The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
-lautuaua Jo] salna pT2Ta aq 01 osiu 41L2no aaam PILU
slsaans pia jo 2uplautuaua am 04 aattaaajaa sTqI
„-sluaman
TvuoTpuaalui aoj Ntrug am Jo ‘litruq Tualuaa
u2Taaol 11 ao ‘41tatauaano2 u2Taaoj pazTailoaaa
aoj
gg6T og nadv uaolaq adups 4sna4 uT Nati ao palauta
-aua uomnq pio2 ao 'mop pia jolaodxa arum sT sasod
-and asam jo auo -pauTjap puu paqTaasap Sunjaama
panssT aq Sum sasuaall • qaqm. aoj asodand eqj
-aapao
jo „suoTsTAoad am. 04 wunsand ‘SansuaaI
etp. jo Sau4aaDas
Sci pensT aojaaam. asuaall
Japun 4daaxa ‘sams Ramun am. moaj sapaTmaaa
pia .to utoTunq pio2 'moo pIo2 Suu 4aodxa ao :gum
-..tua Hugs uosaad ou ‘aapao sTq4 jo app eqaa4jy„
ptp. sSes sTqI •pT02 jo 2upiautuauaeq tolm sTuap
'matt sT 'Lamm ‘aapao alfl jo suoTsTAoad
jo auo
.
10
Sq paqsTund aq Sum
‘watuuosTadmi ao aug will
uogeToTA qons UT saludiapaud ST2uTmouN oqm uogua
-odaop Stre jo waft ao `aopaaTp `aaaujo Suu„ puu
4moq .10 sauaS ot uum aaom lou aoj 4uantu0sladurT
awn am
000'04 Jo auil ‘STamuu `Sisnoptaad
sT aauuTidutoa-uou aoj Slimed aqy .003 ap2aane
aaaqm. „`o4aaam
Qt14 uT spaaaxa Nag 4.unorau
aA!1BIe.1 uogemaojuT amdtuop puu anal. 2uTurut
04 mei) aapun
-uoa„ SansuaaI eq jo Saulaaaas
uattlaa B Nutu Timis sapagnaaa pia ao uomnq
moil 'mop pIo2 2u1uAto ao jo uoissassod UT uosaad
jo app aq4 1110.1j slup et u4q44At
SJOAO aapao
amp. anisttpul
saawbaa spa •saapao snoTAaad
pull anisuatpadmoa 0.10111 qantu Japao 2uTpauoti
-Tpre Mall 11 panssi 0m14 autus 0144111 wapTsaad
'1109DVJ
'
544115 llama imm pepq aq 04 sI Ptru s4142N IIRJ 541
TIT aaom aauo saluls pallun 0144 jo SalsnpuT 2uTu4tu
pia am salu4su4aa spu, •Tvuu aq 04 sT 4uatt1ronf
qans puy „•auTutaalap luaudpnf spl uT amp 04 amp
moaj Sum Saulaaaas0144 su saauqa 'pus 0 parqns
aq Hugs pus apu2Tsap amp. 04 atug utoaj Smu
Saulaaaas OIflsu swaau aamo Ram .10 s3Tuuq OAJOS
-au Tuaapad 0144 q2n0a144.aputu aq Sum saps qpns„
pappioad aamanj Si 41 „•aatreansuI pug S1.50D
5uTddiqs su pus sasuadxa pwappuT Suu uoTpaa
-pisuoa ow( 2upur4. aa40 ppom 0144 jo slavum platl
aaaj 0144 u! aiquurelqo aaTad lsaq am 04 Tunba aq 04
auTtuaalap Togslaaaas 0144 qamm. aaTad
aputft
aq Hugs saps qang„
santoad uato aapao aqy
4aodxa Sci (q) ao
•saasutTaand u2Tadoj
asn aoj p432
‘suoTssajoad ao saTalsnpuT 'we am.
aaTnbau ol pasuaaTT suosaad (s) apum aq Sulu saps
qans „
-joaaam uonaTpsTanc am. 04 laafqns aauid
Suu ao saw4s palTua am. ill smodap Tuanpu moaj
paaanoaaa pia ‘aqTaasaad Hugs aq ss suompuoa pas
uodn pus ‘suoTpin2aa puu soma qans 04 laafqns `atu4
pazTaomnu Sqaaaq
.10j watutaisuop uo amaDaa
SansuaaI
jo Laulams am„ 4utp. sSus xe lauxa
slT uT paturepoad At011 SlI aapao sattapisaad eqJ
•43npoad pauTtu-Simau 0144 uum. Jam°4at1 a1(4 ito
ofauqtua
anuguoa 04 S.113S1503011 s smaap wautuaa
TOLD
-AoD atp. 552tto4 os alTsInbaaaad LIUSS03011
pus 'arzussod aputu mollwo am uo Naatia 43ajaad 13
Maul gin jo 2ulsodsTp .103 AllspatunaisuT am se
pus Sans50a,1 saluls palTun
anaasall Tuaapad
am. 114TAI •uappTqaoj aau Sum SauuTpao am. uT slaod
-xa PiO 513 21.104 os ‘aanum
aTpuutT 04 Sum lsaq
am. '4013j uT 'pus ‘aadoad pus panpu stuaas maul
01(4 JO BulsodsTp aoj Sauau alfl su s14u13q anaasau
Tuaapad0144 jo uoppaTas 014J
paqTaasumaap pull
p041taTT L'1llj0.1113 LISA SI O.VOBANd 0144 q2no1[4 uana
jo antuA Tinj 0144 aansua
`saapupoad am 04 pia
04 55 lions pus am maas '004 `suogu4n2a4 atu
lanpoad
Sp( JOJ anon. pio2 mu am 4a 04 aaom apuo oqs
aq 'um aaanpoad unwary am pus ‘pauutia Atou ST
MID IIV *sTsuq qans Suu uo 4g0.11.1 13 411 papnpuoa
aq 4011 mop Onoua STuTuTd 2u4uTtu pia jo ssauTsnq
eqj•aaotu ao %in jo 4unoasTp 13411 lanpoad aTam Jo
asodsTp O prq Salunoa spn jo saaattpoad NO am.
45114 Vivata PiJ
0L uutJ3 ssaT papuummoa !MAO Se1(
puu piaJO stua04 UI.302, woqu uut4 aaotu ou maom
aullop weaTaatuy
mou pus ‘paaTsap uonual
u042uTtisuAt 9144su put ‘plo2 jo 5111a04
amtunl. B 4004 aullop twaTaatuy 0144 'swam:cud pia jo
uoTsuadstis am. mint wa •plaom 0144 jo 54014.113W a114
UI p4o2Ut autTop
maom STruaa SUM .1511OT} 0114 pun
Ham pia uT SUM watuSud uatim '51 pm—swatuSud
pia papuadsns S14u1103 9114 aaojaq 40(.1 11 SUAI
411111 •aouno us L9.0.gi jo aaTad Sacqnpls 0144 Swam
pTud 4UIJ 0144puu '4uTik
4da3xa49ta siq aoj
4014a11ar ou p1114 aaDnpoad pia uvaTaatay0114 'Raping
-aoj sams palTun
jo 4110 swamdms imm q1/3110
.
1/19,14 '11090119X0 tp.Tm pauapaa144 pus flunaismutT
1
2uTaq jo pua4su4 aattaisIxa 541 anuTwoa 434 Sa4snpuT
211TuTta pia0114 anuaT Ku 'Sum Saumoisno am. UT
paaaoad 04 Sams p0441111 OIfl uT pia jo uonanpoad
alqutta mAs. 41 •aq wogs 44 sr sT spu, „•piaom
am. jo 5404..retu p102 aaaj 0144 UT aTquumqo mad 450q
0144 434. renba„ °NA s 413 puoaqu
spi Has 04 ,
s4uuq
aAaasaa redapad 9114 Ottoam.`aauTta pia0144 slItuaad
sauapTsaad 014J •504134s
‘SupsanI uo patissT
palTua 0144 jo sauTtu alfi jo lanpoad 0114 541540W
am. pin. 4ua4xa 0144 434 p402 jo spodxa elfi uo o2auq
-ma aIfl panotuas pau 14003& sTto. 2uT1T4 amsuas T
4110p 0A1511 1101211p1511M 45 5091.10141113'
1Hu,
uoyDrinsf iropurmid
ggsr aaquinAr
•£161 g aaquiajdas ‘,CDp.inlvs ‘21.1oA rnalv
apticuil
ippuintg
zgr
awn1°A
I Vpiatttitto
I
Jill
1620
Financial Chronicle
ing to apply to the Federal Reserve banks themselves. Of course no earmarking of the metal is
being done now, but prior to the crisis which developed in March, earmarking was permitted by the
Federal Reserve authorities in a most free and ready
way. This should not be allowed to occur again.
Indeed, the crisis itself may be said to have grown
directly out of the indulgence granted for earmarking. An illustration of this was furnished in a very
suggestive way in some happenings last week. The
Federal Reserve Bank of New York furnishes daily
and weekly statements of the imports and exports
of gold, and also the earmarkings, as well as the
releases from earmarking. Latterly the exports
have consisted entirely of gold previously earmarked
except in very minor amounts permitted by the gold
embargo orders. Accordingly, for any day or for
any week the amount of the exports and of the
releases from earmarking have closely corresponded,
and, in fact, have been identical. But last week an
exception appeared, and whereas the daily statement for Aug. 23 showed $8,333,800 withdrawn for
export for France, the amount released from earmark was $14,583,100, a difference of $6,249,300.
The statement for the week ending Wednesday evening, Aug. 23, showed a similar discrepancy, the exports for the week being reported as $19,482,000 (all
to France), while the decrease in the amount of
gold earmarked was given as $25,732,000, a difference of $6,250,000, the figures here being all stated
in round amounts.
No explanation of the earmarkings is ever furnished by the Federal Reserve Bank, and none was
furnished on this occasion. But news dispatches
from Washington, Aug. 24, in reporting the success
• of the Administration's efforts to compel the dislodging of gold by parties engaged in hoarding, furnished
a complete explanation as to why the release from
earmarkings on the day named ran so greatly in excess of the gold reported as withdrawn for export to
France. The Washington dispatches referred to
stated that relinquishment of $6,249,240.68 in gold
bars by the British-American Tobacco Co. had been
reported the previous day by Attorney- General
Cummings as the largest amount of gold to be deposited during the campaign for the release of
hoarded gold. The question had been raised, it was
stated, as to whether a foreign corporation could
be compelled to turn in gold held by it in the United
States. And this resulted in the conclusion that the
United States Government was acting well within
its rights. The accounts said that the gold had been
held by the British-American Tobacco Co., which
had reported it to the Government and sought a
license from the Treasury to export it.
The understanding is that the company intended
to use the metal in some business transactions which
were considered in the public interest and within the
provisions of the President's embargo proclamation.
But the question naturally arises how did this foreign company succeed in getting this gold earmarked for its account at the Federal Reserve
Bank? The Federal Reserve Bank, in reporting the
earmarkings, describes them as gold "held under
earmark for foreign account." It has been taken
for granted by everyone that this meant gold earmarked for foreign central banks, but must we
assume that the designation is broader than this and
includes foreign corporations and foreign individuals as well. In a word, is it the practice of the
Sept. 2 1933
Federal Reserve Bank to set aside, under earmark,
gold for anybody and everybody who is able to
furnish the necessary funds? If so, it is a very
reprehensible practice, and a practice full of menace.
Do the Reserve officials make no inquiry in critical
times as to the merit of the requests for the metal—
as to whether they are of a bona fide nature and are
based upon genuine needs? Presumably the
$6,249,240 which the British-American Tobacco Co.
had to its credit with the Federal Reserve Bank
was acquired back in the early part of last March
or the latter part of February, when the whole
world was panic-stricken and earmarkings proceeded at an alarming rate, the movement reaching
a climax in the early days of March. Throughout
nearly the whole of February the earmarkings had
proceeded at the rate of $10,000,000 to $15,000,000 a
day, but on March 1 they reached $26,940,000; on
March 2, $22,300,000, and on March 3 (the last day
that the Federal Reserve Bank kept furnishing any
of the metal either for export or for earmarking),
they aggregated the huge sum of $109,700,000,
though $39,755,500 of this was later in the day released from earmark, clearly evidencing the panicky
conditions existing when everybody was scared
nearly to death and wanted to engage in the process
of earmarking or of obtaining possession of the
metal. The final result was that the Federal Reserve authorities were compelled to put an end to
the whole panicky proceeding by abruptly refusing
to yield up any more of the metal. Obviously, however, if the action of the British-American Tobacco
Co. may be taken as any indication, the crisis was
brought on by the unrestrained way in which the
Reserve authorities responded to the extraordinary
demand for the metal on the part of anybody and
everybody who lost his head for the time being.
To emphasize our point, we have brought together
in the following the figures which show the earmarkings day by day throughout February and the
first three days of March:
Withdrawn for Export to—
England.
$
France.
$
Holland.
$
Other
$
Gold Earmarked for
Foreign
Account.
$
4,900.000
2,794.900
3,670,000
1,732.500
Feb. 123_
4Sunday
6_
78.-100,000
910_
11_
12--__
13--14100,000
15---16..
17_
18_
19-20__
661,500
21.-_
22--- 23157.000
24---2526---2728__.
Mar. 1____ 8,899.800
2_
3_
mni-.1,.
o 01R 3nn
2,439.000
3,900,000
15,999,900
967,400
5,001,600
Sunday
Holiday
11,011,300
1.000.606
1,583,000
100.000
60,000
Sunday
50.000
100.000
Holiday
2,513,400
2,272.903
700,000
Sunday
10.909.800
9,999,700
12,353,800
714,000
150.000
715,200
10.051.600
13,997,800
14.302.700
15,695,300
11,204,400
972.100
2,092.900
1,597,700
2.119,700
3,959.700
660,200
14,100.000
16,354,800
26,940,000
22,300.000
*69,945.500
7.7112 MO 11.353.703
2.564.400
200.572 nnn
200.000
125,000
a Original amount $109,700,000 but $39,754,500 subsequently canceled.
It will be seen from the foregoing that in the
brief space of a little over a month the earmarkings
reached the huge sum of $300,572,000, and this is
Volume 137
Financial Chronicle
in addition to $31,604,703 gold actually withdrawn
for export during the same period. In the light of
the experience in the case of the British-American
Tobacco Co., it would seem clear that the whole
movement need never to have reached the dimensions it did if the Reserve authorities had not
yielded so readily to the demands of panic-stricken
people, who in their fears and anxiety wanted to
get some of the metal against possible future contingencies. The movement ought to have been held
under rigid control by a bold policy directed to
that end.
Sooner or later the country will once more reach
a stage where the outflow and inflow of the metal
will be allowed to proceed in a normal way. Before
that time arrives a reform in the method of furnishing supplies of the metal both for foreign and domestic account should be inaugurated so as to make a
repetition of what happened last March out of the
question. The point is well worth considering
whether the practice of earmarking the metal should
not be altogether abandoned. It is an imitation of
the practice long pursued by the Bank of England,
but in England there is co-operation between the
entire banking community and the Bank of England
which does not exist in the United States, the English disposition being always to yield implicitly to
the judgment of the Bank of England authorities.
Nothing of the kind exists in this country, each
banking institution considering itself a free lance
to do as it pleases, even in very critical times. Anyway, why should the Federal Reserve Bank furnish
free storage accommodation, thereby facilitating
the setting aside of enormous amounts of the metal
without cost to those who act on the impulse of the
moment and who would often be deterred from giving effect to their momentary feelings of disquietude
if they had to count the cost.
IT IS gratifying to find multiplying signs of trade
activity even though the steel industry shows
for the time being a slackening of pace. The New
York Federal Reserve Bank announced this week
that sales reported by wholesale dealers for July
in the New York Reserve District averaged 81%
above a year ago, "by far the largest increase ever
recorded." All lines of wholesale trade, we are told,
showed increases over last year, while in the hardware, grocery, shoe, cotton goods, silk, men's clothing, jewelry and diamond trades the increases were
of record proportion. Net sales, it is true, were 4%
less than in June, according to the Bank's weighted
average, but the true measure of activity is found
in the comparisons with a year ago, inasmuch as
this allows for the seasonal slackening during the
summer months, but which has been very little in
evidence the present year until within the last two
or three weeks.
And the notable fact is that in the comparisons
with last year the improvement is continuing right
up to the present time. As an illustration, the production of electricity by the electric light and power
industry of the United States for the week ended
Saturday, Aug. 26, was 1,630,394,000 kilowatt hours
as against 1,436,440,000 kilowatt hours in the corresponding week in 1932, being 13.5% increase, which
is only slightly less in ratio than the ratio of increase.
in the preceding weeks,which has been running somewhat above 15%. The carloadings tell the same
story of a greatly increased movement as compared
1621
with a year ago, and reports of railroad earnings
are of the same favorable character in the comparisons with 12 months ago. And the improvement
may be expected to continue for many weeks to come.
However, the fact should not be overlooked that
for activity of an enduring character new financing for capital needs is imperatively required, and
that the new Securities Act, with its impossible provisions, stands in the way. There has been no corporation financing of any consequence since this Act
passed on the statute book with the President's
approval on May 27. And, unfortunately, there
seems no likelihood of any change in that respect
until the new law is amended in some very essential
respects, since it undertakes to impose responsibilities and liabilities as regards the minutest details of corporation affairs in the bringing out of
new securities. Indeed, the requirements are of
such an onerous character that no investment house
of high repute can run the risk of complying with
them. The raising of the needful new capital therefore is put out of the question for the present, and
that is a matter of no small consequence at a time
when every legitimate means for promoting trade
activity should be pushed to the utmost. The new
law is also seriously interfering with some refunding operations by large corporations, the floating
of which banking and investment houses would be
glad to undertake if some way could be found of
relieving them of the objectionable provisions of
the Securities Act.
The fact must not be overlooked that, as pointed
out by Colonel Leonard P. Ayers, Vice-President of
the Cleveland Trust Co., two weeks ago, 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 its
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 Ayers, bearing this fact in mind, stated
it as his conviction that the most serious present
problem is that of restoring the production of durable or capital goods. He found 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
argued that to restore prosperity we must revive
the production of durable goods, which involves the
floating of corporate bonds, and that, in turn, requires the restoration of full faith in the future of
money and credit.
Much the same conclusion is reached in a report
on "The Behavior of Consumption in Business Depression," published by the Graduate School of
Business Administration of Harvard University.
This report argues that the Washington Administration, in its current efforts to bring about business recovery, is proceeding on the "misconception
that actual consumption of consumer goods must
have declined drastically during the depression."
On the contrary, it is declared that the ultimate
consumer used almost as much food, clothing, house-
1622
Financial Chronicle
Sept. 2 1933
hold furnishings and miscellaneous merchandise
during the years of depression as in the prosperous
year of 1928 and the boom year of 1929. Therefore,
the report concludes that no very great consumer
goods shortage could have been built up to serve
as a springboard from which the country could jump
back to prosperity.
Present policies of the Administration, it is
argued, have apparently as their main purpose the
raising of the level of consumption by the mass of
the people. While commending this as a sound
policy "over the long run," Arthur R. Tebbutt, instructor in business statistics at the Harvard Business School and the author of the report, holds that
"now, however, the long run outlook for consumption is not important; rather of more immediate
significance is the 'balanced recovery of 'business.'"
Averring that "the results of this study show conclusively that consumption of consumers' goods held
up very well through 1931, and the decline in the
exceedingly depressed year of 1932 was not drastic,"
Mr. Tebbutt goes on to say that consumption of
producers' goods, on the other •hand, suffered unprecedented declines during the depression period,
and, accordingly, to get business back to normal we
must have an increase in the production of producers' goods. In much the same way as Colonel
Ayers, he asserts that such an increase will require
"new investments of capital, and these will take
place only as confidence is inspired among the investing public in the soundness and permanency of
the recovery."
The "way out of the depression," and the "only
way to a balanced recovery," Mr. Tebbutt asserts,
centers in getting an increase in consumption of
producers' goods such as lumber, iron, steel, lead
and zinc, and of durable consumption goods, such as
automobiles, all of which declined sharply during
the depression years. The report goes further and
says that should a balanced recovery occur at the
present time, "it does not seem likely that it can
be attributed in any large part to the current activities of the Administration." Whether one endorses
this view or not, the fact remains that financing for
providing new capital and for refunding purposes
is the need of the hour, and to that end there must
be an amendment or revision of the Securities Act
which now stands in the way of procuring such
financing for the reasons already stated. And that
point ought to be driven home so that the Washington authorities may give speedy and effective consideration to the matter.
the lowest official figure since 1908, while after the
close of business on Wednesday rates for bankers'
acceptances were further reduced by1 8 of1%in both
/
the bid and the ask columns for all maturities. This
latter reduction follows a similar reduction last
week and brings the rates for bankers' acceptances
down to the lowest levels on record, that is, to the
level reached on Feb. 8 last, immediately preceding
the banking collapse in March. The new rates are
only %% bid and / asked for bills running 30,
1
4
%
60 and 90 days. Moreover, the United States Treasury on Monday, in its sale of Treasury bills, disposed of $100,296,000 of 91-day bills on a discount
basis of only 0.14% per annum, and yesterday disposed of $75,039,000 more of 91-day bills on a discount basis of 0.12% per annum—all abnormally
low figures.
These additional acquisitions of United States
securities are now effective also in bringing about
inflation in the volume of Reserve credit outstanding. As a matter of fact, the volume of Reserve
credit outstanding, as measured by the total of the
bill and security holdings, has the present week increased in even larger amount than the increase in
the holdings of United States Government securities. The total of the holdings of United States
Government securities has risen during the week
from $2,094,014,000 to $2,128,772,000, while the total
of all bills and securities held (and which constitutes a measure of the volume of Reserve credit
afloat) increased from $2,253,363,000 to $2,290,746,000, the addition for the week thus having been
$37,383,000. This has followed from the fact that
member bank borrowing at the Reserve banks also
increased, the discount holdings of the 12 Reserve
institutions (which reflect member bank borrowing) having risen from $150,145,000 to $153,220,000.
On the other hand, Federal Reserve notes, which
were put out in such huge amounts at the time of
the banking crisis in March, keep returning from
circulation, there having been a further reduction
during the week in the amount of such notes outstanding from $2,984,978,000 to $2,974,180,000,
though in partial offset to this the amount of Federal Reserve bank notes in circulation increased
from $129,296,000 to $131,244,000. The amount of
the gold holdings is somewhat smaller the present
week, the total having dropped from $3,589,480,000
to $3,587,997,000. While the amount of Federal
Reserve notes in circulation fell off in the way indicated, diminishing the reserve requirements against
the same, the deposits moved up from $2,656,338,000
INFLATION seems to be now in full swing, at least to $2,697,039,000, this last occurring notwithstandas far as the Federal Reserve System is con- ing that member bank reserves with the Reserve
cerned, as appears from the Federal Reserve con- institutions were slightly lower at $2,426,589,000
dition statements for the week ending Wednesday, as against $2,431,915,000. The result, altogether,
Aug. 30. These statements show that, following has been a slight further decline in the reserve ratio,
the purchase of $35,000,000 of United States securi- the ratio of total gold reserves and other cash to
ties acquired last week, substantially the same deposit and Federal Reserve note liabilities comamount has been acquired the present week, the bined now standing at 67.5% as against 67.9% last
exact amount of the increase for the week being week. The amount of United States securities held
$34,758,000, making the total of the new purchases as part collateral for Federal Reserve notes was
for the two weeks combined, roughly, $70,000,000. increased during the week from $433,700,000 to
The immediate effect has been to add still further $437,700,000.
to the amount of idle bank credit and the further
driving down of the rates for funds in the money
IVIDEND resumptions and increases have the
market. On the Stock Exchange the rate for call
present week been more numerous than the
loans, after having been held unchanged at 1% for a reductions in the rates of distribution. The United
/
long time, was this week reduced to only 34 of 1%, States Leather Co. declared 2% on account of accu-
_
.
Volume 137
Financial Chronicle
mulations on the 7% cumul. prior pref. stock payable Sept. 15; the last regular quarterly payment on
this stock was 13
/
4%, made on Jan. 3 1933. The
F. E. Myers & Bro. Co. has declared a dividend of
25c. a share on the common stock payable Sept. 30;
the last previous distribution on this stock was also
25c. a share, and was made on Dec. 31 last. The
Chesapeake & Ohio Railway increased the quarterly
dividend on common from 62 c. a share to 70c. a
/
1
2
share. The Scott Paper Co. raised the quarterly
dividend on common from 35c. a share to 37 c. a
/
1
2
share. The Congoleum-Nairn, Inc., increased the
quarterly dividend on common from 15c. a share to
25c. a share. The South Puerto Rico Sugar Co.
raised the quarterly dividend on common from 40c.
a share to 60c. a share, and the Ward Baking Corp.
declared 50c. a share on the 7% cumul. pref. stock
as against 25c. a share at the two previous quarterly
dates. The Commercial Credit Co., Baltimore, Md.,
on Sept. 1 made the quarterly dividend 75c. a share,
and will distribute a like amount on account of accumulations on the 6% cumul. cony. class "A" stock,
both payable Sept. 30; the last regular quarterly
payment of 75c. a share on this issue was made on
Dec. 31 1932. The Wisconsin Power & Light Co.
declared a dividend of 37 c. a share on the 6%
/
1
2
cumul. pref. stock, and a dividend of 433 a share
4c.
on the 7% cumul. pref stock, both payable Sept. 15,
which compares with 75c. a share and 87 c. a share,
/
1
2
respectively, paid on June 15 on the 6% and 7%
pref. stocks.
HE New York stock market this week has pursued an irregular course, with many fluctuations up and down. The commodity markets have
likewise been variable from day to day. On Monday
stocks were adversely affected by a sharp downward
plunge in the foreign exchanges; this was in reversal of the upward rebound at the close of last
week. Cable transfers on London sold down to
$4.49% as against $4.6414 the high figure on Satur/
day. This meant a rise in the value of the American
dollar, and acted as a damper on inflation talk,
thereby serving to remove one of the main stimulants to rising prices. Selling of sterling and of
the French franc and other European exchanges was
attributed in part to reports that Montagu Norman
had a new proposal for exchange stabilization to
place before President Roosevelt in his scheduled
meeting in the afternoon. The rumor was without
foundation, as it appeared after the meeting that
Mr. Roosevelt engaged in no talks whatever on the
subject of currency values. On Tuesday a sharp
recovery in the foreign exchanges occurred, cable
transfers on London touching $4.581 8 as against
/
$4.4918 the low of the previous day, but stocks
/
were weak in face of this renewed depreciation in
the value of the American dollar. In the afternoon,
however, the stock market regained most of the early
losses on the news that the President had issued an
order permitting the export of newly-mined gold
in this country for the purpose of sale in the free
gold markets of the world. This sent the gold mining stocks up with great rapidity, and that carried
the whole list of stocks upward with it. A five-cent
break in wheat, the full limit allowed, speeded the
early selling of stocks. On Wednesday, however,
the bullish influence of the new gold regulation vanished, and a renewed decline in the foreign exchanges, with a corresponding rise in the value of
T
1623
the dollar, also operated against stocks, causing
another sinking spell, though a rally late in the
day served to cancel a part of the early losses. On
Thursday, the course of stocks was irregular and
extreme dulness prevailed. Alcohol stocks were
helped by the wet victory in the State of Washington, while the oil stocks were responsive to the
higher price schedules which are going into effect
under the code of fair competition for the oil industry. Friday, the news that the Federal Reserve
banks had engaged in the further purchase of $35,000,000 of United States securities as part of the
policy of credit inflation gave tone and strength to
the market once more, though extreme dulness
prevailed.
Underlying conditions have not changed greatly.
The "Iron Age" reported that steel production had
fallen to only 47% of capacity as against 50% last
week and 57% several weeks previously. On the
other hand, carloadings continue to run well in
excess of those for the corresponding period of the
previous year, while the production of electricity
by the electric power and light industry of the
United States for the week ending Saturday,
Aug. 26, as already stated further above, was reported at 1,630,394,000 kilowatt hours as against
1,436,440,000 in the same week of 1932. Commodity
markets have most of them been inclined to weakness. Wheat was not at all responsive to the many
favorable developments regarding the same, such
as the successful outcome of the International Conference for the regulation of the production of the
grain, in which both the importing and exporting
countries joined, and the announcement by the Agricultural Administration that wheat acreage in the
United States for the next crop year would be reduced to the extent of 15%. The September option
for wheat at Chicago closed yesterday at 8578c. as
/
against 8858c. the close on Friday of last week,
/
while September corn closed yesterday at 48%c. as
/
against 5114c. the close the previous Friday; the
September option for rye at Chicago closed yester4c. the close the previous
/
day at 711 8c. against 723
Friday, and the September option for barley at
Chicago closed yesterday at 51c. as against 53%c.
on Friday of last week. The spot price for cotton
in New York yesterday was 9.45c compared with
9.55c. on Friday of last week. The spot price of
rubber yesterday was 7.09c. as against 7.35c. 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 at 18 1/16 pence per ounce against 173
4
pence per ounce the previous Friday, and with the
New York quotation 36.85c. against 37.50c. The
foreign exchanges fluctuated violently, as already
noted, and cable transfers on London closed yester/
day at $4.5314 against $4.651 2 the previous Friday,
/
while cable transfers on Paris yesterday closed at
5.611c. against 5.682 the close on Friday of last
/
2
/
1
c.
week. On the New York Stock Exchange 57 stocks
established new high records for the year the present
week, and only four stocks dropped to new low figures. For the New York Curb Exchange the record
is 24 new highs for the week and eight new lows.
Call loans on the Stock Exchange were reduced on
4
Wednesday from 1% per annum to 3 of 1%.
Trading has been of moderate proportions and
dwindled further towards the close of the week. On
Saturday last the New York Stock Exchange was
1624
Financial Chronicle
closed. On Monday the sales were 2,121,539 shares
on Tuesday 3,118,000 shares; on Wednesday 2,170,860 shares; on Thursday 1,141,710 shares, and on
Friday 1,218,830 shares. On the New York Curb
Exchange the sales on Monday were 305,980 shares;
on Tuesday 364,445 shares; on Wednesday 319,890
shares; on Thursday 210,265 shares, and on Friday
246,440 shares.
As compared with Friday of last week, prices are
irregularly changed, but mostly lower. General
Electric closed yesterday at 2534. against 263 on
4
Friday of last week; North American at 25 against
24; Standard Gas & Elec. at 153 against 15%;
4
Consolidated Gas of N. Y. at 49% against 50;
Brooklyn Union Gas at 78 against 78; Pacific Gas &
• Electric at 24 against 249; Columbia Gas & Elec. at
199' against 193; Electric Power & Light at 99/i
against 9X; Public Service of N. J. at 419/i ex-div.
against 41X;International Harvester at 41% against
423/ J. I. Case Thresthing Machine at 77% against
g;
79; Sears, Roebuck & Co. at 42% against 43; Montgomery Ward & Co. at 25% against 27 8; Woolworth
at 39% against 383j; Western Union Tel. at 6834.
4
against 703/; Safeway Stores at 523 against 54;
2
American Tel. & Tel. at 1273/2 against 1293.j; American Can at 92X. against 9332; Commercial Solvents
at 38% against 40%; Shattuck & Co. at 93 against
2
.
10, and Corn Products at 88 against 903/
Allied Chemical & Dye closed yesterday at 140.
against 1423/b on Friday of last week; Associated Dry
Goods at 163, bid against 18; E. I. du Pont de
Nemours at 81% against 83%; National Cash Register "A" at 203/ against 21; International Nickel at
203 against 21; Timkin Roller Bearing at 313/
4
2
against 32; Johns-Manville at 57 against 573/2;
2
Gillette Safety Razor at 143/ against 143; National
Dairy Products at 18% against 203; Texas Gulf
Sulphur at 32 8 ex-div. against 3498; American &
Foreign Power at 143/i against 139; Freeport-Texas
at 443/i against 42; United Gas Improvement at 193/
against 19%; National Biscuit at 573/b against 5732;
8
Continental Can at 673/ against 649/; Eastman
Kodak at 843/i against 84; Gold Dust Corp. at 23
against 239; Standard Brands at 28% against 299';
Paramount Publix Corp. ctfs. at 2 against 2; CocaCola at 91 against 933 ; Westinghouse Elec. Mfg.
4
at 463/i against 48; Drug, Inc. at 46 against 473;
Columbian Carbon at 643 against 65; Reynolds
Tobacco, class B at 533/i against 52 8; Lorillard at
223 against 23; Liggett & Myers, class B at 963
4
against 97%, and Yellow Truck & Coach at 63
4
against 6.
Stocks allied to or connected with the alcohol or
brewing group are somewhat lower. National Dis4
tillers closed yesterday at 949 against 971 on Friday
of last week; Owens Glass at 82 against 813/2; United
States Industrial Alcohol at 739/i against 763;
Canada Dry at 31 against 32; Crown Cork & Seal at
3
46 against 483; Liquid Carbonic at 34/s against 35,
2
2
.
and Mengel & Co., at 143/ against 143/
The steel shares are generally lower. United States
%
Steel closed yesterday at 553 against 583/ on Friday
of last week; United States Steel pref. at 94 against
95%; Bethlehem Steel at 403' against 423/2, and
Vanadium at 27 against 273/2. In the auto group,
2
Auburn Auto closed yesterday at 613/2 against 613/
on Friday of last week; General Motors at 34 against
343v; Chrysler at 45 against 47; Nash Motors at
239 against 249; Packard Motors at 53 against
53.; Hupp Motors at 6 against 63„ and Hudson
Sept.
2 1933
8
.
Motor Car at 153. against 143/ In the rubber
group, Goodyear Tire & Rubber closed yesterday at
399/i against 413 on Friday of last week; B. F.
%
Goodrich at 165 against 173 , and United States
4
%
Rubber at 183 against 20/.
4
The railroad shares have held up well as a rule.
Pennsylvania RR. closed yesterday at 38 against
389/i on Friday of last week; Atchison Topeka &
Santa Fe at 693/ against 689/8; Atlantic Coast Line
at 47 bid against 521 ;Chicago Rock Island & Pacfic
4
at 7 against 738; New York Central at 515 against
A
51%; Baltimore & Ohio at 353/ against 34%; New
Haven at 283 against 293 Union Pacific at 129
4;
4
ex-div. against 1293/2; Missouri Pacific at 63/ against
731-; Southern Pacific at 313 against 323; MissouriKansas-Texas at 12% against 129'; Southern Railway at 33X against 333; Chesapeake & Ohio at
47% against 483'; Northern Pacific at 29% against
303, and Great Northern at 28% against 29.
The oil stocks have moved higher on the improved
prospects for the oil industry. Standard Oil of N. J.
closed yesterday at 419/i against 399 on Friday of
last week; Standard Oil of Calif. at 41 against 383/8;
Atlantic Refining at 3032 against 30, and Texas
Gulf Sulphur at 32% ex-div. against 34%. In the
copper group, Anaconda Copper closed yesterday at
18 against 189 on Firday of last week; Kennecott
Copper at 223/ against 23; American Smelting &
2
Refining at 39 against 39; Phelps Dodge at 16 against
15 8; Cerro de Pasco Copper at 35% against 38, and
Calumet & Hecla at 63, against 69.
HEERFUL sessions predominated, this week, on
stock exchanges in all the leading European
financial centers. Trading also increased in volume,
as brokers and investors returned from their usual
August holidays. On the London Stock Exchange
a brisk advance developed in the speculative sections, partly because currency stabilization is considered distant and partly because of trade improvement. Quotations on the Paris Bourse also moved
upward, while the Berlin Boerse registered a substantial advance in early sessions. Chief among the
influences on the European markets were again
the American recovery policy and indications that
currency stabilization is not likely here in the immediate future. President Roosevelt's avoidance
of a discussion of monetary policy with Governor
Montagu Norman, of the Bank of England, was accepted as highly indicative. Trade and industrial
'reports in the leading industrial countries of Europe
made somewhat better reading this week, and this
was accepted as an augury of further revival in the
autumn.
A very strong tone prevailed in speculative issues
on the London Stock Exchange as trading started
Monday. British funds displayed the dull tendency
which is usual on such occasions. Industrial shares
and home railway stocks were materially better.
African gold mining stocks gained sharply, and
there was a comparable movement in Indian and
Australian issues. Anglo-American specialties were
quiet. Speculative excitement was less pronounced
in Tuesday's dealings, but the tone remained good.
Profit-taking was in evidence, but it was well absorbed in the industrial section. Home rail stocks
softened, and British funds also lost ground. Gold
mining shares were quieter, but still in keen demand.
The international list was steady. In Wednesday's
dealings trends were irregular until just before the
C
Volume 137
Financial Chronicle
close, when the market suddenly became buoyant.
British funds recovered, and most industrial stocks
also showed substantial gains. Home rail shares
regained early losses, while gold mining issues
resumed their advance. The international group
was neglected. After an initial period of uncertainty, prices again advanced in Thursday's trading.
British funds were in brisk demand because of talk
of a new refunding operation. There was less
activity among the industrials, but a number of good
features developed. The international group was
again quiet. There were further advances in industrial stocks yesterday, but British funds and home
rail shares softened.
Equities were in good demand on the Paris Bourse
in the initial session of the week, owing to a growing conviction that inflationary expedients will be
tried in the United States. Rentes declined because
of the fear that France will be forced to abandon
the gold standard eventually. A speech by Budget
Minister Lamoureaux, in which he announced that
the 1934 budget would show a deficit of 6,000,000,000
francs, added to the selling of rentes. There was a
little irregularity Tuesday, and most securities
showed small losses at the close. Rentes moved
against the general trend and improved slightly.
Changes Wednesday were again small,,and about
equally divided between gains and losses. The market was dull in this session, as investors preferred
to remain aloof because of the many internal and
international uncertainties, reports said. A good
tone prevailed Thursday, however, and turnover also
increased somewhat. Gold mining stocks were in
greatest demand, in reflection of the boom at London in such issues. The month-end settlement was
easily arranged, with money at 1% for the carryover.
Equities advanced briskly on the BOurse yesterday
on renewed fears of inflation.
Prices on the Berlin Boerse moved forward
sharply in Monday's session, the trend being in distinct contrast to the long previous decline of quotations. Gains of 2 to 4 points were common, and
some speculative favorites advanced as much as 6
points. There were some indications, however, that
the Berlin banks Were aiding the upward tendency.
The upward movement was continued Tuesday, but
on a smaller scale. Trading wa; quiet, and at the
end prices showed modest improvement. In Wednesday's trading the tendency was reversed in equities,
which declined a point or two. I. G. Farbenindustrie shares were pressed on the market, and this
issue declined more than others. Most fixed-income
securities were steady. Prices again drifted lower
in Thursday's dealings on the Boerse. I. G. Farbenindustrie was once more a conspicuously weak issue
among the equities, with the selling attributed to
foreign interests. Changes in the bond section were
small and irregular. Changes were small in a very
quiet market yesterday, but most issues declined.
1625
to stabilization is considered inevitable in many
quarters, when the leaders of the two countries believe the appropriate time has arrived. Mr. Norman's visit to this country occasioned conjecture on
this point, as it was frankly admitted by the British
banking authority that he intended to confer on
monetary matters with Governor George L. Harrison, of the Federal Reserve Bank of New York, during his usual vacation journey to the United States.
Interest in the matter increased enormously when
an announcement was made at Hyde Park that Mr.
Roosevelt had agreed to receive Mr. Norman and
Mr. Harrison, at the latter's suggestion. "Mr. Norman is now in the United States and will sail soon
for England," the announcement said. "The President will receive Messrs. Harrison and Norman at
tea at his Hyde Park home early next week, making
the engagement in order to accommodate Mr. Norman's sailing time." This announcement was made
last Saturday, and it was followed, Monday, by protracted discussions at the Federal Reserve Bank of
New York between Mr. Norman and Secretary of
the Treasury Woodin, Eugene R. Black, Governor
of the Federal Reserve Board, and Mr. Harrison.
After these talks, Messrs. Norman and Harrison
motored to Hyde Park, where the President received
the bankers in a purely social way and only in the
presence of a number of other people. It was made
quite clear that the affair was a social one only, and
that President Roosevelt and Governor Norman did
not confer privately at any time. "The eyes of the
world were upon the meeting, in anticipation of
some joint move to stabilize the currencies of the
United States and Great Britain," a Hyde Park dispatch to the New York "Herald Tribune" said.
"The appointment had been made at the suggestion
of Mr. Harrison. The President cheerfully acquiesced in the suggestion, but saw to it that many
others were present. It is believed he shares the
view prevalent in this Administration that Mr. Norman, if he has not actually influenced American
policy in the past, has had every appearance of doing
so, and largely by reason of his contacts with highly
placed Americans. In the group about the President many interpreted the incident as a means employed by the President to emphasize his disinclination to talk stabilization at this juncture."
IERICAN preparations for further disarmament discussions at Geneva were completed
Wednesday, when Norman H. Davis, chief of the
United States delegation at the General Disarmament Conference, departed for Europe, accompanied
by several assistants. Final instructions on procedure were obtained by Mr. Davis from President
Roosevelt in conversations early this week and in a
telephone talk just before his departure. To press
representatives, Mr. Davis indicated that he carried
a number of verbal messages from the President to
the heads of foreign countries, but the nature of
URRENCY stabilization hopes were aroused for these communications naturally was not divulged,
a time this week by arrangements, publicly beyond a general statement that they would express
announced, for a meeting between President Roose- the President's hope for success in the coming
velt and Montagu Norman, Governor of the Bank negotiations. President Roosevelt is most hopeful,
of England. The meeting took place Monday, Mr. Davis said, that Europe will find the road leadat Hyde Park, N. Y., and it quickly dispelled any ing to disarmament when the Conference reconvenes
belief that any measures are immediately impending on Oct. 16. "Despite the inherent difficulties, I
for stabilization or control of the fluctuations of feel that with reasonable good will and a spirit of
the dollar or the pound sterling. Joint action by accommodation on the part of the principal nations,
the British and American Governments with regard it shall be possible to reach an agreement that will
C
A
1626
Financial Chronicle
bring peace and great benefit to the world," the
Ambassador-at-large added. The interest of the
President in this vital question has increased, rather
than diminished, notwithstanding the total lack of
progress in the discussions of the last 19 months,
it was stated.
European observers, who always hold decidedly
realistic views on disarmament questions, do not
appear to be very optimistic regarding the coming
negotiations. Especially significant are the views
entertained by leaders of the Radical-Socialist party
in France, to which Premier Edouard Daladier belongs. In Journals reflecting the views of such
leaders, a Paris dispatch to the New York "Times"
states, little importance is attached to the help
which Mr. Davis can bring to the cause of disarmament. "Mr. Davis," it is maintained in such quarters, "has seemed during the past few years to
represent interests much too different from the general interests of the world for his voice to be heard
with favor or his advice to be followed." It might
be pointed out that French leaders are quite prone
to regard world interests as identical with those of
their own country. But beyond this, it is apparent
that there is little hope of genuine progress toward
disarmament and, possibly, little intention to foster the aim. Quite significant is a step taken by the
League of Nations, Wednesday. Officials of the
Geneva organization forwarded requests to virtually
all governments of the world to grant immunity to
the Bank for International Settlements, in war as
in peace. The governments are urged to pledge
themselves not to requisition or confiscate the bank's
funds, or restrict transfers.
Sept. 2 1933
be jeopardized by a sudden flood of Russian exports,
it was further remarked. The agreement nevertheless was hailed with enthusiasm in Washington,
where Secretary of Agriculture Wallace promptly
moved for a 15% reduction in wheat acreage by
American farmers. Governments signing the London accord, in addition to the four chief exporting
countries, were those of Austria, Belgium, Bulgaria,
France, Germany, Great Britain, Greece, Hungary,
the Irish Free State, Italy, Poland, Rumania, Spain,
Czechoslovakia, Sweden, Switzerland, Soviet Russia
and Yugoslavia. Nine countries represented at
the gathering failed to sign, as follows: Denmark,
Estonia, Finland, Holland, Lithuania, Latvia, Portugal, Turkey and India. Some of the latter are
expected to sign after careful study by their respective home Governments.
HIEF among the developments relating to Austria, this week, was a declaration by Premier
Edouard Daladier that France is prepared to guarantee the political and economic independence of
the small Central European country. The statement of the French Premier was made last Sunday,
as he was about to begin inspection of vast new
fortifications erected recently on the Eastern frontier of France. It followed close on the heels of
the disclosure that Premier Mussolini of Italy and
Chancellor Dollfuss of Austria had arranged for
closer political and economic ties between their two
lands in a meeting at Riccione, Italy, two weeks ago.
The declaration by M. Daladier also is important
because the German Nazis are attempting to evade
the ban on "Anschluss," or political union of Germany and Austria, by fomenting internal dissension
in the small Germanic State, with the hope that a
Fascist Governthent will succeed that of Chancellor
Dollfuss.
This race for control of Austria, in which Germany, Italy and France are engaged, has threatening aspects. Although it is unlikely that it will
lead to war in the present situation of Europe, the
possibility of war was openly discussed last Sunday
by several French Deputies. British officials are
alarmed, London dispatches state, but they have
adopted the policy of awaiting developments. It
was announced in 'Vienna, Monday, by Minister of
War Karl Vaugoin, that compulsory recruiting of
militia would be adopted for the Austrian military
establishment with the aim of increasing the army
8,000 to 10,000 men and bringing it up to full
treaty strength. The permission by the Western
Powers for the increase had been granted previously, but great surprise was occasioned by the disclosure that the result would be achieved through
conscription, which is not permitted by the treaties.
The political pot continues to boil in Austria, meanwhile, and the danger of a successful Nazi coup is
hardly to be disputed. Early Wednesday, three
Nazis gained entrance to the prison at Innsbruck
and freed Franz Hofer, a leading Austrian Nazi,
who had been imprisoned because of his activities
against the regime of Chancellor Dol'fuss. Across
the Austrian border, in Germany, thousands of Austrian Nazis are known to be observing events in
their own country closely.
C
HERE was uncertainty for a time this week
regarding the acceptability to Argentina of
the international wheat agreement, initialed at London, Aug. 25, by representatives of 22 governments.
After a period of hesitation, during which it was
reported that Argentina might refuse to sign, representatives of the Buenos Aires Government finally
were instructed to affix their signatures on Wednesday. The pact follows closely the terms reported in
these columns last week. Export maxima are to
be fixed under its terms for Argentina, Australia,
Canada and the United States, on the basis of an
effective demand by importing countries of 560,000,000 bushels during the crop year 1933-34. In
the subsequent crop year exports are again to be
curtailed, the figures to be arrived at on the basis
of a 15% cut in production. During the two years
the Governments of Bulgaria, Hungary, Rumania
and Yugoslavia agree to restrict their combined exports to 50,000,000 bushels annually. Russia refused to accept any limitation of production, but
agreed to limit exports to a figure to be arrived
at in subsequent negotiations. Wheat importing
countries, for their part, agreed to lower tariffs and
reduce quotas whenever the price of wheat, for a
period of four months, is maintained at or above
12 pre-devaluation gold francs a quintal, which is
the equivalent of 63.08 gold cents a bushel.
"There were many loopholes in the importers'
pledge, among them a provision that all changes are
dependent upon the domestic conditions in each
-4
country, and therefore must be approved in many
HREE enormous demonstrations were held by
instances by national Legislatures," a London disNational-Socialists in Germany, this week, in
patch to the New York "Times" said. Until Russia
comes into the scheme, the whole agreement may an endeavor to emphasize the unity of the country
T
T
Volume 137
Financial Chronicle
1627
under the leadership of Chancellor Adolf Hitler. Owen O'Duffy and his blue-shirted National
The first two gatherings have international signifi- Guards. This it did on Tuesday night, Aug. 22,
cance, as they were held, respectively, at the Eastern by outlawing the O'Duffy Fascists and establishand Western frontiers of the Reich, last Sunday. ing a military tribunal to operate under the
Early in the day Herr Hitler grasped the hand of Public Safety Act. This tribunal is empowered
President Paul von Hindenburg, at the Tannenberg to impose practically limitless penalties, including
Battle monument in East Prussia, which marks the even death. The setting up of this tribunal had
ground where a Russian army was destroyed in 1914 been preceded two days before by President de
by German forces under the command of the man Valera's threat to outlaw the Blue Shirts if they
who now nominally heads the German State. Valu- paraded in uniform to commemorate three of the
lands were presented to the German Free State's founders, Griffiths, Collins and O'Higable forest President by the nation, in appreciation of the serv- gins. In the face of this warning more than a hunices rendered at Tannenberg. After this ceremony, dred Blue Shirt meetings were held, and when the
Chancellor Hitler flew clear• across Germany and Executive Council (Cabinet) met on Aug. 22 it imlater he addressed a gathering of 150,000 Nazis at posed the ban.
The official proclamation read: "The tribunal
the Niederwald Monument near Ruedesheim, which
victories over France in provided for in Section 4, Article 2-A, of the Concommemorates German
1870. He referred, in an extended speech, to the stitution, now has been set up. The personnel is:
Saar plebiscite, which is due to be held in 1935, and Colonel Francis Bennett, Colonel Daniel McKenna,
stated emphatically that the only possible outcome Major John V. Joyce, Commandant Conor Whelan
of the voting will be a return of the Saar area to and Commandant Patrick Tuite. The following
German sovereignty. "We want to reach an under- association has been declared by order of the Exstanding with France on every point," Chancellor ecutive Council to be an unlawful association—the
Hitler declared. "But never will Germany renounce association styling itself and generally known as
the Saar region, and the Saar will never forego the National Guard, also or formerly known as the
Germany." The occasion was regarded as the open- Army Comrades Association."
General O'Duffy at first talked as though he was
ing of the election campaign which will settle the
sovereignty of the Saar in 1935. It may have a willing to submit to the ban, for, when informed of
diplomatic sequel, according to a Berlin report to the proclamation, he said: "I have nothing to say
the New York "Herald Tribune," as Geoffrey G. except that the National Guard awaits the verdict
Knox, British Chairman of the League Commission of the people." This was the leader who had previin the Saar, is said to be considering a protest to ously declared: "Nothing is going to halt our
march until we have attained a peaceful, prosperous
Geneva against the demonstration.
Nazi gatherings was held and honored Ireland"; and also that the National
The largest of the three
at Nuremberg, where 500,000 members of Chancel- Guard "will neither dissolve nor allow itself to be
lor Hitler's party began to assemble, Wednesday, driven underground." After a little reflection, it
for the biennial party congress. From every part seemed, General O'Duffy decided to live by his first
of the Reich delegates moved toward the Bavarian utterances instead of his last. For on Wednesday.
city. The congress will reach its culmination to- Aug. 23, the Irish Fascist leader defied the Governmorrow, with an important address by Chancellor ment by addressing a rally of his organization at
Hitler and a huge review of "storm troops." There Cootehill town hall, with 80 of his guardsmen in
have been, this week, in addition to these demon- attendance in uniform.
strations, a number of indications of the trend of
Again on Sunday General O'Duffy showed his
events in the Reich. Wilhelm Frick, Nazi Minister disobedience to the Government's decrees by adof the Interior, announced that 33 prominent Ger- dressing 5,000 Blue Shirts at Bandon, County Cork.
man foes of the present regime, now living in exile, in spite of elaborate precautions taken by the Govhad been deprived of their German citizenship, while ernment to prevent the meeting. He was able to
all their property within the Reich had been confis- deliver the address to his followers by outwitting
cated. Gottfried Feder, economic adviser to Chan- the police with the aid of a Miss Kinston, cousin
cellor Hitler, declared in a speech that the Nazis of one of the Blue Shirt heroes, Michael Collins.
are opposed to "Socialist experiments" in produc- Miss Kinston's familiarity with the roads in County
tion, and preferred the principles of free initiative Cork enabled her to direct the Blue Shirt cars in
and private enterprise. Dr. Hjalmar Schacht, such a fashion that they were able to elude the
President of the Reichsbank, was reported to have strong police force. At Beal-Na-Blath, on the same
said, Tuesday, that the aid of international finance day, however, the Government was successful in
will not be sought by Germany. "In past years Ger- preventing a Blue Shirt demonstration. While Genmany attempted too much in this field, and we are eral O'Duffy and several carloads of his men were
in no way counting upon international financial aid playing hide and seek with the police, President de
of the former kind," Dr. Schacht said. "When," he Valera was saying in an address that the authorities
continued, "voices are heard in foreign countries would use all their powers to thwart the endeavors
saying that the payments on our foreign debt which being made to stir up civil war.
we cannot transfer at present should be applied in
The Government seems entirely confident that it
investments in the Reich, we reply emphatically can cope with the O'Duffy organization, for which
new
that there can be no question of such a proceeding. 100,000 membership is claimed. There is now a less
The mistakes Germany made in the years from 1924 strong belief in Dublin that a general election will
to 1930 in accepting superfluous foreign capital will be held in the near future. Meanwhile, conversacertainly not be repeated."
tions for a coalition are taking place between the
O'Duffyites and the Centre party, of which former
HE de Valera Government in the Irish Free President William T. Cosgrave is a member. ArrivState has at length, after many threats, ing here this week for a short visit, Sean T. O'Kelly,
taken action to curb the activities of General Vice-President of the Executive Council of the Irish
T
1628
Financial Chronicle
Sept.
2 1933
Free State and Minister for Local Government and cial muddle. "The present income of the GovernPublic Health, declared that the fusion of the two ment from taxation and commerce is passing
the
parties would be no startling development because expectations of the new Secretary of the Treasury,
their objectives were identical. He said that Gen- but he says that it is still not enough to put the
eral O'Duffy had issued manifesto after manifesto country on its feet financially," the dispatch added.
without once saying what the Blue Shirt objective First efforts will be directed toward placing the
was. Mr. O'Kelly ventured the opinion that the finances on a going basis, and Dr. Saenz then expects
organization's chief political objective was to get to take up the problem of settling obligations conrid of the present Government.
tracted at home and abroad by the Machado regime,
it was indicated.
IGOROUS steps toward settlement of some of
HERE have been no changes in the discount
the outstanding problems of Cuba already
rates of any of the foreign central banks.
have been taken by the new regime of Provisional
President Carlos Manuel de Cespedes, which suc- Present rates at the leading centres are shown in
ceeded the tyrannical Machado Government last the table which follows:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
month. Political disaffection has been allayed
almost entirely as the result of a series of decrees,
Rate in
PreRate in
Pre
Country.
Effect
Date
Mous
Country.
Date
Effect
Mous
Sept. I Established. Rate.
promulgated by the Cabinet in extraordinary session
Sept. 1 Established. Rate.
Austria_,_
1933
Mar.
FIungary___
434 Oct. 17 1932 5
late last week. The principal measures provide for Belgium__ 5 Jan. 23 1932 6 India
13
334
234
334 Feb. 18 1933 4
Bulgaria_
May 17 1932
3
general elections, to be held Feb. 24 1934, and for a Chile __ 834 Aug. 23 1932 934 Ireland
June 30 1932 33.4
434
.534 Italy
4
Jan. 9 1933 5
Colombia_
Japan
3.85 July 3 1933 4.38
return to the 1901 Constitution. Congress was dis- Csechoslo- 4 July 18 1933 5 Java
5
July 1 1933 434
vakia____
1933 434 Lithuania
7
334 Jan.
may 5 1932 734
solved, the Administration of former President Ma- Danzig_ _ _ _ 4 July 25 1932 5 Norway_
12
334 May 23 1933 4
Denmark _
. 3
June 1 1933
Poland _ _
..
chado declared officially ended, and all remaining England__ _ 2 June 30 1932 314 Portugal... 6 Oct. 20 1932 73.4
234
6
Mar. 14 1933 834
29
534
834 Rumania — 6
Apr. 7 1933
officials of the Machado regime removed from office. Estonia__ 534 Jan. 27 1932 6 South Africa 4 Feb. 21 1933 7
Finland____
May
1933
5
Spain
234 Oct. 9 1931 2
Oct.
1932
The return to the 1901 Constitution was especially France_ ___ 4 Sept.31 1932 5 Sweden.-- _ 6 June 22 1933 634
Germany.,.,
3
1
334
Greece
734 May 29 1933
popular, this decree occasioning another huge cele- Rolland., _ _ 3 Aug.16 1933 0 Switzerland 2 Jan. 22 1931 234
354
bration before the Capitol in Havana. It means an
In London open market discounts for short bills
end to the reforms of 1928, whereunder the terms on Friday were 7-16%, as against %%
on Friday of
of the President and all legislators were extended. last week and 7-16% for three months'
bills, as
Strikes of railway workers which were still in prog- against 9'g@7-16% on Friday of last
week. Money
ress throughout the Island yielded readily to a on call in London yesterday was Y %.
i
.
At Paris the
tentative settlement early this week and a deeper open market rate remains at 23 1% .
/ and in Switzerpeace prevailed. Dr. de Cespedes stated Tuesday land at 13/2%.
that martial law in Cuba would be lifted about
Sept. 8. "The Government is being supported by all
HE Bank of England statement for the week
the political, economic and social elements of the
ended Aug. 30 shows a gain in gold of £168,323
country," he said. "I am constantly receiving dele- and as this was attended by a contraction of
£553,000
gations, committees and individuals from every in circulation, reserves rose £721,000.
The Bank
walk of Cuban life who offer to co-operate in every now holds £191,666,243 of gold, a new
high record,
manner for the success of the Government." It was which compares with £139,806,479 a year ago.
suggested Wednesday that a Constituent Assembly Public deposits rose 0,717,000 while other deposits
may be called soon, if the public so desires, in order fell off £10,589,576. Other deposits consist of
to modernize the 1901 Constitution, which is not bankers' accounts and other accounts. The former
regarded as fully adapted to present conditions. decreased £11,118,661 and the latter increased
Political leaders began consultations this week for £529,085. The proportion of reserve to liability is
the formation of new parties, in preparation for the up to 47.26% from 46.57% a week ago. Last year
coming general elections.
the ratio was 36.49%. Loans on Government
Cuban finances and the economic situation of the securities decreased £1,710,000 and those on other
Island are to be studied with the greatest care, in securities expanded £129,860. The latter includes
order to relieve the distress now prevalent. In this discounts and advances which fell off £86,503 and
task the United States Government will take a sym- securities which increased £216,363. The rate of
pathetic interest, according to Washington reports, discount is still at 2%. Below we show a comparison
but it is stated definitely that no economic inter- of the different items for five years:
vention is planned. Announcement was made,
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Thursday, that A. A. Berle Jr., sugar expert of the
1931.
1932.
1933.
1930.
1929.
Farm Administration, and John Laylin, of the
Sept. 2.
Aug. 30.
Sept. 3.
Aug. 31.
Sept. 4.
Treasury, will proceed to Havana as special advisers
£
£
£
£
£
Circulation a
374,003,000 365,287,400 354,975,935 362,982,501 386,230,000
deposits
41.960,000 20,726,778 12,925,140 7,917,302 9,094,000
to the United States Embassy in their respective Publicdeposits
Other
122,354.975 114,955,063 112,189,248 102,044,151 111,135,030
Bankers'accounts. 79,424,559 79,548,532 60,351,518 67,427,714 73,967,915
spheres. They will analyze the Cuban financial and
Other accounts
42,930,416 35,406,531 51,837,730 34,816,437 37,167,115
Government secure
83,195,963 73,148.993 53,735,906 47,881,247 75,806,855
economic situation for the guidance of the United Other securities
21,670,869 31,242,240 33,939,995 27,788,618 31,382,725
Dint. At advances
9,973,141 12,159,215 7,261,693 6,229,394 4,309,556
States Government. The present financial status
Securities
11,607,628 19,083,025 26,678,302 21,559,224 27,073,169
Reserve
77,863,000 49,519,079 55.892,492 52,539,027 31,317,000
of Cuba was discussed frankly, late last week, by Coin andnotes de coin 191,866,243 139,800,479 135,668,427 155,521,528 137,548,740
bullion_ _ _ _
the new Secretary of the Treasury, Dr. Joaquin 1 roportion of reserve 47.28% 38.49% 44.51% 47.77% 26.04%
to liabilities
2%
2%
434%
3%
514%
Martinez Saenz. Although the affairs of the Cuban Bank rate
a On Nov. 29 1928 the fiduciary currency was amaiganiated
Dank of England
being restored as note Issues, adding at that time £234,199,000 to the amountwithBank of England
of
Treasury still are tangled, order is
notes outstanding.
rapidly as conditions permit, Dr. Saenz said. The
impression was given by the Treasury official, acHE Bank of France in its weekly statement
cording to a Havana dispatch to the New York "Herdated Aug. 25 reveals a gain in gold holdings
ald Tribune," that Cuba will have to continue to of 134,183,092 francs. The Bank's gold now aggreseek American loans in order to clear up the finan- gates 82,220,712,560 francs in comparison with 82,-
V
T
T
T
1629
Financial Chronicie
Volume 137
239,200,912 francs a year ago and 58,562,988,738
3
nominal at 3'@%% for 30, 60 and 90 days, 4@1.%
abroad
for four and five months and 1@3% for six months.
ago.
years
two
francs
Credit
bills
The market for commercial paper has been active
Notes in circu-
this week within the limits of the available supply of
3,000,000 francs and
of
registers a decrease
balances
bought abroad of 13,000,000 francs.
Rates are PA% for extra choice names run-
lation show a loss of 388,000,000 francs, reducing the
paper.
total of notes outstanding to 81,142,206,920 francs.
ning from four to six months and IN% for names
At the corresponding period a year ago circulation
less known.
stood at 79,912,398,105 francs and the year before
at 78,635,104,920 francs.
discounted
and
of
increases
creditor
404,000,000
French commercial bills
current
francs
accounts
and
record
857,000,000
register a
francs, while advances against securities
T
'
HE market for prime bankers acceptances has
week, with
quiet this
been
somewhat
more
activity on Friday, though sales are still restricted
on account of the scarcity of high class bills.
A
Rates
of 1% on Wednesday afternoon in
loss of 35,000,000 francs. The proportion of gold on
were reduced
hand to sight liabilities is now at 79.39%, as com-
both the bid and asked columns for all maturities.
pared with 76.63% last year and 55.38% the previous
Quotations of the American Acce tance Council for
year.
Below we furnish a comparison of the various
items for three years:
The bill buying rate of the New York Re-
asked.
Aug. 25 1933. Aug. 26 1932. Aug. 28 1931.
Francs.
Francs.
Francs.
Francs,
Gold holdings
+134,163.092 82,226,712.560 82,239,200,912 58,562.988.738
1,291,392,720 3,307,657,792 14,254,994,347
Credit hal& abroad
—3,000,000
arrench commercial
bills discounted_
+404.000.000 3,207,094,121 3,486,731,424 5,820,311,445
bBills bought abr'd
—13,000,000 1,361,942,401 2,081,798,887 13,356,221,880
Adv. against scour.
—35,C00,01.0 2,687,747,774 2,760,646,423 2,728,848,535
Note circulation _ _
. —388,000,000 81,142,206,920 79,912,398,105 78,635,104,920
Cred. curt. accts
+857,000,000 22,434,057.780 27,407,981.856 27,119,502,329
Proportion of gold
on hand to sight
55.38%
79.39%
76.63%
liabilities
—0.23%
a Includes bills purchased in France. b Includes bills discounted abroad.
M
serve Bank is 1% for bills running from 1 to 90 days,
this week, under the influence of the acceler-
ated open market operations of the Federal Reserve
Although rates were already at phenomen
ally low levels, they declined further on the assurance
be thrust
that new Federal Reserve credit would
higher
proportionately
and
maturities.
longer
for
'
The Federal Reserve banks holdings of acceptances
decreased during the
week from $7,350,000 to $6,-
Their holdings of acceptances for foreign
900,000.
correspondents increased
slightly
from $39,096,000 to $39,099,000.
during
week
the
Open market rates
for acceptances are as follows:
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Asked.
Bid.
Asked.
Bid.
Asked.
Bid.
ONEY rates in the New York market softened
banks.
Y2%
and
bid
months,
asked; for four
A% bid and Yi%
asked; for five and six months, 7
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
are %% bid, and
bills up to and including 90 day
4%
3.4
Prime eligible bills
—90Days— —60Days— --30Days—
Asked.
Bid.
Asked.
Bid.
Asked.
Bid.
343434
3454
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
1% bid
Eligible member banks
1% bid
Eligible non-member banks
into the market, despite the complete lack of any
need for such a procedure from any money market
viewpoint.
Bid
and
asked
rates on
A% Tuesday, and
bankers' ac
-
T
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
levels established
The following is the schedule of rates now in effect
on maturities up to 90 days equal the record low
for the various classes of paper at the different Re-
figures which prevailed early this year.
serve banks:
ceptances fell
Commercial
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
paper rates were nominally unchanged, but an easier
tone was in evidence.
Rate in
Effect on
Sept. 1.
quoted 1% Monday and Tuesday, but the renewal
rate
was 4%, this
3
Wednesday
the lowest
being
figure that money experts could recall for renewals,
although new loans have been arranged on occasion
A
at 1 %.
A
'
After the rate of 3 % was fixed, Wednes
day, all subsequent transactions of the week on the
Stock Exchange also
%% in subsequent sessions.
Time loan rates soft
-
ened Tuesday, in the early.maturities.
An issue of
$100,000,000 in 91 day Treasury discount bills was
awarded Monday at an average discount of 0.14%,
as against a rate of 0.22% on an issue sold a week
Friday, a $75,000,000 issue
was
'
Brokers loans against stock and
bond collateral increased $28,000,000 in the week to
Wednesday night, according to the usual statement
of the Federal Reserve Bank of New York.
Stock
Exchange from
day to day, 1% was
quoted on Monday and Tuesday.
the rate dropped
On Wednesday
3
4of 1% to 4% which has been the
ruling quotation the remainder of the week for both
new loans and renewals.
There have been no transac-
tions reported in time money this week.
314
3
354
314
4
3
354
334
4
3
4
334
TERLING exchange continues to fluctuate widely
and the entire foreign exchange market is
moralized
respecting
Rates are
de-
as a result of the prevailing uncertainty
Washington's
monetary
plans.
Sterling
only seems to be firm in relation to the dollar as for
the past few weeks it has been clear that London
is
less
inclined
to
maintain
sterling
steady
with
In other words, as the
respect to French francs.
dollar goes down in terms of the franc the pound
seems inclined to follow.
The range for sterling this
'
week has been between 4.493/ and 4.64 for bankers
sight bills, compared with a range of from 4.483/2 to
4.66 last week.
EALING in detail with call loan rates on the
D
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
were arranged at that level.
ported done at 4% Monday and Tuesday, and at
3
placed at 0.12%.
Previous
Rate.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
In the unofficial street market, call loans were re
earlier, while on
Dale
Established.
3
254
3
3
3y4
354
3
3
354
354
334
3
Federal Reserve Bank.
Call loans on the New York Stock Exchange were
The range for cable transfers has
% and 4.643, compared with a
been between 4.495
range of from 4.493
pointed
out
here
on
to 4.663'; a
other
week ago.
occasions, for
As
several
months, it seemed to be the intention of London to
maintain sterling with respect to francs at around
85 francs
to
the
pound.
Around
the
middle
of
August the rate was allowed to drop to 84.25 francs
1630
Financial Chronicle
Sept. 2 1933
to the pound, which point was believed to represent found on another page. In brief, the new regulation
a new peg. For a few days the rate was held at merely empowers the Treasury Department to act
this level, but last week the London check rate on as a broker for the sale of American mined
gold in
Paris closed at 82.50, a considerable decline, indica- the London market and elsewhere so that the Ameritive of weakness in terms of gold. On Saturday can mines may reap the benefit of world prices,
last the rate dropped to 81.875 On Monday it was ranging around $30 per fine ounce, compared with
quoted at noon, London time, 81.937. On Tuesday $20.67, the standard purchasing price fixed by law
at 81.562, on Wednesday at 81.468, on Thursday at for the United States Treasury. The order is prac81.125, and closed yesterday at 80.73. The lowest tically without effect on the rate for dollar exchange,
point ever reached previously against the franc for though under normal conditions the order might be
sterling was about 80.50 on Nov. 29 1932, at which expected to afford a new impetus of strength to the
time the pound sold as low as 3.1434 in New York, dollar, as the proceeds of the sales would have to
the cheapest price of all time. Hence sterling is now be turned into dollars. The export of new gold
only about one-fourth of a franc above its historic would be just like the export of any other merchandise
low in relation to gold.
exports. However, it would seem that under the
In considering the fluctuation in sterling at this present circumstances the Treasury, through the
time it is necessary to compare the present Paris Federal Reserve banks, will pay for the gold in
price for dollars with gold parity. Under normal American dollars as soon as it is put up for sale, and
conditions of exchange and in accordance with the the sums accruing on the metal in London or wherever
trend of rates just previous to March, dollars should else sold will doubtless become earmarked deposits
be worth in Paris at this time fractionally more than of the Federal Reserve Bank.
100 gold cents, as exchange should now ordinarily
Our gold production for a long time has amounted
be in favor of New York and against Paris. On July to only about $50,000,000 a year. At present it
17 and again on July 19 and 20 the United States may be safely assumed that fully two-thirds of the
dollar was quoted in terms of francs at 68.8 gold American mined gold now about to realize the world
cents. On Friday of last week the dollar was quoted price will be taken by domestic users having need for
70.6 gold cents, on Saturday at 69.0, on Monday the metal in the arts, so that at the most hardly
at 70.4, on Tuesday at 69.9, on Wednesday at 70.5, More than $15,000,000 or $20,000,000 of the annual
on Thursday at 70.3, and yesterday at 69.9. From gold production can be expected to pile up balances
these comparative quotations it would appear that abroad or strengthen dollar exchange. Despite the
sterling is fully as easy in terms of gold as the dollar weakness in sterling with respect to francs, it is
is, which would seem to justify the opinion frequently evident that the Exchange Equalization Fund
expressed, especially in European markets, that the continues to be active in the market and is both
London authorities would follow the dollar, whether buying and selling gold as the occasion requires.
up or down, and ignore the course of the gold bloc This week the Federal Reserve Bank reports a further
currencies. However, there is no possible way of shipment of $16,666,000 from earmarked stock in
knowing what the plans of the British authorities New York, bringing the total shipped from New
are. It is evident that sterling has been let down York to Paris since the beginning of March to
from the gold franc peg of 85 francs to the pound, approximately $160,000,000.
Undoubtedly the
but that London will allow it to follow the dollar greater part of this gold came from British stock
downward to any alarming extent seems quite earmarked in New York, as the Bank of France
illogical. From the standpoint of trade alone it is balances on this side were practically all withdrawn
more to the advantage of Great Britain to uphold last year. There is still approximately $157,250,000
the gold bloc countries than it would be to fall in of gold earmarked in New York for foreign account.
line with any policies of inflation or currency de- Gold is commanding high premiums in the London
basement which might be formulated here. The open market. On Saturday last the Bank of England
maintenance of close trade relations with the gold bought £3,135 in gold bars. Approximately £150,000
bloc countries and other nations adhering to their of bar gold was available and was taken for Contipolicies is of much greater importance to the British nental account at a premium of 10d. Bars were
exporter than trade relations with the United States. quoted 129s. 4d., the highest point since Dec. 5 1932.
The present weakness of sterling in terms of the To the official quotation for bars must be added the
gold currencies is largely due to the removal of funds premium, which gives the coat of the gold to the
from London to the Continent, a movement which buyer. On Monday the Bank of England bought
has been under way since the organization of the 0,042 in gold bars. Of £250,000 available in the
gold bloc following the collapse of the world economic open market the major part was taken for Contiand monetary conference at London. Prior to this nental account at a premium of 63/2d. Bars were
outward movement of funds from London, there quoted at 128s. 83/2d. On Tuesday the Continent
had been for many months a virtual flight of capital took the entire market supply of £240,000 at a
to London from all the Continental centers threaten- premium of 6d. Bars were quoted at 129s. 434d,
ing the gold reserves of these countries. The current topping Saturday's high price. On Wednesday the
return flow of funds from London to the Continent Continent took the available supply of £130,000 at
represents merely a restoration of confidence in the a premium of 6d. and bars were quoted at 128s. 934d.
essential stability of the guilder, the belga, and Swiss On Thursday there was 050,000 available in the
and French francs. It does not indicate any lack open market, which was taken for Continental acof confidence in the pound and in London as the count at a premium of 834d. Bars were quoted
world's banker, in view of the plethora of funds in 129s. 7d., a new high. On Friday gold bars were
London, which are on offer at the lowest rater. The quoted at 130s. 83/2(1., a new record high, comparing
utmost confidence prevails that London is the with 130s. 8d. reached in November 1932. There
safest depository for world funds. The President's was £230,000 available in the open market, all of
ruling on the export of American mined gold will be which went to the Continent at a premium of 734d.
Volume 137
Financial Chronicle
The abundance of funds in London and the confidence of the world in the pound is indicated by
Lombard Street money rates. Call money against
bills is in supply at %.% to 1 %. Two-months'
A
bills are %% to 7-16%, three-months' bills, 7-16%
to %%; four-months' bills, M% to 9-16%, and sixmonths' bills %% to %%. The Bank of England
Statement for the week ended Aug. 30, shows an
increase in gold holdings of £168,323, the total
standing at £191,666,243, which compares with
£139,806,479 a year ago and with £150,000,000
recommended as a minimum by the Cunliffe committee.
At the Port of New York the gold movement for
the week ended Aug. 30, as reported by the Federal
Reserve Bank of New York, consisted of exports of
816,666,000 to France. There were no gold imports.
The bank reported a decrease of $16,666,000 in gold
earmarked for foreign account. In tabular form the
gold movement at the Port of New York for the
week ended Aug. 30, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK, AUG. 24-AUG. 30, INCL.
Exports.
Importa.
None.
I $10,660,000 to France
Na Change in Gold Earmarked for Foreign Account.
Decrease: $16,666,000.
The above figures are for the week ended Wednesday evening. On Thursday and Friday there were
no imports or exports of the metal, or change in gold
held earmarked for foreign account. No reports have
come during the week of gold having been received at
• any of the Pacific ports.
Canadian exchange continues at a discount. On
Saturday last Montreal funds were at a discount of
43%, on Monday at 4%,on Tuesday at 4%%,
on Wednesday at 47 %, on Thursday at 5%, and
4
on Friday at 478%.
Referring to day-to-day rates, sterling exchange on
Saturday last was firm in terms of dollars. Bankers'
sight was 4.613@4.64; cable transfers 4.623.@
4.643. On Monday the pound was off sharply
against the dollar. The range was 4.493'@4.55%
for bankers' sight and 4.495 @4.55% for cable
4
transfers. On Tuesday sterling was firmer. Bankers'
sight was 4.513®4.57%; cable transfers 4.517 ®
A
4.583/8. On Wednesday sterling was again lower.
The range was 4.513/®4.5554 for bankers' sight and
2
4.51%@4.55% for cable transfers. On Thursday
the range was 4.515 ®4.53% for bankers' sight and
4
4.51%@4.54 for cable transfers. On Friday the
range was 4.5154®4.535 for bankers' sight and
4.51%@4.53% for cable transfers. Closing quotations on Friday were 4.53 for demand and 4.533 for
cable transfers. Commercial sight bills finished at
4.523/2; sixty-day bills at 4.52; ninety-day bills at
4.51%; documents for payment (60 days) at 4.52
and seven-day grain bills at 4.51%. Cotton and grain
for payment closed at 4.523.
XCHANGE on the Continental countries shows
no new aspects. French francs and the gold
bloc currencies have all been lower this week. The
relation of both the pound and the dollar to the franc
has been demonstrated above in the resume of
sterling exchange. It was pointed out there that the
Federal Reserve Bank reports a further shipment of
$16,666,000 of gold from New York to Paris, which is
presumed to have been withdrawn from earmarked
stock owned by the British authorities and trans-
E
1631
ferred to Paris. This makes a total of such exports to
France since the beginning of March of approximately $160,000,000. As frequently noted here,
the Bank of France statements do not reveal any such
large acquisitions of gold, although its total gold
holdings have increased considerably from week to
week since March with only a few intermissions.
The presumption is that the large shipments to
Paris are held on deposit by the British Exchange
Equalization Account and their disposition concealed.
This week the Bank of France shows an increase in
gold holdings of fr. 134,163,092, the total standing on
Aug. 25 at fr. 82,226,712,560, which compares with
fr. 82,239,200,912 a year ago and with fr. 28,935,000,000 in June, 1928 when the unit was stabilized.
German marks are lower in terms of the dollar,
but these quotations are nominal as mark exchange
transactions are under strict Reichsbank control.
The Reichsbank's position shows considerable improvement in the past few weeks. Since June 30 the
R,eichsbank has gained rm. 98,100,000 in gold, half
the gain being held abroad. The total gold reserves
now stand at rm. 286,763,000, the highest since
June 7. This increase has been accomplished with
a shrinkage in foreign currency reserves of only
rm. 14,300,000. The reserve ratio of the bank has
risen to 11.1% from a low of 6.7% on June 30.
Italian lire are easier. The Italian position has
suffered the least disturbance of any country by
reason of the debacle resulting from the abandonment
of gold by Great Britain in September, 1931 and by
the United States last April. In fact the Italian
economy has hardly been hit by the world depression.
Great satisfaction is expressed in Italian centres as to
the prospects of the gold bloc. Public opinion is
decidedly against any form of devaluation and the
Bank of Italy meets wholehearted public support in
the conservative policy which it is pursuing. The
Italian position is strengthened by reason of the fact
that at no time is there a great mass of foreign shortterm capital lodged in the country which might take
flight and lead to embarrassment. The Bank of
Italy has added substantially to its gold reserves
during the past two years, largely as a result of
purchases made directly from the people. There is
only a small amount of lire exchange available in the
market for covering short positions, so that the exchange control would have no difficulty in halting
speculative movements.
The London check rate on Paris closed on Friday
at 80.73, against 82.50 on Friday of last week. In
New York sight bills on the French centre finished
on Friday at 5.61, against 5.68 on Friday of last
week; cable transfers at 5.611/2, against 5.683/2, and
commercial sight bills at 5.603', against 5.67.
Antwerp belgas closed at 19.97 for bankers' sight
bills and at 19.98 for cable transfers, against 20.24
and 20.25. Final quotations for Berlin marks were
34.10 for bankers' sight bills and 34.11 for cable
transfers, in comparison with 34.39 and 34.40.
Italian lire closed at 7.523/ for bankers' sight bills
and at 7.53 for cable transfers, against 7.673/ and
2
7.68. Austrian schillings closed at 16.10, against
16.25; exchange on Czechoslovakia at 4.26, against
4.31; on Bucharest at 0.863/2, against 0.90; on
Poland at 16.10, against 16.25, and on Finland at
2.04, against 2.15. Greek exchange closed at 0.803
4
for bankers' sight bills and at 0.813' for cable trans/
fers, against 0.831 2 and 0.84.
1632
on the countries neutral during the
EXCHANGE mixed trends as Holland andisSwitzerwar shows
land are members
Spain a sym-
of the gold bloc.
pathizer and co-operator with the bloc, while the
Scandinavian countries are allied with London. The
Scandinavian currencies follow the changes in sterling and the rates are largely nominal. The Scandinavian countries appear to be enjoying the greater
part of whatever tourist traffic there is in Europe
this season and they all seem to have been especially
attractive to English and American tourists this year.
Swiss francs have been easier this week as also Holland guilders. The guilder has recovered its gold
position and money is again flowing to Amsterdam.
Holland has also drawn down gold from Paris and
has been a large buyer in the London open market.
On Aug. 7 the gold holdings of the Netherlands Bank
stood at 785,272,000 guilders and were higher by
approximately 48,363,000 from the year's low point
of 736,909,000 guilders on July 10. At present the
bank's total gold stock exceeds 816,000,000 guilders
and its note coverage is 90.5%. The bank's total
gold holdings were at the high this year in the second
week of January, when they approximated 1,032,595,000 guilders, and represented a gold coverage of about
103%.
Bankers' sight on Amsterdam finished on Friday
at 57.70, against 58.64 on Friday of last week; cable
transfers at 57.71, against 58.65, and commercial
sight bills at 57.55, against 58.35. Swiss francs
closed at 27.66 for checks and at 27.67 for cable
transfers, against 28.09 and 28.10. Copenhagen
checks finished at 20.27 and cable transfers at 20.28,
against 20.81 and 20.82. Checks on Sweden closed at
23.42 and cable transfers at 23.43, against 24.04 and
24.05; while checks on Norway finished at 22.82 and
cable transfers at 22.83, against 23.41 and 23.42.
, Spanish pesetas closed at 11.971 for bankers' sight
A
bills and at 11.98 for cable transfers, against 12.02
and 12.023/
2
.
XCHANGE on the South American countries
continues under firm control of Government
boards. For several months past the nominal
quotations have all been firmer in terms of dollars
than they were before April. Nevertheless the
market for these currencies is so largely restricted
that the quotations are without significance. London
is favored against all other centres by the control
boards in the transfer of funds arising out of foreign
trade balances. The Argentine Chamber of Deputies
Committee on Transportation and Communications
has recently approved a government project for
extensive railroad construction designed to put the
unemployed to work. In view of the improbability
of foreign loans the projects can be put through only
by some form of inflation. In view of the failure of
the recent so-called "patriotic" loan in Argentina,
it is believed that the Government will issue public
works bonds and discount them at the conversion
office. This would mean inflation through the
emission of new currency issued against Government
bonds. The Government works program calls
for 534,000,000 pesos, approximately $187,000,000,
or about 40% of the amount of paper currency now
in circulation.
Argentine paper pesos closed on Friday nominally
at 35.25 for bankers' sight bills, against 35.25 on
Friday of last week; cable transfers at 36.50, against
35.50. Brazilian milreis are nominally quoted
E
Sept.
Financial Chronicle
2 1933
i
7.81@83. for bankers' sight bills and for cable
transfers, against 7.81@84. Chilean exchange
is nominally quoted 83 ,against 83 . Peru is nominal
4
4
at 20.00, against 20.00.
Far Eastern countries
of
EXCHANGE on the the dollar and the byisthe
course greatly and unfavorably affected
major
gyrations in sterling,
European currencies. Japanese exchange and foreign
trade is governed by the strictest of official control
regulations, the finance ministry and the Bank of
Japan working in the closest harmony. The Chinese
units have been firm for several weeks owing to the
higher rates for silver prevailing in world markets,
which have ranged lately from 35 to 37 cents per
fine ounce, whereas before March the price was
frequently below 26 cents. The Indian rupee fluctuates with sterling, to which it is anchored at the
rate of is. 6d. per rupee. At present there is a strong
agitation in India for a lower exchange value for the
rupee. Many want the value reduced to 9d., while
others would be willing for a reduction to is., against
the present 18d. It is doubtful if any change will
be made in the immediate future or until sterling is
stabilized.
Closing quotations for yen checks yesterday were
26.80, against 27% on Friday of last week. Hong
2
s
Kong closed at 323/@325-16, against 325-16@323/;
Shanghai at 289.@28%,against 28 11-16@293 8; Ma/
nila at 49.78, against 50; Singapore at 53, against
54%; Bombay at 34.15, against 35, and Calcutta
at 34.15, against 35.
the requirements of Section 522
PURSUANT to Act of 1922, the SecretaryReserve
the Federal
of the Tariff
Bank is now certifying daily to
of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
AUG. 26 1933 TO SEPT. 1 1933 INCLUSIVE.
Country and Moneta
Unit.
Noon Buying Rate for Cable Transfers in New York,
Value in United States Money.
Aug. 26. Aug. 28. Aug. 29. Aug. 30. Aug. 31. Sept. 1.
S
$
$
$
8
EUROPE$
.160833* .158500 .161166* .159266* .160000 .160233*
Austria.schillIng
Belgium. belga
.201453 .198430 .199190 .198176 .198550 .199584
Bulgaria, lev
.011000* .010500* .011433* .011500* .011000* .011500
Czechoslovakia, krone .042900 .042062 .042337 .042175 .042275 .042400
Denmark, krone
.206818 .203466 .203730 .202863 .202192 .202091
England, pound
4.634916 4.538392 4.550892 4.537416 4.524062 4.523333
sterling
Finland, markka
.020580 .020366 .020360 .020183 .020166 .020216
France.franc
.056711 .055725 .055964 .055594 .055713 .056075
Germany, relchsmark .344909 .338190 .340728 .338240 .339292 .341041
Greece, drachma
.008090 .008025 .008110 .008029 .008055 .008075
Holland, guilder
.584436 .574163 .575953 .571628 .572566 .576071
.248833* .249000* .248833* .250000
.248875* .
Hungary, pengo
.076428 .075092 .075337 .074764 .074721 .075055
Italy, lira
233081 .228666 .229227 .228091 .227484 .227491
Norway, krone
Poland, zloty
.161333 .158600 .160250 .159433 .159750 .160500
Portugal. escudo
.043537 .043360 .043130 .043100 .043250 .043350
Rumania,len
.008525 .008387 .008475 .008400 .008600 .008487
.120511 .118592 .118941 .118496 .118776 .119542
Spain, peseta
.239036 .234844 .234800 .234033 .233469 .233450
Sweden,krona
Switzerland, franc_ _ _ .280225 .275158 .275846 .273623 .274541 .276430
Yugoslavia, dinar_
- .019933 .019100 .019666 .019600 .019633 .019600
ASIAChinaChefoo (yuan) dol'r .288125 .282291 .282083 .284791 .284166 .282500
Hankow (Yuan)dol'r .288125 .282291 .282083 .284791 .284166 .282500
Shanghai(yuan)dol'r .289583 .283656 .282812 .285781 .284687 .283437
Tientsin (yuan) dol'r .288125 .282291 .282083 .284791 .284166 .282500
Hong Kong dollar_ .. .324166 .316875 .316562 .320312 .320000 .318437
India, rupee
.347850 .340875 .342350 .341550 .340400 .340275
.273550 .268750 .269500 .268250 .267000 .266650
Japan, Yen
Singapore (S.S.) dollar .536250 .526875 .528750 .528125 .525625 .525000
AUSTRALASIA
3.689166 3.613125 3.632500 3.606250 3.601875 3.604166
Australia, pound
New Zealand, pound -- 3.697500 3.620625 3.638333 3.613125 3.608750 3.612500
AFRICA
South Africa, pound_ 4.575312 4.477291 4.487500 4.479166 4.464168 4.460833
NORTH AMER..954895 .951420 .952239 .953333 .949843 .950260
Canada, dollar
.999537 1.00000 1.000000 1.000062 .999937 .999937
Cuba, peso
Mexico, peso (silver). .280900 .280775 .280940 .281060 .281100 .281150
Newfoundland, dollar .952625 .949125 .949625 .951000 .947500 .947750
SOUTH AMER.Argentina, peso (gold) .834871* .814431* .829126* .823778* .825677* .830320*
.080240* .080275* .080275* .080740* .080740* .080740*
Brazil, milreis
8
.085000* .085625* .085000* .085000* .085000* .0 5000*
Chile, peso
.670833* 665833* .671666* .666666* .672500* .670833*
Uruguay, peso
.862100* .862100° .862100*
flnInmhles wvasus
QA911111* 13091110*
•Nominal rates: firm rates not available.
Volume 137
Financial Chronicle
1633
HE following table indicates the amount of gold "Times" reported that Chancellor Dollfuss had
bullion in the principal European banks as of promised to do his utmost to resist any movement
Aug. 31 1933, together with comparisons as of the for the union of Austria and Germany, and that
corresponding dates in the previous four years:
various measures for the economic relief of Austria
had been agreed upon. These measures, as summarBanks of—
1933.
1931.
1932.
1930.
1929.
ized in the dispatch, included the concession to Aus£
£
£
£
£
England- -- 191,666,243 139,806,479 135,668,427 155,521,528 137,548,740
tria by Italy of "a free zone in the port of Trieste
France a__ 657,813,700 657,913,607 468,503.910 377,932,986 311,442,845
Germanyb_
12,666,200
63,326,400 123,457,550 109,172,000
32,247,750
for her overseas trade at a nominal annual paySpain
90,390,000
91,023,000
90,264,000
98,944,000 102,583,000
Italy
75,643,000
58,093,000
56.346,000
61,652,000
55,793.000
ment," the creation by Austria of a mercantile fleet
Netherlands
67,979,000
53,978,000
85,880,000
32,552,000
36,930,000
Nat.Belem
76,855,000
45,227,000
34,525,000
74,724,000
28,930,000
"under government auspices," the fleet to fly the
Switzerland
61,462,000
32,787,000
89,164,000
25,574,000
20,274,000
Sweden
13,922,000
11,444,000
13,204,000
13,471,000
12,964,000
Austrian flag and have its headquarters at Trieste,
Denmark
7,397,000
7,400,000
9,544.000
9,567,00_
9,585,000
Norway__ _
6,569,000
8,129,000
7,911,000
8,141,000
8,153,000
the concentration by Austria of "as much as possible
Total week 1,262,363,143 1,258,406,836 979,483,737 936,028,064 833,375,585
Prey. week 1,258.633,516 ,260,909,016 977,296,799 932,893,115 832,113,712
of her mercantile traffic, especially that directed
a These are the gold holdings of the Bank of France as reported in the new form
toward the Mediterranean and the Near East, in
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £2,425,150.
Trieste, which also will become the chief port of
embarkation for Austrian emigrants," the grant by
The Protection of Austria and the Isolation
Italy of "preferential treatment to imports from
of Germany.
Austria," and an undertaking by Italy to "purchase
It is not easy at the moment to discern all the im- more goods in Austria, which will become the chief
plications of the new policy which the great Powers, source of supply for imported manufactured goods
under the lead of Italy, have apparently decided to for all State-controlled organizations such as the
pursue with regard to Austria and Germany. Offi- Italian State railroads." The agreement should be
cial and semi-official statements regarding action read, the "Times" correspondent pointed out, in contaken, or to be taken, in the case of Austria are re- nection with agreements recently concluded between
ported to have been given different interpretations Premier Mussolini and Premier Goemboes of Hunat the various capitals, and it is not yet clear that gary, these agreements including "not only preferenItalian leadership, while apparently acquiesced in tial treatment for imports from Hungary, but also
for the time being, has been accepted without res- the cession to Italy by Hungary of some of her ecoervations or misgivings. What is evident, however, nomic interests in Austria in return for Italy's puris that Austria, long regarded as perhaps the weak- chase of all the Hungarian corn (wheat) that canest of European States, has become the centre of not be sold elsewhere."
European political interest, that the immediate ocAn immediate result of these agreements was the
casion of the sudden access of interest is the atti- conclusion, on Aug. 25, of an agreement between
tude of Germany toward its weak neighbor, and that Austria and Hungary for the exchange of Austrian
to the extent to which the position of Austria is timber for Hungarian wheat, the agreement constrengthened by political aid from Great Britain, templating the importation of 4,000,000 bushels of
France and Italy, to that extent, it is expected, Ger- Hungarian wheat, most of it on a preferential tariff
many will be made to feel political isolation.
basis. The remainder of the wheat imported is to
The situation will be best understood by reviewing be drawn, according to a report of Aug. 26, from
briefly the recent course of events. On Aug. 7 the Jugoslavia, Rumania and Bulgaria.
British and French Ambassadors at Berlin formally
This is the commercial side. A military side
called the attention of the Hitler Government to the shortly appeared. On Aug. 27 Premier Daladier
Nazi propaganda which was being carried on in of France, on the eve of his departure from Paris
'Austria, particularly through radio broadcasts and to inspect the new French fortifications on the eastthe distribution of leaflets from Germany, and sug- ern border, declared in a statement to the press that
gested that such action was inconsistent with Ger- "we are resolved to guarantee the political and ecomany's obligations under the recent four-Power nomic independence of Austria." On Monday the
pact. The German Government, in reply, denied Austrian Minister of War, General Karl Vaugoin,
that the four-Power pact was applicable to the acts announced in a speech that a new army system
complained of or that the treaty obligations of Ger- would be at once inaugurated with the consent of
many had been disregarded, and rejected "this inter- the other Powers. "Besides the Federal army," he
vention in Austro-German difficulties as inadmis- was quoted as saying, "which will continue for the
sible." The following day, however, in response to moment on a long-service basis, a second army will
"friendly inquiries" made by Italy some days before, be established which will give its members six
it was announced that assurances had been given to months of compulsory training. We soon will begin
Italy that immediate steps would be taken to stop to call up recruits and will call up every half-year
the particular propaganda in question. In spite of from 8,000 to 10,000 men. In this way,in addition
these assurances, the radio broadcasts were shortly to the Federal army, a second body of troops will
resumed and have continued until the present time, be set up, led by officers and under-officers of the
apparently with full knowledge of the German Gov- army. I have succeeded in obtaining this concesernment if not actually under its direction or with sion, and it may be regarded as the first step toward
its authorization. The subject-matter of the broad- universal military service."
casts appears to have consisted almost exclusively
All that appears certain at the moment about
of attacks upon the Dollfuss Government for its General Vaugoin's announcement is that the present
severe treatment of Austrian Nazis, and threats of Austrian army is to be increased, but exactly to
reprisals if the spread of Hitlerism were interfered what extent and in what manner has not yet been
with.
fully explained. The Treaty of St. Germain fixed
On Aug. 19 Chancellor Dollfuss arrived at Rome the limit of the Austrian army at 30,000 men, but
for a conference with Premier Mussolini. On the the army is not at present recruited up to that
24th the Rome correspondent of the New York strength, the figures for 1931 being about 1,400 offi-
T
1634
Financial Chronicle
cers and 21,000 men. It is obvious that if 8,000 to
10,000 additional recruits were to be called up
"every half-year," as General Vaugoin is quoted as
promising, the treaty limit would soon be exceeded
and the increase go on indefinitely. A London dispatch on Wednesday to the New York "Times" represented "well-informed" British quarters as irritated
at the suggestion of a permanent increase, and as
pointing out that the permission given to Austria
to enlist an additional 8,000 men was "temporary
and conditional," and was "intended by the British,
French and Italian Governments to help the Austrian Government defend itself against acts of violence and intimidation by Austrian Nazis. The
duration of this concession was limited to a year,
and if the Austrian Nazis cease their outrages within
that period, it is understood, it will not be prolonged."
The economic and political situation which has
just been reviewed raises some exceptionally interesting questions. In following his recent commercial agreement with Hungary by another more comprehensive one with Austria, Mussolini has obviously taken the lead not only in measures designed
to improve the economic condition of Austria, and
hence to strengthen the Dollfuss Government, but
also in measures which bring appreciably nearer the
Danubian economic union which Andre Tardieu
tried unsuccessfully to put through. Not only does
Italy stand to benefit materially from any improvement of trade that the agreements may bring about,
but the other parties to the agreements know that
it is to Italian initiative that they owe such benefits
as may accrue to them. Already one hears intimations that France, while acquiescing informally in
what has been done,is at heart a good deal disturbed
at the check which Mussolini has given to French
prestige, and that the visit which former Premier
Herriot is making to Turkey and Russia is being
watched with special interest for the commercial or
political fruits that may result. Foreign Minister
Benes of Czechoslovakia, on the other hand, is
quoted as having no fear of the emergence of a
Balkan political bloc, while Great Britain, which
wants no entanglements on the Continent that can
be avoided, appears willing to give Mussolini a free
hand as long as his efforts redound to the security
and independence of Austria.
The military situation cuts even more widely and
deeply. In consenting, whether formally or informally, to an increase in the Austrian army, Great
Britain, France and Italy have taken upon themselves to modify the provisions of a treaty to which
a long list of Powers are parties. In so doing they
have not only opened the way to other modifications if such are demanded or seem to be required,
but in particular have greatly strengthened the German claim for revision of so much of the Treaty of
Versailles as limits its own armed forces. The implied answer of the three Powers, of course, is that
Austrian independence is menaced by Hitler's
Reich, and that if Austrian independence disappears
and the country is united with Germany, the whole
territorial and political structure of the peace
treaties will be jeopardized. Weak as Austria is in
numbers and economic resources, and natural as its
merger with Germany may seem to be, it must,
in the view of the three Powers, be helped financially
and allowed more arms if German propaganda is to
be offset. That Mussolini, with the record of a great
Sept. 2 1933
Fascist State to his credit, should join in restraining a German State which is Fascist in the extreme
can only be explained, apparently, on the assumption that another strong and aggressive Fascist
State is not now desired as a neighbor of Italy.
The announcement on Sunday, in a Rome dispatch
to the New York "Herald Tribune," that plans had
just been made public for "periodic exchange of
training troops between groups of young Italians
and young Germans in order to broaden their education in 'the politico-athletic-military system of
Fascism," and that low-fare all-expenses-included
tourist trains would shortly be Inoving into Germany from Italy "in accordance with a plan worked
out by railroad tourist agencies of the two countries
with governmental assistance," suggests that Mussolini's opposition to German Fascism may not be
very profound and that his present course is one
only of expediency.
Whether Germany will accept the isolation which
is being prepared for it, and allow what the French
call a cordon sanitaire to be drawn about it as a
protection against the spread of Nazi influence, is
by no means certain. Almost every day brings report of anxiety or defensive measures in some European country, but in the meantime the popular
enthusiasm for Hitler and his rule seems to increase
rather than wane. The extraordinary reception
given to President von Hindenburg on Sunday at the
celebration of the anniversary of the battle of Tannenberg, the still more extraordinary ceremony on
the evening of the same day at the Niederwald monument, not far from the border of the Saar, at which
Hitler spoke, the imposing meeting of the National
Socialist party which began at Nuremberg on
Wednesday, and the designation by President von
Hindenburg on Thursday of Captain Hermann W.
Goering, the leading member of the Hitler Cabinet,
as honorary general of infantry, all seem to indicate
that President von Hindenburg has himself fully
accepted the Nazi regime and that the regime must
be treated as if it were to endure. It is not outside
the bounds of possibility that Great Britain, France
and Italy, in disregarding the prerogatives of the
League of Nations, and in according to Austria leave
to increase its army, may actually have strengthened
the position of the Hitler Government, and that the
question of treaty revision, instead of being put off
by the aid that has been given to Austria, may have
been pushed farther toward the point where it win
have to be discussed on a wider plane than that of
an Austro-German Anschluss.
Increased Responsibility in Business
Management.
Two influences have become very conspicuous
which evidently will induce the managers of big
business, and especially those who are responsible
for the successful operation of large industrial
corporations, to give closer attention to their duties
than heretofore.
Operation under the conditions imposed by the
National Recovery Administration will call for the
undivided attention of executives in order that
profits may be earned for the stockholders. The Administration will no doubt do all that may be possible to aid in making application of the new rules
and regulations agreeable and practical, but unforeseen difficulties will arise which cannot possibly be
1
Volume 137
Financial Chronicle
1635
the farmer, the mine operator and the manufacturer,
will obtain a market for their grain, foodstuffs,
wool, cotton, fuel of every description, and factory
products, respectively, and, through this process of
manufacture and distribution, the railroads and
other carriers will be brought back to normalcy.
It is expected that a demand for all manner of
necessities and comforts for domestic uses will be
restored to an extent which will permit of higher
prices being paid than have long prevailed.
This brings the chain of recovery down to the
domestic consumers, who include not only all those
persons connected with the occupations above referred to, embracing toilers and investors, both of
whom are essential to business operations, but a
mass of people who are not identified with production and distribution as above outlined.
The NRA undertaking provides benefits for all
save the final purchaser who is relied upon to buy
all products from lumber and steel to shoes and
collar buttons.
Those responsible for the Administration's marvelous undertaking realize the ultimate necessity of
obtaining the co-operation of the consumer, and it
is on this account that the drive to enlist the aid
of the populace is about to be undertaken. Consequently, on Sept. 5 an effort will be made to interest
the buyers, who will be asked freely to utilize their
money to lubricate the vast and somewhat complex
machinery which has been set in motion to accomplish the worthy end.
Will the final step, upon the success of which so
much depends, meet with the required co-operation?
There can be but one answer to this question: "The
American people cannot fail to co-operate."
Always in time of distress, in war or in famine,
Americans have upheld with pride, zeal and efficiency what their Government has asked, one of
the most impressive examples being their contributions made to enable this country to do its full part
in winning the World War. The slogan then was:
"Buy Liberty bonds until it hurts," and countless
citizens followed the urge.
A similar systematic appeal will now be made
to each individual citizen to do his part. It would
seem as if, when an American is personally asked
to go along, there will be no laggards.
Politics should not enter into the subject. Anyone who takes the trouble to review the work of
President Hoover will find that many of the ideas
so forcibly expounded by President Roosevelt were
advanced by his predecessor. But it occurred that
Uncle Sam's Personal Appeal to Consumers.
President Hoover was confronted by a divided ConAs a personal appeal will shortly be made to every gress; and the time apparently was not ripe to press
American citizen who has not already approved the the suggested measures, especially as Mr. Hoover's
National Industrial Recovery Act to endorse the Fed- re-election was problematic.
By an overwhelming vote a change in Adminiseral undertaking effectually to put the entire country
back on the road to prosperity, the true position tration was approved. Now the country is put to
should be frankly and clearly stated in order that the test. Will any American citizen sulk in an hour
each individual may realize the necessity of full co- of his country's need?
Surely not. Shortsightedness and selfish motives
operation on his part.
far preseqted and urged, should play no part in the country's distress, as
The program, as thus
apparently puts the final burden upon the con- co-operation to the fullest extent is demanded.
Every citizen who is asked to support the NRA,
sinner who will become the "Jones, he pays the
Just what, therefore, is the full position even though personally he cannot see the light, will
freight."
of the consumer and why should he give his assent? be disposed to join the ranks in the general struggle
According to the plan, the laborer, Male and to bring back prosperity. Of course in cases where
female, will be cared for by being provided with an advance in prices is out of the question, as an
employment at a fair wage and shorter hours of offset to the higher operating cost, the producer
work. It is designed that the producers, including himself, as a consumer, will have no alternative
anticipated, and all men holding positions of responsibility will be inclined to do their full part in
meeting unexpected emergencies.
One immediate effect of the proposed changes has
been the creation of labor troubles which are gradually being solved, and possibly the future will disclose that it was providential that whatever discontent has been developing has reached a climax before operations under the restrictions of the Recovery Act had gained much headway.
Adjustment of difficulties which have been made
and others which are in process of settlement will
pave the way for a better understanding and make
less likely a recurrence of labor disturbances.
The new experience indicates that the chiefs may
have to forego protracted vacations enjoyed in the
South during the cold season in the North, and
similar sojourns in northern New England when
the sun's rays make life uncomfortable.
In one notable recent instance an industrialist
who found that his factory had to be closed on
account of a strike after he had journeyed to Maine
to spend the summer, wired his chiefs that he would
immediately return and assume charge, and at the
same time he ordered the discharge of assistants
whom he believed were responsible for the misunderstanding. The quick result was that an understanding with the employees was promptly arrived
at and the workers were re-employed. The manufacturer will remain at his post in order to see
that business continues smoothly under the new
national program.
Before industry became so huge factories under
the ownership of a single individual or firm were
numerous but small, and often the proprietor was a
man who had served an apprenticeship and had come
up from the ranks, a man who fully comprehended
the difficulties of the worker, who sympathized
with him in his troubles of every kind, and consequently had the affection as well as the respect of
his employees. Under such circumstances differences between employee and employer were comparatively rare, simple and easily adjusted.
Now the employees of a corporation are numbered
by hundreds, and even by thousands, and a little
leaven of discontent may quickly affect a large body
of workers, especially if they are organized and
have an employed leader to magnify a grievance.
Vigilance in management will hereafter be the
keynote in big business.
1636
Financial Chronicle
Sept. 2
1933
but to curtail his purchases, and if, unfortunately, other inland points were $10,000,000, while the exhe is forced out of business, he will be still less penditures in border towns were estimated at $26,able to join the army of consumers who can disre- 000,000. Total expenditures in Mexico during 1932
gard price as an element in the cost of his daily were therefore estimated at about nine-elevenths of
living.
those of 1931.
The departures of Americans for overseas travel
aggregated 345,184 during the past year, which was
We Americans Must Travel.
Notwithstanding the fact that this country faced approximately 9% fewer than in 1931. This relaone of the most serious crises in history during the tively small decline in number who left United
past year, American tourists spent $446,000,000 States shores, compared with a much larger drop in
abroad, and in addition this country's charitable, total expenditures, reflects in part the marked
religious, educational and scientific institutions tendency for travelers to seek the lower classes of
contributed $31,200,000 to foreign fields of activity. steamship accommodation. In 1931 approximately
The corresponding expenditures by foreign visitors 34% of total citizen departures for oversea visits
to this country were only $71,000,000. However, were classified under tourist and third-class accomsince the peak year 1929, the United States tourist modation, whereas in 1932 nearly 43% of the Amerexpenditures abroad have progressively declined icans going overseas selected one or the other• of
from $821,000,000 in that year to $446,000,000 these two classes. Reduced fares in general, and
shorter trips and lower hotel and living expenses
in 1932.
in particular instances were also important factors
Not all travelers are tourists in the strict sense
of the word. Many persons combine business and in the reduced outlays.
France continues to dominate the transatlantic
pleasure, while others engage in educational and
field in American tourism; still, it must be rememprofessional travel. The relative importance of the
respective objects of travel in 1932 is therefore bered that a large portion of the tourist funds
received by France from this country represent conshown in the following statement:
tributions of Americans permanently residing there.
Travel
40.22% ,Missionary
.76%
Other important United States tourist remittances
Family affairs
42.72% Official business
.23%
Health
1.64% Scientific
.24%
are those to Soviet Russia, the increasing attracEducational
5 53
4: 1 Personal business
2
1.74%
tion which the British West Indies, chiefly BerCommercial business
Total
Professional business
.
100.00%
muda, holds for American tourists, and efforts to
Employment
develop India as a center of attraction for AmerIt would appear that Americans simply must go ican
travelers. The importance of Bermuda as a
to Canada, for not only does that country sell more mecca
for American tourists, especially for cruise
services to our travelers, but the tourist traffic
excursionists during the summer and for wealthy
across the Canadian border involves larger total exAmericans during the winter, has likely been influpenditures than that between any other' two counenced by the economy made possible by shorter distries. In 1928, and again in 1929, United States
tance as compared with transoceanic tours.
funds made available to Canada by our motorists
alone exceeded $200,000,000. In the same years ex- CONTRIBUTIONS BY CHARITABLE, RELIGIOUS AND EDUCATIONAL
INSTITUTIONS.
penditures in the United States by Canadian autoThe total contributions made to foreign fields of
mobile visitors were of substantial proportions, the
activity by United States charitable, religious, edutotal outlays in the peak year 1929 approximating
cational and scientific institutions during the past
$65,000,000. If account is taken of expenditures
year are estimated at $31,000,000 on the basis of
by rail and steam tourists the annual credit baldata submitted by approximately 150 organizations.
ances in favor of Canada during the period 1928-32
Changes in the year's expenditures by individual
ranged from $201,000,000 in 1929 to $148,000,000 in
groups were as follows:
1932, and averaged approximately $180,000,000.
O
1932.
rganization—
In 1932 motor tourists from the United States Protestant
2,262,0008 99 000
19 ,
31
$20,700.000 $25,899,000
Roman Catholic
Roman
alone spent approximately $145,000,000 in Canada. Jewish ___
_ _________
700,000
1.39 .000
This huge sum was nearly 23% less than that spent Educational and scientific
7,263,000
6,500.000
fic
2,500,000
1,500.000
in 1931, and roughly 32% less than in the peak
$39,314,000
Total
$31,200,000
year 1929. On the other hand, American tourists
Estimated contributions in 1932 were, therefore,
who entered Canada by rail or steamship spent
approximately $38,000,000. Total expenditures in about four-fifths of those shown for 1931, and nearly
Canada by all United States visitors were, there- 37% less than the aggregate reported for 1930. The
fore, about $183,000,000, or 23% less than in the year's decline was more or less uniformly spread
preceding year, and nearly 40% less than in 1929. over the different groups of institutions, although
The Canadians who came to this country in motor within the separate groups the decline appeared to
cars in 1932 spent only $24,000,000, and the total be more widespread among educational institutions
outlay of Canadian visitors entering by rail and than among religious bodies. Among the latter persteamship reached approximately $11,000,000. centage changes during the year as compared with
Thus, the total Canadian outlays of $35,000,000 1931 covered a wide range, owing to the fact that
showed a decline of nearly 39% as compared with in some individual instances contributions in 1932
were substantially higher than in the preceding
1931 and of nearly 63% as compared with 1929.
entered Mexico fall into two year.
The Americans who
The largest individual contributor was the Rockedistinct classes; those who are designated as regular
tourists, and in addition there was a large number feller Foundation. Large sums were also reported
of persons who crossed the border daily for pleasure by the Department of Foreign Missions of the
or for business. The estimated expenditures of Protestant Episcopal Church, the Board of Foreign
36,338 United States tourists who visited Mexico Missions of the Methodist Episcopal Church, the
City and approximately 11,000 others who visited Board of Missions of the Presbyterian Church in the
Financial Chronicle
Volume 137
United States of America, the National Council of
the Young Men's Christian Associations, the American Board of Commissioners for Foreign Missions,
the General Conference of Seven Day Adventists,
and the Catholic Society for the Propagation of the
Faith.
IMMIGRANT REMITTANCES PLAY IMPORTANT ROLE.
In addition to the collosal sum spent by Americans abroad during the past year, remittances made
by aliens to their respective countries in 1932
totaled approximately $138,000,000. This figure
represents a decline of 20% when compared
with 1931.
Many aliens, who had been accustomed to remit
regularly to relatives abroad, have been unable to
continue sending funds to the home country. Others
have returned to their families abroad. Nevertheless, it is. apparent that remittances, while showing
a greater decline in 1932 than in 1931, are holding
up comparatively well. Increasing distress at home
has made heavy demands upon relatives here whose
income still makes remittances possible. In some
countries the depreciation of currency encouraged
remittances from the United States, especially in
countries whose currencies it is believed might soon
improve or return to par.
Remittances during 1932 to individual countries
include the following estimates:
$11,000,0001 Austria
10.050,000IPortugal
26,355,0001Czechoslovakia
2,000,0001China
2,000,0001
Greece
Poland
Italy
Rumania
Spain
$850,000
750.000
6,000,000
15,000,000
In view of the foregoing facts it is quite clear that
the United States is now playing an important role
in the realm of world finance and business; therefore, it is only natural for the average American to
assume the attitude of a wanderlust.
New Economic Policy of the National
Industrial Recovery Act (NRA).
(From the September Bulletin of C. P. Childs & Co.)
The United States stands at the threshold of an enforced
economic era. Predictions are freely expressed that social
and economic principles, policies, and practices which have
been developed since the days of Caesar are to be cast aside;
that the old social order is gone forever, never to return;
that freedom of conduct in business and finance shall be
permanently supplanted by entirely new theories and
standards; that State interference in one's livelihood will
disregard traditions of centuries; that government domination
of business will be the guiding principle and will not be
removed during this generation, if ever; that the heritage of
freedom bequeathed us by our forefathers is to be discarded
and prohibited.
The announced program of the advisers to the Administration is not far removed from pure Socialism and resembles
the new German ideas of controlling trade organizations,
restricting working hours, regulating wages and prices, and
crushing competition, all under government supervision.
The program conceivably could throttle individuality to a
fixed pattern. Over all hangs the menace of currency
inflation as a means of welding their schemes into operation
and thus confiscating capital in the process. National credit
is staked in the gamble. National solvency for future
generations is involved. Business confronts an experiment
leading toward Utopia or Chaos. In either event, the cost
to consumer and taxpayers (creditors) will be colossal.
The Administration advisers have favored virtual Federal
incorporation of all large industries or licensing (with penalties
for transgressions) to bring them under one directing
authority. Taxation of corporate surpluses has been
proposed as a means of allocating new capital to the investment market. The business man is to be permitted to
expand only in line with the Government plan which controls
prices and wages and production. By all appearances the
plan replaces self-discipline with slavery under political
1637
domination. As described by a conservative critic, "To
regiment and dominate the conduct of all industry by
regulations would put the world trade in a strait-jacket."
The aternative for continued unemployment might conceivably be governmental birth control. A logical query
arises: Should the Government have the right to impose
restrictions which benefit the inefficient producer at the
expense of his more efficient competitor?
The artificial flavor of the entire scheme conflicts with the
natural principle of survival. It is a veritable revolution—
an adoption of mediaeval business standards and attitudes.
It virtually repudiates every economic principle underlying
the whole social structure and customs of generations. If
national economic planning is to supersede individual
business initiative, it will be a radical departure from
America's historic precept that the best government governs
least. Manifestly, the prescription to guide the business
experiment and political economy bears little resemblance to
the methods applied by the Government to its own affairs.
The "quota" or "code" is universally acknowledged to be
a vicious form of trade restriction. The whole conception of
such restrictive policy is fundamentally mistaken. It ignores
economics no.less than it does human nature and business
principles. It inaugurates a fresh disturbance into world
trade. It is a form of tax on the public which, unlike a
tariff, produces no revenue,for the Government. Indirectly,
it resolves itself into a tax on the consumer to pay the farmer
for producing nothing. It is an impracticable, bureaucratic
scheme which relies upon the strangling of imports and is
burdensome to the consuming public. It does not equate
the supply and demand, but is a malicious mechanism for
preserving the solvency of the least efficient producer. It
is, in fact, an attempt to stampede the nation into solvency.
Heretofore, it was customary to allow the economic forces
to work themselves out uncontrolled until the economic world
again reached such equilibrium as was possible within the
limitations imposed by a credit economy. Government
intervention to prevent a slump in commodity prices by
artificial restrictions of production invariably fail and
"valorization" attempts have usually been foolish.
Be that as it may,"the die is cast." The costly experiment
has been authorized and begun. No such Sovietizing of
business with such acquiescence by industry in such a
revolutionary experiment would have been conceivable except in the midst of depression and public despair. Wisdom
notwithstanding, industry and public sentiment, more
dragooned than convinced, is co-operating with the Administration for better or for worse. Few seem to comprehend what has taken place or the possible ultimate outcome.
We stand aghast before the Frankenstein of our own creation.
With respectful consideration for the heroic and patriotic
endeavors of the governmental heads, their radicalism
justifies critical if not caustic comment. We speak as a voice
in the wilderness since the President's program, limited by
diverse briefs, is receiving public support and sympathy.
Virtually all citizens are patriotically bowing to the Administration's efforts. "Nous verrons ce que nous verrons."
The Course of the Bond Market.
Bond prices eased off somewhat this week. Softness was
felt in all grades of bonds, with greater declines in utilities
than in rails or industrials. Government long term bonds
have been slightly higher, with the average price close to the
year's high. The Federal Reserve banks bought an additional $35,000,000 (roughly) of government bonds this week,
a like amount having been purchased in the preceding week.
Short term money rates underwent a further decline and
are now close to their record lows. The call money rate was
reduced to 3 Of 1%, the first decline in the official rate
A
under 1% since 1908. The New York Federal Reserve rediscount rate remained unchanged. The ruling permitting
sale of new gold at world prices did not seem to have any
direct effect on the bond market.
Railroad bonds this week tended to be soft. The price
losses were rot large, but declines were recorded for most
issues, whether high grade or low grade. Atchison, Topeka
& Santa Fe gen. 4s, 1995, declined from 97 to 9534, Union
Pacific 4s, 1947, from 101 to 10034, Great Northern 434s,
1976, from 6934 to 67, and Baltimore & Ohio 5s, 1995, from
7034 to 69. Among the exceptions were Western Pacific 5s,
1946, which advanced from 3334 to 4234 on the announcement that the Sept. 1 interest was to be paid. Denver &
Rio Grande Western bonds also strengthened sympathe-
Financial Chronicle
1638
tically. Railroad bond prices were very little stimulated by
the publication of the extraordinarily good July railroad
earnings.
High grade utilities developed no marked trend during the
week, although fractional losses were shown here and there.
Lower grade bonds were evidently in no demand for weakness
developed on the slightest provocation. For instance, New
1950, dropped 8
York Central Electric Corporation 5
points on the sale of two bonds, Northwestern Electric 6s,
1935, 532 points on one bond, and Chicago District Electric
1935, 5 points on one bond. Net. changes for the week
5
in the actively traded bonds have been irregular, losses
ranging from fractional amounts to several points.
Declines in the prices of the majority of industrial issues
were seen this week. Oil company issues were firm in the
main, however, losing very little ground. Steel bonds con-
tinned soft, Youngstown Sheet & Tube 5s, 1978, dropping
1% points to 77. Tire and rubber bonds lost ground moderately, U. S. Rubber 5s, 1947, declining 2% points to 663.
Interest in the motion picture issues subsided to a large degree
and the advance in this group was checked. Strong spots
for the week include Tobacco Products 63's, 2022 at 10234,
the high for the year, and Purity Bakeries 5s, 1948, up 1%
to 84.
Developments this week among foreign bonds included
further declines in Argentine issues, although some recovery
took place toward the end of the week. German bonds as a
group were weak and there was a sharp drop in United Kingdom 53s. Japanese issues lost some ground. Polish bonds
were slightly up as were Colombian Mortgage Bank issues.
Moody's computed bond prices and bond yield averages
are given in the tables below:
MOODY'S BOND PRICES.*
(Based on Average Yields.)
1933
Daily
Averages.
Sept. 1
Aug. 31
30
29
28
26
25
24
23
22
21
19
18
17
16
15
14
12
11
10
9
8
7
5
4
3
2
I
Weekly
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
MOODY'S BOND YIELD AVERAGES.t
(Based on Individual Closing Prices.)
120 Domestics
by Groups
All
120
120 Domestics by Ratings.
Domes
Aa.
A.
Baa.
tic.
Aaa.
89.86
90.00
90.27
90.27
90.27
107.14
107.14
107.31
107.49
107.49
90.69
90.83
90.97
90.97
91.25
107.67
107.67
107.85
108.03
107.85
91.25
91.25
91.25
91.25
91.39
107.85
107.67
107.49
107.67
107.85
91 39
91.67
91 67
91.67
91.67
107 85
108.03
107.85
107.85
107.67
91.67
91.81
91.53
91.67
107.67
107 67
107.67
107.49
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
107.14
106.96
106.96
108.25
105.72
105.54
105.20
104.16
103.82
103.99
103.32
102.30
99.36
99.68
97.78
75.61 100.00
74.46 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
57.57
99.04
102.98
104.51
105.89
105.37
105.54
105.03
105.54
104.85
108.03
97.47
103.99
85.61
High 1933
Low 1933
High 1932
Low 1932
Year Ago5ept. 1 1932
80.84 99.36
Two Years Ago
tent. 2 1031
Ran) 'man
Sept. 2 1933
RR.
98.25
98.41
98.88
98.88
98.73
Stock
99.04
99.38
99.68
99.68
100.00
Stock
100.00
100.17
100.33
100.17
100.17
Stock
100.33
100.33
100.33
100.33
100.17
Stock
100.00
100.00
99.68
99.68
87.83 72.26 91.11
87.96 72.26 91.39
88.10 72.55 91.53
88.36 72.55 91.53
88.36 72.65 91.53
Excha nge Clo sed
88.63 73.05 91.81
88.50 73.25 91.96
88.63 73.45 91.96
88.63 73.45 92.10
88.90 73.75 92.10
Excba nge Clo sed
88.77 74.15 91.96
88 77 73.85 91.81
88.77 73.85 91.96
88.77 74.05 92.10
88.77 74.15 92.25
Excha nge Clo sed
88.77 74.36 92.25
89.04 74.67 92.39
89.17 74.77 92.53
89.17 74.67 92.39
89.04 74.98 92.10
Excha nge Clo sed
89.17 75.19 92.25
89.31 75.29 92.25
88.90 75.29 92.10
89.04 75.40 92.10
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
90.69
100.33
82.99
89.72
71.38
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 74.38
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
P. U. Indus.
81.30
81.30
81.66
81.78
82.14
98.57
98.41
98.73
98.73
98.57
82.50
82.74
82.99
83.23
83.60
98.73
98.73
98.88
98.73
98.73
83.97
83.97
83.72
83.97
84.10
98.73
98.73
98.73
98.57
93.67
84.22
84.60
84.60
84.47
84.97
98.73
98.73
98.73
98.88
98.73
85.23
85.35
85.23
85.35
97.94
97.16
97.31
95.93
94.73
94.14
92.68
92.25
91.11
90.27
89.31
87.69
84.85
83.35
81.30
74.67
73.25
73.35
78.10
80.49
81.90
79.91
80.14
82.14
82.74
76.35
80.60
83.85
85.99
85.99
87.56
88.23
89.17
88.23
89.31
71.96
87.69
65.71
78.44
83.11
84.97
86.25
85.48
86.38
86.64
87.56
86.38
98.88
78.44
85.61
62.09
87.04
76.67
65.96
75.61
85.23
81.90
AR no
an 23
6008
82.38
05.63
82.60
120 Domestics by Ratings.
Baa.
120 Domestics
by Groups.
RR.
40
ForP. G. Indus. Cigna.
Sept. 1..
Aug. 31._
30..
29._
28._
26._
25._
24__
23_.
22_.
21._
19._
18..
17..
16..
15..
14._
12._
11._
10._
Weekly-July 28._
21._
14..
June 30._
23__
16..
May 26..
19..
12._
Apr. 28..
21..
13._
1_.
Mar.24._
17__
10._
Feb. 24..
17..
10..
Jan. 27..
20._
13..
Low 1933
High 1933
Low 1932
High 1932
Yr AgoBept.:1'32
2 Yrs.Avo
Sept. 231
Avis.
Aa.
A.
5.43
5.42
5.40
5.40
5.40
4.33
4.33
4.32
4.31
4.31
4.86
4.85
4.82
4.82
4.83
5.37
5.36
5.35
5.35
5.33
4.30
4.30
4.29
4.28
4.29
4.81
4.79
4.77
4.77
4.75
5.33
4.29
5.33
4.30
5.33 • 4.31
5.33
4.30
5.32
4.29
4.75
4.74
4.73
4.74
4.74
5.32
5.30
5.30
5.30
5.30
4.29
4.28
4.29
4.29
4.30
4.73
4.73
4.73
4.73
4.74
5.30
5.29
5.31
5.30
98.41
98.41
98.09
98.09
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
AU
1933
120
Daily
DomesAverages. tic.
