pacific
Natchez dr Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
b San Antonio Uvalde & Gulf-Southern Pacific in Texas & La_
Texas & Pacific
Terminal RR. Assn. of St. LouJs
Weatherford Min.Wells & N.W.
254
184
131
1,773
---2,406
233 •
1,613
981
251
780
157
4,573
13,980
43
73
7,649
1,646
-- - 5,950
3,747
2,560
25
-555
112
360
862
1,632
132
432
1,087
261
547
6,992
2,658
326
249
1,048
1,659
___ _
471
26.993
43,302
25,136
20,205
Total
32,583
45.792
34,759
49.009
31.099
59,278
Total
a Estimated. b Included in Gulf Coast Lines. c Pennsylvania-Reading Seashore Lines include the new consolidated lines of the West Jersey & Seashore RR., forPennsylvania RR.and Atlantic City RR.formerly part of Reading Co.; 931 and 1932 figures included in Pennsylvania System and Reading Co. d Included
merly part of
Figures of previous week.
in Gulf, Mobile & Northern RR. e Included In Pennsylvania RR. and Reading Co. figures.
Moody's Daily Index of Staple Commodity Prices
in Sustained Recovery.
After two weeks of steady decline, prime commodity prices
reversed their trend during the week in review, with the
exception of last Saturday, when the previous downward
trend reached its culmination. Moody's Daily Index of
Staple Commodity Prices reached 126.7 on this day, the
lowest point since the July break. At the close yesterday,
the Index was 131.8, about one-quarter of the way from the
high point reached in July to the low of February.
Nine of the fifteen commodities included in the Index
showed gains for the week but hogs, cotton and wheat were
responsible for the major portion of the advance in the Index
number. Rubber, silk, corn, silver, wool tops and cocoa
also contributed in the order named. Hides and scrap steel
were lower, with copper, lead, coffee and sugar unchanged.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri.
Sept. 8
Sat.
Sept. 9
Mon. Sept. 11
Tues. Sept. 12
Wed. Sept. 13
Thurs. Sept. 14
Fri.
Sept. 15
127.712 Weeks Ago, Sept. 1
128.7 Month Ago, Aug. 15
128.31Year Ago,
Sept. 15
128.111932 High, Sept. 6
129.84
Low,
Dec. 31
131.111933 High, July 18
131.81
Low.
Feb. 4
130.1
129.5
97.6
103.9
79.3
148.9
78.7
More than Seasonal Increase Noted in Department
Stores Sales from July to August by 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 both for
number of business days and for usual seasonal changes,
was 75 in August on the basis of the 1923-1925 average as
100, compared with 71 in July and 68 in June. Under date
of Sept. 12 the Board continued:
In comparison with a year ago, the value of sales for August, according
to preliminary figures, was 16% larger. The aggregate for the first eight
months of the year was 10% smaller than last year.
Financial Chronicle
Volume 137
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
Federal Reserve Districts.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansas City
Dallas
San Francisco
August.'
+16
+9
+17
+82
+22
+25
+21
+23
+12
+21
+29
+2
Jan. 1
Number of
Reporting
to
Aug. 31.*
Stores.
-13
-11
-12
-8
-10
-10
-10
-9
-8
-8
-4
-10
50
55
35
33
49
20
58
20
16
24
25
71
Number
of
Cities.
26
26
15
12
20
15
29
10
11
14
10
26
Total
4-10
-In
456
214
* August figures preliminary; in most cities he month had the same number of
business days this year and last year.
____...._
Retail Food Prices in United States Advanced .3 of
1% During Period from Aug. 15 to Aug. 29 According to United States Department of Labor.
Retail prices of food fluctuated within narrower limits
between Aug. 15 and Aug. 29 than for the previous month
according to figures announced Sept. 13 by the Bureau of
Labor Statistics of the United States Department of Labor.
As compared with a rise of prices in 49 of the 51 cities covered
by the Bureau on Aug. 15, only 28 showed increases from
Aug. 15 to Aug. 29. An average increase of .3 of 1% was
shown for the United States. It is also noted that the increases were in no ease as great as from July 15 to Aug. 15.
For the former period increases of more than 7% were shown
for several cities. The greatest increase for the 2 weeks'
period was 2.6% for Philadelphia and 2% which was shown
for Boston and Detroit. Advances ranged from this point
down to a rise of only .1 of 1% in Birmingham and Scranton.
' Continuing, the Bureau said:
Decreases in the retail prices of food were shown for the other cities
ranging from a drop of .1 of 1% in Cleveland, Indianapolis and Seattle to
2.3% in Butte, and 2.2% in Minneapolis. The following table shows the
percent of change in each of the cities covered by the Bureau from Aug. 15
to Aug. 29:
-0.1 Peoria
Atlanta
-0.6
+1.5 Indianapolis
Baltimore
+0.7 Philadelphia
+2.6
+0.8 Jacksonville
+1.1 Pittsburgh
Birmingham
+0.5
+0.1 Kansas City
Boston
-0.4 Portland, Me
+2.0 Little Rock
-0.3 Portland. Ore
Bridgeport
+0.2
+1.2 Los Angeles
Buffalo
+1.7 Providence
+0.9
-0.5 Louisville
Butte
-0.7 Richmond
+1.2
-2.3 Memphis
-1.4 St. Louis
Charleston, S. C_ .....+0.6 Milwaukee
+0.5
Chicago
-2.2 St. Paul
+0.4 Minneapolis
Cincinnati
+1.6 Mobile
-1.3
+1.3 Salt Lake City
Cleveland
-0.1 Newark
+1.3 San Francisco
+0.2
Columbus
+1.0 Savannah
-1.8 New Haven
Dallas
-1.0 New Orleans
+0.5 Scranton
+0.1
Denver
-1.0 New York
-0.1
+0.4 Seattle
Detroit
+2.0 Norfolk
-0.3
+0.8 Springfield, Ill
Fall River
-1.3 Washington
-0.2 Omaha
+1.7
Houston
-0.4
No comparison is made with prices of a month ago nor the corresponding
Period of a year ago as similar information was not compiled for these
periods.
CHANGES IN FOOD PRICES BY COMMODITIES.
The average retail price of25 of the 42 commodities covered by the Bureau
of Labor Statistics showed an increase between Aug. 15 and Aug. 29. Of
the remaining 17 articles 9 showed a decrease and 8 showed no change.
The largest increase for the period was recorded in the price of eggs. Flour
prices showed only a fractional increase with the general average price of
bread for the United States showing no change. The following table shows
average prices of the 42 articles as of Aug. 15 and Aug. 29:
Aug. Aug.
15.
29.
Article.
lb.
Sirloin steak
lb.
Round steak
lb
Rib roast
lb
Chuck roast
lb
Plate beef
lb
Pork chops
lb
Bacon, sliced
lb
Ham, Biked
lb
Lamb,leg of
lb
Hens
Salmon, red, canned- -lb
et
Milk, fresh
lb
Milk, evaporated
lb
Butter
lb
Oleomargarine
lb
Cheese
lb
Lard
Vegetable lard sub'te_ --lb
Eggs, strictly fresh_ _ _.ds
lb
Bread
lb
Flour
Cents
.297
.263
.214
154
101
197
.234
.328
.225
.205
.200
.108
.076
.273
.
137
.234
.100
.189
.247
.076
047
Cents.
.298
.265
.212
.154
.100
.212
.235
.331
.231
.203
.203
.109
.075
.279
.136
.232
.098
.190
.255
.076
.048
Aug. Aug.
15.
29.
Article.
Corn meal
Rolled oats
Corn flakes
Wheat cereal
Macaroni
Rice
Beans, navy
Potatoes
Onions
Cabbage
Pork and beans
Corn, canned
Peas, canned
Tomatoes, canned
sugar, granulated
Tea
Coffee
Prunes
Raisins
Bananas
Oranges
lb
lb
lb.
lb
lb
.lb.
lb
lb.
lb
lb
lb
lb
lb
lb
lb
lb
lb
lb
lb
cis
cis
Cents.
.037
062
.170
.135
.154
.005
.059
.035
043
.040
.068
.082
.103
.075
.057
.655 •
.271
.099
.093
.240
.288
Cents.
.038
.064
.172
.136
.156
.065
.061
.033
.041
.040
.068
.082
.105
.075
.057
.658
.273
.101
.094
.245
.286
Wholesale Price Index of U. S. Department of Labor
Unchanged During Week Ended Sept. 9.
The recent rise in the wholesale price index was halted
during the week of Sept. 9, according to a report issued
Sept. 13 by the Bureau of Labor Statistics of the U. S.
Department of Labor. The Bureau's index number of the
general level of wholesale prices for the week was 69.7,
showing that no change has taken place in the all commodities
total when compared with the previous week. The index
for Aug. 26 was 69.6, and for Aug. 19, 69.3, as compared
with the low point of 59.6 for the week of March 4, The
Bureau continued as follows:
1999
Of the 10 major groups of related commodities which comprise 784
separate price series, weighted according to their relative importance and
based on average prices for the year 1926 as 100.0, five groups showed an
Increase and five a decline as compared with the previous week. Wholesale
prices of farm products continued downward for the second successive week
dropping nearly 1%. Manufactured foods, hides and leather products.
and textile products also showed a weakening of prices. Important groups
showing advances during the week were fuel and lighting materials, metals
and metal products, building materials and house-furnishing goods,increases
ranging from approximately .1 of 1% in the case of chemicals and drugs to
slightly more than 2% for house-furnishing goods.
The accompanying statement shows the index numbers of groups of
commodities for the weeks ending Aug. 12, 19, 26 and Sept. 2 and 9 1933.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF AUG. 12,
19, 26 AND SEPT. 2 AND 9 1933. (1926=100.0)
Week Ending
Aug. 12 Aug. 19 Aug.26 Sept. 2
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
69.4
58.5
64.9
91.4
72.9
66.8
80.8
80.7
73.1
76.0
65.2
69.3
57.5
64.4
90.9
74.1
66.5
80.8
80.8
72.9
76.4
65.5
69.6
58.2
65.0
92.8
74.2
66.7
81.2
80.7
72.5
76.9
65.2
69.7
57.1
65.3
92.9
74.2
67.2
81.4
81.0
72.2
77.0
65.2
Sept. 9
69.7
56.6
65.0
92.8
73.9
67.6
81.7
81.4
72.3
78.6
64.9
First Issue of Consumers Guide Says Retail Food Price
Increases in Six Months Have Parallel in Higher
-Dr. Fred C. Howe EsPrices Received by Farmers.
timates Farm Income Will Gain by More Than
$1,000,000,000-Disparity Seen in Various Retail
Fluctuations.
Advance in retail food prices during the first six months of
the current recovery program have been almost entirely refleeted in correspondingly higher prices paid to farmers,
according to the Consumers'First Guide to food price changes
which was made public on Sept. 14 by Dr. Fred C. Howe,
Consumers' Counsel of the Agricultural Adjustment Administration. Dr. Howe estimated that if increased prices
and demand for food products continue, the farmers' gross
income will be more than $1,000,000,000 above that of 1932.
The initial issue of the Consumers Guide is devoted to butter,
milk, cheese, eggs, hens, meats, flour, bread, lard, potatoes,
rice, macaroni, prunes and canned peas. Retail prices on
these articles were collected from 51 cities, and were furnished by the Bureau of Labor Statistics, while farm prices
were quoted by the Bureau of Agricultural Economics.
"Fifteen of the 16 representative foods reported on," Dr. Howe said.
"show higher prices to consumers on Aug. 15 than on Feb. 15. We have
analyzed changes in the farm prices of 13 of these and find that the margin
between farm and consumer prices has changed only slightly if the amount
of the processing tax on wheat is deducted from the margins on flour products. This tax will eventually be used for the benefit of the wheat grower.
"This indicates that generally the farmers are getting the benefit of the
extra money that consumers are paying out.
"Increase in farmers' income is only half the story, Dr. Howe said.
"The other half is the increased cost of things the farmer must buy. The
increased between Feb. 15 and Aug. 15 to an average of 11% above
latter
pre-war level, against an average increase in farm prices of 23%. While
we have reduced the gap between these two prices In the first six months of
the recovery program, we are still a long way from our goal of parity in prices
for farmers.
"If the extra dollars and cents that consumers are asked to pay do not go
to the farmers at a faster rate than increases occur in prices of commodities
farmers buy, we will lose out in our race for parity. Both farmers and consumers have a vital interest in what happens to the margins between these
two prices during the next few months."
Dr. Howe pointed out that two farm products alone-wheat and potatoes
-account for a sixth of the expected increase of $1,200.000,000 in gross
farm income, and that both of them have shown the largest advance in
retail prices.
"A bushel of potatoes cost consumers 90 cents in February; on Aug. 15
they cost $2.10. because of the short crop this year. That's an increase of
133% to consumers, but this increase,if maintained should put $176,000,000
more in farmers' pockets than they got for last year's potato crop.
"Flour and flour products have gone up in consumer price, too, because of
the shortage in wheat and the wheat control program. As a result, farmers
stand to gain $127,000.000 more for their wheat crop than they did last
year."
Dr. Howe said that his office is also following closely the disparity in
retail prices from city to city. "Consumers in one locality should not be
penalized by price increases that are out of line with general advances
throughout the country," he said.
"Price changes have not been uniform in all cities, nor is there any uniformity in total prices. Highest prices on Aug. 15 for 14 of the 16 commodities studied were found in the following cities:
Butter-Portland. Maine
Pork Chops
-Los Angeles and San
Cheese
-New Haven. Connecticut
Francisco, Cal.
Milk-Bridgeport and New Haven, Flour-Philadelphia
Connecticut
Lard-San Francisco
Eggs-Boston. Massachusetts
Potatoes-Dallas, Texas
CMcken-Washington, D. C.
Rice-Dallas, Texas
Leg of Lamb-Cincinnati, Ohio
Prunes-Springfield, Illinois
Canned Peas, 2
-Bridgeport, Conn.
Bread-Scranton, Pennsylvania
"Retail prices of these foods in the above cities were above the average for
the country in every case. Consumers there might well ask their distributors
why they must pay more than consumers pay elsewhere for these essentials.
"Several factors have combined or acted separately to raise prices to
farmers and therefore to consumers. The shortage in wheat and potatoes,
already referred to, advanced consumers' prime for bread 19%; macaroni,
6%;flour, 65%; and for potatoes, 133%. Speculative activity helped to
raise the price of butter 10%; cheese, 11%; eggs. 18%. The depreciated
exchange value of the dollar helped increase the price of rice 10%.lard.30%.
Where there is no production centrol program, as in wheat and pork, and
Financial Chronicle
2000
no marketing control such as is being developed on various commodities,
the farmers' gains may not be maintained. If the farmers fail to hold their
better prices, it may be necessary to extend control arrangements to unregulated products. For that reason we are watching every move of these
prices.
'Consumers have a definite stake in the farmers' returning prosperity,"
Dr. Howe added. "They will go along with us in our efforts to give the
farmers a better deal if we can continue to show them that the processors
and middlemen are not profiteering on these better farm prices."
"Annalist" Monthly Index of Business Activity Shows
Drop of 5.4 Points from July to August.
Following its unprecedented rise from a March level of
58.5 to 89.4 in July, the "Annalist" Index of Business Activity has dropped to 84.0 (preliminary) for August, thus
canceling 17% of the rise. Under date of Sept. 15 the
"Annalist"further said:
The recession in manufacturing activity which characterized the latter
part of July and the entire month of August was fairly general throughout
various classes of industry. Of the nine components of the business index
for which August figures are available, only two, the adjusted indices of
pig iron and zinc production, continued to advance. The recession was
most pronounced in the case of steel ingot production, the adjusted index
of which dropped to 75.9 from its July peak of 92.7. There was also a
sharp decrease in the adjusted index of cotton consumption, although the
decline still left the August index well above estimated normal. The
adjusted indices of automobile production, freight car loadings, electric
power production, silk consumption and lumber production also declined.
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 for months
back to the beginning of 1928.
-THE "ANNALIST" INDEX OF BUSINESS ACTIVITY AND
TABLE 1.
COMPONENT GROUPS.
August.
Steel ingot production
Pig iron production
Electric power consumption
Cotton consumption
Wool consumption
Silk consumption
Boot and shoe production
Automobile production
Lumber production
Cement production
Zinc production
Combined index
July.
June.
62.3
75.9
64.9
x95.5
121.3
Freight car loadings
66.2
92.7
64.4
96.7
138.3
144.0
85.2
132.6
67.8
71.1
56.2
66.4
89.4
61.4
69.3
43.1
93.0
140.3
148.5
105.4
135.2
63.6
59.5
49.2
51.3
83.4
71.3
y59.7
z64.9
70.2
*84.0
• Subject to revision. z Based on an estimated output of 7,758,000,000 kwh.,
as against the Geological Survey total of 7,463,000,000 kwh. in July and 6,764,000.000 kwh. in August 1932. y Based on "Automotive Daily News" estimate of
223,000 cars and trucks (U. S. and Canada), as against Department of Commerce
total of 239,628 cars and trucks in July and 94,392 cars and trucks in August 1932.
z Based on an estimated output of 1,532,000,000 feet, as against Federal Reserve
Board total of 1,467,000,000 feet in July and 869,000,000 feet in August 1932.
-THE COMBINED INDEX SINCE JANUARY 1928.
TABLE H.
1933.
January
February
March
April
May
June
July
August
September
October
November
December
1932.
1931.
1930.
1929.
1928.
63.1
61.7
58.5
64.1
72.5
83.4
89.4
'84.0
70.1
68.1
66.7
63.2
60.9
60.4
59.7
61.3
65.2
65.4
64.7
64.8
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
112.9.
112.4
111.9
115.0
115.7
116.6
116.7
115.6
115.0
113.4
106.0
101.2
105.6
106.1
105.4
105.5
105.6
104.8
106.3
108.1
109.7
111.8
112.0
112.5
Subject to revision.
"Annalist" Weekly Wholesale Price Index Advanced
-Due to Further
0.9 Points During Week of Sept. 12
Advance in Petroleum Group.
A rise of 0.9 point in the "Annalist" Weekly Index of
Wholesale Commodity Prices to 103.8 on Sept. 12,from 102.9
(revised) Sept. 5, was due entirely to a further advance of
crude petroleum and gasoline prices in consequence of the
production quotas announced recently by Secretary Ickes.
In noting this the "Annalist" further said:
Otherwise the index would have been virtually unchanged, the other
individual movements being small and largely offsetting each other. On a
gold basis it rose 1.4 points to 72.6 the dollar recovering to 69.9 cents from
69.2; without the advance in the petroleum group the rise in the dollar
would have lifted the index to 71.9.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES (Unadjusted for Seasonal Variation).
(1913=100)
Sept. 12 1933.
Sept. 5 1933.
Sept. 13 1232
.
77.5
x87.6
100.3
105.0
79.5
x123.6
138.1
129.6
97.4
104.6
106.5
107.9
93.2
97.2
82.4
86.2
95.7
x102.9
71.2
728
hecia v
•Preliminary. x Revised. z Based on exchange quotations for France, Switzerland, Holland and Belgium.
Farm products
Food products
Textile products
Fuels
Wetals
Building materials
Dhemicals
Vfiscellaneous
(II commodities
-..1.1............r.1,1
,
tti .......m.
87.5
105.6
•123.4
138.8
104.6
107.9
97.2
80.1
103.8
Slight Increase Noted by National Fertilizer Association in Wholesale Commodity Prices During Week
Ended Sept. 9.
Wholesale commodity prices, as measured by the index of
the National Fertilizer Association, moved up slightly during
the latest week. This index advanced from 67.2 to 67.3 for
the week which ended Sept. 9. During each of the preceding
Sept. 16 1933
two weeks the index gained four points. The latest index
number is eight points higher than it was a month ago and
is 47 points higher than it was at this time last year. The
Association further reported as follows under date of
Sept. 11:
During the latest week two groups advanced, six declined, and the remaining six showed no change. The advancing groups showed the largest gains.
The second most heavily weighted group in the index, fuel, made an appreciable gain. Fats and oils advanced slightly. None of the declining groups
showed large losses. These groups were foods, grains, feeds and livestock,
textiles, miscellaneous commodities, metals, and fertilizer materials.
Twenty-four commodities showed higher prices during the latest week,
while 32 showed lower prices. The commodities that advanced were more
important and the changes were larger than in the case of the declining
commodities.
Important commodities that advanced during the latest week were lard,
butter, eggs, sugar, rice, hogs, lambs, silver, petroleum, fuel oil, gasoline,
and coal. Some of these gains were relatively large, especially several of the
commodities in the fuel group. Among the declining commodities were
corn, oats, wheat, foodstuffs, good cattle, heavy melting steel, rubber,
cotton, cotton yarns, burlap, silk, ham, flour, and cottonseed meal.
The index number and comparative weights for each of the 14 groups
listed in the index are shown in the table below e
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928= 100)•
Per Cent
Each Group
Bears to the
Total Index.
23.2
18.0
12.8
10.1
8.5
6.7
6.6
8.2
4.0
3.8
1.0
.4
.4
.3
100.0
Group.
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House furnLshing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
All ermlIna onmhIneva
Latest
Week
Sept. 9
1933.
Pre
ceding
Week.
Month
Ago.
Year
Ago.
69.3
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
69.5
60.9
52.3
64.7
69.4
84.4
74.7
78.7
78.7
48.2
87.0
64.9
66.7
90.1
67.4
58.0
55.9
65.5
67.9
84.4
74.1
78.6
77.2
48.4
87.0
66.0
65.9
90.1
62.3
66.4
45.2
49.4
61.7
89.0
71.6
70.3
77.7
44.0
87.4
62.0
71.0
92.1
67.3
872
RA R
897
Increase of More Than $1,000,000,000 in Gross Farm
Income Forecast by Bureau of Agricultural
Economics.
Gross farm income will approximate $6,360,000,000 this
year, compared with $5,143,000,000 in 1932, assuming a
continued improved demand for farm products the remainder
of this year, according to a preliminary estimate by the
Bureau of Agricultural Economics, United States Department of Agriculture. The estimate is made up of $6,100,000,000 from the sale of farm products, plus at least
$260,000,000 in rentals and benefit payments by the Agricultural Adjustment Administration. Under date of Sept.9
the Bureau continued:
Most of the increase in gross income is attributed to better prices for
crops, since prices of most types of livestock have averaged slightly lower
this year than last. Unless livestock prices advance materially during the
last four months of the year, gross income from livestock will not be greatly
different from that in 1932.
The trend of farm prices in the next few months will be an important
factor in determining the gross income of farmers for 1933 since farmers'
marketings are usually largest during that period of the year, the Bureau
explains. Should industrial activity improve during the remainder of this
year, a further increase in consumer and industrial demand for farm products is expected. There will be some durther improvement in business
activity during the next few months, but at a somewhat more moderate
rate than the improvement from March through July.
The marked reduction in production of many of the principal crops this
year has strengthened prices by reducing prospective supplies for the coming
year. The reduction in wheat production to below normal requirements
will result in the smallest carryover of wheat from the current marketing
year since 1929. Cotton production has been reduced to below average
consumption, and a reduction of more than 30% in the output of cigar type
tobaccos is in prospect.
The potato crop this year is 18% less than last year's, but prices on
Aug 15 were 255% of August prices in 1932. Farmers will get more
money from fruits and nuts this year than last, since prices of most fruits
at the beginning of the marketing year were much higher than prices a
Year ago and the higher prices have been well maintained. There is likely
to be leas than usual waste of farm products this year because of smaller
production and Improved prices.
But supplies of livestock marketed this year are likely to be larger than
in 1932. Inspected slaughter of hogs during the first half of this year was
3% larger than in 1932, and slaughter during the last half of the year, it
is expected, will also be somewhat greater than in the corresponding period
a year ago, due to an increase of 13% in number of hogs six months old
or older on farms June 1, and to an increase of 3% in the number of spring
pigs saved in 1933.
The Agricultural Adjustment Administration program of buying about
1,000,000 sows bred to farrow this fall, and about 4.000,000 little pigs
under 100 pounds in weight, will not materially affect the quantity of pork
which would ordinarily be made available for markot the remainder of this
year, but that it will greatly reduce the prospective supply for the first
half of 1934 and thereby afford a better market for the hogs to be marketed
this fall.
Cattle and calf slaugher this year, it is expected, will be larger than In
1932, especially during the latter half of the year. Inspected slaugher
of cattle the first half of this year was nearly 6% more than that of a year
ago, and the number of cattle on feed in the Corn Belt on Aug. I was 13%
greater than the number a year ago. Unfavorable range and pasture
conditions over much of the country are expected to increase marketing of
cattle this fall, as compared with last fall, and because of reduced feeder
demand it is expected that a larger proportion of these cattle will be taken
for slaughter. Calf slaughter so far this year has been in excess of thattof
Financial Chronicle
Volume 137
a year ago, at somewhat lower prices. A slight reduction in sheep and lamb
slaughter this year compared with 1932 is expected.
Income from livestock products and from poultry and eggs is expected to
be about the same as in 1932. Prices of whole milk and butterfat in July
and August were somewhat higher than prices in the same months last year,
and should this favorable comparison with the same period a year ago be
continued through the remainder of this year, gross income from dairy
products in 1933 will probably about equal that of 1932.
A Smaller Percentage Gain in Electric Output Shown
During Week Ended Sept. 9 1933.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the weak ended Sept. 9 1933 was 1,582,742,000 kwh., an increase of 11.1% over the same period
last year when output totaled 1,473,977,000 kwh. A gain
of 11.8% was registered during the previous week. The
current figure also compares with 1,637,317,000 kwh.
produced during the week ended Sept. 2 1933, 1,630,394,000
kwh.in the week ended Aug.26 1933, and with 1,661,504,000
kwh. (the high mark this year) in the week ended July 29
1933.
In most sections of the country comparisons with last
year were less favorable than in the preceding week. However, a gain of 26.7% over 1932 was reported in the Rocky
Mountain region as compared with 23.1% in the week
previous, a gain of 7.7% was shown in the Middle Atlantic
region as against 6.8%, and an increase of 3.7% was made
in the West Central region as compared with 1.9% tte week
before. Electric output was 10.7% higher in the New
England region as against 12.7% in the week ended Sept. 2
1933. The Central Industrial region was up 16.2% as
against 17.4%, the Southern States region 8.4% as compared with 9.9% and the Pacific Coast region 2.6% as against
5.0%. The Institute's statement follows:
PER CENT. CHANGES.
Major Geographic
Divisions.
Week Endea
Sept. 9 1933.
Week Ended
Sepi. 2 1933.
Week Ended
Aug.261933.
Week Ended
Aug. 191933.
New England
Middle Atiantle
Central Industrial_ _ .
.
Southern States
Pacific Coast
West Central
Rocky Mountain
+10.7
+7.7
+16.2
+8.4
+2.6
+3.7
+26.7
+12.7
+6.8
+17.4
+9.9
+5.0
+1.9
+23.1
+16.5
+10.2
+18.2
+11.6
+5.9
+3.8
+27.1
+18.7
+9.9
+20.4
+18.1
+9.3
+4.8
+26.9
'TM al 77.111..4 P11,11,a
-1.1 i 1
.1-11.5
-4- 1 a A
-I-1A_9
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1930, is as follows:
1933
IV eek of-
1933.
IVeek of-
1932.
Week of-
1931.
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 28
Sept. 2
Sept. 9
Sept. 16
Sept.23
Sept. 30
1,435,707,000 Mid 7 1.429,032,000 May 9 1,637,296.000
1,468.035.000 May 14 1,436,928.000 May 16 1,654,303,000
1.483.090.000 May 21 1.435,731.000 May 23 1.644,783,000
1.493,923.000 May 28 1,425,151,000 May 30 1,601,833.000
1,461.488,000 June 4 1,381.452.000 June 6 1.593,662.000
1,541.713,000 June 11 1.435.471,000 June 13 1.621,451,000
1.578,101,000 June 18 1.441,532.000 June 20 1,609,931,000
1,598,136,000 June 25 1,440,541,000 June 27 1.634.935.000
1,655,843.000 July 2 1A56,961.000 July 4 1.807,238.000
1,538.500.000 July 9 1,341.730,000 July 11 1.603,713,000
1.648.339.000 July 16 1,415,704.000 July 18 1,644.638,000
1,654,424,000 July 23 1.433,990.000 July 25 1.650,545,000
1.661,504.000 July 30 1.440.386.000 Aug. 1 1,644,089.000
1,850.013.000 Aug. 8 1.42606.000 Aug. 8 1,642,858,000
1,827.339,000 Aug. 13 1,415,122.000 Aug. 15 1,629.011.000
1.850.205,000 Aug. 20 1.431,910.000 Aug. 22
1,630,394.000 Aug. 27 1,436,440.000 Aug. 29 1,643.229.000
1,637.533.000
1,637,317,000 Sept. 3 1,464,700,000 Sept. 5 1,635,623,000
1,582,742,000 Sept. 10 x1,423,977,000 Sept. 12 1,582,267,000
Sept. 17 1.476,442,000 Sept. 19 1,662,660,001
Sept.24 1,490,883.000 Sept.28 1,660,204,000
Oct. 1 1,499,459,000 Oct. 3 1,645,587,000
OM.
7
Oct. R 1 Am 216.000 Oct. 10 1.653 nno nen
Corrected figure.
x
DATA FOR RECENT MONTHS.
Month of
-
1933.
1932.
1931.
1930.
Over
1932.
0.5%
2.2%
3.3%
48%
3.8%
7.4%
9.5%
10.9%
13 7%
14.7%
16.4%
15.4%
15.4%
15.6%
15.0%
15.2%
13.5%
11.8%
11.1%
__
1933
Under
1932.
January ...- 13,480.897,000 7,011.736.000
February.. _ 5,835.263.000 6,494,091,000
6,182.281.000 6.771,684,000
March
6,024.855.000 6.294.302.000
Aprli
6.532,688,000 8,219,554,000
May
6.81,9.440.000 6,130,077,000
June
7,058,600.000 6,112.175,000
July
August
6,310,687.000
September.
..
6,317,733,000
October.
8.633,865,000
November.
8,307,804.000
December...6,638.424,000
7.435.782.000
8,678,915,000
7.370,6,17.000
7.184,514,000
7,180,210.000
7.070.729.000
7,286,576,000
7,166.086,000
7,0°9,421,000
7,331.380,000
6.971.644.000
7,288.025.000
8.021,749.000 7.6%
7,066,788.000 10.1%
7,580.335,000 8.7%
7.416.191.000 4.3%
7.494.807,000 a5.0%
7,239,697,000 al 1.1%
7,363.730,000 al5.5%
7,391,198,000
7,337,106,000
7,715,787,000
7,270,112.000
7,566,601,000
77 449 119 nun AR nn9 ono nnn no dfl7 nue nnn
a Increase over 1932.
-The monthly figures shown above are based on reports covering appmxi
Note.
mately 92% of the electric light and power Industry and the weekly figures are based
on about 70%•
Both Employment and Payrolls in New York State
Factories Advanced for Fifth Consecutive Month
from Middle of July to Middle of August-Sharpest
July to August Upturn Recorded by New York
State Department of Labor Since 1914.
Gains of 6.2% in factory employment and of 6.7% in
total wage payments occurred in New York State during
2001
the period from the middle of July to the middle of August,
according to a statement issued Sept. 12 by Industrial
Commissioner Elmer F. Andrews, making the fifth consecutive monthly rise in both employment and payrolls to be
recorded since the recovery started. The advance this
month, the statement said, was the sharpest July to August
upturn to be recorded since 1914, when these statistics were
first collected. Usually the period is characterized by small
upward or downward movements. The statement added:
The percentage change in employment in New York State factories from
July to August in each year since 1914 is indicated in the following table:
Increases July to August.
-
Decreases
-July to August.
1916
+1.4 1927
1914
+0.7
-4.8 1921
-0.1
1919
+2.1 1928
+1.2
1915
-0.7 1923
-0.9
1922
+2.3 1929
+0.4
1917
-1.7 1930
-0.8
1924
+0.1 1932
+3.4
1918
-2.1 1931
-0.6
1925
1933
'
1+6.2
1920
-2.0
1926
+0.8
Preliminary.
The August gains advanced the State indexes of factory employment and
payrolls, based on the averages for the three years 1925-1927 as 100, to
66.0 and 51.1 respectively, and extended the gains since a year ago to 21.4%
and 24.4% respectively. The movement continued general, with all of
the 12 major industry classifications again showing gains in numbers employed. A large number of firms reported increases in wage rates and
decreases in working hours due to their adherence to either individual industry codes under the NRA or to the President's Re-employment Agreement. In New York City, employment rose 7.8%, and wage payments
were increased by 7.1%. Returns from 1,588 representative factories
which report each month to the Division of Statistics of the State Labor
Department form the basis for this analysis.
Metal Group Shows Large Increase.
The metal group again showed an increase in working forces, with all
Industries comprising the group, except structural and architectural iron,
recording gains in personnel. Reporting firms in the group as a whole re-employed approximately 6,570 additional persons in August. Workers continued
to be recalled by the silverware and jewelry; brass, copper and aluminum;
iron and steel; firearms, tools and cutlery; cooking, heating and ventilating
apparatus; machinery and electrical apparatus; railroad equipment and
repair shops; boat and ship building; and instruments and appliances divisions. Sheet metal and hardware, and automobile and airplane concerns,
which had shown losses in July, were recalling operatives in August. Structural and architectural iron concerns had the same number of employees
working in August as during the previous month.
Employment in Needle Trades Advances.
Increases in employment continued in the clothing and millinery group.
Men's clothing shops, in the midst of their fall and winter manufacturing
season, were continuing to take on help in large numbers. Sharp seasonal
expansions in working forces were noted also in millinery concerns. Tha
men's furnishings, laundering and cleaning, and miscellaneous sewing
branches reported increases in numbers employed instead of their usual
August contractions. In women's underwear concerns a good pick-up
from the previous month's level was noted. The women's clothing branch
reported the same volume of employment as in July, instead of an expected
seasonal rise, due to the stoppage in the cloak and suit industry pending
the adoption of an NRA code. Dress manufacturers, who are also listed
In the women's clothing classification, were taking on many operatives.
offsetting the losses in cloak and suit houses. The net result in the clothing
and millinery group as a whole was an increase in numbers employed of
8.9%.
Unseasonal Gains Continue in Textile Mills.
Textile employment during August recorded its fifth consecutive contraseasonal increase. In the group as a whole, employment rose 5.6% above
the July level, with reporting firms recalling approximately 2,100 additional
operatives. Gains continued to be reported by the woolens, carpets and
felts; cotton goods; and miscellaneous textile divisions. Employment in
silk mills showed a good pickup from last month's recession, while knit
goods manufacturers let go help this month.
Net Gain in Food Concerns.
The food and tobacco group recorded a further gain of 1% in employment. Candy factories were seasonally more active and were hiring many
additional workers. Gains in personnel were also reported by the flour,
feed and cereals; meat and dairy products; bakery products; beverages,
and
sugar and other groceries divisions. Tobacco plants were using approximately the same number of employees as in July. Canneries were laying
off numerous employees,due to the usual August lull in the summer canning
season.
Other Industries Continue Busier.
Increases were shown by all the industries comprising the furs,
leather
and rubber goods group, with exceptionally large seasonal
gains in the
shoe and gloves, bags and canvas goods divisions. Expansions
in working
forces were reported by all branches of the wood manufacturer
s'and pulp
and paper groups. Improvement continued in tho chemicals,
oil and
paints; printing and paper goods, and stone, clay and glass
industries. A
few persons were added In water, light and power plants.
Sharp Upturn in New York City.
In New York City the upward movement
was continued this month
with further gains of 7.8% in numbers employed
and of 7.1% in total
factory payrolls. A sharp pickup from the previous
month's decline
occurred in the apparel group. The settlement of
a strike and greater
seasonal activity caused a sharp gain in employment to
be recorded in
the men's clothing industry. Seasonal expansion
was evident also in •
millinery factories, and increases were reported by
women's underwear:
miscellaneous sewing; laundering and cleaning, and men's furnishings
concerns. A decrease was recorded in the women's clothing
division, due
to a stoppage in cloak and suit houses pending adoption
of an NRA code.
An increased volume of employment was gain noted
in the metals and
machinery; wood manufactures, and furs, leather and rubber
goods groups.
Gains also occurred in the chemicals, oils and paints;
printing and paper
goods; food and tobacco; water, light and power; and textile
concerns.
In the stone, clay and glass group a slight net loss in working
forces was
noted.
Employment and Payrolls Again Higher in Up-Stat
e Cities.
The major up-State industrial centres reported in August continuation
of the June and July broad upward movement, with
employment and
payroll gains again evident in all districts.
Buffalo and Syracuse reported general increases, with the largest
gains
occurring in metal concerns. Expansion of working forces in
the metal
Financial Chronicle
2002
machinery
Industries located in Albany, Schenectady, Troy, especially in
repair shops,
and electrical apparatus plants and railroad equipment and
Utica, all metal industries
was the main factor in the rise in that city. In
were taking on help, and cotton goods mills were increasing operations,
reports
while makers of knit goods were curtailing activity. Binghamton
especially
showed gains in metal, furniture and clothing concerns, and an
improvement was noted
sharp rise in shoe employment. In Rochester,
t and
in most industries. The percentage changes in factory employmen
given in
payrolls in New York industrial centres from July to August is
the following table:
City.
Albany, Schenectady, Troy
Binghamton
Buffalo
Rochester
Syracuse
Utica
New York City
Employment.
Payrolls.
+3.6%
+8.0%
+6.7%
+3.2%
+11.4%
+3.1%
+7.8%
+9.1%
+2.7%
+6.6%
+4.0%
+12.1%
+5.0%
+7.1%
Review of Industrial Employment in Ohio and Ohio
Cities During August by Illinois Department of
Labor-Correction.
In giving its review of industrial employment in Ohio
cities during August, and noted in our issue of Sept. 9,
page 1833, the Ohio State University stated that "total
employment in Ohio continued to gain during August, the
increase from July amounting to 4.7%, bringing the total
gain since March to 51.0%." The University has since
advised us that the total gain since March is 35.5%.
Review of Building Activity in Illinois During August,
and For the First Eight Months of 1933 by Illinois
Department of Labor.
"Reports from 65 Illinois cities disclosed that 1,065
building projects, estimated to cost $1,395,265, were authorized by permits issued during August 1933," stated Howard
B. Myers, Chief of the Division of Statistics & Research of
the Illmois Department of Labor, in his review of building
activity in Illinois. "These figures," Mr. Myers continued,
"represents gains over July 1933 of 5.6% in the number of
projects and 20.9% in the total estimated cost. Although
a gain in expenditure over July is normally expected, the
increase reported was somewhat larger than the average
July-August gains reported to the Illinois Department of
Labor during the past 12 years. The total estimated expenditure of $1,395,265 was 16.8% above the aggregate
value represented by permits issued in the same cities during
August 1932."
In his review, issued Sept. 11, Mr. Myers continued:
was
An increase In the proposed expenditure for new building projects
for
responsible for the August increase, the total estimated expenditure
in August
such building increasing from $623.030* in July to $941,209
both new residential building
1933, or 51.1%. Within this classification
from
and new non-residential building showed gains, the former increasing
latter from
$194,985* in July to 239,075 in August, or 22.6%, and the
The total expen$428,045 to $702.134, or 64.0%. during the same period.
s declined from
diture for additions, alterations, repairs and installation
or 14.5%.
$531,288 in July to $454,056 in August,
A large increase from July to August of 65.7% in the total estimated
for the gain
expenditure for Chicago projects was mainly responsible
reported a
reported for the State. The group of 34 Chicago suburban cities
the Chicago metropolitan area
decline of 9.8%. and the 30 cities outside
showed a loss of 9.5% from July to August.
for Chicago and
In August 1933 the total estimated expenditure, both
n area, exceeded
for the reporting cities outside the Chicago metropolita
to 35.8% and 16.2%,
those for August 1932, the increases amounting
expenditure
respectively. For the Chicago suburban cities, the estimated
this August was 21.4% below the total for August 1932.
was
In Chicago the July-August gain for total estimated expenditure
ial building
much sharper than is seasonally expected.x New non-resident
to $525,470 in August, or 181.1%.
increased sharply from $186,931 in July
August in
Included in the projects for which permits were issued during
office building at a
Chicago were a church estimated to cost $125,000, an
to cost
proposed expenditure of $70,000. and a train shed roof estimated
from the low total
$149,000. New residential building declined slightly
1.5%, and expenditure
of $46,600 reported in July to $45,900 in August,or
declined from
for addition, alteration, repair and installation projects
In August 1933 the
$234,139 in July to $203.402 in August, or 13.1%.
building was 4.3; for new
index of total estimated expenditure for Chicago
building, 5.6, and
residential building it was 0.6; for new non-residential
(Monthly average
for additions,alterations, repairs and installations. 23.7.
1929 equals 100.)
authorized by the
The decline of 9.8% in the total estimated expenditure
was caused by a large decrease
in
group of34 Chicago suburban cities August
to $45,785 in August,
in new non-residential building from $98,288 in July
850,200* in July to
or 52.4%. New residential building increased from
estimated cost of additions, altera$63,000 in August, or 25.5%, and the
$94,005 to $108.981, or
tions, repairs and installations increased from
of the 34 cities in this group
15.9%, during the same period. Eighteen
reported higher estimated expendireported gains over July 1933. while 17
ture totals than were reported in August 1932.
which permits were Issued during
The total cost of proposed buildings for
Chicago metropolitan area
August in the group of 30 cities outside the
accounted for by a decline in
disclosed a decline of 9.5%. This decrease is
in July to $129,899 in August,
new non-residential building from $142,828
alteration, repair and installaor 9.1%. and a sharper decline in addition,
30.3%. New residential
tion projects from $203,143 to $141,673, or
in July to $130,175,
building in this area increased sharply from $98,185
mily dwellings to be erected
or 32.6%. It is noteworthy that 14 one-fa
the totals for this group
in Peoria at a total cost of $55,700 are included in
sharply with the total
of cities. The total of 855.700 for Peoria contrasts
subway estimated to cost
of $45,900 authorized by permits in Chicago. A
Eleven of the 30
$50,000 was authorized by building officials in Urbana.
Sept. 16 1933
gains
cities in this area reported increases over July 1933 and 16 showed
over August 1932.
permits in the 65
Of the total estimated expenditure authorized by
for
reporting cities in Illinois during August, 55.5% was to be expended
Chicago projects. 15.7% for buildings in the Chicago suburban cities, and
proThe
28.8% in reporting cities outside the Chicago metropolitan area.
for new
portion of the total authorized expenditure for August to be spent
new non-residential buildings, 50.3%,
residential structures was 17.1%; for
and for additions, alterations, repairs and installations, 32.5% •
During the first eight months of 1933. a total of 7,055 building projects,
reporting
estimated to cost $8.085,349, was authorized by permits in the 65
cities in the State. This represents a loss of 28.6% from the total estimated
months of
expenditure of $11,327,986* reported during the first eight
the first
1932. In Chicago, the total estimated cost of all projects for
eight months of 1933 was 21.8% below that for the same period in 1932;
the loss was 35.2%, and for
for the 34 reporting Chicago suburban cities
the 30 cities outside the Chicago metropolitan area the decline amounted
to 33.5%. An analysis by building classification disclosed that for the first
for
eight months of 1933 the total authorized expenditure of $1,405,895
new residential building was 53.2% below the total of $3,005,341* for the
same period in 1932. Similarly, new non-residential building declined from
1933, or
34,511,423* for the first eight months of 1932 to $3.425,030 In
from
24.1%, and additions, alterations, repairs and installations declined
Twenty-three of the
$3,811,202* in 1932 to $3,254,424 in 1933, or 14.6%.
-12 in the Chicato suburban area and 11 outside the
65 reporting cities
Chicago metropolitan area-reported authorized expenditures for the first
eight months of 1933,in excess of those reported for the same period in 1932.
*Revised.
x The index of seasonal variation for total Chicago building for August Is 102.6,
and for July 95.3.
Business Conditions in Atlanta Federal Reserve
District-Decrease of 16.8% Noted in Department
Stores Sales from June to July-Retail Trade
P41
Declined Less Than Seasonal.
The Federal Reserve Bank of Atlanta, in its "Monthly
Review" of Aug.31,stated that "available business statistics
for July relating to the Sixth (Atlanta) District show a
decline in retail trade smaller than usually occurs at that
time of year, a further gain in wholesale distribution, increases in life insurance sales and bank debits, in coal and
iron production,and in cotton mill employment,and improvement in agricultural prospects, over earlier months, but there
were decreases in building permits and in contracts awarded
for construction projects, and a, small decline in outstanding
bank credit." The Bank continued as follows:
Department store sales declined 16.8% from June to July, but were 4.8%
a
greater than in July last year. At the same time a year ago there was
decrease of 23.3% from June to July. After allowance for the usual decline
at that time, however, the adjusted index of daily average sales rose 11.6%
over that for June, and was 6.2% above the adjusted index for July 1932.
Wholesale trade, contrary to seasonal tendency, has increased each month
since February, and for July sales of 102 firms were 48.5% greater than in
that month a year ago. Life insurance sales increased 4.8% from June to
July and were 15.1% greater than in July 1932. and bank debits increased
8.9% over June and were 13.8% larger than a year ago.
Prospective production of corn, wheat, hay and potatoes in this District
increased from July 1 to Aug. 1, according to estimates by the United States
Department of Agriculture, and increases over 1932 are indicated for corn,
tobacco, potatoes and fruits. Because of a higher condition, and a much
higher indicated yield per acre, the August estimate indicates larger production of cotton this year than last in Alabama, Florida, Georgia and Mississippi, after allowing for acreage reduction and average abandonment.
Cotton consumption, and operations of textile mills, declined somewhat
in July, but continued substantially greater than a year ago, and employment at reporting textile mills showed a further gain over earlier months
and was also substantially greater than in July 1932.
Building statistics indicate a decrease in construction activities. Production at lumber mills increased, but orders declined, and production
of coal in Alabama and Tennessee, and of pig iron in Alabama, increased
over earlier months and was substantially greater than in July last year.
As to wholeJale and retail trade conditions in the Sixth
District, the Bank said:
Wholesale Trade.
Distribution of merchandise at wholesale in the Sixth District increased
This
5.9% from June to July, and was 48.5% greater than In July 1932.
year.
gain over June compares with a decrease of 9% at the same time last
is higher
The July index number is 52.7% above the low for February, and
than for any month since November 1931. Because of the increase over
gain of 4.2%
July last year, total sales for the seven months of 1933 show a
over that part of 1932.
Retail Trade.
July
Department store sales in the Sixth District declined from June to
by less than the usual seasonal amount, and were 4.8% larger than in July
of last year. On a daily average basis. July sales were 13.3% smaller than
in June, compared with a decrease at the same time last year of 20.2%. and
with a usual decline at that time of year of 22.2%. After adjustment for
seasonal changes the index number of daily average sales increased from
64.4% of the 1923-25 average in June to 71.9% for July, the highest point
since September last year, and except for that month the highest since
February 1932. For the first seven months of the year total sales have
been 12.5% smaller than in that part of last year.
a
Stocks of merchandise at the end of July averaged about the same as
month earlier but were 15% smaller than a year ago. Accounts receivable
1932 and
declined 8.9 over the month and were 4.9% smaller than for July
collections were 3.9% less than in June and 6.1% smaller than a year ago.
to accounts outstanding and duo at
The ratio of collections during July
the beginning of the month was 26.9%; for June 27.3% and for July last
for
year 26.3%. For instalment accounts the ratio for July was 14.9%,
June 14.8% and for July last year 13.3%, and for regular accounts the ratio
a year ago, 28.1%.
for July was 28.2%, for June 28.8%. and for July
Collection ratios for reporting cities for July were: Atlanta, 25.0; Birmingham, 19.6: Chattanooga, 24.3; Nashville, 27.5; New Orleans, 33.7, and
other cities, 25.0.
Cash sales accounted for 46.1% of the total in July, 48.3% in June, and
47.4% in July 1932.
Financial Chronicle
Volume 137
Automobile Financing During July 1933.
A total of 182,222 (preliminary) automobiles were financed
in July, on which $65,134,765 was advanced, compared
with 185,286, on which $65,514,154 was advanced in June,
and with 132,467 on which $44,716,967 was advanced in
July 1932, the Department ot Commerce reported on Sept. 9.
Volume of wholesale financing in July was $58,308,782
(preliminary), as compared with $o6,308,782 in June and
$26,016,028 in July 1932.
Monthly statistics on automobile financing, based on data
reported to the Bureau of the Census by 282 identical automobile financing organizations, are presented in the table
below for December 1932, and January, February, March,
April, May, June, and July 1933. The month of December 1932 is included in both series to afford comparability.
Data for 1931 and 1932 include reports from 313 organize,
tions. The figures include complete revisions to date.
AUTOMOBILE FINANCING.
Retail Financing.
Year
and
.11orah.
1931.
January
February
March
April
May
June
July
August
September
October
November
December
Wholesale
Fituzneing
Volume
in Dollars.
40,164,672
49,812,959
63.089,716
71,194,343
72,623,199
58.171,936
48,853,330
43,942,549
35,840,571
25,770,269
15,719,974
29,257,137
New Cars.
Total.
Volume and
Avge. Total
Amount.
Number
of
Cars.
Number
of
Cars.
Volume and
Avge. Total
Amount.
58,499
67,599
102,665
133,347
126,729
115,106
100,832
83,602
67.609
53,055
44,701
48,131
s .
32.945,588
36,854,428
55,022,086
70,544,761
63,564,134
63,554,955
59,300,107
46,865,947
38,609,797
33,195,759
25,394,801
27,305,927
950,301,958 1,006,875
558,153,290
61,691,837
66,130,134
91,997,270
112,982,254
109.372,143
104,642,264
95,910,307
79,598,201
68,284,838
60,691,614
48,568.646
50,432,428
160,490
172,958
237,273
290.076
277,950
265,339
236,876
204,878
176,663
159,980
131,047
134.663
Total year
554,440,655 2,448,245
1932.
January
February
March
April
May
June
July
August
September
October
November
December
122,344
123,574
140.779
155.691
164.721
177,961
132,467
131,069
111,189
97,922
82,161
82,110
44,628,529
44,829,138
51,148,265
56,415,652
58,435.573
63,169,095
44.716,907
45,068,741
38.837,225
33,623,573
27,727.369
27,025,018
41,375
40,780
46,234
57.661
63,885
74,205
45,816
46,416
39.513
31,241
24,666
26,194
23,475,671
23,623.496
26,887,515
31.635,792
33,590,555
38,329,334
24,149,326
24.644,532
21,551,246
17,644.406
13,980,978
14,090.821
330.267,440 1,521,988
535,625,105
537.986
293.803,672
Total year
34,841,766
33,276,393
34,121,364
33 903,704
38,608,439
43,682,471
26,016,028
22.104,034
18,676,535
13,131,603
11,774,473
20,130,530
1932.
December_ a
20,100,974
81.763
26,830,514
26,047
13,955,343
1933.
January _ a
February _a
Ivlarch_
April_a
May _ a
June
July _b
92,083
30.133,915
87,512
27,514,654
27,706,336 101,456
40.840,508 132,088
55,005,590 168,328
56,937,616 165,286
58,308,782 c182,222
31.280,101
29,188,663
33,548.689
45,337,026
58,192.786
65,514,154
65,134.765
35,546
32,609
38.329
55,571
75.025
34,353
84,292
18,327,630
16,842,415
19.463.540
28,225,385
37,475.257
43,004,313
43,333,572
Retail Financing.
Year and
Month.
Used Cars.
unclassified.
Volume and
Arera:e Total
Amount.
Number of
Cars.
Volume and
Average Total
Amount.
Number of
Cars.
97,834
100,696
128,311
149,112
142,796
141.935
128.707
115,020
103,234
97.437
82,816
32,757
$
27,236.324
27,707,242
34,688,428
39,546,288
37,781,543
37,966,162
34,126,071
30,486,513
27,580.567
25,882,006
21,691,123
21,859.828
4,157
4,663
6,297
7,617
8,425
8,348
7,339
6,256
5,820
4,488
3,530
3,775
1,509,925
1,568,464
2,286,756
2,391,205
3,028.466
3.099,167
2.484,129
2,245,741
2,094,474
1,613,849
1,282,724
1,266,673
1,370,655
366,774,095
70,715
25,369,573
77,321
78,602
90,121
93,398
96.010
09,513
82,687
80,648
67,724
63,791
54.896
53,609
19,974,286
19,941,665
22.779,892
23,066.269
23,257,953
23,394,676
19,225,478
18,908,584
15,989,259
15,035,731
12.833,770
12,174,121
3,648
3,992
4,424
4,632
4,826
4,243
3,964
4,005
3,952
2,890
2,799
2,307
1,173,572
1,263,977
1,480.878
1,513,591
1.587,065
1.445,085
1,342,103
1,515,625
1,296,720
943,436
912,621
760,076
Total year
938,320
226,581,684
45.682
15,239,749
1932.
December.a
53,298
12,089,317
2.418
785,154
1931.
January
February
March
April
May
June
July
August
September
October
November
December
Total year
1932.
January
February
March
April
May
June
July
August
September
October
November
December
1933.
12,173,577
54,234
2,303
778,894
JanuarY-a
11,725.419
52,796
2,107
FebruarY..a
620,829
13,335,403
60.625
2,502
March_a
747,746
16,106,512
73,267
3,250
April_a
1,004,629
19,428.060
89,260
4,043
1,289,471
Maya
21.181,515
98,741
4,187
1,328,326
June
20,542,189
93.990
4.010
1,259,004
JulY.b
a December 1932, January. February, March, April, and May 1933 revised.
b July preliminary. c Of this number 46.25% were new cars, 51.55% used ears,
and 2.20% unclassified.
New Reo Motor Car Models at Lower Prices.
The Roe Motor Car Co. is offering new Flying Cloud
models at a base list price of $795 for the standard sedan,
2003
against $995 previously, according to Detroit dispatches.
This is the lowest price ever placed on a Roe passenger car.
The new price for the coupe is $795 against $995 and for
the convertible coupe
25, against $1,045 previously.
Selfshift transmission is available at extra cost.
Increase of 213% Noted in Automobile Output by
Members of National Automobile Chamber of
Commerce During August as Compared with
August 1932
-Eight Months Production Tops
1932 by 45%.
August operations of members of the National Automobile
Chamber of Commerce accounted for an output of 171,145
units, or 213% over the output for the corresponding month
in 1932, according to the preliminary estimate released
Sept. 9 by the Chamber. The Chamber said that this placed
the production of members for the eight months of this
year at 1,153,402 cars and trucks. Continuing, the Chamber
said:
By comparison, this was greater than the output of the entire industry
for the same period laskyear (1,122,124)
-and an increase of 45% over the
Chamber output for the same period in 1932 (793.655 units).
It was also an increase of 18% over the Chamber output for the entire 12
months of 1932 (977.134).
While August operations showed a decrease of 3.4% under the preceding
month, this seasonal decline was much smaller than that esperienced in
any corresponding period since 1929.
The estimate, which covers all but one of the major producers in the
industry, was based upon reports of factory shipments. Production of
members is summarized below as follows: August 1933, 171,145; July 1933,
177,080; August 1932. 54,666; eight months 1933, 1.153,402; eight months
.
1932. 793,655; 12 months 1932, 977,134.
Lumber Production Declines
-New Business About
Same as During Recent Weeks
-200 More Mills
Report.
Although reports are included from 200 more mills than
for the previous week, lumber production during the week
ended Sept.9 was lowest since June, except for the Fourth of
July holiday week and new business was about the same as
the revised figure for the two preceding weeks, according
to telegraphic reports received by the National Lumber
Manufacturers Association from regional associations covering the operations of 910 leading hardwood and softwood
mills. Production totaled 180,056,000 feet; shipments,
157,121,000 feet; orders, 151,461,000 feet. The increased
number of mills were mostly in the Douglas fir and Southern
hardwood regions. A drastic reduction in production took
place in the Douglas fir region, 78,850,000 feet being reported by 314 mills as compared with 96,512,000 feet by 198
mills the week before. The Association in its report further
goes on to say:
All regions but the Northern hemlock and Northern hardwood reported
orders less than production during the week ended Sept. 9, total softwood
orders being 16% below output and hardwood orders being 15% below
production of those mills.
All regions but Northern hemlock reported production above that of the
corresponding week of 1932, total output being 39% above. Southern
pine and the western sections reported orders less than those of similar
week of last year, total softwood orders being 22% below last year and
hardwood orders 1% above their record of 1932.
Unfilled orders at the mills were the equivalent of 16 days average
production of reporting mills compared to the high record of 27 days on
July 8. For the first time since April unfilled orders were less than for
the corresponding week of 1932. Softwood stocks were 21% below those
of Sept. 10 1932.
Forest products carloadings of 25,456 cars during the week ended Sept.
2 1933 were 9,032 cars above those of the same week in 1932 and 2.487
cars below similar week of 1931.
Lumber orders reported for the week ended Sept. 9 1933, by 557 softwood mills totaled 129,692,000 feet, or 16% below the production of the
same mills. Shipments as reported for the same week were 134,035.000
feet, or 13% below production. Production was 154.421,000 feet.
Reports from 371 hardwood mills give new business as 21,769,000 feet,
or 15% below production. Shipments as reported for the same week were
23.086.000 feet, or 10% below production. Production was 25.635.000 feet.
Unfilled Orders.
The 527 identical mills (softwood and hardwood) report unfilled orders
as 453,657,000 feet on Sept. 9 1933, or the equivalent of 16 days' average
production, as compared with 469.447,000 feet, or the equivalent of 16 days'
average production on similar date a year ago.
Last week's production of 400 identical softwood mills was 139,943,000
feet, and a year ago it was 107.506,000 feet: shipments were respectively
122,313,000 feet and 119,123.000; and orders received 116,875,000 feet and
150.156,000. In the case of hardwoods, 184 identical mills reported production last week and a year ago 16,885.000 feet and 5,289,000; shipments
16,602.000 feet and 11,674.000; and orders 14,326,000 feet and 14,132,000
feet.
West Coast Movement.
- The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 314 mills reporting for
the week ended Sept. 9:
NEW BUSINESS.
UNSHIPPED ORDERS
Feet.
Feet.
Domestic cargo delivery
20,000.000 Domestic cargo delivery
142,308.000
Export
13,144.000 Foreign
77,731,000
Rail
25,150,000 Rail
74,338,000
Local
8,970,000
Total
67,264,000
Total
294,377,000
Production for the week was 78.850,000feet;shipments,71.690.000 feet.
Financial Chronicle
2004
Southern Pine.
The Southern Pine Association reported from New Orleans that for
98 mills reporting, shipments were 13% below production, and orders 13%
below production and about the same as shipments. New business taken
. during the week amounted to 22,744,000 feet (previous week 26,303,000
at 98 mills); shipments 22.757,000 feet (previous week 27.355,000): and
production 26,216,000 feet (previous week 24,848.000). Production was
46% and orders 40% of capacity, compared with 43% and 46% for the
previous week. Orders on hand at end of the week at 96 mills were 61.540,000 feet. The 96 identical mills reported an increase in production of
37%, and in new business a decrease of 31%, as compared with the same
week a year ago.
Western Pine.
The Western Pine Association reported from Portland. Ore., that for
120 mills reporting, shipments were 23% below production, and orders
22% below production and 1% above shipments. New business taken
during the week amounted to 35.739,000 feet (previous week 35,460,000
at 115 mills); shipments 35,400,000 feet (previous week 38.962.000): and
production 45,805,000 feet (previous week 49,846,000). Production was
35% and orders 27% of capacity, compared with 36% and 26% for the
previous week. Orders on hand at the end of the week at 112 mills were
92,918,000 feet. The 110 identical mills reported an increase in production
of 7%,and in new business a decrease of 17%. as compared with the same
week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn.. reported
production from 7 mills as 3,432,000 feet, shipments 2,991,000 feet and
new business 2.677,000 feet. The same mills reported production 455%
greater and new business 149% greater than for the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported softwood production from 18 mills as 118,000 feat.
shipments 1.197.000 and orders 1.268,000 feet. Orders were 13% of
capacity compared with 14% the previous week. The 15 identical mills
reported a loss of 73% in production and a gain of 249% in new business,
compared with the same week a year ago.
•
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 353 mills as 24.699.000 feet,shipments 22,110,000 and new
business 20,815,000. Production was 37% and orders 31% or capacity,
compared with 43% and 35% the previous week. The 169 identical
mills reported production 205% greater and new business 1% greater
than for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported hardwood production from 18 mills as 936,000
feet, shipments 976,000 and orders 954,000 feet. Orders were 14% of
capacity, compared with 16% the previous week. The 15 identical mills
reported a gain of 13% in orders, compared with the same week last year.
Lumber Production and Shipments During Five Weeks
Ended Sept. 2 1933 Continued Higher Than in the
Same Period Last Year—Orders Off.
We give herewith data on identical mills for the five weeks
ended Sept. 2 1933, as reported by the National Lumber
Manufacturers Association:
An average of 563 mills reported as follows to the National Lumber
Trade Barometer for the five weeks ended Sept. 2 1933:
Prvauciton.
(In 1,000 Rd. b':)—
Softwoods
Hardwoods
1933.
839,377
88,585
1932.
497,599
27,911
Shipments.
1933.
795,833
100.138
1932.
589,144
48.550
Orders Received.
1932.
1933.
622,470 654,571
80,964
52,852
927,962 525,510 895,971 637,694 703,434 707,423
Production during the five weeks ended Sept. 2 1933 was 77% greater
than during corresponding weeks of 1932, as reported by these mills and
.8% above the record of comparable mills for the same period of 1931.
1933 softwood cut was 69% above that of the same weeks of 1932 and hardwood cut was 217% greater or more than three times the 1932 output.
Shipments in the five weeks ended Sept. 2 1933 were 41% above those of
corresponding weeks of 1932,softwoods showing gain of35% and hardwoods
of 106%.
Orders received during the five weeks ended Sept. 2 1933 were 1% below
those of corresponding weeks of 1932 and 26% below orders received during
similar weeks of 1931. Softwoods showed 5% decrease and hardwoods
53% increase, as compared with the corresponding period of 1932.
On Sept. 2 1933, gross stocks as reported by 327 softwood mills were
2,355,261,000 feet or the equivalent of 93 days' average production of the
reporting mills, compared with 3,025,430,000 feet on Sept. 3 1932, or the
equivalent of 120 days' average production.
On Sept. 2 1933, unfilled orders as reported by 500 mills (cutting either
softwoods or hardwoods or both) were 454.971,000 feet or the equivalent of
17 days' average production, as compared with 24 days' on .July 29 1933 and
13 days on Sept. 3 1932.
Total lumber
Lumber Imports Increasing—July Nearly Half the
Total of First Six Months of 1933.
The National Lumber Manufacturer's Association has
released the following statement:
Imports of lumber and sawn timber into the United States in July were
almost half the total in volume of similar imports of the first six months of
the year, according to preliminary reports of the Department of Commerce. These imports were 49,858,000 feet in July and 103,494,000 feet
during the first half of 1933.
The National Lumber Manufacturers Association finds in an analysis
of these figures that fir imports rose from a total of 331,000 feet in the
first five months of 1933 to 1.251,000 feet in June and 1,54,000 feet in
July. These were all from Canada. Pine imports from Canada totaled
27,681,000 feet in the January-to-May period, 15,914,000 feet in June and
15,761,000 feet in July. In addition 351,000 feet of pine came from Mexico
in the first half of 1933 and 295,000 feet during July.
Spruce imports from Canada were 25,870,000 feet in July as compared
with 47.341.000 feet for the first six months of the year. No imports during
the first seven months of 1933 were reported as from Russia, but 1,918,000
feet of spruce came from Poland and Danzig and 1,490,000 from Germany.
Imports of hardwood lumber and flooring were 4,308,000 feet in July,
including 4.109,000 feet from Canada, as compared with 6,078.000 feet
during the first half of 1933. Of the latter amount. 5,288,000 feet came
from Canada.
Sept. 16 1933
July 1933 imports were six times those of July 1932, which was the first
month under the lumber tariff and only recorded 8,119,000 feet. July 1933
with its record of 49,858.000 feet also makes a favorable showing as compared with the last six months of 1932, which totaled 101,378,000 feet.
French Wheat Estimate Excess at End of Next Season
Expected to Be About 40,370,000 Bushels—Acreage
Cut Urged—Joseph Caillaux Blames Government
for Excess Production of Grain.
On Sept. 9 Associated Press advices from Paris said:
The second consecutive bumper French wheat crop was officially estimated to-day by the Ministry of Agriculture at 341,000,000 bushels. This
leaves an expected surplus of 39,000,000 bushels, of which the Ministry
hopes to export 7,240.000 bushels.
On the same date it was reported in a wireless message
from Paris to the New York "Times" that despite previous
unofficial forecasts, there will be an excess of only 11,000,000
metric quintals (about 40,370,000 bushels) of wheat at the
end of next season, most of which can be utilized, Henri
Queuille, Minister of Agriculture, said in a statement prepared
that day. The message to the "Times" went on to say:
M. Queuille's declaration comes at the opening of the 1932-33 season
when there is great unrest and foreboding among the farming population
over what is going to be one of the largest crops in recent years. At the
same time the Government's efforts to fix an internal price of 115 francs
a quintal—about $1.22 a bushel—is meeting difficulties.
According to M. Queuille, the surplus from the last harvest will not
be 20,000.000 quintals, as was previously believed, but 12,000,000. The
new crop is expected to reach about 93.000.000 quintals, to which must
be added 2,500,000 from Algeria, Morocco and Tunis.
M. Queuille says 8,000,000 or 9.000,000 quintals of the surplus will be
used for denaturing, feeding, cattle, improving the wheat content of bread
and exports. The Minister estimates that 2.000,000 quintals (about 7,340,000 bushels) in all will be exported. He concludes by pledging the
Government's continued support of a minimum price, but warns farmers
they must not take that as an incentive to increase production.
Joseph Caillaux writes critically on the Government's wheat policy in
to-day's "Agence Economique et Financiere," saying:
"The wheat problem has become a matter for anguish. It is obvious
that limitation of production is necessary in the entire world, including
France. Despite that, people have acted in the entirely opposite way
everywhere.
"In our country, particularly, we have in recent years notably increased
the area of land devoted to cultivation of cereals. The fault is less with
the cultivators than with the vanl'us governments who, yielding to nationalist pressure, have preached 'patriotic wheat.' Whence CO11108 the excess
production, exceeding, whatever the inexact status quo of the Minister of
Agriculture may say, the needs of French consumption."
Agricultural Department's Complete Official Report
on Cereals, &c.
The Crop Reporting Board of the United States Department of Agriculture made public late on Monday afternoon, Sept. 11, 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
co-operating State Boards (or Department) of Agriculture.
This report shows that the production of winter wheat is
now placed at 340,000,000 bushels, the same as the Department's estimate a month ago and with 461,679,000 bushels
harvested in 1932 and 789,000,000 bushels harvested in 1931.
The production of spring wheat is estimated as of Sept 1 at
166,000,000 bushels, which compar3s with the Aug. 1
estimate of 159,000,000 bushels and with a production of
264,504,000 bushels last year, and a five-year average production of 271,435,000. The condition of spring wheat for
Sept. 1 1933 is placed at 50.2% of normal as compared with
a condition of 66.9% of normal last year and a 10-year
(1921-30) average condition of 71.2%. The probable
production of corn is placed at 2,284,799,000 bushels or
111,799,000 bushels more than the estimate of 2,273,000
bushels made a month ago, and compares with a production
of 2,875,570,000 bushels last year and a five-year (1926-30)
average production of 2,511,991,000 bushels. The condition
of corn on Sept. 1 was 61.9%, comparing with 74.4% on
Sept. 1 1933 and a 10-year average of 73.0%. Although most
late crops show a largn yield than estimated a month ago,
the yields are very low as compared with last year and the
five-year average yields. Below is the report in full:
Crops are giving very low yields this season although prospects for nearly
all late crops except flaxseed, commercial fruit and some truck crops improved during August and small grains, where being threshed, are showing
somewhat higher yields than were indicated a month ago, according to the
September statement of the Crop Reporting Board of the United States
Department of Agriculture. The final estimates of production are still
quite dependent on when frosts occur and on more accurate determination
of how much of the acreage sown to spring wheat, oats, and barley was
harvested for grain and on how much was salvaged as hay.
In the Southern Plains area, where most early crops failed, conditions
improved greatly during August for the drouth was broken early enough
to help late feed and forage crops, including the eight million acres of grain
sorghums planted there this year. In that area the rains have also revived
pastures, relieved the water shortage and put the land in condition for
the sowing of winter wheat. The principal area still seriously affected by
drouth in the latter part of August and the first week of September extended
from the Central Lake Region to Western North Dakota. The condition
of pastures is the second lowest on record for September.
In comparison with the forecasts of'a month ago the greatest improvement in prospects is shown by grain sorghums, litickwheat and tobacco.
Volume 137
Financial Chronicle
Somewhat better yields or prospects are indicated for spring wheat, oats.
rice, hay, beans, sweet potatoes, and sugar beets and nominal gains are
Indicated for corn, barley and potatoes. Fruit prospects declined slightly
during August because of storm damage in eastern apple orchards and
probably declined several percent more during the first week of September
when storms swept the citrus groves of South Florida and Texas. The
storm also caused very heavy damage to tomatoes in the Atlantic Coast area.
Although crop prospects improved 1% during August, yields are still
expected to average nearly 7% below those of last year, about 10% below
those of 1931 and about 8.1% below those of the previous ten years.
The acreage to be harvested is also relatively low. The total tonnage
of all grain produced is expected to be about 23% less than the average
yearly production during the last ten years. and 15% less than in any year
of that period. The decrease in feed grain production more than offsets
the large carryover of corn and oats on farms and indicates a total supply
slightly less than in 1930 when there was less livestock on hand. Fruit
production is now expected to be about 13% below average. The tonnage
of the principal vegetables grown for canning and manufacturing purposes
is expected to be nearly 15% below the light supply of last year and 31%
less than average production during the preceding five years.
Corn.
Corn prospects improved slightly during August, the Sept. 1 indicated
production of 2,284,799,000 bushels being about 3 of 1%,or about 12.000.000 larger than the Aug. 1 forecast. It is, however, 227,000,000 bushels
larger than the short crop of 1930 and 227,000,000 bushels less than the
five-year (1926-1930) average production of 2,511,991,000 bushels.
Corn prospects were maintained or slightly improved in most States
from Iowa to Oklahoma and eastward. This has more than offset the
decline in corn prospects in the Western Corn Belt and Northwestern States.
Conditions in many States continue to reflect the adverse effects of drouth,
late planting and chinch bugs. The frost damage risk is increased due to
later planting than usual over a large part of the corn acreage.
The Sept. 1 condition is 61.9% compared with 65.5% on Aug. 1. 74.4%
a year ago and the 10-year (1921-1930) average of 73.0%•
Wheat.
Production of all spring wheat is indicated at 166,202.000 bushels, as
compared with 264.604,000 bushels produced in 1932 and the five-year
(1926-1930) average production of 271.434,000 bushels. The present forecast represents an increase of about 4% over last month's estimate. Preliminary threshing returns indicate slightly higher yields than were antici•
pated in North Dakota. in the Pacific Northwest and in most of the States
east of the Dakotas. Durum wheat production is forecast at 18.475,000
bushels and other spring wheat at 147,727.000 bushels. The preliminary
estimate of winter wheat production, published in August, was 340,355.000
bushels. This brings the indicated production of all wheat to 506,557,000
bushels compared with the 1932 production of 726.283,000 bushels and the
five-year (1926-1930) average production of 861,167,000 bushels.
2005
The total hay crop of 74,412,000 tons now indicated is 9% below the
1932 crop and 12% below the five-year (1926-1930) average production.
Alfalfa hay production is estimated at 24,230,000 tons compared with
25,965,000 tons harvested in 1932 and a five-year (1926-1930) average of
23.819,000.
The clover and timothy hay crop forecast at 24.738,000 tons on Sept. 1
is 5% lower than the 1932 crop and 28% less than the five-year (1926-1930)
average production.
Rice.
The rice crop will probably be larger than was expected a month ago,
the present forecast being 35.182,000 bushels which is 979,000 bushels
above the Aug. 1 forecast. Increases are shown in all States except Louisiana. Damage from the recent hurricane in Texas was apparently negligible.
The total United States production in 1932 was estimated last December
to be 39,356,000 bushels and the five-year (1926-1930) average was 42,960,000 bushels.
Louisiana Sugar Cane.
The sugar cane crop in Louisiana is forecast at 3,233,000 tons compared
with 3,359.000 tons harvested in 1932. and 2,717.000 tons in 1931. Stands
are rather poor in some places but during the past month the crop has
continued to develop under favorable weather conditions.
Cowpeas.
The condition of cowpeas on Sept. 1 was reported at 68.7 compared with
an eight-year (1923-1930) of 68.2
The acreage grown alone for all
purposes was estimated in July at 89% of last year's. The acreage to be
harvested for cowpeas will not be estimated until November.
Soybeans.
The acreage now expected to be harvested for soybeans in the six leading
commercial States is 12% greater than last year. Owing to lateness of
the crop in Illinois, the State of leading production, the acreage now expected to be harvested there for beans is 8% less than last year. Ohio
also shows a decrease but an increase of from 25 to 50% average is shown
in Indiana, Iowa, Missouri, and North Carolina. The condition of soybeans in the six leading States is low owing to drouth in Ohio, Indiana,
Illinois. and Missouri, being only 63.5% of normal, and the indicated
production of 9.902.000 bushels compares with 11,848,000 bushels in 1932.
The condition of soybeans for the United States as a whole Is 68.4 compared
with an eight-year (1923-1930) average of 80.0.
Beans, Dry Edible.
Sept. 1 growing conditions indicate a crop of about 9,818,000 bags of
beans or about 450,000 bags more than indicated by Aug. 1 conditions.
Moderate gains were shown in Michigan, Colorado, New Mexico, and
California. September indications are about 350,000 bags less than last
year's production and 1,300,000 bags less than the 1926-1930 average.
Tobacco.
Oats.
The threshing of the oats crop is nearing completion in most States and
the early reports of yield confirm the reported damage from unfavorable
weather conditions during the growing season.
The condition of oats on Sept. us reported at 48.3%. This is by far
the lowest Sept. I condition on record, and indicates an average yield of
18.6 bushels Per acre for the acreage as estimated on July 1. The lowest
previous yield on record occurred in 1890 when the average was 20.4
bushels per acre.
However, the present forecast is nearly 21,000,000 bushels larger than
was expected a month ago. Most of this increase is in five of the North
Central States where threshing returns indicate yields somewhat better
than were expected a month ago.
Production of oats is now estimated at 687.647,000 bushels compared
with 1,238,231,000 bushels produced in 1932. and the five-year (1926-1930)
average of 1.189.693.000 bushels.
The production of tobacco is estimated at 1,361,745,000 pounds or an
increase of nearly 5% from the estimate of 1.299,154,000 pounds as of
Aug. 1. The tobacco crop, although considerably larger than the short
crop of 1,015,512,000 pounds last year, is still less than the five-year (19261930) average production of 1,411,697,000 pounds. Most of the increase
is in the flue-cured and burley districts where considerable improvement in
growing conditions occurred early in August. Production of flue-cured
tobacco is estimated at 667,053,000 pounds and burley at 410,293.000
pounds, both representing substantial increases from Aug. 1 forecast
The l'ennsylvania seedleaf crop was damaged by unfavorable weather
conditions and the September production estimate of 33,230,000 pounds
is a decrease of 12.374,000 pounds from the August forecast. Virginia firecured and Virginia sun-cured tobacco suffered losses from the recent storms.
Other types have made only slight changes during the past thirty days.
Barley.
The barley crop is now estimated at 159.339,000 bushels for 1933 which
is about 141,000,000 bushels less than the large crop produced last year
and about 104,000,000 bushels less than the five-year (1926-1930) average
production. Drouth conditions in the North Central States during June
and July lowered prospective yields and caused considerable abandonment.
In the Northeastern States, barley prospects improved during August.
The late potato crop recovered slightly from the loss sustained during
July, the improvement occurring chiefly in the eastern and the western
States. The crop in the Central States declined still further in August
because of continued heat excesses and lack of rain. Reports on Sept. 1
indicated a crop of 208.605,000 bushels in the 18 surplus late potato States
a crop of 27,775,000 bushels in the 12 other late States, and 26,719,000
bushels in the intermediate States. The total U. S. production is forecast
at 293,585,000 bushels, nearly a million bushels more than on Aug. 1 but
roughly 62,000,000 bushels leas than an average crop. In round numbers.
the indicated crop in the 3 eastern surplus late States is 8,300,000 bushels
less than the 1926-1930 average production; in the five central surplus,
18,500,000 less; in the 10 western surplus, 12,400.000 less; in the 12 other
late States. 9,000,000 less; and in the seven intermediate States. 14.000.000
bushels less.
Street Potatoes.
A further advance of 2,000,000 bushels has been made by the sweet
potato crop judging by conditions reported on Sept. I. Except for some
damage to the crop in the Atlantic Coast areas, as a result of the late
August storm, the crop has had the benefit of rather favorable weather the
past month. Indicated production, as of Sept. 1, is 69,089,000 bushels
compared with 78.484.000 in 19:32 and an average of 62.483,000 for the
five years. 1926-19:30.
Fruit.
Fruit production as a whole in 1933 as forecast on Sept. 1 will probably
be about 13% below average, a decline of about 3% since Aug. 1. The
decline in prospects from last month is due almost entirely to three tropical
storms, the first of which raked the important Cumberland-Shenandoah
apple region with severe winds and heavy rains. The next two occurred
almost simultaneously in Florida and Texas. The Florida storm struck
the coast about Palm Beach and passed through the h3art of the State.
causing much damage to fruit. The storm that hit the Lower Rio Grande
Valley in Texas was unusually severe and is reported to have left many
grapefruit groves practically stripped of fruit.
Hops.
The hop crop is now expected to be about 35,515,000 pounds—practically
the same as was forecast a month ago; more than 11.000,000 pounds greater
than the 1932 crop, and more than 5,000.000 pounds greater than the
five-year (1926-1930) average. Recent hot weather in Oregon and Washington, which helped control mildew, also hastened ripening and tended to
reduce size although the quality of the crop is reported to be generally
very good •
Buckwheat.
The production of buckwheat is estimated at 7.074,000 bushels, an
increase of 22% over the Aug. 1 forecast. Favorable weather during August
resulted in a general improvement in prospects in nearly all Eastern States.
The present crop, although slightly larger than last year's production of
6.772,000 bushels, is still far below the five-year (1926-1930) average
production of 9.913.000 bushels.
Grain Sorghums.
The grain sorghum n crop prospects improved nearly 43% during the
month of August because of timely rains in the Tetas panhandle, Oklahoma
and Kansas whore drouth had prevailed for many months. Grain sorghum
production for all purposes is now estimated at 97.845.000 bushels, against
105.871,000 bushels produced in 19:12, and the five-year (1926-1930)
average of 93.182.000 bushels.
Flaxseed.
c.ifitiiitied dry weather in much of the important flaxseed producing
territory resulted in a decline since last month of about 10% in prospective
production of this crop. Indicated production is now 7,009,000 bushels
as compared with 11,787.000 bushels produced in 1932 and the five-year
(1926-1930) average production of 20.011.000 bushels. In addition to the
damage caused by lack of moisture, the crop has also suffered from the
ravages of grasshoppers.
Hat/.
August rains in the drouth areas in the North Central States came too
late to improve hay crops except for the late cuttings. Condition of all
tame hay was substantially the same on Sept. 1 as it was 30 days earlier.
Production of all tame hay Is forecast at 65,290.000 tons compared with
69.794.000 tons in 1932, and a five-year (1926-1930) average of 72,678,000
tons. Wild hay production is forecast at 9.122.000 tons. against 12.187.000
tons in 1932 and a five-year (1926-1930) average of 11.489.000 tons.
Potatoes.
Apples.
But little change:occurred in the prospects for the total apple crop during August and on Sept. 1 the forecast is placed at 149,408,000 bushels,
which is about 1.8% above the forecast on Aug. 1, 6% more than the crop
produced in 1932 but nearly 11% smaller than the average production
for the five years. 1926-1930. The slight Improvement during the month
was due mainly to improvement in New York and in some of the Central
States where beneficial rains occurred during August.
The forecast of the commercial crop, or that portion of the total production which is available for consumption as fresh fruit, declined approximately 1.0% from Aug. 1 to Sept. 1 and is now placed at 84.252,000 bushels.
As pointed out in previous reports, the prevalence of disease and insects
this year is a serious menace to the crop and will likely result in a larger proportion of ciders and canners. In addition to this general condition on Aug.
Financial Chronicle
2006
23 a severe tropical storm moved inland near Norfolk. Virginia, and swept
northward through Virginia, Maryland and Pennsylvania. Wind damage
to the crop through this important apple section of the east was serious.
Considerable fruit was blown from the trees while in many instances a large
portion that was not blown off is bruised or otherwise injured to such extent
it will probably be diverted to cider mills and canning plants.
Peaches.
The forecast of peach production remained practically unchanged from
a month ago. The forecast on Sept. 1 is placed at 45,633,000 bushels, which
is about 7.5% larger than the production of 1932 but nearly a fifth smaller
than average. The preliminary estimate of the crop in the 10 Southern
States is placed at 12,326,000 bushels, this quantity and in addition about
14,500,000 bushels of California clingstones, largely used in canning,
should be subtracted from the forecast of the total crop when considering
market supplies of fresh peaches.
Pears.
The forecast of pear production on Sept. 1 is placed at 21,751,000 bushels,
which is about 2% lower than forecast on Aug. 1, but slightly smaller than
the crop produced in 1932 and about 5% less than average. The prospective crop declined slightly in all of the Pacific Coast States, where nearly
two-thirds of the pear crop is normally produced. Disease and insects,
together with hot weather in some localities are given as possible causes
for the reduced crop.
Citrus.
No forecast of the orange and grapefruit crop are made at this time;
however, it should be pointed out that the condition figures shown this
month were reported prior to the two tropical storms which occurred almost
simultaneously in Florida and the Lower Rio Grande Valley of Texas.
The storm in Texas was unusually severe and preliminary reports indicate
many groves were practically stripped of fruit. Due to the difficulty of
establishing communication with the striken area no quantitative estimate
of the loss can yet be made. The storm in Florida moved inland near Palm
Beach and in its passage over the heart of the State, affected most of the
best agricultural counties. Damage to oranges and grapefruit is variously
estimated. Reports now available indicate the loss of around a third of
the grapefruit crop, 15% of the oranges, and 10% of the tangerines.
Sept. 16 1933
Total Production in Millions.
ConclItton Sept. 1.
Crop.
Avge.
.4roe.
19211930. 1932. 1933. 1926Per Ct. Per Ct. Per CI. 1930.
Corn
61.9 2,512
bush. 73.0
74.4
Wheat, all
_ -------861
Winter
__
___
___
590
50.2
271
66.9
All spring - - --- ""
71.2
Durum
46.2
66
64.3
" 673.2
Other spring
50.7
206
"
___
67.5
Oats
75.4
48.3 1,190
"
76.5
Barley
47.6
264
70.9
"
77.1
Rye_..
41.6
72.1
72.8
Buckwbeat
9.9
8.j.0
Flaxseed
41.6
47.7
20.0
"
70.8
Rice
82.3
79.9
43.0
"
82.4
Grain sorghums... "
57.4
93.2
71.4
69.0
Hay, all tame
67.3
72.7
ton b79.9
75.8
Hay, wild
"
----------11.5
Hay, all clover and
timothy_c
"
.
34.2
Hay. alfalfa
77.i
-.
69.2
-23.8
" 679.i
-Pasture
59.5
67.6
74.6
Beans, dry edible,
67.0
100-16. bag 71.8
71.7
11.1
Soybeans
68.4
81.6
080.0
_. _
Cowpeas
68.7
72.8
1)68.2
Peanuts (for nuts)._ _ _lb. 73.0
70.6
67.8
811
Apples, total crop____bu. 55.1
54.1
50.6
169
Apples, eommq crop_hbl. 58.1
55.9
32.6
55.4
Peaches, total crop_ bu. 658.9
50.9 e56.6
47.2
53.2 e22.9
Pears, total crop- -- " 63.9
60.1
Grapes. f
63.7 e2.45
ton 76.4
76.7
Pecans
lb. 47.2
51.7
59.5
48.6
Potatoes
70.7
59.1
bu. 74.9
355
Sweet potatoes
71.8
71.3
62.5
"
73.5
Tobacco
75.3 1.412
lb
74.9
61.8
Sugar beets
84.2
83.4
7.72
ton 85.7
Broomcorn
45.8 049.2
58.9
"
70.3
Hops
90.2
. __ _..16
84.8
41.5
30.4
1932.
Indicated.
--Aug. 1 Sept.1
1933. 1933.
2,876
726
462
265
40
225
1,238
300
40.4
6.8
11.8
39.4
105.9
69.8
12.2
2,273
500
a340
159
19
142
667
158
a23.1
5.8
7.8
34.2
68.6
65.0
8.9
2,285
507
a340
166
18
148
688
159
a23.1
7.1
7.0
35.2
97.8
65.3
a9.1
26.0
26.0
d25.9
23.9
a24.7
24.2
10.2
9.4
9.8
__ _
- -_ .._
1,002
147
e141
28.6
28.4
e42.4
45.6
e22.0 ' 22.3
1.79
02.20
___
53.2
293
358
78.5
67.1
1,016 1,299
9.26
9.07
_
037.1
24.1
35.5
9i.9
.
149
28.1
45.6
21.8
1.72
55.8
294
69.1
1,362
10.27
e27.4
35.5
a Preliminary estimate is Short-time average e Exe udes sweet clover and
lespedeza (minor Stales excluded). d July indication. e ncludes some quantities
not harvested. f Production is the total for fresh fruit, Juice and raisins.
Thousands of tons.
Broom Corn.
The acreage of peanuts to be harvested for the nuts is estimated to be
13.5% less than last year. The reduction in the Virginia and North
Carolina area is reported at 23% and that in the Southeast at 13% while
in the Southwest the acreage is practically the same as last year. The indicated production based upon the estimated acreage and Sept. 1 growing
conditions is 912,040,000 pounds which compares with 1,002,080,000
pounds production in 1932 and a five-year (1926-1930) averag, of 811,001,000 pounds. The indicated average yield of 657.6 pounds per acre is about
30 lbs. greater than last year but about 40 lbs. less than the 10-7',az average,
1921-1930.
Pecans.
A crop of 55,763,000 lbs. of pecans is indicated by Sept. 1 reports, this
being somewhat greater than the crop of 53,160,000 produced in 1932 but
much less than the 1931 production which reached 77,800,000 lbs. The
gain over last year is pronounced in the States from Louisiana east-ward.
Texas shows only a moderate increase and Oklahoma shows prospects of a
crop little better than half that of last year. The indicated crop in the
territory east of the Mississippi River, where the cultivated pecans are
mainly grown, is about midway between the crops of 1932 and 1931.
Sugar Beets.
Sugar beets have generally done very well during August, the forecast
of production being equal to or greater than the Aug. 1 forecast in nearly
all States. The crop is now expected to be about 10,266,000 tons compared
with 9,070,000 tons harvested in 1932 and a five-year (1926-1930) average
of 7,718,000 tons. Michigan, Nebraska and California are expected to
produce more than 1.000,000 tons and Colorado nearly 2,600,000 tons.
Acreage.
Crop.
Average
19261930.
Milk Production.
The production of milk continues to increase in comparison with last
year, the substantial decreases from Ohio eastward and in portions of the
Pacific Northwest being more than offset by a rather general increase in
other States. Reports from crop correspondents show an average of 12.74
lbs. of milk per milk cow in their herds on Sept. 1 compared with the very
low record of 12.59 lbs. last year, an increase of 1%. Reports from commercial dairy correspondents have been showing a somewhat larger increase
with more grain being fed per head than at the same time last year,fewer
calves suckling and a slight decrease in the percentage of cows dry. While
the heavier production per cow on hand is partially due to closer culling out
of poor cows and dry cows during recent months, the number of milk cows
on hand appears to be still about 2% above the number a year ago and total
milk production on Sept. 1 was probably 3 or 4% heavier than on Sept. 1
last year. The increase in commercial deliveries in butter-producing areas
has been even greater in comparison with last year because the higher price
that farmers have been receiving for milk and cream has decreased the
amounts retained on farms.
GENERAL CROP REPORT AS OF SEPT. 1 1933.
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 Departments) of Agriculture and Agricultural Colleges:
1932.
1933.
Judi
1933
P. C. .4voe.
cated
of
1921- 1932. Sept. 1
1932.
1932. 1930.
wwam
107,776 103,022 95.6 26.1 26.7 22.2
Corn
bu.
IN heat, all_
55,152 44,879 81.4 14.1
13.2 11.3
"
Winter
33,635 26,802 79.7 14.7
13.7 a12.7
All spring
21,517 ,8,077 84.0 12.8 12.3
9.2
"
3,863
2,500 64.7 12.3
10.3
7.4
Durum_
"
Other spring
i17,654 15,577 88.2 12.9 12.7
9.6
Oats
41,193 37,023 89.9 119.6 30.1 18.6
Barley
13,212 10,540 79.8 22.8 22.7 15.1
Rye
3,326
2,716 81.7 12.6 12.1 0.5
"
459
461 104.8 15.9 14.8 14.7
Buckwheat
--- "
Fla xseed
2,081
1,755 84.3
7.5
5.7
4.0
Rice
"
869
707 88.3 41.8 45.3 45.9
Grain sorghums
8.164 104.0 14.6 13.5 12.0
7,850
"
Hay, all tame
52,974 54,848 103.5 1.31
1.32 1.19
ton
Hay, wild
14,305 13,845 96.8
.85 a.66
.85
Hay, all clover and
23,438 23,750 101.3 1.16 1.11 al.04
timothy_ b
"
Hay, alf•dfa
12,501
12,761 102.1 2.14 2.08 1.90
"
Beans, dry edible
1,615 116.5
lb
1,386
669
733
608
Soybeans_ c
2.945 102.3
2.80
-- -- -Cowpe.as_c_
1,800 89.1
2,021
Peanuts (for nuts)
1,603 1.387 86.5 697 62.5 058
lb
Velvet beans_ c __ ......
86 100.0
•
86
- -- --Potatoes
3,223 95.6 110.8 106.1 91.1
3.371
be_
Sweet potatoes
813 87.3 91.2 84.8 85.0
926
Tobacco
1,741 122.4
782
1,422
714
lb.
772
Sorge for sirup
250
242 96.8 - - -- Sugar cane for sirup__ _ ._
110
122 110.9 -- -Sugar beets
d947 124.0 10.6
764
11.9 10.8
ton
Broom corn
310
266 85.8 317.7 239.7 206.0
lb.
Hops_ _
22
27 124.1 1,269 1,096 1,301
a Preliminary estimate. b Excludes sweet clover and lespedera (minor States
excluded). c Grown alone for all purposes. d Planted acreage less probable
abandonment.
DURUM WHEAT.
Condition. Sept. 1.
Production.
State.
Avge.
1923-30 1932.
Pastures.
Pastures were revived by August rains in States along the Atlantic
Coast and also in Oklahoma and in large portions of surrounding States but
the continued dry weather from Central Ohio to Northwestern North Dakota dried up pastures seriously in that area. On Sept. 1 the average condition of pastures in the United States was 59.5 compared with 67.6 last
year, 63.0 in 1931, the record low of 47.7 in 1930. and an average of 74.6
during the previous ten years. 1921-1930. With the exception of 1930 the
September average is the lowest for that date in the 19
-year record.
Yield Per Acre.
1,000 Acres.
w.ceto W.0010WWOO
42.4..10002
t000.4030 Cto.O.-.to wcommwc,..awatiora
000_oo..owoorAtzwa,toCtotoCbOQCOto
The broom corn crop is forecast at 27,400 tons from 266,000 acres,
compared with revised estimates of 37,100 tons harvested from 310,000
acres in 1932 and a five-year average (1926-1930) of 49,200 tons from 310,000 acres.
Growers apparently did not plant as large an acreage as was
at first intended and there will be considerable abandonment especially
in the Western Dwarf Districts. The condition of the crop is reported at
45.8% compared with 58.9% on Sept. 1 1932 and a ten-year average (19211930) of 70.3%.
Peanuts.
Minnesota_ - - North Dakota_
South Dakota_
Montana
Four States_
1933.
Average
1926-30.
1932.
Indicated
1933.
71
60
74
68
56
48
19
38
Bushels.
3,411,000
48,088,000
14,029,000
284,000
Bushels.
80
73
72
70
1,638,000
26,296,000
11,334,000
600,000
Bushels.
1,210,000
16,388.000
525,000
352,000
73.2
64.3
46.2
65,812,000
39,868,000
18,475,000
SPRING WHEAT (OTHER THAN DURUM).
Condition Sept. 1.
Production.
State.
Avge.
1921-30 1932.
%
88
80
a80
74
71
76
77
1933.
a75
615.1
72
a68
a64
76
68.5
268
84
81
73
71
90
89
68
79
%
94
74
61
53
71
71
69
81
72
613.0
67
64
78
57
08.5
62
81
53
53
80
86
89
70
74
%
88
62
72
66
54
54
56
69
55
612.0
70
44
23
47
63.5
36
69
45
53
65
71
79
81
77
United States 071.2
675
50.7
Maine
New York
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota_
South Dakota_
Nebraska
Kansas
Montana
Idaho
Wyoming
Dolorado
New Mexico
Utah
Nevada
Washington_
3regon
80
Average
1926-30.
Bushels.
58,000
178,000
171,000
238,000
195,000
2,767,000
148.000
1,279,000
15,438,000
778,000
148,000
66,947,000
20,820,000
2,932,000
339,000
46,333,000
15,644,000
2,668,000
5,027,000
408,000
2,271,000
286,000
17,085,000
3,346,000
205.623.000
1932.
Indicated
1933.
Bushels.
110,000
130,000
108,000
108,000
154,000
796,000
88,000
1,072,000
10,754,000
432,000
65,000
44,240,000
3,944,000
3,120,000
52,000
21,497,000
11,880,000
Bushels.
66,000
170,000
130,000
148,000
238,000
1,683,000
190,000
1,330,000
14,445,000
572,000
75,000
80,860,000
37,840,000
2,020,000
153,000
42,650,000
15,660,000
1,342,000
2,316,000
434,000
2,204,000
442,000
14,728,000
5,040,000
3,060,000
275.000
1,748,000
360,000
29,646,000
12,768,000
224.736.000
147.727.000
a Short-time average. b Yield per acre. c All spring wheat.
1,320,000
Financial Chronicle
Volume 137
WHEAT (BY CLASSES).
Year.
Winter.
Hard Red. Sof1 Red.
White
(Winter et
Spring).
Spring.
Hard Red. Durum.
Bushels.
Bushels.
362.353,000 165,760,000
375,454,000 175,259.000
491,529,000 249,502,000
264,475,000 147,728,000
162.837.000 142.781 000
a Indicated Sept. 1 1933.
1929
1930
1931
1932
1933 a._ _ _
Total.
Bushels.
Bushels.
Bushels.
Bushels.
144,678,000 56,307,000 83.475,000 812,573,000
160,554,000 50,191,000 88,453,000 858.911,000
70,290,000 21,266,000 67,632,000 900,219,000
187,488,000 40,813,000 85,779,000 726,283.000
94 673.000 19.729.000 86.537.000 506.557.000
CORN.
Condition, Sept. I.
Stale.
Avge.
1921-30 1932.
Naine
NewHampshire
Vermont
Nassachusetts_
Rhode Island
Donneeticut
New York_
New Jersey_
Pennsylvania
Ohio
Indiana
Illinois
%Halligan
Wisconsin
%finnesota
Iowa
Wissouri
North Dakota_
South Dakota_
Nebraska
Kansas
Delaware
Waryland
Virginia
West Virginia_
North Carolina
South Carolina
71eorgia
Florida
Kentucky
Pennmsee
NississIppl
krkansas
Louisiana
Oklahoma __ _.
Pexas_ - - --•.
Nontana
Idaho
Wyoming
2.olorado
New Mexico__
krizona....... _
Utah
Nevada
i% asnington_
Oregon
Dalitornia
United States
1933.
Production.
Average
1926-30.
1932.
" ''Bushels.
Bushels.
,,,,
81
87
520,000
656,000
89
84
84
568,000
92
560,000
82
83
2,613,000
84
2,624,000
82
87
1,738,000
1,520,000
86
87
91
341,000
351,000
35
83
91
2,048,000
2,268,000
82
77
81
18,934,000
20,790,000
75
82
6,944,000
73
6,930,000
67
76
44,818,000
67
46,435,000
76
75
116,902,000 121,872,000
69
65
74
81
146,116,000 173,962,000
65
75
87
297,334,000 387,043,000
.53
72
35,130,000
82
45,969,000
73
80
85
66,399,000
80,808,000
82
74
140,822,000 176,916,1)00
78
66
82
90
423,875,000 509,507,000
78
72
150,072,000 186,721,000
81
60
71
19,228,000
26.676,000
67
52
67
73.235,000
46
107,836,000
23
70
70
224,658,000 269,293,000
64
61
127,412,000 136,197,000
53
36
78
75
3,550,000
4,263,000
69
73
16,440,000
70
14,425,000
69
73
32,873,000
26,388,000
55
78
76
11,150,000
11,408,000
68
82
34,830,000
78
39,328,000
56
80 •
70
17,885,000
20,751,000
52
75
73
73
39,426,000
38,560.000
68
80
6,863,000
5,840,000
68
6.1
72
64,144,000
67,464,000
76
78
59,4 i8,00t,
72
09,546,000
(:9
79
71klabm
37,076,000
34,996,00t,
69
71
30,423,000
32,589,000
68
69
73
30,159,000
64
35,874,000
73
59
17,906,000
17,405,000
67
73
69
54,305,000
65,760,100
63
73
26
78,426,000 102,726,000
75
51
67
2,580,000
67
1,952,000
70
46
1,618,000
2,255,000
88
89
82
2,784,000
2,024,000
81
56
58
13,31,3,000
22,936,000
72
39
57
3,267,000
3,556.000
69
53
60
551,000
615,000
85
81
77
411,000
540,000
88
90
79
50,000
93
48,000
77
65
1,222,000
1,292,000
81
85
78
2,040,000
84
2,015,000
81
81
2,527.000
84
86
3,069,000
83
73.0
74.4
Indicated
1933.
Bushels.
738,000
630,000
2,583,000
1,634,000
360,000
2,040,000
19,992,000
5,705,000
48,818,000
103,230,000
125,906,000
222,778,000
40,950,000
77,210,000
140,125,000
413.250,000
132,365,000
22,912,000
31,150,000
235,014.000
90,108,000
3,381,000
16,356,000
35,132,000
12,852,000
42,550,000
22,330,000
39,270,000
5,328,000
64,776,000
63,878,000
40,235,000
1.5,130,000
26,502,000
17,970,000
28,701,000
74,312,000
2,712,000
1,800,000
2.190,000
2b,999,1300
3,024,000
669,000
483,13t0
40,000
1,440,000
2,077,000
3,224,000
61.9 2,511,991,000 2,875,570.000 2,284,799,000
OATS
§§§§§§§§§§§§§§§§§§§§§§§§8§§§§§§§§§§§§§§§§§§§§M
N.
C.,C4U1W<DMCDO.IP ,
00....4
Bushels.
4,940,000
234,000
2,046,000
165,000
68,000
279,000
27,032,000
1,066,000
24,072,000
45,344,000
58,950,000
161,512,000
34,101,000
88,655,000
164,700,000
219,426,000
34,371,000
44,352.000
75,432,000
74,190,000
34,572,000
104,000
1,425,000
3,237,000
3,036,000
3,690,000
7,974,000
6,993,000
80,000
2,349,000
1,930,000
1,485,000
512,000
1,596,000
300,000
24,012,000
41,976,000
10,075,000
5,476,000
2,961,000
3,384,000
920,000
364,000
1,836,000
114,000
8,300,000
6,802,000
1,813,000
Indicated
1933.
OCAWNW.
Bushels.
7...
4,600,000
92
322.000
87
1,915,000
74
185,000
73
71,000
75
253,000
87
27,596,000
51
1,233,000
77
30.109,000
59
67,502,000
44
61,215,000
37
134,629,000
44
46,278,000
49
88,761,000
57
138,627,000
49
216,206.000
219.0
32,758,000
61
41,327,000
39
60,005,000
17
67,398,000
30
29,846,000
a16.5
84,000
81
1,463,000
62
2,892,000
74
3,478,000
63
2,832,000
a15.0
7,925,000
a19.5
5,537,000
a17.5
123,000
a12.5
59
2,985,000
1,993,000
69
1,631.000
al5.5
516.0
574.000
2,115,000
al13.0
a 17.0
316,000
a18.0
22,829,000
a18.0
36,686,000
36
10,5133,000
75
4,492,000
3,801,000
51
61
.5,595,000
67
.
767,000
84
287,000
1.783,000
76
84
83.000
7,310,000
81
8,153,000
90
2,558,000
523.5
1932.
t.
1933.
Production.
Average
1926-30
Ca
6
6
666b
bbobb
OMMWMP
MOMO
NWMC,000C10000......
0c..-..4=0-moc0,0w0000 404 J
''.;
89
89
89
85
86
84
82
80
33
77
71
73
78
84
81
a35.2
68
70
73
77
a21.6
80
82
77
82
a16.6
a21.7
al8.1
a13.3
74
73
a17.4
a19.4
a18.8
a22.7
a19.8
a23.8
69
85
84
79
68
83 •
92
90
30
83
025.6
6
Maine
NewHampshire
Vermont
Massachusetts.
Rhode Island.Connecticut.
New York....
New Jersey..
Pennsylvania_ _
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minneapolis.
Iowa
Missouri
North Dakota.
South Dakota_
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia_
North Carolina
South Carolina
Georgia
Florida
Kentucky
Tennessee
Alabama
M ississippi...Arkansas
Louisiana
Oklahoma - -.
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico..
Arizona
Utah
Nevada
Washington...
Oregon
California
000000
Atye.
1921-30 1932.
0000
Slat,
Condition Sept. 1.
W0l0'0.loW.It.W'aVeoW-4.to
0'0,6 04.c600000.6wwmoo..qbaw..-.4,
000,
000
p-1.N,.7J01I0006..0o,.o600.6
I
United States 1,76.5 b75.4 IAA 3 1.189.693.000 1.238_231.000 687.647 000
a Yield per acre. b Allowance made or condition at harvest in Southern States,
2007
.
Wheat.
Although wheat production in 38 foreign countries is placed at 2,162,093.000 bushels, which is 4.3% above the outturn reported for the same
countries in 1932. a smaller world production is indicated for 1933, due
mainly to the reduced crop in the United States and the unfavorable crop
prospects in Canada.
The first official estimate of the Canadian crop will be issued to-day.
Weather conditions through the season to the middle of July indicated that
production is likely to be between 260,000,000 and 300.000,000 bushels.
Since the first part of July, unusually fine weather has prevailed over
most of Europe, and the total for 29 countries reported is some 75,000,000
bushels higher for 1933 than for the same countries in 1932. An exces.s
this year over last of about 110,000,000 bushels in the Danube basin and
notable increases in the United Kingdom, Poland and Greece are offset
In part by sharp declines in Spain and Portugal. Most of the European
importing countries have crops about equal to those of last year. or only
slightly larger. It is expected that the crop in Russia for 1933 will be fully
as good, if not better, than that of 1932, but slow harvesting and lagging
deliveries are reported.
Due to a downward revision for Morocco,the estimate of total production
in the four African countries showed a further decline during August from
the 1932 figure, while for the four Asiatic countries, the total was materially increased by upward revisions for India and Japan.
The first official estimate of acreage sown to wheat in Argentina shows a
decline of 7.6% from that of 1932. Unfavorable growing conditions, due
to drouth, frost and the grasshopper pest, were prevalent during the past
month in the grain belt. Reports also continue to indicate a smaller wheat
crop in Australia, which is attributed to reduced acreage and unfavorable
growing conditions.
WHEAT AND RYE.
(Production in specified countries. 1930-31 to 1933-34).
Country.
1930-31.
1931-32.
1932-33.
1933-34.
WhealUnited States
Mexico
Europe, 29 countries
Africa, 4 countries
Asia, 4 countries
1,000
1,000
1,000
1,000
Bushels.
Bushels. Bushels.
Bushels.
858,911
900,219
726,283
506,557
11,446
16,226
9,658
11,753
1,361,945 1,434,794 1,490,453 1,565,185
103,895
115,468
127,246
103,813
520,687
489,083
446,152
481,342
Total, 39 countries
2,856,884 2,955.790 2,799,792 2,668,650
Canada
420,672
321,325
428,514 •
Rye
United States
Europe, 14 countries
Turkey
45,481
534,565
12,188
32,026
464,446
13.960
40,409
582,658
7,803
23,116
582,089
9,842
509 936
R111459
R3(1 570
Al 017
,
mt.!
1R nmvntripa
Barley.
The 1933 barley production in 24 foreign countries, which last year raised'
about 53% of the Northern Hemisphere total, exclusive of Russia and China,
amounts to 811,021,000 bushels, which is a decrease of nearly 5% from the
production in those countries last year. In the European countries so far
reported the decrease from last year amounts to about 5%,in North Africa
to 11.5%, while in 3 Asiatic countries reported there is a very slight decrease.
Hats.
The 1933 oats crop in 19 foreign countries so far reported totals 977,222,000 bushels, which is a decrease of 3% from the 1932 production in the same
countries. The European countries so far reported indicate a decrease of
3.5%. The North African countries, on the other hand, show an increase
of about 15%, and Turkey an increase of 34% over the production of last
year. In Canada the condition of the crop is poorer than usual on account
of drouth.
Corn.
The 1933 corn production in seven foreign countries so far reported
amounts to 483,792,000 bushels, a decrease of 19% from the 1932 production In those countries. The corn crop in the Danube Basin is turning out
rather small this year. on account of unfavorable weather conditions, although the earlier estimate of the area planted in Rumania has been increased by about 1,000,000 acres.
FEED GRAINS.
(Production in specified countries. 1930
-1933).
Crop and Countries Reported in 1933.a
Barley
United States
Europe, 17 countries
North Africa, 4 countries
Asia, 3 countries
Total above 25 countries
1930.
1932.
1931.
1933.
1,000
1,000
1,000
1,000
Bushels.
Bushels.
Bushels.
Bushels.
303,752
198,389
299,950
159,339
550,431
481,384
570,105
542,379
91,693
104,059
105.729
93,607
182,167
193,254
175,325
175,035
1,128,043
977,086 1,151,109
970,360
Estimated Northern Hemisphere total,
excluding Russia and China
1,643,000 1,429,000 1,601,000
Oats
United States
Europe, 15 countries
North Africa, 3 countries
Turkey
Total above 20 countries
1,276,035 1,117,970 1,238.231
892,799
903,418
986,033
20,985
11,903
12,139
10,000
8,095
8,729
687,647
951,789
13,721
11,712
2,210,438 2,031,003 2,244,896 1,664,869
Estimated Northern Hemisphere total
excluding Russia and China
3,487,000 3,200,000 3,543,000
Corn
United States
Europe, 6 countries
Turkey
2,057,693 2,567,306 2,875.570 2,284,799
416,827
582,456
483,698
466,076
20,398
18,553
17,716
14,763
Total above eight countries
Estimated Northern Hemisphere total
excluding Russia and China
2,493,073 3,071,402 3,472,789 2,768,591
3 076
non
2 R.1 1
,
non
4
nag non
The Preliminary Estimates of the Crops of Canada.
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 of Agriculture at Washington, and given out
on Sept. 11, is as follows:
The Dominion Bureau of Statistics on Sept. 11 issued a
bulletin, reporting for 1933 (1) the preliminary estimate of
the yields of the principal grain crops and (2) the condition
of the late-sown crops. The estimates are based on schedules
returned by a numerous corps of crop correspondents, including farmers throughout Canada, bank managers, rural
2008
Financial Chronicle
postmasters and railway and elevator agents in the Prairie
Provinces. A list of agriculturists was also circularized, in
addition to those already co-operating as regular crop correspondents. Estimates of yield are based on the acreages
sown,as compiled from the annual June Survey in the Prairie
Provinces and Ontario and from the reports of crop correspondents in the Maritime Provinces, Quebec and British
Columbia.
Summary.
The 1933 wheat crop of the Dominion is estimated at 282,771,000 bushels,
consisting of 268,628,000 bushels of spring wheat and 14.143,000 bushels of
fall wheat. Of the spring wheat production, 264 million bushels Is in the
three Prairie l'rovinces. The production of oats is forecasted as 316,966,000
bushels, barley 64,291.000 bushels, rye 6,418,000 bushels and flaxseed at
the very low figure of 756.000 bushels. Yields of all grains are much below
average and show a close relation to the harvests in the dry season of 1931.
The 1933 production of wheat is the lowest since 1924, oats since 1929.
barley since 1921, rye since 1931. and flaxseed the lowest in the records of
the Bureau dating back to 1908.
Judging by condition at Aug. 31. there will also be short harvests of the
late-sown crops, including corn, potatoes and sugar beets. These late crops
are distinctly less promising than in 1932 and are about 20% below average.
The condition of pastures throughout Canada is extremely poor.
Crop Production in Canada, 1933.
The total estimated yields of all the small grain crops in 1933 are considerably below the long-time averages and the 1932 harvests. The reduction was largely due to a Dominion-wide deficiency in summer rainfall and
to periods of abnormally high temperatures, aggravated in the Prairie
Provinces by an extremely destructive outbreak of grasshoppers.
Despite the slightly higher acreages seeded, Maritime grain production is
less than in 1932, principally because of lower yields of the main oat crop.
Wheat and barley withstood the drouth much better. Conditions improved
somewhat during August so that yields are slightly higher than those indicated by condition figures at the end of July. In Quebec also, conditions
during August were more favorable to crop growth and there was a slight
improvement In yield prospects as a result. The yields of the principal grain
crops are about 10% below those of last year, and the late crops also are
less promising. Grain yields in Ontario are extremely disappointing, but
are slightly higher than those indicated by July 31 condition. The average
yields per acre of spring wheat, oats and barley are the lowest since 1921
and only 3 lower yields for oats are in the records back to 1882.
In the Prairie Provinces, the unfavorable season caused a lowering of
yields almost to the extremely low levels of 1931. Generally,. the wheat
and rye yields are slightly higher than indicated by July 31 condition,
while oats, barley and flax are lower. Oat yields are quite low in comparison
with the other grains and the amount of oats to be threshed is still obscure
because of the practice of mowing or binding it for fodder. The prairie
wheat production is the lowest since 1924 and flax production is by far the
lowest In the Bureau records, which date back to 1908. Alberta again has
the highest wheat yield per acre but Manitoba's average is very close. In
British Columbia the yields of spring grain crops, principally wheat and
oats, are only slightly changed from last year's harvests.
The Wheat Crop of the Prairie Provinces.
The preliminary estimate of the wheat crop of the three Prairie Provinces
is 264 million bushels, compared with 408.4 million bushels in 1932 and a
final estimate of 301.181.000 bushels for 1931. A map depicting wheat
yields by Crop Districts accompanies this report and shows a wide variation
In yields, almost as extreme as in 1931. The distribution of the Manitoba
crop is very similar to that of the short crop of 1931. but the provincial
average is higher. In Saskatchewan, the average yield is only slightly below
that of 1931 and the drouth area is further west and north. Crop District 5
in the east-centre of Saskatchewan has practically double the yield per acre
of 1931 while Crop District 7 in the west-centre has less than half the yield
of 1931. In Alberta, the average yield is 4.6 bushels lower than in 1931,
principally because the drouth area extends further west in the southern
part of the province and further north in the eastern part.
The early expectations of prairie farmers were almost continuously lowered
as the season progressed. The spring moisture supply was fairly ample for
germination and first growth. In some northern districts, the wet fields
caused delay in land preparation and seeding, while in other districts previously visited by drouth, there were misgivings as to the sufficiency of
sub--soil moisture and a realization that summer rains must be heavy and
well-distributed. These latter conditions did not materialize, except in
some northern districts. A disastrous period of hot, dry weather began in
the second week of June, centering at first in south-western Saskatchewan.
but rapidly spreading so that it eventually covered most of the specialized
-growing areas. Great damage was also caused by grasshoppers, with
wheat
minor outbreaks of cutworms, wireworms and sawflies as the season advanced. Hail and plant disease were less evident than usual, but frosts
caused loss of grade and yield in Saskatchewan and Alberta. Most of the
early frost damage was centered in the foothill district south of Calgary and
the September frost, accompanied by snow, caused general and serious damage to both the yield and grade of Uncut crops in the Peace River district.
Frosts were recorded quite commonly across the northern areas of Saskatchewan and Alberta while crops were standing and the extent of loss will
become known as threshing proceeds. In the past fortnight, rainy weather
has retarded harvest operations, but previous progress had been rapid,
except in some northern districts, and little concern is felt as yet. The
ripening of the late and heavy northern crops during August, even allowing
for some loss in yield and grade, has been a principal factor in the improvement of western wheat prospects.
Marketings to date have been slightly above those of the same period
last year. The grades are high, although the limited amounts becoming
visible do not give a representative sample of the whole crop. The recent
cold and rainy weather may cause loss of grade in the grain still to be cut or
threshed.
Estimation of the wheat crop is more hazardous than usual because of the
combination of drouth, insect and frost damage and the limited number of
threshing returns in the districts where crops are late and heavy. Judgments of the different classes of correspondents on yields at individual
points vary rather widely.
Preliminary Estimate of the Yield of Grain Crops.
For all Canada, the average yields per acre in bushels are as follows, with
the figures for 1932 within brackets: Fall wheat. 25.3 (28.1); spring wheat,
10.6 (15.5); all wheat, 10.9 (15.8); oats, 23.3 (29.8); barley. 17.6 (21.5);
fall rye, 11.7 (11.6); spring rye, 8.8 (11.3); all rye, 11.0 (11.6); flaxseed. 3.1
(5.4). The total yields in bushels, based on these averages and on the areas
sown, are as follows, with last year's figures within brackets: Fall wheat.
14,143,000 (15,062,000);spring wheat,268.628,000 (413.452,000); all wheat,
282,771.000 (428.514,000); oats. 316.966.000 (391.561,000): barley, 64,291.-
Sept. 16 1933
000 (80,773,000); fall rye, 5,104,000 (7,132,000); spring rye, 1,314,000
(1,806,000); all rye 6,418.000 (8,938.000); flaxseed, 756,000 (2,446,000)•
Grain Yields of the Prairie Provinces.
For the three Prairie Provinces, the preliminary estimates of total production in 1933, as compared with 1932 in brackets, are in bushels as follows:
Wheat, 264,000,000 (408,400.000); oats, 186,500,000 (245.726.000); barley.
48,500,000 (63,114.000); rye, 5,340,000 (7,738,000); flaxseed, 691.000
(2.367,000). By provinces the yields in bushels are: Manitoba-Wheat,
32,600,000 (42.400.000); oats. 28.700,000 (36.826.000); barley, 16.900.000
(20,014.000); rye, 635,000 (560,000); flaxseed, 120.000 (240.000). Saskatchewan-Wheat. 128,300,000 (202,000.000): oats, 75,800.000 (107.400.000); barley, 17,600,000 (23,400,000); rye, 2,775,000 (5,190.000); flaxseed,
533,000 (1,980,000). Alberta-Wheat, 103.100,000 (164,000,000); oats,
82,000.000 (101.500,000); barley, 14,000,000 (19.700,000); rye. 1,930,000
(1,988,000); flaxseed. 38,000 (147.000).
Condition of Late-sown Crops.
On Aug. 31 1933. the condition of late-sown crops for Canada, in percentage of the long-time average yield per acre, is reported as follows, the
figures within brackets showing the condition on July 31 1933 and Aug. 31
1932 in the order mentioned: Peas, 80 (82, 95); beans. 77 (75, 94); buckwheat, 83 (82. 98); mixed grains, 75 (76.96); corn for husking. 75 (78, 93);
potatoes, 80 (84, 91); turnips, etc.. 79 (80, 95); alfalfa, 77 (1 98); fodder
corn, 81(81, 94); sugar beets, 83 (&3, 94); pasture, 73 (77, 92)
Agreement for Limiting Exports of Canadian Oats and
Oat Products to the British Market ReachedBritish Import Duty on Oats Raised.
An agreement has been reached between the United Kingdom and Canada to limit Canadian exports of oats to the
United Kingdom, for the present crop year, to an average of
shipments during the past two crop years and of oat products,
including oatmeal, to an average of the past two calendar
years, according to a cablegram received in the U.S. Department of Commerce from Commercial Attache Lynn W.
Meekins, London. An announcement issued by the Commerce Department, in noting this, said that effective Sept. 5
1933, the United Kingdom increased the import duty on
oats and oat products, coming from non-Empire sources,
from 10% to 20% ad valorem, oats and oat products from
Empire sources remaining duty-free.
Import Quota on Oats Established by France.
The importation of oats into France was made subject to
import quota restriction by a decree published in the French
Journal Official, according to a cablegram to the U. S. Department of Commerce from Acting Commercial Attache
Daniel J. Reagan, Paris, the Department announced Aug.
30. The announcement added:
For the third quarter of 1933. the quota for total imports of oats into
France is fixed at 8,000 metric tons. Individual quotas for the principal
supplying countries are not yet available.
Return from Abroad of F. E. Murphy-United States
Representative at World Wheat Conference in
London Describes Accomplishments of Conference
-London Meeting to Be Held Sept. 18.
Frederick E. Murphy of Minneapolis, who represented the
United States at the World Wheat Conference in London,
returned from abroad on Sept. 8, accompanied by L. A.
Wheeler, Agricultural Economist of the Department of
Agriculture and technical advisor at the London Conference,
and reported to Secretary of Agriculture Henry A. Wallace.
In a statement to the press given out Sept. 9 by the Department of Agriculture, Mr. Murphy said:
The essential facts of the agreement signed in London have been given
In detail in the Department's release of Aug. 30. To that I can add my
acknowledgment, with emphasis, of the unusual spirit of co-operation
shown by the 22 nations who signed the agreement.
All the participating nations were impressed by the necessity of coming
to accord, and that they were able to do so, in spite of the many conflicting and divergent interests, speaks most encouragingly for the future
of international co-operation in control of production and marketing.
There are many important details involved in the agreement which
remain for settlement. This important duty will devolve upon the Advisory Committee which will meet in London. on Sept. 18. For example.
there is the question of the export quota for Russia, which it was impossible
to determine during the final sessions, owing to conditions peculiar to that
country.
Other minor changes are possible owing to the fluctuations in production
in the exporting countries and the increased or decreased consumptive needs
in the importing countries. This Advisory Committee, consisting of
representatives of the interested countries will meet three or four times
a year.
A small secretariat will be set up to function in the interim and keep the
various nations advised as to reports from various countries as to their
progress in fulfilling the agreement.
While it is not possible, In view of the many matters involved to state
definitely how rapidly the world wheat surplus can be eliminated, a long
step has been taken toward the definite goal of world co-operation in the
case of wheat, which may possibly lead to other efforts along other lines.
The price of wheat is an underlying factor in the world economic situation,
and the recognition of this fact by the importing countries holds out possibilities for our agricultural future that are not may to estimate.
The realization on the part of the European countries, that the American
market for their goods is directly dependent on the prosperity of our agricultural population, has tempered to a marked degree their disposition
to be agriculturally self-sufficient at a cost that is uneconomic.
If these countries can find an outlet in the United States and the other
overseas exporting countries for some of the goods which they are particularly equipped to produce, they will pay less attention to this question of
Financial Chronicle
Volume 137
agricultural self-sufficiency and permit greater hope for the solution of
questions requiring international action.
The United States, through the operation of the Agricultural Adjustment
Act, has set in motion machinery by which this country can effect a reduction in wheat acreage. It provides a model for other exporting countries
to view in operation as they determine by what method or methods they
will attack the problem of making reductions in wheat acreage or limiting
exports.
The very sympathetic and understanding attitude displayed by the
representatives of the various nations as we concluded our deliberations
gives me every confidence that the spirit of the agreement will be translated
into effective action. In my mind I can make no exception to this.
2009
in the total lint and linters combined of 218,895 bales, or
48.3%. The following is the statement:
AUGUST REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
[Cotton in running bales, counting round as half bales, except foreign, which is in
-pound bales.]
500
Cotton Consumed
DuringYear
In the New York "Times" of Sept. 9, Mr. Murphy was
quoted as saying:
I think it is safe to predict that we will have $1 wheat in about a year,
and when we have that we have the makings of prosperity. I am convinced
that the agreements of the wheat conference will result In gradually rising
prices and general improvement.
United States
The "Times"further said:
Points to Huge Surplus.
The wheat surplus has been about 600,000,000 bushels and recent efforts
of wheat-producing nations have resulted in a mere balancing of production
and consumption, leaving this "carry-over," he said. The agreements
reached at the Conference will reduce this surplus in a short time,especially
If a few countries have bad crops, as the United States did this year.
"But you can't get rid of it in a day," he declared. "You have to wait
and let it work out. I think the effect will be felt immediately and it will
gradually improve to the point which so many in America have expected
to appear miraculously on the horizon. But we can't expect it to work
too soon."
Mr. Murphy said nothing would improve the lot of the farmers until
people started buying farm products again at reasonable prices.
Items regarding the Conference appeared in our issue of
Sept. 2, pages 1654-1657.
John Van A. MacMurray Named Alternate American
Member of London Wheat Committee-Newly
Appointed Minister to Estonia, Latvia and Lithuania to Proceed to London Immediately.
John Van Antwerp MacMurray, newly appointed American Minister to Estonia, Latvia and Lithuania, was directed
by the State Department at Washington on Sept. 13 to proceed to London immediately as an alternate American
member at the meeting of the wheat committee of the World
•Economic Conference, it is stated in Associated Press advices
from Washington, Sept. 13. The advices said that the new
Minister will collaborate with Robert Worth Bingham,
Ambassador to Great Britain, the American member.
Flaw in London Wheat Pact Seen-Paris Notes Some
Tardiness in Reducing Sowings.
From Paris Sept. 9 a wireless message to the New York
"Times" said:
The signature of the wheat pact at London recently was welcomed in
France as showing that the world realizes the necessity of restricting production, but some skepticism is expressed as to the practical results which
may be obtained.
Although the United States is ready to reduce sowing 15%, several
exporting countries, especially Argentina and Australia, show less alacrity
In following suit. Furthermore, it is pointed out, the promises made
by the importing countries to reduce customs duties were rather vague,
and when the time comes to keep these promises opposition may be forthcoming.
Coffee and Sugar Future Trading on New York Coffee
and Sugar Exchange During First Seven Months of
1933 Almost Equal to Trading in Entire Year of
1932.
Volume of trading in coffee and sugar futures on the
New York Coffee and Sugar Exchange so far this year is
almost ..equal to the entire volume of trading for 1932,
according to a booklet just issued by the Exchange, entitled
"Facts About Coffee and Suguar Futures Trading." Volume
of trading in coffee for the seven months ended Aug. 1 was
3,347,500 bags, compared with a total of 4,231,500 bags
for the full year of 1932. Volume of sugar trading for the
seven months to Aug. 1 was 9,685,750 tons, compared with
a total of 5,520,600 tons for the full year 1932, according
to the booklet.
Census Report on Cotton Consumed and on Hand,&c.,
in August.
Under date of Sept. 14 1933 the Census Bureau issued
its report showing cotton consumed in the United States,
cotton on hand, active cotton spindh s and imports and
exports of cotton for the month of August 1933 and 1932.
Cotton confumed amounted to 588,570 bales of lint and
83,271 bales of linters, compared with 600,143 bales of
lint and 90,497 bales of linters in July 1933 and 404,497
bales of lint and 48,449 bales of linters in August 1932.
It will be seen that there is an increase over August in 1932
Cotton
Twelve In Con- In Public Spindles
Storage
Months miming
Active
Ending Establish- de ca Corn- During
presses.
August.
August July 31. ments.
(bales) (number)
(bales)
(bales) (bales)
f 1933 588,570 6,135,525 1,159,897 5,785,579 25,884,704
1 1932 404,497 4,866,016 1,087,967 6,569,196 22,045,060
Cotton-growing States_ _ _ _
New England States
Mr. Murphy, who is the publisher of the Minneapolis "Tribune", said
he thought the United States had expected too much of the wheat conference in thinking it could make wheat prices leap upward suddenly when
the great wheat nations had agreed to curtail production and acreage.
Cotton on Hand
August 31
-
All other States
853,377 5,400,172 17,719,278
826,034 6,123,615 16,243,922
257,447 259,440 7,423,786
214,689 238,582 5,150,138
741,640
49,073 125,967
651,000
47,244 206,999
1933 464,343 5,086,383
1932 338,750 4,033,351
1933 105.452 882,759
1932 54,719 677,462
1933 18.775 166,383
1932 11,028 155,203
Included Above
Egyptian Cotton
1933 11,288
1932 6,398
1933 4,790
1932 3,214
Amer.
-Egyptian cotton_ .._ 1933 1,177
' 1932 1,600
Not Included Above
Linters
11933 83,271
1 1932 48.449
Other foreign cotton
88,767
79,464
43,627
42,123
17,670
12,430
24,396
33,563
22,586
20,995
6,372
5,331
25,904
33,029
5,632
5,610
3,123
9,843
757,696
637,319
289,305
287,044
25,106
56,276
Imports of Foreign Cotton (500-18. Bales).
Country of Production.
Egypt
Peru
China
Mexico
British India
All other
Total
12 Mos. End. July 31.
August.
1933.
1932.
1933.
1932.
5,724
921
913
6,156
264
615
67,800
6,053
50,788
2,323
102
86
8
4,895
885
81,091
3,528
7,191
20,641
17,513
1,605
9,881
7,223
130,429
131,569
Exports of Domestic Cotton Excluding Linters
(Running Bales-See Note for Linters).
Country to Which Exported.
August
12 Mos. End. July 31.
United Kingdom
France
Italy
Germany
Spain
Belgium
Other Europe
Japan
China
Canada
All other
1933.
1932.
1933.
1932.
108,722
55,613
32,216
92,739
11,839
10,647
59.077
117,481
20,550
16,458
5,285
67.353 1,491,853 1,344,385
463,092
863,832
76,003
649,059
803,857
42,524
104,868 1,848,884 1,570.312
305,567
312,673
19,750
135,870
182,612
12,207
395,816
574,472
23,054
58,464 1,743.302 2,293,831
300,511 1,111,738
39,413
176,374 ..186,921
3.998
250,957
121,049
4.520
452,154 8,419,399 8,707,548
530,627
-Linters exported, not Included above, were 15,179 bales during August in
Note.
1933 and 10,606 bales in 1932; 183,810 bales for the 12 months ending July 31 In
1933 and 116,319 bales in 1932. The distribution for August 1933 follows: United
Kingdom, 5,841; Netherlands, 1,707; Belgium, 10; France, 1,042; Germany, 3.778;
Italy, 300; Canada. 957; Japan, 1,506; Panama, 35: Honduras, 3.
WORLD STATISTICS.
The world's production of commercial cotton, exclusive of linters, grown in 1932,
as compiled from various sources was 22,771,000 bales, counting American In
running bales and foreign in bales of 478 pounds lint, while the consumption of
cotton (exclusive of linters in the United States) for the year ending July 31 1932
was approximately 22,896,000 bales. The total number of spinning cotton spindles,
both active and Idle is about 161,000,000.
Total
World Consumption of American Cotton Greater
Than Previously Estimated-Approximately 273,000
More Bales Used.
Cotton mills of the world used approximately 273,000
more bales of American cotton last season than was indicated
by preliminary estimates, according to a report issued Sept.
11 by the New York Cotton Exchange Service. The Exchange
Service has raised its estimate of last season's consumption
from 14,132,000 bales.to 14,405,000. On the other band, the
world stock of American cotton at the end of the season, on
July 31, was 239,000 bales less than previously indicated.
The Service now estimates it at 11,736,000 bales, as compared
with the preliminary estimates of 11,975,000. The report
added:
The reduction of 239,000 bales in the estimated carryover considerably
more than offsets the increase of 98,000 bales in the Government crop forecast issued on Sept. 9, when the latter is converted to a running bale basis.
The result is a reduction of 141,000 bales in the estimated world supply of
American cotton for this season. The supply is now 24,066,000 bales, as
compared with the previous indication of 24,207,000 bales.
World consumption of 14,405,000 bales last season was larger than in
any previous season since the 1928-29 season. It compares with 12,506,000
two seasons ago, 11,113,000 three seasons ago, and 13,021,000 four seasons
ago. lb the 1928-29 season, the world used 15,226,000 bales of the American staple. The carryover of 11,736,000 bales is well above the average of
recent seasons, but it shows a reduction of 1,492,000 bales from last year.
The carryover last year was 13,228,000 bales, two years ago 8,919,000, and
three years ago 6,187,000.
It is pointed out that if the crop should be equal to the Government forecast, and if the world should consume the same amount of American cotton
this season as it used last season, the carryover next year would be over
2,000,000 bales less than this year, and would be brought down to a level
of approximately 9,600,000 bales. Although that carryover would be well
above the normal end-season stocks of 4,500,000 to 5,000,000 bales, it would
show a very great decrease from the peak carryover of 13,228,000 bales
last year.
With the cotton trade thus making substantial progress toward bringing
supply and demand for the American staple into balance, interest is being
Financial Chronicle
2010
centered on the Government program for another drastic reduction in production next year. The announcement that the Agricultural Adjustment
Administration will seek to reduce the acreage next year to 25,000,000 acres
implies that the 1934 crop will be the smallest in over a decade if growing
conditions should be normal. Such a planted acreage would produce a crop
of only about 8,600,000 bales, With average weather and insect conditions.
If world consumption next season should be no larger than last season, the
carryover at the end of next season would be actually below the average
of years prior to the world business depression.
Rayon Shipments During August Reported Below July
-Still Substantially Above 1932.
For the first time in the history of the rayon industry, the
"Textile Organon," published by the Tubize Chatillon
Corp., is in a position to present a monthly index of rayon
poundage deliveries from 1923 to date. This compilation,
which will be presented monthly, has been made possible
through the co-operation of producers representing the
American rayon industry. It was stated that the daily
average index for August (based upon 1923-25 as 100) was
423, which compared with 470 for July, 450 for June, 517
for May and with 406 for August 1932. While these figures
give the impression of a sharp drop having occurred since
May, such does not appear to be the fact, it is pointed out,
as the high May average was due in part to heavy withdrawals from surplus stocks. The "Organon" also states:
The May 1933 index of 517 represented shipments not only from current
production but also from stocks which had gradually accumulated since
the first of the year. The June and July indices of450 and 470, respectively,
probably represent production closely. The August Index of 423 probably
reflects some minor holding back ofstock for September delivery as well as a
greater number of working days in August. Thus it will be seen that the
decline in the adjusted delivery index is not as serious as might be imagined
at first glance.
The "Organon" further stated:
The Index as calculated below is based upon actual figures received
from manufacturers representing 98% of the industry in the United States.
Inflated to 100%,plus the foreign trade balance:
"TEXTILE ORGANON" INDICES OF RAYON DELIVERIES.
Unadjusted Index. (Daily Average 1923-25=100.)
MMUS,
1933
423
1932
406
1931
349
1930
219
1929
281
1928
197
1927
195
1926
138
1925
128
1924
86
1923
50
* Daily average for 1933 to date.
July.
June.
May.
Yearly
Arerage.
470
213
312
179
240
169
190
118
124
71
70
450
137
288
225
254
178
194
71
121
77
RR
517
148
352
237
254
175
231
98
125
73
75
*387
293
317
244
277
214
214
131
132
93
75
Census Report on Cottonseed Oil Production
During August.
On Sept. 13 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on
hand, and cottonseed products manufactured, shipped out,
on hand, and exported for one month ended Aug. 31 1933
and 1932:
COTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS).
State.
Received at Milts*
Crushed
On Hand at Mills
Aug. 1:0 Aug. 31. Aug. 110 Aug. 31.
Aug 31.
1933.
1932.
18,251
33,678
9.338
2.668
156,0.52
12,659
Alabama
Georgia
Louisquut
Oklahoma
Texas
Another States
6,245
15,045
15,933
1,928
67,740
11,518
1933.
10,425
27,104
6,371
26,627
122.378
40,318
1932.
1933.
1932.
8,179
11,927
8,792
13,180
84,106
26,642
10,813
18,064
5,525
2,674
133,280
49,950
8,160
13,575
9.479
28,551
158,902
48,940
United States
232.845 118 409 233 225 152525 220305 255507
* Includes seed destroyed at mills but not 220.883 tons and 300,024 tons on
hand Aug. 1 nor 2,131 tons and 922 tons reshipped for 1933 and 932,respectively.
COTTONSEED PRODUCTS MANUFACTURED„ SHIPPED OUT AND ON
HAND.
Item.
Season.
On hand
Aug. 1.
Produced
Aug. 110
Aug 31.
Shipped Out
Aug. 110
Aug 31.
On hand
Aug. 31
Crude oil. Ms_ 1933 34 *52,444,039
70,878.254
65.339,722 *58,826,492
1932-33
29,523,581
46.011,638
45,891,659
29.177.050
Refined oil, lbs 1933-34 a676.163.044 858,090,075
a640,607,152
1932-33 628,420,148
39,779,637
525,696.832
Cake and meal, 1933-34
160,631
106,632
178.853
88,410
tons
1932-33
70,907
114,656
98,714
86,849
Hulls, tons
1933-34
76,841
65.254
43,953
98,142
1932-33
43,587
162,773
136,000
70,360
L4nters, running 1933-34
72,772
38,093
70,376
40,489
bales
21,549
235,521
1932-33
207,846
49,224
Hull fiber, 500- 1933-34
985
1.057
987
1,055
lb. bales
1932-33
3,798
4,138
340
Grabbots, motes
Ac., 500-1b.
1933-34
1,863
2.204
4.067
4,408
bales
1932-33
14,467
544
1,327
15,250
* Includes 5,409,842 and 10.240,748 pounds hold by refining and manufacturing
establishments and 14,020,860 and 9,993.875 pounds In transit to refiners and
consumers Aug. 1 1933 and Aug. 31 1933, respectively.
a Includes 5,594,830 and 6,650.644 pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments
and 12,775,346 and 2,509,304 pounds in transit to manufacturers of lard substitute,
oleomargarine, 80511, &O., Aug. 1 1933 and Aug. 31 1933. respectively.
Produced from 63.521,788 pounds of crude oil.
Sept. 16 1933
EXPORTS OF COTTONSEED PRODUCTS FOR 12 MONTHS ENDED
JULY 31.
Item.
Oil, crude, pounds
Oil, refined, pounds
Cake and meal, tons of 2,000 pounds
Linters, running bales
1933.
33,364,451
10,166,512
150,283
183,970
1932.
32,443,898
10,25'0,019
215.952
116.319
Petroleum and Its Products
-Federal Oil Committee
Reported Ready to Establish Prices for Crude and
Refined-Sub-Committees Named-Sinclair Urges
Complete Control of Price Structure-Pennsylvania Crude Up.
Late dispatches from Washington yesterday indicated
that the Government is preparing to put into effect the pricefixing provisions of the Oil Code, which gives the President
complete authority to establish a price for crude oil and all
refined products. The intimation at Washington was that
crude would be priced at $1.11 for 36.-36.9 gravity midcontinent. Figured at the 18.5 ratio contained in the code,
this would make 60-64 octane gasoline 6c. a gallon.
Although crude prices have advanced steadily since the
adoption and signing of the code, they have not kept pace
with gasoline prices. Many protests have been filed at
Washington because of this, and Secretary Ickes has on
several occasions made it plain that he would not hesitate
to put into effect the full strength of the price-fixing law to
overcome any unfairness arising from rapidly mounting
gasoline quotations. The planning and co-ordinating
committee for the oil code has named nine sub-committees
to effectuate the work of the committee. These sub-groups
include as chairmen:
Statistics Committee--Axtell J. Byles, president of the
American Petroleum Institute; Production Committee
Wirt Franklin, president of the Independent Petroleum
Association of America; Refinery Committee-Howard
Bennette, president of the Western Refiners' Association;
Marketing Committee
-C. E. Arnott, president of the Socony-Vacuum Co.; Accounting Cominittee-Ralph Zook,
Pennsylvania Grade Crude Oil Association; Labor Committee
-W. T. Holliday, president of the Standard Oil Co. of
Ohio; Adjustment and Interpretation Committee
-Amos L.
Beatty, general counsel of the Phillips Petroleum Co.; Transportation Committee
-E. P. Reeser, Barnsdall Oil Co.;
Finance Committee
-H. M. Dawes, president Pure Oil Co.
Harry F. Sinclair, chairman of the Consolidated Oil
Corporation, urges complete Governmental regulation of
all prices, from crude to consumer. He holds that price
fixing is vital to the industry, and expresses the hope that
"effort to prevent thorough price regulation will cease,"
saying that such opposition is an attempt to "defeat the
Administration's purpose to rehabilitate the industry."
Maintaining that the Federal program will restore the industry to a paying basis, Mr. Sinclair states:
"In view of the modification of the oil code approved by the President it
Is to be hoped the effort to prevent thoroughgoing price regulation will
cease. All through the formative period of the code and even after it was
approved propaganda was in evidence having as its object the defeat of
the Administration's purpose to rehabilitate the industry from one end to
the other, to restore living prices and to put to work the largest possible
number of employes at higher wagoes.
"The public cannot understand such an attempt unless it is realized that
the purpose is to annihilate competition and perpetuate control of the
Industry in the hands of those who would continue the disasterous conditions of the past four years. I am more confident than over in the light of
the modifications of the code that have now been made, that this attempt
has failed.
"I do not believe that the public or the Administration expects the oil
industry to continue to supply gasoline below cost. I am certain that the
country Is solidly back of the Government's effort to put industfy on such
a footing that it can give employment to more people, pay more taxes, and
earn something for the millions who are dependent both directly and indirectly upon the success of business enterprises. To accomplish this,
which is the only way prosperity can be restored, ruinous price-cutting must
be stopped and the only way it can be stopped in the oil industry is by
governmental regulations all the way from the derrick to the service station."
The attempt to scare the consumer by the bogey of exhorbitant prices is
bunk. It discredits the public's intelligence and the ability of the Administration to protect the public against any attempt at gouging. Nobody
is advocating unfair prices. I and those who agree with me are striving
for the fixing of living prices under which everybody-not a favored few
can exist. A gasoline price could be fixed to-day that would meet costs of
production, manufacturing, distribution and the increased NRA labor
costs and still give the consumer his motor fuel for less than the average
price paid in the last 10 years. We are striving also for regulations that
will prevent what General Johnson calls "chiseling," evasions, price wars,
and other destructive practices. Only the exercise of the Government's
full powers under the NRA can accomplish these things. The real question
is, do we want national recovery and are we willing to pay a fair price
for it; or do we want to buy below cost until the wrecking crew arrives
to gather up what is left of our industrial structure?
On the other hand, C. B. Ames, Chairman of the board
of the Texas Co. reiterates that company's opposition to
Governmental price regulations, but pledges full co-opera-
Volume 137
Financial Chronicle
tion in carrying out the decisions of the Oil Committee and
the President. In a telegram to Secretary Ickes yesterday,
he said, in part:
First: We have steadily opposed Governmental price fixing because
(a) The Supreme Court of the United States has specifically held that the
State has no constitutional power to fix the price of gasoline. (b) We
believe that if the production of crude oil is brought into balance with
consumptive demand economic conditions will regulate price on a sound
basis; and that (c) Unless production and consumption are in balance
any Governmental price fixing is bound to fail.
Second: Notwithstanding our convictors on price fixing we are prepared
to give you or the Committee any facts within our possession relative
to this or any other subject, but are unwilling to participate in framing
a price schedule by the expression of opinions as distinguished from facts.
Third: This company participated in drafting the code, one of our
executives being a member of the Committee which drafted the marketing
sections, and we are giving this code our wholehearted support and are
complying with its letter and spirit.
Fourth: We believe you are making excellent progress in procuring the
co-operation of the State commissions and the industry in your production
program and are co-operating with your and the Committee in every
possible way in your efforts to stabilize the situation.
The Texas Railroad Commission this morning opened a
hearing to determine the equitable allocation of the State's
allowance of 975,200 barrels daily to replace the temporary
order issued on Sept. 8, which called for a slash of 25%
throughout the State.
The official price chart for crude oil prices issued by
Standard of California shows the following top prices, which
went into effect on Sept. 6: Signal Hill, $1.09; Seal Beach,
Alamitos Heights, $1.10; Huntington Beach, $1.12; Inglewood, $1.01; Playa Del Rey, $1.04; Olinda-Brea Canon,
$1.10; Athens, Rosecranz, Dominguez, $1.15; Elwood Terrace, $1.15; Torrance, 98c.; Richfield, $1.15; Whittier La
Habra, 93c.; Montebello, 89c.; Coyote Hills, $1.21; Santa
Fe Springs, $1.34; Newhall, McKittrick, Kern River, 570.;
Midway Sunset, Elk Hills, Buena Vista Hills, $1.17; Los
Hills, $1.00; Coalinga, 81c.; Wheeler Ridge, 79c.
Price changes during the past week included advances in
Pennsylvania and Kentucky. It is expected that no further
advances will be made pending announcement by the
Federal group concerning action to be taken under the
price-fixing provisions of the code, which would mean an
upward revision in Mid-continent and elsewhere.
Price changes this week follow:
Sept. 11: South Penn Oil Co. advances Corning grade crude 15c. a
barrel, new price being $1.20.
Sept. 12: Ashland Oil & Transportation Co., subsidiary of Ashland
Refining Co., advances Somerset, Kentucky, crude oil 15c. a barrel to
81.12, effective as of 7 a. in. Sept. 11.
Sept. 12: Louisiana Oil Refining Corp. posts 10c. advance in Urania,
La., field, new price being 60c. H. L. Hunt, Inc., post 15c. advance in
same field, price being 86c.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford, Pa
$2.35 Eldorado, Ark.. 40
$ .71
Corning. Pa
1.20 Rusk, Tex., 40 and over
.92
Illinois
.97 Salt Creek, Wyo., 40 and over
.60
Western Kentucky
Darst Creek
1.12
.40
Mid-Cont., Okla., 40 and above__ .97 Midland District, Mich
.90
Hutchinson, Tex.. 40 and over__ .92 Sunburst. Mont
1.10
SnIndieton, Texas., 40 and over__ .92 Santa Fe Springs, Calif.,40 and over 1.34
Winkler, Tex
.92 Huntington, Calif., 26
1.00
Smackover, Ark., 24 and over
.40 Fetrolla. Canada
1.82
REFINED PRODUCTS
-SHARP ADVANCE POSTED IN DIESEL
KEROSENE HIGHER-GASOLINE PRICE RISE CONTINUES
MARKETS FIRMER THROUGHOUT COUNTRY
-NAPHTHA
UP IN CHICAGO-HIGHER FUEL OIL PRICES EXPECTED
ON WEST COAST.
Diesel oil was advanced 20c. per barrel in one of the
sharpest rises posted in years yesterday by Standard Oil Co.
of New Jersey, making the price now $1.95 per barrel at
New York Harbor refinery, and $1.80 per barrel at Gulf
ports. A price rise had been expected, following the 15c.
advance in Grade C bunker fuel oil late last week, bringing
that price to $1.10 per barrel, in bulk, at refinery.
Kerosene was boosted Mc. a gallon here this week, while
in other parts of the country the advance ranged up to lc.
per gallon. Gasoline continued its strong price movement
this week, with tank car, tank wagon and service station
postings being marked up here and in other centers. In
Chicago, naphtha was advanced 2c. a gallon by Standard of
Indiana.
Advices from the Pacific Coast indicate that fuel oil prices
are due for an advance there. Fuel oil for bunkers is now
quoted at 85c. at San Pedro. Standard Oil of New Jersey
is reported to be one of the chief purchasers of a total of
more than 7,000,000 barrels of fuel oils now under contract
for delivery through the next five or six months. Reports
from San Francisco are to the effect that because of the curtailment under which the industry is now operating, a large
part of the fuel oil will come from storage, which now totals
about 100,000,000 barrels in that area.
Wholesale gasoline prices in the Mid-Continent area,
which is Group 3, continue strong and prices have shown an
2011
average advance of Mc. a gallon during the past week.
60-64 octane gasoline is moving at 5c. a gallon, with below
58 octane at 43.c. a gallon.
Eastern factors were surprised yesterday to hear apparently
authentic reports of a price war in progress on the West Coast.
It is now reported that Secretary Ickes has been officially
notified of such a condition by Charles Fahy, Assistant
Solicitor of the Department of the Interior.
It is understood that the "war" is due to the action of
dealers in giving away most or all of their 4c. margin and that
the situation is assuming proportions which, if not stopped
by quick action.under the code price fixing provisions may
spread to the crude market.
Domestic gasoline consumption in July of this year showed
an increase over July of 1932, in spite of the fact that large
numbers of automobiles throughout the country were held
in "dead storage" by their owners. The figures of the
American Petroleum Institute shows that consumption in
July of this year was 36,364,000 barrels, as against 35,942,000
in July of last year.
Price changes follow:
Sept. 11.
-British-American Oil Co. advances gasoline lc. at Montreal.
New price range is 27c. for white; 27c. for green, and 29c. for Ethyl, including tax.
Sept. 11.
-Imperial Oil Co. advances gasoline lc in Montreal, meeting
price range of British-American Oil Co.
Sept. 11.
-Effective at 7 a. m., Standard Oil Co. of New York advances
tank car kerosene quotations Mc. a gallon.
Sept. 11.
-Sinclair Refining Co. advances tank car kerosene Mc. a
gallon at Tiverton, R. I., New York State, Philadelphia, Washington and
Charleston.
-Colonial Beacon Oil Co., controlled by Standard of New
Sept. 12.
Jersey, advances tank car, tank wagon and service station gasoline prices
Mc. a gallon.
Sept. 12.
-Standard Oil Co. of New York advances tank car, tank wagon
and service station gasoline prices Mc. a gallon throughout its entire
territory.
Sept. 12.
-Major oil companies in Southern California advance third
grade gasoline Mc.a gallon, new price being 17c.
Sept. 12.
-Standard of New Jersey advance tank car kerosene price Mc.
a gallon.
Sept. 12.
-Atlantic Refining Co. advances gasoline prices Mc. a gallon
throughout Pennsylvania and Delaware, except Philadelphia area, making
service station price 13Mc. and tank wagon 12Mc., exclusive of taxes.
Sept. 12.
-Standard Oil Co. of Indiana, effective Sept. 13, advances
naphtha 2c. a gallon; furnace oils Mc. a gallon, and kerosene lc. a gallon.
Sept. 12.
-Effective Sept. 14, Standard Oil Co. of Ohio advances kerosene lc. a gallon throughout its territory. New prices. including tax of lc.,
are 15c. at service stations and 133c. tank wagon. Price is lc. under the
State rate in Mahoning, Trumbull, Vanwert, Pauling, Allen and Putnam
counties.
Sept. 14.
-Humble Oil & Refining Co. and Consolidated Oil Co.advance
gasoline prices lc. a gallon.
Sept. 14.
-Standard Oil Co. of New Jersey advance shore plant Diesel
oil, gas oil, distillate fuel, industrial fuel, and Essoheat Mc. a gallon.
Sept. 15.
-Standard Oil Co. of Indiana posts advances, effective to-day,
as follows: 2c. on cylinder oil selling under 40c., and 3c. on material now at
40c. or more; 2c. on engine and other oils selling between 16c. and 40c..
and 3c. for those above 40c.; lc. on paraffine oils and Mc, on black oils.
High priced lubricating greases up fractionally.
Sept. 15.
-Standard Oil Co. of New Jersey posts 20c. advance in Diesel
oil, new price being $1.95 per barrel at New York Harbor, and 81.80 at
Gulf ports.
Sept. 15.
-Sinclair Refining Co., subsidiary of Consolidated Oil Corp.,
advances tank car prices of heating oils Mc. along the Atlantic Seaboard.
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Cincinnati
Gasoline, Service Station. Tax Included.
3.193
8.21
New Orleans
$.185
Cleveland
Philadelphia
.14
Denver
195
.156
San Francisco:
.203
Detroit
Third grade- _ .166
.185
185
Houston
Above 65 octane_ .21
193
20
Jacksonville
Premium
23
.14
165
Kansas City
St.Louis
.145
.21
.159
Minneapolis
Kerosene, 41-43 Water White, Tank Car, F. 0. B. Refinery.
New YorkChicago
$.02M-.03M INew Orleans, ex$.03M
(Bayonne)
.0434-.03M
$ 05% I Los Aug..ex. .001-.06
Tulsa
North Texas
.03
Fuel Oil, F.O.B. Refinery or Terminal.
N.Y.
(Bayonne)Gulf Coast C
California 27 plus D
3 .95
Bunker C
$1.10
8.75-1.00 Chicago 18-22D.. .423-.50
Diesel 28-30 D
1.95INew Orleans C
.80 Philadelphia C
.85
Gas Oil. F.O.B. Refinery or Terminal.
N. Y.(Bayonne)I ChicagoTulsa
28 plus 0 0..-$.03M-.041 32-36 G 0
$.01,4
IJ. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
N. Y. (Bayonne)
N. Y. (Bayonne)
Chicago
$.05-.0514
Standard 01IN.J.=
Shell Eastern Pet.$.0675 NewOrleans.ex- .04-.04%
Motor. U.
New York
Arkansas
04-.043(
62-63 Octane -- .0625
.05-.07
Colonial-Beacon... .0650 California
•Stand. 011, N. Y_ .07
z Texsa
.0675 Los Angeles, ex- .0461-.07
Tide Water Oil Co .07
Gulf
.08-.05Si
.0625 Gulf ports
:Richfield 011(Cal.) .07
.05-.0561
Republic Oil
.0650 Tulsa
Warner-Quin.Co_ .07
Pennsylvania_ _ _
.0531
Sinclair Refining- .06
Richfield "Golden." z"Fire Chief," 3.07. •Long Island City.
Weekly Crude Oil Output Off 29,450 Barrels, But
Exceeds Same Period Last Year by 524,250 Barrels
Inventories Again Decline.
The American Petroleum Institute estimates that the
daily average gross crude oil pro3uction for the week ended
Sept. 9 1933 was 2,691,950 barr31s, compared with 2,721,400
barrels per day in the previous week, a daily average of
2,734,050 barrels during the four weeks ended Sept. 9 and
an average daily output of 2,167,700 barrels during_ the
week ended Sept. 10 1932.
•
Financial Chronicle
2012
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in barrels.)
888V6888888888888886'
O.
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
North Louisiana
Arkansas
Coastal Texas (not incl. Conroe)
Coastal Louisiana
Eastern (not including Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
03.,- .
4100.10.a7z
0.
• ....00.1...01- 0 .0.01001.01...,10-.1
Week
Ended
Sept. 9
1933.
I CA
• -a.
S
Stocks of motor fuel oil declined 630,000 barrels during the
week under review, or from a total of 51,543,000 barrals at
Sept. 2 to 50,913,000 barrels at Sept. 9 1933. During the
preceding week, inventories fell off 1,067,000 barrels.
Reports received for the week ended Sept. 9 1933 from
refining companies controlling 92.2% of the 3,586,900 barrel
estimated daily potential refining capacity of the United
States, indicate that 2,367,000 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
28,310,000 barrels of gasoline and 130,759,000 barrels of
gas and fuel oil. Gasoline at bulk terminals, in transit and
in pipe lines amounted to 18,853,000 barrels. Cracked
gasoline production by companies owning 95.1% of the
potential charging capacity of all cracking units, averaged
428,000 barrels daily during the week.
The complete report for the week ended Sept. 9 1933
follows in detail.
94201 0.1
Average
4 Weeks
Ended
Sept. 9
1933.
Week
Ended
Sept. 2
1933.
548,150
129,500
49,300
53,250
21.900
161,750
58,450
609,450
91,800
51,800
26.750
.31,350
131,300
47,000
99.050
31,000
28,850
6,800
2,400
41,350
500,200
9 791
Ann
572,050
128,700
47,700
53,050
22,050
161,850
58,700
607,500
87,750
51.200
26,300
31,300
130,400
47,200
94,950
28,750
28,950
6,900
2,400
41,600
504.750
9 725
non
Week
Ended
Sept. 10
1932.
394,650
913,550
47,350
49,700
24,450
170,400
56,500
355,550
11,400
53,950
30,000
33,700
122.550
34,550
101,850
24,950
35,550
7,000
2,800
31,950
482,300
9 157
Inn
Note.
-The figures indicated above do not Include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS, WEEK ENDED SEPT. 9 1933.
(Figures in Barrels of 42 Gallons Each.)
Daily Refining Capacity
of Plants.
Crude Runs
to Stills.
District.
East coast
Appalachian
Ind., Ill., Ky_
Okla., Kans., Mo
Inland Texas_ _
Texas gulf
Louislana gulf _ _
North La.
-Ark_ _
Rocky Mountain
California
Motor
Fuel
Stocks.
a
Reporting.
Potential
Rate.
582,000
150,800
436,600
462.100
274,400
507,500
162,000
82,600
80,700
848,200
Total.
582,000 100.0
139,700 92.6
425,000 97.3
379,500 82.1
161,100 58.7
497,500 98.0
162,000 100.0
76,500 92.6
63,600 78.8
821,800 96.9
Daily OperAverage. Wed
496,000
85,000
328,000
262,000
99,000
420,000
137,000
55,000
36,000
449,000
Gas and
Fuel Oil
Stocks.
85.2 14,029,000 9,203,000
60.8 1,885,000
839,000
77.2 6,765,000 5,582,000
69.0 5,032,000 4,215.000
61.5 1,278,000
1,808,000
84.4 5,691,000 8,966.000
84.6 1,186,000 1,924,000
660,000
71.9
246,000
56.6
834,000
715,000
54.6 13,967,000 98,847,000
Totals week:
Sept. 9 1933_ _ 3,586,900 3,308,700 92.2 2,367,000 71.5 c50913000 130,759.000
Sept. 2 1933 3,586,900 3,308,700 92.2 2,384,000 72.1 51,543,000 130,005,000
a Below are set out estimates of total motor fuel stocks on U. S. Bureau of Mines
basis for week of Sept. 9 compared with certain September 1932 Bureau figures:
52,910,000 barrels
A.P.1.estimated on B. of M. basis, week Sept.9 1933_13
U. S. B.of M. motor fuel stocks, Sept 1 1932
57,592,000 barrels
U.S. B. of M. motor fuel stocks, Sept. 30 1932
52,289,000 barrels
b Estimated to permit comparison with A. P. I. Economics report, which is on
Bureau of Mines basis.
c Includes 28,310,000 barrels at refineries, 18,853,000 bulk terminals, in transit
and pipe lines, and 3,750,000 barrels of other fuel stocks.
Daily Average Crude Petroleum Production in July
1933 Exceeds Corresponding Month Last Year by
27%, but Shows a Small Decline as Compared with
June 1933
-Inventories of All Oils Higher.
According to reports received by the Bureau of Mines,
Department of Commerce,ths production of grude petroleum
in the United States during July 11933 totaled 84,387,000
barrels. This represents a daily averageSf 2,722.000barrsls,
winch is 40,000 barrels below the daily average of June but
583,000 barrels, or 27%, above the average for a year ago.
The chief reason for the decline in daily average production
in July was that the tank-car movement from the East
Texas field practically ceased and the daily average output
of the field declined to 622,000 barrels, or nearly 200,000
barrels below the daily average of the previous month.
Practically all of the major producing areas showed increased
output in July; for example, the daily average output at
Oklahoma City was 270,000 barrels, a new high mark, and
settled districts like Seminole, West Texas, and the Panhandle showed increases. Daily average production in the
coastal fields of Texas rose to 195,000 barrels, a new all-
Sept. 16 1933
time peak, as new fields like Tomball, Greta, and Livingston
came into substantial production and as production at
Barbers Hill continued to increase. The Bureau further
states:
The consumption of crude at refineries rose to 2,565,000 barrels daily,
the highest point in nearly two years. In spite of the material gain in
demand, stocks of refinable crude continued to increase, amounting to
350,894,000 barrels on July 31, compared with 348,197,000 barrels on hand
the first of the month.
The daily average production of motor fuel reached a new high for the
year of 1,201,000 barrels. This record resulted from increased crude
throughout as the yield of gasoline declined from 44.7% in June to 43.7%
in July.
The indicated domestic demand for motor fuel totaled 34,458.000 barrels.
a daily average of 1,112.000 barrels. The daily average represents an
increase of 11% over a year ago but is 12% below the average of the preceding month. However, it should be noted again that the data for June and
July of both 1932 and 1933 are not comparable, mainly because of pre-tax
buying in June of each year. Exports of motor fuel again showed a substantial increase, the July total of 3,303,000 barrels being 26% above June
and 40% over a year ago. Stocks of motor fuel declined 518,000 barrels
during the month and totaled 54.063,000 barrels on July 31.
According to the Bureau of Labor Statistics, the price index for petroleum
products during July 1933 was 41.3 compared with 34.4 in June 1933 and
with 49.7 in July 1932 (1926 = 100)•
The refinery data of this report were compiled from refineries with an
aggregate daily recorded crude-oil capacity of 3,496,610 barrels. These
refineries operated during July at 73% of their capacity, given above.
compared with a ratio of 72% for June.
SUPPLY AND DEMAND OF ALL OILS.
(Thousands of barrels of 42 U. S. gallons.)
July
1933.
463,942
2,178
21,493
705
486,140
2,282
2,143
712
88.491
2,950
1,525
897
71,624
2,310
19,673
8,297
565,419
2,667
33,760
23,173
543,082
2,550
1,384
1,104
17,440
b3,806
86,049
2,776
87,107
2,904
70,520
2,275
547,979
2,585
546,888
2,568
4,523
7,443
4,378
5,093
2,249
4,928
20,478
40,981
16,428
48,451
34,458
2,041
25,066
1,630
107
861
1,431
1,067
4,524
144
2,764
37,710
3,115
25,343
1,646
126
596
1,310
1,016
4,141
133
2,500
30,924
1,854
20,461
1,011
58
708
1,309
1,313
3,763
374
1,568
214,392
20,991
182,198
9,393
661
5,192
6,169
2,902
25,960
847
17,815
214,530
18,565
181,339
11,514
567
4,919
6,466
3,236
23,784
1,704
15,385
77,636
2,588
63,343
2,043
486,520
2,295
482,009
2,263
350,894 348,197 358,355
3,763
3,723
3,895
250,932 247,626 266,567
Stocks
Crude petroleum
Natural gasoline
Refined products
517,617
2,442
19,078
754
537,449
2,535
74,083
2,390
Total domestic demand
Daily average
66,310
2,139
2,812
80
69,202
2,232
5,063
Demand
Total demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand:
Motor fuel
Kerosene
Gas oil and fuel oil
Lubricants
Wax
Coke
.
Asphalt
Road oil
Still gas (production)
Miscellaneous
Losses and crude used as fuel_ _ _ _
82,841
2,762
2,669
126
85,636
2,855
3,411
1,282
92,012
2,968
Increase in stocks, all oils
July
1932.
84,387
2,722
2,769
163
87,319
2,817
New Supply
Domestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol_a
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply, all oils
Daily average
June
1933.
350,894
3,723
250,932
358,355
3,895
266,567
-July Jan.
-July
Jan.
1933.
1932.
605,549 599,586 628,817 605,549 628,81
Total, all oils
218
206
247
234
Days' Supply
276
a Based upon production of coke reported to Coal Division by those by-product
b Decrease.
coke plants that recover 13s..nzol products.
PRODUCTION OF CRUDE PETROLEUM BY STATES AND PRINCIPAL
FIELDS.
(Thousands of barrels of 42 U. S. gallons.)
July 1933.
June 1933.
Total. Datil/Av. Total.
DailyAo.
January- January
July
July
1932.
1933.
1,030
7,030
32
34
6,678
Arkansas
1,004
California:
1,855
12,797
64
12,796
Kettieman Hills
1,972
62
16,655
2,236
74
Long Beach
15,041
2,310
74
13,539
1,620
11,249
54
Santa Fe Springs
1,667
54
62,581
8,634
296
288
60,463
Rest of State
9,192
488 14,345
99,549 105,572
478
Total California
15,141
77
737
3
3
564
Colorado
83
357
3,003
13
2,232
Illinois
404
12
495
61
2
369
Indiana-Southwestern.._
64
2
19
Northeastern7
514
62
376
2
Total Indiana
i
65
19,977
3,486
131
23,766
Kansas
116
4,073
3,581
325
14
2,614
11
Kentucky
422
6,480
1,207
43
8,097
Louisiana-Gulf Coast . 1,331
.
40
5,813
752
5,692
25
Rest of State
25
775
12,293
1,959
13,789
Total Louisiana_ _ ...
68
65
2,106
3,518
474
3,299
18
Michigan
16
565
1,520
185
1,172
Montana
6
190
6
7,819
1,051
New Mexico
41
7,714
35
1,271
2,135
8
256
1,739
New York
9
250
2,103
1,844
252
8
Ohio-Central & Eastern
269
9
583
646
88
3
3
Northwestern
95
340
2,749
2,427
12
11
Total Ohio
364
6,020
22,117
35,304
201
Oklahoma-Okla. City_
270
8,362
26,150
3,423
23,501
131
114
Seminole
4,048
44,423
6,055
41,461
Rest of State
197
202
6,109
92,600
Total Oklahoma_ _
598 15,507
517 100,266
18,519
7,463
1,060
7,064
35
Pennsylvania
35
1,080
3
4
Tennessee
33,560
22,659
5,224
174
Texas
-Gulf Coast
195
6,039
4,724
34,164
38,139
West Texas
157
162
5,018
71,561
East Texas
818 120,320
622 24,533
19,277
6,556
219
47,667
50,587
Rest of State
234
7,259
1,368 235,711 182.946
Total Texas
1,217 41,037
37,593
West Virginia
11
2,082
2,332
316
10
323
4,175
Wyoming-Salt Creek....
569
19
4,818
19
581
2,397
Rest of State
404
14
3,241
11
352
33
6,572
Total Wyoming.._
973
8,059
30
933
U.S. total
84,387
2,722
82,841
2,762
517,617
463,942
Financial Chronicle
Volume 137
NUMBER OF WELLS COMPLETED IN THE UNITED sTATES.a
ruty
June
Jan -July
Jan -July
JUR'
1933.
1933.
1932.
1933.
1932.
Oil
Gas
Dry
Total
548
75
252
372
63
274
1,279
71
362
3,505
456
1,886
5,909
613
1,936
A7A
7na
1 719
A Ad.7
A AAA
a From "Oil & Gas Journal" and California office of the American Petroleum
Institute.
Production of Natural Gasoline Increased in July
Inventories Also Gained.
The production of natural gasoline increased in July 1933,
when the total output was 116,300,000 gallms, compared
with 112,100,000 gallons produced in June, reports the
United States Bureau of'Mines, Department of Commerce.
On a daily averdge basis, production increased from 3,740,000
gallons in June to 3,750,000 gallons in July. Production
in California, Oklahoma, and Texas, the three leading producing States, all showed small increases in July. Production in the Panhandle, the leading producing district,
was virtually stationary, but the output at Kettleman Hills,
which ranks second, was again lower. Production in the
East Texas Field totaled 1,900,000 gallons, or the same
as the high mark of May. Stocks at the plants which had
decreased in June, resumed their upward trend and totaled
39,911,000 gallons on July 31, compared with 36,681,000
gallons on the first of the month. The Bureau's statement
follows:
PROCUCTICN CF NATURAL GASOLINE (THOUSANDS OF GALLONS)
Production.
Jan.
July
1933.
Stocks End of Mo.
Jan.
July
1932.
July
1933.
June
1933.
3,200 34,900 40,600
4,700
4,600
500
29,600 201,200 229,200
1,700 13,300 15,000
29,200 201,400 207,600
3,(.00 22,700 29,200
9.000 12,100
1,300
4,500 32.100 35,300
39,100 282,000 329,100
4,769
561
18,379
1,601
9,701
971
207
1,101
2,621
6,046
639
15,721
1,290
8,314
1,228
121
1,109
2,213
Total
116,300 112,100 801,300 902,700
Daily average
3,78(•
4,240
3,740
3,750
Total (thousands of barrels) 2,769
2,669 19,078 21,493
Daily average
90
101
89
89
39,911
36,681
-950
873
July
1933.
Appalachian
3,500
Illinois, Kentucky,Indiana_
600
Oklahoma
31,600
Kansas
1,600
Texas
29,800
Louisiana
3,100
Arkansas
1,200
Rocky Mountain'
4,500
California
40,400
June
1933.
Activity in Major Metals Increases-Large Sales of Lead
-Zinc Steadies.
According to "Metal and Mineral Markets" for.Sept. 14
1933, the tonnage of non-ferrous metals sold during the week
showed substantial improvement over that reported in the
preceding seven-day period, and, so far as lead, zinc, and
tin were concerned, the market appeared to be in a better
mood. Further progress was reported in reference to the
preparation of permanent codes for lead and zinc, and both
industries seem to be set for public hearings in Washington
shortly. Copper sold in larger volume than a week previous,
but the total was not impressive and some irregularity in the
price structure proved disappointing. The difficulties over
the copper code have not yet been overcome, in fact very
little progress was made in the last week. Silver met with
some support from speculators on fresh rumors of impending
inflation to stimulate general business activity and ease the
debt load. The same publication says:
Copper About Unchanged.
Inquiry for copper improved moderately in the last week, but the ideas of
most buyers seemed to reflect the uncertainty over the outlook for a satisfactory code for the Industry, and a fair amount of metal was sold by first
hands during the week at slight concessions from the 9c., delivered Connecticut, basis. Most operators regard the domestic situation as firm.
despite the temporary unsettlement in the price structure, the contention
being that the two factions in the industry will have to come to an understanding sooner or later. With inflation hanging over all commodity markets, and costs certain to increase under whatever form the code finally
takes, the 9c., level is held to be too low for the good of the industry.
Production will be regulated, and, with only moderate further improvement
in the demand,surplus stocks are expected to decrease steadily.
Several plans for handling custom intake were discussed informally during
the week, but no solution of the problem came out of the deliberations.
Price fixing, quotas, and voting power are three stumbling blocks.
Copper abroad was fairly active, most of the demand being for last-quarter
shipment. Contrasted with a week ago, prices showed no important change.
The undertone continued rather easy, foreign consumers taking the stand
that production outside of the United States is outstripping demand and
competition for business is bound to result. Yesterday the average on business done abroad and reported to M. & M. M. was 7.725c. per lb., f o. b.
refinery, against 7.775c. a week ago.
Sweden imported 16,119 metric tons of copper during the first half of 1933.
against 9,455 metric tons in the same period last year.
Actire Demand for Lead.
Demand for lead last week, following more than two months of comparatively moderate trading, improved substantially, with the sales total for
the seven-day period exceeding 10.000 tons. The major part of the tonnage,
moreover, was reported to have been sold in round lots to large consumers,
who, apparently, felt that at current price levels and at the prevailing stage
In the "New Deal" purchase of the metal In volume was advisable. That
2013
this same view was generally held seemed evident in that practically all of
the various interests using the metal were represented in the business of the
week. Among the principal buyers were the corroders, both pigment and
battery firms; tin-foil manufacturers; and ammunition companies. The
price structure of the metal was unchanged at 4.50c., New York, the contract settling basis of the American Smelting & Refining Co., and 4.35c.,
St. Louis. Low quotations for the metal that continued abroad were said
to have been an important factor operating against any upward revision of
prices here.
Sales of lead for September shipment, according to statistics circulating
in the industry, total about 21,000 tons; sales for October shipment have
reached about 11,500 tons.
Zinc Firmer at 4.65c.
Prime Western zinc was in better demand last week, and the market
seemed to steady in all directions, though quotations remained unchanged
on the basis of 4.65c., St. Louis. A fair tonnage sold yesterday at that
figure. The news got out during the week that the zinc code, so tar as the
Prime Western division was concerned, had virtually been completed, and
a public hearing will be held in Washington this month. September 23d has
been named as a tentative date for the hearing. As the code stands. Pricefixing is not contemplated and stabilization of the market, according to
producers, should be achieved through control of production. Large consumers showed buying interest for the first time in weeks. The August
statistics, were better than expected.
Fair Business in Tin.
Demand for tin was of fair proportions last week, particularly in the last
few days, with both consumers and dealers participating in the trading. Tinplate manufacturers were again in the market, and capacity operations by
these interests throughout the remainder of the year, with continued buying
from this source, was held to be probable. Prices of the metal moved up
slightly, chiefly as a result of steadiness exhibited in the London market.
which, in turn, was said to be based on encouraging reports concerning the
outlook for the metal in this country.
Chinese tin, 99%, prompt shipment, was quoted nominally as follows:
Aug. 7th, 43.75c.: 8th, 43.50c.: 9th, 43.50c.: 11th, 43.875c.: 12th, 44.60c.:
13th. 44.375c.
London Tin Supply Cut
-John Howeson Suggests
Increase in Production Quota.
From London Sept. 3 the New York "Herald Tribune"
reported the following (copyright):
During August, supplies of tin from producing countries declined by over
1,000 tons while deliveries to consuming countries rose from 10.065 in July
to 11,722 tons. Of the latter, the total for the United States accounted
for 8,020 tons against 6,540 in July. As a result of these movements there
was a further sharp decline in visible stocks, which now stand at 38,944
tons compared with 44.042 a month ago and 56,766 a year ago.
Meanwhile a considerable proportion of the 21,000 tons held by the tin
pool Is believed to have been disposed of. The tin situation has so much
Improved that even John Howeson,leading advocate of restriction, has suggested that it will be possible to increase the production quota. A move
in this direction is expected, following the meeting of the international tin
committee this month.
Steel Production Declines from 45 to 41% of Capacity
Industry Continues to Wrestle with Code Problems
-Steel Scrap Prices Decline Further.
With the steel trade still wrestling with the details of
filing prices and standardizing market practices under its
new code, mill bookings and operations continue to decline,
says the "Iron Age" of Sept. 14. The National average of
ingot output has fallen four points from 45 to 41%. Further
losses were reported in the Valleys, in the Cleveland-Lorain
district, in eastern Pennsylvania, in the Wheeling area,
and at Chicago. Only the Buffalo district showed an increase, its rate rising from 41 to 44%. The "Age"continues:
While perplexities growing out of new code prices and regulations have
undoubtedly played their part in checking buying, there are increasing
evidences that consumption itself is diminishing. In many cases labor
difficulties are blamed for the shrinkage in demand, but whatever the
reasons there is growing apprehension over the current business trend
and an increasing conviction that September will prove the critical month
in the NRA program.
As the automobile industry approaches the time when it will bring out
its new models, the need for support from the heavy industries becomes
more pressing. Government-aid construction projects are slow in maturing.
although pressure from Washington has hastened the taking of bids on
16,000 tons of steel for the Tr -Borough Bridge, New York, and 52,000
tons of cast iron segments for the mid-town Hudson River tunnel,New York.
Railroad buying remains at a low ebb and for that reason proposals of
the Government to help finance expenditures for the carriers are of timely
interest to the steel trade. The announcement that rail purchases would
be financed only on condition that prices be reduced was, however, regarded
as out of keying with the spirit of the recovery program. Rails are a
high-quality product, necessarily so because human safety depends upon
their soundness, and yet they are now being quoted at $4.33 a gross ton
below the average price of all other finished steel commodities as measured
by the "Iron Age" steel composite. Moreover, mill costs are steadily
rising, in the case of certain producers having gone up 17 to $8 a ton since
the middle of the year. Yet in the face of these facts the steel industry
would undoubtedly go a long way to insure the success of the present
National effort for recovery. If enough rail tonnage were offered under
Government auspices, it is possible that mills would agree to a reduction
In price, keeping in mind, of course, that their costs are closely related to
volume.
Steel releases have been very light except In certain products on which
advances have been announced for the fourth quarter. In connection
with these lines buyers are hastening to specify against their third quarter
contracts. Advances for the fourth quarter announced during the week
include increases of $2 a ton on hot-rolled sheets, hot-rolled strip and alloy
steel bars, $3 a ton on fender stock and cold-rolled strip, $4 a ton on billet
light rails, and $6 a ton on rail-steel light rails.
New code extras have not yet been officially adopted,since modifications
are still being made. Some of the changes in selling terms provisionally
made have raised a storm of protest among consumers. Buyers in the
Chicago district are particularly strong in their opposition to the stipulation
that all-rail freight rates be charged on all shipments except to South
Atlantic, Gulf and Pacific ports.
2014
Financial Chronicle
Some of the new extras which have come to light are more favorable
to
buyers than those which they superseded. For example, in the case of
sales of merchant wire products to jobbers, mixed carloads will take
the
same price as straight carloads.
An incidental result of the adoption of the steel code is that the Steel
.
corporation unfilled tonnage reports in the future will not reflect bookings
beyond the succeeding quarter.
Scrap markets are weak throughout the country. Declines of 25 cents
a ton at Pittsburgh and 75 cents a ton at Philadelphia
have reduced the
"Iron Age" scrap composite from $11.75 to $11.42 a gross ton.
The pig
iron and finished steel composites are unchanged at
$16.71 a gross ton and
1.979 cents a pound.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Sept. 12 1933, 1.9790. a Lb.
(Based on steel bars. beams, tank plates
One week ago
1.979e.( wire, rails, black pipe and sheets.
One month ago
1.9790.1 These products make 85% of the
One year ago
1.965c.
United States output.
High.
Low.
1933
1.979o, Aug. 8
1.867e. Apr. 18
1932
1.977c. Oct. 4
1.9260. Feb. 2
1931
2.037c, Jan. 131.945o. Dec.Deo. 29
1930
2.2730. Jan. 7
2.018e. Dec. 9
1929
2.317c. Apr. 2
2.283o. Oct. 29
1928
22860. Dec. 11
2.2170. July 17
1927
2.402c. Jan. 4
2.2120. Nov. 1
P12 Iron.
Sept. 12 1933, 516.71 a Gross Ton.
Based on average of basic iron at Valley
One week ago
$16.71 furnace foundry irons at Chicago,
One month ago
15.94
Philadelphia. Buffalo, Valley and BirOne year ago
13.64
mingham.
High.
Low.
1933
$16.71 Aug. 29
813.56 Jan. 3
1932
14.81 Jan. 5
13.56 Dec. 6
1931
15.90 Jan. 6
15.79 Dec. 15
1930
18.21 Jan, 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dee. 17
1928
18.59 Nov.27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap.
Sept. 12 1933. 511.42 a Gross Ton.
Based on No. 1 heavy melting stee
One week ago
$11.75 quotations at Pittsburgh, Philadelphia
One month ago
12.08 and Chicago.
One year ago
7.67
High.
Low.
1933
$12.25 Aug. 8
56.75 Jan. 3
1932
8.50 Jan. 12
6.42 July 6
1931
11.33 Jan. 6
7.62 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 6
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov. 22
"Steel" of Cleveland, in its summary of the iron and steel
markets on Sept. 11, stated:
Extension of current iron and steel prices, except for a few advances,
through the fourth quarter and the filing and dissemination of new extras
and differentials in conformity with the steel code have removed most of
the artificial barriers which have been restraining trade.
In a broad sense, the steel market this week again becomes a free one,and
while withdrawals from stocks will prevent specifications being esactly
synonymous with consumptive requirements, the trend of demand will be
significant and provide the first gauge of the fall market.
Some portions of the industry remain confident of good fall business:
others can find nothing assuring in an analsyis of the four leading outlets.
But there is a growing enthusiasm for the steel code and its possibilities for
rationalizing competition, and an increasingly favorable reaction to NRA
on the ground that if it does not work the alternative may be worse.
Two industries-container and automobile-largely ran the steel rate
up from 14% in late March to a peak of 58% in mid-July. Tin plate mills
are booked through October. The automobile industry, however, is ordering only final materials needed to complete runs on present models, and a
dead spot in its demands nears.
Improvement this fall thus becomes chiefly the responsibility of the
railroads and the construction and pipeline industries. Financing for
sizable pipelines is not in sight. The public works program figures more
extensively in prospective structural steel tonnage, but private projects
are negligible. Some revival of railroad buying is under consideration at
Washington, but at least 60 days will elapse before orders would flow back
to the mills.
Largest specific business of the week was the Chesapeake & Ohio's formal
distribution of 31,481 tons of rails. the United States Steel Corp. closing on
16,350 tons, Inland Steel Co. on 10,672 and Bethlehem Steel Co. on 4,459.
Under the spur of a quickened public works administration at Washington.
bids will be opened late this month on 16,000 tons for Tr -Borough bridge
towers in New York; 12.375 tons for the Grand Island bridges at Buffalo
on Sept. 14:9,000 tons of structurals and castings for Mississippi River lock
and dam work in addition to 10,000 tons of piling; and 5,000 tons for various
Middle West highway bridges. Actual structural awards last week were
6,224 tons.
Sheet specifications have broadened somewhat as buyers are taking out
third quarter contracts fully. Pig Iron is moving, partially into stock,
at not far from the year's peak. In the East, 50,000 tons may be placed
within a month for segments for the New York midtown vehicular tunnel.
Ten thousand tons of basic iron still is pending in the East.
Rarely have consumers of steelworks scrap abstained so solidly from the
market, the result being further sentimental weakness in prices. The
advances of 50 cents to $1 in pig iron, however, are bullish factors for the
long pull in scrap. Price strength is manifest in coke despite a slack market.
Steel output dropped 3 points last week to 42%. Buffalo increased 7
points to 48%; New England, Detroit and New England held at 85, 55
and 37, respectively; other districts declined 1 to 7 points, Pittsburgh now
being 35, Chicago and Youngstown 45, Birmingham 50, Cleveland 56,
Wheeling 75, Lorain 66.
In the past week No. 10 gage sheets and hot
-rolled strip were advanced
$2 per ton for the fourth quarter, and cold-rolled strip $3. Heavy finished
steel was continued at 1.60c., Pittsburgh, and 1.65c.. Chicago, with all
other tonnage products likewise extended. Bethelehm last week was made
an alloy bar base, at 2.55c.. $2 a ton above other basing points.
However, considering the return to full or revised chemical, size and
quantity extras, many consumers for the fourth quarter will pay $3 to
$5 per ton more than the recent market to them.
"Steel's" composites are unchanged, at $31.23 for iron and steel, $48.30
for finished steel and $11 for scrap.
Steel ingot production for the week ended Sept. 11 is
placed at 42% of capacity, according to the "Wall Street
Journal" of Sept. 13. This is the same as in the preceding
week, which included the Labor Day holiday. Two weeks
ago the rate was at slightly under 49%, continues the
"Journal," which further goes on to say:
U. S. Steel Corp. Is estimated to be running at aPprcodmately 40%,
compared with 41% in the previous week and about 47% two weeks ago.
Sept. 16 1933
Independents are credited with a rate of nearly 4334%, against
4235% in
the week before and 5034% two weeks ago.
The following table gives the percentage of production of ingots in the
corresponding week of previous years, together with the approximate
change from the week immediately preceding:
Industry.
U. S. Steel.
Independents.
15+3
30+1%
.58+2
86-1%
78+ %
65-2%
1932
1931
1930
1929
1928
1927
14 +3
3334+134
65 +2
91 -1
77
67 -3
10 +334
2834+234
52 +2
82 -1
7834+1
63 -2
Sharp Drop in Steel Tonnage.
Unfilled orders on books of subsidiaries of United States
Steel Corp., which have been steadily increasing since last
April, fell off 129,681 tons during August, leaving the total
at the end of the month at 1,890,444 tons in comparison with
2,020,125 tons at July 31 and 1,841,002 tons at March 31.
A year ago at July 31 1932 the backlog was 1,969,595 tons.
Below we show the monthly figures since January 1928.
Earlier figures may be obtained from "Chronicle" of April 14
1928, page 2243.
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION.
End of
Month.
1933.
Januaty ___
February __
March
April
May
June
July
August._ _ _
September _
October_._.
November ..
December__
1932.
1931.
1930.
1929.
1928.
1,898,644
1.854,200
1,841,002
1,864,574
1,929,815
2,106,671
2,020,125
1,890,444
2,648,150
2,545,629
2,472,413
2,326,926
2,177,162
2,034,768
1,966,302
1,969,595
1,985,090
1,997,040
1,968,301
1.068.140
4,132,351
3,965,194
3.995,330
3,897.729
3,620,452
3,479,323
3,404,816
3,169,457
2,144,833
3,119,432
3,933.891
2.735.353
4,468,710
4,479,748
4,570,653
4,354,220
4,059,227
3,968,064
4,022,055
3,580,204
3,424,338
3,481,763
3,639,636
3.943.596
4,109,487
4,144,341
4,410,718
4,427,763
4,304,167
4,256,910
4,088,177
3,658,211
3,902,581
4,086,562
4,125,345
4.417.193
4,275,947
4,398,189
4,335,206
3,872,133
3,416,820
3,637,002
3,570,929
3,624,043
3,698,368
3,751,037
3,643,002
3.976.710
Production of Bituminous Coal and Anthracite
Continues Higher.
According to the United States Bureau of Mines, Department of Commerce, production of soft coal during the week
ended Sept. 2 1933 was estimated at 7,970,000 net tons, as
compared with 5,644,000 tons in the corresponding period
last year and 7,701,000 tons in •the same week in 1931.
Output of bituminous coal amounted to 7,754,000 tons in
the week ended Aug. 26 1933.
Anthracite production in Pennsylvania during the week
ended Sept. 2 1933 was estimated at 1,234,000 net tons, as
against 1,032,000 tons in the preceding week and 1,069,000
tons in the week ended Sept. 3 1932.
During the calendar year to Sept. 2 1933 there were produced a.total of 210,786,000 net tons of bituminous coal
and 30,870,000 tons of anthracite as compared with 185,511,000 tons of bituminous coal and 30,709,000 tons of
anthracite during the calendar year to Sept. 3 1932. The
Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE.
COKE (NET TONS).
Calendar Year to Date.
Veek Ended
Sept. 2
1933.c
Aug. 26
1933.d
Sept. 3
1932.
1933.
1932.
1929.
Bitum. coal
-s
Weekly total 7,970,000 7,754.000 5,644,000 210,786,000 185,511,000 345,647,000
Daily avge._ 1,328,000 1,292,000 941,000 1,017,000
896,000 1,667,000
Pa. anthm.-b
Weekly total 1,234,000 1,032,000 1,069,000 30,870,000 30,709,000 46,279,000
Daily avge__ 205,700 172,000 178,200
225,200
150,200
149,400
Beehive coke
Weekly total
9,300
547,800
17,100
18,200
479,800 4,024,500
Daily avge__
22,127
1,550
2,290
2,621
2,850
3,033
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan county, washery and dredge coal, local sales and colliery fuel. c Subject
to revision. d Revised since last report.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES (NET TONS)
Week Ended
August
1923
Aug.26'33 Aug.19 '33 Aug.27 '32 Atig.29 '31
Averages
Stale.
397,000
231,000
207,000
143,000
Alabama
212.000
81,000
82,000
24,000
62,000
Arkansas and Oklahoma_
68,000
173,000
113,000
85,000
65,000
Colorado
104,000
907,000 1,363,000
512,000
586,000
Illinois
603,000
440,000
239,000
265,000
Indiana
185,000
258,000
100,000
52,000
43,000
48,000
Iowa
41,000
145,000
100,000
107,000
89,000
Kansas and Missouri
95,000
683,000
765,000
738,000
556,000
Kentucky-Eastern
738,000
181,000
217,000
174,000
140,000
Western
132,000
44,000
36,000
34,000
17,000
31,000
Maryland
1,000 ' 21,000
4,000
2,000
Michigan
2,000
50,000
39,000
32,000
27,000
31,000
Montana
49,000
23,000
16,000
20,000
New Mexico
20,000
20,000
28,000
13,000
North Dakota
15,000
18,000
871,000
419,000
219,000
395,000
Ohio
504,000
Penna. (bituminous)
2,165,000 2,160,000 1,338,000 1,791,000 3,734,000
118,000
105,000
73,000
54,000
90,000
Tennessee
24,000
Texas
9,000
17,000
11,000
15,000
83,000
40,000
31,000
40,000
Utah
43,000
210,000
248,000
154,000
245,000
235,000
Virginia
47,000
29,000
23,000
18,000
21,000
Washington
West Virginia -Southern_b 1,711,000 1,702,000 1,242,000 1,718,000 1,515,000
465,000
305,000
875,000
553,000
545,000
Northern.c
89,000
60.000
154,000
68,000
IVyomIng
57,000
1,000
4,000
2,000
3,000
Other States
15,000
Total bituminous coal._ 7,754,000 7,595,000 5,320,000 7,574,000 11,538,000
803,000 1,391,000 1,926,000
961,000
Pennsylvania anthracite_ 1,032,000
a cm nen n 1+1 non
R Ilti5 000
13 464 nnn
a Average weekly rate for entire month. b Includes opera ions on the N. & W.;
C. & 0.; Virginian; K. & M.; and B.C.&G. c Rest of State including Panhandle.
Volume 137
Financial Chronicle
Anthracite Shipments Gained Sharply in August.
Shipments of anthracite for the month of August 1933, as
reported to the Anthracite Institute, amounted to 3,941,46
4
net tons. This is an increase, as compared with shipmen
ts
during the preceding month of July, of 730,031 ne6 tons,
or
22.73%, and when compared with August 1932, shows
an
increase of 891,748 net tons, or 29.24%.
Shipments by originating carriers (in net tons) are as
follows:
Moran of
-
2015
Aug. 1933. July 1933. Aug. 1932. July 1932.
Reading Co
Lehigh Valley RR
Central RR.of New Jersey_ _
Del., Lackawanna & Westere RR_
Delaware & Hudson RR.Cor p_.__
Pennsylvania RR
Erie RR
N.Y., Ontario & Western fly
Lehigh A: New England RR
Total
885.325
620,188
302,108
441,672
456,804
340,801
504,248
266,227
124,191
781,657
490,332
211,616
359,044
339,959
284,208
397,636
195,278
151.803
672,613
352,400
239,612
305,256
327,206
307,741
436,791
220.873
187,324
576,415
388,033
246,599
353,452
324,094
305.262
305,350
134,111
144,311
3.941.564
3.211.533
3.049.816
2.777.62?
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volum6 of Federal Reserve Bank credit
outstanding during the week ended Sept. 13, as reported
by the Federal Reserve banks, was $2,337,000,000, an increase of $33,000,000 compared with the preceding week
and of $45,000,000 compared with the corresponding week
in 1932. After noting these facts, the Federal Reserve Board
proceeds as follows:
On Sept. 13 total Reserve Bank credit amounted
to $2,357.000,000, an
increase of 827,000,000 for the week. This increase
corresponds with an
increase of $103,000,000 in member bank reserve balances
and a decrease of
$2,000,000 in monetary gold stock, offset in part
by decreases of S46,000.000
in money in circulation and 821,000,0
00 in unexpended capital funds,
non-member deposits, &c., and an increase
of 810,000.000 in Treasury
currency. adjusted.
Bills discounted declined $6,000,000 at the
Federal Reserve Bank of
San Francisco. $3,000,000 at New York and 812,000,0
00 at all Federal
Reserve banks. The System's holdings of bills bought
in open market and
United States bonds show practically no change for
the week, while holdings
of United States Treasury notes increased 816,000,0
00 and of Treasury
certificates and bills 820,000,00
0.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
Bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the different items, was published in the May 31 1930 issue
of the
"Chronicle" on page 3797.
The statement in full for the week ended Sept. 13, in comparison with the preceding week and with the correspo
nding
date last year, will be found on subsequent pages, namely,
pages 2067 and 2068.
Beginning with the statement of March 15 1933 new
items were included as follows:
1. "Federal Reserve bank notes in actual circulatio
n," representing the
amount of such-notes issued under the provisions
of paragraph 6 of Section
18 of the Federal Reserve Act as amended by the Act of
March 9 1933.
2. "Redemption fund-Federal Reserve bank notes,"
representing the
amount deposited with the Treasurer of the
United States for the redemption of such-notes.
3, "Special deposits
-member banks" and "Special deposits
-nonmember banks," representing the amount of
segregated deposits received
from member and non-member banks.
A new section has also been added to the statement
to show the amount
of Federal Reserve bank notes outstanding, held by
Federal Reserve banks,
and in actual circulation and the amount of collateral
pledged against
outstanding Federal Reserve bank
notes.
Changes in the amount of Reserve Bank credit outstand
ing and in related items during the week and the year ended
Sept. 13 1933, were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Sept. 13 1933.
$
133.000,000
7,000,000
2 203,000,000
14,000,000
Increase (+) or Daum (-)
Since
Sept. 6 1933. Sept. 14 1932.
$
$
-12,000,000 -269,000,000
-27,000,000
+37,000,000 +352,000,000
+2,000.000
TOTAL RES'VE BANK CREDIT_ _2,357.000,000 +27,000,000
Monetary gold stock
4327„000,000 -2,000,000
Treasury currency adjusted
1,963,000,000 +1C,C00,000
Money in circulation
5,602,000,000 -46,000,000
Member bank reserve balances
+103,000,000
Unexpended capital funds, non-member deposit, &e
503,000.000 -21,000,000
+56,000.000
+199,000,000
+97,000,000
-66,000,000
+298,000,000
+120,000,000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Beginning with the returns for June 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City, as wEll as those in
Chicago, on Thursday, simultaneously with the figures for
the Reserve banks themselves, and fa, the same week, instead
of waiting until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the
current week, as thus issued in &hence of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows an increase of $24,000,000, the total of these
loans on Sept. 13 1933 standing at $890,000,000, as compared
with $331,000,000 on July 27 1932, the low record for all
time since these loans have been first compiled in 1917.
Loans "for own account" increased from $761,000,000 to
$790,000,000 but loans "for account of out-of-town banks"
decreased from $96,000,000 to $92,000,000, and loans
"for acPount of others" from $9,000,000 to
,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Sept. 13 1933. Sept. 6 1933. Sept. 14 1932.
Loans and investments-total
6 744,000,000 6,711,000,000 6,599.000,000
3 444,000,000 3,405,000,000 3,493,000,000
Loans-total
On securities
All other
1 820,000,000 1,795,000,000 1,686,000,000
1,624,C00,000 1,610,000,000 1,807.000,000
3,300,0(0,000 3,306,000,0C° 3,106.000,000
Investments-total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank__
Cash in vault
2.252,000.000 2,257,000,000 2,108,000.000
1 048,000,000 1,049,000.000 998,000,000
903,0(.0,000 847,000,000 957,000,000
38,000,000
38,000,000
43,000,000
Net demand deposits
Time deposits
Government deposits
5,296,000,000 5,200,000,000 5.295,000,000
761,000,C0C 857.000.000 816,0(0.000
388.000.060 389,000,000
64,000,000
Due from banks
Due to banks
07,000,000
66,000,000
69,000,000
1,181,000,000 1,130,000,000 1,300,000.000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers;
For own account
790,00(.000
For account of out-of-town banks_ _ 92,000,000
For account of others
8,000,000
Total
On demand
On time
Loans and investments-total
761,000,000
96,000,000
9,000,000
408,000,000
20,000,000
5,000,000
890,000,000 866,000,000 433,000,000
604,000,000 580,C0G,0(0 313,000,000
286,000,000 286,000,000 120,000,000
Chicago.
1 207,000,000 1,201,000,000 1,194,000,000
Loans-total
On securities
All other
Investments-total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank__
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
686,000,000
678,000,000
774.000,000
335,000,000
351,000,000
334,000,000
344,000,000
453,000,000
321,000,000
521,000,000
523,000,000
420,000,000
300,000,000
221,000,000
311.000,000
222,000,000
226.000,000
194,000,000
330.000,000
26,000.000
313,000,000
27.000,000
197,000,000
17.000,000
1 010,000,000
349,000,000
61,000,000
970,000,000
353,000,000
61,000,000
816,000,000
328,000,000
6,000,000
261,000,000
272,000,000
246,000,000
263.000,000
242.000.000
271,000.000
4,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
The Federal Reserve Board resumed on May 15 the
publication of its weekly condition statement of reporting
member banks in leading cities, which had been discontinued after the report issued on March 6, giving the figures
for March 1. The present statement covers banks in 90
leading cities instead of 101 leading cities as formerly, and
shows figures as of Wednesday, Sept. 6, with comparisons
for Aug. 30 1933 and Sept. 7 1932.
As is known, the publication of the returns for the New
York and Chicago member banks was never interrupted.
These are given out on Thursday, simultaneously with the
figures for the Reserve banks themselves, and cover the
same week,instead of being herd until the following Monday,
before which time the statistics covering the entire body of
reporting member banks in 90 cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns cf the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Sept. 6:
Financial Chronicle
2016
Sept. 16 1933
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on Sept. 6 shows decreases for the week
of $47,000,000 in net demand deposits, $13,000,000 in time deposits and
$48,000,000 in holdings of United States Government securities.
Loans on securities declined $15,000,000 at reporting member banks in
the Chicago district and $18,000,000 at all reporting member banks. "All
other" loans increased $19,000,000 in the New York district, $6.000,000
in the Boston district and $23,000,000 at all reporting banks.
Holdings of United States Government securities declined $36,000,000
in the New York district. $13,000,000 in the Chicago district and $48,000,000 at all reporting member banks. Holdings of other securities show a
small reduction for the week.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $27,000,000 on Sept. 6, a net decline of $4,000,000 for
the week.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of8884,000,000 and net demand,
time, and Government deposits of $877,000,000 on Sept. 6, compared with
$870,000,000 and $879,000.000. respectively, on Aug. 30.
A summary of the principal assets and liabilities of the reporting member
banks, in 90 leading cities, that are included in the statement, together
with changes for the week and the year ended Sept. 6 1933, follows:
Increase (+) or Decrease (—)
Since
Sept. 7 1932
Sept. 8 1933, Aug. 30 1933.
$
$
+61.000.000
—45,000,000
Loans and investments—total_ _18,562,000,000
"It seems to me that if we are to return to the gold standard it must be
a standard that retains this feature,' he said. To Professor Jones the real
issue lies between the gold standard rigorously interpreted and maintenance
of national currencies which are not linked together by being linked to geld
or to any other common measure.
Although he was convinced that the great nations must return to gold,
he would not have them do so until it was known precisely what rate of
exchange should be adopted to enable goods to be distributed in the manner
determined by the real costs of production.
Purchasing power parties must determine the new rates, a subject that
requires careful study, he said. To divert the liquid capital which now
flows "too readily" from country to country into long-term investments
and thus prevent it from imperiling the financial stability of a number of
countries. Professor Jones would form an international stabilization fund
under the control of a body which would perform the pre-war international
function of the Bank of England.
Such a body would direct the flow according to the needs of the individual countries, and not in the opposite direction. One of the stumbling
blocks in carrying out the plan are tariffs. Professor Jones holds that tariffs
should not direct the immediate flow of trade, as at present, but direct the
development of industry.
He sees nothing inconsistent in the operation of the gold standard and
protective tariffs, but holds that frequent manipulation to meet,fluctuating
trade balances is bound to render any international currency standard Impossible. By controlling the flow of international credit through the creation of an international stabilization fund, or in some other way, he believes
even these restrictions upon trade might eventually be relaxed.
First Gold Shipment Under New Regulations Leaves
United States-4,208 Fine Ounces, Worth $124,052,
Sent by Federal Reserve Bank of New York for
Sale in Open Market in London.
The first shipment of newly-mined gold to leave the
United States under the executive order permitting American
producers to obtain -the prevailing world price for the metal
was shipped from New York on Sept. 13 on the liner Manhattan by the Federal Reserve Bank of New York. The
shipment amounted to 4,208 fine ounces, sent for sale in
the open market at London. Based on the price of $29.48
a fine ounce for gold (the quotation issued by the Treasury
on Sept. 13) the shipment was worth $124,052. In describing the initial export of gold under the new regulations, the
New York "Herald Tribune" of Sept. 14 said, in part:
Loans—total
On securities
All other
8,538,000,000
+5,000.000
—806,000,000
3,748,000,000
4,790,000,000
—18,000,000
+23,000,000
--232,000,000
—574,000,000
8,024,000,000
—50,000,000
+867,000,000
U.S. Government securities_ ___ 5,033,000,000
2,941,000,000
Other securities
—48,000,000
—2,000,000
+821,000,000
+46,000,000
1,790,000,000
191,000,000
+6,000,000
—8,000,000
+191,000,000
+12,000,000
10,380,000,000
4.495,000.000
865,000,000
—47,000,000
—13,000,000
+79,000,000
--47.000,000
+731,000,000
1,180,000,000
2,521,000,000
+21,000,000
+62,000,000
—89,000,000
—183.000,000
27,000,000
—4,000,000
—89,000,000
Investments—total
Reserve with F. 11 banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
Canadian Government Controls Gold Marketing—
Regulations Govern Exports and Imports.
Canada has officially controlled the exportation of gold
since 1931, anti since that time has passed various regulations relative to the marketing of that metal, according to a
special circular on Canadian gold regulations issued by the
Commerce Department. The circular traces the history of
recent Dominion legislation on the subject, said the Department on Sept. 7, which also stated:
In Sept. 1931, the Canadian Government requested Canadian gold producers to sell their gold to the Royal Mint at Ottawa with the understanding that the producers would receive the equivalent of the New York value
of their shipments. Payment was made on the basis of New York exchange.
In Oct. 1931, the Government formally instituted a licensing system to control exports. Soon afterwards, new mint regulations were Issued.
Further legislation controlling exports was passed in May 1932. limiting
the exportation of gold to Canadian chartered banks, subject to license.
In April 1933;redemption of Dominion notes in gold was formally suspended.
The same month the Ministry of Finance prescribed a purchase price for
gold based upon the price of the metal in London. This regulation was
amended in June of this year to include not only Canadian-mined gold but
also foreign gold coin, gold bullion and wrought gold. In August Canada
passed regulations for the acceptance of amalgams, concentrates, etc., containing gold, the product of American mines and exportable from the United
States under American laws.
World Body Urged in New Gold Plan—Prof. J. H.
Jones Asks Return to Standard Through Regulatory Board. Economist at Leicester Holds Great
Britain and America Try to Impoverish Each
Other.
The following advices were contained in a cablegram from
Leicester, England, Sept. 7 to the New York "Times":
If the great industrial countries want pre-war prosperity they must
recreate the pre-war conditions under which the gold standard proved so
highly successful. Professor J. H. Jones told economists of the British
Association for the Advancement of Science to-day.
The gold standard once more promises to become popular, he said,
and this because the United States and Great Britain are now merely trying to impoverish each other.
Gold was the great pre-war stabilizer of international trade because
it moved freely from country to country. Professor Jones said, but now
there was concentration of gold in Prance and America but with no policy
of foreign investment to offset post-war financial relationships.
Finds Standard Hindered.
In other words, gold could no longer produce its pre-war effects, he said.
Normally liquid capital was absorbed internationally in the form of longterm investments. Now liquid capital was a disturbing factor. When it
moved it left a crisis in its train and created embarrassment to the countries
that it sought, always hunting for security without ever being sure of
finding it.
The most recent victim of the damage wrought by this movement was
the United Sattes, Professor Jones.said. Before the war the Bank of
England as a controller of international credit was able to rush to the assistance of harrassed countries, thus maintaining financial stability, he added,
but since the war it had been unable to perform this function with the same
effect.
The essential feature of the gold standard, he said, was that it maintained
a fixed rate of exchange, established an international price system and controlled the internal or domestic supply of currency and, therefore, the
domestic level of prices. Professor Jones explained in laying the ground for
his solution of the world's economic troubles.
The small amount of newly-mined gold which went out was consigned by
the local bank of issue to the Bank of England. The latter institution will
cause the metal, upon its arrival, to be offered through one of the gold brokers, in the London open market. When the gold is sold, the Bank of England
will notify the Federal Reserve Bank of the terms of the sale. The local
bank of issue then will give immediate credit for about 98% of the amount
which the gold brought, and the rest of the sale price will be turned over
to the producer upon receipt of a letter from the Bank of England confirming the information previously sent over by cable.
In size the shipment yesterday was smaller than many persons had expected. The annual gold production of this country is about 1,000,000
weekly. Out of this production the amount required by the arts is taken,
leaving the remainder to be exported. While the first metal to be turned
over to the Treasury on consignment for sale abroad was received only last
Friday and the second on Monday, it had been supposed that somewhat
more than $123.816 would be left for export. It was pointed out, however,
that there was no accumulation of gold awaiting e .port and hence no
sudden large outpouring of the metal was to be expected. No more new
gold came to the Treasury yesterday.
Profit of $37,002.
Just how important the export authorization is to American producers
can be seen (Wan the fact that the statutory price of the 4,200 fine ounces,
at $20.67 an ounce. Is $86,814. That is the amount the producers would
have had to accept before the export order. Now, on the basis of yesterday's Treasury price, they stand to receive $37,002 more than the statutory price.
Gold Export Protested—London Transfer, Shipped on
American Vessel, Called Injurious.
The first shipment of gold newly mined in tho United
States since the embargo on exports was declared, which was
shipped to London on Sept. 13 on the Manhattan of the
United States Lines instead of on the Berengaria,. In the
New York "Times" of Sept. 13 it was noted: It was said
that foreign owners of gold invariably used the ships of their
respective nationalities in transporting the metal across the
Atlantic. The account went on to say:
In the preseneinstance the shipment will be the property of the American
shippers until it is sold at auction in London. . .
A protest against the shipment was made yesterday (Sept. 12) in a
telegram to W. H. Woodin, Secretary of the Treasury, by a group of men
In the financial district. The telegram asked that the scheduled shipments
be stopped and that the embargo against shipments of any American
gold to foreign countries be continued.
"We believe that the shipment of any of our gold to foreign nations
Is against the interest of our country for the following reasons," the telegram read:
"1. Much of this gold will find Its way to foreign nations that are not
meeting their obligations to us. whereas citizens of our country have been
required to give up their gold.
"2. If such shipments of gold are permitted the gold will be purchased
by foreign countries with their paper currency thus lowering their money
In terms of gold and working to the disadvantage of our country.
"3. The sale and shipment of our gold to foreign nations will retard
the administration's recovery program and retard the recovery of agriculture, commerce and industry because It will raise the dollar in terms
of gold and thus lower the value of commodities and other property."
The telegram was signed by Robert M. Harriss, George LeBlanc. E.
B. Smith, C. H. Hensel. H. L. Goes, J. J. O'Donnell, Robert Lipscomb
and Ralph McHarrie.
The Federal Reserve Bank of New York reported no exports or imports
of gold yesterday and no change in the amount held under earmark here
for foreign account.
•
Volume 137
Financial Chronicle
Treasury Permits Free Sales of Scrap Gold—New Ruling
Provides Free Market for Arts and Crafts—Regulations Also Permit Fabricated Gold Export Under
Certain Restrictions.
The creation of what is virtually a free gold market for
industries, arts and professions licensed to use the metal was
accomplished by Treasury Department action on Sept. 12.
New Federal gold regulations approved by Dean Acheson,
Acting Secretary of the Treasury, permit free sale of unmelted scrap gold to licensed arts and crafts users, with
prices to be determined by supply and demand rather than
by a quotation proclaimed by the Government. The regulations also permit the exportation of fabticated gold where the
value of the articles depends chiefly upon workmanship,
rather than upon bullion content. Only articles made from
newly-mined gold, however, may be shipped abroad.
Describing the new regulations, a Washington dispatch to
the "Wall Street Journal" of Sept. 13, said:
Rules governing export of newly mined gold bullion are also amended
to enable the Reserve banks to hold the metal for two days after it has
been certified as permissible for sale, rather than the one-day limit set
in previous orders. Saturdays, Sundays and holidays are excluded from
the new time limit.
As explained by Treasury officials, scrap gold which may be sold freely
to the arts and crafts is defined as old watches, rings, trinkets, dental
fillings, &c. The price will not depend upon the daily Treasury quotation
governing sales of newly mined metal delivered on consignment, but will
be based entirely upon negotiations at the time of purchase.
It is not expected that the price for this type of gold will fall below the
official mint quotation of $20.67 a fine ounce but is expected to hover
between this price and quotations in the free markets abroad. The effect
of the new regulation Is expected to force export of virtually the entire
new production, inasmuch as the scrap supply available is usually more
than the amount necessary for the arts and crafts.
The treasury action was believed stimulated by protests of arts and
crafts firms who, under former regulations governing sale of newly mined
gold, were required to pay the official Treasury quotation for their purchases, based on the highest world price less handling charges.
An estimated $500,000,000 worth of old gold, in the form of discarded
jewelry, plate, dental fixtures, old spectacle frames, dental gold, Stc.,
Is believed to exist in the United States, sale of which is to be permitted
under the regulations which have just been issued. In England such
gold poured out of hiding in huge volume to take advantage of the gold
premium after suspension of the gold standard there.
•
Administration Urged to Stimulate Gold Production
--Discussion in "Weekly Observations" of Hornblower & Weeks.
In a discussion of Gold and the Recovery Program in their
current "Weekly Observations," Hornblower & Weeks
state that by sponsoring the Nation's gold industry, the
Administration would direct a frontal attack upon the
depression, comparable in effect to the decrees which
reopened the banking system, the balancing of the Federal
operating budget, and the courageous smashing of our
deflation cycle, by cutting our currency adrift from its
fixed gold ratio in the foreign exchange markets. The effect
of each of these important steps it is stated has been to
increase production and thereby to increase the national
wealth. They emphasize that the production of gold should
stimulate the use of all other comodities. They further state:
To achieve the degree of industrial and investment confidence necessary
to bring about a very substantial increase in our gold output, the Administration only needs to free the gold mining industry from the restraints
arbitrarily put upon it in connection with the banking crisis last March.
The law of supply and demand which is carrying gold to record highs in the
London free market will supply a spontaneous e .pansion within the gold
industry of unpredictable proportions. The failure to push this possible gold
production of this country at this time may be due to the incompleteness of
the Administration's recovery program. Apparently a free gold market in
the United States would be the answer. Within a year, we look for a complete and logical change in the investment position of the gold industry.
Belgian Government to Pay Oct. 1 Coupons on Bonds
of United Steel Works ("Arbed") in Gold If Held
by Non-Residents of United States.
According to a cable received Sept. 11 by the Trustee for
the United Steel Works of Burbach Eich Dudelange
("Arbed") 25-year sinking fund 7% dollar bonds, due
April 1 1951, the Board of Directors decided at a meeting on
Sept. 8 to follow the precedent set by the Belgian Government and to pay the called bonds and coupons maturing on
Oct. 1 and thereafter of such dollar loan in Belgian currency
at the approximate equivalent of gold, if owned by nonresidents of the United States and if the bonds are presented
on or before Sept. 14 1933, for stamping at the company's
office in Luxembourg, or at the Banque de Bruxelles,
Brussels, at the Societe Generale de Belgique, Brussels, or at
the Credit Lyonnais, Paris, the De Twentsche Bank,
Amsterdam, the Swiss Bank Corp., Basle, or at the Dresdner
Bank, Berlin, and at other banks in said cities the names of
which are on file at the office of the Trustee. It is further
announced:
Maturing coupons and called bonds so stamped will be redeemed at the
rate of 35.60 francs per dollar, compared with an approximate present rate
2017
of 24.85 francs per dollar. In case bonds or custody receipts therefor cannot
be so presented on or before Sept. 14 then the names and addresses of the
owners and serial numbers of bonds held could be cabled to one of the above
banks, but in all cases the company has reserved the right to examine each
case separately and does not give any assurance that such bonds will be
accepted for stamping, whatever may be the evidence produced. However.
the cable advice is to the effect that stamping will not be extended to bonds
of American citizens reading in tin United States.
Agenda for League of Nations' Council Session on
Sept. 22 Includes Anglo-Persian Oil Agreement
and Chaco Disputes.
A tentative agenda for the seventy-sixth session of the
League of Nations' Council, beginning on Sept. 22, was
issued on Aug. 30. It omits any question concerning the
alleged persecution of Jews in Germany and lists merely the
Anglo-Persian oil agreement, developments in the Chaco
dispute and the reconstruction work of the League in China.
A Geneva cable to the New York "Times" on Aug. 30,
added:
The Iraq petition is not yet on the agenda, although it is deemed likely Great Britain will refer the matter to the Council.
Prime Minister MacDonald's report on the World Monetary and Economic Conference, accompanied by a letter, will be read to the Council. but
It is forecast the Secretariat will not be willing to raise a debate, leaving
full powers to ne-mtiate a resumption of the conference with the executive
board appointed at London.
Other normal routine items complete the agenda, the chief of which is
the serious situation of the League's budget, owing to arrears in contributions.
British Loan Predicted—£300,000,000 Long-Term
Conversion Expected.
In a London cablegram Sept. 1 to the New York "Times"
it was stated that well-informed circles, according to The
Daily "Herald," believe preparations are being made for
an early large-scale government conversion scheme whereby
£300,000,000 or more of short-term Treasury bills would be
replaced by long-term securities. The cablegram added:
The substantial improvement in British Government securities has
been largely the result of official operations, it is said, and the high value
of this gilt-edged stock would make it possible for the government to issue
a new loan on easy terms. There would be no saving to the Treasury by
the conversion, but it is held that the country's financial position would be
made sounder by the replacement of the bills.
Influx of "Unwanted Money" From United States
Proves Problem to British Banks—Viscount Cecil,
Speaking at Toronto Says Vast Sums Are Subject
to Withdrawal Within 24 Hours.
An influx of American capital into Great Britain for safekeeping, particularly since the United States abandoned the
gold standard, has resulted in a serious problem for Great
Britain, according to Viscount Cecil of Chelwood and Sir
John Power, treasurer of the Royal Institute of International
Affairs, speaking on Sept. 11 at the opening of the British
Commonwealth Relations Conference at the University of
Toronto. On the same day advices from Washington to
the New York "Times" said that estimates placed the amount
of capital that had left the United States since this country
suspended gold payments at between $500,000,000 and
$1,000,000,000. A cable from London to the same paper
said that rough estimates indicate that at least, £400,000,000
of foreign balances are in London at present, unwanted by
British authorities and "constituting a perpetual threat to
stability of exchanges."
Viscount Cecil and Sir John Power remarked that the
influx of American capital into Great Britain has caused a
boom in the London stock market and at the same time has
depressed the bank rate to a very low figure. Their remarks
were further reported as follows in a Toronto dispatch of
Sept. 11 to the "Times":
Viscount Cecil, who is Chairman of the United Kingdom delegation to
the conference, held that the transfer of capital showed that its owners
considered Great Britain "the safest place possible" for their assets.
"One of our problems is the flood of unwanted money that is pouring
Into our banks," he said. "Tliese funds, deposited in the main by United
States investors, are subject to withdrawal at twenty-four hours notice
and are of little or no value, though it has not yet been discovered how
to get rid of them."
Agreeing that "huge masses of money, most of it from the United States,"
are now being deposited in English banks, Sir John said that no one had
discovered how to prevent its entrance. He also felt that it was of no real
value to Great Britain and because of the threat of immediate withdrawal
constituted a problem which was distressing and difficult.
Viscount Cecil and Sir John felt that economic conditions in Great Britain
were slowly but steadily improving.
All London Banks Hold American Cash—Most of
Frightened Capital From Here is Proceeds From
Sales of United States Exports — Estimated at
£400,000,000.
On Sept. 12 a London cablegram to the New York "Times"
said:
The presence of American balances in London banks is becoming more
noticeable as President Roosevelt's inflationary program gets under v‘a:‘
2018
Financial Chronicle
Nobody knows how many millions of American money are lying "unwanted" here. Even a rough estimate is difficult to obtain, as the balances
are spread through all the "big five" and other London banks, whose
officials are uniformly reticent on the subject.
This much is known, however, that uneasiness on the part of American
owners of capital has caused a flight of money from New York to London.
It has assumed considerable proportions and it may grow still bigger as
devaluation of the dollar becomes more imminent.
The largest part of these American balances represents the proceeds
from sales of American goods which exporters have preferred to keep here.
American exports are a convenient method of evading the ban on gold
exports since the proceeds are either paid in gold currencies or can be
converted into gold in most cases.
Much more is involved than exports to England since American money
also is flowing to London from continental countries which are heavy
buyers of American goods.
From the same paper we take the following from London
Sept. 11:
At least £400,000,000 of foreign balances, according to rough estimates,
are in London at present, unwanted by British authorities and constituting
a perpetual threat to stability of exchanges.
Balances at the moment are believed to be appreciably larger than in
1931 before Great Britain was forced off the gold standard.
In June 1931 the Macmillan Commission estimated foreign balances here
at £254,000,000, but this proved later to be a serious underestimate.
Experts assert that the figure of £400,000.000 probably is not far wrong
now, although authorities are unwilling to disclose the exact amount.
Various names, all of them disparaging, are used in London to describe
these foreign deposits. Sometimes they are called "nervous money," since
they have been sent to London by nervous holders who consider England
the safest place to keep their funds.
Sometimes they are said to be "nuisance money," because they can be
withdrawn at any moment with unhealthy effects on exchanges.
Authorities would be much happier to be rid of these vast floating balances, which have been shuttling back and forth between London, Paris,
Amsterdam and New York in the last four years. Large proportions came
from New York as a result of fears that the dollar might be depreciated
drastically.
It is impossible, however, to tell exactly how much has come from any
particular source, although it is known that money which began trickling
away from London a fortnight ago has started flowing back in the last few
days.
It is estimated that about £80,000,000 of total foreign balances are gold,
the remainder being sterling.
Sept. 16 1933
white or ground gypsum, and calcium sulphate cements, and for the dutyfree admission of pitch, or alternatively for the drawback of the duty paid
on imported pitch used in making briquets.
Viscount Grey, British Foreign Minister at Outbreak
of World War, Dies at 71.
Viscount Grey Of Fallodon, who was British Foreign
Minister at the outbreak of the World War, died at his home
near London on Sept. 7. He was 71 years old. During the
war he was singled out by Germans as "the most hated
man in England" and was blamed by them for having caused
the conflict. During the course of his long career in the
British foreign service he was appointed temporary Ambassador to the United States in 1919. After the war he
preached international peace and wrote extensively against
war, as well as being a firm supporter of the League of
Nations. He was the author of several books, including his
memoirs. In 1928 he was elected Chancellor of Oxford
University.
Leon Fraser, President of Bank for International
Settlements Sails for Europe.
Leon Fraser, President of the Bank for International
Settlements, sailed on Sept. 9, in the French liner "Paris,"
on his way to Basle. From the New York "Times" of
Sept. 10, we quote:
The banker said he had come here two weeks ago for a vacation and
nothing else He is hurrying back to arrive before Gates M. McGarragh,
the former President of the World Bank, leaves Switzerland for the United
States.
Mr. Fraser declined to discuss inflation or the prospects for the American
dollar abroad.
A reference to Mr. Fraser's visit appeared in our issue of
Aug. 26, page 1496.
Dr. Otto Kiep, German Consul-General in New York,
Retired by Order Which Also Removes Others in
Diplomatic Service—"Indefinite Leave of Absence"
Lists Closed on Australian Issue Loan—£20,951,226
Granted.
Underwriting in London in Conversion Plan.
Dr. Otto Kiep, German Consul-General in New York City,
The London bureau of the "Wall Street Journal" announced yesterday (Sept. 15) that the lists were closed at was relieved of his post by an order signed on Sept. 7 by
10:20 a. m., London time, for cash applications for the new President von Hindenburg. Many other members of the
Australian 3% issue. Under date of Sept. 12 advices German diplomatic service were also removed or granted
from London to the New York "Times" said:
"indefinite leave" by the order, which was interpreted as
The fifth large Australian financial conversion operation since last
the first assertion of Nazi influence in the Foreign Office.
Autumn will be carried out to-morrow when underwriting will be completed
A Berlin wireless dispatch of Sept. 7 to the New York
for a loan of E20.951,226. The announcement was made by the Treasury
to-night with the explanation that it was an "exceptional measure" and
"Times" said in part:
in no way implied a withdrawal of the existing ban on the optional replacement of trustee securities.
The loan will bear 3%% interest and will be issued at 98. It will run
for a maximum period of 20 years, but the government reserves the right
to redeem it after 15 years. It will take the place of £15.000,000 of Commonwealth 6%, £4,901,233 of New South Wales 54% and £1.049,993 of
Western Australia
%•
The loan leads in size all recent Australian operations and, like the last
one in July,is a medium term instead of a short term issue.
No successor to Dr. Kiep has been appointed thus far. Dr. Johannes
Borchers, German Consul in Cleveland, has been charged with the administration of the New York Consulate-General.
Also among those removed from office by to-day's order is Dr. HugoFerdinand Simon, German Consul
-General in Chicago. Dr.Paul Schwarz.
for four years German Consul in New York, was dismissed "for political
reasons" on April 12.
Perhaps the most important change announced to-day is the shift of
Dr. Herbert von Dirksen, now Ambassador to Moscow, to the embassy
In Tokio. Dr. von Dirksen was long chief of the Eastern Department
of the Foreign Office and increased his knowledge of Eastern affairs in
Moscow. He is therefore regarded as the strongest man Germany could
send to Tokio at a moment when clouds are reported gathering in the East.
His successor in Moscow will be Rudolf Nadolny, who is nominally
Ambassador to Turkey, but for the most part has been fighting Germany's
disarmament battle at Geneva.
Baron Ruedt von Collenberg-Boedigheim has been appointed Minister
to Mexico. He succeeds Dr. Walther Zechlin, who as Dr. Alfred Hugonberg's "Die Nachtausgabe" puts it. "was for many years the press chief
of the Chancellors from the ranks of the Socialists and the Catholic Centre."
Tariff Changes on Selected Commodities Made by
United Kingdom—Additions Made to Free List.
Tariff changes, arising from recommendations of tne Import Duties Advisory Committee and embodying both
increases and decreases in the United Kingdom import duties
on s3lected chemicals and foodstuffs, and .1, few miscellaneous
products, have been mIde, effective Sept. 5, whib certain
alloys and matrices have been added to the free list, effective
Dr. Kiep said on Sept. 7 that the indefinite leave of
Sept. 2, according to a cablegram rece.ved in the U. S.
absence had no connection with politics, and denied that he
Department of Commerce from Commercial Attache Lynn
intended to resign from the German diplomatic service.
W. Meekuis, London. An announcement issued Sept. 2
His remarks were reported as follcws in the "Times":
by the Commerce Department added:
"The form 'indefinite leave' may create a wrong impression," he said.
It is understood that the changes on the above commodities had been
applied for and under consideration by the Advisory Committee prior to
the establishment of the tariff truce on new initiatives for the duration
of the Economic Conference, now in recess. At the same time the committee announced that additional applications for duty changes had been
received.
The new general tariff rates on the Items affected (formerly dutiable at
10% ad valorem, unless otherwise indicated in parentheses) are as follows:
Bleached cotton linters. Id. per lb.; varnished, japanned and enamelled
leather, 15% ad valorem; forged or cast iron steel rolls for rolling mills,
when valued at not over £24 per ton, 33 1-3% (20%); when valued at over
£24 but not over £40 per ton. £8 per ton or 20% whichever is higher (20%);
when valued at over £40 per ton.25% (20%); aluminum sulphate, ammonia
alum, soda alum, and potash alum. £2 per ton (20%); aluminum hydrate,
£3 per ton (20%); oats. oat products, and pearl barley (except certain
by-products), 20%;split peas,20%;canned pilchards (other than sardines),
10s. per cwt.; fruit pectin (other than citrus) in powder form, 25%; lactose,
3d. per lb.; plants, trees, and shrubs in flower (except rose and fruit trees).
9d. per lb. (varying); standard rose trees. £5 per 100 (ti 5s. per 100).
A duty of 10% ad valorem in addition to the existing specific duties was
announced on confectionery containing sugar or cocoa, but not including
cakes, biscuits. jams, marmalades, fruit jellies, fruit pulp, beverages, and
ginger preserved in sirup.
The additions to the free list, effective Sept. 2, were as follows:
Nickel-copper alloys containing over 60% nickel by weight; metal and
wax matrices and copper matrices impressed for reproducing gramophone
records.
The committee has also announced that it is considering applications for
increased duties on automatic cash registers, disodium and trbmdium phosphates, raw gypsum stone or calcium sulphate, plaster of Paris, mineral
"Actually it is merely a shift in routine in accordance with the established
policy. I am being relieved indefinitely only because it is not yet decided
what my new post will be.
"I am sorry to leave America, for I have had a very pleasant and interesting time in the seven years I have spent here. However. I am
looking forward to my new post."
Dr. Kiep explained that it was the custom to transfer members of the
German consular service every four years. He has been Consul-General
at New York for the last three years and for four years previous was
Counselor of the German Embassy in Washington.
Samuel Untermyer Asks Non-Jews to Join Boycott
Against German Goods—Declares This Only Possible Weapon Against Nazis—Former Governor
Smith Calls Nazi Regime "Stupid"—James W.
Gerard and Bainbridge Colby Also Speak at Testimonial Dinner to New York Lawyer.
German persecution of Jews is a threat also to Protestants
and Catholics, it was declared on Sept. 10 by Samuel
Untermyer, New York lawyer, speaking at a testimonial
dinner given in his honor in New York City. Other speakers
included former Governor Alfred E. Smith, James W.
Gerard, former Ambassador to Germany, and Bainbridge
Colby, former Secretary of State. Mr. Untermyer in his
Volume 137
Financial Chronicle
address appealed to non-Jews,to join in a boycott of German
goods which, he asserted, is the only effective weapon
available against Nazi doctrines. Extracts from some of
the addresses are given below as quoted in part from the
New York "Times" of Sept. 11:
Mr. Smith's address was a high point of the dinner and inspired an
ovation.
The Nazi regime was completely stupid and had brought ridicule upon
Germany. he declared.
"No nation can live under ridicule," he said. "They can stand criticism,
they can meet it, and they can answer it, but it is impossible for them to
survive any length of time under ridicule."
"The Jews can stand the persecution," he went on."but civilization can't
stand it. And above everything else, Germany can't stand it."
Most of Mr. Untermyer's address in response to the tributes was an
Indictment of the Hitler regime in Germany for its treatment of its 600.000
Jewish citizens.
"A once proud and cultivated nation," he said, "has been converted
into a don of savage beasts of prey, confessedly bent upon the starvation
and extermination of their own citizens."
Likens Regime to Nero's.
He derided as charlatanism the Hitler thesis of Aryan purity of race
and declared that in the history of the world, since the time of Nero, no
nation had had such a government as now exists in Germany. He characterized the persecution of the Jews as plainly sadistic and went back over
German history in an effort to prove that sadism had long been evident in
Germany.
Mr. Untermyer accused Chancellor Hitler, in his recent speech at Nuremberg, of twisting a quotation from Moramsen. German historian, calling
the Jews "a ferment of decomposition" in the German Empire, to make it
appear a condemnation of the Jews, whereas it was a compliment.
He quoted at length from Hitler's book."My Struggle," with its declaration, "For our liberties we need . . . spite, hatred, hatred and once
more hatred," and its bitterness against Jews, and continued:
"One imagines when he reads this vile stuff that these people are living
In a pestilential madhouse. Must the twentieth century world tolerate
this excrescence upon its civilization? If not, what can be done to eradicate
it? That is our problem. Although the Jews are the immediate victims,
if this madness spreads who knows how soon, in that or some other country,
the Catholics or the Protestants will not be the next victims. For the sake
of humanity It must be stopped."
Mr. Untermyer spoke of the rigid censorship of German newspapers,
which makes it impossible for the German people to know the sentiment
of the outside world, or the facts about abuses in their own country, and
told of the recent law making any attempt to start an opposition party
punishable by death.
"There is only one way to acquaint the German people with world
opinion." he went on. "That way is through the boycott.
"When Gorman manufacturers and merchants find that they can no
longer sell their goods, and will have to discharge their workmen, they will
learn in that way something of world opinion, and a sentiment will be
aroused in Germany,among the people, which I believe will lead to the downfall of that government and to the restoration in Germany of the ballot,
the Reichstag, free speech and freedom of the press, all of which have been
completely extinguished.
Mr. Gerard, former Ambassador to Germany, said in a tribute to Mr.
Untermyer that there was a more kindly,"more gemutlich Germany" than
the one now apparent under the Nazis, but that it was "drowned out in
the martial strains of massed bands and the singing of hundreds of thousands
of men—hypnotized by the crowds and the noise, the blare of trumpets
and the waving of banners."
"Some day." Mr. Gerard prophesied,"that lost Germany will come back,
but not until the poor Germans have paid for their cruel persecution of a
harmless people."
Force is the only god the Nazis know, Mr. Gerard went on.
"This redoubtable fighter, Samuel Untermyer, is right when he advocated the boycott as the only way to force the Nazis to abandon the bitter
persecution of that race which has given so many great names not only to
Germany but to the world."
Extolling Mr. Untermyer's public service and his present leadership of
the Jews against persecution, Mr. Colby said:
"He has not only given heart to the Jews of the world, bowed under
this newest affliction, but he has aroused and led the resentment of the nonJewish world at this incredible revival of medieval barbarism in a country
which claims place among the enlightened nations of the world."
Civil Liberties Union Urges President Roosevelt to
Back Revision of Immigration Laws to Aid Political
Ref ugees— Would Create Broader Asylum in United
States for Exiles from Germany.
President Roosevelt was urged to bring about revision
of the immigration laws to admit to the United States
religious and political refugees, particularly from Germany,
in a memorial by the American Civil Liberties Union on
Sept. 10. The memorial was signed by 36 educators.
lawyers, clergymen and others, including Miss Jane Addams,
Professor Felix Frankfurter, the Rev. John Haynes Holmes
and Miss Lillian D. Wald. Describing the communication,
a Washington dispatch to the New York "Times" said:
Declaring that the number who would seek admission would not be
large, the memorial argued that the plight of such refugees was desperate.
and that they have special claims to consideration.
Any danger ofsuch applicants for admission adding to the nation's present
burden by competing with Americans for jobs might be eliminated, it was
suggested, by requiring the posting of bonds by responsible citizens to insure
against their becoming public charges.
Your specific recommendations were made. The memorial urged President Roosevelt to revise the Executive order issued by President Hoover
in 1930, which, it was declared. "had the effect practically of stopping all
immigration"; to advise all American consuls of the change "which should
not be confined to one area, nor apply to Germans only:" to instruct consuls
to accept certificates of good character in lieu of the requirement of a police
certificate covering five years, which refugees might be unable to obtain:
and "to call to the attention of consuls the special claims in law of political
and religious refugees to asylum in the United States."
General instructions to show reasonable leniency to German refugees
have already been issued, the communication said, but it added:
2019
"The English and French Governments have been much more vigorous
and specific than our own in the right of asylum for these refugees."
The requirement of a passport which many of the refugees lack might be
met, the union declared, since the statute provides that "any document
in the nature of a passport showing the bearer's identity and nationality
is sufficient. Practically all refugees have some such document."
Germany and Vatican Ratify Concordat—Treaty Guarantees Religious Rights of Catholics in Reich.
The first treaty to be concluded between Germany and
the Vatican was ratified at Rome on Sept. 10 by Cardinal
Patelli, Papal Secretary of State, and Dr. Eugene von Klee,
Counsellor in the German Embassy. The concordat was
initialed on July 8, as described in our issue of July 22,
page 579. In announcing ratification the German authoriti , said that the Holy See had discussed a series of matters
s
dealing with interpretation of th3 treaty. These refer chiefly
to the protecticn of Catholic organizations and to tne
freedom of the Catholic press in interpreting Church doctrines
Summarizing the provisions of this memorandum, Unitad
Press adv.ices from Vatic in City on Sept. 11 said:
Nazi Germany is pledged to admit Catholic Jews to full rights of citizenship under the terms of a memorandum from the Holy See accompanying
the concordat with Berlin. it was revealed to
-night.
The memorandum was especially insistent that equal treatment be
accorded to baptized Jews, despite the anti-Jewish campaign of Chancellor
Hitler's Administration in Germany. It objected vehemently to discrimination against them on the ground of race.
The Holy See insisted further that baptized Jews were Christians, and
that "any offense against baptized Jews is an offense against the Holy
Sacraments."
The memorandum added that non-Christian Jews must be treated
"with Christian charity."
The Vatican at first insisted that the memorandum be inserted as a
codicil to the concordat, but the German Government replied that this
was not acceptable and was an offense to the soverign honor of the State.
Delay in ratifying the concordat followed, until Berlin formally undertook
to respect the concordat word for word and the terms of the memorandum.
Austrian Parliament Described as Dead Forever—
Chancellor Dollfuss Calls for Common Act ion in
Creating New Order—Possibility of Dictatorship
Along Fascist Lines Is Indicated by Address in
Vienna.
Austria will follow the doctrines of Fascism and not those
of democracy, according to a declaration made on Sept. 11
by Chancellor Engelbert Dollfuss, speaking at a mass
meeting of 40,000 persons in Vienna on the eve of the 250th
anniversary of the deliverance of that city from the Turks.
Chancellor Dollfuss's address had been eagerly awaited in
political circles as affording an indication of the future course
to be charted by his government, and his assertion that •
parliamentarism was dead and would not come again was
regarded as indicating his intention of establishing a society
modeled after the Italian Fascist system. The Chancellor
did not, however, announce in definite terms that his immediate purpose was to create such a State, nor did he
explain how the obstaelas to such a procedure could be
eliminated. Interpretations of his speech and his expressed
intentions varied somewhat as commentators sought to
read into his words a rigidly defined plan of action. Most
newspaper correspondents agreed, however, that the address
left him with the choice of two courses -dictatorship or
coalition. Vienna advices to the New York "Times" on
Sept. 11 discussed the speech in part as follows:
Certain passages of the Chancellor's speech indicated that in his own
mind he had already decided to take the Fascist path, but did not yet
see his way clear to swing all his supporters with him. Take this passage:
"The old Parliament with the old leaders has gone, never to return.
The epoch of liberalistic and capitalistic systems has ended and will never
come back. The period of Socialist misguidance is over.
"There will no longer be a rigid party system in Austria. We will
build up a Catholic, German State which will be thoroughly Austrian
upon a corporative [in Austria and Italy this means Fascist] basis. It
will be an authoritarian State, based on corporations formed on occupational lines. But we decline co-ordination and terrorism. At the
beginning of autumn we stand on the eve of renewal of our country. We
will go as far in its defense as we are compelled to go, and we will allow
no terrorists to overrun us."
General Unity Called For.
This might well be interpreted as a declaration for Fascism of a different variety from the Hitlerite brand. Yet, on the other hand,in another
part of his speech the Chancellor said:
"To-day, the Fatherland front issues a general appeal to all Austrians.
This front is no union of two or three parties, but of all who recognize
Austria as their German Fatherland. All must wear the red, white and
red emblem as a symbol of their co-operation in the work of winding up
the party State."
This could be interpreted only as a declaration in favor of a national
government in which all parties would be represented rather than the
major parties which constitute the present coalition.
Thus a general impression is left by the declaration that the Chancellor
desires to enlist the co-operation of all parties in the course he desires
to undertake—this course is moderate fascism, if that is not a contradiction in terms—but he cannot see his way at present to overcome the
obstacles that stand in his way, and only hopes to do so.
Those obstacles include not only Nazi opposition to anything be may
propose, but also the opposition of President Miklas to a course that
would necessitate tearing up the prese-q. Constitution and the refusal
2020
Financial Chronicle
of the Peasant party to countenance anything whatever in the nature
of Fascism.
The Chancellor began by reviewing the history of Austria since the
day 250 years ago when Vienna was freed from the Turks. The liberalistic
and capitalistic epochs, he said, had ended in disaster for the old empire.
Then, dread of Marxism had determined the development of the new
Austria.
This had been ended on March 4, when the Austrian Parliament terminated its own existence. This "dead" Parliament would not and should
not return.
Another danger, disguised as nationalism, had attacked the government in the back while it was fighting Marxism. The government had
fought on two fronts. Yet in a few months it had overcome the inflation
danger, and had reduced the budget by a quarter, the unfavorable balance
of trade by 40% and unemployment by 110,000.
Appeal to All Austrians.
In saying Austria would not let herself be overrun by terrorists, the
Chancellor appealed to all Austrians not to be misled by false arguments.
"It Is so self-understood that we are Germans," continued Dr. Dollfuss,
"that It is neelless to proclaim it. We can leave it to the judgment of
history who have served German culture and German unity the better.
The campaign that is carried on across the frontier against us was never
provoked here.
"We have repeatedly declared our willingness to be reconciled," he
went on. "Our German feeling prevents our taking measures we would
otherwise have taken long ago. We wish to live at peace with Germany.
We wish to build our own house in freedom and peace. The differences
between different factions in our population are domestic matters. But
what is now going on between two brother countries is intolerable. Even
If we are a small country, we have a right to our own honor."
Overdue Instalments on Austrian Government Guaranteed Loan 1923-1943 to Be Paid.
The trustees of the Austrian Government Guaranteed
Loan 1923-1943 issued a statement through J. P; Morgan
Co., on Sept. 1, stating that the Austrian Government,
which fell behind in its monthly payments to the trustees
in connection with the service of the loan, has made provision
for the back payments. The statement follows:
The trustees of the Austrian Government Guaranteed Loan of 1923-1943
announce that the Austrian Government has made provision for the payment of the monthly instalments overdue in connettion with the service
of the loan and the re-onstitution in full of the reserve funds provided for
by Article 10 of the General Bond (on which the trustees had to draw as
previously announced) by paying to the trustees on Aug. 10 1933, in the
appropriate currencies the sums necessary to cover the overdue monthly
Instalments and the full reconstitution of the reserve funds in connection
with all the tranches of the loan issued to the public and by making arrangements n ith the Swiss Government for such payment and reconstitution
over period in connection with the advances made by that Government.
ALBERT E. JANSSEN,
N. DEAN JAY,
MARCUS WALLENBERG,
Trustees.
M. MORIZE,
Trustees,
Secretary to the
14 Place Vendome,
Paris, France.
From the New York "Times" of Sept. 2, we quote in part:
It is believed that the Government has been enabled to make the back
payments partly by the loan of 300,000,000 schillings made recently to
Austria by Great Britain and France. actleg jointly. The loan strengthened
Austria's foreign exchange position so that transfers for debt service were
made possible.
Swiss Confederation Will Pay Interest With Gold
Measure—Holders Given Option of Receiving
Service in Francs or in More United States Dollars.
Firm alherence of the Government of Switzerland to the
gold standard Slid continued full valuation of the Swiss
franc is reflected to-day in an announcement(dated Sept. 15),
by Marc Peter, Swiss Minister to Washirgton, that interest
due Oct. 1 on the $30,000,000 532% dollar loan will be paid
either in Swiss francs at the old rate of 5.12 francs a dollar
or in an increased number of dollars to compensate for the
decline of American currency. This was noted in the New
York "Herald Tribune" of Sept. 15, from which we also
quote:
Holders of the bonds will have the option of accepting Swiss or United
States currency in payment.
Quotations for the Swiss 5%s in the bond market long have reflected the
belief of traders and investors that this action would be taken. The
securities closed last night at 142%, as against the quotation of slightly
more than par before the United States dropped the gold standard. . . .
In the anouncement to-day, it is stated that to obtain payment in Swiss
francs or in the present dollar equivalent of the former gold dollar, bond
coupons must be accompanied by certificates of ownership. The required
forms may be obtained at the,offices of J. P. Morgan & Co., the National
City Bank or the Banque Nationale Suisse in Berne.
Details of the announcement of the Swiss Envoy will be
found in our advertising columns on another page.
E. M. Groth, American Consul at Copenhagen, Transferred to Cape Town—Other Changes Made.
It was announced on Sept. 9 by the States Department
at Washington that Edward M. Groth of New Rochelle,
N. Y., Consul at Copenhagen (Denmark), has been assigned
as Consul at Cape Town, Union of South Africa. The
Department also announced the following changes:
Julius C. Holmes of Lawrence, Kan., third Secretary of Legation at
Bucharest. designated third Secretary of Legation at Sofia.
Sept. 16 1933
Dale W. Maher of Joplin, Mo., Consul at Hongkong, assigned as Comm
at Medan, Sumatra.
Louis H. Gourley of Springfield, Ill., Consul at Medan, assigned as
Consul at Hongkong.
G. H. Earle 3d, New United States Minister to Austria,
Sails for Post.
George H. Earle 3d, recently appointed United States
Minister to Austria, sailed on Sept. 14 to take up his post
in Vienna. He was accompanied by his wife and their four
sons.
W. W. McDowell of Montana Appointed Minister to
Irish Free State.
President Roosevelt appointed W. W. McDowell, former
Lieutenant-Governor of Montana and one of the pra-primary
Roosevelt leaders, Minister to the Irish Free State on
Sept. 13.
United States Minister to Panama Resigns—Roy T.
Davis Spent 12 Years in Diplomatic Service.
Roy Taskoe Davis announced his resignation as United
States Minister to Panama on Aug. 27. Mr. Davis has
spent 12 years in the diplomatic service, his first post being
Minister to Guatemala. He once served as Minister to
Costa Rica. It was reported that he will become assistant
to the President of Stephens College, Columbia, Mo.
Herman Bernstein Resigns as United States Minister
to Albania.
Herman Bernstein, United States Minister to Albania,
made known his resignation from that post on Aug. 27.
Associated Press advices from Tirana (Albania) said that
he plans to return to New York around the end of September.
Meredith Nicholson of Indiana Sworn as Minister to
Paraguay.
Meredith Nicholson, Indiana author, was sworn-in Sept. 6
as United States Minister to Paraguay by Reginald H.
Sullivan, Mayor of Indianapolis. This was done in order
that his "home town" seal might be affixed to his commission. The appointment of Mr. Nicholson to the post by
President Roosevelt was noted in our issue of Aug. 26,
page 1501.
South African Minister to United States Transferred
to Italy—Successor Not Named.
The retirement of Eric H. Louw, South African Minister
to the United States was announced at New York by longdistance telephone Sept. 13 from Washington, states the
New York "Times" of Sept. 14. Mr. Louw will become
Minister to Italy, it was stated. His successor has not been
announced. The "Times" said that the following statement
was dictated by the South African Legation.
The South African Minister Plenipotentiary, Eric H. Louw, has accepted the offer of his Government of a transfer to Rome as Minister to
Italy. He and Mrs. Louw will leave for their new post at the end of
October. The Minister will then have been in the United States for seven
years.
For three years he was South African Trade Commissioner in New
York. During 1929 he was High Commissioner for South Africa in London
and during the same year represented South Africa in London and during
the same year represented South Africa in the League of Nations Assembly.
At the end of that year he returned to America as the first Minister Plenipotentiary from the Union of South Africa to be accredited to the United
States. The name of his successor has not yet been announced.
Holland Renounces Tariff Truce Signed at London
Conference--Declares Trade Restrictions Have
Not Been Lessened.
The Dutch Government on Sept. 4 renounced the temporary tariff truce which was signed at the World Monetary
and Economic Conference in London, stating that the pact
had proven ineffective. Foreign Minister Jonkheer de
Graeff, in a letter addressed to Ramsay MacDonald as
President of the conference, said that efforts of the conference had failed to stabilize monetary relations or to lessen
restrictions to international trade. He added that in view
of this fact, his Government considered itself entitled to
complete liberty of action and therefore renounced the truce,
effective one month after the date of the letter. Officials
at the State Department in Washington made no comment
as to the possible significance of the Dutch action, and said
that they had not been officially informed of the renunciation.
Bonds of San Paulo Coffee Realization Loan of 1940 in
Amount of $1,453,000 to Be Drawn for Redemption.
With reference to the notice published on Aug. 16, postponing the drawing of San Paulo bonds, Speyer & Co. and
Financial Chronic! •
Volume 137
J. Henry Schroder Banking Corp., U. S. A. fiscal agents
for the State of San Paulo 7% Coffee Realization Loan 1930,
due in 1940, announce that Oct. 1 1933 coupons of the loan
will be paid when due and that, in accordance with instructions received from the San Paulo Government, they will
draw on Sept. 15,for redemption at par on Oct. 2,$1,453,000
dollar bonds of the loan. The notice dated Aug. 16 was
referred to in our issue of Aug. 19, p. 1334.
R. S. Byfield Says Holders of Defaulted Foreign Issues
May Have To Look To Private Agency—Delay in
Formation of Federal Corporation Hampers Salvage
Work.
Unless the Corporation of Foreign Security Holders provided for in Title II of the Securities Act of 1933 is called
into existence promptly, the hope of American holders of
more than two billion par amount of defaulted foreign dollar
bonds may have to rest• in the creation and operation of
some private agency, according to an opinion expressed by
Robert S. Byfield in a pamphlet discussion of the foreign
bond situation prepared for Distributors Group, Inc. Mr.
Byfield says:
The mere possibility of the existence of such a corporation has hampered
a certain amount of silvage work which might have been initiated by private
Interests since the Securities Act became effective. The longer delay exists
In either cilling the corporation into existence or definitely disavowing it
as an instrument of Governmental action, the more serious the stalemate
with regard to foreign securities will become.
Citing Department of Commerce figures which show that
of about $7,500,000,000 foreign dollar bonds outstanding,
only about $5,500,000,000 are now held in this country.
Mr. Byfield points out that this constitutes less than 5%
of the internal long-term debts in the United States. He
continues:
Neither the market performance nor the default record of foreign dollar
bonds has been very promising but in this respect it is almost identical with
the record of domestic bonds as a whole. There are, undoubtedly, foreign
dollar bonds which will probably never resume the payment of even a portion of their service during this generation. There are, on the other hand,
obligations of such countries as the United Kingdom and the Dominions,
France, Holland, Switzerland and the Scandinavian countries which have
withstood the test of the severest international depression in history, and
so far, in some instances, due to strict adherence to the gold clause, have
given a better market performance than our strongest domestic obligations.
The vast majority of defaults in the foreign field occurred in respect to
bonds originally offered to yield in excess of 6%. Were we, therefore, to
consider domestic bonds with 6% coupons or higher, the showing is likely
to be somewhat comparable to that of high yield foreign bonds.
Due principally to the multitude of changes that have taken place in the
staffs of investment banking houses and in the manner of conducting the
business, holders of foreign bonds have found it difficult to obtain experienced advice and counsel as to their holdings. Presentation of the
statistical picture with respect to a foreign bond, regardless of its completeness, may in many instances afford no clue as to whether the bonds should
be held or sold.
It rather necessitates an intimate familiarity with the borrowing country
and the affairs of the particular borrower within that country, coupled with
an estimate of many complex factors. Furthermore, with rapidly changing
conditions throughoutthe world an opinion rendered on a given date might
prove to have been valid for only a short time after which—due to the
occurrence of a new series of events—it might have to be completely revised.
To be effective, investment counsel in the field of foreign securities must not
only be continuously applied, but must be capable of being translated into
aetion at a moment's notice.
The possible future salvage of investments in foreign bonds, of course,
varies widely. In many instances prices are out of line with values, due
largely to "repatriation" or special repurchases by fcreigners. No doubt
in the case of many bonds advantage can be taken of opportunities to sell
to foreign purchasers who have particular reasons for buying at a particular
time. In other cases selling out securities at say, 50, for which the holder
originally paid par, will merely result in being "whipsawed" and the domestic
bonds in which the proceeds are likely to be invested may be of considerably
Inferior quality to those sold.
In a ward, the solution seems to be along the lines of proper organization
for the eventual negotiation of settlements and for the creation of an agency,
which, possessed of detailed up-to-the-minute information and the ability
and power to translate its decisions into immediate action, may administer
the foreign bond holdings of American investors.
Rulings on Bonds of German Central Bank for Agriculture by New York Stock Exchange—To Be Dealt
in "Flat."
The New York Stock Exchange, through its Secretary,
Ashbel Green, issued the following announcement under
date of Sept. 14:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Sept. 14 1933.
Notice having been received that the interest due Sept. 15 1933 on
first lien 7% gold farm loan sinking
German Central Bank for Agriculture
fund bonds, due 1950, will not be paid on said date:
The committee on securities rules that beginning Friday Sept. 15 1933
and until further notice the said bonds shall be dealt in "flat" and to be
a delivery must carry the Sept. 15 1933 and subsequent coupons.
The committee further rules that in settlement of all contracts in said
bonds on which interest ordinarily would be computed through Sept. 15
1933 interest shall be computed up to but not including Sept. 15 1933.
ASHBEL GREEN, Secretary,
2021
New York Stock Exchange Rules Bonds of Free State
of Prussia Be Dealt in "Flat."
Ashbel Green, Secretary of the New York Stock Exchange,
issued the following announcement on Sept. 14:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Sept. 14 1933.
Notice having been received that the interest due Sept. 15 1933 on The
bonds, external loan of 1926,
Free State of Prussia 6%% sinking fund gold
due 1951, will not be paid on said date:
The committee on securities rules that beginning Friday Sept. 15 1933
and until further notice the said bonds shall be dealt in "flat" and to be
a delivery must carry the Sept. 15 1933 and subsequent coupons.
The committee further rules that in settlement of all contracts in said
bonds on which interest ordinarily would be computed through Sept. 15
1933 interest shall be computed up to but not including Sept. 15 1933.
ASHBEL GREEN, Secretary.
Bonds of City of Cologne (Germany) Dealt in "Flat"
on New York Stock Exchange.
The following announcement was issued on Sept 14 by
Ashbel Green, Secretary of the New York Stock Exchange:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Sept. 14 1933.
Notice having been received that the interest due Sept. 15 1933 on City
-year 63- % sinking fund gold bonds, due 1950, will not be
of Cologne 25
paid on said date:
The committee on securities rules that beginning Friday Sept. 15 1933
and until further notice the said bonds shall be dealt in "flat" and to be
a delivery must carry the Sept. 15 1933 and subsequent coupons.
The committee further rules that in settlement of all contracts in said
bonds on which interest ordinarily would be computed through Sept. 15
1933 interest shall be computed up to but not including Srpt. 15 1933.
ASHBEL GREEN, Secretary.
Foreign Exchange Rate Increased in Columbia.
Under date of Sept.7 a cablegram from Bogota, Colombia,
to the New York "Times" said:
The Bank of the Republic raised the 45% premium on purchases of gold
bullion to 55% effective to-day. The opinion is general here that the peso
will continue to decline in relation to the dollar and other foreign currencies.
Roy T. Davis, Retiring United States Minister,
Leaves Panama.
Roy T. Davis, retiring United States Minister to Panama,
sailed from Panama City for the United States on Sept. 10.
Panama City advices of Sept. 10 to the New York "Times"
state that in compliance with a petition of many Panamans,
President Aries has named a crater late in the mountains
Lake Davis.
Paraguay Accepts Mediation of Argentina, Brazil,
Chile and Peru in Chaco Dispute—Is Willing to
Halt Military Operations and Abide by Settlement.
Paraguay has accepted unconditionally the joint proposal
of Argentina, Brazil, Chile and Peru to arbitrate the Chaco
dispute, it was announced on Sept. 8, after Foreign Minister
Justo Pastor Benites had telegraphed to Foreign Minister
Alfriode Mello Franco of Brazil and the diplomatic representative of the other three nations at Rio de Janeiro. His
telegram read as fol7ows, according to an Asuncion dispatch
to the New York "Times":
The Paraguayan Government, in accepting the mediation of Argentina,
Brazil, Chile and Peru as testimony of the interest which those friendly
States have for peace and for the welfare of the two countries at war, expresses to you its cordial recognition and declares:
First, its willingness to submit to arbitration all questions related to the
conflict in the Chaco 'boreal and at the same time its willingness to sign
an instrument making clear that agreement.
Second, that it is disposed to bind itself in the saure instrument to terminate ipso facto military operations.
Third, that it accepts the moral guarantee offered by the mediating
States for realization of the proposed plan without prejudice to any other
effective measures for impeding the renewal of war and for insuring the
tranquil carrying out of the final negotiations.
Mexican Loan.
Under date of Sept. 10, advices from Mexico City to the
New York "Journal of Commerce," said:
The Federal Government's National Mortgage and Public Works Bank
here has advanced the government of the Federal District, which includes
Mexico City. 7,000,000 pesos (approximately $1,990,000, on the issue of
25,000,000 pesos' worth of 7% annual interest ten-year bonds which it will
make soon to finance the installation of a modern water works and drainage
systems, in order to enable the municipality to start these undertakings
next month, it was learned In local banking circle.;.
Mexican Government Provides Credit Fund for Small
Land-Owners Industrialists and Merchants.
A fund to provide credit for the small land-owner, industrialist or merchant has been established by Presidential
decree in Mexico, the Department of Commerce isadvised by
Commercial Attache Thomas H. Lockett. Reporting this
on Sept. 12 the Department said:
2022
Financial Chronicle
The creation of this fund, it is pointed out, is the result of steadily increasing demands for credit from these classes of the population, especially
the small farmer who has been provided with land by the Government.
Part of the money appropriated for the fund, it is explained, will be used
for the creation of credit unions, the training of competent men to handle
their affairs, and to defray the expenses incurred by the supervision of the
Bank of Mexico.
It is anticipated that the fund will be increased by the deposits of the
credit unions themselves, but in case the original fund proves insufficient,
the Government willsupply additionalfunds as the condition ofthe Treasury
permits.
After the credit unions have become firmly established, it is believed that
their borrowing power will justify the extention of credit through the ordinary banking channels.
Under the operation of the newly created credit fund, the Mexican Government becomes the guarantor of the Popular Credit Unions, so that if
out of the total operations carried out by them a few are not paid, the Government will pay the outstanding amount, with the only limitation that the
total will not exceed 5% of the total operations the unions may engage in.
The administration of the Popular Credit Fund is placed in charge of a
mixed commission composed of representatives from the Bank of Mexico
and its associated banks. The credit unions will have representatives
upon the Commission when they are sufficiently established to justify it.
Therefore, under the administration of a representative commission, it is
believed that the fund will be free from any political influence
A Presidential statement accompanying the decree creating the fund
Pointed out that the establishment of credit unions will serve as an educative
measure to demonstrate to the people the effectiveness of co-operation, not
alone for the securing of credit, but for collective buying and marketing.
The establishment of the credit'fund, the statement declared, is the
fulfillment of a Governmental plan to assure an easy flow of credit to all
classes of citizens. It is anticipated by the Government that the operation
of the fund will result in a decided improvement in agriculture and small
business in general.
Revamp Mexico Bank.
In its Aug. 30 issue the New York "Evening Post," said:
Stockholders' committee of Credito Espanol de Mexico, a bank in Mexico
City which has been under liquidation, has petitioned creditors to liquidate
debts of the bank in a manner to permit resumption of operations and
promises the addition ofsufficient capital for this purpose.
More than two-thirds of the liabilities have been amortized since the
creditors' agreement,the stockholders point out,and the balance is 1,000,000
pesos less than the assets, proving that current condition of the institution
is solvent. Under the creditors' agreement, reorganization of the bank is
held impossible.
National Bank of Virgin Islands to Replace National
Bank of Danish West Indies—Purchase of Preferred
Stock in New Bank by Reconstruction Finance
Corporation.
The following announcement was issued Sept. 12 by the
Reconstruction Finance Corporation:
Establishment of a National bank in the Virgin Islands to replace the
only existing bank, a Danish institution, was assisted to-day when the
directors of the Reconstruction Finance Corporation authorized the purchase of$125,000 preferred stock in the National Bank ofthe Virgin Islands.
The common capital is to be subscribed locally.
At present there is but one commercial bank in the Virgin Islands, the
National Bank of the Danish West Indies, which was chartered by Denmark as a bank of issue in 1904, to continue for 30 years. This bank has
given notice that it intends to dissolve on or before June 20 1934 so that
after that date the Islands will be without commercial banking facilities of
any sort unless steps are taken to prevent such a situation.
It is proposed that the new bank will start with its principal office at St.
Thomas, and after necessary local enabling legislation has been passed,
branches will be established in Christiansted and Fredericksted in the
Island of St. Croix.
It is proposed that the new bank contract with the Danish bank for
the take-over of its acceptable assets and the assumption of its deposit
liabilities. After such contract has been executed and transfers made,
the Danish bank will proceed to dissolve.
Cuban Revolutionary Junta Elects Dr. Grau San Martin
President—Third Man to Hold the Office Within
Month Selects Cabinet—United States Withholds
Recognition, Awaiting Evidence That New Regime
Can Maintain Order-300 Officers Refuse Allegiance
to Present Government,
The Republic of Cuba switched to still another government during the current week, after the revolutionary junta
on Sept. 10 elected Dr. Ramon Grau San Martin as Provisional President, pending the calling of a constitutional
convention. Dr. Grau San Martin's tenure of office appeared decidedly insecure, and it was considered possible in
many quarters that another governmental overturn would
depose him, but late in the week he still remained as titular
head of the Cuban State, having formed a Cabinet and announced his intention of embarking on a constructive regime.
The United States took no action toward recognition of the
new government, and the disposition at Washington was to
await the events of the next few weeks in order to determine whether the administration of President Grau San Martin was capable of maintaining order and fulfilling ordinary
governmental obligations. The overthrow of the de Cespedes Government by a revolution of soldiers and sailors was
described in our issue of Sept. 9, pages 1848-50.
A counter-revolution to the present government broke
out on Sept. 14 in Pinar del Rio province, 105 miles from
Havana, when about 100 troops under Captain Fernando
Aran seized control of a small town. An official announcement late yesterday (Sept. 15), however, said that Captain
Sept. 16 1933
Aran and his followers had surrendered. This outbreak was
the first serious uprising to be reported since Dr. Grau San
Martin assumed office, although a feeling of tension has
never been absent. On Sept. 13 the State Department in
Washington announced that Sumner Welles, United States
Ambassador to Cuba, had received orders to remain at his
Havana post indefinitely or until complete stability was
restored on the island. Mr. Welles had originally intended
to return to the United States next week.
On Sept. 8 it was learned at the State Deparement in
Washington that the Mexican Minister of Foreign Affairs,
Dr. Jose Manuel Puig Casaurane, had addressed identical
messages to the Foreign Ministers of Argentina, Brazil and
Chile, asking them to endeavor to obtain the co-operation of
their governments in exerting influence on the Cuban authorities to maintain order and protect lives and property
in Cuba. It was said officially that the document had no
connection with the earlier action by President Roosevelt in
modifying Latin American governments that the United
States would give them all information concerning Cuba
available in Washington. The issuance of the Mexican note
to the three South American countries followed shortly after
an exchange of messages between the Mexican Foreign Minister and Secretary of State Hull. Senor Puig telegraphed
the State Department as follows:
We very much appreciate the cordial attitude of the Department of State
in transmitting to the Government of Mexico explanations of the situation
in Cuba, and your government's proposal to continue its observations, assuring us the sending of ships does not mean intervention in Cuba.
Secretary Hull's reply to this message read:
It is our fervent hope, which I am sure your Excellency
shares, that the
Cubans themselves will work out in a peaceful and orderly manner a Cuban
solution of their own difficulties. Certainly, no one would be more relieved and thankful than I if this takes place.
Mexico on the same day (Sept. 8) formally extended recognition to the Cuban revolutionary junta, this marking the
first step of the kind to be taken by any Government. Announcement of recognition was made in the form of a reply
to official communications informing the Mexican Government of the withdrawal of President de Cespedes and his
Cabinet. The Mexican note was transmitted by the Charge
d'Affaires at Havana and after extending good wishes to
the Cuban Executive Commission it expressed confidence
that it has "the patriotism and capacity to establish a government which responds to all the just and highest national
aspirations."
The State Department at Washington announced on
Sept. 9 that it had received from Argentina a note urging
that the United States avoid intervention in Cuba. The
State Department made public the following translation of
a communication issued by the Foreign Office at Buenos
Aires:
The Argentine Embassy in Washington has communicated to its Government that it has been informed by His Excellency, the President of the
United States, of the lofty principles with which he is considering the
political disturbances in the Republic of Cuba and of his ardent desire not
to be obliged to intervene, notwithstanding the Platt Amendment.
The Argentine Government is grateful for the information 'which has so
kindly been communicated to it and is pleased to learn that the action
which the Chief Executive proposed to follow will correspond to those high
ideals. It does not doubt that he will be able to maintain them, whatever may be the course of events which take place in the sister republic,
and which the Argentine people are observing with such heaviness of heart.
The statements made will do honor to American traditions, and by their
example history will know that no State arrives at the maturities of democracy and the fullness of destiny without experiencing, as a necessary accompaniment, the travail of difficult conflicts.
The capacity to mnintain order and to assure the reign of law emerges
by itself as a fruit of this experiment within the exercise of sovereignty,
which must be characterized by absolute internal autonomy and complete
external independence. Such principles are developed by a formative process
in all youthful nations, and especially in recent times, by the demonstration that the re-establishment of normality requires a natural flow in the
spontaneous development of national tendencies.
Argentina has invariably supported such doctrines throughout the course
of its history. It believes that the only method which will assure on this
continent the stability of political institutions is the maintenance of those
standards as the mainstay of justice and international peace. It is confident that the Cuban people will overcome the difficulties through which
they are passing and will be able to find a way to pursue their destiny, free
to follow out the dictates of patriotism and the love of fatherland.