4.30
4.30
4.30
4.31
4.75
4.75
4.77
4.77
5.58
5.57
5.56
5.54
5.54
Stock
5.52
5.53
5.52
5.52
5.50
Stock
5.51
5.51
5.51
5.51
5.51
Stock
5.51
5.49
5.48
5.48
5.49
Stock
5.48
5.47
5.50
5.49
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
4.33
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
4.78
4.79
4.81
4.90
4.97
5.05
5.15
5.11
5.14
5.19
5.26
5.38
5.62
5.77
5.93
6.61
6.72
6.69
6.40
6.29
4.75
4.76
4.78
4.85
4.61
5.73
5.79
5.76
5.58
5.48
6.70
6.32
6.10
5.94
6 81
5.95
5.96
5.89
6.07
5.25
6.75
5.99
8.74
4.81
4.57
4.48
4.40
443
4.42
4.45
4.42
4.46
4.28
4.91
4.51
5.75
5.76
5.47
5.36
5.23
5 24
5.25
5.29
5.26
5.37
4.73
5.96
5.44
7.03
6.60
5.26
5.48
5.76
6.70
5.28
5.55
5.82
6.51
5.25
5.55
5.73
6.63
5.35
5.65
5.82
6.83
5.50
5.77
4.89
6.96
5.63
5.83
5.94
7.13
5.75
5.91
6.00
7.16
5.71
5.92
5.06
7.29
5.75
5.97
8.11
7.39
5.84
6.06
6.14
5.93
7.51
6.15
6.20
7.67
6.07
6.27
6.29
8.05
6.34
6.51
6.58
8.63
6.73
6.72
6.76
9.02
7.03
6.95
8.96
Stock Excha nge Clo ed
9.17
7.06
6.77
6.70
9.42
7.11
6.90
6.84
9.32
7.03
6.88
6.83
8.79
6.80
6.59
6.38
8.60
6.71
6.45
6.17
Stock Excha age Clo sed
9.27
7.22
6.96
6.54
8.68
6.85
6.55
6.16
8.31
6.62
6.26
5.89
6.41
8.06
572
6.08
821
6 55
5.72
6 17
8.00
6.55
6.11
5.60
7.98
6.66
6.12
5.55
7.83
6.60
6.05
5.48
8.18
6.97
6.27
5.55
6.42
5.19
5.47
5.47
9.44
7.22
6.98
6.97
7.41
6.30
6.34
5.59
7.66
9.23 12.96 10.49
6.14
4.79
5.64
6.51
7.03
6.61
5.78
5.68
4.40
5.94
7.51
6.01
5.03
6.94
5.34
6.10
6.94
5.32
6.10
6.91
5.31
6.07
8.91
5.31
6.06
6.90
5.31
6.03
Excha nge Clo ed
5.29
6.86
6.00
6.84
5.28
5.98
6.82
5.28
5.96
6.82
5.27
5.94
6.79
5.27
5.91
Excha nge Clo sed
6.75
5.28
5.88
6.78
5.29
5.88
6.78
5.28
5.90
6.76
5.27
5.88
6.75
5.26
5.87
Excha nge Clo ed
6.73
5.26
5.86
6.70
5.25
5.83
5.24
6.69
5.83
6.70
5.25
5.84
6.67
5.27
5.80
Excha nge Clo Bed
6.65
5.26
5.78
6.64
5.26
5.77
6.64
5.27
5.78
6.63
5.27
5.77
4.84
4.85
4.83
4.83
4.84
9.27
9.28
9.23
9.20
9.17
4.83
4.83
4.82
4.83
4.83
9.09
9.10
9.09
9.11
9.09
4.83
4.83
4.83
4.8,4
4.84
9.10
9.10
9.13
9.11
9.11
4.83
4.83
4.83
4.82
483
9.09
9.07
9.01
9.04
9.04
4.85
5.85
4.87
4.87
9.03
9.01
9.01
9.01
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
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
8.03
5.98
10.83
11.02
10.80
10.78
10.73
6.35
5.95
5.80
5 70
5.76
5.69
5.67
5.60
5.69
4.82
6.35
.6.75
8.11
11.19
11.05
10.40
10.05
10.20
9.88
9.85
9.62
9.98
8.63
11.19
9.86
15.83
25
10.93
6.05
8.86
•Nota.-These prices are computed from average yield on the basis of one"deal" bond (43i% coupon, maturing in 31 years) and do not purport to show either
the average level or the average movement of actual price quotations. They mere y serve to illustrate In a more comprehensive way the relative levels and the relative
movement of yield averages, the latter being the truer picture of the bond market.
t The last complete list of bonds used In computing these Indexes was published in the 'Chronicle" of Jan. 14 1933, page 222. For Moody's Index of bond prloe•
by menthe back to 1928. refer to the "Chron'cle" of Feb. 6 1932. page 907.
4.87
6.00
Proposed Indian Reserve Bank-Report of Committee
In these columns Aug. 19, page 1330, reference was made
to the report of Sir Reginald A. Mant's *committee, embodying recommendations for a reserve bank for India.
Some further details regarding the proposals are taken as
follows from the London "Financial News" of Aug. 16:
LONDON BRANCH OPTIONAL.
The report of the Committee on Indian Reserve Bank Legislation
was issued last night. It will be recalled that at the Third Round Table
Conference it was contemplated that a Reserve Bank would have been
•created prior to the inauguration of the Federal Constitution, and that
the Secretary of State undertook that representative Indian opinion
would be consulted in the preparation of proposals for the establishment of such a bank. The Committee was set up in pursuance of that
undertaking.
BANK'S CONSTITUTION.
Freedom from Politics.
Accepting the principle that the Reserve Bank should be free from any
political influence, the Committee recommends, in the light of the
experience of other countries, that the capital should therefore be held
by private shareholders. On this basis they propound a scheme designed
to secure the representation on the Board of the economic life of India
as a whole, while guarding against undue influence being acquired by
sectional interests through control of voting power.
The shares will be of Rs. 500 each, and the minimum voting qualification will be two shares. No shareholder, whatever the amount of his
holding will be capable of exercising more than 10 votes.
The London Branch.
Previous legislative proposals for a Reserve Bank in India have contained a clause which, as it stands, would have obligated the Bank to
establish a branch in London. The Committee states that it understands
It to be the recognized practice of central banks to conduct their operations in another country through the agency of the central bank of that
country, and it is not considered that the Board of the Indian Reserve
Bank should be precluded from following this practice. It is recommended
therefore, that a provision should be made which would make the
establishment of a London branch optional. It the Bank should arrange
to employ the Bank of England as its agent in London, the arrangement,
it is contemplated, would be reciprocal and the Bank of England would
employ the Reserve Bank as its agent in India.
Volume
137
Financial Chronicle
Issue and Banking Departments.
Previous legislative proposals on the subject have provided for separate
Issue and Banking Departments, as in the case of the Bank of England,
and as the Committee understands that this provision has met with
general approval in India it recommends that the new Bill should be
drafted on the same basis.
THE BANK'S BUSINESS.
Open Market Operations.
As regards the definition of business which the Bank may transact,
the Committee approves generally of the provisions in the previous Bill
of 1928, but makes certain suggestions for extension so as to enable the
Indian States to participate in the Reserve Bank scheme.
An important point is raised as regards open market operations.
The Committee points out that in recent years, central banking practice
has developed in the direction of using this method to an increasing
extent for the purpose of regulating credit.
Since such action may be necessitated with some degree of urgency,
it is recommended that the Bill should make it clear that the Board of
the Bank is not precluded from delegating powers in this behalf to the
Governor.
India and Sterling Standard.
The Committee points out that the questions which arise in connection
with the exchange obligations to be imposed on the Bank present special
difficulty in existing circumstances.
"We consider," states the Committee, "that the only sound course
for India is to remain on the sterling standard. On this basis the exchange
obligations incorporated in the Bill must necessarily be in accord with
the rupee-sterling ratio existing at the time when the Bill is introduced.
"We are all agreed that it should, in any case, be made clear in the
preamble that the whole question of the monetary standard best suited
to India will have to be reviewed when the international monetary
position has clarified itself and become sufficiently stable to make it
possible to frame more permanent provisions."
The Committee was a strong one, comprising not only leading authorities on the principles and practice of central banking and experienced
financial administrators both from India and this country, but also
leaders of Indian public opinion drawn from the Legislature, the business
community, and generally from the public life of British India and the
Indian States.
The primary purpose of the Committee was to recommend provisions
to be incorporated in the Indian legislation required for setting up the
Bank, which it is contemplated will commence operations under the
existing Constitution.
Sir Samuel Hoare, in a memorandum states that the prime purpose of
the report is to facilitate the drafting of the Reserve Bank Bill, which
will, in all probability, be submitted to the Indian Legislature in September, with a view to its possible passage into law later in the year.
ISSUE DEPARTMENT.
"Rupee Redemption" Problem.
Following the lines of the Hilton Young Report, previous Indian
Reserve Bank Bills have provided for the addition of a certain amount
to the liabilities of the Issue Department for the purpose of providing for
"rupee redemption," i.e., as cover for part of the outstanding rupee
circulation. The Committee recommends that such a "rupee redemption
fund" should be dispensed with; and makes detailed proposals for replacing it by a scheme which, in effect, would place upon the Government the expense of retiring surplus rupees returned from circulation,
would start the Bank with not more than 50 crores of silver rupees in
the reserve, and would at the outset transfer any rupees in excess of
this quantity to Government, in whose hands they would be valued as
bullion, and not as coin.
Ample Reserves Vital.
•
The Committee points out that the omission of any specific rupee
redemption fund makes it all the more necessary that the reserves of the
Bank should, at the outset, provide an ample margin over the statutory
amount.
While, therefore, it is proposed that, as in the 1928 Bill, the Statute
should provide that the initial proportion of gold and sterling assets
must be not less than half of the liabilities of the Issue Department, the
Committee thinks that this proportion may not necessarily be adequate,
and recommend that the question whether a higher proportion is requited
at the outset should, before the Bank is set up, be carefully considered by
government in the light of all the prevailing circumstances.
There are a number of other points, mainly of minor importance, on
which specific recommendations are made. In other respects, the Committee recommends that the principles of the 1928 Bill should be followed
in drafting the new Reserve Bank Bill.
Commenting editorially on the proposals, the "Financial
News" (London) had the following to say in its Aug. 17
issue:
INDIA'S RESERVE BANK.
The recommendations of the Committee on Indian Reserve Bank
Legislation are marked above all things by the fact that they outline the
Ideal Central bank for India's credit and currency needs without any
concession to the more extreme political elements which have always
had an ambition to make it an instrument of the Legislature. Its reserve
regulations are on the orthodox lines generally accepted, and general
agreement has been secured for the principle that the Bank should be a
. bankers' and Government's bank, undertaking the responsbility for all
Government business, and should eschew all commercial business which
would be competitive with the trading banks. The provisions for the
organization of the directorate, in the main a reversion to the Hilton
Young Report, are especially praiseworthy, in that, through the establishment of local directorates, who will appoint central directors from
among themselves, and through the limitation of individual voting
power, there will be an impregnable safeguard against the Bank falling
under the influence of particular groups, individuals, or districts. These
possibilities had been a considerable factor in Indian opposition to a
shareholder-controlled bank, and that species of opposition, especially
In view of the proposals designed to prevent the use of nominee shareholders, should now be satisfied. The ruling that no member of any
Legislature is eligible speaks for itself.
From the point of view of technical considerations, there is no reason
whatever why a bank formed on the principles set out in the report
should not begin business at an early date. We may note that the proposals have, inter alla, provided a satisfactory solution of two problems
Which confronted any attempt to transfer the entire currency responsibility to an independent institution. In the first place, in accordance
with the suggestion originally embodied in the 1928 Bill, it is proposed
that new notes issued will not be subject to the old provision that the
1639
paper note is convertible into the silver note, and in a short space of
time therefore the risk of currency confusion in the event of a very large
rise in the price of silver, theoretical as it may be, should be removed.
A more important problem was the enormous amount of silver currency
outstanding in India, against the return of which to the currency authority
the 1928 Bill proposed to insert an additional liability of Rs. 40 crores
in the Reserve Bank's balance sheet. At that time it was estimated that
there must be 350-400 crores of silver rupees outstanding, against possibly
not more than 150 crores definitely required for normal currency purposes,
and it was feared that in a time of acute trade depression a very large
amount might flow back to the currency authority. As this has not
happened during the last two years, however, it has been possible to
deal with this question more mildly. The Bank will start with only
Rs. 50 crores of silver in the reserve, and will be allowed to pay over up to
Rs. 5 crores of any surplus in each year to the Government, receiving full
face value in return, and the Government will take care of the whole of
the remainder of the silver currency issue itself. Meanwhile, there will
be no difficulty in starting the Bank with the necessary reserve requirements proposed by the report. The existing currency reserve and "gold
standard reserve" contain about Rs. 43 crores of gold, against the Rs. 35
crores proposed in the report, and the gold and sterling securities held
in the two reserves should appreciably exceed the Rs. 90 crores odd
required for the proposed 50% ratio to the note circulation—hence
Perhaps the tentative suggestion that a higher ratio might be required
at the outset. Finally, it may be remembered that the Secretary for
India put forward three essential conditions for the establishment of an
Indian Reserve Bank: (1) That the floating debt should not be excessive; (2) that the budget should not be seriously unbalanced; and (3)
that India's balance of trade should be satisfactory. It is only necessary
to say that the first two desiderata have been completely satisfied, and
that India's balance of trade certainly appears to be good at least compared with the position of other primary-producing countries.
A Bill embodying the proposals of the report will come before the
Legislature in the first instance in September, and, although there will
doubtless be no dearth of noisy opposition, the prospects of a favorable
passage remain good. One of the all-important features of the report is
that the proposal for linking the rupee to sterling at the Is. 6d. ratio,
which—although phrased with decent obscurity—is quite definite and
can hardly fail to be of permanent application, has been agreed to by all
the Indian members, not excepting the traditionally hostile Sir Parshotamdas Thakurdas and Rai Bahadur Ram Saran Des. Unanimous
agreement was also secured for the substitution of "sterling securities"
for "gold securities" in the reserve provisions, and the valuation of the
gold reserve will remain in a state of suspense, exactly similar to that of
the reserve of the Bank of England. Again, only Rai Bahadur Ram Saran
Das opposed shareholder control as against Government control of the
Bank. No doubt these matters will be contentious enough, and we may
also expect plenty of opposition to the proposal that the appointment of
the Governor should lie, albeit after consultation with the directors, in
the hands of the Governor-General of India. But the measure of agreement on the Committee was so substantial that it should have a decisive
influence on many members of the Legislature who would otherwise have
been in opposition. And,since in the last resort the opposition will know
that the granting of the Federal Constitution itself depends upon the
establishment of a sound central banking system, it is hard to imagine
that obstructive tactics will be maintained with any persistence.
From the same paper we take the report as follows:
The report of the Committee on Indian Reserve Bank Legislation has
been issued.
It is recalled by Sir Samuel Hoare, the Secretary of State for India,
in a memorandum prefacing the report, that the Federal Structure SubCommittee of the First Round Table Conference recommended that,
"with a view to ensuring confidence in the management Indian credit
and currency . . . efforts should be made to establish on sure
foundations and free from any political influence, as early as may be
found possible, a Reserve Bank, which will be entrusted with the management of the currency and exchange."
"In the course of the discussions of the Third Round Table Conference," continues Sir Samuel, "I undertook that representative Indian
opinion would be consulted in the preparation of proposals for the
establishment of the Reserve Bank, including those relating to the
reserves. In accordance with this undertaking a Committee was appointed to advise the Government of India and myself on the subject
of the required legislation.
Bill in September.
"The Committee, which sat in July, has now submitted its report.
The prime purpose of the report is to facilitate the drafting of the Reserve
Bank Bill which will, in all probability, be submitted to the Indian
Legislature in the course of September, with a view to its possible passage
into law later in the year.
"I present the report to the Committee (Joint Committee on Indian
Constitutional Reform) because of its connection with the proposals
relating to financial responsibility in the White Paper (see paragraph 32
of the Introduction)."
jThe references in the report, denoted by bold face figures in parentheses, will be found below.)
THE REPORT.
"Ensuring Confidence."
1. It was recommended by the Federal Structure Sub-Committee of
the First Round Table Conference that, "with a view to ensuring confidence in the management of Indian credit and currency . . .
efforts should be made to establish on sure foundations and free from any
political influence, as early as may be found possible, a Reserve Bank,
which will be entrusted with the management of the currency and
exchange." (1)
The Financial Safeguards Committee of the Third Round Table
Conference recommended "that steps should be taken to introduce into
the Indian Legislature a Reserve Bank Bill conceived on the above
lines as soon as possible." (2) In the report of that Committee it was also
placed on record that "the Secretary of State undertook that representative Indian opinion would be consulted in the preparation of proposals
for the establishment of the Reserve Bank including those relating to the
reserves." The present Committee has been set up in pursuance of that
undertaking.
Old and New Constitution,
2. We understand that the Bill, when drafted, is to be placed before
the present Indian Legislature with a view to its being brought into force
before the expiry of the existing Constitution. The provisions of the Bill,
therefore, will have to be designed to fit in with the existing Constitution,
but in discussing them we have kept in view the conditions contemplated
under the new Federal Constitution and endeavored to frame proposals
on lines which will require the minimum of adaptation to those conditions.
1640
Financial Chronicle
• A complication arises from the uncertain future of Burma. Wu have,
however, assumed that Burma, if separated, will continue to utilize
the Indian currency system, and that no material changes in the Reserve
Bank Act will be required.
3. We fully accept the principle that the Reserve Bank should be free
from any political influence. The best device which the practical experience of other countries has evolved for achieving this object is that
the capital of the Bank should be held by private shareholders (3), and
we recommend that this plan should be adopted in the case of India.
BOARD'S CONSTITUTION.
Restriction of Voting Power.
4. In formulating a scheme for the constitution of the board of directors
we have borne in mind the importance of securing the representation
of the economic life of India as a whole, while at the same time guarding
against undue influence in the affairs of the Bank by sectional interests,
acquired through the control of voting power. The proposals below are
designed to fulfill these aims, but their efficacy will depend in the first
place upon proper restriction of voting power. We propose that the
denomination of the shares should be Its. 500.
On this basis we recommend that the minimum voting qualification
should be two shares, which must have been held for at least six months,
and that the maximum number of votes that may be exercised by any
one shareholder should be 10. If such a limitation is imposed on voting
power we do not think it necessary to place any restriction on the amount
of capital to be held by any one shareholder. Such a restriction would
place undesirable obstacles in the way of free marketing of the shares.
A Small Board.
5. We consider that the Board should be as small as practicable. The
majority of the board of directors should in our opinion derive their
mandate from the shareholders. We do not recommend that any special
provision should be made for the representation on the Board of commercial bodies as such.
In view, however, of the fact that in the particular circumstances of
India election may fail to secure the representation of some important
elements in the economic life of the country, such as agricultural in-.
terests, we recommend that a minority of the Board should be nominated
by the Governor-General in Council under the present Constitution and
by the Governor-General at his discretion under the new Constitution,
it being understood that this power would be exercised to redress any
such deficiencies. We agree generally that the Board should be constituted as follows:
8 directors representing the shareholders;
4 directors nominated by the Governor-General in Council;
1 governor;
1 deputy-governor (or two, if two are appointed), with no voting
power; (4)
1 officer of Government with no voting power.
We contemplate that the Governor would ordinarily attend all meetings
of the Board, but if he is unable to do so on any particular occasion we
consider that his vote should be exercised by a deputy-governor authorized
by him to act as his substitute.
LOCAL BOARDS.
To Elect Central Directors.
6. The plan which we recommend for the appointment of directors to
represent the shareholders is set forth in the next paragraph. It involves
the division of India (including for this purpose Burma)into five "areas";
the election, by the shareholders resident in each area, of members of a
local board; and the selection by the latter, from among themselves, of
directors to represent the respective areas on the central board.
7. In Appendix II will be found, in tabular form, our proposals for
the geographical division Into areas, and for the allocation among them
of seats on the central board, and the initial allocation of share capital.
It is suggested that Bombay should be the headquarters for the western
area (two seats on the central board), Calcutta for the eastern area (two
seats), Delhi for the northern area (two seats), Madras for the southern
area (one seat), and Rangoon for the Burma area (one seat). (The
number of local boards for this purpose should not be capable of increase.)
Substitute Directors.
The electoral scheme in the 1928 Bill provided for the inclusion of all
the Indian States in the "Delhi Area." We consider, however, that the
States should for this purpose fall into their natural geographical divisions,
and our proposals, shown in detail in Appendix II, have been made
on this basis. We propose that five members should be elected to each
local board by the shareholders "resident" in the area according to the
definition given in clause 4 (4) of the 1928 Bill (5). The members so
elected should appoint, from among themselves, the director or directors
to represent the area on the central board. Provision should be made to
enable a substitute director to be appointed from and by a local board in
case a director representing it is unable to attend a particular meeting.
Bank of England's Position.
8. Clause 6 of the 1928 Bill (6) provides for the opening of offices at
the headquarters of the five areas which we propose. We observe that
this clause, as it stands, would oblige the Bank to establish a branch in
London. We understand that it is the recognized practice of central
banks to conduct their operations in another country through the agency
of the central bank of that country. We do not consider that the Board
should be precluded by statute from following this practice. We therefore
recommend that the words "and London" should be omitted from
clause 6, the effect• of which will be to make the establishment of a
London branch optional. Should the bank arrange to employ the Bank of
England as its agent in London, we contemplate that the arrangement
would be reciprocal, and that the Bank of England would employ the
Reserve Bank as its agent in India.
Duties of Local Boards.
9. Apart from their functions in the machinery by which directors are
appointed, the local boards would have no executive duties, except such
as may be delegated to them by the central board. Otherwise they
would be purely advisory bodies. In particular, they might play a valuable part in the scrutiny of commercial paper, analogous to the functions
of the discount committees established in Belgium, Bulgaria, Japan and
Lithuania.
With a view to ensuring that all appropriate interests, agriculture, and
the Indian States in particular, are adequately represented, the central
board should be empowered to nominate to each local board not more than
three additional members. These additional members should be full
members of the local board, except that they should not be eligible to be
returned as representatives of the area on the central board, nor to take
part in the selection of such representatives.
Sept. 2 1933
QUALIFICATIONS.
How State Officials Stand.
10. As regards the qualification of elected directors, we consider a
provision on the lines of sub-clause 2 of clause 11 of the Bill of 1928 (7)
to be desirable. We would also provide that within six months of their
appointment to the central board the four nominated directors must
become possessed of the same share qualification as is prescribed for
directors elected by the shareholders. We do not of course, suggest that
a share qualification must be acquired by the Governor, the Deputy
Governor or Governors, or the Government officer. We accept the disqualifications set out in clause 8 of the 1928 Bill, to which, however, we
would add "Insolvency."
We have considered whether the disqualification of Government
officials should apply also to officials of Indian States. We are all agreed
that, so far as elected members of central or local boards are concerned,
this disqualification should apply, but as regards nominated directors,
either on the central or local boards, the Indian States representatives
have pressed that an exception should be made. Recognizing that there
might on occasions be practical difficulties in finding suitable nonofficial representatives of the Indian States, a majority of the Committee
are prepared to recommend an exception in this case, provided that it
shall not apply to officials of the Government of India lent to an Indian
State.
11. The qualifications and disqualifications applicable to members of a
local board, whether elected or nominated, should, subject to what is said
in paragraph 10 above, be the same as those applicable to the elected
members of the central board.
Appointing First Directors.
12. We recommend, in order that the Reserve Bank may be able to
commence operations, that the first appointment of directors should be
made by the Governor-General in Council, suitable arrangements being
made for retirement in rotation.
THE GOVERNOR.
Vitally Important Post.
13. The method of appointing the Governor is a matter of the highest
importance. It is essential that this officer should command general
confidence, both in India and abroad. As regards the appointment of the
Governor and Deputy Governor (or Deputy Governors), the majority
of the Committee hold that the Governor-General in his discretion
should be the appointing authority when the new Constitution comes
into force. Those who were of this opinion felt no doubt that before
making these appointments the Governor-General would ascertain the
views of the Board of the Bank. A minority of the Committee, however,
hold that these appointments should be made by the board of directors,
subject to the approval of the Governor-General.
An attempt to harmonize these views was made by proposing that the
existing provision of the Imperial Bank constitution should be followed
in drafting the Bill, and that the Governor and Deputy Governors should
be appointed by the Governor-General after consideration of the recommendations of the Board of the Bank. This solution, as a compromise,
was acceptable to all members of the Committee except four.
Capital and Registers.
14. We recommend that the original share capital of the Bank should
be Rs. 5 crores, divided into shares .of Its. 500 each, which should be
fully paid; that the initial allocation as between the five areas should
be on the lines indicated in Appendix II (3); that a separate share register
should be maintained in each of the five areas; and that shares should be
transferable from one register to another, so that there would be a free
market in them, but shareholders should only be entitled to vote in
respect of the areas in which they are resident.
Structure of Bank.
15. The two previous Bills provided for separate Issue and Banking
Departments as in the case of the Bank of England, and we understand
that this provision has met with general approval in India. We recommend that the new Bill should be drafted on this basis.
Its Business.
16. We approve generally of the provisions of the Bill of 1928 (dealing
with the business of the Bank), but we consider that some extension may
be required to enable the Indian States to participate in the Reserve
Bank scheme.
17. The Banking Enquiry Committee recommended that additional
provision should be made enabling the Bank to make loans and advances
on the security of movable goods, wares, and merchandise, as well as
against the warehouse warrants and warehouse receipts representing such
goods. We do not feel able to recommend any such provision, since it
would tend to render the Bank's resources less liquid, and might involve
It in undesirable competition with commercial banks.
Open Market Operations.
18. An important question arises in regard to clause 18. Since the
Hilton Young Commission reported and the previous bills were drafted,
central banking practice in other countries has developed in the direction
of utilizing open market operations to an increasing extent for the purpose of regulating credit. Clause 18 as it stands might be read as necessitating a meeting of the Board on each occasion on which such operations
are required. Since action may be necessitated, for the purpose of
regulating credit, with a degree of urgency which does not permit prior
consultation with the Board, it should be made clear that the Board is
not precluded from delegating to the Governor powers in this behalf for
the above-mentioned purpose.
EXCHANGE OBLIGATIONS.
Sterling Standard Essential.
19. The questions which arise in connection with the exchange obligations to be imposed on the Bank present special difficulty in existing
circumstances. In the prevalent state of monetary disorganization
throughout the world, it is Impossible to incorporate in the bill provisions
which would necessarily be suitable when monetary systems generally
have been recast and stabilized. In these circumstances we consider
that the only sound course for India is to remain on the sterling standard.
On this basis the exchange obligations incorporated in the bill must necessarily be in accord with the rupee-sterling ratio existing at the time
when the bill is Introduced. This statement does not, however, imply
any expression of opinion on the part of the Committee on the merits
or demerits of the present ratio. The ratio provisions in the bill are
designed to make it clear that there will not be any change in the de facto
situation by the mere coming into operation of the Reserve Bank Act.
Suitable Ratio.
A considerable majority of the Indian delegates feel it their duty to
record their view that a suitable exchange ratio is one of the essential
Volume 137
Financial Chronicle
factors for the successful working of the Reserve Bank. They point out
that considerable changes have occurred in the currency bases and policies
of almost all the countries of the world in the last few years. In their
view it is for the Government of India and the Legislature to examine
these and all other relevant considerations with a view to ensuring that
the minimum possible strain is placed on the currency system of India.
We are all agreed that it should, in any case, be made clear in the
preamble that the whole question of the monetary standard best suited
to India will have to be reviewed when the international monetary
position has clarified itself and become sufficiently stable to make it.
possible to frame more permanent provisions.
Limiting Fluctuations.
20. It will be necessary in the bill to provide limits to the range of
exchange fluctuations by prescribing upper and lower points at which
the Bank will be required to buy and sell on demand sterling for immediate delivery. According to the practice now prevailing, upper and
lower points have in fact been retained as though the rupee was still
on a gold basis. As the fixing of new points would in any case have to
be on an arbitrary basis, we recommend that this practice, to which the
public have become accustomed, should be continued.
ISSUE DEPARTMENT.
Assets and Liabilities.
21. The addition of 40 crores to the liabilities of the Issue Department
for the purpose of providing for rupee redemption requires reconsideration in view of the large return of rupees from circulation since the Hilton
Young Commission reported and the indications as to the probable trend
of the movement of rupees in and out of circulation in the future.
We recommend that, as the future return of rupees over a series of
years is likely to be considerably less than in the past few years, the
rupee redemption fund should be dispensed with and in its place the following scheme should be adopted:
(1) The amount of rupees transferred at the outset to the Bank should
not exceed Rs. 50 crores.
(2) Any surplus of rupees which this arrangement would enable Government to remove from the reserve should be held by Government in
a separate account, the silver being held as bullion, not as coin. Subject
to further consideration by the Government of India any proceeds from
the realization (9) of such rupees should not be used, except for the purpose specified in (3) below.
Holding of Silver.
(3) In any year in which the minimum holding of silver rupees by the
Bank exceeded 50 crores of rupees or one-tenth of the total amount of
the reserve, the Bank would have the right to make over the surplus to
Government to an amount not exceeding 5 crores of rupees in any year,
and Government would be required to pay full value for these (to the
extent of 40% in sterling or other external assets acceptable to the Bank
If the Bank so required, and if the Bank's external assets at the time
did not exceed 50% of its total reserve).
(4) If in any year the Bank's maximum holding fell below the amounts
Indicated above, Government would similarly have the right to sell rupees
to the Bank up to a maximum of 5 crores in any one year.
BANK RESERVES.
Rupee Redemption Fund.
We observe in this connection that the omission of any provision for
a specific rupee redemption fund makes it all the more necessary that
the reserves of the Bank should at the outset provide an ample margin
over the statutory amount. Under the proviso to clause 33 (10) of the
1928 bill, the initial proportion of gold and sterling assets must not be
less than one-half of the liabilities of the issue department. We do
not propose any alteration in this figure in the new bill, but we think
that this proportion may not necessarily be adequate, and we recommend
that the question whether a higher proportion is.required at the outset
should, before the Bank is set up, be carefully considered by Government
In the light of all the prevailing circumstances.
22. As regards the holding of Government of India rupee securities,
the question was raised whether the limits proposed in the second proviso
of clause 31 (3) (11) might not prove unduly restrictive of the Bank's
open market operations; and we recommend that this point should be
further considered in India.
Sterling Securities.
23. With regard to the remainder of the reserve, we recommend that
"gold securities" should be replaced by "sterling securities." The holding of gold securities would be not merely inappropriate to a sterling
standard, but, in the present state of uncertainty, a possible source of
weakness. As regards the aggregate proportion of gold coin or bullon
and sterling securities to be held, we recommend that the minimum
figure of 40% proposed by the Hilton Young Commission and adopted
In the previous bills should be retained.
24. As regards the distribution of this minimum between sterling and
gold various considerations have to be taken into account. On the one
hand, it must be recognized that the Bank will always require to hold
a substantial amount of sterling in order to enable it to fulfill its sterling
obligations.
Rupee on Gold.
Indeed, it might be argued that so long as the rupee Is not based on a
gold standard there is no logical necessity to prescribe a minimum holding of gold, and that any such limitation would restrict the freedom of
the Bank's operations and would, to that extent, be a source of weakness
In relation to its obligations to maintain the currency standard. There
Is, moreover, a further argument that as gold carries no interest any
undue proportion of gold holdings would unjustifiably reduce the Bank's
profits and so impose, Indirectly, an unnecessary burden on the Indian
taxpayer.
PUBLIC CONFIDENCE.
Gold Favored.
As against these considerations, must be weighed the deep and widespread feeling in India in favor of holding gold as affording ultimately
the most reliable form of reserve, a feeling which may necessitate some
provision for a minimum gold holding in order to secure the confidence
of the Indian public in the stability of the Bank. While individual
members of our Committee have been inclined to attach varying degrees
of importance to these different considerations, we have been able to
reach agreement on a recommendation that the bill should prescribe a
minimum gold holding of Rs.35 crores. (12)
The minimum of Rs.35 crores represents actually about 20% of the
present note liability. Should, however, through any considerable
expansion of the note issue, this percentage fall below 15%,some members
of the Committee are of opinion that the position should be immediately
reviewed.
25. The question of valuation of the gold assets presents some difficulty. At a time when monetary standards are completely disorganized,
1641
there is, in fact, no logical figure applicable to the valuation of gold
reserves. We consider that the best course would be to retain the
valuation laid down in sub-clause (4) of clause 31 (13). This would
be in accordance with the practice at present followed by the Bank of
England and in India, where gold continues to be valued at the old parity.
Covered Against Loss.
Under this arrangement the existing holdings would be covered against
by a wide margin. The possibility would obviously be present that
loss
the Bank might gain a large premium on the gold handed over to it by
Government. The question as to how such premium should be dealt
with, especially in the event of sales being made in the intermediate
period pending revaluation of the gold, raises complex practical issues
which we have not fully discussed. In principle such profits should
belong rather to the Government than to the Bank, but our view is that
this unrealized margin should in some way or other be kept available for
strengthening the position of the currency reserves.
We recommend that detailed proposals should be worked out by the
Government of India for consideration during the passage of legislation
on this subject.
26. We approve generally of the provisions of clause 41 (14) of the 1928
bill, relating to the suspension of reserve requirements and the connected
tax provision. We (15) think it would be well to bring clause 41 into a
closer connection with clause 31 in order to make it clear that the "minimum" reserve can, and should, be utilized whenever this is called for by
the circumstances.
Allocati6n of Surplus.
27. We approve; generally, the provisions for "reserve fund and
allocation of surplus" in clause 46 (16) of the 1928 bill, subject to the
following modifications in regard to the distribution of dividends. The
appropriate rate for the fixed dividend must depend to some extent on
the return on comparable securities at the time of issue of the shares.
We recommend that the bill should empower the Governor-General in
Council to fix this rate, subject to a maximum of 5%. Provision should
also be made, on the lines of the third schedule to the 1928 bill, for a
gradually increasing dividend up to a maximum of 6%. In determining
the fixed rate of dividend the Governor-General in Council shlould take
into account, not only the yield on Government long-term securities,
but also the desirability of attracting the small investor in the mofussil
•and thereby securing a wide distribution of the shares.
SCHEDULED BANKS.
Minimum Balances.
28. We approve the principle of clause 44 of the 1928 bill, under which
scheduled banks are required to maintain minimum balances with the
Reserve Bank. Some doubts have been expressed as to the appropriateness of (a) the criterion for inclusion in the schedule, viz., 115.3
lakhs paid-up capital and reserves, and (b) the percentages prescribed
in sub-clause (1) of that clause.
We recommend that these two questions should be reconsidered in
India together with the question whether the criterion should be based
on the amount of deposits rather than on the paid-up capital and reserves.
Imperial Bank.
29. We recommend that the Reserve Bank should be reguired to enter
into an agreement with the Imperial Bank (17) on the general lines of
clause 45 of the 1928 bill, but we consider that the period of 25 years
prescribed in that clause is too long, and we suggest that this point should
be further considered by the Government of India.
The initial period, however, should be of substantial duration, with
provision thereafter for termination on several years' notice given by
either ide. The agreement should further contain a stipulation that
its continuance is dependent on the maintenance of a sound financial
position by the Imperial Bank.
Sole Agent.
30. With regard to the second schedule (18) to the 1928 bill we approve of the provision that the Imperial Bank should be the sole agent
of the Reserve Bank at all places in British India where there is a branch
of the Imperial Bank of India and no branch of the banking department
of the Reserve Bank. It should be understood that this only applies
to branches that are in existence at the time when the Act comes into
force. We also agree that the Imperial Bank shall not without the
approval of the Reserve Bank open any branch in substitution for a
branch existing at the time when the agreement comes into force.
As regards other branches that may be opened in the future the
Reserve Bank should be under no obligation to employ the Imperial
Bank and should be free to make its own arrangements. The agency
terms provided for in paragraphs 2 and 3 of Schedule II will require reconsideration in the light of present circumstances and we recommend
that the Government of India should frame revised terms in consultation
with the Imperial Bank.
Moral Claim.
31. It was submitted to us that apart from the question of remuneration for services to be rendered, the Imperial Hank of India has a moral
claim for compensation in respect of its disappointed expectations and
of commitments which it undertook, by arrangement with the Government, before the institution of the Reserve Bank was contemplated.
It was suggested to us that such compensation should be given in the
form of an allotment of a part of the share capital of the Reserve Bank
to shareholders of the Imperial Bank.
We do not consider that the question whether the Imperial Bank is
entitled to compensation is within the purview of this Committee, but,
In any case, we cannot recommend any special allocation of Reserve Bank
shares to the shareholders of the Imperial Bank, as this would be inconsistent with our scheme for the distribution of shares on the broadest
possible basis throughout India. We have no doubt, however, that
any claim for compensation which may be put forward by the Imperial
Bank will receive due consideration by the authorities in India. If the
claim is conceded, we consider that the compensation should be given in
some other form.
GOVERNOR-GENERAL.
Special Responsibilities.
32. The Committee considered whether the powers to be given to the
Governor-General in Council in various clauses of the bill should, under
the new Federal Constitution, be exercised by the Governor-General
at his discretion or by the Governor-General on the advice of his Ministers. In agreeing to the recommendations recorded below, some of the
members took into account the powers which they assume the GovernorGeneral will possess under the new Constitution Act to intervene if on
any occasion his special responsibilities are involved.
Suspension of Reserves.
In clause 41(19) of the 1928 bill (suspension of reserves) no agreement
was reached between the three alternatives of the exercise of these
powers--
1642
Financial Chronicle
(a) By the Governor-General at his discretion;
(b) By the Federal Government; or
(c) By the Federal Government with the approval of the GovernorGeneral at his discretion.
In clauses 43 and 52 (20) of the 1928 bill (forfeiture of right of note
Issue and liquidation) it was agreed that the powers should be exercised by the Federal Government with the approval of the GovernorGeneral at his discretion.
In clause 53 (regulations) (21) it was agreed that the power should be
exercised by the Federal Government.
Drafting New Bill.
33. In the preceding paragraphs we have dealt with all the major
questions in respect of which we recommend any departure from the
provisions of the 1928 bill. In other respects we recommend that the
principles of that bill should be followed in drafting the new Reserve Bank
Bill.
34. In conclusion, we desire to express our obligation to our Secretaries, Mr. G. H. Baxter and Mr. A. T. Williams, and other members
of the staff concerned, for the invaluable assistance which they have
rendered both in our proceedings and in the drafting of our report.
R. A. MANT,Deputy Chairman
V. T. KRISHNAMA CHARI
N. N. ANKLESARIA
H. P. MODY
E. C. BENTHALL
A. RAMASWAMI MUDALIAR (22)
C. C. BISWAS
CAMPBELL RHODES
RAM SARAN DAS
GEORGE SCHUSTER
H. DENNING
FHIROZE SETHNA
A. HYDARI
H. STRAKOSCH
MIRZA M. ISMAIL
PURSHOTAMDAS THAKURDAS
COWASJEE JEHANGIR (Jr.)
S. D. WALEY
L. J. KERSHAW
MOH13. YAMIN KHAN
C. KISCH
ZAFRULLA KHAN
G. H. BAXTER
A. T. WILLIAMS}Secretaries
India Office, Aug. 1 1933.
REFERENCES.
(1) Second report of the Federal Structure Sub-Committee. paragraph 18.
(2) Report of the Committee on Financial Safeguards, paragraph 4.
(3) Ral Bahadur Ram Saran Das records his view that the Bank should be Stateowned.
(4) Some members of the Committee think that the Deputy Governors should
have full voting power.
(5) A shareholder shall be qualified to be registered as such in any area in which
lie is ordinarily resident or has his principal place of business in India, but no person
shall be registered as a shareholder in more than one register or as a holder of an
Interest in the share capital of a total nominal value exceeding 20,000 rupees; and
no person who is not (a) domiciled in India, or (b) a British subject ordinarily resident in India, or (c) a company registered under the Indian Companies Act, 1913,
or a society registered under the Co-operative Societies Act, 1912. or a scheduled
bank, or a corporation or company incorporated by or under an Act of Parliament
or any law for the time being in force in any of His Majesty's Dominions and having
a branch in British India, shall be registered as a shareholder or be entitled to payment of any dividend on any share.
(6) The head office shall be established in Bombay, and the bank shall, as soon
as may be, establish branches in Calcutta, Madras, Rangoon, Delhi and London,
and may establish branches or agencies in any other place in India or, with the previous sanction of the Governor-General in Council, elsewhere.
(7) The four dir,ectors to be nominated by the Governor-General, the two to be
nominated by the Associated Chambers of Commerce, the two by the Federation
of the Indian Chambers of Commerce, the one representing agriculture, and the
eleven "local" directors shall cease to hold office if, at any time after the expiry of
one month from the date of his nomination or election or of eighteen months from
the date on which this Act comes into force, whichever is later, he is not registered
as a holder of unencumbered shares of the Bank of a nominal value of not less that
10,000 rupees, or if he ceases to hold unencumbered shares of that value.
(8) Suggestions for distribution of local areas and allocation of shares:
Area
Number
Allocation of
and
Extent.
of
Share Capital.
Headquarters.
Directors.
Rs.lakhs.
United Provinces
Punjab
North-West Frontier Prov.
Baluchistan
1 Northern (Delhi)
Ajmer Merwara
2
80
Rajputana Agency
Punjab States
Kashmir
United Prov. States
Gwallor
Bombay Presidency
Sind
Central Prove. and Serer
Western India Agency
Baroda
2 Western (Bombay) Hyderabad
2
165
Central India Agency (excluding
Bundelkhand & Baghelkhand
Gujerat States Agency
Deccan States Agency
Bengal
Bihar and Orissa
Assam
Sikkim
3 Eastern (Calcutta) Assam States
2
165
Bengal States
Eastern States Agency
Bundelkhand and Baghelkhand
Madras Presidency
4 Southern (Madras) Coorg
1
50
Mysore
Madras States
5 Burma (Rangoon) fBurma
40
1
l
lAndamans and Nicobars
(9) Some of us wish to make it clear that in accepting this scheme we do not wish
to be regarded as endorsing any policy of selling silver.
(10) On the date on which this chapter comes into force, the issue department
shall take over from the Governor-General in Council the liability for all the currency notes of the Government of India for the time being in circulation, and the
Governor-General In Council shall transfer to the Issue department gold coin, gold
bullion, gold securities, rupee coin and rupee securities to such aggregate amount
as is equal to the total of the amount of the liability so transferred and of a sum of
40 crores of rupees. The coin, bullion and securities shall be transferred in such
proportion as to comply with the requirements of section 31:
Provided that the total amount of the gold coin, gold bullion and gold securities
so transferred shall not be less than one-half of the whole amount transferred.
(II) The remainder of the reserve shall be held in rupee coin, Government of
India rupee securities of any maturity and such bills of exchange and promissory
notes drawn and payable in British India as are eligible for purchase by the Bank
under sub-clause (a) or sub-clause (b) of clause (2) of section 17 or under section 18:
Provided that the amount held in rupee coin shall not exceed—
(a) during the three years after the date on which this chapter comes Into force,
95 crores of rupees,
(b) during the next three years, 75 crores of rupees,
(0) during the next four years, 60 crores of rupees, and
(d) 50 crores of rupees thereafter,
or one-tenth of the total amount of the reserve, whichever amount is greater;
Provided further that the amount held in Government of India rupee securities
shall not at any time exceed one-fourth of the total amount of the reserve or 50
crores of rupees, whichever amount is less.
(12) Sir Purahotamdas Thakurdas and Rai Bahadur Ram Saran Das dissent
from the proposal to omit any provision for a minimum percentage of gold to the
note issue.
Sir Campbell Rhodes would prescribe no minimum, but leave the board complete
freedom in the matter of gold reserves.
Sept. 2 1933
(i3) For the purposes of this section gold coin and gold bullion shall be valued
at 8.47512 grains of fine gold per rupee, rupee coin shall be valued at its face value,
and gold and rupee securities shall be valued at the market rate for the time being
obtaining.
(14) (1) The Bank may, with the previous sanction of the Governor-General in
Council, for periods not exceeding 30 days in the first instance, which may, with the
like sanction, be extended from time to time by periods not exceeding 15 days, hold
in the reserve gold coin, gold bullion or gold securities of less aggregate amount than
that required by sub-section (2) of section 31 and, while the holding is so reduced
the proviso to that sub-section shall cease to be operative.
(2) In respect of any period during which the holding of go'd coin, gold bullion
and gold securities is reduced under sub-section (1), the Bank shall pay to the (lovernor-General in Council a tax upon the amount by which such holding is reduced
below the minimum prescribed by sub-section (2) of section 31; such tax shall be Payable at the Bank rate for the time being in force, with an addition of 1% per annum
when such holding exceeds 3255% of the total amount of the reserve and of a further
155% per annum in respect of every further decrease of 255% or part of such decrease.
Provided that the tax shall not in any event be payable at a rate less than 6%
per annum.
(15) Except Sir Purshotamdaa Thakurdas and Rai Bahadur Ram Saran Das.
(16) After making provision for bad and doubtful debts, depreciation in assets,
contributions to staff and superannuation funds, and such other contingencies as
are usually provided for by bankers, and after payment out of the net annual profits
of a cumulative dividend at the rate of 5% per annum on the share capital, the
surplus shall be allocated as follows:
(a) One-half to a reserve fund, until such reserve fund is equal to one-halt of the
share capital, and the remaining one-half to the Governor-General in Council;
(b) Thereafter, until the reserve fund is equal to the share capital, one-tenth to
the reserve fund, and the balance to the Governor-General in Council, and
(c) When and for so long as the reserve fund is not less than the share capital, a
Portion to an additional dividend to the shareholders calculated on the Beale set
forth in the third schedule, and the balance to the Governor-General in Council:
Provided that, so long as the reserve fund is less than the share capital, not less
than 50 lakhs of rupees of the surplus, or the whole of the surplus if less than that
amount, shall be allocated to the reserve fund.
(17) Owing to their connection with the Imperial Bank, Sir Edward Benthall and
Sir Purshotamdas Thakurdas took no part in the discussion of this question.
Sir Akbar Ryderi also desired to have his view recorded that the objects for which
the early establishment of the Reserve Bank had been found necessary would be
much more speedily attained, at the outset at least, if the Imperial Bank of India
was, with suitable modifications, made the instrument for attaining these objects.
rather than by the creation forthwith of an entirely new institution.
(18) 1. The Imperial Bank of India shall be the sole agent of the Reserve Bank
of India at all places in British India where there is a branch of the Imperial Bank
of India and no branch of the banking department of the Reserve Bank of India.
2. In consideration of the performance by the Imperial Bank of India on behalf
of the Reserve Bank of India of the functions which the Imperial Bank of India was
performing on behalf of the Governor-General in Council at the places referred to
In clause 1 before the coming into force of the Reserve Bank of India Act, 1928,
the Reserve Bank of India shall pay to the Imperial Bank of India a commission
calculated on the total of the receipts and disbursements dealt with annually on
account of Government by the Imperial Bank of India on behalf of the Reserve
Bank of India. Such commission shall be 1-16 of 1% on the first 250 crores of such
total and 1-32 of 1% on the remainder.
3. Subject to the condition that the Imperial Bank of India shall keep open
branches not leas in number than those existing at the time of the coming into force
of the Reserve Bank of India Act, 1928, the Reserve Bank of India shall allow the
following balances to the Imperial Bank of India at the Interest rates hereinafter
specified, namely:
(a) During the first five years from that time, 3 crores tree of interest;
(b) During the next five years, 2 crores free of Interest and, at the option of the
Imperial Bank of India, an amount not exceeding 1 crore at 2% per annum;
(c) During the next five years, 1 crore free of interest and, at the option of the
Imperial Bank of India, an amount not exceeding 2 crores at 2% per annum; and
(d) During the next five years, at the option of the Imperial Bank of India, an
amount not exceeding 3 crores at 2% per annum.
4. The Imperial Bank of India shall not without the approval of the Reserve Bank
mofeInnt comesdlaopeninatnoybrce
branch
branch in substitution for a bnch existing at the time this agreera
force.
(19) (1) The Bank may, with the previous sanction of the Governor-General in
Council, for periods not exceeding 30 days in the first instance, which may, with
the like sanction, be extended from time to time by periods not exceeding 15 days,
hold in the reserve gold coin, gold bullion or gold securities of less aggregate amount
than that required by sub-section (2) of section 31 and, while the holding is ao reduced, the proviso to that sub-section shall cease to be operative.
(2) In respect of any period during which the holding of gold coin, gold bullion
and gold securities Is reduced under sub-section (1), the Bank shall pay to the Governor-General in Council a tax upon the amount by which such holding Is reduced
below the minimum prescribed by sub-section (2) of section 31; such tax shall be
payable at the Bank rate for the time being in force, with an addition of 1% Per
annum when such holding exceeds 3255% of the total amount of the reserve and of
safueirh1Per annum in respect of every further decrease of 2Si% or part of
u
decrease.
Provided that the tax shall not in any event be payable at a rate less than 6%
Per annum.
(20) If at any time the Bank fails to comply with any provision of this chapter or
with any other provision of this Act, the Governor-General in Council may, by notification in the "Gazette of India," declare that the Bank has forfeited the right
of note issue, and shall thereupon take over the liabilities of the issue department
together with such portion of the assets of the Bank as is required to meet such
liabilities, and thereafter the business of the issue department shall be carried on
in
manner p
de
prescribed by this Act by such agency as the Governor-General in
thelmay
Nothing in the Indian Companies' Act, 1913, shall apply to the Bank, and the
Bank shall not be placed in voluntary or compulsory liquidation save with the
sanction of the Governor-General In Council and in such manner as he may direct.
In such event the reserve fund and surplus assets, if any, of the Bank shall be
divided between the Governor-General in Council and the shareholders In the proportion of 75% and 25%. respectively.
(21) (1) The board may, with the previous sanction of the Governor-General in
Council, make regulations consistent with this Act to provide for all matters for
which provision is necessary or convenient for the purpose of giving effect to the
provisions of this Act.
(2) In particular and without prejudice to the generality of the foregoing provision, such regulations may provide for all or any of the following matters, namely:
(a) the maintenance of the share register, the manner in which and the con
ditions subject to which shares may be held and transferred, and, generally, all
matters relating to the rights and duties of shareholders;
(b) the manner in which general meetings shall be convened and the procedure to
be followed thereat:
(0) the manner in which notices may be served on behalf of the Bank upon shareholders or other persons;
(d) the manner in which the business of the board shall be transacted, and the
procedure to be followed at meetings thereof;
(e) the establishment of local boards and the delegation to such hoards of powers
and functions;
(f) the constitution and management of staff and superannuation funds for the
officers and servants of the Bank;
(g) the manner and form in which contracts binding on the Bank may be executed;
(h) the provision of an official seal of the Bank and the manner and effect of its use:
(I) the manner and form in which the balance sheet of the Bank shall be drawn UP,
and in which the accounts shall be maintained:
(1) the circumstances in which, and the conditions and limitations subject to which.
the value of any lost, stolen, mutilated or imperfect currency note of the Government
of India or bank note may be refunded; and
(k) generally for the efficient conduct of the business of the Bank.
(22) Mr. Ramaswami Mudaller has signed on behalf of Mr. Iyengar in regard
to all matters on which agreement was reached before Mr. lyengar left for India.
In regard to other matters, Mr. Iyengar has reserved the right to record a supplementary note if he finds this necessary.
Indian Liberals Urge Cut in Rupee Value—Want
Exchange Rate of One Shilling or Nine Pence.
From Calcutta Aug. 27 a wireless message to the New
York "Times" said:
The publication in London of proposals for an Indian Reserve Bank has
led to the revival of agitation for a lower exchange value for the rupee,
Volume 137
Financial Chronicle
At a meeting of liberals in Calcutta, held on the return of several prominent
Joint Committee delegates from London, it was urged that the rupee's
value be reduced to one shilling, or nine pence in place of the present
eighteen pence.
These views have since been supported publicly by the President of
the Indian Chamber of Commerce. Critics of the existing rate point to
the action taken by the United States and Japan to raise commodity prices.
They complain that no such effort has been made in India.
1643
Reserve Bank for New Zealand-Legislation This Year.
In its Aug. 16 issue the London "Financial News"reported
the following (Exchange Telegraph) from Wellington, New
Zealand, Aug. 15:
The New Zealand Government has decided to open the Parliamentary
session on Sept. 21. It is hoped to pass by Christmas legislation that will
include the establishment of a central reserve bank.
Indications of Business Activity
-COMMERCIAL EPITOME, Island & Pacific Ry. and the Missouri-Kansas-Texas Lines,
THE STATE OF TRADE
all of these carriers showed an increase over the 1932 period.
Friday Night, Sept. 1 1933.
Trade continues to forge ahead at a good pace at both Comparative statistics follow:
wholesale and retail. This is t' e time of the year when there is REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
usually a recession but retail sales continue to increase.
,
The reports of chain and department stores support the news
Loaded on Lines.
Rec'd from Connections.
Weeks Ended.
of an increase in consumer buying. The big industries are
Aug.2b Aug. 19 Aug. 27 Aug.26 Aug. 19 Aug.27
1933. 1933. 1932. 1933. 1933. 1932.
spending much of their time in adjusting things to the new
codes which overshadows production interest. Steel output Atch. Top. dr Santa Fe Ry
18,920 18,393 18.624 4,073 4,191 3,561
Chesapeake dc Ohio Ry
24,010 23,882 18,594 8,421 8,517 7,399
fell off to 47% of capacity. Coal production on the other Chic. Burl.& Quincy RR
14,593 14,736 16,023 6,007 5,897 4,801
Chic. Mtlw. St. Paul & Pac. Ry. 17,707 17,558 16,755 6.332 6.244 6,184
hand continues to rise. The output of electricity continues Chicago & North Western Ry
14.461 14,183 14.349 7,898 8,041 7.125
to run well ahead of last year. Earnings records are better Chic. Rock Island & Pacific Ry 12,201 11,711 13,800 7,806 7,590 6,987
Gulf Coast Lines &
1,773 1.827 1,711
950
969
than a year ago. August clearance sales by retail stores International Great subsidiaries_ 2,406 2,559 2,083 1,406 1,419 1,047
Northern RR
1,344
Missouri-Kansas
4,573 4,534 4,592 2.383 2,167 1,995
-Texas Lines
have been very successful. Food prices have been firmer. Missouri Pacific RR
13,980 13,880 12.941 6,786 6,562 6,037
45,121 45,781 36,060 57,271 60.105 43,233
There was a sizable decline recorded by the adjusted index New York Central Lines
Norfolk & Western Ry
21,889 21,812 14,824 3,920 3,964 2,811
of automobile production for the week ended Aug. 26, when Pennsylvania System
61,730 62.171 50,790 35,849 36,171 27,832
Pere Marquette Ry
4,218 4,377 3,649
x
x
x
the figure fell back more than 4 points. Production de- Wabash Ry
5,300 5,139 5,055 6,265 6,610 5,504
53,920 in the
clined 3,873 units, totaling 50,047 as against
Total
262,882 262,543 229,850 155,367 158,447 125,860
previous week. A further reduction is expected in the cura Not available.
rent week. Retail sales of automobiles showed a slight
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
falling off during the week, but low-priced car sales have
Aug. 28
Aug. 19
Aug. 27
been well maintained. Production of electricity was reported
Weeks Ended
1933.
1933.
1932.
at 1,630,394,000 kwh. as compared with 1,650,205,000 in
Illinois Central System
24,827
25,237
24,825
the preceding period and 1,436,440,000 in the same week St. Louis-San Francisco Ry
12,199
12,393
11,297
last year. The gain for the country as a whole was 13.5%
Total
37,026
37,630
36,122
over last year as compared with an increase of 15.2% in the
Loading of revenue freight for the latest full week-that is,
previous week. Paper sales are holding up well. One
for the week ended Aug. 19 totaled 634,845 cars, the American
national ready-to-wear chain store reported sales 33% above
Railway Association announced on Aug. 26. This was an
August of last year. Sales of household equipment were
very encouraging. July sales of electric refrigerators were increase of 12,086 cars above the preceding week this year
nearly five times as large as last year's figures and well over and an increase of 116,405 cars above the corresponding week
25% above 1931. Washing machine makers also reported in 1932. It was, however, a reduction of 113,755 cars below
the corresponding week in 1931. Details for the latest full
increased sales.
follow:
Commodities have been rather quiet with prices generally weekcommodities showed increases over the preceding week
All
except.grain
and lower owing to pre- and grain products, forest products and merchandise less than carload
lower. Cotton has been less active
freight. All commodities showed increases over the corresponding week
holiday liquidation and other selling, with many traders
not inclined to make new commitments until next week. last year except live stock, grain and grain products and merchandise less
than carload freight.
The weather during the week has been mostly favorable
Miscellaneous freight loading for the week of Aug. 19 totaled 222.498
over the greater part of the country. There have been some cars, an increase of 6,348 cars above the preceding week, and an increase of
40.580 cars above the corresponding week in 1932, but a decrease of 58.090
heavy rains locally, however, that were damaging, but in cars under the same week in 1931.
Loading of merchandise less than carload lot freight Waled 168.881 cars,
most sections rainfall has been mostly beneficial. Temperatures during the week generally have averaged near normal a decrease of 815 cars below the preceding week. 755 cars below the corresponding week last year, and 45.129 cars below the same week two years ago.
although there were sections where temperatures departed
Grain and grain products loading for the week totaled 28,598 cars, a
decrease of 3.000 cars under the preceding week. 9.548 cars below the
from normal.
corresponding week last year and 16.142 cars below the same
Canada also received generous rains, in the Maritime In the Western Districts alone, grain and grain products week in 1931.
loading for the
Provinces, Quebec, eastern Ontario and the southern dis- week ended Aug. 19 totaled 19,088 cars, a decrease of 6,484 cars below the
tricts of the Prairie Provinces. They came after a prolonged same week last year.
Forest
dry spell, and materially benefited pastures, late grain week butproducts loading totaled 26,875 cars, 88.3 cars below the preceding
11,213 cars above the same week in 193?. It was, however, 360
crops, fruit and root crops. Despite the rains that brought cars below the same week in 1931.
Ore loading amounted to 37.384 cars, an increase of 4,349 cars above the
an end to the lengthy drouth, harvesting has made good week
before, 30,153
progress in the Prairie Provinces. Threshing is completed cars above the same cars above the corresponding week in 1932, and 1.660
week in 1931.
earliest districts in Manitoba and is under way in the
Coal loading amounted to 126.317 cars, an increase of 3.710 cars above
in the
the preceding week, 40,708 cars above the corresponding week in 1932. and
northern section of the province. Good progress in harvest7.418 cars above the same week in 1931.
ing has also been made in southern and central areas of
Coke loading amounted to 6.975 cars, 449 cars above the preceding week,
4.360 cars above the same week last year, and 2,612 cars above the same
Saskatchewan and Alberta.
week two years ago.
To-day it was 64 to 76 degrees here and raining. The
Live stock loading amounted to 17,317 cars, an increase of 1.928 cars
forecast was for fair weather with moderate temperatures. above the preceding week. but 306 cars below the same week last year and
Overnight at Boston it was 62 to 82 degrees; Baltimore, 68 5.724 cars below the same week two years ago. In the Western Districts
alone, loading of live stock for the week ended on Aug. 19 totaled
to 74; Pittsburgh, 54 to 64; Portland, Me.,58 to 78; Chicago, cars, a decrease of 61 cars compared with the same week last year. 13.404
76; Cincinnati, 62 to 74; Cleveland, 58 to 76; Detroit,
62 to
All districts reported increases in the total loading of all commodities
64 to 78; Charleston, 74 to 84; Milwaukee, 64 to 74; Dallas, compared with the same week in 1932. All districts reported decreases
88; Kansas City, Mo., 68 to 82; compared with the corresponding week in 1931, except the Pocahontas,
72 to 92; Savannah, 74 to
Springfield, Mo., 68 to 82; St. Louis, 68 to 86; Oklahoma which showed an increase.
Loading of revenue freight in 1933 compared with the two previous
City, 72 to 86; Denver, 56 to 88; Salt Lake City, 54 to 76;
Los Angeles, 58 to 74; San Francisco, 52 to 78; Seattle, 52 years follows:
to 66; Montreal, 62 to 76;, and Winnipeg, 54 to 80.
1933.
Revenue Freight Car Loadings Continue Improvement
Over 1932.
The first 15 major railroads to report car loadings of
revenue freight originate or their own lines for the seven
days ended Aug. 26 1933 loaded 262,882 cars, compared
with 262,543 cars in the preceding week and 229,850 cars
in the same period last year. With the exception of the
Chicago, Burlington & Quincy RR., the Chicago Rock
Four weeks in January
Four weeks in February
Four weeks in March
Five weeks in April
Four weeks in May
Four weeks in June
Five weeks In July
Week ended Aug. 5
Week ended Aug. 12
Week ended Aug. 19
Total
1932.
1931.
1,910,496
1.957,981
1,841,202
2,504,745
2,127,841
2,265,379
3,108.813
613,112
622,759
634,845
2,266,771
2,243,221
2,280,837
2,774,134
2,0'18.088
1,966.488
2,420,985
496,626
511,965
518,440
2,873,211
2,834,119
2,936,928
3,757.863
2,958.784
2,991,950
3,692,362
734,730
743,626
748,600
17.587.173
17 FAS7 KS
24 272 173
1644
Financial Chronicle
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended Aug. 19. In
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind
those of the general totals-that is, are for the week ended
Aug. 12. During the latter period a total of 36 roads showed
decreases as compared with the corresponding week last
Sept. 2 1933
year. Among the most important carriers continuinato
show increases over a year ago were the Pennsylvania
System, the Baltimore & Ohio RR., the Chesapeake ‘fe Ohio
Ry., the New York Central RR., the Norfolk & Western
Ry., the Southern Ry. System, the Louisville & Nashville
RR., the Chicago Milwaukee St. Paul & Pacific Ry., the
Chicago & North Western Ry. and the ,Illinois Central
System.
-WEEK ENDED AUG. 12.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1933.
Eastern District
Group A:
Bangor & Aroostook
Boston dz Albany
Boston de Maine
Central Vermont
Maine Central
New York N.H.& Hartford...
Rutland
Total
Group B:
Delaware-dz Hudson
Delaware Lackawanna & West_
Eire
Lehigh & 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. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis_
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia--Wabash
Wheeling & Lake Erie
1932.
1931.
1933.
667
2,539
6,952
593
2,514
9,250
569
827
3,437
9,684
769
3,396
13,297
679
220
4,535
8,928
2,419
1,459
10,346
939
166
3,897
7,721
2,355
1,435
9,006
896
26,351
23,084
32,089
28,846
25,476
5,609
8,318
12,881
178
1,104
7,512
1,177
22,763
2,125
685
438
4,206
6,967
10,440
138
1,351
6,071
945
16,162
1,936
387
249
5,453
10,343
13,632
171
1,497
8,0C2
2,484
26,002
2,279
438
395
6,662
5,673
13,373
1.593
956
6,604
21
27,163
1,941
29
347
5,231
4,483
10,199
1,411
635
5,093
16
20,512
1,646
73
177
62,790
48,852
70.696
64,362
49,476
556
1,170
7,709
28
192
242
1,622
3,139
6,729
3,656
4,284
4,533
5,086
1,003
5,057
3.854
419
1,588
7,130
25
427
177
1,220
2,047
4,998
2,716
4,607
3,506
3,051
1,071
5,217
2,617
623
2,220
9,414
47
325
234
1,463
3,251
7,801
4,210
5,799
5,401
4,555
1,193
6,709
4,115
1,011
1,700
11,053
90
96
2,082
769
5,435
7,285
199
7,949
4,303
5,096
685
6,334
2,348
826
1,447
8,927
45
101
1,197
511
3,727
5,463
148
5,935
2,846
2,999
380
5,303
1,739
48,860
40,816
57,360
56,415
41,594
Grand total Eastern District-- 138,001
112,752
160,145
149,623
116,546
30,769
3,541
*244
5,250
2
361
108
1,110
62,741
12,025
9,938
77
3,390
1,269
23,219
1,454
94
4,855
1
158
51
1,041
47,566
10,365
3,812
63
2,254
1.112
32,766
3,664
136
7,648
553
333
101
1,421
72,377
14,550
7,662
41
3.221
4.4.
15,201
1,480
6
9,479
32
13
32
1,664
37,346
14,603
4,965
3,832
1,373
9,814
498
5
7,918
36
39
10
1,976
26,211
10,949
927
1
2,301
1,092
130,825
96,045
144.473
90,026
61,777
Total
Allegheny District
Baltimore & 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
z Penn-Read Seashore Lines.-Total
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District
-Group A:
Atlantic Coast Line
ClInchfield
Charleston & Western Carolina.
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom.
Seaboard Air Line
Southern System
Winston-Salem Southbound
23,771
21,297
609
3,642
17,526
13,401
567
3,054
23,586
17,977
950
3,636
8,486
3,790
1,224
449
5,718
2,662
906
367
49,319
34,548
46,149
13,949
9,653
6,527
1,141
333
137
30
1,256
*490
429
6,077
17,675
147
5,454
606
333
137
44
1,709
397
295
5,636
16,395
191
7,361
1,211
416
149
55
2,034
480
374
7,370
23,358
172
3,801
1,371
725
314
63
1,061
951
2.235
2,744
10,679
676
3,080
833
489
255
57
716
541
2,343
2,215
8,690
556
Total Revenue
Freight Loaded.
Total Loads Received
from Connections.
1933.
1932.
616
2,673
8,053
1,045
2,654
10,684
626
Railroads.
Group B•
Alabama Tenn. & Northern-Atlanta Birmington & Coast.-Atl.& 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_ -New Orleans-Great Northern...
Tennessee Central
1932.
1931.
232
721
561
3,239
182
251
621
536
738
17,358
18,966
156
152
1,787
2,609
485
319
211
683
590
3,028
142
297
698
240
658
15,949
14,557
132
123
1,545
2,266
443
245
275
799
721
4,050
250
422
1,082
606
879
23.917
20,641
131
169
2,142
2,792
808
548
1933.
129
389
906
1,940
200
206
1,036
381
628
7,814
3,235
253
258
1,327
1,786
287
599
1932.
96
319
773
1,588
116
377
958
216
493
6,523
2,578
208
225
889
1,739
211
483
48,913
41,807
60,232
21,374
17,792
Grand total Southern District._
83,155
73,004
103.212
45.994
37,567
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic. St. Paul Minn.& Omaha.
Duluth Missabe & Northern..-Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie..
NorthernPacific
Spokane Portland & Seattle...
751
18,462
2,214
17,586
3,751
10,569
944
5,152
327
15,428
467
1.753
5,333
9,102
*925
1,178
14,262
2,238
15,190
3,401
2,391
288
2,370
304
9,391
482
2,101
4,350
7,738
1,161
1,555
22,281
2,875
22,572
4,157
12,125
1,298
4,621
390
14,300
630
2,843
6,185
10,356
1,192
1,830
8,065
2,377
6,186
2,941
67
374
4,615
150
2,106
331
1,334
1,879
2,266
882
1,455
6,269
1,850
5,518
3,023
114
369
2,610
110
2,119
284
1,161
1,646
2,031
833
92,764
66,845
107,380
35,403
29,392
17,270
2,640
179
14,252
10,699
2,542
770
1.843
195
'900
713
218
16,371
244
358
10,636
270
1,227
20,981
3,160
208
13,464
11,376
2.337
646
1,695
226
954
666
292
16,189
182
386
10,732
213
1,446
27,745
3,576
193
20,051
16,326
2,975
1,116
2,476
537
1,178
1,042
125
20,793
320
325
14,831
213
1,773
4,140
1,692
34
5,886
5,261
1,858
788
2,044
14
673
465
20
3,324
350
970
6,103
4
2,052
3,629
1,441
18
4,634
4,717
1,519
659
1,638
11
638
317
34
2,282
316
700
5,373
4
1,776
81,327
85,153
115,595
35,678
29,706
200
160
130
1,884
88
132
146
1,701
174
134
194
12,007
3,590
263
119
960
2,298
198
122
1,066
2,517
133
1,689
1,108
288
564
174
4,203
13,829
36
79
7,515
1,746
1,839
136
1,262
1,111
104
628
58
4,423
12,393
31
71
7,618
1,804
6,838
401
2,010
2,258
185
834
89
5,346
18,122
37
72
9,825
3,166
1,311
653
1,247
554
603
120
292
2,132
6,104
13
84
2,918
1,248
1,216
522
991
584
323
146
183
2,053
5,722
12
58
2,479
890
5,651
3,230
2,209
23
5,084
3,376
1,597
16
6.860
6,131
1,958
31
2,264
2,965
2,199
28
1,997
2,295
1,597
33
Total
Total
Central Western District
Atch. Top.& Santa Fe System_
Alton
Bingham dr Garfield
Chicago Burlington & Quincy..
ChicagoRock Island & Pacific_
Chicago & Eastern Illinois...Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth 'Sc Denver City-Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island....
ToledoPeoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith dz Western
Gulf Coast Lines
y 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..
MissouriPacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Y San Antonio Uvalde & Gulf_ _
Southern Pacific in Texas & La.
Texas & Pacific
Terminal RR. Assn. of St. Louis
Weatherford Min.Wells & N.W.
34,242 I 31.197
43.618
24.785
42.980
24,620
19,775
Total
Total
66,672
29,667
47.368
x Estimated. 9 Included In Gulf Coast 1-Ines• a Pennsylvania-Read ng Seashore Lines include the new consol dated lines of the West Jersey & Seashore RR.,
formerly part of Pennsylvania RR. and Atlantic City fat, formerly part of Reading Co.: 1931 and 1932 figures included in Pennsylvania System and Reading Co.
*Figures of preceding week. ** Not available.
Country's Foreign Trade in July-Imports and Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Aug. 23 issued its statement on the
foreign trade of the United States for July and the seven
months ended with July. The value of merchandise exported in July 1933 was estimated at $145,000,000, as compared with $106,830,000 in July 1932. The imports of
merchandise are provisionally computed at $143,000,000 in
July the present year, as against $79,421,000 in July the
previous year, leaving a favorable balance in the merchandise
movement for the month of July 1933 of approximately
$22,000,000. Last year in July there was a favorable trade
balance in the merchandise movement of $27,409,000. Im-
ports for the seven months ended July 1933 have been $735,195,000, as against 26,207,000 for the corresponding seven
months of 1932. The merchandise exports for the seven
months ended July 1933 have been $814,341,000, against
$946,842,000, giving a favorable trade balance of $79,146,000
for the seven months,against $120,635,000 in the same period
a year ago.
Gold imports totaled $1,496,000 in July 1933 against
$20,037,000 in the corresponding month of the previous
year, and for the seven months ended July 1933 were $185,010,000, as against $167,887,000 in the same period a year
ago. Gold exports in July were $85,375,000, against only
$23,474,000 in July 1932. For the seven months ended July
Financial Chronicle
Volume 137
1933 the exports of the metal foot up 16179,078,000, against
$791,312,000 in the corresponding seven months of 1932.
Silver imports for the seven months ended July 1933 have
been $31,963,000, as against $12,041,000 in the seven months
ended July 1932, and silver exports were $5,371,000 compared with $9,098,000. The following is the complete
official report:
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1933 corrected to Aug. 22 1933.)
MERCHANDISE.
7 Months Enclitic July.
July.
1933.
1932.
Increase(+)
Decrease(-)
1,000
DoUars.
106,830
79,421
1,000
Dollars.
814,341
735,195
1.000
Dollars.
946,842
826,207
1,000
Dollars.
-132,501
-91,012
2,000
Excess of exports
Esenth nt Imnnrth
1933.
1,000
Dollars.
145,000
143,000
Exports
Imports
1932.
27,409
79,146
120,635
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1933.
1931.
1932.
1930.
1,000
1,000
1,000
Dollars. Dollars. Dollars.
120,589 150,022 249,598
101,515 153,972 224,346
108,015 154,876 235,899
105,217 135,095 215,077
114,196 131,899 203,970
119,809 114,148 187.077
145.000 106,830 180.772
108,599 164,808
132,037 180,228
153,090 204,905
138,834 193,540
131,614 184,070
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1929.
1928.
1,000
1,000
1,000
Dollars. Dollars. Dollars.
410,849 488,023 410,778
348,852 441,751 371,448
369,549 489,851 420,617
331,732 425,264 363,928
320,035 385,013 422,557
294,701 393.186 388,661
266,762 402,861 378,984
297,765 380.564 379.006
312,207 437,163 421,607
326,896 528,514 550,014
288,978 442,254 544,912
274,856 426,551 475,845
7 months ending July 814,341 946,842 1,496,739 2,342,478 3,025.949 2,756,973
12 months ending Dee.
1,611,016 2,424,289 3,843,181 5,240,995 5,128,357
Imports
January
February
March
April
May
June
July
August
September
October
November
December
7 months ending July
12 months ending Dec.
183,148
174,946
210,202
185,706
179,694
173,455
174,460
166,679
170,384
168,708
149,480
153,773
135,520
130,999
131,189
126,522
112,276
110,280
79,421
91,102
98,411
105,499
104,468
97,087
96,006
83,748
94,860
88.412
106,906
122,263
143,000
310,968
281,707
300,460
307,824
284,683
250,343
220,558
218,417
226,352
247,367
203,593
208.636
368,897
369,442
383,818
410,666
400,149
353,403
352,980
369,358
351,304
391,063
338,472
309,809
337,916
351,035
380,437
345,314
353,981
317,249
317,848
346,715
319,618
355,358
326,565
339,408
735,195 826,207 1,281,611 1,956,543 2,639,355 2,403,780
1,322,774 2,090,635 3,060,908 4.399,361 4,091,444
GOLD AND SILVER
7 Months Ending July.
July.
Increase(-1-)
Decrease(-)
1933.
Excess of exports
Excess Of IMPorta----
1,000
Dollars.
179,078
185,010
3,437
__ _ _
5,932
2,572
5,386
Silver
Exports
Imports
1,000
Dollars.
23,474
20,037
83,879
____
Excess of exports
Excess of Imports_
1933.
1,000
Dollars.
85,375
1,496
GoldExports
Imports
1932.
828
1,288
5.371
31,963
9,038
12,041
2,814
460
26,592
2,943
1932.
1,000
Dollars.
791,312
167,887
1.000
Dollars.
-612,234
+17,123
623,425
-3,727
+19,922
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
Gold.
1933.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1932.
1931.
Silver.
1930.
1932.
1931. 1930.
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
14 107,863
54 8,948 1,551
1.611 3,571 5,892
21,521 128,211
14
207
209
942 1,638 5,331
28,123 43,909
26
289
290
967 2,323 5,818
16,741 49 509
27
110
193 1,617 3,249 4,646
22,925 212,229
628
82
235 1,865 2,099 4,978
4.380226,117
40
343 1,268 1,895 3,336
26
85,375 23,474 1,009 41,529 2,572
828 2.305 3,709
18,067
39 39,332
433 2,024 4,544
_ __ 60 28,708 11,133
868 2,183 3,903
___ 61 398,604 9,266
____
1,316 2,158 4,424
16 4,994 5,008
____
872 4,103
875
38
13 32,651
____
1,260 2,168 3.472
7 mos.end.July 179,078 791,312 1,798 51,191
____ 809,528 466,794 115,967
12 mos.end.Dee.
Imports
January
February
March
April
May
June
July
August
September
October
November
December
1933.
128,479
30,397
14,948
6,769
1,785
1,136
1,496
34,913
37,644
19,238
19,271
16,715
20,070
20,037
24,170
27,957
20,674
21,756
.100,872
34,426
16,156
25,671
49,543
50,258
63,887
20.512
57,539
49,269
60,919
94,430
89,509
5,371 9.098 17,080 30,710
____ 13,850 26,485 54,157
12,908 1,763
60,198
855
55,768 1,693
65,835 1,520
23,552 5,275
13,938 15,472
21,889 5,386
19,714
____
13,680
__-_
35,635
____
40,159
____
32.778
____
2,097
2,009
1,809
1,890
1,547
1,401
1,288
1,554
2,052
1,305
1,494
1,203
2,896
1,877
1,821
2,439
2,636
2,364
1,663
2,685
2,355
2,573
2,138
3,215
4,756
3,923
4,831
3.570
3,486
2,707
3,953
3,492
3,461
3,270
2,652
2,660
7 mos.end.July 185,010 167,887 260,413 254,087 31,963 12,041 15,696 27.226
:9 nu.. and llne
_ 363.315 612.119 396.054
__ 19.650 28.664 42.761
Federal Reserve Board's Review of Business and Credit
Conditions-Revival of Business, Says Board, Has
Not Resulted in Considerable Growth of Bank
Credit, But Is Reflected in Greater Use of Out-Government Expenditures.
standing Credit
In its review of the month contained in its August "Bulletin" the Federal Reserve Board comments particularly on
the "rapid rise in business activity" and the recent advance
1645
in commodity and security prices, citing these developments,
thus departing from its usual custom of discussing financial
conditions. Incidentally the Board states that "the revival
of business has not resulted in a considerable growth of bank
credit, but has been reflected in a more active use of the
credit already outstanding." The Boarcvs review follows:
Business and Credit Conditions.
A rapid rise in business activity and a sharp advance in commodity and
security prices have occurred during recent months. Industrial production
increased from 60% of the 1923-25 average at the end of the first quarter
to 90% in June and about 95% in July. The advance has not been confined to consumption goods, as was the case last autumn, but has included
the durable goods industries, which constitute a large part of our production
and the part that shows greater changes from prosperity to depression.
Of the increase in steel, the major heavy industry, however, the larger part
has reflected a growth in orders from miscellaneous sources and from the
automobile industry, rather than from the other big consumers, such as
railroads and the construction industry. Building activity is still at a
relatively low level, although contract awards have shown considerable
increase. Movement of freight has also increased materially.
Employment has expanded at a much slower rate than production, as
is usual in the early stages of recovery, since giving more work to those
already on the pay roll precedes the hiring of new workers. More than
1,500,000 persons were re-employed during the second quarter-but the
number still idle in June approximated 11,000,000.
Activity in some industries, such as textiles, shoes and cigarettes, was
at such a rapid rate in the second quarter as to indicate accumulation of
stocks in anticipation of demand. The rapid increase in activity was due
in part to anticipation of further advance in commodity prices and of the
effects of such impending developments as the regulation of hours and
wages under the new codes and the imposition of processing taxes under
the
Agricultural Adjustment Act.
Wholesale prices in the United States as a whole have advanced by about
16% from their low point. Of the major groups, farm products and foods.
which had declined to low levels, showed greater advances than other commodities. Certain raw materials that are traded in on organized exchanges
and have world-wide markets advanced in this country by as much
as 100%
from February to July, the rise reflecting both the advance in their world
prices and the depreciation of the dollar on the exchanges. Prices of some
of these commodities, particularly grains, declined sharply in the middle of
July, when there was also a sharp reaction in security
prices.
Member bank credit has expanded somewhat, chiefly through the purchase of United States Government securities by the member banks and
through the growth of brokers' loans, and activity of bank deposits has
shown a substantial increase.
Member bank reserves have been increased through the return flow of
currency, and excess reserves are once more between $400.000.000 and
$500,000,000. Purchases of United States Government securities by the
Reserve banks have been reflected in a further decline of member bank
Indebtedness and in a reduction of the Reserve banks' holdings of acceptances to a small amount. Total volume of Reserve bank credit has remained practically unchanged at $2,200,000,000 since the last week in May.
Money rates, which had increased sharply during the banking crisis,
have declined since that time and are now near the extreme low levels of
last year.
Excess Reserves.
Distribution of excess reserves of member banks between banks in New
York,in Chicago and elsewhere is shown on the chart [This we omit-Ed.I.
The chartbrings out the fact that these excess reserves are not, as previously
concentrated largely in the two central reserve cities. Their redistribution
is due chiefly to the fact that, since no interest may now be paid by member
banks on bank balances payable on demand, the interior banks have withdrawn a considerable part of their balances from New York. and have
either added them to their own reserve balances at the Reserve banks or
Invested them in United States Government securities or open-market paper.
Currency.
On July 26 the volume of money in circulation was at a level of 85.600.000,000, indicating a decline of about $2,000,000.000 from the all-time peak
reached on March 13, at the time of the banking crisis, but was still more
than $1,000,000.000 above the lowest level of the present depression reached
in the autumn of 1930 before the hoarding movement began. Money in
circulation declined rapidly after the reopening of the banks on March 13
to 15, and still continues to decline from week to week, notwithstanding
the increase in the demand for currency arising from enlargement of pay
rolls and increase in the volume of retail trade. This indicates a continued
return of money from hoards as banking facilities are re-established. The
chart shows the volume of money in circulation for several past years.
Gold in the Hands of the Public.
Gold coin outside of the Reserve banks and the Treasury on July 26 was
$320,000,000 less than at any other time in 50 years, and the amount of
gold certificates in circulation was $254,000,000 lees than at any other
time since 1922. These figures make no allowance for such gold coin
and
gold certificates as have been lost, destroyed or exported without
record.
During the current depression approximately $470,000.000 of
gold went
into hoards-$275,000,000 in the form of gold coin, $170.000,000 in
the
form of gold certificates and about $25,000,000 in the form of bullion.
All of these gold certificates, three-fourths of the gold bullion and more
than half of the gold coin were withdrawn by the public during the first
quarter of 1933. Since the first week in March about $300,000,000 of gold
coin, $500.000,000 of gold certificates and $25,000,000 of gold bullion,
or about $825,000,000 altogether, have been returned to the Federal
Reserve banks and the Treasury.
Output of Manufactures.
The recent increase in total volume of manufacturing output, amounting
to 59% during the second quarter, has been much more rapid
than at any
other time in recent years. The increase was about equally
distributed
between durable manufactures
-Including iron and steel, non-ferrous
metals, coke, lumber, automobiles, locomotives and ships-and
nondurable manufactures-mainly textiles, leather, food, tobacco,
rubber
and paper products. Output of non-durable manufactures in
June reached
a level considerably above the 1923-25 average, while output
of durable
manufactures, which had previously declined to extremely low
levels.
after its recent increase was in June still 35% below the 1923-25
average.
The recent increase in output of non-durable manufactures was widespread, but was especially large at cotton and woolen mills and
at cigarette
factories.
Among the heavy industries, automobile output was considerably larger
in the second quarter than a year ago, but about one-third as large as
in
the corresponding period in 1929. In July there was little change in
the
number of cars produced, although a decline is usual at this season. The
•
1646
Financial Chronicle
most rapid advance in output in the durable goods industries was in steel,
where activity increased from 16% of capacity in March to 46% in June.
In the first half of July there was a further substantial growth, with a slight
decline reported for the last two weeks of the month. The increase in
the spring was largely in response to demands from miscellaneous sources
and, to a leaser extent, to increase orders from the automobile industry;
demand for steel from the construction and railroad industries continued
at low levels. Lumber production, although considerably larger in June
and July than in other recent months, was lees than 50% of the 1923-25
average. Limited demand for structural steel, lumber and other building
materials reflected the current small volume of activity in the construction'
industry.
Further analysis indicates that the increase in output has generally been
more rapid in industries transforming raw materials into semi-finished
goods than in those in later stages of manufacture. At steel works and
rolling mills, for example, activity increase much more rapidly than in
steel consuming industries. Payrolls at establishments producing cotton,
wool and silk fabrics showed an advance during the quarter of more than
50%, contrary to seasonal tendency, while changes reported by clothing
manufacturers were small. Similarly, activity in the paper industry
increased, although there was little change in the amount of printing done,
and in the leather industry there was a larger increase in activity at tanning
establishments than at shoe factories.
The Construction Industry.
Changes in the dollar volume of work being undertaken in the construction industry are indicated on the accompanying chart [This we omit —Ed.]
of contracts awarded for residential and other types of construction. The
figures plotted are three-month moving averages of the F. W. Dodge data
for 37 States, adjusted for the usual seasonal variations. The last point
In each instance is based on reports for May. June, and July.
The chart This we orait.—Ed.J shows that contracts awarded both for
residential and for other types of construction work have increased somewhat. Monthly figures, which often fluctuate widely,show larger increases.
Total awards increased from $57,000,000 in April, usually the peak month
of the year. to $77,000.000 in May, and to $103,000.000 in June; in July
they declined to $83,000,000. As the construction work involved in any
contract is spread over several months, recent increases in contracts have
not yet been fully reflected in the volume of construction work that is
actually going on.
The current level of contracts, while considerably higher than in other
recent months, is, nevertheless, only about one-fifth of the 1923-25 average.
There has been a substantial decline in costs in the interval, so that a
given value of contracts represents more building now than it did then,
and work done without contracts by public utilities and governmental
agencies has not declined so much as contract work, but after making rough
allowance for these factors it is clear that the physical volume of work
being undertaken in this industry is currently much smaller, relative to the
1923-25 average, than the current volume of industrial activity.
During the coming months the enlarged expenditures by the Federal
Government will be a factor of some importance. Such expenditures in
the year ended June 30 1933, are estimated at about $500,000,000, and
the maximum outlay provided for in the public works program is $3,300,000.000, of which $100,000,000 is set aside for the Agricultural Adjustment
Administration and the Farm Credit Administration. Expenditures
allocated through Aug. 1 and in considerable part to be made within a
year are about $900.000.000—comprising chiefly $400.000.000 for roads,
$238.000,000 for Navy building (not included in the usual totals of "construction"). $63,000,000 for the Grand Coulee Dam project, $50.000,000
for national forest highways, $50,000.000 for the Tennessee Valley project.
and $38,000,000 for Boulder Dam. Further proposals are now under
Consideration. Total construction outlays in 1932, public and private,
approximated $4,000.000,000.
Employment.
The rapid growth in industrial output during the second quarter made
additional jobs available and furnished more work to employees already
on payroll. As is usual after a period of inactivity, however, many producers, especially in highly mechanized industries such as automobiles
and steel. increased output substantially without a corresponding increase
in the amount of labor required or in payrolls. In the cotton textile and
shoe industries, where activity was already at a fairly high level in March,
payrolls increased by about the same amount as output.
As measured by current indexes, output of manufactures as a whole
increased in the second quarter by about three-fifths, payrolls by onefourth, and the number of persons employed by one-eighth. A considerable
part of the difference between the increase shown for payrolls and for production can be attributed to the increased output per man-hour accompanying fuller utilization of plant. A part of the difference, however,
arises out of differences in the statistical information available. The
Board's index of manufactures is based largely on activity in the fabrication
of raw materials into semi-finished products, while the Board's index of
factory payrolls is based on all stages of manufacture. The fact that in
recent months activity has increased much more rapidly in industries producing semi-finished than in•those producing finished goods has been a
factor in the more rapid rise of the production index than of the index of
payrolls.
Commodity Prices.
In wholesale commodity markets the average level of prices advanced
between early March and mid-July by 17%, according to the index of the
Bureau of Labor Statistics which includes 784 commodity quotations.
Subsequently this Index declined slightly as a result of decreases in prices
of many raw materials.
1,1 Wholesale prices of manufactured goods and of materials not sold in
organized markets have advanced much more slowly than those of staple
raw materials. This is especially true of prices for finished and semifinished metal products, fuel and lighting materials, household articles,
and chemicals. In textiles, foods, leather and other industries, in which
raw materials constitute an important factor in cost of output and in which
there has been an increase in demand, prices of finished goods have advanced
rather rapidly.
The chart [This we omit.—Ed.] shows the course of prices of all commodities and of farm products, foods and all other commodities since 1929.
The large increase in prices of farm products through mid-July reflected in
large part a rapid advance in grains, accompanying weather conditions
harmful to the growing crops, and in cotton, accompanying the development of measures for curtailing production; considerable improvement in
prices of dairy products, fruits and vegetables, and a moderate advance
in livestock. In the third week in July prices of grains, cotton and lard
declined sharply.
In general, prices of raw materials have advanced much faster than those
of finished products, reversing the movement of the past four years, when
the prices of raw materials declined in general to a much greater extent
than the prices of finished products. Since the middle of April, when
the dollar began to depreciate in the foreign-exchange market, many of
Sept. 2 1933
the raw materials that are traded in on the organized exchanges of different
countries have advanced rapidly, both in the world market and in the
American market. In the American market many of these commodities
have advanced in price more rapidly than world prices by an amount that
equals or exceeds the depreciation in the dollar.
In recent months, accompanying the depreciation of the dollar, there
has been a moderate increase in the foreign trade of the United States.
Exports in June amounted to $120,000,000, as compared with $105,000,000
in April, the increase of $15,000.000 reflecting chiefly larger shipments of
cotton sold at higher prices. At the same time, imports advanced from
$88,000.000 to $122,000,000. and in June, for the first time since August
1931, there was a small excess of imports over exports. Quantities as well
as values of imports increased, with the largest advances reported for semifinished manufactures, and for crude materials, such as silk, hides and wool.
Security Prices.
Security prices, after an irregular decline from September of last year
to March of this year, began to advance early in April, both for stocks and
for bonds, and continued to advance without important interruption until
after the middle of July, when there was an abrupt decline. The gains
In stock prices had been very rapid, the Standard Statistics weekly index
rising in a little over three months by about 100%. In bonds the advance
has been largest in the more speculative issues. United States Government obligations, which declined sharply during the spring banking crisis,
have advanced since then by about the same amount, and, except for a
few days in January and February of this year are at their highest level
since September 1931.
Security Issues.
Except for offerings of United States Government securities, which
exceeded retirements by $1,700,000,000 during the first half of 1933, new
bond and stock issues have been few and small. Corporation offerings,
Including refunding issues, have been about $200,000.000, while ptate
and municipal offerings have been less than $250,000.000. These new
issues have been exceeded in volume by maturities and redemptions of
outstanding securities, which for corporations alone amounted to over
$800,000,000. During this half year corporations obtained $650,000,000
in advances from the Reconstruction Finance Corporation, an amount
much larger than they raised in the security markets. Advances to Si,ate
and local governments by the Reconstruction Finance Corporation and the
Emergency Relief Administration were about $250,000,000. The recent
Improvement in security prices has been a factor in stimulating some increase in flotations, but as yet the increase has been small.
Member Bank Credit.
The revival of business has not resulted in a considerable growth of
bank credit, but has been reflected in a more active use of the credit already
outstanding.
Since the middle of June loans of member banks have reflected chiefly
a growth in brokers' loans, accompanying increased activity on the stock
market and the rise in security prices. Bank loans to brokers in .New
York City increased from a low point of $375,000,000 on April 12 to $782,000.000 on June 14 and to $894,000,000 on July 26. The increase was for
the most part in brokers' loans by New York banks for their own account,
though loans for account of out-of
-towns bank also increased. Security
loans to others than brokers declined.
Member bank investments in United States Government securities,
which had increased rapidly between the middle of March and the middle
of June, declined somewhat after that time. Investments in other securities
showed little change and loans other than security loans showed no considerable growth.
The banks' deposit accounts since the middle of June have reflected
chiefly the effects of the Glass bill, which prohibits the payment of interest
on demand deposits. Between June 14 and July 26 net demand deposits
of the reporting member banks in 90 cities declined by about 8600,000,000,
accompanying a decrease of about $500,000,000 in bankers' balances payable
on demand, while time deposits increased by $275,000,000.
Business Conditions as Viewed by Statisticians in
Industry Under Auspices of National Industrial
Conference Board—July, Fourth Successive Month
in Which Activity Moved Upward—Slowing Down
Late in Month.
"July was the fourth successive month in which business
activity moved upward," says the survey of current business
conditions, issued Aug. 20 by the Conference of Statisticians
in Industry, under the auspices of the National Industrial
Conference Board. The survey stateF that "the net advance
in July, although smaller than that in preceding months,
nevertheless occurred at a time when seasonal factors normally exert a contracting influence." It is further stated
that "the slowing down of improvement and the steadying
of operations that became evident during the last two weeks
of July were extended into the first half of August. This
retarding of the rate of improvement in business took
effect jointly with speculative declines in commodity and
security prices and in the dollar value of foreign currencies."
Prom the survey we also quote:
Business conditions, as reflected by measures of production and shipments,showed further improvement in July. Signs of yielding to downward
seasonal pressure were disclosed during the second half of July and the
first half of August.
Production in the basic industries on the whole showed a net gain in
July, when retarded activity is seasonal. Steel and iron production
moved up sharply during the first half of the month and held steady during
the second half and during the first two weeks of August. Bituminous
coal output also showed a considerable gain during July of more than
seasonal proportions. Blectric power output advanced in July, although
curtailment in demand is seasonal during the month; a decline set in during
the first half of August. Automobile output fell off in July after four
months of continuous expansion. Building and engineering construction
likewise reversed its upward course and showed a more than seasonal decline
between June and July. Textile production declined, after reaching a new
high level in June.
The distribution of commodities by freight increased in July. In keeping
with the gain in industrial production. Carloadings of raw materials, and
semi-processed and manufactured goods advanoed In July. as compared
with June, at a time when seasonal recession is usual. Retail sales by
department stores declined in dollar value in July by an amount slightly
less than seasonal, but were 4% above the total of a year ago. Prices of
department store items advanced about 5% between June and July and
were slightly above their level of a year ago.
Prices of commodities at wholesale continued their upward course during
the first half of July, and after receding slightly held steady in the first
half of August. A sharp drop in farm prices on speculative markets during
the third week in July was partially counterbalanced by rises in other
items. Prices received by farmers made large gains between the middle of
June and the middle of July, while prices of products bought by them moved
up but slightly.
The cost of living rose roughly 1% in July as compared with June, and
registered the third monthly advance since April, the total increase aggregating 3%. While food, clothing, fuel and lighting, and sundries moved
up in July, rents fell off slightly.
Stock prices soared to new highs for the year during the first half of
July and then, reversing their course in the third week, lost the advances
of the four previous weeks. Bond prices resisted downward pressure
during the month. The money market was steady during July as a whole,
while Federal Reserve credit outstanding remained practically stationary.
Commercial failures continued in July their sharp declines in both
number and extent of liabilities. The declines compared well with seasonal
movements usual at this time of the year.
Employment in manufacturing industry advanced roughly 7.2% in
July, as compared with June. Average weekly earnings increased 3%. as
did hours worked per week. Hourly earnings were steady. Payrolls in
manufacturing industries increased 7.9% between June and July.
Moody's Daily Index of Staple Commodity Prices
Steady and Slightly Lower.
Prices of the primary commodities have been steady at
slightly declining prices during the current week. Moody's
Daily Index of Staple Commodity Prices registered five
succesive declines, but they were all small, and at the close
the Index was 130.1 against 132.0 a week ago. For the past
three weeks the Index has been in a narrow range about
130.0, which is about three-quarters of the way from the low
of the year in February to the high point reached in July.
The remarkable steadiness of the commodity markets is
evidenced by the fact that slight declines in ten of the fifteen
commodities contributed to the decline in the Index number,
wool tops showing the only advance and coffee, sugar,copper,
lead and hides showing no change. None of the declines
was drastic, the most important being those in wheat and
hogs, with cotton, corn, scrap steel, rubber, silk, silver and
cocoa closing only slightly lower for the week.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri.
Aug. 25
132.0 12 Weeks Ago, Aug. 18
IMonth Ago, Aug 1
Sat.
Aug. 26
131.81Year Ago,
Sept. 1
Mon. Aug. 28
131.011932(High, Sept. 8
Tues. Aug. 29
LLow,
Dec. 31
Wed. Aug. 30
130.51
130.411933[High, July 18
Thurs. Aug. 31
130.11
iLow,
Fri.
Feb. 4
Sept. 1
* Index not computed as most commodity exchanges were closed.
130.7
134.8
101.3
103.9
79.3
148.9
78.7
Wholesale Prices Increased .4 of 1% During Week
Ended Aug. 26 According to U. S. Department of
Labor.
The Bureau of Labor Statistics of the Department of
Labor announced to-day that its index number Of the general
level of wholesale prices for the week ending August 26 stood
at 69.6. When compared with the wefk erdirg Aug. 19
with ar index of 69.3 wholesale prices showed an increase of
.4 of 1%. Continuing the Bureau said:
The increase was shared in by all major groups except Building Materials
Chemical and Drugs, and Miscellaneous, each of which showed a slight
decline from the previous week.
Hides and leather products, with a rise of 2%, showed the greatest increase for the week. Farm products and foods, after five week of steadily
declining prices again moved upward. These index numbers are derived
from price quotations of 784 commodities, weighted according to the relative importance of each and based on average prices for the year 1926 as
100.0.
The accompanying statement shows the index numbers of groups of commodities for the weeks ending July 29, and Aug. 5, 12, 19 and 26 1933:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF JULY 29
AND AUG. 5, 12, 19, AND 26, 1933 (1926 =-• 100.0)
Week Ending
July 29
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
69.2
59.6
66.1
88.3
68.4
67.0
80.8
80.1
73.4
74.6
65.1
Aug.5 Aug. 12 Aug. 19 Aug. 26
69.2
58.7
65.1
90.4
70.8
66.6
80.8
80.9
73.4
75.4
65.0
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
"Annalist" Weekly Wholesale Price Index Off 0.6 Point
on Live Stock Liquidation-Monthly Average
Also Lower.
With a further decline of 0.6 point, The "Annalist" Weekly
Index of Wholesale Commodity Prices dropped to 102.1
on Aug. 29, from 102.7 Aug. 22. The "Annalist" continued:
Losses in live stock (due to heavy marketings induced by lack of feed)
and to a less extent in wheat and corn accounted for the decline, offset in
part by net gains for cotton, wool, butter and eggs, bananas, crude petro-
1647
Financial Chronicle
Volume 137
leum and pig iron. On a gold basis the index fell sharply to 71.4 from 75.2,
the dollar declining in the meantime to 69.9 cents from 73.2, largely in
consequence of the increased open-market operations of the Federal Reserve last week.
The monthly average for August, as was to be expected, declined from the
July peak to 102.7, with a loss of 0.7 point. With dollar exchange averaging higher in August, however, the index on a gold basis rose to 74.8 from
74.0 (revised).
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for seasonal valuation (1913=100)•
Aug. 29 1933. Aug. 22 1933. Aug. 30 1932.
a88.9
77.0
87.3
104.7
100.6
104.8
a126.6
79.8
*126.3
122.7
142.9
123.0
104.4
96.0
104.8
107.7
106.5
107.8
97.2
95.2
97.2
80.1
86.3
86.3
96.0
102.7
102.1
71.4
75.2
*Preliminary. a Revised. b Based on exchange quotations for France, Switzerland, Holland and Belgium.
THE "ANNALIST" MONTHLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for seasonal variation (1913=100).
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
All rnmmnr1111aa An onla hskalw h
Aug. 1933.
July 1933.
Aug. 1932.
74.5
89.3
94.5
Farm products
98.7
104.2
106.5
Food products
71.7
116.0
*127.6
Textile products
143.4
114.9
121.9
Fuels
95.9
103.8
104.4
Metals
106.6
107.0
107.6
Building materials
95.2
96.9
97.2
Chemicals
79.7
83.8
86.5
Miscellaneous
94.2
103.4
102.7
All commodities
___a74.0
74.8
All commodities on gold bests b
•Preliminary. a Revised. b Based on exchange quotations for Prance, Switzerland, Holland and Belgium.
National Fertilizer Association Reports an Advance
in Wholesale Commodity Prices During Week
Ended Aug. 26.
For the first time in several weeks wholesale commodity
prices advanced during the week ended Aug. 26, according
to the index of the National Fertilizer Association. There
was a gain of four points during the latest week, advancing
the index number from 66.4 to 66.8 (1926-1928=100).
During the preceding week the index declined one point,
while two weeks ago it declined seven points. The latest
index number is seven points lower than it was a month ago,
but is 45 points higher than it was at this time last year.
The Association continued under date of Aug. 28:
During the latest week five of the 14 groups in the index advanced.
one declined and six showed no change. The advancing groups were
textiles, fats and oils, grains, feeds and livestock, fuel, and miscellaneous
commodities. Fertilizer materials declined. None of the gains during
the latest week was large.
Thirty commodities showed higher prices during the latest week. while
24 declined. During the preceding week there were 32 price advances
and 37 price losses. Important commodities that advanced during the
latest week were cotton, wool, lard, butter, eggs, corn, wheat, light-weight
hogs, tin, silver and petroleum. The list of declining commodities included cotton yarns, burlap, most vegetable oils,flour, cattle, heavy-weight
hogs, steel, zinc, calfskins and coffee.
The index numbers and comparative weights for each of the 14 groups
listed in the index are shown in the table below:
-BASED ON 476
WEEKLY WHOLESALE PRICE INDEX
COMMODITY PRICES.
(1226-1228=_100).
Per Cent
Each Group
Bears to the
Total Index.
Group.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities_
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
inn n
All artmna nnInhInprl
Latest
Week
Aug.26
1933.
Preceding
Week.
Month
Ago
Year
Ago.
68.9
58.5
53.1
65.2
69.8
84.4
74.7
78.5
78.7
48.7
87.0
65.1
66.7
90.1
68.9
58.0
52.9
64.8
68.7
84.4
74.7
78.5
78.7
45.0
87.0
65.7
66.7
90.1
69.4
58.0
56.9
67.1
68.0
84.4
74.1
78.2
77.2
54.0
87.0
66.7
65.9
90.1
61.1 •
67.8
45.1
47.9
60.8
89.0
71.5
68.5
77.7
42.9
87.4
61.8
71.0
92.1
as A
AR 4
67.5
62.3
Sales of Department Stores During July in New York
Federal Reserve District 2% Below Year Ago
Smallest Decline in Average Daily Sales Since March
1931, New York Reserve Bank Says. •
The Federal Reserve Bank of New York, in its "Monthly
Review"of Sept.1,stated that"total July sales of the -reporting department stores in the Second-(New York) District
were 2% below it year ago, the smallest decline in average
daily sales since March19317' The Bank said that "the
daily rate of sales of department stores in Buffalo, southern
New York State, and the capital district, showed the largest
increases over the previous year in about three years, and
sales of New York City stores were reduced by the smallest
percentage since March 1931." The Bank added:-
1648
Financial Chronicle
Sales of the Bridgeport department stores were about the same this
year as last year, following a moderate decline in June, and the Newark,
Rochester and Syracuse stores reported approximately the same percentage
changes in July as in June. Sales of the leading apparel stores in this
District, moreover, were ahead of a year ago by about the same amount as
in June when the first appreciable increase in more than three years occurred.
In the first half of August,department store sales in the Metropolitan area
of New York were 3% larger than the corresponding period a year ago,
and average daily sales showed the first increase since May 1930.
Department store stocks of merchandise on hand, at retail valuation.
were only 4% below last year, the smallest decline in three years. and
apparel store stocks showed a somewhat smaller decline than in recent
months. Department stores in practically all localities and also apparel
stores reported better collections on charge accounts than a year ago for
the third consecutive month.
Percentage Changefrom
a Year Ago.
P. C. of Accounts
Outstanding
June 30 Collected
in July.
Locality.
Net Sales
July.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State_
Southern New York State_
Hudson River Valley Dist..
Capital District
All department stores
Apparel stores
-1.7
+6.3
-10.2
+3.1
-6.9
+0.3
+1.3
-5.5
+4.7
-0.6
+4.7
-2.0
+2.2
Stock on
February Hand End
to July. of Month.
1932.
1933.
0.4
-20.5
10.8
-21.7
-3.7
-3.3
-11.3
40.8
37.8
39.5
22.0
35.8
35.4
31.8
45.4
40.7
39.2
24.7
38.4
39.0
29.6
37.8
38.1
115
-17.5
--10.1
--11.5
--16.6
-15.0
--9.9
--We
-10.4
42.3
July sales and stocks in the principal departments are compared with
those of a year previous in the following table:
Net Sales
Percentage Change
July 1933
Compared with
July 1932.
+60.7
+21.9
+19.5
+12.1
+9.8
+7.3
+2.2
+0.1
-2.5
Musical instruments and radio
Cotton goods
Linens and handkerchiefs
Home furnishings
Furniture
Silverware and jewelry
Books and stationery
Men's furnishings
Shoes
Toilet articles and drugs
Women's and Misses' ready-to-wear
Toys and sporting goods
Luggage and other leather goods
Women's ready-to-wear accessories
Men's and boys' wear
Woolen goods
Hosiery
Silks and velvets
Miscellaneous
Stock on Hand
Percentage Change
July 31 1933
Compared with
July 31 1932.
-27.1
+31.3
-1.6
-7.3
-21.4
-25.8
-22.7
+0.7
+1.5
-31.0
+21.8
-1.4
-15.0
+16.4
-4.6
+33.4
+7.4
+8.4
-12.0
-8.4
-9.0
-10.5
-12.0
-12.3
-13.9
-25.5
-0.8
Increase of 81% Reported by New York Federal Reserve
Bank in Sales of Wholesale Firms During July as
Compared with July Last Year.
"July sales of the reporting wholesale firms in the Second
(New York) District averaged 81% higher than a year ago,"
states the Federal Reserve Bank of New York which noted
that this is "by far the largest increase ever recorded in
reports to this Bank." In its Sept. 1 "Monthly Review"
the Bank added:
All lines of wholesale trade showed increases over last year, and in the
hardware, grocery, shoe, cotton goods, silk, men's clothing, jewelry and
diamond trades the increases were of record proportions. Sales of the
paper concerns and orders for machine tools were above those of a year
previous by the largest percentages since the fall of 1928, and sales of the
stationery firms showed the largest advance since December 1929.
The reporting grocery and hardware firms had larger stocks on hand at
the end of July than a year ago, but other lines continued to report smaller
Inventories than last year. July collections of accounts outstanding again
averaged higher than last year.
Percentage
Change
July 1933
Compared with
June 1933.
Commodity.
Net
Sales
Stock
End
of
Month.
Percentage
Chaim
July 1933
Compared with
July 1932.
Net
So1,
1.
P. C. of Accounts
Outstanding
June 30
Collected in
July.
Stock
End
of
Month.
1932.
1933.
73.8
27.2
29.7
61.3
84.4
30.2
30.1
64.8
21.4
44.0
- -51.9
39.9
16.4
20.3
40.7
--48.1
39.4
21.0
Walahtadi atrPTA0A
-40
____ +80.9
____
47.0
•Quantity not value. Reported by the Silk Association of America.
z Reported by the National Machine Tool Builders Association.
51.1
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Machine tools z
Stationery
Paper
Diamonds
Jewelry
-1.5 +jos +31.0 +39.4
-26.2
____ +156.4
____
+22.4 +22.3 +128.0
-8.3
-2.4* -8.1* +90.0* -34.0*
+7.2
____ +90.4
+5.9
+0.6
+5.1 -19.7
-18.5 +18.7 +23.6
+9.2
+35.4
____ +113.0
+2.3
+9.0
__
____
_..T. +17.9
___
-7.4
-3,9 Dm +235.2 3111.6 1
-7.7 +132.9 -44.4 f
-24.7
Chain Store Sales in New York Federal Reserve District
3% Larger During July This Year than in July 1932.
The following regarding chain store conditions in the
Second (New York) Federal Reserve District, was contained
in the Sept. 1 "Monthly Review" of credit and business
conditions of the Federal Reserve Bank of New York:
Sept. 2 1933
In July, total sales of the reporting chain store systems in this District
were 3% larger than a year ago, the first increase since June 1931 and the
most favorable year to year comparison since April 1930. Sales of the
ten cent store chains showed the largest increase in more than three years.
and sales of variety chain stores remained materially larger than a year ago.
Declines from a year ago continued to be reported by the remaining chain
store systems, but in the case of the grocery chains the reduction was the
smallest since last December.
Between July 1932 and July 1933 there was some reduction in the number
of chain stores operated, reflecting large reductions in the drug and shoe
chains offset only in part by a sizeable increase in the number of candy store
units. As a result, average sales per store of all reporting chains showed a
larger increase over a year ago than did the total volume of sales.
Type of Store.
Percentage Change July 1933
Compared with July 1932.
Number of
Stores.
Total
Sales.
Sales per
Store.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
--2.1
+0.2
-18.5
-23.8
+1.7
+11.7
-7.9
+6.3
-19.2
-17.7
+16.9
-2.2
-5.9
+6.1
+8.0
+14.9
-12.5
Total
-2.0
+2.9
+5.0
Increase of
During
Only 2% Reported in Retail Food Prices
August by U. S. Department of Labor
Compares with 8 1-3% Advance from June 15 to
July 15.
The rise in retail food prices in the United States was
markedly slowed up during the month of August according
to a report issued Aug. 27 by the Bureau of Labor Statistics
of the United States Department of Labor. As compared
with a rise of more than 8% between June 15 and July 15,
the increase in August was less than 2%. Retail food prices
on Aug. 15 were 18% higher than in April which was the low
month for the year. As compared with August 1932 retail
food prices have risen by 5.9% within the 12 months. The
weighted index numbers of the Bureau, which uses the average prices for the year 1913 as 100.0 were 106.7 for Aug. 15,
104.8 for July 15, and 96.7 for June 15. The Bureau
continued:
Retail food prices in August were back to the approximate level of
February 1932. These prices are based upon reports to the Bureau of
Labor Statistics from retail dealers in 51 cities.
Changes in Retail Prices of Food by Cities.
Increases in food prices took place in 46 of the 51 cities reporting to the
Bureau. Butte, Montana, Denver, St. Paul, Minneapolis,and Manchester
New Hampshire showed declines ranging from .2 of 1% in Manchester to
2.4% in Butte. The largest increase occurred in Little Rock where food
prices rose by 8.4%. Los Angeles showed a 7.1% rise, and Charleston,
S. C., 5.4%. The following table shows the percent of change in each of
the 51 cities covered by the Bureau:
Atlanta
+3 0 Peoria
20
.
+4.0 Indianapolis
40.8
Baltimore
+2.3 Jacksonville
elphia
+1.2
Birmingham
+1.7 Pittsburgh
+2.7 Kansas City
+1.2
Boston
+8.4 Portland, Me
+0.5 Little Rock
+0.6
BBuirldpmeoport
+7.1 Portland,Ore
+2.2 Los Angeles
+0.1
+1.6 Providence
+2.9 Louisville
+0.5
Butte
0_ __Ai 31am p
Me nehater, N. H_
Ito
tlcroml
i
+3.6
Charleston. S.
+0.7
40.4 St. Louis
+0.4 Milwaukee
+2.8
Celilinceag°innati
-0.3 St. Paul
1.3 Minneapolis
-1.5
Cleveland
+3.2 Salt Lake City
3.2 Mobile
+0.5
Columbus
+2.7 San Francisco
+0.7 Newark
+2.6
Dallas
+3.3 Savannah
+4.3 New Haven
+4.0
Denver
++21..25
-2.0 New Orleans
-1.3
e
on
Detroit
+1.4 New York
Seattle
1.1
Fall River
+2.8 Springfield, Ill
+1.3 Norfolk
11.0
Houston
+2.6 Omaha
+0.4 Washington
2.0
As compared with a year ago .50 of the 51 cities covered showed an increase in retail food prices. Norfolk, Va., is the only city which showed a
decline. In that city prices dropped by 2.2%. Los Angeles, where food
prices rose by 16.9% within the 12 months, showed the largest increase.
Prices in Detroit and in Louisville were 11.5% higher than in August of
1932. The smallest increase reported to the Bureau of Labor Statistics
occurred in Portland, Oregon, where food prices rose by 1.3%. In Washington, D. C., the increase was 1.8%. Increases over the 12
-month period
in 50 of the 51 cities are as follows:
Atlanta
-7.7 Peoria
+5.6 Indianapolis
Baltimore
+4.2 Jacksonville
+3.9 PhUadelphia
B2.9
Birmingham
+2.9 Kansas City
.
+7.6 Plttsa00.
+ 1 poniburghme
6
+5.!
Boston
+4..
+5.0 Little Rock
+16.9 Portland. Ore
Bridgeport
-1-1.3
+4.2 Los Angeles
Buffalo
+11.5 Providence
+6.3 Louisville
+5.
9
t
Butte
3
Mem hes,N.H.+5 6 Ric
mancphis er_ .
+3.
!
r
d
+4.0
Charleston. S. C_
Rochester
+
+21.'56
Chicago
8.7 St. Louis
+2.3 Milwaukee
Cincinnati
8.5 St. Paul
+8.4 Minneapolis
+5.0 Salt Lake City
Cleveland
.2
+10.2 Mobile
++81:
+10 02
Columbus
+1.7 San Francisco
+4.8
+9.9 Newark
Dallas
+5.1 Savannah
+10.4 New Haven
17.0
Denver
+5.5 Scranton
7.1
+4.7 New Orleans
Detroit
+1.9 Seattle
5.0
+11.5 New York
Fall River
-2.2 Springfield, Ill
+10.0
+5.9 Norfolk
Houston
+10.3 Washington
+9.8 Omaha
+I.8
Changes in Food Prices by Commodities.
The average retail price of 32 of the 42 commodities covered by the
Bureau of Labor Statistics showed an increase between July 15 and Aug. 15.
Of the remaining 10 articles, 8 showed a decrease and 2 showed no change.
The largest increase occurred in flour prices which were 20% higher in
August than in July. The large majority of food items increased by less
than 4%. Among the meat products pork chops showed the largest rise,
8%: round steak, rib roast, chuck roast and sliced ham increased by 2%.
The prices of all cereal products increased during the month. Bread
rose by 6%, rolled oats by 5% and macaroni by 4%.
Among the 8 important food items that showed decreases during the
month, butter fell by 12%. This decline in butter prices was contrary to
the normal movement for this item a this time of the year. In past years
butter prices have shown a tendency to rise in the month of August. The
Importance of butter in the diet of the American family accounts in large
part for the slight increase in the total index number for the month. Had
-4:3
T9.1
Volume 137
1649
Financial Chronicle
butter prices followed the normal trend, the rise in the food index number
would have been considerably higher. Among other articles that showed
a decline were onions, cabbage, potatoes, lard and sliced bacon.
Prices of cheese and coffee remained unchanged.
Chain Store Trade Exceeds 1932 Level.
Chain store trade in July generally showed stubborn
resistance to the usual seasonal contraction which sets in
rather heavily in that month. The sthrinkage in volume from
the June total was considerably less than the average falling
off in recent years, according to the monthly survey issued
by "Chain Store Age," which further reports as follows:
As a result, the state of trade in the field, as measured by the "Chain
Store Age" index, which makes allowance for the number of business days
and seasonal factors, improved further and for the first time in three years
saw the monthly volume exceed that of the corresponding period in the
preceding year.
The index of sales of 19 prominent chain companies, comprising grocery,
5-and-10-department, apparel, drug and shoe groups, advanced in July to
86.2 of the 1929-1931 average as 100, from 82.0 in June. This made the
fourth consecutive monthly gain this year and brought the index to the
highest level since May 1932. A year ago the index figure declined fractionally from 83.9 in June to 83.2 in July.
Total average daily sales of these 19 chains last month amounted to
$6,816,000 as compared with $6,900,000 in June, a decline of 1.2%. Between the same two months last year the average total for the same companies dropped from $7,048,000 to $6,582,000, or 6.6%, while during the
base period 1929-1931, the average daily volume in July was 6% less than
in June.
A significant feature of the July results was the continued expansion of
sales of the grocery and drug chain groups over the June figures. In each
of the previous years since 1929, all groups comprising the index without
exception experienced a decided slump in business during July. The sharp
reversal of established seasonal trends by the two named groups, which are
comparatively unaffected by extraordinary business and weather factors,
serves as concrete evidence that the recovery in industry and trade is proceeding on a steadily strengthening base. It is also worthy of note that for
the first time the individual index figures for all five groups were higher
than in July 1932.
Average daily sales of a group of six grocery chains in July totaled
approximately $4,286,000, or a gain of 2% over June. Between the same
two months last year sales declined 5%, while during the 1929-1931 base
period the average drop was 4%. The index for this group in July rose
sharply to 83.6 from 78.5 in June.
The index of sales of other groups, compared as follows: Drug, 94.8 in
July as against 92.3 in June; 5-and-10-department, 92.3 as compared with
88.8 in June; shoe, 78.6 in July as against 80.0 in June and 73.3 in July
1932; apparel, 77.0 in July compared with 81.0 in June and 75.4 in July
last year.
For most sections comparisons with last year were less
favorable than in the preceding week. However, a gain of
10.2% over 1932 was reported in the Middle Atlantic
region, compared with 9.9% in the week previous, and an
increase of 27.1% was shown in the Rocky Mountain region,
against 26.9% the week before. The gain in the New
England region was 16.5%, compared with 18.7% in the
week ended Aug. 19. The Central Industrial region was
18.2% higher, as against 20.4%, the West Central region up
3.8% as against 4.8%, the Southern States region 11.6%
as compared with 18.1% and the Pacific Coast region 5.9%
as against 9.3%. The Institute's statement follows:
PER CENT CHANGES.
Major Geographic
Divisions.
Week Ended
Week Ended
Week Ended
Week Ended
Aug.26 1933. Aug.191933. Aug.121933. Aug. 5 1933.
+16.5
+10.2
+18.2
+11.6
+5.9
+3.8
+27.1
Total United States_
+18.7
+19.4
+9.9
+20.4
+18.1
+9.3
+4.8
+26.9
+10.8
+21.0
+17.4
+6.8
Not at
hand.
Not at
hand.
+13.5
New England
Middle Atlantic
Central Industrial__
Southern States
Pacific Coast
West Central
Rocky Mountain
+15.2
+15.0
+15.6
The index of prices of farm products in local markets dropped 4 points
from July 15 to Aug. 15, whereas prices paid by farmers rose 5 points.
The ratio of prices received to prices paid was 64% of pre-war in mid-August,
compared with 71 in July 15 and 53 in August a year ago.
Hogs were bringing $3.70 per 100 pounds in mid-August, in local markets,
or about 5% down from July 15, the decline being attributed chiefly to
continued heavy receipts and large storage accumulations of pork and lard.
Corn prices in local markets were depressed from 55.5 cents a bushel in
mid-July to 48.8 cents in mid-August.
The average farm price of wheat declined from 86.9 to 74.7 cents a bushel
during the month ended Aug. 15, dollar appreciation and realization that
total wheat supplies available for the 1933-34 season would be in excess of
probable domestic requirements being regarded as factors in the decline.
Cotton declined 1.8 cents a pound in farm price during the period, the
thief contributing factors being trade reports that the record July domestic
consumption of cotton had not been maintained in August and unofficial
reports that trading in goods and yarns had declined considerably this
month.
Potato prices extended their advance during the month, bringing $1.31
a bushel to farmers on Aug. 15, or more than two and one-half times the
price the same date a year ago. The farm price of butterfat dropped to
18.4 cents per pound as of Aug. 15. due to indications of continued heavy
production and record cold storage holdings of butter.
Smaller Percentage Decline in Electric Production for
Week Ended Aug. 26 1933.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
• United States for the week ended Aug. 26 1933 totaled
1,630,394,000 kwh., an increase of 13.5% over the corresponding period last year when output amounted to 1,436,440,000 kwh. A gain of 15.2% was registered for the
preceding seven days over the same week in 1932. The
current figure also compares with 1,650,205,000 kwh.
produced during the week ended Aug. 19 1933, 1,627,339,000
kwh. for the week ended Aug. 12, 1,650,013,000 kwh. for
the week ended Aug. 5 and 1,661,504,000 kwh. for the week
ended July 29 1933.
+5.9
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
1933.
Week ofMay
May
May
May
June
June
June
June
July
July
July
July
July
6
13
20
27
3
10
17
24
1
8
15
22
29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Sent. 2
1932.
Week of-
1,435,707,000 May 7
1,468,035.000 May 14
1,483,090,000 May 21
1,493,923,000 May 28
1,461,488,000 June 4
1,541,713,000 June 11
1,578301,000 June 18
1,598,136,000 June 25
1,655,843,000 July 2
1,538,500,000 July 9
1,648,339,000 July 16
1,654.424,000 July 23
1,661,504,000 July 30
1,650,013,000 Aug. 6
1,627,339,000 Aug. 13
1,650,205.000 Aug. 20
1,630,394,000 Aug. 27
Sept. 3
Week of-
1,429,032,000 May 9
1,436,928,000 May 16
1,435,731,000 May 23
1,425,151,000 May 30
1,381,452,000 June 6
1,435,471,000 June 13
1,441.532,000 June 20
1,440,541,000 June 27
1,456,961,000 July 4
1,341,730,000 July 11
1,415,704,000 July 18
1,433,990,000 July 25
1,440,386,000 Aug. 1
1,426,986,000 Aug. 8
1,415,122,000 Aug. 15
1,431,910,000 Aug. 22
1,436,440,000 Aug. 29
1.464.700.000 Sept. 5
Over
1932.
1931.
1,637,296,000
1,654,303,000
1,644,783,000
1,601,833,000
1,593,662,000
1,621,451,000
1,609,931,000
1,634,935,000
1,607,238,000
1,603,713,000
1,644,638,000
1,650,545.000
1,644,089,000
1,642,858,000
1,629,011,000
1,643,229,000
1,637,533,000
1.635.623.000
0.5%
2.2%
3.3%
4.8%
5.8%
7.4%
9.5%
10.9%
13.7%
14.7%
16.4%
15.4%
15.4%
15.6%
15.0%
15.2%
13.5%
----
DATA FOR RECENT MONTHS.
Month of-
Index of Farm Prices Down Four Points During Period
from July 15 to Aug. 15, According to Bureau of
Agricultural Economics.
Farmers' purchasing power, in terms of exchange of farm
products for other goods, dropped 10% from July 15 to
Aug. 15, because of price declines for farm products coincident with price advances of things that farmers buy,
according to the Bureau of Agricultural Economics, U. S.
Department of Agriculture. The August farm price index
was 72 compared to 76 in July,64 in June and 59 in August a
year ago. Under date of Aug. 28 the Bureau further noted:
+21.3
+12.8
+22.7
+17.0
1933.
1932.
1931.
January _ ___
February
March
April
May
June
July
August
September _
October _
November _
December__
6,480,897,000
5,835,263,000
6,182,281,000
6,024,855,000
6,532,686,000
6,809,440,000
7,011,736,000
6,494,091,000
6,771,684,000
6.294,302,000
0,219,554,000
6,130,077,000
6,112,175,000
6,310,667.000
6,317,733,000
6,633,865,000
6,507,804,000
6,638,424,000
7,435,782,000
6,678,915,000
7,370,687,000
7,184,514,000
7,180,210,000
7,070,729,000
7,286,576,000
7,166,086,000
7,099,421,000
7,331,380,000
6,971,644,000
7,288,025,000
Tntni
1930.
1933
Under
1932.
8,021,749,000 7.6%
7,066,788.000 10.1%
7,580,335,000 6.7%
7,416,191,000 4.3%
7,494,807,000 a5.0%
7,239,697,000 a11.1%
7,363,730,000
7,391,196.000
7,337,106,000
-7,718,787,000
7,270,112,000
7,566,601,000
77.442.112.000 R6.063.969.000 89.467.099.000
----
a Increase over 1932.
-The monthly figures shown above are based on reports covering approxiNote.
mately 92% of the electric light and power Industry and the weekly figures are based
on about 70%.
Sales of Ordinary Life Insurance in Canada During
July.
In a summary of sales of ordinary life insurance in the
Dominion of Canada the Life Insurance Sales Research
Bureau at Hartford, Conn., said that "sales 'for July 1933
were 88% of those sold in the same month a year ago. The
best experience for July was in the colony of Newfoundland,"
the Bureau said. "For the first seven months of 1933 sales
were 83% of the sales for the same period last year."
Ordinary Life Insurance Sales in Metropolitan Area
of New York Fstimated at $56,014,000 During
July.
The Life Underwriters Association of the City of New
York announces estimated sales of ordinary life insurance
for July 1933, in the metropolitan area, of $56,014,000.
July Sales of Ordinary Life Insurance in United States
-Best Record Shown Since January 1932.
Statistics on ordinary life insurance just compiled for
July show a decided upward trend in insurance sales during
the month, the Life Insurance Sales Research Bureau at
Hartford, Conn., reported on Aug. 19. The volume paid
for in July was 96% of the July 1932 sales. This represents
the best monthly experience since January 1932, the Bureau
said, continuing:
The general improvement was reflected in every section of the country.
With the exception of New Mexico, where conditions remained about the
same, every State showed an improvement in July over the first six months
figures.
In the New England section sales gained 6% in July as compared to
July 1932. Three States in this section-Connecticut. Massachusetts and
Maine-contributed increases. In both the North and South East Central
1650
Financial Chronicle
sections of the country also sales exceeded those of last July. Out of the
48 States and the District of Columbia, for which figures are received.
17 States showed gains for the month compared to last July.
The figures given below for the month and for the first seven months of
1933 show the trend in sales. In every section the monthly figures represent a much better experience than the seven months, indicating an
upward trend.
Seven MonVhs 1933
July 1933
Compared to
Compared to
Seven Months 1932.
July 1932.
88%
New England
106%
80
Middle Atlantic
86
81
East North Central
101
West North Central
84
98
78
South Atlantic
96
90
East South Central
122
85
West South Central
99
75
Mountain
91
79
Pacific
99
81
96
United States total
These figures are based on the experience of 79 companies having in force
91% of the total ordinary life insurance outstanding in the United States.
M. A. Linton, President of Provident Mutual Life
Insurance Co., Cites Encouraging Evidence of
Improvement — Policy Loans and Withdrawals
Show Sharp Falling Off, He States.
Encouraging evidence of recovery in the general economic
situation of the country is appearing in various forms,
M. A. Linton, President of the Provident Mutual Life
Insurance Co., Philadelphia, told agents of the company
on Aug. 21 in the opening session of their annual convention
in Chicago. Market values of securities owned by the
company have shown an encouraging increase in recent
months, Mr. Linton stated, adding:
Whereas market values a year ago represented a depreciation of 15.3%
of the book values, present market values represent a depreciation of only
6.8%. If securities were valued at actual market prices instead of the
Commissioners' values, the company would still have more than $11,000,000
of surplus over and above all liabilities.
A very gratifying trend is noticeable also in the sharp decrease in applications for policy loans and cash surrenders which were less in July than
any month since September 1930. For the first seven months of the year
they showed a decrease of 32% from the 1932 figure.
Sale of annuities has increased tremendously in the first seven months
of the year, single premium annuities having increased 160% over the
corresponding 1932 figures.
Officials of the company have no concern about the
ultimate value of foreclosed real estate, Mr. Linton stated.
He pointed out that only 3.5% of all the company's investments were in foreclosed real estate. During the panic of
1899 the figure rose to 5.2%, but because of the conservative selection of loans, real estate acquired in that period
actually worked out at a profit, he said.