The note from Foreign Minister Saavedra Lamas of Argentina to John Campbell White, United States Charge
d'Affaires at Buenos Aires, expressing the hope that the
United States would avoid intervention in Cuba, was transmitted on Sept. 8. The note referred to the United States
notification to the Latin American nations of its views on
the Cuban situation, and then continued as follows, according to a cable to the New York "Times" from Buenos Aires:
The Argentine Government appreciates the information which the President has -been good enough to send, and is pleased to learn that the action
•
Volume 137
which the eminent President proposes to carry out will be in accordance
with such high inspirations.
It does not doubt but that he will know how to maintain those inspirations, no matter what may be the evolution of events in the sister republic.
The conduct which has been announced will honor the traditions of the
country which has served as an institutional model for the nations of the
Americas and which knows from its own history that it is impossible to
arrive at ripeness of democracy and fullness in its functioning without
paying tribute in the form of painful conflicts and necessary apprenticeship.
The third man to act as President of Cuba within one
month took the oath of office on Sept. 10, after the Revolutionary Council had formally elected him early in the morning of that day. Dr. Ramon Grau San Martin, a Professor
of Anatomy in the National University of Havana, and a
member of the junta which had assumed power on Sept. 5
after the revolt of the soldiers and sailors, was inaugurated
as Provisional President at a ceremony unattended by diplomatic officials of foreign nations. The Presidential oath
was administered at the palace. According to the Havana
correspondent of the New York "Times," it read as follows:
I swear and promise on my honor before the people of Cuba, in whose
hands the sovereignty of the nation rests, to carry out the entire revolutionary program, already well known, with the greatest respect for all interests here and with a fervent desire for the progress and welfare of Cuba
and the most cordial relations with all peoples who live in conformity with
the standards of international juridical society. I swear before Gad and
before the public conscientiously to fulfill this oath.
Almost immediately after the inauguration, the deposed
officers of the old army, represented by Colonel Horacio
Ferrer, told President Grau San Martin that they would.
never consent to serve under any Chief Executive who did
not have the recognition of the United States. Colonel
Ferrer suggested that Dr. Grau San Martin retire from
office immediately in favor of Dr. de Cespedes, the Provisional President who had been ousted by the junta. No
formal reply to this proposal was made at the time by Dr.
Gran San Martin. The new President, however, addressed
the following message to the United States through the
Havana correspondent of the New York "Times" on Sept. 10:
Through the New York "Times" I wish to convey the following message
to the American people:
In accepting the responsibilities of the Provisional Presidency of Cuba
at this critical moment I Sully realize the difficulties with which I must
cope. In meeting them I count on the patriotism of the Cuban people and
expect from individuals a sacrifice of personal interests on the altar of
national welfare.
The Cabinet I have chosen is composed of men not connected with
political parties. Therefore they are best fitted to bring about the elections of a constituent Aseembly. None of them has any personal political
ambitions and all are anxious to hand over the positions they occupy provisionally to the duly elected representatives of the people at as early a
date as is possible.
We also count on the good-will of our friends abroad, especially that of
the American people, and request of them, in the spirit of fair play which
characterizes that great people, moral support in developing our program
without any outside hindrance.
Intervention in Cuba by the United States, which some
quarters had feared might prove necessary to preserve order
In the Island, appeared less likely at the beginning of the
present week. On Sept. 11 it was indicated that both President Roosevelt and Secretary of State Hull would apply to
the new Cuban Government the test of maintaining order
and operating the usual Governmental functions. In explanation of the United States attitude toward Cuban
affairs, Secretary Hull issued the following formal statement:
The chief concern of the Government of the United States is and has
been that Cuba solve her own political problems in accordance with the
desires of the Cuban people themselves. It would seem unnecessary to repeat that the Government of the United States had no interest in behalf
of or prejudice against any political group or independent organization
which is to-day active in the political life of Cuba.
In view of the deep and abiding interest in the welfare of the Cuban
people and the security of the Republic of Cuba, our Government is prepared to welcome any Government representing the will of the people of the
Republic and capable of muintaining law and order throughout the island.
Such a Government would be competent to carry out the functions and
the obligations incumbent upon any stable Government. This has been the
exact attitude of the United States Government from the beginning.
This statement has been communicated to Ambassador Welles and meets
his full approval.
President Gran San Martin on the same day (Sept. 11),
made public the following list of appointments to his
Cabinet:
Treasury-Colonel Manuel Despaigne.
Justice-Dr. Rios Balmeseda.
Interior-Dr. Antonio Guiteras.
Sanitation-Dr. Carlos J. Finlay.
Public Instruction--Dr. Manuel Costales Latatu.
Communications-Gustavo Moreno.
War and Navy-Colonel Julio Aguado.
Under-Secretary of State-Luis A. Barnet.
Two more names were added to the Cabinet list on the
following day (Sept. 12) when President Gran San Martin
2023
Financial Chronicle
appointed Marquez Sterling as Secretary of State and Ramiro Capablanca was named to the Presidency of the Cabinet.
Senor Sterling was appointed Cuban Ambassador to Washington by the de Cespedes Government, and pending his return to Cuba his portfolio will be held temporarily by Dr.
Joaquin del Rio Balmaseda, the Minister of Justice. The
entire Cabinet was sworn in on Sept. 12. This was the most
important event of the day, ft one excepts the departure
from the National Hotel of Sumner Welles, United States
Ambassador, who left because of lack of service since the
employees' strike. The 300 Cuban officers, deposed after
the latest revolution, continued to maintain a state of partial siege in the hotel. During the day President Grau San
Martin announced that Cuba at last "has a stable Government. We have all that is needed to assure prosperity and
we hope this prosperity will come quickly."
Will Honor All Debts Says Cuban President.
Associated Press advices, Sept. 10, from Havana to the
New York "Herald Tribune" said:
Two hours after he had been installed in office to-day, President Ramon
Grau San Martin declared for a "free and peaceful Cuba-just like the
United States."
Speaking for his new government, he expressed strong friendship for the
United States and gave assurance that this friendship would continue.
"We shall honor all government obligations, including foreign debts,
to the last penny," he said.
-Many Unpaid Levies Are Dropped
Cuba Cancels Taxes
and Payments Are Made Easy.
A cablegram from Havana, Sept. 2, is taken as follows
from the New York "Times":
Cuban taxpayers received relief to-day by a Presidential decree which
canceled half of all unpaid taxes for the period from July 1 1928 to June 30
1933.
It also provided instalment facilities for payment of the balance during
the fiscal year 1933-34.
All penalties and surcharges imposed up to Sept. 1 because of delay in
payments likewise were canceled and all unpaid taxes levied before July
1928 were remitted.
Market Value of Bonds Listed on New York Stock
Exchange-Figures for Sept. 1 1933.
The following announcement was issued by the New
York Stock Exchange on Sept. 9 showing tne total market
value and the average price of all listed bonds on the
Eichange:
As of Sept. 1 1933 there were 1,555 bond issues aggregating $41,613,079,322 par value listed on the New York Stock Exchange, with a total market
value of $35,218,429,936.
This compares with 1,546 bond issues aggrenting $40,812,137,909 par value listed on the Exchange Aug. 1, with
a total market value of $34,457,822,282.
In the following table listed bonds are classified by governmental and industrial groups, with the aggregate market
value and average price for each:
Market Value.
All bonds
$16,184,977,134
4,490,600,496
7.602.012,452
3,310,914,794
2,243,824,006
1,386.101,054
$101.871
75.10
71.20
88.37
73.23
61.39
$35,218,429,936
U. S. Government
Foreign government
Railroad industry (United States)
Utilities (United States)
Industrial (United States)
Foreign companies
Average
Price.
$84.63
The following table,compiled by us shows the total market
value and the total average price of bonds listed
Exchange for each month since Jan. 1 1932:
Market
Value.
1932Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
Average
Price.
$37,848,488,806
38,371,920,619
39,347,050,100
39,794,349,770
38,896,630,468
36,856,628,280
37,353,339,937
38.615,339,620
40,072,839,336
40,132,203,281
39,517,006,993
38.095.183,063
$72.29
73.45
75.31
76.12
74.49
70.62
71.71
74.27
77.27
77.50
76.38
73.91
Market
Value.
1933
Jan. 1_-__
Feb. l_.._..
Mar. L___
Apr. 1...
May 1_ _ _ _
June l__ _
July l____
Aug. I__ __
Sept. 1 ___
Average
Price.
$31,918,066,155
32,456,657,292
30,758.171,007
30,554,431,090
31,354,026.137
32,997.675,932
33.917.221,869
34,457,822.282
35,218,429.936
f 77.27
78.83
74.89
74.51
76.57
80.79
82.97
84.43
84.63
Short Interest on New York Stock Exchange at New
Law Record-901,999 Shares Existing on Aug. 31
as Compared with 972,613 Shares July 31.
The New York Stock Exchange announced on Sept. 9
that the total short interest existing as of the opening of
business on Thursday Aug. 31, as compiled from information
secured by the Exchange from its members, was 901,999
shares. This total, the lowest reported by the Exchange
since it began issuing these tigures in May 1931 compares
with 972,613 shares as of July 31, the previous low figure.
From the New York "Times" of Sept. 10 we quote in part
as follows:
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Financial Chronicle
In July short commitments were reduced 445,024 shares to 972,613
shares at the end of the month. This decline was caused by heavy covering
operations during the market's slump at the middle of the month. Last
month's contraction in the short interest was attended by a gain of 12%%
In the average price of stocks listed on the Exchange.
Further Gain Reported in Brokers' Loans on Montreal
Stock Exchange—Total Aug. 31, $16,627,421, as
Compared with $16,192,585 July 31.
The monthly report of loans on securities to member firms
of the Montreal Stock Exchange, issued by the Exchange
Sept. 7, showed that loans totaled $16,627,421 on Aug. 31.
This represents a gain of $434,836 over the July 31 borrowings of $16,192,585. During the month of July loans of member firms expanded by $1,404,450, while in the preceding
month the gain was $1,866,402. In reporting the figures, the
Montreal "Gazette" of Sept. 8 stated:
The current level of Montreal Stock Exchange borrowings at $16,627,421,
which is the highest level attained since May of 1932, contrasts with
$54,991,145 on Oct. 3 1931, when the record was first made public, and with
$13,796,061 at the beginning of this year.
The Exchange points out that the figures do not include loans on foreign
securities but only borrowings of members of the Montreal Stock Exchange
on Canadian securities and not those of other exchanges in Canada. Nor do
they include the borrowing of bond houses or bond affiliates of Stock Exchange members.
The loan figures, since they were first made public on Oct. 3 1931,
follow:
1931—
Oct. 3
1932—
Mar.4
Apr. 7
May 5
June 2
July 7
Aug. 4
Sept. 1
Oct. 6
Nov.3
Dec. 1
1933— •
$54,991,145 Jan. 5
Feb. 2
25,573,685 Mar. 2
22,758,561 Apr. 6
18,922,577 May 4
15,139,386 June 1
13,865,523 July 6
13,020.454 July 31
13,774,017 Aug 31
14,115,852
13,993,031
13,817,709
$13,796,061
13,606,351
13,431,614
12,864,298
12,501,411
12,921,733
14,788,135
16,192,585
16,627,421
•
Stetson & Blackman, Philadelphia Brokerage Firm,
Suspended by New York Stock Exchange.
On Wednesday of this week, Sept. 13, Stetson & Blackman, a New York Stock Exchange firm with offices in
Philadelphia, was prohibited from trading on the Exchange.
Immediately following the action of the New York Stock
Exchange, the Philadelphia Stock Exchange also announced
the suspension of the firm from membership. Richard
Whitney, President of the New York Stock Exchange, in
announcing the suspension from the rostrum, said:
Having been advised by the Committee on Business Conduct that the
firm of Stetson & Blackman of Philadelphia, is in such financial condition
that it cannot be permitted to continue in business with safety to its creditors, I, pursuant to the provisions of Section 2 of Article XVI of the Constitution. announce the suspension of John B. Stetson, Jr., Board member
of Messrs. Stetson & Blackman.
The section of the constitution to which Mr. Whitney
referred reads as follows:
Whenever it shall appear to the President that a member or firm registered on the Exchange has failed to meet his or its engagements, or is
insolvent, or the President has been advised by the Committee on Business
Conduct or the Executive Committee of the Stock Clearing Corp. that
such member or firm is in such financial condition that he or it cannot
be permltted to continue in business with safety to his or its creditors,
or the Exchange, the President shall announce to the Exchange the suspension of such member firm, which suspension shall continue until the
member has been reinstated.
The firm consists of John B. Stetson, Jr., and Daniel S.
Blackman. Mr. Stetson, who is a former United States
Minister to Poland, was the floor member of the New York
Stock Exchange, having purchased his membership in
October 1930, just after the firm began business.
According to advices by the Associated Press from Philadelphia on Wednesday, an official of the suspended firm
asserted on that day that the company was not insolvent.
The dispatch said in part:
The firm's official in the main offices in this city said the assets are far
beyond all liabilities and all creditors will be paid in full after the company's Exchange seat is sold.
"The firm is not Insolvent, but failed to meet the necessary requirements
of the New York Stock Exchange," he said. "There will be sufficient
assets to satisfy all claims."
The New York "Herald Tribune" of Thursday, Sept. 14,
in its account of the firm's suspension, gave additional
information as follows:
The firm is sponsor, through Keystone Custodian Funds, Inc., depositor,
of 15 series of restricted management investment trusts which have been
adjudged unobjectionable by the committee on stock list of the New
York Stock Exchange.
Application to the Stock Exchange by Keystone Custodian Funds, Inc.,
depositor, reveals that it was organized Feb. 17 1932. The application to the Exchange was concurred in by Stetson & Blackman, on behalf
of the depositor. Under "General Information." it stated that "no bank
or trust company acts as 'trustee' in connection with the various series of
Keystone Custodian Funds, but Keystone Custodian Funds, Inc., Is responsible for the performance ofsome functions of trusteeship and the Pennsylvania Co. for Insurances on Lives and Granting Annuities acts as custodian for the securities and cash constituting the various series."
Initial public offering of Keystone Custodian Funds was made on or
about March 21 1932 at $10 a share ofcertificate for all series. The officers
Sept. 16 1933
of Keystone Custodian Funds, Inc., depositor, were Mr. Stetson, Jr.,
President; Daniel S. Blackman, Vice-President; William J. Rourke, Treasurer, and Theodore A. Rehm, Secretary, according to the application.
On Thursday, the New York Curb Exchange suspended
Stetson & Blackman from associate membership for failure
to meet their engagements.
E. A. Crawford Suspended by New York Cotton
Exchange—To Auction Membership Sept. 19.
Edward A. Crawford was suspended from membership in
the New York Cotton Exchange on Sept. 8, and it was announced on tits following day that the dismissal was for
violation of the charter, by-laws and rules of the Exchange.
The Secretary was directed to sell Mr. Crawford's membership rights at auction at 12 noon, Tuesday, Sept. 19. The
suspension was ascribed to the section of the rules regarding
"the inability of a member to meet his obligations," as well
as to sub-division (a) of Section 81 which deals with expulsion
of members and reads: "for violating, disobeying or disregarding any by-law or rule of the Exchange," and sub-division (g) which reads: "for any conduct detrimental to the
best interest of the Exchange or to the welfare of the United
States."
Mr. Crawford was suspended by the Chicago Board of
Trade on July 24 after a sharp break in the grain prices had
been attributed to his over-extended long position. The
Commodity Exchange, Inc., of New York, suspended him
on July 26. Items with reference thereto appeared in our
issues of July 29, page 762; Aug. 5, page 960 and Aug. 12,
page 1158.
George M. Bechtel & Co., Davenport, Iowa, in
Receivership.
George M. Bechtel & Co., investment bankers, on Sept.
9 was placed in receivership and C. C. Minard appointed
temporary receiver, according to a Davenport dispatch
appearing in the Chicago "Journal of Commerce." The
action follows the filing in Federal Court of an involuntary
bankruptcy petition by four creditors, the dispatch stated.
Howard T. McKee Nominated for Third Term As
President of New York Cocoa Exchange—Other
Officers Nominated.
Howard T. McKee, who has been President of the N. Y.
Cocoa Exchange for two years, was nominated for a third
term on Sept. 8 by the Nominating Committee, it was
announced by the Exchange. Mr. McKee is a partner in the
firm of von Dannenberg & Co. The announcement continued:
Geo. Hintz has been nominated Vice-President to succeed Harold L.
Bache, and Francis J. Ryan was re-nominated Treasurer.
The following members were nominated to serve on the Board of Managers: P. W. Alexander, C. H. Butcher, T. J. Mahoney, B. 13. Peabody.
W. J. Kibbe, A. Schierenberg, C. A. Scholtz, E. H. L. Stonington and I.
Witkin.
The new members of the Board are the Messrs. Alexander and Butcher,
who succeed Messrs. Bache and Hill.
Further Extension of Time for Filing of Reports of
Affiliates of National Banks and State Member
Banks of Federal Reserve System.
The Comptroller of the Currency has again extended the
time within which National banks and State member
banks of the Federal Reserve System may file reports of
affiliates, pursuant to the Banking Act of 1933. Regarding
this further extension of time the Federal Reserve Bank
of New York made public on Sept. 14 (through J. H. Case,
Federal Reserve Agent) the following telegram received
Sept. 13 from the Federal Reserve Board:
The Comptroller of the Currency, J. F. T. O'Connor. announced to-day
that the Federal Reserve Board and the Comptroller of the Currency
have extended until Sept. 26 1933 the time within which National banks
and State member banks may file with the Comptroller and the Federal
Reserve Board, respectively, reports of affiliates as of June 30 1933 which
were called for on July 7 pursuant to the Banking Act of 1933, and that
such reports need not be published until they are filed. Section 5 (a)
and Section 27 of the Banking Act of 1933, respectively, provide that
the reports of affiliates to be submitted to the Federal Reserve Board
and to the Comptroller of the Currency shall contain such information
as in the judgment of the Federal Reserve Board and the Comptroller
of the Currency shall be necessary to disclose fully the relations between
member banks and their affiliates and the effect of such relations upon
the affairs of the banks. Member banks have been furnished forms for
these reports which provide among other items for a detailed statement
of the assets and liabilities of each affiliate. In the light of the information
available at this time, and for the purposes of the first report, which was
called for as of June 30 1933 the Comptroller of the Currency and the
Federal Reserve Board will not require National banks and State member
banks to obtain and publish the detailed statements of assets and liabilities
of their affiliates and holding company affiliates, but such banks must
furnish and publish a report of each such affiliate containing all other
information called for in the forms which have been furnished to such
banks by the Comptroller of the Currency and the Federal Reserve Board.
respectively. Each such report must contain full information with respect to the character of the business of each such affiliate, must disclose
Volume 13;
fully its relations with the affiliated bank, and must set forth the following
items and amounts thereof:
Amount of deposit in affiliated bank.
Stock of affiliate bank owned.
Stocks of other banks owned.
Borrowings from affiliated bank (including securities sold to the bank
under repurchase agreement).
Such other items as reflects the relationship between the affiliate and
the bank. If no amount is to be reported against any item the word
"none" should be inserted after such item.
Pursuant to an opinion received from the Attorney-General, the Comptroller of the Currency and the Federal Reserve Board will not require
affiliate reports where the affiliate relationship arises through a holding
of stock by a bank merely as executor or in some other fiduciary or representative capacity subject to control by a court or by a beneficiary or
principal. It is considered that the ownership or control in such instances
is not the type of ownership or control contemplated by the Act. Inasmuch as the bank does not have the incentive and opportunities which
might arise in the case of a holding of the stock by the bank as its own
property.
Items bearing on the filing of reports of affiliates appeared in these columns July 8, page 241. July 15, page 422,
and Aug. 12, page 1163.
Comptroller of Currency O'Connor Answers Queries
Incident to Appointment of Banks Not Licensed
to Open—Policy in Relieving Stockholders from
Double Liability—Explanation as to "Spokane"
Plan.
J. F. T. O'Connor, Comptroller of the Currency, gave
out the following answers on Sept. 11 in response to questions
submitted to him by the New York "World-Telegram":
1.—How does the Treasury Department justify appointing the bank's
former president as conservator, especially when the depositors have no
organization of their own and are completely unrepresented? The interests
of depositors, stockholders and directors and officers are conflicting. The
effect of these appointments is to leave the old management, and the
stockholders, completely in the saddle.
Answer.—At the termination of the Bank Holiday it was found necessary
to appoint conservators for approximately 1,200 National banks not then
in a position to be licensed to reopen. It was important that such conservators be appointed immediately to take charge of the assets of such banks,
as representatives of the Government, pending a disposition of their affairs
according to law. Time did not permit the setting up of an organization
to obtain an eligible list (which would have required previous examination
and investigation of the applicants), from which to select 1,200 persons
qualified by both business and banking experience to perform the du'ies
necessary to preserve the existing status of the banks and dispose of the
many banking questions and banking operations (most of them of an
emergency nature at the outset) resulting from the closing of the banks.
Consequently, the natural and logical course was to draw upon the qualified
material already at hand and to select therefrom as conservators such
officers of the closed banks as appeared to be reliable, and competent to
handle the situation, pending a more permanent solution of the problems
presented in each case.
In making these appointments, the general policy was adopted of obtaining recommendations from the field examiners (approved by the chief
National bank examiners wherever practicable) who were qualified, from
previous examinations of the banks and acquaintance with the officers
thereof, to suggest suitable appointees.
A further impelling factor conducive to the appointment of former
officers of the banks was the wholesome objective of preserving the business
good-will of the banks and of keeping the organization intact so as to avoid
the appearance of receivership status, having in mind in this connection
that if subsequent examination in the particular case indicated that the
condition of the bank would admit of reopening or reorganization, it would
be in a much more favorable situation to resume operations if its business
and management were preserved intact to the extent permitted by its
circumstances.
It was not considered that in following this policy, the factor of leaving
the old management and stockholders "in the saddle" was involved, inasmuch as when the bank was placed in conservatorship, its affairs were
thereafter entirely in the hands of the Comptroller, the conservator being,
by law, placed under his direction and control and accountable only to him;
and the bank, and its officers and directors and stockholders, being without
power to interfere with the functions of the conservator or to carry on the
operations of the bank.
With reference to representation of the depositors and creditors, and the
protection of their interests, it may be observed, in the first place, that
depositors and creditors have the legal right to organize depositors' committees, and they frequently do so, and the Comptroller welcomes such
assistance and co-operation as the committees may be willing and able to
render; and in the second place, regardless of whether depositors are represented by such Committees, it may be borne in mind that the Comptroller of the Currency is a Federal officer, charged by law with the protection of the rights of all parties—depositors and creditors and stockholders—
and every effort is made to take such course as will be most advantageous
to all parties concerned.
2.—What is the advantage of the waiver plan over the Spokane plan?
Why should the stockholders be relieved of their double liability, as they
are in the former, since there is no receiver and no insolvency
Answer.—The difference between the "waiver plan" and the "Spokane
plan" is not a matter of advantage of one over the other, but of adaptability
of the one plan or the other to the situation presented in the particular
case. In some instances the waiver plan is considered preferable and in
others the Spokane plan is considered preferable.
The Spokane plan is ordinarily used when the condition of the bank is
such that reorganization is not feasible, in which event the acceptable
assets are sold either to an existing bank or to one organized for the purpose
of taking over such assets. The depositors are paid a dividend representing
the proceeds from the purchase price of the assets so sold; and the balance
of the assets are retained by the conservator or receiver for subsequent
liquidation, with resulting future dividends from the proceeds of such
liquidation and from the proceeds of such stock assessment as may be levied.
The waiver plan is ordinarily utilized where the condition of the bank
Is such that it can be rehabilitated or reorganized, either under its own
charter or under a new charter taken out for that purpose. The waiver plan
restores the bank to solvency, and consequently there is no basis for an
assessment on the ground of insolvency. While it is true that under the
waiver plan the stockholders are relieved of an assessment, nevertheless
the execution of such waivers is entirely voluntary on the part of the de-
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Financial Chronicle
positors and creditors, and, under Section 207 of the Emergency Banking
Act of March 9 1933, a waiver plan cannot become effective until at least
75% in amount of the depositors and creditors have expressly indicated
their desire to adopt the plan.
Notwithstanding the fact that the required percentage of depositors
and creditors may have executed waivers, it has been the general policy
of this office not to approve such plans unless the stockholders have made
substantial voluntary contributions to the assets of the bank equal to the
amount estimated to be recovered from them in the event of an assessment,
or unless it be found that the recovery from assessment would be so negligible, by reason of the financial condition of the shareholders, that it would
not constitute a substantial factor for consideration. Frequently the lack
of assessment is compensated for by the subscription by the old stockholders
to capital for a new bank to take over the affairs of the old bank,it appearing
in many such instances that the stockholders are not capable both of paying
the capital for a new bank and of paying an assessment in the old bank,
in which event the organization of a new bank may appear to be of relatively greater importance by reason of the lack of banking facilities in the
community, and also because of the fact that the organization of a new
bank with new capital may make possible the immediate release of dividends
to the depositors and creditors of the old bank incident to the purchase
of the assets of the old bank by the new bank.
3.—Does the waiver plan still preserve the right to hold the directors
and officers responsible for mismanagement, &c.. or does the depositors'
waiver relieve them?
Answer.—The waiver plan does not waive the right of the depositors
and creditors to hold the directors and officers responsible for mismanagement. If the directors and officers have been guilty of mismanagement or
other conduct resulting in dissipation or loss of the assets of the bank, the
cause of action therefrom resulting constitutes an asset which may be reduced to judgment for the benefit of those who may have been damaged.
4.—How can the depositor be certain his interests are being protected
when he or his committee is denied the information, known to the bank's
former management, which is used as a basis of the reorganization?
Answer.—Section 207 of the Emergency Banking Act of March 9 1933
provides that all reorganizations thereunder must be subject to the approval
of the Comptroller of the Currency and that the Comptroller must be
satisfied that such plan of reorganization is "fair and equitable to all depositors, other creditors, and stockholders and is in the public interest
. . ". Consequently in such cases the Comptroller scrutinizes such
plans as a matter of statutory duty to see that the interests of the depositors
and creditors are adequately protected.
In reorganizations not coming within the provisions of said section.
the same degree of care is exercised in all instances where the matter is
properly submitted to the Comptroller for approval.
5.—Why, after a receiver is appointed, is the depositor still denied all
facts about the bank, including its assets, loans. &c.? In sharp contrast,
the New York State Banking Department, within a week or so after it
takes over the bank, files a complete inventory of assets. None of the dire
things happen which National receivers always say would result if they
gave out a list of the bank's loans or assets.
Answer.—The depositors and creditors are not denied "all facts about
the bank, including its assets, loans, &c." Quarterly statements are issued
by the receiver showing the condition of the bank from the standpoint of
its assets and liabilities and the progress of liquidation up to that date
including the amounts and classes of collections and disbursements.
The receivers are not permitted to publish a list showing the names of
either the debtors who owe the bank or the depositors and creditors having
claims against the bank, and the respective amounts thereof. The relation
between the bank and its depositors and debtors was confidential at the
time the dealings were had with the bank by the parties affected, and we
do not consider it proper that such confidence should be breached as a
result of the receivership of the bank.
We do not feel it advisable to issue any statement concerning the probable
value of the assets or the amount of dividends anticipated to be paid inasmuch as such statement would be a matter of estimate only, which may
not subsequently be realized in actual liquidation, and it can readily be
appreciated that if the actual dividends should be less than the published
estimated dividends, there would in most instances be disappointment
and dissatisfaction on the part of the creditors. A more important consideration is that if a definite evaluation as to the amount of dividends
to be paid upon the deposits were hazarded and published, it would be
an inducing factor toward speculation in receiver's certificates and claims
against the suspended bank, and in many instances the depositors would
be the victims of persons who prevailed upon them to part with their
certificates and claims at a substantial sacrifice.
The failure to publish the names of the debtors owing the bank has no
effect upon enforcement of their liability. Where a debtor is able to pay
he generally does so, and if he refused to do so, suit is filed against him to
compel payment. This procedure is followed by the Comptroller, acting
through the receiver, as a matter of course, incident to the performance
by the Comptroller, as a Federal officer, of the duties imposed upon him
by Congress.
6.—Does not this policy of secrecy, imposed both on conservator and
receiver, tend to protect the bank's officers and directors from the responsibility that is theirs?
Answer—Failure to publish information concerning the affairs of the
bank does not protect guilty officers and directors from liability. Each
receiver of a National bank is instructed to make an examination of the
affairs of the bank as soon as practicable, to determine whether or not the
officers and directors have been guilty of negligence or improper conduct
in the operation of the bank. If such liability is found to exist suit is filed
to enforce payment in the event the guilty officers fail or refuse to settle.
Emergency Tax Program Passes Board ofiEstimate and
Aldermen of New York City—Proposed Levies
Include Tax of 4 Cents a Share on Stock Transfers,
5% on Gross Profits of Security Dealers, 1%
of 1% on Savon Gross Income of Utilities and
ings Bank and Insurance Co. Investments—Wave
of Protest Fails to Avert Action.
Six new tax measures, of which four are emergency levies
calculated to yield $24,700,000 in new revenue for unemployment relief, will become effective in New York City next
month if the taxes voted by the Board of Estimate on Sept. 12
and slightly modified by the Board of Aldermen on Sept. 14
are approved at the final statutory hearing scheduled for
Sept. 21. Despite a wave of protest from officials of the
New York Stock Exchange, brokers, representatives of
insurance companies, savings banks, utilities and others
y,
2026
Financial Chronicle
affected, it appeared likely late this week that the tax
program of the city administration, formulated by Samuel
Untermyer,will be duly enacted. Those taxes which threaten
the security business have elicited assertions that they will
result in driving much of that business out of New York
City to other exchanges, and have in consequence brought
forth offers by New Jersey officials to transfer the business
of the New York Stock Exchange to that State, with promises
that taxes similar to those proposed for New York would not
be levied.
The emergency tax measures voted by the Board of
Estimate on Sept. 12 were:
A 5% tax on the cross profits of all persons and corporations engaged in
buying or selling stock market securities, to yield $5,000,000 during the
period of the tax.
A tax of 134% on the gross income of all public utility companies in the
city from customers within the territorial limits of the city, to yield
$8,300.000.
A tax of one-quarter of 1% on the value of investments of all savings
banks and insurance companies incorporated under the State of New York,
which have their principal offices within the city. This tax is to yield an
estimated $6,400,000.
A stock transfer tax of 4 cents per share on each share transferred,limited
to affect residents of the city alone. The tentative estimate of the yield
from this source is $5,000,000.
All of these four taxes are to end on March 1 1934, and the
aggregate proceeds, amounting to an estimated $24,700,000,
are to be devoted exclusively to unemployment reli(f. At
its meeting on Sept. 14 the Board of ,Aldermen approved
these measures, after minor amendments were made. These
amendments, however, necessitate another meeting of the
Board of Estimate to accept the changes. The Board of
Aldermen passed the stock tax assessment of four cents a
share by a vote of 47 to 7. The tax on savings bank and
insurance company as3ets was approved 5'1 to 1. The tax
on profits of security dealers was passed by a vote of 50 to 2
after it had been altered to provide for a 5% levy on "gross
earnings without deductions," instead of "gross profits" as
originally specified. The tax on profits of utilities was
passed by a vote of 52 to 1 after a change to apply the tax
to "gross revenues without reduction whatsoever."
The Board of Aldermen at its meeting on Sept. 14 also
passed a measure increasing water rates 50% and enacted a
bill placing a five-cent tax on each taxicab ride. The vote on
the former proposal was 41 to 15, and on the latter it was
46 0 10. Both these tax measures are not cl tssed as merely
.
emlrgency levies, but were passed as permanent taxation
by the Board of Aldermen. They need no concurrent
action by the Board of Estimate.
Representatives of the various companies and organizations subject to the proposed new taxes have meanwhile not
been idle. In addition to rumored plans for directing a portion of the business of security trading to other cities, it is
said that attacks on the constitutionality of the tax measures
will be instituted in the courts, provided they receive final
legislative approval.
In describing the action of the Board of Estimate in
approving the emergency tax program on Sept. 12, the
New York "Times" of the following day said, in part:
An amendment was adopted modifying the levy on the business ofsecurity
dealers. This levy, in its original version, placed a levy upon "that part
of the entire receipts of the business . . . derived from such business
which is conducted wholly within the territorial limits of the City of New
York."
At Mayor O'Brien's suggestion the words "gross profits" were substitued for "entire receipts." Both Samuel Untermyer, special financial
adviser to the city, and Reuben Lazarus, Assistant Corporation Counsel,
who aided in drafting the bills, said the change was to ocrrect an unintentional error. Mr. Untermyer said that gross profits were defined in the tax
measure as equivalent to gross income; that is, to income before the deduction of fixed charges. He said the change would not affect the estimated
yield.
A similar amendment was made in the bill taxing public utilities, where
the words "gross income" were substituted for "gross receipts." Again
the city's legal advisers said the change was purely for the purpose of
clarification and meant nothing in dollars and cents.
Mayor O'Brien made a speech for the record explaining the attitude of
the board members toward the new taxes and their reaction to threats of
retaliation at the polls in November. In tones little short of stentorian,
the Mayor said:
Before final passage of these measures I want the record to express the
attitude of the chair and the members of the board as he understands them.
On taking up the reins of government in this historic building. I promised
that those in want would have the help of the city as far as its resources
could extend. We have never failed in our duty, we have never missed an
opportunity to appropriate all the funds that were needed for this purpose.
These appropriations were $5,000,000 every month until recently. In
July and August, under an arrangement with the State, the city's share
was $3,000,000 a month.
Since January the load has doubled. Still, we went forward, giving every
dollar we could spare to carry on the program. Naturally it became a
burden, and the moneys used to finance it came from the bankers, at their
insistence, in the form of short term securities. These securities have been
banging over our heads like a sword of Damocles. but the board resolved to
go forward and see that no man in the city went without food, clothing or
shelter.
It is for this purpose alone that these taxes are proposed, and the returns
from them will be solely and only ear-marked for relief. They will exist
for six months only.
Let some or many make their threats of retaliation at the ballot box.
Let them make a political issue of the matter, but our great purpose will
carry on without vacillation, without regard to threats against the Mayor
Sept. 16 1933
or other members of this board. When all is done they will take substantial
satisfaction in the knowledge that they never wavered in their duty to the
great suffering masses of the city.
Borough President George U. Harvey of Queens cast the only dissenting
votes. He voted against the bill taxing stock brokers as well as the levy on
banks and insurance companies. On the remaining two measurers Mr.
Harvey voted with other members of the board, making the approval
unanimous.
The city bill taxing savings banks and life and fire insurance companies
was passed with Mr. Harvey voting no. An amendment passed at the meeting provided that the tax should not apply to any securities exempt from
taxation by law.
Mr. Untermyer explained that commercial banks had not been included
in this measure because a majority of them were Federal banks, not taxable
by the city. In view of that circumstance, he said he considered it unfair
to tax the remaining few State banks. Another reason, he said, was that
city taxes might drive the State banks into the Federal banking system with
a consequent loss of taxes to New York State.
Payroll Cash on Hand.
Officials of the Finance Department said yesterday that the city did not
need to borrow to meet a payroll of between $8,000,000 and $9,000,000
which falls due Friday (Sept. 15). The city's financial advisers have been
considering the possibility that the bankers would lend the money on the
strength of the new tax program.
While the storm of protest against the four bills passed yesterday had
blown itself out at last Monday's hearing, it sprang up in another quarter
when the General Welfare Committee of the Aldermen held a hearing on
two other tax measures. These were the proposals to increase water rates
by 50% and to levy a 5 cent tax on each taxicab ride.
Anton L. Trunk, President pf the Real Estate Board of New York, told
the Aldermen that real estate in its present condition could not support
any further taxes.
"Real estate has been going down hill since 1929," Mr. Trunk said.
"Revenues from real estate have been dropping, while taxes have been
going up. The NRA will increase our operating costs. Mr. Untermyer
said last July that real estate needed relief from taxation to avoid extinction; yet only a few months later he proposes an additional burden which
real estate simply cannot pay.
"There are $11,000,000 in water rates now unpaid, and of that amount
$8,000,000 is unpaid this year since Jan. 1. How can property owners be
expected to pay additional taxes when they cannot pay those already
imposed?
"The city's credit is based on the valuation of its real estate. The value
of real estate is predicated on its income. If income drops, the value of
real estate drops and consequently the credit of the city is lessened. If
you do not consider these facts, you will face a situation far more serious
than the one you now confront."
The effect of the Untermyer tax plans on the securities
business was indicated before the Board of Estimate on
Sept. 11 by Richard Whitney, President of the New York
Stock Exchange, and a reference to what Mr. Whitney had
to say will be found elsewhere in these columns to-day.
Others who voiced vigorous protests against the proposed
taxes included brokers and heads of life and fire insurance
companies and savings banks. Charles G. Taylor Jr. of
the Metropolitan Life Insurance Co., speaking in behalf of
the life insurance group, said that the proposed tax of one
quarter of 1% of their capital investments and assets would
be "a Papital levy against funds held in trust for widows
and orphans"
Statement of President Whitney of New York Stock
Exchange Before Board of Estimate Regarding
Proposed New York City Tax on Stock Transfers—
Offers to Move Exchange to New Jersey.
At the initial hearing before the Board of Estimate in New
York City on Sept. 11 on the Untermyer tax plans (to which
we refer further in these columns to-day) Richard Whitney,
President of the New York Stock Exchange, predicted that
excessive taxation of the securities business will drive it
out of New York State and added that "once this business
leaves New York there is no certainty that it will ever return." Mr. Whitney was one of many witnesses who appeared before the Board, with Mayor O'Brien in the chair.
He devoted this address to a denunciation of the proposed
5% tax on the gross income of brokerage houses and the
proposed stock transfer tax of 4 cents per share.
Mr. Whitney, in reading a prepared address, said that the
Stock Exchange has preserved its place of priority among
the security markets of the world only because it was able
to furnish better service at lower cost, but the projected
4
-cent tax on the transfer of each share of stock would make
the business so costly that investors would deal elsewhere.
He added that a movement away from the New York market
had already been noticed since the State Stock Transfer Tax
was raised from 2 to 4 cents a share.
As we indicate in the item bearing on the proposed tax
program, the taxes threatening the security business brought
offers by New Jersey officials to transfer the business of
the New York Exchange to that State, promises being given
that there would be no imposition of taxes such as those proposed in New York. On Sept. 11 Meyer C. Ellenstein, Mayor
of Newark, wrote to President Whitney, inviting the Exchange to move to Newark. Governor A. Harry Moore of
New Jersey announced on Sept. 12 that any city In his State
would welcome the Exchange. The New York "Times" of
Sept. 13 discussed these various invitations as follows:
Volume 137
Informed of the passage of the Untermyer program by the Board of
Estimate, Governor Moore declared:
"That means the Stock Exchange will come to New Jersey. There is no
doubt in my mind that it will come, and if it does there will not be any
taxes. They've got to get out. They can't live."
He added that Exchange officials could save enough in two weeks to defrey the expense of a new building wherever it might be located and that
if it were constructed in New Jersey it would be possible to erect a building
on the waterfront with a private ferry connecting with Manhattan.
Meanwhile from various points in New Jersey invitations poured in on
Richard Whitney, President of the Stock Exchange, offering the free use
of assembly halls until permanent arrangements could be made.
Emerson L. Richards, President of the New Jersey Senate, suggested
the Convention Hall at Atlantic City as a temporary site, to be used without charge, and joined Governor Moore in assuring the Exchange of exemption of State taxes in New Jersey. His letter to Mr. Whitney follows:
"It has just been brought to my attention that the City of New York
proposes to levy a tax upon stock transfers and gross receipts which will
make it impossible for the New York Stock Exchange to operate in New
York City.
"As President of the New Jersey Senate, I think I may speak for the
Legislature in inviting the Stock Exchange to make its home in New Jersey.
There is none, and I am quite sure, there will be no similar tax levied upon
the operations of the Exchange.
'ir may add that until you eon make permanent arrangements, the Convention Hall in Atlantic City is available without charge, for the operations
of the Exchange until such time as you can make a more convenient and
adequate provision for the transaction of the business of the Exchange."
President Whitney's statement before the Board of Estimate follows:
The Board of Estimate and Apportionment of the City of New York.
Gentlemen:
The report on the city finances, submitted by Mr. Samuel Untermyer on
Friday, recommends that certain emergency local taxes be imposed. Two
of these taxes directly affect the New York Stock Exchange and its members. Before discussing in detail the proposed taxes which directly affect
the Exchange, I wish to say a few words in regard to what I consider to be
the fundamental error in the report itself. We all realize that the city
needs additional revenue not only to strengthen its credit but also to meet
the pressing needs of unemployment relief. The report shows the total sum
which must be raised. It suggests two permanent and four emergency
taxes and makes estimates of their probable yield. I think it is clear from
the report that even if the estimated yields of the proposed taxes are realized
—an assumption which is to say the least a mistaken one—the total sum
which the city will receive will be substantially less than the amount it
requires. The reason for this extraordinary result lies in the fact that
the proposed taxes are aimed at a few groups of people and a few types
of business. The destructive taxation recommended to be imposed on this
limited number of people is estimated by the author of the report to be
less than the amount immediately needed by the city. The amount of taxes
realized will be still less than the estimates because this crushing taxation
will destroy business and drive it from the city.
To return to the two taxes which directly affect the Exchange, the first
proposes a tax at the rate of four cents a share on the transfer of stock
within the City of New York; the second proposes a tax of 5% on the gross
income of all persons engaged in the business of buying and selling securities.
In his report Mr. Untermyer estimated that one of these taxes will produce a yield of $5,000,000, and the press announced that a like yield was
expected from the other. I do not know upon what facts these estimates
were based, but I do know it is inconceivable that any such yield can be
derived from the security business in the City of New York during the five
months in which these emergency taxes will remain in force.
I appreciate that there are many persons who wish to be heard in regard
to the proposed new taxes, and therefore I will not waste time by discussing
these proposed bills in detail. There are, however, certain fundamental
questions which must be given serious consideration. With your permission, I will address myself to the practical results which will necessarily
flow from the adoption of these proposed bills.
The Proposed Taxes Are Prohibitive and Will Drive the Securities Business
Out of the City.
One of these bills proposes a tax on the transfer of stock at the rate of
four cents a share. A tax at this rate will exceed the existing State tax
which is now three cents a share on stocks selling for less than $20 and four
cents a share on stocks selling above that price. I realize that a tax which
is expressed in terms cf cents a share sounds innocuous and that many of
you may not appreciate what a tremendous burden this tax will be upon the
securities business. The fact remains, however, that even the existing
State tax of four cents a share is too high. Any increase is bound to be
prohibitive.
For many years the State of New York levied a tax at the rate of only
two cents per $100 of par value, or two cents a share in the case of stocks
without par value. In 1932, as an emergency measure and under the plea
that the increased rate would remain in force for only a limited period of
time, the rate of this tax was doubled. Last spring this emergency tax was
extended for another year, and its form slightly changed so that it is now
computed on the basis of each share of stock instead of being computed
upon the par value of stock, as it was formerly. At the time these increases
in the State transfer tax were adopted, the Legislature was warned that a
sales tax of this character was subject to the law of diminishing returns and
that an increase in the rate would not necessarily mean an increase in yield.
A study of the results of this increased tax indicates the truth of this statement. With the exception of two brief periods of unusual activity in the
securities market, the yield which the State has derived from the doubled
tax has been less than what it received in the same periods in the preceding
five years.
There is every evidence that the existing tax on the transfer of stock is
already too high. This is the opinion of the Commission appointed by the
Legislature to consider the general question of the revision of the tax laws.
At the last extraordinary session of the Legislature, this Commission submitted a report in which is definitely opposed any increase in the tax on
the transfer of stock. In view of these facts, It cannot be doubted that
the passage of the proposed local law, which would more than double the
existing State tax, will place an intolerable burden on security transactions,
and while not producing even as much revenue as the existing tax, will
destroy the security business in the City of New York.
If the tax on the transfer of stock will be prohibitive, the proposed tax
on the gross income of people engaged in the business of buying and selling
securities within the City of New York will be even worse. I know it is
2027
Financial Chronicle
commonly believed that the brokerage business is lucrative and can afford
a tax of this kind. That, gentlemen, is not so. Barring two brief periods,
one in July and August of last year and the other between the middle of
April and the middle of July of this year, substantially all the members
of the New York Stock Exdiange have been operating at a loss. For more
than three years now the brokerage business has been tremendously reduced
in volume and, as a result of the accumulated losses during this period,
many brokerage firms have had to go out of business. If you add to their
expenses a tax equivalent to 5% of their gross income, I can assure you
that many more brokerage concerns will find it impossible to continue in
business.
In making these statements I am not speaking from hearsay but from
actual knowledge. As you know, the Exchange receives regular reports in
regard to the condition of its members, and we know, therefore, that operating losses have been the rule in the last three years rather than the exception. I cannot speak with knowledge as to the numerous non-members of the
Exchange who are engaged in the brokerage business, but I have no doubt
that they too have operated at a loss and that the proposed tax will have
the same destructive effect on them as it will on the members of the
Exchange.
The security business is a highly competitive one. New York has become
the greatest security market only because the Stock Exchange and its members have rendered better service at lower cost than could be secured elsewhere in the world. Many years of hard work have been required to attract
this business to New York City. It can be retained only if we continue to
furnish better service at less cost than our competitors. Every tax which
directly affects the security business puts the brokers and other persons
engaged in it at a competitive disadvantage which in the end will result in
their losing this business to other financial centers. There are nearly 40
organized stock exchanges in the United States. In addition, there are
European stock exchanges, many of which deal actively in American securities. With very few exceptions, transactions on these other exchanges are
entirely free from transfer taxes. Members of these exchanges advertise
that securities can be bought and sold in their local market more cheaply
than in New York. As long as our New York tax remained at the two-cent
rate, the New York brokers were able to compete because the service they
rendered and the market provided here more than compensated customers
for the amount of the tax. When the New York rate was doubled and made
four cents, investors began, quite generally, to direct that their transactions
be made outside of New York. Many members of the Exchange have noted
this tendency. In recent months the number of customers who insist upon
having their transactions executed outside of New York has been constantly
growing. If an additional four-cent tax is imposed this tendency will become universal, and New York will cease to be the leading security market
in the United States.
The New York Stock Exchange. and its members have for more than a
century been striving to bring the securities business to New York City.
We have succeeded and have made New York the principal financial center
of the United States, and indeed of the world. This has been of enormous
benefit to the city. It has greatly increased the value of real estate. It
has given employment, directly and indirectly, to hundreds of thousands of
persons. It has vastly increased the revenues of the city. This business
which has been so beneficial to the city does not originate here, 80 or 90%
of it coming from points outside of the City of New York. The securities
business does not have to be performed in any particular place. Any center
of population can become a great securities market, provided it can render
better service more cheaply than its competitors. The proposed taxes would
enormously increase the cost of the security transfers in New York City.
They can have only one effect. They will prevent New York competing
successfully for the business. To put it bluntly, gentlemen, the excessive
taxation proposed by these bills will drive the security business away from
the city.
If the security business is driven away from New York, the loss which
the city will suffer will ,be overwhelming. We all know that the principal
source of revenue of the city is the tax on real estate. If the value of real
estate declines, the revenue of the city must likewise decline. The destruction of the security business is bound to depreciate the value of downtown
real estate to a devastating degree. The Stock Exchange occupies the
center of the most valuable real estate area in the city. The desire of
people to be close to the Exchange has resulted in the building of the great
office buildings which are known throughout the world as typical of our
city. Hundreds of millions and even billions of dollars have been expended
in these improvements. They are valuable and can pay taxes only as long
If the securities business is destroyed, the rental
GS they are occupied.
value of these great downtown structures will likewise be destroyed and
taxes which have been currently paid to the city will
millions of dollars of
disappear. The security business affects not only the Exchange and its
members, but many related businesses. Great banking facilities are necessary to finance Stock Exchange transactions, and this fact has contributed
largely to the growth of our New York banks and trust companies. Every
corporation listed on the Exchange must maintain, under Exchange rules, a
transfer office in the city, and, therefore, many corporations, which would
not otherwise have any direct connection with New York, rent offices in
the lower part of the city. The work of the Exchange requires a vast
amount of telephone, telegraph and other means of speedy communication.
All these related activities have brought about the employment of many
thousands of persons who are not normally considered a part of the securities
business but whose livelihood depends upon the activity of the stock market.
There are many other businesses that would likewise be affected, but I
need not take time to mention them. I might, however, point out that
35,000 persons are employed by the members of the Exchange. These are
the persons who would be directly affected by the proposed taxes. The
number who would be indirectly affected is very much greater, and I have
no hesitancy in saying that the adoption of these taxes and the destruction
of the security market in New York City will certainly cause the unemployment of hundreds of thousands of persons. To be specific in this direction.
in order to show what the loss to the city and its people might be, were the
security business forced away from this center, it is conservatively estimated that the New York Stock Exchange and its members pay more than
$50,000,000 per year in wages alone to persons employed in the city. In
addition, they pay untold millions more in rentals, fees for telephone and
telegraph service, interest and taxes.
Conclusion.
The Stock Exchange and its members are fully aware of the emergency
created by unemployment in the City of New York. They are not seeking
in any manner to avoid their full responsibility to take care of those persons
who have been unable to secure work. On the contrary, the members of the
Exctange, as a group, have contributed largely to funds for unemployment
relief. The aggregate of these contributions approximates $1,700,000. 1
•
2028
Financial Chronicle
am confident that the record of the Exchange and its members in this regard
Is an outstanding one.
We are prepared to do our full share in raising the additional funds now
necessary. We feel, however, that the duty of providing unemployment
relief is one which rests upon every citizen of New York City and every
person who is engaged in business in the city. All who are able to contribute to this purpose should do so according to their means. It is clearly
unsound to attempt to raise the large sums necessary for unemployment
relief by taxing only a few groups or types of business. The fundamental
vice in the report submitted by Mr. Untermyer lies in the fact that he has
arbitrarily selected a few businesses on which to impose the entire burden
of unemployment relief. This necessarily means that the taxes which he
recommends are so high as to be destructive of business. A destructive
tax, far from solving the problem of unemployment, will aggravate it,
because the result will be an increase in the number of the unemployed
requiring relief froir, the city. Furthermore, there will be a diminution
of the city's existing revenues which will certainly mean that the estimated
yield of the proposed taxes will not be realized.
It is no answer to say that these measures are temporary and will last
only for five months. One month of destructive taxation will suffice to
drive the security business out of the State of New York. If once this
business leaves New York there is no certainty that it will ever return.
In concluding, I would like to make one point clear. Excessive taxation
can and will drive the security business out of the State of New York. If
this business leaves New York then the New York Stock Exchange will, in
effect, cease to exist. It is not a question, as so many people have stated,
of the Stock Exchange moving away from New York. It is solely the
question of whether the city, by imposing prohibitive taxes, will drive the
stock market away from the city and leave the Stock Exchange an empty
and unproductive shell. The Stock Exchange itself would much prefer
to stay where it is. For nearly 140 years it has been located in downtown
New York. It has invested more than $20,000,000 in its properties. It
has paid huge taxes both to the city and the State of New York, and it has
contributed enormously to the development of the city. We have every
desire to not only stay in the city ourselves, but to see New York maintain
its position as the principal financial market of the United States. The
decision of whether this position of leadership can be retained lies not with
the Exchange but with the Municipal Assembly. If this position of leadership is lost it will be due to excessive taxation and not to the fact that the
Exchange or its members have voluntarily moved elsewhere.
RICHARD WHITNEY, President, New York Stock Exchange.
New York City, Sept. 11 1933.
New York Superintendent of Insurance Lifts Life
Policy Limits.
Superintendent of Insurance George S. Van Schaick on
Sept. 8 issued the following announcement of the repeal of
all restrictions on life insurance policy loans and cash surrender value payments:
Restrictions on policy loans and surrender values under life insurance
contracts and annuities imposed by the New York Insurance Department
on March 9 1933, and modified from time to time thereafter have been
withdrawn by ruling of the New York Department, effective Sept. 9 1933,
for the reason that the conditions that necessitated the limitation have
now passed.
Connecticut Lifts All Restrictions on Payments by Life
Insurance Companies.
Lifting the policy loan and cash surrender value restrictions in Connecticut, effective Sept. 9, Insurance Commissioner Howard P. Dunham said:
Each life insurance company and fraternal organization organized under
the laws of this state and each non-resident and foreign company authorized to transact the business of life insurance therein, as to any life insurance policies and annuity, contracts on the life of a resident of the United
States or any territory or possession thereof,shall be permitted, until further
order, to resume payments in accordance with the terms of the various
life insurance and annuity contracts issued by such companies and societies.
The aforesaid rules and regulations shall be applicable in all States. Territories and possessions of the United States, except in so far as they may
conflict or be inconsistent with any laws or rules, or regulations, or orders,
made by any authorized official of any other State of the 'United States or
any Territory or possession thereof.
All previous emergency rules and regulations issued by this office in
conflict herewith are abrogated.
New York Association of Real Estate Boards to Hold
Annual Convention Sept. 17 to 20 on Green Island,
Bolton Landing, N. Y.
The annual convention of the New York State Association
of Real Estate Boards will be held on Green Island, Bolton
Landing,on Lake George, N. Y.,Sept. 17 to Sept. 20. About
350 realtors, property owners and representatives of banks
from all over the State are expected to be present at the
Convention. The speakers at the opening session on Sept. 17
follow:
Philip A. Benson of Brooklyn, President of the Brooklyn Dime Savings
Bank and of the National Association of Mutual Savings Banks; John J.
Berry of Newark. President of the New Jersey Association of Real Estate
Boards; L. Seth Schnitman, Chief Statistician of the F. W. Dodge Corp.
Joseph P. Day of New York has also been invited to speak at the opening
session.
Vincent Daily, New York State Administrator of the Federal Home Owners' Loan Corporation will explain the possibilities of Federal relief afforded by the Home Owners'
Loan Act at the session on Sept. 19. Orrin C. Lester, VicePresident of the Bowery Savings Bank will also speak at that
session.
Sept. 16 1933
Nebraska Lifts Moratorium on Life Policy Loans.
Governor Bryan of Nebraska has lifted the moratorium
on life insurance policy loans and cash surrender value paments which became effective March 29.
The Governor said that Nebraska companies are in essentially good
condition and that it was imperative that the companies be not left in a
position where companies of other States might use the situation to their
advantage. lie said the improved condition of companies was brought
about by increased employment and an easing of regulations on farm loans.
Delaware Ends Insurance Restrictions.
An Associated Press dispatch from Dover, Del., Sept. 14
had the following:
James G. Shaw, State Insurance Commissioner, to-day issued a notice
withdrawing rules and regulations imposed on insurance companies doing
a life insurance business during the "public emergency." The rules and
regulations were imposed March 18 and are withdrawn as of to-day. They
were effective against all companies chartered in Delaware or doing business
In this State. The rules and regulations chiefly restricted loans on insurance
policies.
Savings Banks Trust Co. Receives Certificate of Authorization from New York State Banking Department.
The New York State Banking Department on Sept. 6
issued authority to the newly-formed Savings Banks Trust
Co., New York City. to move its offices from 70 Wall St.
to 14 Wall St. At the same time the Department issued an
authorization certificate to the institution, the formation of
which was noted in our issues of Aug. 19, p. 1340 and July 15,
p. 421. On Sept. 5 the Organization and purpose of the
Savings Banks Trust Co., owned by the 137 Mutual Savings
Banks of the State of New York, were described by Oliver
W. Roosevelt, First Vice-President of the Dry Dock Savings
Institution, New York City, at the Savings Division meeting
of the convention of the American Bankers Association. It
will serve all of the savings banks in the state and through
them it will benefit 5,700,000 savings accounts, aggregating
over $5,000,000,000, or more than one-eighth of all the commercial and savings deposits in the country, he said. Savings
bank subscriptions to its capital stock and their deposits with
it constitute the central fund of the trust company and its
arrangements with the Federal Reserve Bank give rediscount
privileges and even access to emergency currency. Subscription by the Reconstruction Finance Corporation to its capital
funds furnished additional resources.
"It was also deemed advisable to organize a company,
under the name of Institutional Securities Corporation, but
known to us as the Mortgage Company, which has arranged
to borrow from the Reconstruction Finance Corporation on a
long term basis in order to finance the purchase from savings
banks of mortgages during this period in which there is no
actual mortgage market," Mr. Roosevelt said. "The cooperation and mutual aid which has always been an outstanding character of the savings banks in New York State
will, accordingly, become more effective," he added.
Harvey D. Gibson Appointed to the Advisory Committee
Assisting the New York Joint Legislative Committee on Banking and Investment Trusts.
Harvey D. Gibson, President of Manufacturers Trust Co.,
New York, has been appointed a member of the Advisory
Committee assisting the Joint Legislative Committee on
Banking and Investment Trusts, it was announced on Sept.
15 by the Manufacturers Trust. State Senator Thomas F.
Burchill is Chairman of the Joint Legislative Committee.
(
Deposits of State Banks Throughout Country 44 /, in
Excess of National Banks as of June 30 1933 According to Compilation by R. N. Sims of National
Association of Supervisors of State Banks--Capital
Resources of State Banks 54% in Excess of National
Banks.
R. N. Sims, Secretary-Treasure" of the National Association of Supervitors of State Banks, at their 32d Annual
Convention Sept. 11, submitted to the Association a statement which shows in detail by States the capital, surplus
and undivided profits, deposits, loans and discounts, stocks,
bonds and securities, and total resources of all State banking
institutions of the United States, together with totals of
these items of the National banks, and all covering as of
June 30 1933. The report of Secretary Sims covers, it is
claimed, the only available drtailed data of State banking
institutions comparable with the report of the Comptroller
of the Currency which covers the National banks. In submitting the statement, Mr. Sims said:
2029
Financial Chronicle
Volume 137
Total resources of National banks on June 30 1933. were $22,301,927,000
or 64.6% of total.
Total resources of licensed State member banks June 30 1933, were
$12.229,000,000 or 35.4% of total.
These figures show how well the banks of our country have weathered
the storm of depression and emphasize the important part which the State
banking institutions play in our great Federal Reserve System, through
their voluntary membership.
Both classes of banks perform equally useful and necessary functions and
I do not make comparisons for the purpose of dispargement, but to emphasize the colossal size of the two great banking systems and to direct
attention to the importance and need of both in the development and
handling of our country s business.
There is so much talk about a unit system of banking in this country
that I believe a word of warning is necessary here. The total resources of
State banks have been materially decreased by the conversion of State
banks to the National system, but the preponderating volume of State
bank resources as late as June 30 1933 must warn our National authorities
that banking legislation should be cautiously pursued to guard against
injury to this great element of our financial structure, and a possible grave
disruption of our business affairs.
This report Is made up from the figures covering the close of business on
June 30 1933. The figures are very gratifying when we consider the most
distressing conditions which have confronted the business of the whole
world during the last year and a half.
On June 30 1933, there was a total of 17.400 banks, of which 11,513 were
State banks and 5,887 were National banks, and in round numbers a total
capital, surplus and undivided profits of $7,156,724,993, total deposits of
$43,445,201,879, and total resources of $54,029,182,993. Total capital,
surplus and undivided profits of all banks were $1,429,322,774, below
total deposits of all banks were $6,768,990,736 below; and total resources
were $9,101,367,971 below figures of Dec. 31 1931.
On June 30 1933, in round numbers, the capital, surplus and undivided
profits of the State banks were $4,347,001,993. and of the National banks
$2,809,723.000,showing the capital resources of the State banks to be 54%
in excess of the National banks. The deposits of the State banks were
$25,642,739,879, and of the National banks $17.802,462,000, showing the
deposits of the State banks 44% in excess of the National banks. The
total resources of the State banks were $31.727,245,993, and of the National
banks $22,301,927.000, showing the resources of the State banks 42% in
excess of the National banks.
Federal Reserve Banks.
Total resources of all member Federal Reserve banks on June 30 1933,
were $34,530,927,000.
Mr. Sims's statement follows:
STATEMENT SHOWING AGGREGATE RESOURCES, &C.. OF ALL BANKING INSTITUTIONS UNDER STATE CONTROL COMPILED FROM STATEMENTS FURNISHED BY HEADS OF STATE BANKING DEPARTMENTS. ALSO AN ADDENDUM COVERING AGGREGATE RESOURCES, &C..
OF ALL NATIONAL BANKS, TAKEN FROM REPORTS OF THE COMPTROLLER OF THE CURRENCY AND FIGURES EXHIBITING TOTAL BANK
-TREASURER NATIONAL ASSOCIATION OF SUPERVISORS OF STATE
RESOURCES OF THE UNITED STATES BY R. N. SIMS, SECRETARY
BANKS, FORMERLY BANK COMMISSIONER OF LOUISIANA, NOW SPECIAL AGENT IN CHARGE OF HIBERNIA BANK & TRUST CO.. IN
LIQUIDATION, NEW ORLEANS, LA.
Surplus.
Undivided
Profits.
8
154
11
202
170
99
154
41
115
224
62
606
501
620
584
345
144
56
138
504
218
498
212
720
86
415
7
64
200
19
Capital.
8
$
1,227,729.23
416,145.00
1,106,118.32
14,254,529.67
1.431,080.98
35,530,213.36
2,781,384.01
962,459.31
3,174,400.72
261.127.18
12,041,366.89
6,813,578.00
4,333,287.88
2,414,967.16
2,357,069.17
1,586,891.11
7,971,627.46
24,383,323.74
94,389,580.00
2,414,667.03
3,288,393.00
680,036.55
8,902.464.87
718,684.52
1.860,878.11
111,287.35
4,945,833.92
7,143,246.38
1,434,500.00
2,325,000.00
2,707,700.88
5,854,700.00
45,472,481.52
67,151,245.00
2,189,796.24
3,894,500.00
68,958,899.93
21,060,120.37
20,754,920.15
11,946,250.00
3,018,615.40
7,058,500.00
8,380,034.11
15,016,000.00
858,000.00
2,550,000.00
38,610,744.28
69,983,300.00
29,508,900.00 . 20,465,840.00
10,370,633.83
24,535,000.00
8,547,314.02
16,464.143.72
15,234,038.94
21,548,346.96
6,205,334.37
10,904,090.00
11,526,677.96
6,687,225.00
24,017,955.03
27,482,200.00
35,096,000.00 165,145,350.00
13,971,956.99
23,242,160.67
6,484,086.00
14,934,600.00
4,120,753.70
6,861,350.00
28,433,839.71
63,100,480.00
1,788,797.45
4,225,000.00
2.925,937.48
10,507,500.00
102,000.00
325.000.00
1,160,614,73 *24,147,074.14
87,755,469.18
75,411,637.90
238,150.00
585,000.00
13,761.591.97
31,815.83
Capital, Surplus
and Undivided
Profits.
Deposits, Intl.
Certified and
Cashiers' Checks.
Loans
and
Discounts.
Bonds,
Stocks,
Securities, vec.
Total
Resource's.
8
5
$
5
$
61,587,996.25
35,360,865.49
8,990,272.98
43,181,649.62
13,316,809.53
29,435,877.34
11,144,830.62
10,280,226.49
25,206,835.90
4,175,645.00
67,506,448.44
29,925,636.14
12,408,071.86
47,334,989.13
12,398,519.20
426,767,519.86 1,173,445,400.68
895,895,310.59
547,723,238.25
126,878,256.19
42,417,189.23
12,920,544.75
17,311,084.59
33,256,858.03
7,515,377.22
318,374,494.92 1,014,847,014.29
575,276,151.86
870.002,569.62
125,549,233.66
159,109,523.66
67,995,030.24
67,678,071.15
115,414,702.16
35,482,554.16
54,064,818.81
22.453,874.92
11,039,574.71
39,368,374.64
15,181,974.22
100,452,036.72
14,270,497.32
64,677,147.22
46,420,805.69
26,570,434.83
35,018,977.20
13,646,356.97
27,874,776.10
9,748,916.37
3,669,127.18
794,732,880.33
401,713,324.03
120,635,411.17
562,111,886.44
308,285,164.36
473,387,186.00
272,817,546.00
177,753,235.00
76,168,806.00
56,788,319.00
14,702,133.71
282,973,546.10
198,305,123.54
39,238,921.71
228,985,321.94
142,783,039.95
76,900,522.31
28,369,470.96
27,426,424.90
109,280,612.81
231.577,905.49
149,929,271.00
135,311,360.32
45,247,288.13
39,139,455.07
140,241,840.10
75,056,452.81
36,525,282.60
18,696,315.48
101,316,558.82
235,702,888.74
202,627,207.84
122,865,611.12
26,185,530.42
93,818,303.57
564,959,994.88
236,552,152.73
447,870,634.81
243,059.618.02
75,883,478.77
294,630,930.00 2,952,183,768.00 1,978,365,831.00 1,010,744,315.00 3,302,648,292.00
349,870,938.60
171,334,261.35
39,628,784.69
281,327.905.77
72,856,915.58
221,325,160.00
189,964,996.00
82,844,807.00
93,035,165.00
24,707,079.00
87,791,951.88
66,528,639.26
39,176,285.35
20,952,401.03
11,662,140.25
639,875,481.77
219,796,544.99
509,521,856.43
251,282,312.82
100,436,784.58
44,816,411.03
36,998,796.88
16,073,634.84
15,347,874.21
6,732,481.97
78,754,271.08
61,621,920.74
39,484,720.58
14,781,089.81
15,294,315.59
3,702,981.14
1,463,731.89
2,901,701.33
799,921.12
538,287.35
225,345,890.79
76,727,451,70
148,618,439.09
25,307,688.87
198.694,601.27
359,584,047.99
802,044.095.98 1,393,594,548.74
176,928,699.05 1,115,803,641.23
5,757,245.61
2,285,251.46
1,853,875.71
4,685,239.05
854,965.83
442
457,316,000.00 1,176,644,000.00 262,212,000.00 1,896,172,000.00 11.518,576,000.00 82,958,112.000.00 82,927,462,000.00 13,747,315,000.00
204
150
516
248
71
471
23
64
149
265
497
55
55
211
153
106
607
39
12,363,619.00
2,781,000.00
68,390,100.00
5,044,150.00
3,843,500.00
159,464,467.72
11,655,000.00
4,727,649.68
3,780,000.00
12,196,798.33
24,249,200.00
6,229,000.00
2,676,000.00
19,466,675.00
8,892,500.00
12,000,600.00
32,440,000.00
1,260,000.00
18
8,971,740.00
7,972,960.49 1,941,141.75
1,220,759.69
47,539.22
55,725.380.00 8,261,971.00
1,543,060.75
630,788.42
1,607,741.06
406,422.61
310,496,619.44 48,276,499.37
27,410,277.60 19,526,630.37
2,143,715.80
942,830.74
1,154,190.00 1,160,401.74
*7,129,866.01
7,375,895.40 3,105,487.42
3,542,030.00
915,122.48
7,857,781.61
798,421.65
9,882,275.76 3,111,683.69
6,164,976.27 3,421,223.81
10,159,211.06 2,623,809.84
11,996,360.34 10,545,393.50
1,121,350.00
168,057.89
403,572.29
11,670,312.29
53,960,063.66
41,513,874.1
17,336,083.92
72,820.963.13
Totals(avge.
date) _ - -.
Comptrol'r's
report(NatIonalbks.)
ea
o
W
to
2,295,000.00
175,655.727.35
76,013,926.69
41,483,848.52
22,277,721.24
121,963.692.64
20,396,295.90
4,049,298.91
12,127,690.00
2,437,998.71
15,428,609.71
267,643,692.00 1,082,186,666.00
897,633,728.00
132,377,451.00
591,239,986.00
17,609,053.95
49,344,677.86
261,247.55
7,217,999.17
39,201,584.65
35,870,408.40
10,379,531.07
14,704,641.15
28,612,953.75
3,857,663.67
518,237,586.53 1,823,525,465.23 1,006,189,104.42 1,170,822,222.25 2,669.580,073.93
471,837,993.01
404,913,857.31
228,956,884.80
58,591,907.97
196,756.304.28
12,824,768.50
50,245,707.08
38,792,827.38
17,970,417.51
7,814.196.22
17,204,540.32
33,119,336.19
6,094,591.74
24,995,917.75
15,914,795.87
114,858,236.42
10,656,618.29
19,326,664.34
65,344,675.71
65,875,857.10
177,349.163.40
38,103,019.62
34,730,582.82
75,622,125.44
118,222,089.42
84,039,276.38
23,680,726.51
44,628,487.77
56,199,512.10
10,686,152.48
166,687,505.44
11,332,203.26
90,974,837.91
141,954,493.16
48,700,397.30
181,790,373.64
32,460,634.45
32.489,098.31
107,555,766.1
135,874,375.89
135,247,255.18
41,941,401.46
18,478,700.08
65,873,299.2
112,334,936.32
126,429,395.52
24,783,620.90
73,733,766.3
23,403,722.36
96,127,697.56
359,303,458.00
54,981,753.84
96,476,406.34
191,304,643.9
279,192,156.69
3,200,327.92
15,450,743.62
2,549,407.89
8,503,727.3
11,968,743.00
11,513 1,447,040,110.46 2,282,256,1.86.51 617,705,696.21 4,347,001,993.18 25,642,739,879.95 11,270,099,320.13 9,381,023,262.83 31,727,245,993.28
I:
!a
19
id
1
I
940,598,000.00 235,600,000.00 2,809,723,000.00 17,802,462,000.00 8,116,972,000.00 7,371,631,000.00 22,301,927,000.00
-
Exc'sofState
bkg. lusts_
Totals
State banks_
State banks_
State banks_
State banks.
State banks_
State banks.
State banks_
State banks.
State banks_
State banks_
State banks.
State banks_
State banks.
State banks.
State banks.
Nat'l banks.
Nat'l banks.
Nat'l banks.
Nall banks_
Nat'l banks..
Nat'l banks_
Nat'l banks.
Nat'l banks.
Nat'l banks_
Nat'l banks_
Nat'l banks.
Nat'l banks.
Nat'l banks.
Nat'l banks.
Nat'l banks_
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Alabama ___
Arizona_ _ __
Arkansas_ _ _
California __
Colorado....
Connecticut..
Delaware__ Florida
Georgia_ __.
Idaho
Illinois
Indiana_ _ Iowa
Kansas
Kentucky
Louisiana_ _ _
Maine
Maryland
Massach'etts
Michigan_ _ Minnesota
Misslasippl
Missouri _ ._
Montana...
Nebraska....
Nevada.. _ - _
New Hamps.
New Jersey_
New Me‘ico
New York:
Says. bks.
Other bks.
N. Carolina.
No.Dakota.
Ohio_.
Oklahoma .._
Oregon
Pennsylvania
Rhode Island
So. Carolina
So. Dakota.
Tennessee._
Texas... __.
Utah
Vermont
Virginia__ - Washington_
West Va___,
Wisconsin
Wyoming.-(Territory of
Hawaii) _.
Date No. of
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Stales.
21,028 1,307,888,785.00 1,332,891,448.86 258,882,640.87 2,899,662,677.73 21,632,822,011.81 12,257,134,526.40 8.497,523,011.46 25,965,675,836.30
21,923 1,595,243,603.89 1,450,494,208.82 295,274,641.47 3,341,012,552.18 23,954,838,611.35 15,334,616,394.62 8,235,427,676.40 29,191,455,648.43
22.705 1,734,909,385.20 1,533,327,012.84 318,844,745.52 3,587,081,143.56 23,780,750,818.50 15,449,134,595.23 8,877,828,333.49 29,412,657,029.83
22,302 1,794.110,615.82 1,584,458,465.10 319,108,843.39 3,700,677,924.31 23,510,877,185.07 14,108,585,847.71 9,414,104,361.97 28,808,553,358.84
73
22,084 1,855,2:17,769. 1,450,746,035.80 335,458,195.93 3,641,444,001.50 27,013,525,116.92 15,547,076,777.07 7,438,708,895.68 32,081,329,235.59
21,350 1,015,334,597.03 1,547,908,798.76 318.360,002.023,809,603,398.41 28,402,756,641.94 16,264,679,542.27 8,055,053,931.9333,641,174.127.53
21,122 1,990,525,694.76 1,552,290,607.72 386,578.187.34 4,029,394,489.82 31,114,361,942.13 15,836,362,018.96 8,471,967,470.89 36,679.382,463.73
20,289 2,065,024,071.43 1,798,466,761.53 424,871,070.13 4,288,361.903.09 34,116.035,973.16 18.832,589,370.81 9,368,247,394.43 39,105,787,890.95
10,507 , , , .
, . , .. 451,252,333.91 4,547,270,050.89 34,662,024,564.17 18,975,015,724.66 9,910,820.131.68 40,046,661,611.28
18,965 2,184,487,497.14 2,091,822,178.98 462,974,328.31 4,739,284,004.43 34,435,134,860.78 19.374,343.741.27 10,644,546,769.40 41,865,784,224.54
18,357 2,018,061.210.99 3,000,462,075.48 555,378,055.37 5,573.901,341.84 35,737,701.757.28 24,787.046,990.65 11,473,648,518.46 43,644,840,001.44
17,298 2.166,931,918.96 3,447,454,292.36 549.789,244.99 6,164,175,456.31 35,805,022,535.40 25,139,287,003.42 10,875,944,008.73 44,690,068,270.82
15,865 1,998,703,493.43 3,421,015,492.83 530,874,750.17 5,950,593.736.43 34,266,550.658.12 22,794,530,611.00 11,804,090,092.22 42,686,420,579.72
13,882 1,791,643,006.77 3,030,422,391.17 409,324,369.65 5,231,389,767.59 30,969,845.615.59 15,344,574,234.94 9,540,471,533.74 38,468.264.964.10
11,513 1 447 040 110.4 2,282,256,180.51 617,705,696.21 4,347,001,993.18 25,642,739,879.95 11,270,099,320.13 9,381,023,262.83 31,727,245,993.28
7,785 1,118,603,000.00 872,226,000.00 372,649,000.00 2,363,478.000.00 15,924,865,000.00 10,588,801,000.00 5,047,521,000.00 20,799,550,000.00
8,030 1,224,166,000.00 986,384,000.00411,525,000.90 2,622,075,000.00 17,155,421,000.00 12,396,900,000.00 4.498,771,000.00 22,196,737,000.00
8-143 1,273,205,000.00 1,029.406,000.00 431,204,000.00 2,733,815,000.00 15,478,354.000.00 11,680,837,000.00 4,028,059,000.00 20,307,651,000.00
8,197 1,289,528,000.00 1,036,184,000.00 508 560,000.002.834.272,000.00 15.390.438,000.00 11,293,874,000.00 4,118,160,000.00 19,815,402,000.00
.
8,229 1,319,144,000.00 1,067,652,000.00 486,172,000.00 2,872,968,000.00 17,036,281,000.00 11,679,621,000.00 5,041,122,000.00 21,612,713,000.00
8,115 1,335,572,000.00 1,073,363,000.00 507,905,000.00 2,916,840,000.00 17,598,696,000.00 11,963,102,000.00 5,905,950,000.00 22,062,888,000.00
8,016 1,361,144,000.00 1,106,544,000.00 490,457,000.00 2,958,445,000.00 19,382,947,000.00 12,480,246,000.00 5.753.440.000.0023,832,403,000.00
8,000 1,410,434,000.00 1,188,704,900.00500,519,000,00 3,109,657,000.00 20,175.798,000.00 13,312,259,000.00 6,074,916,000.00 24,893,665.000.00
7,828 1,460,491,000.00 1 239 810 000.00 519,670,000.00 3,219,971,000.00 20,912,209,000.00 13,660,302,000.00 6,323.680,000.00 25,699,147,000.00
7,734 1,537,214,000.00 1,330,096,000.00 558,647,000.00 3,425.957,000.00 22,279,082,000.00 14,411,603,000.00 7,080,900,000.00 27,573,687,000.00
7,575 I,633.271,000.001,528,326,000.00 538,744,000.00 3,700,341,000.00 22,872,880,000.00 14,862,183,000.00 7,070,755,000.00 29,021,912,000.00
7,316 1,704,403,000.00 1,553,544,000.00 541,195,000.00 3,799,147,000.00 21,640,978,000.00 14,658,696,000.00 6,555,672,000.00 27,348,498,000.00
6,935 1,716,254,000.00 1,529,896,000.00 532.759,000.00 3,778,909,000.00 22,344,166,000.00 13.729,109.000.00 7,662,377,000.00 28,126,467,000.00
6,373 1,621,449,000.00 1.381,612,000.00 351,597,000.00 3,354,658,000.00 19,244,347,000.00 11,926,828,000.00 7,201,425,000.00 24,662,286,000.00
5,847 1,633,525.000.00 +940,598,000.00 t235600000.00 2,809.723.000.00 17,802,462,000.00 t8.116.972.000.00 t7.371.631.000.00 22.301.925.000.00
.5,887 L633,525.000.00
-----5,626
1,341,658,186.51 382,105.690.21 1,537,278,993.18 7,840,277,879.95 3,153,127,320.13 2,009,392,262.83 9,425,318,993.28
All banking institutions of the United States on lime 30 1933, show:
17,400
Total banks_
_87.156,724,993.18
Total capital,surplus and undivided profits _ _
43,445,201,879.95
Total deposits.
54,029,182,993.28
Total resources
Restricted State banks and unlicensed National banks are Included in above
figures, except where noted.
a Sayings banks not Included.
* Includes undivided profits.
t Figures for unlicensed National banks not included.
2030
Financial Chronicle
Sept. 16 1933
Subscription Books on Offering of Yi7 Treasury Dec. 20 1933. On the maturitnlate the face amount wil
0
Certificates of Indebtedness Closed—Treasury De- be payable without interest. Tenders to the offering will
partment's Circular on Issue.
be received at 'the Federal Reserve banks, or the branches
The subscription books on the offering of W% United
thereof, up to 2 p. m., Eastern standard time, Monday,
States of America Treasury certificates of indebtedness of
Sept. 18. No tenders will be received at the Treasury
Series TJ-1934 were closed on Sept. 13. The offering,
Department, Washington. The bills will be sold on a disreferred to in our issue of Sept. 9, page 1858, was issued in count
basis to the highest bidders. They will be issued
exchange for Treasury certificates of indebtedness of Series in bearer
form only, and in amounts or denominations of
TS-1933, maturing Sept. 15 1933. The following circular,
$1,000, $10,000, $100,000, $500,000, and $1,000,000 (maon the closing of the books, was issued by the New York turity
value). Mr. Hewes' announcement said in part:
Federal Reserve Bank:
No tender for an amount less than $1,000 will be considered. Each
FEDERAL RESERVE BANK OF NEW YORK.
Fiscal Agent of the United States.
[Circular No. 1280, Sept. 13 1933.]
Subscription Books Closed
On Offering of United States of America 3 % Treasury Certificates of
Indebtedness of Series TJ-1934.
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 34%
Treasury certificates of indebtedness of Series TJ-1934, dated and bearing
interest from Sept. 15 1933, due June 15 1934, offered only in exchange
for Treasury certificates of indebtedness of Series TS
-1933, maturing
Sept. 15 1933, were closed at the close of business to-day, Wednesday,
Sept. 13 1933. No further subscriptions to this offering can, therefore,
be received after the close of business to-day.
GEORGE L. HARRISON, Governor.
The Treasury Department's circular describing the certificates follows:
UNITED STATES OF AMERICA.
Treasury Certificates of Indebtedness.
%, Series T3-1934, Due June 15 1934.
Dated and bearing interest from Sept. 15 1933.
The Secretary of the Treasury offers for subscription, at par and accrued
interest, through the Federal Rexerve banks, under the authority of the
Act approved Sept. 24 1917, as amended. Treasury certificates of indebtedness of Series TJ-1934 in exchange for Treasury certificates of
indebtedness of Series TS
-1933, maturing Sept. 15 1933. The amount
of the offering is limited to the amount of Treasury certificates of indebtedness of Series TS
-1933. maturing Sept. 15 1933, tendered and accepted.
Description of Certificates.
The certificates will be dated Sept. 15 1933 and will bear interest from
that date at the rate of ji% per annum, payable on a semi-annual basis.
They will be payable on June 15 1934.
Bearer certificates will be issued in denominations of $500. $1,000,
85.000. $10,000 and $100,000. The certificates will have two interest
coupons attached, payable on Dec. 15 1933 and June 15 1934.
The certificates shall be exempt, both as to principal and interest, from
all taxation (except estate and 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 certificates 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 certificates.
The certificates will be acceptable to secure deposits of public moneys,
but will not bear the circulation privilege.
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.
The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, and to allot less than the amount of certificates applied for and to close the books as to any or all subscriptions
at any time without notice; the Secretary of the Treasury also reserves
the right to make allotment in full upon applications for smaller amounts,
to make reduced allotments upon, or to reject, applications for larger
amounts,and to make classified allotments and allotments upon a graduated
*scale; and his action in these respects shall be final. Allotment notices
will be sent out promptly upon allotment, and the basis of the allotment
will be publicly announced.
Payment.
Payment at par and accrued interest for certificates allotted must be
made on or before Sept. 15 1933, or on later allotment, and may be made
only in 1 % Treasury certificates of indebtedness of Series TS-1933
maturing Sept. 15 1933 and will be accepted at par.
General Provisions.
As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions and 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. After allotment and upon payment Federal Reserve banks may issue interim receipts
pending delivery of the definitive certificates.
DEAN ACHESON, Acting Secretary of the Treasury.
Treasury Department,
Office of the Secretary,
Sept. 8 1933.
Department Circular No. 498 (Public Debt).
New Offering of $100,000,000 or Thereabouts of 91-Day
Treasury Bills—To Be Dated Sept. 20. 1933.
A new offering of 91-day Treasury bills to the amount
of $100,000,000 or thereabouts was announced on Sept. 13
by Acting Secretary of the Treasury Hewes. The bills
will be used to meet an issue of $100,361,000 maturing on
Sept. 20. They will be dated Sept. 20 and will mature
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Sept. IS
1933, all tenders received at the Federal Reserve Banks or branches thereof
up to the closing hour will be opened and public announcement of the
acceptable prices will follow as soon as possible thereafter, probably on the
following morning. The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or rejection
thereof. Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve Banks in cash or other immediately available
funds on Sept. 20 1933.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from
all taxation, except estate and inheritance taxes. No loss from the sale
or other disposition of the Treasury bills shall be allowed as a deduction,
or otherwise recognized, for the purposes of any tax now or hereafter
Imposed by the United States or any of its possessions.
Robert P. Lamont Resigns as President of American
Iron and Steel Institute—Letter of Former Member
of Hoover Cabinet Indicates Lack of Sympathy
with NRA—Asserts "No One Knows How Far"
Government Regulation of Business May Go.
Robert P. Lamont, who was Secretary of Commerce under
President Hoover and who has been President of the American Iron and Steel Institute since Aug. 4 1932, resigned as
President of the Institute in a letter dated Sept. 1 and made
public on Sept. 13. Copies of the letter of resignation
addressed to Charles M. Schwab, Chairman of the Board,
were riven to the press without comment. The letter indicated that Mr. Lamont was'not in sympathy with the operation of the NRA as it affected the steel industry. Referring
to the Government regulation of steel production, he said:
"No one knows how far it may go." He mentioned the
attendance of three Government representatives at the meeting of the board of directors of the Steel Institute on Aug. 29
and called this "the beginning of Government regulation of
business. . . . From now on, for an indefinite perga
the principal activities of the Iron and Steel Institute will
be in seeing that the obligations of the industry under the
code are properly carried out and reported to the Government. The opportunity for constructive, forward-looking
studies and plans for the industry as a whole, that seemed
possible a year ago, must give way to the present practical,
immediate needs, which can best be met by men familiar with
iZe vast details of the various branches of the industry. I
can be of little help in this work."
Text of Lamont's Letter.
Sept. 11933.
Mr. C. M. Schwab, Chairman Board of Directors
American Iron and Steel Institute, New York, N. Y.
Dear Mr. Schwab:
At my first meeting with the Executive Committee of the American Iron
and Steel Institute in September a year ago I read a brief statement, two
paragraphs of which were as follows:
I have assumed that your purpose in enlarging and broadening the
scope of the work of the Iron and Steel Institute is primarily the practical
one of getting and keeping the industry on a sound and profitable basis in
so far as this can be brought about by co-operation between the various
units—within the law.
I assume also that in addition to this, the reasons for making these
changes are related—not so much to conditions growing out of this depression but rather to the more fundamental difficulties affecting all industries
which, if not worked out within or by industry itself, will in the end bring
about changes in existing laws and a greater measure of Governmentintro
than most of us would like to see."
A few suggestions were made as to how a beginning might be made in
enlarging the activities of the institute.
But conditions in the industry were bad and getting worse. Executives
were naturally concerned with immediate, pressing problems. Monthly
losses were increasing and accumulating. Final losses for the year amounted
to more than $150,000,000.
A momentous National election was approaching. The result foreshadowed important changes in Governmental policy, but, unfortunately,
a four months' interval of uncertainty intervened before the new administration could function. Meanwhile prices continued to decline, industrial
activity reached new low levels, banks were failing everywhere. Inaugural
week saw the country industrially and financinally prostrate and the morale
of the people at the lowest point of the depression. A special session of
Congress was convened. Various relief measures began to be discussed;
among others, the 6
-hour-day and 5
-day-week bills which were later re.
Volume 137
Financial Chronicle
placed by measures which finally took form in the NIRA. This was
signed by the President on June 16. Work had already begun on a code
of fair competition for this industry, which was completed and presented
to the Administrator of the NRA on July 15. A public hearing was held
on July 31 and the code was approved on Aug. 19.
On Aug. 29 the board of directors held its first meeting in its capacity as
Administrator of the code. Three representatives of the NRA attended
the meeting, marking the beginning of Government regulation of business.
No one knows how far it may go.
From now on, for an indefinite period the principal activities of the
Iron and Steel Institute will be in seeing that the obligations of the industry
under the code are properly carried out and reported to the Government.
The opportunity for constructive, forward-looking studies and plans
for the industry as a whole, that seemed possible a year ago, must give
way to the present practical, immediate demands, which can best be met
by men familiar with the vast details of the various branches of the industry. I can be of little help in this work.
I therefore hereby tender my resignation as President of the American
Iron and Steel Institute, to be effective at your earliest convenience.
In leaving, I should like to express to you personally, Mr. Schwab, and
to all members of the board my deep appreciation of the thoughtful,friendly
consideration which I have received throughout a difficult and trying year.
Yours sincerely.
ROBERT P. LAMONT.
250,000 March in New York Citys' NRA Parade—Spectators Estimated at 2,000,000 in Noteworthy
Demonstration Which Lasts Ten Hours.
New York City celebrated the President's NRA Day on
Sept. 13 with a parade that undoubtedly was one of the
most unusual demonstrations of its kind in the Nation's
history. More than. 250,000 persons marched up Fifth
Avenue in the parade, which lasted ten hours, with marchers
passing the reviewing stand at the rate of 18,000 to 25,000
an hour. It was estimated that approximately 2,000,000
spectators witnessed the demonstration participated in by
employers and employees of all branches of trade, commerce
and industry. Included in the line of march were 200 bands
while 73 army, navy and civilian aeroplanes engaged in
sky manouvers. Major General Dennis E. Nolan was the
Grand Marshal of the parade, which was reviewed by
General Hugh S. Johnson, National Recovery Administrator; Governor Lehman of New York, Mayor O'Brien of New
York City, Governor A. Harry Moore of New Jersey, Governor Wilbur L. Cross of Connecticut, Grover A. Whalen,
chairman of the New York City NRA committee, and others.
The enthusiasm of both those in the parade and in the milling
crowds of spectators was commented upon in all New York
City newspapers on the following day.
Plans of Administration for Assisting NRA Industries
Through Loans by Reconstruction Finance Corp.
to Banks, Trust Companies and Mortgage Companies—About $1,000,000,000 Reported Available
Through Corporation—Loans Up to Six Months
at 3%—Loans by R. F. C. for Longer Periods
Lowered from 432 to 4%.
After several conferences with President Roosevelt on
the subject of loans to assist in the NRA program, Jesse H.
Jones, Chairman of the R. F: C., issued a statement on
Sept. 14 saying:
For the purpose of assisting business and industry directly in co-operation
with 'the NRA program. the Reconstruction Finance Corporation will
make loans to banks and trust companies at 3% interest, for any part
of six months, which will re-lend.
(a) For the purchase of materials for manufacture.
(b) To cover the actual cost of labor in the manufacture and processing
of material.
(c) To assist merchants especially affected by the NRA.
In a dispatch from Washington, Sept. 14, to the New
York "Times" it was pointed out that the important features
of the program are:
1. Loans by the Reconstruction Finance Corporation to banks and trust
and mortgage companies at 3% interest for any part of six months, when
the loans are obtained for the purpose of relending at not more than 5%
to industry, to aid it in meeting requirements under the NRA.
2. A reduction from 4% to 4%, as of Oct. 1, in the Reconstruction
Finance Corporation interest rate on long-term loans to banks and related
financial institutions, including those outstanding.
3. A proposal for the organization of local mortgage companies, to
supplement bank lending where loans are of a sound character but slow.
Under this plan industries would be permitted to join in a co-operative
local movement to seek loans from the Reconstruction Finance Corporation
on collateral on which banks have been hesitant to extend credit.
From the Washington account (Sept. 14) to the New
York "Journal of Commerce," we quote:
Chairman Jones, following a conference with President Roosevelt, described the new program as "credit inflation." It was taken to be a
method of the Administration to stave off actual currency inflation under
the so-called Thomas amendment as demanded by members of Congress.
"This is inflation." Jones declared in a press conference at which he
Issued the formal announcement. "The best form of inflation is credit."
Chairman Jones estimated that the corporation had about $1,000.000.000
for recovery loans.
In his prepared statement Chairman Jones stated:
A condition of the loans by the Reconstruction Finance Corporation
at this (3%) rate will be the relending to the ultimate borrower at a rate
of not more than 5% per annum, thus allowing the bank not to exceed
a 2% margin.
2031
The statement by Chairman Jones continued:
Such loans by the Reconstruction Finance Corporation may be collateraled by the short term note of the manufacturer or merchant, secured by
a valid assignment of an unconditional order for the finished product, and
(or) mortgages, real or chattel, on plant, equipment, real estate, raw material or finished product, or in any other manner acceptable to the bank
and to the Reconstruction Finance Corporation.
Where banks do not want to borrow for such purposes, or in those instances where the loan is more in the nature of operating capital, but the
necessity for which, as well as the security, can be definitely established,
the organization of bona fide mortgage companies in each community, or
borrowing through those now in existence, is suggested. Loans to mortgage
companies, when properly secured, generally speaking, will be made up to
five times the cash or sound capital of the mortgage company and carry an
Interest rate from the Reconstruction Finance Corporation of 4%. Mortgage companies borrowing to re-lend will be required to charge fair rates to
their borrowers.
Bulletins are being sent to all Reconstruction Finance Corporation
Agencies covering these points, and the co-operation of banks, mortgage
companies and others in a position to lend assistance in the recovery program is earnestly solicited.
While all applications will be made through the Reconstruction Finance
Corporation Agencies, a department will be established at the Washington
office to give especial attention to loans contemplated under this plan.
In addition to the foregoing and to further assist in the recovery program,
the Corporation will reduce its base lending rate from 434% to 4%,that is,
to such borrowers as banks, mortgage companies, insurance companies,
and others that are now paying 4%%.
It is the opinion of the directors of the Reconstruction Finance Corporation, that much needed relief can be had by the organization and use of
local mortgage companies of substantial nature to supplement bank lending
where loans are of a sound character, but slow.
A liberal use of the above,coupled with wide spread co-operation by banks
In supplementing the nation's banking structure through the issuance of5%
preferred stock to be sold to the Reconstruction Finance Corporation, will
naturally bring the banks in more effective assistance in the President's
Recovery Program.
From the advices of Sept. 14 to the "Times" we take the
following:
The program would have the effect of placing the Reconstruction Finance
Corporation in competition with the Federal Reserve Banks as a discount
agency, thereby putting the Government in the banking business in the
best sense of that term. As interpreted here, it would place borrowers in a
position to come directly to the Reconstruction Finance Corporation for
the rediscounting of loans to be passed on to industry and business. with an
assurance of obtaining privileges which the Reserve Banks might not
extend.
The proposal for the setting up oflocal or community mortgage companies
was stressed by Mr. Jones as one of the important factors of the program.
He referred to it as comparable to action taken by co-operatives to protect
their interests. A group of business concerns, he said, could organize a
mortgage company and thus obtain long-term money with collateral which
was sound. but might be slow.
The Reconstruction Finance Corporation has been empowered to loan
to mortgage companies, and it has been ruled that to come under this
provision as bona fide, such companies must have 51% of their money
In real estate mortgages. In connection with the proposed setting up of
community mortgages companies by industries in a co-operative movement,
a liberalizing of these terms is indicated, as, for instance, in making loans
available on plant equipment.
It is the hope of the administration that, as a result of this credit expansion program, commercial banking credit will be generously expanded,
and more extreme policies of inflation will not have to be attempted on a
large scale.
"If we can work out this credit program," said Mr. Jones, "things will
straighten themselves out."
Reconstruction Finance Corporation officials felt that the Beserve Banks
had had the opportunity under the emergency banking legislation to do
many of the things which the corporation now proposes.
One reason for banks being reticent about loaning to customers to handle
payroll and other immediate costs of operation under the NBA. it is said,
has been lack of definite assurance that collateral offered by the industries
would be redisc,ountable at the Reserve Banks. As a result, it is said, in
many instances, the soundest of securities, such as government bonds,
have been demanded from prospective borrowers.
This has gone a long way to tighten the credit market, and the Reconstruction Finance Corporation program is intended not only to keep down
interest rates which banks and their customers must pay, but to provide
a rediscounting well from which the banks would know they could draw
if they extended the credit required by industry.
The 3% rate at which the Reconstruction Finance Corporation proposes
to extend loans for not more than six months to banks which relend to
industry is the same which the corporation pays on the debentures which it
has sold to the Treasury to finance its operations.
A previous reference to the plans for the extension of
credit to industry through the R. F. C. appeared in our
issue of Sept. 2, page 1682.
A. A. A. to Subsidize Exportation of 35,000,000 Bushels
of Wheat from Pacific Northwest at 15 to 20 Cents
Below Domestic Market—$7,000,000 Fund Will Finance Transaction, Designed to Bolster American
Prices—Formal Hearing on Plan Was Set for Yesterday.
The Agricultural Adjustment AdMin4stration announced
on Sept. 12 that it plans to subsidize the exportation of 30,-.
000,000 to 35,000,000 bushels of wheat from the Pacific
Northwest. A hearing on the plan, which was drafted in the
form of a marketing agreement, was scheduled for yesterday
(Sept. 15) at Portland, Ore., but officials of the A. A. A.
indicated that this hearing would be merely a formal compliance with the Agricultural Adjustment Act which provides
that hearings must be held on three days' notice on such
proposed agreements. The A. A. A. plans to sell the wheat
in world markets at from 15 to 20 cents below the domestic
level, and it is expected that it will go chiefly to China,Japan,
2032
Financial Chronicle
Ireland, Spain, Portugal and the Philippines. The A. A. A.
will finance the project with a subsidization fund of $7,000,000 to be derived from the wheat processing tax of 30 cents
a bu3hel. This sum is already available, since 2 cents of the
-cent tax has been earmarked for the removal of surpluses.
30
It was said in Washington that the principal purpose of the
selling plan is to remove the large wheat surpluses now stored
in the Pacific Northwest which have threatened price levels
in inland markets. Transactions will be carried out through
the North Pacitc Export Equalization Association, which
will be created under the plan. In announcing the project
on Sept. 12 the A. A. A.said:
Primarily, the agreement has been proposed in order to increase the
return to Pacific Northwest wheat producers, whose prices have been
threatened by an acute surplus in that region.
Besides relieving an acute local wheat surplus condition in the Pacific
Northwest, the agreement is designed to protect prices in wheat markets in
the East and Gulf regions which have been threatened by shipments of lowpriced Northwestern wheat through the Panama Canal and even by rail.
This has made the Pacific surplus a burden on the whole domestic wheat
market.
The agreement is also designed to help carry out the terms of the international wheat agreement, whose purpose is to remove surpluses from the
world market. The United States export quota under the international
agreement is 47,000,000 bushels.
The agreement was submitted by Pacific Northwest interests themselves.
It provides for reimbursing exporters for the difference between the American
domestic price paid to producers of wheat and the lower world price.
In further explanation of the project, the A. A. A. said on
Sept. 12:
The proposed marketing agreement has been made under the authority
of Section 2, Section 8 and Section 12. Subsection B of the Agricultural
Adjustment Act, which provides for marketing agreements and use of funds
for expansion of markets and removal of surplus agricultural products.
It is emphasized that no wheat would be sold for less than the world price
as a result of the operation of the agreement. The wheat might be sold
anywhere in the world market, but officials expect that most of it would
move to the Orient.
The agreement specifically states that the export association is a temporary organization set up to relieve an emergency. One provision reads:
"The plans and arrangements herein specified shall not be considered as
the adoption of any definite form or policy by the Secretary, but this agreement shall be considered only as being necessary for the solution of the
present critical condition In the aforesaid Pacific Northwest area."
The present "critical condition" is caused by a carry-over from last year's
crop estimated at 25.000,000 bushels, which clogged the terminal and
country elevator facilities at many points just as the new crop was coming
to market.
Direction of the proposed export association would be vested in a committee ofseven, with two members from the North Pacific Mills Association,
two from the North Pacific Grain Exporters Association, one from the
Farmers National Grain Corp., one from the North Pacific Grain Growers
and one designated by the Secretary of Agriculture. The committee is etnpowered, under the agreement, to appoint a managing agent.
Minimum Wheat Prices Eliminated at Winnipeg—Trading Speeds Upon Removal of "Peg" Quotations.
From Winnipeg Sept. 14 Canadian Press advices to the
New York "Herald Tribune" said:
Pegged prices, placed on wheat and oats on Aug. 15 by a vote of the
an
membership of the Winnipeg Grain Exchange, were removed to-day at
here.
emergency meeting of the membership held on the trading floor
exchange, trading was halted, a meeting
Ten minutes after opening of the
the motion
of members called, and a unanimous vote was taken to rescind
values.
of Aug. 15 placing the minimum levels on Winnipeg grain
slipped back
Operations at once became extremely active, and the market
back
about a cent. Export business was good, however, and prices came
lower to !ic. higher with October at 70c.. December at 72c.
to stand
and the May future at 77 h c.
Public Works' Fund Allotments Approach Half-Way
Mark —Further Allocations from $3,300,000,000
Fund Bring Total to $1,431,640,234—Secretary
Ickes Estimates 85% of Amount Will Go to Payrolls.
Announcement that allotments from the $3,300,000,000
fund of the Public Works Administration are approaching
the half-way mark was made on Sept. 9 by Secretary of the
Interior Ickes, in making public two allotments of $3,793,671,
which brought the total allotments to date to $1,431,540,234.
Secretary Ickes estimated that at least 85% of the Public
Works funds would go into pay envelopes. The allocations
approved on Sept. 9 were listed as follows, in a Washington
dispatch of that date to the New York "Times":
construcThe first allotment of $2,273,671 to-day is to be applied to the
struction of post office buildings, marine hospitals and other Government
tures in 15 States.
$108,000 was made
. For work on the quarantine station at New York City
Buffalo.
available, and $220,000 for repair work on the marine hospital at
The quarantine station in Boston harbor received $99,980, and the marine
hospital in the same city $27,000, while the marine hospital in Pittsburgh
was allotted $157,500. For the quarantine station at Baltimore $45,000
was allocated.
For border patrol stations in California, Idaho, Montana, Vermont and
Washington, $408,191 was allotted, while other allotments included $117,000
for the quarantine station in Charleston, S. C., $285,500 for the marine
hospital at Canine, La., $245,000 for the marine hospital at Fort Stanton,
N. M., and $135,000 for a post office building at Nogales, Ariz.
All these projects were certified as "desirable" and are approved by the
President.
Of the second allotment of $1,520,000 to-day the General Land Office
received $1,000,000 to continue surveys of public lands in Arizona, Cali-
Sept. 16 1933
fornia, Idaho, Montana, Washington, Utah, Colorado, Oregon, Nevada, Nev.
Mexico, Wyoming and Alaska.
These surveys have been in progress for more than 150 years, and there
yet remain to be surveyed 512,422,465 acres, of which 50,000,000 acres are
listed "vacant, unappropriated and unreserved."
For the NRA $400,000 was made available for administrative expenses,
$70,000 was set aside to construct a chemistry building at Howard University, this city, and $50,000 was approved for the construction and equipment of a tourist hotel at St. Thomas, Virgin Islands.
General Johnson Pledges Government Action to Release Credit to Industry—Recovery Administrator
in New York Address on NRA Day, Before Merchants Association, Declares No Surrender Has
Been Made to Labor—Asks Merchants to Curb
Price Increases—Governor Lehman Notes Progress
of Recovery Program in New York State.
Describing the Administration's recovery program as "the
greatest opportunity ever presented to industry and trade,"
General Hugh S. Johnson, Recovery Administrator, told the
NRA dinner of the Merchants Association of New York on
Sept. 14 that his auditors were the "shock troops" of the
war against depression. He forecast prompt action by the
Federal Government to expand credit so that business may
be aided in meeting increased costs occasioned by the operation of the NRA, and he denied, emphatically, that labor
had exerted undue influence in the framing of codes of fair
competition. "Wholly apart from the abstract consideration of rectitude," General Johnson said, "complete impartiality is the only salvation I have in the hot spot on
which I stand." He termed controversy over features of
the NIRA between capital and labor as a "phase" of the
movement that will pass within the next few weeks. His
talk before 1,000 merchants, industrial leaders and public
officials while the city's NRA parade was still in progress
evoked frequent and prolonged applause. A partial account
of his address and of that by Governor Lehman of New
York is given below, as quoted from the New York "Times"
on Sept. 14:
General Johnson's declaration of confidence that the American people
would continue their triumphant march was reinforced by Governor
Lehman. In an address after the General's. Governor Lehman quoted
new figures showing that 39,785 persons had been put back to work in
313 up-State communities, pouring $698,178 of new purchasing power into
the channels of trade every week.
The recovery program is actually working. the Governor declared.
"Men and women have been put back at work," he declared.
The restoration of credit cannot be accomplished by haranguing the
bankers, General Johnson said.
Predicts Anion on Credit.
"It can be done by creating confidence," he declared, "by releasing
restrictions requiring a too great liquidity of banks, and, if necessary, by
direct governmental interposition (through the powers of the Federal
Reserve and the Emergency Banking Act), to extend credit on capital
loans and on good commercial risks in cases where the existing banking
system has been unable or unwilling, through timidity or otherwise, to
perform its normal function. This problem Is under consideration, and
we can, I think, expect prompt action along this line.
. "We must have sympathy with the argument about the banks' trustee
relationship to depositors' money, as set forth in a recent report to the
Bankers' Association, but it is a little curious to hear about this now when
the need for normal banking assistance is so acute, and In cases where
liquidity is almost at a peak,and when every economic index points upward
—and then to think of what was happening when every condition was in
reverse of this, when speculative loans were being made at the peak of a
stock market hysteria, and when—ifever--extreme liquidity was indicated.
"Then these same custodians of the public savings were getting themselves
into a condition which required the closing of every bank in the country,
and all that I recall hearing from the particular authority that made that
report at that time was that we were in a 'creeping bear market.'
"There is no use in haranguing our banker friends about extending
commercial loans where they do not think It wise. They move in a special
atmosphere, and they do have heavy responsibilities. It is perhaps unkind
to say that in the last few years some of them have generally been wrong.
Perhaps they are right this time, but if somehow we could persuade them
In proper cases to exercise the normal functions of commercial banking,
even if the interest rate is very low, It would greatly aid the President's
program."
Denies Faroring Labor.
Then General Johnson turned to the apprehension that the Recovery
Administration had surrendered to organized labor, which he said existed
In some quarters and had been engendered largely "by the defection of a
misguided assistant."
"The fact about all this," the General went on, "is that by this law.
while permitting industry the fullest benefits that can be obtained by
combination, there was imposed a significant condition that workers also
be given the right of combination, just as industry is given that right.
"It provides that, if industry takes that valuable right, and only in that
case, It shall accord to workers their statutory rights, which it requires to
be recited In every industrial combination, and that right Is that employees
may organize, free from any restraint, and may bargain either individually
or through representatives of their own choosing. Under that law, it is
the employees' and not the employers' choice, as to how workers shall
bargain, whether individually or collectively.
"That is the law, and It is our duty to execute it exactly as we find it.
It is our duty also to interpret this law, and it happens that both sides,
employers and employees, have sought to pull and haul this law by inter
pretations to their own advantage, and, of course, we cannot countenance
that."
Says Law Is Sole Guide.
General Johnson told of the "recitation." referring to Section 7 which
had been placed in the automobile code and which he said was perfectly
proper In Its context but had been used out of its context to negative
that law.
Volume 137
Financial Chronicle
• With no suggestion from anybody," he said,"from labor or management,
we announced that we would permit no more such inclusions in codes
tending to modify the words of the Statute, but that we would stand on
the specific wording of Section 7(a).
"Instantly the charge was made that some labor influence had produced
this announcement.
"Shortly, this Administration, in the light of every factual situation
that has arisen, will state its own interpretation of this law. We cannot
pledge infallibility, but any decent administration can pledge impartial
execution of a statute. Under this law, both labor and industry will get
exactly what the law gives them, and neither will get anything more nor
anything lees.
"We have in our organization advisory boards both from industry and
labor, very distinguished men, the very leaders on the two sides. Their
function is advisory—no more. They have no vote. They have only the
influence that knowledge and logic can produce."
General Johnson said it was a pity to mar this great National co-operation
with controversy, but added that controversy was inherent in the first
stages of this situation and it was a phase that would pass in the next
few weeks.
"As the vast benefits to every branch of trade and industry become
apparent," he went on,"and as the real advantage of the labor clauses are
better known, this new and profitable co-operation among management,
workers and the great American public will erase every element of dissension
and we shall all unite, in fact as well as in name, to carry Franklin Roosevelt's earnest human program to such a demonstration of the value of
American solidarity as will mark a new era in the histroy of the world."
Appeals to Merchants.
General Johnson turned to the problems of merchandising and reminded
his audience, made up predominantly of merchants, that the President had
asked that they count on volume and small profits instead of large profits.
"There are two compelling reasons for this," he continued. "First,
price advances can overnight kill the effect of higher wages and shorter
hours. Second, it is increased consumption of tonnage that makes factory
employment. We must have increased volume of tonnage sales or the
whole plan falls.
"For both of these reasons no patriotic merchant can neglect the President's request. You have long been denied adequate profits—but with the
whole Government and people of the United States now acting together
to save what is left of your business, it is up to you to aid this movement
to restore to this country a volume of consumption which will permit
you to live.
"Anybody that doubts this is entitled to ask himself what might happen
both to him and to his country if this plan should fail and if—once again—
this hopeful people should be disappointed by a new collapse.
"Think it over: You merchants have the principal part just now. You
are the shock troops at this stage of attack. The whole assault depends
on you. The objective just now is a vastly increased volume of consumption, and that can happen only on the basis of a strictly repressed price
structure.
"The President is determined to help you in every way he can—by
releasing credit, by encouraging buying, by increasing wages and employment. If you are faithful under the Blue Eagle—if you mean it when you
say 'We do our part'—the whole weight of this great National co-operation
is now on you; at any cost you must keep prices down."
Governor Lehman pointed out that the efforts to pull the country out
of the depression with the aid of the national recovery program had only
begun and that the new machine set up to accomplish this was new, and
admittedly was not yet working at full efficiency.
"Yet it is working," he declared. "We must think only in terms of
further progress and ultimate success. We cannot afford or dare to think
of the possibility of failure. And the program will be an ever increasing
success if we all stand firmly together, shoulder to shoulder, ready to
forget self and willing to make sacrifices, willing to merge our own interests
in the greater interests of State and Nation."
For the first time, the Governor emphasized, the country was definitely
engaged, after less-sweeping measures had failed, in a nation-wide cooperative effort to stabilize trade and industry and to increase the security
of capital and labor by providing a planned program of moderate profits,
reasonable hours of work and adequate wages in industry and commerce.
Turning to the progress made in New York State, he said, figures up to
the close of last week, gathered for him by W. Averell Harriman, State
NRA Chairman, showed that 97% of the employers in 313 communities
of 52 counties up-State had enrolled under the Blue Eagle. He also reported that 328,982 families-40.2% of all the families in urban communities up-State—had taken the consumers' pledge since Aug. 28.
"This is but the first step in the President's program to put men and
women back at work, to give them a living wage, to increase their buying
power, and through this increase to bring about recovery," said Governor
Lehman.
"Men and women have been put back at work-39,765 of them in these
313 communities. They have been put back at work at a living wage.
The aggregate weekly total for this is $698,178, an average of $17.55.
The figure of this weekly wage is impressive enough by itself, and if we
translate it into yearly terms it reaches $36,304,866.
"It becomes still more impressive when it is considered in another aspect.
Every dollar of this money will go into circulation. It will go for rent;
it will go for food; it will go for heat and clothing; it will go toward the
paying off of indebtedness incurred during the bitter days of unemployment. As it passes into new hands it will be used in turn in like ways for
rent, for food, for clothing and for the payment of debts. Every dollar
of this kind of money will continuously circulate and renew its buying power
many times over in the course of a year."
The real test, Governor Lehman declared, will come in retail sales, in
the amount of goods actually consumed.
"Increased factory production alone will serve no purpose,'• he warned.
"As a matter of fact, if consuming power does not continuously keep pace
with production, we are inevitably going to see either an enforced slowing
up of production or a piling up of goods. Either contingency would be
destructive of the purpose to which we have set ourselves.
Consumption Is Vital Key.
"Consumption can be increased only through enlarged buying power,
and through willingness of people to use their power to buy. This is not
a fight alone for the leaders, or for a handful of patriotic and public-spirited
citizens—it is a fight in which every man and woman and child in the
country must enlist.
"Government by itself is impotent in instituting a new social or economic
order of things. It can do no more than point the way and to provide the
machinery. The work, the determination, the fight and the will to succeed
must come from the people themselves, and that can be brought about
only if there is the most widespread co-operation and will to sacrifice on
the part of all.
"We have made gains and we are making gains every day. I can see
It as I sit in my office in Albany and receive reports from all over the
• 2033
State. but I can see it more clearly when I travel around the'State, as I
frequently do, and meet people face to face. 1 sense and se a new hope,
a new confidence, a new enthusiasm. People are coming out of their
lethargy and their discouragement, and are again facing the future with
some feeling of security."
General Johnson's Address at NRA Rally.
Following is the full text of the address delivered by
Gen. Hugh S. Johnson inWew York,Sept. 12,at the Madison
Square Garden rally, as given in the New York "Times":
This is a milestone in the progress of the President's great plans. The
old system of enforced non-co-operation in industry failed through four
dreary years. For a century we had denied to our people the right to participate in any National economic program except through a so-called
rugged individualism. The President's idea was that this Nation can trust
its industries to co-operate, to abolish abuses, and it can trust our people
to act with them.
Under the NIRA. American trade and industry are invited to combine
with the Government to work out their own salvation. They are asked to
take their workers into this partnership and the whole poeple are shown a
way to support this common effort. If even a great public measure was
conceived in faith in the institutions and the people of a great Nation, this
is that measure.
Let us go back to our memories half a year. The banks were closed
in dread of economic dangers worse than we have ever known. The future
was so black with clouds that even the wisest among our leaders saw no
light. Factories were closed or were operated only by the daring of their
management, and no man could be perfectly sure that six months would
still see his family fed and sheltered.
Recalls Many Prophets of National Disaster.
In this murk there were plenty of foolish prophets of disaster. Men
talked of a dictatorship. It was freely said that our political structure was
in danger and some times that what is loosely called the capitalistic system
had completely failed. Such legislation as the NIRA was sought by men
who now wonder whether we are not so far on the way to recovery that there
should be no action at all to avert disaster.
Some memories may be short, but I can never forget the urgings under
which, against all my inclinations, I took this thankless and exposed position. There were no more corporals of industry who insisted that decisive
and instant action was imperative.
There were then not a few who,in the light of what had happened in other
countries, believed that an economic czardom was necessary. The Capitol
was full of cure-alls proposed, not by unknown visionaries, but by some
heads of great industrial corporations.
In the midst of this confusion the newly elected President projected a
few simple ideas of his own. He dissolved no parliaments and he departed
not at all from our constitutional forms. There is a sort of unconscious
irony in a few of the things he did. For almost 40 years some men in
industry had complained that it had suffered most of its ills from a statutory
denial of opportunity to act in unison. In this crisis he said, "Very well—
act together, but act with me for the common good."
The NIRA is, therefore, not a regimentation of industry. It is a simple
fact that every single one of the codes of great industries thus far approved
has been agreed to by a substantial majority of all the corporations submitting it. There has been no dictation. The gist of the President's
program is co-operation and not compulsion. It was an idea clearly in
accord with the very fundamentals of American democracy and utterly
opposed to the hopeless resorts to dictatorship abroad.
If you look at the President's whole recovery program you will find a
similar principle running through every act passed by the last Congress.
The Agricultural Adjustment Act is based on farmer co-operation to
reduce production to demand. The various loan and credit acts involve
no imposition of arbitrary control on anybody. There is not in the entire
Program a paragraph or a principle that departs from the essential idea
on which this Government is based.
Confidence the Force that Brings Recovery.
Growing out of this great effort there is a distinct stirring of hope throughout this country. That hope is not without substance. Every economic
index has moved substantially upward since those dark days of March.
Signs of a broad advance are everywhere. The greatest element of recovery
is recovery of confidence.
What is it that makes prices go up? Nothing in the world but a popular
conviction that they are going up.
What is it that makes factory wheels go round? The simple belief that
trade is going to take the output of the plant.
What is it that makes merchants fill their shelves? Confidence that
people are going to empty them.
Why is it that you buy or I buy a new suit of clothes or an automobile,
or have the house painted, or decide to spend a little money on a vacation
trip? Just our judgment that we are going to keep our jobs or maybe get
a raise in pay.
All that is confidence—faith that things are not as inky black as we
thought they were in March—belief that we see through rifts in all our
clouds the sunlight of a brighter day.
No man can put his finger on any particular cause and say that was why
this country has been lifted about a quarter of the way out of the March
depths since Franklin Roosevelt became President. But any man can be
very sure that there was chaos—then swift and intelligent action—and then
Nation-wide improvement so definite and certain that nobody now denies it.
Nobody denies it, but now we are beginning to hear that no action at all
was necessary; that improvement would have improved anyway; that it
would be better if all these attempts to do something against disaster were
abandoned; that what we want now is a return to the old rule of hands
off and let the best or, as it not infrequently happens, the worst man win.
This cry comes from some of the very voices that in March were most
eager for a virtual dictatorship and were making the halls of the Capitol
ring with the x-plan or the y-plan or the z-plan for a Governmental financing.
control or guarantee of everything and everybody.
"When the devil was sick the devil a monk would be; when the devil was
well, the devil a monk was he—."
No Reason to Go Back to Rudderless Drifting.
Short memories—short sight—and short sportsmanship. The ship of
our National fortunes is headed away from the storm centre with a stead:,
hand at the helm; but that is no reason for a change of course or to go back
to such rudderless drifting as nearly wrecked us last winter.
Over and over again the President has warned that there is no easy magic
to cure evils such as ours. He has presented a close-knit plan—each part
dependent on all other parts and no part dependent on lifting the country
by its boot-straps. What this plan does is the most that any Governmental
plan can ever do—to give our people the chance to help themselves—
industry, workers, farmers and the public, the President's program says
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Financial Chronicle
to all, "In this way you can help in our great united effort at recovery."
But let us make no mistake. The effort has just begun!
It will take time and patience, and work and waiting and continued
never-ceasing effort.
There are some slight stirrings of opposition to all this and it will be well
to look to whence these efforts come. There was a leadership in industry
and trade as well as in finance and politics—which we followed into the 1929
disaster. It told us that the rule of devil-take-the-hindmost was the way
to a practical paradise. It thought we were in a new economic era. The
whole of America was enticed into speculation on the exchanges at Prices so
high that only a madman making crazy figures on a slate in some barred
asylum could justify them.
This leadership so vaunted itself that any glance from Government in
even the direction of what it was doing was resented as an impertinence.
With the whole agricultural population verging toward peonage—with
half the business enterprises in the country operating at a loss—with not
less than 2,000,000 men out of employment and more being driven out of
work every year by a reckless race toward complete mechanization—this
leadership stood up and preached unending prosperity, because of its own
minority, gorged with paper profits, was reveling in a fool's paradise and
shaking enough of its superflux down into the population to make everybody
good enough to stand for it.
"Little Fellow's" Memory May Not Be so Short.
The memories of these men are short. But it is this very same discredited
leadership that is now saying: "We are on our way out. The President's
recovery program had nothing to do with it. Let us abandon the whole
thing and go back to the good old days."
By their fruits ye shall know them. The President's program is not for
them and they are not for it. As Will Rogers said the other day, If the
Administration fails, a good epitaph for its tombstone would be. "Died
trying to do something for the little fellow."
So perhaps the little fellow's memory may not be as short as others, and
him
when he hears this growing and gratuitous advice, it might be well for
to ask, "What advice was this authority giving in 1927. 1928 and 1929?"
"Under what flag does he march ?"
ou
If this test be applied, I think that—without one single exception—y
and
will find that the few sly and furtive undercut, the sneer, the sarcasm
in some way
the forthright and courageous assault, all centre back to men
the preciassociated with the policies and practices that led this country to
four
pice of 1929 and that as we all now know—have dragged us through
years as grievous trouble as ever plagued a people.
Administration Is Held Desirous of Criticism.
The President's program may be subject to criticism and nobody in this
and
Administration that I have seen resents criticism—honest, forthright
and
constructive criticism. They welcome it and seek to profit by it,
put their
frequently call upon the critics to join the procession and try to
It is
thoughts to helpful effect. I have seen that happen more than once.
the most open forum I have ever known in Washington.
there was under Woodrow
There is less attention to partisan politics than
what
Wilson in the war—and that was almost none. I do not even know
only know
the politics of some of the leading figures of NRA may be. I
that we have no political leaders of any stamp and that without exception
in what
they regard Franklin Roosevelt as an inspired leader, believe
policies
they are doing, and can be counted on to carry out the President's
affaris and
to the limit. They think that this is a crisis in our country's
they are working as I have never seen men work—even during the war—
to translate those policies into action.
You can
I do not need to tell you this—you can see it in your own city.
politics,
see it from one end of this country to the other. Without regard to
race or creed, our people are trying to pull together on the first popular,
country.
co-operative and consistent program that has over been given to this
So I do not wish to be misunderstood as coming here to resent criticism.
and
But I do believe that it is right to call attention to misunderstanding
to misrepresentation and sabotage.
Denies that Industry Is Being Shackled.
straightIt is wrong to say that industry is being shackled or put in a
that
jacket. The fact is that Industry is being set free. It's wrong to say
that
the people of this country are being incited to a boycott. The fact is
employers
they are being given a chance to join with the vast majority of
It is
who are co-operating in a National movement to a common end.
distressed enterprise is being forced to take
wrong to say that any small or
for any
a dose it connot swallow. The fact is that there is ample relief
bona-fide case of harship justifying exception.
The fact
It is wrong to my that there has been resort to intimidation.
is that not one penalty has been imposed and not one Individual coerced
n has given
into doing anything. It is wrong to say that this Administratio
any other
itself over to the aims of any group in derogation of the rights of
to execute
group. The fact is that It has a law to execute and that its duty is
any group—and that it is
it, without the slightest deviation for favor to
doing that duty.
We have made mistakes. We will make more mistakes. Whenever
We
we have made a mistake, we have frankly said so and corrected it.
shall continue to do this. We want criticism. We are constantly seeking
it and trying to correct our errors where criticism reveals them.
We know that we cannot quickly or completely do all that distressed
are following the
people would like to have us do. We only know that we
raised wages
plan prescribed for us by the President. We know that it has
power and helped to
and put people to work and increased purchasing
products.
turn factory wheels and increased the market for farm and factory
New Heart of Hope Put into the People.
and reWe know that it has abolished child labor and flooded schools
know that it
tricted sweatshops and given women a better break. We
improve such sick
offers a way to stabilize industry and restore profits and
industries as the bituminous coal and textile industries.
and given
We know that it has afforded people a greater sense of security
a feeling that
to thousands and thousands of NRA women and consumers
in the plan
part
they need not sit dumbly by. but that they have an active
the President has drawn to combat this depression.
the President's great plan—of which NRA is
We know that somehow
and if we did
but a part—has put new heart of hope Into a whole people
the metropolis of
not know it otherwise this greatest of demonstrations in
than words and with a
the whole world would tell us so in language louder
Poignancy that would thrill] the heart of a brass image.
their heads and
All this is—for the whole American people—to lift up
if Franklin Roosevelt
hearts—to live, and work, and fight again: and
recovery never
and his understanding, human, vibrant, American plan of
to make his Admindid anything more than this, it would have been enough
defeat this
istration a landmark in our history, and—as we believe—to
depression.
restored faith,
has
A people inspired by faith can do anything—and he
Sept. 16 1933
Faith in Roosevelt Unprecedented in Nation.
Who would have dared to prophesy that a scant tribe of gaunt Arab
horsemen out of Medina could overrun nearly the whole of the old Roman
Empire—or that a handful of Mongol nomads, during the life of a single
man—and because of him—could carry its horsetail banners in victory
from Peking to the Danube—or that a destitute French rabble would
dominate Europe?
There is nothing that this people cannot do if their form and adminsitration of government only permit them to do it. All they need is confidence
and faith, and if this gathering means anything—if similar gatherings that
I have seen in Chicago, Detroit, St. LOUIS, Cleveland and Washington
mean anything—and if the whole or our vast correspondence from all across
this country means anything, and what is more to the point, if the general
figures of wages and employment mean anything, we have the confidence
and faith in Franklin Roosevelt and what he stands for to an extent that
we have never seen in our lifetimes, and that I believe never existed in
this country before.
Pieces in Jig Saw Puzzle of Propserity Available.
All the pieces In the jig-saw puzzle called prosperity have been here all
the time. Here are warehouses bursting with all good things. Here are
the finest factories in the whole world. Here is a solvent country with
abundant credit and an almost perfect mechanical system for communication, transportation and the exchange of goods and services. Here is a
fine, courageous, willing and unselfish people in a land teeming with resources, and we have seen the picture of which these jig-saw pieces are the
parts.
We could have put them together long ago but for this missing piece of
faith—faith in ourselves, confidence in our future, belief in our Institutions
and leadership at the head of them. And now that faith is here, what does
the remaining remnant of this depression mean to us? We shall tear
through it in one continuous advance and with patience,courage and determination carry on to a complete realization of the President's plan and leadership in a march against which the partisan and selfish sniptng of the discredited leadership of the 1929 illusion will appear as nothing, and we are
on our way.
Company of Which General Johnson Is President
Is Accused of Violation of NRA Agreement—New
Jersey Bureau of Compliance Makes Prompt Investigation and Exonerates Recovery Administrator's Factory of Charges Brought by Union
Officials,
Lea Fabrics, Inc., of Newark, N.J., the company of which
General Hugh S. Johnson, National Recovery Administrator,
is President, was accused on Sept. 7 of having violated its
NRA agreement by reducing hours of employment from 48
to 40 a week without raising hourly wages, and by discharging one Herbert Smalley for attempting to organize
the plant workers. The management of the firm denied
that there was any basis for the accusation, which had been
made by Eric Ross, Secretary-Treasurer of the International
Carpet Workers Union, and in a subsequent investigation
conducted on Sept. 9 the Bureau of Complaints and Compliance of the New Jersey State Recovery Board cleared the
company of the charges. Summarizing the findings of the
Bureau, a Newark dispatch of Sept. 9 to the New York
"Times" said:
Taking up the charges made by Eric Ross, Secretary and Treasurer of
the newly organized International Carpet Workers Union, the board decided
that the company, since it signed the modified President's agreement on
Sept. 5, had not violated its terms. This was made known by Harry L.
Tepper, Chairman of the Board, after a closed hearing.
The Company, Mr. Tepper said, was under agreement with the trade
to
association to which it belonged, that of the carpet manufacturers, not
sign until other association members had done so. The entire group signed
day under the agreement is
last Tuesday, and the company's first pay
next Wednesday.
Roes charged that the company had reduced hours but had not raised
the rate of wages to bring the same weekly return as before, and that it
had discharged an employee for work in organizing the union.
The bearing was held at the Industrial Building, 1,060 Broad Street.
Fred
Charles Edison, Member of the State Recovery Board, and Colonel
A. Ellison, Executive Secretary of the State Recovery Administration, were
D. Hooke of the
also members of the Board hearing the charges. Robert
was
Department of Commerce, liaison officer for the State headquarters,
present.
After the hearing Colonel J. Loser Eisner, head of the State administration, issued a statement declaring that the hearing was "in accord with
was
normal procedure" and that "the fact that General Hugh S. Johnson
interested in the company had no bearing whatsoever."
Ellery K. Files, vice-President and General Manager,and four employees
discharged
testified for the company, Ross and Herbert Smalley, the
was brought
employee, testified in support of the charges. Mr.Tepper said it
out that Smalley had asked an increase, and that his superior, Emil Jegge,
Ross,
testified he had been ousted on Aug. 30 solely for inefficiency. When
as organizer, saw Mr. Files, Mr. Tepper said, he was unable to produce
credentials showing that he represented the men.
NRA Creates Compliance Boards in Every City and
Town—Agencies to Sift Alleged Violations of
Codes—Will Operate on Educational Basis and
Act as Mediators.
Creation of Compliance Boards to facilitate observance
of the Presidential re-employment agreement and of industrial codes under the NRA was announced on Sept. 12 by
General Hugh S. Johnson, Recovery Administrator, who said
that the Boards will consist of seven members each and will
function in every city and town in the country. This action
marked the beginning of a nation-wide drive to obtain 100%
compliance with the agreements and revealed the intention
on the part of the NRA to punish violators of codes. The
members of the Committees will represent employers, em-
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Financial Chronicle
ployees and consumers, and if necessary will report violations of the agreements to Washington. The announcement
said that a policy of "education, conciliation and mediation"
would be adopted. Other details were noted as follows in
Washington advices of Sept. 12 to the New York "Times":
General Johnson, in a letter to NRA committmen in various States, indicated that he wished to avoid friction wherever possible.
"It should be impressed on the community," he wrote, "that any one
who is displaying the Eagle is presumed to be complying with the President's agreement until the Eagle is taken away from him by competent
Federal authority.
"Rumors injurious to NRA members should be discouraged and the community instructed that the thing to do is to bring complaints with the facts
which support the same to the local Compliance Board and not to report
a suspicion to neighbors."
The Boards will include two employee representatives, one representing
Industrial workers, the other employees in retail or wholesale trade; two
employers, respectively representing industry, and retail or wholesale trade;
a consumers' representative, "preferably a woman," and a lawyer urged by
his State Bar Association. These will all be chosen by local NRA Chairmen.
The first six will elect a seventh member, who will be permanent Chairman of the Board, and who, according to General Johnson, "should enjoy
the respect of the entire community and must be free from any connection—
political, financial or otherwise—which would cast any doubt on the impartiality of his decision."
Three chief subjects will occupy the attention of the Boards. These are
complaints of non-compliance with the Presidential Agreement, petitions
for latitude under Paragraph 14 of the Agreement, which allows exceptions
where strict compliance would create "great and unavoidable hardship,"
and petitions to operate on the longer hour schedule of existing union contracts instead of the maximum hours of the Agreement.
The Boards will begin immediate investigations of complaints now before
local committees. An accused employer will be told of the complaint and
will have a chance to answer.
If the charge is found valid and the employer declines to live up to the
Agreement, the accusation will be sent in to Washington. The local Boards,
General Johnson asserted, will have no powers of enforcement except upon
express directions from Washington.
Union Labor Upheld in Ruling Under NRA--National
Labor Board Holds Employees May Choose Any
Representative in a Dispute, Including One Not
in Own Ranks—Decision Affects Woolen Mills
Which Objected to Dealing with United Textile
Group.
A categorical ruling that employees have a right to be
represented by any one they may choose, regardless of
whether or not he is an employee of the plant involved in a
dispute, was banded down by unanimous decision of the National Labor Board on Sept. 12. The decision was made
public by Senator Robert F. Wagner, Chairman of the Board,
in the case of the Berkeley Woolen Mills of Martinsburg,
W. Va., whose 400 employees have been on strike since Aug.
15. The text of the decision reads:
Due notice of this hearing was given to the respondent by telegram dated
September 2 1933. The President of the respondent, in answer to this
telegram, agreed to attend the hearing. On September 6th further notice
was given respondent by telephone, and respondent's attorney stated that
the President of respondent company was in Washington. The hearing was
begun at 11 o'clock but no representative was present on behalf of the respondent. In order to give the respondent every opportunity to appear,
the hearing was adjourned until 3 P. M. and the respondent was notified of
this by telephone. The respondent answered, claiming that this was being
adjusted, and there was, therefore, no issue before this Board. Testimony
taken during the course of the hearing showed, however, that the complaint
was not adjusted and that respondent was notified by complainant on September 5th that complainant would press the complaint before the Board.
The Board was forced to conclude that the respondent's default was willful
and, therefore, proceeded with the hearing.
In the early part of August 1933, seven employees of the respondent company were discharged under circumstances leading them to believe that their
discharge was due to union activities. These men were unable to secure a
hearing or to ascertain the cause of their discharge. An attempt was made
by Mr. William C. Liller, Commissioner of Conciliation of the Labor Department, to adjust the difficulties, but this also proved unsuccessful.
On August 14 a Committee of employees met with the general manager
of the respondent company. This Committee requested recognition of their
union, which was part of the United Textile Workers' Union, and a fair
and impartial hearing for the discharged men. The Committee was informed by the management that the respondent would recognize a union
composed solely of the employees of the mill, but it would not recognize
any National union. The Committee was further informed that the respondent- would deal with no representatives of the employees unless such representative was an employee of the mill. As a result of this refusal on the
part of the respondent, a strike was called for August 15. Since that time,
the mill has remained closed.
A further attempt was made to adjust the difficulties between the parties
by a civic organization of Martinsburg, W. Va., on September 5. Once
again, the question of recognition of representatives arose and the employees
insisted that they had the right to choose any one they might desire to act
as their representative. The President of respondent company refused to
admit this and stated that the respondent company would recognize no representative who was not an employee of the mill. At a result of this attitude on the part of the respondent, efforts at conciliation failed.
The question before the Board is whether employees are in any way limited in their choice of representatives to deal with employers. Section 7 of
the NIRA prescribes that each code must contain the following condition:
"
"That employees shall have the right to organize and bargain collectively through
representatives of their own choosing and shall be free from interference, restraint,
or coercion of employers of labor or their agents, in the designation of such representatives. . .
This provision is also a part of the code covering the textile industry,
of which industry respondent is a member. We fail to see how it is pos-
2035
sible 'to put any interpretation on the phrase, "representatives of their own
choosing," which would make it necessary for employees to choose these
representatives from a particular class or a particular group. The statement to the effect that representatives must be chosen by the employees
cannot by any reasonable interpretation be deemed to mean that representatives must be chosen from the employees. To give to the code the interpretation sought by respondent it would limit each employees' organization to
the individual plant and would prevent the employees of a plant from joining any organization already in existence. Such a result would be opposed
to both the letter and the intent of the MIRA,
We rule, therefore, that employees have the right to choose any one they
wish as their representative and are not limited in their choice to fellow
employees.
We rule, further, that the respondent's refusal to deal with representatives of the employees, unless these representatives are workers in the mill,
is an attempt to interfere with and restrain the employees in the designation of their representatives and is a violation of the code which covers the
industry of which respondent is a member, as well as a violation of the
NIRA.
We recommend that the strike be discontinued and that the employees
return to work. We recommend that all employees be rehired without discrimination and that the respondent accept and deal with, as representatives of the employees, any persons the employees may choose to elect or
appoint as their representatives.
85% of Nation's Employers Under NRA
General
Johnson Tells Rally in New York City—Recovery
Codes,
Administrator Says Roosevelt Program Has Lifted
Depression by 25%—Attacks Critics Who Are
"Sniping" at Blue Eagle—Message from President
Roosevelt.
Approximately 85% of the employers of the United States
are enrolled under the NRA, and President Roosevelt's recovery program has already raised the country "onequarter" of the way out of the depression since last March,
General Hugh S. Johnson, Recovery Administrator, asserted
on Sept. 12 at a mass meeting held in Madison Square
Garden, New York City. General Johnson spoke at a rally
conducted by the foreign-language division of the City NRA
Committee as a preliminary to the NRA parade held on the
following day. About 10,000 persons in the audience heard
him declare that the NIRA was not an attempt at regimentation of industry but instead was a "charter of freedom" for
American business, thoroughly harmonizing with the traditions and principles of democracy. He issued a sharp warning against those who cried for assistance last March and
who now do not want Governmental aid. He said that the
persons who sought "economic czardom" at the time of the
banking crisis are to-day asserting that it would be better
if the program of collective effort were abandoned and if
the country returned to the old "rugged individualism"
under whicth the "worst man" was the winner as often as
the best man. General Johnson said that most of the "sniping at the Blue Eagle" emanated from the same business
leadership that led the nation into the 1929 disaster. His
remarks were further noted, in the New York "Times" of
Sept. 13, as follows:
"It told us that the rule of the devil take the hindmost was the way to
a practical paradise," he said. "It thought we were in a new economic
era. The whole of America was enticed into speculation on the exchanges
at prices so high that only a madman making crazy figures on a slate in
some barred asylum could justify them."
Offers Teat for Critics.
Before it heeds the present critics, General Johnson urged, the public
should ascertain what advice they were giving in 1927, 1928 and 1929.
"If this test be applied," he said, "I think that—without one single exception—you will find that the few sly and furtive undercuts, the sneers,
the sarcasm and the forthright and courageous assault all center back to men
in some way associated with the policies and practices that led this country
to the precipice of 1929, and that—as we all now know—have dragged us
through four years as grievous as ever plagued a people."
The President's program may be subjected to criticism, he said. "Nobody
in this Administration that I have seen objects to forthright open criticism.
There is more co-operation and lescs political partisanship in Washington
to-day than there was under Woodrow Wilson during the World NVar, and
that was practically none."
There is no boycott, he said—"but a national effort for a common end,"
and there is "ample relief for any bona fide case" which needs relief.
The NRA, General Johnson said, "has put people to work, increased purchasing power, increased the production of factories, abolished child labor,
restricted sweatshops and given to women a better break." It has given
an opportunity to stabilize industry and to succor such sick industries as
the bituminous coal industry.
"It has put heart and hope into a whole people," he added. "All the
nieces in the jigsaw puzzle of prosperity have been here all the time except
one—faith."
That lacking element has now been supplied by President Roosevelt's
program, he said; the people of America have faith and the nation is well
on the road to recovery.
At the end of General Johnson's address two small silk flags—the American ensign and the emblem of the NRA, the Blue Eagle—were presented
to him by Grover A. Whalen and other members of the local NRA Committee.
It was in expressing his appreciation of the gift that General Johnson
revealed that only 15% of the country's employers remained outside
the NRA.
Senator Copeland Points to Gains.
Senator Royal S. Copeland, like General Johnson, drew a parallel
between the first days of the Roosevelt Administration and the present.
Senator Copeland, who did not speak until late in the evening, recalled
2036
Financial Chronicle
that on March 6, "anywhere from 12,000,000 to 15,000,000 of our fellow
citizens were unemployed," the nation was fighting "to keep starvation in
check," and "there was disaster and distress everywhere." To-day, he
said, we have a "triumphant nation, marching to sure economic recovery"
under the leadership of President Roosevelt. The real implementation of
such recovery, he said, is the NRA—"the hope of the future," by which
"we shall march into the sunlight of prosperity."
W. Averill Harriman, State Chairman of the NRA, another speaker,
described the NRA as "essentially an American program, an adventure
co-operation, an adventure in generosity." He denied that the administration of the NRA favored the use of the boycott. The fundamental principle of the NRA is co-operation, not coercion, he said.
Chairman Whalen Reports on Drive.
Among other speakers at the rally were Mr. Grover Whalen, Chairman of
the city NRA Committee; James F. Hodgson, district manager of the NRA
under the Department of Commerce; J. Lester Eisner, New Jersey State
Chairman of the NRA, and David Dubinsky, President of the Internattional
Ladies' Garment Workers' Union.
The following message from President Roosevelt was read at the rally:
'I thank you for the privilege you give me to send a message to be
read as part of the broadcast and celebration on Sept. 12. I am grateful
to the foreign-born citizens of this country, who on that day meet to pledge
their support and assistance to the National Recovery program. Please
extend to them my personal thanks and best wishes."
Secretary Ickes Says Exercise of Price-Control Provisions of Oil Code Is "Not Imminent," Production
Allotment Will Be Relied on at Present—To Investigate Increased Gasoline Prices—Sub-committees Appointed Under Code.
Exercise of the price-fixing powers provided by the oil
code is "not imminent," according to a statement made
on Sept. 11 by Secretary of the Interior Ickes after he had
attended a White House conference. On the same day the
planning and co-ordination committee in charge of handling
the details of the code voted to give all groups of the petroleum industry "fair and equitable" representation on the
regional, State and local committees to be organized throughout the country. Secretary Ickes' remarks were reported as
follows in a Washington dispatch to the New York "Herald
Tribune":
"The price question was not given consideration with the idea of reaching
any decision now," said Secretary Ickes. "The right to fix the price will
remain in the oil code and there will be no changes in the document altering
it now. Changes were discussed, but they are for the purpose of its clarification. We expect to give the allotment of production which went into effect
only last Friday a new trial."
Objection to fixing the retail price of gasoline was sent to Secretary Ickes
by the Consumers' Advisory Board of the NRA in advance of the White
House conference.
Mrs. Charles Cary Rumsey, Chairman of the Consumers' Board, urged
Secretary Ickes to present to the conference the Board's request that "no
decision to fix the retail price of gasoline under the oil code authority be
made until there has been a full hearing of the consumers' side of the case
Representatives have been made to this Board that uniform retail pricefixing would hurt the consumer and the retail development of more efficient
methods of distribution, without contributing anything basic to the solution of the oil problem."
The influence of increased prices on the consumer market has already
appeared in several places. The Consumers' Board members said, notably
in the central territory, where the one-cent mark-up by the Standard Oil
Co. of Indiana was met by its competitors in the region. Forecasts of retail
price advances in other parts of the country are being generally made.
Secretary Ickes again commented on the question of prices
on Sept. 13, when he said that reports of increased gasoline
quotations will be investigated by the Oil Administration.
He added that if gasoline prices were found to be too high
and out of line with other oil prices he would "do something
about it." His remarks on that date were reported as follows
in Washington advices of the New York "Times":
The problem, to a considerable extent, is one of differentials. It is
now receiving the attention of the Planning and Co-ordination Committee
set up under the code as the principal advisory agency to the Administrator.
"The Committee," said the Secretary of the Interior Department, "is
studying this question of the relation of gasoline prices to the prices of
crude oil and various petroleum by-products. As soon as we get the facts,
and I hope it won't be long, we can take such action as may be necessary."
The Committee has charted a study of gasoline prices which shows that
they have gone up from one to three cents a gallon in all parts of the country, while crude oil has risen about 20 cents a barrel.
Some oil men complain that the failure of crude oil prices to keep pace
with gasoline has proved harmful to the producer as well as the retailer.
The dealer, it is said, has received only one-half cent of the gasoline rise,
while the wholesaler has not received even that much.
The chart shows 'a rise of 1.8 cents a gallon for gasoline in New York
and New England, two-fifths of a cent in Pennsylvania and Delaware,
and 1 cent in Ohio, 2 cents in Louisiana, Texas, Oklahoma, Mississippi,
Alabama, Kentucky, Arkansas, Tennessee, Nebraska and in other large
areas of the Middle West. The rise has been 1.5 cents in the Rocky Mountain and Pacific States. In all instances the increase has taken place since
the code of fair competition was instituted.
The 011 Administration is not inclined to view these increases as too
high in themselves, the objection being to what Is looked upon as a premature rise in the prices of gasoline. Eventually it is expected that crude oil
will go to $1.70 per barrel, and this may mean an average rise in gasoline
prices of about 3 cents a gallon.
Meanwhile the Planning and Co-ordinating Committee
for the oil code announced this week the appointment of
nine Sub-Committees to effectuate the work of the Committee, as provided by Article 7 of the code. The SubCommittees and their Chairmen are as follows:
Sept. 16 1933
Statistics Committee, Axton .7. Byles. President of the American Petroleum Institute.
Production Committee, Wirt Franklin, President Independent Petroleum
Association of America.
Refinery Committee, Howard Bennette, President Western Refiner
Association.
Marketing Committee, C. E. Arnott, President Socony Vacuum Co.
Accounting Committee, Ralph Zook, Pennsylvania Grade Crude Oil
Association,
Labor Committee, W. T. Holliday, President Standard 011 Co. of Ohio.
Adjustment and Interpretation Committee, Amos L. Beaty, General
Counsel Phillips Petroleum Co.
Transportation Committee, E. P. Reeser, Hamadan Oil Co.
Finance Committee, H. M. Dawes, President Pure Oil Co.
President Roosevelt Modifies Oil Code to Avert Gasoline
"War"—Wider Powers Given to Executive as Result
of Changes—Secretary Ickes Issues Warning of
Tighter Regulation.
President Roosevelt on Sept. 13 approved a change7in
he price section of the oil code, and placed himself in a
position to exercise both price fixing and Federal regulatory
control if the disparity between gasoline quotations and
crude oil prices is not corrected. The change in the code
was announced by Secretary of the Interior Ickes, and the
various new provisions were outlined as follows in a Washington dispatch of Sept. 13 to the New York "Herald
Tribune":
Instead of the specific authority given the President in the oil code as
originally promulgated to fix, at his discretion, the wholesale price of
gasoline with the price of crude oil to be determined by multiplying this
gallon gas price by a content of 18.5 to compute the barrel price of the crude
product, the amendment approved to-day gives the President wider
authority.
The broader power gives the President authority to fix minimum and
maximum schedules and determine the modes of delivery subject to the
penalty of sections of the National Industrial Recovery and Federal Trade
Commission Acts. As in the original code now effective the right to exercise
the power is in the President's discretion and its use depends upon the
Immediate developments of the oil price situation.
"Word has come to the Planning and Co-ordination Committee," said
Secretary Ickes, "that a gasoline price war has broken out in California
and is extending along the Pacific Coast. We also have heard that there
appears to be underselling in Brooklyn, New York and other sections of
the country.
"I have asked that a study be made of the situation in these districts,
and pending the study I am not prepared to express any opinion, but we
will try to remedy it.
Ickes Rues Price War.
"Here is a situation where we must keep our heads clear. I hope that
the various oil interests, realizing the menace price wars will be to the whole
industry, will themselves take prompt measures to correct abuses,"
The positive language of the new price section amendment to the code
leaves no doubt of the Government's power to control the oil price situation.
Additional amendments to the code provide for clerical employees in
production and pipe line transportation to work not more than 48 hours
in one week nor more than 80 hours in two weeks. All other employees in
these operations not more than 40 hours in one week and 72 in two weeks
nor more than 16 hours in any two days.
Employees in market operations other than filling stations, garage or
service stations except executives and salesmen, not more than 40 hours
a week.
Filling or service station'employees not more than 48 hours a week, with
wages from $12 a week in cities of less than 2,500 and $15 a week in cities
of more than 500,000.
Text of Revised Code.
The text of the revised price and control section follows:
Article III, Section 6 (A) is amended to read as follows:
Section 6(A). For a test period of not to exceed 90 days pending the
determination of the cost of crude petroleum and (or) the products thereof.
as hereinafter provided, the President may establish price schedules for
Petroleum and such products thereof as he may designate, and for any or
all modes of delivery thereof; it shall be an act of unfair competition to
sell or otherwise dispose of or to buy or otherwise acquire petroleum or
the products thereof at a lower price than the applicable price established
by the President for the test period. Thereafter, in order to prevent the
premature abandonment of wells of settled production, the growth of
monopoly, the obstruction of inter-State commerce, and otherwise to
effectuate the purposes of the NIRA,It shall be an act of unfair competition
to sell or otherwise dispose of or to buy or otherwise acquire petroleum at
a price below the recovery costs of such petroleum as determined by the
Federal agency and approved by the President.
In determining such recovery costs, the Federal agency shall ascertain
the average cost of production of crude petroleum and shall determine the
fair economic limit of the coat of production in stripper well areas, which
must be met to prevent premature abandonment of such stripper wells
as may be found to be economical and practicable of operation. And in order
to carry out the purposes of this provision, the Federal agency shall also
determine the average costs of economically refining, transporting and
distributing petroleum and any of its products for different areas and for
different methods of marketing, and it shall be an act of unfair competition
to sell or otherwise dispose of, or to buy or otherwise acquire, petroleum
or the products thereof below the total coats as found by the Federal agency
and approved by the President. Prices for crude petroleum established
hereunder for different localities and different grades shall bear such relations as may be fair and equitable. And in order to effectuate the purposes
of Section 3A of NIRA, the President may prescribe maximum prices for
petroleum or any of the products thereof.
"Article III, Section 7, is amended to read as follows:
"Section 7. Wild-catting shall not be prohibited, because the future
maintenance of the petroleum supply depends on new discoveries and new
Pools, but the shipment of petroleum or the products thereof in or affecting
inter-State commerce which was produced in a new field or pool which
is not developed in accordance with a plan approved by the President is
unfair competition and in violation of this code. For the purposes of this
code a new field or pool is one discovered after Jan. 1 1933, and/or in which
not more than the producing wells have been completed as of the effective
date of this code."
Volume 137
Financial Chronicle
General Johnson Announces Oct. 1 as Deadline for
Code Substitutions Under President's Re-employment Agreement.
General Hugh S. Johnson, Recovery Administrator,
announced on Sept. 13 that Oct 1 is the deadline for substitution of codes under paragraph 13 of the President's
re-employment agreement. It was also announced that
General Johnson will no longer approve the substitution of
codes presented by industry or trade groups which total
less than 1,000 employees. Individual firms in such an
industry or trade group which have not already signed a
re-employment agreement, and which cannot comply with
its provisions, should seek an exception under paragraph 14.
It was stated that more than 400 petitions have already
been approved under paragraph 13.
Independent Petroleum Dealers Association Protests
Use of Price-Fixing Powers Under Oil Code—
Communication to President Declares Small Dealers
Would Be Eliminated if Retail Prices Were Made
Uniform for All.
Opposition to the exercise of price-fixing powers under
the code for the petroleum industry was expressed on Sept.
10 in a communication to President Roosevelt from the Individual Brand Petroleum Association, an organization
composed of small dealers in 28 States who operate under
their own trade names in competition with the major companies. Richard F. Cleveland, acting as counsel for the
Association, said its members sold gasoline at cut rates in
opposition to the larger companies because of their low costs
of distribution. Mr. Cleveland said:
The probability of retail price-fixing, due to Secretary Ickes's favor toward such an experiment would, without question, eliminate this group altogether, as no consumer would seek out an inconvenient station in preference to large, conveniently located stations, unless there is a price difference.
From the standpoint of administration, the oil and other industries have
all they can possibly do now to put into effective practice the basic wage
and hour benefits of the NRA, benefits which our group have long since
adopted enthusiastically. To add a feature which its strongest advocates
realize is controversial, at best, would put such a strain on the willing citizens of the country that it may nullify and vitiate the simple, strong purpose
of your splendid program.
Coal Code Expected to Get President's Signature Before
Monday—Operators Confer Late Yesterday and
General Johnson Indicates Agreement is Near—
NRA Presses Code as 30,000 Miners Strike and
Many are Injured in Clashes Between Pickets and
Deputies.
The most difficult problem yet to be faced by the NRA—
the conclusion of an acceptable code for the bituminous coal
industry—appeared to be near a final solution late yesterday
(Sept. 15) as operators and representatives of labor met in a
conference from which it was anticipated that an agreement
could be handed to President Roosevelt for his' signature.
Mr. Roosevelt himself canceled plans for boarding the Government yacht Sequoia in order to be in Washington, and it
was said that he was determined that the long-pending Code
would be promulgated before the beginning of next week.
The NRA was particularly insistent that an agreement be
concluded because of the fact that more than 30,000 Pennsylvania miners have gone on a strike or "holiday", effective
Sept. 12, and these men have announced their refusal to
return to work until a code is signed. On Sept. 14 outbreaks
between pickets and deputies at three mines resulted in the
shooting of 16 men and the injury of more than 20 others.
General Hugh S. Johnson, Recovery Administrator, said
yesterday that "unquestionably" the bituminous code would
be ready for the President's signature this week. The series
of conferences held late this week followed the refusal of
operators to accept a revised code which was presented to
them by the NRA on Sept. 7.
In presenting a revised code to the bituminous coal operators on Sept. 7, General Johnson said that if the operators
did not accept the code after a public hearing and after any
objections they submitted were considered, it would be imposed upon them by the President. The public hearing was
originally set for Sept. 11, but it was postponed until Sept.
12 in order to permit more detailed summing up of the various objections to the proposed pact. Vigorous protests
against the provisions of the code poured in upon the Recovery Administrator over the week-end, but in a statement
Issued on Sept. 10 General Johnson said that "a co-operative
conciliatory reasonable" attitude governed negotiations. His
statement read as follows:
The coal code submitted by the NRA as a compilation intended to reconcile the large number of codes submitted, is set for final hearing Tuesday,
Sept. 12, at 2:30 P. M. Statements offering objections, amendments, &c.,
2037
were invited. In some of these that have been received there is a good deal
of language of a professional legal nature and a few rather extreme statements not unusual in highly adversary briefs.
In the meantime, however, conferences have been carried forward on the
basis of the substance of these suggestions with most of the parties in interest of the code, and negotiations between the United Mine Workers and
the Appalachian operators have been practically uninterrupted.
From the co-operative, conciliatory and reasonable attitude now governing both sets of negotiations, I feel justified in saying that my confidence
in our ability to get a proper agreed code and a satisfactory settlement has
not been shaken.
The most important listing of objections to the code formulated by the NRA was filed on Sept. 10 by the Northern Control Association and the Smokeless and Appalachian Coal
Association, representing 71.5% of annual bituminous tonnage. This group protested against almost every paragraph
in the tentative pact, specifying six principal lines of opposition and naming 28 specific demurrers. The document
also cited alleged attempts by the NRA to impose Government paternalism on industry, and contained many suggestions that the NRA was granting all possible favors to the
labor unions. An outline of the chief objections mentioned
by the operators was given in the following excerpt from a
Washington dispatch of Sept. 10 to the New York "Times":
The objections filed by the Appalachian operators to the Administration's
soft-coal plan may be summed up in one paragraph of their letter to General
Johnson. It reads:
"It had been thought by common consent that the ownership of property,
along with the obligations it involved for a due regard for the rights of
others, carried with it a reasonable measure of management over that property. Even casual study of the proposed so-called basic code gives a follower of that principle pause. One of the outstanding features of the Administration's proposed code is relegation to the background of ownership
management and the substitution therefor of management either by employees or by Federal authorities. The proposed code bristles with instances
of departures from the time-honored supposition that one had a reasonable
measure of power and authority over his own holdings."
Detailing their fundamental objections, the operators alleged:
1. That the code as proposed "deprives the owners of the property of
practically all of the rights of management," and vests practically all of
the functions of management as to production and operation in organized
labor, and the general conduct of the business either in an industrial committee or the Government.
2. That the labor provisions "are throughout designed for operation only
in connection with a labor union."
3. That the 71.5% of production represented by the Appalachian operators would be "in a very decided minority in the exercise of even such
limited functions as the code leaves to the owners and operators of the
mines."
4. That the code undertakes to regulate matters which "axe not committed to the control of the Federal Government and which infringe upon
the right of private contract."
5. That the code undertakes to control the coal industry along national
lines rather than on natural district lines established by the geographical
location of coal deposits.
6. That instead of prescribing "minimum wages" as contemplated by
the NIRA, the proposed code establishes a classification of wage and workers
based on the "basic minimum rate for inside labor" and the maintenance
of "customary differentials above or below the said basic rates."
Differences Over Definitions.
As to the labor section of General Johnson's proposed compact, the operators said that it meant "an abdication by the operator from the mine
management" and the turning over of the matter of hiring employees to
his employees and their representatives. They charged that this particular
paragraph in the code mis-stated the law.
"This paragraph also mis-stated the requirements of Section 7(a) of
the act," the letter said, "when it refers to 'workers who are organized in
the manner required in Section 7(a) of the NIRA.'
"Section 7(a) of the NIRA not only does not require that workers organize, but expressly recognizes their right to deal individually. The entire
management of the mines and the safety of the working force is destroyed
by this."
Concerning the labor provisions relating to "condition of employment,"
the operators said it was deficient in that it failed to include provisions
for the "merit" system of hiring, firing, promoting and reducing employees
in rank. Regardless of General Johnson's declaration that no such clause
would be allowed in any other fair competition codes, although it was approved in the automobile code, the coal men insisted that it "must be included in any code of fair competition to which we are to agree."
"The necessity for including such a (merit) clause in the code of fair
competition ,becomes more evident every day," the operators contended.
"Notwithstanding the interpretations of the act that have been made in
public statements by the Administrator, much confusion still exists in the
lay mind as to whether the NIRA requires unionization of labor or a closed
shop or an open shop. Such confusion evidently exists in the minds of the
Administrator's own staff, since the code proposed refers to 'workers who
are organized in the manner required in Section 7(a) of the NIRA.'
"If this confusion exists in the minds of the Administrator's own staff,
it is easy to understand the extent of the confusion that must exist in the
minds of the miners and other lay classes."
In the next paragraph, dissenting to the code's requirements for weighing output in place of the old measuring system, the operators saw in it
"an attempt to put an additional handicap on that part of the bituminous
coal industry that uses the practice of paying by measure."
"It is an attempt by the Federal Government to regulate by Federal law
matters that are regulated by State law in practically every State, another
attempt to transfer the management of the mine from the hands of the
owners to the employees," the brief said.
The proposed code, according to the protest, sets up a limitation on the
freedom of employees to obtain advances of credit or engage in business
transactions with their employers without the consent of the Government.
The operators objected also to the provision which specifically prohibits employers from requiring employees to live in company houses or to buy from
company stores.
2038
Financial Chronicle
They said these provisions constituted "a reflection upon the industry"
in its dealing with employees. As to each of these prohibitions, they said:
"We cannot consent to the inclusion of this paragraph in any voluntary
code."
In this connection, General Johnson's code provided as follows:
or those necessary
"Employees other than maintenance or supervisory men employment to live
to protect the property shah not be required as a condition of
In homes rented from employers.
"No employee shall be required as a condition of employment to trade at the
store of employers."
Defend Company House Rents.
reasonThe operators maintained in their objections that the rents were
that
able and the housing "in keeping with the fair and ordinary standards
emobtain in nearby communities," and that the clause against requiring
implication that the
ployees to trade at a company store carried with it the
requirement was now made.
which proThe operators protested against the.paragraph on child labor,
"inside"
vides that no person under 16 years of age should be employed in
mine work and, further, "that where a State law provides a minimum age,
the State law shall govern." They said this was an attempt to set up a
Federal super-authority over the States.
Another objection was to the Administration having any supervisory
within
Power whatsoever over the execution of agreements among people
the industry. They dismissed the declaration of purpose to establish a
fair price "sufficient to furnish stable employment necessary for maintaining the industry," as "visionary and impractical." They objected to the
set-up for handling labor disputes as "peculiarly designed to drive the employees into a union."
Emphatic was the protest against the authority proposed in General Johnson's plan to control the industry.
"We are not willing," they said, "that any other coal-producing section
should participate in the affairs of the Appalachian district."
Discussing the provision for divisional code authorities, the operators said
that the very term "code authorities" is "the veriest mockery; for not the
slightest act of the so-called authority is final if the Administration chooses
to change or annul it."
"It will be difficult to conceive of any more abject state to which management can be relegated," the operators declared.
The section of the code which provides that all mines should be operated
in conformity with requirements for safety was objected to by the operators
on the ground that it ran head on into the question of State rights.
"This provision is an attempt to make violation of State laws and even
of local safety practices subject to the penalties of Federal laws," they
continued.
Reverting again to the question of "conditions of employment," the operators objected strenuously to the condition that deductions from employes' pay envelopes should be made a matter of agreement. They said
it was an interposition by the Administration to the detriment of the ordinary functions of management.
When the coal operators and labor leaders met for the
Scheduled public hearing on Sept. 12, Donald It. Richberg,
General Counsel to the NRA, explained the method of procedure which 'had been designed to expedite the formulation of a code. He asserted that the NRA desired one basic
coal code, but addtd that divisional codes might be accepted
if agreement on a single compact could not be reached. Mr.
Richberg said that the plan laid before the industry by General Johnson must not be regarded as an "imposed" code.
and remarked that many helpful suggestions for improvement in the code had been received. The most important
result of the day's hearing was the creation of machinery
which the NRA hoped might hasten agreement upon a code.
At the request of the NRA the operators selected two committees of nine men each from the five geographical regions
into which the coal fields have been divided. One of these
Committees was delegated to consider methods of administering the code, while the other was called upon to reach an
agreement upon the code as a whole, aside from the question of minimum wage scales, which was to be discussed by
a Committee of the United Mine Workers of America in
conference with the operators and the NRA. The two Committees selected by the operators were:
To consider formulation of the code—Division No. 1, J. D. Francis, Hugh
'
Division No. 2, George W.
Hawthorne, Heath Clark and William Emery; ,
Reed and Charles G. Hall; Division No. 3, Forney Johnston; Division No. 4,
E. M. Douthat; Division No, 5, John Doolin.
To consider administration of the code—Division No. 1, R. E. Taggart,
E. C. Mahan, Charles O'Neill and Scott Stewart; Division No. 2, T. C.
Essington and George Heaps Jr.; Division No, 3, D. A. Thomas; Division
No. 4, W. C. Shanks; Division No, 5, F. V. H. Collins.
The labor Committee named to co-operate with the operators and the NRA comprised:
John L. Lewis, President of the United Mine Workers of America; Vice.
President Phillip Murray, Secretary-Treasurer Thomas Kennedy, Percy Tetlow and Van A. Bittner.
Procedure at the hearing on Sept. 12 was described, in
part, as follows, in Washington advices of that date to the
New York "Times":
The first step in the proceedings will be an attempt by the NRA to revise the tentative code along the lines indicated by the various groups since
submission of the code last week. The meetings will be field by the NRA
with the operators' two committees and the union committees.
To "Allay Certain Ideas."
Mr. Richberg opened the meeting by saying the NRA desired to "allay
certain ideas" that had become prevalent since the presentation by the Administration of its coal code on Sept. 7. Owing to the inadequacy of the
explanation made at that time, he said, a "grave misunderstanding" had
arisen.
It was not intended by the Administration to impose a code on the soft
coal industry, Mr. Richberg announced. The idea was merely to make an
Sept. 16 1933
proposed by
effort to compile a single basic code from the tentative code
the Administration.
code, said
Many helpful suggestions for improvement of the tentative
Mr. Richberg, had been filed since last Friday. These were welcome. At
been made of the Adthe same time many "impassioned criticisms" had
ministration. These he regarded as a waste of time.
The Administration's purpose in presenting its tentative code, he continued, was to attempt a reconciliation of many divergent points of view.
No predetermination had been made of a possible solution.
The whole purpose of the NRA, according to the General Counsel, was
to assist industrial self-government. However, if it was found that the
industry could not govern itself as a whole, thought might be given to governing itself through divisions. If the leaders of the industry could not
get together along these lines, said Mr. Richberg, "they may realize that
they need Government aid and co-operation."
"Legalistic Arguments" Ignored.
The Government had prepared a digest of the criticism of the tentative
code, Mr. Richberg explained, and had not attempted to take up the "mass
of legalistic arguments" presented. This statement was taken by the audience to refer to the 7,000-word brief filed last Saturday by the Appalachian
group of non-union operators.
Pointing out that a code could not be worked out in a conference such
as the one he was addressing, Mr. Richberg remarked that the Administration desired to have the various groups name advisory committees to see
how far they could work out a code acceptable to the industry as a whole
or to the industry by divisions.
Warning that if one or two groups remained "irreconcilable" the work
would proceed without them, Mr. Richberg invited all those who wished to
co-operate voluntarily to name representatives to the committees. While
he made no mention of the groups he had in mind, it was understood that
the reference was to Alabama and Western Kentucky, whose spokesmen have
been the most vehement in attacking the Administration's policy and which
have broadly intimated that unless their suggestions were adopted they
would carry their case to the Courts in a teat action.
Two Committees' Field,.
Mr. Richberg explained that there would be two committees of nine men
each. One would consider the question of administering the tentative code.
The other would take up the code as a whole with the exception of minimum wages, which would require separate treatment. The 18 members
of the two committees, as described by Mr. Richberg, are divided into five
geographical groups. The number of members allotted to each group an]
the territory represented follow:
Division No. 1, the Appalachian Group, Eight members—Pennsylvania,
Ohio, the Lower Peninsula of Michigan, Maryland, West Virginia, Kentucky,
Northern Tennessee, Virginia and North Carolina,
Division No, 2, Four Members—Iowa, Illinois and Indiana.
Division No. 3, Two Members—Alabama, Southern Tennessee and Georgia.
Division No, 4, Two Members—Missouri, Kansas, Arkansas, Oklahoma
and Texas.
Division No. 5, Two Members—New Mexico, Colorado, Utah, Wyoming,
North Dakota, South Dakota, Montana, Idaho, Washington, Oregon, California, Nevada and Arizona.
Mr. Richberg emphasized that the committees selected by the operators
would not have authority to bind any group but would refer decisions back
to the larger bodies, which would make the decisions.
There was no objection by the Administration, he continued, to having
the miners select representatives to confer with the Administration in regard to the labor provisions.
Value of Used Automobile Limited by/Motor Retailers'
Code Filed with NRA—Average Price in Each Area
to Be Published Bi-Monthly.
Regulations governing dealers' allowances on used cars
are provided in the code for the motor vehicle retailing
trade which was filed with the NRA on Sept. 8 by the National Automobile Dealers' Association. The code states
that the industry has suffered large losses since 1926 and
that to prevent this it will regulate itself to return profits
and support increased wages and Shortened hours. It is
provided that the value of any used motor vehicle "shall be
the average price that the public in any given market area
is then paying for such vehicle, as ascertained by the National Automobile Dealers' Association from certified reports of actual sales, subject to the approval of the Administrator." The Association is to publish the average
price each 60 days. The code also provides that no dealer
shall sell a new car for less than factory list prices "plus
extra for equipment at listed prices, an amount equivalent
to rail transportation and handling charge to point of delivery, plus all taxes paid by said dealer."
President Roosevelt Signs Code for Salt Producers —
Child-Labor Clause Forbids Underground Work
For Those Less Than 21 Years—Wage Rates
Sharply Increased.
President Roosevelt, on Sept. 11 signed a code for the
salt producing industry. Of this agreement General Hugh
S. Johnson, Recovery Administrator, said that its outstanding feature is the child-labor provision, which states
that no person under 21 years of age shall be permitted to
work in the mines below grcund. Almost 4,500 workers
are affected by the code, which is expected to increase
employment by 20%. Because of the difference in operating
conditions in various parts of the country, wage and hour
provisions are not uniform, although they represent substantial gains for labor. In the ease of male workers in
Louisiana the hourly wage rate is increased approximately
Volume 137
Financial Chronicle
80% and in the case of female workers the rise amounts to
140%. The Code eliminates the seven day week and guarantees every worker one day's rest in seven. Texas, Louisiana
and West Virginia are defined as the South and in these
States the minimum wage is specified as 30 cents an hour for
male and 25 cents for female labor, while in the rest of the
country the minimum is 35 cents for males and 32 cents for
female workers.
Industries Must Continue Statistical Reports to
GoOernment Departments, Despite Approval of
Cocks by NRA.
No provision of any code approved by the NRA relieves
any industry from the obligation of continuing to make its
customary statistical reports to other Departments of the
Government, it was announced at NRA headquarters on
Sept. 11. It was indicated that some manufacturers believed
their responsibilities had ended when they reported to NRA,
despite the fact that they are directed by law to make
reports to the Labor Department, Commerce Departnamt,
Federal Trade Commission and other Governmental agencies.
Locksmiths' Association Files Shortest Code with NRA
-Hour Week,
—182
-Word Document Specifies 48
with No Gratis Distribution of Keys to Attract
Trade.
The shortest code of fair competition yet to be filed with
the NRA was submitted on Sept. 11 by the American
Association of Master Locksmiths. Consisting of only
182-words, it read as follows:
American Association of Master Locksmiths' Code,
1. Locksmiths. key stores and stands should close at 6 p. m.
2. Minimum wage as per NRA act.
3. Minimum wages for locksmiths 50 cents per hour.
4. Forty-eight hours per week for locksmiths working in stores, because
no locksmith can earn from $26 to $35 per week, which is the present rate
of pay in 40 hours.
5. No keys should be given away free for the purpose of drawing trade.
6. No locksmith should be made a manager for the purpose of working
longer hours.
7. The minimum price for duplicating keys should be 20 cents each or two
for 35 cents in New York City and all cities that have a population of over
250,000 people.
8. The minimum price for duplicating keys in cities of less than 250.000
population and all cities west of Chicago would be 25 cents each.
9. Minimum charge for first cylinder key without a sample. 50 cents.
10. No key should be made from number of lock, impressions or drawings
unless proper ownership is proven.
11. Outside labor charge, $1.50 an hour.
12. Minimum profit on retail sales, 15%. plus 10% overhead charges.
American Association of Master Locksmiths,
Charles Courtney, President.
W. A. Meacham, Vice-President
P. H. Raker, Vice-President.
J. T. Malahan, Vice-President,
AAA Asks Manufacturers and Distributors of Food
Products Not to Use Blue Eagle on Individual
Food Containers—Fears Large Increased Cost to
Consumer if Practice Becomes General.
Manufacturers and distributors of food products were
urged by the AAA on Sept. 8 not to use the symbol of the
Blue Eagle as part of the label on individual containers for
retail trade. The AAA stated that this action was taken on
behalf of consumers and the reason prompting it was "the
increased cost to the consumer, including the farmer, which
will be involved if the practice of some manufacturer of
foods in labeling individual containers with the NRA emblem should spread through the whole industry." It was
said the increase in costs to domestic consumers, should the
practice become general, would be "many millions of dollars
annually." The Administration praised the co-operation of
the food industries in the recovery program, and suggested
that the proper place for the use of the Blue Eagle is the
outside of shipping containers. An announcement said:
The NRA has advised the food and grocery trades that every packer having the right to use the NRA insignia should file with each wholesaler and
retailer a suitable certificate showing he is a member of the National recovery program.
In addition the packers should furnish retailers with shelf insignia to be
displayed with their products.
Advertising membership in the NRA is to be encouraged. These steps
will suffice, without labeling individual packages.
Hearings Concluded on Code for Boot and Shoe Industry Agreement on Wage and Hours Provisions
Is Expected—Merit Clause Controversy Put in
Background.
Hearings on a proposed code of fair competition for the
boot and shoe industry were held before Deputy Administrator C. C. Williams of the NRA in Washington on Sept.
12 and 13, and were concluded on the latter date with indications that little difficulty will be experienced in composing differences between employers and employees on the
2039
•
questions of hours and wages. Early in the initial hearing
Mr. Williams eliminated discussion of the controversial
"merit" clause when he said discussion of such a provision
would "serve no immediate purpose." Manufacturers and
labor leaders interpreted his statement as designed to avoid
argument on the clause during the open hearing. Summarizing the testimony on Sept. 12, Associated Press Washington ads-ices of that date said:
Spokesmen for five large shoe workers' unions united in advocating a 30hour week with minimum wages of $18 weekly for unskilled workers, $30
for skilled workers and $40 for highly skilled workers. The manufacturers
had proposed a 40-hour week and a sliding minimum wage scale for men
and women with differentials between cities and towns.
The manufacturers' code would provide a minimum wage for men of
$15 in cities of more than 250,000; $14.50 in cities between 20,000 and
250,000 and $15 in communities of less than 20,000. The scale for women
in the three classifications would be $13, $13.50 and $12.
The code, moreover, provided that the minimum wage of $14 for men
and $12 for women would be paid in 14 Southern States regardless of the
size of the community. This provision brought attack from George W.
Lawson, representing the boot and shoe workera union, and a charge that it
amounted to "preparation of a field for future labor exploitation."
Mr. Lawson said that the rural-urban wage differential was unjustified,
and asserted that "the overriding of these differentials in the Southern
States indicates that these proposed differentials with their population bases
are not founded on conviction in the minds of their authors. They are
convenient in some territories and inconvenient in others. And they are
scrapped at convenience."
Describing the second and final hearing on Sept. 13, a
Washington dispatch to the New York "Journal of Commerce" said:
With the exception of wages and hours, nothing in the code was subjected
to determined attack, most of the discussion centering around questions of
phraseology.
Employers propose a 40-hour week with minimum wages of 374c. for
male and 321c. for female workers, while union representatives sought a
/
2
30-hour week with minimum wages of $18 for unskilled, $30 •for semiskilled and $40 for skilled labor.
Defending the code to-day, Roger A. Seldy, President of the National
Boot and Shoe Manufacturers' Association, testified that the reduction of
the working week to 40 hours will, on the basis of an estimated production
this year of 350,000,000 pairs, increase employment from a present level
of less than 175,000 to possibly 230,000.
Master Code for Retail Stores Controls Prices, Prohibits
"Inaccurate Advertising" and General Underselling Claims—Agreement Formulated by NRA
Includes Drug Stores—Varying Schedules of
Wages and Hours.
A master code of fair competition for ietail stores, including
drug stores and pharmacies, has been formulated by Deputy
Administrator Whit .side of the NRA, it was announced on
Sept. 13. The proposed code would supplant the agreement
submitted by the retail trade, exclusive of drug stores, on
Aug. 24. It includes provisions for the elimination of misleading advertising, prohibition against attacking advertising, general underselling claims and price cutting. It provides that all merchandise must be sold at the invoice price
plus 734% for food and food products and 10% for other
merchandise. A clause inserted at the suggestion of the
druggists specifies that nationally-advertised drugs must not
be sold at more than 21% under the retail price printed on
the package by the manufacturer. Other provisions were
detailed as follows in Washington advices of Sept. 13 to
the New York "Times:"
The language regarding unfair trade practices, which has been a bone of
contention, has been changed to bar advertising "inaccurate in any material
particular," and to forbid advertising referring "inaccurately in any
material particular" to a competitor. The revision also prohibits advertising which "inaccurately" lays claims to a policy of underselling competitors.
Strenuous objection is lodged by a certain group of retailers to the
insertion of the words "inaccurately" and "in any material particular."
The charge is made that this gives far too great latitude.
Wage and Hour Scales Adjusted.
The minimum wage and hour scales have been adjusted in order to cover
establishments remaining open for shorter or longer periods. Drug stores
which are open 7 days weekly may work their employees up to 56 hours,
but they must pay them a minimum of $16 weekly in cities of more than
500,000 population. Exceptions in the wage and hour scales are made in
certain cases.
The portions of the proposed code relating to price cutting follow:
Section 1.—"Stop Loss Provisions".—In order to check extreme forms of
predatory price cutting and minimum retail operating losses resulting
therefrom and in order to assure that the retailer shall be at least partially
compensated for the service he renders the consumer, on and after the
effective date of this code, no retailer shall offer for sale, sell or exchange, or
give away any merchandise excepting as provided hereinafter, below a
minimum price which shall be the wholesale price as hereinafter defined with
the addition of a purveyors'service charge of 73 % in the case of foods and
,
i
food products, and 10% in the case of other products.
Provision for "Slow" Goods.
No retailer shall sell standard trade-marked drug products whose retail
prices are advertised to the public as indicated on the goods, their package
or containers, at a discount greater than 21% from such declared retail
prices.
In the case the retail sales of such goods are slow or unsatisfactory the
manufacturer or wholesaler from whom such goods were purchased if his
address be known, shall be given the opportunity to repurchase such
merchandise at the wholesale price as hereinafter defined. In the event
that the manufacturer or wholesaler fails or refuses to repurchase such goods
within five days after notice has been sent, such goods shall at the option
of the retailer be classed and'treated as clearance merchandise as provided
for in Section 2 of this article.
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Financial Chronicle
That part of the Whiteside plan concerned with unfair advertising reads:
(a) No retailer shall use advertising, whether printed, radio or display,
which is inaccurate in any material particular or misrepresents merchandise
(including its use, trade-mark, grade, quality, quantity, size, origin,
material content, or preparation), or credit terms, values, policies, or
services; and no retailer shall use advertising and (or) selling methods which
tend to deceive or mislead the customer.
(b) No retailer shall use advertising which refers inaccurately in any
material particular to any competitor or his merchandise, prices, values,
credit terms, policies, or services.
(c) No retailer shall use advertising which inaccurately lays claim to a
policy or continuing practice of generally underselling competitors.
Store Hours Regulated.
Working hours are somewhat similar to those proposed in the first code,
the essential paragraphs reading:
Group A.—Any establishment may elect to remain open for business
55 hours but not less than 52 hours per week, provided, however, that no
establishment which on June 1 1933. was open for business 52 hours or
less per week shall reduce such store hours before Dec. 31 1933; no employee
of such establishments shall work more than 40 hours per week, nor more
than 8 hours per day, nor more than 6 days per week.
Group B.—.Any establishment may elect to remain open for business more
than 55 but less than 63 hours per week; no employee ofsuch establishment
shall work more than 44 hours per week, nor more than 9 hours per day, nor
more than 6 days per week.
Group C.—Any establishment may elect to remain open for business 63
hours or more per week; no employee ofsuch establishment shall work more
than 48 hours per week, nor more than 10 hours per day, nor more than 6
days per week.
Group D.—Drug stores may elect, in addition to the foregoing schedule,
to remain open for business 7 days a week for not less than 8 hours per day
and for 84 hours or more per week; no employee of such drug store
shall work more than 56 hours per week, nor more than 10 hours per day.
nor more than 13 days in any two consecutive weeks.
Minimum Wages Established.
The minimum wage scales urged in the remodeled code are:
(a) Within cities of over 500,000 population no employee shall be paid
less than the rate of $14 per week for a 40 hour week work, or less than the
rate of $14.50 per week for 44 hour work week, or less than the rate of $15
per week for a 48 hour work week, or less than the rate of $16 per week for
a 56 hour work week.
(b) Within cities of from 100,000 to 500,000 population no employee
shall be paid less than the rate of $13 per week for a 0 hour work week, or
less than the rate of $13.50 per week for a 44 hour work week. or less than
Or rate of $14 per week for a 48 hour work week, or less than the rate of
$15 per week for a 56 hour work week.
(c) Within cities of from 25,000 to 100,000 population, no employee shall
be paid less than the rate of $12 per week for a 40 hour work week, or less
than the rate of $12,50 per week for a 44 hour work week, or less than the
rate of $13 per week for a 48 hour work week, or less than the rate of $14
per week for a 56 hour work week.
Wage Increase in Towns.
(d) Within cities, towns, villages from 2,500 to 25,000 population,the
wages of all classes of employees shall be increased from the rates existing
on June 1 1933, by not less than 20%, provmeo that this shall not require
an increase in wages to more than $11 per week and, provided further, that
in no case shall any employee be paid less than $10 per week.
(e) Within towns, villages and other places with less than 2,500 populaUm,the wages of all classes of employees shall be increased from the rates
existing on June 1 1933. by not less than 20%. provided that this shall not
require an increase in wages to more than $10 per week.
Section 2.—Juniors and Apprentices.—Junior employees may be paid
for the first 6 months of their employment at the rate of $2 less per week
than the minimum wage otherwise applicable; apprentice employees may
be paid at the rate of $1 less than the minimum wage otherwise applicable;
it Is provided, however, that the number of employees classified as junior
and apprentice employees combined shall not exceed the ratio of one such
employee to every 10 employees or major fraction thereof.
NRA Stamp Design Stirs New Furore—Capital Shown
to be 'Out of Step' with Farmer, Worker and Woman in Picture—`Soviet Scythe' Seen, Too—Postal Department Defends Arrangement and Refuses
to Withdraw the Stamp.
The following is from the New York "Times" of Sept. 8:
The new NRA stamp, which gave rise to a controversy two weeks ago
when it was charged that the figure representing agriculture was "Russian,"
has aroused a second furore among stamp collectors and others, it became
known yesterday.
The latest contention is that the stamp constitutes an aspersion upon
American business interests. H. L. Lindquist, publisher of The Collectors
Club Philatelist and of the weekly magazine Stamps, said that letters
received from all parts of the country by those periodicals complained that
the NRA stamp depicted "capital out of step with everyone else."
Over the caption, "In a Common Determination." the design shows the
farmer with his alleged Soviet scythe, a business man, an aproned laborer
and a woman. The farmer, the laborer and the woman have their left
feet forward. The business man's right foot is forward—about half as
far forward as the left feet of the others.
The contention two weeks ago that the farmer's scythe was a Bolshevik
emblem brought demands in some quarters that the stamp be withdrawn.
The post office made no move to do so, it being explained that withdrawal
of an issue was often sought by stamp dealers to bring about a rise in price.
The latest discovery, however, is expected to have a more compelling
effect, according to Mr. Lindquist. He said he had heard rumors, which
he had not been able to check at the general post office in Washington,
that, as a result of the new complaints, a decision had been reached to withdraw the stamp and substitute one with a Blue Eagle design.
j. The original sketch for the NRA stamp was prepared by Victor McCloskey, an engraver of the Bureau of Engraving and Printing. It was a
"rush job." The figure of the business man originally bore a likeness to
President Roosevelt. The design was submitted to the President, who
objected to the likeness, with the result that the business figure is the only
one with a mustache.
From the same paper we also quote the following from
Washington Sept. 7:
The new NRA postage stamp will not be withdrawn, according to the
Post Office Department, which defended from renewed criticism to-day the
design of four figures, three men and a woman, advancing from left to right
"in a common determination."
Criticism of the central figure representing capital, or business, as being
"cut of step." was met by Michael Eidsness, Jr., chief of the Stamp Division, with the assertion that far from being an error affording subject matter
for a jest, the design,from an artistic standpoint, was correct.
Four figures, "goose-stepping" with military precision, would be justly
open to criticism from every point of view. Mr. Eidsness said.
Far from being "out of step with industry." he declared, the business
man was the pivotal figure of the group. Every group of three or more
figures "pivots" on one of them, according to Mr. Eidsness—in this case
the figure representing capital, because "industry pivots around business."
He said that "only wisecrackers" would find, anything to criticize in the
fact that the four figures were not in step.
Sept. 16 1933
NRA "Russianism," Senator Hatfield Asserts—Tells
General Johnson It Is "Makeshift" Plan Creating
a "Profiteering Paradise"—Would Bar "Brain
Trust"—Letter Also Urges Roosevelt to Adhere
to Money Pledge—Other Members of Congress
Endorse Recovery Prowram.
The Roosevelt recovery program was denounced on Sept.8
by Senator Hatfield (Rep.), of West Virginia, in a letter to
General Johnson, according to a Washington dispatch,
Sept. 8, to the New York "Times," which went on to say:
It was in response to one from the Adminstrator soliciting the Senator's
support of the NRA.
Senator Hatfield said the NRA program was an invasion of. the Constitution. He criticized it as an attempt to "transplant alien ideas from
Russian to American soil," and attacked it as "promulgating an un-American
way of life and violative of the traditional virtues which made us a great
Nation."
He also paid his respects to the "brain trust," condemned inflation and
declared that the NRA should be abandoned in its entirety.
General Johnson on Aug. 16 circularized Senator Hatfield and other
members of Congress, telling them that "just now your leadership will have
inestimable value and I earnestly solicit your constant support."
Letters of Praise Received.
The General made no comment to-night on the Hatfield letter. Inasmuch
as Senator Hatfield had made his attack public, however, other NRA
officials revealed letters from members of Congress praising the program.
Replying to the appeal for support of the NRA, Senator Hatfield retorted
that he would co-operate in petitioning President Roosevelt to "exercise
his legislative function of repeal and abandon this ghastly folly of industrial
regimentation."
He added that such was "our present state of ignominy" that by a single
stroke of the President's pen "all this economic madness can be ended."
The Senator said he was also ready to co-operate toward restraining the
"orgy of speculation now carried on under the absolutism of those who
subscribed to and qualified under the NRA," and in "curbing the paradise
of profiteering that the makeshift plans of NRA have precipitated."
Turning to the "brain trust," Senator Hatfield offered to join with
General Johnson in expelling from high places "such intellectual theorists as
Professor Raymond Moley, Professor Rexford Tugwell and others, who
are characterized by Representative Hamilton Fish Jr. as admirers of the
Red flag and principles of communism."
"Sound Money" Urged,
The West Virginian offered to co-operate in "beseeching" the President
to adhere to the sound money pledge the latter gave before an audience in
the Brooklyn Academy of Music "to the end that we may avoid the disaster
of further inflation and unsound money thus preparing the way for a
return to the gold standard, and possibly saving our country from further
miseries."
"I cannot further the plan of certain big business fascisti," Senator Eat
field wrote, "to reduce labor to a sort ofserfdom by means of overwhelming
power of Government."
He added that he favored collective bargaining for labor, but not
"government servitude." He pictured the recovery program bounties
to farmers as "wasteful." and the plowing under of 10,000,000 acres of
cotton and the Federal slaughter of 5,000,000 hogs as "disgraceful practices."
These and other practices, he asserted, did not accord with ideas of
sensible economy but "savor more of the atmosphere of a lunatic asylum."
"Since the pliant, bewildered, submissive, terrorized Congress of the
100 days practically abdicated all of its legislative functions," he added.
"I can scarcely see how the Executive department would be in need of any
further powers, as it now daily legislates for the entire Nation."
The letters made public at NRA headquarters were laudatory.
Senator Clark, Democrat, of Missouri, recalled that he had opposed the
NIRA but now was supporting the program to the fullest extent.
The others, all of whom praised the Administration's efforts and pledged
their support, were, Senator Capper, Republican, of Kansas; Senator
Vandenburg, Republican, of Michigan; Representative McLeod, Republican, of Michigan; Representative Kelley, Republican. of Pennsylvania;
Representative Peavey, Republican, of Wisconsin; Representative Nesbit,
Democrat, of Illinois; Representative Holmes, Republican, of Massachusetts; Representative Bolton, Republican, of Ohio, and Representative
Ramsay, Democrat, of West Virginia.
Fascism in NRA, Philip Cabot Says—We Have Taken
'Long Step' in That Direction, He Holds, Warning
of Peril to States.
The New Deal came in for sweeping criticism on Sept. 8
at the closing sessions of the convention of the Pennsylvania
Electric Association at Bedford Springs, Pa„ according to
a dispatch to the New York "Times" from which we also
quote:
Philip Cabot, formerly a utility executive and now Professor of Public
Utility Management at the Harvard School of Business Administration,
termed the National Recovery Act and the Agricultural Adjustment Act
as "a long step toward fascism."
Declaring that while they were necessary for the emergency, they would
get beyond control and endanger State sovereignty if continued, he advised seeking their "repeal" as soon as possible and proposed a National
constitutional convention to provide a more conservative change in the
form of government.
Charging the NRA with using Klu Klux tactics in enforcing its codes,
Professor Cabot declared that the Federal Government was one of the worst
"chiselers" against the NRA because it permitted the "unfair competition"
of Muscle Shoals, Boulder Dam and other publicly financed electric developments.
"As an emergency measure the Recovery program was necessary and wise."
he said. "But if we allow ourselves to be lulled to sleep by addresses of
the President about the New Deal and appeals for co-operation by the
National Recovery Administrator, we may wake up some morning In a new
world.
"Unless we are prepared to abandon the forms of government under
which we have livel, we must see to it that this situation is terminated at
the earliest possible moment."
H. B. Bryans, Vice-President of the Philadelphia Electric Co. and President-elect of the State Association, predicted that electric rates would
increase under the NIRA and other speakers denounced what they regarded as evidences of increasing Government regulation of the Dower
Volume 137
Financial Chronicle
ndustry. Plans for a militant defense of private business initiative
were laid.
Processing Taxes on Tobacco Become Effective Oct. 1—
Range from 1.7 Cents to 6.1 Cents a Pound—
Revenue Will Reimburse Growers for Reducing
Output.
Processing taxes on tobacco, ranging from 1.7 to 6.1 cents
per pound on six major types, will become effective on Oct. 1,
it was announced in Washington yesterday (Sept. 15).
The taxes were imposed by Secretary of Agriculture Wallace
with the approval of President Roosevelt. Returns from
the taxes will be used to reimburse growers for curtailing
acreage, under the reduction drive which was opened on
Sept. 11. J. B. Ilutsm, chief of the tobacco division of the
Agricultural Adjustment Administration, said that 50% of
the growers had signed contracts during the first three days
of the campaign. The details of the processing tax plan
were described as follows in Washington advices to the "Wall
Street Journal" of Sept. 15:
Tobacco growers taking part in this program will receive payments from
the funds raised by the tax on the particular type they produce.
On each of the six types the tax is based on the farm sales weight, with a
higher rate for the unstemmed tobacco after the moisture has been removed,
and still a higher tax on stemmed tobacco at the time of processing.
With the exception of the cigar leaf type, the processing levys represent
the full difference between the parity price of the 1919-29 base period and
the current average market price.
Taxes become effective Oct. 1, with retailers being given 30 days in which
to dispose of the stock on hand. If the stock is not sold by the end of that
time, the levy will apply to retailers also, if the tax has not already been
paid elsewhere on the goods.
The tax rates are: Flue-cured, farm sales weight per pound 4.2 cents.
unstemmed 4.7, stemmed 6.1; cigar leaf, 3, 3.75, 5; Maryland 1.7. 1.8,
2.4; burley 2,2.3, 3.1; flre-cured 2.9, 3.2, 4.1, and dark air cured 3.3. 3.8,
5.1.
The regulations issued for the processing taxes contain conversion factors
designed to arrive at the amount to be levied on the manufactured tobaccos,
or floor stocks.
The taxes will be collected on the domestically consumed portion of the
tobacco processed. In the case of flue-cured, or cigarette type, 60% is
exported.
Public Hearing on Silk Code Halted Pending Settlement
of Strike—Operators Ask That Rayon Industry Be
Included in Same Code--Silk Agreement Is Revised
in Several Respects from Initial Draft.
Public hearings on a code of fair competition for the silk
textile industry were halted by the NRA on Sept. 13, pending
further efforts to settle the strike of between 40,000 and
60,000 silk workers. At the single hearing held on Sept. 13
before Deputy Administrator Whiteside, operators and
representatives of employees agreed that the silk and rayon
industries should operate under the same code. James A.
Goldsmith, President of the Silk Association of America,
said that as long as the minimum wage scale for rayon
and cotton is $12 in the Southern section and $13 in the
Northern section of the country, "it is neither just nor
practical to establish a higher minimum wage scale for the
silk industry." Associated Press advices from Washington
on Sept. 13 continue the account of his testimony as follows:
He pointed out that silk and rayon are to a large extent woven indiscriminately in the same mills, and that at times more than 80% of the
facilities of silk mills are used to make rayon goods.
The proposed silk code prescribes a minimum wage of $12 in the South
and $13 for the North. With certain exceptions the maximum hours of
labor for productive employees was set at 40 hours per week.
Representatives of labor appearing before the hearing vigorously opposed
the minimum wages and hours of work. They asserted that in order to
meet the purposes of the NRA and to provide a living wage, weavers should
receive a minimum of $36 a week for a six-hour day, five-day week and
work on a one-shift basis. The code proposes two shifts of 40 hours.
The cotton code, which was adopted almost in whole by the rayon industry
and whose main provisions are the same as those in the proposed silk code,
was branded as "infamous" by many employees, who declared the strikes
would continue until they were convinced its provisions would not apply
to silk.
The tentative silk code presented at the hearing on Sept. 12
included changes in provisions for wages and working hours
and several other revisions of the agreement submitted on
Aug. 9. The principal changes were summarized as follows
in the New York "Jourtral of Commerce" on Sept. 13:
In its new version the code provided that where a State law specified a
-hour week that must not be
lower maximum number of hours than the 40
exceeded, the requirements ofsuch State law shall govern within that State.
Minimum Wage Rate.
In providing a minimum wage of $12 a week in the Southern sections, the
code includes in that section the States of Virginia, West Virginia, North
Carolina, South Carolina, Georgia, Kentucky, Tennessee, Alabama,
Mississippi, Arkansas, Louisiana, Oklahoma, Texas, Maryland, District
of Columbia, Florida and California. The words "Northern section" are
defined to mean the rest of the United States.
New wage provisions also state:
"3. The amounts of difference per hour existing prior to July 1 1933
between the wage rates paid various classes of employees receiving more
than the established minimum wage shall not be decreased.
"4. No member of the industry, however, upon obtaining approval by
the Administrator shall be required to make any increase in the rate of
Pay per hour to be paid by such member to any of its employees in any wage
district where it appears to the satisfaction of the Administrator that such
2041
increase will result in a rate of pay per hour which shall be higher than the
rate of pay per hour paid to employees doing substantially the same class or
kind of labor in the same wage district by any member of the industry
which shall have increased its rate of pay per hour in accordance with the
foregoing Paragraph 3 of this article.
Waiver of Rights.
"6. Employees who are physically incapacitated may, of their own
volition, waive their right to minimum wages, but no employer shall employ
such workers at less than standard piece rates or less than $8 per week for
time work or employ more than one such person in plants employing less than
100, or 1% of the total employees in any manufacturing establishment."
The revised code provides that the general planning committee, which will
co-operate with the Administrator as a planning and fair practice agency for
the industry, shall consist of 14 members. Eleven are to be representatives
of the industry elected by a fair method of selection, to be approved by the
Administrator, and the other three will be appointed by the Administrator
and will be members without vote. In the original code the committee
was to be made up of chairmen of the division planning committees of the
association and the three non-voting members.
Strike of More Than 40,000 Silk Workers May End
Next Monday Under Truce Agreement—Many Mills
in New Jersey
Fearing Violence to Those
Still Working—Clash with Pickets Results in 30
Close,
Injuries.
A strike of between 40,000 and 60,000 silk workers in
New Jersey, New York, Pennsylvania, and New England
appeared likely to yield to mediation late this week, as
reports were received that manufacturers and union representatives had agreed on a five-week truce, and that if this
agreement is ratified workers may return to the mills on
Sept. 18. The tentative terms of the truce were said to
include an agreement by the manufacturers to pay the
broad silk weavers a minimum wage of $22 a week for 40
hours work, under the silk section of the cotton textile code.
Strikers originally walked out of the mills in protest against
a minimum wage which they asserted averaged only $14
weekly. Strikers have been demanding a minimum of $36
for a 36-hour week. At a mass meeting of broad silk workers
yesterday (Sept. 15), however, 3,000 strikers in Paterson,
N. J., voted to reject the proposed truce and to continue
the strike.
A number of acts of violence occurred during the progress
of the strike this week, and on Sept. 12 many silk dyeing
and printing plants in Paterson, Passaic, Clifton, and
other New Jersey towns closed down as strikers continued
mass picketing. Some of the employers said they feared
for the safety of their employees. On the preceding day
a clash between pickets and strike-breakers at a mill in
Lodi, N.J., resulted in injuries to about 30 persons. Meanwhile the National Labor Board, under the Chairmanship
of Senator Wagner, has been holding a series of conferences
with representatives of the manufacturers and the strikers
in an endeavor to reach an amicable settlement of the
dispute.
Agricultural Adjustment Administration Charges Price
"Gouging" by Some Textile Dealers—George N.
Peek and Fred G. Howe Warn Against Profiteering
Based on Processing Tax.
Charges that certain sections of the textile industry are
profiteering at the expense of consumers were made on
Sept. 11 by George N. Peek, Agricultural Adjustment Administrator, and Fred C. Howe, consumers' counse 1 of the
A. A. A. These charges were said to be based on the first
phase of a study of textile prices by the staff of the consumers' counsel. Dr. Howe said that some retailers were
guilty of "misrepresentation" in trying to befuddle the public with statements that unwarranted increases in textile
prices were the result of the 4.2c. processing tax being levied
against cotton manufactures. He said that such dealers and
manufacturers are exposing themselves to prosecution, and
he mentioned that Treasury regulations governing the collection of the tax provide for a fine of $1,000 or imprisonment
for a year, or both. Mr. Peek said that the A. A. A. will go
to great lengths to stop "price gouging," but he praised "the
apparently wide section of the textile trade which seems to
be trying to play fair with both the farmer and the consumer." He summarized the results of the price investigation, in part, as follows:
1. Examples of apparently unreasonable profit-taking have been detected.
2. A large part of the trade, however, deserve praise for fair play, rather
than adverse criticism on its price schedules.
3. Wide disparity and considerable laxness exists among textile manufacturers in billing retail merchants for increases above contract prices
which they attribute to processing taxes and employment costs under the
NRA code.
4. The highly competitive nature of the retail business in textiles, plus
willingness of many merchants to co-operate, has afforded consumers strong
protection against price gouging in the retail store trade.
5. Instances have been found in which manufacturers voluntarily absorbed
part of the processing tax cost, but in cases of some other manufacturers,
2042
Financial Chronicle
Sept. 16 1933
merchants have been billed for large increases, which were not itemized nor
explained in any detail.
6. Increase in farmers' purchasing power, although still far short of the
Adjustment Administration's goal, nevertheless is reflecting its relief in
improved demand for cotton goods.
other, in order to obviate any unjust burden upon vessels under United
ports in
States registry, or upon commerce to and from the United States
foreign
favor of vessels under foreign registry, or commerce to or from a
port. Such situations must be met when and as they arise and appropriate
provision has been suggested with reference thereto.
NRA Consumers' Advisory Board Opposes Price Fixing
Except for "Natural Resource' Industries, Including Coal and Oil—Will Check Price Increases
Under Code Operations—Demands Consumer Representation on Administering Bodies.
Opposition to general price fixing was expressed at a
meeting of the NRA Consumers Advisory Board, headed by
Mrs. C. C. Rumsey, on Sept. 8, although exceptions to this
policy would be made in a limited number of "natural resource" industries "where cut-throat competition has led to
public disaster," such as coal and petroleum. At the same
time the Board decided to create a special organization to
check price increases under NRA codes and to call upon
other agencies of the NRA and of the Government for
pertinent data to curb profiteering. Among such agencies
are the statistical department of the NRA, the Trade Commission, the Department of Commerce and the Department
of Labor. On the preceding day (Sept. 7) the Consumers
Advisory Board adopted four general propositions to be followed in its dealing with the consideration and administration of industrial codes. These were announced as follows:
NRA Approves Many Additional Modifications in
Blanket Code—Industries Include Brewing, Insurance Agents, Freight Forwarding, Shoe Machinery, Outdoor Advertising, &c. •
Approval of additional modificatoins in blanket re-employment agreements was announced by the NRA during the
current week, including modifications for 12 industries on
Sept. 8 and 7 industries on the following day. Details of
the modified agreements were summarized as follows:
That as a part of the hearings on codes, representatives of the industries
affected should be called upon to give such costs and price information as
may be necessary in the checking of price increases under the code.
That codes shall contain provisions giving effect to President Roosevelt's
statement in NRA Bulletin No. 1, that "The aim of this whole effort is
to restore our rich domestic market by raising its vast consuming capacity.
If we now inflate prices as fast and as far as we increase wages, the whole
project will be set at naught."
That there be uniform provisions for adequate consumer representation
on the authority administering the codes.
That the text of codes be restricted to provisions having positive meanings
and that irrelevant matter and extraneous observations be eliminated.
Canal Operators File Code With NRA—Association
Head, in Letter to General Johnson, Pledges Cooperation, and Says Stabilization of Industry
Would Enable Expenditures of $2,000,000 Within
Twelve Months.
The Canal Carriers Association, Inc., representing 90%
of the companies operating vessels between Atlantic coast
ports, and inland lake or river ports via the St. Lawrence or
the New York State Canals, announced on Sept. 7 that it
had submitted a code of fair practice to the NRA. W. E.
Hedger, President of the Association in a letter accompanying
the code, pledged wholehearted co-operation with the NRA,
and said that canal operators believe stabilization of the
industry will indirectly bring about the expenditure of more
than $2,000,000. Stabilization, he added, would enable the
rehabilitation of its membership and the construction of new
vessels or rebuilding of old ones. Ha estimated that operators
might spend $2,105,500 in new and rebuilt tonnage and other
upkeep and maintenance work during the next 12 months.
Mr. Hedger, in his letter to Adminstrator Gen. Hugh S.
Johnson, said in part:
The economic situation of and within the industry is such that ruinous
and competitive rates and practices exist in this transport medium without
regard to cost, uniformity or even responsibility. Rail and truck competition, the latter unregulated and the former permitted through unduly
low rates also to compete at what is openly believed to be rates below the
cost of service rendered have had great influence in causing and continuing
economic distortion within the waterline industry. These factors are
especially important, since rail transport is stated, authoritatively, to be
without the control of the NRA.
To bring about the stated purposes of Title 1 of the NIRA,and in furtherance of the wholehearted and unreserved co-operation of this undustry to
accomplish these objectives, this code of fair competition must provide for
reasonable regulation—to overcome the destructive and ruinous practice
which are now a great burden upon it, and without which reasonable
regulations economic rehabilitation is an utter impossibility. Further,
-S. C. Commission, with the
co-ordination of rail-rate regulations of the I.
purposes of the stated policy of the NIRA, must be effectuated, otherwise
each transport media will not be permitted properly to flourish and grow
within its proper economic sphere, and in furtherance of the stated policy
of Congress in Section 500 of the Transportation Act of 1920, and also in
furtherance of the general policy of Title 1 of the NIRA.
There can be no fear that the tariffs or charges published in accordance
with the terms of the code might be feared to be unduly high. There is
such keen competition in this industry, and so many methods by which
similar services rendered can be obtained through other transport media
that it is impossible for the provisions of this code even to tend toward a
monopoly.
The provisions relating to participation, convenience and necessity.
tariffs, as well as labor wages and hours of service, are deemed essential
for not only the welfare of the industry, but also in order to increase employment and serve justly the public without discrimination. The rates of
wages included herein refer to the lowest-paid employees in the classification referred to in the industry. Where hours of service are reduced it is
not anticipated that any weekly wage rates shall be likewise reduced.
Care must be exercised in furtherance of effectuating this code to care
properly for the interests of United States transportation where it is in
competition with foreign-flag vessles, or competition between traffic to or
from ports in the United States on the one hand and a foreign port on the
Cane Syrup.
40 hours,
Cane syrup packing and mixing—Maximum work week of
and
averaged over an eight weeks period for factory or mechanical workers
any
artisans, with a limit of 48 hours in any one week and eight hours in
a four
one day; employees in other classes a 40-hour week, averaged over
Minimum
weeks' period, with not more than 48 hours in any one week.
cents
wage for factory or mechanical workers and artisans not less than 40
for
an hour for males and 30 cents for females in the North and 25 cents
the same
both male and female employees in the South. Where females do
shall be the same.
work in the North the minimum rate
Powder Puff Workers.
eight
Powder putt—Maximum work week of 40 hours, not more than
with
hours in any one day for factory or mechanical workers and artisans,
Minia 10'/o tolerance for engineers, firemen and certain other classes.
cents an
mum wages for factory or mechanical workers and artisans, 46
hour for males and 30 cents for females. Where females do substantially
the same work they shall receive the same pay.
IViping Cloth.
Wiping cloth—Maximum work week of 40 hours, not more than eight
with
hours in any one day for factory or mechanical workers and artisans,
a 10% tolerance for engineers, firemen, etc. Straight 40-hour week for
and
other employees. Minimum wages dor factory or mechanical workers
males
artisans, 40 cents an hour in the North and 35 cents in the South for
that where females do substanand 27% and 22% for females, provided
apprentially the same work they shall receive the same pay. Learners and
tices to receive 80% of these minima.
Academic Costume.
or
Academic costume-40-hour week and eight-hour day for factory
em
mechanical workers and artisans and straight 40-hour week for other
ployees.
Waterproof Paper.
Waterproof paper—Maximum work week for factory or mechanical workers and artisans 40 hours, averaged over a three months' period, not more
than 48 hours in any week or eight hours in any day, all time over 40 hours
a week to be paid time and one-third.
Retail Optical.
Retail optical—No factory or mechanical workers or artisans shall be
employed more than 40 hours a week. Same work week for other employees,
except outside salesmen, supervisors, etc. Store hours to be not less than
52 a week unless such hours were less on July 1 1933, in which case hours
are not to be reduced at all. Minimum wage for factory or mechanical
workers and artisans $16 a week, except learners, whose rate would be 80%
of the minimum. Minimum rate for messengers $12 a week.
Freight Forwarding.
-40-hour week for office employees and 48-hour week
Freight forwarding
for specified station and warehouse employees averaged over a three months'
period. Minimum wage 40 cents an hour, unless hourly rate on July 15
1929, was less, in which the latter rate will apply, but, in no event, less
than 30 cents in the North and 25 cents in the South.
Brewing Industry.
Brewing—For employees, other than factory workers and outside salesmen, a miximum work week of 40 hours; for factory workers, 40 hours a
week, not more than 48 hours in any six weeks in any three-month period,
and not more than eight hours a day; route and long-haul drivers, 48 hours
a week; maintenance crews, 10% tolerance. Minimum wages for factory
workers, 37% cents an hour.
Stationery.
Stationery—For factory workers, maximum work week, 40 hours,
averaged over eight weeks; not mum than 48 hours in any one week or
eight hours in any one day; outside classifications, 44 hours.
Hatters.
Hat Manufacturing—Maximum work week for factory employees, 40 hours.
Packers' Machinery.
Meat Packing and Allied Products Machinery—For employees other than
factory workers, and outside classifications, maximum work week, 40 hours;
for factory workers, except outside classifications, 40 hours, and not more
than eight hours in any one day, provided that for six weeks during the
period from September 1 1933, to January 1 1934, they may be employed
48 hours a week with excess over 40 hours as overtime; drivers, 48 hours
a week, emergency and maintenance crews, 44 hours. Minimum wage for
factory workers, 40 cents an hour; apprentices, not less than 80% of minimum, for 60 days.
Feldspar Grinders.
Feldspar Grinding—Maximum work week for factory employees, 40 hours.
Minimum wage for factory employees, 35 cents an hour in the North, 30
cents an hour in the South.
Insurance Agents.
Insurance Agents—For employees other than outside classifications consisting of adjusters, appraisers, collectors and similar classifications, including those co-operating with municipal fire departments, a maximum
work week of 40 hours, not more than eight hours in any one day. The
hours restrictions do not apply in cases of conflagration or disaster.
Quicksilver Factories.
Quicksilver—Maximum work week for factory employees, 40 hours, not
more than eight hours in any one day. Minimum wage, 40 cents an hour
Volume 137
Financial Chronicle
unless lower on July 15 1929, and in no event less than 30 cents an hour
in the North; in the South 30 cents an hour.
Imported Green Olive Plants.
Imported Green Olives—Maximum work week for factory employees, 40
hours, not more than eight hours a day.
Gumming Works.
• Gumming—For factory employees, maximum work week, 40 hours,
averaged over one month; not more than 48 hours in any one week or eight
hours in any one day. Maintenance crews, 10% tolerance; time and a
third for overtime.
Gummed Labels, Embossed Seals.
Gummed Label and Embossed Seal—For factory workers, 48 hours a week
maximum, average over one month; not more than 40 hours in any one
week or eight hours in any one day. Maintenance crews, 10% tolerance;
time and a third for overtime.
Water Well Drillers.
Water Well Drillers—Maximum work week, 40 hours; minimum wage,
to workers of two years' experience or more, 40 cents an hour in the North,
35 cents in the South; workers of less than two years' experience, 35 cents
in the North, 30 cents in the South. The industry has employed 16,312
persona heretofore and under the NRA schedule will employ 20,400, an increase of 25%.
Coffee Factories.
Coffee—For factory workers, maximum work week of 40 hours averaged
over four weeks' period not more than 48 hours In any one week, averaged
over four weeks' period; excess hours considered as overtime. Minimum
2
/
wage for male employees, 371 cents an hour; for female employees, 30
cents an hour, with no discrimination where the work performed is the
same.
Modifications of the President's re-employment agreement,
affecting hours and wage rates for five industries, were approved by the NRA on Sept. 11. The industries comprised
shoe machinery, outdoor advertising, marine insurance,
packing machinery and non-ferrous hot water tanks. Summaries of the modified provisions follow:
•
Shoe Machinery.
For employees other than factory workers and outside classifications, a
maximum work week of 40 hours; provided that outside service employees
will not be employed for more than 48 hours a week and those receiving
$35 a week or more not more than 48 hours a week, averaged over a threemonth period; for factory workers, 40 hours a week, provided that such
employees during peak demand or in emergency may work 48 hours per
week; but hours worked in excess of 40 hours and eight hours a day shall
be considered overtime, and each such employee shall be limited to 32 hours
of overtime in any six months; provided further, that outside classification
may be allowed 10% tolerance; no limitation of hours upon highly skilled
testers, who receive $35 or more per week. Minimum wage, 40 cents an
hour for male employees and 25 cents an hour for female employees, provided that where substantially the same work is performed male and female
employees shall receive the some rate of pay; overtime shall be paid for at
the rate of time and one-third.
NO11. Ferrous Hot Water Tanks.
Non ferrous hot water tanks—For factory workers, other than outside
classifications, a maximum week of 40 hours, with 10% tolerance for outside classifications. Minimum wage, 40 cents an hour, except for watchmen, whose minimum wage is $16 a week.
Outdoor Advertising.
For mechanical workers, maximum work week, 40 hours averaged over
a four-weeks period (for inside workers). For outside workers, 40 hours
a week, averaged over a four-weeks period, and not more than 48 hours in
any one week. Minimum wage: For mechanical workers, 40 cents an hour
In the North in cities of 25,000 population, and 35 cents an hour in the
North in cities of less than 25,000 population; 35 cents an hour in cities
of 25,000 population or more in the South, and 30 cents an hour in cities
of less than 25,000 in the South.
Marine Insurance.
For employees other than outside representatives, consisting of adjusters,
appraisers, collectors and similar classification, maximum work week 40
hours, not more than eight hours a day, provided the excepted classes do
not total more than 25% of all employees; hours restrictions not to apply
in case of conflagration or disaster.
Packing Machinery Industries.
For employees, other than outside services where employees receive $35
a week or more, on emergency work, in customers' plants, factory employees and similar classifications, 40 hours a week. Engineers and repair
crews, a tolerance of 10%; assemblymen and designers may be employed
not more than 48 hours a week. Any time over eight hours a day and 40
hours a week to be considered overtime. Minimum wage for factory workers,
40 cents an hour unless the rate was lower on July 15 1929, and in no case
less than 30 cents an hour; overtime to be paid for at the rate of time and a
half.
Merchants'Association of New York City Estimates
100,000Ito 150,000 Persons Re-employed as Result
ofANRAjOperation—Survey Finds Small Concerns
Adding Average of $7,000 a Year to Payrolls.
An estimate that between 100,000 and 150,000 of the 1,000,000 unemployed persons in New York City had obtained
jobs as a result of the operation of the NRA was made public on Sept. 10 by the Merchants Association, in a survey
which stressed the part played by small firms in the reduction of unemployment, and said that a check made on 28 such
companies showed they bad increased payrolls by an average
of not less than $7,000 a year. Louis K. Comstock, President of the Association, said that the survey clearly showed
the great relief to unemployment being given by small concerns.
"One of the jobs of the Merchants Association in connection with this
movement," he said, "has been to examine, and in some cases approve, ex-
2043
ceptions asked by various firms signing the President's Re-employment
Agreement.
"About 150 concerns have discussed with us or made formal application
for exceptions to date, and in .51 instances the arguments appeared to
justify the approval of the exception. In every case where such approval
was given it was found that the firm in question was making a very real
contribution to the NRA program.
"Many of these concerns submitted figures showing some very interesting results. There were 20 concerns which before the drive started had
3,582 employees. Their new program makes provision for 3,978 employees,
an increase of 396. Two of these concerns each had more than 700 employees, and the increases which each of them shows is a little less than
10%. Eliminating these two concerns, we found that 18 enterprises, all
having less than 300 employees and the majority ranging from four to 100,
had scheduled a 15% increase in their employment.
"Concerns with four employees had added one man. A concern with 63
employees added 12. A concern with 100 added 25, and so on, making a
very impressive percentage for relatively small concerns.
"On the side of the payrolls, we find that 29 concerns gave figures indicating annual payroll additions of at least $419,000. Eliminating from
this group one concern with 1,500 employees, which reported a $221,000
increase, it showed that 28 smaller concerns were increasing their payrolls
by an average of not less than $7,000 a year, the increases ranging from
$100 for an apprentice in a lawyer's office up to a concern reporting the
addition of 38 employees who, even at a minimum of $15 a week, will receive not less than $28,500 a year.
"While these concerns are not sufficient in number to warrant the draw.
my of any conclusions for the entire city, it is fair to point out that the
last censuses showed 26,000 manufacturing plants, 14,491 exclusively wholesale establishments and 103,000 retail establishments within the city, which
at the time the censuses were taken were giving employment to over 900,000
persons.
"The average manufacturing plant had about 18 employees, the average
wholesale establishment had 11 employees, while the retail stores averaged
three employees each. The figures, of course, do not include thousands of
other establishments like law offices, brokerage offices and other enterprises not covered by the Census of Manufactures or the Census of Distribution.
"The figures show clearly, however, that New York City as a whole is a
city of small establishments and prove further that even a 10% increase in
employment will add many millions to the buying power. It demonstrates
clearly also the very great part the small establishment is playing in
bringing about recovery."
William Green Demands NRA Shorten Work Week and
Increase Minimum Wages—President of A. F of L.
Estimates 7,000,000 to 8,000,000 Unemployed This
Winter.
Predicting that 7,000,000 to 8,000,000 will be unemployed
in the United States at the coming of winter, William Green,
President of the American Federation of Labor, demanded
on Sept. 11 that working weeks be shortened substantially
below the standards currently adopted under codes approved
by the NRA. Mr. Green issued a statement after a session
of the A. F. of L. Executive Council at Washington. He said
that the Council had carefully studied NRA results and had
concluded that something must be done to re-emphasize the
goal of the entire recovery program. His statement follows
in part:
Three things stand out as absolutely essential, unless the recovery program is to drag along at a speed so slow as to leave us facing another winter
of severe unemployment.
First, there must be a real shortening of the work-weeks established under
the President's re-employment agreement through modifications and substitutions.
Scond, there must be new high wage levels and there must be an end of
differentials between North and South. This can be done through determination on the part of the Administration not to compromise further with
employers who have not yet come to see America's tremendous need through
glasses untinged by their own greed.
Third, there must be no deviation from General Johnson's pledge that
there will be no durther codes permitted containing qualifications of Section 7 A, the labor section of the NIRA.
While we contend that the language used in the automobile code, to the
effect that employment, discharge and promotion is to be on the basis of
merit does not modify or change the law, we know that in practice that
extenuating language is being used by employers in such a manner as to
constitute a modification in fact. They are extracting portions of the
language for use on bulletin boards and in house organs in such a manner
as to indicate to workers that the language inserted in the code is in fact
the law, omitting entirely the concluding words which assert that the clause
does not change or modify the law. . . .
Our Executive Council has been studying reports on re-employment and
commodity production through the past week, and it will continue these
studies through the remainder of its session. Re-employment has not been
what it should have been. Labor stated in the beginning and even long
before the NIRA became law that American industry required a 35-hour
week if we were to recover from depression. But literally scores of modified
re-employment agreements have established work-weeks of 40 hours and
more. Some have been as long as 50 hours. Let me ask industry, as it
seeks these astoundingly long work-weeks, how long we can be expected to
refrain from going to the country on the issue thus laid down? Not long,
let me assure you. Our convention will he a platform from which we shall
tell the American people the exact situation, and there will be no fear or
favor in our utterance.
We see this new law not only as an instrument of to-day. We see in it a
vast program of industrial reconstruction, out of which there must come a
permanent new deal for workers, a permanent stoppage of that brutal exploitation which gave us the great depression and its 13,000,000 unemployed. A new control, representative in character, must come into being,
our report will discuss this long-range outlook on labor's part, and I hope
we shall impress and encourage the millions of our people who have been so
sorely tried. . . .
Our Council's report will emphasize this position and we will demand,
through the voices of millions of organized workers and through the voices
of other millions who hope to become organized, that we have done with
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Financial Chronicle
compromises with privilege and that we hew to the line laid down in the
law and the line dictated by the tremendous necessities of our people. If we
enter the coming winter with the seven or eight millions of unemployed
now indicated, the labor movement cannot guarantee that stability necessary to orderly industrial recovery. There must be recovery for the masses,
not merely for those who "went broke in Wall Street."
Before this winter is over we shall have, I believe, a labor movement
twice our present strength. That will be a steadying, stabilizing, democratizing movement, if recovery gives us half a chance. That is our goal,
as we shall place it before our convention.
H. L. Hopkins Declares Unemployment Relief Is
Inadequate—Federal Administrator Finds Number
of Needy in July Off 8.2% from June While Expenditures Drop 10.8%.
Unemployment relief facilities in the United States are
"inadequate," according to a statement by Harry L. Hopkins, Federal Emergency Relief Administrator, on Sept. 6.
Mr. Hopkins remarked that "the whole picture of the unemployment situation from top to bottom shows inadequate
relief." He made public at the same time figures showing
a decrease of 8.2% in the number of families depending on
public relief and a drop of 10.8% in the amount of money
spent in July as compared with June. Mr. Hopkins said
that this meant that "the people in need are not living off
the fat of the land through relief." He added that the
Federal Government is at present supplying from 55% to
60% of relief money. Among the data issued by Mr. Hopkins were the following:
July relief expenditures, including Federal. State and local, amounted to
$59,000,000, compared with $66,000,000 the preceding month. The number of families aided was 3,464,000. against 3.779,000.
The table made public by Mr. Hopkins showed that New York spent
more than any other State for relief in July, with $11,228,641. Wyoming
spent the least—$31,211. Pennsylvania led in the number of families
helped. 387,257: and Nevada had the smallest number, 1.703.
National Survey on Education Finds Permanent
Federal Aid Is Vital to Schools—Sweeping Changes
Advocated to Save Free Education—Would Abolish
One-Room School.
Federal aid for education as a continuing policy was advocated in a report issued on Sept. 10 by the National Conference on Financing of Education, which met• at Columbia
University in August to consider the question: "Can this
country continue its ideal of free and universal schooling?"
The report found that this was "a matter for the decision of
all citizens," and submitted a plan for tentative approval.
Millions of citizens, the National Educational Association
said, will be asked to appraise this plan "until it is a fair expression of the American ideal" to be used as a basis for the
restoration of American schools. Other features of the report were noted as follows in Associated Press advices from
Washington on Sept. 10:
Sweeping changes are suggested. The 150,000 one-room schools which
still exist would be erased from the educational picture, supplanted by.
"central school plants" built under the NRA public works program.
The present school district map of the nation would be obliterated in
favor of a map in which minimum rural units would have approximately
1,500 pupils in attendance, urban units 10,000. The average unit now
is only 23 square miles in size and requires but seven teachers.
Set forth as one possible "restatement of the aims of education in the
light of modern social and economic conditions" is this:
"That a democratic society is under obligation not only to provide adequate education for youth at public expense, but livelihood if necessary up
to the age when society is prepared to offer employment."
"At one and the same time we came to have unemployed teachers and
wandering children," the report points out.
Calling attention to the struggle the public schools have endured in the
depression and to the added load that will be put upon them by abolition of
child labor under NRA codes, the report says:
"The Federal Government must come to the aid of the public schools. It
can collect taxes. It can borrow money. It can make grants in aid or loans
to the States.
"If prosperity were to return to-morrow the schools in some States would
still be in desperate condition, at least until 1935. For the intervening
period their only hope is in grants from the Federal Government."
As precedent for a continuing policy of Federal aid to schools the report
says:
"The Federal Government has made payments to the States from its
national forest funds, in its co-operative fire prevention service, in forest
planting, in construction of rural post roads, in the promotion of welfare
and hygiene of maternity, in supplying printed materials for the blind, in
providing homes for disabled soldiers and sailors, and in subsidizing the
National Guard. In 1930 the sum total for these agencies was nearly six
times the subsidies for education.
Sept. 16 1933
The action followed consultations between the NRA and a Committee
appointed by Charles R. Mann as Director of the American Council of
Education. The Committee was headed by President Lloyd H. Marvin of
George Washington University.
Notice of the ruling is being communicated at once to the hundreds of
educational institutions affected. A letter from the Committee headed by
Dr. Marvin says:
"This ruling means that non-profit-making institutions under private control have the same status as have State and municipal institutions with re
gard to the NRA. They are exempt from the provisions of codes.
"This does not mean that they should not voluntarily meet as far as
possible the specifications of the President's Agreement and co-operate with
the President in every way to hasten National recovery."
Letter Carriers Ask that Post Office Positions Be
Filled by Competitive Examination—Convention
Advocates Automatic Annual Promotion Within
Own Ranks.
The National Association of Letter Carriers, meeting at
Atlantic City, N. J., on Sept. 9, adopted a resolution asking
that Post Office Department executive positions "up to and
including that of postmaster" be filled from within the service by competitive examinations. The resolution asked that
examinations be limited to those with at least five years of
service, but also proposed, in the case of letter carriers, a
return to the old system of annual automatic promotion,
which was suspended under current economy legislation.
Other proceedings of the final day of the convention, which
was attended by 2,000 delegates representing 60,000 members, were described as follows in an Atlantic City dispatch
of Sept. 9 to the New York "Herald Tribune":
An overwhelming vote to-day also rejected a proposal to give three officers
of the Association the authority to "exchange, buy or sell" securities in
which the $2,000,000 life insurance and $100,000 sick benefit funds are
invested. The delegates decided to confine their investments to Government,
State and municipal bonds, despite arguments that some of the paper now
held was defaulted or lost value.
President Edward J. Gainor, of Muncie, Id.; Treasurer William J. Gorman, of Brooklyn, and the Executive Board Chairman not yet named, were
the Committee proposed to handle the investments.
Mr. Gainor, who led the opposition, objected to such responsibility, explaining that at present all five members of a Finance Committee must
agree on each bond purchased, the type of security was strictly limited, and
that collections and payments were handled by banks.
Another overwhelming vote rejected any "one big union" of postal employees, Mr. Gorman charging that the plan originated at a New York
meeting attended by 65 bona fide carriers "and 300 communist outsiders."
Mr. Gainor, who was 62 years old on Aug. 1, announced that he would
retire at the next convention, in 1935, after 30 years in office.
Number of Employees on Class I Steam Railways
Again Increased During August.
The Inter-State Commerce Commission on Sept. 7
announced that the number of employees on class I steam
railways, excluding switching and terminal companies,
amounted to 1,014,876 at the middle of August 1933, compared with 989,130 a month earlier, 957,532 two months
before, 919,881 (the low mark) at the middle of March
1933 and 980,627 a year ago. A comparative table follows:
NUMBER OF EMPLOYEES OF CLASS I STEAM RAILWAYS, EXCLUDING
SWITCHING AND TERMINAL COMPANIES AT MIDDLE OF AUGUST
1933.
Per Cent
Number of
Employees
Increase
Compared with
August
a Year Ago.
1933.
Executives, officials and staff assistants
12.111
x6.56
Professional, clerical and general
15.41
163,559
Maintenance of way and structures
2.16
219,322
Maintenance of equipment and stores
8.28
274.880
Transportation (other than train engine and yard)
125,314
x2.27
Transportation (yardmasters, switch tenders and hostlers) 12,291
x2.77
Transportation (train and engine service)
11.89
--- 207,402
Total all employees
1,014,879
3.49
x Decrease.
COMPARATIVE TABLE SHOWING NUMBER OF EMPLOYEES OF CLASS I
RAILROADS
(Excluding Switching and Terminal Companies at Middle of Month Since Jan. 1931.)
1933 Below
1932.
1932.
Middle of Month—
1933.
1931.
January
946,005 1,108,691 1,333,820
13.29%
February
941,544 1,075,662 1,316,494
12.47%
March
919,881 1,080,027 1,319,315
14.75%
13.46%
April
925,485 1,069,397 1,331,138
May
938,406 1,065,159 1,337,331
11.90%
7.13%
June
957,532 1,031.014 1,317,399
July
1.67%
989,130 1,005,929 1,309,793
980,627 1,288,074
August
1,014,879
53.40%
994,630 1,254,274
September
1,016,951 1,225,399
October
996,746 1,169,207
November
970,825 1,133,928
December
I Increase over 1932.
Schools Exempt From NRA Code — Universities,
Churches and Hospitals Are Also Freed by Ruling
Authorized by General Johnson.
Schools, colleges, universities, churches, hospitals and
charitable institutions are exempt from provisions of the
NIRA, under a ruling authorized on Sept. 8 by General Johnson. From a dispatch Sept. 8 from Washington to the New
York "Times" we quote:
Recommendations to that effect were made by the Industrial and Labor
Advisory Boards, headed by Walter 0. Teagle and Dr. Leo Wolman,
respectively. Donald R. Richberg, NRA Counsel, agreed with the ruling.
Chairman of New York Public Service Commission
Irritated at Failure of Electric Companies to Produce Details of Losses Estimated Under NRA—
Hearing on Rate Reduction Is Adjourned When
Figures Are Not Supplied.
Electric companies operating in New York City and
facing a 6% rate cut by order of the Public Service Commission, were rebuked by the Commission's Chairman, Mile R.
Maltbie, for failing to supply details of losses which were
estimated to result from compliance with NRA regulations.
Volume 137
Financial Chronicle
This action featured a hearing on Sept. 8, when Mr. Maltbie
told Robert B. Grove, President of the New York Edison
Co. and of the United Electric Light & Power Co., that
figures relating to increased costs under the NRA had been
used by the companies in obtaining a stay of the rate reductions from Supreme Court Justice Schenck in Albany on
Aug. 28. Mr. Grove explained that he himself did not have
the desired data, and later Mr. Maltbie dropped the subject.
The hearing was adjourned on Sept. 8 and was scheduled to
continue yesterday (Sept. 15). The New York "Times"
of Sept. 9, summarizing the testimony of the preceding day,
said in part:
'
Mr. Grove testified that Floyd L. Carlisle. Chairman of the board of
the Consolidated Gas Co., had directed heads of the various companies
to estimate the additional man-hours of work necessary under a 40-hour
week. Those data Mr. Grove gave as follows:
New York Edison, 1.503,840; United Electric Light & Power Co.,
671,840; New York & Queens Electric Light & Power Co.,320.320; Brooklyn
Edison Co., 1,200,160; Westchester Lighting Co., 532,480; Bronx Gas &
Electric Co., 74,880, and Yonkers Electric Light & Power Co.. 64,480.
The total of 4.368,000 was divided by 2,080 (total hours yearly on
a 40-week basis to arrive at 2.100 as the number of new employees
required. The personnel department. Mr. Grove said, estimated the payroll cost for the 2,100 employees at $3,495.000.
Calls for Payroll Details.
Mr. Maltbie directed the companies to produce details of the payroll
increases required under the code. He ordered new exhibits prepared
after Mr. Grove explained that pay cuts in 1930 and 1932 had been included in an exhibit showing the general cut of May 1 last.
The exhibit relating to wage cuts by the Yonkers company was the
subject of cross-examination by Leonard McAneny, Yonkers Corporation
Counsel.
When Mr. Maltble reminded Mr. Grove of his previous testimony
that there had been no change in the wage scale of the United company
between 1929 and May 1 last, the witness said he did not consider reduction
in hours before the latter date as a change in wage scale.
"I want a clear, complete and frank disclosure of the changes in wages
paid," Mr. Maltbie said. "I asked for and I want every change that
has been made in the amount of compensation and hours of work from 1929
to May 1 1933."
Mr. Grove said he had not attempted to mislead the Commission and
promised to supply the information as soon as it could be assembled.
Colonel Charles G. Blakeslee. counsel to the Commission, asked Mr. Greve
about the payroll data of the other system companies and the witness said
he would obtain the information.
Securities Act Harms Functions of Investment Banker,
Financial Advertisers' Association Is Told—R. E.
Christie, Jr., • Criticizes Law but Suggests Cooperation at This Time—Finds Excellent Financial
Basis for Recovery at Home and Abroad.
The Banking Act of 1933 and the Securities Act of 1933,
as they are constituted at present, are doing much to hinder
the necessary functions of the investment banker, according
to Robert E. Christie, Jr., of Dillon, Read & Co., nominee
for President of the Investment Bankers' Association of
America for next year, who addressed the Financial Advertisers' Association at the Hotel Waldorf-Astoria in New
York City on Sept. 12. While criticizing certain features
of the Securities Act, Mr. Christie nevertheless urged the
investment bankers to adjust themselves to it. "No matter
what may be the pecularities of the new Securities Act,"
he said, "this is certainly no time to be hypercritical or to
hold back on technicalities. This country is going forward.
We cannot allow it to go backward again." Mr. Christie
declared that the most important basis for the creation of
confidence is "the fact that the credit structure of the world,
so rudely shaken in recent years, has for more than a year
past been reasonably stable in Europe, and since the banking
holiday in this country last March has been steadily improving in the United States." Partial quotation from
other portions of Mr. Christie's address follows:
"Vast sums of money are piled up in banks and in short-term investments
which are available as a basis for new credit and new long-term investment.
It Is our function as investment bankers to support the President in seeing
to it that this fundamental fact is understood and that there is general
realization that a sound basis for the gradual expansion of credit has been
actually established."
Referring to the individual banker under the Securities Act, he said:
"Every conscientious investment banker must realize that in so far as
the investor is made aware of any essential consideration affecting the
value of a proposed security to just that extent does the investor share
and participate in the judgment of the issuing house in appraising the value
of the security. In so far as he does so, it is a distinct gain.
"I would like, however, to draw attention to a very important fact sometimes overlooked, and that is that in the final analysis there can be no escape—If we are to have any kind of a market for new securities—from dependence by the investor upon the integrity, the expert analysis and the
seasoned judgment of the Investment banker. The strength of an issuing
house is based upon one supreme asset—its reputation for fair dealing and
good faith. There may be published a multiplicity of statistics concerning
an issue, all of which may indicate its excellence, but the untrained investor
can never really appraise the significance of all such figures. Who is to
judge, for instance, the human equations and the qualities of management
behind an issue of securities? If an investment house brings out issues
which do not stand against the storms and stresses, the slings and arrows of
business fortune, no matter with how many accurate statistical figures the
Issue may be buttressed at the start, that issuing house will lose its own
most precious asset. The average investor is compelled ultimately to place
his prime reliance upon the sound judgment, the wise forethought and
2045
the conscientious scruples of the investment house which enjoys his confidence."
Approximately,$342,000,000 in Loans Made by Banks,
Corporations and Offices Under Farm Credit
Administration During Period from March 1 to
Aug. 31 1933—More Than $50,000,000 Loaned
During August.
It was announced on Sept. 13 by Henry Morgenthau, Jr.,
Governor of the Farm Credit Administration, that during
the six months' period from March 1 1933 to Aug. 31 1933,
oans made by the banks, corporations and offices under the
Administration aggregated approximately $342,000,000,
according to preliminary reports made to him by these
organizations. More than $50,000,000 was loaned by these
institutions during August. The announcement further
noted:
During the six months' period the 12 Federal Land Banks loaned $22,190.000. The Land Bank Commissioner's loans, which are now handled
through the Federal Land Banks, total $2,186,020 for the period from
March 1 to Aug. 31. These loans for August totaled $1,526.070 compared
with $659,950 from May 17, when the first Commissioner's loan was made,
to July 31.
Loans and discounts of the 12 Federal Intermediate Credit Banks during
the six months' period beginning March 1, amounted to a total of $97,613,000. This figure includes a substantial amount of agricultural paper
rediscounted by the intermediate credit banks for regional agricultural
credit corporations.
The aggregate figure of $342,000,000 includes loans of $126,576,000
made by the 12 Regional Agricultural Credit Corporations. This figure
covers the period from the first of March to Sept. 1, inclusive.
Emergency crop production and feed loans made during the six months'
period totaled $54,557,000, while loans to farmers' co-operatives made
from the revolving fund created under the Agricultural Marketing Act
amounted to $38.954,000 for the same period.
Below are the loans made by banks, corporations and offices now under
the Farm Credit Administration:
Mar. 1 193,1, to
August 1933.
Aug. 31 1933, inc.
(Preliminary figures) (Preliminary figures)
Federal land banks
Land Bank Commissioner's loans
to farmers
Federal intermediate credit banks
Regional agricultural credit corporations
Emergency crop production and
feed loans
Loans from the Agricultural
Marketing Revolving Fund..._
Total
$5,726,000
$22.190,425
1,526,070
26,308.400
2,186,020
97,613,257
14,630,000
126,576,353
758,449
54,557,736
1,422,397
38,954,034
$50.371.316
$342.077.827
This summary does not include the comparatively small amount of money
loaned by the banks for co-operatives now being organized, nor loans made
by Joint Stock Land Banks.
Costs of Seven New York Electric Companies to Increase More Than $3,500,000 Annually Under NRA
—Additional Expenses Tablulated in Rate Hearing
Before Public Service Commission-18% Light Rate
Cut Ordered for Queens Borough Gas & Electric
Company.
Adherence to the NRA Code of the utility industry will
cost the seven electric companies in New York City which
are members of the Consolidated Gas Group, $65,400 annually for increased wages of persons already employed,
$3,495,000 annually for 2,100 new employees, $101,141 a
year for additional workmen's compensation, group insurance, &c., as well as an additional large sum for increased
costs of supplies, according to testimony on September 1 by
Floyd L. Carlisle, Chairman of the Board of the Consolidated
Gas Co., before the Public Service Commission. Mr.
Carlisle said that $1,299,000 annually had been added to
payrolls by restoring one-half of the 16 2-3% cut from all
wages on May I. He was testifying at a rehearing in which
the company sought to have the Commission rescind its
order requiring that six of the constitutent companies reduce
their rates, and contended that these increased costs are not
consistent with such a rate reduction. Mr. Carlisle's testimony was summarized, in part, as follows in the New York
"Sun" of Sept. 1:
"I don't regard the NIRA as a license to any utility company unjustly
to increase its rates," Mr. Carlisle said. "I regard this Act as a notable
effort by the President, authorized by Congress, to lift this country out
of the depths of depression by increasing employment, wages and the cost
of commodities.
"It would be wrong for such a great industry as these companies to fail
to co-operate in this movement by increasing employment, wages and
prices "And increasing rates to the public," interjected Chairman Milo R.
Maltbie.
"We are not here asking for any increase because of the NIRA."responded
Mr. Carlisle. "But we are begging the Commission at this time, when
prices are varying and so uncertain and when the greatest effort in history
is being made to raise wages and prices, we are asking you to wait and see."
"In the meantime," said Chairman Maltbie, "the Commission is asking
you to do what you can well afford to do."
"Our reserves are brick and mortar, not cash in hand, and you cannot
turn over brick and mortar to people to buy bread with.
"By reducing rates as you propose you will make it impossible for these
companies to comply with the agreement and to co-operate in increasing
employment and wages."
2046
Financial Chronicle
Office Boys Benefit.
Mr. Carlisle's figures on pay raises for persons at present employed were
these: New York Edison Co.. 824,000; United Electric Light & Power Co.,
$8,500; New York & Queens Electric Light & Power Cit., $10,000; Brooklyn
Edison Co., $18.700; Westchester Lighting Co.. $3,000; Bronx Gas &
Electric Co.,$1,000 and Yonkers Gas & Electric Co.,$200. Those affected,
he said, were "largely office boys, girls and beginners." Their minimum
pay is raised to $15 a week.
Additions to pay rolls in order to comply with the limited hours of work
section of the code would be, in number of men and amount of pay, as
follows: New York Edison Co., 723 men, $1,285,000; United Electric Light
& Power Co., 323 men, $593,000; New York & Queens Electric Light &
Power Co., 154 men, $265,000; Brooklyn Edison Co., 577 men, $877,000;
Westchester Lighting Co., 256 men. $365,000; Bronx Gas & Electric Co.,
36 men, $58,000; and Yonkers Gas & Electric Co., 31 men, $52.000.
Detail Is Not Given.
He did not give figures by companies for the increase in compensation
and insurance costs. He would have testified concerning the increased
cost of supplies, but Mr. Maltbie, who at the outset had limited the subject
of the hearing very strictly to the effect of the code on the companies'
expenses, refused to admit that testimony, so it stayed for the record as
an unspecified sum.
The Commission yesterday ordered another company operating here.
the Queens Borough Gas & Electric Co., to cut rates 18%. The company
serves the Rockaways and some towns in Nassau County, and is a subsidiary of the Long Island Lighting Co. At the rate hearings it was shown
to have earned money at such a rate that in the last five years its paid
dividends totaled more than the original cost of the stock and at the same
time built up its surplus and reserves impressively. The reduction is
ordered to go into effect on September 15.
Aggregate Standard Oil Dividends for Current Quarter
Lowest Since Close of 1915—Change in Policy of
Some Companies to Pay Semi-Annual Instead of
Quarterly Dividends Responsible for Decline.
Although there were no reductions or omissions of dividends by the companies of the Standard Oil group in the
current quarter, cash dividend payments by the group
declined to the lowest total for any quarter since the close of
1915. Aggregate disbursements for the group for the third
quarter of 1933 are estimated at $19,546,576, according to
compilations by Carl H. Pforzheimer & Co., compared with
$34.527,547 in the preceding quarter and $43,858,468 in the
third quarter of 1932. The announcement further stated:
The absence of a dividend distribution by the Standard Oil Co. of New
Jersey in the current quarter accounts for the greater part of the decline.
In the previous quarter the company paid a semi-annual dividend of 50
cents a share or approximately 812,870,000. this being the equivalent of the
usual payment for the second quarter and a like amount which ordinarily
would have been paid in the September quarter.
The remainder of the decline from the previous quarter resulted from the
fact that the dividend on the preferred stock of the Standard Oil Export
Corp. and on the stocks of many of the pipe line companies are on a semiannual basis and are paid in the second and fourth quarters of the year.
The decline in the total of cash payments in the third quarter of this
year to $19,546,576 from the $43,858,468 disbursed by this group in the
corresponding period of 1932. is largely due to the omissions and reductions
of dividends by several of the larger units. Among the companies which
are not paying a dividend this quarter, but made payments in the September
quarter of last year are the Standard Oil Co. of New Jersey, Standard Oil
Co. of Ohio. Socony-Vacuum Corp. and the Ohio Oil Co.
Since the third quarter of 1932 dividend reductions were made by the
Standard Oil Co. of California which halved its dividend rate in the second
quarter of this year, South Penn Oil Co.. Standard Oil Co. of Kentucky,
and Union Tank Car Co. Due to the retirement of approximately 1,000,000
shares of the company's stock the total quarterly dividend payments of the
Standard Oil Co.of Indiana will be smaller this year than they were last year.
The record of dividend disbursements by quarters follows:
Second
Third
Full
Fourth
First
Quarter.
Quarter.
Quarter.
Year.
Quarter.
1933
1932
1931
1930
1929
32,406,332
46,801,053
63,101,797
66,687,168
63,101,701
34,527,547
46,278,873
57,843,467
68,555,901
66,053.389
19,546,575
43,858,468
51,263,688
68,271,015
65,426,981
44,112.501
48,530,230
83,012,644
75,063,856
181,050,895
220,739.182
286,526,728
269.645,927
Colonel Allan M. Pope Sees Securities Act and Bank
Act Hindering Security Offerings—At Meeting of
Financial Advertisers' Association Says Securities
Act Will Bring Increase in Defaults and Bankruptcies—A H Dean Suggests Modifications—
H. A. Lyons Presides at Meeting.
An opinion that great numbers of defaults and bankruptcies are bound to occur because of a lack of necessary
refunding of maturing obligations of business, occasioned
by the Securities Act of 1933, expressed by Colonel Allan
M. Pope, former head of the Investment Bankers' Association of America, and definite suggestions for amendments
to the Act by Arthur H. Dean, of Sullivan & Cromwell,
featured the opening session on Sept. 12 of the 18th annual
convention of the Financial Advertisers' Association, which
held a three-day meeting at the Waldorf-Astoria Hotel in
New York City. The New York "Herald Tribune," from
which we quote,it is noted that Colonel Pope,in his address.
Enid that . . . it was to be expected that as a result of
widespread National feeling something drastic should be
done, the accomplishment of this purpose has resulted in
extremes with "the actual and practical effect of eliminating
entirely by legislation all investment banking underwriting
functions." Colonel Pope is further quoted in the account
as follows:
"The Securities Act of 1933 placed upon all long-term borrowers such
drastic requirements that the officers, directors, and even the stockholders
of those public utilities and industries that desired to borrow are subjected to the definite possibility of lawsuits, which they may have to
defend at great cost, very possibly on matters beyond their knowledge,
Sept. 16 1933
very possibly on matters technically allowed by the Securities Act."
Colonel Pope continued. "The result, since the passage of the Act, is
that no long-term borrower, without exception, is willing to apply for
registration with the Federal Trade Commission for authority to issue any
loan which is proper for an investment banker to underwrite, with the
possible exception of some small number of authorizations applied for by
investment trusts. In other words, public utilities, commercial and
Industrial concerns now offer no securities to the public through underwriters. No necessary refunding of maturing obligations can be accomplished. If this keeps up, great numbers of defaults and bankruptcies
are bound to occur. No new long-term money for capital requirements
is being obtained by industries to-day except for generally speculative
enterprises.
Underwriter Curbed.
"Again, therefore, through circumstances beyond his control, the investment banking underwriter is completely out of business, except for underwriting specifically exempted securities such as municipal, governmental
and quasi-governmental obligations only, and it is not practicable for investment houses to underwrite some of these because of the Securities
Act," Colonel Pope said.
Colonel Pope went on to say that the disruption of the normal functions
by which money is borrowed results in suffering on the part of the public.
He declared that long-term loans are just as essential as short-term borrowings and that under present conditions these loans cannot be secured
for borrowers of conservative businesses. He pointed out that since those
borrowers are the type with which the investment banker alone deals
"such a condition cannot long continue safely."
Urges Sales Changes.
Colonel Pope urged the discontinuance of the practice of selling securities through salesmen on a commission basis in order that the public
may continue its confidence in the retail investment banker. "Recognizing
that there are exceptions, as always, I definitely say to you that the principle of selling securities to the public where the man who sells them is
interested inherently in selling that on which he can make the most profit
is fundamentally unsound," the New York banker said.
The speaker declared that the Banking Act of 1933, in practice, sounds
the death knell for a large part of the large investment houses in the principal
centres of the country. He pointed out that the authors of the Act may
not have anticipated such effect, but that the Act was resulting in that
condition, "to the serious detriment of the safe growth of investment
banking and in detriment, in consequence, of the public."
Colonel Pope characterized investment banking at the present as being
on a sound basis, upon which it would remain as long as investment banking
houses confined themselves to investment banking. He said that the
Securities and Banking Acts contain many sound investment principles,
but that their prohibitions regarding and prohibiting sound investment
banking should be corrected.
The speaker said that bank affiliates which are being legislated out of
existence are unable to establish themselves with similar capital and size
as independent units. He said that the result is that one or several smaller
organizations are formed, and if this procedure continues it will eliminate
a very large part of the distributing power of securities of the United
States Government,
Sees Municipalities HO,
"It will eliminate a larger part of the underwriting power of municipal
securities in the country. It will eliminate a large part of the research
departments engaged in distributing credit information, because the bank
affiliate, properly organized, is able through co-operation with the parent
bank to maintain larger research departments than is practicable for the
Individual independent house. It will eliminate from the investment banking field a very large proportion of houses engaged in carrying diversified
lists of securities from which dealers or the public may purchase and which
is, in addition, the soundest means of stabilizing bond prices. The bank
affiliate, properly organized and properly regulated, is far from being a
danger to its parent institution and has so definitely a place in the investment banking field in this country that its forced elimination is fraught
with serious consequences," Colonel Pope said.
Arthur H. Dean in an address at the investment departmental meeting
yesterday afternoon declared that he believed that the whole theory of
securities act should be completely revised "because it is, to a large extent.
based on distrust and suspicion rather than on what is pertinent and
relevant." The New York attorney declared that the bill placed too much
emphasis on the liability of those concerned rather than on the merits of
the security. He advocated sixteen amendments to the act as it now stands.
Predicts Amendments.
"Amendments to the act will undoubtedly have to be made. In my
opinion industry and the investment bankers can do a most constructive
thing by suggesting amendments which will really carry out the President's
message, viz., give the public the maximum measure of protection without
at the same time hampering honest industry. The good faith of bankers
has been challenged and I believe you should meet it constructively. It
will do no good to complain and criticize unless you are prepared to suggest
definite amendments despite the fact that the public may fear you as Greeks
bearing gifts. You must educate the public as to the true function of the
banker and of capital. One of the reasons why your fall has been so hard
is because the public regarded you as omniscient and some of you regarded
yourselves as omnipotent. You are neither but you can be potent force
for good," the New York attorney said.
In the "Wall Street Journal" of Sept. 14 Colonel Pope was
quoted as saying:
"I have heard it said that the bank holiday would not have taken place
If the public had understood more about banking, and that the banker was
to blame for that disastrous lack of information through his shortsighted
public relations viewpoint. Personally, I don't believe that it was within
the power of any public relations effort to prevent what happened. The
country was engulfed in a maelstrom of fear, aroused by profound despair
over the entire economic outlook. The banks felt the effect, but were
certainly not the cause, of that rising crisis.
"On the other hand,sounder bank relations and sounder banking together
would unquestionably have tempered the difficulty. Better public relations
in future should go far toward greater banking stability and render wellmanaged banks less vulnerable to the sudden whims of public feeling. Most
of our banks are and have been sound, even though the public has recently
heard mostly about those that were not sound. If the strong banks succeed
in interpreting themselves properly to the people of this country during the
next few years, their own position will be immeasurably strengthened,
Says Newspapers Greatest Agencies For Facts.
"When we take up public relations of a bank. I think we will all agree
that the newspapers are the basic factor. The press alone brings accurate
Information on every event quickly and conveniently to every person who
can read English or a foreign language. The newspapers are the greatest
Volume 137
Financial Chronicle
agency for giving us actual facts. They are read and believed because
newspaper reporting to-day is fair and truthful in the main. It is for just
those reasons of range of reach and public faith that most of you gentlemen
use newspapers as the primary instrument for placing your own advertising
messages before the people. The press is the very foundation of public
opinion and no supplementary medium such as radio or the cinema, both
of fast growing importance, can take its place in that regard.
"We are in a transition period as interesting and as challenging as any
that this country has ever faced. Out of the banking chaos of the recent
past—out of the new banking legislation (if We exempt some of its provisions, such as deposit guarantee, which I believe to be harmful) will
come, I hope, a still stronger and more unified banking system."
In its account of the opening of the convention the "Herald
Tribune," in addition to the extract above, also said:
H. A. Lyon Presides.
The opening session was called to order by H. A. Lyon, President, who
urged a need for greater publicity in the banking world and who suggested
that two difficulties, the insufficiency of existing publicity requirements
and the danger of lapsing of current interest in publicity after the existing
emergency, may hinder this. Mr. Lyon read a letter of greeting to the
association from Governor Lehman. who wrote that "banking, to a greater
degree than other businesses, is a matter of faith of the bankers in the
public's willingness and ability to fulfill its obligations, and faith of the
public in the integrity and stability of banking." Lewis E. Pierson, Chairman of Irving Trust Co.. in an address of welcome, said sound banking
Is the first essential of public confidence and that each bank not only
must deserve confidence but must also possess it. He characterized this
point as the center of public relations, the general theme of the convention.
Reference to the remarks of Robert E. Christie, of Dillon,
Read & Cc., and Edward Elliott, ef the Security-First
National Bank of Los Angeles, appears elsewhere in these
columns.
Col. Howe, Secretary to President Roosevelt Sees Little
Likelihood of Repeal of Securities Act By Congress
—Modification Possible.
Colonel Louis McHenry Howe, Secretary to President
Roosevelt, does not think that growing agitation in financial
quarters for repeal of the new securities act at the January
session of Congress will get very far according a to Washington dispatch Sept. 10 to the New York "Herald Tribune"
which went on to say:
It is difficult to believe, Colonel Howe said to-day, that any sound company wishing to sell stock is being deterred from putting its securities on
sale because of the very simple statement of facts required by the Government before the issue is advertised. His opinion of the Act and its operation, now said to be moving slowly because of the opposition of banks and
investment houses to the liability provisions of the law, was expressed in
his weekly radio interview.
"The questions required by the Government," he said, "have been reduced to a minimum and only take in points which every investor should
insist on knowing before he buys stock of any kind."
Colonel Howe's belief that there would be no repeal of the law was advanced in reply to the direct question by his interviewer, Walter Trumbull,
but the answer carried a hint that some modification might be made if
its operation proved awkward.
"Of course if details need correction," continued Colonel Howe,"that is
another matter, but I think it reasonably certain that the public will no
more be invited to buy a pig in a poke and that inaccurate and misleading statements in regard to securities offered for sale will not longer be
permitted."
It is an open secret in Washington that members of the Federal Trade
Commission, who are charged with administration of the Securities Act,
have been informed by counsel for banking houses that securities issues will
move slowly as long as existing requirements, which lawyers view as drastic,
remain in the law.
Colonel Howe's radio interview also was an appeal for confidence, credit
expansion and consumer buying.
He warned that "means will be found to persuade the bankers as well as
everybody else that a return of courage is a vital factor in bringing us finally
and permanently out of our troubles."
"There is just as much money in the country as there was before the panic,
and actually more," Colonel Howe reminded his radio audience. "There
are more dollar bills, 10 dollar bills and all the rest of it and we have even
discovered there is considerably more gold than we knew of at that time.
"We didn't lose any money. What we lost was credit—that is, the faith
of our neighbors that we were going to pay our bills and that we were able
to pay our bills at the time they became due. Modern civilization has
built up a tremendous credit system, the base of which is the belief of the
people rather than the hope of the bankers. The people lost faith in the
banks—the banks lost faith in their credits—everybody lost faith in everybody else, and the money, while it did not disappear from the face of the
earth, was drawn out of the banks, drawn out of investments everywhere
and hidden away."
Colonel Howe reminded the public that the manufacturers were the first
out of the cellar, those that fell in line with the new idea of industrial regulation.
"They were followed by the wholesalers," he added. "who found the
courage to stock up on goods the mills manufactured. During the next
month or two the retailers have taken the goods off the wholesaler's hands
and now all that is needed is for the public to realize that the time has come
to resume normal purchases and not be afraid of the future."
Edward Elliott Suggests Bankers Cultivate Friendly
Relations With Members of Legislature—Los
Angeles Banker Tells Financial Advertisers' Association Frank Discussion Will Often Defeat Objectionable Legislation and Aid in Enacting Constructive Measures.
Bankers would do well to 3stablish and maintain friendly
relationships with members of the Legislature, Edward
Elliott, Vice-President of the Security-First National Bank of
Los Angeles, said in an address before the Public Relations
Conference of the Financial Advertisers' Association in
New York City on Sept. 12. By frankly discussing proposed
2047
legislation upon its merits, he said, it is usually possible to
defeat objectionable bills and much constructive legislation
can be enacted. Mr. Elliott added:
The wider the contacts of bankers with members of the legislature, the
more possible is the maintenance of cordial relations, particularly if the
bankers throughout the state are kept informed with respect to the activities
of their representatives and may be called upon from time to time to sit
down with their local representatives and discuss with them the merits of
particular bills.
It is an impossibility for members of the legislature to understand all the
bills upon which they must vote. It is impossible for them to analyze the
bills and be able to determine what their effects will be. If, therefore, you
have the opportunity to discuss the bills with members of the legislature
and analyze with them the effects, and you yourself have a pretty good idea
as to the results that will ensue, it is relatively easy to show what good
effects and what evil effects may be expected to result. It has not been our
experience that the members of the legislature are seeking to do evil. The
vast majority of them are honest in their intentions and many bills can be
successfully amended or defeated by merely pointing out to the authors the
effects that they will produce, effects entirely uncontemplated by the legislator in question. Perhaps we are peculiarly fortunate in the character ofour
legislators, but I do not believe it. I believe that much of the unfortunate
condition which exists in some states is due to the attitude of the bankers
themselves, who started out upon the assumption that the members of the
legislature were at best ignorant, and at the worst venal, and have consequently put themselves in an antagonistic mental attitude with the results
that might be expected.
Mr. Elliott discussed the experience of California bankers
over recent years, and expressed the opinion that bankers
generally sometimes increase their difficulties, or at least
exaggerate them, by failing to give their depositors, who
represent the public, credit for the confidence they actually
have in banks.
Co-ordinator Eastman Begins Inquiry into Trucking—
Data Bearing on Competition with Railroads Is
Sought from 16,000 Concerns.
Joseph B. Eastman, Federal Co-ordinator of Transportation, sent out on Sept. 13 a questionnaire to about
16,000 operators of motor truck fleets throughout the
country, including franchise and contract carriers for public
hire and also those private operators of 10 or more vehicles
who handle their own goods in their own or rented vehicles.
This questionnaire has been prepared jointly by the Section
of Research and the Section of Transportation Service for
the purpose of investigating the relation of motor trucking
to freight transportation and determining the sphere in
which the transportation of goods by motor vehicle is
more economical or serviceable than by other means of
transportation.
The questionnaire seeks the essential basic data relating to truck operations, the character and extent of traffic handled, the charges of trucks
operating for hire, nature of the service performed and the expense statistics of truck operation.
The investigation has been extended beyond the field of for-hire vehicles
to include private operators of 10 or more vehicles who transport their
own goods, as it Is recognized that such transportation is of growing importance and facts relating to it must be obtained before any sound transportation plan can be devised.
The Co-ordinator hopes that truck operators generally will avail themselves of this opportunity to assist the Government in its recovery program
and at the same time serve their own interests to the extent of furnishing
the information requested which will be treated in the strictest confidence
without disclosing the business secrets of any firm or individual.
The Co-ordinator's staff is now engaged in tabulating returns to other
questionnaires recently sent out to a selected list of shippers and receivers
of merchandise, industrial traffic managers. railroads (both steam and
electric), forwarding and express companies.
Loan Corporation—Bonds Ready for
Delivery in Form of Temporary Receipts.
Incident to the issuance by the Home Owners' Loan
Corporation of the official circular descriptive of the bonds
to be issued by the corporation the latter says:
Home Owners'
As the primary and perhaps only purpose of the issuance of these bonds,
in the first instance, is to exchange them for first mortgages, there will be
no reason for a public offering of them.
The corporation further says:
These bonds are now being issued by the Corporation in exchange for
mortgages . . .
and are ready for delivery in the form of temporary receipts,
exchangeable for definitive bonds now being prepared.
HOME OWNERS' LOAN CORPORATION.
18
-Year 4% Bonds.
Dated July 1 1933; due July 1 1951; interest payable Jan. 1 and July 1.
Maximum authorized amount $2,000,000,000. Principal and interest
payable in lawful money of the United States of America, at the United
States Treasury or other agency designated by the Secretary of the Treasury, without deduction for taxes. These bonds are callable by lot at par
on any interest date upon not over 60 days nor under 30 days published
notice. Coupon bonds in the denominations of $50, $100, $500. $1.000
and $5,000; also fully registered bonds in the denominations of $1,000 and
$5.000. Coupon and registered bonds interchangeable.
These bonds are the direct obligations of the Home Owners' Loan Corporation, "an instrumentality of the United States," the capital stock of
which is $200,000,000 and has been fully subscribed by the United States
Government.
Under authority of the "Home Owners' Loan Act of 1933," approved
June 13 1933. these bonds have the following provisions:
Guaranteed fully and unconditionally as to interest only, by the Government of the United States of America.
Acceptable at face value in payment of indebtedness due to the Home
Owners' Loan Corporation.
2048
Financial Chronicle
Exempt as to both principal and interest from all Federal, State, municipal, and local taxation (except surtaxes, estate, inheritance, and gift
taxes).
These bonds are acceptable at par by the United States Treasury as security for Government deposits, and at market value to secure Postal Savings funds. The It. F. C. will accept them as security for loans made by
that Corporation at 80% of par. The Comptroller of the Currency has
ruled that these bonds may be held by National Banks in operation when
received from the Corporation in exchange for home mortgages, and valued,
for the present, at par or the value at which the banks carried such mortgages at the time of exchange whichever is the lesser.
The Attorney General of the United States has rendered an opinion upholding the legality and regularity of this issue of bonds.
The following statement issued Sept. 8 by William F. Stevenson, Chairman of the Board, Home Owners' Loan Corporation accompanied the above:
The Home Owners' Loan Corporation was created by act of Congress,
approved by the President June 13 1933 (Public No. 43, 73d Congress).
President Roosevelt in his message to Congress on April 13 1933, recommending this legislation said, in part:
As a further and urgently necessary step in the program to promote
economic recovery. I ask the Congress for legislation to protect small home
owners from foreclosure and to relieve them of a portion of the burden of
excessive interest and principal payments incurred during the period of
higher values and higher earning power. Implicit in the legislation which
I am suggesting to you is a declaration of national policy. This policy is
that the broad interests of the Nation require that special safeguards should
be thrown around home ownership as a guaranty of social and economic
stability, and that to protect home owners from inequitable enforced
liquidation in time of general distress,is a proper concern of the Government.
Financial Organization and Management.
The corporation has capital stock subscribed by the United States of
America of $200,000.000. and may issue bonds up to $2,000,000,000 in
order to carry out the objects for which it was created.
The earnings of the corporation will be derived from interest received on
the loans made and I or temporary investments in Government securities.
The margin between the rate of interest paid on the bonds and the interest
receive' on the loans and investments will, it is anticipated, cover the expense of operation and, eventually, the setting up of adequate surplus and
reserves. The organization of the Corporation has Just been completed.
Financial statements will be Issued from time to time after the corporation
is in full operation.
The five members of the Federal Home Loan Bank Board, a bi-partisan
body created under the Federal Home Loan Bank Act, constitute the Board
of Directors of the corporation. The operations of the corporation are
separate and distinct from those of the Federal Home Loan Bank system.
Operations.
-year period ending June 13 1936,
The corporation will function for a 3
by (1) making an exchange of its bonds in acquisition of first mortgages on
homes. and (2) making loans in cash in certain cases. Negotiations will be
conducted through local managers who have been appointed in every State.
-year period the Corporation will not make addiAt the expiration of the 3
tional loans, but will remain in existence until final liquidation. In extending loans, the following are the principal conditions and limitations imposed
by law:
(a) The obligations must have originated on the house prior to June 13
1933. when the act became a law.
(b) The property must not exceed $20,000 in value, based on present-day
appraisals.
(c) The loan cannot exceed the present lien indebtedness (which include
delinquent taxes, interest, repairs, &c.) against the property and is limited
to 80% of the appraised value if the loan is made in bonds, nor can It in
any event exceed $14,000. If made in bonds,the rate of Interest charged the
borrower is not over 5%. These terms are also authorized in redeeming
homes lost by foreclosure within 2 prior years.
(d) The loan is made in cash (where the creditor will not take bonds and
the situation is especially acute) cannot exceed 40% of the value of the
property, and the rate of interest charged the borrower is not over 6%.
(e) If the loan is made solely to pay taxes, assessments, repairs, etc..
where there is no other lien, it may be made in cash but cannot exceed 50%
of the value, and the rate of interest charged is not over 5%.
(f) The loan must be secured by a first lien on the home.
(g) The property must be occupied by the owner as a home or held as a
homestead and designed for not more than four families.
(h) All loans shall be amortized within a period not exceeding 15 years.
the corporation having the tight to grant extensions under warrantable
conditions in accordance with the provisions of the act.
Severe pena ties are provided in the act for false statements and willful
overvaluing of property. All appraisals are made by employees of the corporation, and also by independent local appraisers who are carefully selected
by the Board. Only appraisers of recognized experience, integrity, and
knowledge of local values are e igible for appointment. In making the title
examinations all loans are certified as first liens by responsible title companies or attorneys.
Bond Provisions.
These bonds are the direct obligations of the Home Owners' Loan Corporation, and the fixed assets of the corporation which support these bonds
will consist of all of the first mortgages on homes as described above. including those made in cash provided by the issuance of capital stock and
those acquired through the exchange of bonds. The bonds will constitute
the only fixed liability of the corporation, ranking ahead of the capital
stock, and the earnings thereon. As payments of principal on loans are
made and loans satisfied, the corporation will retire bonds. The corporation has the power to purchase its bonds at any time and may call bonds
by lot at par. Every bond will be retired before any capital stock is liquidated.
The Treasury Department has agreed to accept these bonds at par to
secure the deposit of public moneys, likewise the trustees of the Postal
Savings System have also made them eligible to secure deposits of Postal
Savings funds at market value. Copies of letters from the Treasury Department, Comptroller of the Currency. and R. F. C.. and a copy of the amendment to the Regulations of the Board of Trustees of the Postal Savings
System follow on the succeeding pages.