Guaranty Trust Co. on Complexities of National Recovery Program—Business Developments During
Month Centered Around NRA Activities—Most Concerns in No Position to Endure Advances in Costs
Without Increased Revenues.
Business developments during August have mostly cen.
tered around the activities of the NRA, states the Guaranty
Trust Co. of New York in the current issue of "The Guaranty
Survey," its review of business and financial conditions in
the United States and abroad, published Aug. 28.
"For the most part, the response of business to the Federal program appears to have been excellent," says the "Survey," although obstacles have arisen in the work of drawing
up codes, illustrating the extreme complexity of the economic
system and the innumerable difficulties that inevitably confront any attempt at industrial control or centralized planning." The "Survey" continues:
Complexities of Recovery Program.
The great majority of business men, apparently, are determined to accept
the Federal program and to live up to its terms, although many business
enterprises find themselves in the position of having raised wages and
shortened working hours without any clear idea how the resulting increase
In costs is to be offset. Selling prices are still subject to consumer demand.
And, to the extent that larger payrolls are balanced by higher prices, the
Increase in aggregate consumers' purchasing power is obviously nullified
and the purpose of the plan is defeated.
On the other hand, most business concerns, after three years of severe
depression, involving heavy drains on their cash resources, are in no position
to endure arbitrary advances in costs without some compensation in the
form of increased revenues. They are expected voluntarily to raise their
costs in the hope and faith that the larger payrolls will increase consumption and that the greater demand will find its way back to them and expand
the market for their products. In the meantime, their cash position is
further impaired. The whole situation provides a striking illustration of
the closeness and intricacy with which economic conditions are interrelated
and shows how the injection of an artificial element at any point in the
system sets up an almost endless chain of complications, with ultimate
consequences that are beyond the power of anyone to foresee.
The difficulty faced by many manufacturers of increasing wages and reducing hours of employment, and in some industries paying processing taxes,
thus adding materially to the cost of production, is obvious. That they
must in turn receive higher prices for their products, thus increasing the
cost to the consumer, seems inevitable, and the effort of the NRA to
increase cost of production without also increasing the cost of consumption
seems impossible of attainment. Only as larger buying power is generated
and as increased volume may help to distribute costs can this economic
problem be solved to the profit of all concerned.
Sept. 2 1933
In spite of the complexities and irregularities of the situation, the general
impression is given that we are moving ahead and that real progress toward
recovery is being made.
Emphasis on Prompt Action.
The outstanding feature of the administration of the recovery act has
been its emphasis on prompt action, particularly along lines affecting employment and payrolls. Most of the codes thus far submitted stop far short
of the centralized control that would be legally permissible under the terms
of the Act; and many are simply modified forms of the blanket code, aiming at little more than the establishment of maximum hours and minimum
wages. Those temporary agreements, which are called "basic codes," are
expected to be supplanted later by more detailed regulations.
Thus far the organization of industry under the Act may be divided into
two main phases; first, the adoption of codes for individual key industries;
and second, the acceptance of the blanket code by business enterprises in
general, pending the more general adoption of specific codes. The second
part of the program has made swift progress. Business enterprises the
country over and in all branches of trade have voluntarily come forward
and signed the agreement. It is in the formulation of special codes, with
their more detailed provisions regarding competitive methods and the relations between labor and capital, that the principal obstacles have been
encountered. The delays that have occurred in spite of the efforts of governmental and industrial officials to reach agreements without loss of time
have demonstrated the wisdom of the policy of promptly enlisting the support of business in general under the temporary blanket code.
Business Activity Leveling of/.
Whether under the stimulus of the recovery program or through the
operation of normal recuperative forces, the upward trend in business activity
has continued, although a slight tapering off in some directions has been
noted in the last few weeks. Most of the basic industries reported further
sharp increases in output during July, and the expansion of industrial operations was accompanied by further gains in employment and by some signs
of improvement in retail trade. Among the important lines in which continued recovery was noted last month were steel output, bituminous coal
production, railway freight traffic, bank debits, electric power production,
and foreign trade.
The more recent recessions have been very moderate and appear to have
been partly seasonal in character. In general, they have coincided roughly,
in point of time, with the price reaction that took place in security and
commodity markets in the latter part of July. In view of these considerations, combined with the fact that some of the declines have occurred in
industries in which the level of operations had been admittedly speculative
and abnormal, the recession has aroused no serious misgivings regarding the
probable continuance of the upward trend. On the contrary, it is considered
a wholesome development in some respects, inasmuch as it seems to represent, in part at least, a corrective movement tending to counteract the
unsound features that always appear in the course of a swift recovery.
Price Advance Checked for Time Being.
The violent advance in commodity and security prices that accompanied
the business revival for several months seems to have been effectively
checked, for the time being, by the sharp setback in the latter part of July,
together with the restrictions that have been placed on speculative operations by organized exchanges. The more even tenor of prices has been
accompanied by a firmer tendency of the dollar in foreign exchange markets.
The rapid depreciation of the last few months has given way to an irregular
movement in which the dollar has approximately held its own over a period
of several weeks. The strength of the dollar was accentuated by the recent
ruling of the Treasury Department permitting the exportation of various
dorms of gold ores and Concentrates. The ruling was issued in response to
protests of gold miners, who found their costs rising as a result of the general
price advance and their product unsalable except to the Federal Government
at a fixed price.
The monetary outlook has been clarified but little and is still believed
to depend on the success of the industrial recovery program. Certain
statements from Washington have suggested that, if the present efforts are
successful, direct money inflation will be avoided. The likelihood of a
reduction in the gold content of the dollar is not officially discussed at
present.
Business Conditions in Boston Federal Reserve District
During July—Most Lines of Industry Showed
Relatively Little Tendency to Decline.
The Federal Reserve Bank of Boston, in its "Monthly
Review" of Sept. 1, stated that "the principal indices of
general business and industrial activity for New England
have shown in past years that the month of July usually
represented a transitional period between the normal midsummer dullness and the beginning of autumn activity."
The Bank continued:
During July this year, however, most lines of industry, while not uniformly recording actual increases, showed, after seasonal adjustment,
relatively little tendency to decline. As a result, general business activity
In this District appears to have improved considerably in July as compared
with the preceding month.
The daily average volume of shoe production in New England, after
rising in April and May, declined substantially In June. In July, however
the daily average output of shoes increased over seasonal expectations, with
the daily rate of production more than 18% above that for March.
In the building industry the volume of new contract awards, on a square
foot basis, in both the residential and the commercial and industrial groups
continued to record improvement during July. In the three months between
April and July the seasonally adjusted index of the volume of new contracts
awarded for both classes of construction more than doubled.
Textile activity in New England continues relatively high, although the
July reports on the consumption of raw cotton and wool indicated some
recession, due to seaonsal influences. The daily average amount of raw
cotton consumed by New England mills declined from 4,690 bales in June to
4,375 bales in July, a decrease of nearly 7%, as against a normal seasonal
decline of 5%. The seasonally adjusted index of cotton consumption for
July, was the highest for any July since 1929. Similarly, the slight decrease
in the daily average consumption of raw wool during July mostly reflected
an adjustment as a result of the exceedingly large volume of raw wool consumed during the preceding month.
In Massachusetts the number of employees in 1,443 manufacturing
establishments increased 9.7% between Juno and July. An even larger
Increase was recorded In the amount of weekly payroll disbursements,
Volume 137
Financial Chronicle
which were 12.7% larger than in June. Consequently average weekly
earnings showed a gain of 2.7% between June and July.
During July the number of commercial failures in this district was 57%
smaller than in the same month a year ago; the amount of liabilities declined
72.5% between July 1 1932 and the corresponding month this year.
The number of new automobile registrations in New England during
July was 13,836, compared with 7.695 in the corresponding month of 1932.
The total number of new cars registered during the first seven months of
1933 was 5.8% larger than in the same period a year ago.
On Aug. 23 the reserve ratio of the Federal Reserve Bank of Boston was
aadd gig Jai
76.5% compared with 65.5% on Aug. 24 1932.
Advance in Most Lines of Production in Cleveland
Federal Reserve District Slackened During August
-Sales at Wholesale and Retail During July Higher
Than Year Ago-Conditions in Tire and Rubber
Industry.
"A leveling-off in the sharp advance in most lines of
production was reported in the Fourth (Cleveland) District
and other parts of the country in August," states the Federal
Reserve Bank of Cleveland, "but a slowing down at this
season is not unusual," the bank continued, but "in fact it
is generally expected." In its Sept. 1 "Monthly Business
Review" the bank further said:
Coming at the present period it affords time for distribution and consumption, which have lagged somewhat behind production in the past few
-Ed.)shows
months, to catch up. The accompanying chart (this we omit
the Federal Reserve Board's monthly index of industrial production and
carloadings, adjusted for seasonal variations,
this bank's index of freight
based on the average of the three years 1923-1925. The production index
in July NM 98 (preliminary) compared with 90 in June and 60 in March.
a gain in four months of 63%, the sharpest advance for any similar period
on record. At the same time the carloadings index, which is one barometer
of distribution, rose about 28%. Paralleling this, the index of Fourth
District department store sales representing goods passing to the consumer,
advanced about 35% between March and July.
Despite the slowing down in August, operations are much above a year
ago in practically all lines except building. July records compare very
favorably with last year in most of the important lines of activity in this
District. The following table shows the percentage changes from a year
ago in some of the business indicators in the latest month:
+113.6
Automobile production, United States
+49.8
Building contracts awarded, residential-Fourth District
+82.6
Cement production-Fourth District
+105.9
Coal production-Fourth District
+83.4
Coal shipments-Lake Erie ports
Commercial failures-Fourth District
+12.1
Department store sales-Fourth District
+70.5
Furniture store eaten-Fourth District
+504.9
Iron ore receipts-Lake Erie ports
+218.0
Pig iron produotiop, United States
+296.9
Steel ingot production, United States
+21.2
Wholesale sales-four reporting lines-Fourth District
In addition to the foregoing, bank debits to individual accounts in 24
cities in July were 2.8% larger than a year ago despite the fact that numerous
banks remain closed. Life insurance sales in Ohio and Pennsylvania in
July were within 2% of a year ago, whereas the decline in the first half
year was over 15%.
Employment at representative concerns in Ohio in July increased nearly
6% from Juno. a contra-seasonal change, and the gain from the low point
touched in March amounted almost to 30%. In western Pennsylvania
the upturn was not quite so marked, though considerable improvement was
reported. Following the adoption of the NRA codes by several industries
In August a further bettering of employment conditions was generally
reported though, as yet, few figures for the period are available. In
Cincinnati a comprehensive survey revealed that between July 31 and the
third week of August a 15% improvement in employment occurred.
Agricultural conditions, so far as crops were concerned, grew worse in
July and the first half of August. Prices of most farm commodities were
considerably above a year ago.
- -
In
- reporting wholesale and retail trade conditions in the
Cleveland District the bank noted:
Retail.
After allowing for the fact that department store sales usually decline
from June to July, there was an improvement in retail buying in the latest
month in the Fourth District. Dollar value of sales was 12% larger than
a year ago and the adjusted index increased from 62 to 64% of the 19231925 monthly average. Part of the rise in dollar sales reflected higher
retail prices, the advance from June, according to "Fairchild's" retail price
index, being 5.2%. The increase in current prices from the low of April,
judging by this index, was 9.6%, but on the latest date retail prices were
2.8% higher than in July 1932.
Gains were reported in July compared with a year ago in all but 18 of
the 52 important departments for which separate figures are available at
60 reporting stores in this District. The increases were unusually large in
all housefurnishing departments, furniture sales at department storm being
up 104% and electrical appliance sales being up 135% from last year. At
44 reporting furniture stores, July sales were 71% larger than a year ago.
Women's and misses' apparel sales were up about 6%, about half of which
represented higher prices. Sales of linens and domestics were up over
40% and yard goods sales increased 6% from last year.
A greater percentage of total sales in July were charge purchases than a
year ago, instalment sales amounting to 8.1% of total sales, whereas last
year they amounted to only 3.8% of the total volume. Regular 30-day
sales were slightly smaller than a year ago.
Department store buyers increased their stocks slightly in July, contrary
to the seasonal trend, and the adjusted index advanced from 51.4 to 55.7%
of the 1923-1925 monthly average. Collections in July, as a per cent of
accounts receivable at the end of June,improved somewhat from last year.
Wholesale.
A contrary to seasonal increase in wholesale trade was shown in all four
reporting lines in July and aggregate sales were up 21% from a year ago.
Wholesale dry goods sales increased 26% from June and were 154% larger
than a year ago. This spectacular gain resulted in a 7.5% increase in sales
volume being shown for the first seven months of this year. Hardware
sales were 40% larger than a year ago in July, but were down 4.5% in the
first seven months. Drug sales were slightly larger in July than last
Year, but in the seven-month period a decline in dollar volume of 17%
was reported. Wholesale grocery sales were smaller in July than in June,
but, compared with a year ago, a gain of 7% was shown by the reporting
firms. For the year-to-date a reduction of 8.8% was shown in dollar sales.
1651
,
With regard to the tire and rubber industry the bank said:
Conditions having little connection with the tire industry, as such. in
the past year have caused erratic movements in production schedules. In
June 1932 tire output was increased sharply prior to the enactment of the
excise tax on tires. In May and June this year production schedules were
expanded as a result of greater dealer and consumer demand which preceded
the price increase announcements. Dealer stocks, which were unusually
low this spring were replenished in part and stocks of finished tires held by
manufacturers on June 30 were limited for that time of year, but 32%
higher than-in mid-1932, when stocks dropped to record low levels.
Tire production in June, according to the Rubber Manufacturers'
Association figures which represent 80% of the entire industry, was 8.1%
above the peak touched last year in June and up 17% from May. Shipments increased 22% from May to June, but were 37% below last year
when they assumed record proportions.
July operations, according to reports, made a very favorable showing,
compared with last year, but at that time a slump in production developed
following the heavy production in June 1932. Some falling-off in output
and sales was reported in August, partly seasonal, but employment and
the number of man-hours worked in both July and August were much
above a year ago. At 20 concerns reporting to the Ohio State Bureau of
Business Research, employment in July was 22% above last year, but
only 78% of the 1926 monthly average.
Inventories of crude rubber and cotton fabrics in hands of manufacturers have been reduced sharply in the past three months, and on July 31
crude rubber stocks totaled 326.609 tons, compared with 333,954 tons on
June 30 and 396,000 tons, the peak touched on March 31 1933. Imports
of crude rubber in July were 44.290 tons, a sharp increase from the same
month of 1932 and earlier months of this year, but for the year-to-date
imports were 22% smaller than in the corresponding period of 1932. Crude
rubber consumption in July was 50,184 long tons, a gain from the same
Period of 1932 of67%.
-10%-in 90 days became effective on
The third increase in tire prices
July 26 and prices now are about equal to those prevailing a year ago.
The total gain since May 1 was about 27%. At the same time crude
rubber prices have advanced from a low of less than three cents a pound to
about n ne cents, and raw cotton has almost doubled in price.
Wholesale and Retail Trade Conditions in Chicago
Federal Reserve District-Trends During July in
Wholesale Channel Mostly Downward-Department Store Trade Declined More than Seasonal.
In reviewing wholesale arid-retail trade conditions in the
-the Chicago
Seventh (Chicago)Federa1-Reierve Districe, Federal Reserve Bank, in its "Business Conditions Report"
of Aug.31, states that "July trends in wholesale trade coltions in the District were for the most part downward?'
dry
thatlith'e- - goods trade recorded a
The Barik-continuedgain of 10% over the preceding month,
contrary-to-seasonalwhile other reporting _groups experienced declines, seasonal
in nature but for the most part heavier than usual for the
period though smaller than last year in the same month.
Continuing, the Bank said:
,
Declines from June amounted to 43 % in groceries, 24% in hardware.
10%% in drugs. 23% in shoes, and 24% in electrical supplies, as against
average recessions for the month of 4, 93, 5, 18 and 7%, respectively.
As compared with July 1932, however, trends continued favorable; all
groups showed increases over that month, the gain in groceries being the
first recorded in the yearly comparison since April 1930 and in drugs since
September 1929, while the increases in hardware and dry goods sales were
heavier than in either of the two preceding months. Despite this improvement, sales for the year to date still failed to equal those of the same period
of 1932; grocery sales declined 8% in the comparison, hardware 9%, dry
Stocks.
Seeds 3%, drugs 18%, electrical supplies 4% and shoes 2%.
though remaining below 1932, show a narrowing of the spread between the
two years. In half the groups, ratios of accounts receivable to sales in
creased during July, but in all lines they were smaller than a year ago.
WHOLESALE TRADE IN JULY 1933.
Per Cent Change
From Same Month Last Year.
Commodity.
Net
Sales.
Groceries
Hardware
Dry goods
Drugs
Shoes
Electrical supplies
Stocks.
+14.1
+31.3
+90.7
+1.7
+25.4
+30.9
-5.7
-13.4
-16.6
-14.7
-18.3
-3.6
Ratio of
Accts. Out
standing to
ColAccts. Outstanding. !eaten*. Net Sales.
+4.5
-7.6
+11.1
-4.5
-39.3
+20.0
+13.4
+6.1
+11.8
-11.3
+20.6
+9.6
109.7
237.4
238.5
251.7
233.8
211.1
A somewhat greater than seasonal decline took place during July in
Seventh District department store trade. Sales of reporting stores dropped
29% in the aggregate from the preceding month, as against an average
5
,
recession in the 1923-32 average for July of 253 %. The comparison with
July a year ago, however, showed a dollar volume of sales 8M% in excess
of that month. It will be noted in the table that Chicago stores had an
exceptionally large gain in the yearly comparison and that Detroit alone
of the larger cities experienced a decline. Continued gradual expansion
is taking place in stocks, and owing to increases shown by Chicago, Indianapolis, and Milwaukee stores over the corresponding month of 1932, the
total for the district at the end of July was only 2% smaller in this comparison. Collection conditions show improvement over last year, as evidenced by their ratio to accounts outstanding, which for three consecutive
months has been higher in the current period than a year ago.
DEPARTMENT STORE TRADE IN JULY 1933.
Per Cent Change
July 1933
from
July 1932.
Locality.
P.C.Change
7 Months
1933from
Same
Period '32.
Ratio of July
Collections
to Accounts
Outstanding
June 30.
Net
Sales.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Seventh District
Stocks End
of Month.
Net
Sales.
1933.
1932.
+21.6
-15.9
+9.7
-9.1
+4.9
+11.3
-28.7
+5.2
+6.0
-20.7
-4.4
-25.7
-9.8
-14.3
-13.5
25.4
31.6
36.9
32.4
26.9
22.2
27.6
34.7
31.1
25.8
+8.5
-2.5
-12.0
29.5
27.0
1652
Financial Chronicle
Following four months of expansion-greater than seasonal in three of
them-retail shoe trade experienced an exceptionally heavy recession in
July business as compared with the preceding month. Sales of reporting
dealers and department stores totaled 46% less than in June. whereas the
1926-32 average decline for the period is but 31%. The dollar volume sold
was 1% below that of last July, and sales for the year through July totaled
13% smaller than in the same months of 1932.
Similarly, the retail furniture trade showed a larger than usual decline
in July, though sales continued to total heavier than in the corresponding
month last year. The sales recession of 29% in the monthly comparison,
for reporting dealers and department stores, compared with one of 19%
in the 1927-32 average for July, while the gain over a year ago amounted
to 24%.
Chain stores, along with other lines of retail trade, sold a smaller aggregate dollar volume in July than in the preceding month, although comparisons with the corresponding month last year were favorable. Two of the
major groups reporting to this bank-grocery and drug chains
-had larger
sales in July than in June, but a decline in five-and-ten-cent store trade
was sufficient to offset these gains as well as those in smaller groups. Practically all reporting lines which, in addition to those mentioned,include shoe
cigar, men's clothing and musical instrument chains, shared in the increase
of 6% shown in total sales over July 1932.
Increases Reported in Employment and Payrolls in
Chicago Federal Reserve District from June 15 to
July 15.
The Federal Reserve Bank of Chicago states that "Seventh
(Chicago) District industries increased employment 7% and
payrolls 4% from June 15 to July 15-a period generally
marked by curtailment, especially in payrolls, due to extensive lay-offs for repairs and inventories and to the vacations
customary at this season." The Bank further reported as
follows in its "Business Conditions Report" of Aug. 31:
The current rise in payrolls was smaller than in any of the three preceding months but compared with a decline of 5% in the seasonal average
for the years 1925-32. Both employment and payrolls in July rose definitely above the volumes of a year ago, the increases amounting to about
8% in the former and 11% in the latter item. This is the first time since
1929 that employment and payrolls in Seventh District industries have
been larger than in the same month of a year previous.
Three manufacturing industries-metals, stone-clay-and-glass, and
rubber products-Increased both employment and payrolls during the
June-to-July period by more than 10%. Among the other reporting manufacturing industries, increases in employment ranged from 2% for textiles
,
to 12;i% for vehicles; and gains in payrolls from 3 % for chemicals to 12%
6
for textiles. None of the major groups showed a decline in either volume
of workers or in wage payments, and the manufacturing industries as a
whole recorded aggregate increases of 9 and 5% respectively. in these items..
Under the non-manufacturing classification, all groups contributed to
the rise in payrolls and all but one to the gain in employment. Merchandising firms showed a negligible loss in number of workers, while raising
wage payments about 1%. The largest percentage gain, 3% was recorded
for employment and payrolls in the coal mining industry. Total increases
for the non-manufacturing classification amounted to less than 36% in
,
employment and 2% in payrolls.
'EMPLOYMENT AND EARNINGS
-SEVENTH FEDERAL RESERVE
DISTRICT.
Week of July 15 1933.
Industrial Croup.
Metals and products_ a
Vehicles
Textiles and products
Food and products
Stone, clay and glass
Wood products
Chemical products
Leather products
Rubber products_ b
Paper and printing
No. of Number
of
Reporting
Wage
Firms. Earners.
Earnings.
134,269
188,893
31,797
71,186
8,130
22,503
13,707
19,539
6,738
41,023
$2,528,000
4,398,000
444,000
1,365,000
156,000
286,000
297.000
309,000
170,000
898,000
+11.4
+12.6
+2.2
+4.3
+16.8
+4.9
+4.7
+5.6
+10.6
+4.4
+11.9
+1.8
+12.0
+1.3
+14.4
+3.5
+0.6
+2.3
+13.7
+4.0
537,785 $10,851,000
32,042
622,000
76,884
2,169,000
2,063
39,000
8.888
160,000
+9.1
-0.2
+0.3
+3.1
+0.5
+4.9
+0.9
+2.4
+3.0
+1.5
$2,990,000
+0.2
+2.1
722
163
142
343
142
267
103
77
8
314
Total manufg., 10 groups..-- 2,281
Merchandising c
254
Public utilities
80
Coal mining
-17
Construction
316
Total non-mfg., 4 groups__
Per Cent Changes
from June 15 1933.
667
119,877
Wage
EarnEarners. trigs.
Total 14 groups
+4.2
2,948 657,662 $13,841,000
+7.3
a Other than vehicles. b Michigan and Wisconsin. c Illinois and Wisconsin.
Business and Agricultural Conditions in Minneapolis
Federal Reserve District During July-Further
Increase Noted in Business.
The increase in business in the Ninth (Minneapolis)
Federal Reserve District continued to grow in magnitude
during July, notes the Federal Reserve Bank of Minneapolis.
More industries and a larger section of the District were
affected by the July advance. However, the July level was
not fully maintained during the first part of August. In its
preliminary summary of agricultural and business conditions
in the Ninth District, issued Aug. 19, the Bank continued:
The adjusted hank debits index for July was 73. an increase of 12 points
from the June index and the highest adjusted figure since the summer of
1931. Bank debits had thus recovered more than a third of the decline
from the 1929 peak. Fifty-two cities in the district reported increases In
bank debits during July over July last year, whereas only 33 cities reported
Increases in June over June last year and 13 cities reported increases in the
May comparison. Country check clearings in July reached an adjusted
index of 94, a gain of six points over the June index. The country check
clearings index for July was half way back to the 1929 peak. Northwestern railroads loaded almost one-half more cars in July than in corresponding month last year. July loadings of ore were nearly five times as
large as in the corresponding month last year, loadings of coke were three
times as large and loadings of forest products, grains and grain products
Sept. 2 1933
were twice as large. The adjusted index of miscellaneous freight car loadings
increased nine points to 59 (preliminary), which was 13% larger than the
corresponding month last year. The index of Lel. shipments decreased
slightly from June and in July It was 5% smaller than a year ago. Increases
In July over last year's totals were reported for building permits, flour and
linseed product shipments, livestock receipts and department store sales.
Building contracts were smaller in July than in the same month last year.
Bank debits for the week ending Aug. 9 did not maintain the percentage
of increase over last year's figures that prevailed in July and the volume of
bank debits in that week fell to about the level of May. but even at that
level bank debits were considerably larger than in the latter part of 1932 or
the early months of 1933. Country check clearings during the first 12
business days of August continued to be about a third larger than in the
same days last year, but receded somewhat from the level of July of this
year.
Farm income in July was 72% larger than in July last year for six
important items. The chief increases were in the income from grains,
owing to the combination of heavy grain marketings and sharply increased
prices. The income from dairy products during July was 46% larger than
a year ago, due to higher prices and larger production. The income from
hogs was slightly smaller than the income in July last year, owing to the
sharp increase in the price of hogs which occurred a year ago and which
was not paralleled by a corresponding increase this year. Prices of all
northwestern farm products were higher in July except butcher steers,
feeder steers, veal calves, hogs and hens. Prices of rye, oats and barley
were more than twice as high as last year's prices, and prices of Durum
wheat, flax and ewes were about twice as high as a year ago. The price of
butter was the highest in a year and a half and was 49% above last year's
price in the same month.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED
IN THE NINTH FEDERAL RESERVE DISTRICT.
July 1933.
Bread wheat
Durum wheat
Rye
Flax
Potatoes
Dairy products
Hogs
Total of six !LAMA
July 1932.
% July 1933
of July 1932.
$6,126,000
1,090,000
880,000
431,000
$1,169,000
161,000
82,000
162,000
524
677
1,073
266
14.072.000
4,216,000
9,660,000
4,352.000
-iii
97
526.815.000
S15.588_000
172
Business Conditions in San Francisco Federal Reserve
District During July-Industry and Trade Continued to Expand.
Industry and trade in the Twelfth (San Francisco) Federal
Reserve District continued to expand sharply during July,
and activity in practically every important line of production and distribution was higher than in July, according
to Isaac B. Newton, Chairman of the Board and Federal
Reserve Agent of the Federal Reserve Bank of San Francisco. In his summary of business conditions in the district,
issued under date of Aug. 23, Mr. Newton also says:
Employment conditions improved substantially during the month.
Aggregate wage payments also increased, and for the first time since the
autumn of 1929 industrial payrolls in California exceeded those in the
corresponding month of the preceding year.
Harvests of the District's field, grain and fruit crops are expected to be
smaller in the aggregate this year than in 1932. Estimates of.the output
of most field and grain crops increased from July 1 to Aug. 1, but production
forecasts for several important fruit crops declined. Marketing prospects
are more favorable than a year earlier. Most of the July advance in farm
products prices was canceled by declines toward the end of that month,
and at the middle of August prices averaged about the same as at the
close of June.
Consumption of electrical energy increased considerably more than is
customarily expected in July. Daily average petroleum production advanced further during July and the first two weeks of August, reaching
about 500,000 barrels for the first time since the spring of 1932. Lumber
mill operations, stimulated by substantial unfilled orders, continued to
expand during July. but declined during the first part of August. New
orders for lumber fell off considerably during July, following rapid increases
in April. May and June. Value of engineering contracts awarded was
extremely small during July, but building permits issued increased somewhat further.
Daily average sales of department stores increased approximately 6%
In value during July, although a moderate decline is customary during
that month. The seasonally adjusted index of freight carloadings also
advanced. Intercoastal traffic, however, increased less than is usual from
June to July, reflecting smaller eastbound petroleum shipments.
Twelfth District banking funds were reduced as a result of Treasury
operations and commercial transactions with other districts during the
four weeks ending Aug. 16. notwithstanding which total reserve deposits
of member banks increased. In order to obtain funds for these purposes
member banks borrowed additional amounts from the Federal Reserve
Bank of San Francisco. Demand for currency decreased in the early
part of this period, but increased slightly in the first half of August.
Neither net demand deposits nor time deposits of reporting member
banks changed appreciably from July 19 to Aug. 16. Loans for commercial
purposes and on securities expanded slightly during this period. Bank
debits to individual accounts, which measure activity of deposits, increased
slightly during these weeks, while total deposits did not change, thus
indicating a more rapid turnover of banking funds.
Lumber Orders and Shipments Decline to April and
May Levels-Production Holds to July-August
Weekly Average.
Orders booked at the lumber mills during the week ended
Aug. 26 1933 were the lowest of any reported since April
and shipments- were lowest since May, according to telegraphic reports received by the National Lumber Manufacturers Association from regional associations covering the
operations of 692 leading hardwood and softwood mills.
Production totaled 202,981,000 feet as reported by these
mills, which was 5% below that of the previous wcek, and
nearly equal to the average output of the July-August
A
Volume 137
Financial Chronicle
record weeks. Shipments were 176,905,000 feet and orders
147,381,000 feet. The Association further reports as follows:
Softwood orders were 28% below production. Hardwood orders were
22% below output. All regions showed orders less than production except
the Northern hemlock. West Coast and Western pine mills reported new
business only 66% of production.
Production in all regions was heavier than during the corresponding week
of last year. Orders were lower than last year in the Southern pine, Western pine and West Coast regions, total softwood orders being 12% below
last year's. For the first 34 weeks of 1933 softwood production was 22%
heavier, shipments 14% greater and new business 20% greater than during
corresponding period of 1932.
Unfilled orders at the mills declined further to the equivalent of 17 days'
average production of the reporting mills, compared with 14 days a year
ago and 26 days on July 15 1933. Softwood stocks were the equivalent of
99 days' average production, compared with 120 days a year ago and 92
days on July 15 1933.
Forest products carloadings at 26,875 cars during the week ended Aug. 19
were 883 cars below the preceding week, 11,213 cars above corresponding
week In 1932 and 360 cars below the same week in 1931.
Lumber orders reported for the week ended Aug. 26 1933 by 430 softwood
mills totaled 127,071,000 feet, or 28% below the production of the same
mills. Shipments as reported for the same week were 152,190,000 feet,
or 14% below production. Production was 176,845,000 feet.
Reports from 284 hardwood mills give new business as 20,310,000 feet.
or 22% below production. Shipments as reported for the same week were
24,715,000 feet, or 5% below production. Production was 26,136,000 feet.
Unfilled Ordets.
The 346 identical softwood mills report unfilled orders as 421,272,000
feet on Aug. 26 1933, or the equivalent of 16 days' average production, as
compared with 329.741,000 feet, or the equivalent of 13 days' average
production on similar date a year ago.
Last week's production of 393 identical softwood mills was 164,408,000
feet, and a year ago it was 96,867.000 feet; shipments were respectively
141,264,000 feet and 121,067,000 and orders received 120,227,000 feet
and 137,208,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 199 mills reporting for
the week ended Aug. 26:
Shipments.
Unshipped Orders.
New Business.
Feet.
Feet.
Feet.
Coastwise and
Domestic cargo
Domestic cargo
intercoastal _ _38,851,000
delivery_ ___174,343,000
delivery
21,989,000
14,468,000
81,042,000 Export
Export
16,427,000 Foreign
25,516,000
69,908,000 Rail
Rail
21,215,000 Rail
Local
6,873,000
Local
6,873,000
85,708,000
325,293,000 Total
Total
66,504,000
Total
Production for the week was 101,230,000 feet.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
99 mills reporting shipments were 4% below production and orders 1%
below production and 4% below shipments. New business taken during
the week amounted to 27,424,000 feet (previous week 24,229,000 at 109
mills): shipments 26,443,000 feet (previous week 29,507.000), and production 27,575.000 feet (previous week 33,436,000). Production was 48%
and orders 48% of capacity, compared with 53% and 38% for the previous
week. Orders on hand at the end of the week at 97 mills were 68,942,000
feet. The 97 identical mills reported an increase in production of 45%,
and in new business a decrease of 22%, as compared with the same week
a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
103 mills reporting shipments were 20% below production and orders 34%
below production and 18% below shipments. New business taken during
the week amounted to 29,447,000 feet (previous week 38,088,000 at 117
mills); shipments 35,778,000 feet (previous week 44,158,000), and production 44,454,000 feet (previous week 50,377.000). Production was 36%
and orders 24% of capacity, compared with 36% and 27% for the previous
week. Orders on hand at the end of the week at 101 mills were 93,226,000
feet. The 100 identical mills reported an increase in production of 54%
and in new business a loss of 1%.as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported production from 7 mills as 3.185,000 feet, shipments 2,887,000 feet and new
business 2,350,000 feet. The same mills reported production 281% greater
and new business 15% greater than for the same week last year.
Northern Hemlock.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reported softwood production from 22 mills as 401,000 feet,
shipments 1.374,000 and orders 1,346,000 feet. Orders were 11% of
capacity compared with 11% the previous week. The 17 identical mills
reported a gain of 193% in production and a gain of 34% in new business,
compared with the same week a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 262 mills as 24,790,000 feet,shipments 22,616.000 and new
business 19.192,000. Production was 47% and orders 36% of capacity,
compared with 49% and 42% the previous week.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reported hardwood production from 22 mills as 1,346.000
feet, shipments 2,099,000 and orders 1,118,000 feet. Orders were 13% of
capacity, compared with 21% the previous week. The 17 identical mills
reported a gain of 64% in production and an increase of 28% in orders,
compared with the same week last year.
Canadian Exports of Pulp and Paper During July
Valued at $8,884,710 as Compared with $7,892,858
in June.
Exports of pulp and paper from Canada in July showed
an expansion over the preceding month, and also over July
of last year, states the Montreal "Gazette" of Aug. 24.
The exports for July totaled $8,884,710 as compared with
$7,892,858 in June and $7,854,665 in July of last year.
The "Gazette" added:
Exports of newsprint in July totaled $6,281,525, which compares with
95,696,713 in June and 96,289,600 in July of 1932. Exports of pulp were
valued at $2,327,980,showing an increase over the previous month and the
1653
corresponding month of last year, for which the figures were $1,904,248
and $1,339,558 respectively.
The bulk of the exports again went to the United States, with that
country taking $7,225,481 of the total exports of both pulp and paper.
The United Kingdom took 9674,242, while 9984,987 went to other countries.
Following are the exports for the month of July, compared with those
of the preceding month and the corresponding month of last year:
Paper-
July 1933.
June 1933.
Newsprint
Others
$6,281,525
275,205
$5,696,713
291,897
$6,289,600
225,507
Total
Pulp
Sulphate
Sulphite (bleached)
Sulphite (unbleached)
Mechanical
Screenings
N.O.P
$6,556,730
$5,988,610
$6.515,107
301,225
1,326,546
325,826
342,725
14,439
17,219
214,168
1,121,123
345,025
182,076
33,058
8.798
209,231
728,699
141,030
254,639
2,469
3,490
Total
Total Dauer and min
$2,327,980
8.884.710
$1.904,248
7.892.858
51,339,558
7.854.665
July 1932.
Last month's exports were distributed as follows:
Paper.
$129,951
1,782,310
415,719
$674,242
7,225,481
984,987
56.556.630
Total
Pulp.
$544,291
5,443,171
569,268
United Kingdom
United States of America
Others
Total.
$2,327.980
58.884,710
July Output of Automobiles Compared with Preceding
Months.
July factory sales of automobiles manufactured in the
United States (including foreign assemblies from parts made
in the United States and reported as complete units of
vehicles), based on data reported to the Bureau of the
Census, consisted of 233,088 vehicles, of which 195,019
were passenger cars, 38,065 trucks, and four taxicabs, as
compared with 253,322 vehicles in June, 109,143 vehicles
in July 1932, and 218,490 vehicles in July 1931
The table below is based on figures received from 120
manufacturers in the United States, 33 making passenger
cars and 87 making trucks (nine of the 33 passenger ear
manufacturers also making trucks). Figures for taxicabs
include only those built specifically for that purpose; figures
for trucks include ambulances, funeral cars, fire apparatus,
street sweepers, and buses. Canadian figures are supplied
by the Dominion Bureau of Statistics.
AUTOMOBILE PRODUCTION (NUMBER OF VEHICLES.)
Canada.
United States.
Year anzi
Month.
1931
January
February
March
April
May
June
July
Total.
171,848
219,940
276,405
336,939
317,163
250,640
218,490
TartPassenger
Cars.
Trucks. cabs.'
33,531
39,521
45,161
50.022
45,688
40.244
34,317
512
529
410
665
340
360
180
6,496
9,871
12,993
17.159
12,738
6.835
4,220
4,552
7,529
10,483
14,043
10,621
5.583
3,151
Total(7 moo'.) 1,791,425 1,499,945 288,484
55,962 14,350
August
September
October
November
December
Total (year)
1932
January
February
March
April
May
June
July
Total mos.
(7
August
September
October
November
December
Total (year)
1933
January
February
March
April
May
June
July
137,805
179,890
230,834
286,252
271,135
210,036
183.993
PassesTotal. ger Cars. Trucks.
2,196
70,312
31,772
31,338
21,727
10,683
23,644
104
141
651
999
1,144
4,544
2,646
1,440
1,247
2,432
2,389,738 1,967,055 416,648
6,035
82,621
187,197
140,566
80,142
68,867
121,541
155,321
109,087
57,764
48,185
96,753
3,426
2,108
761
812
2,024
1,944
2,342
2,510
3,116
2.117
1.252
1,069
1,118
538
679
435
408
65,093 17,528
119,344
117,418
118,959
148,326
184,295
183.106
109,143
98,706
94,085
99,325
120,906
157,683
160,103
94,678
20,541
23,308
19,560
27.389
26.539
22,768
14,438
97
25
74
31
73
235
27
3,731
5,477
8,318
6,810
8.221
7,112
7,472
3,112
4,494
6,604
5.660
7,269
6.308
6,773
619
983
1,714
1,150
952
804
699
980,591
825,486 154,543
562
47,141
40,220
6.921
14,418
19,402
13.595
12.025
21,204
9
13
5
239
291
4,067
2,342
2,923
2,204
2,139
3,156
1,741
2.361
1,669
1,561
901
601
562
535
578
1,370,678 1,134,372 235,187
1,119
60,816
50,718 10.098
5
152
660
411
54
35
4
3,358
3,298
6,632
8,255
9,396
7.323
6,540
2,921 i437
3,025 11 f173
5.927 iv 705
6,957 1,298
8.024 1,372
6.005 1,318
5,322 1,218
90,325
84,150
48,702
59,557
107,353
130,044
106.825
117,949
180,667
*218,303
253,322
233,088
75,898
64,735
35,102
47,293
85,858
108,321 21,718
91,340 15,333
99,225 18,064
152,939 27,317
*184,644 *33,605
211,448 41.839
195,019 38,065
Total mos. 1,240.198 1.042.936 195.941 1.321 44.802 38,181 6,621
(7
x Includes only factory built taxicabs, and not private passenger cars converted
nto vehicles for hire.
Mid-West Distribution of Automobiles Lower During
July According to Federal Reserve Bank of Chicago
-Activity in Industry Was Well Maintained
During Month, Bank Says.
"Activity in the automobile industry was well maintained
ATE. 31"Businegr
through-Julyrit=Oteirin
Report" ortIrFeTeTral-R7Terve Bank of Chicago,
which said:
Passenger car production, numbering 195,019 in the month, totaled only
8% smaller than in June, and was 106% heavier than in July last year
Financial Chronicle
1654
when output fell off more than 40% from the preceding month. Truck
production numbered 38.065 this July, representing a recession of 9% from
a month previous and a gain of 164% over a year ago.
Distribution of automobiles in the Middle West was smaller in July,
following four successive months of expansion, but sales at both wholesale
and retail totaled considerably larger than In the same month last year, with
used car sales following the trend of new cars. Substantial gains in stocks
during the period brought the number of new cars held at the end of July
to 1% above the low level of a year ago-the first gain to be shown in this
comparison since January 1930. The number of used cars on hand July 31
totaled 14% heavier than a year previous. The proportion of sales made
on the deferred payment plan to total sales of retail dealers reporting the
Item, dropped from 48% in June to only 36% in July, the latter ratio comparing with 49% for July 1932.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
[Changes in July 1933 from previous months.]
Per Cent Change From
June 1933.
New cars:
Wholesale
Number sold
Value
Retail
Number sold
Value
On hand July 31
Number
Value
Used cars
Number sold
Salable on hand
Number
Value
Companies Included.
July 1932. June 1933. July 1932.
--13.0
---4.6
+282.8
+214.9
19
19
13
13
-11.9
--8.8
+91.4
+86.5
66
66
37
37
+16.7
+14.3
+1.2
-19.8
66
66
37
37
-11.8
+27.1
66
37
+3.6
+8.0
1-13.7
-22.1
66
66
37
37
The "report" contained the following on orders booked by
furniture manufacturers:
Gaining 102% over the preceding month, orders booked by furniture
manufacturers in this district expanded during July to a level higher than
for any month since March 1931. This extends an almost continuous
upward swing since the beginning of April in which month the volume
booked was less than half that of the current period. Shipments, too,
have gained steadily though less markedly, increases in the last two months
having been under 5%. As compared with a year ago,current orders booked
were 170% heavier, and shipments 115%. Unfilled orders also were greatly
Increased during the month, amounting at the close of July to 84% of orders
booked during the month-14 points in excess of the volume outstanding a
month previous. The rate of operations approximated 52% of capacity,
seven points above that of June and 18 above July 1932.
Boon of "Dollar Wheat" Seen by F. E. Murphy, United
States Delegate to International Wheat Conference-Grain Agreement Expected to Spell Pros,-- perity.
E. Murphy, U. S71elegate to the
The views of
rnalional
-Wheat
-Confei7A,on the agreeinent ieached
iiiiLondon, were recorded as follows in anarticle written
--for the AssociatedPress, and cabled as follows frOM that
-city to the New York "Times":
The international wheal agreement which we have just reached here in
London gives to the American farmer, and, indeed, to the world's farmer,
the boon of "dollar wheat" which has always spelled prosperity.
piIn providing for the rehabilitation of the sorely pressed agriculturist, we
feel certain we have made the greatest single move which could be achieved
for the restoration of world prosperity. I will go further and say that without this agreement no other combination of events could restore universal
prosperity.
Praises Negotiators.
And here I should like to take the opportunity of paying tribute to the
fine spirit of give-and-take which has been maintained by the negotiators
throughout these trying weeks. There has been self-sacrifice and there has
been real statesmanship.
My brain is so filled with complicated statistics and technical terms after
these long weeks of negotiations that I find it difficult to shake them off,
but I will try to give in a nutshell and in plain language an idea of what has
happened.
For many years there has been overproduction of wheat, with the result
that stocks accumulated and the price of this essential commodity dropped
to such a low point that growers throughout the world either were ruined
or were facing ruin.
The major producing countries now have agreed to restrict production
so that it will not exceed consumption.
At the same time the principal importing countries agreed that after
wheat has reached a price of 63.08 gold cents per bushel, and this price has
been maintained four months, they will lower the tariff barriers which they
Imposed against the importation of foreign wheat in order to assist their
own growers.
The result of this we hope will be that the price of wheat will be maintained
at a figure which will make it profitable for the farmer to raise it. It may
be that many who are engaged in pursuits far removed from the soil will be
wondering just why we place so much importance upon the welfare of the
wheat growers. I will toll you.
We have taken the trouble to study the history of wheat as far back as
the records go. We have followed this golden grain through thousands of
years into antiquity, and out of this fascinating research has come this
outstanding,indisputable fact: wheat always has been the index to the price
of all other commodities The fat and the lean years of every nation have
always been dependent upon wheat.
In other words, prosperity comes from the soil.
Sees Link to General Welfare..
The welfare of the community as a whole is dependent upon the welfare
of the farmer and the keystone of agriculture is that grain which gives us
our daily bread.
The welfare of the manufacturer, or railroad man, or lawyer, or doctor is
directly linked with the wheat farmer; there is nothing surer than that under
the sun.
It was the realization of this truth by the experts here in London which
resulted in this momentous agreement for the rehabilitation of wheat.
Over a long period of years wheat production was on the increase, until
finally in 1928 the world found Itself saddled with an excess surplus of
450,000,000 bushels of this grain. Most of that excess was in Canada and
Sept. 2 1933
the United State's. Despite this, production continued apace, with this
huge surplus hanging like a millstone on the market and gradually forcing
the price of wheat down and down, until this year it reached the low mark
of 40 cents per bushel
-a price which forced countless farmers into absolute
ruin.
Most people undoubtedly have always thought of America, Canada,
Argentina, Australia and Russia as the great wheat-producing countries
of the world, with most of the other nations being in the position of
importers.
Cites Europe's Production.
I will tell you something which may surprise you, as, indeed, it did
many of the negotiators at the wheat conference. Countries like France.
Germany, Italy and Spain have been classed as importing countries, but
read this:
The wheat crop of France this year will be 330,000,000 bushels, of
Germany 186,000,000, of Italy 315,000,000 and of Spain 184,000,000.
Compare these figures with those of the so-called wheat-exporting countries.
Canada's crop this year will be 300,000,000 bushels, Argentina's 220.000,000, Australia's 174,000,000 and America's 499,000,000.
You will see that some of the so-called importing countries have increased
their production until they are growing more wheat than the great exporters.
To summarize the European situation, these "importing" countries of
Europe have increased their production since 1930 by 300,000,000 bushels.
In addition to that, the Danubian countries
-Hungary, Rumania.
Yugoslavia and Bulgaria-are harvesting a crop almost 50% above the
small crop of last year and will have in the neighborhood of 327,000,000
bushels. Russia, too, is harvesting a much larger crop than in recent years.
The wheat crops in Japan, China and Manchuria also are reported to be
large, thus practically eliminating the possibility of an increase of exports
to the Orient.
I need give no more figures to demonstrate conclusively that the only
solution to our problem lay in restriction of production.
Secretary Wallace in Announcing Completion of
International Wheat Agreement with Signing by
Argentina, Says Drafting of Technical Data Will
Be in Hands of Advisory Committee on Sept. 18.
Secretary Wallace announced on Aug. 30 that he had
been notified by cablegram from London that the International Wheat Agreement was approved that day by all
four exporting countries. With regard thereto the Department of Agriculture had the following to say:
This completes the agreement among representatives of both exporting
and importing countries. Drafting of technical data in the supplement
will be placed in the hands of the advisory committee meeting on Sept. 18.
Secretary Wallace sent telegrams of congratulation to Frederick E.
Murphy, United States representative, at the close of negotiations, praising
the agreement as a "momentous achievement" and to Henry Morgenthau
Sr., at Bar Harbor, Maine, expressing gratification at the work Mr.
Morgenthau had accomplished so capably as America's delegate during the
informative stages of negotiations.
Argentina singed the agreement to-day, and the supplementary agreement among the four exporting nations was initialed by all parties.
The agreement among the exporting countries provides export quotas
for the current marketing season up to July 31 1934, as follows: Canada.
200 million bushels; Argentina, 110 million; Australia 105 million; United
States, 47 million.
The total exports of Australia and Argentina during the 1933-34 and
1934-35 seasons, combined, are set at 255 million for Australia and 264
million for Argentina.
If 1933 exports fall below the amount stated, the permitted quotas for
1934-35 will be increased accordingly.
Export quotas for the 1934-35 season are based upon (a) 15% cut in
acreage in each of the four countries, (b) average yields, (c) normal
domestic requirements.
The balance remaining is the permitted export. This gives the United
States a minimum export quota of 90 million bushels for 1934, and Canada
a minimum quota of 263 million bushels.
If, by reason of smaller European crops or improved demand, more wheat
can be exported next season than these quotas provide, the increased exports
will be shared equally between Canada and the United States, until their
accumulated surpluses of old wheat are disposed of.
No agreement has been reached as to production or quotas after 1934.
That will be negotiated later through the international advisory committee
established under the general agreement.
Argentina and Australia agree that in lieu of a cut in acreage, they will
export only as much wheat next season as if they had cut their acreage
15% and that they will not add any surplus above this amount to their
carryover in storage.
This may be accomplished by diverting any excess production to feeding
livestock or to other non-food uses.
The International Advisory Committee will meet on Sept. 18 to discuss
the progress made in carrying out the agreement, and to complete negotiations with Russia as to the Russian export quota for this year.
The delegations of the other exporting countries have left London. For
that reason preparation and signing of a formal statement incorporating the
exporting countries' supplement agreed to in the draft proposals will not be
completed until later, probably at the meeting on Sept. 18.
The international agreement is, to a considerable extent, an outgrowth of
the work of M. L. Wilson, Chief of the Wheat Production Section of the
Agricultural Adjustment Administration. Mr. Wilson has sponsored for
more than a year the idea of international curbs on wheat surpluses here
and in other parts of the world.
Dr. Mordecai Ezekiel, economic adviser to Secretary Wallace, was
responsible for handling detail steps in developing the negotiations.
So far as the United States is concerned the agreement is not a treaty,
requiring confirmation of the Senate. It is an executive agreement, approved by the President, as to the manner of exercise of powers lodged in
the Secretary of Agriculture under the Adjustment Act.
International Wheat Accord Reached at London
Argentina Last of Four Large Wheat Exporting
-Previously Signed by
Nations to Sign Agreement
United States, Canada and Australia-Twenty-Two
Nations Subscribe to Pact-Production to Be Cut
15%
-Exports also Limited-World Price Fixed
at 63.02 Cents Gold.
The signing on Aug. 30 in behalf of Argentina of the
international wheat restriction accord at London completed
Financial Chronicle
Volume 137
the assent of the four large wheat exporting nations to the
agreement. At the time the agreement was reached on
Aug. 25 (and signed by 21 nations) Argentina was one of the
ten of the 31 countries which failed to sign the pact. That
country along with the United States, Canada and Australia,
comprise the four chief wheat exporting nations. On Aug.
31 Henry A. Wallace, Secretary of Agriculture, said that the
international wheat agreement, finally approved on that day
would limit exports of the United States to 47,000,000 bushels; Canada to 200,000,000 bushels; Argentina to 110,000,000
bushels, and Australia to 105,000,000, up to July 31 1934.
Under the agreement the assenting countries are to restrict
the production of wheat and increase its price in the international markets. In a cablegram from London on Aug. 25
to the New York "Journal of Commerce," it was stated:
Two formidable difficulties between the exporting and importing nations,
which threatened a breakdown Thursday, [Aug. 241 were resolved into
the attainment of a single international wheat price, which makes operative
reductions in tariffs of the importing nations.
The international wheat price is set at 12 gold francs per quintal,equivalent to 63.08c. per bushel, and which is a compromise between the figures
of 60c. and 68c. gold, representing the range of difference between the
exporters and the importers on Wednesday.
Two strings of reservations which the importers advanced on Thursday
[Aug. 241 were staisfied by the addition of comprehensive interpolative
formula to the text of the agreement.
63.08 Cents in Gold.
The pivotal international price of 63.08 gold cents per American bushel
is equivalent to around 31 shillings per English quarter. The actual price of
wheat, as calculated Aug. 5 for an international price laid down in the
text of the agreement, amounts to around 53c. or 54c. in gold.
When the meeting resumed this afternoon the importers' reservation,
presented by Professor Laus of Switzerland, was read as follows:
The obligations of the importing countries are to be interpreted in the
light of the following declaration: "It is recognized that measures affecting
the area of wheat grown and the degree of protection adopted should
primarily depend on the domestic conditions within each country, and that
any change in these measures must often require the sanction of the Legislature."
The intention of this agreement is, nevertheless, that the importing
countries will not take advantage of a voluntary reduction of exports
on the part of the exporting countries by developing their domestic policies
In such a way as to frustrate the efforts of the exporting countries, made
in the common interest, to restore the price of wheat to a remunerative level.
Britain Plays Part.
In the common interest to restore the price of wheat to renumerative
levels, the conciliatory efforts of the United Kingdom representatives
played an important part in effecting a compromise which is embodied in
the formula.
The signing of the agreement on Aug. 30 by Tomas A.
Le Breton, the Argentine Ambassador to Paris, in behalf
of his government, enabled the four largest wheat exporting
nations to bring their 15% restriction scheme into effect
immediately. A London message to the New York "Times,"
stated:
Argentina failed to sign the wheat pact last Friday [Aug. 25], one reason
being that her delegate could not then be in London. There were other
reasons, however, notably the fact that a new Minister of Agriculture had
taken office at Buenos Aires and had demanded full particulars before
letting his delegate sign.
Meanwhile, there is every prospect that Russia will agree to limit her
exports in accordance with the scheme proposed by the other exporters.
Discussions with the Russians have been proceeding privately since the
world wheat conference ended, and according to Frederick E. Murphy,
chief of the American delegation, Russia is ready to "play the game."
Russian Figure Forecast.
When Russia signed the wheat agreement she refused to set a figure for
limitation of her exports but It is expected now that she will limit herself
to annual shipments of 40,000,000 to 50,000,000 bushels.
The final decision will not be announced until the international advisory
committee holds its first meeting on Sept. 18.
Mr. Murphy intends to sail for the United States on the liner Europa
Sunday, with his long and arduous task as chief American delegate successfully completed. By then he hopes to have accomplished the last
"mopping up" job in connection with the wheat conference—completion
of the supplementary agreement among the big exporting nations for allocation of the 560,000,000 bushels for export—the figure fixed in the wheat
agreement for the coming year.
1655
In each country," and therefore must be approved, in many instances, by
national legislatures.
Nevertheless, the great exporting nations regarded the agreement as
good enough to enable them to go ahead with the reductions they had
agreed upon provisionally a month ago.
The four greatest exporters—the United States, Canada, Argentina and
Australia—now agree definitely to restrict their exports in the next two
years, basing their action for 1934-35 on a 15% cut in production.
Their total exports during the year 1933-34 will be limited to 560.000.000
bushels, to be allocated by mutual agreement.
At the same time the Danubian countries, which are exporters on a
smaller scale—Bulgaria, Hungary, Rumania and Yugoslavia—agree to
limit their combined exports next year to 50,000,000 bushels.
The single recalcitrant nation among the exporters was Russia.
Russians Are Non-Committal.
Her delegates signed the agreement, but refused to accept the cut in
acreage and even refused to say how much they would be willing to limit
their exports. The figure will be worked out later in further negotiations
with the big overseas exporting nations, but it will be ratified,so the Russian
delegate warned to-night, "only if it satisfies Russia's essential requirements."
Until Russia comes into the scheme, therefore, the whole agreement
may be jeopardized by a sudden flood of Russian exports. It is not believed, however, that the Russians want to upset the plan, and in any case
their export surplus this year is reported to be small.
The nations signing the compact were Germany, Austria, Belgium.
Bulgaria, France, the United Kingdom, Greece, Hungary, the Irish Free
State, Italy, Poland, Rumania, Spain, Czechoslovakia, Sweden, Switzerland, the Soviet Union, the United States, Canada, Australia and Yugoslavia.
Ten of the 31 countries represented at the conference failed to sign the
agreement. One was Argentina, whose delegate could not be present at
to-night's mooting, but will sign to-morrow.
The others who did not sign were Denmark, Estonia, Finland, Holland,
Lithuania, Latvia, Portugal, Turkey and India, but all are expected to
come in when their governments have had more time to consider the document.
Most of these countries are of small account in the world wheat situation
and were represented here by subordinate officials who were not empowered
to make decisions.
The leading delegates were elated by the agreement, despite its obvious
shortcomings. Frederick E. Murphy, chief American representative, was
wreathed in smiles when he emerged from the closing session at 10:30
o'clock to-night.
"This is bound to clean up the enormous carryover in North America
that has depressed the price of wheat for years," he said. "It is going to
bring the price of wheat back to normal."
Prime Minister R.B.Bennett of Canada, who presided at the conference,
told the delegates the agreement would "do much to overcome the universal
depression from which every country is suffering."
While leading grain merchants of London professed to be indifferent,
they were really more impressed by the agreement than they would admit
publicly. The wheat trade in Liverpool regarded the agreement as "bullish," and its effect was felt even before the actual signature, for the price
of wheat rose 1%,;(1. a quintal in the afternoon.
The expectation here is that the agreement will be relfected in an immediate rise in all the grain markets of the world to-morrow.
Price Question Was Vital.
As was foreshadowed yesterday, it was the decision on the vexed question
of average price that led to the final agreement. The difference between
the importers and exporters had been narrowed to 8 cents a bushel yesterday,
but this led to a flood of reservations, which almost wrecked the conference.
By this morning,the two groups had compromised. The French delegate
announced that his government was ready to accept 12 gold francs a
quintal, or 63.6 gold cents a bushel, as the prerequisite to tariff reductions.
Italy still hesitated, but Prime Minister Bennett, who was presiding,
announced that the exporters had accepted this figure. Germany and
Switzerland quickly followed with their assent, and the conference was on
the way to success.
In the end the importers accepted the entire draft agreement as suggested
to them by the exporters earlier this week, but added a safeguarding article.
This was the "loophole" stating that the sanction of national Legislatures
must often be obtained before tariff reductions could become operative.
In Associated Press advices from Washington Aug. 29,
it was stated:
If the agreement works out as planned it will mean the disappearance
of the colossal surplus of more than 450,000,000 bushels in the United
States and Canada. much of which has overhung the world wheat market
for years.
At the same time it is Intended to reopen the blocked channels of international trade and restore some of the conditions that prevailed before the
1929 collapse.
The agreement embodies the first pledge made since the world depression
began that all the great wheat consuming nations of Europe will reduce their
tariffs and other nationalistic restrictions on foreign grain.
They have promised not to increase their acreage in the next two years
and agreed to revise tariffs as soon as the price of wheat shall have been
maintained for four months at an average of 63.02 cents, gold, a bushel
(91.33 cents at the closing value of the dollar here yesterday).
At present the world price is about 55 cents gold. This means it must
rise by about 15% before the tariffs can begin to come down.
Fears arose to-day at the Department of Agriculture that jubilation over
the signing of the world wheat agreement by 21 nations last Friday might
prove premature as further delay was reported in signing a supplement
dividing the quota of exports among the four chief exporting nations, the
United States, Canada, Australia and Argentina.
Argentina's new Minister of Agriculture had instructed the Argentine
delegate to obtain an increase of more than 11,000,000 bushels in the
export allotment for that Nation. The four principal exporting countries
are required to limit their total exports for the year, which began Aug. 1,
to 560,000,000 bushels.
The supplement is to divide up this aggregate quota and it is here that
the hitch in neogitations has developed. Secretary Wallace expressed
the opinion that the main agreement signed Friday [Aug. 251 was conditional upon agreement on the supplement and that if the four Nations
failed to sign the latter, the general agreement would not prove workable.
Under the supplement United States exports during this marketing
year would be limited to about 47,000,000 bushels, or about 856% of the
total quota.
Increase Is Probable.
For the following year the supplement contemplates that this country's
exports will be about 20% of the total quota, for the four countries. The
quota for that year is to be determined by a formula recognizing changes
In the international wheat situation.
It is estimated at the Department of Agriculture that the United States
would be able to export about 100,000,000 bushels the second year. Mr.
Wallace has said, however, he did not look for any substantial increase
in this country's exports of wheat because of the spread in the domestic
and world prices. He held there was a prospect that if the agreement
were completed by approverof the supplement, world prices might increase
to a point where it would he possible for this country to resume exports
without dependence on his recent proposal for subsidizing sales abroad.
Many Loopholes Left.
There were many loopholes in the importers' pledge, among them a
provision that all changes are "dependent upon the domestic conditions
The text of the agreement as made known in London
press advices Aug. 25, is given elsewhere in these columns
to-day.
While an item with reference to the agreement announced
Aug. 25 appeared in our issue of Aug. 26 (page 1484), we
quote the following from a London account Aug. 25 to the
New York "Times":
1656
Financial Chronicle
15% Wheat Acreage Cut to be Required of American
Farmers—Announcement by Secretary of Agriculture Wallace Follows Accord Reached at London.
Following accord upon general principles of the International agreement in London, providing for world-wide action
to correct the wheat surplus, the Department of Agriculture
announced on Aug. 28 that in order to qualify for benefit
payments, American farmers will be required to pledge a
reduction in their next crop plantings of 15% of their average
seeded acreage. The Department withheld announcement
of its policy as to American wheat exports, however, pending
final approval by the four exporting countries of the exact
language in final form of their supplementary agreement.
The announcement was made officially by Secretary Wallace and Administrators Peek and Brand of the Agricultural
Adjustment Administration. It formally launches the
Federal Government's campaign to bring American wheat
production into better balance with effective demand, said
the Department's announcement of Aug. 28, which further
stated:
The 15% requirement will apply only to wheat plantings for harvest
next year. Decision as to the extent of reduction for the 1935 acreage will
be made a year hence. The present reduction is to be made from the base
period average acreage for the years 1930, 1931 and 1932, with some exceptions to provide a four or five-year base in instances where the threeyear base would be unfair.
Already under way, the wheat campaign now will swing into full stride.
Farmers are signing up their applications for contracts. Contracts already
are in county agents' hands.
On the basis of a theoretically complete sign-up and average yields and
acreages. a 15% reduction for this country would mean a cut of about
9.600,000 acres in wheat plantings and a reduction of more than 124 million
bushels in 1934 from the average.
Secretary Wallace described the accord upon general principles involved in the London wheat agreement as a substantial achievement. He explained that successive modifications of the highly technical draft of the export supplement
have had to be worked out. When it is finally approved,
he said, the agreement will promise international co-operation in an attempt to bring wheat production into better
adjustment with effective world demand. Mr. Wallace
stated:
The work that has been done on the agreement was made possible by
the Agricultural Adjustment Act. In the form it has now reached, the
agreement constitutes a courageous effort to face the facts of recurrent
world surpluses of wheat and to grapple intelligently with the fundamentals
involved. It is an effort to break the VICIOUS cycle of surpluses, excessive
tarrifs, ruinous prices, economic paralysis and bread lines in this and
other countries.
Secretary Wallace said President Roosevelt took the lead
early last spring in initiating steps which led to summoning
the conference, and that the State Department worked ir
closest co-operation with the Department of Agriculture
throughout the negotiations. Mr. Wallace said he especially
wishes to acknowledge the work of Henry Morgenthau Sr.,
America's delegate through the formative stages, and Frederick E. Murphy, who represented this country in the final
negotiations. Premier Bennett of Canada, said the Department's announcement, supported this country in getting
the exporting countries to reach an understanding on principles.
The Aug. 28 announcement of the Department likewise
said:
Under the wheat plan, the Agricultural Adjustment Administration will
pay benefits amounting in all to 28 cents per bushel on the domestically
consumed portion (or 54%) of the farmer's three-year average production.
This means that if all wheat farmers sign up approximately 120 million
dollars will be paid to them in consideration of their co-operation in reducing
acreage of their next year's plantings. Two-thirds will be paid this autumn
and one-third after spring planting next year.
The wheat campaugn formerly launched by Administrator Peek in
announcing the percentage of reduction to be required is one of the first
major attempts to apply economic planning to agriculture on a grand scale.
The plan has now been worked out in great detail under immediate direction
of Chester C. Davis, director of production, and Mr. Wilson.
"The wheat campaign will hit its stride and swing rapidly ahead from
now on," Director Davis said to-day.
The acreage reduction plan of the United States endeavors for the first
time to identify individual interest through the benefit payment system
with interests of wheat farmers as a group. This plan and the co-operation
of the world in the London agreement, are efforts to combat low prices
and high surpluses which in the past year broke all-time records.
The wheat carry-over in the world's four main exporting countries reached
a total of 670 million bushels in 1933. United States wheat exports have
declined 80%. Three European importing countries, France. Germany
and Italy, now agreeing to reduce their tariffs when a revival of wheat
prices occurs, had barred out wheat until their imports fell from 208 million
bushels in 1922 to 40 million bushels in 1932-33. In the United States wheat
prices lasy uear declined to depths that hitherto had been unknown in this
country.
Agricultural Adjustment Administration officials pointed out that as
burdensome surpluses are removed, prices increase and growers tend to
get a net return larger in the case of a moderate crop than with a surplus
MP.
Although this year's drought has caused great suffering in some regions,
which in some cases would be almost without any income were it not for
the wheat adjustment payments, the total return on this year's American
wheat crop in general will be increased to nearly double that of last year's
larger crop, due to higher prices.
Sept. 2 1933
With prices about where they are now, the income from this year's wheat
crop i estimated at about $325,000,000 from prices alone. For 1932. the
Buren of Agricultural Economics estimated the return of the National
wheat rop at $177.000,000.
Jr. ..dition to the $325.000,000 market value which farmers will receive
from this year's crop as a result of better prices, there is approximately
$120.000.000 available as adjustment payments under the wheat plan, so
that the total return to wheat farmers this year may be about $450,000,000.
The accord reached at London is referred to elsewhere in
these columns to-day.
Provisions of International Wheat Agreement Explained by Dr. Ezekiel of the Department of Agriculture.
The Department of Agriculture issued on Aug. 28 the
following statement through Dr. Ezekiel, economic adviser
to the Secretary, who has been handling the international
wheat negotiations from Washington.
The general international wheat agreement among the importing and
exporting countries as signed by many of the countries at London Friday
(Aug. 25], is conditional upon agreement by the four exporting countries
as to restriction of their production and exports. Although at the earlier
sessions general agreement among the four exporting countries had been
reached on these general principles, the supplementary agreement between
the four exporting countries putting the principles into specific form has
not yet been put into final form or approved by the representatives of the
four exporting countries.
The full text of the exporters' supplementary agreement will be made
public by the Department as soon as the various modifications have been
incorporated into a finished document and have been approved by the
representatives of the four exporting countries.
The most significant elements in the general agreement reached at London
are as follows:
1. The major wheat importing and exporting countries of the world
face the facts of the world wheat problem and agree on a program of action
to seek to correct them.
2. The exporting nations agree to control exports and to adjust production so as to help eliminate the excessive carry-overs of wheat.
3. The wheat importing countries agree to cease further efforts to
expand wheat production in their countries and agree to a policy of gradually
removing tariffs and trade barriers as world wheat prices rise.
4. The countries participating in the conference will establish a joint
committee to watch the working out of various steps. This international
committee will meet from time to time and will be responsible for seeing
that additional steps are properly taken.
The signing of the agreement by the importing countries is a significant
step toward effective world co-operation in correcting the wheat surplus,
since it binds them not to take advantage of any efforts that the exporting
countries may take to eliminate the excess supplies, but instead to adjust
the policies of the importing countries so as to assist in correcting the
situation as rapidly as possible.
The importing countries bind themselves:
First, not to encourage further increase in their wheat acreages.
Second, to attempt to secure increased consumption of wheat and to
remove gradually the measures now lowering the quality of bread, which
measures have tended to reduce wheat consumption.
Third, to make a start in reducing the wheat tariffs after the world level
of wheat has advanced to a point agreed upon and
Fourth, to modify their other restrictions such as import quotas, milling
restrictions, dec., during the 1934-35 marketing season, even if they cannot
during the current marketing season. This latter commitment is also
conditioned on improvement in the world level of wheat prices.
The commitment on the part of the importing countries to lower their
tariffs after wheat prices start rising constitutes an exceedingly important
agreement.
At the present time the Italian wheat tariff is $1.07 (gold) per bushel,
while the Liverpool price of wheat is approximately 50 cents per bushel.
Under these conditions the domestic price of wheat in Italy tends to be
held materially above the Liverpool price and might reach $1.57 per bushel.
If the restrictions of production on the part of the exporting countries
were to raise the Liverpool price of wheat to $1 per bushel, and Italy
meanwhile made no adjustments in tariff rates, prices within Italy might
tend to rise toward $2.07 per bushel.
Under these conditions the increase in the world level of prices as a
result of the reduction by the exporting countries would be accompanied
by still higher internal wheat prices in the importing countries, and so
would encourage wheat production in the importing countries.
This same situation prevails in Italy. Prance, and Germany, and many
of the smaller importing countries. If no changes were made in tariff
rates, reduction in wheat production on the part of exporting countries
would tend to be offset by accompanying increases in production in importing countries.
Under the commitment by the exporting countries, if the price of wheat
at Liverpool rose to $1.00, or 37 cents above the "crucial price" (about
63 cents gold) agreed upon, Italy would reduce her tariff by 37 cents, or
from $1.07 to 70 cents per bushel. While the Liverpool wheat price
would thus rise from 50 cents to $1.00 per bushel, the Italian price of
wheat would rise only from a maximum of $1.57 before to $1.70. If the
Liverpool price rose still higher, corresponding reductions would be made
in the Italian tariff without any further rise in wheat prices within Italy.
By this commitment, the importing countries agree that no matter how
high the world level of prices rises as a result of reduction of production,
they will not attempt to advance their domestic wheat prices above their
present price level, but instead will eu reduce their tariffs that the world
price level can gradually catch up with the higher price level which now
prevails within the importing countries.
While this commitment may have little significance at the moment, it
may become of very great importance in succeeding years. Obviously,
the nearer that the world level of wheat prices approaches the wheat prices
which prevail within the importing countries, the less need there will be
for milling quotas, import restrictions, &c., and the easier it will be for
the importing countries to carry through their commitment for the gradual
abolition of these restrictions.
When the wheat agreement is finally concluded it will be a land mark
in international efforts to solve the economic depression. Through it
both the importing and exporting countries face the basic facts which have
caused the abnormally low world wheat price, and agree to take definite
steps which bit by bit will correct that situation. Prices are only symptoms:
production, supplies, and consumption are the underlying factors which
prices reflect.
For the past ten years the wheat countries of the world have been following irrational policies. The exporting countries have been maintaining or
increasing production in the face of diminishing markets. The importing
Volume 137
Financial Chronicle
countries have been taking:steps which result in encouraging their farmers
to expand their production of wheat, even on high cost land, in spite of
the fact that wheat could be bought for very low prices in world markets.
Low prices in importing countries have not restricted production. Low
prices in world markets have been accompanied by restrictive measures and
falling consumption in importing countries. Now all important wheat
countries face these facts and agree that the future must be different. The
next five years may see striking progress in straightening out the difficulties
which the previous irrational policies have produced.
Text or Agreement Reached at International Wheat
Conference at London.
In addition to the item in our issue of a week ago (page
1484), with reference to the agreement reached on Aug. 25
at the International Wheat Conference at London, a further
item bearing thereon appears elsewhere in our issue to-day.
Below we give the text of the agreement as made available
in Associated Press cablegrams from London:
The final act of the conference of wheat exporting and importing countries held in London, Aug. 21-28:
The governments of Germany, Austria, Belgium, Bulgaria, France, the
United Kingdom of Great Britain and Northern Ireland, Greece, Hungary,
the high Free State, Italy, Poland, Rumania, Spain, Sweden, Switzerland,
Soviet Russia and Yugoslavia, having accepted the invitation extended to
them by the Secretary-General of the World Economic Conference in behalf
of the governments of Argentina, Australia, Canada and the United States
of America to take part in a conference to consider measures which might
be taken in concert to adjust the supply of wheat to effective world demand,
and to eliminate the abnormal surpluses which have been depressing the
wheat market and to bring about a rise and stabilization of prices at a level
remunerative to the farmers and fair to the consumers of breadstuffs, have
agreed as follows:
ARTICLE I.
The governments of the Argentina, Australia, Canada and the United
States of America agree that the exports of wheat from their several countries during the crop year Aug. 1 1933 to July 31 1934, shall be adjusted,
taking into consideration the exports of other countries, by the acceptance
of export maxima fixed on the assumption that the world import demand
for wheat will amount during this period to 560,000,000 bushels.
ARTICLE II.
They further agree to limit their exports of wheat during the crop year
of Aug. 1 1984 to July 31 1935, to maximum figures 15% less in the case
of each country than the average turnout on average acreage sown during
this period of 1931-33, inclusive, after deducting the normal domestic requirements. The difference between the effective world demand for wheat
in the crop year 1934-35 and the quantity of new wheat from the 1934 crop
available for export will be shared between Canada and the United States as
a supplementary export allocation with a view to proportionate reduction of
their respective carryovers.
ARTICLE III.
The governments of Bulgaria, Hungary, Rumania and Yugoslavia agree
that their combined exports of wheat during the crop year of Aug. 1 1933
to July 31 1934 will not exceed 50,000,000 bushels. This undertaking will
be made on the understanding that the aggregate may be increased to the
maximum of 54,000,000 bushels if the Danubian countries find such a supplementary quota is required for the movement of the exportable surplus for
the 1988 crop.
ARTICLE IV.
They further agree that their combined exports of wheat during the crop
year of 1934-35 will not exceed a total of 50,000,000 bushels, and recognize
that the acceptance of this export allocation will not allow of any extension
of the acreage sown to wheat.
ARTICLE V.
The U. S. S. R. (Soviet Russia), while unable to give any undertaking
with regard to the production of wheat, agree to limit their exports for the
crop year of 1933-34 to a figure which will he arrived at upon the completion
of negotiations with the governments of the overseas wheat exporting countries. They also agree that the question of their export wheat during the
crop year of 1934-35 shall be subject to further negotiations with the wheat
exporting countries represented upon the Advisory Committee.
ARTICLE VI.
The wheat importing countries, being desirous of co-operating with the
wheat exporting countries in order to establish a balance between production
and consumption of wheat and bring about a rise and stabilization of prices
at a level remunerative to the former; and in accordance with the principles
approved by the Economic Commission of the World Monetary and Economic Conference in the report of the subcommission for the co-ordination
of production and marketing:
1. Agree henceforth not to encourage any extension of the area sown to
wheat and not to take any government measures, the effect of which would
be to increase the domestic production of wheat.
2. Agree to adopt every possible measure to increase the consumption of
wheat and are prepared to bring about progressive removal of measures
which tend to lower the quality of breadstuffs and thereby increase human
consumption of wheat.
3. Agree that a substantial improvement in the price of wheat should
have as its consequence a lowering of customs tariffs, and are prepared to
begin such adjustment of customs tariffs when the international price of
wheat reaches and maintains for a specified period an average price to
be fixed.
[Appendix A contains the agreed definitions relating to the technical
points mentioned in this paragraph.]
It is understood that the rate of duty necessary to assure remunerative
prices may vary for the different countries but will not be sufficiently high
to encourage their farmers to expand their wheat acreage.
4. Agree that in order to restore normal conditions in the world trade in
wheat, reduction of customs tariffs would have to be accompanied by modifications of the general regime of quantitative restriction of wheat imports
and accept in principle the desirability of such a modification. The exporting countries for their part agree that it may not be possible to make
substantial progress in these modifications in 1933-34, but the importing
countries are prepared to make effective alterations in 1934-35 if world
1657
prices have taken a definite upward turn from the average price of the first
six months of the calendar year of 1933.
The objective of these relaxations of the various dorms of quantitative
restrictions will be to restore a more normal balance between total consumption and imports, and thereby to increase volume of international trade in
wheat.
It is understood that this undertaking is consistent with maintaining the
home market for domestic wheat grown on an area no greater than at present.
It is obvious that fluctuations in the quality and quantity of the harvest
resulting from weather conditions'may bring about wide variations in the
ratio of imports to total consumption from season to season.
The obligations of the importing countries under this agreement are to be
interpreted in the light of the following declaration:
It is recognized that the measures affecting the area of wheat grown and
the degree of protection adopted should be primarily dependent upon domestic conditions within each country, and that any change in these measures
must often require the sanction of the Legislature. The intention of this
agreement is, nevertheless, that the importing countries will not take advantage of a voluntary reduction of exports on the part of the exporting countries by developing their domestic policies in such a way as to frustrate the
efforts which the exporting countries are making in a common interest to
restore the price of wheat to a remunerative level.
ARTICLE VII.
•
The countries participating in this conference agree to set up a WheaY
Advisory Committee to watch the working application of this agreement.
The functions of organization and the financial basis of this Committee are
set out in Appendix B.
Done at London, Aug. 25 1933, in a single copy which shall be deposited
in the archives of the Secretary of the League of Nations. Authenticated
copies shall be delivered to all members of the League and the non-member
States represented at the conference of wheat-exporting and wheat-importing countries.
Australian Premier Hails Wheat Pact—But Deplores
Necessity for Slowing Up (lc Normal Agricultural
Development.
From Canberra, Australia, Aug. 28, a wireless message
to the New York "Times" stated:
Prime Minister Lyons said to-day the Commonwealth Government had
entered into the world wheat agreement "with some reluctance but also
with some real measure of satisfaction."
Any arrangement, he said, that postulated a slowing up of normal agricultural development was not one that could be regarded in Australia with
any degree of pleasure.
"At the same time, the world's wheat position was so abnormal that in
the best interests of Australian wheat growers it was felt incumbent upon
the government to consent to an arrangement which gives some promise
by assuming to raise prices and prevent cut-throat competition," he continued.
Australia's 1934-35 wheat crop is expected to be subnormal.
Dangers Are Seen by Sir Herbert Samuel in New Wheat
Pact—Says Price Increase Will Mean Surpluses
Again.
From the Montreal "Gazette" we take the following
(Canadian Press) from Calgary, Aug. 28:
Warning against dangers of the recent London wheat pact was made here
to-day by Sir Herbert Samuel, British Liberal leader returning from the
Institute of Pacific Relations conference, in an address before several
Calgary clubs and service organizations. He declared the threat of great
home surpluses had more to do with depression of wheat prices than any
other factor.
"The new wheat agreements are admirable in object," Sir Herbert said.
"but they do not make plain how increased wheat prices are to be obtained.
"The farmer, assured of higher prices, will naturally raise more grain.
Diminished production, however, must go along with reduced exports or a
great home surplus would be built up." This, he said, is exactly what
happened with the United States Farm Board and the Canadian Pools.
Of the Ottawa agreements, Sir Herbert said: "They compelled Great
Britain to the negative policy of discouraging foreign trade. We cannot
hamper or destroy this trade, which is three times that of our trade within
the Empire.
"Politically, the Dominions are free," he declared. "They now posses
absolute equality of status and the Empire has become a commonwealth.
Economically, however, the situation Is not so plain. Britain was once the
store house of capital for Canadian development. Lately Canada had turned
to the United States.
"Great Britain is still there," said Sir Herbert, "full of capital, eager to
lend to those who will repay."
Development of Canada, coupled with immigration from Great Britain,
would be very welcome, the speaker said. Britain's unemployment was
largely due to stoppage of emigration since the war. Canada could double
her population and still require little increase in her government and transportation facilities. "Expansion of population is the direction in which
you should look for relief," he added.
Indications of returning prosperity are evident in England, said Sir
Samuel. Only 500,000 of her 2,500,000 unemployed are permanently
jobless. London's population is growing and there is no spirit of defeatism.
"We are determined to restore our economic prosperity by our own efforts."
he declared.
International Gold Price of Wheat for Week Ended
Aug. 5 Averaged 55 Cents, According to Food
Research Institute of Stanford University.
Associated Press advices, Aug. 25, from Palo Alto, Calif.,
said:
The Food Research Institute of Stanford University calculated to-day that
the international gold price of wheat for the week ended Aug. 5 had averaged 55c.
This was calculated on the basis of British figures providing the best
available standard, it was explained.
The price of 55e. in gold compares with 63.02c. gold, established in
London to-day as the level above which wheat-importing countries are to
lower their tariffs.
1658
Financial Chronicle
New Minimum Wheat Price Set by French Government
Brings Protests.
In Paris advices, Aug. 14, to the New York "Times," it was
stated that difficulty has arisen in the application of
France's effort at controlled economy by fixing the price of
wheat. The account also said:
Just before its recess, Parliament deciOed this year's harvest would be
sold at a minimum of 115 francs a quintal (about $1.72 a bushel at the
current exchange), but with the harvest reaped, farmers are finding no
buyers at that price, and their situation is giving rise to many protests.
At the annual wheat fair at Tours last week scarcely any business was
done. Other wheat-growing districts report the same situation. They are
especially those districts like the Indre-et-Loire and Oise Departments,
which produce far more than can be consumed locally, which are finding
the fixed uniform price ruinous. In the decree approved by Parliament no
allowance was made for the cost of stocking and transport. The result has
been that, although wheat is being bought for local consumption, no offers
are forthcoming from elsewhere and there have been no foreign purchases
this year.
In the great wheat district of La Beauce the situation has arisen of the
farmers, being unable to sell their wheat, being short of money. They have
in some cases paid for bread from the baker with Wheat. The baker, in
turn, has exchanged this wheat against flour from the millers.
In other cases farmers have managed to get rid of their wheat crops to
millers only by adding a generous load of potatoes as a make-weight on the
official price.
On Aug. 20 United Press advices from Paris to the New
York "Herald Tribune" stated:
The discovery that French wheat is being sold abroad at about one-third
the domestic price aroused another protest to-day against France's new
wheat law.
While buyers in Paris were paying 119 francs a quintal (about $1.75 a
bushel), French grain dealers revealed that thousands of quintals of French
wheat had been sold abroad in the last few days at prices ranging from 41
to 45c. a quintal (or about 55 to 63c. a bushel).
As a result, consumers in Germany, Holland, Switzerland and England, for
example, were able to buy French wheat at about one-third of what the
French themselves are forced to pay by the Government's arbitrary pricesetting law, operative within the country.
Georges Lebecq, municipal councillor of Paris, brought this fact to the
attention of the authorities and asked that French bread buyers be given the
same advantages enjoyed by foreigners buying wheat raised by the French
farmers themselves.
From Paris (by mail) the "Wall Street Journal" ,of
Aug. 11 reported the following:
The new wheat law as promulgated in mid-July fixes at 115 francs per
quintal ($1.70 per bushel at current exchange rates) the minimum price
at which wheat may be sold for human consumption up to July 1934.
Thus France enters upon an experiment in price-fixing which may lead
her far and which in any case must be considered hazardous. It is the
device to which Government and Parliament have been driven by the clamor
of the hundreds of thousands of farmers who saw the price of wheat fall
from 170 francs per quintal to 100 francs between March 1932 and 1933,
and then to 80 francs, in consequence of a bumper crop last year and the
prospect of another this year.
However, it was not sufficient to fix a minimum price, because there is
every chance of production exceeding consumption. Accordingly, the law
embodies various provisions for stocking, denaturalizing and exporting with
State assistance in order to rid the market of surplus wheat.
To finance these operations a third of the net proceeds of the tariff on
wheat and the yield of various special taxes on imported rice and secondary
cereals, milling, &c., are to be earmarked up to 300,000,000 francs, while
the National Agricultural Credit Fund is authorized to borrow 40,000,000
francs should further funds be needed.
To assist exporting it is provided that a premium of 80 francs per quintal,
equal to the duty on imported wheat, shall be extended at the expense of
the Ministry of Agriculture. Importation of soft wheat is suspended for two
months. The official quotation for wheat is now 119 francs per quintal.
French Wheat Crop Off 38,000,000 Bushels—Estimates
Place Current Season's Yield at 340,886,000 Bushels.
United Press advices from Paris, Aug. 11, were given as
follows in the New York "World-Telegram":
A wheat crop of 90,000,000 quintals (340,886,000 bushels) was forecast
semi-officially to-day, against last year's bumper crop of 100,000,000 quintals (378,762,000 bushels), and an estimated domestic requirement for
bread, sowing and cattle feeding of 86,750,000 quintals (328,576,000
bushels).
Despite the surplus, import of hard wheat will be refluired for mixing
with domestic wheat. This will be offset by the export of corresponding
quantities of domestic wheat under the recent bonus system.
Wheat markets are at a standstill because of the new wheat law setting a
minimum price of 115 francs per quintal ($1.61 per bushel).
France Sets Oats Quota—Big Crop Causes Sharp
Limitation on Imports for Quarter.
From the New York "Times" we take the following from
Paris, Aug. 28:
France's bumper oats crop this year is responsible for a drastic quota
limitation on the importation of oats from the United States, just decreed
by the Government.
Under the terms of this decree, France can import from all countries only
80,000 metric quintals of oats (about 560,000 bushels) during the third
quarter of 1933. During the first quarter of 1933 the United States alone
has exported 91,805 metric quitals of oats to France.
During the first quarter of 1932, when France suffered a disastrous failure of its oats crop, the United States exported 875,000 metric quintals of
oats to this country.
Wheat Deal by Hungary—Most of Surplus Will Go to
Italy and Austria.
Stating that spot wheat in Berlin on Aug. 25 was 174
marks a metric ton, against 198 at the end of March, a wire-
Sept. 2 1933
less message from Berlin, Aug. 26, to the New York "Times"
went on to say:
At the middle of June there was a sharp temporary advance. Fluctuations
were kept within narrow limits by the Government's measures to withhold
wheat from the market whenever a price drop threatened. The stock of
foreign wheat in Germany has fallen heavily.
Hungary is assured of a market for the greater part of her wheat surplus
by an agreement with Italy and Austria. Poland has an enormous surplus
of rye which the official grain syndicate will be obliged to export at an
estimated loss of 40 zlotys a ton.
Record Low Price for Wheat and Rye Quoted in Poland
After Harvest.
A wireless message from Warsaw, Aug. 28, is taken as
follows from the New York "Times":
Prices of grains in Poland have reached a new low level of 13 zlotys for
100 kilograms for rye and of 20 zlotys for wheat. They are 15% lower than
in August last year and only half what they were two months ago, or before
the harvest.
All hopes of Polish farmers for better prices following the rise in the
United States vanished after the good harvest, which the Government failed
to finance adequately.
State granaries have been buying little grain, while farmers under the
depression of debts and tax arrears have been selling their products at low
prices for many years. Poland's exports of both wheat and rye now have to
meet the competition of two more European countries, which have entered
the field of grain export; namely, Italy and France. The Government has
issued an appeal to farmers to withhold grains from the market until prices
improve.
Coffee Destruction - in Brazil Doubled the Normal
Monthly Volume During the Month Ended Aug. 15.
Destruction of coffee in Brazil for the month ending
Aug. 15 was double the normal monthly volume of destruction since the program was started in June 1931, according
to advices received by the New York Coffee and Sugar Exchange. From July 15 to Aug. 15, the Exchange reported on
Aug. 25, a total of 1,634,000 bags of coffee was destroyed,
compared with the average monthly destruction of slightly
more than 800,000 bags. Total destruction since June 1931
aggregates 20,510,000 bags. The Exchange added:
The 1933-34 Brazilian crop is estimated at 29,000,000 bags, with world
consumption of Brazilian coffee for the same period estimated at 15,000,000
bags. If the current rate of destruction is maintained, the surplus will be
taken care of as well as part of the Brazilian carryover on July 1, which
amounted to 16,000,000 bags.
United States Government Buys 550,000 Swine in First
Six Days of Hog Marketing Program-5,000,000
Pigs May Be Marketed by Oct. 1—Hearing on
Sept. 5 to Consider Processing Tax.
The Federal Government purchased more than 550,000
pigs and sows during the first six days of operation of the
emergency hog marketing program, according to an announcement on Aug. 29 by Dr. A. G. Black, chief of the
corn-hog production section of the Agricultural Adjustment
Administration, who said that the report was "a highly
pleasing record." Mr. Black remarked that the maximum
of 5,000,000 animals to be brought under the program might
be marketed before Oct. 1. It was announced yesterday
that a hearing to consider the proposed processing tax would
be held on Sept. 5. Officials of the farm administration
estimated that the total processing bill against the Government is slightly more than $5,000,000, while the entire
program will cost between $50,000,000 and $55,000,000.
The program will be financed by a processing tax, but until
it is imposed money will be obtained from a fund of $100,000,000 provided in the Agricultural Act for such purposes.
The hearing scheduled for Sept. 5 is necessary because the
proposed processing tax is to be less than the difference between the current farm price and the parity price. Describing
the operation of the hog marketing plan, Associated Press
advices from Washington on Aug. 29 said:
In all the Government contemplates the purchase of 4,000,000 Pigs
weighing up to 100 pounds and 1,000,000 sows soon to farrow in an effort
to reduce swine numbers In line with this year's shortage of feed.
Beginning to-morrow all of the authorized processing points will be paying premium prices for the pigs and sows, which, however, must now be
shipped on permit in order to avoid congestion at the processing points.
Permission to ship may be obtained by farmers from representatives of
authorized processors or commissioned agencies operating at the processing
Point and also through county extension agents and local livestock buyers,
Including co-operative associations.
Secretary Wallace Calls Three Meetings in South To
Be Held Sept. 5 to Consider New Cotton Reduction
Program—Plan to Limit Acreage to 25,000,000
Acres Next Year.
Three meetings in the South to consider a program for
the control of next year's cotton crop were called on Aug. 28
by Secretary of Agriculture Wallace. Letters inviting
producers, associations of producers, co-operatives, members
of Congress, State commissioners of agriculture, ginners,
spinners, handlers, county committeemen who served in
the recent acreage control campaign, agricultural extension
Volume 137
Financial Chronicle
workers, and others interested in the price and production
of cotton were sent out by Mr. Wallace. The meetings will
be held simultaneously on Tuesday, Sept. 5, at Atlanta,
Memphis and Dallas. In calling the meetings, Secretary
Wallace said:
The recent cotton reduction campaign was successful in that there
was taken out of production the quantity of cotton set as the goal of the
campaign.
This campaign dealt with an emergency and is, of necessity, but a beginning. Exceptionally favorable climatic conditions have resulted in an
unusual per acre production, thus continuing the existence of a tremendous
over-supply with resulting unsatisfactory prices. These conditions necessitate the continuance of efforts on the part of the Agricultural Adjustment
Administration and of the producers of cotton themselves to attain a proper
balance between cotton production and consumption and to restore to
cotton its fair exchange value.
Numerous plans have been submitted from all parts of the Cotton Belt.
Each of those plans has been given careful consideration. A thorough study
has been made of their methods of procedure as well as of the principles
Involved. The plans are characterized by certain fundamentals with
which the Agricultural Adjustment Administration is in agreement and
which, apparently, should be embodied in any program dealing with the
future control of cotton production.
In giving consideration to our common problem, several factors must
be kept in mind:
First, the importance of immediate action if the plan is to have any
effect upon the price of the 1933 crop;
Second, the powers and authority conferred upon the Secretary of Agriculture and the Agricultural Adjustment Administration by the law under
which we are now functioning: and,
Third, an adjustment that may be adapted to a permanent program for
the future.
It must also be remembered that tho law requires that any plan must be
based upon the voluntary co-operation of the producers themselves. This
makes it necessary that the program be sufficiently equitable and fair as
to appeal to the producers and induce their voluntary participation.
Secretary Wallace stated in his letter to the various individuals and groups asked to attend the conferences that
the meetings were called for the purpose of "engaging in a
full and frank discussion of our common problem." A
representative of the Agricultural Adjustment Administration will attend each of these meetings to confer with those
in attendance.
In Associated Press dispatches from Washington, Aug. 24,
it was stated that the approval of Secretary Wallace and
President Roosevelt was virtually all that was necessary
that day to put before the growers for acceptance a new
cotton plan to limit acreage to 25,000,000 next year. The
dispatches continued:
One of its important features would assure a parity price to the cotton
farmer on about half his average production during the last five years. It
Is to be put into effect under a modification of the domestic allotment plan.
The parity price for cotton is the figure at which it must sell to have the
purchasing power It had from 1909 to 1914. Present farm prices are about
5 cents below parity.
Some details of the long-time program for the staple upon which the
agricultural South depends remain to be worked out, but officials expect
Its principles to stand. The plan is to be announced Sept. 1. or shortly
thereafter.
As in this year's emergency reduction campaign, which took more than
10,000,000 acres out of production, the farmer would receive cash rentals
on the land he turned to other purposes or let it remain idle.
The cash payments would be based on the average rental value of the
acres, but probably would not be the full figure, since he could use the land
to grow food or pasture crops.
A suggestion that the payments range from $3 to $11 an acre is under
consideration.
If the grower's parity allotment, based on that portion of his production
consumed in this country over the average period chosen, brought the parity
price, the Government would pay him the rent agreed upon and no more.
In the event, however, the average price did not reach parity, the farmer
would receive the difference between the rental he received and the parity
price. Government experts estimate that about half the average crop of
from 12,000,000 to 13.000,000 bales is consumed in this country.
Eventually the money which goes to the grower will come, Farm Administration officials say,from the processing tax on lint cotton. It is now 4.2
cents a pound.
The administration intends to arrive at the grower's domestic allotment
and the rental he will receive through county committees. Their figures
will be checked, if necessary, with records in Washington.
The present plan is to have Federal financial agencies refuse credit to
those farmers who balk at acreage reduction. The program will apply
probably on the 1934 crop, and the Secretary of Agriculture may. at his
discretion, continue it for succeeding years.
Government agents went ahead to-day with plans to plow up cotton
in cases where farmers have declined to carry out their acreage curtailment
agreements signed in this year's campaign.
The deadline for fulfillment of the contracts expired last midnight, and
unless there are exceptional circumstances Federal agencies will proceed to
destroy cotton still standing on acres the growers promised to turn under.
The cost of plowing will be deducted from payments to farmers.
Recent references to the cotton reduction movement
appeared in these columns, Aug. 19, pages 1322-1323.
Proposed Hearing on Petition For Suspension or
Lowering of 4.2% Cotton Processing Tax—Fear
Expressed at Greenville, S. C., Meeting That It
May Cause Print Cloth Industry to Close Down.
Belief that the application of the 4.2% Federal cotton
processing tax will cause the print cloth industry to close
down completely or curtail sharply, with damaging effect
to the country as a whole, was expressed at Greenville, S. C.,
on Aug. 25 at a meeting attended by representatives of
nearly all Southern print cloth mills.
1659
Advices to this effect were contained in a Greenville dispatch to the New York "Journal of Commerce" from which
we also quote:
More than 70 textile executives heard a report of T. M. Merchant and
R. E. Henry, both of Greenville. who represented the print cloth group at
the conference in Washington,and succeeded in getting an informal hearing,
tentatively set for Sept. 7, before Secretary of Agriculture Henry Wallace.
Warns of Fight.
Robert Glassford of New York, of the Bliss-Fabyan Co., selling agents,
spoke to the millmen, describing the existing relationships between the
selling agents and the manufacturers. He described market conditions
only briefly.
Mr. Merchant. President of the American Cotten Manufacturers'
Association and of Victor-Monaghan Mill. described the situation as it
was met at Washington. He warned the manufacturers that they had a
stiff fight ahead, but he appeased not at all downhearted over the situation.
He has hopes that a clear presentation of the case will cause Administration
officials to afford some relief for the industry. Mr. Henry, head of Dunean
Mill, substantiated Mr. Merchant's report.
A. F. McKissick, who has headed a cost investigation committee for the
print cloth industry, presented evidence gathered, and this will be presented in Washington. It is believed that success of the protest will result
from the showing the millmen make on these grounds.
Statement Issued.
S. M. Beattie. President of the South Carolina Association, has been
doing some special work in regard to the processing tax, but what this is
was not revealed. The session was executive.
W. P. Jacobs of Clinton, Secretary of the American Association, issued
the following statement expressing the general idea of the discussions that
transpired:
"The serious danger of the tax was reviewed in detail, based on Mr.
Merchant's and Mr. Henry's report. It was contended originally that the
processing tax could be passed on to the consumer by the manufacturers.
but as a matter of actual facts the minute it was announced, the market for
cotton goods immediately, in three days, dropped in amount equivalent
to the tax, thus permanently throwing the burden onto the mills.
"This processing tax at $21 per bale will cost an individual average mill.
which buys 25,000 bales a year, over $500,000 per year. That is more than
ten times as much as ordinary taxes paid by the average mill. The tax is
not properly graduated on the per pound basis. The coarse goods mills
may be easily taxed ten times as much as the fine goods mills. Yet the
coarse goods bring the lowest prices and go into the cheapest garments for
the masses of the people.
Will Present Situation.
"If the tax goes into effect it will, in a very few weeks' time, put the print
cloth industry at a complete standstill. Even if the mills had a market,
which they haven't, there is not a mill in the group which is making enough
profit to pay the tax."
As a consequence of these facts from this committee and others the meeting was devoted to devising plans to gather and present the truth of the
situation in Washington.
"The mills are going to call on all mills, consumers,farmers, in fact everyone interested,to aid in seeking this relief. If the processing tax demoralizes
the industry, it will demoralize the cotton farmer's only customer. The
effect on the price of cotton, now obvious, will become acute. It will cause
the closing of a great majority of the mills within the print cloth group,
some for days or weeks, others permanently. Such a loss of employment
will seriously hamper and may be a factor in bringing about failure of the
NRA," Mr. Jacobs said.
The manufacturers will meet again after the hearing in Washington
unless there is a called meeting. Special committees will continue gathering
data. A rising vote of thanks for fine work was given Mr. Merchant and
Mr. Henry.
Increased Activity in Italian Cotton Mills Reported.
Steadily increasing activity in Italy's cotton-manufacturing industry is revealed in a report from Consul Homer
Brett, Milan, made public by the Commerce Department.
Under date of Aug. 23 the Department said:
According to statistics just issued the percentage of spindle activity in
the country rose from 79.81 in January of this year to 82.06 in May. For
each month of this period, it is pointed out, the figure was better than for
the corresponding month of either 1932 or 1931 and the rate for May was
the highest since 1929.
During the six months ended Jan. 311933, the 5.360.306 spinning cotton
spindles in Italy consumed a total of 404,473 bales of cotton of which
318,539 bales were American, 46,436 bales were Indian, 30,977 Egyptian,
and 8,521 were of other origin,
American Cotton Largely Used by Foreign Countries—
Constituted 43.7% of the Total Foreign Consumption of All Growths During 1932-33 Season
Reports New York Cotton Exchange.
According to the Exchange Service of the New York
Cotton Exchange, one of the encouraging features of the
world cotton situation from the standpoint of the cotton
trade of this country is the fact that foreign countries have
materially increased their consumption of American cotton,
not only absolutely but relatively to their use of foreign
growths, during the past two seasons. American cotton,
the Exchange Service notes, constituted 43.7% of the total
foreign consumption of all growths in the 1932-33 season,
according to data compiled bk the New York Cotton Exchange Service, compared with only 42.8% in the 1931-32
season and only 35.3% in the 1930-31 season. From 1930-31
to 1932-33, foreign consumption of American cotton increased 2,099.000 bales while consumption of foreign growths
declined 576,000 bales, the Exchange Service added. Under
date of Aug. 31 it further said:
The trend to a larger use of American and a smaller use of foreign cotton
during the last two years is found in the returns from Great Britain. the
Continent of Europe. and the Orient and minor consuming countries.
From 1930-31 to 1932-33. Great Britain increased its consumption of
1660
Financial Chronicle
American cotton by 431,000 bales but decreased its consumption of foreign
growths by 20,000 bales. The Continent increased its use of American
cotton by 370,000 bales but reduced its consumption of foreign cotton by
88.000 bales. The Orient and minor consuming countries increased their
spinning of American cotton by the extraordinary amount of 1,298,000 and
decreased their spinning of foreign cottons by 468,000 bales.
It will be noted that the increase in the use of American cotton was
greater than the decrease in the use of foreign growths. The net result
was an increase of 1.523,000 bales in total consumption of all kinds of cotton
abroad. Total consumption of all growths has increased materially during
the past two seasons in all foreign divisions of the world spinning industry.
This improvement in foreign mill activity has accrued entirely to the benefit
of American cotton. In only three previous seasons since the World War
was foreign consumption of American cotton larger than last season.
The increase in the relative use of American cotton last season and the
season before last represents a reverse swinging by foreign spinners to
American cotton from foreign growths, after they had swung heavily from
American cotton to foreign growths in the previous two years. As a result
of the counter movement toward American cotton the American staple
last season constituted nearly as large a percentage of the total consumption
abroad as on an average in the previous decade. American cotton constitued 44.5% of all cotton consumed abroad in the 10 seasons prior to
three seasons ago, while last season it was 43.7% of the total.
The larger relative use of American cotton in the last two seasons has
been due in the main to the fact that during this period the supplies of
American cotton have been unusually heavy while the supplies of foreign
growths have been moderate, resulting in American cotton selling at attractive levels relative to foreign cottons. When the world business depression
began in 1929-30, the world had a large supply of foreign cottons and a
moderate supply of the American staple, which depressed the relative
prices of foreign growths, thereby increasing the consumption of them at
the expense of American cotton. This trend to foreign cottons was accentuated by the policy pursued by the American Government of withholding American cotton from the market in an effort to stem the price
decline. The resultant curtailment in the consumption of American cotton,
together with the abnormally large American crop and the small production
abroad in 1931. reversed the supply situation and led to the accumulation
of large supplies of the domestic staple. This caused a relative depression
in the price of American cotton and this in turn resulted in larger consumption of the American fibre.
With American cotton production being sharply reduced under the
Government's acreage control program, and with foreign production again
moving upward, the relative price movements of American and foreign
cottons will be watched with interest by the trade during the coming year.
In consequence of the large carryover of American cotton from last season,
the supply of American cotton for this season will be large relative to the
supply of foreign cotton, notwithstanding the moderate size of the current
American crop, and it is believed that this will keep the price of American
cotton on a relatively attractive basis for some months at least. But a
continuation of the present trend toward smaller production in this country
and larger production abroad would logically lead, it would seem, to American cotton selling on a less competitive relationship with foreign growths,
and result In a reduction in the relative consumption of American abroad.
of Japanese Cotton Spinners Arrive in
New York—Sail for London to Discuss AngloJz panese Competition in World Cotton Goods
Trade.
A delegation of five respresentatives of the cotton spining industry of Japan arrived in New York City Aug. 29 en
route to Lordon where they will attend a conference with
British cotton spinring interests on the subject of AngloJapanese competition in the world cotton goods trade.
The New York Cotton Exchange announced that the delegation consists of G. Okada of Naigai Wata Spinning Co. of
Osaka; M. Kawaguchi of Toyo Cotton Mill of Osaka; K.
Minaura of Dai Nippon Spinning Mill of Osaka; 0. Miyake
of Kanegafuchi Spinning Mill of Tokio, and T. Tama.gaki,
Secretary of Japanese Cotton Spinners' Association of Osaka.
The delegation sailed for London Aug. 30. It was stated
that the greater portion of Aug. 29 was spent by the delegation at the Cotton Exchange. The members of the delega,
tion are among th. largest buyers of American cotton and
they were interested observers of the futures tradirg operations. The announcement by the New York Cottor Exchange further said:
Delee•ation
Mr. Okada, in stating the mission of the delegation, said that he and his
associates are to confer with representatives of the British spinning industry
at London, while there are to be two other conferences held at Simla, India,
one of them between representatives of the British. Indian and Japanese
spinning interests, and the other between representatives of the Japanese
and Indian Governments. All three conferences are to deal with phases
of the subject of Anglo-Japanese competition.
The conferences have been brought about by the great expansion in
exports of cotton goods by Japan, at the expense of British trade, particularly in exports to India, and by the efforts of the British interests to overcome
the Japanese competition by having India impose an import duty of 75%
on Japanese goods while the duty on British goods is 25%. India has also
served notice, Mr. Okadic said, that on Oct. 10 it will abrogate its existing
commercial treaty with Japan by which it extends to Japan most favored
nation treatment.
The announcement likewise quoted Mr. Okada as saying:
The imposition by India of a 75% duty on imports of cotton goods from
Japan while the Indian duty on imports of British goods is only 25% has
greatly hurt Japan's export trade with India. The abrogation of the commercial treaty by India will leave India in a position to impose higher
duties on imports of cotton goods from Japan than it levies on cotton goods
imported from other countries. This matter is so serious for us that we
have been obliged to notify India that we will not buy Indian cotton.
Since the first of May Japanese spinners have not bought any Indian
cotton and we do not Intend to buy any until India treats us more fairly.
We normally buy about 1,500,000 bales of Indian cotton per year, and
we shall have to buy this cotton from other countries, particularly from
America, if we do not buy it from India. When the Japanese spinners
stopped buying Indian cotton they had considerable cotton on hand, and
so this has not yet resulted in increased buying of other growths. but it
Sept. 2 1933
will be necessary to buy other growths more freely when these reserve
supplies have been exhausted.
There is a feeling in the British cotton trade that we have captured
British trade by unfair methods. Many people think that we have done
this through paying very low wages or by depreciation of the yen. Such
is not the case. Our real advantage. by which we have been able to win
trade from Great Britain, is in the highly efficient character of our industry.
Our mills are equipped with the finest machinery, including automatic
looms and high draft spinning, and this has permitted us to make goods
more cheaply than British manufacturers.
We will approach the British spinners in the friendliest spirit and hope
that we can come to a better understanding with them. All we ask is fair
treatment with regard to tariffs and that we and they compete on the basis
of relative efficiency and economy of operations.
Movement of American Cotton Reported at Materially
Higher Rete Than During Past Two Years by New
York Cotton Exchange.
The New York Cotton Exchange Service reports that
American cotton is moving from farms to markets and from
markets to domestic and foreign mills at a materially higher
rate than at this firm last year and at a much higher rate
than two ytars ago, according to the New York Cotton
Exchange Service. All of the prineipal divisions of the world
spinning industry except the Orient, the Exchange Service
said, have taken c3nsiderably more American cotton since
Aug. 1, when the new season started, than in the corresponding weeks last year. In consequence of the reduced carryover from last season and the relatively small crop this year.
the supplies available for later forwardings are materially
less than a year ago, and are much less than two years ago.
Under date of Aug. 27 the Exchange Service continued as
follows:
During the first three weeks of the new season since Aug. 1. the movement of American cotton into sight, i.e., the movement from farms and
smaller towns of the South to the larger markets or direct to domestic
mills, has totaled 532,000 bales, compared with 400,000 in the same period
last season and 287,000 two seasons ago. The larger movement this season
reflects the broader demand and heavier buying which has accompanied
the increase in world consumption. The balance available for movement
into sight later is estimated at 14,237,000 bales, compared with 16,262,000
a year ago and 18,382,000 two years ago.
Exports of cotton by this country during the past three weeks have
aggregated 408,000 bales as compared with 325,000 in the same period last
season and 151,000 two seasons ago. The totals for the Continent and the
Orient show the largest increases. The exports to the Continent aggregate
231,000 bales as compared with 185,000 last season and 47,000 two seasons
ago, while the total movement to the Orient is 115.000 as against 76,000
last season and 87,000 two seasons ago. The total amount of cotton in the
United States available for export, i.e., the amount outside of mills, is
18,276,000 bales compared with 20,841,000 a year ago and 21,841.000 two
years ago.
The Cotton Exchange returns on forwardings to mills show that the
cotton which has been moving to domestic and foreign markets is not stopping there but is going in large measure to consuming establishments.
Forwarcllngs to domestic mills total 308,000 bales during this season to
date, compared with 207.000 in the same period last season and 226,000
two seasons ago. Forwardings to foreign mills aggregate 582,000 bales as
against 499,000 last season and 433,000 two seasons ago. The balance
available for forwardings to domestic and foreign mills is now approximately
20,423,000 bales as against 22,760,000 a year ago and 23,251,000 two years
ago.
World consumption of American cotton is not running currently as high
as a few weeks ago but it is still on a relatively high level for this time of the
year. Allowing for seasonal factors. the world spinning of the American
staple is running on a considerably higher annual basis than the crop which
is now coming to harvest. The greatest improvement has been registered
in the domestic spinning industry, which operated at record high levels In
June and July, but which is now running somewhat below that peak rate.
Total foreign consumption of American cotton has not increased during
the past few months while the great expansion has occurred in domestic
consumption but it has held fairly stable on a relatively high basio. While
consumption in the Orient has declined from previous high levels, due to
spinners reverting to foreign growths, European spinners have Increased
their consumption materially.
Decrease of 1,259,000 Bales Noted by New York Cotton
Exchange in World Suprly of All Growths of
Cotton in Current Season.
The world supply of all growths of cotton for this seasor
promises to be appioximately 1,259,000 bales less than the
supply of last season, according to the New York Cotton
Exchange Service. The indicated world supply this season
is 39,407,000 bales, which compares with 40,666,000 last
season and 40,481,000 two seasons ago, the Exchange Service
noted on Aug. 28, adding:
The indicated supply of American cotton promises to be smaller this
season than last season, but the supply of foreign cottons is expected to be
larger. The supply of American cotton for this season is put at 24,253,000
bales as against 26,184,000 last year, a decrease of 1,931,000. The supply of
foreign cotton is estimated at 15,154.000 this season against 14,482,000
last season, an increase of 672.000. The prospective increase in the supply
of foreign cottons is due to the expectation of a larger foreign crop than
last season.
German Producers Authorized by Government to
Withdraw from Rayon Syndicate.
Advices as follows from Berlin Aug. 27 are taken from
the New York "Times":
The Government has authorized German producers to secede without
penalty from the International Viscous Rayon Syndicate, of which other
members are Italy, Switzerland, Holland, Belgium and Prance.
Financial Chronicle
Volume 137
This measure practically dissolves the syndicate. The reason given
Is that foreign countries obtained excessively big quotas and further that
certain outside firms are selling foreign rayons in Germany.
Employment in Silk Industry During July 64.6%
Higher than in July 1932.
Results of the National industrial recovery program are
already making themselves felt in the silk industry with
employment for July 64.6% higher than for the same
month last year and 16.8% higher than for June, according
to the figures issued by the Silk Association of America, Inc.
The silk industry came under a temporary agreement with
President Roosevelt on July 17, the Association noted,
adding:
Broad silk loom employment increased 17.8%. narrow silk loom employment increased 1.6% and spinning spindle employment increased 16.0%
during July as compared with June. Machinery operations during July
increased 10.8% for broad looms, 0.4% for narrow looms and 24.8% for
spinning spindles, as compared with the previous month.
Increase in Price of Men's Clothes
-Advance to $22.50
for Lines Heretofore $16.50 and $17.50.
The following is from the New York "Times" of Aug. 27:
The $22.50 niche will be returned to favor for the fall by the leading
men's chains in the popular price fields, developments during the week indicated. Two of the leading chains indicated their current ranges of $16.50
and $17.50, respectively, would be advanced to $22.50, in order to maintain
quality. No announcement has come as yet from the Richman group, the
country's largest chain, but it is believed they will also adopt their old price.
One of the quality chains, which featured the $40 range in the pre-depression
days, later lowering the price to $35 and then to $30, has gone back to the
$35 bracket.
Boots, Shoes and Slippers Other than Rubber,
June 1933.
Statistics on the production of boots, shoes and slippers,
other than rubber, by classes and States, for June 1933, as
reported to the Bureau of the Census by 1,076 factories,
are presented in the following table.
The total production of footwear in factories reporting
for June 1933 indicates an increase of 5% from May 1933,
and an increase of 47% over June 1932. Production
during January-)June 1933 shows an increase of 15.4% as
compared with the same period of 1932.
TABLE I.
PRODUCTION OF BOOTS, SHOES AND SLIPPERS, OTHER THAN
RUBBER, BY CLASSES: JUNE AND MAY 1933, JUNE 1932 AND
JANUARY
-JUNE 1933 AND 1932.
Production (pairs).
Kind.
June
1933.
June
1932.
Jan.
-June
1933.
Jan.
-June
1932.
percent of
increase a
Jan.
-June
1933-1932.
Boots, shoes and slippers, total
34,629,61623,331,556 172,902,555 149,863,548
15.4
High and low cut boots
and shoes (leather).
total
27,933,832 18,585,180 146,177,881 125,690,554
16.3
Men'sf Dress
6,458,922 4,247,531 30,699,608 24,732,476
24.1
'Work
2,569,644 1,603,679 11,600,483 9,559,345
21.4
Boys' and youths'
1,932,281 1,182,519 9.645,106 8,140,521
18.5
Women's
12,029,040 7,883,918 66,957,131 56,183,907
19.2
Misses' and children's 3,226,068 2,526.552 17,901.696 18,525,005
-3.4
Infants
1,717,877 1,140,981 9,373.857 8.549.300
9.6
Athiettc.b
104,219
141,961
595,429
616,423
-3.4
Part-leather and partfabric
335,529
261,823
814,148 1,331,892 -38.9
All-fabric (satin, canvas, &c.)_b
954,327 3,061,251 4,387,260 -30.2
667,718
Slippers & moccasins for
house wear, total
4,303,515 2,601,229 16.030,077 12,289,688
30.4
All leather
609,261 3,902.335 2,522,849
929,178
54.7
Part leather, felt, Ate. 3,374,337 1,991,968 12,127,742 9.766,839
24.2
Barefoot sandals and all
other footwear.c....._ 1,320,777
981,072 6,223,769 5.547,731
12.2
a A minus sign (-) denotes decrease. Is Excludes footwear with fabric uppers
and rubber soles. c In addition, factories reporting lea her footwear produced
374,526 pairs of rubber-soled footwear with fabric uppers during June and a total
of 2.479,283 pairs during the period January-June 1933.
Governors of North and South Carolina Halt Sales of
Tobacco by Proclaiming Market Holiday-Action
Followed Protest Meeting by Growers, Who Demanded Price of 20 Cents a Pound.
Governor J. C. B. Ehringhaus of North Carolina on Aug.
31 issued an order proclaiming a voluntary tobacco marketing
holiday for an indefinite period. The proclamation followed
a mass meeting of farmers to protest prices of 10 to 14 cents
a pound. The farmers demand an average price of 20 cents
a pound. Ernest Webb, President of the Eastern Carolina
Warehousemen's Association,announced that the Association
would co-operate with the Governor and close the warehouses. The action of North Carolina was followed yesterday (Sept. 1) by South Carolina, when Governor Ibra C.
Blackwood of the latter State said that he would issue a
proclamation to close South Carolina markets effective
Sept. 4. The action of the Governor of North Carolina on
Aug. 31 was described as follows in Associated Press advices
of that date from Raleigh:
Recognizing an "emergency," the Governor's proclamation declared a
voluntary marketing holiday to continue until "further proclamation" and
requested all "farmers, warehousemen and all good citizens to co-operate
1661
in this marketing holiday during its continuance and to refrain from selling
or offering tobacco for sale under the warehouse laws of North Carolina."
It followed closely upon a price protest mass meeting attended by 2.000
farmers here to-day, at which speakers urged "force" to raise tobacco prices
and sprinkled their discourses with mention of "revolution." They demand
an average price of 20 cents a pound.
Telegrams were sent by the Governor to J. Y. Joyner of La Grange,
who was Chairman of the protest meeting; to Henry A. Wallace. Secretary
of Agriculture, and to Governor Ibra C. Blackwood of South Carolina.
"Tobacco farmers of North Carolina vehemently protest present destructive prices and beg the assistance of your department in securing a
fair return." the telegram to Secretary Wallace said.
The telegram to Governor Blackwood asked him to declare a holiday in
South Carolina.
Resolutions were adopted urging the Federal Farm Administration to
create a bright flue-cured tobacco division of the Department of Agriculture,
to put into effect immediately emergency measures for better 1933 prices,
to provide an acreage control plan for 1934 and to set up a permanenttobacco
organization. Delegates were named to carry the resolutions to Washington,
where they will be presented to President Roosevelt. Secretary of Agriculture
Wallace and George N. Peck, Federal Farm Administrator.
Tobacco on the bright leaf belt auction markets showed a slight upward
trend to-day.
At Wilson, where 936,266 pounds were sold yesterday at an average price
.of $10.82 a hundredweight, it was reported that 1,250,000 pounds on the
floors were expected to bring an average of $11.
Petroleum and Its Products
-Prices Rising Throughout Nation as Code Becomes Effective To-day
Announcement of Price Basis Awaited by Industry's Leaders-Crude Cost May Exceed Dollar
Level
-Leaders Laud Committee Named to Direct
Recovery Act.
The petroleum industry to-day embarks on a new policy
of production and marketing under the rigid regulations of
the NRA. Hailed in many quarters of the trade as "the
dawning of a new period of prosperity" for petroleum and
its kindred interests, to-day is expected to see the naming
of a base price for either gasoline or crude oil by the committee named by President Roosevelt to govern the industry
under its own code provisions. Late yesterday reports
emenating from Washington indicated that there might be
a last minute change in the price-fixing formula, and that
instead of having a basic gasoline price, with crude at a
set ratio the committee might recommend the establishing
of a basic crude price, with all refined products priced in
direct ratio.
Whichever form the price-fixing takes, the industry is
apparently prepared to live up not only to the letter but to
the spirit of the NRA. Many thousands of new employees
have been placed upon the payrolls of the major companies;
salaries and wages have been readjusted to obey the laws.
The oil committee, appointed this week, was in conference Thursday and yesterday. The members include three
representatives of the NRA, these being James A. Moffett
of New York, who recently resigned as First Vice-President
of Standard of New Jersey; Donald R. Richberg, Labor
Counsel of NRA, and N. L. Benedum of Pittsburgh. The
12 members representing the industry are Axtell J. Byles,
Wirt Franklin, R. T. Zook, Howard Bennette, W. T.
Holliday, E. B. Reeser, K. R. Kingsbury, B. L. Majewski,
Henry M. Dawes, C. F. Roeser, Amos L. Beatty, and
C. E. Arnott.
After announcement of the committee personnel had been
made public, Harry F. Sinclair, Chairman of the Executive
Committee of the Consolidated Oil Corp., declared that the
membership "will create immediate confidence." C. B.
Ames, Chairman of the Texas Co., in commenting upon
the general developments of the week, expressed the hope
that "the industry can now forget its differences and pull
together." Asserting his company's support of the code,
he declared "we have a good code. The fundamental problem is to bring the production of crude oil into balance with
consumptive demand. The Texas Co., now as always, is
prepared to cordially do-operate with the administration."
Mr. Sinclair, earlier in the week, had taken strong issue
with those sources which had maintained constant criticism
of the price-fixing provisions of the code. He declared:
"The origin and purpose of the propaganda that is being
circulated against the price regulation section of the code
is evident to anyone who has had any part in the making
of this code. Coupled with this propaganda are the small
increases in crude oil prices posted this week by those who
,oppose what they call price fixing.
"These are the same forces who up to this time have
defeated all recent efforts to establish a living price either
for crude or refined products. These elements in the industry are determined that they, not the President, acting
under the code, shall be the price fixers. If these elements
dominate, we shall have a continuation of the ruinous
conditions of the past. It was to cure these conditions
that the price control features of the code were formulated.
1662
Financial Chronicle
And I have no doubt that these provisions will be strengthened and extended rather than emasculated.
"Examination of yesterday's outgivings on this subject
code.
shows the insincerity of the argument against the .
This argument talks of over-production and asserts that the
code will encourage further excess output under the assurance
of a higher price. This entirely ignores the fact that even
the limited price control provisions are only to be put into
effect when the production of crude is within the quotas
recommended by the Federal agency set up by the President.
The concern expressed over the fate of the small refiner and
distributor under price regulation is entirely misplaced.
These smaller units have had their prices fixed at starvation
levels by the group of major companies that now insist upon
a continuation of this prerogative. The independents are
equally determined that this shall be ended. They so
expressed themselves in no uncertain terms during the meetings in Chicago and Washington. They know, as I do, •
that their extermination would be the result, if it is not the
deliberate purpose, of eliminating price control from the
code. I believe the Administration can be depended upon
to deal with this question fairly and wisely."
Next in importance to the price-fixing declaration which
may be made to-day, is the determination of national production and the allocation to the oil States of their pro
rata share. This is also to be done by the President and
his oil board. The withdrawal of crude from storage is
to be restricted, and it appears that a daily limit of 100,000
barrels will be established, for the duration of 1933, at least.
The President may also establish what volume of crude and
refined products can be imported, and may, if he so decides,
stop the inflow totally.
When the nation's allowable output, based on actual
demand, is ascertained, and allotments made to States, the
official groups now operating in those States will be charged
with the pro-rating of each State's total among the fields,
and in enforcing the strict observance of output restrictions.
The first session of the committee, convened by Secretary
Ickes on Thursday, with two members absent but enroute
to Washington, heard the Secretary appeal to them to forget
factional disputes, personal and company positions, and to
work wholeheartedly with the department and Administration in "putting the petroleum house in order."
Subcommittees to be set up immediately by the Committee
include statistical, production, refinery, marketing, accounting, labor, adjustment and transportation.
An immediate mark-up of crude prices is certain to follow
whatever action is taken to-day or next week by the oil
committee on the matter of price fixing. If the gasoline
base price is used, it is believed that from 53c. to 6c. will
be established for 60-64 octane, which would make 36-36.9
degree crude in Mid-Continent from $1 to about $1.12 per
barrel, on the 18.5 ratio imposed by the code.
Pennsylvania crude was advanced this week, and advances
have also been made in Kentucky and Ohio crudes. Three
sets of prices again were being posted in Oklahoma, but a
settlement of this disparity will follow immediately upon the
issuance of the Government's oil price.
It is expected that Texas, as the largest producer of crude,
will bear the brunt of whatever reduction is ordered by the
Committee. The average daily output for last week, ended
Aug. 26, was 2,756,400 barrels. Demand is estimated at
about 2,250,000 barrels daily. Therefore, a cut of approximately 500,000 barrels daily will be ordered, it is
predicted. Texas has been producing about 1,200,000
barrels daily in recent weeks, with the East Texas field
accounting for about half of this total.
Price changes follow:
-Magnolia Petroleum Co., subsidiary of Socony-Vacuum
Aug. 26.
& Refining Co.
Corp., meets 10c. advance in crude initiated by Humble 011
-Ohio Oil Co. advances Central Western and Western grade
Aug. 26.
is up 12c.
crude 10c. a barrel with exception of Rock Creek, which
-Ashland Oil & Transportation Co. posts 10c. advance in
Aug. 29.
barrel.
Somerset crude, making new price 87c. a
-Pennsylvania-grade crudes advanced 15c. a barrel by Tide
Aug. 30.
Co., new prices being $2.25
Water Pipe Co., Ltd., and South Penn OS
West Pennsylvania Pipe
for Bradford-Allegheny; $1.92 for oil in South
Buckeye lines.
Lines Co. lines; $1.87 in Eureka lines. and $1.72 in
advances Corning crude 10c. a barrel
-South Penn 011 Co.
Aug. 31.
to new price of 95c. Per barrel.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
$ .61
$2.25 Eldorado, Ark., 40
Bradford, Pa
.60
.95 Rusk, Tex., 40 and over
Corning, Pa
.60
.77 Salt Creek, Wyo.,40 and over
Illinois
.40
Darst Creek
.87
Western Kentucky
.90
.72 Midland District, Mich
Mid-Coot., Okla.. 40 and above_
1.00
.72 Sunburst, Mont
40 and over
Hutchinson, Tex.,
CAUL,40 and over 1.14
.72 Santa Fe Springs,
SpIndletop, Texas., 40 and over
.96
.80 Huntington, Calif., 26
Winkler, Tex
1.82
.30 Petrolia, Canada
Smackover, Ark., 24 and over
Sept. 2 1933
-CASH DISCOUNTS AND OTHER CONREFINED PRODUCTS
CESSIONS OUTLAWED UNDER NEW CODE TO-DAY
PRICE ADVANCE TO CONSUMER MAY REACH FIVE CENTS
-MARKUP OF POSTINGS IN ALL PRODUCTS
PER GALLON
EXPECTED IMMEDIATELY.
Cash discounts and other concessions granted to consumers become outlawed to-day as the petroleum code goes
into effect under the National Recovery Act, which specifies
that there shall be but one price for each product. Several
companies acted yesterday on this phase, establishing the
new price on the higher level quoted while the discount was
in effect. While many changes have been made during the
week on gasoline quotations, all will probably have to be
readjusted to meet the conditions which the establishing of
an official price by the Governmental agency will bring
about to-day or next week.
It was estimated here this week that the price of gasoline
to the consumer will be as much as five cents per gallon
higher than has been the case, to absorb all of the higher
costs under the NRA.
In the first place, it is pointed out, retail outlets must
hire more attendants and must pay higher prices for their
volume gasoline because of this one point. Then when a
crude price 300. to 40c. higher than at present goes into
effect, this will also be passed along to the consumer.
Gasoline is rapidly returning to the "five for a dollar"
position occupied years ago.
While refining circles, as well as distributors, were still
unaware of the definite moves planned at Washington, they
are all willing to concede that the first step will be an upward revision of prices not only for crude oil but for all
refined products, which must move in accordance to the
18.5 ratio between crude of 36-36.9 gravity and gasoline
of 60-64 octane rating.
Grade C bunker fuel oil, moved in good volume this
week, with the spot price of 95e. per barrel, in bulk at
refineries, adhered to firmly. Diesel was less active but
firm at $1.75 per barrel, same basis. It is expected that
Bunker C will advance to $1.05 next week.