) By the terms of the Home Owners' Loan Act of 1933 the bonds are free
of all Federal. State, municipal, and local taxation (except surtaxes, inheritance, estate, and gift taxes) and are guaranteed fully and unconditionally
as to interest only by the United States of America. No taxes may be Imposed on the corporation, its franchise, capital, reserves, and surplus, nor
upon its loans and income. The corporation is required to accept these
bonds from the borrower at face value in payments of principal and interest
due it on indebtedness whether the payments are in part or In full.
The Attorney General of the United States has rendered an opinion upholding the legality and regularity of this issue of bonds.
The ruling of the Comptroller of the Currency follows:
TREASURY DEPARTMENT, WASHINGTON.
Aug. 30 1933.
My dear Mr. Stevenson:
In accordance with your request as to the acquisition of Home Owners'
Loan Corporation bonds by going National banks, please be advised as
follows:
Sept. 16 1933
The exchange of home mortgages for bonds, as contemplated in the act,
and the basis of such exchange, are questions to be determined by each
bank as a matter of internal business administration. The Comptroller
sees no objection, for the time being, to such bonds being placed upon the
books and thereafter carried at not exceeding par, provided the aggregate
value at which said bonds are carried shall not exceed the amount at which
the surrendered mortgage was carried at the time of exchange, but the Comptroller will exercise the duty vested in him by law of appraising such bonds
from time to time, in the course of future examinations of the bank, just
as other assets of the bank are appraised, and if, in the opinion of the
Comptroller, the market for such bonds has established a value less than
par, or if other factors indicate that in his judgment such bonds should no
longer be carried at par, they must thereafter be carried at such appraised
value as may be fixed by the Comptroller.
Very truly yours,
(Signed) J. F. T. O'CONNOR,
Comptroller.
Hon. WM. F. STEVENSON, Chairman,
Board of Directors, Home Owners' Loan Corporation,
Washington, D. C.
Trading in Bonds of Home Owners' Loan Corporation
on New York Real Estate Exchange Resumed.
In its issue of Sept. 13 the New York "Herald Tribune"
said:
Issuance of the Home Owners' Loan Corporation circular covering the
18
-year 4% bonds of the corporation was followed yesterday by a resumption of trading in the bonds here. Sales of 24 bonds were reported on the
New York Real Estate Securities Exchange at prices ranging from 92% to
92%. the latter quotation representing the final transaction of the day.
Trading in the bonds was suspended here ten days ago upon the request of
the corporation, pending issuance of the official circular.
It was reported yesterday on excellent authority that issuance of the
definitive bonds has been started, although the official circular indicated
that only temporary certificates were outstanding until a few days ago.
Eighty-three bonds, all of $1,000 denomination, have been issued so far.
it is stated.
William F. Stevenson. Chairman of the Board of the Home Owners' Loan
Corporation, is expected here to continue the vigorous campaign for establishing an open market, which was undertaken Monday. In some banking
offices here it was stated that the development of this campaign will be
awaited before active trading is undertaken.
The initial trading in the bonds was noted in our issue of
Sept. 2, p. 1694.
Fifth (Cincinnati) Federal Home Loan Bank Declared
2% Dividend.
Associated Press advices from Cincinng.ti Sept. 2, said:
The Fifth District Federal Home Loan Bank declared to-day a dividend
of 2%,payable on Oct 16 to Its 308 member building and loan associations
In Ohio. Kentucky and Tennessee.
Pointing out that the dividend was the first ordered by a member bank
of the system, Harry S. Kissell of Springfield. Ohio, chairman of the bank,
added that officials of the Federal Home Loan System in Washington were
amazed at the progress of the institution. Founded on Oct. 16. 1932. It
had met all Its expenses, bought all its equipment and contributed $35,000
to the Federal Government to aid other banks. It also had lent $13,055,000, for which it had collateral of approximately $35,000.000.
List of Companies Filing Registration Statements of
New Issues with Federal Trade Commission Under
Federal Securities Act—Amount of Securities Registered Over $200,000,000.
Since the publication in our issue of Sept. 2 (page 1700)
of the registrations of security issues filed with the Federal
Trade Commission under the Securities Act, the filing of
additional statements has been announced by the Commission. On Sept. 13 the Commission stated that up to
that date the total amount of securities filed was approximately $210,000,000. On Sept. 6 the Commission stated
that the filing of 11 additional registration statements
brought the total amount of securities filed at that time to
approximately $187,000,000. The Commission's announcement of Sept. 6 continued:
In no case does the act of filing with the Commission give any security
the approval of the Commission or indicate that the Commission has Passed
on the merits of the issue, or that the registration statement itself is correct.
The list of registration statements Is as follows:
Advance Aluminum Castings Corp. (2-164), Chicago, an Illinois corporation. a holding company owning the stock of subsidiaries, which
subsidiaries are engaged In the manufacture, production and sale of aluminum products. proposes to issue 25.000 shares of common stock at a Par
value of $3 each, a registration fee of $25 indicates total aggregate proceeds as not to exceed $250.000. Among the officers are: Roy W.
Wilson. President and director, and Nels Shoan, Secretary-Treasurer and
director, both of Chicago. Underwriters are: George T. Leach & Co.,
Inc., and McGowan, Cassady & White, Inc., both of Chicago.
Artemisa Mines, Ltd. (2-166), Bisbee, Ariz., an Airzona corporation,
engaged in mining and financing of mining, amount of offering $250,000;
amount of registration, $25. Officers are: Oliver 0. Kendall, Bisbee,
Ariz., President; J. M. Foster, Denver, Secretary, and F. M. Butler.
Kansas City, Mo., Treasurer.
Bagdad Copper Products, Inc. (2-165). New York, a Delaware corporation,
engaged in production of copper and other metal products, proposes to
Issue 200.000 shares of common stock of a par value of 5() cents a share.
Registration fee of $40 was paid the Commission, Indicating that total
aggregate proceeds are not expected to exceed $400,000. Edmond B.
Bronson, New York, is President of the company; Frederick C. Hart
New York, Secretary-Treasurer. Underwriters are B. K. Blanchet &
Co.. Toledo.
California-Mother Lode Gold dines, Inc. (2-172), Wilmington. Del., a
Delaware corporation, proposes to issue $98.000 in common stock and
option warrants to purchase $392.000 common stock. Registration fee
of $49 was paid the Commission, Indicating total aggregate proceeds as
not to exceed $490,000. Officers of the company are: Hugh Evans.
Santa Monica, Calif., President; Martin J. Dobson, Vice-President. and
Volume 137
Financial Chronicle
Ethel Hester, Secretary-Treasurer, both of Wilmington, Del. Under
writer is Edward A. Bischoff, Wilmington. Del.
Enderly Corp. (2-163), New York, a New York corporation, a service
organization operating principally in the field of textile securities, proposes
to issue 1,000 shares of preferred stock of a par value of $100 each, and
1,000 shares of common stock of a par value of Si each. A registration
fee of $25 indicates total aggregate proceeds as not to exceed $250,000.
Officers are: Edwin Farnham Greene, President, Treasurer and director;
R P. M. Eagles, director, and W. J. Cullen, director, all of New York.
Gold Hill Mines, Inc. (2-169). Pocatello. Ida., an Idaho corporation, proposes to Issue 2,500 shares of class A common stock of on par value. Registration fee of $25 paid the Commission indicates total proceeds as not to
exceed $250,000. H. D. Lauderback, Pocatello, Ida., is President of
the company, and W.0. Riddle, Pocatello, Secretary.
Humphreys Gold corp. (2-162), Denver, a Colorado coporation, mining
gold and other metals, proposes to issue $105.200 face value of gold notes,
series A, with bonus of 105.200 shares of common stock at a par value
of $1 each. Registration fee of $25 indicates total aggregate proceeds as
not to exceed $250,000. Among the officers are: A. E. Humphreys.
President-director, and Judson S. Hubbard, Secretary-Treasurer, both of
Denver.
Liberty Brewing Co. (2-168), Baltimore, a Maryland corporation, engaged
in the brewing of beer and manufacture of by-products, proposes to issue
128,082 shares of class A common stock of a par value of $1 a share, and
18.900 shares of class B common stock of a par value of $1 a shara. The
company paid the Commission a registration fee of $29.40, indicating total
aggregate proceeds as not to exceed $294.000. Among the officers are:
Charles Brohmeyer. Vice-President and director; and Eli G. Cohen,
Secretary and director, both of Baltimore. The company is selling its
own stock jointly with Leimbach St Co. and A. M. Clark & Co., both of
Baltimore, as underwriters.
Magnus Automatic Machine Co. (2-170). Waynesboro, Pa., a Delaware
corporation, manufacturer of automatic shoe shining machines, proposes
to issue 10.000 shares of common stock of no par value. Registration fee
of $25 paid the Commission, indicates that total aggregate proceeds are
not to exceed $250,000. Among officers are: J. W. Croft, President and
chief executive officer, and Carrie B. Croft, Secretary-Treasurer, and
chief financial officer, both of Waynesboro.
Peckham Hill Gold Mines. Inc.(2-171), Reno, Nev.,a Nevada corporation,
proposes to issue 5.000.000 shares of common stock of a par value of 10
cents a share. Registration fee of $50 paid the Commission, indicates
total aggregate proceeds are not to exceed $500,000. Officers are: J. C.
Broill, Reno, President and director; W. A. Kennenberg. Modesto, Calif.,
director and Vice-President, and H. J. Frost, Reno, director and Secretary.
Van Nostrand Brewing Co. (2-167), Charlestown, Mass., a Massachusetts
corporation, brewer and distiller, proposes to issue 101.599 shares ofcommon
stock of a par value of $5 each. Registration fee paid the Commission is
$53.85. Among officers are: Howard II. Davenport, Somerville, Mass.,
President and director, and T. Rutherford Edwards. Quincy, Mass.,
Treasurer, Secretary and Clerk. Underwriters are William Rule & Co.,
Boston.
The Commission on Sept. 13 announced the filing of 23
additional registration statements, bringing the total amount
of securities filed with the Commission to approximately
$210,000,000. The list of registration statements was made
public as follows on Sept. 13 by the Commission:
Chemical Products Manufacturing Corp. (2-181), Baltimore, a Maryland
corporation, engaged in the manufacture and sale of chemically operated
heat pads. bottles, &c., proposes to issue, 3.500 shares of common stock
of a par value of $25 a share. The company paid the Commission a registration fee of $25. indicating total aggregate proceeds as not to exceed $250,000.
Officers are: Ralph S. Ferguson, President; Guy W. Meeks, Vice-President
and Clement M. Willis, Secretary, all of Baltimore. Underwriter is Ralph
S. Ferguson, Baltimore,
Christian Moerlein Brewing Co., Inc. (2-182), Cincinnati, an Ohio corporation, engaged in the manufacture and sale of beer, proposes to issue 420,000
shares of common stock of no par value. Registration fee of $577.50 paid
the Commission, indicates total aggregate proceeds as not to exceed $5,775,000. Among the officers are: Joseph H. Assel, President and Treasurer. and Harry B. Mackey Jr., Secretary, both of Cincinnati. Underwriters are: Assel. Goetz & Moerlein. Inc.. Cincinnati.
Dana Point Corp. (2-178), Los Angeles. a California corporation, doing a
real estate business. Amount of offering $732,174. Registration fee paid
the Commission. $73.22. Among the officers are: £4. H. Woodruff,
President. and T. A. Jordan. Secretary-Treasurer, both of Los Angeles.
Eaton & Howard Management Fund "A-1" (2-189). Boston, a so-called
Massachusetts Business Trust, engaged in management of a fund received
from be.ieficiaries, paid a fee of $50, covering an offering of $500.000.
Among trustees of the company are: Charles F. Eaton Jr., Wellesley,
Mass., and John G. Howard, Cambridge, Mass.
Eatpse Gold Mining Co., Ltd. (2-180), Montreal. Canada. a Province of
Quebec (Canada) corporation, proposes to issue 500.000 shares of common
stock of a par value of $1 a share. Registration fee of $25 paid the Commission, indicates total aggregate proceeds as not to exceed $250,000.
Among the officers of the company are: John D. Dimon, New York,
President, and J. M. Kornfeld, New York. Secretary.
George M. Forman Realty Trust (2-190). Chicago. an Illinois common law
trust, exchanging first mortgage bonds for collateral trust bonds and shares
of the issuer, paid the Commission a fee of 3218.62, which indicates total
aggregate proceeds are not to exceed 32.186,200. Among officers are:
William G. Lodwicic, Winnetka, Ill., President, and Lewis M. Watson,
Western Springs. III., Secretary.
John Graf Brewing Co. (2-196), Milwaukee, a Delaware corporation,
proposes to issue 275.000 shares of class A common stock of a par value of
$2 a share, and 125,000 shares of class B common stock of a par value of $1
a share. Registration fee of $80 paid the Commission, indicates total
aggregate proceeds are not to exceed 3800.000. Among officers are:
S. J. Graf, President, and John W. Graf. Secretary-Treasurer, both of
Milwaukee. George F. Church, Deerfield, Ill., is underwriter.
Guarantee Reserve Life Co.(2-192). Fort Collins, Colo., a Colorado corporaLion, an insurance company, proposes to issue 75.000 shares of class A
capital stock of a par value of $1 a share. and 50.000 shares of class B
capital stock of a par value of 50 cents a share. Registration fee of $25
paid the Commission, indicates total aggregate proceeds not to exceed
3250.000. Among officers are: B. B. Helmick, Denver, President and
C. 0. Henderson, Fort Collins. Colo.. Secretary-Treasurer. C. 0. Henderson, Fort Collins, Colo.. is underwriter.
Hamilton Manufacturing Co. (2 177), Two Rivers, Wis., a Wisconsin
corporation, manufacturers of wood and steel printers' equipment, dental
office equipment and furniture. optional office equipment and furniture and
medical equipment and furniture, &c.. proposes to issue 132.608 shares of
class A preferential participating stock of a par value of 310 a share and
2049
23,209 shares of common stock of a par value of $10 a share. Registration
fee of $188.97, indicates total aggregate proceeds are not to exceed $1,889,700. George E. Hamilton, Two Rivers. Wis., is President of the
company, and W. G. Dickson, Two Rivers, Wis., is Secretary and Comptroller. Standard Securities, Inc., New York City, are underwriters.
A. H. Ide & Co., Inc. (2-193). Troy, N. Y., a New York corporation.
manufacturer of shirts, collars, pajamas and kindred lines, proposes to
Issue 15.000 shares of preferred stock of a par value of $20 a share, and
15.000 shares common of a par value of $1 a share. The company paid a
registration fee of $36, indicating total aggregate proceeds not to exceed
S360.000. A. Harris Ide, Troy. N. Y.. is President, and Harlow C. Ide.
Troy, N. Y.. Is Secretary. A. Harris Ide is the underwriter.
Industrial & Power Securities Co. (2-186), Philadelphia, a Delaware
corporation, an investment trust of the supervisory type, amount of offering
$500.000, registration fee paid the Commission is $50. Among officers of
the company are: Walter L. Morgan, President, and A. Moyer Kulp,
Secretary, both of Philadelphia.
The Laclede Gas Light Co. (2-176), St. Louis, a Missouri corporation,
purchaser, manufacturer and vendor of gas. Amount of offering $3,000,000
of first mortgage collateral and refunding bonds. 5 1-3%, series E. Registration fee paid the Commission is $300. Officers of the company are: Harley
L. Clarke. Chicago, Chairman of the board; E. P. Gosling, St. Louis,
President, and E. White, St. Louis, Secretary-Treasurer.
Laclede Power & Light Co. (2-175). St. Louis, a Missouri corporation,
proposes to issue 25,000 shares of common stock of no par value. The
company paid the Commission a registration fee of $250, indicating total
aggregate proceeds are not to exceed 32.500,000. E. P. Gosling, St. Louis,
is President of the company, and E. L. White, St. Louis, is SecretaryTreasurer.
Lockheed Aircraft Corp. (2-174), Burbank, Calif., a California corporation, engaged in manufacture, sale and repair of aircraft, proposes to issue
200.000 shares of common stock of a par value of $1 a share. Registration
fee of $28 paid the Commission, indicates total aggregate not to exceed
$280,000. Among officers are Lloyd B. Stearman, North Hollywood.
Calif., President and Cyril Chappellet. Bel Air, West Los Angeles, Secretary. G. Brashears & Co., Los Angeles, a California corporation having
an option agreement to purchase stock, is underwriter.
Motors Securities Co., Inc. (2-188). Shreveport, La., a Louisiana corporation, financing automobile time sales paper. Amount of offering, 3200,000.
Fee paid the Commission, $25. Officers of the company are: George D.
Wray, President, Leon J. Phillips, Vice-President and Lynn Jennings,
Secretary-Treasurer, all of Shreveport.
Mouquin, Inc. (2-185). Brooklyn, N. Y., a Maryland corporation,
importers and producers of wines, liquors, alcoholic and non-alcoholic
beverages, and food stuffs, proposes to issue 55,000 shares of common
stock of a par value of $1, to be issued at $6.75 a share, the registration fee
being $37.13. Among officers are: Louis F. H. Mouquin, Brooklyn,
President and Clara Handelsman, Brooklyn, Secretary. Underwriters are:
E. F. Gillespie & Co.
Nicola Mines & Metals, Ltd. (2-184), Vancouver, B. C., a British Columbia
corporation, proposes to issue 2,000,000 shares of common stock of a par
value of 50 cents (Canadian). Registration fee of $100 paid the Commission, indicates total aggregate proceeds as not to exceed 51,000.000.
Among officers are: Peter L. Bancroft, President, and Ethel Newton,
Secretary, both of Vancouver, British Columbia. Underwriters are:
Bartley & Co., New York and Clifton Corp.. New York.
Norins Realty Co., Inc. (2-187), Los Angeles, a California corporation,
real estate broker and sub-divider. Amount of offering 361.599.84. Registration fee paid the Commission is $25, indicating total aggregate proceeds
as not to exceed $250,000. M. Norm= is President of the company, and
J. W. Dewey. Secretary-Treasurer, both of Los Angeles.
Pittsburgh Parts Corp. (2-194), Pittsburgh, a Pennsylvania corporation,
manufacturing, purchasing and dealing in automobile parts, proposes to
issue 8,000 shares of preferred stock of a par value of $25 a share. Registration fee of $25 indicates total aggregate proceeds not to exceed $250.000.
Officers are: R. M. Carpenter, Pittsburgh, President; James Scott Burke,
Pittsburgh, Vice-President-Treasurer; and W. F. Hoffman. Wilkinsburg,
Pa.. Secretary.
Plastic Products Engineering Corp. (2-179). Newark, N. J., a Delaware
corporation, engaged in the manufacture of moulded plastic products,
such as bottle caps, jar covers, knobs and handles. &c., proposes to issue
20.000 shares of preferred stock of a par value of $10 each, and 40,000 shares
of common stock of a par value of Si each. A registration fee of $25 paid
to the Commission, indicates total aggregate proceeds are not to exceed
$250,000. Among officers are: Willis H. Simpson, President, and Franklin
M. Simpson, Secretary-Treasurer, both of East Orange, N. J.
Travelers Publishing Corp. (2-173), New York, a New York corporation,
proposes to issue 9,860 shares of preferred stock at a par value of $10 a
share, and 16.040 shares of common stock at a par value of $1 a share.
Registration fee paid the Commission is $25. Among the officers are
Henry Steeger, President and Brantz Mayor, Secretary, both of New
York City.
United Gold Equities of Canada, Ltd. (2-195). Charlottetown, Prince Edward
Island, a Dominion of Canada corporation, carrying on business as investor,
buying, holding and selling shares or securities of companies engaged in
mining, proposes to issue such number of standard shares as may be sold
for $470,000. Registration fee paid the Commission is $47. Wilbert G.
McBride, Montreal. is President of the company, and Joseph Burke,
Montreal, Secretary-Treasurer. Underwriters are: Johnston and Ward.
Montreal.
World Finance Investment Trust (2-183), Boston, a Massachusetts corporation, investment trust of the general management type buying, selling
and holding securities. Amount of offering $750,000. Registration fee
paid the Commission is $75. Among the officers are: George B. Hender-Secretary-Treasurer and
son, President; Ernest F. Henderson, Assistant
Robert L. Moore, Vice-President and Secretary. Underwriters are:
Henderson Brothers, Boston.
Hearing Before Trade Commission on Oct. 3 of Real
Estate and Mortgage Men on Exemption of Mortgage
Bonds.
Exemption from registration under the Securities Act of
notes and bonds secured by real estate mortgages, will be
discussed at an open hearing to be held before the Federal
Trade Commission, Tuesday, Oct. 3, at 10 a. m. at the
Commission's beadquarters in Washington. Under date of
Sept. 9 the Commission said:
Real estate and mortgage organizations of the country have requested
this hearing so they may present their views and suggestions regarding a
rule adopted July 27 by the Commission exempting from the requirements of
registration under the Securities Act certain securities regarding which
enforcement of the registration provisions did not appear to be necessary
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Financial Chronicle
in the public interest nor for the protection of investors, because of the
small amounts involved and the limited character of the public offering.
Through this method of a public hearing, the Commission hopes better
to mould its regulations governing minor issues of this character, in accordance with the intent of Congress, to relieve issuers from the necessity of
registration where this can be done with due regard to the exigencies of
business, but nevertheless amply protecting the investor. Such experience
In the operation of its existing rule as can be adduced will thus be the basis
of its regulations.
The exempted securities were notes or bonds directly secured by first
mortgage or deed of trust on a contiguous plot of real estate or on a leasehold which is other than for oil, gas or mining.
Two classes of such securities were designated as follows:
First, the transaction where the entire mortgage or deed of trust is transferred with the entire amount of notes or bonds to a single purchaser at a
single sale.
Second,the transaction where the notes or bonds secured by the mortgage
or deed of trust are transferred to more than one person in more than one
sale, the number of notes or bonds so secured not to exceed 25.
Federal Trade Commission Amends Rules Under Securities Act Governing Prospectus of Reorganization Plans.
The Federal Trade Commission made known on Sept. 7
that it had amended Article 16 of its Rules and Regulations
under the Securities Act of 1933 to cover a prospectus for
a plan of readjustment or reorganization of a company.
The new amendment applies to the recently announced
Form D-2. Article 16 of the rules and regulations contains
the following paragraph:
Subject to the foregoing provisions, there may be omitted from a prospectus the following items of information contained in the registration
statement.
The Commission's amendment supplies the following
language to be placed as paragraph (5) under the above
paragraph, as follows:
(5) If the registration form D-2 is filed as to any issuer or security:
16; 17; 24, except as to the issue or issues for which the registration is filed
30; 31, as of a date approximately one year prior to the filling ofthe registration statement; 33, except as to principal underwriters and as to members of the reorganization committee; 38; 39; 40; 41; 42; 49; 50; 52; 54, except the last balance sheet and the last profit and loss statement; 55, except that the number of subsidiaries and affiliates shall be stated; all exhibits except the latest balance sheet and latest profit and loss statement; all
supporting schedules to balance sheets and profit and loss statements.
On Sept. 7 the Commission further said:
Form D-2 is a sequel to Form D-1 which was made public recently. Form
1)-1 is for registration of certificates of deposit issued in anticipation of or in
connection with a plan of reorganization or readjustment of a company.
The distinction between Forms D-1 and D-2 is that Form D-I is to be used at
the time the bonds are first called by the protective committee while Form
D-2 is to be employed for registration of the new securities when reorganization or readjustment takes place.
Title Companies in Pittsburgh District Called Upon
by Federal Trade Commission to Desist from
Entering into Agreements Which Would Interfere
with Importation of Tiles from Other States.
The following announcement was issued Aug. 28 by the
Federal Trade Commission:
The Federal Trade Commission has ordered Pittsburgh Tile & Mantel
Contractors' Association and 13 tile and mantel comapnies of the Pittsburgh
district, to cease and desist from giving effect to any understandings or
agreements having for their purpose or effect interference with the sale or
importation into Pennsylvaniafrom other States of tiles or similar materials.
Specifically mentioned is "Porstelain," a vitreous enamel title on a steel
base, made and sold by Porcelain Tile Co., of Warren, Ohio.
The association and its members are directed particularly to refrain
"from giving any further force and effect to that certain resolution adopted
by respondent Pittsburgh Tile & Mantel Contractors' Association on
the 9th day of July A..D 1929, making it an offense for member concerns
to deal in said product formerly known as 'Porstelain'."
The Commission's order provides, however, that the order shall not be
construed as restricting the association in determining the bona fide eligibility requirements for membership in its organization.
During trial the respondents, through their attorney, desiring to avoid
the expense incident thereto, waived taking offurther testimony and further
procedure and consented that the Commission issue its order. Besides the
association itself the other respondents are listed as follows: Certified Tile
Corp.; Beechview Mantel & Tile Co.;Dormont Mantel & Tile Co.; Highland
Mantel & Tile Co.; Lincoln Mantel & Tile Co.; Starr Tiling Co.; W. P.
Ramsey, doing business as Twin City Tiling Co.; David Morris; Frederick
Lawrence Graf, and Fred. L. Graf, doing business as Morris, Graf & Co.,
Ltd.; Edward M. Aiken, doing business as Aiken & Co.; R. E. Logan,
doing business as R E. Logan & Co.; James Louis McNeilly, Hattie A.
McNeilly, and Thomas McCutcheon, doing business as McNeilly Mantel
& Tile Co.; Mary A. Spellman and James J. Spellman, doing business as
M.J. Spellman & Co., and E. J. Huber, doing business as Standard Mantel
& Tile Co.
Review of Annual Convention of American Bankers'
Association.
The adoption of a permanent NRA code at the 59th annual
convention of the American Bankers' Association held in
Chicago Sept. 4 to 7, is described in a review of the proceedings, issued by the Association, as "the most important
action" taken at the convention. The code as drafted
contains several modifications of the temporary NRA
regulations under which banks have been operating and will
be presented for approval at Washington Sept. 28 by the
Code Committee of the Association, it is pointed out.
Over 2,500 bankers and guests attended the Chicago convention,says the Association's announcement,issued Sept. 12
Sept. 16 1933
which states that the large attendance was accounted for
n a good measure by perplexing problems facing bankers
and a desire to thrash them out. The resume also said in
part:
The topics of a possible rapid expansion of bank credit by other than
strictly sound loans, which appeared to be demanded by some sponsors
of the recovery program, and the deposit insurance section of the GlassSteagall Act were the two principal disturbing factors in the present banking
situation which came to the front early in the convention deliberations.
Eugene R. Black, Governor of the Federal Reserve Board, and Jesse H.
Jones, Chairman of the Reconstruction Finance Corporation, presented
the Administration's desire for a more rapid expansion of credit as an aid
to the NRA. Also President Roosevelt sent a message, which was read
to the convention, in which, after paying tribute to the bankers for the
part they have played in the development of the recovery program to date,
the President said in part:
We still have much to accomplish in making credit facilities adequate
for the National recovery we are bringing about. The banks must play
an important part in making increased loans to industry and commerce.
. . . Loans can and will be madei. I want you to know that we rely
on your organization for its co-operation in furthering the free flow of
credit so essential to business enterprises, whether they be large or small.
Mr. Jones urged banks large and small to increase their capital by selling
preferred stock to the R.F.C. thereby fortifying themselves for a broader
and more rapid extension of credit to "every unit in our economic structure
—the average man—butcher, baker, candle-stick maker".
The report of the Association's Economic Policy Commission headed by
Leonard P. Ayres, Vice-President Cleveland Trust Co., after recommending
that the Association urge the National Administration to postpone deposit
insurance, declared strongly against pressure and propaganda for an "ultraliberal loaning policy in support of the recovery program now under way."
The report stated further that "the objectives of the recovery program
justify all the support that banks can rightfully give, but they justify it
just so long as that support involves only good banking and does not jeopardize the funds of depositors."
President Sisson in his opening address to the convention made a vigorous
defense of banking, emphasizing that the banks were no more to blame
for the depression than was agriculture, industry, or any other branch of
our economic life. Also he expressed the thought that improvement to be
permanent must proceed on sound and stable lines, and he strongly attacked
the deposit insurance section of the Glass-Steagall Act.
Other criticisms of the deposit insurance section of the Banking Act of
1933 were voiced by Alf M. Landon, Governor of Kansas, and George V.
McLaughlin, President of the Brooklyn Trust Co., and President of the
New York Bankers Association.
The report of the Resolutions Committee as presented to the convention
September 6 was unanimously adopted. In these resolutions the Association
low
gav
co-operate in the National recovery program in the Tel
lengitalapnlgelggeet°:
We pledge our support and co-operation in the recovery campaign
that is now under way, and we point out that the banking support that is
in the long run most effective and helpful is that which conforms to the
principles ofsound banking and which by so doing safeguards the institution
and the funds of its depositors.
The resolutions recommended to the National Administration that the
initiation of deposit insurance be postponed, stating that "it is our considered judgment that means should be found to postpone action in putting
into effect the proposed measures for deposit insurance. We believe that
if the attempt is made to hurry through arbitrarily strict examinations the
result will be the suspension and liquidation of some thousands of banks
which would deprive many communities of banking facilities and would
entail new losses and new credit deflation that would unsettle business and
impair the prospects of recovery. If on the other hand the necessarily hurried examinations should be lax and superficial many institutions would be
admitted to deposit insurance that can not rightfully qualify for its privileges."
With respect to the sale of preferred stock to the R.F.C. the resolutions
stated:
We commend to the thorough and thoughtful consideration of all
bankers the opportunities to expand and strengthen the capital structures
of their institutions that are being made available through the offer of the
Reconstruction Finance Corporation to purchase freely the preferred stock
or capital notes of banks.
The resolutions also recommended the appointment of a Federal Corn
mission to make a thoroughgoing study of "the vastly important problems'
of money and banking and central banking that are pressing for solution
and settlement."
When Comptroller of the Currency James F. T. O'Connor spoke before
the convention at the closing session on Thursday [Sept. 7] it was immediately evident that the National Administration did not contemplate
postponing deposit insurance. Mr. O'Connor stated that plans had been
Perfected for putting the insurance feature into effect by Jan. 1 1934, the
date specified in the Glass-Steagall Act, and he announced the names of
the two appointive directors of the Federal Deposit Insurance Corporation,
the Comptroller being director ex-officio. Walter S. Cummings, Chicago
Industrialist and executive assistant to Secretary of the Treasury Woodin,
and E. G. Bennett, banker and business man of Ogden, Utah, had been
named by President Roosevelt, Mr. O'Connor said. Mr. O'Connor sought
to reassure the bankers as to deposit insurance and assured the meeting
of fair treatment for small institutions.
Regarding the bankers' code approved at the convention
the Association says:
Article I of the code defines the term "bank" to include "all National
banks, State banks,savings banks (both mutual and stock) trust companies
and private banking houses accepting deposits." Maximum hours of employment are fixed at 40 hours per week averaged over a period of 13
consecutive weeks. Two exceptions are made to this regulation, one.
Permitting employees to work 48 hours per week for a period not to exceed
16 consecutive weeks during seasonal peak loads, and the second exception
is made when employees are required to work after hours during examinations by Federal or State authorities. Employees in managerial and executive capacities receiving more than $35 weekly and employees in banking
institutions employing not more than two persons in addition to the executive officers and located in towns of less than 2,500 are exempt from the
code regulation fixing maximum hours of employment.
Minimum wages for bank employees are fixed by the code in accordance
with differences in population—a $15 per week minimum for cities of over
500,000 population; in cities between 250,000 and 500,000,$14.50 per week;
and in cities between 2,500 and 250,000 the minimum rate is set at $14
Per week. The code provides also that in cities of less than 2,500 the wages
of all classes of employees shall be increased by not less than 20% provided
that such increases shall not require a minimum in excess of $12 per week.
Financial Chronicle
Volume 137
The code is to be administered by a Banking Code Committee consisting
of members of the American Bankers Association, and also representation
without vote to be appointed by the President of the United States. Local
committees are to be appointed where banks are organized in city clearing
house associations, State or county groups, and where no such groups
exist the banks will be required to effect such an organization along the
lines of procedure set forth in the Manual of Organization and Management
of Regional Clearing House Associations compiled by the American Bankers
Association.
Other significant features of the new banking code are listed under the
head of "Fair Trade Practices" and are designed to achieve a uniformity
in service charges in local areas and to prevent unsound competition in
the payment of interest on time and savings deposits. The code will bring
all banks except mutual savings banks under the rules and regulations
recently issued by the Federal Reserve Board fixing 3% as the maximum
rate to be paid on time and savings deposits by members of the Federal
Reserve System. It is also agreed that the rules and regulations of all
clearing house associations or other groups shall prohibit the payment
of interest on demand deposits by any bank within such groups whether
members or non-members of the Federal Reserve System.
The national officers of the Association were elected as
follows:
Francis Marion Law, President First National Bank of Houston, Texas,
President.
Rudolf S. Hecht, Chairman Hibernia National Bank, New Orleans, La..
First Vice-President,
Robert V. Fleming, President Riggs National Bank, Washington, D. C.,
Second Vice-President.
At the Executive Council meeting immediately following the convention
Hal Y. Lemon, Vice-President National Bank of Detroit, Detroit, Mich.,
was elected Treasurer, and F. N. Shepherd was re-elected Executive
Manager. Delos J. Needham of Cleveland was appointed General Counsel,
filling the vacancy caused by the death last March of Thomas B.Paton.
The following were elected in the various divisions:
The following were elected in the various divisions:
National Bank Division: Irving W. Cook, President First National
Bank, New Bedford, Massachusetts, President; 0. J. Lord, President
Capital National Bank, Olympia, Washington, Vice-President.
Savings Division: Henry S. Kingman, Treasurer Farmers and Mechanics
Bank, Minneapolis, Minn, President; Howard Moran, Vice-President
American Security and Trust Co., Washington, D. C., Vice-President.
State Bank Division: Clyde Hendrix, President Tennessee Valley Bank,
Decatur, Ala., President; James C. Bolton, Vice-President Rapides Bank
and Trust Co., Alexandria, La., Vice-President.
Trust Division: H. 0. Edmunds, Vice-President The Northern Trust
Company-Bank, Chicago, Ill., President: Leon M. Little, Vice-President
New England Trust Co., Boston, Mass., Vice-President.
Various items bearing on the convention appeared in these
columns Sept. 9, pages 1877-1844. In our American
Bankers' Convention Section to be issued next Saturday
(Sept. 23), complete details of the convention and the
various Sections and Divisions, all of the speeches, &c,,
will be given in full.
One-Man Grand Jury Investigation of Closing of
Michigan Banks Resumes Hearings—Ralph H.
Gilchrist Blames Out-of-town Bankers and Industrialists for Preventing Old Bank Re-opening.
The one-man Grand Jury investigation into the closing of
Michigan banks in February last, conducted by Judge Harry
B. Keidan, resumed its hearings on Wednesday of this week,
Sept. 13. Ralph H. Gilchrist, President of the Detroit &
Windsor Ferry Co. and J. B. Ford, Jr., President of the
Michigan Alkali Co.,two of the First National Bank's largest
depositors and both former directors, were witnesses on that
day (according to the New York "Evening Post" of the 13th)
and denied the testimony of Senator Couzens that they had
knowledge indicating the bank was insolvent. A brief outline
of Mr. Gilchrist's testimony, as contain3d in a Detroit dispatch to the "Wall Street Journal" Wednesday, read as
follows:
One of the major causes for not re-opening the two closed Detroit National
banks was the invasion of out-of-town bankers and industrialists after the
Michigan bank holiday was declared, Ralph H. Gilchrist, a large depositor
and former director of the First National, testified before the grand Jury.
"These out-of-town bankers and industrialists attempted to measure the
Detroit banks by the yardstick of New York commercial banks, which was
not logical or just," he said. "They said Detroit needed a different kind
of bank."
Mr. Gilchrist said he believed the talk of a new bank drove a wedge in
-banks.
preventing the re-opening of the old
2051
The Grand Valley National is the largest bank on the Western Slope
in Colorado and its reopening is expected to be of great benefit to that
section.
CONNECTICUT.
Hartford, Conn., advices by the Associated Press on Sept.
13, contained the following in regard to the affairs of the
three Bridgeport, Conn., banks which closed recently:
George Foster, an attorney, and Willis Lyon, a retired banker, both
of Bridgeport, were named to-day (Sept. 13) co-receivers of the suspended
American Bank & Trust Co. and the Commercial Bank & Trust Co.,
both of that city.
The appointments were made by Newell Jennings, Superior Court
judge. Each co-receiver furnished a bond of $50,000. Both banks are
headed by Albert W. Tremain.
Judge Jennings also named Samuel A. Mellitz of Bridgeport, receiver
for the closed West Side Bank of Bridgeport. The three institutions
suspended Aug. 30 with deposits of more than $6,000,000.
FLORIDA.
Organization of a new bank at Tarpon Springs, Fla.,
which will replace the First National Bank of Commerce of
that place, is indicated in the following dispatch from
Tarpon Springs on Sept. 2 to the Florida "Times-Union":
The recently organized First National Bank in Tarpon Springs, Fla.,
is expected to open shortly. J. C. McCrocklin, Cashier of the restricted
First National Bank of Commerce, who is one of the organizers of the
new banking institution, with several other stock subscribers, visited
Federal Reserve officials in Jacksonville on Aug. 31.
McCrocklln reports that everything for the new bank opening had
been complied with and that they were now waiting for the issuance of
the bank charter and the announcement of the bank's opening day. This
will come from the Comptroller of the Currency.
Harry G. Fannin, largest individual stock subscriber in the new institution, and Vice-Prwident of the Panama City Bank, has been agreed
upon for the office of President. Other officers have not been agreed upon.
The present bank, operating on a restricted basis, will have no connection with the new bank, and will probably be operated by a liquidator.
The bank was closed March 4 by Presidential orders.
MARYLAND.
That plans had been completed for the reorganization of
the Myersville Savings Bank of Myersville, Md., and were
awaiting the approval of the State Bank Commissioner,
John J. Ghinger, for the reopening of the institution on a
100% basis, was reported in a dispatch from Middletown,
Md., on Sept. 7 to the Washington "Post," which furthermore said:
Under the reorganization all assets of the institution were appraised
at their market value, and each old stockholder was given one share of
stock in the new institution for the 10 shares of the old stock.
In addition, $22,500 of new stock was sold for $15 per share, $5 of which
will be placed in a surplus fund.
The depositors have agreed to set aside 30% of their funds as a special
reserve for the institution. Until this fund is paid in full to the depositors,
however, the agreement provides no dividends shall be paid to stockholders,
The Annapolis Banking & Trust Co. of Annapolis, Md.,
together with its branches at Brooklyn, Md. and Galesville,
Md., has reopened on an unrestricted basis, following reorganization, according to Baltimore advices on Sept. 6 to
the "Wall Street Journal," which also said:
The plan under which the trust company was reorganized provides that
each depositor receive 6% of his deposits in stock of the new bank and
39% in certificates of beneficial interest. The remaining 55% of claims
becomes immediately available without restrictions. The reorganized
institution has capital of $150,000, surplus of $50,000 and total deposits
of about $1,800,000.
Stockholders of the Elkton Banking & Trust Co.of Elkton,
Md., at a meeting held Sept. 11, voted to amend the charter
of the institution for a reduction in the amount of the capital
stock from $225,000 to $112,500, by reducing the par value
of each share from $25 to $12.50, Elkton advices on Sept.
12, appearing in the Baltimore "Sun," authority for the
above, continuing said:
The stockholders also voted to issue $200,000 capital notes, debentures
or bonds, which shall be subordinated to the claims of depositors or creditors. It was also voted to enter into a contract between the trust company
and a new corporation to be organized to take over the assets charged off,
and issue certificates of beneficial interest to depositors.
MICHIGAN.
Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of Sept. 9 (page 1885),
with regard to the banking situation in the various States,
the following further action is recorded:
Reopening of
COLORADO.
That the Grand Valley National Bank at Grand Junction,
Colo., which closed in February last, is to be reopened, is
indicated in the following dispatch from Washington, D. C.,
on &pt. 9 to the Denver "Rocky Mountain News":
Good news for the Western Slope was received at the office of Senator
Alva B. Adams from the office of the Comptroller of Currency to-day in
an announcement that the depositors' plan for reopening the Grand Valley
National Bank, Grand Junction, had been approved and that the committee
could proceed with its program.
Only one stipulation was made,that the book value of the bank building
be reduced to $10,000.
Senator Adams, through whom the negotiations have been conducted
said there will be no difficulty in complying with this provision.
On Sept. 11 the Reconstruction Finance Corporation
authorized the purchase of $25,000 preferred stock in the
First National Bank at Hubbell, Hubbell, Mich., a new
bank which is to succeed the First National Bank of Hubbell.
The preferred stock authorization is contingent upon the
subscription of common stock by those interested in the
organization of the new bank.
Directors of the Reconstruction Finance Corporation
have authorized the purchase of $25,000 preferred stock in
the Rochester National Bank, Rochester, Mich., a new
bank to succeed the First National Bank of Rochester.
The preferred stock authorization is contingent upon
the subscription of an equal amount of common stock by
those interested in the organization of the new bank.
The new National Bank of Adrian, Adrian, Mich., organized to replace the National Bank of Commerce of Adrian,
and in which the Reconstruction Finance Corp. has author•
2052
Financial Chronicle
Sept. 16 1933
ized the purchase of $40.000 of preferred stock, is to open
for business shortly, according to a dispatch from Adrian
on Sept. 9, printed in the Toledo "Blade," which continuing
said, in part:
This is a new bank and the purchase is made contingent
upon subscription of common stock in the bank by local
interests, it was said.
A total of $80,000 in common stock already has been subscribed. The
bank will have a capital structure including $16,000 surplus and $16,000
In undivided profits.
Walter P. Jacobs, formerly of the Guardian National Bank of Commerce in Detroit, will be the President: E. C. Oliver, Vice-President,
and William Shepherd, Cashier.
The Board of Directors of the Reconstruction Finance
Corporation on Sept. 9 authorized the commitment to loan
$23,000,000 on the assets of the First Central Trust Co.
of Akron, Ohio, in accordance with a plan submitted by
a committee of depositors and stockholders and approved
by the State Superintendent of Banks, I. J. Fulton.
It was represented to the Corporation by the sponsors of
the plan that the plan would be approved by not less than
85% of the creditors and depositors of the First Central
Trust Co. The plan also contemplates the reorganization
of the bank and an immediate distribution to the depositors.
The National Bank of Lima, Ohio, a new institution
formed with Government aid, was chartered by the Comptroller of the Currency on Sept. 6. Washington advices
by the Associated Press reporting this, added:
MINNESOTA.
According to St. Paul, Minn advices on Sept. 7 to the
"Wall Street Journal" only 30 of the 555 banks operating
in Minnesota before the March bank holiday are definitely
closed at present, the State Banking Department has
announced.
NEW JERSEY.
Frank J. Murray, Mayor of Orange, N. J., since 1922,
was elected on Sept. 8 President of the First National Bank
of Orange, the new institution organized to replace the
Orange National Bank, which has been operating on a
restricted basis since the banking holiday. He was selected
by a depositors' reorganization committee of the Orange
National. Advices from Orange on the date named, from
which this is learnt, went on to say:
He announced that at the conclusion of his present term as Mayor
in May he would retire from public office.
The new bank will open with funds furnished by a $1,650,000 loan
from the Reconstruction Finance Corporation and from the sale of $375,000
of stock.
Charles Hasler, Treasurer of the Orange Savings Bank, was elected
Vice-President of the new institution.
From the Jersey "Observer" of Sept. 8 it is learnt that
a plan for the reorganization of the First National Bank
of Edgewater, N. J. (now in the hands of a conservator)
through the formation of a new bank to be known as the
Edgewater National Bank, was outlined in a letter sent
to the depositors last week, which read in part as follows:
It would serve no useful purpose to attempt to explain in this letter
all of the technical details of the plan, which has been approved by the
Comptroller whereby 75% of the deposits of the First National Bank
of Edgewater can be released and made available to depositors. . . .
Briefly, from the standpoint of depositors, the plan contemplates that
a sufficient amount of assets of the First National Bank of Edgewater
will be sold to a new bank so as to pay, out of the new bank, all secured
and preferred liabilities of the old bank in full and to pay to unsecured
depositors 75% of their net deposit claims. The remaining assets of
the old bank will be held by the conservator for liquidation and as they are
liquidated ratable payments will be made from time to time to depositors
and creditors on account of the remaining 25% of their claims.
The new bank to be organized will be known as the Edgewater National
Bank, or such other name as is approved by the Comptroller. The bank
will be capitalized at $50,000, and will commence business with a paid-in
surplus of $25,000. Its capital stock, which will not be subject to the
statutory double liability, will consist of 1,000 shares of common stock
of a par value of $50 each, which will be sold at $75 each so as to provide
the combined capital and surplus of $75,000. with which the bank will
commence business. The new bank will be located in the present First
National Bank building.
Payments for your subscriptions can be made out of the 75% of your
deposits which will be made available to you out of the new .bank.
Every depositor and credit to have his claim allowed so that 75% can
be paid through the new bank must execute and file with the conservator
the claimant's certificate and receipt showing the total net amount due
him from the old bank, which will become effective only when found
to be correct and is approved by the conservator.
Should anyone wish to subscribe for stock in the new bank and pay
for his subscription in cash, a different stock subscription form will be sent
you upon request.
A statement as to the condition of the closed Seacoast
Trust Co. of Asbury Park, N. J., and an outline of a plan
for recapitalization by which reopening of the institution
may be permitted, has been presented to the depositors,
creditors and stockholders of the institution by William H.
Kelly, State Commissioner of Banking and Insurance for
New Jersey, according to a dispatch from Asbury Park on
Sept. 11, to the Newark "News," which went on to say:
The plan is for the issuance of preferred stock for the total balances. The
details of any plan that may be agreed on are to be approved by Commissioner Kelly. The depositors and other creditors are asked to give power
of attorney to a committee. The Commissioner suggests committee members, but the creditors are informed they may select others. Those suggested by the Commissioner are: Rt. Rev. John J. O'Hara, Harry R.
Ingalls, Edward T. Mitchell, Saved() Pelusio, George W. Pittenger and
Nelson J. Schoen.
The statement recites the closing of the bank Dec. 23 1931, as a result
of a run to the extent of $4,000,000 after practically all the banks' good
assets to the extent of $886.439 had been pledged. It also is stated that
practically all the funds acquired through liquidation, $1,140,230.75, have
been used to repay loans and to pay preferred claims and operating expenses.
The statement lists resources as $4,492.914.61, of which $2,058.174.66 is
classed as doubtful and 81.179.665.70 as good. The total liability to depositors is given as $2.619,970.11, of which $1,125,850.41 is classed as
doubtful.
NEW YORK STATE.
The Reconstruction Finance Corp. on Sept. 11 authorized
the purchase of $50,000 of preferred stock in the National
Spraker Bank, Canajoharie, N. Y., according to Washington advices by the Associated Press.
OHIO.
The bank is capitalized at $200,000, half in preferred and half in common
stock. The Reconstruction Finance Corporation subscribed for $100,000
of the bank's stock.
The Ohio State Banking Department on Sept. 14 took
over for liquidation the City Savings & Loan Co. of Cleveland, Ohio, one of the largest institutions of its kind in the
State. Cleveland advices on that date to the New York
"Journal of Commerce," reporting the matter, furthermore
said:
According to an announcement by Paul Waner, State Superintendent
for Building and Loan Companies, the Board of Directors consented to
the action. The company had a total of 24,000 depositors and assets of
$10,186,000 in 1932.
The State Superintendent of Building and Loan Associations in a recent
examination of the City Savings & Loan Co. under the direction of the
Superintendent, disclosed that many of the company's mortgages are
seriously delinquent, 22,Si% of the mortgages having paid no interest for
25 months and 23.6% are delinquent for an average of 9.3 months.
The company s statement as of May 31 1933, showed that nearly onefourth of its cash was tied up in closed banks. First mortgage loans and
property owned by the company totaled almost $8,000.010, leaving virtually no liquid assets. At the time savings deposits amounted to 86,424,482 with more than 18,000 depositors—total assets were nearly 88,300.000.
According to a dispatch by the Associated Press from
Columbus, Ohio, under date of Sept. 9, the State Banking
Department• on that day issued a license to operate on a
normal basis, effective Sept. 11, to the Western Reserve
Bank of Sandusky, Ohio.
Announcement was made by the Ohio State Banking
Department on Sept. 9 that the Lima First American Trust
Co. of Lima, had been closed on that day for liquidation,
according to a dispatch by the Associated Press from Columbus, Ohio, on the date named. The trust company had
been operating under a conservator, it was stated.
OKLAHOMA.
Concerning the affairs of the Exchange Trust Co. of
Tulsa, Olda., advices from Oklahoma City on Sept. 9 to
the "Wall Street Journal" contained the following:
It will take at least five years to complete the liquidation of the Exchange
Trust Co. of Tulsa, in receivership, in the opinion of M. C. Trimble,
Deputy State Bank Examiner, who made a check of conditions at the
financial institution. R. M. McCool. Chairman of the State Democratic Central Committee, will be liquidating agent for the trust company.
OREGON.
In regard to the affairs of the First-National Bank of
Toledo, Ore., advices from that place on Sept. 2 to the
Portland "Oregonian" said:
At a special meeting Thursday evening of the depositor's committee of
the First National Bank, operating on a restricted basis since the moratorium, it was decided to recommend to the depositors at a mass meeting
to be held soon that the bank be continued under the management of a
conservator and not immediately liquidized. The move was made necessary on failure of the committee to interest Portland banks in the local
concern, and it was felt depositors would be paid off in the future if the
bank continued to run at a profit.
PENNSYLVANIA.
Announcement was made on Sept. 8 that a plan for the
re-organization of the First National Bank of Braddock,
Pa., had been approved by the Comptroller of the Currency.
The Pittsburgh "Post Gazette" of Sept. 9, from which this
is learnt, went on to say:
Details were withheld but sponsors of the plan said it provided for a
substantial release of deposits and for organization of a new bank along
lines recently followed by the United States Treasury in other communities.
When closed at the time of the National Banking Holiday the First
National of Braddock had deposits amounting to approximately $2.000.000.
Sharon, Pa., advices on Sept. 14 to the "Wall Street
Journal" stated that C. E. Brockway, an attorney, would
be President of the new First National Bank of Sharon
when that institution is opened. He has been named by
the new Board of Directors, and a charter has been asked
Financial Chronicle
Volume 137
2053
of the Government. More than $230,000 of the $300,000
in stock has been sold, the dispatch said.
and S. Dalby Stonebreaker to Newton H. Kutner, for another, $5,100.
RHODE ISLAND.
A membership in the New York Cotton Exchange was sold
Sept. 12 by Adrian Ettinger for $20,000, a decline of $1,700
from the last previous sale. The buyer was W. S. Dowdell
for another.
The Reconstruction Finance Corporation has authorized
the purchase of $100,000 preferred stock in the Columbus
Trust Co., Providence, R. I., a new bank which will succeed
the Columbus Exchange Trust Co., Providence, R. I.
The preferred stock authorization is contingent upon the
subscription of common stock by those interested in the
organization of the new bank.
TEXAS.
The Board of Directors of the Reconstruction Finance
Corporation has authorized the purchase of $100,000 preferred stock in the First National Bank of Temple, Temple,
Tex., a new bank to succeed the First National Bank in
Temple.
The preferred stock authorization is contingent upon the
subscription of an equal amount of common stock by those
interested in the organization of the new bank.
VIRGINIA.
The First National Bank & Trust Co., of Petersburg,
Va., closed since the banking holiday in March, will be
succeeded by a new institution to be known as the Citizens'
National Bank of Petersburg. This was disclosed when
the list of directors of the new institution was received
from Washington, where the list of 36 nominees, picked
from among the subscribers to stock in the new bank, was
gone over by the Comptroller of the Currency and the new
governing body chosen. A dispatch by the Associated
Press from Richmond on Sept. 8, from which the above
information is obtained, continuing said:
The new bank will begin to function after its certificate is received
from the Comptroller in Washington. All of the bank stock has been
subscribed and the Reconstruction Finance Corporation has authorized
the purchase of $200,000 in preferred stock in the institution.
WISCONSIN.
A new bank opened in Ashland, Wis., on Sept. 5, under
the title of the Northern State Bank. The new institution,
which is the first bank Ashland County has had since the
National banking holiday in March, is capitalized at
$135,000. Associated Press advices from Ashland on the
date named, reporting the matter, added:
It will operate paying and receiving stations at Butternut, Glidden,
Mason and Mellen. The bank comprises consolidated resources of closed
institutions in those towns and Marengo, and is the result of several weeks'
appraisal by State and Federal officials.
The Farmers' Exchange Bank, of Merton, Wis., recently
closed by the State Banking Department, on Sept. 6 was
taken over by the Pewaukee State Bank at Pewaukee, to
be operated as a unit of the latter, according to a dispatch
from Merton on that date to the Milwaukee "Sentinel,"
which added:
A payment of 25% of old deposits in the Merton bank was begun to-day,
making a total of 50% available to depositors since the bank holiday was
declared. Assets will be liquidated for the benefit of Merton patrons by
the Pewaukee bank without liquidating costs.
All deposits made since the holiday are being paid in full.
Additional List of Banks Licensed to Resume Operations in Second (New York) Federal Reserve
District.
The Federal Reserve Bank of New York, supplementing
its statement of Aug. 30 (noted in our issue of Sept. 2,
page 1710), issued the following list of Sept. 13 showing
additional banking institutions in the Second (New York)
District, which have been licensed to resume full banking
operations:
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1279. Sept. 13 1933.1
MEMBER BANKS—NEW YORK STATE.
Withdrawal.
Waverly—The First National Bank of Waverly. (Previously licensed
to resume full operations. Placed in charge of conservator Sept. 1 1933.)
NOM-MEMBER BANKS—NEW YORK STATE.
Addition.
New York City—Savings Banks Trust Co. (Newly chartered.)
GEORGE L. HARRISON, Governor.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Arrangements were made Sept. 12 for the sale of a New
York Curb Exchange membership at $35,000, unchanged
from the last sale.
Arrangements were completed Sept. 15 for the sale of memberships on Commodity Exchange, Inc. as follows: Adrian
Ettinger, extra, to Jerome Lewine, for another, $4,800;
Gustave C. Aberle to Martin G. Missir, for another, $5,000,
A membership on the Boston Stock Exchange was sold
Sept. 15 for $10,000, up $1,500 from the previous sale.
Five sales on the Chicago Stock Exchange were completed
this week: one on Sept. 7, at $5,600 down $9,000 from the
last sale, another on Sept. 12, at $6,500 and the last three on
Sept. 13, two at $7,500 and one at $8,000.
A membership on the Chicago Board of Trade sold Sept. 12
at $9,500, net to the buyer, a drop of $500 from the previous
sale.
Philip A. S. Franklin, Jr., has been appointed an Assistant
Vice-President of the Bank of Manhattan Co., New York.
He will have charge of the bank's new office at 64th St. and
Madison Ave. which will be opened on Sept. 27. Mr.Franklin was formerly a partner of C. D. Halsey & Co., and has
been recently connected with Field, Glore & Co. both of
New York.
The Central Savings Bank, New York, has elected Colonel
Richard C. Patterson, Jr., and Robert H. Simpson to its
Board of Trustees. Colonel Patterson is Vice-President
and.General Manager of the National Broadcasting Co., and
was formerly Commissioner of Correction of New York City.
The stockholders of the Continental Bank & Trust Co. of
New York, at a special meeting held Sept. 12, voted the
dissolution of the banks affiliate, the Continental Corporation of New York, it has been announced by Frederick H.
Hornby, President of the bank. The calling of the special
meeting was noted in our issue of Sept. 9, page 1888.
Irving McLean Shaw, founder and first President of the
Chelsea Exchange Bank, New York, died in Los Angeles,
Calif., Sept. 13. Mr. Shaw, who was 69 years old, died of
a complication of ailments. He was President of the Chelsea
Exchange Bank from 1903 to 1911. He was also a former
Vice-President of the Nokomis Bank, Venice, Fla., and
President of the Venice Chamber of Commerce.
At the regular meeting of the Board of Directors of the
National City Bank of New York held Sept. 12, Amadeo
Peter Giannini and John Francis Neylan were elected to
membership. It is stated that through the Trans-America
Corporation which he heads, Mr. Giannini is the largest
shareholder in the National City, the interest amounting to
about 10% of the outstanding stock. This interest was acquired through the merger of the Bank of America with the
National City two years ago. Mr. Giannini served on the
Board of Directors of the Bank of America N. A. and at the
same time was chairman of the Advisory Committee of
Trans-America Corporation.
Mr. Neylan is a practicing attorney in San Francisco. He
Is counsel for William Randolph Hearst and for all of the
Hearst interests. His large legal practice it is said takes
him into many of the largest civil litigations on the Pacific
Coast. Mr. Neylan is Regent of the University of California.
He was formerly Budget Director under Governor Hiram
Johnson, and under his direction the present budget system
of the State of California was planned and put into effect.
From the New York "Herald Tribune" of September 13
we quote:
National City did not accord the Transamerica stock interest representation on the board, but the passage of the Banking Act of 1933 last June
made it certain that Mr. Giannini would be able to obtain that representation he was anxious to have for the new banking act had the following provision:
"In all elections of directors, each shareholder shall have the right to vote the
number of shares owned by him for as many persons as there are directors to he
elected, or to cumulate such shares and give one candidate as many votes as the
number of directors multiplied by the number of his shares shall equal, or to distribute them on the same principle among as many candidates as he shall think fit."
This provision in the law made it inescapable that Mr. Giannini could
get at least one director on the board. National City has outstanding 8,.
200,000 shares, of which Transamerica has approximately 800,910. By
multiplying the number of directors (21) by the Transamerica stock holdings, Mr. Giannini could marshal more than 12,000,000 votes for the el-etion of a directorial candidate of his choice. For a time it had been thought
he might be denied a directorship until the bank's annual meeting next
January, but since his election then was a foregone conclusion the bank, it
was assumed, decided to delay no longer in electing Mr Giannini a director.
Mr. Giannini opposed the absorption of Bank of America, which was
formerly the Eastern link in the Transamerica bank chain, by the National
2054
Financial Chronicle
City in December 1931, and it was in opposition to this deal that he led a
proxy fight to oust Elisha Walker as head of Transamerica last year.
The regular quarterly dividend of 45 cents per share was
declared on Sept. 14 on the capital stock of the Chemical
Bank & Trust Company of New York, payable October 2 1933
to stockholders of record September 19 1933.
At a meeting of the Board of Directors of Sterling National Bank & Trust Co., New York, Hugo S. Radt, former
Vice-President of Manufacturers Trust Co., was elected a
Vice-President. Mr. Radt was also Vice-President of Capitol National Bank for seven years prior to its merger with
Manufacturers Trust Co., and has devoted his entire lifetime to the banking interests of the needle trade.
George A. Porter, of Floral Park, Long Island, was appointed Deputy Superintendent of Banks by the New York
State Banking Department on Sept. 6, effective Sept. 11.
Mr. Porter was formerly a Special Deputy Superintendent
in charge of several pending liquidations. As Deputy Superintendent he will have general supervision of liquidations of
State banking institutions succeeding August Ihlefeld Jr.,
who was recently elected Executive Vice-President of the
Savings Banks Trust Co., as noted in our issue of Aug. 19,
page 1340.
Harley G. Selkregg, heretofore Director of the Western
Pennsylvania Emergency Relief Board has become Trust
Officer of the National Chautauqua County Bank in Jamestown, N. Y. Associated Press advices from Erie, Pa., on
Sept. 13, in noting this, added:
Mr. Selkregg began his banking experience with the First National Bank,
Ford City, Pa. He came to Erie as Vice-President of the Union Trust Co.
The First National Bank of Belfast at Belfast, Me., was
chartered by the Comptroller of the Currency on Aug. 28.
The new bank succeeds the City National Bank of Belfast
and is capitalized at $200,000 of which half is preferred and
half common stock. Harold R. Stone heads the institution
with Claude S. Clement as Cashier.
On Sept. 5, the Comptroller of the Currency granted a
charter to the Farmington National Bank of Farmington,
N. H., with capital of $50,000. The new bank replaces The
Farmington National Bank. Orim M. Hussey and James E.
Thayer, are President and Cashier, respectively, of the new
bank.
That depositors in the saving department of the Salem
Trust Co. of Salem, Mass., are to have a 10% dividend in
the near future, is indicated in the following advices from
Boston on Sept.6 to the "Wall Street Journal":
Salem Trust Co., Salem, Mass., in liquidation, announces a dividend of
10% on savings accounts, probably after Dec. 1. The bank previously
paid 25%.
Lyman H. Allen was advanced to the Presidency of the
Boston Safe Deposit & Trust Co. of Boston, Mass., on Sept. 5,
succeeding the late Willard T. Carleton. Mr. Allen's promotion was announced by James Dean, Chairman of the Board
of Directors and Chief Executive of the institution. The
Boston "Transcript" of Sept. 5, in noting the matter, furthermore said:
Mr. Allen has been with the company since May 4 1904. He was appointed Assistant Trust Officer on May 1 1917 and Trust Officer on February 7 1928. On Feb. 5 1929 Mr. Allen was elected a Vice-President of
the bank. He has been prominent in corporate fiduciary matters in New
England for many years. He was one of the organizers of the Corporate
Fiduciaries Association of Boston and has served as its Vice-President and
now is a member of its Executive Committee. Mr. Allen is a director of
the Malden Co-operative Bank. He has been active in civic, affairs in
Malden where he has made his home for twenty years. He will assume
the Presidency of a company, whose trust accounts, exclusive of custodian
funds, have increased from $134,000,000 in 1927 to $250,000,000 at the
present time. . . .
Elijah C. Johnson, Chairman of the Board of the First
National Bank of San Benito, Tex., died on Sept. 12 at his
home in West Hartford, Conn. Mr. Johnson was 77 years
old and had been in the banking business for 57 years. Born
in Middle Haddon, Conn., the deceased banker entered the
employ of the National Exchange Bank of Hartford as a
messenger in 1875. Later he was its Cashier for twelve
years, and in 1908 was made President. When the National
Exchange Bank was consolidated with the First National
in 1916, Mr. Johnson became a Vice-President of the latter,
and in December 1922 was promoted to the Presidency, serving until 1929, when he became Chairman of the Board, the
office he held at his death. Among other interests, MT.
Sept. 16 1933
Johnson was a director of the Travelers' Insurance Co., Hartford City Gas Co., Dime Savings Bank, Glastonbury Knitting Co., National Exchange Bank of Lockport, N. Y., and
other corporations.
John A. Barben on Sept. 8 succeeded the late Edward H.
Holmes as Vice-President of the Bank of Montclair, Montclair, N. J., according to the Newark "News" of that date.
Mr. Barben who was born in Caldwell, N. J. and a graduate
of the Caldwell High School, began his banking career at
the Bank of Montclair in 1907 when he was employed as a
messenger. He became Assistant Cashier of the institution
in 1920 and Assistant Vice-President seven years later, and
in 1930 was named Cashier, the position he held until his
recent promotion. Mr. Barben is a past President of the
Montclair Clearing House Association and a past VicePresident of the Montclair Chamber of Commerce.
The Summit Trust Co. at Summit, N. J., announced this
week the appointment of Lawrence J. MacGregor, an officer
In the New York Trust Co., as President to succeed Barton
P. Turnbull, who resigned to accept a position with the
Rockefeller Foundation. Mr. MacGregor served overseas
with the American Expeditionary Forces. In 1929 he joined
the staff of the New York Trust Co. as an investment
specialist. He is a trustee of the Kent Place School for Girls
In Summit.
Dr. William D. Gordon, State Secretary of Banking for
Pennsylvania, on Sept. 8 announced the following payments
to be made to depositors of three closed banks in that State,
according to the Philadelphia "Ledger" of Sept. 9, which
named the banks and the amounts of the dividends as follows:
The 635 depositors of the Mahantongo Valley Bank, Pillow, will receive
a 5%, payment on Sept. 21, totaling $13,613. These depositors have already received 40% of their deposit.
The Slickville First Bank, Slickvale, will make a third payment of
10%, which will amount to $7,745. This payment will be made to the
403 depositors on September 20. These depositors have received one 40%
payment and one 10% payment.
The 10,929 depositors of the Pennsylvania Liberty Bank & Trust Co.,
Wilkes-Barre, will receive a third payment, amounting to 5%, or $130,584,
on Sept. 21. These depositors have received one 10% payment and one
15% payment, totaling $636,480.
The Comptroller of the Currency on Sept. 5 issued a
charter to The Fulton County National Bank of McConnellsburg, Pa. The new bank, which represents a conversion of
The Fulton County Bank of McConnellsburg, is capitalized
at $50,000. C. R. Spangler is President and Wilson L. Nate,
Cashier.
A 10% dividend was to be p- aid yesterday, Sept. 15, to the
depositors of the defunct Citizens' Bank of Weston, West
Va., according to a dispatch from that place on Sept. 4 to
the Washington "Post," Which added:
The bank has been closed since last October. The amount to be paid is
$200,000.
We learn from the Chicago "Tribune" of Sept. that depositors of the Ridgely-Farmers' State Bank of Springfield,
Ill. (the closing of Which on Dec. 30 last was noted in the
"Chronicle" of Jan. 7 last, page 87) were to receive beginning Sept. 15 a 25% dividend aggregating approximately
$600,000. The paper mentioned also said:
The Ridgely-Farmers' Bank was the first of the closed institutions in the
State to receive a loan from the Reconstruction Finance Corporation. The
bank was lent $450,000 by the Reconstruction Finance Corporation, pledging some of its assets as security.
The American National Ban- k & Trust Co. of Chicago, Ill.,
formerly the Straus National Bank & Trust Co., has leased
quarters in the 33 North La Salle Street Building, formerly
known as the Forman National Bank Building and will
move to the new location Dec. 1, according to an announcernent by M. L. Straus, Executive Vice-President of the institution. The Chicago "Journal of Commerce" of Aug. 24, in
reporting the matter, said:
The bank is making this move to obtain recognized benefits of location
in the financial district, it was stated, American National will occupy the
bank and mezzanine floors and the fourth and fifth floors of the 33 North
La Salle Building which will be named American National Bank Building.
Space leased totals 45,000 square feet. Work has started on alterations and
Improvements.
In the near future an announcement will be made concerning the Board
of Directors and the bank, Mr. Straus said. This reference is understood to
pertain to an increase through the addition of several business executives.
The First National Bank in Humboldt, Humboldt, Iowa,
was granted a charter by the Comptroller of the Currency
Volume 137
Financial Chronicle
2055
on Sept. 5. The new institution, which is capitalized at
$50,000, replaces The First National Bank of that place.
C. W. Garfield and B. D. Watson are President and Cashier,
respectively, of the new bank.
A dividend of 5%,to the depositors Of the defunct Planters
Bank, of Pavo, Ga., which closed on Oct. 21 1931, has been
ordered by R. E. Gormley, Superintendent of Banks for
Georgia, according to advices from Thomasville, Ga., on
Sept. 2 to the Florida "Times-Union," which added:
Associated Press advices from Lincoln, Neb., on Sept. 7
reported that the Nebraska State Banking Department on
that date had paid a 10% dividend to depositors in the following failed banks:
The dividend is made payable as of Sept. 2, and depositors with proven
claims are obtaining their checks from W. C. Patterson, liquidating agent.
This dividend brings the total payments to depositors to 30%.
Farmers' & Merchants' Bank, Elgin, 10%, or $11,409, bringing total
returned to 55%, or $62,751.
Platte Valley State Bank, Scottsbluff, first dividend of 10%, or $18,578.
A dispatch from Oklahoma City, Okla., on Sept. 6 to the
"Wall Street Journal," stated that the Central National
Bank of Bartlesville, Okla., wthich closed in March 1930, has
returned its depositors 100 cents on the dollar and interest
besides, according to L. R. Kershaw of Muskogee, receiver
for the institution. Bartlesville citizens and other depositors of the bank are now receiving, it was said, a final 10%
of deposits, or around $50,000, including slightly more than
6% total interest.
Dividends totaling $13,657 to depositors of three failed
Oklahoma State banks were announced on Aug. 31 by the
State Banking Department, according to the "Oklahoman"
of Sept. 1, which named the banks and dividend amounts as
follows:
The Bank of Elmer, Elmer, which closed May 2 1932, was authorized to
pay 5% or $1,342.02. The payment brought the total paid to depositors
of this bank to $6,666.81 or 27%. Two earlier dividends have been paid.
Security State Bank, Wanette, will pay a second dividend amounting to
4%, or $8,702.21, to bring the total paid since the institution closed in
1923 to 9%, or $18,948.38.
Fifth dividend was declared for the Farmers' State Bank, Gage, which
closed in 1924. The payment amounted to $3,612.81, or 4%. Total paid
to date is 601 or $64,723.55.
%
2
/
On Aug. 25, the Comptroller of the Currency issued a
charter to the First National Bank in Frederick, Okla., an
Institution organized to replace the First National of Frederick. The institution is capitalized at $50,000, consisting
of $25,000 preferred and $25,000 common stock. J. B. Beard
Jr. is President and D. M. Long, Cashier.
Regarding the affairs of the Grant State Bank of St.
Louis, Mo., which closed its doors on Jan. 14 last, the St.
Louis "Globe-Democrat" of Sept.9 stated that claims against
the institution are listed at $1,316,879.44 in a report filed
with the Recorder of Deeds on Sept. 8 by Oscar Wibbing,
Special Deputy Commissioner of Finance for Missouri. The
paper mentioned furthermore said:
A total of 4,494 claims have been filed. Of these, 675 are based on checking accounts, aggregating $158,112.88; 3,421 on saving accounts, amounting to $612,482.82; 297 on time certificates, totaling $205,824.34, and 39
miscellaneous claims aggregate $331,568.72. The largest of the miscellaneous claims is that of the Reconstruction Finance Corporation for $319,251.18. Forty-three claims were filed on Cashier's checks, aggregating
$2,005.34.
Preferential claims include five checking accounts, amounting to $2,363;
one savings account, $1,110; ten Cashier's checks, $2,171, and three miscellaneous claims, $1,180.
At the time the bank closed assets were listed by the State Bank Examiner at $1,668,058.75. Among the resources were loans amounting to
$436,697; bonds, $920,917; stocks, $11,000, and real estate, $197,662.
The First National Bank of Paintsville, Paintsville, Ky.,
was chartered by the Comptroller of the Currency on Sept. 1.
The new institution, which succeeds the Paintsville National
Bank, is capitalized at $200,000, consisting of $100,000 preferred stock and a like amount of common stock. James W.
Auxier is President and R. C. Lyon, Casbier.
At a meeting of the Board of Directors of the Commercial
& Industrial Bank of Memphis, Tenn., held Sept. 8, John M.
Fox was elected President of the institution to succeed
R. 0. Johnston, whose death occurred recently. Mr. Fox
had been acting President of the institution for more than
two years during the illness of Mr. Johnson. He had held
the 'post of Vice-President of the bank since 1928. The
Memphis "Appeal" of Sept. 9, from which the above information is obtained, furthermore said in part:
Mr. Fox was born in North Memphis and educated at the old Mosby
Street School and the old Memphis High School. . .
He began his banking career when he left school nearly 30 years ago as
an office boy for the old Memphis Trust Co. This bank was absorbed by
the old National Bank of Commerce, which in turn became part of the
Bank of Commerce & Trust Co.
Mr. Fox remained with this institution for 17 years and then became
Manager of the Currency Department of the local branch of the Federal
Reserve Bank of St. Louis. He resigned in 1928 to enter the Commercial
& Industrial Bank.
Effective Aug. 15 last, the Capital National Bank of Jackson, Miss., was placed in voluntary liquidation. The institution, which is capitalized at $300,000, was succeeded by the
Capital National Bank in Jackson.
Organization in New Orleans, La., of a new savings bank
to be known as the Louisiana Savings Bank & Trust Co.
and which is scheduled to open for business shortly with a
capital of $208,000, was announced on Aug. 31. The institution will begin business with a paid-in surplus of $52,000
and will have total opening assets of $260,000. Charles
Gussman, Secretary-Manager of the Louisiana Discount &
Securities Co., Inc., is scheduled to become President of the
-Picayune" of Sept. 2,
new bank. The New Orleans "Times
from Which the above information is obtained, continuing
said in part:
Members of the Board of Directors, which is composed of a group of
prominent Louisiana men, announced Thursday (Aug. 31) that the bank
will open for business as soon as required legal preliminaries are completed.
It will occupy space on the ground floor of the Baronne Building, 301-302
Baronne Street, corner of Gravier Street. . . .
The organization of the new bank, which will be the only exclusive savings bank in New Orleans, followed, according to directors, the taking over
of the Surety Credit Association, of which William C. Ermon was President,
by the Louisiana Discount & Securities Co. Inc., 205 Baronne Building.
The Louisiana Savings Bank & Trust Co. represents the combined interests
of the two other companies and, directors said, will continue to take care
of the clientele of the two companies.
Under plans as announced Thursday (Aug. 31) the new bank will open
with three departments—savings bank, mortgage department and personal
loan department.
Payment of a 5% dividend to depositors in the commercial
department of the failed First State Bank of Laramie, Wyo.,
was announced on Sept. 9 by A. E. Wilde, State Bank Examiner, according to a dispatch from Cheyenne, Wyo., on
that date by the Associated Press, which added:
Wilde said dividend checks totaling $13,000 were being mailed to depositors to-day.
Including the latest dividend, a total of $88,000, or 15% of commercial
accounts and 20% on savings, has been returned to depositors in the Laramie bank, Wilde said.
The Board of Directors of Wells Fargo Bank & Union
Trust Co., San Francisco, Calif., has declared the regular
quarterly dividend of $3.25 per share on the capital stock
payable Oct. 1 to stock of record Sept. 22.
In regard to the affairs of the defunct California Bank
of Sacramento, Calif., and its affiliated institution, the
California Trust & Savings Bank, which closed in January
last, a Sacramento dispatch by the Associated Press on
Sept. 6 contained the following:
The defunct California National Bank of Sacramento is paying its initial
20% liquidation dividend, and the receiver of the California Trust & Savings Bank, a State institution operated jointly with the National bank, is
arranging to apply to the Reconstruction Finance Corporation for a loan,
so that it, too, can liquidate and pay dividends. Distribution of the dividend to 8,000 depositors in the National bank began August 28, the checks
totaling $1,500,000. A. Q. Robinson, receiver of the State bank, said he
hopes to file an application for a Reconstruction Finance Corporation loan
within the next two weeks. He said that if this is granted dividend checks
should be ready for distribution to 25,000 depositors after completion of
about two months' paper work. The usual first dividend in California State
bank liquidation proceedings is about 15%.
Three officers of the Portland Trust & Savings Bank of
Portland, Ore., were recently promoted by the directors.
They are Maurice A. Lawrence, advanced from Auditor to
Comptroller; W. P. Briggs, promoted from Assistant Trust
Officer to Assistant Secretary, and S. E. Gjerde, advanced
from Assistant Auditor to Auditor. The Portland "Oregonian" of Sept. 7, from which this is learnt, continued in
part:
All three officers, well and favorably known in banking circles, have
already entered upon their new duties, according to Dean Vincent, President.
Mr. Lawrence started his career with the bank on Jan. 7 1925. He is
an ex-President of the National Conference of Bank Auditors and Comptrollers and has introduced many new and novel methods in the bank which
are said to have clarified the auditor's duties to a marked degree.
Mr. Briggs formerly was with Commonwealth, Inc., and joined Portland
Trust & Savings Bank Sept. 1 1932. He has had a wide trust and banking
experience which peculiarly fit him for his new responsibilities.
Mr. Gjerde, the new Auditor, started with the bank Mar. 8 1927, and
had enjoyed several years banking experience previously with the Northwestern National Bank.
2056
Financial Chronicle
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Except for the moderate downward reaction on Tuesday
and again on Friday, due to profit-taking, the general
trend of the market this week has been moderately upward.
Trading has been quiet though the tornover showed a
moderate increase as the week progressed. Liquor stocks
have attracted a goodly amount of speculative attention
as a result of the repeal vote in Maine and several other
States, and railroad shares improved following the publication of the weekly report showing a decide I increase in carloadings. Motor stocks have been in good demand and
public utilities, industrials and specialties have shown
moderate improvement. Call money renewed at 4 of 1%
3
on Monday and continued unchanged at that rate throughout
the week.
The stock market drifted quietly downward following the
resumption of Saturday trading for the first time since July.
The volume of dealings was small, and while the oil stocks
and a few special issues put up a fairly good resistance, most
of the changes were within a comparatively narrow channel.
There was an entire lack of interest in the trading, many
prominent speculative favorites not appearing on the tape
until late in the session. The declines included among
others, Atchison pref. 3 points to 713/3, Fairbanks Morse
pref. 33.' points to 313%, Goodyear 1st pref. (2) 2 points to
66, Homestake Mining 23 points to 2973%, Inland Steel
4
2 points to 33, Maytag 1st pref. 5 points to 45, Union Pacific
pref. 1 point to 71, Standard Gas & Electric pref. (7) 2
points to 393/8, Sears Roebuck 1 point to 40, Republican
Steel pref. 1 point to 37, National Steel (1) 13% points to
46 and Amereda 1 point to 44.
The market was stronger Monday and many prominent
issues moved upward from 1 to 6 or more points following
renewed inflation talk in and around the financial district.
The alcohol stocks led the upswing, National Distillers
showing a gain of about 5 points at its top for the day. Steel
shares were active and moved ahead under the guidance of
United States Steel and motor issues improved, especially
Chrysler Motors which broke through to a new top at 48.
Railroad stocks also participated in the upward movement,
gains of 1 to 3 or more points being registered in this group.
Toward the end of the day,public interest showed an improvement and the market thereafter moved more rapidly. The
outstanding gains for the day were Air Reduction, 53%
points to 1053/3; Allied Chemical & Dye, 53% points to 140;
American Can, 23% points to 93; American Smelting 23%
points to 393 ; Amer. Tel. & Tel., 33 points to 1313 ;
4
4
4
American Woolen pref., 33% points to 533%; Armour Ill.
pref., 33% points to 583 ; Atchison, 33% points to 683%;
4
Auburn Auto, 33% points to 623%; Baltimore & Ohio, 33%
points to 353%; J. I. Case Co., 53% points to 78; Celanese,
93%; Coca-Cola,
33% Points to 473%; Chrysler, 53% points to 4
3 points to 90; Continental Can (2) pref., 2 points to 66;
Crown Cork & Seal, 43% points to 473%; Delaware & Hudson,
53% points to 783%; du Pont, 33% points to 813%; Detroit
Edison, 1 point to 66; General Railway Signal, 43 points to
4
423%; Hercules Powder, 43% points to 513%; Homestake
Mining, 73% points to 3043%; Industrial Rayon, 35% points
to 753%; Ingersoll Rand, 3 points to 61; International Silver,
A
%
43% points to 43; Pullman Company, 33 points to 525 ;
Union Pacific, 43% points to 1233%; United Fruit, 3 points
to 64; United States Industrial Alcohol, 6 points to 753%,
Vulcan Detinning, 43 points to 603%; Westinghouse, 33%
4
points to 463%, and Western Union Telegraph, 45% points
to 66%.
On Tuesday an early rise carried many issues a point or
more higher, but considerable profit taking came into the
market and depressed prices all along the line. Small gains
were registered by the oil stocks and motors, and there were
numerous small advances in other directions. Prominent
issues among the steels, gold shares, wet stocks and rails
were effective by the realizing and gradually worked lower.
Alcohol issues were stronger for a short while as a result of
the repeal vote in Maine. Toward the end of the session,
the market turned dull and many stocks were off as the
market closed for the day. The declines included among
others, Allied Chemical & Dye, 2 points to 138; American
Commercial Alcohol, 2 points to 683%; J. I. Case Company,
2 points to 76; Delaware & Hudson,2 points to 763%; Federal
Light & Traction, 4 points to 55; Homestake Mining, 43%
points to 300; New York Steam pref., 23% points to 1033%;
Union Pacific, 23% points to 121; West Penn Electric A (7),
33% Points to 603%, and Pure Oil pref., 33% points to 6 4.
43
Sept. 16 1933
Leading industrials and public utilities were fairly steady
during the abbreviated session on Wednesday, the market
closing at 12 o'clock in order to give the financial district
an opportunity to take part in the city's NRA demonstration. Rallying tendencies were apparent in a few
isolated groups and the specialties particularly, which moved
up around 2 points. Chemicals and amusements were
slightly higher and the utilities, as a group, were somewhat
easier. Prominent among the advances were such active
stocks as American Beet Sugar pref., 23% points to 493%;
J. I. Case Co., 23% points to 783%; Mathieson Alkali, 2
points to 403%; Motor Products, 43% points to 35; National
Distilleries, 13% points to 1043%; Sears Roebuck, 2 points
to 443%; Texas Gulf Sulphur, 23% points to 333 ; United Air
4
Transport pref., 23% points to 66; Brooklyn-ManhattanTransit, 1 paint to 323%; Deere & Co., 13% points to 363%;
General Baking pref. (8), 13 points to 108, and American
4
Tobacco pref. (6), 1% points to 118.
Stocks continued active on Thursday with the so-called
wet issues and the railroad shares leading the advance, the
gains ranging from 1 to 6 or more points. The turnover was
unusually heavy, particularly in the alcohol stocks, many of
which were close to the June tops. Practically all groups
participated to some extent in the improvement, tho demand
for the motor shares carrying a number of prominent issues
of this group to new high ground. Railroad stocks were
slow to get started, but suddenly turned upward followed by
numerous active speculative favorites. There was some profit
taking in evidence from time to time, and while it served as a
check on the early advance, it was well absorbed before the
close. The day's gains included Air Reduction, 13 points
%
to 1053%; Allied Chemical & Dye, 23% points to 1403%;
American Hide & Leather pref., 4 points to 42; American
Locomotive pref., 33% points to 543%; American Smelting,
38% points to 43; Beech-Nut Packing, 2 points to 65; Cerro
4
de Pasco, 23% points to 393 ; Homestake Mining, 183%
points to 319; Ingersoll Rand, 2 points to 63; National Distillers, 33% points to 1073 ;Norfolk & Western pref., 2 points
4
to 873%; Reading Co. (1), 4 points to 54; Scott Paper, 28%
points to 42; Shell Union Oil, pref., 4 points to 56; Sterling
Products,4 points to 54;Union Bag & Paper,2 points to 404;
United States Industrial Alcohol, 254 points to 773%; Western
Union Telegraph, 13% points to 683% and Loews pref. (63%)
5 points to 76.
The market turned irregular on Friday though there was
considerable activity at higher prices in the mining and metal
groups. The initial transactions were generally at higher
prices and a number of the more active of the speculative
favorites pushed ahead but considerable liquidation in the
public utility shares gradually increased and as the buying
gradually simmered down prices slowly slipped back. Consolidated Gas and Public Service of N.J. were the weak spots,
though there were also some weak issues among the industrials. There were occasional attempts to start a rally,
but these were,as a rule, unsuccessful. As the market closed,
many prominent stocks showed declines for the day. They
included such active stocks as Air Reduction, 2% points to
1033 ;Allied Chemical & Dye,23% points to 1373%; American
4
Can pref., 23 points to 132; Atlantic Coast Line, 23%
4
points to 463 ; Bethlehem Steel pref., 3 points to 623%;
A
Brooklyn Union Gas, 2 points to 70; J. I. Case, 23 points
4
to 773 ; Crown Cork & Seal, 43% points to 43; Foster Wheel
4
pref., 20 points to 50; Johns-Manville, 23 points to 54%;
4
National Distillers, 4 points to 1033 ; Pere Marquette prior
4
pref., 5 points to 30; Public Service of N. J. (2.80), 3 points
to 353%; Union Pacific, 4 points to 119; United States Industrial Alcohol, 334 points to 74; Westinghouse, 234 points
to 433%, and Worthington Pump, 2 points to 28. The
market was weak at the close with prices near the lowest
for the day.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY, WEEKLY AND YEARLY.
Week Ended
Sept. 15 1933.
Stale,
Stocks.
Railroad
Number of and Miscall. Municipa &
nen Bonds.
Bonds.
Shares.
$500,000 $3,436,000
8,559,000
1,263,000
9,977,000
1,853,000
4,682,000
856,000
2,383,000 12,650,000
3,128,000 12,405,500
10.524.025 SalAR7.000 810.030.000
89.902.500 $51,709.500
279,110
1,917,340
2,243,016
734,930
2,896,170
2,453,460
Sales at
New York Stock
Exchange.
Stocks—No, of shares_
Bonds.
Government bonds_ --State &foreign bonds_.
Railroad & raise. bonds
Total
Total
Bond
Sates.
$700,000
1,603,000
1,886,000
1,089,000
2,336,000
2,416,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
United
States
Bonds.
$2,227,000
5.693,000
6,238,000
2,737,000
7,931,000
6,861,000
Week Ended Sept. 15.
1933.
1932.
Jan. 1 to Sept. lb.
1933.
1932.
10,524,026
18,955,021
520,834,160
327,536,910
$9,992,500
10,030,000
11,687,000
$6,267,500
13,161,000
40,101,000
$310,951,900
545,250,500
1,548,764,900
$483,142,600
550,778,600
1,222,860,000
$51,709,500 $59,619,500 $2,404,967,300 $2,256,781,200
Volume 137
vinancial Chronicle
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Baltimore.
6,048
28,658
37,274
14,577
46,130
7,830
$3,000
0,0031A0303
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Boston.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Ifoo14- 1.2 t.z
g
Week Ended
Sept. 15 1933.
142,517
Prey. wk. revised_
82,000
1,000
1,000
7,532
19,210
21,469
12,323
32.904
14.970
56,900
108,408
840,500
10,495
$13,400
103 734
as nnn
73 57A
S7 nnn
4 59 1
,
195 Rnn
1,900
1,000
8,500
29,000
510,000
2,400
9.000
1,000
THE CURB EXCHANGE.
The trend of prices on the curb market has generally
been toward higher levels during the present week, and
while there has been some realizing apparent it was, as a
rule, quickly absorbed and made little impression on the
movement of prices. There were frequent periods of dullness and irregularity, and price fluctuations have generally
been within narrow channels, though there were occasional
exceptions like the wet stocks, which developed considerable
activity following the repeal vote in Maine and other States.
Small gains were recorded among the industrials, oil shares
and public utilities, but the gold stocks made little progress
upward.
On Saturday, curb stocks drifted around almost without
trend due to the small volume of trading. The early dealings
were dull and price changes were within narrow limits.
Public utilities were heavy, Niagara Hudson hitting a new
low as it dropped to 7%. American Superpower also touched
a new low for the current movement and Electric Bond &
Share showed little change from its previous close. Oil
shares were generally firm, but made little progress and
motor stocks were dull but steady. Fisk Rubber issues were
slightly higher as both common and preferred stocks registered small gains. Considerable attention was paid to
Krueger Brewing which showed a fractional gain over the
preceding close.
Public utilities were in brisk demand as the trading proceeded on Monday and many prominent issues showed
advances ranging from fractions to 2 or more points. American Gas & Electric closed with a gain of a point and substantial advances were recorded by Electric Bond & Share,
Niagara Hudson and United Light & Power A. Oils were,
for the most part, moderately stronger and wet stocks were
generally firm. Fisk Rubber pref. again broke into new high
ground on an advance of 1% points to 52 and Celluloid
pref. (7) jumped about 7 points.
.
Irregularity was the dominating feature of the trading on
Tuesday,and while the early dealings showed moderate gains,
much of the improvement was lost later in the day, through
profit taking. Oil shares held fairly well, Humble Oil and
Standard of Indiana being most in demand. Wet stocks
made moderate advances, Distillers Seagrams and Hiram
Walker leading the upswing followed by Canadian Industrial
Alcohol A and B stocks and Distillers Co., all of which made
gains of about a point. Prices in the public utility group
were mixed, some of the leading issues showing improvement
while others equally prominent moved sharply downward.
Industrial shares also were mixed, Pittsburgh Plate Glass
and Swift & Co. being under pressure, while Celluloid, A. 0.
Smith and Singer Manufacturing Co. showed modest gains.
Aluminum Co. of America was down about 2 points.
Good gains were registered by many of the more active
of the curb stocks on Wednesday, most of the industrials
showing sharp advances. This was particularly true of Jones
& Laughlin Steel which recovered about 7 points of its recent
loss. Singer Manufacturing Co. and Atlantic & Pacific Tea
Co. were up about 3 points each and so was Tubise Chattilon
A. Hiram Walker represented the wet stocks on the up side
but Distillers Seagrams sagged. Oil shares were moderately
firm, fractional gains being recorded by Gulf Oil of Penn.,
Humble Oil and Standard Oil of Indiana. Aluminum Co. of
America was fractionally lower.
Oil shares and wet issues moved to the front on Thursday
as Standard Oil of Indiana duplicated its top for the year.
Hiram Walker and Seagrams were the strong stocks of the
whiskey issues and there was a good demand for Canadian
Industrial Alcohol. Strength in the wet stocks soon extended to the industrials and prominent issues like Aluminum Co. of America and Celluloid Corp. moved ahead
around a point. Public utilities were fairly strong though
there were several exceptions like Niagara Hudson, American
Gas & Electric and United Light & Power A, which showed
2057
little change from the previous lcose. Mining stocks were
steady and Investment Trusts were weak.
The Curb Market turned downward on Friday as public
utilities weakened due to the suggested reduction in electric
power rates in distribution from such Government projects
as Muscle Shoals. The weak spots were Electric Bond &
Share, Columbia Gas & Electric and American Gas & Electric,
the latter losing about 2 points. Alcohol shares declined on
profit taking. Miscellaneous stocks like Horn & Hardart
and Pan-American Airways dipped early in the day, the
former on the announcement of dividend reductions by its
Philadelphia subsidiary. The range for prices for the week
was generally downward, the declines extending to many
prominent stocks. Among these were Aluminum Co. of
America, 713 to 71; American Light & Traction, 173j to
4
7
153; American Superpower, 3% to 3 Consolidated Gas of
Baltimore, 577% to 54; Creole Petroleum,7% to 77%; Electric
Bond & Share, 227% to 213/2; Gulf Oil of Penn., 59 to 554;
3
Humble Oil, 85 to 84; Niagara Hudson Power, 8 to 77%;
Standard Oil of Indiana, 337% to 32%; United Gas Corp,
5
4 to 3%; United Light & Power it, 374 to 33 ; United Shoe
4
Machinery, 567% to 55, and Utility Power, 1/ to 13:1.
A complete record of Curb Exchange transactions for the
week will be found on page 2087.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Sept. 15 1933.
Stocks
(Number
of
Shares).
$996,000
2,102,000
2,625,000
1,116,000
2,813,000
2.999,000
81,547.742 812,651,000
2467.000
70,705
266,797
314,43.5
118,975
388,460
388,370
1933.
1933.
1932.
1,547,742
2,591,577
Stocks
-No. of shares_
Bonds.
Domestic
812,651,000 820,918,000
Foreign government.
642,000
467,000
Foreign corporate
827,000
495,000
213,613.000 $22,387,000
Total
8495,000 813,613,000
Jan. 1 to Sept. 15.
Week Ended Sept. 15.
Sales at
New York Curb
Exchange.
Total.
881,000 $1,140,000
69.000 2,282.000
82,000 2,783,000
71.000 1,25.5.000
114,000 3.020,000
78,000 3,133,000
$63,000
111,000
76,000
68,000
93,000
56.000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
1932.
79,824,777
43,146,904
8655,039,000
30,893.000
29,517.000
$615,304,100
23.085.000
47.001,000
8715.449,000
8685.390,100
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended to-day
(Saturday, Sept. 16) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 24.6% below those for the corresponding week
last year. Our preliminary total stands at $4,308,696,079,
against $5,710,190,483 for the same week in 1932. At this
center there is a loss for the five days ended Friday of 31.2%.
Our comparative summary for the week follows:
Clearings-Returns by Telegraph,
Week Ending Sept. 16.
1933.
1932.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louts
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
82,233,027,983 53,245,101,493
169,715.403
170.319,604
209,000,000
195,000,000
177,000,000
139,000,000
54,260,128
49,806.220
59.700,000
48,100,000
91,000,000
89,882,000
No longer will r eport clearings.
66.709,023
67,732,637
45,616,485
50,788,656
55,612,776
47,330,178
29,388,247
41,392,056
17,172,679
29,679.157
-31.2
+0.4
--6.7
--21.5
--8.2
--19.4
-1.2
Twelve cities, 5 days
Other cities, 5 days
$3,136,524,590
453,554,476
$4.245,810,135
515,700,585
-26.1
-12.1
Total all cities, 5 days
All cities, 1 day
$3,590,080,066
718,016.013
$4,761,510,720
948,679,763
-24.6
-24.3
$4,368,096.079
85.710.190.463
-24.6
Total all cities for week
--1.5
+11.3
-14.9
-29.0
-42.1
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below we are able to give final and complete
results for the week previous, the week ended Sept. 9. For
that week there is a decrease of 7.0%, the aggregate of
clearings for the whole country being $3,553,155,108, against
$3,820,919,221 in the same week in 1932. Outside of this
city there is a decrease of 2.7%, the bank clearings at this
center having recorded a loss of 9.3%. We group the
cities according to the Federal Reserve districts in which
they are located and from this it appears that in the New
York Reserve District, including this city, the totals show
Financial Chronicle
2058
a loss of 9.1% and in the Philadelphia Reserve District of
9.6%, but in the Boston Reserve District there is an increase
of 1.9%. The Cleveland and Richmond Federal Reserve
Districts record trifling increases, being only 0.3% in the
case of the former and 0.6% in the case of the latter, but
in the Richmond Reserve District there is a contraction of
17.3%. In the Chicago Reserve District the totals show
a diminution of 2.8%, but in the St. Louis Reserve District
the totals are larger by 3.8% and in the Minneapolis Reserve
District by 12.7%. In the Kansas City Reserve District
the loss is 4.7% and in the San Francisco Reserve District
4.6%, while in the Dallas Reserve District the totals show a
gain of 5.3%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Sept. 9 1933.
1933.
1632.
Federal Reserve fists.
$
162,924,723
181 Boston
12 cities
2,343,792,249
2nd New York 12 "
182,924,554
3rd Philadelphia 9 "
137,698,192
4th Cleveland... 5 "
66,505,532
5th Richmond_ _ 6 "
70,023,419
6th Atlanta_ _ _ _10 "
228,447,414
7th Chicago..._19 "
71,407,064
8th St. Louis... 4 "
68,324,903
9th Minneapolis 7 "
74,102,224
10th KansaaCity 9 "
32,725,614
11th Dallas.... 6 "
114,279,220
12th San Fran 13 "
111 cities
Total
Outside N.Y. City
Canada
$
159,847,322
2,578,198,834
202,392,022
137,331,570
80,381,58.8
69,610,976
235,078,135
68,810,991
60,610,233
77,768,022
31,064,523
119,825,015
Inc.0?
Dec.
1930.
1931.
$
%,
271,152,744
+1.9
-9.1 3,569,677,826
-9.6
333,428,050
+0.3
235,027,668
-17.3
94,425,766
+0.6
91,200,136
406,557,146
-2.8
106,559,072
+3.8
78,629,111
+12.7
109,144,466
-4.7
38,452,712
+5.3
189,671,290
-4.6
I
414,704,332
5,695,458,173
487,373,516
359,670,409
140,665,182
138,354,593
709,981,582
140,914,131
129,561,771
187,667,589
60,738,092
287,893,075
3,553,155,108 3,820,919,221 -7.0 5,523,925,987 8,752,982,445
1,276,637,234 1,311,410,269 -2.7 2,057,037,812 3,198,862,019
32 cities
250,481,324
237,138,392 +5.6
229,228,139
371,216,407
Week Ended Sept. 0.
Clearings at
1933.
Week Ended Sept. 9.
Clearings at
1933.
1932.
inc. OT
Dec.
1930.
1931.
$
$
s
$
%
First Federal Reserve Dist act
-BostonMe,
-Bangor....
432,607
671,988
381,441 -1-13.4
739.079
2,538,915
Portland
1,210,667
3,858,654
1,695,508 -28.6
Mass.
-Boston -- 143,9.54,698 136,582014 +5.8 239,467,286 369,299,056
877.110
Fall River.408,868
871,718
430,325 -5.0
Lowell
368,916
244,308
458,006
183,076 +33.4
New Bedford..
700,792
1,074,049
462,297
438,3/7 +5.5
Springfield....
3,083,523
4,067,524
1,924,461
1,976,303 -2.6
Worcester
887,435
2,074,934
3,077,857
1,247,528 -28.9
8,438,809
-Hartford.
4,872,393
12,920,882
Conn.
7,652,790 -36.3
New Haven_
4,783,407
6,409,809
2,738,782
3,848,523 -28.8
R.I.-Providence
11,253,800
7,692,700
5,426,900
5,593,800 -3.0
454,304
N.H.-Manches'r
361,307
673,898
317,237 +13.9
Total (12010168) 162,924,723 159,847,322 +1.9 271,152,744 419,704,332
Second Federa I Reserve Din tact- NewY orkN. Y.
--Albany _ _
6,842,826
6,109,829
4,621,467
5,124,106 -9.8
Binghamton._.
821,102
575.682
1,287,686
559,680 +2.9
Buffalo
28,319,886
43,839,911
20,615,028
16,626,469 +24.0
Elmira
410.949
776,562
430,990 -4.6
815,069
Jamestown....
688,601
255,730
960,747
390,824 -34.6
New York. _ _ _ 2,276,517,874 2,509,508,952 -9.3 .466,888,175 5,554,120,426
Rochester
7,490,559
5,676,392
9.816,740
5,707,574 -0.5
Syracuse
4,037.856
4,786,361
2,235,149
2,753,551 -18.8
Dolln.-Stamford
2,525,004
1.997.563
3,389,516
2,004.528 -0.3
N. J.
143,368
374,940
-Montclair
600,887
195,500 -2
6.7
11,165,573
13,366,735 -16.5
26,386,880
Newark
30,026,930
24,525,435
Northern N.J.
19,577,479
21,529,925 -9.1
39,704,071
Total(12 cities) 2,343,792,249 2,578,198,834
-9.1 3,569,677,826 5,695,458,173
Third Federal Reserve Dia trIct-Philo delphl a
Pa.
574,061
-Altoona...
325,348
268,318 +21.3
c
Bethlehem_ _
c
c
677,496
Chester
204,174
202,815 -r0.7
2,069,353
Lancaster
643,504
871,966 -26.2
Philadelphia
176,000,000 194,000,000 -9.3 316,000,000
Reading
2,380,192
895,870 • 1,417,623 -36.8
4,824,772
Scranton
1.450,095
1,730,487 -16.2
2,727,491
Wilkes-Barre_ _
1,121.299
1,373,956 -18.4
York
1,674,684
820,264
878,857 -6.7
N. J.
-Trenton._
2,500,000
1,464,000
1,648,000 -11.2
Total(9 cities).
333,428,050
487,373,516
Fourth Feder at Reserve D istrict-Clev eland)hio--Akron_
c
c
c
c
Canton
c
c
c
c
Cincinnati
28,845,815
45,024,313
31,602,063 -8.7
Cleveland
42,210,359
80,063,785
41,735,050 +1.1
Columbus
5,507,300
9,107,900
5,743,500 -4.1
1,020,239
Mansfield
758.156
721,197 +5.1
Youngstown.._
c
cc
'a.
-Pittsburgh.
60,376,562
99,811,431
57,529,760 -r4.9
c
c
55,595,157
122,583,983
14,403,700
1,149,776
c
165,337,793
Total(5cities) _
182.924,554
137,698,192
202,392,022
-9.6
1,206,470
c
1,110,879
1,710,721
467,000,000
3,151,209
4,989,070
2,870,087
1,915,080
3,420,000
+0.3
235,027,668
359,670,409
Fifth Federal Reserve Dist rict-Richm ond107,809
V.Va.-Hunt'ton
278.431 -01.3
1,835,000
1,872,414 -2.0
, -Norfolk..,._
a.
21.633,698
Richmond
22,004,872 -1.7
I. C.
952,132
718,269 +32.6
-Charleston
32,436,899
41,460,999 -21.8
4d,
-Baltimore.
9,539,994
).C.-Washing'n
14,048,603 -32.1
506,162
2,703,869
28,164,868
1,229,975
43,615,716
18,205,176
945,113
3,491,658
40,398,000
2,144,305
70,475,249
23,210,857
80,381,588 -17.3
94,425,766
140,665,182
Sixth Federal Reserve Dist rict-Atiant a1,669,156 +116.2
'enn.-Knoxville
3,608,186
7,589,697 -3.6
Nashville
7,316,020
:a.- Atlanta
21,600,000 +18.5
25,600,000
1,185,649
832,430 +42.4
Augusta
473,083 -0.4
470,959
Macon
5,733,127 +48.3
la.-Jacksonville
*8,500,000
7,914,901
6,691,547 +18.3
la.-Birm'ham _
724,272 +35.4
Mobile
980,877
c
c
c
flss.-Jackson..
101,652
87,091 +16.7
Vicksburg
14,345,175
24,210,573 -40.7
a.-NewOrleans
3,079,622
10,211,457
28,100,000
1,161,808
594,904
8.147,915
10,046,453
1,173,440
c
122,602
28,561,935
3,520,970
19,630,365
42,092,792
1,936,560
1,295,190
10,367,857
16,268,705
1,942,427
c
208,950
41,090,777
91,200,136
138,354,593
Total(6 cities).
I Total(10 cities)
66,505,532
70,023,419
137,331,570
69,610,976
+0.6
Inc. or
Dec.
1932.
1931.
1930 .
$
Seventh Feder al Reserve D istrIct-Chl ca go-Mich.
-Adrian -74,063 -32.6
49,891
212,858
150,919
Ann Arbor_
276,639
294,762 -6.1
796,541
507,696
Detroit
36,250,608 +2.5
37,139,548
78,594,531 131,462,396
Grand Rapids_
2.253,543 -51.4
1,094,724
5,773,732
3,537,944
Lansing
674,651
884,700 -23.7
2,717,059
2,225,052
Ind.
-Ft. Wayne
731,449 -39.1
445,817
1,338,418
3,109.386
Indianapolis...
10,251.000 -19.4
8,267,000
19.964,000
14,041,000
South Bend.._
857,065 -58.0
2,481,123
359,699
1,057,060
Terre Haute_ -2,227,687 +7.0
2,383,256
4,535,533
3,525,788
Wis.-Milwaukee
13,041.664 -28.7
9,304,781
27,501,406
19,232,179
Ia.--Ced. Rapids
1$2,290
506,036 -62.0
3,209,251
2,518,987
Des Moines...
3,926,910 -10.0
3,536,158
7,889,356
5,587,519
Sioux City-- -1,768,908 +10.5
1,954,217
6,052,838
3,482,831
Waterloo
Ill.-Bloomington
815,113 -63.2
300.000
1,704,646
1,334,004
Chicago
159,151,931 157,172,328 +1.3 263,305,197 482,250,381
Decatur
381,879 +8.4
414,039
1,184,457
681,679
Peoria
2,015,732 -17.4
1.665,977
4,003,341
2,458,026
Rockford
344,533 +37.7
474,364
2,611,601
1,135,130
Springfield- _
1,280,215 -40.4
762,432
2,521,677
1.843,186
Total(19 cities)
228.447,414
235,078,135
-2.8 406,557,146
Eighth Federa Reserve Dis trIct-St. Lo lasInd.-Evansvllie_
h
Mo.-St. Louis._
45,100,000 +6.0
47,800,000
14.658,567 +2.6
15,045,280
Tenn.
-Memphis
8,621,270 -4.0
8,272,784
111.
-Jacksonville
Quincy
431,154 -33.0
289,000
75,000,000
22,820,542
8,123,449
709,981,582
86,700,000
37,912,885
15,098.302
615,081
1,202,944
+3.8
106,559,072
140,914,131
Ninth Federal Reserve Dis trIct-Minne spoils
Minn.
-Duluth
2,306,746 +21.3
2,798,203
Minneapolis_ _ _
43,984,522 +10.9
48,785.427
St. Paul
10,845,196 +20.8
13,101,784
N. D.
-Fargo_ _ _
1,377,895 +0.8
1,389,483
S.D.
-Aberdeen_
514,411 -20.9
406,846
Mont.
-Billings.
274,351 +3.1
282,840
Helena
1,307,102 +19.4
1,560,320
3,622,649
53,426,167
16,811,191
1,788,975
673,180
471,812
1,835,137
7,561,199
90,869,053
23,649,362
2,247,594
1,184,439
762,124
3,288,000
60,610,223 +12.7
78,629,111
129,561,771
Tenth Federal Reserve Dis trict-Kansa s CityNeb.-Fremont _
119,862 -61.3
44,471
Hastings
Lincoln
1,467,569 -0.1
1,467,081
Omaha
18,562,375 -3.0
17,996,588
Kan.
-Topeka_ - _
1,323,504 -1.8
1,299,206
Wichita
3,079,743 -55.4
1,374,557
Mo.-Kan. City.
49,917,639 -2.9
48,467,586
St. Joseph_ _ 2,238,677 +14.8
2,570,309
Colo.
-Col. Spgs.
555,394 -16.9
461,371
Pueblo
508,259 -17.2
421,055
192,965
260,032
2,458,136
28,403,142
2,094,035
4,093,122
66,658,553
3,005,031
952,137
1.287,345
3,613,327
44,4.51,037
2,993,640
6,887,113
121,104,210
5,389,531
1,393,921
1.574,778
-4.7 - 109,144,466
187.667,589
Total(4 cities).
Total(7cities).
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Sept. 16 1933
Total(9 cities)_
71,407,064
68,324,903
74,102,224
68,810,991
77,768,022
Eleventh Fede ral ReserveD istrict-Dall as
exas-Austin
.576,002 +4.6
602,738
Dallas
23,164,738 +9.2
25,299,775
Fort Worth - _ _
3,730,793 -0.8
3,699,444
Galveston
1,569,000 +7.1
1,681,000
La.
2.023,990 -28.7
-Shreveport
1,442,657
Total(5 cities)_
32,725.614
31,064,523
+5.3
1,125,211
27.766,195
5,469,696
1,580,000
2,511,610
1,711,560
42,119,985
9,164,646
3,137,000
4,604,901
38,452,712
60,738,092
Twelfth Feder at Reserve D istrict-San Franc' co
Wash -Seattle._
17,967,030 -3.3
17,369,726
25,452,991
Spokane
4,309,000 -12.5
3,771,000
8,052,000
Yakima
416,282 -11.2
369,624
804,094
Ore.
-Portland_ _
14,266,262 +1.5
14,486,477
22,005,978
Utah-S. L. City
7,324,791 +3.3
7,564,744
10,433,801
Calif
.-L.Beach_
1.857,036 +6.3
1,973,580
4,160,393
Los Angeles _ _ No longer wi I report clear ings.
Pasadena
1,614,899 -5.8
1,520,659
3,071,693
Sacramento
5,726,754 -56.5
2,489,085
7,449,091
San Diego _ _ No longer wi I report clear bags.
San Francisco_
62,910,836 -2.7 102,184,000
61,200,247
San Jose
1,093,289 +18.0
1,289,546
2,209,117
Santa Barbara_
701,451 -1.1
693,601
1,456,938
Santa Monica.
615.539 -7.4
569,730
1,334,594
Stockton
1,021,846 -4.0
981,201
1,056,600
38,626,649
12,436,000
1,198,026
35,272,109
16,685,868
6,521,156
5,033,657
7,018,806
155,690,737
3,011,908
2,281,676
2,243,683
1,872,800
Total(13 cities) 114,279,220 119,825,015
Grand total (111
cities)
3,553,155,108 3,820,919,221
-7.0 5,523,925,987 8,752,982,445
Outside N. Y.... 1,276,637,234 1,311,410,269
-2.7 2,057,037,812 3,198.862,019
-4.6
189,671,290
287,893,075
Week Ended Sept. 7.
Clearings at
1933.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat -.
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert_ _ -Moncton
Kingston
Chatham
Sarnia
Sudbury
$
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
554,487
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
Total(32 cities)
250,481,324
Inc. or
Dec.
1932.
1931.
1930.
$$
$
76,717.329 - .7
7
8
73,590,822 113,430,000
74,058,303 +8.1
69,639,890 117,157,342
53,919,459
35,199,512 +8.2
29,919,623
17,987,899
10,496,777 +38.1
12,239,741
3,721,732 +0.9
6,898,079
4,947,023
6,921.714
4,146,968 -9.4
4,180,431
3,862,377
2,399.973 -7.1
2,780,237
5,481,974
3,456,548 -8.0
3,955,404
8,370,113
4,424,631 +25.3
4,236,324
2,541,755
1,711,764 -15.7
2,019,226
2,293,918
1,331,276 +38.2
1,593,116
2,917,217
2,408.603 -2.8
2,019,642
5,489,977
3,393,265 -3.8
3,405,699
5,307,235
2,945,843 +23.5
3,215,574
486,476
345,364 -12.2
350,653
603,295
367,888 +18.5
308,102
2,424,249
1,362,155 -17.1
1,344,049
991.646
518,276 -5.3
525,489
953,888
779,305 -19.1
653,214
854,190
622,684 -11.0
675,036
757,807
418,472 -0.6
552,368
371,055
182,539 +14.1
235,422
1,211,490
559,923 +6.1
610,163
803,868
664,922
537,240 +1.6
1,149.764
674,976 +19.9
663,781
3,441,588
1,885,826 +4.3
1,963,979
299,923
411,206
256,055 -6.0
900,000
671,713
544,158 -1.3
919,541
642,718
534,007 -0.7
590,020
361,523
312,032 +1.7
388,965
667,203
409,685 +2.5
1.094,062
573,367
415,283 +30.2
237,138,392
* Estimated. b No clearings available.
present.
+5.6
229,228,139
371,216,407
c Clearing House not functioning at
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. 30 1933:
GOLD.
The Bank of England gold reserve against notes amounted to £190,169,177
on the 23d inst., as compared with £190,162,455 on the previous Wednesday.
During the week the Bank of England has purchased bar gold to the
total amount of £114,165.
The depreciation of sterling in terms of the gold currencies is reflected
in the higher level of prices recorded during the week. The peak point
of 1295. 454d. is the highest quotation since Dec. 5 1932, on which date
the price was fixed at 130s. Md. There has been keen competition for
the moderate amounts of gold offered daily in the open market during the
past week and the price has been fixed at a premium ranging from 6d. to
10%d. over parity. The bulk of the supplies has been taken for the
Continent. Quotations during the week:
Equivalent Value
of £ Sterling.
Per Fine Oz.
135. 6.14d.
125s. 9d.
Aug. 24
135. 5.60d.
1265. 2d.
Aug. 25
13s. 1.65d.
129s. 4d.
Aug. 26
13s. 2.41d.
1288. 834d.
Aug. 28
138 .1.60d.
1295. 4%d.
Aug. 29
13s. 2.31d.
128s. 954d.
Aug. 30
135. 3.28d.
128s. 0.256.
Average
Washington by President RooseAn Executive Order issued yesterday in
velt gave permission to the U. S. Treasury to purchase gold newly mined
in the United States at a price equivalent to that ,uling in the free world
markets, after allowing for shipping and incidental expenses. At the same
time the U. S. Treasury was granted license to export gold acquired but
there is no information yet as to whether the metal will actually be shipped
from the United States.
The annual gold output of the United States is about two million ounces,
approximately equalling that of Canada,or say one-fifth ofthe Rand output.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 21st inst. to mid-day on the 28th inst.:
Exports.
Imports.
£412.330
Germany
£2,273 Netherlands
30,000
Belgium
France
50,823
66,345
Iraq
12,848 France
4,183
United States of America_
40,412 A
2.181
Other countries
Mexico
151.846
Venezuela
10,812
Peru
26,500
British West Africa
62,873
British South Africa
1,543,624
Canada
516,491
British India
371,135
British Malaya
22,167
431,609
Australia
7,563
Tanganyika Territory_
250
Other countries
E515,039
£3,251,226
Last week's gold shipments from Bombay comprise £17.000 on the SS.
Tarantia, destined for London, and £862.000 on the SS. Rajputana, of
which £856,000 is consigned to London and .£6,000 to Holland.
SILVER.
After minor fluctuations, prices are fixed to-day at 185id. and 18 3-16d.
showing a rise of 3-16d. for cash and 50. for forward on the week. At
the higher levels speculators have shown a disposition to sell, whilst consistent support from China has kept the undertone steady.
China has also sold, but some purchases have been effected for the
Indian Bazaars. America has sold and in the afternoons has both bought
and sold, showing, however, little inclination to press operations.
The outlook remains unchanged with the dollar sterling exchange the
main factor.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 21st inst. to mid-day on the 28th inst.:
Exports.
Imports.
£3.103
Soviet Union (Russia)
£23,500 Germany
United States of America.... 111,323 French Possessions in India.. 2,538
1,145
France
8,693 Netherlands
1,300
Canada
9,015 France
3.887
Gibraltar
5,200 Other countries
Other countries
11,304
£11.973
£169,035
Quotations during the week:
IN NEW YORK.
IN LONDON.
Bar Silver per Oz. Standard.
Cash Deliv. 2 Mos. Del.
(Cents per Ounce .999 Fine.)
Aug. 23
36%
18d.
Aug. 24....-173d.
Aug. 24
36 13-16
173d.
Aug. 25.17 id.
18 1-16d.
Aug. 25
37%
Aug. 26- _17 1546d.
371
17 15-168. Aug. 26
Aug. 28_ _..i7 1346d.
1854d.
Aug. 28
36
Aug. 29--18d.
183-16d.
Aug. 29
37
Aug. 30- _ -18%d.
Average_ _ _17.917d.
18.031d.
The hilliest rate of exchange on New York recorded during the period
from the 4th inst. to the 30th inst. was 84.67 and the lowest $4.51.
INDIAN CURRENCY RETURNS.
Aug. 22. Aug. 14. Aug. 7.
(In Lacs of Rupees)
17856
17868
__17912
Notes in circulation
10479
10433
10477
Silver coin and bullion in India
2923
2923
2923
Gold coin and bullion in India
4454
4512
4512
Securities (Indian Government)
The stocks in Shanghai on the 26th inst. consisted of about 124,400,00u
ounces in sycee, 287.500,000 dollars and 6.120 silver bars, as compared
with about 125,700.000 ounces in sycee, 285.000,000 dollars and 6,540
silver bars on the 19th 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:
Tues.,
Wed.,
Thurs.,
Fri..
Sept. 9.
Sept. 11. Sept. 12. Sept. 13. Sept. 14. Sept. 15.
18 3-16d. 1854d.
18 3-16d. 18%cl.
oz__ 18 1-16d. 1834d.
Silver, per
Gold, p.fine oz. 1308.11d. 1288.9%d. 1278.7d. 1298.2d. 1298.6d. 1308.5d.
73%
73)i
73716
73%
73%
Consols, 25i%- Holiday.
British 3%%looq
1004
Holiday.
100%
1004
10054
W.L
British 4%111%
111%
111%
111%
111%
Holiday.
1960-90
French Rentes
66.50
66.40
66.70
67.30
66.60
(In Paris)3% fr. Holiday.
French War L'n
(in Paris)5%
109.20
109.00
109.10
109.10
109.90
1920 amort- Holiday.
Mon.,
The price of silver in New York on the same days has been:
Silver in N. Y.,
per oz. (cts.)
3634
2059
Financial Chronicle
Volume 137
37
3754
37%
38%
384
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. 14
Bank of France
Banque de Paris et Pays Bas
Banque d'Union Parislenne
Canadian Pacific
Canal de Suez
Cie Dlstr d'Electricitle
Cie Generale d'Electricitie
Cie Generale Transatlantique __
Citroen B
Sept. 9 Sept. 11
1933.
1933.
Francs. Francs.
12,200
1,640
351
284
19,995
2,705
2,250
Comptoir Nationale d'Escompte
Coty Inc
Courrieres
Credit Commercial de France
Credit Foncier de France
Credit Lyonnais
Distribution d'Electricitie Is Par
Eaux Lyonnais
Energie Electrique du Nord
Energie Electrlque du Littoral
French Line
Galeries Lafayette
HoltGas Is Bon
day
Kuhlmann
L'Alr Liquids
Lyon (P L M)
Mines de Courrieres
Mines des Lens
Nord Ry
Orleans Ry
Paris, France
Pathe Capital
Pechiney
Rentes 3%
Rentes 5% 1920
Rentes 4% 1917
Rentes 4%% 1932 A
Royal Dutch
Saint Gebel') C & C
Schneider di Cie
Societe Andre Citroen
Societe Francaise Ford
Societe Generale Fonelere
Societe Lyonnaise
Societe Marseinalse
Suez
Tubize Artificial Silk prof
Union d'Electricitie
Union des Mines
Wagon-Lits
Sept.12
1933.
Francs.
12,300
1,670
353
294
20,025
2,730
2,280
-535
1,110
240
350
811
4,910
2.260
2,710
2,850
752
989
64
93
1,110
670
800
796
350
450
1,390
898
1,010
79
1,260
66.50
109.10
76.80
83.30
1,850
1,321
1,615
530
78
136
2,870
572
19,800
169
910
210
98
SePt.13
1933.
Francs.
12,300
1,660
352
291
19,920
2,710
2,240
Sent. 15
1933. 1933.
Francs. Francs.
12,300 12,300
1,670
1,660
359
"iii
295
--- _
19,930
2,730
ijio
2,270
-iii
-Eii
-iii
1,120
1.120
1,120 1,120
240
240
240
240
. __
351
355
358
813
816
820
4:656
4,900 4,910
4,940
2,230
2,280
2,280 2,280
2.660
2,720
2,710
2,720
2,820
2,860
2,860
2,870
___
767
760
756
991
994
993
--ii
67
64
67
91
92
92
92
1.110
1,110
1,100 1,110
670
670
670
680
800
709
790,
800
_iio
796
798
791
350
350
360
450
450
450
460
1,340
1.390
1,380
1,390
905
908
890
"eiii
980
980
990
73
74
73
1:2e0
1.280
1,270 1,280
66.40 86.60 66.70 67.30
109.00 109.10 109.20 109.90
76.60 76.90 77.70
76.30
83.80
83.10 83.40
83.10
1,900
1,890
1,870
1,880
1,321
1.320
1,340
1,629
1,625
1,629
3
.
-&ii
540
540
540
78
76
75
77
132
132
135
133
-- _2,880
2,860
2,876
572
572
572
- )Z1
20.100 19,900 19,900 20,i(
175
174
171
-66
920
910
920
200
200
200
200
99
99
100
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Sept.
9.
134
Relchsbank (12%)
83
Berliner Handels-Gesellsehaft (5%)
48
Commerz-und PrIvat Bank A G
Deutsche Bank end DIsconto-Gesellschaft- 49
43
Dresdner Bank
Deutsche Reichsbahn(Ger Rys)Pref(7%).- 98
Allgemeine Elektrizitaets-Gesell(A E G).... 17
100
Berliner Kraft u Licht(10%)
98
Demmer Gas (7%)
66
Gestuerel(5%)
98
Hamburg Elektr-Werke (814%)
127
Siemens & Halske(7%)
110
20 Farbenindustrie(7%)
146
Salzdetturth (734%)
183
Rhelnische Braunkohle (12%)
92
Deutsches Erdoel(4%)
50
Mannesmann Roelnen
11
Hapag
11
Norddeutscher Lloyd
Sept. Sept. Sept. Sept. Sept.
11.
134
82
48
49
43
98
17
100
97
64
98
126
106
145
175
90
46
10
11
14.
13.
12.
Per Cent of Par
141
139
135
83
82
82
48
48
48
48
49
49
42
42
43
98
98
98
18
17
17
107
104
102
99
99
97
73
70
66
103
100
99
135
129
126
115
109
106
150
147
145
178
175
173
97
94
91
55
51
48
11
11
10
12
11
11
15.
141
83
48
48
42
98
18
106
100
73
103
135
115
151
181
97
54
12
13
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Sept.15
1933:
Bid
22
Anhalt 78 to 1946
Argentine 5%, 1945, $100
7012
pieces
/24
Antioquis 8%, 1946
AustrianDeaultedCoupons 165
Bank ot Colombia,7%,'47 /2712
'48 f2 12
Bank of Colombia,7%,
7
6
12
Bavaria 6546 to 1945
Bavarian Palatinate Cons.
118
Cit. 7% to 1945
Bogota (Colombia)634, 47 12212
Bolivia 6%, 1940
/8
120
Buenos Aires scrip
Brandenburg Elec. 68. 1953 5,512
Brazil funding 5%,'31-51 3812
British Hungarian Bank
144
6Sgs, 1962
Brown Coal Ind. Corp.
55
6148. 1953
Call (Colombia) 7%, 1947 fl5
4
Callao (Peru) 734%, 1944
Ceara (Brazil) 8%, 1947...
7
/25
Columbiascrip
Costa Rica funding 5%,'51 34
/34
Costa Rica scrip
City Savings Bank, Buda/3812
pest, 75, 1953
Deutsche Bk 6% '32 unst'd /70
Dortmund Men Till es,'48 41
113
Dutsberg 7% to 1945
/19
Duesseldorf 78 to 1945_
,
34 2
East Prussian Pr. 6s, 1953_
European Mortgage & Investment 71i8. l966...
/63
French Govt. 5148, 1937_ 132
French Nat. Mail SS.68.'52 128
15
Frankfurt 78 to 1945
German Atl Cable 7s, 1945 42
German Building & Land28
bank 644%. 1948
70
German defaulted coupons_
63
Haiti 6% 1953
Hamb-Am Line eAs to '40 7312
Hanover Harz Water Wks.
122
6%, 1957
Housing & Real Imp 78,'46 38
Hungarian Cent Mut 7s,'37 138
/Flat price.
Ask
26
Hungarian Discount & Exchange Bank 7s, 1963___
72% Hungarian defaulted coups
26 Hungarian Ital Bk 7Sis,'32
Koholyt 6145, 1943
12
16 Land M Bk, Warsaw 8s,'41
2912
30 Leipzig Oland Pr. 6345,'46
Leipzig Trade Fair 713„ 1953
Luneberg Power, Light &
Water 7%, 1948
20
24 Mannhelm & Palat 7s, 1941
Munich is to 1945
11
30 Music Bk,Hessen,7s to'45
5712 Municipal Gas & Elee Corp
Recklinghausen, 78. 1947
40
Nassau Landbank 6148.'38
Natl. Bank Panama 612%
46
1946-9
Nat Central Savings Bk of
57
Hungary 734s, 1962____
18
712 National Hungarian & Ind.
Mtge.7%,1948
10
30 Oberpfalz Elec.7%,1946__
Oldenburg-Free State 7%
60 1945
Porto Alegre 7%,1968-4012 Protestant Church (Germany),
es
man L 7 1848
lit; Prov a Ws,tpha1la 6s,'33
17 Prov Bk Westphalia 6s.'38
'36
23 Rhine Westph Elee 7%,
3712 Rio de Janeiro 6%, 1933__
Rom Cath Church 654a,'46
6412 R C Church Welfare 78,'46
138 Saarbruecken M Bk 6€1 '47
,
132 Salvador 7%, 1957
22 Santa Catharina (Brazil).
8%, 1947
48
Santander(Colom)78, 1948
32 Sao Paulo (Brazil) 6s, 1947
Saxon Pub. Works 5%,'32
68 Saxon State Mtge. es. 1947
7612 Slem & Halske deb 6s. 2930
Stettin Pub Utll 78, 1946_
27 Tucuman City 78, 195142 Tucuman Prov. 78, 1950._
40 Fasten Elea Ry 78, 1947._
Wurtemberg is to 1945___
Bid
Ask
/31
/60
j70
33
5912
38
66
25
75
3912
68
29
60
43
/26
22
63
47
30
26
26
152
29
.55
40'2
42
149
51
./47
2912
49
3112
22
2
1 3'z
26
25
57
/
/45
/35
126
60
----
39
43
/22:
50
/17
39
28
63
24
44,2
60
18
1412
113
17
/16
---/3.5
6012 6312
235
215
41
38
12312 2512
47
44
23
119
31
28
2060
Financial Chronicle
Preliminary Debt Statement of the United States
Aug. 31 1933.
The preliminary statement of the public debt of the United
States Aug. 31 1933, as made upon the basis of the daily
Treasury statement, is as follows:
Bonds
2% Consols of 1930
2% Panama Canal Loan of 1916-36
2% Panama Canal Loan of 1918-38
3% Panama Canal Loan of 1961
3% Conversion bonds of 1946-47
234% Postal Savings bonds(6th to 45th series)
First Liberty Loan of 1932-47:
334% bonds
51,392,227,350.00
4% bonds (converted)—
5,002,450.00
434% bonds (converted)
535,982,100.00
434% Fourth Liberty Loan of 1933-38
Treasury bonds:
434% bonds of 1947-52
4% bonds of 1944-54
334% bonds of 1946 56
334% bonds of 1943-47
334% bonds of 1940-43
334% bonds of 1941-43
334% bonds of 1946-49
3% bonds of 1951-55
334% bonds of 1941
$599,724,050.00
48,954,180.00
25,947,400.00
49,800,000.00
28,894,500.00
68,633,500.00
Total receipts
51,933,211,900.00
6,268,094,150.00
8,201,306,050.00
$758,983,300.00
1,036,834,500.00
489,087,100.00
454,135,200.00
352,993,950.00
544,915,050.00
819,497,000.00
759,494,200.00
835,036,350.00
Total bonds
4% Civil Service Retirement Fund, Series
1934 to 1938
4% Foreign Service Retirement Fund, Series
1934 to 1938
4% Canal Zone Retirement Fund, Series 1936
to 1938
$15,074,236,330.00
3244,234,600.00
345,292,600.00
416,602,800.00
353,865,000.00
365,138,000.00
360,533,200.00
572,419,200.00
834,401,500.00
508,328,900.00
277,516,600.00
623,911,800.00
4% Adjusted Service Certificate Fund Series,
maturing Jan. 1 1934
$4,902,244,200.00
245,500,000.00
2,536,000.00
2,221,000.00
5220,389,500.00
254,364,500.00
473,328,000.00
460,099,000.00
$1,408,181,000.00
Total interest-bearing debt outstanding
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
408,565,986
100,000,000
a82,992
a29,339,128
a2,607,374
959.034
5.199,339
10,000,000
570,724
6100,880
a2,185,805
1,496,360
11,210,867
2,999
1,501,729
1,846,413
11,431,604
15,078,597
1,929,904
a223,331
al00,880
20,850,000
20,850,000
3,648,079
10,216,844
292,700
5,700,000
39,571,780
416,000
6,555,189
22,985,488
171,066,029 236,317,669
366,683,998
3,500
Emergency (note 3):
Federal Emergency Administration of Public Works
23,067.50
4
Administration for Indus314,231
trial Recovery
Agricultural Adjustment Ad3,293,038
ministration
Farm Credit Administration 7,500,000
Administration of Emergency
24,722,104
Conservation Work
Reconstruction Finance Corporation
76,703,757 115,683,440
49,381
Tennessee Valley Authority_
Federal land banks (subscriptions to paid-in surplus, &c.)
3,000,761
587,372,496
46.979,192
368,160
7,257,951
7,500.000
44,396,703
104,435.616
65,135
265,455.176
138,650,776 115,683,440
Total
3,000,761
214,003,518 265,455.176
822,722,597,530.00
580,687,516
852,827,672
229,685.458
663,949,644
229,685,458
3,500
663,949,644
Excess of expenditures (excl.
public debt retirements)_ —121,928,318 250,887.287
Trust funds, excess of receipts
(—) or expenditures (+)......+1.115,431+10.747.008
229,681,958
663,949.644
—7,149,860
—5,306,639
Total
123,043,749 261,634,295 222,532,098 058,643,005
Increase(+3 or decrease(—)
In general fund balance__ +365,582.513+193,779386 +337.310,252 —78,465,928
Increase in the public debt.488,626.262 455,413,682
$1,517,790.26
Trust Funds.
Receipts
Expenditures
2,367,550.00
3,842,250.00
11,150.00
928,950.00
3,941,400.00
37,255.350.00
13,942,000.00
538,275.00
$346,681,016.00
156,039,088.03
$190,641,927.97
115,560,673.00
2,039,084.76
3,330,979.21
523,098,514.910.20
25,541,858
18,391,998
22.907,021
17,600,382
5,306,639
10,747,008
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Aug.31 1933 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of Aug. 31 1933.
Assets—
Gold coin
Gold bullion
Gross debt less net balance in gen. fund-319,728,448,271.45 $21,775,955,689.17 $21,898,999,437.35
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 1933
and 1932, and the two months of the fiscal years 1933-1934
and 1932-1933:
580,177,077
a Exams of credits (deduct).
Note 1. Additional expenditures on these accounts for this month and the fiscal
year 1934 are included under emergency expenditures, the classification of which
will be shown in the statement of classified receipts and expenditures appearing on
p. 4 of the daily Treasury statement for the 15th of each month.
Note 2.—On and after May 27 1933 repayments of loans made from Agricultural
Marketing Fund—Federal Farm Board, and interest thereon, are reflected as credits
In the expenditures of the Farm Credit Administration.
Note 3.—Emergency expenditures for the fiscal year 1933 (except Reconstruction
Finance Corporation) are included in general expenditures, the classification of
which emergency expenditures is not available for comparison with emergency expenditures for the fiscal year 1934. Therefore neither the totals of general expenditures nor the totals of emergency expenditures for the two fiscal years are comparable.
Note 4.—Total expenditures and excess of expenditures for the fiscal year 1933
Include expenditures made by the Reconstruction Finance Corporation, whereas
in last year's daily Treasury statements Reconstruction Finance Corporation expenditures appeared on p. 3.
Gross debt less net balance in general tund.$1,207,827,886.23 $25,478,592.113.25
Aug. 31 1932
July 31 1933
Aug. 311933.
a Year Ago.
Last Month.
Gross debt
520,067,179,521.13 522,609,888,648.90 $23,098,514,910.20
Net balance in gen. fund
338,731,249.68
833,932,959.73
1,199,515,472.85
1,115,431
559.842.350
7,149,860
9,744,666 10,019,299
10,860,097 20,766,307
Excess of receipts or creditsEXCESS of expenditures
COMPARATIVE PUBLIC DEBT STATEMENT.
(On the basis of daily Treasury statements.)
Aug. 31 1919
Mar. 31 1917
When War Debt
Pre
-War Debt.
Was at Its Peak.
Gross debt
$1,282,044,346.28 $26,596,701,648.01
Net balance in general fund
1,118,109,534.76
74,216,4130.05
16,607,720
14,344,893
73,085,694
98,204,284
50,000,000
Summary.
Excess of expenditures
121,928,318 250,887,287
Lees public debt retirements
311,572,664.94
Total gross debt
63,456,923
208,431,903,
Total expenditures (note 4)-309,716,805 352,001,109
$64,344,715.26
Debt Bearing No Interest—
United States notes
Less gold reserve
188,878,028
Excess of expenditures(note 4)121,928,318 250,887,287
$75,529,000.00
100,361,000.00
75,697,000.00
100,010,000.00
75,453,000.00
75,172,000.00
80,122,000.00
60,096,000.00
75,143,000.00
75,100,000.00
60,200,000.00
100,296,000.00
953,179,000.00
Matured Debt on Which Interest Has Ceased—
Old debt matured—issued prior to April 11917
4% and 434% Second Liberty Loan bonds of
1927-42
434% Third Liberty Loan bonds of 1928
334% Victory Notes of 1922-23
434% Victory Notes of 1922-23
Treasury notes, at various interest rates
Ctfs. of Indebtedness, at various in rates
Treasury bills
Treasury Savings Certificates
351,002,058
134,500,000.00
1,542,681,000.00
Treasury Bills (Maturity Value)—
Series maturing Sept. 6 1933
Series maturing Sept. 20 1933
Series maturing Sept. 27 1933
Series maturing Oct. 4 1933
Series maturing Oct. 11 1933
Series maturing Oct. 18 1933
Series maturing Oct. 25 1933
Series maturing Nov. 1 1933
Series maturing Nov. 8 1933
Series maturing Nov. 15 1933
Series maturing Nov.22 1933
Series maturing Nov.2 9 1933
Expenditures—
General:
Departmental (note 1)
28,576,145
Public bldg. construction &
sites, Treas. Dept. (note I) 7,944,393
River & harbor work (note 1) 9,283,784
National defense (note 1)
40,554,848
Veterans' Administration
42,894,529
Adjusted-service eft. fund
Agricultural Adjustment Administration (note 1)
a82,992
Farm Credit Administration (note 1)
5,504,062
Agricultural marketing fund
(note 2)
Refunds of receipts:
Customs
486.088
Internal revenue
6,479,849
Postal deficiency
Panama Canal
955,532
Subscription to stock of
Federal land banks
a223,331
Civil Service retirement fund
(Government share)
Foreign Service retirement
fund (Governmentshare)Dist. of Col.(Govt.share)._ 2,783,556
Interest on the public debt 25,909,566
Public debt retirement:
,
Estate taxes, forfeitures,
gifts, &c
Total
5,152,501,200.00
Certificates of Indebtedness
134% Series TS-1933, maturing Sept. 15 1933..
54% Series TD-I933, maturing Dec. 15 1933_ _
434% Series TD2-1933, maturing Dec. 15 1933
% Series TM-1934, maturing March 15 1934
187,788,487 101,113,821
$821,953,630.00
6,050,976.650.00
Treasury Notes
3% Series A-1934, maturing May 2 1934
234% Series B-1934, maturing Aug. 1 1934_
3% Series A-1935, maturing June 15 1935
1%% Series B-1935, maturing Aug. 1 1935._
334% Series 4-1936, maturing Aug. 1 1936._
234% Series B-1926, maturing Dec. 15 1936_ _
234% Series C-1936, maturing April 15 1936_
% Series A-1937, maturing Sept. 15 1937
3% Series B-1937, maturing April 15 1937__
234% Series A-1938, maturing Feb. 1 1938.__
234% Series B-1938, maturing June 15 1938—
Sept. 16 1933
General Funds.
—Month of August— —July 1 to Aug. 31—
Receipts—
1932.
1933.
1933-34.
1932-33.
Internal revenue:
$
8
$
$
Income tax
14,483,596 15,416,230
27,387.024
32,127,096
Miscell. internal revenue._126,212,481 54,584,389 239,292.154
97,048,049
Processing tax on farm prod. 9,134,167
9,320,536
Customs
32,690,282 24,116,052
57,771,527
42,992,535
Miscellaneous receipts:
Proceeds of Govt.
-owned sec.:
Principal—foreign oblIg
179,595
Interest—foreign oblig--971
1,187,544
All other
358,644
453.872
1,349,849
816,069
Panama Canal tolls, &c.._ _ 1,887,927 1,836.464
3,031,132
3,530,934
Other miscellaneous
3.020,419 4,706,814
10,982,895
12,863,147
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities—
801,553,900.47 Gold Ws.outstanding_ _1,193,578,909.00
2,392,633,910.08 Gold fund, Fed. Reserve
Board (Act of Dec. 23
1913, as amended
June 21 1917)
1.786.520,115.79
Gold reserve
156,039,088.03
Gold In general fund_
58,049,697.73
Total
Total
3 194,187,810.55
3,194,187,810.55
Note.—Reserve against 5346,681.016 o U. S. notes and $1,198,224 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
In the Treasury.
SILVER DOLLARS.
Assets—
Liabilities—
$
$
Silver dollars
507,156,872.00 Silver etfs. outstanding_ 464,974,489.00
Treasury notes of 1890
outstanding
1,198,224.00
Silver dolls. In gen. fund 40,984,159.00
Total
507.156,872.00
Total
507,156,872.00
Financial Chronicle
Volume 137
GENERAL FUND.
Assets
Liabilities
491,031.58
Gold (see above)
58,049,697.73 Treasurer's checks outSilver dollars (see above) 40,984,159.00
standing
2,235,150.57
United States notes_ _
3,274,755.00 Depos. of Gov't officers:
Post Office Dept
Federal Reserve notes
19,501,011.00
Fed. Rea. bank notes_ __ _
Board of trustees,
492,943.00
Postal Savings SysNational bank notes_
21,110,177.00
temSubsidiary silver coin_
10,264,645.20
5% reserve, lawMinor coin
5,735,041.62
59,284,381.12
ful money
Silver bullion
27,293,909.89
17,932,997.13
Other deposits _ .._
Unclassified
Postmasters, clerks of
Collections, &c
2,464,102.30
courts, disbursing
Deposits in:
40,221,670.70
officers, &c
Federal Reserve banks 60,335,423.54
Deposits for:
Special depositaries
Redemption of Fedacct, sales of Treas.
eral Reserve notes
bonds, Treas. notes,
(5% fund, gold).- 35,633,866.73
and Ws. of indebt.1,125,195,000.00
Redemption of Fed.
Nat. and other bank
depositaries:
Res. bank notes(5%
8,024,650.00
fund, lawful money)
To credit of TreasRedemption of Nat.
urer U. S
7.599,720.94
To credit of other
bank notes (5%
fund,lawful money) 37,907,818.33
Govt. officers
18,930,433.63
Retirement of addl
Foreign depositaries:
circulating notes,
To credit of Treas1,350.00
Act of May 30 1908
urer U. ES
1,293,790.44
Uncollected items, exTo credit of other
3,718,064.36
Govt. officers
changes, &c
1,160,463.31
Philippine treasury:
205,450,980.52
To credit of Treas1,199,515,472.85
urer U. El
1.281.179.77 Net balance
1,404,966,453.37
1 404,966,453.37
Total
Total
-The amount to the credit of disbursing officers and agencies to-day was
Note.
$372,620,602.04.
Under the Acts of July 14 1890, and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding National bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made,
under the Acts mentioned, a part of the public debt. The amount of such obligations to-day was $115,560,673.
$1,132,755 in Federal Reserve notes, 8492,943 in Federal Reserve bank notes,
and $21,041,009 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 1933:
holdings in U.S. Treasury June 1 1933. July 1 1933. Aug. 1 1933. Sept.1 1933,
$
235,538,921
49,863,524
5,011,809
16,242,473
21,306,855
138,069
11,824,494
7,258,362
$
231,642,312
51,959,502
3,954,185
19,714,162
17,136,805
513,002
9,372,510
6,526,171
$
$
238,941,910 214,088.786
63,102,701
68,278,069
4,380,922
3,274.755
21,618.567
21,110,177
19,501,011
18,976.935
492,943
622.737
10.730,177
10,264,645
7,096,336
8,199,144
Total cash in Treasury_ 347,184,507
. 156,039,088
Less gold reserve fund_ __
340,818,649
156,039,088
365,470,285 *345,209,530
156,039,088 156,039,088
Cash balance in Treas'y
;Sep. in apec'l depositories
account Treas'y bonds,
Treasury notes and certificates of Indebtedness
Dep. in Fed. Res. bank,...
Dep. in National banksTo credit Treas. U. S
To credit dish. officers_
Cash in Philippine Islands
Deposits in foreign depts.
Dep. In Fed. Land banks_
191,145,419
184,779,561
209,431,197
287,505,000
83,125,564
836,517,000
51,197,115
7,445,980
18,856,495
964,275
2,067,573
7,267,607
19,869,225
817,832
2,098,654
736,601,000 1325,195,000
90,384,929
60,335,423
7.599,721
7,496,259
18,930,434
17,948,121
960,461
1,281,180
2,638,323
2,454,254
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes__
Net National bank notes_
Net Federal Reserve notes
Net Fed.Rea. bank notesNet subsidiary silver
Minor coin, &c
Net cash in Treasury
and in banks
1Deduct current liabilities_
189,170,442
591,110,306 1,102.546,994 1,065,460,290 1,404,966,454
226,679,095 240,341,773 231,527,330 205,450.981
Available cash balance_ 364.431.211 862.205.221 833.932.960 1.199.515.473
*Includes Sept. 1 $27,293,910 silver bullion and $5,735,042 minor, ace., coin
not Included in statement "Stock of Money."
CURRENT NOT
-Announcement has been made of the amalgamation of Turner. Mansfield & Co. and Roy T. H. Barnes & Co. under the firm name of Roy T. H.
Barnes & Co.. 125 Trumbull St., Hartford.
Mr. Barnes is well-known in the investment field, having been In this
business in Connecticut since 1898. He served as president of the Hartford
Stock Exchange for several years, and is chairman of the board of trustees
of The West Hartford Trust Co. Warren W. Mansfield represented Harris.
Forbes & Co. in Connecticut for two years, and later became associated
with Halsey, Stuart 8z Co. as manager of their Hartford office. Gordon P.
Turner was the manager of the Hartford office of White. Weld & Co. for
eight years. and previously associated with the firm in Boston.
!' The firm has a membership in the Hartford Stock Exchange and will
handle investment securities as heretofore.
Donald O'Neil & Co. of Dallas, Tex.. announces the opening of a
Chicago office at 231 S. La Salle St. The office will be'under the management of Davis Kales, who has been associated with C. W. McNear & Co.,
subsequently municipal buyer and trader for Wm. R. Compton Co. at
Chicago, and later serving in the same capacity with the Chatham-Phenix
Corp. and more recently with Kerfoot. Leggett & Co. J. G. La Forge,
formerly with Stranahan, Harris /t Co. of Chicago, will assist Mr. Kales.
An analysis of the George Washington Bridge and Holland Tunnel
bonds, obligations of the Port of New York Authority, together with
comparative income statements and financial position, has been prepared
by Van Aistyne. Noel & Co., Inc. This analysis is said to have been
drawn up as a sequel to the announcement that the PWA in Washington
weed to advance a loan of $37.500,000 for the building of a mid-town
Hudson tunnel.
Commercialand.Wascellatteonsgems
2061
-First National Bank in Frederick, Frederick, Okla..Aug. 25
Capital stock consists of $25,000 preferred stock and
$25,000 common stock.
President, J. B. Beard Jr.; Cashier, D. M. Long.
Will succeed the First National Bank of Frederick,
No 8140.
-Security National Bank of Greensboro. Greensboro.
Aug. 26
N. 0
Capital stock consists of $300,000 preferred stock and
$300,000 common stock.
President, N. S. Calhoun; Cashier, Hugh P. Beal.
Conversion of the Guaranty Bank, Greensboro, N.C.
Aug. 28
-The First National Bank of Belfast, Belfast, Me
Capital stock consists of $100,000 preferred stock and
$100,000 common stock
President. Harold R.Stone; Cashier, Claude S. Clement.
Will succeed the City National Bank of Belfast. Me.,
No. 7586.
-The First National Bank of Paintsville, Paintaville. KySept. 1
Capital stock consists f $100,000 preferred stock and
$100,000 common stock.
President, James W. Auxier; Cashier, R. C. Lyon.
Will succeed the Paintsville National Bank, No,6100.
-Farmington National Bank, Farmington, N. H
Sept. 5
President, Orin M.Hussey; Cashier, James E.Thayer.
Will succeed the Farmington National Bank, No. 2022.
-The Fulton County National Bank of McConnellsburg.
Sept. 5
McConnellsburg, Pa
President, C. R. Spangler; Cashier, Wilson L. Nace.
Conversion of the Fulton County Bank of McConnellsburg, Pa.
-The First National Bank in Humboldt,Humboldt.Iowa
Sept. 5
President, 0. W. Garfield; Cashier, B. B. Watson.
Will succeed the First National Bank of Humboldt.
No. 8277.
-The National Bank of Lima, Lima, Ohio
Sept. 5
Capital stock consists of $100,000 preferred stock and
$100,000 common stock.
President Henry A. Mack; Cashier, Raymond Link,
50,000
600,000
200.000
200.000
50.000
50,000
50.000
200,000
VOLUNTARY LIQUIDATIONS.
300.000
-The Capital National Bank of Jackson, Miss
Sept. 6
Effective Aug. 15 1933. Liquidating committee, J. T.
A. B. Campbell, and S. 0 Hart, care of the
Brown.
liquidating bank.
Succeeded by Capital National Bank in Jackson,
Miss., No. 13708.
BRANCHES AUTHORIZED.
-The National Bank of Commerce of Seattle, Seattle, Wash.
Sept. 5
Location of Branch: 201 East Wishkah St., Aberdeen, Grays
Harbor County, Wash. Certificate No. 890A.
-Among other securities, the following
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Adrian H. Muller & Son, New York:
per Shi
Shares. Stocks.
$5108
50 Hudson River Navigation Corp. (Del.), common, v. t. c., no par
$89,481 Principal amount promissory demand notes of the Copper Plate Sheet
interest at 6%, and dated from May 14 1929, to
& Tube Co., bearing
$22 lot
Jan.31 1933
137 Hudson View Gardena, Inc., No. 518, together with proprietary lease
for apartment 21 in House J, in the premises situate in the Borough of $1,000 lot
Manhattan, New York City
5 Woodmere Building & Loan Association
136 Hudson View Gardena, Inc., No. 450, together with proprietary lease for
apartment 11 in House 5, in the premises situate in the Borough of Man$1,000 lot
hattan, New York City
8100 lot
2,500 The Benetone Remedy Co., Inc.(N. Y.), par $10
Royalties Management Corp. in and to the
All right, title and interest of
following oil, gas and mineral royalties:
-8N-6E
1-120th of M Royalty of SE h NW 34 & N 34 SW h Sec. 13
Seminole County. Okla
-7N-5E, Pottawatomie Co., Okla_
1-320th of h Royalty of SW X Sec. 20
-7N-4E, Pottawatomle
1-80th of M Royalty of NW X NW X of See. 25
Co., Okla
-8N-5E, POttaWilt0Mie CO..
Royalty of SE h NW X Sec. 8
140th of M
Okla
1-240th of Si Royalty of S Si NW g & NW X SW 34 of Sec. 11-8N-3E,
Seminole County,Okla
3-160tha of ji Royalty of E 34 SE 34 of Sec. 1-8N-5E.Seminole Co., Okla-7N-4E, Pottawatomle
3-80tha of Si Royalty of N 34 E3 M NE h Sec. 26
County. Okla
1-32nd 01 34 Royalty of 5614 A. out of NW 3401 Sec. l5& SE X SE X of
Sec. 9-Twp. 325, R 4E, Cowley County, Kan
1-64th of Si Royalty 5 A. out of A. Floyd League, Caldwell Co., Tex__
-8N-6E, Seminole Co., Okla1-64th of M Royalty of Lots 3& 4 of Sec. 7
-7N-4E, Pottawatomie
1-32nd of Si Royalty of NW h NW X of Sec. 16
$2,000 lot
County, Okla
1-80th of Si Royalty of SE X NW X of Sec. 11-7N-6E,Seminole county.
Okla
-7N-6E,Seminole County.
1-80th of M Royalty of NW 34 SW 34 of Sec. 24
Okla
4-6600ths of M Royalty of Sec. 63. 89. 91, 92, 93, 119, 120, Block B-2,
-Gray
H&GN By. Sur. es E Si Sec. 85, Bit. 3, I&GN By. Co. Sur.
County, Tex. (3,320 acres)
E 34 SW X Sec. 45, Bit. 26, PSL, Winkler
1-32nd of 14 Royalty of
County, Tex
1-32nd of Si Royalty of 76 acres out of Gorton Hinds League, Caldwell
County, Tex
1-96th of Si Royalty of 21 acres out of A. Floyd League, Caldwell County.
Tex
-7N-4E, Pottawatomle
1-64th of Si Royalty of N 14 NE X of Sec. 2
County, Okla
-7N-6E, Seminole County.
1-40th of Royalty of SW X' NW X of Sec. I3
Okla
-7N-4E, Pottawatomie
1-32nd of 14 Royalty of SW X SE X of Sec. 23
County, Okla
-8N-4E, Pottawatomle
1-80th of 14 Royalty of SE X SW X of Sec. 35
County, Okla
Per Cent.
Bonds.
$100 Realty Bond & Mtge. Co., 1st mtge.6% gold bond,aeries B No.C 40.
iss,s lot
due 1935
$100 Realty Bond & Mtge. Co.. let coll. tr.6%,aeries B, No.C 39. due 1935
$100 Realty Bond & Mtge. Co.,6% gold bond, series B, No. C 38. due 1935
$10,000 Lake County, Fla., Road es Bridge Dist. 6% bonds: $1,000 Dist.
No. 9, due 1935; $1,000 Dist. No. 9. due 1955; $1,000 Dist. No. 7, due
1945; $1,000 DIM. No. 8. due 1945; $2,000 Dist. No. 8, due 1955: $4.000
34
Diet. No. 10, due 1955
By R. L. Day & Co., Boston:
-The following information regarding
National Banks.
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
-American National Bank at Indianapolis,Indianapolis,
Aug. 23
$2,800,000
Ind
Capital stock consists of $1,800,000 preferred stock and
$1,000,000 common stock.
President, Jas. S. Rogan; Cashier, Henry L. Hilkene.
Will succeed the Fletcher American National Bank of
Indianapolis. No. 9329.
Shares. Stocks.
12 Lawrence Gas & Electric Co., par $25
4 Plymouth Cordage Co., par $100
10 Lab:de Coal Co., par $5
S Lowell Morris Plan Co., par $100
15 Primrose House, Inc., common, class A
15 Primrose House. Inc., common, class B
2 United States Envelope Co., common, par $100
1 Dennison Manufacturing Co.. 7% preferred, par $100
1 Boston Insurance Co.. Par $100
475 Baaley Lumber Co., par $100
25 Lynn Gas & Electric Co., v. t. c.. Dar $25
25 Draper Corp
$ per St.
4614
so
$100 lot
431(
34R
46634
$6 000 lot
993.4
4834
2062
Financial Chronicle
Bonds.
Per Cent.
$1,000 Small Point Real Estate Association 6s, 1911; coupon April, 1911 on—
$100 pieces
28 flat
$1,000 American Womens Realty 634s, 1952, ctf. dep
$50 lot
Mortgage for $3,000 dated Aug. 19 1897. Recorded Barnstable County
Registry of Deeds, Book 247, page 552, covering land and buildings in
Yarmouth, Mass. Interest at rate of 6%
$664
By Barnes & Lofland, Philadelphia:
United States Patents.
Inventor,
Date of Issuance.
Hiram S. Lukens
Nov. 17 1925
Hiram S. Lukens
Aug. 31 1926
Hiram S. Lukens
Nov. 16 1926
Hiram S. Lukens
Aug. 20 1929
Mar. 31 1931
Russell C. Gross
Hiram S. Lukens
June 23 1931
Hiram S. Lukens and N. H. Smith
Dec. 29 1931
Hiram S. Lukens
Oct. 4 1932
United States Pending Applications.
Ser. No.
Inventor.
Date of Filing.
119,755
Hiram S. Lukens
$100 lot
June 30 1926
353,267
Apr. 6 1929
Hiram S. Lukens
482,385
Hiram S. Lukens and N. H. Smith
Sept. 16 1930
Dominion of Canada Patents.
Dated.
Patent No.
Apr. 19 1927
270,005
June 21 1927
271,804
Sept. 24 1929
293,392
Apr. 15 1930
299,391
Apr. 28 1931
310,902
Cuban Patent.
Dated.
Patent No.
Sept. 18 1928
8,299
Shares. Stocks.
$ per SS.
15 Central
-Penn National Bank, par $10
24
15 Pennsylvania Co. of Insurances on Lives At Granting Annuities, par $10_ 275
10 Girard Trust Co., par $10
813
11 Girard Trust Co., par $10
45
10 George P. Pilling dr Son Co
15%
40 John B. Stetson Co., preferred, par $25
5
40 H. W. Ulsamer & Co., par $100
Bond.
Per Cent.
$1,000 Redeemable ground rent. Interest at rate of 6%. Secured on
Premises, No.5153 Reno St., 34th Ward. Philadelphia, Pa
Patent No.
1,561,473
1,597,811
1,607,405
1,724.945
1,798,839
1,811,799
1.838,147
1,881,283
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are
Name of Company.
Railroads (Steam).
Belt RR. & Stockyards (guar.)
Quarterly
Dover & Rockaway.6% gtd.stk.(s.
-a.)_
Elizabeth & Trenton (s.
-a.)
5% preferred (8.-a.)
Joliet & Chicago
Mahoning Coal, corn. (guar)
Per
When
Share. Payable.
75c
75c
$3
$1
El%
$13
$63
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Books Closed
Days Inclusive.
2 Holders of roe. Sept. 20
2 Holders of rec. Sept. 20
2 Holders of rec. Sept.30
2 Holders of rec. Sept.20
2 Holders of rec. Sept. 20
2 Holders of rec. Sept. 20
1 Holders of rec. Oct. 16
Public Utilities.
$1 Oct. 16 Holders of rec. Sept. 15
Amer. District Teleg. Co.of N.J. (qu.)_
$15( Oct. 16 Holders or rec. Sept. 15
Preferred (guar.)
37fic Nov. 1 Holders of rec. Oct. 10
Bangor Hydro-Elec. Co.,corn.(guar.)
Brit. Col. Tel.,6% pref.(guar.)
41% Oct. 2 Holders of rec. Sept. 15
Calgary Pow. Co., Ltd., corn.(guar.)... 154% Oct. 2 Holders of rec. Sept. 15
Carolina Pow.& Light.$7 pref
88c Oct. 2 Holders of rec. Sept. 15
75c Oct. 2 Holders of rec. Sept. 15
$6 preferred (guar.)
Cincinnati Gas & Elec.,5% pref. A (qu.) $13 Oct. 2 Holders of rec. Sept. 15
40e Oct. 1 Holders of rec. Sept. 20
Cleveland Elec. Ilium.(guar.)
6% preferred (quar.)
$13. Dec. 1 Holders of rec. Nov. 15
Consumers Power Co.,$5 prof.(gual.).- El% Jan. 2 Holders of rec. Dec. 15
$1J
6% preferred (guar.)
Jan. 2 Holders ot rec. Dec. 15
$1.65 Jan. 2 Holders of roe. Dec. 15
6.6% preferred (guar.)
21% Jan. 2 Holders of rec. Dec. 15
7% preferred (guar.)
50c Nov. 1 Holders of rec. Oct. 16
6% preferred (monthly)
50c Dec. k 1 Holders of roe. Nov. 15
6% preferred (monthly)
50c Jan. 2 Holders of rec. Dec. 15
6% preferred (monthly)
55c Nov. 1 Holders of rec. Oct. 16
6.6% preferred (monthly)
55e Dec. 1 Holders of rec. Nov. 15
6.6% preferred (monthly)
550 Jan. 2 Holders of rec. Dec. 15
6.6% preferred (monthly)
$1 Oct. 16 Holders of rec. Sept. 30
Detroit Edison Co., cap.stk.(guar.).Engineers Pub. Serv. Co., cum. pref. div s. defer red.
International Hydro Elect. System—
87S4c Oct. 15 Holders of rec. Sept. 25
$33 series preferred (guar.)
Kansas Gas & Elect. Co.. 7% pref.(qu.) 1)% Oct. 2 Holders of rec. Sept. 15
$6 preferred (guar.)
21.14 Oct. 2 Holders of rec. Sept. 15
Malone Light & Pow. Co. 213 pref.(o). $1% Nov. 1 Holders of roe. Oct. 10
50c Oct. 2 Holders of rec. Sept.20
Manchester Gas Co.(guar.)
Preferred (guar.)
$1% Oct. 2 Holders of rec. Sept.20
Minnesota Gas Light,5% part units(gu.) $13( Oct. 1 Holders of rec. Sept.20
$15 Nov. 1 Holders of rec. Oct. 10
North. N.Y.UHL,Inc. 7% pf.(qu.).._
.
Nor.States Pow.Co.(Dela.)7% pt.(qu.) 15% Oct. 20 fielders of rec. Sept.30
6% preferred (guar.)
154% Oct. 20 Holders of rec. Sept.30
1% Nov. 1 Holders of rec. Sept.30
Class A common (quar.)
Ottawa Lt.Ht.drPow. Co.Ltd.com.(qu.) 1%% Sept.30 Holders of rec. Sept.15a
Preferred (guar.)
14% Oct. 1 Holders of rec. Sept. 15
Pacific Lighting Corp. $6 prof.(guar.). _
$13 Oct. 16 Holders of rec. Sept.30
Penna. Gas dr Elec. 27 pref.(guar.)
$134 Oct. 2 Holders of rec. Sept.20
7% preferred (guar.)
$13 Oct. 2 Holders of roe. Sept.20
Penna. Pow.& Light,$7 pref.(guar.) _
$151 Oct. 2 Holders of rec. Sept. 12
$114 Oct. 2 Holders of rec. Sept. 12
$6 preferred (guar.)
$1.% Oct. 2 Holders of rec. Sept. 12
$5 preferred (guar.)
Peoples Natural Gas,5% pref.(guar.)_ _ 6254c Oct. 2 Holders of rec. Sept. 15
Plainfield Union Water (guar.)
$13( Oct. 2 Holders of rec. Oct. 2
Porto Rico Pow. Co., Ltd.7% pf.(qu.). 1%% Oct. 2 Holders of rec. Sept. 15
Ltg., 7% pt.(qu.) $151 Oct. 1 Holders of rec. Sept. 15
$134 Oct. 1 Holders of rec. Sept. 15
6% preferred (guar.)
6-7% preferred (guar.)
$151 Oct. 1 Holders of rec. Sept. 15
$151 Oct. 1 Holders of rec. Sept. 23
Southern Indians Gas& El.. 7% pf.
$1.65 Oct. 1 Holders of rec. Sept. 23
6.6% preferred (guar.)
$134 Oct. 1 Holders of rec. Sept. 23
6% preferred (guar.)
$134 Oct. 16 Holders of ree. Sept. 30
South New England Telep. Co.(guar.). _
Standard Gas & Elec. Co., $6 pr. pt.(qu) $114 Oct. 25 Holders of rec. Sept.30
$151 Oct. 25 Holders of rec. Sept. 30
$7 cum. preference (guar.)
Standard Pr. dr Lt. Corp., pref. (guar.). $131 Nov. 1 Holders of rec. Oct. 14
% Oct. 2 Holders of rec. Sept. 25
Western Power Corp., 7% prof. (quar.).
Western United G.& El.,6%% Pt.(qu.) 154% Oct. 2 Holders of rec. Sept. 16
% Oct. 2 Holders of rec. Sept. 16
6% preferred (quar.)
West Kootenay Fr. de Lt. Co., pl.(qu.). $134 Oct. 2 Holders of rec. Sept. 22
Wisconsin Hydro-Elec., 6% ;ref. (qu.). $I% Oct. 2 Holders of rec. Sept. 15
Wisconsin El. Pow.,6;4% pref. (guar.). 154% Oct. 2 Holders of rec. Sept. 21
1)4% Oct. 2 Holders of rec. Sept. 21
6% preferred (quar.)
Banks & Trust Companies.
Bank of New York dr Trust Co.(quar.)
$33i
450.
Chemical Bank & Trust Co.(guar.)
Fifth Ave. Bank(N.Y.)(quar.)
$6
First National Bank (guar.)
$25
1250
National City Bank of New York
New Rochelle Trust Co.(N.Y.)(guar.).
750
Public National Bank dr Trust Co.(gu.). 3714c
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
1 Holders of rec. Sept. 22
2 Holders of roe. Sept. 19
1 Holders of rec. Sept. 30
2 Holders of me. Sept. 25
2 Holders of rec. Sept. 16
1 Holders of roe. Sept. 15
2 Holders of rec. Sept. 20
Name of Company.
Fire Insurance.
Aetna Fire Insurance Co.(guar.)
Allemania Fire Ins.(guar.)
American Insurance Co.(Newark)(8.-a.)
Hanover Fire Insurance Co.(quar.)_ _
Hartford Fire Insurance Co.(guar.).--Northwestern Natl. Ins. Co.(guar.) - Philadelphia Nat. Fire Ins. Co.(quar.)_ _
Phoenix Fire Insurance Co.(guar.)
Providence-Washington Ins. Co.(au.)._
Sept. 16 1933
Per
When
Share. Payable.
40c
Sc
250
40c
50c
$114
50e
50e
20c
Books Closed
Days Inclusive.
Oct. 1 Holders of rec. Sept. 11
Oct. 2 Holders of rec. Sept. 23
Oct. 2 Holders of rec. Sept. 9
Oct. 2 Holders of rec. Sept. 18
Oct. 2 Holders of rec. Sept. 15
Sept. 30 Holders of rec. Sept. 18
Oct. 10 Holders of roe. Oct. 1
Oct. 2 Holders of rec. Sept. 14
Sept. 28 Holders of rec. Sept.14
Miscellaneous.
30c Sept.30 Holders of rec. Sept. 21
Abraham & Straus, Inc., corn. (quar.)....
250 Oct. 2 Holders of rec. Sept. 20
Acme Steel Co.(guar.)
75e Oct. 16 Holders of rec. Sept. 30
Air Reduction Co. (guar.)
750 Oct. 16 Holders of rec. Sept. 30
Extra
100 Oct. 1 Holders of rec. Sept. 20
Aluminum Goods Mtg. Co. (guar )-- —
American Brake Shoe & Foundry Co.—
15c Sept.30 Holders of rec. Sept. 22
Common (guar.)
134% Sept.30 Holders of rec. Sept. 22
Preferred (quar-)
22 Oct. 2 Holders of rec. Sept. 15
American Hard Rubber Co.,8% pf.(gu.)
American Invest. Co.of III.,7% pt (qtr.) 43%c Oct. 2 Holders of rec. Sept. 20
$1 Sept. 30 Holders of rec. Sept. 21
American Maize Products, corn
$134 Oct. 1 Holders of rec. Sept. 15
American Mfg. Co., pref.(guar.)
American Paper Goods Co., 7% p1.(qu.) $1% Sept. 15 Holders of rec. Sept. 5
250 Oct. 16 Holders of rec. Sept. 30
Atlas Brewing Co. (Chicago)
250 Oct. 2 Holders of rec. Sept. 20
Babcock dr Wilcox (quar.)
250 Oct. 1 Holders of rec. Sept. 20
(qu)
Badger Paint & Hardware Stores, pt.
18c Oct. 1 Holders of rec. Sept. 20
Bancohio Corp. (quar.)
Bayuk Cigars, Inc., 1st pref. (guar.)$134 Oct. 15 Holders of rec. Sept. 30
1% Nov. 1 Holders of rec. Oct. 14
Belding Corticeill, Ltd., corn.(guar.)
25e Oct. 16 Holders of rec. Sept. 25
Best & Co.,corn.(guar.)
$114 Sept.30
Boston Storage & Warehouse Co.(p1.)—
142 Sept. 15 Holders of rec. Sept. 12
Boyd-Richardson Co., 8% pref
50c Oct. 15 Holders of rec. Sept. 20
Brantford Cordage Co., pref. (quar.)—
15c Oct. 1 Holders of rec. Sept. 15
Brill° Mfg. Co., Inc., corn.(guar.)
50c Oct. 1 Holders of rec. Sept. 15
Class A (guar.)
50c Oct. 2 Holders of rec. Sept. 22
Bucyrus-Erie Co., pref. (guar.)
250 Oct. 2 Holders of rec. Sept. 19
Building Products, A dr B (guar.)
75e Oct. 1 Holders of rec. Sept. 21
Burco, Inc., pref. (guar.)
50c Oct. 2 Holders of rec. Sept. 15
Burt(F. N.),k Co., corn.(guar.)
$1% Oct. 2 Holders of rec. Sept. 15
Preferred (guar.)
50c Oct. 15 Holders of me. Oct. 10
California-Western States Life Ins. (qu.)
Cambridge Invest. Corp., Cl, A & B (qr.) 12340 Oct. 2 Holders of rec. Sept. 21
r43c Oct. 10 Holders of rec. Sept. 25
Canadian Car & Fdy. Co.. Ltd.(guar.)7.C4c Oct. 16 Holders of rec. Sept. 30
Canadian General Invest., reg
734e Oct. 16
Coupon (guar.)
37%c Oct. 2 Holders of rec. Sept. 25
Central Aguirre Association (quar.)-10c Beet.20 Holders of rec. Sept. 9
Central Tube Co
Chicago Towel Co., preferrence (guar.)- $1% Oct. 2 Holders of rec. Sept. 21
40c Sept. 30 Holders of rec. Sept. 16
Cincinnati Union Stockyards, corn.(qr.)
Cincinnati Wholesale Grocery, pf.(qu.)- $134 Jan. 2 Holders of rec. Dec. 15
40c Oct. 1 Holders of rec. Sept. 15
Coca-Cola Bottling, A (guar.)
$2 Oct. 2 Holders of rec. Sept. 12
Collateral Loan (guar.)
$5 Oct. 2 Horded; of rec. Sept. 30
Colonial Life Insurance
'25o Sept.30 Holders of rec. Sept. 9
Colt's Patent Fire Arms Mtg. Co.(qu.)_
Connecticut Gas & Coke Security—
100 Oct. 2 Holders of rec. Sept. 15
Common (guar.)
75c Oct. 2 Holders of rec. Sept. 15
$3 preferred (guar.)
50e Sept.30 Holders of rec. Sept. 15
Continental Assurance Co. (guar.)
100 Dec. 14 Holders of rec. Oct. 5
Crum & Forster, COM.(guar.)
$2 Doe. 30 Holders of rec. Dec. 20
8% preferred (guar.)
50c Oct. 2 Holders of rec. Sept. 20
Davenport Hosiery Mills, corn
150 Oct. 2 Holders of rec. Sept. 15
Diamond Shoe Corp., corn. (fluor.)
$1% Oct. 2 Holders of rec. Sept. 15
614% preferred (guar.)
$1% Oct. 2 Holders of rec. Sept. 21
Duncan Milk, pref. (guar.)
$1 Oct. 2 Holders of roe. Sept.26
Eagle Warehouse & Storage (quar.)- 21% Oct. 2 Holders of rec. Sept. 22
Electric Auto-Lite Co., prof.(quar.)..
Electric Bond & Share Co., $6 pref.(au.) $114 Nov. 1 Holders of rec. Oct. 6
$134 Nov. 1 Holders of roe. Oct. 6
25 preferred (guar.)
50c Oct. 2 Holders of rec. Sept. 18
Electric Storage Battery Co., corn. (au.)
500 Oct. 2 Holders of roe. Sept. 18
Preferred (guar.)
50c Oct. 2 Holders of roe. Sept. 20
Emerson's Bromo Seltzer, A & B (guar.)
500 Oct. 2 Holders of rec. Sept. 20
Preferred (QOM%)
75c Oct. 2 Holders of rec. Sept. 21
Endicott-Johnson Corp., corn. (guar.)._
$I% Oct. 2 Holders of mt. Sept. 21
Preferred (guar.)
10c Sept. 15 Holders of rec. Sept. 11
Equity Fund,Inc.(guar.)
30 sept.30 Holders of rec. Sept. 15
Eureka Standard Consol. Mining (guar.)
50c Sept. 15 Holders of rec. Sept.
Fear (Fred.) (guar.)
150 Oct. 1 Holders of rec. Sept. 21
Federated Dept. Stores (guar.)
10e Oct. 16 Holders of rec. Oct. 5
Finance Co.of Am.cl. A dr B com.(qu.)43%c Oct. 18 Holders of rec. Oct. 5
7% preferred (guar.)
8;ic Oct. 16 Holders of rec. Oct. 5
7% preferred (guar.)
111% Oct. 2 Holders of rec. Sept. 15
Frieman (A. J.), 6% pref. (guar.)
$1% Sept.30 Holders of rec. Sept. 20
First State Pawners Society (guar.)
21% Oct. 15 Holders of rec. Oct. 1
Fishman(M.R.) Co., pref.(guar.)
$134 Oct. 2 Holders of me. Sept. 15
Gannett Co., Inc., $6 pref.(guar.)
$2 Oct. 2 Holders of rec. Sept. 16
General Baking Co., pref. (guar.)
Gen. Printing Ink Corp.. pref.(quar.)-. 21% Sept.30 Holders of rec. Sept. 19
$1% Oct. 2 Holders of rec. Sept. 15
Gurd (Chas.) & Co.. pref.(guar.)
Hammersmith Paper, 6% pref. (guar.) - $1% Oct. 2 Holders of rec. Sept. 15
$134 Sept. 30 Holders of me. Sept. 28
Heath (D. C.) & Co., pref. (quar.) - --Horn & Hardart Baking (Phila.) (guar.) $1% Oct. 1 Holders of rec. Sept. 20
12%c Oct. 2 Holders of rec. Sept. 15
Hunts, Ltd., A & B (guar.)
0.
c
e
$155 0 t. 2 Holders of rec. Sept. 15
Huron & Erie Mtge.(glue.)
$1
Huylers of Dela. 7% pref. stamped (qu.)
$1 Oct. 2
7% preferred unstamped (guar.)
Oct.Oct. 16 Holde of rec. Sept. 15
1 Holders
$2
Ideal Financing Assoc., $8 pref. (guar.)
50c Oct. 1 Holders of rec. Sept. 15
$2 cony. preferred (guar.)
. 1
12%c Oct. 16 Holders of roe. Sept. 15
Class A,(guar.)
Holdersof rec. Sept. 22
%
Incorporated Investors (8.
-11.)
15c Nov. 15 Holders of rec. Oct. 20
Indiana Pipe Line Co
10c Nov. 1 Holders of rec. Oct. 20
Extra
20o Oct. 2 Holdersof rec. Sept. 15
Internat. Button Hole Sew. Mach.(qu.)
2 Holders of rec. Oct.
Internat. Nickel of Can. pref. (quar.).__ r$1%
2rs
50c Oct. 2 Holde of rec. Sept. 21
Island Creek Coal Co.,corn.(quar.)
Oct.
$1% Sept.15 Holders of rec. SePt.21
Preferred (guar.)
Kaufmann Dept. Stores, pref. (guar.)- - $15' Oct. 2 Holders of rec. Sept. 20
rs
Keystone Custodian Fund, series G_ _25. 32791c Oct. 1 Holders of rec. Aug. 31
.6742e Sept. 15 Holders of rec. Aug. 31
Series H-1
Holders of rec. Sept. 19
$1 Oct.
Lambert Co., corn. (guar.)
Oct.Sept 0 Holders
2
3734c Sept.30 Holde of rec. Sept. 20
Landers, Frery dr Clark (guar.)
Holders of rec. Sept. 20
$2%
Larus Bros., B (guar.)
$2 Oct. 1 Holders of roe.Sept. 20
8% preferred (guar.)
50c
2 Holders of rec. Sept. 15
Loomis Sayles Mutual Fund (guar.).—
$1% Oct. 14 Holdersof rec. Sept.30
Lurnbermans Ins. Co.(Phila.) (guar.)
$2 Oct. 2 Holders of roe.Sept. 26
Lycoming Mfg., 8% pref. (guar.)
75c Oct. 2 Holdersof rec. Sept. 15
Mapes Coml. Mfg. Co., corn.(quar.)_
250 Oct. 1 Holders of rec. Sept. 15
Nov.
Extra
25e Oct. 2 Holdersof rec. Sept. 21
Marlin-Rockwell Corp. (special)
lc Oct.Sei:It.25 Holders of rec. Sept. 15
1
Mascot Oil Co.(guar.)
Holdersof rec. Oct. 14
50e
McCall Corp., corn. (quar.)
50c Oct. 1 Holders of rec. Sept. 20
McKee (Arthur G.)& Co.,cl. B..(guar.)
Holders of rec. Sept. 22
75e
McQuay-Norris Mfg. Co.(guar.)
be 0 p 30 Holders of rec. Sept. 16
Sept. 1
Se tt 2
e.
Merchants & Miners Transport (guar.)
Holders of rec. Sept. 16
$2 Oct.
Merck Corp., pref.(guar.)
$2 Jan. 2 Holders of rec. Dec. 16
Preferred (guar.)
Holders of rec. Sept. 20
Metal & Thermit. 7% prof. (quar.)..- - - 134%
50c Oct. 1 Holders of rec. Sept.20
Mill Factors Corp., el. A & B (guar.).$134 Sept. 15 Holders of roc. Sept. 1
Monarch Life Ins. Co.(s.
-a.)
25e Sept.28 Holders of rec. Sept. 18
Monolith P'tland Cement,8% prof.(WO
Nv. 2
$1% Oct. 22 Holders of rec. Sept. 15
Moore Corp., 6% pref. A (guar.)
$1.% Oct. 2 Holdersof rec. Sept. 15
7% preferred B (guar.)
25e. Oct. 16 Holders of rec. Oct. 3
Morris (Philip) & Co. (guar.)
Holders of rec. Nov. 22
20e
Motor Finance Corp.(guar.)
$2 Oct. 2 Holders of rec. Sept.21
Murphy (G.C.) Co.,8% pref.(qtr.)._ _
70e Oct. 14 Holders of rec. Sept.22
National Biscuit Co., corn.(guar.)
125c Sept. 15 Holders of rec. Aug. 31
National Bond & Share Corp
20e Oct. 2 Holders of rec. Sept. 23
National Finance Corp., A & B (guar.)_ 20e Oct. 2 Holders of rec. Sept. 23
Preferred (guar.)
$1% Sept.30 Holders of rec. Sept. 15
National Licoree,6% pref.(guar.)
Mc Sept.30 Holders of rec. Sept.26
Nelson Baking dr Co.(guar.)
Name of Company.
2063
Financial Chronicle
Volume 137
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Name of Company.
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Public Utilities (Continued).
$234 Oct. 16 Holders of rect. Sept. 15
American Tel. & Tel. Co.(guar.)
$135 Oct. 2 Holders of rec. Sept. 5
Appalachian Elec. Pow.,$6 pref.(qu.)
313( Oct. 2 Holders of rec. Sept. 5
$7 preferred (guar.)
$11( Oct. 2 Holders of rec. Sept. 15
Atlantic & Ohio Teleg.Co.(guar.)
154% Oct. 2 Holders of rec. Sept. 11
Bangor Hydro-Elec., 7% pref.(guar.)
115% Oct. 2 Holders of rec. Sept. 11
6% preferred (guar.)
$1)5 Oct. 1 Holders of rec. Sept. 20
Battle Creek Gas,6% pref.(guar.)
Bell Telep. Co. of Can., corn.(qual.)... r $1)4 Oct. 16 Holders of rec. Sept.23
Boll Tel.of Penna.,654% pref.(guar.)-- 1)4% Oct. 14 Holders of rec. Sept. 20
$1)( Oct. 2 Holders of rec. Sept. 9
Boston Elevated Ky., corn.(quar.)
Brazilian Traction Lt.& Pow. pref.(qu.) $115 Oct. 2 Holders of me. Sept. 15
600 Sept.30 Holders of rec. Sept.15
Bridgeport Gas Light Co.(qual.)
r50c Oct. 16 Holders of rec. Sept.30
British Columbia Pow.. A (guar.)
Bklyn.& Queens Transit Corp., pf.(qu.) $115 Oct. 2 Holders of roe. Sept. 15
$154 Oct. 2 Holders of rec. Sept. I
Brooklyn Union Gas Co.(quar.)
40c Oct. 2 Holders of rec. Sept. 15
Buffalo.Nlagara & Eastern Pow., pf.(qu)
$134 Nov. 1 Holders of rec. Oct. 14
5% 1st preferred (guar.)
$IM Oct. 2 Holders of rec. Sept.20
Cairo Water Co.,7% pref.(guar.)
$13.4 Oct. 2 Holders of rec. Sept. 5
Quit. Floe. Generating, pref. (quar.).
400 Oct. 1 Holders of rec. Sept. 15
200 Oct. 25 Holders of rec. Sept.30
Can.Northern Pr. Corp.Ltd.,com.(qu.)
50c Oct. 1 Holders of rec. Sept.25
7% preferred (guar.)
154% Oct. 16 Holders of rec. Sept.30
5c Oct. 2 Holders of rec. Sept.21
$214 Oct. 2 Holders of rec. Sept. 25
Carolina Tel.& Tel.Co.(qual.)
rec. Sept. 21
30c Oct. 2 Holders of
Central Illinois Light Co.,7% pref.(qu.) 154% Oct. 2 Holders of rec. Sept.15
1215c Oct. 2 Holders of rec. Sept. 18
134% Oct. 2 Holders of rec. Sept. 15
6% preferred (quar.)
$2 Oct. 14 Holders of rec. Sept. 22
50c Oct. 15 Holders of rec. Sept.30
Central Illinois Pub.Serv.,$6 pref
50c Oct. 1 Holders of rec. Sept. 20
50e Oct. 15 Holders of rec. Sept.20
6% preferred
20c Oct. 2 Holders of rec. Sept. 15
Central Kansas Pow.. 7% Pref. (Qual.). 134% Oct. 15 Holders of res. Sept.30
Holders of rec. Sept. 15
5c Oct. 2
7% preferred (guar.)
154% 1-15-34 Holders of rec. Dec. 31
25e Oct. I Holders of rec. Sept. 20
6% preferred (guar.)
1)4% Oct. 15 Holders of rm. Sept.30
5154 Oct. 2 Holders of rec. Sept. 21
114% 1-15-34 Holders of rec. Dec. 31
6% preferred (guar.)
75c Oct. I Holders of rec. Sept. 22
CM.Newport & Covington Lt.& Tr.(qu) $13.4 Oct. 15 Holders of rec. Sept.30
5154 Oct. 1 Holders of rec. Sept.23
51.125 Oct. 15 Holders of rec. Sept. 30
$454 preferred (quar.)
1 Holders of rec. Sept. 15
250 Oct.
Cincinnati Suburban Bell Tel.(guar.)--- $1.13 Oct. 2 Holders of roe. Sept. 20
25e Oct. 2 Holders of rec. Sept. 11
Citizens Water (Pa.) 7% pref. (quar.)... $1)( Oct. 2 Holders of rec. Sept.20
$154 Oct. 2 Holders of rec. Sept. 11
Clinton Water Works,7% prof. (quar.). $13' Oct. 16 Holders of rec. Oct. 2
$1 Oct. 2 Holders of rec. Sept.20
Commonwealth & Southern Corp..
$13.5 Oct. 2 Holders of rec. Sept.20
$115 Oct. 2 Holders of rec. Sept. 8
$6 preferred (guar.)
Holders of rec. Sept. 20
$1 Oct. 1
Commonwealth Water & Light
$1)( Oct. I Holders of rec. Sept. 30
$15( Oct. 2 Holders of roe. Sept. 20
57 preferred (guar.)
6e Oct. 10 Holders of rec. Sept.20
$1)4 Oct. 2 Holders of rec. Sept.20
$6 preferred (guar)
150 Oct. 2 Holders of rec. Sept.20
750 Oct. I Holders of rec. Sept. 15
Connecticut Elec. Service Co. (guar.).$I 3.4 Sept.30 Holders of rec. Sept. 9
$11( Nov. 1 Holders of rec. Sept.29
Consol Gas Co.of N.Y., prof.
Holders of rec. Sept. 15
$IM Oct. 1
Consol. Gas, Elect.& Pow. Co.of Ball.
1215e Sept.30 Holders of rec. Sept. 15
90e Oct. 2 Holders of roe. Sept. 15
Common (guar.)
$154 Sept.30 Holders of rec. Sept. 18
fly( Oct. 2 Holders of rec. Sept. 15
5% series A preferred (guar.)
$2 Oct. 2 Holders of rec. Sept.23
$154 Oct. 2 Holders of rec. Sept. 15
6% series D preferred (guar.)
Sc Sept.26 Holders of rec. Sept. 12
5154 Oct. 2 Holders of rec. Sept. 15
554% series E preferred (guar.)
25o Oct. 2 Holders of rec. Sept.15
Consumers Power Co., $5 pref. ((uar.). $IM Oct. 2 Holders of rec. Sept. 15
250 Oct. 2 Holders of rec. Sept. 15
5134 Oct. 2 Holders of rec. Sept.15
6% preferred (guar.)
25e Oct. 2
$1.65 Oct. 2 Holders of rec. Sept.15
6.6% preferred (guar.)
25c Oct. 2
$134 Oct. 2 Holders of rec. Sept.15
(quar.)
7% preferred
$1 54 Oct. 2 Holders of rec. Sept. 15
50c Oct. 2 Holders of rec. Sept.15
6% preferred (monthly)
373.50 Oct. 2 Holders of rec. Sept. 15
550 Oct. 2 Holders of roe. Sept.15
6.6% preferred (monthly)
373.50 Oct. 1 Holders of rec. Sept. 15
(qu.) 5154 Oct. 2 Holders of rec. Sept. 13a
Continental G.& El.Corp..7% Pt.
$154 Oct. I Holders of rec. Sept. 15
50c Oct. 1 Holders of rec. Sept.20
Dayton Pow.& Lt. Co..6% prof.(mo.)_
Sept. 15
Sc Sept.30 Holders of rec.
Diamond State Tel.,654% pref.(guar.)- IM % Oct. 14 Holders of rec. Sept.20
$1)( Oct. 15
$1 Oct. 2 Holders of rec. Sept. 15
Duke Power
5154 Oct. 2 Holders or rec. Sept. 15
$IM Oct. 2 Holders of roe. Sept. 15
Preferred (guar.)
$154 Oct. 2 Holders of rec. Sept. 15
$134 Oct. 16 Holders of rec. Sept. 15
Duquesne Light Co., 1st pref.(qual.)..
50c Oct. 14 Holders of rec. Sept.21
$115 Oct. 1 Holders of rec. Sept. 15
East. Gas & Fuel Amine.,6% pf.(qu.)
$1
$1.125 Oct. 1 Holders of rec. Sept. 15
4)5% prior preference (quar.)
750 Oct. 1 Holders of rec. Sept. 15
Eastern New Jersey Pow.,6% pref.(qu.) $134 Oct. 1 Holders of rec. Sept. 15
135% Oct. 2 Holders of rec. Sept. 30
$1
Oct. 1 Holders of roe. Sept.20
Elizabeth & Trenton RR.(1.-a.)
62340 Oct. 5 Holders of rec. Sept. 19
$154 Oct. 1 Holders of rec. Sept.20
a% preferred (s.
-a.)
3735c Oct. 5 Holders of rec. Sept. 19
El Paso Elec.(Del.),7% pref. A (guar.). IM % Oct. 16 Holders of rec. Sept.29
Oct. 5 Holders of rec. Sept. 19
62350
$1.5' Oct. 16 Holders of rec. Sept. 29
$6 pref. B and 6% pref.(guar.)
3715c Oct. 5 Holders of rec. Sept. 19
Dec. 1 Holders of rec. Nov. 20
Empire & Bay State Tel.,4% gtd.(qu.). $1
50e Nov. 1 Holders of rec. Oct. 20
Empire Power Corp., $6 prof. (quar.)..... $114 Oct. 1 Holders of rec. Sept. 15
rec. Sept.22
$2 Oct. 2 Holders of
Escanaba Pow.dr Trao.6% pref.(qu.)-. 134% Nov. 1 Holders of rec. Oct. 27
50c Sept.30 Holders of rec. Sept.20
154% 2-1-14 Holders of rec. Jan. 27
6% Preferred (guar.)
50e Oct. 15 Holders of rec. Oct. 10
50e Oct. 2 Holders of roe. Sept.15
Fall River Elect.Light(Qum.)
$1 Oct. 5 Holders of rec. Sept. 25
Foreign Light & Pow.Co.,6% pf.(quar.) 3114 Oct. 1 Holders of rec. Sept.20
50c Oct. 1 Holders of roe. Sept.20
$135 Oct. 2 Holders of rec. Sept. 15
Georgia Power Co., $6 pref. (quar.)._
Holders of rec. Sept.20
154% Oct. I
$134 Oct. 2 Holders of rec. Sept. 15
$5 preferred (quar.)
15e Oct. 2 Holders of rec. Sept. 21
$115 Oct. 1 Holders of rec. Seet.30
Gold & Stack Teleg.(quay.)
Greenwich Wat.& Gas 6% pf.(qu.)__
$134 Oct. 2 Holders of me. Sept.20
Below we give the dividends announced in previous weeks Hackensack Water Co.,cl. A pref.(qu.)- 43)(e Sept.30 Holders of rec. Sept.18
15c sept.30 Holders of roe. Sept. 15
and not yet paid. This list does not include dividends an- Honolulu Gas (monthly) (guar.)
$2
Sept.30 Holders of roe. Sept.29
Illinois Bell Telephone Co.
Indiana & Michigan Elec. 7% pref.(qu.) 3154 Oct. 2 Holders of me. Sept. 5
nounced this week, these being given in the preceding table:
6% preferred (guar.)
$134 Oct. 2 Holders of roe. Sept. 5
Indianap.Pow.& Lt.6M% M.
$154 Oct. 1 Holders of rec. Sept. 5
UM Oct. 1 Holders of roe. Sept. 5
When
Books Closed
Per
6% preferred (guar.)
Days indurtes.
IndlanapolLs Water Co.,5% pt.(qu.)
134% Sept.30 Holders of rec. Sept.IM
Share. Payable.
Name of Company.
Internat. Ocean Teleg.(guar.)
$134 Oct. 2 Holders of rec. Sept.30
Railroads (Steam).
Jamaica Public Service,7% prof.(guar.) I)(% Oct. 2 Holders of roe. Sept.15
3% Oct. I Holders of rec. Sept. 8
-a.)
Alabama & Vicksburg. cap.stk.(s.
Jersey Cent.Pow.& Lt.Co.,7% pf.(qu.) $134 Oct. lHoldersofree.Sept. 9
$454 Jan. 1 Holders of rec. Dec. 15
6% preferred (guar.)
$134 Oct. 1 Holders of rec. Sept. 9
Albany & susqueharma (8-A)
600 Oct. 2 Holders of rec. Sept. 2
535% preferred (guar.)
$134 Oct. 1 Holders of rec. Sept. 9
Bangor & Aroostook. corn. (guar.)
1)(% Oct. 2 Holders of ree. Sept. 2
Joplin Water Works. 6% prof. (guar.)._ $115 Oct. 16 Holders of rec. Oct. 2
Preferred (guar.)
1800 Oct. 2 Holders of rec. Sept. 15
Kansas City Pow.& Lt.Co., 1st pt.(qu.) $134 Oct. I Holders of rec. Sept.14
Beech Creek (quar.)
Sept.30 Holders of roe. Aug. 31
$2
Kansas Elec. Pow. Co.,7% pref.(guar.) $154 Oct. 2 Holders of rec. Sept.15
Boston & Albany, capital stock
$2.125 OM. 1 Holders of res. Sept.200
6% junior preferred (guar.)
Boston & Providence (guar.)
5134 Oct. 2 Holders of rec. Sept. 15
Oct. 10 Holders of roe. Sept. 30
$1
Keystone Pub. Serv. Co.,$2.8C pt.(qu.)
Carolina Clinchfield & Ohio(guar.)
70e Oct. 2
$13' Oct. 10 Holders of rec. Sept.30
Guaranteed ctfs.(qual.)
Kings County Light,7% pref.B (guar.). 154% Oct. 2 Holders of rec. Sept. 18
-a.)
$331 Jan. 1 Holders of me. Dec. 8
134% Oct. 2 Holders of roe. Sept. 18
Chesapeake & Ohio,pref.(s.
5% preferred D (guar.)
70e Oct. 2 Holders of rec. Sept. tin Lindsay Light Co.,7% pref.(quar.)---- 17540 Sept.30 Holders of rec. Sept. 18
Commo (guar.)
$2.80 Oct. 2 Holders of rec. Sept. ha Lockhart Power Co., 7% prof.(s.-a.), _ 5334 Sept.30 Holders of rec. Sept.30
Commonn, $100 par,(guar.)
Lone Star Gas Corp.,corn.(guar.)
516c Sept.30 Holders of rec. Sept. 15
Cine. Union Term'l Co.,5% pref. (qu.). $1)( Sept.30 Holders of roe. Sept.20
6% preferred (guar.)
$134 Sept.30 Holders of roe. Sept. 15
Cleveland & Pittsburgh, guar (guar.)._ 87)50 Dee. 1 Holders of ree. Nov. 10
50e Dee. I Holders of roe. Nov. 10
Long Island Lighting,7% prof. A (guar.) $154 Oct. 1 Holders of roe. Sept. 15
Special guaranteed (qual.)
$115 Oct. 1 Holders of rec. Sept.25
6% preferred B (guar.)
Cleveland KY. Co.(guar.)
5134 Oct. I Holders of rec. Sept. 15
-a.)
87)40 Oct. 2 Holders of roe. Sept. 16
Louisville Gas & Electric Co.(Del.)—
Dayton & Michigan (s.
Oct. 3 Holders of rec.(Apt. 16
$1
Class A & B common (guar.)
8% preferred (guar.)
43540 Sept.25 Holders of rm. Aug. 31
$1 Jan 1'34 Holders of roe. Dec. 15
Marion Water Co.,7% pref.(guar.)_ _ — $13( Oct. 2 Holders of rec. Sept.20
Delaware (s.-a.)
Memphis Natural Gas Co.,$7 pref.(qu.) $1)( Oct. I Holders of rec. Sept.20
Erie& Pittsburgh 7% guaranteed (quar) 87540 Dec. 10 Holders of roe. Nov.30
800 Dee. 1 Holders of roe. Nov.30
Memphis Pow.& Lt.,$7 pref.(guar.).-- $1)1 Oct. 2 Holders of rec. Sept.16
Guaranteed betterment (guar.)
$215 Oct. 15 Holders of rec. Sept. 30
$6 preferred (guar.)
$135 Oct. 2 Holders of rec. Sept. 16
Georgia RR.& Banking (quar.)
$1 Oct. 2 Holders of rec. Spet. 8
Metropolitan Edison, $7 pref. (qual.).. $1)( Oct. 1 Holders of rec. Aug. 31
Lackawanna RR.of N.J.,4% gtd.(qu )
$1)( Oct. 2 Holders of rec. Sept. 15
$6 preferred (guar.)
$1)5 Oct. 1 Holders of rec. Aug. 31
N.Y.Lacks.& West.,5% gtd.(quar.)
(guar.)._
Sept. 19 Holders of me. Aug. 31
$2
$5 preferred (guar.)
$134 Oct. 1 Holders of rec. Aug. 31
Norfolk dr Western, common
Dec. 1 Holders of rec. Nov. 20
Minnesota Power & Light Co.
North. RR.of New Jer. 4% fad.(quar.) $1
$134 Oct. 2 Holders of rec. Sept. 16
7% preferred (guar.)
8715c Oct. 2 Holders of rec. Sept. 11
Old Colony (qual.)
$1(1 Oct. 2 Holders of rec. Sept. 25
$6 preferred (guar.)
750 Oct. 2 Holders of me. Sept. II
Peterborough (8.-a.)
75e Oct. 2 Holders of roe. Sept. 15
Mississippi River Pow.,6% pref.(guar.) 8134 Oct. 2 Holders of roe. Sept. 15
Pitts. Bees.& Lake Erie corn.
1)4% Dec. 1 Holders of roe. Nov. 15
Mississippi Vail. P.S..6% pf. B (guar.) _ $13.4 Oct. 1 Holders of rec. Sept.21
6% preferred (quar.)
Monongahela Valley Water, prof. (qu.) $154 Oct. 16 Holders ot rec. Oct. 2
Pittsburgh Fort Wayne & Chicago (qu) 134% Oct. 2 Holders of roe. Sept. 11
134% Oct. 3 Holders of roe. Sept. 11
Monongahela West Penn Pub. Serv. Co.
7% preferred (guar.)
154% Jan.2'34 Holders of roe. Dec. 9
7% preferred (guar.)
43)(0 Oct. 2 Holders of rec. Sept. 15
Quarterly---1)(% Jan.4'84 Holders of roe. Dec. 9
Mutual Telephone (Hawaii) (mo.)
8e Sept.20 Holders of rec. Sept. 9
7% preferred (guar.)
Nassau & Suffolk Ltg. Co..7% Pt.
Pittsburgh Youngstown & Ashtabula
1)i% Oct. 1 Holders of roe. Sept. 15
1,1% Deo. I Holders of roe. Nov.20
(1.)New
Eng. G & E. Assoc., $554 pt.(qu.) $1)4 Oct. 1 Holders of rec. Aug. 31
7% preferred (guar.)
50e Oct. 12 Holders of rm. Sept. 21
New England Pow.Assn.(guar.)
500 Oct. 16 Holders of rec. Sept.30
Reading Co., 2d preferred (guar.)
$1(5 Oct. 2 Holders of rec. Sept. 1
Preferred (guar.)
$134 Oct. 2 Holders of me. Sept. 11
Union Pacific,corn.((luar.)
Oct. 2 Holders of rec. Sept. 1
$2
$2 preferred (guar.)
50c Oct. 2 Holders of rec. Sept. 11
Preferred (s.-a.)
(guar.)... $254 Oct. 10 Holders of roe. Sept.20
New England Telep.& Teleg.(quar.).__ $114 Sept.30 Holders of rec. Sept.11
United N.J. RR.& Canal Co.
(5
-a.)_ _ _ 2 % Oct. 1 Holders of rec. Sept. 8
New Jersey P.& Lt.,$6 pref.(quar.)
$115 Oct. 1 Holders of rec. Aug. 31
Vicksburg Shrev & Par., com.(s.
214% Oct. 1 Holders of rec. Sept. 8
$5 preferred (guar.)
$1(1 Oct. 1 Holders of roe. Aug. 31
Preferred (5.-a.)
-ft.)._ $135 Jan 134 Holders of rec. Dec. 16
New Jersey Water, 7% prof. (guar.)... $154 Oct. 2 Holders of rec. Sept. 20
West Jersey & Seashore. COM. (s.
134% Dee. I Holders ot rm. Nov. la
New York Steam Corp.,$7 pref.(guar.)- $1)( Oct. 2 Holders of rec. Sept. 15
guaranteed (8.-a.)
6% special
$6 preferred (guar.)
$1(4 Oct. 2 Holders of rec. Sept. 15
New York Telephone.654% pref.(guar.) 134% Oct. 16 Holders of roe. Sept.20
Public Ut-----es.
2 Holders of rec. Sept. 15
Oct.8134
New York Transportation Co.(quar.)_
50c Sept.28 Holders of rec. Sept. 15
Alabama Power Co.,$7 prof.(quar.) _
$115 Oct. 2 Holders of roe. Sept. 15
Newport Elec.,6% pref.(guar.)
$1(5 Oct. 2 Holders of rec. Sept. 15
$8 preferred (Qum.)
$154 Nov. 1 Holders of rec. Oct. 16
North Shore Gas, pref. (guar.)
$1)( Oct. I Holders of rec. Sept. 10
(qual.)
$5 preferred
25o Oct. 2 Holders of ree. Sept. 7
7% preferred (guar.)
$1)1 Oct. 2 Holders of rec. Sept. 9
American Gas & Elec. Co.,corn.(gu.).__
$154 Nov. 1 Holders of rec. Oct. 6
Northern Ontario Power Co., com.(qu.)
50e Oct. 25 Holders of rec. Sept. 30
Preferred ((luar.)
37540 Ott. 2 Holders of rec. Sept. 18
6% preferred (qual.)
Light,$6 wet
1)4% Oct. 25 Holders of rec. Sept.30
American Power &
31)(e Oct. 2 Holders ot rec. Sept. 18
Nova Scotia Light & Power (guar.)._
750 Oct. 2 Holders of rec. Sept. 16
$5 preferred
Orange & Rockland Elec.,6% pref.(qu.) $114 Oct. 1 Holders of rec. Sept. 25
American Water Works & Electric Co.,
$1)5 Oct. 2 Holders of rec. Sept. 8
7% preferred (quar.)
$134 Oct. 1 Holders of roe. Sept. 25
86 1st preferred (guar.)
Miscellaneous (Concluded).
Newberry(Si.)Realty 635% A pi.(qu.)
6% 13 preferred
New Departure Mfg.,7% pref.(guar.)_ _
New Orleans Cold Stge. & W'house (qu.)
Noblett-Sparks Industries
North Star Oil, 7% pref. (guar.)
Northwestern Yeast Co.(guar.)
Oahu Sugar Co., Ltd.(monthly)
Extra
Ogilvie Flour Mills Co., Ltd.corn.(qu.).
Ohio Finance Co., class A (guar.)
Ontario Mfg. Co., corn.(guar.)
Preferred (guar.)
Otis Elevator Co., corn.(guar.)
Preferred (guar.)
Pacific Lighting Corp.,$6 pref.(guar.)._
Pacific Mutual Life Ins(Qum.)
Pa. Co.for Ins. on Lives & Granting Annuities(quar.)
Perfect Circle Co.corn.(guar.)
Pioneer Mill Co., Ltd.(monthly)
Extra
Pratt & Lambert, Inc.(guar.)
Procter & Gamble Co.,8% pref.(guar.).
Rath Packing Co.,com.(guar.)
Reece Button Hole Sewing Mach.(qu.).
Reece Folding Mach.Co.(guar.)
Reed Roller Bit Co.(guar.)
Reliance Mfg.Co.(Ill.) 7% pref.(qu.)
Richman Bros.(qual.)
Rtke-Kumler Co.,7% pref.(guar.)
Riverside Silk Mills, class A (guar.)
Royal Baking Powder Co.,com.(qu.)_ _ _
6% preferred (guar.)
Sayers & Scovill Co.(guar.)
6% preferred (guar.)
Security Investment Trust, pref.(a-a),_ _
Shaffer Stores,7% pref.(guar.)
Shattuck (Frank G.) Co.(guar.)
Silver Kings Coalition Mines
Singer Mfg. Co.(guar.)
Slattery(E.T.)7% pref.(guar.)
Spencer Trask Fund (guar.)
Starrett (L. S.) Co. pref.(guar.)
State Theatre Co., pref.(guar.)
Sunshine Mining Co.(guar.)
Supertest Petroleum,com.reg.(guar.)._
Ordinary registered (guar.)
Bearer (guar.)
Ordinary bearer (guar.)
Class A preferred (guar.)
Class D preferred (guar.)
Time, Inc. (quar.)
$615 preferred (guar.)
Tintle Standard Mining (guar.)
Toronto Elevators 7% pref.(guar.)— _ _
Toronto Mtge.(guar.)
Trumbull-Cliff Furnace,6% pf.(qu.)..._
United Frult Co. (guar.)
United Grain Growers
United Milk Prod. Co., $3 pref.(guar.).
United Piece Dye Wks..6Si% pf.(qu.)..,.
United Shoe Mach. Corp., com.(guar.).
Preferred (quar.)
United Shoe Mach.,corn.(guar.)
Preferred (guar.)
Universal Leaf Tobacco,com.(quar.).. _
Preferred (quar.)
Wooden & Co. (guar.)
Western States Lire Ins. Co.(guar.)
West Coast Oil, pref. (guar.)
Winn & Lovett Groe. Co.. el. A (guar.).
Preferred (guar.)
Yale & Towne Mfg.Co.(guar.)
$154
$15'
1 H%
51
50c
854c
$3
he
300
$2
$2
1215c
$154
150
$134
$135
50c
Nov. I Holders of rec. Oct. 16
Nov. I Holders of rec. Oct. 16
Oct. 2 Holders of rec. Sept. 20
Sept. 20 Holders of rec. Sept. 15
Oct. I Holders of rec. Sept.20
Oct. 2 Holders of rec. Sept. 15
Sept.15 Holders of rec. Sept. 12
Oct. 14 Holders of rec. Oct. 6
Oct. 14 Holders of rec. Oct. 6
Oct. 2 Holders of rec. Sept.21
Oct. 2 Holders of ree. Sept. II
Sept.30 Holders of rec. Sept. 20
Sept.30 Holders of rec. Sept. 20
Oct. 16 Holders of rec. Sept. 25
Oct. 16 Holders of rec. Sept. 25
Oct. 16 Holders of rec. Sept. 30
Oct. 1 Holders of rec. Sept. 20
2064
Nano of Company.
Financial Chronicle
Per
When
Share. Payable.
Books Closed
Days Inctusim.
Public Utilities (Coneituisd).
Ohio Edison Co., $5 pref. (quar.)
31K Oct. 2 Holders of rec. Sept. 15
$6 preferred (guar.)
314 Oct. 2 Holders of rec. Sept. 15
$6.60 preferred (quar.)
$1.65 Oct. 2 Holders of rec. Sept. 15
$7 preferred (quar.)
El% Oct. 2 Holders of rec. Sept. 15
$7.20 preferred (quar.)
$1.80 Oct. 2 Holders of rec. Sept. 15
Ohio Public Service Co., 7% pref. (mo.) 58 1-3c Oct. 2 Holders of rec. Sept. 15
6% preferred (monthly)
50c Oct. 2 Holders of rec. Sept. 15
5% preferred (monthly)
41 2-3c Oct. 2 Holders of rec. Sept. 15
Pacific Tel.& Tel.(quar.)
314 Sept.30 Holders of me. Sept.20
Preferred (quar.)
$14 Oct. 16 Holders of rec. Sept. 30
Peninsular Telep. Co., 7% pref. (quar.) 1M% Nov. 15 Holders of roe. Nov. 6
7% Preferred (guar.)
1M% 2-15-34 Holders of rec. 2-5-84
Penn Central Light & Power
35 preferred (quar.)
31M Oct. 2 Holders of roe. Sept. 11
$2.80 preferred (quar.)
70e Oct. 2 Holders of roe. Sept. 11
Pennsylvania Tel. Co.,6% pf.(quar.)- _ 14% Oct. 2 Holders of roe. Sept. 15
Pennsylvania Water & Power Co.
Common (quar.)
75e Oct. 2 Holders of roe. Sept. 15
Preferred (guar.)
31)1 Oct. 2 Holders of rec. Sept. 15
Peoria Water Works, 7% pref.(quar.)
31% Oct. 2 Holders of roe. Sept. 20
Philadelphia Co.,$6 preference (quar.)
314 Oct. 2 Holders of rec. Sept. I
$5 preference (quar.)
51% Oct. 2 Holders of roe. Sept. I
Philadelphia Elec.Pow.Co.,8% pfd.(qu)
50c Oct. 1 Holders of rec. Sept. 5
Philadelphia Traction Co. (s.
-a.)
32 Oct. 2 Holders of rec. Sept. 11
Ponce Electric,7% pref.(guar.)
% Oct. 2 Holders of rec. Sept. 15
Providence Gas(quay.)
25e Oct. 2 Holders of rec. Sept. 11
Public Service Co.of Colo., 7% pr.(mo.) 58 1-3c Oct. 2 Holders of rec. Sept. 15
6% preferred (monthly)
.50c Oct. 2 Holders of rec. Sept. 15
5% preferred (monthly)
412-Sc Oct. 2 Holders of rec. Sept. 15
Public Service Corp. of N.J.. corn.(qu.)
70c Sept.30 Holders of roe. Sept. I
8% preferred (quar.)
$2 Sept.30 Holders of rec. Sept. 1
51% Sept. 30 Holders of roe. Sept. 1
7% Preferred (quar.)
$5 preferred (quar.)
31M Sept.30 Holders of roe. Sept. 1
6% preferred (monthly)
50e Sept.30 Holders of roe. Sept. I
Public Service Coot Okla.,7% pr.(qu.) 31% Oct. 2 Holders of roe. Sept. 20
6% preferred (quar.)
314 Oct. 2 Holders of roe. Sept. 20
Public Service Elec. & Gas, 7% pt. (qu.) 1)1% Sept.30 Holders of rec. Sept. 1
35 preferred (quar.)
3111 Sept.30 Holders of roe. Sept. 1
Queens Born Gas & Elec.,6% pref.(qu.) 14% Oct. 1 Holders of rec. Sept. 15
Richmond Water Works,6% p1.(quar.)_ $1% Oct. 2 Holders of rec. Sept.20
Rochester Telephone Corp.
% Oct. 2 Holders of rec. Sept. 20
6)1% 1st preferred (guar.)
5% 2d preferred (guar.)
1)1% Oct. 2 Holders ot rec. Sept. 20
Scranton Elec. Co.,$6 pref.(quar.)
31)1 Oct. 2 Holders of rec. Sept. 5
Shenango Valley Water Co.6% of.(qu.) 1)1% Dee. 1 Holders of rec. Nov. 20
South Carolina Power Co.. $6 Pf. (qu.)
31% Oct. 1 Holders of rec. Sept. 15
South Pittsburg Water Co.. 7% p1. (qu.) S1K Oct. 16 Holders of rec. Oct. 2
6% preferred (quar.)
31% Oct. 16 Holders of rec. Oct. 2
Southern California Edison Co., Ltd.—
Original preferred (guar.)
2% Oct. 15 Holders of roe. Sept. 20
% preferred. series C (quar.)
1)1% Oct. 15 Holders of roe. Sept. 20
Southern Canada Power Co., Ltd.
6% preferred (quar.)
13i% Oct. 16 Holders of rec. Sept. 20
S'western Bell Tel.,7% pref.(quar.)- - 314 Oct. 1 Holders of rec. Sept. 20
Southwestern Gas & Electric Co.
8% preferred (quar.)
$2 Oct. 2 Holders of rec. Sept. 15
7% preferred (guar.)
31K Oct. 2 Holders of rec. Sept. 15
Springfield Gas & Lice. Co., 57 pref.(qu) 31)1 Oct. 2 Holders of rec. Sept. 15
Telephone Invest. Corp.(mthly.)
20c Oct. 1 Holders Of rec. Sept.20
Tennessee Elec.Pow.Co.,7.2% pf (qu.) 31.80 Oct. 2 Holders of rec. Sept. 15
7% preferred (guar.)
31% Oct. 2 Holders of rec. Sept. 15
6% preferred (guar.)
314 Oct. 2 Holders of rec. Sept.15
5% preferred (quar.)
31% Oct. 2 Holders of rec. Sept.15
7.2% preferred (monthly)
60o Oct. 1 Holders of rec. Sept. 15
6% preferred (monthly)
50o Oct. 1 Holders of rec. Sept.15
Toledo Edison Co.. 7% pref.(mo.)
58 I-3e Oct. 2 Holders of roe. Sept. 15
6% preferred (monthly)
50e Oct. 2 Holders of rec. Sept. 15
5% preferred (monthly)
41 2-3e Oct. 2 Holders of rec. Sept. 15
Union Elec. Lt.dr Pow:
(III.).6%Pf.(qu.) El% Oct. 2 Holders of roe. Sept. 15
Union Elec.Lt.&Pow.(Mo.).7% Pf.(Clit.) 31% Oct. 2 Holders of rec. Sept. 15
United Companies of New Jersey (qu.)_
32% Oct. 10 Holders of roe. Sept. 20
United Corp., preference (guar.)
750 Oct. 2 Holders of fee. Aug. 31
United Gas & Elec. Corp., pref.(quar.).
% Oct. 1 Holders of rec. Sept. 15
United Gas Improvement (guar.)
30e Sept.30 Holders of reo. Aug. 31
Preferred (guar.)
$14 Sept.30 Holders of roe. Aug. 31
Virginia Public Service, 7% pref.(guar.) 31% Oct. 1 Holders of rec. Sept. 11
8% preferred (quar.)
314 Oct. 1 Holders of roe. Sept. 11
Virginia Elec.& Pow.$6 pref.(guar.).-. 314 Sept.20 Holders of rec. Aug. 31
West Penn Electric Co.. class A (quar.). 31% Sept.30 Holders of rec. Sept. 18
West Penn Power Co.,7% pref.(guar.). 111% Nov. 1 Holders of me. Oct. 5
6% preferred (quar.)
14% Nov. 1 IIolders of rec. Oct. 5
Westmoreland Water, $6 pref. (quar.).. 314 Oct. 2 Holders of rec. Sept. 20
Wichita Water Works, 7% pref. (qu.)
31% Oct. 16 Holders of roe. Oct. 2
Wisconsin Public Service Corp.
111% Sept.20 Holders of rec. Aug. 31
7% preferred (guar.)
Im% Sept. 20 Holders of rec. Aug. 31'
8)1% preferred (guar.)
6% preferred (guar.)
1)1% Sept. 20 Holders of roe. Aug. 31
Name of Company.
Sept. 16 1933
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Amer.Sugar Refining Co.,corn.(qua?.).
500 Oct. 2 Holders of rec. Sept. 5a
Preferred (guar.)
Oct. 2 Holders of roe. Sept. 5a
American Tobacco Co., pref.(guar.).14% Oct. 2 Holders of rec. Sept. 9
American Wringer Co.(quar.)
624c Oct. 2 Holders of rec. Sept. 15
Anchor Cap Corp., corn. (guar.)
150 Oct. 2 Holders of roe. Sept. 19
$64 preferred (quar.)
31% Oct. 2 Holders of roe. Sept. 19
Sc Oct. 1 Holders of rec. Sept. 15
Angoetura-Wup'm'n.InitIal(quar.)
Apex Electric Mfg., pref. (quar.)
831K Oct. 2 Holders of rec. Sept.30
Apponaug Co.. corn. (qtuir.)
50c Oct. 2 Holders of rec. Sept. 15
Armour & Co.of Del.. pref.(guar.)
El% Oct. 2 Holders of rec. Sept. 11
Asbestos Mfg. Co. (quar.)
12%c Oct. 2 Holders of rec. Sept. 15
Associated Breweries of Canada. Ltd.
7% preferred (guar.)
31K Oct. 2 Holders of rec. Sept. 15
Associates Investment Co., corn.(au)..
$I Sept.30 Holders of roe. Sept. 20
Preferred (guar.)
El% Sept. 30 Holders of me. Sept. 20
Auburn Automobile (guar.)
50e Oct. 2 Holders of rec. Sept. 21
Axton-Fisher Tobacco. A (quar.)
80e Oct. 2 Holders of rec. Sept. 15
Class B (quar.)
40e Oct. 2 Holders of rec. Sept. 15
Preferred (quar.)
$14 Oct. 2 Holders of rec. Sept. 15
Baldwin Co.,cum. preferred (quar.)- - $14 Oct. 14 Holders of me. Sept.30
13andini Petroleum (mo.)
Sc Sept.20 Holders of roe. Aug. 31
Barber(W.H.). pref. (quar.)
81% Oct. 1 Holders of res. Sept.26
Beatrice Creamery Co., 7% pref.(quar.) $111 Oct. 1 Holders of rec. Sept. 14
Beech-Nut Packing Co.. corn.(quar.)_..
75e Oct. 2 Holders of rec. Sept. 12
Black-Clawson Co., pref.(quar.)
$14 Dec. 1 Holders of rec. Nov. 25
Bloch Bros. Tobacco (guar.)
374o Nov. 15 Holders of rec. Nov. 11
Preferred (quar.)
S1M Sept.30 Holders of roe. Sept. 25
Preferred (quar.)
$14 Dec. 31 Holders of rec. Dec. 25
Bohn Aluminum & Brass(guar.)
25e Oct. 2 Holders of rec. Sept. 15
Bon Ami Co.,common A (guar.)
$1 Oct. 30 Holders of rec. Oct. 16
Common B (guar.)
50o Oct. 1 Holders of roe. Sept.24
Borg-Warner Corp. pref. (quar.)
8111 Oct. 1 Holders of roe. Sept. 15
250 Jan. 12 Holders of roe. Jan. 12
Bernet, ma., class A
234 Sept.30 Holders of rec. Sept.20
Briggs & Stratton Corp., corn.(guar.).
British Amer. Oil Co.. Ltd.. cap. stock._
r20e Oct. 2 Holders of rec. Sept. 16
British American Tobacco Co., Ltd.—
Amer. dep. rec. ord. bearer. Interim
rolOd Oct. 7 Holders of rec. Sept. 5
Amer. dep. roe. ord. reg., interim... tolOd Oct. 7 Holders of rec. Sept. .5
Amer. dep. rec. 5% pref. bearer (5.-11.) =2%% Oct. 7 Holders of roe. Sept. 5
Amer. dep. roe. 5% pref. reg.(5.-a.)— rte2%% Oct. 7 Holders of rec. Sept. 6
Broad Street Investing Co
200 Oct. 1 Holders of rec. Sept. 18 .
31
Burger BM.,8% pref. (guar.)
Oct. 1 Holders of roe. Sept. 15
Burma Corp., Ltd., Am. dep. roe. (final) w3)4.4 Oct. 21 Holders of rec. Sept. 14
Bonus
w4A Oct. 21 Holders of rec. Sept. 14
40e Oct. 1 Holders of roe. Sept. 15
Calamba Sugar Estates, corn. (quar.)..
350 Oct. 1 Holders of roe. Sept. 15
Preferred (guar.)
California Ink Co.(guar.)
500 Oct. 2 Holders of rec. Sept. 21
Cambria Iron Co.(s-a)
31 Oct. 2 Holders of roe. Sept. 15
Canada Permanent Mtge.(quar.)
$24 Oct. 1 Holders of rec. Sept. 15
Canada Starch, Ltd.,7% pref
8%
r5c Oct. 2 Holders of roe. Sept. 15
Canadian Canners, 2d preferred
1st preferred (quar.)
r$14 Oct. 2 Holders of roe. Sept. 15
Canadian Celanese Ltd., 7% pref.(qu.). ill% Sept.30 Holders of rec. Sept. 18
Canadian Cotton, Ltd.. prof. (guar.).— $14 Oct. 4 Holders of rec. Sept. 16
734 Oct. 1 Holders of rec. Sept. 15
Canadian General Elec.(quar.)
ND Sic Oct. 1 Holders of me. Sept. 15
Preferred (quar.)
$14 Sept.30 Holders of me. Sept.20
Canfield 011 Co., 7% pref.(quar.)
25e Sept. 30 Holders of rec. Sept. 18
Cannon Mills(guar.)
10o Sept.30 Holders of me. Sept. 18
Extra
75e Oct. 1 Holders of roe. Sept. 18
Capital Administration, pref. A
Carnation Co.,7% pref.(guar.)
$14 Oct. 1
1-1-34
8111
7% Preferred Marl
874e. Jan. 31 Holders of rec. Jan. 14
Canter, Inc.. 7% pref
Case (J.I.) Co., pref.(quar.)
$1 Oct. 1 Holders of rec. Sept. 12
Celanese Corp.of Amer.,7% pr. pr.(qu.) $14 Oct. 1 Holders of rec. Sept. 18
7% 18t preferred (guar.)
$4 Sept. 30 Holders of rec. Sept. 18
100. Nov. 15 Holders of reo. Nov. 6
Centrifugal Pipe Line Comeap.stk.(Ou.)
Champion Coated Paper Co.,
1st & special preferred (quar.)
SIM Oct. 1 Holders of rec. Sept. 20
Champion Fibre Co.. pref.(guar.)
$14 Oct. 1 Holders of rec. Sept. 20
50e Oct. 2 Hclders of rec. Sept. 11
Chesapeake Corp.,com.(quar.)
Chesebrough Mfg. Co.(quar.)
El Sept.29 Holders of rec. Sept. 5
50c Sept. 29 Holders of me. Sept. 5
Extra
Chic. Junct. Ry.& Un.Stkyds.
$24 Oct. 2 Holders of roe. Sept. 15
7% preferred (quar.)
$t I4 Oct. 2 Holders et roe. Sept. 15
Chicago Transfer-Clearing, 6% pf. (qu.) $14 Oct. 1
Christina Securities. 7% pref. (quar.)- -- CM Oct. 2 Holders of roe. Sept. 18
Cincinnati Wholesale Grocery. pref.(qu.) $14 Oct. 1 Holders of rec. Sept. 15
City Ice & Fuel, common (quar.)
50c Sept.30 Holders of ree. Sept. 15
Clorox Chemical Co.,01. A (quar.)
50e Oct. 1 Holders of rim. Sept. 20
Quarterly
fillo Jan 1'34 Holders of roe. Dee. 20
Cluett Peabody, 7% pref.(quar.)
31.1£ Oct. 2 Holders of rec. Sept. 21
Coca-Cola Co.,common (quar.)
314 Oct. 2 Holders of rec. Sept. 12
Coca-Cola Internat. Corp., cons. (qu.)
$3 Oct. 2 Holders of roe. Sept. 12
Colgate-Palmolive-Peet Co., pt.(qu.)-- - $1.4 Oct. 1 Holders of rec. Sept. 11
$14 Jan. 1 Holders of rec. Dec. 11
Preferred (guar.)
Colt's Patent Fire Arms Mfg. Co.(qu.)25c Sept.20 Holders of rec. Sept. 9
Commercial Credit,$3 cl. A cony
75e Sept.30 Holders of rec. Sept. 9
Bank and Trust Companies.
$3 class A cony
71750 Sept. 30 Holders of roe. Sept. 9
Bank of The Manhattan Co. (quar.,...
50c Oct. 2 Holders of rec. Sept. 14a
8% preferred el. B (qua?.)
50e Sept. 30 Holders of me. Sept. 9
7Si% Oct. 2 Holders of roe. Sept. 15
Bankers Trust Co. (guar.)
7% 1st pref.(guar.)
4340 Sept.30 Holders of roe. Sept. 9
Central Hanover Bank & Trust Co.(qu.) $1% Oct. 2 Holders of roe. Sept. 19
64% lst pref.(quar.)
UM Sept.30 Holders of roe. Sept. 9
334 Oct. 1 Holders of rec. Sept. 8a Comm'l Invest. Trust Corp.
Chase National Bank (guar.)
50e Oct. 1 Holders of rec. Sept. 5
corn.(qu.).
Clinton Trust Co. (guar.)
50e Sept.30 Holders of roe. Sept. 15
Convertible pref., orig. series 1929(qu) m$1% Oct. 1 Holders of rec. Fleet. 5
Continental Bane & Trust Co. (guar.)._
20e Oct. 1 Holders of rec. Sept. 15
Confederation Life Assoc. (quar.)
$1 Sept.30 Holders of refs. Sept.25
Guaranty Trust Co. (guar.)
$5 Sept.30 Holders of rec. Sept. 8
Quarterly
$I Dec. 31 Holders of roe. Dec. 25
Irving Trust Co. (quar.)
25e Oct. 2 Holders of roe. Sept. 11
Congoleum-Nairn, Inc., 7% pref. (an.). 1M% Nov. 1 Holders of rec. Aug• 15
Marine Midland Trust (quar.)
374c Sept.23 Holders of rec. Sept. 20a Congress Cigar Co.(quar.)
25e Sept.30 Holders of rec. Sept. 14
United States Trust Co.(quar.)
$15 Oct. 2 Holders of rec. Sept. 20
Consol. Paper,7% pref.(guar.)
174c Oct. 2 Holders of roe. Sept. 20
Extra
310 Oct. 2 Holders of rec. Sept. 20
Continental Baking,8% pref.(guar.).-.
$1 Oct. I Holders of roe. Sept. 18a
Cottrell (C.B.) St Bons Co.
Fire Insurance Companies.
1M% Oot. 1
6% Preferred (quar.)
Boston Ins. Co.(s.
-a.)
$4
Oct. 2 Holders of rec. Sept 20
6% Preferred (qua,.)
114% 1-1-'84
Glens Falls Ins. (qar.)
400 Oct. 1 Holders of rec. Sept. 15
Crown Willamette Co., lot pref.(quar.).. h$1
Oct. 1 Holders of roe. Sept. 13
National Fire Ins. Co.(guar.)
500 Oct. 2
DeLong Hook & Eye. (guar.)
50c Oct. 1 Holders of rec. Sept.20
Extra
25c Oct. 1 Holders of me. Sept.20
Miscellaneous.
Deposited Bank Shares, N. Y
34e Oct. 2 Holders of rec. Sept. 1
Abbott Laboratories, Inc.(guar.)
50c Oct. I Holders of rec. Sept. 14
Series A
511c Oct. 2 Holders of roe. Sept. 1
Adams Express Co., pref. (guar.)
$IM Sept.30 Holders of rec. Sept. 15
Devoe Raynolds Co., 1st & 2d pref.(qu.) $14 Oct. 2 Holders of rec. Sept. 20
Affiliated Products, Inc.(mo.)
Sc Oct. 1 Holders of rec. Sept. 18
Dominion Bridge Co., Ltd., corn.(guar.)
r50o Nov. 15 Holders of rec. Oct. 31
Agnew Surpass Shoe Stores, pref.(guar.) 81% Oct. 2 Holders of rec. Sept. 15
Dominion Glass Co., Ltd., COln.(qual.). $14 Oct. 2 Holders of rec. Sept. 15
Allied Atlas Corp., liquidating
$15
Preferred (guar.)
$14 Oct. 2 Holders of rec. Sept. 15
Allied Chemical di Dye Corp.. pref.(qu.) 151% Oct. 2 Holders of rec. Sept. 11
Dominion Stores, Ltd.(quar.)
u30c Oct. 2 Holders of rec. Sept. 15
Alum num Mfg.,Inc., corn.(guar.)
600 Sept.30 Holders of rec. Sept. 16
Dominion Textile Co., Ltd., corn.(an.).
r$1 Oct. 2 Holders of roe. Sept. 15
Common (guar.)
500 Dec. 31 Holders of roe. Dec. 15
Preferred (quar.)
r31% Oct. 16 Holders of rec. Sept.30
Preferred (guar.)
$IM Sept. 30 Holders of rec. Sept. 15
Douglas Aircraft Co.. Inc.(s.
3740 Sept.21 Holders of ree. Sept. 1
-a.)
S14 Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
Draper Corp.(guar.)
600 Oct. 2 Holders of roe. Sept. 2
American Bakeries Corp.. 7% p1.(qu.) _ 1M% Oct. 2 Holders of rec. Sept. 15
Driver Harris Co., 7% pref. (qua?).... $111 Oct. 1 Holders of roe. Sept.20
American Bank Note Co., pref.(guar.)...
% Oct. 2 Holders of rec. Sept. lla Duplan Silk Corp., pref.(quar.)
32 Oct. 2 Holders of me. Sept. 20American Can Co., pref.(guar.)
1/
1% Oct. 2 Holders of roe. Sept. 15a E.I.duPont de Nemours & Co.—
American Chicle Co.(guar.)
50c Oct. 2 Holders of reo. Sept. 12
Debenture stock (quar.)
$14 Oct. 25 Holders of rec. Oct. 10
Extra
250 Oct. 2 Holders of rec. Sept. 12
Early dr Daniel Co.,corn.(guar.)
25e Sept. 30 Holders of rec. Sept.20
American Clear Co., pref.(guar.)
314 Oct. 2 Holders of rec. Sept. 15
Preferred (quar.)
$131 Sept. 30 Holders of rec. Sept. 20
American Envelope Co.7% Pf.((Var.).- 1)1% Dec. 1 Holders of roe. Nov.28
Eastern Steamship Lines, 1st Pr. (qu.) - $131 Oct. 2 Holders of roe. Sept. 15
31)1 Oct. 2 Holders of rec. Sept. 22
American Express Co. (quar.)
Preferred, no par (guar.)
8740 Oct. 2 Holders of rec. sect. 15
10e Oct. 10 Holders of roe. Sept. 30
American Factors(monthly)
Eastman Kodak Co.,corn.(quar.)
750 Oct. 2 Holders of roe. Sept. 5
American Glanzstoff Corp., pref.(qu.)
75c Oct. 1 Holders of roe. Sept. 23
Preferred (quar.)
$14 Oct. 2 Holders of rec. Sept. 5
Preferred $100 par value (guar.)
$111 Oct. 1 fielders of roe. Sept.23
Electric Controller & Mfg. Co.(quar.)..
25e Oct. 2 Holders of me. SePt• 20.
American Hardware (guar.)
250 Oct. 1 Holders of rec. Sept. 16
Equitable Office Bldg. Co.corn. (qual.).
25e Oct. 2 Holders of rec. Sept. 15
Quarterly
250 1-1-34 Holders of roe. Dee. 16
7% Preferred (guar.)
$1
Oct. 2 Solders of roe. Sept. 15
25e Oct. 1 Holders of rec. Sept. 16
American Hawaiian Steamship (quar.)_ _
Ewa Plantation (guar.)
600 Nov. 15 Holders of rec. Nov. 4
American Home Products Corp.(mo)..
200 Oct. 2 Holders of rec. Sept 14a Fairmont Creamery (Del.), corn. (quar.)
234 Oct. 1 Holders of rec. Sept. 21
American Optical Co.,7% pref.(qu.). _ _
3111 Oct. 2 Holders of rec. Sept. 16
Preferred (quar.)
$14 Oct. 1 Holders of roe. Sept. 21
7% preferred (guar.)
$14 Jan. 1 Holders of rec. Dee. 16
Fanny Farmer Candy Shops (quar.).- 234 Oct. 2 Holders of roe. Sept. 15
American Safety Razor Corp.(guar.) _
75c Sept.30 Holders of rec. Sept. 8
Faultless Rubber Co.. corn. (quar.)...
50o Oct. 1 Holders of reo. Sept. 15
American Snuff Co., COM.(quar.)
3% Oct. 2 Holders of rec. Sept. 13
Fifth Ave. Bus Securities Corp.(quar.)
150 Sept.29 Holders oi rec. Sept. 15
Preferred (quar.)
1)1% Oct. 2 Holders of rec. Sept. 13
Filene's (Wm.)Sons Co., corn.(qua?.)..
20e Sept.30 Holders of roe. Sept. 20
American Steel Foundries. pref
50e Sept. 30 Holders of roe. Sept. 15
Preferred (guar.)
$14 Oct. 2 Holders of rec. Sept. 20
American Stores Co.(quar.)
500 Oct. 1 Holders of rec. Sept. 15
Finance Co. of Penna. (quar.)
$24 Oct. 2 Holders of rec. Sept. 16
Extra
50e Dec. 1 Holders of roe. Nov. 15
Florshelm Shoe Co., pref. (guar.)
314 Oct. 2 Holders of rec. Sept. 15
Quarterly
50c Jan 114 Holders of roe. Dec. 15
Fortnum & Mason, 7% pref. (s.
1740 Oct. 2 Holders of rec. Sept. 20
-a.)
Financial Chronicle
Volume 137
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclurtse.
Miscellaneous (Continued).
First National Stores ((Mar.)
62340 Oct. 2 Holders of me. Sept. 11
1st preferred (guar.)
$134 Oct. 2 Holders of rec. Sept. 11
8% preferred (guar.)
20c Oct. 2 Holders of roe. Sept. 11
Freeport Texas Co. preferred (guar.).. 8134 Nov. 1 Holders of me. Oct. 13
GaHand Mercantile Laundry (quar.)____ 8734o Oct. 1 Holders of roe. Sept. 15
General American Investors Co., pf.(qu.) $13.4 Oct. 1 Holders of rec. Sept.20
General Baking Co.(guar.)
25c Oct. 2 Holders of mc. Sept. 16
General Cigar Co., pref.(guar.)
3134 Dec. 1 Holders of roe. Nov.24
General Electric (guar.)
100 Oct. 25 Holders of rec. Sept. 29
Special(guar.)
15c Oct. 25 Holders of rec. Sept. 29
General Mills, Inc., pref.(guar.)
8134 Oct. 2 Holders of rec. Sept. 14a
General Motors Corp., $5 pref. (guar.). $134 Nov. 1 Holders of rec. Oct. 9
General Printing Ink Corp., prof.(qu.)__ al% Sept.30 Holders of rec. Sept. 19
Generality. Signal Co., corn.(guar.)._
25e Oct. 2 Holders of recs. Sept. 8
Preferred (guar.)
$134 Oct. 2 Holders of rec. Sept. 8
Gillette Safety Razor(guar.)
1266-19 Sept.30 Holders of roe. Sept. 5
$5 preferred (guar.)
3134 Nov. 1 Holders of roe. Oct. 2
Glidden Co., pref. (guar.)
3134 Oct. 2 Holders of roe. Sept. 18
Goldblatt Bros.,corn.(guar.)
3734c Oct. 2 Holders of rec. Sept. 11
Gold Dust Corp., $6 pref.(guar.)
$114 Sept.30 Holders of rec. Sept. 16
Goodman Mfg (guar.)
500 Sept.29 Holders of roe. Sept.29
Goodyear Tire & Rubber,7% pref.(qu.)
50c Oct. 2 Holders of rec. Sept. 1
Goodyear Tire dr Rub.of Can.,com.(qu.) r600 Oct. 2 Holders of rec. Sept. 15
Preferred (guar.)
1113.( Oct. 2 Holders of rec. Sept. 15
Gottfried Baking Co., Inc., Cl. A (guar.)
760. Oct. 1 Holders of reo. Sept.20
Preferred (guar.)
114% Oct. 2 Holders of roe. Sept. 20
Preferred (quar.)
194% do.2 '34 Holders or roe. Dee. 20
Grace(W. R ) Co. 6% prof (s.-a.)...
&
3% Dec. 29 Holders ot rec. Dee. 27
Granite City Steel Co.(guar.)
250 Sept.30 Holders of rec. Sept. 15
Grant(W.T.)(guar.)
25c Oct. 2 Holders of roe. Sept. 12
Great West Electro-Chem. 1st pt.(gu.)_ 8134 Oct. 1 Holders of roe. Sept.20
Great Western Sugar Co.,corn.(quar.)__
600 Oct. 2 Holders of rec. Sept. 15
Preferred (guar.)
$134 Oct. 2 Holders of rec. Sept. 15
Green (Dan'1), prof. (guar.)
$134 Oct. 2 Holders of rec. Sept. 15
Haloid Co.,corn.(guar.)
250 Oct. 2 Holders of rec. Sept. 15
Extra
250 Oct. 2 Holders of rec. Sept. 15
7% preferred (guar.)
EN Oct. 2 Holders of rec. Sept. 15
Hamilton United Theatres, 7% pt.(qu.) $111 Sept.30 Holders of rec. Aug. 31
Hammermill Paper Co.,8% pref.(guar.) 134% Oct. 2 Holders of rec. Sept. 15
Hanna(M.A.) Co.,$7 pref.(quar.)____ $194 Sept.20 Holders of rec. Sept. 5
Hannibal Bridge Co.. ann.(guar.)
Oct. 20 Holders of roe. Oct. 10
82
Harbauer Co.,7% pref.(guar.)
194% Oct. 1 Holders of rec. Sept. 21
7% preferred (qua?.)
114% l-1-'34 Holders of rec. Dee. 21
Hardesty (R.). 7% pref. (guar-)
% Dec. 1 Holders of rec. Nov. 15
Harriman Investors Fund (guar.)
2543 Oct. 1 Holders of rec. Sept. 15
Harrods. Ltd., preferred (s-a)
354% Sept.16
Hazel Atlas Glass Co.(guar.)
SI Oct. 2 Holders of rec. Sept.16
Helme (Geo. W.)Co.,corn.(guar.)
$11.4 Oct. 2 Holders of rec. Sept. 9
Preferred (guar.)
8154 Oct. 2 Holders of rec. Sept. 9
Hercules Powder Co.,corn.(guar./
3754o Sept.25 Holders of rec. Sept. 14
Heyden Chemical Corp.. prof.(quar.)__ $1
Oct. 1 Holders of rec. Sept.21
Hibbard, Spencer. Bartlett dr Co.(mo.)
1133 Sept.29 Holders of roe. Sept.22
Hickock 011,7% pref.(guar.)
3194 Oct. 2 Holders of rec. Sept.23
Homestake Mining (monthly)
$1 Sept.25 Holders of rec. Sept.20
Extra
$1 Sept.25 Holders of me. Sept. 20
Howes Bros.,7% let prof.(qum%)
MA Oct. 1 Holders of rec. Sept. 20
7% Preferred (guar.)
$133 Oct. 11Holders of rec. Sept. 20
6% preferred (guar.)
3134 Oct. I Holders of rec. Sept.20
Humble Oil& Refining Co.(guar.)
500 Oct. 1 Holders of rec. Sept. 1
Hygrade Sylvania Corp. corn.(guar.)...
500 Oct. 2 Holders of rec. Sept. 9
3634 preferred (guar.)
$134 Oct. 2 Holders of me. Sept. 9
Imperial Chemical Industries, Interim _z w23.4% Dee. 8 Holders of rec. Oct. 13
Imperial Tobacco Co.of Can.,ord.shs__ r 194% Sept.30 Holders of rec. Aug. 30
Preferred (3.-a.)
r 3% Sept.30 Holders of me. Aug. 30
Indiana General Service Co..6% pf.(qu.) $134 Oct. 2 Holders of rec. Sept. 5
Industrial Rayon Corp.(guar.)
$1 Oct. 1 Holders of rec. Sept. 18
Internat. Business Mach. Corp. (guar.) 813.4 Oct. 10 Holders of rec. Sept.22a
International Harvester Co.,core.(qu.).
150 Oct. 16 Holders of rec. Sept. 20
Internal. Safety Razor Corp.. el. B (qu.) 1250 Oct. 2 Holders of roe. Sept.20
International Salt Co.(guar.)
37340 Oct. 2 Holders of rec. Sept.15a
International Shoe, corn.(guar.)
500 Oct. 1 Holders of roc. Sept. 15
Preferred (monthly)
600 Oct. 1 Holders of roe. Sept. 15
Preferred (monthly)
500 Nov. 1 Holders of me. Oct. 15
Preferred (monthly)
600 Dec. 1 Holders of me. Nov. 15
Intertype Corp. let pref. (5.-a.)
$2
Oct. 1 Holders of roe. Sept. 15
Investors Corp.(R.I.)$6 1st pref.(qu.). 8114 Oct. 2 Holders of rec. Sept. 20
Jewel Tea Co.. Inc., corn.(guar.)
750 Oct. 16 Holders of rec. Oct. 2
Jones dt Laughlin Steel Corp.7% pref.-25e Oct. 2 Holders of reo. Sept. 13
Katz Drug Co., prof.(guar.)
8134 Oct. 2 Holders of rec. Sept. 15
Kimberly-Clark Corp.. pref.(guar.)._ $114 Oct. 1 Holders of roe. Sept.12
lUngsbury Breweries Co. (guar.)
150 Oct. 1 Holders of rec. Sept. 20
Extra
100 Oct. 1 Holders of rec. Sept. 20
Klein(D.Emil)(guar.)
250 Oct. I Holders of roe. Sept. 20
Koppers Gas de Coke Co.
6% preferred (guar.)
13.4% Oct. 1 Holders of rec. Sept. 11
Kresge (S. S.) Co., corn. (guar.)
20c Sept.30 Holders of reo. Sept.16
Preferred (guar.)
$111 Sept.30 Holders of roe. Sept. 16
Kroger Grocery dr Baking 1st pref.(qu.) $114 Sept.30 Holders of roe. Sept.20
$114 Nov. 1 Holders of reo. Oct. 20
2d preferred (quer.)
Landers Frary & Clark (gust.)
37140 Sept.30
Quarterly
37340 Dec. 31
Landis Machine.7% pref.(luar.)
SIM Dee. 15 Holders of roe. Dec. 5
Leaders of Industry Shares A
34.516
Lehigh Portland Cement Co.. pref.(qu.) 873.40 Oct. 1 Holders of rec. Sept. 14
Lehman Corp.(guar.)
60e Oct. 4 Holders of ree. Sept. 22
Libbey-Owens-Ford Glass Co.,com.(qu.)
3Co Oct. 2 Holders el roe. Sept. 15
Liggett & Myers Tobacco Co., pref.(qu.) SIM Oct. 2 Holders of rec. Sept. 11
Linooln National Life Ins. Co.cap.stock
We. Nov. 1 Holders of reo. Oct. 26
Linde Air Products,6% pref. (guar.)._ _ $134 Oct. 2 Holders of rec. Sept. 20
Link-Belt Co.,61.4% preferred (guar.)... 114% Oct. 1 Holders of rec. Sept. 15
34o Sept.30 Holders of rec. Sept.30
Lock Joint Pipe Co.(monthly)
8% preferred (guar.)
82 Oct. 2 Holders of rec. Oct. 2
Loew's, Inc., corn.(guar.)
250 Sept.30 Holders of rec. Sept. 15
Loose Wiles Biscuit Co., Prof. (guar.)- $114 Oct. 1 Holders of rec. Sept. 18a
$214 Oct. 2 Holders of rec. Sept. 1
Lord & Taylor Co. (guar.)
300 Oct. 2 Holders of roe. Sept. 1
Lorillard (P.) Co.,corn.(guar.)
$111 Oct. 2 Holders of rec. Sept. 1
Preferred (guar.)
25e Oct. 2 Holders of rec. Sept. 1
Loudon Packing (guar.)
Lunkenheimer Co..Prof.(guar.)
UM Oct. 2 Holders of rec. Sept 2
250 Sept.30 Holders of rec. Sept. 1
Mack Trucks, Inc., corn. (gear.)
Magnin (I.) & Co..6% Pref.(quiz,)... 134% Nov. 16 Holders of roe. Nov.
750 Oct. 2 Holders of rec. Sept. 1
Mapes Consolidated Mfg. Co.(guar,)_
750 Jan 2'34 Holders of roe. Dec. 1
Quarterly
7543 Apr 214 Holders of rec. Mar. 1
Quarterly
750 July2'34 Holders of roe. June 1
Quarterly
100 Oct. 2 Holders of rec. Sept. 1
Marine Midland Corp., corn. (quar.)..
Mathieson Alkali Works, corn. (guar.)._ 373.40 Oct. 2 Holders of rec. Sept.
$141 Oct. 2 Holders of roe. Sept.
Preferred (guar.)
MoClatchy Newspaper.7% prof.(guar.) 43410 Dec. 1 Holders of n3o. Dec.
81 Oct. 2 Holders of rte. Sept. 1
McKeesport Tin Plate Co. (guar.)
75e Oct. 1 Holders of rec. Sept. 1
Mead Johnson & Co.((War.)
Merchants Nat. Realty. A.& B pf (qu.) $114 Oct. 1 Holders of rec. Sept.
25e Oct. 2 Holders of rec. Sept.
Mesta Machine
UM Oct. 2 Holders of rec. Sept. 1
Preferred (guar.)
$1 Oct. 2 Holders ot me. Sept. 1
Metal Packing Corp (guar.)
Metropolitan Coal, 7% pref. (guar.)._ 2154 Sept.30
$I Oct. 1 Holders of rec. Sept. 19
Midland Steel Products, 8% preferred_.
382 Oct. 1 Holders of rec. Sept. 18
8% preferred
Minneapolis Honeywell Regulator
$134 Oct. 1 Holders of rec. Sept. 20
preferred (guar./
Mitchell (J. S.)& Co.. Ltd.. Pf.(guar.)- $134 Oct. 2 Holders of rec. Sept. 15
Monoghan (Victor) Co., 7% pref.(qu.) 8134 Oct. 2 Holders of roe. Sept. 20
87340 Oct. 1 Holders of roe. Sept. 15
Monroe Chemical, pref.(guar.)
3110 Oct. 2 Holders of roe. Sept. 9
Monsanto Chemical Co.(guar.)
Moore (Wm.) Dry Goode Co.(quiz.).. 8134 Oct. 2 Holders of ree. Sept. 20
$134 1-1-$34
Quarterly
1$5 .979225 Oct. 2 Holders of rec. Sept. 18
Morris (Philip) Consol., class A
433ic Oct. 2 Holders of rec. Sept. 18
Class A (qua?.)
8114 Sept.30 Holders of rec. Sept.20
Morris Finance, A (guar.)
273.40 Sept.30 Holders of rec. Sept. 20
Class B (guar.)
$194 Sept.30 Holders of rec. Sept. 20
7% preferred (guar.)
Name of Company.
2065
Per
When
Cent. Payable
Miscellaneous (Continued).
Morris 50.& 100.to $I Sta..7% pf.(q11.) 111%
7% preferred (guar.)
194%
Morris Plan Ins. Soc. (guar.)
$1
Motor Finance.8% preferred (guar.)..
$2
Mountain Producers, (guar.)
15e
Myers (F. F.) & Bro. Co., common
250
Preferred (guar.)
$114
Nashua Gummed & Coated Paper
50e
$134
7% preferred (guar.)
$111
7% preferred (guar.)
National Battery Co., pref.(guar.)
65o
r 40o
National Breweries. Ltd.,corn.(guar.)
r 44e
Preferred (guar.)
260
National Candy Co., corn. (guar.)
lot & 2nd preferred (guar.)
$134
500
National Container Corp., prof. (guar.)
300
National Dairy Products, corn. (guar.).
Preferred A & B (guar.)
3154
National Distillers Products Corp., com- (n)
National Finance Corp. of Amer.(qu.).
15e
15e
6% preferred (guar.)
I60
Extra
National Gypsum Co., 7% pref. (guar.) $154
National Investors Corp.
3E53.4
$534 preferred (special)
8134
National Lead Co., common (guar.)
Class B preferred (guar.)
$194
National 011 Prod., pref.(guar.)
$154
30o
National Standard Co., quarterly
80e
Special
250
National Steel Corp., corn. (guar.)
60c
National Sugar Refining Co.of N.J.(Qtr)
15e
National Tea Co., corn.(guar.)
New York Shipbuilding Corp.- .
100
Participating (guar.)
100
Founders Shares (guar.)
$154
Preferred (guar.)
150
New York Transit Co.(guar.)
15c
Newberry (J. J.) Co.. corn.(guar.)
Niagara Share Corp. of Md.$114
Class A $8 preferred (guar.)
$134
Class A $6 Preferred (guar.)
Nineteen Hundred Corp.. class A (guar.) 60o.
North American Co., common (guar.)... 02%
1)4%
Preferred (raw.)
No.Cent.Texas Oil Co., pref.(guar.).-- $144
75e
Northam Warren Corp.. prof. (guar.)-Norwalk Tire & Rubber Co., pref. (qu.) 8734e
$1
Norwich Pharmacal Co.((Mar-)
250
Ohio Finance Co.(guar.)
$2
8% preferred (guar.)
$2
Omnibus Corp., pref.(guar.)
200
Onomea Sugar (monthly)
25c
Parke Davis & Co.(guar.)
30c
Penney (J. C.) Co., coin. (guar.)
$115
Preferred (guar.)
250
Peoples Drug Stores, Inc., corn.(quar.)_
p300
Perfection Stove Co., corn. (guar.)
25e
Pet Milk Co., common (guar.)
$134
Preferred (guar.)
zw6%
Pinchin Johnson, American shares
15c
Pioneer Gold Mnesof B.C..corn.(guar.)
15c
Pittsburgh Plate Glass (guar.)
5430
Premier Gold Mining (guar.)
$134
Prudential Investors.6% pref.(guar.)_ _
3194
$6 preferred (guar.)
Publication Corp.,7% orig. pref. (qua,.) $111
$4
Puritan Ice Co., preferred (5.-8-)
$1
Quaker Oats Co.,corn.(guar.)
$194
6% preferred (guar.)
250
Republic Supply Co.. corn. (guar.)
750
Reynolds (Et J.) Tobacco Co. (qua?.)..
$134
Rich's, Inc., preferred (guar.)
30c
Ross Gear & Tool Co.. corn.(guar.)._ _
760
Safeway Stores, Inc., corn. (guar.)
$134
7% preferred (guar.)
$194
6% preferred (guar.)
Savannah Sugar Refg. Corp., corn.(qu.) $114
134%
Preferred (guar.)
1373.4c
Scott Paper Co., corn. (guar.)
Scottish Type Investors, Inc.
15 5-19
Class A & B (guar.)
25e
Scoville Mtg.(guar.)
Selected Industries, Inc.
$194
$594 prior stock (guar.)
Shattuck Co.(guar.)
60
Sheaffer(W. A.) Pen, pref.(guar.)
$2
Sioux City Stkyds.. 86 of.(guar.)
373.40.
Sisco Gold Mines,Ltd.(guar.)
3e
South Penn Oil Co.(guar.)
20e
600
South Porto Rico Sugar Co.,corn.(qu.).
Preferred (guar.)
2%
South West Penna. Pipe Line, (quar.)__
$I
Southern Acid & Sulphur Co., Inc.
111%
7% preferred (guar.)
Sparta Foundry (guar.)
25c
Extra
150
Spencer Kellogg & Sons, Inc., corn.(qu.)
250
Standard Brands, Inc., corn.(guar.)._
25e
$7 preferred, series A (guar.)
$IM
Standard Coosa-Thatcher(guar.)
123.40
7% preferred (guar.)
%
Standard 011 Co.of Nebraska (qua,.)...
2513
Standard 01101 Ohio,5% pref.(guar.)._ 134%
Standard Steel Construction, pt.(qua,).
760
Stein (A.)& Co., pref.(guar.)
3134
Sun Oil Co., corn. (guar.)
25e
Preferred (guar.)
114%
Sylvania Industrial (qua:.)
260
Quarterly
260
Sylvanite Gold Mine
234c
Tacony-Palmyra Bridge Co., corn. (qu.)
50e
Class A (guar.)
50c
Taylor Milling Corp
250
Texas Corp.(qua?.)
250
Texon 011 & Laud Co., coin.(guar.)._
150
Timken Detroit Axle Co., prof. (guar.). 3154
Todd Shipyards Co.(guar.)
25o
Torrington Co. (guar.)
50c
Tr -Continental Corp., $6 pref. (guar.). 814
Trice Products, common (guar.)
6294c
Triplex Safety Glass Co.,ord. reg
zw25%
Amer. dep. rec. for ord. reg
zw25%
Underwood Elliott Fisher Co., corn.(qu) 124c
Preferred (guar.)
$134
Union Carbide & Carbon, cap.stk.(qu.)
250
United Aircraft & Transport Corp.
Preferred (guar.)
750
United Carbon Co., corn. (guar.)
250
United Corp., 83 cum. preference (qu.)
750
United Elastic Corp. (guar.)
200
United Milk Crate Corp.,01A.(qua,.)..
50o
United Profit-Sharing Corp., pt. (8.-a.)
5%
United States Foil Co.,corn. A & B (qu.)
10e
Preferred (guar.)
$154
United States Gypsum Co., corn.(guar.) 250
Preferred (guar.)
3114
O.S. Pipe & Foundry Co.. corn.(guar.)_ 1210.
Common (guar.)
12%c.
lit preferred (guar.)
30e.
lit preferred (guar.)
30e.
Books Closed
Days Inclusive.
Oct. 1
1-2-34
Deo. 1 Holders of rec. Nov.24
Sept.30 Holders of tee. Sept.21
Oct. 2 Holders of roe. Sept. 154
Sept.30 Holders of roe. Sept.15
Sept.30 Holders of rec. Sept.15
Dec. 15 Holders of roe. Nov. 8
Oct. 2 Holders of rec. Sept.25
Jan. 2 Holders of roe. Dec. 21
Oct. 2 Holders of rec. Sept. 18
Oct. 2 Holders of roe. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 12
Oct. 1 Holders of rec. Sept. 12
Dec. 1 Holders of roe. Nov. 15
Oct. 2 Fielders of rec. Sept. 18
Oct. 2 Holders of rec. Sept. 18
Oct. 16 Holders of rec. Oct. 2
Oct. 1 Holders of rec. Sept. 11
Oct. 1 Holders of rec. Sept. 11
Oct. 1 Holders of rec. Sept. 11
Oct. 1 Holders of rec. Sept. 16
Sept.30 Holders of rec. Sept.15
Sept.30 Holders of rec. Sept. 15
Nov. 1 Holders of rec. Oct. 20
Oct. 2 Holders of rec. Sept. 20
Sept.30 Holders of rec. Sept.20
Sept.30 Holders of roe. Sept.20
Sept.30 Holders of rec. Sept.20
Oct. 2 Holders of roe. Sept. 1
Oct. 1 Holders of ree. Sept. 14
Oct.
Oct.
Oct.
Oct.
Oct.
2 Holders of rec. Sept.21
2 Holders of rec. Sept. 21
2 Holders of rec. Sept.21
14 Holders of rec. Sept. 22
1 Holders of rec. Sept. 15
Oct. 1 Holders of roe. Sept. 15
Jan2'34 Holders of rec. Dec. 15
Nov. 15 Holders of roe. Nov. I
Oct. 2Holdersofrec.Sept. 5
Oct. 2 Holders of rec. Sept. 5
Oct. 2Holdersofroc.Sept.11
Dec. 1 Holders of rec. Nov. 155
Oct. 1 Holders of rec. Sept.22
Oct. 1 Holders of roe. Sept.20
Oct. 1 Holders of rec. Sept. 9
Oct. 1 Holders of rec. Sept. 1
Oct. 2 Holders of rec. Sept. 15
Sept.20 Holders of rec. Sept. 9
Sept.30Holders of roe. Sept.19
Sept.36 Holders of rec. Sept.20
Sept.30Holders of me. Sept. 20
Oct. 1 Holders of roc. Sept. 8
Sept.30Holders of rec. Sept.20
Sept.25 Holders of rec. Sept. 6
Oct. 1 Holders of rec. Sept. 9
Sept.25 Holders of roe. Aug. 31
Oct. 2 Holders of rec. Sept. 8
Oct. 1 Holders of rec. Sept. 9
Oct. 15 Holders of me. Sept. 15
Oct. 16 Holders of rec. Sept.30
Oct. 16 Holders of rec. Sept.30
Oct. 2 Holders of roe. Sept.20
Oct. 1 Holders of roe. June 30
Oct. 16 Holders of rec. Oct. 2
Nov.29 Holders of roe. Nov. 1
Oct. 5 Holders of rec. Oct. 2
Oct. 2 Holders of roe. Sept. 18
Sept.30 Holders of rec. Sept. 15
Oct. 1 Holders of roe. Sept. 20
dOct. 1 Holders of rec. Sept. 19
dOct. 1 Holders of roe. Sept.19
dOct. 1 Holders of rec. Sept.19
Nov. 1 Holders of rec. Oct, 14
Nov. 1 Holders of roe. Oct. 14
Sept.30 Holders of rec. Sept.15
Sept.30 Holders of rec. Aug. 31
Oct. 2 Holders of roe. Sept.12
Oct. 1 Holders of rec. Sept. 16
Oct. 10 Holders of rec. Sept.20
Oct. 20 Holders of roe. Sept.30
Nov.15 Holders of rec. Nov. 15
Sept.30 Holders of roe. Sept. 15
Sept.30 Holders of roc. Sept. 15
Oct. 2 Holders of rec. Sept. 12
Oct. 2 Holders of me. Sept. 12
Oct. 2 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 10
Sept.30 Holders of me. Sept. 9
Sept.30 Holders of rec. Sept. 9
Sept.30 Holders of rec. Sept.15
Oct. 2 Holders of roe. Sept. 5
Oct. 2 Holders of roe. Sept. 5
Oct. 1 Holders of rec. Sept. 20
Oct. 15 Holders of rec. Oct. 15
Sept.20 Holders of roe. Aug. 30
Oct. 16 Holders of rec. Sept.30
Oct. 1 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept.15
Dec. 15 Holders of rec. Nov.25
Dee. I Holders of roe. Nov.10
Sept.20 Holders of rec. Sept. 1
Dee. 15 Holders of rec. Dec. 1
Sept.30 Holders of rec. Aug. 31
Sept.30 Holders of roe. Sept. 10
Sept.30 Holders of roe. Sept.10
Oct. 2 Holders of rec. Sept. 10
Oct. 1 Holders of rec. Sept. 1
Sept.K. Holders of roe. Sept. 16
Dec. 1 Holders of rec. Nov.20
Sept.30 Holders of rec. Sept. 20
Oct. 2 Holders of rec. Sept. 16
Oct. lHoldersofrec.Sept.16
Oct. 2 Holders of rec. Sept. 12
Oct. 3 Holders of rec. Sept. 6
Oct. 10 Holders of rec. Sept. 6
Sept.30 Holders of roe. Sept. 124
Sept.30 Holders of rec. Sept. 124
Oct. 2 Holders of rec. Sept. 1
Oct. 1 Holders of rec. Sept. 8
Oct. 2 Holders of rec. Sept. 16
Oct. 2 Holders of rec. Aug. 31
Sept.23 Holders of rec. Sept. 7
Doe. I Holders of roe. Nov. 15
Oct. 1 Holders of rec. Sept. 29a
Oct. 2 Holders of me. Sept. 154
Oct. 2 Holders of rec. Sept. 116
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 20 Holders of rec. Sept.30
1-20-34 Holders of rec. Dec. 30
Oct. 20 Holders of rec. Sept.30
1-20-34 Holders of roe. Dee. 30
Sept. 16 1933
Financial Chronicle
2066
Per
When
Share. Payable.
Name of Company.
Books Closed
Days Inclusive.
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, SEPT. 9 1933.
Time
*Surplus and Net Demand
Mist*Illaneou. (Concluded).
Deposits,
Undivided
Deposits,
Clearing House
•Capital.
h32 Sept.16 Holders of rec. Sept. 11
United States Leather Co., pref. (guar.)
Average.
Average.
Profits.
Members.
2 Holders of rec. Sept. 20
250 Oct.
United States Playing Card Co.(guar.)_
United States Tobacco, corn. (guar.)._ _ $1.10 Oct. 2 Holders of rec. Sept. 18
i
$
$
S
Preferred (guar.)
5131 Oct. 2 Holders of rec. Sept. 18
10,018,000
9,413,500
80,827,000
6,000,000
Bank of N.Y.dr 'Fe. Co_
$2 Oct. 1 Holders of rec. Sept. 15
Upressit Metal Corp.. 8% preferred
33,275,000
235,904.000
31,931,700
Bank of Manhattan Co__
20,000.000
1234c Oct. 2 Holders of rec. Sept. 15
Vortex Cup.corn.(guar.)
55,695,500 0825,897,000 157,397.000
National City Bank_ _ _ _ 124.000,000
Class A (quay.)
6234c Oct. 2 Holders of rec. Sept.15
28,431,000
235,546,000
46,856,300
20.000.000
Vulcan Detinning Co.. pref.(guar.)
131% Oct. 20 Holders of rec. Oct. 60 Chemical Bk.dr Tr. Co__
60,812,000
90,000,000 177,266,300 8838,462.000
Guaranty Trust Co
$131 Oct. 1 Holders of rec. Sept. 20
Wagner Electric, preferred (quay.)
97,477,000
194,399,000
20,297,500
Manufacturers Trust Co. 32,935,000
Holders of rec. Sept. 20
$156 Oct. 1
Wa!green Co., pref. (quay.)
52,563,000
464,511,000
61,112,500
21,000,000
Cent. Han.Bk. dc Tr. Co
50c Oct. 2 Holders of rec. Sept. 15
Ward Baking Co., pref.(guar.)
21,296,000
17,535,800
171,228,000
15,000,000
Coro Exch. Bk.Tr. Co
30c Oct. I Holders of rec. Sept. 15
Waukesha Motor Co., corn. (guar.).
23,112,000
316,396,000
73,105,000
10,000,000
First National Bank
Wesson Oil & Snowdrift Co., Inc.—
53,478,000
62,863,100
293,887,000
Irving Trust CO
50,000,000
113.158c Oct. 2 Holders of rec. Sept. 15
Common (guar.)
Oct. 15 Holders of rec. Sept. 20
Western Grocers. Ltd., pref. (guar.).—
1,673,000
29,378,000
4,548,600
4.000,000
Continental Bk.& Tr.Co
$136 Oct. 2 Holders of rec. Sept. 20
Western Maryland Dairy,$6 pref.(qu.)
99,452,000
58,704,600 c1,121,837,000
Chase National Bank___ 148,000,000
Western Tablet & Stationery,7% pf.(qu) 134% Oct. 2 Holders of rec. Sept. 20
2,713,000
43,067,000
500,000
3,105,400
Fifth Avenue Bank
of reo. Sept. 15
30c Oct. 1 Holders
Westmoreland, Inc. (guar.)
58,134,000
62,519,500 d482,601,000
25,000,000
Bankers Trust CO
Westvaco Chlorine Prod. Corp.
295,000
10,521,100
25,222,000
10,000,000
ritle Guar.& Tr. Co__ __
$13‘ Oct. 1 Holders of rec. Sept. 14
7% preferred (guar.)
4,327,000
5,272,800
42,044,000
).larine Midland Tr. co.
10,000,000
Oct. 2 Holders of rec. Sept. 20
White Rock Mineral Springs, coin.(qu.) 50.3
15,185,000
21,694,500
189,378,000
SIew York Trust Co---12,500,000
131% Oct. 2 Holders of rec. Sept. 20
1st preferred (guar.)
2,683,000
43,988,000
7,732,200
7.000,000
Cour! Nat.Bk.& Tr.Co_
$236 Oct. 2 Holders of rec. Sept. 20
2nd preferred (guar.)
29,460,000
39,583,000
4,518,800
8,250,000
Public Nat.Bk.& Tr.Co.
6236c Sept.30 Holders of rec. Sept.20
Wilcox-Rich Corp., A (guar.)
$134 Nov. 1 Holders of roe. Oct. 15
(guar.)
whistead Hosiery Co.
Ills IRA 000 7341192 7011 5 1174 155 non 751 731 000
Totals
2543 Oct. 2 Holders of rec. Sept.12
Wiser 011(quiz.)
25e Jan2'34 Holders of reo. Dec. 12
Quarterly
•As per official reports: National, June 30 1933; State, June 30 1933; Trust
$13' Dec. 1 Holders of rec. Nov. 15
Wolverine Tube,7% pref.(guar.)
companies, June 30 1933.
u5c Oct. 2 Holders of rec. Sept. 9
Wright-Hargreaves Mines (guar.)
Includes deposits in foreign branches: a $203,205,000; 5861.877,000: c $76,907,u5c Oct. 2 Holders of rec. Sept. 9
Extra
000; d 535.374,000.
Wrigley (Wm.) Jr. Co.—
1261110 Oct. 2 Holders of rec. Sept. 20
Capital stock (monthly)
12660c Nov. 1 Holders of rec. Oct. 20
Capital stock (monthly)
The New York "Times" publishes regularly each week
1286ew Dec. 1 Holders of roe. Nov.20
Capital stock (monthly)
Wyatt Metal Pc Boiler Works((Mari— $136 Oct. 1
returns of a number of banks and trust companies which are
f The New York Stock Exchange has ruled that stock will not be quoted ex
dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will not be
Quoted ex dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
Correction. e Payabia In stock.
IPayable In common stock. p Payable in scrip. S On account of accumulated
dividends I Payable In pre/erred stock.