Kerosene, which was still held yesterday at Sc. to 53e.
per gallon for 41-43 water white, in bulk at refineries, is
expected to move upward to 00. or fractionally more, under
the code.
Mineral spirits and V. M. & P. naphtha were advanced
Mc. a gallon Tuesday by Standard of New York, followed
immediately by Standard of New Jersey.
Price developments of the past week follow:
-The Texas Co. advances gasoline prices 1.C. per gallon
August 28.
for
throughout state of Texas. New prices, including taxes, are 20%c.
Ethyl, 183ic. for regular, and 14%c. for third grade.
per
-Standard Oil Co. of Kentucky Increases gasoline lc.
August 28.
gallon throughout its territory. New prices are 22c. for Ethyl, 20c. for
Crown, and 173.6c. for third grade.
spirits
August 29.
-Standard Oil Co. of New York advances mineral
and V. M. & P. naphtha ;ic. per gallon, new prices being 13c. per gallon
for both products in tank wagons. Tank car price now 93.6c., as against
New
previous level of 9c. Price advance met same day by Standard of
Jersey.
-Effective immediately Atlantic Refining Co. discontinues
September 1.
terri2c. cash discount on gasoline sales at service stations throughout its
equivalent
tory In Pennsylvania, Delaware and New England, this being
to 2c. advance.
York
-Effective Saturday, Sept. 2, Standard of New
September 1.
advanced posted
advanced service station gasoline price lc. per gallon;
practise.
tank wagon price %c. per gallon, and discontinued cash discount
Louisiana
-Standard Oil Co.of New Jersey and Standard of
September I.
that
advance gasoline service station price Mc. per gallon, with notation and
this advance is to offset increased operating expenses at stations,
discontinued cash discount practise.
Consolidated
-Humble 011 & Refining, Shell Petroleum, and
September 1.
gasoline
011 advance third grade gasoline 2c. a gallon, and Ethyl and regular
lc. a gallon. in Houston, Texas.
Gasoline, Service Station, Tax Included.
$ 183
New Orleans
3.20
Cleveland
New York
3 185
14
Philadelphia
195
19% Denver
Atlanta
San Francisco:
.158
Detroit
.203
Baltimore
Third grade_ ___ .151
.185
Houston
.185
Boston
Above 85 octane_ .195
.20
Jacksonville
.193
Buffalo
215
Premium
.14
Kansas City
165
Chicago
145
159 St.Louis
.20
Minneapolis
Cincinnati
0. B. Refinery.
Kerosene, 41-43 Water White, Talk Car, F.
,
3.0254 033 New Orleans, ex____$.0333
Chicago
New York04/3-.03
Tulsa
(Bayonne) _$.05-.05j I Los Ang.,ex- .04/1-.06
.03
North Texas
Fuel 011, F.0.13. Refinery or Terminal.
$ .80
Gulf Coast C
California 27 Plus B
(Bayonne)N.Y.
$.75-1.00 I Chicago 18-22D_ .4231-59
Bunker C
$ .95
.85
.80 Philadelphia C
1.75 New Orleans C
Diesel 28-30 D
Gas Oil, F.O.B. Refinery or Terminal.
3.0131
Tulsa
ChicagoN. Y. (Bayonne)1.0131
32-36 GO
28 plus G 0_5.03/1-.04
Tank Car Lots, F.O.B. Refinery.
U. S. Gasoline, Motor (Above 65 Octane),
8.05-.0531
Chicago
N. Y. (Bayonne)N. Y. (Bayonne)
Shell Eastern Pet.5.0590 NewOrleans,ex , .04-.04%
Standard 011N.J.04-.0431
Arkansas
New YorkMotor. U. S___$.0631
California
.05-.07
Colonial-Beacon_ .08
•Stand. 011, N. Y_ .0640
4/
.0615 Los Angeles, ex- .0 1-07
Tide Water Oil Co .0825 z Texas
.05-.0531
.0625 Gulf ports
Gulf
'Richfield 011(Cal.) .0625
.ossi Tulsa
.05-0531
Republic Oil
Warner-Quin.Co.. .06
.05/I
Sinclair Refining_ .0631 Pennsylvania.
x Richfield "Golden." a "Fire Chief," 1.0640. •Long Island City.
Financial Chronicle
Volume 137
A Decline in Crude Oil Output of 10,100 Barrels Per
Day Reported During Week Ended Aug. 26 1933
Motor Fuel Inventories Up 1,172,000 Barrels.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Aug. 26 1933 was 2,756,400 barrels, compared with 2,766,500
barrels per day during the preceding week, a daily average
of 2,747,900 barrels during the four weeks ended Aug. 26
and an average daily output of 2,114,000 barrels for the
week ended Aug. 27 1932.
Stocks of motor fuel oil increased 1,172,000 barrels during
the week under review, or from a total of 51,438,000 barrels
at Aug. 19 1933 to 52,610,000 barrels at Aug. 26. During
the preceding week motor fuel inventories increased 271,000
barrels.
Reports received for the week ended Aug. 26 1933 from
refining companies controlling 92.2% of the 3,586,900
barrel estimated daily potential refining capacity of the
United.Sta,tes, indicate that 2,473,000 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, 28,813,000 barrels of gasoline and 131,477,000 barrels
of gas and fuel oil. Gasoline at bulk terminals, in transit
and in pipe lines, amounted to 20,047,000 barrels. Cracked
gasoline production by companies owning 95.1% of the
potential charging capacity of all cracking units, averaged
491,000 barrels daily during the week.
The report for the week ended Aug. 26 1933 follows
in detail:
605,500
128,950
47,600
53,050
21,900
161,200
58,550
605,950
86,800
51,950
26,150
31.300
129,250
46,850
92,500
28,400
28,850
6,450
2,400
41,400
501,400
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
mos.!
0 7AR 'Inn
275A
8Sco888882800SSOgoo88
Week
Ended
Aug. 19
1933.
1
Week
Ended
Aug. 26
1933.
1.-.
0 P-•
NNJOilut•Otal,
20000..ONI.11 b2b,
,
g A.
0..."NOOCA•PCS ......00No-.0.1-•b20000 1
,
1,1- - .....1J- 0- at.,IA- .
0,00 .
0 . 00 4.140C.
DAILY AVERAGE CRUDE OIL PRODUCTION.
' (Figures in barrels)
snn
Average
4 Weeks
Ended
Aug. 26
1933.
614,800
129,500
50,600
52,250
21,900
160,700
58,800
593,100
84,950
51,650
25,950
31,350
127,400
46,350
93,700
25,150
29,500
6,550
2.350
39,o50
501,700
Week
Ended
Aug. 27
1932.
387,150
95,250
53,650
49,800
24.700
172,750
56,800
327,700
6,750
53,850
29,300
34,100
116,750
32,300
101,000
22,650
33,350
7,450
2,750
31,550
474,400
2747015(1 9 514(1(115
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 AUG. 26 1933.
(Figures in Barrels of 42 Gallons.)
District.
Daily Refining Capacity
Of Plants.
Crude Runs
to Stills.
0 Minot
Reporting.
Potential
Rate.
East coast
582,000
150,800
Ind., Ill., Ky_ _ _ 436,600
Okla., Wis.. Mo. 462,100
Inland Texas_ _ 274,400
507,500
Texas gulf
Louisiana gulf- - 162,000
North La -Ark.. 82,600
80,700
Rocky Mountain
California
848,200
Total.
Daily OperAverage. ated.
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
582,000 100.0 516,000 88.7 15,031,000 9,077,000
92,000 65.9 2,066,000
881,000
139,700 92.6
425,000 97.3 356,000 83.8 6,952,000 5,091,000
379,500 82.1 267,000 70.4 5,009,000 3,985,000
82,000 50.9 1,301,000 1,821,000
161,100 58.7
497,500 98.0 473,000 95.1 5,503,000 7,269,000
162,000 100.0 131,000 80.9 1.421,000 1,944,000
57,000 74.5
253,000
619,000
76,500 92.6
34,000 53.5
885,000
757,000
63,600 78.8
821,800 96.9 465,000 56.6 14,189,000 100,033,000
Totals week:
Aug. 26 1933_ 3,586,9003,308,700 92.2 2,473,000 74.7 c52610000 131,477,000
Aug. 19 1933. 3,586,9003,308,700 92.2 2,488,000 75.2 51,438,000 130,678.000
a Below are set out estimates of total motor fuel stocks on U. S. Bureau of Mines
basis for week of Aug. 26 compared with certain August 1932 Bureau figures:
54,610,000 barrels
A. P.1. estimated on B. of M. basis, week Aug. 26 1933.b
62,181.000 barrels
U.S. B. of M. motor fuel stocks, Aug. 1 1932
57,592,000 barrels
U.S. B. of M.motor fuel stocks. Aug. 31 1932
b Estimated to permit comparison with A. P. I. Economics report, which Is on
Bureau of Mines basis.
c Includes 28,813,000 barrels at refineries, 20,047.000 bulk terminals, in transit
and pipe lines, and 3,750,000 barrels of other fuel stocks.
Oklahoma Supreme Court Upholds State Proration
Law-General Provisions Sustained, Although
Price Fixing of Crude by Corporation Commission
Is Not Permitted.
The Oklahoma Supreme Court in a decision issued on
Aug. 16 upheld the constitutionality of the general provisions
of the new oil proration law passed by the last Legislature.
The court ruled specifically that the Corporation Commission
could not fix the price of crude oil or consider that factor in
setting production allowables, although the price might be
affected by enforcement. Reporting the decision, the
"Oklahoman" of Aug. 17 said:
1663
The court ruled illegl provisions that the Supreme Court should rewrite
regulations brought before the court on appeal if they were not satisfactory. This, the court held, is a legislative, not a judicial function.
Other rulings made in the decision were:
That the Corporation Commission cannot fix or determine the price of
oil, nor properly consider the price at which oil may be produced profitably in limiting production.
That a company or integrated companies having wells, refineries and
pipe lines cannot take its entire nomination from its own wells, but may
take the allowables from its wells, then the remainder of its demand proratable from other wells in the field.
That the Corporation Commission must consider the demands of a refinery for oil in determining the amount that may be produced from a
common source.
The court refrained from passing upon the question of what constitutes
"economic waste" upon which proration statutes are based, but declared
courts have held proration is necessary to prevent waste of oil and gas
resources, the basis of taxes and wealth.
Pamphlet on Recommended Field Practice for the
Installation, Operation and Care of Oil Field Gas
Engines Issued by American Petroleum Institute.
C. A. Young, Secretary of the American Petroleum
Institute's Division of Production, has announced the
publication of"A.P.I. Code No.11-B-Recommended Field
Practice for the Installation, Operation, and Care of Oil
Field Gas Engines," the result of years of work on the part
of the Institute's Committee on the Standardization of
Pumping Equipment and Engines, of which T. E. Swigart
of the Shell Petroleum Corp., Houston, is National Chairman and H. N. Marsh of the General Petroleum Corp. of
California, Los Angeles, is National Secretary. An announcement issued at Dallas, Tex., Aug. 19 further noted:
The Committee originally submitted the code to the Second Mid-Year
Meeting of the Institute at Tulsa in June of 1932, and upon its approval
for publication offered valuable suggestions and corrections which have
been incorporated in the final eclition. The code discusses such items as
installation, including full-page foundation plans and templates; concrete
work; piping; engine house, with complete designs; safety guards; fuel
supply; ignition; lubrication; cooling; inspection; engine troubles, their
causes and remedies, and operation.
Copies can be obtained at 50 cents each from the American Petroleum
Institute's Division of Production. 1508, Kirby Bldg., Dallas, Tex.
-Fair Demand for
Lead Steadies as Buying Improves
Zinc-Copper Quiet.
Metal and mineral markets for Aug. 31 1933 is responsible
for the statement that buying of lead in the period from
Aug. 24 to 30 inclusive was in good volume, with zinc moderately active and copper quiet. Price movements were of
little consequence, the general undertone remaining steady
in anticipation of early action in connection with the various
codes of practice for major metals. Deliveries of copper,
lead, zinc, and tin for August are expected to be up to the
average of recent months, and the statistics will probably be
favorable to the extent that further inroads in surplus stocks
have been made. Modification of the gold embargo to permit exportation of newly mined gold is not expected to have
any influence on general commodity values, as easing of the
terms does not reveal a change in policy by the Administration. The same publication says:
Copper Inactive.
Sales of copper were of modest proportions in the last week, the lack of
buying interest reflecting some uncertainty in reference to the volume of new
business that may come forward over the remainder of the year. Producers
entertain rather firm views, and comparatively little selling pressure appeared in the domestic market. Early in the week (Thursday) some metal
sold at 8%c., delivered Connecticut, but over the remainder of the period
9c. was the price obtained. Traders, in most instances, seem to be marking
time pending developments in connection with the copper code.
Foreign demand for copper improved and prices realized abroad were
slightly higher than those of a week ago. Offerings were fairly liberal and
increased toward the close of the seven-day period. Prices showed a wide
daily range in the foreign market, reflecting fluctuations in exchange. The
low for the week on foreign business was 8.07c., c.i.f. and the high 8.30c.
The copper code was the subject of wide discussion. Opposition to the
provisions dealing with establishing a minimum price appears to be growing
especially among the smaller producers. A general meeting of the industry.
aimed at ironing out some of the difficulties, is scheduled to be held in New
York early next week. The following paragraph, contained in the section for
agreements, seemed to come in for extra attention:
The signatories have likewise executed this Code upon the condition that
all producers,smelters, refiners and secondary metal processors whose product is sold in competition with them and which are not signatory hereto shall
be bound by the terms hereof either by becoming parties hereto or by license
from the President of the United States authorizing them to engage in business in competition with all signatories hereto on a basis which shall in no
respect be more favorable to such competitors than the basis provided for
under this Code: otherwise this Code shall not apply."
Stocks of refined copper in British official warehouses on Aug.15 amounted
to 26,367 tons,against 27,222 tons a month previous. Stocks of refined copper on Aug. 15 totaled 7,642 tons, against 6,912 tons in July.
Temporary importation of copper matte( nto Mexico for refining purposes
will be allowed under restrictions somewhat similar to those obtaining in this
country for treatment of metal in bond,according to advices received by the
Department of Commerce.
Good Sales of Lead.
Sales oflead for the week were in good volume, being well above the average of recent weeks. Higher prices abroad,removing the threat of imported
material, and a steady flow of business to some of the important consumers
of the metal, caused confidence to return. Sales totaled more than 4,000
tons for the week, and, with the exception of cable makers, large consumers
1664
Financial Chronicle
were well represented in purchases reported. Corroders and battery makers
were the principal buyers. The market held at 4.50c., New York, the contract settling basis of the American Smelting & Refining Co., and at 4.350.,
St. Louis. The tone at the close was steady to firm. A feature in the market
was the amount of business placed in prompt and near-by shipment lead.
World production of lead during July was at the rate of 3,375 tons daily,
against 3,577 tons daily in June, 3,262 tons daily in May, and 3,190 tons
daily in July, 1932. World production of lead during the first seven months
of the current year totaled 719,254 tons, against 772,351 tons in the same
period last year, according to the American Bureau of Metal Statistics.
Australia produced 131,477 tons of lead in the Jan.
-July period this year.
against, 116,593 tons in the same period in 1932. Most of the other produring countries show lower output totals for 1933 than last year.
Zinc at 4.70©4.75c.
A fair amount of business was booked in zinc in the last week,though most
of the sales were at slightly lower prices. The week started off with offerings at 4.80c. for Prime Western, St. Louis basis. On Friday fair quantities
sold at prices ranging from 4.775c. to 4.85c. By Monday, however, nearly
all sellers moved down to 4.75c., which held until yesterday, when a lot of
about 200 tons brought 4.70c.
Tin Moves With Exchange.
Fluctuations in tin followed the movement of exchange rates, but, in
the main,the market ruled firm. London was higher, though largely on the
fall in the pound sterling in relation to gold. The trade is looking forward
to favorable August statistics. United States deliveries, according to preliminary estimates, will be large, somewhere between 7,000 and 8,000 long
tons. Tin-plate operations continue at a high rate. Most of the activity in
the last week was in English refined tin. Offerings of spot tin, all brands,
were moderate.
Chinese tin, 99%,prompt shipment, was nominally as follows: Aug. 24th
43.50c.; 25th, 44.75c.; 26th, 44.875c.; 28th, 44c.; 29th, 44.75c.; 30th,
44.50c.
World production and consumption of tin during the first half of 1932 and
1933, as estimated by the Anglo-Oriental Mining Corp.in long tons,follows:
First Six Months
1932.
World production
World consumption:
United Kingdom
United States
Other countries
Totals. consumption
1933.
51,062
35,041
12,072
20,719
18,721
8,306
25,635
15,355
51,512
49,296
Steel Production Recedes to 47% of Capacity-First
Prices Filed Under Steel Code Cover Remainder
of Quarter Only-Pig Iron Is Advanced.
Both steel releases and mill operations have undergone
a further decline and there is nothing to suggest an early
change in trend outside of a contra-seasonal upturn in
automobile production, reports the "Iron Age" of Aug. 31.
Steel ingot output has given fresh ground in most important
producing centres and the National average has receded
to 47% of capacity from 50% a week ago. The "Age"
goes on to say:
Part of the decline in production is attributable to prior purchases for
stocking purposes, prompted by the upward trend of prices; much of it
has been due to uncertainties growing out of Nation-wide readjustment
to the NRA program. But for the time being, steel producers are themselves so engrossed in making adjustments required by codification that the
course of demand and output is commanding comparatively little attention.
The filing of prices under the steel code has overshadowed other considerations in the past week. With Tuesday the deadline, there was a
final rush of price schedules, with some producers waiting until the final
day of grace before mailing their quotations. While it will take several
days for the American Iron and Steel Institute to tabulate the prices
filed, information at hand indicates that there have been relatively few
changes in steel prices, although there have been rather widespread advances
In pig iron.
The new quotations are limited to deliveries during the remainder of
the third quarter. Fourth quarter prices cannot be filed before Sept. 1,
since the code stipulates that shipments cannot be made beyond four
months after the closing of a contract. Some producers intend to reaffirm
their initial code prices for the final quarter, but others prefer not to
commit themselves until they have more definite information on the
effect of codification on their costs. Final agreement on a coal code,
which now seems to be imminent, will aid materially in the clarification
of costs, provided that there is no recurrence of labor disturbances.
Advances in pig iron prices range from 50 cents to $1 a ton. Base prices
on foundry iron are now identical at 317.50, furnace, at Chicago, Detroit,
Cleveland, Erie, Youngstown, Buffalo, Hamilton. Ohio, and in eastern
Pennsylvania. The equalization of prices will have the effect of localizing
business by eliminating much of the inter-territorial competition which
has been a most unsettling market influence in the past. Southern prices
have been increased from $13 to $13.50, Birmingham. On the Eastern
seaboard importers of pig iron are reported to be observing the code prices.
announced by domestic furnaces. Silvery prices have been advanced
$1 a ton. The "Iron Age" composite price for pig iron has risen from
$15.94 to $16.71 a gross ton. The depression low of $13.56 prevailed
from November 1932 to April of the current year.
Virtually the only changes in steel prices that have thus far come to
light have occurred in cold-roiled sheets, fender stock, and plates, shapes
and bars. Cold-rolled sheets have been advanced $3 a ton-No. 20 gage
to 2.75c., Pittsburgh, and 2.85c., Chicago, and No. 10 gage to 2.30c.,
Pittsburgh, and 2.40c., Chicago. The separate automobile body and
furniture sheet classification has been abandoned. Cold-rolled fender
stock. No. 20 gage, has been raised $2 a ton to 2.95c.. Pittsburgh or
Cleveland.
The Pittsburgh base prices on plates, shapes and bars are uncbanged,
but the base quotations at Chicago have been reduced. Chicago prices
on all of these products are now only $1 higher than at Pittsburgh instead
of $2 higher, as formerly.
New extras on semi-finished steel are among the changes that are being
introduced under the code. In fact. all extras will be made uniform and
strict adherence will be enforced, since waiving of extras has been one of
the most insidious and costly forms of "under cover" competition. Competition, under the code, is by no means eliminated, but it must be in
Sept. 2 1933
the open. An "open price" policy has replaced the secret practices whiCh,
because of their secrecy, frequently magnified market weakness and invited
competitive reprisals.
The automobile and canning industries continue to be the chief reliance
of the iron and steel industry. Motor car output has been gaining since
the middle of August. The combined assemblies of General Motors,
Ford and Chrysler for the month will total fully 190,000 units and the
industry as a whole will go far beyond the 200,000 mark. Ford's September
production is expected to exceed that of August, which is estimated at
57,000 cars. Automobile companies covered rather heavily in full-finished
sheets in anticipation of the price advances just announced.
Foundry coke prices have been advanced 50 cents a ton by Chicago,
Toledo, Painesville, Ohio, and Ashland, Ky., producers. Gravel fluorspar
has gone up $1 a ton to $15, mines.
The "Iron Age" composite prices for finished steel and scrap are unchanged at 1.979 cents a pound, and $12 a gross ton.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Aug. 29 1933, 1.979e. a Lb.
Based on steel bars, beams, tank plates
One week ago
1.979o. wire, rails, black pipe and sheets.
One month ago
1.9730. These products make 85% of the
One year ago
1.9640. United States output.
High.
Low.
1933
1 9790. Aug. 8
1.867o. Apr. 18
1932
1 977c. Oct. 4
1.926c. Feb. 2
1931
2 037c. Jan. 13
1.945e. Dec. 29
2 273o. Jan. 7
1930
2.0180. Dec. 9
2.3170. Apr. 2
1929
2.283o. Oct. 29
2 286c. Dec. 11
1928
2.217c. July 17
1927
2.4020. Jan. 4
2.212o. Nov. 1
Pik Iron.
Based on average of basic iron at Valley
Aug. 29 1933, $16.71 a Gross Ton.
One week ago
815.94 furnace foundry irons at Chicago.
One month ago
15.94 I Philadelphia, Buffalo, Valley and Bir13.641 mingham.
One year ago
High.
Low.
1933
$16.71 Aug. 29
513.56 Jan. 3
14.81 Jan. 5
1932
13.56 Dee. 6
1931
15.90 Jan. 6
15.79 Dec. 15
18.21 Jan. 7
1930
15.90 Dec. 16
18.71 May 14
1929
18.21 Dec. 17
18.59 Nov. 27
1928
17.04 July 24
19.71 Jan. 4
1927
17.54 Nov. 1
Steel Scrap.
Aug. 29 1933, 512.00 a Gross Ton.
Based on No. 1 heavy melting steel
a12.00 quotations at Pittsburgh, Philadelphia
One Week ago
One month ago
12.081 and Chicago.
7.42
One year ago
High.
Low.
$12.25 Aug. 8
1933
$6.75 Jan. 3
8.50 Jan. 12
1932
6.42 July 5
11.33 Jan. 6
1931
7.62 Dec. 29
15.00 Feb. 18
1930
11.25 Dec. 6
17.58 Jan. 29
1929
14.08 Dec. 3
16.50 Dee. 31
1928
13.08 July 2
15.25 Jan. 11
1927
13.08 Nov. 22
Steel consumption continues to decline, a further reduction
of 3 points in the steel-works rate to 48% accurately gaging
the downward trend during the past week, stated the magazine "Steel' of Cleveland on Aug. 28. This publication
further went on to say:
With seasonal influences operating in practically all consuming fields,
the market still lacking the stimulus of higher prices, and the Government's
public works program maturing with disappointing slowness, it appears
this trend will extend into September. Sometime in that month the
downward swing is expected to collide with a general rise in prices, which
steelmakers hope will arrest the decline.
Uncertainties over the NRA's effect on the steel industry are being
dissipated. Steelmakers are filing prices which will apply under their
code for the remainder of this quarter. It is indicated that on many
heavy finished steel products no changes will be made from present official
levels, though advances are impending in some of the lighter products.
Mill specifications are diminishing rapidly, and for some of the leading
producers new orders so far in August are only 25 to 50% of the tonnage
In the comparable period in July. Meanwhile, stocks are being reduced:
another hopeful indication for an early revival in buying. In tin plate,
releases already in hand for October insure a continuation of mill operations
near 95%.
In heavy finished steel, the outstanding new project of the week is an
800
-mile pipe line from the mid-continent field to Chicago, plans being
formulated by a group of independent oil producers, which will require
75,000 to 100,000 tons of steel. Rallmakers are confident of a substantial
demand by November, and expect the eight months following will be a
period of expanding railroad activity. Fruit Growers Express, New York.
is in the market for 673 underframes, requiring 3,300 tons of steel.
Construction projects requiring thousands of tons of steel in many cities
are being held up pending efforts to obtain Federal loans. In some important instances, however, it is announced the projects will proceed
eventually regardless of whether loans are obtained. Structural awards
for the week, 4,022 tons, also reflect the delay in numerous Federal projects.
The first price increase in raw material for immediate effect and application under the code is $1 a ton on pig iron in all Eastern districts, likely
to be followed by producers in Southern and other markets. Pig iron and
foundry coke shipments are setting a new high record for the year, and
though the increase in merchant iron demand in the Ohio-Michigan territory
is reflected in the lighting of another Toledo blast furnace, the decline in
steel requirements has led to the banking of four Carnegie stacks.
Responsive to increased buying, foundry coke is up 50 cents a ton in
some districts. Scrap is quieter. and at Pittsburgh prices are easier.
Republic Steel Corp. is reopening some of its Alabama iron ore mines idle
seven years.
Iron and steel exports for July dropped 14.270 gross tons to 88,311 tons,
while imports increased 18,437 tons to 52,805 tons. For the seven months
this year exports, 615,579 tons, compared with 374.287 tons last year;
and imports are 205.283 tons, against 227,491 tons.
The decline in the national steelworks average to 48% wipes out all the
gain since the second week in June. The rate is down 5 points to 72% at
Cleveland; 7 points to 53 at YOUllgtitOW11; 12 to 41 at Buffalo; 3 to 43 at
Pittsburgh; 1
to 39 in eastern Pennsylvania. In New England it advanced 2 points to 85.
"Steel's" iron and steel composite is up 8 cents to $30.10; finished steel
composite bolds at $47.50, while the scrap composite is up 4 cents to $11.58
on an adjustment on compressed scrap at Pittsburgh.
Steel ingot production in _the week ended Aug. 28 is placed
at a shade under 49%,according to the "Wall Street Journal"
of Aug. 29. This compares with a little under 52% in the
Financial Chronicle
Volume 137
previous week and about 55% two weeks ago. The "Journal"
added:
U. S. Steel is estimated at a fraction under 47%, against 49% in the
preceding week and a little over 51% two weeks ago. Independents are
credited with a rate of around 5034%, compared with a fraction over 54%
in the week before and a shade under 58% two weeks ago.
The following table gives the percentage of production in the corresponding week of previous years, together with the approximate change from the
week immediately preceding:
Industry.
U. S. Steel.
13 -- H
31 --I
5734-- 34
89 --I
76 + 34
68 +2
1932
1931
1930
1929
1928
1927
12
34
65
91
77
71
-- 34
-- 34
--I
--1
--1
-I-234
Independents.
1354--1
29 --1
51
85 -134
75 i-2
65 +2
Report on Foundry Operations in Philadelphia Federal
Reserve District by University of Pennsylvania
Increase Noted in Activity in Iron and Steel
Foundries During July.
Activity increased during July in the iron and steel
foundries located in the Philadelphia Federal Reserve
District according to reports of production received by the
Industrial Research Department of the University of
Pennsylvania. The Department stated that an increase of
13% in the output of gray iron castings in addition to
increases experienced in the three previous months brought
the production in July to the highest point reached in two
years. The Department added:
The malleable iron foundries increased their production by nearly 50%
and the steel foundries increased their output by 43%. Despite these
increases, 14 iron and steel plants reported a decrease in activity.
Shipments of both iron and steel castings continued to increase. These
increased deliveries did not prevent further additions to the tonnage of
unfilled orders on hand at the close of the month. Stocks of raw materials
on hand increased during the month among the iron foundries but decreased
in the steel plants.
IRON EOUNDRIES.
No. of
Firms
Reporting.
31
31
30
4
30
19
27
26
26
Per Cent
Change
July 1933
from
Short Tons. June 1933.
r
Capacity
Production
Gray iron
Jobbing
For further manufacture
Malleable Iron
Shipments
Unfilled orders
Raw Stock
Pig iron
Scrap
Coke
12,022
2,605
2,127
1,781
346
478
2,584
837
2,413
1,623
513
0.0
+18.3
+13.0
+14.2
+7.3
+48.9
+15.9
+30.6
+45.2
+23.4
+45.0
Per Cent
Change
from
July 1932.
0.0
+100.0
+85.3
+120.2
+2.1
+209.4
+88.3
+82.2
+13.3
-15.0
-5.2
Gray Iron Castings.
The production of gray iron castings during July in 30 foundries was
13% more than in the previous month. This fourth consecutive monthly
increase brought the total output in July to the highest point reached in the
last two years. Any increase in this month runs counter to previous
seasonal experience for, although in the corresponding period of 1929 there
was an increase of 8% and although during the same period of 1930 Production was maintained at the June level, there were decreases from June
to July in the other years since 1926 ranging from 7 to 21%.
Most of the increase this month was in the production of castings for
jobbing work which was 14% more than in June and 120% more than in
July 1932. The tonnage of castings used In further manufacture within
plants operating a machine shop In conjunction with their foundry activities was 7% more than in the previous month and only 2% more than in
the same month of last year.
The foundries located in Philadelphia continued to increase their total
production with only three plants of the 10 operating (four are still closed)
reporting any decrease Among the foundries situated in the balance of
the district, however, the increased activity of five shops was parctically
offset by decreases in seven other plants (four are closed and one did not
report).
Shipments of iron castings also continued to increase. The tonnage
delivered during July was 16% more than in the previous month and 88%
more than in the same period of last year. Despite the steadily increasing
production and shipments of castings during the last four months, the
tonnage of unfilled orders has continued to increase. The volume of orders
unfilled at the end of July was 31% more than at the beginning of the
month and 82% more than a year ago.
Stocks of raw materials on hand increased during the month. Compared
with the inventories of a year ago, the tonnage of pig iron was higher but
the stocks of scrap and coke were less.
Mailable Iron Foundries.
The tonnage of malleable iron castings produced during July was nearly
50% more than the output in Juno. The chart of the monthly production
-Ed.) shows
of malleable iron castings since January 1926 (this we omit
that the index has increased 100 points since the low of last January and
that the production in July is but slightly below that of March 1926 which
is the highest point attained in the last seven and one-half years.
STEEL FOUNDRIES.
No. of
Firms
Reportinv.
8
8
8
7
t)
6
8
.
Capacity
Production
Jobbing
For further manufacture
Shipments
Unfilled orders
Raw StoaPig iron
Scrap
Cola,
Per Cent
Change
July 1933
from
Short Tons. June 1933.
Per Cent
Change
• from
July 1932.
8,630
1,776
1,666
110
1,422
1,902
0.0
+42.7
+57.9
-42.1
+34.8
+28.9
0.0
+131.8
+132.3
+124.5
+138.1
+1.9
140
3,399
115
-16.0
-7.9
-5.4
-22.3
+1.0
-47.8
1665
The output of steel castings during July in eight foundries was 43%
more than in June and 132% more than in July 1932. This gain over last
month was in the production of castings for jobbing work which increased
58%. The tonnage of castings used in further manufacture, which decreased 42%. is of relatively little importance in the steel foundry industry.
Despite the large increase in the total output, four foundries reported a
decrease in their activity.
Deliveries of steel castings continued to increase for the third consecutive
month. The shipments in July were 35% more than in the previous month
and 136% more than in the same month of last year. Unfilled orders on
hand at the end of the month also increased for the third time despite the
increases in shipments. The backlog at the close of July was 29% larger
than at the beginning of the month but only 2% more than a year ago.
Raw materials in stock decreased during the month. This brought the
tonnage of scrap on hand to approximately the same amount as that
reported a year ago. The stocks of pig iron and coke, however, were at the
end of July considerably below those of the same period of last year.
Production of Bituminous Coal and Anthracite Continues Higher-Soft Coal Output Exceeds That
for the Corresponding Period in 1931.
Production of soft coal during the week ended Aug. 19
1933 is estimated at 7,584,000 net tons, an increase of 209,000
tons, or 2.8%, over the preceding week, reports the United
States Bureau of Mines, Department of Commerce. Output
during the corresponding week last year amounted to
4,950,000 tons and in the same period in 1931, 7,191,000 tons.
Anthracite production in Pennsylvania during the week
ended Aug. 19 1933 is estimated at 967,000 net tons, as
compared with 889,000 tons in the previous week and
622,000 tons in the week ended Aug. 20 1932.
During the month of July 1933 production was estimated
at 29,482,000 net tons of bituminous coal and 3,677,000 tons
of anthracite, as against 25,320,000 tons of bituminous coal
and 3,928,000 tons of anthracite in the preceding month and
17,857,000 tons of bituminous coal and 3,021,000 tons of
anthracite in the corresponding period in 1932.
During the calendar year to Aug. 19 1933 there were
produced a total of 195,051,000 net tons of bituminous coal
and 28,610,000 tons of anthracite, compared with 174,547,000 tons of bituminous coal and 28,837,000 tons of
anthracite during the calendar year to Aug. 20 1932. The
Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Week Ended
Aug. 19
1933.c
Calendar Year to Date.
Aug. 12 Aug. 20
1933.d
1932.
1933.
1932.
1929.
-a
Bitum. coal
Weekly total 7,584,000 7,375,000 4,950,000 195,051,000 174,547.000 324,607,000
Daily aver_ _ 1,264,000 1,229,000 825,000
999,000
895,000 1,661.000
Pa. anthra.-b
Weekly total 967,000 889,000 622,000 28,610,000 28,837,000 43,179,000
Daily aver_ _ 161,200 148,200 103,700
147,900
223,100
149,000
Beehive coke
18,000
13,200
8,900
Weekly total
521,100
460,900 4,360,000
3,000
2.200
2,645
1,483
Daily aver__
2.340
22.132
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery coal and dredge coal, local sales, and colliery fuel. c Sub
lea to revision. d Revised.
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL BY
STATES (IN NET TONS).
Week Ended
Monthly Production.
Aug.12 Aug.5 July
1933. 1933. 1933.
Alabama
Ark. and Okla _ _
Colorado
Illinois
Indiana
Iowa
Kans. and Mo..
Kentucky
Eastern
Western _ _....
.
Maryland
Michigan
Montana
New Mexico
North Dakota. Ohio
Penn.(Mum.)_ _
Tennessee
Texas
Utah
Virginia
Washington_ ._ _
West Virginia
Southern a_
Northern b_
Wyoming
Other States_ -Tot. tam. coal
Penn. anthracite
197
55
66
593
245
44
91
216
52
74
592
210
34
78
June
1933.
July
1932.
Cal. Year to Date.
1933.
1932.
1929.
840
147
205
2,425
910
150
292
640
92
188
2,080
810
158
279
468 4,677 4,281 10,519
76
894
896 2,725
175 2,540 2,763 5,162
770 19,076 16,750 33,122
692 6,771 6,650 10,285
187 1,511 1,956 2,264
331 2,656
2,936 3,845
725
160
35
2
37
22
15
525
1,695
79
16
32
263
20
668 2,815
137
510
36
110
3
8
33
120
21
80
16
60
465 1,630
1,278 8,560
88
320
16
65
34
112
255
975
19
85
2,400
374
87
7
102
77
53
1,430
7,520
266
60
102
820
77
1,722 14,839 13,091 25,720
767 3,838 4,853 8,047
67
758
814 1,516
245
9
445
149
79
998 1,074 1,774
63
607
660 1,498
39
862
795
901
649 9,842 6,289 12,515
.5,021 46,395 41,753 82.500
200 1,812 1,778 3,069
644
349
49
426
77 1,294 1,396 2,725
501 5,244 4.209 7,238
928 1,454
80
667
1,774
614
60
10
1,790
589
64
2
5,960
1,507
227
4
4.297 37,416 33,760 56,895
1,344 9,444 11,972 20,801
182 1,868 2,146 3,494
107
101
12
69
7,375
889
6,770 29,482 25,320 17,857 174,692 162,445 299,226
884 3,677 3,928 3,021 26,064 27,183 40,327
6,818
1,992
248
5
TrItAlenAl
5204 7 854 RR 150 20 245 10 575900758 IRO 095 RRO 558
a Includes operations on the N.& W.,C O., Virginian, K.& ,and B.C.& G.
b Rest of State, including Panhandle.
Industrial Consumption of Bituminous Coal Up
Sharply in July-Seasonal Increase in Inventories Noted.
According to the United States Bureau of Mines, Department of Commerce, industrial consumption of bituminous
coal increased from 18,422,000 tons in June to 20,044,000
tons in July, an increase of 1,622,000 tons, or 8.8%. A small
1666
Financial Chronicle
part of this increase is, of course, explained by the longer
month, but even after allowance has been made for this
factor, substantial gains are shown for all classes of industrial
consumers, except the coal-gas retorts and the miscellaneous
manufacturing plants. The Bureau further reports as follows:
By far the most pronounced increase in consumption during the past
month was reported by the coke producers. At beehive ovens consumption
in July was more than 37% higher than in June, while at by-product coke
ovens consumption increased nearly 25%. This increase in consumption at
coke ovens reflects, in large part, the marked upturn in the iron and steel
Industry. In addition to the increased requirements of metallurgical coke,
consumption of gas and steam coal by the steel industry also advanced
during the month, amounting to 1,025,000 tons, as against 919,000 tons in
June. Other important increases in soft coal consumption in July were
reported by the cement mills, electric utilities, and the class I steam railroads. At the coal-gas retorts and miscellaneous manufacturing plants
consumption was maintained at approximately the same level as in June.
Notwithstanding the marked upturn in consumption,- output was in
excess of current market requirements and substantial additions were made
to industrial inventories during July. On Aug. 1 industrial stocks of soft
coal stood at 19.737,000 tons, an increase of 1,765,000 tons, or 9.8% in
comparison with the quantity on hand at the beginning of the previous
month. This increase was largely seasonal, since consumers normally add
to their reserves at this time of year. To some extent, however, the increase
during the past month represents purchases in anticipation of price advances.
which seem assured when the code of fair competition for the coal industry
Is adopted. An epidemic of labor disturbances in the coal fields has also
aroused apprehension.
Although all classes of industrial consumers increased their stocks during
July, the heaviest additions were made by the cement mills, by-product
coke ovens, and steel works. The smallest increase in stocks during July was
reported by the electric utilities, which showed a gain of only 1.8%.
At the rate of consumption prevailing in July the stocks on Aug. 1 for all
classes of industrial consumers were sufficient to last 30.5 days, as compared with a supply equivalent to 29.3 days on July 1. The stocks, however,
were not evenly divided and there were wide variations between individual
consumers. On Aug. 1, the reserves, in terms of days supply, ranged from a
low of 20 days for the cement plants to a high of 74 days for the coal-gas
works. With the exception of the electric utilities and the by-product coke
ovens, the reserves held by each of the consuming groups were equivalent
to a greater number of days requirements on Aug. 1 than on July 1.
Industrial consumption of anthracite also increased in July. At electric
public utilities consumption of hard coal during the month increased by
approximately the same rate as bituminous, being 9.0% higher than in
Sept. 2 1933
June. Consumption of anthracite by the railroads in July was 2.4% more
than in the previous month.
Stocks of bard coal at electric public utilities on Aug. 1 were 17.0%
higher than at the beginning of the previous month, but railroad stocks of
anthracite decreased slightly, being 5.2% less than on July 1.
INDUSTRIAL CONSUMPTION AND STOCKS OF BITUMINOUS COAL,
IN THE UNITED STATES (NET TONS).
July 1933.
(Preliminary).
June 1933.
(Revised).
PerCela
of Changes.
Stocks End of Month at
Electric power utilities_a
By-product coke ovens_ b
Steel and rolling mills_ b
Cement mills_ b
Coal-gas retorts b
Other industrial_ c
Railroad fuel d
4,484,000
3,949,000
812,000
270,000
448,000
5,840,000
3,934,000
4,405,000
3,338,000
705,000
217,000
398,000
5,300,000
3,609,000
+1.8
+18.3
+15.2
+24.4
+12.6
+10.2
+9.0
Total industrial stocks
19,737,000
17,972,000
+9.8
Industrial Consumption by
Electric power utilities_a
By-product coke ovens_b
Beehive coke ovens_b
Steel and rolling mills_b
Cement mills_ b
Coal gas retorts..b
Other industrial_c
Railroad tueLd
2,583.000
4,057,000
107,000
1,025.000
423,000
187,000
5,950,000
5,712,000
2,382,000
3,251,000
78,000
919,000
373,000
185,000
5,900,000
5,354,000
+9.4
+24.8
+37.2
+11.5
+13.4
+1.1
+0.8
+6.7
Total industrial consumption
20,044,000
18,422,000
+8.8
247,000
109,000
212,000
101,000
+16.5
+7.9
Additicmal Known Consumption
Coal mine fuel
Bunker fuel, foreign trade
Days Supply.
Days Supply on Hand al
Electric power utilities
By-product coke ovens
Steel and rolling mills
Cement mills
Coal-gas retorts
Other industrial
Railroad fuel
54 days
30 days
25 days
20 days
74 days
30 days
21 days
56 days
31 days
23 days
17 days
65 days
27 days
20 days
-3.6
-3.2
+8.7
+17.6
+13.8
+11.1
+5.0
30.5 days
29.3 days
+4.1
Total industrial
a Collected by the U. S. Geological Survey. b Col ected by U. S Bureau
Mines. c Estimates based on reports collected Jointly by the National Association
of Purchasing Agents and the U. S. Bureau of Mines from a selected list of 2,000
representative manufacturing plants. The concerns reporting are chiefly large consumers and afford a satisfactory basis for estimate. d Collected by the American
Railway Association from all class I roads. Class II and III roads are not included.
a
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Aug. 30, as reported by
the Federal Reserve banks, was $2,267,000,000, an increase
of $24,000,000 compared with the preceding week and a
decrease of $64,000,000 compared with the corresponding
week in 1932. After noting these facts, the Federal Reserve
Board proceeds as follows:
On Aug. 30 total Reserve bank credit amounted to 32,298,000,000, an
increase of $40,000,000 for the week. This increase corresponds with an
increase of $26,000,000 in unexpended capital funds, non-member deposits,
Sze., and a decrease of $19,000,000 in Treasury currency, adjusted, offset
in part by a decrease of $5,000,000 in member bank reserve balances.
Bills discounted increased $3,000,000 at the Federal Reserve Bank of
New York and a like amount at all Federal Reserve banks. The System's
holdings of bills bought in open market show practically no change for the
week. Holdings of United States Treasury notes increased $12,000,000
and of Treasury certificates and bills $24,000,000, while those of United
States bonds decreased $1,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
-Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the different items, was published in the May 31 1930 issue of the
"Chronicle" on page 3797.
The statement in full for the week ended Aug. 30, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 1722 and 1723.
Beginning with the statement of March 15 1933, new items
were included, as follows:
1. "Federal Reserve bank notes in actual circulation," representing the
amount 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.
-non-member banks" and "Special deposits
3. "Special deposits
member 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 outstanding
and in related items during the week and the year ended
Aug. 30 1933, were as follows:
Increase 1+) Or Decrease
Since
Aug. 301933. Aug. 23 1933. Aug. 31 1932.
Bids discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
153,000,000 +3,000,000
7,000,000
2,129,000,000 +35,000,000
9,000,000 +2,000,000
•
TOTAL RES'VE BANK CREDIT 2,298,000,000 +40,000,000
Monetary gold stock
4 328,000,000
1,942,000,000 -19,000,000
Treasury currency adjusted
-280,000,000
-27,000,000
+277,000,000
-3,000,000
5,592,000,000
Money in circulation
2,427,000.000
Member bank reserve balances
Unexpended capital funds, non-mem549,000.000
ber deposit, As
-5,000,000
-100,000,000
+281,000,000
+26,000,000
+168,000,000
-33,000,000
+240,000,000
+142,000,000
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 for the same week, instead
of waiting until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows an increase of $28,000,000, the total of these
loans on Aug.30 1933 standing at 81,000,000, 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 $726,000,000 to
$759,000,000 but loans "for account of out-of-town banks"
decreased from $119,000,000 to $114,000,000, while loans
000,000
"for account of others" remain unchanged at
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Aug. 301933. Aug. 23 1933, Aug. 31 1932.
$
$
Loans and investments-total
6 726,000,000 6,685,000,000 6,543,000,000
Loans-total
On securities
All other
3 385,000,000 3,346,000,000 3,451,000.000
1 794,000,000 1,757,000,000 1,632,000,000
1,591,000,000 1,589,000,000 1,819,000,050
1667
Financial Chronicle
Volume 137
Aug. 30 1933. Aug. 23 1933. Aug. 31 1932.
$
3,341,000,000 3,339,000,000 3,092,000,000
Investments—total
U. B. Government securities
Other securities
2,293,000,000 2,287,000.000 2,116,000,000
1,048,000,000 1,052,000,000 976,000,000
Reserve with Federal Reserve Bank
Cash in vault
860,000,000
41,000,000
Net demand deposits
Time deposits
Government deposits
862,000,000
36,000,000
866,000,000
38,000,000
5,257,000,000 5,199,000,000 5,124,000,000
755,000,000 755,000,000 828,000,000
80,000.000
388,000,000 393,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
Increase (+) or Decrease (—)
Since
Aug. 23 1933. Aug. 16 1933. Aug. 24 193Z
$
10,378,000,000 +15,000,000 +230.000.000
4,516,000,000 —18,000,000
—84,000ma
875,000,000 *-22,000,000 +674,000,000
1,123,000,000 —5,000,000
2,448,000,000 —32,000,000
29,000,000
—9,000.000
—51,000,000
—103,000,000
—80,000,000
*(ug. 16 figures revised (Cleveland district).
Due from banks
Due to banks
64,000,000
64,000,000 74,000,000
1,125,000,000 1,091,000,000 1,207,000,000
Borrowings from Federal Reserve Bank_
1,000,000
Loans on secur. to brokers & dealers;
For own account
759,000,000
For account of out-of-town banks._
114,000,000
For account of others
8,000,000
Loans and investments—total
318,000,000
19,000,000
8,000,000
881,000,000
853,000,000
345,000,000
592,000,000
289,000,000
Total
On demand
On time
726,000,000
119,000,000
8,000,000
580,000,000 244,000,000
273,000,000 101,000,000
Chicago.
1,231,000,000 1,252,000,000 1,223,000,000
Loans—total
694,000,000
Investments—total
700,000,000
832,000,000
348,000,000
346,000,000
On securities
All other
351,000,000
349,000,000
467.000,000
365,000,000
537,000,000
U. S. Government securities
Other securities
552,000,000 391,000,000
314,000,000
223,000,000
328,000,000
224,000,000
202,000,000
189,000.000
Reserve with Federal Reserve Bank__
Cash in vault
300,000,000
27,000,000
289,000,000
26,000,000
982,000,000
352,000,000
61,000,000
976,000,000
352,000,000
62,000,000
796,000,000
334,000,000
7,000,000
Due from banks
Due to banks
234,000,000
253,000,000
222,000,000
255,000,000
210,000,000
237,000,000
In a resolution, the special committee which has been dealing with cur.
rency express gratification that it has been found possible for certain
interested countries to arrive at an agreement regarding the marketing of
silver stocks. At the same time it regrets the British Government is not
directly a party to the agreement.
Attention is drawn to the beneficial effects silver stabilization would
have,in their opinion, on the cotton industry.
201,000,000
16,000,000
Net demand deposits
Time deposits
Government deposits
British Federation of Cotton Spinners Urge
Stabilization of Silver.
Convinced that a stabilized silver currency would be advantageous to the Lancashire cotton industry in trading
with countries with silver currencies, the Federation of
Master Cotton Spinners has made a further approach to
the government, asking for the encouragement of silver
stabilization "at a reasonably increased figure." We quote
from a London cablegram Aug. 12 to the New York "Times,"
which further stated:
Borrowings from Federal Reserve Bank_
4,000,000
Complete Returns of the Member Banks a 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
membcr banks in leading cities, which had been discontinued att,er the report issued on March 6, giving the figures
for March 1. The present statement covers banks in 90
leading cities instead of in 101 leading cities as formerly, and
shows figures as of Wednesday, Aug. 23, with comparisons
for Aug. 16 1933 and Aug. 24 1932.
•
As is known, the publication of the returns for the New
York and Chicago member banks was never interrupted.
These are given out on Thursday, simultaneously with the
figures for the Reserve banks themselves, and cover the
same week,instead of being held until the following Monday,
before which time the statistics covering the entire body of
reporting member banks in 90 cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Aug. 23:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on Aug. 23 shows decreases for the week
of $103,000,000 in loans and investments. $18.000,000 in time deposits,
$22,000,000 in Government deposits and $9,000,000 In borrowings from
Federal Reserve banks, and increases of $15,000.000 in net demand deposits
and $68,000,000 in reserve balances with Federal Reserve banks.
Loans on securities decreased $42,000,000 at reporting member banks
In the New York district, $8,000,000 in the Chicago district and $58,000,000
at all reporting member banks. "All other" loans declined $14,000,000
in the New York district and $20,000,000 at all reporting banks.
Holdings of United States Government securities declined $12,000.000
in the New York district. $8,000,000 in the San Francisco district. $7.000,000 in the Chicago district and $31,000,000 at all reporting member banks.
Holdings of other securities increased $11.000,000 in the New York district
and $6.000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $29,000,000 on Aug. 23, the principal change for the
week being a decline of $10,000.000 at the Federal Reserve Bank of San
Francisco.
Licensed member banks formerly included in the condition statement
of member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $865,000,000 and net demand,time and Government deposits of $878,000,000 on Aug. 23, compared
with $869,000.000 and $885,000,000, respectively, on Aug. 16.
A sununary 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 Aug. 23 1933, follows:
Increase 1-1-) or Decrease (—)
Since
Aug. 23 1933. Aug. 16 1933. Aug. 24 1932.
Loans and investments—total
Loans—total
On securities
All other
Investments—total
U. B. Government securities
Other securities
Reserves with F. R. banks
Cash in vault
16,605,000,000 —103,000,000
+178,000,000
8,505,000,000 —78,000,000
—850,000.000
3,737,000,000 —58,000.000
4,768,000,000 —20,000,000
—273,000.000
—577.000,000
8,100,000.000 —25,000,000 +1,028.000,000
5,155.000,000 —31,000,000
2,945,000,000 +6.000,000
+939,000,000
+89.000,000
1,778,000,000 +68,000,000
187,000,000
+4,000,000
+185,000,000
+8,000.000
Montagu Norman, Governor of Bank of England, Confera With President Roosevelt and Governor Harrison of Federal Reserve Bank of New York—Governor
Black of Federal Reserve Board and Secretary
Woodin Also Meet Governor Norman.
In addition to conferences held this week between Montagu
Norman, Governor of the Bank of England, and New York
bankers, including officials of the Federal Reserve Bank of
New York, the British banker also conferred with President
Roosevelt at his Hyde Park (N. Y.) home. The arrangements for the visit with the President were made by George
L. Harrison, Governor of the New York Federal Reserve
Bank. Announcement of this was made at Hyde Park on
Aug. 26, as follows, by Stephen T. Early, Secretary to the
President:
"At the suggestion of Governor Harrison of the Federal Reserve Bank
in New York, the President to-day agreed to receive the Governor and
Mr. Norman. Mr. Norman is now in the United States and will sail soon
for England. The President will receive Messrs. Harrison and Norman
at tea at his Hyde Park home early next week, making the engagement in
order to accommodate Mr. Norman's sailing plans."
In the absence of any official statement of the visit we
quote the following account Aug. 28 from Hyde Park to the
New York "Journal of Commerce":'
Montagu Norman, Governor of the Bank of England, was entertained
here this afternoon by President Roosevelt. Mr. Norman motored here
from New York city with Gov. George L. Harrison of the New York
Federal Reserve Bank.
International interest centred in Mr. Norman's visit to the summer
White House on the assumption that the British banker intended taking
up with the President personally the question of currency stabilization.
Hyde Park was deluged with telegrams and cables from all over the United
States and the world at large as to the outcome of the deliberations.
No Private Talk.
Stephen T. Early, the President's Secretary, in response to newspaper
pressure from the outside to learn the outcome of Mr. Norman's visit with
the President, called the correspondents together and informed them that
Mr. Roosevelt had not had a private talk with either Mr. Norman or Mr.
Harrison.
While It was presumed that Treasury and Federal Reserve officials may
have discussed the monetary situation with the Governor of the Bank of
England with the President's tacit approval, it was impossible to get
confirmation here officially or unofficially that such was the case.
The explanation was given that when Mr. Norman and Mr. Harrison
arrived the President was entertaining guests and that the visiting bankers
became part of the gathering. It was pointed out that Mr. Roosevelt did
not have opportunity to talk privately with either Mr. Norman or Mr.
Harrison.
In the New York "Times" of Aug. 29 it was stated that
Governor Norman's conferences began the previous day,
where he was a guest of the New York Federal Reserve Bank
at a meeting attended by Eugene R. Black, Governor of
the Federal Reserve Board; William H. Woodin, Secretary
of the Treasury; George L. Harrison, Governor of the local
bank of issue; other officers of the Reserve Bank and several
members of its board of directors. After the luncheon he
and Mr. Harrison drove to Hyde Park and called upon
President Roosevelt.
The "Times" continued:
The nature of Mr. Norman's conversations with Federal Reserve officials was not disclosed beyond the general statement that they related
to monetary problems in which the banks of issue here and the Bank
of England are concerned. Bankers here said they doubted that Mr.
Norman had any specific proposals to make to the monetary authorities of this country, although it was considered possible that such proposals might develop out of his discussions. It was admitted, however,
that his visit was by no means purely "social."
Within the last few weeks the British Exchange Equalization Fund
has given up its attempt to peg sterling at 85 francs to the pound, and
Financial Chronicle
spend a brief time at a Maine summer resort before proceeding to New York.
No Significance It Is Stated Attached to Visit of
Montagu Norman of Bank of England and President
Roosevelt's Gold Order.
3
0010
*004 01
N
al
,
8'8 8 ::.':' "<2
N
C,2 ,3
0
000M
..9.0.00000ACD
NNA 8
000A
60176. 6-666.6
8Nvt......N.
00...
MOOD.00OMN
00,
C
6666 .4666664
0019-0-0501
i
.0040
M
MN
',,1
CV
wi
;14
A. Cg 41
0001.0.
ANON
AOON
0.00.0
0;
00-0100.0.
A
0.00.1.0
4
0040001 .
ri4ecii
..,....m. 66666!
er>ri44
535'453
o. o
4
CV
0
000 8
0100.0
00
A0,
-. 000-:
,
_ Jr....
,
It
.7 •.:
0
M
0
W
N .
4 e
co
.0
MOD
m,i
'IVO
6
00
80 A cv m
0'40.0001
0040.0e000
400.0.A
0ie4ce0i.4,-;,;
ch,-.m..e....
.;
4
VO
Wv/ 00000
8
N.00.4.0o
08904AM
-17.666
,
eui40 .
6
.0N
.
.0.0.1 01N.
,
AA0000
C
0
4
,t:82,th
"q ;
t4
C
0
.1
.o..
g
M.
a
il
F4
§
•-•
C
CI
CO
.
0
$W
....to
a .2 % 4
0
8
Po
,:s
.li
9
000
0
.
2),
0
v.;
A
v9
..4
2
ZPEEt
.
c.,
00
w.
6
President Roosevelt's modification of the gold embargo fol-
r:
.0
g
M
of the Bank of England, and George L. Harrison. Governor
t..:
ii r: il. oi R g
.
.
.m
"Times":
President Roosevelt's modification of the gold embargo is held here to
be the "fair and proper thing to do" as regards gold producers and a "facing of realities" as regards his administration.
There is a tendency in financial quarters to regard the move as an outcome of Montagu Norman's visit to the United States and it is likely,
one authority said, that Mr. Norman suggested that the United States
system was "unjust to gold producers and inimical to the United States'
own interest."
The premium (over 40%) of the French franc over the United States
paper dollar, in the opinion of this authority, represents the real premium
that should be paid in paper dollars for gold.
There is a belief in London that President Roosevelt's new order is
another step toward devaluation of the dollar.
.44.NCe18.
M.AMAN
cocietZ4c;
vpv0MCMC
vI8 MvtINvON
6.-666
......
080A.,900
9: 9:6 oi6
00 0000101
0004.00
00400A
ei 0-:c7O0it,:
.
vNt0000.
vt,MOOMMOD
66:66
...
... 6,-.
-- .
ON.
OACV
80MA
8OM0'
0000C
"
00000."
gl
0000
0800400
C00000000
..,.. ,.. ,..,
-,.i.qc . .1
. ..0
,
.N.W.cON
CV N A CV A 0
to
.
A v18 VD 09
Arit 8 2
' '
t!
-'01
04,1
'00001
Cl
OAM.00
to.0914.4.
0- 01
.. 1"..0 4
1 .
4
V
.—.— --6....
.6.. -,.......„.
,
6..2 N..o......
Also, it was
•
CO . • - • - •
"
OD
44
00.4.0
.001.4 C.4 C
8
8
m=4A
'-'00.401.0
CO
'
h
6,
-,00i4
0000.N
.00i'M
A v9 C 0
3 . 3?, c4 c'
,,,
•-•t '" R N i
'..1
O.i4ce c! e
9:
O
vC
. "I- . ..:0 C 0; eV V
CA
CO vD .
A
N
•
lowed by just a day the visit of Montagu Norman, Governor
666ANCOO.CON
666
v.; 4
01010A0.
AAC...94
Ili vi
00
.
AOON
<1 000l
88
00000
6
. 6666gg
..,...,..
. 6 oS ei6 oz; az;
6
.
..t....to. .2
,...
sa
.....
,...
to Z%
vVvI N,1“9.
,
m.00.r.
C980..OMC
a
-6.
. ...
t-..
t•-.N."
.;
...
28 a 00
§ .8.0§§
6
.
t-..
.1
''' 4 e
....
Vsti2i
that day that there was no significance in the fact that
The following from London Aug. 29 is from the New York
0
.coco.no, .00.nmo
.60
.;,46
.... ..".:6666
04.40.0
-- .. ..,,,
'd
6
(N. Y.) on Aug. 30 it was stated at the summer White House
British See Devaluation In President Roosevelt's Gold
Order—See "Fair and Proper" Move, However, for
Miners—Move Regarded as Outcome of Montagu
Norman's Visit.
:7, 2 E.,—A g g
868O000.C.01
vt...90.4 4.
8
_
....
5,629,852,526
S
'8
CO
said there was no connection.
g
COM.C.:
N
a
According to Associated Press advices from Hyde Park
of the Federal Reserve Bank of New York.
CI
7,924,906,683
I
MONEY OUTSIDE OF THE TREASURY.
4
d
. tR
1,671,392,918
With his
arrival at Quebec on Aug. 11 it was stated that he would
A
0.0AON
8O
tONAM000
N
N.000.tO
. . .
.
.
a
4'.
10,014,268,674
The visit of Governor Norman to the United States was
referred to in these columns Aug. 12, page 1150.
§
.
e
e'-s e4 ....
0. ea
coo'forisip
From London Aug. 28 Associated Press advices stated:
Great Britain to-night awaited the outcome of the talk of Montagu
Norman, Governor of the Bank of England, with President Roosevelt
with the greatest interest of any Anglo-American financial or economic
development since the close of the World Economic Conference.
Speculation in financial and business quarters and in the press ranged
over a wide list of world problems, from stabilization of currencies to war
debts, without, however,any guidance from official quarters. The Foreign
Office declined to comment on Mr. Norman's visit.
Rumors that Great Britain, through the bank governor, may offer to Join
the United States in an inflation and price-raising program in return for a
war debts concession were without any official backing whatever.
Great Britain already has embarked on a moderate price-raising and inflationary policy, as made clear by the rising index of commodity prices
since the first of the year. Officials in closest touch with Downing Street
have expressed the opinion there is not much essential difference between
the British and the American price-raising programs except the methods
and the degree to which each policy needs to be carried to meet the situation in the respective countries.
Sept. 2 1933
,...4
g
43
MONEY HELD IN THE TREASURY.
1668
the pound, which was stable in terms of gold for a time as the dollar fell,
has dropped to within a narrow margin of its record low price measured
in French francs. With the period of seasonal pressure on the British
exchange at hand, a further depreciation of the pound is expected.
Mr. Norman is believed to feel that stabilization of the dollar and the
Pound sterling Is essential to world recovery, but President Roosevelt
has refused to consider stabilization of the dollar in foreign exchange until
the prices of commodities here have been restored to the approximate
level of 1926.
Apart for the question of stabilization, the most important subject
likely to be discussed by Mr. Norman and Federal Reserve officials here,
it is believed, is central bank operations to expand credit. The Federal
Reserve has in progress an open-market campaign to expand credit. The
Bank of England, although it has maintained an easy-money policy, has
not yet attempted measures as aggressive as those employed by the Reserve banks.
'8 e 11 c '4
a
a
..,.....
...,...
tV. C. 0 1 03
.
3
A0A000
0..11c0A0
4
. $
, 14F6 ,,,,,iig 2:: .O1•.4:0;
k•0,.
fz)
41
't Q'
0
1
A : : 2' 2 .., 7,
g m i, 8 .
- 1
t28 AE2
Pal
f,
c
,
,,.. 2,444
MMN..A
000004
kM0...0.
p :§CIMMMM
,
i eD •
g.O•
'CI'll" - 4°4.
W2.
01
;
W..
7
,4 75
ct6P...X
0
Ot'OMg
1.4g41
go
•Revised figures.
a Does notinclude gold bullion or foreign coin other than that held by the Treasury,
Federal Reserve banks, and Federal Reserve agents. Gold held by Federal Reserve
banks under earmark for foreign account Is excluded, and gold held abroad for
Federal Reserve banks Is included.
b These amounts are not Included In the total since the money held in trust against
gold and silver certificates and Treasury notes 01 1890 Is Included under gold coin
and bullion and standard silver dollars, respectively.
C The amount of money held In trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money In the United
States.
d This total includes $38,644,237 gold deposited for the redemption of Federal
Reserve notes ($1,175,575 in process of redemption). $38,105,783 lawful money deposited for the redemption of National bank notes ($21,567,959, in process of reStock of Money in the Country.
demption, including notes chargeable to the retirement fund), $7,992,350 lawful
The Treasury Department at Washington has issued the
money deposited for the redemption of Federal Reserve bank notes ($522,737 in
process of redemption, including note chargeable to the retirement fund), $1,350
customary monthly statement showing the stock of money
lawful money deposited for the retirement of additional circulation (Act of May 30
in the country and the amount in circulation after deducting
1908), and $59,276,273 lawful money deposited as a reserve for postal savings
deposits.
the moneys held in the United States Treasury and by Fedc.
a udes money held by the Cuban agency of the Federal Reserve Bank of
l
eral Reserve banks and agents. It is important to note
Atla n
e It
that, beginning with the statement of Dec. 31 1927, several
f The money In circulation includes any paper currency held outside the convery important changes have been made. They are as foltinental limits of the United States.
Note.—Gold certificates are secured dollar for dollar by gold held In the Treasury
lows: (1) The statement is dated for the end of the month
or their redemption; silver certificates are secured dollar for dollar by standard
instead of for the first of the month;(2) gold held by Federal
silver dollars held In the Treasury for their redemption; United States notes are
Reserve banks under earmark for foreign account is now exsecured by a gold reserve of $156,039,088 held in the Treasury. This reserve fund
may also be used for the redemption of Treasury notes of 1890, which are also secured
cluded, and gold held abroad for Federal Reserve banks is
dollar for dollar by standard silver dollars held in the Treasury; these notes are being
now included, and (3) minor coin (nickels and cents) has been
canceled and retired on receipt. Federal Reserve notes are obligations of the United
States and a first lien on all the assets of the Issuing Federal Reserve Bank. Federal
added. On this basis the figures this time, which are for
Reserve notes are secured by the deposit with Federal Reserve agents of a like
July 30 1931, show that the money in circulation at that
amount of gold or of gold and such discounted or purchased paper as is eligible under
the terms of the Federal Reserve Act, or, until March 3 1934, of direct obligations
date (including, of course, what is held in bank vaults of
of the United States if so authorized bye majority vote of the Federal Reserve Board.
Federal Reserve banks must maintain a gold reserve of at least 40%, including the
member banks of the Federal Reserve System) was $5,629,gold redemption fund which must be deposited with the United States Treasurer,
852,526, as against $5,720,764,384 on June 30 1933, and
against Federal Reserve notes in actual circulation. Federal Reserve bank notes
are secured by direct obligations of the United States or commercial paper, except
$5,726,262,264 on July 31 1932, and comparing with
where lawful money has been deposited with the Treasurer of the United States
for their retirement. National bank notes are secured by United States bonds except
$5,698,214,612 on Oct. 31 1920. Just before the outbreak
where lawful money haa been deposited with the Treasurer of the United States
for
of the World War, that is on June 30 1914, the total was : their retirement. A 5% fund is also maintained In lawful money with the
Treasurer of the United States for the redemption of national bank notes secured
only $3,459,434,174. The following is the full statement:
by Government bonds.
Financial Chronicle
Volume 137
Canada Not to Follow NRA Policies—Premier R. B.
Bennett Tells Montreal Board of Trade His
Administration Will Fight Any Effort Tending
to Raise Production Costs.
Premier R. B. Bennett of Canada, in a recent address to
a group of Montreal business men,indicated that the present
Canadian administration is opposed to any suggestion that
the Dominion emulate the NRA policy and said that such a
policy would not be followed by his government. Mr.
Bennett spoke at a reception given him by the Montreal
Board of Trade after his return from London. He declared
that Canada, as a country dependent on its foreign trade,
cannot afford to undertake an experiment which would raise
domestic production costs and encourage foreign tariff
barriers against its goods. He was quoted as follows in a
Montreal dispatch to the "Wall Street Journal" yesterday
(Sept. 1):
"This country," Mr. Bennett said, "Is the fifth exporting country in
the world. We must maintain our position as an exporting country. We
are competing with every country in the world. To continue to do that
must of necessity indicate on our part no experiments in the cutting down
of hours of labor and in the raising of rates of pay. I say that because we
must maintain our position."
The wave of propaganda and sweep of enthusiasm that have accompanied
the Roosevelt economic program in the United States have penetrated
throughout this country. The Canadian Chamber of Commerce and the
Canadian Manufacturers' Association, as well as a number of municipal
boards of trade, have started detailed studies of NRA. Thousands of
letters have poured into Ottawa demanding that "the government do something." In the light of this growing tide of popular opinion, even the conservative party newspapers and business supporters of the present Ottawa
administration are urging that the government formulate some sort of
definite policy, undertake some definite program, which will indicate to the
Canadian people that the Canadian government SS not behind in steps to
combat hard times.
Hearings in Canada by Royal Commission on Banking
and Currency Under Chairmanship of Lord
Macmillan—Proposal for Central Bank.
The Bank of Montreal, in its "Monthly Letter," dated
Aug. 23, points out that an event of the month has been the
opening of public hearings by the Royal Commission on Banking and Currency. We quote therefrom the following:
Lord Macmillan, the Chairman, in his opening address said the Commission
would take into consideration larger issues of policy as affecting Canadian
banking and currency generally and offer any suggestions which the evidence
may justify to meet the pressing difficulties of the day. He remarked that a
tribute which the banks of Canada well deserved to have paid to them was
"that the Canadian banking system has been recognized, even by those most
disposed to be critical, to have come through this most trying period so far
with admirable fortitude. It has stood up well to the demands which the
world crisis has made upon its resources and has retained the general confidence of the community which it serves." He added that "while a sound
banking system is one of the most valuable of national assets, and an immense
aid to trade and commerce, it is not itself productive. It is merely the
subject of production and distribution, and unless a country is running itself
on sound business lines, the most perfect banking system in the world cannot
save it from the inevitable consequences of its breaches of economic laws."
In the "Financial Post" (Toronto) of Aug. 19 it was stated
that the first proposal of a Central Bank for Canada to be
made before the Commission was raised by Professor W. A.
Carrothers, of the Economics Department of the University
of British Columbia,at the first hearing held in Vancouver on
Aug. 15. Other evidence, it is stated, was given before the
Commission by J. D. McCormick,President of the British Columbia Lumber Manufacturers' Association; Alex. Mercer,
Vice-President of the Fraser Valley Milk Producers' Association, and A. L. Hager, of the canned salmon section of the
Canadian Manufacturers' Association. Through its counsel,
G. E. McCrossan, the City of Vancouver also presented a resolution. The paper quoted went on to say:
Supporta &lard Rank.
Professor Carrothers favored a central organization that would have sole
control of currency issue, rediscounting of bills, Dominion and foreign; legal
reserves, carrying of public accounts, carrying of balances abroad and which
would be the sole medium for export and import of capital. He had no criticism of the commercial aspects of the present banking system which would
be carried on unchanged under the central bank. The central organization,
however, would make loans to the Dominion, provinces and municipalities,
including such bodies as school boards, without regard to profit and solely
from the standpoint of public welfare.
Members of the Commission asked numerous questions regarding Professor
Carrothers's proposals. Ile agreed with Lord Macmillan, Chairman of the
Commission, that Canada should have a united financial policy. He felt that
the system of provinces had a merit from the political point of view that it
lacked from the economic viewpoint. He believed that the central bank
should be free from both political and private banking control, but in the
last analysis it must be amendable to the elected representatives of the people.
It could be controlled, he suggested, by representatives of the main economic
groups, together with experts on banking, Government finance and trade.
Appointments would be made by the Government. Canada could supply men
who could ultimately give prestige to the organization.
Alex. Mercer, Vice-President of the Fraser Valley Milk Producers' Association, believed that the co-operative might be suffering from a high cost of
banking accommodation in comparison with competitors In foreign markets.
The co-operative paid an interest rate of 6% while individual producers paid
about 8%.
1669
Asks Lower Interest Rates.
The City of Vancouver presented a resolution to the Commission which
recommended that:
"Application be made to the Dominion Government for legislation to provide
municipalities shall have similar facilities for advances on municipal securities from
the Dominion Government for temporary financing as are now given to banks under
the Finance Act."
The preamble of the resolution stated:
"The Dominion Government under Section 5 of the Finance Act Is making advances of funds to Canadian chartered banks against municipal securities at an
Interest rate of 3%, and a portion of these funds are in turn borrowed from the
chartered banks by cities and municipalities at interest rates of from 554 to 7%.
Further, the chartered banks are making a profit of from 2 to 4% on approved provincial and municipal securities."
Mr. McCrossan stated the suggestion put forward by Vancouver, which also
represented the opinion of other communities, might appear somewhat radical
in the light of past practice, but he felt it was a matter the Commission
should consider. The privilege suggested would be limited, of course, to
municipalities in sound condition.
Mr. McCrossan thought the suggestion made by Professor W. A. Carrothers
earlier in the day concerning establishment of a central banking organization
would, in large measure, cover the Vancouver request.
First of the hearings of the Royal Commission on Banking and Currency to
bring out sectional views was held in Victoria, B. C., on Aug. 14. Meeting
in the capital of Canada's most Western province, the Commission heard
the brief of the provincial government at a morning session, while the remarks
of individuals were made at a session held in the afternoon.
The British Columbia Government put forward the belief that the banks
should provide more credit for Western enterprises. It was claimed that not
sufficient credit was provided for the development of British Columbia industry in relation to deposits made within the province.
Want Lower Interest Rates.
The Government's brief stated, in connection with interest rates, "there
Is a feeling the financial interests which have undoubtedly acquired much
wealth from British Columbia have taken undue advantage of the province's
need for money during the present time of stress," and further asked, "Could
a method be devised whereby the provinces generally could obtain money for
certain essential purposes directly from the Federal Government, more advantageously than at present?"
Mayne D. Hamilton, of Vancouver, Superintendent of Pacific Coast branches
for the Canadian Bank of Commerce, presented the views of the Pacific Coast
subsection of the Canadian Bankers' Association. He declared that there
was only a small percentage of loans that were referred back to the head
offices of the banks, and that there was small delay in deciding on small
loans. In reply to the British Columbia Govermnent's view that the banks
and financial institutions were the logical source from which capital could be
obtained for the expansion of industry in the province, Mr. Hamilton stated
that it is only possible for the banks to provide a portion of the working
capital needed for such expansion and that fixed capital must come from
other sources than the banks. Banking services, however, were usually made
ready for large enterprises wherever they locate.
Banks Do Not Create Wealth,
Lord Macmillan, Chairman of the Commission, reiterated his views, expressed at the opening session insOttawa, that a sound banking system, while
of immense value to trade and commerce, is not itself productive. That while
the banks could not create wealth they could aid industry to do so.
Reeve William Crouch, of Saanich, President of the British Columbia Union
of Municipalities, asked why the banks would not advance money to municipalities for unemployment purposes pending payments due by the Dominion
and provincial governments. He complained that while everything else had
gone down in cost, bank rates had risen. Mr. Hamilton stated that the
banks had made advances except where some local condition made such action
inadvisable.
The establishment of the Royal Commission to inquire into
the operations of the Bank Act in Canada was completed by
Cabinet Council at Ottawa on July 31, with Lord Macmillan,
noted British jurist, as Chairman. Canadian Press advices
from Ottawa, July 31, to the Montreal "Gazette" further said,
In part:
The other members will be Sir Charles Addis, English banker and economist; Sir Thomas White, war-time Minister of Finance; Hon. J. E. Brownlee,
Premier of Alberta, and Beaudry Leman, General Manager and Director of
the Banque Canadienne Nationale, Montreal.
A sixth member of the Commission may be appointed at a later date, but
the appointee has not yet been decided upon, Rt. Hon. Sir George Perley,
Acting Prime Minister, made the announcement late to-day at the conclusion
of Cabinet Council. It is understood that Lord Macmillan and Sir Charles
Addis will arrive in Ottawa next week at the latest, and that the Canadian
members will at once join them here for organization.
The entire Canadian banking, currency and credit system will come under
review, and it is anticipated that the inquiries will be conducted in many
cities throughout Canada, giving the widest possible latitude to the investigation.
On the report of this Commission the Parliamentary Committee will base
its deliberations at the next session, when the delayed revision of the Canadian Bank Act will be carried out. The regular decennial revision of the
Bank Act, coupled with renewal of bank charters, was due this year. In
view of the economic and currency situation the Government decided to set
up this Commission and Parliament thereupon passed an Act extending existing bank charters one year.
To Study Central Bank.
One question to be given special consideration by the Commission is the
advisability of setting up a central bank in Canada. The Commission will
make recommendations for revising or supplementing Dominion legislation
relating to banking and currency, and the adoption of such measures as
might seem desirable to promote the revival of trade; to facilitate interImperial and international co-operation for the purpose of raising commodity
prices, increasing employment, and to stabilize industry and finance.
The terms of reference are as follows:
That it is desirable that the approaching periodic revision of the Bank Act,
which will precede the enactment of a measure to continue the charters of the
existing banks—to which said Act applies—and which expire on July 1 1934,
shall be based on a complete and detailed examination of the provisions of
said Act and of the functions and operations thereunder of the banking system
thereby established.
That it is also desirable that such examination should include a study of
the facilities now afforded by the Finance Act and a careful consideration of
1670
Financial Chronicle
the advisability of establishing in Canada a central banking institution, and,
If so established, of the relation of such central banking institution to existing banks and its proper authority and function in the operation of the banking system of Canada.
That such examination should also include a study of the entire monetary
system of Canada, including credit, currency and coinage, particularly in their
relation to commodity price movements and fluctuations in international
exchange.
That it is also advisable to consider whether and in what respects the banking institutions and the monetary system of Canada may be modified, extended or developed for the purpose of facilitating inter-Imperial and international co-operation in public policies designed to promote the revival of
domestic and foreign trade and enterprise, and the general increase of employment and to ensure a greater measure of stability in respect thereto.
It is provided, first, that the Commission shall examine, consider and
report upon all the matters hereinbefore recited; second, that, without limiting the general scope of their inquiry into the operation of the banking and
monetary systems of Canada, the said Commissioners shall, in particular,
examine the provisions and working of the Bank Act, the Dominion Notes
Act, the Finance Act and the Currency Act, and the advisability of establishing a central banking institution; and, third, that said Commissioners shall
report their recommendations for revising or supplementing the above.
mentioned Acts and for the adoption of such other measures as they may
deem desirable to promote the revival of trade and enterprise, and to facilitate
Inter-Imperial and international co-operation for the purpose of raising the
level of commodity prices and for the purpose of ensuring increased domestic
employment and the stability of the economiC, financial and social institutions
of this country.
Bondholders of Paris-Orleans Railroad :Get Option
on Currency.
A.Iselin & Co.,fiscal agents for the Paris-Orleans Railroad
Co., announced Aug. 25 that the coupons payable on Sept. 1
on the road's 53'% bonds due in 1968 would be paid either
in United States currency or in United States currency at the
dollar equivalent of French francs (25.52 to the dollar of
face value of coupon), at the rate of exchange computed on
the basis of the average buying rate in New York for exchange on Paris on the date of presentation.
The provisions of the latter mode of payment give the
American holders of the bonds the benefit of payment on the
gold dollar basis, taking into account that the dollar is worth
less than 19 francs at the current rate of exchange. Such an
option was previously extended to holders of French Government and municipal dollar bonds.
French Demand Economy—Sweeping Cuts in
Government Costs Asked by Press.
A wireless message from Paris Aug. 28 is taken as follows
from the New York "Times":
Budget Minister Lamoureux's admission yesterday that the French
budget would show a 6,000,000,000 franc deficit next year despite all that
had been done to economize has given rise to a demand for sweeping reductions in expenditures.
Newspapers like "Le Matin," which during the past months have been
conducting daily campaigns In favor of sound finance, declare roundly
that there must be no new or increased taxation. French taxpayers,
"Le Matin" says, have already reached the limit and the only way out
for the Government and Parliament is by reduction of expenditures.
These campaigns have had a marked effect throughout the country
and seem likely to have great political consequences.
Devaluation Seen in French Deficit—Paris Uneasy as
Budget Head Says 1934 Expenses Will Top Income
by $340,950,000—Financiers Said to Predict Privately that Country Will Soon Be Forced to
Devalorize.
Uneasiness over the possibility of devaluation of the
franc was expressed at Paris on Aug.27 after Budget Minister
Lucien Lamoureux had announced in a speech at Boussac
that afternoon that preliminary studies showed the 1934
budget would have a deficit of 6,000,000,000 francs (currently about $340,950,000). A wireless message from
Paris to the New York "Times" Aug. 27 went on to say:
It is freely admitted that prevention of devalorization of the franc
and the fate of the Daladier Government hinge on its ability to balance
the budget.
The figure announced by M. Lamoureux is the first official estimate
of what Parliament is going to face when It meets in October. While
2.400,000.000 francs greater than the 1933 deficit, it is less than the estimates made by various politicians and newspapers.
Both M. Lamoureux and Premier Deladier to-day stressed the absolute
necessity of balancing the 1934 budget, but neither ventured to predict
how it was going to be done.
"If the budget is not balanced," said the Minister of the Budget, "the
confidence of the country, which is already timid, will evaporate, and the
State will find it impossible to place the loans that it is going to have to
Issue to meet the needs of the Treasury."
M. Lamoureux explained that he had succeeded after weeks of work
In bringing down estimated expenditures of 2,600,000,000 francs to a
point slightly below the 1933 figure. This was done despite the fact that
expenses have been swelled by an increase of more than 1.000.000,000
francs In the service charge on the public debt because of increased borrowing.
"Le Temps", in discussing the matter to-night. says:
The Government has a diMcult task to fulfill. To reduce to zero the
difference of 6,000,000,000 francs between the receipts and the expenses
of a country already overburdened and whose economy is suffering is
assuredly not a small affair. It will need great sacrifices on the part
of the citizens and great determination_on_the part of the Government.
rFrom- Associated Press accounts from Paris Aug. 27 we
quote:
Sept. 2 1933 .
In
Grave fear of a new devalorization of the franc has been revivedfinancial circles here by the downward slide of the dollar and the pound
and concern over possible monetary developments in the Untied States.
The Treasury and the Bank of France still vigorously proclaim that
France is firmly on gold, but privately many financiers predict the day
is approaching when the country will be forced to devalorize to revive
crippled business and vanishing foreign trade.
Budget Minister Lucien Lamoureux, in a speech at Boussac to-day,
warned the nation that not only the present Cabinet but even the French
form of government would be in danger unless France succeeded in the
tremendous task of balancing the 1933 and 1934 budgets.
The Budget Minister announced the country would be asked to make
"new efforts" which he hoped it would accept "with courage." The
1933 deficit alone, he pointed out, is 3,600,000,000 francs.
French Debt Rise—Budget Expert Reveals One-fourth
of National Spending Is on Service.
Prom the New York "Times" we take the following from
Paris Aug. 29:
A steady increase in France's floating debt and its consequent increased
service charges will be pointed out by Marcel Regnier, budgetary reporter
of the Senate, in the Agence Econonalque to-morrow.
M. Regnier shows that whereas service on the floating debt in 1914
was only 340,000,000 francs, by 1925 it was 3,800,000 francs; by 1930.
10,800,000,000, and by 1933. 11,685.000,000. (The franc is currently
quoted at about 535 cents.)
,
One of the chief items of this debt consists of payments to World War
veterans for pensions, sick care, &c., amounting to nearly 4,000,000,000
francs a year. M. Regnier demonstrates how this can be reduced by
about 500,000,000 francs by 1945 if Parliament's recent law is faithfully
carried out. But that will not help much in balancing the 1934 budget,
which, according to Budget Minister Lamoureux, will have a 6,000,000,000
franc deficit.
M. Regnier's figures give a good idea of why reduction of deficits is
so difficult, since the service on the floating debt alone accounts for nearly
a quarter of all expenditures.
Premier Daladier of France Pledges Independence of
Austria—Preparing to Visit French Fortifications
on German Frontier, He Asserts That the "Shield
Is In Place."
A pledge promising "the politieal and economic independence of Austria" was made on Aug. 27 by Premier
Edouard Daladier of France in a statement given to the
press as he was preparing to leave Paris to France's new
powerful fortifications on the German frontier. The Premier
declared that France wishes only peace and intends to
follow a policy of intelligent co-operation, but added that
it is a duty "to assure our own liberty, which will be better
respected when it is known we are capable of guaranteeing
it." His statement was given as follows in a wireless
message from Paris to the New York "Times" on Aug. 27:
We only want peace and order. No victorious nation after such a long,
cruel war ever made as many sacrifices as we made to the policy of European
conciliation. And whatever the present difficulties may be, we are determined loyally to use methods of international collaboration. However,
we have also the right to make sure of our own liberty, which is all the
more respected when it is known we are capable of guaranteeing it.
"We must also see that decisions by the regular organs of European life.
the League of Nations and the Hague Court, are observed and upheld.
Those organs have notably proclaimed and defined the political and economic
independence of Austria.
"We are resolved to guarantee that independence. The smaller, less
Populated and weaker States of Europe have the same right to a free life
as those which surpass them in population or territory."
In discussing France's fortifications, which have taken five years to
build and cost more than $100,000,000. M. Daladier said:
"The shield is in place. It is of good metal. The country has reason
to be calm and resolute."
Describing the new French fortifications, an Associated
Press dispatch from Paris on Aug. 27 said:
The trench-and-casemate system, which Premier Daladier will inspect
-mile front between the Rhine and Luxemto-morrow, extends along a 125
burg. It is so constructed that troops would be hidden from enemy view
fortifications against bombardment.
and well protected by the
Trenches link a series of casemates—shell-proof vaults with embrasures
through which artillery and machine guns may be fired—from one to
16 miles apart. From this chain, which includes an elaborate system of
subterranean barracks connected by tunnels, army officers believe a continuous barrage could be laid down along the frontier.
The new fortifications have been designed to offset the shorter period
of army service. and Premier Daladier, who is also Minister of War, has
assured the nation that there will be a budgetary saving In the cost of
materials and increasing efficiency through reorganization without sacrificing manpower.
Great Britain, France and Italy Reported as United
in Determination to Aid Present Austrian Government in Fight Against Nazi Propaganda— Chancellor Dolfuss and Premier Mussolini Announce
Understanding Between Two Nations.
Great Britain, France and Italy have taken joint action
in an endeavor to maintain the present Government in
Austria and to prevent the spread of Nazi propaganda in
that country which might eventually result in an alliance
with Germany, according to cables to American newspapers
from London and Paris. A copyrighted United Press dispatch of Aug. 21 from London stated that France, Italy
and Great Britain have determined to pursue the following
program: First, to guide the regime of Chancellor Ergelbert
Dolfuss of Austria along the road of economic recovery, and
second, to impede the flow across the Austto-German border
Financial Chronicle
Volume 137
of the Nazi movement. A Paris dispatch of Aug. 17 to the
New Yotk "Times" said that a definite plan for co-ordinated
economic retaliation against Germany because of radio
attacks on the Austrian Government had been formulated
by France, Great Britain and Italy, and that reciprocal
trade parts might be used to apply pressure to gain the
desired result.
Meanwhile, on Aug. 20, Chaneellor DoHuss and Premier
Mussolini held a conference at Riccione, Italy, and a subsequent communique said that the two statemen had found
a "common identity of ideas regal ding the problems examined." The communique, according to Associated Press
advices from Riccione, read as follows:
In another colloquy to-day at the Grand Hotel in Riccione, the Austrian
Chancellor DoiIfuss and the head of the Government attentively examined
the political situation in its general aspects and especially the conditions of
Austria.
The head of the Government reaffirmed the viewpoint of the Italian
policy concerning the future and life of Austria and the sum total of the
Danubian problem and the more vast problems whose solution is connected
with the functioning of the Four-Power Pact. Chancellor Dollfuss outlined
the Austrian situation as much from an internal as from an international
viewpoint.
Starting from the basic principle of Austrian independence, he expressed
the purpose to follow a policy of peace and collaboration with all neighbors,
In a particular manner with Italy and Hungary. and also Germany as soon
as possible.
The two statesmen, at the end of their conversations, perceived there
exists between them a common identity of ideas regarding the problems
examined.
Nazis Disdain Foreign Loans, Dr. Schacht Holds Head
of German Reichsbank .Asserts Reich Will Not
Repeat Mistake of Superfluous Borrowing—Averse
to United States Policies.
From the New York "Herald Tribune" we quote the
following (copyright) from Berlin Aug. 29:
The aid of international finance will not be sought by Nazi Germany,
Dr. Hja'mar Schacht. President of the Reichsbank, has declared, according
to an article in the Amsterdam newspaper "Algemeen Handelsblad." which
was reproduced widely to-day here. Dr. Schacht. it is set forth, made the
statement in reply to a question whether he considered the anti-Semitism
campaign likely to cause financial difficulties for the Reich by severing its
ties with foreign capital.
"International obligations will not be sought by us for the present,"
Dr. Schacht said. "In past years we have attempted too much in this
field. Germany is in no way counting upon international financial aid of
the former kind."
The solution of Germany's foreign debt problem is a matter for Germany's creditors abroad, Dr. Schacht said further.
"When." he declared. "voices are heard in foreign countries saying that
the payments on our foreign debt which we cannot at present transfer,
should be applied in new investments in the Reich, we reply emphatically
that there can be no question of such a proceeding. The mistakes Germany
made in the years from 1924 to 1930 in accepting superfluous foreign capital
will certainly not be repeated."
Criticizes United States Policies.
Dr. Schacht expressed severe criticism of the currency policies of the
United States and Great Britain.
"It is known generally," he said, "that I am an advocate of the gold
standard. Germany does not need to abandon the gold standard, and.
besides, a measure of the kind is undesirable for considerations of domestic
policies.
"The 'exchange dumping' policy of the British and the Americans, into
which the Scandinavians and Japanese also have been drawn, does indeed
bring about a momentary increase in exports, but it cannot prevent a
tightening, sooner or later, of wages and prices.
"We have not the slightest doubt that the countries so dumping, especially Great Britain and America, are bound to see the temporary economic
advantages offset later by wage conflicts. We, on the contrary, are not
seeking to terminate by artificial 'exchange dumping' the economic stagnation in which the world today finds itself, but we are staking everything
on being able to overcome the crisis by means of economies and simplification of the standard of living."
Has Confidence in Adolf Hitler.
Dr. Schacht expressed confidence in the ultimate success of Chancellor
Adolf Hitler's program for creating work.
"Among wide circles of the German people," he said, "faith In an Improvement in the economic future is already firmly rooted.
"The large funds being raised for patriotic labor purposes, the fact that
the landed gentry have voluntarily placed some of their land at the state's
disposal for settlement, and above all the new point of view among responsible economic leaders, are symptomatic of the spirit of the German economy
—the spirit of National Socialism, which is that the common good comes
before private gain."
Germans Reported Alarmed by Drop in Stocks—Persistent Weakness Contracts with Daily Official
Reports of Business Improvement—Foreign Boycott
and the Nazi Burdens on Industry Held as Reasons
for Bringing Level Below Dec. 31 Figure.
The following Berlin advices Aug. 25 are from the New
York "Times":
The persistent weakness that has characterized the German stock exchanges for months and that is in glaring contrast with the daily official
announcements that business is improving and unemployment decreasing,
Is beginning to alarm German financial circles To-day's Bourse continued
the downward trend, the losses ranging beyond 4%.
Following a spectacular rise in the spring, the stock markets reversed
their course In May and although a spectacular collapse has been avoided
the losses have been both general and continuous until to-day the average
stock level, excepting a few specialties, is below that of Dec.31 last year.
.Thus virtually all the gains of the Hitler boom have been wiped out.
1671
Causes of the Decline.
Many causes are adduced for the persistent drop, but the following
are supposed to be the principal ones:
First, the unfavorable condition of German foreign trade because of
depreciated currencies, high tariffs, import quotas, and last but not least
the anti-German boycott existing in many countries in retaliation for the
anti-Jewish campaign.
Second, the growing burden on business and industry caused by the
Nazi's economic program generally and their labor creation program
particularly, since these entail many additional although supposedly
voluntary levies.
Third, the continued sales by emigres, both Jews and alleged Marxists,
who have been forced to leave the country or contemplate leaving.
These factors were counteracted at first by a rush of holders of blocked
mark accounts to buy German securities in order to have a return on their
money. These purchases ceased some time ago, however, and many
foreigners are now selling out.
The steady decline in the markets has been discouraging the stockholding public, which is trying to get rid of its commitments. This in
turn has weakened many accounts, with the result that forced sales threaten
further price reductions.
Quotations Show Trend.
A few quotations illustrate the downward trend. Between May 3
and to-day Deutsche Erdoel dropped from 124 to 93, I. G. Farben from
143 to 126, Salzdetfurth Potash from 212 to 158. Schubert & Selzer from
195 to 162 and Siemens & Halske from 171 to 149.
Misgivings over the drop in stocks exist in German banking and financial
circles as well. As a result the big banks and strong private concerns intervened just before the Bourse closed to-day and succeeded in halting the
downward trend for the day, but they were unable to produce any extensive recovery.
Bonds followed stocks with losses up to 11, %.
6
Germany Confiscates Shipment in Transit—Papers on
Way from France to Denmark Reported Seized.
A London "Times" dispatch from Berlin Aug. 26 was
published as follows in the New York "Times":
The police chief of Aachen, main clearing center for mail or goods passing
through German transit between France and Scandinavia. announces
that consignments from the central committee of the European AntiFascist Association, which has an office in Paris, were regularly stopped
and examined at Aachen.
One such consignment, addressed to a Communist center in Copenhagen, he announced, was confiscated Wednesday, and the content., said
to be Communist literature, were replaced by Nazi material. Tbe police
chief said the recipients in Copenhagen will be surprised when they find,
instead of the anticipated literature about Germany, Nationalist Socialist
newspapers describing conditions in Germany as they really are.
On Aug. 17 the German Minister of Posts wrote to the London "Times"
that letters and packages from one foreign country to another, forwarded
through Germany, would under no circumstances be opened. The statement of the Aachen police chiefshows that, despite the Minister's statement,
packages passing through German transit undergo political censorship.
Scrip Plan Opposed by German Editor—Herr Landsburg
Favors Short-term Bonds in Lieu of 50% Interest
Payments.
Under the above head the New York "Times" published
the following from Berlin Aug. 26:
Financial Journals throw on Americans responsibility for delay in tbe
issue of conversion fund scrip in lieu of the untransferable 50% of bond
interest, Alfred Landsburg. editor of "Die Bank." finds the scrip Loliition
unsatisfactory. He says it is advisable for Cermany to issue instead
interest-bearing bonds with prior transfer rights, redeemable within two
or ti ree years. and the currency crisis probaiby will be overcome.
Such bonds would presumably suffer far less in depreciation than the
proposed non-interest-bearing scrip, the depreciation of which Dr. Schaelst
estimates at 50%.
Agitation by certain German bond debtor corporations for a reduction
of the nominal interest rates is deprecated by the banks, which admit that
scrip depreciation will in effect reduce interest on all bonds by 25%.
Tbe ouclook for continued interest payment is good. Since the end of
June the Reich shank's total reserves increased from 274,000.000 to 361.000.060 marks and gold reserves from 189.000,000 to 287.000.000. Further
conversion of exchange into gold is expected in the coming weeks.
Dr.Schacht of German Reichsbank Declines to Register
Under Federal Securities Act—Reichsmark Certificate Representing Payment on Debt—Reichsbank
to Ship Scrip and Put Responsibility for Disposal
Up to Fiscal Agents.
Ralph T.Crane, Acting Chairman of the group of American
houses of issue of German bonds, issued a statement on
Aug. 26 with reference to the attitude of the Reichsbank
toward the requirements for registration, under the Federal
Securities Act, of the scrip to be used as 50% payment of
interest due on German dollar bonds. In accordance with
the advise of their counsel, the American houses of issue
informed Dr. Schacht, President of the Reichsbank, that
the certificates would have to be registered under the Securities Act, and that such certificates "would be subject to
Federal original issue taxes." Mr. Crane states that Dr.
Schacht, however, declined to make application for such
registration and to adopt the alternative suggestions" and
that "the Reichsbank now takes the position that it proposes
to ship the certificates of indebtedness to the American
fiscal agents and allow the fiscal agents to make such disposal
thereof as they see fit."
Mr. Crane's statement follows:
In connection with the negotiations which have been on foot for some
time regarding the payment of interest on German dollar bonds, Dr Schacht
has advised representatives of American houses of issue that the Konversionskasse will not register under the Federal Securities Act of 1933 the
1672
Financial Chronicle
certificates of indebtedness representing the 50% of such interest proposed
to be paid in reicbsmarks. He has declined to accept other suggestions
which have been made to meet the difficulties of this situation.
As a result of the decree of the German Government dated June 9 1933,
the obligors of German external bonds (exclusive of the Dawes loan and the
Young loan bonds) were prohibited by law from transmitting to the fiscal
agents the funds necessary to pay the interest and sinking fund due on
such bonds as from July 1 1933. A conference was called in Berlin by the
President of the Reichsbank to discuss the situation thereby created, and
John Foster Dulles of Sullivan & Cromwell. attended the meeting for the
purpose of keeping Informed of developments,the various American houses
of issue in New York who had participated in the issue of German securities.
After extensive discussions, Dr. Schacht announced that the German
Government was prepared to transfer 50% of the interest due in foreign
currencies (in the United States in dollars) in the six-months' period beginning July 1 1933, and that the balance of such interest would be represented by reicbsmark instruments evidencing the deposit of reichsmarks
in the Konversionskasse. It was understood that steps would be taken
to establish a market for these instruments in such fashion that their holders
would receive about their market value in foreign currencies (in the United
States in dollars).
The American houses of issue proceeded to acquaint Dr. Schacht with
United States requirements in regard to the issue of such certificates of
indebtedness as he proposed to distribute to coupon holders. The various
fiscal agents had been advised by their counsel that the certificates of indebtedness would have to be registered under the Federal Securities Act
and that such certificates in the form proposed by the Reichsbank would
be subject to Federal original issue taAes. This opinion with respect to
the Securities Act was endorsed by representatives of the Federal Trade
Commission which advised informally that the certificates of indebtedness
that
constituted in its opinion new securities as defined by the Act and
a registration statement would have to be filed by the Konversionskasse.
numerous and
Such views were relayed to Dr. Schacht, together with
various suggestions to avoid the difficulties imposed by the procedure the
Reichsbank had decided upon. The matter was also taken up with the
Federal Trade Commission which indicated its willingness to co-operate
In connection with the registration of these certificates of indebtedness.
Dr. Schacht, however, declined to make application for such registration
and to adopt the alternative suggestions.
In its latest communication the Reichsbank now takes the position that
it proposes to ship the certificates of indebtedness to the American fiscal
agents and allow the fiscal agents to make such disposal thereof as they
see fit, although it has been clearly explained to the Reichsbank that the
laws of this country do not permit the fiscal agents to proceed in the only
manner stipulated by the Reichsbank.
A previous item in the matter appeared in our issue of
August 26, page 1496.
Executive Denies Part in German Export Pact
—Transfer ot Emigrants' Capital in German
Goods Assailed.
Zionist
The New York "Herald Tribune" of Aug. 27 published
the following from Prague, Czechoslovakia, Aug. 26, credited
to the Jewish Telegraphic Agency:
The Executive of the World Zionist Organization had nothing to do
with the negotiations which led to an agreement with the German Government for the export to Palestine, in the form of German goods, of 3,000,000
marks (currently $984,000) of capital of Jewish emigrants, Bert Locker,
of New York, member of the Executive,told the 18th World Zionist Congress
to-night.
Bert Locker's statement was in reply to a sharp demand by Meer Grossman. leader of the Democratic Revisionists, a faction of the extreme rightwing Zionists, for a report on the activities oft he Zionist Executive in connection with the agreement which he denounecd as meaning the breakdown
of the world-wide Jewish anti-Nazi boycott. Mr. Grossman, speaking in
general debate yesterday, had asked for a reply within 24 hours to permit
discussion of the agreement.
When the Congress resumed its sessions to-night after the Jewish Sabbath
holiday, Mr. Locker announced a special meeting of the Executive would
be held to-morrow to discuss the agreement.
The reply of the Executive will be made either from the Congress platform, he said, or the Executive would recommend appointment of a special
committee to make the reply.
Passage Money Ruling Modified by Germany—Protest
by Shipping Interests Brings Change in Order.
The Ministry of Economics on Aug. 16 slightly modified
a recent foreign currency order by allowing foreign shipping
companies to transfer full passage money to their home
offices when passengers Faye paid them in foreign currencies.
An Associated Press account from Berlin on that date to
the New York "Herald Tribune" added:
Under the original decree only 200 marks (currently $64) of such passage money was permitted to be transferred abroad.
all
The new ruling makes possible the transfer of an amount equal to
exfares collected hitherto. Measures are under consideration, it was
is complained, to "safeguard the interests of foreign shipping so far as
patible with the German currency position."
The same paper said:
protests with
American and British shipping interests lodged vigorous
there were
their respective governments over the German ship ruling and
United States and
veiled threats that unless the order was rescinded the
against German
British governments would be asked to take reprisals
shipping.
Lines, operate the only American
The United States and Baltimore Mall
would have
flag passenger ships from the United States to Germany and
been hard hit if the German ruling had not been modified.
Prussian Bonds Drawn for Redemption—Arrangements
for Payment.
Brown Brothers Harriman & Co., fiscal agents for the
Free State of Prussia, announced on Aug. 29 that $732,000
of the 6% sinking fund gold bonds, due Oct. 15 1952, have
been drawn for redemption through the sinking fund on
Oct. 15. The announcement of this also said;
Sept. 2 1933
Under the German Government decree of June 9, the Free State of
Prussia is prohibited from transmitting the funds necessary to pay the
interest and redemption price due on these bonds. It will, however,
deposit with the Conversion Bank for Foreign Debts the reichsmark equivalent of such interest and redemption price which, under the decree, discharges it from its obligations. The Reichsbank has indicated that permission will be given in due course to transmit in dollars 50% of the interest
due Oct. 15, and that the remaining 50% will be paid in the form of a
reichsmark instrument evidencing deposit in the Conversion Bank.
Funds for Payment of Coupons Maturing Sept. 1 1933
on Bonds of Saarbruecken Mortgage Bank (Germany) Received.
Ames, Emerich & Co. announce receipt of funds to pay
coupons maturing Sept. 1 1933 on the Saarbruecken Mortgage Bank 6% series A gold bonds.
Hungarian Bills Renewed.
From the "Wall Street Journal" of Aug. 28 we take the
following from London:
Negotiations have been completed for renewal for one year of E1,387,342
of Hungarian sterling bills issued in London, £196,631 issued in Amsterdam
and .C185.707 issued in Stockholm.
German Court Orders Trust to Use Marks—Steel
Corporation Endeavored to Service Bonds in Depreciated United States Dollars.
Copyright advices as follows from Berlin, Aug. 12, are
taken as follows from the New York "Herald Tribune":
In an action in the District Court of Dusseldorf bondholders of the
Reichsmark issue series B of the Vereinigte Stahlwerke, German steel
trust, obtained a decision ordering the corporation to pay capital and
interest at the full value of the reichsmark, in spite of the dollar clause,
defining the reichsmark as equal to 10-42 dollar.
In June the steel trust announced that it would apply the dollar clause
and pay coupons due July 1 in reichsmarks on the dollar basis, thus profit.
ing by the dollar's depression at the expense of the bondholders.
In announcing judgment the Court rejected the trust's argument that the
American law is applicable, applying it only to series A, floated in the
United States, and followed the interpretation of the German law that
declaration or intention cannot adhere to literal expression, but must indicate actual intention, and agreements must be interpreted in good faith.
The Court maintained that the relation of the reichsmark and the dollar
had the sole purpose ofcreating a loan guarded against currency devaluation,
since flotation in the German market of 1926 was not forgotten, and inflation would have been impossible without such security. It was customary
to introduce the American dollar—if not the gold equivalent—as a stable
standard, since dollar depreciation at the time was inconceivable.
Chancellor Hitler Declares the Saar Belongs to
Germany Forever—Speaking at Celebration Attended by 150,000, He Asserts Reich Will Never
Relinquish Region—At Celebration on East Prussian Battlefield on Same Day, Chancellor Asserts
Germany Had No Guilt in World War—President
von Hindenburg Pays Tribute to Ex-Kaiser.
Chancellor Adolf Hitler, in an address to 150,000 persons
meeting at the monument on the Niederwald Mountain above
Ruedesheim on the Rhine on Aug.27 declared that Germany
would never abandon the Saar Basin territory. The celebration at which Chancellor Hitler spoke and in which many
delegations from the Sant. participate I was held to exalt the
slogan "The Saar Is German Forever." and it was attended
by V ce-Chancellor Franz von Papen, Defense Minister
Werner von Blomberg, and many other officials. Earlier
on the same day, Chancellor Hitler had attended a meeting
in Tannenberg in East Prussia, held to honor President von
Hindenburg on the anniversary of Germany's greatest victory
in the World War. Chancellor Hitler's address in which he
discussed the retention of the Saar territory was reported as
follows by the Berlin correspondent of the New York
"Times":
"Beyond our borders the lie is spread that the German people are being
again
oppressed," he said. "I am ready at any time to appeal to the people
and then more than five-sixths will stand behind us."
Regarding the Saar, he declared:
"To the rights that we defend belongs the return of the Saar to the Reich.
We have declared a hundred times that we do not wish war with the rest
of the world, nor do we want to incorporate anything that is alien to us.
But if treaties are to be sacred then they shall be sacred not only for us but
for our opponents as well.
"We want to come to an understanding with France regarding everything, but never will Germany relinquish the Saar territory nor the Saar
territory Germany."
Would Sweep Out Fugitives.
Herr Simon, the Nazi leader for the district around Coblenz, challenged
France to organize as impressive a Saar demonstration at Toul or Verdun,
and then added:
"The safety valve of the plebescite Ito be held in 19351 should not be
kept closed too long or the nations may explode. Give the Saar freedom
for 24 hours and it will sweep out with an iron broom all fugitive November
criminals who still feel safe under the protection of the governing commission."
The celebration at Tannenberg, commemorating the victory that freed
Germany's eastern borders from the enemy and broke Russia's military
power, was held at the huge monument erected at the scene of the battle
pei The celebration at Tannenberg commemorated the victory
that repulsed the enemy from Germany's eastern borders,
and was held at a huge monument erected on the battlefield,
where President von Hindenburg had commanded the vie-
Volume 137
Financial Chronicle
torious armies. The dispatch to the "Times," already
quoted, contained the following description of this meeting:
The President received both a new title and a remarkable gift. The title,
bestowed upon him by Erich Koch, Governor of East Prussia, was "the
ancient of the Prussian forest." The gift was a deed of land that includes.
the "Prussian forest" and that increases his estate at Neudeck, previously
presented to him by a grateful nation, from 2,000 to 8,000 acres and frees
It from all State and national taxes so long as a male Hindenburg shall
remain in possession of it.
In his speech Chancellor Hitler stressed that Germany was free of any
blame for the World War and then summarized its meaning, as he saw it,
In the following words:
"No matter how the heroic struggle had to end for Germany, the great
war will forever transmit to the German people a proud feeling that they
bore unforegettable sacrifices for the freedom and existence of the fatherland.
"History will skew understanding of the fact that after the loss of a war
that it had never wished a people was unworthily oppressed and shamefully
maltreated merely for the reason that it did not surrender its freedom
without a struggle but rather attempted to defend its existence and independence under unprecendented sacrifices and untold suffering."
In expressing his thanks for the gift President von Hindenburg recalled
first of all his dead comrades who fell on the spot and then remembered
"In veneration, loyalty and gratitude my Kaiser, King and master, whose
trust and command once called me to this place." He concluded with a
plea for unity and loyalty to the fatherland.
Deutsche Bank (Germany) Stamped American Participation Certificates Dealt in "Flat" on New York
Stock Exchange.
Ashbel Green, Secretary of the New York Stock Exchange,
issued the following announcement on Aug. 31:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Aug. 31 1933.
Notice having been received that the interest due Sept. 1 1933 on
Deutsche Bank stamped American participation certificates representing
a participation in 5
-year 0% notes, due Sept. 1 1932, (extended to Sept.
1 1935), will not be paid on said date:
The Committee on Securities rules that beginning Friday Sept. 1 1933
and until further notice the said certificates shall be dealt in "flat" and to
be a delivery must carry the Sept. 1 1933 and subsequent coupons.
ASHBEL GREEN. Secretary.
Rulings on Bonds of State Mortgage Bank of Jugoslavia
by New York Stock Exchange.
The following announcement was issued by the New York
Stock Exchange on Aug. 25 through its Secretary, Ashbel
Green:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Aug. 25 1933.
Referring to arrangements made to pay on and after July 20 1933 the
six coupons maturing from Oct. 1 1932 to April 1 1935, both Inclusive,
pertaining to state Mortgage Bank of Jugoslavia secured 7% sinking fund
gold bonds, due 1957, either (1) in dinars at the rate of 56.78 dinars for
each dollar on coupons which have heretofore matured or (2) in United
States dollars in New York to the extent of 10% of the face amount of
the October 1932 to April 1935 coupons, the balance in 5% funding bonds;
The Committee on Securities rules that beginning with transactions made
Monday Aug. 28 1933 the said bonds may be traded in as follows:
(a) "with Oct. 1 1932 and subsequent coupons attached."
(b) "with all unmatured coupons attached (i.e., all matured coupons
detached),"
(c) "with Oct. 1 1935 and subsequent coupons attached";
That bids and offers shall be considered as being for bonds "with
Oct. 1
1932 and subsequent coupons attached" unless otherwise specified at the
time of transaction; also
That transactions in the bonds shall be "flat."
ASHBEL GREEN, Secretary.
William E. Dodd Presents Credentials as United States
Ambassador to Germany—New Envoy and President
von Hindenberg Both Stress Need for International
Co-operation.
William E. Dodd, United States Ambassador to Germany,
presented his credentials to President Paul von Hindenberg
on Aug. 30. In their formal addresses both Mr. Dodd
and the President stressed the economic and social difficulties under which all Nations are struggling and the
necessity for mutual co-operation and assistance. These
speeches were reported as follows in Berlin advices of Aug. 30
to the New York "Times":
In his speech Mr. Dodd said in part:
"President Roosevelt has charged me to avail myself of this opportunity
t cconvey to your Excellency the assurance of his high esteem and his cordial
ood wishes for the personal felicity of your Excellency and for the welfare of
Germany. He has asked me also to impress his dcep gratification at the
continuance of the happy relations that have so long existed between the
two countries.
"The American people and their Government at Washington entertain
now, as throughout their National history, a feeling of sympathetic friendship for the German people; and being myself in large part a product of
German intellectual and cultural life I shall take particular pleasure in
carrying out the instructions of my Government and seeking to interpret
the sympathetic attitude of the peoples of the two countries.
"All nations to-day labor under unprecedented economic and social
difficulties, and both in Germany and the United States heroic efforts are
being made for general recovery. Although each government must seek
the interests of its own people, the Government of the United States recognizes the interdependence of economic and social groups and is exceedingly
desirous of lending and accepting assistance in international affairs wherever
such effort gives promise of more co-operative and peaceful relations.
"I need hardly reavow my personal and my profound admiration for
Germany's contribution to the intellectual and cultural treasury of modern
life. Thousands of young Americans have studied at your great universities
1673
and hundreds of young Germans frequent American centres of science
and culture—all of which only re-emphasizes the interdependence of modern
Hindenburg Emphasizes Amity.
President von Hindenburg said in response that it gave him "great
satisfaction that you have expressed the amicable feelings entertained
by the people and the Government of the United States for the German
people and that you consider it to be your task to promote mutual understanding between the two nations."
"Quite rightly," President von Hindenburg said, "you stressed that
overcoming the grevious economic and social difficulties under which the
world is suffering to-day is possible only if the several nations will not
only do what they can on their own account but will draw together for
understanding and co-operation in a solution of the great problem.
"I acknowledge most warmly that your Government realizes this international interconnection and that it remains willing to offer its precious
assistance toward all efforts aiming at the intimate and peaceable co-operation of nations. As heretofore, the Reich Government will continue in
the future to co-operate sincerely and energetically."
Proposals of Bulgarian Government for Meeting Service
on League of Nations Loans Approved by League
Loans Committee.
The proposals of the Bulgarian Government incident to the
debt service on the Bulgarian 7% Settlement Loan 1926 and
the 7%% Stabilization Loan 1928 are approved by the
League Loans Committee (London) according to a communique issued by the Committee and received by Speyer &
Co. and J. Henry Schroder Banking Corporation, as fiscal
agents for the loans. As the Bulgarian Government proposes
to service during the period from May 1933, to April 1934,
by paying from 15% to 25% in foreign exchange and the remainder in 2% lev Treasury bills. The following is the
Committee's communique, as made public August 31 by
Speyer & Co:
1. As announced on 21st November 1932, the Bulgarian Government
undertook to transfer in foreign exchange 40% of the service of the two
above-named Bulgarian League of Nations Loans for the six months November 1932 to April 1933 inclusive—the remaining 60% of the service to be
invested in levs in Bulgaria in the manner approved by the Financial Committee of the League. This undertaking of the Bulgarian Government has
been duly carried out.
2. In March 1933 M. Mushanoff, Prime Minister of Bulgaria, and M.
Stoyanoff, Director of the Debt Administration, met the League Loans Cammittee to discuss the service of the two League Loans from May 1933 onwards. • On this occasion the parties agreed, subject to the Bulgarian Government's provisionally transferring 25% of the monthly instalments of
interest, to adjourn the conversations pending the outcome of an investigation by the League of Nations into the financial situation in Bulgaria. This
investigation duly took place during April 1933, and the Financial Committee reported upon its results in May. The Financial Committee at this
time laid down certain directives indicating the lines on which they considered the Bulgarian budget for the financial year 1933/4 should be drawn
up, and also recommended a number of fiscal and other reforms which they
thought should be introduced in Bulgaria. Since that date the Bulgarian
Legislature has passed certain legislation with a view to giving effect to
the Financial Committee's recommendations. The budget for 1933/4, however, as passed by the Legislature in June last, only provided in levs for
25% of the interest service of the external debt, including the two League
Loans, though a subsequent article in the budget law provided that "the
credits provided in the budget of the public debt for the service of external
loans are provisional credits pending the conclusion of a definite settlement
with the bondholders."
3. The League Loans Committee have now further discussed the service
of the two League Loans with the Bulgarian Government and the Government proposes to make the following arrangements for the service of the
two loans during the twelve months May 1933-April 1934, inclusive (I) During each of the two six-monthly periods May-October 1933 and November
1933-April 1934 inclusive the Government will transfer in foreign exchange
25% of the interest service on the 15th day of each month. In any particular month within each of these perickls the Government may, if necessary, reduce the transfer to not less than 15%; but if the Government in
any month transfers less than 25% it will pay the balance in cash levs into
a blocked account at the National Bank in the name of the League Commissioner, and will transfer all such blocked amounts by the 15th October
1933 and the 15th April 1934 respectively so as to produce an average transier of 25% throughout each six-monthly period. (II) The Government will
hand to the League Commissioner 2% Treasury Bills in levs for the full
untransferred balance of the service (interest and sinking fund) of the two
League Loans as from May 1933. This interest rate of 2% will apply
retrospectively to all Treasury Bills which the Commissioner has taken up
or renewed in respect of the service of the two League Loans since 1st January 1933. (III) (a) The Government undertakes that the budget for the
financial year 1934/5 shall include the full service (interest and sinking
fund) of the external debt in levs. (b) The Government will discuss with
the Committee not later than October 1933 the question of formally
regularising this position so dar as concerns the current budget year 1933/4.
(IV) If the Bulgarian Government awaits more favourable terms to any
other foreign obligation due from or guaranteed by the State it will accord
at least as favourable terms to the two League Loans.
4. The League Loans Committee have carefully considered these proposals, and in doing so have borne in mind the fact that the Bulgarian Government, in collaboration with the League of Nations, is introducing certain measures of reform in the financial and other fields. In all the circumstances the Committee suggest that the bondholders would be well advised to acquiesce in the Bulgarian Government's proposals.
Colombia and United States Begin Negotiations for
New Trade Treaty—Similar Discussions Opened
with Brazilian Ambassador to Washington.
Preliminary discussions regarding a proposed new trade
treaty between the United States and Colombia began in
Washington on Aug. 22, the participants including Dr.
Fabio Lozano, the Colombian Minister; William Phillips,
1674
Financial Chronicle
Under-Secretary of State, and Jefferson Caffery, Assistant
Secretary of State. The initial conference was reported to
consist of a broad discussion of the volume and possibilities
of trade between the two countries. Later conferences were
also attended by Arturo Fernandez and Fran'cisco Restrepo
Plata, Colombian experts, who came to Washington from
Bogota. It is expected that several weeks will be required
to complete a treaty. On Aug. 29 similar conversations, to
explore the possibility of an agreement with Brazil, were held
between Secretary of State Hull and Ambassador De Lima e
Silva of Brazil. The Brazilian Ambassador said that two
experts, appointed by his Government, would soon arrive
in Washington to participate in the discussions. Negotiations between the United States and Argentina are expected
to start in the near future.
A. A. Berle Jr. and John Laylin Appointed to American
Embassy in Havana to Make Survey of Cuban
Financial Situation.
Secretary of State Hull, on Aug. 31, announced the appointment of A. A. Berle Jr., legal adviser to the Agricultural Adjustment Administration, and John Laylin, special
assistant to the Under-Secretary of the Treasury,as financial
advisers to the American Embassy in Havana to aid in the
economic reconstruction of Cuba. Both men are expected
to remain in Cuba for about two weeks and will probably
return to Washington about the same time as Sumner Welles,
retiring American Ambassador. Mr. Hull said that in the
initial phase of their work they will study and analyze the
Cuban financial situation, and their conclusions will be
submitted to President Roosevelt. Commenting on the
appointment, Washington advices of Aug. 31 to the New
York "Times" said:
Mr. Berle has long been interested in Cuban affairs. Last December he
and Charles W. Taussig paid a visit to Cuba and reported on financial
conditions to President-elect Roosevelt on their return. Mr. Berle has
been active In the formulation of the plan under discussion for a sugar
marketing plan that would Include Cuban producers.
It 113 presumed here that his knowledge of the sugar situation, both here
and in Cuba. Is needed by Ambassador Welles in his current negotiations
for a revised commercial treaty with Cuba.
Cuba Authorizes Payment of Coupons on 532% Gold
Bonds of 1935.
The Treasury Department of Cuba has authorized the
First National Bank of Boston to pay coupons Nos. 1 and 2
on the Cuba 5%% 1935 gold treasury obligations which were
extended to 1950, according to a Havana dispatch to the
"Wall Street Journal" of Aug. 31, which added that the
present Cuban government had previously notified the bank
to postpone payment.
Redemption of Cuban Sugar Stabilization
Fund 532% Secured Gold Bonds by
Sugar Exporting Corporation.
Sinking
National
The National Sugar Exporting Corporation is inviting
tenders of The Republic of Cuba Sugar Stabilization Sinking
Fund 532% Secured Gold Bonds due Dec. 1 1940 for the
sale to it at prices not exceeding the principal amount thereof
and accrued interest of an amount sufficient to exhaust the
sum of $1,500,000 of these bonds. Tenders should be made
before 3 p. m., Sept 8 1933, to The Chase National Bank of
the City of New York, 11 Broad St., New York City, or
86 Aguiar St., Havana, Cuba.
Mexico to Issue $7,065,000 Bonds to Be Used to Improve
Capital Drainage and Water Supply.
Under date of Aug. 26, a cablegram from Mexico, D. F.
to the New York "Times" said:
To remedy serious defects in Mexico City's drainage and deficient water
service, the Federal District Government is preparing to float a bond issue
of 25,000.000 pesos[about $7.065,000]. The bonds will be offered at 98%,
repayable by half-Yearly drawings, and will bear 7% interest.
Of the total issue, 15,000.000 pesos [about 54,230.000] will be devoted to
rectification of the water supply. At present, it Is officially stated, the
principal water conduits supplying the city are leaking to the extent of
500 litres [about 132 gallons] a second. The proposed Improvements are
scheduled for completion within two years and will increase the water
supply at least 5,000 litres [about 1,320 gallons] a second.
President Rodriguez of Mexico Asks State Governors
-to Raise Wages to Improve Standard of Living
Manufacturers and Farmers Also Urged to Establish Minimum Wages.
President Rodriguez of Mexico on Aug. 24 sent telegrams
to State Governors urging wage increases to improve the
standard of living. Advices from Mexico, D. F. on that
date to the New York "Times" went on to say:
"Miserable salaries are still paid in several parts of the country where
the living standard is so low it might be said our people have seemingly
just emerged from the deplorable condition of the Colonial," he said.
Sept. 2 1933
The President suggested the immediate adoption of minimum salaries
of three pesos in northern and Lower California, one peso fifty centavos in
the main 11 States including the Federal District and one peso in the rest
of the country.
President Rodriguez on Aug. 28 addressed an open letter
to all manufacturers and farmers urging them to fall in line
with his project of establishing minimum wages throughout
the country. This is similar to the letters to State Governors
in a campaign to raise wages and improve the standards of
living. The Associated Press accounts from Mexico City
on Aug. 28 added:
"My greatest hope," the President said, "has been to raise the standards
of living of ot r people, because I know of the state of misery in which they
live, and because I believe that until the standards of living of the employees are improved, all efforts to increase and improve our national
production will be fruitless.
"The important thing is to find our own redemption by improving living
standards so that our own people can buy more, thus increasing our own
consumption and production. Any more raising the standard of living will
simultaneously raise consumption and improve production."
General Rodriguez added that the Government would welcome voluntary
compliance by employers in placing in effect a minimum wage scale ranging
from three pesos [approximately 84 cents] daily in Lower California to
one peso elsewhere. He expressed the hope that this scale would be materially improved as the campaign gained headway.
Mexico Decrees Additional 40,000,000-Peso Bond Issue
to Consolidate Items of the National Floating Debt.
Advices as follows from Mexico City. Aug. 28, are taken
as follows from the New York "Journal of Commerce":
For the purpose of consolidating various items of the national floating
debt, President General Rodriguez has decreed an additional issue of
40,000,000 pesos (approximately $12.500.000, United States) of the bonds
of the public domestic debt of the United Mexican States, 40 years. At
the same time the President extended the period for which existing bonds of
this debt may be received at par in lieu of cash for the payment of various
Federal property and industrial term to Sept. 30. The term expired on
Aug. 31. The decree provides that these bonds may be received in unlimited quantities for such payments.
Proposed Mexican Clearing House for Foreign Money
to Halt Speculation in Exchange.
The following copyright cablegram from Mexico City,
Aug. 16, is from the New York "Herald Tribune":
Although the Bank of Mexico's control has practically stabilized the peso
with the dollar, a more complete squelching of speculation in foreign currency is expected as a result of the creation of a foreign exchange clearing
house, which will start about Sept. 1. Final approval of the Mexican
Bankers Association is all that Is needed to complete the project.
The proposed clearing house would be located In the Bank of Mexico
offices and would hold daily sessions similar to those of stock exchanges.
All members of the Bankers Association and foreign branches of banks would
send representatives to present offers to buy and sell through a system of
bidding. When the bank's needs were filled, it is explained, the quotations
for the day would automatically be reached.
Mexican Banks Consolidate,
On Aug. 12 advices from Mexico City to the New York
"Journal of Commerce" said:
Two important West Coast Mexican banks have consolidated with
authorization granted by the Ministry of Finance for the merger of the
Occidental Financing Bank of Navoloa, Sonora State. with the Pacific
Bank,the headquarters of which are in Mexicali, northern district of Lower
California Territory. The headquarters of the merged banks will be in
Mexicali.
Proposed Mexican Investment Exchange.
From Mexico City the "Wall Street Journal" of Aug. 15
reported the following:
Proposal to establish an exchange here for trading In high-grade Mexican
securities suitable as reserve fund investments for the various insurance
companies operating In the Republic, will be a feature of discussions during
the national convention of insurance men which has been called by the
Ministry of Finance for next month.
Mexican Coffee Bank Organizing—Other Banking
Projects in Mexico City.
From the "Wall Street Journal" of Aug. 22, we quote the
following from Mexico City:
A bank is being organized by the Coffee Producers' Union of the Soconusco
District, Chiapas State, the capital of which Is being provided by each
-3
planter contributing two centavos (about 2 -cent) per kilo (2.2046 lbs.)
produced.
From he same paper (Aug. 22) we also take the following
from Mexico City:
National Bank of the Army is in the process of formation under direction
of a committee of finance made up of army officers. The bank will confine
Its activities exclusively to members of the army and probably also will
assist in financing military projects.
Further Mexico City advices were carried as follows in
the "Wall Street Journal" of Aug. 25:
The proposed creation of two new banks in Mexico was reported to the
Ministry of National Economy. One is to be known as Banco del Ballo to
be located in Celaya City, Guana Juato State, devoted to financing the
brown sugar industry, and the other is planned for Tepic City, Nayarit
State, for general agricultural and commercial financing.
Mexican Bank Deposits.
In a Mexico City dispatch to the "Wall Street Journal"
of Aug. 29 it was stated that all banks operating in Mexico
on last June 30, showed combined sight deposits of 185,269,-
Volume 137
Financial Chronicle
000 pesos in national funds, and 25,318,000 pesos in foreign
currency, and total time deposits of 38,602,000 pesos in
Mexican money and 17,611,000 pesos in foreign. Foreign
exchange rate of 3.55 pesos per dollar obtained on June 30.
It was added that on that date combined loan and discount
operations amounted to 85,854,000 pasos.
Decline in Mexico's Exports in First Six Months of
This Year.
Mexico's exports in the first six months of this year totaled
147,000,000 pesos, compared with 169,000,000 in the corresponding period of 1932, according to Mexico City advices
Aug. 22 to the New York "Evening Post," which added:
However. 14.563.538 pesos during the last year's period represented
exports of money, bonds. &c., compared to only 7.096,000 this year.
Exports to the 'United States dropped from 115,000,000 pesos to 80,000,000. Exports to England increased from 7,400,000 pesos to 17,300.000:
to Germany from 11,400,000 to 12.800,000 pesos; to Prance from 2,800,000
to 7,800.000 pesos and to Belgium from 500,000 to 3,841.000 pesos.