I Subject to the 5% NIRA tax.
m Commercial Invest Tr. pays div. on convertible preference stock, optional
series of 1929, at the rate of 1-52 of 1 share of common stock, or, at the option of the
holder. in cash at the rate of 51.50.
n Nat. Distillers Prod, dividend in warehouse receipts of one case of whiskey
containing 24 pint bottles for each five shares of common stock held. Whiskey
withdrawn only as authorized by law and upon payment of Government taxes,
together with $4 per case for bottling and casing and 15 cents per case per month
from Oct. 1 1932 to cover storage, guarding, insurance, certain State and local taxes
and other minor costs. (Approximate charges to accrue to delivery of warehouse
receipts will be 55.95 Per case.)
o North American Co. pays dividend on the common stock of 2%, payable in
common stock and (or) scrip at the rate of 1-50th of a share for each share so held.
p Perfection Stove Co. declared an extra dividend sufficient to cover the 5%
NItA tax.
g Electric Shareholding pays dlv. of 11-250th of a share of common stock, or at
the option of the holder $135 cash.
r Payable in Canadian funds, and In the awe of non-residents of Canada a
deduction of a tax of 5% of the amount of such dividend will be made.
Payable In (I. S. funds.
I A unit.
w Leas depositary expenses.
e Lees tax.
p A deduction has been made for expenses.
Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now make only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers' Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers' Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ended Sept. 8:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY,SEPT.8 1933.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans,
Disc. and
Cash.
Investments.
Manhauan—
Grace National
Trade
Brooklyn—
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
$
20,516,600
2,883,052
$
114,400
90,287
$
1,376,800
553,100
n °an nnn
IAA nnn
3221100
Gross
DeposUs.
S
$
1,694,600 10,515,100
95,139 2,890,873
75000
4 020 non
TRUST COMPANIES—AVERAGE FIGURES.
Loans,
Disc. and
Investments.
Cash.
Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere, Trust Cos.
$
$
Manhattan—
$
54,069,800 *2,591,500 9,011,700
Empire
405,824
55,945
5,885,828
Federation
*324,920
415,861
8,447,117
Fiduciary
418,000
17,322,300 *2,150,300
Fulton
541,000
Lawyers' County — 27,990,600 *4,163,800
70,901,454 6,500,000 12,101,784
United States
Brooklyn—
Brooklyn
Kings County
83,466,000
24,279,818
2,653,000 19,993,000
1,480,622 4.520,572
Gross
Deposits.
$
$
2,347,100 57,482,400
556,564 5,689,403
510,353 7,919,891
194,600 15,321,800
30,141,000
61,548,933
199,000 91,157,000
23,734,511
* Includes amount with Federa Reserve as follows: Empire. $1,665,400; Fiduciary, 8109,359; Lawyers County, $3,467,600; Fulton, $1,995,700.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Sept. 13 1933,in
comparison with the previous week and the corresponding date last year:
Sept. 13 1933. Sept. 6 1933. Sept.141932.
Resources(Concluded)—
$
$
646,706,000 648,706,000 545,313,000 Due from foreign banks (see note)
11,948,000 F. It. notes of other banks
6,704,000
6,549,000
Uncollected items
Gold held exclusively agst. F.R. notes_ 653,255,000 653,410,000 557,261,000 Bank premises
All other resources
Gold settlement fund with F. R. Board— 198,837,000 191,179,000 130,323,000
Total resources
Gold and gold certificates held by bank-- 144,410.000 143,5413.000 212,051,000
Resources—
Gold with Federal Reserve Agent
Gold redemption fund with U.S. Treas'y_
Total gold reserves
996.502,000
988,135,000
65,787,000
Sept. 131933. Ihm. 6 1933. Sept.141932.
5
946.000
1,389,000
1.369.000
5,976,000
6,567,000
4,856,000
108,501,000
90,272,000 111,055,030
14.817,000
12,818,000
12,818,000
30,202,000
30,611,000
28,882,000
2,049,761.000 2,013,236,000 1,962,233,000
899,635,000
62,083,000
Liabilities—
638,950,000 649,323,000 588,903,000
79,385,000 F. It. notes in actual Circulation
52,784,000
52,805,000
F. It. bank notes in actual circulation
1,109,668,000
1,062,289,000 1,050,218,000 979,020,000 Deposits—Member bank—reserve wet-- 1,070,645,000 1,016,671,000
other cash
Total gold reserves and
557,000
7,545,000
25,639,000
Government
6,971,0007.540.0003,708,000
Foreign bank (see note)
2,736,000
2,748,000
Redemption fund—F. R. bank notes
6;469.000
6,344,000
Special deposits—Member bank
Bilis discounted:
807,000
805,000
Non-member bank
15.290,000 46,958,000
12,389,000
Secured by U. S. Govt. obligations....
8,424,000
9,467.000
12,212,000
34.488,000
Other deposits
28,474,000
28,608,000
Other bills discounted
1,101,904.000 1,069,211,000 1,122,357,000
Total deposits
81,446,000
40,997,000
43,764,000
bills discounted
Total
101,176,000
87,179,000 104,679,000
Deferred availability items
59,028,000
58,525,000
58,497,000
2,183,000 11.069,000 Capital paid In
2,333,000
Bills bought in open market
75,077,000
85,058,000
85,058,000
Surplus
U. B. Government securities:
12,189,000
11,135,000
11,392,000
190,274.000 All other liabilities
173,617,000 174,771,000
Bonds
313,010,000 310,454,000. 154.040,000
notes
Treasury
2,049,761.000 2,013,236,000 1,962,233.000
Total liabilities
293,604,000 289,576,000 379,478,000
Certificates and bills
& other eash•
of total
Total U. S. Government securities.- 780,291,000 774,801.000 723,792,000 Ratiodeposit gold reserves note liabilities
to
and F. R.
572%
61.1%
61.0%
3,910,000
combined
1,337,000
1,237.000
securities (see note)
Other
Contingent liability on bills purchased
13,677.000
14,845,000
14,682,000
for foreign correspondents
824.858,000 822,085,000 820,217,000
Total bills and securities (see ,west.
Other cash*
notes.
•"Other cash" does not include F. R. notes or a bank's own F. It. bank
of balances held abroad and amounts
NOTE.—Beginning with the statement of Oct. 17 1925, two new items were added In order to show separately the amount
assets." previously made up of Federal Intermediate Credit Bank debentures, was changed
due to foreign correspondents. In addition, the caption "All other earnings and securities." The latter term was adopted as a more accurate description of the total
earnings assets" to "Total bills
to "Other SeCUritieS,.. and the caption. "Total
13 and 14 of the Federal Reserve Act, which it was stated are the only items included
of the discount acceptances and securities acquired under the provisions of Sections
therein.
Volume 137
Financial Chronicle
2067
Weekly Return of the Federal Reserve Board.
Tht following is the return issued by the Federal Reserve Board Thursday afternoon, Sept. 14. and showing the condition
Jf the twelve Reserve banks at the close of business on Wednesday. In the first table we preseilt 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. 13 1933.
Scpt. 13 1933. Sept. 6 1933. Aug. 30 1933. Aug. 23 1933. Aug. 16 1933. Aug. 9 1933. Aug. 2 1933 July 26 1933. Sept.141932.
RESOURCES.
S
$
3
3
3
3
$
3
S
Gold with Federal Reserve agents
2,740,651,000 2,748,851,000 2,779,519,000 2.779,984,000 2,752,404,000 2,756,489.000 2,747,289,000 2,736.432,000 2,130,678,000
Gold redemption fund with U.S. Tress35,913,000
36,719,000
35,633,000
37.003,000
36,277,000
38,560,000
37,729,000
56,560,000
39,457,000
Gold held exclusively agst. F. R notes 2,777,370,000 2,784,764,000 2.815,152,000 2.816,261,000 2,789,407,000 2,794,218.000 2,785,849,000 2,775,889,000 2,187,238,000
Gold settlement fund with F R.. Board
565,831,000 561,834,000 531,788,000 530,103,000 548,124,000 541,709,000 532,723.000 531.160,000 297,635,000
Gold and gold certificates held by banks_ 247,254,000 241,783,000 241.057.000 243,116,000 244,636,000 • 241,860,000 240,938.000 241.610.000 347,754,000
Total gold reserves
Reserves other than gold
Other cash'
3,590,455,000 3,588,381,000 3,587.997,000 3,589,480.000 3,582,167,000 3,577,787,000 3,559,510,000 3,548,659,000 2,832,627,000
a
a
a
a
a
a
a
a
238,121,000 221,136,000 239,933,000 243,577,000 240,939,000 248,833,000 251,784,000 269.111.000 282,742,000
Total gold reserves and other cash
3,828,576,009 3,809,517,000 3,827,930,000 3.833,057,000 3,823,106,000 3,826,620,000 3,811,294,000 3,817,770,000 3,115,369,000
Non-reserve cash
a
a
a
a
a
a
a
a
Redemption fund-F. R. bank notes
8,224,000
8,534,000
8,200,000
8,451,000
8,505,000
7,791,000
7,640.000
8,839,000
Bills discounted:
Secured by U. S. Govt. obligations...
29,030,000
37.704,000
38.217,000
36,026,000 542,425,000
37,412,000
39,834,000
37.053.000 144,229,000
Other bills discounted
104,203,000 107,089,000 115,003,000 114,119,000 5123.466,000 118,856,000 123,708,000 124.310,000 257,704,000
Total bills discounted
Bills bought in open market
U.S. Government securities-Bonds
Treasury notes
Special Treasury certificates
Other certificates and bills
133,233,000
7,347,000
442,231.000
890,877,000
144,793,000
6,974,000
441,985.000
874,846,000
153,220,000 150,145,000
6,900,000
7,350,000
441,687,000 442,903,000
860,945,000 848,506,000
165,891,000
7,456,000
442,771,000
826,941,000
156,268,000
7,636,000
441,796,000
736,083,000
163,542,000
8.213.000
441,463,000
730,678,000
161.363,000 401,933,000
33,726,000
9,616,000
441.087.000 420,747,000
718,197.000 400,796,000
869,552,000
849,540,000
826,140,000
789,141,000
870,401,000
865,787.000
868,290,000 1,029,384,000
802.605.000
Total U. S. Government securities
Other securities
Foreign loans on gold
2,202,660,000 2,166.371.000 2,128.772.000 2,094,014,000 2,058,853,000 2,048,280,000 2.037,928,000 2.027.574,000 1,850,927,000
1,789,000
1,939,000
1,854.000
1,851,000
1,854,000
1,861,000
5,426,000
1,862,000
1,846,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premises
All other resources
2,345,029,000 2,320,077,000 2,290.746,000 2.253,363,000 2,234,051,000 2,214,045,000 2,211,529,000 2,200,415,000 2,292,012,000
Total resources
3,713,000
19,577,000
422,779,000
54,542,000
55,575,000
3,713,000
15,290,000
370,616,000
54,541,000
52,952,000
3,710,000
3,740,000
14.916,000
18,667,000
343,469,000 349,018,000
54,455,000
54,454.000
52,013,000
51,206,000
4,020.000
15,970,000
409.098,000
54,452,000
50,729,000
4,020,000
4,029,000
17,821,000
15,822,000
331.005,000 374,170,000
54,452,000
54,417,000
50,183,000
51,384,000
4,025,000
2,660,000
17,610,000
18,065,000
364,593,000 411,019,000
54,370,000
58,127,000
52,399,000
50,310.000
6,738,325,000 6,640,930,000 6,595,439,000 6,571,956.000 6.600,431,000 6,506,187,000 6,531.083,000 6,518.973.000 5,947,562,000
LIABILITIES.
F. R. notes in actual circulation
2,989,123,000 3,010.949,000 2.974,180,000 2,984.978,000 2.996,314.000 2,999,245,000 3,004.605,000 53003,685.000 2,789,123,000
F. R. bank notes in actual circulation
133,638,000 132,687,000 131,244.000 129,296,000 128,188,000 126,563,000 126,632.000 5123,011.000
GePosits-Member banks
-reserve Beet. 2,541,745,000 2,439,393,000 2,426,589,000 2,431,915.000 2.370,866,000 2,375,866,000 2.319,239.000 2.306,366.000 2,243,816,000
Government
46,004,000
67,988,000
55,695,000
48,383,000
24,403,000
49,173,000
56,229,000
18,474,000
81,786,000
Foreign banks
39,782,000
21,207,000
30,922,000
32,033,000
29.878,000
18,664,000
31,538,000
19.833.000
10,556,000
Special deposits: Member bank
75,865,000
74,310,000
75,703,000
80,775.000
81,438,000
76,511.000
81,049,000
81.053,000
16,448,000
Non-member bank__
17,036,000
19,421,000
18,436.000
21,341.000
20,641,000
19,330,000
22.130,000
Other deposits
43,778,000
67,152,000
69,034,000
53,185.000
62,017,000
63.645,000
57,871,000
66,603.000
25,764,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2.745,047,000 2,673,045,000 2,697,039,000 2,656,338.000 2,616,475,000 2,595,598.000 2.563,918,000 2,573,709.000 2,298,610,000
414,240,000 370,581.000 339.604 000 348,045,000 407,219,000 328,816.000 381,537,000 368,299,000 404,987,000
.
145,889,000 146,030,000 146,147,000 146,187,000 146,182,000 146,243,000 146.256,000 146,248,000 153,066,000
278,599,000 278,599.000 278.599,000 278,599,000 278,599.000 278,599,000 278.599,000 278,599,000 259,421,000
31.789,000
29,039,000
27,454.000
29,536,000
31,123,000
25,422.000
28,626,000
42,355,000
28,513,000
Total liabilities
6,738.325,000 6,640,930,000 6,595,439,000 6,571.956,000 6,600,431.000 6,506,187,000 6,531,083,000 6,518,973,000 5,947,562,000
Ratio of gold reserve to deposits and
F. R.. note liabilities co Pined
62.6%
63.1%
63.8%
63.2%
63.5%
63.9%
63.9%
55.6%
63.5%
Ratio of total reserve to deposits and
F. R. note liabilities wmblned
Ratio of total gold reser Ye* & other cash to
deposit & F.11 note liabilities combined
66.8%
67.0%
68.1%
67.5%
68.4%
58.4%
61.2%
b68.5%
67.9%
Contingent liability on bills purchased
for foreign correspondents
43,362,000
41,402,000
38.257,000
36,021,000
39,099.000
37,123,000
36.885.000
42,437,000
39,096,000
Maturity DlstriDurion of Bills and
Short-I'd's Securities-1-15 days bills discounted
15-30 days bills discounted
31-60 days bills discounted
41-90 days bills discounted
Over 90 days bills discounted
$
3
$
$
$
$
$
$
S
95,670,000
11.961,000
12,415,000
11,092,000
1,095,000
109,555,000
12,751,000
11,714,000
9,670,000
1,103,000
118,190.000
11,150,000
12,840,000
9,768,000
1,272,000
111,035,000
13,529,000
15,058.000
9,071,000
1,451,000
126,956,000
13,277.000
13.370.000
9.680.000
2.608.000
115,589,000
13.580,000
16,160,000
9,308,000
1.631,000
121,061,000
13,839,000
14.671,000
11,782,000
2,189,000
116,058.000
11,906.000
15,598.000
15,323,000
2,478.000
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought in open market
81-60 days bills bought in open market
51-90 days bill, bought In open market....
Over 90 days bills bought In open market
133,233,000
2,877.000
1,065,000
744,000
2,661,000
144,793,000
1.436.000
3,052,000
704,000
1,782,000
153,220,000
1,756.000
2,552,000
1,495.000
1,097,000
150,145,000
199,000
631,000
1,450,000
5,070,000
165.891,000
968,000
409.000
802,000
5.187,000
156,268,000
1,317,000
157,000
1,325,000
4,837.000
163,542.000
1,250,000
688,000
488.000
5,786,000
1,000
161,363,000 401,933,000
2,295.000
4,622,000
1,757,000
1.100,000
904,000
411,000
26,413,000
5,809,000
1,000
30,000
Total bills bought In open market.1-15 days U. S. certificates and bills......
15-30 days U. S. certificates and bills___
81-60 days U. S. certificates and bills___
61-90 days II. 8. certificates and bills....
Over 90 days certificates and bills
7.347,000
187,431,000
78,088,000
97,472,000
151,616,000
354,891.000
6.974,000
159,036,000
80,183,000
80,525,000
135.017,000
388,779,000
6.900,000
19.500.000
190,031.000
110,913,000
97.867.000
407,829,000
7,350,000
50,450,000
167,101,000
125,883,000
82,972,000
376,199,000
7.456,000
46,700,000
158.676,000
139,413,000
86,472,000
357,880,000
7.636,000
116,995,000
48,450,000
279,189.000
58,025,000
367.742,000
8.213.000
113,644.000
46,700,000
275,001.000
73,413,000
359,029,000
9.616,000
15,200,000
116,997,000
290.556,000
84.883,000
360,654,000
Total U. S. certificates and bills
1-15 days municipal warrants
16_30 days municipal warrants
81-60 days municipal warrants
81-90 days municipal warrants
Over 90 days municipal warrants
869,552,000
1,677,000
33,000
849.540,000
1,777,000
33,000
826,140.000
1,739.000
802,605,000
1,739,000
37,000
42,000
23,000
37,000
92,000
23,000
789,141.000
1.701,000
38,000
23,000
870,401,000 865,787,000
1,706.000
1,701,000
48,000
38,000
33,000
23,000
92,000
92.000
89,000
1,789,000
1,939,000
1.854,000
1,854,000
1,851,000
Total municipal warrants
Pederat ReSerVe NOW
Issued to F. R. Bank by P. R. Agent_
Held by Federal Reserve Bank
In actual circulation
89,000
1,861,000
69,000
1.846,000
283,154,000
33,991,000
46,038,000
30,151,000
8,599,000
33,726,000
171,426,000
60,822,000
219,568,000
136,250,000
441,318,000
868,290.000 1,029,384,000
3,910,000
1,732,000
1,276.000
25,000
38.000
23.000
215,000
69.000
1.862,000
5,426,000
3,282,847,000 3,269,611,000 3,244,977,000
3,256,549,000
293,724,000 258,662,000 270,797,000 271.571,000 3,266,879,000 3,274,215,000 3,270,681,000 3.280,674,000 3,031,049,000
270.565,000 274,971,000 266,076,000 276.622,000 241,926,000
2,989.123,000 3,010,949,000 2,974,180,000 2,984,978,000 2.995,314,000
2,999,245,000 3,004,605.000 3,004,052,000 2,789,123,000
Collateral field Si' Agent as Security
for Notes Issued to Bank
By gold and gold certificates
Gold fund-Federal Reserve Board
By eligible paper
U. B. Government securities
1,521,915,000 1,525,116,000 1,524,784,000 1,523,749,000
1,218,735,000 1,223,735.000 1,254,735.000 1,256,235,000 1.515,169.000 1,517.054,000 1,515,854,000 1,514,497.000 1,032,863,000
1,237,235,000 1,239.435,000 1,231.435.000 1,221,935,000 1.097.815,000
81,215,000
90,727,000
98,143,000
95,004,000 106,958,000
98,276,000 384,678,000
97,207,000 100,480,000
/107,700,000 483.700,000 437,700,000 433,700,000 442.700,000
475,700.000 477,200,000 489.200,000 533,300,000
3,329.566,000 3,323,278,000 3.315.362.000 3.308 ARS am 2 2(17 1109 con 2 rom 200 nnn g 19.1 flea non .5 zol nnia nnn 1 nee 0.4f. Ann
Total
•..other cash does not Include Federal Reserve notes or a Bank's own Federal
Reserve Dant notes. a Now Included in "other cash." b Revised.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 11 FEDERAL RESERVE
BANKS AT CLOSE OF BUSINESS SEPT.13 1933
Ttro Ciphers (00) omitted.
Boston. New York. Phila, Ciereland. Richmond Atlanta.
Total.
federal 1418eT00 Bank ofChicago. Si. Louis. Minneap, Kan.City. Dallas, San Fran,
--RESOURCES.
5
5
S
5
S
S
s
$
S
$
V
$
S
Gold with Fed. Res. Agents____ 2,740,651,0 224,156,0 646,706,0 185,000,0 222,770,0 121.130.0 91,150,0 748,367,0 112,816,0 69,789,0 90,290,0 29,014,0
190,263,0
36,719,0 1,278.0
6,549,0 4,079,0 4,835,0 1,461.0 2,798,0
Gold redmiund with U.S.Treas
3,152,0 1,558,0 1,702,0 1,367,0 1,068,0 5,762,0
Gold held excl. agst. F.R.notes 2,777,370,0 225,434,0 653,255,0 189.079,0 227,605,0 122,591,0 93,948,0
731,719,0 114,484,0 71.491,0 100.657,0
Gold settlem't fund with F.Ft.Bd 565,831,0 21,551,0 198,837,0 14,792,0 40,704,0 18,951,0 11.395,0 144,194,0 30,329,0 16,390,0 27,171,0 30,082,0 197.025,0
15,960.0 25,557,0
Gold & gold Ws. held by banks_ 247,254,0 21,846,0 144,410,0 15,236,0 4,335,0 1,495,0 4,027,0
8.042,0
652
290 12,497,0 5,265,0 29,139,0
3,590.455.0 268,831.0 996.502.0 219.127.0 272.8440 143 0270 109 370 n OM AM n 145 40.2 a - 171 A 1,1A 202 A 21 on, A 021,0i n
Total gold reserves
0.
Financial Chronicle
2068
Sept. 16 1933
Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) omitted.
Boston.
New York.
Phila.
s
Total.
RESOURCES (Concluded)3ther cash*
$
Cleveland. Richmond Atlanta.
$
t
238,121,0 19,175,0
$
1
$
65,787,0 26,346,0 21,143,0 11,428,0 11,011,0
Total gold reseryesArother cash 3,828,576,0 288,006,0 1,062,239,0 245,473,0 293,787,0 154,465,0 120,381,0
565,0
ftedem fund-F.R.bank notes_
375,0
2,748,0
706,0
8,534,0
583,0
Sill. discounted:
12,389,0 4,528,0 4,536,0 2,048,0
762,0
Sec. by U.8. Govt.obligations
29,030,0 .1,315,0
Other bille discounted
104,203,0 3,279,0
28,608,0 24,311,0 7,584,0 9,303,0 6,529,0
133,233,0 4,594,0
Total bills diecounten
311Ie bought In open market
7,347,0
451,0
T. 8. Government securities:
442,231,0 23,413,0
Bonds
890,877,0 57,565,0
Treasury notes
Special Treasury certificates
869,552,0 54,684,0
Certificates and bills
40,997,0 28,839,0 12,120,0 11,351,0
649,0
606,0
2,333,0
239,0
7,291,0
214,0
173,677,0 28.674,0 33,136,0 11,433,0 10,645.0
313,010,0 64,231,0 83,997,0 28,993,0 26,943,0
Chicago.
S't. L014il. hammy. Ran.City. Dallas. San Fran.
$
$
32,807,0 10,106,0
$
$
5,801,0
9,488,0
$
$
6,809,0 18,220,0
936,762,0 155,571,0 93,972,0 149,813,0 58,116,0 269,941,0
236,0
588,0
96,0
50.0
98.0
2,489,0
935,0
2,106,0
90,0
3,499,0
426,0
3,772,0
202,0
3,989,0
682,0
5,275,0
7,065,0 3,041,0
174,0
803,0
3,589,0
118,0
4,198,0 4,191,0
177,0
177,0
5,957,0
1,406,0
1,117,0
5,948,0
75,165,0 14,400,0 16,494,0 13,268,0 16,779,0 25,147,0
146,675,0 35,243,0 22,655,0 30,636,0 17,183,0 63,746,0
293,604,0 60,986,0 79,792,0 27,545,0 25,603,0
166,387,0 33,479,0 21,492,0 29,104,0 16,320,0 60.556,0
Total U.S. Govt.securIties_ 2,202.660,0 135,662,0
Mier securities
1,789,0
3111s discounted for, or with
(-). other F. R. banks
780,291,0 153,891,0 196,925,0 67,971.0 63,191,0
510,0
1,237,0
383,227,0 83,122,0 60,641.0 73,008,0 50,282,0 149,449,0
42,0
2,345,029,0 140,707,0
Total bill and securities
,
3ue from foreign banks
3,713,0
284,0
red. Res. notes of other banks _.
339,0
19,577,0
Incolleeted Items
422,779,0 49,252,0
54,542,0 3,280.0
sank premises
111 otber resources
55.575,0
718,0
824,858,0 183,889,0 209,651,0 79,561,0 70,696,0
367,0
409,0
1,369,0
145,0
130,0
462,0 1.205,0 1,118,0 1,383,0
6.567,0
108.501,0 34,143,0 41,405,0 34,939,0 11,724.0
12,318,0 3,618,0 6,929,0 3,238,0 2,422,0
30,611,0 4,808,0 2,521,0 3,925,0 4,471,0
396,095,0 86,337,0 64,390,0 77,383,0 54,650,0 156,812,0
12,0
260,0
17,0
107,0
107,0
506,0
824,0
376,0 1,257,0
314,0 1,935,0
3,797,0
55,482,0 18,192,0 11,598,0 21,462,0 14,311,0 21,770,0
7,609,0 3,285,0 1,747,0 3,559,0 1,793,0 4,244,0
608,0 1,333,0 2,022,0 1,401,0 1,116,0
2,041,0
6,738,325,0 483.292,0 2.049.761.0473,177,0 556.430,0 277,391,0 211,790,0 1,404,781,0 264,932,0 173,524,0 255,653,0 131,280,0 456,314,0
eotal resources
LIABILITIES.
r. R.notes ln actual circulation.. 2,989,123,0 223,070,0 638,950,0 238,686,0 301.491,0 137,984,0 117,461,0
r. It. bank notes in act'l eircurn 133,638,0 12,669,0 52,784,0 7,261,0 10,507,0
1,843,0
3epoelts:
Member bank-reserve account 2,541,745,0 133,671,0 1,070,645,0 127,830,0 144,329,0 69,587,0 52,722,0
46,004,0 4,583,0
7,545,0 4,778,0 4.531,0 8,153,0 3,631,0
Government
6,971,0 2,244,0 2,116,0
834,0
21,207,0 1,560,0
748,0
Foreign bank
73,865,0 1,591,0
6,469,0 11,449,0 6,497,0 3,593,0 2,198,0
Special-Member bank
190,0 1,419,0
807,0 1,635,0
16,448,0
Non-member bank
185,0
486,0 2,203,0 4,458,0 3,827,0
9,467,0
43,778,0 2,577,0
Other deposits
467,846,0 81,429,0 50,365,0 106,028,0 55,585,0 159,703,0
1,174,0 1,149,0 2,579,0 2,229,0 2,496,0 3,156,0
727,0
492,0
620,0
620,0 1,496,0
2,779,0
29,521,0 4,630,0 1,674,0 2,259,0
359,0 5,625,0
947,0
464,0
153,0
7,229,0 3,419,0
474,0 7,589,0
344,0
6,711,0 4,513,0 1,129,0
2,745,047,0 165,982,0 1,101,904,0 148,422,0 159,866,0 88,044,0 63,311,0
414,240,0 49,645,0 101,176,0 31,961,0 41,124,0 33,900,0 10,917.0
58,497,0 15,747,0 12,379,0 4,882,0 4,857,0
145,889,0 10.771,0
85,058,0 29,242,0 28.294,0 11,616,0 10,544,0
278,599,0 20,460,0
11,392.0 1,858,0 2,769,0
31,789,0
695,0
965,0 2,857,0
515,260,0 95,867,0 56.703,0 111,633,0 59,534,0 178,521,0
54,569,0 19,905,0 11,172,0 20,956,0 15,299,0 23,616,0
13,233,0 4,011,0 2,872,0 4,227,0 3,725.0 10,688,0
39,497,0 10,186,0 7,019,0 8,263,0 8,719,0 19,701,0
1,079,0
700,0 2,806,0 1,773,0
3,856,0 1,039,0
Total deposits
Jeferred availability Items
Nipital paid In
turning
111 other liabilities
747,091,0 133,131,0 92,969,0 108,907,0 31,382,0 218,001,0
793,0 1,710,0
967,0 9,815,0 4,014,0
31,275,0
6,738,325,0 483,292,0 2,049,761,0 473,177,0 556,430,0 277,391,0 211,690,0 1,404,781,0 264,932,0 173,524,0 255,653,0 131,280,0 456,314,0
Total liabilities
Memoranda,
tatio of total gold reserves and
other cash* to deposit de F. R.
note liabilities combined
Iontingent liability on bills purchased for for'n corregpondents
66.8
74.0
61.0
63.4
63.7
68.3
43,362,0
3,144,0
14,682,0
4,522,0
4,263,0
1,680,0
66.6
74.2
67.9
62.8
67.9
63.9
68.1
1,507,0
•-Other Gash" does not Include Federal Reserve note* or a Bank's own Federal Reserve bank notes.
5.194,0
1,464,0
990,0
1,249,0
1,249,0
3,014,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Total.
In actual circulation
2,989,123,0 223,070,0
Collateral held by Agent as security for notes issued to bks:
1,521,916,0 73,339,0
Gold and gold certificates
Gold fund-F.R. Board
1,218,735,0 150,317,0
Eligible paper
81.215,0 2,450,0
U.S. Government securities
507,700,0 25,000,0
Total collateral
Phila.
Boston. New York.
Two Ciphers (001 omitted.
$
s
Federal Reserve notes:
Issued to F.R.Bk.by F.R.Agt. 3,282,847,0 249,901,0
Held by Fed'I Reserve Bank_ 293,724,0 26,831,0
3.329.566.0 251.606.0
Cleveland. Richmond Atlanta,
s
$
$
a
$
Chicago. St. Louis. Afinneap. Kan.City. Dallas. San Eras.
$
$
s
$
3
$
723,814,0 259,066,0 314,759,0 146,551,0 141,381,0
89,864,0 20,380,0 13,268,0 8,567,0 23,920,0
786.651,0 142,422,0 98,323,0 118.975,0 34,526,0 261,478,0
39,560,0 9,291,0 5,354,0 10,068,0 3,144,0 43,477,0
638,950,0 238,686,0 301,491,0 137,984,0 117,461,0
747,091,0 133,131,0 92,969,0 108.907,0 31,382,0 218,001,0
97,450,0 107,270,0 51,625,0 21,150,0
87,550,0 115,500,0 69,505,0 70,000,0
12,433,0 10,583,0 6,494,0 4.670,0
62,000,0 85,000,0 20,000,0 47,000,0
439,567,0 43,116,0 29,789,0 21,490,0 19,014,0 94,500,0
309,000,0 69,700,0 40,000,0 77,800,0 10,000,0 95,763,0
2,719,0 2,264,0 1,838,0 2,893,0 3,895,0 4,634,0
40,000,0 29.000,0 27,200,0 20,000,0 2,500,0 70,000,0
753.048.0 259.433.0 318.353.0 147240 142 520 n
701 2011 ri 144 nan 0 98.827.0 122153 n 35 409 n 2R4 R97 0
523,606,0
123,100,0
26,342,0
80,000,0
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Two Ciphers (00) omitted.
Federal Reserve bank notes:
Issued to F. R. Bk.(outstdg.)
Held by Fed'I Reserve Bank_
$
In actual circulation
Collat.pledged agst.outst. notes:
Discounted dr purchased bills_
U.S. Government securities__
Boston. New York
$
Phila.
Cleveland Richmond Atlanta.
$
$
$
3
$
Chicago. St. LOUIS Minnean. Kan.City. Dallas. San Fran.
$
$
$
3
$
$
156,211,0 14,586,0
22,573,0 1,917,0
63,322,0
10,538,0
7,442,0 12,884,0
181,0 2,377,0
1,878,0
35,0
33,109,0
1,834,0
1,098,0
305,0
1,776,0
66,0
982,0 14,898,0
15,0 5,083,0
4,238,0
222,0
133,638,0 12,669,0
1,710,0
967,0
9,815,0
4,014,0
5,000,0
5,000,0
7,261,0 10,507,0
1,843,0
31,275,0
793,0
64,274,0
1,451,0
8,000,0 15,000,0
254,0
3,000,0
40,000,0
364,0
5,000,0
2,000,0
136,0
1,000,0 16,000,0
181,479,0 20,000,0
Total collateral
52,784,0
2,205,0
179,274,0 20,000.0
64,274,0
3,000,0 16,451,0
3,254,0
40,000,0
5,364,0
2,000,0
1,000,0 16,136,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," immediately preceding which
we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929. the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement" and include
all real estate mortgagee and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were Included with loans, and some
of the banks included mortgages in investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total of loans on securities
being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. B. obligations and those secured by commercial
paper, only a lump total being given. The number of reporting banks formerly covered 101 leading cities, but was reduced to 90 cities after the declaration of bank holidays
or moratoria early in March 1933. Publication of the weekly returns for the reduced number of cities was omitted in the weeks from March 1 to May 10. but a summary
of them is to be found in the Federal Reserve Bulletin. The figures below are stated In round millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS SEPT. 6 1933 (In millions of dollars).
Fedeal Reserve District-
Total.
Boston. New York
1,216
7,065
688
3.953
515
466
174
176
858
228
183
213
205
880
On securities_
All other
3,748
4,970
251
• 437
2,029
1,924
254
261
228
237
60
114
58
118
395
463
88
140
50
133
57
156
59
146
219
661
Investments-total
8,024
528
3,713
517
649
162
150
655
252
147
297
172
782
5,083
2,941
334
194
2,421
1,292
271
246
444
205
114
48
99
51
336
269
150
102
87
60
189
108
120
52
468
314
1,790
191
10,380
4,495
865
1,160
2,521
27
102
18
710
393
61
99
145
891
49
5.584
1,174
418
98
1,183
10
79
12
536
312
39
83
138
2
71
17
507
442
49
66
123
5
27
10
182
130
8
50
59
23
5
144
133
31
64
57
2
339
36
1,141
472
74
292
319
44
6
277
160
24
56
79
29
193
126
62
12
351
165
15
106
158
1
34
7
211
125
36
74
71
89
14
545
863
55
119
121
7
U.S. Goveitonent securities
Other securities
Reserve with F. R. Bank
Cash In vault
Net demand depoeite
Time deposits
Government deposits
Due from banks
Due to banks
Borrowing,from P.It. Bank
3
Cleveland. Richmond Atlanta. Chicago. St. Louis. Afinneap. Ean.City. Dallas. San Fran.
s
$
$
$
$
$
$
$
$
1,114
336
326
1,513
480
1,662
330
377
510
8,538
Loans-total
$
ma.
$
1,032
Loans and Investments-total
$
16,562
5
5
53
68
Volume 137
Financial Chronicle
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in
Liberty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
sinannal
Cita/tide
&martial
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Including Postage—
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United States, U. S Possessions and Territories
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7.75
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8.50
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NOTICE.
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CHICAGO OrricE—In charge of Fred. H. Gray, Western Representative.
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WILLIAM B. DANA COMPANY, Publishers,
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Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert: Business Manager, William D. Riggs;
Treas., William Dana Seibert; Sec., Herbert D.Seibert. Addresses of all. Office of Co.
Wall Street, Friday Night, Sept. 15 1933.
Railroad and Miscellaneous Stocks.—The Review of the
Stock Market is given this week on page 205G.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ending Sept. 15.
Sales
for
Week.
Railroads—
Par Shares.
Beech Creek
50
60
Cleve & Pitts special_50
10
Duluth SS & Atl p1..100
100
Hudson & Manh.pt_100
100
Int Rye of Cent Am.-.
310
Interb Rap Trans ars.*
100
Market St Ry 2d p1_100
10
Norfolk & West ptd_100
30
Mitt Rapid Transit..50
50
Pitts McKeesport &
Yough
50
60
Indus. & Miscell—
Amer Agri Chemical
(Conn) pre
Amer Radiator & Stand
Sanitary pref. _ _100
Art Metal Construct_10
Beneficial Indus Loan_.
Blumenthal & Co p1100
Bristol-Myers
5
Burns Bros till Ws..
Preferred
110
City Stores class A_.*
Certificates
Col Fuel & Sr pret_100
Columbia Gas & Rice—
Preferred 11
100
COMM Cred pret (7).25
Conn Ry & L'ting_ _100
••
Deere & Co
Fairbks Co pre ctts-100
Fed Min&Smeit pfd 100
Filene's(Wm)Sons Co
634% preferred_ _100
Foster Wheeler pref. _*
Gen Baking Co pref.
Hazel-Atlas Co
i5
Helme (GW) pref..100
Kresge Dept Stores
Laclede Gas pref.. _ _100
5
Lite Savers
MacAnd & Forb prof100
Maytag prof x-warns *
Mexican Petroleum_ 100
Omnibus Corp pret_100
Pee Tel & Tel pret —100
Panhandle P&R pfd 100
Penn Coal & Coke-..50
Pierce-Arrow Co ptd100
Schenley Distill Prod.5
Shell Tramp & Trad.£2
Spear & Co pref _ _ _ _100
Sterling Products_ _10
Underwd-Ell-F prof- 100
United Amer Bosch_ *
5
United Drug
United Dyewd pret_100
Unly Leaf Tob pref_100
Vick Chemical
Wheeling Steel pret_100
White Rk Min Sp new_*
•No par value.
Range for Week.
Lowest.
3 per share.
27 Sept 11
31 Sept 1
1% Sept 11
38 Sept 14
4% Sept 9
6 Sept 12
2 Sept 15
8734 Sept 14
336 Sept 13
Sept 15
Highest.
Range Since Jan, 1.
Lowest.
Highest.
$ Per share. $ per share $ per share.
33 Sept 14 26
Feb 33
Sept
31 Sept 15 30
May 31
sent
131 Sept 11
II Feb 34 July
38 Sept 14 27% Apr 5136 July
4% Sept 9 1% Mar 7
July
6 Sept 12 5
Aug 736 June
2 Sept 15
35 Feb 334 June
,
8734 Sept 14 74
May 8736 Sept
3% Sept 13 2 June 536 July
49
Sept 15 4634 July 49
may
100 3034 Sept 14 3036 Sept 14 10% Mar 31
July
49
10 115 Sept 15 117 Sept 15
130 6 Sept 9 634 Sept 11
1,900 1334 Sept 15 14 Sept 9
20 50 Sept 11 50 Sept 11
6,100 29 Sept 14 3336 Sept 15
200 2 Sept 12 2 Sept 12
100 63.1 Sept 9 64 Sept 9
20 534 Sept 15 53i Sept 15
300 1 Sept 9 1 Sept 9
70 2034 Sept 15 2034 Sept 11
8134
3%
13%
24
29
34
131
1%
34
,
16
Apr 117
Feb 9%
Aug 15
Apr 50
Sept 34
Feb 2
Jan 13
Jan 814
Mar 236
Apr 54
July
July
Aug
July
Sept
June
June
July
July
June
6534 Sept 15
2434 Sept 14
53 Sept 12
3836 Sept 14
534 Sept 15
63 Sept 15
40
18%
52
24%
2%
18
May
Mar
May
July
Apr
Feb
7434
25
60
49
036
63
June
Sept
July
July
June
Sept
70 92 Sept 12 92 Sept 12
10 50 Sept 15 50 Sept 15
140 1063-4 Sept 12 10834 Sept 15
4,700 8031 Sept 9 85 Sept 11
50 130 Sept 14 130 Sept 14
170 436 Sept 12 436 Sept 12
10 55 Sept 13 55 Sept 13
4,200 1734 Sept 9 1934 Sept 14
150 8934 Sept 12 90 Sept 12
100 1036 Sept 14 1036 Sept 14
20 71 Sept 12 72 Sept 12
400 8334 Sept 15 8431 Sept 11
10 11134 Sept 14 11136 Sept 14
10 14 , Sept 15 14 Sept 15
6,300 5 Sept 13 534 Sept 12
2,300 19 Sept 13 2136 Sept 11
75,200 3834 Sept 9 4334 Sept 14
10 24 Sept 14 24 Sept 14
20 34 Sept 11 34 Sept 11
18,900 50 Sept 13 58 Sept 15
10 101 Sept 15 101 Sept 15
300 11 Sept 11 1336 Sept 15
23,700 7 Sept 13 10 Sept 15
150 65 Sept 11 70 Sept 12
10 117
Sept15 117 Sept 15
12,000 263-4 Sept 14 2
834 Sept 15
100 48 Sept 15 48 Sept 15
300 2836 Sept 11 283-4 Sept 11
81
3234
9931
65
isq
Apr 95
Feb 71
Mar 10834
July 8536
Mar 130
May 736
Apr 61
Sept 1934
Apr 90
May 1034
Apr 72
Jan 84%
May 111%
Jan 20
Feb 9%
Apr 21%
Aug 45%
Mar 24%
Jan 34
Sept 58
Apr 101
Mar 17%
Sept 11)
Jan 70
Apr 120%
Sept 28%
Feb 67
Sept 2836
Sept
Aug
Sept
July
Sept
June
Jan
Sept
July
July
July
Sept
Sept
June
Ally
Sept
Aug
July
Sept
Sept
Sept
Aug
Sept
Sept
June
Sept
July
Sept
10
100
10
44,800
40
500
6536 Sept 15
2
434 Sept 14
53 Sept 12
3334 Sept 11
534 Sept 13
50 Sept 14
37%
17%
74
834
55
64
0134
534
34
36%
11%
20
50
76
3
7
2831
96
2634
15
28%
Foreign Exchange:
To-day's (Friday's) actual rates for sterling exchange were 4.6634 @4.68
for checks and 4.664004.684 for cables. Commercial on banks, sight.
4.6634, 60 days, 4.6534, 90 days, 4.654, and documents for payment 60
!
(1
days. 4.66 , . Cotton for payment 4.524.
.
To
-days (Friday's) actual rates for Paris bankers' francs were 5.7634@
5.79,4 for short. Amsterdam bankers' guilders were 59.48059.55.
Paris on London, 80.93, week's range. 82.70 francs high
Exchange for
and 80.93 francs low.
The week's range for exchange rates follows:
Cheeks.
Sterling Actual—
Cables.
4.68
High for the week
4.68
4.514
Low for the week
4.52
Paris Bankers, Francs—
5.794
High for the week
5.80
5453--V
Low for the week
54534
Germany Bankers' Marks—
35.49
High for the week
35.50
33.25
Low for the week
33.26
Amsterdam Bankers' Guilders—
59.70
High for the week
59.75
58.19
Low for the week
56.20
2069
Daily Record of U. S. Bond Prices. Sept.9 Sept. 11 Sept. 12 Sept.13 Sept.14 Sept.15
First Liberty Loan
lEigh 10272s• 102ns• 10222
.• 1022, 102"ss 10237n
••
336% bonds of 1932-47-- Low- 10222n 1022, 10222n 10227s• 10221s5 102"ts
s•
(First 334s)
Close 102261e 10226n 10223n 102"as 102"n 102331,
Total sales in $1,000 units__
54
20
19
1
47
262
Converted 4% bonds of
(High
--- _
--------------Close
Total sales in 51,000 units__
Converted 436% bondsrigh
Of 1932-47 (First 43(s) Low_
Close
Total sales in $1,000 units.__
Second converted 431% High
bonds of 1932-47(First(Low_
Second 431s)
Total sales in $1,000 units.-Fourth Liberty Loan
righ
434% bonds of 1933-38_ Low_
(Fourth 4318)
Close
Total sales in $1,000 units__
Treasury
Illig1
1
434s, 1947-52
Low_
Close
Total sales in 51,000 units._
rig);
45, 1944-54
Low_
Close
Total sates in $1,000 units__
(High
331s, 1946-56
Low_
Close
Total sales in $1,000 units__
(High
334s, 1943-47
Low_
Close
Total sales in $1,000 units__
rig];
1951-55
LOWClose
Total sales in ELMO units__
(High
348. 1940-43
Low_
Close
Total sales in $1,000 units_
Higi
334s. 1941-43
SLow_
Close
Total sales in $1,000 units__
High
(High
334s, 1948-49
Low_
Close
Total sales in $1,000 units_
(Hig -11
1318, 1941
{Low.
(Close
Total sales in 51.000 W21/12 __
-------------••
10227n 1023, 10227n 103.31 1032n
103
--10227n 102",, 102"as 102"as 102",, 102"at
10227•• 1022en 10270•1 102no 1034n 102"s•
32
67
8
4
72
49
---------------------------------------------1032s2 1032n
-10222•• 103
•
.1022•, 10232•1 103431
10222
102nn 10237n 1032s• 10361,
26
642
63
Ill
,
1112n 1112n 1112n 1111 2
111
11022n 1112n 111
111 n 111212 111
,
111
62
34
1
15
107 •• 107 •• 1072n 107
,
,
10634, 1062%
10622,, 107
1072n 107 12 106"s• 10680,2
,
18
2
227
148
105*,, 105.,, 105422
.--1052n 1056
---_
:: 1056,2
1052
,2 105212 105 n
,
---1
1_
70
n
102',,10272n 1027, 102",,
102 s• 102"•• 1022n 102•1
,
22
1022s• 10223
,, 102"a, 10228n
31
28
25
25
994s•
9913, 9910n 992
••
994 1
.
90322
99 3,
,
992a,
992s•
997n
992
••
992n
176
129
60
470
____ 10277n 102"•• 1023n
-___ 102"as 1028n 1026 2
,
____ 10227n 1028,1 1023as
193
III
- _
51
102t•• 10223s, 102"a, 102",,
-1023as 1027,s• 102 32 102632
,
102411 10223
,, 1028n 102%
58
103
128
4
190n3 10024, 100u., 100",,
,
100",,
100 21 10022•1 10027•1
,,
100
10072•• 10027•• 10022•• 10072••
134
28
10
33
101",, 101"32 1013332 1013032
10122•• 1019 1011, 1017,
••
12
n
101 18, 101"n 10120,2 10123,2
2
1 ".../.
5IK
All
7
---- —
1031232 1032n
103',, 103
1032as 1036
,,
484
180
111131 13021
,,
110242 11022n
11022n 110•on
141
124
107
1062212
10812,, 106n”
10623e, 106wn
121
79
105 22 104"sa
,
10480,, 104"as
10422
:: 104"w
44
261
1022s• 102 s:
,
1022s• 102
1024 102
2
26
2
99 32
,
98"s•
98"n 982212
•• 98,2••
982,
293
159
1026n 102%
102332 102
,2 102
1023
86
2
1028n 102211
102232 101"n
1022z, 102
7
31
,
100",, 100",
100%
.
10014
100"a, 1008s2
128 93
1011332 101",,
10117.• 1012st
101"n 101",,
1705
int.°
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
10 let 431s
324th 434,
5 Trees 4s
1 Treas. 334s
103
to 103
1 Treas. 330 1943347._ _101"n to 10132
0
10223as to 1036as
1 Treas. 3s_
99
to 99
107
to 107
10 Treas. 336s
1002s• to 1002n
10422n to 10422n
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, Sept. 15.
Maturity.
Int.
Rate.
Bid.
June 15 1934- —
Dec. 15 1933_ _ _
Mar. 15 1934-_ Aug. 1 1935_ _
Aug. 1 1934._
Feb. 1 1938_
Dec. 15 1936. __
Apr. 15 1936_ _ _
34%
31%
34%
136%
236%
244%
231%
254 7
'
7.
100
1003,1
1009:1
1013st
101un
1014.2
102,3 1
,
10223,,
Asked.
Maturity.
1002n June 15 1938_
100"•• May 2 1934_ _ _
100"Is June 15 1935_._
1013n Apr. 15 1937___
10122n Aug. 1 1936._
10/2•• Sept. 151937...
102",, Dee. 15 1933._
10227
.
Int.
Rate.
234%
3%
3%
3%
34%
33.4%
434%
Bid.
Asked.
10122••
10136n
103 49
9
102
,2••
1031,32
1032
.
lop.,
10123
••
10122n
103'in
102nn
10
3uss
1033n
101 n
,
U. S. Treasury Bills—Friday, Sept. 15.
Rates quoted are for discount at purchase.
Bid.
Sept. 20 1933
Sept. 27 1933
Oct. 4 1933
Oct. 11 1933
Oct. 18 1933
Oct. 25 1933
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Asked.
0.05% Nov. 1 1933
0.05% Nov. 8 1933
0.05% Nov. 15 1933
0.05% Nov. 22 1933
0.05%
Nov. 29 1933
0.05% ,Dec. 6 1933
I Dec. 12 1933
Bid.
Asked.
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
02007.
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0(i5.
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 2057.
A complete record of Curb Exchange transactions for the
week will be found on page 2087.
CURRENT NOTICES.
—Frank J. Bambury,formerly with Gertler, Devlet & Co.,and Raymond
H. Struble, formerly with Goodbody & Co.. have become associated with
Madison & Co., Inc., 52 Broadway, New York.
—Chas. E. Quincey & Co., specialists in U. S. Government bonds, 24
Broad St., N. Y., have prepared a reprint of the offical circular describing
Home Owners' Loan Corp. 18
-year 4% bonds.
—Frank E. Phipps of St. Petersburg, Fla., formerly with Ed. C. Wright
& Co., Inc., is now associated with Dunne & Co. as manager of their
Southern municipal department.
—Smith, Graham & Rockwell, members of the New York Stock Exchange, announce that Frederick M.Thayer has been admitted as a genera
partner in the firm.
—Thomas Boykin Jr., formerly with Westheimer & Co. of Baltimore,
has been appointed manager of the Baltimore office of B. E. Arnold &
Co., Inc.
—Henry E. Drayton. Jr. formerly with Bryan, Penington & Colket,
has become associated with M.H. Connell & Co.. 50 Broad St., N. Y. C.
—J. Bert Ross Jr. has been appointed Buffalo representative for Binh &
Co., Inc., with offices at 2008 Liberty Bank Building.
2070
Sept. 16 1933
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
Irrir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 9.
Monday
Sept. 11.
Tuesday
Sept. 12.
Wednesday
Sept. 13.
Thursday
Sept. 14.
Friday
Sept. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-share lots.
On basis of 100
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
Rallroad•
8 Per share $ per share $ per share $ per share $ per share $ per share Shares.
Par I per share $ per share $ per share S per share
6412 6512 6412 6312 6814 6938 6712 6814 6714 7112 663 6912 18,300 Atch Topeka & Santa Fe_ 100 3458 Feb 25 8018July 7
4
Jan
177 June 94
8
7112 7112 7112 72
1,300
72
73
72 14 73
Preferred
71
72
73
100 50 Apr 3 793
Jan
71
4June 3
35 July 86
*46
4718 4634 4712 473 4812 *4612 50
93 May 44 Sept
4
4
4 2,000 Atlantic Coast Line RR
4 464 483
100 1612 Feb 25 59 July 19
48
493
315 32
8
343
32
8 3434 36
3478 333 35
34
4
3312 353 45.700 Baltimore & Ohio
4
100
8July 7
384 June 2138 Jan
814 Feb 27 377
*3214 34
8
36
1,600
100
35 8 3533 3612 36
3
94 Apr 5 3914July 7
Preferred
3212 3512 3512 355 *33
8 June 4112 Jan
*37
39
*38
38
39
397
300 Bangor & Aroostook
38
*3612 3912
8 40
38
40
50 20 Jan 5 4114 Aug 29
4
91 June353 Aug
106 106 *10314 106 *103 1057 *10112 106 *10112 104
10112 10112
20
8
Preferred
100 685 Jan 4 110 Aug 30
8
50 June 91 Sept
*19
24
*19
*19
24
*19
300 Boeton & Maine
2112 22
24
*19
24
24
1934 Sept
100
4 July
6 Apr 19 30 July 1
100 Brooklyn & Queens Tr_No Par
*512 6
63
6
4
*5
6
*518 6
93
6
*5
*5
6
8June 8
312 Mar 29
1014 Mar
27 July
8
*55
56
*55
56
*55
594 *5312 56
Preferred
*5312 5933
No par 353 Apr 19 6018July 18
4
5933 *55
2314 June 58 Mar
*30 8 3112 3134 3314 3118 323
5
3218 3012 313
4 31
4 29 , 3012 17,000 Skim Manh Transit_No par 2134 Feb 25 4114July 12
1118 June 504 Mar
*70
*70
793 *78
4
813
4
200
4 7912 7912 *75
793
4 793 793
38 Preferred serlee A _No par 64 Mar 2 8312June 13
79,
2
3112 June 7838 Mar
______ ____ __
44.1111v 10
Brunswick Ter & Ry Seallo par
_ ____ ____ ____
12 Jan 11
12 Apr
218 Aug
1514 153
8
8 1518 157
4
1618 165
8 153 1618 153 16
4
8 1512 165 30,900 Canadian Paciflo
8July 7
25
714 May 2058 Mar
712 Apr 3 207
Caro Clinch & Ohio stud_ _100 5014 Apr 4 7912July 19
*7014 94
*73
*7414 94
*73
81
*7014 94
81
*741, 94
39 July 70 Feb
*70
Central RR of New Jersey_100 38 Apr 4 122 July 6
*80 102
95
*80 102
*80 102
*80 10018 *80 10018
25 June 101 Sept
8
4512 457
8
4 4612 4712 455 467 41,900 Chesapeake & Ohio
467
8 4612 463
8 4514 4634 46
25 2433 Feb 28 4914 Aug 29
93 July 3112 Jan
4
*3
378 •35
*3
4
378 *3
37
8 4
*3
8 *3
Chic & East III Ry Co
37
8
8 July 10
12 Apr 18
100
33 Aug
4
12 July
8 4
400
*35
*34 4
*3 8 4
5
314 314
6% preferred
812July 10
34 34
12 Apr 5
100
333 4
4 May
5 Aug
*412 45
8
43
4 43
412 45
4 *45
8 47
8
8 47
8
8
412 45
45
8 1,500 Chicago Great Western
100
14 Apr 6
114 June
75
8July 8
53 Aug
8
*1012 11
4
4
8 1,200
4
1112 1112 113 *103 115
107 1112 1112 113 *11
213 May 1513 Jan
8
8July 6
Preferred
24 Apr 5 147
100
814
8
*4 June
8
83
4
8
8
814 85
85
8 5,200 Chic Milw St P & Pao_ _No par
83
4 87
4
4July 19
8
8,
2 83
4
1 Apr 6 113
412 Au,
13
8
4
1314 123 1414 135 1418 133 137
4
1314 144 1278 133 21,600
8
8
Preferred
112 Feb 28 18'4 July 20
100
118 May
8 A5;
Ills 1138 115 123
4
8
8 12
125
8 113 12
117 124 1112 123 17,100 Chicago & North Western_100
114 Apr 5 16 July 7
8
4
1412 Au;
2 May
22
*21
22
2212 2312 2312 *22
2212
24
900
2312 2312 22
4July 6
Preferred
JB B
4 Dee 31
2 Apr 5 343
100
6
614
6
6 14
612 612
614 614
4
53* 612 2,300 Chicago Rook Jul& Paciftc_100
2 Apr 5 1018July 7
63
4 63
1638 Jan
112 May
*10
11
11
11
11
11
*1014 11
300
*10
10
312 Apr 10 1912July 7
7% preferred
*93 10
4
100
314 Dec 2712 Jan
*8
9
9
814
700
15 July 7
8
6% preferred
914
2412 Jan
914 914 *8
914 *812 912
2 May
278 Apr 11
100
*37
42
*39
*3612 38
4114 *3618 40
*3618 39
38
10 Colorado & Southern
38
100 154 Feb 24 51 July 13
412 June 2912 Sept
*25
30
*27
30
30
27
*25
27
20
4July 19
2812 2812 *20
4% 1st preferred
30
8 Mar 30 Sept
100 1212 Apr 10 423
.20
30
30
*20
*20
30
*20
*20
30
*20
4% 2d preferred
30
30
5 Mar 18 Sept
100 10 Mar 2 30 July 21
4 5
5
600 Consol RR of Cuba pref....100
*43
5
612
1
*51s 512
4 *5
518 518 5518 63
Dec 114 Jan
114 Feb 24 104Juno 12
*6
912 *6
6
618 612
6
320 Cuba RR 6% pref
*618 10
10
512 618
218 Dec 20 Aug
212 Jan 6 16 Juno 7
100
7412 7812 7612 7912 *77
717 73
8
6,100 Delaware dr Hudson
783
4 77
3
803
4 7314 79
32 July 9212 Sept
8
100 375 Feb 25 93 4July 7
34
3614 3614 3714 385
343
25,500 Delaware Lack & Western-50 1714 Feb 25 46 July 6
4 344 37
8 343 38
4
3612 37
812June 457 Sept
8
*8
10
500 Deny & Rio Or West pref 100
912 912 1012 1012 *95 11
4July 19
8
1012 1012
*1012 11
Jan
14 May
9
2 Feb 28 193
2112 2112 22
8 2212 2212 223 233
227
8 22 227
4
4 2118 2278 9,400 Erie
2 May
4July 20
113 Sept
4
33 Apr 4 253
4
100
21
21
2214 23
2114 22
*2112 23
First preferred
4 224 234 2,800
25 May
8
2212 233
157 Aug
8
412 Apr 4 2912July 5
100
*1612 1712 *16
300
8
1712 *1612 183 *1512 173
1712 1512 1512
2 May
4 17
Second preferred
1012 Aug
212 Apr 4 2314 July19
100
26
26
2618 28
512May 25
8
8
2714 2814 267 2712 2712 287
8 2618 285 17,000 Great Northern pref
Jan
4July 7
45 Apr 5 333
8
100
*6
7
*6
7
7
6
300 Gulf Mobile & Northern 100
7
*6
*6
6
7
7
2 May 10 Sept
1112July 7
134 Mar 31
*17
17
*17
18
18
18
1814 18
17
18
900
18
Preferred
18
212 Dec 1512 Sept
100
212 Mar 31 2312July 19
*1 18
114 *114
114
4 *1 14
13
114
4 *II, 13
15
8
100 Havana Electric Ry Co No par
15
8 •114
14 Oct
4June 8
158 Oct
23
8June 3
5
134 1312 1314 14
163 13,400 Hudson & Manhattan__ _100
4
155 1634 16
8
135 14 8 134 16
8
19 June 13
,
4
8 May 303 Jan
612July 21
4118 437 15,500 Illinois Central
3812 40
8
4014 4212 413 4312 417 4212 4212 44
8
4
3
4
100
8
43 June 247 Sept
812 Apr 5 50 4July 20
*45
50
46
*43
100
46
50
*45
50
*44
50
*43
50
6% pref series A
918 July 38 Sept
101) 16 Mar 31 6018July 20
*52
54
55
50
*52
190
52
55
49
49
54
*50
Leased line.s
55
100 31 Mar 3 60 July 19
15fs June 45 Aug
*23
25
28
200
25
25
*25
25
25
2612 25
25
RR Sac cth, series A_1000
25
1413 Jan
4 May
413 Apr 18 34 July 19
2,200 Interboro Rapid Tran•t C-100
*63
4
63
4 8
8
733
77
8 77
4 67
8 *63
4 714
63
7,
8 74
214 June 1458 Mar
418 Feb 27 1014June 19
165 165 *16
1738 173
1712 *17
8
8
18
400 Kansas City Southern
1812 *16
8 17
1712
100
214 June 1514 Sept
612 Feb 27 244July 18
100
*23
Preferred
23
*23
2812 *23
24
24
*23
2512 *23
25
23
100 812 Mar 31 3414 July19
5 June 254 Sept
2012 21
8
20 4 223
8 2214 233
8 213 217
4 2114 2212 17,300 Lehigh Valley
3
4 2112 225
4July 5
50
5 June 2914 Sept
858 Feb 24 273
*5114 5412 563 563 *543 56
4
4
55 4 553
4
57
3
4 56
5412 567
8 1.600 Louisville & Nashville-A05) 2114 Jan 3 6712July 13
7', May 3814 Sept
*1614 223 *1614 2234 *163 223 *1612 223 *165 223 *165 224
8
Manhattan Ry 7% guar_100 12 Mar 16 25 July 19
4
8
4
4
8
.,
9 Sept 463 Mar
8
4 2,800 Manh Ry Co mod 5% guar.100
1358 133
1414
*14
143 *14
13
8
14
13
143
131, 15
8
6 Jan 3 17 July 12
4 June 2084 Mar
Market St Hy prior pref-100
*412 612 *412 6'2 *514 61* *514 612 *514 612 . t 612
61
8 June 9
17 Mar 3
8
218 Dec
9 Jan
14
118
1
118 1,100 Minneapolis & St Lou18___100
118
118
11,
*1 18
114
118
118 *118
214July 7
18 Jan 23
58 Aug
18 Jan
57 July 8
300 Minn St Paul & SS Marie_ 100
*23
4 318 *23
23
4 23
*23
4 3
4
4 3
28
4 3
*212 3
12 Dec
h Mar 20
43 Sept
8
*4
6
*37
6
8 6
*4
7% preferred
*37
8 6
812July 8
*3 8 6
7
34 Apr 11
1011
*37
8 6
6 Sept
3 May
4
140
4% leased line ars
4 8
•714 74
714 714
73
4 8
712 712
4 *73
7 4 73
100
3
4 Apr 10 1412July 8
5 Dec 2012 Sept
12
8 113 123
1212 1218 127
121, *12
4
8 6,000 Mo-Kan-Texas 11.11.-__No par
113 113
4
4 1114 12
53 Jan 3 17 18July 7
4
04 May
13 Sept
3
4,400
3
Preferred series A
25
*2514 2612 2434 2618 251, 25 4 2534 25 4 2414 2512 25
100 1112 Jan 3 3714July 7
314 June 24 Sept
63
8 1,200 Missourl Pacific
6
64 6 8 *614 7
5
64 612
100
614 612
1014July 8
*6
618
112 May
118 Apr 1
11
Jan
Cony preferred
833 3,200
9
9 14 *812 9
833 933
9
8
100
9
1514July 7
ISs Apr 1
Jan
212 May 26
s
87
8 87
4717 44
4712 *44
10 Nashville Chatt & St Louis 100 13 Jun 5 57 July 7
4712 *44
4512 *44
*42
*42
44
474
712 May 304 Sept
118 *114
118
14
134
118
lls
290 Nat Rys of Men 1st 4% pt.100
14 may
1
112
*118
13
4 *118
78 Sept
312June 27
Is Mar 10
2d preferred
58 1,000
100
5
8
13
5
8
12
8June 8
"^
4 Jan 3
*1"
5
8
12
12
5
8
12
12
4 Sent
la Feb
8 4718 5114 116,200 New York Central
50
50 3 517
8
4612 474 471s 507
8 4912 5118 49
100 14 Feb 25 5812July 7
RN June 365 Jan
8
23
23
2412 V
4,000 N Y Chic & St Louis Co.. _ 100
24
231 1 2438 2412 2514 24
23
218 Jan 25 274 Aug 28
23
93 Sept
4
ill Slay
29
28
*28
2914 2612 2734 3,000
Preferred series A
27
*26
2812 2833 29
27
100
25 Apr II
8
3414July 20
8
2 June 155 Jan
N Y & Harlem
*12612 135 *130 135 *12612 135 *12612 135 *130 135 *130 135
50 100 Naar 31 1583
4June 13
8214 May 12712 Aug
8 2512 2814 15,500 NY N It de Hartford
2712 293
2612 255 277
8
8
*26
8 275 2814 2712 28
100 11 18 Feb 27 347
8
6 may 315 Jan
8July 19
1,400
437 44
8
Cony preferred
46
45
4412 46
46
4414 45
100 18 Apr 4 56 July 6
*4212 4412 43
4
117 July 783 Jan
8
1112 2.900 NY Ontario & Western
4
10
8 113 1212 11
114 1112 1212 1212 123 125
8
8
8 123 123
74 Jan 4 15 July 7
15 4 Sept
,
35 July
8
112 112 *15
112
8 2
112
112
300 NY Rallwaye pre(
112
NOpa?
*112 17
17
8
8 *112
312July 7
18 Mar 15
I
Feb
4 Dee
200 Norfolk Southern
23
4
3
212 *2
212 212 *2
100
*2
*218 3
t2 Apr 4
212 *2
478July 10
33 Sept
4
14 Dec
800 Norfolk & Western
165 165
165 165
165 165 *164 170
100 1114 Mar 2 177 July 7
162 165
*161 169
57 June 135 Sept
8
27
287 15,200 Northern Pacific
8 2712 29
*2638 27
4
100
263 2812 27
284 263 275
4
95 Apr 5 347
8
8July 7
512 May 253 Sent
8
43
3
20 Pacific Coast
*3
4
4
4
3
4
*3
100
*3
*3
I Jan 25
4
7 July 11
312 Sept
1 Mar
4
8
353 377 43,500 Pennsylvania
38
363
8 3614 3718 364 364 37
8 35
60 13 4 Jan 3 4214July 7
3412 345
,
8
612June 233 Jan
6
*5
Peoria dr. Eastern
43
100
*5
78 Feb 17
*512 6
*3
*5
9 July 11
6
6
7
*6
7 Slay
8
514 Sept
300 Pere Marquette
2612 28
100
378 Mar 3 37 July 13
2712 *21
29
8
8
*20
2712 *261, 2712 267 267 *25
134June 18 Aug
100
Prior preferred
30
100
6 Jan 3 4412July 7
3112 *27
3112 30
3112 *30
*27
3112 *27
3112 026
312 June 241 Aug
Preferred
100
44 Feb 28 3812July 7
297
8
297 *28
8
297 *28
8
293 *20
020
4
297 *20
8
297 *20
g
212 June 24 Aug
Pittsburgh & West Virginia 100
29
*21
29
*21
*21
29
*2512 29
*2512 2912 *2512 29
612 Apr 19 353
4July 7
6 Dec 21 12 Aug
400 Reading
50 2313 Apr 5 6212July 6
*51
5214 5214
56
54
52
.51
54
58
*48
*45
55
912 June 524 Sent
let preferred
100
60 25 Apr 25 38 July 12
*33
35
35
35
35
*33
*33
4 35
Jan
*35
383
387 038
8
15 July 33
600
2d preferred
353
4
60 2312Mar 31 37 July 6
*33
3218 33
*313 32
4
32
32
4
*313 33
*313 33
4
15 May 38 Sept
Rutland RR 7% pref
100
6 Jan 6 1812July 3
4
*123 17
*123 17
4
4
4
*123 17
*123 15
4
*1231 17 .123 17
1412 Sept
3
May
-San Francisco_ -100
33
4 458 4,000 St Louis
478
4
4
7 Jan 30
8
533
93
518 533
8July 7
8 412
*43
85* Jan
458 43
5 May
8
100
1 Apr 17
let preferred
412 412 1,600
914July 8
5
43
4 5
*412 5 4
5
,
5
5
93 Jan
4
5
1 May
5
St Louis Southwestern____100
54 Mar 15 22 July 14
20
20
*15
20
015
*15
*15
20
*15
20
*15
20
3 May
13 Sent
4
100 12 June 7 263
40
Preferred
*20
20
*20
35
35
20
*2314 35
*20
8July 18
35
35
*20
85 Dec 2012 Jan
8
14 Jan 3
13
4 4,800 Seaboard Air Line
No par
112
4
112 13
14
4
15
8
15
8
3 July 7
13
13
4
1 Sept
15
18 Jan
8
*15
8
13
4
Preferred
100
38 Mar 25
8 1,000
23
8 23
218 23
8
214 23* •21s 212
47
8July 7
212
21s
4 Jan
218 24
15 Sept
8
100 1118 Feb 25 383
8
4 2814 307 41.400 Southern Pacific Co
303 313
8
8 2912 30
8
375 Jan
8 2733 304 295 307
8
012June
2814 285
4July 7
100
8
8
44 Mar 2 30 July 11)
313 3214 3212 3312 307 3312 44,400 Southern Railway
s
184 Sept
323
4 315 33
212 Slay
3014 303
8 30
100
Preferred
374 3312 3512 6,200
54 Jan 3 49 July 17
3712 *3512 3612 36
36
333 37
3 July 234 Sept
4
*323 35
4
Mobile & Ohio stk tr ctfs 100
39
*31
*31
39
39
8 Jan 5 4014July 10
381, *35
*35
39
39
*35
*35
312 June 25 Feb
*613 7
500 Third Avenue
*612 712
*612 7
100
7
418 Feb 25 1218June 3
7
14 Mar
75
8
378 May
7
7
7
500 Twin City Rapid Trans No pa
238 3
23
8
23
8 *2
24 *2
112 Jan 10
412 June
238 *2
*2
118 Dec
43
4June 8
238
*2
200
Preferred
4
100
814 83
814 81.4
578 Apr 19 15 June 8
7 June 244 Jan
3
*812 94 *814 9 4 *814 812 *814 812
119 12212 5,600 Union Pacific
944 Feb
100 6114 Apr 5 132 July 7
275 JUIY
8
119 11912 120 12312 121 12212 12112 12112 12212 125
400
a73
Preferred
7314
73
74
*72
100 58 Apr 8 7512July 12
40 May 714 Aug
71
*72
71
7312 721* 73 .73
4
4
4
37
8 37
4
414 Aug
100
%June
712July I()
112 Jan 4
8 1,500 Wabash
418 414
44 412
.414 412
1,600
Preferred A
5
518
Jan
5
5
0
100
5
97
8July 7
14 Apr 6
5
1 June
533
518
51 t
512
*54 512
3,500 Western Slaryland
4 124 13
100
8 1314 133
4 Feb 27 16 July 13
112 May
113 Sept
s
123 1212 1212 1318 1318 131, *1318 137
8
1,200
*1512 16
2d preferred
16
114 Sept
2 May
558 Jan 12 1912July 7
1512 1512 16
100
16
15
15
*1212 15
15
2,000 Western Pacific,
514
51 4
5
514 512
514
5
514 514
518
514
5
454 Aug
100
1 Apr 22
912July 3
4 June
84 812 3,500
Preferred
87 Aug
8
4 May
84 94
100
17 Mar 2 16 July ii
8
.84 9
83
4 9
51 1 814
812 9
Industrial & Miscellaneous
43
_ . Abraham & Straus
*37
43
*38
43
No par
43 .3712 43 .38
*38
*3212 42
4 15,800 Adams Express
No par
, 1012 104 1015 103 -_1014 101
8
9
5s 1012 1014 107
93
4 94
Preferred
100
.681, 701 1 *6812 7014 *6812 7014 *6812 7014 *6812 701, *681 2 7014
• 1814 and asked prices, no sales on this day. a Optional sale. s Sold 15 (lays. .r En-dividend.
y En-rights.
134 Feb 23
3 Feb 28
39 Apr 11
4012July 20
1314July 7
71 June 20
10 June
152 May
22 June
245 Aug
8
912 Sept
73 Sept
...
tar FOR SALES
New York Stock Record-Continued-Page 2
HIGH AND LOW SALE PRICES-PER SIIARE, NOT PER CENT.
Saturday
Sept. 9.
Monday
Sept. 11.
2071
DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
Tuesday
Sept. 12.
Wednesday
Sept. 13.
Thursday
Sept. 14.
Friday
Sept. is.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan 1.
-share lots.
On basis of 100
Lowest.
Highest.
PER SHARE
Range for Prerious
Year 1932.
Lowest.
Highest.
$ per share $ per Share $ per share $ per share $ per share $ per share Shares. Indus. & MIscell. (Con.) Par $ per share $ Per share $ per share $ per share
1712 177 177
8
1712 177
No par
1712• 175 •17
8 17
8 Apr 7 2l5 July 12
8 1714 1714
8
173
4 1,300 Adams Mills
12 June 303 Mar
8
518 Apr 15 1212June 19
104 107
,
8 103 11,
4
8 6.400 Address Multlgr Corp...No par
2 11
11
1112 1012 113
113
4 105 11
812 Dec
8
14 Sept
938July 7
No par
1$4 Feb 21
6
*612 7
4
612
300 Advance Rumely
612 634 *614 63
*64 67
6
8 *6
114 June
44 Aug
55 July 21
8
112
4May 1
8
8
414 May
77
8 8
8
88
,
1612 Mar
,
84 8's
7 8 8 8 x74 84 2,200 Affiliated Products Inc_No par
7
No par 4712 Feb 25 108 Sept 13
99 10512 104 10514 10412 10514 105 107
99
*98
307 July 634 Sept
1033 108
8
4
11,400 Air Reduction Inc
23
4 23
8
4 *212 23
212
212
4 May 23
4 *212 3
12 June
*212 23
4 *212. 25
200 Air Way Flee Appliance No par
12 Feb 28
312 Sept
30
283 2912 2812 29
8
283 2912 2812
4
2912 303
8 29
73 June 164 Jan
4
305 112,200 Alaska Juneau Gold Min___10 1118 Jan 14 33 Aug 29
8
95 July 13
6
*412 612 .57
6
1 Jae 5
78 Dec
*57
8 64 *57s 614 •57
No par
s 612
4 Ma100 A P W Paper Co
s 64
55
8 53
8
57
8 6
57
8 618
No par
7 Apr 4
8
38 May
512 6
55
8 6
24,600 Allegheny Corp
814July 7
35 Sept
8
55
8 618
13
135
8 13
8July 7
14
135
8 1278 1312 13
1 Apr 5 217
*1212 13
Pre( A with $30 warr__ _100
117 1212 4,500
8
814 Sept
4
3 May
14
*12
*12
*1112 13
1312 *1212 1312 *1212 1312 *10
118 Apr 17 21 July 7
12
Pre( A with $40 warr___100
%June
8 Sep'.
14
*12
1312 12
*12
12
*12
)1112 13
1312 *912 12
%June
114 Mar 30 20 July 7
8 Sept
100
Pre A without warr_ _._100
2212 2212 *2212 2312 *2212 2312 2312 2312 2312 235
8 22
5 Mar 30 26 July 19
5 May
22
139 Allegheny Steel Co_ _ __No par
15 Sept
1341* 1343 13418 140
4
138 1393 1393 1427 13712 142
4
14,200 Allied Chemical & Dye_No par 7034 Feb 27 1434 Aug 25
13712 141
4
8
4212 June 8814 Sept
4
°1213___ 1218
_ 1213 1213 *121
4
4
9612 Apr 120 Dec
__
100 115 Apr 21 124 Sept 6
__ _ *1223
4
_
100
Preferred
19
2058 7,60C Allis-Chalmers Mfg____No par
10
12 1914 203
187 11-8 1938 - 8
8 1912 -4 June 154 Sept
7
8
2014 2014 207
8Jul9' 8
13 Feb 27 263
1712 17121 16
16
16
1614 1714 1612 1612
*1412 16
412 July
16
10 Jan
1.300 Alpha Portland Cement No par
53 Jan 10 24 July 17
4
914 July 19
2
67
*64 612
6g
58 Feb 21
65
8 68
612 6,
5
218 Sept
.No par
61 e 633j
67
14 Apr
8 64
700 Amalgam Leather Co.
'
*2812 3112 *2812 3112 *2812 3112 .2812 31
*2812 31
100
5 Feb 23 40 July 19
*2812 31
4 Dec 10 Mae
7% preferred
8 4312 443
4 44
437 443
8
4638 453 46
8
4
4518 46
No par 1812 Mar 2 47 Sept I
12
4412 4518 37.900 Amerada Corp
Jan 223 Sept
714 Mac 1 35 July IS
27 • 28
2514 263
312 June 154 Sept
4 2612 28
273 273
8
3134 12,500 Amer AgrIcChern (Del) No Par
4 293 3212 31
4
8 19
8
1812 1812 185 1912 1914 197
1912 193 20
10
8 Mar 2 28I2July 13
5 May 2212 Sept
19
1934 3,900 American Bank Note
4
*4314 45
4314 4314 *4214 45
*4212 45
8June 2
28 June 47 Feb
*4214 45 '
10
Preferred
34214 45
50 34 Apr 7 497
8
1118 114 112 12
14 Apr
4July 18
117 1212 125 13 4 13
8
1218 123 12,600 American Beet Sugar__No par
Jan 30 163
8
8
,
27 Aug
8
1314
1
8 47
4514 4514 4538 453
I
Apr
8
93 Aug
4
49
100
4978 47
47
23 Jan 5 58 July 18
4
477 .50
830
7% preferred
5058
337 34
8
3412 343
34
3412 35
*31
918 Mar 3 4212July 7
4 343 35
612 June 177 Sept
35
4
8
36
2,300 Am Brake Shoe & Fdy_No par
8
*100 101 *100 1027 *100 1023 *100 1027 100 100
40 July 90 Feb
100 60 Mar 28 106 Aug 1
8
8
50
Preferred
*97 10/7
8
8
92
8 905 94
9014 007
94
295 June 737 Mar
8
93 93
8
925 917
8
25 4912 Feb 25 9712July 13
8 9112 953* 30,700 American Can
*13112 135 *13112 135 *13112 135 *13112 135 *130 135
102 112 Feb 27 134 July 19
9312 June 129 Mar
132 132
100
Preferred
293 3114 3012 317
8
29
29
318 June 17 Sept
4July 17
618 Jan 23 393
8 304 31
3114 3214 2934 3214 9,300 American Car dr Fdy___No par
4 4414 4412 45
*4014 4414 4314 433
45
*42
4July 3
100 15 Feb 28 593
4614 .4014 4614
15 Dec 50 Aug
500
Preferred
*734 812 *73
14 Apr
4 8,
14 July 11
714 Sept
15 Mar 31
8
8
2 *73
100 American Chaln
No par
812 812 *77 10
,
4 8 2 *73
,
4 82
*14
20
*14
*14
20
Jan
25
29
312 Mar 1 31 12July 18
21
7 June 26
*18
21
29
*18
100
100
7% preferred
x46
46 .45
46
46
46
46
46
18 June 38 Nov
47
46
4718 1.300 American Chicle
46
No par 34 Mar 2 5114July 7
*27
8 414 *27
8 4
*27
8 414 *27
814 Sept
618June 7
10
2 Feb '14
2 July
8 414 .24 414 *27
Amer Colortype Co
8 44
,
63
7014 68, 707
8July 18
62 4 63
,
4 6918 7218 6618 71 103,300 Am Comm•I Alcohol CorD 20 13 Feb 27 897
4
11 May 27 Sept
8 6812 693
*3
33
4
5
Jan
1 Jan 5
3 Dec
4
34 318
6 J1180 20
800 Amer Encaustic TIling_No par
314 314 .34 312 *318 312
3
3 18
812 812 1,500 Amer European Sec•s__No par
812 84
834 9
814 814
23 Apr
4
812 812
153 Sept
4
83
4 83
37 Apr 1 13 July 3
4
8
1212 14
1312 1414 1314 1312 13
1258 13
14
1218 134 27,900 Amer & Forn Power___No par
2 May
15 Sept
37 Feb 27 1958June 12
8
2713 28
2612 2612 2518 27
25
26
8
5 May 3812 Jan
3,103
8June 13
No par
714 Apr 4 447
284 284 287 29
Preferred
4 17
17
*16
173
2' May 21 14 Aug
1712 1612 1612 1514 16
*1612 1712 *16
8
700
No par
2d preferred
43 Apr 4 2714June 12
1912 20
*1912 21
Jan
20
33 June 33
4
207 *20
6 4 Apr 4 3538June 13
8
,
2012 1914 204 17
No par
$6 preferred__
19'8 2.000
18
19
3 May
184 193
11,703 Amer Hawaiian S S 0o___10
612 Aug
4 19
x1818 187
8
418 Jan 5 21 12July 17
1612 18
4
1914 183 19
1012 11
*912 10
1038 11
1 May
10
1014
67 Sept
8
212 Mar 2 16 June 6
10
1.800 Amer Hide & Leather_No par
*10
1012 10
43
42
*4118 43
*3712 3912 *40
42
40
47 May 27 Sept
8
41
42
100 1312 Feb 14 5712June 13
*40
500
Preferred
34
x34
334 3314 34
341* 34
341
1,700 Amer Horne Products__No par 294 Mar 1 4212May 31
3418 *3418 3412 34
25 June 5138 Mar
103
8 10
103
8 1012 1112 103 114 11
*10
1138 10
11
8
33 Feb 24 1712June 29
33 Dec 215 Mar
4
8
4
7,100 American 185
No par
*4612 49
.4612 49
*4612 48
*4612 48
4812 4812 *4612 49
35 Dec 68 Mar
100
100 25 Feb 15 574June 29
6% non-cum pref
105 103
8
414 Feb 27 154July 3
212 June 12 Sept
103 114 11,300 Amer Internet Corp___.Ve par
4 103 113
4
8
4 1112 1134 1114 1112 1114 12
jig
14 Jan
118
1,
4
1,8
14
14
312June 28
1 18
14 *118
114
118
13
8 1,300 Am L France &FoamiteNo par
14 Apr 21
54 Aug
455
8 612 *55
*53
8 612
8 672
8 61
I July
44 Aug
55
100
8 612 *55
Preferred
114 Jan 3 12 June 28
8 612 *55
3212 3334 3114 3318 3,300 American Locomotive_ _No par
3112 3112 33
33 July 1514 Aug
8
32
32
*31
3378 32
57 Jan 3 3918 July 3
8
51
51
5412 5412 5414 55
*48
54
59
*5212 59
1718 Dec 49 Sept
*52
100 173 Jan 3 63 July 7
4
500
Preferred
71:June 2214 Jan
1714 1714 *1712 18
8July 3
173 18
*1712 18
17 4 18
,
4
83 Feb 27 223
4
17:4 177
8 1,600 Amer Mach & FdrY Co _No par
*334 412 *33
4 4
33 Mar
4
438 43
8 *4
1 Jan 27
1 June
6 June 2
*312 3 4
33
4 4
414
.No par
300 Amer Mach & Metals.
3
185 2013 193 2018 1918 193
8
914 Aug
112 June
4
8July 18
193 193
8
4
4
34 Feb 24 235
193 2112 22,700 Amer Metal Co Ltd_ __No par
4 1912 21
*6512 71
70
*69
*6512 71
70
70
612 June 32 Aug
*69
70
70
100
6% cony preferred
70
512 Jan 4 72 June 20
200
2713 2712 277 *2612 28
4
Jan
2614 28
.263 2712 .263
4
14 July 33
*2612 274
50 Amer News Co Inc_ __No par 17 Jan 20 3012July 8
8
3 June 1714 Sept
4 1112 1214 12
1112 1214
113 113
4
4 Feb 27 197 July 13
93 II
4
3
113 12
4
26,400 Amer Power & Light__No par
1234
1514 June 58
Jan
*2314 26
97 Apr 5 41 18July 17
8
244 241
2512 2714 x2212 24
26, 2618 *2612 28
1.300
8
$6 preferred ______ __No par
197 207
8
8 2218 2234 223 223
4
*197 21
8
10 July 493 Jan
4
4 20
No par
2312 x181 20
9 Apr 1 35 July 13
8
2,900
$5 preferred
1518 155
8 1518 1612 16
163
1612 157 1612 16
4 153 163 59,900 Am Rad & Stand San'y No par
45 Feb 17 19 July 7
34 June 1214 Sept
8
4
8
4
234 234 24
1812 Sept
8July 11
2112 2218 22
3 May
2318 234 225 234 213 23
8
25
53 Mar 2 317
4
8
16.500 American Rolling Mill
*:373 39
8
133 June :2914 Mar
8
373 377
4
8 38
8 38
4July 13
3812 3712 38
38
374 377
1,000 American Safety Razor No par 2018 Apr 6 473
8 .312 4
8 4
33 Sept
4
4
33
4
*34 4
8 35
7 Mar 20
8
312 312
*33
700 American Seating v t &No par
2 June
4
7'8 July 13
78 Sept
4 Apr
17
412June 20
8
158
13
4 13
18 Apr 8
4
112 112
112
15
8
178
112 13
158
4,100 Amer Ship & Cornm___No pa
10 Jun
243 2518 *253 263
4
2518 Jan
4June 19
25
25
8
8
4 257 263
260 Amer Shipbuilding Co.No par 1112 Mar 3 363
4 2518 254 2512 253
3912 385 40
8 40
37
8
434 4158 441 115,400 Amer Smelting & Retg_No par 1034 Feb 25 4412Sept 15
3718 37
54 May 2714 Sept
3918 395
80
Jan
22 June 85
*76
79
8018 81
79
*76
80
100 31 Jan 10 85 July 19
Preferred
794 79
8114 83
1,100
57
5814 5712 5712 *5814 5812 58
58
15 July 55
Feb
*56
62
61
6214 1,900
26 preferred 6% cum._100 2012 Jan 2 73 July 6
503 5114 2'5012 504 5014 5012 *50
4
213 June 3612 Aug
4
5014 5014 503
25 3212 Jan 10 5114 Sept 9
4 50
2.800 American Snuff
50
90
Jan 106 Sept
*106 112 '105.. *10412
_ •10412
-- •10412
10 10218 Jan 9 112 July 25
Preferred
__ *10412 _ _ _ _ ___
20
21 -21% 2112 -2138 2212 - 20
154 Sept
43 Feb 28 27 July 7
8
2212 223 1312 2114 4
.\lay
6,700 Amer Steel Foundries__No par
2i
*70
July 80 Feb
74
70
*70
74
74
*6912 74
*70
70
8
100 375 Mar 28 85 July 10
Preferred
74 .70
20
ti, Slay 3634 Mar
40
4014 4012 4012 404 4014 x4012 4012 393* 393e
40
40
No par 30 Feb 27 4778July 7
1,200 Amer,can Stores
64
6518 643 65
68
13 June 3914 Jan
6518 6614 5,300 Amer Sugar Refining
6514 6614 67
*627 64
100 214 Jan 19 74 July 13
8
8
4
4.5 May 90 Aug
4
400
*10912 11018 1093 1093 10912 10912 *10814 11018 *10814 10918 10814 10814
100 80 Jan 19 11214July 15
Preferred
4
8 195 20
8
23 Apr 1014 Aug
4
*173 193 *184 1912 1938 194 183 187
4
6 Jan 13 26 July 18
19
2012 4,600 Am Sumatra Tobacco__No par
8
1275 1317 1303 132:4 13114 13214 x131 01341 127 131
8
8
8
4
693 July 1373 Feb
4July 13
1275 128
1041 8612 Apr 18 1343
4
8
68,400 Amer Telep & Teleg
8712 883* 873 873
4012 J une 864 Mar
884 8812 893* 1,600 American Tobacco
87
8
8July 1
.85
25 49 Feb 23 907
4
4 877 874 88
4
44 June 893 Mar
4 8914 91
91
904 917
8912 913
8 91
9312 8.700
4July 7
_.25 503 Feb IS 943
881* 883
Common class B
4 90
4
118 118 *11738 122 *11812 124
9514 June 11812 Oct
*115 118 *117 118 *11612 118
100 10234Mar 1 120 July 18
200
Preferred
Jan
14
4 June 25
*14 4 17
,
17
*14
17
*14
*14
15
100 Am Type Founders__No par
*135 17
14
8
43 Apr 10 25 July 5
8
Jan
25
25
2412 2412 2414 25
*2518 26
25
1012 July 70
.2418 26
*24
168
100 10 Apr 6 374July 18
Preferred
2914 2538 2838 9,700 Am Water W158 & Elee-No Par
8 28
2812 2812 29
11 May 3412 Mar
283 291
28
8 2818 285
4
1058 Apr 7 4314July 13
2234 22
23
2218 2218 2214 2214
22
22
11 May 31 Mar
193 2214 5,500
4
4tJune 12
22
912 Apr 4 357
Common vot tr ctfs_No par
26 June 75 Jan
68
*67
68
67
*67
67
68
100
067
68
68
*65
No par 35 Mar 24 80 June 13
.65
let preferred
8 13
8
*1314 133
4 1314 1418 1418 144 1312 1312 133 143
1312 6,500 American Woolen
1 May 10 Sept
No par
312 Mar 2 17 July 5
8July 17
*4812 4914 4812 53% 52
1512 Jan 394 Sept
8,100
100 225 Feb 18 617
Preferred
533
4 5212 5212 533* 544 5112 52
8
14 May
214 Aug
*214 25
8 *214 212 .24 27
*214 3
418June 27
*24 3
8 *214 27
38 Feb 8
Ara Writing Paper ctts_No par
8
8 Aug
. July
*914 io78 •914 10 13 914 914
4Ju1y 8
*612 914 *911 n
20
*74 11
Preferred certificates No pa
,
3 Feb 17 143
4
67 Sept
8
14 May
8
*7
8
8
8 18 84
84 814
8
8 14
8
818 1,500 Amer Zinc Lead & Srneit____1
214 Feb 28 107g July 10
55
54
5434 54
10 June 35 Aug
54
5434 55
500
*50
Preferred
55
55
*50
25 20 Feb II 66 July 17
55
8
4
8
1712 1812 1718 185 87,400 Anaconda Copper Mining 50
173 173
3 June 191 Sept
8
7
8
,
1612 164 16 2 174 173 18
6 Feb 28 22 8July 19
11
11
11 .11
11
*II
12
3 Apr 15 Sept
114
200 Anaconda Wire & CableNo par
44 Jan 6 1512June 8
*105 13 .104 12
8
514 May 174 Mar
8
4 2712 2818 2714 2714 277 2812 2612 27
8
4,600 Anchor Can
2518 254 25, 273
8 Jan 20 351* July 18
No par
*8412 90
*8414 90
90
*58
90
90
88
40 May 75 Sept
893 894
4
110
88
$6.50 cony preferred_No par 6212 Jan 11 90 June 18
9 Sept
*85 10
8
.8% 10
.83* 10
.83 10
8
•81 10
13 May
8
4
Andes Copper Mining _ _No par
25 Feb 7 1412June 3
8
*83 10
3
*27
2714 27
271 .27
27
27
2758 27
1,000 Archer Daniels Mbilld_No par
27
27 18 27
934 Mar 3 2914July 20
7 Apr 1512 Sept
4
85 APr 10014 Oct
20
.105 1143 1144 115 *106 115 *106 115 *106 115 .106 115
100 95 Feb 23 115 July 18
7% preferred
78
.773 79
4
773 7738
8
.773* 794 •
300 Armour & Co (Deb prof. WO 41 Jan 3 90 July 15
24 May 61 Aug
8 78
784 797
*774 80
4
23 Sept
44 518
5
44 47
514 18,300 Armour of Illinois class A.-25
8
47
8 54
5 June
8
44 5
4June 6
73
44 458
110 Feb 28
2 Sept
27
8 3
27
38 June
8 3
27
8 3
278 3
12,400
8
Class B
8
2
4 27
5 July 14
25
27
8 27
3 Feb 20
4
5.534 58
55
55
557 58.4 57
8
8
593
8 5614 561
157 Aug
5514 5712 6.200
312 Slay
Preferred
7 Feb 27 93 July 14
100
513
35 Aug
8
512 512
1 May
514 512
800 Arnold Connable Corp_No par
5
7 July 17
5 14 54 *514
5
*43
4 5
14 Jan 19
614 *6
64 .6
52 Sept
4
614 *6
15 Dec
8
61 i
10 Artloom Corp
*6
*6
614
912June 24
No par
2 Mar 27
6
6
3 Aug
23
8 23
27
8 27
4
8 *212 3
112 212 6.300 Associated Apparel Ind No par
5 June
8
24 234
34 Apr 17
514June 6
*218 3
18
185
8 1712 18
163 163
8
8
4
163 173
4
8 167 174
3 May 11 Sept
10,300 Associated 1)1) Goods
16
1
16
312 Feb 20 20 July 17
8
8
*48
58
048
*425 58
*433 58
58
043
58
1834 1)ec 42 Sept
6% 1st preferred
*425 58
10
8
18 Feb 23 6112Ju1y IS
041
47
*41
*41
47
47
47 .41
1212 Dec 35 Mar
*40
47
4July 17
7% 2d preferred
47
100 15 Jan 19 513
.40
8
8 28
1612 Aug
28
28
28
612 Jul
50 Associated 011
63 Mar 24 3512July 14
4
*2718 3012 .2710 3012 *2714 3012 275 275
25
02114 26
*21
.2114 26
2312 2312 *2114 26
24
438 Dec 123* Aug
100 Atl 0& W I SS Lines__No par
24
412 Mar 22 26 July 19
*21
32 .25
32 .25
*25
32
32
*25
32
534 Dec 1512 Jan
*25
Preferred
32
414 Apr 11
100
337 July 17
e
.25
8
8 3012 3114 2918 31 18 37,800 Atlantic Refining
217 Sept
8
8 303 307
25 123 Feb 28 317
852 Feb
8 2914 3012 3014 313
8July 7
8
2918 295
264 277
8 294 2918 *2812 303 2918 3012 2914 3014
800 Atlas Powder
No par
7 Dec 2512 Feb
26
9 Feb 14 3918July 5
*26
083
85
83
83
83
83
80
8
454 June 794 Jan
*79
130
80
Preferred
833
100 60 Apr 5 8318Sept 12
80
•79
2118 22
22
8
1758 1812 183 203
2238 5.700 Atlas Tack Corp
34 Aug
8
8 204 21
HI Feb 27 223
1 July
No par
8Sept 15
175n 175
6112 64
597 62
8
613* 613
23,800 Auburn Automobile
583 5838 595 62,
8
8
2 6014 63
No par 3114 Feb28 8414July 13
283 Slay 15134 Jan
*
17 Sept
8
63
4 67
8
700 Austin Nichols
63
4 74
8July 18
No par
ht Feb
8 7
4 64 *65
7 Feb 2
8
93
*612 714 *64 74 *63
8
11
8
12
115 ll4 115 1214
34,800 aviation Corp of Del (The)__5
87 Dec
8
4
112June
8 104 114 113 1214
338July 17
512 Feb 27 14
103 107
4
1358 1414
8
1278 137 32,100 Baldwin Loco Works...No par
4
1312 1418 135 133
8
14
314 Apr 12 1758July 7
2 May 12 Aug
13
125 13
8
*383 43
4
4018 4018
4
43 .3812 43 .383 43
200
100
Preferred
914 Apr 4 60 July 18
8 May 3718 Aug
*38
45
*30
*883 97
8
8
953 951 •883 97
3
97
40 Bamberger (L) & Co pref 100 6814 Feb 28 994 Aug 7
97
8
62 July 99 Feb
0953 97
97
*96
.44 438
312 312
418 41
380 Barker Brothers
No par
418
312 Aug
4
38 Jan 4
44
7I4June 20
12 Apr
4
*338 44
8
*193 20
Jan
8
20
*195 20
20
19
.1812 19
20
6 Si % cony preferred___ _100
54 Apr 19 2414 July 18
7 Dec 30
19
*183 20
4
8
1012 11
104 104 29,700 Barnsdal Corp
105 107
7 Sept
4 1012 11
3 Mar 2 11 July 7
34 June
8
5
10 4 1012 101 103
,
4112 40
443
4 3912 404 3.000 Bayuk Clgars Inc
4314 40
314 Jan 6 5212July 13
4312 42
No par
2 Dec 13 Feb
394 3918 41
8712 90
4
90
Jan
90
873 90
100 27 Jan 18 100 July 10
90
210
90
let preferred
30 Dec 59
90
90
*8712 91
163 17
4
167 167
8
8 1,200 Beatrice Creamer)
e
*1612 163 *1612 lO7
50
7 Mar 2 27 June 29
1012 Nov 4312 Jan
4
,
*163 164 101 17
8
0747 804 *7512 804 *72
81
*7512 804 •
Jan
100 45 Feb 24 85 Slay 25
7512 804
Prefe•Ted
62 Dec 95
8
4 95
*733
062
65
65
.6312 65
65
4
20 45 Jan 5 7012June 27
500 Beech-Nut Packing Co
2914 May 453 Dec
65
*6312 65
65 .62
*62
1058 111s
1014 1012 3,500 Belding Ilerninway Co_No par
312 Feb 20 1212July 6
8
824 Sept
HA 1118 *1012 11
07
8 97
25 Jan
4 1014 113
8
8 934 9378 9012 9612
8
8
4
600 Belgian Nat Rya part pref____ 6214 Apr 7 96125ept 15
573 June 625 Dec
4
4
8 9212 923 923 *923 933
8 923
937 937
8
•Bid and asked prices, no sales on this day. a Optional sale. x Ex-dividend. y Ex-rights.
C Cash sale.
New York Stock Record-Continued-Page 3
2072
Sept. 16 1933
tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 9.
Monday
Sept. 11.
3 per share
1712 175s
*301.1 31
37 8 3818
5
.62
65
23
2312
0137 144
8
.18
1912
44
44
067
69
26
2612
*1814 1812
*2
212
1014 1012
16
16
*74
7412
*49
50
12
*11
94 94
*1212 13
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ Per share
171 1814
.
31
323
4
373 403
4
8
62
65
.23
24
1328 1414
.13
1914
45
47
*67
68
2512 27
183 1914
8
*2
253
1014 114
*16
17
7414 7414
49
497
8
1014 11
912 1014
1318 134
061
65
512 6
25
25
414 412
.312 412
834 83
4
1718 18
4
4
*3
7
01214 15
*13
4 2
2 8 234
5
8
33
4 37
325 347
8
8
*6418 6518
2714 2714
lls
118
53
4 6,
8
I05*
10
29
32
2612 27
9
9
2812 2912
Tuesday
Sept. 12.
Wednesday
Sept. 13.
Thursday
Sept. 14.
Friday
Sept. 15.
Lowest.
$ per share $ per share 3 per share $ per share Shares. Indus. &Macon.(Con.) Par
1814 194 18'4 133
4
184 194 1818 193 32,500 Bendix Aviation
8
5
3214 323
4 32 8 331s 3214 328 3114 321s 3,800 Beet & Co
5
No par
393 404 395 40
32,000 Bethlehem Steel Corp No par
8
3912 405* 38
40
8
64
65
*6412 66
000
654 663
4 6214 6214
7% preferred_
100
2314
237 24
8
510 Blgelow-Sant Carpet IncNo par
23
24
23
2318 .23
1412 143
4
143 143
4
1412 145
8 2,000 Blaw-Knox Co
4 145 15
8
No par
.18
60 Bloomingdale Brotbers_No par
1914 .183 1914
18 .___- 183
4
18
4
*4412 4538 2,700 Bohn Aluminum & Br_No par
46
47
47 .46
467 x46
8
68
69
72
*6718 69
70
600 Bon Am! class A
72
68
No par
8
2611 273
8 265 2714 2612 2728 26
267 19,300 Borden Co (The)
8
25
194 194 193 20
8
1914 204 19
195
s 7.500 Borg warner Corp
10
*2
253
212 *2
100 Botany Conn MIlls clean A_50)
212
212 212 *2
1114 114 1112 115
8 1112 1214 1118 113 12,400 Briggs Manufacturing_No par
4
1612 *1619 17
17
*15
*15
100 Briggs & Stratton
*1612 17
No par
74
75 .74
75
72
70
7312 70
1,000 Brooklyn Union Gas_ _No par
8 487 487
8
*4812 497
8 497 51
8
700 Brown Shoe Co
5114 5114
No par
1114 1114
14
1112 133
143
4 1314 1312 5,900 Bruns-Balke-Collender_No par
4
*914 10
10
93
900 Bucyrus-Erie Co
4 9 4 "914
3
10
97
8
10
137 1414 1312 1312 1341 13'u
8
127 1312 1,300
8
Preferred
5
.61
65
65
*62
.61
65
*62
7% preferred
65
*62
65
100
.54 57
8
6
612
614 7
714 11.800 Budd (E 01 Mfg
par
612
7
74
No
23
27
2614 27
243
25
4
2718 28
550 7% preferred
274 295*
100
414 414
5
43
4 514
514
47
8 514 31,100 Budd Wheel
512
514
No par
.312 412
34 37
.312 4
s *312 34 *312 4
100 Bulova Watch
No par
.8
912
83
4 87
700 Bullard Co
8 0814 84
878 94
No par
9
9
163 17
4
1814 18
175 1814 18
8
185* 1712 1814 39,700 Burroughs Add Mach_No par
4
4
4
*4
4
.378 4
418
*33
8 4
400 Bush Term_
No par
8
.3
*3
*3
7
7
*3
7
100
618 64
Debenture
100
1213 1212 1318 1318 1212 13 .1218 14
*1218 147
8
70 Bush Term Bldg gu pref_100
800 Butte & Superior allnina___10
4 13
14 *13
13
4
17
4 14
*13
s
13
4 14
4
13
.4
.24 24
23
4 23
4 *212 23
2.500 Butte Copper & Zino
5
4
23
4 3
23
4 3
3
4
.312 4
4
800 Butterick Co
34 34
3 4 34
3
314
34
No par
3414 353 *3414 35
32
8
32
354 8,600 Byers Co (A M)
343 353
4
4 33
No par
6912 *64
6518 6518
*63
6912 .6412 6912 *6212 6912
30 Preferred
100
2512 2512
23
28
*2512 28
2834 2718 2718 1,200 California Packing_ __No par
28
118
1 18
114
114
13
8 2,400 Callahan Zinc-Lead
113
114
114
11.1
112
10
14
14
57
8 6
64 6
614 612
64 6
614 65s 5,000 Calumet & Uccle Cons Cop_ 25
01012 104 1012 1012 1034 1034 1012 1012 1,000 Campbell W & C Fdy__No par
0914 104
29
2912
303 324 307 314 3114 3414 315s 334 34,600 Canada Dry Ginger Ale
4
8
5
*27
*27
29
263 263
2812
4
4 2312 2912 x294 294 1,600 Cannon Mills
No par
06
9
*812 914 *8
84 .812 9
500 Capital AdmInIs el A__ _No par
*7
878
.2712 2812
*2712 30
*2712 30
130 Preferred A
4
30
30 .263 30
50
713 7212 7212 78
4
75 4 7812 763 7858 8018 83
3
4
774 8212 54,600 Case (J I) Co
100
.7218 767 *7212 767 *7214 77 .7214 77 .73
8
77
8
77 .73
Preferred certificates--_100
4
2112 213
8 2314 24
4 213 237
2312 23 8 245
5
23
8 225* 234 11,900 Caterpillar Tractor__ ..No par
434 443
467 483
8
4 43 4 4712 4612 474 4618 47
4 4434 4838 89.700 Celanese Corp of Am-No par
3
3
3
3
3
*3
314
3
700 Celotex Corp
3
4
314
25
8 23
334
No par
3
214 214 *2
21
*218 23
2
.2
218 24
218
4
800
Certificates
No par
812
812 *83
*712 812. *712 812
4 9
*8
.83
4 9
9
20
Preferred
100
.3112 34
33
33
34 12 347
8 2,800 Central Aguirre AssoNo par
33 12 34
3412 347
8 344 35
•7
77
8 .7
8
812 918
818 9
77
8
8
1,300 Century Ittlabon Mills_No par
77
3 8
075
93
93 "79
*75
93
75
*75
75
93
500
.78
93
Preferred
100
3714 3614 3678 373 395
4
8 3834 4114 110,800 Corrode Pasco Copper_No par
3412 343
4 3412 3712 36
43
4 5
*412 5
5
5
*43
4 5
43
4 5
4 1,000 Certatn-Teed Products.No par
43
4 43
*20
"20
25 .20
25
25 .20
25 .20
*20
25
25
7% Preferred
100
*1814 19
18
18
19
19
"1814 19
183 183
2183 19
4
4
4
900 City Ice dr Fuel
No par
68
63
68
6814 *66
67
67
68 .6538 68
210
6714 677
8
Preferred
100
.16
167
8 1612 1612 .16
167 "16
8
17
16
16
16
16
500 Checker Cab Mfg Corp
5
464 465
48
8 4714 49
493
8 4712 4712 47
4812 4412 4612 12,500 Chesapeake Corp
No par
912 912
95* 93
94 104
4
94 104
94 94 3,000 Chicago Pneumat Tool.No par
912 10
"197 207
2218 .20
8
8 21
2112 .21
2114 .20
500
20
2118 20
Cony preferred
Na par
.113 1212 1214 1214 113 113 *1012 113
4
4
4 11
4
11
500 Chicago Yellow Cab
1214 1214
No par
2414 2414 2512 26
264 27
25 4 263
3
4 264 275* 26
264 7,700 Chickasha Cotton 011
10
612 612 *612 7
*612 64
612 7
64 64
612 612
600 Childs Co
No par
*1512 18
100 Chile Copper Co
*1512 18
*1513 173
4 1512 1614 1712 1712
.154 13
25
44
4438 437 497
8
8 4812 504 483 4912 504 524 49
52 441,700 Chrysler corn
4
5
.14 2
218
2
2
2
*2
218
13
4
13
4 2
17
8 5,500 City Stores
No par
83
4
914 914 .73
10 Clark Equipment
.
84 914 *7
.
712 10
4 912 *73
4 912
No par
28
28
.26
30
*26
29
*29
30
30
"29
30
30
200 Cluett Peabody & Co_ _No par
*92
9412 9312 9312 .92
95 .92
97
*94
97
.04
97
10
Preferred
. 100
x88
.8918 91
90
90 12 91
91
9112 8912 91
91
91
2,400 Coca-Cola Co (The)__ _No par
.474 474 474 474 474 4712 *4714 4812 .4712 4812 .4712 4812
500
Class A
No par
.17 • 1718 1618 1712 1712 1812 1712 1712 1758 18
8 4,100 Colgate-Palmolive-Peet No par
1712 175
.84
863 .82
4
85
863
84 84
4 85
80
85
.847 8612 85
6% preferred
8
100
2212 237
8 234 26
25
254 2412 25
24
2512 23
243 50,300 Collins & Alkman
4
No par
0712 13
.712 13
*712 10
13
*712 1112 "10
13 .10
Colonial Beacon 011 Co.No pa
614 614
614 612
634 2,700 Colorado Fuel & Iron_ _No pa
64
4 64
6 8 63
,
65* 64
4
63
6312 6112 6112 6212 6412 6214 65
62
58
5814 5812 63
9,800 Columbian Carbon v t 0 No Pa
.22
223
4 223 27
4
261s 2718 2612 263
4 2614 273
4 2514 26
6,300 Columb P1.4 Corp v t o_No par
173 183
4
1718 173
4 1718 18
4 175* 174 1718 18
68,700 Columbia Gas & Eleo_No par
153 17
4
.76
76
77
7712 76
77
77
76
77
763 78
76
4
800
Preferred aeries A
100
8 1714 177s
1738 175s 177 1812 173 183 23,300 Commercial Credit-- _No par
8
*153 1618 163 175
4
8
8
8
4
3914 *38
383
4 3812 30 .38
383 *38
*38
393 .38
4
393
4
800
Class A
50
25
*2412 25
25
244 247
25
25
8 25
*25
26
25
520
Preferred B
°5
095
96
"95
944 95
96
95
95
96 .95
95
140
95
6 Si% first preferred_ _ _100
8 38
3958 10,100 Comm Invest Trust___No POT
3912 3878 3934 3834 3914 3812 395
.37
3812 38
934 *9318 934 •9314 9312 9314 9314
*93
94 .93
934 93
300
Cony preferred
No par
363 367
8
8 3612 404 3914 404 394 404 4018 413
4 3814 41 255,400 Commercial Solvents_No par
234 3
278 318
24 3
27
8 3
27
8 3
234 3 127,700 Commonw'Ith & Sou_ No par
37
37
37
38
3814 37
3714 3714 3714 3012 37
1,200
38
$6 preferred series__ _No par
.312 6
*312 93
*5
.312 6
6
*314 6
4 .312 6
Conde Nast Public'ns_No par
2412 25
2314 2314 2312 25
2414 25
2412 25,200 Congoieum-Nairn Ino-No par
2412 25
23
1412 *1212 14
.125 14
8
*12
123 123 *1212 1412 *1212 14
4
100 Congress Cigar
4
No par
1018 1118 1118 113 114 11
II
1112 11
8
.912 1014 10
800 Consolidated Cigar
No par
.51
51
52
"51
.497 50
51
52 .51
8
51
51
52
50
Prior preferred
100
.34 4
418 41 1
41s 418
4
*378 4
4
4
1,000 Consol Film Indus
4
I
8
1112 114 113 12
113 12
.1
11
*1112 114 1114 1112 11
4.900
Preferred
No par
47
4714 47
78,400 Consolidated Gad Co....No par
4312 45
4812 4714 487
8 444 474
3 463 475
4
9018 904 9014 904 9012 903
8912 3,000
89
00
4 90
01
90
Preferred
No par
.318 312 *318 312
3
34
34 312
1,600 Consol Laundries Corp_No par
318 314
318 34
1413 1514 143 1518 144 15
14
4
144 1418 143
4
133 144 186,200 Consol 011 Corp
4
No par
*102 1043 .102 1044 *102 1043 .102 1043 .102 104 0102 104
4
4
4
8% preferred
100
15
8
112 15
158
13
8
3 4,200 Consolidated Textile._.No par
15
8
134
8
14
13
4
112 15
13
4
8
812 84
9 8 97
5
912 97
8
83
83
4 93
4 92 5,100 Container Corp class A
914
4
94
20
34
34 34
3 2 312
34
312
3
3
8,000
35* 34 34
Class B
No par
13
1314 135
8 1212 1314 4,400 Continental Bak clam A No par
1312 13
13
4
8 123 13
.12
127
2
2
2
24
2
2
2
2 14
2
218 214
2's 4,700
Class B
No par
61
61
61
6312 x6I
*62
6212 .62
6212 .60
.6012 62
300
Preferred
100
8
654 65 4 68
6312 6614 6512 6614 65
653 6734 14,900 Continental Can Inc
64
3
64
20
1212 1214 1214
1112 1212 1214 1214 .12
1214 123
*1114 12
a 2.000 Cont'l Diamond Fibre
5
2914 294 294 3012 2912 30'2 5,000 Continental Insurance- - -2.50
2914 30
234 2818 28
2912
218
2
2
218
17
8 21 17.600 Continental Motors_ _ _No par
218 214
2
2
214
2
18
1812 1818 19
8
185s 1914 183 181
4 184 1918 173 187 93,600 Continental 011 of Del_No par
3
88
4
875
8 853 8612 87
8612 88
8612 863
4 854 8734 86
12.400 Corn Products RefIning25
139 139
13914 13912 13914 13914 .13712 13912 "13712 1391 .13712 1383a
370
Preferred
100
0478 54
5
54 3,100 COtY Ins
518
5
44 5
43
4 54
514 534
/9,, par
8 3134 3212 8,900 Cream of Wheat cdfs
8 314 323
3112 317
314 304 32
314 31
.31
No Dar
4 11
114 4,600 Crosiey Radio Corp
1134 •10.+4 1112 1112 113
10
10
94 94 10
_No pa
4814 4512 4614 4612 4814 43
4814 8,100 Crown Cork & Seal__ _No par
*43
477
8 46
45
45
03514 37
37
37 .36
36
36
*354 37 .36
100
*354 37
$2.70 preferred
No par
638 612 3,400 Crown Zellerback •t o_No par
64 678
63
8 612
4
612 63
*614 612
6 1 64
,
2712 1,300 Crucible Steel of America_.1%
27
4 26
26
*26
26 12 28
30 .2718 2812 2712 273
.46
4612 51
50
*4612 52
*4612 52 .46
*4512 52
52
Preferred
. _10(3
2
2
134
218
2
13
4 2,100 Cuba Co(file)
218
2
2
2
14 2
No par
534 612 4,700 Cuban-American Sugar__ _ 10
612 7
7
7
7
7
4 714
64 63
1 *63
38
40
110
38
40
40 .38
39
37
37
37
*3518 40
Preferred
100
49
47
493
4 49
2,100 Cudahy Packing
47
.47
48
47
497
8 48
47
50
60
251
2512 24
5,500 Curtis Pub Co (The)-Pio par
23 23
23
2312 237 263
8 25
s
8 2512 257
5712 571_ .56
5712 1,900
56
58
55
58
*5312 541
55
Preferred
58
No par
31 1 16,900 Curthis-Wright
3
3
314
314
314
3
31
,
3
3
334
I
.611 61
. 2,700
61s 61
63
s 65
61 t 612
Clam A
/
628 612
634 64
1
3
3
154 153
"1514 15 .
8
4
4 15 4 153 •157 1612 164 1612 157 l5si
11
600 CUtler-Hammer Inc__ _No par
.
600 Davega Stores Corn
*7
71
71.
612 65*
74
73
8 74 *64 712 .63t
7
6
• Bid and asked prices, no sales on this day. a Optional sale. z Ex-d vidend. e Cash sale.
PER SHARE
Rance Since Jan. 1
On basis of 100-share Iota.
y Ex-rights.
$ per share
(3, Feb 27
8
9 Mar 2
1018 Mar 2
2514 Feb 28
618 Apr 5
312 Feb 28
64 Feb 28
912 Mar 2
52 Feb 23
18 Feb 27
512 Feb 28
58 Apr 17
24 Feb 21
714 Feb 28
6312 Apr 5
2.812 Mar 3
134 Mar 3
2 Feb 27
23 Feb 23
4
2012 Mar 31
4 Apr 15
3 Mar 16
1 Feb 8
7 Mar 2
2
212 Feb 17
64 Feb 11
1 Apr 1
1 Apr 3
712 Apr 26
I Feb 10
12 Mar 31
114 Apr 10
812 Feb 25
304 afar 2
734 Mar '2
14 Jan 19
2 Feb 7
2 Feb 28
74 Feb 25
14 Fob 2
412 Feb 24
2518 Jan IS
3012 Feb 27
41 Feb 27
54 Mar 2
44 Feb 27
18 Mar 15
Ss Feb 4
112 Jan 5
14 Jan 3
2 Apr 19
52 Feb 27
57 Jan 4
8
1 Jan 9
4 Mar 27
718 Mar 3
45 Apr 7
712 Mar 23
1.7 Jan 3
s
218 Mar 31
54 Feb 28
618 Jan 4
5 Mar 2
2 Feb 28
6 Apr 4
73 Mar 3
4
4 Feb 28
5 Mar 24
10 Jan 27
90 Jan 4
7312 Jan 3
44 Apr 19
7 Mar 30
49 Apr 3
3 Apr 4
514May 10
312 Apr 4
2318 Feb 27
55 Mar 27
8
9 Mar 31
59 Mar 2
4 Feb 2;
16 Feb 27
181a Mar 21
70 Mar 24
18 Mar 3
84 Jan 4
g Feb 25
14 Apr 1
21 Apr 4
3 Apr 4
738 Jan 31
612 Feb 24
312 Apr 6
31 Apr 5
13 Jan 4
4
57 Mar 21
8
40 Apr 3
a80 Apr 24
218 Apr 17
5 Mar 3
9512 Mar 1
14 Mar 1
14 Jan 10
14 Feb 15
3 Mar I
4 Jan 6
36 Jan 3
354 Feb 23
312 Feb 2r
1012 Mar 28
1 Mar 27
44 Mar 3
4538 Feb 25
11712 M‘r 15
a2 Mar 24
23 Feb 25
214 Mar 28
144 Feb 27
2412 Feb 27
I Apr 10
9 Mar 2
15 Feb 27
II Feb 21
14 Jan 16
10 Jan 9
2034 Feb 21
64 Mar 3
30 Feb 23
112 Feb 23
2 afar 30
414 Jan 13
158 Feb 23
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share
2114 July 17
44May 18 4 Jan
3
3318 Aug 25
54 June 2478 Feb
4914July 7
714 June 295 Sept
8
82 July 3
1614 July 74
Jan
2912June 30
612 Dec 1513 Aug
1914July 19
34 June 10 Aug
21 July 18
614 June 14 Feb
5412July 6
47 June 2214 Jan
8
74 Juno 13
31 June 55 Nov
3712July 3
20 July 4318 Mar
2158July 5
33 May 1414 Sepr
8
412July 5
4
1, Sept
34 APT
1458July 18
278 June 1134 Mat
1012 Jan
183
4July 19
4 May
8812June 12
46 June 8911 Mar
537
8July 18
23 July 38 Feb
14 July
1812June 26
411 Sent
I27
8June 20
714 Sept
111 June
195*June 20
212 May 1018 Sept
72 June25
35 June 80 Sept
4 Apr
97
318 Sept
8July 3
35 July 3
Jan
311 July
14
53
4July 5
38 May
412 Jan
5 June 29
312 Jan
118 Apr
1314July 3
218 May
8 Sept
207
1314 Aug
8July 3
614 June
8 June 8
4
3 Dec 213 Mar
912June 1
7 Dec 65 Mar
2312 Jan 5
Jan
1214 July 85
27
8June 2
14 Sept
12 July
414June 2
2 Sept
12 Apr
712June 13
14 June
57 Sept
8
4314 July 18
7 May 245 Sept
8
SO July 18
3514 May 69 Sept
343
4July 17
414 June 19 Sept
214June 5
118 Sept
18 June
941une 2
112 May
8
77 Sept
1614 July 15
914 Aug
212 June
4112July 19
6 June 15 Sept
3512July IS
4
1018 June 233 Sept
1212July 13
913 Sept
218 Apr
19 June 32 Aug
3512July 13
10312July 17
4
163 June 653 Sept
4
86 July 19
Jan
75
30 May
43 J une 15
293
8
4July 7
Jan
587
8July 3
8
114 June 125 Sept
5 8July 3
7
33 Jan
8
7 Aug
8
43
8July 5
3 Dec
8
214 Feb
I23
4July 5
712 Mar
118 Dec
41 July 17
74.1une 2012 Sept
1158July 19
25*June
814 Jan
Jan
55 Dec 85
95 June 20
427
8July 13
3IjJune 1612 Sept
58 Dec
3
34 Feb
7 8July 3
458 Dec 1853 Aug
3014July IS
Oct2812 Feb
11
25 June 29
8
433 Nov 88 Jan
72 July 17
8
1612 Aug 304 Sept
207 Jan 18
47 June x203 Sept
8
4
5212July 7
123
8July 20
1 May
63 Jan
4
24 June 1214 Sept
25 4J1,ne 20
,
6 Dec 14 Mar
223
8alay 31
1212 Sept
34 July 18
5 Jun
8 Sept
104July 5
14 June
2112July 18
5 DCC 16 Sept
5 June 21112 Sept
527 Sept 14
8
3 8JUly 7
5
24 Jan
14 July
1414June 22
834 Jan
314 July
4113 July 17
10 Apr 22 Mar
100 June 2
90 June 96 Feb
105 July 17
6812 Dec 120 Mar
4712June 1
415 July 50 Mar
8
223
8July 19
1014 Dec 3112 Mar
55 June 95 Mar
88 Aug 18
23 May 107 Mar
26 Sept 11
4
8
12 Jan 4
1212 Oct
9 Jan
8
147 Sept
1758.11.11Y 7
24 July
7112July 3
8
1312 May 417 Mar
414 May 147s Aug
274 Sept 14
284July 19
414 June 21 Sept
83 June 12
40 Apr 794 Aug
1812 Sept 14
vs June 11 Mar
3912 Aug 31
113 July 28 Sept
4
2518 Sept 14
1012 June 21 Sent
957 Sept 1
8
40 Juno 75 Nov
8
4312July 3
107 June 277 Mar
8
974 Jan 31
5512 J une 82 Nov
4
57,
4July 18
312 May 133 Sept
54 Aug
64June 12
15 June
8
604June 7
273 J une 6812 Mar
8
11 June 13
12 Sept
5 May
275 July 18
8
612 June 124 Sept
18 Juno 7
II Sent
4 May
193
4June 7
35 Dec 244 Jan
8
65 June 8
17 June 60 Mar
53
4May 29
54 Jan
I June
4
143
4May 29
2 4 June 113 Mar
,
4
6418June 13
3112June 683 Mar
99 Jan 3
7212 Jttne 9918 Dec
54 Jan 10
4 Dec 104 Jan
9 Aug
153
4July 6
4 June
105 July 14
79 Feb 101 Sept
314July 5
15 Aug
8
14 Mar
24 Feb
1014July 18
5* June
412June 12
l's Jan
14 May
18' JulyII
8 Sept
27 May
8
13 Aug
s
312July 11
32 Apr
473 Mar
4
64 July 10
214 Jun
175,June 41 Mar
68 Sept I
1718July 7
811 Sept
1
Apt
3612July 7
634 May 2514 Aug
58 May
334 Sept
4 June 8
35*June
9 s Sent
3
1012July 7
905 Aug 25
8
243 July 5538 Sept
4
Oct
9gI1JIlne 140
1453 Jan 21
4
712June 13
7 5 Sent
3
112 May
2612 Oct
30's July 10
131:Jun
214 May
734 Sept
143
4June 8
z778 May 234 Deo
65 July 13
304 Nov
17 8 Jun
,
3812July 14
3 Aug
11Ju,ne
/312July 17
5 May 2314 Jan
3712July 19
14 Dec 494 Jan
60.* July 19
3
312 Sept
4
38June 7
34 June
4 may
34 AtIg
1112May 29
312 May 26 Aug
68 June 5
20 May 3512 Mar
5912June 8
Jan
7 June 31
3214June 12
Jan
373 Dec 86
4
66 June 12
4 MAY
3'1, Sept
438July 12
414 Sept
112 Mar
8 July 13
12 Sept
312 May
21 July 14
74 Sept
24 Oct
83
4July 14
_
or FOR
New York Stock Record-Continued-Page 4
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 9.
2073
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
Monday
Sept. 11.
Tuesday
Sept. 12.
Wednesday
Sept. 13.
Thursday
Sept. 14.
Friday
Sept. 15.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
$ per share $ per share $ per share $ per share $ per share $ per share
*212 5
*212 5
*213 5
*213 5
*212 5
*212 5
1414 1414 14
144 1414
14114
143 •14
8
1412 15
*1414 15
*63
65
65
66
66
66 .67
80
70
70
67 67
*2912 31
a29
30
293 293
4
4 2912 2913 *28
30
*26
30
*2314 233
4 23
4 2312 233
2313 238 233
23% 2518 24
25
*2912 3015 *293 30
4
293 293 *29
4
4
2913 29% 2912 29
29
334 333
331 34
32 8 333
5
4 323 33
4
33% 3412 3314 35
*2012 213
4 2112 22
*21
22
*21
22
521
21
*20
21
147 154 14
/ 1512 15
1
4
15 8 1518 16
5
1614 17
16
163
4
*1112 15
*1112 15
*1112 15
*1112 15 .12
15
*12
15
3
73
73
*612 7% *612 7
73
73
718 74
*612 74
43
42
4212 42
42
42 4 393 41
3
40
44
4
4314 463
4
*1018 1218 *104 1218 1018 1018 .10
*1018 12
1218 *10
12
*20
23
22
22
22
22
22
•20
23
23
23
*20
*9812 100
*9812 100
*9812 100
*9812 100
100 100
*9714 100
*5 8 63
5
4 *612 63
4
614 612 *614 634
6
/ 6
1
4
/
1
4
1334 63
827
82 8212 81
8 8313 843
4 84 8414 84
85
84
/ 857
1
4
8
*122 125 *122 124 *122 125 *123 125 *123 125 *123 125
*1218 123
4 12
/ 1314 134 1312 13
1
4
13
1314 13 8 13
7
13 $
7
Shares. Indus. & Mlscell. (Con.) Par
Debenham Securities
1,700 Deere & Co pref
20
900 Detroit Edleon
100
600 Devoe & Raynolds A..-No par
4,900 Diamond Match
No par
Participating preferred-25
800
40,400 Dome Minos Ltd
No par
300 Dominion Stores Ltd-No par
30,400 Douglas Aircraft Co Ina No par
Dresser(SR)Mfg cony A No par
300
Convertible class B No par
45,900 Drug Inc
10
200 Dunhill International-No par
500 Duplan Silk
No par
10 Duquesne Light 1st pref__100
500 Eastern Roiling Mille No par
8.500 Eastman Kodak (N J)..No par
6% cum preferred
100
5,900 Eaton Mfg Co
No par
7818 78
4 8112 8318 8114 825* 823 84
/ 773* 813
1
4
8
7913 8312 60,700 E I du Pont de Nemours____20
*11212 11511 *11278 11512 11314 11314 *11212 11312 *1125* 11512 *112% 113
100
6% non-voting deb
100
*312 38 *312 3 4
3
3 3 35*
5
35* 37
3
3% 4
3% 3 4 8,300 EltIngon &Mid
No par
*1518 194 *14
/
1
194 *15
1914 *15
1918 1814 1814 *1518 18
100
63i% cony 1st pref____100
193 19% 193 2112 2113 223
4
4
2112 224 2214 233* 2012 22% 29,700 Elec Auto-Lite (The)
8
5
*87
8814 *85
8814 *87
85
86
85
85
8812 85
85
Preferred
100
100
5
5
5
54
514 6
514 513
54 5% 17,600 Electric Boat
54 54
3
23
4 24
3
27
27
8
3
3
3
318
27
3 3
3
3
5,200 Elec & Mus Ind Am shares_ __
s
85* 87
813 9
83
4 9%
8 8 , 914
7
8
83
8 9
73
4 83 17.000 Electric Power & Light No pa
*19% 2014 *1913 2014 2014 2014
1912 1912 19
20
No par
Preferred
175* 1812 1,900
177 177 *174 18
8
18
1612 17
18
*1512 18
15
16
1.500
$6 preferred
No par
*4512 461
4612 4713 4712 478 47
477
8
46
478 x447 46% 3,700 Elea Storage Battery
No par
*15
8 I% *158 17
13
4 13
15* I%
500 Elk Horn Coal Corp_ No par
13
4 114
4 *13
4 17
8
•25* 3
*25
8 3
*23
4 3
25
8 2%
*23
4 3
25
50
25*
400
6% part preferred
*5218 54
54
55
56
55 4 57
57
3
1,200 Endlcott-Johnson Corp___50
*56
5718 5718 58
*117 120
117 117 *117 120
11812 11812 117 117 *11814 11811
40
Preferred
100
*714 71
512 7
*714 712
1,300 Engineers Public Serv__No par
73
4 7
3
*74 77
7
7'
*24
25
*2412 25
25
25
25
25
1,500
25
$5 cony preferred_ _ _ _No par
25
23% 25
*25
391 *25
35 •26
24
24
35
25
*27
$514 preferred
35 •22
700
No par
*25
38
*27
38
•25
*28
35
25
38
25
100
*30
$6 preferred
38
No par
*97 101
8
10% 103
,3 103 105
* *93 10
8
4
1,000 Equitable Office Bidg_No par
s 105* 105* x10514 105
*10
10 8 1014 11
3
1012 1012 2,700 Eureka Vacuum Clean_No par
11
1012 11
1118 *1012 11
3
38
*33
8 414
*3
41
4
44
4
800 Evans Products Co
*33
4 4
5
33
4 4
*10
ID •1018 1112 10
200 Exchange Buffet Corp_No par
111 *10
1012
10
1112 *10
*10
*114 212
114 21
*114
Fairbanks Co
21
*114 21
25
*114 212 •
14 2 2
,
*4
/ 7
1
4
•43
4 63
Preferred
•43
100
4 6i
40
*43
4 714
63
4 7
714
714
•8
812
812 812
812 812
500 Fairbanks Morse & Co_No par
8
812 812 *8
8 12
8'2
3112 3112 *31
35
Preferred
31
35
70
*31
100
*31
31
35
*31
35
Fashion Park Assoo____No par
7% preferred
..
100
*913 12
•
92 12
300 Federal Light &'Fran
.913 12
15
812 9
10
*9
10
*9
*50% 59
*55
59
Preferred
10
No par
*5012 59
55
55
*5012 59 •5012 59
.40
70
52
52
1,800 Federal Min & Smelt Co__100
*50
618 79
70
61
•50
70
58
*7
712
712 712
600 Federal Motor Truck_No par
8
8
8% 818
712 713 *75g 8
*213 3
*213 3
Federal Screw Works__No par
*212 3
*212 3
*212 3
*2112 3
*314 4
1,400 Federal Water Serv A__No par
33*
35* 35*
314
314 314
33
313
318 33
*25
2712 2613 2612 2714 28
3 273
2714 2,000 Federated Dept Stores_No par
27
4 27
4 273 273
4
*27
29 •28
29
29
294 2814 30
2912 *29
2,400 Fidel Phen Fire Ins N Y...2.50
301
30
2
2512 27
2618 28
53* 257
265 27
26% 27
/ 257 27'2 21,300 Firestone Tire & Rubber__10
1
4
*72
7312 73
7313 7312 7313 73
100
Preferred series A
700
73
*727 7313 73
8
73'z
56
56
554 5614 55 8 564 55 55
5
/
1
4,400 First National Stores_No par
5512 564 55
56
.14
15
*14
15
15
15% *15
400 Florsheim Shoe class A_No par
1512 15% 15% *1412 16
_ *9913 _ _ *9812
.071/4
_
100
_ *9812
6% preferred
__ x99
99
10
*10 Il
11
if% 11% 11 4
*97-12 *1114 12
No par
--3
12
12
400 Follansbee Bros
*10 11
4
*13
*1313 144 *__-_ 16%
138 *1314 14
/
1
1313 1312 1312 1312
200 Food Machinery Corp_No par
173* 172* 183 184 18
3
No par
183
4 184 1814 1814 1914 1712 187
4,000 Foster-Wheeler
143 143
8
8 15
1618 17
4
1634 175* 1412 155
18
*163 17
No par
8 3,800 Foundation Co
2013 2012 2034 2112 211 217 .21
/
4
8
21% 2112 217
1
8 2114 2112 1,700 Fourth Nat Invest w w
*1418 15
14
153
4 157 17
8
1614 1814 1818 19
1718 183* 23,900 Fox Film class A new __No par
•16
49 •40
49 .40
49
*40
43
*40
43
Fkln Slum & Co Inc 7% pf100
*42
49
5
*423 43
4
4212 4312 433* 44
437 4512 45
10
47
4218 44
17,700 Freeport Texas Co
__ •140
__ .130
__ 150 150
150 150 *140 150
100
200
6% cony preferred
*163 18
4
•132-*163 -4 18
17 -1714 1714 16
17
/ 173
1
4
90 Fuller(GA) prior pref-No par
1634 163
4
*10
15
*10
15
*10
15
1010
15
1018 10'8 10
No par
105
8
100
It 2d Pref
*4
414
4
4
4
4
4
4
4
4
*418 414
900 Gabriel Co (The) el A_No par
1912 1912 19
19
19
19
19
19
1812 1812
19
19
270 GamewmICo (The)
Nopar
912
*85* 9
9
9
94
9
98
,
914 9 3
3
5
88 9
7
6,200 Gen Amer Investors_No par
80
*77
•77
80
*77
80
*77
80
*77
80
77
No par
77
100
Preferred
3812 38
37
37 37
39
373 385* 383 39
4
8
373 38 4 12.400 Gen Amer Trans Corp
4
3
5
2214 22
21
2112 211
2234 22
22
22
223
4 208 225* 12,000 General Asphalt
No par
153* 15 8 1512 157
*15
151
5
1514 1.313x153 16
8
1534 16
14,700 General Baking
5
*7
/ 8
1
4
8
81
77
8 515
72
8
8
814
74 814 4,600 General Bronze
5
*6
635
6
61
612 61
614 61
613 63
4
6
6
2.300 General Cable
No par
1212 1213 121 *11
*10
1212 *10
121
1212 127
8 1213 1212 1,900
Class A
No par
2918 *24
291 .25
*21
291 *25
291 *21
2918 *25
2918
7% cum preferred
100
374 3714 3712 373
38
38
*3714 38
374 3734 37
372
1,500 General Clear Inc
No par
*11)812 1113 *10812 1113 *10812 1113 *108 110
110 110 41108 1113
4
4
20
7% preferred
100
2318 243g 244 251s 24
233
23
25
2312 2412 98,900 General Electric
245* 24
No par
1218 1218 *124 121
1218 12's 12
12
121s 1218 117 12
8
3,700
Special
10
PER SHARE
Range Since Jan. 1
on basis of 100-8h07e tots.
ii ,IIKI.,
Lowest.
PER SHARE
R.ange for Previous
Year 1932.
Lowest.
Highest.
$ Per share $ Per soros $ per shares per share
112May 20
5 June 12
1 June
2 Dec
/
1
4
64 Feb 24 183
sJune 22
614 June 1514 Jan
48 Apr 3 9112July 10
54 July 122 Jan
10 Mar 1 337 Aug 9
4
7 May 161 oat
17% Feb 28 2912July 7
12 Apr 1918 Sept
2618 Feb 27 31 July 19
2013May 263 Dee
4
12 Feb 28 887
3July 19
7% Jan
127 Dee
8
3
101$ Feb 27 26 3July 18
1114 June 1812 Sept
104 Feb 14 1814July 17
*
5 June 182 Sept
5 July 23 Feb
6% Feb 27 18 June 12
24 Mar 1 10 4June 2
3
13 Dec 12% Feb
8
29 Mar 31 6312June 29
23 May 67 Feb
ss Dec
31* Sept
% Apr 10 144 July 19
8June 30
913 Apr 22 283
512June 15 Sept
90 May 4 10218June 13
87 May 1015 Nov
8
118 Mar 30 10 July 3
1 June
612 Sept
3
46 Apr 4 89 4July 14
3514 July 87 Jan
8
99
110 May 2 130 Mar 20
Jan 125
Oct
7
3 June
9 Sept
318 Mar 2 16 July 17
22 July 593 Feb
3
3218 Mar 2 85 4July 17
4
80 4 June 10518 Aug
8
9712 Ape 20 117 July 7
es Feb 4
5
14July 14
2% Sept
18 June
4 Mar 29 23 June 12
214 May
1213 Jan
8,4 Jun
32 Mar
10 Apr 4 2712July 13
/
1
4
61 June 10014 Feb
7814 Mar 29 8812July 18
212 Jan
814July 3
1 Jan 3
12 June
414July 15
7
sJune
4 Jan
1 Feb 14
23* July
3
16 Sept
34 Feb 27 15 8June 13
712 Apr 4 3612June 12
10 4 July 64 Jan
3
4June 13
8% July 5.315 Jan
614 Apr 5 323
123 June 3314 Mar
8
21 Feb 16 54 July 10
4 June 19
3 Aug
Is Jan 4
4
4 Jan
4 Jan
38 Apr 29
6 June 7
1 Sept
16 July 3714 Sept
26 Feb 27 62 3July 18
7
107 Feb 17 122 Aug 23
98 May 115 Nov
4June 12
4 Feb 23 141
4 June 25 Feb
16 July
51
1512 Apr 7 47 June 13
Feb
15 Apr 4 497
18 July 57 Mar
8June 12
25 June 611 Mar
2012 Apr 19 55 June 13
/
4
3July 7
19 Jan
612 Mar 27 133
1012 Dec
3 Apr 4 1814July 7
2 June
714 Mar
712June 28
%Mae 1
% May
212 Sept
10 Jan 4 1112July 19
9 4 Jan
3
113 Jan
4
238June 8
7
8May 17
1 Sept
134 Sept
1 June
814June 13
1 Feb 23
4 Aug
212 Mar 23 1114June 2
24 Dec
Ms Aug
10 Dec 47 4 Mar
10 Feb 25 42 June 3
5
5 Jan 26
8
3 June 8
17 Sept
8
.2.11m.
77 Jan
113 July
3 Feb 23 11 June 2
43 Apr 6 1412June 12
4
814 Dec 22 Jan
38 Apr 20 5912July 20
30 June 64 Mar
15 Mar 31 79 Sept 15
13 June 35 Sept
4July 10
2 Mar 16 113
4
112 May
33* Feb
47
8July 7
12 May
% Feb 27
25* Aug
15 Feb 25
8
214 Dec 10 8 Mar
63
4June 12
3
712 Feb 27 30 July 18
6% June 15 4 Sept
3
1014 Mar 27 36 July 6 ' 6 May 27 Jan
8
94 Apr 4 3112July 18
8
1012 June 187 Aug
45 July 68 Aug
42 Mar 3 75 June 7
43 Mar 3 70 4July 7
35 July 5412 Dec
3
10 Feb ,
712 Feb 7 18 July 5
4 Apr
/
1
4
80 Apr 19 101 Sept 5
63 July 99 Nov
814 Sept
212 Feb 28 19 June 7
2 June
31 May
1014 Feb
612 Apr 19 16 July 13
7
15 Sent
412 Feb 28 23 July 7
3 May
I July
714 Aug
2 Feb 27 2338July 17
13%Mar 1 2614June 13
1014 June 223* Sept
1212Sept 6 19 Sept 14
7212 Jan
12 Jan 24 50 Aug 15 15 Oct Ms Feb 28 47 Sept 14
8
10 May a283 Nov
97 Apr 19 150 Sept 13
26
Oct
- May 24
9 Jan 9 31 June 13
4 Jan 19 23 June 13
3 June 32 Feb
3% Sept
1 Feb 27
14 June
54 Aug 18
512 Dec 17 Jan
8
612 Jan 20 207 Aug 25
25* Feb 28 12 June 20
512 Sept
1s June
26 June 71 Sept
42 Feb 23 85 July 7
3
912 June 35 4 Mar
*
135 Feb 28 4314July 19
43 June 1512 Jan
4
4 8 Mar 3 27 July 18
3
195* Mar
1012June
1112July 21 2078July 10
% June
5 Aug
218 Feb 6 1012July 7
14 May
1112June 9
5 Sent
114 Mar 31
1112 Sept
113 May
24 Feb 27 23 June 9
3
3 June 25 Sept
/
1
4
612 Mar 30 46 June 9
20 June 383 Mar
8
sJune 23
29 Jan 3 485
75 June 106 Dec
90 July 28 112 Jan 25
2618 Jan
812 May
107 Apr 26 3014July 8
8
117 Sept
8
10 8 July
5
1118 Apr 20 1214July 24
374 373* 374 383* 3835 3034 38% 393* 385* 393
8 375* 3918 33,300 0 neml Foods
No par 21 Feb 24 393
4Ju1Y 18
195* May 4012 Mar
114
114
114
las
114
13
8
112
114
138
114
13*
15* 2,400 Den'l Gas & Elea A_ _ No par
2$4 Feb
7
tqi Apr 1
% July
2 8June 6
*11
12
12
*11
12
12
*11
1212 .11
12
11
11
3 June 244 Jan
Cony prof series A No par
318 Apr 3 1612June 6
200
147 *10
8
147 *11
*10
8
8
147 •1112 147 .12
8
14 8 •1112 147
7
$7 pref class A
514 July 30 Aug
No par
7 Apr 20 1812June 20
*13
19
18
•13
*13
18
*13
18
*13
18
*1212 18
514 July 40 Feb ,
Sti prof class A
No par
5 Apr 6 20 June 10
.403 44
8
*413 44
4
*424 4212 4212 4212 *434 44
*4312 44
100 Gen Ital Edison Elec
18, Apr25 Mar
8
. 244 Jan 9 4212Sept 6
67
67
4
663 67
67
68
683 683
4
4 6812 69 4 683 683
3
4
2,000 General Milt28 May 4812 Sept
Corp_No par 3512 Mar 3 71 June 28
106 106
-- •104
__ •104 109 *104
•10414 --100
Preferred
76 July 96% Dec
100 9212 Mar 28 106 Sept 9
3212 *10412-- 8 344 - 3
32
343
35 8 34% 343
32
4 347 - 3
8 35 - 3318 4
35% 308,400 General Motors Corp
10 10 Feb 27 353 Sept 14
7.8 June 245* Jan
92
*
92
.9012 9112 9112 9112 *9112 92
922 93
924 93
1900,
55 preferred
5614 July 8714 Mar
No par 6512 Mar 3 95 July 15
3
143
.14
4 14
*10 8 1412 •105* 14
14% *14
14
*103 14
8
100 Gen Outdoor Adv A
4 June
9 Feb
No par
54 Jan 9 24 June 13
*53
4 6
52
4 57
8
6
6
6
6
57
8 58
7
53
4 53
4
800
235 Nov
Common
1018June 12
4
VsMar 1
Jan
No par
1114 *Ills 1214 *1118 1214 1112 1112 *11
1112 1112 11
1112
90 Genera,Printing Ink_No par
14
Jan
314 Jan 4 17 June 10
212 July
.734
/
1
__ *7312 _ __ •74 - -- *74
•74 . _ •74
- - _ - _ -$6 preferred
No pa7 31 Mar 18 82 Aug 3
60 Feb
2712 Jun
412
418 44 -4 _4
413
414 - 4
4
414 414
4l5 -- : 1.311/6 Gen Public Service
41
No par
84June 12
7, Aug
2 Apr 6
8
1 May
4213 413 42
*3712 40
41
41
4
42
4212 4212 4212 1,900 Gen Railway Signal_
40
283 Jan
8
1314 Jan 3 4912July 6
No pa
6% Jul
2
214 25
214
212 2 2
218 235
2 8 25*
5
212
218 2% 10,900 Gen Realty & Utilities
43
I
214 Sept
8June 24
14 May
3 Feb 16
8
1612 1714 17
17
19
17
18
/ *17
1
4
17
•15
1812 19
1,000
$6 preferred
4
No par
4June 26
512 Jan 19 223
5 June 163 Sept
*14
143 *13
1412 *134 132 *1212 133
*13
/ 15
1
4
1412 *13
4
General Refractories_ No par
8
212 Feb 27 19 4July 5
11 June 153 Sept
/
4
3
2818 284 *2813 3213 2835 28% *2812 3212 *29
3212 30
30
93 Feb 17 3912 July 14
60 Gen Steel Castings prof No par
8 Mar 27 Aug
8
1413 147
135* 14
8 1412 15
144 15% 137 147 29.500 Gillette Safety Razor_No par
/
1
1312 14
9 Anr 20 2014 Jan 11
/
1
4
10 8 Jan 2414 Mar
3
5.313 *543 56
•53% 561a *54
56
58
58
56
4
*56
577
300
Cony preferred
No par 473 Apr 19 75 Jan 9
4
45 June 7212 Aug
812 52
6
618 *57
51 6
3
8 6
6
62
63
8 63
4 7,300 Gimble Brothers
35 Aug
No par
4 Feb 9
4 June
738June 27
*1814 21
22
21
21
21
*23
21
26
*18
23
23
400
Preferred
Jan
100
514 Mar 1 33 July 7
635 Dec 31
5
174 1714 174 18
173* 1814 17% 17
1818 1812 1812 1812 7,800 Glidden Co (The)
No par
334 Mar 2 20 July 18
8
3 8 June 101 Sept
88
*8714 88
88
*86
88
88
*8712 88
4
863 87% *85
110
Prior Preferred
100 48 Apr 22 9113 Aug 1
35 Apr 76 Sent
848 812
8
83
4
834 94
3
812 8 4
3
8 4 98
3
812 8 8 3,900 Gobel (Adolf)
7
No par
25, May
3 Feb 16 16 July 13
8 Aug
22
/ 235* 227 231
1
4
2338 233
8
2212 2312 10,400 Gold Dust Corp v to. No par
223* 2218 23
22
12 Feb 27 273
3
8July 18
814 May 20 8 Sept
*10114 105 *10112 105 *101% 105 *10112 105 *10112 105 *10112 105
56 cony preferred_No par 100 Jan 18 105 July 21
70 July 101 12 Dec
8 187 163
8
8 16i8 17
154 165* 14,700 Goodrich Co (B F)..
1518 1514 1518 1613 1618 163
No par
1238 Sept
3 Mar 2 2112July 18
24 May
43
43
42
42
42
43 •40
4212 *3912 4212
46
*39
Preferred
900
100
9 Feb 28 83 July 13
7 May 334 Sept
377 3914 3653 383 24,300 Goodyear Tire & Rubb_No pa
37% 38
374 381
382
36
35 3 353
5
4
914 Feb 27 4712July 17
5
512 May 29 Aug
68
68
69
69
6714 671
*68
69
*66
66
69
66
400
let preferred
No par 27 4 Mae 2 80
8
14July 6
19% June 6912 Aug
113 *1115 1134 1114 11s 11
8 11
113
3 10% 105
1112 3,400 Gotham Silk Hose
•11
No par
714 Jan 3034 Sept
75, Apr 4 1712June 12
,,,_ _
68 •____ 66 •____ 66 *____ 65 •_-_- 66
65
66
511
Preferred
100 41 Apr 3 73 July 3
5014 Jan 7012 Oct
33
35
37
33
37
4
312 4
34 4
3
5T2 33
9,100 Graliam-Palge Motors
1
435 Jan
1 Apr 3
1 May
5 8July 12
5
4
1114 1218 6,200 Granby Cons M Sm & Pr__100
3
103 113* 1012 10 4 1114 1214
4
37 Mar 2 1838.1une 13
1018 1014 103 11
115* Sept
23* June
735
6
/ 64
1
4
7
7
6% 133
7 13 *63
74 74
3
4 74 1,500 Grand Union Co tr etts_No pa
3 8 Mar 2 103
3
9 4 Mar
3
34 June
8June 26
31
314 3114 2914 30 .2914 31
3118 *30
•2914 30
*31)
300
No par 2212 Apr 5 3638July 3
Cony prof series
22 June 354 Mar
•25
28
2734 *25
273 *25
4
273
6
273 •25
273 29
4
*2
300 Granite City Steel
No par
1118 Mar 24 3052July 11
63 June 17 Sept
4
30
30
z29
30
291
2912 2912 29
2914 295* 2,700 Grant (W T)
8
.2712 287
No pa
1412 May 3014 Mar
15 4 Feb 28 3638July 7
3
8 13
4
1314 13
135
1234 131
4 123i 1318 127 13'
122 123
4
3,500 (It Nor Iron Ore Prop No pa
513 Feb 27 163
5 June 1314 Jan
4July 11
3738 39
354 377
/
1
z3838 40
348 36
37
393 97.900 Great Western Sugar No pa
8
3412 347
3
67 Jan 19 40 4July 17
34 Apr 12 Aug
109 109 *10912 113 51087 1091 1087 109
*
8
130
•108 113 *109 113
Preferred
100 7212 Jan 3 110 Sept 6
48 June 83 Aug
s
27
8
27
8 27
23
2% 3
21
7
21
23
4 2 s 7,000 Grigsby-Grunow
*
2
/ 27
1
4
No par
%Mar 3
4 Apr
43
3.July 13
23* Sept
•Bid and asked prices, no sales on this day. a Optional sale. z Ex-dividend. y Ex-tighta.
m.
New York Stock Record-Continued-Page 5
2074
Sept. 16 1933
rar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 9.
Monday
Sept. 11.
Tuesday
Sept. 12.
$ Per share
/
1
4
23
8 2
27
2713
*46
47
*22
23
*28
2814
612 71
/
4
*2813 30
5 4 53
3
4
*512 71
/
4
*26
35
84
*81
19
19
$ per share
*218 23
4
82612 2818
.46
47
*20
227
8
*28
2814
7
7
/
1
4
2913 3012
5 4 63
3
8
*512 74
/
1
*30
35
8114 8114
*18
19
Wednesday
Sept. 13.
Thursday
Sept. 14.
Friday
Sept. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
6 per share Shares. Indus. & Miscell. (Con.) Par
800 Guantanamo Sugar____No par
210 218
500 Gulf States Steel
*2612 275
8
No par
40
46
Preferred
44
100
100 Hackensack Water
25
22
/
1
4
.20
7% preferred class A____25
281 1
*28
8,400 Hahn Dept Stores
No par
8 7
67
900
100
Preferred
273 2812
4
*5
/ 6
1
4
600 Hall Printing
_10
Hamilton Watch Co_ __No par
*512 7'8
33
*30
Preferred
100
120 Hanna (5.1 A) Co 37 pt_ No par
80
80
400 flarbtson-Walk Refrac_No par
1812 1813
____ ____ ______ Hartman Corp class B_No par
Class A
No par
35
35i -1 .
3'-' -37-8
312 - -12
80 Hat Corp of America Cl A__I
3
4
-332
ais 18
5.
34
33* - *2013 23
*2012 23
23
*20
23
*20
23
*20
23
*20
100
6)4% preferred
*13
4
17
8
13
4
17
8
13
4 2
11 17
/
4
*15
8
8 1,800 Hayes Body Corp
11
/
4
11 2
/
4
No par
*10014 102
102 102 *100 101
300 Helme (3 W)
101 101 .101 105
25
*993 101
4
*12
1412 *12
1312 *12
100 Hercules Motors
12
1312 *1212 1312 12
*12
1312
No par
*48
5412 *51
50
52
1,900 Hercules Powder
par
51
50
5112 252
533
4 52
No
533
8
*108 109
10812 1094
/
1
90
$7 cum preferred
108 108 *108 109
100
108 108 *108 109
100 Hershey Chocolate__ __No par
*53
5712 *5213 5712 5614 5614 *5212 .5712 *55
5712
5712 *55
Cony preferred
1,700
*77
837 *75
8
837 a80
8
No par
a8112 8112 8112 8112 81
81
80
4 1,900 Holland Furnace
*65
8 6
/
1
4
658 63
6
/ 67
1
4
8
No par
67
8 7
63
4 63
4
63
4 7
812
812
8
8 18
1,600 Hollander & Sons (A) No par
8
814 *81 83
814
8
/
4
8
814 814
29714 29812 30412 30413 300 305
319 33112 6,000 Homestake IN.1 Ming
300 30018 310 320
100
200 Houdaille-Hershey CIA No par
1114 111.1 .10
*10
1114 11
12
11
12
*10
12
*10
4l
4I
4l
412
412
438 412
4g
418 4
43
8 43
/ 2,800
1
4
8
432 412
Class 13
No par
*48
4918 48
47
48
700 Household Finance part pf.50
4712 48
47
*47
50
047 50
8
9,200 Houston 011 of'rex tern ctfs100
3034 3138 3014 311 3112 333 *3131 3212 32
/
4
33
3014 32
534 614 4,200
614 614
614 612
618 612
*6
Voting trust etre new- __25
614
614 6
/
1
4
0241. 25
25
263 *26
8
/
1
267
8 25
25
26
274 2612 2812 10,400 Howe Sound • t o
25
8
133. 137
8
155
8 1412 1514 1518 157
8 13 8 1512 15
8
5
8 143 153 22,800 Hudson Motor Car_ _No par
5
514
5
512 512
514 6,100 Hupp Motor Car Corp
514 512
514 512
5 3 512
3
10
_
____ ____ .
Indian Motooycie
No par
4
414
312 418
318 312
418 414
8 5.300 Indian Refining
4
4
*23
4 37
6912 74
7212 7412 7214 7214 73
7014 71
741 27114 733 10,600 Industrial Rayon
/
4
4
No par
63
61
2,800 Ingersoll Rand
61
*5712 58
64
62
/ *6112 63
1
4
61
58
63
No par
1,000 Inland Steel
33
37
33
371 3718
*35
/
4
3212 3212 36
37
36
36
No pa
73
8
6
/ 7 8 2,100 Inspiration Cons Copper- _20
1
4
7
7
678
7
7
613 612
3
63
8 6
/
1
4
3
3
*27
8 318 *3
300 Insuranshares Ctfs Ino_No pa
318 31
/
4
314 *3
318 318
314
4 *25
025
8 2 4 *25
8 23
3
4 *25
8 23
8 23
4
500 Insuranshares Corp of Del___I
8
25
8 23
3
212 23
*213 23
4
24 3
3
1,400 Intercont'l Rubber__ No pa
23
4 23
4 *23
8 3
*253 24 *25
/
1
4 3
*FI
812
800 Interlake Iron
814 812
812
814 9
4
814
*83
8 83
4
No par
83
4 83
338 33
8
3
/ 318
1
4
3
3
31
338
31 314
/
4
3
3
1,300 Internet Agricul
No par
22
*17
*17
21
21
*17
*17
21
21
.17
21
Prior preferred
*17
100
*113 145
14514 147
1,800 lot Business Machtnes_No par
147 148 *146 147 2 148 151
149 15014
,
714 7
/
1
4
78 8
5
3,500 Internet Carriers Ltd
78 8
3
8
I
814
73
4 83
8
712 8
4,800 International CementNo pa
*3018 31
3312 *323 33
32
4
34
3312 33
3418 33
33
/
4
/
4
8
4118 3912 411 4012 4112 4112 434 4012 427 38,500 Internet HarvesterNo par
3812 381 39
/
1
/
1
/
1
4
8
8
8
100
*117 1187 1174 117 •118 11918 *11712 1187 *11712 118 *11712 1187
Preferred
/
1
4
100
*73
4 81
/
4
74 8
7
/ 2,900 Int Hydro-El By,ol A _ _No par
1
4
7
3
8
8 / .77
1
4
8 8
77
8 8
4
4
4
*334 4
4
*33
8 4
400 lot Mercantile Marine_No par
3 4 33
3
*31 4
/
4
4
/
4
8 20
193 193
8
203
8 20
4 193 203
8
203
8 205 2118 2012 211 149,100 lot Nickel of Canada_ _No pa
8
1097 1097 *107 110 *107 110
8
*10414 110 *106 110
8
200
Preferred
10012 10912
100
18
*14
17
*133 16
*15
Internet Paper 7% prof_ ._i00
4
*1312 17
*1514 17
*912 17
*5t2 618
6
5
1,400 Inter Pap & Pow al A --NO par
*512 6
64
/
1
534 6
5
/ 6
1
4
6
3
3
3
3
3
314
3
3
Class B
3
3
23
4 23
4 1,200
No par
8
2
23
8 23
8
2
214 23
Class C
25*
/
4
2
2
2 18
21 218 4,000
No par
15
15
15
1613 1514 1612 15
1512 2.400
1514 1512 153
Preferred
4 15
100
400 lot Printing Ink Corp_No par
*10
1012 10
10
10
*912 10
*912 10
10
10
10
69
120
*65
7013 *65
68
69
7012 *65
*65
68
Preferred
70
*65
100
600 International Salt
*2212 24
2312 233 *2312 241s *23
2418
4
2418 24
241 224
/
4
No par
48
48
04712 48
900 International Shoe_ _ No par
•48
4812 *48
4812 24612 48
.
*4712 4812
4,900 International Sliver
49
384 38
/
1
451 *42
/
4
/ 40
1
4
4412 43
43
45
473
4 41
100
245
*55
7% preferred
60
4
5714 59
60
100
61
60
613 62
*55
60
57
15
/ 16
1
4
1618 1714 1612 173
1714 54.000 Inter Telep & Teleg_ __No par
8
8 165 17
8
/ 16
1
4
8 165 167
*57
8 614
6
614
614 612
8 1,600 Interstate Dept Stores_No par
611 65
9 2 93
3
4
613 612
*2612 30
20
Preferred
*25 4 30
3
*26
30
*26
30
30
100
30
2873 287
8
100 Intertype Corp
*712 9
*67
8 812
*712 812
•67
No par
8 9
3 9
712 7 2 *67
,
*2112 2312 *2312 24
700 Island Creek Coal
23
233
4 237 237 *2314 24
234 235
/
1
8
8
8
1
37
200 Jewel Tea Inc
*363 37
*3618 38
4
*3612 373 •36
*3614 37
8
No par
373
8 37
/
1
52
5112 57
8 57
No par
5514 564 5512 563
52
5812 5418 5814 35,000 Johns-Manville
300
Preferred
92
92 100
100 105
10112 10214 .98 105
*90
*98 10512
100
79
120 Jones & Laugh Steel pref_100
/
1
76
78
*7614 784 276
7912 78
7912 *70
89 .79
1,400 Kaufmann Dept Stores $12.50
8
814 812
*73
812
4 818
8
818 81
818 83
/
4
3
8
175 17
8
163 161 1612 17
4
/
4
/ 17
1
4
/ 1712 18
1
4
/ 1814 1712 1814 8,700 Kayser (I) & Co
1
4
25
3
/ 3
1
4
/
1
4
312 33
3t2 33
4
4
33
4 372
312 35
8
312 334 4,500 Kelly-Springfield Tire
6
*19
21
2012 *18
300
19
6% pref
19
*17
17
17
*1218 17
21
No par
3 412 *3 8 412
4
4
500 Kelsey HayesWheel conv.cLA 1
5
0312 412 *33
414 414
314 31 1
100
*3
Class It
312 *2
312
5
*312 33
4 *312 3 4
1
3
3
'2 3'2 *2
4
1514
1438 1558 13
/ 143 175,900 Keivinator Corp
1
4
4
4 123 1414 14
111 12
/
4
113 123
4
No par
60
*56
*56
60
65
*56
10 Kendall Co pt pf ser A_No par
*56
65
65
65
65
*55
No par
8
/
4
2013 2114 20 8 2218 211 22
/ 211 2214 223 2312 2214 237 79.656 Kennecott Copper
1
4
/
4
5
8
*15
18
18
*15
*15
Kimberley-Clark
18
18
18
*15
*15
18
*15
No par
*214 4
300 Kinney Co
*318 312
*314 4
*212 312 *27
3
/ 33
1
4
8 4
4
No par
*17
*147 25
8
25
*17
*16
25
25
*1412 23
Preferred
*1412 25
No par
143
8 137 1414 21418 1412 133 1414 28,600 Kresge (SS) Co
4
8
8 14
1312 13
/ 1338 143
1
4
10
*102 106 *101 106 *10218 106 *10218 106 .10214 106 *10214 106
7% preferred
100
*313 37
*313 37
4
4
*28
Kress (8 11) & Co
39
*28
39
*313 37
*3112 37
4
No par
2612 27
27
2753 9,200 Kroger Groo & Bak
2712 2718 277
8 27
8 271 2712 273 277
/
4
No par
3
31
31
305 33
8
No par
33 18 337s 33
337 3 4 7,200 Lambert Co (The)3 43
54 333
4 337 35
8
10 Lane Bryant
731 •6
6
•8
7 4 *6
3
73
4
No par
/
1
*512 74 *512 7 , 6
6,000 Lee Rubber & Tire
*9
/
1
1012 101 104 1014 11
/
4
914 91
5
/
4
93 1018 10
4
95*
1612 1514 1514 1514 1614
1614 1612 1512 1714 165 165
8
8 2,300 Lehigh Portland Cement___50
*15
10
4
7% preferred
*763 80
*775 80
8
/
1
*764 80
4
*77
/
1
/ 90
1
4
763 764 *763 80
4
100
37
8 3
4
414 414
/ 3,600 Lehigh Valley Coal____No par
1
4
4
33
4 418
414 412
*414 412
8
900
85
8 85
9
Preferred
8
918 *814 91 *81 912 *812 914
813 85
/
4
/
4
60
/
1
7112 723
687 687
8
8
8 7118 7212 6,400 Lehman Corp (The)._ _No par
8 704 71
8 7012 7113 703 717
8 20
900 Lehn & Fink Prod Co
1912 1912 1978 197
2014 2014 2014 2014 2014 197 2012
5
8
78,800 Libby Owens Ford Glass No par
33
/
4
4
30
/ 31
1
4
3012 3014 3212 311 3212 313 3214 13213 33
94
95
953
4 96
94
97
95
*93
95
1,700 Liggett & Myers Tobacoo_26
*94
*93
95
8 8,900
9514 9614 9514 953
Series B
8 963 9738 9714 993
943 96
4
4
945 95
25
8
100
/
1
4
/
4
*135 142 *1351 140 •137 140 *135 13812 1383 1383 .13814 14018
4
Preferred
4
100
16i2 1612
17
8 17
700 Lily Tulip Cup Corp__No par
1612 1612 1612 *1612 163
1614 161 *16
/
4
2814 2918 2,000 Lima Locomot Works__No par
027
273
4 2612 2812 29
2912 297 30
8
297 *28
8
600 Link Belt CO
8
1512 14
14
1414 143
*14
141 147 15
/
4
8
157 .14
8
No par
*14
3112 3112 33
4
343 13,800 lAciuld Carbonic
/ 357
1
4
353
4 33
3412 344 3614 34
8 34
/
1
No par
8 341 3
/ 514 x3318 3614 3414 363 41,400 Loew's Incorporated _ No par
4
8
8 3418 353
.
32
/ 3214 343
1
4
32
78
7313 7412 76
800
78
*72
Preferred
7312 *72
71
No par
71
70
*65
/ 1,900 Loft Incorporated
1
4
27
8 2
23
4 3
27
8 3
8 3
4 3
27
27
8 27
8 *23
No par
300 Long Bell Lumber A No par
*23
8 212
/
1
4
2
/ 3
1
4
23
*238 23
4 2 4 *212 2
3
4 *23
8 3
39
1,700 Loose-Wiles Illsouit
40
39
4012 39
39 4 .39
3
25
3912 39
*3812 39 .39
20
7% 1st preferred
100
120 120 *119 120 *119 120 *119 120 *119 120 *119 120
4
2418 25,300 Lorillard (P) Co
22318 2438 23
8
No par
2218 2218 223 231* 233 2378 233 24
8
500
7% preferred
105 105 2105 105 *10212 10412
100
*104 105
105 105 *104 105
400 Louisiana 011
0212 3
8 3
*212 3
2 4 234 *25
3
3
No par
23
4 23
4
3
10
1812
1812 181 2
Preferred
1812 *15
1812 *15
100
1812 *15
1812 *15
*15
600 Louisville Gas & El A_No par
1912 1834 19
1912 *19
19
19
19
19
*1918 20
19
143
4
800 Ludlum Steel
14
*143 15
4
*1412 15
144 144 15
/
1
•1312 14
/
1
1
14
200
56
56
Cony preferred
*45
No par
65
*5612 6212 *561• 6212 *5613 6212 56
*56
400 MaoAndrews St Forbes
8
*243 2512 *2414 2512 251 2518 *2414 2512 253 2512 *2412 26
10
4
,
3612 3814 8,400 Mack Trucks Inc
3814 23814 39
No par
4
/ 38
1
4
3612 3814 373 39
*35
/ 36
1
4
4
8
/ 5712 613 11.000 Macy (R II) Co IneNo par
1
4
4 611 611 613 62
/
4
/
4
623
/
1
5714 5712 584 6218 61
800 Madison Sq Gard•t o_No par
314 314 *318 312
314 314
3
/ 318
1
4
314 314
*314 3
/
1
4
1,600 Magma Copper
16
1618 1618 1612
No par
1514 1514
151 1 1614
*1514 1612 1614 1614
700 MallInson (If 12) & Co_No par
4 27
2 *27
.2
8 3
/ 3
1
4
23
*23
4 27
8
24 2
3
/ *27
1
4
8 3
180
7% preferred
III, *1112 1212 1112 1112 1112 11 12
100
4 H
3
*11,2 15 4 *1112 153
100 Menet! Sugar
314
314
8.25* 358 *214 3
/ *214 314
1
4
10C
/ •21 1
1
4
312 *214 3
30
Preferred
100
/
4
8 614
51 514 *512 614
/
4
,
/
4
612 *514 6 4 *51 61 *5,
*5
210 Mandel Bros
612 612
612 678
*514 612
54 6
/
1
612 512
*5
6
No par
800 Manhattan Shirt
25
4
1512 1512 153 1612 .1412 1612
4 15 4 1531
*143 16
3
8
*14 4 153
,
1,200 Maracaibo 011 Explor_No par
3
3
3
3
*25
8 3
*25
8 3
37
8
3
3
3
3,8200 ‘183ete• Midland Corn
91 1 01 1
912
10
03
8 912
912 912 2914
914 912
93
3 92
8
6 Per share
*23
4 3
*26
27
47
47
2278 227
8
*28
2814
*612 67
8
*273 3014
4
•53
8 6
*512 712
*26
35
81
81
*1813 19
$ per share
*218 2 4
3
*27
2812
*46
47
*20
227
8
*28
2814
7
78
3012 3013
*512 614
*512 71
/
4
*30
33
*81
84
18
18
$ per share
214
23
275 275
8
8
47
*46
*20
22
/
1
4
*28
2814
7
7 14
2912 30
*5
/ 614
1
4
*512 74
/
1
33
*30
81
81
18
18
__
PER SHARE
Range Since Jan. 1
On basis of 100-8/tare tots.
Lowest.
$ per share
14 Jan 23
634 Feb 27
1814 Jan 16
15 Mar 18
25 Apr 8
118 Feb 28
9 Apr 1
318 Feb 27
212 Apr 5
15 Feb 11
4513 Jan 4
01g Feb 25
18 Apr 3
14 Mar 18
7 Mar 16
8
518 Apr 5
Sc Feb 27
6912 Jan 18
3 Mar 20
11 Feb 27
85 Apr 5
3518 Mar 29
4
643 Aor 5
312 JAP 4
/
1
4
2 Mar 2
145 Jan 16
418 Apr 7
1 Mar 2
433 ay 16
41s.f
814 Mar 13
17 Feb 28
8
512 Jan 3
3 Feb 28
/
4
11 Mar 3
14 Mar 16
Lowest.
Highest.
$ per share $ per share $ per share
412Nlay 18
1 Sept
18 Mar
21
38 July 13
122 June 2118 Sept
64 June 12
July 40 Oct
23 Jan
15 May
2512July 17
28 Apr
19 May
8
287 Jan 12
414 Aug
912July 6
5 July
8
35 July 17
718 July 28 Aug
1118 Jan
1012July 7
312 July
9 July 14
2 June 12 Feb
35 July 17
20 Oct 30 Mar
85 Aug 28
33 May 70 Jan
18 Sept
7 May
2512July II
IA Dec
2 Sept
134June 6
4 Mar
214June 6
3* June
712June 21
3 Aug 8
12 Dec
30 June 21
5 Aug 20 Sept
313 Sept
312July 17
14 June
10212Sept 1
8
50 June 815 Sept
17 July 6
4 June
/
1
4
8
/ Jan
1
4
63 July 1
13 Aug 2912 Sept
/
1
4
110 July 19
7012 June 95 Jan
72 July 18
4312 July 83 Mar
90 July 18
57 June 83 Mar
1012June 20
314 Dec 1212 Aug
10t2June 7
/
1
23 Dec 104 Mar
4
33112Sept 15 110 Feb 163 Deo
15 June 8
712 Nov
6 Dec
63
4June 9
1 May
413 Sept
6114 Jan 12
4214 June 574 Jan
38 July 17
83 May 2814 Sept
4
73
8July 7
53 Sept
8
114 May
29 July 17
474 Dec 1612 Jan
2 may 118 Jan
/
1
4
163* July 17
734 July 13
14 May
51 Jan
/
4
23
8June 6
218 Sept
%June
8212June 21
422 July
234 Nov
1
Apr
17
718 June 40 Sept
78 July 18
8
1434 Apr 447 Sept
457
/
1
8July 7
10 June 274 Sept
9I2June 2
4May
73 Sept
4
3
37
8June 8
8
1 June
37 Jan
314 July
81 Sept
/
4
4, Jan 10
2
412 July lb
14 Apr
31 Aug
/
4
12 July 13
714 Sept
13 July
8
5 3July 18
3
313 Aug
14 Apr
27I2July 19
4
33 Apr 15 Aug
15314July 18
5212 July 117 Mar
1078July 7
/ Jan
1
4
114 May
5
40 July 17
4
35 June 183 Jan
8
46 July 17
103 July 3418 Aug
8
Jan
683
1191 Aug 15
/
4
4.1tme 108
8July 19
25
8June 113 Mar
137
4
414 Aug
/June
1
4
6
/
1
4June 20
312May 1212 Sept
22 July 19
50 June 86 Mar
1097 Sept 12
8
13 June 12 Sept
8
4July 11
213
12June
41 Aug
/
4
10 July 10
53 July 10
4
14 May
2 Aug
14 Apr
112 Sept
4 July 11
2212July II
/
4
11 Dec 121 Sept
/
4
4
83 Mar
13 July 3
3
Dec
71 Aug 23 1243 Jan 45 Nov
4
/
1
4
273
4July 5
9 4June 23 Feb
3
8
563
8July 17
2014 July 443 Jan
712 July 26 Sept
5912July 17
717 July 17
8
26 May 65 Feb
4July 14
213
4
25, May 153 Sept
8 2July 7
7
Jan
112May 11
403
3July 12
18 June 524 Jan
/
1
1114July 7
7 Apr
212 Dec
32 July 15
/
4
104 Apr 201 Aug
/
1
45 July 7
1518 May 35 Feb
3
60 8July 17
/
1
10 May 334 Sept
10614July 11
45 July 99
/ Jan
1
4
Jan
91 July 18
31) July 84
914 Mar
8June 9
3 May
93
143 Sept
19I2July 5
8
43 July
4
618July 13
3118June 2
8 May 12
63
4June26-1558 Sept 14
/
1
4
- 1 May 10 Feb
24
73 July 8
17 July 38 Feb
8July 19
47 June 1914 Sent
8
257
612 Dee 1912 Jan
2538July 7
5 Sept
614June 7
Is Apr
30 July 7
3 June 19 Aug
63 July
8
19 Jan
161
/
4July 8
105 June 14
88 May 110 Mar
Jan
4414July 13
18 June 37
355
8
8July 11
10 May 187 Mar
41I8July 17
/
1
25 May 564 Jan
1012June 28
75 Aug
8
2 May
818 Sept
/
4
123
8July 19
11 Apr
11 Aug
338 Apr
27 June 20
Jan
78 Sept 5
40 Dec 75
41 Aug
/
63
4
8July 14
1 May
12 June 19
114 July 1112 Aug
8
8July 7
3012 June 517 Sept
703
6 May 2414 Mar
2314June 6
9 Sept
373
/
1
4
8July 18
3 May
/
1
4
97 Sept 15
3214 June 6512 Oct
3418 May 6714 Sept
993 Sept 15
8
Oct
140 Aug 3 100 May 132
2112May 18
14 June 21 Mar
193 Aug
8
/
4July 3
311
812 Apr
193
4July 5
612 June 14 Mar
9 May 22 Mar
50 July 18
4
1314 May 373 Sept
363 Sept 15
8
July19
39 July 80 Sept
78',
5 Sept
414June 8
/
4
11June
2418 Apr 4
1
1914 Feb 27
12 Feb 27
2 Feb 25
1 14 Mar 29
11 Apr 5
/
4
t), Mar 21
218 Mar 1
/ Feb 17
1
4
5 Jan 3
4
753 Feb 28
2 Jan 16
/
1
4
618 Mar 2
13 Feb 28
/
1
4
80 Jan 5
212 Apr 4
114 Jan 4
084 Feb 27
72 Jan 11
212 Jan 4
Apr 21
14 Apr 1
14 Jan 6
2 Apr 5
312 Feb 28
35 Apr 18
133 Mar 28
4
243 Jan 3
3
9 Feb 25
/
1
4
2412 Mar 2
/
4
51 Feb 28
112 Mar 2
12 Apr 7
178 Jan 24
11 Feb 27
23 Feb 27
1214 Mar 2
42 Apr 6
35 Feb 1
2 Mar 15
/
1
4
64 Feb 27
/
1
7 Mar 2
8
6 Feb 28
2 Feb 27
2 Mar 27
3 Feb 28
/
1
4
30 Jan 10
71 Feb 28
/
4
5 Apr 6
/
1
4
1 Apr 3
45 Feb 14
8
612 Mar 2
88 Apr 4
27 Jan 17
14i2 Feb 2S
221861er 2
3 Feb 8
33 Mar 2
4
578 Jan 5
34 Feb 9
I Jan 13
212 Apr 10
371 Feb 28
/
4
14 Feb 27
43 Mar 1
4
49 Feb 16
4914 Feb 16
121 Mar 22
13 Apr 6
10 Jan 17
61 Apr 17
/
4
1014 Feb 25
813 Mar 22
35 Apr 4
4
13 Feb 24
512June 19
12 Feb 28
1914 Feb 27 4212July 12
11312May 9 120 Jan 14
103 Feb 16 2514July 6
8
8713 Feb 23 10518July 8
4 July 12
fg Jan 5
312 Feb 24 29 July 21
137 Apr 8 25314June 13
8
4 Feb 28 2018July 11
143e Mar 28 60 July 18
912 Feb 16 20 July 18
/
4July 7
1313 Feb 27 461
3
2414 Feb 25 65 4July 7
7 June 26
11 Mar 30
/
4
51 Mar 2 1958July 19
4
514June 29
7 Feb 15
8
4July 6
3 Feb 10 263
3
5 4July 10
14 Jan 4
94July 19
/
1
34 Jan 6
8June 10
97
112 Jan 3
512 Apr 1 23 July 18
4 June 12
12 Jan 18
ID: Jan 9
514 Mar 31
• Bid and asked prices, no sales on this day. a Optional sale. c Cash sale. s Sold 15 days. r FA-dividend. y 1,,-rIght8.
Highest.
PER SHARE
Range for Previous
Year 1932.
/
1
4
2 Aug
4 May
/
4
1618 July 361 Feb
Oct
96 July 118
4
9 May 183 sent
7318 Jan 10818 Sept
/
4
21 July
12 Jan
Jan
3 Dec 18
8
812 June 233 Mar
8
1 12 Jan 113 Sent
61 Jan 26 Sept
/
4
94 Aug 1" Feb
/
1
4
10 June 283 Sept
17 June 604 Jan
412 Sept
218 Jan
4
/
4
41 Apr 133 Sept
4 Sept
II Jan
1018 Sept
4 Aug
214 Sept
18 Mar
314 13^9t
14 Apr
4
Dec
43 Sept
1
0 Aug
312June
3,, June
11 Aug
/
4
144 Ala
/
1
61 June
/
4
vir FOR SALES DURING
New York Stock Record-Continued--Page 6
-PER SHARE', NOT PER CENT.
HIGH ANI) LOW SALE PRICE'S
Saturday
Sept. 9.
Monday
Sept. 11.
Tuesday
Sept. 12.
2075
THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
Wednesday
Sept. 13.
Thursday
Sept. 14.
Friday
Sept. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Ian. 1
On Oasts of 100
-share lots.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
Lowest.
Highest.
S per share $ per share S per share 'hares Indus. & Miseell. (Con.) Par $ Per share $ Per share $ per share $ per share
6 Feb 27 2014J une 3
No par
600 Marlin-Rockwell
*16
1718
167
8 17
1712 17
5 may 13 Sept
/
1
4
/
1
4
14MaY 5
218June 6
Marmon Motor Car_ No par
/ Apr
1
4
311 Sept
4
41 Jan
183
par
8June
-1 .
-1. is ------t
--- - Li4 Ili- -11178 1578
1538 163 15 1534 6.900 Marshall Field & Co_ - No par 14/ Feb 30 411Sept 3 3 July 1312 Jan
8
27
/
4
14
4112 13,600 Mathieson Alkali WorksNo
40
/ 4012 415
1
4
38
3812 39
8 40
8 3812 38
*3612 367
9 June 204 Mar
/
1
Jan
93 Feb 24 3212Sept 12
4
918 June 20
/ 3212 31 .3114 5,800 May Department Stores__ _25
1
4
.2858 30
3018 3112 30
3212 *3012 3212 30
67
8 67
8
612 67
61 61
/
4
8
118 Apr 10
/
4
812July 10
No par
612 612
612 7
612 65
8 1,800 Maytag Co
1 July
6 Aug
318 Apr 4 1514 Aug 28
No par
Preferred
8
100
4
8 137 137 *1212 133
8
*1212 1312 *1012 137 *1112 1312 *1112 137
8
3 Apr 1012 Sept
No par 15 Apr 5 5318 Aug 28
50
Prior preferred
45
*45
50
*45
90
49
45
50
221 Dec 3514 Jan
497 497
493 *45
4
/
4
8
8
4
No par 13 Mar 3 303 Sept 15
293 303
4
29 29
4 1,600 McCall Corp
29
*283 29
4
/
4
29
*2812 291 2912 30
10 May 21
Jan
/ Apr 15
1
4
47
8June 8
2
2
2
2
2
17
8 2
2
*178 2
17
8 2.600 McCrory Stores class A No par
17s
612 Dec 16 Apr
114 Jan 13
6 Jan 5
No par
Class Il
212 212
4
2
2
1,000
212 212
*214 23
214
214
5 Dec 19
23
8 212
Jan
212 Mar 17 21 Jan 9
100
Cony preferred
700
10
*9
10
10 4 *91s 10
,
9
9
/
1
4
714 714
7 4 712
,
20 Dec 62 Feb
3 Apr 4
818June 12
512 512
5
8 612 *514 612
400 McGraw-Hill Pub Co_No par
*41 812 *47
514
/
4
5
5 12
24 May
/
1
7 2 Jan
,
53.400 McIntyre Porcupine Mines_ _5 18 Mar 16 39 Sept 15
3714 383
8 3712 39
s 355 37
8
353 3678 3612 37
3612 373
4
13 May 211 Dec
/
4
90
91
3
2,500 McKeesport Tin Plate_No par 4418 Jan 4 95 4 Aug 28
90
91
90
93
91
931 1 9112 9112 x9114 92
28 June 6214 Feb
5
144 Mar 2 1312July 3
/
1
4
73
4 8
/ 22,700 McKesson & Robbins
1
4
8
818 8
77
8 7
/
1
4
/
1
4
814 85
73
4 8
/
1
4
8
8
118 June
612 Sept
50
3 Mar 3 25 July 1
/
1
4
Cony pref series A
8
8 5,000
20
193 1912 20
8
/
1
20
318 May 23 Feb
20 4 2014 204 2014 2012 203 203
3
3 8July 11
3
No pa
2
2
2
'4 Feb 24
8
17
8
17
8 2
2
11
/
4
13
4
13
4
17
8 4,300 McLellan Stores
17
/ July
1
4
4 Mar
24 Jan 16 2278July 11
/
1
340
14
8% cony prof ser A--_-_100
113 1178
4
1312 1312 14
*1312 14
1412 *14
143
4 12
7 Dec 36 Mar
No par
834 Feb 27 2712 Sept 14
*2414 243
4 243 26
4
2712 2712 2712 2712 2,300 Melville Shoe
2531 27
7 Dec 18
27
27
/
1
4
JaLl
1
2 Mar 1
20 July 19
13
13
/ 14
4
14
14
13
1412 1312 13
/ 3,100 Mengel Co (The)
1
4
1438 1418 141
I July
5 Aug
100 22 Jan 28 57 July 18
*4018 42
7% preferred
*4014 48
46 2 *4118 4612 *4118 4612
*41
20 May 38
*4914 45
Jan
5
7 Feb 24 21 Sept 12
*18
193 *19
1912 20
4
19
/ 19
1
4
4,000 Mesta Machine Co
4
21
2018 20's x193 20
51 May 1912 Jan
/
4
100 Metro-Goldwyn Pict pref__27 1312 Mar 1 22 Sept 1
*2018 2112 *20
.21
22
21
2112 *201 2112 *2018 2112 21
/
4
14 June 2214 Jan
*512 6
5
11 Mar 3
/
4
6
612 612 2,200 Miami Copper
9 4June 2
3
614 67
8
,
618 *614 63
61 6 4
/
4
8
112 June
614 Sept
3 Mar 2 18 July 7
/
1
4
147 16,100 Mid-Continent Petrol__Ne par
8
1412 1412 1412 15
143 15
4
/ 14
1
4
/ 15
1
4
1434 1514 14
33 Apr
4
87 Sept
8
3 Mar 2 173
4July 7
1412 141 *133 143
;
4 1412 1518 *1312 1412 1,100 Midland Steel Prod_ __No par
2 June 123 Sept
8
8 143 143
4 143 143
4
4
8
100 28 Mar 3 72 Sept 6
8% corn let ore
7912
*70
*70
7912 *70
80
7912 *70
80
*80
80
25 June 65 Sept
*70
13 Apr 4 181July 19
2612 2612 2,100 Minn-Honeywell Reau_No par
/
4
*2012 2312 2312 24
26
25
*24
11 June 2312 Jan
26
26
*24
78 Feb 3
24 318
/
1
318 338 5,200 Minn Moline Pow Impl No par
3
5 4July 18
3
318
318 312
/
1
4
318 338
318 3
%June
3 Aug
/
1
4
No par
6 Feb 7 30 July 18
*18
200
*18
Preferred
20
*18
20
193
4 193 20 .18
*18
20
20
4
4 Dec 141 Aug
/
4
7 Jan 23 22 July 17
17
17
500 Mohawk Carpet MIlls_No par
1812 1812 18
IS
*1614 1814 *1614 18
17
17
5 June 14 Sept
/
1
4
67 67
/ 70
1
4
67
7214 2.400 Monsanto Chem Wks. No par 25 Mar 3 7412 Aug 10
727 72
8
72
6912 70
73
13 May 304 Star
/
1
4
*70
/
1
8 Feb 25 2878Ju1y 7
/
1
4
2318 2312 2318 2512 2434 261s 244 254 25
8
4
/ 267
1
4
8 243 263 158,600 Mont Ward Ac Co Inc_ _No par
3 May 1612 Sept
/
1
4
/
1
/
1
No par 25 Jan 6 56 July 3
*4412 49
/
1
4
100 Morrel (J) & Co.
4412 4412 *4018 45
*4412 48
*4412 46
*4412 46
20 May 3514 Mar
1
DO
1
118
1
18 Jan 9
2,300 Mother Lode Coalltion_No par
218June 22
1
1
1
1
1
1
18
1
Is May
3 Aug
4
14 Jan 5
63 Sept 14
811 158,200 Moto Meter Gature&En No par
4
5
93
4
412 6
6
4
3
/ 33
1
4
458
4
35
8 4
14 Apr
114 Sept
734 Mar 1 363
3518 11,800 Motor Products Corp_ _No par
*26
27
/ 28,8 30
1
4
4Sept 14
4 33
3412 363
7 June 29 Sept
/
1
4
35
30
3112 31
/
1
4
No par
1 /2 Mar 1
103 12,800 Motor Wheel
4
111
/
4July 10
10
91 912
/
4
97 10
8
912 97
*9
8
912
93
8 93
4
2 June
84 Sept
/
1
11 Mar 21
/
4
No par
6
612
103
700 Mullins Mfg Co
•614 6
4July 18
618 618
/ *63
1
4
2 June 133 Ian
s 63
7
4
614 63
8 .8
8
Cony preferred
No par
5 Mar 21
25 June 9
.15
173 *15
4
173 *18
4
173
17
4
/ *15
1
4
173 *15
4
5 June 2712 Sept
173 *15
4
200 Munsingwear Inc
No par
5 Mar 30 183
sJune 27
*1212 14
*1212 1312 *1212 14
*1312 1412
.1212 14
13
/ 14
1
4
7 Aug
15Is Sept
10
11 Feb 25 1112Ju1y 17
/
4
/
4
7
/ 81 5.800 Murray Corp of Amer
1
4
83
8
24 July
/
1
4 818
/
4
8
8
814
4
S
73
81
73
8 73
978 Mar
No pa
8 Jan 25 2012July 10
300 Myers F & E Bros
•161 1712 *1812 1714
/
4
218
18 .1618 1912
1712 1712 *163 18
71 June 19 Feb
/
4
4
No par
11 18 Apr 12 27 July 10
2134 221 213 2414 24
/
4
/ 2518 33,400 Nash Motors Co
1
4
4
8 Stay 19 4 Sent
/ 23
1
4
25
241 243
/
4
4 244 25
/
1
3
Acme
10
118 Feb 28
73
4July 7
11 May
/
4
614 Sept
5,
2 5'2 1,200 National
/ 53
1
4
4
53
4 6
54 5 4
3
3
8
5
51 6
/
4
*512 57
114 Jan 27
200 National Belles Hess pref__100
/
1
4
97
514
512 *512 6
/
4
/
4
8July 18
*512 812 *512 61 *512 61 *512 612
/ May
1
4
8 Sept
10 311 Feb 25 605
/
4
16,800 National Biscuit
58
8June 28
54
543
4 54
2014 July 464 Mar
563
4 567 573
/
1
563 5814 57
4
/
4
8
4 561 57
100 118 Mar 3 145 Aug 18 101 May 14214 Oct
7% cum prof
.137 14818 •137 14818 *137 1481 .138 14818 *137 1484 *138 145 8
,
/
1
/
4
518 Mar 2 233
8July 19
1812 184 1834 20
261 Dec 183 Sept
/
1
8
/
4
1934 21
20
8
20
/ 20
1
4
4
2114 197 207 30,100 Nat Cash Register A___No pa
No par 1012 Feb 27 253
Nat Dairy Prod
183 1312 1812 19
8
/
1
4July 19
143 June 313 Mar
8
8
8 1818 183 2175 184 28.900
8
4
185 191 1814 183
8
/
4
8 Mar 15
212June 26
0114
112 *114
112
*114
134 *114
218 Aug
112 17
14 June
11 1,200 Nat Department Stores No par
/
4
8 *112 2
100
Preferred
114 Feb 23 10 June 6
10
114 Dec 10 Aug
*53
8 61 .53
/
4
8 612
558 55
8 55
/ 8
1
4
553
8 6
*55
8 8
/
4
/
1
923 93 4 9412 1043 1023* 10578 10314 1043 1063 11114 10312 1093 150,700 National Distil Prod___No par 161 Feb 15 1244July 17
4
13 June 2714 Aug
4
3
4
4
4
40 24 Feb 8 115 June 28
32.50 preferred
2018 May 3212 Feb
__ ____
_
_ __
_
5 Feb 2 1614July 7
j
1,000 Nat Enam & Stamping_No pa
131. 1312 .1312 1418 *13
33 July
8
14
1312 1312 14
81 Sept
/
4
1512 147 15
100 4314 Feb 23 1273 Aug 23
4
200 National Lead
*120 - 127 *120 1263 *12514 1263 *123 1263 x124 124
45 July 92
12134 1213
4
Jan
4
4
4
100 101 Mar 1 126 Aug 22
Preferred A
*124 12712 *125 12712 *125 12712 *125 12712 .125 12712 *125 12712
87 July 125 Mar
100 75 Feb 23 10918July 19
Preferred B
81 July 105
*103 108 *103 108 *103 108 *103 108 *103 108 .105 108
Jan
6 Apr 1 2012July 13
/
1
4
17,600 National Pow & Lt____No par
8 133 141 13
8
/
4
/ 1414
1
4
1312 135
6 June 20 Sept
1214 13
/
1
4
135 13
8
/ 121 14
1
4
/
1
4
/
4
45
46
1312 July 334 Sept
4512 47
/ 47 478
1
4
/
1
4 443 46 4 6.800 National Steel Corp_ __No par 15 Feb 27 5518July 7
4
,
4 4612 4812 4612 473
60
4 Apr 6 285
8June 12
*1614 18
18
18
31t June 13 Sept
18
187
8 18
/
1
184 2.000 National Supply of Del
18
18
183
8 18
100 17 Feb 23 6014June 3
Preferred
*40
44
*40
44
130
1312 May 3918 Aug
42
403 4112 42
4
4012 4212 *4112 43
10
114May 3
812 Jan 6
*41 412 *418 412 *418 412
/
4
412 July
411
1.100 National Surety
4
414 414
194 Aug
/
1
414 414
No par
612 Jan 4 27 July 18
2114- 211 1 2118 22
2218 2214 2212 21
/ x22
1
4
4,600 National Tea Co
22
2258 22
312 May
104 Aug
/
1
No par
112 Jan 16 121,8June 28
*612 7
/
1
4
714 712
800 Nelsner Bros
*73 10
11 Apr
/
4
8
10
712 712 *7
512 Jan
*712 10
Copper_No par
_
_ __
_
4 Feb 28 113
_
_ __
8June 2
Nevada Consol
_
_
_
__
212 May 1014 Sept
1
13 Mar 29 I13
8
i
-814
8T4 - 14
54July 5
814 18 iioo Newport Industries
i
;
7
112Jun
,
ilk' 1
; 15ii2 14
5
.
33
4Sept
il T2 1
No par
16
16
6,8 Apr 4 2312July 7
155 1612 153 1612 *1512 1712 1612 17
8
17
414 Jun
1712 1,800 N Y Air Brake
4
1412 Sept
100
412July 22 111
*6
7
618 7
/
4June 23
130 New York Dock
614 614 '6
31 Dec 10 Sept
/
4
7
618 618
6
6
*11
100
13
612 Mar 30 22 June 23
1214 12
Preferred
1112 12
/ 1212 1212 11
1
4
230
12
20 Apt 30 Aug
1114 1114
1
1
1
No par
1
12 Apr 3
118
1
1
18 5,300 NY Investors Inc,
118
23
4June 12
1
I
11 *1
/
4
'iJune
33 Aug
4
17
17
11 Jan 4 2212 Aug 9
/
4
17
/ 183
1
4
1812 17
1812 18
4 1818 1914 *18
11 Dec
/
4
173
4 5,000 NY Shipbldg Corp part stk__1
614 Feb
100 31 Jan 9 90 June 19
844 *8014 843 58014 84
/
1
*78
4
4
7% preferred
*8014 843 *8014 843 *78
4
20 June 57 Mar
844
/
1
No par 80 Mar '24 1017 Aug 8
100 100
.92
*9514 100
99 .92
99
*95 101
*95 101
8
60 NY Steam 66 pref
70 May 100 Oct
No par a9314 Apr 25 110 Jan 11
*104 106 *104 106
1031 104
/
4
$7 1st preferred
210
90 June 10918 Mar
103 103 *104 106
/
1
4
1023 10312
4
33
/ 333
1
4
No par 1738 Jan 14 37 July 19
4 3314 333
/ 334 34
1
4
/
1
334 343 13,100 Noranda Mines Ltd
/
1
33
8
103 May 213 Sept
4
4 333* 337
8 33
5
2211 22
/ 23
1
4
23 8 23
5
237
8 223 2314 211 23
1934 2134 52,600 North American Co.- No Par
8
/
4
154 Apr 4 3612July 13
133 June 4314 Sept
/
1
4
3912 40
40
*38
*3912 40
50 32 Feb 28 48 Jan 12
40
Preferred
*38
40
600
*3918 40, *39
251/ Jelly 248 Sept
2
6
4 Feb 27
712 7
/ 24,400 North Amer Aviation
1
4
75
8 8
712 7 8
5
/
4
0 July 17
712 8
7
/ 71
1
4
/
4
11 May
/
4
71 71
/
4
6 Dec
/
1
4
*64
69
/ 6412 6412 *65
1
4
64
6.5
*6114 64
69
/ 64
1
4
65
500 No Amer Edison pref_ _No par 48 Apr 19 70 July 13
49 Jul) 88 Sept
*412 518
*4
5
*41 53
/
4
5
5
8 *418 514 *414 514
418 Sept 7 10 June 7
100 North German Lloyd
25 June
8
8
Jan
*3314 393 *3314 393
Northwestern Telegraph_ _ _50 2604 Apr 27 43 June 5
*331 38
/
4
*3314 38
*33
4
38
*3314 38
15 June 33 Aug
4
4
57 July 18
4
33
414
4 34
3
4
4
4
4
4
414
4
2,700 Norwalk Tire dr Rubber No par
l's Feb 23
114 Feb
212 Aug
153 16
8
/ 1614 17
1
4
165
8 184 17
/
1
153 16
4
1814 17
16
58,100 Ohlo 011 Co
No par
4 Feb 27 171
/
1
4
/
4July 6
5
Jan
It Aug
53*
5
58 5
,
/
1
4
54 4.300 Oliver Farm Equip_ _ _ _No par
/
1
83
4July 7
514
514
118 Feb 27
5
51 5 8
/
4
3
51 512
/
4
12 Apr
4 Aug
17
19
183 187
4
*1512 1!)
Preferred A
171 1712 1712 *17
/
4
1,000
No par
8 1512 16
314 Feb 28 30 4June 9
2 May
/
1
4
104 Aug
/
1
3
8
614 65
8
6
612 65
618 7
6
612 612
612 63
8
2,500 Omnibus CorD(Tbe)vtc No par
134 Mar 2
112 Jan
4 Star
/
84 July 18
1
4
*838 115
8 10
1018 10
24 Feb 28 15 June 2'
11
/
1
3 June
*101 107 *1014 1012 1012 1012
/
4
8
800 Oppenhelm Coll & Co_ _No par
9 8 Jan
7
_
_
_ _ _
_
.
_ _
__
_ _ ___
Orpheum Circuit Inc pref_100
138 Jan 30
7 June 9
3 June 15 Sept
/
1
4
4 i712
No par 1018 Feb 27 2514July 18
iiil ifs; iii, iiis 173* 1814 1734 fis- *1043 I814 163* ii 33,760 Otis Elevator
9 May 2212 Jan
4
*104 110 *104 108 *10434 110 .1043 110
105 *1043 110
Preferred
4
100 9312 Apr 5 106 July 19
90 May 108 Nov
5
/ 512
1
4
512 53
4
53
4 6
53
4 5
/
1
4
No par
55
8 6
114 Mar I
914June 13
114 May
5 2 57
,
8 3,200 Otis Steel
914 Sept
1212 *11
*11
17
*11
17
11
1612 *11
11
11
200
100
11
l'rlor preferred
214 Feb 28 211
318 May 20 Sept
/
4June 13
/
1
4
7811 79
831 8112 83 4 81
/
4
78
3
8214 82
8412 8014 83
8,700 Owens-Illinois Glass Co__ _ _25 3112 Star 3 963
4July 13
12 June 4214 Nov
235
8 22
/ 2314 213 2314 211 1 224 14.600 Pacific Gas & Electric
1
4
4
4
223 2312 2212 2318 23
/
1
25 20 Apr 7 32 July 12
167 June 37 Feb
8
4 2832 2834 2812 29
2812 2812 28
287
8 2612 2818 5,300 Pacific Lt4r Corp
No par 2514 Star 31 4338 Jan 11
281 283
20 4.1une 4712 Aug
3
.1712 193* 19
2012 2112 22
2112 2112 2112 213
4 2114 22
2.500 Pacific Mills
100
8 Feb 21 29 July 5
3 May
/
1
4
14 Aug
/ *8812 88
1
4
4
4
585
4
863
4 863 863 *863 884 *8712 89
/
1
30 Pectin) Telep & Teleg
100 65 Mar 3 943
89 4 8914
,
4July 14
4
58 June I043 Mar
4
/ 514
1
4
41 5
/
4
t
41 5
/
4
39,800 Packard Motor Car_ __No par
'8
47
8 58
47
8 5
,
414 5
11 Mar 24
/
4
51 Jan
/
4
8July 14
67
112 July
10
.8
/ 1212 *9
1
4
*81
/
4
1018 1018 *814 1212
1212
100 Pan-Amer Petr & Trans new 5
*814 10
8 June 2 14 July 10
/ 2812 2912 2812 283
1
4
4
4 27
/ 29
1
4
2818 284 11,300 Park-Ttlford Inc
/
1
No par
*2712 283* 273 29
4July 13
6 Jan 20 323
2 Apr 10 Sept
218 *2
2
2
2
218
2
2
2
2
2
1,200 Parmelee Transporta'n_No par
2
2 Jan
3 July 1
/Mar 21
1
4
/June
1
4
/
1
4
24 2
/
1
/
1
4
2
/ 27
1
4
214 *218 2
8
23
4 3
.
21s 212 6.700 Panhandle Prod & Ret_No par
*218
38 Apr 18
414June 21
114 Jan
3* Dec
11 2
/
4
2
178
2
11 2
/
4
218
2
13
4 2
18.900 Paramount Publlx ctfs. ____10
2
Is Apr 5
212June8.14 3
3
3
3
318
3
33
8
3
21 3
/
4
/ 18,100 Park Utah C al
1
4
27
8 2
/
1
4
1
44 Jan 9
i Sept
/ Apr
1
4
414July 18
112
11
/
4
11 11
184
112 15
8 3,600 Pathe Exchange
1 12
/
4
/
4
8
112
13*
112 13
114 Aug
No par
14 Jan 4
14 May
212July 10
9
91
/
4
9
9 14
9
9
9
914
85
8 83
9
4 3,200
9
Preferred class A_
No par
5 Feb
/
1
4
114 Jan 26
/
1
4July 18
11 June
/
4
9
/ 1912 19
1
4
17
177 18
8
8 1812 201 14,700 Patin° Mines & Enterpr No par
/
4
19 8 197
,
193
8 184 19
/
1
912 Sept
53 Jan 16 2218July 17
318 July
8
5
53
8 5
5 14 12,400 Peerless Motor Car
/
1
4
5
/ 6
1
4
53
4
8
51 1
4 53
4
43
43
4 43
43 Apr
4
3 June
4
918July 17
3
3 Feb 16
4
573 5731 57
58
5812 57
4
573
4 2,900 Penick & Ford
5814 583
8
4 581 5814 575
/
4
4
No par 22512 Feb 27 593 Aug 29
4
16 June 323 Mar
/ 4914 5011 49
1
4
5012 49
/ 49
1
4
491 12,900 Penney (J C)
/
4
/ 4712 5012 49
1
4
No par
473 47
8
1914 Mar 2 5012 Sept 11
13 May 3412 Mar
Preferred
100 90 Jan 4 108 Aug 1
*103 106 .103 106 *104 106 .104 106 *104 106 *104 106
60 June 91 Star
6
6
51.
2 512
6/
1
4
6
6
612
53
4 63*
554 618 3.500 Penn-Dixie Cement__ _No Dar
2 2 Aug
,
rs Jan 25
12 Apr
012June 19
20
*19
20
20
20
20
19
*19
19
*19
Preferred series A
20
500
100
418 Mar 2 32 July 5
8 Sept
*18
3 Nov
53
53
53
53
53
5312 *53
54
5012 523
4 47
503
4 2,500 People's0 L & C (Chic)_ - -100 4138 Apt 18 78 Jan 9
Jan
39 July 121
1414 1414 *133 14
*133 14
4
4
14
s
8 14
500 Pet Milk
No par
612 Feb 2 1514June 8
*1312 1412 133 135
5 Dec 1212 Jan
1411 1458
1412 143
4 133 141 15,100 Petroleum Corp of Am_No par
4
/
4
145
8 1412 15
143
8 14
458 Jan 3 15 July 3
14
2
/
1
4May
732 Sept
/
4
8
1618 171 1614 175 51,500 Phelps-1)odge Corp
157 16
8
/ 1512 16
1
4
1518 15
25
8
411 Jan 4
18I2July 19
8
147 15
37 June 113 Sept
8
*3012 36
*31
37
/
4
700 Philadelphia Co 6% Pref- - _50 25 Apr 11
38 July 7
3118 3118 3012 311 3012 3012 *3014 34
18 June 41 Star
4
55
55
48
50
/ 503 .50
1
4
48
*50
*5031 80
200
No par 47 May 12 62 July 8
36 preferred
80
.50
48 June 76 Sept
63
4
6
/ 7
1
4
63
4
612 67
8
6
63
4 8,200 Phila & Read C hr I- -- No par
4
61,
1 638
614 63
212 Feb 27
7 8 Sept
912July 14
7
2 June
1112 *1418 1414 1418 1412 2,300 Phillip Morris & Co Ltd. _ 10
/
4
/ 141 1418 1414 *14
1
4
/ 13
1
4
8 Feb 23 147
•13I8 13
8june 7
7 June 13 Aug
14
*12
14
*12
14
14
1312 1312 *12
*12
100 Phillips Jones Corp__ No par
3 Feb 8 163
14
311 Apr 1254 Sept
4Ju1y 18
.1.2
163 163
8
4 164 1712 1718 1814 173 171 173 184 1712 18
/
1
s
/
4
4
/
1
82,300 Phillips Petroleum
No par
41 Jan 4 1814 Sept 12
/
4
2 June
81s Sept
10
*8
10
10
*8
.8
10
*8
8
110 Phoenix Hosiery
DsMar 15 127
8June 7
5
8
91 Aug
/
4
2 Nov
9
9
334 4
318 33
4
4
4 2,600 Pierce-Arrow class A_ _No par
414 414
112 Apr 18 10 June 26
/
1
4
114 June
41 2 4
5
9 Jan
*4
Its
11 114
/
4
1
1
1
18
1
/
1
4
1
118
1
118 5.500 Pierce 011 Corp
118
25
14 Jan 3
3 Sept
4
15* July 12
14 Jan
1112 .10
103
107
2 1012 101 .10
11
4
103
4
100
Preferred
3 Feb 27 1314July 12
/
1
4
.10
9 Aug
900
11
312 Jan
•10
21
/
4
2
2
2
2/
1
4
No par
2
2
218
5 Jan 23
8
2
2
10.400 Pierce Petroleum
12 May
15 Sept
2 4June 21
8
3
218
2
2312 2312 2312 2312 1,700 Pillsbury Flour Sfills
/
1
234 .2318 24
23
23
No par
9 Feb 24 267
/
1
4
23
912 Dee 2212 Jan
sJune 7
*2214 23
*60
8118 *8012 61
3
4
6114 615
*593 61
4
8 621 623
/
4
/
1
4
21 June 313 Mar
8
400 Pirelli Coot Italy Amer shares 33 8 Apr 4 62 Sept 15
*5814 81
*1518 16
153
4 15
100
15
4 Feb 25 23 July 18
*1412 15 4 *15
3
100 Pittsburgh Coal of Pa
111 Sept
/
4
3 May
.1512 19 .1514 17
441
40
40
100 17 Jan 25 48 July 14
•411 4412 *1112 4412 *41
/
4
100
*10*40 _
Preferred
17 Dec 40
Jan
•Bid and asked prices, no sales on this day. a Optional sale. s Sold 15 (lays. z Ex-dividend. c Cash sale. y Ex-rights.
S per share $ per share S per share
185 *1618 17
8
*154 1612 *16
/
1
New York Stock Record-Continued-Page 7
2076
Sept. 16 1933
eirFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS -1ST, SEE SEVENTH
PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 9.
Monday
Sept. 11.
5 per share 3 per Share
*9
912 10
10
32
32
30
30
43
*3
43
8 *3
*11
18
*11
18
47
*4
*4
43
4
•48
50
48, 50
4
*35
4
*312 4
157 16
8
16
163
8
1214 1214 1212 1212
*43
4 514 *45
8 54
*2
238
218 218
*2419 25
2512 273*
*103 21
4
*203 24
8
2
2 14
214
23
8
83
4 8
/
1
4
84 9
4212 42% 4212 4312
*104 10412 *104 10412
15
152
8
15
11
/
4
8
*8
9 8 *8
3
87
8
3318 39
3818 393
4
*721 75
7212 725
8
*89
92
903 90-58
8
*98 10412 *97 104
*111 116 *111 116
.9918 10119 *9818 100
*48
49
49
523
8
1114 1153 114 1218
5912 6112
58
88
18
18
8
1818 195
812 113
4
858 914
*2818 293
8 293 3012
8
8
*1912 193
4
4 193 215
318 34
3
318 3 8
*163 17
4
1712 IS
*13
1318
13
1312
55 .50
*50
55
*214 219 *214 219
•12
147
121
; 12
;
312 84
83* 9 2
,
30
*28
31
31
*29
33
33
•32
*4
418 44
414
16,
2
37
*7
*14
*17
*11
5112
(
160
8
168 165 18
37
37 3 394
4
712 97
712
18
*14
18
18
*1712 177
1212 11
11
7
8 513 52
8
517
61
61
61
*12
*12
14
14
7
*61
*6
4 7
*3314 3438 3312 332
24
243
4 247 2512
.511
/
4
50
50
50
92
"90
92
92
104 104 a103.8 104
*712 812
3
8
612 612
6
/ 7
1
4
*2312 26
24
24
40
411 42
40
/
4
33
8
3312 333 3412
*311 3
/ •314
1
4
35*
4
40% 423
393 41
4
Tuesday
Sept. 12.
Wednesday
Sept. 13.
Thursday
Sept. 14.
Friday
Sept. 15.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
$ per share 3 per share $ per share $ per share Shares. Indus. & Mlscell. (Con.) Par
97 10
10
10
912 1,500 Pittsburgh Screw &BoltNo par
'
9% 10
9
.30
36
*30
36
36
"30
*30
36
20 Pitts Steel 7% eum [ref _ _100
43
43
*3
*3
438 *3
*3
Pitts Term Coal Corp__No par
48
.11
18
*11
15
.1318 18
*11
18
6% preferred
100
*4
43
4
412 412 *414 412 .414 412
100 Pittsburgh United
26
50
50
*50
140
54
50
50
3014 50
Preferred.
100
37
37
*312 4
4
4
*312 423
200 Pittston Co (The)
No par
7 22.300 Plymouth Oil Co
15 8 165
5
8 15 4 164 1512 1618 15
3
15
5
12
1212 11
1112 11
o
113
4 117 1212 2,400 Poor & Co class B
No par
*5
518 *5
514 *54 514
511
518
200 Porto Ric-Ara Tob el A_No par
.218 23
238
8 •214
214
212
212 212
500
Class 13
No par
243 2634 6,900 Postal Tel & Cable 7% pref 100
4
26
265 272
8
2738 26
26
24
*21
24
*203* 2312 .19
*193 22 2
Prairie Pipe Line
4
,
25
23
4 23
4
23
2,600 Pressed Steel Car
25
4 23
4
27
2
/ 3
1
4
No par
*9
10
*83 10
4
*83 10
*834 10
4
300
Preferred
100
7
4312 43
4
44
8 433 443
433 437
7,500 P40.7ter k Gz.rnble
4
8 43
No par
10412 10412 *104 10412 *104 10412 10412 1041 2
20
5% pref (8er of Feb 1 '29)100
112
112
112
900 Producers & Refiner '3orp-80
13
13
4 •15
4
8
15* •112
8
85s *S
812 812 .7
300
0
8
Preferred
50
393 403
4
8 39
' 39
38
3914 3512 37% 18,100 Pub Sec Corp of N .1.....No par
724 7214 724 72
*72
.6614 69%
72
600
55 preferred
No par
*9012 92
a8802 90
89
8958 895
800
8 89
6% preferred
100
*97 104
*96 10112 "93 10112 ...-- 9812
7% preferred
100
111 116 *111 116 *111 116
111 111
100
8% preferred
_100
*994 100
Pub ser El s nag of 85. No par
*9912 100
*9912 100
419918 100
z
5212 50
51
523 05014 5119 51
52
4
12,100 Pullmam Inc
No par
127
8 1238 123
12
8
4 125 1314 123 13 107,200 Pure 011 (The)
8
No par
64
/ 643 647
1
4
6512
63
4
64
882
6418 657
8% eonv ['referred
100
8
1912 197 *19
195
195
8 193 197
4,400 Purity Bakeries
8
8 19
No par
918 93
8
914
9 4 171,600 Radlo Corp of Amer_ _ _No par
3
914 03
84
3
958
4
31
*30
30
30
1,300
30
30
3012 30
Preferred
60
2238 213 2218 215 2258 2018 2112 13.200
21
*
8
Preferred B
No par
33
314
8 358
33
8 31
358 312
35* 11,900 Radio-Keith-Orph
No par
8 18 8 2014 22,600 Raybestos Manhattan_No par
18
193
4 1918 1912 1934 203
*13
137 14
8
14
14
14
13
2,800 Real Silk Hosiery
/ 14
1
4
10
*50
55
*50
*50
55
55
*50
55
Preferred
100
214 214 .214
212 *214 212 *2
212
100 Reis (Robt)& Co
No par
"1212 14
*12
1412 *12
1412 12
12
30
1st preferred
100
912 11,300 Remington-Rand
94 9%
914 9%
94 912
9
1
31
31
*28
3114 3112 31
32
31
600
let preferred
100
*29
33
*31
33
33
33
*31
*31
20 preferred
100
37
4
4 14
4
418
10,200 Reo Motor Car
312 4
4
5
173 1812 173 177
4
175 1814 1612 1712 16,700 Republic Steel Corp-__No par
4
8
•38
40
40
41
3814 2,400
38
393 40
6% cony preferred
4
100
*7
712 711
712 *7
7i2
712 *7
100 Revere Copper dr Brass_No par
.14
*14
18
18
*14
*14
18
18
Class A
No par
1712 1814
18
18
1814 1811 1734 18
1,400 Reynolds Metal Co
No par
11
•1012 113
8 1012 1012 1018 1014
113*
600 Reynolds Spring
No par
2
53
4
5212 5314 5318 533* 523 54
5414 51,200 Reynolds(R J) Tob class 11.10
60 60
60
61
*60
8
604 607 604
120
Class A
10
_ Richfield 011 of Callf___No par
__
*12
14
*12
14
*12
13 8 *1218 13%
5
Ritter Dental NM
No par
612 6
7
/ *6
1
4
612 67
800 Rosala Insurance Co
612 612
8
5
333 3412 34'2 3412 345 354 357 36'2 9,600 Royal Dutch Co(NY shares)
4
25 8 25
3
/ 2538 25 4 2512 264 26
1
4
2718 16,300 St Joseph Lead
3
/
1
10
5218 497 51
51
8
4
4912 513
4 4814 493 11,600 Safeway Stores
No par
*9014 92
92
92
*9218 95
9214 93
60
6% preferred
100
104 105
10314 103 4 1034 1037 104 104
250
,
8
7% preferred
100
812 812
83
4 0
900 Savage Arms Corp_No par
814
812 812
8
7
7 14
614 7
/
1
4
4 2,900 Schulte Retail Stores_ ..''o par
63
63
8 6
4 63
2312 23 4 *2212 2319 2312 2312 *1912 263
3
50
4
Preferred
100
*41
42
*40
100 Scott l'aper Co
417 2417 42
42
8
*40
8
No par
3638 56,900 Seaboard 011 Co of Del_No par
333* 35% 3412 35% 3514 364 34
"314 4
400 Seagrave Corp
314
.314 334
314
3
314
No par
4214 434 42
4412 443 46
4318 457 95,100 Sears. Roebuck & CoNo Dar
4
314
*3
34 318
318 318 *3
34
*27
3
500 Second Nat Investors
8 34
3
1
46
*39
*39
45
*39
45
44
*39
*40
44
39 39
100
['referred
1
*15
15
13
8
8 15
4 13
11
/
4
8
4
11
158
1%
*15
8
13
4 1,200 Seneca Copper
13*
No par
612 6
/
1
4
65
8 67
8
6
/ 714
1
4
8 714
67
87
8 78
3
88 71s 43,200 Serve! Inc
1
*9
9
95
8
914 95
95*
8
914 914
914 95
9
9 14 2,900 Shattuck (F 0)
No par
*712 75
8 4 814
,
8
818 84
8
8
*7
300 Sharon Steel Hoop
814 *7
814
No par
57
618
6
54 54
3
6
6
8 614
2,900 Sharpe & Dohme
6,
.3
3
4
53* 53
57
No par
*3412 3812 *3412 3812 *3412 3812 *3412 3812 34
400
3412 35
35
Cony preferred ser A_No par
83* 94
84 9
95* 30,600 Shell Union 011
912
9
941 93*
918 958
918
No par
*52
.523 5618 *53
52 52
4
56
57
573
4
54
56
800
56
Cony preferred
100
263
4 2514 28
24
2412 2414 2618 26
27
26
25,400 Simmons Co
273
8 25
No par
1138 1114 1112 1114 1114
11
10% 11
107 1158 11
5,200 Simms Petroleum
8
11
10
0
9
914
9
8
812 812
838 87
9
87
8 9
9 18
3.400 Skelly 01. Co
25
55 55
5518 554 .51
56
*51
56
.51 . 56
400
58
*54
Preferred
100
28
27 .23
*23
*23
*23
27
28
*23
*23
28
28
Sloss-Sheff Steel & Iron_ _100
*2014 2512 2412 2412 2612 2612 *26
*2612 29
30
*2612 29
70
7% preferred
100
6
658 712
614
8
63* 67
634 75
8
*6
63
4 67
8,800 Snider Packing Corp...No par
7
4
1318 1312 1318 138 135 1418 133 14
1334 1414
8
1314 14
96,100 Socony Vacuum Corp
25
.82
*83
835
400 Solvay Am Invt Tr
85
35
8 833 83 8 *83
5
85
85
*84
84
_100
8 4112 4212 413 421.1 13,200 So Porto Rico Su r.__N0 par
4
8
393 4012 540
4
4114 401 413* 414 417
pref.12514 12514 123 125 *123 129
*125 129 *125 129 .125 129
124
Preferred
100
4
19
1834 1912 1812 19
/ 193
1
4
197 20
8
193 19 8 1912 20
8
3
11,400 Southern Calif Edison
25
*318 4
*3
412 *3
413 "34 412 .34 412 *318 4
Southern Dairies Cl B__No par
*73* 12
8
8
12
12
12
8 "9
*75 12
.75 117
*8
*8
Spalding (A G) & 13ros_No par
52
*38
*38
*38
*38
*40
52
52
.52
52
52
let pmferred
*40
100
*1012 13
*1012 13
*1012 13
*1012 13
Spam; ChaltantkCo IncNo par
*1012 13 .1012 13
30 .20
30
*20
*20
*25
30
30
80
30
30
30
Preferred
30
100
512 .53
5 4 618
3
6
512 614 21,700 Sparks WIthington. _.. _No par
614
4
612
6
618 612
*212 35*
338 3 8 *212 3-58 •212 35*
3
60 Spear & Co
8 •212 33
8
358 33
No par
*18
183
8 18
19
8 18
1,500 Spencer Kellogg & Sons No par
18
1 1813 1812 51814 185
1814 183
57
6
578 6
6 18
4
534 614
512 53 19,100 Sperry Corp (The) v t c
6
54
3
57s
1
10
1012 *814 1012 *8
*8
*8
1012 *8
1012 *8
1012
Spicer Mfg Co
No par
*2311 26
*2314 26
*2314 26
*2314 26
*2314 26
*2314 26
Cony preferred A _ _ _No par
*10
11
143
4 5,000 Splegel-May-Stern Co_No par
12
1314 1412 14
1312 13
1358 13% 13%
27
2714 271s 287
8 2814 2914 283 29
8
8 2712 29 162,200 Standard Brands
2812 293
No par
8
8
8
*1213 124 .1213 124 *1213 128 *1213 124 *1213 124 '12158124
8
8
Preferred
No par
712 712
714 7 4
3
7 4 814
83
3
812 812
8 812
712 814 4.900 Stand Comm Tobacco_No par
1412 1419 1414 143* 1412 143
4 1418 1412 133 1412 115 1314 9,400 Standard Gas & El Co_ No par
8
8
8
1517 153 16
; 15
1518 1518 143 15
1512 151
127 1414 2,900
4
8
l'referred
No nar
200
$6 cum prior pret
*30
40
*32
4 0 .3312 397 "3112 3912
39% 394 3912 *333 4
No par
43 43
42
40
42
397
700
44
397 397 *35
*37
397
$7 cum prior pref
No .,ar
17
2
8
1%
2
*178 2
*17
2
8 24
900 Stand Investing Corp_ _No par
2 18 *I% 218
*102 103 *102 103 *102 103
/
1
4
/
1
4
/ 10212 10212 *10212 103
1
4
10214 1023
500 Standard 011 Export pref_100
4
8 4112 417
8 4119 4218 4111 423 44,100 Standard 011 of Callf
8 4058 417
3
4014 40 8 407
40
8
No par
*27
2838 273 273
4 273 28 .275 28
28
4
2712 29
4
1,700 Standard 011 of Kaasaa_10
8
28
405 407
8
8 40 4 4112 414 424 41 7* 424 413 4212 4114 4214 92,500 Standard 011 of New Jersey _ 25
3
4
*812 10
300 Starrett Co (The) L FL _No par
4 *812 10
*8
83
*818
4 93
9
958 *5
94
2
2 18
214 214
1.200 Sterling Securities al A_No par
218 218
2
2 18
102
218 218
2 14
8
8
*41.
512 512 *5 8 57
, 512
57
3
6
8 57
900
6 1g
Preferred
514
53
4
No par
*3012 32
200
*3012 32
*303 32
*301 4 32
*3012 52
4
30 - 30
Convertible preferred____50
8 7.300 Stewart-Warner Corp
84 85
•73
4 8
812 85
84 914
83
4
4
8
8 8 83
5
10
22,700 Stone & Webster
1112 1214 1018 11
113 11%
4
12
/ 113 12
1
4
117 1212 12
4
No par
s
6
612
63 18,700 Studebaker Corp (The) No par
8
614
618
614 634
658
618 614
618 6%
2612 2612
28
270
*2614 32
27
2712 2712 2712 2712 2614 27
Preferred
100
46
*45
300 Sun 011
46
4612 48
453
*45
4
*46
46
46 13 4612 46
No par
10
1001a 1004
*10018 102 *100 102 *10018 102 .1001g 102 *1004 102
Preferred
100
200 Superheater Co (The)__No Par
2212 2212
22
7 *1914 23
,
*19
2412 *2012 2414 .20
23
/ 22
1
4
33 18.100 Superior 011
34 3 8
318
3
4
314 331
314 33
3
No par
312 3 4
3
32 34
,
1412 11,900 Superior Steel
14
14%
154 13
1514 14
1214 1214 13
14
14
100
600 Sweets Coot Amer (The).-50
75a
78
4 .7
7 8 75,
74 714
5
73
75
4 73
712 712
•ii, 2
4 *112 2
*112 13
Symington Co
*13
*112 2
4 2
*11 2
/
4
No par
300
Class A
No par
3
3%
3
314 34
33
358 *3
4 *3
*3 - 31, *3
600 Telautograph Corp_
14
*13
14
14
/ 133 13
1
4
14
*1312 13
4
4
/ 133 133 •13
1
4
4
No par
67
8 2,400 Tennessee Corp
8 65
67
65
7
*6
6% 7
614 614
62
,
6'4
No par
4
297
8 29
8 273 2914 52,500 Texas Corp (The)
8
8
8 277 2812 2812 293
8 285 293
25
275s 277
52,200 Texas Gulf Sulphur.
334 35
.2913 30
29% 32
31, 3212 307 333
4
2
8
4 333 35
No par
43* 43
412 453 4.701 Texas Pacific Coal &414 414
4
45
8 43
011
4
458 4%
412 4%
10
93
21,800 Texas Pacific Land Trust___1
0'4 10
*9
9
932 10
914
912
97
8
912 95*
•Bid and asked prices, no sales on this day. a Optional sale. z Ex-div dend.
y Ex-rights. c Cash sale.
PER SHARE
Range Since Jan. 1
-share lots.
On lasts of 100
Lowest.
Highest.
i per share $ Per share
4July 6
14 Feb 15 113
1014 Jan 6 3834May 20
12 Feb 8
67 July 18
8
4 Jan 18 2312July 20
1112July 18
5 Fen 8
4
1534 Feb 27 84 July 19
7 June 10
38 Apr 1
63 Feb 24 1758July 7
4
4July 7
134 Apr 3 133
8 June 6
15 Mar 23
8
4 May 17
53 Feb 27
3
4 Feb 27 40 4.1une 7
7 Star 22 22 July 6
512.1une Is
58 Jan 21
3 Jan 27 18 June 7
195 Feb 28 50 Apr 20
8
97 Apr 18 10412 Jan 12
2%June 21
4 Jan 3
3 Feb 2 13 June 21
3314 Apr 4 5718June 13
68 Apr 18 8812 Jan 31
8
80 Apr 4 1013 Jan 24
917 Apr 17 11212 Ian 2
107 Apr 25 125 Jan 9
891251ay 3 10312 Jan 11
812 Jan 4 58% July 7
212 Mar 2 1314 Sept 14
8July 18
30 Mar 3 657
57 Feb 24 253
8July 11
3 Feb 23 1214July 8
1314 Feb 28 40 May 31
612 Feb 28 27 July 8
4J
53 uoe 8
1 Mar 31
5 Feb 23 2058Sept 14
8June 12
512 Feb 27 207
25 Jan 4 60 May 16
412 July 18
14 Jan 3
14 Jan 3 1812June 22
212 Feb 23 1114July 17
712 Feb 27 3712July 19
8 Feb 27 3514July 13
63
8June 7
158 Feb 28
4 Feb 27 23 July 13
9 Feb 28 5412July 13
114 Jan 10 12 June 2
24 Mar 2 25 June 2
6 Feb 27 2112June 27
111 Feb 28 11234 July 12
2612 Jan 3 2541 1Sept 15
4
60 Jan 5 623 Jan 21
3 June 8
4 Feb 21
612 Feb 25 1634June 29
8.1une 8
2 Apr 8 107
8
175 Mar 2 36I2Sept 15
4Ju1y 19
618 Feb 27 293
28 Mar 3 62s July17
72 Apr 5 9412July 13
8014 Feb 15 105 Sept 12
214 Apr 3 12 July 1
es Mar 3 1014July 11
4J1lly 12
318 Apr 25 353
8July 19
28 Jan 24 447
15 Feb 13 36% Sept 12
43 July 13
4
14 Feb 25
1212 Feb 25 47 July 17
114 Feb 28
8 we 7
24 Feb 24 48 July 6
3
3 8June 2
18 Mar 28
712July 18
112 Feb 4
1314 July8
53 Apr 8
4
112 Feb 23 12 July 14
85
8June 28
212 Feb 27
8July 13
2114 Mar 2 417
I 158 July 7
317 Feb 17
2812 Star 28 61 July 7
43 Feb 28 31 July 19
8June 2
478 Feb 28 123
97
8June 2
3 Feb 20
22 Feb 2s 5712July 2(1
7 Jan 3 35 July 14
814 Feb 7 42 July 15
934July 13
3 Ma.31
8
s Mar 23 1512.1uly 7
58 Feb 25 92 July 3
8
157 Jan 12 4858July 17
112 Jan 4 132 July 14
1713 Apr 7 28 Jan 11
734June 10
1 14 Feb 28
a
4 Jan 18 117 July 14
2518 Mar 28 61 June 27
411 Feb 18 1512July 19
1712 Feb 9 50 June 13
8 June 12
3 Feb 28
4
512June 20
18 Jan 10
712 Apr 10 23 July 19
712July 18
218May 3
5 Jan 3 16 June 12
3212.111Iie 12
1134 Mar 21
1 Feb 28 1434Sept 15
1334 Mar 2 373* July 10
120 July I I 124 May 4
9% Aug 28
1 Jt.n 3
518 Mar 31
2212June 13
8June 13
85 Apr 3 257
8
17 Apr 4 61 June 13
20 Apr 4 66 June 13
7
2 8J111'e 2
II Mar 31
9212 mar 3 1028
4Sept 15
8Sept 15
1912 Mar 3 423
128 Apr 4 29 Sept 15
4
2254 Mar 3 4212Sept 14
4 Feb16 1112June 14
/Oulu) 13
37
els Jan II
730 une 13
113 Feb 10
20 Afar 2 3614 July 3
212 Feb 24 1112July 19
53 Feb 27 1914July 13
4
8June 6
83
113Mar 21)
9 Apr 3 3818June 5
15 Feb 25 50 July 18
89 Mar 16 103 July 26
712 Feb 17 27 July 19
412July 13
54 Jan 4
8July 13
2 Feb 28 223
1 Mar 22 10 July 19
3 June 7
Is Apr 6
514July 3
14 April
8July 7
163
818 Feb 17
714 Aug 10
13 Feb 28
8
8
1034 Feb 2‘, 297 Sept 14
1514 Feb 20 35 Sept 14
8
(312Muy 29
13 Mar 3
1118June 12
312 Star 31
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share
42 Aug
2 Apr
912 June 243 Sept
4
12 July
212 Aug
1212 Mar
5 Dec
5 Dec
8
33 Sept
4
14 May 44 Sept
12 Dec
3 Sept
1212 Sept
83 Nov
1% May
(3% Sept
114 May
8511 Sept
23 Aug
5 May
4
8
1712 Sept
13 July
4
512June 124 Sept
4 Aug
34 June
25* June 17 Sept
/
1
197 June 424 Jan
8
81 July 10312 Dec
4 May
15* Mar
I May
03 Mar
4
28 July 60 Mar
62 June 907 Sept
8
7112June 10218 Aug
9213 Slay 114 Mar
100 July 13014 Mar
83 June 10312 Dec
1011 June 28 Sept
27 June
8
63 Aug
50 Jan 80 Aug
43 Stay 15% Mar
*
213 May 1312 Sept
10 June 3278 Jan
33o May235 Sept
8
73 Sept
1% June
4
43 July z123 Aug
8
4
218 July
812 Sept
7 June 30 Sept
Is Apr
112 Sept
cl Dec
75 Sept
8
I May
712 Aug
4 June 29 Aug
5 June 3112 Aug
37 Sept
112 Apr
17
8June 13% Sept
5 June 287s Sept
1 July
614 Sept
2 Dec 1212 Aug
5% July 11% Sept
3 Feb 127 Sept
8
2612 June 4014 Jan
64 Slay
7118 June
138 July
14 June
4 July 12
Oct
912 Aug
11z Slay
124 Apr 233 Sept
4
42 July
173 Sept
4
3018 July 594 mar
60 May 90 Oct
69 June 99 Oct
73 Feb
114 July
4 Jan
12 Dee
5 Oct 30 Jan
18 May 42 Feb
64 Apr 20% 13ec
1
Apr
24 Jan
/
1
8June 3738 Jan
97
12 July
3 Aug
2114 June 304 Aug
Aug
1
'& Slay
112 June
53* Jan
5 May 1234 Mar
1% July
73 Sept
4
17 June
8
7 Sept
11% July 3014 Jan
8 Sept
212 Apr
/
1
4
18 May 6514 Sept
23 June 133* Sept
4
314 Apr
712 Aug
53 Sept
212 Feb
4
12
Jan 3312 Sept
1934 Sept
33 June
4
6 July 2912 Sept
712 Sept
17 1)ec
8
54 May
1214 Sept
35 June 67 Sept
/
1
412 Apr 184 Sept
86% May 11212 Dec
15 June 324 Feb
/
/
1
1
4
114 May
3 Feb
12 Jan
412 July
25 1)ec 95 Jan
93 Mar
4
83 Mar
4
15 Nov 4812 Jan
5 Sept
I Slay
11 Apr
/
4
12 July
11 Sept
8 May
- 3 Dee
912 June
5* May
83 June
8
110 June
4 July
8June
75
914 June
21 July
28 June
4 June
181 June
1518June
7 Apr
19% Apr
3 July
18 May
s
,, July
1312 June
Ps May
458 July
213 May
30 Nov
241 Apr
/
4
88 July
7 June
14 Jan
214 May
1% July
i4 Mar
12 May
6 July
1 May
914 June
12 July
112 Apr
212 June
- 8 Sept
87
18 Sept
5 Aug
177 Ault
8
123 Dec
2 Jan
34, Mar
4
41 14 Jan
6212 Aug
Jan
75
214 Aug
1001z Dee
3178 Sept
WI Aug
373 Seln
/
1
4
8 Sept
214 Sept
4 Sept
26 Aug
812 Sept
8
73 Sept
1354 Sept
8
1047 Mar
397g Oct
92 Deo
1418 Sept
2 Sept
914 Sept
Jan
11
1 Sept
24 Aug
/
1
134 Mar
/
1
43 Sept
1814 Sept
261 Feb
/
4
4 Aug
812 Sept
New York Stock Record-Concluded-Page 8
2077
yr' FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
HIGH AND LOTV SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 9.
Monday
Sept. 11.
Tuesday
Sept. 12.
Wednesday
Sept. 13.
Thursday
Sept. 14.
Friday
Sept. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On Duty of 100 share Iota.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
Lowest.
Highest.
S per share 5 per share S per share 5 per share S per share S per share Shares. Indus. & !Mace11.(Cond.) Par $ per share 3 Per share $ per share $ per share
1312 1312 14
15
1478 1512
143 143
4
4
4
8 147 147
143 155
8
8 1,100 Thatcher Mfg
No par
5 Feb 15 2218July 19
2 Apr 10 Nov
*3814 41
42
*37
*38
4112 .37
4112 *3812 4212 *385 43
8
33.60 cony pref
2758 Feb 6 44 July 18
No par
2218 Apr 32 Dec
.714 9
.
74 9
*714 9
712 712 *714 73
*714 8
4
100 The Fair
1212June 1
No par
23 Mar 31
8
212 Dec
814 Sept
050
6912 *5018 6912 *5018 6912 5018 5018 *504 5912 .5018 5912
100 33 Feb 28 70 July 5
7% preferred
70
38 July 85
Jan
, 8
71
75
8 83
8
8
714 714
8
73
4 814
712 73
No par
1 Feb 28 1012July 17
4 7,800 Thermold Co
78 June
4 Sept
015
.1418 19 .14 - 19
19
.14
19
.16
1814 *16
Third Nat Investors
1
10 Mar 1
1818
21'4 July18
10 May 174 Dee
*77
8 8
77
8 8
74 8
3
*73
'7 8 8
4 8
5
'75
8 8
600 Thompson 0 R1
25
83 Mar 18 1512June 2
4
712 Nov
1614 Mar
1714 173
8 1714 19
183 19
1812 183g
8
183 2014 185 1934 16,300 Thompson Products IncNo par
4
8
53 Jan 6 2014 Sept 14
8
23 June 10 Feb
4
412 41
• 412 5
47
8 5
47
8 47
8
43
4 5
412 5
3,900 Thompson-Starrett Co_No par
12 Mar 3
912June 19
%Jane
214 Aug
.23
2518 *24
2518 *2412 30
*2412 30
*2412 2518 2412 2412
53.50 cum pref
No par 12 Jan 10 30 June 19
200
12 June 1712 Sept
912 10
95 1013
8
97 1018
8
978 1018
93 10
8
93 1018
4
27,700 Tidewater Assoc OIL. No par
34 Jan 13 103
4July 7
2 Ayr
55 Sept
8
.5012 5117 5013 51
52
53
53
52
5318 53 53
52
1,600
Preferred
100 2312 Apr 6 55 July 3
20 Feb 60 Sept
*18
25
25
.18
*18
25
25
*18
*18
25 .18
25
Tide Water 011
No par
914 Apr 20 19 Sept 7
5 June 10 Aug
68
70
68
70 .68
75
73
*67
71
71
*67
1,000
72
Preferred
100 45 Feb 2 71 Sept 14
30 Feb 82 Sept
518 514
514 512
.55
8 54
3
558 53
4
8
552 57
512 53
4 4.400 Timken Detroit Axle
li2 Mar 22
10
814June 20
2 July
63 Sept
4
285 29
285 307
8
8
8 303 315
8
8 307 3(3
4 313 32 8 307 33
4
4
7
8
19.700 Timken Roller BearIng_No par
133 Feb 23 3512July 7
4
7 34 July 23
Jan
63
4 87
8
63
4 7
7
7 18
7
71x
74 714
67
8 74 17,500 Transamerica Corp_ __ _No par
25 Mar 2
8
912July 13
218 Jan
718 Sept
133 14
4
13, 14,
4
8 133 1414
133 14
8
4
135 14
8
1378 6,900 Transue & Williams St'l No par
12
278 Mar 21
1712July 19
214 July
812 Sept
63
8 658
63
s 63
612 63
4
8
4
63
4 67
63
4 67
8
8 6,600 Tri-Continental Corp-No par
63
23 Feb 27
8 67
4
4July 7
14 May
83
512 Sept
6812 68 68
'68
68 68
.68
697 *6612 67
8
6612 6612
No par 41 Apr 8 :75 May 16
600
6% preferred
42
Jan 72 Sept
*3212 34
x327 33
8
3312 34
3412 *34
33
35
3412 353
4 1,700 Theo Products Corp -No Par 2018 Feb 25 387
8July 17
193
8May 3112 Mar
*3
314
3 8 *3
3
*278
314 .27
314
8
318 314 *3
514 July15
318
900 Truax Traer Coal
No par
12 Apr 4
14 May
318 Jan
814 838 a812 93
8
83
8 918
87
8 87
8
83
4 94.
10
8 6.500 Truscon Steel
814 87
2 Mar 3 123
4June 12
2 Apr
714 Aug
3
3
*312 314
33
s 312
33
8 1,000 then & Co
No par
312 312
312 312
as Jan 16
3,
8
614June 19
12 May
318 Aug
.30
32
x2912 32
*33
34
33
34
34
34
31
31
1,000 Under Elliott Fisher Co No par
958 Feb 24 3912July 7
738 July 243 Sept
8
*4014 42
42
4314 43
4412 *43
4413 4513 4,700 Union Bag & Pap Corp_No par
4412 47
44
512 Jan 13 60 July 18
54 June 115 Aug
8
46
465
3 4612 4812 48
4912 4812 4914 49
5018 4712 4934 33,700 Union Carbide & Carb_No par
151t May 383 Mar
1934 Feb 24 517 July 18
s
8
2112 2112 2112 22
2134 2234 213 22
22
4
2212 2112 22
18,000 Union Oil California
8' Mar 2 2338July 7
2
25
8 July 153/ Sept
4
173 173
4
4 1814 19 .185 19
1812 183
8
4
4 183 19
1814 183
4 1,800 Union Tank Car
No par
1012 Feb 21 2234June 2
113 June 1914 Jan
4
3618 363
8 3613 393
8 383 3912 3812 39
8
383 4038 3718 393 136,000 United Aircraft & Tran_No par
4
4
1812 Mar 2 4678July 17
64 May 34511 Sept
'6314 60 .64
66 .65
66
66
*66
66
71
66
66
900
6% pref series A
50 5112 Mar 1 68 June 18
304 May 58 Dec
0245 243
8
4 2412 25
2514 2514 243 247
4
8 2412 2512 2412 243
4 4,600 United Biscuit
100 1312 Feb 24 273
8July 10
11 July 2812 Mar
.109 110 .109 110
109 109 .10814 110 *10814 110
10812 110
40
Preferred
100 92 May 2:110 July 14
75 July 103 Mar
.253 263
4
8 2512 2814 273 2812 2712 28
x28
2812 2814 293 10.300 United Carbon
4
8
No par 1014 Feb 25 3058July 17
65 June 18 Sept
8
7 4 77
3
2
73
4 8,
74
8
3
; 77
8
818
77
8 81
8 8,
67
8 73 80,100 United Corp
8
No par
47 Mar 31
8
1412June 13
312 June 14 Sept
31
31
31
3114 3114 3114 31 12 317
8 31
3212 297 31
6,500
s
Preferred
No par 247 Apr 1
8
407
8June 13
20 June 393 Sept
8
*45
8 57
8
53
4 53
614 612
64 63
8
4
6
53
6 14
4 64
1,580 United Dyewood Corp... _100
3 Feb 17
4
8June 21
67
72 Apr
318 Sept
.612 7 4
3
7
612 63
7
718 712
4
712
7
63
4 67
8 1,000 United Electric Coal
No par
1 Mar 31
87s July 14
8
23 July
678 Aug
*5912 60
60
64
633 643
4
4
63 4 643 .633 64
3
4 63
4
64
9,600 United Fruit
No par 2314 Jan 3 68 Aug 31
1014 line 325 Aug
8
1814 183
4 1814 183
8 18
1818 185
1834 163 18
4 1812 19
8
42,800 United Gas Improve__ _No par
14 Mar 31
25 July 13
914 Jane 22 Sept
.95
97
95
95
97 .954 98
*95
*95
97
95
9514
300
Preferred
No par 85 May 1 100 Jan 9
70 June 99 Dec
"2 8 414 *3
5
414 .3
414 *3
414 .3
414 *3
United Paperboard
414
100
4 Jan 23
512July 13
3 Aug
4
12 Dec
.1312 1412 14
1412 1414 153 •13
8
1412 1412 1412 1412 1,200 United Piece Dye Wks_No par
1414
312 Mar 3 217
8July 19
3 8 June 117 Sept
3
8
.75 100
*75 100 .75 100 .75 100
.75 100
*75 100
100 50 Apr 19 85 July 13
63.5% preferred
6412 June 9312 Jan
4
4
3
33
4
4 34
418
4
4
1,800 United Stores class A__No par
34 4
3
'37
8 414
34 Feb 28
714July 6
3 May
3 Jan
4
*4914 72
*4914 72
*4914 72
*4914 72
*4014 72
*4914 72
Preferred class A__. No par 45 Mar 21 66 July 20
27
Jan 4814 Mar
44
4418 45
*44
45
45
*4378 44
45
*43
45
45
900 Universal Leaf Tobacco No par 2112 Apr 1
5112July 17
11 May 31 Sept
*23
29 .24
2812 .23
29
*23
283 .26
*23
29
4
29
Universal Pictures let pfd_ 100 10 Apr 24 35 June 13
10 4 Dec 50
3
Jan
•17
8 2
17
8
17
178
8
17
8
8 .178 2
178
17
2
27
s 5,800 Universal Pipe & Rad_ _No par
4 Apr 4
33
8July 13
218 Aug
12 Apr
163 ISIs 163 173
8
175
8 1712 1814 17
4
1718 173
8 17
18
6,000 U El Pipe & Foundry
20
818 Mar 1 2218July 5
714 June 1818 Sept
1614 1614 *1612 17
*16
1612 161 *1618 161
17
1614 1614
lot preferred
400
No par
123 Apr 10 19 May 26
4
1112 June 163 Aug
2
212 217 *212 434 .212 43
*2
4
.212 32
8 .212 414
100 US Distrib Corp
No par
15 Aug 30
8
6 June 13
2 June
518 Dec
•1
115
11
.1
118
14
114 .118
l's
400 U 8 Express
l's •1
1'4
100
5 Jan 30
8
2 8June 8
,
14 Jan
114 Sept
.23
26
2617 1,200 US Freight
253 263
2714 •25
8
8 2614 253
4 2612 2617 27
No par
7 Feb 18 2958July 7
312 May 1534 Sept
1318 14
1312 1312
1338 l31s 3,300 US & Foreign Scour__ _No par
131
1312 14
14
.13
14
34 Feb 23 173
4Ju1y 8
13 June
8
814 Sept
.6512 74
*6512 70 .66
.6512 74
*6512 73
*6512 73
70
Preferred
No par 3612 Mar 28 84 July 19
26 June 64 Sept
477 477
471 x48
8
4718
8 4712 48,
49
48
4 47
4814 48
2,100 US Gypsum
20 18 Feb 25 5312July 8
1012 June 27 Sept
.118 119 .118 119 *118 119 .118 119 x118 118 .118 119
30
7% preferred
100 10114 Jan 9 120 July 26
Oct
8478 June 105
912 0812 912
912 913
9
.9
9
912 912
10
700 U S Hoff Mach Corp_No par
138 Apr 3 117
8June 8
3 Apr
4
6 Sept
6912 70
694 754 7334 757
7412 75'2 7512 8014 73
793.1 72.400 US Industrial Alcobol_No par
1312 Feb 28 94 July 17
1314 June 3614 Sept
12
1131 123
11, 12
2
1118 11 14
113 1211 12
8 12
4
1212 2,800 US Leather v t a
No par
238 Mar 1
1714July 18
114 May
714 Sept
•18
183
8 173 1914 19
4
191 •1812 1017 19
1912 1812 1912 2,700
Class A v to
No par
44 Feb 25 273
314 June 16 Sept
4July 18
*7814 83 .7814 811 *7814 8112 *7814 8112 .7814 8112
83
.78
Prior preferred v to
100 30 Feb 23 7618 Aug 29
4414 June 7018 Sept
103
9'2 9 2 10'4 10,
8 1014 1014 1014 103
8 1018 10 s 2,900 US Realty & Impt____No par
,
2 I()
3
212 Feb 28 1412July 7
2 June 113 Sept
4
17
17,
183
8 17
4 1818 19
183 1812 1812 19 8 1712 1878 19.200 U S Rubber
8
3
No par
27 Feb 27 25 July 18
8
14 June 1014 Aur
2812 2912 2912 313
4 3012 3138 .3014 3114 3012 313
4 3012 3112 4,700
1st preferred
100
512 Feb 23 437
81u1y 18
318 June 20 4 Aug 1
3
84
8512 8414 8912 8718 8958 87
88
89
9512 903 9612 79,400 US Smelting Ref & Min....50
4
1312 Jan 3 9612Sept 15
10 June 2234 Aug ,
*553 56
8
56
56
56
5634 *5512 5612 5512 5512 57
Preferred
57
600
50 3912 Jan 4 573 Aug 29
4
31 July 457k Aug
4 52
56
5114 513
543 5612 543 553
4
4 5412 567
4
8 521g 5614 128,500 U S Steel Corp
100 2338 Mar 2 8712July 18
2114 June 525 Feb
8
02
92
*9212 93
92
93
93
92
91
927
8 90
Preferred
907
8 3,900
100 53 Mar 2 10512July 17
5112 June 113 Feb
.9314 94
94
94
943
*94
4 943 943 x95
943 *94
4
4
4
300 US Tobacco
95
No par 59 Jan 9 x95 Sept 15
55 June 66 Apr
43
8 412
414 417
412 45
8
43
8 5
412 5
414 47 16,900 Utilities Pow & Lt A.
8
-No par
8
17 Apr 18
2June 13
87
112 May 1038 Jan
13
4
13
4
17
8
17
;
134
13
4 *13
4
17
8
178
17
8
13
4 17
8 2,200 Vadsco Sales
No pa
ss Jan 6
14 Mar
118 Sept
3's July19
23
*21
*21
23 .21
23
*21
23 .21
23 .21
23
Preferred
100 1518 Jan 11 2434 Mar 20
12 June 20 Jan
245 25
8
25 14 27
2614 2778 26
27
263 2712 2518 27
4
33114 July19
12,000 Vanadium Corp of Am_No par
75 Mar 2
8
514 May 2334 Sept
638 63
8
612 65
8 *612 63
612 612
638 612
4
614 614
340 Van Raalte Co Inc
No par
13
3May 5 10 July 13
2 Dec
7 Feb
2912 30
30
29
29 .28
30
3112 2814 2814 2812 2812
290
7% lot pref stamped- _ _100 147
8May 11
35 June 26
4
418
414 414
411
418 414
4
418 412
4
43
2 4,900 Virginia-Carolina Chem No par
5 Feb 23
8
738July 19
, Mar
2
23 Aug
8
1614 1612 *15
•1658 17
1612 1612 1712 177g 1815 1,200
17 .15
8% preferred
100
33 Mar 2 2612July 18
8
318 Feb 1114 Aug
•60
70
70
*60
60 .57
*60
60
70
70
*58
70
100
7% preferred
100 3538 Mar 31 6312July 18
20 Apr 693 Nov
4
81
80
80
*79
*78
803 .7914 8014
8
79
80
78
78
80 Virginia El & Pow $8 pf No par 654 Apr 17 855 Jan 25
80 June 90 Sept
8
5612 6058 59
58
*54
6012 5914 5914
5812 60
6012
59
830 Vulcan DetInnIng
100 1234 Feb 25 6778June 8
714 July 347 Aug
8
8
8
812 9
87
8 9
•758 812
83
8 9
812 812 2.700 Waldorf System
No par
55 Mar 29 12 July 5
8
718 Slay 19 Jan
6
6
63
8
612
614 7
612 618
3118 7
512 614 9,700 Walworth Co
No par
7 Apr 5
8
4
Patine 27
3 June
43 Aug
8
*1012 1512 *1012 1512 *1012 1512 .1012 15
•1012 15
*1012 15
Ward Baking class A_ _No par
218 Mar 15 20 July 11
214 May
1014 Jan
37
8 37
8
3 8 3 4 *312 37
5
3
8
37
8 37
2
33
s 351i
Class B
358 33
8
No par
900
38 Apr 13
558July 10
3 May
4
23 Jan
8
383 .35
3712 '35
4
.35
38
37
•35
x3712 39
*35
39
Preferred
600
100 1112 Apr 17 447
8July 11
12 Slay 4012 Mar
75
8 73
4
77
8 84
818 858
814 812
812 9
814
9's 145,100 Warner Bros Pictures
5
12 June
1 Feb 25
412 Sept
918 Sept 15
*1812 20
20
2114 *1934 22
2112 22
22
22
*21
22
$3.85 cony pref
700
No par
414 Feb 7 22 July 10
4 June 20 Feb
3
318 318
3
318 314
3
3
3
3
212 23
4 2,800 Warner Quinland
No par
5 Mar 21
8
2June 10
47
12 May
214 Aug
113
8 1112 1314
1212 1312 13
11
13
1258 133
8 124 123
4 8,000 Warren Bros
No par
212 Feb 25 2238June 19
114 May
83 Sept
8
2012 2012 2012 22
•194
22
21
21
21
21
*21
22
Convertible pref
50
No par
712 Feb 14 3558June 17
2 June 1712 Jan
2112 2112 22
2112 22
.21
22
2138 22
22
21
211, 4,400 Warren Fdy & Pipe_ _No par
5 Feb 20 2214 Sept 5
74 May 1414 Sept
.514 6
512 5,2 *53
8 512
512 718
612 73
IS
8
612 9,700 Webster Elsenlohr
No par
1 Jan 16
3 May
8
8 July 8
2 Jan
*13
4 214 *13
4 214
13
4 .134 214
13
4
*134 214 *13
10 Wells Fargo & Co
4 24
,
1
18 Apr 11
312June 9
14 July
13 Sept
8
4 2612 27
2512 253
263 263
8
4 2512 26
r27
28
27
273
4 2,600 Wesson Oil& Snowdrift No par
7 Mar 3 3712July 18
818 July 20 Si lit
057
573 *57
5814 58
4
58
•5714 5912 .58
200
Cony preferred
592 5912 5012
No par 40 Mar 3 63 July 18
423 July 5813 Sept
4
641, 6412 687
8 6718 6912 673 6814 683 707
64
4
4
8 6514 697 34,900 Western Unlon Telegraph_100 1714 Feb 25 7714July 18
8
123 June 50 Feb
8
4
4 311. 3134 3112 32
3014 3014 303 313
3112 3214 3112 3214 6,300 Westingh'se Air Brake_No par 113 Jan 3 3538July 7
4
914 Apr 1818 Sept
3
8 45 - 467
8 437 463
4314 433
8 453 46
8
453A 473
4334 4678 35,700 westinghouse El & Mfg__ _50 193 Feb 25 583
s
4July 14
15 8 June 4312 Sept
3
86
86
88
88
*83
89
•85
89
.861. 89
8712 88
130
1st preferred
50 6012 Feb
96 July 18
5212 June 82 Sept
*914 1014 "
912 104
9
914
10
10
914
812 812
700 Weston Eleo InstruMt_No par
94
312 Feb 27 1314July 8
212 Apr
914 Feb
'1558-..- *1512
- *1512 - - .
1512 - - *1512 --- .1512 - - ---- __
Class A
No pa
10 Mar 3
2214July 20
1314 Apr 19 Jan
*58 - - .
62
60
58 - - 'IS - .
.58
58
62
61
58
.5014 5
:10 West Penn Elea Mass A _No par 30 Apr 22 73 June 14
25 May 80 Sept
.6014 63
643
4
6012 6012 60
*60
594 61
61
60
61
60
Preferred
100 37 Apr 4 773
Jan
4June 14
22 June 76
.45, 54
4
54
.51
*50
.54
51
51
*5012 53
5012 53
110
6% preferred
100 3312 Apr 6 69'z July14
20 June 70 Jan
•109 10912 109 109 *109 10912 .109 10912 109 109's 10912 110
50 West Penn Power pref
100 92 Apr 13 1103 Jan 19
Oct
2
80 June 111
98
98
98
9612 97
*923 9814 *923 981 .95
4
98
4
98,
4
6% preferred
50
100 81 Apr 3 101 Jan 11
6812June 1013 Mar
4
613 6'8
6
6
*514 6
*514 6
512 512 •514 512
300 West Dairy Prod el A_ _No par
1812 Mar
4June 12
212 Apr 5 113
312 Nov
2
214
2
2
"2
214
17
2
218
2
2
2
1,800
Class Byte
No par
414June 12
1 June
43 Star
8
72 5far 31
*17
1712 .17
18
18
18 .17
18
17
17
17
17
500 Westvaco Chlorine ProdNo par
5 Mar 3 2012July 13
3 June 123 Mar
8
2312 2114 2114 .2114 223 •21.14 2212 2113 2112 18
8
*21
20
500 Wheeling Steel Corp
No par
713 Jan 4 35 July 3
5 June 15 Sept
4,1914 23
*1914 23 .1914 23
*1914 23
*1914 23 .1914 23
White Motor
50 14 Jan 25 2612July 13
87 June 2714 Sept
8
2812 2812 2912 2912 2912 *29
30
•28
30
3012 2812 2912 1,700 White Rock Mln Sprat( No par
1158 Apr I
8July 19
11 July 2812 Nlar
383
.212 3
8 3
.212 3
*Vs 3
23
27
8 3
212 23
4 1,100 White Sewing Machine.No pa
43
4July 6
14 Apr
214 Aug
12 Jan 20
93
8 93
8
9 8 93
3
8
9
03
4
03
4 83
4
9
9 12
812 93
8 1,500
Cony preferred
No pa
118 Jan 14
3 Apr
23 Sept
4
4
1012July 6
.33
4 4
4
4
4
414
4
4
4
4
312 33
4 2,400 Wilcox 011 & Gas
5 2 Mar 2 512June 2
4
23 May
814 Aug
2714 2714 2714 .2512 2912 .2512 2912
2712 .2512 2712 .26
•2512
100 Wilcox-Rich cl A °Caw-No par 15 Mar 1
1312 June 2012 Star
2714 Sept 13
713 733
712 7 4
/
3
714 714
714 712
*63
654 73
4 7
8 2,600 Wilson & Co Inc
No par
78 Jan 3 11 June 7
%June
134 Mar
164 184 1534 17
16
1714
17
17
1718 1712 16
1712 2,800
Class A
No par
4 Jan 3 22 June G
13
478 Sept
8May
4
4 5114 5112 .5014 54
493 493
49
*5112 54
49
*4814 53
600
Preferred
100 19 Mar 2 7212July 15
11 June 31 Mar
8
3
4
3814 3812 03712 39 4 393 4012 383 3912 394 40
3812 393 34,800 Woolworth (F W)Co
8
10 2518 Apr 8 507
8July 8
22 June 455 Mar
8
2912 2914 3034 29
28
3112 28
30
29
.2714 28
3014 3,500 Worthington P & M
100
8 Mar 2 397
8July 7
5 May 24 Sept
*3712 44 .3712 44
.3712 43
*3712 44 .3712 44
*3712 44
Preferred A
100 14 Mar 15 51 June 7
Jan
1412 June 41
33 .30
34
32
*30
34 .33
.3218 33
3412 *30
3312
Preferred B
200
100 14 Feb 28 47 June 6
12 May 31 Sept
.1524 197 .154 20 .1514 197 *1512 20
8
8
•1514 197 *1514 20
8
Wright
_ _No par
6 Apr 5 24 May 27
37 Apr
1812 Sept
8
5114 .52
52
.513 52
4
52
52
52
5214 5212 53
.51
(Wm)Jr (Del)
1,300 WrigleyAeronautical- No pa
3412 Feb 28 53 Aug 23
Jan
2514June 57
20 .18
20
*18
20
*18
20 .18
20 •18
•18
20
Yale & Towne Mfg Co
25
7 Jan 20 23 June 17
612 July 15 Sept
6
4
6
614 612
618 63
612 63
4
618 63
4
6
612 9,800 Yellow Truck & Coach Cl B 10
24 Mar 2
73
4July 7
13 June
734 Sept
8
.33
38
393 *33
4
4
393 *34
4
393 .33
•33
393 *33
4
303
4
Preferred
100 18 Mar 2 42 July 10
12 May 4018 Sept
4.15!,, Hui
151. 1512 *16
1612 •1618 163
4 167 1137e
s
16
16
300 Young Spring & Wire__No tut
3 Jun
312 Mar 30 194July 19
1175 Sept
8 26
2714 283k 283
245 2518 2518 26'3 2612 273
;
, 2534 2712 15,100 Youngstown Sheet & T _No par
74 Feb 28 375
8July 18
4 May 274 Sept
214 212 *214
214
23
8
*2
238
2
2
212 *23
8 212
900 Zenith Radio Corp_ _ - _No par
12 Feb 27
312July 18
12 Slay
Jan
2
14
6% 65
8
8
63
4 7
7
7
73
7 18
67
8
35, Feb 28
714
65s 7
8,000 Zonite PrOCILIC18 ram._
1
812July 8
4 Der
97s Mar
•Bid and asked prices, no sales on 11118 day. a Optional sale. s Sold seven days. z Ex-dividend
y Ex-rights.
2078
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange method of Quoting bonds was changed and prices are now "and interest"—except for income and defaulted bonds.
—_
Eli
..."',..
.., ,..'
,
....:. _
BONDS
N. Y.'81TOCK EXCHANGE
Week Ended Sept. 15.
I:
,T13
,
S.,
Price
Friday
7eek's
4
Range
Range Cr
X;
Since
Last Sale.
tlie5
Jan. 1.
—
Bid
Ask Low
High No Low
High
High No. Low
BIS
Ask Low
U. S. Government.
High
52
9 4212 62
Dominican Rep Cut Ad 544s '42 M S 5012 Sale 5012
First Liberty Loan—
48
56
50
181 ser 54613 of 1928
1940 A 0 48
18 351 59
J D 1021332 Sale al0222321023132 354 9910421031132
334% of 1932-47
,
101 1021144
1022342sept 33 _
48
50
50
-___
a5018
2d series sink fund 544s
5 a3414 56
1940 A 0
1 D 101
Cony 4% of 1932-47
26% 30
27
281g
6 27
Cony 442% of 1932-47
6512
J D 1023032 Sale 1023.3210343s 345 992 ., 1034.2 Dresden (City) external 76_1945 M N
4 141
146 93 141
Dutch East Indies eat! 6s.,.._1947 1 A 14018 Sale 1323
2d cony 4)4% of 1932-47
J D 1011134 ____ 102 Aug'33 ____ 1011.22102
1413 185 93% 1413
4
40
-year external 8s
Fourth Liberty Loan—
4
1982 NI 5 14114 Sale 13434
A 0 103332 Sale 10233321031032 1400 100"3211131032
March 1962 coupon on__ ____ 135 Aug'33 _ - _ _ 127 138
434% of 1933-38
4
30-year extl 544s____Nov 1953 M N 1403 Sale 1333
4
1403
4 39 924 1403
Treasury 4428
1947-1952 A 0 1101032 sale 1102922111322 296 10314.2111,,
/
1
4
14118 45 9134 14118
Treasury 45
30
-year ext 534e.. Mar 1953 M B 14118 Sale 134 .
1944-1954 J D 105.32 Sale 1062032107532 588 9931.10714u
_ 125 Aug'33 2_ 125 125
,
1948-1956 M S 104,332 Sale 10P233105132 377 9E0 32105"n
March 1934 coupon on
Treasury 3125
10211,3 137 97.1410211u El Salvador (Republic) 8s A_1948 J .J55 - - 44
.
Sale 102
51
44
1943-1947 J D 102
Treasury 3428
I 26
64
43
Treasury 38___Stpt 16 1951-1955 M S 982832 Sale 982032 991332 1235 931141990u
Certificates of deposit__ - _.... J 1 ---- 4514 43
1 323 55
4
Sale 102
1021133 642 98 102113,
. 45
Certifs of dep coupon off
Treasury 3148 June 15 1940-1943.1 D 102
_,:- ____ 45 Aug'33 ___
.
45
Sale (nov442 102. 329 961,42102"u Estonia.(Republic of) 7s____1967 J J
32
5112 Sale
.5112
52
Treasury 3448 Star 15 1941-1943 en s 102
2 421 55
7912
4 58% 793
Treasury 3343 June 15 1946-1949 8 D 100% Sale 100432 1003,32 414 95..1002,42 Finland (Republic) ext 69_ _1945 M S 7912 Sale 7812
4
Aug 1 1941 F A 101u32 Sale 101.n 10111n 3819 101 4410114.2
813
Treasury 3428
17 59% 85
02
External sinking fund 75.1950 M s 8114 Sale 80%
78
6 57
External sink fund 6348.1956 M 9 75 Sale 75
8012
73
State & City—See note below.
13 54
External sink fund 5448_1958 F A 73 Sale 7212
76
May 1957 M N --------973 Feb'33 ____
973 973 Finnish Mun Loan 640 A._1954 A 0 697 78
4
8
753
4
4
N Y City 444s
753
4
2 557 76 2
,
External 644s series B____1954 A 0 ---- 75
75
7
5
5 55
78
22 Sale 21
Forsign Govt. & Municipals.