New York Stock Exchange Approves Plan for Later
Deliveries of Securities—Notice Concerning Operation of Plan Issued.
The Governing Committee of the New York Stock Exchange at a special meeting held Aug. 30 approved amendments to the Rules of the Exchange, putting into effect
the second-day-delivery plan which was announced Aug. 23,
as noted in our issue of Aug. 26, page 1498. Under the new
plan, which will become operative with the transactions
made on Sept. 8, deliveries will be made on the second full
business day following the execution of the transaction.
By this, it is hoped, the tasks of employees of Stock Exchange
firms will be eased in periods of active trading. The following notice was issued by L. G.Payson, Secretary of the Stock
Clearing Corporation, on Sept. 1, concerning the operation
of the plan:
STOCK CLEARING CORPORATION.
Sept. 11933.
IMPORTANT NOTICE
Second Day Delivery Plan.
Pursuant to authority granted by the Governing Committee of the New
York Stock Exchange on Aug. 30 1933. Stock Clearing Corporation directs
that contracts made by Members of the Exchange on Friday. Sept. 8 1933.
and thereafter be cleared and settled in accordance with the new Second
Day Delivery Plan.
Under this plan all contracts in stocks and bonds (except securities of the
United States Government), which are dealt in regular way shall be for
delivery upon the second full business day following the day of contract.
The delivery of sheets and the dating of the sheets and tickets must be made
in accordance with the following table:
4
3
1
2
Deliver your sheets to Date your sheet
For Transactions
Use Delivery
Night Clearing Branch and tickets as of
of:
Prices of;
bet. 9 a.m. and I p.m.
Tuesday,
Wednesday
Monday
Monday
Wednesday
Thursday
Tuesday
Tuesday
Friday
Thursday
Wednesday
Wednesday
Monday
Friday
Thursday
Thursday
Friday I
Monday
Tuesday
SaturdayI
Saturday
The security balance orders will be ready at the Night Clearing Branch
at 9 a. m. on the day shown in column 4 above and you must deliver the
securities covered by such orders through the Central Delivery Department
before 2:15 p. m. on that same day. You must also settle your account at
your Cage in the Day Branch on that same day.
Exchange Tickets.
Exchange tickets shall be made out immediately after each transaction
is reported and shall be exchanged through the Distributing Department of
Stock Clearing Corporation as soon as practicable, but not later than 4 p. m.
on business days other than Saturdays and not later than 1 p. m. on Saturdays,and shall be called for not later than 4:20 p. m.on business days other
than Saturdays and not later than 1:20 p. m. on Saturdays. If, however.
tickets were originally sent on time but were returned "Don't Know" such
tickets may be compared before 10:30 a. m. of the following business day.
Your attention is invited to an amendment to Rule 36, Section 9. which
allows Stock Clearing Corporation to fine up to $250 if in its opinion the
delivery of exchange tickets to the Distributing Department is not made
within the time prescribed by its Rules or if the delivery of these tickets
has been unreasonably delayed. For the first offense a fine of $25.00 will
be imposed and will be increased thereafter. The success of the Second Day
Delivery Plan requires the exchange of tickets on the day of the transaction,
and only "D. K's" may be compared on the next morning. Your attention
is also invited to the fact that in accordance with Chapter II, Section 7, of
Rules Adopted by the Governing Committee Pursuant to the Constitution,
buy-ins may take place after 11 a. m. on the following business day if there
is neglect or failure of a member to exchange tickets on a contract in cleared
securities.
Delivery prices will be published as at present following each day's transactions and shall be used in accordance with column 2 of the table above.
Clearing Members should continue to act as heretofore in the matter of
demand tickets.
Bond Interest.
In case of transactions "regular way" in bonds selling, "and interest,"
interest shall be computed up to but not including the second full business
day succeeding the day of transaction, and thereafter shall be "flat."
Borrowed and Loaned Securities.
Your attention is invited to the fact that notice for the return of loans
of cleared securities must be given before 3:45 p. m.on any regular business
day or before 12:45 p. m. on any business day which is a half holiday, for
settlement on the second succeeding regular business day.
In the case of loans of non-cleared securities there will be no change in
the present methods and hours specified in Rule 3, second paragraph.
In the case of securities lending at an interest rate, interest shall be computed for the number of days elapsed between delivery of the securities
1675
by the lender and their return to him. (The number of days for which
Interest must be paid is equal to the number of nights during which the
loaned securities are in possession of the borrower).
In the case of securities lending at a premium, premiums shall be paid
for the number of regular delivery days between the receipt of the securities
by the borrower and their return to the lender.
Effective Dales.
The first sheet is to be delivered to the Night Clearing Branch at 52
Broadway between 9 a. m. and 1 p. m. Monday. Sept. 11 showing the
transactions made on Sept. 8, and balances therefor may be called for at
the Distributing Department at 9 a. m. Tuesday, Sept. 12. Stock Clearing
Corporation, Day Branch will be open as usual on Mondays, Sept. 11 for
the delivery of Government issues, failed items, etc.
Stamped sales tickets should be sent to the Distributing Department
on the day of settlement and between the hours now in force (Rule 5; no
change in times).
For further questions, call at the Night Clearing Branch with inquiries
relative to the exchange of tickets or the delivery of the sheet, and at your
Day Branch cage for inquiries relative to Day Branch matters.
L. G. PAYSON, Secretary.
National Mortgage Corp. Taken Over by New York
State Insurance Department for Rehabilitation.
An order was signed Aug. 30 by Justice Alfred Frankenthaler of the New York Supreme Court, New York County,
directing State Superintendent of Insurance George S. Van
Sehaick to take over the National Mortgage Corp. for rehabilitation. The petition of Superintendent Van Schaick
was filed with the consent of the company's board of
directors.
This proceeding completes the first phase of the reorganization program
for title and mortgage guaranty companies which was initiated by Superintendent Van Schaick early this month. Of the 43 companies under the
supervision of the Insurance Department, 29 have been released from the
restrictions imposed upon them last March and 14 have been placed in rehabilitation. In addition, six new companies have been organized as part
of the general program and are now functioning.
The National Mortgage Corp. is a subsidiary of the New
York Title & Mortgage Co. which was taken over for rehabilitation on August 4 under an order granted by Justice
Frankenthaler.
Attorney-General John J. Bennett Jr., represented Superintendent Van Schaick before Justice Frankenthaler through
Assistant Attorney-General Joseph C. H. Flynn.
Chicago Board of Trade Cuts Margins for Grains,
Effective Sept. 4.
The Chicago Board of Trade Clearing House Association
announced on Aug. 26 a reduction in margin requirements
effective Sept. 4. The decreases amount to 1 cent to the
basis of 4 cents on wheat, rye and barley,3 cents on corn and
2 cents a bushel on oats. The margin on wheat, corn and
oats will apply on lines up to 6,000,000 bushels, while on the
other grains it will apply up to 3,000,000 bushels. An increase of 1M cents will be added for each additional 2,500,000
bushels of open interest or part thereof. The new ruling
applies only to those members of the exchange who are also
members of the clearing house.
Banks of United States to Co-operate to Fullest Extent
with Federal Government in Furtherance of NRA
Program—F. M. Law, Vice-President of American
Bankers'Association, on "Basis for Banking Code."
The banks of the United States will co-operate to the fullest extent with the Federal Government in its efforts to
reduce unemployment and restore normal business activity,
F. M. Law, First Vice-President of the American Bankers'
Association, declares in a statement in the September issue
of the American Bankers' Association "Journal," entitled
"A Basis for Banking by Code." Mr.Law says that co-operation among banks themselves is the first step, and he points
out that for several years his organization has aided bankers
to establish regional clearing houses, to standardize banking
practices and create a solid basis of fair competition, before
which "injurious competitive practices were reducing bank
revenues to the vanishing point." Mr. Law also says:
Banks must compete, yet it is surely a development of extraordinary importance to the nation that banking competition is being confined more
and more to sudi things as service and soundness of policies, rather than
high interest rates, free services and concessions to important customers.
In view of the fact that it has become the announced policy of the Federal
Government to prevent wasteful rivalry between various elements of an
industry, it is significant to look back over the things which bankers have
done in the past few years to build a solid basis for fair competition.
In 447 clearing houses, whose members hold approximately 85% of all
bank deposits in the United States, banks have an effective instrument for
local group action in working out agreements for fair competition. By
private and forum discussion, plans and projects first can be submitted to
thorough analysis, and their moot points ironed out before they become
binding on participating members, while regulation that comes from the
free will and acquiescence of members bound by a mutualized form of extralegal regulations is more effective than any law or legal penalty. The
benefits of competition are retained, while the abuses and unfair practices,
which originate in unbridled rivalry and, if unchecked, lead to difficulty,
are obviated by the rule of reason under clearing house supervision.
1676
Financial Chronicle
The clearing house idea, originally developed for big city
banks, has spread until it embraces to-day not only most
centers with population in excess of 25,000, but also 155
smaller cities and scores of counties or other regional units,
he says, largely as a result of the efforts of the Bank Management Commission of the American Bankers' Association,
"which has stressed the benefits to be derived from voluntary co-operation and the dangers of going it alone without
regard to profits or the future." Mr. Law adds:
With the clearing house as the focal point locally, with group and State
organization machinery in existence in every part of the country, and with
a national body rich in experience going back 58 years, banking possesses
modern, efficient machinery for action along constructive lines of mutual
helpfulness, fully equal to any requirements which may be put upon it as
the result of President Roosevelt's recovery plan.
Mr. Law describes the exhaustive technological studies
made by the Association in respect to cost accounting for
banks, service charges to eliminate operating losses, loan
and investment policies, interest rates, trust services, and the
formulation of practices to enable banks to co-operate fairly
in building up stronger banking conditions with better service to the public.
Regulations of Federal Reserve Board Governing
Open Market Operations of Federal Reserve
Banks—Rules Issued in Furtherance of Operation
of Glass-Steagall Bank Act.
Regulations governing the purchase or sale of securities
by the new Open Market Committee of the Federal Reserve
System were made available by the Federal Reserve Board
in its August "Bulletin," issued Aug. 25. The Committee,
created by the Glass-Steagall Banking Act of 1933, consists
of one member from each Federal Reserve District selected
annually by the Board of Directors of the Federal Reserve
Bank of such district. The Committee is required by the new
regulations to meet in Washington at least four times a year.
and oftener if necessary. Under the regulations it is stipulated that "it shall be the duty of the Committee to consider
the needs of commerce and business, the general credit situation of the country and such other matters as may be called
to its attention, . . . and to formulate and submit to the
Federal Reserve Board . . . recommendations . . .
concerning the open market policy of the Federal Reserve
System." Summarizing the regulations, Associated Press
dispatches from Washington, Aug. 25, noted:
The Board may adopt or disprove the recommendations, which are effective
only when and to the extent approved by the Board. Any policy adopted
may be revoked at any time.
If any Federal Reserve Bank decides not to participate in the recommendations approved by the Board it must notify the Chairman of the Committee
in writing within 30 days, and if it does not do so is deemed to have agreed
to carry out the policy and must co-operate in carrying it out.
An Executive Committee is authorized to execute the sales and purchases
of Government securities and other obligations in open market, and is composed of five members.
It is empowered to allocate among participating Federal Reserve banks
securities and other obligations held for their account and to adjust such
allocations to enable each Federal Reserve Bank to maintain a suitable
reserve position, equalizing as far as possible the net earning position of
each of the banks.
A bank is authorized to make individual purchases in emergencies to
afford relief in a situation involving specific banking institutions in its
district, with special consent to purchase and sell Government securities
for its own account, but which must be reported to the Board and Committee,
while the Board reserves the right to require the sale of any Government
securities purchased.
The banks are permitted to engage in the purchase and sale of securities
other than Government securities, but such transactions must tie reported
daily.
The regulations, which were made effective Aug. 10, were
made public as follows by the Federal Reserve Board:
REGULATION M, SERIES OF 1933—OPEN MARKET OPERATIONS.
Section I.
Pursuant to the authority conferred upon it by Section 12-A of the Federal Reserve Act, as amended, and by other provisions of the Federal Reserve Act, the Federal Reserve Board prescribes the following regulations
governing the procedure to be followed ordinarily in the conduct of open
market operations of the Federal Reserve banks.
The specific mention in this regulation of any power or authority of the
Federal Reserve Board or of the Federal Reserve banks, or the failure to
mention specifically any such power or authority, shall not be construed as
an interpretation of the law as to the existence, extent, or absence of such
power or authority; and the Federal Reserve Board expressly reserves the
right to alter, amend, or repeal this regulation in whole or in part at
any time.
Section II—Definitions.
(a) Government Securities.—The term "Government securities" shall include bonds, notes, certificates of indebtedness, and Treasury bills of the
United States.
(b) Obligations.—The term "obligations" shall include all bankers'
acceptances, bills of exchange, cable transfers, bonds, notes, warrants, debentures, and other obligations, including Government securities, which Federal
Reserve banks are authorized by law to purchase in the open market.
(c) System Account.—The term "system account" applies to Government
securities held for two or more participating Federal Reserve banks under
the control of the Executive Committee.
Sept. 2
1933
(d) Executive Committee.—The term "Executive Committee" shall mean
the Executive Committee of the Federal Open Market Committee.
Section III—General Principles.
The time, character, and volume of all purchases and salmi in the open
market by Federal Reserve banks shall be governed with a view to accommodating commerce and business, and with regard to their bearing upon the
general credit situation of the country.
Section IV—Federal Open Market Committee.
(a) Organization.—The Federal Open Market Committee created by Section 12-A of the Federal Reserve Act, as amended by the Banking Act of
1933, consists of one member from each Federal Reserve District selected
annually by the Board of Directors of the Federal Reserve Bank of such
Federal Reserve District. The Committee shall select Its own Chairman,
Vice-Chairman and Secretary.
(b) Meetings.—The Committee shall meet in Washington, D. C., at least
four times each year, and oftener if deemed necessary. Meetings shall be
held upon the call of the Governor of the Federal Reserve Board or at the
request of any three members of the Committee and, in the discretion of the
Board, may be attended by the members of the Board. The Committee shall
keep minutes of all its meetings and furnish copies thereof to the Federal
Reserve Board and to each Federal Reserve Bank.
(c) Functions.—It shall be the duty of the Committee to consider the
needs of cotnmerce and business, the general credit situation of the country,
and such other matters as may be called to its attention by the Federal Reserve Board or by any member of the Committee, and to formulate and
submit to the Federal Reserve Board for its action recommendations in
writing concerning the open market policy of the Federal Reserve System.
(d) Open Market Policy.—Any open market policy recommended by the
Federal Open Market Committee shall be considered by the Federal Reserve
Boar'd and shall be effective only when and to the extent approved by the
Board. Any such policy shall be subject to reconsideration at any time
after it has become effective and before it has been fully executed; and a
meeting of the Federal Open Market Committee shall be called for that
purpose whenever requested by the Federal Reserve Board or by any three
members of the Committee. The Board reserves the right to modify or
revoke its approval after the Committee shall have had a reasonable opportunity to reconsider any such policy and submit further recommendations to
the Federal Reserve Board. The Federal Reserve Board will notify each
Federal Reserve Bank and the Chairman of the Federal Open Market Committee of all decisions respecting any such policy.
(e) Participation by Federal Reserve Banks. —If any Federal Reserve
Bank shall decide not to participate in open market operations recommended
by the Federal Reserve Open Market Committee and approved by the Federal
Reserve Board, it shall file written notice of its decision with the Chairman
of the Committee within 30 days after notification by the Federal Reserve
Board of its action respecting such recommendation and shall transmit a
copy of such notice to the Federal Reserve Board. Any Federal Reserve
Bank which shall fail within the time prescribed to file such notice of its
decision not to participate in such open market operations shall be deemed
to have agreed to participate in the same and will be expected to co-operate
fully in carrying out the policy so decided upon.
(f) Undertaking to Sell Securities Purchased.—Whenever the Federal
Reserve Board has approved on open market policy involving the purchase
of Government securities for System account, all banks participating therein
shall be deemed to have agreed to the sale of any part or all of the Government securities so purchased or of an equivalent amount of other Government
securities held for System account, whenever such sale shall be recommended by the Federal Open Market Committee and approved by the Federal
Reserve Board.
Section V—Executive Committee.
(a) Organization.—The Federal Open Market Committee, at its first
meeting in each calendar year, shall select from its own membership an
Executive Committee consisting of five members, and shall appoint the
Chairman thereof. The Executive Committee shall keep minutes of all its
meetings and furnish copies thereof to the Federal Reserve Board and to
each Federal Reserve Bank.
(b) Functions.—It shall be the duty of the Executive Committee:
(1) To execute purchases and sales of Government securities and other
obligations in the open market in accordance with open market policies
approved by the Federal Reserve Board;
(2) To allocate among all participating Federal Reserve banks the aggregate amount of Government securities and other obligations held for their
account and to adjust such allocation from time to time to meet the changing needs of the respective Federal Reserve banks. Such allocations shall
be made with the view primarily of (a) enabling each Federal Reserve Bank
to maintain a suitable reserve position, and (b) equalizing as far as practicable the net earning position of the Federal Reserve banks.
(3) To keep the Federal Reserve Board and each Federal Reserve Bank
informed of all transactions executed by the Committee and of all allocations and reallocations of Government securities and other obligations held
for participating banks; and
(4) To perform such other functions and duties in connection with open
market policies approved from time to time by the Federal Reserve Board
as may be assigned to it from time to time by the Federal Open Market
Committee with the approval of the Federal Reserve Board.
Section VI—Purchases and Sales of Government Securities.
No Federal Reserve Bank shall purchase or sell Government securities
except in accordance with an open market policy approved by the Federal
Reserve Board and in effect at the time, except that:
(1) In an emergency, any Federal Reserve Bank may purchase Government securities when necessary to afford relief in a situation involving specific banking institutions in its District; and
(2) After obtaining the consent of the Federal Reserve Board, any Federal Reserve Bank may purchase or sell Government securities for other
specific purposes, for its own account.
All purchases and sales of Government securities by any Federal Reserve
Bank for its own account shall be reported promptly to the Federal Reserve
Board and to the Chairman of the Executive Committee; and the Executive
Committee may make such compensatory purchases or sales for the System
account and such reallocations of the obligations in the System account as
may be appropriate in the light of purchases and sales made for their own
account by individual Federal Reserve banks.
The Board reserves the right, in its discretion, to require the sale of any
Government securities purchased by an individual Federal Reserve Bank
under the authority of this section.
Any Federal Reserve Bank may purchase United States temporary certificates of indebtedness for the accommodation of the Treasury of the United
Volume 137
Financial Chronicle
States in amounts requested by the Treasury and may sell participations
therein; but such certificates shall not be held for more than seven days
without the approval of the Federal Reserve Board.
Section VII—Other Open Market Operations.
Each Federal Reserve Bank may engage in open market operations other
than the purchase or sale of Government securities, subject to the following
conditions:
(1) All such transactions shall be reported daily to the Federal Reserve
Board.
(2) Purchases of acceptances and bills of exchange shall be in accordance
with the provisions of regulation B and the rates of interest or discount shall
be in accordance with schedules approved by the Federal Reserve Board:
Provided, however, That no obligations payable in foreign currency shall
be purchased without the consent of the Federal Reserve Board.
(3) All purchases by Federal Reserve banks of bills, notes, revenue
bonds and warrants of States, counties, districts, political subdivisions or
municipalities shall be in accordance with the provisions of Regulation E.
(4) No Federal Reserve Bank shall engage in the purchase or sale of cable
transfers for its own account without first obtaining the approval of the
Federal Reserve Board, except that the Federal Reserve Bank of Atlanta
may purchase and sell cable transfers through its Habana agency in accordance with the resolutions or regulations of the Federal Reserve Board governing the operations of such agency.
(5) Except with the approval of the Federal Reserve Board, no Federal
Reserve Bank shall engage in any open market transactions which are not
of the customary character, which do not occur in the ordinary course of
business, which are engaged in for the purpose of affecting general credit
conditions or which may have a material effect upon general credit conditions: Provided, however, That any Federal Reserve Bank may purchase
obligations for the purpose of affording relief in a situation involving specific
banking institutions in its district.
The text of the Glass-Steagall Bank Act was given in our
issue of June 24, page 4335.
Regulations
[of Federal Reserve Board Governing
Relations and Transactions Between Federal
Reserve Banks and Foreign Banks—Information
with Regard Thereto to Be Supplied to Federal
Reserve Board — Requirements Under GlassSteagall Bank Act.
Among new regulations put into effect by the Federal Reserve Board is one governing the relationships and transactions between Federal Reserve banks and foreign banks.
The regulations are published in the August "Bulletin" of
the Federal Reserve Board (issued Aug. 25), and, the Board
announces, were made effective on Aug. 10. They are issued
In accordance with the provisions of the Glass-Steagall
Banking Act, the text of which was given in our issue of
June 24, page 4335. Under the regulations the Federal Reserve Board requires the Federal Reserve banks to submit
to the Board full information concerning all existing relationships and transactions heretofore entered into by the
Reserve banks with foreign banks or bankers. The regulations prohibit officers or other representatives of any Federal Reserve Bank from conducting negotiacions of any kind
with officers or representatives of any foreign bank or
banker except those pursuant to agreements previously approved by the Board.
The Board reserves the right to be represented during any
negotiations between officers of the Federal Reserve banks
and representatives of foreign banks, and a written report
of all agreements or understandings arrived at is required
to be filed with the Reserve Board. The regulations follow:
REGULATION N, SERIES OF 1933—RELATIONS WITH FOREIGN
BANKS AND BANKERS.
Section I.
Pursuant to the authority conferred upon it by Section 12-A and Subsection (g) of Section 14 of the Federal Reserve Act, as amended, and by other
provisions of law, the Federal Reserve Board prescribes the following regulations governing relationships and transactions between Federal Reserve banks
and foreign banks or bankers or groups of foreign banks or bankers.
Section II—Information to Be Furnished to the Board.
In order that the Federal Reserve Board may perform its statutory duty
of exercising special supervision over all relationships and transactions of
any kind entered into by any Federal Reserve Bank with any foreign bank
or banker or with any group of foreign banks or bankers, each Federal Reserve Bank shall promptly submit to the Federal Reserve Board in writing
full information concerning all existing relationships and transactions of any
kind heretofore entered into by such Federal Reserve Bank with any foreign
bank or banker or with any group of foreign banks or bankers and copies
of all written agreements between it and any foreign bank or banker or any
grout) or foreign banks or bankers which are now in force, unless copies
have heretofore been furnished to the Board, in which case the Federal Reserve Bank shall inform the Board as to the dates upon which such copies
were furnished. Each Federal Reserve Bank shall also keep the Federal
Reserve Board promptly and fully advised of all transactions with any
foreign bank or banker or with any group of foreign banks or bankers, except
transactions of a routine character.
Section III—Conferences and Negotiations with Foreign Banks and Bankers.
Without first obtaining the permission of the Federal Reserve Board, no
officer or other representative of any Federal Reserve Bank shall conduct
negotiations of any kind with the officers or representatives of any foreign
bank or banker or any group of foreign banks or bankers, except communications in the ordinary course of business in connection with transactions pursuant to agreements previously approved by the Federal Reserve Board.
Any request for the Board's per/Ids/don to conduct any such
negotiations
shall be submitted in writing and shall include a full statement
of the
occasion and objects of the proposed negotiations.
1677
The Federal Reserve Board reserves the right, in its discretion, to be represented by such representative or representatives as it may designate in any
negotiations between any officer or other representative of any Federal
Reserve Bank and any officers or representatives of any foreign bank or
banker or any group of foreign banks or bankers; and the Board shall be
given reasonable notice in advance of the time and place of any such
negotiations.
A full report of all such conferences or negotiations and all understandings
or agreements arrived at or transactions agreed upon and all other material
facts appertaining to such conferences or negotiations shall be filed with the
Federal Reserve Board in writing by a duly authorized officer of each Federal Reserve Bank which shall have participated in such conferences or
negotiations, including copies of all correspondence appertaining thereto.
Section IV—Agreements with Foreign Banks or Bankers.
No Federal Reserve Bank shall hereafter enter into any agreement, contract, or understanding with any foreign bank or banker or with any group
of foreign banks or bankers without first obtaining the permission of the
Federal Reserve Board. When any Federal Reserve Bank has entered into
such an agreement, contract, or understanding with the consent of the Federal Reserve Board, any other Federal Reserve Bank desiring to do so may
participate in transactions pursuant to such agreement with the approval
of the Federal Reserve Board.
Section V—Amendments.
The Federal Reserve Board reserves the right, in its discretion, to alter,
amend, or repeal these regulations and to prescribe such additional regulations, conditions, and limitations as it may deem desirable respecting relationships and transactions of any kind entered into by any Federal Reserve
Bank with any foreign bank or banker or with any group of foreign banks
or bankers.
New York Cotton Exchange Files NRA Code—Provides
for 44
-Hour Week.
The New York Cotton Exchange has filed with the Agricultural Adjustment Administration, for reference to the National Industrial Recovery Administration, a code of fair
competition for members of the Exchange. This code, it was
announced on Aug. 30, has been approved by the Board of
Managers of the Exchange. The code, as made public by
the Exchange, follows:
CODE OF FAIR COMPETITION FOR MEMBERS OF THE NEW YORK
COTTON EXCHANGE'.
I—Purpose.
This code, when approved by the President of the United States, is adopted
by the members of the New York Cotton Exchange with the purpose of
endeavoring to effectuate the policies as set forth in Title I of the National
Industrial Rocovery Act in so far as they are applicable.
LI—Membership in the Code.
Any member of the New York Cotton Exchange may participate in the
benefits of this code and become a member hereof only by signing and
delivering to the Board of Managers of the New York Cotton Exchange a
letter substantially as set forth in Schedule "A" annexed hereto.
III—Definitions.
As used in this code, the term "member" shall mean a member of the
New York Cotton Exchange, and/or a co-partnership of which one or more
members of the New York Cotton Exchange are partners.
The term "employee" shall mean any person employed whole time by a
member or co-partnership.
The term "employer" shall mean any member of the New York Cotton
Exchange employing more than two employees.
IV—Labor Code.
Section 1. Pursuant to Subsection (a) of Section 7 of the National Industrial Recovery Act, the following provisions are conditions of this code:
(1) Employees shall have the right to organize and bargain collectively through
representatives of their own choosing, and shall be free from the interference,
straint or coercion of employers of labor, or their agents, in the designation reof
such representatives or in self-organization or in other concerted activities for the
purpose of collective bargaining or other mutual aid or protection; (2) no employee
and no one seeking employment shall be required as a condition of employment
to Join any company union or to refrain from Mining, organizing or assisting a
labor organization of his own choosing; and (3) employers shall comply with the
Maximum hours of labor, minimum rates of pay and o..her conditions
of employment
approved or prescribed by the President.
Sec. 2. No person under 18 years of age shall be knowingly employed.
Sec. 8. (a) No employer, except upon payment of overtime, as herein.
after provided, shall employ any person, other than those excepted in
Paragraph (b) of this Section, for more than 44 hours a week; but such 44
hours per week may be an average over each 180-day period; the intention
being that no such employee shall work more than a total of 1144 hours in
any 180-day period unless paid for overtime at the rate of 133 1/3% of the
regular rate at which such person is then employed.
(b) The maximum hours fixed in the preceding Paragraph (a) shall not
apply to members or partners in a co-partnership, to outside salesmen, to
employees in a managerial or executive capacity or in any other capacity
of distinction or sole responsibility who receive more than $35 per week,
nor shall such provision apply to accounting and clerical or office staff in
the event of unforeseen or unpredictable emergency.
(c) No employee of an employer as defined in this code shall be paid (1)
less than $15 per week in any city of over 500,000 population or in the
immediate area of any such city; (2) less than $14.50 per week in any
city between 250,000 and 500,000 population or in the immediate trade
area of such city; (3) less than $14 per week in any city between 2,500
and 250,000 population, or in the immediate trade area of such city; and
(4) in any town less than 2,500 population all wages of employees of the
employers shall be increased by not less than 20% provided that this shall
not require the payment of wages in excess of $12 per
week. In the event
that any employer shall operate one or more branches or offices
in towns
or cities in different classes described in this Paragraph (c),
then the
minimum wage requirement for the employees at each branch
or office of
such employer shall be determined by the classification of the town
or city
in which each such branch or office shall be located.
(d) The wages or employees of members (except employees mentioned
in Paragraph (b) of this Section) now being paid in excess of
the established minimum shall not be decreased, notwithstanding that the hours
worked in such employment may hereby be reduced.
Financial Chronicle
1678
V—When the Code Becomes Effective.
This code, when approved by the President of the United States, shall
become effective the second Monday following date of approval.
VI—General Provisions.
1. Any employer or member may Voluntarily assent to this code by
signing and delivering to the Board of Managers of the New York Cotton
Exchange a letter substantially as set forth in Schedule "A" annexed hereto.
2. Upon the approval of this code by the President of the United States,
pursuant to the provisions of Title 1 of the National Industrial Recovery
Act, it shall constitute a binding contract on all those who have assented
to this code, subject, however, to the right of amendment and termination
as provided in this code.
3. As provided in Section 10, Paragraph (b) of the National Industrial
Recovery Act, the President may from time to time cancel or modify any
order, approval, license, rule or regulation issued under this title; but upon
such action by the President, the right of withdrawal is hereby reserved to
the members of this code.
4. Nothing in the adoption and acceptance of this code shall be construed
as waiving, abrogating or modifying any rights secured under the Constitution of the United States or of any State.
VII—Amendments and Termination.
This code may be amended at any time in the following manner: All
amendments shall he proposed by the Board of Managers of the New York
Cotton Exchange by a vote of a majority thereof; and such amendments
shall be submitted by the Board of Managers to the President of the United
States for approval, if such approval thereof shall be required by law and
such proposed amendment shall take effect as a part of this code upon
approval thereof by the President of the United States.
This code shall continue in effect only for a period of six full calendar
months after it shall become effective, but shall be automatically renewed
thereafter from time to time for further successive periods of six months
each unless, prior to the expiration of any such period, the members under
this code shall have terminated it by the same action as is above required
to amend the code. In no event, however, shall this code continue in effect
after the National Industrial Recovery Act shall cease to be in effect, nor
shall it in any event continue in effect after June 16 1935, regardless of
whether the National Industrial Recovery Act shall then be in effect.
Schedule "A."
The undersigned, by signing and delivering this letter to the Secretary
of the New York Cotton Exchange, New York City, assents to all of the
terms and conditions of the code for members of the New York Cotton Exchange, a copy of which is annexed hereto; and such assent shall be effective
as of the date on which said code shall become effective as therein provided
or the date of delivery of this letter, whichever shall be later.
The undersigned hereby agrees with everyone similarly assenting to said
code, that said code constitutes a contract between the undersigned, and
all such others, and agrees to be bound by the provisions thereof.
President Roosevelt's Executive Orders on Newly Mined
Gold and Gold Hoarding.
The text of President Roosevelt's executive order on
newly mined gold follows:
By virtue of the authority vested in me by Section 5 (b) of the Act
of Oct. 6 1917, as amended by Section 2 of the Act of March 9 1933, entitled "An Act to Provide Relief in the Existing National Emergency in
Banking and for Other Purposes," I. Franklin D. Roosevelt, President of
the United States of America, do declare that a period of national emergency exists, and by virtue of said authority and of all other authority
vested in me, do hereby issue the following executive order:
The Secretary of the Treasury is hereby authorized to receive on consignment for sale, subject to such rules and regulations and upon such
conditions as be shall prescribe, gold recovered from natural deposits in
the United States or any place subject to the jurisdiction thereof. Sales
may be made:
(a) To persons licensed to acquire gold for use in the arts, industries
or professions, or
(b) By export to foreign purchasers.
Such sales shall be made at a price which the Secretary shall determine
to be equal to the best price obtainable in the free gold markets of the
world after taking into consideration any incidental expenses such as shipping costa and insurance.
Such sales may be made through the Federal Reserve banks or such
other agents as the Secretary may from time to time designate and shall
be subject to such charges as the Secretary may from time to time in his
judgment determine.
Every person depositing gold for sale as provided herein shall be deemed
to have agreed to accept as conclusive without any right of recourse or
review, the determination of the Secretary or his duly authorized agent
as to the amount due such person as a result of any sale.
Consignments shall be sold as nearly as may be in the order of their
receipt.
The Secretary of the Treasury, in his discretion and subject to such
regulations as he may prescribe, is hereby authorized to issue licenses permitting the export of articles fabricated from gold sold pursuant to this
executive order.
This executive order may be modified or revoked at any time.
(Signed) FRANKLIN D. ROOSEVELT.
ANTI-HOARDING ORDER.
The anti-hoarding order read as follows:
EXECUTIVE ORDER.
By virtue of the authority vested in me by Section 5 (b), of the act
of Oct. 6 1917, as amended by Section 2 of the act of March 9 1933, entitled "An Act to Provide Relief in the Existing National Emergency in
Banking and for Other Purposes," I, Franklin D. Roosevelt, President
of the United States of America, do declare that a period of national emergency exists, and by virtue of said authority and of all other authority
vested in me. do hereby prescribe the following provisions of the investigation and regulation of the hoarding, earmarking and export of gold coin,
gold bullion and gold certificates by any person within the United States
or any place subject to the jurisdiction thereof, and for the investigation
and regulation of transactions in foreign exchange and transfers of credit
and the export or withdrawal of currency from the United States or any
place subject to the jurisdiction thereof by any person within the United
States or any place subject to the jurisdiction thereof.
Sept. 2 1933
SECTION 2.—DEFINITIONS.
As used in this order the term "person" means an individual, partnership, association, or corporation; and the term "the United States" means
the United States and any place subject to the jurisdiction thereof.
SECTION 3.—RETURNS.
Within 15 days from the date of this order every person in possession of
and every person owning gold coin, gold bullion, or gold certificates shall
make under oath and file as hereinafter provided a return to the Secretary
of the Treasury containing true and complete information relative thereto,
including the name and address of the person making the return; the kind
and amount ofsuch coin, bullion, or certificates held and the location thereof; if held for another, the capacity in which held and the person for whom
held, together with the postoffice address of such person; and the nature
of the transaction requiring the holding of such coin, bullion, or certificates
and a statement explaining why such transaction cannot be carried out by
the use of currency other than gold certificates; provided that no returns
are required to be filed with respect to
(a) Gold coin, gold bullion and gold certificates in an amount not exceeding in the aggregate $100 belonging to any one person;
(b) Gold coin having a recognized special value to collectors of rare and
unusual coin;
(c) Gold coin, gold bullion, and gold certificates acquired or held under
a license heretofore granted by or under authority of the Secretary of the
Treasury; and
(d) Gold coin, gold bullion, and gold certificates owned by Federal
Reserve banks.
Such return required to be made by an individual shall be filed with the
Collector of Internal Revenue for the collection district in which such
Individual resides, or, if such individual has no legal residence in the United
States, then, with the Collector of Internal Revenue at Baltimore, Md.
Such return required to be made by a partnership, association or corporation shall be filed with the Collector of Internal Revenue of the collection
district In which is located the principal place of business or principal office
or agency of such partnership, association, or corporation, or, if it has no
principal place of business or principal office or agency in the United States,
then, with the Collector of Internal Revenue at Baltimore, Md. Such
returns required to be made by an individual residing in Alaska shall be
filed with the Collector of Internal Revenue at Seattle, Wash. Such
return required to be made by a partnership, association, or corporation,
having its principal place of business or principal office or agency in Alaska,
shall be filed with the Collector of Internal Revenue at Seattle, Wash.
The Secretary of the Treasury may grant a reasonable extension of time
for filing a return, under such rules and regulations as he shall prescribe.
No such extension shall be for more than 45 days from date of this Executive
order. An extension granted hereunder shall be deemed a license to hold
for a period ending 15 days after the expiration of the extension.
The returns required to be made and filed under this section shall constitute public records, but they shall be open to public inspection only upon
order of the President and under rules and regulations prescribed by the
Secretary of the Treasury.
A return made and filed in accordance with this section by the owner
of the gold coin, gold bullion, and gold certificates described therein, or his
duly authorized agent, shall be deemed an application for the issuance
under Section 5 hereof ofa license to hold such coin, bullion, and certificates.
SECTION 4.—ACQUISITION OF GOLD COIN AND GOLD BULLION.
No person other than a Federal Reserve Bank shall after the date of this
order acquire in the United States any gold coin, gold bullion, or gold
certificates except under license therefor issued pursuant to this Executive
order, provided that member banks of the Federal Reserve System may
accept delivery of such coin, bullion and certificates for surrender promptly
to a Federal Reserve Bank, and provided further that persons requiring
gold for use in the industry, profession or art in which they are regularly
engaged may replenish their stocks of gold up to an aggregate amount of
$100 by acquisitions of gold bullion held under licenses issued under Section
5 (b) without necessity of obtaining a license for such acquisitions.
The Secretary of the Treasury, subject to such further regulations as he
may prescribe, shall issue licenses authorizing the acquisition of
(a) Gold coin or gold bullion which the Secretary is satisfied is required
for a necessary and lawful transaction for which currency other than gold
certificates cannot be used, by an applicant who establishes that since
March 9 1933, he has surrendered an equal amount of gold coin, gold bullion or gold certificates to a banking institution in the continental United
States or to the Treasurer of the United States:
(b) Gold coin or gold bullion which the Secretary is satisfied is required
by an applicant who holds a license to export such an amount of gold coin
or gold bullion issued under Subdivisions (c) or (d) of Section 6 hereof, and
(c) Gold bullion which the Secretary, or such agency as he may designate,
Is satisfied is required for legitimate and customary use in industry, profession or art by an applicant regularly engaged in such industry, profession
or art, or in the business of furnishing gold therefor.
Licenses issued pursuant to this section shall authorize the holder to acquire gold coin and gold bullion only from the sources specified by the
Secretary of the Treasury in regulations issued hereunder.
SECTION 5.—HOLDING OF GOLD COIN, GOLD BULLION AND
GOLD CERTIFICATES.
After 30 days from the date of this order, no person shall hold in his
possession or retain any interest, legal or equitable, in any gold coin, gold
bullion or gold certificates situated in the United States and owned by any
person subject to the jurisdiction of the United States, except under license
therefor, issued pursuant to this Executive order; provided, however, that
licenses shall not be required in order to hold in possession or retain an
Interest in gold coin, gold bullion or gold certificates with respect to which
a return need not be filed under Section 3 hereof.
The Secretary of the Treasury, subject to such further regulations as he
may prescribe, shall i28110 licenses authorizing the holding of
(a) Gold coin, gold bullion and gold certificates, which the Secretary is
satisfied are required by the person owning the same for necessary and lawful transactions for which currency, other than gold certificates, cannot be
used;
(b) Gold bullion which the Secretary, or such agency as he may designate,
is satisfied is required for legitimate and customary use in industry, profession, or art by a person regularly engaged in such industry, profession,
or art or in the business of furnishing gold therefor;
(c) Gold coin and gold bullion earmarked or held in trust since before
April 20 1933, for a recognized foreign government or foreign central bank
or the Bank for International Settlements; and
(d) Gold coin and gold bullion imported for re-export or held pending
action upon application for export licenses.
SECTION 6.
-EARMARKING AND EXPORT OF GOLD COIN AND
GOLD BULLION.
After the date of this order no person shall earmark or export any gold
coin, gold bullion, or gold certificates from the United States, except
Volume 137
Financial Chronicle
under license therefor issued by the Secretary of the Treasury, pursuant to
the provisions of this order. The Secretary of the Treasury, in his discretion and subject to such regulations as he may prescribe, may issue licenses
authorizing
(a) The export of gold coin or gold bullion earmarked or held in trust
since before April 20 1933, for a recognized foreign government, foreign
central bank, or the Bank for International Settlements;
(b) The export of gold (I) imported for re-export (II) refined from
gold-bearing materials imported by the applicant under an agreement to
export gold, or (III) in bullion containing not more than five ounces of gold
per ton;
(c) The export of gold coin or gold bullion to the extent actually required
for the fulfillment of a contract entered into by the applicant prior to
April 20 1933, but not in excess of the amount of the gold coin, gold bullion,
and gold certificates surrendered by the applicant on or after March 9
1933, to a banking institution in the continental United States or to the
Treasurer of the United States; and
(d) The earmarking for foreign account and/or export of gold coin or
gold bullion, with the approval of the President, for transactions which the
Secretary of the Treasury may deem necessary to promote the public
Interest.
STATES POSSESSIONS, SHIPMENTS
THERETO.
The provisions of Sections 3 and 5 of this order shall not apply to gold
coin, gold bullion, or gold certificates which are situated in the Philippine
Islands, American Samoa, Guam. Hawaii, Panama Canal Zone, Puerto
Rico, or the Virgin Islands of the United States,and are owned by a person
not domiciled in the continental United States. The provisions of Section
4 shall not apply to acquisitions by persons within the Philippine Islands,
American Samoa, Guam, Hawaii, Panama Canal Zone, Puerto Rico, or
the Virgin Islands of the United States of gold coin or gold bullion which
has not been taken or sent thereto since April 5 1933, from the continental
United States or any place subject to the jurisdiction thereof.
SECTION
7.—UNITED
SECTION 8.
Until further order, the Secretary of the Treasury is authorized, through
any agency that be may designate, to investigate, regulate or prohibit,
under such rules and regulations as he may prescribe, by means of licenses
or otherwise, any transactions in foreign exchange, transfers of credit from
any banking institution within the United States to any foreign branch
or office of such banking institution or to any foreign bank or banker,
and the export—or withdrawal of currency from the United States, by
any person within the United States: and the Secretary of the Treasury
may require any person engaged in any transaction referred to herein to
furnish under oath complete information relative thereto, including the
production of any books of account, contracts, letters, or other papers,
in connection therewith in the custody or control of such persons either
before or after such transaction Is completed.
SECTION 9.
The Secretary of the Treasury is hereby authorized and empowered to
Issue such regulations as he may deem necessary to carry out the purposes
of this order. Such regulations may provide for the detention in the United
States of any gold coin, gold bullion, or gold certificates sought to be transported beyond the limits of the continental United States, pending an
investigation to determine if such coin, bullion, or certificates are held or
are to be acquired in violation of the provisions of this Executive order.
Licenses and permits granted in accordance with the provisions of this order
and the regulations prescribed hereunder, may be issued through such offices
or agencies as the Secretary may designate.
SECTION 10.
Whoever willfully violates any provision of this Executive order or of
any license, order, rule or regulation issued or prescribed hereunder, shall,
upon conviction, be fined not more than $10,000, or, if a natural person,
may be imprisoned for not more than 10 years, or both: and any officer.
director, or agent of any corporation who knowingly participates in such
violation may be punished by a like fine, imprisonment or both.
SECTION 11.
The Executive orders of April 5 1933, forbidding the hoarding of gold
coin, gold bullion and gold certificates, and April 20 1933,relating to foreign
exchange and the earmarking and export of gold coin or bullion or currency,
respectively, are hereby revoked. Revocation of such prior Executive
orders shall not affect any act done or any right accruing or accrued, or
any suit or proceeding had, or commenced in any civil or criminal cause
prior to said revocation, but all liabilities under said Executive orders shall
continue and may be enforced in the same manner as if said revocation had
not been made. This Executive order and any regulations or licenses
issued hereunder may be modified or revoked at any time.
(signed) FRANKLIN D. ROOSEVELT
The White House, Aug. 28 1933.
Unlisted Hoarded Gold Estimated as High as $500,000,000—Attorney-General Announces Completion
of Investigation—Only 40 "Outright" Hoarders
Found.
Unlisted gold hoarded in the United States has been estimated to total as much as $500,000,000, according to a statement on Aug. 24 by Attorney-General Cummings, who added
that he had submitted recommendations to President Roosevelt for recovering the metal. The Attorney-General said
that he had completed his investigation of known gold hoarders, and that as a result of the activities of his agents $38,765,668 has been turned in. Of 5,629 persons interviewed,
only 40 were outright hoarders Who "defied" the Government edict, Mr. Cummings said. The total of their holdings
is about $373,000. He said that no final decision as to prosecution has been made. Further details of Mr. Cummings's
report follow, as given in the New York "Times" on Aug. 25:
Of the 5,629 persons interviewed, the figures showed that 297 had returned $7,222,036 in gold on request of the Government agents and 4,966
claimed to have turned in their holdings before being interviewed. The
statements of 8,810 of the latter, who had turned in $28,138,442, had been
verified, and cases where verification had not yet been obtained numbered
1,156 and involved $3,405,189 in gold.
The amount of gold or gold certificates allegedly in the hands of 366 who
had not turned it in was $1,393,734.
1679
An Associated Press Washington dispatch of Aug. 24
amplified the Attorney-General's statement as follows:
The Attorney-General said that among the last of the individual firms on
the list of those who had gold was the British-American Tobacco Co., Ltd.,
which deposited $6,249,240 in gold bars with the Federal Reserve Bank in
New York yesterday. It was learnt that the company had sought permission from the Treasury to export this gold and that the request had been
rejected.
The Treasury took the attitude that, since the firm did business in the
United States, it was subject to the President's executive order prohibiting
export of gold.
The British-American Co. had the money on deposit in New York and
turned it in after the Treasury had rejected its plea that it be permitted to
export the gold to buy products to be shipped to this country.
•
Issuance by President Roosevelt of Executive Order
Modifying Embargo on Newly Mined Gold, Permitting Exports at World Market Price for Professional and Industrial Purposes—Further Executive Order Called for Report of Holdings of
Hoarded Gold Within 15 Days—Time Later Extended to Sept. 18.
What is termed as "a regulated gold market in the United
States" (we quote the Washington correspondent of the
New York "Journal of Commerce") has been created
through an Executive Order issued on Aug. 29 by President
Roosevelt. The order modifies the gold embargo declared
by the President on March 9, to the extent of permitting
the sale and export of newly mined gold at the world market
price, the stipulations being that the gold so sold be solely
for use in arts, industries and professions, and that its
export be to foreign purchasers. At the same time President
Roosevelt issued a further Executive Order calling upon
every person holding gold coin, gold bullion or gold certificates in an amount in excess of $100 to file within 15 days
a report of his holdings. Such hoarded gold is required to
be turned into the Treasury within 30 days, except where
special licenses have been issued therefor. Under regulations issued by the Treasury Department on Aug. 31 (and
referred to in another item in these columns to-day) the
time for filing reports of gold hoardings is extended to
Sept. 18, because of the delay in getting out the forms
the two Executive Orders of the President are also given
elsewhere in this issue of our paper. The order relaxing
the regulations on mined gold adapts to the United States,
it was stated authoritatively, the system now used in
Canada. In indicatirg this, a dispatch on Aug. 29 from
Hyde Park, N. Y., to the New York "Times" continued:
This makes possible sale of the newly mined gold at its world market
value, under Treasury supervision,instead of at the legal rate in depreciated
dollars, as has been required since the gold embargo was declared.
The Treasury will act as agent for the sale of mined gold, under the
first order issued to-day, selling the metal in the world market, perhaps
New York or London, or to those practicing the industrial arts.
Back of the order, it was said at the summer White House[at Hyde Park],
was the fact that alone among all industries the gold miners had been
prevented by Government action from having some opportunity of getting
better prices under the new dispensation for business provided by the NRA.
The order places the gold industry on a par with others, President Roosevelt believes, and means a probable increase in the production of gold,
with consequent employment of more miners.
The new plan also benefits gold refiners, as the former system, under
rulings by the Attorney-General, permitted the shipment abroad of concentrates of gold for refining, with consequent loss to Americans. Now
miners will have no reason, it was said, to patronize refineries in other
countries.
Treasury to Act as Agent.
The Treasury being an intermediary in all sales, acting through the
Federal Reserve banks, will thus be in a position to keep constant check
on the flow of new gold from the mines.
The second Presidential order is intended to clear away all doubts regarding the requirements of the Government, and in addition is interpreted
here as meaning that the gold embargo as a whole will be a part of the
Administration's policy indefinitely.
The order against hoarding embraces all persons or concerns within
the United States or its possessions and requires complete reports on all
gold and gold certificates held by them, the kind and amount and the
nature of any transactions for which it is claimed the hoarded gold is
necessary.
Exemptions are made in four definite categories only:
Where such
holdings aggregate less than $100; gold coin of special value to collectors;
gold coin, bullion or certificates held under license already granted by the
Treasury, and gold coin, bullion and certificates owned by Federal Reserve
banks.
45
-Day Extension Allowed.
The returns on gold held must be filed with the collectors of internal
revenue in the districts where collections are held.
In cases with special extenuating circumstances the Secretary of the
Treasury may grant extensions up to 45 days beyond the original report
period of 15 days and an additional 15 days for turning in holdings beyond
any extension given for the making of reports.
The returns will be classed as public records, but open to inspection only
upon orders by the President under regulations to be prescribed by the
Treasury Department.
Acquisition of gold bullion or coins hereafter is limited, as in recent
months, to amounts totaling not more than $100 or such amounts under
licenses as the Treasury is convinced may be needed for the transaction of
necessary business or the conduct of businesses using gold as a raw material.
Such gold, whose purchase is permitted under license, may be acquired
"only from the sources specified by the Secretary of the Treasury in regulations issued hereunder."
1680
Financial Chronicle
Concurrently, the Secretary of the Treasury is authorized to license the
holding of gold, apart from the exceptions already noted, for the following
purposes:
Where required for use In necessary business transactions.
For legitimate use in industry, professions or arts, by a person regularly
engaged in such pursuits.
Gold coin and gold bullion ear-marked or held in trust since before
April 20 1933, for a recognized foreign government or foreign central bank
or the Bank for International Settlements.
Gold coin and gold bullion imported for re-export or held pending action
upon application for export licenses.
The Executive orders were issued without comment from the Summer
White House offices about 20 minutes after the President departed for a
motor trip up-State. He put the finishing touches to the orders just
before he started, having withheld them until he received word that the
Treasury and Justice Departments had set up the machinery necessary to
put them into force.
In its advices from Hyde Park on Aug. 29 the New York
"Herald Tribune" observed:
Producers of newly mined gold will be able to receive approximately
$30 an ounce, where they have been limited to the statutory price of $20.67
an ounce. The Secretary of the Treasury was given discretionary authority
to permit the export or earmarking of gold under specific circumstances and
whenever it may be deemed "necessary to promote the public interest."
Regulations of Treasury Department on President
Roosevelt's Gold Orders—Time for Filing Reports
of Hoarded Gold Extended to Sept. 18—Treasury
Department Offers to Act as Agent for Sale Abroad
of Newly Mined Metal.
The Treasury Department on Aug. 31 issued the firs', of
a series of regulations covering the Executive Orders issued
this week by President Roosevelt, dealing with gold hoardings and conditions under which newly mined gold may be
exported through the Treasury, so that producers may
obtain the higher world market prices. According to a
Washington dispatch Aug. 31 to the New York "Times,"
the regulations were restricted to the gold hoarders and the
procedure by which all holders of gold that has not been
licensed for export or other purposes must report hoards
over $100 to the collectors of internal revenue. The dispatch
went on to say:
The Executive order called for such returns within 15 days of its issuance
on Aug. 28, but the regulations extended the date to Sept. 18, because of
the delay in getting out the forms.
The Secretary of the Treasury is further provided with the authority to
grant longer delay, but in no case after Oct. 12,if he feels that circumstances
warrant such action.
Treasury Offers Assistance.
Under the export regulations the Treasury will, It was stated, act as
agent for producers who wish to ship their newly mined gold abroad to
obtain the higher quotations in foreign markets. All gold so offered for
export will be handled and the Treasury will seek to obtain the best price
that it can for the producers.
The purpose of the Executive order was merely to aid the producer and
had no other significance, it was stated. As to the possibility of such sales
resulting in a redistribution of a part of the gold supply, it was said that
there had been no such intent and that the quantity involved, not more
than $50,000,000 annually, was not large enough to have any important
effect in that direction.
It is understood also that one effect of the regulations to be issued is that
purchasers of newly-mined gold for use in the arts, for dental purposes. &c.,
will have to pay the producers the world market price.
The regulations aimed against gold hoarders who have not yet turned in
their holdings as requested by the government, are apparently intended to
provide a definite and assured method of prosecution, if the government
agents can discover them. A penalty of $10,000 fine, or both fine and
imprisonment of not more than 10 years for those who fail to make a return,
was fixed by the executive order.
It is believed that there could be no question of the right of the government to prosecute under such circumstances, just as it can prosecute those
who fail to make income tax returns.
The first part of the regulations issued to-night quotes the President's
executive order against gold hoarders and following sections virtually
repeal rules regarding general applications for and general provisions
respecting licenses under which gold may be held for exports or other use.
Regulations on Returns.
The sections of the regulations having to do with those who must file
returns, the method of filing, and publicity of returns follow:
"Article 6. Persons who shall file returns. Except as provided in subdivisions (a), (b), (c) and (d) of Section 3, returns are required to be filed
with respect to all gold coin, gold bullion, and gold certificates situated
within the continental United States on the date the return is made, by the
person in actual or constructive possession thereof, and, in addition, by the
person owning such coin, bullion, and certificates unless such person is not
subject to laws effective within the limits of the United States.
"Gold acquired as scrap gold or sweepings is not to be considered as gold
acquired under license within the meaning of Section 3 (c) and should be
Included in the return.
"Only the returns made and filed by the owners of the coin, bullion or
certificates described in the returns, or by their duly authorized agents,
shall be deemed to be applications for the issuance under Section 5 of a
license to hold such coin, bullion and certificates.
Treasury to Provide Forms.
"Article 7. Form of returns. Returns shall be made upon forms (No.
TO 1) prescribed by the Secretary of the Treasury. Such forms may be
obtained from the Secretary of the Treasury, the Federal Reserve banks or
any collector of internal revenue.
"Such returns shall contain true and complete information relative to all
gold coin, gold bullion and gold certificates owned by, and all gold coin,
gold bullion and gold certificates in the possession of the person making and
filing the return or on whose behalf the return is made and filed, including
all information called for in such form of return.
I. "Article 8. Filing of returns. Returns shall be executed and filed in
triplicate with the Collector of Internal Revenue as provided in Section 3.
A return shall be deemed to have been filed which is received by the proper
Sept. 2 1933
Collector of Internal Revenue and which was mailed properly addressed
and carries a postmark dated prior to midnight of Sept. 18 1933.
"At the close of each business day each collector of internal revenue
shall forward one executed copy of each return filed with him that day
to the Secretary of•the Treasury and another executed copy to the Federal
Reserve Bank of the Federal Reserve district which embraces the city
In which such collector of internal revenue has his office.
"As promptly as possible each Federal Reserve Bank shall forward to
the Secretary of the Treasury its recommendations whether the application for a license to hold the gold coin, gold bullion or gold certificates
described in the returns filed by the owners thereof should be granted
or denied in whole or in part.
"Article 9. Extensions of time for filing returns. Upon a written request
made to the Secretary of the Treasury by a person in possession of or
owning gold coin, gold bullion, or gold certificates, setting forth the reason
why the return cannot be made and filed on or before Sept. 18 1933. the
Secretary of the Treasury may grant such an extension of time for filing
the return as in his discretion appears to be required under the circumstances, provided that no extension shall be for a period ending after
Oct. 12 1933.
"Article 10. Publication of returns. Returns required to be made and
filed under Section 3 shall constitute public records, but shall be open
to public inspection only upon order of the President and under rules
and regulations which may hereafter be prescribed by the Secretary of
the Treasury."
Subdivision (a) of Section 3 of the executive order in the above quoted
Article 6 relates to holdings not in excess of $100; (b) to gold coin having
a recognized special value to collectors of rare and unusual coin;(c) holdings
acquired under a license heretofore granted or under authority of the
Secretary of the Treasury; and (d) to holdings by Federal Reserve banks.
Forms for making returns required to be filed under the provisions
of the executive order will be available at the offices of the collectors of
Internal revenue and at the Federal Reserve banks and branches Saturday.
Sept. 2 1933.
Attorney-General Cummings on Effectiveness of President Roosevelt's Executive Order in Reaching
Gold Hoarders.
Attorney-General Cummings, who has been investigating
gold hoarding, said in a statement at Washington Aug. 29
in regard to President Roosevelt's action:
"The Executive order issued by the President under date of Aug. 28
supplies an efficient means of reaching hitherto unidentified individuals
who are holding gold, gold coin or gold certificates contrary to the public
Interest. Such persons are required to make written return of their holding on forms issued by the Government for that purpose, and the continued holding of gold, gold coin or gold certificates, contrary to the terms
of the Executive order, will constitute an offense.
"The Department of Justice is continuing its work of classifying and
interviewing the known gold hoarders, who will be expected, of course,
to comply with the new Executive order."
A Washington dispatch Aug.29 to the New York "Times",
from which the above is taken, also said:
Mr. Cummings stated recently that of the known holders of gold, those
who refused to turn it in without offering any explanation numbered
only 40 and their holdings were less than $400.000.
Estimates of gold, gold coin and gold certificates in the hands of boarders
whose identity has not been established, have run from $100,000,000 to
$500,000,000. There has been no official estimate.
Superintendent of Denver Mint Urges Premium Paid
on Gold.
Urging a premium on gold over the statutory price of
$20.67 an ounce, Mark A. Skinner, Superintendent of the
United States Mint here, is reported in a dispatch from
Denver Aug. 28 to the New York "Journal of Commerce"
as having the following to say:
"The suggestion for a bonus on gold does not seem inconsistent when it is
realized that a great many industries are being subsidized in one manner or
another. This action on the part of the Government for the rehabilitation
of the gold mining industry could consistently become an important step
In the reconstruction program."
Mr. Skinner pointed out that if the exportation of gold concentrates and
amalgams continued it was likely that private sales agencies would spring up
to engage in an illegal gold traffic. Mr. Skinner does not feel that the
exportation of concentrates and amalgam will prove profitable for any but
the largest producers. He cited that even for the largest shippers the net
premium from the export of amalgams would be far less than the quoted
premium, as the exporters must not only pay freight, insurance and other
Charges but loses whatever other mineral values his concentrate may contain
besides gold.
Mr. Skinner said that he had asked the Hornestake people to make a trial
shipment to determine exactly what the net premium would be in order to
make recommendations to the next Congress for an increase in the mint
buying rate. In this connection it is reported that the Golden Cycle Mine,
largest producer in the Cripple Creek district, has made a trial shipment of
concentrates to Canada and that the American Smelting & Refining Co.
should such shipments prove general, is planning to close down its Colorado
smelter.
Gold Price In London At Record High—Bullion Quoted
At $29.605 An Ounce—Mine Securities Advance.
The following (United Press) from London, Sept. 1, is
from the New York "World Telegram":
Pi Gold reached its highest price in market history to-day at 130 shillings,
eight pence, half penny ($29,605 at $4.53 a pound) a fine ounce.
The previous high. reached last November, was 130 shillings, eight pence
(329.595).
On Aug. 29, the price was 129 shillings, four pence, half penny, and a
great boom in gold shares, which had started weeks ago, continued.
Next day, when President Roosevelt's decree releasing new mined gold
reached Lombard Street, the price receded to 128 shillings, nine pence,
half penny. Yesterday it went back again to 129 shillings, seven pence,
the 1933 high.
Gold shares were strong to-day. Kaffirs were firm in price, and East
Rands and Randfonteins were a few pence higher.
The rise of gold was attributed to hoarding and also to foreign distrust
of the strength of national currencies not on the gold standard. The distrust
Volume 137
Financial Chronicle
was ascribed partly to the removal of the French and British exchange
equalization funds, to the demand of tourists for francs, and London's
purchase of short-term French securities.
Trading in Gold Stocks Sets Record in Manila.
Manila advices Aug. 26 to the New York "Times" stated
that a new high record for trading in gold stocks on the
Exchange here was set in the preceding week, sales amounting
to 2,250,000 shares. The message added:
Most issues made sharp gains, due partly to the possibility of the gold
embargo being lifted and partly to mid-year reports, which showed large
profits by leading mining companies.
Speculative booms and gold-rushing in the Philippines have been held
down by rigid legislation, but public confidence is at a high peak and large
sums are being invested in new ventures as well as established producing
companies.
Little Gold Being Bought by the Bank of England.
Under date of Aug. 26 a London wireless message to the
New York "Times" said:
Very small amounts of gold are being bought by the Bank of England,
which since the beginning of July has purchased approximately only £500,000, compared with an average amount of over £2,500,000 in each of the
preceding 27 weeks.
The official policy in regard to gold operations by the Bank is not disclosed, but it is known that it is connected with operations of the exchange
equalization fund. This fund is understood to be still buying gold in
substantial quantities and for all that Is known it may be selling just as
freely as the occasion arises.
The Bank of England's gold holdings of £191,500.000 Is valued on the
old par basis, but if revalued at the current price its gold reserve would be
approximately £250,000,000, or about 66% of its note circulation.
Australian Gold Output Rising.
A 50% increase in Australia's gold production in the first
quarter of 1933 as compared with the corresponding period
of 1931 is reported to the Commerce Department by its
Sydney office. Indicating this, the Department on Aug. 25
also said:
In the first three months of the current year the estimated total yield
of the Commonwealth's mines was 174,625 ounces, as compared with
156,746 ounces in 1932 and 115,621 ounces in 1931.
Western Australia, It Is pointed out, with large low-grade ore bodies to
exploit, continues to be the mainstay of the gold-mining industry in Australia
and present activities in that State indicate that the yield may be expected
to increase. Old mines are inmasing their monthly tonnages, and several
new mines promise to become regular producers for many years. Victoria
and Queensland likewise registered Increased production in the first quarter
of 1933.
The only figures for gold production for the first half of 1933 yet available are those for Victoria and these show that the yield in the first half of
the year was substantially higher than in any similar period for some time.
President's Gold Order Regarded By Treasury Officials
As Aid to Miners—Not Viewed As Move to Cut
Dollar.
President Roosevelt's Executive order permitting the exportation of newly mined gold represents no official action
cutting the gold value of the dollar, according to high
Treasury officials, it was stated in a dispatch from Washington Aug. 29 to the New York "Times" in which it was also
said:
It does not in any sense mean the opening of a free market in this country
for gold, it was pointed out. Any purchases of gold by the Government
will continue to be made at the price fixed by statute, $20.67 an ounce.
In explaining the situation created one official said:
"The way has been paved for farmers and other producers to obtain
higher prices for their products. This order simply permits the gold
producers to seek a higher price for newly mined gold. It does not mean
in any sense a reduction in the gold value of the dollar."
The stops taken by the President have been sought for a long time by
the gold producers, who contended that such action was due, under the
existing conditions, and would prove a great stimulus to domestic mining.
What effect the decision will have upon the price of gold in the world
markets will be watched with interest, although the amount of gold so
released for export is said to be so small as to be of relatively little importance in the general picture.
The Treasury Department is working on regulations governing operations
under the Executive order and these will be published soon.
So far as could be learned to-day, the administration has no immediate intention to take any action which would appear officially to devalue
the dollar in terms of gold.
Such officials as would comment indicated that the present course
at least would be to permit the dollar to find its own level in terms of
other currencies. If any official devaluation was carried out, it was
explained, this could be expected only after other economic factors had
become adjusted.
Denver Miners Acclaim President Roosevelt's Gold
Export Decree—Permission For Foreign Sale Will
Revive Industry In Colorado, They Declare.
President Roosevelt's order permitting the sale and exportation of gold on consignment, enabling American miners
to take advantage of the three gold markets of the world,
was hailed in Colorado on Aug. 29, said a dispatch from
Denver on that date to the New York "Herald Tribune."
The dispatch continued:
Leading mining men said the order would revive gold mining in this
State, which once led all other States in the Union with a gold production
of $30.000,000 a year. With the proper reduction facilities enough gold is
available to treble the output and the premium afforded by to-day's order
will stimulate production, it was said.
1681
The news from Hyde Park spread rapidly through the financial district
here and hence to the mining camps like Cripple Creek, Leadville, Alma,
San Juan. Breckenridge and other towns where crowds gathered to discuss
its effect.
The ability to get the premium afforded by the world gold market instead of the pegged price of $20.67 an ounce will open many mines in Colorado, accelerate mill operations and enable owners of many low-grade mining dumps to take the gold from these to market. With the London free
gold price at around $30 an ounce, mining men estimate that $3 a ton one
could be mined profitably.
At Cripple Creek it was estimated that gold production in that camp
would be pushed up around $2,000,000 a year. This district now is running
around 300,000 pounds of $8 to $9 ore each month. The Golden Cycle mill
near Cripple Creek is running to capacity now. Officials have been holding up shipments to the mint in expectation of to-day's order.
The management announced that additional prices received for this gold
will be cut back to the miners gold, it is assumed, will be taken to the mint
where temporary settlement will be made at $20.67 per ounce, the Pegged
price in the United States, subject to resale in the world markets at the preveiling gold rate. Adjustments with the seller then would be made. Officials of the American Smelting and Refining Co. said the order was exactly
what Western mining companies have been working for. They object to
exportation of concentrates, amalgam and precipitates, because these
would have to be treated abroad, thus curtailing smelter operations in
this country.
Delay on Gold Releases Hits Jewelry Producers.
The following Associated Press accounts from Attleboro,
Mass., Aug. 30, are from the New York "Times":
President Roosevelt's new gold edict reacted to-day on business interests
here as Federal Reserve Banks, awaiting instructions from the Treasury
Department, were unable to fill orders for jewelry manufacturers.
When bullion was not released after applications were filed with the banks.
Representative Joseph Martin telegraphed Treasury officials that unless the
gold was forthcoming soon several local firms would be forced to close.
About 30,000 persons are employed in the jewelry business in Southern
New England, New York and New Jersey.
Manufacturers here also predicted the price of jewelry would rise. They
said they had been paying $20.60 an ounce under the statutory price from
the Federal Reserve, but that now they would be forced to pay the world
price of about $30.
Canadians to Lose Profit Derived From U. S. Gold—
Refining and Handling for Export Now Will Cease.
Canadian Press advices from Toronto Aug. 29 appeared
as follows in the New York "Herald Tribune":
The decision of the United States Government to handle gold mined at
home in the same manner as Canada has been doing for months, accepting
It for export to the best world market, changes entirely the plan recently
authorized permitting the producers to export concentrates and amalgams
to Canada or elsewhere for refining and export.
Applications have been made within the last two weeks by leading producing mines in the United States to Ottawa for authority to send their partlytreated gold ore to Canadian smelters at Trail, B. C., Sudbury and Noranda,
the United States Government having raised the barrier against exports of
concentrates. The new order announced to-day relieves the producers of
the expense of shipping abroad for refining and roundabout marketing.
They now will be able to refine at home and market their output through the
United States Treasury in the best market.
The best gold market at present is in London, where gold sold to-day at
129s. 4d. That price turned into United States funds at to-day's rate of
exchange would give United States producers $29.45 an ounce, compared
with $20.67 an ounce, the price paid them up to the present by the United
Government.
The change of plan will mean a loss to Canada and Canadian workers of
the revenue which was expected to come from refining and handling for
export of the bulk of the United States production.
View of Financial Editor of London "Times on President Roosevelt's Gold Order—Sees Signs of Exchange-Regulating Fund.
Commenting on President Roosevelt's new order regarding
gold, the financial editor of the London "Times" on Aug.
.30, wrote as follows according to London advices to the
New York "Times":
"Possibly the freeing of the market for gold represents an initial move
toward the establishment of an exchange-regulating fund, but all that can
be said with certainty is that Roosevelt has recognized belatedly that it was
right and proper to allow gold producers to sell their product at its worldmarket price. His action implies also official recognition of the fact that the
paper dollar is depreciated."
The new regulations designed to prevent the hoarding of gold, the editor
believes, are "incongruous" in view of the President's action in recognizing
that paper dollars are not equivalent to gold dollars. He added:"To imprison a man for a decade simply because he had sufficient foresight to realize
that the gold dollar is more valuable than the paper dollar, which the President has the power to reduce to half its gold content and which now is worth
about 30% less, seems unnecessarily harsh."
Bullion dealers here were uncertain to-day whether newly mined gold
could be freely exported from the United States.
In Survey of Effects of Frozen Bank Deposits Committee for Nation Declares Government's Delay
in Repairing Nation's Banking Structure Has
"Become Menace to National Recovery"—President
Roosevelt Asked to Raise Price Levels and Restore
Value to Frozen Assets and to Issue $7,500,000,000
Currency.
A survey of the banking situation and the effects of frozen
bank deposits, locally and nationally, which had been a subject of research since January by the Committee for the
Nation to Rebuild Prices and Purchasing Power, was made
public on Aug. 30. According to the Committee, "the Government's delay in repairing the nation's banking structure
has brought serious harm to individuals and communities,
1682
Financial Chronicle
and has become a menace to national recovery." In making
public the findings of the Committee, J. H. Rand Jr., Chairman, said, in part:
Early in June one of the leading manufacturers of automobiles reported
to us that the hoped-for improvement in the banking situation had not been
fully realized. Wherever his sales map was bare or spotty, investigation
showed a community with its banks closed or restricted.
We renewed and extended our earlier investigations. For eight weeks we
have had the aid of members doing a nation-wide business. We sent inquiries
also to 5,000 industrial leaders outside our own membership. We used
banking specialists to compile data.
The results . . . disclose a situation the seriousness of which neither
business nor government has fully appreciated. . . .
This is a local as well as a national problem. Conununities fortunate
enough not to have their own banks frozen are nevertheless suffering from
conditions which extend their paralyzing effects all over the United States.
The Committee asks President Roosevelt to use his emergency powers immediately to raise the price level and restore
value to frozen bank assets. It asserts that more purchasing
power can be released by unfreezing bank deposits than
through the Government's public works program. Following are the steps urged upon the President:
1. Issue currency against frozen bank assets sufficient to pay a substantial part of frozen deposits amounting to about $7,500,000,000.
2. Reorganize and co-ordinate various Federal agencies dealing with bank
reopenings, putting them all under one competent head.
3. Have the Federal Government carry for a reasonable time all frozen
bank assets to which value will be restored by a rise in the price level.
4. Make immediate use of emergency monetary powers to reduce the dollar to its normal purchasing power and raise the price level.
The Treasury Department's statements to the public, says
the Committee, do not disclose the real seriousness of the
frozen bank situation. It is added that the latest figure
available at the Treasury the second week in August showed
3,120 banks, with deposits of 82,498,000,000, closed or restricted as of June 28. Since then reopenings have proceeded at the rate of about 30 banks a week.
"The figures available at the Treasury," says the Committee, "do not include the 5,000 banks, with deposits of
about $5,000,000, closed during the depression but before
March 5. These 5,000 banks include the great number of
large and important banks closed during January and February." The Committee goes on to say:
The total of frozen deposits in commercial banks alone is around $7,500,000,000. The total of deposits in all commercial banks now operating without restrictions has been reduced to $31,750,000,000.
Thus nearly 20% of the deposit circulating medium of the country is
frozen.
Furthermore, to get a true perspective, we must take into consideration
$7,500,000,000 of deposits under restriction in savings banks as of May 31,
not included in the Treasury's totals.
Release of this tremendous purchasing power is dependent upon Government action. Without prompt, decisive steps to raise the price level and
thereby restore normal value to bank assets, depositors' and bank stockholders' money will be allowed to waste away.
Bureaucratic control has made depositors, stockholders and bank management powerless to save themselves from unnecessary losses. Although the
salvaging of bank assets is wholly in the hands of the Government, to-day,
after five months, no adequate machinery to cope with this problem exists.
The problem exists. The problem is attacked piecemeal, and has been
handled largely under the influence .of the deflationary interests that have
sought to control monetary policy.
The closing of banks threw upon the Treasury Department such a burden
as it had never faced. There was no adequate organization for handling
this work. Letters piled unanswered. Even conservators writing on vital
points waited weeks without reply.
There has been not only disastrous delay but unnecessary harsh judgment
in official salvaging operations. Seine banks have been bled white by exao- •
tion of excessive collateral for Government "relief" loans. Only recently
President Roosevelt caused this policy to be relaxed.
Had the monetary measures necessary to correct the price level been taken
before commodities and securities were allowed to slip into a tail-spin, values
would have been restored to many bank portfolios.
It is still not too late to correct this situation. But depositors—while
loyally supporting the Government in its constructive efforts—must demand
that the mistakes in policy and personnel shall not be continued.
Public opinion must therefore recognize that innocent victims of banks
closed by a drop in the price level which the Government failed to forestall
or promptly correct, have a claim on Government aid.
A Government liquidating corporation to carry bank assets until values
are restored would probably pay out better than investment in public works,
and release even greater purchasing power.
There has been some liberalization of policy since this Committee first
called attention to the seriousness of frozen bank deposits. But most of the
reformation of policy is still to be accomplished. Public opinion must
demand it, and support the President in effecting it.
The recommendations of the Committee for the Nation, if acted upon
promptly, would free a large part of depositors' money, release their purchasing power, restore value to bank assets, help restore the price level, and
permit business to function normally. This would obviate the necessity for
the Government to extend the unpracticed hand of bureaucratic regulation over
all business. The machinery of regulation and regimentation, once established, tends to spread itself and suppress institutions of free contract.
Agricultural Adjustment Act Is Constitutional, According to Decision of District of Columbia Supreme
Court in Suit Brought as Test Case—Chicago
Milk Operators to Appeal—Opinion of Court Cites
National Emergency as Justifying Act.
The constitutionality of the Agricultural Adjustment Act
was upheld on Aug. 29 by Justice Daniel W..O'Donoghue of
Sept. 2 1933
the Supreme Court of the District of Columbia. Justice
O'Donoghue gave his decision in refusing to grant an order
restraining Secretary of Agriculture Wallace from enforcing
the Chicago milk shed agreement, after suits had been entered by Milton R. Beck of Stockney, Ill., and the Economy
Milk Co. of Norman Park, Ill. Attorneys for the plaintiffs
indicated that an appeal will be carried to the Supreme Court
as a test case to determine the legality of the act, which
Justice O'Donoghue declared was justified because of the existence of a national economic emergency. In his opinion he
said:
The Court finds that a national emergency exists and that the welfare of
the people and the very existence of the Government itself are in peril.
The day has passed when absolute vested rights in contract or property
are to be regarded as sacrosanct or above the law.
Neither the necessities of life nor commodities affected with a public
interest can any longer be left to ruthless competition or selfish greed for
their production or distribution.
The Court finds that the Agricultural Adjustment Act, passed by the Congress May 12 1933, is constitutional and the regulations and licenses promulgated and issued thereunder are reasonable and valid.
Citing: The People of the State of New York vs. Leo Nebbia, Court of
Appeals of New York, No. 355, decided July 11 1933.
Accordingly the Court discharges the rule to show cause and refuses to
grant the temporary injunctions in the two cases and grants the motion to
dismiss the two bills of the complaint.
Secretary Wallace Signs Milk Marketing Agreement
for Minneapolis and St. Paul—Fourth Pact of
Kind, It Will Add $60,000 Monthly to Producers'
Income.
Secretary of Agriculture Wallace on Aug. 29 signed a milk
marketing agreement for the Minneapolis-St. Paul milk shed,
to become effective with its licensing provisions yesterday
(Sept. 1). It was estimated that the agreement, which represented the fourth to be adopted for metropolitan milk
sheds, would add 860,000 monthly to the income of producers.
Among the specific points in the agreement which were said
not to have been included in any of the others were the following, as listed in Washington advices of Aug. 29 to the New
York "Journal of Commerce":
1. No base and surplus production plan is used, and none was requested
because the milk shed is located in an intensive manufactured milk region
subject to the prevailing butter-fat price plus a slight differential for fluid
milk and cream.
2. Automatic shifts are made from one specific price scale to a second
one within prescribed limits based on the prevailing butter-fat market.
3. Reservations are placed in the agreement to take care of modifications that may arise with the anticipated use of a general blanket milk
marketing agreement for all milk sheds.
4. Distributors are classified into four groups with respect to their buying methods and terms of payment to producers.
5. A provision is added that milk testing between 4.5 and 5.1% fat
and raw milk producers selling under conditions approaching certified
grades shall have minimum but no maximum limits in price stipulated.
President Calls Upon Reconstruction Finance Corporation to Arrange Extension of Credits to NRA
Members—Conference at Washington Between
Jesse H. Jones, Governor Black of Federal Reserve
Board and Representatives of Comptroller of
Currency.
The working out of plans for extending credits to NRA
members through the Reconstruction Finance Corporation
was considered at a conference held in Washington on Aug.30
participated in by Jesse H. Jones, Chairman of the Reconstruction Finance Corporation; Governor Eugene R. Black
of the Federal Reserve Board and Representatives of the
office of the Comptroller of the Currency. In a dispatch
from Hyde Park, N. Y., to the New York "Journal of
Commerce" it was stated that President Roosevelt favors
financing by the Government of the increased wage costs to
business under the NRA and as a step in this direction he
instructed Chairman Jones, of the Reconstruction Finance
Corporation to develop plans for credits through the Corporation in furtherance of the recovery program. The
dispatch further said:
The President and many of his advisors believe that the problem of
meeting higher costs will become unimportant after a short period. Some
time this autumn, they hold, business revenues will be increased as a result
of the broader markets resulting from higher wages. In the meantime, however, higher wage costs will require new commercial financing.
The meeting of the government's fiscal experts at Washington on Aug. 30 (said the New York "Times") followed
conferences Mr. Jones and other officials have had with
President Roosevelt at Hyde Park in which additional steps
by the Reconstruction Finance Corporation to use its lending
power to get industry and business going were discussed.
The "Times" advices from Washington Aug. 30 also had the
following to say:
All Possible Aid Planned.
"The Reconstruction Finance Corporation Board will do everything
within its power to aid the NRA program," said Mr. Jones. "We are
making now an investigation of credit conditions and examining the law
Volume 137
Financial Chronicle
b o determine in what further ways we may be helpful. The Board may
have some suggestions to make to-morrow."
Mr. Jones said the explorations already made indicated that the banks
had plenty of money to lend and that one phase of the task ahead was to
get this money out. The industries, he felt, wanted it.
Among the possibilities examined, it was said, was the making of direct
loans to industries by the Reconstruction Finance Corporation. Counsel
for the corporation are making a detailed analysis of the act to see if there
is any way in which this might be permissible. Up to this time it has been
held that industry must get any Reconstruction Finance Corporation aid
indirectly through the banks.
Reserve's Views Given.
Governor Black was brought into the conference to present a picture of
the credit conditions as viewed by the Federal Reserve Board and to discuss the extent to which it appeared that the Board might be able to bring
about further credit expansion by its open market policies and authority for
other action that it possesses.
The picture of the condition of the banks in various parts of the country
and their ability to expand their loans to industry without endangering their
soundness, was placed before the Reconstruction Finance Corporation
officials by the representatives of the Comptroller's office.
One result of to-day's meeting was to bring about close co-operation between the Reconstruction Finance Corporation and the officials of the
Federal Reserve Board and the Comptroller of Currency in the program
that may finally be adopted.
Mr. Jones and some of his assistants had put in a 12
-hour day trying to
work out the problem, hoping to get out a formal announcement to-night,
but finally decided that further examination and interpretation of the Reconstruction Finance Corporation act was necessary before any of the plans
under discussion were given to the public. . . .
The possibility of the Reconstruction Finance Corporation loosening
up on the form and amount of collateral on which banks could obtain loans
to industries to aid the program of the NRA was among the subjects considered.
The Reconstruction Finance Corporation has authority to accept as collateral paper that is not discountable by the Reserve Banks, and this has
been done in making many loans. However, the necessity of keeping the
governmental loans well safeguarded has always been a consideration, and
the amount of collateral where there was a chance of shrinkage in value
has been relatively large.
With the nation moving out of the depression some of this has now become much more valuable.
Aid to Banks Also Discussed.
r Aid the Reconstruction Finance Corporation might give in speeding
the re-opening of closed or restricted banks was another topic said to have
been talked over. Recent figures show that while 2,713 banks of various
types remain unlicensed, the total of deposits in these banks is less than
$2,000,000,000, as compared with nearly $33,000.000,000 in banks that
have received licenses.
These figures are exclusive of mutual savings banks. The situation in
regard to the National Banks is especially good, with the prospect that the
deposits tied up in these banks will soon be not more than $400,000,000.
It is understood that the examination of the bank statements to-day
indicated there was adequate credit available, once it was released. One
of the officials expressed the belief that as the recovery program obtained
a little more momentum there would be a considerable expansion of bank
credit and that there was already apparent a tendency on the part of the
banks to expand business loans.
1683
fulfill both of these purposes in a way that no official or business office
would permit.
My service as an official in the Government was profoundly temporary.
It has continued through the preliminaries of your Administration and
now reaches a convenient time for its termination. I therefore offer you
my resignation as Assistant Secretary of State to take effect, if convenient
to you. September 7. As I do so, I pledge you my active and continued
support of the ideals to which you have given such a hopeful and auspicious
realization. I have with many thousands of others found renewed belief
in turning the power of Government to the alleviation of human burdens
and of ordering for the better the economic life of the nation. We have
believed and you have justified us in our belief.
I regard this present opportunity to edit a national weekly as opening
the door to a most important means of furthering these ideals.
Friendship for you as a great warrior and chief and a deep sharing of
political ideals are precious. These remain and give me encouragement
and hope as I undertake this new task.
Faithfully yours,
RAYMOND MOLEY.
President's Acceptance.
August 27 1933.
Raymond:—It is with a sense of deep personal regret that I accept
Dear
your resignation as Assistant Secretary of State.
I need not tell you that I appreciate and shall always remember your
participation during these two years in the development of policies based
on our common ideals. You have rendered a very definite service to your
country;and your departure from an official position to undertake an editorship will give you opportunity to carry on the task in an equally wide field.
The ending of our official relations will in no way terminate our close
personal association. I shall count on seeing you often and in the mean
time I send you every good wish and my affectionate regards.
Faithfully yours,
FRANKLIN D. ROOSEVELT.
Mr. Astor's Statement.
Since shortly after President Roosevelt's inauguration I, with three
associates, have considered the practicability of establishing a national
weekly, in somewhat new form but at a really popular price. Many
preliminary problems lay in our path, problems that demanded long consideration and careful study. These now are solved. We therefore shall
proceed with this enterprise, in the expectation of commencing publication
about October 1st. I shall 'be the publisher, and associated with me are
Mrs. Mary Rumsey, W. Averell Harriman and V. V. McNitt. All of
these are to actively share in the management,and Mr.McHitt has accepted
the position of executive editor.
Throughout our negotiations, and our many consultations, Raymond
Moley has played an active, helpful and inspiring part. We are indeed
hopeful that he may find his way clear to join us as editor in this adventure
in independent political journalism.
As we see it, there is now as surely never before a wide and useful field
for a free, impartial, and vivid interpretation each week of the momentous
changes taking place in our American life. There is also the need of a
vehicle for the expression of those ideas and proposals that will tend to
direct these forces along planned and progressive channels. To supply
such a medium, dedicated to truly American ideals, we shall do our utmost.
In commenting on Mr. Moley's resignation, a correspondent of the New York "Times," writing from Hyde
Park, discussed rumors of friction between Mr. Moley and
Secretary of State Hull, particularly during the recent
World Monetary and Economic Conference, as follows:
Raymond Moley Resigns as Assistant Secretary of
State—Often Referred to as Head of President
Roosevelt's "Brain Trust"—Will Edit New National
Magazine to Be Founded by Vincent Astor—
President Accepts Resignation with Regret.
Raymond Moley, Assistant Secretary of State and often
referred to as the leader of "President Roosevelt's brain
trust," submitted on Aug. 27 his resignation, to become
effective on Sept. 7. It was accepted by the President,
and at the same time it was announced that Mr. Moley
will become editor of a national weekly magazine to be
founded by Vincent Astor. The resignation was made public
at the President's summer residence at Hyde Park, N. Y.,
following a conference attended by Mr. Moley, Mr. Astor,
President Roosevelt, and Stephen T. Early, Assistant
Secretary to the President. Mr. Moley told the President
that he felt he could serve the Administration's ideas in
"the writing and teaching of politics and government,"
and pledged his "active and continued support of the ideals
to which you have given such a hopeful and auspicious
realization." In accepting the resignation with regret,
President Roosevelt said that the severing of official ties
would "in.no way terminate our close personal association."
The letters exchanged between Mr. Moley and the President,
and a statement by Mr. Astor follow:
Dispute With Hull Recalled.
Conflict between the views of Secretary Hull and Mr. Moley has caused
some concern to the President's advisers, and there was a time during the
London Economic Conference when it seemed that this conflict might
lead to Secretary Hull's resignation.
The Economic Conference began upon a basis including the stabilization
of international exchange, the writing of new tariff agreements and other
basic ideas strongly espoused by Secretary Hull.
In the midst of the Conference, however, President Roosevelt took a
step which virtually spelled the end of the Conference by writing his nowfamous note turning down stabilization for the time being.
In addition to that action, he sent Mr. Moley as a special delegate to
the Conference after Secretary Hull, as Chairman of the American delegation, had been attending the sessions in London for several weeks.
At the close of the Conference, however,the situation apparently changed
about, for the President twice complimented highly Secretary Hull's
London work, first in a radiogram to Mr. Hull while the latter was homeward bound, and again when Mr. Hull was a guest at Hyde Park House
early this month.
In what appeared to be a concurrent move by President Roosevelt, Mr.
Moley was suddenly removed in fact though not technically from the
State Department on the eve of Secretary Hull's return.
This change shifted him to a survey of kidnapping and racketeering for
the Department of Justice, co-operating with the Attorney-General's
"anti-racket" bureau. The assignment was made, it was announced,
because of Mr. Moley's wide experience in crime studies for New York
and other States.
Mr. Moley's Letter of Resignation.
•
August 27 1933.
Dear Mr. President:—For months I have given long and considered
thought to the two happy and pleasant alternatives of either remaining in
an official capacity in your Administration or of discontinuing my official
status to resume my professional interests in writing and teaching. The
development of the idea of a national weekly which has now been consummated by Mr. Astor and his associates has provided for me the answer.
I have decided that in joining in this new venture I cannot only serve you
best but also my own inclinations and interests.
The regret that I should otherwise experience at severing my official
tie with your Administration is absent on account of the fact that this
new work permits me not only to further the ideals common to us both,
but to continue to enjoy the friendly association with you that has marked
the many months both before and since your inauguration.
As you well know, my participation in national politics these last two
Years has arisen from two motives, the one my friendship for you together
with the deep conviction with which I have shared your political views,
and the other my personal dedication as a life work to the writing and
teaching of politics and government. This new venture enables me to
Dudley Cates, Deputy Administrator of NRA, Resigns
After Clash With General Johnson Over Labor
Policy—Had Attacked Horizontal Unionization of
Industry—Labor Advisory Board Issues Statement
Condemning "Merit" Clause in Codes.
Dudley Cates, Assistant Administrator for Industry, has
resigned from the NRA, according to an announcement on
Aug. 31. His resignation was attributed to differences of
opinion with General Hugh S. Johnson, Recovery Administrator, on policy and interpretation of the laws, and in
particular with regard to labor policies. Mr. Cates issued
a statement in which he expressed his opposition to fostering
the American horizontal trade union organization. Meanwhile the Labor Advisory Board of the NRA had publicly
denounced the "efficiency" and "individual merit" clauses
While no mention was made to-day of the many rumors in past weeks
which might have been taken to presage Mr. Moley's resignation, to-day's
action is viewed in some quarters as removing the one obstacle to completely harmonious operation of the Administration at Washington.
1684
Financial Chronicle
inserted in the automobile Code, and generally associated
with the open-shop policy of the steel, coal and other industries. It was also announced on Aug. 31 that John M.
Hancock, executive officer of the NRA, would leave the
organization to-day (Sept. 2). Lester C. Wilson, chief of
the interpretative section, has resigned and has been succeeded by C. S. Long. Mr. Cates's resignation was announced by General Johnson in the following statement:
Dudley Cates has resigned. He came here at my urgent request without
compensation and at great personal expense, loss and sacrifice. He has
been my good friend and intimate for many years and through many
difficulties, and he has always been, and he is now, honest and loyal. He
has one of the keenest minds of my acquaintance, and I expected him to be
of the greatest value in this work.
Unfortunately, differences of opinion on policy and interpretation of the
law arose early in this administration. We both have done everything we
could to reconcile this difference. Over a month ago he expressed a wish
to leave, and has remained only at my solicitation and in the hope that we
could find a way to use his great talents in some position which would
not raise controverted question of policy. This has not proved feasible.
and Mr. Cates has taken the honorable, straightforward and characteristic
path It is the first time in a long executive career that I have ever lost
an assistant or any co-worker under my direction, but th.s is unavoidable
and, in the circumstances, the only honorable and courageous solution of
the problem
Mr. Cates at first refused to elaborate on the report of his
resignation, but he later made public a memorandum on
labor policy which he said he had submitted to the NRA
several weeks ago. This memorandum contended that both
trade unions and employers' associations are "essentially
provocative and inconsistent with the spirit of the Act."
He urged vertical unions in each industry, but free from the
outside control of either employers or labor leaders.
As previously noted, the NRA Labor Advisory Board also
issued a statement on Aug. 31, condemning what it termed
"disguised anti-labor provisions" iii industrial Codes. The
text of that statement follows:
Misrepresentation compels the Labor Advisory Board to state why It
believes the NRA would court disaster by accepting in codes any so-called
"efficiency" or "individual merit" clauses or other disguised anti-labor
provisions.
The board opposed this clause in one code. Now it finds it in twentynine codes recently submitted. Copies are being revised on the eve of
hearings to get this clause in. Whether prefaced with an open shop declaration or with a disclaimer of intent to modify the collective bargaining
provisions of the recovery act, the wording generally runs that nothing
in the code "shall prevent the selection, retention of advancement of any
employee on the basis of his individual merit (or efficiency) without regard
to his membership or non-membership in a labor (or other) organization."
This clause will rise to plague the NRA in the working of any code
where its insertion is permitted.
Efficiency and merit are fine words and the board's opposition is misrepresented into implying that we would protect the inefficient. This is
the revival of an ancient slander on organized labor. Also it signals something more important for the NRA.
As practical men, with long experience of this very clause, we know the
misuses to which "efficiency" and "merit" are put.
The terms have served as a screen behind which employers opposed to
any organization by their employees have intimidated or eliminated wage
earners favoring organizations of their own. The terms as applied have
left the sole determination of what constitutes efficiency or merit to the
employer without adequate appeal by the workmen who are being discriminated against.
"At the present time everywhere in basic industries workmen who take
at face value Section 7-A of the recovery act are organizing themselves
and asking guidance and support from national unions. If those men
should be systematically discharged—no matter how efficient they had
been for years—and deprived of their livelihood because they lost 'merit'
by joining unions, a situation of wide unrest would result for which any
NRA code containing such clauses would be blamed. We foresee this
clause, excerpted from the code and posted up in factories by recalcitrant
employers, as if countersigned by the administrator and the President, and
pointed to as the justification for hiring and firing, promoting and demoting, as the employer pleases. Among the industries now so keen for
this clause are the very ones that in the past have decimated their labor
forces to root out union men, all in the name of individual merit.
Future victims will hardly forgive NRA because such clauses are prefaced
by a legalism about not modifying Section 7-A.
The President has warned that attempts to "whittle away" the effectiveness of collective bargaining will not be tolerated. Congress overwhelmingly
rejected such whittling as is now being lugged into the back door of codes.
In the spirit of the President's declaration and of Congress's action the
Labor Advisory Board sets its face firmly against the acceptance of any
code with this clause destined to defeat the attainment of national recovery.
A Washington dispatch to the New York "Evening Post"
yesterday (Sept. 1) discussed the effect of Mr. Cates's
resignation as follows:
The resignation of Mr. Cates affords encouragement to those who have
fought General Johnson and, coming at a time when a crisis is developing
in the attempt to force Ford into the NRA program, undoubtedly has more
significance to the ordinary individual than it would have ordinarily.
There is nothing particularly unexpected about it to those who have
been closely in touch with the NRA. Mr. Cates, as a banker and insurance
man, went into the organization as the representative and guardian for
industry. His title was Assistant Administrator for Industry, lie was
theoretically on General Johnson's right. As Assistant Administrator for
Labor Edward F. McGrady was theoretically on his left, both in an advisory and mediatory capacity.
The policies of the NRA have been distinctly pro-labor. It was natural
for Mr. Cates to oppose this. If he had not he would not have been a
proper spokesman for industry in the first place. When his ideas were
overruled it also is not unnatural for him to resign, nor is it basically particularly significant except to those who fall to comprehend these facts.
It is, however, significant as it offers an opportunity for those who are
dissatisfied with the activities of the NRA to talk of a "breakup" of the
Sept. 2 1933
organization and "a split in policies." That it will be so used is almost
self-evident.
Mr. Cates Is a Chicago banker and insurance man who has long been
a personal friend of General Johnson. He was invited into the NRA
Personally by the General, and served without compensation. The administrator had only praise for him as he left and regret that the differences
of opinion had developed.
President Roosevelt at "Neighbors Day" Gathering in
Dutchess County, N. Y., Says Unity in Nation as
Witnessed in NRA Drive, Has Not Been Equalled
Since War—Points to Opportunity for Betterment
in Local Government.
At a "Neighbors' Day" gathering in Dutchess County,
N. Y., President Roosevelt, speaking at Poughkeepsie on
Aug. 26, declared that "there is a unity in this country which
I have not seen, and you have not seen, since April 1917,
by which the American people are getting together behind
the spirit of NRA." "In every community, in every
State," continued the President, "they are going to live by
this principle, and through this operation, and through the
operation of other great agencies of the Government which
we have started, we are going to bring this country back to
better times." The President further declared:
Of course, it is true that your Government hopes that the building up of
wages that are too low, that are starvation wages, and the shortening of
hours of work . . . in every part of the United States will result in
a greater distribution of income and wages and thereby increase the number
of people in this country that can be employed.
It is true that we seek definitely to increase the purchasing power . . .
of the nation as a whole. It is also true that we are definitely succeeding
in this purpose and that the downhill drift of America has definitely turned
and become an upward surge for America.
Mr. Roosevelt emphasized that the new policy is to be
one extending to the Nation the principle of "local community—that no individual, no family, has a right to do
things which hurt the neighbors." He called for a complete
reorganization of local government, and said "the opportunity in this field of local government for improvement,
for a betterment that will be felt in your lives, is just as
great as it is in Washington." The President asserted
that for the first time in history the Nation "as a whole and
regardless of party has approved drastic changes in methods
and forms of the functions of Government without destroying
the basic principles." He made it clear (the Associated
Press noted) that his "neighbor" policy forbids monopolies,
particularly in public utilities; child labor; staivation wages
and long hours of work; and an unfair distribution of wealth.
But he insisted all of this does not infringe upon personal
liberty. The President's address follows:
Dr. MacCracken, my old friends and all my neighbors of old Dulchess:
I am glad that Dr. MacCracken referred to introducing Dutchess County
to the United States. I think it is a very fine idea, but, as a matter of
fact, one of the things way back in the old days when I ran at another
time on the national ticket in 1920, and began to know the United States—
one of the amusing things to me was that there was hardly a State west
of Ohio, clear out to the Pacific, where I did not meet somebody in the
crowd, or at the luncheon or at the banquet, that did not come up to me
and say, "My family came from Dutchess County in the old days."
Dutchess County has spread all over the United States, and the influence
of the fine old stock that we have raised here is being felt in our ArBeiriC311
citizenship in every part of the country.
The Day He Was "Kidnapped."
I want to go back for a minute to the old days before I got to know
the United States. It is, I think, just 23 years ago that I chanced to be
in Poughkeepsie on a Saturday morning in August—a very hot Saturday
morning. In front of the court house I ran across a group of friends of
mine. As I remember, they were Judge Morschauser, George Spratt,
John Mack and Judge Arnold. I had only intended to stay in town for a
few minutes to do some errands, but they kidnapped me—one of the
first cases of deliberate kidnapping on record—and took me out to the
policemen's picnic in Fairview.
On that joyous occasion of clams and sauerkraut and real beer, on that
great occasion, I made my first speech, and I have been apologizing for
it over since. And also on that same occasion I started to make the acquaintance of that part of Dutchess County that lies outside of the town
of Hyde Park. And I continued to make that acquaintance all through
the campaign that time, because in August I hadn't the foggiest idea that
I was going to run for the State Senate and it was only because another
band of kidnapers kidnaped me that I got into public life at all. For I
had to talk, and was given the opportunity of making the acquaintance
of a county. And to-day, as I drive along a beautiful, concrete highway,
or one of the new county roads. I see in my mind's eye that same road
as it existed in the autumn of 1910. as I proceeded over it at the dangerous
Pace of about 22 miles an hour in Mr. Hawkey's old red Maxwell, without
any front windshield, without any top—an old Maxwell that when we
mot a horse or a team—and that was about every half mile or so—we
had to stop—not only stop, but stop the engine.
All through those succeeding years the friendships that we began at that
time have deepened, and, as you know, in spite of the absences in Washington and Albany, I came back to the county on every possible occasion,
with a true feeling that it was home, and that I am once more among my
neighbors. I get the local papers down in Washington, and judging by
them I can say that during these recent months I have taken deep satisfaction in the fine spirit of understanding with which the people of my home
county havecome along with the great national effort to set our national
in der.
house
In former days,in this State and other places, we have seen something
of the same performance in the fields of local government. Hero and there,
in spots that are altogether too rare, there is a town or a city or a county
or even a State that has through its own interest—the intermt of its own
citizenship—become conscious of the fact that under the old order, the
Volume 137
Financial Chronicle
social or the economic or the political life of the community was drifting
down hill through lack of action because of adhering to old rules that have
been promulgated to fit conditions of a bygone age. In such individual
cases aroused citizens have chosen new servants or have changed the
form of conducting their local affairs to the advantage of the community
without destroying the principles of self-government, that are inherent
In our American civilization.
You and I know that history in this State and elsewhere gives us many
local examples of that and in a sense this arousing of people's interest is
what has occurred throughout the country in this year 1933, and has
made itself felt in the national capital. I think it is the first time in our
history that the nation as a whole, regardless of party, has approved drastic
changes in the methods and forms of the functions of Government without
destroying the basic principles. Perhaps I can best illustrate the change
that I am talking about by putting it this way—that we have been extending to our national life the old principle of the local community,the Principle
that no Individual man, women or child has a right to do things that hurt
theh. neighbors. And on this Neighbors Day I think we can properly
emphasize that word.
Many centuries ago, as you know,it was the principle of the old English
common law—nearly 1,000 years ago—and its development has been
constant and consistent to be fair to one's neighbors and not do things
that hurt them. In the old days, when there were only agricultural communities, it was unfair, for example, to our neighbors to allow our cattle
to roam on our neighbors land. We were told we had to fence our cattle
in. And then when we got into great cities it became unfair to maintain—let us say, maintain a pigsty on Main and Market Streets. As this
principle was extended it became unfair to our neighbors if we—any individual or association of individuals—sought to make unfair profits from
monopolies In things that everybody had to use, such as gas, as electric
lights and railroad tickets and freight rates and things of that kind.
Still later on, it became uniformly accepted throughout the country,
almost, that it was not fair to our neighbors to let anybody hire their
children when they were little bits of things, when they ought to be at
school. And especially that it was unfair to hire them at pitiful wages
and with long hours of work.
Many years ago we went even further in saying that the Government—
State Government or national Government—would have the right to impose increasing taxes on increasing profits because of a simple principle
that very large profits were, of course, made at the expense of neighbors
and therefore should, at least to some extent, be used through taxes for
the benefit of the neighbors. Now the extension of the idea of not hurting
our neighbors is recognized to-day as no infringement on the guaranty of
personal liberty—personal liberty to the individual. For example, it is
no more a restriction to tell a man that he must pay adequate wages than
It is to tell that man that he must not hire child labor, or that he must not
maintain a nuisance against his neighbors.
I think it is within this understanding of the deeper purposes of things
to-day that the NRA we have heard so much about Is proceeding and that
that Act is being accepted by the people of the country with the understanding of what it is all about.
Of course it is true that your Government in Washington hopes that
the building up of wages that are too low, that are starvation wages, and
shortening of hours of work, hours that are too long, in every part of the
Union, will result in a greater distribution of income and wages and thereby
increase the number of people in this country that can be employed.
It is true that we in Washington are seeking definitely to increase the
purchasing power of the average American citizen and, therefore, of the
nation as a whole. It is also true, I think, that we are definitely succeeding
In this purpose and that the downhill drift of America has definitely turned
and become the upward surge of America.
Now, my friends, that is dollars and cents, but it is also true that the
people,through government, are extending as a permanent part of American
life and not just for one year or two years—they are extending their insistence that individuals and associations of individuals shall cease doing
many things that have been hurting their neighbors in bygone days.
We are engaged to-day, as you know—not just the Government in
Washington, but groups of citizens everywhere—in reviewing all kinds
of human relationships and in these reviews we are asking an old question
in a new form. We are saying,"Is this practice, is this custom,something
which is being done at the expense of the many" And the many are the
neighbors. In a national sense the many, the neighbors, are the people
of the United States as a whole. Nationally, we must think of them as a
whole and not just by sections or by States.
We cannot give special consideration to the people of the North if, in so
doing, it will not result in good to the people of the South or the West.
We cannot give special privileges to those who farm one particular crop
if the giving makes things more difficult for those who farm some other
crop. We cannot single out one industry at the expense of others. The
national Government must, of course, think in national terms, but your
responsibility, your interest in national Government ought not to stop
there. The greater part of Government, as it affects your daily lives and
mine, is your local government. The opportunity in this field of local
government for improvement, for a betterment that will be felt in your
lives, is just as great as it is in Washington.
When I was Governor of the State for four years I used to do a good
deal of talking about local government, and lust as long as I live, whether
I am in Washington or Dutchess County, I am afraid I cannot get over
the habit. I used to tell people that we have in this State more than
13,000 local units of government. You were all interested, but I did not
notice that you did anything about it. I used to tell, when I was Governor,
about the fact that there were more than 950 highway departments in the
State of New York. You were interested, but I did not notice that you
did much about it. I talked to you about the six or eight layers of government that you lived under, Federal, State, county and town, electric light
district and fire department district, and so forth—even sidewalk district—a
and I don't know how many other kinds of districts—and you were paying
taxes in all of them. You know that and so do I. But we haven't done
much yet along that line. We haven't done much to reorganize in our local
government—what you and I know to be an outworn system built up in
the days of the oxcart and unchanged in the days of the automobile. Some
day—because I have always been an optimist I believe it will occur during
our lifetime—some day the people of the State of New York and the County
of Dutchess will do something about it. But I tell you that nothing will be
done about it unless you make your representatives—your representatives
on town boards and county boards and the State Legislature—do something about it. And if they won't do it, substitute other representatives
for them. When I say that I am not talking Democratic politics, I am
talking straight Dutchess County Americanism. May I add that both of
the old parties In the county and in the State have been very largely to
blame for not giving you people any action. I think you can make them
take action—both parties.
That all ties in with the old theme of good neighbors. If we have in our
government things that do not work out well for the neighbors, things
that redound to the credit of just a few people who run the government
1685
and redound to the harm of the voters, who do not run the government,
except by going to the polls on Election Day, the only improvement that
we can make must be an improvement that can help the neighbors. It all
ties in together, and I believe that the people of this country have been
taking more interest in the problems of their own government, because it
is theirs, than ever before in history. More men and women are taking
an individual, a personal interest in all the problems—the social relations,
and economic questions and political problems—than ever before in the
history of the nation, and I hope that that interest will be extended to the
problems of the local government as well.
It seems to me very fitting that I should emphasize to you, my neighbors,
neighbors.of my own home county, this thought that what is good for my
neighbors is good for me, too.
It is very delightful to be able to establish the summer White House
in one's own home, without having to go to a strange house. It is very
delightful to have that home within easy striking distance of Washington.
It is very delightful to be able to come there any time that the Administration and the Congress allow me to, and find my mother holding the fort.
It is not only very delightful and a great relaxation to come to a party like
this, but it does,frankly, help to restore one's sense of perspective,and when.
People get near-sighted by being too close to the government Job, day in
and day out, their efficiency and value as public servants begin to falter.
Just before I came in here the President of the Dutchess County Society
gave me a very beautiful NRA emblem to put into my coat. The only
difficulty about me wearing it is that it is not quite honest. Because the
good people that work for me in the White House—whom you are all
entertaining so magnificently here in Poughkeepsie, at the headquarters
In the "Cornier" Building—I am afraid that I cannot allow them to work
by any NRA code. Our day is just aslong—our working day just aslong—
as it has to be.
Sometimes it starts pretty early in the morning and very often it goes
right straight through until the small hours of the next morning. That is
one exception to the NRA that I have te approve. Outside of that there
Is a unity in this country which I have not seen and you have not seen since
April 1917, by which the American people are getting together behind the
spirit of the NRA.
In every community, in every State, they are going to live by this
Principle, and through its operation and through the operation of other
great agencies of the government which we have started we are going to
bring this country back to better times.
So, my friends, with my family, I am grateful to have this opportunity
of seeing you—all my neighbors. Bless you all.
General Hugh S. Johnson Denies NRA Seeks to Put
a "Straight-Jacket" on Business — Recovery
Administrator, Speaking at Boston Meeting, Says
the Law Is Liberating Business—Admits Country
Cannot Be Legislated Out of Troubles and Asserts
the Most that Can Be Done "Is to Give Every Man
a Chance to Help Himself"—Decries "Pipe-Dream
Prosperity" of 1928.
General Hugh S. Johnson, Recovery Administrator, issued
an emphatic denial on Aug. 30 that the NRA. is attempting
to make business "goose-step" or is putting it in a straightjacket. Speaking at a luncheon meeting of recovery workers in Boston, he declared that, on the contrary, the law is
liberating business and is "giving American industry the
greatest opportunity it has ever had in this country or any
other country." "NRA is in no sense a czardom," he
asserted a few moments later. "It is a sort of rules committee where the great coaches of the American industrial
and labor teams are collaborating to make a new and fairer
gave out of business competition in this country." General
Johnson said that the entire recovery experiment depends
upon the workers and consumers, and their co-operation with
manufacturer and merchant. The country cannot be legislated into prosperity, he remarked, and the most that can
be done "is to give every man a chance to help himself. That
the Blue Eagle does." Once, in the course of his address,
he referred to the "1928 boom" and explaimed: "God save
us from any more prosperity of that pipe-dream substance!"
The complete text of his address follows:
In this place the American Revolution was bred. It was not rebellion
against the British Constitution, the body of British law or the British
dynasty. It was a resistance to economic pressure, to business exploitation.
Our forefathers had won from a wilderness a white man's paradise of all
of nature's vast resources. They wanted to have and enjoy them alL They
refused to sit surrounded by benefits, but denied the right to use them.
It didn't make sense.
They saw no reason why they should not forge the iron in their hills, or
barter as they chose the products of their toil. They declined to share with
British proprietors more than a just portion of the fruit of the laud which,
at a great price in peril and hardship, they had made their own.
They were patient in their protests. At last they took matters into their
own hands. The proprietors, by their greed and shortsightedness, had killed
the goose that laid the golden eggs and the American people were made
free to have the thing their labors were to create—this vast and blessed
country of ours.
Changes in Economic System.
Much water has run under our bridges since that distant day. We have
wiped out our last frontier and a new economic system rules the world. But
the basic principles of human affairs do not change. This is still a land of
limitless resource. We are still a people of boundless energy. There is no
more sense in starving in a land of plenty now than there was in 1776.
People will patiently follow stupid leadership for a long, long time and
a very great distance, but not forever. It is easy enough to say what has
caused this monstrous four years of suffering in a land of natural riches,
even if it is not so easy to remove that cause. The trouble is plainly and
simply that producers have not received enough for their output to enable
them to buy it back and keep our farms and factories going. That is the
reason for unemployment and failing business, exhausted savings and abandoned homes. That is the reason, and until that reason is removed there
isn't going to be any recovery.
1686
Financial Chronicle
There is no use in pointing back at the 1928 boom and saying that prosperity is possible without change. God save us from any more prosperity
of that pipe-dream substance.
Unsoundness Is Painted.
Half the companies in the country were running in the red. The whole
of agriculture was flat on its back. The smoky dream was built on an
expanding export trade which we got by lending busted foreign customers
lavish billions to buy our goods when we were already on notice that they
could not, or would not, pay even a portion of other lavish billions they
aLready owed us.
We were giving away both our goods and the money to buy them as fast
.
as ships could carry them across the ocean, and then building here a bonfire of hope under our speculative markets from the warmth of hot I.O.U.'s.
It was a madness of frenzied finance, like the Florida boom, a whoopee
party on the business front, and it laid the basis for the four-year headache
from which, pray Heaven, we are just recovering. Anybody who wants
any more prosperity of that kind is a candidate for some economic Keeley
cure which nobody has yet invented.
Panacea Not Promised.
I have yet to hear our President promise any magic cure for all this or
proclaim any certain formula. What, in effect, he has said over and over
again is that there are so many good things in this land of ours that if
only we spread them more evenly there is enough to keep everybody occupied and as happy as it is given to human beings in this troubled world to be.
That may not be enough of a formula to fill many books on economics,
but it is simple enough for anybody to understand, and after a long, intense
and painstaking study of the subject I, for one, am unable to see anything
very much the matter with it.
That is all there is to the NRA. That is all there is to the Farm Bill.
That is all there is to the Home Loan and Farm Loan Bills and the monetary
policy and the Securities Bill and the Transportation Act and all the other
new laws of Franklin Roosevelt's New Deal. They may be full of legal
phases, whereases and all the other highfaluting language that Legislatures
use, but when you strip them down to the pinethat is all there is to them.
They are designed to start business by creating purchasing power on the
simple theory that 100 men with $10 each will spend more money and create
more business than one man with $1,000 and 99 men with nothing at all.
Liberation Been in Method.
That is what the Blue Eagle and the codes and the President's agreement
stand for. There has been a lot of misinformed talk that this is goosestepping business and putting it down in a straight-jacket. It is doing
nothing of the kind. It is liberating business and giving American industry
the greatest opportunity it has ever had in this country or any other country.
Let us take a recent case in point. The very hardest nut we had to crack
was the soft-coal industry. It is in about as bad shape as any business in
the country. The cost of labor alone in a ton of coal in a well-run mine
In the Northern Appalachian field is around $1. There are some railroad
contracts for coal at prices as low as 43c. a ton. Now I ask you, what is
going to happen in a case like that? There is only one thing that can
happen if you let it go on. The wages of labor in that mine are going to
be cut in two. And then what? Well, other mines are going to have to
meet that price, and eventually all labor wages will be cut in two.
Then we start all over again on a new step downward. And what happens
to the purchasing power of the hundreds of thousands of soft-coal miners
and the people dependent on them? Out the windows I
Effects Are Widespread.
And that presses immediately back on the wheat farms of Kansas and the
automobile factories in Detroit and the shoe factories in Lynn, and so forth,
with only one man to sell coal at 43c. cuts, more closed factories—more
economic hell in this country.
What are we going to do about it? There is only one thing we can do,
and that is to get rid of the kind of condition that permits one man to sell
coal at 43c. a ton when its costs double that in labor to produce it.
How? By Government fiat? No. We may have to do something like
that in an extreme case, but up to date, with nearly the whole of American
industry heard from, we have not done one single thing without the agreement of the overwhelming majority of the industry in question and the
complete concurrence of the great representatives of industry, labor and
the consuming public, who are working night and day in our eager effort
to cut out such cancerous spots in the body of American business.
NRA a Rules Committee.
NRA is in no sense a czardom. It is a sort of rules committee where the
great coaches of the American industrial and labor teams are collaborating
to make a new and fairer game out of business competition in this country.
In the days when your fathers were building these cradles of liberty that
have become our shrines, the manly art of boxing was not unknown in the
Anglo-Saxon world. But it was different. It was okay in those days to
insert the ball of your thumb in your opponent's eye socket and gently gouge
his eyeball out or, if the whim seized you and opportunity offered, you
could put the point of your knee in his groin and rupture him.
Merely biting off an ear or tearing the flesh off a cheek with your front
teeth were among the gentler incidents.
Now we have changed all that—in boxing. Nobody ever heard Jack
Dempsey complain of any hampering restrictions on his rugged individuality
when Luis Firpo lifted him over the ropes into the typewriters, and he came
back to floor Mr. Firpo four times in 40 seconds. And of course neither of
them lost any eyeballs—they didn't even hit below the belt—but they
squeezed into a furious minute about as vigorous a display of human effectiveness and individual liberty of action as anybody could want to see. We
had changed the rules so that there could be some real fun in a fight.
But that was only in boxing. In business we were still in the eyegouging era until Franklin Roosevelt began to revise the rules. In cotton
textiles we got low costs by levying on the formative years of childhood
and moving into areas where we could pay depression wages and still get
away with it.
In this fashion we nearly ruined one of the greatest of our Industries.
You know the sordid story as well as I. Throughout the whole business of
making things, we hear, this industrial ruggedness appeared in furtive
sweatshops and sewing lofts in cities as well as in mill villages North and
South.
It was almost as bad as the conditions in the coal mines that have been a
basis of contention in this country for a generation, depressing business
everywhere, creating misery and, as a by-product, more communism and
Bolsheviki than any other single cause.
Throughout our industry, in greater or less degree, the man who wants
to fight fair—to practice his rugged individualism, but to practice it above
Sept. 2 1933
the belt—that man has always been at the mercy of every economic eyegouger that chose to gouge. It is a cause of depression and an obstacle to
recovery and there is no sense in it.
How are we to wipe it out? By a list of laws? It would never work in
the world. You cannot make people good by fiat. You must have public
opinion to enforce a ,law, and many of those below-the-belt methods of
competition are tricks of the trade, too faintly known for the public at large
to have any opinion about them. But within each trade there is opinion,
hard-bitten and acerbitous opinion, born of bitter experience.
It is the business of NRA to give that opinion air. ,In open trade conferences, where every man who has a thought is given full liberty to express
it, the leaders in management and industry sit down with the Government,
representing public and consumers' interest, and talk their problems out.
They propose these now rules of the old game, and say what would be fair
for them and all their fellows to do and what would not be fair to do.
The Government says what it is willing to endorse and support, and the
result is a code of fair competition—a sort of Marquess of Queensbury engagement to keep the competitive struggle clean and leave as little human
wreckage as possible in its wake.
Purchasing Power Is Aim.
That is the essence of NRA and the Blue Eagle and the President's agreement. That is the device to aid business—destroying depression—and to
give to the producers of the United States wherewithal to buy the products
of the United States and start our agriculture and our industry and our
commerce back on the path to prosperity and health.
There is nothing difficult or complex about it. Success depends on only
one thing: Can Americans play the game? And there is only one answer
to that question: "They always have." They could not play It before
because there wasn't any rule book. The players had never had a chance
to agree on anything.
Well, now that they have that chance, it is only necessary to tell the
fair-minded, clean-playing, hard-hitting American people what those rules
are, absolutely to insure the result. And the rules are simple.
To play any game you must, of course, know whom you are playing with
and whom against. That is the reason for baseball uniforms and that is
the reason for the Blue Eagle. Every member of a code and every signer
of a President's agreement is a player of the game on your side, and so
he has the Blue Eagle. Every man in the game of trade or industry who
has no Blue Eagle is playing on the other side. For one reason or another
be thinks it best to try another track. That is his right. We are not
trying to force anybody into the line-up. All we want is to make it very
clear just what side everybody is playing on.
That brings us to the consumers of the country, and that word includes
everybody. Never for one moment forget that 80% of the buying in this
country is done by people who earn less than $1,800 a year, and that is the
overwhelming majority of the population. Whether we come out of this
depression depends on whether we can put this great army of buyers back
to work and to buying, by giving them wages high enough to permit them
to buy and start business going.
Restoring the Worker.
That is what the Blue Eagle is trying to do. The Blue Eagle in
a shop
window and on a piece of merchandise means that the maker or seller
is
doing his part to put our people back to work, and every place where
there
is no Blue Eagle is a place where that it not being done.
Now Blue Eagles cost the men who fly them a lot of money in
increased
payrolls. The no-eagle people avoid those costs, just as child labor
and 43c.
coal contracts avoid these costs. No man can long fly the Blue
Eagle and
live in competition with a no-Blue Eagle rugged individualist.
The only way to keep the Blue Eagle up is to support him. If
the consumer
public—and that is all of us—cannot see and follow that simple
rule this
whole plan is doomed to failure. I have been criticized for
saying that,
but I know how this Blue Eagle works. I helped to put him
together and I
would be a coward if I did not say that with utter frankness.
Success Is Up to Consumers.
This whole experiment is up to the workers and consumers
of this country. There is not a manufacturer or merchant who can live
if we workers
are not with him. We must help those who help us, or we
all go down
together.
I want to say with all earnestness that this campaign of
consumer education which you are launching here to-day is the crux, the
very vitals, of the
great national effort. It is up to you to demand the Blue
Eagle.
It is your chance to help yourself, and if there is one
thing certain in
this great national game of ours it is that nobody can
legislate the country
out of its troubles. The most that can be done is to give every
man a
chance to help himself. That the Blue Eagle does.
That is true rugged individualism. That is this new freedom. And the
rules of that game are simple. For the consumer there
is only one rule,
and I can say it in 17 words: Buy under the Blue Eagle—buy
freely and
buy now, to the limit of your prudent needs.
To Mayor Curley, to the Boston Chamber of Commerce, to the NRA committee, and to James Roosevelt you can look for leadership in this.
The NRA
salutes them and you and looks to New England to go over the top with
the rest of the country before this week is gone.
General Johnson Declares That American People "May
Crack Down" on Henry Ford if He Does Not Sign
Automobile Code Detroit Manufacturer Has Indicated His Wages and Hours Will Be More Favorable
to Labor Than Those Provided in Agreement
Effective Sept. 5—President Roosevelt Asks for
Report on the Status of the Code.
Unless Henry Ford signs the automobile code by September 5, it is possible that the American people may "crack
down on him when the Blue Eagle is on other cars," according to General Hugh S. Johnson, Recovery Administrator,
In an interview with newspaper men on Aug. 29. Mr. Ford
is the only leading manufacturer who has not accepted the
agreement for the industry, although he has indicated that
the hours and wages under which he will operate are even
more favorable to labor than those provided by the code. On
Aug. 30 President Roosevelt asked General Johnson to prepare a report on the status of the automobile code.
Volume 137
Financial Chronicle
NIRA Not Intended to Grant Undue Favors to Labor,
According to Donald R. Richberg — General
Counsel for NRA Declares Law Aims at Co-operation Between Industry and Unions—Says Act Is
Fair for All, Since Its Only Restraints Are Those
"on the Abuse of Freedom".
An assertion that officials of the NRA are not fighting
the battles of either capital or labor, but instead are sincerely seeking the machinery for co-operation, was made by
Donald R. Richberg, general counsel of the NRA, in a radio
address on Aug. 29. Mr. Richberg attacked the view that
the NIRA is primarily a labor law intended to benefit the
big unions. He declared that while the right of collective
bargaining should be Jealously preserved, nevertheless arbitrary and excessive demands by labor unions cannot be
justified by the law. Referring to the unions, he said that
it was impossible for satisfactory labor relations to be
maintained in modern enterprises without labor organizations, and that it was impossible to carry out programs
to stabilize production and employment without the cooperation of genuinely representative labor organizations.
Several times in the course of his address Mr. Richberg
denied that the NIRA resulted in undue restraint upon
industry. On the contrary, he said, its principal aim is "to
maintain both freedom and security." A free man, he
added, is one on whom had been imposed "restraints on the
abuse of freedom."
The complete text of Mr. Richberg's address on "Freedom
and Security Under the NRA" follows:
Most of the basic industries of America, and the vast majority of all
business enterprises, are now operating under codes of fair competition or
agreements authorized by the NIRA. This means that, for the first time in
our history, we are definitely engaged in a nation-wide co-operative effort
to stabilize trade and industry, and to increase the security of capital and
labor by providing a planned assurance of fair profits, reasonable hours
of work and adequate wages in every well-devised and soundly managed
business operation.
The particular feature of the recovery program, which distinguishes our
American adventure from various comprehensive plans of ecnomic rehabilitation that are being tried in other nations, is that our program has double
objective of freedom and security. Written into every section of the law
is the clear intention of the Congress of the United States not to purchase
security at the price of freedom.
Objects of Law Summarized.
The objects of the law are expressly stated as being to remove obstructions to the free flow of commerce, to provide for the general welfare by
co-operative action, to induce the united action of labor and management,
to eliminate unfair competition, to avoid restrictions on production, to
increase consumption, to increase purchasing power, to relieve unemployment, to improve standards of labor, to rehabilitate industry, and to conserve natural resources. All these objects carry with them the thought of
setting free the individual, of protecting him and aiding him to work out
his own salvation.
Then a machinery is provided which has no resemblance to a political
dictatorship, but which imposes upon industry the duties and the powers
of self-government. Codes of fair competition are drafted by associations
which must be truly representative and impose no unfair restrictions on
admission to membership. These codes mast not be designed to promote
monopolistic practices or to oppress small enterprises.
In addition to codes, agreements may be made between industrial groups
affecting either trade or labor relations. Under another section of the law
agreements may be made with the President. Millions of these agreements
are being made now in the great re-employment program of the
President,
which will go under full steam on Labor Day. The Blue Eagle is the
insignia of national solidarity—the emblem of a national purpose to conquer the depression in a mass attack all along the line.
"The Law Is Not Toothless."
All these provisions of the law are written in the language of voluntary
action. Of course, there are some mandatory requirements, some penalties
for violations and wrongful acts. The law is not toothless. Public-spirited
co-operation is not to be left defenseless against dishonest self-seeking.
Legitimate business cannot be made the prey of racketeering. In every
large group of well-meaning, high-minded persons there will be found a
few incapable of generous co-operation or good faith, whose predatory instincts can only be restrained by force.
The freedom of one individual always depends upon restraints on the
freedom of others. A man is free in his home, secure in the comfort and
companionship of his fireside, only because all other men are restrained
from opening the door of his sanctuary. Most men respect the privary of
another's home. But for those who would invade that privacy by force,
there must be the restraint of lawful force.
When a clamor arises that a law, enacted and administered to promote
the general welfare, may deprive some one of his freedom, it is well to
look closely into the case and see whether it is not a fact that the complainant is really clamoring for freedom to oppress another man and take
away his liberty.
Freedom Protected by Restraint.
When, under codes of fair competition, business practices are forbidden
that are unfair and that profit one man at the expense of the security of
hundreds, who is it who cries aloud that his freedom to operate his business
is being destroyed? It is the man who by his unfair competition, by
cutthroat mahods of doing business, by overworking and underpaying employees, is dragging a whole trade or industrial group down to his low level
and degrading the civilization that his fellow men are trying to build up.
Down through ages has come that reverberating cry of "Freedom!"
Pouring out of the throats of thousands and millions of men and
women
struggling to set themselves free from the tyrannies of nature and of their
fellow men. The laws to protect human freedom are laws of restraint;
laws prohibiting majorities from abusing the power of their
numbers, from
abusing the power of mass action; laws restraining minorities from
abusing
the power of special privileges or monopoly; laws preventing
minorities from
1687
breaking the rules of the game which the majority still will cheerfully
observe.
So let us not be deceived by words. The fact that a man is "restrained"
by law does not mean that he is thereby deprived of freedom. The only
way that men can be set free is by imposing restraints on the abuse of
freedom.
The NIRA must be read in the light of this principle. It imposes restraints upon the freedom of men to do things which destroy the freedom
of *other men. Above all purposes, there is most evident in the Act the
design of the Government to prevent the most unfair competition which
exists in business operations, that competition which is most destructive of
the announced objects of our civilization, competition in sweating the
largest possible profits out of overworked, underpaid human beings.
Critics of "Labor Law" Rebuked.
In recent weeks a few persons have registered considerable indignation at
their discovery that the NIRA was what they have called a "labor law."
Some persons have become indignant at the discovery that the law was
being administered with great consideration for the interests of the men
who support themselves and their dependents by earning wages. There
have been even crocodile tears shed over the supposed fact that the "public"
—the vast body of consumers—was being neglected. One man, sufficiently
educated to know better, even ventured to lecture us in a public hearing
to the effect that it would do no good to improve the condition of 5,000,000
workers and to leave out of consideration 120,000,000 other people.
It is worth while to point out the absurdity of such arguments. In the
first place, another law, the Agricultural Adjustment Act, has been designed
for the relief of agriculture. Special legislation also deals with railroads.