22%
Frankfort (City of), t 6 SiB--1953 MN
II 2012 51
26
/ 294 2614
1
4
1718 3714 French Republic extl 734s_ _1941 J D 145 Sale 13814
10
2718
1947 F A
145
Agile Mtge Bank 8 f es
142 118 145
29
3
4
1718 368
Sinking fund 65 A._Apr 15 1948 A 0 28 Sale 28
145% 57 3112% 145,4
External 7s of 1924
1949 J D 14514 Sale 1413
76
78
76
_. 1963 MN 75
63' 78,2 German Government Interne6
Akershus (Dept) ext
8
14
7
1314 Sale 1314
205
5a_4112 421 3514 61,
8
Antioquia (Dept) coil 7sA 1945 J J
dorsal 35-yr 544s of 1930.,1965 J D 413 Sale 40
4
13 Sale 13
1945 J J
618 2012 German Republic extl 78_1949 A 0 613 Sale 6014
1412 14
8
6312 182 638 86%
External s f 7s ser B
1945 J J 13 Sale 13
62 207 German Prov & Communal Bke
13
3
External s f 78 ser C
6
/
4
1418
6
1945 J J 1318 Sale 131
207
3112 26 2653 5513
8
Externals f 7s set D
(Cons Agile Loan)6448 A_1958 J D 2912 Sale 2912
1312
1
1957 A 0 115 137 1312
6
53
56
Externals 1 78 1st ger
1712 Graz (Municipality) 8s
56
1 45
64
1954 51 N 55
5
18
/
4
Gt Brit & Ire(UK Of) 5%B 1937 F A 115 Sale 113
115's 87 1014 1241
External sec s 1 7s 2d ser.... 1957 A 0 111 1313 17 Aug'33 ____
/
4
8
__ _
48 187
External sec s f 7s 3d ser 1957 A 0 112 131 1412 Sept'33 ____
F A _____ 1203 Aug'33 ____ 105% 121:),
8
Registered
783
4
9118 74
71
4
8
9118
Antwerp (City) external 5s._1958 j D 8012 Sale
f 4% fund loan font 1980.1990 M N a1033 Sale al0018 al037 144 072 105,4
60
34
41
21
22
7512 Greek Governments f ser 76_1964 51 N
2314 22
Argentine Govt Pub Wks 66_1960 A 0 58 Sale 5314
1 alt
2811
20
____ 21
Argentine Nation (Govt of)—
2112
3 1434 23
Sinking fund sec 68
1968 F A
/
1
4
15
1714 1618
44
4
60
41
Sink funds 65 of June 1925-1959 J D 59 Sale 533
1 16
1818
752
8
August 1933 coupon
20
60
24
75 Sale a74
4012 75
Eat' s f 68 of Oct 1925.__ A959 A 0 5912 Sale 535
75
Haiti (Republ(c) s f es series A'52 A ci
18 67
,
785
6014 43 a4018 7512 Hamburg (State) 68
External s f (is series A___ _1957 M S 59 Sale 5412
393
24 25
1946 A 0 304 Sale 26
69
60
2412 Sale 24
34 a4034 755 Heidelberg (German) extl 7448'50 J J
External 8s series B__Dec 1958 J D 583 Sale 535
2434
3 23
60
73
72
5934 23
583 Sale 535
4
7212
4038 7553 Heisingfors (City) ext 8445_ _1965 A 0
Extl s t 6s of May 1928-1960 M N
73
8 47
75
30
2712 Sept'33 __
6018 72 a4018 75
External s t 8s (State RY)_1960 M S 583 Sale 5353
1534 31
Hungarian Mimic Loan 744s 1945 J 1 26
6018 32
Exti 63 Sanitary Works.__1961 F A 60 Sale 5418
404 75 8
,
2018 23
Unmatured coups attached.._ J J --------23 June'33 ___
4
32
Rifles pub wks May 1927 1961 M N 533 Sale 54
2912 Sept'33 ____
41
29
60
7518
External s f 78 (coup)_....1946 J .1
19
29's
1962 F A 5318 Sale 4712
54
Publlc Works extl 544e
29
1612 1612
38
6912
Unmatured coups attached_ J J - _ • ___ 1612 May'33 ____
71
Argentine Treasury 68 .. _1945 M S 7112 80
5
7112
497 92
40%
3 24
Hungarian Laud M leSt 73413 81 M N 4018 Sale 4018
41
8612 290
.E-Australia 30-yr Es_ __July 15 1955 J J 86 Sale 8312
4018
7114 86%
4018
4 231 41
Sinking fund 74413 ser B......1961 M N 40/
4
8612 119
402 43
8
External Si of 1927_ _Sept 1957 M S 86 sale 84
4012
7214 8618 Hungary (Kind of) e f 7448_1944 F A
4053
7 3114 45
1958 M N
797 Sale 79%
External g 434s of 1928
8153 187
6818 8214 Irish Free State extls f 513_1960 M N 1023 Sale 10114
10314 39 781s 10312
1943 J D a92 Sale 92
Austrian (Govt) s f 78
4
8512 100
34
94
4
76 a85,4 101
977
Italy (Kingdom of) extl 78..1951 J D 963 Sale 963
541
55
5414
9 a49
97
Internal sinking fund 713_1957 J J 53
9612
97
6478 Italian Cred Consortium 7s A'37 PA S 96
4 893 101
4
Bavaria (Free State) 63.4s._.1945 F A 3112 3412 32
34
28
92
32
11 82
09
External sees f loser B
97
1947 M s 92 Sale 92
1949 M S 973 Sale 971
8812 10212 Italian Public Utility extl 713_1952 J
4
Belgium 25-yr extl 804s
47
99
874 Sale 86
88
17 a7212 9512
1955 J J 967 Sale 96
o
External s f Be
87
9712 78
87
94 454 902
98
Japanese Govt 30-yr s f 840_1954 F A 8614 Sale 8618
4
1955 J D 10214 Sale 102
External 30-years f 7s
7312 Sale 7212
74
947 10812
8
10312 33
56 35% 81
Exti sinking fund 54411___ _1965 M N
1956 M N 100 Sale 9918
931 10712 Jugoslavia (State Mtge Bank)—
Stabilization loan 75
101
54
Bergen (Norway)—
4
27
8
4 12
1957 A 0 257 2712 263
Secured 8 f g 7s
28
7618 Aug'33 ____
33
/ 33 Sept'33
1
4
Extl sink funds bs_Oct 15 1949 A 0 7618 85
28
65
3112 64
88% Leipzig (Germany) s f 7s._ _1947 F A
External sinking fund 5s 1960 M S 7618 82 r83 Sept'33 ____
55 4
,
553
63
6 494 i/911
90% Lower Austria (Prov) 734o1950 J D 5312 57
29
____ 135
20
Berlin (Germany)8 t 634s.... MO A 0 2714 29% 2714
a141
2612 60
17 al01 a141
Lyons (City of) 15
-year 13e 1934 MN 136
Externals f 68_ _June 15 1958 J 1) 2214 283 25
____ 13412 142
2418 57
1
25
36 al0114 142
MareellIcli(City of) 15-yr 68_1934 M N 136
24
25
Bogota (City) extls t 88_ _ _1945 A 0 23
lb
14
2514
12
14
30
753 23
Medellin (Colombia) 844s
1954 J D 13 Sale 1212
93
2
514 4 Sept'33 ____
Bolivia (Republic of) extl 85..1947 MN
10 Sale
4
15
1014 42
Mexican trig Aestng 4 As 1943 51 N
21s 812
7%
4
714 sale
312 1312 Mexico (US) extl 5e of 1899 £ '45 Q J --------26
External secured 78 Ulat)-1958 .1 1
Apr'30 ___—__
__
753
1969 M 8
External 8178(flat)
71
/
4
71 Sale
314 13 4
74 40
/
1
/
4
,
Assenting 55 of 1899
3% 1014
1945 ------------ 513 Sept'33 ____
_ __ ____ ____
Bordeaux (City of) 15-Yr 66_1934 Si N 136
57 June'33 _
8
10 a10114 138
____ 13412 138
578 57
Assenting is large
external 8s_1941 J D 333 Sale 32
Brazil (U S of)
1653 43
3353 46
Assenting 45 of 1904_ __.._
24 8
,
---- -- -- --.- 312 Sept'33 ____
External s 1 6 Ms of 1926 1957 A 0 2913 Sale 27
2912 48
5
5
152 39
4
Assenting 48 of 1910_ _
---- ---- ---- 5 June'33
External 8 f 645e of 1927 1957 A 0 2914 Sale 27
2912 43
144 39
Assenting 4s of 1910 large
- 5% Aug'33 ____
2% 8
---- ---1952 1 D 28 Sale 26
75 (Central Ry)
26
28
1212 3612
214 8
42
Assenting 45 of 1910 small__ _ _ ---, ---- --5
51- 412
1935 M S 4614 Sale 4614
Bremen (State of) esti 7s
•
4914 97
45
7212
Tress 68 of'13 assent (large)'33 J J
v
*
1957 M 13 73 Sale 7112
Brisbane (City) s 1 5s
21
73
6413 7.5
Small
*
*
•
1058 F A 72% 733 723
Sinking fund gold be
6378 75
31
73
Milan (City, Italy) extl 644s 1952 A 0 8212 Sale 8212
4
8434 40 74
90
1950 J D 803 Sale 7912
20
-years f Cs
8
7018 81
14
81
Minas Geraes (State) Brazil—
Budapest (C1ty) extl a t 6.3_1962 J D 304 Sale 303
241/4 3518
4
6
32
36
External s 1 644s
29
12
11
1958 M 13 29 Sale 2712
Buenos Aires (City) 634s2 B 1955 J J 46
37
64
483
4 22
Est BCC 634s series A._....i959 51 S 29 Sale 27%
2918 15 1112 38
4853 46
371 5418 Montevideo (City of) 7s.
External s f 6s ser C-2—.1950 A 0 50
6
5714
56
35 12% 39
39
572
....1952 J D 3818 Sale 3712
External s I (is ser C-3_ _ —1080 A 0 46
29
____ 2914
34% 64
10
527 5358
8
54
External s f 63 series A... _1959 51 N
30
4 11
29%
Buenos Aires (Prov) Intl 68_1961 M S 333 Sale 33
4
16
4212 New So Wales (State) extl bs 1957 F A 834 Sale 82
8
333
837
8 55 7113 8412
Stpd (Sep 1 '33 coup on)198 M S 303 Sale 30
4
8314 Sale 82
2012 418
14
32
External s f 58
8414
75 71
84
Apr 1958 A
196 F A 35 Sale 35
External s f 6345
4
3612
1753 393 Norway 20
-year ext 60
1943 F A 96 Sale 94%
96
18 8111 98
Stpd (Aug 1 '33 coup on)198 F A 31 Sale 31
21
3212 26
415
20-year external es
1944 F A 96% Sale 94
963
4 47 81% 98
Bulgaria (Kingdom) B f 7
8-A987 J A
18
183 183
14
2318
6
4
30
1952 A 0 95 Sale 33
95
183
4
-year external 85
18 a8012 96%
Stabll'is s f 7 As_ _Nov 15 1968 M N 22
2212
2212 2212
7 a2112 2712
8
40-year of 5445
,
1985 J D 913 Sale 9014
914 66 a7412 94 4
Caldas Dept of(Colombla)744e'48 1 .1
11
24
7
16
External a t 5s___Mar 15 1983 M S 91% Sale 88
8
91% 80 07212 925
15
% 1714 1553
Canada (Dom'n of) 30-yr 48-1960 A 0 9112 Sale 90%
79
9214
917 145
Municipal Bank extlef 58_1967 J D 86 Sale 86
7414 8612
11
86
1952 MN 103 Sale 1023
be
4 10314 105
90% 10518
861 1
Municipal Bank extl,f 6e-1970 J D 86 Sale 86
1 475
86
1936 F A 10112 sale 00012 1013
4 81
5213
434s
934 1013 Nuremburg (City) extl 88_1952 F A
/
1
4
251 Sale 251
/
4
/
4
.5 25
26
1954 1 J 7212 Sale 7212
7212
Carlsbad (City) a 1 85
1
69
72
86
Oriental Devel guar 65
6812 55 35
1953 M 5 68 Sale 66%
Cauca Val (Dept) Colons 734s '46 A 0 1412 17
812
17 Aug'33 ____
21 7
Extl deb 5448
6212 21 31 12 71
s
1958 M N 6214 Sale 6153
..J950 M 5 48 Sale 44
Cent Agric Bank (Ger) •8.
4812 59
91
3914 75
Oslo (City) 30-year s t 13e
1955 M N 87 Sale 87
1 80
87
32,2 67
4212 128
Farm Loan a 1 6s__July 15 1960 J J 415 Sale 40
Panama (Rep) extl 5445_
I953 .1 D 101 Sale 10012 101
8 85 1024
Farm Loan s f "._Oct 16 196C A 0 3812 Sale 373
3212 667
4153 134
8
4
Extl St Is ser A _ _May - 1963 M N 3
3 1814 46
11
36
6
38
36
Farm Loan 6s ser A Apr 15 1938 A 0 437 Sale 42
7512 Pernambuco (State of) extl 78 '47 M S 11
175 038
44
64 21
1
12
12
12
1942 Si N
Chile (Rep)—Exti s t 78
11 Sale 1018
11
53 21
4
7
Peru (Rep of) external 7s
1612
7 a5
1959 M 9 12 Sale 12
12
912 sale
8%
97
29
External sinking fund 8s 1960 A 0
5
1712
/
4
Nat Loan extl s f fis 1st ser 1960 A 0
712 Sale
312 111
714
83
s 37
83
4 912 812
73 Sale
33 14,
47 1714
9% 34
Ext sinking fund 6s_ _Feb 1961 F A
4
Nat loan exti 81 6s 2d ser 1061 A 0
718
838 32
9
95
Jan 1961 J J
Ity ref ext s f 85
4
/ 171 Poland (Rep of) gold 68
1
4
/
4
34
958 sale
60
1940 A 0 59
594
5912 14 5212 8212
Ext sinking fund 68__Sept 1961 M S
9
914 Sale
5
1714
7
914
Stabilization loans f 7s
4
1947 A 0 7518 Sale 713
7518 151 5114 7518
External sinking fund 13s_ _1962 M S
1712
5
912 Sale
7112 Sale 694
912 27
External sink fund g 88._1950 J J
74,
4
812
44 a59
72
External sinking fund 68_1963 M N
b
17
853
912 29
Porto Alegre (City of) 80_1961 J D 25 Sale 23
918 30
92 Sale
22
25
Chile Mtge Bk 6445 June 30 1957 J D
25
12
115 Sale 1112
Extl guar sink fund 7348_1966 J J 22
Pe 3012
23%
18
8
4
25
74
,
17 sale 17
S t 64s of 1926_ _June 30 1961 1 D
913 2012 Prague (Greater City) 75i8._1952 MN 80
12
90
1714
8014
4 7714 993
90
Apr 30 1961 A 0 103 Sale 104
Guar 8 1 6s
831
/
4
4
4
8
612 173 Prussia (Free State) esti 6345 '51 M 9 323 Sale 3112
7
76 28
12
3314
1962 MN
Guar 8 t 65
1012 12
12
1012
11
/
4
612 161
1952 A 0 28 Salo 28
90 2712 611
/
4
External 8 1 68
33
Chilean Cons Mimic 78
1960 M S
41 1 553 Queensland (State) extl a I 7,1941 A 0 99 Sale 99
/
4
1
74
3
4
74 8 2 73
,
17 88 101
101
Chinese (Hukuang Ry) 55_1951 J D 2318 25
12 r25
92%
9 721
91
20
25
233
4
24
-year external 68
1947 F A 91 Sale 91
Christiania (Oslo) 20-Yr 8 f 68 '64 M S 85,__ 86
Rhine-Main-Danube 7s A...1950 M 9 37 Sale 362
81
90
4
88
8
384 16 3518 71,2
/
1
Cologne(City)Germany63.4s 1950 PA 8 2212 27
34
2214 57
/ Rio Grande do Sul esti 8 f 8s_1946 A 0 2312 Sale 2312
1
4
7
2 12
2214
25
23%
Colombia (Rep) 6s of '28_0ct '61 A 0 36 8 Sale 36%
818 31
1612 49
External sinking fund 612_1968 J D 233 Sale 227
27
,
4
35
8
39
24
July 1 '33 coupon On.. Jan 1961 J J 3914 40
1614 4912
External s f 78 of 1926_ _ _1986 M N
6
39%
234 Sale 2314
3914
9
31
52
24
July!'34 coupon on_ _Jan 1961_ - 39% Sale 39%
37
4014
15
3914
814 3014
External s f 78 munic loan_1987 J D r26 Sale r26
1
r26
Colombia Mtge Bank 634s of 1947 A-0 ____ 30
29
11
29
2012 2018
Rio de Janeiro 25
2812
1858 36
9
-year a 1 88_1946 A 0 20
2012 10
Sinking fund 78 of 1926._ _1946 MN
65 26
193 3712
2
293 20
297
8
20 Sale 20
External e f 640
1953 F A
2012 49
Sinking fund 78 of 1927...1947 F A _ .. 293 29 Sept'33 ____
4
8
183 3714 Rome (City) extl 6445
4
1952 A 0 8314 Sale 83%
8412 40 7812 927
Copenhagen (City) bri
1
1952. E. 6712 Sale 6712
59
43
68
1964 M N 10614 Sale 104
7312 Rotterdam (City) extl 6a
10514 24 08812 10514
1953 PA N 66 Sale 654
25
-year g 434s
45
58
893 Roumania (Monopolies) 76_1959 F A
4
16
3314 Sale 3314
668
3412 14 31
721
/
4
8 50
Cordoba (City) esti a 1 78_1957 F A
103 233 Saarbruecken (City) 1321
4
4
3
16
1512 Sale 1512
61
1953 J J 5714 61
61
343
4 _ _ 38 Sept'33 ___
External a f 75___ _Nov 15 1937 M N
2434 40
23 Sale 2212
Sao Paulo(City) e f 8s._ Mar 1952 MN
29 1018 25
23
Cordoba(Prov) Argentina 751942 J J 34 gala 33
7 4 24
,
242 56
4
External s f()Hs of 1927_ _1957 12I N
5
17 Sale 17
20
34
18
1418 32,
Coate Rica (Republic)—
4
San Paulo (State) esti 5 f 88_1936 J J 2212 26
222
4
2
2312
1313 273
is Nov 1 1932 coupon on..1951 M N
245 2712 2714 Aug'33 ____
2312 30
11
External see a f 85
2018
1714 20
1950 J J
2014
4
1 al13 264
/
1
78 May 1 1936 coupon on_1951 ___
14
23
14
1512 14
8
14
External a f 714 Water L'n_1956 5/1 9 1718 193 18
8
18
Cuba (Republic) 5a of 1904_..1944 PA S 87 Sale 86
7814 100
7
88
18 Sale 1712
External a f 65
918 284
1968 J A
10
18
External 58 of 1914 ser A_.1949 F A 883 Sale 883
4
4
8834 19 07914 934
Secured a f 78
1940 A 0 6612 Sale 66
6818 26 6058 7414
External loan 434s
1949 F A
4
,
7.5
Santa Fe (Prov Arg Rep) 711_1942 M 5 22 Sale 22
62
85
75
82
4
75
5 122 30 4
2214
Sinking fund fiyis Jan 15 1953 J J 68
2
4
7012 13 06312 8312 Saxon Pub Wks(Germany) 75'45 F A
4t7 Sale 413
8
704 68
48 39, 773
4
43
/
4
353
4 21 3028 691
Public wks 534a June 30 1945 1 D 3953 Sale 3958
417
63
Gen ref guar 694s
32
6914
3412 Sale 32
1951 El N
7413
Cundlnamarca (Dept) Colombia
6512 12 52
Saxon State Mtge Inst 78
4
1945 J D 644 652 65
08
External a 1 630
1959 SIN
4
Sinking fund g 6345__Deo 1946 J D 6414 Sale 6414
1018 223
16 Sale 152
4
1614 18
653
8 16 52
Czechoslovakia (Rep o1) 8s 1951 A 0 934 100 a951
/
4
8612 9914 Serbs Croats A Slovenes 85 1962 M N 2212 Sale 2118
22
99
8 135s 2653
2212
Sinking fund 88 ser B
2
1952 A 0, 9314
:
8513 983
96
External sec is aer B
14 1211 24,
8
100
2012 Salo 20
1962 M N
22
Denmark 20
75
93
9012 31
-year extl 68
Silesia (Prov of) extl 7s
14 40 05014
1942 2 JI 90 Sale 8912
/
4
19512 J D 4612 Sale 461
4714
External gold 634e
1955 F Al8218 Sale 8112
88
8
69
Silesian Landowners Assn 65_1947 F A
827
8 55
28
3238 31
7 30, 5012
314
External g 4345__Apr 15 1962 A 01 69 Sale 693
584 7738 Soissons (City of) extl 60_1938 M N 140 Sale 134
14 100 141
8
704 82
/
1
4
140
I
57%
Deutsche Bk Am part otf 68_1932
Styria (Prov) external 75_1946 F A
4 45
5214
514
5018 60
Stamped extd to Sept 1 1935_ _ ____ a7412 Sale a7412
60
85
27
77
Unmatured coups attached_ F A ____ ___ 421 May'33 ____
/
4
421 2218
/
4
r Cash sale. a Deferred delivery. t Accrued interest Payable at exchange rate of 54.8865. • Look under ilet of Matured Bonds on page 2083.
NOTE.—State and City Securities.—Sales of State and City securit es occur very arely on the New York Stock Exchange and usually only at long Intervals, dealings In
such securities being almost entirely at private sale over the counter. Bid and Asked quotations, however, by active dealers In these securities will be found on a subsequent page under the general head of "Quotations for Unlisted Securities."
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 15.
Price
Friday
Sept. 15.
Week's
Range or
Last Said.
"
i!'.l
az
Range
Since
Jan. I
,F,,r; sem. 15.
.--
Sept. 16 1933
New York Bond Record-Continued-Page 2
4
Range
Week's
Price
.
E...
BONDS
cs
Since
g 7,
Ranue Or
FridaY
N. Y. STOCK EXCHANGE ,." r,
Jan. 1.
Last sale. 4.
.`..1,7, Sept. 15.
Week Ended Sept. 15.
High
FRola Ns. LOW
Ask Low
MO
Foreign Govt. & Municipals.
987
947 105
83
Sweden external loan 5149_1954 51 N
9478 Sale 94
119 010212 145
145
Switzerland Govt extl 510_1949 A 0 144 Sale 137
68
8214
17
781_
78
/ 80
1
4
78
Sydney (City) a f 510
1955 F A
7
331e 8812
6
624
/
1
4
Taiwan Elec Pow 8 f 5%5 1971 J J 623 Sale 59
28
65
6
64
65
Tokyo City be loan of 1912A952 M 5 60% 08
3312 73
35
64
1961 A 0 6214 Sale 59
Externals I 5145 guar
8
18
1614 Sept'33 - -__
12
15
Tolima (Dept of) esti 75_ ....1947 M N
81
8412
7912 80 Sept'33 _-__
N 63
Trondhjem (City) let 5%8_1957 M
454 6212
/
1
3
55
54
1945 J D 5412 76
Upper Austria (Prov) 7s
4112 r56
4812 21
47
External s f 6 Ss_June 15 1957 2 0 -,,2112 5018
4
r3812
8
3 8
37 - - -7- r3812
Uruguay (Republic) ext1 88 1946 P A
31
317
2
317
8
r
Feb 1 1934 & subs coup att__ ----------- 314
1512 4018
2912 42
29 Sale 2818
IVIN
Externals f 65
1960
18
104 4018
28
2712
27% 30
Externals f 811.-- May 1 1964 M N
7g
94 103
5
Venetian Prot Mtge Bank 7s '52 A 0 al0112 Sale 10112 102
,
55
8818
7
5712
5712 Sale 5712
Vienna (City of) esti a f 65.1952 M N
491 5318
Unmatured coupons attached_ M N -------- 52 Aug'33 ____
35
50
4512 17
Sale
75_1958 F A 45 sale 45
Warsaw (City) external
357 74
4
678 47
Yokohama (City) ext1 (is_ _ _1961 .1 D 6618 678 66
r.
2079
;
_
Range
t -li
i
Since
si :.
,
Jan. 1.
- High Aro Low
Biel
Ask Low
IllgA
14 Sale 13
1512 26
334 20
C & E III Ry (new CO) gen 58_1951 M N
99
9614 Sale 9614
7 a8614 99
chicago & Erie 1st gold 59_1982 M N
47
78
20
5014
Chicago Great West let 4s_ _1959 M 5 4514 Sale 45
6018
6s____1947 J J 60 ____ 6018
1
28
6018
Chic Ind & Loulsv ref
4912 Sept'33 ---4912
1947 .1 J 40
44
Refunding gold 55
57
33
52 55 Aug'33 ____
Refunding 45 series C_..1947.1 J ____ 9
48
2018 38
1
36
36
1966 M N
1st At gen 5? series A
35
30
36% 35
4
54
12
let & gen 6s series B.May 1986 J J
78 Aug'33 _-__
6112 7812
7712 78
-year 45_ _1956 1 J
Chic Ind & Sou 50
1
941e 103 4
Chic L 5 & East let 4 %a_ _1989 .1 D 102% Sale 10212 10212
,
38
73
6812 42
chi M & St P gen 4e aer A._1989 ./ .1 6312 Sale 6718
62
/
1
4
64
10
35
64
Gen g 3145 ser B___May 1989.1 .1 8014 84
7218
1
40
May 1989 J J 7218 Sale 7218
Gen 41.4s ser C
77 2
,
731 58
/
4
72
40
May 1989.1 J 7014 74
77
Gen 414s tier E
79
38
78 Aug'33 ____
May 1989 J .1 72% 77
Gen 914s ser F
50
347
11
48 Sale 48
5912
Chic Milw St P dr Pac be A... 1975 F A
3% 3184
8
2234 1090
Jan 1 2000 A 0 20% Sale 203
Cony ad) bs
34
62
8
55
55
55
57
Chic & No West gen g 310..1987 M N
97 Aug'32 _.
64
Q F 48
Registered
30
7012
63% 26
6212 Sale 61
1987 M N
General 4s._
09 Aug'33 ---36
59
Stpd 45 non-p Fed Inc tax '87 M N ____ 70
MN ____ 73
67 Aug'33 ---,
47
73
Gen 4 It s stpd Fed In, tax..1981
74
77
7612
78
40
7
82 2
,
Gen bested Fed Inc tax__ _1987 51 N
435 92
883 88% Sept 33 _-__
8
15
/
1
4
-year secured g 61411- _1936 M S 79
49
/ 41
1
4
/
1
4
15
56
May 2037 1 D 49 Sale 44
let ref g 55
4712
15
96
41
4
/
1
4
let & ref 4149 stpd_ May 2037 I 0 40 Sale 393
/
4
4114 87
15
48
1st & ref 410 ser C_Nlay 2037 .1 D 4114 Sale 391
3712 969
8
412 4112
1949 M N 353 Sale 3412
Cony 4%s series A
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 15.
'4.'3
,. t
..,a.
Pries
Friday
Sept. 15.
Week':
Range or
Last Sale
Railroad
75
9412
1
90
Ala Gt Sou let cons A 5s_A943 3 0 85
92
99
60
83
6
81
let cons 45 aer B
1943 .1 D 80 Sale 80
9014
78
5
9014
Alb & Suso let guar 315s.. _1946 A 0 8912 Sale 8912
65
7712
1998 A 0 7712 ___ 7712 Aug'33 ____
Alleg & West let gu 99
987
8
39
98,
4 12
1942 M 8 9814 gale 97
Alleg Val gen guar g 48
22% 45
1
43
Ann Arbor let g 4s_
July 1995 A J 43 Sale 43
823 9718
4
951 231
/
4
Atch Top & S Fe
-Gen g 49_1995 A 0 9514 Sale 95
8912 94
92
92 18 22
A 0 9112 95
Registered
7012
50
11
/
1
4
63
1988 1 j 63 Sale 62
Chic R I & P Ry gen 45
76
89
6
Adjustment gold 45__July 1995 Nov 8612 Sale 8612 a88
19
182
26
39
1934 A 0 25 Sale 24
Refunding gold 45
893
4 25 a751 90
88 Sale 88
Stamped
1995 M N
July
25
25
2512 26
____
1
25 25
83 8 85
7
Certificates of deposit
85 July'33 ____
84
MN
Registered
2712 62
1812 38
73
84
Secured 4345 series A
1952 M 5 2612 Sale 2538
Cony gold 45 of 1909____1955 1 D 8912 ,_ _ 8018 Sept'33 ____
16,
15% Sale 1538
4 60
6
28
1960 M N
72
86
2
Cony g 434s
8118
Cony 4e of 1905
1955 .1 D a811s safe 8118
89
6
72
90
Ch St L & N 0 ba_June 15 1951 / 0 85
73
81
93
89
81 Aug'33 ___
Cony g 48 Issue of 1910
1980 -1 D 89's _,_
J D ____ ____ 6412 May'32
41 079 102
Registered
101
1948 1 D 10014 sale 10014
Cony deb 4148
8512 May'31
87
Gold 3145
79
June 15 1931 J 0 65
3
8512
Rocky Mtn Div let 45_ _1965 J .1 8312 8512 8512
.
3 7012 7012
70,
2
-6 1.
7214
1
9912
Memphis Div let g 4s._ _1951 3 0 673 89
7
9814
Trans
-Con Short L 151 45_1958 / J 97 2 Sale 9712
'
8612 23
8714 99
38
66 2 66
,
Chic T II & So East 1st Es_ _1961, J D 64
973
8 30
73 4
,
9714 97
4
Cal-Ariz let & ref 4%s A.1962M S 963
5312 27
523 5118
8
1444 84
/
1
4
IRO gu 58
Dec 1 1960 M S 51.
_
All Noon, & Nor let g Ss_ _1948 J D 10018 10512 10312 FeW31 ____ ____
4 10114 22
91 102
75 90
Chic tin Stan let gu 4AR A1963 3 J 101 Sale 1003
90 Sept 33 ____
Atl & Cbarl A L 151 4%s A 1944 J J 891 99
95 196
2
1963 J 1 10512 106 10538
106
2
94
let 55 series B
6712 96
9512 94
let 311-year 5a series B
1944 1 J 92
?
102
4
92 10312
/
1
4
Guaranteed g be
1944 1 0 102 Sale 11 13
85
7518
74 June 33 .._
Atlantic City let cons 4a_ _ _1951 3 J
78
83
1963 J J 112 1123 1127
8
113
4
5 103% 114
86
913
4
19
let guar 6(4s series C
88
Sale 87
All Coast Line let cons 45July'52 M S 8712
8014 45
79 Sale 78
597 8010
51
8212 Chic & West Ind con 45
1952 J J
General unified 414e A_ _ .1904 1 D 77 Sale 7778 ' 10
95
65
6612 95 1st ref 534s series A
45
743
4
31
69
1962 M S 9212 Sale 9114
I. & N coil gold 4s_ ___Oct 1952 MN 88 Sale 6712
50
50
6014 6934 50 May'33 ___
Choc Okla & Gulf cone 55_1952 M N
1314 52
13
45
46
All & Dan let g 4e
1948 J J 4312 47
85
9038
CM H & II 2d gold 434s- _1937 J .1 9012 ___ 9038 Aug'33 _--8
50
1
3714
2d 45
/
4
1948J J 371 Salo 3714
8
92
9538
C 1 St I. & C isle 45_ _Aug- 193 Q F 963 ____ 92 June'33 _-__
20
53
2
,
51
2
Atl & Yad let guar 4s
1949 A 0 51 Sale 48
__ 94% Aug'33 --943 94%
8
8412
Registered
9214 79 Sept'33 --__
75
August 2 193 .2 F ____
Austin & N W let gu g 59_1941 / J
75
82 Aug'33 _--8318 -95
82
83
Cth Leb & Nor lot CM gu 49_194: Al N
1
101
93 102
74
923 CM Union Term let 434s_. _202, i 1 101 Sale 101
4
9012 77
Halt & Ohio 1st g 4s __July 1948 A 0 8912 Sale 8912
17
106
9612 107
/
1
4
let mtge 5s series B
202' 1 1 108 Sale 10514
72
80
75 May'33 ____
Registered
July 1948 Q 3 82
10538 51
9614 107
8
let mtge g 55 series C
3318 7612
1957 m N 1053 Sale 10438
7012 120
Refund & gen be series A_1995 J 0 69 Sale 65
72
72
Clearfield dr Mah 1st gu 58 1941. 1 3
7614 -- 72 May'33 _--60 a7918 100
July 1948 A 0 997 Sale 998 100
let gold bs
3
82
68
85
833
3712 83
Cleve an ('hi & St L gen 49.1991? 1 D ____ - 4 82
783
4 84
3
Ref & gen Ca series C---1995 J 0 78 Sale 75 8
96 Aug'33 ____
611 8772
85
96
General 5s series Il
10
82
1993 1 D 6614 96
P 1. E & W Va Sys ref 42_1941 M N 82 Sale 8112
3 80
82 Ju.y'33 ---49
82
85
Ref & Inlet 8s ser C
65
89
1941
53
88
8
Southw Div let ba
1950 J .1 853 87'2 8312
75
3
4512 74
47
Ref & Rapt 59 ser D
14
8212
1963 1 1 75 Sale 7412
73
Tol A CHI Div 1st ref 45 A.1959 J i 71 Sale 71
34
70
37
Ref & Impt 4148 ser E
393 75
4
7712
1977 1 1 6814 Sale 6814
6812 23
2009 M 8 6612 Sale 65
Ref & gen 58 series D
2512 67
8112 194
85
95
9012 937 95 Aug'33 --._.
8
Cairo Div let gold 45_1939 1 J
Cony 4%,.1960 F A 60 Sale 5912
70
72
2
70
60
77
70
Claw & M Div isle 4a 1991 1 J
6412 69 4
3
6812 23
1996 M S 6714 Sale 66
Ref & gen 51 59 scr F
88 10014
6
86
80
77 Sale 77
St L Div 1st coil tr g 4s
7838 33
100
1991- Al N
Bangor & Aroostook let 5s 1943 .1 .1 100 10014 99
93 93
933 93 Aug'33 ---4
Bpr & Col Div let g 4s
65
84
4
1946 AI 5 93
8012
783 78
8
75
1951 1 J
Con ref 4s
72
76
73 2 Sept'33 ---,
82
62
72
76
W W Val Div isle 4s _ _ _ _1940 1 1
62 Aug'33 ____
Battle Crk dr Slur let gu 31989J D 4078 92
93
80
9
9212
Beech Creek 1st gu g 413._ 1938 1 1 9112 92't 92
9612 1017
1
9212 C C C & I gen cons g 13e_ A934 1 J 10012 Sale 10012 10012
s
92
2d guar g bs
.1 J __....._ 90%92l2 July'33 ____
1936
9312 100
87
99
4
Clev Lor & W con let g 55. _1933 A 0 983 Sale 9712
66
71
7
70
Beech Crk ext let g 310_
1051 A 0 66 ---- 79
801 88
/
4
88 July'33 ---_
. Cleveland & Mahon Val g be 1938 1 3 9612 98
Belvidere Del cons au 3145_1943 1 J 01 -- - - ---- - - --- _ ---967 ____ 97 June'33 --__
8
874 --- Cley & Mar 1st gu R 4 Sis__ _1931 M N
9712
1
97
99
-Big Sandy 1st 4s guar
1944 1 D 94 Sale 94 --9614 98
Clev & P gen gu 414s ser B..1942 A 0 99 ____ 98 June'33 ---53
83
80
27
81
Boston & Maine 1st fa A C_19137 M 5 79
8912
____ 86
Jan'33 _--88
88
Series 11 314e
5412 8312
1942 A 0 87
1st 151 be series II
14
81
793 8012 8018
4
1955 MN
10112 Aug'33 ---Series A 41421
1st g 4(4s ser JJ
48
(87
8
98 101,
29
2
1942 1 J 10114
76
1981 A 0 76 Sale 75
91
____ 91 Aug'33 ---84
Series C 314e
Boston ANY Air Line let 4,1955 F A 6212 68
5412 6812
66 Sept'33 ____
1948 51 N 87
Oet'32 ___
_6i_
_
Brims & West 1st gu g 45_ _1938 J J 93
Series D 334s
844 9412
4
195(1 A F 85 __ __ 83
1
9412
9412
£15
_ 91
1977 F A 91
i
91
-91Buff Roch & Pitts gen g 55._1937 M 5 993 ____ 9934
85 10012
1
Gen 434s ser A
4
993
4
331 873 Cleve Sho Line 1st au 410_196i A 0 84 -70
87
86 86 Aug'33 ---Consol 4%s
8
1957 MN 60 Sale 60
51
/
1
4
62
/
1
4
22
89
Hurl S' R aC Nor let & coil 59_1934 A 0 5512 5712 561 2
6012 90
45
7012 Cleve Union Term let 5345,1972 A 0 88 Sale 8712
57
/ 14
1
4
U
7
82
8612
1st a f Ss series 13
Canada Sou cons gu be A
9112 9112 Sept'33 ____
787 97
8
1973 A 0 82 Sale 80
1962 A 0 89
491 77
/
4
7412 20
let 5 f guar 414s series C_.1977 A. 9 7412 Sale 7312
9712
/
1
4
93
Canadian Nat guar 41
7914
18
963
97
1959 M 5 97
0
8812 0312
Ry
793g 0734 Coal River R 1st gu 491945 1 11 93 ____ 93 Aug'33 --- 9718 39
_
30-year gold guar 4 145
1957 J .1 97 Sale 96
6712 9444
36
Guaranteed gold 4 he _
89
79 4 9712 Colo de South ref & ext 4%8_1935 M N 83 Sale 88
3
1968 J D 96% Sale 968
64
97
MN 61
47
77
General mtge 414e ser A 1980
6
711 4
7114 71
Guaranteed g be
.119 y 1989 J .1 102% Sale 10112 1017
8 55 08412 10314
Guaranteed g be
Oct 1989 A 0 1023 Sale 1013
8518 97
4
4
1948 A 0 ____ 953 953 Aug'33 ---4
4
84 10312 Col & li V let ext g 48
125
103
Guaranteed g be
90
92
____ 9014 June'33 ---s
197/1 F A 1027 Sale 1017
8
46 084% 10314 Col & Toilet ext 45
103
1955 F. A 94
77
77
Guar gold 4148-_June 15 1955 J 0 993 Sale 98% 100
77 June'33 --__
804 10034 Conn & Passum RI, let 45_1943 3, 0 _
4
36
4
1
2
Guar g 43'4s
53
38
Consol Ry non-conv deb 48 1954 1 J 50% 5014 63
601
/
4
98
80
97
/ 78
1
4
1956 F A 9714 Sale 09618
40
62
Non-conv deb 45
Guar g 4148
4
5018 ____ 53 Aug'33 ---793 973
4
1955 / J
9738 73
Sept 1951 51 5 9714 Sale Ws
Non-cony deb 45
Canadian North deb e f 78_1940 2 D 1053 Sale 10412 1053
4
4 17
?
1955 3 0 5018 ____ 4612 Sept'32
963 107
4
25
497 5312
Non-cony deb 4e
-years f deb 614e
/
1
5018 ____ 5338 Sept'33 --__
9412 1094
1958 1 J
42
1946.1 1 10812 Sale 10838 109
10
41
41
10-yr gold 43.55, Feb lb 1935J 3 10114 Sale 1007
8
26
1942 1 0 24 Sale 217
90 10114 Cuba Nor Ry let 5148
8 10114 21
Canadian Pac Ry 4% deb stock
Cuba RR 1st 50
/
1
-year 58 g 1952 1 1 254 2812 30 Sept'33 ---,
64 Sale 63
49 r70
15
171
412
4
65
Coll tr 414e
41
15
let ref 7145 series A
1
,
8312
25 2
1938 1 0 2512 Sale 2512
1946 M 5 79 Sale 78
70
/ 32 a55
1
4
5s equip tr ctfs
11
34
1st lien & ref User 13
263 Sept'33 ---4
1936 1 0 22.. 25
4
8012 9914
1944. 1 983 Sale 9838
1
9914 31
Coll tr g be
Dee 1 1959 1 D 8218 Sale 813
4
5812 9012
8218 10
Collateral trust 4 Sis
673 8912
4
18
531 8012 Del & Hudson 151 & ref 45_1943 M N 85 Sale 84
1960 J 1 7318 Sale 71
85
733 122
Car Cent 1st cone g 48
91
9012
4
203 75
1935 A 0 9812 993 98 Sept'33 ____
4
1949 1 .1
19 June'33
15
19
53
Caro Clinch &0 let 30-yr 58_1938 1 H 99 Sale 99
9612 Sale 963
Gold 5345
8
79
9712
20
97
80 1003
1937 M N
8
-9
99
let & cons g 65 ser A.Dee lb '5'2J 0 97 Sale 97
96
96
D P_It & Bridge let gu g 44_ _1938 F A 96
2
96
____ 96
98
88
7
93
Cart Ss Al 191 go g 48
72 02612 66
6834 Den & It (I 1st cons g 4s
5814
58
1981 3 11 683 72
1
1
A936 . 1 5512 Sale 5512
4
683
4
683
4
Cent Branch U I' 1st g 49_1948 1 D 48
Consol gold 4 tie
27
6712
60
50
6214 10
24
3
50
1936 1 1 62 Sale 62
51)
Central of Oa lst g U.
Den & R G West gen be Aug 1955 F A
-Nov 1946 F A
363 207
64
8 4 52
,
34 Sale 33
4
32
60 Aug'33 __ _5814 80
CORSO! gold 68
Ref & Rapt 58 eer B_ _Apr 1978 A 0 4212 Sale 42
1945 M N 32 Sale 32
93 41%
4
11
37
33
60
4338 172
Ref st goo 5148 seriee 13_1959 A 0 1612 Sale 16
Des 51 & Ft D 1st gu 4s
28
3
3
163
4
1935
Ref & gen Sc series C
1959 A 0 16
4
212 273
238 334 212
J 3
17
Certificates of deposit
212
9
38
1614
1
17
34
8
Des Plaines Vol let gen 4148.1947 M 8 5514 65
Chatt Div pur money g 48.1951 J D 28
33
15
45
6038
893 Aug'33 __
8
3212 9212 July'33 ____
Det & Mac let lien g 4s
35
Mac A Nor Div 1st g 56_2948 1 .1 ____ 49
35
35 June'33 ____
/038
45
37 Sept'33 ____
1955 / 1)
33
Mid Ga & All Div Our in 58'47 / 1 29
Second gold 45
28
25
28 July'33 ____
25
30
332
1995 1 0 ____
30 July'33 ____
Mobile Div let g to
35
Detroit River Tunnel 435s.1961 M N
1
1948 1 . 31
24
91
45
35 July'33 ____
75
91 Sale 903
5
4
91
Dui Missabe & Nor gen 59_1941 1 / 10314 _ __ 104
2 10112 104
104
0 10314 16412 104
New Engl let gu 45
Cent
7412 Dul & Iron Range 1st 5a
1901 / 1 6714 72
56
70
4
7012
99 1057
1937 A ,
3
10412
8
26
3
Cent RIt & Ilkg of Oa coil 54.1937 MN 65 Sale 05
865 Dui Sou Shore & All g 58
65
i2
39
1937 / 1 30
3212 Sept'33 ---34
Central of N J gen g 58
1987 J / 102 Sale 10112 192
82 10218
9
Registered
83
98
973 98 Aug'33 ____
4
East Ry Minn Nor Div let 48'48 A 0 9012 9212 9212
1987 A 1 94
84
93
2
9212
General 4s
4
1981.3 .1 8012 883 9112 Aug'33 ____
75 4 9112 East T Va & Ga Div let 58_1950 M N
3
9612 Sale 9612
65
3
97
98
8312 8812 Elgin Joliet & East let g 56_1941 MN
128
Cent Pee let ref gu g 45
83
.
1949 F A 82 Sale 79 4
,
783 9838
4
9614 983 975
8
983
8
8
F A
Registered
1985 A 0 68
7814 7834 El Paso de 5 W let 5a
783 Jan'33 ____
4
72
61
61
Feb'33 -_85
Through,Short L 1st gu 95_1954 A 0 82 Sale 82
87
3 a64
Erie & Pitta g gU 314e ser B 1940 3 1 90
82
90
90
___ 90 Aug'33 ____
71 Sale 71
Guaranteed g 511
45
1980 F A
80
7212 26
Series C 3145
8818 90
1940 1 1 90
____ 90 Aug'33 ____
Charleston & Say'h let 78 1936 1 J 983 104 111 June'31 ____ ____
_ _ Erie RR let cons g 45 prior 1906 1 1 80 Sale 7912
s
6712 85
38
81
82 010038 10712
Registered
Cites A Ohio let con g bs_ _ 1939 IVI N 10638 Bale 10612 107
1998 J J
781 781
/
4
/
4
80
7814 Aug'33 ____
Registered
1st consol gen lien g 48_1996 1 3 873 Sale 67
5 1011: 105
105
1989 M N 10218 10414 104
4(J12 74
8812 109
8
8
General gold 43.4s
8738 104,
1992 M B 1017 Sale 1007
g
1023
8 81
Registered
41
57
4
1995 1 J ___ 63 .57 June'33 ___
M 8 -------- 92 May'33 -__
Registered
Penn cell trust gold 4s
9012 92
1951 F A
99
i 90 loo
99
____ 99
1993 A 0 9112 Sale 9412
80
19
95
50-year cony 48 series A 1953 A 0 62 Sale 612
Ref A impt 4148
953
8
3012 63
14
1
___
04
Series B
79
96
/
1
4
9412 59
Ref & impt 434s ser B.-1995 J J 9414 Bale 93
1953 A 0 6212 84
3012 67
6312 10
6312
90 100
Gen cony 45 series D_
Craig Valley 1st be_.5fay 1940.3 J 0213 100 100 Sept'33 ____
1953 A 0
4018
110
40 Mar'33 ____
4
Ref & Imp% 55 01 1927
81
89
Potts Creek Branch let 48.19463 1 863 91) 87 Sept'33 ____
1987 MN 91- Sale 53
2014 6712
138
62
4
3
100
1
842 100
Ref & !mot be of 1930
1975 A 0 61 Sale 571
It & A Div 1st con g 4s 1989. 3 100 10014 100
224
2012 67%
62
/
4
9012 93
1989 1 J
90 Aug'33 ___
83
9012
Erie &Jersey let s f fle_ _1955 J 1 1021s ___ 10218 10218
2d consol gold 48
81 102%
1
/
4
93 93
Genesee° River 151 e f 6s 1957 3 J 10114 - -__ 101 Aug'3375 101
93 May'33 ____
Warm tinring V let g be-1941 M 13 901 102
.
___ _
13
5314
30
Chic & Alton RR ref g 39_1949 A 0 ,52 sale 52
5818
90 11 39
80
Fla Cent & Pen 1st cone g 58 1943 J .7 3912 Sale 3912
91
Chic Burl & Q-III Div 3%9_1949 J 1 90 Sale 90
15
40
37
40
88
.1 .1 84
8612 July'33 ____
Registered
8612 8612 Florida East Coast 15t 4420_1959 .1 D 5414 60
3412 63
80 Aug'33 ____
9812 18
1949 J 1 98 Sale 98
8712 99
1st A ref 55 series A
Illinois Division 45
1974 M S 10 Sale 10
213
4
3
25
11
957
8
4
78
9112 79
Certificates of deposit
1958 M B 933 Sale 92
General 48
21
-9 10
2
9
1012 17
9012 Sale 893
91
10
1977 F A
68
9214 Fonda Johns & Glov 151 4 %5 1952 . N
412 ___ 1112 Aug'33_
151 A ref 414e Ber B
312 111?
8412 9912 100
10018 26
1971 F A
7614 10012
(Amended) lat cone 4 As 1982 SIN
1st A ref Sc, ser A
43 gale
4
214 8 43 ---6
4
438
___ 573 June'33 ---4
Chicago ds East III let 85_1934 A 0 58
32
58
4 1I •
,
r Ca 11 sale. a Deferred delivery. • Look under itit i f Matured Bonds on page 2053.
.?
New York Bond Record-Continued-Page 3
2080
Sept. 16 1933
g
i
"
Price
BONDS
N. Y. STOCK EXCHANGE " FrOal,
-t ,.
,F.
Sept. 13.
Week Ended Sept. 15.
Bid
Ask
Fort St U D Co let g 410_1941 2 J 63_-_-Ft W & Den C lot g 5%5_1961 J D 9712 -99
Frem Elk & Mo Val 1st 6s__1933 A 0 89 Sale
Week's
Range Or
Lam Sale.
;_
,C -1,
rii,
a
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 15.
1,1.
°
2
t.
..
2..;.;
Price
Friday
Sept. 15.
Week's
;
E
Range or
Last Sale,
ici c.3
5
Range
Since
Jan. 1.
High
High No. Low
Ask Low
High No. Low
Bid
High
Jan'33 ____
____ 40
Nov'32 ____
40
40
_ Milw & State Line 151 348_1941 1 1 .51
99
1
88 --- Minn & St Louis 1st cons 58..1934
99
8
1934 M N
4
7 Aug'33 ---89
84
6
25
5414 90
Ctfs of deposit
4
3 Aug'33 ____
3
1949 M El
12 61
1st & refunding gold 4s
118 11
144 27
27 July'33 ____
314 July'33 __
314 6
Oa & Ala Ry 1st cons 5s Oct 19452 J
bls 27
Ref & ext 60-yr Is ser A 1962 G F
8
112 43
314 312 Aug'33 ____
2
Ga Caro & Nor 1st gu g 5s1929Q F
Certificates of deposit
24
48
2618 July'33 __41% 27
18
2618 M St P de SS M con g -taint gu '38 2 1 4112 61% 4014
Extended at 6% to July 1 1534 J J 23
3912
3.534 343 Aug'33 --__
16
43
50 July'33 ____
4
2312 50
Georgia Midland 1st 35_ _1946A 0 3618 1938 J .1 45
lot cons Is
49
21
2812 5412
Jan'31 _--- ____
100
Cony & Oswegatchle 1st 55-1942 1 D ---lst cons 5s gu as to int
1938 2 1 49 Sale 45
307 30 Sept'33 ---8
84 ---912 34
4
4
963
Or R & I ext lot gu g 4 As__1941 J J 913 ---- 943 Sept'33 ____
4 963
4
1st St ref 13s aeries A
19461 J 26
8
a812 317
5
M El 20 Sale 20
1053
23
4 34
Grand Trunk of Can deb 78_1940 A 0 10512 Sale 105
963 10614
4
25
1949
-year 5148
71
37
8
66% 11
1936 M 5 103 Sale 10212 10314 23
9384 10312
15
-years f 68
19782 J 6414 Sale 637
1st ref 534e ser B
90
90
Grays Point Term is; 58_ _1947 J D 55 ____ 96 Nov'30 ___- ___
let Chicago Term 8 f 48-1941 MN --------90 July'33 ____
85
65
853 131
Great Northern gen 75 ser-A_1936 J 1 8412 Sale 8112
4514 -9014 Mississippi Central 1st 68-.1949 J J 8412 ____ 8412 July'33 ____
82
30
let & ref 4328 series A__ _1961 J 1 8218 83 8012
663 87
4
32
15
2312 19
3
20
17
,..
66
8612 Mo-III RR 1st 5s ser A
Stpd (without Jly l'33 coup) ---- --------8612 July'33 _-_ 1959 .1 J
54
39
6812 8812
8312 Mo Kan ac Tex let gold 4
77
8078 56
8 1990 .1 D 80 Sale 78
General 534s series B__ _ _1952 J J 77 bale 7412
8714
7238 28
59
14
79
4012 771 Mo-K-T RR lir lien be ser A-1962 J .1 784 Sale 76
1973 J J 7112 Sale 7112
General be series C
70 Aug'33 ____
5118 73
7012 59
37
74
General 434e series D___ _1976 J .1 69 Sale 68
40-year 48 series B
83 74 Aug'33 ____
78%
55
69
49
7712
34
General 41.48 series E__._1977 J J 6812 Sale 6612
74
Prior lien 434s ser D
_ _ 30 July'33 ____
6:
8 03212 6512
29
53
Green Bay & West deb ctfs A___ Feb 32
30
Cum adjust 5.9 ser A_Jan 19782 I 0 :214 Sale 52
9967
1812 44
3512 39
4
- 4 63 Aug'33 ____
137314 10
Feb
4
Debentures ctfs B
35 Sale 3314
Mo Pac 1st & ref Is ser A
'8
1965 F A
2412
1612 188
8814 Aug'33 ___7
1975 M S 151 Sale 1412
8814 8814
Greenbrier Ry 1st gu 48____1940 M N 8814 90
General 45
44
68
67
18
68
3512 203
3
4
9212 68
Gulf Mob & Nor 1st 534853 1950 A 0 66
lot & ref Is series F
1977 M 8 343 Sale 3314
3,534 31
1812 4412
6614
341 Sale 3312
1978 M N
15
1950 A 0 6514 Sale 66
23
let mtge 58 series C
6614
let & ref 58 ser G
24
3
____ 45 June'33 ____
1334 158
13 Sale 1214
4212 45
Gulf & S I 1st ref & ter beFeb 1952 2 J 54
1949 M N
Cony gold 5348
181 44
3512 23
4014 4014
Stamped (July 1 '33 coupon on) 1 2 54 ____ 4014 June'33 _let ref g Is series H
1980 A 0 3514 Sale 3312
1814 444
1981 F A 354 Sale 3314
88
357
let & ref be ser I
_ a74 Aug'33 ____
98%
99
7
5012 a74
84 100
Hocking Val 1st cons g 4 As_1909 J .1 9612 99
Mo Pee 3d 75 ext at4% July 1938 MN ..72.12
46
93
90 Aug'33 ___46
75
90
Housatonic Ry cons g 5s _,.1937 M N 85
Mob & Blr prior lien g 58_ A945" " " -. 1.
- 46 June'33 ____
9518 Aug'33 ____
36% 60
44 Aug'33 ____
90
J 1 65
8512 954
Small
B & T C 1st g Is lot guar..1937 J J 974 100
3
78 100
Houston Belt & Term let 58_1937 J J 85 4 95 100 June'33 ____
let M gold 48
1945 2 J 46% 59% 53 Aug'32 -----------60
55
44
44 July'33 __
824 77
J J 45
Bud & Manhat 1st 58 ser A _1957 F A 81 Sale 80
72
88%
Small
28 Mar'33 ____
28 r72
4914 176
3915 593 Mobile & Ohio gen gold 48_1938 M S 3
4
Adjustment income be Feb 1957 A 0 4833 Sale 4412
°
75
35
718 37
2614 Sept'33 ____
Mongomery Div 1st g 5s..1947 F A 22
s
4977 M 5 16 Sale 16
89
3
7812 89
414 21 3
17
Illinois Central 1st gold 45 1951 2 2 89 ---- 89
25
Ref & Rapt 434e
1951 J J 7918 ____ 764 July'33 ____
/938 M 5 16
414 25
21
7612 793
1912
4
20
1st gold 3345
21
Sec 6% notes
72
62
70 Aug'33 ____
72
75
%
Mob & Mal 1st gu gold 45 1991 M S 7414 _
Extended lst gold 334s.....1951 A 0 7618 ____ 72 May'33 ___
8714 94
94
5
08912 Sale 894
1st gold 3s sterling
___ Mont C 1st gu 68
19372
1951 M 8 -::-.- „.___ 73 Mar'30 ____ ____
90
933
7612
8
8
1
50 78
933
Collateral trust old 45.-_ _1952 A 0 76 sale 76
1st guar gold 5s
014 933 933
1937" " 9
7712 7814 7712
7018 805
773
4
6
45
80
7812 14
Morris & Essex 1st gu 3346_2000 -I 0 77
Refunding 48
1955 M N
787 78
8
1955 MN
55 June'33 ____
677 864
8
90
9114 8618 Aug'33 _
55
Purchased lines 314s
5615
Constr M Is ser A
1952 J J 6112
82
60
4 0 6418
6512 27
8112 li
40
80
694
Collateral trust gold 4s..1953 MN 6,53 7
1955 MN 7812 91
Ccnstr 51 434s ser B
_1955 NI N 84 Sale 84
86
2
52% 88
Refunding Is
60
8618
85
5
85
93%
s
15
-year secured 634s g_.1936 . 1 927 Sale 92%
9
604 9414 Nash Chatt & St L 45 ser A 1978 F A 8018 86
1
97
64
92
30
85
73
N Fla & S lst gu g 55
40
-year 4148
97
7
97
1937 F A 95
,
9612
Aug 1 1966 F A 62% Sale 6012
_ 4_
85
Cairo 'Ridge gold 45
10
1950 J D 85 Sale 85
5012 85
Nat Ry of Mex pr lien 434s 1957 2 2 ---- ----18 July'28 ____
__'118
___ 733 Aug'33 ___
Litchfield Div 1st gold 38_1951 1 J 68
17
8 42
Assent cash war rct No. 4 on - .7.
58
112
733
17 Sale
8
7012
73
5
7012
Loulsv Div & Term g 3355 10532 J 6918 58
7012
Guar 48 Apr '14 coupon 1977 ATh ---- ---- 1234
113 Sept'33 __.
1951 F A 68 ____ 67 Aug'33 _ _ _
Omaha Div 1st gold 3s
58
6712
Assent cash war rct No. 5 on -----------i
17434
____ 7012 Aug'33 ____
St Louis Div & Term g 3s_1951 J 2 68
53
7012 Nat RR Mex pr lien 4345 Oct '26
5
1
1951 J J 74 Sale 74
74
1
62
4
74
Gold 334s
4 23 Aug'33 ____
13
4 33
Assent cash war rct No. 4 on ---195/ A 0 -------- 22 Apr'28 .___ ---- ---Springfield Div 1st g 3345_1951 2 l 6218 --- 75 A119'33 ---1st consold 48
75
75
4
1
85 Aug'33 ____
84
Western Lines 1st g 48_ _ _1951 F A 8012 66' 854
212 Sept'33 ____
Assent cash war rct No. 4 on ;:I..
312 3
..
.
111 Cent and Chic St L & N 083
7112 Nov'32 _ _ _ -,- -z,z70
Naugatuck RR 1st g 4.3___ _1954 in N
7
.
11141
88
68 Aug'33 ___
70
41
387 7412 New England RR cons 58_1045 2 2 83 100
8
Joint 1st ref 58 series A
1963 J D 70 Sale 68
7757 79
8
r757
5
8
645
s
80 r7578
8
lst & ref 434s series C
4
37
69
19452 J 74
Consol guar 45
1963 2 D 637 Sale 637
8
.
Ind Bloom & West let ext- 1940 A 0 8_812
__ 937 Aug'33 ____
927 927 NJ Junction RR guar 1st 48_1986 F A 70
8
8
___ 92 Nov'30 ____ -.7., - 4W48
,
83
Ind Ill & Iowa 1st g 4s
1
75
85
NO & NE 1st ref &Inept 4 As A '62 2 2 58 65 60 Aug'33 - - - 2
1950 2 8 A8 - 51a 83
i
..>‘oi
.
.in" - .
Sod & Loolavine In gu 45_1956 J J 42
547 New Orleans Term 1st 48_1953 2 J. 733 Sale 6912
45
45 Sept'33 ____
27
4
7412
6 ""
35
20
Ind Union By gen be ser A...1965 J J 995 Sale 993
8
995
8 10
85
9958 N 0 Tex de Mex n-c Inc 543_1935 A s' 20
23
2112
2112 10
19 4 A 0 21
5
Gen & ref 55 series B
1965 .1 J 9912 100 100 Sept'33 ___
1st be aeries B
2212 22
86 100
2234
15
1956 F A
1
20
lot de Grt Nor 1st 65 ser A _ _1952 1 J 41 Sale 3812
2514 21
1814 5412
1st be series C
4133 35
16T2 36
2212
8
-638 3513
16114 36
1956 F A
15
20
Adjustment Os 8er A_July 1952 A 0 15 Sale 13
105
3
25
lst 414e series D
24
20 Aug'33 17
3612
let Is series B
3512 15
55
16
50
let 6148 series A
19562 J 3512 Sale 32
Sale 2233
24
1954 A C; 23
1st g be serles C
8
16
4912 N & C Bdge gen guar 4 34s .1945 2 " -------- 9312 Aug'33 ____
35
39
1956 J J 3312 Sale 327
90
93%
98 102
lot Rys Cent Amer let 58 B 1972 MN 51
6138 61
62
6
334 6512 N Y B & MB 1st con g bs_ _1935 A 0 10115 10112 101 Aug'33 ---1st coll trust 6% g notes..1941 MN 47
60 Sept'33 ____
59
37
6118
92
46
11
25
55
4634
N Y Cent RR cony deb 6s._1935 M N 89 Sale 84
let lien & ref 6 As
8
8
1947 F A 457 513 457
4
89
76
5712 8418
1998 F A
Iowa Central 1st gold be__ 1938 . _
75
Consol 4s series A
78
7612 80
10
3441 74
J li
53
4 714 54 Aug'33 ____
Certificates of deposit
2
10
Ref & impt 4 As serials A 2013 A. 0 674 Sale 6512
6858 75
39
80
1st& ref g 48
4 4
3 Sept'33 ____
1
6
23
Ref &'mut Is series C.-2013 i'; 0 71 Sale 71
85
1951 M S
74
688 8378
NY Cent & Hud Itly M 3As 1997" 1 837 Sale 82
8
837
8 99
70
7712
James Frank & Clear 1st 4a 1959 1 D 74
____ 74
7412
7412
5
60
4
Registered
793 77 Sept'33 __
75
1997 2 J
60
933
Kat A AG R 1st gu g U....1938 2 1 80
4
__ 103 Mar'31 ____ ____
88% 61
_
Debenture gold 48
1934 11 N 88 Sale 8412
1
1990 A 0 73 17
1
64
8612
Kan & M 1St gu g 431
75 Aug'33 _ _
7
6
30
60 ---year debenture 48
85 84
84
1942" 2 82
3415 74
K C Ft S & 34 By ref g 4s 1936 A 0 4112 45
42
42
Ref & front 4345 ser A __ _2013
318 6112
4
1
6834 81
7 67 Sale 664
77
60
A 0 40
Certificates of deposit
Lake Shore coil gold 3348_1998 t.--A ____ 747 73 Aug'33 ---52 Aug'33 ____
50
8
5712
32
r
71
68
Kan City Sou 1st gold 38_1950 A 0 613 Sale 6018
6912 Aug'33 __ _
6712
75
1998 F A _
4
6214 85 048
Registered
65
78
Ref & Inuit be
5
73
Mich Cent coll gold 3All--1998 F A
80
7312 20
74
74
7212
47
38. 74% 74
4
Apr 1950 2 J
951
Kansas City Term 1st 45_1960 i J 9412 Sale 9414
1998 F A
69 July'33 ___
60
83
96
Registered
57
69
013
4
66
5
Kentucky Central gold 45_1987 2 2 91
N Y Chic & St L 1st g 45
9434 92
744 93
10
8
92
8912
1937 A 0 8912 gale a885
14
39
6712
56
Kentucky & Ind Term 4345.1901 1 .1 50
70 84 Aug'31 ____
Refunding 534s aeries A 1974 A 0 55 sale 5312
___
_
12
563
4
Stamped
-57 --7
5
Ref 434s series C
75 June'33
80
1961 J J 70
47
326
1978 M _S 4412 Sale 43
____ ____
Plain
89
3-yr 6% gold notes
514 67
Apr'30
1961 J 2 70
5412 69
1935 A *. 5314 Sale 51
87 100
N Y Connect let gu 4145 A.1953 F A 9914 Sale 987
24
8
100
89 10318
Lake Erie & West let g 59.1937 I J. 8612 897 897
91
10
58
8
93
lst guar bs series B
8
1953 F A 103 105 10212 Aug'33 ___
89
"
86
gold Is
73
7812 N Y Erie let ext gold 48_ 1947 M N 9018 ____ a88 July'33 -55
73
5
1
1041 . .. --- 73
Lake Sh & Mich So g 33.45.1997 1 D 85 Sale 843
N Y Greenw L gu g 55_1946 M N 633
4
_
718 86
16
4
85
6312 Sept'33 --- _
511 65
/
4
84
88
Registered
N Y at Harlem gold 3148_2000 M N 8514 - 4 853 Sept'33 -82
1997 J D 79
767 June'33 __-_
7212 77
4
g73
Lehigh & N Y 1st go g 45-1945 M S 62
46
7014 NY Lack & W ref 43.4s 13...1973 MN
65 6312 Sept'33 __
Ws ____ 85 June'33 __- .,5 ,
8
„
8„,
5
Leh Val Harbor Term gu be 1954 F A 86
NY ALong Branch on 45 1941 M S 7514 ____ 76 June'33 __-_
793 90
4
872 873
2
4
874
""
'''
Leh Val NY 1st gu g 4 As_ _1940 J_ J 86
NY &N E Bost Term 4s
87 Sept'33 ____
89
597 87
5
1939 _A 0 - _ -----9512 July'29 --- - ---- -70
45
Lehigh Val (Pa) cons g 45 2003 m N 5212 Sale 517
NY N II & II n.c deb 45_
8
25
62
53
35
66
4
1947 in 8 67__ 66
65
44
M N _
R
Registered
45 June'33 ____
28
45
Non-cony debenture 31411_1947 M 8 60 - -c
68 65 AUg 33 --44 065
5
General cons 434s
3214 6412
57
Li T8 Sale 55
3
Non-cony debenture 3348_1954 A 0 583 Sale 5812
38
2003 M N
4
5831
71
45
6
General cons Is
33
6812
6714
Non-cony debenture 0_1955 _1 2 62
623 60
2003 M N 60
8
8
6112 16
6612 637
•
71
45
Leh v Term Ity 1st gu g 5s....1941 A 0 97 100 100 Sept'33 ____
89 10018
63
Non-cony debenture 481966 rlo N. 6118 71
1
63
60
43
Lox & East 1st 50-yr Isgu_1965 „2 98 101
Cony debenture 31.0
97 Sept'33 ____
79
99
68
2
__ 55
A
1956 ". i 55
Little SlIami gen 45 series A_1962, ^ 80
_
92 . 77
Cony debenture 13s
_ _ 9112 May'32 ___
ii.
1948" -1 8912 Sale 8912
57
9913
90
80
Long Dock consol g 6s
"iiii2 1-6.1
Registered
1935 A 0 10013 ---_ 10012 Sept'33
90 Aug'33 -- Long IslandCollateral trust 68
9212
1940 A 0 91 Sale 01
8
59
95
1957 M N 5612 57% 58 Aug'33 -General gold 4s
9.534
9512 9934
5
Debenture 48
1938 L D,., 993 Sale 994
4
45
3.4 2
418
Unified gold 48
lot & ref 4 As ser of 1927..1967 2 13 724 Sale 7214
797
82 r97
r97
1
1949 T 0 9318 _
55
74
8254 9012
Debenture gold Is
1934 " 2 10112 102 10212 Aug'33 ____
97 10112 Harlem R & Pt Ches let 48 1954 M N 8712 88
1
8712
8812 13
20
-year p m deb 58
1937 M
. 9812 Sale 9812
90 100
9833 17
Guar ref gold 48
95
N Y 0& W tel g 45 June_
1949 M 8 9312 9434 935
76
14
50%
4
8
94
4
1992 M S 623 Sale 62
6412 52
614
673
Louisiana & Ark let 51 ser A _1969 2 1 494 Sale 4512
57
General 48
20
89
1955 J D 563 5814 58 Sept'33 - - - 50
8
Louis &Jeff Bdge Co gd g 4s 1945 M 9 08012 Sale 8012
N Y Providence & Boston 45 1942 A 0 8518 ____ 85 Nov'32 _ - -- -;i- 70 r83
2
8012
.F.7Louisville & Nashville bs _ _ _1937 MN 1034 Sale 10312 104
NY & Putnam 1st con gu 48_1993 A 0 all Sale 75
4r104
968
7
76
5 'a. .7.
6
Unified gold 48
1940 J J 9612 Sale 9512
8112 98
N Y Susq & West let ref 58_1937 1 2 5512 5733 56 Sept'33 __ -9612 35
33 -'
4112
Registered
77
2 .2 90
.
86
2d gold 43.4e.
95 82 Apr'33
4112 June'33 --1937 F A 4112 65
1612 62
1M refund 5348 serfee A _ _2003 A u 91
6514 99
15
General gold Is
937 93
48% 44
8
94
7
1040 F A 43
44
64 a75
2003 A 0 90 Sale 90
1st & ref 68 series B
6312 9212
_
Terminal 1st gold 56
15
____ a75 Sept'33 --1943 M N 67
90
60
31
let & ref 430 series C
2003 A u 83 Sale 827
5
N Y W Chcs &LI let ser I 4348'46 J 1 53 Sale 53
697 90
24
83
31
8
547
Gold be
1941 A_ 0 1018 Sale 1013
87 10134
4
4
1013
4 14
9Sst 127%
P
Paducah & Mem Div 48_1946 r A
North R ext sink fund 6348 1050 A 0 1254 Sale 12412
65 June'33 _
70
7533 _
d
_ 56
120
51
St Louis Div 2d gold 38_1980 M 8 57 - 4 583
60
43
Norfolk South let & ref A 55_1961 F A
1
5834
4
•
58313
13
Slob & Montg let g 4348_1945 M S 93
_, _ __. ---- 13 Aug'33 ____
93
93
Certificates of deposit
1
83
93
6
2811s
South fly joint Slonon 40_1952 J " a71 Sale a7I
40
73
Norfolk & South 1st gold 55..1941 I N
13
7214
19
23
25 Aug'33 --... 101 1041,
-11All Knoxv & Cln Div 4s 1955 MN
F A 10112 103 10112
9214 Norf & West RR impt&ext 61 '34
_ 9033 90
75
3
90
z -87 10012
10158
N & W fly lot cons g 4e___1996 A 0 9912 Sale 9914
119
100
941 9418
Lisbon Coal RR let 58
M
1960 A 0
9514 10114
1934 i ...!
_ _ 1003 July'33
_
4
Registered
9418 Jan'33 _ _ _
02, 1013
8
4
Manila RR (South Lines) 49 1939 M r. 4934 -•8
a4938 5414
Divil let lien & gen g 48_1944 J 1 10033 Sale 10012 101
56 5414 July'33
22
8912 100
1st ext 48
60
52
1959 M ...N
Pocah C & C joint 4s
24
45
65
1941 2 0 99 Sale 90
51 July'33
99
1001,
Manitoba 8 W Colonizain 58 1934 J. '-: a923 Sale 903
4
70 0923 North Cent gen & ref 58 A 1974 M 8 10012 ---- 10012 Aug'33 ---4 a9134
6
99
Mao 0 Ii & N W let 3145..1941
47
47
Geo & ref 4 As ser A
'
li 50
1974 M 8 93
47 Feb'33 _ _ __
60
_ 85 Aug'32 ___. -; - "i51.
7
Met Internat 1st 48 asetd
_ North Ohio let guar g 65___1945 A 0 42 1977 '_ -Sept'32 ____ ---M
_
'
218 2
44
45 Aug'33 ...,
"'
8912
; 74
3
!Michigan Central Detroit & Bay . .
North Pacific prior lien 45_1997 Q i 86% Sale 8434
7
,85 4 3.0
863
City Air Line 4s
0314 9314
Registered
1940 "„" 921g 9514 9314
9314
1
48• 62
4
.
8912 833 Aug'33 ---G 1 80
Jack Lane & Sag 344s.„..1951 M 4
__
Geo lien ry Aid g 38_Jan 2047 Q F 595 Sale 5712
_ 79 May'26 ____ ..,...
8
597 104
8
5513 5512
let gold 334s
8918
-51
5
79 - 9
0
Registered
1952 MN -8 8 16 89
Jan 3047 G F _":- ---- 5512 Jan'33 __ -7812
60
Ref dc Impt 43.48 ser C
61
75
Ref & impt 430 series A__2047 J J 70 Sale 76
1979 2 _J
73
75 June'33 ___
85
763
4
5
60
9212
Mid of N I let ext 55
753
4
40
Ref & Inlet es series B___2047 l 2 86 Sale 84
29
1940 A u 62
72
71
71
86
6915 84
Mil & Nor 1st ext 430(1880)1934 " D 76
7112
50
_ 7112 July'33 ____
Ref &Impt Is series C____2047 2 2 767 80
8012 Aug'33 --8
664 83
Cons ext 434s (1884)
6814 70
Ref & impt 58 series D_-__3047 J 1 7678 80
1934
81 Sept'33 __-- 100 100
68 16 6814 July'33 ___
NIP Spar & N W let gu 45_1947 '
3412 66
Nor By of Calif guar g 53_1938 A 0 100
4
"ii
____ 100 Aug'33 --64
62 Sale 62
Lew
87
99
85
1
L
L1
2
I
rash sales.
a Deferred del very
• Look under list of Matured Bonds on page 2083.
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 15.
i2
ir
,,r.
Price
Fridag
Sept. 15.
;
Week's
g
Range or
Last sale. 3 %
3,
Range
mots
Jan. 1,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 15.
-..
g!
k
u_
:.; rr,
2081
Pries
Friday
Sept. 15.
Week's
Range or
Last Sale.
11
Range
Hinge
Jan. 1.
gig
Ask Law
Og & L Cbam let gu g 4e---1948 J .3 5012 60 50
Ohio Connecting Ry lot 45 1943 M S _ 89 ---- 97
Ohio River RR let g 5s____1936 J 0 88 100 90
91
91
1937 A 0 85
General gold 58
2
Oregon RR dr Nay corn g 48.1946 J D 937 Sale 93
.1 J 10514 107 10614
,
Ore Short Line let cons g 513_19 6
2
/
1
4
Guar stpd cons 55
1946 J J 1057 107 10614
Ore-Wash RR & Nay 45-1961 J J 89 Sale 88
Pao RR of Mo 18t ext g 45-1938 F A
2d extended gold 58
1938 J J
Paducah &Ills late f g 410_1955 J J
Paris-Orleans RR ext 5155_1968 M 8
Paulista Ry lst ref a f 78_1942 M 5
Pa Ohio & Det let & ref4Iie A '77 A 0
Pennsylvania RR cons g 48_1943 MN
Consol gold 4e
1948 MN
45 sterl stpd dollar May 11948 M N
Consol sinking fund 4%s_1960 F A
General 4 yie series A
1965 J O
General 5a series B
19681 D
1936 F A
16-year secured 6158
40
-year secured gold 5a1964 M N
Deb g 4132
197t A 0
General 4 lie ser D
1981 A 0
Peoria & Eastern let cone 45_1940 A 0
Income 4e
April 1990 Apr
Peoria & Pekln Un 1st 5%0_1974 F A
Pere Marquette let ser A 55_1956 3 J
let 48 series B
1956 J J
let g 4155 aeries C
1980 M 8
Phila Bait & Wash lot g 45_1943 MN
General 58 series B1974 F A
General g 4148 aeries C- _1977 J J
Philippine RY let 30-Yr at 4s '37 J ..
PC C & St L gu 4155 A.,......1940 A 0
Series B 4155 guar
1942 A 0
Series C 4155 guar
1942 MN
Series D 45 guar
1945 MN
Series E 4158 guar gold-1949 F A
Series F 4s guar gold
1953.3 D
Series G 4s guar
1957 MN
Series H cons guar U.._ _1980 F A
1963 F A
Series I cons guar 4155
Series J 4032 guar 4545-1964 MN
General M 55 series A__ 1970 J D
Gen mtge guar 5 ser B 1975 A 0
Gen 415e series C
19771 .2
Pitts Molt & Y 2d gu 68
1934 J .1
Pitts Sh & L E 1st g 58
1940 A 0
let corm] gold 5s
1943 J J
PIM Ytt & Char let 9e
1943 MN
Plvs & W Vs let 44e ser A_I958 J D
1st M 415s aeries B
1958 A 0
let M 4153 series C
1960 A 0
Pitts Y & Ash 1st 45 Mr A 1948 J D
let gen 58 series 13
1962 F A
Providence Secur deb 45_1957 M N
Providence Term 1st 45
1956 M El
Reading Co Jersey Can coil 45'51 A 0
Gen & ref 4158 series A_ 1997 J J
Gen & ref 415e series B1997 J .1
Rensselaer & Saratoga 65__ _1941 MN
Rich Ss Merch 1st g 48
1948 M N
Richm Term Ry 1st gu 55_1952 J j
Rio Grande June 1st gu 458-.1939 J D
Rio Grande Sou let gold 48_1949 J J
Guar 45 (Jan 1922 coupon)'40 J J
Rio Grande West let gold 45-1939 J J
let con & coil trust 49 A ism A 0
It I Ark &Louis let 4548_1934 M 13
Rut
-Canada let gu g 48
19 9 J .1
,
Rutland let con 43.4s
1941 3 J
High No. Low
Bid
Ask Low
Hick
High No. Low
High
Sept'33 ---3812 5814 Southern Ry let cons g 55-1994 J .1 8612 88 8414
87
18
55 981
5
_
Mar'32 ____ _ _
J J ___ _ 8912 85 July'33 --__
Registered
5812 85
Aug'33 ---8
5814 146
io -911
17 64 4
Devel & gen 45 series A___1956 A 0 563 Sale 55
3
Aug'33 ---,
70 91
72
75
1956 A 0 74 Sale 7114
20 85
Devel & gen 6s
95
8412 98
18
1956 A 0 77 Sale 75
2075 90
7814 58
Devel & gen 6158
10612
2
8914 80 Sept'33 ---Mem Div let g 5s
1996 J 1 80
99 10712
40 811
4
7012 Sept'33 ---76
7 100 10712
10612
1951 1 J 68
36
78
St Louis Div lot g 48
89
97 91 Sept'33 ---86
60 91
75
East Tenn reorg lien g 55_1938 M S 91
90
587 5912 Sept'33 ---8
20 6858
Mobile & Ohio coil tr 45_ _1938 M 5 51
931s 94 92
/
1
4
93 8 18
7
73
154 30
/
1
1518 Sept'33 --/ 93 Spokane Internat let g 55_1955 J J 1518 20
1
4
/
1
4
95 90 Sept'33 ---90
75
90 Staten Island Ry let 454s1943.3 13 --------60 May'32 ___. ____ ____
----- 9414 Aug'33 ---93 9412 Sunbury &Lewiston let 4e_19363 J 92 100 97 Nov'31 ____ ____ ____
12112 Sale 12118 1224 84 a9812 123
5112 ---- 5012 Aug'33.--25 58
5
52
36
5012 Tenn Cent lst 68 A or B_1947 A 0 5114 57 52
9234 10
8
8912 933 9234
98 10212
7
71
9312 Term A4461 of St L let g 4158 1939 A 0 10112 Sale 10112 10214
1003 ---- 101 Aug'33 ---2
91 103
/
1
4
10212 13
9534 10138
1944 F A 10212 Sale 102
15t eons gold 58
101 Sale 10012 10118 16
38 88 914
91
91 10112
Gen refund at g 45
1953.3 3 9012 Sale 90
10012 Sale 100
1007
2 21
86 84
90 100 Texarkana & Ft Slat 5355 A 1950 F A 84
59 884
/
1
2
84
/
1
4
104 Sale 10312 10412 46
94 105 Tex & N 0con gold 55
/
1
4
60 65
19431 1 65_ 61 June'33 ---79
92
9112 Sale 91
7318 944 Texas &Pac let gold 55__2000 J D 964 - - 96
99
/
1
2 857 1004
65
5
100
9914 Sale 99
67
78 10034
Nine55
(Mar'28cpon)Dec2000 Mar --------95 Mar'29 ---- --- --104,8 Sale 10435 10478 71
4213 75
38
,
70
95 10538
Gen & ref 55 series B
1977 A 0 70 Sale 68 8
944 Sale 94
/
1
9514 48 73 98
3 434 7618
70
Gen & ref 5s Sella) C
1979 A 0 -__... 70 69
7912 Sale 78
803
4 94 56
75
2 43
69
70 68
19801 D 68
Gen & ref 58 series D
8614
8612 100
8512 Sale 8412
68
50 73
1
72
80
90 Tex Pao-Mo Pac Ter 5158 A 1964 MS 71
/
1
4
72
63 Sale 63
9912 9614 Sept'33 ---138 964
3 30 72 Tot & Ohio Cent let gu 58-1935 J J 97
69
1012 104
/
1
1014 10
8
80 984
9812 Sept'33 ---98
154 1612
1935 A 0 94
Western Div 1st g 54
8712 904 903 Sept'33 ---4
73 93
/ 9178 92 Aug'33 ---1
4
69 4 90 4
General gold 55
1935 J 0 83
1
3
70 68
68
67
44
71
1
Tol St L & W 50
284 76
/
1
-year g 4e_1950 A 0 ---_ 67 67 Sept'33 ___
65 62 Sept'33 --61
28 62 TolW V &0gu 45 Mr C
- 9618 Apr'31 ---- --- -1942 M 5
64 Sale 64
6418
28
4
6812 Toronto Ham & Buff let g is 1946 J 13 8918703 90 80 Feb'33 --8
SO
80 4
1
100 10014 99
1
99
94 10114 Union Pao RR let & id gr 4s 1947 .11 J 10018 Sale 993
90 4 1017
1
5
4 10118 1111
1023 Sale 1023
8
1
2 10212
5 937a 9914
J J 98 100 99
99
Registered
93 10212
9312 100 9312
9412
/
1
7 81
9318 98 078 93
let lien & ref 45
96
June 2008 M S 9212 Sale 914
/
1
4
2512 267 2512
2
27
95
27 075
/
1
4
16
92
Gold 415s
1967 J J a90 Sale 9014
19
351g
95 107
let Ilen dr ref 58
14
4 1061 46
/
4
June 2008 M 5 106 Sale 1053
12 (29334 102
/
1
1014 Sale 1014 102
/
1
39 06914 a8912
84
4
19681 D 8312 Sale 82
/
1
4
101 10259 10214 Sept'33 ---96 10112
94 102
1944 M El 9914 10012 101 Aug'33 ____
/ U NJ RR & Can gen 4s
1
4
1
10212 ____ 10212 10212
9034 10212 Vtuadalla cons g 45 series A 1955 F A 94 __. 85 Apr'33 ____
85 85
.
8
98
/ 997 98 Aug'33 ---- a9418 98
1
4
1957 MN 94
. 85 June'33 _--85 85
Cons a 148 series B
91 4 ---- 8912 Aug'33 ---,
8912 8912 Vera Cruz & P asst 4158_ _ _1933 3 1
2 _-139 5
314 312 Aug'33 _-__
964 9718 Virginia Midland gen 55_ _ _ _1936 M N
/
1
98 --- 9718 Aug'33 ---80
9934
1
99
/
1
4
--- 9934
92 May'33 ---101
98
92 9212 Va & Southwest let gu 5.2003J J 9876
8414 85 Aug'33 ---60 85
98 ---- 9618 Sept'33 ____
1958 A 0 6712 Sale 65
384 70
6
6712
1st cons 58
961s 9814
103
103 Sale 103
5 911B 103 Virginian RY let 55 series A-1962 M N 100 Sale 100
10034 84 84 1014
---- 103 102 Sept'33 --- _
94 102
/
1
4
let mtge 415e series B___ _1962 MN 94
97 93
78
94
14
5
9312
95 973 964
4
/
1
98
9
76 1001
/
4
98 97
9878 11
96
7811 99 4 Wabash RR let gold 58
7478 29 43 85
74
/ 74
1
4
1939 M N 71
1
89 91
91
91
69 93
1
33
70
/
1
4
2d gold 55
1939 F A 5912 60 61 Sept'33 ---997 ---- 10114 Sept'33 ---4
99 10114
/
1
4
Deb 68 series B registered 1939 .1 .1 --------9818 May'29 ---- ---- --37
/ 3712
1
4
101 ---- 10034 100
/
1
4
1 100 102
3712 Apr'33 --let lien 50
-year g term 45_1954 J J ____ 74
Del & ChM Ext lot 52_ _1941 J J 7018 9818 76 Aug'33 _--82 76
-7:- ---- 100 Mar'33 ---- 100 10012
9018 ---- 94
94
3
35 5018
94 94
Des Moines Div 189 g 4511_1939 J J 4812 5914 50 Aug'33 ---6412 ---- 62 Sept'33 ---:
2712 47
30 6972
2
4512
4612 43
Omaha Div let g 3158
1941 A 0 40
6612 68 63
Toledo & Chic Div g 45_1941 M S 554 --- 56 Aug'33 ---30
6818
6
66
/
1
41
5
6
664 67 6512
5:4 32
6512
31
21
4
30
704 Wabash Ry ref & gen 5158 A 1975 M El 20 Sale 1834
Refdtgen 5s(Feb'32 coup)B '76 F A 1918 Sale 18
95
95
9 Aug'33 ---9414 ---- 9
5 2 32
/
1
4
2112 73
105
102 ---- 105
1 105 105
4 3212
60
Ref & gen 434e aeries C....1978 A 0 20
4
21
203 183
4
/
1
35 --- 714 July'31 ---- _ _
Oa 32
29
21
19 Sale 19
Ref & gen 58 series D
1980 A
go go__ Warren let ref gu g 31515_ _2000 F 0 --------50 Feb'33 _-__ 50 60
817 ---- 80 June'33 .-__
8
A
4
Washington Cent let gold 481948 Q M 58-- - 52 Feb'33 ____ a513 52
/
1
4
85 Sale 84
8612 11
88
9018 Wash Term 1st gu 310-1945 F A 9112 93 92 Aug'33 ---87 921
4
9312 sale 93
93
/ 36
1
4
7514 95
924 97
_ 97 July'33 ___
1st 40-year guar 4s
1945 F A 9534
93
9334 93
74
Western Maryland let 45_1952 A 0 70 Sale 69
42 63
71
78
95
9313 11
95 ---- 113 Oct'30 __-- ____ ____
/
1
let dr ref 5155 series A__ _1977 3 J 8212 Sale 82
/
1
4
8312 63 52 844
--------40 July'33 ----3840
West N Y & Pa let g 5. ..l937 I J 10212 Sale 102.2 a10212
9914 1031a
2
1007 ---- 9912 June'33 --_. 97%9913
5
7932 93
General gold 48
1943 A 0 88
895 90 Aug'33 -___
8
804 86 83
83
2012 58
Western Pac let 55 ser A
1946 M S 4118 Sale 3814
414 105
/
1
63 85
1
114 ---- 1 Dee'32 _--- ____ _ __ West Shore let 45 guar
67 8512
2361 J J 8218 Sale 8218
8512 24
212 ---- 314 July'33 ---Registered
1
1
/
1
4
2 8414 80
7912
2361 .1 3 7712 81
7912
Sale 80
8012
a8034 11
55 87
Wheel & L E ref 41511 ser A_1966 M 5 8318 93 8312
65
84
1
8312
55 Sale 5412
56
/
1
4
20
Refunding 55 aeries B.__ _1966 M S 821e _--- 8518 Aug'33 ___82 80
254 6418
22
2412 21
24
24
RR let confloi 48
1949 M 5 9018 ____ 9012
184 3878
70 91
10
91
5139 57 57 Sept'33 --25
/ 5711 Wilk & East lst gu g 55
1
4
1884 45
1942 1 0 35 Sale 35
2
37
6012 613 62 Sept'33 4
Will & SF let gold Se
39 84
85 88
1938.3 D
___ 86 July'33 ___
88129212 92 Aug'33 ____
Winston-Salem S B let 45_1960 J J 89
763 92
4
93
5
9118 9312 93
Wis Cent 50-yr 1st gen 48_1949 J J 1612 18
70 93
18
8 4 27
1
14
26
1512
75 64 June'33 -__
65
64
6484
Sup & Dul div St term 1st 45'36 M N 12 Sale 1114
6
11
21
/
1
4
12
66
80
70 June'33 --68
70
Wor & Conn East 1st 454a19431 J ...... ____ 8814 Sept'31 ____ .... ---
St Joe & Grand Tel let 48_1947 1 3
St Lawr & Adr let g Si
19963 .1
2d gold Efa
1996 A 0
St Louie Iron Mt & Southern
*
my es GI Div let g 45.-_1933 MN
*
_
St L Poor & N W 1st gu 68.1948.9 .1 61 Sale 61
6112 14
-San Fran pr lien 45 A1950 J J 17
1934 1814
St 1.
1934 28
Certificates of deposit
__ 1712 21
18
19
13
Prior lien 55 series It
1950 3 J 20 Sale 1812
2012 13
Certificates of depoeit ____ ___ -- 193 20 Sept'33 -___
4
Con M 4155 aeries A
/
4
1978 M 13 161 Sale 1614
1714 100
Certifs ox aePosit stamped__
1612 Sale 1614
_
17
91
St L El W let g 4e bond cffe_1989 M14 663 7214 a67
4
_68
3
25 g 481810 bond ctfa Nov 1989 3 J 48
5312 4912
50
10
let terminal & unifying 50_1952 J J 5414 Sale 50
55
42
Gen & ref g 511 ser A
19903 J 51 Sale 5018
524 25
*
28Ia
3
81e
10
934
MA
614
49
23
/
1
4
19
12
65
3012
30
33
3034
2912
2812
7212
5314
6714
56
St Paul& K C Sh L 1st 410_1941 F A 36
/ 3712 3814
1
4
3814
3 a28
6212
St P & Duluth let con g 45.._1968 1 D 751 90 75 June'33 ____
/
4
70 804
St Paul E Or Trk 1st 434s19471 J --------50 June'33 ___
45 50
st Paul Minn & ManitobaCons M 55 ext to July 1 1943._
_ 99 Sale 99
991 84
/
4
99 100
Mont ext 118 gold 4e
19871 11 96 Sale 954
_-/
1
96
75
96
4
Pacific)ext gu 48 (sterling)-1940 J .1 85
/ 90 8518 Aug'33 ____
1
4
70 901g
Paul Un Den lat & ref 58.1972 J J 10314 104 103
St
104
11
89 104
S A & Ar Pass 1st gu g 45._ _1943 J J 70 Sale 69
70
54
23
8012
Banta Fe Pros dk Phen 1st 58_1942 34 5 96 100 9814 Aug'33 --__
82 100
Say Fla & West let g 68_ __ _1934 A 0 10059 __ _ _ 1004 10012
4
95 10012
1931 4 0 100
let geld 58
_ 100
100
1
94 100
Scioto V & N E let gu 48_ _ _1989 M N 98
991 98
98
8
1
90
98
*
Seaboard Air Line let g 4s 1950 A 0
•
•
stamped
•
•
Gold 41
1950 A 0
•
Certife of deposit stamped__ A 0 1514 20
18 Sept'33 -3 2314
Adjustment bs
Oct 1949 F A
612 712 612
/ 1134
1
4
6
7
•
*
Refunding 45
1959 A 0
•
Certificated of deposit
9
814 Aug'33 ___
2
14
/
1
4
series A--- _1945 M S
9 Sale
8
/
1
4
9
/ 94
1
4
lit & cons 68
2
/ 1712
1
4
Certificates of deposit
818 Sale
818
9
11
111 18
4
*
*
All & Birm 30-yr let g 45-1933 M S
•
Seaboard All Fla let gu Os A 1935
Certificates of deposit
A 0
412 5
412
4
/ 12
1
4
1
93
4
1935
Series B
F A
Certificates of deposit
4
5
4 Aug'33 - --1
712
Ala cons gu g 55_1936 F A 1013 ---- 102 102
4
99 102
/
1
4
6
So & No
Gen cops guar 50yar 5s..1963 A 0 86 ---- 94
94
2
75
98
47
61
40
So Pao coil 45(Cent Pao coil) _'49 J D 6014 Sale 60
71
(Oregon Lines) A 1977 M S 743 Sale 7234
4
let 4145
743 110
4
53 80
1934 J 0 75
9034 9012
91
20
-year cony be
67 9312
/
1
4
20
1968 M S 82 Sale 6112
6212 46
Gold 4345
3814 74
Gold 4145 with warrants_1969 MN 587a Sale 58
604 134
/
1
3714 744
/
1
1981 MN 59 Sale 5612
6014 119
Geld 415e
3814 7212
let
_1950 A 0 9114 Sale 91
92
/ 150 0703 95
1
4
San Fran Term
4
48_2
971 10212
/
4
So Pao of Cal let con gu gbe 1937 M pi 10212 sale 10212 10212
95 95
So pal coast 1st gu g 45___ _1937 3 .1 93 _ 95 Aug'33 _ _ _
1955 J 3 7512 Sale 73
7614 81
60
84
So Pac RR 1st ref 45
Stamped (Federal tax)- _ _1955 J J --------9212 May'30 _.____. ____
INDUSTRIALS.
•
Abitibi Power At Paper lat 58 1953 J D
*
•
Abraham & Straus deb 5158_1943
With warrants
80 98
A 0 98 100
10
98
9612
Adams Express coil tr g 415_1948 M 5 70 Sale 70
534 73
1
70
Adriatic Elec Co exti 7s__1952 A 0 113 Sale 113
92 11412
11412 31
Albany Perfor Wrap Pap 65_1948 A 0 53
2412 5812
Sept'33 -_
543 52
4
Allegany Corp coil tr 5a____1944 F A 62 Sale 5812
2512 139
306
64
Coll & cony 55
1949.3 D 50 4 Sale 5034
3
5312 153 01912 60
Coll & cony Es
1650 A 0 38 Sale 3514
195
39
9 89
Allis-Chalmers Mfg deb 5a1937 M N 91
85 9412
9114 11
92 90
Alpine-Montan Steel 159 75.1955 M S 511 ____ 50 Aug'33 ___
50
62
/
4
Amer Beet Bug cony deb 8s_1935 F A 8012 82 8012 Sept'33 -__
4
,
American Chain deb a f 65_1933 A 0
*
Amer Cyanamid deb Eta__ _ 1942 A 0 93
9
9434
943
4
Am & Foreign Pow deb 58.._2030 M 8 43 Sale 393
4
443 238
4
American Ices f deb 5a
1953 J D 70
7
7018
7114 70
Amer I 0 Chem cony 5158_1949 M N 864 Sale 8512
54
87
Am Internal Corp cony 5158 1949 J J 78 Sale 7714
783
4 11
Amer Mach & Fdy et 65___ _1939 A 0 105 106 105
3
105
Amer Metal 515% notee_ _1934 A 0 9314 Sale 9213
94 280
Am Sm & R let 30-yr Esser A '47 A 0 100 Sale 9912 100
44
Amer sug Ref 5
1937 J J 10518 Sale 10512 105
-year 6s
14 14
Am Telep & Teleg cony 48_ _1936 M 8 010214 Sale 10214
10214 . 2
30
-year coil tr 55
1946 3 0 107 Sale 1063
4 1074 50
35
-year a f deb 5a
1960 .1 J 104 Sale 10312 10412 232
20
-year at 5155
1943 MN 10512 Sale 10512 108
142
Cony deb 4%s
1939 3 I 116 Sale 116
37
117
Debenture 58
1965 F A 10314 Sale 103
/ 10414 263
1
4
Am Type Found deb 8e
1940 A 0 53
56 58 Aug'33 ____
Am Wat Wks & El colt tr 55_1934 A 0 96 Sale 95
14
9612 71
Deb g Os aeries A
1975 MN 81 Sale 8012
5
81
2614 85
•
7012 941
4
23 5812
/
1
4
52
72
64
89
6612 86
/
1
4
1024 106
80 974
78 100
102 I0612
/
1
4
a9812r105
100 10712
93 1074
9912 10912
99 119
9212 107
/
1
4
35 67
741 98
/
4
49
8912
Am Writing Paper let g 85_1947 1 J
Anglo-Chilean Nitrate 7s
1945 M N
Ark & Mom Bridge *Ter 5s 1964 M 8
Armour & Co (III) let 4158_1939 J D
Armour & Co ot Del 514s_ _ _1943 J J
Armstrong Cork cony deb 56_1940 J D
Associated Oil 6% g notes-1935 M S
Atlanta Gas L let Eat
1947.3 13
All Gulf & W I SS coll tr 58 1959 1 3
Atlantic Refining deb 5s_ __1937 J J
Baldwin Loco Works let 58_1940 M N
Batavian Petr guar deb 4%0_1942 .3 J
Belding-Heminway es
1936 1 J
Bell Telep of Pa Es series 13_l948 J J
let at ref 58 series C
1980 A 0
Beneficial Indus Loan deb 65 1946 M 8
Berlin City Elec Co deb 615s 1951 J D
Deb sinking fund 6 15s.._ _1939 F A
Debenture es
1955 A 0
Berlin Elec El & Underg 61551956 A 0
Beth Steel 1st & ref 5s guar A '42 M N
30
-year p m at ImPt a f 58.1938.9 1
09114 5618
2t. 14%
7818 85
92
/
1
4
77
714 90
65 93
10110104
98 4 983
3
4
88
35
97 104 4
3
794 104
/
1
9014 10218
83 98
101 111
/
1
1004 1114
75 9312
354 7012
3514 69 3
,
0927 844
8
028 83
/
1
4
71 103
79 1004
r Cash sales. a Deferred delivery. •Look under list of Matured Bonds on page 2083.
49 Sale 49
8
52
6
63,
73
4 514
6
784 --- 7818 Sept'33 ____
/
1
89 Sale 88
/
1
4
893
4 91
8514 Sale 8412
109
86
9213 93 9212
1
9212
10353 ---- a104 al04
1
9612_-- 9834 Feb'33 _-__
5414 59 56
10
58
10338 103 10614 103
/
1
4
/ 23
1
4
10112 Sale 10112 10112
3
98" 100 10012 Sept'33 ____
98 100 98 Aug'33 ___
10712 Sale 106 4 10814 42
1
10818 109 108
10812 24
9314 Sale 9212
9312 37
3612 Sale 3618
3934 47
/
1
4
35
37 3614
3812 27
34 Sale 3334
3512 30
3514 Sale 34
3512 61
10212 Sale 101
103
103
100 Sale 100
10014 91
MS
New York Bond Record-Continued-Page 5
2082
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 15.
z.."
.
1
ta
I,
.1'4,i;
Bing & Bing deb-131413
1950 M S
Botany Cons Mills 6/
1
4
13.- 1934 A 0
A 0
Certificates of depoelt
Bowman-BM Hotels 1st 78..1934
Strap as to Pay of $435 Pt red_ M 8
B'way & 7th Ave 1st cons 55.1943 J 13
J D
Certificates of deposit
Brooklyn City RR 1st As _1941 J .1
Bklyn Edison Inc gen As A1949 J J
Gen mtge 58 series E
1952 3 J
Bklyn-Manh It T sec 135........1988 1 .1
8,
Bklyn Qu Co dr sob eon od 5 41 MN
let 55 stamped
1941 J J
Bklyn Union El let g 5&,...,.1950 F A
Bklyn Un Gas 1st cons g 44_1945 M N
let lien & ref 6/3 series A....1947 M N
Cony deb g 51
/
48
1936 1 J
1950 1 D
Debenture gold 58
1st lien & ref series B
1957 MN
Buff Gen El 41 series B...1981 F A
/
4e
Buell Terminal 1st 4.1
1952 A 0
Consol 5/3
1955 1 J
Bush Term Bldgs Is gu tax ex '30 A 0
By-Prod Coke let 515 A
/
4
1945 M N
Price
Friday
Sept. 15.
;
Week's
cB
Range or
Last Said.
o?1,
.
Range
sow.,
Jan. 1.
High No. Low
Bid
AO Low
8
2014
20 June'33 ____
17
1412 - 1812 17
5
1
412
17 Aug'33 ___
143 20
4
4
2
1
6513
100 4
3
100
8414
57
High
21
2712
2012
Sept. 16 1933
Frit.,
Week's
;
Range
VjFriday
Range or
gB..,
Since
.1.1rr, Sept. 15,
Last Sale.
Z1
Jan. 1.
-Hioh No. Low
Bid
Ask Low
High
/
1
333
14
4
29
61
Hansa SS Lines(is with warr.1939 A 0 3314 Sale 334
62
64
62
7
39
Hereon Mining 65 with warr_1949 J J 60
7222
528
2814 40 528
3
18
Havana Elec coneol g 5
4024
/3-.1952 F A
9 •
712 10
Deb .51 series of 1926__1951 M S
/
4e
314 15
2
9
•
*
Hoe (10 & Co lot 6548 ser A_1934 A 0
177 36
2
1
36
36
3618 40
Holland-Amer Line 68 (flat).1947 M N
38
73
6618 41
Houston 011eink fund 51 _1940 M N 6512 Sale 64
/
4s_
4938 109
271 64
/
4
Hudson Coal let s f 5s ser A.1962 1 D 47 Sale 47
Hudson Co Gas 1st 558
1949 M N 10512 108 106 Aug'33 ___ 7 10138 10814
1033
4 34 1004 10412
Humble Oil & Refining 53_1937 A 0 10312 Sale 10314
/
1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 15.
412
11
10
76
108
108
96
60
28 10058 1077
Illinois Bell Telephone 5s
8
1956 1 D 10612 Sale 10612 107
1033
3 51
1940 A 0 103 Sale 103
95 105
Illinois Steel deb 41
/
1
4
/
45
32 Sale 32
3313 30
264 6812
Ilseder Steel Corp mtge 66_1948 F A
75
87
N --------948 June'33 --1.011 112
/
4
9478 971
Ind Nat Gm & 011 ref bs
1936 M
/
4
66
90
21
88
1978 A 0 87 Sale 87
104 11718 Inland Steel let 41
/
1
4
/
4e
/
1
87
/
1
IS
1st Ma f 41 ger B
65
90
158 158
/
4s
1981 F A 864 Sale 864
12
70
47
664 290
Interboro Rap Tran let 58_1966 1 J 65 Sale 63
93 105
*
*
10
-year fis
1932 A 0
97730'1073
4
22
.1
4
14
3012
Certificates of deposit
9712 10512
-,-- 203 2334 22
*
10
-year cony 7% notes _A932 1M S
42
6712
.
52
73
/
1
4
6712 50
65
671 6412
Certificates of deposit_
5
33 4
,
Sale 5412
70
567
8
- 117 56
6411 Interlake Iron 1st 5e B
32
1951 iY1 19
7
37
744 Jot Agile Corp let & coil tr 5e
/
1
59
1
59
M N 5912 62
381 65
/
4
Stamped extended to 1942_ _
80
4
45 a50
84
/
1
/
1
4
Cal G & E Corp mit & re 558_1937 M N 10618 1063 1054 1081e
13 100 1064 Int Cement cony deb 58___.1948 M N 793 Sale 77
9112 19
4614 1.3
/
4
.1 a91 Sale 91
241 50
823 9212 Internet IIydro El deb 65_1944 A 0 4012 Sale 4012
4
Cal Pack cony deb As
1940 3
53
/
4
11 5291 5812
98
96
a9712 47 581 59712 Intor Mere Marines f _ _ _ 1941 A 0 51 Sale 51
Cal Petroleum cony deb a 1 58'39 F A 96
62
37 a83 100
68
Internet Paper As ser A ArB_1947 1 J 61 Sale 61
88/
4
8
39
1938 M N 991 1005 9912 100
8
Cony deb a f g 51
/
4e
8
4013 36
Ref s f 6/3 series A
10
49
1
1955 J• S 3912 Sale 373
Camaguey Sugar cite of deposit
49
1. 131 Int Telep & Teleg deb g 41
4
/
4
92
1713 55
4
/
4/31952 J J 47 Sale 45
/ 8
1
4
/ 53 Sept'33 .._ __
1
4
for let 7s
1942- , 3
58
/
1
247
1939 i .) 554 Salo 55
2018 67
Cony deb 41
1814
2
/
4e
1034 27
Canada 85 L 1st & eon 68_1941 AT-0 1712 1834 1814
5214 171
5014 Sale 4918
18
4
106
4
Debs 5s
4 102 108
593
4
1955 F A
Cent Dist Tel 1st 30-yr 55._1943 J 13 1053 Sale 1053
893
/
1
4
4
893
4
Investors Equity deb As A 1947 1 D 89
10513
2
75
4 100 107
934
/
1
Cent Hudson El & E 58-Jan 1957 M S 10512 Sale 105
5114 47
4 9012 89 Sept'33 ___50
/
1
4
75
Deb 58 ser B with warr
80
92
1948 A 0 893 Cent Ill Elec & Gas let 58_1951 F A 51 Sale 50
893
4
/ 93
1
4
893
4
12
103
75
925
8
Without warrants
7012 103
4
1948 A 0 89
1941 M N 10253 ____ 103
Central Steel isles 1 8s
4
5214 59
28
1948 M 5 5114 Sale 483
5712
Certain-teed Prod 51 A
/
45
/ 104
1
4
29
3
961 105
K C Pow & Lt 1st 415 ser B.1957 .1 J 1033 Sale 103
6312 110
/
4
10712 534
/
4
Cheesy Corp cony 5/3 May 15 '47 MN 105 Sale 10312
8
10418 32
181 51 41
96 1053
4
/
4e
97 1057
15
8
1961 F A 104 Sale 1037
Ch G L & Coke 1st gu g 51 1937 1 i 103 Sale 10212 103
4
88
43
72
05
Kansas Gas & Electric 41/45_1080 1 D 87 Sale 863
Chicago Railways 1st Is stpd
*
*
•
F A
1514 23
137 4114
a
Karstadt (Rudolph) 1st 68_1943 51 N
15 Sale 1412
Aug. 1193321% part. pd
/
4
2
1418
1418 Sale 141
_
131 183
/
4
4
Certificates of deposit
443
8 10
/
1
25
5512
Childs Co deb 58
1943 A 0 444 Sale 43
50
291 61
29
/
4
4
6612 110
27
711 Keith (B.F,) Corp. 1st 6s___1948 iii Ei 48 Sale 48
/
4
Chile Copper Co deb 58
1947 I !J 66 Sale 653
5234
15
Kelly-Springfield Tire 68_1942 A 0 5212 Sale 49
90 100
32 6412
9814 83
4
4
1968 A 0 973 Sale 973
an CI & E let M 48 A
743
4
76
76
11
55
79
Kendall Co 554s with warr_1948 M 5 73
38
38
Clearfield Bit Coal let 48-1940 J. EJ. 45 ---- 38
Apr'33 ---Keystone Telep Co let 5s___1935 J J
Small series B
1940 3 3 45
73
791 75 Aug'33 ----647, 75
10514 Sept'33 ____ 101 108
Kings County El I. & P 5s_ -1937 A 0 10514
71
70
Colon Oil cony deb 6s
1938 J_ J 69 Sale 6718
32 a32
1
/
4
334 6818
/
1
1997 A 0 123 ilo 130 Aug'33 __ 1151 135
41
41
43
Purchase money 6s
36
Colo Fuel & Ir Co gen s f 58_1943 r A
6812 7713
743 757 76 Sept'33 ---4
Kings County Elev let g 481919 F A
194 58
/
1
2818 46
2714 Sale 2713
Col Indus let Jr coil 58 gu
1934 E A
99 1054
/
1
9
.1
104
1954 J .1 104 Sale 1033
68
8938 Kings Co Lighting let 58
81
59
4
Columbia 0& E deb 53 May 1952 M N 803 Sale 7838
/
4
4
1954 J J 110 113 1133 July'33 ____ 110 1141
First and ref 61e
8212 16
/
4
681 89
Debenture As
Apr 191952 A 0 8114 Sale 7812
/
4
90 Aug'33 ___- a42
96
8
8114 74
6812 87
/ Kinney (G11.) & Co 71 notee'36 1 13 5212 90
1
4
Debenture 511
Jan 151901 J tJ 79 Sale 787
/
4%
311 8312
/
4
7
7412
9312
2
1
84 5100 Kro4ge Found'n Coll tr I_ - _1936 . D 7313 Sale 73
Columbus fly P & List 41 1957 J. r _JI 9312 Sale 9213
/
4s
Kreuger & Toll clam A ctfs of dep
9712 106
/ 1023
1
4
4
Secured cony 8_5/
1
4/1
1942 A u 10314 10312 102
5
3
1959 M El
133
4 23
1312 Sale 123
10
for sec 8 f g 58
184
8
8
1011
/
4
8
4
97 10314
Commercial Crealt 8 f es A 1934 MN 1013 1013 1013
53
75 101.4
4
8
96 1015 Lackawanna Steel let As A --1950 M 5 993 Sale 9912 100
Coll tr 5 f 51 notes__ _1935 J Li 101 10112 101
/
4%
10
101
/
4
/
4
791 971
90
9012 17
9554 1047 Laclede G-L ref At ext 58-193 A 0 9014 92
8
4 10314 95
4
4
Comarl Invest Tr deb 515.194e F A 1013 Sale 1043
/
4
48
12
81
70
Coll dr ref 51 series C
/
4e
106
Computing-Tab-Bee 13 f 65 1941 J J 106 10612 106
5 104 10818
1953 F A 59 Sale 59
487 69
8
9
/
1
4
60
5912 Sale 59
Coll & ref 51 series D
/
4s
1960 F A
95 10112
Aug'33 ____
3
Conn fly & List & ref g4/
1
451951 .! , J 983 100 icri
212 147
712 20
8
612 712 64
Lautaro Nitrate Co Ltd 88_ _1954 J 3
Stamped guar 454s
1951 3 :J 99 102 10012
95 102
1604
/
1
4
7712 9112
9112 14
Lehigh C & Nave t41e A_ _1954 J J 91 Sale 91
/
4
Consolidated Ilydro-Elec Works .
78
91
2
9013
9114 9012
Cons sink fund 41 sec C.1954 1 J
/
4
s
30 2 68
,
8
of Upper Wuertemberg 713.1956 3 J ____ 357 37 Sept'33 ---45
76
7614 --- 76 Sept'33 --__
618 3013 Lel:1z% Val. Coal lot &ref el 5s'44 F A
1812 1814 Sept'33 ____
Cons Coal of Md let & ref 58_1950 J 0 15
1954 F A
42 581 48 Aug'33 ____
20
55
lat& ref s f 5s
9812 10714
10514 44
Consol Gas(NY)deb 518 1945 F. _A 104 Sale
/
4
44 Aug'33 - - 1612 55
3612 45
let & ref s f 53
87 1011
/
1
4
/
4
/
1
4
9634 110
1964 F A
8
'
Debenture 4 54e
1951 " 955 Sale 95
3934 391 Aug'33 ____
/
4
31
22
50 let & ref a f 5.1
4
102
1957 J J 1003 Sale 1003
89
1974 F A
93 10512
4
Debenture As
57
7813
7818 Sept'33 ____
Secured 6% gold notes_ _1938 .1 1 7814 85
97 10534
10212 27
1_
13
Consumers Gas of Chic gu 551936 J : 10218 Sale 102
8
12412 11 HP, 12613
Liggett & Myers Tobacco 78_1944 A 0 124 Sale 1237
97 107
10512 10
Consumers Power let As C....1952 111 .r..! 10512 Sale 10514
.
7614
35
4
4
/
1
58
16 102 110,
110
.
71
Container Corp 1st 13s
1948 . 1,-,, 71 Sale 70
3 „
2
1951 F A 1094 Sale 1093
8
48
89
871 20
/
4
15
-year deb 58 with warr _1943 1.
1941 A 0 87 Sale 847
163 6312 Loew's Inc deb s f es
4
5618 21
" 55 Sale 5213
/
4
7412 901
1 11
85
13
8014 Lombard Elec 78 ser A
753
4 14 065
753 Sale 7312
4
r
..
Copenhagen Telep 5s-Feb 15 1954. _A
1952 J : a8418 Sale 58418
37 510212 120
120
1944 A 0 116 120 113
10314
'
14
Corn Prod Refg let 25-yr• Ss'34 51 .. 10212 10314 103
f
5 101 10412 Lorillard (P) Co deb 7/3
90 105
10412 24
Ctown Cork & Seal s f 6s...._1947 J " 10012 Sale 100
/
1
4
1951 E A 103 Sale 103
79 10013
10012 10
58
9414 10612
9
/
4
Louisville Gee & El(Ky) 58_1952 M N 10212 Sale 1021 103
56
88
4
844 15
Crown Williamette Pater 85_1951 J J 84 Sale 833
42
53
3
494
5018
4912 55
'
/
4s
36
7514 Lower Austria Ilydro El 61 '44 11 A
73
_
1
Crown Zellerbach deb 53 w w 1940 M. 11 a73 Sale 57012
14
•
.
3
Cuban Cane Prod deb 6s
1950 . J.
McCrory Stores Corp deb 51
1937 3 3 105 Sale 1047
/
4541
Cumb T & T 1st Jr gen 5s
5 100 107
8
10518
4612 61
5218
Proof of claim filed by owner_, _- 5018 56
5312 14
2311 6512
.
5612 Sale 55
5814 136
`
94 10213 McKesson & Robbins deb 51
/
48'50 m -21
Del Power & Light 1st 54S-1071 .!.! 10113 Sale 10112 10212 16
'
T
*
*
Manati Sugar let 8 f 71
/3_1912 A 0
'
I
89
/ 99
1
4
1969 ra 96
6
/
4
9614
1st & ref 44e
9614 9614
311 35
15 Aug'33 ____
7
21
_,
Certificates of deposlt
1
9512 10218
1013 Sept'33 _
let mortgage 41
1969
4
/
4
s
•
•
933
4
4
Stamped Oct 1931 coupon 1943 A-0
88 100
.
_
Den Gas & El L let AZ ref s f 55'51 1 _.' 9312 Sale 9312
2712 July'33 ____
8
18
,,,Certificates of deposit
3
27,
2
88 r963
4
/
4
95
3
941
4
Stamped as to Penne tax_1951 m. '''... 933 95
4312
29
15
3814
39
39
A u 38
Manhat Ry (N Y) cons g 48_1999 - --"
8518 104
10114 42
1949 '7,` ,.... 10114 Sale 10018
Detroit Edison baser A
223 40 2
8
__ 40 Aug'33 ____
,
-_-_, 3013
Certificates of deposit
!". 100 1003 1004 1007
1955
863 103
4
/
1
8
4
Gen & ref As series B
7
1758 3312
3012 3014 Aug'33 ___
21 4s
8418 10312
1962 •.... A
1 27 2013 J 11003
4 63
4
Gen dr ref Eal series C
4 993
Manila Elec RR & Lt a I 58 1953 M 5 72 10113 943 Sept'33 __
873 9454
4
4
9414 Sale 944
75 100
Gen & ref 434s series D- _1961 r A
953
4 53
Mfrs Tr Co ctfe of panic in
84 103
32
101
1952 A 0 10014 Sale 10018
Gen & ref Ss series E
40
75
66 Aug'33 ____
A I Namrn & Son let tie_ _ _1943 3 D 6518 74
703 99
4
A940 M., N.. 9813 Sale 973
Dodge Bros cony deb Os
4
983 233
4
2514 59
5212 15
85
80 4 Marion Steam Shovel s f 6s_ _1947 A 0 4712 Sale 4712
3
8012 10
8014 80
Bold (Jacob) Pack let 6s
1942 1", r!, 80
757
8
Market St Ity 78 ser A _Apri I 1940 0 J 653 Sale 6514
57
661 15
/
4
4
92
92
57
92
,,,,,
Donner Steel let ref 7s
1942 3 ...! 90 100
7
30 567
6314
8112 Mead Corp let 6/3 with warr_1945 M N.,. 6318 64
6312 10
43
Duke-Price Pow 1st 6s ser A_1966.",_„ 76 Sale 7412
20
76
m
87 12018
/
1
1957 A U 11512 Sale 1144 11512 43
9718 10538 Meridionale Elec 1st 7s A
10514 49
1967 ... ",; 105 Sale 1041 1
Duquesne Light let 41 A
/
4s
911
Melt Ed let & ref Ea ser C 1953 1 J 92 Sale 92
82
2
94
98 107
10838 13
/
4e
_1957 m ' 10512 Sale 10512
A
let NI g 41 series IL
1968 M El 78
791 7912
/
4
8012
/
4
1st g 41 series D •
/
4s
711 90
4
•
*
/
1
Metrop Wat Sew & Dr 51
•
054 80
/
45_1950 A 0 07813 Salo 78
15
79
‘.1
East Cuba Sug 15-yr a f g 7he 37 1
1514 1812 1612 Aug'33 _
11
19
Ed El III Bklyn let cons 4s 1939
95 10412 Met West Side El(Chic)4s._1938 F A
' 102 103 103 Sept'33 __-.
3
30
671
/
4
37 Aug'33 __
Miag Mill Mach 1st li f 78_ 1956 i D 37
,
Ed Elec(NY) 1st cone g 58_1995 J ;? 107 113 113 Sept'33 ____ 106 120
80
991
/
4
26
99
/
1
4
35
683 Midvale St & 0 coil tr s f 58 1936 M 8 98 Sale 0818
4
41
13
4
/
4
El Pow Corp (Germany)818 '60 M. __, 3718 393 3914
8718
63
7412 29
„
a
Milw El RY & Lt 181 55 B
1961 J. 13 73 Sale 73
33
68
let einkln,g fund 854s. _ ..l953 A u ____ 381s 4014
4012 13
85
62
8
mtge 513
,let
4
7234
3
1971 3 . 7213 Sale 713
Ernesto Breda Co let M 75.1954'..
93
80
Montana Power let As A
17
82
1943 J _._, 89 Sale 88
72
89
3
7878
With stock purchase warrants_ r A
1
787 Sale 787
8
78
45
Deb 5a series A
67 Sept'33 __
/
4
1982 -1 '-' 611 71
Montecatinl Min & Agric75
63
Federal Light & Tr let 5s
194 " c
,,,,n , 70' 7131 71
1
3
72
9113 Sept'33 ____ 58714 9812
Deb g 78
7238
194 .... ‘,? 70 Sale 70
1937 J J. 9218 97
63
let lien s f 5e stamped
3
7018
60
77
/ Montreal Tram let & ref 5s 1941 J ; 913 Sale 91 12
1
4
1
781 93,
/
4
3
6
9134
0
4
.
,
.
s
19421: .. 7112 74
let Hen Se stamped
74
74
,
,
59 4 574 3
Gen & rots f As series A_ -1955. "„
6912
48
1954 3. 57
-- 7512 07414 July'33 ____
6312 6313 Sept'33 ___
30
-year deb 6s series B
A
68
/ 7/
1 11
4
4
743 juily.33 ___
8
Gen & ref a f 58 ser B
1955 A u_ -- __ 75
81 100
Federated Metals s f 7s......_1939 .,, 9934 100 100
7
100
4
573 63
8
Gen & rote f 434s ser C1955 A w_ -_93 1003
63 June'33 _ _ -_
,
1948 3 ,' 10014 10012 10014
4
10014
Flat deb e f g 7s
Gen & ref s f 5e ser D
7414 Aug'33 ----66'4 7414
94 102
1 9812 Sale 964
,
/
413'42 ;,,, ,:.
85
1955 a? ':
Framerican Ind Dev 20-n71
/
1
9812 10
78
9113
9013
Morris dr Co Islet 494s
734s_,.1942 '"'" 40
3
1939 3 ,;. 9012 Sale 9018
Francisco Sug let 8 f
/
1
104 53
517 60 Sept'33 --8
Mortgage-Bond Co 4e ser 2 1966 A .... 2014
- /
1
4
__ 40 Dec'32 ___
i
9
io -- 66
80
Murray Body 1st 61
3
:1
9
0 90
/
45
3931 3 ... 8178 - 77
F A
90
Gannett Co deb 65 sec A-1943 . ,_, 76
7613
80
/
1
945 1074
8
3
Mutual Fuel Gas let gu g 68.1947 __N1 _^ 10012 102 10012 102
Gas & El of Berg Co eons g 61310‘,,,,' t' 105
3
105 July'33 ____ 103 105
__
75
004
9014 Aug'33 ____
"
Mut Ull Tel gtd 68 ext at 5% 1941 m .1, 9314 98
3512 75
39
52
n
.
Gelsenkirchen Mintnit 68_.. -1931 1.'39 Sale 3512
87
76
Gen Amer Investors deb bs-A1952 r A 8514 Sale 8518
23
86
1940 ,
97 10312 Nam=(A!)& Son_ _See Mfrs Tr .
10212 103
./
4
Gen Baking deb 8 f 5 A8_
10
5912
51
8
36
75
/ Nassau E'er: gu g 41/ stpd_1051 1 2 5912 Sale 59
1
4
5912
1947" '24
/
4s
Gen Cable Islet 51 A
63
/ 65 Aug'33 ____
1
4
70
63
70 Aug'33 ___
_
1942 3 " 53
98 10214 Nat Acme 1st s f 68
Gen Electric deb g 3lis_ -1942 F A 99 10214 98 Aug'33 ____
771 96
/
4
2914 6212 Nat Dairy Prod deb 64a.....194g r A„. 89 Sale 8812
3
‘
923 216
4
_
"
Gen Elec(Germany)78 Jan 15'45 ', , 37 Sale 37
13
3804
195 A l) 924 Sale 903
6
95,
2
69
4
/
4
1040
9212 145
281 5712 Nat Steel let coil be
34
'
'" 3418 35
8 f deb 81
/
1
/
4
_
8
18
35
m n
10212 10714
8
1940 --,, N
557 Newark Consol Gas cone 58_1948 J. ," 1053 10714 10714 Sept'33 _29
25
4
3112 Sale 31 13
334 81
/
1
-years f deb 65
65
883i
1
Newberry (JJ) Co S54% notes'40 T ,
4
' 1037 Sale 1033
1
1040
883
8
Gen Petrol let a f Ea
88 Sale 88
17 101 105
_,"
4
104
)9393 1.
/
4
3 100 1111
10734
New Eng Tel dr Tel 58 A__ _ _1952 3 .," 107 Sale 107
713 89
8
Gen Pub Serv deb 51/48
88
, 8614 944 86
3
/
1
961 107 2
/
4
71
73
,
let g 414s series B
/
4e
1961 M, .'_ 1044 Sale 104
47
85
Gen Steel Cast 51 with ware '49's. ,..,' 71
5
1043
4 62
71
•
76
95
10
82
NJ Pow Jr Light 1st 4/
*
1
4
1960 A „.. 81 sale 8012
•
6a_1940 A "
s
Gen Theatres Equip deb
4313 64,
2
5378 20
7 4 New Orl Pub Serv let 5s A I952 A, ..., 52 Sale 5112
3
1
Certificates of deposit
41 Sale
/
4
--48
6
41
/
4
A
4414 65
517
8 49
First & ref 59 series B
1955 3" 50 Sale 50
6518
Good Hope Steel & Ir sec 78_1945 , 0 521e Sale 5112
37
5314 41
63
46
491 19
/
4
N Y Dock 1st gold 43
8
97
'
'
A
1951 P. ,., 49 Sale 497
62
Goodrich(B F)Co 1st 61
/
413_1947 ' 947 Sale 94
/
1
4
8
15
95
.1 D
28
4712
18
377
1945 .„ is
4
, 673 Sale 67
Cony deb (38
/
1
4
8
65 53312 753
Serial 5% notes
70
193 ^, „," 3714 Sale 35
'
4
4 22 1063 115
Goodyear Tire & Rubb lilt 591957 '.. *,
1123
/
4
/
4
8
913 NY Edison 1st & ref 81 A-1941 , ,.,"" 11214 1121 11118
4
A
68
8914 129
Sale 8714
/
1
1st lien & ref 53/ series 13.--1944 A, ,.." 10513 10614 10512
Gotham Silk Hosiery deb 68_1936 1 - 85
10614 21 101 14 1084
7412 87
1
SS
4
854
8.53
•
1st nen & ref As merles C
•
•
4
8 17 101 10814
Gould Coupler let 8 f 6s_ _1940 F A
1085
1951 17 .„. 106 Sale 1053
/
4
22 1011 11238
NY Gas El Lt II & Pow g Sa 1948 .. ., 11012 Sale 11013
111
Gt Cons El Pow (Japan) 78._1944 F A 615 Sale 5818
3
37
/ 75
1
4
8
611 25
/
4
101 14 64 59314 103
lst & gen s r 643
1950
J 57 Sale 56
A
/
1
4
Purchase money gold 4s_ _1949 ..r .., 10114 Sale 100
31
.573
8 14
66
75
75
NY L E & W Coal & RR 51 '4217' '''. ____ 88
82
Gulf States Steel deb 51
/
4/3__ _1942 J D 71 Sale 70
75 May'33 ____
/
4s
42
4
71
Hackensack Water let 48
'
8
/
1
93 100 June'31 ____ ---- -923 994 N Y L E & W Dock & Imp 55'43 3
1953 J .1 99
1
9912 9912
99111
1
1
r Cash sales. a Deferred delivery •Look under list of Matured Bonds 05 page 2083
--------412 May'33 ____
10
1
16
ON 10
--------10 Aug'33 ___ „
74 Sale 74
74
3
10612 21
106 10613 1057
8
4
1063
4 30
1057 Sale 1053
8
93
91 Sale 91
169
59 Aug'33 ____
59
55
50 Nov'32 ____
8314
84
8312
81
6
13
10912 11012 10912 11014
1145
8
11518 Sept'33 ____
.33 ____
185 158 Feb
101 Sale 9912 101
22
1057
8
1057 Sale 10512
8
8
10334 21
1035 Sale 10314
8
4514 4514 Sept'33 _--42
1514 Sale 154
/
1
1514
5
29
341 40 Sept'33 _ - _,
/
4
63
2
63
6314 63
L zr 101 2
i
,R 10212 sale
A
New York Bond Record-concluded--Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 13.
z
`
G8
at
..•:, a.
,
Price
o ,,,,
rr..rati
Sept. 15.
;
week's
Rasps or
rii c2
Last Sale.
Range
sime
Since
Jan. 1.
High Na.Low
High
Ask Low
Bid
6
3
7 4 211
8 aq
67
% 8
_Jan 1965 Apr
NY Rys Corp Inc
61
32
59 Sale 59
6018 20
1965 J J
6e_Prior lien Os series A
5
8 103
4
983 10514
N Y & Richm Gas let 6s A 1951 M N 103 105 1025
N Y State Itys let cons 434s A '62
4
412
3 14 33
1
3
3
412
M N
Certificates of deposit
50-yr let cons 634s ser 1.3__1982
112 412
412
378
__
4
6
_
Certificates of deposit
4
107
87
-98 109
01
13 N 10612 I0 8 106
1947 ..N Y Steam 6s ser A
4
11
90 10412
let mortgage 5s
1951 M N 10118 10212 10212 1023
8 23
1005
90 104
let M 58
1956 M N 100 Sale 100
9812 106
10412 71
NY Telep let & gen of 4348_1939 MN 10418 Sale 104
14
63
8
387 8714
4
1946 2 D 623 63 62
N Y Trap Rock let 6s
23
947 105
8
Meg Lock &0 Pow 15353 A-1955 A 0 10214 Sale 10214 103
74
63
54
67
Niagara Share deb 534e_ _ _ _1950 M N 6514 Sale 6514
4114 45
2818 60
4
393 Sal. 3812
Norddeutsche Lloyd 20-yr 8168'47 M N
1718 10
1018 32
Nor Amer Cem deb 634(1 A_ _1940 M 5 1918 2412 1718
89
60
4 53
743
1961 F A a7312 Sale 7312
North Amer Co deb Is
87
64
3
74
No Am Edison deb 58 8er A_1957 M S 73 Sale 73
8
745 75 Aug'33 __ _
4
613 8938
Deb 54s ser B___Aug 15 1963 F A
57
20
8
847
69
Deb Is series C_Nov 15 1969 M N
69i.3 Sale 68
88 10714
96% 18
Nor Ohio Trac & Light 68._1947 M 9 964 Sale 96
4
9018 1043
Nor States Pow 35-yr Is A 1941 A 0 100 Sale 993* 10014 79
17
105
98 10612
let & ref 5-yr 6e eer B
1941 A 0 105 Sale 105
97
97 Aug'33 ---86
9618 99
North WV let fd g 4;413gtd_1939 1 J
8314 8112
7714 53
8
7714 Sale 757
Norweg Hydro-El Nit 53.s..1957 51 N
Ohio Public Service 744e A1946 A 0
1st & ref 7a series 13
1947 F A
Old Ben Coal 151 65
1944 F A
Ontario Power N F 1st 5s 1943 F A
Ontario Transmission 1st 58_1945 M N
Oslo Gas & El Wks extl 5:3_1963 M 9
Otis Steel 1st M 6s ser A
1941 M 13
1946 1 D
Pacific Coen Co lot g 58_
Pacific Gas & Elgen & ref - A '42 11 .1
55
Pac Pub Serv 5% Iledes- - - -1936 M 9
1937 1 J
Pacific Tel & Tel let 58
Ref mtgo Is serles A
1952 M N
Pan-Am PetCo(of Cal)conv 6040 J D
Certificates of deposit_
Paramount-Wwav let 5 W/.-11151 5- 5
____
Certificates of deposit
Paramount Fam's Lasky 68_1947
Proof of claim flied by owner J 0
Certificates of deposit,
Paramount Publlx Corp 5;4s 1950 1-A
____
Proof of claim filed by owner
__-_
Certificates of deposit
Park-Let 1st leasehold 834s 1953
_
Certificates of
Parmelee Trans deb 6s
1944 A0
deposit--Pat & Passaic0& El COM 651949 M 9
Pathe Each deb 7e with warr 1937 M N
Pa Co gu 33-4s coil tr A reg 1937 NI 5
Guar 3345 coil trust ser 13_1941 F A
Guar 354s trust etfe C__1942 1 10
1944 J D
Guar 334e trust etfs D
Guar 45 ser E trust ctts
1953 M N
1963 MN
Secured gold 4945
Penn-Dixie Cement let Os A 1941 M 5
Pennsylvt nia P & L let 430 1981 A 0
Poop Gas I. & C 1st cons 68_1943 A 0
1947 %I 5
ReftuadIng gold 58
Phila Co Sec Is aeries A_
1967 J D
Phila Elec Co tat & ref 4348_1967 M N
let & ref 4s
1971 F A
Phila & Reading C At I ref 5s 1973 J J
Cony deb 6s
1949 M S
Phillips Petrol deb Ws _A939 J D
Pillsbury FPI. Mills 20-yr- - _1943 a 0
8
6
Pirelli Co (Italy) cony 78- _1952 M N
Pocah Con Collieries lets 5s'572 2
of
Port Arthur Can & Dk 68 A_1953 F A
1st m Oeseries 13
1953 F A
Port Gen Elec 1st 434e ser C 1960 51 5
Portland Gen Elec let Is... _1935 J J
Porto Rican Am 'rob cony 60 1942 1 J
Postal Teleg & Cable coil Is. 1053 J J
Pressed Steel Car couv g 65_1933 J J
Pub Serv El &0 1st & ref 444567 J D
1st & ref 43.4s
1070 F A
let & ref 45
1971 A 0
Pure 011 s f 534% notes
1937 P A
El 1 544% notes
1940 M S
Purity Bakeries at deb Se_ _1938 .1 J
Radio-Keith-Orpheurn part paid
Ws for deb (is & coin elk 1937 MN
Debenture gold 6s
1941 J D
Remington Arms 1st *1 Os. 1937 M N
Rem Rand deb 534s with war '47 M N
Repub 1 & 9 10-30-yr 5s a f....1940 A 0
Ref & gen 53.4a series A 1953 J .7
Revere Cop & Brass (Is ser A 1948 51 13
Rhelnelbe Unions f 7s
1946 J J
Rhine-Ruhr Water aeries 6._1953 1 J
Rhine-Westphalia El Pr 70_1950 M N
1952 MN
Direct mtge Os
Cons M 6s of 1928
1953 F A
Con M (le of 1930 with warr '55 A 0
Richfield 011 of Calif (is
1944 M N
Certificates of deposit
MN
1955 F A
alma Steel 1st 5 f 7s
Koch G & El gen 51 5 3.4s ser C'48 M S
Gen mtge 434e series D
1977 AI S
Gen mtge Is series E
1962 M B
Koch & Pitts C & I li In 58_1948 M N
Royal Dutch 40 witll warr 1945 A 0
1918 A 0
Ruhr Chemical Of Os
06 Sale 96
3
9612
9014 96
4
94
93
22
6
22
21
23
103 Sale 10112 103
11
1
9614____ 9718
9718
11
791
SO
7914 79
13
29
27 Sale 27
3312 40
27 Aug 33 --__
10512 Sale 10512 106% 37
7212
7212
1
75
71
10512 Sale 10512 10534 25
10718 Sale 106'2 10714
11
•
•
29
3712 32
3
7512
13
35
34 Sale 34
12
34
34
38
33
•
•
18
34
33 Sale 32
6
32
___- ---- 3114
3212 Sale
32 Sale
31%
8
315
4
333
3238
31
39
13 Aug'33 ____
1012 14
32 Aug'33 --__
1014 30
10514 107 102 Aug'33 ____
79 Sale 79
6
30
9514 Aug'33 ____
9514
8814 ---- 815 July'33 ____
.
8312 - - 73 May'33 .....
83 8012 8112 July'33 ____
1
86
4
853 ____ 36
8812 Sale 8812
8 14
897
67 Sale 67
7112 11
9012 118
8912 Sale 8812
6
10612 1107 10812 109
8
100 Sale 100
31
101
75 Sale 75
36
78
1043 Sale 1044 105 8 24
,
9814 29
98 Sale 9712
58 Sale 58
91
60
45
5312 Sale a5055
89 Sale 86%
8918 101
9
2 106
10512 108 1053
5
102
100 10214 102
7412 7014 Aug'33 ____
66
73 July'33 --__
6918 80
6918 80
73 July'33 ____
57 Sale 537
5812 115
8
6
0818
0818 Sale 9818
6
40
40 Sale 40
49 Sale 48
50% 138
•
8
1033 Sale 103
1033* 28
1023 Sale 1023
4
4 10314 26
4
983 Sale 9812
9914 46
9012 33
90 Sale 88
8812 Sale 88
8812 64
4
83 Sale 8212
83
-------- 60 Dee'32
*
% 0913 9813 100
98
764 Sale 764
78
89 Aug'33
92
90
6918 Sale 6918
70
8712
8712
853* 88
3214 Sale 3214
333*
8
277 Sale 263
29
5712 Sale 5712
603
4
36 Sale 36
3812
38
36 Sale 36
3312 Sale 3312
3714
•
23 Sale 233
3012
4
9412 5312 Sept'33
50
105 10512 10514
10514
8
9114 ____ 897 June'33
8
1027 Sale 102
8
1027
____ 5712 May'33
83
99
a9612 Sale 98
40
36
40 Sept'33
__ __
22
16
___
2
2
36
34
31
27
58
80
84
____
3
____
4
__
45
____
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 15.
2083
zt,?
t
Price
Friday
Sept. 15.
:4' 4.
,f,,Z;
Stand 011 of NY deb 44s.._1951 J D
Stevens Hotel 1st 6a series A_1945
Studebaker Corp 6% g notes 1942 J D
Certificates of deposit
Syracuse Ltg Co let g 513_1951 J D
Tenn Coal Iron & RR gen 56_1951 J .1
Tenn Copp & Chem deb Be B 1944 M 8
1947 J D
Tenn Elec Pow 1st (is
1944 A 0
Texas Corp coriv deb 5s
1960 J J
Third Ave Ry let ref 4s
Ad]Inc 59 tax-ex N Y-Jan 1960 A 0
19372 J
Third Ave RR 1st g 58
Tobacco Prods (N J) 830_2022 MN
Toho Eiec Power let 7e1955 M 9
Tokyo Elec Light Co Ltd
19532 D
let 68 dollar series
1949 M S
Trenton G & El let g 58
Truax-Traer Coal m22 330_1993 MN
,1
1940 M N
Trumbull Steel 1st at 68
Twenty-third St RY ref 6+3_1962 1 .1
Tyrol Hydro-Elec Pow 7346_1955 M N
Guar sec at7s1952 F A
High
Ask Low
8 10112
Sale 1005
•
•
*
42
42 Sale 3914
10914
109 110 109
_ 104% Sept'33
10418
6-.1
684 - 2
-6
77
8
743 Sale 7312
9912
99 Sale 98
4714
Sale 4414
4612
2912
28 Sale 28
9218
90
91
90
8
102 Sale 10112 1023
77
77 Sale 754
Bid
101
60
10534
4012
75
34
50
4818
Sale
____
Sale
Sale
___
Bale
Sale
4
w1
Ciro
Range
Since
Jan. I.
No Low
Nigh
8814 102
67
•
•
•
13
36
45
5 103 11014
97 104%
____
I
50
78
72 1004
48
7714 9912
406
5512
27
38
109
8
205 37
11
83
9412
89 10212
68
79
41
8
6012 131
5838
103 June 33 ____
4012 27
38
75
7'218
3
28 Aug'33 ____
1
50
50
4818
1
4818
76
22
1945 M 5 76 Sale 74
Uligawa Elec Power a f 7a
Union Elec Lt dr Pr(Mo)
8
8
Gen rage gold 5s
1957 A 0 1025 Sale 10212 1037 110
5
4
,
Un EL dr P (111) let g 534e A 1954 1 J 103 4 1033 10312 104
90 105
20 Aux'33 ____
4
1945 A 0 153 20
Union Elev Ry (Chic) 55
86 104
9
108
Union Oil 30-yr 68 A_May 1942 F A 10712 ___ 108
35
14
4
102
s
let lien e f 5s tier C___Feb 1935 A 0 102 Sale 1013
93% 103
65
98
4
4
Deb 58 with
8978 10014
Apr 19452 D 973 Sale 973
17
8 103
United Biscuit of Am deb 68_1942 MN 103 Sale 1027
84
64
warr_150
69
4
912 46
United Drug Co (Del) 5s.._1953 M S 683 Sale 6112
7
20
19 Sale 19
United Rya St L 1st g 4a
38
23
1934 J J
72
68
4
US Rubber lot de ref baser A 1947 1 J 673 Sale 6518
994 107
:
8
607 881 United SS Co 15
-year 6s-__ _1937 MN 9018 95 a90 Aug'33 ____
77
30
101 10784 Un Steel Works Corp 644a A_1951 J D 2818 Sale 27
2712
2
2712
Sec at 63s series C
1951 .1 D ---_ 30
10012 10834
6
26
4
Sink fund deb 63,4s eer A 1947 .7 J 233 Sale 23%
•
102
1
3878 Un Steel Works (13urbach)7s 1951 A 0 102 Sale 102
25
2612 27 Aug'33 ____
25 r42
Universal Pipe dr Rod deb 681936.2 D 20
36
11
Unterelbe Power & Light 85_1953 A 0 3414 Sale 34
38
32
5912 57 Sept'33 --__
Utah Lt & Trac let & ref 55_1944 A 0 58
68
58
4
333 Utah Power & Light let 58_1944 F A 6612 Sale 6618
31
1012 3412 Utica Elec L & P let of g 58_1950.2 .7 10512 107 100 May'33 ____
1
Utica Gas & Elec ref dr ext 58 1957 J J 10612 Sale 10611 10612
31% 56
1947 .1 D 31 Sale 30
Util Power & Light 534s
30% 35
2812 104
4
718 35
2714 Sale 263
Deb 58 with warrants
F A
1959
8
255 June'33 _-__
1814 38
Deb Is without warr
1959 F A
18
a8
7012 IS
Vanadium Corp of Am COnv 5s'41 A 0 6912 Sale 8712
4
68 35
101 10814 Vertlentes Sugar let ref 7s 1942
1214 1312 Sent'33 ---6
Certificates of deposit
4712 87
21 Sept'33 ____
21
15
4
943 954 Victor Fuel 1st e f 5a
19532 J
25
102
81% Va Elec & Pow cony 644e_ _1942 M 8 102 Sale 1013
75
64 Aug'33 ____
64
Va Iron Coal & Coke let g 581949 M S 56
74
73
4 21
1013
8
823 Va Ry & Pow lot & ref 5s_ I934 J J 10114 Sale 101
78
86
80
20 Sept'33 ____
Walworth deb 634e with warr '35 A 0 1912 23
742 95
21 July'33 ____
37
A 0 18
Without warrants
3412 7524
21
34
let sinking fund 65 aer A._1945 A 0 33 Sale 32
0612
76
7
47 8 429
Warner Bros Pict deb 6s____1939 NI 5 4614 Sale 4312
103 114
3
25 4 30 Aug'33 ____
10712 Warner Co 1st Os with warr_1944 A 0 20
90
25
27
1
25
A 0 25
Without warrants
91
68
k
7
4
353
97 10512 Warner-Quinlan Co deb 6s__1939 M 5 353 Sale 33
4
4 106
Warner Sugar Actin lot 7E1_1941 J D 106 Sale 1053
90 100
4
575e 32
1941 M 5 56 Sale 533
8
747 Warren Bros Co deb fis
48
4
103
as
1939 J -I 10212 10312 103
3212 6912 Wash Water Power a f 5a
1
107
3
67%90 4 Westchester Ltg Is stpd gtd_1950 J D 105 108 107
12
95 107
West Penn Power ser A 5s 1946 M 9 10512 Sale 10512 106
4 1073
4
3
4
lot Is series F
1963 NI 5 1073 Sale 1073
8
a995 10212
8
1st sec 58 series G
1956 1 D 10518 ____ 10438 108
7014
60
4 10014 44
Western Electric deb 5s _ 1914 A 0 100 Sale 993
73
50
92
4
93
93
Western Union coil trust 58.1939.2 J 91
73
71
7712
7712 Sale 7712
2
Funding & real est g 43.4e_ 1950 M N
3
4312 70 4
8 42
997
15
1936 F A 9914 Sale 98
-year 83413
94 10118
8214 Sale 7712
4 51
823
-year geld Is
1951 J D
25
52
18
8214 48
-year 58
30
1960 M S 824 Sale 80
1613 57
118
33
8
•
8
Westphalia Un El Power 623_1953 1 .1 313 Sale 313
8312 26
8
97 1057 Wheeling Steel Corp 1st 53.45 19481 -1 8312 Sale 83
10
74
73
4
1st & ref 434s series B.. _._1953 A 0 723 75
9714 1053*
____ 45 June'33 --45
9014 10012 White Sew Mach 6s with warr '36 J J
I
48
J J 48 Sale 48
Without warrants
4
683 92
2
47
47
48I8 _
Partic of deb 6s
1940 MN
63% 89
8512 Wickwire Spencer St'l let 78_1935
55
33
7
4
83
6% 91
Ct1dep Chase Nat Bank_ _ _ ____
78(Nov 1927 coupon) Jan 1935
71: 14
9
8
57
6 Sale
Ctf dep Chase Nat Bank_.,.
_MN
-- - -•
•
Willy's-Overland s f 85 A
-- • 1941 NI S
9914 23
58 100% Wilson & Co 1st a 1 Gs __ _1941 A 0 98% Sale 9812
76'x 87
64114 7812 Youngstown Sheet & Tube 50 '78 1 J 7612 Sale 76
A70'i 11
4
1st nitge of Is ser B
1970 A 0 763 Sale 75
92
55
76
30
4
491 90
28, 6818
3
,
22 2 5712
77
a42
(Negotiability Impaired by Maturity)
7012
31
302 7014
4
Week's
70
Pries
32
MATURED BONDS.
F.:2
Range or
Friday
N. Y. STOCK EXCHANGE u t
•
1912 32
65
Last Sale.
4a., Sept. 15.
Week Ended Sept. 15.
3712 5312
High No.
Ask Low
9612 107
Bid
Foreign Govt. & Municipals.
897 99
8
14 Mexico Treas 68 assent large '33 J .7
919 July 33 ____
512 ____
96 10514
.1 J ____ ____
912 July'33 ____
Small
a5712 a5712
83 10118
Railroad.
4
3333 62
12
11
Norfolk South lot dr ref 5s A_1961 F A
8
84 Sale
St Louis Iron Mt & Southern
81 114,2
5334 44
RN &0 Div 1st g 4a
1233 M N 5314 Sale 52%
93
79
8
a
307 50
31
Seaboard Air Line let g 48 1950 A 0 23
31
36
42
51
24
17
Gold 4s stamped
1950 A 0 16 Sale 18
ao 61
718 Sale
812 13
Refunding 48
1959 A 0
718
744 92
AU & Birm 30-yr 1st g 4s 1933 If 5 18
1914 Sept 33 ____
20
50
25
2012 50
Industrials
28
50
Abitibi Pow & Paper let 5s 1953 J D 24 Sale 22
2414 31
361 2 583* American Chain deb 5(65_1933 1 0 9012 Sale 88
90% 18
16
583 Chic Rys 5s etpd 25% part paid__ F A
4
5
53
593 593
593*
4
Cuban Cane Prod deb 8s_
5
92
69
514 Sale
1950 J J
71
6
85
92
5
East Cuba Bug 15-yr e 1 ¢7 A Er37 Si S 155 17
1614
8
153*
(131i 904
28
13
657 Gen Theatres Equip deb 88_1940 A 0
812 Sale
123
7
.4
43
7311 95
1940 F A
Gould Coupler let a f lis
13
14 Sept'33
15
4014 8212 Hoe(10 & Co lot )13.4s ser A.1934 A 0 24 Sale 24
2
24
913* 102
1932 A 0 213 24
Interboro Rap Teas Os
21
23
203
2612 5912
-year 7% notes
10
1932 51 5 6514 Sale 6514
6312 75
32
4612 5fanati Sugar lots f 730_ 1942 A 0 154 24
1712 Aug'33 ____
strnpd Oct 1931 coupe:2_1942 A 0 154 27
904 10312
177 Sept'33 ___
8312 102
9912 1033 Pan-Am Pet Co (Cal) cony 8a '40.2 D 37 Sale 37
11
37
4
3
597k 86 4 Pressed Steel Car cony g 5s .1933.2 J a5018 Sale 5018 051
,
87
9912 Radio-Kelth Orpheum 6s_ _1941 J D 20
2412 23 Aug'33 ____
1944 I41 N
99 107
29 Sale 2412
Richfield 011 of Calif (la
3112 86
1945 .7 .1
7
20 Sale 19
20
100 10712 Stevens Hotels serifs A
8
417 135
/
81 Studebaker Corp 6% notes.... 1942 .1 D 39 Sale 383
59
1933 51 5 35
I
35
100 10512 Wilts's-Overland 5 1 6 "at s
35
40
30
10212
1512
3912
15
50
4712
68
10614
48
835g
28
6312
6214
371/ 78
8
94 1047
100 105
145 20
4
991 108
9812 102
98
75
95% 103
43
7112
2214
14
2914 75
91
75
2612 604
2512 80
233 594
9314 104%
32
10
30
Ms
5212 73
574 79
100 105
9912 1085s
1318 41
37
12
8 253*
145
34% 81
112 1814
1012 21
95 105%
8
473 65
9712 103
35
10
1614 25
812 43
8
477
12
10
30%
123* 40
1312 384
10212 108
754
30
10012 106
102 1104
10018 108
4
100, 10918
9912 107
81 102
9318
52
3712 84
55 100
3612 88 4
,
3634 87 2
,
2312 5712
86
52
413* 75
45
627
2212 50
2214 50
118 16
%
•
84
52
524
1414
9912
3
85 4
85
Matured Bonds
z3
57
St Joseph Lead deb 5 - -1941 MN 112 Sale 11112 112
2
81
84
81
8212
let 5;3_1937 51 N
St Jos IV Lt lit & Pr34840 Sept'33 ____
50
St L Rocky Mt dr P 6s etpd_1955 J 1 39
51 Aug'33___
50
St Paul City Cable cons 58 1937 J J 47
j
52
52
69
Guaranteed 5s
1937 1 1 52
6
8012
San Antonio Pub Serv let 65 1952 .1 J 8012 854 80
40 July'33 ____
1946 J 1 3612 41
Mullet) Co guar 6 411
Stamped (July 1933 coup on
_, 301 . _ 4012 Aug'33 __
56 40 Aug'33 __
---131 :35 21946 A
Guar at 03.4* aeries 11_
I
--- 3612 Sale 3612
3612
Stamped
8
41 Sale 41
4112
Sharon Steel Hoop a f 5348_1948 F A
914 71
8
9112 Sale 91,
Shed t plpe Line s f deb Is.,.,,.1952 51 N
80
92
Shell Union 011 s f deb Is ___1947 Al N a91)4 Sale 91
9114 76
Deb 58 with warrants._ _1949 A 0 9118 Sale 91
2
60
Shinyeteu El l'ow let 6348_1952 J D 60 Sale 59
8
76
Siemens & lialske s f 7s____1935 1 J 75 Sale 74
6012 37
1951 M 5 6018 Sale 60
Debentures f 034e
4
4
4
96
Sierra & San Frau Power 68_1949 F A 943 Sale 943
30
3214 10
Silesia Else Corps f 634e _ 1946 F A ____ 32
37
3712 36
7
35
Silesian-Am cern eon tr 7s 1941 F A
1937 M 9 1024 Sale 1021s 10234 52
-Yr 78
Sinclair Cons 011 15
10112 42
1938 J D 10114 Sale 1007
8
series 13
let lien 13448
110
99 103
16
1942 A 0 97
Sinclair Pipe Line a f 53
8 19
843
1939 M 8 8414 Sale 835
8
Skelly 011 deb 545
it
97
Solvay Am Invest 58 ser A1942 M 9 97 Sale 9814
31
South Bell Tel & To tat ef 56 '41 1 J 105 8 sale 10512 106
4 35
10133
S'weet Bell Tel let & ref 55_1954 F A 10614 Sale 10614
70
69
%
71%
3
Southern Colo Power Os A 1947 J J 69
,
105 4 113
Stand Oil of NJ deb Is Dec 15'48 F A 105 Sale 10414
z Optional sale, July 6, $1,000 at 30%. • Look under list of Matured Bonds on this page.
r Cash sales. a Deterred delivery.
Week's
Range or
Last Sala.
Range
SitiCe
Jan. 1.
High
Low
4
33 114
314 1012
212 18
2
35% 60
8
17
Ws
1%
6
31
2612
4
163
31
3
10 4
38
49
%
33*
3314
9012
70
13
3312
I
8
47
1278
12
5112
5
2
914
20
28
3312
75
34
8
297
2518
354
812
21
10
2014
35
k
397
59
30
328g
2812
,
46 4
793*
Financial Chronicle
2084
Sept. 16 1933
Outside Stock Exchanges
Boston Stock Exchange. Record of transactions at
the Boston Stock Exchange, Sept.9 to Sept. 15, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. .Shares.
RailroadBoston & Albany
100
Boston Elevated
100
Boston & Maine
Class A 1st pref stp(I_100
Class C 1st pref stpd_100
Class D 1st pref stpd 100
Prior pref stpd
100
Preferred stud
100
Brown Co
*
Maine Central pret__ _100
Common
•
NYN Haven& Harttord100
Pennsylvania RR
60
5755
22
27
835
353'4
118
57
22
27
32
40%
12
8
26
9
2535
34%
120
59
22
27
32
43
12
835
26
10
2874
38
Miscellaneous
455
Am Continental Corp corn.
454 5
435
435
Amer Pneu Service pref_50
4
155 1%
155
25
Common
Amer Tel & Tel
100 127% 1274 1334
Amoskeag Mfg Co
614 8
1
10c 120
10c
Andes Petroleum
Bigelow Sanford Carpet_
2354
23
23
105
Preferred
75
77
Boston Personel Prop Tr •
1135 12
Brown Co6% cum pref_100
855
8
8
East Gas & Fuel Assn
Common
8% 835
100 5315 53% 58
6% cum pre(
455% prlor preferred 100 59
61
59
Eastern Steamship corn..
1034
1074 11
1st preferred
105 105
100
East Boston Land
1
1
10
8
Economy Grocery Stores.*
2331 23%
Edison Elea Ilium
16015 163
100 161
Employers Group
755 8%
General Capital Corp
21
22
Gillette Safety Razor
1351 1555
Georgian Inc (The) Cl A
235
20
1st pref
274 235
FIygrade Sylvania Lamp_•
2735
26
1335 1334
Inter Button-hole Mach_10 1354
International Hydro Mee-854 8%
Loews Boston Theater_25
534 5%
Mass Utilities Assoc vi o_•
234 235
255
Mergenthaler Linotype...
• 24% 2435 2454
National Service
%
35
35
•
2%
New Eng Pub Serv com_ •
2
New Eng Tel & Tel_ _ _ 100 9254 9255 9554
Pacific Mills
184 21%
100 2134
Reece Folding Stsell Co. 10
2
2
Shawmut Man tr etts---_• 10
955 10
Stone & Webster
1154 12%
•
Swift & Co
174 184
25 174
Torrington Co
43
• 42% 41
United Founders cora_ _ _ _•
134
114
155
U Shoe Mach Corp
25 5534 53
56
Preferred
25 3154 3154 32
Union Twist Drill
10
10
10
Venezuela Holding Co___•
3%
2
2
Venezuela Mex Oil Corp_10
8
6
Waldorf System Inc
834 874
Warren Bros Co
• 12%
1015 13%
Warren S D F.: Co
1254 1254
•
Mining
Calumet & Herta
25
Copper Range
25
Island Creek Coal
1
Island Royale Copper__25
New Rene pref
Nippissing Mines
5
North Butte
2.50
Pond Creek Pocohontas__•
Quincy Mining
25
Utah Apex
5
Utah Metal & Tunnel__ _1
BondsAmoskeag Man Co 6s.1948
Ea Mass St RR serA 43548
654
455
71e
2
135
115
65
6
44
2454
1%
33
2
65c
13
155
1
1%
6%
534
2454
1%
33
2%
750
13
2
135
155
65
36
65
36
Range Since Jan. 1.
High.
Low.
45
332
26
16
6
125
35
10
128
60
467
631
735
10
144
17
6
1%
15
31
%
11%
1335
July
Feb
Jan 121
80
5335 May 70
Mar
Jan
Jan
Feb
Feb
Dec
May
Mar
Mar
Jan
2955
30
49
57
16
14
31
13
3455
4255
July
Aug
July
July
July
July
July
July
July
July
3
1
25c.
8815
134
Sc
6
28
61%
115
654 July
Feb
Apr
5% June
Mar
234 July
Apr 13415 July
July
11
Mar
Apr 33c June
Feb 30 June
Sept
Feb 77
July
Apr 14
July
14
Jan
128
314
120 3554
55 54
5
300
12 82
135 500
30 12
665 133
269
5
195 1354
954
807
Apr
12 June
July
Apr 69
Dec
Apr 69
July
17
Jan
Jan 105% Aug
Apr
1% June
2475 July
Jan
Jan
Mar 183
104 June
Jan
Mar
July
28
Apr 20% Jan
95
50
15
155
15
1,460
70
100
40
402
951
20
1,200
858
839
633
1,352
2,756
175
100
2,265
460
60
697
10
1
12
855
23-4
5
195
1554
40c
155
87
534
1
654
535
7
22
14
33
3015
5
35
25c
535
215
4
Star235 July
Jury
Feb 29
Feb 134 Aug
Apr
1354 July
Jan
May
8
Apr
34 June
Feb34 Juno
Slar
174 May
June
Star
4
July
June 102
Mar 294 July
May
234 Aug
Jan
1054 July
Feb
1935 July
Feb 24% July
Aug
Apr 43
July
Apr
3
Jan 564 July
Jan
3235 June
Apr
1234 July
June
334 Sept
Mar
855 Sept
Feb 134 June
Feb 2234 June
Slay
1255 Sept
958
310
10
300
56
25
2,075
5
165
2,056
5,245
155
154
14
35
755
85c.
200
934
30c
31c
25e
Feb
Apr
Jan
Jan
May
Jan
Jan
Jan
Feb
Jan
Jan
175
125
155
3,432
480
4,900
420
10
142
10
32,000
2,000
31
25
Feb
Jan
915
7
2934
3
33
3%
134
17%
415
1%
155
July
July
July
July
Sept
July
June
June
June
June
July
6835 July
July
43
•No par value. z Ex-dividend.
of transactions at
Chicago Stock Exchange, Sept.9 to Sept. 15, both inclusive,
compiled from official sales lists:
Chicago Stock Exchange. Record
-
Stocks-
Sales
Friday
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Acme Steel Co
25
30%
Adams Royalty Co coin...
3
3
Advanced Alum Caatings_5
455
415
Ainsworth Mfg Corp com10
7
7
Allied Products cl A
1254
•
Altorfer Bros cony pret__.
1354
Amer Fur Start Bldg pt 100
3%
American Pub Serv pref 100
5
.,
Asbestos Mfg Co corn....I
434
4
Assoc Tel URICommon
34
34
•
Automatic Washer
Convertible preferred..•
135
Bastian-alesong Co eons...
74
8
Bend's Aviation com____• 18
1755
Berghoff Brewing Co____I
1214
13
Binks Nlfg CIA cony pref•
255
3
Borg-Warner Corp corn.10 19
184
754 preferred
90
100
Brown Fence & Wire
Class A
•
6
Bruce Co (E L) corn
15%
• 16
Butler Brothers
4%
415
10
Canal Coast Co cony pt..*
3
3
Central Cold Storage com20
415
5
Central Ill P El pref
• 2015 204
Cent-ill secur
Common
%
%
1
Convertible preferred..'
64
Central Pub UtnClass A
•31
V t c common
1
g
Cent S W Mil
Common
1
•
1
Prior lien preferred_
1534
•
...,
--- - •
•
314
3
4%
7
13
1334
334
5
44
350
500
900
100
250
10
30
20
1,000
Range Since Jan. 1.
Low.
10
1
44
634
4
8
2
215
2
Feb
Feb
Aug
Sept
May
May
Sept
Apr
Apr
% Apr
High.
393.5
435
554
10%
244
15
3%
13%
74
July
July
July
June
June
June
Sept
June
June
55
1,150
2
8
1934
1354
3
2014
90
300
450
6,500
4,900
150
6,850
20
1
3
84
1034
1
554
70
Apr
Feb
Feb
July
Apr
Feb
Jan
2
154
2114
1834
8
2134
9234
Sept
June
July
June
June
July
July
6
16
4%
3
5
23
100
400
2,650
30
390
180
4
405
114
134
4
1414
June
Jan
Feb
Apr
Jan
May
754
2415
65-4
354
5
3334
Aug
July
June
June
July
Jan
34
7
900
450
34 Mar
Feb
5
2
8
June
June
.''
200
20
54 Feb
11 Mar
1
2,760
30
in
Feb
1
835 Feb
A
Mee
4
2
16
in
134 June
Jun(
% Jan
5
May
304 July
24
June
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Chicago Corp Common_.•
•
Preferred
Chi Flexible Shaft com_..5
Chicago Mail Order com_5
Chl & N W Ry corn....100
Chicago Yellow Cab cap..•
Cities Service Co corn. •
Club Aluminum Uten Co_•
Coleman L'p & Store corn •
Commonwealth Edison 100
Construct Mat'l Corp
3315 preferred
•
Consumers Co corn
5
7% cumul pref
100
6% prior pref A
100
Continental Steel com_ •
Cord Corp
a
Crane Co
Common
25
Preferred
100
Curtis Lighting Inc corn."
Curtis Mfg Co corn
5
Dayton Rub mfg
Class A common
De Meta Inc met
Dexter Co (The) corn..
..5
Diamond Match Co
Elec Household URI Corp 5
Fitz Simons & Connell
Dock & Dredge Co com•
Gardner Denver Co com •
Gen Household Utll coin.*
Gen Parts Corp cony pt_ •
Godchaux Sugar Inc cl B.
•
Goldblatt Bros Inc corn.
Great Lakes D & D___•
Greyhound Corp com_
•
Grigsby Grunow Co corn.•
Hall Printing common_10
Harnischfeger Corp corn.*
Houdaille-Hershey el B. •
Class A
Indep Pneum Tool v t c_ •
Iron Fireman Mfg v t c. •
Jefferson Electric Co corn.
•
Kalamazoo Stove corn...
Katz Drug Co corn
1
Kentucky HUI Jr cum pt 50
Preferred
100
Kingsbury Brew Co cap....1
Libby McNeill & Libby_ 10
Lindsay Nunn Pub $2 pt.
•
Lion Oil Refg Co corn_
•
Loudon Packing corn
•
Lynch Corp corn
a
355
26%
1435
1155
2'35
55
8
50%
3.1
1135
33.4
2535
1055
1455
1131
11%
234
35
8
5035
3.%
2834
1035
,
1555
12%
11%
3
3,
5
8
5455
8,600
2,000
100
550
2,150
100
8,050
100
50
3,800
Range Since Jan. 1.
Low.
1
124
334
124
134
6
2
55
6%
50
Feb
Apr
May
July
Apr
Apr
Feb
Feb
May
Mar
434
12
4
4
15
15
455 555
244 2515
12%
12
50
10
90
300
1,500
1
Jan
455 Jan
2
Jan
24% Sept
3
Feb
1955
10
20
19
10
21
2135
,
%
8
23
1656
34
3
635
8
435
11
12
631
13
25
22
19
65
12%
5
4
735
1555
43
50
150
6,45
20
250
450
1,050
1,900
7,650
1,050
50
1,00
50
300
150
400
150
250
120
10
2,400
900
100
800
200
3,050
44
715
10
4
McGraw Lice corn
454 455
•
4%
McWilliams Dredging Co* 1334
1334 14
Mapes Cons Mfg cap_ •
35
35
Marshall Field common-.
1455 1655
• 15
Material Serv Corp com_10
5
4
44
Myr & Mfrs Sec cl A corn•
134
1%
Mickelberry's Food Prod
Common
314 4
334
Middle West Bill new...'
74
86 cony pref A
255
2
•
Midland United
Common
55
•
I
Convertible pref
235
255
•
Nfuskegon Stotor op cl A_.•
9
9
9
Natlonai Brew
25
25
Nail Leather corn
131
135
10
Natl Standard corn
25
• 24
24
Nat Union Radio corn...I
154
155
Noblitt-Sparks Ind corn_ • 25% 243.4 26
No Amer Car corn
555 555
•
54
No Amer Lt & Pow corn.
3%
3
•
Northwest Bancorp oom •
754 74
Northwest Eng Co corn_ •
5
5
Nor West Util 7% prof _100
415 434
455
Oshkosh Overall corn
3
3
•
3
Parker Pen Co(The)com10
555 53.4
Penn GlIA & Elec A corn.*
8
7
7
Perfect Circle (The) Co_ •
24%
24
Fines Winterfront
2%
2
215
431
Potter Co (The) com
4
4
•
Prima Co common
2335 25
• 24
Process Corp corn
334 3%
•
Public Service of Nor Ill
Common
2934
24
• 24
Common
27
25
100 25
8% preferred
61
60
100
Quaker Oata Co
Common
• 135
133 136
Preferred_
100 1164 116 11855
Railroad Shares Corp corn •
35
34
31
Raytheon Mfg Co
Common v t c
255 2%
50c
Reliance Intl Corp A
215 2%
•
214
Reliance mfg Co
Common
1355 135.5
10
15
Ryerson & Sons Inc corn.
15
• 15
200
100
100
8,100
350
100
Sangamo Electric Co
Seaboard URI Shares- - -•
Sears. Roebuck & Co corn •
Signode Steel Strap Pref_30
So Colo Pow cl A coin_ __25
Southern Union Gas corn.•
Standard Dredge
Convertible preferred..
•
Studebaker Mail Order
Class A
•
Common
•
Sutherland Paper corn...10
Swift international
15
Swift & Co
25
Thompson (J It) coin__ _25
Union Carbide & Carbon_•
Utah Radio Prod corn...•
Utll & Ind Coro
•
Convertible preferred •
Util Pr & Lt corn non-vol.1
Viking Pump Co
Common
•
Preferred
•
Vortex Cup Co corn
•
Class A
•
•
Wahl Co eoln
Walgreen Co common_
•
Ward (Montg) & Co Cl A •
Wayne Pump Co cone pf •
%Vie beidt Stores Inc corn •
Williams 011-0-Matic corn•
Wisconsin Bankshares com•
Zenith Radio Coro corn -•
25
22
1115
40
34
44
34
7%
2215
155,
5
15
235
6
8
4
11
11
6%
1234
24
21
19
65
1155
4%
355
6
1434
3755
615 8%
55
34
424 46
835 9
455 454
55
11
3
3
350
7,300
40
I%
25
254
435
7
16
July
Aug
july
25
811 Septpt
13% June
12
21
2315
55
1435
274
20
Stay
Aug
July
Sept
July
June
May
635
3
335
4
1755
655
25
94
114
2
115
10
8
484
186
3
SJulyJune
r
t
1 35
7
30
4%
4
34
Apr
Jar
May
Feb
Sept
May
6
1634
35
18
9
214
June
May
Sept
June
June
June
3.4
10%
6%
%
54
34
234
1
an
2% Feb
A Jan
% Feb
W
35
1%
25
14
10
9-4
9%
2%
134
5
255
2
%
3
5
16
1
34
10
1
May
Apr
Apr
Sept
Mar
Feb
May
Mar
Apr
Apr
Feb
Jan
Mar
Apr
Apr
May
Jan
Feb
May
Feb
Apr
1,000
150
90
16
16
37%
Apr
Apr
Apr
33
83
7 108
1,550
55
31
455 .11
2% N15
jjuullJuneJuly
1914
6%,
5
1435 June
June
16
6:7655 ;i eJjAuuullyyg
83-4
3% June
25 June
7%
Sept
735 June
74 June
Si May
355 May
234
534
914
25
3
25
3
29%
8
7%
14
10
6
6%
84
10
2735
5
4%
344
6%
48
47
85
Juno
June
Aug
Sept
May
Juno
June
July
May
June
June
June
June
Aug
May
June
June
July
Sept
July
May
Jan
Jan
Jan
July
Feb 145
Apr 11715 Aug
2 June
Jan
25
10
115 Jan
14 Slay
May
8
415 June
150
50
6
Feb
714 Star
18% June
Slay
2(1
5
855
115
47
9%
515
134
20
600
5,200
130
50
100
150
34
A
2
1035 July
Ju y
59% j ll y•
10
Feb
May
July
Feb
Star
Mar
Feb
Sept
Apr
Mar
Mar
Feb
Mar
Apr
Feb
Mar
Feb
Star
May
Mar
July
Feb
Jar
Feb
Mar
Feb
350
10
60
40
300
300
300
700
50
100
400
30
20
50
50
150
250
1,410
500
1,30
15
34
26
1755
Julyan
J
1115 July
3
Feb
Feb
15
255 Jan
4
Mar
23,4
82
8
334 Aug
5155
May
July
6
May
12
1535 July
750
20
30
140
2235
1535
64 May
15.4 May
31 Mar
55 Apr
1
May
155 Apr
Apr
6
414 Jan
731 8%
42
41
4
4
9
9
2434
3434 july
5
Ju e
116215
Slayy
J
22
July
50
235 215
300
31
%
30
.314
3
455 44
80
10
7
7
12% 25,600
11
4
711
High.
244
17%
755
49
134
131
455
174
A
814
26%
18%
8
49%
34
2
4%
155
1,500
50
40
1,100
10,000
450
150
16,800
500
350
50
214
25
674
25
14
164
68%
231
12
351
415
2%
24
25
7%
2555
234
17%
71
231
12
3%
4%
2%
10
70
300
300
1,100
2,700
240
50
100
100
500
1,500
54
1314
4
24
34
Jar
Mar
Feb
Feb
June
Jan
35 Ma
June
May
July
Aug
June
May
54 May
14
A
2%
1215
7
654
20
54
%
1%
1
Stay
May
May
Fe
Fe
Ma
Feb
Jan
Fe
Mar
Fel
2
2
851
3215
2415
1514
49 A'
355
34
7
234
June
June
Sept
June
July
June
Sept
Sept
June
June
June
2%
20
4%
17
%
11%
47%
I
4
2
3
4
Sept
Apr
Feb
Mar
Jan
Feb
Feb
Mar
Apr
May
Apr
Mar
634
284
1014
2755
3
21%
83%
6
1455
5
10
34
,
June
June
June
July
July
July
July
June
June
July
Jan
July
Financial Chronicle
Volume 137
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High. Shares.
Bonds
-
Chicago Railways
Certificates of deposit _
-----5s series A
1927 18
208 So La Salle St Bldg
1st mtge 534s
1958
• No par value. z Ex-d vidend.
58% 59
18
18
aoq
3031
Range Since Jan. 1.
Low.
High.
$7,000
10,000
4831 Mar
Jan
11
6731 July
23
May
3,000
1831 Feb
39% July
y Es-warrants.
Toronto Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange, Sept. 9 to Sept. 15, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Par Price. Low. High. Shares.
Abitibi Pow ck Paper corn.*
6% preferred
100
Beauharnois Power corn._*
Dell Telephone
100
Blue Ribbon Corp corn_
631% preferred
50
Brazilian T L & Pr com___*
Brewers & Distillers corn.*
Brit Col Packers corn_ ___*
Brit Col Power A
•
Building Products A
•
Burt F N Co com
25
Canada Bread corn
*
Canada Cement corn
"
Preferred
a
Canada Wire & Cable A_ a
Canadian Canners com
•
Can Canners cony pref._ _*
lot preferred
100
Canadian Car & Fdry corn*
Preferred
25
Can Dredge & Dock com_•
Can General Elec pref._50
Can Industrial Alcohol A.°
*
Canadian 011 corn
•
Preferred
100
Canadian Pacific
•
Cockshutt Plow corn
Consolidated Bakeries__ *
Consolidated Industries _.*
Cons Mining & Smelting.25
Consumers Gas
100
Cosmos Imperial Mills _*
Dominion Stores corn_ _ _
Easters Steel Prod coin. __*
Easy Washg Mach corn_ _a
Fanny Farmer corn
*
Ford Coot Canada A_
•
General Steel Wares com
Goodyear T & Rub pref100
Great West Saddlery corn.•
Preferred
100
Gypsum,Lime & Alabast_•
Intl Milling 1st pref____100
Intl Utilities A
•
Laura Secord Candy corn.*
Loblaw Groceterias A _ _ •
_
13
a
Maple Leaf Milling corn_ *
Preferred
100
Massey-Harris corn
5
Monarch Knitting pref.
_100
Moore Corp corn
•
A
100
Muirheads Cafeterias corn *
Page-Hersey Tubes corn..*
Photo Engravers & Elec_
Pressed Metals corn
•
Riverside Silk Mills A_
•
Russell Motors pref.. _100
Simpson's Ltd pref _ _ _ _100
Stand Steel Cons corn...."
Steel of Canada corn
*
Preferred
25
Sterling Coal
100
•
Traymore Ltd corn
Preferred
20
Union Gas Co corn
-Walkers Hiram corn
Preferred
Weston Ltd, Geo corn.. _*
l'referred
100
Winnipeg Electric pref.
_100
Bank
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
100
100
100
100
100
100
100
5
113
14
2.65
25
16%
6
731
11
8
19
59
2031
19
15
16
a%
133
181%
22
5
131
12
105
21.40
1531
1531
16
531
66%
23%
30%
13%
30
3131
131
5031
1534
55%
87
149
160
161
197
277
197
Loan and Trust
.
Canada Permanent _ -100 150
Huron & Erie ortgage100
National Trust
100
Ontario Loan & Deben_ _50 98
Toronto Mortgage
100
* No par value.
Range Since Jan. 1.
Low.
High.
34 Mar
4
1.70 2.10
860
July
a
65
Jan 10
5%
July
5
431 Sept
242
July
VI 5
7
119 80
Apr 118
112% 113
July
5
Apr
3
1
6 June
3
45 10
Feb 22% Sept
20% 22%
13% 14% 5,287
734 Mar 19
July
2.45 2.80 14,530 55c
Jan
3.85 July
4% 4%
1
7
Apr
15
July
25
25
105 14% Apr 28
July
16% 17
65 10% Apr 2128
55 20
35
34
Feb
July
9% July
140
6
6
1% Mar
7% 8
2% Feb 10% July
808
31% 33
70 13
Apr 4531 July
70 26
May 30
28
2831
July
231 Mar 10% July
135
8%
8
377
1134
Apr 14
11
3
July
5 43
Apr 80 •Sept
80
80
15
3
8
Apr 11% July
8
934 Apr 20
20
17% 18
July
450 10
19
18
Mar 22% July
60 51
60
Mar 60
59
40
Sept
1731 2231 7,663
13/ Mar
July
1,630
16% 20
% Mar 38% July
631 Apr 20% July
130
14% 15
10 79
93
93
May 97
July
9
15
Apr 21 %34 Junti1 ye
16
17% 2,363
435
9% 10
331 Feb
215
12%
2
Jan 16% July
11
50
34 Apr
5
13.1 1%
July
590 54
Mar 140
130 135
July
128 170
Jan 190
18134 187
July
25
2
Apr 10
8
8
July
250 12% Feb 2734 July
2134 23
25
5
5
Sept 14
4
July
40
1
Aug
1% 1%
July
4
120
13
8% Jan 15
12
July
6
Apr 21
14% 1531 3,809
July
10
4% 4%
6% June
31 Mar
15
Apr 107% Sept
105 107%
80
1
131
134
3 June
31 Jan
10
12
5 May 15
12
Aug
1% Feb 23.2 June
27
4% 4%
7%
5
20.25 22.00 24,71
8.15 Ma
July
2
8
7
5% Apr 13% July
7
44% 4731
36
Jan 48% Aug
1,994 10% Apr 2134 July
15% 16
ao 10% Ma 21 July
15
15%
3 May
434 434
100
11
July
16
55
Apr 23
15
5
July
1,360
231 Ma
1131 June
531 6%
49
50 20
49
Apr 50
July
135
13% 14
,5
Ma
17.31 July
104 104
10 65
Apr 107
July
2
26
2%
31 Feb
4
July
66
125 40
Apr 70
6631
July
15
15
65
8
Apr 1631 July
24
23
770
Apr 26
8
July
19
19
90
7
19
Ma
Sept
41
41
5 28
May 45
July
120
30%
30
Mar 52
6
July
15
1,693
13
1
Jan 19% July
29% 30
26 14% Feb 33
July
34 25 t Mar 34
31% 33
July
6
6
10
1
June
Sept
6
131 2,295
1
1% July
31 Aug
131
131
1
Sept
2% July
5
5%
370
2% May
731 July
53% 34,682
46
4
Mar 66
July
16
15
4,680
July
9% Mar 18
59
49
5,190 1634 Ma
Sept
59
87
87
5 67
Sept
May 87
1034 10%
125
Apr 10% July
5
149
158
161
197
277
159
197
154
160
16331
200
280
160
198
150
92
200
98
95
151
92
200
101
100
167
20
42
205
7
21
40
120
124
123
151
228
12331
152
34 120
2 77
5 165
22 100
28 90
Apr
Apr
Apr
Apr
Apr
Apr
Apr
175
175
185
220
285
183
215
July
July
July
July
Sept
July
July
May
May
May
Aug
Mar
167
102
212
105
100
July
Jan
Jan
May
Sept
Toronto Curb.
-Record of transactions at the Toronto
Curb, Sept. 9 to Sept. 15, both inclusive, compiled from
official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
illitmore lists corn
631
1311tmore Hats pref. _100
76
Brewing Corp corn
•
535
6%
13%
• 14,4
Brewing Corp pref
1135
Canada Bud Brew corn.... 13
32%
Canada Malting corn_ _• 34
Canada Vinegars corn...,
2235 21%
5%
6
Canadian Wineries
Cosgrave Export Brow_ _10
100
1834
Dehaviland prof
2934
2634
Distillers Seagrams
• 31
30%
Dominion Bridge
2%
Dom Motors of Canada.10
•
31
31
Dom.Pwr & Trans Stubs.
Dufferin Pay & Cr Stone
1%
Common
30
100 30
Preferred
12
English Elec of Canada A.5
102
Goodyear T & Rub corn..* 104
8
9
Hamilton Bridge com_ *
34
loo 34
Preferred
76
7.31
16%
1434
36
22%
6
6%
19
33
31
2%
55
10
59,691
3,182
14,120
2,640
165
1,675
1,560
125
4,766
25
30
100
231
30
12
104
9
31
9
50
3
35
180
15
Range Since Jan. I.
Low.
331
62
31
%
531
1334
1334
1%
1%
18%
4
1434
1
31
Jan
Feb
Jan
Mar
Apr
Mar
Jan
Jan
Jan
Sept
Feb
Feb
Apr
Sept
High.
9%
76
931
19
18
40
26
931
8
19
5134
33
531
2
June
Sept
July
July
July
July
July
July
July
Sept
July
July
July
Apr
1
Jan
5
Aug
5
Jan 30
Sept
5
Feb
19
July
40
Mar 114% July
2% Apr 11, July
4
34
Sept 40
July
2085
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Honey Dew coin
•
Preferred
Humberstone Shoe corn_
Imperial Tobacco ord._ _ _5
Montreal Lit & P cons...*
National Breweries com__*
National Grocers pref__100
Power Corp of Can corn..*
Rogers Majestic
*
Robert Simpson prof...100
Robinson Cons Cone.
...5
Service Stations corn A...5
Preferred
800
Shawinigan Water & Pwr_ a
Stand Pay & Mat corn...*
Toronto Elevators com_ _ _*
Waterloo Mfg A
Oil
British American Oil
*
Imperial Oil Limited
*
International Petroleum *
McColl Frontenac Oil
Common
*
Preferred
100
North Star 011 prof
5
Supertest Petroleum ord _ _*
7%
11
36%
90
9
8
40
4
23
.95 1.50
735 834
24
24
1034 11
sog 37
28
28
92
90
9
9
231 2%
96
96
10
10
8
9
40
40
18
18
4
4
23
23
3% 3%
1,065
25
5
2,371
139
55
40
20
25
55
35
605
51
200
60
45
20
Range Since Jan. 1.
Low.
31
5
4%
7
26%
16%
85
6
46%
5
2%
16
9%
31
12%
131
High.
3%
Mar
Mar 17
Jan 23%
Feb
11
Apr 42
Mar 28%
Aug 100
Jan
1534
Mar
4
Mar 85
Jan
14
Apr 11
Apr 48
Feb 21%
Apr
6
Feb 27
Feb
8
1434
14%
1931
7,651
1331 15
17,473
14% 15
1931 2034 8,297
731 Jan
734 Apr
1031 Mar
1234
1231
74%
2.70
1834
734
54%
1%
11%
1231
75
2.70
20
690
60
10
120
Mar
Apr
Apr
Mar
July
J1113"
June
Sept
July
July
July
July
July
July
July
July
July
July
July
May
June
July
16
16
July
2031 Sept
15
80
4%
22%
July
June
July
July
a No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Sept. 9 to Sept. 15, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Tl'eek.
Par Price. Low. High. Shares.
Range Since Jan. I.
High.
Low.
nerican Stores
•
40
Feb 4734 July
40
100 30
il Tel Cool Pa prei_ _100
Sept
325 10631 Mar 116
11431 116
uld (E 0) Mfg Co
934 July
*
6% 7%
74 Mai
700
idd Wheel Co
*
4%
31 Mar
800
534
534 July
Lmbria Iron
50 36
36
36
20 33
Apr 37
Sept
tmden Fire insurance_5
400
Apr 1431 July
1231 13%
9
ectric Stor Battery_ _100
4634 4731
124 2134 Feb 5335 July
re Association
10 36
125 18
36
Mar 38
35
July
orn & Hard (Phila) corn* 84
80 82
May 99
84
Jan
9034
surance Co of N A__ _10 4434 4331 4431
Mar 4534 July
300 25
thigh Coal & Navig_.*
831
531 Mar 1331 July
500
831 9
thigh Valley
50
834 Feb 27% July
478
2031 23
itten Bank Sec Corp_ _25
34 Feb
131 July
100
131
134
Preferred
25
1% 1%
2% July
% Feb
300
154
innroad Corp v t c____*
334
631 July
334 3% 6,400
131 Mar
mnsylvania RR
50 36
July
3434 3734 6,100 1334 Jan 42
hila Elec of Pa $5 pref..a 10031 100% 100%
Apr 103% Jan
190 93
Min Elec Power pref 25 3234 32
Jan
400 28% Apr 33
323.1
tills Rapid Transit _ _ _ _50
331
3% 534
1% Mar
350
July
6
7% preferred
50
9% July
300
Feb
3
534 631
Mitt & Rd Coal & Iron_ •
2% Feb
26
631 631
93.4 July
hiladelphia Traction_.50 19
19
250 15
19%
Mar 233.4 June
Ctfs of deposit
10 17
Mar 2034 Fel
1934 1931
chance Insurance
10
634
100
631 6%
3% Apr
July
7
acony-Palmyra Bridge70 1834 June 3034 Jar
2634 2734
.
onopah-13elmont Devel_l
31
514 Jan
100
34 July
31
onopah Mining
1
1
1
31 Jan
Mt 3,500
111. July
nion Traction
334 Mar 1234 Jar
400
50
63'j
6% 7
nited Gas Impt corn...* 1634
16% 1834 18,500 14
Mar 2431 July
Preferred
155 86
a
9531 96
May 9934 Jar
letory Insurance Co_ _ _10
6
6%
334 Feb
6
300
6% July
rarner Co
*
131
1%
100
Mar
131
1
4
Jun,
•
6
'estmoreland Coal
631
6
350
Mar
4
9% July
Bondslec & Peoples tr ctfs 4s...45
hits Flee (Pal 1st 5a1966
a No par value.
20
2031 $31,000 15
Apr 23% Jura
1083.1 108% 9,500 10234 Mar 11034 Fel
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Sept. 9 to Sept. 15, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
Appalachian Corp
*
Arundel Corp
*
Atl Coast Line (Conn)_50
Black & Decker corn- - -•
Ches & Pot Tel of Blt p1100
Commercial Credit Corp
Preferred 13
25
7% preferred
25
Convertible A
Consol Gas E L & Power.*
6% preferred ser D _ _100
5% pref w ser E_ _100
5% preferred
100
Emerson Bromo Seitz A_ •
Fidel & Guar Fire Corp.10
Fidelity & Deposit
50
Finance Co of Am Cl A_ •
Finance Serv corn el A_ _10
Insurance Shs (Md) otter."'
Mfrs Finance lot pref _25
Maryland Cas Co
2
Maryland Trust Co
10
New Amsterdam Cas _ _ _10
Penne Water & Power__•
S Fidelity & Guar_ _ _10
Western Md Dairy Corp pf
Bonds
Baltimore City
40 school house_ .. _1961
4s annex impt
1951
Consolidation Coal
Refunding 4%%_ _ _1934
United Ry & El
Income 4s (flat) _1949
1st 45 (flat)
1949
Wash Halt & Annan59 flat
1941
25c
2334
41
6%
631
116%
250
23
2434
56
331
334
734
2%
1334
51
4%
75
99
250
2431
41
8
116%
24% 24%
2434 24%
3834 3835
59
56
108 10834
103 103
99
98
2331
23
8% 8%
30
29
5
5
3% 334
334 3%
731
734
2% 2%
9
9
14
13
52%
51
4
434
75
75
100
1,585
15
754
Range Since Jan. 1.
Low.
Sc
934
13%
1
112
High.
Dec 40c
Apr 33
Apr 47%
Feb
8%
Apr 11631
3 1834 Mar 24% Sept
64 18% Mar 2434 Aug
Apr 3834 Sent
100 17
Apr 70 June
43
28
37 103% may 11031 Feb
Jan
2
Apr 107
97
Jan
91% Apr 102
7
12
July
15% Apr 29
4
431 Mar 15 June
4
39% July
Ma
15
Jan
4
331 May
5
4% Apr
231 Jun
241
3% Sept
3
300
Aug
6
9% Feb
190
May
June
131 Mar
820
5
log July
10
8% Jul
17% Jan
680
7
AP
Apr 60
Jan
58 40
June
7
131 Ma
4,250
6 60
May 75 June
99
99
99
99
$1,000
400
92
94
Apr 99
June 101
22
22
5,000
22
Sept
131
134
3,000
11% 12
11,000
234
234
June
July
July
July
Feb
2,000
34 Apr
831 Apr
2% Feb
22
Aug
Feb
Sept
131 Aug
14% June
5
July
• No par value.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Sept. 9 to Sept. 15, both
inclusive, compiled from official sales lists:
StocksAllegheny Steel
Arkansa.s Nat Gas Corp
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
•
22
22
134 2
25
75
Range Since Jan. 1.
Low.
5)4
1
Apr
Feb
High.
22
5
July
June
2086
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Armstrong Cork Co
•
Blaw-Knox Co
•
Clark (D L) Candy
Columbia Gas & Elec_
*
Devonian 011
10
Duff Norton
Duquense Brew cl A
Common
5
Fort Pitt,burgh Brewing_ 1
Kr ppers Gas & Coke pf..100
Lot,. tar Gas
Mesta Machine
5
Nat Fireproofing com_
•
Preferred
50
'?Ittsburgh Brew pref._ _50
Pittsburgh Forgings
*
Pittsburgh Plate Glass_ 25
Pittsbgh Scr & Bolt Corp_ _
Plyn.outh 011 Co
5
Renner Co
1
Shamrock Oil & Gas
•
Standard Steel Spring_ _ _ _*
Vanadium Alloy Steel_ _*
Westinghouse Air Brake_ _•
Westinghse Flee & Mfg__•
Western Pub Serv v t e_ *
Range Since Jan. 1.
Low.
High.
July
July
July
July
June
July
July
June
Mar
June
June
Sept
June
June
May
July
June
July
May
June
July
Aug
June
July
July
June
6%
2
7%
20
4
27
9
18
Unlisted—
Gulf Oil Corp
25
Lone Star Gas 6% Tort 100
2136
15
7
18%
9
10
636
2
2
65%
8%
20%
2%
4%
27
4%
37
10%
16%
116
1%
13
19
31%
97%
7
1,798
792
115
905
419
10
700
256
1,992
55
5,716
530
70
415
60
30
226
2,280
343
770
300
210
12
782
421
966
4% Feb
Feb
4
3 May
9% Mar
Apr
7
7
July
5% Aug
Sept
2
1% Jan
Mar
45
Mar
5
Feb
7
2 June
Apr
2
Mar
10
13.6 Jan
Mar
13
136 Feb
6% Feb
1% May
Feb
1
Mar
3
14 June
1236 Jan
19% Feb
4% Mar
23
19
11
28
9
10
834
7
2%
67
12%
2036
,
4
8%
40
536
3934
11%
17%
234
3
14
20
35%
58%
10
5894 5894
80
80
19
14%
400
10
26% Jan
Apr
65
61
July
9136 June
19
14
6%
17%
8%
10
5%
2
1%
65
7%
18%
2%
4
27
4%
37
9
16%
1%
136
10
18
303.1
43%
631
•No par value.
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, Sept. 9 to Sept. 15, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
r
Apex Electrical Mfg
Preferred
100
City Ice & Fuel
•
Cleveland Builders Supply*
Cleve Flee 1116% pref.. _100
Cleve Railway Ws dep_100
Cleve Un Stkyds com_
•
Cleve Worsted Mills tom.*
Corr McKIn SU vtg com_10
Non-voting common 100
Cliffs Corp v t c
•
Commercial Bookbinding_•
Dow Chemical common_ •
Faultless Rubber corn_
•
Federal Knitting Mills com•
Ferry Cap & Set Screw_ "
Foote-Burt common
•
Goodyr T & R 1st pref- •
r
Harbauer common
Interlake Steamship corn_•
Metropol Priv Brick pref100
Mohawk Rubber common •
National Carbon pref _ _100
National Refining corn_ _25
Preferred
100
National Tile corn
•
Nestle-LeMur el A
•
Ohio Brass11
*
Preferred
100
l'aragn Ref Cl B3d pay end•
Richman Brothers corn_ .._"
Selby Shoe com
•
Sherwin-Williams com25
AA preferred
100
Thompson Products Inc_ •
Weinberger Drug
•
West Res Inv Corp-6% prior preferred_ _100
6
1834
5
107
8
6
52
18'%
5
10636
39%
731
10%
14
12
8
131
69
22%
30
3
636
6
6
25
52
434
131
7
50
2%
1%
Ix
16
16
56
56
34
48
48
18% 18%
40% 40
95
1731
75/
i
7%
6
5094
19
536
107
40
734
11
14
12
8
134
69
2236
30
3
634
6836
6
25
52
4%
13135
8
50
234
1%
1636
56
%
4931
1834
40%
96
20
7%
Range Since Jan. 1.
Low.
148
4
20 45
936
323
3
818
84 9531
67 29
27
736
4
81
336
60
2%
40
3%
27
134
25
76 30
15 1734
171 26
134
50
536
100
25 34
25
234
100 14
10 52
1
70
27 110
246
3
18 30
100
1
1,990
96
5%
195
30 44
31
50
509 2236
205 10
415 1336
76 70
275
6%
100
7
High.
Feb
736 July
May 50% Sept
Apr 25
July
June
536 Sept
Mar 110
Jan
Apr 4936 July
Sept 12
July
Jan
June
15
Jan 24
July
July
Feb 25
July
10
Feb
2% June
Sept
Jan 78„, July
Jan 25
July
Mar 3434 June
5 June
Jan
Aug
Jan
9
Mar 75 June
Jan
Sept
6
Feb 29
July
Sept 52
Spet
7% July
Mar
Mar 135
July
9
Apr
July
May 58
July
Jan
4% June
3 June
Apr
20
Jar
July
Feb 56
Aug
36 June
Feb
Apr 53s. July
Jan 20% June
Feb 43
July
Mar 9836 July
Feb 20 _ Sept
Feb
9 .. June
25
25
100
3
Feb
25
July
Al
AA
CA
17U
Val
MI
film+
• No par value.
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange, Sept. 9 to Sept. 15, both
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
1Week.
of Prices.
Sale
Par Price. Lazo. High. Shares.
11%
30
Aluminum Industries_
11
•
13%
522
Amer. Laundry Mach_ _ _ 20 1334
13
198
Amer. Rolling Mill com_ 25
22% 23%
15
Amer. Thermos Bottle A_•
136 1%
1%
6
22% 22%
Preferred
50
20
Carey (Philip) pref__ _100
70
69
12
C. N. 0.& T. P. pref _ _100 80
80
80
280
CM Gas'& Flee pref..100 72% 72% 75
300
Cincinnati Street Ry_ _ _ _50
536 6
5%
Cin & Sub Bell Tel
104
69
50 70
70
Cin Union Stock Yards_ •
19
20
23
390
9% 12
• 11
Crosley Radio A
4
4
25
Dow Drug corn
•
105
Eagle-Picher Lead
634 636
20
6%
13
13
•
10
Formica Insulation
9
1
9
Gibson Art COCO
.
6
17
17
Hobart'Mfg
•
7
28
28
Kroger com
*
1
7536 75%
Little Miami Guar
50
52
42% 43%
Procter & Gamble_new_ •
5036
12
47
100
Pure 011 6% pref
10
4
4
Randall 13
•
10
10
Richardsoncorn29
70
1634 17
_•• 16%
United Milk Crate A_ __
19%
125
19
10 1936
17S Playing Card
45
10
9
Waco Aircraft
9
5
50
50
Whitaker Paper pref _ _ _100
Range Since Jan. 1.
Low.
Mar
3
6% Mar
63.6 Feb
1% Apr
14
May
41
Slay
75 June
70% Apr
434 May
7556 July
17% Apr
234 Mar
134 Apr
2% Feb
5
Jan
Apr
7
Feb
10
1531 Feb
72
Feb
19% Mar
20
Apr
3 Slay
4
Jan
15
Apr
9
Mar
2% Jan
50
May
High.
16
June
July
19
30% July
4
May
2236 Sept
70
July
Sept
80
93
Jan
9
May
5731 May
24
July
15 June
634 July
8% July
2134 June
14
June
27
June
35
JAW
75% Sept
46% July
50% Sept
4
Aug
13% July
23 June
27% July
12% June
50
May
* No par value.
St. Louis Stock-Exchange.—Record of transactions at
St. Louis Stock Exchange, Sept. 9 to Sept. 15, both inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Brown Shoe pref
100
Coca-Cola Bottling com_ _1
Elder Manufacturing
100
1st preferred
100
A
Common
International Shoe pref 100
Common
9
120
9
120
9
95
35
10
194%
48%
95
35
10
105%
4834
Range Since Jan. 1.
Low.
High.
Sept
20 109
Jan 120
200
6% May 12% June
Sept
2 71
July 95
Sept
30 20 June 35
Sept
10
4
20
May
7 102% Jan 112% June
July
20 26
Mar 55
Sept. 16 1933
Sales
Friday
Last Week's Range for
1Veek.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Laclede Steel corn
17
20
17
Landis Machine corn_ _25
634 674
Mo Portland Cement—
Common
734 73.4
25
National Candy corn
17% 1735
•
Rice- Stlx Dry Goods corn_•
736
7
7
Southwest Bell Tel pfd_100 117% 117% 118
Wagner Electric pref _ _ _100
90
90
Common
9
9
15
Bonds—
Nati Bearing Metals 69_'47
95
95
50
35
Range Since Jan. 1.
Low.
9
6
Jan
May
High.
20
7
40
4% Feb 13%
115
594 Mar 22
10
220
Feb
3
167 109% Apr 118
70 75
Mar 90
434 Apr 12%
170
51,000
95
Sept
95
July
Slay
June
July
June
Sept
Sept
July
Sept
•No par value.
San Francisco Stock Exchange.—Record of transactions
at San Francisco Stock Exchange, Sept. 9 to Sept. 15, both
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Alaska Juneau Gold MM__
30% 29% 30%
Anglo Calif Nat Bk of S F__ ..._
11% 1134
134 2
Associated Ins. Fund Ins__
2
..
Bank of Calif N A
155 155
Bond & Share Co Ltd
534
5
5
Byron Jackson Co
431 4%
4%
Calamba Sugar corn
16
17%
7% preferred
19% 19%
California Copper
36 %
%
Calif Cotton Mills com
10
0
Calif Packing Corp
28
27
Calif Water Service pref.... 70
70
70
Calif West Sts Life Ins Cap
2036 20%
Voting pl
19
19
19
Caterpillar Tractor
22% 24%
23
1931
19
19
Clorox Chemical Co
Coast Cos G & E6% 1st pf
68% 6836
Cons Chem Indus A
2636 26% 27%
Crocker First Nati Bank __ _ .... 210% 210%
_ _
Crown 2ellerbach v t c___ _
604 631
63.6
Preferred A
38% 3834 39
Preferred B
3936
3894 38
Emporium Capwell Corp
736
731
776
Fireman.', Fund Insurance_
5434 55
55
First Nat! Corp of Ptid_
14
14
Food Mach Corp corn
1304 14%
13%
Foster & Kleiser corn
234 2%
Galland Mere Ldry
36
35
736
736
Golden State Co Ltd
734
Haiku Pine Co Ltd pret__
5
5
4536 48
Hawaiian C & SI Ltd
58
Home F & M Ins Co
25
25
Honolulu 011 Corp Ltd_ _ _ _
1436 1531
15
Hunt Bros A corn
635 7
7
Investors Assoc (The)
6
6
1336
Langendorf Utd Bak A__ _
1334 12
B
4
4
L A Gas & Elec Corp prof__
87
86
86
Lyons Magnus Inc A
934 1034
1034
13
4
9
4
36
%
Magnavox Co Ltd
Marchant Calif Mch com . __
131
,
1%
Natomas CO
. -- 4636 6031
60
No Amer Inv com
5% 636
1334% preferred
26
26
26
7.
4
North Amer Oil Cons
734 8%
Occidental Ins Co
16
15
15
Oliver United Filters A_
834 834
374 4
/
B
Pacific G & E com
2134 2131 2336
6% 1st preferred
2231 2234 22%
536% preferred
2031
2031 2034
Pacific Lighting Corp corn_
26% 2631 283.4
6% preferred
8236 8194 84
I%
Pacific Pub Ser non-votcom
1
1%
336
3
Non-vot preferred
Pacific Tel & Tel corn
88
87
6% preferred
11034 110%
Paiaffine Cos com
2734 2734 28
Pig'n Whistle pref
% 1%
Ity Equip & RIty Con pref
1
1
San Joaq L & P7% pr pref.
87
87
6% prior preferred
66
66
Schlesinger & Sons B F pref
5
5
9
934
9%
Shell Union 011corn
Socony-Vacuum Corp
1431
14
Southern Pacific Co
31%
29
29
So Pac Golden Gate A
7% 8
Spring Valley Water Co_ _ _ . __ _
636 631
Standard 011 Co of Calif.__ -41% 4036 4234
Telephone Invest Corp _ _ _ --- _ _ 30% 30%
Tide Water Assd Oil corn__
936 1031
9.36
51% 52
6% Preferred
736
Transamerica Corp
634
7
Union 011 Co of Calif
2136 2131 22%
United Aircraft
3736 4036
37%
Wells Fargo Ilk & U Tr.__ 212
212 215
13
Western Pipe & Steel Co_ _.
13%
2.670
.545
100
23
615
851
4,205
780
3900
227
809
5
25
10
5.550
332
37
972
25
4,107
170
210
546
186
22
1,589
441
110
693
80
345
185
1,981
865
20
497
100
75
605
1.675
1,050
555
13,024
120
5
1,365
67
167
300
9,220
4.208
1,614
1,327
138
1,193
1,232
126
50
1.360
500
26
10
5
12
2.160
400
4,670
445
200
8,966
25
2,276
94
26.691
4,239
2,009
35
1,100
Range Since Jan. 1.
Low.
High.
Jan
8
8% May
31 Apr
Feb
101
1% Feb
Mar
1
Mar
8
Mar
11
% Jan
14 Jan
836 Mar
Apr
63
Apr
13
15 June
536 Feb
May
13
May
57
Mar
11
Apr
185
1
Feb
734 Mar
Mar
7
234 Feb
3436 Mar
1036 Apr
5% Jan
Jan
1
2631 Mar
3% Apr
1% Apr
2731 Jan
Apr
18
834 Feb
Feb
2
234 Mar
4% Feb
3% June
83% Slay
534 June
June
1
.14 Mar
36 Feb
Feb
15
Feb
2
735 Apr
334 Apr
834 May
3% Jan
y Feb
2031 Apr
2194 Mar
1936 Mar
25% Mar
77
May
31 Mar
Apr
2
Apr
67
99% Apr
8% Feb
36 Feb
36 Aug
75
May
60
May
2% June
4
Feb
634 Feb
1134 Feb
434 Jan
2% Apr
20
Feb
2234 Apr
3% Feb
24
Apr
436 Mar
994 Feb
17
Feb
165
Apr
5% Feb
32% Aug
Jan
20
July
3
Aug
160
534 July
034 July
2234 June
19% Sept
July
1
July
16
3434 July
73% July
31% Jan
31
Jan
29% July
2136 June
Jan
79
July
28
July
224
894 July
4394 July
July
43
8% July
Ju,y
GI
July
16
1636 July
July
4
Aug
36
1094 July
6% June
48% July
3036 July
1636 Jul,
1036 May
July
9
14% July
656 July
9834 Jan
11% July
536 Jar
June
1
2% June
6094 Sept
July
8
July
27
934 July
July
20
1134 July
5% July
July
32
2594 Jan
23% Jan
Jan
43
93% Jan
234 June
June
6
9434 July
July
111
JJ 1,
29
2% gilli \
1)l
1
Jan
97
July
66
July
5
11% July
1536 July
3834 July
836 July
July
8
4234 Setif
32
Aug
1034 July
5434 July
034 July
2334 July
July
46
July
220
July
17
Los Angeles Stock Exchange.—Record of transactions
at the Los Angeles Stock Exchange, Sept. 9 to Sept. 15,
both inclusive, compiled from official sales lists:
sales
Friday
Range Since Jan. 1.
Last Week's Range for
Week.
of Prices
Sale
High.
Stocks—
Low.
Par Price. Low. High. Shares
--—
A la.41:a Juneau
700 14
Apr 3294 Aug
2936 28% 30
Sept
700
Barnsdall 011 A
336 Mar 11
10% 11
25
800
1% Jan
436
536 July
Bolsa Chica 011A
4
4
10
July
1 3236 Apr 45
Broadway Dept St pref _100
51
51
Jan
50 3136 July 38
California Bank
25
3136 3134
July
130
136
I%
6
Central Investment Co_100
134 Sept
9% Mar 5134 Sept
400
Citizens Natl Bank
20 4936 4994 5134
Jan
100 26
Mar 38
Claude Neon El Prods_ _ _ ..*
31
31
100
(I
1331 J113
Comm Discount corn_ _25
Jan
,
11
11
300
531 Jan 15% July
Consolidated(MCorp
1434 15%
July
600 1134 Jan 18
Douglas Aircraft Inc
1534 17
• 16%
July
Mar 72
Goodyear Textile pre_ _100 6I 35 61% 6111
x6 22
7
200 34% Aug 42% July
Goodyear (Akron) corn_ •
38% 38%
May
250
7
Hal Roach 8% pref
534 Jan
7
7
25
1234 July
334 Feb
100
Hancock Oil com A
8% 834
25
Jan
Los Angeles G & E pref 100 87
74 8231 Apr 98
87%
87
531 June
100
Jan
1
Los Angeles Invest Co_ _10
334 334
136 Sept
Jan
1
100
Monolith Ptld Cem com_ _•
131
134
136
Sept
6
136 Mar
100
Preferred
6
6
8
10
Feb 23 June
Mortgage Guarantee Co100
8
617
8%
836
8
Mar 1134 July
2,600
Pacific Finance Corp com10
4
936 10
931
Apr 3034 July
1,309 20
Pacific Gas & Elec cool_ .25 2135 2136 23
1st preferred
100 21.34 Apr 2531 Jan
2234 2236
25
536% preferred
900 2031 Sept 2294 Feb
2034 2031
25
Jan
Pacific Lighting cons
200 2531 Mar 43
• 2636 2635 2735
1(0 19
Mar 3036 July
Pacific Mutual Life Ins..10
2634 2634
Analfla TM .1. Tol ro.M. inn 1111
Mar 110
1.5 107
lin
Sept
110
Financial Chronicle
Volume 137
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Pacific Western Oil Co_ _...•
75.5
Republic Petroluem Co_.10
Sec First Nat Ilk of I. A_25 364
Shell Union 011 Co corn,. _25
94
So Calif Edison corn___ _25 18%
Original preferred____25
7% preferred
25 234
6% preferred
25
54% preferred
25
So Calif Gas series A pref25
So Counties Gas6% pref 25
Southern Pacific Co_ _ _ _100
Standard 011 Co of Ca
41
Trans America Corp
•
7
Union Oil of Calif
25 21%
'howcase & Pie pf *
Weber,
• No par value. x Odd lot.
7
4%
364
94
18%
32%
2351
20
18
214
87N
30%
40%
7
21%
4%
7%
41
374
955
20%
324
244
20%
18
214
874
31
42
74
224
4
4,600
9,400
1,500
800
3,700
200
1,000
1,000
1,300
200
10
200
5,200
3.300
5,200
120
Range Since Jan. 1.
Low.
High.
Mar
Feb
Mar
Mar
Apr
May
Apr
Apr
Apr
Sept
Apr
Feb
Feb
Apr
on Feb
3% May
2%
14
35
455
1755
30
22%
1954
17%
214
834
114
20
455
7%
451
4554
11%
274
40%
27
24%
224
224
90
38%
42
94
23
Sept
Sept
Jan
July
Jan
Jan
Feb
Jan
Jan
Apr
Feb
July
Sept
July
July
June
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Sept. 9 to Sept. 15,
both inclusive, compiled from sales lists:
Stocks
-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
Abitibi Pow & Paper
•
Admiralty Alaska
Aetna Brew
Allied Brew
1
Altar Consolidated
1
American Republics
•
Andes Petrmeum
1
Arizona Co stock
1
Black Hawk
1
Brewers & Dist v t c
•
Central America Mines.,.
.1
Bak 2d pref.__ ,*
Como Mines
1
Continental Shares
Cosdcn Oil
1
1%
615
24
9c
355
155
155
100
10c
2,500
12c
155 2
700
6
7% 14,200
24 2%
500
2
2
100
100
10c
500
1.85 24 8.600
45c 53c
2.000
4 12,000
2% 25
1.60 1.60
300
2
2
100
19c
17e
1,500
9c
12c
900
300
351 3%
Range Since Jan. 1.
Low.
14
Sc
1%
455
14
14
Sc
1.15
40c
14
50c
134
8c
90
3%
High.
Aug
Mar
July
July
June
June
Jan
July
July
Ju'y
July
Apr
May
Aug
Sept
335
19e
3
114
235
34
32c
234
57c
355
1.75
2
20c
Aug
Feb
June
June
Aug
June
June
Sept
Aug
July
Sept
June
May
May
3% Sept
2087
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Croft Brew
1
Davison Chemical
Detroit & Canada Tunnel •
Duquesne Brewing
5
El Canada Units
Elizabeth Brew
1
Fada Radio
1
Falstaff Brew
1
Fashion Park
•
Flock Brew
2
Fuel 011 Motors
10
Fuhrmann & Schmidt..
General Electronics
1
Indian Motorcycle
•
Setter Brew
1
Kildun Mining
1
Kingsbury Brew
1
Kuebler Brew
1
lAlacassa Mines
1
Macfadden Pub pref
•
Marmon Motor
Metal Textile
•
Newton Steel
•
Paramount Publix
10
Paterson Brew
Petroleum Conversion_ _ _1
Poly met Mfg
1
Railways N
1
Rayon Industries A
1
Rhodesian Selec Tr __5sh
Richfield 011
•
Ross Union Dist
5.50
Rustless Iron
•
Warrants
Simon Brew
1
Siscoe Gold
1
Standard Brew
•
Sylvanite Gold
1
United Cigar N wl
5
US Elec Lt & Pow B
Van Sweringen
•
Willys Overland
5
135
634
14
11
1.00
355
10c
335
3
3
151
2
4
655
23%
155
7%
27c
155
54
Sic
1
54
14
155
11
38c
24
10c
2
3
354
2%
24
114
3
770
14
16c
4
254
154
155
Ile
1
7
235
14
1235
1.00
3%
13c
255
355
355
24
355
12%
3%
77c
14
25c
4
3
2
. 154
31
51
114 2
355 4%
6.4 655
3% 4
51
23
2555
254 214
ife
14
135
1.25 1.50
2% 3
1.10 1.20
7
755
2.45 2.45
4
25c
27c
4,000
600
100
50
3,100
5.300
8,800
2,300
300
3,900
2,100
300
2,000
100
400
5,600
1,000
2,00(.,
50
10
1,90
10
20
7,30
20
10
1.500
17,900
14,300
2,500
2.000
4.250
1,400
300
3,400
300
200
900
1.300
300
500
3,000
Range Since Jan. 1.
Low.
High.
1
July
15e May
10c
Jan
Spot
1
44 June
155 Aug
155 Sept
7
May
Mc Sept
251 Sept
10c
Jan
155 Sept
24 Jan
254 July
2
Aug
1
Mar
104 July
3
July
19c
Jan
11
May
160 .Sept
Sept
1
2
May
12c Mar
14 Sept
Apr
Mc
154 Sept
Apr
455 July
Jan
1
35 Aug
1
Jan
2% Aug
'A
154
1.01
255
95c
7
2.45
12c
6c
Aug
Aug
Mar
July
July
Sept
Sept
Jan
Mar
234
254
20c
1
84
4%
2%
204
155
54
28c
334
4
355
335
5
174
354
89c
154
51
4
10%
255
3
14
5
44
64
4
1
32
3%
55
135
1.80
54
1.45
855
3 20
14
34
July
June
June
Sept
Aug
June
May
May
June
June
Feb
July
May
Sept
July
July
July
Aug
Aug
Feb
June
Sept
July
July
June
Feb
July
Sept
Sept
Sept
June
July
July
Aug
Aug
July
May
June
Aug
July
July
June
* No par value.
New York Curb Exchange-Weekly and Yearly Record
In the following extens.ve list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (:-opt.9 1933) and ending the present Priday,(Sept. 15, 1933). It is compiled entirely
Prom the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par l'rice. Low. Ifigh. Shares.
Week ended Sept. 15.
Stocks-
Indus. & Miscellaneous.
Acme Wire v IC corn
_25
955
Aero Supply class 11
•
1%
Ainsworth Mfg tom
•
751
Air investor'. oom v t0•
24
Convertible preferred •
Allied hit Invest corn
•
Allied Mills :uc
• 12
tluminum (Jo oommon_ • 71
Preferred
100
tluminum LtdCommon
Amer (leverage Corp _6
2%
Amer Capital com cl B___.
$5.50 prior pre
American Corp corn
Amer Cyanamid Class B.-• 134
Amer Dept Stores Corp_ •
Amer Equities Co
1
Amer Founders Corp_ I
154
7% Preferred ser 13_ _50
American Investors
1
warrants
Amer Laundry Mach __20
Amer Manufacturing..100 15
American Meter Co
American Thread pref _ _5
Anchor Post Fence
•
3
Arcturus Radio Tube
_1
Armstrong Cork corn ' ion
Arunddl Corp corn
• 23
&maw Elec I ndustriesAnter dep rens
£1
Assoc Rayon corn
•
315
Atlantic Coast Fisheries..'
3
Atlas Plywood Corp
•
Atlas Corp corn
• 1314
$3 preference A
• 41
Warranta
7
Automatic Vot Mach
•
Babcock & Wilcox
100
Baldwin Locomotive warr_
94
•
Itellanca Aircraft v 1 0...1
515
Bliss(E 1V) & Co corn__.•
34
Blue Lunge Corp-Common
1
• 33
6% opt oonv pref _
itprg-Warner
pref..100
2
Brill Corp class B
•
British Amer Tobacco Ltd
264
Amer deposit rcts
British Celanese Ltd3%
A m dep rets reg slut
Bulova Watch $3.50 prof.'
Iturco warrants
Burma Corporation34
A m dee rota for reg she.
44
10
Butler Brothers
5it
Cable Radio Tube v t c_.•
Jan Indust Alcohol A._ _• 1915
,
Class It non voting ____• 1714
• 124
Carrier Corp
Celanese Corp of America
7"4 let panic pref. _. lie' 106%
733- prior preferred...100 804
15 20
Celluloid Corp coin
•
1st preferred
2 43%
$7 div preferred
Centrifugal Pipe Corp ' 351
•
Charts Corporation
1
Chicago Corporation
•
conv preferred
•
Cities Service common
• 144
Preferred .
•
Preferred B
1
Claude Neon Lights
Club Aluminum Utensil. •
Columbia 1 ictures
.•
.
Consolidated
ou
Aircraft_- •
Consol Auto Merch v t c.
9
114
755
255
16
54
1151
71
71
9%
1%
711
3
16
55
1314
754
71
200
600
600
2.000
10(
100
7.700
2.650
200
200
40
20
255
10
51
52
10
400
14
14% 11.100
900
1
34
100
1% 3.100
15
100
700
4%
154
1,300
14
300
16
50
11%
5(
314
200
4.700
3
700
155
194 204 2.100
151
224 23
39
24
54
52
511
1211
51
34
14
15
4
1
1354
15
11
354
2%
1
Range Since Jan. 1.
Low.
High.
15%
Mar
Feb
Feb
Jan
Mar
June
Apr
Feb
Mar
455
10
34
17
rl 55
154
954
774
July
June
June
June
June
Aug
Aug
Julie
July
Mar
13
13.4 Mar
511 Jan
304 Ma
55 June
an hell
4 Jan
255 Jar
34 Apr
An
2
A9
TN Mar
64 Feb
10
Feb
5
May
24 Apr
34 Feb
51 Feb
44 Mar
1054 Apr
54
3
54
14
52
36
15%
14
44
254
2055
6
I%
184
25
20
4
3
254
24
31
June
Mar
June
Aug
June
Juue
June
June
June
June
June
June
July
June
July
July
Sept
July
July
July
24
55
I%
4
555
55
3
37%
37
100
45f 45:
101
34 351
300
3
355
200
354
355
1355 14% 13,400
40% 9155
400
715 5,500
551
255
300
215
57
175
53
1,200
914 955
54 6
2.000
100
3% 34
1
14
515
33
24
154
25
7
155
1
Apr
Apr
Jan
Apr
Apr
Mar
Feb
June
Jan
Aug
July
Feb
515
514
4
614
18%
43%
10
355
59
11
7
535
July
June
July
June
June
May
June
June
Aug
Aug
Sept
July
251 3
324 33
90
90
2
2
2.700
700
100
400
155 Mar
2115 Mar
90
Sept
51 Jail
434
374
90
414
June
June
Sept
July
254 264
2,900
164
Jan
2654 Sept
354 354
18% 18%
3.4
is
3.600
100
100
1
Apr
12% May
4 May
44 June
194 July
51 July
355 3.200
3
300
435 4%
100
'IS
Ill
164 214 33.600
7.200
1455 19
113.4 1354 4,100
1034 los%
650
25
8055
23% 11.800
60
250
45
1,800
200
34
10
100
200
3
27
300
3
58.000
1,000
16%
400
155
,
1
300
20
A
2614
23
400
951 10%
70
500
34
55
804
1434
56
29%
354
10
3
2454
2%
144
13.4
1
24
154
14
34
2%
74
4
27
51
2
20
20
25.4
64
54
1315
r.2
1034
1
94
3.4
84
1
Its
Feb
Feb
Jan
May
July
Feb
355
64
51
3551
34
17
July
June
June
July
July
July
Apr 110
Apr 8634
Apr 23%
Jan 60
May
45
Jan
4%
June 1255
Mar
454
Mar 32
Feb
654
Mar 30
Apr
311
Apr
2
May
1
Eel
26%
Mar
12
Jan
54
July
May
Sept
Sept
Sept
July
July
July
July
May
May
June
June
June
Sept
July
June
Friday
Sales
Last Week's Rano S for
of Prices.
Sate
IVeek.
Stocks (Continued) Par. Price. Low. High. Shares
Consol Rstail Store.
•
2
2
2
8% preferred w w_ _100
124 14
Consol Theatres v t 0.__ _ •
155 2
2
6
Cooper Bessemer Corp...'
54 6%
23 pref A w w
16
17
Cord Corp
5 1155
1134 1255
Corroon & Reynolds
2
1
2
25
5
preferred A
$0
• 1555
15
154
Courtlauda Ltd934
Amer dep rcts
855 954
100 40
Crane Co pref
40
40
Crocker Wheeler Elec.
•
755 sn
Crown Cork Internal 4 _•
8
74 8%
Davenport Hosiery 3iIiils.
12%
125.5 12%
Detroit Aircraft Corp_
•
54
5
.1
Distillers Co Ltd
194 1855 2034
£1
Distillers Corp Seagram, • 2851 254 3134
Douglas Shoe 7% pre1.100
1855 1854
Dow Chemical
• 70
70
7054
Driver Harris corn
10 15% 1534 1054
7.
T
Dubller Condenser corn _.1
naval Texas Sulohur _.•
555
454 655
Easy Wash Mach 11
5
•
6%
655
Economy Grocery Stor-s_• 244 23% 24%
Ender Electric Coro.
•
14 135
Eleo Power As-,,a corn_ _1
54 74
54
Claris A
1
6
6
755
Electric StutreholdIngCommon
•
455
455 5
Cony pref with ware.- -• 40
40
40
Emerson'a liromo-Seltz II'
23
23
Equity Coop corn
10c
255
24 255
Ex-Cell-0 Air & Tool_ __ ..•
455
455
Fairchild Aviation
I
45
54
% 54
Fansteel l'roducts
•
2)4
255
Ferro Enamel Corp
• 11%
11%
11
Fldello Brewery
255
1
2% a%
Fisk Rubber Corp
1
815
854 9%
$6 l'referred
100 554 50,54 5854
Flintokote Co class A
•
455
4
Ford Motor Co LtdAmer dep eels ord reit- £1
54 5%
5%
Ford Motor of Can cl A _ _• 1354
134 15
Class B
• 1655
1635 164
Ford Motor of France
Amer deposit rcts
4%
4
Foremost Dairy l'rod_
•
% 34
Cony preferred
155
•
Franklin (HID Mfg
1
General Alloys Cu
•
2
General Aviation Corp...I
855 84
815
Gen Elec Ltd An her rots • 1055 Ion 1055
Gen Investments Corp_ __5
in 1%
Warrants
3.4
14
Gen Rayon Ltd A
24
•
Geu 1'heatres Equipment
$3 cony preferred
•
34
35
General Tire & itubber__25 89)-5 82
90
(lien Alden Coal
• 17% 17
184
Globe Underwriters Exch.•
53.4
35i
Gold Seal Electrical
54
Goodchaux Sugars cl B
•
755
734 855
Class A
13
15
Gold Seal Electrical
II,
54
1
Gorham Inc 83 pref w w_ •
1955 19
Gorham NI fg corn v t 0. • 28% 2755 29
Gray Telep Pay Station_ _•
17
17
Gt Alt & Pao Tea
Non vot corn stock
• 136
135 140
7% let preferred ____101 12355 1233-41245
4
Great Northern Paper_25
26
27
Greyhound Corp coin....'
.4
51
Guardian Investors
1
94
51
54
Helena Rubenstein corn. _•
1
54
74
Hires(Chas Ei Co cl A com•
22
22
Horn (A C) Co eon(
•
2
2
2
• 20
Horn & Harden
1954 21%
100
7% preferred cons._.
90
90
Hydro-Elec Secur corn_ •
74
751
754
Hygrade Food l'rod. _ . _5
44 5
Range Since Jan. 1.
Low.
300
30
600
900
200
11.700
1,000
300
Its
1234
900
25
1.200
3,800
200
1,200
45.600
51,400
25
400
500
100
2,900
3.500
400
300
800
1,200
434
40
234
2%
6
4
175
%
15
184
30
354
512
100
34
High.
Jan
Sept
July
Mar
1
Mar
6
41
4 Feb
55 Apr
6
Mar
3.4
155
23
4
2%
2%
Mar
Sept
Fen
Jan
Apr
Jail
July
July
Sept
Mar
Eel,
Feb
Fell
Jan
Aug
Apr
Apr
Apr
June
14%
2
2%
June
11
July
20
July
154 July
4
July
20
July
104
594
11
94
124
July
July
July
July
Sept
214 juug
" A ne
49% July
; 4 Se py
18
juit
26% July
864 June
1 55 SAeupgt
25%
2
1235
1154
Sept
July
June
June
5.100
200
500
100
1,100
11.00
22 300
4,500
300
24 Mar
Apr
35
June
17
24 Aug
154 Fel
Jun
2
155 Apr
104 June
215 Sep
34 Apr
Jar
18
14 Fell
July
July
Apr
July
Aug
July
58
951 Sept
7% June
19.200
2,600
25
24 Fe
434 Fe
955 Ye)
654
194 July
June
26
300
100
100
100
1.000
2,400
400
100
200
300
3
54
I
55
A
214
64
134
3.4
3-4
700
400
2.900
300
300
600
200
1,500
10
3,60
100
91.4 June
24 A ug
503.4 June
Aug
655
634
4%
5
155
451
4
23
654
4
34
255
12
Mar
May
May
Jan
Mar
Jan
Jar
Aug
July
May
555
155
3
154
414
101
4
10%
214
'A
10
July
May
June
June
July
July
July
July
July
June
Feb
14 June
Apr 140
July
Apr 2454 July
Fell
..1,113
'
7
,
Jan
155 June
Apr
July
15
Aug 20 15 July
11.4 June
34 Jan
955 Jan
194 June
Jai
6
294 Aug
84 An
July
29
16
Feb 1814 May
128
118
1
Mar 125
Aug
250 11
AP
Sept
27
3.10
44 Aug
24 May
Sept34
10
1% June
1,000
51 Ma
154 June
Apr 24
July
50 17
14 Jun
100
54 Aug
1,075
174 Jai
254 June
120 85
Feb 95
July
200
34 Mar
955 July
1.100
9
2% Mar
July
Financial Chronicle
2088
Ii
Sates
Friday
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Continued) Par- Price. Low. High. Shares.
Ilygrade-Sylvania
•
Imperial,Tobacco of Can-5
Imperial Tob of Gt B & Ire
Am dip Ma for ord shsEl
Insurance Co of No Am-10
Internatl Cigar Mach_ •
Internatl Products com-*
•
Intl Safety Razor B
Interstate Equities Corp-1
50
$3 cum pre ser A
Interstate Hosiery
1
Irving Air Chute
Jonas & Naumburg corn ..5
Jones & Lghlin Steel_ _100
Kress(S 11) & Co m11.100
1
Kreuger Brewing
Lakey Foundry & Mach..'
Lehigh Coal & Navigation•
Libby-McNeil & Libby-10
Louisiana Land de Explor-•
5
Lynch Corp corn
Mapes Consolidated Mfg..*
Marion Steam Shovel__ *
Masonite Corp
Massey Harris Co com •
1
Mavis Bottling CIA
Mayflower Associates.--•
•
McCord Rad & Mfg
Mead Johnson & Co corn..'
Mergenthaler
•
Linotype.-Merritt Chapman & Scott'
•
Mesabi Iron
Michigan Sugar
Midvale Co
Minneapolis Honeywell
100
Regulator pref
Molybdenum Corp v t a__ I
Montgomery Ward & Ce
•
Claw A
Moore Drop Forging A.. *
Mortgage Bk of ColumbiaAmerican shares
•
Nat American Co
•
National Aviation
Nati Bella. Hess corn...-1
•
Nat Bond & Share
Nat Dairy Prod prof A-100
Nat Investors oommon-1
1
534% preferred
Warrants
National Leather corn_ •
Nat Rubber Mach com •
1
Nat Service common
Nat Steel warrants
National Sugar Refining.-*
National Toll Bridge A.....'
National Union Radio--1
New Mexico & Ariz Land_l
New York Shipbuilding
1
Founders shares
Niagara Share of Md el B_fi
•
-Pond
-Bement
Niles
Nitrate Corp of Chile
Ctfe for ord B sharee
Novadel-Agene Corp--*
•
Oliver United Filters
Overseas Securities
•
Pacific Eastern CorP
1
Pan-American Alrways-10
•
Paramount Motors
•
Parke. Davis & Co
•
-Proof
Parker Rust
Pennroad Corp•t a-----1
100
Pepperell Mfg
Perfect Circle
100
Pet Milk 7% pref
10
Philllp Morris Inc
Philip Morris Cons ci A.._25
Phoenix Securities
1
Common
$3 cony pref ser A...10
•
Pierce Governor corn
Pitney-Bowes Postage
Meter
-10_50
Pittsburgh & Lake El
Pittsburgh Plate Gla88--25
Potrero &War
Powdrell & Alexander- •
Frontier McCallum Hos_•
Prudential Investors
•
$6 preferred
Quaker Oats Co
100
6% preferred
Railroad Shares
Rainbow Lumin Prod
Class B common
Raytheon Mfg v t c .50c
•
Reliance Internat A
Republic Gas common
*
10
Reybarn Co
1
Reynolds Investing
Richman Bros Co
5
Roosevelt Field Inc
Roasia International
Royal Typewriter
Safety Car Mg & Ltg-100
10
St Regis Paper corn
100
7% preferred
•
Schiff Co
•
Schulte Real Estate
Seaboard Utilities Shares_l
Securities Corp general•
Seeman Bros corn
Segal Lock & Hardware..'
•
SelberlIng Rubber
Selected Industries Ino1
Common
25
$5.50 prior stock
Allotment certificates._
Sentry Safety Control wen*
•
Beton Leather Co
Shenandoah Corp
1
Common
25
$3 cony prat
Sherwin Williams com 25
100
Singer Mfg
•
Smith (A 0)corn
Southern Corp corn
Spanish & Gen CorPAmdepreeforordbearer£1
Am dep rcts ord reg_
Spiegel May Stern Co
100
634% preferred
Standard Investing Corn
$535 cum cony pref
•
Starrett Corporation
1
10
6% pref
•
Co corn
Stein &
•
Stein Cosmetics
•
Stutz Motor Car
2735
26
2755
1055 10%
75
1,200
Range Since Jan. 1.
Low.
Feb
13
64 Feb
131
1734
9
43'
1%
54
1%
47
431
46
25
2%
134
71
he
1234
24
354
235
134
38
14
174
1134
31
5131
3%
235
5234
July
July
June
June
Aug
July
July
June
Mal
June
July
Mar
June
May
June
June
May
Sept
Sept
June
Sept
July
July
Sept
July
May
June
July
May
July
July
Apr
Aug
72
6
Aug
July
ea% Fe
655 May
82
15
Julv
June
54
131
13%
44
39
97%
4
48
Au*
June
Sept
July
July
Aug
June
July
24(
5V.
234
14%
454
S/
24
1%
MaY
July
May
June
2234
66
3%
73%
1%
3%
24%
44%
2355
1%
334
134
24
1635
6
%
55
1035
2031
1%
9
5
1%
42%
34
4
851
5%
1%
47
4%
46
25
3
34
2
2135
100
900
100
300
100
1,200
200
400
1,600
1400
150
100
6,800
200
500
700
3,600
500
500
400
100
300
5,900
300
1,100
100
50
900
500
900
100
15
25
15
Si
14
54
9
7%
4%
31
19
1031
15
34
534
1%
hi
3455
21
34
831
54
34
27
1
38%
20
54
34
135
11
72
4%
40
1,100
59
4
69
7231
655 655
215
100
400
154 Feb
4%
54 Jan
500
34
4% Apr
1331 2,000
11,000
34( Jan
3
200 z20
Feb
3531
200 76% Feb
95
1
Feb
231 1,700
Apr
75 24
404
900
34 Apr
1%
31 Feb
300
131
700
4%
1.i. Mar
34 Mar
1,200
Si Feb
200
731 7%
38
38% 1,100 224 Feb
Si
34
500
31 June
1% 1%
100
34 Jan
1
200
1
34 Jan
1731 1831
435 5
1131 1355
900
2,400
400
114 Jan
Apr
3
434 Apr
hi
31
5155 5251
8
8
3% 3%
6,300
800
100
100
Its Jan
3431 Feb
8 Sept
Apr
73%
24
90%
3%
2754
900
3,200
200
800
1,350
13,300
3
100
1
2,000
400
131 2
2435 2434
3% 3%
2,700
100
100
5634
634
23%
69%
354 451
83%
80
36
373.4
1% 1%
r25 r25
2
2
2
731 731
7%
66
66
66
135 135
116 116
1
451
37
211
24
4
34
3835
Feb
Mar
Mar
Feb
Mar
Jan
Apr
Jan
API
Feb
Jan
May
July
Jan
Apr
Feb
Apr
July
Feb
Feb
Sept
Sept
Jan
Mar
Feb
Feb
AP
Jan
May
July
Mar
4
35
12
2%
35
94
2
40
134
1%
3.4
235
50
634
2231
6335
334
72%
24
904
335
26
134
20
2%
1251
2034
134
26%
24
70
154
15
Apr
Feb
Feb
Mar
Mar
Mar
Feb
Sept
Feb
Feb
Mar
Mar
935 Feb
135 Apr
July
June
June
July
20% Aug
9 June
1714 June
54
5651
8
5
4%
5835
831
27%
69%
635
78%
24
90%
434
2735
June
Aug
Sept
June
June
Aug
May
June
Sept
July
July
Sept
Apr
July
Sept
34 June
25
Aug
6% June
Feb
534
Mar 85
Feb 39%
Mar
2,4
Mar 26%
May
4
Feb 10%
Mar 79
Mar 140
Mar 117
Mar
154
June
July
July
July
June
July
July
July
July
Aug
June
%
3
14
Si
34
54
25
31
34
54
1635
134
124
631
34
35
2
26
55
14
Feb
Aug
Feb
Feb
Apr
Mar
Mar
Jan
Mar
Mar
Feb
Mar
Mar
Feb
May
Apr
Apr
Jan
Jan
Apr
34
3
435
Si
3
134
5235
331
131
124
80
84
56
15%
24
1%
10
39
154
7%
July
Aug
June
June
June
July
July
July
June
June
July
July
June
Sept
May
June
June
Sept
June
July
4%
65
70
54
14%
June
July
July
June
July
2
1,600
150 28
1,850 13
700
35
110
8
200
34
3
2,600
50 57
70 64
20 109
700
3'
300
4
11
3
100
3
2
200
23(
900
*es
"i
800
2
234
31
% 1,600
150
49% 4934
800
134 135
200
"is34
100
10% 10%
50
5235 53
4
434 70,500
34
220
37
100
15
15
300
31
31
400
35
Ili
4
100
4
700
3835 39
300
51
Si
44 454
200
27% Aug
July
11
25;5
454
28
4
4
1%
2435
17
834
2%
80
11
23%
135
14
834
24
4235
34
831
84
10%
24
47
6
69
3455
4%
nig
334
2935
24%
4351
23%
1%
3%
1%
2334
16
5%
31
48
1035
1735
14
831
4%
134
38
33
4
84
5%
1%
44
335
46
25
2%
%
131
2134
70
4
44
High.
2
24
2
5331 5331
x5535 x5535 58
"is
34
31
9
9
10%
4,100
50
250
1,100
1,300
15
33
2655
si
134
Feb
Mar
Mar
Jan
Apr
234 231
19
19
404 39% 40%
145 z119 150
38
36
14 1%
1%
500
20
700
51
500
200
131
12%
12%
90
1131
34
Feb
5 June
May 2631 July
Mar 45
JUILY
Mar 175% July
Feb 524 June
Jan
234 May
54
54
135
334
7%
34
35
54
4
"i
54
2035
20
131
235 334
5
5
134 131
84
500
20
15
100
8,900
900
100
100
2,700
"es Aug
ii• Jan
15
AP
6
Feb
34 Apr
71, AP
431 May
34 Fe
7
Aug
1% July
1% July
55
Sent
•
July
28
2% June
8 June
9 June
34 July
July
20
Sept. 16 1933
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Sun Investing coin
$3 cony preferred
Swift & Co
25
Swift International
15
Tastyeast Inc claw A.....
Technicolor Inc corn
•
Thermoid Co 7% pref _10(1
Transoont Air Trans
•
Trans Lux Pict Screen
Common
1
Tr -Continental warrants.._
Triplex Safety Glass Ltd
Am dep rats ord reg__£1
Tubire Chatillon Corp 1
Class A
1
Tung-Sol Lamp Wks
*
Union Tobacco Co
•
United Carr Fastener_ _•
United Chemicals Inc.
Common
•
United Dry Docks
United Founders
1
United Milk I'rod corn_ •
$3 preferred
•
United Molasses Co-Am dep rein ord
United Shoe Mach oom_25
United Stores Corp v t a_•
US Finishing coin
•
U Foil Co ci B
1
U S & Internal Secutlet prof with warr
•
U S Lines Inc pref
•
U S Rubber Reclaiming *
United Wall Paper Fact_ "
Utah Radio Products_
•
Utility Equities common.'
Utility & Indus Corp.. •
Preferred
•
Vogt Manufacturing
•
Vortex Cup Co
Waco Aircraft
Wahl Co corn
•
Wsitt dz Bond cl A
Walgreen Co corn
•
Hiram Walker-Goodeehem
& Worts Ltd coin
•
Cumulative pref
Watson (John Warren)-'
Western Mr Express_ _ _10
West Auto Supply A......'
Western Cartridge
6% Preferred
100
Western Tablet & Stat'ryCommon v t
Westvaco Chlorine $7 P1100
West Va Coal ez Coke.. •
Williams (11 & Co
•
Woolworth (F W) Ltd
Am dep rats for ord
Public Utilities
Alabama Power $7 Ira...*
Am Cities Pow & Lt
-New class B
1
Amer Common'Ith Power
Class A common
•
Common class B
•
Amer El Pow $6 pref. •
Amer & Foreign Pow war!..
AmerGas & Elee
Preferred
•
Amer L & Tr oom
25
6% preferred
25
Amer Sts Pub Sent el A_ •
Am Superpower Corp come
1st preferred
•
•
Preferred
Appalach El Pow $7 pref...
Arkansas P&L $7 pref.....'
Maw Gas & EleeNew „common
Clas: Anew
$5 p` eferred
Assoc Teiep Utli corn„--•
Brazilian Tr L & P ord---•
Buff Niag & East Pow--25
Cables & Wireless Ltd
Am dep rota A ord shs_f
AmdeprctaBord4l
Am Dep rein pref shs..£1
Cent & Seetvest UtilCommon
•
Cent Hud GdeEvt c_--•
Cent III Pub Serv $6 pref •
Central P & L
pref_100
Cent States Eleo new corn 1
Cities Serv P & L 67 pref_•
Cleveland Elec Ilium coca •
Columbia Gas & Elea
-Cony 5% pref
100
Commonwealth Edison_100
Common de Southern Corp.
Warrants
Community Wat Serv.....1
Como]OH L&P Bait tom•
Cont'l G & E
pr pf-100
Duke Power Co
100
East Gas & Fuel Assoc•
435% prior preferred-100
East States Pow corn B..*
East Cell Assoc corn
•
•
Cony stock
Eleo Bond & Share corn.-5
$5 eternal preferred_.-•
$6 preferred
Elec Pow & Lt 2d pref
Warrants
Empire Gas & Fuel
6% preferred
100
7% Preferred
100
European Electric Corp
Class A
10
Option warrants
Gen G & E cony pref IL-•
Gen Pub Serv $6 pref.- •
Georgia Pow $6 pre
•
Hamilton Gas corn y t
Hartford El Light
25
Ind•tiolls P&L645' pfd100
Internet Hydro-Elect
33.50 pref new
•
Internati Utility
Class B
1
Warrants
Interstate Pow $7 pref •
Italian Superpower A---•
Warrants
long Island LtgCommon
7% preferred
BO
6% B prof
100
43.4
331
37
17
2531
151
754
26%
4
234
234
2%
231
3%
1734
26
1%
731
1531
1734
3035
434
31
8
134
234
55
z734
231
135
435
735
1035
635
4834
14%
134
200
331
100
37
1855 12,100
1,500
27
155 9,400
7% 1,500
250
27
800
434
Range since Jan. 1.
Low.
High.
Feb
Feb
Feb
Feb
Apr
2% Feb
Feb
5
254 Jan
5
37
244
324
2%
10%
34
6%
135
21
7
1251
June
Sept
July
June
Jolt
May
Juno
May
34 June
July
255
3
1,800
1,200
1% Mar
34 Apr
em
154 154
16% 17
30%
30
43.4 5
31
735 8
300
5,800
400
300
500
1,000
5%
2
854
114
Feb
Apr
Mar
Jan
May
Feb
1531
2831
4635
931
34
8
Sept
June
June
June
June
Sept
3
200
3
2
234 1,600
134 155 13,200
75
651 651
2
25
25
251
55
,4
134
184
Aug
Mar
Ayr
June
Apr
6
334
3
631
25
June
June
July
Sept
Sept
17,500
2% 3
600
5435 5631
100
51
51
100
2% 251
400
z734 835
14
3034
3.4
Si
2%
Feb
Max
Jan
Feb
Apr
534
5631
2
755
1155
July
Sept
June
July
June
400
100
400
10
100
1,700
BOO
500
100
150
1,500
700
200
4,300
1734
54
31
%
2
131
1
154
2
6%
8
151
2%
16
Mar
Jan
May
Jan
June
Apr
Feb
Apr
Feb
Sep
Aug
May
July
Sep
65
131
4
3%
234
435
334
7%
7%
9
1335
334
735
18
July
June
July
July
Sept
June
June
June
July
May
June
July
Jan
July
5134 47,900
15% 5,200
600
131
100
14%
100
204
335
7%
31
114
935
Feb
Feb
Jan
Fe
Jan
644
1734
1,1
17
21
July
July
July
July
Aug
5131 544
1
1
151 235
155 1%
2% 255
2
251
134 134
435 4.35
5
5
z734 7%
9,1 10%
2. 3
635 634
17
16
434
1431
1
144
2034
7035 7035
so
5335 Apr
714 Aug
13%
7
7
78
78
9,4
34
1351 1334
100
25
100
200
6
Apr
56% Jan
35 June
Mar
4
10%
78
135
1631
2034
194 20%
600
1135 Jan
204 July
4235 4235
20
2%
2%
all
"is
4
831
25%
75
15
20
1
331
68
25
784
30
26
75
1531
331
68
25
30
131
154
34
1355
1634
254
2655
34
154
1051
2351
25
254
15
264
4,700
700
lie
he 1,200
50
4
700
931
3035 15,200
500
7834
184 2,400
500
20
300
1
56.400
4
900
6935
600
25
2
7831
10
30
134 151
1
131
4
5
34
1334 14
1634 1731
1t
4
351
331
1%
54
351
1235
12
1435 1631
85
46
Jan
July
1M jlly
% Ju
434 July
1,900
2,900
50
200
3,200
2,900
100
10
100
2,200
2
25
47
131 2
36
34
10
10
134 131
36
54
1,000
10
10
500
200
7
634 9%
15835 X583,' 6031
z4835 z4835 52
June
June
Jan
June
Jan
June
June
June
une
Isis Apr
he Feb
234 Feb
2334 24%
834
134
11
45%
55
11
52
56
AugJune
June
6%4
13%
50
9131
264
214
235
931
754
50
200
2,100
300
24
134
mar
Mar
Jan
Apr
Mar
Apr
Apr
Apr
Apr
Max
Apr
Apr
Sept
Sept
Jan
6% June
311 ju e
2 Ju y
10% June
n17 June
15 jjusnly
35
52
56
1%
'is
Ito
2
2%
17%
69%
12
18
1
24
52
15
784
30
8554
14 Sept
I
Sept
3 May
34 Mar
6
Feb
1555 June
8
1
11
4535
54
34
52
56
834
2% Sept
1,500
4,00
38
2,200
2,600
600
T11
34 14,400
Tie
700
1
131
131
59% 1,200
z54
x54
25
45
45
45
25
z53 z53
z53
900
735 834
734
225
257 z57
600
2
235
2
100
18%
18
300
4
435
70,500
20% 204 25
500
394 3931 4035
1,700
4535 4534 50
400
1435 1434 1531
700
435 435
435
11
Apr
300
2
1
Mar
100 1035 Apr
1031
10 x1835 Apr
2331
50 20
Jan
25
155 Feb
234 11,700
50 11
Mar
15
60
20% Ap
2735
101 105%
101
504 50% 53%
1234
1435
37
July
Sept
July
July
68
50
Itio
34
434
3531
384
4
5551
1%
13%
134
10
2234
25
431
14
an
j
Apr 13 ,i July
8
2
5
Apr
Apr
May
Apr
May
Apr
Mar
Apr
Mar
Apr
Apr
Feb
Apr
Apr
Feb
Feb
6
Apr
74 Apr
23.4
34
3
18%
4.3%
51
48%
53
Mar
Apr
Apr
Mar
Apr
Jan
Mar
Mar
22
July
%
%
5%
14
Si
455 July
n
3185
284 Feb
JuneJan
.u e
1 y
3754 J:
4
2935 Juno
:
0
66 i!
71 j
June
768
2
164263;
4June
1
631 3uly
July
59 June
9
June
29 June
3.4
May
21
83i Aug
25 June
134 July
u ly
u
62%1 Jjne
7 4 j mi
10
34 June
59 June
75 May
27
July
331 June
Feb
Feb
Mar
Feb
May
2331 j ne
Ju
June
31
June
4,900
6% Sept
220 z58% Sept
125 4831 Apr
16 June
8255 Feb
Jan
74
Financial Chronicle
Volume 137
Friday
Sales
Last Week's Ra..ge for
Public Utilities
Sale
of Prices.
Week.
(Concluded)
Par. Price. Low. High. Shares.
Marconi Wirel T of Can_l
Mass Util Assoc v t c_ •
5% cony pref
50
Memphis Nat Gas
6
Middle West CBI oom_ •
Miss River Pow pref _100
Mountain Sts Tel & Tel 100
National P & L 86 pref •
Nev-Calif Elec corn_ _100
New England Pow Assn
$6 preferred
•
N Y Steam Corp Corn.. *
N Y Telep 64% pref_106
Niagara Ilud Pow15
Common
Claes A opt warrant____
Class C opt warr
Nor States Pow corn A_100
Ohio Power 6% pref _100
Pacific0& E 6% 181 p125
54% 1st pref
25
Pa Water & Power Co---•
Philadelphia Co corn
Puget Sound P & 1$5 preferred
Shawinigan \Vat & Pow_ •
Sou Calif Edison
7% prof series A
25
pref series B
25
54% preferred C___.25
Southern Nat Gas corn_ *
Standard P & L Corp
Preferred
•
Swiss Amer Moo pret___100
Tampa Electric Co
•
Union Gas of Canada__ •
United Corp warrants
United Gas Corp corn___ _1
Pref non-voting
•
Option warrants
United Lt & Pow corn A__•
Common class B
$6 cony 1st pref
•
US Elec Pow with warr1
Warrants
Utah l'& LS7 pref
•
Util Pow & Lt new com _1
West Tex Utll 56 pref____*
Western Power 7% pref 100
34
211:
24 24
20
20
4% 4%
h
91
91
1084 1084
524 524 54
104 104
10.4
464
31
74
31
26%
22
214
51
9%
184
18
36
244
4%
3%
31%
1
3%
154
34
83
Former Standard 011
Subsidiaries
Humble 011 & Ref
25 84
Imperial Oil (Can) eouto__• 134
Registered
Indiana Pipe Line
10
National Transit ____12.50
74
Penn Men Fuel corn
1
South Penn Oil
25 19%
Standard Oil (Indlana)-25 32%
10 17
Standard 011 (Ky)
Standard 011 (Neb)_ __ _25 ......
Standard 011 (Ohio) corn 25 31
49
46
33
31
1164 1174
52,300
200
25
300
800
10
10
550
50
Low.
High.
Apr
3% Sept
34 June
MaY
Sept 254 Jan
20
234 Feb
6% May
*14 Sept
44 May
Apr 91
75
Sept
804 Apr 108% Aug
Apr 724 June
34
9
May 15
June
490 26% Apr 62% July
300 33
Aug 45
Jan
200 10944 Apr 119
July
734 84 15.200
1,300
ore
31
100
.4
4
400
264 32%
20
81% 82
1,800
22
22
2014 21%
700
51
100
51
8
10
1,000
184 20
16% 174
290
500
24
24
2034 20%
17% 18
he
44
300
200
1,300
400
744
7us
4'
23%
75
21%
19%
39
z5
12
8
22%
194
174
Ire
Sept
Apr
Feb
Apr
May
Apr
Mar
AV
Mar
16% Jan
June
2
June
534 July
864 July
2544 Jan
23% Jan
Mar
60
1734 June
Apr
Feb
June
28
20% July
Apr
May
Mar
Mar
Jan
27
24% Jan
224 Jan
June
1
36
200 16
3731
Apr
41%
300 184 Mar
39
244 25
300 19% Apr
100
4% 4%
1% Apr
1,600
2.4
1% Mar
3% 4
16,500
1
Feb
600 13
32
Feb
31
1% 1.700
1
3-Feb
17,7002
Mar
34 5
400
54 64
24' Feb
18% 1,400
15
84 Apr
2.400
.
8
4 1
3d Sep
60
'Is Apr
44
34
100 20
25
Mar
25
1% Sep
6,300
14 14
25 25% Sep
25% 25%
83
Ma
350 74
82
50
4344
32
74
64
64
45
14
9%
12%
414
14
34
42
2%
28
85
July
July
June
July
June
July
July
June
June
June
June
June
June
June
Aug
Sept
July
84
874 7,600
13% 14% 9,700
100
134 134
4,1
100
8
800
400
34 34
18% 194 4,200
324 33% 30.800
164 17% 3,600
164 16% 1,000
34
300
31
Mar
Ma
Apr
Fe
Apr
134 Feb
Fats
11
17
Mar
844 Mar
11
Apr
1544 Mar
88
154
15
8
10
4
224
33%
19%
2055
41
June
July
July
June
May
June
July
July
July
June
July
Mar
Feb
Mar
Feb
Feb
Feb
Feb
Apr
2%
54
4
4%
1444
74
4
244
July
June
June
June
Sept
July
July
June
Mar
6%
8%
14
6%
2%
62
June
July
July
July
June
July
Apr
Feb
Jan
Apr
Apr
Apr
Feb
7
194
2
14
94
11%
634
June
July
June
June
July
June
Sept
31 Jan
3.4 Jan
234 Jan
Feb
10
Jan
'is Jai
3
Ma
Ma
4
144
64
20
14
4
74
3%
June
June
June
May
June
June
Sept
July
ikk
1,4
21
31
34
%
13.4
52%
114
24
1%
44
94
14
64
14
13%
8%
14
June
June
Sept
July
June
June
June
June
June
June
June
May
Sept
June
Other Oil Stocks
13,600
Amer Maracaibo Co
1
14
2
1,000
Arkansas Nat Gas corn ' 2
2
2
Common claim A
3,700
•
14
Preferred
600
100
29-1
2%
British Am 011 coupon..* 14
14%
14
600
Carib Syndicate
25e
5%
14,700
5%
Colon 011 Corp corn
2% 3
3,60(
•
24
Columbia Oil& Gas vto.-•
1%
1,200
1%
Coeden Oil Co
CUs of denorilt
344 4
1.400
3%
Creole Petroleum
74 834 5,800
5
734
Crown Cent Petro icom •31
2,800
41" 1
Darby Petroleum new
5
200
5% 531
Derby 011 & Ref corn _ _ _ _*
14 14
100
Gulf Oil Corp of Penna__25 5531 55
60
6,700
Indian Ter Blum 011
Non-voting Class A. •
44 44
100
International Petroleum.* z184 2184 194 17,900
•
Kirby Petroleum
14, 14
600
Leonard Oil Develop_ __25
*re
1,800
31
Lion 011 Refining Co____*
7
644 8
1.30
Lone Star Gas Corp
• x754 z74
2.000
Michigan Gas & OH
5% 634 6,60
•
541
Middle States PetrolClassA Yr°
•
24 2%
231
70
Class B vt c
•
40
31
Mountain Producers____10
5
544 2,00
National Fuel Gas
• 13% 13% 14%
4,90
New Bradford 011 Co___2.
14
2,200
Nor European Oil com_ •
1,00
44
31
Pacific %Vestern 011
•
74i 744
700
Pantepee 011 of Venez_ •
14
5,200
134
Petroleum Corp of Amer
Stock purchase warr
4 6,400
Producers Royalty
1
irs
44
6,000
Pure 011 Co 6% pref___ 100 524 44% 524
570
Reiter Foster 011
•
1
100
1
Richfield (More(
25
400
1
Refining corn
Root
1
100
Ryan Consol Petrol
•
100
Salt Creek Prod Assn_ _10
631 64 1,400
Savoy Oil Co
400
5
31 1
Southland Royalty Co___5
541 54 1,800
531
Sunray Oil
1
5
1,000
Texon Oil& Land Co.__ • x8% 284 9
500
Venezuela Max Oil
7
10
400
7%
Venezuela Petrol
5
1
1
2,700
Mining
looker 11111 & Sullivan 10
Ilwana M'Kubwa Copper
American shares
Consol Copper al ines._..5
1
Cresson Consul U M
Cusl Mexican Mining__50c
Falcon Lead Mines
Goldfield Consol Mines_10
25
I lecla Mining Co
liollinger Consul a M___5
Bud Ray Mmn& smelt.--•
Internal Mining Corp_ ___1
Warrants
10
Iron Cap Copper
4
Kerr Lake Mines
Kirkland Lake GI M Ltd.'
Lake Shore Mine* Ltd-__1
•
Mining Corp of Can
25
New Jersey Zinc
Newmont Mining Corp.10
N V.6 Honduras Rosario10
5
Nipissing Mmes.
1
Ohio Copper Co
Pioneer Gold Mines Ltd 1
1
Premier Gold alining
Roan Antelope Copper
American shares
Range Since Jan. 1.
39
40
64
634
34
5%
*es
14
sl
2
6%
34
34
31
14 Jan
44 May
44 N eg
7i A ar
51 1 ub
24
I%
z834
31
4
14
444
1
31
3
4
34
31
64
3
4
Jan
hlre
AP
/19
Jai
Jun
Feb
Feb
June
Feb
Jan
Apr
Aug
Jan
414
100
1414
Jan
144
13-1
62
49%
20
244
3-1
114
z1.4
uni
the
4
he
*re
4
544 6
9% 9%
94 10%
844 104
3
34
14 14
45•
31
44
46
424 444
14 2
554 63
46
514
19
20
24 24
it
31
10% 114
134 14
400
4,500
6.200
7.400
3.100
14,700
1,20
1,800
9.100
3,400
4,200
700
10
1,30
12.40
30
4,00
11.800
20
4.900
16.20
30,90
6,60
34
31
'Is
4
115
lis
24
63.4
24
7%
234
3.4
4
34
2534
14
264
114
734
1
iis
344
*is
Jan
Apr
Jan
Jan
Apr
Jan
Feb
Jan
Jan
Aug
Aug
Jan
Jai
Jan
Mar
Apr
Ma
Mar
Feb
Jan
Jan
Jan
Apr
27%
26% 23%
4,30
1%
14
31
,4
6
931
104
104
344
31
44%
1%
7% Ma
474 July
1%
214
9-4
1%
511
1611
334
104
124
11
4%
2,4
1%
34
47
2%
63
514
2144
4
44
15%
14
June
June
June
June
June
July
June
July
July
July
July
June
June
Feb
July
July
Sept
Sept
July
July
June
July
June
284 Sept
2089
Friday
Sales
Last 1Veek's Range for
Mining Stocks
ofPrices.
Sale
Week.
(Concluded)
Par. Price. Low. High. Shares.
St Anthony Gold Nlines_l
Shattuck Deno Mining_ __5
Silver King Coalition_ _5
So Amer Gold & Plat____5
Standard Silver Lead ____1
Tack-Hughes Minas
1
1
Tonopah Mining
United Verde Extension 50c
Utah Apex Mining Co_ 5
Walker Mining Co
1
Wendell Copper Mining 1
Wright-Hargreaves Ltd.-•
Yukon Gold Co
5
3%
34
2%
6
241
3
34
6%
1%
4
1%
9-4
6
14
34
1
34
44
6%
7%
A
14
714 4‘,500
3% 1,800
6
100
4,400
3
'it 4,100
64 17,500
14 1,000
4
2,200
1%
800
600
.7i
he 2,500
75% 63,600
9-1 3,700
Bonds
Alabama Power Co
3
1st de ref 5s
1946 80% 804 83
13,000
let & ref 53
1951 69
69
7334 21,000
1st & ref 59
1963 66
68
64
15,000
1st & ref 434s
1967 60
63
60
65,000
Aluminum Co s f deb iSs '52 9844 984 99
26,000
Aluminum Ltd deb 58_1948 73% 73
73% 11,000
Amer & Com'wealths Pow
Cony deb 65
1940
24 12,000
2
2%
1953
24 2% 6,000
Amer Corn Pow 54s_ _1953
4% 44 4,000
Am El Pow Corp deb 65 57 24
23
26
34,000
Amer U & El deb 5s 2028 78% 76% 79
77,000
Am Gas & Pow deb 66_1939
33
33% 7,000
Secured deb 5s
1953 254 254 27% 20,000
Am Pow & Lt deb 6s_ _2016 .54
4944 5644 121,000
Am Radial deb 444s_ _ 1947 1014 100% 1014 35,000
Am Roll Mill deb 5s._1948 72
7134 7334 33,000
44% notes__Nov 1933 101% 10044 102% 295,000
Certificates of deposit_ 100% 99% 102
74,000
Amer Seating cony 68_ /936
48
49
6,000
American Tread 514s_1938
103 1034 3,000
Appalachian El Pr 56.195€ 864 864 884 46,000
A ppalachlan Power 55_1941 104
1034 104% 7,000
Arkansas Pr & Lt 5s_ 1956 67% 66% 69
71,000
Associated Else 4348..1953 31
294 32 123,000
Associated Gas & El Co
1938 1655 16
Cony deb 514e
17
80,000
16
1948
44s
16% 5,000
Cony deb 4%a
1949 14% 13% 1414 193,000
Cony deb rgi
1950 1534 15
16 107.000
Deb 58
144 154 215.000
196A 15
Registered
1334 14% 12,000
Cony deb 545
17
1977
18
9,000
Aesoc Rayon 55
45
45
1950
7,000
Assoc T & T deb 544te A '55 3714 374 40
42,000
Assoc Telep Util 548_1944 12% 124 13
88,000
6% notes
19
1933 1944
20
15,000
Atlas Plywood 5456_1943 504 50
51
9,000
Baldwin Loco Works
Os with warr
1124 116% 239,000
1938 115
65 without warr..._l938 7434 74.44 77 276,000
Bell Telep of Canada
let M 56 series A
1955 1024 101% 1024 65,000
let M 5s miles B
1957 102% 101% 102% 41,000
1960 102% 101% 1024 73,000
let M 5s ser C
Bethlehem Steel 6s
1998 111% alit 111% 4,000
62
Birmingham Elec 4145 1968 62
63
10.000
Birmingham Gas 5s
1959 524 50
524 3,000
104% 10444 10.000
Boston Consol Gas 5s_1947
Broad River Pwr 5s A.1954
38
40
6,000
10544 10644 2.000
Buffalo Gen Elec
Canadian Nat Sty 7s._1935 10134 10134 102
26.00
Canada Northern Pr 5.3 '53 74% 724 74% 34,000
Canadian Pao Ry 6s_ _1942 106% 105 10914 61,000
Capital Adminis Is..1953
744 74% 1,00
Without warrants_ _ _ _
Carolina Pr & Lt 5s._ _1956 6654 65
67
31,00
98% 994 57,00
Caterpillar Tractor 58.1935 99
101 101% 15,00
Cedar Rapids M & P 56'53
84
Cent Arizona L & P53_1960
85
7,000
Central German Power33% 33,4 11,000
l'art etre 68
1934
Central III Light 5s_ __1943 10431 10444 1044 6,000
Central Ill Pub Service
55 series E
6634 68
8,00
1956 67
let & ref 4 448 ser F.1967 59
57
594 24,00
58 series
1988 64% 6234 654 19,00
6144 6144 4.000
1981
43 series H
-Is
Cent Maine Pow 58 D 1955 92% 924 9244 1,000
Cent Ohio Lt & Pow 55 '50 644 644 664 9,000
Cent Power be ser D__1957 55
5234 56% 26.000
Cent Pow & Lt 181 58.1956 51
534 66,000
51
Cent Pub Serv 5 4s_ _ _1949
Without warrants_ _
24 24
3,000
Cent States Elm 5s__ _1948 __:1
40% 44
29,000
Deb 548 Sept 15 1954
39
44 109,000
With warrants
40
Cent States P & L 550 '53 3934 39% 43% 36,000
'
Chic Dist E cc Gen 434s '70 71
694 734 18,000
Deb 54e_
85
85
2,000
1935 85
Chic l'neu Tool 545..'42
61
60
7,000
Chic Rys Se crtfe
1927 574 57
584 27,000
Cincinnati St Ity Os B_1955 51
.51
51
4,000
Cities Service 5a
32% 334 12.000
1966 33
Cony deb 55
1950 32% 3214 33% 215,000
Cities Service Gas 6345 '42 524 524 52% 12,000
Cities Serv Gas Pipe L '43 644 63% 644 23,000
CitleeServ P & L 5146 1952 324 31% 33% 81,000
5146
me 334 33
34% 41.000
Cleve Elec Ill 181 58_1939 10444 10444 10445 29,000
58 series A
10644 107
1954 107
3,00
5s series II
108% 108,4
1,000
1961
Commerz und Privet
Bank 53-4*
5034 515-1 50,000
,
1937 51
Commonwealth Edison1st M 58 series A
1953 1003-4 1004 10144 24,00
let NI 58 series B
1954 9944 994 1004 21,000
1st 444s series C
93
92
1956
5,000
let Id 4 46 series D.1957
91
92% 4,000
4148 eerie.* E
1960 924 91
924 31,000
1s1 11 4s series F
1981 8344 8144 8334 165.000
548 series G
1962 10144 101% 102% 67,000
Com'wealth Substd 546'48 71
73% 42,000
71
Community Pr & Lt 58 1957 45
45
24,000
48
Connecticut Light & Power
54 series 11
102 102
1954
1,000
444s series C
1094 10914
1956
1,000
Conn River Pow 511 A 1952 9934 99% 100% 34,000
Como] G, E L & P 44e '35 104
103% 105
7,000
Consol Gas(Balt City)5s'39 1064 106 106% 5,000
Consol Gas El Lt &P (Ball‘
44ke series G
1969
105 105
2,000
448 series It
11170
105 105
1,000
let ref e I 46
98
1981 98
984 43,000
Consul Gas Util Colet & coil 68 ser A 1943 384 3331 4034 21,000
Deb 644s with warr 1943
9% 9% 3,000
Consol Pub 73
48
stpd 1936
48
2,000
Consumers Pow 448_1958 1014 1013110174 77,000
let & ref 58
1936 1044 1033-4 104% 30.000
Conti Gaa & El 53_1958 464 42% 48 117.000
Continental 011 5%s..1937 100
100 1004 19,00
Crane Co As.. _Aug 1 1940
854 854 1,00
Cudahy Pack deb 54s 1937 99
984 99% 26,00
SI nkIng fund 5s. _1946 101 11 104 10434 6.00
Range Since Jan. 1.
Low.
„
34
234
34
4
144
34
Jan
Feb
Jan
Mar
Feb
Feb
Mar
Mar
Jan34 n
a
a
j
Ja
834
111 Feb
75
6614
5844
54
80
47%
High.
%
4%
7%
34
34
74
14
6
1%
1%
Tie
7%
1
June
June
July
Aug
Apr
July
June
June
June
June
June
Aug
June
Apr 10034 Jan
Apr 97
Jan
Apr 894 Jan
Apr 814 Jan
Apr 99
Jan
Mar 80 June
4
14
3
z12%
69
13
11
3244
83
33
45
994
22
964
714
94
62
254
Apr
June
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Apr
AD
Sep
Apr
Jan
Apr
Apr
Apr
Apr
54
8
e8
40
92
42
374
73%
10I4
81
105
102%
51
1034
974
1(15
9044
474
July
Jan
Jan
July
Jan
July
July
July
Sept
July
July
Aug
July
Sept
Jan
Feb
Jan
Jan
13
1234
114
134
13
z13
16
33
15
5
11
27
Ma
Mar
Mar
Mar
Mar
Sept
Mar
Apr
Feb
Mar
Apr
Mar
2614
27
26%
28
27
25
35%
52
47%
2431
534
53
July
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
Jan
June
102
70
July 117% Aug
July 824 Aug
87
8544
87
99
584
40
994
2744
101
98
59
704
Feb
Apr
Mar
May
May
Feb
Apr
Apr
Feb
Apr
Nf a
Mar
67%
54
88
8634
7744
103
10244
1024
112
Aug
Sept
Sept
June
66
105
484
107%
1024
78
113%
July
Jan
Jan
Jan
June
July
July
Apr 80
Apr 794
994
Ma
Mar 101%
Apr 93%
July
July
Sept
Sept
Apr
644
105
Jan
Jan
3344 Sep
98% Jun
52
48%
52
48
85
534
49
42
Apr 80
July
Apr 744 July
Apr 78
Jan
Apr 73
Jan
Jan
101
Ma
Apr 76
Jan
Apr 75
Jan
Jan
67
AP
13-1
2744
Jan
Apr
28
23%
584
74
23%
47
484
244
2444
42
54
25
254
11%
1024
102
Apr
Apr
Apr
Apr
Jan
Mar
Apr
Mar
Mar
Feb
Jan
Apr
Apr
Mar
Apr
Apr
464 June
*9144
92
z834
834
82
7414
95
57
364
Apr
Apr
Apr
AP
Apr
Apr
Apr
Apr
Apr
102%
97%
89
99%
1024
Ma
May
May
Mar
May
44 Mar
56
July
564
54
8431
e94
6544
664
65
46
4534
67
7844
434
4344
e1073-4
108%
110
July
July
Jan
Jan
July
July
June
May
May
July
June
June
June
May
Jan
Jan
66%
Jan
1064
10534
1024
1014
101
9344
10654
874
59
Jon
Jon
Jan
Jon
Jan
Jan
Jan
Jan
June
1104 Jan
10544 Feb
100% Sept
105
Sept
108% Jan
Jan
98 , Apr 106
9544 May 107% Jan
89
may 100 Aug
21
4
30
904
100
37
92
65
87
994
Jan
Apr
Mar
Apr
Mar
Apr
Mar
Apr
Mar
Mar
484
16
48
104%
108
6544
10045
92
100%
105
July
July
Sept
Jan
Jan
June
July
June
July
June
Bonds (Continued)-
Sept. 16 1933
Financial Chronicle
2090
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
$
Price. Low. High.
Range Since Jan. 1.
Low.
High.
Bonds (Continued)-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
3
Price. Low. High.
Kentucky Utilities Co
5,000
88
88
Cumb Co P & L 4%5_1956 88
let M 58
1961 6094
Dallas Pow & La Os A1949 1053-4 10434 10634 9,000
63-4s series D
1948 80
6,000
1952 10234 10234 10334
Is series C
5145 series F
1955
Dayton Pow & Lt 55 1941 10594 10535 10534 12.000
Is series I
1969 6234
8,000
80
82
Del Elec Power 5%5_ _1959 81
Kimberly-Clark 5s.. _ _1943
12,000
9934 100
Denver Gas & Elea 53_1949 9934
Koppers 0 & C deb 5s1947
6,000
7234 76
Derby Gas & Elea 58_ _ 1946
Sink fund deb 5%5_1950 84
16,000
90
90
1947 90
Del City Gas 68 ser A
Kresge(SS) Co 5s__ _1045
20,000
813-4 83
1950 83
58 let series B
92%
Certificates of deposit_
Detroit Internet BridgeJuly Laclede 088 515s
1985
8
Jan
2
2,000
3% 3%
6%5 ctfs of dep__ _1952
43-4 June Larutan Gas 6348 _ _1935
1,000
34 Mar
134
Aug...1. 1952
13-4
7s
Lehigh Pow Scour 65_2026
Dixie Gulf Gas 63481937Apr 943-4 July Lexington Utilities 55_1952
12,000 70
8734 90
90
With warrants
June Libby MoN & Libby 58'42 71
Jan 102
1,000 88
97
97
1967
Duke Power 416s
Lone Star Gas 55
1942
Eastern Utilities Investing
Jan Long Island Ltg Os...... 1945 92
93-4 Feb 23
4,000
14
13
1954 13
5s ser A w w
Loa Angeles Gas & EleoEdison Elea III (Boston)Is
1939
102 1023-4 23,000 9934 Apr 10334 Jan
1934 102
2-year 58
53-45 series F
1943
1935 1023.1 102 10234 17,000 953-4 Apr 10334 Jan
5% notes
53-45 series E
July
1947
Apr 59
42 123,000 2.
37
Light 55_2030 37
Elec Power &
let & gen 55
1961 9834
Apr 863.4 Jan
1,000 63
78
78
El Paso Elec 55 A_ __ _1950 78
68
1942
El Paso Nat Gas 6345_1943
Sept Los Angeles Pao 45_1950 53
Apr 63
10,000 40
63
61
With warrants
Jan Louisiana Pow & Lt 581957 79
Sept 50
2,000 39
39
39
1938
Deb 63
-Is
Jan Louisville G & E 65 A _ 1937
Sept 88
6334 13,000 60
62
Elmira Wet L& RR 55 1956 62
4345 series C
July
1961
Apr 67
37
15,000
53
52
Empire Dist El 55.- _1952 52
Empire Oil& Re/ 53551942 4735 473-4 4834 45,000 2834 Apr 583-4 July Manitoba Power 5358_1951 3134
Mansfield Mining & Smelt
Ercole Morelli El 6345_1953
78 without warr_
1941
7534 763.4 6,000 63 June 7631 Feb
With warrants
Jan Mass Gas Co
May 104
95
9734 18,000 88
1967 96
Erie Lighting 58
Sink fund deb 58-1955 86
European Elec 6345-1966
535s
Sept
Mar 79
1946
12,000 60
79
77
78
Without warrants
Apr 3934 Aug McCord Rail & Mfg
7,000 23
3734 373-4
European Mtge Inv 78 C'67
ils with warrants_ _1943
Apr 7235 July
7134 6,000 46
71
Fairbanks Morse deb 55.'42 71
June Melbourne Elec 7%5-A1940
9
2% Jan
1,000
9
9
Federal Sugar Ref 6s_ _1933
July Memphis Power & Lt 55 '48
Apr 43
40,000 18
29
32
Federal W. ater Serv 5345'54 30
Metropolitan Edison
Finland Residential Mtge
45 series E
1971
Jan 7034 Aug
35,000 38
6634 69
1961 69
Banks 65
1962 853-4
Os series F
Mar 8934 July
26,000 68
8734 893-1
Firestone Cot Mills 58.'48
Apr 0234 Aug Middle States Pet 6345 '45
91
9131 32.000 71
Firestone Tire & Rub 5542 91
July Middle West Utilities
Apr 74
26,000 44
Fla Power Corp 5348_1979 623-4 6234 64
Is ctfs of deposit_ __1933
934
7034 July
Mar
6134 95,000 48
Florida Power & Lt 58 1954 5934 58
Is cars of deposit__ 1934
58 Ws of deposit_ __1935
Jan
934
24,000 359.4 Mar 72
Gary El & Gas 55 ser A 1934 4034 4035 4634
8314 July Midland Valley 55_ _ _ _1943
A0,
76 1180)0 5o3.
75
Gatineau Power 1st 55 1956 75
Mar 7234 July Milwaukee Gas Lt 4355 '67
Deb gold 68 June 151941 683-1 67% 6934 11,000 39
July Minneap Gas Lt 4345_1950 76
Mar 73
6534 6734 16,000 39
Deb 6s series B._.1941 67
74
Aug Minn Gen
3,000 543% Apr
73
73
__1940
General Bronze 6s_ Corp-MinnP & Elec 55____1934 73
L 4358
1978
Gen Motors Accept
1955 75
58
14
101/ 1013-4 9,000 10031 Mar 10334 Aug
5% serial notes_ _ _1934
Sept Mississippi Pow 5.3
1955 52
Sept 101
1,000 101
101
101
Registered
1957 64
1934 1033-4 10335 103% 7,000 1003.4 Mar 1033-4 Aug Miss Pow & Lt 5s
5% serial notes
Mar 1045i July Miss River Fuel 65_1944
1936 10334 103% 103% 4,000 100
5% serial notes_
95
With warrants
38 June
Mar
44,000 12
32
A.1926 34
3434
Gen Pub UM! 61459131
Without warrants
4,000 1794 Mar 48 June
4394 45
1933
2-yr cony 6345
Mar 60 June MI88 River Pow lst 55_1951 10334
5,000 20
41
41
Rayon 65 ser A__.1948
Gen
Sept 10834 Aug Missouri Pow & Lt 53-45 '55
52.000 101
103
Gen Refractories 6s_.1938 10235 1013i
Missouri Public Serv 68 .47 50
May
4835 28,000 3834 Mar 60
Gen W at Wks & El 55 1943 4834 45
Feb Montreal LB & P Con
Apr 18
1,000 10
10
10
1944
Deb 6s series B
let & ref 55 ser A._ _ 1951 103
Apr
9074 Jan
60
Georgia Power ref 5 - 1967 7374 7231 7434 76,000
555 series B
1970 10134
Apr 7034 July
5,000 40
57
57
Georgia Pow & Lt Ers- _ 1978 57
Munson 85 Line 6355_1937
1953
Ge8furel deb 68
With warrants
17,000 3134 June 693.4 Jan
383-4 3634 39
Without warrants
Feb Narragansett Wee 5a A '57 102
Apr 102
9535 9634 10,000 89
Safety Razor Is'40
Gillette
Apr 7134 July Nassau & Suit Ltg 55_1945
45
Glen Alden Coal 45-1965 6134 6034 6134 23.000
Apr 9434 Sept Nat Pow de Lt Os A-2026 70
1035 0434 93
9494 24.000 75
Glidden Co 534s
Deb 55 series
_2030 57
July
Feb 100
4,000 77
99
99
Godchaux Sugar 73.45_1941 99
B.-July Nat Public Service 55 1978
Apr 102
10034 100% 3,000 94
Grand Trunk Ry 63451938
-----Certificates of deposit_
Sept
Apr 75
9,000 50
7234 75
Trunk West 48_1950 75
Grand
195
Apr 10134 Sept National Teals
1,000 89
100 100
Great Nor Pow 58_ _ _ _1935 100
Nebraska Power 4%5_1981 99
Great Western Power 58'46 10234 1013-4 10234 6,000 93 May 1063.4 Jan
Os series A
2022 91
June
1,000 2634 Apr 50
39
39
Guardian Invest 5s_ _ _1948
Apr 10234 July Nevada-Calif Elee 55_1966 6434
1937 10134 10135 1013-4 48,000 92
Gulf 011 of Pa 55
Mar 1023,4 Aug N K Gas & El Awn 55_1947 44
43,000 92
1947 10134 10035 102
58
Cony deb 55
1948 439-4
Jan
Apr 82
7444 7534 17,000 60
Gulf States TRU 55-1956
1950 425e
Cony deb Is
/
Mar 1043-4 Sept
9,000 96
Haoaenssiej9 ‘r„ ater 58_1935' 10234 10234 103
10134 1013,4 3,000 9034 Apr 10331 Aug New Eng Pow Assn 56_1948 5494
1977
Is series A
Debenture 5345_ _ 1954 5931
Mar 723-4 July
21,000 49
70
69
.
Hall Printing 5355_ - _1947 70
-4 Jan New On Pub Serv 435s '35
5,000 6234 Apr 863
64
64
Hamburg Elea 78_ _1935
6s series A
1940 33
Sept 723-4 Jan
11,000 40
43
41
5358'3Y
Hamburg El & UndJan 10134 July NY Cent Flee 53-I5_19.30
10134 10134 10,000 92
1939
Hanna 6s
NY Penna & Ohio 435s '35 993-4
.July
48
533-4 33,000 313-1 Mar 61
68_1943 52
Houston Gulf Gas
16,000 7934 Apr 9634 Jan NY P&L Corp 1st 4348 t67 8834
92
9131 91
Bolls L & P 1st 4355 E 1981
923-1 9231 8,000 7835 Apr 963.4 Jan NY State0& E 4345_1980 753-1
18t & ref 4358 ser D.1970
Jan
53-48
1962
May 104
1953 10235 10134 1023-4 15,000 88
5s series A
July NY & Westch'r Lag 4s 2004
Apr 120
50,000 77
110 115
Hudson Bay M & S 65_1935
Debenture Is
1954
1,000 993-4 Apr 10731 Jan
105 105
Power 5s_ _1950
Hyradulic
Jan Niagara Falls Pow 68_1950 107
May 106
1951 10534 1051/4 105% 3,000 98
5s
5s series A
1959
16,000 8594 May 1023.4 Jan Nippon Elec Pow 6345 1953
1947 9834 9871 100
Idaho Power 55
No American Lt & Pow
Apr 8534 July
Illinois Central RR 435s'34 7534 7536 7731 29,000 33
58
1934
May 10034 Feb
Northern Iltil 5s_ _ _1957 923-4 923-4 9274 7,000 85
III
5% serial notes
1935
Apr 7734 July
6235 39,000 52
60
III Pow & L let 65 ser A '53 62
923.4
Apr 74
5% serial votes__ _ _1936 35
July
5834 5931 15.000 50
1958
let di ref 5345 ser B_1954 59
59.45 series A
Jan
40,000 4534 Apr 71
5634 59
1956 57
1st & ref 5s ser C
Apr 6034 Jan Nor Cont Utll 53.4e._.1948 3235
38
S f deb 5358-May 1957 4931 4935 5134 52.000
Nor Ind G & E 65_
1952 90
July
Indep Oil & Gas 6s,,.1939 1003-4 10034 10035 24,000 8435 Mar 101
Northern Indiana l'ElIndiana Electric Cow1966 71
5s series C
Feb
Apr 91
7235 7235 1,000 57
,
1947
68 series A
1969 72
55 series D
4
6334 6474 18,000 483 Apr 57834 Jan
1951 64
Is series C
1970 6674
.535 series E
Jan
Mar 105
2,000 98
10174 10134
Indiana Gas Serv 3s_ _1948
Jan Nor Ohio Pow at Lt 5346'51 91
May 76
8,000 49
60
57
Indiana Hydro-Elec 58 '58
Nor Ohio 'Fr & Lt 3s_ _1956
Indiana & Mich ElseJan No States Pr 535% notes'40 86
Apr 99
4,000 80
92
92
1955
1st & ref 55
Refunding 4358_ _1981 9034
Jan
May 105
8,000 94
101 102
1967 102
Is
_21,000 1234 Apr 4035 July Northern Texas Ut1178 '35 9834
3174
Indiana Service 58___ _1963 31% 27
N'western Elea Gs_ _ _ _1935
July
Apr 44
96,000 14
32
1950 3131 28
let & cells
9
Apr 8334 Jan N'western Power 68 A 1960
753-6 15,000 65
Indianapolis Gas 55 A.1952 7534 7474
1034
Ctfs of deposit
9535 Jan
Ind'polla P & L Is ser A '57 853-4 8534 8735 45,000 7334 Apr
N'western Pub Serv 581957 62
International Power Sec-1945
Feb Ogden Gas .3s
July 91
Secured 635s ser C 1955 8534 8534 8634 54.000 74
Jan Ohio Edison let 65_ __ _ 1960 8534
May 90
1957 8834 863-4 881-4 36,000 70
78 series E
Apr 8334 Sept Ohio Power let Is B__ 1952 102
82
833-4 7,000 45
1952 83
7s series F
1st & ref 4355 ser D 1956 97
8935 8,000 7434 Mar 8934 July
International Salt 58_1951 8935 89
Mar 6115 July Ohio Public Service Co
International Sec 5s_ _1947 5834 5734 5834 21,000 40
1st & ref 58 ser D_ _ _1954
Apr 6735 J11110
6014 4.000 21
60
Interstate Ir & Steel 5Hs'46 6094
Feb 10534 Mar Okla Gas & Elea 88...._1950 83
10434 1043-4 2,000 103
Interstate Nat Gas 68_1936
1940
Os series A
July
4934 113,000 3834 Apr 64
47
Interstate Power 5s--_ 1957 49
50_1948
1952 3934 3734 4034 30,000 2014 Apr 5335 July Okla Pow Sc Water
Debenture 68
1941
Oswego Falls 68
Interstate Public Service44,000 4634 Apr 7894 Jan Pacific Coast Pow 55.._1940
1956 5931 5835 61
55 aeries LI
Jan Pacific Gas & El Co
72
Apr
533.4 5535 21,000 45
1958
4355 series F
1941 109
1st 65 series 13
Invest Co of Amer 5s_ _1947
1st & ref Is ser C_ _ _1952 10334
Mar 7635 July
5,000 65
76
76
76
With warrants
1955 10035
55 series D
Apr 8434 Jan
13,000 63
7 7634 7435 77
Iowa-Neb L & P 55-195
1st & ref 43.48 E---..1957 953%
,
7434 7535 6,000 631i May 8434 Jan
1961
Is series B
151 & ref 4355 F_ _ _1960 9534
May 9234 Aug
1,000 74
Iowa Pow & Lt 4945..1958 8594 8535 8535
1048
4,000 60% Apr 8334 July Pacific Investing 55
78
77
_1957 77
Iowa Pub dery 55_ _
Without warrants
Apr 8631 Feb
24,000 71
74
763-6
Isere° Hydro-Elec 7-5.1952
Aug Pao Pow & Light 5s.- _ 1956 5534
Jan 86
8435 3,000 03
83
Isotta Franshinl 7s___1942 83
Pacific Western 011 835s '43
Italian Superpower of Del
With warrants
Aug
7,000 3735 Apr 72
68
64
1)ebs 65 without war '63 68
18,000 3034 Apr 533-4 July Palmer Corp of La 65_1938
443-4 45
55.-1942 45
Jacksonville Gas
Apr 10154 Jan Penn Cent L & P 4355 1977 6934
8,000 86
97
97
Jersey c P dic Los B.1947 97
Jan Penn Electric 4s F _ _1971
1961 8634 8634 8834 70,000 8034 Mar 9634
4348 series C
Apr 8535 Jan Penn Ohio Edison
3,000 69
7734 79
Kansas Gas & Elec 65_2022
Deb 59.48 series B __1959 5614
Kansas Power & LightApr 9534 June Penn-Ohlo P & L 5355 1954 9334
2,000 83
1955 9234 9271 93
Os series A
1956 10174
May 9034 Aug Penn Power Is
9,000 71
8694 87
1957
58 8eries B
7234 Apr
Apr
100
98% May
Apr
99
Apr
60
9634 Apr
May
60
Mar
75
May
68
91%
1083.4
10334
1063.4
8534
1023.4
83
9834
91
Feb
Jan
Aug
Jan
June
Jan
July
Jan
Jan
6035
80
68
6134
90
763-4
83
92%
92
64
93
72
6834
71
88
9134
634
80
68
63
90
78
8434
92%
92%
64
933-4
7235
70
7134
88
92
37.000
1,000
2,000
35.000
5,000
8,000
28,000
9,000
6,000
2,000
11,000
13,000
4,000
16,000
1,000
73,000
Range Since Jan. 1.
Low.
55
67
56
52
72
70
72
77
66%
47
5834
56
5634
4634
84
80
1,000 10034
10434 10434
5,000 973-4
10134 10134
10134 10134 4,000 99
18,000 9134
99
98
10434 10434 5,000 100
1,000 48
53
53
8034 67,000 7334
78
2,000 99
10134 10134
2,000 8934
9931 9934
52,000 20
3135 36
fligh•
Mar
7734
Apr 93
Apr 82
Apr SO
Apr 903.4
Apr 84
Mar 8734
Apr 96
Mar 03
Mar 80tH
Jan 96
Apr 883.4
Apr 74
Mar 77
May 97
Apr 100
June
Feb
June
July
Aug
Aug
July
Jan
July
July
Aug
Jan
July
June
Mar
Jan
10634
10334
10434
10334
105
57
943.4
10234
102
53
Jan
Aug
Feb
Jan
July
Aug
Jan
Jan
Feb
July
Mar
Apr
Mar
May
Mar
May
May
Mar
May
Apr
3,000
473.4 Apr
55
8434 8734 180,000
8614 893-4 49,000
713-4 Apr
Apr
75
943.4
99
4934 4934
11,000
43
41
1,000
10034 10034
2,000
973,4 98
75
85
61
10.000
76
8734 20,000
3,000
51
93-4
93
93-4 103-4
9
93-4
583.4 5831
1003.6 101%
743-4 76
10234 102%
73
72
7535
75
55
52
65
62
95
00
103
9234
50
62,000
33,000
3,000
20
20
102 10231 34,000
1,000
993-4 993-4
7134 14,000
70
70,000
55% 60
13% 14%
97
97%
99 1004
91
91
6434 66
4134 4434
4234 4435
45
42
533-1 5631
61
58
4634 4635
2935 34
6115
61
9934
99
8835 9134
743.4 7634
8834 883-4
9434 95
10431 10434
10634 107
1043,41043,4
653-6 66
Jan
Jan
July
8% Apr 47
Jan 10031 Sept
92
Jan
81
May 103
Apr
68
79
Apr
Mar
2734
Jan
80
9735 Feb
July
60
July
Mar 18
July
Mar 18
July
Mar 18
Feb 5834 Sept
Apr 10234 Aug
Jan
Apr 90
Mar 10334 Feb
Jan
Apr 81
Jan
Apr 87
Apr 7334 Jan
Jan
Apr 83
•
Mar 0634 July
79
July
Feb 92
79
98
May 10534 Jan
Apr 9334 Sept
79
Jan
3734 Ain 65
331
2,000
334
12,000
435
8,000
2.000 37
11,000 91
9,000 7234
1,000 100
8,000 57
2,000 66
19,000 44
20,000 50
953-4 7,000
5,000
9134
1033.1 7,000
9334 12,000
2,000
50
10134 103
10034 102
July
84
82
8
9434
983-4
50
41
Feb 103
Feb 102
Sept
Sept
Feb 31
May 104
Jan 101
Mar 85
Mar 74
July
Aug
Jan
Jan
Jan
8,000 1194 Apr
21,000 8334 Jan
May
15,000 88
Apr
3,000 80
64,000 4744 Apr
Apr
27,000 37
32,000 383.4 Apr
80,000 373.4 Apr
53,000 3534 Mat
Mar
57,000 40
1.000 40
Apr
10,000 2535 Apt
2,000 61
Aug
27,000 88
Apt
Apr
195,000 82
43,000 6834 Apr
1,000 80
Apt
Apr
15,000 82
2,000 9834 June
10,000 1013-4 Mar
3,000 0634 May
17,000 3534 Feb
2335
983-4
10234
9814
7034
5934
60
593.4
6834
7294
65
493.4
82
9931
99
913.4
105
9734
105
10894
106
6794
Jan
July
July
Jan
July
June
Jan
Jan
June
Juno
Jan
Jan
Jan
Sept
Jan
Jan
Jan
Jan
Feb
Jan
Jan
July
10035
953-4
92
333-6
31
90
100% 6,000
95% 1,000
9231 52.000
3535 54,000
3234 10,000
6,000
90
8634
74
68
2134
22
7835
Apr 10034 Sept
Aug
Apr 96
May 0234 Sept
Apr 4734 July
July
May 43
May 1023-4 Feb
71
71
65
90
90
86
89
98
80
9
1034
60
93
85
101
96
7334
7394
68
9134
91
88
91
9874
80
1134
1094
64
9331
8774
102
9794
11,000
46.000
13,000
19,000
2,000
11,000
114.000
28,000
3,000
6,000
3,000
29.000
3,000
69,000
13,000
30,000
5934
59
54
80
77
70
75
8334
773.4
9
1034
55
85
73
9
034
81
Apr
Apr
Apr
Apr
Slay
Mar
Apr
June
Juno
Sept
Aug
Apr
Apr
Apr
May
Apr
0034
91
8534
1033.4
10074
96
9734
993/4
93
18
163-4
7534
10134
915
10594
11934
Feb
Feb
Jan
Jan
Jan
July
Jan
July
Jan
June
July
July
Feb
Jan
Jan
Jan
8,000
75
8434 38,000
4,000
77
10.000
49
5034 14,000
833-6 3,000
64
703-4
63
35
30
7074
Mar
Apr
Mar
Mar
Apr
Slay
893.4
9134
8374
63
5934
93
Jan
Jan
July
July
July
Feb
Mar 11234
11,000 101
36,000 9835 Apr 10654
14.000 9434 May 10534
30,000 8635 Apr 10135
Mar 10174
101,000 86
Jan
Jan
Jan
Jan
Jan
7335
83
75
4835
4534
8334
108
10334
100
9534
9534
10974
104
101
963/4
9634
7334 753-4 12,000
82,000
67
52
7434
90
89
663-4
7934 34,000
1.000
90
20,000
70
68% 18,000
2,000
5614 58
9334 9434 11,000
20,000
10134 102
64
48
Apr
Apr
5734 Apr
7934 Apr
Apr
60
5114 Apr
45
85
96
81
73
July
July
July
81
9474 Aug
8031 Feb
7434 Jan
Apr 7535 Jan
May 10334 Feb
Feb
Mar 104
Financial Chronicle
Volume 137
Bonds (Conlinued)-
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
Penn Pub Seri, 65 C .1947
Penn Telephone Is C..1960
PennWat&P0w4545B_19118 1004
1940 106
Is
Peoples Gas Lt & Coke1935
43 serial notes
1981 79
4s series B
(is sertea C
1957 97
Peoples Lt & Pwr 58_1979
494
Phil& Electric Co 5e.196111084
PhIla Else Pow 5540_1972 106
Phila Rapid Transit Os 1962
Plilia Suburban Water
1955
1st zntge 50
Piedmont Hydro El Co
1st & ref 6548 cl A-1960 6934
Piedmont & Nor 55_ _1954
Pittsburgh Coal 6s_
1949 91
Pomerania Elec 6s
1953
1939
I'oor & Co 6s
Portland Gas At Coke Is '40
Potomac Edison Is E_1956
4545 series F
1961
Potomac Flee Pow 5s_1936 10456
Power Corp(Can)4545B '59 5494
Power Corp of N Y1942
6545 series A
1997
5348
Power Securities Corp
Amer series 65
1949
Procter & Gamble 4168 '47 105
Prussian Else deb 6s_ _1954
Pub Serv (NH)4518 B 1957
Pub Serv of N J pet ctfs 11031
Pub Serv of Nor Illinois
1st & ref 55
1956 78
5s series C
1966 744
4545 series D
1978 70
1st & ref 451s ser E_1980
1st & ref 4345 ser F.1981 704
6345 series 0
1937 94
645 series II
1952 88
Pub Serv of Oklahoma
55 series C
1961
5s series D
1957
Pub Son Sub 534s A.1949 55
,
Puget Sound P & L 545'49 5134
1st & ref 5a ser C.-_1950 4934
let & ref 416s ser D _ 1950 48
Quebec Power ba_--..196)) 92
Queens Borough Gas & El
Ref 4545
1958
Reliance Management 58'54
With warrants
Republic Gas
Os A
1945 20
65 ctfs of deposit_ 1945 21
Rochester Cent Pow Is '53 34
Rochester Ity & Lt 55_1954 106
Ruhr Claa Corp 646_1953 4154
Ruhr Housing 654s-1958
Safe Harbor Wat Pr 4148'79 100
St Louis Gee & Coke 85 '47
734
San Antonio Pub Serv 5s'58 7294
San Joaquin L & POs series B
1952 10051
Sande Falls 58 A
1955
Saxon Pub Works 65_ _1937
Scripps(E VV) Co 5345 1943 73
Seattle Lighting be_._1949 35
Servel 55
1948
Shawinigan W & P 416s'67 6934
454s seriee B
1968 6931
1st 55 series C
1970 79
let 4115 series D_1970 694
Sheffield Steel 5345..1948 92
South Carolina Pwr 58 1957 6734
Southeast P & L 6s__.2025
Without warrants
58
Sou Calif Edison 5s.. 1951 1014
Refunding Is
1952 10234
Refunding Is June 11954 10194
Gen & ref ba
1939 10655
Sou Calif Gas Co 448_1961 86
Sou Calif Gas Corp 5s.1937 93
Sou Indiana G & El 548'57
Sou Indiana Ry 4s_ _ _ _1951
Southern Natural Gas 6544
Unstamped
584
Southwest0& N 56 A.1957 7094
.55 series B
1957
Sou'west Lt & Pow 58_1957
Sou'weet Nat Gas 6s. _1945 314
S'western l'ow & It Gs 2022 51
Staley Nita Co Gs
1942 93
Stand Gas & lilac 6s 1935 60
Cony tis
1935 60
Debenture 65
1951 43
Debenture 6a_Dec 1 1966 43
Stand I'ow & Lt(is1957 40
Stand Telephone 534s-1943
stinnes (Hugo) Corp
7s without warr Oct 1 '36 3934
78 without Warr __-_1946 33
1939 10351
Sun 011 deb 548
1940
Sun l'ipe Line 55
Super Power of 111 448.'68
1970
1st 445
1961 82
1st nage 69
Swift&Colstmsf 55_1944 10314
1940 9934
5% notes
Syracuse Lighting
1954
5365
Tennessee Elec Pow 5s1956 684
,
Tennessee Pub Sem Is 1070 7655
Tern!Ilydro Nice 6345 1953 72
TCVLS Cities Gas 55_ _1948 5694
Texas Dee Service 58_1960 7694
Texas Gas Utll 65-1945 1731
Texas Power & Lt 55-1956 81
1937 100
58
2022
6s A
1934
Thermold Co 65
With warrants
Tide Water l'ower 551979 60
1962 9251
Toledo Edison 55
Twin City Rap Tr 545'52 2654
1944
filen Co deb 65
Union Am Invest Is A 1948 79
Union Atlantic 4345_1937
Union Elea Lt & Power
1957 0034
4145
1967
Is series B
Un Gulf Corp 55.July 150 10234
United Elea(NJ)45_1949 1014
,
United Elea Seri 75._1956
United Industria1645 1941 4431
1945 4454
1st 611
United Lt & Pow (is. _ 1976 414
1st 5118____APr1l 11050 75
1974 46
deb g 645
85
914
100
106
86% 12,000
92% 3,000
1004 3,000
10654 11,000
100
77
96
416
10831
106
5094
100
79%
9716
6
109
106%
5011
1024 102%
694
77
90
2956
8614
94
89
83
10411
5431
72
77
91
3154
86%
95
904
83
10451
55
87
63
87
63
Range Since Jan. 1.
Low.
10034 Jan
9334 Jan
1064 Jan
854 May
1104 Jan
108
Feb
604 Jan
954 Mar 10434
26,000 65
1,000 604
9,000 82
12,000 28
6,000 41
4,000 82
11,000 74
5,000 65
3,000 102
18,000 28
2,000
2,000
High.
Jan
Apr 100
81
Mar 974 Feb
90
94% May 101
Jan
9931 Apr 10334 Aug
Mar
2,000 97
106,000 66
Apr
59,000 8714 Apr
56,000
254 Apr
13,000 10214 Mar
22,000 1014 Mar
1,000 4351 May
1,000
Jan 764
Apr 8334
Apr 954
May 5934
Apr 92
May 100
Apr 9154
May 86%
Apr 1064
Apr 64
804 May
Apr
52
Jan
Jan
July
July
Jan
July
Jan
Aug
July
Feb
July
9951 Feb
65
Aug
1,00
59
59
105 105% 7.00
38
414 27,00
92% 9211 4,00
Hoy, 11034
1,00
44
984
38
85
10351
Apr 67
July
May 1054 Aug
Jan
70
Sep
Apr 95,4 Feb
Apr 119
Jan
75
7431
70
69
6834
9315
88
78
75%
7156
7154
714
95
89
21,00
4,00
6,000
36.00
33,00
50,00
3.00
68
61
60
61
6054
8016
754
Apr 10094 Jan
Apr 98
Jan
Apr 904 Jan
914 Jan
AD
Apr 93
Jan
Apr 10734 Jan
Apr 100
Feb
744
75
55
51%
48%
464
91%
76
75
55
53
51
484
92
17,00
9,000
1,000
105.000
33,000
51,000
8,000
524 An
Apr
54
42
Ap
Apr
47
4531 Ap
40
Ma
Apr
71
78
Aug
81
July
8014 Jan
674 Jan
66
Jan
Jan
63
July
96
93
93
2,000
884 May 100
62
62
1,000
55
Feb
68
Jan
June
194 20
194 21
3353 3555
106 106
4054 4251
3254 33
100 1004
74 8
7136 73
4,000 14
21,000 13
76.000 25
3,000 100
55.000 3354
9,000 2354
38,000 9()
7
11,000
40,000 z65
Apr 24% June
Apr 244 June
Mar 48
Jan
Mar 1084 Feb
June 67
Jan
May 604 Jan
Jan
Apr 102
Apr
1614 Jan
May 8434 July
99% 100%
102 102
37
3734
73
71
3451 3555
74
74
6831 7056
6931 70
8054
79
684 7034
904 92
6754 6734
3,000
3,000
15,000
18,000
42,000
2,000
59,000
16,000
38,000
21,00
11,00
2,00
May 107
Mar 105
Sept 67%
Apr 73
Apr 54
Jan 7454
Apr 804
Apr 8059
Mar 87
Mar 81
Apr 92
Apr 7354
Jan
Jan
Jan
Sept
July
July
July
July
July
July
Sept
July
60
58
101 102
101 102%
10116
101
10594 1064
8551 87
87% 93
104 10454
5814 5935
4754
41,00
38,00
94
944
21,00
94
15.00
10.00( 101
21.000 79
9,000 72
27,000 98
3,000 34
Ma
May
Apr
May
Fe
Apr
May
Apr
Apr
82%
10551
10556
1055(
108
95
93
1054
64
Jan
Jan
Jan
Jan
Jan
Jan
Sept
Jan
July
924
974
364
554
SO
4954
49
50
67
484
65
48
594
71
714
60
33
52
9454
6154
6194
46
46%
45
174
12,000
17,000
1,000
6,000
30,000
16,000
19,000
53,000
49,000
53,000
72.000
53,000
15,000
39
60
52
5054
28
32
6954
35
35
28%
284
264
10
Apr
Apr
Apr
May
Mar
Apr
Mar
Mar
Apr
Apr
Apr
Apr
Apr
75
824
82
7854
43
6854
95
77
77
62
6051
119
3234
July
Jan
Jan
Aug
May
July
Sept
July
July
June
July
June
Jan
3754 3934
35
33
1024 10351
10051 10051
674 70
70
70
82
8694
102% 10351
994 100
12,000
26.000
22,000
1,000
13,000
1,000
3,000
20.000
34,000
3051
29
994
95%
50
60
764
9654
87
July
July
Apr
June
Slay
Apr
May
Apr
Mar
65
5954
1034
101
84
834
93.14
10554
10034
Jan
Jan
sent
Sept
Jan
Jan
Jan
July
July
10454
664
76
72
NM
7554
1(1y4
79
100
66
1.000 101
14,00
63
4,000 70
18,000 99
6,00
46
47,00
66
17,00
1134
73,00
70
45,00
90
1,00
66
Apr 109% Feb
May 9551 Jan
Apr 94
Jan
Jan 8114 Feb
Fel
60
July
Apr 90
Jan
Feb 33
Aug
Apr 92
Jan
Apr 104
Jan
Apr 8214 Jan
574 5734
62%
57
904 93
25
2616
a33% 3514
79
79
10194 101%
5,00
21.00
63,00
28,00
14,00
1,00
2,00
2654
4434
80%
20
16
7254
92
Apr 6751
Apr 89
Apr 99(4
Apr 3434
Jan 43
Ma
81
Apr 10134
July
Jan
Jan
May
July
July
Aug
9934
10334
10236
1014
754
444
444
40
75
46
46,000
23,000
32,000
45,000
10,000
12,000
32,000
20,000
12.000
14,000
874
924
96
95
67
35
354
271(
544
2954
Apr 994
Apr 106
Apr 103
Ma 103
July 834
May 66
MAY 68
Apr 60
Mar 82
Apr 65
Sept
Jan
Feb
Jan
Feb
Jan
Jan
June
July
July
56%
694
714
57
25
5034
93
60
60
42
42
40
17
104%
70
7694
7294
5616
7734
18
8131
100%
66
0951
10411
10256
102
76
4534
454
45
78
48%
2091
Bonds (Concluded)
-
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
$
tin Lt & Ry 5145
1952 4551 4216 4634
68 series A
78%
1952 74
74
U S Rubber
634% serial notes 1934 9814 984 9814
8634 864
1935
64% serial notes
7654
654% serial notes....1936 75
75
73
654% serial notes__1937 73
73
75
73
64% serial notes..1958 73
64% serial notes___1939 70
74
70
616% serial notes_ _1940 73
73
75
Utah Pow & Lt 65_2022 52
514 52
Valspar 6s
1940 11
11
11
Va Mee & Power 55. _1955
98
9814
Vs Public Serv 5115 A 1948 67
62% 67
1st ref 58 ser B
1950 64
61% 64
Waldorf-Astoria Corp
7s with warrants_ _1954
11.14 11%
Ctfs of deposit....... -----531 5%
Ward Baking 6s
1937 9414 9454 95
Wash Gas Light 55_1958 86% 86
92%
Wash Water Power 55.1960 9334 92
934
West Penn Pwr 4s H 1961
99
99
West Texas 1%11 be A_ 1967 53% 521( 54
Western Newspaper Union
Gs
1944
2954 a30
Western United Gas & Else
1st 548 ser A
75
1956 75
80%
Wise Elee Pow Is
1004 10114
1954
Wis Minn Lt & Pr 58.1944
83
85
Wisc Pow & Lt 5s E___1956 72
69
72
Yadkin River Pow 55__'41 854 8534 85%
York Ilya 55
1937
88
90
Foreign Government
And MunicipalitiesAgrle Mtge Bk (Colombia)
75
1946 29
29
Buenos Aires (Prov)Ext1 7565
1947 35
35
73.4s stamped
1947 36
36
External 7s
36
1952
75 stamped
1952 36
3534
Cauca Valley 75
1948 1114 114
Cent Bk of German State &
Prov Banks 61 B
49
1951 50
68 series A
1952
28
Danish 5345
a80
1955
Danzig Port & Waterways
25
-year 6558
1952
40
German Cons Muni° 713.'47 3034 2954
Secured 6s
1947 29.34 28
Hanover (City) 7s....1939
4434
Hanover (Prov)6 4s._ 1949 3954 3834
Indus Mtge Bk (Finland)
1st mtge eoll s f 75-_1944 85
8456
Lima (City) 654s
634
1958
Ctrs of deposit
6
6
Maranhao 7s
1631
1958
Medellin Munic 7s_ __1951
16
Mtge 13k of Bogota 751947
75 issue of Oct 1927._ ------ 23
Mtge Ilk of Denmark 55 '72
71
Parana 7s
834
1958
Rio de Janelro 6546._- 1959
1654
Russian Govt
654s
1919
554
44
654s certificates____1919
434
5545
1921
494
451
53.54 certificatee____1921
434
Santa Fe 7s
1945 21
1834
Range Since Jan. 1.
Low.
High.
73,000
15,000
81)( Apr
134
Apr
34,000
24,000
20,000
10,000
9,000
11,000
12,000
11,000
2,000
8,000
9,000
19,000
5031
2934
27
25
27
27
25
45
754
89
57
64
10,000
1,000
14,000
27.000
17,000
8,000
49,000
2% Feb 1154 Sept
10
234 Feb
May
9031 Apr 974 Aug
78' Mar 9434 Feb
Apr 1021( Jan
87
May 101
Jan
93
3554 Apr 67
July
2,000 z21
17,000
4,000
3,000
6,000
5,000
4,000
64
97
71)
6254
75
78
July
61
8356 July
Apr 99
Feb 90
Feb 81
Apr 8034
Feb 8031
Feb 83
Feb SO
Apr 67%
June 13
May 101
May 77
Apr 71%
Feb
35
Aug
July
July
July
July
July
July
July
June
Jan
Jan
Jan
June
Apr 894 Feb
Jan
Mar 103
Feb
Apr 91
May 89
Jan
Stay 9014 Aug
Jan
Apr 92
41
July
44
4354
41
4534
1951
July
July
July
July
July
3614 May
June
28
58
Mar
66
55
85
Jan
Jan
Sept
5,000
48,000
46,000
4,00
32.00
37
26%
26
4431
28
May
June
May
Sep
May
Jan
54
624 Jae
8114 Jan
Mar
61
5414 Jan
87
18,000
654 1,00
3.000
7
1651
1,
000
16
1,000
59
4
3
64
1054
Mar
Feb
May
Jan
Mar
924
11
10
22
23
23
2,000
71
5,000
9
14,000
164 5,000
Ma
20
5751 Apr
Jan
5
7
Jo
35
July
9631 Jan
16% July
22% July
534
454
54
534
21
Apr
2
14 Mar
Mar
2
134 Apr
Apr
13
8%
794
854
74
26
1,000
1736
Apr
2,000
33
3754 19,00
36
1,000
3,000
36
14
5,000
254
34
2931
294
7
Jan
May
May
May
Mar
5316 28,000
2914 10,000
83
5,000
40
32
31
45
40
29
16,000
104,000
24.000
32.000
22,000
July
July
July
July
July
July
July
July
July
May
• No par value. a Deferred delivery. 0 o d Certificates of deposit. eons Consolidated. CUM Cumulative. cony Convertible. e See note below. m Mortgage. n Sold under the rule. n-v Non-voting stock. r Sold for cash, vie Voting
trust certificates.
w 1 When Issued.
w w With warrants.
z Ex-dividend.
to Without warrants.
z See alphabetical list below for "Deferred delivery" sales affecting the range
for the year:
American Manufacturing, pref., Feb. 7, 30 at 4331.
Arkansas Natural Gaa, corn., class A. Starch 15, 400 at 4.
Associated Gas & Elec. Is 1968, registered. Star. 29, $1,000 at 13.
Beneficial Industrial Loan corn, April 19, 200 at 8.
Central States Eectr c 5s 1948. April 7, $16,000 at 2751
Cities Service, corn., April 13. 100 at 1%.
Commonwealth Edison 5s. series A, 1953, April 24. $5,000 at 91.
Commonwealth Edison 41.54, series C 1956. April 24, 52,000 at 83.
Gen. Bronze Corp. (is, 1940. low, Apr. 10, $7,000 at 43.
Indiana Electric Is, series C. 1951. Feb. 1, $7,000 at 80.
International Petroleum, Feb. 2. 200 at 854.
Jersey Central Pow & Light 554% pref.. Stay 29, 25 at IS.
Letcourt Realty Corp., pref Apri 4. 100 at 24
Ludlow 111g. Associates, July it, 30 at 82.
Niagara-lludson Power class B option warrants Starch 21, 10.
Peoples Light & Power 5e, 1979, April 18, $2,000 at 4
San Antonio Public Service 55, 1953, May 3, $1,000 at 64.
Syracuse Lighting 5554, 1954, Feb. I, $1,000 at 10911.
Union American Investment Is w. w. 1948, April 12, $1,000 at 72
Valvoline Oil 75, 1937, July 10. $1,000 at 6051.
Western Newspaper Union 68, 1944. March 16, $1.000 at 21.
Bee alphabetical Bet below for "Under the rule" sales &Electing the range for
the year:
Associated Telephone $1.50 preferred, Feb. 9, 100 at 1916.
American Community Power 5548. 1953, June 16. 51,000 at 10.
Chicago District Electric 5145, 1953, Feb. 2, $7,000 at 9554.
Cleveland Electric Inuminattrur 58 1939, June 1, 51.000 at 1074.
IlYgrade Food l'roducts 63, series It, 1949, July 25. $1,000 at 6214.
Narragansett Electric As, series B, 1957. Jan. 17. $1.000 at 104.
New York & Westchester Ltg Is 1954, Mar. 27,55.000 at 10654.
Singer 111g. Co. Am. dep. rats.. July 6, 12 at 356•
Tennessee Puolic Service be, 1970. Jan. 13. $1.000 at 954.
United States Rubber 6s, 1933, May 19, $8,000 at 10011.
U. S. Rubber 65, 1936, July 31, 62,000 at 90.
CURRENT NO
-Chas. D. Barney & Co., one of the oldest investment and banking
houses and members of the leading stock exchanges, announce that Charles
P. Stokes has become associated with them. Mr. Stokos, until his retirement from business several year ago, was Vice-President of Janney & Co.,
Philadelphia.
-Ed. C. Wright, head of Ed. C. Wright & Co., specialists in Florida
Municipal bonds, who has heretofore directed activities of his firm from
their St. Petersburg office, will now make his headquarters at their New
York office in 49 Wall Street.
-James Talcott. Inc. has been appointed factor for Quaker Pile Fabric
Corp. of Philadelphia. manufacturers of upholstery fabrics, and for Tenneva
Hosiery Mills, Inc. of Bristol, Va. and for Marcus Silk Co., Inc., New York
City, distributors of silks.
-Mallory, Eisemann & Co. announce that George M.Pynchon,formerly
of Pynchon & Co., has been admitted to general partiaerhsip and the firm
name changed to Mallory. Pynchon & ELsemann.
Financial Chronicle
2092
Sept. 16 1933
Quotations for Unlisted Securities-Friday Sept. 15
Public Utility Bonds.
Port of New York Authority Bonds.
Bid
Bid
Ask
Bayonne Bridge 4s series C
J&J 3
1938-53
Inland Terminal 4%e ser D
M&S
Geo. Washington Bridge
1038-60
4s series B 1936-50_ _ _J&D 84.75 4.50 Holland Tunnel 4%e series E
M&S
4548 ser B 1939-53_ _M&N 84.75 4.50
1934-60
Arthur Kill Bridges 4%s
series A 1934-46
M&S
80
86
Ask
88
80
73
83
97
100
U. S. Insular Bonds.
Philippine Government
4s 1934
de 1946
43e Oct 1959
484s July 1952
bs April 1955
be Feb 1952
55-4s Aug 1941
Hawaii 434s Oct 1956
Bid Ask
97 100
90
94
92
97
97
92
92
97
95 100
101 104
99 102
Bid Ask
98 103
Honolulu bs
US Panama 3s June 1 1961- 10314 104
10014 10034
2s Aug 1 1936
10014 1003
4
2s Nov 1 1938
Govt of Puerto Rico
98 102
43(s July 1958
99 103
So July 1948
Federal Land Bank Bonds.
Bid
48 1957 optional 1937.15I&N 90
48 1958 optional 1938.M&N 90
45415 1956 opt 1936___Jdr.1 901 2
4%s 1957 opt 1937____Jda 90 2
,
454e 1958 opt 1938 _11I&N 9012
bri 1941 optional 1931_M&N 9712
45.4s 1933 opt 1932___J&D 100 4
3
Ask
91
91
911,
9110
9112
9812
101
4%s
43.(s
4%s
4%s
43.4s
4%e
484s
1942 opt 1932__M&N
1943 opt 1933___J&J
1953 opt 1933___J&J
1955"opt 1935____J&J
1956 opt 1936____J&J
1953 opt 1933____J&J
1954 opt 1934__J&J
Ask
941,,
9412
93
93
93
9412
9412
Bid
9312
9312
92
92
02
93 2
,
93 2
,
New York State Bonds.
Bid
Ask
Canal & IlIghwaY
bs Jan dr Mar 1933 to 1935 93.00
be Jan & Mar 1936 to 1945 83.40
So Jan & Mar 1946 to 1971 83.70
Highway Imp 4%e Sept '63
Canal Imp 454s Jan 1964 _ _
Can & Imp High 45451 1985_
Barge CT 45454 Jan 1945___
11612 11912
11612 11912
11112 --10612 ___
Ask
Bid
World War Bonus
454s April 1933 to 1939__
4%s April 1940 to 1949_
Institution Building
45 Sept 1933 to 1940
4s Sept 1941 to 1978
Highway Improvement
4s lilar dr Sept 1958 to'67
Canal Imp 4s J &J '60 to'67
Barge C T is Jan 1942 to'48
83.00
83.50
83.25
83.40
Bid
Bid Ask
7912
85 87 a4%s June 1974
035 Mr y 1935
7912
73
75 a43s Feb 15 1978
d3%s May 1954
7912
73
75 a45.4s Jan 1977
a334s Nov 1954
7912
78 a454s Nov 15 1978
76
a4s Nov 1955 & 1956
7912
7612 78 a454e Starch 1981
048 M & N 1957 to 193983
a4%a 51 & N 1957
76
78
a4s May 1977
83
76
78 a44e July 1967
air! Oct 1980
83
543je Feb 15 1933 to 1940_ 87.00 6.00 a4%s Dec 15 1074
83
8012 a434e Dec 1 1979
78
a4%ii Maroli 1960
81
79
a434s Sept 1960
93
a6s Jan 25 1935
81
a431 March 1982 dr 1964... 79
93
79
81 a6s Jan 25 1936
a454s April 1966
93
79
81 065 Jan 25 1937
a4.5is April 15 1972
a Interchangeable. 8 Bala. c Registered coupon (serial). dCoupon.
Ask
81
81
81
81
81
85
85
85
85
94
94
94
New York Bank Stocks.
Fifth Avenue
100 1050 1100
First National of N Y
100 1310 1360
Flatbush National
100 35
25
Fort Greene
100
200
Grace National Bank_..100
58
KIngsboro Nat Bank__ 100 48
Lafayette National
Nat Bronx Bank
National Exchange
Nat Safety Bank & Tr
Par Bid Ask
25
63
4 94
,
31
60 26
25 2218 2518
4
8
25
Penn Exchange
Peoples National
Public Nat Bank & Tr
25
100
_25
9
80
141; 3612
5
Sterling Nat Bank dr Tr_ _25 15
£49
Textile Bank
100 18
Trade Bank
12
Washington Nat Bank...100
Yorkville(Nat Bank of).100 30
18
52
23
4
40
Trust Companies.
Par
Bence Comm Italiana__ 100
Bank of New York & Tr_100
20
Bank of Sicily Trust
Bankers
10
Bronx County
20
100
Brooklyn
Bid
143
342
10
56,
4
10
105
Ask
Par Bid
20 1914 203
4
100 245 270
100 289 294
10 1714 183
4
100 1900 2000
4
25 353 373
4
.458
352
12
5314
13
110
Empire
Fulton
Guaranty
Irving Trust
Kings County
Lawyers County
20 143
4
20 12112 12512 Manufacturers
Central Hanover
25 91
37 New York
Chemical Bank & Trust..10 35
4
50 Title Guarantee & Trust_20 173
Clinton Trust
50 40
13
Colonial Trust
100 10
100 55
8
Continental Bk & Tr
10 1434 157 Underwriters Trust
100 1620
United States
51
Corn Exch Ilk & Trust
20 49
1614
94
1914
65
1670
Guaranteed Railroad Stocks.
(Guarantor In Parenthesis.)
Dividend
Par in Dollars.
100
Alabama & Vicksburg (III Cent)
.100
Albany & Susquehanna (Delaware .8 Hudson)
100
Allegheny & Western (Buff Roch dr Pitts)
50
Beech Creek (New York Central)
100
Boston dr Albany (New York Central)
100
Boston & Providence (New Haven)
100
Canada Southern (New York Central)
100
Caro Clinchfield & Ohio(Lk N A CL)4%
100
Common 5% stamped
.__100
Chic Cleve eine & St Louis pref(N Y Cent)
50
Cleveland & Pittsburgh (Pennsylvania)
50
... ettermtin stock
25
Delaware (Penn-sylvanls-)
100
Georgia RR & Banking (L & N, A CL)
Lackawanna RR of NJ (Del Lack & Weetern)_100
100
Michigan Central (New York central)
50
Morrie & Essex (Del Lack & Western)
New York Lackawanna & Western(DL & W)_100
50
Northern Central (Pennsylvania)
100
Old Colony (N Y N H & Hartford)
60
Oswego & Syracuse (Del Lack & Western)
50
Pittsburgh Bess & Lake Erie(U S Steel)
50
Preferred
100
Wayne & Chicago (Penn)
Pittsburgh Fort
100
Preferred
Rensselaer dr Saratoga (Delaware & fludson)-100
100
(Terminal RIO
St Louis Bridge let pref
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal(Penns)
10
0
Valley (Delaware Lackawanna dr Western)
100
Vicksburg Shreveport & Pacific (Ill Cent)
100
Preferred_
50
Warren RR of N J (Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
4 Last reported market
• No par value.
6.00
11.00
6.00
2.00
8.75
8.60
3.00
4.00
5.00
5.00
3.50
2.00
2.00
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
5.00
5.00
5.00
3.50
3.00
Bid.
Ask.
78
176
87
30
118
135
48
70
75
80
67
37
33
142
63
700
63
81
77
91
60
30
60
115
148
106
109
53
109
208
78
68
68
45
54
82
180
02
34
122
A lief tul ed.
52
75
80
85
89
41
37
146
66
--a
85
80
97
65
33
Newp N & Ham be '44 _ J&J
N Y Wat Ser be 1951_51,4N
Oklahoma Gas 63 1940_ _ _ _ _
Old Dom Pow 5s.Slay 15'51
Parr Shoals P58 1952_ _A&O
Peoples I. dr P 654s 1941 J&J
Roanoke W W be 1950_J&J
United Writ Gas & E Is 1941
Western PS AIls 1960_ FdrA
Par
Kansas City Pub Serv pref •
Kansas Gas & El 7% p1100
Kings Co Ltg 7% pref ___100
Metro Edison $7 pref B
•
6% preferred ser C
•
MissiselPIS P & L $6 pref •
Miss River Power pref_100
Mo Public Serv pref...100
Nassau is Suffolk Ltg p1100
Newark Consol Gas____190
New Jersey Pow ,k Lt $6 nf•
N Y xtv Queens E L dr P pf100
Pacific Northwest P S
•
6% preferred
100
Prior preferred
100
Philadelphla Co $5 pref__ 50
Somerset Un Md Lt....100
South Jersey Gas dr Elec _100
Tenn Elec Pow 6% pref _100
United G & E(NJ) pref 100
Wash Ply & Elec cona
100
5% preferred
100
Western Power 7% .
pref_100
Bid 1 Ask
_ -- - 10
13
4 312
212 512
212 512
9412
93
10112 1(54
2712 35
60
64
61
1
14
,1
26114 64
7212 7514
7612 8012
97
33
147
443 48
4
9514 100
14712
6912 74
8012
79
3
491 1 5114
i6
-12
Bid I
3
41
7614
9112
70
59
20
290
714
x61
96
64
101
Ask
112
78 4
,
95
73
62
2312
94
1114
6412
9912
6712
53
10
9
4
612
40
_
70
78
150 155
X3712 41
44
48
280
8614 89
- -12
80
Bancamertca-Blair Corp...
Bancshares. Ltd
Participating shares __50C
Basic Industry Shares
•
British Type Invest A
1
Bullock Fund Ltd
Par Bid .45*
Investment Trust of N Y_•
47
8 5,
2
Low Priced Shares
Bid Ask
16.78 18.24
1.04 1.17
1.55 1.70
3 8 410
7
431 531
16
13
17
13
10
6
14 2
43
33
3
2
5 8 518
,
Major Shares Corp
Mass Investors Trust
Mutual Invest Trust
•
•
National Shawmut hank....
National Wide Securities Co
Voting trust certificates..
N 1' Bank & Trust Shares..
No Amer Bond trust ctfe.
No Amer Trust Shares_1953
Series 1955
4
414 43
Series 1956
100
1.25 1.50 Northern Securities
3.48
.60 .85 Pacific Southern Invest pf.•
•
Class A
1215 1318
Class B
213 233
4
4
112 2, Quarterly Inc Shares
2
1714 183
4
Representative Trust Shares
Royalties Management....
24
18.70 211.373
1.18 1.29
YLO 56
1018
3
7812
1 90
2.52
2 52
57
81
:
3
2 70
2 70
67
24
4
1
29
6
2
10 8
1
Central Nat Corp class A__
1.47 1.58
Class B
Century Trust Shares___ ..•
9.11 0.80
Chain & Gen Equities
•
Chartered Investors coin_•
Preferred
•
4
Second Internal Sec el A__•
2
2755
Corporate Trust Shares.... 2
Class B common
2 20
Series AA
22
6% preferred
50 18
2 20
Accumulative series
2.44 2.51 Selected Amer Shares Inc..
Series AA mod
2.44 2.51 Selected American Shares.. YiL
Sales ACC mod
Selected Cumulative She... 7 136 7.5i
_
Crum & Foster Ins Shares
3.69 4.25
17 Selected Income Shane_
Common 11
10 15
Selected Man Trustees She _
61s 634
7% preferred
100 78
8
1612 173
17 Spencer Trust Fund
Crum .8 Foster Ins cora___• 15
Standard Amer Trust Shares 3.10 3.50
84
8% preferred
.91 .98
Standard Utilities Inc
Cumulative Trust Shares • 4.30
State Street Inv Corp
• 66.13 71.40
Deposited Bank She ser A.. 2.25 2.50 Super Corp of Am Tr Ellis A 3 18
2 20
AA
3 15 3.50
Deposited Insur She A
3 34
X77
8
Diversified Tristee She B__
2 21 _
BB
3.25 3.55
6 01
518 518
6.03
1.28 1.40
Dividend Shares
1.44 1.57
Supervised Shares
2.95 3 30
Equity Trust Shares A
212 4
Fidelity Fund Inc
• 52 08 56 10 Trust Fund Shares
312
3
1 01 1.17 Trust Shares of America...
.
First Commonstock Corp..
Trustee Stand InvernmentC 2 22 2.55
Five-year Fixed Tr Shares.. 4.27
2.18 2.50
• 9.12
Fixed Trust Shares A
• 7.77
Trustee Standard 011 Shs A
54
,
412
431 538
Fundamental Tr Shares A..
Trustee Amer Bank She A.. 2.04
Shares B
•
414
Series B
.92 1.03
Fundamental Investors Inc. 2.23 2.43
Trusteed N Y Bank Shares_ 1 20 1.40
424 5 20th Century orig series
1.80
General Investors Trust _.•
Series B
9 12
2.75 3 15
Guardian Invest pref w war
1812
17
Two-year Trust Shares
Gude-WInmillTrad Corp_ _•
Huron Holding Corp
.25
.35 United Bank Trust
United Fixed Shares ser Y
United Insurance Trust_
19 S & British International
Preferred
•
US Eleo Lt & Pow Shame A
Incorporated Investors....• 18 70 20.31
Independence Tr Shares __• 2.23 2.51
1414
13
Indus & Power Security...
Internet Security Corp(Am)
19
100 15
654% preferred
19
100 15
6% preferred
2
1
Investment Coot America _•
14
100 11
7% preferred
2
1
Investment Fund of N J__•
Voting trust We
Un N Y Bank Trust C 3...
Un Ins Tr She ser F
U S Shame tier 11
1,
33
4
23
8
13
4
4'4
38
,
11
7
1212 13
2 28 2 38
.82 .92
8
37
8 47
3
2
8
538 63
Telephone and Telegraph Stocks.
PO
,
New England Tel .8 Tel_ 100
Northw Bell Tel of 694 %100
Pas dr Ati Teleg U S 1%..25
Roch Term) $6.50 let pf _100
So & All Teleg $1.25. _25
Tri States Tel dc Tel $O__ _•
Wisconsin Telep 7% pref100
Asir
Par Bid
Cuban Telephone
35
100 25
7% Preferred
Empire & Bay State Te1.100 3612
Franklin Teleg 32.50_100 2412
lot Ocean Teleg 6%_
I00 70
78 2
1• 95
Lincoln Tel & Tel 7%
Mount States Tel & Tel_100 10.112 109
New York Mutual Tel _100 15
-
114
212
85
73
73
50
59
Par Bid Ask
Fajardo Sugar
100 6018 80 Savannah Sugar Ref
3
41 131
7% preferred
Haytian Corp Amer
•
United Porto Mean
Sugar Estates Oriente pf 100
Preferred
x-coupon
Ask
87
7112
78
6112
63
39
65
Investment Trusts.
Par
Administered Fund__ _____ 1
Amer Bankstocks Corp...
Amer Business Shares
Amer Composite Tr Shares_
Amer & Continental Corp..
Am Founders Corp 6% pt SO
60
7% Preferred
Amer & General Sec cl A__•
Class II corn
•
$3 Preferred
•
Amer Ineuranatocks Corp_•
Assoc Standard 011 Shares__
125
152
110
114
/
Bid
84
6912
75
58
5912
36
62
83
4912
Public Utility Stocks.
Parl
Arizona Power pref....100
Assoc Gas & El odic pref__•
•
$6.50 preferred
$7 preferred
•
Atlantic City Elec $6 pref.•
Bangor Hydro-El 7% p1.100
Broad River Pow pt_...100
Cent Ark Pub Serv pref _100
Cent Maine Pow 6% pf _100
Cent Pub Serv Corp pref_•
Consumers Pow 5% pref..
•
6% preferred
100
8.60% preferred
100
Dallas Pow & Lt 7% met 100
Derby Gas & Elec $7 pref..•
Essex-Hudson Gas
100
Foreign Lt ds Pow units__
Gas & Flee of Bergen
100
Hudson County Gas_
100
Idaho Power 6% pref
•
7% preferred
100
Inland Pow dr Lt pref_ 100
Jamaica Water SunOS' pf _50
10812 113
10812 113
10812 113
New York City Bonds.
Par Bid I Ask
Bank of Manhattan C0__20 2712 2912
Bank of Yorktown
100 20
34
Bensonhurst Natl
._100 25
4
Chase
20 243 263
4
95
Citizens Bank of Bklyn_100
City (National)
20 2712 2912
Comml Nat Bank & Tr_100 135 145
Bid I Ask
Amer 5 P S 5 %a 1948_M&N
431 1 4714
Atlanta G L be 1947 __J&D 9612 --Central Gas & Elec1st lien coil tr 5%e'46J&D
4
38.4 413
1st lien coil tr 6s '46_M&S 41
4412
Fed I' S 1st 135 1947___J&D e1812 2212
Federated Util 5345'57 M&S 3312 38,
2
Ill Wat Ser 1st be 1952_3&J 7012 73
Iowa So UM 5345 1950_J&J 50
5212
Louis Light 1st bs 1953_A&0 101
_
062
10dis 1As1:
B15
93 4 9534
3
17
14
0614
20
x15
100
10714 109
Sugar Stocks.
r Es-stork dtvI4e0(18.
i Ex-ri vidend
As*
Par Bid
• 84
90
100 8712 9612
12 112
•
•
2
Financial Chronicle
Volume 137
2093
Quotations for Unlisted Securities-Friday Sept. 15-Concluded
Aeronautical Stocks.
Chain Store Stocks.
Bohack (II C) corn
7% preferred
Butler(James)corn
Preferred
Diamond Shoe pref
Edison Bros Stores
Par Bid
• 1910
100 78
1
100
100
314
100 52
pref_106 5412
Ask
23
85
212
714
Par Bid
Melville Shoe pref
100 85
Miller (I) A Sons pref_ .100 12
MockJuds&VoehrIngerpf 100 58
Murphy(SC)8% pref_100 87
60
•
Nat Shirt Shope (Del)
100
Preferred
Newberry (J J) 7% pref_100
NY Merchandise let p1.100
Fan Farmer Candy Sh pf__• z20
24
Fishman(M
Stores____•
6
Preferred
100 55
70
Kobacker Stores pref_ 100 1512 2012
100 10012
Lord & Taylor
let preferred 6%
100 79
See preferred 8%
100 79
1
18
84
80
Ask
_
_
91 4
-2-
Industrial Stocks.
Par
Alpha Portl Cement pf__100
American Book 84
100
Amer Dry Ice Corp
Bliss(E W)1st prof
50
2d pret B
10
Bohn Refrigerator pf___100
Bon And Co B corn
•
Brunsw-Balke-Col prof._100
Burden Iron pref
100
Canadian Celanese com___•
Preferred
100
Carnation Co coin
•
Preferred $7
100
Chestnut & Smith com_ ___•
Preferred
100
Color Pictures Inc
Columbia Baking com____•
•
let preferred
•
26 preferred
Congoleum-Nairn $7 pf 100
Crowell Pub Co $1 com
•
87 preferred
100
De Forest Phonotilm Corp__
Doehler Die Cast pref
•
Preferred
$50 par
Eiseman Magneto com____•
Preferred
100
lien Fireproofing $7 pf 100
Graton & Knight corn
•
Preferred
100
Herring-Hall-Mary Safe_ 100
100
Howe Scale
Preferred
100
Industrial Accept corn_ ___°
100
Preferred
Locomotive Firebox Co__•
Macfadden Public'ne com_5
Bid
Ask
70i120
40
3
4412
624
13
..2
15
30
30 .
54
58
-_.... 2212
1712 2012
299 101
15
17
87
2
412 10
212 33
s
24
3
102
19
84
12
2114
113
4
612
60
5
15
1
512
27
43
8
2;8
Par Bid
Macfadden Public'ns pf__ _• 13
Merck Corp $8 pref
100 98
National Licorice corn_..100 1712
National Paper & Type 100
New Haven Clock pref 100
New Jersey Worsted pt_.100 40
Ohio Leather
•
Okonite Co 87 pref
100
Publication Corp corn
•
$7 let preferred
100
•
Riverside Silk Mille
•
Rockwood & Co_.
.
Preferred
100
Rolls-Royce of America_•
Rosy Theatres units
Common
•
Preferred A
Ruberold Co
100
Ask
1412
10110
22
15
20
20
25
11
912 141--0
7412
13
8
29
Central Airport
•
Khmer Airplane & Mot_ _ _1
212
25
8810
414
•
Piggly-Wiggly Corp
Reeves(Daniel) pref__ _100 100
74
100 69
Schiff Co pref
Silver (Isaac) ‘t Bros pt_ 100 12
32
Splitdorf Beth Mee
Standard Textile Pro___100
Class A
100
Class B
100
B4
25 4 Stetson (J B) Co pref._ _25
,
1514
13
• 10
4 Taylor Milling Corn
112
15 Taylor Wharton Ir&St corn •
Preferred
100
614
112 31,
612 Tenn Products Corp pref _50
100 56
30 TubizeChatillon cupt
112
Unexcelled Mfg. Co
10
19 White Rock Min Spring
4
$7 1st preferred
100 893
2
$10 26 pref
100 135
812
212 -, 2
f1100
4 Woodward Iron
51
100 46
2912 Worcester Salt
6s Young (.1 S) Co coin.- _ -100 5812
7% preferred
100 84
3s
,
22
87
Insurance Companies.
Par
Aetna Casualty & Surety_10
Aetna Fire
10
Aetna Life
10
Agricultural
25
10
American Alliance
American Colony
6
American Equitable
5
American Horne
10
AmericanofNawark....234
American Re.insurance_10
American Reserve
10
American Surety
25
Automobile_
10
Baltimore Amer
234
Bankers & Shippers
25
Boston
100
Carolina
10
City of New York
100
Connecticut General Life_10
Consolidated Indemnity_..5
Continental Casualty
5
10
Cosmopolitan Fire
Eagle Fire
212
Excess
5
Federal
10
Fidelity & Deposit of Md_20
Firemen's of Newark
5
Franklin Fire
General Alliance
•
Georgia Home
10
Glens Falls Fire
5
Globe & Republic,
5
Globe & Rutgers Fire__25
Great American
5
Great Amer Indemnity___ _1
Halifax Firs
10
Hamilton Fire
25
Hanover Fire
10
Harmonia
10
Hartford Fire
10
Hartford Steam Boiler__ _10
Bid
64
76
99
52
48
70
73
6512
2312
883
4
98
Equit Office Bldg be 1952___
52
Ilaytian Corp 88 1938
e17
Hoboken Ferry 55 1946
61
International Salt 5-9_1951 8412
Journal of Comm 6146_1937 5214
trans city Pub fiery 68 1951 2212
Loew's New Brd Prop
JAD 75
(is 1945
Ask
6712 Merchants Refrig (is 1937...
N 0 Or No RR Os '55_FAA
80
N Y & Hob Ferr 58'48 J&D
N Y ShIpbdg As 1940.MAN
57
50
80 Piedmont & Nor Ry 53_1954
Pierce Butler & P 634s 1942
79 Prudence Co Guar Coll
•
5345. 1961
2712 Realty Aseoc Sec 611'37_J&J
- --is
112 61 Broadway 53 '50_A&O
4
--- So Indiana Ry 45 1951_ F&A
Stand Text Pro Sis '42 MAS
58 Struthers Wells TitusvilleSis 1943
1912
66
87 Tol Term RR 4345'57_MAN
55
,1 Ward Baking lot Os__ __1937
2412 Witherbee Sherman Os 1944
Certificates of
_
Woodward Iron be 1952..J&.1
79
deposit_-
Ask
Si
4
523 543
4
343 363
8
8
2112 2312
51
56
141s 161s
7
47
s 78
1312 1612
4
63
4 82
814 914
3514 3814
8
112 133
8
8
223 24-3
8
4
203 223
4
2 4 34
3
3
4
323 423
4
464 489
18
16
137 147
3314 3514
17
a 38
7
8
107 127
8
1214 1514
2
272 37
9
8
6312 67 2
,
4
273 293
4
8
43
8 53
8
1718 183
812 1012
17
13
4
2724 293
12
9
75
65
161 18
.
53
8 732
8
127 147
8
4
293 543
4
x263 283
8
s
173 1978
s
4
443 463
4
4914 5214
Par
5
Home
Home Fire Security
10
Homestead Fire
10
Hudson Insurance
10
Importers & Exp. of N Y_25
Knickerbocker
5
Lincoln Fire
5
2
Maryland Casualty
25
Mass Bonding & Ins
Merchants Fire Assur c0m212
Merch & Mfrs Fire Newark 5
10
Missouri States Life
10
National Casualty
10
National Fire
2
National Liberty
National Union Fire
20
New Amsterdam Cas
5
10
New Brunswick Fire
New England Fire
10
10
New Hampshire Fire
20
New Jersey
New York Fire
5
12.50
Northern
2 50
North River
.25
Northwestern National.
Bid
1914
218
107
8
53
4
107
8
612
238
238
17
273
4
512
3
5
453
8
43
4
583
4
127
8
163
8
77
8
3312
20
10
46
157
8
7712
Ask
203
4
318
123
8
82
,
338
43
8
20
313
4
712
23
8
7
473
8
52
4
623
4
147
8
183
8
127
8
3612
243
8
13
51
177
8
8212
4
Pacific Fire
25 343 4434
4
4
Phoenix
10 583 603
Preferred Accident
5 1212 1412
8
7
Providence-Washington._10 23 8 257
30
Rochester American
10
St Paul Fire & Marine.. 25 117 122
Security New Haven
10 2414 2614
15
Southern Fire
10 13
Springfield Fire A Marine_25 8512 9012
7
5
10
Stuyvesant
Sun Life Assurance
100 440 490
Travelers
100 409 424
8
37
8 47
..2
U S Fidelity & Guar Co.
4
3
4 30 4 323
U S Fire
8
8
2 50 187 207
Westchester Fire
Realty, Surety and Mortgage Companies.
Ask
Par Bid Ask I
Par Bid
4
312, Lawyers Title & Guar__100
2
Bond di Mortgage Guar__20
93 113
4
138 312
Lawyers Mortgage
20
50
Empire Title & Guar___100 22
2
50 80 National Title Guaranty 100
Guaranty Title ex Mortgage_
78
17
8
33
4 53 N Y Title & Mtge
10
4
Home Title Insurance__ _25
20
15
International Germanic Ltd
New York Real Estate Securities Exchange
Bonds and Stocks.
Industrial and Railroad Bonds.
Adams Express 4s '47.J&D
American Meter Os 1946___
Amer Tobacco 48 1951 F&A
Am Type Fdrs 68 1937 M&N
Debenture (le 1939__MAN
Am Wire Feb 78 '42_61&S
Bear Mountain-Hudson
River Bridge 7s 1953 Ads0
Chicago Stock Yds 58_1961
Consol Coal 434* 1934 MAN
Consol Mach Tool 78_1942
Consol Tobacco 48 1951____
Par Bid
Ask
Ask
2
•
5
10 Southern Air Transport...
•
2
3 Swallow Airplane
United Aircraft Transport
4712 5112
Preferred x warr
3
2
4 118
34
118 Warner Aircraft Engine_ _ _•
Par Bid
Alexander Indus 8% pf-100
Aviation Sec Corp (N E)__.
Bid
85
e35
55
87
Ask
38
60
7712 81
5112 412
50
e26
5812
59
19
36
52
61
6214
25
46
84
89
9512 98
56
535
10
39
Chicago Bank Stocks.
Par Bid !Ask
Par Bid I Ask
85 First National
Amer Nat Bank & Trust _100 80
101) 93
96
100
2
212 Harris Trust & Savings.
Central Republic
.100 235 245
Northern Trust Co
Continental III Bk dr Tr _100 4812 50
100 380 395
Active Issues.
Bid
ACtire Issues.
Ask
Bonds (Concluded)
Marcy (The) 65 1940
1812 2112 Mortgage Bond(N Y)53is.
13 2 14,2 New Weston Hotel Annex
,
6s
1940
25
28
2712 3214 N Y Athletic Club 68..1946
42
46 Oliver Cromwell Hotel
Certificates
17
20
23 165 B'way Bldg 53is_ _1951
2012 24 Park Central Hotel cas
28
32 Pennsylvania Bldg ctfs_ r7r
Roxy Theatre 6348
.-1940
- 512 Savoy Plaza Corp Os ctfs '45
79 Madison Ave Bldg Os '40
-0
4 1 45 Sherry Netherland Hotel ate
1
3
616 Madison Ave Bldg 612s
1938
20
25
10 E 40th St Bldg 6s---1940
9
12 301 E 38th St Bldg etre
40
43 2480 Broadway Bldg 612s '37
2124-34 Bway Bldg ctfs
Harriman Bldg Corp 6s _1951 62
Stocks
65
Hearst Brisbane Prop 65 '42 5312 56
Alliance Realty Co
Hotel Lexington 6s
Beaux Arts Apt Inc units
1943 13
Certificates
13
39 Broadway Bldg Units
16
Hotel St George 5,48_1943 29
32
City & Suburban IIornes _
Lercourt State Bldg 6318 '43 23
French (F F)
26
Lincoln Bldg Certificates
39
42
Freterred
Loew's Theatre dc Realty
French (F F) Operators
Si
Corp 6s
1947 47
Units
Bonds
Albany Metropolitan Corp
1938
634's
Allerton N. Y. Corp ctfs___
11'way Barclay Bldg 68_1941
Central Zone Bldg Ws
1948
Chrysler Bldg 65
1937
Cranleigh (The) 6s
1941
Dorset (The) 6s
1939
Drake (The) Os
80 Fifth Ave Bldg Os...1940
Fifth Ave & 29th St Bldg
Os
1948
502 Park Ave Bldg ctfs____
40 Wall St Bldg 6s
1958
420 St & Lexington Ave
Bldg 63Is
1945
Fox Theatre & Office Bldg
1941
63-4s
Fuller Bldg 5345
1949
Bid
Ask
2012 24
38
34
1912 24
2214 223
4
1212
56
712
1912
12
13
2014
13
16
33
27
30
10
16
59
10
23
15
16
16
18
32
33
13
612
612 -7
92
14
16
412 6
13
4 212
7
9
45
60
Bid
5.50
6.00
4.65
4.65
12.00
12.00
12.00
12.00
12.00
4.75
4.75
4.75
4.00
4.75
4.50
4.00
6.00
4.30
12.00
4.75
4.75
5.75
5.75
6.00
4.00
Ask
4.50
5.00
4.15
4.15
8.00
8.00
8.00
8.00
8.50
4.00
4.00
4.00
3.00
4.00
3.50
3.00
5.00
3.50
8.00
425
4 25
5.00
5 00
5.00
3.00
Other Over-the-Counter Securities-Friday Sept. 15
Short Term Securities.
Bid !Ask 1
Allis-Chal Mfg As May 1937I
Amer Metal 534s 1934_ A&O
Amer Wat Wks bs 1934 A&O
Bid lAsk
9012 92 j Mag Pet 43Is Feb 15 '34-'35 101
94
95 j Union 011 5s 1935____F&A 1013 10218
4
9614 961
.
1
1
Water Bonds.
Bid
Alton Water be 1956__A&O 89
Ark Wat 1st 58 A 1956_A&O 86
Ashtabula W W As'58_A&O 8012
Atlantic Co Witt 5* 58 MAS 82
Birm WW 1st 5Sis A'54A AO
1st m 5s 1953 ser B__J&D
1st As 1957 series C-F&A
Butler Water be 1957__A&O
City of Newcastle Wat 58'41
City W (Chat) be B '54 J&D
let foi 1957 series C_MAN
Commonwealth WaterFAA
log As 1956 11
1st m As 1957 ser C..FAA
Davenport W be 1961 J&J
ES LA Int W As'42_
bet m Os 1942 ser B J&J
1st be 1960 sec D__ - FAA
Ask
Bid
Ask
90 Hunt'ton W 1st 61'54.. MAS 99 101
1st m 58 1954 ser
8712
86
As 1962
82
82
85
-- Joplin W W 58'57 ser AMAS 79
81
Kokomo W W 5a 1958_JAD 79
9912 101
1)Ionm Con W let 5,56 JAD 82
84
90
- -- Monon Val W 53-4s '50 _J&J
8612
Ftichm W W1st As'57_MAN 8612 81
90
81 St Joseph Wat As 1941_A&O 9412
78
South Pitts Water Co
88
1st 58 1955
95
_
FAA 100
lot & ref be '60 ser
95
--93
9",c
let & ref 5560 ser 13.J&J 93
95
Terre IPte WW 68'49A J&D 95
91
1st m 5s 1956 tier B..J&D 83
921
90
86
Texarkana W hot 5858 FAA
88
73
75
80
- - Wichita Wet 1st thi '49 WAS 98 100
75
82
1st m 5556 ser B
79
F&A
90
lot m 55 1960 ser C_MAN 87
73
75
Railroad Equipments.
Atlantic Coast Line 68
Equipment 63Is
Baltimore & Ohio 68
Equipment 43 A 55__
-is
Buff Roth A Pitts ()Quip (le..
Canadian Pacific 43is & (le
Central RR of N J (le
Chesapeake & Ohio 6e
Equipment 63-4s
Equipment 513
Chicago A North West Os..
Equipment 0348
Chic RI & Pao 4 3413 & 5s
Equipment 68
Colorado & Southern Os...
Delaware & Hudson (is
Erie 4
55
Equipment (Is
Great Northern Os
Equipment as
Hocking Valley 5s
Equipment 65
Illinois Central 434s & As...
Equipment 68
Equipment 78 & Of-Is....
• No
par
BidAsk
4.50 3.50
4.75 4.00
4.75 4.00
5.00 4.25
5.00 4.20
5.50 4.50
4.20 3.75
4.15 3.00
4.15 3.00
4.15 3.00
8.00 6.50
8.03 6.50
11.00 8.00
11.00 8.00
5.50 5.00
4.75 4.00
6.00 5.00
6.00 5.00
4.75 4.00
4.75 4.00
4.40 4.00
4.40 4.00
4.75 4.40
4.75 4.40
4.75 4.40
Kanawha & Michigan Os...
Kansas City Southern 534s
Louisville& Nashville 65- _
Equipment 6348
Minn St PASS M 43-4s & As
Equipment 634s & 75-- Missouri Pacific 6348
Equipment(is
Mobile & Ohio be
New York Central 43.4s A be
Equipment Os
Equipment 78
Norfolk A Western 4 As-Northern Pacific 78
Pacific Fruit Express 75._
Pennsylvania RR equip As..
Pittsburgh A Lake Erie 63
-in
Reading Co 434s A 55
St Louis A San Fran 58
Southern Pacific Co 4 Sis..Equipment 7s
Southern Ry 43.4s & 5a
Equipment 68
Toledo A Ohio Central 6s...._
Union Pacific 7s
value. d Last reported market.
e Defaulted. s Ex-dividend.
2094
Financial Chronicle
Sept. 16 1933
Current Earnings-Monthly, Quarterly, Half Yearly
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUES.
Below will be found all returns of earnings, income and profits for current periods whether monthly, quarterly or half-yearly, that
or any
have appeared the present week. It covers all classes of corporate entities, whether railroads, public utilities, industrial concerns
an invaluable record.
other class and character of enterprise or undertaking. It is all inclusive in that respect, and hence constitutes
confined to the returns which have come to hand the present week. It includes those given
The accompanying index, however, is not
index is to supplement the informain our issue of Sept. 9, Sept. 2 and also some of those given in our issue of Aug. 26. The object of this
as well as
tion contained in our "Monthly Earnings Record," which has been enlarged so as to embrace quarterly and semi-annual statements
every monthly,
monthly reports. The "Monthly Earnings Record" was absolutely complete up to the date of issue, Aug. 24, embracing
semi annual and quarterly report which was available at the time of going to press.
figures in most cases are merely
The index now given shows the statements that have become available in the interval since then. The
which had not yet made up their
for a month later, but there are also not a few instances of additions to the list, representing companies
returns when the Augast number of the "Monthly Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week, furnishing a reference to every return that has appeared
and for most persons will answer
since the last preceding number of the "Monthly Earnings Record." The latter is complete in and by itself,
supplementary
all purposes. But to those persons who are desirous of seeing the record brought down to date every week, this further and
with the "Monthly Earnings Record'
Index in the "Chronicle" will furnish an invaluable addition. The "Chronicle" index in conjunction
record brought down
a
will enable any one at a glance to find the very latest figures of current earnings and income, furnishing cumulative
the end of every return, both in the
to date each and every week-an absolutely unique service. A further valuable feature is that at
Earnings Record," there is a reference line showing by date and page number the issue of the "Chronicle"
"Chronicle" and the "Monthly
where the latest complete annual report of the company was published.
Issue of Chronicle
When Published, Page.
Name of CompanyAug. 26..,1581
Aeolian American Corp
Sept. 3..1756
Affiliated Products, Inc
Sept. 2...1750
Akron Canton & Youngstown
Aug. 26-1565
Alabama Great Southern
Aug. 26..1568
Alabama Power Co
Sept. 2_.l755
Alabama Water Service Co
Sept. 9..1929
Alaska Juneau Gold Mining Co
Aug. 26..1581
Allied Mills. Inc
Sept. 2..1750
Alton
Sept. 9._1930
Aluminum Industries, Inc
Sept. 9A939
American Enka Corp
Aug. 26_1567
American Gas & Electric Co
Sept. 16_2096
American Hawaiian SS. Co
Sept. 9.-1939
American Hide & Leather Co
Aug. 26_1568
American Home Products Co
Sept. 2-1756
American Metal Co., Ltd
Aug. 26_1581
American Piano Corp
Aug. 36..1568
American Power & Light Corp
Sept. 9..1939
American Salamandra Corp
Corp. of Del.- __Sept. 2..1756
American Seal-Rap
Sept. 16..2096
American Seating Co
Aug. 26_1564
Ann Arbor RR
Sept.16_2105
Apponaug Co
Sept. 9..1939
Archer-Daniels-Midland Co
Sept. 9.1930
& Electric Co
Associated Gas
The Atchison Topeka & Santa Fe
Sept 2 _1755
Ry. System
Sept. 2_1750
Atchison Topeka & Santa Fe
Sept. 2..1750
Atlanta Birmingham & Coast
Sept. 9. 1930
Atlanta Gas Light Co
Sept. 2_1750
Atlanta & West Point
Sept. 2._l750
Atlantic Coast Line RR
Atlantic Gulf & W. Indies SS. Lines Sept. 2..1756
Sept. 2. 1756
Atlantic Refining Co
Sept.16_2105
Atlas Plywood Corp
Sept. 9..1930
Auburn Automobile Co
Sept. 2.1750
The Baltimore & Ohio RR
Sept. 2..1750
Terminal
Bait. & Ohio Chic,
Sept. 2..1755
Bangor & Aroostook RR
Sept. 9_.1930
Bangor Hydro-Electric Co
Bankers National Investing Corp---Sept. 9..1930
Barcelona Trac. Lt. & Pr. Co., Ltd-Sept. 2..1756
Sept. 9_1930
Baton Rouge Electric Co
Beaumont Sour Lake & Western---SePt. 2..1753
Sept. 2..1750
Belt Ry. of Chicago
Sept. 16..2096
Berghoff Brewing Corp
Sept. 2_1750
Bessemer & Lake Erie
Aug. 26_1558
Bing & Bing, Inc
Sept. 2..1767
(T. E.) Bissell Co.. Ltd
Sept. 2. 1756
Boise Chica Oil Corp
Sept. 2. 1756
Boston Elevated Railway
Aug. 26_1566
Boston & Maine RR
Sept. 9..1930
Botany Worsted Mills
British Columbia Pr. Corp., Ltd____Sept. 9_ .1930
Sept. 9..1930
Broad River Power Co
Aug. 26..1564
Brooklyn Eastern Dist. Term
---Sept. 9_.1934
Brooklyn-Manhattan Transit Co.
Sept. 9..1934
Brooklyn & Queens Transit Co
Sept. 2..1767
Bristol-Myers Co
Sept. 2..1756
Buffalo General Electric Co
Aug. 26_1568
Bulova Watch Co
Sept. 2..1750
Burlington Rock Island
Sept. 9 _1930
Burroughs Adding Machine Co
Sept. 9..1930
Butterick Co
Sept. 2.1768
Calaveras Cement Co
Sept. 2_1756
California Water Service Co
Sept. 2..1750
Cambria & Indiana
Sept. 9_1940
Canadian Eagle 011 Co., Ltd
Canadian Foreign Investment Corp..
Sept. 9..1940
Ltd
Aug. 26..1583
Canadian Goodrich Co.. Ltd
Sept. 16..2096
Canadian Locomotive Co.. Ltd
Sept. 2-1755
National Rys
Canadian
Canadian Nat'l Lines in N.England-Sept. 2..1750
Sept. 2-1755
Canadian Pacific Ry
Sept. 2 1751
Canadian Pac. Lines In Maine
Canadian Pac. Lines In Vermont___Sept. 2..1751
Sept. 2_1758
Packers, Ltd
Canada
Canadian Hydro Electric Corp.. Ltd.Sept. 2..1756
Canadian Wirebound Boxes, Ltd.-_Sept. 2..1768
Sept. 9_1940
Castle Trethewey Mines, Ltd
Sept. 2_1768
Central Airport, Inc
Sept. 2..1751
Central of Georgia
Central Illinois Electric & Gas Co__Sept. 9..1930
Sept. 16_2096
Central Illinois Light Co
Sept. 9-1930
Central Indiana Gas Co
Aug. 26..1564
•
Central RR. of New Jersey
Charleston & Western Carolina-Sept. 2_1751
Aug. 26..1566
Chesapeake Corp
Sept. 9..i930
Chester Water Service Co
Sept. 2_1751
Chicago Burlington & OulncY
Sept. 2..1751
Chicago & Eastern Illinois
Aug. 26..1564
& Erle
Chicago
1
Aug. 26_156,
Chicago Great Western
Sept. 2_ .1751
Chicago & Illinois Midland
Chicago Indianapolis & Louisville_Sept. 2..1751
Chicago Stilwatikee St. Paul & Pac_ _Sept. 2..1751
Sept. 2_1731
Chicago & North Western
Sept. 2..1751
Chicago River & Indiana
Sept. 2..1755
Chicago R. I. & Pacific System
Sept. 2..1751
Chicago Rock Island & Gulf
Sept. 2-1751
Chicago Rock Island & Pacific
Dem of Chronicle
Name or CompanyPoo,
When Published
Chicago St-Paul Minn.& Omaha_ _Sept. 2..1751
Sept. 2..1768
Chickashu Cotton Oil Co
Chic. New Orleans & Texas Pee, Ry.Aug. 24_1555
City Stores Co
Sept. 9_1930
Claude Neon Elec'l Products Corp Aug. 26 1568
Claude Neon Lights, Inc
Sept. 9..1941
Sept. 9 1929
Clinchfield
Clorox Chemical Co
Sept. 2..1769
(Dan) Cohen Co
Sept. 2 1754
Colon Oil Corp
Sept. 9..1911
Colonial Beacon Oil Co
Sept. 9..1931
Sept. 2__1751
Colorado & Southern
Columbia River Packers Assn
Sept. 9..1941
Columbus & Greenville
Sept. 2..1751
The Commonwealth & S•thern Corp_Aug, 26..1558
Sept. 2 1751
Conemaugh & Black Lick
Sept. 2..1756
Community Power & Light Co
Sept. 9_1942
Coneagas Mines. Ltd
Sept. 16 209S
Connecticut Power Co
Consolidated Electric & Gas Co.. Sept. 2..1764
Sept. 16_ _2100
Consolidated RR. of Cuba
Continental Gas & Electric Corp. -Sept. 9..1931
Sept. 2_1755
Continental Roll & Steel Corp
Sept. 2__1769
Continental Steel Corp
Sept. 9..l9 11
Cook Paint & Varnish Co
Sept. 2_1755
Crown Willamette Paper Co
Sept. 2..1755
Crown Zelierbach Corp
Cuba Co
Sept. 16..2167
Sept. 16..2140
Cuba Railroad
Sept. 2_17 9
Curtis Mfg. Co
Sept. 2..1755
D Irby Petroleum Corp
Sept. 2..1751
Delaware & Hudson
Delaware Lackawanna & Western_Sept. 2..1751
Sept. 162)96
,
Den smann Lumber Co
Denver & Rio Grande Western RR-Sept. 2..1755
Sept. 2..1751
Denver & Salt Lake
Sept. 16_2 96
Dnrolt Eilson Co
Sept. 2 .1731
Detroit & Mackinac
Aug. 26_1559
Detroit Street Rys
Sept. 2_1751
Detroit Terminal
Sept: 2..1751
Detroit Toledo & Ironton
Aug. 26..15 4
Detroit & Toledo Shore Line
Sept. 2_1757
Diamond Match Co
Sept. 9..1942
Dominion Coal Co.. Ltd
Dominion Scot. Investments, Ltd- -Sept. 9. 1942
Dominion Steel & Coal Corp.. Ltd- -Sept. 9..1942
Sept. 2_1751
Duluth Missabe & Northern
Duluth S nith Shore & Atlantic- -Sept. 2..1752
_
Duluth Winnipeg & Pacific
Sept. 2_.1757
Duquegne ldoht Co
Sept. 2__1770
Dwight Mfg. Co
Sept. 2..1770
Early & Daniel Co
Sept. 9 .1931
East Kootenay Power Co
Eastern Bond 8c Share Corp
Sept. 9__193I
Aug. 26..13.9
Eastern Mass, Street Ry
Sept. 9_1931
Eastern Steamship Lines,Inc
Aug. 26_1559
Eastern Utilities Associates
Eastman Kodak Co.
Aug. 26..1559
Sept. 2..1770
Edison Bros. Stores. Inc
Edmonton Street Ry
Aug. 26-15 .9
Sept. 9..1941
Eary Register Co
Ellert Brewing Corp
Sept. 2_1757
Sept. 2..1770
Elder Mfg. Co
Elgin Joliet & Eastern
Sept. 2._1752
Sept. 2..1757
Elizabeth Brewing Corp
Sept. 9_1911
El Paso Electric Co.(Del.)
Sept. 9_1911
Empire Gas & Electric Co
Emporium Capwell Corp
Sept. 2 .1757
Sept. 9_1941
Enamel & Heating Products, Ltd
Sept. 9..1931
Engineers Public Service Co
Iffice Building Corp
Sept. 2..1757
Equitable ,
Sept. 9..1931
Erie Lighting Co
Erie Railroad System
Aug. 26_1554
Ede RR
Aug. 26_1564
Estey Operating Corp
Sept. 9._1931
Sept. 2_1757
Exchange Buffet Corp
Aug. 26_ l 569
Fall River Gas Works Co
Sept. 2..1771
Fansteel Products Co.. Inc
Sept. 2..1771
Farr Alpaca Co
Sept. 2..1771
Federal Knitting Mills Co
Aug. 26_1569
Federal Light & Traction Co
Sept. 16..2192
Federal Utilities, Inc
Ferro Enamel Corp
Sept. 2..1757
Aug. 26_1585
Fiberlold Corp
Sept. 2..1771
(1.) Pink & Sons
Sept. 9..1931
First Chrold Corp
Aug. 26_1545
Florence Stove Co
Aug. 26..1555
Florida East Coast
Sept. 2..1771
Flour Mills of America. Inc
95
Fonda Johnstown & Gloversville RR.Sept. 16 _ _ 20
Sept. 9_ _1941
Foothills Oil & Gas Co.. Ltd
Sept. 9.19(9
Fort Smith & Western
Sept. 2..1751
Fort Worth & Denver City
Sept. 2..1753
Ft. Worth & Rio Grande Ry
Sept. 16..2095
Forty Wall St. Corp
Aug. 26..1569
Foundation Co
_
Aug. 361565
Galveston Wharf
Sept. 2_1757
Gatineau Power Co
Gen•I Amer. Transportation Corp. _Aug. 26.13'S
Aug. 26..1570
General Asphalt Cm
Aug. 26. 1575
General Gas & Electric Corp
General Outdoor Advertising Co......Sept. 2..1757
Issue of Chronicle
When Published. Page.
Name of CompanySept. 9..1944
General Rayon Co.. Ltd
.Sept. 16..2096
General Realty & Utilities Corp..
Aug. 26_1586
General Vending Corp
Sept. 2..1755
Georgia & Florida
Sept. 2_.1752
Georgia RR
Aug. 26_ A 565
Georgia Southern & Florida Ry
Aug. 26.-1586
Gibson Art Co
Aug. 26_1586
Gilchrist Co
Sept. 2..A772
Gilmore Oil Co., Ltd
Globe Automatic Sprinkler Co. of
Aug. 26_1586
the U. S
Aug. 26..1587
Goldblatt Bros.. Inc
Aug. 26_1587
Golden State Co.. Ltd
Sept. 3_.1772
Gosnold Mills Corp
Grand Rapids Store Equipt. Corp- _Sept. 9..1944
Sept. 2..1752
Grand Trunk Western
Aug. 26.A587
Groton & Knight Co
Great Britain & Canada Investment
Sept. 2__1772
Corp
Aug. 26..1587
Great Lakes Dredge & Dock Co
Sept. 2..1752
Great Northern
Sept. 9.1944
Great Southern Lumber Co
Sept. 2..1752
Green Bay & Western
Sept. 16..2096
Greif Bros. Cooperage Corp
Sept. 3..1757
Griesedieck Western Brewing
Sept. 2._1755
Gulf Coast Lines
Sept. 2_1750
Gulf Colorado & Santa Fe
Sept. 2..1753
Gulf Mobile & Northern
Sept. 16_2096
Gulf Power Co
Aug. 26..1565
Gulf & Ship Island
Sept. 9..1931
Gulf States Utilities Co
Aug. 26_1587
(Charles) Curd & Co.. Ltd
Hagerstown Light & Heat Co. of
Sept. 9.1931
Washington County
Sept. 9..1945
Halle Bros. Co
Sept. 9.1945
Hamilton Bridge Co.. Ltd
Sept. 9...I945
Hamilton Cotton Co.. Ltd
Sept. 9..1945
Hammermill Paper Co
Sept. 2..1772
Hammond Clock Co
Sept. 16..2108
Hancock Oil Co. of California
Sept. 16_2108
Harmony Mills
Sept. 16..2109
Harnischfeger Corp
Aug. 26..1570
Haverhill Gas Light Co
Sept. 16_2109
Hegeman Harris Co
Aug. 26..1570
(Walter E.) Heller & Co
_Sept. 16_2109
HIllerest Collieries. Ltd
Hinde & Dauch Paper Co. of CanSept. 9..1945
ada. Ltd
Hinde & Dauch Paper Co. Sandusky
OhioSept. ._
Sept. 16..2109
Hodges Carpet Co
Sept. 9..1946
Holland Land Co
Sept. 16._2109
Holt Renfrew & Co
Sept. 16_2110
Honey Dew. Ltd
Hononiulu Rapid Transit Co.. Ltd...Sept. 2_.1757
Sept. 16..21119
(A. C., Horn Co
Sept. 16..2110
(Joseph Horne Co
Sept. 16..2110
Hoskins 311g. Co
Sept. 2_.1757
Hotel Waldorf-Astoria Corp
Aug. 26..1570
Hudson & Manhattan RR
Sept. 16_2110
Hunt Bros. Packing Co
Sept. 16-2110
Hunts. Ltd
Huronian Mining & Finance Co..
Sept. 16-2111
Ltd
Sept. 9..1932
Illinois Bell Telephone Co
Aug. 26-1565
Illinois Central System
Aug. 26..1565
Central RR
Illinois
Sept. 2..1752
Illinois Terminal
Sept. 2-.1757
Illinois Water Service Co
Aug. 26-.1588
Imperial Oil. Ltd
Sept. 16..2096
Indiana Harbor Belt RR
Aug. 26-1570
Motocycle Co
Indian
Sept. 2-1773
Industrial & Power Securities Co
Sept. 16_2098
Interborough Rapid Transit Co
Sept. 9_1946
Inter•City Baking Co., Ltd
International Agricultural Corp... Sept. 16.-2099
Button-Hole Sewing
International
Sept. 9-1946
Machine Co
Aug. 26-1565
International Great Northern
Power Co___Sept. 9..1932
International Paper &
Sept. 2..1757
International Products Corp
International Rys. of Central Amer Sept. 2..1755
Sept. 16_2111
International Textbook Co
Sept. 16..2111
Interprovincial Brick Co
Aug. 26.1589
. Corp
Interstate &IMMO
Sept. 2-1757
Investment Co. of America
Sept. 16..2111
Cap Copper Co
Iron
Sept. 16..2102
Jamaica Water Supply Co
Sept. 9..1947
,
Jeffer on Electric Co
Sept. 9..1932
& Co
(Mead) Johnson
Johnson Stephens & Shinkle Shoe
Sept. 16_2111
Co
Sept. 16_2111
Kalamazoo Stove Co
Sept. 2-1757
Kansas City Power & Light Co
Sept. 2-1751
Southern
Kansas City
Sept. 2..1752
K loses Oklahoma & Gulf
Sept. 16_2111
Keeley Silver Mines. Ltd
Sept. 16__2096
Keith-Aibee Orpheum Corp
Sept. 2__1757
B. P. Keith Carp
Sept. 2._1757
Kelly Springfield Tire Co
Sept. 9-1932
(The) Key West Electric Co
Sept. 16.-2111
King Royalty Co
Financial Chronicle
Volume 137
2095
Issue ofChronicle
Issue of Chronicle
Name of CompanyName of CompanyWhen Published. Page.
When Published. Page.
Kingsbury Breweries Co
Sept. 9-1931 Noblitt-Sparks Industries, Inc
Sept. 16._2097
La France Republic Corp
Sept.16_..2111 Nonquitt Mills
Sept. 2_1776
Lakeside Invest.& Securities Co
Sept. 9._1931 Norfolk Southern
Sept. 2__1753
Lake Superior & Ishpeming
Aug. 26_1566
Sept. 2_1752 Norfolk & Western RR
Lake Terminal
..Sept. 2_1758
Sept. 2_1752 North American Investment Corp..
Lane Bryant, Inc
Aug. 26-1590 North American Edison Co
Aug. 26._1571
Langendorf United Bakeries, Inc-Sept. 9__1947 Northern Alabama Ry
Aug. 26_1595
Lee Rubber & Tire Corp
Sept. 16.. _2097 Northern Pacific
Sept. 2__1753
Lehigh & Hudson River
Sept. 2_1753
Sept. 2__1752 Northwestern Pacific
Lehigh & New England
Sept. 2-1752 Nova Scotia Steel & Coal Co.. Ltd_ _Sept. 9..1949
Lehigh Valley
Aug. 26._1571
Aug. 26..1565 Ohio Edison Co
Lever Bros.. Ltd
Sept. 2_1758
Sept. 2-1774 Ohio Water Service Co
Life Savers Corp
Sept. 2__1753
Sept. 2_-1774 Oklahoma City Ada Atoka
Long Island
Sept. 2..1758
Sept. 2..1753 Old Colony Trust Associates
Loomis-Sayles Mutual Fund,Inc
Sept. 9__1932 Oneida Community, Ltd
Sept. 9..1949
Los Angeles & Salt Lake
Sept. 2_1754 Onondaga Silk Co
Sept. 9__1949
Loudon Packing Co
Aug. 26-.1590 The Orange & Rockland Elec. Co_ _Sept. 2..1758
Louisiana & Arkansas
Sept. 9_ _1949
Sept. 2__1752 Orpheum Circuit. Inc
Louisiana Arkansas & Texas
Sept. 2_ _1758
Sept. 2__1752 Oregon Lumber Co
Louisville & Nashville
Sept. 2.1754
Sept. 2_-1752 Oregon Short Line
(Arthur) McKee & Co
Sept.16.2112 Oregon-Washington RR.& Nay. Co_Sept. 2_ _1754
McKesson & Robbins, Inc
Sept. 16...2097 Ore. Washington Water Service Co Sept. 2__1758
McKinney mg.Co
Sept. 16_ _2117
Sept. 9_1947 Pacific Clay Products
(R. C.) Mahon Co
Sept. 2-1774 Pacific Finance Corp.of Cal
Sept. 2_.1759
Maine Central RR
Sept. 2__1755 Pacific Public Service Co
Aug. 26..1571
(II. R.) Mallinson & Co
Sept. 9__1932 Pacific Telephone & Telegraph Co Sept.(6_2097
Managed Investments. Inc
Aug. 26__1570 Pan Amer.Petroleum & Transp't Co_ Sept. 2..1759
Manila Electric Co
Aug. 26__1570 Panhandle & Santa Fe
. Sept. 2_1750
Manitoba Power Co., Ltd
Sept. 2__1757 Park & Tilford. Inc
Sept. 2_1758
Market Street Ry
Sept. 2_1757 Park Utah Consolidated Mines Co- -Sept. 2...1759
Mavis Bottling Co. of America
Sept.16. 2114 Parkway-Webster Hotel
Sept. 9__I942
Mead Corp
Aug. 26_1570 Pathe Exchange, Inc
Sept. 2__1759
Merrimack Mfg. Co
Sept. 16_ _2114 Patin° Mines & Enterprises ConsoliMerritt-Chapman & Scott Corp
Sept. 2._1759
Sept. 16__2114
dated, Inc
Mexican Light & Power Co
Sept. 16__2097
Sept. 2__1758 Pearl River Valley Lumber Co
Mexican Eagle Oil Co.. Ltd
Sept. 9..1932
Sept. 9__1947 Pelham Manor Chicago
Mexican Light & Power Co., Ltd
Aug. 26..1571
Aug. 26._1576 David Pender Grocery Co
Mexico Tramways Co
Sept. 2_-1753
Sept. 2_1758 Pennsylvania RR
MiLkelberry's Food Products Co
Sept.16_.2114 Penn. Reading Seashore Lines
Sept. 2_1753
Slid.Continent Petroleum Corp
Aug. 26...1570 Pennsylvania RR. Regional System_Sept. 2..1755
Midland Valley
Sept. 2..1753
Sept 2__1752 Peoria & Pekin Union
Minneapolis & St. Louis
Pere Marquette Railway
Aug. 26_1567
Sept.
Minn.St.Paul & Sault Ste Marle
Sept. 16..2097
Aug. 26__1565 Phelps Dodge Corp
Minnesota Valley Canning Co
Sept. 2__I759
Sept. 16_2114 Philadelphia Co
Mississippi Central
Aug. 26 1571
Sept. 2__1752 Philadelphia Rapid Transit Co
Mississippi Power Co
Sept.16_ 2097 (The) Philippine Ry
Sept. 9..1929
Missouri Illinois
Aug. 26_1572
Sept. 2__1752 Phillips-Jones Corp
Missouri Kansas Texas Lines
Sept. 2..1759
Sept. 2..1752 Pierce Arrow Motor Car Corp
Missouri & North Arkansas
Aug. 26_1572
Sept. 2__1752 Pierce Oil Corp
Missouri Pacific
Aug. 26_1572
Sept. 2..1752 Pierce Petroleum Corp
(J. S.) Mitchell & Co.. Ltd
Sept. 16._2115 Pioneer Gold Mines of British Co(Robert) Mitchell Co., Ltd
Sept. 9..1932
Sept. 16_ 2115
lumbia, Ltd
Mobile & Ohio
Aug. 26..1572
Sept. 2._1752 Pitney Bowes Postage Meter Co
Mohawk Valley Co
Sept. 16..2118
Aug. 26_1579 Pittsburgh Forgings Co
Molybdenum Corp. of America
Sept. 16__2096
Sept. 2.. 1758 The Pittsburgh & Lake Erie RR
Monolith Portland Cement Co
.Sept. 2..1753
Sept. 16..2097 Pittsburgh Shawmut & Northern.
Monongahela
Sept. 16_2118
Sept. 2_.1753 Pittsburgh Steel Co
Monroe Chemical Co
Sept. 16._2115 Pittsburgh Suburban Water Service
Montgomery Ward & Co
Sept. 91932
Co
Sept. 2_1758
Moore Corp., Ltd
Sept. 2..1759
Sept. 16__2115 Pittsburgh United Corp
Mother Lode Coalition Mines Co
Sept. 2..1753
Sept. 21758 Pittsburgh & West Virginia
Motor Transit Co
Sept. 2.1759
Sept. 16...2097 Plymouth Oil Co
Mt. Diablo Oil Mining & Bevel. Co-Sept.16_2115 Ponce Electric Co
Sept. 9_1932
Sept. 16..2097
Mount Royal Hotel Co., Ltd
Sept. 16_2115 Poor & Co
,
Sept. 16..2 97
dfunsingwear. Inc
Aug. 26..1570 Postal Telegraph-Cable Co
Nashville Chattanooga & St. Louls_Sept. 2_1753 Potomska Mills Corp
Sept. 2_ _1777
Natalbany Lumber.Co., Ltd
Sept. 9..1932
Sept.16_ _2097 Powhattan Building Corp
National Battery Co
Sept. 2__I775 Puget Sound Power & Light Co_ ...Sept. 9_ .1933
Sept. 9_.1933
National Belies Hess. Inc
Sept. 2..1775 Pullman Co
National Casket Co
Sept. 2._I774
Sept. 16..2116 QuIssett Mill
National Power & Light Co
Sept. 9..1950
Aug. 26.1971 Radio-Keith-Orpheum Corp
National Rys. of Mexico
Sept. 2 1759
Sept. 16. 2 95 Railway Express Agency
National Steel Car Corp., Ltd
Sept. 9..1950
Aug. 26..191 Ranier Pulp & Paper Co
Nauheim Pharmacies, Inc
Aug. 26_1572
Sept. 2..1776 Raybestos Manhattan Co
(Oscar) Nebel Co.. Inc
Sept. 9 1951
Sept. 2_1776 Reece Button•Hole Machine Co
Nehi Corp
Sept. 9..1950
Sept. 16..2116 Reece Folding Machine Co
Neisner Brothers. Inc
Sept. 9 1951
Sept. 2_1758 (C. A.) Reed Co
(Herman) Nelson Corp
Aug. 26_1565
Sept. 9._1948 Reading Co
The Nevada-California Electric Corp Aug. 26..1571 Ricled Fredericksbll & Potomac
Sept. 2 1753
Nevada Northern
Sept. 2..1778
Sept. 2..1753 Riverside Silk Mills, Ltd
Newburgh & South Shore
Sept. 16 2097
Aug. 26_1565 (Hal) Roach Studios, Inc
New England Public Service Co
Sept. l6.2)97
Sept. 16_2103 Roane County Oil Co
New Haven Clock Co
Sept. 9._1933
Sept. 2_1776 Roanoke Gas Light Co
New Jersey & New York
Sept. 9 .1951
Aug. 26_1564 Roanoke Mills Co
New Orleans & Northeastern RR___Aug. 26__1565 Roberts & °eke, Inc
Sept. 16 .2097
New Orleans Terminal
Sept. 2__1754 (The) Roosevelt
Sept. 9..1951
New Orleans Texas & Mexico
Sept. 2__1753 Ross Gear & Tool Co
Aug. 26..1592
New State Ice Co
Sept. 2__1758 Ruberold. Inc
Aug. 26_1593
The New York Central RR
Sept. 16__2196 Russell Motor Car Co.. Ltd
Aug. 26-.1592
New York Chicago & St. Louis
Aug. 26_ _1565 Rustless Iron Corp. of America
Sept. 16..2097
New York Connecting
Sept. 2_1753 Rutland RR
Sept. 16._2095
The N.Y.N. H.& Hartford RR
Sept. 2..1755 Ryan Car Co
Aug. 26_1593
New York Ontario & Western Ry
Aug. 26-1566 Ryan Consolidated Petroleum Co
Aug. 26..1593
New York & Richmond Gas Co
Sept. 2 1758 Saco Lowell Shops
Sept. 2_1779
New York Susquehanna & Western-Aug. 26_1565 Safety Car Heating & Lighting Co__Sept. 2..1779
New York Telephone Co
Aug. 26_1571 St. Joseph & Grand Island
Sept. 2.1734
N.Y. Westchester & Boston Ry
Sept. 2..1758 St. Louis Brownsville & Mexico
Sept. 2..1753
Niagara Hudson Power Corp
Sept. 2 1758 St. Louis San Francisco Ry. System Aug. 26_1567
Niagara Lockport & Ont. Pr. Co..._Sept. 2_1758 St. Louis San Francisco
Sept. 2_ .1753
Issue of Chemide
Name of CompanyWhen Published. Page.
St. Louis San Francisco & Texas____Sept. 2__1753
St. Louis Southwestern Ry. Lines___Aug. 26_ _1567
San Antonio Uvalde & Gulf
Sept. 2__1753
San Diego & Arizona
Sept. 2_1753
San Diego Consol. Gas & Elec. Co.
..Sept. 2_1759
Sangamo Electric Co
Sept. 2__1779
Savannah Electric & Power Co
Sept. 9._1933
Scranton Spring Brook Water Service Co
Sept. 9_1933
Schiff Co
Sept. 2..1779
Seaboard Air Line Ry
.15.5
Aug. 26.
Segal Lock & Hardware Co
Sept. 9__1951
Selfridge & Co.. Ltd
Sept. I6__2119
Seneca Hotel Corp
Sept. 9_ _1933
Serve!. Inc
A,ut. 26__1572
Sherman Clay & Co
Sept. 2_1759
Sierra Pacific Electric Co
Aug. 26_1572
Simmons-Boardman Publishing Co_ _Sept. 16.-2119
Soo Line System
Aug. 26_1566
Sept. 16..2097
South Carolina Power Co
South Penn Oil Co
Aug. 26..1572
Aug. 26...1565
Southern Ry
Aug. 26_ _1572
Southern Bell Tel & Tel. Co
Sept. 16__2(67
Southern Canada Power Co., Ltd
Sept. 2_ _1759
Southern Colorado Power Co
Sept. 16__2097
Southern Dairies, Inc
Sept. 16_ _2097
Southern Indiana Gas & Elec. Co
Sept. 2..1754
Southern Pacific Co
Aug. 26_15,6
Southern Pacific Lines
Sept. 2_1754
Southern Pacific SS. Lines
Aug. 26..1572
Southern United Ice Co
Sept. 2_1759
Spang Chalfant & Co
Sept. 16__2119
Sparks.Withington Co
Sept. 2_ _1759
Spicer Manufacturing Co
Sept. 2._1754
Spokane International
Sept. 2..1754
Spokane Portland & Seattle
Sept. 9_1933
Standard Oil Co. of Kansas
Sept. 9_1933
Stanford Building
Sept. 2_1759
(L. S.) Starrett &•Co
Sent 2 1754
Staten Island Rapid Transit
Sterling Products. Inc
Sept. 2_17s1
Sept. 9I933
Stevens Hotel Co •
Stillwater Worsted Mills
Sept. 9._I952
Sept. 2I760
Studebaker Corp
Superior Oil Corp
Aog. 26..1573
Sweets Co. of America
Sept. 2_1759
Tampa Electric Co
Aug. 26_1573
Tennessee Central
Sept. 2__1754
The Tennessee Electric Power Co _ Aug. 26_ _1573
Term. RR. Assn. of St. Louis
Sept. 2..1754
Sept. 2..1752
Texarkana & Fort Smith
Texas Mexican Ry
Sept. 2_ .1754
Texas & New Orleans
Sept. 2..1754
Sept. 2__1755
Texas & Pacific Ry
Sept. 2..1760
Third Ave. Ry
Aug. 26..1573
Thompson Products. Inc
Sept. 16__2120
Thrift Stores. Ltd
Sept. 9__1933
Timken Detroit Axle Co
Tokyo Electric Power Co.. Ltd
Sept. 9..1933
Sept. 2__1754
Toledo Peoria & Western
Sept. 2. _1754
Toledo Terminal
Sept. 9-1953
Torrington Co
Sept. 9_1933
(Robert) Treat Hotel Co
Sept. 9..1923
Truax-Traer Coal Co
Sept. 16_ _2098
Tung-Sol Lamp Works
Union Pacific System
Aug. 26._1567
Union Pacific
Sept. 2_1754
Sept. 2..1754
Union RR. of Penne
United Drug. Inc
Sept. 2_ _1761
United Light & Power Co
Sept. 9._1933
United Printers & Publishers. Inc Sept. 16_ _2121
I nIted States Stores Corp
Aug. 26l596
Universal Consolidated Oil Co
Sept. 16..2121
Utah
Sept. 2_1754
Vanadium Alloys Steel Co
Aug. 26_ _1596
Viso Biscuit Corp.. Ltd
Sept. 162121
Vick Chemical. Inc
Sept. 2_ _1782
Virginia Electric & Power Co
Sept. 9. _1934
Virginian Ry
Sept. 2_ _1754
Wabash Ry
Aug. 26_1566
Wabasso Cotton Co., Ltd
Sept. I6__2122
Waco Aircraft Co.
Sept. 2_1760
Sept. 2..1760
Waiworth Co
Water Service Cos
Sept. 2_ _1760
Western Maryland Ry
Sept. 21755
Western Pacific
Sent. 2_ _1754
.Sept. 9._1934
(The) Western Public Service Co...
Sept. 2_ _1754
Western Rv. of Alabama
Western Union Telegraph Co., Inc. Sept. 16_2097
Weston Electrical Investment Co._..Sept. 2_ _1760
West Virginia Water Service Co
Sept. 2_1760
Sept. 2..1754
Wheeling & Lake Erie
Sept. 2..1754
Wichita Falls & Squthern
Sept. 9..1934
(H. F.) Wilcox 011 & Gas Co
Sept. 2..1760
Winnipeg Electric Co
Aug. 26..1573
Worcester Street Railway Co
,
Worthington Pump & Mach's Co_ __Aug. 26..1573
Aug. 26..1565
Yazoo & Mississippi Valley
York Rys. Co
Sept. 16..2104
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
1033.
1932.
Amount.
$
45.603.287
41,460.593
43.100.029
52,585.047
74.844.410
94.448,669
100,482.838
$
45,964,987
56.187.604
68.356,042
56.261,840
47.416.270
47.018,729
46,148,017
$
-361.700
-14.727.011
-25.256.013
-3,676.793
+27.428,140
+47.429.940
+54,334,821
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis At St Louis
Southern
St Louis-Southwestern
Western Maryland
1st
1st
4th
let
1st
lot
lot
Period
Covered.
wk of Sept
wk of Sept
wk of Aug
wk of Sept
wk of Sept
wk of Sept
wk of Sept
Current
Year.
2,949,341
2,377.000
45.500
142.424
1,947,163
240,400
242,873
Precious
Year.
2,677.874
2,417,000
35,845
182,933
1.762.001
220,617
231,426
Inc.(+)or
Dee.(-).
$
+271,467
-40,000
-9,655
-40.509
-F185,162
+19,783
+11,447
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country:
Gross Earnings.
Length of Road.
Month.
1033.
January
February
March
April
May
June
July
228,880.421
185.807.882
219.857.606
227.3011.543
257.9)33.036
281.353.909
247.185,484
1932.
274,890,197
231.978.621
288.880.547
267.480.682
254,378,872
245.869,628
237.493.700
Inc. -I-)or
(
Dec.(-).
1933.
1932.
-46,000.776
-46.080.759
-69,022,941
--40,180,139
+3.584.364
+35.484.283
+59.691.784
Mlles.
241.881
241,189
240.911
241,680
241.494
241.455
241.348
Miles.
241.991
241.467
241.489
242,160
242.143
242,333
241,906
(+) or Dec.(-)•
Net Earnings.
Month.
January
February
March April
May
June
July
Per Cent.
-0.79
-26.21
-36.95
--6.64
+ 57.85
+100.87
4117.74
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, 8c.c., or where they differ in
some other respect from the reports to the Commission:
National Railways of Mexico.
(Mexican Currency)
--Month of July
-7 Mos. Ended July 311933.
1932.
1913.
1932.
Ry. operating revenues_ $7,449.867 $6,224,268 $45.819.759 $43589462
Ry. operating expenses_ 5,950,525
5.658,025 40.702.268 :19.529.735
Net oper.revenue... _ $1,499,342
Percentage. exp. to rev.
79.87
Tax accruals & uncoil.
revenue (deduction) _ _
51
Non operating Income..
38,68,8
Deductions. Items 536225.668
541 (LC.0.)
Balance
Ipometers operated__
$1.312.310
11,315
$506.243 $5,027.490
90.90
89.02
434
30,242
5.514
240.6:13
$4.059.727
90.69
2.385
254.782
528.835
1.479.637
2.884.747
$67.216
11.533
$3,791.972
11.315
$1.427.376
11.533
2096
Financial Chronicle
Fonda Johnstown 8c Gloversville RR.
Month of August1933.
1932.
1931.
Operating revenues
$51,459
$61,749
$37,020
Operating expenses
39,114
53,396
39,895
Net rev,from oper
$12,345 def$2,875
$8,353
Tax accruals
2,761
4,500
4,000
Operating income_
Other income
1930.
$64,592
57.684
$6,907
4,800
$9,584
5,668
def$6,875
5,127
$3,853
16,708
$2,107
15,268
Gross income
Deduc.from gross inc__ _
$15,252
15,098
def$1,748
17.339
$20,561
28,385
$17,376
30,066
Net income
8 Mos.End. Aug.31
Operating revenues
Operating expenses
$318,902
313,443
$400.287
376,922
$155,701
458.128
$610,217
494,721
Net rev,from oper
Tax accruals
$65,459
22,023
$23,365
32,000
$97,572
36,000
$115,495
38,400
Operating income_
Other income
$43,436
14,292
defS8.635
21,114
$61,572
45,622
$77,095
62,457
Gross income
Deduc.fr. gross income..
$57,728
127,868
$12,478
142,167
$107,195
232,968
$139,553
248,844
$154 def$19,086
Indiana Harbor Belt RR.
-Month of July- -7 Mos. End. July 311932.
1932.
1933.
1933.
Railway oper. revenues.. $721,492
$506,068 $4,267,886 $4,215,776
319.276 2,485,442 2.843,767
Railway oper. expenses..
372,164
$186,792 $1,782.444 $1,372,008
297,623
343,395
42,577
34
294
145
342,454
358,042
48,994
Net rev,from ry. open
Railway tax accruals__
Uncollectible rwy. revs.
Equip.and Jt. Fac.rents
$349,327
62,399
Net ry. oper. income..
Miscel. & non-oper. inc.
$226,056
2.084
$95.074 $1,080.971
19,382
2,536
8731,636
31,244
Gross income
Deduc. from gross inc-
$228,141
41,940
$97.610 $1,100,353
296,671
42,403
$762,881
299,766
60.871
8463,114
3803,682
Net income
$186,201
855.206
fOrLast complete annual report in Financial Chronicle June 3 '33, p. 3900
(The) New York Central RR.
(Including all leased lines.)
-Month of July- -7 Mos. End. July 311931.
1932.
1933.
1933.
Railway oper. revenues-$26,468,195 $21,074,669 8157339,857 8174226.508
Railway oper. expenses- 18,208.431 17.537,817 114.728,466 139,370,034
Net rev, from oper-Railway tax accruals......
Uncoil. ry. revenues__Equip. and it. fac. rents
Net ry. oper. income-Miscel. & non-oper. inc.
$8,259,764 83,536,852 342.611,390 $34,856,474
2,490,983 2,645.911 17,075,484 18,719,977
67,837
6,456
6,392
55,080
1,232,704
1.046,314 8,457,694 8,745,120
7,323,539
4,529,619 def161,767 17,023,131
1.779.576
1.825,809 12.784,923 14,320,664
Gross income
$6,309,196 31,664,042 329,808,054 821.644.203
Deduc. from gross inc... 5,055,937 5,214,561 35,439,382 36,245,871
Net income
$1.253.258 df$3550,519 $5,631,328 $14,601,667
125F*Last complete annual report in Financial Chronicle June 3 '33, p. 3898
(The) Pittsburgh & Lake Erie RR.
-Month of July- -7 Mos. End. July 311932.
1932.
1933.
1933.
$889.850 $7.795,670 $7.165,997
Railway oper. revenues- $1,697,759
Railway oper. expenses- 1,116,035
848,865 6.354,006 6,626,069
Net rev, from ry. over. $581,724
130,484
Railway tax accruals__ _
Uncoll, railway rev.. _
97.496
Equip,and jt.fac. rents*
340,985 31,441.663
645,203
88,726
45
7
124,231
761,710
3539.928
618,461
21
872,182
Net ry. oper. incomeMiscl. & non-oper. inc..
3548,736
64,601
376,482 $1,558,126
55.451
462,377
$793,627
496.008
Gross income
Deduc. from gross Inc
3613.338
155.588
8131.933 32,020.503 31,289,636
644,182
80,476
770,313
351,457 31,250,189
$645.453
3457,749
Net income
* Credit balance.
WLast complete annual report in Financial Chronicle May 27 '33, p. 3712
Rutland RR.
-Month of July- -7 Mos. End. July 311932.
1933.
1932.
1933.
3306,298 31,911,386 $2,275,129
Railway oper. revenues- $302,225
1,734.775
1,979,569
282,385
252,948
Railway oper. expenses..
3.185
$176,611
141,530
210
87,881
3295,560
151,163
541
21,360
$5,526
7,095
$122,751
41,066
3165,216
50,853
312.622
36,205
3163.818
248,621
3216.070
255,167
Net rev.from ry.oper.
Railway tax accruals- -Uncoil. ry. revenues........
Equip. and it. fac. rents*
$49,276
22,318
18
12,855
$23,912
21,571
Net railway oper. incMiscl. & non-oper. inc__
$39,795
5,954
Gross income
Deduc. from gross inc.._
$45.749
35,208
339.097
$84.802
310,541 def$23,583
Net income
* Credit balance.
'Last complete annual report in Financial Chronicle May 13 '33, p. 3335
INDUSTRIAL AND MISCELLANEOUS CO's.
American Seating Co.
(And Subsidiary Companies)
1930.
1931.
1932.
1933.
6 Mos.End. June 30-3674,613 31,258.783 31,742,205 $2,334.999
Sales
1,190,569 x1,769,913
1956,542
778,559
1
Cost ofsales
645,801
573,975
1530,358
Admin.& sales expenses. J
See x
102,000
65,454
60,780
Depreciation
Operating loss
Other income
$164,726
43,161
$293,571
44,070
$124,339
73,092
$80,715
62.785
Loss from direct oper_
Interest on gold notes.. _
Other expenses
$121,565
89,540
37,642
$249,501
94,221
27,098
$51,247
120,000
19,493
$17,930
120,000
23,464
3161,394
3190,740
3370,820
$248,747
Net loss
x Includes allowance for depreciation.
taxes
For the quarter ended June 30 1933. net loss was $106,150 after and a
and charges against a net loss of $142.596 in the preceding quarter
$211,801 in the June quarter of 1932.
net loss of
larLast complete annual report in Financial Chronicle Feb. 18 '33, p. 1202
American Hawaiian Steamship Co.
Period End. July 31- 1932-3 Mos.-1931.
1932-7 Mos.-1931.
Net profit from oper.... $147,066
$331,715
$466,157 def$284,874
Net profit after allowing
for depreciation
105,819
def4,928
194.999 def530,178
'Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2071
Berghoff Brewing Corp.
Earningsfor Period from Jan. 18 1933 to Aug. 31 1933.
Net profit after depreciation, taxes, &c
$496,080
Earnings per share on 270,000 shs. capital stock (par $1)
$1.83
def$7,823 def$12,690
$109,291
Netdeficit
$125,772
$129,688
$70,140
ItarEast complete annual report in Financial Chronicle Feb. 25'33, p.1371
Sept. 16 1933
Canadian Locomotive Co., Ltd.
Earnings for Quarter Ended March 31 1933.
Total loss before interest & depreciation
$23,697
larLast complete annual report in Financial Chronicle June 10'33, p.4092
Central Illinois Light Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
Month of July- 12 Mos. End. July 311932.
1933.
1933.
1932.
Gross earnings
$473,454 $6,528,184 $7,114,260
3490.699
Oper.caps.,incl. taxes &
maintenance
230.720 3,124,896 3,198.777
249,276
Gross income
Fixed charges
3241.423
3242,734 $3,403,288 $3,915,482
901,936
909,423
Net income
Provision for retirment reserve
Dividends on preferred stock
$2,501,351 $3,006,058
614,500
614,500
692,621
692,609
Balance
$1,194,230 $1,698,949
Note.
-The effective date of acquisition of stock of Illinois Power Co. was
May 1 1933 and for comparative purposes the above figures reflect combined
results of operation for all periods shown, with fixed charges on funded
debt and dividends on preferred stock for periods prior to that date computed
on basis of annual requirements at that date.
larLast complete annual report in Financial Chronicle Apr. 29 '33, p. 2972
Connecticut Power Co.
Six Months Ended June 30Gross earnings
Operating expenses and taxes
Interest charges and lease rentals
1933.
1932.
$2,078,550 $2,144,788
1,022,235 1,053,041
76,782
72,439
$979,533 31,019,307
Balance (reserves, dividends & surplus)
MPLast complete annual report in Financial Chronicle Feb. 11 '33, p. 101
Denkmann Lumber Co.
1933.
$22,905
6 Months Ended June 30Net loss
1932.
$357,624,
Detroit Edison Co.
(And Subsidiary Utility Companies)
1933.
1932.
12 Months Ended Aug. 31$39,418,784 343,297,470.
Total electric revenue
1,882,147
1,775,094
Steam revenue
449,343
395,093
Gas revenue
.3,400
def3,996
Miscellaneous revenue
Total operating revenue
Non-operating revenue
$41,592,371 $45,624,965.
51.119
174,460
Total revenue
Operating and non-operating expenses
Interest on funded & unfunded debt
Amortization of debt discount & expense
Miscellaneous deductions
341,766,831 $45,676,084
28,815,305 31,492,206
6,488,880 5,835,349
202,676
187,541
51,804
20,379
Net income
$6,239,589 $8,109,184
leirLast complete annual report in Financial Chronicle Jan. 21 '33, p. 484
Y.).
Forty Wall Street Corp. (N.
6 Months Ended June 301933.
Net loss after interest & other charges
$655,923
1932.
$536,524
General Realty & Utilities Corp.
1933.
1931.
1932.
6 Months Ended June 308334.865
$10,221 xpf.$913.354
Net loss after taxes and charges
x After reserves for contingencies of 3600,000.
WEast complete annual report in Financial Chronicle Mar. 4 '33, p. 1558-
Greif Bros. Cooperage Corp.31.
9 Mos.End. July 31
1933.
Mfg. profit after deduct.
materials used, labor,
mfg. exp. & depletion.. 3504,143
142,582
Depreciation
'Sell.,gen.adm.caps_ _ _
229,097
Interest on gold notes_ _ _
41,174
Other interest charges..
Sundry deductions
100,019
-net
Divs.received & interest
earned
, Cr11,167
Prov.forest. Fed.taxes..
Net profit
Balance Oct. 31
Total surplus
Divs, paid on cl. A com_
1932.
1930.
3330,702
155,184
259,058
47,517
3,279
3578,727
149,644
289,655
52,953
14,265
5,846
3683,980149,247
339.108.
58,252
26,096-
Cr32,489
Cr13,358
8.500
Cr40,263
16.000.
32,439 def$101,847
519,420
353.746
3417,573
3356,185
51,200
$71,222
695,228
$135,539
801,507
$766,450
76,800
3937,045 •
153,600
$783,445 .
$366,374
$689,650
Balance July 31
$356,185
Earns, per sh. on 64,000
32.12
Nil
$1.11
shs. cl. A stk.(no par)
$0.04
Earns, per sh. on 54,000
Nil .
Nil
Nil
shs. cl. B stk.(no par)
Nil
la "Last complete annual report in Financial Chronicle Jan.21 '33, p. 500
Gulf Power Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month of Julti- -12 Mos. End. July 311932.
1932.
1933.
1933.
3960,171
373,768
3825,187
Gross earnings
$68,488
Oper.exps.,incl. taxes &
559,711
44,640
507,207
41,982
maintenance
Gross income
326.506
Fixed charges
Provision for retirement reserve
Dividends on first preferred stock
Balance
329,128
$317,979
179,946
30,000
67,366
810,666
$400,459 ,
168,866
30,000
67,523
$134,069
Keith-Albee-Orpheum Corp.
1933-6 Mos.-1932.
Period End,June 30- 1933-3 MO3.-1932.
Net loss after deprec.,
$733,980
$355,695 $1,119,051
amortiz. & other chgs_ $278,952
OrLast complete annual report in Financial Chronicle May 27 '38, p. 3730 a
Financial Chronicle
Vti'time 137
2097
Lee Rubber & Tire Corp.
Phelps Dodge Corp.
Period Ended July 31 19333 Months. 9 Months.
Net profit after taxes, deprec. & interest.$221.090
$25,931
Earns,per sh. on 262,200 shs. cap. stk.(par $5)_ _
$0.09
$0.84
Ci"Last complete annual report in Financial Chronicle Jan. 7 '33, p. 154
McKesson & Robbins, Inc.
(And Subsidiaries)
1932.
1931.
6 Mos. End. June 301933.
1930.
Net sales
$48,874,789 353,132,329 360,996,637 367,419,293
Costs and expenses
49,043,856 52,443,063 58.948.622 65,312,451
Depreciation
329,042
323.360
173.831
330.844
Profit on sales
Other income
def$342,897
704,987
$360,224 31.724.655 31,775.998
495,376
565.377
554,979
3362,090
36.228
105,941
624.702
y12,802
$855,600 32,279,634 32,341,375
44.858
38.096
48,599
109,859
95,558
99.707
720,513
706.092
783,953
xer44,547
118,445
Total income
Minority interest
Other charges
Interest
Federal taxes, &c
Net profit
545,979 $1,300,380 $1,409,116
def$417,585
Earnings per share on
common stock
Nil
$0.51
Nil
$0.67
x Excess provision of Federal income taxes of prior periods less current
provision for Federal and foreign income taxes. y Provision for foreign
income taxes.
-Of the 34,000.000 general reserve set aside as a reduction of book
Note.
value of non-current receivables and trade investments as of Dec. 31 1932,
$1,814,355 has been specifically applied during the six months ended
June 30 1933 against non-current receivables of subsidiary companies.
"Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2081
Mississippi Power Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month of July- -12 Mos. End. July 311932.
1933.
1932.
1933.
Gross earnings
3243,853 32,813,055 $3,166,548
a222,578
Oper.caps.,incl. taxes &
maintenance
164.169 1.894,617 2,077,513
156.974
Gross income
$79.684
$918,437. $1,089,034
$65,603
Fixed charges
690,271
755.514
Provision for retirement reserve
73,200
73,200
Dividends on first preferred stock
262,164
272,608
Balance
def$107.198 def$12,289
Monolith Portland Cement Co.
8 Months Ended Aug. 31Net income
1933.
1932.
$185,158 loss$102,044
Motor Transit Co.
8 Mos.End.
-Month ofAugust-. Aug. 31.
1932.
1933.
1933.
$56,004
$46,494
$429.085
30,454
32,430
243.642
8,360
10,515
63.660
Gross earnings
Operation
Maintenance
Balance
Retirement accrual
Taxes
$7,679
10,331
5,338
Net operating revenue
Interest and amortization
$13.058
def37.990
866
$121,783
61,997
38.604
$21,181
6,760
Balance
def$8,857
$14,420
-Interest charges on bonds not included in above figures.
Note.
Natalbany Lumber Co., Ltd.
6 Months Ended June 30Net loss
•
1933.
$191,116
1932.
$282,072
Noblitt Sparks Industries, Inc.
Telephone & Telegraph Co.
-Month of July- -7 Mos. End. July 311933.
1932.
1933.
1932.
Operating revenues
34.277.668 34,483,664 329,505,025 $333,299,521
Uncollectible oper. rev40,900
61,000
316.365
358.000
Operating revenues_ - 34.318,568 34.544,664 329.821.390 333.657.521
Operating expenses..
2,999,753
3,160,611 20,761,082 23.206.625
Net oper. revenues
31.318,815 31.384.053 $9.060.308 310,450.896
Rent from lease of oper.
property
70
70
493
493
Operating taxes
476,293
504,711
3.399.897 3.575.524
Net operating income.. 3842.592
3879.412 $5.660.904 36.875.865
Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1547
tar
.Poor & Co.
(And Subsidiaries)
Six Months Ended June 301933.
1932.
Net loss after charges, depreciation, taxes, &c__-_ $200,176
5138.462
Vi"Last complete annual report in Financial Chronicle May 20 '33, p. 3553
Postal Telegraph-Cable Co.
(Includes Land Lines Only.)
-Month of July- -7 Mos. End. July 311932.
1933.
1933.
1932.
Teleg.& cable oper.revs. 31,782.009 31.503.921 612,032.569 $13.038.042
Repairs
728,391
219.998
264.082
All other maintenance
1.521.558
1,592.447
Conducting operations... 1,292.323
1,281,946 8.744,728 10.104,503
56.515
61.245
General & miscall. exp
417,779
456.295
Total telegraph and cable
1,673,871 11.334.541 12,881.636
1,718.773
operating expensesNet telegraph & cable
$63,236 def$169.950
operating revenues_
$698,028
3156.406
20.000
oper. revenues
20.000
130,000
45.500
45,000
Taxes assign. to operat'ns
318,500
3F5* 000
,
def$2,264 def$234.950
Operating income _
$249 528 def$286,094
15:32
9
1,304
5.959
Non-operating income
35,894
def3960 der$228.992
$264,857 def$250.200
Gross income
212,568
216,653
1,504,744
Deduc. from gross Inc
1,511.066
def$213.528 def$445,645 df$1239,887 df$1761.266
Net income
Income bal. trans. to
def$213,528 def$445,645 df$1239,887 df$1761.266
profit and loss
Pearl River Valley Lumber Co.
6 Months Ended June 30Net loss..
1933.
$156.382
1933.
1931.
1932.
$11,729,450 $10,899,336 $24,389.189
11,591,132 11.508,586 23,546,123
Profit
Other income
3138,31810553609.250
142,233
215,252
Total income
Expense on closed down property_
Depreciation
-
$843,066
324,203
$280,551 loss$393,998 31.167.269
521,046
327.840
470,671
545.937 1.534.669
Net loss
3711,166
1,267.775
3367.400
10 Last complete annual report in Financial Chronicle Mar. 18 '33, p. 1876
-
(Hal) Roach Studios, Inc.
Net loss
Earningsfor 28 Weeks Ended March 12 1933.
341.876
Roane County Oil Co.
6 Months Ended June 30Barrels of oil produced
Cubic feet of gas produced
Sales-Oil
Gas
1933.
1932.
6.888.16
8,572.79
48,113,682 54.407.518
$7,522
313,639
3,887
4,461
Total
Operating expenses
Administrative and general expenses
$11,409
7.775
3.893
$18,100
7.706
5,377
Profit from operations
Other income
def$259
453
35,017
1,131
$194
2,940
11,302
36.147
4,587
14,066
Profit before interest, &c
Interest on bonds
Depletion and depreciation
Loss for period
314,048
$12,306
"Last complete annual report in Financial Chronicle Sept. 16'33, p. 2118
Roberts & Oake, Inc.
Net loss
Earnings for 6 Months Ended April 30 1933.
355.748
Rustless Iron Corp. of America.
(Subsidiary of Rustless Iron & Steel Corp.)
Period End. Aug.31- 1933
-Month-1932. 1933-6 Months-1932.
Net profit after all
charges, incl. int. &
depreciation
624.030 loss$16,049
$36,168 loss$65.996
Tonnage shipped for the six months ended Aug. 31 1933 is 60% in excess
of the tonnage for same period of 1932..
South Carolina Power Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month of July- -12 Mos. End. July 311933.
1932.
1933.
1932.
Gross earnings
$168,475
$172,259 32,142,867 32.262,085
Oper. exp.. incl. taxes &
maintenance
90,795
85,245
1.126.503
1,204,556
Gross income
377.679
$87,014 $1,016.364 $1.057,528
Fixed charges
621.700
720.164
Net income
$394.663
$337,364
Provision for retirement reserve
120.000
120,000
Dividends on first preferred stock
171.536
150.890
Balance
$103,127
366,474
farLast complete annual report in Financial Chronicle May 13 '33, p. 3345
Southern Canada Power Co., Ltd.
-Month of August- -11 Mos. End. Aug. 311933.
1932.
1933.
1932.
3176,409
3172.804 51,934.516 62.040.454
7.047
66,847
701,847
763.948
Net earnings
$105,362
$105,957 31,232.669 31.276.506
It3PLast complete annual report in Financial Chronicle Dec. 2'32, p. 8857
Gross earnings
Operating expenses... _ _
Period End. Aug.31- 1933-Month-1932 1933-8 Months
-1932
Gross sales
$102,836 $1,816,535 31,355,428
1458,250
,
Net earns,after all chrgs.
incl. deprec. & taxes- _
37,045 def14,592
90,327 def256,699
Earns, per sh. on 76,018
shs.common stock_ _ _
$0.48
Nil
$1.19
Nil
reLast complete annual report in Financial Chronicle Sept. 9 '33, p. 1949
Pacific
6 Months Ended June 30Proceeds from sale of metals, &c
Costs, expenses, tax, &c
1932.
$3362,579
Southern Dairies, Inc.
1933.
1932.
1931:
1930.
32,469.573 53,006.606 53.929.983 55,072.239
2,446,051
3,174,971
3,952,042 4.638.520
Loss from operations-prof$23,522
3168,365
$22,059prof$433.719
Other income
36,583
28,322
50.372
67,980
Profit
$60.105 loss$140,043
$28,313
3501,699
Depr., int., amort., subaid. pref.&vs.,&c__ _ _
82,566
100.726
105.051
163.559
Net loss
$22,461
$240.769
$76.738prof$338.140
ItgirLast complete annual report in Financial Chronicle Aug. 5 '33, p. 1068
Six Mos.End.30Net sales
Cost of sales
Southern Indiana Gas & Electric Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month of July- -12 Mos. End. Jul 311933.
1932.
1933.
1932.
Gross earnings
$219,133
$233.408 32,751.660 33.108,767
Oper. exp.. incl. taxes &
maintenance
116,961
131,575
1,458.877
1.652.327
Gross income
3102,172
3101,833 31,292.782 31,456,439
Fixed charges
328.350
318,278
Net income
3964,432 31.138.160
Provision for retirement reserve
277,700
277.700
Dividends on preferred stock
510.904
541.323
Balance
$145,408
3349,555
rirLast complete annual report in Financial Chronicle May 13 '33, p. 3345
Western Union Telegraph Co., Inc.
-Month of July- -7 Mos. End. July 311933.
1932.
1933.
1932.
Teleg. & cable oper. rev. $7,426,886 36.283,818 347.016.200 349.757.064
Repairs
480.439
582,489 3.205,058 3.691.082
All other maintenance
808.696
838,254 5.102.461
5.940,601
Conducting operations.. 4,246,952 4.468,573 27,904,999 32.044.160
General & miscall. exps_
297,928
354,941
2.173.338 2.715,861
Total telegraph & cable
operating expenses
5,834,015 6,244.256 38,385.856 44,391,704
Net telegraph & cable
operating revenues.. 31.592.871
339.561 38.630.344 35.365.359
oper. revenues_
51.988
28.277
329,113
223.907
Taxes assignable to oper.
298,167
292,666 2.087.167 2,048.666
Operating income_ _
31.242,716 def$281,382 36.214.064 33.092.786
Non-operating income.._
177.090
177,880 2,101,612
975.138
Gross income
31.419.806 683103,501 48.315.676 34,067.924
Deduc. from gross inc705.266
706,895 4.956.487 5.012.964
Net income
3714.540 def$810.396 33.359.189 def3945,041
rfi'Last complete annual report in Financial Chronicle April 1 '33, p. 2230
Sept. 16 1933
Financial Chronicle
2098
Tung-Sol Lamp Works, Inc.
Earnings for 6 Months Ended June 30 1933.
Net profitfrom operations
Miscellaneous income
$100,820
10,958
Total income
Deductions from income
$111,779
93,029
Net income
Surplus Jan. 1 1933
Balance of contingency reserve
Miscellaneous credits
$18,750
1,073,221
54,495
10,889
Total surplus
Additional provision for reductions in value of securities
$1,157,355
31,402
$1,125,952
Surplus June 30 1933
'33, p. 3922
arLast complete annual report in Financial Chronicle June 3
FINANCIAL REPORTS.
Interborough Rapid Transit Co.
(Receivers' Annual Report—Year Ended June 30 1933.)
YEARS
COMPARATIVE STATEMENT OF OPERATIONS FOR
ENDED JUNE 30.
1930.
1931.
1932.
1933.
117.49
117.18
117.18
117.18
Miles of road
401.54
400.70
400.70
400.70
Miles of track
1184116 122 1213151.357 1300671.023 1334110.909
Passengers carried
$72,391,867
Gross operating revenue$59,307,083 $66,320,859 $70.758,024 45.401,438
38.659,017 42,829.178 45,535,580
Operating expenses
2.522.435
2,892,228
2,377,443
2,162,815
Taxes
5,022,838
5,027,934
5,022,536
Current rent deductions_ 4,991,592
Bal. to be divided be$17,302,283 $19,445,156
tween city & co_ __ _$13,493,659 $16,091,703
Used for purch. of assets
354,368
205,035
of the enterprise
Payable to city under
5,477.626
3,827,839
2,685,388
589,804
Contract No.3
Company's gross inc.
$13,474,444 $13,967,529
from operations_ _ _ _$12,698.820 $13,051.947
13.696.197
Company's fixed charges 13.708.422 13,955.576 14.102,224
$627,780 prof$271332
$903.629
Co.'s net oper. deficit_ $1,009.602
356,040
94,296
71.880
40,204
Non-operating income__
$533,484 prof$627372
$831,749
$969,398
Deficit
2.419,199 4,890,681
1,310.210
565,765
Sure. at beginning of yr_
Profit & Loss Changes
During Year—
$88.152
Adjust, ofsk.fd.accruals $337,797
Settlement with city of
rental chgs. under Con404,558
tracts Nos. 1 and 2_
Loss on invest.in N.Y.&
Q. County By. Co.
Dr2,895,160
cap. stock
Div. rental at 5% on
Manh. modified guar.
Dr2,532.029
stock paid during year
Loss on invest. in N. Y.
Dr556,957
& Long Island Tr. Co_
Loss on invest. in Long
Dr668,623
Island Elec. By. Co
Refund allowed by State
Tax Commission on
tax on gross earnings
98,101
of Manh. Div.for 1927
Dr9,867
Dr4,982
847
6,847
Miscellaneous
$565.765 $1,310,210 $2,419,199
Surp.at end of year_def32,549,590
OPERATIONS FOR
COMPARATIVE STATEMENT OF RESULTS FROM
YEARS ENDED JUNE 30.
---------1932
1933
Subway
Manh. fly.
Subway
Manh. fly.
Division.
Division.
Division.
Division.
P.O.exps.to earnings:
59.24
81.08'7
60.087
82.13%
Excluding taxes
13
93.00 0
61.01 0
94.80%0
Including taxes
919,450.078
- - -.247.610,919 836.505.2M 293.691,6V
Passengers carTied_
2.512.185
802.436
2,291.795
678,386
Daily aver, pass. carried
175.271,891
57.608.128 173.397.469 63.838,868 $45,972,984
Car mileage
$14,684.584
Rev, from transport'n_ _312,380.546 $41.825,260
1,526,009 4,137.283
3,756,759
1.344,517
Other St. ry.oper. revs
$16,210,593 $50,110,266
Gross oper. revenue_ _$13,725.062 $45,582.020
5,322.829
2.472,969
5,135,076
Maint. of way & structs. 2,304,399
5.838,906
5,384,710 2,688,897
2,140,739
Maint. of equip't
285
117
399
223
Traffic
5.717,692 14.831,030 6,849,469 16.001,381
expenses..
Transport'n
2,522,102
1,232.222
2,035,724
1,109.025
General expenses
$3,066,919 $20.424.763
Net oper. revenue_ _ _ _ $2,452,985 $18,195,080
445.707
1,931,736
424,165
1,738,649
Taxes
$17,770,915 $1,135,182 $19.979,056
Income from operation $714,337
Curr. rent deductions:
Interest on Manh. By.
1.808.240
1,808,240
bonds (rental)
Int. & sink, fund on
city bonds, Contr'ts
2,657,565
2,639,460
Nos. 1 Az 2 (rental)_
Div. rental at 7% on
304,570
304,570
Manh. guar. stock50,000
50,000
Manh. By.cash rental
202.161
189.322
0th. oper. rent dedcts
def$1,637,795 $15.131,454def$1229,789 $17,321,492
Balance
Used for purch. of assets
354.368
205,035
of the enterprise
$14.926,419def$1229,789 $16,967,124
Bal.—city & co____def$1.637,795
Pay. to city under Con2.685,388
589.804
tract No.3
Company's gross inc.
29,789 $14,281.736
from operation_ def$1,637,795 $14,336,615def$12
Co.'s fixed charges:
51.522,306 57.029.223
Interest on 5% bonds- $1,532.059 $7,058,648
1,205,209
1,025,671
198,585
169,344
Int.on 10-yr.7% notes
1,717.680
572.242
1,148,779
374.096
Sink. fd. on 5% bonds
517,347
65,217
517,347
66,657
notes
Int.on 10-Yr.6%
Int. on 1st & ref. 5%
coll. to 7%
bonds
1,231,375
1,050.045
notes
280.807
19,874
276.222
85.264
Int.on unf. debt, &c
$3,905,659def$4435,099 $3,531,469
Co.'s net oper. inc__def$4,915.261
55.171
16.709
26,515
13,689
Non-operating income__
Bal., before deducting
5% Manhattan div.
$3,586,641
def$4,901,572 33,932.175def$4418,390
rental
Dividend rental at 5%
Manh. modified guar.
2,782.450
stock, (pay. if earned) 2.782,450
Bal., after deduct 5%
0,840 $3.586.641
Mann.div.rentaLdef$7,684,022 $3.932,175def$720
GENERAL BALANCE SHEET. JUNE 30 1933.
Receivers.
Estate.
$
$
Assets—
Fixed capital—Subway division:
Contracts No. 1 and No.2
Contract No.3
Sub-total
60,472,485
126.290.288
60,472,485
126,290,288
186,762,773
186,762,773
44,606,651
Manh. Division—Elevated ctfs--- - 44,606,651
Total
Estate of I. R.T. Co
Consolid'd.
$
231,369,424
231.369.424
7.899,241
Construct. & equIp't funds (Held for
account of Contract No. 3 and related elevated certificates)
Investments—Securs. of assoc. cos.—
12,789,636
stocks & bonds
U. S. Govt. bonds deposited with
city of N .acct.59th Si. tunnel
.Y
Real estate
46,350
Real est, held in trust by Rapid
197,867
Transit Subway Constr. Co
13.033.852
Total
Voluntary Relief Fund—Cash
Securities
Total
Current assets—Cash (See Note 3)
Temporary invest, in securitiesBank bats. equiv. to outstdg. checks
102.212
Special deps., for specific purposes..
71,288
Accts. receiv'le, in Int. accrued
Prepays.(insur., rents, taxes, &c.)
Due Manh from corp. for receivership expenses
Due subway from corp.for receivership expenses
1,187,488
1,187.488
12,789,636
12,000
12,000
46,350
197.867
12.000 13,045,852
44,316
44,316
72,652
72.653
116,969
116.969
7,650,504
7,650.505
300,000
300,000
9.322
145,942
43,729
485,307
414.019
232,260
232.260
57.939
57,939
135,171
135.171
Total
173,499
8,842.946
9,007.123
Due from associated companies
6,901.732
3,319 6.905,052
Accounts in suspense:
Fed, taxes assessed agst. the Manh.
By. Co. paid under protest or in
3.464.859
litigation (See Note 1)
3,464,859
Receivers' 1st lien on prop declared
by agreement of Aug. 301929. to
be assets of the elevated extensions enterprise
1.306.513
1,306.513
Cap. retirem is to be replaced from
depreciation reserve:
261.309
261.309
Manhattan division
185.670
Subway division
185,670
Accruals in suspense incident to de966,138
966,138
fault on 10-year 77 notes
Accruals in suspense incident to de14.175
fault on 10
-year 6% notes
14,175
Special dep. with N. Y. Trust Co.
under Article 7th of agreement
With Transit Commission dated
398,013
396.013
Aug. 30 1929
4,892,149
Total
1,702.527
6,594,676
Deferred Charges:
10,491.942
Unamortizal debt disct. & exps_ _ 10,491,942
Def. charge to profit & loss for div.
rental at 5% on Mani'. By.stock,
13,467058
payable if and when earned ____ 13.467.058
23.959,000
Total
23,959,000
Accounts per Contra:
Deficits under elevated extensions
ctfs. payable from future earnings
138,882.113 138,882.113
Assets of the enterprises under
agreement of Aug. 30 1929:
Contract No.3—on which city of
N. Y. has 1st lien:
1.633.411
Material and supplies
1.633.411
Securities deposited with State
1,263.000
Industrial Commission
1.263.000
Elevated extensions—on which
Interborough Co. has 1st lien:
661,513
Material and supplies
661.513
Securities deposited with State
645.000
645,000
Industrial Commission
Accts. rec. when earned by N. Y.
Rapid Transit Corp. under supplementary agreement for joint
oper. of Queensboro Subw line_
2,851.819
2.851,819
Bankers Trust Co.. trustee, under
54,989.000
54.989,000
collateral indentures
First & ref. mtge. 5% bonds reacq_ 1.334.000
1.334,000
Guar. Trust Co., trustee, in special
6,423.000
trust agreement dated Sept. 1 '22 6.423.000
Advs. from corp. fund for construction & equipm't under Con50,000 11.322.553
11,272.553
tract No.3
74.018.553 145,986.856 220,005.410
Total
354,348,212 165.751.347 512.190,995
Total,all accounts
Estate.
Consolid'd
Receivers.
Liabilities—
35,000,000
Cap.stock,350,000 shs. at $100 each 35.000.000
1st & ref. mtge. 5% gold bonds due
172,501.000
172,501.000
Jan. 1 1966 (See Note 2)
Default under coll, indenture of Sept. 1
33.390,361
33,390,361
1922,securing 10
-year 7% notes
Default under indenture of Oct. 1
1922, providing for the Issue of 10
11.301.675
11,301,675
year 6% notes(See Noto 3)
6.743.318
140,618
Rapid Transit Subway Constr. Co..._ 6,602.699
377,323
377.323
Manhattan By. Co.,lease account_
Accounts payable from construction
270.057
269.887
170
& equipment funds
7.899,242
Receivers for I. R. T. Co
Sinking fund on 1st dc ref. mtge. 5%
1,229,594
1,229.504
bonds—accrued (see Note 2)
8.026,313
156,536
7.869,776
Int. & rentals—Due & accrued
Less—Amount on depos. & pay. from
5.230.177
63.094
5.167,083
construction funds
93,442
2,702.694 2.796.136
Balance
415.510
21,674
393.836
Due for wages
9,322
Outstanding checks
Accts. payable—Audited vouchers &
1,424,112
780,265 2.204,378
sundry open accounts
1.938.393
1,562,925
375,468
Taxes—Due and accrued
487
487
Corporate liab. to construction fund.
Corporate 'lab. to Manh. for receiver57.939
57,939
ship expenses
Corp. liab. to subway for receiver135,171
135.171
ship expenses
6,862.911
8,777,608
1,924.019
Total
116,968
116.968
Trustee for voluntary relief fund
2.266,141
752,053
1.514,088
Items awaiting distribution
Deferred Liabilities:
Div rental at 5% on Manh. By.
stock (payable if and when de13,467,058
13,467.058
clared earned)
2,331.452 46,318.008
Sink. fd. on 1st & ref. mtge. bonds_ 43.986,556
2,331,452 37,958.483
Less amount deposited with trustee 35,627.031
Balance (See Note 2)
Total
8359.525
21.826.583
8,359.525
21.826,583
Financial Chronicle
Volume 137
Reserves:
Estate.
For depreciation
Prior to oper. under Contract No.
3 and offs. incl. int. on investment of portion thereof
1.667,338
Elevated extensions certificate_
Railroad and equipment
Existing railroads
Existing equipment
Sub-total
1.667,338
For replacem't of prop. provided by
city under Contract No.3 retired
from service
35,590
For insurance on sub-stations
For account Manh. Ry. Co.:
Replacement of property retired_
449.849
Capital acct.-Addns. & betterm.
Amortiz. of debt disct. & exp.
acct.2nd mtge. bonds
Receivers.
Consolid'd.
200.000
2,503.555
109.178
2,576.037
1,667,338
200.000
2.503.555
109.178
2
.576.037
5,388,770
7,056,109
63.368
35,590
63.367
216,834
449.849
216,834
18,192
18.192
449.849
235.026
684,874
Total
2.152.777
Less investments & cash deposited
account reserves
5.687,164
7,839,941
5,675,800
Sub-total
5.675.800
Balance
2,152.777
11.363
2,164,140
Accounts per Contra:
Def. credit accruals under elevated
extensions certificate
138,882,113 138,882,113
Res. for the cost of the items which
under the agreement of Aug.30
1929, have become assets of the
enterprise:
Contract No. 3:
Material and supplies
1,633,411
1,633.411
Secs. dep. with the State Industrial Commission
1.263,000 1,263,000
Elevated Extensions:
Material and supplies
661.513
661.513
Secs. dep. with the State Industrial Commission
645,000
645,000
Def. rental acct. N. Y. Rapid
Transit Corp
2,851.818
2,851.818
1st & ref. mtge. 5% gold bonds:
Pledged as coll. to I0-yr.7% notes 54,989,000
54,989,000
Released by Bankers Trust Co..
trustee
1.334,000
1,334,000
Issued & hold in special trust.... 6.423,000
6,423,000
Def. credit
-Advances from corp.
fund for construction St equipm't
under Contract No.3
11.272.553
50,000 11,322,553
Total
Surplus
74.018.553 145,986,856 220,005,410
def14,429.995 11.880.405 def2549,590
Total-All accounts
354.348,212 165,751.347 512.190,995
Notes: (1)
-The "Federal taxes assessed against the Manhattan Ry. Co.
paid under protest or in litigation" represents the amounts_paid for such
taxes which have not been currently charged against income. The remainder
of this amount after deducting what may be recovered in the litigation now
in progress must be charged against the company's corporate surplus.
(2).
-The total liability for sinking fund on 1st & ref. mtge. 5% bonds is
$9.589,119, which is made up of 31.229,594 which is a present current obligation and reflected in the balance sheet under "current liabilities." The
balance of $8,359,525. reflected in the balance sheet under "deferred
liabilities" is the amount which need only be met pro rata semi-annually to
July 1 1956. as provided by the "plan of readjustment." $45,589,000 face
amount of these bonds have been acquired for the sinking fund and are in
the posession of the trustee of the mortgage.
-The separation of the cash and securities in the hands of the
(3).
receivers into three separate funds in accordance with the agreements of
Aug.30 1929, resulted as of June 30 1933 in the following:
Cash.
Securities.
Corporate
$3,992,681
8300,000
Manhattan division
x505,993
Subway division
3.151,832
37,650.505
$300,000
x Includes advances from corporate cash of 31.200.000.-V. 137. p. 1240.
International Agricultural Corp.
(24th Annual Report-Fiscal Year Ended June 30 .10334
President John J. Watson says:
The net result of operations for the year shows a decrease in surplus of
$1,060,096. This Is after all interest charges. reserve for depletion for
rock mined and shipped of $94,297, plant depreciation charges of $319,800,
and a special reserve of $52,249 to provide for our proportionate losses for
the current year in companies in which the corporation is a joint stockholder.
.1
Agricultural conditions during the period under review are a matter
of common knowledge, and at no time since the organization of this corporafarm operations been so unprofitable. Obviously, with the low
tion have
prices prevailing during the harvest season for cotton, corn, wheat, and
farm products generally, the farmer's purchasing power was greatly reduced.
2099
This situation was also aggravated during our shipping season by the
general bank moratorium, which seriously interfered with the financing
of the sale and movement of fertilizer.
Because of the financial condition in agricultural centers, our sales policy
was to move the largest possible amount of our tonnage on a cash 'basis.
thereby limiting our credit hazard to the minimum. This necessitated our
meeting the low cash prices which prevailed during the year, and which
entailed a loss on goods sold; nevertheless, our tonnage sales of fertilizer
show a substantial increase for this year.
If agricultural conditions had remained the same, the outlook would
indeed be discouraging, but staple products of the farm are now selling at
greatly advanced prices, and we can observe a changed attitude on the
part of our customers.
Inventories have been taken at cost or market whichever was lower.
During the year. through the operation of the sinking fund. 8362,000
of our bonds were retired.
The corporation closed the year with no bank indebtedness and a substantial cash balance, and. at the writing of this report is without bank
Indebtedness.
In line with the policy of giving as full information as possible in corporate
reports, we have separated certain items in the balance sheet, formerly
carried as collateral security on accounts and notes receivable. These
items are now shown under investments as securities at market of *38,562
and property (real and personal) taken for debt of $129.749, which latter
item has been valued at conservative figures.
A reserve has been set up on notes and accounts receivable, which we
believe to be ample, to provide for any probable losses.
A careful study has been made of the receivables of our so-called joint
corporations, and there has been appropriated out of the reserves, formerly
created for contingencies, an amount which is believed to be sufficent to
write these items down to their realizable value.
The phosphate rock industry, in which corporation is one of the leading
factors, was adversely affected by the heavy carry-over of superphosphate
from the previous fertilizer season. In spite of the same, shipments of
phosphate rock to domestic consumers for the past year were heavier than
during the previous year, with a strong pick-up in May and June. The
foreign demand continued to suffer because of unsatisfactory economic
conditions in Europe and Japan, but with some encouraging developments
toward the end of the year. The domestic outlook continues to improve,
with indications that the demand will run considerably ahead of last year.
Price stabilization recently effective at the instance of the North African
producers has resulted in better prices in Europe for the American product
and a stronger demand for American phosphate rock.
Many economies have been effected during the year and continuous
attention is being given to this matter.
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
1930.
1933.
1932.
1931.
$826,148 S1.441,895 $2.850,125 $4,382,682
Gross profit on oper____
Operating, SEC. exp- ___ 1.129,095
1.897,492
,
1,395.943
1,836.925
loss$302,947
$952,633 $2,545,757
$45,952
Net earnings
62.081
121,453
Dividends earned
84,552
43,756
2,092
Profit on bonds purch
loss$238,775
Total income
$89,708 $1,037,185 $2.667.210
388.945
301,000
352,441
Bond interest
370.013
80.767
Interest on loans
53,975
78,485
76,086
Depreciation & deplet'n_
414,097
458.712
604.323
532,363
Profit on bonds purch.
Cr68,003
through sinking fund_
Cr4,353
Cr199,762
Addit. prov. for bad &
doubtful accounts_
450,000
Reinstate. in part of investm't in Kallwerke
GewerkesSolLstede
chaff
Cr200.000
135,000
Fed. inc. tax prov
Proportion of loss arising through oper. of
52,248
jointly owned corps.__
Net profits_ _____lossS1.060,096 loss$847.770
$60,677 SI.526,176
525,000
Preferred dividends..
525.000
$464,323stu11001,176
Deficit
$1,060,096
$847.770
Earns, per sh.00 450,000
$1.83
Nil
shs, corn. stk.(no par)
Nil
Nil
CONSOL. BALANCE SHEET JUNE 30 (INCL. AFFILIATED COS.)
1932.
1932.
1933.
1933
AssetsLiabilities8
$
$
S
Real est. plant,&c.20,566,99S 20,961,888 Prior pref. stock10,000,000 10,000,000
572,710 1,100,202 a Common stock_ 2,250,000 2,250,000
Investments
875,000
1,527,977
Cash
748,482 Notes payable_
First mtge. bonds_ 6,267,100 6,629,100
b Accts. and notes
3,019,923 4,105,150 Accounts payable_ 202,044
111.423
receivable
1,783,747 2,784,252 1st mtge. bds. due
Inventories
Due from Jointly
not presented for
7,500
owned corps.__ 277,244 c722,728
payment
Deferred charges__ 119,145
197,274 Due to johd.owned
28,419
1,353
Cash held by tr'ecs
1,235
10,266
corp.'s
Invest. in Cos.sec. d395,910
Accrued int.,taxes,
Overburden from
140,621
144,184
dm
unmined phos1,399,300 1,533,062
Special reserves_
63,134
plate property_
8,058,810 9,118,906
76,383 Excess assets
28,328,142 30,697,595
Total
28,328,142 30,697,595
Total
a Declared capital, 450,600 shares of no par value. b After deducting
reserves of S1.297,937 In 1933 and $1,457,144 in 1932. c After deducting
861.033 reserves. d 13.951% common shares at cost and S273,000 bonds
at par.
-V. 136. p. 3173; V. 135, p. 1990; V. 134, p. 3648.
General, Corporate and Investment News M
STEAM RAILROADS.
-'-Class I railroads on Aug. 14 had 403,257 surplus
Surplus Freight Cars.
freight cars in good repair and Immediately available for service, the car
service division of the American Railway Association announced. This
was an increase of 10.352 cars compared with July 31, at which time there
were 392.905 surplus freight cars. Surplus coal cars on Aug. 14 totaled
115,120, a decrease of 1,961 cars below the previous period, while surplus
box cars totaled 229.501, an increase of 13.686 cars compared with July 31.
Reports also showed 27.174 surplus stock cars, a decrease of 1,019 compared
with July 31, While surplus refrigerator cars totaled 11.635, an increase of
111 for the same period.
Matters Covered in the "Chronicle" of Sept. 9.-(a) W. W. Atterbury
declares NIRA must place re-employment paramount
-President of Pennsylvania RR. denounces attempts by labor or industry to capitalize on
adjustments incident to recovery Program-Praises President Roosevelt's
to the railroads-Co-ordinator
leadership. P. 1874:(b) Application of NIRA
Eastman assorts no code is needed-Tells President he lacks authority to
set up ono-Industry regulated now, p. 1874; (c) Chairman Whitney disappointed to learn carriers are not under NRA-Unions to demand shorter
working day. P. 1876: (d) Co-ordinator Eastman asks 48-hour week for
raliroads-suggests practice of working seven days be stopped-Asks roads
to use every dollar to put more men in jobs, p. 1876;(a) Carriers study rail
and water rate stabilizing-Conferees meet Eastman to discuss ending
ruinous competition in transport, p. 1876:(f) Ruling by I. S. C. Commission
aids roads earnings-19 companies will charge $24.155.978 in retired
equipment to profit and loss account, p. 1877: Is) Railroads earn at the
rate of 1.64% a year on their investment, p. 1877.
Atchison Topeka 8c Santa Fe Ry.-Construction.-
-S. C. Commission on Aug. 31 issued a certificate authorizing the
The I.
company to construct a branch line of railroad extending from a point near
its station at Carlsbad, Eddy County, N. Mex., in a general northea.sterly
direction to a point in said Eddy County about 25 miles sou h of its northern
boundary and 10 miles east of its eastern boundary, a distance of approximately 20 miles.
The purpose of the proposed branch is to reach potash-bearing lands near
its northeastern terminus and to serve a refinery which will be erected
there, upon the completion of the branch, by the Potash Co. of America.
It is represented that on this company's holdings there are proven potash
beds sufficient to produce at least 55,000.000 tons of sylvite ore. The drilling
has also shown large beds of pure salt. A mining shaft is now being sunk.
The refinery will be begun as soon as material for construction can be
shipped in by rail. 130th crude and refined potash will be shipped, mainly
for use in the manufacture of fertilizers. The potash company will depend
entirely upon the proposed branch for an outlet, although there is a good
trucking road from Carlsbad to its plant site, 22 miles. It has entered into a
contract with the Atchison, dated July 6 1933. by which it agrees to ship
at least 450.000 tons of outbound freight within five years after completion
of the line, or to pay $1 stun for any deficiency in this tonnage. The contract
provides that after the five years, if the potash plant shall cease to be
operated for a continuous period of two years, the Atchison may_take up
the branch on six months' notice.
-V. 137. p. 1237.
Atlantic & North Carolina RR.
-Authorized Purchase
of Terminal Bonds.
The directors on Sept. 9iiIthorized the purchase of enougn of the bonds
of the projected _Morehead City (N. C.) port terminal to underwrite any
deficiency which.may exist for any one year or from year to year during
the life of the bonds, using lease moneys for the purpose.
Luther Hamilton, President, said the port terminal would materially
enhance the value of the road's property.
-V. 129, p. 791.
Boston & Maine RR.
-New Treasurer.
Edward J. Gallagher has been elected Treasurer to succeed the late
Charles N. Marland. Mr. Gallagher has been Assistant Treasurer of the
2100
Financial Chronicle
company since 1928. He is also Treasurer of the Boston & Maine Transportation Co., a subsidiary.
-V. 137, p. 1936, 1237.
-Abandonment of
Central RR. Co. of New Jersey.
Branches.
The I.
-S. C. Commission on Aug. 31 issued a certificate permitting the
company to abandon a branch line of railroad extending from Drifton
Junction in a general westerly direction to a point known as Scale Siding,
about 2.4 miles, all in Luzerne County, Pa.
The Commission also issued a certificate permitting the company to
abandon that part of its Belford branch extending from a point about 885
feet southerly from the junction of the branch with the company's Freehold
and Atlantic Highlands branch (Sea Shore branch) in a southerly direction
to a point on the Navesink River, 4.3 miles, all in Monmouth County,
N. J.
-V. 137, p. 311.
Chesapeake & Ohio Ry.-Abandonment.-The I.
-S. C. Commission on Aug. 31 issued a certificate permitting the
company to abandon that part of its Greenbrier subdivision extending from
a point approximately 1,000 feet east of its station at Bartow to the end of
the line at Winterbum, 2.80 miles, all in Pocahontas County, W. Va.V. 137, p. 681.
Chicago Burlington & Quincy RR.
-Abandonment and
Operation.
The I.
-S. C. Commission on Aug. 31 issued a certificate permitting the
company to abandon those parts of its Osceola-Leon branch line extending
from Osceola to Van Wert, approximately 11.13 miles, in Clarke and
Decatur Counties, and from Decatur City to Leon, approximately 6.53
miles, in Decatur County, all in Iowa.
The Commission on Aug. 31 also issued a certificate authorizing the
company to operate under trackage rights over the railroad of Baltimore and
Ohio Southwestern RR. between Shattuc and East St. Louis, 54.20 miles,
all in Clinton and St. Clair Counties, Ill. The properties of the Baltimore
& Ohio Southwestern RR. are operated by the Baltimore & Ohio RR.
The line in question has been used by the C. B. & Q. for the transporta,
tion of through freight for a number of years. The agreement, covering a
period of 20 years, became terminable on Aug. 5 1933. There is now submitted for approval a supplemental agreement entered into between the
0. B. & Q., the Southwestern, and the B. & 0. on Aug. 1 1933, which
modifies certain terms of the former agreement. By the terms of the supplemental agreement the C. B. & Q. is granted the additional right to divert
over certain other lines of railroad, at O'Falion and Willows, such trains
as it may elect not to operate into and out of East St. Louis. For the use
of the railroad and facilities in question the supplemental agreement
provides that the C. B. & Q. is no longer obligated to pay the B. & 0. in
the manner provided in the old agreement, but instead, shall pay at the
rate of $1.20 per train mile for each train operated over the joint line. An
engine with or without cars is to be counted as a train. The minimum
amount to be paid the B. & 0. under this arrangement is $75,000 a year.
-V.137. p. 1237.
r Chicago
& Eastern Illinois Ry.-R. F. C. Plea for
Trustee Granted by Court,
-
An Associated Press dispatch from Chicago Sept. 14 had the following:
Acceding to the petition of the Reconstruction Finance Corporation,
Federal Judge John P. Barnes to-day appointed a trustee to supervise
reorganization of the Chicago & Eastern Illinois By. He selected Charles
M. Thomson, formerly Judge of the Superior and Appellate Courts of
Cook County, Ill.
As holder of $8.000,000 of prior lien bonds on which the C. & E. I.
had defaulted, the R. F. C. had demanded that the reorganization be
divorced from the present management, which is controlled by the Van
Sweringen interests. The line has been in receivership since April. The
R. F. C. suggested Kenneth F. Burgess of New York for trustee.
Judge Barnes stated that he was especially impressed with the argument
of the R. F. C. that the present management, headed by Charles O'Neal
as President, had been placed in control in 1931 by the Van Sweringen
Interests as majority stockholders.
For the benefit of the Chicago & Eastern Illinois, the petitioners had
argued an impartial trustee should be invested with the duty of examining
the numerous contracts that the railroad has with other Van Sweringen
lines and assuring a fair deal in the reorganization for the Eastern Illinois
and its creditors.
John L. Hopkins, attorney for the R. F. C., agreed to the selection of
Mr.Thomson instead of Mr. Burgess as trustee,and W.H.Lyford, General
Counsel for the railroad, also approved him, although objecting to any
appointment. Judge Barnes said he would vest Mr. Thomson with
broad powers rendering consultation with the Court on small matters
unnecesssary.-V. 137, p. 1936.
Chicago & North Western Ry.-Securities.The I.
-S. C. Commission Aug. 31 authorized the company to issue (1)
upon surrender of $16,000 of 4% gen.-mtge. gold bonds of 1987. $3,862,000 of 5% gen. mtge. gold bonds of 1987, in exchange, at par, for that
amount of Fremont, Elkhorn & Missouri Valley RR. 6% consolidated
-bearing interim
mtge. bonds, and (2) not exceeding $3,862,000 of interest
certificates in connection with the retirement of the underlying bonds.
There are outstanding and will mature on Oct. 1 1933, $7.724,000 of 6%
consol. mtge. ponds of the Fremont. The North Western assumed obligation and liability as guarantor in respect of these bonds when by deed
dated Feb. 28 1903, it purchased the Fremont's properties, and it proposes
to pay the bonds at maturity, one-half in cash and one-half in its general
mortgage bonds. The $3,862,000 required for the cash payment is to be
procured from the Reconstruction Finance Corporation as a loan (approved
Aug. 8 1933). The $3,862,000 of general mortgage gold bonds of 1987
required for the refinancing plan are available or will be acquired by the
North Western, if necessary.
-V. 137. p. 1936.
Cincinnati & Lake Erie RR.
-Fare Cut Planned.
Authority to reduce passenger fares approximately 50% on the Cincinnati-Dayton division was granted receivers of the company on Sept. 5
by the Ohio State Utilities Commission.
The receivers, T. C. Conway Jr., and J. H.McClure,said they wanted to
effect the decrease Sept. 14 to Dec. 31 as an "experiment and as a part of
our participation in the NRA."
Should lowered rates result in better business, the new schedule not only
will be retained permanently in the Cincinnati-Dayton division, but will be
extended to all other divisions, they said.
-V. 134. P. 4156.
Consolidated Railroads of Cuba.
-Earnings.
Years Ended June 30Net profit after all charges
-Ar. 137. 13. 1761.
1933.
los41.068.271
1932.
1931.
$174,687 $1,782,122
Cuba Railroad.-Earnings.
Years Ended June 301933.
Net profit after all charges_loss$996.591
-V. 136, 13. 4454.
1932.
1931.
1930.
$131,681 $1.502,250 $2,802,805
Denver& Rio Grande Western RR.-Rio GrandeBurlington Merger Progressing-Committee Working on Proposal jor Four Roads.
J. S. Pyeatt, President of the Rio Grande, announced Sept. 13 that
tentative plans for the proposed merger of the Rio Grande, the Moffat,
and Western Pacific railroads with the Burlington are being worked out
by members of the committee representing the four roads.
The committee consists of L. W. Baldwin, President and a receiver of
the Missouri Pacific; Thomas M. Schumacher, Chairman of the Executive
Committee of the Western Pacific; Ralph Budd, President of the Burlington, and Gerald Hughes, Chairman of the board of the Moffat road. Mr.
Baldwin and Mr. Schumacher represent the ownership of the Rio Grande.
said Mr. Pyeatt, and they have been working on it. *There have been
some meetings.
The merger plan was proposed in conformity with a pledge to the Reconstruction Finance Corporation that in consideration for a $950,000 loan
the Rio Grande would undertake immediate negotiations looking toward
merger.
A combination of the Rio Grande, Western Pacific, Moffat and the
Burlington would create a new trans-continental route through Denver,
giving the Burlington a needed outlet to the West, providing the Western
Sept. 16 1933
Pacific-Rio Grande-Moffat group with an outlet to the East and furnish
aut_o nmum amount of traffic for the Moffat tunnel and the Dotsero
C ma .
ff
Abandonment.
The I.
-S. C. Commission on Sept. 6 issued a certificate permitting the
company to abandon that part of its Little Cottonwood branch extending easterly from a point 500 feet east of the easterly switch at Sand Pit
to the end of the track at Wasatch, 6.78 miles, all in Salt Lake County,
Utah.
-V. 137, p. 1577.
Gulf Mobile & Northern RR.
-Fare Cut Raises Revenue.
The recent reduction in passenger rates on the road not only increased
the volume of traffic but also increased the revenue, according to I. B.
Tigrett, President. lie stated that the company earned a net income
of about $60,000 in August, and that if traffic held up as he expected the
net income for the year would be about $250,000, or more than $2 a share
on the preferred stock.
-V. 137. p. 1237.
Louisville & Nashville RR.
-Seeks to Continue Lower
Rates.The company has requested the I.
-S. C. Commission for an extension
for six months ofits order allowing a reduction in passenger charges throughout its lines and the elimination of Pullman surcharges. Last March, the
Commission permitted the road to reduce the basic rate of 3.6 cents a mile
to 2 cents a mile for passengers in day coaches and 3 cents a mile for those
riding in Pullman or parlor cars. Elimination of the Pullman surcharges
also was authorized.
In its new application to the Commission the road said the lowered
rates had not been in effect a sufficient time to do more than inspire "hope
that they will eventually accomplish the desired purpose" of "arresting the
,
downward trend of passenger earnings.'
The carrier pointed out that it was necessary for it to retrieve a part of
the passenger traffic it had lost to buses and automobiles. Figures presented in the application showed a sharp decrease in the loss of passenger
revenues during recent months as compared with the same periods in 1932,
but showed also a continued loss on passenger traffic.
-V.137. p. 861.
Mine Hill & Schuylkill Haven RR.
-Removed from List.
The New York Curb Exchange has removed from unlisted trading privileges the capital stock (par $50).-V. 134, P. 842,
Mississippi Central RR.
-Promissory Note.
The I.
-S. C. Commission on Sept. 6 authorized the company to Issue a
promissory note for $150,000 to be delivered to the United States Lumber
Co. in payment of a like amount of advances.
-V. 136, p. 3716.
Missouri Pacific RR.
-Internal Revenue Commissioner
Asks I.-S. C. Commission to Disapprove Reorganization Plans
Until Tax Settlement is Made.
Guy T. Helvering, U. S. Internal Revenue Commissioner, has requested
the I-S. C. Commission to disapprove any plan of reorganization for the
company and its subsidiaries which does not adequately provide for payment of $5,423,485 of income tax tax deficiencies due the Federal government.
Commissioner Helvering also asked to be advised whenever any plan of
reorganization is filed and also as to hearings respecting same. The Commission, in acknowledging receipt of the letter declared it would advise the
tax bureau of the filing of any plan or of hearings in that connection.
There are outstanding deficiencies in income taxes of the Missouri Pacific
RR. for the years 1920, 1924, 1925. 1926, 1928. 1929 and 1930, including
Interest, to date of assessment in the amount of $3,906,199 assessed June 1
1933. and an additional tax of $27,387 with interest fin the year 1928
assessed August 24 1933. Mr. Helvering wrote.
In addition, the Commission was advised, the New Orleans. Texas &
Mexico has outstanding additional income taxes, with interest, amounting
to41,187,206.
There also is outstanding $20,538 of taxes and interest assessed against
each of the following Missouri-Pacific subsidiaries: International-Great
Northern RR., Beaumont Sour Lake & Western By.; St. Louis, Brownsville & Mexico By.; San Antonio, Uvalde & Gulf RR. and Houston North
Shore By., which was assessed June 26 1933.-V. 137, D. 1936.
-Would Continue Reduced Fares.
Mobile & Ohio RR.
The road,running between Mobile, Ala., and St. Louis, asked the I. 0.
-S.
Commission on Sept. 8 for authority to extend another six months its
experiment of operating under reduced passenger fares and no Pullman
surcharges in an effort to regain business lost to automobiles and buses.
The reduced fares were authorized by the Commission last March, to be
effective for six months, and while the road has experienced some gains
In revenue it said the reduced fares had not been in effect long enough to
afford a fair test of the experiment.
-V.137, p. 1411.
New York Central RR.
-Objects to Attica Line Ruling.
-
The company on Sept. 9 filed objection to an I.
-S. C. Commission
examiner's report making acquisition and continued operation of the Chicago
Attica & Southern line a condition to unification of the Central System
affiliates, including the Big Four and Michigan Central.
Declaring the Attica should be abandoned, the Central petition said:
"If the people in the territory tributary to the Attica do not furnish sufficient traffic to support the railroad, how can they expect it to be continued
in operation?"
It asked the Commission to reverse Examiner .1. V. Walsh's conclusion
that the Central agree to acquire the Attica not later than its next declaration of dividends on its capital stock.
It also asserted $1,000,000 would be needed to put the Attica in shape for
continued operation, and that this, together with an increase of more than
$200,000 annually in expenses under trunk line operation constituted an
undue and unjustifiable burden on inter-State commerce."
Retirement.
-
President F. E. Williamson recently announced the retirement, after
53 years' service, Of William J. Flipp. Vice-President in charge of the
operating department, effective Sept. 1.-V. 137, p. 1936.
New York Dock Ry.-Protests Valuation.
-
-S. C. Commission against
The company on Sept. 13 protested to the I.
the tentative valuation for rate making purposes set by the Commission
as of Dec.311927. The company asked that the sum of $24,954 be added
to the tentative valuation of 3721,000.-V. 136, p. 3531.
-Files Thief in Supreme Cowl.
Pennsylvania RR.
Counsel for the Pennsylvania RR. Co. and the Pennsylvania Co. on
Sept. 11 filed respondents' brief with the U. S. Supreme Couft in opposition to I.
-S. C. Commission's petition for a writ of certiorari in the
Circuit Court of Appeals for the Third District in the case in which the
the Circuit Court of Appeals set aside an order of the Commission directing
the railroad companies to divest themselves of their holdings of Lehigh
Valley and Wabash RR. stocks.
In its brief, the respondent says, among other things, The Circuit
-S. C. Commission because
Court of Appeals set aside the order of the I.
not supported by competent evidence; the case involves, therefore, the
appraisal of the sufficiency of the evidence in this particular case, and discloses no question of such character or importance as justifies review by the
Supreme Court."
Directorate Changes.
At a meeting of the directors held on Sept. 13 M. W. Clement was
elected a member of the board to fill the place vacated by the death of
Elisha Lee, whose term would have expired in 1936.
Under the by-laws of this company, the directors elected by the stockholders are required to add to their number at their organization meeting
four stockholders who will act as vice-presidents of tne company for the
term of one year. Mr. Clement, who will continue to occupy the position
of Vice
-President in charge of operation, has heretofore filled one of these
memberships. The board of directors elected F. J. Fell Jr., to fill the
position of director heretofore occupied by Mr. Clement. Mr. Fell will
-V. 137. p. 1936. 1761. _
continue as Vice-President and Comptroller.
Pittsburgh & West Virginia Ry.-Acquisition Plan
Dismissed-New Application for Western Maryland Merger
Is Required by Commission.
-
The I.
-S. C. Commission has dismissed with the consent of the company
the long-pending application of the Pittsburgh & West Virginia By. for
Ibuthority to acquire control of the Western Maryland.
Volume 137
Financial Chronicle
The Pittsburgh & West Virginia filed this application in Feb. 1929,
and hearing of it was postponed indefinitely and carried in suspense in the
Interim.
B. H. Mayer, Chairman of the Finance Division of the Commission,
wrote counsel for the Pittsburgh & West Virginia that a conclusion had been
reached that the recent amendment of the consolidation provisions of the
Transportation Act was of such character as to make encessary the filing
of a new application.
The Pittsburgh & West Virginia proposal represents the efforts of the
Taplin interests to develop a route from Chesapeake Bay to the Great
Lakes by connecting the Western Maryland with the Pittsburgh & West
Virginia and the Wheeling & Lake Erie.
Majority stock control of the Western Maryland is now trusteed with the
Equitable interest in the deposit certificates owned by the Baltimore &
Ohio RR., which invested $18,673.049 in $33,090,000 par value, or 42.88%
of the Western Maryland stock outstanding.
The move by the Commission was precipitated by its desire to clear its
docket of dormant cases.
The latest official consolidation plan assigns the Western Maryland to
-V. 137, P. 1048.
the Baltimore & Ohio.
Reading Co.
-10
-Year Extension on Philadelphia ct
4, Reading RR. 5s Asked at Interest Rate of 4Y %.
Holders of the Philadelphia & Reading RR. 5% mortgage bonds, due
-S. C.
Oct. 1 1933, are being offered, subject to the approval of the I.
-year extension of these bonds with interest at the rate
Commission, a 10
of 4%%,in an announcement by the Reading Co., successors to the Philadelphia & Reading RR.
Holders of the bonds who wish to avail themselves of the offer must
deliver the bonds, with Oct. 1 1933 coupons detached, to the Reading
Co.at the offices of Drexel & Co. Philadelphia, on or before Oct. 2. Upon
delivery interim receipts of Reading Co. will be issued, exchangeable for an
equal principal amount of bonds when prepared, with extension supplement
and coupon sheet attached. Coupons due Oct. 1 1933 will be rpaid in
the usual manner on presentation at the office of Reading Co., Philadelphia.
Bonds of holders, who do not desire to avail themselves of the offer of
extension, will be purchased at the principal amount and accrued interest
by the Reading Co. or a subsidiary upon delivery of the bonds on or before
Oct. 2 1933. at the office of Drexel & Co. Such purchase, it is stated,
will not be for the purpose of payment or retirement, as all bonds so purchased will be extended.
The extension of the bonds to Oct. 1 1943 is subject to prior redemption
at the option of Reading Co., as a whole but not in part, upon 30 days
notice, on any int. date on or before Oct. 1 1938, at 102%; on April 1 1939,
or Oct. 1 1939. at 10134%; on April 1 1940, or Oct. 1 1940. at 101%; on
April 1 1941. or Oct. 1 1941, at 10034 %; or thereafter on any interest date
prior to maturity at 100% in each case with accrued interest. The present
lien of the mortgage securing the bonds will be retained, the announcement
says.
To Sell Tugs and Barges.
-
The company's entire fleet of ocean-going tugs and barges is for sale.
Sealed bids will be received by Col. Fred Jasperson, marine superintendent
of the company, at the Port Richmond terminal, prior to Sept. 25. Comprising the group are seven of the most powerful sea tugs in the United
States and 44 schooner-rigged barges with capacities ranging from 1.000
tons to 3,000 tons. Sale of the tugs and barges would completely eliminate
the Reading Co. from coastal transportation. The fleet has been operated
by the Reading Co. under the name of the Philadelphia & Reading
-V. 137. P.
Thinsportation Line. (Philadelphia "Financial Journal.")
1761, 1048.
St. Louis-San Francisco Ry.-New Plan Being Considered-Reorganization Managers Reported Working to Meet
Ideas of 1.-S. C. Commission and R.F. C.
The "Wall Street Journal" Sept. 11 had the following: "Readjustment
managers are understood to be working upon a revised plan of reorganization
for that road. Rejection of the original readjustment proposal dy the
Reconstruction Finance Corporation and suggestion that a new plan be
formulated necessitated further consideration of the problem by the readjustment committee.
The R.F. C. objected to the first plan because it offered only a temporary
expedient to tide over the carrier for a 10- ear period, with bondholders
carrying the load. Principal among the R. 1. C. objecitons was the failure
of the plan to effect a permanent solution of the 'Frisco capitalization
problem. Elimination of over-capitalization is insisted upon by both the
I.
-S. C. Commission and the R. p. C. as a means of reducing the carrier's
heavy burden of fixedcharges.
"To date the L-S. C. Commission has not fixed a definite time for the
resumption of hearings upon the 'Frisco reorganization. Meanwhile, the
R. F. C. is awaiting the decision of Judge Faris of the U. S. District Court
at St. Louis on their request for the appointment of trustees to operate the
'Frisco. Promulgation of a plan by the trustees is one of the objectives of the
R. F. C. request. The Corporation holds that trustees offer the most
logical as well as disinterested medium to accomplish such a purpose.
If trustees are appointed it is thought that the present receivers, Messrs.
John G. Lonsdale and J. M.Kurn, may be selected.
Abandonment of Branch.
The L-S. C. Commission Aug. 31 issued a certificate permitting the
receivers to abandon operation of that part of the Tipperary branch of the
system extending from McDougal southwesterly to Tipperary, 8.9 miles,
all in Clay County, Ark.
The Tipperary branch extends from Osprey Junction to Tipperary,
about 15.4 miles. The part of which operation is sought to be abandoned
was constructed polder to 1915 to reach timber in the contiguous territory.
-V.137.9. 1936
.
-Operation.
St. Louis Southwestern Ry. Co. of Texas.
The 1.-S. C. Commission on Aug. 31 issued a certificate authorizing the
company to operate over the railroad and terminal facilities of the Dallas
Terminal Railway & Union Depot Co. in Dallas, Tex.
-V.136,P. 2236.
Southern Pacific RR.
-Abandonment.
-
2101
West Shore RR.
-New Director.
Edward B. Greene of Cleveland has been elected a director to succeed the
late Warren S. Hayden.
-V.136. p. 2601.
PUBLIC UTILITIES.
Matters Covered in the "Chronicle" of Sept. 9.-(a) Weekly electric output
shows a smaller percentage gain as compared with a year ago, p. 1831:
(b) July production of electricity 14% in excess of the same month in
1932. p. 1832; (c) July electric sales increased 15.9% over corresponding
month last year-Total revenue received from ultimate consumers up
1.6%, p. 1832.
American Electric Power Corp. (Del.).
-Settlement
with American Rys. Co.
-See latter below and in V. 137, p.
1762-V. 134, p. 3634.
American Rys Co.
-Hearing on Settlements.
The receivers. Thos. A. Mathis and Edward E. Grosscup have filed a
petition with the U. S. District Court for the District of New Jersey which
among otner things, sets forth that they have received an offer from American Railways Corp.to purchase all of the assets and property oftoe American
Rys. Co. in the possession of the receivers, and to pay and satisfy any
and all liabilities and other indebtedness owing to the American Rys. Co.or
its receivers by American Electric Power Corp.and American Gas & Electric
Co. and certain former officers and directors, for the consideration, upon
the terms and in the manner provided for in a certain written offer dated
Aug. 24 1933, and that the receivers have accepted the offer subject to the
approval of the Court.
An order has been made by the Court requiring creditors and stockholders
of the American Rys. Co. to show cause before the Court on Sept. 18,
why an order should not be made granting the prayer of toe receivers. See
also V. 137, p. 1762.
American Water Works & Electric Co., Inc.-Output.Output of electric energy of the company's electric properties for the
week ended Sept.9 1933 totaled 33,920,000 k.w.h., an increase of 32% over
the output of 25,694,000 k.w.h. for the corresponding period of 1932.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended- 1933.
1932.
1931.
1929.
1930.
35.394.000 23,958.000 31,104,000 33,514,000 35,805.000
August 12
36.370,000 24,000.000 30.581.000 33,757.000 36.175,000
August 19
August 26
36,288,000 24,085,000 29,734,000 34,399,000 86,442,000
September 2....- _36,471.000 25,727.000 30,475,000 34.051,000 36.727,000
September 9_._33,920,000 25,694,000 29.876,000 32,674,000 34,771,000
-V. 137, p. 937, 1763.
Associated Gas & Electric Co.
-Electric Output Increase
Down to 8.1%for week.
Net electric output, excluding sales to other utilities, of 52,406,242 units
(kwh.) for the week ended Sept. 2, as reported by the Associated System,
was 8.1% larger than for the corresponding week of last year. This increase
of 8.1% compares, however, with a 13.5% increase in the week ended
Aug. 26, and a 17.6% increase in the week ended July 1. The tendency of
power output, as indicated in the weekly figures of the Associated System,
while continuing to run ahead of a year ago, is toward a narrowing of
the margin of gain. This is a reflection of some slowing down of manufacturing activity in the territory served by Associated operating units.
Net electric output of the Associated properties for the month of August
figures for which are just at hand, amounted to 236,200,442 units, an
increase of 29,940.248 units over August 1932,or 14.5%. For the 12 months
ended Aug. 31, net output of 2,565,817,643 units was tightly higher than
in the previous like period, the increase being 1-10th of 1%.
Gas sendout of the Associated System for the week ended Sept. 2, was
287,552,700 cubic feet, which was 6.4% above that for the same week of
last year caused by cooler weather conditions on some of the properties as
well as increases in industrial and commercial consumption. For the
month of August, gas sendout was 2-10ths of 1% lower than that in August
1932.-V. 137, p. 1937, 1763.
"---Associated Telephone Utilities Co.
-Security Holders
Warned That Failure to Deposit May Jeopardize Reorganization.
The reorganization committee headed by R. G. Page, Vice-President of
Bankers Trust Co., announced Sept. 14 that deposits under a reorganization plan outlined on June 20 had been substantial but are still far from
sufficient to justify the committee in declaring the plan operative. Security
holders should recognize that it is to their best interest to effect a prompt
reorganization, said the committee, and that their failure to deposit their
securities may seriously jeopardize the success of the plan.
Realizing that a tendency exists on the part of security holders to post-.
pone affirmative action under a reorganization plan until satisfied that the
plan is to be consummated, the committee stated that they would be falling
in their duty to the security holders if they did not at this time impress
upon them:
(1) That delay in the consummation of the plan involves substantia
expense which the security holders themselves must bear; and
(2) That the plan cannot and will not be declared operative until a
substantial majority of the security holders indicate their approval by
depositing under the plan.
The Bankers Trust Co., New York City, is depositary for the committee, the sub-depositaries being National Rockland Bank of Boston,
First Union Trust & Savings Bank, Chicago, and Bank of America National
Trust & Savings Association, San Francisco.
The members of the committee, in addition to Mr. Page, are Lawrence
Bennett, of Milbank, Tweed, Hope & Webb; Robert B. Rugg. president
National Rockland Bank of Boston, and Cameron Winslow, Investment
Secretary. National Fire Insurance Co. of Hartford.
-V.137. P. 683, 1412.
-S. C. Commission on Aug. 31 issued a certificate permitting (a)
The I.
Carolina Power & Light Co.-Preferred Dividends.
the Southern Pacific ER.and the South Pacific Coast Ry.to abandon (a)the
The directors have declared a dividend of 88 cents per share on the $7
so-called Ellsworth Street line between the junction of said line with the
cum. pref. stock, no par value, and a dividend of 75 cents per share on
so-called Shattuck Avenue line at or near the intersection of
applicants'
the $6 cum. pref. stock, no par value, both payable Oct. 2 to holders
Adeline and Woolsey Streets to the end of said line at or near the interof record Sept. 15. Like ameunts were paid on April 1 last, while on
section of Bancroft Way and Ellsworth Street, about 1.594 miles,in BerkeJuly 1 a dividend of 87 cents per share on the 17 pref. and 75 cents per
ley;(b)that part of the so-called California Street line between the junction
share on the $6 pref. stock were paid. The last regular quarterly payof said line with the applicants' so-called Shattuck Avenue line at or near
ments on these issues were made on Jan. 3 1933.-V. 136,p. 4265.
intersection of California Street and Stanford Avenue, Oakland,and the
the
intersection of California and Ada Streets, Berkeley, about 2.574 miles;
-3 (
-Removed from List
part of the so-called California Street line between the intersection -.----Central Public Service Corp.
(c) that
The New York Curb Exchange has removed from unlisted
of Monterey and Colusa Avenues and the intersection of Colusa and Mann
privileges the 534% convertible gold debentures, due Feb. 1 1949, with an
Avenues, about 0.148 mile, in Berkeley; and (d) the so-called 18th Street
without warrants.
-V. 136. p. 4265.
line between the intersection of said line with the main line of the Southern
Pacific Co. at or near 16th Street station and the intersection of 14th and
Central Public Utility Corp.
Streets,about 3.231 miles,in Oakland;(2) the South Pacific Coast
-Capitalization.
Webster
The following statement shows the capitalization of the corporation, as
Railway and the Southern Pacific, lessee, to abandon that part of the
of June 30 1933. and also a statement showing the securities which had
so-called East Bay Electric Lines extending from the intersection of 2nd
been exchanged under the plan as of the same date.
and Webster Streets to the intersection of 14th and Webster Streets, about
to abandon
Capital Stock.
-Outstanding, June 30 1933, $1,254,802 common, 461,0.622 mile, in Oakland; and (3) the Southern Pacific lessee,between
the
515 11-100 shares preferred and 1,803,007 7-80 shares class A. All the outoperation of that part of its so-called California Street line
intersection of Monterey
standing common is held by voting trustees under voting trust agreement
Intersection of California and Ada Streets and the
dated Aug. 1 1932.
and Colusa Avenues,about 0.546 mile, in Berkeley. All the above lines are
-V. 137. p. 1239.
Of the outstanding stock at June 30 1933, 463,015 shares common were
In Alameda County. Calif.
Issued to Central Public Service Co. for the entire 1,250,000 outstanding
Ry.-Bankruptcy.Spokane International
shares common of Central Public Service Corp.and 791.787 shares common
McPherson, Vice-Pros. & Traffic Mgr., was named by Federal
were issued in connection with the exchange ot $39,590,385 income bonds
E S.
for $32,127,000 debentures and $7,463,385 notes of Central Public Service
Judge J. Stanley Webster of Spokane. Wash., on Aug. 29, as trustee in
charge of operations, following a bankruptcy petition filed by the road.
Corp.; 1.803.007 7-80 shares of class A stock were issued in exchange for
1,803,007 7-80 shares of class A of Central Public dervice Corp. and
-V.137. P. 1936
.
86,813 23-100 shares preferred were exchanged for $7 pref., 121,416 21-25
Stanley Merrill & Phillips Ry.-Abandonment.for $6 preferred, and 253,285 1-25 for $4 preferred of Central Public
C. Commission on Sept. 6 issued a certificate permitting the
-S.
The I.
Service Corp.
and foreign commerce,
company to abandon, as to inter-State Walrath, approximatelyits line of
In addition to the outstanding amounts as of June 30 1933,68.099 shares
22 miles,
railroad which extends from Polley to
of common were reserved for issuance in connection with exchange of
Rusk Counties, Wis.-V. 132. p. 4051.
all in Taylor and
corporation's income bonds for Central Public Service Corp.'s debentures
and notes; 67,588 66-100 shares of preferred were available for issuance in
Valley & Siletz Ry.-Final Valuation.
exchange for pref. stocks of Central Public Service Corp.; and 333.372 1-80
The 1.-S.C. Commission has placed a final valuation of $1,150,000 on the
shares of class A were available for issuance in exchange for class A stock of
of June 30 1927, for ratecommon carrier properties of this company, as
Central Public Service Corp., all in accordance with the plan.
-l. 118, p. 1667.
making purposes.
2102
Financial Chronicle
Securities Exchanged under Plan as of June 30 1933.
The amount of securities exchanged under plan, together with the
percentage of each issue so exchanged, are as follows:
Per Cent.
Amount.
Central Public Service Corp.90.4
534% debentures
$32,127,000
99.9
5
-year notes 1934
$7.463,385
49,607 14-255)15. 84.0
$7 preferred stock
80.8
$6 preferred stock
80,944 14-25 shs.
91.6
253,285 1-25 .is.
$4 preferred stock
84.3
Class A stock
1,803,007 7-808)18.
Southern Cities Public Service Co93.3
6% debentures, 1949
$16,335,000
Central Gas & Electric Co.95.8
9,581,500
534% notes, 1933
Southern Cities Utilities Co.
91.7
2,899.000
6% debentures 1958
-For securities of Central Public Service
Expiration Dale for Deposits.
-year notes, 1934, June 5 1933;
Corp. 534% debentures, June 5 1933; 5
all series preferred stock, June 5 1933; class A stock, June 5 1933. For
Southern Cities Public service Co., 6% debentures, no time limit set.
For Central Gas & Electric Co., 53.i% notes, May 1 1933. For Southern
Cities Utilities Co.,6% debentures, Aug. 22 1933.-V. 137, p. 862.
Sept. 16 1933
Consolidated Balance Sheet June 30 1933.
Liabilities$2.650,543 Pref, cap, stock of subs. for
acquisition of which cash
20,814.309
i sf
vee m ran
rolaA snt l entachises
has been deposited with
41.400
Special deposits
81,100
130,364
trustee
Cash
100,000
74,323 Common stock
Accts. receivable-consumers
982,892
416,524 Earned surplus
Due from affiliated companies
8,182,630
8,683 Capital surplus
Other accts. & notes receiv7,952,200
Funded debt
Merchandise, materials &
331
40,225 Notes payable
supplies
22,255
Accounts payable
Prepayments-ins. premiums,
146,253
3,388 Accrued interest
taws, &c
5,550
1,242 Accrued general taxes
Deposits in closed banks
1,143
4,907 Other accrued liabilities
Sundry deferred debit items__
6,267,976
Due to affiliated companies
Deferred liab.-consumers'
15,809
deposits
507,771
Reserves
$24,185,913
Total
$29,185.913
Total
-V 135. P. 2996.
Represented by 100.000 shares of $1 par value.
tr
-Removed from Listt
----Haverhill Gas Light Co.
s
vil
ing
New York Curb Exchange has removed from unlisted
*4....(hesapeake & Potomac Tel. Co. of W. Va.-Aequir;
the capital stock (par 525).-V. 135. p. 295.
The 1.-8. O. Commission On_A118,-34, approved the acquisition by the
properties of J. Roy Watson and A. G. Hudkins, -co pany of the telephone
-Removed from List.:
iLi,
--Holyoke Water Power Co.
doing business as Clay District Telephone, Flarrison-Doddridge Telephone
prilt-Y...,
The New York Curb Exchange has removed from unlisted t di
-V. 136. p. 2238.
Lines, and Lewis-Upshur Telephone Lines)
lege@ the capital stock (par $100).-V. 137, p. 1937.
Cities Serice Co.-Electlic Output Gains.
-Abandonment.
Illinois Traction, Inc.
For the 16th consecutive week the electric power output of the company's
The 1.-S. C. Commission on Aug. 31 issued a certificate permitting the
subsidiaries has shown a substantial gain over corresponding period of 1932.
Illinois Traction, Inc., to abandon (a) a branch line of railroad known as
For the week ended Sept. 9, electric production of subsidiacies increased
westerly from the terminus of the line of
the Hillsboro branch,
15% over the same week last year. This compares with the reported
the Illinois Traction at Hillsboro, a distance of 7.801 miles, all in Mont.-V. 137, p. 1764. 1578.
national gain of 11%
gomery County, Ill., and (b) a branch line of railroad known as the Ridge
Farm branch, extending northerly from the terminus of the line of the
Cleveland Ry.-Strike Definitely Called Off.Illinois Traction at Ridge Farm, a distance of 5.01 miles, all in vermilion
After ,conferences which began on Sept. 9 and continued throughout
County, Ill.
-V. 126. p. 2963.
threatened to tie up the city of Clevethe following day, the strike, which
'
land's transportation system, was definely called off.
-Earnings.
Jamaica Water Supply Co.
The settlement provides for union recognition and arbitration in the
1932.
1933.
Years Ended June 30future of all disputes. The carmen's demands for a 25% wage increase
$1,647.365 $1.637,488
Operating revenue
was not Included in the settlement, but probably will be the subject of
560.724
538,265
General and operating expenses
future arbitration.
43.448
40.747
Maintenance
The Cleveland Railway Carmen's Union was recognized through the
8.924
7.425
Uncollectible bills
efforts of Charles B. Barnes, mediator of the National Labor Board.
146.259
142.074
Taxes, State and local
-V. 136. p. 4085.
-August Output.Commonwealth & Southern Corp.
Electric output of the Commonwealth & Southern System for the month
of August was 963.576.705 kwh. as compared with 407.779.981 kwh. for
August 1932. an Increase of 18.59%. For the eight months ended Aug. 31
1931 the output was 3,519,202,697 kwh as compared with 3 348.353.161
kwh. during the corresponding period of 1932. an increase of 5 10%. Total
output for the year ended Allft. 31 1933 was 5,291.251.403 kwh. as cornpared with 5.213.014.181 kwh. for the 12 months ended Aug. 31 1932. an
increase of 54%.
Gas output of the Commonwealth & Southern System for August was
5.55.415.300 culdc feet as compared with 555,709.600 cubic feet In August
last year a decrease of .05% For the eight months ended Aug. 31 1933 the
output was 4,952,318,400 cubit' feet as compared with 5.299,687.000 cubic
feet for the corresponding period last year a decrease of 6.55%. Total
output for the year ended Aug. 31 1933 was 7.660.218,700 cubic feet as
compared with 8.311.433.200 cubic feet for the 12 months ended Aug. 31
1932 a decrease of 7.84%.-V. 137. p. 1240. 684.
-Earnings.Connecticut Power Co.
For income statement for 6 months ended June 30 see "Earnings De-V. 136, p. 3906.
partment" on a preceding page.
-Cuts Rates.Detroit Edison Co.
The company has voluntarily filed with the Michigan P. U. Commission
new rate schedules affecting 50,000 small 'commercial consumers for approval. The new rates represent reductions upwards of 10% to 30,000
commercial concerns and less than 10% to 20,000 consumers.
"Our best guess," tho company states, "is that when this change has
general acceptance and if business conditions improve, and in making this
revision we are gcmbling that they will improve, then after a year's time we
will find that this rate change has cost us about 8800.000.The company states that the revision will be followed shortly by anothre
and possibly a third.
Petition Denied.-,
The petition of Attorney-General Patrick H. O'Brien for dismissal of the
company's petition for an order restraining the Commission from enforcing
a rate cut order has been denied by Circuit Judge Leland W. Carr, Lansing,
Mich. An appeal to the Michigan Supreme Court is expected to be made.
A temporary order issued by Judge Carr recently prevents the Cornmission from putting its $1,500,00 yearly rate cut order into effect and from
collecting the statutory penalty of $300 a day for violation of a Commission order.
The company takes the position that the Commission's rate cut order is
Illegal, confiscatory and not based upon an audit and appraisal of the
company's property.
Earnings
For income statement for 12 months ended Aug. 31 see "Earnings De.
-V. 137, p. 1764.
partment" on a preceding page.
-Output of Affiliates (kwh.).
Electric Bond & Share Co.
Increase.
1932.
1933.
Week Ended Sept. 720.6%
80.983.000 67.129.000
Light Co
American Power &
x2.0%
36,225.000 36.950.000
Electric Power & Light Co
18.8%
66.356,000 55,855.000 National Power & Light Co
-V. 137. p. 1937. 1764.
.
x Decrease.
-Dividends Deferred.
Engineers Public Service Co.
The directors on Sept. 13 voted to defer the dividend normally
payable Oct. 1 on the three series of cumulative pref. stock.
Reizular quarterly dividends ot $1.25 per share or the no par
$5 cum. cony. pref. stock. $1.37'4 per share on the no par
$5.50 cum. pret. stock. and $1.b0 per sharo on the ro par
$6 cum. pir•terred stock were paid on July 1 but.
In commenting on the action of the board, President
C. W. Kellogg made the following statement:
for the first three quarters of this
IP The earnings of the parent company small margin. On the other hand,
year will cover the pref. dividend by a
current earnings of subsidiaries both gross and net are still falling
aggregate
below the corresponding period of the preceding year and this, together with
the
the Federal tax on electric energy beginning Sept. 1 andNRA increase in
code, will
expenses required to comply with the provisions of the
prevent the earning of the full pref. dividends until business improves.
these conditions the directors believe they should defer the pref.
Under
-V.137, p. 1412.
dividends and conserve cash.
Operating income
Miscellaneous rent revenues
Miscellaneous interest revenues
$918.854
755
1,047
$878.133
503
2.612
Total revenue
Non-operating rev. deductions (rent revenues)
Interest on long-term debt
Amortized debt discount and expense
Refund of State tax to bond holders
Miami'. deductions from gross corporate income_
Miscellaneous Interest deductions
Retirement reserve including depreciation
Federal Income taxes
$920.657
719
327.610
14,833
3.820
$881,248
1,191
328.622
15.053
3
1
18M
49,244
$397.170
Net income transferred to surplus
Balance Sheet June 30.
1933.
1932.
1933.
Liabilities$
$
Assets$
Plant & property-12.701,789 12.599,517 Common stock.__ 1.715.941
397,900 755% pref. stock__ 1,000,000
Cash
179,788
1,000,000
2.403 $6 pref. stook
Notes receivable__
2,972
525.513 Unified mtge. bds
Accts. receivable._ 595,838
5% due July 1
2,084
Interest receivable
1954
122,220
Material & supplies
98.456
-year
23,100 1st mtge. 30
Prepayments
75,340
5li% gold bonds
Miscell. Invest
1,000
350
5.916,500
series A
MIseell. epee. his.
650
92,317 Mtge.on real est_
Special.deposits_.
30,097
Notes payable ..._ 500,000
Unamort.debt disc.
39,466
336,116 Accounts payable_
& expenses
316,700
3,847 Advance payments
Jobbing accounts_
13.912
80,792
consumers
Clearing & appor67,500
Dividends declared
Moment
:33
511,283
Taxes accrued ____
Work In progress__
44,636
9,480 Interest accrued_
Miami'. expense__
10.841
11,900 Consumers revenue
14,000
Reacquired secur.
(billed in adv.). 399,116
Mimi'. unadjusted
credits
15,807
Retire. res., Incl.
depreciation... _ 1,760.041
Res. for taxes,
13,849
previous year. _ _
77.057
Contributed surpl.
1.533,285
Earned surplus
3,563
7.566
103.000
46.613
$375,640
1932.
$
1,715,941
1.000.000
1.000,000
12.000
5.975,800
6,000
500.000
60,349
75,817
53,623
90
388.555
29,968
1,673.391
7.500
72.632
1,505.182
Total
14,175,640 14,076,847
Total
14,175.690 14,076,847
-Value of water rights, franchises. &c., appraised by Stone &
Note.
Webster at In excess of $6.000.000 are not included in the above assets.
-V. 136. P. g42
.
-Buses to Replace Trolleus.Kansas Electric Power Co.
The City Commission at Lawrence, Ran., plans to pass an ordinance
-year franc hise under which
granting the lianaas Electric Muer Co a 10
-V• 137,
buses will replace trolley cars in that city. ("Transit Journal.")
1:0• 865.
Lone Star Gas Corp. Rate Cut Ordeied.
The Texas itailro.,d CoMIIIISSIMI on Sept. 13 ordered reduction of city
90 cents to 32 cents per 1.000 feet at
gas rates for domestic users from
city gate of 250 cities and towns served by this corporation, representing
a saving of $1.400.000 per year to consumers. L. B. Denning, resident,
announced an twee] from the order to the courts. ("Journal of Commerce ")-V. 13 . p. 1413.
,
0o/-4..
-Removed from List
Maine Gas Cos.
The New York Curb Exchange has removed frAm ulsted tradingtigir
-V. 136. a. 2512.
leges the common stock (no par).
-Notes Deposits Exceed
Middle West Utilities Co.
Issue.
-Dewey Committee Represents 75% ofnites are now
$30,000.000
g,
outstanding sen
l
Over $30.000.000. or 75%, of the
deposited wita the noteholders' committee of which Charles S. Dewey
Representing
Is chairman, according to a statement released Sept. 8
this substantial total, the noteholders' committee Is by far the largest
and will be the principal factor in RA reOrghlliZatiOn.
creditor of the company
The committee is now preparing a report for distribution shortly to all
depositors.
The certificates of deposit issued by the committee have a market on the
-V. 137, p. 1050.
New York Curb and Chicago Curb Exchanges.
-Earnings.
Federated Utilities, Inc. (8c Subs.).
Consolidated Income Account for Year Ended June 30 1933.
$406.492
(Del.).-Rereivership Asked.
Gross operating revenue
"
270.497 '. --National Gas Co., Ind.
J.,
Operating expenses
John V. Shull and John L. MacDowell. both of Perth Amboy, N.
Del., MI Sept. 9,
filed a receivership suit in Chancery Court, Wilmington.
$135.995
-V.134, p. 327.
Net operating revenues
against the company. They allege the company is Insolvent.
1.249.217
Non-operating income
*1,385,212
-Tenders.
Total income
New York Rys. Corp.
36.027
Prov ision for retirements
The Fifth Avenue Coach Co., which now owns the common stock of
9.892
in 40-Year
Interest and other income charges ofsubsidiaries
York Railways Corp.. is prepared to invest a limited sum such
New
817 535
on
terms
Interest and other income charges of Fed. Utilities, Inc
6% income bonds, due Jan. 1 1965 of the latter corporation
$521.807
as It believes to be reasonable.
Net Income
770,000
Avenue Coach Co. Invites holders to tender
Accordingly. the Fifth
Dividends on common stock
for sale on or before Sept. 25 1933, bonds of the aforementioned issue.
$294,193
Deficit
1
ew England Public Service Co.—Change-in-4 cm—
t.
oe stockholders on Is sy 5 changed par value of the common stock
fróln no par to $5 per share thereby creating a capital surplus of $11,240,771'
which is available for wri ng down the ins estment in New England Industries, Inc., "to such sound and conservative values as may be determined
by the result of experience during the next few years," according to the
annual report.
Consolidated Earnings Statement of Subsidiary Companies.
1929.
1930.
1932.
1931.
Gross earnings
$18.626,342 $22.723,074 $22.683.292 $21.688,848
Oper. expenses and taxes 6,865.769 10,161,012 10.780.772 10.269,530
1,405,925
1.489.951
Maintenance
1,435,750
1,207,839
1,612.466
1.681.069
1,83..764
Retirement approp
1,422,604
Net earns, from oper_ $9,130,130 $9,290.518 50.731,500 $3,400.927
263.548
263.548
Rentals of leased prop
263,548
263,548
Bone', deb. & other int.
charges paid or accru2.445.425
2,440,988
2.750.776
ing to outside holders_ 3.695,603
227,171
235,988
Amort. of disc. on secur_
271.801
265.242
Int. chgd to construct'n Cr133,932
Interest suspended
Cr180.000
56,458
Miscell. deductions
78.731
85,881
Federal taxes
430.918
358,860
382,575
448.887
Divs. on prior lien and
pref. stocks paid or
2.193,758 1,955,403
aces. to outside holders 2,524,842
2,486,138
Divs. on common stock
}
paid to outside holders
1,176
1,634
Proper. unclist. earnings
1,3931
1,102
419
81
to outside holders_ _
Total earnings accr. to
New England Public
Service Co
$2,158,956 $3,079,271 53,156,925
New Eng. P. S. Co. received & aces. as int.
570,558
on bds. & notes receiv_
621.650
75,623
Received and accrued as
dividends on stock
2,195,419
2,636,049
1,175,638
New Eng. P. S. Co. proportion of sur. carried
to aggregated surplus
acct, of sub. cos. on
their own books
2103
Financial Chronicle
Volume 137
Tenders are to be made at the offices of J. & W. Seligman & Co., 54
Wall St., N. Y.. or G. M-P. Murphy & Co., 52 Broadway, N. Y.
Acceptance of tenders will be by notice to be mailed on or about Sept. 27
1933 and payment will be made immediately thereafter against actual
delivery of bonds, which must bear coupon No. 1 and all subsequent
coupons.—V. 137, p• 1764•
$907,694 def$178,427
5390.947
Income Account of New England Public Service Co.
-DICOMP
1930.
1931.
1932.
received & accrued
Int.
on bonds. notes receivable, &c., of—
Subsidiary cos
$621.650
$570.558
$75,623
Outside cos
7,447
36,906
331
1,792
4,276
Int. on bank balances_ _ _
2.195,419
Divs, on stks, ofsub. cos 1,175,638 2,636,049
Divs. on stocks of outside companies
22,312
24,293
1,494
Dividends on pref. of
361.517
Nov Engl. Indus., Inc
x261,174
Profit on sale of securs.
16,045
27,543
to associates at al_
Fees for engineering and
other services to sub.
companies and others _
231.918
57,794
393,792
12.516
Miseslianeous income_ _ _
9.120
1,280
$3.076.409
569,298
1,849,496
$657,615
1929.
5569,298
29.972
6.172
1,849.495
42.436
493.807
176,884
Total income
$1,312,159 $3,812,913 $3,624,443 $33,168,064
263,844
Admin. & general exPs
286.050
258,847
219.565
Miscell. charges & taxes_
177.331
162.485
y950
131.413
Interest
54,099
67,127
5.429
113.893
Exp. Maine referendum_
196,140
Net income for year__ $1,046,933 $3,317,639 53.108.781 $2,507,053
Divs. paid and accrued—
1,113.560
743,000
249.911
On prior lien prof. stk..
560,000
752.003
On preferred stock___
752.780
187,852
747,001
7.154
7.448
On adj. pref. stock__ _
13.227
1,789
59,633
238.830
238,830
Cores prof. stock_ __ _
116.711
888 549
951,783
Common stock
757,612
394,216
356.793
Stock divs, on common
Balance to surplus. $547,749 def$139.907
$121.381
$312,502
x Int. on notes rec. of N. E. Industries. y Miscell. charges only.
Wyman, President, states in part:
Walter S.
Dividend Action.—The quarterly dividend due on the prior lien stocks
on March 15 was paid and similar quarterly dividends due on the preferred
stocks on Jan. 15 and April 15 were paid. No further dividends have been
paid on the prior lion or preferred stocks and no dividends were paid in
1932 on the common stock.
The cash so conserved was used by company and its subsidiary utility
companies to pay off bank loans which had been incurred for improvements and additions to their property and which would ordinarily have
been paid by the proceeds from the sale of securities.
These loans aggregated, on Dec. 31 1931, $3,755,000. By Dec. 31
1932 these loans had been reduced by $1,680,000. With the exception of
$308,750 derived from the sale of $325,000 of bonds of the Central Maine
Power Co. this reduction was effected out of the resources of the utility
operatinif companies.
Neuf ngland Industries, Inc.—Company owns jointly with the Mississippi Valley Utilities Investment Co. (now in receivership) the controlling
stock interest in New England Industries, Inc. The New England Industries, Inc., represents an investment of more than $27,000,000. The
share of New England Public Service Co. in this investment, after the
application of certain reserves heretofore set up, as shown on the balance
sheet, as at Dec. 31 1932. is $12,479,240. Nearly half of this investment
Is in the form of notes. In effect this gives New England Public Service
Co. a position senior to that of Mississippi Valley Utilities Investment Co.
The year 1932 was a hard one for industrial enterprises due to diminished
volume at constantly falling prices which affected not only current operations but the value of inventories. The five textile properties of New
England Industries, inc., made a charge against their various surplus
accounts for loss in operations and shrinkage in valup of inventories of
31.738,679. The two paper mills lost $1,650,413. This was almost
wholly due to the decreased value of their pulpwood invnetory. In addition
a further charge was made to a special reserve for timberland investments
of 5612.962. The losses of the smaller companies, less sundry adjustments,
resulted in an additional net loss of $443,717. so that the aggregate charge
against the surplus accounts of the various subsidiary companies of New
England Industries. Inc., was $4,445,771 for the year. New England
Industries, Inc., share of this total loss, proportioned on its ownership
of securities in these companies, amounted to $4,033,397, which added
to the loss arising from its own operations, resulted in a net increase in
the deficit for the year of 54,099,716. The total deficit on the books of
New England Industries,. Inc., as at Dec. 31 1932 was $5,064,051.
With their inventories thoroughly liquidated, and on the basis of present
costs for raw materials, and present prices for cotton and finished goods,
the cotton mills are nearly breaking even. The newsprint mills, due to
decreased volume, are still losing money but at a very greatly diminished
rate. Any improvement, either in volume of business or in prices, should
result in real profits from these operations.
No consideration is given to losses arising out of the investment in New
England Industries, Inc., in the income accounts of the company.
New Properties Acquired. In March the Central Maine Power Co.
wn
=ore Falls Light &
Ln
tidepei
wer l
s
ednerhrahtmglpgroisegoes,an
ur t
Co., all
f
11
=Crul
located in Alaine.
Balance Sheet Dec. 31 1932.
•
[After giving effect to restatement of no par common stock at a par
per share and after crediting capital surplus with 511,247,771.1
value of $5
Subject to provision for impairment of investment in New England
Industries, Inc.
Assets—
Investments:
$36.444,376
Stocks, notes, &c., of subsidiary utility companies
643,487
Undeveloped water power sites and miscellaneous real estate
S343.381
Other investments
225,685
Less reserve
117.696
Stocks, notes and accounts receivable of New
England Industries, Inc.. and sub. cos.:
Common stock New England Industries, Inc__ $2,260,994
Preferred stock New England Industries, Inc.. 5,103,000
Notes of New England Industries, Inc.(subor5,290.000
dinated—See Note 1)'
Notes and advances to New England Industries,
Inc., subsidiaries (subordinated $50,000—.
127,500
See Note 1)
Accrued interest receivable, New England Industries. Inc.,and subsidiaries (subordinated
435,849
5433,118—See Note 1)
Less reserve
$13,217,344
738,104
Cash
Notes and accounts receivable
Interest and dividends receivable
Deferred charges
Notes receivable, New England Industries, Inc. (secured) and
interest thereon
Cash on deposit with fiscal agents (see contra)
Reacquired securities, at cost (market value, $12.838)
12,479.240
75.954
18,677
2,654
62,901
153.588
4.532
62,589
550.065.694
Total
Liabilities—
511,600.000
Prior lien stock—$7 dividend series, 120,000 shares
5,205.000
$6 dividend series, 60,000 shares
4,428.650
Preferred stock—$7 dividend series, 47,582 shares
6,538.676
dividend series. 70,203 shares
$6
76.650
Adjustment series, cony. into $7 div. series, 1,022 shares_ _ _
3.643,384
$6 convertible preferred stock. $39,602 shares
$4,819.953
Common stock (par $5)
12,257,701
Capital surplus
$980.000
Contributed surplus
253,924
Earned surplus
1.233,924
18.311.579
150.000
Note payable, bank
37,759
Accounts payable
20,066
Accrued liabilities
49,397
Provision for Federal income taxes
4,532
Matured dividends unpaid (see contra)
550.065.694
Total
Note 1.—The subordination is in respect to endorsement obligations
England Industries, Inc., aggregating $4,739,531.
of New
x Issued and outstandirg, 963.616 shares and 374 shares represented by
crip.—V. 136. p. 3161.
New York Edison Co.—Ordered to Give Breakdown Service
to Direct Current Users.—
According to an order of the New York P. S. Commission on Sept. 12.
direct-current "breakdown" service must be supplied by this company to
any present user of direct current who applies for it and is willing to observe
reasonable rules and regulations of the company.
The order was the result of an investigation started by the Commission
after it had learned that the company was refusing to provide direct-current
"breakdown" service to owners or lessees of buildings who had installed
private plants and relied on the company for auxiliary or reserve service.
The Commission rejected the company's plea that its comprehensive
plan for replacing all direct-current supply with alternating current within
the next 25 years would be impeded if direct-current consumers had to be
supplied with that typo of service upon application. The company, at
hearings before Examiner Melvin L.lirulewitch, declared its willingness
to provide an alternating current "breakdown" service upon request.
V. 137. p. 567.
Northeastern Public Service Co.—Seeks Foreclosure.—
The City Bank Farmers Trust Co., as trustee under indenture dated
July 1 1931, under which Giese are outstanding $4,670,500 1st lien & coll.
trust 5;4% gold bonds.series A,has filed a bill of complaint in the Chancery
Court of the County of Newcastle, Del.. against the company and Walter
G. Mortland and Clarence A. Southerland, its receivers, for the foreclosure
of the indenture and for other incidental relief.
It is announced that this step is preparatory to the submission of a plan
of reorganization upon which the holder of the 1st lien bonds is now working
and which will, in due course, be submitted to the Court.—V. 136, p. 3722,
V. 137, p. 867.
Northwestern Bell Telephone Co.—Reduces Charges.—
The company has filed a new schedule of rates with the Minnesota
R it. & Warehouse Commission which will reduce residential telephone
charges 25 cents a month.
The new rates carry out a promise made telephone users of the Twin
Cities that reductions would be made were this company allowed to purchase the controlling interest in the Tri-State Telephone & Telegraph Co.,
which serves St. Paul and parts of southern Minnesota. The rates become
effective Oct. 1 if approved by the Commission.—V. 137, p. 1423.
Porto Rico Telephone Co.—Tenders.—
The Montreal Trust Co., trustee, 511 Place d'Arines, Montreal, Canada,
will until noon on Sept. 20 receive bids for the sale to it of 6% 1st mtge.
-year bonds, maturing Dec. 1 1944. to an amount sufficient to exhaust
30
848,500 for account of the sinking fund. All offers must be made for
Montreal delivery and payment in United States funds only.—V. 136, p.
4460.
Public Service Co. of New Hampshire.—May Petition
for Increase in Rates.—
In a letter to preferred stockholders, J. Brodie Smith, Vice-President
and General Manager, said in part:
"Adoption of the code will result in a considerable increase in the expenses
of the company. The rising prices for all supplies and the new Federal
taxes combine to add a heavy ourden to the company's earnings. It is
the belief of your officers that your company will participate in the general
Increase in business brought about by the efforts of the NRA to such an
extent that these additional burdens can be borne. If not, the company
will have to seriously consider petitioning for an increase in the rates
which it charges for its services.
—Phis matter of taxation is so vital that I cannot refrain from commenting on it again. Figures for the entire electric light and power industry in the United States for the year 1932 show that 11.8 cents out of
each dollar paid for service was required for taxes. During the same period
the electric customers of this company paid 17Si cents out of each dollar
In taxes, or more than half again as much as the National average. The
above figures do not include the special 3% Federal tax formerly paid by
electric lighting customers and transferred to the company after Sept. 1
1933. Subsequent to that date, with the Federal taxes added, we estimate
that in excess of 20 cents out of each electric customer's dollar would be
consumed in the payment of taxes.
"With the approval of the New Hampshire P. S. Commission in July
last the company issued and sold $750,000 in principal amount of its 1st
& ref. mtge. 5% gold bonds, series A. Part of the proceeds of this sale
was used to pay the balance of the money owed banks so that the company
is now completely out of debt and in excellent financial condition.
"During the summer, the nusiness of the company continued to show
some improvement over a year ago. Recently the rise has not been as
rapid as it was during the spring and early summer but the trend continues
to be encouraging."—V 137. p• 685.
Financial Chronicle
2104
Richland Public Service Co.
-Trustee Resigns.
The Ohio Public Service Co.,successor to the above company,announces
that the Union Trust Co., Cleveland, Ohio, has tendered its resignation
effective Sept. 20 as trustee of an issue of 1st & ref. mtge.sinking fund 5%
gold bonds, dated Oct. 1 1917.-V. 114, p. 1181.
Southwestern Bell Telephone Co.
-New Officers.
George C. Gephart, Assistant to the President in charge of personnel on
Sept. 7, was elected Treasurer to succeed R. A. Nickerson, and. Vincent N.
Carroll, Assistant to the President, in charge of public relations, was
appointed a Vice-President. A. W. Mothersill, Assistant Treasurer, was
elected 1st Assistant Treasurer.
-V. 137, p. 1051.
United Gas Improvement Co.
-Electric Production.
Week Ended Sept.9Electric output ofsystem (kwb.)
-V. 137, p. 1938, 1766.
1932.
1933.
64,511.018 57,904.684
•
Western Union Telegraph Co., Inc.
-New Director.
M. W. Clement, Vice-President in charge of operations of the Pennsylvania RR., has been elected a director of the Western Union Telegraph
Co. to fill the vacancy caused by the death of Elisha Lee.
-V.137, p. 1938.
Winnipeg Electric Co.-To Default Interest Payments.Edward Anderson, K.C., President of the company, has announced that
owing to the depression which has resulted in largely decreasing earnings,
the directors consider that the present financial position of the company
does not justify the payment of interest due Oct. 2 on the ref. mtge. 58
($4,380,000 outstanding) and the ref. mtge. 6% bonds ($7,000,000 outstanding) as the company's resources are already inadequate for its requirements.
"Negotiations are in progress looking to a complete reorganization of the
financial structure of Winnipeg Electric and allied companies," his statement said -V. 137, P.867, 490.
York Rys. Co.(& Subs.).-Earnings.
Calendar YearsOperating revenue
Operating expenses
1929.
1932.
1931.
1930.
$2,405,589 $2,675,474 $2.941,354 $2,841,235
1,637,375
1.610,247
1,621,481
1,696,143
Operating income---Non-operating income__
$795,342 $1,053,993 $1,245,211 $1,203,860
79,802
94,356
63,,39
64,060
Total income
Bond & other int. chgs.
paid and accrued
Amortization of debt discount and expenses_ _ ..
Retirement appropria'n_
Prov. for Fed. inc. tax_
Miscell. deductions__
$859,081
Assets
Bonds
$1,284,460
Stocks
55,050
156,231
Cash in banks and office
Real estate
57,750
Premiums In course of collec199,510
(not over 90 days old)
11,587
Reinsurance & other accts.rec_
Liabilities
Reserve for taxes and expenses $70,657
Reserve for return and advanced premiums
18,882
Reinsurance pay, to other cos_ 150,356
114,401
x Contingency reserve
1,000,000
Capital stock
412,292
Surplus
Total
$1,764,588
81,764,588
Total
x Contingency reserve represents the full difference between value of
securities owned carried in assets on convention basis and the actual market
quotations on June 30 1933.
Note.
-No credit is taken in this statement for cash of company in suspended banks, or for claims against closed banks for losses paid on depository
or other bonds.
American Brake Shoe & Foundry Co.-New Vice-Pres.
243,405
245,291
Maurice Trainer has been elected a Vice-President.
-V.137, p.868,688.
5,295
181,387
98,391
5,295
179.643
98,000
$796,535
80,003
600,000
$769,987
80,004
1,400,000
258.805
36.957
7,914
197,449
4C2
3,381
Net inc. for the year
Preferred dividends__ __
Common dividends
$502,991
80,003
120,000
$650,505
80,003
1.100.000
Balance
-V. 136, p. 3724.
8302,988 def$529,498
$116,532 def$710,017
INDUSTRIAL AND MISCELLANEOUS.
Matters Covered in the "Chronicle" of Sept. 9.-(a) The new capital
flotations in the United States during the month of August and for the
eight months since the first of January. p. 1822: (b) Packard Motor Car
Co. announces new models, p. 1834; (c) Steel output continues to decline
-operations now at 45% of capacity
-New business held back because
of confusion over code prices and extras steel scrap price declines, p. 1841:
(d) More than 97% of steel industry has signed code, according to Robert
P. Lamont
-President of American Iron & Steel Institute estimates wage
increase at $5,000,000 monthly, p. 1859: (e) Automobile code becomes
effective-Agreement signed by all leading manufacturers except Henry
Ford-NRA indicates no action will be taken against Mr. Ford unless he
violates code provisions-Detroit manufacturer said to pay higher wages
than those prescribed in pact, p. 1861;(0 Rayon Weaving Industry placed
under provisions of Cotton Textile Code by executive order of President
Roosevelt, p. 1861; (g) 10.000 silk workers strike in protest against wage
provisions in Industry's Code-Senator Wagner, Chairman of National
Labor Board, mediates in Paterson, N. J., walkout that threatens to
spread to other sections of the country, p. 1867.
Administered Fund, Inc.
-New Director.
George M.Ferris of George M. Ferris & Co., Inc., Washington, D. C.,
has been elected a director.
-V. 137, p. 491.
Aetna Fire Insurance Co., Hartford, Conn.
-New
President.
v. Ross McCain, formerly Vice-President, has been elected President'
succeeding Ralph B. Ives, who has been elected Chairman of the board.
-V.136, p. 2246.
Air Reduction Co., Inc.-Extra Distribution of 75 Cents.
-The directors on Sept. 13 declared an extra dividend of
75 cents per share in addition to the regular quarterly dividend of 75 cents per share on the capital stock, DO par value,
both payable Oct. 16 to holders of record Sept. 30. Extras
of $1.50 each were paid on Oct. 15 1929, 1930 and 1931.
No extra payment was made in 1932.-V. 137 p. 868. ,
Aldermac Mines, Ltd.
-Re-opens Mine-To Be Advanced
Funds.
In a letter to shareholders of the Towagamac Exploration Co. over the
signature of James J. McFadden, President, it is stated that Aldermac
Mines, Ltd., have reopened their mine at Aldermac, Quebec. The letter
adds:
"The resumption of operations at Aldermac has been made possible
through the sale of a large tonnage of iron pyrites concentrates combined
with the increased value of copper. The mine is being de-watered and
should be in production this month. The possibility of finding sale for a
still larger tonnage of iron pyrites is excellent. It is quite probable that
Aldermac Mines, Ltd., will find it necessary to increase their milling
capacity during the winter months.
"Physically and chemically Aldermac pyrites is the finest product of
its kind produced anywhere. The company's engineers estimate that a
very substantial profit can be made on a production of 500 tons daily at
present metal prices. Your company holds approximately 70% of the
Issued shares of Aldermac Mines, Ltd., and are therefore vitally interested
in the success of the operation.
"Aldermac Mines, Ltd., will require operating funds and it is the intention of your board to advance, by way of loan, additional sums to
Aldermac Mines, Ltd. Arrangements have been completed for the sale
of a block of Towagamac Exploration Co., Ltd. shares at prices ranging
from 40 cents upwards. Your directors also considered it advisable to
increase the capitalization of your company to 2,000,000 shares of a par
value of $1 each.
"It is not the intention of your board to dispose of any more shares at a
discount than will permit your company to meet the financial requirements
'
of Aldermac Mines, Ltd.
'-V. 137, p. 1766.
Allied-Distributors, Inc.
-Investment
Slightly Lower.
-
Trust
Average
Investment, trust securities were slightly lower during the week ended
Sept. 8. The average for the common stocks of the five leading management trusts, influenced by the leverage factor, as compiled by this corporation, stood at 17.23 as of that date, compared with 18.94 on Sept. 1.
The low for the current year to date was 8.22 on March 31.
The average of the non-leverage stocks stood at 14.26 as of the close
Sept. 8, compared with 15.06 at the close on Sept. 1. The average of the
mutual funds closed at 11.32, compared with 11.67.-V. 137. 13• 1938.
-Balance Sheet,
American Bonding Co. of Baltimore.
June 30 1933.-
$1,118,053 $1,325,013 $1,298,216
318,731
•I
Sept. 16 1933
Allied Owners Corp.
-Greve Upheld as Trustee.
Judge Grover M. Moscowitz in Federal Court, Brooklyn on Sept. 13
approved the election of William M. Greve as one of the trustees in bankruptcy of the corporation. By the decision Judge Moscowitz reverses the
ruling of Theodore Stitt, referee in bankruptcy, who held that Mr. Greve,
through his connection with the companies affiliated with Allied Owners,
was ineligible to serve as a trustee.
The petition in bankruptcy was filed by Allied Owners on Aug. 8, last,
listing liabilities of $13,623,675 and assets of $19,853,588. At an adjourned
creditors' meeting on Aug. 25, the creditors, by a majority, nominated
for trustees Stephen Callaghan, former Supreme Court Justice; Percival E.
Jackson, an attorney, and Mr. Greve.
It was brought out that Mr. Greve was an officer of New York Investors,
the owner of all the Allied Owners stock. Mr. Greve was also an officer of
the Prudence Co., which is also affiliated with Allied Owners.
New York Investors is now in equity receivership. The firm owns the
Brooklyn Paramount Theatre, the Pitkin Avenue and Kings Theatres in
Brooklyn and the Jamaica Valencia Theatre. At the request of former
Supreme Court Justice Charles H. Kelby, receiver of New York Investors,
Mr. Greve, due to his knowledge of the company's affairs, negotiated with
theatrical interest in regard to the re-opening of the theatres owned by
the company.
-V. 137. p. 1414.
-Resumes Dividend on
American Glanzstoff Corp.
7% Prefored Stock.
-
The directors on Sept. 8 declared a dividend of $1.75 per share on the
7% cum. pref. stock, par $100, and a quarterly dividend of 75 cents per
share on the prior pref. stock, par $50, both payable Oct. 1 to holders of
record Sept. 23. The last regular quarterly payment of $1.75 per share on
the $100 par pref. stock was made on July 1 1931, while an initial quarterly
distribution of 75 cents per share was made on the prior pref. stock on July 1
1933.-V. 136, p. 4462.
American-Hawaiian Steamship Co.
-To Report Monthly.
The company makes the following announcement:
In order to keep its stockholders more currently informed as to the
results of its operations during the intervals between its semi-annual
and annual reports, the company will hereafter furnish the New York
Stock Exchange and tne press the results of its monthly operations. These
monthly statements will not record charges for Federal income taxes,
profits or losses from sale of capital assets, or the usual year-end adjustments. They will, however, reflect the operating results of the month,
and of the current year to data, together with appropriate comparisons
with the results of the corresponding periods of the previous year.
Monthly reports will not be mailed to stockholders, but stockholders
will receive, as heretofore, the regular semi-annual and annual reports
Since the semi-annual report of June 30 1933 company has paid off
$103,125 principal, together with accrued interest, purchase money obligation on one vessel (S. S. Alaskan), and its entire fleet of 21 vessels
is now free and clear of any fixed indebtedness.
Recently, and since June 30 1933, Williams Steamship Corp. has paid
off the entire 1st mtge. notes due the United States Shipping Board,
$299,250, as well as accrued interest.
Williams Steamship Corp. sold, in August 1933, at less than book value,
the S. S. Willfaro and the S. S. Willpolo.
Earninos.-For income statement for month and 7 months ended Sept.
30 see "Earnings Department" on a preceding page.
-V. 137, P. 1414.
American Insurance Co., Newark, N. J.
-Balance Sheet
June 30 1933.Assets
U. S. Government bonds
$1,549,101
R.& other bonds & stocks__ 17,916,202
Bonds and mortgages
1,736,376
4,669,417
Real estate
Cash In banks and offices_-_ 694,924
Agency balances (not over
2,347,985
90 days due)
Reinsurance premiums due
from affiliated companies
255,034
Reinsurance recoverable on
14,038
Paid losses
Int. & rents due and accrued
113,759
Liabilities
Unearned premiums
Reserve for losses
Special reserve fund
Other liabilities
x Contingency reserve
Capital
Surplus
813,528,050
2,584,645
300,000
446,923
3,606,386
3,343,740
5,487,093
$29,296,837
Total_
$29,296,837
Total
x Contingency reserve represents d fference between values on Insurana
Department basis and actual market quotations.
-V. 136, p\ 242
4merican Maize Products Co.-Larger Distributton.
10 directors ha\p declared a dividend of $1 per share on the co
estock. no par value, payable Sept. 30 to holders of record Sept. 21.
viously, the company made quarterly distributions of 25 cents per share
on this issue. In addition, an extra dividend of 50 cents per share was
paid on Dec. 31 1932.-V. 137. p• 1053.
-Asks for Proxies-Directors Seek
American Metal Co.
Adequate Power to Handle Refinancing of Notes.
-
Regarding the special meeting of the preferred stockholders Sept.20 called
to grant to the directors adequate power for dealing with the refinancing
of the 815,935,000 5; % gold notes maturing April 1 1934, the directors
,
6
on Sept.9 mailed the following supplementary letter to preferred stockholders:
"Inquiries have been made of the company as to the nature of the difficulties at present attendant upon public financing of industrial companies,
to which reference was made in the directors' Aug. 23 letter. The principal
difficulty, as determined by investigation on the part of the company, is
that because of certain provisions of the Federal Securities Act of 1933,
responsible banking firms and corporations have been unwilling to undertake underwriting commitments of magnitude.
"In order tnat a possible continuance of this condition may not prevent
the company from taking up or refunding its maturing note issue, the
company wishes to have the power to pledge assets as collateral for loans
In case such a course becomes necessary or advisable. Under the terms of
the company's certificate of incorporation, the consent of two-thirds of
the preferred stockholders is required for the granting of this power to
the company.
"The company does not intend to borrow in any larger amount or for
any longer periods than may be necessary. With this consideration in
mind the management has been and is pursuing.the policy, referred to in
the letter of Aug. 23, of rendering the company as liquid as possible. In
consequence there is reason to hope that when the time comes a loan of
considerably less than $16,000,000 will enable the company to take up the
said note issue.
"This expectation is, however, subject to general financial and business
uncertainties over which the company has no control. The management
therefore wishes to have powers broad enough to enable it to deal successfully with any emergency that may arise." (See also V. 137, p. 1766.)
Preferred Stockholders' Committee Formed:
-
A preferred stockholders' committee, composed of Charles 0. Cornell,
Myron S. Falk and Carl M. Loeb, with Armand Erpf, 50 Broad St.,
Financial Chronicle
Volume 137
2105
N. Y. City, as Secretary and Cook, Nathan & Lehman as Counsel, has
Apex Electrical Mfg. Co.
---Resumes Preferred Dividend.
been formed to oppose the proposal referred to above and are asking for
The directors have declared a quarterly dividend of $1.75 per share on
proxies.
the 7% cum, pref. stock, par $100. payable Oct. 2 to holders of record
The committee on Sept. 12, in a letter to the preferred stockholders,
Sept. 20. A similar distribution was made on th:s issue on Jan. 3 1933:
said i
bs
•
none since.
-V.136. p. 2247.
"This committee has been formed, at the request of holders of a substantial amount of the preferred stock, for the purpose of opposing what `•••••--Armour & Co. (Ill.).
-Removed from List.9-')(
It regards as a change in the status of the preferred stock which has been
trading
The New York Curb Exchange has removed froill unl
requested by the management. We refer to the 'proposal' which is conprivileges the new capital stock and the stock purchase wax
ts entitling
tained in the notice and proxy for the meeting of preferred stockholders
the holder thereof to purchase at an time on or before No . 1 1938, one
to be held on Sept. 20 1933. The management of the company was inshare of new capital stock (par $10) at $12.50 per share, the securities
formed of objections to the 'proposal,' before it sent forward its letter
having been traded in on a "when as and if issued" basis. The plan, dated
of Sept. 9 1933.
July 14 1933, having been abandoned, the Committee on Securities rules
"Under the charter provisions creating the preferred stock, the consent
that contracts heretofore made in the new capital stock and stock purchase
of the holders of at least two-thirds in interest of the preferred stock outwarrants shall be null and void.
standing is necessary for effecting or validating 'any mortgage, lien or
encumbrance upon any real or personal property of the company, or any
President Answers Criticisms.
subsidiary or affiliated company' (with certain exceptions not here maReplying to a series of questions asked by a member of the stockholders'
terial).
advisory committee during the recent battle for proxies, President T. G.
"You have been requested to consent to a pledge of personal property
Lee has addressed a letter to all stockholders revealing the compensations
of the company, or any subsidiary or affiliated company, to secure an
paid during the ten years ending with 1931 to Albert Wiggin, Samuel Mcaggregate indebtedness of $16,000,000.
Roberts and Arthur Reynolds as members of the finance committee. The
"Our counsel advises us that such pledge is 'a mortgage, lien or enletter states that these men received no pay for acting as voting trustees
cumbrance' of personal property, and cannot be made lay the company
for the A and B stocks.
consent
unless the holders of two-thirds a the outstanding preferred stock
Salaries of the committeemen ranged from $60,000 a year for Mr. N%,-iggin
thereto. The same position is now taken by the management in its latest
as chairman to $40,000 for the other members, but these salaries have now
letter.
been reduced to $18,000 and $12,000. respectively. James R. Leaven,
"At the present time, except for a closed bond issue of $263.000, which
President of the Continental Illinois National Bank & Trust Co., who
Is secured by a lien upon a Pennsylvania coal property, the assets owned
became a member of the committee succeeding Mr. Reynolds last October,
by the company, directly or through stock ownership, are free of liens
has served without pay. Mr. McRoberts received $10.000 extra compensasecuring funded debt. The outstanding issue of four-year 5%% notes,
tion in 1932 in connection with the merger of the Virginia-Carolina Chemical
which matures April 1 1934, is unsecured.
Co. with the Armour Fertilizer Works and this was the only extra pay given
The present issue of preferred stock (66,670 shares) cannot be increased
to any committee member during the ten years, Mr. Lee stated.
or subordinated to any other preferred stock without the appropriate
Mr. Lee explained the unsatisfactory condition of Armour & Co. in 1922
the existing preferred stock. The preferred stock is not callable.
consent of
and stated that as an essential part of the financial reorganization effected
These features, together with the limitation on the pledge of assets above
In Jan. 1923, the board of directors decided It was imperative to appoint a
set forth, contribute to the protection of the present status of the prefinance committee to aid the management. The records of the company
ferred stock.
show, he said, that the committee assisted in the solution of vital financial
The consent advocated by the management embraces not only consent
problems.
an aggregate indebtedness of
to a pledge of personal property to secure
Mr. Lee denied the company through its present management Partici$16.000,000, but also to any extensions and renewals of such indebtedness
pated in recent stock market operations. He added that the company
without limitation of time. In effect, therefore, you are being asked
confined its market activities to the purchase of its own bonds, the retireto agree to a perpetual change in the status of your investment.
ment of which resulted in a substantial increase in surplus. The block of
With every desire to be co-operative and without questioning the good
16.500 shares of pref, stock bought in the market for resale to 29 of the
faith of the management, we cannot approve the virtual surrender by
principal executives was finally retired after the officers had forfeited their
the preferred stockholders of their charter right at this time. No condown payments, it was stated.
sideration is offered to the preferred stockholders for such surrender.
During the years 1931-1932 and to June 3 1933. the company retired
whole
No definite proposal for financing the payment or refunding, in
$27,274,600 bonds and $8,062,000 guaranteed pref. stock. In addition
or in part, of the 54i% notes is submitted for your consideration, which
to these securities the company had in its treasury on June 3 1933, $5,141.requires such a surrender. In the opinion of the committee, it will be
400 of bonds and $3,900,000 guaranteed pref. stocks.
-V. 137. p. 1767.
time to consider such a surrender when a definite proposal is submitted
1581.
for the payment or refunding of the notes.
-V. 137, p. 1766.
-Earnings.
American Seating Co.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Balance Sheet June 30.
1932.
1933.
LiabilitiesAssets1933
1932
:Prop. & plant__$2,900,116 53,052,930 y Capital stoek___$3,414,875 $3,414,875
2,966,000 3,186,000
Cash & Gov. sees_ 1,187,045
740,912 Gold notes
191,054
Cash val. ins. poi_
36,622 Accounts payable_ 116,153
41,162
25,500
25,600
Investments
27,228 Mortgages payable
37,712
36,793
Minority interestWarrants, notes &
accts. receiv
1,557,231 1,976,879 Capital surplus___ 1,065,083 1,065,083
1,009,994
588,977
790,717 1,140,990 Deficit
Inventories
Other assets
75,001
282,423
•
Prepaid expense
63,138
73,263
56,614,410 $7,331,247
Total
Total
$6,614,410 $7,331,247
x After depreciation. y Represented by 202,875 no par shares, ex-v, 136, p. 4091.
cluding shares in treasury.
-
Associated Oil Co.-Promotions of Officials.
B. I. Graves and J. H. Jenkins have been elected Vice-Presidents and
L. F. Bayer. Vice-President in charge of manufacturing, as Chairmanjof
the newly created operating committee,
Mr. Graves. formerly General Sales Manager, will continue in charge
of sales activities. Mr. Jenkins formerly General Manager of the produc-,
big division, will continue in charge of that division.-V.137.p.1582,869.
Atlantic Refining Co.
-Contract and Mortgage Extended.
The Atlantic Petroleum Purchasing Co., wholly owned subsidiary of the
Atlantic Refining Co., has extended for an additional year the 5
-year contract with the Texas Gulf Producing Co. for the purchase of the latter's
entire output of crude oil. The contract was entered into in 1931 and as
extended will expire Sept. 1 1938.
The first mortgage of $2,300,000 held by the Atlantic company on the
Texas Gulf Producing Co. has also been extended for a year, or until Sept. 1
1935, thus giving the Texas Gulf Producing Co. an additional year in
which to liquidate its indebtedness. This debt is being self
-liquidated
through 25% of the daily oil-runs allocated for that purpose.
-V. 137.
p. 1767.
Anchor Post Fence Co.-Fluid Heat Oil Burner Shipments % -----Atlas Brewing Co. of Chicago.
"
-Additional Dividend.
at New High.
The directors have declared an additional dividend of 25 cents per share
President, W. F. Brannan on Sept. 13 announced that shipments of
Fluid Heat oil burners during August set a new all-time high, being ahead
of September of last year which held the record up to August 1933. Sales
of the Retail Fluid Heat branch in Baltimore exceeded quota for the third
consecutive month.
Among the new dealers who have secured fluid heat franchises are Dudley
E. Eisele, Appleton. Wis.•, Morton Oil Co., Malden, Mass., and Hameline
-V. 137, p. 1939. 1054.
Co., Utica, N. Y.
Anglo American Corp. of South Africa, Ltd.-Econs.
The following are the results of operations for the month of August 1933:
-South African Currency
Tons
Total
Revenue.
Costs.
Milled.
Profit.
Brakpan Mines, Ltd_ -£230,012
£119,716
£110,296
121.500
Gaggafontein Mines,Ltd
128,644
57,200
73,117
55,527
Spring Mines, Ltd
84,500
227,275
138.100
89.175
West Springs, Ltd
102,902
87,000
70,084
32,818
-Revenue has been calculated on the basis of £6 5s, per ounce fine.
Notes.
-The grade of ore mined has been further reduced as
West Springs. Ltd.
a result of which the declared profit is lower. The incidence of excess
profits tax is such, however, that the proportion of profit accruing to shareholders will not be materially affected.
-V. 137. p. 1767, 1414.
Apponaug (R. I.) Co.-Earnings.
Years End. June 30Gross profit
Gen. adm. & sell. exps_ -
1933.
$121,143
174.300
1932.
8265.797
188,938
1931.
1930.
$915,795 $1,202.346
242,613
265,817
$76,859
Net oper. income_.... loss$53,157
$673,182
$936.529
49,620
24,682
81.627
Other income
78.134
$126,479
Total income
$754,809 $1,014,663
loss$28,475
13,031
54,804
4,783
51,016
Other charges
16.045
83,218
109,056
Prov. for Fed. inc. taxes
$97,402
$616,786
loss$33,257
$854,590
Net profit
31,812
48,599
Preferred dividends
9,980
55,161
180,000
180,000
Common dividends
180,000
180,000
def$223.237 def$114,410
$388,187
Added to surplus
$619.429
2,055,947
1,937,027
1,596,702
Previous surplus
1.461.892
7.457
76.506
Adjustments
•
9.093
19,936
$1,722,884 $1,948,994 $2,061,395 $2,101.257
TotalsurPlus
6,563
36,877
Prem.on purch.of pf.stk.
500.000
Prov. for contingencies_
5,403
5.447
Miscell. surplus adjust
4.556
$1.686.005 $1,937.027 $2,055,947 $1,596,702
Surplus, June 30
90,000
90,000
90.000
90.000
She.corn.stk.(no par)-$0.73
Nil
$6.31
Earnings per share
$8.88
Balance Sheet June 30.
LIaSlilttes1933.
1932.
1933.
1932.
Assets$200,680 $283,080 Accounts payable_ $56,820
$17,090
Cash
Accrued accounts_
11,288
8,754
Ctts. of deposit &
accrued interest 500,000 1,000,000 Res've for Federal
Income taxes__ _
10,131
22,590
Miso.notes & accts.
2,110 Pref, diva. payable
1,545
6,371
receivable
79,257 Res've for conting. 500.000
500,000
Accts. receivable. 102,802
132,304
115,081 6% cum. pref.
Inventories
stocks
370,500
x Land, buildings.
900,000
mach.& equip't. 1,523,126 1,607,101 y Common stock_ 900,000
123,647
136,987 Surplus
1,686,006 1,937,027
Copper rolls
Improvement and
500,600
contingent fund 500,000
38,718
80,140
Deferred charges
Total
$3,164,245 $3,762,334
83,164,245 83,762,334
Total
x After allowance for depreciation of $1.479,879 in 1933 and $1,380,599
In 1932. y Represented by 90,000 shares of no par value -V. 135, p. 2834.
payable Oct. 16 to holders of record Sept. 30. This will make a total of
$2 per share paid so far this year, or $600,000 on 300,000 shares of capital
stock, par $5.
The last payment of 25 cents per share was made on this issue on Aug. 19
last.
-V. 137. P. 1243.
",Atlas Pipeline Co., Inc. Listing-21-pprovetl.-
(The Governing Committee of the Philadelphia Stock Exchange on
Sept. 13 approved the application for admission to the regular list of
500.000 shares of no.par value capital stock auttoriaed,-all..e6=solsieb-is--outetanditegrfnlly paid
of the Attas Ptpe4ineree:7 10e.c4
The stock was admitted for trading on Sept. 14. The stock is transferable at the office of the New York Trust Co., and registered by the
Bankers Trust Co., both of New York City.
The listing application states that the Atlas Pipeline Co.. Inc.. Is a
corporation organized in Louisiana on March 2 1931. The company
has issued $1,000,000 1st mtge. 7% bonds, dated April 1 1931. maturing
serially to and including April 1 1935. Of these bonds $550,000 have
been paid off and retired, leaving outstanding $450,000.
The company is engaged in the gathering of crude oil in the East Texas
oil fields, and transporting it to Shreveport. La., and to various refineries
In El Dorado, Ark., and other points along its lines. Through the Spartan
Refining Co., all of the capital stock, which is owned by the Atlas Pipeline
Co., Inc., the company Is engaged in the refining of crude oil at its refinery
In Shreveport, La., and in distributing the refined products to various
parts of the country.
The Atlas Pipeline Co., Inc., and its subsidiaries, for the 12 months
ended June 30 1933. reported gross operating income of $5,393,842, compared with $3,992,130 for the previous 12 months. The surplus earnings,
after all deductions, including Federal taxes and depreciation reserves.
for the 12 months this year amounted to $895,814, equivalent to
share, compared with $56,414 for the previous 12 months, or $1.79 Per
11 cents
per share.
The Stock List Committee of the Philadelphia Stock Exchange ruled
that on and after Sept. 14 trading in stock of the Shreveport-El Dorado
Pipe Line Co. would be permitted only in stamped certificates.
See also Shreveport-Ei Dorado Pipe Line Co.. Inc., beiow.-V. 137, p.
1415.
Atlas Plywood Corp. (& Subs ).-Earnings.-
Years End.June 30-1933.
1932.
Gross profit from sales_ - $174,495
$163.932
Sell. & admin. expenses_
261,660
296,310
Net profitfrom sales__ loss$87,1641oss$132,378
Other income
39,298
33,430
Total income
1055547,865 loss$98,947
Interest
105.765
116.679
Cash discount on sales_ _
11,934
17,871
Miscellaneous
Prov. for Fed. & Dom,
Income taxes (est.) _ _ _
579
5.961
Disc, on debens. reacq,
and retired
Cr67.629 Cr211.445
Net profit
def$114.620 def$53,417
Dividends
Extraordin'y markdown
inventory
of
91,321
Res.for foreign exchange
21,204
Miscell. adjustments-- 965
15,138
Deficit for year
$115,585
$181.080
Earned surplus at beginning of year
157.780
288.859
Res. for contingencies no
longer required
50,000
Miscellaneous credits_ _ _
2,669
Earned surp. end of yr.
844.863
$157,780
Shs. cap.stk.out.(no par)
131.1C0
131,100
Nil
Earnings per share
Nil
1931.
1930.
$575.734 $1,034,349
374,177
410,385
$201,558
$623,964
84.024
64,985
$266,543
$707.988
134,917
140,707
30,655
43,542
16,908
20,119
7,331
53.984
*76,732
266.400
5449,636
260.400
10,227
$199,895 sur$189,235
488,754
299,519
5288,859
133.200
$0.58
5488,754
133,200
$3.37
2106
Financial Chronicle
Comparative Balance Sheet June 30.
Assets1933.
1932.
1932.
1933.
Mobilities-Plant,pro p equip.,
x Capital stock _ _ _$1,643,168 $1,643,168
&e.(less depr..kc
53i% gold debs___ 1,825,000 1,923,000
depletion)
52,568,871 82,719,258 Int. on 534 cony.
Miscell.invest
56,772
17,527
50.057
16,729
gold debentures.
Marketable sec_ _ _
29,273
171,362
32,335
208,697 Accounts payable_
Def.bal. receivable
11,597
26,981
12,849 Accrued expenses26.617
Notes receiv, from
Prov.for Canadian
employees
17,500
604
18,050 Income taxesGood-will
144,342
1 Reserves
131,040
1
Cash
12,701
379,783
458,899 Res.for Fed.taxes
Notes & accts. rec. 151,552
44,863
157,780
76.910 Earned surplus_ -Life ins.surr. value
10,790
10,127
Inventories
291,227
364,033
Adv. on lumber &
logging opers_ _ _
38,237
3,425
Deferred charges
22,562
22,565
Total
$3,720,357 $3,954,873
$3,720,357 $3.954,873 Total
x•Represented by 131.100 shares of no par value.
-V. 136. p. 2073.
Atlas Tack Corp.
-New Interests Add Six Directors to
Board.
At a meeting of the directors on Sept. 11, the entrance of new interests
through ownership of stock of the corporation was reflected in the election
to the board of the following: Francis D. Gallatin, Goodhue Livingston Jr.,
Frank Tichenor,all of New York City: Arthur S. Jackson and George Woodruff of Chicago, and L. D. Coburn of Fairhaven.
These men, together with Walter }Divert (President). Ralph Hornblower, Sinclair Weeks and D. G. Robbins, now constitute the board of
directors.
is In recognition of satisfactory and constructive progress in the operation
of toe company during the past year. the board voted to distribute to
members of the executive organization, in amounts to be determined by
the President, a total of 1,000 shares of stock of the company purchased in
the open market for that purpose.
-V.137, p. 870.
Sept. 16 1933
A similar payment was made on July 1 last, prior to which the company
paid regular quarterly dividends of 45 cents per share on this issue.
V. 137, p. 1768.
(Edward G.) Budd Mfg. Co.
-New Contract.
-
The company on Sept. 12 announced that its affiliate, the Budd International Corp. had licensed the Fiat Automobile Co. of Italy to use Budd
patents, experience
and future inventions for the construction of all-steel
automobile bodies under a royalty agreement. Budd bodies are already in
general use in many countries in Europe,it was stated.-V.137,D.870, 1.42.
Budd Wheel Co.
-Receives Large Wheel Order.
The company has received an order from the Chrysler Corp. for 300.000
steel artillery wheels to be used on the latter company's new 1934 models.
By concluding this order, the Budd Wheel Co. will supply the entire
requirements of one of the Chrysler divisions. The figure of 300,000 is
based on an estimate of 60,000 cars, and production in the coming automobile year may run higher than that, in which event the order will be
increased.
Significance of the order, however, lies in the pressed steel artillery
wheel being standard equipment for the coming year, whereas last year
the wheel was optional.
-V. 137. p. 1583.
Bullock's, Inc.-Obituary.
John G. Bullock, President. died at Los Angeles. Calif., on Sept. 14.-V
137. p. 691.
Aviation Corp. (Del.).-Traffic Gains.
Bulolo Gold Dredging, Ltd.
-August Out
Production of Bulolo (told Dredging, Ltd., during August, totale
488,900 cubic yards, with recovery of gold values at $192,990 in gold dollars,
it is announced. Since commencement of dredging the company's production has totaled 6,626,900 cubic yards, with gold recovery valued at
82,006,763 in gold dollars.
Monthly figures since the beginnin of this year follow:
Gold Dols. Cubic Yds.
Gold Dols. Cubic Yds.
490,500
January
423,800 May
$167.117
$124,877
489,300
February
500,100 June
168,987
159,692
538,100
March
537,900 July
167,117
148.898
488,900
April
14'23760
.
489,100 August
192,990
-V. 137, p. 1244
1°
,
Berghoff Brewing Corp.-Earnings.-
Bush Terminal Buildings Co.
-Listing of Certificates
of Deposit for 7% Cumulative Preferred Stock.
American Airways. Inc., a subsidiary, carried 14,397 Passengers in
August,against 13.917 in July and 10,537 in August 1932.-V. 137, p. 1243.
For income statement for period from Jan. 18 1933 to Aug. 31 1933 see
"Earnings Department" on a preceding page.
P Current assets as of Aug. 31 1933, including $630,609 cash, amounted
to $836,445 and current liabilities were $280,582 exclusive of customers
deposits for containers.
-V. 137, p. 1939.
-The
Best 8c Co., Inc.-Resumes Common Dividend.
directors on Sept. 12 declared a dividend of 25 cents per
share on the common stock, no par value, payable Oct.16
to holders of record Sept. 25. quarterly distributions of
50 cents per share were made on this issue from Dec. 16 1929
-V.137, p. 1243.
to and incl. March 15 1932; none since.
(H. C.) Bohack Co., Inc.-Sales.--1932.
1933-5 Wks.
Period End.Sept.2-1932.
1933-31 Wks.
$2,757,200 $2,956,155 $17,591,814 $19,498,851
Sales
-v.137, p. 1055, 493.
"-'..Brandon Corp.-Pays Accumulated Dividend.
The directors recently declared a dividend of $1 per share on account of
accumulations on the 7% cum. pref. stock. par $100. payable Sept. 1.
It is stated that this payment reduces accruals on the pref. stock to $13
per share.
-V. 137. p. 691.
L.) Bruce Co.
-Volume of Business U;100%.
The dollar volume of business for this company,a large hardwood flooring
manufacturer, for the first 10 weeks of the first quarter of Its fiscal years,
which ends Sept. 30, is running more than 100% ahead of the same period
last year. President R. G. Bruce. stated. Be further said that indications
are definite that in view of this increased volume, earnings for the first
Quarter will be substantial. Recent demand has caused substantial increases
in the production of its major items of hardwood flooring, hardwood lumber
and yellow pine.
The outlook for the second quarter of the Company's fiscal year is in
every respect as favorable as the outlook for the first quarter earnings,
he added.
The annual report of the company for the year ended June 30 1933 will
be issued later this month, said Mr. Bruce. Delay in issuance has been
the result of time necessary to complete taking of the company's inventory.
_
-V.137, p. 870.