The problem particularly to be solved under the NIRA is the rehabilitation
of other trades and industries which should give employment to over
25,000,000 of mature men and women. These employed persons may well
support 60,000,000 others.
The trades and industries of the United States are being blanketed by
codes and agreements. If, under their influence, the unemployed are gradually returned to work, at adequate wages, so that mass purchasing power is
provided to absorb the products of these re-employed workers, the entire
population of the United States, including professional men, farmers and
railway employees, will be affected.
"Interests of All Promoted."
The consumers of the nation are primarily the workers and their families.
The interests of all the American peple are being promoted by the NRA.
Those who spitefully gossip or solemnly proclaim that the NRA is "taking
care of labor" and "negIcting the general public" are exhibiting either an
ignorance for which there is little excuse or a desire to deceive and misrepresent the facts, for which there is no excuse.
There is, however, another issue upon which the facts are not so clear.
Many persons have a distrust of labor organizations and a deep-seated conviction that, as the power of organized labor grows, there rises an irresponsible
private power which menaces the security of investment and the continuity
of business operations by presenting a constant alternative to an employer of
either increasing wages beyond his ability to pay or having his plant shut
down by a strike.
Those who View labor organizations only in this light fear greatly the
enforcement of Section 7 (a) of the NRA. Moved by this fear, they resent
the participation of organized labor in the councils of the NRA. They think
that the expansion of labor organizatins should be discouraged and not
stimulated.
Labor-Capital Strife Recalled.
The causes of these fears and resentments can be easily understood. They
arise out of a long period of bitter conflict between associations of employers
and employees, organized and operated on both sides for the purpose of compelling the other side to accept the terms of peace imposed by the victory
at the end of a civil war.
These civil wars have been waged for many generations; and pitched
battles have been fought during the last 50 years throughout the nation,
leaving in their train millions of crippled lives and thousands of broken
enterprises. The wounds received in these battles go below the flesh.
They scarify the minds, the very souls of men, with rancor and hatred and
fear that only time and years of peace can alleviate.
In this warfare between organizations of employers and organizations of
employees each side has been moved by a strong self-interest, and ead:
aide has fortified its courage and whetted its zeal by avowing its devotion
to some great principle. Each side has invoked the goddess of "Liberty"—
and the traditional number of crimes have been committed in her name.
Yet in solemn truth there have been many of these battles fought for
"liberty." We can honestly say that economic freedom is just as precious
to the average American citizen to-day as political freedom was to the
American Revolutionists of 1776.
NRA Striving for Co-operation.
But throughout these wars for economic freedom the truth has been that
each side, as is inevitable in every war, has sought to impose its will upon
its opponent. As a result, men, instead of principles, have triumphed.
All victories and defeats have been temporary. And every treaty of peace
has provided only a period of preparation for the next war.
The purposes and policies of the NRA are not directed toward aiding
either side in a civil war to achieve another costly and temporary victory.
We are not fighting the battless of capital and labor. We are seeking not
only to build up a machinery of co-operation but to do that which may be
more important and lasting: We are seeking to create self-interest in
co-operation, to demonstrate to employers and employees alike that they
have more to gain in common counsel and united action than in contests
of brute strength and economic power.
To the business man who still clamors for a theoretical liberty to wreck
his competitors and himself, the law offers the actual liberty of co-operative
action. To the employer who still clamors for a theoretical liberty to fix
wages, hours and working conditions, the law offers the actual liberty of
peaceful, contractual relations with his employees. To the employee who
clamors for a theoretical liberty to fix the terms of his employment, the
law offers the actual liberty of collective bargaining.
Impartial Course Essential.
But to employer and employee alike the law says that the price you must
pay for freedom is to accept those restraints upon your collective action
that are absolutely necessary to prevent one side from imposing terms on
the other by any arbitrary exercise of power and force—and to prevent
both sides, either separately or jointly, from exercising their powers to
injure public interests and so deprive other people of the freedom and.
security to which they also have a right.
1688
Financial Chronicle
If we are to make progress in the improvement of labor relations under
the operation of codes of fair competition, the principle of maintaining both
freedom and security for all concerned must be constantly and impartially
applied.
In interpreting the law and in speaking as general counsel for the NRA,
let me pause for a moment to make it clear that my own 30 years of experience as a lawyer divides itself into three substantially equal parts: Onethird consisting of service to business clients, including manufacturers, merchants, coal and insurance companies, and other large employers; one-third
service to public clients, including cities, States and public bodies; onethird service to national labor organizations, particularly those of the
railway employees. As a result I do not merely claim to have a balanced
point of view. I admit it
Recompense for Both Sides.
The NIRA did not incorporate the provisions of Section 7 (a), which
provide for collective bargaining, as the expression of a social idea, or as
an attraction for labor support of the Act. General Johnson and I worked
with others on the drafting of the law. It was and is clearly evident to
all immediately concerned in the drafting that the whole scheme of selfgovernment in industry would fall to the ground without labor participation.
It was and is equally evident that without labor participation, there would
result neither security for the employer and investor, nor freedom for the
worker.
On the other hand, if labor is adequately and freely organized, and accepts
the responsibilities and the obligations which must go with power, two assurances can be given: First, to employers—the continuous and harmonious
operation of trades and industries can be assured—thereby making it possible to stabilize prices and to balance production against consumption.
Thus the employer will gain both freedom and security. Second, to employees—Stability of employment can be provided and payment of the best
possible wages can be assured through maintenance of contractual relations
based on stabilized conditions of production and marketing and accurate
knowledge of such conditions. Thus the employee will gain both freedom
and security.
Labor Organization Vital.
It is simply impossible to maintain satisfactory labor relations in modern
enterprises, or fair competition between industrial units without some form
of labor organization. It is impossible to carry out programs to stabilize
production and employment without the co-operation of genuinely representative labor organizations. It is impossible in this advanced day of
general education and widespread information and misinformation about
commercial and general economic questions, to assume that millions of wageearners will simply accept the decisions made for them by benevolent employers, or that millions of wage-earners will regard the fixing of wages
and hours and working conditions as matters over which they should exercise
no control.
It would be indeed helpful in this time if persons who are mentally unable
to accept the necessity and value of having genuine and responsible labor
organizations for the self-protection of labor interests and the stabilization of
Industry would emigrate to some backward country where there are no free
schools and where the level of common intelligence is very low and would
cease to clutter up progress in the United States with the rubbish of outworn ideas and dead philosophies.
Public Interest Foremost.
The NIRA and its administrators do not contemplate that any particular
labor organization should be enthroned by Government fiat, or by Government aid, and invested with power to control the destinies of any industry,
or of all industries. The guiding principle is written in the statute in the
requirement that "employees shall have the right to organize or bargain
collectively through representatives of their own choosing." Those words
are the heart of Section 7 (a). They breathe the spirit of the law, giving
to employers and employees in every industry the power of self-organization,
and self-discipline in working out their problems of self-interest—but requiring always the subordination of self-interest, or group interest and of class
interest, to the public interest.
The law is not intended to enthrone any national labor organization or to
dissolve any local organization. It does not destroy the right of an employer
to manage his own affairs, but it does establish the right of his employees
to manage their own affairs, and it recognizes that fixing wages, hours and
conditions of employment is equally the business of employers and employees,
and that no single man or group of men, no single interest or group of
interests, no single organization or group of organizations, can be permitted
to chart the course of industry, and to determine prices and to fix wages,
If democratic institutions are to survive. The law recognizes that only
through the co-operative action of all groups of interests—self-organized,
self-governed and held by the Government to like responsibilities for the
exercise of their powers in the public interest—that only through such
voluntary, but disciplined, co-operation can we go forward into a new era
of freedom and security.
President Roosevelt Signs NRA Code for Automobile
Industry—Manufacturers Win Partial Victory on
Compromise Labor Clause, Which Maintains Industry's Historic Policy Without Using Words
"Open Shop"—Labor Advisory Board Approves
Section but Stipulates It Sets No Precedent—
Agreement to Affect 450,000 Workers.
A code of fair competition for the automobile industry
was signed by President Roosevelt on Aug. 27. The agree-.
men t, which does not prejudice the open-shop labor policy
of the indsutry, will directly affect 450,000 workers, according
to NRA officials. The most important feature of the code
is the labor clause, which states that "employers in this
industry may exercise their right to select, retain or advance
employees on the basis of individual merit, without regard
to their membership or non-membership in any organization." Thus the automobile manufacturers, although not
permitted to use the words "open shop" in the code itself,
nevertheless succeeded in re-stating their customary labor
policy and their right to deal directly with employees, regardless of labor organization membership. The NRA
Labor Advisory Board had previously indicated its dislike
Sept. 2 1933
of any clause which might be construed to qualify the collective bargaining provisions of the NIRA. Nevertheless
it approved the final compromise draft of the code, with
the stipulation, however, that "no section or sentence" of
the code modifies the collective bargaining portion of the
Act, and the further stipulation that its approval on this
compromise did not establish a precedent so far as codes for
other industries are concerned.
The public hearing on the automobile code was described
in our issue of Aug. 26 (page 1512). With the exception of
the labor clause, no important change was made in the
automobile code immediately before receiving NRA approval.
Minimum wages of factory workers are fixed at 43 cents an
hour in cities of 500,000 or more population; 41M cents in
cities from 250,000 to 500,000, and 40 cents in smaller
cities. Minimum wages of office and salaried employees
are set at $15, $14.50 and $14, based on the same scale of
population. Hours of factory labor are specified as not to
exceed an average of 35 hours a week, although variation in
particular weeks is permitted with the provision that 48
hours shall be the maximum in any one week, with the
excess over 35 hours to be averaged out in other periods.
Office and salaried employees will not be permitted to
work more than 48 hours in any one week and not more than
an average of 40 hours a week. Executives and employees
receiving more than $35 a week are exempt from the provisions regarding hours of work. The code does not contain
any plan for price fixing.
After the President had signed the code, the automobile
manufacturers were almost unanimous in expressing their
satisfaction at the outcome. A statement from the National
Automobile Chamber of Commerce said that the industry
had no desire to modify the labor provisions of the NIRA,
but wished simply to give "a clear expression of our rights to
maintain operations for the best interests of our workers
and our companies." The NRA announcement of the
approval of the automobile code, prepared by Donald
Richberg, General Counsel, read as follows:
The code of fair competition for the automobile manufacturing industry
has been signed by the President.
Section 7 of the code reads as follows: "Employers in this industry shall
comply with the following requirements of Section 7 A of Title I of the
NIRA. (Then follows the exact language of Section 7 A inserted without
change.) Without in any way attempting to qualify or modify by interpretation the foregoing requirements of the NIRA, employers in this industry may exorcise their right to select, retain or advance employees on
the basis of individual merit, without regard to their membership or nonmembership in any organization."
The Labor Advisory Board approved the code as signed by the President,
making a statement that it did so "with the understanding that no section
or sentence contained therein modifies, qualifies or changes Section 7 A of
the NIRA, and, furthermore, that the sentence in the code following 7 A
does not establish a precedent to be followed in the preparation or acceptance
of any other code."
In accordance with the policy announced in the recent joint statement
Issued by General Johnson, Administrator, and Donald Richberg, General
Counsel, NRA, interpretations of the law by proponents of coda; have
no place in codes. The last sentence of Section 7 of the automobile manufacturers' code is expressly stated as neither qualifying or modifying the law
and it has not been permitted in the code as an interpretation of the law.
Other features of the code have previously received ample publicity and
It is gratifying to the NRA to announce the approval of another code
covering one of the larger industries, and one which has the possibility of reemploying an exceptional number of idle workers.
Alvin Macauley, President of the National Automobile
Chamber of Commerce, on Aug. 27 issued a statement
discussing the labor and other sections of the code, in which
he said:
"From the outset of our discussions with the Administration, we have
made it clear that we had no desire to qualify or modify the labor provisions
of the NIRA.
"All that we have sought has been a clear expression of our right to maintain operations for the best interests of our workers and our companies.
"We felt this was necessary because of the misunderstandings and misinterpretations which have arisen since the Act was passed.
"The clause finally contained In our code, as worked out in collaboration
with General Johnson, Mr. Richberg and Colonel Lea, clearly states our
position and consequently our members were ready to vote for it.
"Looking at the code as a whole, leaders in the automobile industry feel
that it is a distinct contribution to the great objective sought by the Administration—that of getting men back to work.
"During the last three years much has been done to share the work.
"More recently the industry has stepped up the wages of its workers
without waiting for the automobile code and even before this was under
serious consideration; we are shaping our hours of labor in order that we
might co-operate as fully as possible with the Administration.
"While all of these efforts necessarily mean increases In cost, we shall
continue to do all that we can to keep our prices down to the consumer.
Price advances are inevitable, of course, but it is our hope that the increased
employment coming from the NIRA will result in increased purchasing
Power which will enable us to expand production. As this is accomplished
many more thousands will be given work.
"The new limitations on hours call for serious readjustments in our
schedules, which, even now, we are not sure we can maintain in the light of
the highly seasonal character of our business, but we intend to bend every
effort toward that end.
"It is perhaps worthy of note that our code contains no request for pricefixing or relaxation of any of the provisions of the anti-trust laws.
Volume 137
Financial Chronicle
"Later, as we study our own trade practices. if we find conditions existing
which could be eliminated in the interest of keeping prices down to our
customers, then we shall ask the Government to consider them.
"Meanwhile, our sole purpose has been to co-operate fully with the
Administration."
In their original modification of their proposed code the automobile
manufacturers advanced a labor clause reading as follows: "Under the foregoing provisions any employer in the industry may operate under an open
shop policy which is hereby defined to mean the selection, retention and
advancement of employees on the basis of individual merit without regard to their affiliation or non-affiliation with any labor or other organization."
The full text of the code for the automobile industry is
given elsewhere in these columns.
Text of NRA Code for Automobile Industry as Signed
by President Roosevelt.
In another item in this issue of our paper we refer to
the signing by President Roosevelt of the code of fair competition for the automobile industry. Below we give the
text of the code as signed by the President:
CODE OF FAIR COMPETITION FOR THE AUTOMOBILE
MANUFACTURING INDUSTRY AUG. 25 1939.
The following provisions are established as a code of fair competition for
the automobile manufacturing industry:
I. DEFINITIONS.
The term "motor vehicles" as used herein means automobiles, including
passenger cars, trucks, truck tractors, buses, taxicabs, hearses, ambulances
and other commercial vehicles, for use on the highway, excluding motorcycles, fire apparatus and tractors other than truck tractors.
The term "industry" as used herein includes the manufacturing and
assembling within the United States of motor vehicles and bodies therefor,
and of component and repair parts and accessories by manufacturers or
assemblers of motor vehicles.
The term "employees" as used herein means all persons employed in the
conduct of such operations.
lg. The term "employers" as used herein means all indiviudals, partnerships.
associations, trusts and corporations in the industry by whom such
employees are employed.
0 The term "chamber" as used herein means National Automobile Chamber
,
of Commerce, a trade association having its office at 366 Madison Ave..
New York City.
The term "effective date" as used herein means the tenth day after this
code shall have been approved by the President of the United States.
The term "expiration date" as used herein means Dec. 31 1933, or the
earliest date prior thereto on which the President shall by proclamation
or the Congress shall by Joint resolution declare that the emergency recognized by Section 1 of the National Industrial Recovery Act has ended.
The term "city" as used herein includes the immediate trade area of
such city (which in the case of Detroit shall be deemed to include Pontiac
and Flint.)
II. WAGES.
On and after the effective date, and to and until the expiration date:
The minimum wages of factory employees covered hereby shall be at the
following hourly rates regardless of whether the employee is compensated
on the basis of time rate or piece rate or otherwise:
In cities having 500,000 population or over 43 cents: in cities having
250.000 and less than 500,000 population, 41M cents; in cities or towns
having less than 250.000 population. 40 cents.
Provided, however, that apprentices,and learners and females not doing
the same work as adult males shall be paid not leas the 87 J. % of said
minimums, but the number of such apprentices and learners and females
not doing the same work as adult males, employed by any employer, shall
not exceed 5% of the total number of factory employees of such employer.
Including subsidiary and affiliated companies.
Equitable adjustment in all pay schedules of factory employees above
the minimums shall be made on or before Sept. 15 1933. by any employers
who have not heretofore made such adjustments and the first monthly
reports of wages required to be filed under this code shall contain all
wage increases made since May 1 1933.
The minimum wages of office and salaried employees covered hereby shall
not be less than the following weekly rates:
In cities having 500,000 population or over, at the rate of $15 per week;
In cities having 250,000 and less than 500.000 population, at the rate of
$14.50 per week; in cities or towns having less than 250,000 population,
at the rate of $14 per week.
III. HOURS.
There are substantial fluctuations in the rate of factory production
throughout each year, due mainly to the concentration of a large part of
the annual demand for cars within a few months, and also to the slowing
down of employment in connection with changes in models and other causes
beyond the industry's control.
To lessen the effect on employment of these conditions, it has been the
policy of the industry to adjust working hours, in order to retain the
greatest number of employees and, so far as practicable, adjust the manufacturing schedules of component parts to allow a more uniform schedule
of hours. The industry will continue this policy.
The progressive falling off of retail sales during the years of depression,
resulting in the necessity of repeated adjustments downward in production
schedules, had its important influence in causing an abnormal fluctuation in
employment schedules.
Before the presentation of this code the industry had gone far in spreading available work to relieve unemployment, and under this code it proposes to spread the work as far as practicable in its judgment, consistent
with the policy of giving each employee a reasonable amount of work in
each year.
35-Hour Week.
For this purpose it is made a provision of this code that employers shall
so operate their plants that the average employment of all factory employees
(with the exceptions stated below) shall not exceed 35 hours per week for
the period from the effective date to the expiration date, and the hours of
each individual employee shall so far as practicable conform with this
average and shall In no case exceed the same by more than 3%.
In order to give to employees such average of 35 hours per week it will be
necessary at times to operate for substantially longer hours, but no employee
shall be employed for more than six days or 48 hours in any one week, and
au such peaks shall be absorbed in such average.
In order that production and employment for the main body of employees may be maintained with as few interruptions as possible, it is
1689
necessary, and it is a part of this code, that the supervisory staff and employees engaged in the preparation, care and maintenance of plant machinery and facilities of and for production, shall be exempt from the
weekly limimtions above provided, but the hours of employment of any
such exempted employee engaged in the preparation, care and maintenance
of factories and machinery of and for production shall not exceed 42 hours
per week averaged on an annual basis.
Office and other salaried employees, covered hereby, receiving lees than
$35 per week shall not work more than 48 hours in any one week and not
more than an average of 40 hours per week for the period from the effective
date to the expiration date. Employees receiving more than $35 per week
and executives and managerial and supervisory staffs are not subject to
any hourly limitations.
The industry recognizes the serious problem of major fluctuations in production due to concentrated seasonal customer demand and changes in the
rate of production caused by changes in models, which changes are necessary. The Chamber pledges itself to make a further study of this problem
in an effort to develop any further practical measures which can be taken to
provide more stable and continuous employment and to reduce to a minimum
the portion of employees temporarily employed and to submit a report
thereon to the Administrator by Dec. 1 1933.
IV. CHILD LABOR.
Employers in the industry shall not employ any person under the age of
16 years. The Chamber states that'child labor has at no time been a factor
in the automobile industry.
V. REPORTS AND STATISTICS.
Each employer engaged in the industry will furnish to the Chamber as
herein below provided, approximately every four weeks, duly certified
reports in such form as may hereafter be provided showing actual hours
worked by the various occupational groups of employees and wages paid.
VI. ADMINISTRATION.
For the purpose of supplying the President and the Administrator with
requisite data as to the observance and effectiveness of this code and
the administration thereof, the Chamber is hereby designated—
(a) To collect from the members of the industry all data and statistics
called for by this code, or required by the President, or reasonably pertinent
to the effectuation of Title I of the NIRA. and compile the same, and disseminate among the members of the industry summaries thereof, all in
such fo m and manner as the Chamber shall reasonably prescribe subject
to approval by the administration.
(b) To represent the industry in conference with the Administrator
with respect to the application of this code and of said Act and any regulations issued thereunder: provided, however, that as regards all matters
mentioned in this paragraph (b). the Chamber shall have no power to bind
the industry or any sub-division thereof. The President or the Administrator may designate a representative to participate in such conferences,
who shall have access to all data and statistics collected by the Chamber as
above provided. The Chamber or its authorized committee or agent shall
bold itself in readiness to assist and keep the Administrator fully advised,
and to meet with the Administrator's representative from time to time as
required to consider and study any suggestions or proposals presented
upon behalf of the Administrator or any member of the industry regarding
the operation, observance and administration of this code.
(c) The duties of the Chamber above referrei to shall be exercised
by the Chamber by its board of directors, which may delegate any of said
duties to such agents and committees as it may appoint whose personnel,
duties and powers may be changed.
VII.
Employers in this industry shall comply with the following requirements
of Section 7 (a) of Tit:e I of the NIRA
Employees shall have the right to organize and bargain collectively
through representatives of their own choosing, and shall be free from the
interference, restraint. or coercion of emplOyers of labor, or their agents,
in the designation of such representatives or in self-organization or in other
concerted activities for the purpose of collective bargaining or other mutual
aid or protection; (2) no employee and no one seeking employment shall be
required as a condition of employment to join any company union or to
refrain from joining, organizing, or assisting a labor organization of his own
choosing: and (3) employers shall comply with the maximum hours of labor,
minimum rates of pay, and other conditions of employment, approved or
prescribed by the President.
Without in any way attempting to qualify or modify, by interpretation,
the foregoing requirements of the NIRA, employers in this Industry may
exercise their right to select, retain or advance employees on the basis
of individual merit, without regard to their membership or non-membership
in any organization.
VIII.
As required by Section 10(b) of Title I of the NIRA, the following
provision is contained in this code. The President may from time to
time cancel or modify any order, approval, license, rule or regulation
issued under said title.
IX.
By presenting this code the chamber and others assenting hereto do
not thereby consent to any modification thereof and they reserve the
right to object individually or jointly to any such modifications.
x.
Such provisions of this code as are not required to be included therein
by the NIRA may. upon the application of the industry or a subdivision
ther.of and with the approval of the President. be modified or eliminated.
It is contemplated from time to time supplementary provisions of this code
or additional codes may be submitted in behalf of the industry or various
Subdivisions thereof for the approval of the President.
President Roosevelt Names Committee of Fifteen to
Direct Oil Industry—Comprises Three NRA Representatives and 12 Trade Executives—Most Members
Favor Price Fixing—Problems Facing the New
Board,
President Roosevelt on Aug. 30 appointed the 15 members
of the Planning and Co-ordinating Committee for the oil industry, as provided for by the petroleum code signed by the
President on Aug. 19. Three members of the new Committee
are representatives of the NRA, while twelve are outstanding figures in the oil industry. Nominations for membership on the Committee numbered almost 50, and were listed
in our issue of Aug. 26, page 1509. The Committee will fune-
1690
Financial Chronicle
tion under the Chairmanship of Secretary Ickes, who was
named Oil Administrator by President Roosevelt on Aug. 20.
Its roster follows:
For the NRA—James A. Moffett, who resigned the senior Vice-Presidency of the Standard Oil Company of New Jersey to serve on General Johnson's Industrial Advisory Committee; Donald R. Richberg, General Counsel
of the NRA; H. L. Benedum, of Pittsburgh.
For the industry—Axtell J. Byles, of New York, President of the American Petroleum Institute; Wirt Franklin, Oklahoma City, President of the
Independent Petroleum Association; R. T. Zook, Bradford, Pa., President
of the Pennsylvania Grade Crude Oil Association; Howard Bennette, Western
Petroleum Refiners' Association; W. T. Holliday, Cleveland, President
Standard Company of Ohio, and an official of the Petroleum Institute;
F. B. Reeser, Tulsa, Okla., President Barnsdall Oil Corporation; K. R.
Kingsbury, San Francisco, President Standard Oil Company of California;
B. L. Majewisk, Chicago Petroleum Marketers' Association; Henry M.
Dawes, Chicago, former Comptroller of the Currency, and President of the
Pure Oil Company; C. F. Rosser, Fort Worth, Tex., the Texas Oil and Gas
Conservation Association; Amos L. Beaty, Bartlesville, Okla., Phillips Petroleum Company, and C. E. Arnott, President of the Socony-Vacuum Corporation (Standard Oil Company of New York).
The personnel of the Committee was seen by commentators
as a victory for the price-fixing element of the oil industry.
Most of the industry's representatives who were named are
regarded as favorable to the principle of Presidential control of prices, while Secretary Ickes, the new Administrator,
is widely known as a price-fixing adherent
If the Committee should be unable to obtain satisfactory
agreements to regulate production and prices, the President
has the reserve authority under the code to issue orders
forcing all branches of the industry to abide by such regulations as he may promulgate through Mr. Ickes. Discussing
the various problems facing the Committee, a dispatch from
Hyde Park, N. Y. to the New York "Times" on Aug. 30 said,
in part:
The problems confronting this group consist both of the general problems
involved in all codes, such as means of shortening hours of work and raising the wages of workers, and special problems peculiar to the oil industry
which have created conditions described as chaotic for the past ten years.
In the oil industry are about 1,200,000 workers, of whom 200,000 are
employed in production and refining and 1,000,000 in marketing. Sponsors
of the code have estimated that about 240,000 additional men will be put
to work when it becomes operative, but before that can be achieved many
questions must be settled and a decision reached on the question of pricefixing.
In the different schools of thought on price-tbring in the industry strong
support has been given by Mr. Franklin, President of Independent Petroleum
Association; Mr. Kingsbury, who is President of Standard Oil of California,
and Harry F. Sinclair, for a definite price arrangement dictated by the
Government.
If price-fixing is determined upon, the oil code stipulates that the President shall determine the national wholesale price of gasoline and decree
for a sixty-day trial period a price per barrel of oil equivalent to eighteen
and one-half times the wholesale price of gasoline per gallon.
On the basis of current reports of gasoline quotations, it is estimated that
such procedure would raise the price of crude oil in the mid-continent field
from 72 cents per barrel, the average quotation at present, to 77 cents a
barrel.
The President, under other authority that he poesesses, has the right to
set a higher price on gasoline, which would automatically raise the price on
crude oil under the formula.
The Committee must also make a decision on the question of allocation
of production.
The code specifically authorizes the President to allocate production
among States on the basis of recent production averages, but it is not anticipated that he will take such action until the Co-ordinating Board studies
the problem of balancing production with consumption. Heavy uncontrolled
overproduction remains a major handicap for the oil industry, despite many
experiments by States to correct the condition.
H. F. Sinclair Praises Composition of New Oil Board—
Declares President's Appointments Will Foster
Confidence.
Praise for the personnel of the Committee of 15 selected
by President Roosevelt to administer the petroleum industry
was given on Aug. 30 in a statement by H. F. Sinclair, Chairman of the Executive Committee of the Consolidated Oil
Corp. Mr. Sinclair said:
The members of the Committee appointed by President Roosevelt to cooperate in the administration of the oil code will create a new confidence.
Every one interested in the industry owes the President a debt of gratitude
for the way in which he has solved the difficult problems of setting up an administrative body to function under the code.
Since the manner in which the code is administrated or changed, as may
be necessary, will determine the measure of success, I am pleased that these
functions are in such good hands. The Committee represents every phase of
the industry and every section of the country. Its members have been identified with constructive policies looking to stabilization of the business.
There is every reason to expect harmonious and helpful co-operation between
Secretary Ickes and members of the planning and co-ordinating body. Every
one of us should get to work to bring this auspicious start to a successful
conclusion.
Publication of Standard Oil Co. of N. J. Approves
Oil Code with Exception of Price-Fixing Clause—
Holds Provisions Are Either Superfluous or Ineffectual.
The oil code, as adopted by the petroleum industry and
accepted by the NRA, is generally satisfactory as a pre-
liminary program to recovery with the important exception
Sept. 2 1933
of its price-fixing provisions, according to the leading
article in the current issue of "The Lamp," publication of
the Standard Oil Co. of New Jersey. The price-control
provisions are superfluous, the article contends, if the curtailment of crude oil production is enforced, and they are
ineffectual if it is not. The company has advised the NRA,
however, that it accepts the situation created by the code
and pledges whole-hearted support to make the operation
of the plan a success. The article states:
In common with a large section of the industry, the Standard 011 Co. of
New Jersey consistently opposed price fixing as unnecessary in principle
and as proven impracticable by all experience. . . . It believes that
the price provisions of the code will by themselves be ineffectual in accomplishing the purpose for which they are ihtended; if the sections relating
to curtailment of production to consumer demand are enforced, price regulation of any kind should be superfluous.
Without actually fixing a price for crude oil, the code sets up a ratio
under which the wholesale quotation for gasoline at point of origin, presumably subject to unimpeded market influence, determines the price of the
crude. A producing State is not to enjoy this protection until it brings
Its production within the amount allocated as its share of the nation's
supply. Neither oil faction was willing to accept this middle course, yet
both agreed to work under the code as promulgated by the President.
The dangers of price fixing are easy to understand because every major
attempt at artificial control of prices over any appreciable period of time
has been a pronounced failure. The device is anathema to traditional
American policy, for when government begins to fix prices it is leaving the
field of private property and entering the realm of Socialism. The oil code
as it now stands does not go all the way in this direction. But it does
freeze at least one factor in price relationship—the ratio between crude and
gasoline quotations.
The regulation of prices by natural forces, reflecting the changing relationship between production and consumption, needs no watching; but the
arbitrarily named prices, which would extend from raw material to cover all
products down to the point of actual consumption, would call for constant
surveillance at every point where there is a gathering tank, a still, a bulk
station, or a lone gasoline pump; and if for one line of business, then for
others and finally for all industry.
The article emphasizes that the Government's program, to succeed, will
require a degree of co-operation, and attention to economics which the
Industry found beyond its capacity when acting independently. Only about
one-third of the country's crude oil moves at posted prices, the article
adds, continuing:
"Two-thirds of the country's oil is taken by producer refiners directly
from their own wells into their own plants. The real cost of two-thirds
of our domestic output, therefore, is not the posted price, but its cost of
production. The direct benefit of improved crude prices if they are obtained will, therefore, be confined to a comparatively small section of the
industry. And since posted prices in the field under the code are determined
by use of a fixed multiple ofthe Group 3 gasoline price for 60-64 octane motor
fuel, it seems evident that excess gasoline stocks, tax evasion and other
evils in the marketing branch which have played a large part in cutting
prices down to their present unprofitable levels will have to be eradicated
before we can see much improvement.
"It is an economic law that, other factors being equal, supply and demand control prices. In a sense, the law is not reversible. Continuing
low prices may in time tend to dry up oversupply. But artificially maintained high prices in a period of excess storage will only aggravate the situation. It is true that prices in the field are often directly responsibe to the
volume of crude output in excess of requirements. Indeed, east Texas
affords an example almost mathematically in point. Stocks of crude and
products, which increased 11.5 million barrels in the first half of 1933,
compared with a reduction of 4.9 million barrels during the same period
last year, have, of course, a powerful influence on prices and are the direct
result of excessive drilling.
"Where does this situation leave us? Prices may be improved artificially
under the oil code for a time, but the industry to-day is burdened with
excess stocks which will seek to find an outlet at any price. Withdrawals
from storage will be limited under the plan to 100,000 barrels daily. The
pressure of this huge oversupply is tremendous and until it is relieved we
will find the normal law of supply and demand working at cross purposes
with any attempt to improve prices by proclamation."
H. F. Sinclair Defends Price-Fixing Provisions of Oil
Code—Statement Declares Critics Are Using Propaganda for Own Purposes.
Harry F. Sinclair, Chairman of the Executive Committee
of the Consolidated Oil Corp., issued a statement on Aug. 28
in which he denounced the action of certain groups in the
petroleum industry "who oppose what they call price
fixing." Attacks made on the price-fixing provisions of
the oil code as approved by the NRA are "mere propaganda,"
Mr. Sinclair asserted. His statement followed the publication last week of a criticism of oil price fixing by "The
Lamp," magazine issued by the Standard Oil Co. of New
Jersey. It also was evoked by a report that Dr. Alexander
Sachs and Joseph E. Pogue, Economic Advisers of the
NRA, had described the price-tixing clause in the code as
"a serious blunder." In answering these critics, Mr. Sinclair said in part:
The origin and purpose of the propaganda that is being circulated against
the price regulation section of the code is evident to any one who has had
any part in the making of this code. Coupled with this propaganda are
the small increases in crude oil prices posted this week by those who oppose
what they call price fixing. These are the same forces who up to this time
have defeated all recent efforts to establish a living price either for crude
or refined products. These elements in the industry are determined that
they, not the President, acting under the code, shall be the price fixers.
If these elements dominate, we shall have a continuation of the ruinous
conditions of the past. It was to cure these conditions that the price control features of the code were formulated. And I have no doubt that these
provisions will be strengthened and extended rather than emasculated.
Examination of yesterday's outgiving on this subject shows the insincerity of the argument against the code. This argument talks of overproduction and asserts that the code will encourage further excess output
Volume 137
Financial Chronicle
1691
Under the assurance of a higher price. This entirely ignores the fact that
even the limited price control provisions are only to be put into effect when
the production of crude is within the quotas recommended by the Federal
agency set up by the President.
The concern expressed over the fate of the small refiner and distributor
under price regulation is entirely misplaced. These smaller units have
had their prices fixed at starvation levels by the group of major companies
that now insist upon a continuation of this prerogative. The independents
are equally determined that this shall be ended. They so expressed themselves in no uncertain terms during the meetings in Chicago and Washington. They know, as I do, that their extermination would be the result,
if it is not the deliberate purpose, of eliminating price control from the code.
I believe the Administration can be depended upon to deal with this question fairly and wisely.
in the metropolitar New York area, gained impetus on
Aug. 29 with the signing of a collective agreement between
the National Skirt Manufacturers Association and the
International Ladies Garment Workers Union. This agreement will be the basis of a code to be submitted to the
NRA,and it covers 51 larger firms employing 8,000 persons.
Needle trades still to be brought under the NRA include
rainwear, embroidery and novelties, white goods and
lingerie, ladies' neckwear, children's dresses and knitwear.
The skirt agreement, signed on Aug. 29, was described as
follows in the New York "Times" on the next day:
Economic Advisers of NRA Attack Price-Fixing Provisions in Oil Code—Memorandum to General
Johnson Warns tlu t Guaranty Would Swell Excess
Supply of Gasoline and Squeeze Out Small Independent.
The price-fixing provisions in the oil code were termed
a "serious blunder" in a memorandum submitted to General
Hugh S. Johrson, Recovery Administrator, by Dr. Alexander Sachs, Chief of the Division of Economic Research
of the NRA,and Joseph E. Pogue, Economic Adviser in Oil.
The memorandum was made public on Aug. 25, and read
as follows:
The skirt agreement, to be in force for two years, provides for a 35
-hour
week and the working day Is to be from 9 a. m. to 5 p. m. with an hour for
lunch. As in the cloak and suit code, the week work and piece work principles are combined. The following scale of wages for week workers is
embodied in the agreement: Markers, $45 a week; cutters, $33; stretchers,
$23; finishers and cleaners, $16.
Piece work is to be calculated on the following guaranteed minimum
hourly rates: Operators, male,75 cents;female,65 cents; pressers, 80 cents.
The proposed code includes a clause which permits the President to fix
a minimum price for wholesale gasoline for a test period of 90 days, after
which he may continue or change this procedure. This clause, of course,
is a form of price-fixing and represents a statement of general policy.
The establishment of a minimum gasoline price and the announcement
thereof in the presence of the serious overproduction now obtaining in both
the crude oil and gasoline fields will render it particularly difficult to bring
about promptly a balanced situation, for, obviously, refiners will continue
to over-produce if the profit margin is guaranteed to them. The overproduction of the present production of crude is 2,800,000 barrels, against
the consumer demand of 2,300,000, indicating a current overproduction of
500,000 barrels a day,a critical weight of over-supply. This overproduction
has been aggravated during this whole period of discussion, which has
tended to thwart the readjustment which otherwise would have taken place.
The present price of crude is around 60 cents a barrel, and had the price
responded to the overproduction it would have gone down on the basis of
historic precedent to 25 cents a barrel.
Furthermore, this action destroys the sensitivity of the most important
of the single price in the industry, namely, spot gasoline, and therefore
seriously handicaps the functioning of the control which needs this flexible
price for its guidance.
Another result of this action may be anticipated to be a squeezing out
of the small refiner and the small distributor. The large integrated companies manufacture about 80% of the gasoline, while several hundred small
plants manufacture the remainder. As the gasoline accumulates in the
tanks of the small refiner, if he is unable to move this commodity by cutting
prices, he will be forced to evade the order or else be forced out of business.
Likewise, the small distributor who purchases gasoline on the spot market
will find himself in a squeezed way because of the presence of too much
gasoline and the retail price will sink below parity, and therefore the small
independent dealer purchasing on the open market will be unable to obtain
supplies which he will be able to distribute at a profit.
On the whole, the conclusion Is inescapable that a serious blunder has
been made.
President Roosevelt Names Secretary Ickes Oil Administrator—Head of New Committee of 15 to
Have Virtual Dictatorial Powers Over Petroleum
Industry under Code.
President Roosevelt on Aug. 29 appointed Secretary of
the Interior Harold Ickes as Administrator of the Nation's
oil industry. Mr. Ickes will head the co-ordinating and planning committee of 15 members, and as Admiristrator he
will have almost dictatorial power over the industry, for
which the new code becomes effective to-day (Sept. 2).
With the completion of the code, the NRA relinquished
any further interest in control of the industry, General
Hugh S.Johnson, Recovery Administrator, said on Aug. 29.
The Committee will use the facilities of the Bureau of Mines
for the compilation of statistics on production and demand
which will be made the basis for the allocation of output.
30,000 Striking Cloakmakers Agree to Return to Work
—Skirt Agreement Affects 8,000—Movement for
Codification of All Needle Trades in New York
Area Gains Pace.
About 30,000 cloakmakers who had been on strike in
New York City were pledged to return to work after an
agreement had been signed on Aug. 26 between the International Ladies Garment Workers Union and the Merchants Ladies Garment Association. Almost 15,000 of the
strikers had not yet returned to their jobs late this week,
but the delay was ascribed to the difficu.ty of completing
certain technical arrangements, and it was anticipated that
all of the workers would be back in the shops early m xt
week. Conditions in the dress industry also improved during
the current week, with most of the 60,000 dressmakers who
had been out on strike back at work. Settlement of this
strike by mediation was noted in our issue of Aug. 26,
pages 1488-89. Meanwhile the movement for codification
and unionization of all needle trades in the ladies' garment
industry, affecting a total of more than 150,000 workers
Wages Not to Be Reduced.
A small differential for markets outside of New York City is included.
Employers are forbidden to apply both the week and piece-work systems
to the same employees. It is provided that wages now above the new
minimum scales shall not be reduced, despite the reduction in hours from
40 and more to 35.
Home work, tenement work and all sweatshop conditions are forbidden.
Minors under 18 are barred. The workers are to be paid for legal holidays.
The agreement also provides that workers may not be discharged except
for good cause and that disputes arising on this point shall be adjudicated
through an impartial chairman for the industry. Each shop will have
a
shop committee of workers who, in the presence of a shop chairman and
together with the employer, will determine the manner of applying piecework rates. Disputes on such rates are to be adjusted by a representative
of the union and the employers' association.
No employer not a member of the employers' association and whose
plant may be on strike may become a member of the association until the
strike has been settled on the basis of the collective agreement, which
will
become the working instrument for the shop in question. Jobbers
and
contractors are to be held jointly responsible for the wage and working
standards. There are to be no strikes, stoppages or lockouts during
the
life of the agreement.
Signing of the agreement followed a stoppage of more than two weeks
in all the skirt shops. Those who signed the agreement for the employers
were S. N. Elowsky, President of the National Skirt Manufacturers
Association; Mack Sepler, Secretary; A. Sloat, Treasurer, and Henry Perahia,
trustee.
For the union the signers were David Dubinsky, President of the International Ladies' Garment Workers Union; Louis Ries, manager of the
Skirt Makers Union, Local 23, and Elias Lieberman, counsel.
Mayor O'Brien Proclaims Sept. 13 as Half Holiday in
New York City to Permit NRA Parade and Demonstration—General Dennis E. Nolan to Be Grand
Marshal,
Mayor John P. O'Brien of New York City on Aug. 30
proclaimed that Sept. 13 would be celebrated as a half
holiday in the city, with the President's NRA Day parade
to feature the closing efforts of the local NRA consumers'
drive. The Mayor said that all municipal departments will
close at noon in order to participate in the demonstration
and he asked all employers to close their places of business
at one o'clock. The parade will start about 2 p. m. and
is expected to end before 10 p. m. Major-General Dennis E.
Nolan will be Grand Marshal. Grover A. Whalen,Chairman
of the NRA City Committee, said on Aug. 30 that 4,000
paraders will be massed to each block, by a now formation
which army officers are planning. He added that employers
and employees will march together to signify the solidarity
of all in support of the recovery program. Mayor O'Brien's
proclamation read:
To the People of the City of New York:
The President of the United States, through the NRA, has called upon
every employer and worker in our country to support a plan for economic
recovery.
An intensive campaign has been waged in the City of New York to
bring
both employer and employee under the blue eagle. The efforts
of the
local NRA have met with wholehearted response from our people.
The
second phase of the NRA plan is to impress upon the consumer his or her
responsibility in connection with the National effort that is being made
to wipe out depression.
It is proposed to ask every consumer in the City of New York to sign
a statement of co-operation pledging to support and patronize employers
and workers who are members of the NRA.
The period of the campaign will be from Sept. 5 to 15. The NRA
in this city intends to bring its drive to a climax on Wednesday.
Sept. 13.
by the largest demonstration ever held in the City of New York. It is
proposed to have a President's NRA Day and to celebrate the occasion
with an industrial parade.
The people of the City of New York are jealous of their unfailing
support
of the President of the United States and wish to co-operate to the
fullest.
Now, therefore, I, John P. O'Brien, Mayor of the City of New York,
do hereby declare Wednesday, Sept. 13, a half
-holiday, beginning at
one o'clock. All municipal departments will close at noon and
participate
in the demonstration. I further request all employers to close their
places
of business at one o'clock on Wednesday, Sept. 13—President's
NRA Day.
In witness whereof, I have hereunto set my hands and cause the
seal
of the City of New York to be affixed this 30th day of August
1933.
By the Mayor,
Signed THOMAS F. McANDREWS,
Secretary to the Mayor.
Signed JOHN P. O'BRIEN.
Mayor.
1692
Financial Chronicle
American Iron and Steel Institute Directors Name
Committees to Organize Industry Under Steel
Code—Three NRA Representatives Attend First
Meeting Since Agreement Was Approved.
The first meeting of the directors of the American Iron
and Steel Institute since the adoption of a code for the steel
industry was held on Aug. 29 in New York City, and was
attended by three representatives of the NRA: K. M.
Simpson, Deputy Administrator; Donald Richberg, General
Counsel, and Dr. Alexander Sachs, Economist. Permanent
committees to organize the industry under the code were
appointed, while the application of the code to many branches
of the business was discussed, price lists for the third quarter
were filed, and plans were formulated for gathering statistics
on steel prices and wage rates. It was announced that representatives of the NRA will be present at future meetings of
the committee appointed by the steel industry to administer
its code. The meeting was reported, in part, as follows in
the New York "Times" of Aug. 30:
The Institute drafted and will carry out the provisions of the code. As
steel prices, wage rates and other matters with which the public is concerned
will be taken up. the government will have representatives at future sessions
of the directors, Robert P. Lamont, President of the institute, said.
Chairmen of permanent committees appointed were:
General Administrative Coramittee.—William A. Irvin, President
United States Steel Corp.
Labor Committee.—Frank Purnell, President Youngstown Sheet &
Tube Co.
Committee on Commercial Matters.—Samuel E. Hackett, Vice-President
Jones & Laughlin Steel Corp.
Committee on Statistics.—W. J. Filbert. Vice-Chairman of finance
committee United States Steel Corp.
Mr. Lamont said the general administrative committee would have charge
of all matters except those specifically delegated to other committees. It
will virtually administer the code between meetings of the directors.
"The meeting." Mr. Lamont said, "was largely an organization meeting.
Under the code, there are many things to be done. such as the appointment
of committees and the drafting of ,ormal rules and regulations. Arrangements must be made for financing necessary activities and for the preparation of statistics on steel prices, the number of employees, wages, hours of
employment and other matters regulated by the code."
Mr. Lamont said that prices for the third quarter were still being filed
by steel companies In accordance with the requirements of the code. The
subject of costa was not discussed at the meeting, he said. The steel code
provides for an investigation if it appears that any company is selling below
cost. Through the preparation on statistics on selling prices, labor costs
and other matters, It will be possible to ascertain any abuses. Mr. Lamont
said. Figures presented by members of the Institute must be submitted
under oath.
General Johnson Opens Intensive Drive to Enlist
Consumers and Employers Under NRA—In Radio
Address, Recovery Administrator Warns 1,500,000
Volunteer Workers to Avoid Threat of Boycott—
Says They Are "Missionaries" and Not "Snoopers
or Policemen."
Opening a week featured by an intensive drive to bring
employees and consumers under the sign of the Blue Eagle,
General Hugh S.- Johnson, Recovery Administrator, on
Aug. 27 delivered a radio address which was broadcast
over the networks of the Columbia and National Broadcasting Co. systems, and which was intended to reach
1,500,000 volunteers who will solicit employers to subscribe
to re-employment agreements or to codes for their respective industries. General Johnson instructed the volunteer workers to go forth on the campaign as "missionaries"
and not as "snoopers or policemen." He specifically warned
them against any implication of a boycott in their arguments
with reluctant employers. He said that they would find
few cases of unwillingness among the industrialists, but
rather cases of misunderstanding. Further details of his
address, as contained in a Washington dispatch of Aug. 27
to the New York "Times," follow:
General Johnson said that business unity was the underlying purpose of
the drive, just as political unity had motivated the struggles of this country
during the Civil War.
"Business unity has never been permitted to us." he said. "The old
order was afraid to try it. It was absolutely unlawful for business to get
together. Every effort was made to prevent workers from getting together, and as for the people—the consumers of the country—getting
together, that was just too much even to think of.
"Rather than to threaten this sacred cow some of its keepers were willing
to let the country suffer anything. They banished the thought, while
from 1929 to 1932 our people were helpless to do anything about it because
they had no way to act together.
"You are about to go forth on your great work. Remember that you
are patient missionaries and neither snoopers nor policemen. You will
find bewilderment, some misinformation and (in the rarest of cases) resistance. With the latter you have nothing to do. Your sole duty Is as
of the duties of the Disciples:
'Whosoever shall not receive you nor heed your words, when ye depart
"
out of that house, shake off the dust of your feet.'
"It Is not your duty to provoke resentment or hard feeling, but only to
give your message of helpfulness and go your way.
Only a Beginning Yet.
"This is a great adventure by a great people. No man other than the
President could have taken it thus far. What you have seen is only a
beginning.
"The first step Is for every employer to adopt the Blue Eagle. The
Roosevelt plan of economic unity for the American people simply cannot
Sept. 2 1933
go forward with any considerable number of employers standing aside and
taking advantage of the patriotism of their competitors. There just isn't
any question about that. The Government would be a coward if it did
not say that.
"It is our belief that either through codes or agreements we enter this
drive with between 70% and 80% of employers In trade and industry already
under the Blue Eagle. We must get 100% under the Blue Eagle and we
cannot afford to fail.
"Why are there any employers not under the Blue Eagle? This administration has looked into thousands of cases. It has found not one in
which the reason was unwillingness.
"An obstacle is the fear of honest, patriotic men that they cannot do
what the President asks and remain in business. What they do not understand is that by getting a certificate from his local chamber of commerce
or merchants association that he cannot comply, any man is entitled to
get and display a provisional Blue Eagle while an investigation is made by
the NRA.
Intimidation Ruled Out.
"There has been a great deal of loose talk about boycott, intimidation
and violence.
"I want to say to you in all earnestness and solemnity that if there is
even a shadow of such a thing It would spoil this whole endeavor. A boycott is a banding together of people to cut a seller offfrom his trade. Threat
of a boycott could be intimidation.
"Any violence—even any critical comment or unkind words in this
effort is repugnant to its whole purpose and volunteer workers have no
right to use such means. I beseech you to follow these rules.
"But there must not be the slightest misunderstanding. The watchword of this great co-operation is 'Buy under the Blue Eagle.' It is not a
boycott for the people of a distressed country to say they are going to stick
to those who do their part to cure a common evil and to ignore those who
refuse to do so."
Another obstacle found, General Johnson said, was a fear that competitors would use the Blue Eagle and cheat behind its wings; that there
would be no real protection.
"Of course, the Government cannot permit this," he said. "People
who fly the Blue Eagle must be honest with him, and it is our duty to see
to this.
"For about two weeks we shall confine all action to an intense effort to
see that the obligations of the Blue Eagle are understood by every man
who flies one.
"In the meantime we shall collect evidence In the few important reported
cases of big and thoroughly informed employers who ROOM knowingly and
wilfully to have taken on this obligation with a deliberate intention of
violating it to mislead and defraud their employees and their customers."
NRA Mediation Averts Threatened Strike of 25,000
Cleaners and Dyers in Metropolitan New York
Area—Tentative Accord Will Remain Effective
Pending Adoption of National Code—Basis for
Prices Is Fixed.
A threatened shut-down of 25,000 retail cleaners and
dyers' shops in the metropolitan Now York area and a
sympathetic strike of 10,000 allied workers was averted
on Aug. 29 when leaders of various groups in the industry
initialed a tentative agreement after a long session at the
NRA headouarters with David F. Wolf, Chairman of the
City NRA Bureau of Complaints; acting as mediator.
The agreement will become effective Sept. 5 and remain
in force until the acceptance of a permanent code for the
industry. The settlement was made on the basis that "the
wholesale price for cleaning a garment shall be one-third
of the retail price, but at no time shall the wholesaler receive
less than 25 cents." Further provisions of the agreement
are given below, as quoted by the New York "Times" on
Aug. 30:
Final settlement of the controversy hinged on whether stores that had
elected to be classified as call and delivery shops, collecting a service charge
of 15 cents per garment, should pay one-third of the 15 cents to the wholesaler. It was finally agreed that the service charge be included in reckoning
the wholesalers one-third.
An additional charge of five cents will be made on overcoats because the
wholesalers contend that these garments should bring a higher price because
of their greater weight.
Minimum wages were agreed upon as follows: Machine pressers, 50
cents an hour; hand pressers. 36 cents: ',teeters. 42 cents; dry cleaners.
benzine, $35 a week; silk spotters. 66 cents an hour; rough spotters, 45
cents; washers (head). 66 cents: dyers. 66 cents, and unskilled labor, 35
cents. This scale is not to apply to apprentices, who are limited to not
more than 5% of the total employed in any shop.
Retail stores are not to stay open more than 12 hours a day and maximum working hours in all plants are not to exceed 45. except for benzine
workers, washers and spotters, who may be employed 50 hours, and
engineers, who may be employed 56 hours. Tho limitations do not apply
to watchmen and chauffeurs. . . .
The agreement provides that no retail or chain store shall perform free
work, give discounts, allowances or other gratuities that would unstabilize
the prices agreed upon.
General Johnson Estimates 2,000,000 Persons Have
Already Returned to Work as Result of NRA
Drive—Says $30,000,000 Weekly Has Been Added
to Purchasing Power,
General Hugh S. Johnson, Recovery Administrator, estimated on Aug. 28 that approximately 2.000.000 persons had
already been put back to work as the result of the NRA drive,
and that their combined earnings represented an addition of
$30,000,000 a week, or $1,500,000.000 a year to mass purchasing power. The estimate was regarded as of particular interest since it was the first of the kind to be made by him in
such specific form. It was included in a radio address which
featured an NRA celebration in Washington. In the speech
he again issued a warning to "slackers" who try to evade
Volume 137
Financial Chronicle
taking part in the movement to increase employment and
restore buying power. The address was noted as follows
in Washington advices of Aug. 29 to the New York "Herald
Tribune":
"We have no cause for worry in regard to the fellow who thinks he can
cut corners and by subterfuge and evasion get his share of the coming prosperity by sacrificing others," General Johnson said. "That kind of a person
can no more stop this great plan than can the income tax cheater cripple
the revenues that come to the Treasury. There will, of course, be provisions
In the execution of this law that will take care of the man who chisels and
shuffles and tries to pass his burdens on to somebody else. He may get
away with it for a time, but not for long. The slacker may think he is a
smart business man. But he will find that his petty fudging is the surest
passport to disgrace and bankruptcy in the world.
"The people themselves, without any incitement from anybody, will know
how to visit the proper punishment upon the fellow who tries to stand in
the way. Ile may evade the legal penalties. There may never be a harsh
word spoken to him. But day by day he will see his customers pass his doors
to buy where the blue eagle is displayed and where the pledges for which
that bird stands are being honored.
"Aid the turmoil of the substitution of the new system for the old process
of cut-throat competition which was the father of child-labor, low wages
and business destruction, it is perhaps not easy to appreciate how far this •
movement has gone. It is plain enough in the factory towns where the
smoke is rising from chimneys that have been cold for years. But in cities
our progress is not so obvious. There are more people in the stores, both
behind and before the counters. In Cleveland 1,000 people are going back
to work each day. The breadlines are shrinking.
"For these minor evidences we can scarcely realize that perhaps 2,000,000
people have been removed from the ranks of the unemployed and are again
self-supporting citizens. Well, 2,000,000 people represent, at the lowest
estimate, $30,000,000 more in the payrolls every week, $1,500,000,000 more
in a year, and this money goes right back into the hopper of trade and is
spent over and over again, which means more work, more comfort, more
happiness. And yet, this great effort has just started. As the autumn rolls
on you will see that the old gospel of despair, the theory of human helplessness, and of our inability to do anything to prevent these ghastly economic
depressions, was a false gospel after all."
Small Newspapers Adopt Code, Specifying 40
-Hour
Week for Mechanical Forces and 48 Hours for
Clerical Employees.
A code of fair competition providing a maximum working
week of 40 hours for mechanical employees and 48 hours for
clorical employees, except those employed in a managerial
or executive capacity receiving $35 a week or more, was
adopted on Aug. 18 by representatives of commercial printers and publishers of small daily and weekly newspapers,
meeting at Chicago. The publishers and printers named the
National Editorial Association as the administering body to
present the code to the NRA. The agreement does not include reporters and nembers of editorial staffs and employees working on commission. Approximately 12,000
weekly and small daily newspapers will be affected by the
code.
NRA Hearing on Transit Code Requires only 43 Minutes—Employers and Labor Reached Agreement
Prior to Meeting-250,000 Men Employed in Industry, Which Asks Government Also to Require
Code for Taxicab Competitors.
Hearings on a code of fair competition for the transit industry, held before Deputy Recovery Administrator Malcolm
Muir in Washington, on Aug. 29, occupied only 43 minutes
and revealed a complete agreement within the industry. It
was said that an accord between employers and labor,
reached before the opening of the hearing, contributed to
the brevity of the meeting. The code is said to represent
75% of all intra-State, urban and interurban electric lines
and their affiliated buses. William A. Draper, of Cincinnati,
President of the American Transit Association, who submitted the code, said that the industry employs about 250,000
persons, carries 11,000,000,000 passengers annually, and
represents an investment of more than $4,000.000.000. The
code establishes a 40
-hour week for general office employees,
a 44-hour week for general shop employees, and a 49-hour
week for the remaining groups. The minimum hourly pay
is set at 40c., while for employees paid by the week or month
the weekly rates begin at $12 in small towns and rise to a
$15 minimum in cities of more than 500,000 population. A
Washington dispatch of Aug. 29 to the New York "Times"
described the hearing as follows:
Proponents of the code restated its provisions in asking the
Government
to ensure wages and hours for competing taxicabs and other car-for
-hire
industries, which would make for fair competition with street car
and bus
lines.
"Employment in the industry would be still further improved
if there
can be eliminated the destructive competition to which it
is subjected by
unregulated taxicabs and automobiles operating for hire,
charging rates
which are made possible only through exploitation of labor,"
Charles Gordon, managing director of the American Transit Association,
Mr. Gordon also declared that the transit industry could declared.
not Increase its
fares, because it was under State or municipal regulation,
and that "generally speaking, fares are already at their upper economic
He asserted, as did other witnesses, that the transit limit."
Industry, which is
composed of street car lines, both urban and interurban,
and affiliated bus
1693
lines, was in a "precarious financial condition" and would be unable to
bear any undue increased burden imposed by reducing weekly working hours
and increasing wages.
Mr. Draper said the Amalgamated Association of Street and Electric
Railway Employees of America was in agreement on this stand, and endorsed the code as presented.
Labor's sole objection to the code was made when Fred Hewitt, representing the National Association of Machinists, demanded minimum
machinist wages of $25 for a 30-hour week. Mr. Hewitt said that he withdrew his objections to the hours and wages provided for other classes of
labor.
The National Association of Taxicab Owners, represented by W. W.
Cloud, pledged its support to the code.
Governor Lehman of New York Signs Two Mortgage
Relief Bills Passed by Legislature—Also Approves
Bill to Correct Evils in Deficiency Judgments.
Governor Lehman of New York approved on Aug. 28
the two Nunan bills amending the Civil Practices Act in
relation to mortgage foreclosures and deficiency judgments.
Albany advices (Aug. 28) to the New York "Journal of
Commerce":
The mortgage moratorium bill provides that during the duration of the
emergency which is to extend until July 1 1934. that a foreclosure action
cannot be maintained for the non-payment of principal or any installment
thereof if interest and taxes have been paid.
The provisions of the Act do not apply to a mortgage held by a savings
and loan association payable in installments over a period of 10 years or
more.
Fixing of Values.
Under the deficiency judgment measure It is provided that in an action
to foreclose a mortgage, the defendant can come Into court and demand that
the value of the premises be fixed. The Court after a hearing can fix and
determine the fair market value as of a stated date. Then, after the sale,
no matter what the property brings at such sale, the defendant is entitled
to a set-off against any deficiency judgment for the difference between
the value determined by the Court and the amount the property brings
at such sale, but of course has to pay the cost of the proceeding interest, &c.
The Governor's message to the Legislature asking for
legislation declaring a moratorium on mortgage foreclosures
where interest and taxes have been paid and seeking the
correction of abuses in deficiency judgments was given in
our issue of Aug. 5, page 961. The legislation was passed
before the adjournment of the Legislature on Aug. 24.
•
Governor Lehman of New York Signs"Bills Placing
State Back of NRA Program—Provisions of State's
Anti-Trust Laws Temporarily Suspended.
New York State's official support of President Roosevelt's national recovery program was given on Aug. 28,
when Governor Lehman signed five bills passed in the
recent special session of the Legislature. The New York
"Journal of Commerce" in its Albany advices, Aug. 28,
further reported:
The measures as signed to-day suspend the Donnelly anti-trust provisions for the duration of the NIRA in order to make trade and industrial
codes legal in the State. This, the principal measure, also set up a virtual
legal boycott against concerns and industries which refuse to come under
.
the Blue Eagle provisions. This is to be accomplished by concentration
of the State's patronage on firms permitted to show the NRA emblem.
Accept Federal Aid.
F Authority was granted municipalities to accept Federal funds for public
.
works, to contract with the NRA to issue public works bonds to be payable in part with Federal money. The acceptance of this Federal aid for
recovery projects is irrespective of charter limitations.
A fourth measure provided that 30% of the Federal funds advanced
for grade crossing elimination purposes shall be divided on an equal basis
between the railroads involved and the State.
The Governor also signed the bill appropriating 56.000.000 to start a
grade crossing elimination program. This was in anticipation of Federal
aid of 30%. of which the State will receive half toward its share. The
railroads are to get the other half.
Another measure signed authorized the adoption of NRA codes for business operating wholly within the State over which the Federal Government
has no control.
Behind Program.
The bills as recommended by Governor Lehman to the Legislature place
the State squarely behind the President's recovery program to increase
purchasing power. Increase prices and provide additional employment. The
bills removed the possibility of prosecution against State corporations joining the NRA on the ground the companies participating in Lars-state
commerce violated the anti-trust and anti-monopoly laws.
Senator Henry G. Schackno. New York City Democrat, sponsored the
bill making violation of the codes a misdemeanor, punishable in the same
manner as provided by the Federal Government in the National Recovery
Act.
Governor Lehman's message to the Legislature requesting
the enactment of the above legislation was given in these
columns July 29, page 792. The Senate passed the bills
Aug. 14, the Assembly later taking similar action.
Governor Lehman of New York Signs Bill Amending
Banking Law Making Bonds of Home Owners
Loan Corp. Legal for Bank Investment.
An Albany dispatch (Aug. 28) to the New York "Journal
of Commerce" said:
Home Bonds Approved.
Three bills by Senator McCall amending the banking law to legalize
investments In bonds of the Home Owners' Loan Corporation and Farm
Loan bonds were also approved by the Governor together with the McCall
1694
Financial Chronicle
bill providing for conversion of a savings and loan association into a Federal
savings and loan association.
The Nunan bill permitting private corporations to exchange bonds secured by mortgages for bonds of the Home Owners' Loan Corporation was
also approved.
The Governor also approved the Buckley bill, amending the tax law in
relation to exempting payment of recording tax upon mortgages transferred, assigned or made to the Home Owners' Loan Corporation, or to any
Federal Land Bank or Federal Home Loan Bank.
Bonds of Home Owners Loan Corp. Admitted to Unlisted Trading Privileges on New York Real Estate
Exchange.
Announcement was made on Aug. 29 by the New York
Real Estate Securities Exchange that the Home Owners'
Loan Corp. 4% bonds, due 1951, were admitted to unlisted
trading privileges. It was further announced:
The initial transaction was made at a price of 85 for two bonds, on a
when, as and if issued basis. It is believed that this is the first trade to
have been consummated in this issue of bonds of which it is expected there
will be two billion dollars issued. The bonds are now being quoted 87 bid
and offered at 92.
Home Loan Bank Board Completing Plans for Issuance
of Bonds of Home Owners Loan Corp.
Washington advices, as follows, Aug. 23, are taken from
the New York "Times":
A completed program for issuance of bonds by the Home-Owners Loan
Corporation for refinancing mortgages on small homes threatened with
foreclosure will be announced within a few days by the Home Loan Bank
Board.
Experts have been at work several weeks on the plan.
The corporation has authority to issue $2,000,000,000 in eighteen-year
4% bonds, tax free, the interest of which is guaranteed by the Government.
All mortgages taken either for bonds or cash represented by the $200,000,000
of capital stock subscribed by the Treasury Department, will be pledged to
secure the issues.
The objective of the program is to make the bonds a sound security
and in this connection various plans which would give them discount
privilege have been studied.
As a step in that direction the Treasury will accept the corporation's
bonds at par as collateral security against deposits of public moneys with
designated depositories.
The Reconstruction Finance Corporation has agreed to accept the bonds
as collateral security on loans at 80% of the par value, and the board of
trustees of the Postal Savings System has authorized acceptance of the bonds
at market value as security for postal savings deposits.
The bonds have recently been approved as legal investments for closed
banks in Ohio. Pennsylvania and other States, a step expected to give
added relief to home-owners.
Rules for Home Owners to Follow in Making Application for Federal Loans in New York District.
In its Aug. 31 issue the New York "Times" stated:
•
The procedure by which the home owner should seek a Federal loan
from the Home Owners Loan Corporation was outlined yesterday by
Edmund J. Donegan, manager for the metropolitan New York district,
as follows:
1. Write to the branch office in your county for an application blank.
In this district the branch offices are: Manhattan, the Empire State Building. 350 Fifth Avenue; the Bronx, 391 East 149th Street; Brooklyn, Federal
Building, Washington and Johnson Streets; Queens, 153-13 Jamaica
Avenue; Staten Island, White Plains (Westchester), Mineola (Nassau).
Suffolk, Rockland and Putnam branch offices to be announced within
the next two weeks. (If the branch office for your county is not yet open,
wait until it is, unless the case is extremely urgent because your home is
to be sold at foreclosure at a set date within the next three weeks. In
that event, apply to the district office at 350 Fifth Avenue for an application blank and in returning the blank enclose a copy of the papers in the
suit and inform the office by letter of the sale.)
2. Fill out the blank and return it to the branch office in your county.
3. Then wait for a further communication from the Home Owners Loan
Corporation, even if the holder of the mortgage is threatening immediate
foreclosure, for the district machinery will be operating at "full blast" in
two weeks.
4. Do not pay any person or persons a penny for aid in making out an
application or for promised aid in obtaining a loan. Your branch office
will help you make out the appllcation, if necessary. No person can be
of any help to you in obtaining a loan. The act makes violation of this
provision punishable by a fine up to $10,000 or a prison sentence up to
five years.
Mr. Donegan pointed out that the thirty-two counties above Putnam
were in the Albany district, of which Vincent Dailey is manager, and the
twenty counties In the western part of the State were in the Buffalo district.
Public Works Administration Allots $59,861,141 for
Flood Control, Construction and Repair Projects—
To Provide Jobs for 50,000 Unemployed—Work in
Lower Mississippi Valley Represents Largest Item.
The Public Works Administration on Aug.29 allotted funds
totaling $59,861,141 for flood control and construction and
repair projects in many branches of the Government, with an
estimate that they would provide work for more than 50,000
persons. The allotments were assigned to flood control of
the Mississippi River, construction and repair work at naval
shore stations and yards, building of cutters for the Coast
Guard, repair of the Statue of Liberty, and the construction
and repair of Veterans' Administration buildings in various
sections of the country. Secretary Ickes said that the projects had been selected from those which would furnish
employment in a minimum period of time for a maximum
number of persons now unemployed. The allotments were
Sept. 2 1933
detailed as follows in Washington advices of Aug. 29 to the
New York "Times":
The largest single item in to-day's allotments contemplates completion
of the flood-control program in the lower Mississippi Valley, the amount
appropriated being $36,986,956 for continuation of work in the New
Orleans, Vicksburg and Memphis sectors. Army engineers, in submitting plans for this work, said that it would mean employment of an additional 34,000 persons for a year.
The naval allotment was $13,600,000, which, it was stated, will provide
a total of 866,000 man-weeks of direct and indirect labor. This makes a
total of about $251,000,000 set aside for the navy under the public works
program, $238,000,000 of this being for construction of cruisers, aircraft
carriers, destroyers and submarines.
The naval sum specified to-day will be spent as follows:
Pearl Harbor, Hawaii, $4,500,000; Puget Sound, $1,455,000; New York
Navy Yard, $849,000; Pensacola, Fla., $1.010,000; naval air station, San
Diego, $383,000; Mare Island Navy Yard, $168,000; Washington (D. O.)
Navy Yard, $325,000; Norfolk (Va.) Navy Yard, $465,000; Philadelphia
Navy Yard, $100,000; submarine base, New London, Conn., $72,000;
Naval War College, Newport, R. I.. $50,000; Canal Zone, $40,000: Naval
Academy,$575,000, and $100,000 for the Portsmouth (N. H.) yard.
The allocation for the New York Navy Yard provides $475,000 for improvement of the power plant, $24,000 to improve the telephone system,
$50.000 for extension of the structural shop and $300,000 for new traveling
drydock cranes.
The New London allotment is for sewerage, roads and walks for modernization of the distributing system.
The allotment for construction of new Coast Guard cutters and repair
and equipment work totals $8,501,190, of which $7,050,000 is for new
cutters, all of them for service in Northern Atlantic zones.
To the Veterans' Administration for construction and repair of veterans'
buildings is allotted $515,000.
For improvements on the Statue of Liberty the Administration allowed
$25,000.
Reconstruction Finance Corporation Issues Regulations Governing Loans for Payment of Processing
Tax.
Regulations governing loans for the payment of the processing tax, which may be made by the Reconstruction
Finance Corporation under the authority granted in Section
19 (c) of the Agricultural Adjustment Act of 1933, were
announced Aug. 25 by the Corporation. In announcing
this, the Corporation said:
The interest rate on processing tax loans has been fixed for the present
at 5%. Loans will be made for the normal turnover period of the commodity and in no event to exceed six months. However, the Corporation
will consider applications for renewals in the event that the turnover period
exceeds six months.
Under the terms of the Reconstruction Finance Corporation Act, which
provides that loans may be made only when "fully and adequately secured,"
warehouse receipts, preferably issued by licensed warehouses, on commodities which are the basis of the tax or warehouse receipts on other
acceptable commodities, as well as other forms of security, will be considered
as security.
According to the Corporation's announcement, the regulations said:
Inasmuch as it is provided by Section 19 (b) of the Agricultural Adjustment Act that the payment ofsuch taxes may be postponed by the Secretary
of the Treasury for a period not exceeding 90 days, It Is not contemplated
that loans will be made by the Reconstruction Finance Corporation except
In the event that postponement of payment for the full 90
-day period has
been obtained. Wherever possible, a signed copy of the order of postponement for the full 90
-day period should be filed with the original application. However, the Corporation will consider the applications for loans
when they are accompanied by signed orders granting a postponement for a
lesser period; but in no event will the loan be disbursed until copies of signed
orders granting postponement for the aggregate period of 90 days have been
filed with the Loan Agency.
Where the Bureau of Internal Revenue has granted a general postponement
with respect to certain taxes in connection with a particular commodity,
and will not grant any individual extension with respect to such taxes, applications may be received at the beginning of, and disbursement made immediately prior to the end of such period of general postponement. Since
In the case of the compensating tax, the tax is not payable until the importer
wishes to withdraw the imported articles from customs custody or control,
such order of postponement will not be required. However, the loan application should be accompanied by a certificate signed by the Collector of
Customs to the effect that such articles are actually in customs custody
or control. These certificates are now being prepared and will be obtainable at the office of the Collector of Customs.
Loan of $7,500 Made to Egyptian Seed Growers Exchange of Flora, Ill., by Bank for Co-operatives of
St. Louis—Is First Loan Made Under Decentralized
Plan of Aiding Farmers' Co-operatives Financially.
Governor Henry Morgenthau Jr., of the Farm Credit
Administration, announced Aug. 26 that the first loan to be
made under the decentralized plan of giving financial assistance to farmers' co-operatives was granted Aug. 24 to the
Egyptian Seed Growers Exchange of Flora, Ill. The loan,
the announcement said, amounting to $7,500, was made by
the Bank for Co-operatives of St. Louis, Mo., established
on Aug.9 1933,as the first 12 regional banks for co-operatives
to be formed under the provisions of the Farm Credit Act
of 1933. Continuing, the announcement added:
The Egyptian Seed Growers Exchange. organized in 1922, will use the
money for processing and marketing redtop and timothy seed. Twentyeight hundred southern Illinois farmers are members of the Exchange,
which handles approximately 40 carloads of redtop seed annually.
The Intermediate Credit Bank of St. Louis also recently made a commitment for a loan of $100.000 to the Egyptian Seed Growers Exchange for the
purpose of enabling the co-operatives to make cash advances to the growers
on 1933 seed. The Intermediate Credit Bank will take first lien on the
Volume 137
Financial Chronicle
commodity. As soon as the seed is placed in storage, warehouse receipts
will be issued and offered as security for the loan.
Board of Directors of Central Bank for Co-Operatives
Appointed — F. W. Peck, Co-Operative Bank
Commissioner, Chairman.
The appointment of the Board of Directors of the Central
Bank for Co-Operatives with F. W. Peck, Co-Operative
Bank Commissioner, becoming Chairman, as provided for
in the Farm Credit Act of 1933, was announced on Aug. 30
by the Farm Credit Administration. In appointing the other
six members, Henry Morgenthau, Jr., Governor of the
Administration, selected three to represent the general
public and three to represent the farmers' co-operatives.
The Administration's announcement went on to say:
Following are the directors representing the general public; the term of
office is indicated after each man's name:
Thomas Cooper, Dean, College of Agriculture. University of Kentucky,
Lexington, Ky., 3 years;
J. D. Miller, President, National Co-operative Council, Susquehanna,
Pa., 2 years, and
H. Lane Young, Executive Manager. Citizens and Southern National
Bank, Atlanta, Ga., 1 year.
The directors selected to represent the co-operatives are: .
H.E. Babcock, President, Co-operative G. L. F. Holding Corp., Ithaca,
N.Y.,3 years;
F. M. Hayner, Director, Southwestern Irrigation Cotton Growers Assn.,
Las Cruces, N. M.,2 years, and
U. M.Dickey,President, United Dairymen's Association, Seattle, Wash..
1 year.
Mr. Babcock represents both the marketing and purchasing interests
of the co-operatives.
Successors to the three co-operative representatives on the Board will be
appointed for a period of three years from nominees elected by borrowers.
The act provides that the Governor of the Farm Credit Administration
shall select each year!one director from the three nominees receiving the
highest number of votes from borrowing co-operatives. Each borrower will
be eligible to cast only one vote.
The Directors of the Central Bank for Co-Operatives will not be paid a
regular salary, but may be allowed a reasonable amount per diem to cover
their expenses.
In the Government's credit plan for co-operatives there are 13 banks
Involved—one central, with headquarters in Washington, D. C., and 12
district banks for co-operatives now being established in the Federal Land
Bank cities. One of these district banks already is established, having been
set up in St. Louis, Mo., on Aug. 9. The second is being organized in
Berkeley, Cal. The first loan to be granted under this new system was
made to the Egyptian Seed Growers Exchange of Flora, Ill., by the St.
Louis Bank for Co-Operatives on Aug. 24. Other banks will be formed as
soon as possible.
The decentralized system of lending money to co-operatives through
these banks is being developed in contrast to the centralized operations of
the Federal Farm Board which granted loans direct to farmers' marketing
organizations from the revolving fund provided for in the Agricultural
Marketing Act. This act has been amended so that loans can be made to
purchasing as well as marketing co-operatives. Out of the revolving fund
established under the Agricultural Marketing Act the Governor of the
Farm Credit Administration is authorized to subscribe for stock, on behalf
of the United States, in the central bank and the district banks for co-operatives in accordance with the need of capital.
Under this plan of co-operation between the Federal Government and
farmers' co-operatives, the co-operatives will also become stockholders in
the banks. In order to obtain a loan from one of the banks for co-operatives,
an association will be required to own or acquire capital stock of the value
of $100 for each $2,000 of the amount of the loan. Upon discharge of its
loan the stock held by the borrowing association will be retired and canceled,
and the association will be paid for this stock.
Under regulations of the Governor, the central bank is authorized to
make loans, by way of discount or otherwise, to farmers' co-operative
marketing or purchasing organizations operating on a National scale and to
regional co-operatives where their credit needs are for not less than $500,000.
The regional banks for co-operatives are authorized to make loans to
local co-operatives and to regionals where their credit needs are for less
than $500.000.
Co-operatives borrowing from either the central or the district banks are
required to pay an interest rate of not less than 3% or more than 6%
annually.
A previous reference to the Central Bank for Co-Operatives, stating that that bank was in process of organization,
appeared in our issue of Aug. 12, page 1173.
Secretary Ickes Urges More Speed on Public Works
Projects—Asks Officials to Cut Red Tape in Order
That Funds Already Allocated May Be Transferred
to Pay Envelopes.
More speed in the Government's public works program
was urged on Aug. 27 by Secretary of the Interior Ickes,
Public Works Administrator, in instructions issued to
Federal and local officials calling on them to cut red tape,
eliminate delays, and put a maximum number of men to
work as promptly as possible. Mr. Ickes said that the time
has come for the more than $1,000,000,000 in allotments
from the public worksfund to be transferred to pay envelopes.
He said:
We are seeking more speed in every way it may be obtained.
In the two months since the Public Works Administration began to
organize we have moved fast. The power has been loosed at the top, with
$1,212,864,697 of the $3,300,000,000 fund allocated. That, however, is
only the beginning of the story—the initial carefully calculated move required to free these dollars for service through building useful public works.
What I am urging now is action all the way down the line to translate
this vast money force into wages and purchasing power. No matter how
rapidly the Administrator or the board of public works allots the money it
1695
does not serve its full purpose until it reaches the pocket of the workers.
To this end I earnestly request all officials, as well as others associated
with us in this great effort, to push forward at an even greater pace.
We realize certain delays are unavoidable due to requirements of laws
built up over years for protection of the public's money. These laws must
be observed. Legal requirements must be met in advertising for competitive
bids on contracts, posting of bonds by contractors, securing of required
authorizations and many other safeguards. With it all we must not for
a moment lose sight of the purpose of the Recovery Act, which is to cut
unemployment and increase purchasing power. There have been some
unavoidable delays.
We do not stand on ceremony or technicality, but adopt this policy
deliberately to permit those interested to carry through the work that
must be preliminary to actual construction. We want every project to be
transformed into work without graft or waste.
Many of the dollars allotted have passed through the machinery and
have gone into pay envelopes. This process must be speeded. We have
demanded proponents of projects state—and prove—that their approved
projects are in such shape that construction can commence shortly. We are
not interested in providing reserve funds for expenditure in the distant
future. We want action from the money we allot under the policies announced by the Public Works Administration.
Code of Fair Practice for Meat Packing Industry: is
Filed with Agricultural Adjustment Administration—Agreement Specifies Price Fixing, Allocation
of Supply and Regulation of Shipments—Hearings
Open Sept. 8.
A trade practice agreement for the meat packing industry
was filed with the Agricultural Adjustment Administration
on Aug. 31 by W. Whitfield Woods on behalf of the Institute
of American Meat Packers. It was announced that public
hearings on the pact will begin on Sept. 8 in Washington.
The Institute stated that it represented approximately 85%
of the commercial livestock slaughterers of the *United
States. The agreement provides for price fixing, the allocation of supply for slaughter and shipments to markets.
If the agreement is approved the processor signatories would
act through the established national trade association of the
industry, the Institute of American Meat Packers. Other
provisions of the agreement were listed as follows in Washington advices of Aug. 31 to the New York "Journal of
Commerce":
Under this proposed agreement the processors, through the executive committee of the Institute, would appoint a committee of four members acceptable to the Secretary of Agriculture to be known as the "processors' committee."
This committee would "meet, confer and act in co-operation with the Secretary or his nominee, and (or) with co-ordinate committees of other
branches of the industry, such as (a) producers of livestock and livestock
marketing agencies, (b) processors of livestock and products of livestock,
and (c) all distributing agencies, to the end that sound processing and
distributing policies be established.
Sub-committees or representatives would be appointed to supplement the
activities of the executive committee of the Institute and (or) the processors' committee.
Provides Allocation of Live Stock.
Sponsors of the agreement ask that it should provide that "the Institute
and (or) the processors' committee, with the approval of the Secretary or
his nominees, may as often as is desirable, based on estimates of probable supplies furnished by the Department of Agriculture, allocate the supply of livestock for slaughter among the processors."
Such allocation, the sponsors recommend, would be based on "the same
percentage of the United States commercial slaughter as the kill of each
processor bears to the total United States commercial slaughter for a
given previous period."
It is further recommended that "no allocation shall be established that will
change the long existing practice of furnishing a cash market for all livestock offered for sale by the producer."
The Institute and (or) the processors' committee would be granted permission to adopt marketing policies for livestock products, "including, among
other things, recommendations to processors of shipments to the respective
markets of such products for the purpose of preventing shortage and surpluses; establishment of prices for such products in the respective territories, differentials in price between various quantities, qualities, and services, rules of trade practices, and such other marketing policies as will
tend to effectuate the purpose of this agreement and the declared policy of
the (Agricultural Adjustment) Act."
Wallace Would Hare Veto Power.
The Secretary of Agriculture would have power to veto with respect to
policies, plans and programs developed under the proposed agreement. Any
processor signing the agreement in its present form would appeal to the institute and them to the Secretary in protest against "any policy, plan or
program adopted pursuant to the agreement by the Institute and (or) the
processors' committee." Provisions of the proposed agreement, if put into
operation would permit the Institute and (or) the processors' committee to
recommend in writing to the Secretary policies and ways and means for expanding markets, both domestic and foreign, for meat and other products
of livestock and to recommend ways and means of removing surpluses of
meat and other products of livestock from the market.
Pledge to Co-operate.
Parties to the proposed agreement would bind themselves to co-operate
in "an earnest endeavor to make successful a production control program
with reference to hogs which may be inaugurated by the Secretary," excepting that they would reserve the right to state their position and to
take exception to any particular production control settlement.
The agreement in its preliminary form would require the signatories,
upon request of the Secretary, promptly to furnish him reports with reference
to particular matters covered by the agreement upon which he may desire
and request information.
The sponsors recommend that no provision in the proposed agreement or
relaxation of the Anti-Trust Acts shall be such as to permit discrimination in
favor of either direct buying or buying at terminal markets.
6
1696
Financial Chronicle
John D. Rockefeller Jr. Asks Nation-wide Support for
NRA—In Radio Address He Declares "To Turn
Back is Unthinkable —Praises Minimum Wage
Plan, and Adds that Capital and Labor Are Realizing That They Are "Each Other's Best Friends."
A plea for Nation-wide co-operation in order to insure
success for the "great adventure in reconstruction, the
NIRA," was voiced on Aug. 26 by John D. Rockefeller Jr.,
in a radio address broadcast from Seal Harbor, Me. Mr.
Rockefeller said that "to turn back is unthinkable," and
added that attainment of the goal of the NRA is worth
reaching "at almost any cost or sacrifice." That goal he
described as the fulfillment of two purposes: The return
to work of millions of men and the provision of wages that
will restore normal buying power. One of the great advantages accruing from the success of the NRA, would be
the "prevention of unfair competition based upon the exploitation of labor." He advocated the principle of collective bargaining in the settlement of labor disputes and
problems. Mr. Rockefeller also asserted that other advantages will come to the Nation as a result of the NRA
movement. Among such gains he listed the possibility of
co-operation among the various units in each industry to
eliminate waste and conserve natural resources, and the
prevention of unfair competition based upon the exploitation
of labor. The text of his address follows:
Daniel Boone, that intrepid pioneer and frontiersman, was once asked if
he had ever been lost."No," said he. "I have never been lost, but I was
once bewildered for three days." We as a nation also have been bewildered
—not for three days, but for more than three years. A few months ago
we found ourselves at the crossroads, hesitant and uncertain as to which
road to take. The signs were not clear and were difficult to interpret.
Then there appeared a man who said, "I do not pretend to know all
the roads. but I know something about them. I may take some wrong
turnings and we may have to retrace our steps at times, but if you will
trust me and follow me and all keep together, I will lead you out." And
that is what President Roosevelt is undertaking to do. The important
stretch of road over which he is now leading the nation is the NRA.
Its goal is the attainment of two prime purposes: First, to supply useful
and productive work to millions of men, unemployed through no fault of
their own and increasingly in danger of losing their morale as the period of
abnormal stress and strain continues; second, to provide wages that will
enable the average man to resume normal buying. The vital importance
to the nation of attaining this two-fold goal is so evident as to need no
argument. It is worth reaching at almost any cost or sacrifice. To falter
now or turn back is unthinkable.
President Roosevelt has pointed out on a number of occasions in connection with the various recovery measures he has brought forward during
the last few months that necessarily many features of these measures
must be regarded as experimental and subject to revision in the light of
experience.
Likewise as to the NRA, both the President and the able director of
the Act, General Johnson, who is spending himself so unselfishly for the
success of this measure, have made it clear by what they have said and done
that the Act is an experiment, directed toward the solution of a great
problem, and that in various respects it may need to be modified to make
It workable. The fact that those in authority are so open-minded,so ready
to recognize and eliminate weaknesses as they develop, and so desirous of
retaining only those features which commend themselves as sound and
helpful, should inspire public confidence and the heartiest co-operation
with the experiment.
In addition to the dual goal sought, there are some enormously important
collateral advantages to the nation that are being brought about by this
measure. One is the making possible of co-operation among the various
units in each industry looking toward desirable and proper economies, the
elimination of waste, and the conservation of our national resources.
Hitherto such co-operation has been either prevented by law or impossible
of achievement by agreement.
Another collateral gain of equal moment is the prevention of unfair
competition based upon the exploitation of labor. Heretofore the pressure
of economic conditions has too often made it possible in certain industries
to obtain the necessary workers at wages far below the minimum required
for a decent living. The result has been that competitors, willing and
desiring to pay a reasonable wage, have been faced with the alternative
on the one hand of reducing wages or increasing hours, or on the other
band of losing the business. In making this socially degrading effect of
unfair competition no longer possible by establishing minimum rates and
maximum hours, the rights of the worker are being safeguarded. Thus
the Act is making a direct and vital contribution to the development of a
sound relationship between industry and human progress.
A further and fundamentally important advantage growing out of the
NRA is the hastening of the day when labor shall have proper and adequate
representation in industry. For nearly 20 years I have been an ardent
advocate of that policy. At the close of the war in 1918 I expressed my
views on the subject before the War Emergency and Reconstruction Conference of the Chamber of Commerce of the United States in the following
words:
"As regards the organization of labor, it is just as proper and advantageous for labor to associate itself into organized groups for the advancement of its legitimate interests as for capital to combine for the same
objects. Such associations of labor manifest themselves in collective
bargaining, in an effort to secure better working and living conditions, in
providing machinery whereby grievances may easily and without prejudice
to the individual be taken up with the management. Sometimes they provide benefit features, sometimes they seek to increase wages, but whatever
their specific purpose, so long as it is to promote the well-being of the employees, the employer and the public,leaving every worker free to associate
himself with such groups or to work independently, as he may choose, they
are to be encouraged."
The association of labor in unions was first brought about as a means
of enabling the workers to protect themselves from exploitation by unjust
and unscrupulous employers. Because a militant stand has frequently
been necessary in order to gain the desired end, labor unions have often
come to regard strife as a normal and essential part of their program.
At the same time capital has been prone to think of labor unions as organ-
Sept. 2 1933
izations necessarily opposed to it. Thus the two groups have too often
come to regard their interests as inherently antagonistic.
Now, however, the more enlightened view which is rapidly gaining
acceptance is that labor and capital are fundamentally each other's best
friends and that the well-being and success of each are dependent upon
the well-being and success of the other. From this it follows that no
longer is the alignment of labor on the one side and of capital on the other
necessary. Their relationship should be one of friendly co-operation and
partnership—not of antagonism. Many labor unions are increasingly
emphasizing co-operation rather than antagonism.
On the other hand, the employees in many companies have found that
their rights are fully safeguarded by the selection from their own numbers
ofrepresentatives to deal on their behalf with the representatives of management. Where a representation plan of this kind has been voluntarily and
sincerely entered into by the workers and management, the results have
been greatly to the advantage of both.
Whether the workers shall have a voice in industry through some such
representation plan or through some kind of trade unionism is a question
which the workers in each plant should be free to determine. The NRA
makes this choice possible, and is all the stronger in that it refrains from
specifying the adoption of any particular form of collective bargaining.
But that adequate representation of some kind should be had by workers
generally is as much in the interest of the employer as of the worker. In
assuring to the workers the right to a voice in industry, the Act is rendering
an untold service to all parties in industry.
The most devastating emotion in human life is hate and the next most
destructive and paralyzing is fear. For more than three years we as a
people have been in the deadly grip of fear. There is but one antidote
for fear, and that is faith. Faith in our fellow men, faith in our institutions, faith in our neighbors, national and international, and underneath
and above all in that eternal spirit of truth, justice, goodness and love.
faith in which alone makes life most worth while. It is for us, my friends,
of whatever race or creed, to banish fear, to re-establish faith and to go
forward with a united front under the leadership of the man whose humility
and openmindedness testify to his greatness—President Roosevelt.
During the war there was a sector on the French front that was being
held at terrible sacrifice. Already the removal to the rear of the wounded
and supplies had begun, when up the road came a troop of soldiers, clear of
eye, of bronzed countenance and dauntless mien, marching under the
American flag. To the right and left along the roadside, men with blanched
faces put to the leader of the column the question, "Can you hold them?
Can you hold them?" "Can we hold them?" replied he. "We are going
•
through!"
To-day, as then, no halfway measures, no mere marking of time, of
Only as this nation goes on through the
holding our own, will suffice,
lines of adversity into the clearer air and freedom of soundly conceived
and permanently established national welfare will the end sought have
been attained. Let each, then, do his full part unselfishly and wholeheartedly to hold up our leader's hands and to bring to a speedy and successful issue this great and promising adventure in reconstruction—the
National Recovery Act.
Cut Rates Barred in Barber's NRA Code—Percentage
System of Paying Help May Be Stopped Under
New Rules.
The time-honored system of paying barbers on a strict percentage basis for their work may be abolished by the code
of fair competition submitted to the NRA by the Associated
Master Barbers of America, according to the "United States
News" of Aug. 23, which also stated:
The master barbers also propose to do away with cut-rate barber shops
and beauty culture shops, pointing out that this type of competition has
resulted in reducing the incomes of barbers and beauticians to a point where
in some instances they are actually on relief rolls in their respective oommunities.
Wage Plus Bonus.
It is proposed in the code to substitute for the present strict percentage
system of competition a guaranteed wage of $20 a week for experienced
barbers, plus 50% of the gross receipts in excess of $32 a week. For beauticians, the minimum wage would be $15 a week, plus 50% of the gross
receipts over $30 a week.
Hours of work in the industry, now ranging from 54 to 72 a week, would
be reduced to 54. It is stated that comparatively few barbers and beauticians are unemployed, and that a reduction of working hours below 54 is
not necessary to absorb those now idle.
Beauty Shops Object.
The beauty shops object to being included in the barbers' code and have
flied a proposed code of their own. It was submitted by the National Haird ressers' and Cosmetologists' Association, which claims to have 21,856
members and to represent a consensus of the views of beauty shop operators
in 35 States.
The code proposes to establish 48 hours a week with minimum wages of
$12 to $15 in cities of varying population. Tips would not be construed
as part of the wages.
Secretary Wallace Issues Order Against Chicago Dairy
to Show Cause Why License Should Not Be Revoked for Selling Milk Below Price Fixed in Agreement.
Secretary of Agriculture Wallace on Aug. 30 issues an
order calling upon a Chicago dairy to show why its license to
operate should not be revoked for selling milk below the
prices fixed in the milk-trade agreement for the area. The
order was the first of its kind issued under the licensing
power of the Farm Administration. It cited the Meadowbrook Dairies, Inc., as having sold milk since the agreement
became effective Aug. 1 at prices under the fixed schedule.
The dairy was ordered to show cause why its license should
not be revoked on or before Sept. 11. Revokation of the
license, followed by continued operation of the dairy, would
subject it to a fine of $1,000 for each day's operation without
the license.
Volume 137
Financial Chronicle
Brewing Industry Submits Proposed Code to Agricultural Adjustment Administration—Would Divorce
-Hour Week,
Sales from the Brewer—Provides 40
Minimum Wage of $15, and Estimates Average
Wage of $26 Weekly—Will Affect Between 60,000
amd 100,000 Workers.
A proposed code of fair competition for the brewing
industry was filed with the Agricultural Adjustment Administration on Aug. 30 by representatives of the United
States Brewers' Association and the American Brewers'
Association, who estimated that the agreement would affect
between 60,000 and 100,000 workers in the industry with a
monthly payroll of $2,000,000 to $3,500,000. The code
includes a provision for a complete divorcement of the
brewer from the wholesaler and the retailer, forbids child
-hour week with no reduction in
labor, fixes a maximum 40
hourly wage rates and prohibits false and misleading advertising. An average labor wage of about $26 a week would
be guaranteed, it was said. The minimum wage was set
at $15. The trade practice section of the code reads as
follows:
Those engaged in the brewing industry shall:
(A) Observe the Federal. State and local laws and regulations controlling
the manufacture, sale and shipment of their products.
(B) Co-operate with the Federal, State and municipal governments in
enforcing such laws and regulations.
No one engaged in the brewing industry shall:
(0) Directly, or indirectly, and no officer, or director of any corporation,
or a member of any firm engaged in the brewing industry, own any interest
in any license acquired after Sept. 1 1933. to sell said fermented malt
liquors for consumption on the premises covered by such license.
(D) Directly,or indirectly, and no officer, or director, ofany corporation,
or a member of any firm engaged in the brewing industry, shall own any
interest in any property, or leasehold, nor shall they have any interest
directly, or indirectly, in any mortgage lien against any premises where said
fermented malt liquors are sold for consumption on the premises where
sold, unless the interest in said property, or mortgage lien, was originally
acquired prior to Sept. 1 1933, or said property was thereafter acquired
in a bona fide exchange or series of exchanges, the original of which was
for property owned prior to Sept. 1 1933, and, in such case, there shall be
no agreement requiring the tenant..or mortgagor, to buy said malt liquors
from said landlord, or mortgagee; nor after Sept. 1 1933. shall they lend
any money, or the equivalent thereof, or any equipment, fixtures, or
supplies, directly, or indirectly, to others dealing in said fermented malt
liquors, excepting only the usual ordinary commercial credits for the fermented liquors sold and delivered; nor shall any loan of equipment,fixtures
or supplies, made prior to Sept. 1 1933 be made the basis of an agreement
requiring borrower to buy such malt liquors from the lender.
(E) Give secret rebates, or allowances, or make any sale upon terms and
conditions other than set forth in the invoice. Nor shall they violate any
Code rule with respect to credit practices. uniform sales agreements, free
delivery points, advertising concessions, or privileges, premiums, or other
rules of fair competition. Nor shall they deliver in barrels, kegs or cases,
without securing a cash deposit for the container of not less than $4 for
quarter barrels, $8 for half barrels. $3 for barrels and 75 cents for a returnable case and bottles; or accept as a return, or buy, a container branded,
or imprinted, with another's name.
(F) Sell to a wholesaler, or distributor, without requiring said wholesaler, or distributor,to agree to collect the deposit in cash from his customers
in the amount which said member of the brewing industry collects from
said wholesaler or distributor. On a finding, after investigation and hearing,
by the Code Administration Board that a wholesaler, or distributor, has
not complied with such agreement,the member,or members, of the brewing
Industry selling such wholesaler, or distributor, shall, upon notice by said
board, make no further sales to such wholesaler, or distributor, for a period
of six months from date of such notice.
(0) Sell at or below costs, as computed under a system of accounting
approved and recommended by the Code Administration Board.
(H) Sell to any person, firm or corporation except the following:
(1) Holders of licenses and-or permits under State and-or local laws
and ordinances where such license and-or permits are required.
(2) To the home for private consumption.
(I) Publish, or cause to be published, false, or misleading, advertising
which results in unfair competition in commerce as defined by the Federal
Trade Commission, or advertising defamatory of the product, or products,
of a competitor.
(J) Sell to any wholesaler or distributor without requiring said wholesaler or distributor to agree to comply with paragraph (D) in so far as it
prevents the loan of fixtures, equipment or supplies and paragraphs E,
and I of Section IV hereof. On a finding, after investigation and hearing
by the Code Administration Board that a wholesaler or distributor has
not complied with such agreement, and the member, or members, of the
brewing Industry selling such wholesaler, or distributor, shall, upon notice
by said board, make no further sales to such wholesaler, or distributor,
for a periof of six months from date of such notice.
NRA Board of Mediation Appointed for New York
City—Three Representatives Each of Public, Labor
and Employers to Settle Labor Controversies.
Grover A. Whalen, Chairman of the New York City
Committee of the President's Emergency Re-employment
Campaign, on Aug. 19 appointed a board of mediation to
settle labor disputes and other controversies. The Board
is composed of three representatives each of the public,
labor, and employers, and comprises the following members:
Public Group—Mrs. Elinor Morehouse Herrick, President of the National Consumers League, Chairman; George W. Alger and Mrs. Henry
Goddard Leach.
Labor Group—Matthew Won, Vice-President of the American Federation of Labor; Hugh Frayne. organizer in New York for the American
Federation of Labor, and Leon Rouse, President of Typographical Union
No. 8.
Employer Group—Major-General James G. Harbord, Chairman of the
Radio Corp. of America; George J. Atwell and Louis R. Comstock, President of the Merchants Association of New York.
1697
In announcing the appointment of the Board, Mr. Whalen
said:
Because of the rapid multiplication of labor disputes which are being
brought into the bureau of complaints and the importance of the settlement
of these disputes to the NRA program, it is believed that a board of mediation will be helpful and the executive committee at its last meeting passed
a resolution that such a board should be appointed by the Chairman. The
program to be followed is that when a labor question comes before the
bureau of complaints, it will endeavor to bring the employer and the employee into agreement to submit the case to the board of mediation so that
It may use its Influence in preventing industrial conflict pending the adjustment of the dispute. If the board of mediation falls to settle this dispute
It will then endeavor to have the parties in conflict agree to arbitration.
The nine members will be divided into three separate committees so
that the work may be assigned to these committees without placing too
great a burden on any of them. The full membership will be called whenever matters of general policy are involved.
Political Parties in New York City Asked by Grover
A. Whalen to Aid in Local NRA Consumers' Drive
Scheduled to Start Sept. 5.
Grover A. Whalen, Chairman of the New York City
NRA Committee, on Aug. 26 asked the Republican, Democratic and Socialist party organizations in the city to use
their party machinery for the NRA consumer drive that
will be opened on Sept. 5 and will continue for 10 days.
The Metropolitan campaign will` begin one week later than
did that for the rest of the nation, and it is expected that it
will utilize 50,000 volunteer workers from the political
organizations, in addition to the Borough committees
headed by Presidents of Chambers of Commerce. Mr.
Whalen's telegram, addressed to the party leaders, read as
follows:
The NRA in the City of New York will start a consumer pledge card
campaign on Tuesday, Sept. 5. It is the purpose of the NRA to seek
the co-operation of every consumer in the City of New York to the end
that 100% co-operation will be obtained. The plan is as follows:
Every consumer will be asked to sign a statement of co-operation,
which will be a pledge to support and patronize all employers and workers
who are members of the NRA. The Presidents of the Chambers of Commerce in each of the five boroughs of the City of New York have been
appointed as directors of the NRA campaign for their particular borough.
In the matter of the distribution of 7,000,000 consumers' pledge cards,
it will be necessary to seek the co-operation of existing distribution machinery. Accordingly, your participation is asked as a county leader,
to the end that you will request your district executive members and
election district captains and their workers to participate in the effort
to sign up every consumer in the City of New York under the Blue Eagle.
Fifty thousand volunteers will be enlisted in the consumers' drive.
Each of these volunteers will be officially designated as an NRA volunteer
worker, and will be given an official Government button which will be
his authority to ask a consumer to sign a pledge card. After the volunteer
receives the signature of the consumer, he or she will, in turn, give the
consumer an NRA consumer sticker, which will identify the consumer as
a participant in the NRA movement.
This sticker will be displayed either on automobiles or windows in the
home. We are asking all party leaders to join in this consumer movement so that the distribution of cards calling for the consumers' statement
and co-operation may be speedily and efficiently handled. Would appreciate response by wire.
GROVER A. WHALEN, Chairman. NBA
Constitutionality of Iowa State Bank Law Upheld by
Judge Shankland.
The following is from the Des Moines "Register" of
Aug. 26:
The constitutionality of S. F. 111, State regulatory law for restricted
banks, was upheld in a District Court order signed Friday by Judge Shankland.
The order was filed in one of five suits brought last April against the
Bank of Ankeny, Ankeny, Ia., by five plaintiffs who sought to recover $8,474.41 deposits from a score of defendants on the grounds that the bank
was a private partnership under contract with its depositors.
"Depositors' Interests."
Judge Shankland held that the action at bar, in which Raymond Schnurr
sought to recover $37 from "Viola Brazleton and others" should not be
maintained.
"If this plaintiff could maintain such an action," he wrote, "while the
bank was in the hands of the Superintendent of Banking (as provided by
S. F. 111), a thousand other depositors could do the same thing and thereby
jeopardize the interests of the depositors as well as the bank and the individual members of the co-partnership."
Amendment Filed.
S. F. 111, he held, was enacted to "prevent such a calamity."
The Court pointed out that in an amendment filed after argument and
submission of the case it developed that the Bank of Ankeny is no longer
under S. F. 111 and the Superintendent of Banking.
Railroads of the United States Earn at the Rate of
Only 1.40% per Annum in First Six Months of 1933.
Class I railroads of the United States for the first six
months of 1933 had a net railway operating income of $152,903,213, which was at the annual rate of return of 1.40%
on their property investment, according to reports filed
by the carriers with the Bureau of Railway Economics.
In the first six months of 1932, their net railway operating
income was $109,612,839 or 1% on their property investment. Property investment is the value of road and equipment as shown by the books of the railways, including ma-
1698
Financial Chronicle
terials, supplies and cash. The net railway operating income
is what is left after the payment of operating expenses, taxes
and equipment rentals but before interest and other fixed
charges are paid. This compilation as to earnings for the
first six months of 1933 is based on reports from 150 Class I
railroads representing a total of 241,195 miles. Details are
as follows:
Gross operating revenues for the first six months of 1933 totaled $1,415,222,961 compared with $1,583,370,738 for the same period in 1932, a
decrease of 10.6%. Operating expenses for the first six months of 1933
amounted to $1,068,940,604 compared with $1,266,884,648 for the same
period in 1932, a decrease of 15.6%•
Class I railroads In the first six months of 1933 paid $133,629,360 in
taxes compared with $146,136,551 for the same period in 1932, a decrease
of 8.6%. For the month of June alone, the tax bill of the Class I railroads
amounted to $23,088,684, a decrease of $827,436 under June 1932.
Fifty-two class I railroads failed to earn expenses and taxes in the first
six months of 1933, of which 11 were in the Eastern, 9 in the Southern and
32 in the Western District.
Class I railroads for the month of June alone had a net railway operating
income of $59,453,185 which, for that month, was at the annual rate of
return of 2.81% on their property investment. In June 1932, their net
railway operating income was $12,299,666 or .58%.
Gross operating revenues for the month of June amounted to $278.311,079 compared with $243,545,252 in June 1932, an increase of 14.3%.
Operating expenses in June totaled $185,324,570 compared with $197.295,766 in the same month in 1932, a decrease of 6.1%.
Ecgtern District.
Class I railroads in the Eastern District for the first six months in 1933
had a net railway operating income of $105,281.848 which was at the
annual rate of return of 1.90% on their property investment. For the
same period in 1932, their net railway operating income was $93,209,816
or 1.69% on their property investment. Gross operating revenues of the
Class I railroads in the Eastern District for the first six months of 1933
totaled $723,464,081, a decrease of 12% below the corresponding period in
1932, while operating expenses totaled $523,622,840, a decrease of 16.8%
under the same period in 1932.
Class I railroads in the Eastern District for the month of June had a net
railway operating income of $32,975,913 compared with $12,175,653 in
May 1932.
Southern District.
Class I railroads in the Southern District for the first six months of
1933 had a net railway operating income of $26,048,280, which was at the
annual rate of return of 1.61% on their property investment. For the same
period in 1932. their net railway operating income amounted to $7.501.748,
which was at the annual rate of return of 0.46% on their property investment. Gross operating revenues of the Class I railroads in the Southern
District for the first six months in 1933 amounted to $190,417,177. a
decrease of 4.2% under the same period in 1932, while operating expenses
totaled 3142,319,949, a decrease of 15.1%.
Class I railroads in the Southern District for the month of June had a
net railway operating income of $6,651,980 compared with an operating
deficit of $1,398,641 in June 1932.
Western District.
Class I railroads in the Western District for the first six months in 1933
had a net railway operating income of $21.573,085, which was at the annual
rate of return of 0.57% on their property investment. For the same six
months in 1932, the railroads in that District had a net railway operating
income of $8,901,275, which was at the annual rate of return of 0.23%
on their property investment. Gross operating revenues of the Class I
railroads in the Western District for the first six months period in 1933
amounted to $501,341,703, a decrease of 10.9% under the same period in
1932, while operating expenses totaled $402,997,815. a decrease of 14.2%
compared with the same period in 1932.
For the month of June alone, the Class I railroads in the Western District
reported a net railway operating income of $19,825,292. The same roads
in June 1932 had a net railway operating income of $1,522,654.
CLASS I RAILROADS
-UNITED STATES.
Month of June.
1932.
1933.
Total operating revenues
$243,545,252
$278,311,079
14.3
Total operating expenses
185,324,570
197,295,766 -6.1
23,916,120 --3.5
Taxes
23,088,684
Net railway operating income_ _ _ _
12,299,666 383.4
59,453.185
Operating ratio-%
81.01
66.59
Rate of return on property invest't
0.58%
2.81%
Six Months Ended June 30.
Total operating revenues
$1,415.222,961 $1,583,370,738 -10.6
Total operating expenses
1,266,884,648 -15.6
1,068,940,604
Taxes
146,136,551
-8.6
133,629,360
109,612,839
Net railway operating income_ _ _ _
39.5
152,903,213
80.01
Operating ratio-%
75.53
Rate of return on property invest't
1.00%
1.40%
Co-Ordinator Eastman's Plan to Scrap Worn Equipment of Railroads Meets Divided Opinion.
The following is taken from the New York "Times" of
Aug. 31:
Differences of opinion were expressed yesterday regarding the effect of a
recent order by Joseph B. Eastman, Federal Co-ordinator, on equipment
buying by the railroads. Mr. Eastman directed the railroads to report on
the condition of freight cars with a view to eliminating obsolete rolling
stock and obtaining operating economies by using modern types wherever
possible.
Ernest I,. Nye, of Freeman & Co., dealers in equipment-trust certificates,
forecast a resumption of financing through this form of securities. If the
experience of 1914 and 1921 was repeated, Mr. Nye said, such financing
would be a step in the restoration of a market for the certificates.
Railroad officials were inclined to doubt whether large equipment orders
would be forthcoming. They pointed out that, despite a high percentage of
rolling stock in disrepair, the surplus equipment was still large.
A study of Mr. Eastman's older, according to railroad comment, would
show that he emphasized a belief that large numbers of idle cars that will
not be used again should be scrapped and that only the most modern types
of cars should be sent by one railroad over the lines of another, but that
he did not urge the railroads to buy more equipment. As to the comparison
with 1914 and 1921, these officials pointed out that railroad traffic increased sharply after those years but that the percentage of annual gain
in traffic began to taper off prior to 1929.
Sept. 2 1933
Selected Income and Balance Sheet Items of Class
Steam Railways for June.
The Bureau of Statistics of the Inter-State Commerce
Commission has issued a statement showing the aggregate
totals of selected income and balance sheet items of Class I
steam railways in the United States for the month of June,
These figures are subject to revision and were compiled from
146 reports representing 151 steam railways. The present
statement excludes returns for Class I switching and terminal companies. Data for this class of roads were included
in all published statements prior to January 1933. The
report in full is as follows:
TOTALS FOR TEE UNITED STATES (ALL REGIONS).
Income Items.
For the Month of June.
1933.
1932.
For the Sir Months of
1933.
1932.
Net railway operating income 59,479,537 12,299,668
Other Income
19,354.373 24,052,610
152,899,508
88.302,623
109,612,833
104,784,873
Total income
Rent for leased roads
Interest deductions
Other deductions
241,202,131
65,147,882
266,174,444
11,590,012
214.397,706
63,880,130
263,464,536
12,367,273
78,833,910 36,352,278
11,167,776 10,717,069
44,620,845 44,221.717
1.768.559 2,046,195
Total deductions
87,557,180 56.984,981 342,912,378 339,711,939
Net income
21,276,730 d20,632,703 d101,710.247 d125,314,233
Dividend declarations (from
Income and surplus):
On common stock
27,839,478
40,901,282
5,217,379 8,774,342
On preferred stock
2.013,488 3,388.827
6,753,979
9,662.807
Balance Sheet Items.
Balance at End of June.
1933.
1932.
Selectee: Asset Items
Investments in stocks, bonds, dm., other than those of
affiliated companies
745,268,336
Cash
Demand loans and deposits
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable- -Rents receivable
Other current assets
294,422,726 275,016,294
31.864,221
36,414,454
23.804.920
17,636,712
47,932,471
49,179.796
10,344,292
18,907,797
48,528,493
45,910,661
44,116,934
35,328,633
138,699.444 150,987,782
294,526,547 347,856,948
40,954,889
34,590,048
2,199,501
1,960,670
5,882,529
6,433,851
Total current assets
Selected Liability Items
Funded debt maturing within six months a
Loans and bills payable_b
Traffic and ear-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Total current liabilities
759,284,887
983,276,967 1,020,223,646
81,422,290
78,073,246
345,780,954
68,429,879
202,081,422
65,383.919
217,479,383
13,397,816
97,992,375
5,868.309
97,209,148
20,253,679
22,040,498
262,948,574
64,106,242
214,307,145
59,787,295
182,284.784
13.549,837
49,922,147
5,216,447
93,946,614
20,678,649
21,654,702
1,155,917,422
988,402.436
a Includes payments which will become due on account of principal of long-term
debt (other than that in Account 764, Funded debt matured unpaid) within six
months after close of month of report. b Includes obligations which mature less
than two years after date of issue. d Deficit.
Co-ordinator Eastman Orders Freight Car Study
Calls for Survey of Class I Lines to Discard the
Obsolete and Repair the Disabled-Work Would
Help Employment, Effect Savings and Reduce
Hazard in Yards.
Joseph B. Eastman, Federal Co-ordinator of Transportation, called upon executives of Class I railroads on Aug. 28
to make a survey of freight car equipment and give their
views as to the necessity for repair or retirement of worn-out
and obsolete cars. Mr. Eastman said that notwithstanding
the fact that many thousands of freight cars have been retired during the past three years, there were still thousands
whose period of service had expired but which still were in
the yards and created unnecessary hazards. With a continued traffic increase in sight, he added, it was desirable
that this unproductive equipment be dismantled.
The statement by Mr. Eastman further says, in part:
It also appears from reports already available that the number of freight
ears in need of extensive repairs is considerably above normal.
The complete information called for in the survey is needed, if a comprehensive program is to be adopted for the general retirement and rehabilitation of freight equipment, and adequate plans made for the purchase or
construction of new freight cars.
The Co-ordinator in his letter calls attention to the fact that the Inter.
State Commerce Commission has granted special authority during recent
months to a number of railroads, under which they were permitted to depart
from the usual accounting procedure, which makes retirement of freight
train cars an operating expense to the extent that the depreciation reserve
is inadequate, and instead to charge the amount to profit and loss. The
suggestion is made that other railroads give consideration to the advisability of securing such special authorization from the Commission, in order
that there may be less hesitancy in retiring and dismantling obsolete ears.
The Co-ordinator points out that such a program of dismantlement will
contribute to the success of the Administration emergency program for
Volume 137
4
Financial Chronicle
increasing employment and effect certain operating savings, such as avoidance of switching, reduction of fire hazard, release of track space, and
stoppage of depreciation charges.
The Co-ordinator has also addressed to the executives of Class I railroads
a letter which they are asked to consider the immediate voluntary restriction to service on their own lines, of cars of light construction, as well as
cars of larger capacity but in such condition that they will be condidates
for retirement within a period of two and one-half years.
The purpose of the suggestion is to bring about quickly a higher standard
of equipment to be used in handling traffic interchanged between carriers;
to confine to local use the cars best suited for such service; to enable the
owning road to control their use and repair, and at the same time to avoid
imposing a burden upon another road through the excess empty car mileage
and other operating expenses involved in the handling of such equipment.
Recent reports of the Car Service Division of the American Railway
Association indicate that the time for such a move is propitious, as the
proportion of cars on owners' rails is about at the peak.
Aside from simplifying the problem of freight car repairs, the suggestions
should tend to reduce maintenance and operating costs.
Reports of the Car Service Division for 1932 show nearly one-third of the
total cars loaded were loaded by the roads at their own freight houses with
L.C.L. or merchandise traffic, with which loading the shippers were not
involved. This prompted the suggestion that their older box cars be utilized
in L.C.L. shuttle service, and as the average tons per car is low, this should
increase the ratio of "net" to "gross" ton-miles.
As to open-top cars, it was suggested that the largest oapacity cars be
preferentially utilized for the handling of company coal between the mines
and fuel stations, next for commercial traffic, and, where the supply is
inadequate to meet the demands, that the smaller cars be used to hold
reserve company fuel supply by a transfer of coal to smaller cars through
modern coal chutes. The cost of maintenance of such cars for yard movements will then be less than if kept in road service and the savings in mine
switching and road-haul will more than offset the cost of releasing the
large cars from storage service.
Salaries of
Agrees
Railroad Officers—Co-ordinator Eastman
to $60,000 Maximum, but Leaves Salary
Issue to Discretion of Regional Boards.
Joseph B. Eastman, Federal Co-ordinator of Railroads, in
an announcement, Aug. 25, stated that with a single exception, the railroad executives of the country had indicated a
willingness to accept $60,000 a year as their maximum
salary, as compared with a peak maximum of $150,000 within
the last five years. He states that this is somewhat larger
than he had thought should be paid, recalling that during
the World War the highest salary paid any railroad executive drafted by the Government regionally was $50,000, while
those called to Washington got $25,000. "It seemed to me,
and still seems, that $50,000 is the most that should be paid
under present conditions," he said. The name of the railroad
which had not yet agreed to the $60,000 maximum. was
withheld.
The question of the railroad salaries had been referred by
Mr. Eastman to the regional co-ordination committees set
up by the railroads. Regarding the agreement on $60,000,
he said: "I do not regard the situation as one which justifies an order on my part, for the amounts involved are relatively insignificant. The regional co-ordinating committees
have taken my entry into this matter in good spirit. I shall,
/
therefore, leave the matter to the good judgment and statesmanship of the directors of the railroads, accepting assurance, so far as it has been given, that the maximum will be
reduced to $60,000, and expressing the hope that still further
reductions may be made."
The statement of Joseph B. Eastman, Federal Co-ordinator
of Transportation, follows:
Under normal conditions I believe that it is best to leave the fixing of
salaries to the managements, so long as the railroads are privately owned
and operated. Nothing else is consistent with the theory that they can
be managed better by private enterprise than by the Government. It is the
essence of that theory that the self-interest of the private owners will insure
efficient management, and the selection and payment of officers lies at
the very heart of management. If the theory is unsound, there should be
a change, but the right change would most certainly not be to create a
duplicate public management, in the• guise of a regulatory body, alongside
of the private management. Only confusion and division of responsibility
would result. Public regulation can do certain things well, but control
over details of management and operation is not one of them.
Apart from study of the transportation situation with a view to further
legislation, I deem it the main function of the Federal Co-ordinator of
Transportation to help the railroads avoid the wastes and losses in efficiency
which result from the natural failure of independent and rival managements
to work well together in all respects. The Act gives me authority over all
"wastes and preventable expenses," but to follow this mandate literally
would mean management, and I am not equipped to manage the railroads.
So far, therefore, as the individual affairs of carriers are concerned, as
distinguished from matters of collective concern, I regard the power conferred upon me as justified only by the emergency and to be exercised, so
far as it can be exercised, in that light.
I have approached the matter of railroad salaries in this spirit. What
are proper salaries is difficult to reason out. We live under a social system
which in general accepts the principle that as work becomes more difficult
and responsible the money compensation should increase. But to what extent
should it increase? The operation of the law of supply and demand may be
given as the easy answer to that question, but I doubt whether conditions
Permit that so-called law to have very effective operation in the selection
and payment of railroad executives. The only answer that I can give, in
the case of railroad salaries, is that they should be no higher than is necessary to secure the right man for the job, and that is not a wholly satisfactory
answer.
1699
One thing certain is that money is by no means the only compensation
received by a railroad exerctive, or even a lesser officer. The best compensation of all, in my judgment a much more effective one than is commonly
supposed, is the joy of creative work well done, particularly when it involves
the element of public service. Lower in rank but very influential is the
compensation which lies in the sense of power which such a position carries
with it. Public recognition of eminence also plays its part.
Without pursuing the subject further, the point is that there are motives
of a higher order which will lead men to accept and seek the most responsible
railroad positions, quite aside from the matter of salary. They ought to be
cultivated and not undervalued. During the boom period many railroad
salaries were advanced to an extent which was not necessary or justified,
in my opinion. The effect was to engender public distrust and to lower
the prestige of the positions. They were given a money-grasping aspect
which impaired their proper recognition as quasi-public positions of dignity,
eminence, and service. What was done was characteristic of the times, and
the railroads were neither the only nor the chief offenders. Some public
utilities and insurance companies are known to have gone further than the
railroads, to say nothing of certain industrial companies.
When the depression came this situation was of course greatly accentuated, and the payment of such salaries at a time when dividends were very
generally being suspended, when employees were being laid off in large
numbers, when many railroads were borrowing money from the Government
to escape insolvency, and when some were going into receiverships, produced
a very unfavorable reaction throughout the country. Salaries which had
been unnecessary became positively wasteful. When the Emergency Act
was passed, this situation had been materially improved, but it was still
sufficiently aggravated so that I felt it my duty to refer it formally to the
Regional Co-ordinating Committees appointed by the carriers under that Act.
The Regional Co-ordinating Committees have considered the matter at
length and thoroughly, and they report that they believe that the railroads
of the country, with one possible exception, where a definite conclusion is
still to be reached, are willing to reduce salaries so that $60,000 will be the
maximum, this figure to embrace compensation received from all companies,
carrier or non-carrier, included within a system. This corresponds with a
peak maximum, within the past five years, of $150,000. This $60,000 somewhat exceeds the maximum which was in my mind. During the World War,
when the Government was operating the railroads, it utilized the services of
some of the most eminent railroad operators of the country, and paid a
maximum compensation of $50,000 per year. This was paid to some of the
regional operating directors. The maximum and prevailing salary of the
chief officials at the Washington headquarters was $25,000.
It is true that officers who were then paid $50,000 did not have some of
the responsibilities, particularly financial, which are among the most serious
burdens of a private railroad executive. Yet they were performing very
difficult service of critical importance at a time when conditions were much
more favorable for high compensation than then are now. It was a period
of national emergency, like the present, but the country was far more
prosperous than it is now, employment was general, and prices were at a
far higher level. All things considered, it seems to me, and still seems,
that $50,000 is the most that should be paid under present conditions. In
saying this, I realize the difficulties inhering in an established mode of
living, not to speak of the income tax, and that undue retrenchment under
such circumstances may be reflected upon others than the principal.
It is also a fact that if all the salaries which are now in excess of that
level are uniformly reduced to $60,000 and no further, discrepancies will
exist which can hardly be justified. If, in other words, $60,000 is made the
salary of presidents of very large railroad systems, the same amount should
not be paid in the case of certain systems which are considerably smaller.
There are a considerable number of chief executives of large systems who
are now receiving less than $60,000, and some less than $50,000.
Upon consideration, however, I do not regard the situation as one which
justifies an order on my part, for the amounts involved are relatively insignificant. The Regional Co-ordinating Committees have taken my entry into
this matter in good spirit. I shall, therefore, leave the matter, with the
comments which I have made above, to the good judgment and statesmanship of the directors of the railroads, accepting the assurance, so far as it
has been given, that the maximum will be reduced to $60,000 and expressing
the hope that still further reductions may be made. I shall leave also to
their judgment reductions in the salaries of lesser officers to conform, so
far as may be appropriate and just, to those which are made at the top.
Figures in my possession show that the maximum salaries during the
past five years of Chairmen, Presidents and Vice-Presidents, for all Class I
roalroads except a few of trifling importance, totaled $13,406,103. The
present salaries of similar officers total $8,049,593, a reduction of about
40%. In addition to reductions in salaries, this has been in part due to the
elimination of certain positions not now regarded as necessary. In most
instances the reductions have been made voluntarily; in others they have
been brought about by action of the Reconstruction Finance Corporation;
and in a few they have been caused by receiverships or trusteeships. The
figures given above do not allow for the further reductions which have been
assured.
Federal Securities Act Impeding Flow of Capital into
Legitimate Enterpri-es—Requirements Under Law
Viewed as Working Against Administration's
Recovery Program—Revision of Act Regarded
Necessary to Make at Workable—Effect on United
States Steel Corp. Financing.
Revision of the Securities Act of 1933 to make it both
practical and workable is one of the problems beginning
to receive attention from business men in their desire to
co-operate with President Roosevelt in his program of
increasing employment and restoring prosperity, according
to the Chicago "Journal of Commerce" of Aug. 23, which
in its observations as to the effect of the law went on to say:
In less than a month the Securities Act, which has been characterized
as the most deflationary ever passed by Congress, already has seriously
Impeded the flow of capital into legitimate enterprises. As business turns
the corner and various firms wish to expand, its check upon business enterprise is expected to be even more noticeable.
Corporation Action Dies.
Since the act became effective July 27. there has been no public corporation financing. The offerings of brewery shares and other instruments
of Investment—which made possible the building of new plants and the
employment of additional persons—has entirely ceased.
1700
Financial Chronicle
A check on the application for registration with the Federal Trade Commission under terms of the act also reveals that the flow of new capital
Into industry has stopped. An overwhelming proportion of the registration applications filed have been for fixed trusts. The stock or bond
registration applications have been of small unknown concerns (practically
none above $1,000,000) in the speculative gold mining. 011 and mall
manufacturing business.
Nowhere in the long list of registrations, except those of the fixed trusts,
do the names of any prominent individuals or large investment security
organizations appear. Fixed trust financing, which represents the bulk
of the registrations, does not represent the raising of new capital, but
merely a transfer of capital in new form into outstanding securities.
▪ The list of registration applications to date supports the contention
advanced by responsible investment bankers, prior to the passage of the
act, that it would tend to drive the business of distributing new security
issues into the hands of small wildcat operators. Wealthy heads of large
business concerns are unwilling to place their names upon registration
statements when an unintended minor error might place their entire personal
fortune at stake.
Pressure Is Expected.
Pressure upon Washington for a change in the Securities Act is expected
to come from big business men. The investment bankers voiced their
.
objections to the bill prior to its passage, but they were laughed at on
the grounds that they were merely trying to keep their jobs.
When business pays outs its cash balance in higher wages or new construction. it will normally look to the investment banker to replenish that
cash balance. The investment banker, however, will not be willing to do
it on the new terms and Washington will be faced with either advancing
the needed funds itself or making a revision in the act which will place
It on a workable basis.
Another thing which might cause an awakening to the seriousness of the
present situation would be the default by some corporation of amaturity
or interest on its bonds due to inability to refinance. Thus far there have
been no important refunding hurdles that have not been surmounted.
but this has been occasioned by a lack of important maturities.
0
-
New Capital Curbed.
The raising of new capital is prevented not only by the unwillingness
of the investment banker. Directors of large corporations will refuse to
assume the new responsibilities required of them by the act. When a
firm considers building a new distillery and the management recommends
selling some additional stock or some bonds, the directors will undoubtedly
balk and prevent the expansion. By signing the required registration
statement the director is asked to guarantee with his personal fortune
the accuracy of statements by'accountants, engineers and appraisers.
This he will not do.
Because of the inability of business to raise new capital to renovate
plants, pay dividends, expand present facilities, or acquire new firms, some
business leaders think that the Administration to carry through its program will have to accept some recommendations for a revision of the present
act. If the sponsorship of such a program is in the hands of businessmen,
lawyers and workers, who do not labor under the stigma of "investment
banker" it is considered likely that the proposals will receive a friendly
hearing.
In much the same way the Chicago "Tribune" of Aug. 22
commented upon the untoward effect of the rew legislation.
instancing how such concerns as the United States Steel
Corp., the General Motors Corp., &c., would be handicapped
thereunder in undertaking new financing:
Large American corporations possessing the highest rating will be among
the companies most seriously handicapped by the new Federal Securities
Act in the event that they undertake new financing under its provisions,
according to La Salle St. critics of the law.
Practically unanimous opinion in the financial district is that the requirements of the law are so severe that they will effectively stop legitimate
financing by leading companies and thereby will work directly against
the efforts of the Washington Administration to put men back to work.
It is pointed out that if industry is to expand, or even take care of its
maturing obligations, it must raise new, capital from time to time.
Big Companies Handicapped.
Citing them merely as examples, one banker pointed out that it would
take the United States Steel Corp.. the General Motors Corp., or the
American Telephone & Telegraph Co. from a year to a year and a half,
or even longer to qualify new securities under the terms of the law. The
large number of subsidiaries possessed by these companies would make the
task of providing all the information asked in the new law a Herculean
one, he stated.
If it wanted to undertake some new financing, the United States Steel
Corp. would have to give an accounting of every one of its subsidiary
companies, including its many railroad, mining and ore enterprises, this
banker said.
Calls for Reserves, Depletion.