-Investor
Brunswick Terminal & Ry. Securities Co.
Acts for Company's Rehabilitation-New Board and Officials
Will Be Chosen to Effect Relisting, Says Graubard.-
The New York Stock Exchange has authorized the listing of certificates
of deposit for 70.000 shares of 7% cumulative preferred stock (par $100)
on official notice of issuance in exchange for 7% cumulative preferred stock.
Certificates of deposit have been or will be issued by the depositary under
and pursuant to the terms of a deposit agreement, dated April 101933.
under which Charles E. Bedford, Louis A. Keidel, Melbourne S. Moyer
and Holt S. McKinney constitute the committee, and Bankers Trust Co..
is appointed depositary.
The committee was formed primarily because of the appointment on
April 1 1933 by the U.S. District Court for the Eastern District of New
-V.137.
York, of equity receivers for Bush Terminal Co. and its property.
11. 1244.
-Acquired
Calton Court Apts.(New Rochelle, N. Y.).
by Bondholders.
-
The property was sold at foreclosure Sept. 8 to the bondholders' protective committee headed by William F. Sey, Chairman. The property was
sold at $93.000 by Frank Saporito as referee. The first mortgage, amounting to $575,000, was originally offered by Empire Bond & Mortgage Corp.
of New York.
-V. 134, p. 3279, 3986.
-Deposit of Bonds Urged.
Canada Steamship Lines, Ltd.
The protective committee representing the 6% gold bonds reports,
according to an official announcement issued Sept. 7, that the holders of
over $4,000,000 of bonds have already become depositors under the deposit
agreement. The committee Is keeping in close touch with the financial
position and operations of the company. The original issue amounted
to $17.500.000.
The announcement further states: "Up to the present time, the earning
situation has been complicated by unfortunate developments in connection
with grain rates from the head of the Lakes. General freight business,
however, is resported satisfactory and improvement has been noted in
the passenger business. An increase in the bulk business is expected
in the next few months, consequent upon the moving of the newly harvested
cr%pt. 30 has been set as the date on or before which deposit of bonds is
P.'
e
to be made. The committee urges bondholders who have not yet deposited
their bonds to do so before the expiry date.
Bonds may be deposited with the Montreal Trust Co. at Montreal,
Toronto, Winnipeg, Vancouver, Edmonton, Halifax and London (England)
or at the principal branch of the Royal Bank of Canada in St. John, N. B.
Quebec, Ottawa or Regina, or at the office of the agency of the Royal
-V. 137, P. 1056.
Bank of Canada, New York.
-Earnings.
Canadian Locomotive Co., Ltd.
For income statement for 3 months ended March 31 1933 see "Earnings
-V. 136. P. 4092. .
Department" on a preceding page.
John Graubard, a stockholder of the company and until April of this
-Organized.Canadian Paperboard, Ltd. Montreal.
year a director, began a movement on Sept. 8 by which he hopes to have
This company was incorporated in Canada on Aug. 1 with an authorized
the stock of that company, which was suspended from trading on the New
preference shares of $100 each and 20,000
capitalization consisting of 25,000
York Stock Exchange on Sept. 6, reinstated through the election of a new
common shares of no par value to acquire all of the capital stock of the
board of directors and a new group of officers. Ile said he believed the
four following new companies:
present officials were ready to step out and in co-operation with other
Canadian Paperboard (Montreal) Ltd., Canadian Paperboard (Toronto)
stockholders, hopes to secure that move.
Ltd., Canadian Paperboard (Campbellford) Ltd. and Canadian Paper"The men who will be associated with me in the movement to rehabilitate
board (Frankford) Ltd. The four last named companies are to acquire
the company are interested only to the extent of saving and conserving the
the assets of the Canadian Paperboard Co.. Ltd. now being reorganized.
investment made by stockholders of Brunswick, since some have paid as
See V. 136, p. 3168.
high as $47 a share and are still holding the stock. Our group will cooperate with any stockholders and with the New York Stock Exchange if
Canadian Wineries, Ltd.-Rights.
possible, to procure the resignation of all officers and directors of Brunswick
The stockholders have been given the right to subscribe for 50,000
and elect a new board and new officers. The reason I am interested is that
additional shares of capital stock, no par value, at $6 per share on the
I feel the Stock Exchange should not punish innocent stoclkholders for
basis of one new share for each two shares already owned -V.137. p. 142.
sins and omissions of officers and directors," Mr. Graubard declared.
According to Mr. Graubard the action of the Exchange hinges upon the
-Omits Div.
Capitol Life Insurance Co., Denver, Colo.
February of Brunswick Associates Corp., which represented
formation last
The directors at their semi-annual meeting held Aug. 21 omitted payment
William T. Matthews, Dr. Cyrus E. Warden and Frank D. Richardson as
of any dividend on the capital stock, par $100. A semi-annual distribution
a committee to undertake some financing for Brunswick Terminal. Brunsof35
l3 $.per share was made on Feb. 20 last and on Aug. 15 1932.-V. 135. P.
4
wick Associates, according to Mr. Graubard, sought to exchange on a
share-for-share basis its stock for that of Brunswick Terminal. It is said
exchanged and a part of this block was sold for a
that 10,000 shares were
`---,Carolina Dyeing & Winding, Inc., Mt. Holly, N. C.
sum said to be $3,500. which was given to Terminal for financing.
Brunswick Associates Corp. was incorporated in Delaware and propose
-C--b.
to allocate approximately 50% of its fund to financing Brunswick Terminal --g444211(
This corporation was forI on Sept. 1 to succeed the former Carolina
and the remainder in new enterprises. Brunswick Associates reserved the
N'eing & Winding Co., Inc., ganized in 1927. Edwin F. James continues
right, according to a letter to the stockholders of Terminal, not to declare
s, receiver for the old company, becomes
as President and Paul St
the plan operative until 10% of their stock was subscribed. Their capitaliTreasurer. All general trade creditors of the former corporation have been
zation was 500.000 shares with a par value of $1.
paid 100% on their claims and details of cleaning-up obligations incurred
In that Irving Trust Co. will cease operating as a transfer agency for
under the receivership are being completed by Mr. Stevens.
Brunswick Terminal Sept. 9, Mr. Graubard is endeavoring to procure
The corporation's announcement says:
another banking institution as the agency. In the event that this was not
"Through an arrangement with the Franklin Rayon Corp., the new
advisable, he pointed out the possibility of the corporation itself acting as
corporation has the largest current net working capital in the history of the
the transfer agent.
business, which should enable it to offer the best possible facilities and service to its customers, as well as establish a basis for all necessary credit in
Company Placed in Receivership.
purchasing. All transactions involving sales and purchasing will from this
The company was placed in receivership on Sept. 13 on a voluntary
Brunswick, Ga. W. H. Parker
date (Sept. 1) be made in the name of the new corporation, and all policies
petition filed in the U. S. District Court in
and procedure will be continued as before. Anything invoiced to us dating
-V.137. P. 1940.
of Brunswick was named receiver.
from to-day should be charged to the new corporation. We wish to express
Dividend.-Preferred
to our customers and friends our deep gratitude for their unfailing loyalty,
•
Bucyrus-Erie Co.
especially during the past 14 months, and to our creditors for their splendid
A dividend of 50 cents per share has been declared on the 7% cum.
spirit of courtesy and co-operation."
holders of record Sept. 22. A
pref. stock, par $100, payable Oct. 2 to
similar distribution was made on April 1 and on July 1 last, while on Jan.
Chesebrough Mfg. Co. (Consolidated).-Obituary.
3 1933 the company made a payment of $1 per share. Regular quarterly
Robert Augustus Chesebrough, a director and formerly President of
payments of $1.75 per share wets previously made on this issue.
this company, died at Spring Lake, N. J., on Sept. 8.-V. 137, v. 1417.
business showed a 10%
President W. W.Coleman stated that August
-V. 137.
to 15% gain over July and a substantial increase over a year ago.
-August Sales 134% Over 1932.
Chevrolet Motor Co.
p. 1055.
Domestic retail sales of Chevrolet cars and trucks as reported by dealers
for August were 68,650 units, an increase of 39,420 units, or 134%, over
Bucyrus-Monighan Co.-Class A Dividend.
August 1932, according to H. J. Klingler, Vice-President and General
A dividend of 22I4 cents per share has been declared on the 111.80 cum.
Sales Manager.
class A stock, no par value, payable Oct. 2 to holders of record Sept. 20.
Total sales for the year to Sept. 1 were 441,405 units, as against 378,811
for all of 1932, or an increase of 62,594 units, or 16.5%. The original
sales objective for this year was set at 450,000 cars and trucks. A new
quota, well above 500.000 was set in June when it became apparent that
the upward trend of May and June was being sustained.
August surpassed every month in 1932 and was the fourth best August
in the history of the company,being exceeded only by August of 1927.
1928 and 1929, said Mr. Klingler.-V. 137, p. 1941.
Chicago Evening
Reorganized.
Post
Building
-Property
Corp.
The final step in the reorganization of the property was taken Sept. 8
with the filing of a trust deed by which the corporation conveys title to the
building and 99 year leasehold to the Trust Company of Chicago as trustee.
John C. Meiners, chairman of the bondholders' protective committee
states that the reorganization plan (announced last December) provides for
the exchange of the old bonds for new income bonds on which such interest
will be paid as earned. The holders of the new bonds will also receive
80% of the stock of the now corporation. The remaining 20% will go to
Carroll Shaffer, head of the old corporation. The new bonds will be secured
be a junior mortgage and by the pledge of the old first mortgage bonds which
have been deposited.
Out of the original $1,800,000 bonds outstanding. $1,770.000 have been
deposited. The reorganization was effected without foreclosure and the
plan has been declared operative.
Mr. Meiners stated that bondholders have received a payment of 1%
and that another of 3i of 1% will be made when the bonds are delivered.
-V. 134. p. 139.
Chrysler Corp.
-Triples 1929 Share of Total Business.
Chairman Walter P. Chrysler, in a letter accompanying the checks
covering the special dividend of 50 cents per share, declared by the directors
on July 311933. payable Sept. 15 to holders of record Aug. 15 1933. says:
Since my letter to the stockholders accompanying the financial statements of the corporation for the first six months of this year, Chrysler
Motors has continued the outstanding improvement in sales recorded for
that period.
"Automobile buying throughout the summer has been well above what
Is usually expected during this season, and the corporation has continued
to obtain a larger share of the available business. In July (for which
complete registration figures are now available) retail sales of Chryslerbuilt cars to the public were about three times what they were in July 1932.
Moreover, the peak week in retail sales, which ordinarily occurs in April,
has already been exceeded this August.
"Chrysler Motors this year has not only set a new pace in values, but
has also set a new pace in sales gains as well. It may be of interest to the
stockholders to point out that in July Chrysler Motors sales to the public
were nearly 27% of all the automobiles sold in the United States-three
times the share of the Industry's total business secured by the corporation
In 1929.
"The growth of Chrysler Motors in recent years in this important respect
Is indicated in the following table:
Chrysler Motors Per Cent of New Passenger Cars Sold in the United States.
July
Calendar Years
7 Mos. End.
1930.
July 31 '33.
1931.
1933.
1932.
8.5%
12%
26.8%
23.6%
17.4%
"August retail sales for the Industry are not yet available, but the figures
for Chrysler Motors sales of passenger and commercial cars to distributors
and dealers afford some further interesting and significant comparisons.
During August the corporation's sales to distributors and dealers were 5
times what they were in August 1932, and exceeded every other August in
the corporation's history.
"During the first eight months, distributors and dealers bought twice as
many Chrysler-built cars as they did in the corresponding period of last
year. This year's eight months' sales were 50% more than all of last year's
sales and were exceeded by the eight months' sales in only one previous
year-1929.
"That this increased output is rapidly and currently being sold to the
public is indicated by the fact that stocks of cars in dealers' hands are
estimated at approximately 4 1-3 weeks' supply as compared with 7 2-3
weeks' supply at this time a year ago."
-V. 137. P. 1941.
Commercial Credit Co., Baltimore.
-Gross Purchases
Show Big Increase.
Gross purchases of Commercial Credit Companies for August 1933 were
more than double purchases for August 1932. The following statement was
Issued on Sept. 13 by A. E. Duncan, Chairman of the board:
"An excellent guide to the current general business trend is reflected
through the purchases by Commercial Credit Companies throughout the
United States and Canada of current receivables from manufacturers,
wholesalers and dealers against their ,customers-other manufacturers
wholesalers, dealers and retail instalment purchasers. Our records do not
show that unsold goods are piling up, but rather that they are moving
freely to consumers,
"Gross purchases of these companies for August 1933 were $21.570,140.
compared with $9.797,392 for August 1932, an increase of 1200 . Pur7
chases for July 1933 were $20,425,016, compared with $11,334,566 for
c
July 1932. an increase of 80%. It is unusual for our August volume to be
larger than for July. September volume is holding up very well.
"In addition to the above, the August volume of Textile Banking Co.,
New York, which is being acquired by Commercial Credit Co., was $7,793.805. compared with $4,865.933 for August 1932, an increase of 60%."
-V. 137, p. 1941, 1769.
Commonwealth Insurance Co. of New York.
-Balance
Sheet June 30 1933.Assets
u. S. Government bonds_ _ _$1,278,840
x State,county & muffle. bonds 1,075,946
x Railroad, public utility and
other corporation bonds__ ,028,450
267,100
Stocks
100,953
Cash in banks
73,147
Int, accrued on investments__
Balances due from agents,brokers St other insur. cos. in
course of collection not over
404,427
90 days due
Losses recoverable from rein7,845
companies
suring
Losses in process of adjustment
Unearned portion of premiums
on policies in force
Reserve for Federal and State
taxes and sundry Items__ __
Capital
y Net surplus
5303,816
2,205,133
94.347
1,000,000
2,633,410
Total
$0.236,707
.43,236,707
Total
x Valued on basis approved by National Convention of Insurance Com,
y Had actual market quotations as of June 30 1933 been used
missioners.
surplus would have been greater by $76,881.-V. 127. p. 2827.
-Balance Sheet June 30 1933.
Connecticut Indemnity Co.
LtabilUtcsAssets
Reserve for unearned prem.__ $100.280
Bonds (Govt., municipal, railx$491,173 Reserve for claims
68,114
road, Ate.)
21,772
Stocks (RR., public nth., &c.) x24,805 Res. for all other liabilities__ _
31,888 Capital
250,000
in banks & office
Cash
25,000 Net surplus
5206,987
Bills receivable
64,926
Premiums in course of collec'n
Duo from reins, cos, on acct.
262
of lows
9.100
Accrued Interest, S.:c
Total
$647,153
$647.153
Total
x Based on actual market values as of June 30 1933.
Continental Motors Corp.-Meeting Again Adjourned.
The special stockholders' meeting scheduled for Sept. 14 has been adOct. 7 because the necessary two-thirds majority of the
journed until
stockholders were not represented. This marks the third adjournment of
the meeting originally scheduled for July 6.-V. 137. p. 1246.
-trrfrist."-osden Oil Corp.-.4.dmitted
ho New York Produce Exchange has admitled to the list the common
st k (par $1) and the prof ed stock (par WWI (Company has succeeded
to the Casdeti Oil Co.(Del. per plan in V. 134, p. 2154.)-V. 137, p. 1216
2107
Financial Chronicle
Volume 137
•
Crowell Publishing Corp.-Bookings Increase.
Bookings of advertising for publications of this company for the remaining
months of 1933 are 23% ahead of last year. according to President Leo W.
-V. 137, p. 1564.
Maxwell.
--Earnings.
Cuba Company.
1930
1931
1932
Years Ended June 30- 1933
$7,184,664 $9,458,234 $13,245,438 $19,766,159
Gross earnings
690,088
1.926,857
3.839,654
Net loss after all charges 2,152,842
-V. 137, p. 1769.
-Declares Larger Div.Davenport Hosiery Mills Inc.
The directors have declared a dividend of 50 cents per share on the
common stock, no par value, payable Oct. 2 to holders of record Sept. 20.
This compares with 123i cents per share paid on April 1 and on July 1
last, 25 cents per share on Jan. 2 1933 and on July 1 and Oct. 1 1932.
and with 50 cents per share each quarter from April 1929 to and incl.
April 1932.-V. 136, p. 1891.
Denkmann Lumber Co.-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-Sale Postponed.
Detroit Aircraft Corp.
The sale of assets scheduled for Sept. 13 has been postponed until Sept.
19 to allow certain details of a proposed reorganization plan to be submittal
at the time of sale.
-V.137, p. 1942.
-Preferred Dividend Deferred.
Eastern Dairies, Ltd.
The directors recently decided to defer the quarterly dividend due July 15
on the 7% cum. pref. stock, par $100, of Crescent Creamery Co., Ltd., a
subsidiary. The last regular quarterly payment of 1U % was made on this
issue on April 15 1933.-V. 137, la• 874.
-August Business.Better.Electric Auto-Lite Co.
. .
"The company's business forAugust increased 28% over the previous
month, and about 30% over the same month last year.
"However, it was 3% under August 1931; 79% under August 1930, and
87% under August 1929.
"While the code under which this company is to operate is still pending
in Washington, its hours and rates conform, and, in addition the company
has raised all wages 10%,feeling that this was the spirit of the new deal."
V. 137, p. 1246.
-New Directors.
Empire American Securities Corp.
Five directors of British Typo Investors, a general management investment trust, were elected to the Board of the Empire American Securities
Corp., also a management trust, at a stockholders' meeting of the latter
company, it was announced on Sept. 8. The new directors are: Arthur
Dailly-Blanchard, Curtis Franklin, W. Houston Kenyon Jr., Edward V.
Otis and G. Hunt Weber. In addition, Gardner likens and Thomas L.
Fowler, directors of the Empire American since its organization In 1925,
were re-elected.
At a meeting of the newly elected Board the following were named officers
of the company: Edward V. Otis, President; Gardner Hirons, Vice-President; Curtis Franklin, Treasurer, and Adelaide Riker, Assistant Secretary.
All except Hirons hold similar positions with British Type Investors.
British Type Investors, Inc., now owns 62% of the preferred and 25%
of the outstanding common stock of the Empire American corporation.
V. 129, p. 2544.
e,
del ud &ht.
mpire Steel Corp.
..yhtabula and Mansfield. Ohio. has
he company, with plants in Niles,
West.
er
been ordered sold to the highest bidder y Federal Judge Samuel 11.Co. in
The company was thrown into recei rship by the Interlake Iron master
been appointed special
May 1931. Ben H. Davis, Cleveland, has
-V. 137, p. 1585.
to dispose of the properties.
-Gross Sales.
Exchange Buffet Corp.
Sales for Month and Four Months Ended Aug. 31.
Decrease. I 1933-4 Mos.-1932.
-Month-1932.
1933
$335.243
S73.026 I S1,091,834 $1,360,382
8262.217
-V.137. p. 1247, 1771.
Decrease.
8
8268.548
Fidelity & Deposit Co. of Md.-Comparative Bal. Sheet.
June 30 '33
Assets7,294,581
Bonds
4,801,022
Stocks
Home office bldg.._ 2,417,300
Prams. In course of
2,081,966
collection
Reins, salvage due
from other cos__ 250,885
Stk.of Amer.13ondMg Co. wholly
1,400,000
owned sub
Mortgage loansAc 290,500
Cash In banks and
trust companies 831,785
June 30 '33 Dec. 31 '32
$
8,099,284 Reserve for
Unearned prems. 6,080,746 6,109,640
6,582,133
5,375,178 5,786.453
Claims
2,417,300
Taxes St exps. In
754,910
799,570
transit
1,939.351
428,708
poses
sce11.tvrath s. 436,691
tur4
Ali
Re
206,273
180,758
_ 245.686
premium
Reinsur. to outer
327.321
320,206
companies
2,000,000
108,000 Y Contingency res_ 1,963,069 x2.400,000
400,000
Capital stock
1,746.893 2,453,495
1,089,015 Surplus
Dec.31 '32
19,368,040 20,441,355
Total
19.368,04(1 20,441,355
Total
x Paid-up stockholders on June 14 1932 approved a reduction in the
apital from $6,000.000 to $2,400,000 and in the par value from $50 to
$20. y Contingency reserve represents the full difference between value
of securities owned carried in assets on convention basis and the actual
market quotations.
-No credit is taken in above statement for cash of company in
Note.
suspended banks, or for claims against closed banks for losses paid on
-V. 136, p. 3170.
depository or other bonds.
-August Sales Up.First National Stores Inc.
-1932.
1933-21 Wks.
Period End. Aug. 26- 1933 4 1Vks.-1932.
2
7
- oss1sa . p
Grv 3 Ies
$8,118,503 $8.041,563 842.464.118 841.629.752
. 1585. 1419.
Ford Motor Co., Detroit.-August Sales Up 41%.
The company announces that production of Ford cars and trucks in
eptember has been scheduled at the same high daily rate as In August.
This situation, It was said, is unprecedented. August production was the
greatest for the year to date.
August retail deliveries of Ford cars and trucks also reached the greatest
volume for the year thus far and were 41% greater than in August 1932.
Volume of Ford sales during the summer usually registers a decline.
Retail sales volume of Ford passenger cars in August was the largest
since June 1932, and the retail sales volume of trucks the greatest since
October 1931. Daily sales volume in August is being maintained In
September, it was said, on the strength of reports of sales by dealers for
the first six business days of the month.
-V. 137. 13• 876. 319
. -Earnings.
Forty Wall Street Corp., N. Y.
For income statement for 6 months ended June 30 see "Earnings De!artment" on a preceding page.
-V.130, p. 472.
-Sale Ordered.
Fox New England Theatres, Inc.
Li A consolidated decree of foreclosure and sale of the properties in Connecticut and Massachusetts of the company was issued Sept. 11 in Federal
Court at Hartford. Conn.. by Judge Edwin S. Thomas, upon application
of attorney Carlos L. Israels of N. Y. City, appearing for the New York
Trust Co. and Boyd G. Curtis, trustees of the first mortgage.
The order decrees that the property shall be divided for public sale
into three lots. First, first mortgage bonds amounting to $3.326.000.
which were pledged with the trustees as security for the second mortgage
bonds or debentures, will be sold at the door of the Capitol Theater in
Hartford on or about Oct. 16. Secondly, all the real estate and personal
property owned by the corporation in Connecticut will be sold at the door
of the Capitol Theater in Hartford a few days later, or approximately
Oct. 20, and thirdly, all the real estate and personal property located in
Massachusetts will be sold at the door of the Palace Theatre in Springfield
on or about Oct. 24. All sales will be to the highest bidders, the decree
ate s.
Financial Chronicle
2108
Attorney Thomas J. Spellacy is named special master by the Court
to take charge of the sales. Mr. Spellacy, attorney Benjamin Slade of
New Haven and attorney Samuel Spring of New Rochelle and New York
City, were appointed receivers in the Federal Court last winter.
The decree signed by Judge Thomas, in addition to ordering foreclosure
and sale of the Fox-New England properties, formerly owned toy Sylvester
Z. Poll of New Haven and sold to the Fox interests in 1928,set a minimum
or "upset" price which the Court will accept on each parcel, the amounts
of deposits required and other details of the transaction.
The Fox Theatres Corp. is sole stockholder of the Fox-Now England
Theatres, Inc.
The forced sale value of Connecticut properties at Hartford, Bridgeport, New Haven, Waterbury, Norwich and Meriden was estimated at
$2,065,000 and in Massachusetts, at Worcester and Springfield, at $826,000.
The Court determined a minimum or "upset" price it will accept on each
parcel.
The Court decree stated that the amount due, as of Sept. 11,for principal
and interest on first mortgage bonds was $13,852,500 principal and $767,680
interest. Funds now in hands of receivers reduced this to $14,611,697.
The amount due for principal and interest on the debentures issued and
outstanding was $4,107,209, which cash on hand reduced to $3,939,960.
-V.136. p. 3545.
General American Life Insurance Co.-Formed to Succeed Missouri State Life Insurance Co.
-See latter company
in last week's "Chronicle" page 1948.
General Foods Corp.-New President of Subsidiary.
Edwin T. Gibson has been elected President of Baker-Bennett-DaY.
Inc., a nut products company, and a subsidiary of the General Foods
Corp. Mr. Gibson succeeds A. S. Ingleheart, Vice-President of the General
Foods Corp. in charge of manufacturing, who has also been serving as
President of Baker-Bennett
-Day. Mr. Gibson was formerly connected with
the National Biscuit Co.
-V.137, p. 1586. 876.
General Motors Corp.-Overseas Sales Back to 1930 Levels.
-An official statement follows:
General Motors sales in overseas markets for August totaled 11,292 units,
which was within 616 units of the figure of 11,908 reported for the month of
August 1930. The August 1933, total was 36% higher than the total for
August 1931,and 91% over August 1932.
The increases in evidence extend, with minor exceptions, to all markets
outside of the United States and Canada which fall under the jurisdiction
of the overseas operations. Substantial gains have been made in the instance of the corporation's Opel product manufactured in Germany and the
Vauxhall product manufactured in England, but equally important progress
is reported for the American-made products as well, particularly the
Chevrolet car and truck. Direct export shipments of these units out of the
United States is at a higher rate than has prevailed for more than two
years, with great benefit, in consequence, to the corporation's employment program in the Detroit, St. Louis, Tarrytown, Bloomfield and other
areas where these products originate.
Retail sales of General Motors products in all overseas markets are more
than keeping pace with wholesale deliveries, and the corporation reports
that Great Britain and the Union of South Africa, in particlar, are experiencing the greatest wave of renewed consumer buying in the history of
these markets.
To Push Research.
-In a letter to stockholders of the
General Motors Corp. accompanying the quarterly dividend checks,President Alfred P.Sloan Jr. on Sept. 11 stated
in part:
It so happens that the enclosed dividend check will reach you shortly
before the 25th anniversary of General Motors. In a general way the
past 25 years might be described as an era of broad technological development bearing vitally upon the country's growth. In this field the automobile industry has played a leading part
-and General Motors, through
its laboratories, its proving ground facilities and its engineering staffs
has contributed in no small way to the progress of that great key industry.
In the future such work will be carried on more aggressively than in the
past. I have no hesitancy in predicting that General Motors'developments
in the realm of the physical sciences, discovery and invention will be even
greater in significance during the years to come and that such accomplishments will definitely reflect themselves in the future progress and profit
position of the corporation.
Stockholders Number 355,789, a Decline oj 10,295 in Third
Quartet.The total number of General Motors common and preferred stockholders
for the third quarter of 1933 was 355,789 compared with 366,084 for the
second quarter of 1933 and with 364.401 for the third quarter of 1932.
There were 337,820 holders of common stock and the balance of 17.969
represents holders of preferred stock. These figures compare with 348.224
common stockholders and 17,860 preferred for the second quarter of 1933.
The total number of stockholders of both classes by quarters since 1917
follows:
Iwo
Year.
1st Quar. 2nd Quar. 3rd Quar. 4th Quar.
2.525
2,920
1,927
2,669
1917
3.918
3,737
3,615
4,739
1918
18,214
8.012
12,523
12,358
1919
24,148
26,136
31,029
36,894
1920
59,059
65,324
1921
49.035
66.837
71,331
70,504
72,665
65,665
1922
67,417
68,281
67,115
68,063
1923
69,428
1924
70,009
71,382
66,097
60,414 . 58,118
1925
60,458
50.917
47,805
1926
53,097
50,369
54.851
1927
57.190
66,209
56,520
57.595
1928
71.185
1929
140,113
198,600
105,363
125,165
1930
240,483
243,428
249,175
263.528
1931
293,714
313,117
286.378
285,655
1932
345,194
359,046
364,401
365,985
1933
372,284
366,084
x355,789
x Preferred stockholders of record July 10 1933 and common stockholders
of record Aug. 17 1933.
Cadillac-La Salle Deliveries up 114% in Boston Metropolitan
District.Caddillac and La Salle deliveries for August in the Boston metropolitan
district were 114% ahead of the same period in 1932, it is stated.
"Since last February. Cadillac and La Salle sales in Boston," says Albion
L. Danforth, President of the Cadillac Automobile Co. of that city, "have
consistently exceeded those for the corresponding periods of 1932."-V.137.
p. 1943.
General Realty & Utilities Corp.-Earnings.
For income statement for six months ended June 30 see "Earnings
-V. 136, p. 3728.
Department" on a preceding page.
-August Sales.
Glidden Co., Cleveland.
Month of AugustGross sales
-V. 137, p. 1772.
1932.
1933.
$2,439,000 $1,812,000
Graham Paige Motors Corp.-August &poles Up.
Shipments in August totaled 1,254 cars, the third largest total for the
year to date and the largest August in three years. This was virtually 20%
greater than 1,053 cars in August 1932, and almost 70% over. 744 cars
In August 1931.
As the result of a sharp increase since early July, export shipments for
the first eight months were 40% over a year before. In July and August
they were exceptionally brisk, being virtually double the same two months
In 1932. August export shipments were 68% over a year before.
-V.137,
P. 1772.
Grand Union Co.
-Sales Higher.
Period End.Sept. 2- 1933-4 Wks.
-1932.
1933-35 Wks.
-1932.
Store sales
$2.281,296 $2.277,182 $18,308,767 $20,450,443
-V.137, p. 499, 1249.
Sept. 16 1933
Great American Insurance Co. of N. Y.
-Balance
Sheet June 30 1933.Assets
Govt. and other bonds__ _$13,829,905
x Stocks
29,077,246
Prems. in course of collection 3,282,370
Cash in banks and office__
682,385
Other assets
295,088
Liabilities
Res, for insurance in force___$14,822,641
2,538,581
Reserve for losses
382,412
Res. for all other llabilities.,..
Special reserve
700,000
6,919,883
x Contingency reserve
8,150,000
Capital stock
13,653,477
Surplus
Total
Total
$47,166,994
$47,166,994
x Securities have been valued on the basis prescribed by the National
Convention of Insurance Commiss oners and the contengency reserve
represents the difference between those values and actual market quotations. Surplus is therefore on the basis of actual market quotations
June 30 1933.-V. 135. D. 307.
Great Atlantic & Pacific Tea Co.-Sales.
1933
-Sales
-1932. 1933
-1932
-Tonnage Sales
Five weeks end. Apr. 1_$74.981,144 $88,923,239
520,262
495.192
Four weeks end. Apr. 29 61,055,824 72,368,706
422,714
405.660
Four weeks end. May 27 61.524.707 72,447,440
437.775
397,498
Five weeks end. July 1- - 79,503,203 86,061.988
531,082
507,361
Four weeks end. July 29.. 63,444,884 64,239,169
397.471
382.751
Five weeks end. Sept. 2- 76,004,958 79,323,824
490,530
458,606
Total 27 weeks
$416,514,720$463,364,366
-V. 137, P. 877. 1419.
2,647,068
2,799,834
Green Brothers Co.
-Changes Name.
See Tastyeast, Inc. below.
Greif Bros. Cooperage Corp.
-Earnings.
For income statement for nine months ended July 31 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet July 31.
AssetsLiabilities1932.
1933.
1932.
1933.
aCom.stk. & surp.$3,183,403 $3,447,909
Land,b1dgs.,mach.
and equip., &c.,
10-yr. 6% sink. fd.
less depreciat'n.$1,182,853 $1,463,628
gold notes
854,500 1,010,500
Cap.stk. of subs
U. S. Liberty and
20,051
20,384
Treasury bonds_
194,437 Accts. pay.for our.
Cash
expenses, &c
23,772
500,108
64,809
507,471
Long tern, contract
Customers' notes &
Payable
accts. receivable 512,567
292,266
10,920
18,523
Inventories
16,295
1,366,716 1,388,937 Accr. int. taxes,&c.
Lib. bonds on dep_
24,461 Other liabilities_
28,000
28,128
Accts. payable (to
Officers,employ.&
af(il. cos. partly
misc. notes and
owned)
50,676
22,985
21,477
accts. receivable
60,145
Inv.in oth.cos.,&c.
2,438
25,500 Res. for tainting.,
&c
237.749
205,911
127,197
Invest's (affil. cos.) 144,306
Notes & accts. rec.
253,464
(affiliated cos.).. 183,591
451,724
Timber properties_ 386,760
1
Good-will
1
23,744
Deferred charges
36,068
Total
$4,411,045 $4,776,144
Total
$4,411,045 $4,776,144
a Represented by 64,000 shares class A stock and 54,000 shares class It
stock, both of no par value.
-V.136, P. 4097.
Greyhound Corp.-Recapitalization Plan Approved.
At an adjourned meeting held on Sept. 11, the stockholders approved a
plan of recapitalization changing the outstanding 84,997 shares no of par
$8 cum. partic. preference stock and the 620,000 shares of no par common
stock into 455.985 shares of common stock, no par value, now certificates
for common stock to be issued in exchange for the partic. pref. and old
common stocks on the following basis: (a) the holder of each share of partic.
pref. stock will receive a new certificate for five shares of common stock;
(b) the holder of each 20 shares of common stock will receive a new certificate for one share of common stock. The 22,050 shares of no par $7 cum.
cony. pref. A stock, series 1, remain unchanged. Dividends in arrears on
the preferred A stock amounted to $192,937 on July 1 1933. There are
reserved for conversion of the pref. A stock 66.150 shares of unissued
common stock.
No dividends had been paid on the partic. pref. stock since July 1 1930,
accumulations in July last amounting to $2,039,928.
The company also has outstanding b3,690,000 of 6% collateral trust
sinking fund gold notes, due Jan. 1 1938 secured by an indenture which
requires that the major portion of the company's present incomefrom investments in affiliated companies be applied to the payment of interest on and
the retirement of the notes. In addition, the company is indebted to others
in the aggregate amount in excess of $1,500,000. maturing during the next
three years.
The Minnesota Loan & Trust Co., trustee, Minneapolis, Minn. will
'
until noon on Sept. 30 receive bids for the sale to it of 6% collateral trust
sinking fund gold notes, dated Oct. 1 1932, to an amount sufficient to
exhaust $125,419 at not exceeding the callable price and interest.
The company anticipates that although earnings may improve during the
next few years, available cash income will have to be applied to reirement
of debt rather than to payment of dividends.
Chancelor J. 0. Wolcott at Wilmington, Del., on Sept. 13 sanctioned the
above plan for recapitalization, under which holders of participating preferential stock take control of the company.
Effective Sept. 15 the recapitalization plan provided that eacn share of
participating preferential stock will automatically become five shares of
common stock, and each share of common stock will become one-twentieth
share.
The New York Curb Exchange has, on Sept. 15. announced the removal
from unlisted trading of the corporation's no par common stock.
-V. 137.
P. 1944. 1249.
(The) Hancock Oil Co. of Calif.--Earnings.-
1931.
1933.
Years Ended June 30-1932.
Gross operating income
$5,092,352 $4,285,592 $5,840,183
Costs, oper. & gen. exp., incl. raw
materials, oper.,selling & gen. exp..
4,903,546
State, county & Federal taxes
5, 9
187,H3
34.398 3 7g9,72B
Intangible development expenses_
'
103,050
148,711
125,507
Deprec., retirem'ts & other amortiz'n
163,083
84,205
Depletion & lease amortization
166,633
Cr.2,849
Other income & charges (net)
$90,638
loss$75.659
$180,274
Net income
Balance Sheet June 30.
1932.
Liabilities1933.
Assets1932.
1933.
aPlant, prop., &c.$1,524.225 $1,588,670 belass A corn.stk.$1,161,354 $1,161,354
144,000
Cash
268,232 cClass B coin. stk.. 144,000
225.072
10,200 Notes payable_ __ _ 175,000
Inveet.in sub.cos_
5,747
360,381
446.241 Accounts payable_ 354,778
dAccts. receivable 281.437
21,928
Federal taxes
43,168
dNotes receivable_
58,895
222,147
73,070
322,513 State gasoline tax_
Inventories
529,292
53,703
53,703
Deferred charges__
53,985 Res. for coining_
43,330
Capital surplus
1 662,924 f608,514
1117,814
Earned surplus...J
$2,667,999 $2,689,842
Total
Total
$2.667,999 $2.689,842
a After depreciation and depletion and other amortization of $1,411,658
in 1933 and $1,205,525 in 1932. b Represented by 193,559 shares (no
par). c Represented by 24,000 shares (no par). d After reserves.
V. 136. D. 3172
Harmony Mills, Boston,-Earnings.
Calendar YearsNet loss after all charges
Depreciation
1932.
$301,758
x50,000
1931.
$170,149
100,000
$351.758
Net loss
$270,149
x For first 6 months of year, manufacturing operations ceased on July 2
1932, the stockholders having voted to liquidate on May 24 1932.
Financial Chronicle
Volume 137
Balance Sheet Dec. 31 1932.
Assets1932.
1931.
Liabilities1932.
1931.
c Fixed assets....$3,067,150 $4,398,194 Preferred stock _ __$1,141,500 $1,141,500
Cash
217,256
99,942 Common stock_
6209,820 a4,196,500
Accounts reedy_ _ _
9,042
85,487 Notes payable__ __ 200,000
600,000
Inventories
162,917
745,689 Accounts payable_
6,577
22,516
Insurance deposits
6,630
64,210 Res. for bad debts
1,708
1,708
Prepaid insurance4,601 Surplus
2,186,982 def561,522
Prepaid interest.
2,479
Invest. Harmony
Properties, Inc_ 283,593
Total
$3,746,588 $5,400,602
Total
$3,746,588 $5,400,602
a Par value $100. b Par value $5. c After depreciation charges.V. 137. p. 877.
Harnischfeger Corp. (& Subs.).-Earnings.--Years Ended Dec. 31Gross profit
Selling, operating expenses
1932.
1931.
1930.
$559,022 $1,400,578 $2.075,565
1,315,006
2,248.147
2,043,417
Operating loss
Other income
$755,984
64.661
$847.569 sur$32,148
95,555
75.858
Total loss
Inventory adjusted loss on assets sold
Taxes, other charges
$691,324
202,361
$752,015 sur$108,006
501.987
41,645
Net loss
Preferred dividends
Common dividends
$893,685 $1.254,001
102,051
sur$66.361
135,053
405,000
Deficit for year
Previous surplus
$893,685 $1,356,053
1.320,600
2,676,653
$473,692
3,150,345
Profit and loss surplus
$426,915 $1.320,600 $2,676.653
Note.
-Provision for depreciation amounted to $380,536 in 1932 and
$442,186 in 1931.
Consolidated Balance Sheet Dec.31.
Assets1932.
1931.
Liabilities
1932.
1931.
Cash
$111,084 $244,045 Accounts payable. $49,918
$79,898
Marketable securiAccruals
35.397
20,880
ties (cost)
1,151,841
864,451 Accrued taxes_
3,689
Notes & accts. rec. 1,289,232 1,841,067 Allem11. accounts_
84,291
109,848
Accrued interest._
39,411
61,910 Credits to be appl.
Miscell. receivable 111.971
agst. def. sales_
67,982
67,172
72.230
Inventories
2,462,443 2,834,009 Conting. reserve
58,784
90.000
Pref. stock subsc__
53,200
53,200 Subsidiary debt _
32,900
Mime11.invest__
20.934
26,083 % pref Stock._._ 2,000.000 2,000,000
Oper. plant
2,440.168 2,739.747 Common stock
5,723,193 5.735,288
Idle plant
698,317
659,563 Surplus
426,915 1,320,600
Deferred charges
67,067
73,277
Total
Total
$8,445,671 59,465,334
$8,445,671 $9,465,334
erRepresented by 296,669 shares no par stock in 1932 and 300.000 in
1931.-V. 135, p. 1666.
Hartford Fire Insurance Co.
-Comparative Bal. Sheet.June 30'33 Dec.31'32
Liabilities$
a
June 30'33 Dec. 31 '32
AssetsS
$
Bends
34,423,919 35,199,020
Stocks
35,600,746 35,624,210
Cash
3,913,895 4,292,786
Prems. in hands of
agts.& in course
of collection__ 4,302,089 4,406,282
485,629
Accrued interest.., s454,114
Real estate
4,297,020 3,760,230
Loans on bonds &
1,158,390 1,695,253
mortgages
Total
84,150,173 85,463,410
x Includes rents.
-V. 137, p. 1062
Capital stock
12,000,000
Res. for unearned
premium
31,358,781
Res. for outstandbig losses
4,834,214
Res. for taxes and
other claims.... 2,150,000
Res,for dividends. 600,000
Contingency res__ 8,500,000
Net surplus
24,707,178
Total
12,000,000
32,869,538
4,701,190
2,150,000
600,000
10,500,000
22,642,682
84,1.50,173 85,463,410
(D. C.) Heath & Co.
-Balance Sheet Dec. 31 1932.Assets
LiabilUiesCash in banks and in offices._ $327,833 Accts. payable, incl. royalties
Govt.& other marketable sees_ 495,546
earned but not payable until
Notes receivable
Nov. 15 1933, and prov. for
228,923
Accounts receivable
Fed. income and other taxes $193,814
505,661
Merchandise
877,740 Preferred stock
1,000,000
Common stock
Cash surrender value life insur746,400
ance policies
202,072 Surplus-Appreciation of publishing rights
Real estate, depreciated value_
56,657
2,046,570
Furniture and fixtures, &c.,
Undivided profits
2,128,139
depreciated value
39,606
329,791
Plates, depreciated value
Publishing rights
2,389,550
Treas. stock-pref. and corn.. 644,598
Deferred charges & other assets
16,946
Total
-V.126. p. 2975.
86.114,923
Total
$6,114,923
Hegeman-Harris Co., Inc.
-Earnings.-Earnings for the Year Ended Dec. 31 1932.
Gross earnings on contracts
Other operating income
$349,641
2,076
Gross income from construction contracts
Construction and general expenses
$351,717
318.239
Net operating income
Other income(net)
$33,478
9.854
Net income for the year
Surplus Dec. 31 1931
$43.332
1,239.153
Total
Transferred to reserve for losses on investments and advances
Preferred dividends
Common dividends
$1,282,485
362.612
6,948
31,351
Surplus Dec. 31 1932
$881.574
Balance Sheet Dec. 31 1932.
Liabilities
Assets
5226,929 Accounts payable
$140,338
Cash
205,134 Special deposits by clients_ Marketable investments
26,000
196,742 Reserve for employees' bonusclients for construe__
6,281
Due from
5,803 Res.for addl 1930 Fed.inc.tax
Sundry accts. & notes rec____
35,921
Due from officers Sc employees 158,984 Res. for adjust. of costs on
uncompleted construction
subscriptions
6,397
93,060
Stock
Investments and advances....1,348,698 Ras.for losses on inv.& advs.. 697,326
44,512 7% cumulative preferred stock
98,200
x Fixed assets
y Common stock
214,500
Surplus
881,574
Total
$2,193,201
$2,193,201
Total
xjAfter depreciation of $63,069. y Represented by 6,967 no par shares.,
Hillcrest Collieries, Ltd.-Earnings.Catenda r YearsNet prof. after all exp___
Miscellaneous revenue__
Total income
Interest on bonds
Net income
Preferred dividendsCommon dividends
Balance, surplus
Earns, per sh. on 10,000
stut.com.stk.(par $100)
1932.
$51,720
13.330
$65,050
16.250
$48,800
$48,800
N11
1931.
$10,824
19.353
$30.177
16,250
$13,927
12,349
1930.
1929.
$65,867
$99.107
29,951
28,302
$95,819
$127,049
16,250
16,250
$79,569
8111.159
49.399
49.399
(3%)30.000 (6%)60,000
$1,579
$170
$1,760
Nil
$3.01
$6.18
AssetsCash
Receivables
Investments
Other collieries_
Fixed assets
2109
Comparative Balance Sheet Dec. 31.
1932.
1931
Liabilities1932.
1931.
$30,104
$11,837 Bank loan
540.000
45,702
36,948 Payables
$24,669
17,095
34,950
33,581 Wages
1,401
2,762
631,726
628,367 Interest
5,417
5,417
1,890,734 1,907,467 Reserve
10,073
10,073
5% bonds due 1940 325,000
325,000
Conting. reserve
300,000
300,000
Surplus
260,954
212,154
Preferred stock
705,700
705,700
Common stock_ _ _ 1,000,000 1,000,000
$2,633,216 $2,618,202
Total
-V.135, p. 2662.
Total
82,633,216 52,618,202
Hodges Carpet Co.
-Earnings.
Earningsfor the Year Ended Dec.31 1932.
Net sales
Cost of goods sold
Selling expenses
$1,495.234
1.343.766
137,790
Operating income
Other income
$13.679
28.329
Total income
Other charges
Depreciation
Non-recurring expense
$42.008
77.541
29.651
23.963
Net loss for year
Surplus. Jan. 2 1932
Reserve for 1929 and 1930 additional Fed,taxes in excess of actual
$89,147
286,884
149
Surplus, Dec. 31 1932
8197.887
Balance Sheet Dec. 31 1932.
Assets
Liabilities
$86,933 Accounts payable, trade
Cash
522,490
Marketable investments
53,359 Customers' credit balances...
1.506
a Accounts receivable, trade.. 168,615 Accrued expenses
8,462
3,632 Capital stock
Notes Sc trade accept. receivle
1,000,000
913 Surplus
Notes Sc accts. rec.eiv., other._
197,887
324,505
Inventories
333,144
b Mach. and equipment
9,244
Deferred charges
250,000
Good-will
$1,230,346
Total
Total
$1,230,346
a After reserve for doubtful accounts of $1,921. b After depreciation of
$297,188.
Holt, Renfrew & Co., Ltd.
-Earnings.
Years End.Jan.311933.
1932.
loss$141,622 loss$89,082
Profits
Interest
42,490
36,252
Depreciation
22,290
10.203
Bond. disc, written off
3,000
3,000
Prov.for contingencies3,277
Net profits
Preferred dividend
Common dividend
Surplus
Previous surplus
1931.
$134.864
39.876
1930.
$256,466
42,860
52,851
loss$209,402 loss$141,815
70,000
70,000
$94,988
70.000
22,500
$160,754
70,000
30.000
def$279,402 def$211.815
670,436
882,252
$2,488
879.763
$60.754
819.009
Balance,surplus
Earn, per sh. on 10,000
shares common stock
(par $100)
$391,034
$670,436
$882,251
$879,763
Nil
Nil
$2.50
$9.07
Balance Sheet Jan. 31.
1933.
Assets1932.
1932.
1933.
$1,267,575 $1,275,387 Preferred stock _ _ _51,000,000 $1,000,000
Property. &c
772,454
Good-will
772,454 Common stock... 1,000,000 1,000,000
690,581
Inventories
727,175 Bonds
465,000
444,000
Accts.receivable.- 209,396
260,874 Bal, of purchase
50,456
52,900
Other receivables_
consideration
202,500
303,750
19,206
Cash
284,956 Bank loan
20,000
66,990
Cash deposit
77,064 Accounts payable_
876
:55,035
Investments
:69,605 Accrued interest..
14,787
15,437
Deferred charges
10,319
9,761
29,600
31,792 Prepaid storage_ _ _
14,503
11,097
Tax reserves
70,000
70.000
Depree'n reserves.
391,034
670,436
Surplus
Total
$3,163.738 $3,549,765
83,163,737 $3,549,765
Total
Including company's own bonds (par $55,500) at cost.
-V.136. p.2078.
Homeland Insurance Co. of America.
-Balance ,Sheet
June 30 1933.Liabilities
Assets: S. Govt. bonds
U.
$703,507 Losses in process of adjustment $63,567
State, county Sc mud& bds. 108,304 Unearned portion of premiums
Railroad, public utility and
470,811
on policies in force
other corporation bonds_ _
873,945 Reserve for Federal and State
Stocks
11,647
584,360
taxes and sundry items
Cash in banks
5.639
91,570 y Contingency reserve
Int. accrued on investments_
18,490 Capital
1,000,000
Balances due from agents.
Net surplus
981,721
brokers and other insurance
cos. in course of collection
not over 90 days due
151,0137
Losses recoverable from reinsuring companies
2,141
Total
$2,533,385
$2,533,385
Total
x Valued on basis approved by National Convention of Insurance Commissioners. y This reserve represents the full difference between the values
of bonds and stocks on the basis of actual market quotations as of June 30
1933 and the values of bonds and stocks shown in this statement.
(A. C.) Horn Co.-Earnings.
Calendar YearsNet operating loss
1931.
1932.
$38,716
$171,373
Consolidated Balance Sheet Dec. 31.
Assets1932.
1931.
Liabilities1931.
1932.
Cash
$86,504
$59,805 1st preferred stock $780,050 $780,050
Notes receivable
39,046
33,684 2nd preferred stock 845,300
845,300
Accounts reedy,.. 212,248
162,943
472,073 b Common stock- 162,780
Marketable secur_
55,544
192,425 Notes payable__
50.000
Mortgage receiv
5,470
5,545 Accts. pay. Sc accr.
Accrued Interest..923
728
items
33,464
41.859
Dividends reedy
186
271 Commissions pay_
2,274
1,695
Inventories
295,931
302,979 Deposits payable.
6,000
5,900
Cash Suff. value life
Customers credit
insurance
68,914
64,093
balance
1,918
Scour, of Mill, cos.
Deferred credits
16,958
not consol
96,800 Res. for conting_
155,723
537
Other investments
3,950 Deficit
295,812 sur11,004
767.863
756,771
a Fixed assets_ _ _ _
1
1
Patents* good-will
Prepaid expenses Sc
45,963
39,151
deferred charges
$1,561,227 52,046,181
Total
Total
51,561,227 82,046,181
a After depreciation reserves of 183.369 in 1932 and $142,443 in 1931.
b Represented by 99,900 no par shares in 1932 and 100,000 in 1931.-V.
134, p. 4669.
Financial Chronicle
2110
Sept. 16 1933
----Hotel Webster (Daniel Hotel Co.), N. Y. City.-Sold
at Auction.
-
Honey Dew, Ltd.
-Earnings.
-
1929.
Calendar Years1930.
1932.
1931.
Sales
51,078,137 $1.312.827 51.479.989 $1,470,596
The 12-story Hotel Webster at 38-42 West 45th St., was bid in on Sept.
Prof. before int. paid on
7 by the Empire City Savings Bank for $50,000. The bank was plaintiff
U. B. rights, deprec'n
in an action against the Daniel Hotel Co. involving a $391,914 lien, with
212.415
and interest earned256.654
57,985
236,160
back taxes totaling $21,890. Henry Brady was the auctioneer.
70.302-.....„,s
Depreciation
76.517
71,908
73,853
Interest U.S.rights
19,672
-Receivers Named.Hotel
City.
White, N. Y.
Operating profit
Interest earned
def$13,923
419
$162,307
1,726
$160.465
11.913
$142,113
18,757
Net profit
Federal taxes
Divs. on pref. stock_
def$13,503
5164,033
16.250
105,000
$172,377
13.700
105.000
$160.870
x12.000
105.000
Balance
$53,677
$42.783
def$13,503
Earns. per sh. on 108,500
$0.49
common shares
$0.40
Nil
x Estimated; amount not available.
Comparative Balance Sheet Dec. 31.
$43,870
Assets1931.
1932.
Cash
276,149
213.073
Accts. receivable
1,840
3,560
Investments
23,605
Inventories
41,526
45,058
x Fixed assets_ _ _ _ 295,701
346,594
Investm'ts in subs. 324,394
272,854
Deferred charges
8,294
11,683
Other assets
1,323,893 1,323,693
1932.
LiabilitiesAccts payable &
accrued exps. _- 338,302
Dividends payable
Reserve for Federal
3,700
income tax
Bal, owing on purchase of U. S.rta. 175,227
z Preferred stock. 1,500,000
108,500
Common stock_
182,792
Surplus
$0.39
1931.
552,283
26,250
16,250
200,000
1,500,000
108,500
199,914
22,008,522 $2,103,197
Total
Total
$2,008,522 $2,103,197
x After deducting depreciation of $326,482 in 1932 and $254.574 in 1931.
y Represented by 108,500 shares of no par value. z Represented by 15,000
no par shares.
-V.135, p. 1830.
(Joseph) Horne Co.-Earnir gs.1932.
Years Ended Jan.311933.
511.587.919 $15,955.381
Net sales
Cost of merchandise sold, plus manuf. & alteration
costs & incl. oper.& adminis. expenses,&c
11.405,495 15.433.360
Gross profit from trading
Other income, interest, rents, &c
5182.423
132,069
$522,021
140.560
Gross income
Prov.for deprec. of bldgs..(urn.,fixtures & equip..
$314,492
355,220
$662.581
358.828
Profit before providing for Federal income tax-- loss$40,727
$303.753
36.277
Federal income tax
Net profit for the year
loss$40.727
Previous surplus
1,480,524
Net adjustment for Fed.inc. taxes of prior years.-Total surplus
Premium paid on purchase of treasury stock
Res. forest, decrease in value ofinvestments
Dividends on preferred stock
Balance at Jan. 31
Earnings per sh. on 67,469 shs.6% pref. stock
Balance Sheet Jan. 31.
1933.
Assets
Cash
x Accts.& notes rec
Life insur. policies
Inventories
Invest. & advances
y Capital assets. _
Deferred charges
Good-will
1932.
3,161,921
1,825,910
63,446
2,199,752
148,793
8,476,325
106,707
1
2,942,307
2.650,791
62,943
2,602,777
228,378
8,753,866
134,269
15,979,856 17,375,336
Total
3267.475
1.652.751
18,046
51,439,797 $1,938,272
21.095
21,077
13.947
75,716
422,706
375.264
$967,740 11.480,524
$3.96
Nil
1932.
1933.
$
Liabilities$
883,695
Accounts payable_
665,064
270,414
Accr. payr.&taxes 305,228
Pre div. payable
101,653
91,452
Feb. 1 1932_ _ _
40,001
6,824
Prov. for Fed.tax.
Res've for Ins, of
82,885
87,486
motor vehicles._
6% prof.stock ___ 6,096,800 6,746,900
z Common stock_ _ 4,614,300 4,614,300
,
Initial surplus..... 3,154,961 3,154 961
Earned surplus. _ _ 967,740 1,480,524
Total
15,979,856 17,375,336
z Less reserve of $125,000. y Less reserve for depreciation of $4,038,783
in 1933 and $3.689.735 in 1932. c Represented by 230,715 shares of no
par value.
-V. 135, p. 995.
& Hardart Baking Co.-Smaller Dividend.
The directors have declared a quarterly dividend of $1.25 per share on
the common stock, payable Oct. 1 to holders of record Sept. 20. This
-V. 136,
compares with $1.75 per share previously paid each quarter.
P. 1726.
In a proceeding to foreclose a mortgate for $1,500,000 against the property located at Lexington Avenue and 37th Street. N. Y. City. Paul J.
McCauley and Warren Marx were appointed receivers on Sept. 14 by Supreme Court Justice Irwin Untermyer. The suit was brought by the
Bowery Savings Bank against the Morris White Properties, Inc., on
the ground of default in the payment of $24.300 interest due Feb. 1 last, and
taxes of $49.370 for 1931 and $53,600 for 1932.
Hunt Bros. Packing Co.-Earnings.--
12 Months Ended- Feb. 28 '33. Feb. 29 '32. Feb. 28 '31. Feb. 28 '30.
$677,054
Gross profit
loss$289.974 loss$106.031 \$434,749
Federal tax
20.750
195.492
140,000
177,208
Depreciation
140,476
Res,for invent. adjust_
113.926
122,588
Res, for contingencies85,425
144.763
Net income
Class A dividends
Deficit
$500.794
$544,375
x Estimated, figures not reported by company.
1932.
1931.
$274,736
1.86,967
$487,596
Operating profit
Interest on bonds, &c
Depreciation
Provision for Federal tax
$87,770
Cr28,004
52,257
6,742
$267,424
Cr36,434
53,597
27,850
$56,774
$222,411
514,645
651.834
$571,419
209,308
Cr491
$874,245
359.550
Dr50
3362,610
Surplus, Dec. 31
220,172
Balance Sheet Dec. 31.
AssetsCash
Customer notes &
acceptances....
x Customers' sects
Group Maur., &c..
Inventories
Marketable invest.
U.S. Gov. bondsAccr. Interest rec.
y Land, buildings,
mach. de equip
Good-will & pat's_
Deferred charges to
future operation
Treas, stock held
for resale to empl
1932.
$58,089
5,124
59,581
3,907
130,527
671,447
9,104
634,218
1
1931.
1931.
1932.
$18.968 Accts, Payable At
278307
accrued expense. $23,788
27,860
6,742
18,368 Prov.for Fed.tax_
81,609 z Capital stock__ 1,200,500 1,200,500
514,645
4,326 Surplus
362,610
198,893
743,040
40.000
9,682
6,511
6,820
14,205
Total
$1,593,640 $1,821,101
$1,593,640 $1,821,101
x After reserve. y After reserve for depreciation of $262,053 in 1932
Total
-V.I.37,
(1931, $224,974). z Represented by 120,050 (no par) shares.
p. 1062.
...---"••• Hotel Somerset (Somerset Investing Co.), N. Y.
City.-Sold at A legion.
The 12-story Hotel Somerset at 150 West 47th St., was bid in at public
auction on Sept. 12 by the Union Dime Savings Bank for 3311.000. The
bank's action was against the Somerset Invest ng Co. to satisfy a Judgment of 5347.900. with back taxes making an additional item of $59,400.
Thomas F. Burchill was the auctioneer.
$68,634 sur$99.974
Comparative Balance Sheet.
Total
$4,027,077 $5,235,010
Total
.4,027,077 $5,235,010
x Represented by 90.565 shares of class A stock and 60,000 shares of
class B stock of no par value. y After depreciation reserves of $1,091,667.V. 135. P. 995.
Hunt's, Ltd.
-Earnings.
1931.
1929.
1930.
$991.146 $1,130,425 $1,149,501
102.763
57,167
95,839
6,650
5,829
200
2,831
...,
Calendar YearsSales
Net earnings
Income tax
Loss on fixtures
1932.
$881.389
46,183
Net profit
Preferred dividends-Prov. for deprec
Addit. Fed,income taxes
Class A dividends
Class B dividends
x$46,183
557.167
50,461
203
20,521
16,500
28 118
21,000
27.984
22.500
25,901
22,500
def$41,502
172,691
yCr3,858
510.049
251,072
Dr88,430
$36,695
216,515
Dr2,136
$42,319
171.234
Cr2,960
$135,047
$172,691
$251,072
$216,513
$1.69
$4.12
$1.38
x Before depreciation. y Surplus from sale of securities.
$3.05
Surplus for year..Previous surplus
Adjustments,&c
Balance
Earns. per share on cornbined cl. A & B stock_
$87,179
$95,913
5.193
Balance Sheet Dec. 31.
AssetsCash_
1932.
$14,347
Call loans & Dom.
Govt. bonds_
Accts. receivable__
8,733
M erste. inventory_
36,428
Prepaid expenses &
accrued revenue
9,413
Spec,savings acct.
38,646
Life insur., cash
surrender value_
6,800
Invest. in 8r adv. to
subsidiary co__
33,439
Land.bidgs., mach.
equipment, &c_ 642,438
Good-will
1
Total
$790,247
1931.
69,348
10,191
36,193
12,329
Dividend payable_
Accrued expenses_
Prov. for Federal
income taxes_
x Capital stock...
Surplus
1932.
$32,251
8,414
6,198
1931.
$37,650
11,780
10,678
608,337
135,047
4,437
608,337
172,691
$790,247
Liabilities
-
$2,600 Accounts payable_
$845,573
5,800
31,161
677,950
1
$845,573
Total
x Represented by 18.656 no par class A shares and 15.000 no par class B
shares.
-V. 136. D. 1560.
The directors have declared a quarterly dividend of 154;% on the capital
stock, Par $100, payable in Canadian funds on Oct. 2 to holders of record
Sept. 15. This compares with 1%% paid on April 1 and on July 3 last.
Previously, the company made quarterly distributions of 2% on the stock.
-V.136. p. 1895.
-Earnings.
Huronian Mining & Finance Co., Ltd.
Years Ended March 31-
Total revenue from interest, dividends, &c
Operating expenses
Reserve for depreciation of equipment
Written-off examinations and claims, &c
1933.
$85,140
1932.
r $44,280
25.199
328
19,914
x28,259
353
12.929
$2,737
$39,699
Net profit
x After deducting $33,095 for proportion charged to associated companies.
Balance Sheet March 31.
1933.
Assets-Cash
$159,776
Investments
S24,901
Mortgage receiv'le
16.500
Accts., notes, int.
de diva. rec
48,984
Shares & advances 132,612
Expends.on claims
75,861
Office dc field eq pt.
2,620
Deferred charges_
Total
685,190
1
15,130
$319,974
220,000
LiabilitiesFeb.28'33. Feb.29'32.
AssesFeb.28'33. Feb.29'32.
Cash
$157,043 $191,711 Notes payable.... 5751,223 $1,575,000
62,923
61,598
506,746 Accts. payable_ _ _
Accts. & notes rec. 260,731
53,297
39,454
36,395 Accr.payrolls taxes
Sundry accts. rec.
29,788
Inventories
1,068,349 1,845,289 Def. notes pay..._206,223
54,388 Res.for inv. adjust 113,926
Prepaid expenses_
37,416
144,763
Prop., plant&eqpt.y2,473,751 2,600,482 Res. for costing..
x Capital stock__ 3,359,099 3,359,100
Surplus
39,928
def504,447
$514,645
Total surplus
Dividends paid
Adjustment in respect of Federal tax of prior years
$151,366
220,000
-Smaller Distribution.
Huron & Erie Mortgage Co.
-Earnings.
Hoskins Mfg. Co., Detroit.
,
Calendar YearsManufacturing profit
Selling, administration and general expense
Net profit
Previous surplus
loss$544,375 loss$380,794
x110,000
1932.
Liabilities1033.
1932.
$36,008 a Capital stock...21,178,061 $1,178,061
Accts. Pay.& accr.
854,249
18,733
25,982
charges
16,500
9,768
Unclaimed dim
0,456
8,055
47,754
24,942 Surplus
185,671
91,327
2,717
3,202
$1,261,254 $1,214,617
Total
$1,261,254 $1,214,617
x Represented by 2.013.026 no par shares.
,9
3:
Assa ttig Sash & Door Co.(Del.).-Bal. Sheet Dec. 31 123 .
Hu
,Liabilities$77,171 Trade dc other accts. pay. not
Cash
$36,142
due for discount
a Customers accts.& notes rec. 262,252
463,554 Notes payable
Merchandise inventories_
23 000
.
500
79,528 Purchase money mortgages-.. 000,
Miscellaneous assets
4:
80
360
323,828 Unearned financing charges... 1.4971
Investments
b Plant sites, bidgs.& equipl 1,063,398 7% cu m. pref. stock
.
d Common stock
c Treasury stock
3,140
8,622 Loss for the year 1932 (surplus
Prepd. Ina.& other def. ohoarising from pref. stock re203,581
tirement $810)
$2,281,493
Total
$2,281,493
Total
a After reserves for possible losses of $21,225. b After depreciation
Represented by 100,000 no par
reserves. c 314 shares common stock. d
shares.
-V. 130. p. 2402.
Financial Chronicle
Volume 137
ncorporated Investors.
-Declares Stock Dividend.
-
The directors have declared the semi-annual stock dividend of 2 %
payable Oct. 16 to certificate holders of record Sept. 22. This distribution
will go to over 22,000 investors, the largest number in the history of the
fund, it is announced. There were 19.440 certificate holders at the first
of the year.
A similar stock dividend was paid on April 20 last, while on July 15 a
semi-annual dividend of 25 cents per share was paid in cash.
-V. 137. P•
1588, 1420.
----Irvin Cobb Hotel Co.,(Paducah, Ky.).-Receivership.
Insurance Co. of the State of Pennsylvania.
-Omits
Dividend.The directors recently decided to omit the semi-annual dividend ordinarily payable about July 13 on the capital stock, par $100. A distribution
of 3% was made on Jan. 13 last and on July 13 1932, as against 6% on
Jan. 13 1932 and semi-annual dividends of 9% previously paid.
-V. 135,
p. 473.
International Textbook Co.(& Subs.).-Earnings
.Consolidated Statement of Income and Surplus for Fiscal Year 1932.
Gross earning
53.980.202
Operations (incl. $73,318 depreciation on printing plants)
,
New texts & revisions
111.455
Depreciation of buildings & furniture & fixtures
93.128
Loss on sale of bonds (net)
11,499
Special provision for discount on Canadian exchange
9.697
Schomrship account accruals
381.401
Net loss for year
Balance deficit at Jan. 4 1932
Special provision for scholarship lapses
51,327.074
570.239
962,539
Balance deficit, at Jan. 2 1933
Consolidated Balance Sheet Jan.2 1933.
Assets
Cash
Cash surrender val. of life Incur
Accounts, notes & acceptances
receivable
Advances to fleldmen, dm_ less
reserves
Accts. receiv.from allied co.'s_
a Inventories
Active scholarship accts. recelv
Investments
Properties
c Copyrights and textbook electrotypes
d Establishment & good-will
Deferred charges
$2,859,852
Liabilitie,s$128,634 Accounts payable, accrued payrolls dc expenses
$179,883
56,345
Demand note payable
45,000
229,759 Reserve for estimated cost of
undelivered instruction serv. 549,081
22,882 Reserves for contingencies_
43,034
14,480 Capital stock of Woman's In447,192
stitute of Domestic Arts Ss
Sciences (Canada) Ltd.. out1,235,082
standing
600
804,288
5.000,000
2,088,603 e Stated capital
Capital surplus
5,065.000
2.859,852
1,600.526 Profit and loss deficit
1,023,431 f Capital stock held in treasuryDr332,841
40,702
Total
Total
37,689,904
87,689,904
a After reserves of 8163,710. b After depreciation reserves of 52.816.262.
c After amortization reserves of $3.251,675. d After amortization reserves
of $1.579,546. e Represented by 176.382 no par shares and 11,809 $100
par shares. f 16.965 shares.
-V. 133. p. 132.
-Earnings.Interprovincial Brick Co., Ltd.
Calendar Years1932,
Profit for year
loss$22,018
Depreciation for year...
-Net loss
Previous deficit
$22.018
92.115
Total deficit
$9,748
82.367
$92,115
$114,133
Balance Sheet Dec. 31.
Assets
-1932.
Cash
$15,428
Accts. receivable
26,271
Inventories
38,769
Prepaid charges_.
2,285
Investments
3,163
House
property,
(Toronto)
1,548
a Real estate, bides
mach.& equip
557,034
Total
1931.
loss$9,748
$644,499
1930.
$5,308
28,412
523.104 prof$12.578
59,263
71.841
$82,367
Liabilities1931.
$10,335 Accts. pay. & accr.
charges
67,627
38,121 Montrea Llife Insurance Co
2,809
4,094 Pref,stock, cl. A
Pref.stock, Cl. B _
1,732 y Common stock_
Deficit
557,061
3681,781
x After depreciation of $313,521.
-V. 135, p. 1832.
no par).
Total
1929.
$41.583
29.005
1932.
'
$59.263
1931.
$2,932
$10,696
57,500
147,900
300,300
250,000
114,133
65,000
147,900
300,300
250,000
92,115
$844,499
$681,781
y Represented by 10,000 shares
Interstate Department Store, Inc.
-August Sales.-
Sales for Month and Seven Months Ended Aug. 31.
1933
-Month-1932.
Increased 1933-7 Mos.-1932.
$1,394,011 $1,147.966
5246 045 59,378.799 110,323.659
-v.137, P. 500, 1250.
Decrease.
5944,860
Iron Cap Copper Co.-Earnings.Calendar Years
Gross income
Transportation. smelt'g
market. & milling exp.
Taxes
Int. & discount on bonds
Admin., &c., exp
Deprec. & obsolescence.
Raps. at Iron Cap Mine_
Loss on sale of securities_
1932.
$12,897
1931.
$163.736
1930.
$691,196
1929.
8652,874
36,885
5.955
13.430
26.362
975
2,056
970
227,593
12.862
16,554
32,764
15,333
644.965
7.894
16.891
35.849
52.209
539,022
9.937
13.878
37.567
20.481
Net loss
Preferred dividends_
$73,736
$141.371
4,654
Balance
Assets-
$66.612 prof 631.988
18,616
18,616
$146,025
$73,736
584,228 surf13.372
Consolidated Balance Sheet Dec. 31.
1032.
Liabilities1931.
1932.
a mining property31,735,445 $1,735,195 Preferred stock- -- 8233,250
Common stock _ - 1,853,570
b Plant, bldgs. &
563,891
564,866 Minority interests 573,814
machlnerY
88,394 1st mortgage 8%
86,394
No.4 shaft develop
bonds
11,995
11,995
Tailings disp'l site
23,460
34,041
4,778 let mortgage 6%
Investments
bonds
915
Sinking fund
79.717
10
-year 7% notes
Funds in hands of
3.235
of subsidiaries..
3,235
trustee of 8%bds
1,185
2,144 Notes payable.
9,319
Cash
151
1,281 Accounts payable.
50,527
Accts. receivable..
85,000
Reserve for bond
C Bonds
interest
2,869
Due from sale:
Reserve for taxes.
Tennessee Min.
4,956
250,000 Assigned bills payProd. Co.
able of sub. co. _
d18,000
Cash dep.withArlx.
Surplus
def301,501
Indus. Accident
3,260
1,209
Commls.sion_
300
Notes receivable.
14,300
12,570
Inventories
12,801
7,747
Deterred charges..
cash on deposit in
64
closed banks_ _ _
Total
$2,547,981 $2,686,416
Total
1931.
$230,940
1,586,550
524,431
23,460
79,717
59,000
19,461
64,532
477
3.758
27,010
67,079
$2,547,981 82,686,416
a After depletion of $1,426,172. b After depreciation of $198,616 in
1932 and $197,640 in 1931. c 1st mtge.6% bonds 1937 of Tennessee Mineral
Products Corp. which F. E. Haag and United Feldspar Corp. are obligated
to purchase at par and accrued and unpaid Interest as follows: Jan. 15 1933,
$18,000.(this payment is represented by bonds pledged to an equal amount
by Mineral Products Co. to secure assigned bills payable of sub. company):
Feb. 151933. $10,000; April 15 1933. $10,000; Dec. 1 1933,$47,000. d Payables for equipment which on Jan. 15 1933 became a liability of Christmas
-V. 134, p. 2533.
Copper Co. to Mineral Products Co.
2111
The Irvin Cobb Hotel Co. was adjudicated bankrupt in U. S. District
court at Louisville on Sept. 1 and J E. Quinn, present manager of the
hotel, was named receiver by Federal Judge Charles I. Dawson.
.
The Irvin Cobb Hotel, named for the famous author, Irvin S. Cobb,
was opened in the spring of 1929 and bad been leased to the Irvin Cobb
• Hotel Co.for a period of 25 years. Its erection cost approximately $615,000.
-V.127. p. 1815.111
Island Creek Coal Co.
-Production.-
Coal Output (Tons)January
February
1933.
279,116
292,116.
249,143
215,856
315.919
334.352
396,209
417.208
November
December
Year's total
-V. 137, p. 1063, 1250.
1931."
375.078
285,901
332.220
300.349
336.262
372.228
374.349
393,015
419,101
461,061
343,055
336,404
3,484,623
March
AprIl
May
June
July
August
September
October
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
4,329.023
Johnson, Stephens & Shinkle Shoe Co., St. Louis,
Mo.-Earnings Year Ended Nov. 30 1932.
Net sales of shoes and other manufactured merchandise, after
deduction of returns and allowances, discounts and freight, and
after elimination of inter-company sales$3,130,357
Cost of shoes and merchandise sold, after charging operating
expenses, maintenance of physical properties, selling expenses
and bad debts, less discounts on purchases
3,095.749
Depreciation of physical properties
47.818
Net operating loss
Miscellnaeous income, net
$13.210
13,710
Net income for year
Common Stock Capital and Surplus Account.
Common stock capital and surplus. Nov. 30 1931:
Common stock capital (outstanding 96,711 shares)
Earned surplus
$499
$411.352
955,896
Total
Cost of 2,109 shares of common stock placed in treasury
$1.367,248
30.830
Balance
Net income for year 1932 (as above)
$1.336.418
499
Total surplus
Preferred dividends
Common dividends
51.336,918
39,984
71,466
Common stock capital and surplus Nov.30 1932
$1.225.468
Divided as follows: Common stock cap.(outstand.. 94.602 shs.)_ 402,381
Earned surplus
823.086
Balance Sheet Nov.301932.
AssetsLiabilities
Cash
$128,653 Notes payable, brokers
3200.000
County, municipal & Liberty
Accounts payable
36,455
• bonds
519,013 Accr. wages, taxes, &c
6,356
Accounts & notes receivable__
628,676 Provision for Federal inc.taxes
6,389
Inventories
241,224 Advance payment by lessee on
Expenses paid In advance_
11,835
special equipment
1,000
Employees notes de accts. rec.,
8% preferred stock
500,000
secured by common stock..
7,639 y Common stock
402,382
Investment in stocks of other
Earned surplus
823,088
companies, &c
25,987
Investment in preferred stock
of company
1,520
a Plant and equipment
394,470
Patterns and dies
5.693
Patents
10,958
Total
$1,975,669
Total
$1,975,669
x After depreciation reserve of $518.103. y Represented by 94.602 no
par shares.
-V. 135. p. 1669.
Kalamazoo Stove Co.-Earnings.
-
Years End. Dec.311932.
1931.
1930.
Net inc. after all charges xf64.172
y$29,437 14208.426
Accounts charged off_ _ _
78,379
62.597
Depreciation
28,713
Prov.for loss on customer's accounts
50,000
Dividends for year
102.508
364.963
Deficit for year
*92,920
8135,667
8156,537
x Before depreciation. y After depreciation.
Condensed Balance Sheet Dec. 31.
Assets1932.
Cash,Lib. bds., &c. $848,747
Accts. receivable__ 1,024,776
Inventories
243,477
y Fixed aasets_ _ _ _
317,681
Sundry assets
64,856
Deferred charges
30,263
Total
1931.
$698,600
1,237,280
311,892
331,546
50,058
24,962
$2,529,801 $2,654,339
Liabilities-1932.
Notes payable
Accts. payable. &c 374,757
Customers adv. _ _
4,832
x Cap.stk. dr sup_ 2,450,212
Total _____ _
1929.
y$687.463
345.167
$342,296
1931.
$21,794
82,209
7,204
2,543,132
82,529,801 $2,654.339
Represented by 82,008 shares (no par). y Less allowance for depreciation of $368,802 in 1932 and $340,56 in I931.
-V. 136. p. 2435.
Keeley Silver Mines, Ltd.-Earnings.
Years EndedFeb. 28 '33. Feb. 29 '32. Feb. 28 '31. Feb. 28 '30.
Total revenue
$67,756
8171,834
5503,459
5492.537
Devel.adm.& other exp.
38,510
160,215
385,973
353,117
Reserve for taxes
10,257
3,589
11,048
4.584
Profit for year
$18,989
$8,028
$139,294
$101,979
Previous surplus
909,611
907.500
767,423
715.191
Total surplus
/928,600
3915.528
*817,169
$906,717
Reserve for deprec _
41,496
2,057
Res. for contingencies..
10,000
Adjustments
Dili.539
Cr4 08.3
Cr2.840
Dr8.250
Surplus
3920,0601
3900.611
3907,b00
*76(,423
Shs.ofcap.stk (par $1)- 2,000,600
2.000.000
2,000.000
2.000.000
Earns, per sh.on cap.stk.
$0.01
$0.004
$0.06
$0.05
Comparative Balance Sheet.
AssetsFeb.23 '33. Feb.29 '32.
Liabilities-Feb.29 '33. Feb.29 '32.
Mining claims,
Capital stock (par
104
property, good$1)
82,000,000 32,000,000
will,&c
$1,491,092 31,491,093 Surplus
920,060
909,611
a Mill and camp
Accts., wages and
bldg., mach'ry,
salaries and acdtc
1
1
crued charges..
2,106
5,667
Cash_
331,688
163,731 Unclaimed diva _
12,845
Call loans
62,117
153.759 Prov. for Silicosis
Invest, in other
assessment
5,000
companies
137,150
511.031 Res. for invest _ _
95.345
Bullion on hand
171 Re,. for Dominion
Accts. and int. rec.
35,612
29.133
Income & proVinInvent. of supplies
5,171
7,854
cial production
Prepaid insurance.
3,212
2,596
taxes
11,972
Huronlan Mining &
Res. for conting
10,000
10,000
Finance Co.,Ltd.
579,313
shares
577,881
$3,045,356 32,937.249
Total
Total
-33.045.356 82,937,249
x After depreciation of 8380,519.-V. 135, p. 3007.
Financial Chronicle
2112
-Earnings.
Keith-Albee-Orpheum Corp.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a precedingpage.-V. 136, p. 4471.
)__.
-------Kelvinator Corp.-- To Reti e 6% Bonds-Increases Cap(
italization of Finance Company. •
The directors have voted to call r retirement on Dec. 1, at 101, the
remaining $824,000 outstanding 6% bonds of Electric Refrigeration Building
Corp., which bears its guarantee as to principal and interest. With the
retirement of this debt on Dec. 1, the Kelvinator Corp. will have as its
only capital obligation L124,645 shares of stock.
The directors have also voted to increase the capital of Refrigeration
Discount Corp., a wholly owned subsidiary, which finances the sale of
Its products, from $1.700,000 to 52.000,000.-V. 137.p. 194j. . 1773.
Kendall Co.
-Removed from List.
The New York Curb Exchange has re
-V.
privileges the stock purchase warrants.
om unlisted trading
24.
-So at Auction.
Kentucky Home Life Ins. Co.
Control of the company was acquired at auction on Sept. 12 by the
Centel Corp., 30 Broad St.. N. Y. City. The corporation bought 51%
of the capital stock, which had been held by the Continental Bank & Trust
Co., as collateral for a loan of $500.000. Henry M. Wise is President of
the Contal Corp., John W. Kelly is Vice-President and G. Baker Schroeder
is Secretary and Treasurer. These men are counsel for the Continental
Bank & Trust Co.
Kentucky Home Life Ins. Co. was incorp. in July 1932, to assume the
business and assets of the Inter-Southern Life Insurance Co. In Dec.,
70% of its stock was bought ny the Insurance Equity Corp., which was
headed by Julius H. Barnes. The Barnes group,through this deal,obtained
a substantial interest in the Missouri State Life Insurance Co. which is now
being reorganized under the auspices of the Equity Corp.
The time when the loan was made by the Continental Bank is not revealed in the published records of the company. although in Jan. last,
the IVIis.souri State Life assumed a loan of $800.000made to the Barnes
group by St. Louis banks in financing the Kentucky Home Life purchase.
When it was formed, Kentucky Home Life had a capitalization of 50,000
shares of $10 par value. It was originally planned to sell this stock for $20
a share to create a surplus of 3500,000, or an amount equal to the loan
granted by the Continental Bank & Trust Co.
As of Dec. 31 1932, Kentucky Home Life showed total admitted assets
of 319.561,499, which included borrowed money and interest thereon of
$152,666. Total insurance in force on that date was $90,992,236. of which
$1.141.388 was written in 1932.-V. 136. p.853, 503.
Keystone Custodian Funds, Inc.-Initial Dividend, dec.
An Witt .1 distribution of $0.006742 per series H-1 share and a semiannual distribution of $0.2532791 per series share were made on Sept. 15
to holders of record Aug. 31. An initial dividend of $0.204012 per series G
share was paid on March 15 last.
The corporation announces that the sources of these distributions are
collections on account of cash dividends and interest allowed on accumula-V. 137, p. 700.
tions during the distribution period.
-Again Postpones
Cidder Peabody Acceptance Corp.
Meeting.
Sept. 16 1933
-Earnings.
La France-Republic Corp. (& Subs.).
Earnings for Year Ended Dec. 311932.
(Taken from the books without audit or verif cation.)
$766,885
Sales, less returns and allowances
666,314
Cast of sales
339.397
Selling, administrative and general expenses
$238,826
Loss
35,849
Other income
Loss
Other deductions
5202,977
167.228
$370,204
Net loss
1,876.433
Deficit, Jan. 1 1932
Loss sustained upon forgiveness of intercompany account with
LaFrance Republic Sales Corp. & subsequent sale of its
2,117.837
capital stomi: Intercompany account forgiven
10,000
Capital -tock
$4.374,474
Total
Stated value of 5.,00 shares no par value capital stock of Ster5.000
ling Motor Truck Co
49.355
Received from liquidation of LaFrance Republic Sales Corp_ _ _
84.320,119
Balance
Lass sustained in providing for payment to Farmer & Ochs Co.
166,476
to obtain release from contingent liability on notes discounted
Total deficit
Refund of Federal income taxes for prior years
Preferred dividends unclaimed since 1927
$4,486,595
670
1,636
$4.484.289
Balance
Deficit of LaFrance-Republic Sales Corp. at June 1 1932, not
1,444,564
included in present consolidation
Deficit, Dec. 31 1932
Consolidated Balance Sheet Dec. 31 1932.
LiabilitiesA seen
3195.334 Accts. pay. & seer. nab
Cash
75,406 Due to Farmer & Ochs Co
U. S. Govt. sem% at cost_
205,145 10-year 6 li% delis
Notes receivable. &c
279.874 Reserve for contingencies.
Inventories
85,506 Deferred Income
Notes & drafts rec.(assigned).
16,065 Preferred stock
Prepaid expenses
26,040 y Class A stock
Lease contracts
112,122 z Class B stock
Ctts. of Indebt. for eq. purch_
Deficit
Invest. by subs. In LaFrance95,678
Republic Corp. debs
26,821
Miscellaneous investments. _
x Land. buildings & equipm t. 1,441,967
.
475,000
Good-will
33,039,724
:2 0
84 8
$68 788
725,000
1 765
94:215
2,423,900
2.573.310
3.08182:038797
53,034.967
S3 034,967 Total
Total
x After depreciation. y Represented by 411,729 no par shares. z Represhares (three shares of class B stock may be exsented by 39,402 no par
-V. 135, p. 308.
changed for one share of class A).
-Reorganization.
--(Fred T.) Ley & Co., Inc.
stockholders of this company, the Kidder \--The adjourned meetings of ,
Carl II, Berets, New York, and Fred H. Mason, Chicago, Ill., have
thedr
PaInc.
. , and KIdder
Inc.,
prepared a plan with respect to correcting default in principal and interest
3 which were scheduled to be held on Sept. 12 to
Participations, Inc.
on the 6% gold notes which matured July 5 1933. The plan will be subvote on the cans didation of the four units, have again been adjourned until
mitted to noteholders if approved by the Federal Trade Commission.
Sept. 27. The company announces that it is desired that the stockholders
The plan provides for the liquidation of the collateral now held by
be given further opportunity to study the plan, although a majority have
Guaranty Trust Co. of New York, as trustee under the indenture securing
indicated their approval. See also V. 137, P. 879, 1063.
the secured serial 6% gold notes under which Carl H. Berets and Fred W.
Mason are acting as agents for the noteholders. The agents, representing
-Earnings.
King Royalty Co.
a substantial principal amount of these notes have been engaged for some
1930.
1931.
1932.
time in making a careful investigation of the situation affecting the com3573,345
$527,278
Oil earnings
3346,200
2.003
pany, and are of the opinion that the plan offers the best solution in view
514
2,752
Gas sales
of company's financial position under prevailing real estate conditions.
14,965
14.083
11,257
Miscellaneous income
Accordingly noteholders; are urged to become a party to the plan by de5590,312
positing their notes with Commercial National Bank & Trust Co. of New
Total income from operations
3357,971
$544.113
140,581
York, the depositary.
Production expense
93.071
105,848
The principal feature of the plan is that it provides for the payment
41.658
37,844
General & administrative expense_ _ _
31,856
from time to time to noteholders of cash which Is now or will be In the
$408,074
hands of the trustee as a result of the liquidation of collateral, without
Net income from operations
$233,044
$400.420
5,641
2.141
6,669
Other income
the expense, delay and loss incident to a forced sale.
While there is no waiver of any of the rights of the noteholders, agents
$413,714
Gross income
$239,713
are given general discretionary authority to request the trustee to with3402.561
20,845
13,679
hold the taking of any action for the enforcement of the payment of the
8,996
Deductions L•om income
208.951
225 ()se
180.061
principal and interest on the notes and to refrain from taking, prior to
Depreciation and depletion
8,422
8,935
July 5 1938, any proceedings for the enforcement of any of the remedies
9,935
Amortiz. of inactive leaseholds
provided by the indenture.
8211,552
$11.802
Net profit before Fed.income taxes 5146,790
Plan Providing for Liquidation of Collateral of Notes.
Balance Sheet Dec. 31.
-Company carries on a general contracting
Preliminary Statement.
1931.
Liellgtes1932.
1931.
and directly and through wholly owned subsidiaries owns, operates
1932.
business
Assets$17,223 Current Ilabils____ $51,870 $186,693
$62,642
and manages real estate.
Cash
215,000
89.255 Funded dent
Company heretofore duly assumed the payment of the balance of the
62,928
Notes & accts.see_
Contr. chile. pay.
10,111
principal of and interest on an ISSUP of secured serial 6% gold notes which
Accts.rec.out of oil
162,866
out of oil
14,909
698
were originally issued as of Jan. 5 1925 in the amount of $800,000, _by
8,937
Inventories
232 Preferred stock.._ 879,600
827.100
Special deposits___
263
Fred T. Ley & Co., Inc. (Mass.). There are now outstandit,g $340.000
31.344
1.845 Come on stock_ __ x34,342
719
Accr. Int. rec
of the notes, of which 513.000 are held in the treasury of the company.
277,416
437 Earned surplus... 373.900
Prepaid expenses_
The maturity dates of the.notes outstanding with the public are as follows:
464,940
544,740
353,233
Inveittrent,
6,876 Capital surplus_ _
595.500 on July 5 1933. 8111,000 on July 5 1934 and 3120.500 on July 5
2,500 Res for depl.,dept.
Deferred charges
14,878
1935 or a total of $327,000.
and an ort. of inFixed assets
Prevailing economic conditions, which have particularly affected real
2,488,771 2,503,995
072,703
active leaseholds 888,130
estate, have brought about a shrinkage in the contracting operations of
the company and In its earnings from real estate, with a consequent im$3,002,491 52,623,062
Total
Total
33.0,2,491 52,623,062
pairment of working capital.
-V. 136. p. 1832.
x tseprtzentei o., 31.342 no par shares.
As shown by audit of Scovell, Wellington & Co., the regular accountants
of the company, dated May 8 1933, the not loss of the company for the
fiscal year ended Feb. 28 1933 was $172,936. An appreciable portion of
Krueger Brewing Co.-Sales Satisfactory.
the assets of the company, consisting of equities In real estate represented
Plans for the sdo of beer in cans are now under consideration by this
been pledged
by junior bonds and mortgages and stock ownership,
company, according to Nice-President Thomas Bryce. who announced under a creditors' agreement dated as of Sept. 1 1931.has supplemented
as
that the company is conducting experiments with the American Can Co.
security for the payment of indebtedby an agreement made April 1933,as
looking towards the perfection of a suitable container and expects shortly
ness of the company which aggregated as of July 311933, 5616.797. Under
to be in a position to determine to what extent it will go into merchansaid agreement the creditor holding said indebtedness has agreed to withdising beer in this manner.
hold the enforcement of its claim against the company until Sept. 1 1933
Earnings for the company for the month of July were the largest since
subject to the conditions provided for in the agreement as supplemented.
beer has been legalized and sales for August and up to the present date
The company is unable out of its own funds to make payment of the
have been running most satisfactorily, according to Mr. Bryce. Plans
Interest which became due on July 5 1933 on all of the outstanding notes,
have been given out for the erection of an ale stock house and the company
.
or of the $95,500 principal amount of the notes which matured on that date'
-V. 137, p. 700.
,
anticipates the s le of ale after repeal.
Description of the Collateral Held by the Guaranty Trust Co. of New York
as Trustee for the Notes.
-Sales.
Lane Bryant, Inc.
Decrease.
The following is a brief description as furnished by the company of the
Increase.' 1933-8 Mos.-1932.
-1932.
1933-August
$527,340
balance of the collateral now held by the trustee remaining as security
$196.619 I $7.320.298 $7,847,638
$920,244
$723,625
for the balance of the notes now outstanding:
V.
- 137. p. 1590, 1251.
$120,000 2d mtge. 6% gold bonds of 30 East 40th St., Inc., dated June 1
1925, out of a balance of 5130,000 now outstanding. Bonds mature in
Lee Rubber & Tire Corp.-Earnings.semi-annual instalments of $20,000 each on Jan. 1 and July 1 of 1933.
July 31 1933 see "EarnFor income statement for 3 and 9 months ended
1934 and 1935.
Ines Denartmeat" on a p-eceding pig°.
The principal instalment of $20,000 due Jan. 1 1933 and int. instalments
Ile John J. Watson, President, says in a statement to stockholders, accomof $3.900 each on the 5130.000 outstanding due on Jan. 1 and July 1 1933
panying the report:
have not been paid. Real estate taxes for 1932 remain unpaid in the
pe"The corporiti on is in strong financial position, having cash on deposit as
amount of $31.052. exclusive of penalties.
of Sept. 11 1933. of $778.549 and a bank debt of $200.000, which will be
The 2d mortgage bonds are subject to the lien of a first mortgage of
paid at its maturity date Sept. 18 1933."
$660,000 held by the Bowery Savings Bank. The property is known as
"The corpor.Aion has Inventories of raw materials and contracts for future
the Professional Building, situated at 30 Rest 40th St., N. 'Y. City, and
the prevailing
deliveries, for both rubber and cotton, at prices well under
is owned in fee by the company. The net earnings of the property under
market, and we have either on hand or under contract, at this prices, quanpresent conditions are insufficient for the payment of interest in full on the
titles of materials to carry us well into the next year. Our volume of sales
first mortgage after the deduction of operating expenses and taxes.
for the last three months has shown a gradual increase,
$70.000 2d mtge. 6% gold bonds of Halstead Apartments, Inc.. all
are j Ailing with the Industry in formulating a code under the NIRA
I "We
dated June 1 1925, and maturing as follows: $10.000 July 1 1932, and
which, we believe, will be constructive and helpful and should be a stabiliz..
$10.000 Jan. 1 and July 1 1933, 934 an
-V. 136, p. 4472.
ing factor in our industry."
C............c These 2d mtge. bonds are subject to the lien of a 1st mtge. now in default.
the stock of Halstead Apartments, Inc., which Is the
ompany owns all
t
s
-Removed from List
----Leland Electric Co.
record holder of an apartment building in White Plains, N. Y. The
ted trading
The New York Curb Exchange has removed fr
property under date of Feb. 29 1932 was assigned to the trustee under
-V.137. p. 1 .
privileges the common stock (no par).
Volume 137
Financial Chronicle
2113
the first mortgage. The second mortgage bonds probably have no value
The agents for the depositing noteholders are to be given general dis$230,000 2d mtge. 6% bonds of 150 Broadway Corp., all dated March 1
cretionary authority under the plan and agreement to act on behalf of the
1923, and maturing on Jan. 1 1941. By an agreement dated June 1 1925.
depositing noteholders in instructing the trustee with regard to action
$15,000 of these bonds are to be called for redemption on July 1 1935.
under any provision of the indenture and the application of cash on account
These bonds are subject to a first mortgage bond issue of which there
of the principal of and interest on the notes; with regard to the sale, diswere outstanding in the hands of the public on April 1 1932, $3.555,500.
position, enforcement or realization of the deposited collateral; with regard
Default having been made with respect to instalments of principal and
to furnishing indemnity to the trustee and pledging the deposited notes
interest due on the first mortgage bonds, a reorganization of the property
as security therefor in the event that the trustee requires indemnity as a
is now pending. The deposited bonds may have some value.
condition of taking any action under the indenture or for the enforcement
The property covered by the first and second mortgages, while not owned
of the individual guaranty of Fred T. Ley which may be requested by the
by the company, is at present under company management. The property
agents, and in taking any other proceedings that may be necessary in
consists of the land, building and leasehold estate located on the northeast
their discretion in making the plan effective.
-V. 137. p. 501.
corner of Broadway and Liberty St., N. Y. City, with the 23-story store
and office building erected thereon.
London & Lancashire Indemnity Co. of America.
$110.000 2d mtge. 6% gold bonds of Shelton Holding Corp.. all dated
Balance Sheet June 30 1933.Jan. 2 1924. and maturing as follows: $6,000 on Jan. 1 1934;$49,000 on
July 11934; $15,000 on Jan. 1 1935. and 340,000 on July 1 1935.
Liabilities
Assets•
Shelton Holding Corp. is the owner of the fee of the Shelton Hotel situated
Bonds (amortized values)..---$3,527,535 Reserve for losses outstanding_ $1,723,403
on Lexington Ave., 48th and 49th Ste., and of the National Association
300,878 Reserve for unearned premiums 1,593,093
Cash in office and banks
Building, an office building running through from 43d to 44th St., about, Outstanding premiums
211,430
926,847 Reserve for commissions
500 ft. west of Fifth Ave., and the leasehold of the Berkley Building, an
48,912
Accrued interest
54,945 Reserve for taxes
office building running through from 44th to 45th St., about 500 ft. west
. 55,000
Other admitted assets
98,775 Reserve for other liabilities_ _
of Fifth Ave., N. Y. City.
70,000
Contingency reserve
The above second mortgage bonds are secured by second mortgages
750,000
Capital
on the Shelton Hotel and the National Association Building.
457,142
Surplus
The second mortgage bonds are subject to a first mortgage bond issue
outstanding in the hands of the public as of Aug. 1 1933, on the Shelton
$4,908.980
44a
$4,908,980 Total
Total
Hotel in the principal amount of $3,920.000, and to a first mortgage bond
-Removed from List.
"Macbeth Evans Glass Co.
issue outstanding in the hands of the public as of said date on the National
Association Building in the principal amount of $1,914,000.
ing
The New York Curb Exchange has removed from unlis
Payment of the principal and interest of and on the second mortgage
privileges the capital stock (par $50).-V. 135, p. 308.
bonds is guaranteed by James T. Lee.
$44,587 cash now in the possession of the trustee, which sum is made ----McCrory Stores Corp.
airman Restgns-Reorganiup of the following items:
zatior Plans to Be Submitted,
Instalment of principal on the 2d mtge.6% gold bonds of Shelton
John G. McCrory on Sept. 12 r igned as Chairman of the board. His
Holding Corp. due and paid on Jan. 1 1933
$2.000
resignation was tendered just before a meeting of directors was called to
Instalment of principal on 2d mtge. bonds which was due and
order, the purpose of which was to appoint a committee to formulate a
paid on July 1 1933
38,000
plan of reorganization for the company. There was no dissension, it was
Interest due and paid on July 1 1933 on 2d mtge. bonds
4,440
said. as Mr. McCrory felt that as a potential bidder for the properties it
Unexpended balance in note purchase account
110
would be preferable for him to relinquish his connection with the company.
Interest on the cash allowed by the trustee
17
This was the first meeting of the board since the receivership.
It is expected that other bidders, including another chain-store system,
will seek to obtain control of the properties. Any plans that are prepared
Guaranty of Fred T. Ley.
will have to be submitted to the trustee in bankruptcy and passed on by
Under an agreement dated June 1 1925, to which the trustee is a party.
the referee. The latter has sufficient discretionary powers to approve a
Fred T. Ley, individually guaranteed to all holders of the notes and coupons,
plan to which a substantial majority of the security holders and other
the due and punctual payment of the principal of and interest on the notes
creditors have assented.
as and when the same became duo and payable. Trustee is not required
Mr. McCrory is understood to be preparing his own plan at the solicitato take any action for the enforcement of the guaranty unless requested
tion of many creditors of the bankrupt concern, and an announcement of
so to do by the holders of not less than 25% in principal amount of the
his proposals is expected by the end of the month.
outstanding notes and unless furnished Indemnity satisfactory to it.
The directors appointed a committee to draw up a reorganization plan
Fred T. Ley has ad visod the agents that his unpledged assets at the present
on behalf of the board after Mr. McCrory's resignation had been subtime consist primarily of various interests in real estate, including common
-V. 137. p. 1422.
mitted.
stock of the company, for which there is either no market or an Inactive
market, as a result of which there is no method of determining their present
. F.) McElwain Co.-41,44444*--Pirprt-rfair value, arid that the balance of his assets Is pledged as collateral seourity
egoti•Jions hove been completed f theirchase by this company of
for the payment of a note on which he has i•edividual liability.
the No. 4 factory of the F. M. Hoyt Shoe Co
Mr. Loy has further advised the agents that in addition to his personal liathe plant rind when ready
This purchase will necessitate re-equippi
bility as guaraator of the principal and interest of the notes. he has direct
it will provide employment for several hundred additi mai hands. Reand co..tiage..t liabilities either as maker,endorser or guarantor of hidividual
duction of hours under the shoe code made necessary the acquisition of
notes or of notes of the company or of notes and boads secured by mortad•litional space to take care of production of the McElwr in company,
gages on real estate owned by interests affiliated with the company, in
which has run consistently large. ("Boston News Bure4u. )-V. 133,
an amount accgre.zatiog as of July 15 1933 at least Sr .000.000. Ile has
p. 1299.
also stated that his ultimate ability to meet his obligation s urder the
guaranty of the notes is dependent upon improvement in the business of
(Arthur G.) McKee & Co.
-Earnings.
the company and in real estate conditions generally.
1932.
Calendar Years1931.
1930.
Net profit on constr. contracts, &c--- $570,539
$746.745
$774,740
Statement ofPlan.
571 ,400
Expense
1 ,362,656
1,226,570
In view of the present financial condition of the company and the present
Cr351.160 Cr1,266.584 Cr1.069,856
Items applied on contracts
status of the balance of the col'ateral _pledged as security fer the notes,
and of the individual guaranty of Fred 'I'. Ley, it is obvious that the note$350,298
Net profit from operations
$650.853
$618,026
holders, at least for the time being, must rely solely on the liquidation
Dr39,718
Other income-net
Dr1.0,535
3.722
of the remaining collateral for the payment of the principal of and interest
on their notes. It is also apparent that it will take time for the proper
Total profit
$310.580
$670,118
$621,747
liquidation of the remaining collateral in the best interests of the note45,500
Provision for estimated Federal taxes
75.000
74,000
holders, and that the noteholders should be directly represented in the
liquidation. The following plan has accordingly been prepared by the
$265,080
Net profit
3555.118
8547.747
agents of the noteholders and agreed to by the company.
Previous balance
833,446
574,513
326,344
The $13,000 notes held in the treasury are to be
Prov. for 1930 divs, on class A stock
trustee for canco lation upon the plan being declared surrendered to the
operative.
in excess of amount paid
63.927
Section 25 of the collateral trust indenture, dated as of June 1
1925.
provides. among other things, that in the event of default in the payment
Total surplus
$1,098.525 $1,129.631
$938.018
of the principal of any of tho notes and in the event of default in the payDividends paid
ment of any interest on any of the notes continuing for 15 days. the trustee
Class B stock
195,549
296.184
310.716
may, and upon the written request of the holders of 25'4; in principal
Rate
($2.37A)
(83.50)
(63.75)
amount of the notes at the time outstanding shall, by notice in writing
Class A stock purchased for retiredelivered to the company, declare the entire principal sum of the notes
ment (1,218 shares)
52,790
then Issued and outstanding and the interest accrued thereon to be immediately due and payable.
Balance Dec. 31
8833,448
8902,976
$574,512
Upon the deposit under the plan of a sufficient principal amount of the
Earn, per share on 84.410 abs. class
notes to make it advisable in the discretion of the age Is to declare the
B stock (no par)
$3.14
$6.58
•
$6.49
plan operative, the agents propose, on behalf of the depositing noteholders,
Condensed Balance Sheet Dec. 31.
to request the trustee to declare the entire principal and interest of all
of the outstanding notes to be due and payable and further to request
Assets1931.
1932.
Liabilities
1932.
1931.
the trustee to apply from time to time moneys then held by it and which
$289,811 $742.386 Accounts payable_
$9,743
Cash
$55,754
may be hereafter received from the deposited collateral, on account of the
U.S. Govt.sec.__ 254,388
208,889 Accrued Fed. taxes,
payment of the principal and interest duo on the deposited notes.
Custorrers accts.
45.5n0
&e
75,835
To avoid the hampering of the company in working out its
receivable
145,836 Dividend payable
136,705
42.205
problems which might result from the obtaining of a judgment financial
324,245
Other assets
306,794 Deferred income__
60.958
500,911
against
the company for the principal and interest of the notes and to avoid the
Land,office equip
x Capital steel( and
expense and loss incident to a forced sale of the deposited collateral under
tools,&c
39,353
55,841
surplus
902,976
833.446
the power of sale granted by the indenture or through judicial proceedings,
Supplies,inventory
the agents, upon the plan having been declared operative, will take no action
& unexpired in16,879
insurance prem_
6,200
as agents prior to July 5 1938 for the collection of the principal and interest
due on the deposited notes, and will request the trustee to withhold the
$1,061,382 81,465,947 Total
taking of any action under the indenture for the enforcement of the payTotal
$1,061.382 81.465.947
ment of the principal and interest of tho notes. and will also request the
x Represented by 84,410 shares no par class B stock.
-V.134. p. 4334.
trustee to refrain from taking, prior to July 5 1938, any proceedings for the
enforcement of any of the remedies provided by the indenture; provided,
McKesson & Robbins, Inc.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Dehowever, that the agents shall have full power and authority in their
discretion at any time either before or after July 5 1938, to take action
partment- on a preceding page.
for the collection of the principal and interest due on the deposited notes
Consolidated Balance Sheet June 30.
and (or) to rovest the trustee to take action under the indenture for the
1932.
1033.
1932.
1933.
enforcement of the payment of said principal and interest and to take
Assets$
Liabilities
any and all proceedings for the enforcement of any of the remedies provided
a Property acct.- 5,478,885 10,630,454 7% pref. stock___21,402,250 21,402,250
the indenture in any of the following contingencies:
by
Cash
3,509,633 2,382,068 b Common stk. &
(a) Default by the company in the performance of any of Its obligations
Bankers' accept
6,664
15,305,157 25,238,619
51,870
init. sur
under its agreement with its creditors, dated as of Sept. 1 1931 as suppleNotes & accts. rec_20,708,266 24,021,215 Cony. debs
19,359.000 20,848,000
agreement dated as of April 1 1933, and as said agreement
mented by
Inventories
21,438,179 26,751,796 Pref, stk. of subs_ 1,000,000 1,000.000
may be later extended or supplemented. or (b) upon the filing of a petition
Adv.& mise.Invest 9,835,262 12,734,214 Min. int. sub. cos. •
in bankruptcy by or against the company, or (c) the making of an assignDeferred charges_ 2,197,046 2,644,831
135,568
common stock_ 140,334
ment for the benefit of creditors by the company, or (d) the application
Good-will, tradeNote& accept, pay c804,470 3,917,614
for or the appointment of a receiver of. or of any of the property of, the
mark, &c
1
1 Accounts payable_ 4,719,284 5,399,574
(e) the issuance of any execution or warrant of attachment
company, or
670,933
Acer. accts. pay__ 677,316
against any property of the company, or (f) upon the company ceasing to
Fed. & for. tax... d20,929
334,008
transact its ordinary business.
42,459
Mtge. payable_ ___
The obligation of the company to pay the principal of the notes with
115,000
Res. for conting__ 120,320
interest on the unpaid amount at 8% per annum will remain unimpaired.
Earned surplus.....def417,585
154,882
Immediately upon the foregoing arrangements having become effective,
the agents will request the trustee to make distributions out of the cash now
Total
63.173,936 79,216,449
Total
63,173,936 79,216,449
on deposit. and which may hereafter be received by it, from the deposited
a After depreciation of $2,880,835 in 1933 and $4,074,149 in 1932.
collateral, on account of the principal and interest due on the deposited
b Represented by 1.071,798 shares (no par), excluding treasury shares
notes.
in 1933 and 1,074,734 in 1932. c Acceptances only. d Foreign taxes
The agents will also request the trustee to withhold the taking of any
only.
action prior to July 5 1938 for the enforcement of the obligations of Fred .1r
reason of his guaranty of the principal and interest of the notes
Registrar.
Ley by
under the guaranty agreement dated June 1 1925, provided, however,
The Manufacturers Trust Co. has been appointed registrar for 500,000
that the agents shall have full power and authority in their discretion
authorized, and 428.256 outstanding shares of time 7% cony, prefershares
at any time either before or after July 5 1938 to request the trustee to
ence stock, series A. $50 par value; and 5,000.000 shares authorized, 1,proceed with the enforcement of such obligations upon the happening of
082.555 shares outstanding ofcommon stock $5 par value.
-V.137 p. 153.
contingencies above set forth with regard to the withholding
any of the
-Extra Dividend.
of action against the company, and further upon the happening of any of the""'"".Mapes Consolidated Mfg. Co.
contingencies which may be applicable to Fred T. Ley individuady or
An extra dividend of 25 cents per share has been declared on the common
to his individual property.
stock, in addition to the regular quarterly dividend of 75 cents per share,
2114
Financial Chronicle
both payable Oct. 2 to holders of record Sept. 15. A similar extra payment
was made on July 1 last.
-V. 137, p. 1251.
Marlin-Rockwell Corp.
-Special Dividend.
-
The directors have declared a special dividend of 25 cents per share on
the no par common stock, payable from surplus on Oct. 2 to holders of
record Sept. 21. A like amount was paid in each of the six preceding
quarters, prior to which the stock was on a $2 annual basis.
-11. 137, P•
1252.
Massachusetts Investors Trust.
-Cent
-19
The trustees on Sept. 13 declared a quarterly dividend of 19 cents,per
share, payable Sept. 30 to holders of record Sept. 15. A like amount was
paid on June 30 last, as against 20 cents per share on March 31 1933.V.137, p. 701, 503.
1931.
1932.
AssetsLiabilities$
$
Cash
481,132 Notes payatle_ _ _
596,183
Accts. receivable.... 148,104
185,550 Accounts payable_
Inventories
1,710,382 2,836,161 Reserves for:
Securities
Securities
214,300
241,300
Patent rights
Cont'g for plant
6,180
9,270
Plants (Lowell Si
Patent rights_ _ _
Huntsville) _ _ 5.921,344 6,353,474 Common stock_ _
.
.
Prepaid items
12,403 Preferred stock_ _
6,588
Profit and loss__ __
Total
$328,147
52,248
Net income from sales
Miscellaneous income
$275.898
1,698
Total net income
Raw materials used
Cost of manufacturing
Selling and advertising expense
Delivery expense
Administration expense
General expense
$277,596
64,820
45,801
94,076
76,113
49,311
24,572
Total
61,649
49.046
32,251
113,638
768,711
98,805
17,834
6
$4,339 Accts. pay. trade_
40,514 Notes payable_ __ _
44.991 Current aeons pay
Deferred liabilities
General liabilities _
106,023 Reserves
775,674 Capital stock
144,186 Surplus
18,348
6
81,081,940 $1,134,081
Total
$77,098
1931.
$22,302
11,657
13,194
84,562
189,667
223,806
323,137
265,756
1932.
845,373
11,395
8,788
51,693
185,995
260,299
447,964
70,433
$1,081,940 81,134,081
-V.137. p. 1775.
-Gross Sales Up.-.
Melville Shoe Corp.
-1932.
1933-36 Wks.
-1932.
Period End. Sept.2- 1933-4 Wks.
$1,500,476 $1,096,104 513,046,012 514,113,580
Gross sales
simultaneously figures on unit volume for
The company made public
the 481 Thom McAn stores. These stores operate in 265 cities in 37 States.
For the four weeks under report, normally a slack, dull selling period.
unit sales showed a gain of 49.5% for all stores and a gain of 45.5% for
repeating stores over the like period in 1932.
Out of 25 Thom McAn stores located in the Great Lakes district, 20
repeating stores showed an average gain in unit volume of 130%. In the
Chicago area repeating stores registered 100% or better gains. The Pittsburgh area, too, showed an increase of 85% for repeating stores, while
in New England the gain for repeating stores was 76%.
Unit sales for the first eight months of 1933 for all stores were approximately 5% ahead of the like 1932 period. Prices in these stores are roughly
10% under the prices obtaining in 1932.-V. 137. p. 1422, 1063.
-Sale of Gayoso FarmsiMemphis Hotel Co.
The sale of Gayoso Farms in DeSoto County. Miss., which was the
property of the Memphis Hotel Co., now in receivership, was confirmed
Aug. 30 by Federal Judge Allen Cox of Baldvryn, Miss. The purchaser is
J. T. Buntin, President of the Dixie Margarine Co., whose offer of $70,100
was the successful high bid made for the property as a whole.
Terms of the sale as confirmed by Judge Cox call for the payment of
$40,000 in cash and the balance to be paid over a period of three years
$10,000 on July 1 1934: $10,000 on July 1 1935. and $10,100 on July 1 1936.
The deferred payments will bear interest at the rate of 6% per annum and
-V.135. p. 3175.
will be secured by a lien on the real property.
-Balance Sheet.
Mercantile Insurance Co. of America.
June 30 1933.Assets
$1,709,097
x U. S. Govt. bonds
x:State county & munic. bonds 1,212,525
x.Railroad, public utility and
other corporation bonds _ _ _ 2,338,001
280,438
x Stoclut
75,842
Cash In banks
67,144
Int. accrued on investments
Balances due from agents,
brokers and other insurance
companies in course of collec413,329
tion not over 90 days due._
Losses recoverable from rein7,723
suring companies
Total
$6,104,099
Liabilities
Losses in process of adjustment
Unearned portion of premiums
on policies in force
Reserve for Federal and State
taxes and sundry Items
Capital
y Net surplus
Total
$306,155
2,287,478
85,281
1,000,000
2,425,185
86,104,099
- x Valued on basis approved by National Convention of Insurance Commissioners. y Had actual market quotations as of June 30 1933 been used
surplus would have been greater by $36,029.
-Balance
Merchants Fire Assurance Corp. of N. Y.
Sheet June 30 1933.AssetsBonds, stocks, Are
Bond and mortgage loans
Cash
Premiums receivable, &c
Interest accrued
1...
Total
$9,158,971
2,118,132
353,509
671.961
38,883
$12,341,456
Liabilities
Unearned premiums
Losses payable
Taxes, &c
Contingency reserve
Capital stock
Surplus
Total
$3,855,000
539,519
225,000
1,500,000
1,750,000
4,471,937
$12,341,456
so WIN sA:
•
5=
-Larger Div.
Merchants & Miners Transportation Co.
the
-V. 130. p. 2595.g
The directors have declared a dividend of 40 cents per share on
par value. payable Sept. 30 1933 to holders of record
Sept. 16. This compares with 37M cents per share paid each quarter
from Sept. 30 1931 to and incl. June 30 1933. Previously, the company
-V.
made quarterly distributions of 62% cents per share on this issue.
137. p. 326.
_
-
common stock, no
*Merrimack Manufacturing Co.-Earnings.1929.
1930.
1931.
1932.
Calendar YearsNot avail. Not avail. $4,829,113 $9,556,631
Gross galas
603,870
2,122,775
profit___loas$381.255 loss$2,298,308
a Operating
22,048
31,190
27,974
42.251
Interest
Cr3,796
3,641
8,986
5,022
Bad accounts
73,937
Income tax
143.883
Reduct. of inventories
$511,681
loss$572,411 loss$2335267 $2,157,607
Net income
412,500
123,750
Dividends
xCr775,580 Cr516,867
Added to inventory res_
67,839
xCr511,748 Cr1,341,225
Added to conting. res.
Cr29,621
Released from reserves_ _
28,697
53,084
Reserve for investment_
51.109
Res. for bad debts & secs
1,202
Back taxes adjusted_
$60.964
$451,961
def$623,520 $1,102,225
surplus
Balance,
x Deducted from reserves. a After providing for depreciation, all taxes,
other charges and expenses, including inventory
except Federal taxes, all
adjustment.
1931.
$
1,225.000
172
64,738
102,197
1,253,581 1,755,433
9,270
6,180
2,750,000 2,750,000
1,650,000 1.650,000
2,014,156 2,637,677
8,630,080 10,092,290
• Total
Merck Corp.
-Two Preferred Dividends.
Income Account for Year Ended Dec. 31 1932.
Gross sales
Discounts, returns, Sic
Cash
Accts.& notes rec _
Inventories
Bottles & cases In
plants and warehouses
Fixed assets
Invest.In other cos
Prepd.& def'd chgs
Intangibles
8.630,080 10,092,290
1932.
$
850,000
3,965
-V. 135, p. 142.
Mavis Bottling Co. of America.
-Earnings.
Net deficit from operations before depreciation
Consolidated Balance Sheet Dec. 31.
Iitairttittes1931.
1932.
Assets
Sept. 16 1933
Balance Sheet Dec. 31.
The directors have declared two regular quarterly dividends of $2 per
share on the 8% cum. pref. stock, par $100, payable Oct. 2 1933 and Jan. 2
1934 to holders ofrecord Sept. 16 and Dec. 16,respectively.
-v.137, p. 503.
-Earnings.
Merritt-Chapman & Scott Corp.(& Subs.).
Calendar Years1932.
Net operating income_ _loss$469,927
Depreciation
449,271
Prov.for Federal taxes
6,100
Amount accruing to minority int. in subs
13,993
1931.
$401,991
22,351
70,179
68.000
69,360
58,026
104,640
Net profit
Dividend paid
$310,280
303.294
$601,431
587,937
$795,029
593,690
Balance, surplus_ _ _ _loss$939,292
$6,986
$13,494
Earnings Per sh. on corn.
stock (no par)
$0.42
Nil
$1.52
Consolidated Balance Sheet Dec. 31.
$201,339
loss$939,292
1930.
$729,637
1929:
$967,669
$2.34
1931.
1932.
1931.
1932.
LiabilitiesAssets$
$
Cash
665,000
407,877 Notes payable.
636,553
Accts. payable &
Deposits on bids
11,761
sundry accruals_
U. S. Treas. ens
861,721 1,127,875
45,000
13,474 Purch.money mtge
Notes receivable
19,523
$0,000
Instalments.,
Accts. rec., incl.
Res, for conting_
21,000
percent.of contr.
billing withheld_
993,625 1,825,404 Res. for U. S. Si
31,651
Can inc. taxes__
5,458
702,879
Work In progress
191,763
Notes payable (not
Settlement pending
current)
225,000 1,136,000
for
completed
Mtge. on Staten
salvage services_
351,164
225,000
Island plant
225,000
Accr. fees on fin311,139
Min. int. in subs
371,883
ished portions of
2,803,000 2,891,000
148,190 Preferred stock_
uncompl. contr_
1,450,223 4,013,275
287,250 Y Common stock
Claims
854.354
40,621 Earned surplus_ def181,772
Insur. claims rec
80,011
803,392
Materials Si Impel_
98,800
.
72 536 Capital surplus_
x Plant,equip„real
& leaseholds__
4,774,854 6,447,059
Sun'. value of life
18,638
insur. policies_
71,302
Treas. stk. perch.
87,837
Prepaid insur., &c.
52,852
Investment
45,000
Goodwill, patents,
217,124
licenses, Sic.
Refinancing Si or235,002
ganization exp.,
Total
7,255,906 10,620,194
7,255,906 10,620,194
Total
x After depreciation of $2,239,702 in 1932 and $1,867,923 in 1931.
Y Represented by 292.005 shares (no
par) in
1932 and 292,505 shares in
1931.-V. 137, p. 701.
-Earnings.
Mickelberry's Food Products Co.(& Subs.).
Dec. 31 '32. Dec. 26 '31. Dec. 27 '30.
Year Ended$877,458 $1,042,142 x$912-.354
Gross profits on sales
660,028
807,686
836,974
Operating expenses
38.938
41.668
48.805
Depreciation
$282,388
$26.103
$156.362
Net profit from operation
9.327
49,957
15,970
Other income
$262.345
$37,431
$172,332
Total net profit
Federal income taxes and miscellane37,463
3,872
20,751
ous expenses
1.995
1,208
Int. and discount on bonds. notes, &c.
$222,888
$33,558
$150,373
Net profit
196.546
349,126
302.334
Previous surplus
$419,433
$382,684
$452,707
Total surplus
27,999
27,702
27.983
Preferred dividends
89.099
86,524
61,983
Common dividends
13.614
Common dividends (stock)
25,825
Direct surplus charges
5302,334
$242.632
5349.126
Balance
$1.48
$0.04
$0.84
Earnings per share
Shares common stock outstanding
131,349
144,858
144,963
(par $1)
x Includes operating accounts and profits of subsidiary company only
for the period from date of acquisition (as of may 1 1930) to Dec. 27 1930.
Consolidated Balance Sheet.
Dec. 31 '32. Dec.2631.
Assets$97,881
$37,730
Cash
61,318
41,961
Accts. receivable
630
otes receivable_
93,967
78,096
Inventories
Prep'd ins, rentals,
9,944
8,301
taxes, &c
.V
Cash surr. value.
life insurance_ _
Employ. Si agents'
accounts
Investment sem%
a Plant Si equipm't,
buildings
Land
b Mach. Si equip_
Deferred charges..
Deferred charges,
.
adv. supplies
Develop. exp. and
inv. new product
Distribution routes
at book value_
Total
939
d15,032
e4,367
17,531
22.013
140,082
42,453
118,509
5.724
LiabilitiesDee. 3132. Dec. 2631.
$41,160
Accounts payable_
$44,042
6,991
8,003
Pref. stk. div. pay
.
10,871
Accrued expenses_
15,631
Provision for Fed.
20,655
income taxes_ _ _
4,116
319,600
Preferred stock_ _ _
315,600
144,963
f Common stock.. 144,868
3,332
Capital Eurplus _ _
.
4,132
Earned surplus._
349,126
242,632
143,272
42,453
144,557
15,718
25,993
13,310
247.417
247,417
5777,916
$896,699
Total
$777,916
$896,699
a After depreciation of $30,784 in 1932 and 526.337 in 1931. b After
depreciation of $165,374 in 1932 and $150.537 in 1931. c After reserves
for bad debts of $7,270 in 1932 and 6,615 in 1931. d After reserves of
53,104. e After reserve of $14.167. f Par value 51.-V. 136. p. 2081.
-Earnings.
Minnesota Valley Canning Co.(& Subs.).
Earnings for Year Ended March 31 1933.
Gross profit on sales
Administrative and general expense
Selling expense
$675.589
152.411
203,430
Operating income
Miscellaneous Income
$319.749
29,988
Total profit
Interest, depreciation, advertising and miscellaneous expend_ _ _
Provision for State income tax
$349,737
480,099
5,568
Net loss charged to surplus
$135,929
Volume 137
Financial Chronicle
consolidated Balance Sheet March 31 1933.
Liabilities
-
Asset,
Cash
3212,419 Notes payable
5225,000
Inv.In U.S. Liberty bonds, Ace
29,015 Accounts payable and custoAccounts and notes receivalbe 223,685
mere' credit balances
12,054
Inventories
877,522 Aces. Int., property taxes and
Interest receivable
181
labor
20,268
Insurance deposits
34,346 Reserves for State Income taxes
5,568
Life insurance, cash value
45,297 First mortgage bonds
484,779
Prepaid expense of 1933 pack_
57,160 Public interest in stock of
Notes receivable, stockholders
28,936 Central Wisconsin Canneries,
Cash in banks, restricted
1,566
Inc
888,326
Growers accounts
9,530 7% preferred stock
-1,856,850
Investments
153,846 x Common stock
274.654
Plant and farm properties_ _ _ 2,619,608 Surplus
543,399
Prepaid bond expense
17,785
Good-will
1
--Total
$4,310,898
Total
$4,310,898
x Includes 44 shares of no par class A stock and 62.893 shares no par
class B stock.
-V. 134. p. 3288.
(J. S.) Mitchell & Co., Ltd.
-Earnings.
-
Calendar YearsGross profit.
1932.
1931.3
1196,238
1252,145
$347,396
Expenses
201,165
213,244
250.349
Balance
de544,927
$38,901
197.047
Other income
15.865
20.085
13.356
Net income
$10,9.19
158.986
1110,403
Preferred dividends_
23,014
24.747
27,692
Common dividends_ _ _ _
30.000
Surplus
$4,239
df.$12,075
182.711
Previous surplus adj_ _ _
349.033
334,746
266.321
Profit on sale of invest_ _
11.150
Total surplus
$353,272
4333,821
$349,032
Adj.prev. years Inc. tax
2,803
1.305
Prem. on pref. stk. ret'd
2,097
900
Dom. of Canada bonds
written down to mkt_
13.625
Net surplus
75.3: 14.
7
$331.617 -- -4t
8349.032
Earns, per sh. on 15.000
abs. corn. stk.(no par)
Nil
$0.28
15.51
Comparative Balance .Sheet Dec. 31.
Assets1932.
Liabilities
1931.
1932.
1929.
$365,251
242.796
$122,455
10.354
11.12,809
35.949
696.860
168,052
8264,913
$264,913
86.46
1931.
8121,342
5.952
8,700
52,000
340.000
675,192
Cash
1228,336 3149,156 Accounts payable_
$92,517
Accts. as bills rec._
270,402
339,055 Dividends payable
5,635
Inventories
244,206
225,190 a Accr.liabilities. _
3,660
Investments
119,597 Mongage payable
72,G00
Cash surr, value
Preferred stock_ _
322,000
life insur. vol..,
34,114
y Capital & surplus 672,062
Fixed assets
383,699
397,722
Prepaid
2,116
2,465
- -Total
Total
$1,167,874 81,233,186
$1,167,874 $1,233,186
a Including provision for income tax. y Represented by 15,000 shares
(no par).
-V. 134, p. 1593.
(Robert) Mitchell Co., Ltd.
-Earnings.-- ,
Calendar Years1932.
Net earnings
loss$250,765
Depreciation
Inventory losses & special
charges
45,334
Net income
Dividends
loss$296,099
Total
455,932
134,993
5,352
4,626
15,643
52,809
61,519
449,472
251.808
5,484
4,660
24,055
53,047
130,307
82,352,324 32,505,526
$741,914
41,610
Net profit
Preferred class A. dividends
Preferred class B dividends
Common dividends
$298,097
230,153
117,439
39,249
1932.
1931.
1930.
$1,056.095 $1,274,001
50,961
55.537
367.764
360,507
396,461
41.700
69,420
79.647
$567,950
230,148
117,439
313,978
$742.355
229.873
117.692
313,548
def$88,744 def$93,615
535,825
442,210
$81,240
454.583
Surplus Dec. 31
$442,210
$353.467
Shares common stock (no par)
313.979
276,241
Earnings per share
$0.70
Nil
Consolidated Balance Sheet Dec. 31.
6535,824
313.971
$1.26
Balance of profit
Surplus brought forward Jan. 1
Assets
-1931.
Cash
3853,456 8866,536
Accounts and bills
receivable
1,026,833 1,193,822
Inv, of mdse. and
supplies
892,192
759.180
Cash in hands of
trustee for sinking
fund
673
10,597
y Fixed assets. _ _ _ 4,523,717 4,772,822
Invest.in assoc.cos 1,224,725 1,214,973
Other investments.
59,953
Loans re-employs.
stock pur. plan_
379,500
1
G'd-will & patents
1
Ins. dep. and exp.
71,226
38,969
paid in advance_
LiabilitiesAccounts payable_
Bond int. accrued_
Divs, payable on
prof. & corn.stk.
Fed, taxes payable
Funded debt
.
7% pref stock_ _ _ _
7% pref. B stock
Common stock
Surplus
1932.
$181,499
9,836
1931.
075397
11.056
165.393
z86,898
77,786
47,940
724,000
641,500
3,287,900 3,287,900
1,677,700 1,677,700
2,230,688 2,830,499
442,210
353,466
88,517,427 89,391,744
Total
$8,517,427 89,391,744
Total
x Represented by 276,241 shares of no par value in 1932 and 313.979
in 1931. y Leas reserve for depreciation of $1,482.657 in 1932 and $1.130.115 in 1931. z Preferred dividends only.
-V. 135. p. 2503.
Morris Plan Co. of New York.-New Collateralfor Loans.
The company on Sept. 12 announced that the new bonds of the Home
Owner's Loan Corp. will be acceptable to the company as collateral for
loans. In addition, the company has also added to its list of collateral
acceptable for loans, certain guaranteed mortgages as well as insurance
policies.
Removed from List.
The New York Curb Exchange has removed from unlisted trading
privileges the capital stock (par $25).-V. 137, p. 1775.
-Earnings.
Mt. Diablo Oil Mining & Development Co.
Feb. 28 '33. Feb. 29 '32.
$28,157
$26.774
1.132
1.565
1929.
$293,483
47,785
Years EndedRoyalties-51,746.27 barrels
Other income
$60,725
70,000
1143,189
70,000
$245.698
35,182
Gross income
Dehydration (Mascot lease)
Office, general & admin. expense
Registrar fees
Taxes
Depreciation, office furniture Sr equipment
$28,340
609
5,298
43
4,524
20
$29,289
598
5,222
55
4,986
Net corporate income (exclusive of depletion)_ _ _
Previous deficit
Depreciation and depletion
Dividends paid at 2%
$17,846
420,229
7.786
9,350
$18,428
421,565
7.743
9,350
Bank loan
Accounts payable_
Accrued
Dividends payable
Minority interest_
Capital surplus_
Earned surplus_ _ _
Total
155,000
89,263
21,600
3,807
278,752
40,187
78,669
13,344
17,500
3,873
288,098
340,328
$2,352,324 $2,505,526
-." '"Monolith Portland Cement Co.
-Resumes Dividend on
Preferred Stock.The directors have declared a dividend of 25 cents per share on account
of accumulations on the 8% cum. pref. stock, par $10, payable Sept. 28
to holders of record Sept. 18. The last regular semi-annual distribution
of 40 cents per share on this issue was made in Jan. 1930.
Accumulations as of July 1 last amounted to $2.80 per share on the
pref. stock.
Earnings.
For Income statement for 8 months ended Aug. 31 see "Earnings Depart-V. 137. p. 701.
ment" on a preceding page.
Monroe Chemical Co.
-Earnings.
Calendar Years
Net inc. before int.. deprec. & Fed. income tax..
Interest
Depreciation
Feral income tax
1932.
$194,508
Net income for the year
Earned surplus Jan. 1
Refund of Federal income tax of prior year
$155,410
654.848
7,187
$253,552
564,534
Gross surplus
Amortization of organization expenses
Excess of cost over stated value of preference capital stock retired
Divs. paid & declared on preference capital stock_
$817,445
$818,086
50,000
9,300
89,061
12.994
100,244
Earned surplus Dec. 31
5719,083
Condensed Balance Sheet Dec. 31.
$654,848
12.248
26,849
1932.
Dividend payable_
$21,700
Accounts payable.
9,769
Federal income tax
& other accrued
expenses
32,507
Capital stock
y366,000
Paid In surplus_
383,500
Earned surplus... 719,083
1931.
6304,552
2,519
12.162
36,320
1931.
$24,915
11,481
40,902
373,200
383,500
654,848
Balance, deficit end of period
$420,230
6419.519
Comparative Balance Sheet.
AssetsFeb. 2833. Feb. 29'32.
LiabilitiesFeb. 2833. Feb. 2932.
Cash In banks_
Marketable securities (cost)
Office furniture &
equipment
Capital stock disc.
810,209
38,609
:107
61,164
84,242 Divs, payable, unclaimed by stkholders
36,067
Y Capital stock
530 Deficit
61,164 Reserve for dente_
$999
467,485
419,519
61,124
$987
467,485
420.229
53,760
$110,089 8102,003
Total
6110,089 $102.003
x After depreciation of $443. y Represented by shares having a par
value of 11.-V. 132, p. 4074.
Total
Mount Royal Hotel Co., Ltd.-Earnings.
Calendar YearsOperating profit
Interest, amortiz.,3rc
Other deductions
Depreciation
Income tax
1932.
$151,489
247,666
1931.
$583,679
257,227
200.000
200,000
1930.
1929.
$804.821 $1,045,035
281,186
x228,015
41,395
321,070
321.000
32,000
Net profit
Preferred dividends_
$202,635
$126,452
$422,555
loss$296,177
(3%)204,771(2%)136,514(6%)409,542
Balance,surplus
Previous surplus
def$296,177
11,731
def$78.319
85,185
$66,121
5.039
$13.013
75,435
Total
def$284,446
Depreciation
Amount res. for deprec.
on investment
50,000
Amount reserve against
claim in litigation _ _ _ _
20,000
Surplus adj. prior years_
Cr6,133
$6.866
$71,160
$88.448
80.000
Cr4,865
Cr14,025
Dr3,409
Profit & loss surplus_ _def$348,312
$5,039
$85,185
$11,732
x After deducting $38,459 amount of interest received, discount earned
and dividends received.
Balance Sheet Dec. 31.
1932.
1931.
Assets
Cash
165,583
97,521
Call loans
70,842
141,146
Dorn. Govt. bonds
& other marketable securities
415,655
436,105
Notes & accts. rec. y79,006
82,868
Acer'd int. receiv_
4,008
6,237
Inventories
35,517
37,698
Prepaid over. exp.
63,482
70,102
Other investments
7,025
57,025
a Land, buildings,
equipment, &c_ 7,956,006 8,175,496
Claim in litigation
40,768
60,768
Deferred charges__ 448,675
500.450
Good-will
900,000
900.000
348,312
Deficit
Total
10.534,880 10,565,419
1931.
1932.
Liabilities8
$
115,534
Accounts payable. 104,474
Accrued int. and
51,267
43,471
other charges..
1,186
1,235
Unclaimed wages.
3,560,000 3.560,000
Funded debt
6% cum. pref.stk_ 6,814,100 6,809,500
15,000
8% cum. pref. stk.
11,000
8% cony. deben_
1,200
600
Surplus
11,732
Total
10,534,880 10,565,419
x After-depreciation of $2,145,006 in 1932 and 51,945.006 in 1931.y Ac-V. 134. p. 1386.
counts receivable only.
Total
81,532,560
st,488,847*--Aashua Mfg. Co.-Remo:11from List.
x Includes notes receivable. y Represented by 27,875 shares no par
preferred stock and 126,000 shares no par common stock.-V. 135. p. 20013.
Moore Corp., Ltd.(& Subs.).
-Earnings.
Calendar YearsTotal earnings after deducting all expenses incident to operations
Int. on subsidiary companies' bonds_
Provision for depreciation
Provision for Federal taxes
1930.
$211,466
68.277
x Represented by 70,000 no par shares. y After depreciation reserve
of $179,521.-V. 135, p. 2503.
1932.
1931.
Assets$93,338
8159,900
Cash
266,761
Cust, accts. rec._ r202,401
1,192
147
Other accts. rec.._
103.413
109,043
Inventories
6,983
4,888
Due from bank.
U. S. Liberty loan
15,350
bonds
AccrAnt.on LibertY
452
loan bonds
Cash sure. value
1
insur. policy.
Ore
5,950
2,070
Stocks owned_ .. _ _
32,130
83,244
Treasury stock...
305,426
293,810
Property
G'd-will, trade mk.
642,802
642,803
30 847
.
.
Deferred charges.. _ 18 447
$1,532,560 $1,488,847
Total
Montgomery Ward & Co.
-Obituary.
-
Robert 0 Bear, Vice-President and Treasurer, died suddenly of heart
attack on Sept. 10 at his home at Evanston, 111.-V. 137, p. 1948.
1931.
$130,981
70.256
Surplus
def$9,275
def$296,099
$73,189
$210,516
Aver, no. shs. outstand.
(no par)
70,000
70,000
70,000
56,666
Earnings per share
Nil
$0.87
$2.04
$4.33
Consolidated Balance Sheet Dec. 31.
Assets1932.
Liabilities1931.
1932.
1931.
Property
311,621,449 81,586,693 a Capital stock_ __81,763,714 $1,763,714
Inventories
Accts.receivableBills receivable...
Empl.stksubscrip.
Deferred charges
Investment
Cash
2115
e New York Curb Exchange has removed
unlisted trading
p tv egos the common stock (par
0).-V. 136. IL 4284.
Financial Chronicle
2116
Natalbany Lumber Co., Ltd.-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-August Business Better.
National Bellas Hess, Inc.
At the annual stockholders' meeting held in Kansas City, Mo.,President
Carl D. Berry made the fsliowing statement:
"August, ordinarily the dullest month in the mail order business, produced a volume of sales exceeded by only three other months in the past
11, or since the company's operations started. The average order as well
showed a marl el improvement, which in turn was exceeded by only four
other months In the past 11. We received approximately 45,000 catalog
requests in August. Toe new fall catalog is just now going into the mail,
with an early iniication of an unusually favorable response.
-V.
The entire bo .rd of directors was re-elected for the ensuing year.
137. p. 1948. 1775.
-Asset Value Higher.
National Bond & Share Corp.
At the close of business Aug. 31 1933, on which date the first half of the
current fiscal year ended, the assets of this corporation taken at market
values were distributed as follows: Cash and U. S. Government securities,
4.9%; bsnds and preferred stocks. 16.9%; common stocks. 78.2%.
for taxes and for the dividend of25 cents per share payable
After pr
Sept. 15, the net asset value at the close of business Aug. 31 1933, on tne
187.000 shares of e.pital stock then outstanding was $44.24 per share, as
against $39.48 per share as of May 31 1933.
Since May 31 1933, at which time 187,200 shares of the capital stock were
outstanding, the directors have caused to be purchased and placed in the
treasury of the corporation for subsequent retirement 200 shares leaving
187,000 shares outstanding Aug.31 1933.-V. 136. p. 4284; V. 135, p.4226.
National Casket Co., Inc.(& Subs.).-Earnings.
Years na. June ANet profit
Federal taxes (est.) _ _ _ _
Preferred dividends _ _ _ _
Common dividends
1933.
$562,024
82,000
413,469
158,425
1932.
$638,412
92,000
413,469
221.795
1930.
1931.
8963,359 x$1,309,281
124.000
114,000
413,469
413,469
206.735
250.780
$565.077
$185.110
Balsnce surplus
def$91,870 def388.852
62,021
63,371
63.371
63.371
(no par)
Shs.com.stk.out.
$14.60
$6.87
*2.10
$1.05
Earninps per saare
x Includes $260,170 representing return of additional Federal taxes (net)
and paid in 1926.
assessed on the year ended June 30 1919
Comparative Balance .Sheet June 30.
1932.
1933.
Liabilities1932.
Assets
-1933.
Physical properties
Merchandise
Accts. receivable__
Cash
Securities
Patent rights and
trade marks, &c.
Mortgages
4.850,220 4,856,018 x Capital stock__ _ 6,055,308 6,055,309
185,000
2,275.166 2,597,415 Mortgages & bonds 142,825
153,731
3,547,117 3,833,449 Accounts payable_ 150,944
92,000
82,000
396,021 Reserve for taxes_
845,288
6,766,110 6,857,980
29,210 Surplus
50,490
1,605,106 1,605,106
26,800
23,800
13,197,188 13.344.020
Total
Total
13,197.188 13,344,020
x Represented by 59,058 shares preferred stock and 63,371 shares common stoek.---N . 137. p. 1948.
-Sale of Plant Confirmed
National Drawn Steel Co.
Common Pleas Judge W. F. Lones, Lisbon, Ohio, has confirmed the
recent sale of plact of the company to the Potters' Saving & Loan Co., for
$50.000. at sheriff's sale, over-ruling a protest of the Bethlehem Steel
Corp., see also V. 137. p. 1948.
Herbert K. Moss, Kalman & Co., Inc., St. Paul, Minn.; F. L. Morrison,
Conrad, Bruce &Co.. San Francisco and Loa Angeles; W. Glenn Rule.
Boatmen's National Co., St. Louis, Mo.; William K. Barclay Jr., Barclay,
Moore & Co., Philadelphia; William H. Porter, W. II. Porter Sz Co.,
Portland, Me.; Hon. Franklin R. Chesley, attorney, Bostcn. Mass: and
George P. Hardgrove, ertis & Hardgrove. Spokane and Seattle, Wash.
Counsel for the committee are Emory, Beeuwkes, Skeen Sr Oppenheimer
of Baltimore. and Rape, Hershfield, Kaufman & Schwabacher of New York.
The committee is ready to give any information desired in connection
with its work. Edward M. Thomas, 6 South Calvert Street. Baltimore,
-V. 137, 1: 1776.
Md., is assistant secretary of the committee.
1•
-Bondholders' Committee
National Union Mortgage Co.
-V. 133, p. 1462.
Formed.
-See National Surety Co. above.
Nehi Corp.(& Subs.).-Earnings.
Calendar YearsNet sales
Cost of sales
Selling and administrative expenses
National Industrial Loan Corp.-Dividend Decreased.
A quarterly dividend of 5 cents per share was recently declared on the
common sto k, is par payable Aug. 15 to holders of record July 31. This
compares with 101 cents per share paid in each of the four preceding
quarters. Previously, the company made regular quarterly distributions
of 16'4 cents oer s i re and extras of 1.6% cents per snare on the common
stock.-V.135 p.999.
-Receivers in New Jersey.
National Mortgage Corp.
Vice-Chancellor Stein at Newark, N. J., on Sept. 11 appointed John
Milton of Jersey City and Edward McLaughlin of Brooklyn receivers in
New Jersey for the corporation. The Vice-Chancellor fixed their joint bond
at $50.000 and directed interested parties to show cause Sept. 19 why the
appointments should not be permanent. The order was made on the application of William Harris as counsel for Mary T. Kelly of Montclair, holder
of a 815.000 certificate.
The National Mortgage Corp. is a subsidiary of the New York Title &
Mortgage Co.. which also is made a defendant in this suit with two other
subsidiaries, Land Fstates, Inc., and the Liherdar Holding Corp., both of
New York. All these concerns have been taken over by the Insurance Department of New York and are being conducted in New York by a rehabilitator.-V. 137. p. 1948.
-Over $11,500,000 Real Estate
National Surety Co.
Securities Guaranteed by Company Now Deposited with Committee.-
1931.
1932.
$735,248 $1,808,102
774.957
381.239
674.353
370.057
Operating loss
Additions to income
316.048 pf.$358,792
4,263
2,659
Net loss
Deductions from income
Allowance for or charge offof uncollectible accounts,
notes and acceptances receivable
Federal and State taxes
Discount on preferred stock acquired for treasury_
$13,389 pf.$363.055
102.131
78,289
150.922
15,898
16.125
69.015
$160.693 pf$110,229
Net loss for year
-A total of $80,000 was charged to surplus in 1932 as an additional
Note.
allowance for losses on receivables and advanced commissions arising In
prior periods.
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
Assets1932.
b 1st pref. stock-31,299,375 $1,299,375
Cash on hand and
in banks
826,161 $195,342 c Cony. cum. pref.
stock
1,30(1,000 1,400,000
Accts. & notes rec.
142,000
150,000
424,760 d Common stock
dr trade accept_ 561,967
255,000
304,719
149,941 Notes payable._
Inventories
80,839
Accounts payable,
Notes, mtges. and
26,326
39.186
08,862 &c
other accts. ree.
Accrued taxes,
Deterred charges &
16,337
20,132
wages. &c
122,460
prepaid expenses
25,208
Provision for FedInvest. In Beverage
and State
eral
Finance & Seem.15,898
10,509
30.000 Income tax
16,641
Ity Co., at cost_
Provision for conBottling mach. &
20.000
tingencies
equip. purch,for
60,000
152.000
Capital surplus
23,948
resale
225,603
Earned surplus.._ det15,090
Comm. advanced_ 111,480
399,541
a Fined assets__ .._ 374,937
2,039,649 2,039,649
19o
33 240.831 83,440,575
Total
$3.260,831 33440.575
Total
a After depreciation of $263.539 in 1932 and $213,686 In 1931. b Represented by 16.500 no oar shares. c Represented by 13,000 no par shares
In 1932 and 14.000 in 1931. d Represented by 150,000 no par shares in
1932 and 142,000 In 1931.-V. 136, 13. 3175.
-Transfer A gent.
Neustadl Brewing Corp.
The Manufacturers Trust Co. has been appointed transfsr agent for
-V.137, p. l949.964.
100.000 shares of $1 par value common stock.
--Makes Refunding Offer.
National Fireproofing Corp.
In order to preserve its working capital to meet increased business and
increased costs under the NRA program, corporation announced Sept. 1 it
has offered to holders of its debentures, which mature in 1947. 1% in cash
% coupon
and I % in a two-year interest
-bearing note in lieu of the
due Sept. 1.
The corporation announced It agrees not to pay any dividends unt'l
all such notes shall have been paid or funds for the payment set aside for
such payme t, and also that it will continue to comply with the provisions
of the sinking fund requirements of the indenture under which the debentures were issued.
-V. 136, p. 3918.
Sept. 16 1933
).
ar
ew Britain Machine C -Removed from List.
Tb
P
New York Curb Exchange has removed from unlist
eges the common stock (no p .-V. 137, p. 154.
New York Depositor Corp.-Terminatiov
Agreement.
trading
of Trust
The Manufacturers Trust Co., as successor trustee under the trust
agreement dated Oct. 1 1930, has elected to terminate this agreement as of
the close of business on Oct. 4 1933.
The New Ir ork Depositor Corp. has wound up or liquidated its affairs
and has been dissolved.
At any time prior to the termination date the holders of trust certificates
for trusteed Nees York City Bank Stocks may exercise the right to surrender
one or more units of such certificates in exchange for one or more units of
the deposited stocks.
Immediately after the termination date aforesaid the trust company will
proceed to convert Into cash all securities or other property held by it as
successor trustee and to distribute such cash to the holders of trust certificates.
-V. 133, p. 1625.
-Registrar.
New YOrk Shipbuilding Corp.
The Guaranty Trust Co. of New York has been appointed registrar of
-V. 137. p. 1064.
the preferred, participating and founders stocks.
-Ancillary Receiver
New York Title & Mortgage Co.
Named for Subsidairy Realty Companies.
appointed
Federal Judge Grover M. Moscowitz in Brooklyn on Sept. 6
Alphonse N. Dreyer, attorney, of 44 Court St., Brooklyn. an ancillary
receiver, along with Herbert L. Williams and Edward McLaughlin, who
were appointed receivers in New York County, Aug. 18, in a suit in equity
brought by the Prudential Insurance Co. of America against Land Estates,
Inc., and the Mercier Holding Corn., both of 135 Broadway, Manhattan.
-V.137. . 1591.
Both are eubaldiaries of New York Title Sz Mortgage Co.
i
I removRemoved
')Nineteen Hundred Corp,.-Removed from List.
trading
removed from units
he New York Curb Exchange
p 'egos the class A stock (no par .-V. 134, p. 3289.
-Resumes Div end.
Noblitt-Sparks Industries, Inc.
More than $11.500,00 face amount of real estate bonds guaranteed by
The directors have declared a dividend of 50 cents per sha3e on the
the company have been deposited with the nation-wide bondholders'
common stock, no par value, payable Oct. 1 to holders of record Sept. 20.
committee headed by C. Prevost Boyce of Baltimoce, Chairman, it was
This is the first distribution on this ISSUB sins° Jan. 1 1932 when 40 cents
announced Sept. 10.
per share was paid. During 1931, the company paid a total of$3 per share in
Announcement has also been made of the formation of a committee to
cash and 6% in stock.
represent the bondholders of National Union Mortgage Co. [headed by
George P. Hardgrove of Seattle, Wash.) The bon s of Lila company.
Earnings.
according to the anrouncement, are secured by collateral which includes
For income statement for month and 8 months ended Aug. 31 see "Earn$1,136.500 fare amount of realestate secur t as guaranteed los the National
-V. 137, p. 1949.
ings Department" on a preceding page.
Surety Co. The Committee states that it will take steps so that this collateral may be deposited with the Boyce committee and in its opinion ---"-..Northampton (Pa.) Brewery Corp.-Stock Offering.
these bonds should be so deposited. This decision on the part of the corn
Prosser sz Lubin, New York, in July last offered 75,000 shares of common
mIttee for National Union Mortgage bonds, it is understood, was arrived
speculation. A circular affor&
at after very careful investigation on the part of the committee, and the stock at $9 per share. Shares offered as a
the following:
Boyce committee regards this endorsement as another evidence of the
To Be
confidence which the public is displaying In it.
Authorized. Outstanding.
CapitalizationThe committee of the National Union Mortgage bonds, with respect to
200,000 she. 200,000 abs.
Common stock (par $1)
the collateral v-hirh is guaranteed by the United States Fidelity & Guaranty
Presser & Lubin purchased from the corporation 75,000 shares at a Price
Co. and the Maryland Casualty Co., is recommending the acceptance of
of 87 20 per share. They will receive 5% of the authorized capital stock
the refunding plan offered by the United States Fidelity St Guaranty Co.
from the present stockholders from their own holdings, which is not part
and the Maryland Casualty Co. Approximately 150 dealers, operating
of this offering. They have agreed to purchase from individual stockholders
in many sections of the country, are now actively co-operating with the
10,000 shares at $9 per share. These shares are not part of this offering. I
Boyce committee, its chairman reported. The Boyce committee Is making
Transfer Agent, Underwriters Trust Co., New York. Registrar, Public
a campaign to speed UP deposits of bonds, even though at this time the
National Bank & Trust Co. of New York.
committee has on deposit more than 25% of the bonds guaranteed by the
Dtstory & Business.
-Corporation was incorp. In 1933 In Delaware and
National Surety Co. Mr. Boyce says that these dealers, are actively giving
has duly qualified to conduct business in the State of Pennsylvania. It
their co-operation and urging the prompt deposit of bonds in order to
acquired and now owns all of the capital stock of the Northampton Property
realize to the fullest extent on the National Surety Co. guarantee as well
Co., which owns the fee to the real estate and toe permanent improvements
as to protect the underlying collateral.
of the Northampton Brewery property. The brewery was established in
invitation to
The Boyce committee is gratified at the response to its
1896, and prim to p.onibition, brewed and sold the "TRIT-BLIT porter,"
bondholders to deposit their bonds, but points out that the attainment of
"TRU-BLU pilsner." and "TRU-BLU Munchner" beer. Corporation
its alms for bondholders will more speedily be realized if the holders of
started In April 1933 in the production of beer under Federal and State
these bon's viii make their deposits as quickly as possible.
licenses and in May began selling to the public. Corporation is Pow selling
In addition to Mr. Boyce, members of the committee are: James J.
its products in Conn., District a Columbia, Maryland, Mass., New Jemmy,
York' Virgil C. McGorMinot Jr. of Jacicscn and Cult's. Boston and New
New York, Ohio, Penn., Rhode Island, South Carolina, Tenn. and West
rill, State Investment Co., Portland, Me.; Mervyn H. Sterne, Ward,
Virginia.
Sterne & Co., Birmingham. Ala.; Eugene B. Fevre, Murphey, Fasre &
The plant located at 1247 Newport Avenue, Northampton, Pa.. covers
Co., Spokane, Wash; Phil S. Dickinson, Nichols, Terry and Dickinson,
approximately 63,000 square feet of land. The plant has a production
Inc.. Chicago; Milton S. Trost, Stein Bros. & Boyce, Louisville, Ky.;
Financial Chronicle
Volume 13;
capacity of approximately 225,000 barrels per annum.
It is estimated that
upon completion of this present financing this corporation will have sufficient capital to expand the present plant to produce 400,000 barrels
annually.
Earnings & Assets-Upon the completion of the additions and improvements made possible by this financing and giving effect thereto, this corporation will be capitalized at $4.50 per barrel. On the basis of present
prices it is estimated that the profits will be between $1 and $6 per barrel.
Based on the present annual capacity of 225.000 barrels, and sale thereof
at a profit of $4 per barrel, the profits (subject to Federal income taxes)
will be approximately $900,000 per annum. It is further estimated that
at this same ratio, the profits will increase to approximately $1,600,000 a
year when by means of this financing the present production is expanded
to 400,000 barrels per annum and sold.
Purpose.
-Proceeds will be used for expansion, payment of'liabilities,
additional working capital, and for other corporate purposes.
Pro-Forma Balance Sheet, June 30 1933.
AssetsLtabilUiesCash
$158,625 CaLltal stock: (To be outAccounts rec. (customers)_
7,893 standing, total authorized
Due from State of l'enna.
issue of 200,000 shares of
(claim for stamps)
5200,000
4,258 $1 par value)
Federal & State stamps on
Surplus: (Arising from paidhand
725
in capital and appraisal of
Other receivables
1,491,003
5,351
fixed assets)
Inventories
86,527
Deferred assets
11,035
Fixed assets
1,416,585
Good-will, trade-mark, &a_
1
Total
-V_ 137. P. 1949.
$1,691,003
$1,691,003
Total
North British & Mercantile Insurance Co., Ltd.Balance Sheet June 30 1933.Assets
x U. S. Govt. bonds
$3,381,108
x U. K. Govt. Bonds
387,200
x State, county & munie. bonds 2,302,862
a Railroad, public utility and
other corporation bonds_ - 5,666,702
x Stocks
1,083,079
Cash in offices and banks_ _
434,233
Int. accrued on investments_
146,514
Balance due from agents,
brokers and other insurance companies in course of
collection not over 90 days
due
1,698,530
Losses recoverable from reinsuring companies
18,768
Liabilities
Losses in process of adjust$914,303
ment
1
Unearned portion of previa.
7,267,102
on policies in force
Res. for led. and State taxes
301,994
and sundry items
233,511
y Contingency reserve
400,000
Statutory deposit
6,002,086
Net surplus
Total
Total
$15,118.996
$15,118,996
x Valued on basis approved by National Convention of Insurance Commissioners. y This reserve represents the full difference between the
values of bonds and stocks on the basis of actual market quotatior-s as of
June 30 1933, and the values of bonds and stocks shown in th statement.
Northern Securities Co.ç
- --Removed from List
,
he New York Curb Exchange has removed from u
pr
egos the capital stock (par $ 0).-V. 136. p. 1732.
Negociatic us between the North German Lloyd and its creditors are
being extende.. according to the "Weser Zeitung." It was recently pointed
out that a reduction in interest charges was essential if German shipping
was to be made to pay. That remark did not apply only to the debts owed
to German bankers, and the Bremen paper states that negotiations have
recently been opened between the Lloyd and the American banking consortiom which arranged the issue of 6% dollar bones of a nominal value of
20,000,000 marks in the autumn of 1927, with the object of reducing the
rate of interest. The negotiations are in the hands of Dr. Albert, who is
retiring from the position of Chairman of the managing committee of the
Lloyd on Sept. 30.
Merger of the services of the Hamburg-American and North German
Lloyd lines for the United States and Canada was announced on Sept. 8.
In tho reorganization the passenger and freight services will be united under
a single director.
In the new plan of organization of these two companies, the North Pacific
services are not to be grouped with the North Atlantic services. The
chief aim is to bring about greater economies in the latter through joint
direction of the freight and passenger services, respectively, of the two lines.
Heinz Schuengel, resident director of the Lloyd in New York City since
the restoration of the service just after the world war, is to be managing
director of the combined Hapag-Lloyd services with headquarters in
Bremen for the first two years, after which the head offices will be located
alternately in Hamburg and Bremen, thus satisfying the civic pride of the
rival ports.
Wallemar Klose, of Bremen. is to be assistant director for passenger
traffic and Friedrich Loepthien, of Hamburg, will be assistant director for
freight traffic. This division of responsibility recognizes the pre-eminence
of the Lloyd in passenger traffic and of the Hamburg-American in freight
traffic.
In the United States and Canada Christian Beck, director of freight
traffic of the Hamburg-American in New York City, will supervise the
freight traffic of the two lines and John Schroeder, now general passenger
manager of the Lloyd in New York City, will supervise the passenger traffic
of both lines.
Thus far there has not been any indication of a change in the office and
terminal arrangements of the two companies. The Lloyd has recently
renewed its contract for the use of Pier 4, Brooklyn, as the berth for its
,
,
express n- s.'ened liners firemen. Furore am Col, inhys for pnnthm. vsi
Mr. Schuengel, the new Managing Director of the comoined services
has been abroad for severe. weeks, but is expected to return in the _atter
part of the month to make arrangements for placing the freight traffic
of the two lines under the supervision of Mr. Beck and the passenger traffic
under the supervision of Mr. Schroeder.
Followii.g
schuengel's arrival from abroad, it is expected that the
complete plans for the reorganization will be made known. In the meantime the affairs of the two lines will be carried on in accordance with the
137. p. 1591, 1423.
existing arrangeinent. ("Journal of Commerce.") -V.
Northwestern National Insurance Co., Milwaukee,
Wis. -Larger Dist;ibution. A quarterly dividend of $1.25 per share has been declared on the capital
stock, par $25, payable Sept. 30 to holders of record Sept. 18. This
compares with $1 per share paid on June 30 last, 50 cents per share on
April 29 1933 and a quarterly payment of $1.25 per share on Dec. 31 1932.
-V. 136, p. 2808.
-Extra Dividend.
Oahu Sugar Co., Ltd.
The directors have declared an extra dividend of 30 cents per share on
the common stock. Par $20, in addition to the regular monthly dividend of
cents per share, both payable Oct. 14 to holders of record Oct. 6. An
-V. 137. p.
extra distribution of like amount was made on June 15 last.
1423.
Pacific Clay Prod ucts.-Earnings.1911.
1930.
1912.
1929.
Calertaar Yea aloss$90,639
$45,752
$383,983
Earnings for year
$571,636
121.231
103,117
119,398
Deprciation
120,906
32,964
50.867
Reservefor Federal taxes
39,637
208,093
237,977
237,978
Dividends paid
$233,393
34.755
99,092
Nil
$283,572
253,332
99,092
Nil
Total
$1,836,995 $2,076,006
51 836,995 82,076,006
Total
x Less reserve for depreciation and depletion of $966,976 in 1932 and
$885,078 in 1931.-V. 136. p. 505.
Pan-American Airways Inc.
-Export Trade Gains Shown
in Record Air Traffic-Sets is
few High Recordfor First Six Mos.
A decided upturn in commercial activity between the United States, the
West Indies, Central and South America, attributed to the effect in this
export field of the far-reaching measures taken by President Roosevelt for
the rehabilitation of American industry, is shown in the record traffic
carried by the Pan American Airways System for the first six months of
this year.
An of icial announcement says:
Setting a new high mark, the first six months showed a total of 39.446
passengers carried between the United States and Latin America, a gain
7
of 590 over the record traffic of the corresponding six months of 1932.
according to the regular traffic report issued by the Pan American Airways
System on Sept. 11. Nearly equalling the total for the entire year of 1931,
these six months' passenger figures set a new high record for international
air travel, putting the Pan American volume well ahead of the traffic
carried by the leading international air transport systems of Europe,
including Imperial Airways, of Great Britain: Deutsche Luft Hansa, of
Germany, and "Air France." Much of this gain was reported on the routes
of the big 4 engine. 44 passenger "Clipper Ships" which Pan American has
now in service across the Caribbean Sea between Miami, Jamaica and
South America, on the daily service between Miami and Havana and on
the route through the West Indies to Puerto Rico, while tabulated figures
show substantially increased traffic to and from all the 32 countries served
by the Pan American Airways System.
Improvement in export trade conditions, with which the international
air service is closely identified, is directly reflected in the remarkable
growth in air mail volume. Climaxing the steady rate of increase through
the unfavorable conditions of the past four years, the U. S. Treasury
realized a profit, over and above the cost of the service to the Post Office
Department, of 12c. per mile for the month of June on the north bound
trans-Caribbean airline between South America and the United States.
All routes operated by the Pan American Airways System showed substantial
improvement in this respect over the record returns of a year ago, an
Increase effected not only on the older routes but by substantial growth on
the newer international routes and over the long haul air lines to Brazil,
Uruguay and Argentina. the report shows.
International air express, from its lowest point in January and February,
began a strong upward movement immediately following the banking
moratorium in March. This index to current trade activity continued to
reflect improving conditions through April and May,and in June, ordinarily
the low point for export activity, reached the highest peak of traffic volume
since the service was established. Despite lower totals for January and
February, express volume for the six months was 92% ahead of last year's
-V.137. P. 1777, 1424.
figures, the report stated.
Pan-American Refining Corp.
-Buys Tanks.
ed trading
North German Lloyd (Norddeutscher Lloyd), Bremen,
Germany.-Reduction of Interest Rates Sought-Proposed
Reorganization.-
Deficit
Profit and loss surplus
(no par)
Shs.cap.stk.out.
Earnings per share
2117
Condensed Balance heel Dec. 31.
Assets-1931.
1932.
1932.
1931.
x Property
51,026,698 51,104,963 Capital stock
$1,586,180 $1,586,180
Cash
210,091
266,269 1st mtge. 7% s. I. 184.00G
202,500
Notes & accts. ree.
44,021
68,043 Acets. pay. Incl.
Inventories
533,679
acerd. sal.& int.
612,796
32,060
33,994
Deferred charges,
Surplus
34.755
253,332
dre
22,505
23,936
$6,357 sur$161.886
603.515
609,872
99,157
99.157
$2.33
$4.04
This company, a subsidiary of the Pan American Petroleum & Transport
Co., has purchased from the Magnolia Petroleum Co., a subsidiary of the
Socony-Vacuum Corp., a group of steel storage tanks with a total capacity
of 1.758,000 barrels located near the new refinery whIch the Pan-American
Refining Corp now is constructing near Texas City, Texas, according to
reports from that city. These tanks, together with those whi'h the company has under construction, v ill give Pan American Refining Corp. a
total storage capacity of 3.958,000 barrels at Texas City. (New York
-V. 136, p. 4103.
"Times".)
Pearl River Valley Lumber Co.-Earnings.-For income statement for 6 months ended June 30 see "Earnings De-V. 129. p. 2243.
partment" on a preceding page.
Pennsylvania Fire Insurance Co.-Bal. Sheet June 30'33
Assets
x U. S. government bonds_ __ _$1,776,601
x State, county & munie. bds. 2,485,973
x Railroad (public utility &
other corporation bonds __ 6,678,951
1,298,306
x Stocks
213,689
Cash in banks
Real est. ($125,000) & coll.
126,715
loan (81,715.36)
125,727
Int. accrued on investments
Bala. due from agents, brokers
& other insur. cos. In course
of collection not over 90 days
876,716
due
Losses recoverable from rein5,685
suring companies
Liabilities
Losses in process of adjustment
Unearned portion of premiums
on policies in force
Res. for Fed. & State taxes &
sundry items
y Contingency reserve
Capital
Net surplus
$640,621
6,127,228
181,602
176,892
1,000,000
5,462,020
Total
$13,588,362
$13,588,362
Total
x Valued on 'basis approved by National Convention of Insurance Commissioners. y This reserve represents the full difference between the values
of bonds and stocks on the basis of actual market quotatiors as of June 30
1933, and the values of bonds and stocks shown in this statement.
-August Sales.
Peoples Drug Stores, Inc.
-1932.
1933-August
$1.239,938 $1.224.4C.0
-V.137, p. 1426. 1254.
Increase. 1 1933-8 Mos.-1932.
$15.4481$10,041,202 $10,719,187
Decrease.
$677,985
Phelps Dodge Corp.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 137. p. 704.
_
Pick Barth Holding Corp.
-Sale of 501,050 Shares of
Goldman Sachs Trading Corp. (now Pacific Eastern Corp.)
Stock Set for Sept. 26.
The following assets are scheduled to be sold on Sept. 26 by Lambert
J. Foulk, trustee, at Wilmington, Del.:
(a) 1,000 shares (entire capital stock) of Alden Corp. and note of Alden
Corp. in amount of $16,781.
(b) 1,000 shares (entire capital stock) of Dunmar Corp. and a judgment,
in so far as the same remains unsatisfied, in the amount of $10.385, obtained against Dunmar Corp. in the New York Supreme Court by N.
Peter Ra t hvon, trustee.
(c) 1.000 shares (entire capital stock) of Marden Corp. and note of
Marden Corp. in the amount of $22,287.
(d) 1,000 shares (entire beneficial interest) in the Alpicko Realty Trust.
together with promissory note of Alpicko Realty Trust, in the amount
of $132,084.
(e) 4.500 shares of the cumulative preferred stock of Albert Pick Corp.,
par $5.
(f) 485 shares of the capital stock of Manufacturers Trust Co.
(g) 5.2535 shares of the capital stock of Huron Holding Corp.
(h) 914 shares of the capital stock of National Liberty Insurance Co.
(I) $500 6% 1st mtge. sinking fund gold bonds of the John Van Co.
ID 501,050 shares of Goldman Sachs Trading Corp.(now Pacific Eastern
Corp.).
Certain real estate located at Great Neck, Long Island, is scheduled to
be sold on Sept. 22.-V. 137, p. 507.
Pierce-Arrow Motor Car Co.
-85% Gain in August
Shipments.
Pierce-Arrow shipments for August were 85% greater than shipments
for the corresponding month a year ago, according to Roy H. Faulkner.
Vice-President.in charge of sales.
The company, which resumed its position as an independent manufacturer two weeks ago, is confident of further increases in September, Mr.
Financial Chronicle
2118
Faulkner said, because reports from distributors during the past few weeks
have reflected a continued improvement in retail sales.
-V. 137, P. 1949,
1777.
Pioneer Mill Co., Ltd.
-Extra Distributions.
-
An extra dividend of 30 cents per share has been declared on the capital
stock, in addition to the regular monthly dividend of five cents per share,
both payable Oct. 2 to holders of record Sept. 21. An extra disbursement
of like amount was made on July 1 1933.-V. 137. p.1426.
Pittsburgh Forgings Co. (& Subs.).-Earnings.
Calendar YearsOperating loss of combined companies
Provision for depreciation of buildings,
machinery,equipment,&c
Interest on bonds
Miscellaneous charges, less credits__ _
Prov. forest. Federal income taxes
Additional provision to reduce securs_
owned to approximate market value
Provision for doubtful accounts
Interest earned, &c
Net loss
Preferred dividends
Common dividends
1932.
$10,900
113,034
27,301
6,467
8.910
Cr8,917
$159,694
1930.
1931.
'$18,066Prof$601,622
113,392
26,547
9.373
131,317
29,079
3,323
54,291
16.808
13,500
Cr13,229
$184,458pr0f$383,612
48,216
313,880
54,318
$159,694
$238,776 sur$21,516
Condensed Consolidated Balance Sheet Dec. 31.
1931.
Liabilities1932.
Assets1932.
$11,076
$102,580 $107,926 Notes payable_
Cash
$34,025
38,516
36,419
79,280 Accounts payable_
Cuss.sects. receiv.
148,871;
159,878 Fed. Inc. & State
Inventories
c885
5,288
taxes
174,021
169,037
Other assets
6,994
6,837
20,860 Interest on bonds_
Marketable secs.. _
6,250
550
2,015
604 Work. comp. ins
Accr. int. on bonds
237
203,137 Contracts payable.
Inv. in Mill. cos.._
64,882
450,000
445,00C
1st mtge.gold 6s
a Land, bldg., ma .
20,000
5,935
chinery, eq.,&c. 1,056,708 1,164,002 Res. for conting_ _
7 b Common stock_ 1,100,000 1,100,000
7
Patents
254,816
4,704
5,887 Capital surplus_ __ 151,734
Uncap. ins. prem.
13,326
.
Earned surplus_ _def171,718
Deficit
$1,594,683 $1,910,558
Total
$1,594,683 51,910,558
Total
a After reserve for depreciation of $1,178,441 in 1932 and $1,061.705
Represented by 220,000 no par shares. c State taxes only.
in 1931. b
-V.135. p. 145.
-Earnings.
Pittsburgh Steel Co.
1932.
Years Ended June 301933.
Net loss after taxes, decrIgeNle/
oair &c. $2,339,402 $2,501,081
1931.
1930.
$1,713,726pf$1,689,692
Pittsburgh Steel Foundry Corp.
-Removed from List
T
p
New York Curb Exchange has removed from unlisted tras
-V. 135, p. 145.
leges the common stock (no pay).
lume & Atwood Mfg. C -Removed from List.
e New York Curb Exchange as removed from unlist
privileges the capital stock (par 82 .-V. 133, p. 1938.
trading
-Coal Output.
Pond Creek Pocahontas Co.
Month ofCoal mined (No. of tons)
-V. 137, p. 1254.
Aug. 1933. July 1933. Aug. 1932.
138,534
144,382
144,559
Poor & Co.-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Balance Sheet June 30.
1932.
1933.
1933.
1932.
$
LiabilitiesAssets$
$
a Cap.stk. & surp. 7,264,983 7,9:32,169
b Land, bldg,• &
176,452
equipment
1,296,270 1,549,371 Accts. pay., &a__ 133,169
2,022,000 2,130,000
Cash & marketable
0% gold notes
securities
1,041,094 1,424,819
c Accts. and notes
382,911
342,219
receivable
11,574
,
5,541
Accr. int. reedit ...
188,261
235,530
Inventories
519,347
451,470
Investments, &c
63,224
59,378
Def. chgs. & advs.
Pats., pat. rights
and good-w111_ 6,035,919 6,051,844
Total
9,420,151 10,238,621
9,420,151 10,238,621
Total
a Represented by 160,000 no par calss A shares and 362,843 no par
class B shares. b .After depreciation. c After provision for uncollectible
items.
-V. 136. D. 3553.
Pressed Steel Car Co.-Receivers Certificates.
Permission to issue $350,000 certificates of indebtedness has been granted
M. Gibson in the. U. S. District
receivers of the company by Judge R.
Court of Pittsburgh. The court reserved to itself the right, after notice to
creditors, to authorize the receivers to issue additional certificates up to
but not in excess of $650,000-V. 137, p. 1949.
-Committee for Preferred Shares.Prudence Co. Inc.
A protective committee for the holders of preferred stock, the dividends
on which have been guaranteed by New York Investors, Inc., was authorized Sept. 7.
The meeting was called by Edward Endelman, an attorney of 299
Broadway. He told the 200 persons assembled that, although the company
reported that it had not made profits enabling it to pay a dividend within
the last year or so, New York Investors, Inc., should be forced to make
good on the guarantee. Although New York Investors was in equity
receivership, he said, it had asserted that it had assets of $10,000,000
In excess of liabilities, and this could be used to preserve the guarantee.
Mr. Endelman criticized a previously formed committee because, he
charged, its members were also security holders in New York Investors,
and therefore their interests were divided.
Pays Interest Due On or Before Mal ch 1 1933,
The corporation announces that under and pursuant to regulations issued
by the Superintendent of Banks of the State of New York, the following
payment on account of interest to the holders of Prudence bonds is now
available for distribution.
1. Payment in full of all coupons due on or before March 1 1933.
2. Partial payment on account of the following coupons:
Date of Coupon.
Date of Coupon. Series.
Series11
June 1 1933
July 1 1933
AA
June 1 1933
13
Apr. 1 1933
3
June 1 1933
14
Apr. 1 1933
4
May 1 1933
15
Apr. 1 1933
5
Aug. 1 1933
17
July 1 1933
6
Apr. 1 1933
7
Holders of the above coupons shou d present them for payment through
their bank or by mailing them to, or personally presenting them at, either
of the following offices of the Prudence Co., Inc.: 162 Remsen St., Brook-V. 136, p. 3553.
•
lyn, N. Y., or 331 Madison Ave., N. Y. City.
-Receiver Named.
'
------ -Radio-Keith-Orpheum Western Corp.
Albert L. Grutze, trust officer of the Title & Trust Co.. Portland,'Ore.,
was appointed receiver by Presiding Circuit Judge Lusk on Sept. 1, following the filing of a suit to foreclose a second mortgage on the property. The
suit was brought by the Security-First National Bank of Los .Angeles and
W. N. Bucklin Jr. as trustees of a $2,000,000 bond issue secured by morti San Diego.
gages on properties in Portland, Tacoma, San Francisco
apid Electrotype Co.
emoved from List.
he New York Curb Exchangel has removed from sIlsted trading
privileges the capital stock (no par) V. 137, p. 704.
Sept. 16 1933
-Plan Outlined to
Realty Associates Securities Corp.
Bondholders.
Creditors meeting Sept. 11 before Referee in Bankruptcy Eugene F.
O'Connor, In the Federal Building in Brooklyn, discussed the matter of
accepting an offer outlined for the company under which it would make an
Immediate payment of 10% to bondholders and continue the business with
the present officers, plus an additional director to represent the bondholders.
Under the plan outlined the business would be operated for the benefit of
the bondholders, the profits to be used in the payment of interest on the
bonds and to the retirement of the bonds when they mature.
The company filed a voluntary petition in bankruptcy on July 10 last,
listing assets of approximately $16,335,000 and liabilities of approximatel
$12,6o0,000. Fred L. Gross and Frank Fos, the latter president of the
company, are joint receivers.
The meeting resulted in an authorization, by vote of the creditors, most
of them bondholders, for the company to continue business 40 days longer.
The referee adjourned the hearing until Sept. 18.
Mr. Fox testified that it had assets of $970,000 in cash, $2,350,000 in
investment securities at market value, $4,130,000 in fhst mortgages,
$5,545,000 in second mortgages, $2,640,000 in installment contracts and
$700,000 in equities in real estate of the company, less mortgages thereon.
Liabilities, he said, exclusive of a few thousand dollars of current obligations consist of bonds and accrued interest in the amount of $12,650,000.
-V. 137, p. 156, 506.
-Bond Deposits Extended.
Realty Foundation, Inc.
The bondholders' committee beaded by Robert P. Marshall, as chairman
announces that the time for deposit of guaranteed first mortgage 5M %
collateral bonds, series A, due in 1938, has been extended to and including
Oct. 16. New York Trust Co. is depository for the committee.
The other members of the committee are: Harry T. Peters, John J.
Pulleys, Daniel L. Reardon and Harold C. Richard with William C. Scott,
49 Wall Street, Secretary and Satterlee & Canfield,49 Wall Street, Counsel.
-V.136, p. 3920.
Reece Button-Hole Machine Co.
-Larger Dividerd.A dividend of 20 cents per share has been declared on the capital stock,
par $10, payable Oct. 2 to holders of record Sept. 15. This compares with
10 cents per share paid on April 1 and on July 1 last, and with quarterly
dividends of 25 cents per share paid on Jan. 2 and on April 1 1932.-V. 137.
p. 1951.
C. A.) Reed Co.-Remo
from List
he New York Curb Exchang has remov
from unlisted trading
-V. 137. P. 1951.
privileges the class A stock (no pap.
-Standard Oil Co. of Calif.
Richfield Oil Co. of Calif.
Revises Offer to Acquire Cornpany.-See Standard Oil Co. of
Calif. below.
-V. 137, p. 156.
(Hal) Roach Studios, Inc.-Earnings.
For income statement for 28 weeks ended March 12 1933 see "Earnings
Department" on a preceding page -V. 135, p. 3705.
-To Defer Interest
...."--.Roane County Oil Co., Philadelphia.
Payments and Extend Maturity Date of Bonds.
Harry Nathans, President, in a letter to the holders of the 1st mtge. 6%
bonds. due May 1 1934 states in substance:
"Company was formed April 24 1924, as the result of a reorganization
following foreclosure proceedings instituted on behalf of the holders of the
1st mtge. bonds of the Republic Oil & Gas Co. At that time the holders of
$385.000 Republc Oil & Gas Co. bonds received for their bonds a like amount
of Roane County Oil Co. bonds, and that company has since been operated
for the benefit of the bondholders, no dividends having ever been paid on
the stock of the company. Through the operation of the sinking fund and
largely by purchase for account of the company, the bonds outstanding
In the hands of the public have been reduced to $98,000.
"The earnings, prior to depletion and depreciation, applicable to the
payment of the coupons due May 1 1933, owing to production proration
and an average price of $1.20 per barrel for oil, amounted to but $1,133 or
$1,806 less than the $2,940 required to meet these coupons.
"In view of the fact the company is operating at a loss and is required
from time to time to meet necessary expenditures in an endeavor to maintain
or increase production as conditions warrant, the interests of the bondholders will be served best If the coupons due Nov. 1 1933 are not paid,
unless earned. It also will be impossible to pay the principal of the bonds at
maturity on May 1 1934.
"Under the circumstances the directors recommend and submit for the
consideration and acceptance of the bondholders one of the following
options:
"(1.) The execution and recording of an indenture, supplemental to the
mortgage securing the bonds, which provides that the maturity date for the
payment of the principal of the bonds shall be extended to May 1 1944, and
that the bonds shall bear interest at the rate of 6% per annum during the
extended period, which interest while cum. shall not become absolutely due
and payable until May 1 1944, but which may be paid semi-annually meanwhile if and when the directors decide that payment of interest is justified
by the financial condition of the company. If the financial condition of the
company improves and the earnings warrant it, directors will declare.
payable Nov. 1 1933, interest at such rate as conditions permit on such
bonds as deposit under Option 1.
"(2.) To such bondholders as may prefer it, the company will pay $250
per bond flat in cash, upon delivery of their bonds on or before Oct. 2 1933
to Tradesmens National Bank & Trust Co.. trustee, 1420 Walnut street.
Philadelphia, Pa."
1931.
1932.
Comparative Income Account for Calendar YearsSales
$30,475
-Oil
$25,022
Gas
10,298
9,240
Total
Operating expenses
Administrative & general expenses
Profits from operations
Other income
Profit before interest, &c
Interest on bonds
Depletion and depreciation
$34,262
14,962
9.312
$40,771
18,354
10,886
$9,987
1,577
$11,530
1,975
$11,565
7,855
26,774
$13,506
11,303
32,328
$30,125
Loss for year
$23,063
Semi-Annual Statement.
-For income statement for 6 months ended
June 30 see "Earnings Department" on a preceding page.
.
Comparative Balance Sheet.
LiabilitiesJune 30'33. Dee.al '32
Assets- .
June 30'33. Dee.31'32
5
50
Cash
$31,227 Accounts Payable..
$29,620
1,619 Accr'd int. payable
5980
Accts. receivable
1,355
. 1,620
510
2,253 Reserves for taxes
Inventories
1,839
1st mtge.6% 1934 158,000
162,000
Sinking fund
75
common stock (par
Investment secu2,556
10c.)
2,556
Mies, at cost_ x28,614
30,520
69,000
.
69,000
Acced int. reedit_
640 6% prof.stock _ _ _
16,901
16,901
9,255 Paid-in surplus_ .. _
Deferred charges_ 112,781
133,916
63,830 Deficit
Fixed assets
52,528
$114,031 5139,345
Total
$114,031 $139,345 Total
3. Includes $60,000 company's own bonds. y After depreciation of
$348,356.
Note.
-Unpaid accumulated dividends on preferred stock to March 1
1933, amounted to $36,639.-V. 135, p. 1005.
Royal Union Life Insurance Co., Des Moines, Iowa.
Bids Offered to Reinsure Company's Business.
Eleven life insurance companies on Sept. 12 had offered bids for reinsurance of the company according to press dispatches from Des Moines.
The bids were in the hands of co-receivers E. W. Clark, Iowa Insurance
Commissioner, and L. A. Andrew.
Among bidders according to the dispatches, were: Kuhn, Loeb & Co.,
New York; United Benefit Life Insurance Co., Omaha, Neb.; Life &
Casualty Co., Chicago; James P. Sullivan, Chicago; State Farm Life
Financial Chronicle
Volume 137
Insurance Co., Bloomington,
Great Republic Life Insurance Co.,
Los Angeles; Lincoln Life Insurahce Co., Fort Wayne, Ind.
Ill.•.
-V. 137, 13•
1067: V. 136, p. 4104, 170.
Rochester American Insurance Co.-Balance Sheet
June 30 1933.Assets
Liabilities
:Government & other bonds. 81,637,890 Reserve for insurance in force 8660,799
iStocks
1,642,857 Reserve for losses
105,093
Premiums in course of collee.
69,820 Reserve for all other liabilities
34.746
Cash in banks & office
20,213 :Contingency reserve
664,353
Other assets
24,022 Capital stock
1,000,000
Surplus
929.811
Total
83,394,802
Total
$3,394,802
Securities have been valued on the basis prescriced by the National
Convention of Insurance Commiss oners and the contingency reser% e
represents the difference between those values and actual market quotations.
Surplus is therefore on the basis of actual market quotations June 30
1933.
Roberts & Oake, Inc.-Earnings.
For income statement for 6 months ended April 30 1933 see "Earnings
Department" on a preceding page.
--V. 128, p. 3530.
Rose's 5, 10 and 25
-Cent Stores, Inc.
-Sales.
1933-August-1932.
$197,087
$134,540
-V. 135, p. 643.
Increase., 1933-8 Mos.-1932.
$52,5471$1,290.076 $1,027,855
Increase.
$262,221
Vhussell Mfg. Co.-Remoyeelhfrom List.
2119
Since the letter to the stockholders, under date of Aug. 7 1933, the
stockholders have voted in favor of an immediate distribution of capital
stock of Atlas Pipeline Co., Inc., on the basis of 8-10ths of a share of the
Atlas stock for each share of Shreveport stock. The Pennsylvania Co. for
Insurances on Lives & Granting Annuities, Packard, Bldg., Philadelphia.
Pa., has been appointed to make this distribution.
The stockholders of the Shreveport company should now send in their
stock certificates to the Pennsylvania Co.for Insurances on Lives & Granting
Annuities to receive this distribution. The certificates seed not be endorsed. On receipt of these certificates, the Pennsylvania Co. for Insurances on Lives & Granting Annuities will cause to be transferred to the
same name as appears in the certificates delivered to them 8-10ths of a
share of Atlas capital stock for each share of stock of the Shreveport company. Scrip certificates will be issued to represent fractional shares.
The certificates for stock of the Shreveport company will be stamped
setting forth the distribution and returned to thi owner, together with the
stock of the Atlas Pipeline Co., Inc.
The Shreveport-El Dorado Pipe Line Co., Inc. has arranged for the
payment by it of all transfer taxes required on the transfer of the stock
'
of the Atlas Pipeline Co.,
in the making of this distribution.
Application has been made to the Philadelphia Stock Exchange by the
Inc..
Atlas Pipeline Co., Inc., for the listing of its shares. On approval of this
listing, the Shreveport company will request the Exchange that trading
in Shreveport shares be permitted only in certificates that have been
stamped setting forth the distribution of Atlas Pipeline stock.
Mr. Lilley on Sept. 14 stated in part:
The distribution to its stockholders of the major portion of its assets
explains the lower price for the Shreveport "stamped' shares. There will
be a further distribution of the remaining assets of the Shreveport company
upon final dissolution of the company.
[See also Atlas Pipeline Co., Inc. above.).
-V. 137, p. 1951, 1428.
e New York Curb Exchange as removed
'
om unlisted trading "" ""Silver King Coalition Mines Co.
-Resumes Dividend.
privileges the capital stock (par $10 .-V. 136, P• 287.
The directors have declared a dividend of 15 cents per share on the capital
stock. par $5, payable Oct. 2 to holders of record Sept. 20. Similar dia.Rustless Iron Corp. of America.-Earnings.
-tributions were made on Oct. 1 1930 and on Jan. 2 1931; none since.
For income statement for month and 6 months ended Aug. 31 see "EarnV. 136. p. 1901.
. ings Department" on a preceding page.
-V. 137, P. 1778.
Simmons-Boardman Publishing Corp. (8t Subs.)..
Rustless Iron & Steel Corp.-Acquires Important
Patent
Rights.
This corporation, through its subsidiary the Rustless Iron Corp. of
America. has acquired additional important patent rights, it is announced.
The new patents have been issued by the U. S. Patent Office to members
of the research staff of Alloy Research Corp., an affiliated research organization, and assigned to that corporation. The Rustless Iron Corp. thereby
acquires the exclusive American rights to the inventions. The announcement adds:
One of the inventions covers the manufacture of rustless iron or stainless
steel from scrap materials of similar composition. A considerable volume
of scrap is available in all stainless steel producing and fabricating plants.
• The successful utilization of this scrap is of great economic importance.
The Patent Office has granted 17 distinct claims, including several modifications, for this important process.
The other patent just issued covers the preparation of important raw
materials used in the production of alloys, as rustless iron and stainless
steel, before charging into an electric furnace. The Patent Office has
granted 13 claims in this patent.
The Rustless Iron Corp. is one of the largest producers of chromium
and chromium-nickel alloys and the only unit in the trade limiting its
production facilities exclusively to these metals. It now owns or has exclusive rights to processes for the manufacture of stainless steel direct
from chrome ore and from stainless or rustless scrap. These processes yield
prime homogeneous metal at greatly reduced costs.
-V. 137, p. 1951. 1778.
-Distribution to Bondholders.
"Santa Ana Sugar Co.
-
The National City Bank of New York, as trustee of an issue of 1st mtge.
8% sinking fund bonds, dated April 12 1921. on Sept.8 announced that the
said bonds with coupons appurtenant thereto, may. on and after Sept. 15
1933, be presented to the trustee at its offices at 55 Wall St., N. Y. City,
for payment thereon to the holders thereof of their respective distributive
sharesIn the funds in the hands of the trustee available for distribution,
including the net proceeds of sale of the property subject to the lien of the
first mortgage which was sold on May 31 1933. pursuant to an order of the
Court of First Instance of Palma Soriano, Province of Oriente, Republic of
Cuba.
Distribution will be made at the rate of $123.25 for each $1,000 bond
with coupon maturing April 1 1931 attached.
-V. 136. P. 339.
Schenley Distillers Corp.
-General Sales Manager.
-
Entering a period of intense activity in anticipation of the early repeal
of the 18th Amendment,this corporation, through Harold Jacobi, President.
announced on Sept. 13 the appointment of Walter T. Palmer as General
Sales Manager.
This corporation Is the holding company for the Schenley Products Co.,
Inc. which has 14 subsidiaries, including sales organizations, and is among
largest distillers of spirituous liquors in the United States in addition to
the'
being the exclusive importers of world famous wines, liquors and other
products. It has distilling plants at Schenley, Pa., Frankfort and Lexington, KY.. and Lawrenceburg, Ind. One of the few concerns permitted by
the U. S. Government to distill and sell whiskeys under bond and bermit,
the Schenley Products Co.'s subsidiaries are now making .33% of the
whiskey being manufactured legally in the United States. There is a large
inventory of whiskeys and spirituous liquors in storage, all carried in the
balance sheet at cost,.
Among the products it imports exclusively, are Dubonnet, Chartreuse,
Carlsborg beer, Bulldog Bass Ale, Bulldog Guineas Stout, Charles Heldsleek and Morlant Champagnes, Henke's Holland Gin, Gonzalez-Byass
ports and sherries. Barton and Guestier wines and olive oil, Leiden Rhine
and Moselle wines, Novilly-Prat Vermouth, Polugyay Tokey, Drioll
Maraschino, Ricasoli Brion Italian Chianti, Bardinet liquors and many
other products known throughout the world -V.
137, p. 1427.
Sears, Roebuck & Co.-Sales Higher.
-
Period EndedScpt. 10- 1933-4 Weeks- 1932. 1933-32 Weeks-1933.
$22,584,264 $19,145.291$150,754,786$162,983.072
Sales
The company has added 8,185 employees to its payrolls between July 29
and Sept. 2. an increase of 22.4% according to General R. E. Wood,
President. On the last date the company had 44.588 employees. These
figures include employment in the company's 390 retail stores, 10 mail
order houses and certain factories it owns and operates.
It is stated that the increase in employment was partly due to an increase
In business and partly to the effect of the NRA retail code.
-V. 137.
p. 1593, 1428.
Selfridge & Co., Ltd., London, England.
-Earnings.
Years End. Jan. 31Profit after expenses- _ - _
Debenture interest
Taxes & deprec., &c_ _ _ _
Net profit
Preference dividends_ _ _
Pref. ordinary dividends
Staff part. share dive _
Ordinary dividends
Deficit
-V. 135. P. 2006.
1933.
£341,560
11,891
294,487
£35,182
78,000
100,000
5.566
30,000
£178,384
1932.
£400,269
12.125
176,929
£211,215
78,000
100,0
00
8,773
60,000
£35,558
Calendar Years1932.
1931.
Inc.from advertising, subscrip's 8z miscel. sales_ _ _ 51,025,790 $1,801,813
Operating costs, interest & taxes
995,248
1.626.560
Net profit
$175.253
$30,542
Income from securities, int. & miscel. items
15,034
20,276
Gross income
$45.576
$195.529
Pray,for decrease in mkt. val. ofstks. & b is. owned
5.203
Additional provision for uncollectible accounts_ _ _ _
4.783
Net income
Surplus at beginning of the year
$35,590
162.384
Total surplus
Loss on sales of publication, House Furnishing Review
Additional Federal income taxes for prior years_ __ _
Dividends
Surplus at end of the year
Consolidated Balance
Assets
Cash
$23,904
Notes & accounts receivable.
85,633
Stocks & bonds owned (market value)
90,705
Inventory
45,366
Value of life insurance Policies
47,119
Loans & advances to employees
7,487
a Other investments
78,891
Prepaid expenses
10,432
Furniture At fixtures
43,988
Publications, subscrip. lists,
copyrights, book plates &
good-will
3,458,543
$195.529
48.611
$197.974
$244.140
83.397
907
358
81.398
$162,384
$113.670
Sheet, Dec. 31 1932.
LiablilitesNotes payable-stockholder.
315,000
Accounts payable
39,343
Accrued interest payable,&o.
6,786
11 Note payable
150,000
1st mtge. 65 of "Railway Review"
100,000
Deferred income-subscriptions & advertising
75.224
c $3 preference stock
2,465.000
d Common stock
590,548
Initial surplus
336,497
Earned surplus
113,670
Total
83,892,069
Total
$3,892,069
a Investments of subsidiaries in capital stock of Simmons-Boardman
Publishing Corp.
-at cost: preferred. 5,707 shares. $73,358, common,
58 shares, $464: stocks, bonds and memberships
-at book values, $5,069.
b To a stockholder, maturing $42,000 in 1933 and $27,000 annually on
Oct. 22 thereafter-collateralized with stocks and bonds owned of a market
value of $80,187 and with 2,115 shares of corporation's preferred and 58
shares of corporation's common treasury stock. c Represented by 55.000
no par shares. d Represented by 78,500 no par shares.
-V. 137. 13• 885.
Simmons Co.
-Net Sales Higher.
Month of AugustNet sales of Simmons Co
Net sales of subsidiaries
1933.
1932.
$2,242.603 $1,268,013
757,431
446,995
Total net sales
-V. 137, p. 1780.
$3,000,034 $1,715,008
Southern Dairies, Inc.-Eamings.--For income statement for six months ended June 30 see "Earnings Department" on a preceding page.
-V. 137. p. 1068.
Sparks Withington Co.(& Sub.). -Earnings.Years End. June 301933.
1932.
x1931.
1930.
Net sales
$2,500,046 $3,864,576 $7,354.352 $14.850,163
Cost of sales (exclusive
of depreciation)
1,785,553
3,609,304
5,566.346 10,280,126
Selling, admin.& general
expense
482.824
1.111,520
1.294,909
2.270.330
Other deductions (net)- 20,034
79,147
56,230
Cr27,672
Special prov. for possible
loss on custs. accts.
receivable
386,509
Depreciation
110,263
245,344
282.959
383,431
Inventory adjust. & res.,
749,777
Fed, income taxes (est.)
221.901
11.328
Net profit
loss$285,1371oss$1,930.514
$126.010 $1,738,617
Prem. paid on cony, of
fractional shares
311
Adj.applic. to prey. YrsCr.16,448
Spec. adj. of inv., &c_ 423,977
Net profit from oper. of
acquired corp. prior to
date of acquisition_
91,593
Deficit
$285,137 $1,930,514
$389,560 sr31.754,754
Preferred dividends
21,822
21,849
25.876
Common dividends
224,816
900.989
672,299
Stock div. paid on com.
stock
506.025
Refund of Fed. inc. tax..
Cr.94
Cr.626
•
1931.
£431,097
12,655
169.507
£248,935
7..000
100.000
10.394
75,000
£14,459
1930.
£481.312
12,974
129,002
£339.336
78.000
100,000
10,498
150.000
sur.£838
Shell Eastern Petroleum Products, Inc.
-New Pres.-
r. Gould, former Executive Vice-President, on Sept. 14 was elected
President to succeed A. F. Carter, whose resignation was announced early
in the week. Mr. Carter had stated that his views on policies were at
variance with other executives of the company.
-V.1129, p. 3813.
-New President.
Shell Petroleum Corp.
Alexander Fraser, formerly Vice-President, has been elected:President,
succeeding R. G. A. Van der Woude.-V. 137, p. 1067.
Shreveport
-El Dorado Pipe Line Co., Inc.-Distribu-President William Lilley,
ion of Atlas Pipeline Stock Ready.
in a letter to stockholders, says in substance:
Earnings.
-
Deficit
Previous surplus
$285,033 $2.176,526 $1,312.398 sur$550.554
18.988
2.195.514
3.416,320
2,865.767
Total surplus
def$266,055
$18,988 $2,103,921 $3,416,321
Shs. com. stk. outstanding (no par)
900,674
900.674
900.682
672.106
Earns, per sh. on no par
common stock
Nil
Nil
$0.10
$2.55
x Including operations of the Cardon-Phonocraft Corp. prior to date
acquisition on Sept. 23 1930.
2120
Financial Chronicle
Consolidated Balance Sheet June 30.
LAaouuiesAssets1933.
1932.
a Land,bldgs., maPreferred stock.-- $363,700 $363,700
chinery & mm111_81,709,511 $2,073,773 d Comn on stock__ 2,251,685 4,445,223
452,576
Cash
282,463
476,658 Accounts payable_ 443,059
9,867
6,351
Maraetable secur_ 493,191
153,746 Accr. local taxes_ _
1,737
b Accts. receivable 492,925 1,133,847 Deferred Income__
10,000
10,0(0
Mdse. Inventory_ c672,592
945,693 Contract payable_
4,118
Miscell. assets. _ 568,518
200,702 Trade accept. pay.
312,544 Res. for routing__ 100,000
Pat., tr. marks.,&c
2
65,735
47.364
56,301
52,492 Miscall. open res_
Defeired charges
18,988
1,030.853
Surplus
$4,275,502 $5,340.455
Total
$4,275,502 $5,349,455 Total
a After depreciation of $753,445 in 1933 and $854,195 in 1932. b After
reserve for doubtful accounts and discounts of $208,509 in 1933 and $395.420 in 1932. c After obsolescence of $47,646. d Represented by 900.674
-V. 137, p. 1780.
no par shares.
-Initial Div.
Southern Bleachery & Print Works, Inc.
A at, Mend of $1.75 per share has been declared on the preferred stock,
since the merging
payable Oct. 1. This is the first distribution on this issue
about three years ago of the Southern Bleachery and the Piedmont Print
Works. The business of the company, according to President Starry R.
Stephenson, has been good until recently, and plant operations are generally
-V. 131, p. 4227.
reported much better than a year ago.
-Cuts Richfield Terms.
Standard Oil Co. of Calif.
The New York "Times," Sept. 15, stated:
"Details of the offer of the Standard Oil Co. of California for the acquisition of the Richfield Oil Co. of California. which has been in receivership
almost three years, have been completed and are expected to be announced
shortly. The offer in the main, it Is understood, provides for the payment
of $17.500,000 of 20-year 6% debentures to be guaranteed by California
Standard and $6.000.000 market value of California Standard stock. It is
understood that the offer will remain open until Dec. 31.
The original offer provided for the payment of 200.000 shares of stock
of Standard Oil of California, then worth approximatley $25 a share and
$17,500,000 in debentures. In view of the rise in the value of Standard's
stock since that date the offer is really a reduction although it now calls for
a payment of $23.500.000 in securities instead of $22.500,000 originally.
At the present market price of around 40, the 200,000 shares of Standard
of California stock are worth $8,000,000, making the present worth of its
original offer about $25,500,000.
Cities Service interests are expected to submit a plan of reorganization
for the Richfield company in the near future. It is understood that the
plan will provide for an arrangement by which no group will be frozen out
entirely. Cities Service interests own the majority of the common and
preferred stocks and also a substantial amount of the Richfield bonds outstanding.
If the offer of Standard Oil of California is accepted, the common and
preferred stocks will be wiped out. In view of the.recent improvement in
the oil situation and the belief that further improvement is likely under the
oil Code. it is asserted that a plan of reorganization can be evolved through
which the common and preferred stockholders will receive better treatment.
Under such a plan it is believed also that ultimately the bondholders will
be benefited.
The Consolidated 011 Corp. has been interested in Richfield and about
a year ago submitted a bid for the properties. This bid has since been
withdrawn, however, and it is not now known whether Consolidated is
-V.137, p. 1069.
Interested in submitting another offer.
---Stewart-Warner Corp.
-Places
-----
Two Idle Plants on an
Incorne Basis.
The corporation is making rapid progress in placirg its real estate hold
tags on an earning basis,it was announced on Sept. 11 by Joseph E. Otis, Jr,.
Executive 1, ice-President. Ile revealed that two plants, long idle, of the
Alemite Corp., a sutsidiarY, have recently been leased by the corporation.
The Chicago plant of the Alemite Corp., located at 2638 North Crawford
Ave. which has been idle since operatior s were transferred to the Stewart
Warner plant more than a year ago has been leased to the General Household Utilities Co. for a period of years, with an option to purchase.
-Warner
effect a substantial saving
Not only will the Stewart
through conversion of the idle plant but it also will gain a substantial
Corp.
monthly income under the terms of the lease. Another plant of the Alemite
ocated at Cleveland, and Idle for more than two years, also has
Corp.,f
been eased.
Mr. Otis stated that it will be the company's policy to place all idle
property on an income basis, either selling or leasing those plants which no
-V
longer are required for the corporation's manufacturing activities.
137, p. 1952, 1069.
Tastyeast, Inc.
-Exchange Ruling-New Name.
The Committee on Securities of the New York Curb Exchange on Sept. 1
ruled that until and including Sept. 15 transactions in the class A nonvoting common stock of Tastyeast. Inc. could be settled by delivery of
either old certificates bearing the name Green Brothers Co., or old certificates rubber-stamped to show the change in name, or new certificates
bearing the name Tastyeast, Inc.; and that after said date the only delivery
shall be certificates bearing the name Tastyeast, Inc.
10 E. 40th St. Corp. Plan Operative.
The protective committee for the 1st mtge. 6% gold bond Certificates
(Alvin J. Schlosser. Chairman), announces that the plan of reorganization
dated Nov. 26 1932, as amended July 14 1933 (V. 137, p. 1932). has been
declared operative. The plan as amended has been approved by the
Supreme Court of New York State. Sept. 15 was fixed as the final date
upon which deposits of the certificates may be accepted. ManufacturersMist Co. depositary.
The property covered by the mortgage will be sold at public auction
on Sept. 27 at the Exchange Sales Room, 18 Vesey St., N.Y.City. Jeremiah
T. Mahoney is referee.
-V. 137, P. 1952.
Sept. 16 1933
of pref. stock without par value and 210,000 shares of common stock without par value, leaving 40,000 shares of common stock without par value
authorized but unissued. The corporation previously had an authorized
capital stock consisting of 250,000 shares of common stock of no par value.
The pref. stock is entitled, when as declared by the board of directors, to
cum. dividends from July 11933. at the rate of $6 50 per share per annum
payable quarterly. The pref. stock sill be callable at the option of the
corporation on any dividend date on 30 days' notice at 105 and diva., and
will be entitled on liquidation, voluntary or involuntary, to 100 and diva.
The corporation will set aside on or before Feb. 15 in each year 10% of
the net profits available for dividends on the common stock for the preceding
year as determined by the board of directors, and such amount will be
applied from time to time to the purchase of pref. stock for retirement at
not exceeding the redemption price of $105 and diva. If by July 1 in each
year, the amount so set aside shall not have been exhausted by such purchases, the corporation will call for redemption on Aug. 1 of that year
at 105 and divs., shares of pref. stock sufficient to exhaust the remainder
of the amount so set aside. Each share of pref. stock shall be convertible
at the option of the holder, at any time up to 10 days prior to the date "hen
such shares shall be called for redemption, into 134 shares of common stock,
and provision sill be made for protection against dilution of the conversion
privilege in the case of stock dividends or recapitalizations. Finally, the
pref, stock shall have the same voting rights as the common stock, namely,
one vote for each share.
The directors have transferred from surplus to capital account an amount
equal to $25 per share of tne pref. stock, and the board also proposes to
establish, until further action of the board, a dividend rate on the new common stock of $1.50 per share per annum.
Upon the consummation of the reAassification, each holder of present
common stock was entitled upon the surrender of the certificates for such
stock duly endorsed in blank, to receive certificates for pref. stock and
common stock at the rate of one share of pref. stock and ten shares of cornmo sto.ir for each ten shares of common stock now held.
Non-voting,
non-dividend-bearing scrip was issued representing fractions of shares of
pref. stock, and this scrip will be exchangeable, when surrendered in units
calling for one more full shares of pref. stock, for certificates for such
pref. stock. The corporation will assist stockholders to sell scrip for excess
fractions or to buy scrip with a view to obtaining certificates for full shares.
-V. 136. p. 3922.
Thrift Stores, Ltd.
-Earnings.'
-1932.
Years Ended March 31- 1933.
$107,130
Operating profit
$111.837
28,789
36,793
Depreciation
1931.
$95,781
19,163
x1930.
$51,488
10,277
Net profit
1st preferred dividend
2d preferred dividend__ _
$75,044
22,397
8,400
$78,341
22,750
8,400
$76,618
22.750
8.400
$44,211
5,804
4.200
Net earnings
Previous surplus
Profit on redemp. of 290
shs. 1st pref. stock_ _ _
$44,248
93.296
$47,191
55,189
$45,468
29,094
$34,207
Total surplus
Income tax & adjustml
$139.8(
13
20,151
$102,380
9,084
$74.662
19,373
$34,207
y5,113
2,320
$93,296
Profit & loss surplus__ $119,711
$55.189
$29,094
x Eight months from Aug. 3 1929 to March 31 1930. y Interest on
balance purchase price of assets.
Ealtyrce Sheet March 31.
Liabilities
1933.
1932.
1932.
Assets
1933.
Property
$162,058 y$169,383 1st pref. stock__ _ _ $342,750 $350,000
39,000 2d pref. stock___ 120,000
120,000
Goodwill, &c
39,000
See x
14,319 Common stock__
Deferred charges.
17,576
149,276
112,221 1 ayables
143,184
Cash
190,366
10,656
8,649
76,187 Tax reserve
Investments
1,722
Surplus
119,712
93,296
Cash surr. value of
life Insur. policy
3,140
51,459
Receivables
53,130
252,560
275,402
Inventories
Total
$742,394 $715,129
Total
6742,394 $715,129
x 20.000 no par shares outstanding. y After depreciation of $70.844
in 1933 and $50,402 in 1932.
Balance Sheet June 25.
1933. ' 1932.
Assets1933.
1932.
Net current assets_ $366,831 $336,658 Capital account_ $462,750 $470,000
Prepaid items_ ___
13,422 Surplus
136,213
97,647
23,709
Fixed assets (less
178,566
depreciation). __ 169,421
Good-will
39,000
39.000
Total
$598,963
-V. 137, p. 1595.
$567.647
Total
$598,953
$507.647
Timken-Detroit Axle Co.& Subs. Bal. Sheet June 30.
1932.
1932.
1933.
1933.
LiabilitiesAssets$
$
$
7% pref.stock_ _ _ 2,774,800 2,775,600
Land, bldgs., &c.,
less depreciation 6,427,632 7,194,948 Common stock_ _ _ 9,803,190 9,920,960
Goodwill & patents 1,683,758 1,683,758 Debenture notes__ 868,900 1,061,700
Notes payable.
Dies, Jigs, fixtures
05,000
344,173
1 Accounts payable_ 394.868
and patterns.._1
123.792
Cash
806,979 0th. current assets 269,807
558,467
Reserves
217,717
Notes, accts., &c.,
433,767
89,554
receivable
1,666,320 2,517,327 Deterred income_
59,769
Inventories
2,072,958 2,845,070 Surplus
950,240 3,072,426
Govt. & other sec_ 1,628,413 1,322,806
4% demand Mts.
on deposit & int.
thereon
85,335
111,571
Miscellaneous_ _ _ _ 1,348,942 1,107,554
111,108
83,516
Deterred assets._
-New Leases.
Texas Gulf Producing Co.
The company on Sept. 6 announced the acquisition of two leases, aggregating approximately 230 acres, in the new Greta Mehl in Refugio County,
Tex. This brings the total producing area controlled by this company
Total
Total
15,555,343 17,700,92
15,555,343 17,700,922
up to 809 acres, including the Barber's Hill salt dome of 579 acres. The
-V. 137, P. 158, 1953
entire acreage represents estimated gross reserves of close to 40,000,000
barrels. According to Sidney A. Judson, the company's Chief Geologist,
roy Sunshade Co.-Rempved from List.
development work already completed in the newly acquired field has
unlisted trading
New York Curb Exchange)has removed fro
proven up a substantial portion of the holdings. Two months ago the
prr lieges the common stock (no pap.
-V. 134, p. 2547.
area was wildcat territory, without any oil production, in conseGreta
quence of which the company was able to obtain these properties at a
'" -dzin Disc Clutch Co.- moved from List.
nominal cost. Since then 10 wells have been drilled in the area, several s -isted trading
New York Curb Exchange as removed from
of which had an initial production of over 1,000 barrels a day. Twenty
.-V. 134. p. 4766.
privileges the capital stock (no par)
additional wells are now being drilled in that field. One hundred and
fifteen acres of this area is considered proven, 65 acres is semi-proven
"Union Atlantic Co.
-To Retire 4% Bonds.
and 50 acres prospective for oil production in the 4,400-foot sand.
Holders of 10
-year 434% gold bonds due Nov. 15 1937, are being notified
The Greta acquisition is estimated to add about 4,350,000 barrels to
by President W. R. Monk, that the company will redeem on Nov. 15 1933,
previously estimated reserves and at current ported prices
bhe company's
at 101, all such bonds then outstanding. These bonds should be presented
for crude oil represents a large addition to the company's assets.
for redemption to Guaranty Trust Co. of New York, 140 Broadway. N. Y.
The company further announced the bringing in of a new well. Kirby B-11
City, on and after Nov. 15. after which date interest will cease.
-V. 137.
in the Barber's Hill field, with an initial output on the first day, Aug. 30.
p.707.
of about 1.100 barrels, which has since increased to 1,730 barrels per day
The company's entire Barber's Hill salt dome production is sold under
Union Mfg. Co.-Remov from List.
contract to the Atlantic 011 Producing Co., a wholly owned subsidiary of
unlisted trading privi'eNew York Curb Exchange as removed fr
Atlantic Refining Co.
leges the capital stock (par $25). V. 134, p.522.
O. R. Seagraves is Chairman of the Texas Gulf Producing Co. and N. W.
Hunter is President.
-Earnings.
Tung-Sol Lamp Works, Inc.
Contract, &c.,Extended.
For income statement for 6 months ended June 30 1933 SAO "Earnings
-V.137. p. 1429.
See Atlantic Refining Co. above.
Department" on a preceding page.
•
Harvey W. Harper, President, says in part:
Time, Inc.
-Initial Dividends on New Stock Issued Through
While the months of July and August do not appear in our statement, it
Recapitalization.is interesting to know that these months show a very marked improvement
over the same period in 1932. Our percent increase in unit volume in
The directors have declared initial quarterly dividends of $1.6215 Per
radio tubes for the eight months of 1933, as compared with the same period
share on the new $8.50 cum. cony. pref. stock, no par value. and 3734 cents
of 1932, is 43%. The percent increase in lamps since May 11933, as comper share on the new common stock, no par value, both payable Oct. 1 to
pared with 1932,(when the large reduction in sales began) is 40%.
holders of record Sept. 15. An extra dividend of 1234 cents per share and a
We believe that the principlc,s of the NRA will be of material value to
regular quarterly dividend of 3734 cents per share were paid on the old
common stock on March 31 and on June 30 last.
company, as well as all companies, who have been operating on a careful
and conscrvatic e basis and handling their finances in a way that PA business
The stockholders on July 1 approved a proposal to reclassify the capital
improves, ample funds will be available to carry such improvement. There.
- tock so as to change the 210,000 shares heretofore issued into 21,000 shares
Financial Chronicle
Volume 137
fore, we have conformed to the NRA Code and operate under the Blue Eagle.
It Is interesting to note that we have increased our production force 33% in
order to(onfortn to the N RA Code requirements and in order to take care
of the incr.ased business mentioned. above.
Comparative Consolidated Balance Sheet.
Ju ne 30'33 Dec 31 '32
Assets
LtabitalesJune 30'33 Dec. 31 '32
$75,000
Cash
$154,210 8182.856 Notes payable.___ $100,000
57,418
28,747
Marketable secur.. 224,941
289.059 Accounts payable_
Notes & accts. rec_
93,450
178,102 Due subs. &
selling cos
3,624
Due from attn. &
subsid. sell. cos_
86,035 Accr. sal., wages,
296,566
Mdse. Inventories
royal., bonuses,
69,539
36,201
& mdse. In contaxes and exps
signment
473,931 Notes payable 253,476
17,252
Other assets
long term
835,742
407,695
3,131
zl• I sett asset
756,668 Dividends payable
603,344
7,385
Deferred credit_.
French., licenses,
171,600
121,824
pat. rights, &c_ _
1 Reserves
1
433,617
438,617
Deterred charges__
17,297
14,582 z i referred stock
548,424
548.424
y Common stock
1,125,952 1,073,221
Surplus
$2,479,027 52,385,929
Total
Total
$2.470,027 $2,385,929
x Represented by 60.919 shares preference (no par value). y Represented
by 228.510 shares common (no par va ue). a. After r(serve for depreciation
of $581.822 in 1933 and $560.215 in 1932.-V. 137. p. 1596.
-Balance Sheet June 30.United-Carr Fastener Corp.
1932.
1933.
LiabilUies580.358
Accounts payable_ $124,857
Acer. ex ps. & deb.
61,182
Interest
77,922
Inc. taxes payable
15,571
14,572
accrued
z10-year6% cony.
1,726,000 1,800,000
debentures
7,492
8,238
Deferred Income....
Min. Int. in subs.
35,690
companies
118.255
y Capital stock and
1,788,857 1,725,080
surplus
Assets1932.
1933.
Cash
$351,523 $213,547
Accts.. notes Sr acceptances ree_
275,387
400,411
Invent. & goods In
transit
695,455
683,254
Cash surr. val. of
6,948
life Insurance.
12,823
189,750
U.S. Govt. oblige.
61,236
Australian Govt.
1,220
obligations
274,337
Other assets
234,711
Prop., plant & eon 2,095,341 2,036,215
Patents, licenses &
3
good- wil I
3
33.257
Prepaid expenses.
38,652
$3,857,955 $3,726,119
Total
Total
$3,857,955 $3,726,119
x Outstanding (including $234.000 ($279,500 In 1932), par value In
treasury, stated contra at cost). y Represented by 250,000 shares of com-V.137.
mon stock of no par value of an authorized issue of 500.000 shares.
P. 1257.
-20%for Creditors.
United Cigar Stores Co. of America.
A 20% dividend to creditors of the company was ordered on Sept. 11
by Referee Iry in Kurtz at a hearing at 15 Park Row.
Attorneys representing the liming Trust Co , trustee for the company,
estimated that the payment of the dividend which would amount to about
82.000.000, would still leave the company with sufficient operating cash.
Referee Kurtz extended the term of the trustee to Jan. 29 1934. during
whi( h period, it was predicted. "a substantial profit would be realized."
In the meantime, it was explained at the hearing, the plan for the reorganization of the company will be continued, with a possibility that it may
be "put up for public sale."
Referee Kurtz ordered the dividend paid at soon as legal papers can be
.,..prepared.
-V. 137. p. 1781.
-Reduction in Capital.
United Electric Coal Cos.
The stockholders will vote Oct. 7 on decreasing the capital represented
by outstanding common stock to $4.657.317 from 38,657.317.-V. 137.
p. 1953.
-Earnings.
United Printers & Publishers, Inc.
Years EndedGross profit from operations
Admin., selling & other expenses_
Feb. 28 '33. Feb. 29 '32. Feb. 28 '31.
$1.693,230 $2,355.376 $3,754,229
1,942,146
3.057,373
2.976.985
_
$248,916
134,643
Net loss from operations
Other income
Net income from all sources
Depreciation
Interest on debentures
Other interest and Federal taxes
$701.997prof$777,243
160.165
110.019
loss$114.273 1oss3541.832
100.437
217,021
85,605
105,465
95,212
147.054
Net loss after above charges
Special inventory adjustments & line
depletion & obsolescence due to
consolidation
$887,262
205,301
112,261
126.822
$395,528 $1,011,371prof$442,878
240,976
Deficit
$395,528 $1,011,371 sur$201.901
Shs. of cont. stk. outstanding (no par)
170,969
250,453
250.432
Nil
Nil
Earnings per share
$0.80
Comparative Condensed Consolidated Balance Sheet.
AssetsMobilitiesFeb.28 '33. Feb.29'32.
Feb.28 '33. Feb.29 '32.
Acets.& notes pay.$1;349,539 $1.*/135,472
a Cash & accts. &
notes reeelvable$1,176,132 $2,088,926 Acer. exp., incl.
Inventories
Fed.& other tax.
69,744
104,891
544.965 1,920;528
Bonds & mortgages 1,356,788 1,879,145
b Real est., bldgs.,
mach.& equip
2,617,191 4,653,029 c Capital account_ 2,205,412 5,719,380
Other investments 434.126
447,124
Commissions adv.
to salesmen on
1933 business
booked, but not
shipped, & other
deferred items
376,543
200,067
Good-will, tr. mks.
copyrights...
1
2,737
2121
United States Steel Corp.
-Unfilled Orders.
See under "Indications of Business Activity" on a preceding page.
-V.
137. p. 1258. 1072.
United Steel Works of Burbach-Fich-Dudelange
(Societe Anonyme des Acieries Reunies de BurbachEich-Dudelan ge)(Grand Duchy of Luxemburg)"Arbed"
-Pays on Gold Basis.
Holders of 7% dollar bonds, due on April 1 1951, were recently notified
by the trustee that the dire:tors of the corporation had de ided to follow
the precedent of the Belgian Government, paying the called bonds and
coupons dm on Oct. 1 1933 and thereafter, in Belt.ian currency at the
approximate equivalent of gold. if owned by non-residents of the United
States and if the bonds were presented on or before Sept 14 1933.
The bonds were to be presented for stamning at the company's °Klee
In Luxemburg. or at the Banque de Bruxelles, Brussels, or the Societe
Generale de Belgique. Brussels; the Credit Lyonnais. Paris. the De
Twentst be Bank. Amsterdam; 8,‘Iss Bank Corporation, ilasle: the Dresdner
Bank, Berlin, or at other banks whose names are on file at the ofilce of
the trustee.
The maturing coupons and called bonds so stamped were to be redeemed
at the rate of 35.60 Belgian francs per dollar, v hich compares xi ith the
approximate present rate of 24.85 francs per dollar. If bonds or custody
rm clots could not be forwarded by that date, names and addresses of the
owners and serial numbers of the bonds may be cabled to the designated
banks. It was spedlically stated, however, the stamping did not apply
to bonds of American citizens residing in the United States.
-V. 137.
p. 1782.
United Verde Extension Mining Co.
-Output.
Copper Outpul(lbs.) 1933.
932.
1931.
January
3.014.232 3,043.930 2.824.696
Fenruary
2.710.040 3.031,459 3.221.198
March
3.013,188 3.049,976 3,2:36,882
April
2.977,420 3,019,072 3.074.758
May
3.006.300 3,020,100 3,369.080
June
2.673,788 3.007,702 3,284,984
July
2.745.556 3.008.902
a
August
2,610.580 3.038,998
a
September
2,969,622
a
October
2.909,008
a
November
2,913,886 2,784,000
December
2.908,322 2,917,000
a Operations suspended.
-V.137. p. 510. 1596.
1930.
4,447,540
3.737.914
3.362.598
4.094,740
4.013.796
3.580.772
3.898,170
4.028,442
3,771.274
3,404.000
3.800.000
2.473.000
1929.
4.675.640
4,047.610
5.107.946
5.364.570
5.465.350
5,010.000
4.470.336
4.593.462
5,140.000
6.038.000
4.776,000
4,742.000
Universal
Consolidated Oil Co.
-Earnings.
[Including wholly owned subsidiary, Lost Hills Water Co.!
Earnings for Year Ended Dec. 31 1932.
Income from production of crude oil, casinghead gasoline, dry
gas, and water net after royalty and outside interests of
$296,231
$448,032
Production costs ($118,358) & gen. & adm expenses($74.173)192.531
Other
net. incl. loss of $22,202 on abandonments
9.795
Depletion & depreciation, less 81,821 development costs reexp..
covered from outside interests
238.847
IVIling expense
74.697
Lass for year 1932
Earned surplus, Dec. 31 1931
Adjustments, principally for refunds on insurance
Transfer from contingency reserve
Loss on sale of Torrance property
867.838
226.993
7.495
37.368
Dr.36,996
Surplus Dec. 31 1932
$167.023
Condensed Consolidated Balance Sheet Dec. 31 1932.
Assets
Liabilities
$273,981 Accounts payable, trade &
Cash
Accounts receivable
68,396
royalty
$28,698
Inventories
34,930 Purchase money obligation
14,500
Prepaid loser., taxes, lt rentals
13,892 Accrued Items
18.468
a Producing lands & leases, &
Federal tax for prior years_
20,000
equipment
887,153 Provi•tion for general conting
50,000
Non-producing & undeveloped
b Stated capital
2.612,170
lands & leases
257,208 Earned surplus
167,023
Invest. In Los Flores Land &
Oil Co
36,575
Receivable. Richfield Oil Co
1,326,956
Other receivables
9,759
Total
52,908.859
$2,908,859
Total
a After depreciation and depletion of $5.332,682. b Represented by
358,103 $100 par shares, $968.860 has been deducted for dividends'from
depletion.
Viau Biscuit Corp., Ltd.
-Earnings.
1932.
$362,161
309,087
1931
$619,569
404,4.6
1930.
$732,623
422.601
1929.
$649,300
413,501
Balance
Sundry revenues
853,074
3,688
8215.112
3,672
$310,021
5,445
$235,799
7,537
Net earnings
Bond interest, &c
Depreciation
Tax reserve
Bad debts reserve
Write off
$56,762
28,272
30,000
20,000
$218.784
27.523
30,000
8,500
20.000
$315.466
33.474
40.000
12,381
20.000
x19.000
$243.337
39.330
35,000
8.000
20 000
5.000
Net income- - ______ loss$21,509
50.680
1st preferred dividend_ 2d preferred dividend..
3132,760
70.000
32.900
$190.611
70.000
32,900
$136,007
70,000
32.900
Total
54,972,483 59,488,888
$4,972,483 $9,488,888
Total
a After reserve for doubtful accounts of $346,817 in 1933 and $216.450
in 1932. b After reserve for depreciation of $726,688 in 1933 and $1.365,013 in 1932. c Represented by 92,961 (132.314 in 1932) shares of preferred
stock and 170,969 (250,435 in 1932) shares of common stock, all of no
-V. 135. P. 4049.
par value.
Balance
def$72,189
Previous surpl. (adjust.)
87,865
Profit real, on red, of pf_
16,265
Profit arising thru dep.
for option on proposed
sale of property
1.000
$29,860
108,202
$87,711
63.783
$.33,107
29,961
-Foreclosure.
""....United Properties Corp., Houston, Tex.
Total surplus
der$32,241
2d pref. div. for yr 1929_
Amt. transf. to res, for
deprec. & obsolesc_ _ _ _
30,000
Loss on sale offixed assets
$138,062
$151,494
32.900
863,068
50,000
263
7.796
A $2,900.000 mortgage on five buildings has been foreclosed in Federal
Court in Houston by a bondholders' protective committee.
U. S. District Judge T. M. Kennerly entered the foreclosure order in
the case of Melvin Straus, trustee for the bondholders' protective committee.
L. C. Masterson, Jr., has been appointed special master to sell the
on a date which he will announce later.
-V. 136, p. 4108.
....,property,..
0
-Receiver.
nited Puerto Rican Sugar Co.
-V..136, p.
j1
Albert E. Lee is now the receiver for the company.
-Removed from List.
''1 nited States Envelope o.
'he New York Cur o Exchange has removed from unllsted0trading
privileges the common stock (par $ 0)-V. 136, p. 1570.
.S. Industrial Alcohol Co.-hisiiag.x.r
The New York Stock Exchange recommends that 7,967 shares ot common
ij
•
l
s ck (no par value) be added to the io st on official notice of issuance in the
accmisltion of Penn-Maryland, Inc.
The company has issued upon au oritv of the directors 9,45 ihares of
its common stock, on account of the purchase of shares of stock of PennMaryland, Inc., which latter company is owned jointly by U. S. Industrial .
Alchohol Co. and the National Distillers Products Corp. The PennMaryland, Inc. owns all the capital stock of Penn-Maryland Corp., which
owns and Mr) leases plants for the production of beverage spirits.
The company proposes to issue upon due authority of the directors
7.967 shares of its common stock, on account of the purchase of additional
-V. 137, p. 1071.
hares of Penn-Maryland. Inc.
Z
Calendar YearsGross profit
Expenses
Profit and loss surplus
3110.798
82.941
$87.800
x Including organization expenses, provision for old tins, and
advertising.
Balance Sheet Dec 31.
1932.
1931.
Assets1932.
Liabilities
$100,000
$18,840 Bank loans
Cash
$10,023
Bills received
79,826
2,923 Accounts payable_
1,880
Accts. receivable
10,962
304.720 Accrued Interest _
261,587
Inventories
246,949 Special bank loan_ 200,000
218,793
Investments
Income tax
202,500
Deferred liability _
Dep. with Assoc.
7,766
Bond.redemp. res.
Reciprocal Ins.
1,852
Exchange
3,973
337,300
3,310 Bonds
Fixed assets
1,870,475 1,843,428 1st preferred
946,000
Organization expen
12,670 2d preferred stock.. 470,000
12,670
24,679
18,703 x Common stock_ - 125,000
Deferred charges
Depreciation res.- 324,935
2,941
Surplus
$63.068
deferred
1931.
$131,415
11,151
8,500
8,226
1,127
343,100
1,000,000
470.000
125,000
265,223
87,800
Total
52,606,581 52,451,543
Total
$2,606,581 $2,451,543
x Represented by 25.000 no par shares.
-V. 135, p. 4400.
2122
Financial Chronicle
.-- glchek Tool Co.-Rem7 from List.
"
,
hed
e New York Curb Exchange as removed fro
nlisted trading privileges the common stock (no par .-V. 135, p. 64iJ
Wabasso Cotton Co., Ltd.
-Earnings.
Years EndedJuly 1 '33. July 2'32. June 2'7 '31. June 30'30.
x Operating profits
$415,818
$448,213
$528,274
$174,617
Interest on investments68,741
61,852
72,519
63,847
Total income
Depreciation
Bond interest
Sinking fund
Bond discount
$590,127
285,400
240,864
29,700
12,719
$238,464
231,500
250,594
27,355
12,719
$520,732
222,751
256,149
25,465
12,719
$4484,559
249,445
263,584
23,890
Net loss
prof$21,443
Previoussurplus
103,157
Loss on sub. cos. shs.
purchased during year
316
$283.705
386,862
prof$3,648
383,214
• $52,361
435,575
Profit & loss, surplus.. $124,284
$383,214
$103,157
$386,862
Shares of capital stock__
69,986
outstanding (no par)_
69.903
69,903
69,903
Nil
Earns.per sh.on cap.stk.
Nil
$0.30
$0.05
x After deducting all manufacturing and other charges and expenses.
Consolidated Balance Sheet.
July 133. July 2 '32.
July 1 '33. July 2'32.
Liabilities3
AssetsS
I
$
x Capital stock_ __ 4,192,240 4,192.240
Real estate, build761.000
751,000
ings, plant, ma1st mtge. 68
chinery, dtc_ ___ 9,604,447 9,607,332 1st mtge. 68, St.
Maurice Valley
Investments
1,418,480 1,422,515
Cotton
Mills,
Cash
90,453
25,989
1,856,900 1,917,300
Ltd
Accounts and bills
1st mtge. Shawinireceivable (less
773,000
gan Cotton Co.... 753,500
reserve)
486,734
375,134
540,000
Inventories
957,767 1,301,800 Mtge. coll. tr. 7s 499,000
204,241
Res. for sink. fund 233,941
Cash in hands of
Depree'n reserve
3,217,903 3,071,159
trustee for bond233,866
3,158 Accts. & bills pay_ 257,257
holders
6,545
550,000
233.109
262,378 Bank loan(secur'd) 220,000
Deferred charges
Def'd dab, for machinery purch
49,729
51,946
Oper. exp. wages,
75,717
taxes, ,kc
118,718
Bond int. diva.
24,679
payable, Arc_ _
'
23,063
General reserve__
500,000
500,000
124,284 • 103,157
Profit & loss acct._
Total
12,797.534 12.998,305
Total
x Represented by 69,903 shares no par value.
-V.
--....
Wamsutta Mills.-Remov
12,797,534 12,998,305
5, p. 4050.
from List.
T
New York Curb Exchange as removed
vileges the capital stock (par $1 ).-V. 136, p
om unlisted trading
73.
Western Auto Supply Co., Kansas City, Mo.August Sales Off.•
-1932.
-August
1933
$1,337,000
$1,234,000
-V.137, p. 511, 1258.
Decrease. I 1933-8 Alas.
-1932. Increase.
$103,0001$7,950,000
$7,391,000
$559,000
est Michigan Steel Fo
_ahitaker
dry Co.
-Removed from List
--- r New York Curb Exchange as removed from unlisted trading
C
The
p nes the common stock (no p .-V. 133, p. 141.
eg
Paper Co.-Rered from
..41
T
New York Curb Exchange has removed fro
p vileges the common stock (no p .-V. 137, p. 1431.
nlisted trading
White River Bridge Corp.
-Pays Interest.
E. L. Farris and Parker C. Ewan. receivers for De Valls Bluff Bridge,
in a notice to the holders of the bonds issued by the White River Bridge
Corp. on May 1 1928. states in substance:
"Notice is hereby given that all past due coupons from the bond issue
of this corporation, Issued on May 1 1928, and secured by franchise, rights
of way and tolls proposed to be collected on the DeValls Bluff Bridge
located in Prairie County, Ark., will be paid on presentation to the Union
Bank in the city of Little Rock by the receivers for the DeValls Bluff
Bridge.
'This notice is in pursuance of decretal order of the U. S. Court for the
Western Division of the Eastern District of Arkansas in Cause No. 8789,
In which the New York Trust Co., as trustee, are plaintiffs. and J. S.
Cargile, et al.. are defendants."
Wil cox & Gibbs Sewing Machine Co.
-Removed from
Lj.t.
The
ew York Curb Exchange Ias removed from unlisted trading
es the capital stock (par $507.
Winn & Lovett Grocery
o.
-Sales.
-
Period End. Aug.26-- 1933-4 Weeks
-1932. 1933-34 Weeks
-1932.
Sales
$370.308
$385,933 $3,090,345 $3,304,222
-V.137. p. 1431, 511.
rcester Salt Co.-1&emoved from List.
he New York Curb Exchange as removed from mill ed trading privileges the common stock no par)
V. 137, P. 332
--ssWitherbee, Sherman & Co.-Reorg. Plan Effective.
The plan of reorganization dated as of April 30 1932 has been consummated. Securities of Witherbee Sherman Corp.. the new company formed
pursuant to the plan, have been deposited with Chemical Bank & Trust
Co., depositary, and are now available for distribution to holders of the
certificates of deposit of securities of the old company in accordance with
the terms of the plan.
The reorganization committee appointed to put the plan into effect
consisted of D.C. Borden, Chairman, Walter Brown, William W.Lancaster,
J. A. Stevenson, Jr., Thomas F. Troxell, William C. Ladd and Spotswood
D. Bowers. George F. Nolte, Secretary, 55 Wall St., N. Y. City and
Shearman & Sterling, Counsel, 55 Wall St., N. Y. City.
In formulating the plan, the reorganization committee had the cooperation of the bondholders' committee consisting of R. 0. Hayward,
W. W. Ayres and John V. W. Reynders, representing holders of 1st mtge.
6% sinking fund gold bonds, series A. due May 1 1944 and the note and
stockholders' committee consisting of Lewis W. Francis, Charles T. Ellis
and Spotswood D. Bowers, representing holders of series A notes, equipmet t notes, prior preferred stock, preferred stock and common stock of the
company, and of the National City Bank of New York, which held the
$1,500,000 series B notes of the company.
The company was in default in complying with the sinking fund provisions of its first mortgage and in the payment of the $2,000,000 series A
and series B notes which matured on Dec. 31 1930 and had not sufficient
funds to meet the interest due May 1 1932 on its first mortgage bonds.
The company suspended mining operations on Jan. 2 1932. Its furnace
was shut down on Jan. 15 1932. To secure existing loans from the Bank
to meet current expenses (including interest) the company pledged all or
practically all of its iron ore, pig iron and ore concentrates previously mined
but unsold. In addition, the company was liable as endorser on the note
of one of its subsidiaries, Cubitas Iron Ore Co.. to the Bank, and pledged
as collateral therefor $300,000 (the entire issue) of the 1st mtge. & coll.
trust 6% 10
-year bonds and 20,816 shares (more than 50%) of the common
stock of Port Henry Mining Corp., another subsidiary, whix e iron mines
were operated in conjunction with those of the company.
The plan . was intended to procure additional working capital and to
reduce fixed charges by refunding or capitalizing indebtedness. Upon
consummation of the plan, it is contemplated that there will be released
approximately $1,050,000 current assets and the Port Henry Securities
now held by the Bank as collateral for Bank indebtedness, and that fixed
interest charges will be reduced by approximately $350,000 per year, and
indebtedness by about $3,350,000, assuming Bank indebtedness amounts
to but is not greater than $1,200,000.
Sept. 16 1933
Securities and Bank Indebtedness of Old Company Dealt With Under Plan.
First mortgage bonds
$3.600,000
Bank indebtedness estimated and including interest
1,200,000
Series A notes
500,000
Series B notes
1,500,000
Equipment notes
169,000
Prior preferred stock (par $100)
753 shs.
Preferred stock (par $100)
3,330 shs.
Common stock (par $100)
30,000 shs.
Method of Reorganization.
-Plan provided for organization of a new
corporation to acquire all of the properties and assets of old company,
including (a) all property and assets subject to lien of first mortgage, dated
May 1 1922;(b) pig iron, iron ore, sinter and(or) ore concentrates (and (or)
accounts receivable representing the proceeds of sale thereof) held as collateral by the bank for bank indebtedness; (c) Port Henry Securities held
by the bank as collateral, and (d) all bonds, stocks, securities and claims of
the company; except such of the property and assets as the reorganization
committee may determine to exclude with the approval of the bondholders'
committee.
New company and(or) a subsidiary or subsidiaries of it is to acquire and
(or) own all of the assets of all of the subsidiaries of the company except
such as the reorganization committee may determine to exclude with the
consent of the bondholders' committee. New company is to assume
and(or) to cause one or more of its subsidiaries to assume all or such of the
obligations of the company and(or) of its subsidiaries not adjusted under
the plan, including contingent obligations of the company and(or) of Its
subsidiaries, as the committees shall determine.
There is also to be organized, under laws of New York, a new sales
corporation, the capital of which shall consist of 100 shares without par
value. The sales corporation is to enter into an agreement with the new
company, under which the sales corporation will have, for the period of
five years, the supervision of the disposition of the entire output of the new
company and(or) its subsidiaries, the compensation of the sales corporation
for its services to be at the rate of $5,000 per month, with the provision
that any interest paid on the $1,800,000 income bonds of the new company to be purchased by the sales corporation shall be credited on such
$5,000 monthly compensation and likewise such compensation when paid
shall be credited on the interest on said bonds.
Upon consummation of the plan, (1) the bank is to receive from the
sales corporation (a) entire capital stock of the sales corporation, (b)
$1,200,000 5
-year collateral promissory notes of the sales corporation
secured by the pledge of $1,800.000 income bonds of the new company
and (c) if bank indebtedness exceeds $1,200,000, a note of the new company, payable to the bank, in principal amount equal to the amount by
which bank indebtedness exceeds $1,200,1,00, secured in the same manner
as loans or advances by the bank have heretofore been secured by the
pledge of current assets (but not the Port Henry Securities) in such amount
as required by the bank and approved by the committees;(2) as consideration therefor, the bank (but without recourse)is to deliver to the sales corporation the evidences of all bank indebtedness, together with the collateral
therefor, including current assets and the Port Henry securities: and (3)
the sales corporation, in consideration of the release by it to the new company of all bank indebtedness and collateral therefor to be delivered by the
bank as afo.esaid,is to receive from the new company,and the new company
is to deliver to the sales corporation (a) $1,800,000 income bonds of the
new company and (b) the note of the new company if bank indebtedness
released is in excess of $1,200,000.
Securities New Company Shall Be Authorized To Issue.
6 income 1st mtge. bonds
$3.600,000
6% cumulative preferred stock (Par $50)
50,000 shs.
Class A stock
155,405 shs.
Class B stock par $10
44,595 shs.
Class C stock no par)
30,000 abs.
Securities Sales Corporation Shall Be Authorized To Issue.
5
-year 5% collateral promissory notes
$1,200,000
Capital stock (no par value)
100 shs..
Exchange of New For Old Securities.
Received
• Existing
Pj. Stk. Cl. A Stk. Cl. B Stk. Cl. C
Inc.
Shares. Shares. Shares. Shares.
Securities.
Outstanding. Bonds.
1st mtge. bonds_ _ _13,600,000 51,800,000 36,000
Bank Indebtedness..
Series A Notes
500,000
Each $1,000
Series B Notes
1,500,000
Each $1,000
Equipment Notes
169,000
Each $1,000
Prior pref. stock_
753 shs
Each share
Preferred stock
3,330 shs.
Each share
Common stock
30.000 shs.
Each share
See Below
3,228
6.456
9,682
6.4546
1,090
6.4491
25,824
71.648
107,472
71.648
12,109
71.6508
11,295
15
33,300
10
30.000
1
Bank Indebtedness.
The bank as holder of bank indebtedness will be entitled to receive under
the plan for such bank indebtedness (including interest thereon up to May
1 1932) the following:
(a) $1,200,000 5
-year 5% collateral promissory note (or notes) of the
sales corporation;
(b) The entire capital stock of the sales corporation. and
(c) If bank indebtedness exceeds $1,200,000, the note of the new company, dated May 1 1932, payable to the bank. in a principal amount equal
to the amount by which bank indebtedness (including interest up to May
1 1932) exceeds $1,200,000, bearing interest from date at bank rate, and
secured by current assets.
Consolidated Income Account.
(Including Wholly-Owned Subsidiaries.)
1929.
Calendar Years1931.
1930.
1928.
Sales and earnings
$4,246,733 $4,684,132 $3,224,755 $1,487,122
Manufacturing costa &
1,603,821
operating expenses- _ - 3,727,428
3,977,278
2,643.628
Balance
Adm.,selling & gen. exp.
$519,304
58,842
$706,853
58,000
$581,126 loss$116,699
48,743
52,342
Balance
Divs. & int. received..- _
$460,461
8,194
$648,852
26,536
$528,783 loss$165,442
48,755
22.111
Total
Interest charges
Depletion & deprec
$468.656
400,659
205,574
$675,388
377,722
208,966
$550,895 loss$116,687
403,880
385,823
95,097
168,323
Net loss
$137,577 prof$88,699
$615,665
$3,251
Note.
-The losses on account of the years 1930 and 1931 are subject to
Increase on account of an undetermined liability to Port Henry Mining
Corp. for ore mined.
Pro Forma Consolidated Balance Sheet, March 311932.
(Giving effect to proposed incorporation of the new company and to the
consummation of the plan and agreement of reorganization
dated as of April 301932.)
Liabilities
Assets898,039
Cash
541,876 Ace. payable & accr
165,042
Accounts rec., less reserve_ __
223,713 Adv. on ace, of ace. rec
Inventories
1,168,976 Res. tor Workmen's Cowen.
21,739
liability
Own securities, sundry adv.
3,600,000
& Int. accrued
22,548 6% income bonds
2,500,000
6% preferred stock
Special hinds In hands of
1,554,050
trustees
64,463 Class A stock ($10 par)
445,950
Inv. (pledged) in add. cos._ _
505,000 Class B stock ($10 par)
Advances to add. cos
52,250 Equity for el. A, cl. B dr ol. C
8,823,592
stock s
Property Account
14,658,625
Deferred charges
441,010
Total
$17,178,463
Total
$17,178,463
x Of the latter denomination 30,000 shares without par value are authorized and issued.
-V. 137, p. 1953.
Volume 137
Financial Chronicle
2123
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS
-WOOL-ETC.
COMMERCIAL EPITOME
•
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF
BUSINESS ACTIVITY.
Friday Night, Sept. 15 1933.
COFFEE futures on the 11th inst. were quiet and ended
1 to 3 points lower on Santos and unchanged on Rio, with
sales of 16 lots of Santos and 4 lots of Rio. Cost and freight
offers were in moderate supply and higher with prompt
Santos 4s quoted at 8.75 to 9.10e. Spot was quiet with
Santos 4s, 8% to 9c. Mild quotations were lower. On
the 12th inst. futures were still dull but the market was
steadier and the ending was 7 to 9 points higher on Santos
contracts and 2 to 5 points higher on Rio contracts with
sales of 7,000 bags of Santos and 750 bags of Rio. Renewed
talk of inflation inspired moderate buying by trade interests
and commission houses. In the cost and freight market
Santos 4s, for prompt shipment, were dull at 8.65 to 9.10c.
Spot coffee was also quiet at 84 to 9c. for Santos 4s and
71 c. for Rio 7s. Futures on the 13th inst. were quiet
4
and ended 4 points lower to 7 points higher. On the 14th
inst. futures closed unchanged to 3 points higher on Rio
contract and 5 points lower to 1 point higher on Santos.
To day prices advanced 10 to 13 points on Rio contracts,
8 to 14 points on Santos, owing to buying by Wall Street
and roasters.
Rio coffee prices closed as f)llows:
closed 2 to 4 points higher with a better trade. Prices
closed as follows:
Spot unofficial
September
December
January
1.601March
5 1 Juayy
5 Ml
8
4
1.601
1.66
1.71
1.75
LARD futures on the 9th inst. closed 2 to 7 points lower
in response to the weakness of other commodities. Hog
prices were 5 to 10c. lower with the top $4.45. Cash lard
was dull; in tierces 5.42c, refined to Continent 5% to 6e.;
South American 63.. to 63te. On the 11th inst. futures
advanced 7 to 15 points after early weakness. Hogs were
firm with the top $4.55. On the 12th inst. futures closed
unchanged to slightly lower owing to hedge selling by
packers. Early prices advanced 10 to 15 points on good
buying by commission houses induced by the strength of
hogs which advanced 10 to 15c. The top price of hogs was
$4.65. Cash lard was steady; in tierces 5.52c.; refined to
Continent 6 to 63/8c.; South American 61 to 63-ic. Exports
/
4
of lard were 777,910 lbs. to Southampton, Bremen, Glasgow
and Rotterdam. On the 13th inst. futures closed 7 to 15
points higher in sympathy with the rise in grain. There was
little speculative buying. The Government slaughtering plan
is being watched very closely. Some 3,000,000 pigs have
been taken off the market and there are only 1,000,000 more
to be slaughtered. Liverpool was unchanged to 3d. higher.
Exports were 1,153,166 lbs. to Havre, Naples, Palermo and
Malta. Hogs were 5 to 15c. higher. Receipts for the western
Spot unofficial6.22
74t1garch
ay
5
run were 161,500 against 65,400 on the same day last year.
September
6.27
6.101July
December
632
Cash lard was firmer; in tierces 5.60c.; refined to Continent
Santos coffee prices closed as follows:
6 to 63,c.; South American 63/i to 638c. On the 14th inst.
/
arc
Spotunofficial8
ry h
64
futures closed 10 to 17 points higher under a good speculative
September
8.68
December
8.581JulY
8.80
demand induced by higher grain and inflation talk. Hogs
were 10c. higher with the top $4.75. The total receipts for
COCOA futures on the 11th inst. ended 4 to 6 points
lower on sales of 3,417 tons. Tired longs were liquidating. the western run were 10,300 against 79,400 on the same day
September ended at 4.12c.; October at 4.16c.; December at last year. Lard exports were 247,125 lbs. to Cork, Belfast
4.310.; January, 4.40c.; March at 4.56c.; May at 4.69e., and Manchester. Cash in tierces 5.77c.; refined to Conand July at 4.82c. Futures on the 12th inst. closed 12 to tinent 63/i to 63c.; South American 6% to 63'2c. To-day
14 points higher after sales of 1,796 tons. December ended futures closed 5 to 7 points higher reflecting the steadiness
at 4.45c.; January at 4.54c.; March at 4.68c.; May at 4.82c., of grain prices. It was announced from Washington that
and July at 4.95c. On the 13th inst. futures closed 3 points Government purchases of pigs will probably exceed the
lower to 2 points higher with sales of 710 tons. There was 4,000,000 maximum set.
an increase of 12,000 bags in local warehouse stocks to a new DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Wed. Thurs. Fri.
Tues.
high record of 902,849 bags. On the 14th inst., futures September
5.40
5.55
5.50
5.57
5.75
5.80
5.50
5.57
closed with gains of 2 to 4 points. Trading was fairly active. October
5.55
5.70
5.80
5.85
December
5.75
5.80
5.85
5.92
6.05
6.10
Offerings from primary markets were small. Warehouse
Season's High and When Made.
Season's Low and When Made.
stocks increased 3,737 bags to another high record. Septem- September---8.35
July 19 1933 September._ --4.02
October
8.50
July 19 1933 October
4.57
ber ended at 4.26c.; December at 4.47c.; January at 4.56c.; December--..8.87
July 19 1933 December_ _ _ _ 5.20
Aug. 17 1933
March at 4.73c.; May at 4.85c., and July at Sc. To-day
PORK steady; mess $18.75; family $18; fat backs $13 to
prices ended 2 to 4 points higher with September 4.30c.; $13.75. Beef steady; mess nominal;
packet nominal; family
December, 4.50c.; January, 4.59c.; March, 4.75c., and $11.87 to $12.75;
extra India mess nominal. Cut meats
May,4.88e. The trade and Wall Street were buying.
steady; pickled hams 4 to 6 lbs. 53c.; 6 to 8 lbs. 53/e.; 8 to
%
2
SUGAR futures on the 11th inst. were irregular, ending 10 lbs. 538c.; 14 to 16 lbs. 10%c.; 18 to 20 lbs. 103'c.; 22 to
/
with Sept. 4 points higher and other months 1 point lower 24 lbs. 93 c.; pickled bellies 6 to 10 lbs. 93 c.; 10 to 12 lbs.
%
%
to 1 point higher. Sales were only 4,350 tons. The only 932c.; bellies, clear, dry salted, boxed, N. Y. 14 to 20 lbs.
sale reported in the raw market was a cargo of 2,000 tons nic. Butter,creamery,firsts to premium marks and higher
of Cuban for prompt shipment at 1.60c. e. & f. Withdrawals score than extras 174 to 2414e. Cheese, flats 20 to 213-c.
of refined show some improvement and resales were steady Eggs, mixed colors, checks to special packs 13 to 25c.
at 4.60c. On the 12th inst. futures in light trading, after
OILS.
-Linseed of late has been stronger. The various
ruling steady most of the day, declined in the final hour paint oils were also firmer with crop prospects and seed
and ended 3 to 4 points net lower. A report from Cuba prices the chief bullish factors. One crusher who was quoting
that the National Association of the Sugar Institute had 10.6c, warehouse advanced his price to 10.7c. Other crushrequested the new government to throw out all sugar decrees ers were quoting 9.7c.
as the inside price. Cocoanut,
precipitated the decline. There was no action taken on Manila, coast tanks 23/sc.;
tanks, New York spot 3e. Corn,
the request, but it created a scare. There are some 350,000 crude tanks,f.o.b. Western mills 44 to 43 c. China wood,
%
tons of Cuban raws segregated and if this sugar was im- N. Y. drums, delivered 7.5 to 7.6c.; tanks, spot 6.9 to 7.0c.;
mediately released it would undoubtedly have an adverse Pacific Coast, tanks spot
6.7c. Olive denatured, Greek
effect on the market. Raws were dull, with the trade 70 to 71c.; Spanish 72 to 73e.; shipment carlots, Greek
70 to
awaiting new developments from the sugar meeting at 71c.; Spanish 72 to 73c. Soya Bean,
tank cars f.o.b.
Washington and watching news from Cuba. Refined was Western mills 63/i to 7c.; cars,,N. Y.8 to
8.1c.; L.C.L. 8.5c.
firmer, with resales held at 4.65c. On the 13th inst. the Edible, olive $1.45 to $1.60. Cottonseed oil sales to-day
market was dull and 1 to 3 points lower owing to the dis- including switches 18 contracts. Crude S.E. 33% to
3/ .
32
0
turbed Cuban situation. Sales were only 8,800 tons. Prices closed as follows:
Spot
4 65@ Bid IJanuary
On the 14th inst. futures advanced 3 to 4 points with sales September
805.12
4 70F BidIFebruary
5.10
5.095.25
of 11,350 tons. The feeling was better. Refiners are October
4 80444.85'March
5 19(5.25
4.95 (45.00 1 April
5.20 a 5 30
expected to enter the market very soon. To-day futures November
December
5.03(q.5.101
2124
Financial Chronicle
PETROLEUM.
-The summary and tables of prices formerly appearing here will be found on an earlier page in our
department of "Business Indications," in the article entitled
"Petroleum and Its Products."
RUBBER futures on tbe 9th inst. closed 1 to 10 p nnts
lower with sales of 1,570 tons, and with December at 6.91c.;
March at 7.30 to 7.34c.; May at 7.53 to 7.56c., and July at
7.80c. On the 11th inst., futures ended 32 to 42 points
higher with sales of 3,940 tons. Spot prices advanced.
September closed at 6.910.; December at 7.28 to 7.290.;
January, 7.42c.; March, 7.66c.; May, 7.86c., and July,
8.15c. On the 12th inst., futures after some early strength
declined and ended at a net loss of 10 to 15 points with sales
of 4,610 tons. September closed at 6.80c.: October at 6.92c.;
December at 7.16 to 7 17c.; January at 7.32c.; March at
7.54 to 7.550.; May at 7.75c., and July at Sc. On the 13th
inst., prices ended 9 to 13 points higher with sales of 1,800
tons; September, 6.92c.; December, 7.25 to 7.30c.; January,
7.45c.; March, 7.65c., and May. 7.88c. On the 14th inst.,
futures closed 13 to 20 points higher with sales of 3,800 tons.
Spot prices were up. October ended at 7.22c.; December at
7.450.; January at 7.58c.; March at 7.840.: May at 8.08 to
8.09c., and July at 8.32e. To day prices were stronger in
the early trading on good buying inspired by further talk
of inflation but later on advices from the Dutch East Indies
that the recently proposed export tax on rubber was being
severely criticized caused selling and prices declined, ending
3 to 6 points lower. Spot ended at 7.07c.; September at
7.05c.; December at 7.40c.: March at 7.81c.: May at 8.04c.,
and July at 8.28c.
HIDES futures on the 9th inst. ended at a decline of 20
to 35 points after sales of 40,000 lbs. March closed at
11.50c. On the 11th inst. futures, after an early decline
of 25 to 40 points, recovered some of the losses and ended
30 points lower to.21 points higher; sales 440,000 lbs. December ended at 11.31c., March at 11.55 to 11.70c. On
the 12th inst. futures closed 4 to 20 points higher after
sales of 680,000 lbs. December ended at 11.35 to 11.40e.
and March at 11.65c. On the 13th inst. futures closed
15 points lower to 10 points higher. At one time prices
were .20 to 30 points lower. Sales were only 40,000 lbs.
March closed at 11.550. On the 14th inst. futures were
quiet and closed 10 to 25 points higher. Sales were 400,000
lbs. December ended at 11.45 to 11.60c. and March at
11.65 to 11.800. To-day futures were 35 points higher in
the late trading but business was stagnant. December was
11.750. Tanners were inquiring more freely for actuals.
OCEAN FREIGHTS were a little more active, especially
on grain.
Montreal-Grain-28,000 qrs. middle
CHARTERS include.
SeptAntwerp, Rotterciam, 6c.: 40,000 qrs. Montreal, late Oct., Antwerp,
Rotterdam, tiyic. Booked-see parcels of prompt Montreal grain to
-Hamburg, Bremen, 73ic., U. S.
Mediterranean, 9c.; 15 loads Montreal
-Prompt redelivery United Kingdom-Continent, about $1.30.
Trip across
011-Dirth, Sept. Aruba-United Kingdom, 7s.; Aruba, Oct., one or two
trips, United Kingdom, 6s. 9d.; dirty Gulf, to Dunkirk, Sept., 78.; Gulf,
Oct.. gas...line, United Kingdom, Ss. 6d.
COAL dealers are not interested in spot offer. Top prices
for Pocahontas products held, f. o. b. the mine at: Lump
$2.30 to $2.40; egg $2.40 to $2.50; stove $2.40 to $2.50;
small nut $1.50 to $1.75; pea $1.00 to $1.50; mine run $1.90
to $2.00; slack $1.00 to $1.10; briquets $3.50. Top prices
Kanawaha, Appalachian, Inc., held as follows: No. 2 gas
block $1.75; egg $1.35; No. 5, black, small block $1.80; egg
$1.25; Coalburg block $1.85, egg $1.60; Dorothy block $2.15,
egg $1.60; Lewiston block $2.00, egg $1.60; Winifrede block
$2.15, egg $1.60; black band block $2.15, egg $1.60. Top
prices Southern Illinois were: lump $2.40; furnace $2.25;
-inch lump $2.10; chestnut
small egg $1.90; stove $1.90; 2
$1.75; pea $1.90; mine run $1.75 to $1.95; carbon 60 to 750.;
2
-inch screenings $1.30 to $1.40; 1Y-inch screenings $1.15
to $1.25; stoker $1.75. Top prices Western Kentucky were
-inch lump $1.30; egg $1.30; nut $1.00;
6
-inch lump $1.40; 3
stoker nut 80 to 90c.; mine run 70c. to $1.15; screenings 15
to 350.
SILVER futures on the 9th inst. recovered some of the
early losses of 30 to 65 points and ended at a net decline of
15 to 25 points. Sales were 1,150,000 ounces. September
ended at 36.98c., Dec. at 37.40c. On the 11th inst. the
market was fairly active and futures advanced 10 to 14
points. Sales were 3,425,000 ounces. Bar silver here
advanced to 37c. The close was with Sept. 37.50c., Oct.
37.65c., Dec. 38.05c., Jan. 38.25c., March 38.650. to 38.80c.
and May 39.05e. On the 12th inst. futures closed unchanged
2c.
to 30 points higher. The bar price advanced to 373' and
this had a strengthening effect on futures. Sales were
Sept. 16 1933
4,975,000 ounces. Sept. ended at 37.63 to 37.650., Oct. at
37.70c., Dec. at 38.050., Jan. at 38.27e., Feb. at 38.49c.
and March at 38.71c. On the 13th inst. futures closed
22 to 47 points higher with sales of 2,350,000 ounces. The
/
local spot price was unchanged at 371 2c. Oct. ended at
37.95e., Dec. at 38.35 to 38.44c., Jan. at 38.62c. Feb. at
38.87c. and March at 39.15 to 39.19c. On the 14th inst.
futures closed 98 to 110 points higher in active trading.
Sales were 11,775,000 ounc.'s. Bar silver here rose Y to
ic.
38 ke. Sept. ended at 38.950., Oct. at 39c.•, D3c. at 39.35c.,
Jan. at 39.65e., Feb. at 39.90c., March at 40.150. and May
at 40.65c. To-day prices ended 25 to 30 points lower under
gener0 liquidation. Early prices were higher on buying
4
8c.
induced by the rise of 3 c. in New York bar silver to 38%
and expectations of inflation. Sept. ended at 38.750. Dec.
at 39.10c. March at 39.85c., May at 40.40c. and July at
40.90c. London bar silver was 3-16d. higher at 18 3-16d.
COPPER prices recently were higher abroad at8e. to 8.10c.
c. i. f. European ports. The domestic price was unchanged
at 8Y
1c., with demand small. Domestic stocks of refined
copper were reduced 23,500 tons during August, whereas
foreign stocks increased 3,250 tons. This would indicate a
reduction of 20,250 tons in world stocks during the month.
Since May 1st domestic stocks have fallen off 110,000 tons,
with foreign stocks down 7,000 tons. In London on the 14th
inst., spot standard advanced 5s. to £35 13s. 9d.• futures
up 3s. 9d. to .C35 16s. 3d.; sales 50 tons of spot and 750 tons
'
of futures; electrolytic bid up 2s. 6d. to £38 12s. 6d.; asked
unchanged at £39 10s.; at the second London session prices
rose is. 3d. on standard futures with sales of 75 tons of spot
and 125 tons of futures.
TIN was in better demand and higher at 463ic. Consumers are more inclined to take on tonnages. English
refined tin was at the usual discount of lc. In London on
the 14th inst. standard advanced 7s. 6d. to .C216 10s. for
spot and £216 10s. for futures; sales, 100 tons of spot and
'
250 tons of futures; spot Straits rose 10s. to £223 5s.; Eastern
e. i. f. London unchanged at £222 10s.; at the second London
session, standard was up 10s. on sales of 10 tons of spot and
60 tons of futures.
LEAD of late has been in slow demand but prices were
unchanged at 4.500. New York and 4.35c. East St. Louis.
Sales were estimated the past week at about 10,000 tons.
Sales for September shipment now aggregate 21,000 tons
while for October delivery they are estimated at 11,500 tons.
In London on the 14th inst., prices were unchanged at
£11 15s. for spot and £12 2s. 6d. for futures; sales, 550 tons
of spot and 450 tons of futures.
ZINC was quiet but steady at 4.65e. East St. Louis.
Several producers were holding out for 4.70e. Large consumers of late have shown more interest. In London on the
14th inst. prices advanced 3s. 9d. to £17 for spot and £17
5s. for futures; sales, 50 tons of spot and 350 tons of futures;
at the second session prices were unchanged with sales of 75
tons of futures.
STEEL production was down to about 40% of capacity
and indications are that it will drop further. Brewery and
distillery demands provide a good outlet for steel plates.
Tinplate makers continue the most active in the steel industry. Their operations held at 95% of capacity and
nearly all producers are booked up at least through October,
with some booked solidly over the rest of the year. Bids
were opened on the 14th inst. on 12,000 tons of fabricated,
structural steel for two bridges over Niagara River and bids
will be turned in late in the month involving 16,000 tons
of steel for the towers of the Tii-boro Bridge in New York.
Some 50,000 tons of cast-iron segments will be required for
the new tunnel under the Hudson River, on which bids will
be opened Sept. 26. In the first week in October bids will
be taken on 2,000 tons of bolts for the same project. Some
1,000 of structural steel for the New York side of the tunnel
will be called for before long. In the Chicago district,
fourth-quarter, hot rolled, strip steel was raised $2 a ton
and cold rolled, $3. Sheet prices were unchanged except
for hot-rolled No. 10 gauge, which was 10c. higher at 1.85c.
PIG IRON business was about the dullest of the year.
Sales in the New York district were estimated last week at
not over 1,500 tons. New buying was at a low ebb. Makers
of by-products coke in New England advanced prices 50c.
per ton to $10.50 delivered. Sales were small in the East.
There was a net loss of 8 furnaces in August and it is quite
likely that some furnaces will be banked or blown out before
the end of this month. It would not be surprising to many
if production shows a sharp falling off this month.
WOOL was in fair demand and steady. Only small lots
were available unds'r recent market quotatians. Strictly
blood and 48s, 50s,
combing 56s,
blood Ohio fleece
wools were generally 38 to 39e. in the grease.
SILK futures on the 11th inst. ended 1 point lower to 3
points higher after sales of only 970 bales. Sept. closed at
$1.77 to $1.79, Oct. at $1.75 to $1.78, Nov. and Dec. $1.75
to $1.76, Jan. $1.76, and Feb., March and April at $1.75
to $1.76. On the 12th inst. futures closed 2 points lower to
1 point higher with sales of 720 bales. Sept. ended at $1.78
to $1.80. Oct. at $1.76 to $1.77, Nov. at $1.75 to $1.76,
Dec., Jan. and Feb. at $1.74 to $1.75 and March at $1.75.
On the 13th inst. trading was dull and futures ended 2 points
Financial Chronicle
Volume 137
lower to 2 points higher; sales only 140 bales. Sept. closed
at $1.76 to $1.78 and Dec. and April $1.76. On the 14th
inst. futures closed 5 to 7 points higher with Oct. at $1.82 to
$1.84, Dec. and Jan. $1.82 to $1.83, Feb. and March $1.82
and April $1.82 to $1.83. To-day prices were stronger with
Dec. selling at $1.83 as compared with $1.82 the previous
close. Stronger Japanese markets and yen exchange aided
the rise.
COTTON
Friday Night, Sept. 15 1933.
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 276,295 bales, against 188,484 bales last week and
206,619 baler the previous week, making the total receipts
since Aug. 1 1933 1,028,292 bales, against 881,171 bales
for the same period of 1932, showing an increase since
Aug. 1 1933 of 147,121 bales.
From
Exported to
-
Sept. 15 1933. Great
Get- I
Japan &
Exports from- Britain. France. many. Italy. Russia China. Other.
Galveston-Houston...._
Corp. Christi
Texas CityBeaumont_
New Orleans_
Lake Charles
Mobile
Jacksonville.
Pensacola. _
.
Panama City
Savannah...
Brunswick _ _
Charleston. _
Wilmington.
Norfolk
New York
Los Angeles_
San Francisco
Total
Total 1932_ _
8,545 14,369
40,948 45,659
46,707 32,119
815
3,900
30,657 13,260
1,428 5,178
3,994 2,359
147
___
3,667
_ _ _.
13,980
____
11,270
____
2,488
____
8,493
____
1,478
7,399
1,175
42
Sal.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston
6.712 6,975 18.275 6.209 4,546 12,227 54,944
Texas City
7,684 7,684
Houston
8,351 13,430 16,300 12,091 10.299 45,348 105.819
Corpus Christi
3,567 5,301 2.354 7,195 3,950 4,800 27,167
2,941 3,928 8,818 1,786 2,598 4.836 24.907
New Orle,ms
Mobile
436
456
679 1,039
744 1,120 4,474
Pens,..cola
--------10,886
---- 1.200
9,686
Jacksonville ------------------------1,050 1,050
Savann ,th
1,435 2,397 1,883 1.306 1.931 2.694 11,646
Brunswick
2,115
____ 1,288
------------3,403
Charleston
642
1,714
297
633
615 5,790 9,691
____
Cluzles
____
____
Lake
____
___ - 11,180 11.180
Wilmington
270
5
41
115
252
235
918
Norfolk
276
162
146
362
72
369 1,387
Baltimore
1933.
Receipts to
Sept. 15.
1932.
This Since Aug
Week. 1 1933.
This Since Aug
Week. 1 1932.
Galveston
54,944
Texas City
7,684
Houston-..... 105,819
Corpus Christi__ _ 27,167
Beaumont
New Orleans
24.907
Gulfport
Mobile
4,474
Pensacola
10,886
Jacksonville
1,050
Savannah
11.646
Brunswick
3.403
Charleston
9,691
Lake Charles.__ - 11,180
Wilmington
918
Norfolk
1,387
Newport News_
New York
Boston
Baltimore
1.139
Philadelphia
Totals
1932.
39.874 112.420 165,721
13,758
19,305
12,436
2.354
4.849
19.237
46,920 127,182 207.259
7,692
41.854
45,998
97.330
39.583
58,974
72,856
4,137
14.960
10,335
3.175
17.606
42,682
11,119
12,466
598
9,466
5,345
1933.
77.938 472.021 449,804
8,774
19,841
11.925
268.169 1.198.475 1,041.585
184,620 189.167 111,621
17,560
15,908
139,285 659,240 925.046
142,384 28.183
12,800 2,200
371,622 74.858
213,489 9,775
4,209
101,430 52,630
18,284
21.290
3,465
57,251
4,971
34,233
32.192
2.151
3,176
Stock.
405
17,441
13,456
1,729
1.108
123,717 203,087
14,887
11,366
1,000
1,250
5,389
3.038
276.205 1.028.292 235.434
881.171 3.097.20234414.S37
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
Galveston__-Houston
New Orleans_
Mobile
Savannah ---Brunswick-- Charleston _ _ _
Wilmington_ _
Norfolk
N'port News_
All others_ _ __
1933.
1932.
1931.
54.944
105,819
24.907
4,474
11.646
3.403
9.691
918
1,887
28,183
74,858
52.630
11,119
9,466
42,542
112,388
8,757
2,712
22,197
59.106
38,900
1930.
1929.
46,275
151.726
38.288
17,749
49,405
9.113
6.122
20.008
683
1,111
902
4.046
17,441
1,729
1,108
45,497
51.760
1928.
62,827
103.037
58.639
11,831
34,739
119,393
126,774
32.387
4,154
14,501
9,798
2.789
981
2.930
200
45
32,105
36,275
'rot. this week 276,295 235,434 241.800 389,481 316.746 336.659
al.^. a,,a 1
1028 909
221 171
702.4271
ARA 201 1909 stqg
1 A41 009
The exports for the week ending this evening reach a
total of 184,886 bales, of which 46,660 were to Great Britain,
17,653 to France, 39,833 to Germany, 9,941 to Italy, nil to
Russia, 54,116 to Japan and China, and 16,683 to other
destinations. In the corresponding week last year total
exports were 145,814 bales. For the season, to date aggregate exports have been 898,006 bales, against 795,866 bales
in the same period of the previous season. Below are the
exports for the week.