Just the item concerned with reserves and depletion would provide
an almost impossible task, he stated, and added that complying with this
provision might stir up expensive lawsuits that would require years to
settle. The act requires that there must be submitted a comparison of
depreciation and depletion claimed to have been sustained for the purpose
of Federal income taxes and the amounts accrued through charges to
income and (or) surplus. This information is to be submitted for every
year for which income tax returns have been filed. In the case of the
United States Steel Corp. this would be 20 years.
There are often differences of opinion as to depletion in ore fields between the owners of the ground and the parties leasing it, the banker said.
Cases concerned with this have dragged through the courts for years.
To disclose information on depletion might start a new batch of expensive
lawsuits where one group of land owners thought they hadn't received
all that was coming to them because of settlements in other cases, it was
stated.
Small Concerns Might Qualify.
The banker asserted that it might be possible for some small companies
with limited manufacturing operations to supply information which would
enable them to qualify their securities fairly speedily, although he doubted
that even here would company officials, directors and underwriting houses
care to sign documents that would place them in peril of being sued during
a 10-year period should any of the parties to the document have made
an error.
Further, he added, there may be small houses with limited capital
which might be willing to participate in underwriting an Issue because they
would not have a great deal to lose. The big and well-established houses
are the ones that will bear the brunt of any attack, he added.
Sept. 2 1933
This banker stated that there is no quarrel with many of the provisions
of the Security Act, it being felt that there should be some added protection given the investing public. As it now stands, he said, the law
actually works against the financially responsible, long-established houses
In favor of the weaker concerns.
Warning by Postmaster General Farley Against Use of
Stock Market "Tipster" Sheet—Directs Attention
to Regulations of New Federal Securities Act.
A warning to investors against the use of stock market
"tipster sheets," was issued by Postmaster General Farley
at Washington on July 16. The "whole practice" he said
"tends only to encourage speculation and to undermine the
efforts of the Administration to bring about a normal and
healthful industrial recovery." In his warning the Postmaster General said:
We are bearing of a revival of the "tipster" and the "market services"
designed only to separate people from their money.
Persons claiming to have expert knowledge, which, in fact they seldom
possess, offer for a price to advise clients throughout the country when to
buy and when to sell stocks. Investors are urged to submit lists of their
security holdings. Sometimes such lists are handed over to unscrupulous
promoters who endeavor to induce the owners to exchange valuable securities for worthless stock. The whole practice tends only to encourage
Speculation and to undermine the efforts of the Administration to bring
about a normal and healthy industrial recovery.
The Department cannot under the law prevent any person from offering
advice on the market and selling such advice to those who are willing to
pay for it. The only power it has is to issue fraud orders when the sellers
of this advice are clearly engaged in operating any scheme or device for
obtaining money or property of any kind through the mails by means of
false or fraudulent pretenses, representations or promises. The Public,
however, is warned against believing in the value of the prognostications
or prophesies of any person who attempts to foretell the future value of
any securities of any kind or who attemps to sell information or guesses
on the future action of the market.
Fraud Orders to Be Used.
I shall not hesitate, however, to issue fraud orders against every individual, bureau, corporation or association engaged in any practice which
under the law is fraudulent. Instructions have been given to the Chief Inspector to investigate and make full report to me with respect to all such
frauds. Apparent respectability on the part of an operator will be no bar
to the exercise of this power when the evidence gathered by the inspectors
indicates that a fraud order should be issued.
The attention of the public is invited to the New Securities Sales Act
which provides for full information to the public under strict regulations
laid down by the Federal Trade Commission in regard to any advertised issue of securities. Full information can be obtained from the Federal
Trade Commission.
Furthermore, the public is invited to call the attention of the Federal
Trade Commission or the Postmaster General to any advertisements in
papers, magazines, or by mail, which in the opinion of any individual do
not live up to the regulations of.the New Securities Act.
Lists of Companies Filing Registration Statements of
New Issues with Federal Trade Commission Under
Federal Securities Act—Amount of Securities
Registered Approximately $183,000,000.
Under date of Aug. 30, the Federal Trade Commission
stated that up to thatrdate it had received registrationsrof
security issues, under-the Securities Act, to the total amount
of $183,0007000. The filingof registration statements with
7
the Commissionrunder'theAct- was begunfon July 77 1're
lisrofsecurities'filed from'time'to' time is given below, our
•
_
• record starting-with the earliest date and leading up to the
data for the latest date.
It was sta'ed in Associated Press advices from Washington
on July 7 that the sudden flood of bulky financial statements
on the first day (July 7) of official regulation caught the
Commission unprepared for fast handling of the reports so
tha details of registration could not be made public immediately. The July 7 Associated Press accounts also said:
Officials handling the reports, some of which were brought in person and
some mailed, estimated, however, that the opening day's registration fees
to the Government were between $7,000 and $8,000.
Since the fee is fixed at 1-100 of 1% of the amount of the issue but at
not less than $25, the aggregate of new securities indicated was between
$70,000,000 and $80,000,000. These may not be sold to the public for
20 days after filing the registration statement.
Most of the first day's registrations were submitted by investment
trusts, The largest noted in a hurried examination was a $10,000.000 issue
by Incorporated Investors, a Boston firm, which paid a $1,000 fee.
Other large-size registrations included Fundamental Investors, Inc.,
$6,362,000; Massachusetts Investors Trust, $5,000,000: American Trustee
Share Corp., $5,000,000 and the Equity Corporation, $3,275,000.
Even though jammed by the opening rush. Commission experts were
able to detect obvious errors in a dozen of the first statements, and prepare
to return them to senders. In most cases the mistake was a failure to inclose the registration fee or have checks certified.
All firms registering to-day did so in accordance with their own interpretation of the law's requirements and must repeat their registration on
the Commission's own voluminous forms, which now are being printed.
J1
7Washington dispatch to the New York "Times"
stated:
The names of 36 of the concerns which have registered proposed issues
of stocks and bonds under the Securities Act were made public by the
Federal Trade Commission to-day.
Based on fees from filers aggregating $6.452.19, the Commission's experts estimated the total amount of securities registered and recorded by
the Commission at $64,522,000. This calculation, however, is not yet
precise, because in many instances the filing fee was 325, the legal minimum,
Volume 137
Financial Chronicle
1701
Bullock Fund, Ltd., Baltimore and Jersey City, engaged in the purchase,
sale and holding of securities for investment, reports that amounts received
upon sale of its capital stock will be devoted to its general corporate purposes. The fee paid the Commission is $500, indicating maximum aggregate proceeds permissible under this registration of $5,000,000. Calvin
Bullock, Denver, is President; Nathaniel P. Hill of New York, Secretary,
and G. P. Parkerson, Jersey City, Treasurer. Underwriters are: Calvin
Bullock (a New York joint stock association), New York, and Calvin
Bullock. Denver.
-acre oil and gas tract
Creighton, Clyde II., Dallas, Tex., lessee of an 80
from the Ameada Petroleum Corp. for $28,000, reports proposal to offer
for sale a one-half interest in the lease to be divided into 1,000 direct oil
and gas assignments at $20 each. Proceeds are to be used for drilling an
oil or gas well to a depth of 2,430 feet, provided oil or gas is not found
paying quantities before that depth is reached. The estimated cost of
drilling and completing is $15,750. The lease is situated in the Zwolle
The following announcement was issued under date of Pool or Sabin Parish, La.
Fidelity Fund, Inc., Boston, an investment company of the management
July 8 by the Commission I egarding the filing of statements: type. The tentative amount of the offering is $1,225,000; the fee paid to
The Federal Trade Commission to-day makes public a list of companies
the Commission,$122.50, which represents the fee payable on 20,000 shares
which filed registration statements with the Commission July 7, the first
to be offered at $61.25 a share. William J. Anderson. Boston, is President.
day statements were due under the Securities Act. Lists of other regisRichard P. Cromwell, Arlington, Mass., Treasurer. Underwriters are:
trations will be made public from time to time as received.
Taliaferro, Millett & Co., Inc., Boston. and William J. Anderson. Boston.
machinery for handling registration
The Commission expects to have its
Fidelity Plan Corp., Washington. D. C., dealing in preferred stock, comstatements perfected in a few days and to issue brief summaries giving the
mon stock, annuity agreements. The fee paid the Commission is S25, inessential facts of each statement.
dicating the aggregate maximum proceeds are not to exceed $250.000 under
In the following list the amount of fee paid by the registrant to the
this registration. George B. Furman is President, C. E. Frye, Secretary.
shown as an indication of the size
Commission, as provided in the act, is
and P. R. Rogers, Treasurer, all of Washington. The issue is not underof the security issue, since the law requires payments of a registration fee of
written. II. W. Arbaugh, Vice-President, of Washington, is in charge of
1-100 of 1% based on the maximum aggregate price at which securities
marketing.
are proposed to be offered. The fee is not to be less than $25.
First Commonstocks Corp., New York. The company reports that proceeds derived from the sale of capital stock are to be used for investment
A list of registrants is as follows:
in shares of 65 companies eligible for investment. No estimate of the
American Associated Dealers, Inc., Jersey City, N. J., 825.
amount of the security offering is made, although the fee paid the ComAmerican Associated Dealers, Inc., Jersey City, N. J ..825.
mission is $61.75. indicating possible aggregate maximum proceeds perAmerican Associated Dealers, Inc.. Jersey City, N J.. $25.
mis.sible under this registration of 8617.500. G. Foster Smith. New York,
American Business Shares, Inc., Jersey City, N. S., S43.01.
Is President, William F. Sweeney, New York, Secretary-Treasurer. No
American Trustee Share Corporation, New York. S100.
underwriters are listed. Rocklin, Whittaker & Co., Inc., have the right
American Venture Corporation, Toronto, Canada, U. S. Office, 11 Park
to purchase the shares at their liquidating value, not less than par, but this
Place, New York $25.
right is not exclusive.
Automotive Devices Corporation. Washington. D. C., 825.
First Insuransto-ks Corp., New York. The company reports that proBank and Insurance Shares, Inc., two issues, total, 8100.
ceeds derived from the sale of common stock will be used to invest in the
Canadian Investment Fund, Ltd., Montreal, U. S. Office, 1 Wall St.,
shares of 24 companies eligible for investment. No estimate of the amount
New York, $250.
of securities is made, although the fee paid the Commission is $57.24.
Capital Savings Plan, Inc., Philadelphia, 825.
Officers are the same as those for American Bankstocks Corp. and First
Corporate Equities, Inc., New York. $25.
Commonstocks Corp., listed above, and the underwriting arrangements
Cumulative Shares Corporation, New York, S25.
are the same as indicated above for those companies.
Distributors Group, Inc., New York. 825.
Miniature Models Manufacturing Co., Ltd., Reno, Nev., and Los Angeles,
Distributors Group, Inc., New York, $25.
manufacturer of miniature models of many types which are assembled into
Distributors Group, Inc., New York, $100.
exhibits, advertising sets, and amusement machines, and distributed.
Equity Corporation, Jersey City. $327.50.
leased and exhibited by the company. The security to be offered will
Financial Independence Founders, Inc., New York, 825.
supply funds for general organization and administrative expenses. Fee
Fundamental Group Corporation, Jersey City. $105.
paid to the Commission is $45. Roy N. Bower, Los Angleles. is President,
Fundamental Investors, Inc., Jersey City, $936.28.
Gall Vanupp, Los Angeles, Secretary-Treasurer. No underwriter has been
Hamilton Depositors Corp., Denver, 8100.
selected. Roy N. Bower owns 57% of the common capital stock.
Income Foundation, Inc., Baltimore, $25.
Nation-iVide Securites Co., Baltimore and Jersey City, engaged in the
Incorporated Investors, Boston, $1,000.
purchase,sale and holding of securities for investment,reports that amounts
Independence Shares Corp . Philadelphia, S25
received upon sale of its capital stock will be devoted to its general corIndependents Fund of North America, Inc., New York, 8100.
porate purposes. The fee paid the Commission is $100,indicating maximum
Investment Trust of New York, Inc., New York, $100.
aggregate proceeds permissible under this registration as $1.000,000.
Massachusetts Investors Trust, Boston, $500.
Calvin Bullock. Denver. is President, Nathaniel P. Hill, New York,
Munlock Toy Co., Inc., Washington, D. C. 825.
Secretary, and G. P. Parkerson, Jersey City, Treasurer. Underwriters
National Farm News Publishing Co., Washington. D. C., $25.
are: Calvin Bullock, (a New York joint stock association). New York. and
Qualified Gold Shares. Inc., New York, $25.
Calvin Bullock, Denver.
Quarterly Income Shares, Inc.. Jersey City, 81,000.
Participating Securities Corporation, New York, supervisor and adminisRepublic Co., The, Denver, Colo., $200.
San Juan Ramsey Co., Boston, $25.
trator of a fund known as "Reconstruction Bond Portfolio," to be constituted of the securities, or cash, obligations of the United States GovSelected American Shares, Chicago, total, $250.
Standard Corporations, Inc., Jersey City. $98.40.
ernment, or banker's acceptances, deposited by the corporation from time
$96.50.
to time with Empire Trust Co.. New York. Fee paid the Commission is
Standard Industrials, Inc., Jersey City,
Standard 011shares, Inc., New York, $25.
825. Roy S. Monger, Scarsdale, N. Y., is President and Benjamin N.
Standard Utilities, Inc.. Jersey City, 875.50.
Lesk, New York, Secretary.
Supervised Shares, Inc., Jersey City, $500.
Speculative Profit Shares, Inc., Jersey City, purchasers and holders of
Texas, $70.
Texas Gulf Producing Co., Houston,
securities for investment. Fee paid the Commission is $207.50. Walter E.
Trustee Standard Shares, Inc., New York. S25.
Lagerquist, New York, is President, and David C. Applegate, New York,
Trtnitee Standard Shares, Inc., New York, $25.
Secretary-Treasurer. George A. Rogers & Co., Inc., New York and Jersey
et; .41r
City, are listed as the selling agents.
On July 11 the Commission issued the following:
Union Deposit CO., The Denver, (branch offices in New York, Boston,
Los Angeles). The company
Federal Trade Commission makes public to-day a second list of
The
Chicago, Topeka. Kan., Dallas, Texas and
companies filing registration statements under the Securities Act.
reports "the general character of the business covered by this registration
The amount of fees paid by the registrants to the Commission to date
statement is the issuance and sale of a contractual investment trust of the
partially restricted general management type . .." No estimate is made
Is $7.422.36. This makes the total amount of securities issues now registered and docketed under the act to date, approximately 874,223.600.
of the amount of offering but the fee paid the Commission is $100,indicating
A list of registrants made public to-day, with the amounts of fee paid
a maximum aggregate of $1,000,000 permissible under this registration.
P.11. Troutman, Denver, is President of the company, and E. J. Campen,
in each case. Is as follows:
Bankers Union Life Co., Denver, $200.
Denver, Secretary. No underwriters are listed.
Fort Wayne, Ind., 850.
Centlivre Brewing Corp.,
United States Electric Light & Potter Shares, Inc., Baltimore and Jersey
Frontenac Corporation, Minneapolis. $25.
City, engaged in the purchase, sale and holding of securities for Investment,
General American Securities, Inc., New York, $50.
reports that amounts received upon sale of its capital stock will b.?, devoted
Gold hub Mines Co., Denver, $37.50.
to its general corporate purposes. The fee paid the Commission is $500.
Independence Royalty Fund, Baltimore. $31.25.
Indicating maximum aggregate proceeds permissible under this registration
Investors Fund C, Inc., New York, $25.
Irving
as $5,000,000. Calvin Bullock, Denver, is President, Nathaniel P. Hill,
State Street Investment Corp., Boston, $25.
of New York, Secretary, and G. P. Parkerson, Jersey City. Treasurer.
United States Banking Corp., New York, $426.42.
Underwriters are: Calvin Bullock, (a New York joint stock association),
The third list of companies registering security issues New York, and Calvin Bullock, Denver.
and did not necessarily represent an issue of a size comparative with this
sum
1‘. Nor were all the registrations received so far included, as the staff has
been swamped with work.
P.4 Among the registration statements received was that of Quarterly
Income Shares, Inc. of Jersey City, which seeks to sell a total issue of
$10,000,000. The concern will permit a commission of 934% on the securities.
In its registration statement it informed the Commission that securities
which it purchased at $6,006.747 had a market value of $7,444.716 on May
31 and that the company's aggregate net proceeds through sale of securities
had reached 87.814,685.
The Incorporated Investors of Boston, whose registration was noted
yesterday, will pay a 7% commission. The Boston concern's proceeds
between June 1931, and May 1933, were $15.151,790, and on July 3 it
had on hand securities valued at 826,714,625 at current market prices.
under the Securities Act was made public as follows on July
14 by the Commission:
The list Is made up mostly of investment companies although there is
one manufacturer, and, for the first time, the lessee of an oil and gas well.
Names and addresses of the latest list of companies registering, and other
data concerning their security issues, are as follows:
American 13ankstocks Corp., Baltimore. The company reports that proceeds derived from the sale of common capital stock are to be used for investment in shares of 16 banks eligible for investment. "It is impossible
to estimate with any degree of accuracy the net proceeds to be received
from the offering of these shares," says the company in its registration
statement. However, the company paid to the Commission a fee of $285.83
which would indicate the maximum aggregate proceeds permissible under
the present registration as $2,858,300, computed on the basis of $10.000
of securities per dollar of fee. Among the officers of the company are:
G. Foster Smith, Now York, President, and William F. Sweeney, New
York, Secretary-Treasurer. No underwriters are listed although Rocklin%
Whittaker & Co., Inc., Now York, have the right to purchase the shares
at their liquidating value, not less than par, but this right is not exclusive.
The Commission made public on July 18 five additional
registration statements under the Securities Act, bringing
the total amount of securities registered on that date to
more than $95,000,000. Totarfees of $97527718 were paid
18'included
the Co
-mmission. The registrations on July- _
.
_
"a Canadian gold mining company.
motor car company,
and three investment companies. Summaries follow:
. -
Insured Investors, Inc., Kansas City. Mo., offering to the public a plan
of systematic savings and accumulation of an estate; paying a fee of $2.5
to the Commission, indicating amount of the security offering as not to
exceed $250,000. Simpson Yeomans is President-Treasurer, and Guy D.
Welch Vice-President. No underwriters are listed.
Interstate Investors, Inc., New York, an investment trust company,
offering 1,900,000 shares and paying to the Commission a fee of 8312.08,
indicating a security issue not to exceed 83.120,800. Lucian A. Eddy,
New York, is President, and Robert B. Jarvis, New I ork, SecretaryTreasurer. Underwriters are Reed, Hawkey & Co., Inc.. New York.
1702
Financial Chronicle
Paymaster Consolidated Mines, Ltd., Toronto, Canada. The company
is carrying on mining, milling, concentrating and refining of gold and
other metals. It has paid a fee of $25 to the Commission, indicating the
estimated proceeds to be derived from the security as not to exceed $250,000.
Archie S. Fuller, Toronto, is President; Charles E. Cook, South Porcupine,
Ontario, Treasurer. The company's stock has not been underwritten.
Plymouth Fund, Inc., Jersey City, a general management investment
trust; to otter securities the proceeds to be derived from which are estimated
at $5,000.000; the fee paid the Commission, $500. Franklin S. Koons,
New York, President; Emil Linhart, New York. Vice-President and
Treasurer. Promoters are listed as Fred E. Linder and Ira G. Jones, both
of New Iork City.
Stutz Motor Car Co. of America, Inc., New York City, engaged in the
manufacture and sale of automobiles and parts, offering 50,228 shares of
common stock of this corporation from time to time continuously beginning
with effective date of registration statement; paying a fee of $90.42 to the
Commission, indicating the amount of this issue as not to exceed $904,200.
Edgar S. Gorrell, Indianapolis, is President. director, and Chairman of
the Board; E. W. Headington, New Iork, Vice-President. Secretary and
director; Charles Reed, New Iork, director; Eugene V. R. Thayer, Chicago,
directors; Marvin E. Hamilton, Indianapolis. Treasurer and Assistant
Secretary. The underwriters are L. L. Harr & Co., Inc., New York.
and Eugene B. Laurer, New York.
On July 19 the Commission made public two additional
registration statements filed under the Securities Act bringing the total amount of securities (revised) registered on
that date to upward of $105,000,000. The Commission's
announcement of July 19 said:
The issues were both registered by Super-Corporations of America
Depositors, Inc., New York, covering two different series of trust shares,
the number of shares which may be issued not being limited by the trust
agreement or otherwise. New trust shares, according to the company, are
to be created from time to time upon the deposit of securities and cash
constituting a unit of trust property multiples thereof.
The company reports that for each issue "the number of shares of the
securities registered hereby proposed to be offered to the public is unlimited.
The depositor does not at this time propose to create and issue to the
public new trust shares. The present business of the depositor consists of
purchasing outstanding trust shares in the open market and reselling the
shares so purchased. Thus, the depositor cannot estimate at this time
the number of such shares which it will acquire and resell. Instead, . . .
the depositor seeks to register hereby trust shares in the aggregate dollar
amount of $250,000, without attempting to state the number of trust
shares." The company paid a fee of $25 to the Commission in each case.
The date of the initial public offering was July 1 1932.
Among the officers of the company are Charles E. O'Neil, New York,
President; Charles A. Mead, New York, Vice-President & Secretary, and
Walter R. Brill, New York, Treasurer.
On July 21 the Commission made public two registration
statements filed under the Securities Act of 1933 by United
Endowment Foundation, Inc., New York. The Commission reported:
They bring the total amount of securities now registered to approximately
$106,500,000.
This company is in the business of "setting up and offering for sale
foundation trust shares, endowment certificates and paid-up endowment
certificates."
The endowment certificates are described as "periodical investment
certificates issued in denominations of $600 or multiples thereof under the
terms of a trust agreement dated Jan. 1 1933, to which the issuer, The
Commercial National Bank & Trust Co. of New York, as trustee, and the
holders of endowment certificates and paid-up endowment certificates,
are parties."
The foundation trust shares are described as "a unit investment trust
of semi-fixed type, created and administered under the terms of the trust
indenture to which the issuer, The Commercial National Bank & Trust Co.
of New York, as trustee, and the holders of said trust, are parties."
The company filed two registration statements, the one dealing with
"Foundation Trust Shares, Series A," for an aggregate amount of $500.000, and the other with the endowment certificates and paid-up endowment
certificates for an aggregate amount of $1,000,000.
Among the officers of the company are It. C. Williams, New York,
President, and B. W. Black, New York, Secretary & Assistant Treasurer.
No underwriters are listed.
Eleven newly registration statements were filed July 22,
bringing the estimated total amount of securities issues to
approximately $117,000,000. The companies registering
were listed as follows:
Administered Fund, Inc., Jersey City (2-83-1) an investment trust of the
management type, organized under the laws of Delaware, "to obtain for
the small investor, through a group fund, the services of Young & Ottley,
Inc., an independent investment counsel whose services would not otherwise be available to such investors individually on account of the minimum
charge." The amount of the offering is 750.000 shares. A fee of $750
Is paid the Commission, indicating the total aggregate amount of the
issue as not to exceed $7,500,000. Among the officers are: Robert
Strange, New York, President, and Stafford B. Mentz, New York, Secretary. Underwriters are: Corporate Administration, Inc., New York,
American Gold Mines Consolidation, Inc., New York (2-81-1), a mining
company with holdings in Mexico; paying a fee of $60 to the Commission,
Indicating an issue of securities not to exceed a total aggregate amount of
$600,000. Officers are Dr. Daniel Grant, Chihuahua, Mexico, President,
and T. S. Miles, Omaha, Neb., Secretary. There are no underwriters.
Proceeds of the issue are to be devoted to development work and furnishing
of equipment.
Arcade Securities Corp., Sodus. N. Y. (2-80-1), engaged in the purchase
and sale for investment or profit of securities, stocks, bonds, notes and
other evidences of indebtedness. The securities are to be offered to supply
funds for the general purposes of the organization. The principal investments are being made in notes and bonds of Lamoka Power Corp. A fee
of $25 is paid the Commission, indicating a total proceeds of the issue not
to exceed $250,000. Officers are Ralph Sheldon, Lyons, N. Y., President;
G. Arthur Smith, Sodus, N. Y., Secretary, and Willard Richardson, Sodus,
N. Y., Treasurer. There are no underwriters. No person owns more
than 10% of any class of stock.
Columbia Carburetor Co., 1104 National Press Bldg., Washington, D. C.
(2-85-1), registering a common stock issue of 375 shares which has been
sold and is being sold at private sale. "No advertising or published sales
propaganda will be employed." No underwriters are listed. The com-
Sept. 2 1933
pany paid the Commission a fee of $25,indicating a total aggregate proceeds
not to exceed $250,000. Officers are: Ira T. Swartz, President; Ernest W.
Bradford, Vice-President & Treasurer, and Olive M. Keys, Secretary, all
of Washington, D. C.
Blectro-Inhaler Co., Inc., The, 917 15th St., N.W., Washington, D. C.
(2-84-1), registering a common stock issue of 5,000 shares proposed to be
offered to the public Aug. 7 1933. The company is engaged in manufacture and sale of electric medicament vaporizers, with attachments for
medical use. Fee paid the Commission $25, indicating a total aggregate
proceeds not to exceed $250,000. No underwriters listed. Officers are:
J. J. Borden,President; B. M.Stinson. Vice-President, and F. M.McCann,
Secretary-Treasurer, all of Washington.
International Guaranty Thrift Syndicate, Denver, Colo. (2-92-1), engaged
in issuing and selling investment trust units, instalment thrift bonds and
fully paid 6% and 7% coupon bonds. A fee of UM is paid the Commission, Indicating a total aggregate proceeds not to exceed $1,000,000.
Officers are: F. M.Zimmers, President; Henry FGleed, Jr., Vice-President:
A. H. Trone, Secretary-Treasurer, and Irene Zimmers, Assistant
-Secretary,
all of Denver, Colo. No underwriters are listed.
London Option Gold Mining Co., Denver, Colo. (2-89-1). engaged in the
mining of gold ore and dealing in "gold ore production certificates" of face
value in the aggregate amount of $60,000. Also, 600,000 shares of its
treasury stock as bonus stock in conjunction with the gold ore production
certificates will be offered. Fee paid the Commission is $25. Among
officers of the company are: Dr. E. H. Johnson, Peabody, Kan., President;
Joseph T. West, Manhattan, Ban., Secretary-Treasurer; S. F. Ballantine
and R. E. Plumbe, both of Denver, Colo.,"are the only ones that stand in
such relationship as might be defined underwriters."
Trafilator Corp., The, Staunton, Va. (2-78-1). engaged in manufacture
and sale of,"vehicle actuated signal devices for street and highway traffic."
Offering a common stock issue of $75,000; paying a fee to the Commission
of $25. The date of the proposed public offering is Aug. 8 1933. The
Issue is to provide necessary working capital for the manufacture and sale
of the device and to expand the company's field of activity. Officers are:
Abe Martin, Hagerstown, Md., President; W. W. Bailey, Washington,
13. C., Vice-President & Treasurer; C. A.Crowell, Staunton, Va., Secretary;
H.B.Miller, Staunton, Va., General Manager,and H.E.Baylor,Staunton,
Va., Cashier. Underwriters are W. L. Thomas & Co., Inc., New York.
Trustee Standard Shares, Inc.. New York (2-91-1). issuing "standard
trust foundations, a monthly investment plan," with total aggregate
proceeds not to exceed $250.000. Fee paid to the Commission, $25.
Edwin S. Dwelly, New York, is President, and Harrison H. Pearce, New
York, Secretary-Treasurer. Underwriters are Standard Foundations of
America, Inc., New York.
Washington Industrial Loan Co., 1407 K St., N.W., Washington, D. C.
(2-79-1), issuing capital stock in the amount of $100,000, paying a minimum
fee to the Commission of $25. The company is engaged in small loan and
industrial lending. A. S. Maddox, Washington, D. C., is Chairman of
the Board; Harry J. Donoghue, Washington, D. C., President, and C. M.
Eisel, Washington, D. C., Secretary-Treasurer. Underwriters are Southeastern Investment Co., Washington. D. C.
Wolverine Consolidated Syndicate, The, Laramie, 1Vyo. (2-82-1), issuing
trust shares in the amount of $100,000; paying the Commission a fee of
$25. The company is to "prospect, develop and mine for precious metals,
especially gold and platinum." The date of the proposed public offering
is Aug. 11933. William S. Segar, is President; W.P. Jenkins, Vice-President; J. A. Kyle, Secretary-Treasurer, all of Dayton, Ohio. No underwriters are listed.
On July 25, when the Commission stated that it had' received registrations of securities issues totaling approximately $122,000,000, ten registration statements were announced
as follows:
Canadian Reserves Mines, Ltd., Toronto, Can., and Washington, D. C.
(2-95-1), United States agent: Paul V. Rogers, Washington, D. C. The
company operates gold mining property in McVittle Township, District
of Temiskaming, Ont., and was incorporated to operate adjoining mining
properties owned by Proprietary Mines, Ltd., and Crown Reserve Consolidated Mines, Ltd. The stock to be authorized under this registration
Includes 3,000,000 shares of common capital, 100,000 of which will be
issued at par value of $1. Amount of total aggregate proceeds is not to
exceed $250,000. Fee paid the Commission is $25. Date of offering:
April 25 1933. E. Graham Joy, is President. and R. M. Willes Chitty,
Secretary-Treasurer. both of Toronto, Can. Underwriters are MacKay &
Mackay, Toronto, Can.
Century Shares Trust, Boston (2-96-1), incorporated in Massachusetts, a
Massachusetts trust. offering 6,267 participating shares (without par
value)"or such part thereof as will realize at the offering price not exceeding
$250.000." Fee paid the Commission is $25. The date of offering is
continuous on or after effective date of registration. Trustees of the
organization are: Charles Francis Adams, Boston, Mass.;Prescott S.Bush,
New York; Charles P. Curtis, Jr., Louis Curtis, Robert H. Gardner and
Donald C. Watson, all of Boston. Mass.; and William H. Davies. Boston,
Mass., Secretary. Underwriters are: Brown Brothers, Harriman & Co..
Boston, Mass.
Corporate Leaders of America, Inc., New York (2-88-1). registering
"Corporate Leaders Trust Certificates." a savings and investment plan.
The company is incorporated in New York State. The fee paid the Commission is $25, indicating the total aggregate estimated proceeds as not to
exceed $250,000. Officers of the Company are: Stephen J. Leonard,
New York; Earl Ward, Crestwood, N. Y., and D. D. Jackson, Jr., Bronxville, N. Y.
Industrial Institute, Inc., Jersey City, N. J. (2-90-1), incorporated in
New Jersey, offering 200.000 shares of preferred stock, no par value, first
issue. The company is engaged in publishing technical books on Diesel
engineering. The date of the proposed offer is Aug. 15 1933. A fee of
$25 is paid the Conunission, indicating the total aggregate proceeds as
not to exceed $250,000. No underwriters are listed. Julius Rosbloom.
Jersey City, N. J., is President; Ernest H. Cadmus, Bloomfield, N. J.
Vice-President, and Malcolm L. Gaddls, Jersey City, N. J., Secretary.
Keystone Custodian Funds, Inc., Philadelphia (2-86-1), engaged in the
Issuance and sale of "Keystone Custodian Funds," the general purpose of
which is to create a series of funds each consisting of a particular type of
security such as high-grade bonds or low-price common stocks. A fee of
$25 is paid the Commission, indicating the total aggregate amount of the
issue as not to exceed $250,000. John B. Stetson, Jr., Elkins Park, Pa.,
is President; Daniel S. Blackman, Pittman, N. J., Vice-President, and
William J. Rourke, Drexel Hill, Pa., Secretary & Treasurer. Underwriters
are Stetson & Blackman, members of the New York Stock Exchange,
Philadelphia, Pa,
Mutual American Securities Trust, Jersey City, N. J. (2-97-1), a Massachusetts common law trust, offering 42,993 shares of beneficial interest
totaling $883,936.08. Fee paid the Commission, $88.39. Date of the
offering is unlimited. No underwriters are listed. Officers are: Alfred
Volume 137
Financial Chronicle
Hayes, Greenwich, Conn., Trustee; A. W. Smith, Longmeadow, Mass.,
Trustee; Ray Vance, Maplewood, N. J., Trustee and Chairman; Kellogg
Franklin, Maplewood. N. J., Secretary, and Edward Groth, Jersey City,
N. J., Assistant Secretary.
Mutual Mortgage Co. of Chicago, Inc., Chicago, Ill. (2-98-1), a Delaware
corporation, offering $1,000,000 preferred and $50,000 common stock, proceeds to be devoted to the sale of real estate and Government securities.
Fee paid the Commission is $105. The effective date of the registration
is expected to be the date of offering. No underwriters are listed. Officers
are: William G. Lodwick, Winnetka, Ill., President; Porter Fox, Kenilworth, Ill., Vice-President; G. Frank Albin, Chicago, Ill., Secretary, and
Prank W. Williamson, Chicago, Ill., Treasurer.
National Associated Dealers, Inc., New York (2-93-1), a New York State
corporation, issuing shares in a "fixed trust," comprising stocks of 12 New
York City banks, covering an estimated future issue in the amount of
$1,500,000. Fee paid the Commission is $150. The issue is now being
offered and distributed to the public. The company is qualified to do
business in California, Colorado, Maine, New York, Ohio, Pennsylvania
Rhode Island and Washington. Gilbert Eliott, New York, is President;
E. Allen Reinhardt, New York, Vice-President and Assistant Treasurer,
and Frederick A. Moller, New Iork, Vice-President, Secretary and
Treasurer.
National Trustee Fund, Inc., Philadelphia (2-87-1), a Pennsylvania corporation dealing in approved miscellaneous securities, issuing a "thrift
plan," amount of offering undetermined. A fee of $25 is paid the Commission indicating total estimated proceeds not to exceed $250,000. No
underwriters are listed. Walter Lee, Philadelphia, Pa., is President;
Lyman D. Hubbard, Newark, N. J., Secretary; Walter T. Sullivan, Philadelphia, Pa.. Assistant Secretary. Promoters are listed as Walter Moses,
Carl W. Kanouse and Walter T. Sullivan. Philadelphia, Pa.
Republic Investors Fund, Inc., New York (2-94-1), a Delaware corporation, issuing common and preferred stock and unit certificates representing
such stock; amount of offering, $1,000,000 market value; fee paid the
Commission, $100. Issue will be offered beginning with effective date of
registration. Principal underwriters are W. R. Bull & Co., Inc., New
York; William It. Bull, Pelham Manor, N.'I ., is President; Hasseltine C.
Ray, New York, Vice-President & Secretary, and Allen H.Clarke. Summit.
N. J., Treasurer.
On July 27 the Commission made public the following two
additional registration statements filed under the Securities
Act, bringing the total amount of securities now registered
to upward of $122,000,000.
The issues were both registered by Super-Corporations of America Depositors, Inc., New York (2-99-1 and 2-100-1) covering two different series
of trust shares, the number of shares which may be issued not being limited
by the trust agreement or otherwise. New trust shares, according to
the company, are to be created from time to time upon the deposit of
securities and cash constituting a unit of trust property.
The company reports that for each issue "the number of shares of the
securities registered hereby proposed to be offered to the public is unlimited. The depositor does not at this time propose to create and issue
to the public new trust shares. The present business of the depositor
consists of purchasing outstanding trust shares in the open market and
reselling the shares so purchased. Thus, the depositor cannot estimate
at this time the number of such shares which it will acquire and resell.
Instead, . .. the depositor seeks to register hereby trust shares in an
aggregate dollar amount of $250,000, without attempting to state the
number of trust shares."
The company paid a fee of $25 to the Commission in each case.
Among the officers of the company are Charles E. O'Neill, New York,
President; Charles A. Mead, NevZ York, Vice-President and Secretary,
and Walter R. Brill, New York, Treasurer.
The Commission made public on Aug. 2 nine registration
statements filed under the Securities Act, bringing the
total amount of securities now registered to more than
$126,000,000. The list follows:
John E. Edgerton, Inc., Lebanon, Tenn. (2-109-1), a Delaware corporation, dealers in securities, registering an issue of 6% two-year convertible
notes in the amount of $650,000; fee paid the Commission, $65. Officers
are John E. Edgerton, Lebanon, Tenn., President; W. A. Edgerton,
Lebanon, Secretary-Treasurer, and Dan E. McGugin, Nashville, attorney.
First Investment Counsel Corp., Boston (2408-1), a Massachusetts corporation, investing in and holding for investment, the stock, bonds and
other evidences of indebtedness of any corporation or corporations. The
current issue is to be of capital stock; the amount,"such number of shares
within authorized capitalization as shall be sold for $600,000." Fee
paid the Commission is $60. The date of proposed public offering is
Aug. 16 1933. F. Haven Clark, Nahant, Mass., is President; Charles
Higginson, Cohasset, Mass., Treasurer.
Mutual Management Co., Jersey City (2-103-1), a Delaware corporation,
deals in certificates of shares in an unincorporated investment trust known
as the Mutual Investment Trust, which owns property in New York.
Its shares are qualified in Massachusetts. It is managed by Mutual
Management Co., a Delaware corporation, under the terms of an investment trust indenture. The trust certificates are signed by the management company, authenticated by the Empire Trust Co., as trustee,
and sold and delivered by the management company. Herbert J. Lyall,
Now York,is President-Treasurer; William D.Craig, New York, Secretary.
Mutual Management Co. is the underwriter. A fee of $25 was paid the
Commission for registration, indicating a total aggregate proceeds of
the security offered not to exceed $250,000.
National Bond Depositor Corp., Indianapolis (2-110-1), an Indiana
corporation, issuer of Land Bank bond share certificates representing
shares of beneficial interest in Joint Stock Land Bank bonds, Federal
Land Bank bonds and non-taxable obligations of the Federal Government.
The current issue, an investment trust, is to be for 250,000 Land Bank
bond shares at an approximate price of Si a share. Fee paid the Commission is $23. William E. Shumaker, Indianapolis, is President; Otto
Meyer, Secretary-Treasurer. Meyer & Shumaker, Inc., Indianapolis,
are the underwriters.
National Boston Montana Mines Corp., Helena, Mont., (2-108-1). a
Montana corporation, engaged in the mining and milling of ore, regis-year income notes and stock, paying a fee of
tering an issue of 6% 10
$65 to the Commission, indicating a total aggregate proceeds from the
Issue estimated not to exceed $650,000. John E. Edgerton. Lebanon,
Tenn., is President; S. Karl Taylor, Pasadena, Calif., Treasurer.
Paradise Gold Mines Co., Denver (2-107-1), a Colorado corporation,
engaged In a general mining business, to issue shares under a declaration
of trust to the extent of $195,104; paying the Commission a fee of $25.
H. M. Little, Denver, is President; C. D. Clarke, Jr., Secretary and
Treasurer.
1703
Speculative Investment Trust, Fort Worth, Tex. (2-111-1), dealing in
speculative investment in ownership shares of National industries listed
on the stock exchanges, to accept contributions in a pool for co-operative
speculative investments. A fee of $25 is paid the Commission, indicating
total aggregate proceeds not to exceed $250,000.
Third Investment Counsel Corp., Boston (2-106-1), a Massachusetts
corporation, investing in and holding for investment the stocks, bonds and
other evidences ofindebtedness of any corporation or corporations. Capital
stock comprises the present issue in "such number of shares within authorized capitalization as shall be sold for $500,000." The fee paid the Commission is $50. F. Haven Clark, Nahant, Mass., is President of the
company, and Charles Higginson, Cohasset, Mass., Treasurer.
F. G. Vogt & Sons, Inc., Philadelphia (2-104-1), a Pennsylvania Corporation, engaged in manufacturing and selling food products and operating
a pork and beef packing plant, to issue "Class E Preferred Stock" in the
amount of $217,400. Fee paid the Commission is $25. Frederick A.
Vogt, Ardmore, Pa., is President, and Gustav L. Vogt, Upper Darby,
Pa.. Secretary.
The filing of 17 registration statements under the Securities
Act was announced by the Commission on Aug. 7, nine of
which concern companies engaged in extracting ores and
oils. Also, in the group of four investment companies,
three small loan concerns and a manufacturer of tile products.
These statements brought the total amount of securities
filed with the Commission to date to approximately $150,800,000. The largest proposed issue was from a New
York investment company proposing to issue common stock
in an aggregate amount not to exceed $18,000,000. The
list follows:
Arizona Comstock Corp., Virginia City, Nev., and Los Angeles (2-112-1),
a Nevada corporation, mining gold on the Comstock Lode at Virginia City,
Nay.; in operation six months. Two million shares of common stock od
a par value of $1 have previously been authorized. The company paid
a fee of $25 to the Commission. W. B. Phelan, Davenport, Iowa, is
President, and Howard W. Squires, Virginia City, Nev., General Manager.
Ben L. Blue, Los Angeles, is the underwriter.
Black's Gold Mining Co., Inc., Tacoma, Wash., (2-118-1), a Delaware
corporation, mining gold and all metals, operating on eight quartz claims
in Chelan County, Wash. The company organized July 7 1933 with
100,000 shares of fully paid non-assessable stock, 49,000 shares of a par
value of $1 each to be issued. A fee of $25 was paid the Commission,
indicating the estimated total aggregate proceeds as not to exceed $250,000.
Officers are Dan Black, Tacoma. President; Billie Black, Tacoma, Secretary-Treasurer.
Columbia Systems, Inc., Washington (2-123-1), a Delaware corporation.
engaged in industrial lending and small loans business, proposes to issue
2,000 shares of preferred stock of $50 par value, 6,000 of common of no
par value, total estimated aggregate proceeds not to exceed $250,000:
fee paid the Commission,$25. Directors are E. C. Reubsam, Washington;
Thomas Somerville Jr., Kenwood, Md.; William E. Stockett Jr., S. C.
Redman. H. L. Schuh, P. V. Rogers and W. L. Schuh, all of Washington.
Consolidated Mines Syndicate, Boise, Ida. (2-127-1), an Idaho corporation, engaged in metal mining and milling in all its branches, proposes
to issue 1,000,000 shares of class A common stock of a par value of $1.
not to exceed $500,000 in total aggregate proceeds; fee paid the Commission, $50. Date of proposed public offering is 20 days from filing.
Officers are Frank E. Johnesse, Boise, President and General Manager;
Harry S. Kessler, Boise. Vice-President and Counselor, and Paul L. Oakes,
Boise, Secretary and Treasurer.
Fulton Industrial Securities Corp., Atlanta (2-121-1), operating a small
loan business and proposing to offer units of common and preferred stock
In the amount of $1,378,203, paying the Commission a registration fee
of $137.82. The date of proposed public offering is Aug.21 1933. Officers
are George H. Rosenbusch, Atlanta, President; Thomas P. Slider, Atlanta,
General Manager.
Itep Corp., New York (2-119-1), a Delaware corporation, organized
July 8 1933 to carry on an investment trust business involving investment
of 60% of the funds in preferred stocks, bonds and Government securities.
and 40% in other stocks. Preferred stock of the investment trust in the
amount of $251,005, of a par value of $1 a share, is to be offered, the
company having paid a fee of $25.10 for registration. John D. A. Gatses,
New York,is President, and M.E. Trask, New York, Secretary-Treasurer•
Investors Independence Corp., Denver (2-125-1), a Delaware corporation,
selling for cash or on the instalment plan, "Investors Independence Trust
Share Certificates," in the amount of $500,000, and common and proferred capital stock in the amount of $7,980; paying a registration fee of
$51. Officers are Charles F. Smith, Denver, President; It. F. Marshall,
Denver, Vice-President and Secretary.
Le Rot Cinnabar Mines, Inc., Minneapolis (2-118-1), a Delaware corporation, engaged in mining cinnabar and quicksilver in Texas; organized
June 7 1933. The company proposes to issue 100,000 shares of class A
and 250,000 shares of class B stock of a par value of $1, having paid a
registration fee of $35, indicating the estimated total aggregate proceeds
as not to exceed $350,000. The date of proposed public offering is Aug.
21 1933. Officers are John McKenzie, Minneapolis, President; George L.
Gorham, Minneapolis, Secretary-Treasurer.
Mt. Kelso Consolidated Mining Co., Georgetown, Colo. (2-122-1), a Colo
redo corporation, incorporated Jan. 16 1932; engaged in mining, conores; proposes to issue
centrating and marketing gold, silver and lead
1,500,000 shares of common stock of a par value of $1. The company
paid a registration fee of $45, indicating total estimated aggregate proceeds
as not to exceed $450.000. Officers are 0. Barlow Willmartk, Georgeotwn,
Colo., President; F. L. Collom, Idaho Springs, Colo., Secretary-Treasurer.
Northwestern Ceramic Corp., Seattle, Wash. (2-124-1), a Washington
corporation, organized July 28 1931 to take over, carry on and enlarge
the business of the Seattle Pottery & Tile Co., manufacturers of flower
pots, glazed and unglazed floor and wall tile. The company proposes to
offer units of preferred and common stock in the amount of $145,000,
paying a registration fee of $25. Officers are Samuel Geilsbeek, Seattle,
President, and Olaf Olsen, Des Moines, Wash., Secretary.
Premier Shares, Inc., Philadelphia (2-128-1), a Delaware corporation,
operating a limited management investment trust, proposes to offer 150,000
shares of capital stock Aug. 22 1933 having paid a registration fee of $100,
indicating a total aggregate proceeds not to exceed $1,000,000. Officers
are Walter K. Hardt, Philadelphia, President; Paul A. Haffner, Philadelphia, Secretary; underwriters, Boenning & Co., Philadelphia.
Redemption Gold Corp., Denver (2-116-1), a Colorado corporation, engaged in a general mining business, especially the operation of mines
producing gold ore; organized Dec. 12 1932; proposes to offer common
capital class B stock in the amount of 43,000 shares of a par value of $1.
Total estimated proceeds, according to the fee paid for registration, is
1704
Financial Chronicle
not to exceed $250,000. Officers are W. L. Shull, Denver, President;
Myla M. Leach, Denver, Secretary; underwriters, Allison & Co., Inc.,
Newark, N. J.
Spencer Trask Fund, Inc., New York (2-120-1). a Delaware corporation,
organized March 18 1929 to invest in stocks and securities of all kinds.
proposes to issue stock in an amount not to exceed in the aggregate $18.000,000; paying a registration fee of $1,800. Directors are Henry S. Allen,
Orange, N. J.; C. Everett Bacon, Montclair. N. J., and others.
State Loan Co. (The), Mt. Ranier, Md. (2-126-1). a Maryland company,
organized Oct. 10 1930 and engaged in a small loan business, proposes
to offer 4,482 shares of common stock of a par value of $5, and 4,214 5-100
shares of preferred profit sharing stock of a par value of $100. A registration fee of $44.38 was paid, indicating total estimated aggregate proceeds as not to exceed $443,800. Officers are Adam Weir, Washington,
D. 0., President; Frank T. Mitchell, Washington, Secretary.
Thiell (E. H.), Trustee, El Paso, Tex. (2-117-1). engaged in the mining
and milling of gold and silver and all valuable,ores of the Paint Horse
Mine, Hidalgo County, N. M.; organized July 27 1933. Proposes issuing
50,000 "Trustee Profit Particiapting Shares" as of Aug. 21 1933. Registration fee of $25 indicates total aggregate proceeds estimated at not to
exceed $250,000. E. H. Thiell is the only officer.
Washington Bar Gold Mining Co.. Butte, Mont., and Fort Worth, Tex.
(2-114-1), a South Dakota organization, engaged in placer mining by
hydraulic drag line and dredge on the Washington Bar Ranch in Montana; organized Aug. 13 1932; proposes to issue 200,000 shares of common
stock non-assessable, of $1 par value. Registration fee of $25 indicates
total estimated aggregate proceeds as not to exceed $250,000. Officers
are J. F. Morrissey, Fort Worth, President; M. E. Clark, Fort Worth,
Treasurer. J. F. Morrissey is underwriter.
Yuba Oil Co., New York (2-113-1), a Delaware corporation, engaged
in producing, refining and distributing lubricating oils and greases, also
drilling and operating oil wells and doing a general business in oil; proposes to Issue first lien oil certificates in the amount of $150.000. the company having paid the Commission a fee of $25. Officers are George E.
Ginter, Nachogdoches, Tex., President; Walter P. McClure, New York,
Treasurer. The underwriters are McClure. Barwright & Co.. New York.
The Commission reported on Aug. 9 the filing of four
registration statements under the Securities Act of 1933,
bringing the total amount of securities filed with the Commission to upwards of $166,479,900 (revised). The list is
as follows:
American Manufacturing & Mining Corp. (2-131-1), Torrington, Wyo.,
a Delaware corporation, incorporated Aug. 16 1932, engaged in manufacturing and mining. Ten thousand shares of common stock of a par
value of $10 each are proposed to be offered "within 60 days after filing
of this registration and its approval." A registration fee of $25 was paid,
indicating that total aggregate proceeds are not to exceed $250.000. Officers
are L. E. Eaton. President, and O. W. Edwards, Secretary-Treasurer,
both of Torrington, Wyo.
Bankers Mortgage Corp. of Pittsburgh (2-129-1), Pittsburgh, a Pennsylvania
corporation, organized April 28 1927 to carry on a loan business ($350 and
upward) to owners of real estate. The company proposes to issue 5,000
shares of 7% preferred stock of a par value of $10 each, having paid a
registration fee of $25, indicating total aggregate proceeds as not to exceed
$250,000. Andrew A. Ross and W. N. Owings, both of Pittsburgh, are
President and Secretary, respectively.
The Mountain States Oil Corp. (2-130-1), Denver, a Colorado corporation,
organized May 2 1924, carrying on a business of drilling wells for oil or gas,
acquiring the necessary property and transporting the product, proposes
to issue 20,000.000 shares of common stock of a par value of lc. each, the
offering to amount to $200,000. a registration fee of $25 having been
paid. The date of the proposed public offering is Aug. 23 1933. Officers
are Cyrus W. Barnholt, President, and M. Jensen, Acting Secretary,
both of Denver.
Transport Refining Co., Beverly Bills, Calif. (2-132-1), a New Mexico
corporation, organized to acquire certain leases and producing wells in
the Hospati Oil Field in McKinley County, N. M., and to construct at
Baca, N. M.,a refinery to utilize the crude oil from its field. The company
proposes to offer 50,000 shares of common stock, having paid a fee of
$25,indicating total aggregate proceeds as not to excead $250,000. Officers
are C. C. Worland, Chula Vista, Calif., President, and L. E. Welch,
Los Angeles, Secretary.
On Aug. 14 the Commission announced the filing of seven
registration statements under the Securities Act, bringing
the total amount of securities filed with the Commission to
$170,787,300. The list, which includes three mining companies, three investment companies, and a Southern brewery
organization, is as follows:
Bancshares, Ltd. (2-134-1), Jersey City, a Delaware corporation, an
investment company of the restricted management type, purchasing and
selling capital stock in 12 large New York City banks and trust companies.
The current issue consists of 189,128 6% cumulative participating shares
of capital stock of a par value of 50 cents each. A registration fee of
$37.83 indicates that the total aggregate proceeds will not exceed $378,300.
Among the officers are W. G. Riley, Scarsdale, N. Y., President and
director; H. Sass, Corona, N. Y., Secretary. No underwriters are listed
although W.G. Riley & Co., New York,act as selling agents of the issuer.
Eastern Bond 8e Share Corp. (2-135-1), Philadelphia, a Maryland corporation, an investment company, dealing in bonds and fixed interest-bearing
obligations dealt in on the New York Stock Exchange and New York Curb
Exchange. The current offering consists of 15,000 shares of series B
"capital stock" of a par value of $5 a share. A registration fee of $25
indicates the aggregate total proceeds as not to exceed $250,000. Among
the officers are: Clyde L. Paul, Devon. Pa., President, and Charles F.
Russell, Philadelphia, Assistant-Secretary & Treasurer. Principal underwriters are Paul & Co., Inc., Philadelphia.
Inter-Allied Mining Corp. (2-139-1), New York, a Delaware corporation
engaged in developing gold mining properties in Calaveras County, Calif.;
to offer 450,000 shares of common stock of a par value of $1 a share. Registration fee is $45, indicating total aggregate proceeds as not to exceed
$450.000. Among officers are: Charles Grosskurth, Long Island City,
N. Y., President, and Walter L. Bunnell, New York, Vice-President.
Carl E. Erikson, Oakland, Calif., and New York City, is the underwriter.
National Service Companies (2-133-1), Boston, "an express trust under
declaration of trust dated March 23 1928," a Massachusetts organization,
organized for acquiring, owning and holding shares, bonds, notes, certificates of Indebtedness, and obligations of corporations, associations, and
companies engaged in the ice or fuel business or in any business allied
with the ice or fuel business. The current issue is for 1.026.250 shares
of common stock of a par value of $1 "express value" a share. Registration
Sept. 2 1933
fee of $197.91 is based on proposed maximum aggregate offering price of
$1,979,062.50. Among the officers are: Edward L. Bennett, Boston,
President and trustee; Allen T. Rogers, Boston, Secretary. Underwriters
are 0. D. Parker & Co.. Inc., Boston.
Redding Creek Placers, Ltd., San Francisco (2-137-1), a Nevada corporation, engaged in developing and mining gold on property purchased by
contracts in Trinity County, Calif. The current issue is for 202,108 shares
of common stock of a par value of $1. Registration fee of $25 indicates
total aggregate proceeds as not to exceed $250,000. Among officers are:
F. C. Wilkins, San Francisco, President & General Manager, and J.
Atkins, Sacramento, Secretary & Treasurer. W. M. Harvey, 25 Broad
St.. New York, is the underwriter.
Southern States Breweries, Inc., Atlanta (2-136-1), a Delaware corporation,
"conducting, owning and operating modern breweries in the Southern
States where the manufacture and sale of 3.2 beer is legal." Current issue
is to be for 100.000 shares of no par common stock. Registration fee of
$75 indicates total aggregate proceeds as not to exceed $750.000. Among
officers are: H. B. Nelson, Atlanta, Vice-President & Treasurer, and
C. S. Barrett, Secretary.
Transcontinental Precious Metals Co. (2-138-1), Flint, Mich., a Michigan
corporation engaged in the development and operation of mines, mining
claims; mining, milling, smelting and refining of ores; and erecting and
operating motive power plants, is to offer 30,000 shares of class A common
stock of a par value of $1 and 30.000 shares of class B common stock of
no par value in the amount of $60.000. Registration fee of $25 was paid
the Commission. Among officers are: Alfred F. Koepke, Flint, Mich..
President, and John W. Cook, Flint, Secretary-Treasurer.
The filing offour registration statements under the Securities
Act, bringing the total amount of securities filed with the
Commission to $174,031,400, was announced on Aug. 16.
The list follows:
Aurora Brewin Co. (2-140-1), Aurora, Ill., an Illinois corporation,
engaged in the brewing and sale of malt and cereal beverages, proposes to
issue 145.000 shares of class A common stock of a par value of $5 a share,
the company paying a registration fee of $25 which indicates aggregate
estimated proceeds as not to exceed $250,000. Among officers are: August
J. Petrie, Wauwatosa, Wis., President; James H. Keswick, Milwaukee.
Secretary. Underwriters are: Nelson Brothers Co.. 134 North La Salle
St., Chicago.
Carnegie Metals Co.(2-142-1), Pittsburgh, an Arizona corporation, engaged
in mining and selling gold. silver, lead, zinc and copper ores, proposes to
Issue 831,383 shares of common capital stock of a par value of $1 a share.
the company having paid a registration fee of $249.41 which indicates
estimated aggregate proceeds as not to exceed $2,494,100. Among officers
are: S. A. Taylor, President, and D. R. Fraser, Secretary, both of Pittsburgh. Underwriters are: The Colonial Trust Co.. J. H. Sanford, and
G. W. Kepler, all of Pittsburgh.
Montana Highlands Gold Mining Co. (2-143-1), Butte, Mont., a Montana
corporation, proposes to issue common stock and gold production certificates, having paid a registration fee of $25 which indicates the estimated
total aggregate proceeds as not to exceed $250,000. Among officers are:
H. H. DesRoches, Butte, Mont., President, and Ernest Dorais, Butte,
Mont., Secretary-Treasurer. Underwriters are: Northwest Executive
Engineers, Inc., Seattle, Wash., and Montana Stock & Bond Co.. Butte,
Mont.
Wamad Associates (2-141-1). Boston, a Massachusetts voluntary association, dealing in investment trusts, proposes to issue 3,940,338 shares
of common capital stock of no par value, the company having paid a
registration fee of $25 which Indicates aggregate estimated proceeds as not
to exceed $250,000. Among officers are: Oliver F. Wadsworth, Dedham,
Mass., President. and Donald D.Douglass, Brookline, Mass., Secretary.
The Commission on Aug. 21 announced the filing of five
registration statements, bringing the total amount of
securities filed with the Commission to $175,346,400. The
Commission pointed out that in no case does the act of filing
with it 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 announced Aug. 21
follows:
Consolidated Crude Corp. (2-145), Los Angeles, a California corporation
drilling, operating and producing oil wells, proposes to issue 190,263.92
shares ofstock of $1 par value each, consisting of 179,002 shares of common
and 11,261.92 shares of preferred. A registration fee of $25 indicates total
aggregate proceeds as not to exceed $250,000. Among officers are: Sam B.
Angeles.. President, and Sack Lane. Secretary-Treasurer, both of Los
Herndon,
Progressive Building & Loan AMOCiati011 (2-146). 1416 F St., N.W.,
Washington, D. 0., a District of Columbia corporation dealing in first
mortgage loans on improved real estate, proposes to issue "capital shares.
series F," of a par value of $100 a share, in the amount of $315,000, having
paid a registration fee of $31.50. Among officers are: Henry M. Eaton,
President, and Edward Holmes, Secretary-Treasurer, both of Washington.
The Southwest Co., Trustee (2-147), Tulsa, Okla., an Oklahoma express
trust, proposing to issue and sell 2.500 participating certificates on specific
property in "series C trust," having paid a registration fee of $25, indicating total aggregate proceeds as not to exceed $250,000. Among officers
are: A. J. DIM°, President, and H.J. Shankle, Secretary-Treasurer, both
of Tulsa.
Sunset Gold Fields, Inc.(2-148), New York City,a New Mexico corporation
engaged in placer gold mining in Grant County, New Mexico, proposes to
issue 100.000 shares of common capital stock of a par value of $1 each.
A registration fee of $25 indicates total aggregate proceeds as not to exceed
$250,000. Among officers are: Otto Forster. Silver City, N. M., President, and J. Arthur Lehmann, New York City, Secretary. Underwriters
are P. J. Dimond & Co., Boston.
20th Century Depositor Corp.(2-144), Army York, a Delaware corporation,
dealing in fixed investment trust shares, proposes to issue "20th Century
Fixed Trust Shares, series B" of a par value of $2 a share, having paid a
registration fee of $25 which indicates total aggregate proceeds as not to
exceed $250,000. Officers are: H. Llewelyn Roberts, President. and
John A. Eggleston. Secretary, both of New York City.
The Commission announced on Aug. 30 the filing of 13
additional registration statements under the Securities Act,
including for the first time, two protective committees
registering certificates of deposit, one for a Baltimore
mortgage company's bondholders, the other for the bond-
Volume 137
Financial Chronicle
holders of a California irrigation district. The 13 statements
bring the total amount of securities filed with the Commission under the act to approximately $183,000,000. The
Comnaission's announcement of Aug. 30 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:
Banta-Carbona Irrigation District Bondholders Protective Committee (2-150).
San Francisco, an association of three persons formed to act as the committee under terms of the deposit agreement; registering deposit receipts
for coupons of bonds of Banta-Carbona Irrigation District, total par value
of which, together with interest on unpaid matured coupons up to Sept. 1
1933; 113 $307,255.07. Registration fee is $30.73. George N. Keyston,
San Francisco, Charles D. Bates, Oakland, Calif. and Percy T. Cleghorn,
Stockton, Calif., are members of the committee. Julian C. Whitman,
San Francisco, is Secretary of the committee.
"The Barnet Plan." Ben. G. Barnett, Trustee (2-158), Oklahoma City,
Okla., an Oklahoma trust estate. Producer of ell and gas, paying
a fee of
$25 to the Commission, indicating total aggregate proceeds as not to
exceed $250,000. Ben G. Barnett. Oklahoma City, sole trustee.
Bevier Drill Company Founders Syndicate (2-154), Duluth, Minn..organized
under a syndicate agreement, proposing to offer 1,493 syndicate membership shares. Registration fee of $25 indicates total aggregate proceeds not
to exceed $250,000.
Buffalo Ankerite Gold Mines, Ltd. (2-156). Buffalo, N. Y., a corporation
organized under the laws of Ontario, Can.,engaged in gold mining, proposes
to issue 400,000 shares of common stock at a par value of $1 a share. A
registration fee of $25 indicates total aggregate proceeds not to exceed
$250,000. Among the °feelers are: George R. Feine, President, and
Edward G. Kinkel, Secretary, both of Buffalo, N. Y.
Carolina Mills (2-153), Cowpens, S. C., a Delaware corporation. manufacturer of upholstery and drapery fabric, proposes to issue 499 shares of
no par common stock. Registration fee of $25 indicates total aggregate
proceeds not to exceed $250,000. Officers are: W. M. Moore, Cowpens,
S. C., President, Treasurer and director; A. S. Moore, Cowpens, S. C.,
Secretary, Treasurer and director. Underwriters are: E. P. Gage & Co,
Jacksonville, Fla.
Fresno Petroleum Co. (2-160), Houston, Texas, a Texas corporation,
organized to drill and operate oil and gas wells, proposing to offer for
sale approximately 1.000 undivided acre interests; amount of offering $45,000: amount of registration fee $25. Officers are: W. L. Davenport,
Fresno, Texas, President; Charles E. Clarke, Houston, Texas, VicePresident. and C. J. Truscott, Houston, Texas, Secretary.
Lucky Wright Royalty Syndicate (2-152), Santa Fe, N. M.. a New Mexico
common law trust, dealing in oil and gas royalties and leases, proposing to
issue capital units (original units) of no par value In the amount of $15,550.
Registration fee is $25. Among officers are: Harry S. Wright. President
Treasurer, and Mildred A. Wright, Secretary, both of Santa Fe.
Protective Committee for Holders of National Union Mortgage Co. Gold
Bonds (2-161), Baltimore, soliciting deposit of bonds and seeking to register
certificates of deposit in the amount of $13,191,125. Fee paid the Commission is $439.71. Members of the committee are: George P. Hardgrove (Chairman) and Frank C. Paine, Spokane, Wash.; Gerald Howse,
Duluth, Minn.; Campbell S. Johnston. Cincinnati; William F. Williams,
New York City; M. H. Sterne, Birmingham; John Dane, New Orleans:
E. J. Kelly, Chicago; F. W. Reeve, Winona, Minn.; A. A. Christophal.
St. Louis; Herbert K. Moss, St. Paul; Philip H. Morton, Auburn, Me.:
Auville Eager, Baltimore; Burdick Simons, Denver, and John C. Legg Jr.,
Baltimore, C. Stanley Rich, Baltimore, is Secretary of the Committee.
It. B. C. Fund, Inc. (2-155), Boston, a Massachusetts corporation, acquiring by purchase. subscription, or otherwise, for investment. and In general
dealing in shares of stock, certificates of interest, bonds, debentures, and
other securities, proposes to issue common stock of no par value. Registration fee is $25.73. Among the officers are: Wilbur H. Russell, President
and director, and Kenneth C. Leonard, Treasurer and director, both of
Boston.
Southern Crude Corp. (2-157). Los Angeles. a California corporation
engaged in drilling, operating and producing oil wells, proposing to issue
30.000 shares of common stock at a par value of $10 each, paying a fee of
$30 to the Commission, indicating total aggregate proceeds as not to
exceed $300,000. Officers are Sam B. Herndon, Los Angeles, President
and director; Jack Lane, Los Angeles, Secretary-Treasurer and director.
Union Central Gold Mines, Inc. (2-151), Seattle. Wash.,a Nevada corporation, proposing to issue common stock of one dollar par value. Registration fee of $40 indicates total aggregate proceeds not to exceed $400,000.
Officers are: R. H. Thompson, President and Chairman, and J. R. Miller,
Secretary-Treasurer, both of Seattle.
Van Cortland( Recreation Corp. (2-149), New York, a New York corporation, proposing to issue Class A fully participating 6% stock, 100.000 shares
of no par value. Registration fee of $30 Indicates total aggregate proceeds
not to exceed $300,000. Officers are: F. Albert Lutz, President and
F. Arthur Lutz, Secretary, both of Brooklyn, N. Y.
W. R. Wallace, Inc. (2-159), Syracuse, N. Y., a New York corporation.
dealing in stocks and bonds, proposes to issue 6% notes or debenture bonds
In an amount not to exceed $250,000. Registration fee is $25. Officers
are: W. R. Wallace, Dewitt, N. Y., President-Treasurer; V. K. Wallace,
Dewitt, N. Y., Secretary-Assistant Treasurer, and N. C. Schmidt,
Syracuse, Assistant Secretary.
In another item we give the list of securities filed with
the Commission for which registration statements have
become effective.
List of Securities Filed with Federal Trade Commission
for Which Registration Statements Have Become
Effective under Federal Securities Act.
The Federal Trade Commission made public on Aug. 7
a list of securities filed with the Commission and for which
registration statements have become effective under the
Securities Act of 1933. In making the list available the
Commission said:
The Act provides that "the effective date of a registration statement
shall be the twentieth day after the filing thereof." The first date on which
the statement for any security became effective was July 27.
Lists of registration statements which become effective will be announced
from time to time. To-day's list involves 61 issues totaling approximately
$110,870,500 in amount of securities to be offered the public. This list,
arranged according to effective dates, is as follows:
1705
Effective July 27 1933.
American Associated Dealers, Inc., Jersey City. "Trusted American
Bank Shares. Series B."
American Associated Dealers, Inc., Jersey City, "Trusteed Income Estates Certificates" and "Trusteed Income Estates Certificates, Insurance
Series."
American Associated Dealers, Inc., Jersey City. "Trusteed Industry
Shares."
American Bankstocks Corporation, Baltimore.
American Business Shares, Inc.. Jersey City.
American Trustee Share Corporation, Nevr York, "Diversified Trustee
Shares, Series D."
Automotive Devices Corporation, Washington
Bank and Insurance Shares, Inc., Philadelphia,"Deposited Bank Shares,
N. Y., Series A," and "Deposited Insurance Shares, Series A."
Bullock Fund, Ltd., Baltimore and Jersey City.
Canadian Investment Fund, Ltd., Montreal and New York.
Capital Savings Plan, Inc., Philadelphia,
Centlivre Brewing Corporation, Fort Wayne, Ind.
Corporate Equities, Inc., New York,
Corporate Leaders of America, Inc.. New York.
Cumulative Shares Corporation, New York.
Distributors Group, Inc., New York, ?North American Bond Trost
Certificates."
Distributors Group. Inc., New York. "North American Trust Shares,
1955."
Distributors Group, Inc., New York, "North American Trust Shares.
1956."
Dividend Shares, Inc., Baltimore.
Equity Corporation, The, Jersey City.
Financial Independence Founders, Inc., New York,
First Commonstocks Corporation, New York
First Insuranstocks Corporation, New York.
Fundamental Group Corporation, Jersey City. "Fundamental Trust
Shares, Series A."
Fundamental Investors, Inc., Jersey City.
General Investors Trust, Boston.
Hamilton Depositors Corporation, Denver.
Income Foundation, Inc., Baltimore.
Incorporated Investors, Boston.
Independence Fund of North America. Inc., New York.
Independence Shares Corporation, Philadelphia.
Investment Trust of New York, Inc., New York, "Collateral Trustee
Slaves A."
Keystone Custodian Funds, Inc., Philadelphia,
Massachusetts Investors Trust, Boston.
Munlock Toy Co., Inc., Washington.
Nation-Wide Securities Co., Baltimore and Jersey City,
Plymouth Fund, Inc.. Jersey City.
Quarterly Income Shares, Inc., Jersey City
Republic Co.. The, Denver.
San Juan Ramsey Co.. Boston.
Selected American Shares, Inc., Chicago.
Standard Corporations. Inc., Jersey City.
Standard Industrials, Inc., Jersey City.
Standard Utilities, Inc.. Jersey City,
Supervised Shares. Inc., Jersey City.
Texas Gulf Producing Co., Houston, Texas.
Union Deposit Co.. The Denver.
United Endowment Foundation, Inc., New York, "Endowment Certificates and Paid-up Endowment Certificates."
United Endowment Foundation, Inc., New York, "Foundation Trust
Shares, Series A."
United States Electric Light & Power Shares, Inc., Baltimore and Jersey
City.
Effective July 28 1933.
Fidelity Fund, Inc.. Boston,
Independence Royalty Fund, Baltimore.
Irving Investors Fund 0, Inc., New York.
State Street Investment Corporation, Boston.
United States Banking Corporation, New York.
Effective July 31 1933.
Bankers Union Life Co., Denver,
General American Securities, Inc.. New York, "Associated National
Shares. Series A."
General American Securities, Inc., New York, "Associated Standard
Oilstocks Shares, Series A."
Gold Hub Mines Co.. Denver.
Interstate Investors, Inc., New York.
Speculative Profit Shares, Inc., Jersey City.
Approved Forms for Registration of Securities Under
Federal Securities Act Made Available by Federal
Trade Commission.
Chairman Charles H. March of the Federal Trade Commission announced on July 14 that approved printed forms
for the registration of securities under the Securities Act of
1933 are available to all registrants upon application and
that it is no longer appropriate for companies registering
securities to use any but the prescribed form. The announcement of the Commission also said:
Due to the fact many registrants were unable to obtain the approved
form in time to file registration statements by July 7, the first filing date,
it was announced by the Commission, June 29, that such registrants could
such statements in such form as they reasonably considered to be in compliance with the act, provided that an amendment to such registration
statements should be filed at least 10 days prior to the effective date of
their registration statements, in the form prescribed by the Commission
and should contain "full, accurate and complete information in respect of
each item thereof."
Chairman March explained that both classes of registrants. namely, (1)
those who have registered temporarily and must submit an amendment on
the proscribed form 10 days prior to the effective date of their registration
statements, and (2) those who are filing for the first time, may now obtain
the approved form for registration. He said the use of the prescribed form
with its uniformity of arrangement is expected to facilitate the Commission's
handling of registration statements and to make the information more
readily available to the public.
1706
Financial Chronicle
Federal Trade Commission Approves Form of Registration Under Securities Act in Cases of Companies
Being Readjusted or Reorganized.
A form of registration under the Securities Act of securities to be issued pursuant to a plan of readjustment or reorganization of a company has been approved by the Federal
Trade Commission, it was announced Aug. 26. This will be
known as Form D-2, the announcement said, and will later
be printed and available to registrants. The announcement
continued:
The new form D-2 contains 55 questions and calls for the submission of
a number of exhibits including a balance sheet and a profit and loss statement provided the issuer has more than a nominal amount of stock outstanding.
Form D-2 is a sequel to Form D-1 which was made public one week ago.
Form D-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-1
is to be used at the time the bonds are first taken up by the protective
committee while Form D-2 is to be employed for registration of the new
securities when reorganization or readjustment takes place.
The Commission also has amended Article 16 of its rules and regulations
concerning prospectuses, to apply to information filed under the Form D-2.
New Form for Registration of Securities by Investment
Trusts Under Securities Act Announced by Federal
Trade Commission.
The Federal Trade Commission announced on Aug. 26
its approval of a rew form for the registration of securities
under the Securities Act by an investment tfust of the fixed
or restricted management type which does not have a board
of directors or persons performing similar functions but does
have a depoeitor or sponsor. The announcement continued:
The new form is to be known as C-1. Printed copies will be available to
registrants in the next few days: in the meantime, a limited number of
mimeographed copies may be had upon application to the Commission.
Heretofore, unincorporated investment trusts of the fixed or restricted
management type have used the general registration form known as A-1
but hereafter they will be expected to employ C-1 which is especially
designed for their purposes. It contains 77 questions of which 51 are
devoted to information concerning the trust itself. Other groups of questions come under the heads of "Information Concerning the Trustee," and
"Information Concerning the Depositor." A number of exhibits also are
required including a balance sheet and profit and loss statements of the
trust.
The Commission also amended article 16 of its rules and regulations
regarding prospectuses, to apply to information filed under the form C-1.
Registration Statement of Transcontinental Precious
Metals Co. Under Federal Securities Act Withheld
by Federal Trade Commission Pending Furnishing
or Additional Data.
An order was issued Aug. 26 by the Federal Trade Commission refusing to permit the registration statement of
Transcontinental Precious Metals Co. (2-138), Flint, Mich.,
filed under the Securities Act, to become effective until
certain deficient data in the statement is furnished. The
Commission said that the principal defect in the statement
was the failure of the company to make its advertising prospectus contain certain essential information based on the
data in the statement proper. Supplemental information
was received Aug. 26 from the company, but the Commission deemed it advisable to issue the refusal order. The
effective date of the company's registration statement was to
have been Aug. 27. The Commission on Aug. 26 further
announced.
Further information also was required to show the full particulars of
the nature and extent of the interest of certain persons in property acquired
by the issuer within the two years preceding the filing of the registration
statement. Also signatures of certain principal executive officers were
lacking, and consent of counsel and accountants to the use of their names.
Developments in One-Man Gr.,nd Jury Investigation
of Closing of Michigan Banks—Judge Keidan Says
Charges of Criminal Acts Will be Examined—Senator Couzens's Attorney Suggests Quiz Into Charge
of Branch Banking Move Laid to Eastern Group—
Two Witnesses Deny Detroit Bank Charges Made
by Senator Couzens and Father Coughlin.
Judge Harry B. Keidan, who is conducting the one-man
Grand Jury investigation of the closing of Michigan banks,
on Monday of this week, Aug. 28, stated that the conservators of the Union Guardian Trust Co. and of the Detroit
Trust Co., both of Detroit, would be ordered to search the
books of the institutions under their charge to determine
whether there had been any criminal mismanagement.
Senator Couzens recently made the charge that the banks
gave each other book deposits in order to make less representative their statements of condition. By creating such deposits for one another each bank increased its deposits and
its "cash in banks." Advices from Detroit on Aug. 28 to
the New York "Journal of Commerce," from which the foregoing is taken, continuing said:
The Senator also had charged that the Children's Fund of Michigan
which ran to $10,000,000, had been mishandled.
Sept. 2 1933
It is understood that the statement made to-day (Aug. 28) by Judge
Keidan results largely from the charges of Senator Couzens and that the
specific acts charged will be checked.
The attorney for Senator Couzens and for the Detroit Trust Co., Arthur
J. Lacy, said to-day that he has been able to discover no criminal conduct
in the management of the trust company. The chief difficulties in reorganizing the closed banks, he said, is that plans for reorganization omitted
the vital factor of assessing the stockholders.
In testifying for the second day before the Grand Jury on
Tuesday, Aug. 29, Arthur J. Lacy (attorney for Senator
Couzens and for the Detroit Trust Co.) proposed a United
States Senatorial investigation "from top to bottom" of
reports that an attempt had been made to establish branch
banking in the nation's key cities during the recent banking
crisis. If rumours of such an attempt are true, he declared,
"it would constitute one of the highest financial crimes in
the history of the country." An account of Mr. Lacy's
remarks,as contained in a Detroit dispatch by the Associated
Press, from which we have quoted above, went on to say in
part:
A former domestic relations judge and prominent in this State for his
long-time efforts to rehabilitate closed banks, Lacy said that it "has been
frequently publicly stated that there has been in this country for a number
of years a program for a branch banking system extending out from the key
cities of the country.
"If new banks could be started in each of the key cities on the ruination
of the old banks, and if they were controlled by Eastern capital, that would
mean control of the banking system and the credit of the nation," he said.
"It has been said that just such a program has been contemplated for years.
"I have always had a suspicion that, inasmuch as the resistance of
Detroit was very low at the time of the bank holiday, it offered the richest field for the beginning of that sort of thing, better than any other city."
Lacy declared an investigation of the report was entirely outside the
jurisdiction of the local jury, but said he thought "In view of statements
made here" that there should be a Senatorial investigation, "from the top
to the'bottom of the subject."
On Wednesday, Aug. 30, A. A. McGonagle, head of the
bookkeeping staff of the closed First National Bank-Detroit,
and Thomas G. Long, counsel for that institution, went
before the Grand Jury to present firm denials of recent
charges by Senator Couzens and the Rev. Father Coughlin
that there had been impropiieties in Detroit banking conduct
prior to the Michigan banking holiday in February last.
In reporting the testimony of Mr. McGonagle and Mr.
Long, Associated Piess advices from Detroit on that date
said:
Both offered detailed explanations, as well as figures to support their contentions.
Mr. McGonagle said that there had been no falsification of reports or concealment of figures in the First National's transactions, and reported that
on the day the bank closed the institution was more than 23% liquid.
Father Coughlin, in his dramatic testimony of last week, declared the bank
was only 14% liquid when it closed. He said the institution had at least
$62,000,000 in cash and unpledged government and other bonds on Feb. 11,
the closing day, to meet deposits.
Mr. Long recounted a deposit of $6.000,000 placed in the First National
by the Detroit Trust Co., which Senator Couzens had charged was
"switched" to show increased assets to that amount by both banks. He
said the trust company had included this deposit—which was in the form of
trust accounts—as assets only when the State bank examiner presented his
bill for services. The bill, he said, was based on the assets of the company,
and the $6.000,000 was included. He declared the $6,000,000 on deposit by
the First National in the trust company was an interest-bearing commercial or checking account.
Mr. Long described as "incidental" the fact that the deposit increased
the amount in the trust company's regular statement.
"Of course, all banks and trust companies have figures on both sides of
the ledger which tend to boost the total," he said. "You seldom get a
true picture from a statement."
Mr. Long also denied Senator Couzens's statement that,the Detroit
Bankers Co., holding company for the First National and the Detroit
Trust Co., had paid "outrageous prices" for stocks in banks absorbed and
Passed the stocks on to "widows and low-salaried employees."
Denying Father Coughlin's charge that pledged assets were not shown in
regular statements of the First National, Mr. McGonagle presented a
score of bank statements from all parts of the country to show that such
assets did not appear among them, and that it was not regular banking
practice to show such assets.
Wilson W. Mills, former Chairman of the Board of the
First National Bank-Detroit, went before the Grand Jury
on Thursday (Aug. 31) and made a categorical denial of
charges made by Senator Couzens that he had "doublecrossed" Detroit bankers and had prevented Henry Ford
from establishing two new banks in Detroit. Mr. Mills,
who previously had testified at the inquiry, declared that
"practically all of Senator Couzens's testimony was hearsay." In noting this, an Associated Press dispatch from
Detroit on the day named continued as follows:
He presented records contradicting the charges of the senior Michigan
Senator that, although he had been instructed to request a $20,000,000
Reconstruction Finance Corp. loan to bring the two Ford banks into
being, he had told Charles A. Miller, former R F. C. President, that he
hoped such a loan would not be granted.
"Either Mr. Miller had my name confused, or it was a case of impersonation." he said, in turning over telegraph messages in which he asked that
the loan be granted.
Mr. Mills denied, too, that he had been promised the presidency of a
large bank which other witnesses testified was to have been established here
by New York interests after the Michigan banking holiday. Feb. 14.
Senator Couzens, in his testimony last week, declared he believed Mr. Mills
was "taken up on a high hill" by George I'. Davison, Chairman of the
board of the Central Hanover Bank and Trust Co., and promised such
a position.
1707
Financial Chronicle
Volume 137
of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of Aug. 26(page 1524),
with regard to the banking situation in the various States,
the following further action is recorded:
Reopening
CONNECTICUT.
The Capitol Corp., the investment affiliate of the Capitol
National Bank & Trust Co. of Hartford. Conn., will be
liquidated and its assets distributed, if the stockholders
approve of the recommendations made by the directors,
according to the Hartford "Courant" of Aug. 17. The stockholders of the Capitol National Bank & Trust Co. who
hold the voting trust certificates of the corporation will
meet on Sept. 15 to vote on the recommendation. The
"Courant" continued in part as follows:
Complete severance of the corporation from the bank is a requirement
of the Comptroller of the Currency and also under the Federal Banking
Law to become operative Jan. 1 next. It is possible that an entirely
separate and distinct organization will be formed to carry on the business
in the interest of those sharing in the assets.
Three of the smaller banks in Bridgeport, Conn., with
deposits of $6,650,000, were closed on Wednesday of this
week, Aug. 30, by the State Banking Commissioner, Walter
Perry. They are the first banks in Bridgeport to close their
doors on order of the State since the depression began.
The banks are the Commercial Bank & Trust Co. with
deposits of $3,200,000; the American Bank & Trust Co.,
with deposits of $1,450,000, and the West Side Bank, with
deposits of $2,000,000. Advices from Bridgeport to the
New York "Times" reporting the closings, went on to say:
The banks did not open at the start of the business day, and notices
signed by the Bank Commissioner were posted on the doors. Small crowds
gathered, but there was no disorder.
In a statement Commissioner Perry said that the Commercial and
American Banks, of which Albert W. Tremaine is President, "were closed
because of conditions which compelled their closing under the law."
"The West Side Bank was closed," Mr. Perry's statement said, "at
request of the directors, who asked the Commissioner to take possession."
Examiners were working at all three institutions to-night. The closing
order restrains the banks from doing business until the matter 113 brought
before the Superior Court, probably next week.
loan of $1.200,000 negotiated from the Reconstruction Finance Corporation
from 6% to 4H%. . . .
Frank C. Bopp, who has been acting as Conservator for the Pletcher
American Bank since June 29. relinquished control of the bank to the
old directorate Wednesday, which in turn handed over the control to the
new officers and directors of the American National Bank.
Mr. Bopp, Lucius S. French and Otto J. Feucht will become liquidating
trustees in charge of approximately $11,740,000 worth of "frozen assets"
of the old bank. The trustees will liquidate these assets as rapidly as
possible to satisfy the Reconstruction Finance Corporation of loan $1,200,000 and will then seek to pay off the remaining 50% of deposits in the
Fletcher-American Bank.
The trustees will issue certificates of interest for the impounded deposits
as soon as reorganization details are completed. As the frozen assets are
liquidated they will be prorated to apply on the certificates.
Elmer W. Stout is chairman of the board of the new
institution and James S. Rogan of Cleveland, Ohio, President. In regard to Mr. Rogan, the "News" had the following to say:
Mr. Rogan, new President, has been prominent as a banking executive
for more than 20 years. He comes to Indianapolis from Cleveland where
he has been acting as Assistant Conservator of the Union Trust Co. Prior
to May, he had been a Vice-President of the Bank of America. in California,
for seven years.
KENTUCKY.
The First State Bank, of Harlan, one of southeastern
Kentucky's largest banking institutions, failed to open its
doors for business on Aug. 25 and was placed in charge of
the State Banking and Securities Department for liquidation,
according to a Frankfort, Ky., dispatch on that date to the
Louisville "Courier-Journal," which continuing said:
James R. Dorman, Banking and Securities Commissioner, immediately
sent T. C. Dickenson, Glasgow, examiner for the Department,to Harlan
to assume charge of the bank's affairs. According to its statement on
June 30 filed here, it was capitalized at $100.000, bad a surplus of $100,000
and demand, time and savings deposits aggregating $1,239.121.55.
Officers of the institution were: President, W. W. Lewis; Vice-President,
A. B. Cornett, and Cashier, 0. M. Hoskins.
FLORIDA.
Associated Press advices from Murray, Ky., on Aug. 24
stated that announcement was made on that day by T. H.
Stokes, President of the First National Bank of Murray,
that the required three-fourths of the total deposits had been
signed in the depositors' agreement for organization of a new
institution to be known as the Murray National Bank.
The dispatch continued:
The closing for the second time of the First Bank of
Port Tampa at Port Tampa, Fla., was reported in the
following dispatch from Tampa to the "Florida TimesUnion" on Aug. 23:
The First National Bank has been on a restricted basis since April 1932,
and under Conservator John G. Ryan since the National banking holiday,
The bank will be capitalized at $125,000 consisting of $50.000 preferred
stock sold to the Reconstruction Finance Corporation and $50,000 common stock to be sold to former stockholders, depositors and others.
The First Bank of Port Tampa closed its doors to-day for protection of
depositors, after having been operated by a liquidator since it was closed
first in 1929. Notice was given that all new depositors since March 4, last,
would be paid in full on demand. About $93.000 in frozen assets of the
bank were turned over to-day to State conservators. The late James G.
Yeats was the organizer and President of the bank.
Cashier D. W. Crider said the bank's remaining assets probably would be
turned over to Dr. G. C. Rankin, liquidator of other banks in the Tampa
area.
ILLINOIS.
We learn from the Chicago "News" of Aug. 23 that the
I.-C. Bank & Trust Co. of Chicago, Ill., closed since the
bank moratorium in March and in receivership since April
28, was to be reopened on Aug. 28. About one-half, or
$150.000 of the bank's deposits, it was stated, would be
made available at the opening, and the remainder waived
temporarily by the depositors. The paper mentioned,
continuing, said:
The capital of the bank will be $200,000, as against $300,000 previously.
Stockholders surrendered one-third of their holdings for cancellation and
in addition donated another third, which is being sold. The sale will
bring $100.000 of now money into the bank.
Irwin I Abschuler, President of the Hammond Brass Co.. will be President of the bank. J. W. Hayes (former President of the institution) will
be Cashier.
According to Chicago advices to the "Wall Street Journal"
on Aug. 31, the State Auditor of Illinois has granted permission to the State Bank of Collinsville at Collinsville, Ill.,
to reopen on an unrestricted basis.
INDIANA.
Supplementing our item of last week, page 1524, with
reference to the opening on Thursday last, Aug. 24, of the
new American National Bank at Indianapolis, Indianapolis,
Ind., which replaces the Fletcher-American National Bank,
an announcement of the opening under date of Aug. 23
stated that the new institution had combined capital and
surplus of $3,200,000. We also quote in part from the
Indianapolis "News" of the same date, which said:
Approximately $8.000,000 in deposits of the old bank, amounting to
about one-half of total deposits, will be released with the opening.
At a meeting Tuesday night (Aug. 22). the old board announced that the
new bank would Join the NRA as soon as details of the reorganization are
completed. It was also announced that the board had effected a saving
of $36.000 a year to stockholders.
The saving was made by reducing the Interest rate, on the $1.806.000
of preferred stock, held by the Reconstruction Finance Corporation. from
6 to 5%. making an $18,000 saving, and by reducing the Interest rate on a
MARYLAND.
State Bank Commissioner John J. Ghingher of Maryland
announced on Aug. 28 that the Westminster Savings Bank
at Westminster had been authorized to reopen for business
on a 100% basis on that day. The Baltimore "Sun," in
noting this, furthermore said:
The reorganized institution will have a capital of $100.000, a surplus of
$125.000 and total deposits of approximately $2,000,000.
Milton P. Myers is the newly elected President, succeeding the late
F.Thomas Babylon; Dr. S. Luther hare is Vice-President; Oliver M.Crouse,
Treasurer, and Norman B. Boyle, Assistant Treasurer.
The Baltimore National Bank has been granted authority
by the Federal Reserve Board to exercise trust powers and
to act as trustee, executor, administrator and in other
fiduciary capacities, according to an announcement to-day
by Howard Bruce, President and Chairman of the board
of the bank. Following this authorization, the board of
directors of the Baltimore National Bank elected officers
of the trust department as follows:
James C. Fenhagen, Chairman of the trust committee.
J. Hambleton Ober, Vice-President and Trust Officer.
G. Roy Mueller, Trust Officer.
H. Vernon Leitch, Trust Officer,
Gerald J. Muth, Assistant Trust Officer.
Robert L. Grafflin, Assistant Trust Officer.
The Baltimore National Bank opened Aug. 7 under a
Federal charter. Since that time its business has steadily
increased, deposits on Aug. 17 standing at $9,320,844. In
addition to its main office at Baltimore and Light Streets,
Baltimore, the bank maintains three branches in outlying
business districts of the city.
MASSACHUSETTS.
That plans have been made to reopen the Millbury Savings
Bank of Millbury, Mass., in October next, is indicated in
the following Associated Press dispatch from Millbury on
Aug. 29:
Announcement was made to-day by John R. Quarles, agent of State
Bank Commissioner Arthur Guy, of Massachusetts, In charge of the
Millbury Savings Bank, of plans for reopening the bank in October. The
tentative reopening date is Monday, Oct. 2, provided required routine
work can be disposed of by that time.
In the event that it Is found impossible to reopen then, Mr. Quarles,says
that every effort will be made to resume business by Monday, Oct. 16.
at the latest.
1708
Financial Chronicle
Sept. 2 1933
The bank has been closed since March 14 1932, at which time the trustees
voted to request the Commissioner to take over its affairs to protect depositors.
At a meeting held Aug. 24 with State Bank Commissioner,
R. E. Reichert of Michigan and Assistant Attorney General,
A plan for the immediate release of $750,000 of the best Walter A. Kirkby of that State, the directors of the Reconassets of the Western Massachusetts Bank & Trust Co. of struction Finance Corporation agreed to make additional
Springfield, Mass., through the Springfield National Bank, loans aggregating $2,800,000 to 53 up-State Michigan banks,
was outlined in statements issued on Aug. 23 from the for the purpose of enabling these banks to reopen on some
offices of the State Bank Commissioner, Arthur E. Guy, of acceptable reorganization basis.
Each bank will borrow for its own purposes and furnish
Massachusetts and Governor Joseph B. Ely of that State.
The plan has been approved by the Commissioner, the Gov- its owh collateral, acceptable to the Corporation. The
ernor, the depositors' committee and the Supreme Judicial depositors of each bank are to approve the borrowing as
Court and will go into effect when depositors of more than well as the reorganization plans of their own banks.
The Corporation already has loans to these banks, or at
$50 in the institution have given their assent in writing.
It provides for the payment of deposits of $50 and less in least to a part of them, aggregating $4,126,000. These
full and makes 40% of the larger deposits available imme- loans will be merged with the new loans, and placed on a
diately through the action of the Springfield National in time basis so as to avoid forced liquidation of the collateral.
Mr. Horatio J. Abbott, Democratic National Committeetaking over the best assets.
Acceptance of the program would provide for the payment man for Michigan, accompanied Commissioner Reichert
of 9,000 of the closed bank's 12,000 accounts in full. The and Assistant Attorney General Kirkby at the conference.
Washington advices to the Detroit "Free Press" on Aug.
remaining assets would be administered by the Bank Com24, in reporting the matter, stated that the amount ($2,missioner.
The Bank Commissioner's statement, as printed in the 800,000) would permit the opening of banks (all in cities of
Springfield "Republican" of Aug. 24, from which the above 10,000 population or less) with deposits of $37,000,000.
The dispatch furthermore said:
information is also obtained, follows:
In addition,
being
The State Banking Department and the Supreme Jud`cial Court have
approved a plan for release of deposits of Western Massachusetts Bank &
Trust Co.
The plan contemplates that certain of the assets of Western Massachusetts Bank & Trust Co. will be transferred under the Spokane plan to the
Springfield National Bank, and the Springfield National Bank will credit
on each book deposits in full up to $50 and as to all those in excess of $50
will credit at least 40% or $50, whichever is greater, and will also credit
club deposits in full.
By this method and by agreement with the larger depositors it is expected
under the plan that approximately 9,000 out of 12,000 depositors will be
paid in full. The total released to depositors under the plan will be in
excess of $750,000.
There will be assets of substantial values remaining in the trust company
after the transfer of assets to the Springfield National Bank. These assets
will be administered in accordance with law by the Commissioner of Banks.
subject to the provisions of the plan, for the benefit of those depositors not
receiving payment in full under the plan.
Since the bank holiday the Banking Department has given careful consideration to several plans of reorganization. The plan which has been
approved is for the best interests of all the depositors and will afford a larger
immediate release to all depositors than could be made under any other
plan considered.
The plans contemplating the formation of a new bank which were presented to the Department for consideration would call for the surrender of
substantial percentages by a large number of the depositors of the portions
of their deposits assumed by any substitute bank in payment of capital
stock of the new bank. The plan approved contains no such provision.
The credit to be set up in the Springfield National Bank for depositors
of the trust company will be free balances and available for immediate use
on the effective date of the plan. In approving the present plan, I have
given great weight to the fact that the release provided will be an immediate
release, whereas if a plan calling for the formation of a new bank was
adopted, it would be at least three months before any funds could be made
available.
The plan has been devised by Frederick E. Bonner, general liquidation
counsel,and Henry H. Pierce, supervisor of liquidation, of the State Banking Department, and the assistance of the Springfield National Bank has
been requested in order to assure its fulfilment. * * *
It is to be noted that the plan is to become effective only upon the condition that the depositors of the Western Massachusetts Bank & Trust
Co. of more than $50, whose deposits will total in excess of $990,000, as
the Commissioner may require,shall first assent in writing to the plan. .
MICHIGAN.
Reorganization plans for the Equitable Trust Co. of
Detroit, Mich., were approved by the State Banking
Advisory Committee on Aug. 22, according to a dispatch
by the Associated Press from Lansing, Mich., under date
of Aug. 22, which also said:
Rudolph E. Reichert, State Banking Commissioner, said that he plans
to return to Washington to get a final decision on a proposal to obtain
$2.800,000 of Reconstruction Finance Corporation funds to aid in reopening
54 State banks. Mr. Reichert presented the plan last week.
It contemplates setting up incorporated trusts which will borrow from
the Reconstruction Finance Corporation and take over bills payable of the
banking institutions. An incorporated trust would be set up for each bank.
All the institutions are in cities of 10,000 or less population. Gov. Comstock may accompany the Banking Commissioner to urge release of the
funds.
five larger banks are
studied by both State and R.F.C.
authorities with a view to arranging individual loans. If these negotiations
are successful and the banks are open the total frozen assets remaining in
the State banks will be reduced to about $21.000,000.
The system under which the $2.800,000 will be released by the It. F. C.
provides that each of the 53 banks shall organize with itself a mortgage
company. This company will take over assets now held to be slow or
unacceptable.
Reichert gave the R. F. C. Board assurance that the loan would Permit the payment of all obligations of these banks and would immediately
bring them to a condition of 25% liquidity.
He also said that, through the rediscount of assets in the Federal Reserve
system, all State banks in this class, which are members of that group,
would be able to open on a 100% basis. Banks not members of the Federal
Reserve system would be allowed to open only on a limited basis in proportion to their actual liquidity.
MINNESOTA.
The closing of a small Minnesota bank was reported in
the following advices from St. Paul to the "Wall Street
Journal" on Aug. 30:
The First State Bank of Shevlin, Minn.,has been closed by its directors,
stated Elmer Benson, State Banking Commissioner. Deposits of the
Institution on Dec. 31, approximated 356,000.
MISSISSIPPI.
Concerning the affairs of Merchants' Bank & Trust Co.
of Jackson, Miss., which was placed in liquidation on
April 8 last, after attempts to reorganize it as a National
bank had failed, a Jackson dispatch by the Associated Press
on Aug. 19 contained the following:
The State Banking Department, in charge of liquidating Mississippi's
largest bank,the Merchants' Bank & Trust Co. of Jackson, reported yesterday $2,556,509.03 total assets in excess of total liabilities.
The report, released by State Bank Superintendent J. S. Love, four
months after the Banking Department began liquidating the institution,
showed total liabilities to be $3,691,915.06, against total assets of $5,498,424.09.
Superintendent Love reported that thus far the Department has been
able to retire 43% of the bank's liabilities at an expense to the liquidation
of slightly less than 1 1-10%.
Net earnings during the four months were listed at $56,147 over and above
all liquidating expenses.
"With the revival of business and the trend to better prices and the decided increase in values, all of which have improved the assets of this bank,"
said the report, "we feel very much encouraged at the final outcome of the
liquidation and the final payment we will be able to make to depositors."
Superintendent Love said payment on the common deposits will begin
as quickly as preference deposits are paid. He said the preference deposits
have been reduced to $646,007.66, and stated the Department "has very
definite plans for further reduction of these deposits." He also said that
common deposits total $2,460,070.25.
"The Department is following a live-and-let-live policy in thisliquidation,"
said the Superintendent. "It is the purpose of the liquidator to push collections in an orderly manner, not to destroy values, but to co-operate with
those who are indebted to the bank and give them an opportunity to pay
their debts without undue embarrassment or without destroying their
business," he said.
According to advices from Hillsdale, Mich., on Aug. 17,
With reference to the affairs of the Britton & Koontz
printed in the Toledo "Blade," the following officers have National Bank of Natchez, Miss., now in the hands of a
been chosen for a new bank organized to replace the old receiver, advices from that city on Aug. 19 appearing in
Hillsdale Savings Bank and the First State Savings Bank the Memphis "Appeal" stated:
Announcement was made to-day (Aug. 19) by G. L. Wooley, receiver
of Hillsdale. The officers named are: F. A. Roethlisberger,
of the old Briton & Koontz National Bank,that under instructions received
Sr., Chairman of the Board; 0. J. Gornell, President; from the office of the Comptroller of the Currency an equalizing settlement
Ralph L. Owen, 1st Vice-President; Chauncey F. Cook. of 5% will be made within the next few days to all creditors of the bank.
2d Vice-President, and M. Burr Marsh and George H, About $75,000 will be distributed. the receivership is progressing satisIt was stated by Mr. Wooley that
Morgan, Cashiers. The dispatch continuing said:
• factorily and announcement will be made soon calling upon all depositors
All officers are a part of the personnel of the Hillside Savings and the
First State Savings banks, which are consolidated in the new bank. Mr.
Cornell has served as President of the former and Mr. Roethlisberger has
been head of the latter for a long period of time.
The reorganization plan, approved some time ago by the State advisory
board, will release65% of deposits at the time ofreopening and the remaining
35% as soon as slow assets can be liquidated. The new institution will
open Sept. 5, operating as a Federal Reserve Bank and housed In the First
State Savings Bank building.
and other creditors to file proof of their claims.
MISSOURI.
0. H. Moberly, State Finance Commissioner of Missouri,
announced on Aug. 25 that he had approved a plan of the
depositors' committee of the Pioneer Trust Co. of Kansas
City, Mo., for the liquidation of the institution. Under
Financial Chronicle
Volume 137
the plan 24% of the deposits in the bank will be made available as soon as waivers have been received from a majority
of the depositors. Jefferson City advices on Aug. 25 to the
Kansas City "Star" containing the above information went
on to say:
A 24% distribution of the deposits would make approximately $500.000
available to the 6,200 depositors.
Fdnds for the initial payment will come through a loan from Reconstruction Finance Corporation, which has been tentatively approved in Washington. Mr. Moberly said he had been advised that the 24% distribution
should be made in the next two or three weeks.
The Finance Commissioner said he was sure the plan would work out
satisfactorily
"It will give immediate relief to the depositors," he said, "and justifies
this action, which is somewhat different from the usual means of liquidation."
Mr. Moberly said he would notify Frank H. Terrell, attorney for the
committee, of his approval of the liquidation plan.
The "Star" of Aug. 25 added the following:
of
The Pioneer Trust disbursement plan and the subsequent liquidation
assets will be submitted to the 6,200 depositors the the first of the week.
The 24% disbursement will be handled through the new Missouri Bank
& Trust Co., which is to open the first week in September under the Presidency of D. R. Harrison, former Missouri State Finance Commissioner.
The new bank will not be otherwise connected with the Pioneer liquidation.
The Pioneer Trust Co. closed its doors on Jan. 25 last,
as noted in our issue of Jan. 28, page 610. A second reference to its affairs appeared in the "Chronicle" of April 8,
page 2366.
NEW JERSEY.
Advices from Paterson. N. J., on Aug. 30 to the Newark
"News" stated that a plan for the reopening of the Franklin
Trust Co. of Paterson, which has been closed since the banking holiday, had been approved by the State Commissioner
of Banking and Insurance for New Jersey, and is awaiting
adoption by the depositors. The dispatch continued:
Under the terms of the agreement, the depositors would be given 50%
of their deposits in cash.35% at once and 15% "within a short period after
the reopening," while the balance would be "postponed," in return for
•
which preferred stock would be issued.
The stock would have a par value of $20 and would bear cumulative diviby the bank at $50, plus the
dends at 3%. The issue would be redeemed
the plan, approved by the deaccumulated dividends. Another phase of
directors.
of
positors' committee, calls for election of a full Board twenty-one
The bank will be open each night from 7 to 9 o'clock with officers and
present to answer inquiries.
representatives of the depositors' committee
by Charles A. Bergen,
Announcement of the plan was made in a letter issued
President.
Officials of the First National Bank of Spring Lake, N.J.,
report a plan for reopening the institution, which has been
approved by the authorities at Washington, D. C. It includes the issuance of $100,000 in new capital stock and a
request to all depositors to waive 40% of their deposits until
the assets are liquidated. A dispatch from Spring Lake to
the Newark "News" on Aug. 30, from which the foregoing
is taken, added:
Depositors will not be asked to purchase any of the new stock, although
they may do so. Disposal of the entire issue has been arranged immediately
upon issuance. In addition, $25,000 stock for the surplus account will be
placed on sale. With all stock tentatively disposed of the chief question
that will determine when the bank opens is the speed with which depositors sign waivers on the 40% of their funds.
At present there is $1.565,651.86 on deposit, the total when the last
statement was issued as of Dec. 31 1932.
NEW YORK.
The Board of Directors of the Reconstruction Finance
Corporation has authorized the purchase of $1,500,000
capital debentures in the reorganization of the Mount
Vernon Trust Co., Mount Vernon, N. Y.
Plans for a new national bank, to be known as the Security National Bank of New York, which will take the place
of the closed Richmond National Bank of Richmond Hill,
are awaiting the approval of the Comptroller of the Currency,
it was revealed on Aug. 29 by Frank J. Lang, conservator
of the institution, and the man selected to head the new
bank. The Brooklyn "Eagle" of Aug. 29, authority for
the above, went on to say:
10
"I hope to have the verdict within a week or thedays." said Lang to-day.
word."
go ahead when we get
"Everything is ready to
bank is expected to be $400,000 and surplus
The capital of the new
asked to subscribe 7% cents on the dollar out
$80,000. Depositors will be
they are to receive when the new bank opens
of the 50% cash dividend
toward security stock.
NORTH CAROLINA.
The First National Bank of Fairmont, N. C., the operation of which has been practically suspended since the
banking holiday in March, has decided to liquidate its affairs
has been named
and E. J. Britt, a Lumberton attorney,
on Aug. 24
receiver, according to a dispatch from Fairmont
Raleigh "News & Observer," which went
printed in the
on to say:
no business for several months,
The bank has transacted practically
F. Johnson, President, acting as
its operations being restricted, with J.
banking holiday have been segreConservator. Deposits made since the
closing, according to Mr. Britt.
gated and will not be affected by the
1709
The directors of the Reconstruction Finance Corporation
have authorized the purchase of $100,000 preferred stock
in the Citizens' National Bank in Gastonia, Gastonia, N.C.,
a new bank to succeed the Citizens' National Bank of that
city. 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.
Closing of the Polk County Bank & Trust Co. of Polkton,
a small North Carolina bank, because of lack of business,
was reported as follows in the Raleigh "News & Observer"
of Aug. 23:
With only $4,691.63 in deposits, the Polk County Bank & Trust Co.. at
Poikton, closed its doors for liquidation yesterday (Aug. 22). the State
Banking Department was notified. The bank had capital of $22,500 and
surplus of $3,333. The June 30 statement showed bills payable of $34,193.19, loans and discounts of $67,767,39 and a contingency reserve of
$33,013.64. The closing was attributed to lack of business.
The bank was the first unrestricted bank in the State to close after being
licensed to reopen following the general holiday.
It was a reorganization of a Polk County bank which went down in the
Central Bank & Trust Co. crash in the fall of 1930, reopening for business
in the spring of 1932.
OHIO.
Plans have been completed for the organization of a new
bank in Cleves, Ohio, to take over the business and assets
of the Hamilton County National Bank of that place,
which has been operating under a conservator since the
National bank holiday. The Comptroller of the Currency
has been asked to approve the plans and grant a charter
to the new institution, which is to be known as the Cleves
National Bank. The Cincinnati "Enquirer" of Aug. 26,
authority for the foregoing, furthermore said:
Capital and surplus of $60,000 has already been subscribed, according
to J. B. Bonham, President and conservator of the old bank.
If the plans are approved 5% of the deposits of the Hamilton County
bank will be transferred to the new institution, as well as all deposits
made since Feb. 27. Mr. Bonham said he did not know at present what
disposition would be made of the remainder of the deposits in the old bank.
Application to operate the Cleves National Bank has been before Washington authorities for some time, and various details of organization must
await approval of the Comptroller, he said.
Columbus, Ohio, advices by the Associated Press on
Aug. 21 stated that according to an announcement by the
Ohio State Banking Department the closed Citizens' Bank
of Jeromesville and the Monroe Bank of Woodsfield would
shortly pay dividends totaling $73,000. We quote from
the dispatch as follows:
The Citizens' Bank of Jeromesville will pay its first dividend of 30%.
estimated at $31,000, early in September and the Monroe Bank of Woods
field will pay a second dividend of 5%, with $42,000, within two weeks.
The Woodsfield bank paid a 10% dividend several months ago.
It is learned from Akron, Ohio, advices under date of Aug.
29 to the Cleveland "Plain Dealer," that negotiations for a
Joan of approximately $2,200,000 from the R. F. C. to aid
in the liquidation of the closed First-Central Trust Co. of
Akron were opened in Akron on that day by John R.. Eckler,
the bank's liquidator. The advices furthermore said:
The money would be used. Eckler said, to free frozen public funds and
to facilitate the handling of offsets.
Application for the loan followed a series of conferences between Eckler
and members of the First-Central reorganization group. It was sent to
State Bank Superintendent Ira J. Fulton for his signature.
Dudley Maxon, Akron attorney and spokesman for the reorganizers, dedared this step was prerequisite to application for a reorganization loan.
If granted,the new loan will boost the bank's indebtedness to the R.F. C.
to $15,400,000
Sterling B. Cramer, former President of the First-Central
Trust Co. of Akron, who with five other officers of that institution was indicted by the Summit County, Ohio, Grand
Jury last week, immediately following his indictment resigned as Executive Vice-President of the Fifth Third Union
Trust Co. of Cineinnati, Ohio (an office he has held since
June 1 last), in order to save the Cincinnati institution
possible embarrassment. The directors, however, at a
special meeting held Aug. 24 declined to take action on Mr.
Cramer's resignation, according to the Cincinnati "Enquirer" of Aug. 25. Mr. Cramer had explained his position in
a letter to the directors on Aug. 23, taking up his connection
with the defunct bank and the charges which were preferred
against him by the Grand Jury. E. W.Edwards, President
of the Cincinnati bank, in a statement following the meeting,
said that the directors had made an independent investigation of the facts, "which disclose no wrongdoing on Mr.
Cramer's part, either legally or morally."
Mr. Cramer's statement, addressed to Mr. Edwards (as
printed in the "Enquirer"), follows:
"I went to Akron to accept the Presidency of the First Central Trust Co.
at the urgent request of some of the major industries in the city, on Nov. 1
1932, just three and one-half months before the Michigan situation precipitated the national bank crisis. Obviously there was little I could do in
that length of time to correct the condition of the bank, and the time was
too short to permit of any constructive endeavors to prevent its closing.
"With respect to the charge preferred against me, namely, that I permitted withdrawal of funds by two corporations after the bank had gone
Financial Chronicle
1710
on a restricted basis, the facts are the two withdrawals mentioned were
made on March 1, and the bank did not go on a restricted basis until March
2, and the withdrawals were for payroll purposes.
"In connection with the first withdrawal, that of the Enterprise Manufacturing Co., I knew nothing of this transaction until several days had
elapsed, although I did make them a loan of $60,000 on that date to provide
for,,their payroll.
"As to the withdrawal by the B. F. Goodrich Co., which I did approve.
this withdrawal was permitted to take care of their payroll. In fact,
there were several other instances where payrolls were taken care of. it
being my thought that if the bank was going to be on a restricted basis for
an indefinite period that the most important thing to the City of Akron was
to enable manufacturers to meet their payroll during that period, or at
least until such time as they could get funds elsewhere.
"You will recall that subsequently the Secretary of the Treasury ruled
that withdrawals from restricted funds could be permitted during the President's holiday when made for payroll purposes."
OKLAHOMA.
Advices from Oklahoma City, Okla., on Aug. 22 to the
"Wall Street Journal" stated that according to Ned Holman,
President of the Liberty National Bank of Oklahoma City,
the institution will issue, subject to the approval of the
stockholders,$1,100,000 of preferred stock, of which $500,000
has been tentatively taken by present stockholders, and
$600,000 by the Reconstruction Finance Corporation.
VIRGINIA.
Plans are being made for the organization of a new bank
in Clifton Forge, Va., which will take over enough of the
acceptable assets of the Clifton Forge National Bank to make
available at least 60% of that institution's deposits which
have been tied up since the banking holiday. Advices to
the Washington "Post" on Aug. 29 from Clifton Forge,
reporting this, went on to say:
According to a letter addressed to stockholders of the Clifton Forge
National Bank . . .the plan suggested by the Treasury Department, provides for a new bank which will have capital and surplus of $120,000 with
stockholders and depositors each subscribing to 5.000 shares of $10 par
value stock at $12 per share. Of this amount $100,000 will be capital and
the remaining $20.000 surplus.
The letter states further that subscribing depositors may pay for their
stock out of the 60% of their deposits which will be made available to them.
The remaining assets of the old bank will be placed in the hands of a trustee
who will make disbursements to the depositors as liquidation is gradually
completed.
Officers and directors of the new bank will be elected at a meeting to be
held by the new stockholders after the entire capital has been subscribed.
WEST VIRGINIA.
A new bank, to be 'mown as the First National Bank,
will shortly be opened in Fairmont, West Va., to take the
place of the old National Bank of Fairmont, according to
Associated Press advices from Clarksburg, West Va., which
said in part:
After being without a full-functioning banking institution since the
National banking holiday was declared. Fairmont, coal mining center, is
now assured of one.
It is to be known as the First National Bank of Fairmont, representing
a reorganization of the old National Bank of Fairmont, operating lately
on a restricted basis. New common stock to the amount of $250.000 has
been subscribed for by citizens and plans are being made to open the new
Institution on a 100% basis. . . .
Melville L. Hutchinson has been elected President.
WISCONSIN.
That a new bank is being organized in Ashland, Wis.,
under the title of the Union National Bank of Ashland, is
indicated in the following dispatch by the Associated Press
from that place on Aug. 22, which said:
A new National bank for Ashland was assured to-day when a check
revealed that 1.021 shares of $60 stock had been subscribed by citizens,
much of it at a meeting last night. The Federal Government has agreed
to provide $50,000 to establish a bank with capital and surplus of $110.000.
Because of the oversubscription by citizens the surplus will be larger than
was contemplated. A charter has been applied for and final application
forms were sent to Washington to-day. The new Institution Is to be
known as the Union National Bank of Ashland.
That a new bank will be opened in Oshkosh, Wis., shortly,
which will succeed the closed City National Bank of Oshkosh,
is indicated in the following dispatch to the Milwaukee
"Sentinel" from that place under date of Aug. 24:
With the necessary new capital subscribed, steps are being taken here
to complete reorganization of the closed City National Bank under a new
charter. Former District Attorney F B. Keefe, who has led the move to
reopen the institution, said to-day final details will be completed this
(last) week for issuance of a new charter.
West Allis, Wis., will have a new national bank shortly
to replace the closed First National Bank of West Allis,
according to 0. L. Hollister, conservator of the institution.
The Milwaukee "Sentinel" of Aug. 24, in reporting the
matter, went on to say:
The old bank will be liquidated through organization of the new, said
Mr. Hollister yesterday after receiving a plan for forming the new bank
from the chief of the reorganization division of the Seventh Federal Reserve
District at Chicago.
"By organizing a new bank," Mr. Hollister said. "we expect to be able
to make a much larger release of depositors' funds, and do so more quickly
than would have been possible under a straight receivership."
The plan submitted by the reorganization chief must be approved here
and sent to Washington for approval before it can be put Into effect. Mr.
Sept. 2 1933
Hollister explained. It calls for capitalization of$100,000 for the new bank.
which will occupy the old First National building at 7000 W.Greenfield Ave.
The Government,through the Reconstruction Finance Corporation,is expected to buy a large share of preferred stock in the new institution, which
will have a new set of directors and officers.
The old bank, closed Jan. 24 1933, is one of 2,800 in the country which
are closed and not liquidating. Its capitalization was $150,000. West
Allis is now being served by the West Allis State Bank, which is operating
on a moratorium plan, and the Milwaukee County Bank,a small institution.
Madison, Wis., advices to the Milwaukee "Sentifiel"
under date of Aug. 25 stated that 14 Wisconsin State banks,
which had been operating on a deferred basis, had had restrictions lifted in the previous 15 days, it was learned at
the State Banking Department on Aug. 25. In some cases,
it was said, removal of restrictions was aided by Federal
funds under the mortgage relief program.
Banks which have been removed from the restricted list,
as named in the dispatch, are as follows:
Bank of Elkhorn Lake, Woodruff State Bank, Caroline State Bank,
Glen Haven Bank, Dairymen's State Bank, Clintonville; Embarrass State
Bank, State Bank of Elcho, Loganville State Bank, Citizen's State Bank,
Trempealeau; Farmers' State Bank, Ableman; Ixonia State Bank, Farmers'
State Bank, Sullivan; Unity State Bank, and New Franken State Bank.
The dispatch added:
The State hopes to have all of its banks off the restricted list before Jan. 1
so they can qualify under the national bank deposit guarantee act.
Additional List of Banks Licensed to Resume Operations in Second (New York) Federal Reserve
District.
Supplementing its statement of Aug. 16 (noted in our
issue of Aug. 19; page 1359), the Federal Reserve Bank of
New York issued the following list on Aug. 30 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. 1272. Aug. 30 1933.)
MEMBER BANKS—NEW YORK STATE.
Additions.
Harrisville—The First National Bank of Harrisville (effective 9 a. m ,
Friday, Sept. 1 1933).
Jamestown—b The National Chautauqua County Bank of Jamestown
(effective 9 a. m., Friday, Sept. 1 1933).
NON-MEMBER BANKS—NEW JERSEY.
Additio
South River—*South River Trust Co.
CONNECTICUT.
Withdrawals.
Bridgeport—x American Bank & Trust Co.
Bridgeport—x Commercial Bank & Trust Co.
Bridgeport—x West Side Bank.
b Bank in Buffalo branch territory.
* Reopening of bank which suspended business June 12 1931.
x Previously licensed to resume full operations. Suspended business
Aug. 30 1933 by order of State Bank Commissioner.
GEORGE L. HARRISON. Governor.
Annual Convention of the American Bankers' Association to Be Held at Chicago Next Week, September 4 to 7—Gov. Black of Federal Reserve
Board, Comptroller of Currency O'Connor and
Jesse H. Jones of Reconstruction Finance Corporation Among Speakers—Glass-Steagall Bank
Act to Be Discussed.
Next week—September 4 to 7—the American Bankers'
Association will hold its annual convention at Chicago and
the discussions will be of particular moment. It was indicated in a Washington account Aug. 29 to the Chicago
"Journal of Commerce" that Government officials and
members of Congress are looking'with interest to expressions
of sentiment with reference to a further revision of banking
laws that may be made during the convention. The account
points out that despite the fact that two important banking
acts—the emergency banking Act and the Glass-Stegall
banking Act of 1933—were placed on the statute books during the last session, there is a belief that a new measure will
take shape before long. As yet the administration has no
definite program. The program before the general convention on Sept. 6 includes an address, under the head "The
Need for Revision of the Glass-Steagall Act and a Sane
Legislative Program for Banking"—this being the subject
of a speech by George V. McLaughlin, President of the
Brooklyn Trust Co. of Brooklyn, N. Y.
Governor Eugene R. Black of the Federal Reserve Board
has chosen "Forward" as the title of his address before the
convention on Sept. 5. On the same day Jesse H. Jones,
Chairman of the Reconstruction Finance Corporation will
discuss "Preferred Stock for Banks." A. A. Berle, Jr.,
Special Assistant to the Reconstruction Finance Corporation
is slated to address the convention on Sept. 7 on "Some
Essentials of a Sound Banking System" and Comptroller of
Volume 137
Financial Chronicle
the Currency, James F. T. O'Connor is likewise to deliver
an address the same day. There is to be a report on the
Bankers' NRA Code by Ronald Ranson, Chairman of the
Code Committee. The detailed program was given in our
issue of Aug. 19, p. 1354; one speaker, however, not heretofore announced, is Philip A. Benson, President of the National Association of Mutual Savings Banks, who will address
the Trust Division on Sept. 4 on "The Legal List Under
Present
-Day Conditions."
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
A membership on the New York Curb Exchange was
sold Aug. 30 at $35,000, a decline of $6,000 from the last
previous sale.
Arrangements were made Aug. 29 for the sale of an extra
membership on Commodity Exchange, Inc., by E. J.
Schwabach to S. K. Nieschlag, for another, at $4,800, an
increase of $300 over the last previous sale and on Aug. 30,
a seat was sold at $4,900.
Arrangements were completed Aug. 29 for the sale of a
membership in The Chicago Stock Exchange for $6,500,
down $1,000 from the last previous sale.
The Board of Managers of the New York Cotton Exchange
voted on Aug. 26 that the Exchange be closed to-day (Sept.
2). This action gives the Exchange a three-day holiday,
as it will also be closed Sept. 4, Labor Day. The Board of
Governors of the Wool Associates of the New York Cotton
Exchange passed a similar vote with regard to the Wool
Top Exchange. To-day is the last Saturday scheduled that
the New York Stock Exchange and other leading New York
Exchanges will be closed. The Saturday suspension began
more than a month ago.
The stockholders of the Public National Corp., security
affiliate of the Public National Bank and Trust Co., approved a proposal of directors on Aug. 31 to dissolve the
corporation in compliance with the provisions of the Banking
Act of 1933, which requires the severance of banks and their
affiliates by next June it was announced by the bank.
Almost all the assets of the corporation have been liquidated
it was said, making available a cash disbursement of about
$2,900,000, or $8.70 a share, to stockholders. Stockholders
of the bank, who are identical with those of the corporation,
will be notified soon to deposit their certificates in exchange
for new certificates which will represent shares of the bank
only and not, as at present, shares of both the bank and its
affiliate. The dissolution of the Public National Corp. has
no effect upon the capital funds of the Public National
Bank, the assets of the corporation having been kept separate from the bank's assets at all times.
A charter was issued by the Comptroller of the Currency
on Aug. 19 for the National White River Bank in Bethel, Vt.,
with capital of $50,000. The new institution replaces the
National White River Bank of Bethel. George A. Campbell
Is President and C. N. Arnold, Cashier of the new bank.
J. F. Stannard, formerly Vice-President of the Milford
Trust Co. of Milford, Conn., was recently advanced to the
Presidency of the institution, succeeding A. B. Clark, who
became Chairman of the Board, according to the Hartford
"Courant" of Aug. 19, which added:
W. G. Bissell is Treasurer and Trust Officer, and Albert P. Stowe is
Secretary and Loaning Officer.
John Colt, President of the Princeton Bank & Trust Co.,
of Princeton, N. J., on Aug. 30 tendered his resignation,
effective yesterday, Sept. 1, and was succeeded by Edward
L. Howe, Chairman of the Board of Directors, who will serve
the institution in both capacities, according to Princeton advices on Aug. 30 to the New York "Herald Tribune." Mr.
Colt was recently appointed State Commissioner of Finance
for New Jersey and took up his new duties at Trenton yesterday, Sept. 1. The dispatch added:
Mr. Colt will continue to serve as Director of State Emergency Relief, to
which post he was appointed by Governor Moore March 8.
Edward Huntington Holmes, Vice-President of the Bank
of Montclair, Montclair, N. J., died of heart disease at his
summer home in Maine on Aug. 29 after a brief illness. The
deceased banker, who was 66 years of age, had been connected with the Bank of Montclair since its establishment
in June 1889. He was also President of the Montclair Building and Loan Association and a director of the Town Trust
1711
Co. and the Watchung Title & Mortgage Guaranty Co. of
Montclair.
According to the Philadelphia "Ledger" of Aug. 19, the
11,351 depositors of the Bosak State Bank of Scranton, Pa.,
were to receive a 5% payment on Aug. 31, amounting to
$200,256.
According to the Philadelphia "Ledger" of Aug. 19, depositors of the defunct Farmers' & Mechanics' Bank of Northumberland, Pa., will receive a 5% dividend on Sept. 6, amounting to $8,544.
We learn from the Philadelphia "Ledger" of Aug. 26 that
payments to depositors in three Pennsylvania banks were
announced on Aug. 25 by the State Banking Department.
They follow:
Dollar Title & Trust Co., Sharon, 10%, amounting to $45,066, on Sept. 11.
Taylor Discount & Deposit Bank, Taylor, 5%, amounting to $45,521, on
Sept. 18.
Miners' Savings Bank & Trust Co., Olyphant, 5%, amounting to $131,970,
on Sept. 16.
Weston, W. Va., advices, on Aug. 25, to the Washington
"Post" stated that depositors of the closed Union Bank of
Jane Lew, Jane Lew, W. Va., will receive checks for another
10% dividend on Aug. 26, according to 0. •E. Lawhead, receiver. The checks total $25.500. The dispatch added:
The payment will bring to 35% the amount approximately 800 depositors
have received. Payment of 5% was made last June 5. Mr. Lawhead stated
that the liquidation of the bank's assets is proceeding satisfactorily.
We learn from the Toledo "Blade" of Aug. 14 that the
Toledo Trust Co. of Toledo, Ohio, has acquired the business
and assets of the West Toledo National Bank of West Toledo
and the latter has now become a branch of the trust company. The West Toledo National Bank was capitalized at
$200,000, with a paid-in surplus of $100,000. Under the terms
of purchase, the West Toledo shareholders have been paid
for their stock, and assets and deposit liabilities of the institution have been assumed by the Toledo Trust Co. J. D. St.
John, former Cashier of the acquired institution, has been
made on Assistant Treasurer of the Toledo Trust Co. and
remains as Manager of the new office. We quote further,
in part, from the "Blade" as follows:
In its published statement of June 30 1933, the West Toledo National
showed a strong liquid position with $338,158.30 in cash on hand and due
from the Federal Reserve and other banks, $186,050 in United States Government bonds and notes, and $640,906.97 in deposits.
On the same date, the Toledo Trust Co. showed cash and due from Federal
Reserve and other banks of $12,358,573.94, holdings of United States bonds
and securities aggregating $12,587,166.88, and total deposits of $46,157,651.60.
Monthly statements of the West Toledo National Bank had shown consistent gains in business volume and substantial earnings.
The Toledo Trust Co., one of the largest banks in Ohio, has maintained
an outstanding record during banking difficulties of the last three years.
It has a capital of $5,000,000, surplus of $3,000,000, and undivided profits
and reserves of more than $1,100,000. It was formed by merger of the old
Second National Bank and the Toledo Savings Bank & Trust Co. several
years ago, and later took over the Northern National Bank, Summit Trust
Co. and the Union Savings Bank & Trust Co.
A 3Y
2% dividend, amounting to more than $30,000, on
Aug. 24 was ordered paid the creditors of the Delphos Savings & Loan Co., Delphos, Ohio, which in 1928 made an
assignment to Arnold B. King, according to Lima, Ohio, advices, on Aug. 25, which added:
The dividend is the second approved in Allen County Probate Court, the
first being 10% of the $785,019 which the concern owed creditors.
Arthur F. Bull, a founder and Vice-President of the Evanston Trust & Savings Bank, of Evanston, Ill., died Aug. 22 at
his home in Evanston. He was 65 years old. Mr. Bull helped
to organize the bank 19 years ago, and was known as one of
its strongest supporters. He was also active in civic affairs
in Evanston.
Dunlap C. Clark, of Chicago, Ill., has become President
and a director of the newly-formed American National Bank
of Kalamazoo, Mich., according to the Chicago "News" of
Aug. 14,from which we quote, in part, as follows:
Mr. Clark was for 13 years with the Continental Illinois National Bank &
Trust Co. of Chicago, beginning as a minor employee after his graduation
from the University of Chicago, and advancing steadily to a position as an
official of the institution. During the World War he was in the balloon
division of the Air Service.