Exported to
Week Ended
GerGreat
Sept. 15 1933.
Exports from-- Britain. France. many.
Galveston
Houston
Corpus Christi
2,087
7,813 10,475
12,950
513
Texas City
New Orleans_
_ 3:7;15
420
Lake Charles
17
Jacksonville_ _
595
Pensacola
Panama City-- - 13,200
Savannah
Brunswick
Charleston
Norfolk
Total
Total 1932
Total 1931
3,470
1,288
2,826
541
1,912
2,866
2,618
3,223
1,872
100
1,632
1,100
/lazy.
1.025
3,180
5,736
7.105
8,000
7,829
2.090
6,364
100
Japan&
Russia. China. Other.
15,985
34,931
1:556
1.564
Total.
1,496
8,199
760
51
2,806
3,102
22,186
65,668
19,275
151
17,120
7,288
17
50 7,750
19,200
"Rio 13.199
25 3,403
8,990
641
9,941
54,118 16,883 184,886
18,528 28,048 80,428 12,043
4.752 7,125 38,958 11.029
15,319 11,448 145,814
48,519 15.759 124,140
48,880 17,653 39,833
14,858 17,59321,274
2.524
_ 8,950
14,831 2:000 ____
2,377
10,532
- _-_ - _ -6,845
____ ____
18,758
2,458
---12,591
1,500
825
175
100.083136.776
220,421 83,674
IR 120 91 R91
81 AAR . 871
17
Total.
31,741 23,007 97,523
108,599 40.396 318,792
46.278 18,268 165,987
80
2.370
804
4.704
26,815 15,025 139,484
24,891
2,400 4,411
4,700 1,806
29.690
100
2,624
50
16,349
2,100
20,825
3,173
975 34,174
25
4,971
21,480
396
1,500
2,409
106
7,724
150
4,388
2,590
623
121
____
163,751 91,161
795,868
255 550 09 740
4543000
-It has never been our practice to include In the
-Exports to Canada.
NOTE.
above table reports of cotton shipments to Canada. the reason be ng that virtually
all the cotton destined to the Dominion comes overland and it is mpossible to give
returns concerning the same from week to week, while reports from the customs
district on the Canadian border are always very slow in coming to hand. In view.
however, of the numerous inoruiles we are receiving regarding the matter, we will
say that for the month of July the exports to the Dominion the present season
have been 14,482 bales. In the corresponding month of the preceding season the
exports were 12.086 bales. For the 12 months ended July 31 1933 there were 196.869
bales exported, as against 208.105 bales for the 12 months of 1931-32.
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--
Totals this week_ 27,817 42,547 50.433 31.729 25.297 98 472 276.295
The following tab e shows the week's total receipts, the
total since Aug. 1 1933 and stocks to-night, compared with
last year.
____
8,904 ___
10.95
53.515 27,675 ____
16.8
5,811 -_-_
1,475
182,418117,639 271,023 65,98530,224 228,475106,222 898,006
'Pistol 1831
Receipts al-
2125
Sept. 15 at-
Other
CoastGerGreat
Lritain. France. many. Foreign wise.
Total.
Leaving
Stock.
Galveston
8.500 3,500 6,000 15,000 2,000 35,000 437,021
- --_ 19,32k 639,912
New Orleans.. 2,870 3,52. 4,268 8,663
--------4,000 123,182
4.000
Savannah
_
45.998
____
---_
____
Charleston _
_
.Mobile
____ 2,668 --------3,287 109,133
Ili§
Norfolk17,606
500 46,000 1.616,735
1.500 1,500 10.000 32,506
Other ports*
Total 1933... 13,489 8.527 26,936 56,163
Total 1932.. 15,075 10,489 19.313 56.048
Total 1911.. 3.165 1,000 5.000 51,684
*Estimated.
2,500 107,615 2,989,587
7,807 108,732 3,296,105
1,192 62.041 2.847,136
SPECULATION in cotton for future delivery has been
rather more active of late, and prices advanced on increasing inflation talk. On the 9th inst. prices continued to
decline, and ended 13 to 19 points lower under selling by
the South, New Orleans, Wall Street and the Continent.
Yet the weather was unfavorable, and Worth Street reported a good business at higher prices. The forecast
pointed to showery conditions. Rains at this time, it is
felt, will lower the grade and delay picking. Furthermore.
unfavorable reports were received as to progress of the crop
in many sections owing to shedding and insects. Towards
the close the trade was a buyer, and there was some
covering. On the 11th inst. prices ended 20 to 23 points
higher, owing to buying inspired by renewed talk of inflation, rumors of continued control of the cotton production
for next season, and generally better outside markets. At
one time prices were up 28 to 33 points, but selling, including both hedges and liquidation, appeared towards the close
and cut the gains. On the whole, however, offerings were
comparatively light except for hedging at the start and
towards the close. There was some liquidation for October.
The Far East sold. So did the South and co-operatives.
There was a good class of buying by the trade for both
domestic and foreign account. Liverpool, New Orleans and
commission houses also bought. The New York Exchange
Service revised its figures on last year's world consumption
of American cotton from 14,132,000 bales to 14,405,000 bales
and reduced its estimate of the world's carryover to
11,736,000 bales. The Service points out that if world's
consumption this season should equal that of last year the
carryover would show a further reduction of 2,000,000
bales and that if next year's area is held down to 25,000,000
acres the 1934 crop will be the smallest in more than a
decade.
On the 12th inst. an advance of 35 to 37 points was followed by a reaction under general liquidation and selling
by the South, and the market ended unchanged to 4c.
higher. Early firmness was attributed to continued buying
on further talk of inflation and the weakness of the dollar
in foreign exchange markets. Better Liverpool cables than
expected also had some effect. The Continent was buying.
Southern selling and realizing checked the advance. A
fear that hedge selling would increase, restricted buying,
but when this failed to materialize there was some rebuying and covering. On the 13th inst. the market was
more active and prices advanced on reports of a more
general demand for cotton goods, renewed talk of inflation
and the strength of grain. The half session on that day
(on account of the National Recovery parade) ended 25
to 31 points higher. Short covering and trade buying absorbed some early selling by the South anad other liquidation. The weekly weather report was more favorable than
expected, but had little effect.
The weekly summary said: "In the cotton belt temperatures averaged above normal. There was abundant sun-
Financial Chronicle
2126
shine and precipitation was mostly of a local character
except for heavy rains in the eastern portion attending
the tropical storms early in the week. In general this
made another favorable week for the cotton crop, except
in rather restricted areas with heavy rains. In Texas
progress was fair to good, in the northeast where rains
favored weevil activity. Picking made excellent advance
with the crop mostly out of the fields in the extreme
southern storm area. In Oklahoma bolls are opening satisfactorily and picking is making good progress, though
weevil have been favored by dampness in the south-central
and southeastern localities. Except locally, the weather
was favorable in the central states of the belt, though
rains of last week have retarded opening and favored
weevil in some northern sections, especially Tennessee.
In the Atlantic states recent rains have favored weevil,
with some shedding and there was considerable storm
damage in southern Georgia but otherwise the weather was
mostly favorable for satisfactory progress of the cotton
crop."
On the 14th inst. inflation rumors were the dominating
factor in the market and prices were carried 32 to 38
points above the previous closing only to react late in the
session under realizing and Southern selling. The closing
was barely steady at net gains of 16 to 21 points. Strength
in wheat and steadiness in securities also helped the advance. So did a statement that the Secretary of Agriculture will announce plans for curtailing next year's
production before the end of the week. Better Liverpool
cables, and the firmness of New Orleans, induced buying.
The trade and commission houses bought. Cotton goods
were active. There were further rains in western and
northern Texas, Oklahoma and north Georgia which were
considered unfavorable.
To-day •prices advanced $1 a bale in the early trading,
but later on came a reaction and much of the gains were
lost, the ending being 5 to 14 points higher. Steadiness
at Liverpool and inflation talk caused the early strength
with Wall Street, the trade, commission houses and the
Far East buying. On the advance selling increased and
prices receded. The South, New Orelans, Liverpool and
Japanese interests were selling. Final prices show an
advance for the week of 59 to 65 points. Snot cotton
ended at 9.60c. for middling or 50 points higher than a
week ago.
Staple Premiums
60% of average of
six markets quoting
or deliveries on
Sept. 21 1933.
15-16
Inch.
1-Inch &
longer.
.11
.11
.11
.11
.11
.10
.09
.30
.30
.30
.30
.29
.24
.22
_11
.11
.10
.29
.29
.24
.11
.11
.11
.24
.24
.24
.10
.23
.10
.23
.10
.10
.24
.24
Differences between grades established
for deliveries on contract Sept. 21 1933
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
Middling Fair
White
6300
Strict Good Middling
do
.50
Good Middling
do
.39
Strict Middling
do
.27
Middling
do
Basis
Strict Low MidcUing_
do
.33 off
Low Middling
do
72
*Strict Good Ordinary_
do
1.17
*Good Ordinary
do
1.63
Good Middling
Extra white
.40 on
Strict Middling
do do
.27
Middling
do do
Even
Strict Low Middling
do do
.33 off
Low Middling
do do
.72
Good Middling
Spotted
.24 on
Strict Middling
do
.01 off
Middling
do
.34 off
*Strict Low Middling__ do
71
*Low Middling
do
1.14
Strict Good Middling___Yellow Tinged
.02 off
Good Middling
do do
.26 off
Strict Middling
do do
.41
*Middling
do do
.71
*Strict Low Middling..
do do
1.12
*Low Middling
d
Good Middling
Light Yellow Stained__ :39 off
*Strict Middling
do
do
do .... .71
*Middling
do
do
do _1.12
Good Middling
Yellow Stained
.68 off
*Strict Middling
do do
1.11
*Middling
do do
1.53
Good Middling
Gray
.27 off
Strict Middling
do
.49
*Middling
do
.76
*Good Middling
Blue Stained
.70 off
*
Strict Middling
do do
110
*Middling
do do
1.51
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
*Not deliverable on future contract .
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sept. 9 to Sept. 15Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
8.85 9.05 9.05 9.35 9.55 9.60
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Futures
Spot Market
Closed.
Market
Closed.
Saturday_ _ _ Quiet, 15 pts.dec.- _ Steady
Monday ___ Quiet. 20 pts. ads'.... Barely steady
Tuesday _ _ Quiet, unchanged Steady
Wednesday.. Quiet, 3G pts. adv Firm
Thursday.... Steady, 20 pts. adv. Barely steady
Friday
Steady, 5 pts. ads' _ Steady
Total week_
.Since Aug. 1
SALES.
Spot. Contr't. Total.
_
566
300
6.864
-_-_-_-_
_
566
____
300
4.600 11.464
Sept. 16 1933
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Sept. 9.
Monday,
Sept. 11.
Tuesday, Wednesday, Thursday,
Sept. 12.
Sept. 13.
Sept. 14.
Friday,
Sept. 15.
5'0/.(1933)
Range_- 8.69- 8.69
closing.. 8.53n
8.83n
8.86n
Range._
Closing.
Yoe.
Range _ _
Closing.
5ec.Range__
Closing..
ran.(1934)
Range__
Closing Pee.
Range.._
Closing_
Itarch
Range__
ClosingIprtl-
9.12n
9.32n
9.37n
•
8.67- 8.83 8.65- 8.96 8.85- 9.02 8.93- 9.18 9.30- 9.53 9.40- 9.56
8.68- 8.88- 8.91- 9.17- 9.18 9.37- 9.428.78n
8.98n
9.26n
9.01n
9.47n
-9.53n
8.86- 9.04 8.88 9.18 9.05- 9.23 9.13- 9.38 9.53- 9.74 9.60- 9.77
8.89- 8.90 919- 9.10 9.11- 9.12 9.36- 9.38 9.57- 9.58 9.64- 9.65
8.95- 9.11 8.94- 9.25 9.15- 9.31 9.19- 9.49 9.62- 9.83 9.70- 9.87
8.96- 9.18- 9.18- 9.49- 9.66- 9.69 9.739.04n
9.25n
9.57n
9.27n
-9.81n
9.75n
9.11- 9.27 9.12- 9.44 9.30- 9.48 9.38- 9.67 9.81-10.00 9.87-10.05
9.12- 9.33- 9.37- 9.38 9.66- 9.67 9.85- 9.86 9.90- 9.93
Range _ _
9.74n
Closing _ 9.20n
9.99n
9.41n
9.45n
9.91n
layRange- 9.28- 9.44 9.31- 9.61 9.50- 9.64 9.56- 9.85 9.96-10.18 10.04-10.21
°lolling _ 9.28- 9.50- 9.54- 9.82- 9.85 9.98-10.00 10.09rune
Range _ _
9.89n
Closing.. 9.35-,
9.62n
l0.05n
10.18n
9.58n
'sly
Range.... 9.42- 9.58 9.45- 9.76 9.64- 9.80 9.70- 9.97 0.11-10.30 10.24-10.37
9.43 ____ 9.66 _ 9.70 _ 9.97 _ 0.13 _____ 10.27 _
Closing..
lug
.Range _
(
-Angina
n Nominal.
Range of future prices at New York for week ending
Sept. 15 1933 and since trading began on each option:
Option for
Sept. 1933_
Oct. 1933_
Nov. 1933
Dec. 1933....
Jan. 1934
Feb. 1934
Mar. 1934....
Apr. 1934
May 1934....
June 1934....
July 1934_
Range for Week.
Range Since Beginning of Option.
8.69 Sept. 11 8.69 Sept. 11 6.07 Dec. 8 1932 11.82
8.65 Sept. 11 9.56 Sept. 15 5.93 Dec. 8 1932 12.00
6.50 Feb. 21 1933 10.50
8.86 Sept. 9 9.77 Sept. 15 0.30 Feb. 6 1393 12.20
8.94 Sept. 11 9.87 Sept. 15 6.35 Feb. 6 1933 12.25
6.62 Feb. 24 1933 9.92
9.11 Sept. 9 10.05 Sept. 15 6.84 Mar. 28 1923 12.39
8.91 May 22 1933 9.80
9.28 Sept. 9 10.21 Sept. 15 9.28 Sept. 9 1033 12.52
July 18 1933
July 18 1933
July 21 1933
July 18 1933
July 18 1933
Aug. 28 1933
July 18 1933
May 27 1933
July 18 1933
9.42 Sept. 9 10.37 Sept. 15 9.42 Sept. 9 1933 11.78 July 27 1933
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stooks as
well as afloat are this week's returns, and consequently
all foreign figures axe 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.
Sept. 15Stocic at Liverpool
Stock at London
Stock at Manchester
1933.
bales_ 721.000
1932.
663.000
1931.
693,000
1930.
610.000
95,000
129,000
145,000
111,000
Total Great Britain
Stock at Hamburg
816.000
792,000
838,000
721,000
Stock at Bremen
435,000
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
172,000
25,000
66,000
101,000
288,000
129,000
15.000
66,000
61,000
245,000
236.000
7,000
70,000
27,000
198.000
128.000
12,000
63,000
19,000
802.060
539,000
585,000
420,000
Total Continental stocks
TotalEuropean stocks
1,618,000 1.351,000 1,423.000 1,141,000
India cotton afloat for Europe..-85,000
31,000
42,000
92,000
American cotton afloatfor Europe 359,000 333,000 167,000 460,000
Egypt, Brazil, &c.,afl't for Europe 93,000 118.000 104,000
83,000
Stock in Alexandria, Egypt
228,000 432,000 537,000 471,000
Stock in Bombay, India
700,000 770,000 505.000 563,000
Stock in U. S. ports
3,097,202 3.404.837 2,909.177 2,286,648
Stock in U. S. interior towns_ _ _ _1,152,214 1,344.300 749,994 714.784
U.S. exports to-day
31,174
33.064
22,463
Total visible supply
7,363,590 7.817.201 6.459,634 5,811,432
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
368,000 315,000 277,000 190,000
Manchester stock
40,000
48,000
70.000
45,000
Continental stock
726,000 505,000 490,000 304.000
American afloat for Europe
359,000 333.000 167.000 460,000
U. S. port stocks
3,097,202 3,404,837 2,909,177 2,286,648
1.7.5, interior stocks
1152.214 1,344,300 749,994 714,784
U. S. exports to-day
31.174
33.064
22,403
Total American5 781,590 6,005,201 4,660,634 3,995.432
East Indian, Brazil, &c.
353.000 348.000 416.000 420,000
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, dm., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, Szc
Total American
47.000
59.000
100,000
76.000
85.000
93,000
228,000
700,000
54,000
31.000
118.000
432,000
770.000
95,000
42,000
104,000
537.000
505,000
71,000
116.000
92,0.0
83,000
471,000
563,000
1 582,000 1,812.000 1.799,000 1,816,000
5,781,590 6,005,201 4.660,634 3,995,432
Total visible supply
7,363.590 7,817,201 6,459,634 5.811,432
6.26d.
Middling uplands, Liverpool......
5.88d.
3.74d.
5.47d.
5,47d.
Middling uplands, New York_ __ 6.40c.
10.90c.
9.60c.
7.05c.
Egypt,good Sakel, Liverpool........
9.85d.
7.10d. 11.60d.
7.90d.
Peruvian, rough good, Liverpoo1Broach, fine, Liverpool
4.50d.
5.60d.
3.21d.
4.58d.
5.75d.
Tinnevelly, good, Liverpool
5.73d.
3.66d.
5.21d.
Continental imports for past week have been 96,000 bales.
The above figures tor 1933 show an increase over last
week of 120,597 bales, a loss of 453,611 from 1932, an
increase of 903,956 bales over 1931, and again of 1,552,158
bales over 1930.
Volume
Financial Chronicle
137
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 pniod of the previous year-is set out in
detail below:
Movement to Sept. 15 1933.
Towns.
Receipts.
Week.
Ala.,Birming'm
Eufaula
Montgomery.
Selma
Ark..Blytheville
Forest City
Helena
Hope
Jonesboro_ _ _
Little Rock
Newport..._
Pine Bluff.. _ _
Walnut Ridge
Ga.. Albany_ _ _
Athens
Atlanta
Augusta
Columbus_ _ _
Macon
Rome
La., Shreveport
Clarksdale
Columbus _
Greenwood _ _
Jackson
Natchez
Vicksburg- - Yazoo C lty
Mo., St. Louis_
N.C.,Greensb'ro
Oklahoma
15 towns._ _ _
S.C., Greenville
Tenn. Memphis
Texas, Abilene_
Austin
Brenham_ _
Dallas
Paris
Rohstown_ _ _
San Antonio_
Texarkana. _
Waco
I Ship- Stocks
meets. Sept.
Season. I Week.
15.
243
620
2,026
3,880
212
53
951
2,768
Morement to Sept. 16 1932.
Receipts.
Week.
687
820
449
6,777
700
323
25
5.235
4,596
389
7.580
2,143
2
258
2,240
2,785
6
565'
2,1371
4,696
8.615
385
82.
1,160
3,923
271
2,926,
195t
2,1111
311
4.3321
2,260'
2,985
35,877
1,600
3,296
28
7.391
8.040
659
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
666
8,200
Season.
7,394 1,647 17,920 6,3591
14,693 4,545 82,188 1,503
63,475 11,764 248,298 38,2861
199
169
175
33,
7,445 1,010 5.084 1,620
13,275 2,135 5,980
608
11,624 3,432 12,162 2,341
4,648
983 4,248 3,791
3,813
411 3,070
90
6,740
807
766 2,306
1,152
127 11.278 3,083
24,587 5.320 13,601 1,936
278
87
656
93
5,217
479
5,779
32,200 2,788
30.350 5,639
15,195 14,898
521
9,976
19,752 3,341
11,617 4,007
1,437
72
37.728 1,594
200
6.891
23,312 2,519
562
1,986
147
70 4,195
845
440 45,155
2,821182,302 2,022
2,821109,017 7,312
250 16,251 1,000
783 34,176 1,339
200
450 5,365
2,050 28,272 5,787,
9,798
652 18.12
236
188 4,457
1,038 43,94 11,810
2,823
582 17,32
14 2,52
200
1,000
235 5,10
2,945:
283 11,26
1,9461
2,785
23'
80 16,98
681
502
1,638
323
171
4
250
797
69
255
506
431
Ship- 1Stocks
ments. Sept.
Week.
16.
1,919
1,846
5,667
9,772
22,494
663
5,163
9,044
315
2,404
465
4,286
639
396
2.825
5,312
22,927
1,550
5,788
336
16,377
16,174
390
21,154
7,487
533
2,361
4,89
9,804
46
518 7,918
322' 6,151
2,0111 44,173
1,495 42,665
2,452 44,334
177 14,134
30 26,188
1,670 15,263
158 1,043
864 41.474
200 10,017
538 35,608
100 4,654
46 2,689
380 42,040
8,255131,110
2,046
600 21,140
1,269 37,739
200 8,337
5,036 68,676
1,165 66,840
5,504
2,6K1 73,411
291 22,999
200 4,060
1,000 9,082
645 17,619
255
1,997
1,878 16,054
3,287 29,851
13,90
5,82
4,460 65,548
95,66 20,479 280,522
152
1,23
1.566 3,450
5,73
302 5,369
4,56'
3,580 7,986
6,31
737 7,946
6,82
829 2,757
5,98
6,51
303 1,329
4,89
287 12,112
4.500 1,069 5,717
Total. 56 towns 86,360 290,687' 53,4781152214 146,603 345,254 74,4461344300
* Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
increased during the week 33,415 bales and are to-night
192,086 bales less than at the same period last year. The
receipts at all the towns have been 60,243 bales less than
the same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Sept. 15 for each of the past 32 years have been as follows:
1933
1932
1931
1930
1929
1928
1927
1926
9.60c. 1925
7.25c. 1924
6.70c. 1923
10.95c. 1922
18.70c. 1921
17.65c. 1920
21.40c. 1919
17.25c. 1918
24.30c. 1917
22.35c. 1916
28.90c. 1915
21.60c. 1914
19.70c, 1913
21.00c. 1912
_29.55c. 1911
35.05c. 1910
21.45c. 1909
15.60c. 1908
10.75c. 1907
1906
13.25e. 1905
11.90c. 1904
11.80c. 1903
13.80c. 1902
12.70c.
9.40c.
12.60c.
9.80c.
10.75c.
10.90c.
11.75c.
8.88c.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
from telegraphic reports Friday night. The results for
up
the week and since Aug. 1 in the last two years ale as follows:
-----1933----Since
Week. Aug. 1.
2.785
15.604
Sept. 15Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
4,139
3,000
Total gross overland
9,924
Deduct Shipments
Overland to N. Y., Boston, &c__. 1,139
Between interior towns
232
Inland, &c., from South
2.016
-1932
Since
Aug. 1
10.340
360
Week.
1,997
56
1,095
24,606
22.121
266
3.405
3,000
856
22.077
16,000'
63.426
8,724
49,633
5,340
1.587
20,500
405
213
3.385
3.038
1,155
14,472
Total to be deducted
3.387
27,427
4.003
18.665
Leaving total net overland*
6,537
35.999
4.721
30,968
•Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 6,537 bales, against 4,721 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 5,031 bales.
1933
1932
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Sept. 15
278,295 1,028.292 235,434
881.171
Net overland to Sept. 15
6,537
35,999
4,721
30.968
South'n consumption to Sept. 15_ _105,000
805.000
85,000
530.000
Total marketed
387.832 1,869,291 325.155 1,442,139
Interior stocks in excess
33,415
*39,650
72,565
*4.405
Excess of Southern mill takings
over consumption to Aug.31
•190,238
*121,424
Came into sight during week_421,247
397,720
Total in sight Sept. 15
1.639.403
North.spinn's's takings to Sept.15 14,101
112.475
14,784
1.316,310
97.435
* Decrease.
Movement into sight in previous years:
Week1931-Sept. 20
-Sept. 21
1930
-Sept. 22
1929
Bales.
Since Aug. 1367.627 1931
535,100 1930
538,242 1929
Bales.
1,236,522
2,338,100
2,070,288
2127
AGRICULTURAL DEPARTMENT'S REPORT ON
COTTON ACREAGE, CONDITION AND PRODUCTION.
-The Agricultural Department at Washington on
Friday (Sept. 8) issued its report on cotton acreage, condition and production as of Sept. I. It places the area indicated for harvest at 30,036,000 acres, the condition at
67.5% and the probable yield of lint cotton at .t2,4i4,000.
The preliminary estimate of the total abandonment of
acreage is 1.2%, after allowing for the removal of acreage
reported by the Agricultural Administration as approximately 10,396,000 acres. The area in cultivation on July 1
was 40,798,000 acres. The condition of 67.5% of normal
on Sept. 1 this year compares with a condition of 56.6%
a year ago, 68.0% two years ago and a 10
-year (1922-31)
average condition of 57.4%. The indicated yield per acre
is placed at 197.8%, as against 173.3% last year and a 10year average yield of 167.4%. The present estimate of
the 1933 crop at 12,414,000 bales is only 588,000 bales less
than the harvest a year ago. None of the figures take any
account of linters. The report in full is given below:
A United States cotton crop of 12.414,000 bales in 1933 is indicated by
the cotton crop report of the Department of Agriculture, based on conditions as of Sept. 1. The acreage remaining for harvest is estimated as
30,036,000 acres. Toe acreage removed from production through the_activities of the Agricultural Adjustment Administration is reported as
approximately 10,396.000 acres, which is 92,000 acres more than was anticipated on Aug. 1. It is estimated that 1.2% of the remaining acreage has
been abandoned, which is less than the average abandonment anticipated
on Aug 1. The net acreage left for harvest because of small abandonment
is greater than was estimated on Aug. 1 by 332.000 acres or 1.1%. while
the forecast production is greater by 100.000 bales, or .8 of 1%. The forecast yield per acre for the United States of 197.8 lbs. is practically the same
as on Aug. 1, though several material cnanges occurred in the forecast yields
by States.
In the eastern part of the Belt prospects have declined during August,
due partly to the activity of weevils and partly to unfavorable weather
coxditions. This is especially true in South Carolina where the prospective
crop has declined a hundred thousand bales during toe past month. All
States east of the Mississippi River show less cotton in prospect than on
Aug. 1. except Mississippi and Tennessee.
These losses in the eastern States are more than offset, however, by
increases in the western part of the Belt. In Texas. Oklahoma, and Arkansas the crop shows increased prospects, due to the fact that weather
conditions there have been more favoraole than usual.
COTTON REPORT AS OF SEPT. 1 1933.
The Crop Reporting Board of the United States Department of Agriculture makes the following report from data furnished by crop correspondents, field statisticians. co-operating State Boards (or Departments) of
Agriculture and Agricultural Colleges. The final outturn of cotton will
depent upon whether the various influences affecting the crop during the
remainder of the season are more or less favorable than usual.
1933 Acreage.
State
Va
N. C.- __
Ga_-- Fla
Mo
Tenn.._ _
Ala
Miss.__
La
Tex
OklaArk
N. kiex_
Ariz_ _
Calli
All other
Abandon
ment
After
July 1.
(Prel.)a
%
1.4
0.9
0.5
1.0
1.8
1.3
1.0
0.5
1.2
1.7
1.5
1.0
1.3
1.9
0.2
0.5
0.6
Sept. 1
Condition.
ProdTh (Gtnning4)
Yield per Acre. 5001b.GrossIn.Bales.
1933
Crop
DIMcated
Sept. 1.
For
IndiHer- Avg.
Avg.
cated
1932
vest. 1922 1932 1933 1922 1932. 1933. Crop.d
(Prel.) -31.
-31.
c
1,000 of
Acres.b % %
% Lb. Lb. Lb.
67 72 60 73 270 233 270
1,084 67 61 71 272 252 280
1,346 55 52 63 201 206 245
2,150 56 49 69 172 151 230
97 62 46 74 128
78 165
337 66 66
78 254 362 300
898 63 61 72 197 216 230
2,423 60 51 65 172 150 190
2,975 59 51 65 192 147 220
1,331 55 50 55 191 173 195
11,290 55 61 68 136 162 162
2,932 55 60 72 143 167 185
2,682 58 54 66 188 188 210
84 86 83 91 301 307 370
el 16 84 88 88 315 293 337
208 f87 90 84 350 503 419
16
__ 80 84 208 393 295
1,000
Bales.
•
34
660
716
854
17
307
480
947
1,181611
4.500
1,084
1,327
72
69
129
15
1,000
Bales.
38
636
690
1,035
33
212
432
962
1,369
543
3,815
1,133
1,177
65
e82
182
10
U.S.tot.
1.2
30,036 57.4 56.6 67.5 167.4 173.3 197.8
13.002
12,414
Low.Cal.
(Old
0.0
Moz.)4
54 .
_ 89 81 238 248 212
14
24
a Not including acreage nf cotton destroyed on contract with the Agricultural
Adjustment Administration.
b Area in cultivation July 1 less probable removal of acreage reported Sept. 8, by
the Agricultural Adjustment Administration, less abandonment on area not under
contract.
C Indicated Sept. 1, on area remaining for harvest.
d Allowances made for inter-State movement of Reed cotton for ginning.
e Including Pima Egymian long staple cotton, 27,000 acres and 15,000 bales.
Short time average.
it Not Included in California figures, nor in United States total.
SUPPLEMENTARY REPORT ON COTTON ACREAGE TO BE REMOVED FROM PRODUCTION, 1933.
-Further tabulations of the cotton acreage reduction offers indicate that approximately 10.396.000 acres
of United States cotton has been or will be taken out of producti3n as a
result of the campaign for acreage reduction. This is 25 5% of the acreage
of cotton in cultivation July 1 1933, as reported by the Crop Reporting
Board.
The acreages finally to be taken out of production may oe somewhat
different from those published herewith, because final certificates of performance have not yet been received for all contracts.
The acreages indicated for removal, by States, are as follows:
Acres Removed or to Be Removed.
State.
Acres.
Virginia
North Carolina
South Carolina
Georgia
Florida
'Missouri
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
New Mexico
Arizona
California
Other
United States total
P. C. of Acreage in
Cultivadon July 1.
10.000
230,000
426,000
695,000
23.000
110,000
260,000
810,000
925,C00
450,000
4,305.000
1,160.000
925.000
30,000
21,000
13,000
3,000
12.8
17.4
23.9
24.2
18.9
24.4
22.3
25.0
23.5
24.9
27.3
28.1
25.4
25.9
15.3
5.9
15.8
10,396.000
25.5
2128
FOREIGN COTTON CROP PROSPECTS AS OF
-The Department of Agriculture at WashSEPT. 1 1933.
ington, in giving out its cotton crop report on Sept. 8, also
issued the following comments regarding foreign cotton
and
clop plospects prepared by the Division of Statistical .
Historical Resea..ch largely from infoimation ieceived
through the Foreign Agricultural Service Division.
-~
China
ne Chinese Cotton Statistics Association has recently released a'forecast
crop placing the indicated crop at 2.994.000
of the 1(133-34 Chinese cotton
oales or an increase of 32%, over their estimate of 19.12-33. This association is apparently a new organization composed of essentially the same
group WiliCII formerly made the estimates released by the Chinese Cotton
Mill Owners' Association. Their forecast was based on conditions up to
July 25 and on an acreage estimate of 5.945.000 acres or an increase of 5.6%
over that of 1932-33. in trausudt-ing this estimate. Agricultural Commissioner Dawson at Shanghai stated that toe reports received in his office up
to mid-August mane it seem doubtful that the 1933-34 crop In Chir a would
be more than 15 or k0 76 larger than in 1932-33. The fact that this estimate seems too large in comparison with the estimates for previous years
is also indicated by a report received by the Department of State from one
of their representatives at Tientsin. He stated that the crop in North
China was expected by cotton dealers in Tientsin to be materially lower
than last year. it is also recalled that last year's forecast of the mot),
released in August, indicated a crop of more titan 3.000.000 bales, whereas
they are now carrying an estimate of only 2.261.000 bales. It is felt,
therefore, that pernaps a figure of around 2.600,000 bales may more nearly
represent what this year's crop will be relative to the figures used for earlier
years.
India.
The area planted to cotton in India up to Aug. 1 this year was estimated
by the Department of Statistics at Calcutta at 14.031.000 acres. This
compares with a revised estimate of plantings to Aug. 1 last year of 13.413.000 acres or alt increase of 4.6% and with 13.938,000 acres planted to
Aug. 1 1931. A recent report from Vice-Consul Paul C. Hutton, Jr.. at
Bombay. India, states that up to mid-July there had been a severe shortage
of rainfall in many of the important cotton growing regions of India, and
that low yields may result, although it is still too early to draw any definite
conclusions about yields. The first official production estimate for India
' I .1
is not released until mid-December.
-
Fr
The official estimate of the Egyptian Government places the 1933 Egyptian cotton acreage at 1,873,000 acres. This compares with 1,135.000
acres in 1.932. 1,74/.000 acres in 1931. and 2,162,000 acres in 1930. Therefore. even though this year's acreage is 65% larger than last year's. it is
only 7% above that of 1931. and is 13% below that of 1930. No detailed
report has been received giving the acreage in Sakellaridis and other varieties, but it is expected that varieties other than Sakellaridis will show the
greatest increase. This year the area permitted to be planted to Sakel0
lariats is 40'/ of the cultivated land belongings to each proprietor, whereas
in 1932 he was restricted to 30%. In the case of other varieties. 50% of
the laud may be planted compared with only 25% last year. The acreage
restriction decree existing this year is said to be essentially non-restrictive
0
since most farmers hardly ever plant more than 40 or 501 of their land to
cotton in any one year. This revision in the acreage restriction law, the
returns from other crops, and the advance in cotton prices apparently
low
explain the large increase in the 1933 acreage.
Brazil.
The 1933-34 Brazilian crop has been officially forecast at about 650,000
bales of 478 lbs. compared with a five-year average of about 500.000 bales.
Last year due to a smaller acreage and low yields resulting from a severe
drouth the crop amounted to about 350.000 bales. The Brazilian acreage
,
has been estimated at about one-third more than in 1932-33
Mate
... la Mexican Government has forecast tne 1933-34 Mexican cotton crop
at 223.000 bales of 478 pounds from an area estimated at 421,000 acres.
Last year the crop was apparently around 95.000 bales from the smallest
area in many years. 188,000 acres. The average production during the past
five years was about 200,000 bales from an area of approximately 380.000
acres with an average yield of 256 lbs. per acre. The forecasted yield for
this season is 254 lbs. per acre.
Russia.
As has generally been the case during past campaigns, the progress of
this year leaves much to be desired, according to informacotton cultivation
tion received at the Bureau's Berlin office. The first cultivation ot cotton
was completed on practically the entire planted acreage, although apparently
not always at the most desirable time. However, the second and particularly the third cultivation was much less satisfactory. Such Important
cotton-producing regions as the Republics of Middle Asia and Kasakstan
report only 66 to 85% of the acreage worked up for the second time up to
July 15. The new cotter. regions, North Caucanus, Ukraine, Crimea, are
even more backward and in addition report a great abundance of weeds.
The insufficient use or tack of machines as well as an unsatisfactory
policy of distributing advance payments among members of collectives are
reported to be the chief reasons for the slow cultivation.
Other unfavorable factors affecting cotton cultivation are the reported
difficulties in artificial irrigation. The late spring this year caused a delay
in the thawing of snow, and this resulted in a shortage of water. It a
reported that this shortage as well as ineffIcien distrioution of the available
water supplies have already caused some drying-up of cotton fields.
Reports on present crop prospects are very meagre which, coupled with
the lack of any estimates on the 1933 cotton acreage planted, leave considerable uncertainty as to the probable outturn this year. The plan for the
1933 acreage was fixed at about 5,100.000 acres. Last year the plan called
for 6.075,000 acres, but latest reports indicate that only 5,360.000 acres
were actually cultivated.
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued on
ON HAND, &c., IN AUGUST.
Sept. 14 by the Census Bureau, will be found in an earlier
part of our paper in the department headed "Indications of
Business Activity."
CENSUS REPORT ON COTTONSEED OIL PRO-Persons interested in
DUCTION DURING AUGUST.
this report will find it in the department headed "Indications
of Business Activity" on earlier pages.
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
C osing Quotations for Middling Cotton on
Week Ended *
saturgay. monaay. t uesaay. wee cum. .1 nurse y. ortaay.•
Sept. 15.
9.25
9.20
9.15
8.70
8.65
8.40
Galveston
9.33
9.28
9.16
8.76
8.76
New Orleans_ _. 8.51
9.12
9.07
8.95
8.55
8.53
8.33
Mobile
9.22
9.17
9.10
8.69
8.68
8.38
Savannah
9.25
9.18
9.00
8.75
8.75
8.55
Norfolk
8.93
8.80
8.75
8.35
8.35
8.15
Montgomery_ _ _
9.25
9.17
9.13
8.66
8.63
8.43
Augusta
8.93
8.85
8.65
8.40
8.40
8.20
Memphis
9.25
9.30
9.20
8.75
8.75
8.50
Houston
8.82
8./7
8.60
8.31
8.28
8.08
Rock_ _ .._
Little
8.9)
8.85
8.75
8.35
8.35
8.15
Dallas
8.90
8.85
8.75
8.35
8.35
8.15
Port Worth _ _ _ _
Sept. 16 1933
Financial Chronicle
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Sept. 9.
Monday,
Sept. 11.
Tuesday, Wednesday, Thursday,
Sept. 12. Sept. 13. Sept. 14.
Fr ay,
Sett. 15.
Sept.(1933
October __ 8.81- 8.83 8.88- 8.84- 9.24- 9.26 9.33- 9.31
Novern ber
December. 8.84- 8.88 9.05- 9.08 9.05- 9.08 9.48- 9.50 9.53- 9.54 9.51 9.60
_
Jae.(1934) 8.92 Bid. 9.13 Bid. 9.13 Bid. 9.56 Bid. 9.61 Bid. 9.61
February 9.80- 9.81
March____ 9.08- 9 32- 9.30 Bid. 9.79
April
9.90- 9.95 9.98-10.0( Bid.
May
9.25 Bid. 9.48- 9.47
June
July
9.40 Bid. 9.63 Bid. 9.62 Bid. 10.00 Bid 10.14 Bid. 10.2i
August_ _
Tone
Steady.
Steady.
Steady.
Steady.
Spot
Quiet & sty Steady.
Firm. Barely stdy Steady.
Steady.
Options_ Rarely stdy Steady.
-Reports
WEATHER REPORTS BY TELEGRAPH.
to us by telegraph this evening indicate that there has been
consideiable rain in many parts of the cotton bolt during
the week especially in the eastern region. There has been,
however, enough dry weather to permit considerable picking.
Rolls are opening satisfactoi ily in many parts of the belt
and picking as a rule made satisfactory progress.
Texas.
-Progress of cotton in this State has been fair to
good, except in the northeast where damp and rainy weather
favored weevil activity. Pic:iing has made excellent advance.
-It has rained three days during the week.
Memphis, Tenn.
Picking is general.
Thermometer
y
Rain. Rainfall.
Galveston, Tex
1 day 0.04 in.
Amar Ito, ex
Austin, Texdry
3 days 0.36 in.
Abilene, Tex
4 days 0.48 in.
Brenham. Tex
2 days 1.33 in.
Brownsville, Tex
4 days 0.43 in.
Corpus Christi, Tex
3 days 1.90 in.
Dallas, Tex
dry
Del Rio. Tex
1 day 0.36 in.
El Paso. Tex
11 eiwietta, Tex
3 days 1.66 in.
0
2 daysdry.22 in.
Kerrville, Tex
Lampasas, Tex
2 days 0.78 in.
Longview, Tex
1 day 0.04 in.
Luling, Tex
2 days 1.50 in.
Nacogdoches, Tex
4 days 1.22 in.
Palestine, Tex
3 days 3.04 in.
Paris, Tex
San Antonio, Tex
1 day 9.66 in.
Taylor, Tex
3 days 0.92 in.
Weatherford, Tex
1 day 0.46 in.
Oklahoma City, Okla
2 days 0.14 in.
Eldorado, Ark
2 days 0.14 in.
Fort Smith, Ark
3 days 0.21 in.
Little Rock, Ark
Pine Bluff, Ark
2 days 0.28 in.
dry
Alexandria, La
1 day 0.43 in.
Amite, La
New Orleans, La
1 day 0.44 in.
2 days 0.01 in.
9steveport, La
1 day 0.53 in.
Columbus. Miss
1 day 0.10 in.
Meridian. Miss
1 day 0.32 in.
Vicksburg, Miss
1 day 0.60 in.
Mobile, Ala
3 days 0.09 in.
Birmingham, Ala
2 days 3.40 in.
Montgomery, Ala
1 day 0.10 in.
Jacksonville, Fla
dry
Miami, Fla
2 days 0.09 In.
Pensacola. Fla
Tampa, Fla
dry
1 day 0.02 in.
Savannah, Ga
Athens, Ga
148 in.
1 day 61
Atlanta, Ga
1 day 0.08 in.
Augusta, Ga
day 0.01 in.
Macon, Ga
1
1 day 0.04 in.
Charleston, El. 0
dry
Columbia, El. 0
2 days 0.17 In.
Conway, S.0
2 days 1.40 in.
Asheville, N.0
3 days 4.14 in.
Charlotte, N.0
1 day 0.04 in.
Newborn, N.0
1 day 0.38 In.
Raleigh, N.0
dry
Weldon. N. C
1 daY 0.32 in.
Wilmington, N.0
3 days 1.50 in.
Memphis, Tenn
2 days 0.31 in.
Chattanooga, Tenn
1 day 0.01 in.
Nashville, Tenn
mean 84
ea
mean 76
mean 82
ea
mean 82
ea
mean 83
mean 83
82
m
mean 84
96
98
90
92
low 78
low 60
low 70
low 68
low 72
low 76
low 78
low 70
low 74
low 66
66
62
low
low 62
low 68
low 72
low 68
low 68
w 66
l
Ntni IR
high 96
high 100
high 94
high 96
high 90
high 92
3
6
9
i
hlgh 9
low 70
low 68
low 68
low 64
low 70
loW 68
low 70
0
ow 7
low 72
mean 83
mean 82
mean 84
mean 79
mean 83
mean 79
mean 81
ea
m n 83
mean 83
high
high
high
high
high
high
high
high
high
h ig
high
low 67
low 76
low 73
low 71
low 70
low 72
low 74
low 70
low 70
w 6
low 7
4
mean 82
m
mean 84
mean 84
mean 84
mean 82
mean 82
mean 83
mean 81
mean 81
ean 84
m
mea n 83
l
ii t
piri 94 low 74
92 low 74
high 97 low 73
h 96
mean 81
mean 83
mean 85
9
8
n 72
mean
mean 83
mean 82
mean 85
mean 82
ea
mean 84
mean 76
mean 79
mean 88
mean 84
mean 81
mean 84
mean 81
mean 81
mean 81
high
high
high
high
high
high
high
high
89
92
94
96
94
90
90
2
4
9
9
high 92
high 102
1
ti;11
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
LI
96
94
95
96
94
92
95
92
92
94
90
90
94
94
94
94
96
88
93
97
97
96
94
91
92
92
9
8
6
low 6
low 72
low 70
low 76
low 70
low 72
low 64
low 67
low 73
low 70
low 66
low 74
low 74
low 70
low 70
mean 83
mean 79
mean 8
mean 84
mean 80
mean 82
mean 85
ea
m n 79
mean 83
mean 80
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 gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge-
Sept. 15 1933.
Feet.
3.2
6.7
9.9
8.1
12.9
Sept. 16 1932.
Feet.
1.8
4.1
.9.0
6.5
8.2
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outpot ts.
Week
Receipts at Ports.
Slats at Interior Towns.
Gr../GU
1933.
1932. I 1931.
1933.
1032.
June
16__ 72.682 24,7831 16,977 1,442,027 1,476,605
23__ 60,353 40,793 21,1341,392.603 1,450,054
30._ 75,954 44,7581 17,602 1,343.684 1,430.563
July
7._ 80.277 34,41 13,152 1,310,450 1.409,172
14.. 82,935 31,29 16.17 1,283,311 1,388,884
21..125.404 31.530 16.304 1.255.5691,361,854
28._ 103,031 62,468 40,927 1,204,989 1,352,270
Aug.
4._ 98,583 98,638 12,988 1,177.6531,332,994
11__ 77.524 75,602 24,023 1.151,524 1.313,487
18._ 103,437 85,716 49.406 213.973 1,293.783
25._ 142,921 111,142 80,809 1.109,002 1,269,523
Sept.
1..206.619 154,553 126,962 1,111,525 1,261,495
8__ 188,484 183,676 167,441 1,118.779 1,271,7351
15_ 276,295 235,434241,8 1,152.2141,344,300
.
Receiptsfrom Plantations
1931. 1 1933.
1932. 9131.
!
943,151 36,501 3,47
910,874 10,929 14,24
877,605 27,03 25,387
854,3401
833,586
818,425
798,2411
Nil
Nil
Nil
Nil
47,049 13,044
NU
55,790 10,987
1,143
97,662 4,52
64,451 52,884 20,743
NU
778,015 57,227 79.382
755,510; 61,10 56,075 3.518
743,005 82,275 66.032 36,901
80,882 72.600
734,805121,8
I
725,430209.142 146,522 117,587
728,548 195,i38 193,91( 170,559
749,994 309.710307.909 2f3.246
Volume
Financial Chronicle
137
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 988,644 bales;
in 1932 were 876,766 bales and in 1931 were 664,420
bales. (2) That, although the receipts at the outports the
past week were 276,295 bales, the actual movement from
plantations was 309,710 bales, stock at interior towns
having increased 33,415 bales during the week. Last year
receipts from the plantations for the week were 307,999
bales and for 1931 they were 263.246 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings,
Week and Season.
1933.
Week.
1932.
Week.
Season.
Season.
Visible supply Sept. 8
7.617.936
7.242.993
Visible supply Aug. 1
7,791.048
7.612.242
American in sight to Sept. 15_
397.720 1,116.310
421.247 1.639,403
77.000
Bombay receipts to Sept. 14
18%.000
47.000
7.000
8.000
Other India ship'ts to Sept. 14
39.000
102.000
8.000
Alexandria receipts to Sept. 13
67.000
14.400
64,000
11.000
Other supply to Sept. 13 * b_ _
61.000
18.000
8,000
69.000
Total supply
Deduct
Visible supply
7.698,240 9.526.045 8.152.656 9.465.958
7,363,590 7.363.590 7.817.201 7.817.201
Total takings to Sept. 15_a_
335.55 1.648.757
334.650 2.162,455
Of which American
284.650 1.700.055
206.455 1,209.157
Of which other
462,400
129,000
50.000
439.600
* Embraces receipts in Europe from Brazil, Smyrna. West Indies. &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, Q, 5,000 bales in 1933 and 530.000 bales in 1932-takings
not being available-and the aggregate amounts taken by Northern and
foreign spinners. 1.357,455 bales in 1933 and 1.118,757 bales in 1932. of
which 89a,050 bales and 679,151 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1932.
1933.
Sept. 14.
Receipts at-
Since
Week. Aug. 1.
Bombay
7 min
Week.
77 000 47.000
5.000
Since
Aug. 1.
02 000
Since Aug. 1.
Great
Great Conti- Japan&
Britain nerd. China.! Total. Britain.
Bombay
1933
1932
1931
Other India1933
1932
1931
1.000
Total all
1933
1932
1931
1,000 13,000 3,000 17,000
11.000 17,000 28,000
1;665 11,000 12,000 24.000
1,000
Week.
183.000
For the Week.
Exports
from
-
1931.
Since
Aug. 1.
6,000 3,000 9,000
3,000 17,000 20.000
4,000 12,000 17,000
43,000 32,000 79,000
14,000 86,000 102.000
29,000 202,000 234,000'
4,000
2,000
3,000
8,000
8,000
7,000
Conti- Japan &
nerd.
China.
Total.
30,000
11,000
19,000
7,000
8,000
7.000
72,000
28,000
37,000
102,000
39,000
56,000
34,000 115,000 32,000 181,000
13,000 42,000 86,000 141,000
22,000 66,000 202,000 290,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
40,000 bales. Exports from all India ports record a decrease
of 11,000 bales during the week, and since Aug. 1 show an
increase of 40,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. Tha following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria. Egypt,
Sept. 13.
1933.
1932.
1931.
320,000
341,363
80,000
497.017
This Since
Week. Aug. 1.
This Since
Week Aug. 1.
This Since
Week. Aug. 1.
3,000 10,969
10,026
10,000 43,349
-. 6,791
2.000 10.962
2,000 6,622
5.000 46.115
---- 2.960
2,000 13.471
--- - 9,036
7.000 79.427
1,000 2.957
Receqnts (Cantars)This week
Since Aug. 1
55,000
69,347
Exports (Sales)To Liverpool
To k•anchester, &c
To Contin't & India
To America
-_
Total exports
13,000 71.135 9.000 66,659 10.000 104,891
-A cantar is 99 .bs. Egypt an bales weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending Sept. 13 were
55.000 cantars and the foreign shipments 13,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and cloths is steady. Demand for India is
improving. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
1933.
32s Cop
Twist.
d.
June
23.
JulY-
AWL
-
ept.-
1932.
814 Lbs. Shirt- Cotton
lags, Common Middl'g 32s Cop
to Finest.
Uprds. Twist.
s. d.
s. d.
914151064 87 @ 9 1
OyitglOH 87 @ 91
gyi@j10% 87 (4) 9 1
d.
a.d.
• d.
6.18 •
86( 80 15
6.18 76415 914 80 15
6.38 nit§ 954 81 15
s. d.
U.
83
83
84
4.31
4.41
4.65
81 @ 8 4
81 <4 8 4
81 @ 84
81 @ 8 4
4.87
4.66
4.56
4 67
81
82
88
87
1
1
1
1
6.40
6.33
6.23
6.47
8340
8 @
7H@
7X@
954(0)1054 8 7 ® 9 1
954(51054 87 gi 9 1
84 @86
814(1810
8 4 oz4 8 6
814(4110
6.25
5.90
5.16
5.53
73443 954
851 ©10li
8644)10
9)1151154
ii31 8 4
@ 8.5
(01 8 6
(4) 9 0
4.69
5.51
5.76
6.45
9 @1054 8 4 @ 8 6
851@ 934 8 3 i@i 8 5
hToaio
4 3 (•a 4 5
5.60 954 @HA 8 7 @ 9 2
5.38 1034 @l1H 8 5 6 9 0
5.47 91.401014 8 3 (4 8 6
6.57
6.38
5.88
9%(.410h
9ti@l03
‘
,
9a4(44034
9,4@i101-1
87
87
87
87
814 Lbs. Shirt- Cotton
tags, Common hfiddl'g
to Finest.
Lipids,
@
@
gi
i&
9
9
9
9
954
954
9)4
951
,
2129
SHIPPING NEWS.
-As shown on a previous page, the
exports ot cotton from the United States the past week hava
reached 18 1-.883 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
-To Bremen-Sept. 8-Agira, 1.872
CORPUS CHRISTI
1.872
To Liverpool-Sept. 11-Edgehill. 2,537- __Sept. 12
-Adolph
Leonhardt, 8,313
10.850
To Manchester-Sept 11-Edgehill 2.100
2.100
To Dunkirk-Sept, 13-Svaneholm, 513
513
To Alberta-Sept. 13-Svaneholni, 200
200
To Bergen-Sept. 13-Svaneholm. 100
100
To Gothenburg
-Sept. 13-Svaneholm. 100
100
To Aalborg-Sept. 13-Svaneholm. 200
200
To Gydnia-Sept. 13-Svaneholm, 110
110
To Genoa-Sept. 12-Jolee, 2,744
2.744
To Venice-Sept. 12-Jolee, 436
436
To India-Sept. 12-Jolee, 50
50
GALVESTON-To Havre-Sept 7-Nemaha. 1.586
1,586
To Rotterdam-Sept. 7-Binnendijk. 366
366
To Japan-Sept. 7-Ferncliff. 5,108-- _Sept. 9
-France Maru,
7.277---Sept. 11-Kurama Maru,3,600
15.98.5
To Dunkirk-Sept 11-Svaneholm, 501
501
To Copenhagen-Sept. 11-Svaneholm,440
440
To Gothenburg-Sept. 11-Svaneholm,324
324
To Gdynia-Sept. 11-Svaneholm,366
366
To Bremen-Sept.9
-Lubeck,2.618
2,618
HOUSTON-To Dunkirk-Sept. 8-Svaneholm, 736---Sept. 14
San Mateo. 238
974
To Liverpool-Sept. 13-Benefactor, 6,198
6.198
To Oslo-Sept.8-Svaneholm. 100
100
To Manchester-Sept. 13-Benefactor. 1.615
1,615
To Gothenburg-Sept.8-Svaneholm,636
636
To Copenhagen-Sept. 8-Svaneholm, 350___Sept. 12
-Tennessee, 500
850
To Gdyhia-Sept. 8-Svaneholm. 2.281_ _ _Sept. 12-Tennessee. 772
3,053
To Genoa-Sept.8-Marthara, 1,025
1.025
To Japan-Sent. 9-Karama Maru, 2.375: Hartismere. 7.550:
Ferncliff. 8.037_ _ _Sept. 11-Silverfir. 14.077
32.039
To Havre-Sept. 12-.N ishmaha, 2,652..__Sept. 14
-San
Mateo, 6,849
9,501
To Gheat-Sept. 12-Nishmaha, 1.379._ _Sept. 14
-San
Mateo. 235
1.614
To Rotterdam-Sept.12-Nishmaha,1.341: Tennessee,605_
1.946
To China-Sept. 11-Silverfir, 2.442_ _ _Sept. 9-Ferncliff. 450 2,892
To Bremen-Sept. 12-Agira.3.223
3.223
TEXAS CITY-To Bremen-Sept.9
-Lubeck,100
100
To Gdynla-Sept.9
-Lubeck,51
51
LAKE CHARLES
-To Liverpool-Sept.8-Edgehill,320
320
To Manchester-Sept. 8-Edgehill, 100
100
To Bremen-Sept,9
-West Cobalt, 1,100
1.100
To Ghent
-Sept.9
-West Cobalt,2.902
2.902
To Rotterdam-Sept.9
-West Cobalt,200
200
To Havre-Sept.9
-West Cobalt.2,666
2.666
-To Bremen-Sept. 6
NEW ORLEANS
-West Moreland. 1,632
1.632
To Liverpool-Sept.8-Invella,3.496
3,406
To Manchester-Sept.8-Invella,244
244
To Genoa-Sept. 7-Joiee,600__ _Sept. 9-Monbaldo, r.rer__ 2,101
To Venice-Sept. 7-Jolee, 50__ _Sept. 8
-Alberta, 2,385
2,435
To Grydnis.-Sept. 14-Thode Fagelund, 2.100
2.100
To Dunkirk-Sept.8
-San Mateo,350
350
To Gothenburg-Sept.l. -Thode Fagelund. 50
50
To Havre-Sept.8
-San Mateo, 1,112
1,112
To Dunkirk-Sept. 14-Thode Fagelund, 450
450
To Antwerp-Sept.8
-San Mateo,50
50
To Japan-Sept. 13-Fernmoor, 1.00)
1.000
To Naples
-Sept.9-Monbaldo,3( 0
300
To China-Sept. 13-Fernmoor, 300
300
To Trieste-Sept. 8
-Alberta, 900
900
To San Salvador-Sept.6-15 •capa, 50
50
To India-Sept.9
-City of Worcester,550
5.1)
BRUNSWICK
-To Bremen-Sept. 7-Magmeric. 2,090
2.090
To Ghent
-Sept.7-Magmeric,25
25
-Sept. 11-Shicloshinny, 705
To Liverpool
705
To Manchester-Sept. 11-Shickshinny, 583
583
PENSACOLA-To Bremen-Sept.9-Niedenfels. 1,400__ _Sept. 14
-West Machaket, 1.113
2.513
To Liverpool-Sept. 12-Kenowis, 557
557
To Manchester-Sept. 12-Kenowis, 38
38
To Bremen ,
--Sept. 11-Grandon,4,592
4,592
To Gdynia-Sept. 11-Grandon,50
50
PANAMA CITY
-To Liverpool-Sept. 8
-Nyanza, 12.000--Sept. 11-Kenowis,1,000
13,000
To Bremen-Sept. 9
-West Madaket, 6.000
6.000
To Manchester-Sept. 11-Kenou is. 200
200
SAVANNAH-To Rotterdam-Sept. 9-Novasli, 100
100
To Japan-Sept. 13-Hokka Maru. 1.900
1,900
To Bremen-Sept. 11-Magmeric, 7.604
7,604
To Liverpool-Sept. 14-Shickshinny, 2,424
2.424
To Hamburg-Sept. 11-Magmeric,25
25
To Manchester-Sept. 14-Shickshinny, 1,046
1,046
To Antwerp-Sept. 11-Magmeric. 100
100
CHARLESTON-To Liverpool-Sept. 12-Shickshinny, 2,100_ _
2,100
To Manchester-Sept. 12-Shick.shinny,526
526
To Bremen-Sept. 13-Jethou, 6,200
6,200
To Hamburg-Sept. 13-Jethou, 164
164
NORFOLK
-To LIverpool-(?)-Nitonian, 441
441
To Bremen-(?)--City of Baltimore, 100
100
To Manchester-M-Nitontan, 100
100
-To Manchester-Sept.9-Shickshinny,17- -....
JACKSONVILLE
17
184.886
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
High
StandDensity. ant.
Liverpool .25e.
.250. Trieste
Manehester.25e.
.25c. Fiume
Antwerp .35c.
.50c. Barcelona
Havre
.25c.
.400. Japan
Rotterdam .35c.
.50e. Shanghai
Genoa
.40e.
.55c. Bombay z
.460.
.610. Bremen
Oslo
Stockholm .42c.
.57e. Hamburg
*Rate Is open. z Only small lots.
High
.50e.
.50e.
.35c.
•
.40e.
.35c.
.35c.
High
StandStandDensity. ard.
ant.
.75c.
.650. Piraeus
.65o. Saionica .750.
.900.
.50c. Venice
.50c.
.65e.
.530.
Copenh'gen.38c.
Naples
.400.
.55c.
.55e. Leghorn .400.
.550.
.50e. Cothenbers.42e.
.57c.
.50c.
LIVERPOOL.
-By cable from Liverpool we have the following statement ot the week's sales, stocks, &c., at that port:
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Ana. 25.
38,000
754,000
407.000
56,000
31,000
131,000
40,000
Sept. 1.
41,000
749,000
394,000
39,000
14,000
173,000
87.000
Sept. 8. Sent. 15.
48,000
53,000
747,000 721,000
388,000 368,000
46,000
19.000
18.000
4,000
180,000 222.000
91.000 134,000
Financial Chronicle
2130
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.
Market,
12:15
P.M.
Mid.Uprds
Saturday.
Monday.
Tuesday. Wednesaay. Thursday.
Friday.
Quiet.
A fair
bu.,iness
doing,
A fair
business
doing.
A fair
business
doing.
5.32d.
Moderate
demand,
5.251.
5.36d.
More
demand.
5.49d.
5.33d.
5.47d.
Quiet.
Steady,
Quiet,
Futures.1 Steady,
Steady, Quiet but
Market
7 to 10 pts. 2 to 4 pts. steady, 7 3 to 4 pts. 12 to 13 pts 3 to 4 pts.
decline.
decline, advance.
pts. add.
decline.
Opened
decline,
Market, I Steady, Quiet but Quiet but Steady. on- Steady, Quiet but
4
1 8 to 9 pta. steady,4 to steady,7 changed to 13 to 14 pts steady. 1 to
P.M. I decline. 6 pts. dee pts. adv. 1 pt. adv. advance. 2 pts. dec.
Prices of futures at Liverpool for each day are given below:
Sept. 9
to
Sept. 15.
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
,
12:1512:3012:15 4:0012:15 4:0012:15 4:00 12:15 4:0012:15 4:00
p. m p. m.p. m.p.m.p. m.p. m.p. m.p. rn. p. m.p. m p. m.p.m.
New Contract. d,
October (1933).._ __
January (1934) __ __
March
May
July
October
December
__ __
January (1935)__ __
March
May
July
d.
5.20
5.24
5.28
5.32
5.36
d.
5.13
5.18
5.23
5.26
5.30
5.43 __ __
5.44._ __
5.48.. _ _
5.51 _. _ _
d.
5.14
5.19
5.23
5.27
5.31
d.
5.21
5.26
5.30
5.34
5.38
5.39 __
5.40_
5.43 __
5.47__
__
__
__
__
d.
5.21
5.26
5.30
.5.34
5.38
d.
5.18
5.22
5.27
5.31
5.35
5.4(1._
5.47-_
5.50 __
5.54 __
__
__
__
__
d.
5.22
5.26
5.30
5.34
5.38
d.
5.34
5.39
5.43
5.47
5.51
5.468__
5.471__
5.501__
5.54_
__
__
__
__
d.
5.32
5.36
5.41
5.45
5.49
d.
5.33
5.37
5.42
5.46
5.50
5.59.._ __
5.60_.. - _
5.63... -_
5.67-- __
5.57
5.58
5.61
5.65
d.
5.35
5.39
5.44
5.48
5.52
BREADSTUFFS.
Friday Night, Sept. 15 1933.
quiet, but prices were firmer.
FLOUR was
WHEAT on the 9th inst. ended 1% to 2%c. lower, owing
to weak cables, reports of rains in parts of Argentina, and
a favorable report by Broomhall on the Russian crop. The
cash basis was easier. Kansas City reported that Pacific
Coast wheat was being offered at several points in the
Southwest. One firm was said to have taken five cargoes
of wheat through the Canal. There was scattered liquidation and some hedging pressure. Selling was not aggressive,
however, but buying was limited.
On the 11th inst. prices ended 3 to 3%c. higher, on general buying induced by renewed inflation talk. There was
a slight decline in the early trading on reports of rains in
the Pampas and parts of Buenos Aires Province In the Argentine, but it was only momentary. A rumor regarding
the possibility of Prance abandoning the gold standard
aided the rise. All grades of wheat were up 7,000,000 bushels from the Aug. 1 estimate of about 500,000,000 bushels,
according to the Government, but the increase was due
entirely to improved prospects for durum. Other varieties
of spring wheat and the winter wheat type remained unchanged during the month as to prospective yield. On the
12th inst. there was less heard of inflation, and this
chilled bullish ardor to some extent. Prices ended % to lc.
lower. The undertone was firm early, on a fair amount of
buying, but profit-taking late in the day caused a recession,
and the close was at about the low of the day. Winnipeg,
after some early strength, declined and ended at pegged
prices, or unchanged to %c. lower. A fair export business
was reported in Canadian durums through the Continent.
On the 13th inst. prices advanced on further talk of inflation, and the ending was 4% to 4%c. higher. The general
news was favorable. Reports that the export of 30,000,000
to 35,000,000 bushels from the Far Northwest would receive
Government aid excited considerable comment, as that is
the amount estimated to be about the actual surplus grain
in this country, whereas it is generally believed that a
carryover of at least 200,000,000 bushels would be necessary in view of the proposed 15% cut in acreage for 1934.
Eastern interests were good buyers. On the 14th inst.
prices advanced 2%c., early, but the weakness of Winnipeg,
where the price peg was removed, checked the rise. The
closing here, however, was % to %c. higher, despite heavy
selling by Northwestern and Canadian interests. Top prices
were the highest reached since Aug. 17. Inflation talk was
the dominant factor in the rise.
To-day prices closed unchanged to %c. lower. There was
an early advance on inflation news and further buying by
Eastern interests, together with a good speculative demand.
Later came a recession on profit-taking and other selling.
Crop news from the Southern Hemisphere was mixed. Australia sent better reports, but advices from Argentina stated
that rain was needed, particular in the north. Winnipeg
was Yi to %c. higher, with Chicago and New York interests
good buyers there. The market at Chicago gave a good
account of itself, especially in view of the heavy profittaking sales and the weakness of the stock market. Offerings were readily absorbed. Final prices show an advance
for the week of 4% to 4%c.
Sept. 16 1933
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2red
964 1004 9934 103% 10434 1044
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed, Thurs. Fri.
September
8131 8431 8% 88
8834 884
December
8534 8834 87% 914 914 914
May
89% 92% 91% 9531 964 96%
Season's Low and When Made.
Season's High and When Made.
Jan. 3 1933
September--120%
July 17 1933 September.. _ _ 4531
December __-124
Apr.28 1933
July 18 1933 December ___ 68%
May
Sept.11 1933
88%
128%
July 18 1933 May
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
7034 70% 70% 70% 66% 67%
December
71% 71% 71% 71% 68% 69%
7434 7434
May
76% 7634 76% 77
INDIAN CORN on the 9th inst. ended 1% to 1%c. lower,
under scattered liquidation and hedge selling. The weather
was favotable for the maturing crop, and the forecast
pointed to generally fair and cooler conditions over the
week-end. Illinois and Iowa producers sold freely. On the
11th inst. prices ended 1% to 11
42c. higher, on buying inspired by the strength of wheat and a better statistical
position. The Government report indicated a final harvest
of 2,285,000,000 bushels, as compared with 2,273,000,000 last
month. On the 12th inst. prices ended 1 to 1%c. lower.
The country sold 112,000 bushels of cash corn to arrive,
making nearly 700,000 in two days.
/
On the 13th inst. prices ended 214c. higher, being influenced by inflation talk and the strength of wheat. The
country sold 205,000 bushels to arrive. On the 14th inst.
prices ended unchanged to %c. lower, after advancing early
with wheat. The weakness of Winnipeg had its effect.
Some 250,000 bushels of cash corn were sold to the East,
200,000 bushels were put under charter, and 425,000 bushels
were booked to arrive. The country sold 1,300,000 bushels
to go to Chicago thus far this week. To-day prices ended
%c. higher. Bookings were again heavy, but the shipping
demand was moderate. Crop news was mixed. Final prices
show a rise for the week of 1% to 1%c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
6134 634 62
64% 64% 65
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September
4534 4631 45% 48
48
48%
December
5034 51% 5034 52% 52% 52%
May
5634 5731 5634 58% 5834 5934
Season's Lou and When Made.
Season's High and When Made.
September -714
Feb 28 1933
July 17 1933 September __.26%
.4
December_ _ _ _77
Apr. 28 1933
July 17 1933 December_ _ __385
Aug. 17 1933
May
5334
82
July 17 1933 May
OATS followed other grain downward on the 9th inst.
and ended % to %c. lower. On the 11th inst. prices ended
1% to 1%c. higher, in sympathy with the rise in other grain.
The Government estimated the crop at 688,000,000 bushels
as compared with 667,000,000 bushels last month. On the
12th inst. prices dropped %c. in sympathy with the decline
in wheat. On the 13th inst. prices followed other grain
upward, on inflation talk, and ended 1% to 1%c. higher.
On the 14th inst. prices closed unchanged to y higher. A
4c.
fair business was reported. To-day prices ended %c. lower
to %c. higher. Final prices show a rise for the week of
1% to 1%c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs, Fri.
No.2 white
474 49
4834 49% 50
4931
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed, Thurs. Fri.
September
354 3734 36% 3734 3734 3754
December
38% 4034 3934 4034 4134 4034
May
4134 43% 4234 4434 4434 44
Season's High and When Made
I Season s Lou' and When Made.
September _ _494
July 17 19331September _ _16%
Feb. 28 1933
December_ _ _ _52
July 17 1933 I December., 2534
May 22 1933
May
38%
564
July 17 193 May
Aug. 17 1933
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
3734 3734 3734 3734 34% 3434
December
3734 3734 37% 37% 35% 35
RYE was influenced by the action of other grain, and on
the 9th inst. ended % to 2%c. lower. On the 11th inst.
prices responded to the rise in other grain and ended 2%
to 4c. higher. The Government's preliminary estimate of
the crop remained unchanged during the month at 23,100,000
bushels, but prospects for buckwheat increased from
5.800,000 bushels to 7,100,000 bushels. On the 12th inst.
prices were % to 1%c. lower, following the trend of other
grain. On the 13th inst. prices, like those of other grain,
advanced under the influence of inflation talk, and ended
2% to 2%c. higher. On the 14th inst. prices ended % to lc.
lower, owing to the weakness of Winnipeg. Another cargo
of Canadian rye was reported sold for shipment to Chicago.
To-day prices closed %c. lower to / higher. Final quota3
4c.
tions are 2% to 3%c. higher than a week ago.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs Fri.
September
6534 6834 67% 70% 6934 70
December
69% 7334 72% 75% 7434 74%
7534 79% 7834 81% 8034 80%
May
Season's High and When Made. I Season's Low and When Made.
September _ _105%
July 19 1933 I September .,.,4134Apr. 1 1933
December_ _ _111%
May 5 1933
July 19 1933 I December_ _ _ _51
May
Aug. 17 1933
July 19 19:13 May
116%
71
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
49% .53% 5234 5431 .5334 54
December
52
.5534 54% 5634 5534 56
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri
September
48% 5034 5034 5234 5234 5234
December
53
5434 544 5734 57
57
May
58
6034 6934 62346234 62
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri
46
41 % 41 % 41 % 41 % 36
October
38
December
433. 433. 433i 43% 37
Closing quotations were as tollows:
GRAIN.
Oats, New York
Wheat, New YorkNo. 2 white
49%
No.2 red, c.i.f.. domestic_ _ _104%
48%
No. 3 white
Manitoba No.1.f.o.b. N. V_ 743
Rye,No.2.f.o.b.bond N.Y.. 60%
nom'l
Chicago, No.2
Corn,New YorkBarley
65
No.2 yellow, all rail
N.Y.,474 lbs. malting_
691i
No.3 yellow.all rail
64%
Chicago, cash
48(4)78
FLOUR.
$5.35- $5 65
Spring pats., high protein $7.00-$7.05 Rye flour patents
6.75- 7.05 Seminola, bbl.. Nos. 1-3 8.35- 8.55
Spring patents
2.30
6.60- 6.90 Oats goods
Clears, first spring
1.90
6.00- 6.30 Corn flour
Soft winter straights
Hard winter straights- 6.75- 7.65 Barley goods
4.00
Coarse
7.00- 7.25
Hard winter patents
FancYPearl.Non.2.4&7 5.50- 5.70
5.95- 6.35
Hard winter clears
All the statements below regarding the movement or grain
-are prepared by us
-recaipts, exports, visible supply, &c.
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
each of the last three years:
Receipts at-
Flour.
Oats.
Corn.
Wheat.
Rye.
Barley.
.
bbls.196lbs
.bush.60 lbs.bush.56 lbs.bush. 32 lbs.bush.48Ibs.bush.56Ibs
680,000 465,000 309,000
174,000
Chicago
198,000 1,610,000
365,000 120,000 649,000
109,000
Minneapolis._ ,
1,857,000
1
79,000
291,000
61,600
165,000
1,886,000
Duluth
360,000
5,000 522,000
456,060
13,000
2.000
Milwaukee_ _ _
21,006
65,000
2,000
2,000
Toledo
237,000
5,000
20,000
9,000
30,000
Detroit
26,000
166,000
557,000
63,000
Indianapolis.160.000
5,000
346,000
23,000
103,000
336,000
St.Louis
110,000
239,000
19,000
37,000
42,000
37.000
Peoria
66,000
359,000
462,000
10,000
Kansas City
44,000
271,000
,
393,000
Omaha
34,000
119,000
102,000
St.Jo.seph _ ,
42,000
121,000
Wichita
7,000
12,000
14,000
12,000
Sioux City _
328,000
1,573,000
Buffalo
Total wk.33
Same wk.1932
Same wk. 1931
342.000
347,060
418,000
7,305,000
9,839,000
9,353,000
4,539,000
5,820,000
1,370,000
2.368,000
3,026,000
1,716,000
700,000 1,751,000
453,000 1,281.000
196.060 1,384,000
Since Aug.11,712,000 37,856,000 20,393,000 23,012,000 2,394,000 9,056,000
1933
1932
2,128,000 65,821.000 25,144,000 31,933,000 2,348,000 8,225,000
1021
9 OR2 rum OR 299 non 18.028.000 18.632.000 1.693.000 7.848.000
•
Total nc:lipts of flour and grain at the seaboard ports for
the week ending Saturday, Sept. 9 1933 follow:
Receipts at-
Corn.
Wheat.
Flour. 1
Oats.
Rye.
bbls.1961bs.lbush.60 lbs.bush.56 lbs.hush. 32 lbs.bush.481bs.
32,000
4,000
70,000
744,000
. 128,000
New York _ _
6,000
1,000
24.000
7,000
Philadelphia _
12,060
7,000
7,000
114,000
Baltimore_ _ _ _
10,000
60.000
NewportNews
66,000
33,000
24,000
39.000
New Orleans-x
9,000
86,000 1,990,000
Montreal. _ _ 1,000
8,000
1.000
21,000
Boston
2.000
Halifax
224,060
Churchill _
Totalwk. 1933 310,040 3,163,000
Since Jan. F3310,385,000 62,411,000
149,000
4.068,000
95,600
3,177,006
13,000
229,000
Barley.
sh.56lbs.
38,000
1,000
17,000
56,000
513,000
117,000
227,000
32,000 209,000
Week 1932_
301,000 2,069,000
Since Jan. 13210,233,000100.496,000 4,271,000 6,607.00010,595,000 6,548.000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bi Is of lading.
The exports from the several seaboard ports for the week
ending Saturday, Sept. 9, 1933, are shown in the annexed
statement:
Exports from-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
12,285
431,000
em York
1,000
Baltimore
1,000
Newport News
1,000
%few Orleans
1,000
3alveston
86,000
Hontreal
1,990,000
9,000
17,000
2,C00
HallfOR
224,000
3hurchill
104,285
9,000
17,000
Total week 1933._ 2,645,000
59.043 264.000
3C,000 208,000
Same week 1932.. _ 1,902,000
The destination of these exports for the week arid since
July 1 1933 is as below:
Flour.
Wheat.
Corn.
Exports for Week
Week
Week
Since
Week
Since
Since
and Since
Sept. 9 July 1
Sept. 9
Juts 1
July 1
Sept. 9
July 1 to1933.
1933.
1933.
1933.
1933.
1933.
Barrels. Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
680,190
994,000 9,547,000
United Kingdom. 62,280
156,712 1.645,000 13,364,000
21,055
Continent
56.006
6,000
10,000
So.and Cent Amer
3,006
152,600
16,000
18,000
West Indies
3,000
No. Am Col
Brit.
46,565
132,000
4,950
2,000
Other countries_ __
Total 1933
n ......, 5029
,
104,285 1,048,467 2,645,000 23,1C2,060
59.043
678.427 1.902.000 33.643.000
20,CGG
304000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Sept 9, were as follows:
United States
Boston
New York
afloat
"
Philadelphia
Baltimore
Newport News
2131
Financial Chronicle
Volume 137
GRAIN STOCKS.
Corn,
Oats,
Wheat,
bush,
bush,
bush.
3.000
90,000
569,000
294.000
55,000
118,000
554,000
44,000
13,000
33,000
1,644,000
6,000
Rye,
bush.
1,000
2,000
8,000
3,000
Barley,
bush. '
7.000
2,000
United StatesNew Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St Joseph
Kansas City
Omaha
Sioux City
St Louis
Indianapolis
Peoria
Chicago
'
afloat
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
afloat
"
On Canal
Wheat,
bush,
23,000
486,000
7,080,000
2,251,000
5,829,000
4,448,000
38,115,006
10,043,000
790,000
5,702,000
1,106,000
38,600
7,823.000
409,000
1,060,000
28,618,000
20,282,000
264,000
6,061,000
2,754,000
Corn,
bush,
197,000
Oats,
bush,
127,000
Rye,
bush.
10,600
Barley,
bush.
85,000
44,000
820,000
18,000
3,000
81,000
2,801,000
619,000
2,000
2,799,000
457,000
77,000
29,000
194,000
68,000
7,412,000 2,485,000
418,000
497,000
11,000
14.000
2,285.000
547,000
37,000
1,000
1,612,000 1,108,000
378,000
417,000
52,000
16,460,000 5,651,060 3,572,000 1,500,000
1,242,000
1,154,000
2,618,000 2,906,000
28,000
833,000
2,482,000 16,568,000 3,574,000 8,258,000
3,812,000 10,053,000 2,573,000 2,706,000
16,000
24,000
26,000
48,000
9,159,000 1,675,060 1,129,000
828,000
90,000
131,000
98,000
Total Sept. 91933_145,476,000 54,708,000 44,532,000 12,402,000 14,429,000
Total Sept. 2 1933_ _ _144,276,000 54,889,000 43,334,000 11,935,000 14,062,000
Total Sept 101932-182,863,000 16,147,000 26,145,000 9,312,000 5,243,000
.
-Bonded grain not included above: Wheat, New York, 334,000 bushels
Note.
N.Y.afloat, 466,000; Buffalo, 1,329.000; Buffalo afloat, 1,831,000; Duluth, 64,000:
Erie, 1,982,000; on Lakes, 340,000; Canal, 630,000; total, 6,976,000 bushels, against
5,468,000 bushels in 1932.
Barley,
Corn,
Wheat,
Oats,
Rye,
Canadianbush,
bush,
bush.
bush,
bush.
Montreal and other water
2,873,000
962,000
727,000
points
33,886,000
Fort William and Port
62,171,060
2,530,000 2,967,000 3,945,000
Arthur
542,000
10,377,000
830,000
117,000
Other Canadian
6,233,000
Total Sept. 91933_ _ _106,434,000
5,943,000
Total Sept. 21933_ _ _105,465,000
3,083,000
Total Sept. 101932... 75,245,000
Summary
145,476,000 54,708,000 44,532,000
American
106.434,000
8,233,000
Canadian
4,646,000 5,214,000
4,004,000 4,935,000
4,006,000 1,094,000
12,402,600 14,429,600
4,046,000 5,214,C00
Total Sept. 91933...251,910,000 54,708,000 50,765,000 16,448,000 19,643,000
Total Sept 21933.. _249,741,000 54,889,000 49,277,000 15,939,000 18,997,000
Total Sept 101932...258,l08,000 16.147,000 29,228,000 13,318,000 6,337.000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Sept. 8, arid since July 1 1933 and July 2
1932, are shown in the following:
Corn
:
Wheat.
Exports.
North Amer.
Black Sea...
Argentina...
Australia
_
India
0th. countr's
Total
Week
Sept 8
1933.
Bushels.
4,175,000
944,000
2,824,000
2,070,000
1,048,000
Since
July 1
1933.
Since
July 2
1932.
Week
Sept ci
1933. ,
Since
July 1
1933.
Since
Jula 2
1932.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
4,000,
47,000
509,000
38,982,006 52,562,060
1,656,600 1,560,006
859,000 10.750,000 6,028,000
33,413,000 7,623.000 7,221,0001 44.513,000 62,368,000
19,674,000 14,071,000
4,400,000
7,429,000
77.000
1,303,000
4,108,000
11,061,000 98,125,000 83,245,000 8,161,000 56.613 000 73,013,000
AGRICULTURAL DEPARTMENT'S REPORT ON
CEREALS, &c.
-The full report of the Department of
Agriculture, showing the condition of the cereal crops on
Sept. 1, as issued on the 11th inst. will be found in an
earlier part of this issue, in the department entitled "Indications of Business Activity."
GRAIN CROP PROSPECTS IN FOREIGN COUNTRIES.
-The U. S. Department of Agriculture at Washington, in giving its report on Sept. 11 of the grain crops
in the United States, also made public a report on the
prospects of grain crops in foreign countries, which will be
found complete in an earlier part of this issue, in the department entitled "Indications of Business Activity."
WEATHER REPORT FOR THE WEEK ENDED
SEPT. 13.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Sept. 13,follows:
Abnormally high temperatures, with scattered rains, characterized the
week's weather, though it was much cooler at the close in the Northeastern
States, where there was some frost and temperatures locally below freezing
on the morning of the 12th. In the Central Valleys and Great Plains States
as far north as Nebraska minimum temperatures for the week were in the
60's, and along the Gulf coast the lowest reported were around 70 degrees.
The latter part of the period had rather frequent showers in Rocky Mountain
sections, while at the beginning heavy rains occurred in the Southeast,
attending a tropical storm that had previously moved inland over Florida
and dissipated Sept. 7 over Georgia.
Chart I shows that temperatures for the week, as a whole, averaged
above normal throughout the central and eastern portions of the country.
except locally in the Northeast. The relatively warmest weather occurred
in the Ohio and middle and northern Mississippi Valleys and in the Great
Plains, where a large area had weekly means ranging from 6 degrees to
12 degrees above normal. The far 'West was relatively cool, with the
temperature averaging from 3 degrees to 5 degrees subnormal in most
localities.
Chart II shows that rainfall was heavy in the Southeast from South
Carolina to central Florida, where most stations reported weekly totals
from 3 to more than 6 inches. There were substantial to heavy falls also
in the west-central Great Plains and the far SoutInk,est principally in
Arizona and New Mexico. In most other sections rainfall was light with
many stations reporting inappreciable amounts.
Except for continued lack of moisture in the western Ohio and upper
Mississippi Valleys, and from Michigan west to North Dakota, the week
was generally favorable for maturing summer crops, the growth of fall
vegetation, and farm work. However. advices from the lower Rio Grande
Valley and the more southeastern districts confirm early reports in last
week's bulletin of heavy damage by the tropical storms that visited those
areas at the close of last week. In the lower Rio Grande Valley the citrus
fruit crop, especially, was hard hit, with only a small percentage remaining.
In Florida citrus suffered considerable damage, but much less proportionately than in the Texas area. There was also heavy destruction to other
crops in the paths of those storms, but it was less serious than in the case of
citrus fruits. High temperatures matured crops rapidly, and pastures are
much improved in the many States favored by recent rains.
Soil moisture and prevailing temperatures during the last week were
unusually favorable from the Appalachian Mountains eastward, from the
Ohio River southward, in the central and southern trans-Mississippi
States, and in Rocky Mountain sections. Montana is mostly in fine
shape, and rains of the week were decidedly helpful in the far Southwest.
Soil moisture is now especially favorable for seeding winter wheat in the
western portion of the belt from northern Texas to Nebraska, with conditions in western Kansas being nearly ideal.
Financial Chronicle
2132
A series shortage in soil moisture continues in a large group of centralNormheru states, inclueing Michisan, intnana, Illinois, much of Iowa,
Wiscoasin, Minnesota, and Nortn .1.,"kota. and to a less extent in unto
and Soian uanota. In this area it is much too dry for plowing and 'waning
winter wheat; pastures are very poor, affording but little grazing, and
feeding of stock is nmssary in many places. A few localities were favored,
but in sellers', these States are much too dry. Rain is needed also in the
(rreat basin and toe Pacific Northwest, but recent weather in California
has been favoraele.
SMALL uttAINS.—The soil continued generally too dry for fall plowing
In the Dakotas, Minnesota, Iowa,and the wtsiern .Ohio V alley,' beneficial
rains occurreu in parts of the Lake region and esstern and southern valley
sections. la the southwestern part of toe be.t good progress was made,
With seeding begun northward to Nebraska; in western Kassm.s much wheat
has been seedea, with stands good,and tnis work is beginning in the central
and eastern parts. There aws considerable plowing and seeding done in
Montana and adjacent sections, with the early seeded wheat up to good
stands in tne former area. Some seeding was done in the Pacific Northwest.
but the son is stet mostly too dry tnere. Dewatering the rice fields is about
completed in California, with condition good, while late rice is ready to
cut in Louisiana. The bulk of grain sorghums in Kansas is expected to be
safe from frost by Sept. 30.
CORN.—Under the Influence of mostly dry and abnormally warm
weather the corn crop has matured rapidly and much of It is now safe from
frost in toe northern half of the belt; a considerable percent has been cut
where this method of harvest is practiced.
In the Plates States a large portion is safe in Nebraska, while from onefifth to three-fourths has been harvested in Kansas, except in the northeast.
In Iowa it is estimated that 65% of corn is now out of frost danger, or about
double the usual amount safe at this time. However, many fields in the
Ohio Valley are still far from maturity and some corn will require a very
late fall.
CO l'TON.—In the Cotton Belt temperatures averaged above normal;
theme was abundant sunshine and precipitation was mostly of a local
character, except for heavy rains in the eastern portion, attending the
tropical storm early in the week. In general, this made another favorable
week for the cotton crop, except in rather restricted areas with heavy rains.
In Texas progress was fair to good, except in the northeast where rains
the crop
fasored weevil activity; picking made excellent advance, withOklahoma
mostly out of the fields in the extreme southern storm area. In
bolls are opening satisfactorily and picking is making good progress, though
weevil have been favored by dampness in some south-central and southeastern locslities.
Except locally, the weather was favorable in the central States of the
belt, though rains of last week have retarded opening and favored weevil
in some northern sections, especially Tennessee. In the Atlantic States
recent rains have favored weevil, with some shedding, and there was cornsiderable storm damage in southern Georgia, but otherwise, the weather
was mostly favorable for satisfactory prom ess of the cotton crop.
The Weather Bureau furnishes the following resume of
the conditi.ms in the different States:
Vitainics—Richmond: Temperatures considerably above normal' rainCotton
fall very light. Weather favored fall plea ins and harvesting
opening fast and picking started. Corn excellent and filling silos begun;
potatoes, sweet potatoes, and peanuts doing
early corn being cut. Late
well. Harvesting tobacco active: most flue-cured in barns. Meadows and
pastures improving. Picking apples begun in southa est.
North Carolinn.—Raleigh: Heavy to excessive rainfall in southeast
caused considetable crop damage. Most of week warm and sunshine latter
part favorable for crop development and harvesting matured crops, except
in portions of southern coastal plain where land flooded or too wet. Cotton
opening rapidly; moderate shedding of late bolls: picking fair advance.
South Carolina.—Columbia: Heavy to excessive rains early In week.
allowed by warm weather, with abundant sunshine. Practically two thirds
f cotton crop open, with picking and ginning active. intermediate and
ate corn, sweet potatoes, truck, forage, anu lesser crops vigorous growth.
Sorghum molasses being made. Corn fodder pulling from early crop
completed.
Georgia.—Atlanta: Excessive rains and strong winds at beginning of
week damaged cotton, peanuts,late corn, and pecans in south considerably.
Open cotton blown out or stained by rain and some reports of sproutiug In
boils' picking slow progress, with about normal shedding. Late corn
mostly good progress in north where fodder pulling continues. Sweet
potatoes generally good. Late truck, pastures, and meadows now good
progress. Little farm work done, but preparation made for oats and
winter grain.
Florida.—Jacksonville: Cotton little damaged by storm; crop good and
opening nearly completed, with picking and ginning three quarters complete. Last week's storm caused nearly complete loss of citrus fruit in
Martin. St. Lucie, and Indian River Counties. Exchange estimate whole
State loss 16% of 4 million boxes. Truck seed beds anti straw berries
washed out aud considerable land under water. Lakes and streams very
high' great damage to railroads, highways, and bridges.
Alabcortu.—Mohtgomery: Slightly warm, matt' mostly lignt to moderate
showers. Moisture slowed picking and ginning locally, but mainly fair
advance; in Moist localities cotton deteriorated. Some corn picking in
south; late corn, vegetables, and pastures improved. Planting fall eroPs,
except where too dry in extreme south.
Mississippi.—Vicksburg: Slightly warm; mostly light to moderate
showers, but heavy in some localities. Progress of cotton picking fair to
good, with mostly moderate shedding; ptogress of ginning good. Progress
of early planted corn poor in south; development of late mostly fair.
Gardens, pastures, and truck generally fair advance.
Louisianu.—New Orleans: Warm, with only scattered showers. Very
Cotton
favorable for harvesting and fall truck planting.sections. opening rapidly
and good progress in picking and ginning in mostprogress. Threshing rice,
Late rice ready
saving hay, and ham eating old corn made good good growth.
to cut; condition fairly good. Cane continued scattered showers in
all
Warm throughout State;
Texas.—Houston:
portions. Progress and condition of cotton fair to good, except in extreme
activity; picking excellent
northeast where poor, as showers favored weevilin
northwest. Ranges and
advance generally. Seeding winter wheat begun
cattle good. Preliminary reports indicate about 90% of citrus in lower
destroyed by hurricane last week; cotton was mostly
Rio Grande Valley
out of fields.
OCahoma.—Oklahoma City: Warm, with a few scattered showers at
close of week, otherwise dry; sunshine abundant. Week favorable for
growth and maturity of late crops. Cotton opening satisfactorily and
picking good progress; weather favored weevil activity in some southeast
and south-central localities. Good progress In preparing winter wheat
Progress
land; considerable planted and some up. Some oats planted. remainder
and condition of corn fair on bottoms in east and central, but
a failure. Pastures and meadows very good; late feed and gardens good
advance. Livestock fair to good.
Arkansas.—Little Rock: Porgress of cotton very good, except in some
central, eastern, and southern localities where frequent local showers
profavored weevil activity; bolls developing and opening rapidly; good corn,
gress In picking in most portions. Weather very favorable for late
pastures, truck, and fruit, but unfavorable for rice harvest.
meadows,
Tennessee.—Nashville: Early corn practically matured and late advanced
satisfactorily; condition very good generally. Rainfall of previous week
unfavorable for cotton in some districts, with rotting bolls, delayed opening,
picking
and increasing weevil activity; general condition continues good;
damaged by
progressing. Hay in fields and tobacco in barnsspendidly; fallmoisture
planting
crops growing
early part, but improved later. Late
progressing.
Kentucky.—Loulsville: Generally dry, with high temperatures, favorahay making, but too hot for late
ble for rapid maturing of late crops and Tobacco cutting excellent advance
Potatoes which made only fair progress. district; condition in barns satisburley
and completed on many farms in
of late corn very
factory; late developing rapidly. Progress and condition good, but need
good; much improved. Late gardens and field tomatoes
more rain In extreme north.
THE DRY GOODS TRADE
New York, Friday Night, Sept. 15 1933.
Retail sales in most sections, during the period under
review, are reported to have suffered a relapse, following
Sept. 16 1933
the higher levels reached in the month of August and
during the pre-holiday week. Whether this sudden reversal
in the upward trend is nothing more than a temporary
reaction from the previous spurt in buying of consumers
or whether it signifies an exhaustion of tile purchasing
power of the public for the time being, is a prob.ent which
is bound to engage the keen attention of retail exeeuti% es.
lf, as has been surmised, the August buying wave was
,
large* anticipatory, dictated by the fear of higher prices
to come, a temporary lull in activities would seem logical.
In some quarters it has been found that customers are
more sensiti% e toward higher price demands, but this claim
is not borne out by obser‘ations on the part of the majority
of retailers, although it is added that the ful, effect of
retail price rises will not be noted until after the turn of
the year, since they were raising their prices to reflect the
wholesale increases very slowly. Lack of adequate assortments of fall merchandise. partly due to present slow deliveries and partly the result of the depletion of inventories through the excellent consumer demand during the
mouth of August, was looked upon as somewhat of a
handicap in the •deve.opment of retail trade in the near
future. Department store sales in August, according to
the monthly figures of the Federal Reserve Board, were 16%
higher than last year, with the Cleveland district showing
the sensational gain of 42%.
Continued greater resistance by retailers to the higher
prices which the wholesale trade in general is now quoting,
has again affected the volume of business in primary channels. Individual orders were not large, but the number
of transactions was sufficient to impart a slightly better
feeling regarding the outlook for future business. While
some of the leading jobbing houses still have large supplies on hand bought at lower levels, it is felt that a good
many others are running out of stock and will be compelled
to re-order before long. Strikes in the silk industry continued to tie up production in leading manufacturing centers, while stocks now available in the market are comparatively moderate. Ribbed weaves were in good demand,
with pure dye crepes and satins also being actively sought.
Reports from the rayon market state that leading producers are well sold up on November yarn production and that
price advances for some specialty types are impending.
Cutters are reported to continue to press for delivery of
woven novelties.
DOMESTIC COTTON GOODS.—Following the publication of the Government crop report and the recurrence of
inflation talk, buyers re-entered the market for gray cloths
on a large scale, causing a quick reversal in the steady
downward trend of prices seen during the last few weeks.
Orders for all standard constructions were quite heavy
and buyers paid the higher prices without question, confirming previously expressed views that there was a large
latent demand which buyers feared to cover, due to the
unstable condition of the market. Obviously, the excessive
supplies of cotton goods and other textile products that
resulted from the record activity experienced by the industry during the early summer are being readily absorbed.
The buying which included deliveries through the end of
the year and into the month of January, was well distributed, with converters, printers and jobbing houses entering the market. While advancing raw cotton prices and
the talk of inflation were factors in the movement, the
chief influence was the fact that buyers had regained their
confidence in the future of the market. Carded broadcloths
shared the print cloth recovery, although the volume of
sales was less spectacular. Narrow sheetings, on the other
hand, were subjected to some further pressure. A somewhat
stronger tone featured percales, largely under the influence of the betterment in the gray cloth market. Activity
In fine yarn cloths continued to be restricted, showing little
response to the turn in coarse goods. Closing quotations in
13c.; 38%print cloths were as follows: 39-inch 80's, 9 to 91
inch 60x48's, 5% to 5%c.• 38%-inch 64x60's, 6% to 6%c.;
39-inch 68x72's, 7% to 77
f;c.
/
WOOLEN GOODS.—Trading in wool fabrics is confined
to buying for spot delivery, with jobbers securing tile bulk
of this business. With the fall season in men's goods coming to an end, available supplies at the mills are very
flight, while orders by Chain stores and catalog houses continue to be quite large. Some of the larger mills are
reported to have booked substantial business on spring
goods. Reports from retail clothing centers indicate some
resistance of buyers to the higher prices and a resulting
lull in sales. Dress goods shipments are now being accepted by manufacturers whose shops had been closed for
some time by labor disputes. Another wave of cloakings
demand is expected once cutters become convinced that
retail sales are holding up.
FOREIGN DRY GOODS.—Linen importers report that
this month's buying of linens for men's and women's suits
is the heaviest in years. Advance buying of men's suits
is said to be the largest for some time while the women's
wear trade is ordering linens in black, brown and navy for
immediate delivery. Although buying of burlaps was confined to immediate requirements, the market showed a
somewhat steadier tone, partly under the influence of improved demand from the Argentine. Domestically, lightweights were quoted at 4.85c., heavies at 6.10c.
Volume 137
Financial Chronicle
2133
State and City Department
MUNICIPAL BOND SALES IN AUGUST.
We present herewith our detailed list of the municipal bond
issues put out during the month of August, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 1963
of the "Chronicle" of Sept. 9. Since then several belated
August returns have been received, changing the total for
the month to $40,437,519. This figure does not include
Reconstruction Finance Corporation loans, actually made or
promised, to States and municipalities during August, in
the amount of $87,382,034. The number of municipalities
issuing bonds in August was 138 and the number of separate
issues 173.
Name.
Rate, Maturity. Amount.
Page.
250.000
1611_ _Ada Co.. Ida
4% 1944-1950 1.000.000
1272_ _Alameda Co., Calif
18.000
1934-1951
5
1444_ _Alfred. N. Y
334 1934-1938 420.000
1611- _Allentown S. D., Pa
1444-Bainbrido3,Coventry,Oxford, &c., S. D. No. 1.
90.000
N. Y
5.40 1934-1963
1935-1943 r29,075
6
1611--Barnesville. Ohio
1444__Barton Co. S. D. No. 66,
837
Kan
4% 1935-1938
23,000
6
1794-Bedford S. D., Ind
68.500
1913-1952
5
1966--Beebe S. D., Ark
1935-1944 133,000
4
1444-Beloit, Wit;
45.000
1611-Black Hawk Co., Iowa--4
19,000
-Black Hawk Co.. Iowa--4
1611
43( 1934-1948 150.000
1794-Bridgeport. Conn
1966._ br.,.,,..w ter C ,unty S. D.
4.768
No. 15. Tont
1934.1952 r19.000
5
1612._Brownington, Vt
4.20 1934-1953r6.500,000
1794-13uffalo. N. Y
3,000.000
1938
4.20
1794--Buffalo, N. Y
3% 1934-1938 200,000
1795-Cambridge, Mass
:2
0 00
13 00
1936-1938
5
1273-Cedar Co.. Iowa
10 years
5
1967-Cheviot, Ohio
r160.692
1795...Childress. Tex
5
194,213
1273-Cincinnati. Ohio
1273--Clark Co. S. D. No. 37.
75,000
2-40 yrs.
Wash
5
1940-1951 516,000
1273-Cleveland,
Ohio (4 188J...431 1934-1952 1,239,000
1273_ -Cleveland, Ohio4
5% 1940-1952 260.000
1273-Cleveland. Ohio
1444-Colorado Springs, Colt).
3
00 000
(2 las.)
4% 1939-1947 6 4:200
1935-1944
1273-Columbus, Ohio (3 iss.)
1935-1998 880,000
1944--Columbus. Ohio (4 iss.)
135,000
1938
1444-Columbus, Ohio (2 iss.) 5
1795--Cumberland Co., Pa_ __ _3% 1938-1952 150.000
1934-1938 7000)0
4
1795__Dane Co., Wis
4% 1935-1940 r30,000
1445--Davis Co., Iowa
4.10 1934-1963 300,000
1795-Delaware Co.. N. Y
36,800
4% 1934-1938
1089-Delaware Co., Ohio
33.500
1967- _liel,..,a,n. is
28,759
1613-Des Moines. Iowa
107,000
6
1445-East Orange, N. J
5
2,500
1613-Elk Creek Twp., pa
43. 1934-1943 1.180.000
1796-Erie Co.. N. Y
d4,175
1934-1943
5
1274-Fairfield, Ala
10,500
1934-1944
1796-Fairview Twp.8. D.,Pa-5
1613__Ferry Co. S. D. No. 30,
1934-1943 rd3,500
5
Wash
1935-1944 r60,000
5
1796_ _Findlay, Ohio
166,326
1796-Flathead Co., Mont----6
-Gallatin Co. S. D.No.40,
1613
1,500
Mont
6
1090--Greenburgh, N.Y.(5 iss.)5% 1935-1957 302,724
:
5
14 000
1000
1934-1938
_Guernsey Co., Ohio
54
1796_
1446--11amllton Co., Iowa
40.000
4X
1968- _Hp.ncech ,Minn
1934-1947 r35,000
5
1446-11ardwick, Vt
15,000
4% 1938-1948
1446--Highland, Kan
1968-Hil1 Co. S. D. No. 19,
4,955
Mont
6
1934-1943 100.000
5
1275...Huntington. N. Y
3% 1939-1943 160,840
1797__Indlanapolis. Ind
6,100
1934-1938
6
1090_ _Jefferson Co., Ohio
1943
61,000
6
1614_ -Kenosha, Wig
15,000
1935-1954
6
1446-_Kent, Wash
1614__Lake Co. S. D. No. 23,
14.500
Mont
5%
1934-1938
21.538
1969__Lancaster, N. Y
6
3,084
1934-1943
5
-Lancaster, Ohio
1969
20,000
1935-1937
5
1614_ _Lane Co., Kan
3,691
1935-1943
1446__Lenora S.D.No.12, Kan-5
50.000
1934-1943
5
1969_ _Lincoln, R. I
r40,000
1938
1446_ _Logansport S. D., Ind--.5%
1935-1942 165.000
6
1969_ -Lorain Co.. Ohio
48,000
1936-1962
5
1615_ _Mahtomedi. Minn
75,000
4( 1939-1943
1798_ _Malden, Mass
1934-1961 508,000
1615_ -Mamaroneck,N.Y.(6iss.)6
1934-1948 7,000,000
4
1276_ _Maryland (State of)
1936-1948 881,000
4
..Maryland (State of)
1276.
3-24 yrs. 260.000
4%
1615__Marshall Co.. Minn
1969-Marshall & Polk Cos.
20,000
I936-1953
S. D. No. 31, MiIIII--.5
53,000
1935-1944
6
1969--Massillon, Ohio
r15,000
1935
OWL _McDonald S. D., Pa
1969...meagher County S. D.
5,200
10 years
5%
No.8.. Mont
1934-1953 100,000
4
1798-Minneapolis, Minn
99,000
1276_ _Mississippi (State of)
4% 1936-1942 453,000
1447__Monroe Co.. N. Y
1937-1939 250.000
5
1798-Montana (State of)
5i1 19341954 459,000
1447-Montclair. N. J
61,500
1934-1949
-Mt.Pleasant.N.Y.(29;8.)5
1799_
35.000
1944
1447- _Muncie School City, Ind-4
42,050
1934-1948
-Newark, Ohio (3 iss.)_ __ -5
1616_
1934-1953 296,000
N. Y.(5 iss.)-4
144‘.._Newburgh,
15,000
1616__New Richmond, Wis
50.000
3k; 1934-1958
1616-Newton, Mass
1934-1943 1,250.000
4
19JO_ _New Yon.. H. Y
1934-1943 d50,000
4
..Norfolk, Nob
1799.
21,000
4% 1935-1945
1448-Norwood, Ohio
19,000
1935-1953
6
1445 N 3, Ore
20,000
1963
%
4
City S. D., Pa
1448-0
1935-1941 100.000
4
Minn
1616-01msted Co.,
800,000
1799-Onondaga Co., N. Y__--3% 1934-1943
13.000
1970.-Oskaloosa, Iowa
4.20 1934-1943 100,000
1759__ omega. N. Y
-Ottumwa Ind. S. D.,Iowa... 1934-1936 r11,000
1970
7,000
4% 1936-1938
1799__Page Co., Iowa
7.817
1934-1944
5
1277-Painesville,Ohio
25.000
10 years
6
Colo
1278--Paonia,
20,000
1934-1943
1278..Penn Twp. S. D., Pa_ _ _ _5
70,000
1934-1947
4
1448__Penobscot Co., Me
Price. Basis.
101.30
100
100.49
4.37
5.00
3.33
100.46
100
5.36
6.00
100
101.27
100
100.78
101
100.97
100
4.50
4.25
100
100.20
100.20
100.36
100
100
100
100
5.00
4.18
4.18
3.37
5.00
5.00
5.00
--_-
100
5.00
100
100.35
96.42
96.42
100.66
99.61
4.50
5.18
9.99
4.99
3.44
4.14
5.00
4.37
100.10 4.09
100.004 4.49
Rate.
Name.
I.
M ..Perry CO Ohio
531
5
1799_ _Philadelphia. Pa
1448_ _Piqua, Ohio
53
1971--Polk Co. S. D. No. 29.
Ore
431
1800_ _Pondera Co.8. D.No.10.
Mont
6
1278__Port Arthur, Tex
6
1616__Portsmouth. Ohio
1617-Powell Co. S. D. No. 1.
5%
Mont
43
1617__Putnam Co., N. Y
1449...Richland Co., Mont
1971__Richland Co. S. D. No.
28, Mont
6
1800__Richland Co. S. D. No.
45, Mont
6
5
1800_ _Ross Co.. Ohio
1800_ _Ross Co.. Ohio
431
1449„Russeliville S. D., Ark
4%
1449--St. Joseph, Mo
1971-Sanders Co. S. D.No. 11.
6
Mont
1971--Sanders Co. S. D. No. 12.
6
Mont
1617_ _Scituate. Mass
33
1279_ _Scott Co. Iowa
1449-Sherman 'Co. Comm. H.
5
S. D., Kan
1449--Silver Bow Co. S. 13.
5%
No. 1. Mont
1450_ _Smith Co.. Kan
5
1617--Sno`lomish Co. 8, D.
5
No. 6, Wash
434
1279__Stratford, Conn
53(
1279-Swissvale S. D. Pa
1618--Taos Co.. N. Min
1618_ _Taunton, Mass
434
1801_ _Trumbull Co., Ohio
531
1618.-Valley Co. 8. D. No. 1.
Mont
534
1450__Valley Co. S. D. No. 9,
Mont
534
1801__Valley Co. S. D. No. 2,
Mont
6
1279_ _Wasco Co., Ore
1450_ _Washington (State of)-.434
1618...Wellsville, N. Y
4
1802-West Seneca 8, D. No. 7,
N. Y
6
1450_ _West View S. D., Pa_ _ _.431
1280 _Will Co. S. D.No.86, 111-5
5
1972_ _Wood Co., Wig
334
1450 _Worcester, Mass
6
1618_Yakima Co., Wash
6
1802_ _Youngstown, Ohio
5
1802-Youngstown, Ohio
4
1450_ _Zanesville, Ohio
4
1972-Zanesville, Ohio
Maturity. Amount. Price. Basis.
11,130 100.32 5.67
1936-1939
5.00
1953-1983 3,083,800 100
1935-1942 r38,697 100.53 5.38
1934-1943
d17.500
d5,000 100
20.000
1935-1943 r132,000
6.00
1934-1943
1934-1953
40.000 100
294 000 100.85
50.000
5.50
4.39
10 STS.
1.336 100
6.00
2.574 100
27.000 100.08
22.600 100.08
r243.000
1938-1953 120.000 Rii.braF
1943
1935-1942
1934-1938
6.00
4.98
4.21
4.18
5-10 yrs.
44,900 100
6.00
10 years
1934-1938
2.500 100
15.000 100.02
45.000
6.00
3.49
1935-1943
8.532 100
5.00
3-5 yrs.
1936-1938
422,308 100
15,000 103.66
5.50
4.00
100
100.25
100.60
5.00
4.43
5.18
100.06
100.39
4.48
5.10
1934-1941
1935-1943
1934-1938
1934-1938
18.600
75.000
125.000
10.000
90.000
177.500
5.50
38,797 100
1943
5.50
44,584 100
d8.000 100
5-10 yrs.
5.000 100
1935-1939
1935-1943 1.711.000 100
50.000 100.09
1934-1943
4
- :50
100
100.30
6.00
4.71
98.06
101.82
100.37
100
100
100
100
5.35
2.79
5.93
6.00
5.00
4.00
4.00
1934-1948
1943
1949-1952
19 6-19 1.1
1934-1938
1935-1943
1935-1942
1934-1936
1935-1959
1935-1944
25.000
50.000
141,000
225,000
22,000
94.000
60.000
6.615
16,000
3,500
6.00
3.99
1
Total bond sales for August( 38 municipalities, covering 173 separate issues)...k$40.437.519
d Subject to call in and during the earlier years and to mature in the
temporary loans, or $ 7. „CI 4
latter years. k Not includinr $ ,224,5 ,
Reconstruction Finance Corporation municipal loans. r Refunding bonds.
100
100
100.13
100
100.95
6.00
5.00
4.48
5.00
4.81
100
100.26
100.30
5.00
4.93
The following item included in our total for the month of
July should be eliminated from the same. We give the
page number of the issue of our paper in which reasons for
this elimination may be found.
100
100.30
100.35
6.00
5.47
5.13
We have also learned of the following additional sales for
previous months:
100
100.29
100.10
4.25
4.95
4.49
100
100.38
100.006
100.29
101.10
100
6.00
4.92
3.49
5.00
5.53
6.00
100
100.05
100
5.50
5.98
5.00
100
5.00
Rate.
Page.
Name.
1273_ Baden, Pa
5
1444-Blooming Grove, Chester,
Goshen, &c., S. 13. No.
2, N.Y
1273_ Chillicothe, Ohio
6
1089-_Elizabeth, N. J
1274-Erie S. D., Pa
534
1274_ _Geauga Co., Ohio
534
1275...Jefferson Co.. Kan
5
1446-Judson S. D., Tex
1275-Kline Twp. 8. D., Pa.
434
(April)
1091__Maumee, Ohio
5%
1279-Washington Co. S. D.
No. 38, Ore. (June).--6
1094-Webster City Ind. 8. D.,
Iowa (June)
102.09
5.01
100.36
4.97
100
105.59
105.93
100
6.00
3.24
3.27
4.50
100
100
5.00
6.00
100
100.32
5.50
3.96
100.18
100
100.40
100.37
100.15
100.36
100.64
4.47
5.00
5.45
5.67
4.48
4.93
3.90
102.59
100
100.62
100.82
100
104.26
101.28
100.05
3.00
4.00
3.92
4.37
6.00
4.25
3.72
3.49
100.22
100
4.15
__
100
5.00
102.22
100.43
4.53
3.92
Amount.
335.000
Name.
Page.
1275„Judson S. D.. Tex
El
Maturity. Amount. Price. Basis.
5.00
1938-1947 510,000 100
1936-1941
1935-1959
1937
1943-1952
1934-1938
1935-1945
2 years
1938-1953
1934-1943
1935-1938
6,000
10.000
47,000
198,000
19,900
33,735
425.000
100
100
99
100.12
100.18
103.82
100
5.50
5.50
5:4*
5.42
4.12
5.00
55,000 100
15.500 100
4.50
5.50
2,000 100
6.00
r5,000
All of the above sales (except as indicated) are for July.
These additional July issues will make the total sales (not
including temporary or Reconstruction Finance Corporation
loans) for that month $30,115,455.
BONDS SOLD BY CANADIAN
Rate.
Page.
Name.
5
1802_Alberta.(Prov. of)
5
1618__Brantford, Ont
434
1618__Brantford, Out
1618-British Columbla (Prov.
of)
5
5
1802__Calgary, Alta
1280„Canacia (Prov. of)
4
1802_Cornwall, Out
5
1802--Montreal, Quo
434
1280-Owen Sound, Out
534
1280-Owen Sound, Ont.(2 iss.)5
1280--Petersborough, Ont. (3
iss.)
534
MUNICIPALITIES IN AUGUST.
Maturity. Amount. Price. Basis.
1955 r2,000,000 93.37 5.52
1935-1952 111,600
59,500
1935-1951
3,000,000
1953
250.000
1 year
'
1
1953-1958' 66.500,000 100
24,015 100.11
1-20 yrs.
1934-194813,500,000
52,000
1945
84,000
1951-1952
1943-1963
17,360 100
4.66
--
4.99
5.50
Total amount of bonds sold during August,$35,598.475
• Representing exchange value of £15,000,000 Dominion bond issue
placed in London, England.
NO UNITED STATES POSSESSIONS BONDS WERE ISSUED IN
AUGUST.
NEWS ITEMS
-In a
-State Intangible Tax Law Ruled Invalid.
Arizona.
ruling on two suits instituted against State and county authorities to test the validity of the State intangible tax law, it
was held on Sept. 2 by Judge Marlin T. Phelps of the Mari-
2134
Financial Chronicle
Sept. 16 1933
copa Superior Court, that the law as a whole is unconstitu- by the State is reported to be contingent upon approval by
tional. This is according to Associated Press dispatches from the voters at the next election of a referendum to divert this
Prescott on that date.
$9,000,000 from the $100,000,000 provided for educational
Colorado.—New Automobile Tax Held Constitutional.— expenses.,
Another bill introduced. by Senator Richards was also
The Denver "Rocky Mountain News" of Sept. 2 reports
that in an oral decision delivered on the previous day it was approved on Sept. 5 by the Governor, permitting Supreme
held by District Judge Robert W. Steele that the State's Court justices to remove municipalities from control of the
new;graduated tax on every automobile and truck in Colo- State Municipal Finance Commission.
rado is constitutional and he declared that the law as passed
Beer and NRA Bills Become Law.—On Aug. 31 Governor
by the Legislature in spfcial session recently, constitutes a Moore Signed the Wolber At for the enforcement of the
valid exercise of the police power of the Legislature. It is NRA provisions, and the Muir beer-control bill, extending
reported that an immediate appeal to the State Supreme for three months the operation of the present New Jersey
beer regulation system. In signing the Wolber Act, the
Court is planned.
Kansas.—State Treasurer Held for Trial.—Accor.ding to a Governor gave his full support to the President's industrial
United Press dispatch from Topeka on Sept. 9 State Treas- recovery program. The Act makes the provisions of the
urer Thomas B. Boyd was bound over for trial in District NRA applicable to any individual or corporation engaged in
Court and his bond fixed at $25,000 at the conclusion of his intra-State commerce. The Governor receives powers
preliminary hearing on that day on charges of converting corresponding to those of the President in dealing with
$150,000 ot State funds to the use of himself and Ronald State businesses under the NIRA.
New York.—Boald of Estimatv Adopts Four Emergency
Finney, in connection with the forgery of over $1,000,000 or
Tax Measures.—With slight amendment the Board of Estibonds—V. 137, p. 1442.
mate
Kentucky.—House Rejects Recommended Tax Bill.— six on Sept. 12 formally adopted in short oidei four of the
40,000,000 revenue program—
Associated Press dispatches from Frankfort on Sept. 13 V. bills in the Untermyer $
reported that a gross receipts tax bill, sponsored by Governor sign137, p. 1965. Mayor John P. O'Brien if expected to
them on Sept. 21, and the new taxes, dating trom
Ruby Laffoon to raise $3,000,000 for relief, was defeated
by a count of 48 to 50 in the House on that day. It is Sept. 1, will be due on Oct. 10. The taxes aie to remain in
force only six months, until Feb. 28 1934. The Board of
stated that all other proposals to raise the $3,000,000 required
by the Federal Government before it will advance Kentucky Aldermen is expected to concur in the action of the upper
$8,000,000, also have been defeated in the month since the branch at a meeting called for Sept. 14. The Mayor tentatively set Sept. 21 as the date for the statutory hearing and
special session began—V. 137, p. 1442.
indicated that he would affix his signature immediately after
Maine.—Voters Favor Prohibition Repeal—Reject Four this preliminary was out of the way. The bills approved by
Proposed Measures of State Importance.—At the special the Board of Estimate provide for taxes on savings banks
election held on Sept. 11 the electors of this State voted and life insurance companies, public utility corporations,
their approval of the Twenty-first, the repeal amendment stock brokers and stock transfers.
to the Federal Constitution, by a majority of more than
Previous to this meeting of the Board representatives of
2 to 1, according to Portland advices late that day. By this savings banks conferred with Mayor O'Brien and Mr.
action Maine became the 26th State to join in voting for Untermyer in last attempt to stave off the enactment of the
tax bills by renewing their cffer to advance $70,000,000 or
iepeal of the 18th Amendment.
In addition to that matter the electorate rejected four more to the city on city bonds in anticipation of taxes, but
proposals of State importance. These would have legalized Mr. Untermyer was adamant and the offer was finally revoting machines, raised the State's bonded debt limit from jected. Mr.Untermyer insisted that the city could not afford
$800,000 to $2,000,000 and permit the issuance of $2,000,000 to have its credit further jeopardized by adding to its present
in bonds for relief purposes, imposed a levy on the gross debt.
In the meaotime the proposed 50% increase in water rates
earnings of electric power concerns and provided a tax on
intangible property. As a result of the rejection of the and a 5-cent tax on taxicab fares were bitterly attacked
bond issue, a special session of the Legislature is forecast to before the Board of Aldermen by buainess and reel estate
provide funds for a public works program. We quote in men on the ground that they were injurious to small home
part as follows from the Hartford 'Courant" of Sept. 12, owners and t.) real estate and that the taxi levy would drive
many taxicabs out of business. These ordinances are exregarding the defeated proposals:
Only one of four questions voted upon in connection with the repeal
pected to be anacted by the Board of Aldermen on Sept. 14.
election appeared to have a chance of approval.
The tax bills as adopted by the Board of Estimate were
The amendment to the State Constitution to permit the use of voting
approved as drafted except for two amendments making some
machines, now banned, was but little more than 1,000 votes behind as
was reported. There was a possibility that the
one-third of the State
minor eh tnges in the warding. These amendments affected
city vote would swing it over.
Public utility corp,:rations and brokers in that instead of
The other three measures—to increase the State debt limit,from $800,000
to $2,000000 and permit the issuance of $2,000,000 in bonds for relief
applying to the gross receipts or income, "gross profits"
purposes, and to impose a tax on the earnings of electric power companies
were speciried, and in the case of savings banks and life inand to tax intangibles—were far behind and steadily dropping further down.
The vote from 211 of the State's 632 precincts was:
surance companies it exempted from taxation those investFor voting machines, 8,926, against 10,796; for debt limit, 7,775, against
ments already made by them in tax exempt bonds of city,
13,545; for tax on power earnings, 7,966, against 13,042; for tax on intangibles, 7,879, against 13.470.
State and Federal issues.
successive States already have decided to end prohibition,
Twenty-five
We quote in p art as follows from the New York "Herald
Maine being the 26th to ballot.
Tribune" of Sept.
regarding the adoption of these
Nebraska.—Limitation of Tax Levies in Towns and Villages emergency measures:13,
Changed.—We gladly make room for the following letter, yielde taxes approved yesterday, with the amounts they are expected to
Not
Th,
are:
which is self-explanatory:
WACHOB, BENDER & CO.
Omah__,a Neb., Sept. 9 1933.
Editor of Commercial & Financial Chronicle. New York City,
Dear Sir —With reference to an article in your issue of Aug. 26 pertaining to the tax levies in cities and villages in the State of Nebraska, we
hereby take exception to toe statement that tax levies for all purposes
cannot exceed five mills on the dollar valuation. [Ed, note.—A corrected
report on this matter appeared in our issue of Sept. 2 on page 1793.]
Our recent Legislature enacted House Roll 155 which amended Section
17-567 of the 1929 compiled Statutes of Nebraska, giving the right to
levy an extra three mills for special assessments, but made no change with
reference to the amount of mills which could be levied in a city or village
to defray general or incidental expenses.
-mill levy for this purpose
In other words, the old Statutes provided a 25
which was based on one-fifth valuation, but our recent Legislature merely
changed the form of the law to levy five mills on actual valuation of taxable
property; therefore, this made no change at all on the total amount of mills
which could be levied. This has no bearing on levies which can be made
for otner purposes including water funds, park, electric light, &c., and also
has no bearing on levies for bonds and other indebtedness.
A section of House Roll 155-1933—reads as follows:
"The amount which may be so certified, assessed and collected shall not
exceed five mills on the dollar of actual valuation of all taxable property
within the corporate limits of such city or village to defray its general and
Its incidental expenses, together with any special assessments or special
taxes, or amounts assessed as taxes under the provisions of this chapter,
and such sum as may be authorized by law for the payment of outstanding
bonds and debts."
With reference to your statement as to the levies for the Town of Ralston,
wish to advise you that the District Court upheld a mandamus action to
levy a sufficient amount to pay the interest on outstanding bonds.
You realize that a statement of this kind has a direct bearing on all
holders of Nebraska municipal bonds, and therefore trust that you can
make the proper corrections.
E. A. FRICKE,
Assistant Secretary.
New Jersey.—Bill Signed Providing State Loan to Distressed Municipalities for School Expenses.—A dispatch
from Trenton on Sept. 6 to the Jersey City "Observer"
reports that on the previous day Governor Moore approved
the Richards bill providing conditions under which a State
loan of $9,000,000 is to be advanced to financially distressed
municipalities for school expenses. It is said that under the
law, moneys for overdue salaries of school teachers will be
limited to 75% of the sums due. The advancement of funds
A tax of 1;4% on the gross income of the business of public utility corporations transacted wholly within the city limits,$8.300,000.
A tax of 5% on the gross profits of the business of brokers in stocks, bonds
and other forms of securities, $5,000,000.
A tax of four cents a share on stock transfers, where the transaction originates within the city, $5,000,000.
A tax of II of 1% on the grass assets of savings banks and fire and life
insurance companies, $6,400,000.
The two remaining measures in the Untermyer program, the proposed
50% increase in water rates and the nickel-a-ride tax on taxicabs, which
are in the form of ordinances before the Board of Aldermen, probably may
be enacted by that body at VI-morrow's meeting. A torrent of opposition
was let loose yesterday at public hearings before the aldermanic committee
on public welfare, but it is not expected that this will have any more effect
than the protests and threats of retaliation against the other measures at
the public hearings on Monday.
Loan Pleas to Be Pressed.
The reason for the haste in jamming through the Untermyer bills is that
the city hopes on the basis of the revenue plan to induce the banking syndicate which is withholding decision on the city's application for a loan of
$72,000,000 to come to the city's aid before its financial condition becomes
critical about Oct. 1.
Mr. Untermyer said as he was leaving City Hall that he expected to
renew negotiations with the bankers in a few days. The special counsel
has been insisting that a loan is imperatively needed this week, but the
bankers are quite confident that the mid-month pay roll, amounting to
around $15,000,000, will be met without their assistance. So far as could be
learned, the bankers are still skeptical of the feasibility of the Untermyer
revenue plan. They are said to feel that the entire program will be enmeshed in litigation. It is confidently expected that the public utilities,
the brokers and probably the banks and the insurance companies will
attack the revenue legislation basically on the ground that the empowering
Act passed by the Legislature in extraordinary session was improperly
passed and therefore void. The individual tax measures also are held to be
open to attack on other grounds.
City Pay Reductions Voted as Aldermen Adopt Tax Program.
—The Aldermanio branch of the Municipal Assembly on
Sept. 14 passed the Untermyer tax program described above
with only a few protests, while the members of the Board of
Estimate at a special meeting called unexpectedly by Mayor
O'Brien for the evening of the same day, acted on some of
the economy recommendations made by Mr. Untermyer,
cut their own salaries, including that of the Mayor. to the
1929 level, approved a cut in the salaries of the Aldermen,
abolished the sergeants-at-arms positions in the Board of
Volume 137
Financial Chronicle
Aldermen and recommended the retirement of 700 city
employees who have reached the age limit, all of which actions
are calculated to effect a saving of about $2,000,000 in city
expenses.
The Aldermen, with slight amendments, adopted the above
four tax measures. The bills now go to Mayor O'Brien for
a hearing on Sept. 21. The Board also put through the
ordinances for increasing the water rates by 50% and the
-cent tax on taxicab fares. •The greatest opposition was
5
against the water rate increase, the vote finally being 41 "for"
to 15 "against," with about 11 Aldermen absent. The
amendments made to the emergency tax bills dealt with the
same passages as those previously changed by the Board of
Estimate and changes the phraseology so as to make them
explicit. The bills affected were those taxing public utility
corporations and brokers handling securities. In the first
case the tax was made to apply to "gross revenue without
deductions," and in the latter, "gross earnings without
deductions," instead of "gross profits" as first worded in both
cases. Corporation Counsel Hilly admitted that this means
that it mattered not whether the public utility corporations
made profits or not they would still have to pay taxes on
gross revenue, thus restoring the original base of taxation.
The Board of Estimate is said to have adopted the amendments unanimously.
We quote in part as follows nom the New York "Times"
of Sept. 15:
Following the passage yesterday by the Board of Aldermen of the city's
new 810,000,000 tax program, the Board of Estimate last night, at Samuel
Untermyer's suggestion, voted to reduce the salaries of its own members
to the 1929 level, putting the revised figures in the 1934 budget.
Mayor O'Brien himself put through the resolution which will cut the
salary of his office to $25,000 next year. The reductions in the salaries
of other members of the board vary according to the rises which the board
voted to itself after 1929.
Mr. Untermyer had intimated in a letter to the Mayor that such action
on the part of the Board of Estimate might be "a graceful gesture." He
also suggested that the Board of Aldermen fall in with the idea and reduce
Its members' salaries from $5,000 to $2,000 (the 1929 level), but this was
not taken up so briskly.
Mr. Untermyer made these recommendations as a preliminary to wholesale salary reductions for all city officials whose compensation was increased
three years ago.
Aldermen Threaten Revolt.
Rebellion on the part of the Aldermen was accepted as a certainty at
City Hall last night. How far they would be able to get with their protests
remained an open question, since Mr. Untermyer is applying the power
of their district leaders to keep them in line. He frankly said that their
salary reductions were urged now because of the impending primary and
the election, making it thus appear that he was acting in their interest.
In 1929 the Board of Estimate increased the Mayor's salary from $25,000
to $40.000. The Comptroller's salary went from $25,000 to $35,000 and
that of' the Aldermanic President from $15,000 to $25,000. The Borough
Presidents went from $15,000 to $20.000.
Though substantial opposition developed in the Board of Aldermen
Yesterday against the Untermyer tax program, the Democratic majority
was sufficiently powerful to put the program through. The strongest
fight developed on the proposal to increase water rates 50%, when fifteen
member of the Board opposed the majority of forty-one.
Alderman Joseph Clark Baldwin, only Republican in the Board, lost
his fight to change the wording of each bill to show that part of the tax
money would go to redeem city obligations held by bankers, instead of
for unemployment alone. In all four cases, his was the only vote favoring
that amendment.
In addition to Alderman Baldwin, those who voted against raising water
rates were Aldermen Corcoran, Dalton, Deutschman, Gallagher, Gardella,
Kranz, Bauer, Lenihan, O'Connell, Ott, Reich, Schwab and Borough
Presidents George U. Harvey of Queens and John A. Lynch of Richmond.
Most of the opposition came from Queens and was inspired by small home
owners there.
The Al iermen passed the 4% tax on stock transfers by a vote of 47 to 7.
The tax of one-quarter of 1% on assets of savings banks and insurance companies went through 53 to 1. Alderman Baldwin standing alone in his
opposition. The Queens bloc voted against the stock transfer tax, with
Aldermen Deutschmann, Gallagher, Kranz, Lenihan, O'Connell and
Schwab joining the Republican leader.
The bill placing a 6% tax on the gross income of brokerage houses was
passed by a vote of 50 to 2. Alderman Schwab and Alderman Baldwin
voted against it.
Opposition arose against the bill placing a five-cent tax on each taxicab
ride. Under an amendment to the measure the legal maximum rate per
mile was cut from 40 cents to 35. While a majority of cabs are operated
at 20 cents a mile, a number operate around terminals and hotels at the
-cent rate. The bill went through on a vote of 46 to 10.
40
Pennsylvania.
-Financial Statements of Municipalities
Tabulated.
-A compilation of data on assessed valuation,
gross and net debts, tax rate, population, &c., of certain
well-known municipalities of Pennsylvania based largely on
returns in the 1933 State and Municipal Compendium of the
"Chronicle," is being distributed by the municipal bond
department of E. W. Clark & Co. of Philadelphia.
-No General Tax to Be Levied for 1934.
South Dakota.
-It was announced by the State Board of Tax Equalization
recently that it has eliminated the State general tax levy
entirely for 1934 and reduced total property valuations
$144,227,732 compared with last year, according to the
Sept. 9 issue of the "Commercial West" of Minneapolis.
The decision of the State Board not to make a property tax
levy for State purposes, for the first time in the State's
history, is said to have been reached in view of anticipated
-V. 137, p. 349.
revenue from the new gross income tax.
-Special Legislative Session Ends.-The special
Virginia.
session of the State Legislature, convened on Aug. 17 for
the major purposes of beer and repeal-V. 137, p. 349,
adjourned on Sept. 2 after disposing of these problems,
legislating for roads and schools and for State participation
in the national public works program, restoring Confederate
pensions and enacting numerous emergency and local measures. The results of the special session were summarized
as follows in the Richmond Dispatch of Sept. 3:
Legalization of beer, effective to-night at midnight. The Assembly
bottle tax, and license
imposed a $2.75 per barrel excise tax, a 1-cent a a $5 State license
levies for brewers, bottlers and distributors, withlicense provisions. levy.
In addition, localities will be permitted to parallel authorized to borrow
The Governor and Highway Commission were be used on road conto
316 000.000 from the Federal public works fund
the amount
struction. The Highway Commissioner has indicated halfroads.
used for the primary system and half for secondary
would be
Machinery was set up whereby Virginians on Oct. 3 may vote both to
ratify repeal of the Eighteenth Amendment and to replace the State dry
2135
law-the Layman Act-with a liquor control plan to be set up at the
January session.
An emergency appropriation of $150,000 was granted public free schools
to prevent curtailment of school terms,feared in 62 counties, between now
and the meeting of the regular session.
A policy against special fees was declared by the General Assembly with
the passage of the Page bill eliminating all special fees and bounties for
dry law violations.
An enabling act was passed whereby Henrico, Nottoway, Arlington and
Warwick counties, only ones to vote themselves out of the Byrd road plan
last year, may vote themselves back into the fold.
BOND PROPOSALS AND NEGOTIATIONS
ADAMS COUNTY P. O. Hettinger), N. Dak.-BOND ELECTION.
-A special election will be held on Sept. 22, according to report, in order
to vote on the proposed issuance of $50,000 in hospital building bonds.
Interest rate not to exceed 6%, payable semi-annually. Dated Oct. 1
1933. Due from 1935 to 1953.
ALEXANDRIA, Va.-PROPOSED FEDERAL LOAN AUTHORIZED.
-At a special meeting on Sept. 7 the City Council is reported to have
authorized the City Manager to prepare and execute three loans with the
Federal Emergency Public Works Administration. The first loan of
$100,000 is to be used for the construction of additional sewers. A $250,000
portion of the second proposed loan of $300,000 is to be used for high school
building purposes, the other $50,000 for equipment and additions to negro
schools. The third loan of $200,000 will be for paving and grading city
streets.
ALGONA SCHOOL DISTRICT (P. 0. Seattle), King County.
Wash.
-BOND ELECTION.
-It is reported that an election will be held
on Sept. 26 to vote on the issuance of $16,000 in school bonds.
ALTOONA SCHOOL DISTRICT, Blair County, Pa.
-BOND OFFER
ING.-W, N. Decker, Secretary of the Board of Directors, will receive
sealed bids until 7:30 p. m. on Sept. 28 for the purchase of $475,000 334.
3 j,4 or 43 % coupon tax anticipation bonds. Dated Oct. 1 1933. Denom.
$1.000. Due Oct. 1 as follows: $50,000 in 1934, $75.000 fron 1935 to
1937 incl. and $100,000 in 1938 and 1939. Registerable as to principal
only. Interest is payable in A. & 0. Bidder to name one of the abovementioned interest rates for all of the bonds. A certified check for $5,000,
payable to the order of the district, must accompany each proposal. Bonds
are being issued pursuant to Act No.132 of the Assembly, approved May 18
1933. Successful bidder will be required to pay for the printing of the bonds
and for any legal opinion required, but the district will pay for approval
of the issue by the Pennsylvania Department of Internal Affairs.
ANDOVER, Essex County, Mass.
-The town
-TEMPORARY LOAN.
has sold a $25,000 tax anticipation loan to Jackson & Curtis of Boston
at 1.50% discount basis. Dated Sept. 18 1933 and due on Nov.41933.
ANNE ARUNDEL COUNTY(P.O. Annapolis), Md.-BOND SALE.
The $750,000 5% coupon (registerable as to principal) floating debt refunding bonds offered on Sept. 14-V. 137, p. 1611-were awarded to the
Mercantile Trust Co. of Baltimore and associates, at a price of 94.07, a
basis of about 5.585%. Denom. $1,000. Due $25,000 annually on
Sept. 1 from 1934 to 1963 incl. Principal and interest (M. & S.) payable
In lawful money of the United States at the Annapolis Banking & Trust
Co., Annapolis. Legality approved by Niles, Barton, Morrow & Yost of
Baltimore. The bonds are exempt from all State, county and municipal
taxation in Maryland.
Financial Statement.
Estimated taxable basis of Anne Arundel County for 1933 (real
and personal property)
$49.721,547
Securities and other taxable property
5,680,925
$55,402,472
Bonded indebtedness including all issues
3,265,907
Floating debt
750,000
APPLETON, Swift County, Minn.
-BONDS VOTED.
-It is said that
election held on Sept. 5-V. 137. p. 1794
at the
-the voters approved by a
large majority, the issuance of $30,000 in sewage disposal plant bonds.
ATHENS, Clark County, Ga.-PROPOSED FEDERAL LOAN.
At a meeting of a joint committee representing the City Council and the
Board of Education, held on Aug. 30, it was decided to apply immediately
to the Federal Public Works Board for a loan of $100,000 to use on municipal
Improvements. It is said that should a bond election be authorized by the
Council, the date will probably be sometime in November.
ATTLEBORO, Bristol County, Mass.-ADDIDTIONAL INFORMA-The $160,000 334% funding bonds sold on Sept.6 to F. S. Moseley
TION.
-were purchased by the bankers at a
& Co. of Boston-V. 137, p. 1965
price of 100.10, a basis of about 3.48%. Dated Sept. 1 1933 and due
$32,000 on Sept. 1 from 1934 to 1938 incl.
BARBOUR SCHOOL DISTRICT P. 0. Orange) Orange County,
Va.-BOND ELECTION.
-Oct. 10 is reported to have been set by Circuit
Judge A. T. Browning as the date on which a special election will be held
to determine if the district shall obtain funds by a bond issue for the building of an auditorium and an addition to the high school at Barboursville,
at a cost not to exceed $12,000.
BAY CITY, Bay County, Mich.
-41.000.000 PUBLIC WORKS
-The Public Works Committee of the City ComPROGRAM FAVORED.
mission has decided to submit for consideration of the voters a program
providing for the expenditure of $1,000,000,including $800,000 for improvements to the city's sewers, with the balance of $200,000 to be applied to
the construction of a bridge over the Saginaw River to replace the present
Lafayette Ave. span.
-BONDS TENTABEAVERHEAD COUNTY (P. 0. Dillon), Mont.
TIVELY AWARDED.
-In connection with the proposed sale of the
$61,681.75 issue of funding bonds, offered on Aug. 17 the award of which
was held over to Sept. 5-V. 137, p. 1611-pending the outcome of a
hearing to determine the validity of $11,100 to be funded by a portion
of the said bonds, we are now informed that the entire issue was awarded
to the State Bank & Trust Co. of Dillon on Sept. 6 and $11,100 of the
total is to be withheld if a permanent restraining order is issued by the
courts. It is said that the bank will not accept the above amount if
decision is not handed down before Sept. 1 1934. The bank bid par plus
accrued interest to date of delivery with 5% interest payable semi-annually.
The other bids received were as follows:
Price Bid.
Names of Other BiddersFirst National Bank of Dillon
53(% no premium
First National Bank of St. Paul
6%,$183.00
State Bank & Trust Co.(2nd bid)
04% $1 per hundred
BEEBE SCHOOL DISTRICT (P. O. Beebe), White County, Ark.
BOND DETAILS.
-The $68,500 issue of 5% refunding bonds that was
purchased at par by M. W.Elkins & Co. of Little Rock
-V.137. p. 1966
is due from 1938 to 1952. Denom..$500. Coupon bonds, payable M
BELLEFONTAINE, Logan County, Ohio.
-$8,000 RELIEF BOND
ISSUE NECESSARY -The City will be obliged to issue $8,000 poor
relief bonds for the purpose of financing its present requirements and be
eligible for direct relief aid from the State later.
BENTON COUNTY SCHOOL DISTRICT NO. 17 (P. 0. Prosser),
Wash.
-BOND SALE.
-The $40,295.05 issue of school bonds offered for
-was purchased by the State of Washingsale on Sept. 9-V. 137. p. 1966
ton, as 5s at par. Dated Sept. 1 1933. Due in from 2 to 15 years from date
of issuance. There were no other bids received.
-REFUNDING
BERRIEN COUNTY (P. 0. St. Joseph), Mich.
PLAN AMENDED.
-The Board of Supervisors on Sept. 8 amended the
plan adopted last April providing for the refunding of $200,000 covert
road bonds which came due on May 1 1933. It was originally provided
that the refunding obligations, due in five years, were to be callable on
option. However, as part of the bonds were paid by the State, it was
-large
necessary to readjust the action of last April to make only county-at
bonds callable, it is said. Arrangements have been made for the People's
State Bank. St. Joseph, to take up the defaulted issue, it is further stated
-V. 137, p. 1088.
BEVIER CONSOLIDATED SCHOOL DISTRICT NO. 4 (P. 0.
-Sealed bids will be
Bevier), Macon County, Mo.-BOND OFFERING.
2136
Financial Chronicle
received until 7 p. m. on Sept. 25, by G. L. Thomas, President of the
Board of Education, for the purchase of a $12,500 issue of 5% semi-ann.
school bonds. Dated Aug. 1 1933. Due in 20 years. The bonds have been
registered by the State Auditor.
BEXLEY CITY SCHOOL DISTRICT, Franklin County, Ohio.
BOND OFFERING.
-L. M. Krumm, Clerk of the Board of Education
will receive sealed bids until 12 m. on Oct. 1 for the purchase of $23,875
6% refunding bonds. Dated Oct. 1 1933. Due as follows: $1,375 April
and $1.500 Oct. 1 1935, and $1.500 April and Oct. 1 from 1936 to 1942 incl.
Interest is payable semi-annually. Bids for the bonds to bear interest at
a rate other than 6%,expressed in a multiple of y, of 1%, will also be considered. A certified check for $238.75, payable to the order of the Board
of Education, must accompany each proposal.
BILLINGS SCHOOL DISTRICT (P. 0. Billings), Yellowstone
County, Mont.
-PROPOSED LOAN APPLICATION -It is stated that
an application for a $100,000 loan under the NIRA has been filed with
the State Public Works Board for consideration at Washington. The funds
are said to be designed for improvements at the high school and at the
grade school.
BINGHAMTON, Broome County, N. Y.
-PLAN OFFERING OF
31.000,000 BONDS.
-The city plans to receive bids about Dec. 1 for the
purchase of the $1,000,000 bond issue, provided for in Chapter 797. Laws
of 1933, as passed at the recent special session of the State Legislature
V. 137, p. 1794. Part of the proceeds will be used to retire all outstanding
welfare notes, while about $275.000 will be applied to meet welfare needs
in 1934. The bands will be dated Jan. 1 1934 and mature $100,000 annu lly
on Jan. 1 from 1935 to 1944 incl. The city, it is said, has collected all but
about $150,000 of the $4,008,000 tax levy for 1932; abut 91% of the first
half of the 1933 taxes and about 81.5% of the second half. A small fraction
of 1% of the 1931 taxes is outstanding. Assessed valuation of the city for
1933 was about $115,000,000. Outstanding bands amount to only about
$6,000,000.
BLOOMFIELD, Essex County, N. J.
-PROPOSED FEDERAL LOAN.
-The Town Council plans to make application to the Public Works Administration for $83,437 to finance improvements to the water system.
Of the total, 30% will be sought as an outright grant, with the balance
of 70% to take the form of a 25
-year loan at 4% interest.
BOSTON, Suffolk County, Mass.
-OTHER BID.
-The $1,000.000
loan, dated Sept. 11 1933 and due on Oct. 10 1933, awarded on Sept. 8
at an interest rate of 3.13% to the National Shawmut Dank of Boston
V.137, p. 1966
-was also bid for by the First of Boston Corp., which named
a rate of 3.25%.
BOWLING GREEN, Wood County, Ohio.
-The issue
-BOND SALE.
of $15,649 refunding bonds offered on Sept. 9-V. 137, p. 1611-was
awarded as 6s to Ryan, Sutherland & Co. of Toledo, the only bidder, at
par plus a premium of $11.50, equal to 100.07. a basis of about 5.98%.
Dated Sept. 1 1933. Due as follows' $649 March and $1,000 Sept. 1 1935.
and $1,000 March and Sept. 1 from 1936 to 1942 incl.
BOYLE COUNTY (P. 0. Danville), Ky.-ADDITIONAL DETAILS.
-The 510.000 issue of road and bridge refunding bonds purchased jointly
by Almstedt Bros. and the Bankers bond Co., both of Louisville, as 5s at
100.05, a basis of about 4.997.-V. 137. p. 1966-is dated Sept. 2 1933.
Denom. $500. Coupon bonds maturing on Sept. 2 1942. Interest
payable M. & S.
BRADDOCK SCHOOL DISTRICT, Allegheny County, Pa.
-BOND
SALE.
-The $70,000 coupon school bonds offered on Sept. 11-V. 137,
p. 1794-were awarded as 4)s to Glover & MacGregor, Inc. of Pittsburgh,
at par plus a premium of $1.263, equal to 101.80. a basis of about 4.28%.
Dated Sept. 1 1933 and due on Sept. 1 as follows: $5,000 from 1938 to
1943, incl. and $10,000 from 1944 to 1947, inclusive.
BUCYRUS, Crawford County, Ohio.
-BOND ELECTION.
-A proposal providing for the issuance of $130 000 sewa e dis,o ;al plant construction bonds will be submitted for consideration of the voters at the general
election in November.
BUENA VISTA COUNTY (P. 0. Storm Lake), Iowa.
-BONDS
AUTHORIZED.
-The issuance of $20,000 in poor fund bonds Is reported
to have ocen authorized recently by the Board of Supervisors.
BUHL, Twin Falls County, Ida.
-BOND ELECTION.
-It is reported
that an electi in will be held on Sept. 26, in order to vote on the proposed
issuance of $35,000 in water system bonds. It is expected that the Government will furnish $15,000 toward this project under the P. W. A. plan.
BUTLER, Morris County, N. J.
-NOTE SALE.
-The Paterson
Savings Institution has purchased an issue of $190,000 notes, to mature
on Sept. 15 1934.
CALIFORNIA, State of (P. 0. Sacramento).
-BOND OFFERING.
Charles G. Johnson, State Treasurer, announces that he will sell at public
auction on Oct. 10 at 11 a. m., a 413.000,600 issue of 4,4,% unemployment
relief bonds. Denom.$1.000: Dated Oct. 1 1933. Due $2,000,000 from
July 1 1938 to 1940, incl. Prin. and int. (J. & J.) payable at the State
Treasurer's office or at the fiscal agency in New York. These ponds are
issued in pursuance of an act of the Legislature approved by the Governor
April 29 1933. and approved by the electors at a special election held on
June 27. The State Treasurer may, under said Act, with the approval
of the Governor, by public announcement at the time and place fixed by
him for the sale, continue such sale as to the whole of the bonds offered,
or any part thereof offered, to such time and place as he may select. The
State Treasurer is required by said Act to reject any and all bids for said
bonds, or for any of them, which shall be below the par value of said bonds
plus accrued interest.
(This report supplements the preliminary notice given in V. 137, p. 1794.)
CAMBRIDGE, Middlesex County, Mass.
-BOND SALE.
-The City
Company cf Massachusetts of Boston, was awarded on Sept. 12 an issue of
$700,000 poor relief bonds as 3)s, at a price of 100.26, a basis of about
3.16%. Dated Sept. 15 1933 and due $140,000 annually from 1934 to
1938. incl. Bids for the issue were as follows:
BidderInt. Rate. Rate Bid.
City Company of Massachusetts (purchaser)
3.1.1% •
100.26
N. W. Harris Co., Inc
100.02
31'
Brown Bros. Harriman & Co
100.31
3.1i5
First of Boston Corp., It. L. Day & Co., Estabrook
& Co. and Whiting, Weeks & Knowles. jointly_ 100.17
334%
Blyth & Co. and jockson & Curtis, jointly
334W
100.16
BONDS PUBLICLY OFFERED.
-The bankers are re-offering the issue
for general investment at prices to yield from 2 to 3.25%, according to
maturity. They are stated to be direct and general obligations of the city,
payable from unlimited taxes on all taxable property therein. According
to report, the city has an assessed valuation of $186.764,600; total bonded
debt, incl. current issue, $13,073,800, and net bonded debt of $9,222,275.
The bonds are legal investment for savings banks and trust funds in New
York, Massachusetts, Connecticut and other States.
CARBON COUNTY SCHOOL DISTRICT NO. 23 (P. 0. Roberts),
-The $7000 issue of 6% funding bonds offered for
Mont.
-BOND SALE.
sale on Aug. 28-V. 137, p. 1273-is reported to have been purchased at
par by the Ste to Land Board.
CARRINGTON, Foster County, N. Dak.-BOND ELECTION.
It Is reported that an election will be held on Sent. 22 to vote on the proposed issuance of $20,000 in sewage disposal plant bonds.
CARTERET COUNTY (P. 0. Beaufort), N. C.
-PROPOSED BOND
-The following report on a proposed plan for
REFINANCING FLAN.
reducing the bonded debt of this county, is taken from the Raleigh "News
and Observer" of Sept. 9:
"A start was made this week,small though it may be, toward straightening out the tangled web of Carteret county's huge bonded debt. Efforts
along similar lines were also made in regard to the indebtedness of Beaufort
and Morehead City. Several conferences between representatives of a
group of bondholders and the officials of the county and the two cities were
held and lengthy discussions and arguments took place.
"A three hour session of the county commissioners and the bondholders'
representatives was held in the Auditor's office Tuesday night.
"The substance of the proposition made by the bondholders' committee,
Is that the county shall pay 1% interest on its bonds and notes, that it
shall reduce operating expenses for the fiscal year 1933-1934. A tax rate
of $1.50 was suggested, of which 25 cents was to be used for operating
expenses and $1.25 for debt service. The amount to be raised for debt
service would be $85,000, of which $34,000 would be paid for interest on
Sept.
16 1933
bonds for 1933-1934 and $51.000 would be kept by the county and used to
buy up bonds being offered at greatly below par prices. For the $34,000
the bondholders would surrender $180,000 worth of coupons. The committee, so it was stated, represented 35% of the outstanding bonds and
believed other bondholders would come into the arrangement. Action was
deffered for a later meeting."
-The voters
CARTHAGE, Miner County, S. Dak.-BONDS VOTED.
areat
me re=rd to have approved recently the issuance of $9,000 in improve-a
CHEYENNE, Laramie County, Wyo.-BONDS CALLEP.-It is
reported that various bonds of Paving Districts Nos. 4 and 6; Ovrb and
Gutter District No. 11 and Improvement District No. 15. are called for
oot. l.t at the Chase National Bank in New York, interest to cease on
pa yinn
e
-587,000 TAX'WARRANTS STOLEN.
CHICAGO, Cook County, Ill.
-Bankers and investment brokers have been warned of the theft on Sept. 7
of $87,000 worth of tax anticipation warrants from the County Treasurer's
office. The warrants, it is said, have been marked as retired by the County
Treasurer's stamp and are described as follows:
City corporate fund-C1331. $5,000; C1533, $5,000; 01955, $5.000:
C1956. $5,000; C2236, $5,000; 02237, $5.000; and the following $1.000
warrants: C765, A70-9, C1626. 01627. C1800, 01801. 01968. 01972,
01973, C2250, C2269, 02282. C2283, C2284. 02425, 02425 to C2436.
02670, 02706.
City bond and interest
-04494. 04495, 04501. 04502, 04509, 04643,
04677,05100, G5144,05145,05168. 05169.05170,05197.
-TO PAY
CHICAGO SANITARY DISTRICT, Cook County, Ill.
-It is reported that funds have been deposited
DEFAULTED INTEREST.
In the First National Bank of Chicago to pay interest coupons which were
due on April 1, April 25 and Nov. 1 1932.
CINCINNATI SCHOOL DISTRICT, Hamilton County, Ohio.
-At a special meeting held on
VOTE ON $2,100,000 BOND ISSUE.
Sept. 5, the Board of Education decided that a proposal to issue 52,100.000
school building construction bonds will be submitted for consideration of
the voters at the general election in No ember. The money would be
obtained from the $3,300,000,000 Federal public works fund, with approximately $900.000 sought as an outright grant.
-BOND ELECTION CONTEMCIRCLE, McCone County, Mont.
PLATED.
-We are informed by the City Clerk that an election will be
held soon to vote on the proposed issuance of $45,000 in 6% water and
sewer bonds.
-Claude Hollowell, Chair-BOND OFFERING.
CLARKSVILLE. Ind.
man of the Board of Trustees, will receive sealed bids until 12 m.on Sept. 27
for the purchase of 59.4806% sanitary sewer and judgment payment bonds.
Dated Sept. 27 1933. One bond for $480, others for $500. Due Jan. 1 as
follows: $3,000 in 1935 :.nd 1936 and $3,480 in 1937.
SCHOOL ISSUE OFFEIED.-Paul E. Moser, Jr. Clerk of the Town
Sept. 27 for the purSchool Board, will receive sealed bids until 12 m. on'
chase of $2,000 6% George Rogers Clark school sanitary sewer instalation
d ote of Den m, $500. Due one bond annually in from 2 to 5 years from
ban
bonds. Deno
sue
(The above two issues were originally offered to bear 5% interest on
Aug. 19-V. 137. p. 1444.)
CLAY COUNTY COMMON SCHOOL DISTRICT NO. 109 (P. 0.
-Sealed bids were received until
Hawley), Minn.
-BONDS OFFERED.
8 p.m. on Sept. 15 by Sam Lura, District Clerk, for the purchase of an
issue of $1,500
% semi-ann. schrol bonds. Dated Aug. 28 1933. A
certified check for $150 must accompany the bid.
-BOND ELECTION.CLEVELAND, Cuyahoga County, Ohio.
At the general elect' in in November the voters will consider a proposal
providing for the issuance of $2,000,000 municipal electric light plant improvement and expansion bonds.
CLEVELAND HEIGHTS, Cuyahoga County Ohio.-BOND OFFER'
ING.
-11, M. Kimpel, Dire-tor of Finance will receive sealed bids until
11 a.m. (Eastern standard time), on Sept. 21 for the purchase of $385,000
5% refunding bonds, in order to provide for the payment of a similar
amount maturing Oct 1 1933. The bonds will be divided as follows:
$355.000 bonds. due $35,500 annually on Oct. 1 from 1935 to 1914, incl.
30.000 bonds, due $3,000 annually on Oct. 1 from 1935 to 1944, incl.
-mill limitation.
This issue is being sold outside of the 15
All of the bonds will be dated Oct. 1 1933 and callable, in whole or in
part, at par and accrued interest, on Oct. 1 1938, or on the first of any
succeeding October thereafter. Principal and semi-annual interest payable
at the office of the Director of Finance or at the City's legal depository.
0
Bids for the bonds to bear interest at a rate other than 57 expressed in
a multiple of y, of 1%, will also be considered. A certified 'che k for 3%
of the bonds bid for, payable to the order of the Director of Financ e, must
accompany each proposal. Legality to be approsed by Squire, Sanders &
Dempsey of Cleveland. Previous mention of the proposed refunding was
made in V. 137, p. 1967.
-BONDS NOT SOLD.
COAL GROVE, Lawrence County. Ohio.
The Issue of 562,000 6% water distribution system mortgage bonds offered
on Sept. 8-V'. 137. p. 1612-failed of sale, as no bids were submitted.
The bonds were previously offered without success on July 19. They are
dated Jan. 1 1933 and mature serially on Jan. 1 from 1935 to 1959, incl.
The Reconstruction Finance Corporation announced on March 1 that it
Would purchase the issue.
.
-BOND OFFERING RECOLUMBUS, Franklin County, Ohio.
DUCED -Samuel J. Willis, City Clerk, reports that the offering on
Sept. 21 will consist of $44,795 434% coupon or registered bonds and not
$163,975 as originally announced-V. 137. p. 1794. Mr. Willis states that
the $119,000 poor relief Issue was included in the first notice through an
error. The reduced amount includes $35,000 electric light extension.
$4.000 judgment, $3.707 special asst. alley impt. and $2,088 special asst.
sewer construction bond issues.
-The City Council has authorized an issue of
BONDS AUTHORIZED.
$2,088 4%7.special asst. sanitary sewer construction bonds. Dated Oct. 1
1933. One bond for $'88, others for $400. Due March 1 as follows: $488 in
1936 and $400 from 1937 to 1940 incl., Principal and interest (M. & S.) are
payable at the office of the agency of the City of Columbus in New York
City.
-PROPOSED POND ISSUFS
COLUMBUS, Franklin County, Ohio.
TO i AL $12,670,500.
-The City Council on Sept. 8 approved of the submission of an additional $9.270,500 bonds for consideration of the voters '
at the general election in November. thereby increasing the amount to
be voted on to $12,670,500. A proposed $3,400,000 sewage disposal plant
was previously announced for inclusion on the ballot. The city hopes to
obtaia the requisite funds from the Federal Government, The proposed
issues of *9,270,500 include the following:
1. Extensions to the municipal electric light plant,$1,030,000. (Capacity
of plant would be increased one-third).
2. East wing to the city hall. $202,000. (This project would permit
the housing of all municipal offices under one roof, obviating the necessity
of paying rents for other quarters.)
3. Construction of incinerators, $202.000.
4. Walhalla viaduct at Calumet St., $64,000. (This project requested
by more than 30 North Side civic and political organizations to aid children
going to and from schools.)
5. Relief sewers, sanitary sewers and storm drains, $4,220,000. (Would
give the city a complete drainage system and stop all flooding of basements,
especially on the West Side and Hilltop.)
6. Main St. bridge, $500.000. (Would connect Main St. on East side
of river to Rich St. on West side.)
7. Interceptor sewers. 51.787.000.
8. Long St. bridge, $1,000,000. (Would facilitate movement of traffic
from North Side, Grandview, Upper Arlington, to the downtown district
and wo eld .
e atru ete essen traffic congestion on High St., Neil Ave. and other North
l
Side
-FEDERAL LOANS TO BE MADE ON
CONNECTICUT (State of).
LOCAL CERTIFICATE ISSUES.-Arehlbald McNeil, Chairman of the
State Public Works Advisory Board, annoucced on Sept 7 that Federal
loans for public work purposes would be made to municipalities in the
States based on certificate of indebtedness issues, provided that State-aid
road funds are pledged as collateral for their re-payment.
-It is reported
CORTLAND, Gage County, Neb.-BOND ELECTION.
that an election was held on Sept. 15 in order to vote on the proposed
Issuance of $14,000 in not to exceed 534% water works bonds.
Volume 137
Financial Chronicle
-William
-BOND OFFERING.
CRAFTON, Allegheny County, Pa.
England, Borough Secretary, will receive sealed bids until 8 p. m.(Eastern
3 for the purchase of 610,000 434,4 K or 5% bonds.
standard time) on Oct.
Dated Nov. 1 1933. Denom. $1,000. Due $2,000 annually on Nov.
from 1911 to 1960. incl. Interest is payable in M.& N. Successful bidder
to pay for printing and prenaration of the bonds. A certified check for
$1.000 must accompany each proposal.
-The Board of
CROTON, N. Y.-$90,000 EXPENDITURE VOTED.
Trustees adopted a resolution on Sept. 5 authorizing the expenditure
of $90,000 for water improvements through the issuance of bonds. The
Federal Government will be asked to finance the program.
-BOND OFFERINGCUYAHOGA County(P.O.Cleveland), Ohio.
George H.Stabler, Clerk of the Board of County Commissioners, will receive
sealed bids until 11 a. m.(Eastern standard time) on Oct.3 for the purchase
of $3.760,000 6% coupon or registered refunding bonds, consisting of the
following issues:
-mill limitation.
$2.740,000 bonds payable from taxes levied inside the 15
Due $137.000 on April and Oct. 1 from 1939 to 1948 incl.
-mill limitation.
735,000 bonds payable from taxes ley led inside the 15
Due as follows: $3/,000 April and Oct. 1 1939; $3,000 April
and $38,000 Oct. 1 1940 $37,000 April and Oct. 1 1941;$37,000
April and Oct. 1 1942;$37,000 April and Oct. 1 1943; $37,000
April and $38,000 Oct. 1 1944 337,000 April and Oct. 1 1945:
$Ti.000 April and $38,000 Oct. 1 1946; 337.000 April and
Oct. 1 1947: 337,000 April and $38.000 Oct. 1 1948.
-mill limitation.
285,000 bonds payable from taxes levied outside the 15
Due as follows: 314,000 April and Oct. 1 1939; 314,000 April
and A15.000 Oct. 1 1940; $14,000 April and Oct. 11941; $14.000
April and $15,000 Oct. 11942; $14,000 April and Oct. 11943;
$14,000 April and 315.000 Oct. 1 1944; $14,000 April and
Oct. 1 1945; $14.000 April and $15,000 Oct. 1 1946; $14.000
April and Oct. 1 1947; 314,000 April and $15,000 Oct. 1 1948.
Ekch issue is dated Oct. 11933. Denom. $1,000. Principal and interest
(A. & 0.) are payable at the County Treasurer's office. Bids for the
bonds to bear interest at a rate other than 6% ,expressed in a multiple
of % of 1%, will also be considered. Bids may be made separately for
each issue or for "all or none. Split rate bids will not be considered on
any single issue, although different rates may be bid for each issue. A
certified check for 1% of the bonds bid for, payable to the order of the
County Treasurer, must accompany each proposal. The proceedings
Incident to the proper authorization of these bonds have been taken under
the ft:re:Hon of 3quire. Sanders & Dempsey,of Cleveland. whose approving
opinion will be furnished. Delivery of these bonds will be made at Cleveland,
Ohio on or Ibeut Oct. 10 1933.
-PROPOSES
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
MORATOR11 M ONSCHOOL DEBTPAYMENTS.-Farl J. Bryan,County
Scholl Simeriatende .t, on Sept. 9 stated that in the hope that holders of
school bonds will come to the aid of financially-embarassed village school
districts by declaring a 3
-year moratorium on bond and interest payments,
he would arra..ge for a test case in the courts by having one of the poorer
districts decline to meet its debt charges. The next move would be for the
bondholders to file an Injunction suit in Common Pleas Court to enjoin the
County Auditor from paying tax money to any school district that has not
met its bond payments. The Cie eland "Plain Dealer" of Sept. 10, in
reporti ig the faretoing, continued further as follows:
"U Ilona the move is successful 14 school districts in the county will be
forced to close their schools early, Bryan said. Some may not be able to
conti me through January.
"Seven school districts, Beechwood. Bratenahl, Brooklyn Heights.
Brooklyn Village, Cuyahoga Heights, Richmond Heights and Valley
View, will not be affe-ted by the three-year moratorium if it goes into
effect, Bryan said. They are all able to meet their obligations, which total
$30.160.
"Following Is a list of the 14 financially-embarrassed school districts,
showing the amount of their maturing bonds and the accrued interest":
Accrued
Maturing
Interest.
Bonds.
$14,542
Bay Village
319.000
14.782
14.500
Brecksville
2.164
4.055
Chagrin Falls
12.945
Dover
14.000
Fairview
23.209
29,000
Indepe dance
10.065
12.000
Mayfield
32.000
25.477
North Olmsted
23,144
19,486
North Royalton
4,350
6.000
Olmsted Falls
6.000
5,400
Orange
19.000
12.297
Solon
4.000
1.365
Strongsville
5.000
3,472
Warrensville Heights
2,000
5.399
Total
$186.699
$154,953
CYRUS, Pope County, Minn.
-It is reported
-BOND ELECTION.
that an ele-tion Wag held on Sept. 16 in order to vote on the proposed
Issuance of $'2.000 in not exceeding 434% water work.; supply bonds.
Denoms. 511 ,000 and $800. Due on Aug. 1 as follows: $800 1936 to 1960
and $1.000 In 1962 and 163.
DALLAS COUNTY (P. 0. Dallas), Tex.
-BONDS ASSUMED BY
STATR.-According to a report by John L. Crosthwalt, County Auditor.
the State of Texas has assumed a total of $8,065,792.91 of the bonded
debt of the above county. It is said that the Board last year approved
36,999,480.19 of the county's indebtedness on State highway projects.
Payments are out of the diversion of one cent of the State gasoline tax.
D AUGHERTY TOWNSHIP SCHOOL DISTRICT (P. 0. New
County, Pa.
-BOND OFFERING.
Brighton), 8
-F. W. Budde,
Secretary of the Board of Directors, will receive sealed bids until 8 p. m.
on Sept. 26 for the purchase of $6,900 434 and 5% coupon school bonds.
Dated Sept. 1 1933. One bond for $900. others for $1,000. Due Sept. 1
as follows: $900 in 1937 and $1,000 from 1938 to 1943 incl. Interest is
payable in M. & S. A certified check for $50 must accompany each Proposal. The bonds are redeemable at any interest payment date and are
tieing offered subject to approval of the Pennsylvania Department of
Internal Affairs.
DEARBORN, Wayne County, Mich.
-BOND OFFERING.
-Myron A.
Stevens, City Clerk, will receive sealed bids until 4 p. m.(Eastern standard
time) on Sept. 26 for the purchase of $96,560 not to exceed 4% interest
coupon general obligation sewer bonds. Dated on or about Sept. 1 1933,
Due Sept. 1 as follows: 81.560 in 1934: i,2,000 from 11.35 to 1943 incl.;
$3,000. 1944 to 1952 incl.; 34,000. 1953 to 1957 incl. and $5,000 from 1958
to 1963 Incl. Principal and semi-annual interest payable at the City
TreaSurer's office. Bids must be for all of the bonds. Proposals to be
conditioned only on the approval as to validity by Thomson, Wood &
,
Hoffm n of New York.
DEFIANCE, Deflance County, Ohio.
-ADDITIONAL INFORMA-In connection with the autborization of 3342.000 municipal electric
TION.
-we learn that
-V. 137. p. 1967
light plant mortgage construction bonds
the issue will be dated Oct. 11933, bear 534% interest and mature annually
1 as follows; 324.000 from 1935 to 1937,incl.: 325.000, 1938:$24,000
on Oct.
1939; $25,000, 1910: 824.000, 1941; $25.000. 1942: $24.000, 1943: 125,000;
1944; $24,000, 1945,• $25,000. 1946: $24,000 in 1947 and $25.000 in 1948.
Interest payable in A. & 0.
DELAVAN, Walworth County, Wis.-BOND DETAILS.
-The
-V. 137,
$33,500 of funding bonds that were purchased by local investors
f)67
p. -were sold as 6s at par. Due serially to 1943, callable at par on 60
days' notice.
-It
DELTA COUNTY (P. 0. Delta), Colo.-IVARRANTS CALLED.
is reported that various school, general and county warrants are called for
payment at the office of the County Treasurer, interest to cease on Sept. 20.
on registered warrants.
-DENNISON, Tuscarawas County, OhIa.-BONDS NOT SOLD.
No bids were obtained at the offering on Sept. 5 of $13,300 534% refunding
bonds, dated Sept. 1 1933 and to mature serially on March 1 from 1935 to
1943, incl.-V. 137. IL 1273.
-BOND SALE.
-An 1138110 Of
DES MOINES, Polk County, Iowa,
$138,617.04 5% semi-ann, funding bonds is reported to have been purchased recently by Lehman Bros. of New York, Dated Oct. 1 1933. Due
on Dec. 1 as follows: 33.617.04 in 1934; 35,000. 1935 and 1937; $10,000,
2137
1938 and 1939: $5.000. 1940: ¶15.000. 1941 to 1943 and 1945 to 1947, and
$10,000 in 1948. Prin. and int. (J. & D.) payable at the office of the City
Treasurer. Legality approved by Chapman & Cutler of Chicago.
-A
-BOND SALE.
DUBUQUE COUNTY (P. 0. Dubuque) Iowa.
$46,500 issue of 434% semi-ann. poor relief bonds is stated by the County
Treasurer to have been purchased on Sept. 5 by the White-Phillips Co. of
Davenport, for a premium of $286, equal to 100.46.
-At a
-NOTES AUTHORIZED.
DURHAM, Durham County, N. C.
meeting held on Sept. 8 the City Council is reported tc have passed an
ordinance authorizing the issuance of $300.000 in tax anticipation notes
to finance the city pending the collection of this year's levy.
EAST BAY MUNICIPAL UTILITY DISTRICT (P. 0. San Fran-The District is said
cisco) Calit.-FEDERAL LOAN APPLICATION.
to be applying to the Reconstruction Finance Corporation for a loan of
$8,409,000 to construct additional power facilities and transmission lines
to the Oakland area in the Pacific Gas & Electric territory, so as to permit
the District to enter the power distribution business.
EAST JEFFERSON WATER WORKS DISTRICT NO. 1 (P. 0.
-Sealed bids will
-BOND OFFERING.
Gretna) Jefferson Parish, La.
be received until 7:30 p. m. on Oct. 2, by John W. Hodgson. President of
of Commissioners, for the purchase of a $500.000 issue of water
the Board
works bonds. Interest rate is not to exceed 6%. payable semi-annually,
Denom.$1,000. A certified check for 10% of the bonds bid for, is required.
-Alice I.
-BOND OFFERING.
EAST ORANGE, Essex County, N. J.
Webster. City Clerk, will receive sealed bids until 8 p. m. on Sept. 25
for the purchase of $326,000 434, 4%, 5. 53;,, 534, 55( or 6% coupon or
registered bonds, divided as follows:
$177,000 series No. 8 sewer bonds. Due July 1 as follows: $8.000 from
1935 to 1940 incl.; none in 1941 and 1942: $3 000. 1943; $8.000 in
1944; none in 1945; $8.000 in 1946 and 1947: $3.000 in 1948 and
1949: ¶8.000. 1950; $3,000, 1951: $8,000 from 1952 to 1957 incl.;
510.000 in 1958 and 1959; none in 1960; 38,000 in 1961 and the
balance of $9,000 in 1970.
110,000 series No. 14 general inapt. bonds. Due July 1 as follows: 87.000
from 1935 to 1938 incl.: 33.000, 1939; $7.000 in 1940; none from
1941 to 1945: $10.000 in 1946: none from 1947 to 1951: $2,000 in
1952; $10.000 in 1953 and 1954; none in 1955, and $10.000 from
1956 to 1959 incl.
39,000 series PP school bonds. Due July 1 as follows: ¶2,000 from
1934 to 1939 incl. and $1,000 from 1940 to 1966 incl.
All of the bonds are dated July 1 1933. Denom. $1.000. Principal and
interest (J. & J.) are payable in lawful money of the United States at the
City Treasurer's office. A certified check for each issue, in amount of 2%
of the bonds of such issue, payable to the order of the city, is required..
The approving opinion of Htwklns. Delafield & Longfellow of New York,
will be furnished the successful bidder.
(The above, bonds reuresent the unsold portion of the original total of
5'609.000 for which no bids were received on June 26. An option on the
issues was then granted to Lehman Bros. of New York and associates, who
succeeded in effecting s:.le of a block of the bonds.)
EAU CLAIRE COUNTY (P. 0. Eau Claire), Wis.-BONDS SOLD.
We are informed by the County Clerk that the $3100,000 issue of 3% bonds
-has
-V. 137. p. 1967
authorized to pay off immediate county expenses
been sold. Due in one year.
EDEN VALLEY SCHOOL DISTRICT NO. 1 (P. 0. Mohall) Ren-Sealed bids will be
ville County, N. Dak.-CERTIFICATE OFFERING.
received until 2 p. m. on Sept. 22. by Harry Sorenson, District Clerk, for
the purchase of a $2.500 issue of certificates of Indebtedness. Interest
rate is not to exceed 7%, payable semi-annually. Denom. $500. Due in
2 years.
-PROPOSED BOND ELECTION.
ELDORA, Hardin County, Iowa.
It is s.id that an election will be held in the latter part of September to
vote on the proposed issuance of $12,000 in park purchase bands. The
proposal is s-dd to provide that all but $1.400 of the said amount be refunded to the city from State and Federal funds.
ELLSWORTH SCHOOL DISTRICT NO. 21 (P. 0. Rolla) Rolette
-Sealed bids will be
County, N. Dak.-CERTIFICATE OFFERING.
received until 10 a. m. on Sept. 20. by G. Ray Reddens, District Clerk, for
the purchase of a $2.000 issue of certificates of indebtedness. Interest
rate is not to exceed 7%, payable semi-annually. Denom. $500. Dated
Sept. 21 193:3. Due on Sept. 211934.
-WOULD REFUND DEFAULTED
ELYRIA, Lorain County, Ohio.
-The suggestion has been made that the city refund the ¶81.500
BONDS.
bonds which are in default, including $53,000 general and 323.500 water
works obligations.
ENNIS INDEPENDENT SCHOOL DISTRICT ‘P. 0. Ennis), Ellis
-DISTRICT SEVERS CONNECT ION WITH CITY.
County, Tex.
An Associated Press dispatch from Ennis on Sept. 7 reported as follows on
and the above named district:
the severance ofconnections between that city
"An election was held here Tuesday at which by a vote of 25 to 7. it was
decided to divorce the Ennis Independent School District from the City
Government by the school district assuming $123,000 bonded indebtedness
now hold against the city for school property and purposes, and authorizing
the school district to levy and collect all school taxes pay interest and
principal on bonds and otherwise handle all school financial affairs, which
have heretofore been handled by the city."
-Frank
-BONDS CALLED.
EVERETT, Snohomish County, Wash.
A.Turner,City Treasurer,Is reported to have called for payment on Sept.7,
425 of Local Impt. District No. 393. and
the following bonds: Nos. 418 to
Nos. 47 to 82 of Local Inapt. District No,508. Payable at the office of the
City Treasurer.
-The
FORT THOMAS, CAMPBELL COUNTY,Ky.-PRICE PAID.
$66,000 issue of 6% coupon semi-annual funding bonds that was purchased
-was awarded
-V.137. p. 1967
by Widman. Holzman & Katz of Cincinnati
at par. Dated July 11933. Due from July 1 1936 to 1953, incl.
FULTON COUNTY (P. 0. Atlanta), Ga.-PUBLIC WORKS GRANT
-The County Commission is said to have authorAPPLICATION FILED.
ized the filing of an application with the Public Works, Board for a grant
of $2,500,000 to be used in the construction of a joint city and county jail
and a courthouse annex.
GALESBURG TOWNSHIP (P. 0. Galesburg), Knox County, Ill.
-The Township Clerk informs us that the 335.000
BONDS DEFEATED.
issue submitted for consideration of the voters at an election
road bond
held on Sept. 2 was defeated, the measure having received 223 favorable
votes as compared with 316 in the negative.
GALLATIN COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Logan),
-The 32.799.85 issue of funding bonds offered for
-BOND SALE.
Mont.
-was purchased by the State Board of Land
sale on Aug. 15-V.137, p.902
Commissioners, according to report.
GALLATIN COUNTY SCHOOL DISTRICT NO.28(P.O. Menard),
-A $600 issue of funding bonds is reported to have
Mont.
-BOND SALE.
been purchased recently by the State Land Board. as Os at par.
GALLATIN COUNTY SCHOOL DISTRICT NO.48 (P.O. Bozeman)
-The $429 25 issue of funding bonds offered for
-BOND SALE.
Mont.
-was purchased by the State Board of
sale on Aug. 16-V. 137, p. 902
Land Commissioners, as 6s at par. Due in 10 years.
GALLATIN COUNTY SCHOOL DISTRICT NO.72(P.O.Maudlow),
-BOND SALE -The 5512.83 issue of funding bonds offered for sale
Mont.
on Aug.9-V. 137. p. 902
-is stated to have been purchased by the State
Board of Land Commissioners, as 6s, at par.
GARFIELD COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Jordan),
Mont.
-BOND SALE.
-The $4,800 (not $4.889.47) issue of funding bonds
offered for sale on Aug. 31-V. 137, p. 1274-was purchased by the State
Land Board as 6s at par. Denom., one bond. Dated July 1 1933. Due
on July 1 1943. Interest payable J. & J.
-It is stated by
-BONDS VOTED.
GILMER, Upshur County, Tex.
Mayor H. V. Norris that at the election held on May 23-V.136. p. 3203
to exceed 6% semithe voters approved the issuance of 310.000 in not
annual sewage disposal plant bonds.
-BOND OFFERGRANITE FALLS, Yellow Medicine County, Minn.
-It is announced by 0. P. Berg, City Clerk, that he will offer for
ING.
sale at public auction on Sept. 22 at 2 p. m. a $50,000 issue of sewage disposal system bonds. Interest rate is not to exceed 5%, payable M. & S.
2138
Financial Chronicle
Denom. $500. Dated Sept. 1 1933. Due $2.500 from Sept. 1 1934 to
1953 incl. Principal and interest payable at a place or bank,trust company
or any place determined upon at the time of sale.
-PROPOSES
HACKENSACK RIVER SEWAGE AUTHORITY, N. J.
$25,000,000 FEDERAL LOAN.
-Thomas J. Wasser of Jersey City, a
consulting engineer and Clerk of the Hudson County Board of Freeholders,
on Sept. 13 was sworn in as Chairman of the newly created Sewage Authority. Air. Wasser was instructed by the other members to negotiate for a
loan of not more than $25,000,000 from the Federal Government, to finance
the construction of a trunk line for sewage disposal in the Hackensack
River valley.
HADDON TOWNSHIP(P.O. Westmont), N. J.
-BOND REFINANCING VOTED.
-The Township Committee on Sept. 5 approved a resolution
providing for the refinancing of $266,450 improvement bonds maturing
in the next two months. The Committee, it is said, decided to take
advantage of a new State law empowering municipal governing bodies to
extend maturities for three years.
HAPEV1LLE, Fulton County, Ga.-FEDERAL LOAN APPLICATION FILED.
-An application is said to have been filed with the Public
Works Administration for a loan of $156,000, to be used on a projected
sewage disposal plant.
-BOND
HARRISON (P. 0. Harrison), Westchester County, N. Y.
SALE.
-The $305,000 coupon or registered bonds offered on Sept. 12V. 137, p. 1614
-were awarded as 6s, at a price of par, to George B. Gibbons
& Co.. Inc., of New York. The sale consisted of:
$160,000 highway bonds. Due Aug. 1 as follows: $8,000. 1940; $10.000
from 1941 to 1950, incl. and $26,000 in 1951 and 1952.
102,000 highway bonds. Due Aug. 1 as follows: $6,000, 1938; none in
1939: 312,000, 1940; $8,000 from 1941 to 1950, incl. and $4,000
in 1951.
43,000 sewer bonds. Due Aug. 1 as follows: $4,000 from 1938 to 1947
incl. and $3,000 in 1948.
Each issue is dated Aug. 1 1933.
HARRISON RURAL SCHOOL DISTRICT, Champaign County,
Ohio.
-BOND OFFERING.
-C. L. Frantz, Clerk of the Board of Edu•
cation, will receive sealed bids until 6 p. m. on Sept. 29 for the purchase of
$500 5% refunding bonds, dated Sept. 1 1933 and due $100 annually on
Sept. 1 from 1935 to 1939 incl. Interest payable semi-annually. A certified
check for $15, payable to the order of the Board, must accompany each
proposal.
-It is stated
HASTINGS, Adams County, Neb.-BOND ELECTION.
by the City Clerk that an election will be held on Oct. 17 on the proposed
issuance of $100,000 in storm sewer construction bonds. Interest rate is
not to exceed 434 %. Due in 20 years, optional after five years. (The
ordinance calling this election was adopted by the City Council on Sept. 8.)
HAZLEHURST, Copiah County, Miss.
-BOND SALE CONTEMPLATED.
-The City Clerk is reported to have been instructed recently
by the Board of Aldermen to offer $18,300 in 6% refunding bonds. It is
said that the proceeds will be used to meet improvement district bond
Interest and maturities due on Jan. 1 1934.
HEMPSTEAD, Nassau County, N. Y.
-NOTES RENEWED.
-The
Village Board on Sept. 6 adopted a resolution authorizing the renewal for
three months of $50.000 tax anticipation notes held by the West Hempstead
National Bank of Hempstead.
HEMPSTEAD SCHOOL DISTRICT NO.17(P.O. Franklin Square),
Nassau County, N. Y.
-BOND OFFERING.
-William B. Bryan, District
Clerk, will receive sealed bids until 8 p. m. (daylight saving time) on
Sept. 22 for the purchase of $21.000 not to exceed 6% interest coupon or
registered school bonds. Dated Oct. 1 1933. Denom. $1,000. Due $3,000
on Oct. 1 from 1935 to 1941 incl. Principal and interest (A. & 0.) are payable in lawful money of the United States at the Central Hanover Bank &
Trust Co., New York, or at the Franklin Square National Bank. Franklin
Square, at holder's option. Bidder to express the rate of interest in a
multiple of 1-10th of 1%. A certified check for 2%, payable to the order
of the Board of Education, must accompany each proposal. The approving
opinion of Hawkins, Delafield & Longfellow of New York will be furnished
the successful bidder.
HENRY COUNTY (P. 0. Paris), Tenn.
-FEDERAL LOAN APPLICATION.
-It is said that formal application for a loan of $15,500 from
Reconstruction Finance Corporation funds was made by D. 0. McNeeley,
Chairman of the county committee appointed by the court to erect additional high school buildings.
HIBBING, St. Louis County, Minn.
-SPECIAL LOAN ELECTION
-It is said that on Sept. 8 the Village Council gave apAUTHORIZED.
proval to $350,000 in public works projects, subject to a referendum at a
special election to be held on Oct. 3. These projects would be financed
through the public works provisions of the NRA. with the village paying
back 70% of the cost by means of long-term bonds.
HIDALGO COUNTY (P. 0. Edinburg), Tex.
-BOND AND WAR-The following report is taken from an Edinburg
RANT RETIREMENTS.
dispatch to the "Wall Street Journal" of Sept. 9:
"During the past fiscal year the commissioners court applied $873,850
on Hidalgo County's bonded and warrant indebtedness. Total expenditures
of the county for the year were $1,223,880. For the coming fiscal year,
there has been allotted 87.87% of the tax income to apply on the county's
outstanding indebtedness. The total county indebtedness was reduced
from $18,678,690 on Jan. 11932, to $17,080,307 at the close of June 1933,
according to County Auditor C. K. Leslie."
-We quote as follows from a letter
PROPOSED BOND REFUNDING.
sent to us on Sept. 11 by E. C. Couch, County Judge, regarding the proposed refunding of the county's bonded debt:
"With reference to our defaults will say that practically all of our issues
are in default. We are now arranging to refund all of our obligations and
have arrived at a tentative agreement. Contracts will probably be signed
within a few days. Will be glad to give you definite information just as
soon as it is available."
HILLSIDE TOWNSHIP(P.O. Hillside), N.J.
-BONDS NOTSGLD.The $912,000 coupon or registered bonds, comprising $662,000 general
improvement and $250.000 assessment issues, offered at not to exceed 6%
interest on Sept. 13-V. 137, p. 1614-failed of sale, as no bids were
obtained.
HOBOKEN, Hudson County, N. J.
-BOND OFFERING.
-Arthur C.
Malone, City Clerk, will receive bids until 10 a. m.(Eastern standard time)
on Sept. 18 for the purchase of $300.000 5% coupon or registered funding
bonds. Dated Oct. 2 1933. Denom. $1,000. Due $20,000 on Oct. 2
from 1935 to 1949 incl. Prin. and int. (A. & 0. 2) are payable in lawful
money of the United States at the City Treasurer's office. Bonds cannot
be sold at less than a price of 99 and accrued int. The successful bidder
will be furnished with the opinion of Hawkins, Delafield & Longfellow
of New York City that the bonds are binding and legal obligations of the
Mayor and Council of the City of Hoboken, payable out of unlimited
ad valorem taxes on all the property in the city subject to taxation.
HOLTON SCHOOL DISTRICT, Muskegon County, Mich.
-BOND
SALE.
-The State Teachers' Retirement Fund has purchased at par an
Issue of $2,000 6% school bonds. Interest payable semi-annually.
HURON, Beadle County, S. Dak.-BOND ELECTION.
-It is reported that an election will be held on Sept. 26 in order to vote on the
proposed issuance of $204,000 in bonds, divided as follows: $100,000
street impt.; $90,000 storm sewer, and $14,000 in lake improvement bonds.
INDIANAPOLIS, Marion County, Ind.
-The issue
-NOTE SALE.
of $50,000 '*sanitary maintenance and general expense fund" notes offered
-was awarded to Campbell & Co.ofIndianapon Sept. 12-V. 137, P. 1797
olis, the only mdder, at 5% interest, at par plus a premium of $16.65.
Dated Sept. 12 1933 and due on Nov. 11 1933.
IONIA, Ionia County, Mich.
-BOND ELECTION.
-At a special
election to be held on Sept. 18 the voters will consider the question of
issuing $50,000 bonds to the Reconstruction Finance Corporation for the
purpose of improving the municipal water works plant.
JEWELL, Hamilton County, Iowa.
-BOND OFFERING.
-Sealed
bids will be received until 5 p. m. on Sept. 22 by Claude V. Campbell.
Town Clerk, for the purchase of a $5,000 issue of water works refunding
bonds. Denom. $500. Dated Oct. 1 1933. Due $500 from Oct. 1 1934
to 1943 incl. Oral bids will also be considered.
Sept. 16 1933
KALAMAZOO, Kalamazoo County, Mich.
-11847,700 PUBLIC
WORKS PROGRAM APPROVED.
-The City Commission on Sept. 8
reduced the amount of its projected public works program from $1,030,000
to $847,700 and decided informally to make application to the Federal
government for funds to finance the projects definitely approved. These
Include the following items:
Amount
Purpose-Sewage disposal plant
$450,000
Michigan Central-East Michigan Ave. grade separation
150,000
Axtell-Portage Creek and Arcadia Creek flood control project
147,000
Humphrey Street storm sewer
50,000
Fulford Street storm sewer
33.100
South Burdick Street storm sewer
17,600
Total
$847,700
KANSAS CITY, Jackson County, Mo.-BOND SALE.
-The four
issues of 434% bonds, aggregating 3500,000, offered for sale on Sept. 8
-V. 137, p. 1968
-were jointly purchased by Stranahan, Harris & Co.
and Brown Brothers, Harriman & Co., both of New York,paying a premium
of $2,150, equal to 100.43, a basis of about 4.22%. The issues are divided
as follows:
$200,000 trafficway impt. bonds. Due from Sept. 1 1935 to 1973 incl.
150,000 sewer, 3d issue, bonds. Due from Sept. 1 1935 to 1973 incl.
125.000 Blue River impt. bonds. Due from Sept. 1 1935 to 1973 incl.
25,000 police station, 2d issue, bonds. Due $1,000 from Sept. 1 1935
to 1959.
The second high bid was submitted by Baum, Bernheimer & Co. of
Kansas City and Halsey, Stuart & Co. of Chicago. Their bid was $650
premium and accrued interest.
FINANCIAL STATEMENT (AS OF AUG. 1 1933)•
Liabilities.
Total bonded indebtedness of the city Aug. 1 1933 is
$34,072,000.00
Contingent liabilities, 1923 and prior: Aug. 1 1933
18,479.38
On Aug. 1 1933 there were final judgments against the city
5,000.00
aggregating
Assets.
On Aug. 1 1933 there were in the general sinking fund of the
city, Kansas City school bonds, U. S. Liberty bonds,
556,478.14
Kansas City municipal bonds, and cash to the amount of
On Aug.1 1933 there were in the Water Sinking Fund,Kansas
City school bonds, U. S. bonds, Kansas City municipal
1,674,279.59
bonds, and cash to the amount of
$2,230,757.73
Total in the two funds
Cash balance, General Fund revenue, fiscal year 1933, as of
1,106,571.78
Aug. 1 1933
3,201,484.14
Cash balance in all funds in city treasury Aug. 1 1933
The assessed valuation of all property in the city for State
and county purposes made in the year 1931 for 1932 taxes
$595,921,420.00
was
All liabilities on existing contracts are fully covered by appropriations
made by the Council, for which funds are in the City Treasury to meet
said liabilities and appropriations.
There are no past due current bills against Kansas City.
The population of Kansas City, Mo.,for 1930 U.S. census was 399,746.
-The successful
BONDS OFFERED FOR PUBLIC SUBSCRIPTION.
bidders offered the above bonds for general investment on Sept. 12, at
prices to yield from 4.00% to 4.15%, according to maturity.
-TO REFUND $341,000
KENT COUNTY(P.O. Grand Rapids) Mich.
BONDS.
-The Board of Supervisors has ordered that $341,000 road bonds.
issued in 1913, 1914 and 1915, be refunded. It also named the Peoples
National Bank as county depository for the remainder of 1933.
-INCREASE IN FLOATKENTUCKY, State of (P. 0. Frankfort).
ING DEBT-The Louisville "Courier-Journal" of Sept. 7 commented
editorially as follows on the increasing floating debt of the State:
"Outstanding interest-bearing State warrants against Kentucky's exhausted general expenditures fund amounted on Sept. 1 to $15,341,127.92,
plus an overdraft of $93,212.13 That was a total deficit of$15,434,340.05 on
the date when the Treasury was out of cash to meet the payroll and stamped
its I.O.U's interest-bearing for employees.
"On July 1, beginning of the present fiscal year, the warrants amounted
to $15,197,005.42. They have increased $237.334.63 and the interest
$1,000 a month since July. That is a rate of growth for the floating debt of
$1,424,007.72 a year. It grow $1,345,590.85 during the fiscal year, July 1
1932, to June 30 1933, though the payroll may run the deficit up much
faster in the future. The volume of outstanding warrants June 30 1932.
was $13,851,414.57. That was while the suit was pending to test the right
of the Governor, Auditor and Tax Commission Chairman to refund the
warrants in bonds to the amount of $14,000,000. A year later the deficit
exceeds the amount of the proposed bond issue by $1,434,340.05.
"In another year Kentucky can confidently count on a floating debt of
$17,000,000 and an interest account of $850.000 in cash against the general
fund. What shape the road fund will be in by that time depends upon
receipts and retrenchment for the next 12 months. The road fund continues
to show warrants against it about $1,500,000 in excess of cash. Maybe
the State will owe $20,000,000 it can't pay by September 1934, and be
paying $1,000.000 annual interest."
-it Is
-BOND ELECTION.
KNOXVILLE, Knox County, Tenn.
reported that an election will be held on Nov. 11 to vote on the proposed
issuance of $4,307,000 in municipal power distribution system bonds.
-PROPOSED FEDERAL LOAN
KNOXVILLE, Knox County, Tenn.
APPLICATION-It is stated that an application for a $450,000 bridge
loan and a $400,000 school building loan is being made by the city to the
State Public Works Council. Only 70% of the loans would have to be
repaid, the remaining 30% being an outright grant from the Federal Government.
LAKE COUNTY (P. 0. Madison) S. Dak.-BOND ELECTION,
It is reported that an election will be held on Sept. 19 in order to vote on the
proposed issuance of $75,000 in court house bonds.
LARIMORE SCHOOL DISTRICT (P. 0. Larimore), Grand Forks
-At the election held on Sept. 1County, N. Dak.-BONDS VOTED.
V. 137, P. 1797-the voters are reported to have approved the issuance
of $60,000 in 4% semi-ann. school bonds by a wide majority. Due In
20 years.
LA SALLE COUNTY WATER IMPROVEMENT DISTRICT NO. 1
-The Com-PROPOSED REORGANIZATION.
(P. 0. Cotulla), Tex.
missioners Court is said to have called an election for Sept. 26 in order to
vote on the proposed reorganization of the district. .An effort will be
made to secure Government funds for this project, on which a detailed
11
36.
survey, lgont werevot r buteyhaverveibeens
tealyasbeennia,accgding to
In 192an Issue f
1)• 524.
,Ind.-BONDS IN DEFAULT
LAWRENCE COUNTY(P.O. Bedford),
-Thomas N. Chapman, County Treasurer, reports under date of Sept. 11
bond principal maturities since May
that the county has defaulted on all
1933, although interest charges have been regularly paid. Mr. Chapman
adds that no levy was made last year to meet maturing bonds and is unable
to state what action will be taken by the Tax Board at its meeting On
Sept. 18 with regard to bonds due in 1934.
-The $6,000
-BOND SALE.
LE CENTER, Le Sueur County, Minn.
Issue of registered 434% semi-ann. water tank bonds offered for sale on
Sept. 7-V. 137, p. 1797-was purchased by a local investor, paying a
premium of $60, equal to 100.10, a basis of about 4.48%. Dated Oct. 1
1933. Due $1,000 from Oct. 1 1936 to 1941 incl.
-At the
LEXINGTON, Fayette County, Ky.-BOND ELECTION.
regular election in November, the voters will be asked to pass on the proposed issuance of $1,312,000 in bonds, divided as follows: $1,155,000
sowers; $59,000 city jail; $35,000 public health centre; $31,500 colored
community centre, and $331,500 white community centre. It is said that
In addition to these items, the Board of Education will submit a $350,000
Issue of school system bonds to the voters.
-The Crtl
,
LIMA, Allen County, Ohio.
-BONDS AUTHORIZED.
Commissioners on Sept. 8 adopted ordinances authorizing the issuance of
$666.000 bonds to provide for the payment of maturing notes. Bonds in the
amount of $500.000 are to cover notes issued in November 1927, for construction of the new hospital, in anticipation of the issuance of the bonds.
Volume 137
Financial Chronicle
These notes fall due on Oct. 1. The maximum maturity of the proposed
bonds has been set at 25 years. A total of $150,000 in bonds is to be issued
to take up notes in that amount due on Nov. 15 for expense incurred in
construction of the sewage disposal plant, while a $16,000 issue is to take
care of poor relief notes.
LINDENHURST SCHOOL DISTRICT (P. 0. Babylon), Suffolk
County, N. Y.
-CERTIFICATE ISSUE AUTHORI7ED.-The Board of
Education has authorized the issuance of $70.000 certificates ofindebtedness
to meet current expenses, pending the receipt of tax collections. Rate of
Interest is to be either 5 or 6%.
2139
1936,47; 1937 to 1939, 4.10%; 1940 to 1943, 4.15%; 1944 to 1952, 4.20%:
1953 to 1957, 4.255' and 4.30% for the maturities from 1958 to 1973, incl.
The bonds are dated Sept. 1 1933 and not in 1934 as previously reported.
MARION, Grant County, Ind.
-BOND SALE.
-The $50,000 issue of
refunding bonds offered on Sept. 11-V. 137, p. 1615
-was awarded as 6s
to 0. W. McNear & Co. of Chicago at par plus a premium of $375, equal
to 100.75, a basis of about 5.84%. Dated Oct. 1 1933 and due as follows:
$2,500 Oct. 1 1934; $2,500 April and Oct. 1 from 1935 to 1943 incl., and
$2,500 April 1 1944.
MARION COUNTY (P. 0. Columbia), Miss.
-BOND SALE.
-A
$35,000 issue of 6% semi-ann. refunding bonds is reported to have been
purchased by the First National Bank of Memphis. Dated Feb. 1 1933.
)
Legality approvedby Benj. H. Charles of St. Louis. These bonds are said
to e a part of an authorized issue of 840.000.
LINN COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Albany), Ore.
BONDS NOT .SOLD.
-The 825.000 issue of refunding bonds offered on
Sept. 5-V. 137, p. 1797-was not sold as no bids were received, according
to the District Clerk. Interest rate not to exceed 6%, payable A. & 0.
Dated Oct. 1 1933. Due $2,500 from Oct. 1 1934 to 1943 incl.
MARION, Marion County, Ohio.
-BOND OPTION GRANTED.
LOCKLAND SCHOOL DISTRICT, Hamilton County, Ohio.Walter, Woody & Heirrierdinger of Cincinnati have obtained an option on
the $66,137.05 69' coupon refunding bonds for which no bids were received
BOND ELECTION.
-At the general election in November the voters
on Aug.25-V. 137, p. 1798. Dated Sept. 1 1933 and due serially on Oct. 1
will consider a proposal providing for the issuance of $35,000 school building
construction bonds.
from 1935 to 1943 incl. If the firm is unable to sell the issue, the obligations
will be given to holders of bonds which mature on Sept. and Oct. 1 1933.
-BONDS CALLED.
LOGAN COUNTY (P. 0. Sterling) Colo.
-It is
together with a partial cash payment, according to City Solicitor Carter
reported that certain bonds of various school districts in the county were
Patton.
called for payment at the office of the County Treasurer, interest ceased
on Sept. 14.
MILFORD, New Haven County, Conn.
-The $90,000
-BOND SALE.
1.1
-were
LOS ANGELES COUNTY FLOOD CONTROL DISTRICT (P. 0. 4% coupon funding bonds offered on Sept. 11-V. 137, P. 1798
awarded to Conning & Co. of Hartford at a price of 102.081. a basis of
Los Angeles) Calif.
-BONDS A WARDED.
-It is stated by the Chief
about 3.78%. Dated Sept. 15 1933 and due $10,000 on Sept. 15 from
Clerk of the Board of Supervisors that the $3,000,000 issue of 5% semi-ann.
1934 to 1942 incl.
flood control bonds, offered for sale without success on Aug. 28-V. 137.
D. 1797-was awarded on Sept. 1, at par, as follows: 51,500,000 to the
MISSISSIPPI,State of(P.O. Jackson).
-BOND PAYMENT NOTICE
Bank of America, National Trust & Savings Association of Los Angeles, and
-It is announced by L. S. May,State Treasurer, that State bonds maturing
$1.500.000 to the Security First National Bank of Los Angeles. Dated
on or before Jan. 1 1934, also coupons heretofore made payable at the
July 2 1924. Due on July 2 as follows: $450,000 in 1934 and $85,000 from
Guaranty Trust Co. in New York, will be paid at maturity on presentation
1935 to 1964 incl.
to the office of the State Treasurer,
LOS ANGELES COUNTY SCHOOL DISTRICT(P.O. Los Angeles),
MISSISSIPPI COUNTY DRAINAGE DISTRICT NO. 17 (P. 0.
-BOND OFFERING.
Calif.
-Sealed bids will be received until 2 p. m. on
Blytheville), Ark.
-In
-FEDERAL LOAN APPLICATION DETAILS.
Sept. 18 by L. E. Lampton, County Clerk, for the purchase of two issues of
connection with the report given in V. 137. p. 1615. that application had
school bonds aggregating $6,808,000, divided as follows:
been made by this district with the Reconstruction Finance Corporation for
$3,565,000 Los Angeles City High School District bonds. Due $155,000
a loan of 82.000,000 to refund its indebtedness, the Federal Receiver reports
from June 1 1934 to 1956 incl.
as follows:
3,243.000 Los Angeles City School District bonds. Due $141,000 from
"Drainage District No. 17's application calls for $1,640,000 for the
June 1 1934 to 1956 incl.
purpose of refinancing its outstanding indebtedness of $3,704,000 principal
Denom. $1,000. Dated June 1 1931. Prin. and int. payable in lawful
and $400.000 interest, totalling $4,100,000. In other words, the amount
money at the County Treasury or at the fiscal agency of the county in New
asked will permit the District ot pay 40% on bond principal and interest,
if and when the Government loans the money.
York City. The bonds will be sold for cash only, and at not less than par
"We also asked for $360,000 for the purpose of rehabilitating the ditches
and accrued interest. Interest rate is not to exceed 43i%, payable J. & D.
and levees within the District. But that part of the application will be
All of said bonds shall bear the same rate of interest, and bids for varying
separate and distinct.
rates of interest for portions of such bonds will be rejected. A certified check
"The R. F. C. has the privilege of accepting the old bonds as security or
for 3% of the amount of the bonds, payable to the Chairman of the Board
require a new issue. The interest rate will be 4%. I imagine the place of
of Supervisors, must accompany the bid.
payment of principal and interest will be through the regional offices of the
The following information is furnished with the official offering notice:
R. F. C. The R. F. C. will most likely rely on the legal opinion of the
Los Angeles City High School District has been acting as a high school
attorney who approved the bonds when they were issued."
district under the laws of the State of California continuously since July 1
1900.
MITCHELL, Davison County, S. Dak.-BOND OFFERING.
-Sealed
The assessed valuation of the taxable property in said high school district
bids will be received until 2:30 p. m. on Sept. 20 by Thomas Eastcott, City
for the year 1933 is $1,479.384,835, and the amount of bonds previously
Auditor, for the purchase of four issues of serial coupon bonds aggregating
issued and now outstanding is $26,877,000.
$300.000, divided as follows: $172,000 sanitary sewer;$75.500storm sewer:
Los Angeles City High School District includes an area of approximately
$43,000 water works, and $9,500 city hall improvement bonds. Interest
1,094.853 square miles, and the estimated population of said high school
rate is not to exceed 4%, payable annually or semi-annually. Denom.
district is 1.641.600.
$1,000. Dated Oct. 1 1933. Due in 20 years. These bonds were ap.,Los Angeles City School District has been acting as a school district under
proved with large majorities by the voters at the election held on Sept.5the laws of the State of California continuously since July 11900.
V.137, p. 1798.
The assessed valuation of the taxable property in said school district for
Official Financial Statement.
the year 1933 is $1,413,347,030, and the amount of bonds previously issued
Bonds Outstanding, Sept. 13 1933
$575107:00400:0000
and now outstanding is $34,208,470.
Sewer & Water Bonds included in above
bo
Los Angeles City School District includes an area of approximately
Cash and Investments in Sinking Fund
108,901.56
estimated population of said school district
696.433 square miles, and the
Assessed Valuation 1932
12,274,654.00
is 1,608,000.
(1933 not availaole yet.)
LOUISIANA, State of (P. 0. Baton Rouge).
-BOND OFFERING.
Per cent actual value
60%
Sealed bids will be received until 11 a. m.(central standard time) on Oct. 16.
Statement of Uncollected Taxes, Sept. 1 1933.
by A. P. Tugwell, Chairman of the Highway Commission,for the purchase
Year.
Amount Levied. Uncollected.
of a $2,500,000 issue of coupon or registered 5% highway, series I bonds
17,496.00
213,268.00
Denom. $1,000. Dated Oct. 15 1932. Due $500,000 from 1936 to 1940 incl.
19 2
93 1
14,369.32
156,609.25
Prin. and int.(A. & 0.) payable in lawful money at the fiscal agency of the
1933
154,803.75
93,597.46
State in New York, or at the State Treasurer's office. Legality to be
Last half of 1933 taxes not delinquent until Nov. 1 1933. Funds protected
aprroved by Thomson, Wood & Hoffman of New York. No bid for less
by Personal Bonds.
than the entire issue will be considered, nor will bids be accepted for less
than par. The bonds are subject to call at the option of the State, at par and
MONROE, Monroe County, Mich.
-In
-PROPOSED BOND ISSUE.
accrued interest, one year after date or on any subsequent interest payment
connection with the proposal to build a sewage disposal plant with funds to
date. A certified check for $25,000, payable to the State Highway Combe obtained form the Federal Government, the city plans to issue $383,579
mission, must accompany the bid.
bonds, of which $11,000 would mature on Oct. 1 1936 and a certain
The following information is furnished with the official offering notice:
amount annually thereafter up to Oct. 1 1958.
"The tax now levied under the Constitution and Statues of the State on
MONROE COUNTY (P. 0. Rochester), N. Y.
-BONDS OFFERED
gasoline, benzine, naphtha and other motor fuels in the amount of four
FOR INVESTMENT.
-The $1,000,000 6% coupon or registered, series A.
(4c.) cents per gallon shall continue so long as any of these bonds are outtax revenue bonds awarded on Sept. 7, at par plus a small premium. to
standing and shall primarily be dedicated to the retirement of said bonds
Lehman Bros. of New York and associates
-are being
-V. 137. p. 1970
and interests thereon, but if, by reason of any emergency or exigency, the
re-offered for general investment at prices to yield 4% for the 1934 maturity;
funds hereinabove pled_ged for the retirement of said bonds should prove
1935, 4.25%; 1936, 4.50%; 1937. 4.625%, and 4.759' for the bonds due in
insufficient, then the Louisiana Highway Commission is directed to use
1938. The bonds, it is said, are legal investment for savings banks and
such other revenues of the Commission as may be necessary to meet such
trust funds in New York State and general obligations of the County,
principal and interest. In addition to the above, the full faith and credit
payable from unlimited ad valorem taxes on all the taxable property therein.
of the State of Louisiana are irrevocably Pledged for the payment of the
principal and interest of said bonds at maturity.
Financial Statement.
"There is no controversy pending or threatening the title of present
(Officially reported as of Sept. 7 1933)
officials to their respective offices or the validy of these bonds."
(Louisiana previously announced a proposed sale of $7,500,000 highway
Assessed valuation 1932
3793.930,581
Total funded debt, including this issue
bonds on Sept. 30-V. 137„ p. 1615.)
12.769,000
Population, U. S. Census 1930, 423.881.
LOUISVILLE, Cass County, Neb.-BONDS VOTED.
-At the election
on Sept. 5-V. 137, p. 1798
OFFERING.
NOTE
-Harry J. Bareham, County Treasurer, will receive
held
-the voters favored the issuance of the
sealed bids until 11 a. m. (eastern standard time) on Sept. 20 for the pur36,300 in water main bonds by 226 to 51. Interest rate not to exceed
05%, Due in 20 years, optional after five years.
chase of $1,319,000 not to exceed 6% interest tax anticipation notes.
comprising $950,000 series R: $135,000 series P; $126,000 series S. and
McCULLOCH COUNTY (P. 0. Brady), Tex.
-BONDS APPROVED.
8108,000 series Q. Dated Sept. 20 19:33 and due on March 20 1934. All
-The $48,000 issue of road bonds that was voted on July 31-V. 137. P.
of the notes will be in denoms. of $5,000, except that in series Q there will
-is reported to have been approved by the Attorney General.
1275
be three notes of $1,000 each and one note for $1.000 in series S. Bidders
McKEES ROCKS SCHOOL DISTRICT, Allegheny County, Pa.may state a single interest rate for the entire 31.319,000 notes, or may
SALE.
-The issue of $100,000 coupon school bonds offered at not
BOND
put in separate bids for $369,000 worth (comprising series P. Q and 5),
to exceed 5% interest on July 3, at which time no bids were obtained-V.
based on a single rate, or may submit a separate bid for the issue of S.950,000
• 137, p. 353
-was sold later to the State School Retirement Board. Dated
at a single rate. Principal and interest will be payable in lawful money of
July 1 1933 and due $20,000 on July 1 from 1939 to 1943 incl.
the United States at the Union Trust Co., Rochester, or at the Marine
Midland Trust Co., New York City. A certified check for 2% of the notes
MADISON, Dane County, Wis.-BONDS AUTHORIZED.
-On
bid for, payable to the order of the County, is required. The approving
Sept. 8 the Common Council approved bond issues for a public works
opinion of Clay, Dillon & Vandewater of New York will be furnished the
program calling for the expenditure of $134,500. The Council also approved
successful bidder.
the plans and specifications for the sower and bridge work, for which the
bonds are to be issued and authorized by the City Board of Public Works
MOUNTRAIL COUNTY (P. 0. Stanley), N. Dak.-BOND ELEC-V. 137, p. 1969. It is said that the bonds are to be
to advertise for bids
TION.
-It is reported that an election will be held on Sept. 22 in order
turned over to the Federal Government which will loan the city the money
to vote on the proposed issuance of $55,150 in 4% bonds, divided as follows
finance the work, the loan to be repaid in 25 years by the city.
to
$31,150 county hospital bonds: $17,300 county farm and asylum bonds.
and $6,700 fire and swimming pool bonds.
MADISON COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Pony),
-The $5,684.95 issue of funding bonds offered for
-BOND SALE.
Mont.
MORIAH, Essex County,.N. Y.
-Edward L.
-BOND OFFERING.
-was purchased by the State Land Board.
Aug. 19-V. 137, p. 903
sale on
Dudley, Town Clerk, will receive sealed bids until 12 m.(eastern standard
as 6s, at par, according to report.
time) on Sept. 21 for the purchase of $67,000 not to exceed 6% interest
COUNTY SCHOOL DISTRICT NO. 33 (P. 0. Varney),
MADISON
coupon or registered bonds, divided as follows:
-The $470.99 issue of 6%, funding bonds offered for
-BOND SALE.
Mont.
850.000 home relief bonds. Due $5,000 on March 1 from 1934 to 1943 incl.
-is reported to have been purchased by the
sale on Aug. 19-V. 137, P. 903
17,000 funding bonds. Due March 1 as follows: $2,000 from 1934 to 1941
Commissioners, at par.
State Board of Land
incl. and $1,000 in 1942.
MALINTA-GRELTON UNION RURAL SCHOOL DISTRICT (P. 0.
Each issue is dated March 1 1933. Denom,31.000. Principal and interest
-BOND OFFERING.
-R. 0. Russell, (M. & S.) are payable in lawful money of the United States at the Chase
Malinta), Henry County, Ohio.
National Bank, New York. Bidder to name a single interest rate for
Clerk of the Board of Education, will receive sealed bids until 12 m. on
5% funding bonds. Dated Sept. 10
all of the bonds. expressed in a multiple of ,4 or 1-10th of 1%. A certified
1
Sept. 23 for the purchase of $2,033.86 $250.
Due $250 March and Sept. 10
check for $1.500, payable to the order of the town, must accompany each
1933. One bond for $283.86. others for
$283.86 Sept. 10 1937.
proposal. The approving opinion of Clay, Dillon & Vandewater of New
from 1934 to 1936 incl.; $250 March and than 5%,expressed in a Bids for
at a rate other
York will be furnished the successful bidder.
the bonds to bear interest considered. A certified check for $100,multiple
payable
of Si of 1%, will also be
Financial Statement.
the order of the Board of Education, must accompany each proposal.
to
Valuation-Assessed valuation 1933
$5.204,761.00
-BONDS PUBLICLY
36,000.00
Debt-Total bonded debt outstanding
MANCHESTER, Hartford County, Conn.
These issues
67,000.00
OFFERED. The $650.000 4Si% coupon or registered water bonds awarded
Sept.6 to Estabrook & Co. and Putnam & Co., both of Hartford,jointly,
on
Total bonded debt
$103,000.00
-are being re-offered
at 101.79, a basis of about 4.36%-V. 137. p. 1969
Population-1930 Federal census
6,191
for public investment at prices to yield 3.75% for the 1935 maturity:
2140
Financial Chron'de
Tax Data.
Sept. 15 1933
multiple of % of 1%, will also be considered. A certified check for 5%.
Payable to he order of the above-mentioned official, must accompany
each proposa1.
OREGON, State of (P. 0. Salem).
-BOND SALE.
-The $200,000
Issue of 43 % coupon semi-annual Veterans' Aid gold, series No. 9 bonds
,
1
offered for sale on Sept. 12-V. 137, p. 1799
-was purchased by Stone &
Webster and B odget, Inc., of Chicago at a price of 95.18, a basis of about
5.15%. Dated Nov. 1 1932. Due $100,000 on Oct. 1 1939 and April 1
1940.
Uncollected at
Uncollected
Total Tax
Close of Year
YearLevy.
of Levy.
Sept. 1 1933.
1929-30
.88
$2,505.40
$1,679.88
$155,69.62$2,505.40
1930-31
1,639.15
153,723.80
2,910.33
1931-32
164,459.97
1.823.79
4,906.35
1932-33
4,930.69
156,800-94
Fiscal year ends Dec. 31. Taxes are due Feb. 1. The county assumes all
uncollected taxes.
ORLANDO, range County, Fla.
-BOND REFUNDING REPORT.
MONTEVIDEO, Chippewa County, Minn.
-At
-BONDS VOTED.
-The city has b n successful in refunding 85% of its past due bonds and
the election on Aug. 24-V. 137, P. 1277
-the voters are reported to have
,
t e
approved the issuance of $60,000 in sewer bonds.
approximately 70
outiitrdin: aterilesis hat
c ave :c . t t s drg thf
,
at ol
•oin7
,19E
d
Mayor S. Y. Way is ofpi ed
re l
MUSKEGON HEIGHTS, Mich.
-MAY ISSUE $399,325 REFUNDPast due bonds a total of $1,453,500 has been refunded. It is also reported
ING BONDS.
-A special meeting of the City Council may be called to
that securities due through 1937 totaled $3,690,500 and $2,590,000 have
approve of resolutions providing for the issuance of $399,325 refunding
been refunded.
bonds.
OTTUMWA INDEPENDENT SCHOOL DISTRICT(P.O. Ottumwa),
MUSSELSHELL COUNTY SCHOOL DISTRICT No. 49 (P. 0.
Wapello County, I wa.-BOND DETAILS.
-The $11,000 issue of reAbsher), Mont.
-BOND SALE.
-The $2.000 issue of funding bonds
funding bonds that wa purchased by the Carleton D.Beh Co. of Des Moines
offered for sale on Sept. 1-V. 137, p. 1091-was purchased by the State
on Aug. 25-V. 137, p 1970
-was sold as 43.s at par. Denom. $1,000.
.
Board of Land Commissioners. as 6s at par. These bonds are due on the
Coupon bonds dated A pril 1 1933. Due from April 1 1934 to 1936. Inamortization plan. No other bids were received.
terest payable A. & 0.
LOND CALL.
-It is tated by Walter McLain, District Secretary, that
NEW HAMPSHIRE (State of).
-BOND SALE.
-The $950,000 3
bonds numbered 37 to 4 are to be paid off at the office of the Board of
0
coupon Dover Point and Bellamy River Bridge bonds offered on Sept. 14Education. Bonds can e sent registered to C. D. Evans, President of
V. 137. p. 1970
-were awarded to the N. W. Harris Co., Inc. of New
the Board.
York, at a price of 104.52, a basis of about 3.01%, computed to the average
of the due and optional dates, or a period of slightly more than 10 years.
PAINTED POST, Steuben County, N. Y.
-BOND OFFERING.
The bonds are dated Sept. 11933. Due Sept. 1 as follows: $50,000 from
Leland B. Bryan, Villag Attorney, will receive sealed bids until 7:30
1939 to 1945 incl. and $75,000 from 1946 to 1953 incl. They are callable
p.m.on Sept. 25 for the Purchase of $31,500 4% coupon or registered street
at par and accrued interest at any time after Sept. 1 1945. upon 30 days'
improvement bonds. Dated Sept. 15 1933. Denom. $700 Pna Sept.
advance published notice. The following is a complete list of the bids
15 as follows: $2,000 from 935 to 1949 incl. and $1,500 in 1950. Principal
submitted for the issue:
and interest (M. & S. 15) ayable at a place optional to the successful
bidder. A certified check for 5% must accompany each proposal. Legality
BidderRate Bid.
to be approved by the abote-mentioned Village Attorney or by a bond
N. W. Harris Co., Inc. (purchaser)
10l.52
Parattorney in New York City. Bonds are being issued in accordance with
Brown Bros.
-Harriman .St Co.; Burr, Gannett & Co.; Graham,
Act 89, Chapter 64, Laws of 909.
sons & Co., and J. & W. Seligman & Co.. jointly
102.3567
F. S. Moseley & Co.; Bancamerica-Blair Corp.; R. W.Pressprich
PARMA HEIGHTS,Cuyah ga County, Ohio.-130ND REFUNDING
& Co., and Foster & Co., jointly
102.15
SUGGESTED.
-City Solicitor J W. Woods has suggested that the $110,000
Halsey. Stuart & Co.; Kean, Taylor di Co.; Arthur Perry & Co.;
bonds which mature on Oct. 1 933 be refunded. Interest in amount of
Jackson & Curtis; G. M.
-P. Murphy & Co.. and Stranahan,
$39,000 is also due at that tim . The City Council has deferred action
Harris & Co., jointly
in the matter until later this month.
Salomon Bros. & Hutzler; First National Bank of New York:
102.14
Darby & CO., and First of Michigan Corp., jointly
102.09
-BOND EXCHANGE.
PASSAIC. Passaic County, N J.
-The issue of
Guaranty Co. of New York; Bankers Trust Co., and Estabrook
$612.000 coupon or registered impt. bonds offered at not to exceed 6%
& Co., jointly
101.80999
interest on June 20, at which time no bids were obtained-V. 136, p. 4497
E. H. Rollins & Sons
•
was distributed on July 1 to the holders of maturing temporary obligations,
101.7797
Ballot', Adams & Whittemore: Whiting, Weeks & Knowles; First
according to William F. LaPorte, CityTrpat:ur
rm
c
JulyTreasurer. T
one
i rrs are dated
b
of Boston Corp., and Chase National Bank, jointly
101.739
July 11933 and mature serially on
1
thoeln9e1.3
Chemical Bank & Trust Co.; Barr Bros. & Co.. Inc., and W. C.
PHILIP, Haakon County, S. Dak.-PROPOSRD BOND ELECTION.
Langley & Co., jointly
101.676
It is reported that an election will be held in the near future to vote on the
City Co. of Massachusetts: Stone & Webster & Blodget, and L. F.
issuance of $8,000 in water bonds.
Rothschild & Co., jointly
101.559
PHILLIPS COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Wagner)
NEW JERSEY CState of).
-FOUR MUNICIPALITIES REJECT
Mont.
-BOND SALE.
-The $1.200 (not $1,230) issue of coupon warrant
CITY MANAGER GOVERNMENT.
-At a recent election the following
funding bonds offered for sale on Sept. 6-V. 137. p. 1448
-was purchased
Bergen County municipalities rejected proposals providing for the adoption
by the State of Montana, as 65, at par. Denom.$100. Due in 1943, optional
of the city manager form of government: Fort Lee, Cliffside Park, Garfield
after 5 years. Interest payable J. & D.
and Westwoo(1.
PHILLIPS COUNTY SCHOOL DISTRICT NO. 29 (P. 0. Bowdoin),
NEW ROCKFORD SPECIAL SCHOOL DISTRICT NO. 1 (P. 0.
Mont.
-BONDS NO7 SOLD.-It is reported by the Acting District Clerk
New Rocl-ford) N. flak.
-REPORT ON BOND DEAULT.-Renlying
that the $5,700 issue of not to exceed 6% semi-ann. funding bonds offered
to our request for information on the bond deault position of this district,
on Sept. 6-V. 137, p. 1448
-was not sold.
we are advised as follows by R. F. Rinker, District Clerk, in a letter dated
Sept 11'
PLATTEVILLE, Grant County, Wis.-BONDS AUTHORIZED.
Gentlemen:
A res Aution to issue a total of $32,000 in bonds is reported to have been
Our School District is in default only on the $3,000 bonds that came due
adopted by the City Council at a meeting held on Sept. 5, the funds to be
Jan. 1 The interest ”lis paid on these bonds ?an 1 and July 1 1933, so
used for a new sewer project. The action Is said to have been taken to
that there is no iaterest in default on any of the distri t's bonds. Further
to show the Federal authorities that the project would be undertaken by
we have arrangements now made with the State School Land Fund to
the city if the $9.200 free grant is received.
refund these past due bonds, and that will take place I think in the next
PLEASAIW RIDGE, Mich.-EOND ELECTION.
-At an election to
30 days.
be held on Oct. 2 the voters will consider the issuing of $45,000 bonds.
Yours truly.
The bonds, if authorized, will be offered to the Federal Government as
•
R. F. RINKER, Clerk.
security f),r funds f.)r street improvement purposes.
NEWTON SCHOOL DISTRICT (P. 0. Montesano), Grays Harbor
POLK COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1
County. Wash.-!ONDS VOTED.
-It is reported that at a recent election
(P. 0. Crookston), Minn.-LONDS NOT SOLD.
-The $75,000 issue of
the voters approved the issuance of $4,800 in school bonds.
4% coupon semi-annu:.1 high school bonds offered on Sept. 11-V. 137,
Trumbull County, Ohio.-rOND OFFERING.
NILES,
-Homer
p. 1799
-was not sold,as there were no bids received, according to the Clerk
Thomrs, City Auditor, will receive sealed bids until 12 m. on Oct. 9 for
of the Board of Education. Dated Sept. 15 1933 Due in from 3 to 20
the purchase of $80,145.85 5%% refunding bonds. Dated Oct. 1 1933.
years from date.
Due Oct. 1 as f 11 )ws: 88,154.8g' in 1935 and $8.000 annually thereafter
PONCA CITY, Kay County., Okla.
-BONDS CALLED.
-It Is anfrom 1936 to 1944 incl. Interest is payable in A. & 0. Bids far the bonds
nounced by Ray G. Paris, City Treasurer, that certain bonds of the various
to bear interest at a rate other than 5%%,expressed in a multiple of
street improvement districts of the city are called for payment at the
% of 1%, will also be considered. A certified check for I% of the bonds
fiscal agency of the State, the Manufacturers Trust Co. of New York.
bid for, pay.ble to the order of the city, must accompany each proposal.
I 0 VTIAC SCHOOL DISTRICT, Oakland County, Mich.
-TO PAY
NORTH VERSAILLES TOWNSHIP SCHOOL DISTRICT (P. 0.
DEFAULTED LEBT CHARGES.
-F. J. DuIrrain, District Treasurer,
East McKeesport) Allegheny County, Pa.
-BOND OFF.gRING.-J. T.
anaounced on Sept. 12 that funds are now on hand to pay the defaulted
Harris, District Secretary, will receive sealed bids until 8 p. an. on Oct. 2,
1933 bond principal and interest charges.
for the purchase of $40.000 4%. 5. 5 si or 53 % coupon school bonds.
,
Dated Oct. 2 1933. Denom. $1,000. Due Oct. 2 as follows: $5,000 from
PORT ARTHUR, Jefferson County, Tex.
-PRICE PAID.
-The
1936 to 1941, incl.. 34,000 In 1942 and $6,000 in 1943. Interest is payable
$20,000 issue of seawall bonds that was purchased by local banks
-V.137.
In A. & 0. A certified check for $500, payable to the order of the District
p. 1278
-was awarded at par.
Treasurer, must accompany each proposal. The bonds are being issued
PORT JERVIS, Orange County, N. Y.
-BOND OFFERING.
subject to the approval of the Department of Internal Affairs of
John F. Cleary, City Clerk, will receive sealed bids until 8 p. m. on Sept. 25
Pennsylvania.
for the purchase of $50,000 not to exceed 6% interest series B coupon
or registered relief bonds. Dated Oct. 1'1933. Denom. $1,000. Due
OAKLAND COUNTY (P. 0. Pontiac), M'ch.-SUIT INVOLVING
$10.000 on Oct. 1 from 1938 to 1942 incl. Bidder to name a single interest
VALIDITY OF $5,000,000 ROAD BONDS IMMINENT.
-Attorneys for
rate for all of the bonds, expressed in a multiple of % or -10th of 1%•
both the County Commission and the Bondholders' Protective Committee
Principal and interest (A. & 0.) are payable in lawful money of the United
are preparing their cases in anticipation of the projected suit involving the
States at the City Treasurer's office. A certified check for 2% of the bonds
validity of $5,000,000 outstanding covert road bonds, on which both
bid for, payable to the order of the city, must accompany each proposal.
principal and interest are in default. The opposing forces were to confer
The approving opinion of Hawkins, Delafield & Longfellow of New York
on Sept. 11 for the purpose of deciding on a date f w a hearing on the conwil) oe furnished the successful bidder.
troversy. The Bondholders' Committee, it is said, is seeking to force
the county to levy sufficient taxes to pay maturing bond principal and
PORTLAND,Cumberland, Me.-PROPOSEDBOND ISSUE.
-John R.
Interest charges. The Board of County Supervisors refused to spread
Gilmartin, City Treasurer, under date of Sept. 13 reports that the City
covert road taxes in 1932. as well as this year, it is further stated. AttorCouncil has under consideration the issuing of $150,000 public improvement
neys for the county will argue that the bonds are invalid because the
bonds.
petitions for the improvements they financed did not contain enough valid
signatures, according to report. The case will be held in Federal Court
PORT OF GRAYS HARBOR (P. 0. Aberdeen), Brown County,
at Detroit.
Wash.
-BOND SALE.
-The $60,000 issue of improvement bonds offered
for trae on Sept. 8-V. 137, p. 1971-was purchased by the State of
OKANOGAN COUNTY SCHOOL DISTRICT NO. 118 (P. 0.
Washington as 5s at par. No other bids were received.
Okanogan), Wash.
-BOND OFFERING.
-Sealed bids will be received
until 10 a. m. on Sept. 26 by M. E. Tonseth, County Treasurer, for the
PORT OF VANCOUVER (P. 0. Vancouver), Wash.
-BONDS
purchase of an $8,000 issue of school bonds. Interest rate is not to exceed
VOTED.
-It is stated that at an election held on Aug. 29 the vote ap5%. payable semi-annually. The said bonds shall run for a period of 15
proved the issuance of $190,000 in not to exceed 5% port Improvement
years and shall be payable in the order of their issuance, lowest numbers
bonds. The sale of the bonds is said to be contingent upon further financing
first, beginning the second year after the date of issue of said bonds. and
through Federal and State public works agencies. Due in from 2 to 30
shall (as near as practicable) be in such amounts as will, together with
years, optional in 10 years.
the interest on all outstanding bnods, be met with an equal annual tax
PORTSMOUTH CITY SCHOOL DISTRICT, Scioto County, Ohio.
levy for the payment of said bonds and interest. Said bonds shall be
-BOND OFFERING UNSGCCESSFUL.-The attempt to dispose of an
of a denomination of a multiple of $100. Prin. and int. payable at the
Issue of $20,000 6% refunding bonds on Sept. 8-V. 137, p. 1616-w s
County Treasurer's office. Purchaser of said bonds will be required to
unsuccessful, as no bids were submitted for the loan, which bears date of
furnish blank bonds and will be expected to pay the cost of examination
July 1 1933 and is to mature $2,000 anually on July 1 from 1935 to 1944
of the exhibits in connection with such bond issue. A certified check for
Inclusive,
5% must accompany the bid.
PULASKI COUNTY ROAD IMPROVEMENT DISTRICT No. 10
-BORROWING OF
ONONDAGA COUNTY (P. 0. Syracuse), N. Y.
(P. 0. Little Rock), Ark.
-BONDHOLDERS .SUE TO FORCE LOCAL
-The Board of Supervisors on Sept. 5 Instructed
$600.000 AUTHORIZED.
TAXATION.
-We quote in part as follows from a Little Rock dispatch
County Treasurer Chester H. King to nepatiate for a loan of $600,000 in
to the "Wall Street Journal" of Sept. 11:
anticipation of the issuance of bonds. The loan will be sought in the open
"The Woodmen of the World, owners of $1,166,000 Pulaski County,
market and a large part of the proceeds used in carrying a "debt load" for
Ark., Road Improvement District No. 10 bonds, have filed suit in Circuit
which the county should long ago have been reimbursed by the State. it
Court seeking an order requiring the County Clerk to extend district taxes
Is said.
and to require the Sheriff to make collections. Revenue would be imORANGE SCHOOL DISTRICT (P. 0. Chagrin Falls) Cuyahoga
pounded to meet $82,000 delinquent bond maturities and $87,000 interest
County, Ohio.
-BOND OFFERING.
due Nov. 1.
-George Jones, Clerk of the Board
of Education, will receive sealed bids until 12 m. (award to be made at
"This suit represents the first step of district bondholders to put im8 p. m.) on Sept. 30 for the purchase of $6,000 6% refunding bonds. Dated
provement district taxes back on lands following default by the State
Oct. 1 1933. Denom. $500. Due as follows: $500 Oct. 11935: $500 April
when the Ellis bill was enacted to provide for exchange of $146,000,000
and Oct. 1 from 1936 to 1940. Incl. and $500 April 1 1941. Principal and
State and district bonds into 25 year 38.
Interest (A. & 0.) payable at the office of the Clerk of the Board. Bids
"District No..10 embraces little Rock and North Little Rock as well
for the bonds to bear interest at a rate other than 6%, expressed in a
as considerable land in Pulaski County. Return of district taxes, which were
Volume 137
Financial Chronicle
lifted when the Martineau Act was adopted in 1927, would add $138,000
to the county's annual tax bill.
"It is believed here that this suit may be the forerunner of similar actions
elsewhere, and that it may have important bearing on the State's entire
refunding program."
PULLMAN SCHOOL DISTRICT NO. 59 (P. 0. Colfax), Whitman
-The $20,000 issue of coupon school
-BOND SALE.
County. Wash.
-was purchased by
bonds offered f w sale on Sept. 2-V. 137. p. 1448
RosIlia as 4.955 at par. Two other bids were received
L. A. Qutife of
State of Wahsington, par for 5s, and the Pullman
for the bonds as f
State Bank offered par for 58.
PUNXSUTAWNEY SCHOOL DISTRICT, Jefferson County, Pa.
-The $30,000 44% coupon school bonds offered on Sept. 11
BOND SALE.
-V.137, p. 1800-were sold at par to local investors. No outside bid was
received. Issue is due in 10 years, optional after three years from date.
QUOGUE SCHOOL DISTRICT (P. 0. Quogue), Suffolk County,
-At an election held on Sept. 1 an issue of $148,000 school bonds
N. Y.
was approved by a vote of 150 to 23. Proceeds v ill be applied to the construction of a new school building. The Federal Government may be
asked to finance the project, on the basis of an outright grant of 30% of
the cost, with the balance of 70% accepted by the District as a loan, bearing
4% interest and due in 30 years.
RACINE COUNTY (P. 0. Racine) Wis.-BOND OFFERING.
Sealed bids will be received until 10 a, m. on Sept. 20. by Harry Basinger,
County Clerk, for the purchase of a $500.000 issue of 5% semi-ann. poor
relief bonds. Dated Oct. 11933. Due $50,000 each year on Oct. 1. Legality
approved by Chapman & Cutler of Chicago.
RAPID CITY,Pennington County,S. Dak.-BONDS DEFEATED.
At the election held on Sept. 5 the voters are stated to have rejected the
-V.
proposal to issue $596,066 in municipal light and power plant bonds
137. p. 1800. The City Auditor reports that the count was 1.049 "for" and
1.330 "against."
-BOND OFFERING.
REYNOLDSVILLE, Jefferson County, Pa.
Bert A. Hoffman, Borough Secretary, will receive sealed bids until 8 p. m.
5
,
on Sept. 22 for the purchase of $35,500 43 % coupon funding bonds.
Dated Sent. 1 1933. Denom. $500. Due Sept. 1 as follows: $1,000 from
1934 to 1937 incl.; $1,500 in 1938 and $2,000 from 1939 to 1953 incl. Interest
is payable in M. & 8. The bonds may be registered as to principal. A
certified check for 2% of the bonds bid for, payable to the order of the
Borough, must accompany each proposal.
Financial Statement.
$1,834,430
Assessed valuation
77,238
Total bonded debt (including current issue)
RICHLAND COUNTY SCHOOL DISTRICT NO. 105(P.O. Sidney,)
Western correspondent that a
-BOND SALE.
-It is reported by our
Mont.
$350 issue of school building bonds has been purchased recently at par by
the State Land Board,
-The $16,704.70
-BOND SALE.
RITTMAN, Wayne Lounty, Ohio.
6% coupon street improvement bonds, comprising $11,543.66 special
assessment and $5,161.05 village portion issues, offered on Sept. 9-V
137. p. '449-were awarded to Ryan, Sutherland & Co. of Toledo. the only
bidder, at par plus a premium of $21, equal to 100.12. All of the bonds are
dated Sept. 11933.
RUTLAND INDEPENDENT CONSOLIDATED SCHOOL DISTRICT
NO. S (P. 0. Rutland), Lake County, S. Dak.-BOND SALE.
-The
$21.000 issue of school bonds offered for sale on Sept. 11-V. 137, p. 1971
was purchased by Mr. Elmer L. Williams, at par. No other bids were
received, reports the District Clerk.
-BOND ELECTION-It is
ST. JAMES, Watonwan County, Minn.
reported that an election will be held on Oct. 10 to vote on the proposed
issuance of $110,000 In electric plant building bonds.
-It is understood
ST. LOUIS, Mo.-BOND SALE CONTEMPLATED.
that the city will call for bids on Sept. 28, for the purchase of $1,700,000
in public impt, building bonds.
ST. PETERWURG, Pinellas County, Fla.-SUFFICIENT BOND
PAYMENT TAX ORDERED.
-The folio" log is taken from an Associated
Press dispatch to the Jacksonville "Times-Union" of Sept. 10:
"The Supreme Court to-day granted an alternative writ of mandamus,
returnable Sept. 18, on the application of It. E. Carter for a permanent
order requiring the City of St. Petersburg to levy a sufficient tax to pay bond
principal and interest.
"Carter sail in his petition he held $15.000 of City of St. Petersburg
bonds, issued in 1924, and due Jan. 1 1931. They have not been paid, he
said, and interest also is unpaid, lie brought his action against the city.
and against Henry W. Adams Jr., Mayor, and othnrs as city officials."
-BOND SALE.
SANDUSKY, Erie County, Ohio.
-The issue of
$42,700 coupon or registered poor relief bonds offered on Aug. 28-V. 137.
p. 1278--"ms awarded as 5s to Seasongood & Mayer of Cincinnati, at a
price of 100 04, a basis of about 6.24%. Dated Aug. 1 1933 and due on
Feb. 1 as follows: 36,000 from 1935 to 1940 incl. and $6,700 In 1941. A
bid of 100.40 for the bonds at 6% Was submitted by the Banc Ohio Securities Co. of Columbus.
SAN FRANCISCO (City and County), Calif.
-BOND ISSUES
-According to a news dispatch from
PROPOSED FOR VOTE ON NOV. 7,
San Francisco on Sept. 8 the Board of Supervisors has taken preliminary
sters to have placed on the Nov. 7 b illot, bond issues tot•Aing in excess
of $7.000.000. as part of the public works construction program under
which Fe ler,.1 aid is to be extended to municipt,litIes.
SAN FRANCISCO (City and County) Calif.- WARRANT OFFERING
-it is stated by J. S. Dunnigan. Clerk of the Board of SuperNOTICE.
-V.
visors, that the ordinance authorizing tie tax anticipation warrants
137, p. 1800. was finally passed and signed on Sept. 11. A call for bids will
be made on Sept. 18, on approximately $1,700,000 of these warrants. It Is
said that bids will be received up to Sept. 25. The New York "Herald
Tribune" of Sept. 13 had the following to say regarding this offering:
"Plans have been completed for sale of tax anticipation notes of the city of
San I rancisco, an ordinance making such financing possible having been
signed yesterday. Tax anticipation financing is prohibited by California
laws, but several cities with charter provisions for such borrowing are exempt from the statutes. It was indicated yesterday that a call will be issued
for sealed bids, to be opened Sept. 25. on $1,700,M0 notes due probably In
three months. These instruments will be prime paper, as the city has an
excellent credit rating,
"Note issues of the city of San Francisco for tax anticipation purposes
may not exceed 25q of the current tax levy, under the city charter. The
notes will be a first charge on the related taxes when collected, but they
.
will not be payable from the general fund. It is indicated that San Francisco will issue up to $5.000,000 of such notes this year."
County, Mich.
-FEDERAL AID
SAULT STE. MARIE, Chippewa
SOUGIIT.-Tho City Commission on Sept. 7 made formal application
for a loan of 3100.000 from the Federal Government, of which $30.000 is
sought as an outright grant In accordance with the provisions of the 33.300,
000,000 public works law. Bonds would be offered as security for the balance
of $70,000.
SCARVILLE INDEPENDENT SCHOOL DISTRICT (P. 0. Scarville)
-It is reported that an
Winnebago County, lowa.-BOND ELECTION.
election will be held on Sept. 28 to vote on the proposed issuance of $17,500
school bonds.
in
-At the election
SCRIBNER, Dodge County, Neb.-BONDS VOTED.
-the voters are reported to have approved
held on Sept. 1-V. 137, p. 1617
issuance of $11,000 in water works bonds by a majority of about six
the
to one.
-H, L. Collier,
-BONDS CALLED.
SEATTLE, King County, Wash.
City Treasurer. Is reported to be called for paymeot from Sept. 13 to
20. various local inapt. district bonds and coupons.
Sept.
-The $700,000
-BONDS NOT SOLD.
SEATTLE, Xing County, Wash.
8-V. 137,
Issue of not to exceed 6% semi-ant., bonds offered on Sept.to the City
-was not sold as no bids were received, according
p. 1617
1933. Due n from 2 to 30 years from date.
Comptroller. Dated Oct. 1
-The two issues of bonds aggregating 31,213 Gm
BONDS NOT SOLD.
-were not sold as there were no
1449
offered on Sept. 8-V. 137. p. follows: 31.128,000 arterial highway, bids
and
received. The Issues are as
Interest rate is not to exceed 3%. payable semi385.000 bridge bonds.
annually. Dated Oct. 1 1933. Due in from 2 to 30 years from date.
2141
SHELBY COUNTY (P. 0. Memphis) Tenn.-PROSED BOND IS-It is said that E. W. Hale, Chairman of the County ComSUANCE.
mission, announced on Sept. 9 that the county will issue $350,000 in bonds
to finance the county almshouse at Mullins Station,
-NOTE OFFERING.
SHELBY COUNTY (P. 0. Shelbyville), Ind.
Claude X. Mohr, County Auditor, will receive sealed bids until 10 a. m. on
Oct. 2 for the purchase of 330.000 not to exceed 6% interest notes, dated
Oct. 2 1933 and to mature on Nov. 15 1933. Principal and interest payable
at the County Treasurer's office. A certified check for 3% of the notes bid
for, payable to the order of the County Commissioners, must accompany
each proposal.
-TO
SOUTH EUCLID-LYNDHURST SCHOOL DISTRICT. Ohio.
-P. H. Prasse, Clerk of the Board of Education, has
REFUND BONDS.
been instructed to take the necessary steps to refund $27,500 bonds maturing on Oct. 1 1933.
-BONDED DEBT PLACED
SOUTH LYON, Oakland County, Mich.
-The bonded debt of the city is reported to be $37,000, conAT 337,000.
sisting of bonds maturing serially on Oct. 1 from 1933 to 1946 incl.
-FINANCIAL STATESPRINGFIELD, Hampden County, Mass.
-In connection with the award on Sept. 7 of 3490.000 37 relief
MENT.
bonds to the First of Boston Corp. of Boston and associates. at 101.13, a
basis of about 2.60%-V. 137, p. 1971-the following has been issued:
Financial Statement Sept. 11933.
Springfield has placed its assessed valuation on an absolutely sound and
healthy basis by taking a reduction this year of $13,274.160. In spite of
this reduction, and due to rigid economy in the budget, Springfield has
reduced its tax rate $2.00 to $29.70, making the tax levy over 31,000.000
less than last year.
The net total debt has been reduced from 314.093.957 In 1924 to $9,833.500 at the beginning of 1933. It will be further reduced during this
year by an amount of 3912.000 in principal. Net debt at the present time,
including this proposed bond issue, is $10,263,500.
34,397.000
Debt exempted by special acts
4.976,500
Debt within the limit
Debt paid from tax levy
Water debt (exempt) self-supporting
39.373.500
7.502.000
316,875,500
Present total bonded debt
44.377,488
Valuation of city property Nov. 30 1932
Percentage of net debt ($9,373.500) to assessed valuation
2,729,971
within the debt limit. 1933
Borrowing capacity
Springfield has built up this large borrowing capacity within the debt
seven years, living
limit, by failing to borrow against it in five of the last
largely on a pay-as-you-go basis.
Population, Census of 1925. 142.065; Census of 1930, 149.855; Estimated
1933.
Uncollected taxes:
100%
1930 taxes collected
37.634
1931 uncollected
27.232
uncollected '
1932
-At the
STEELE, Kidder County, N. Dak.-BONDS DEFEATED.
-the voters are reported to have
election held on Aug. 29-V. 137, p. 1450
rejected the proposed issuance of $10,000 in street impt. bonds by a small
margin.
STILLWATER SCHOOL DISTRICT NO. 3 (P. 0. Bowman) Bow-Sealed bids were
man County, N. Dak.-CERTIFICATES OFFERED.
received until 2 p. m. on Sept. 15. by H. A. Soehren. District Clerk, for the
purchase of a $2,500 issue of not exceeding 7% certificates of indebtedness.
STOCKTON, Cedar County, Mo.-BOND ELECTION CONTEM-The city is said to be planning to vote on the proposed issuance
PLATED.
of 328.000 in water works bonds.
-BONDS AUTHORIZED.
STONINGTON, Christian Lounty, 111.
The City Council recently authorized the issuance of $330,000 4% water
revenue bonds, to be dated Dec. 11933. Bonds and interest would be paid
solely from revenues derived through operation of the water works system.
-TO RETIRE $150,000
STRATFORD, Fairfield County, Conn.
-The Town has announced that it will retire 3100.000 tax anticNOTES.
ipation notes on Sept. 15 and an additional $50,000 on Sept. 30. It has
also authorized a new issue of 375.000.
-PROPOSED FEDERAL AID.
SUFFERN, Rockland County, N. Y.
-The Village Board on Sept. 11 voted to apply to the Public Works
for a loan of 00,000 with which to finance extension of
Administration
the sewer system. Voters will pass upon the proposition at an election to
be held on Sept. 25.
SYRACUSE, Onondaga County, N. Y.-$2,000.000 NOTES SOLD.
R. W. Pressprich & Co. of New York and the Manufacturers & Traders
Trust Co. of Buffalo, jointly, were awarded on Sept. 11 an issue of 32.000,000 notes at 5% interest, at par plus a premium of $65. Dated Sept. 13
1933 and due on March 13 1934. Re-offering of the issue is being made at a
price to yield the investor 2.75%. The notes are said to be legal investment
for savings banks and trust funds in New York State and exempt from all
Federal and New York State income taxes. Principal and interest are
payable at the Chase National Bank of New York. legality of issue has
been approved by Caldwell & Raymond of New York,
-The City
-BONDS CALLED.
TACOMA, Pierce County, Wash.
Treasurer is reported to have called for payment from Aug. 27 to Sept. 7,
certain bonds of various local impt. districts in the city.
-BONDS AUTHORIZED.TARBORO, Edgecombe County, N. C.
At a meeting on Aug. 16 the Town Council Is reported to have passed an
ordinance authorizing the issuance of 360.000 in refunding bonds.
-The
-BOND SALE.
TUCICAHOE. Westchester County, N. Y.
$65,000 coupon or registered general improvement bonds offered on Sept. 11
-V. 137, p. 1801-were awarded as 5.80s to Rutter & Co. of New Yerk,
at par plus a premium of $110.50, equal to 100.17. a basis of about 5.78%.
Dated Oct. 1 1933 and due Oct. 1 as follows: 34.000 from 1935 to 194 .Inel.
and $3,000 from 1943 to 1953, incl. A bid of 100..7 for the bonds at 5.90%,
submitted by A. 0. Allyn & Co. of New York, was the only other offer
received.
VALLEY SCHOOL DISTRICT (P. 0. South Bend) Pacific County
-it is reported that at an election held on Aug. 19
-BONDS VOTED.
Wash.
the voters approved the issuance of 310,000 in refunding bonds.
VANG SCHOOL DISTRICT NO.106(P.O. Des Lacs) Ward County,
,
N. Dak.-CERTIFICATE OH .ERING.-Sealed bids will be received until
2 p. m. on Sept. 18 by E. A. Jordahl, District Clerk, for the purchase of a
$2,000 issue cf certificates of indebtedness. Interest rate Is not to exceed
7%, payable semi-annually. Due on Sept. 20 1935.
VAN HOOK, Mountrail County, N. Dak.-BOND ELECTION.
It is reported that an election will be held on Sept. 22 to vote on the proposed issuance of $12,000 in street impt. and municipal ball bonds.
-On Sept. 25
-BOND ELECTION.
WACONIA, Carver County, Minn.
the voters will pass on a proposal to issue 318.000 in 431% sewage treatment plant bonds, according to report.
WAHOO SCHOOL DISTRICT (P. 0. Wahoo), Saunders County,
Neb.-PROPOSED BOND ELECTION.-lt is said that the voters of the
district will be called upon at an election Sept. 29 to vote a 317.000 bond
issue, funds to be used for a school addition.
-3100,000 BOND ISSUE
WAKEFIELD, Middlesex County, Mass.
-At a special Town meeting held on Sept. 5 it was voted
AUTHORIZED.
$100.000 bonds to pay the cost of replacing cement water mains,
to issue
provided the money can be obtained under the Federal Public Works
oai
Act.
WARD COUNTY (P. 0. Minot) N. Dak.-ELECTION ON PUBLIC
-It is stated that an election will be held on Sept. 22 to vote on
PROJECT.
the proposed road and bridge program to be undertaken in conjunction with
the Federal Public Works program. The county's 70% portion of the program will amount to 3110.250, according to report.
-B. M.
-BOND OFFERING.
WARREN, Trumbull County, Ohio.
Billyer, City Auditor, will receive sealed bids until 12 m. on Oct. 6 for the
purchase of 311.600 5% fire department equipment purchase bonds.
Dated Sept.! 1933. Denoms.31,000.3500 and 5100. Due Oct.1 asfollows:
2142
Financial Chronicle
$1,600, 1935; $2.000. 1936; $3,000, 1937: $2,000. 1938, and $3,000 in 1939.
Interest is payable in A. & 0. Bids for the bonds to bear interest at a
rate other than 5%, expressed in a multiple of 31, of 1%, will also be considered. A certified check for 1% of the issue, payable to the order of
the city, must accompany each proposal. The bonds were recently authorized by the City Council.
-V. 137, p. 1972.
WARREN, Trumbull County, Ohio.
-BONDS NOT SOLD.
-B. M.
HiMyer, City Auditor, reports that no bids were obtained at the offering
on Sept. 8 of $186,386.90 57 coupon refunding bonds, comprising issues
0
of $94,186.90 and $92,200.-V. 137. p. 1618.
WASHINGTON, Fayette County, Ohio.
-BOND OFFERING.
Lang Johnson, City Auditor, will receive sealed bids until 12 m.on Sept. 27
for the purchase of $31,299 6% refunding bonds. Dated Sept. 1 1933.
One bond for $1,299. others for $1.000 and $500. Due as follows: $1,799
April and $1,500 Oct. 1 1935; $1,500 April and Oct. 1 from 1936 to 1943
incl. and $2,000 April and Oct. 1 1944. Interest is payable semi-annually.
Bids for the bonds to bear interest at a rate other than 6%. expressed in a
multiple of y, of 1%. will also be considered. A certified check for $350.
payable to the order of the City Treasurer, must accompany each proposal.
Previous mention of this issue was made in V. 137, p. 1972.
WASHINGTON, State of (p. o. Olympia).
-BOND OFFERING.
Sealed bids will be received until 10 a. m. (Pacific standard time) on Sept.
18, by D. Harold McGrath, Secretary of the State Finance Committee, for
the purchase of a $3,000,000 issue of coupon or registered general obligation bonds of 1933. Interest rate is not to exceed 5%, payable J. & J.
Denom, 111,000. Dated July 1 1933. Said bonds shall be payable beginning
with the 10th year after date of issuance and shall (as nearly as practicable)
mature in such amounts, as will, together with the interest on the entire
series outstanding, be met with an equal annual tax levy for the payment
of said bonds and interest, not exceeding 20 years. Prin. and int. payable
at the alive of the State Treasurer. Said bonds are to be issued pursuant
to an Act of the State Legislature, known as Chapter 65 of the 1933 Session
Laws of the State. A certified check for 5% of the bonds bid for, payable
to the State Treasurer, is required. (These bonds are part of the $10,000,000
issue offered on July 18, of which $3,750,000 of bonds were sold-V. 137.
P. 1450.)
WAUPACA, Waupaca County, Wig.
-BONDS AUTHORIZED.
A resolution is said to have been adopted by the City Council providing for
the issuance of $50,000 in 4% sewerage bonds. Denom. $500. Dated
Oct. 1 1933. Due $!,500 from April 1 1934 to 1953, incl. Prin. and int.
(A. & 0.) payable at the City Treasurer's office.
WAYNE, Wayne County, Neb.-BONDS VOTED.
-At the special
election held on Sept. 5-V. 137, p. 1450
-the voters are said to have
approved the issuance of $25,000 in bonds for a new community hall by a
substantial margin. The money will be sought from the P. W.A., according
to report.
WAYNE COUNTY (P. 0. Richmond), Ind.
-BOND OFFERING.
W. Howard Brooks, County Auditor, will receive sealed bids until 10 a.m.
(Eastern standard time) on Oct. 20 for the purchase of $84,000 6% poor
relief bonds. Dated Nov. 15 1933. Due $5,250 on May and Nov. 15
from 1935 to 1942, incl. Principal and interest (M. & N. 15) are payable
at the Second National Bank, Richmond. A certified check for 3% of
the bonds bid for must accompany each proposal.
WEEHAWKEN TOWNSHIP (P. 0. Weehawken), N. J.
-BOND
OFFERING-Leo P. Carroll, Township Clerk. will receive sealed bids
until 9 p. m.(daylight saving time) on Sept. 27 for the purchase of $128,000
coupon or registered bonds, divided as follows:
$53,000 53.% general impt. bonds. Due Sept. 15 as follows: $5,000 from
1934 to 1936 incl.: $6,000, 1937 to 1939: $7,000 in 1940 and 1941,
and $6,000 in 1942.
50,0005% general impt. bonds. Due Sept. 15 as follows: *1,000 in 1942
and $7,000 from 1943 to 1949 incl.
25,000 534% assessment bonds. Due Sept. 15 as follows: $3,000 from
1934 to 1936 incl. and $4,000 from 1937 to 1940 incl.
Each issue Is dated March 15 1933. Denom. $1,000. Principal and
interest (M.& S. 15) are payable in lawful money of the United States at
the Hamilton National Bank, Weehawken. A certified check for 2% of
the bonds bid for, payable to the order of the Township, must accompany
each proposal. The approving opinion of Reed, Hoyt di Washburn of New
York will be furnished the successful bidder. These bonds were previously
offered on March 15, at which time no bids were obtained.
-V. 136,
p. 1936.
WEST LONG BRANCH, Monmouth County, N. J.
-BOND OFFER•ING.-J. Russell Woolley, Borough Clerk, will receive sealed bids until
8 p. m.(daylight saving time) on Sept. 21 for the purchase of $15,000 6%
coupon or registered improvement bonds. Dated Oct. 2 1933. Denom.
$1,000. Due Oct. 2 as follows: $1,000 from 1934 to 1938 incl. and $2,000
from 1939 to 1943 incl. Principal and interest (A. & 0. 2) are payable at
the office of the Borough Collector. No more bonds are to be awarded
than will produce a premium of $1.000 over $15,000. A certified check
for 2% of the bonds bid for, payable to the order of James Atcheson,
Borough Collector and Treasurer, must accompany each proposal. The
approving opinion of Applegate, Stevens, Foster & Reussille of Red Bank
will be furnished the successful bidder.
Sept. 16 1933
Feb. 1 1933. Denom. $1,000. Due as follows: $1,000 Aug. 1 1935 and
1936, and $1.000 Feb. and Aug. 1 from 1937 to 1954 incl. In accordance
with Ordinance No. 160, bond No. 1, due Feb. 1 1935 and No. 3 due Feb.
1 1936 will be canceled. Principal and interest (F. & A.) are payable at
the Village Treasurer's office. A certified check for $350 must accompany
each proposal.. These bonds are not general obligations of the Village.
but are payable both as to principal and interest solely from the revenues
of the waterworks to be built from the proceeds of the sale of these bonds.
said payments being secured by a mcrtgage upon the property and revenues
of the waterworks and a franchise to operate the same in case of foreclosure of the mortgage securing payments of principal and interest. (The
Village previously announced that bids would be received on Sept. 16 for
the purchase of the above issue.
-V.137, p. 1802.)
WINNER, Tripp County, S. Dak.-BONDS VOTED.
-At the election
held on Sept.
-the voters are reported to have approved
. l7, p. 1$02
$85,000 in water works system bonds by a count of333"for"to 50"against."
WINTER HAVEN, Polk County Fla.-FEDERAL LOAN APPLICATION.
-On Sept. 1 the City Commission is said to have sent an application to the State Administrator of the P. W. A. program, asking for a loan
of $159,300, to be used in the building of a city sewage disposal plant.
WOODSFIELD, Monroe County, Ohio.
-ADDITIONAL INFORMATION.
-The issue of $9.000 special assessment sewer bonds recently
authorized by the Village Council
-V. 137. p. 1972
-will be dated Oct. 1
1933, bear 6% interest and mature as follows: $1,000 April and Oct. 1
from 1934 to 1937 incl. and $1,000 April 1 1938. Principal and interest
(A. & 0.) are payable at the Village Treasurer's office.
WORCESTER, Worcester County, Mass.
-LIST OF BIDS.
-The
$1.250,000 coupon relief bends awarded on Sept. 8 as 3s to the Lee
Higginson Corp. of Boston and associates, at 100.713, a basis of about
2.75%-V. 137 p. 1972-elicited the following bids all of which, except
that of Halsey, Stuart & Co., were based on an interest rate of 3%:
'
BidderRate Bid.
Lee Higginson Corp.; Newton, Abbe & Co. and Arthur Perry &
Co. (purchasers)
100.713
R. L. Day & Co.;Estabrook & Co.; First of Boston Corp.,and Whiting, Weeks & Knowles, Inc
100.60
N. NV. Harris Co., Inc. and Northern Trust Co., Chicago
100.57
Jackson & Curtis; Blake Bros.& Co.; Blyth & Co.; Bond & Goodwin,
Inc., and E. H. Rollins & Son
100.466
City Co. of Mass.; Guaranty Trust Co., and Bankers Trust Co_100.431
F. S. Moseley & Co.; Brown Bros. Harriman & Co.; Kidder,Peabody
& Co., and Stone & Webster and Blodget, Inc
100 115
Note.
-Halsey, Stuart & Co. bid a price of 100.787 for the bonds due
in 1934, 1935 and 1936 at 3% interest and those of 1937 and 1938 at 334%.
WRIGHT COUNTY (P. 0. Clarion) lowa.-BONDS OFFERED.
Bids were received until 2 p. m. on Sept. 15, by Harry Summers, County
Treasurer, for the purchase of a $300,000 issue of primary road bonds.
Denom. $1,000. Dated Sept. 1 1933. Due $25,000 from May 1 1935 to
1946, optional on May 1 1939. Sealed bids were received up to the hour of
calling for open bids. The approving opinion of Chapman & Cutler of
Chicago, will be furnished by the county.
YPSILANTI, Washtenaw County, Mich.
-DEBT CHARGES PAID.
-Bond principal and interest coupons in amount of $13,410 were paid
during July and August, according to report. The city plans an additional
issue of $4,500 in scrip. The original issue of $9,924.65 has been reducediby
$4,412.80, it is said.
CANADA, Its Provinces and Municipalities
ALBERTA (Province of).-$2,107,521 DEFICIT IN FISCAL YEAR.
report appeared in the Sept. 8 issue of the "Monetary
2i'itne.e.' of Toronto:
"For the fiscal year ended Marcn 311933. the province of Alberta had a
deficlVeof $2,107,521 after $759.802 had been set aside for sinking fund
purposes. This is a reduction of over $3,000,000 on the fiscal year previous
when jihe deficit on general revenue fund was $5,153,050.
"In •..1931. the deficit was $2.306,581 while the fiscal year that ended
March 31 1930, resulted in a surplus of $426,980.
"Revenue on income acount in the 1932-1933 fiscal period amounted to
$15,426.264. while expenditure stood at $17,533,785, the latter including
sinking fund charges.'
- ThQ, following
BUCKINGHAM, Que.-BONDS NOT SOLD.
-H. J. Gorman, Secretary-Treasurer, reports that the $20.600 5% bonds offered on Sept. 5V. 137, p. 1802
-were not sold. Dated Nov. 1 1933 and to mature on
Nov. 1 from 1934 to 1963, incl. Mr. Gorman states that a further offering
will be made following approval of the by-law by the Quebec Municipal
Commission.
CANADA (Dominion of).
-FINANCING OF $225,000,000PLANNED.
.Latest reports from Canada regarding the projected financing this
autumn are to the effect that tne amount to be borrowed by the Dominion
will not exceed $225,000,000. This will include the conversion of the
$170,000,000 Victory loan which matures on Nov. 1 1933. leaving $55,000.000 of new money to be sought. The rate of interest is expected to
be 434%.,
WHITE PLAINS, Westchester County, N. Y.
-BOND OFFERING.
Richard Appel, Commissioner of Finance, will receive sealed bids until
11 a. m. (daylight saving time) on Sept. 22 for the purchase of $964,000
LANARK COUNTY (P. 0. Perth), Ont.-LIST OF BIDS.
n t_to exceed 6% interest coupon or registered bonds, divided as follows:
i
-The
following is a list of the bids submitted for the $35,300 5% bonds awarded
$50.0Thrrer es .A refunding bonds. Du=3F71. atiWys: $75,000 from
. -00
on Sept. 1 to Harris, MacKeen & Co. of Toronto at a price of 101.21. a
1935 to 1941 incl. and $44,000 in 1942.
basis of about 4.81%.-V. 137. p. 1972.
250,000 emergency relief bonds. Due Sept. 1 as follows: $35,000 from
Bidder1936 to 1942 incl. and $5,000 in 1943.
Rate Bid. I BidderRate Bid.
Harris MacKeen & Co
102,000 series B refunding bonds. Due Sept. 1 as follows: $15,000 from
101.21 A. E. Ames & Co., Ltd
100.38
Griffis. Fairclough & Nors1935 to 1940 incl. and $12,000 in 1941.
Matthews & Co
100.267
worthy, Ltd
43,000 street improvement bonds. Due Sept. 1 as follows: $5,000 from
101.07 Rogers. Lynch & Co
100.237
McLeod, Young, Weir & Co_ _100.88 Dyment, Anderson & Co--100.133
1935 to 1942 incl. and $3,000 in 1943.
Robertson, Douglas & Co .....100.71 Stewart. Scully & Co
E3Fir1r
100.033
otte itTdivad-Seror1 1933713=$1,000. Bidder to name a single
R. A. Daly & Co
100.54 Wood, Gundy & Co
Interest rate for all of the bonds, expressed in a multiple of 1-20th of 1%.
99.81
C. H. Burgess & Co
100.53 Dominion Securities Corp__ 99.77
Principal and interest (M. & S.) are payable in lawful money of the United
Gairdner & Co
100.51 Bell, Gouinlock & Co
99.32
States at the Citizens Bank, White Plains, or at the Central Hanover Bank
T. Farmer
& Trust Co., New York. A certified check for $20.000, payable to the order
99.00
of the City, must accompany each proposal. The approving opinion of
NORTH BAY, Ont.-BOND OFFERING.
-Sealed bids addressed to
Clay, Dillon & Vandewater of New York will be furnished the successful
H. D. Goode. City Clerk, will be received until 12 M. on Sept. 18 for the
bidder.
purchase of $301,050 local improvement bonds, divided as follows:
WEST SENECA (P. 0. Ebenezer), Erie County, N. Y.-EOND
$180,121 6 bonds, due in 20 years•
("FFERING.-Frank A. Slade, Town Supervisor, %ill receive sealed bids
58.391 6% bonds, due in 15 years.
until 8:30 p. m. (standard time) on Sept. 25 for the purchase of $28,000
31,015 6% bonds, due in 3 years.
not to exceed 6% interest coupon or registered highway bonds. Dated
9,795 534% bonds, due in 24 years.
April 1 1933. Denom. $1,000. Due $2,000 on April 1 from 1935 to 1948
9,400 5 bonds, due in 5 years.
incl. Bidder to name a single interest rate for all of the bonds, expressed
7,899 6 bonds, due in 30 Years •
4,4296%bonds, due in 5 years.
in a multiple of Y or 1-10th of 1%. Principal and interest (A. & 0.) are
i
payable in lawful money of the United States at the Ebenezer State Bank.
PALMAROLLE, Que.-BOND OFFERING.
-E. Begin, SecretaryA certified check for $500, payable to the order of the above-mentioned
Treasurer, will receive sealed bids until 8 p.m. on Sept. 18, for the purofficial, must accompany each proposal. The approv ing opinion of Clay,
chase of $5.000 6% bonds. dated Nov. 11932 and payable serially in from
Dillon & Vandewater of New York will be furnished the successful bidder.
1 to 5 years at LaSture, Montreal and Quebec.
(This issue has been offered without svccess on two previous occasions,
the last of which was on June 12.-V. 136. p. 4314.)
QUEBEC (Province of).
-REPORTS DEFICIT OF $6.840,907.
-The
report of the Hon. R. F. Stockwell. Provincial Treasurer, for the fiscal
WICHITA, Sedgwick County, Kan.
-BONDS PARTIALLY SOLD.
year ended June 30 1933 shows that operations resulted in a deficit of
Of the two issues of coupon bonds aggregating $57,414.08. offered for sale
36,840,907. This is the second deficit recorded by the Province in 30 years.
on Sept. 5-V. 137, p. 1802
-the $47,414.08 issue of 434% paving and
Actual revenues were considerably below the original estimates. Receipts
sewer construction bonds was jointly purchased by the Wheeler, Kelly,
from the Quebec Liquor Commission declined about $2.700,000; from the
Hagny Co. of Wichita, and Stern Bros. & Co. of Kansas City (Mo.), at
Department of Lands and Forests $1,500,000; from succession duties
a price of 101.02, a basis of about 4.01% Dated Aug. 1 1933.
$900,000, while returns from the gasoline tax and miscellaneous licenses
The $10.000 issue of 4% sewage disposal refuncUng bonds offered at
showed a decrease of $1.050.000. During the fiscal years sum of $1,714,683
that time, was not sold as all the bids were rejected. It is said that these
from ordinary revenue was set aside for the sinking fund account.
bonds will be sold over-the-counter. Dated Sept. 1 1933. Both of these
issues mature serially in from 1 to 10 years. The other bids were as follows
STE. MADELEI NE SCHOOL MUNICIPALITY Que.-BOND SALE.
Names of Other Bidders:
Price Bid.
-The issue of $50,000 57 bonds offered on Aug. 29-V. 137. p. 1280-Brown-Crummer, Co. Wichita
Par, accrued int. less $9.50 per $1,000
was awarded to E. Savard. Ltd.. of Montreal. at a price of
a bards
Commerce Trust Co., Kan. City, Mo_Par,accrued int. less 8.50 per $1,000
of about 5.18%. Dated Sept. 1 1933 and due on Sept. 1 1943. Bids for
99.12'
Fourth Nat. Bank, Wichita
Par, accrued int. less 1.10 per 1,000
the bonds were as follows:
Commerce Nat. Bk.. Kan. City, Kan _Par,awned Int. loss 2.75 per 1.000
BidderRate Bid.
Rate Bid. BidderCity Bk.& Tr. Co.. Kan. City, Mo_ _ _Par, accrued int. less 1.13 per 1.000
E. Savard, Ltd. (purchaser)_ _ _99.12 Credit Anglo-Francais, Ltd_ _ _97.59
WILLIAMSBURG, Clermont County, Ohio.
-BOND OFFERING.
General Trust Co. of Canada_ _98.65 L. G. Beaubien & Co
97.57
G.P. Medary, Village Clerk, will receive sealed bids until 12 in. on Sept.
Societe de Placements du Can_98.51 , Dominion Securities Corp
97.29
29for the purchase of $38.0006% first mortgage water works bonds. Dated
P. Gonthier. Ltd
97.7010. Beausoleil & Co
94.87
@FedFRASER