Associated Press advices from Lincoln, Neb., on Aug. 24
stated that the Bank of Fairmont, at Fairmont, Neb., and the
Farmers' State Bank of that place, were consolidated on
1712
on
that day under the title of the latter. The dispatch went
to say:
paid-up
The consolidated institution has total deposits of $296,000 and
have not
capital, surplus and undivided profit of $32,000. New officers
been elected.
On Aug. 23 the failed Vanango State Bank of Venango,
Neb., paid a 10% dividend totaling $5,525, according to
Lincoln advices on that date by the Associated Press.
The National Bank of Commerce of Altus, at Altus, Okla.,
was granted a charter by the Comptroller of the Currency on
Aug. 19. The new institution, which is capitalized at $50,000,
succeeds the Bank of Commerce of Altus. W. B. Cover and
Thomas G. Taggart are President and Cashier, respectively,
of the new bank.
Announcement of the formation of a new downtown bank
at
in St. Louis, Mo., under a National charter, to be located
718 Locust Street; with capital of approximately $500,000,
was made on Aug. 25 by Byron Moser, who will be President
of
of the institution. Mr. Moser has resigned as President
the Security National Bank Savings & Trust Co. of St. Louis,
which he organized and has headed since its establishment in
January 1922. The new institution will have a number of
distinctive features, including many of the principles of the
mutual savings bank, as well as the handling of small checking accounts. It will be a member of the Federal Reserve
System. The St. Louis "Globe-Democrat" of Aug. 6, authority for the foregoing, went on to say, in part:
Other officers and the personnel of the Board of Directors have not yet
been announced. The title of the bank has not been divulged pending completion of formalities with the Comptroller of the Currency.
The quarters, which will be renovated on the interior and also have a
removeled facade, formerly were occupied by the Franklin-American Co.,
from which the structure was purchased by Mr. Moser. . . .
It is expected the new bank will be ready to open some time during the
final quarter of the present year. It will have no connection with any other
bank or finance company.
Its policy, as announced by Mr. Moser, is to compound interest quarterly
on savings accounts, and, being semi-mutual in its operations, may declare
payment of extra interest on Dec. 31 each year. A profit-sharing plan for
the management will provide for a division of excess net earnings after the
stockholders have received 6% on their average invested capital.
Another feature will be the posting or open inspection of the complete
list of bonds owned every month. The bank will not sell any bonds or
other securities, Mr. Moser said, but will, as trustee, manage a composite
trust fund for investors on a basis of high degree of safety and reasonable
return.
Group insurance, a retirement plan for all employees and officers and
corporation insurance on the entire official family are among other distinctive innovations.
Trust and safe deposit departments will be included in the bank, and its
functions will comprise, in addition to handling of savings and small checking accounts, time certificates of deposit, foreign exchange, letters of
credit, &c.
Collateral loans will be confined to high-grade bonds, including Governments, and seasoned preferred stocks, but not common stocks. Commercial
loans will be limited to paper eligible at the Federal Reserve Bank, it is set
forth in a statement of policy included in Mr. Moser's announcement.
This is one of the first, if not the first, entirely new bank to be organized
under a National charter since the new Banking Act was passed by Congress, which eliminated the double liability clause on those coming into
existence since the law went into effect.
Mr. Moser, who has spent virtually his entire adult life in the banking
field, had been Secretary of the St. Louis Union Trust Co. and subsequently
Vice-President of the First National Bank in St. Louis before organizing
the Security National Bank nearly 12 years ago.
According to the St. Louis "Globe-Democrat" of Aug. 26,
the directors of the Security National Bank Savings & Trust
Co. of St. Louis, Mo., announced the previous day the appointment of J. Lionberger Davis, Chairman of the Board, as
President of the institution to succeed Byron Moser, who had
resigned the office effective Aug. 26. Mr. Davis continues
to hold the Chairmanship.
On Aug. 22 a charter was issued by the Comptroller of the
Currency to the First National Bank of Henderson, at Henderson, Ky. Henry Kraver is President and C. A. Katterjorn
Cashier of the new institution, which is capitalized at
-:100,000.
A 4% dividend was paid Aug. 21 to the depositors of the
defunct Negro Fraternal & Solvent Savings Bank of Memphis, Tenn., putting approximately $53,000 into circulation
in that city. The dividend was the second paid the depositors since the bank failed in December 1927, an initial dividend of 5% amounting to about $66,000 having been paid
in June 1929. A final dividend of approximately 1% is to
be paid, according to R,. W. Hall, the liquidating agent. The
Memphis "Appeal," from which this is learnt, continuing,
said:
More than $1,000,000 was on deposit in the bank at the time of its
failure. Three of the bank's Negro officials pleaded guilty to fraudulent
breach of trust and embezzlement of $13,000 of the institution's funds,
Sept. 2 1933
Financial Chronicle
receiving sentences of from one to five years each. They were A. F. Ward,
President, and L. W. Williams and E. J. Rasberry. They are now on parole.
Rufus H. Stevens, of Goldsboro, N. C., liquidating agent of
the defunct Citizens' Bank of Mt. Olive, N. C., announced on
Aug. 28 that payment of a 20% dividend to depositors of the
institution would be started the following day, according to
Goldsboro advices appearing in the Raleigh "News & Observer," which added:
This dividend will bring the payments to depositors to 70% since the bank
closed December 20 1931. The 20% dividend amounts to $17,844.31, Mr.
Stevens said, and will bring the total payments to depositors to approximately $62,000.
4
Effective Aug. 21 1933, the First National Bank of Gadsden, Ala., capitalized at $250,000, was placed in voluntary
liquidation. The institution was succeeded by the First
National Bank in Gadsden.
The First National Bank in Hemphill, Tex., with capital
of $25,000, was placed in voluntary liquidation on Aug. 15.
The institution was absorbed by the First National Bank in
San Augustine, Tex.
In regard to the affairs of the defunct McAllen State
Bank, McAllen, Tex., a dispatch by the Associated Press on
Aug. 22 contained the following:
Members of the Board of Trustees representing depositors of the closed
McAllen State Bank, which terminated business Feb. 21 1933, were ordered
Tuesday by the Hidalgo County District Court to proceed with the purchase
of assets of the defunct institution for liquidation under trusteeship.
The order, signed by Judge Bryce Ferguson at Edinburg, contracted that
the price which depositors must pay for assets was $87,000.
The sale of the bank's assets by the State Banking Department will
enable the department to issue in the near future a 30% dividend to all
approved claims against the bank, it was said.
We learn from the "Rocky Mountain News" of Aug. 25
that dividends totaling about $13,000 were mailed by the
Colorado State Bank Examiner the previous day to depositors of the South Denver Bank of Denver, which closed on
Jan. 30 1931. The paper mentioned went on to say:
Yesterday's dividend was for 7%, and brought to 67% the amount paid
by the institution.
Claims against the bank totaled $184,315.37. The total paid-including
the $12,896.48 mailed yesterday-has been $123,518 13
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. 2) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 3.7% below those for the corresponding week
last year. Our preliminary total stands at $4,533,269,592,
against $4,707,564,515 for the same week in 1932. At this
center there is a loss for the five days ended Friday of 6.7%.
Our comparative summary for the week follows:
Clearings
-Returns Si, Telegraph.
Week Ending Sept. 2.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Twelve cities, five days
Other cities, five days
1933.
1932.
82,439,523,710 $2,613,375,463
159,120.824
182,215,316
175,000,000
199,000,000
149,000,000
143,000,000
43,732,171
46,128,768
46,300,000
40,400,000
85,776,000
75,275,000
No longer will re port clearings.
60,609,925
60,640,350
44,001,170
40,782,304
44,010,403
46,712,559
32,644,404
44,824,644
15,727,000
24,775,670
$3,295,445,607 $3,417,130,080
400,741,720
436,508,505
Per
Cent.
-6.7
-12.7
-12.1
+4.2
-5.2
+14.6
+14.0
-0.1
+7.9
-5.8
-27.2
-36.5
.
-36
-8.2
Total all cities, five days
All cities, one day
83,696,187,327
837,082,265
$3,853,638,585
853,925,930
-4.1
-2.0
Total all cities for week
84.533,269,592
$4,707,564,515
-3.7
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 Aug. 26. For
that week there is an increase of 1.6%, the aggregate of
clearings for the whole country being $4,045,075,579, against
$3,982,975,166 in the same week in 1932. Outside of this
city there is a decrease of 1.1%, the bank clearings at this
center having recorded a gain of 3.1%. We group the
cities according to the Federal Reserve districts in which
they are located and from this it appears that in the New
Financial Chronicle
Volume 132
York Reserve District, inauding this city, the totals show
a gain of 2.9%, but in the Boston Reserve District there is a
loss of 4.5% and in the Philadelphia Reserve District of
8.2%. The Cleveland Reserve District has a decrease of
0.4% and the Richmond Reserve District of 20.8%, but the
Atlanta Reserve District has to its credit an increase of 17.8%
In the Chicago Reserve District the totals are smaller by
2.5%, but in the St. Louis Reserve District there is a 17.6%
expansion and in the Minneapolis Reserve District 13.5%.
The Kansas City Reserve District has a trifling loss, the
decrease being only 0.1%, while in the Dallas Reserve District there is an increase of 7.9% and in the San Francisco
Reserve District 2.9%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Aug.28 1933.
1933.
1932.
Inc.or
Dec.
1931.
Federal Reserve Diets.
S
$
$
%
1st Boston
12 cities
179,116,276 -4.5
282,760,155
170,974,513
2d New York
12 " 2,691,116,936 2,614,604,769 +2.9 3,604,753,253
3d Philadelphia- 9 231,137,828 -8.2
390,819,635
212,139,705
4th Cleveland_ - 5 "
163,015,311 -0.4
249,125,284
162,293,634
168,327,502
5th Richmond... 6 "
85,732,833 -20.8
67,921,685
6th Atlanta__ _10 "
65,632,167 +17.8
89,445,423
77,316,972
7th Chicago. -_19 "
265,870,189 -2.5
434,340,065
259,154,624
8th St. Louis... 4 "
67,181,722 +17.6
106,240,703
78,031,341
9th Minneapolis 7 "
61,539,771 +13.5
75,741,338
69,852,217
10th KansasCity 9 "
78,466,896
78,572,107 -0.1
118,026,173
11th Dallas_ _ _ - 5 "
37,436,056
25,154,240 +7.9
27,133,436
145,417,953 +2.9
207,537,587
12th San Fran._13 "
149,673,630
Total
111 cities
Outside N.Y. City
Canada
4,045,075,579 3,982,975,166 +1.6
1,423,824,561 1,439,805,037 -1.1
32 cities
254 051 os4
221.108.713 +14.9
5.704,553,174
2,201,634,792
255.512.859
1930.
Week Ended Aug. 26.
Clearings al
1933.
Week Ended Aug. 26.
1932.
Did. or
Dec.
1931.
$
$
$
%
First Federal Reserve Dist rict.-Bosto n480.182
ie.-Bangor ___
311,044 +25.1
389,150
Portland
1,814,508 -29.0
2,702,821
1,288,078
l888.
-Boston.. _ 147,215,099 156,539,491 -6.0 253,023,577
Fall River__ _
631,193
478,034 +30.8
625.505
Lowell
329,363
246,226 +1.3
249,378
New Bedford_.
660,896
414,250
397,630 +4.2
Springfield3,044,217
2,084,214
2,074,625 +0.5
Worcester
869,670
1,411,210 -38.4
2,028,304
onn.- Hartford
6,052,104 +48.4
6,810,712
8,979,517
New Haven_
3,473,345 -6.1
5,053,198
3,260,696
,.I.
-Providence
6,056,800 -11.3
7,527,300
5,370,700
r.11.-Manches'r
261,259 -12.6
468,392
228,256
Total(12 cities)
170,974,513
179,116,276
-4.5
282,760,155
1930.
$
541,654
3.305,295
321,011,200
883.7.56
395,182
709,383
3,566,972
2,683,441
9,703,403
5,963,836
9,038,000
560,850
358,362,972
Second Feder at Reserve D istrict.-Ne w York.-Albany.I. Y.
9,501,774
3,450,090 +175.3
5,198,662
6,897,449
Binghamton_ _ _
588,311
629,195 -6.5
700,782
1,078,268
Buffalo
19,455,055
19,200,189 +1.3
32,055,995
42,004,876
Elmira
785,846
380,486 +8.2
682,628
411,648
Jamestown..
434,881 -36.4
5.56,602
1,007,215
276,650
New York_ _ -- 2,621,251,018 2,543,170,129 +3.1 3,502.918,3824.805.572.822
Rochester
6,369,992
3,993,016
8,062,631
4,830,901 -17.3
Syracuse
2,463,038
8,426,279
2,469,897 -0.3
4,005,908
1onn.-Stamford
1,935,763
2,641,980
1,929,504 +0.3
2,873,330
-Montclair
T. J.
271,814
392,076
228,748 +18.8
436,717
Newark
22,854,791
15,197,326 -25.6
11,301,777
28.160,290
Northern N.J26,851,866
22,682,523 -13.3
19,667,059
33,221,235
Total(12 cities) 2,691,116,926 2,614,604,769
+2.9 3,604,753,253 4,934,003,369
Third Federal Reserve fist let.- Phila delphl a.
-Altoona
'a.
274,419 -0.2
516,930
273,950
1,240,955
Bethlehem_ _ _ _
CC
c
c
c
Chester
218,365 -1-0.3
642,591
219,083
985,128
Lancaster
607,533
825,029 -26.4
1,697,749
1,417,749
Philadelphia - 205.000,000 223,000,000 -8.1 375,000.000 436,000,000
Reading
1,299,573 -43.2
738,405
2,198,740
2,619,912
Scranton
1,716,017 -7.8
1,582,656
3,524,095
3,725,025
Wilkes-Barre- 1,287,446 +9.3
1,407,568
2,806,692
2,611.821
York
691,979 -9.3
756,455
1,304,838
1,603,276
-Trenton
1,825,000 -14.8
1.554,000
9.J.
3,128,000
4.006.000
Total(9 cities).
212,139.705
231,137,828
-8.2
390,819,635
Fourth Feder at Reserve D IStsict.-C1 e veland .)hio-Akron._
c
c
c
c
c
c
c
c
Canton
33,721,796 -6.3
Cincinnati -.. 31,601,883
47,674,798
52,234,775 +1.4
Cleveland
52,947,816
89,097,110
5,827,500
6,119,700 -4.8
Columbus
8,426,500
785,448 +13.4
1,209,391
Mansfield
890,559
c
cc
Youngstown
70,153,592 -11.2 102,717,485
-Pittsburgh
. 71,025,876
Pa.
163,015,311
-0.4
454,209,866
c
c
48.750,726
105,992,723
12,163,900
1,490,293
c
142,820,858
249,125,284
311,218,500
Fifth Federal Reserve Die trla.- Rich mood.-233,617 -57.4
353,122
P7.Va.-HuntIon
99,546
1,752,000 -15.0
2,538,123
-Norfolk
1,489,000
v5.
31,176,945
21,176,050 +17.9
Richmond _ _
24,956,492
500,000 +25.0
1,037,014
625,234
-Charleston
3. C.
48,448,392 -33.3
56,245,202
32,292,779
Md.-Baltimore _
13,622,774 -37.9
16,977,096
8,458,634
D.C.-Washing'n
868,361
3,467,001
43,028,000
1,513,618
71,283,923
19,522,417
Total(5 cities) _
162,293,634
85,732,833 -20.8
108,327,502
139,688,320
Sixth Federal Reserve Dist rict.-Atlan Os
1,721,222 +113.2
3,668,982
Tenn.
-Knoxville
7,378,448 +8.4
8,000,837
Nashville
21,300,000 +40.4
29,900,000
Ga.-Atlanta..._
700,316 +21.2
848,514
Augusta
364,031 +37.1
499,051
Macon
6,086,047 +32.7
8,078,000
Fla.-Jack'nville.
7,006,123 +30.8
9,163,099
Ala.-Birm'ham _
682,930 +20.3
821,308
Mobile
c
c
c
Miss -Jackson..
66,729 +61.3
107,638
Vicksburg
20,326,321 -20.2
16,229,543
La.
-New Orleans
2,656,850
9,755,327
27,000,000
956,121
543,531
7,999,433
10,392,885
922,027
c
80,158
29,139,091
1,907,856
18,788,448
37,068,490
1,552,498
1,189,884
9,278,039
13,209,600
2,000,000
c
110,721
34,979.670
65,632,167 +17.8
89,445,423
120,085,206
Total(6 cities).
Total(10 cities)
67,921,685
77,316,972
Inc. or
Dec.
$
$
%
-Chi cago.Seventh Feder at Reserve D strict.
dich.-Adrian _ _
48,022 -73.5
12,73.5
433,327 -19.1
Ann Arbor_ ___
350,538
47,740,253
51,799,391 -7.8
Detroit
2,041,389 -54.8
Grand Rapids_
922,732
808,100 -33.4
538,148
Lansing
775,209 -45.1
nd.-Ft. Wayne
425,633
Indianapolis....
8,352,000
9,133,000 -8.6
620,763 -41.4
363,661
South Bend_ _ _
2,378.442 +13.8
Terre Haute
2,706,214
-Milwaukee
10,656,019
10,914,307 -2.4
59s.
a.-Ced.Raps
185,643
509,450 -63.6
3,914.795
3,713,709 +5.4
Des Moines__ _
Sioux City_ _
1.776,039
1,481,336 +19.9
c
c
c
Waterloo
111.
-Bloomington
*250,000
724,102 -65.5
Chicago
177,593,248 176,999,277 +0.3
427,297
388.288 +10.0
Decatur
1,685,147
1,558,426 +8.1
Peoria
Rockford
493,979
395,914 +24.8
760,545
1,147,737 -33.7
Springfield....
Total(19 cities)
Total(7 cities).
1933.
1932.
259,154,624
265,870,189
-2.5
1931.
1931.
69,852.217
61,539,771 +13.5
1930.
1930.
116,872
153,256
498,607
635,895
100,264,493 127,374,327
3,251,156
4,882,547
2,280,847
2,391,353
1,208,747
2,685,613
13,022,000
15,981,000
777,728
1.786,367
3,355,896
3,725,560
18,007,105
21,942,144
2,172,641
2,832,072
5,242,005
6,042,603
3,411,998
4,851,860
c
c
1,203,089
1,404,512
273,808,158 430,800,000
771,257
1,067,611
2,192,717
3.352,310
1.061.519
2,154,628
1,968,584
1,693,230
434,340,065
Eighth Federa I Reserve Dls trict.-St. L ouis.$
nd.-Evansville
b
b
b
b
358,362,972
4o.
-St.Louis_ _
53,600,000
45,600,000 +17.5
78.800,000
4,934,003,369
17,211,324
14,413,079 +19.4
19,041,952
Cy.-Loutsville _
454,209,866
7.759,099
•Cenn.- Memphis
7.974,017
6,731,399 +18.5
311,218,500
b
b
b
b
11.- Jacksonville
139,688,320
639,652
437,244 -43.7
246,000
Quincy
120,085,206
636,032,242
79,031,341
67,181,722 +17.6 106,240,703
Total(4 cities).
143,227,335
104,455,609
Ninth Federal Reserve Ohs trict.-Minn eapolis 167,704,505
3,262,190
2,423,471 +34.6
3,061,588
40inn.-Duluth
55,951,527
43,443,767 +15.7
52,868,141
Minneapolis...
50,265,505
253,274,313
14,914,855
12,863.415
11,915.475 +8.0
St. Paul
-Fargo.
1,380,931 -1.7
1,672,484
N. D.
1,357.462
7,678,213,764
8.23.
-Aberdeen.
435,551
554,659 -21.5
605,593
2.872.640,942
239,786
372,251
Mont.- Billings246,680 -2.8
1,428,308
1,574,788 -9.3
2,246,426
Helena
358.725.285
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Clearings at
-
1713
636,032,242
b
98,700.000
31,560,850
12,010,902
b
955,583
143,227,335
5,229,718
74,796,463
18,927.362
1,711,630
894,428
473,008
2,423,000
75,741,338
104,455,609
Tenth Federal Reserve Dis trict.-Kans as City.Neb.-Fremont ..
48,291
190,918
85,927 -43.8
c
c
c
c
Hastings
1,544,379
1,148,572 +34.5
2,422,641
Lincoln
28,692,293
Omaha
18,656,866
17,955,788 +3.9
1,783,696
Kan.
-Topeka
1,435,920
1,169,938 +22.7
3,927,842
1,255,777
3,181,753 -60.5
Wichita
75,200,344
52,366,884
540.-Kans. City
51,956,134 +0.8
2,369,334
3,585,776
St. Joseph....
2,132,713 +11.1
1,149,496
384,628
452,050 -14.9
'.:1olo.-Col. Spgs.
1,073,167
404,817
489,227 -17.3
Pueblo
228,544
c
2,677,932
36,040.458
2,553,844
5,668,884
113,613,024
4,631.732
943.981
1,341,106
-0.1
118,026,173
167,704,505
Eleventh Fade cal Reserve District.-D alias.485,783
374,006 +29.9
l'exas-Austin
20,266,736
17,526,789 +15.6
Dallas
3,875,485
4.235,108 -8.5
Ft. Worth... _ _
1,217,000
1,125,000 +8.2
Galveston
1,288,432
1,893,337 -31.9
-Shreveport_
1La.
1,156,426
26,828,012
5,540,974
1,738,000
2,172.644
1,273,064
41,345,000
7,156,906
3,306,000
2,870,557
37,436,056
55,951,527
Total(9 cities).
Total(5 cities).
78,466,896
27,133,436
78,572,107
25,154,240
+7.9
Twelfth Feder al Reserve D strict-San Francl sco22,147,201
19,221,044 +15.2
26,691,915
Wash.-Seattle
4,376,000
7,365,000
Spokane
4,483,000 -2.4
723,655
251,048
312,887 -19.8
Yakima
16,099,423
21,822,649
14,125,546 +14.0
Dre.-Portland
8,281,161
11,004,292
6,901,708 +20.0
Utah-SaltLake C.
4,121,667
Ca1LL-LongBeach
2,635,681
2,552,002 +3.3
Los Angeles... No longer will report death)gs
3,029,828
2,057,721
Pasadena
1,870,701 +10.0
6.016,612
Sacramento _ _ 2,751,817
5,389,713 -48.9
San Diego_ _ _ .. No longer will report clearin gs
San Francisco..
86,923,000
86,913,456 +0.1 120,699,000
2,269,649
1,594,467
1,300,225 +22.6
San Jose
1,166,709
Santa Barbara_
872,265
718,402 +21.4
1,419,611
Santa Monica _
741,076
735,669 +0.7
1,207,000
Stockton
942,770
893,600 +5.5
143,849,834
2,5.55,616
1,536,401
1,606,413
1,589,800
207,537,587
253.274,313
32,054,496
9,832,000
889,454
30,454,122
15,199,856
5,507,070
3,430,073
4,769,178
Total(13 cities) 149,673,630 145,417,953
Grand total (111
4,045,075,579 3,982,975,166
cities)
+2.9
Outside New York 1,423,824,561 1,439,805,037
-1.1 2,201,634,792 2,872,640,942
+1.6 5,704,553,174 7,678,213,764
Seek Ended Aug. 24.
ClearInds al
1933.
1932.
Inc. or
Dec.
1931.
1930.
s
$
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
$
67,528,195
77,129,890
59,633,366
12,598,906
3,411,104
3,282,423
1,810,129
2,956,827
4,391,814
1,677,803
1,289,266
2.332,912
3,008,763
2,621,142
257,784
306,811
1,067,491
929,292
604,732
567,390
401,305
213,402
514,765
546,642
756,092
1,764,681
241,331
555,574
459,844
333,804
330,820
526.763
$
%
64,646,331 +4.5
67.094,123 +15.0
40,125,397 +46.4
10,949,657 +15.1
3,688,066 -7.5
3,365,521 -2.5
1,621,509 +11.6
3,096,165 -4.5
4,664,675 -5.8
1,510,017 +11.1
1,160,903 +11.1
1,959,736 +19.0
3,579,794 -16.0
2,606,233 +0.6
308.25 -16.4
294,88
+4.0
1,174,73
-9.1
443,287+109.6
644,02
-6.1
494,39 +14.8
413,44
-2.9
160,455 +33.0
479.719 +7.3
556,480 -1.8
728,447 +3.8
2,323,931 -24.1
217,846 +10.8
570,727 -2.7
493,884 -6.9
312,986 +6.7
378,329 -12.6
444,801 +18.4
81,480,086 126,195,393
80,846,279 109,318,861
47,281,027
35,772,330
14,180,092
17,872,926
4,815,451
5,473,827
4,954,746
5,531,261
2,788.179
2,503,237
5,188,949
3,588,697
7.063,226
4,283,173
1,960,956
2,113,943
2,003,881
1,512,048
2,847.759
1,155,773
4,552,126
3,429,702
4,062,776
2,707,121
421,095
307,610
541,615
348,271
2,036,268
1,438,293
855,945
564,381
928,370
764,604
740.449
531,358
751,599
482,336
266,572
211,414
795,285
614,346
864,487
595,093
963,564
723,504
3,066,386
2,768,710
350,825
300,403
950.390
628,229
715,339
485,173
450,440
362,274
576,931
545,023
1,154,631
654,146
Total(32 cities)
254,051,063
221,108,713 +14.9
255,512,859
358,725,285
v Estimated. b No clearings available. c Clearing House not functioning at
present.
1714
Financial Chronicle
THE WEEK ON THE NEW YORKSTOCK EXCHANGE.
Erratic market movements with the trend of prices
generally downward characterized the present week of dull
trading on the New York Stock Exchange. There have
been occasional rallies in some special issues or group of
stocks like the gold mining shares and the oil group, but
the improvement was not maintained as sporadic periods
of realizing served to check any lengthy forward movement.
Motor shares were in heavy demand on Monday as General
Motors broke into new high ground. On Tuesday, the
gold mining stocks were the centre of speculative attention
following the publication of the report that President
Roosevelt had modified the gold embargo. Call money
renewed at 1% on Monday and continued at that rate until
Wednesday, when a renewal rate of 4 of 1%, the lowest
3
rate in 25 years, was announced at the money desk of the
New York Stock Exchange. The governing committee
of' the Exchange approved on Wednesday the amendment
to the Exchange's rules which provide for deliveries of stocks
and bonds sold on the Exchange a day later than at present.
Market movements were somewhat erratic and uncertain
on Monday, and while the general trend was toward lower
levels, there were several conspicuous exceptions, particularly
General Motors which pushed through to a new high for the
year. Johns-Manville and Montgomery Ward also were
strong during the session. Dealings were dull during most of
the day and sharp declines were recorded in stocks like United
States Steel, New York Central, Allied Chemical & Dye,
du Pont, Western Union Telegraph and a host of less active
issues. As the day progressed, the market turned upward
under the leadership of the motor stocks, a fresh demand
appearing for Hudson, Auburn and Studebaker. The total
transactions were 2,121,539 shares as compared with 3,328,000 on the last preceding session. The final tone was heavy,
only a few stocks retaining their gains. The principal
changes were on the side of the decline and included among
others, American Beet Sugar pref., 334 points to 46; American Home Products, 2 points to 34; American Safety Razor,
3 points to 38; American Steel Foundry, 234 points to 70;
%
Armour of Illinois pref., 25 points to 433%; Atchison pref.,
2% points to 713%; Homestake Mining Co., 9 points to 285;
Laclede Gas, 10 points to 55; National Lead,2 points to 125;
New York & Harlem, 5 points to 135; Union Pacific pref.,
134 points to 7334; Sun Oil, 134 points to 43 and United
States Tobacco (154.40), 1 point to 93.
Trading was heavy and prices were down from 2 to 6
points during the early trading on Tuesday due to the
5-cent break in the price of wheat. Later in the day, gold
shares spurted forward and the improvement in this group
quickly extended to the entire list and the market closed
strong as many of the more active stocks regained their
morning losses. Rail shares were fairly strong and made
moderate gains on the strength of the improved July earnings. There were numerous advances and losses apparent
at the close, though, on the whole, the losses predominated.
The latter included among others, Air Reduction, 43% points
to 102; Allied Chemical & Dye,23,4 points to 14034; American
%
Commercial Alcohol, 25 points to 6634; American Hide &
Leather pref., 3 points to 4034; American Tobacco B, 23%
points to 90; American Woolen pref., 234 points to 52;
Armour of Illinois pref 53% points to 58; Corn Products, 2
points to 8734; Ingersoll-Rand, 334 points to 6234; McKeesport Tin Plate, 33% points to 91; National Distillers, 334
points to 93; National Lead, 2 points to 123; Pacific Tel. &
4,
Tel., 33 points to 853 and United States Industrial
4
Alcohol, 25% points to 7334.
On Wednesday the market was dull and irregular during
most of the session. There was a moderate rally in the
afternoon as wheat prices improved, and while there were
some gains recorded, only a part of the early losses were
erased. The turnover totaled 2,170,860 shares as compared
with 3,118,200 on the preceding day. Public utility stocks
were in renewed demand and moved upward under the
Sept. 2 1933
guidance of Public Service Corp. of N. J., which gained
more than a point, and Consolidated Gas, which was fractionally higher. Gold mining shares were sharply down in
the morning but recovered to some extent as the list moved
up. Leading oil stocks were moderately firm and there
were some small tradings in the industrial group. The wet
shares were under pressure most of the day, the selling
driving them sharply downward to lower levels. In the
recovery during the closing hour many of the group showed
good gains though not sufficient to overcome the losses
of the morning. The major part of the changes were on
the side of the decline and included, among others, Allied
Chemical & Dye,33% points to 13734; American Commercial
Alcohol, 234 points to 64; American Metals pref., 234 points
to 67; Atlantic Coast Line, 2 points to 50; Beatrice Creamery
%
pref., 53% points to 75; Cerro de Pasco, 23 points to 55%;
Celanese, 2 points to 403%; Chesapeake Corp., 43 points
4
to 463%; Delaware & Hudson, 2 points to 80; Homestake
Mining, 6 points to 296; International Silver, 43% points to
40; United States Industrial Alcohol, 234 points to 71;
4
Western Union Telegraph, 2 points to 673 ; West Penn
Electric A (7), 2 points to 58, and Macy & Co., 2 points
to 5731.
Trading was dull and listless on Thursday and prices
moved backward and forward within a comparatively narrow range. Oil stocks showed moderate strength and moved
up to their previous tops for the year and, in some instances,
broke through to new tops. Considerable irregularity was
apparent, particularly among the industrial stocks and
railroad issues, the latter rallying about a point from their
early lows. Public utilities continued dull but slightly
firmer. Steel stocks were around their previous close most
of the day. Alcohol shares were stronger and chemical
issues trailed along without much change. There were some
gains among the active stocks, but the changes in the general
list were small and usually on the side of the decline. The
recessions included among others, Allied Chemical & Dye,
13 points to 139; American Water Works, pref., 2 points
4
to 68; Brooklyn Union Gas, 2 points to 77; Celanese, 13%
points to 473%; Chesapeake Corp., 23% points to 483%;
Johns-Manville pref., 12 points to 93; Standard Gas &
Electric pref., 8 points to 39; Union Pacific, 2 points to 128,
and Hudson & Manhattan pref., 231 points to 403 .
4
The stock market continued dull and without noteworthy
movement on Friday. Prices Were irregular and with the
exception of the oil shares, the general trend was downward.
The strong stocks of the oil group were Amerada, Standard
of New Jersey and Standard of California, all of which closed
at higher levels. Gold-mining stocks were firm, but made
little progress upward. Motor shares were at a standstill
and industrial issues made little progress either way. Most
of the changes were on the downside, and !while there were
occasional advances recorded, both gains and losses were
largely fractional. The market was moderately firm at the
close.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY, WEEKLY AND YEARLY.
Week Ended
Sept. 1 1933.
Statc,
Railroad
Stocks.
Number of and Miscall. Muntetva' &
Poen Bonds.
Bonds.
Shares.
Saturday
Monday
Tuesday
Wednesday __ _
Thursday
Friday
Total
2,121,539
3,118,200
2,170,860
1,141,710
1,218,830
Exchange cl med.
$3,138,000
$492,500
2.503,000
591,000
2,564,000
805,000
318,000
2,543,000
2,166,000
349,600
9 771 130 528 878.000 512.914,000
Sales at
New York Stock
Exchange.
1032.
1933.
$9,763,500
10,241,000
9,571.000
7,745,000
7,025,600
52.556.100 544,346,100
Jan. 1 to Sept. 1.
Week Ended Sep .1.
Stocks
-No. of shares_
Bonds.
Government bonds
State & foreign bonds_
Railroad & misc. bonds
Total
$6,133,000
7,147,000
6.202,000
4,884,000
4,510,000
Total
Bond
Sales.
United
States
Bonds.
1932.
1933.
9,771,130
18,328,659
504,805,974
288,210,259
$2,556,100
12,914,000
28,876,000
$3,183,000
13,283,500
43,588,000
5297,101,200
527,021,500
1,495,154,900
$472,762,500
524,351,600
1,148,028,000
344,346.100 $60,054,600 $2,319,277,600 $2,145,140,100
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week Ended
Sept.1 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. week revised
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Exchange Closed.
22,960
318,000
37,303
1,000
25,171
2,000
10,970
4,416
4,000
41,311
46,950
31,837
18,497
4,137
$23,000
9,000
100
142,732
172 8711
336,100
55.750
100,820
119.726
521,000
537.000
1,413
1,616
603
841
1,804
$10,300
6,277
7.287
$25,600
529.200
5,000
8,300
2,000
Volume 137
Financial Chronicle
THE CURB EXCHANGE.
Curb market trading has been dull and unsettled during
the greater part of the week and the dealings have, for
the most part, been confined to a few speculative favorites.
Some realizing has appeared from time to time, but the
volume was comparatively small and had little effect on
the market movements. Oil stocks were moderately
strong, particularly on Thursday, but the so-called wet issues
made little progress either way. There have been several
brief rallies but they have been, as a rule, short lived as
the tone of the market remained more or less uncertain
with price fluctuations continuing to move within a narrow
channel.
On Monday trading was quiet and the market was entirely devoid of features. Price movements were mixed,
though, on the whole, the losses were greater than the gains.
Trading interest centred largely around a few favorites
like Aluminum Co. of America, which was up about a point
at one time, and Pan-American Airways, which moved up
around 2 points. Public utilities were bought to some
extent, Commonwealth Edison gaining 4 points. Electric
Bond & Share moved up and down and closed fractionally
lower and so did American Gas & Electric. Oil stocks
were irregular but firm, and Investment Trusts were mixed.
Gold mining shares were the strong stocks of the day,
Newmont Mining leading the upswing with a 2
-point gain,
while Lake Shore Mining advanced over a point. Wet
stocks were fractionally off.
Trading in curb stocks was particularly quiet on Tuesday
with no one stock or group of stocks showing unusual
strength. Changes were mixed during the early part of the
session, but as the market quieted down, the losses were
more numerous than the gains, and many of the stocks
that had maintained leadership in all periods of bullish
activity were the weakest of the day. Aluminum Co. of
America was one of the soft spots as it slipped back over
2 points. Leading utilities also were lower, Columbia Gas
& Electric pref. dipping about 3 points and Distillers Seagram, one of the wet stocks, dropped about 3 points. The
mining issues were represented on the side of the advance
by Consolidated Mining & Smelting which jumped about
10 points to 125. Oil stocks were off on the day.
Declines were general throughout the list during the
morning dealings on Wednesday, though part of the losses
were made up before the close. Around midsession the
trend changed upward and late in the afternoon many of
the early losses were turned into substantial gains. Stocks
in this class included such popular issues as Hiram Walker,
Distillers Seagram, Pan American Airways and many of
the public utilities. Newmont Mining was without demand
and dropped about 6 points to 46 and Lake Shore yielded
about 2 points when the market was under pressure. Oil
stocks were steady and Investment Trusts were without
noteworthy movement.
The volume of business was small and price changes were
extremely narrow on Thursday, and while the gains predominated at the close, there were also a goodly number of
recessions all along the line. In the late upward movement,
the oil shares led the advance, Standard Oil of Ind. gaining
about 2 points and there was a good demand for Gulf Oil of
Pennsylvania and Humble Oil. The wet stocks showed an
improved demand under the influence of the Washington
repeal vote and the demand gradually increased for stocks
like Hiram Walker and Distillers Seagrams. Public utilities
were strong, though their movements were somewhat
narrow except for a few special stocks like Columbia Gas &
Electric pref., American Gas & Electric and Electric Bond
& Share. Industrial issus sagged, with few exceptions among
which were Ohio Brass B, which gained about 3 points and
Rolls Royce, which was equally strong.
Dealings were extremely dull on the Curb Exchange during
the greater part of the session on Friday and with the exception of the oil stocks, the market, at times, was almost at a
standstill. Humble Oil was in strong demand and moved
briskly forward to 85%. Standard Oil of Indiana also was
active in the trading and moved forward over a point and
Standard Oil of Pennsylvania and Gulf Oil were also in good
1715
demand aghigher prices. Public utilities were unsettled
and stocks like Aluminum Co. of America, Hiram Walker
and other prominent leaders were off on the day. Mining
shares were down and so were the Investment Trusts. The
principal changes for the week were on the side of the decline,
the recessions including among others, Aluminum Co. of
America, 793 to 76 2; American Beverage, 2% to 23 ;
%
American Gas & Electric, 303 to 30; American Superpower,
43% to 43 ; Associated Gas & Electric A, 15 to 13 ; Atlas
%
%
,
Corp., 15% to 14%; Brazil Traction & Light, 143' to 14;
Cord Corp., 133 to 12%; Creole Petroleum, 83 to 8%;
Ford of Canada A, 16% to 15; Hudson Bay Mining, 103'
to 104; Parker Rust Proof, 69 to 65; Pennroad Corp., 45%
to 4; Singer Mfg. Co., 141 to 1353;A. 0. Smith, 427 to 40;
%
Swift & Co., 193 to 183 ; Teck Hughes, 6% to 6%, and
%
United Shoe Machinery, 56 to 553.
A complete record of Curb Exchange transactions for the
week will be found on page 1742.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Sept. 11933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Curb
Exchange.
Stocks
(Number
of
Shares).
305,980
364,445
319,890
210,285
246,440
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
1,447,020 510,966,000
1933.
5565,000 512,155,000
$624,000
Week Ended Sept. 1.
1932.
Stocks--No, of shares_
1,447,020
3,309,186
Bonds.
Domestic
$10,966,000 $22,690,000
Foreign government
624,000
642,000
Foreign corporate....
565,000
773,000
Total
Total.
Exchange c losed.
$2,659,000
$81,000
$72,000 $2,812,000
2,501,000
163,000 2,722,000
58,000
2,105,000
166,000 2,425,000
154,000
2,064,000
146,000
81,000 2,291.000
1,637,000
83,000 1,905,000
185,000
$12,155,000 $24,105,000
Jan. 110 Sept. 1.
1933.
1932.
77,320,064
37,937,161
$633,993,000
30,087,000
28,512,000
$576,201,100
21,924,000
45,046,000
$692,592,000
$643,171,100
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. 16 1933:
•
GOLD.
The Bank of England gold reserve against notes amounted to £190,162,445
on the 9th inst. as compared with £190,155,514 on the previous Wednesday.
No purchases of bar gold were announced by the Bank during the week.
In the open market substantial amounts of gold were offered and taken,
mostly for the Continent. The demand continued to be keen and a moderate premium over franc parity has been maintained in the price.
Quotations during the week:
Equivalent Value
Per
Fine Ounce.
of £ Sterling.
Aug. 10
1244. 8d.
135. 7.55d.
13s. 7.49d.
Aug. 11
1245. 8Hd.
Aug. 12
13s. 7.49d.
124s. 8%d.
Aug. 14
135. 7.55d.
124s. 8d.
Aug. 15
13s. 7.33d.
124s. 10d.
Aug. 16
13s. 6.79d.
125s. 3d.
Average
138. 7.37d.
1245. 9.67d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 5th inst. to mid-day on the 14th inst.:
Imports.
Imports (Concluded).
Belgium
£10,100
£37,700 Trinidad and Tobago____
France
17,939
14,769 Salvage from SS. Egypt-Switzerland
134,344 Other countries
22,644
British India
101,128
China
£1,298.057
148.796
Hongkong
41,100
United States of America
Exports.
57,846
Venezuela
£2,155,326
37,474 Netherlands
British South Africa
153,803 Belgium
150.600
British West Africa
81.686 France
82,571
British Malaya
35.000 Switzerland
6.500
Australia
66,649 Arabia (Hejaz)
35,000
New Zealand
36,329 Other countries
3.951
Canada
300,750
£2,433,948
The SS. Ranpura sailed from Bombay on the 12th inst. with gold to
the value of about £741,000, of which £652.000 Was consigned to London
and £89,000 to Paris.
The Transvaal gold output for July 1933 amounted to 923.671 fine
ounces as compared with 918,633 fine ounces for June 1933 and 981,160
fine ounces for July 1932.
SILVER.
Movements in prices were small, but the tendency of the market was
somewhat easier during the past week, buyers showing some hesitation.
Sales from Continental sources have still been forthcoming, but the
lower prices found China inclined to give support. The Indian bazaars
and speculators have made resales, although both these quarters have been
buyers on occasion. America has been more disposed to buy in the afternoons, without, however, exerting pressure.
The market appears fairly steady at the moment, and there are no indications of any important change.
The following were the United Kingdom imports and exports of Silver
registered from mid-day on the 5th inst. to mid-day on the 14th inst.:
Imports.
Exports.
Germany
£20,733 Germany
£2,794
United States of America 121.680 French possessions in
11.183
Australia
India
2,500
11,323 Iraq
Canada
1,100
13.319 Straits Settlements
Salvage from SS. Egypt..
3,708
4,375 Ceylon
Belgium
1.520
2,590 Sweden
New Zealand
1,242
6,039 Other countries
Other countries
3,240
£191,242
Quotations during the week:
£16.176
Financial Chronicle
1716
IN LONDON.
IN NEW YORK.
-Bar Silver per Oz. Stand.
Cash Deliv'y 2 Mos.'Del.
(Per Ounce .999 Pine.)
Aug. 10-A8 1-16d.
38 c.
18d.
Aug. 9
Aug. 11-__17 15-16d.
18 1-16d.
Aug. 10
3634C.
Aug. 12_1714d.
36 c.
18d.
Aug. 11
Aug. 14__-17 13-16d.
36c.
Aug. 12
17%(1.
Aug. 15---17 Md.
354c.
Aug. 14
Aug. 16-- _17
3534c.
17 13-16d.
Aug. 15
Average_ _ _17.865d.
17.958d.
The highest rate of exchange on New York recorded during the period
from the 10th inst. to the 16th inst. was $4.49% and the lowest $4.3934•
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)
July 31. July 22.
Aug.7.
Notes in circulation
17,819
17,856
17.888
Silver coin and bullion in India
10,443
10.512
10,479
2,907
Gold coin and bullion in India
2,913
2.923
4,469
Securities (Indian Government)
4,463
4,454
The stocks In Shanghai on the 15th inst. consisted of about 125.300.000
ounces in sycee, 285,000.000 dollars and 6,480 silver bars as compared with
about 126,800,000 ounces in sycee, 282,500,000 dollars and 6,480 silver
bars on the 5th inst.
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Fri.,
Wed.,
Thurs.,
Sat.,
Tues.,
Mon.,
Aug. 26. Aug. 28. Aug. 29. Aug. 30. Aug. 31. Sept. 1.
18 1-16d.
1831d.
18d.
Silver, per oz__ 189
-led. 17 13-16d. 186.
Gold, p.fine oz. 1298.4d. 1288.834d. 129-3.431d. 1283.931d. 1298.74. 130-3.831d.
73%
733
733i
Consols, 231% Holiday.
733-i
733-i
British 334%100
100
W. L
993-i
Holiday.
993-i
993i
British 4%11134
1113-i
Holiday. 1113
1113-i
1960-90
1103-i
French Rentes
66.30
(in Parls)3% fr. Holiday.
66.60
66.20
66.30
66.40
French War L'n
(in Paris)5%
108.70
108.70
108.80
109.00
1920 amen_ _ Holiday. 108.40
The price of silver in New York on the same days has been:
Silver in N. Y.,
per oz. (cts.)
37
36%
363-i
3634
3631
369-I
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Aug. Aug. Aug. Aug. Aug. Sept.
26.
28.
29.
30.
31.
1.
Per Cent of Par
I
147
Reichsbank (12%)
148
148
148 149
Berliner Handels-Gesellschaft (5%)
85
85
84
84
84
49
48
Commerz'und Privat Bank A G
48
48
48
Deutsche Bank und Dlsconto-Gesellschaft52
52
51
51
51
Dresdner Bank
44
44
44
44
44
Deutsche Reichsbahn(Ger Rys)pref(7%)99
99
99
99
99
Allgemeine Elektrizitaets-Gesell(AR G)
19
20
19
19
19
Berliner Kraft u Licht(10%)
106
107
107
107 106
Dessauer Gas (7%)
Boll- 102 105
103 102 102
Gesfuerel(5%)
day
77
79 .. 77
76
76
Hamburg Elektr-Werke (83-1%)
102 103 102
101
100
Siemens & Halske(7%)
149 147
145 144
142
IC FarbenIndustrie(7%)
125 124
122 120 119
161
158
Salzdetfurth (73-1%)
160
196
196
197 197 198
Rheinische Braunkohle (12%)
99
98
98
Deutsches Erdoel(4%)
99
101
56
55
Mannesmann Roehren
56
57
56
12
12
12
12
13
Hapag
13
13
13
13
13
Norddeutscher Lloyd
Sept. 2 1933
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Aug.26 Aug.28 Aug.29 Aug.30 Aug.31 Sept. 1
1933.
• 1933. 1933. 1933. 1933.
Francs. Francs. Francs. Francs. Francs. Francs.
Bank of France
12,500 12,400 12,300 12,400 12,400
Banque de Paris et Pays Bas
1,680
1,670
1,670 1,670 1,600
366
368
Banque d'Union Part:tit:nue
360
360
-- -325
309
314
309
Canadian Pacific
312
20,095 19,920 19,840 20,045
Canal de Suez
--2,775 2,805
Cle Distr d'ElectrIcItle
2,790 2,800
Cie Generale d'Eleetricitie
2,290
2,260
2,280 2,270 2:510
544
544
544
541
Cie Generale Transatlantlque
1,120 1,110
Citroen B
1,110 1,110
1,15- 0
240
240
240
230
Comptoir Nationale d'Escompte
240
366
360
360
Coty Inc
361
---840
840
825
Courrieres
824
4,910 4.930
Credit Commercial de France_
4,920 4,940 4:ilia
2.300 2,300
2,280 2,290 2,320
Credit Foncier de France
Credit Lyonnais
2,780 2,790 2,800 2,810 2,850
2,960 2,920 2,940
Distribution d'Electricltie la Par
2,930 2,930
771
Eaux Lyonnais
775
775
780
---1,008
Energie Electrique du Nord_
1,009
1,012
1,013
64
67
Energie Electrique du Littoral_
65
69
--76
91
91
French Line
91
91
91
1,160 1,160 1,1501,140
Galeries Lafayette
680
Gas le Bon
Holl690
"iiio
700
680
820
810
Kuhlmann
810
810
820
day
960
948
L'Air Llquide
950
950
360
Lyon (P L M)
370
360
"Wio
360
470
460
Mines de Courrieres
460
470
460
1,400 1,410
Mines des Lens
1,420 1,418
1,410
896
Nord Ry
896
895
895
1.010 1,010 1,010 1,010 1,61113
Parts, France
Paths Capital
80
80
80
81
1.290
Pechiney
1,290 1,280 1,300 1,320
66.40 66.60
Rentes 3%
66.20 66.30 66.30
108.40 108.80 109.00 108.70 108.70
Rentes 5% 1920
77.20 77.80 77.60
Rentes 4% 1917
77.60 76.00
82.90 83.20 83.20 83.20 83.00
Rentes 431% 1932A
1,840 1,840 1,860
Royal Dutch__
1,870 1.890
1,350
1,336
Saint Gobain CP3S2C
1,350 1,350
-.1,645
1,630 1,636
Schneider & Cie
1,635
550
Societe Andre Citroen
540
550
540
- iCo
80
Societe Francaise Ford
85
82
81
82
135
Societe Generale Fonciere
135
137
138
137
2,965 2,915 2,945 2,930
Societe Lyonnalse
568
568
Societe Marseillaise
568
568
20,100 20,100 19,900 20,100 20,16E1
Suez
181
170
Tubize Artificial Silk pref
180
176
940
940
Union d'Electricitie
940
-656
940
220
210
Union des Mines
210210
102
102
Ica -161 ____
Wagon-Lits
Foreign Trade of New York-Monthly Statement.
Merchandise Movement at New York.
Month.
1932.
July
August _ _ September
October _ _
November
December..
1931.
$
37,656,849
43,067,631
48,988,212
54,474,928
51,826,170
62,453,858
Customs Receipts
at
New York.
Exports.
Imports.
I
1931.
1932.
1931.
67,058,129
59,208,716
67,749,087
65,352,268
51,967,285
55,939,911
7,704,834
11,864,718
14,253,710
13,883,709
13,273,841
11,000,515
17,237,635
20,162,713
21,683,259
18,506,473
15,161,993
15,902,204
1932.
$
1
$
84,823,090 35,157,319
81,423,455! 31,607,397
94,872.0461 36,988.907
92,059.201 38,279,461
86,585,105 38,899,469
87,837,2951 38,645,035
1932.
1933.
1933.
1932. 1
1932.
1933.
January.. _ 49,266,867 65,450,212 38,168,036 44,388,825 10,670,817 13,177,166
February 42,911,432 68,324,224 36,186,782 47,040,635 8,865,580 12,756,949
March___ _ 46,268,303 67,088,157, 77,379,206 48,261,354 10,386,765 12,047.238
Total_ __ 426.914,250728,462,785371,311.612506,966,210 101,904,489 46,635.631
Movement of gold and silver for nine months:
Cold Movement at New York.
Inthe following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Sept. 1
1933:
Bid
Anhalt 7s to 1948
25
Argentine 5%, 1945, $100
68
pieces
12412
Antioquia 8%, 1946
AustrianDefaultedCoupons 165
Bank of Colombia, 7%,'47 128
Bank of Colombia. 7%,
'48 128
Bavaria 631s to 1945
13112
Bavarian Palatinate Cons.
j20
Cit. 7% to 1945
Bogota (Colombia)631,'47 /2312
Bolivia 6%,1940
9
Buenos Aires scrip
120
Brandenburg Elec. es, 1953 5614
Brazil funding 5%,'31-'51 37
British Hungarian Bank
14212
631s, 1962
Brown Coal Ind. Corp.
5612
6318. 1953
Call (Colombia) 7%, 1947 J1812
Callao (Peru) 731%. 1944 f 412
7
Ceara (Brazil) 8%. 1947__
/20
Columbia scrip
)30
Costa Rica scrip
City Savings Bank, Buda138
pest, 7s, 1953
Deutsche Bk 6% '32 unst'd 170
Dortmund Mall Util 68,'48 4212
112
Duisberg 7% to 1945
Duesseldorf 7s to 1945.. /18
EastPrussian Pr. 68, 1953_ 4014
European Mortgage & In152
vestment 731s, 1966
French Govt. 531s, 1937._ 130
French Nat. Mall SS.6s.'52 123
Frankfurt 78 to 1945
25
German Atl Cable 7s, 1945 52
German Building & Landbank 631%,1948
32[2
Haiti 6% 1953
61
Hamb-Am Line 6315 to '40 72
Hanover Harz Water Wks.
6%. 1957
126
Rousing & Real Imp 75,'46 39
Hungarian Cent Mut 7s,'37 /38
Hungarian Discount & Exchange Bank 78, 1963
/32
/Flat price.
Ask
29
Hungarian defaulted coups
Hungarian Ital Bk 7348,'32
73 Koholyt 6Hs, 1943
2612 Land M Bk, Warsaw 88,'41
Leipzig Oland Pr 631s.'46
33 Leipzig Trade Fair 78, 1953
33 Luneberg Power, Light &
Water 7%, 1948
3412
Mannheim & Palat 78, 1941
24 Munich 78 to 1945
2512 Munic Bk,Hessen,75 to'45
11 Municipal Gas & Elec Corp
Recklinghausen, 78. 1947
30
5714 Nassau Landbank 6315.'38
3812 Natl. Bank Panama 612%
1946-9
4412 Nat Central Sayings Bk of
Hungary 734s, 1962._._
5812 National Hungarian & Ind.
Mtge.7%,1948
20
712 Oberpfalz Elec.7%,1946_ _
10 Oldenburg-Free State 7%
to 1945
30
40 Porto Alegre 7%, l968_
ProtestantChurch (Ger41
many), 78, 1946
Proy Bk Westphalia 65,'33
44 Prey Bk Westphalia 6e,'36
16 Rhine Westph Elec 7%,'36
22 Rio de Janeiro 6%, 1933_
41 Rom Cath Church 631s,'46
C Church Welfare 7s,'46
64 Saarbruecken M Bk 68,'47
Salvador 7%, 1957
1g- Santa Catharina (Brazil),
8%, 1947
25
54 Santander(Colom)7s, 1948
Sao Paulo (Brazil) es, 1947
3412 Saxon Pub. Works 5%,'32
68 Saxon State Mtge. 68, 1947
76 Slem & Halske deb 68, 2930
Stettin Pub ULU 78, 1946
31 TucumanCity 78, 1951- _
42 Tucuman Proy. 78, 1950__
40 Vesten Elea Ry 78, 1947__
Wurtemberg 75 to 1945...
40
51.6Ask
)60
75
)70
3812 40
59
se
"Iti"
25
62
50
35
29
30
58
35
62
40
Imports.
1932.
1931;
Silver-New York.
Exports.
Imports.
Exports.
1
1932.
1932.
1932.
1931.
$
$
23,472,951 1,000,328
18,058,424
32,600
35,000 28,690,327
35,000398,471,056
8,560 4,934,936
5,570 32,622,52
213,623
738,216
781,306
353.207
478,353
872,429
533,848
272,409
554,106
650,348
397,704
541,284
1933.
1932.
1933. I
1932.
January 111„598,294 19,067,937
5,750107,842.041
February_ 20,423,202 7,221,315 21.491.025128,185,76!
March__ __ 2,238,052 6,630,565628.052,452 43,902,866
1933.
872,419
134,305
757,710
1933.
541,384
38,986
109,091
Total_. _ 257,708,036 150.470,816 691,164.732 745,682,347
5,201,568
3,639,260
July
August_ _ _
September
October_ _
November
December_
$
2,484,659
10,268,482
16,170,722
10,759,539
811,521
82,953,565
10,926,608
25,844,790
35.034,945
25,656,339
6,840,308
13,248,219
29
59
48
132
25
Month.
42
/4812
50[2
j4812
30[2
5012
24
)22
29
34
f56
35
/42
/25
58
4112
58
39
11712
a412
28
11"
46
2712
60
4312
66
1812
f2212 2312
11412 1512
)15
16
135
62
65
228
238
43
45
124
26
42
23
118
33
36
Public Debt of the United States
-Complete Return
Showing Net Debt as of May 31 1933.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued May 31 1933,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparison with the same date in 1932:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
May 31 1933. May 31 1932.
$
364,431,211
383.877,525
Balance end of month by daily statements,&c
Add or Deduct
-Excess of deficiency of receipts over
-8,499,332 -12,350,240
or under disbursements on belated Items
355,931,870
Deduct outstanding obligations:
Matured Interest obligations
Disbursing officers' checks
Discount secured on War Savings Certificates
Settlement on warrant checks
Total
Balance, deficit(-)or surplus(+1
371,525,285
33,804,559
99,386,716
4,168,350
1,745,822
30,415,225
49,205,617
4,430,300
3,447,946
139,195,447
87,499,087
+216,736.432 +284,028,198
INTEREST
-BEARING DEBT OUTSTANDING
Interest May 31 1933.
Title of I oanPayable.
$
2s Consols of 1930
Q.
-J. 599,724,050
2s of 1916-1936
48,954,180
Q.
-F.
25 of 1918-1938
25,947,400
Q.
-F.
38 of 1961
49,800,000
Q -M.
38 convertible bonds of 1946-1947
28,894,500
Q.
-J.
Certificates of indebtedness
.1-8. 2,118,985,000
3%s First Liberty Loan, 1932-1947
J.
-J. 1,392,227,350
4s First Liberty Loan, converted 1932-1947_ __ _J.
5,002,450
-D.
434s First Liberty Loan, converted 1932.1947_ _J.
-D. 532,490,450
4%s First Liberty Loan, 2d cony., 1932
3,492,150
-D.
-1947-J.
4%s Fourth liberty Loan of 1933-1938
A.-0. 6,268,095,250
448 Treasury bonds of 1947-1952
758,983,300
48 Treasury bonds of 1944-1954
1,036,834,500
489,087,100
3%s Treasury bonds of 1946-1956
3%s Treasury bonds of 1942-1947
454,135,200
334s Yreasury bonds of 1940-1943
352,994,450
3D4s Treasury bonds of 1941-1943
544,916,050
348 Treasury bonds of 1 946-1949
819,497.500
3s Treasury bonds of 1 951-1955
759,494,700
248 Postal Savings bonds
52,697,440
Treasury notes
4,147,688,400
Treasury bills. series maturing
June 7 1933
c75,216,000
June 21 1933
c100,569,000
June 28 1933
c100,158,000
July 5 1933
c100,096,000
July 12 1933
c75,733,000
July 19 1933
c75,188,000
July 26 1933
cS0,295.000
Aug. 2 1933
c60,655,000
Aug. 9 1933
c75,067,000
Aug. 16 1933
c75,442,000
Aug. 23 1933
c60,078.000
Aug. 30 1933
c100,352,000
June 1 1932
June 29 1932
July 13 1032
July 20 1932
July 27 1932
Aug. 10 1932
Aug. 17 1932
Aug. 24 1932
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
May 31 1932.
$
599,724,650
48,954,180
25,947,400
49,800,000
28,894,500
2,792,317,650
1,392,230,350
5,002,450
532,491,650
3,492.150
6.268,105,450
758.983,300
1.036,834,500
489,087.100
464,330,750
353,710,950
561,262,050
821.403,000
800,423,000
36,247,260
.040.718.809
Net debt
c101,412,000
c102,169,000
c76,200.000
c75,600,000
c51,550.000
c76,744,000
c75,000,000
c60,050,000
a21,853,385,787 19,036,916,606
+216,736,432 +284,028,198
a Total gross debt May 31 1933 on the basis of daily Treasury statements was
$21,853,385,981.45 and the net amount of public debt redemptions and receipts
in transit, &c., was 8194.50.
No reduction is made on account of obligations of foreign Governments or
Other investments.
c Dlaturity value.
ZonurcercialandigistellaittonsBenis
Breadstuffs Figures Bought from Page 1790.-A11
the statements below, regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 foi
each of the last three years:
Chicago
Minneapolis
Duluth
Milwaukee.-Toledo
Detroit
IndianapolisSt. Louts._ _ _
pearls
Kansas City
Omaha
St. Joseph_
Wichita
Sioux CityBuffalo
Total wk.1933
Same wk.1932
Same wk.1931
Wheat.
Corn.
Oats.
Rye.
I
, Barley.
bbis.1961bs.bush.00 lbs. bush. 56185. bush. 32 lbs. bush.4flbs.bush.56lbs.
817,000
520,000
6,000
150,000
110,000
276,000
98,000
500,000
78,000
2,301,000
444,000
892,000
18,000
113,000
3,282,000
385,000
192,000
123,000
7.000
12,000
2,000
174.000
4,000
72,000
1,000
2,000
92,000
6,000
24.000
9,000
26,000
42,000
257,000
138,000
31,000
86,000
319,000
1,000
106,000
62,000
184,000
33,000
76,000
19,000 , 213,000
94,000
170,000
16,000
8,000
340,000
117,000
19,000
251,000
7,000
65,00e
39,000
11,000
16,000
75,000
1
13,000
10,000
3,000
8,000
309.000
590,000
1,676,000
119,000
.
309,000 8,634,000
360,000 11,551,000
453,000 11,498,000
2,800,000
4,453,000
2,868,000
2,872.000
5,512,000
1,879,000
334,000 1,300,000
486,000: 1,512,000
294,000 1,428,000
Since Aug 11
1,122,000 23,038,000 12,624,000 18,518,000 1,176.000, 5,959,000
1933
1,420,000 43,718,000 14,191,000 24,210,000 1,460,000' 5,564,000
1932
1081
2 185 000 an 255 non 15 230 000 15.216.000 1.296.000 520700(5
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday Aug. 26, follow:
Receipts at
Flour,
Wheat.
Corn.
Oats.
1
Rye.
Barley.
bbls.1981bs.lbush.60185.bush. 56 lbs.lbush. 32 /Ds. bush.48Ibr.bush.56185.
75,000
2,000
30,000
97,000
319,000
New York...
10.000
2,000
2,000
20.000
Philadelphia_ _
11,000
11,000
2,000
7,000
9,000
Baltimore_ _ _
53,000
51,000
27,000
Orleans*
33,000
27,000
New
19,000
Galveston_
17,000
93.000 1,659,000
Montreal- - 21,000
Boston
2,000
Halifax
1,141,000
Churchill__ _ _
275,000 3,229,0001
Total wk.1933
Since Jan.1'33 9,883,000 55,871,000
94,000
3.673,000
114,000
3,012,000
Week 1932.
306,000 3,605,000
Since Jan.1'32 10,642,000 92,272,000
9,000
213,000
139.000
4,096,000
332,000
31,000
128,000
5,852,00010,504,000 5,952,000
19,000
455,000
* Receipts do not include grain passing through New Orleans for foreign Ports
on through bills of lading.
•
The exports from the several seaboard ports for the week
ending Saturday, Aug. 26 1933, are shown ir the annexed
statement:
Corn.
Bushels. Bushels.
278,000
1,141,000
New York
Churchill
New Orleans
Montreal
Halifax
3,078,000
3.352.000
Rye.
Barley.
Bushels. Bushels.
3,000
93,000
2,000
1,659,000
Total week 1933__
Same week 1932_ _
Oats.
Flour.
Barrels. Bushels,
26,825
1.000
124,825
95.382
17,000
219.000
30.000
17,000
197,000
The destination or these exports for ths week and since
July 1 1933 is as below:
Flour.
Exports for Week
Since
Week
and Since
Aug.26 July 1
July 1 to1933.
1933.
Barrels.
United Kingdom_ 88,560
21,190
Continent
So.& Cent. Amer. 1,000
3,000
West Indies
Brit. No.Am.Col
11,075
Other countries
124,825
95 352
Corn.
Wheat.
Week
Aug. 26
1933.
Bushels.
Barrels.
561,485 1,358,000
122,880 1,590,000
9,000
9,000
114,000
3,000
121,000
35,615
Since
July 1
1933.
Week
Aug. 26
1933.
Bushels.
Bushels.
6,726,000
9,876,000
50,000
3,000
Since
July 1
1933.
Bushels.
18,000
132,000
1,000
845,980 3,078,000 16,787,000
5,82458 3.352.000 26.321.000
19.000
394,000
1.000
.
The visible supply of grain, comprising the stoc!;s in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Aug. 26, was as follows:
821.636,649,355 18.752,888.408
Flour.
Wheat.
Exports from
-
Total 1933
Mtn i 1020
21,458,790,420 18,728,685,540
268,216,361
313,863,962
40,014,705
70,731,405
Total debt
Dedua Treasury surplus or add Treasury deficit
Receipts at
-
1717
Financial Chronicle
Volume 137
United StatesBoston
New York
" afloat
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louts
Indianapolis
Peoria
Chicago
" afloat
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
" afloat
On Canal
GRAIN STOCKS.
Oats,
Corn,
Wheat,
bush,
bush,
bush,
6,000
252,000
411,000
97,000
75,000
28,000
47,000
158,000
541,000
23,000
14,000
1,503,000
6,000
168,000
259,000
49,000
462,000
841,000
65,000
7,232,000
18,000
44,000
2,263,000
5,892,000
636.000
4,269,000 2,887,000
419,000
38,371,000 2,669,000
10,068,000 7,398,000 2,323,000
541,000
383,000
841,000
489,000
5,660,000 2,402,000
1,158.000 1,609,000 1,054,000
362,000
410,000
41,000
7,757,000 16,464,000 4,790,000
1,242,000
1,105,000 2,629,000 2,679,000
27,746,000 2,572,000 16,191,000
18,342,000 4,088,000 9,470,000
24,000
16,000
256,000
6,149,000 9,863,000 1,756,000
1,797,000
549.000
28,000
Rye,
bush.
Barley,
bush.
2,000
8,000
3,000
5,000
3,000
11,000
3,000
81,000
78,000
196,000
8.000
34,000
20,000
23,000
49,000
6,600
7,000
36,000
2,987,000 1,492,000
1,154,000
888,000
24,000
3.641,000 7,983,000
2,398,000 2,370.000
28,000
46,000
886.000
1,143,000
Total Aug. 26 1933...141,605,000 56,112,000 42,240,000 11,718,000 13.895,000
Total Aug. 19 1933_137.884,000 57,987,000 41,519,000 11,433,000 13,403,000
Total Aug. 27 1932...178,084,000 12,991.000 24,207,000 9,104,000 3,927.000
-Bonded grain not included above: Wheat, New York, 747.000 bushels;
Note.
New York afloat, 199,000; Buffalo, 1,984,000; Buffalo afloat, 404,000; Duluth,
23,000; Erie, 1,983,000: Canal, 726,000; total, 6,066,000 bushels, against 5,836,000
bushels in 1932.
Rye,
Barley,
Oats,
Wheat,
Corn,
bush.
bush.
bush.
bush,
bush,
CanadianMontreal and other water
985,000
2,638,000
794.000
32,442,000
points
5 0
9 1a 3,?11 000 3,299,000
:
2,V7:0
Ft. William gic Pt. Arthur 61,198,000
541,000
Other Canadian
11,527,000
6,274,000 4,378.000 4,634,000
Total Aug. 26 1933.._105,167,000
6,189,000 4,573,000 4,487.000
Total Aug. 19 1933...104.156.000
847,000
3,931,000 3,995,000
Total Aug. 27 193273,805,000
Summary
American
141,605,000 56,112,000 42,240,000 11,718,000 13,895,000
6,274,000 4,378,000 4,634,000
Canadian
105,167,000
Total Aug. 26 1933...246.772,000 58,112,000 48,514,000 16.096,000 18,529,000
Total Aug. 19 1933_ __242,040,000 57,987,000 47,708,000 16,006.000 17,890,000
Total Aug. 27 1932___251,889,000 12,991,000 28.138.000 13,099,000 4,774.000
The world's shipmert cl wheat ard corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Aug. 2o, and since July 1 1933 and July 2
1932, are shown in the following:
Corn.
Wheat.
Exports.
Week
Aug. 25
1933.
Since
July 1
1933.
Since
July 2
1932.
Week
Aug. 25
1933.
Since
July 1
1933.
Since
July 2
1932.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 4,475,000 29,874,000 41,398,
38,000
443,000
5,000
Black Sea _
168,000
416,000
120,000 9,312,000 5,169,000
352,000
Argentina_ _ 3,920,000 27,862,000 6,323,000 4,178,000 33,063,000 53,668,000
Australia
2,439,000 17,024,000 12,616,
India
0th. countr's
128.000 1,115,000 2,900,000
2,552,000 5,109,000
520,
Total
11,522,000 77,728,000 65,798,000 4.431,000 43.528.000162.180.000
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, Aug. 26 to Sept. 1, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Brown Shoe pref
100
120 120
Coca-Cola Bottling corn_ _1 10
9% 10
Como Mills coin
12
12
Ely & Walker Dry Goods
1st Preferred
100
90
90
Hamiltn-BrownShoe corn 25
4
4
49% 48% 49%
International Shoe corn_
100 110
110 110%
Preferred
6% 6%
Landis Machine com _ _25
6%
8
8
8
Mo Portland Cementcorn 25
• 17% 17% 17%
Natl Candy corn
7
7
7
Rice-Stix Dry Goods corn •
2
2
2
Scullin Steel pref
Southwestm Bell Tel pf 100 117% 117% 117%
8% 8%
Stlx, Baer & Fuller corn. *
9% 10
Wagner Electric corn_ _15
* No par value.
Range Since Jan. 1.
Low.
High.
Aug
Jan 120
20 109
12% June
May
230
9
J11137
8% Mar 13
July
Mar 95
60 67
40
5
July
2% Feb
Mar 55
37 26
July
35 102% Jan 112% June
50
7 May
May
140
4% Feb 13% June
295
July
Mar 22
3
70
Feb 10 June
20
1
4% June
Apr
20 109% Apr 117% Aug
200
5% Feb 12% June
290
Apr 12% July
1718
Financial Chronicle
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
Name of Company.
Sept. 2 1933
Per
When
Cent. Payable.
Public Utilities (Concluded).
Chicago Transfer-Clearing, 6% pf.(QM) $134
Citizens Water (Pa.) 7% pref.(quar.)__ $134
Commercial Credit,$3 cl. A cony
75e
$3 class A cony
1:750
50e
8% Preferred el. B((uar.)
7% 1st pref.(quar.)
4354e
654% 1st pref.((Mari
$134
Consol. Gas Co.of N.V., pref.(quar.).
8134
Dayton Pow.&Lt.C.o.,6% pref.(mo.)500
Diamond State Tel.,634% prof.(quar.)- 194%
Duke Power
$1
Preferred (quar.)
$154
East. Gas& Fuel ASSOC.,8% pt.(qu.)$154
VOLUNTARY LIQUIDATIONS.
4A % prior preference (guar.)
81.125
Aug. 21
-First National Bank in Hemphill. Texas
$25,000 Fall River
500
Elect. Light(quar.)
Effective Aug. 15 1933.
Gold dr Stack Teieg. (quer.)
$154
Liquidating Agent, R. A. Smith, San Augustine, Texas.
Greenwich Wat. dr Gas6% pt. (qu.)........ S154
Absorbed by the First National Bank of San Augustine,
Hackensack Water Co., cl. A pref.(qu.) 43910
Texas, No. 6214.
Honolulu Gas (monthly)
15e
Aug. 24
-The First National Bank of Gadsden, Ala
250.000 Ind. Hydro-El.Pow. Co.7% pf.(qu.)
87540
Effective Aug. 21 1933.
Indianan.Pow.& Lt.654% Pt•(qui
$1%
Liquidating Committee, Lee Freibaum, 0. D. DuPre
6% preferred (quar.)
S154
and C. W. Vance,care of the liquidating bank.
Indianapolis Water Co.,5% Pt.(qui
lit%
Succeeded by the First National Bank in Gadsden,
Intermit. Ocean Teleg.(quar.)
$154
Charter No. 13728.
Kansas City Pow.dc Li. Co., 1st lg.(qu.) 5154
Kansas Elec. Pow. Co., 7% prof.(guar.) 51A
BRANCHES AUTHORIZED.
S1.54
6% Junior preferred (quar.)
Aug. 24
-American National Bank at Indianapolis, Ind.
Marion Water Co.,7% pref.(quar.)- -- - $154
Location of branch: 4209 College Ave.. Indianapolis,
Memphis Pow.dr Lt., 87 pref.(qua?.)8154
Ind. Certificate No. 884A.
$6 preferred (quar.)
8134
Metropolitan Edison, $7 prof. (guar.)
-The Ohio National Bank of Columbus, Ohio.
Aug. 24
- $1,4
468 preferred (quar.)
$154
Location of branch: 1255 Grandview Ave., Franklin
$5 preferred (quar.)
$ig
County, Grandview, Ohio.
Certificate No. 885A.
Minnesota Power & Light Co.
87540
7% preferred (guar.)
$6 preferred (quar.)
75e
Auction Sales.
-Among other securities, the following Mississippi River Pow.,6%
prof.(qua".)
not actually dealt in at the Stock Exchange, were sold at auction Monongahela West Penn Pub.Sem.Co. 5154
7% preferred
435de
in New York, Boston, Philadelphia and Buffalo on Wed- New England (quar.)
50e
Pow. Assn.(guar.)
nesday of this week:
Preferred (guar.)
3154
$2 preferred (quar.)
50c
By Adrian H. Muller & Son, New York:
New Jersey Water, 7% pref. (quari
315d
New York Transportation Co.(quar.)_ _
50e
Shares. Stocks.
3154
360 Allerton Corp. (Del.), class B pref., par $100
$per lot Northwest Utilities. 6% pref. (quar.)
$25$h
.
750
36 Pouch Terminal, Inc. (N. Y.), class B pref., par $100
$150 lot Nova Scotia Light & Power (quar.)-1,400 Pouch Terminal. Inc. (N. Y.), pref., par $100
$100 lot Penn Central Light dr Power
$5 preferred (quar.)
700 Pouch Terminal, Inc.(N. Y.), common, no par
$25 lot
$2.80 preferred (quar.)
700
4,660 Seas Shipping Co., Inc.(N. Y.), COMMOD, par MOO
$20,000 lot
Peoria Water Works, 7% pref.(guar.)-- 813(
210 Atlantic Coast Shipping Co., Inc. (Md.), common, par $100
30
Philadelphia Traction Co. (s.
$2
300 Atlantic Coast Shipping Co., Inc. (Md.), common, par $10
30
-a.)
Public Service Co. of N. H.10 Trust Co. of Northern Westchester (N. Y.), par 8100
30
31%
36 preferred (quar.)
143 Hudson-Harlem Valley Corp.(N. Y.), common, no Dar
)
84,550 lot
31%
35 preferred (quar.)
143 Hudson-Harlem Valley Corp.(N. Y.). 7% preferred, par $100
BondsPer Cent. Queens Boro Gas dr Elec.,6% pref.(qu.) 134%
$134
$500 Prudence Bonds Corp.(N.Y.), let mtge. 554% coll. g., due Sept. 1'37$76 lot Richmond Water Works,6% pt.(quar.)
Rochester Telephone Corp.
Bond of Ganadeen Realty Corp. to 64-70 West 36th Street Corp. for $750,1%%
634% 1st preferred (guar.)
000, the same being secured by a second mortgage on premises 64-70
5% 2d preferred (quar.)
13'1%
West 36th St., Borough of Manhattan,City of New York
3134
10 shares of Ganadeen Realty Corp., being all the issued and outstanding $100 lot Scranton Elec. Co..$6 prof.(qua?.)
Southern California Edison Co., Ltd.
stock of that corporation
Original preferred (quar.)
2%
50 shares of the capital stock of the 36-40 West 29th Street Corp., being all
154%
5)4% preferred, series C (guar.)
the Issued and outstanding stock of that corporation
Southern Canada Power Co., Ltd.
6% preferred (quar.)
135%
By R. L. Day & Co., Boston:
Southern Colorado Power Co.
Shares. Stocks.
S
8 Per I M
7% preferred (guar.)
1%
5 Atlantic National Bank, Boston
Southwestern Gas & Electric Co.
2 Nashua Manufacturing Co., preferred
383.i
8% preferred (qua?.)
82
15 Nashua & Lowell Road
106A
$1%
7% preferred (qua?.)
10 Boston Sand & Gravel Co., common
80e
Union Elec. Lt.& Pow.(III.),6%pf.(qui 31%
25 Greenfield Tap & Die Corp., preferred
34A Union Elec.Lt.& Pow.
(Mo.) 7% pf.
,
(qui 31%
5 Holyoke Water Power Co
190
United States Elec. Lt. dr Pow.Shares20e
Bonds8135
Per Cent. Westmoreland Water. 56 pref• ((Mari
$1,000 Detroit Hotel Co. let mtge. 654e, March 1939, series B coupon---1$20 lot Wisconsin Power dr Light Co.
6% preferred (quar.)
37540
$3,000 Merchants Dispatch equipment trust 5s. June 15 1942
7% preferred (quar.)
4354o
CHARTERS ISSUED.
Capital.
Aug. 19
-National White River Bank in Bethel, Bethel, Vt
$50,000
President, Geo. A. Campbell; Cashier, C. N. Arnold.
Will succeed the National White River Bank of Bethel.
No. 962.
Aug. 19
-The National Bank of Commerce of Altus, Altus, Okla
50,000
President, W.B. Cover; Cashier, Thos. G. Thaggard.
Will succeed Bank of Commerce, Altus, Okla.
Aug. 22
-The First National Bank of Henderson, Henderson, Ky. 100,000
President, Henry Kraver; Cashier, 0. A. Katterjohn.
By Barnes & Lofland, Philadelphia:
Books Closed
Daps Inclusive.
Oct. 1
Oct. 2 Holders of roe. Sept.20
Sept.30 Holders of me. Sept. 9
Sept.30 Holders of roe. Sept. 9
Sept.30 Holders of roe. Sept. 9
Sept.30 Holders of me. Sept. 9
Sept.30 Holders of rec. Sept. 9
Nov. 1 Holders of roe. Sept.29
Oct. 1 Holders of me. Sept.20
Oct. 14 Holders of roe. Sept.20
Oct. 2 Holders of rec. Sept.15
Oct. 2 Holders of rec. Sept.15
Oct. 1 Holders of rec. Sept.15
Oct. 1 Holders of rec. Sept,15
Oct. 2 Holders of roe. Sept.15
Oct. 1 Holders of rec. Sept.30
Oct. 2 Holders of roe. Sept. 20
Sept.30 Holders of rec. Sept.18
Sept.30 Holders of rec. Sept.15
Sept.15 Holders of roe. Aug. 31
Oct. 1 Holders of rec. Sept. 5
Oct. 1 Holders of rec. Sept. 5
Sept.30 Holders of ree. Sept. Ila
Oct. 2 Holders of me. Sept.30
Oct. 1 Holders of rec. Sept. 14
Oct. 2 Holders of rec. Sept.15
Oct. 2 Holders of rec. Sept.15
Oct. 2 Holders of rec. Sept. 20
Oct. 2 Holders of rec. Sept.16
Oct. 2 Holders of rec. Sept. 16
Oct. 1 Holders of rec. Aug. 31
Oct. 1 Holders of rec. Aug. 31
Oct. 1 Holders of roe. Aug. 31
Oct. 2 Holders of rec. Sept. 11
Oct. 2 Holders of rec. Sept. 11
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept.15
Oct. 16 Holders of rec. Sept.30
Oct. 2 Holders of me. Sept. 11
Oct. 2 Holders of me. Sept. 11
Oct. 2 Holders of rec. Sept. 20
Sept.28 Holders of roe. Sept.15
Sept. 1 holders of me. Aug. 28
Oct. 2 Holders of rec. Sept. 16
Oct.
Oct.
Oct.
Oct.
2 Holders of me. Sept. 11
2 Holders of roe. Sept. 11
2 Holders of rec. Sept. 20
2 Holders of reo. Sept. 11
Sept.15 Holders of rec. Aug. 31
Sept.15 Holders of roe. Aug. 31
Oct. I Holders of roe. Sept. 15
Oct. 2 Holders of rec. Sept.20
Oct. 2 Holders of me. Sept. 20
Oct. 2 Holders of rec. Sept. 20
Oct. 2 Holders of roe. Sept. 5
Oct. 15 Holders of roe. Sept. 20
Oct. 15 Holders of rec. Sept. 20
Oct. 16 Holders of rec. Sept. 20
Sept.15 Holders of rec. Aug. 31
Oct.
Oct.
Oct.
Oct.
Sept.
Oct.
2 Holders of roe. Sept.15
2 Holders of me. Sept.15
2 Holders of me. Sept. 15
2 Holders of rec. Sept. 15
1
2 Holders of me. Sept. 20
Sept.15 Holders of reo. Aug. 30
Sept.15 Holders of roe. Aug. 30
Bank and
Shares. Stocks.
$ per Sh. Chase National Trust Companies.
35e Oct. 1 Holders of rec. Sept. 8a
Bank (quar.)
55 Corporate Trust Shares, accumulative series (modified)
23
Grace National Bank (s.
$255 Sept. 1 Holders of rec. Aug. 30
-a.)
3 Nevada Consolidated Copper Co., no Par
8
2,720 Burnham Chemical Co., par $I
$3 lot
Fire Insurance Companies.
32
5 Corn Exchange National Bank & Trust Co., par 820
50e Sept.15 Holders of rem Sept. 5
30 Integrity Trust Co., par $10: 10 at 4)4,20 at
454 Home Fire & Marine Ins. Co.(guar.)15 Montgomery Trust Co., Norristown, Pa
10
Miscellaneous.
Philadelphia Bourse, common, par 850
12
10
'A-B-C Trust Shares, series D
4.64e Aug. 31 Holders of rec. Aug. 31
Bonds
•
Per Cent. Affiliated Products, Inc.
5c Oct. 1 Holders of rec. Sept. 18
(moi
82.000 Appalachian Gas Corp.,6% convertible deb.,series B,due May 1 1945.4 fiat Allied Chemical & Dye Corp., pref.(au) 134% Oct. 2 Holders of rec. Sept. 11
(Nov. 1 1932 and subsequent coupons attached)
American Bakeries Corp.,7% pf.(qu.)
.
- lh % Oct. 2 Holders of roe. Sept.15
Peoples Light & Power Corp., 5% cony. deb., series of 1979
$2,000
3 flat American Bank Note Co., prof.(quar.)
134% Oct. 2 Holders of rec. Sept. ha
4 coupons Chicago Milwaukee St Paul & Pacific RR. Co., 5% cony. adj.
American Can Co., pref.(quar.)
lh% Oct. 2 Holders of rec. Sept.15
mtge. bds, ser. A. (2 coup. due Apr. 1 '31 and 2 coup. due Oct. 1 '31.)....„$2 lot American Factors, Ltd.(monthly)
be Sept. 11 Iolders of rec. Aug. 31
American Home Products Corp.(mo.)
20e Oct. 2 Holders of roe. Sept. 14a
By A. J. Wright & Co., Buffalo:
American Tobacco Co.. pref.(Mari-134% Oct. 2 Holders of me. Sept. 9
150 Oct. 2 Holders of roe. Sept. 19
Shares. Stocks.
$ per Sh. Anchor Cap Corp., corn. (qua?.)
10 International Rustless Iron
$1% Oct. 2 Holders of roe. Sept. 19
80)4 preferred (quar.)
$0.15
Axton-Fisher Tobacco, A (qua?.)
800 Oct. 2 Holders of rem Sept.15
Class B (quar.)
400 Oct. 2 Holders of roe. Sept.15
DIVIDENDS.
So Sept. 1 Holders of roe. Aug. 29
Bancshares, Ltd.. Partie• sks•(guar.).Handlnl Petroleum (no.)
5o Sept.20 Holders of roe. Aug. 31
Dividends are grouped in two separate tables. In the Beatrice Creamery Co.. 7% pref.(guar.) $134 Oct. 1 Holders of rec. Sept. 14
BlItmore Hats,7%
5134 Sept.15 Holders of ree. Aug. 15
first we bring together all the dividends announced the British Amer. Oil pref.(quar.)
r20o Oct. 2 Holders of roe. Sept. 16
Co., Ltd., cap.stock_
current week. Then we follow with a second table in Budd Realty Corp.,stk.tr. ctrs.(guar.)$1 Sept. 1 Holders of reo. Aug. 26
Business Recovery
6.2e Sept. 1
which we show the dividends previously announced, but Canada PermanentTr.Shares
$254 Oct. 1 Holders of roe. Sept.15
Mtge.(quar.)
which have not yet been paid.
Canadian Gen.Elect, Ltd.(guar.)
750 Oct. 1 Holders of me. Sept.15
Preferred (quar.)
87550 Oct. 1 Holders of rec. Sept.15
The dividends announced this week are:
Champion Hardware Co.(guar.)
75e Aug. 1 Holders of roe. Aug. 5
500 Oct.
Chesapeake Corp., corn.(quar.)
Holders of roe. Sept. 11
Per
Books Closed
Chic. Junet. Ry.& Un. Stkyds.(quiHolders of roe. Sept.15
When
$254 Oct.
Name of Company.
Cent. Payable.
7% preferred (quar.)
Days Inclusive.
8134 Oct. ' Holders of roe. Sept.15
Coca-Cola Internat. Corp., corn.(qu.)
Holders of roe. Sept. 12
$3 Oct.
Railroads (Steam).
25e Sept. 1 Holders of roe. Sept. 1
Congoleum-Nairn, Inc., corn.(quer.).
Control. Paper, 7% pref.(quar.)
3% Oct. 1 Holders of me. Sept. 8
Holders of rec. Sept.20
Alabama & Vicksburg, cap.stk.(s.-a.).. _
1754e Oct.
50e Oct. 2 Holders of rec. Sept.15
DeLong Hook & Eye,(qua?.)
Holders of rec. Sept.20
50o Oct.
Beech Creek (quar.)
Chesapeake & Ohio, pref.(5.-a.)
83)4 Jan. 1 Holders of roe. Dec. 8
Extra
25e Oct.
Holders of rec. Sept.20
Draper Corp.(quar.)
70e Oct. 2 Holders of roe. Sept. 11
600 Oct.
Holders of roe. Sept. 2
!"•• Common (quar.)
$1)4 Oct. 1 Holders of roe. Sept. 25
Early & Daniel Co.,corn.(quar.)
25e Sept.3 Holders of rec. Sept.20
Cleveland Ry. Co. (quar.)
500 Sept. 9 Holders of me. Aug. 26
$134 Sept.3 Holders of roe. Sept.20
Little Miami,special gtd.(guar.)
Preferred (quar.)
$1 Sept. 1 Holders of rec. Aug. 21
Holders of rec. Aug. 25
Sc Sept.
East Malleable Iron (quar.)
North. RR.of New Jersey,4% gtd.(qu.)
75c Sept.15 Holders of rec. Sept. 8
Holders of roe. Sept.15
Eastern Steam Ship Lines, 1st pt. (qu.)- $1 34 Oct.
St. Joseph So. Bend & Southern (s.-a.)
Holders of roe. Sept.15
8214 Sept. 15 Holders of rec. Sept. 8
Preferred, no par (qua?.)
5% preferred (s.-a.)
8754e Oct.
2A % Oct. 1 Holders of Teo. Sept. 8
Econo-Cunningham Drug Ste.pf•(1.-11.)53 Aug. 1 Holders of reo. Aug. 14
Vicksburg Shrev & Pac., corn. (s.-a.)Edison Bros. Stores. oref. (quar.)
2)4% Oct. 1 Holders of reo. Sept. 8
Preferred (s -a.)
$154 Sept. 1 Holders of reo. Aug. 31
Holders of me. Sept.20
250 Oct.
Electric Controller & Mtg. Co.(quar.)...
Holders of rec. Sept.15
25e Oct.
Equitable Office Bldg. Co.corn. (quer.)Public Utilities.
Holders of roe. Sept. 15
25c Oct. 2 Holders of roe. Sept. 7
7% preferred(guar.)
American Gas & Elec. Co.,corn.(qu.)- _
$134 Oct.
Fifth Ave. Bus Securities Corp.(quar.).
160 Sept.2 Holders or rec. Sept.15
Preferred (quar.)
5155 Nov. 1 Holders of roe. Oct. 6
Holders of roe. Sept. 11
First National Stoles (quar.)
Appalachian Elec. Pow.,$7 prof. (qua?.) 3134 Oct. 2 Holders of rec. Sept. 5
62)40 Oct.
Holders of rec. Sept. 11
Oct.
lot preferred (quar.)
Atlantic dr Ohio Teleg. Co.(quar.)
$134 Oct. 2 Holders of me. Sept.15
Florence Store
500 Sept. Holders of roc. Aug. 21
Bell Tel.of Penna.,654% pret.(quar.) _ _ 1)4% Oct. 14 Holders of rec. Sept. 20
Holders of rec. Sept. 18
Brazilian Traction Lt.& Pow. pref.(qu.) 51)4 Oct. 2 Holders of rec. Sept. 15
Glidden Co., pref. (quar.)
5114 Oct.
British Columbia Pow., A (quar.)
Globe Discount dr Finance,7% pt.(qu.) 8754e Sept. 1 Holders of roe. Sept. 1
500 Oct. 16 Holders of rec. Sept.30
Holders of rec. Sept. 11
$151 Oct. 2 Holders of rec. Sept.20
Cairo Water Co..7% pref.(quar.)
Goldblatt Bros. (guar.)
37540 Oct.
Cambria iron Co.(s-a)
Goodall Securities Corp.(qua?.)
500 Sept. Holders of roe. Aug. 30
51 Oct. 2 Holders of rec. Sept.15
Cannon Mills (quar.)
25c Sept. 30 Holders of rec. Sept. 18
Govt. Gold Mining Areas, Amer. dep.
Holders of ree. Juno 30
Extra
be Sept.30 Holders of me. Sept. 18
63 1-50 Sept.
rec. for ord. reg
Holders of ree. Sept. 12
Central Illinois Light Co.,7% prof.(qu.) 154% Oct. 2 Holders of roe. Sept.15
25e Oct.
Grant(W.T.)(quar.)
% Oct. 2 Holders of rec. Sept.15
6% preferred (quar.)
Hammermill Paper Co.,corn. div. not de dared a s prey! usly reported.
Financial Chronicle
Volume 137
Name of Company.
Per
When
Share. Payable.
Miscellaneous (Concluded).
Hawaiian Commercial Sugar (mo.)
25c
Extra
50c
Hazel Atlas Glass Co.(quar.)
$1
Hamilton United Theatres, 7% pf. (qu.) 814
Harriman Investors Fund (quar.)
25e
Hearst Cons. Publishers, Cl. A., pf. (qu.) 4340
HeIme (Geo. W.) Co.,corn.(quar.)
$14
Preferred (quar.)
$14
Hercules Powder Co.,corn.(quar.)
3755c
H.Walker,Good'm&Worts,Ltd. p1.
(qu.) r25c
Hygrade Sylvania Corp. corn.(quar.)__ _
50c
$64 preferred (quar.)
SI 5'5
Kingsbury Breweries Co. (quar.)
15c
Extra
be
Koppers Gas & Coke Co.
6% preferred (quar.)
155%
Linde Air Products, 6% pref. (quar.)__ _
S155
Loudon Packing (guar.)
200
Lord & Taylor Co. (quar.)
$24
Lorillard (P.) Co., corn.(quar.)
300
Preferred (quar.)
$14
Merrimac Hat Corp.,8% pref. (quar.)_ _
$1
Metal Packing Corp (quar.)
51
Metropolitan Coal, 7% pref. (guar.)._
$14
Monroe Chemical, pref.(quar.)
8715c
Myers (F. C.) & 13ro. Co., common
200
Preferred (quar.)
$14
National Gypsum Co., 7% pref. (quar.) $14
National Investors Corp.—
$555 preferred (special)
8554
National Oil Prod., pref. (quar.)
Si 5%
National Standard Co., adjustment__ _ _
80e
Quarterly
30e
Omnibus Corp., pref. (guar.)
$2
Parke Davis & Co. (quar.)
25e
Perfection Stove Co., corn. (guar.)
pale
Pinchin Johnson,ord. reg
6%
Amer. dep. rec.for ord. reg
6%
Pittsburgh Plate Glass (quar.)
15c
Pollock Paper & Box,7% pref. (quar.)_ - 51
Randall Co., el. A
h50c
Scott Paper Co., corn. (quar.)
13714e
Scottish Type Investors. Inc.—
Class A & 13 (quar.)
15 5-19
Sisco Gold Mines, Ltd.(quar.)
3e
South Penn Oil Co.(quar.)
200
South Porto Rico Sugar Co., corn.(qu.)
600
Preferred (quar.)
2%
Standard Brands, Inc., corn.(quar.)__ -25c
57 preferred, series A (quar.)
$15i
Standard 011 01 Ohio,5% pref.(quar.). 14%
Common div.action not taken.
Stein (A.)& Co., pref.(quar.)
Si 14
Sylvania Industrial (quar.)
200
Quarterly
25c
Tex-O-Kan Flour Mills Co.. pf.(qu.)
$14
Todd Shipyards Co.(quar.)
250
Union Refrig. Transit, 614% pf. (s.-a.)- $34
United Profit-Sharing Corp., pt. (s.
5%
-a.)
United States Leather Co., pref. (quar.)
852
Ward Baking Co., pref. (quar.)
500
Wesson Oil & Snowdrift Co., Inc).—
Common (quar.)
13.158
Western Maryland Dairy,$6 pref.(qu.)$155
Western Tablet & Stationery, 7% pf.(qu) 14%
Westvaco Chlorine Prod. Corp.
7% preferred (quar.)
SI%
Weynbery Shoe Mfg., 7% pref. (guar.). $14
Wright-Hargreaves Mines (quar.)
u5c
Extra
u5c
Books Closed
Days Inclusive.
Sept. 5 Holders of rec. Aug. 25
Sept. 6 Holders of rec. Aug. 25
Oct. 2 Holders of rec. Sept. 16
Sept. 30 Holders of rec. Aug. 31
Oct. 1 Holders of rec. Sept. 15
Sept. 15 lloldets of rec. Sept. 1
Oct. 2 Holders of rec. Sept. 9
Oct. 2 Holders of rec. Sept. 9
Sept. 25 Holders of rec. Sept. 14
Sept. 15 Holders of rec. Aug. 25
Oct. 2 Holders of rec. Sept. 9
Oct. 2 Holders of rec. Sept. 9
Oct. 1 Holders of rec. Sept. 20
Oct. 1 Holders of rec. Sept. 20
Oct. 1 Holders of rec. Sept. 11
Oct. 2 Holders of rec. Sept. 20
Oct. 1 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 16
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Sept. 1
Oct. 2 Holders of rec. Sept. 12
Sept. 30
Oct. 1 Holders of rec. Sept. 15
Sept. 30 Holders of rec. Sept. 15
Sept. 30 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 16
Sept. 30 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 20
Sept. 30 Holders of rec. Sept.20
Sept. 30 Holders of rec. Sept.20
Oct. 2 Holders of rec. Sept. 15
Sept.30 Holders of rec. Sept. 19
Sept. 30 Holders of rec. Sept. 20
Sept. 18 Holders of rec. Aug. 26
Sept.25 Holders of rec. Aug. 31
Oct. 1 Holders of rec. Sept. 9
Sept. 15 Holders of rec. Sept. 1
Sept. 1 Holders of rec. Aug. 29
Sept. 30 Holders of rec. Sept. 15
Sept. 30 Holders of rec. Aug. 31
Sept. 30 Holders of rec. Sept. 15
Sept. 30 Holders of rec. Sept. 15
Oct. 2 Holders of roe. Sept. 12
Oct. 2 Holders of rec. Sept. 12
Oct. 2 Holders of rec. Sept. 5
Oct. 2 Holders of rec. Sept. 5
Oct. 16 Holders of rec. Sept. 30
Oct. 2 Holders of rec. Sept. 15
Sept. 20 Holders of rec. Sept. 1
Dec. 15 Holders of rec. Dee. 1
Sept. 1 Holders of rec. Aug. 21a
Sept. 30 Holders of rec. Sept. 20
Sept. 1 Holders of rec. Aug. 31
Oct. 31 Holders of rec. Sept. 29a
Sept. 15 Holders of rec. Sept. 10
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of roe. Sept. 20
Oct. 2 Holders of rec. Sept. 20
Oct. 1 Holders of rec. Sept. 14
Sept. 15 Holders of rec. Sept. 5
Oct. 2 Holders of rec. Sept. 9
Oct. 2 Holders of rec. Sept. 9
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, thoso being given in the preceding table:
^lame of Camyany.
When
Per
Share. Payable.
Railroads (Steam).
Albany & Susquehanna (e-a)
$414
Bangor & Aroostook, corn. (quar.)
50c
Preferred (quar.)
114%
Boston Si Albany, capital stock
$2
Boston & Providence (guar.)
$2.125
Carolina Clinchtield & Ohio (quar.)
$1
Guaranteed ctfs.(quar.)
$14
Chestnut Hill (quar.)
750
Cleveland & Pittsburgh, guar (quar.).. 87140
Special guaranteed (guar.)
500
Dayton Si Michigan (s.-a.)
8714e
8% preferred (guar.)
$1
$1
Delaware (5.-a.).....................
Erie & Pittsburgh 7% guaranteed (quar.) 8710
87560
7% guaranteed (guar.)
Guaranteed betterment (guar.)
800
Georgia RR.& Banking (quar.)
$256
$1
Hartford & Connecticut Western (s.-a.)Lackawanna RR.of N.J., 4% gtd.(au)
31
$14
N.Y. Lacks.& West.,5% gtd.(quar.)
$2
Norfolk & Western, common (quar.)
North. RR.of New Jer. 4% gtd. (quar.) $1
$IR
Peterborough (s.-a.)
75e
Pitts. Bees.& Lake Erie corn. (s.
-a.)
6% preferred (quar.)
156%
Pittsburgh Fort Wayne & Chicago (qu.) 114%
%
7% preferred (guar.)
%
Quarterly
7% preferred (quar.)
114%
Pittsburgh Youngstown & Ashtabula
%
7% preferred (quar.)
50c
Reading Co., 1st preferred (quar.)
500
2d preferred (quar.)
514
Union Pacific, coin.(quar.)
$2
Preferred (s.-a.)
5215
United N.J. R12..4 Canal Co.(quar.)
West Jersey & Seashore, corn. (5.-a.).-- $156
%
special guaranteed (s.
6%
-a.)
Public Utilities.
Alabama Power Co.,$7 Prof.(quar.)
$6 preferred (quar.)
55 preferred (quar.)
American Tel. & Tel. Co. (quar.)
American Water Works & Electric Co..
$6 1st preferred (guar.)
Bangor Hydro-Elec., 7% pref. ((muer.)
6% preferred (guar.)
Bell Telep. Co. of Can., corn.(quer.)
Birmingham Wat. Wks.,6% pt.((must.).
Boston Elevated Ry.(quar.)
Bridgeport Gas Light CO. (guar.)
13klyn.& Queens Transit Corp., pf.(au.)
Brooklyn Union Gas Co.(quar.)
Ituffalo,Niagara & Eastern Pow., pf.(qU)
5% lot preferred (guar.)
Butler Water, 7% pref. (quar.)
Can. Northern Pr. Corp. Ltd., coin.(qu.)
7% preferred (quar.)
Caroline Tel.& Tel. Co.(quar.)
z
Books Closed
Days Inclusive.
Jan. 1 Holders of rec. Dec. 15
Oct. 2 Holders of rec. Sept. 2
Oct. 2 Holders of rec. Sept. 2
Sept. 30 Holders of rec. Aug. 31
Oct. 1 Holders of rec. Sept.20a
Oct. 10 Holders of rec. Sept. 30
Oct. 10 Holders of rec. Sept. 30
Sept. 5 Holders of rec. Aug. 19
Dec. 1 Holders of rec. Nov. 10
Dec. 1 Holders of rec. Nov. 10
Oct. 2 Holders of rec. Sept. 16
Oct. 3 Holders of rec. Sept. 16
Jan 134 Holders of rec. Dec. 15
Sept. 9 Holders of rec. Aug. 31
Dec. 10 Holders of me. Nov. 30
Dec. 1 Holders of rec. Nov. 30
Oct. 15 Holders of rec. Sept. 30
Aug. 31 Ilolders of rec. Aug. 21
Oct. 2 Holders of rec. Spet. 8
Oct. 2 Holders of rec. Sept. 15
Sept. 19 Holders of rec. Aug. 31
Dec. 1 Holders of rec. Nov. 20
Oct. 2 Holders of rec. Sept. 25
Oct. 1 Holders of rec. Sept. 15
Dee. 1 Holders of rec. Nov. 15
Oct. 1 Holders of rec. Sept. 9
Oct. 3 Holders of rec. Sept. 9
Jan.214 Holders of roe. Dec. 9
Jan.4'34 Holders of roe. Dec. 9
Deo. 1 Holders of roe. Nov.20
Sept. 14 Holders of rec. Aug. 24
Oct. 12 Holders of rec. Sept. 21
Oct. 2 Holders of rec. Sept. 1
Oct. 2 Holders of rec. Sept. 1
Oct. 10 Holders of rec. Sept. 20
Jan 1'34 Holders of rec. Dec. 15
Dee. 1 Holders of rec. Nov. 15
$114
5115
$1 1
4
5211
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Nov. 1 Holders of rec. Oct. 16
Oct. 16 Holders of rec. Sept. 15
$115
114%
115%
r $14
$115
5156
600
$115
515.5
40e
$114
$111
20e
114%
$24
Oct. 2 Holders of rec. Sept. 8
Oct. 2 Holders of rec. Sept. 11
Oct. 2 Holders of rec. Sept. 11
Oct. 16 Holders of rec. Sept. 23
Sept. 15 Holders of rec. Sept. I
Oct. 1
Sept. 30 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 1
Oct. 2 Holders of rec. Sept. 15
Nov. 1 Holders of roe. Oct. 14
Sept. 15 Holders of rec. Sept. 1
Oct. 25 Holders of rec. Sept. 30
Oct. 18 Holders of roe. Sept. 30
Oct. 2 Holders of rec. Sept. 25
Name of Company.
Public Utilities (Concluded).
Central Kansas l'ow.. 7% pref. (quar.)_
7% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Coast Counties Gas & El.,6% pref.(qu.)
Commonwealth & Southern Corp.,
$6 preferred (guar.)
Connecticut Elec. Service Co. (guar.)
Consol. Gas Co. of N. Y., com.(quar.)
Consol. Gas, Elect. & Pow. Co. of Bait.
Common (quar.)
5% series A preferred (guar.)
8% series D preferred (guar.)
555% series E preferred (quer.)
Consumers Power Co., $5 pref. (quar.).
6% preferred (quar.)
6.6% preferred (guar.)
7% preferred (guar.)
6% preferred (monthly)
6.6% preferred (monthly)
Continental 0.& El. Corp.,7% pr.(qu.)
Duquesne Light Co., lot pref.(quar.)- -El Paso Elec.(Del.),7% pref. A (quar.)_
56 pref. Hand 6% pref.(guar.)
Elizabeth & Trenton RR. 03.-a )
5% preferred (s. )
-a
Empire & Bay State Tel.,4% gtd.(q u.)Empire Power Corp.. $6 pref.(quar.) _ _ _
Escanaba Pow.& Trao.8% pref.(qu.)..
0% preferred (guar.)
Gulf States Utilities Co.,$6 pf (quar.)_ _
5.555 preferred (quar.)
Illinois Bell Telephone Co.(quar.)
Jamaica Public Service, 7% pref.(quar.)
Kings County Light,7% pref. B (quar.)_
5% preferred D (quar.)
Laclede Gas Light Co.,com.(quar.)_ _ _ _
Lexington Utils. Co.. 655% prof.(guar.)
Lindsay Light Co., 7% pref. (quar.)...._
Lone Star Gas Corp., corn.(quar.)
6% preferred (Oust.)
Long Island Lighting. 7% pref. A (quar.)
6% preferred B (quar.)
Louisville Gas & Electric Co.(Del.)—
Class A dr. B common (quar.)
Memphis Natural Gas Co.,$7 pref.(qu.)
Mississippi Vail. P.S.,6% p1.13 (guar.) _
Munice Water Works, 8% pref. (quar )_
Nassau & Suffolk Ltg. Co.,7% pf.(qu.)New Eng. G & E. Assoc., $555 pf. (qu.)
New England Telep. Si Teleg.(quar.) _
New Jersey P.Si Lt.,$6 pref.(guar.).
$5 preferred (guar.)
New York Queens El. Lt. & Pow. (qu.)
New York Steam Corp.,$7 pref.(guar.) _
$6 preferred (quar.)
New York Telephone,655% pref.(quar.)
Newark Telephone Co. (guar.)
Northern Ontario Power Co., corn. (qu.)
6% preferred (Ouar.)
Oklahoma Gas& Elec..
pref.(quar.)_
6% preferred (quar.)
Peninsular Telep. CO.. 7% pref. (Ouar.)
7% preferred ((War.)
Pennsylvania Tel. Co.,6% pf. (quar.) _
Pennsylvania Water & Power Co.—
Common (quar.)
Preferred (quar.)
Philadelphia Co.,56 preference (quar.) $5 preference (quar.)
Philadelphia Elec.Pow.Co.,8% pfd.(qu)
Philadelphia Germantown Si Norristown
RR. Co. (quar.)
Ponce Electric,7 pref. (guar.)
Public Service Corp. of N..1.. corn. (q1.1.)
8% preferred (attar.)
7% Preferred (quar.)
5.5 preferred (quar.)
6% preferred (monthly)
Public Service Co. of Okla..
pf.(qu.)
6% preferred (quar.)
Public Service Elec. Si Ga.s, 7% pt.(qu.)
$5 preferred (quar.)
Shenango Valley Water Co.6% pf.(au.)
South Carolina Power Co.. 58 pf. (qu.)_
So. Calif. Edison Co., Ltd.
7% preferred series A (quar.)
6% preferred series 13 (quar.)
Telephone Invest. Corp.(mthly.)
Tennessee Elec.Pow.Co.,7.2% pf•(On.)
7% Preferred ((must.)
6% preferred (quar.)
5% preferred (quar.)
7.2% preferred (monthly)
6% preferred (monthly)
United Corp., preference (quar.)
United Companies of New Jersey (qu.).
United Gas Si Elec. Corp., pref. (quar.)_
United Gas Improvement (quar.)
Preferred (guar.)
Virginia Public Service, 7% pref. (quar.)
6% preferred (guar.)
Virginia Elec. Si Pow.$6 prof.(quar.) - West Penn Electric Co., class A (quar.)_
West Penn Power Co., 7% pref. (quar.)_
6% Preferred (quar.)
Wisconsin Mich. Power,6% pref. (qu.)_
Fire Insurance Companies.
Boston Ins. Co.(s.
-a.)
Glens Falls Ins. (guar.)
National Fire Ins. Co.(quar.)
North River Ins. Co.(quar.)
1719
For
When
Share. Payable.
156%
111%
115%
115%
115%
Books Closed
Days Inclusive.
Oct. 15 Holders of
1-15-34 Holders of
Oct. 15 Holders of
1-15-34 Holders of
Sept. 15 Holders of
rec. Sept. 30
rec. Dec. 31
rec. Sept. 30
rec. Dec. 31
rec. Aug. 25
$1 14 Oct. 2 Holders of rec. Sept. 8
75e Oct. 1 Holders of rec. Sept. 15
85e Sept. 15 Holders of rec. Aug. 7
90e Oct. 2 Holders of rec. Sept. 15
514 Oct. 2 Holders of rec. Sept. 15
$155 Oct. 2 Holders of rec. Sept. 15
514 Oct. 2 Holders of rec. Sept. 15
514 Oct. 2 Holders of rec. Sept. 15
$115 Oct. 2 Holders of rec. Sept. 15
$1.65 Oct. 2 Holders of rec. Sept. 15
$111 Oct. 2 Holders of rec. Sept. 15
50c Oct. 2 Holders of rec. Sept. 15
55c Oct. 2 Holders of rec. Sept. 15
$14 Oct. 2 Holders of rec. Sept. 130
5155 Oct. 16 Holders of rec. Sept. 15
156% Oct. 16 Holders of rec. Sept. 29
5155 Oct. 16 Holders of rec. Sept. 29
51
Oct. 1 Holders of rec. Sept. 20
$115 Oct. 1 Holders of rec. Sept. 20
Dec. 1 Holders of rec. Nov. 20
$1
$134 Oct. 1 Holders of rec. Sept. 15
IX% Nov. 1 Holders of roe. Oct. 27
156% 2-1-34 Holders of rec. Jan. 27
$115 Sept. 15 Holders of rec. Sept. 1
$115 Sept. 15 Holders of me. Sept. 1
$2
Sept.30 Holders of rec. Sept. 29
156% Oct. 2 Holders of rec. Sept. 15
134% Oct. 2 Holders of rec. Sept. 18
134% Oct. 2 Holders of rec. Sept. 18
$156 Sept. 15 Holders of rec. Sept. 1
156% Sept. 15 Holders of rec. Spet. 1
1715e Sept. 30 Holders of rec. Sept. 18
j16c Sept. 30 Holders of rec. Sept. 15
UR Sept.30 Holders of rec. Sept. 15
5156 Oct. 1 Holders of rec. Sept. 15
$155 Oct. I Holders of rec. Sept. 15
434c
$156
$115
$2
%
$14
$14
$14
$14
$2
$14
514
136%
$1
500
115%
14%
155%
155%
111%
115%
75e
3134
514
$14
50c
Sept.25 Holders of rec. Aug. 31
Oct. I Holders of rec. Sept. 20
Oct. 1 Holders of rec. Sept. 21
Sept. 15 Holders of rec. Sept. 1
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Aug. 31
Sept.30 Holders of rec. Sept. 11
Oct. 1 Holders of roe. Aug. 31
Oct. 1 Holders of rec. Aug. 31
Sept. 14 Holders of rec. Sept. 1
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 16 Holders of rec. Sept. 20
Sept. 10 Holders of rec. Aug. 31
Oct. 25 Holders of rec. Sept. 30
Oct. 25 Holders of rec. Sept. 30
Sept. 15 Holders of rec. Aug. 31
Sept. 15 Holders of roe. Aug. 31
Nov. 15 Holders of rec. Nov. 5
2-15-34 Holders of rec. 2-5-34
Oct. 2 Holders of rec. Sept. 15
Oct.
Oct.
Oct.
Oct.
Oct.
2 Holders of
2 Holders of
2 Holders of
2 IIolders of
1 Holders of
rec. Sept. 15
rec. Sept. 15
rec. Sept. 1
rec. Sept. 1
rec. Sept. 5
$136
134%
700
$2
$111
$14
50c
$111
$14
156%
$14
14%
5156
Sept. 5 Holders of rec. Aug. 19
Oct. 2 Holders of rec. Sept. 15
Sept. 30 Holders of rec. Sept. 1
Sept.30 Holders of rec. Sept. 1
Sept.30 Holders of rec. Sept. 1
Sept. 30 Holders of rec. Sept. 1
Sept.30 Holders of rec. Sept. 1
Oct. 2 Holders of rec. Sept. 20
Oct. 2 Holders of roe. Sept. 20
Sept. 30 Holders of rec. Sept. 1
Sept.30 Holders of rec. Sept. 1
Dec. 1 Holders of rec. Nov.20
Oct. 1 Holders of rec. Sept. 15
111%
115%
20e
$1.80
5111
$115
513.4
600
500
75e
$24
111%
300
$111
5111
$1 !,4
$155
$111
111%
156%
%
Sept. 15 Holders of roe. Aug. 19
Sept. 15 Holders of rec. Aug. 19
Oct. 1 Holders of rec. Sept.20
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15.
Oct. 2 Holders of rec. Aug. 31
Oct. 10 Holders of rec. Sept. 20
Oct. I Holders of rec. Sept. 15
Sept.30 Holders of rec. Aug. 31
Sept. 30 Holders of roe. Aug. 31
Oct. 1 Holders of rec. Sept. 11
Oct. 1 Holders of rec. Sept. 11
Sept.20 Holders of rec. Aug. 31
Sept. 30 Holders of rec. Sept. 18
Nov. 1 Holders of rec. Oct. 5
Nov. 1 Holders of rec. Oct. 5
Sept.15 Holders of rec. Aug. 31
$4
40e
500
15c
Oct. 2 Holders of rec. Sept 20
Oct. 1 Holders of rec. Sept. 15
Oct.
Sept. 11 Holders of rec. Sept. 1
Miscellaneous.
Abbott Laboratories, Inc.(quar.)
50c Oct. 1 Holders of roe. Sept. 14
Adams Express Co., pref. (guar.)
$IR Sept. 30 Holders of rec. Sept. 15
Allied Atlas Corp., liquidating
$15
Alpha Portland Cement. 7% pref. (qu.)_ 156% Sept. 15 Holders of rec. Sept. 1
Aluminum Mfg..Inc..corn.(quar.)
50o Sept.30 Holders of rec. Sept. 15
Common (guar.)
50o Dee. 31 Holders of rec. Dec. 15
Preferred (quar.)
$111 sept.30 Holders of roe. Sept. 15
Preferred ((muar.)
514 Dec. 31 Holders of roe. Dec. 15
American Bank Note Co., Prof. (quar.)
750 Oct. 2 Holders of rec. Sept. 11
American Chicle Co.(quar.)
50e Oct. 2 Holders of rec. Sept. 12
Extra
25c Oct. 2 Holders of rec. Sept. 12
American Cigar Co., corn. (quar.)
$2 Sept. 15 Holders of rec. Sept. 2
Preferred (quar.)
$14 Oct. 2 Holders of rec. Sept. 15
American Envelope Co.7% pf.(quar.).._ 154% Dec. 1 Holders of ree. Nov.25
American Hardware (guar.)
250 Oct. 1 Holders of rec. Sept. 16
Quarterly
25e 1-1-34 Holders of roe. Dec. 16
American Home Products (monthly)
20e Oct. 2 Holders of roe. Sept. 14
American News Co., corn. (bi-monthly)_
200 Sept. 15 Holders of rec. Sept. 5
American Safety Razor Corp. (quar.)_ _ _
750 Sept. 30 Holders of rec. Sept. 8
American Steel Foundries, pref
50c Sept. 30 Holders of rec. Sept. 15
American Stores Co.(quer.)
50e Oct. 1 Holders of rec. Sept. 15
Extra
500 Dee. 1 Holders of rec. Nov. 15
Quarterly
50c Jan 1'34 Holders of rec. Dec. 15
Amer.Sugar Refining Co.. CUM (q uar.)_
50e Oct. 2 Holders of rec. Sept. 5a
Preferred (quar.)
$14 Oct. 2 Holders of rec. Sept. 50
Angostura-Wup'm'n,initial(quer.)
Sc Oct. 1 Holders of rec. Sept. 15
Financial Chronicle
1720
Name of Company
When
Per
Cent. Payable.
Books Closed
Dome Inelostet.
Miscellaneous (Continued).
$134 Oct. 2 Holders of rec. Sept. 11
Armour & Coot Del.. pref.(quar)
$1 Sept.30 Holders of rec. Sept. 20
Associates Investment Co., corn.(qu.)
$I% Sept.30 Holders of rec. Sept. 20
Prefer red (guar.)
1 250 Sept. 15 Holders of rec. Aug. 21
Atlantic Refining Co.. corn.(quar.)
$14 Sept.15 Holders of rec. Aug. 31
Baldwin Co., prof. A (guar.)
51.4 Oct. 14 Holders of rec. Sept. 30
Cum. preferred (guar.)
$1% Vet. I Holders of Fee. Sept 2n
Barber(W.H.), pref. (guar.)
750 Oct. 2 Holders of rec. Sept. 12
Beech-Nut Packing Co.,corn.(guar.).13elding-Corticelli. Ltd.. pref.(guar.).-- S1534 Sept.15 Holders of rec. Aug. 31
5134 Dec. 1 Holders of roe. Nov. 25
Black-Clawson Co., pref.(guar.)
37 41.53 Nov. 15 fielders of rec. Nov. Ii
Bloch Bros. Tobacco (guar.)
5154 Sept. 30 Holders of rec. Sept. 25
Preferred (guar.)
Si Is Dec. 35 Holders If rec. Dec. 25
Preferred ((luar.)
250 Oct. 2 Holders of rec. Sept.15
Bohn Aluminum & Brass(guar.)
SI Ott. 30 Holders of rec Oct. 15
Bon And Co.. common A (guar.)
50c Oct. I Holders of rec. Sept. 24
COmrilOn B (quar.)
$134 Oct. 1 Holders of rec. Sept. 15
Borg-Warner Corp. pref. (guar.)
12 Holders of rec. Jan Il
45
c Jab
Bernet. Inc., class A
250 Sept.30 Holders of rec. Sept. 20
Briggs & Stratton Corp., corn.(guar./ --10d Sept.30 Holders of roe. Sept. 2
British-American Tobacco Co., Ltd., ord
75e Sept. 16 Holders of rec. Aug. 25
Buckeye Pipe Line Co. (guar.)
Si
Ott. i Holders of rec. Sept. 15
Burger Bros.,8% pref. (guar.).- - -Burma Corp., Ltd., Am.dep. rec. (final) w334A Oct. 21 Holders of rec. Sept. 14
u;AA Oct. 21 Holders of rec. Sept. 14
Bonus
10c Sept. U Holders of rec. July 31
Burroughs Adding Machine Co.(guar.).
40e Oct. I Holders of rec. Sept. 15
Calamba Sugar Estates, corn. (quar.)
350 Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
50c Oct. 2 Holders of rec. Sept. 21
California Ink Co.(guar.)
8%
Canada Starch, Ltd.. 7% pref
Canadian Cotton, Ltd., pref. (guar.)... $134 Oct. 4 Holders of me. Sept. 16
750 Oct. I Holders of rec. Sept.15
Canadian General Elec.(guar.)
8734c Oct. 1 Holders of roe. Sept.15
Preferred (guar-)
$134 Oct. 1
Carnation Co.,7% pref.(guar.)
El%
1-1-34
7% preferred (guar.)
Sept.15 Holders of roe. Sept. 9
$l
Carter(Wm.)Co.. pref.(guar.)
ne sew. Si Holders of me Jo.. 14
Cartier. Inc.. 7% oral
31 Oct. 1 Holders of roc. Sept. 12
Case(J.1.) Co., pref.(guar.)
leo. Nov. IC Holders of tee Nov o
Centrifugal Pipe Line Cors.cati.stk.luu.I
Coated Paper Co.,
Champion
$1 34 Oct. 1 Holders of roe. Sept. 20
1st & special preferred (guar.)
$131 Oct. 1 Holders of rec. Sept. 20
Champion Fibre Co.. pref.(guar.)
$1 Sept.29 Holders of rec. Sept. 5
Chesebrough Mfg. Co.(guar.)
50c Sept.2d Holders of me. Sept. 5
Extra
Christina Securities, 7% prof. (guar.)._ _ 5134 Oct. 2 Holders of rec. Sept. 18
50e Sept. 15 Holders of rec. Aug. 15
Chrysler Corp. corn., special (guar.).
Cincinnati Wholesale Grocery. prof.(qu.) 5134 Oct. 1 Holders of ree. Sept.15
50c Sept.30 Holders of rec. Sept.15
City Ice dr Fuel. common (guar.)
1g % Sept.15 Holders of roe. Aug. 31
Clark Equipment,7% pref.(quar.)
500 001. 1 Holders of rec. Sept. 20
Clorox Chemical Co..el. A (qual.)
S00 Jan C34 Holders of roe. Dee. 20
Quarterly
3134 Oct. 2 Holders of rec. Sept. 12
Coca Cola Co.,common (guar.)
.
$134 Oct. 1 Holders of me. Sept 11
Co.,of.(qu.)__ _
Colgate-Palmolive-Peet
$134 Jan. 1 Holders of rec. Dec. 11
Preferred (guar.)
1734e Sept. 15 Holders of rec. Sept. 1
Colonial Finance Corp. of R.I., 7% pf
25e Sept.20 Holders of rec. Sept. 9
Colt's Patent Fire Arms Mfg. Co.(qu.).
500 Oct. 1 Holders of rec. Sept. 5
Comm'i Invest. Trust Corp. corn. (qu.).
Convertible pref., orig. series 1929(qu) m$114 Oct. 1 Holders of rec. Sent. 5
35e Sept.15 Holders of me. Aug. 31
Compressed Industrial Gases, Inc. (qu.)
41 Sept. 30 Holders of rec. Sept 25
Confederation Life Assoc. (quar.)
$1 Dec. 31 Holders of roe. Dec. 25
Quarterly
Congoleum-Nairn, Inc.. 7% PI• (guar.)- 1g% Nov. 1 Holders of roe. Aug. 15
20e Sept. 15 Holders of rec. Sept. 1
Cord Corp
Cottrell (C. B.)& Sons Co.
Ili% Oct. I
6% preferred (guar.)
1st% 1-1-34
6% preferred (guar.)
Creameries of America, pref. A ((Mar.).- 87Si c Sept. 10 Holders of rec. Aug. 10
67e Sept. 15 Holders of rec. Aug. 31a
Crown Cork & Seal Co., Inc.. pref.(qu.)
Oct. 1 Holders of rec. Sept. 13
Crown Willamette Co.. let pref.(guar.). /151
134% Sept. 15 Holders of rec. Sept. 1
Cuneo Press, Inc.. 61.4% pref. (guar.)
Dominion Bridge Co.. Ltd., corn.(guar) r50c Nov. 15 Holders of rec. Oct. 31
u30c Oct. 2 Holders of rec. Sept.15
Dominion Stores, Ltd.(guar.)
;SI Oct. 2 Holders of ree. Sept.15
Dominion Textile Co., Ltd., corn.(qu.)
Mg Oct. 16 Holders of rec. Sept.30
Preferred (guar.)
373-4c Sept.21 Holders of roe. Sept. 1
Douglas Aircraft CO,Inc. 5,1
( 0
82 Oct. 2 Holders of ree. Sept.20
Duplan Silk Corp., pref.(guar.)
50c Sept.15 Holders of rec. Aug. 30
E.1.duPont de Nemours & Co.,com.(qu.)
$134 Oct. 25 Holders of roe. Oct. 10
Debenture stock (guar.)
75e Oct. 2 Holders of rec. Sept. 5
Eastman Kodak Co.. cam.(fluor.)
$114 Oct. 2 Holders of rec. Sept. 5
Preferred (guar.)
373-ie Sept.15 Holders of rec. Aug. 21
El Dorado Oil Works (guar.)
600 Nov. 15 Holders of me. Nov. 4
Ewa Plantation (guar.)
500 Oct. 1 Holders of roe. Sept. 15
Faultless Rubber Co.. corn. (guar.).$134 Oct. 2 Holders of rec. Sept. 15
(guar.)
Florsheim Shoe Co., pref.
Freeport.Texas Co. preferred (guar.).- $134 Nov. 1 Holders of roe. Oct. 13
$134 Sept.15 Holders of rec. Sept. 5
Gamewell Co., pref.(guar.,
$114 Dec. I Holders of roe. Nov.24
General Cigar Co.. pref.(quar.)
100 Oct. 25 Holders of rec. Sept.29
General Electric (guar.)
150 Oct. 25 Holders of rec. Sept.29
Special(guar.)
$134 Oct. 2 Holders of rec. Sept. 14
General Mills. Inc., pref.(guar.)
25e Sept. 12 Holders of rec. Aug. 17
General Motors Corp.. corn. (quar.)....
$134 Nov. 1 Holders of rec. Oct. 9
$5 preferred (quar.)
$134 Sept. 5 Holders of roe. Sept. 2
Gen. Outdoor Advertising Co., pr.(qu.)_
250 Oct. 1 Holders of roe. Sept. 8
General Ry. Signal Co., corn.(guar.)._ _
$134 Oct. 1 Holders of rec. Sept. 8
Preferred (guar.)
1266-19 Sept.30 Holders of roe. Sept. 5
Gillette Safety Razor (qual.)
$134 Nov. 1 Holders of rec. Oct. 2
$5 preferred (guar.)
373.Ie Oct. 2 Holders of rec. Sept. 11
Goldblatt Bros., corn.(guar.)
$134 Sept.30 Holders of roe. Sept. 16
Gold Dust Corp., $6 prof.(guar.)
400 Sept. 15 Holders of rec. Aug. 31
Golden Cycle Corp. (guar.)
50e Sept.29 Holders of rec. Sept 29
Goodman Mfg (guar.)
500 Oct. 2 Holders of rec. Sept. 1
Goodyear Tire & Rubber.7% pref.(qu.)
750. Oct. 1 Holders of roe. Sept. 20
Gottfried Baking Co., Inc.. el. A (quar.)
% Oct. 2 Holders of res. Sept. 20
Preferred (guar.)
134% Jn.2 '34 Holders or rec. Dec. 20
Preferred (quar.)
3% Doe. 29 Holders of res. Deo. 27
Grace 1W It 1 & Co et% pref (5.
-a.)
Great West Eleetro-Chem. 1st p1.(qu.). 5134 Oct. 1 Holders of roe. Sept.20
25e Oct. 2 Holders of roe. Sept.15
Halide! CO..corn.(guar.)
25e Oct. 2 Holders of roe. Sept.15
Extra
$134 Oct. 2 Holders of roe. Sept.15
7% preferred(mien)
Hammermill Paper Co.,6% prof.(guar.) 134% Oct. 2 Holders of rec. Sept.15
$134 Sept.20 Holders of roe. Sept. 5
Hanna(M. A.) Co., $7 prof.(guar.)._
$2
Oct. 20 Holders of roe. Oct. 10
Hannibal Bridge Co.. Com- (guar.)
134% Oct. 1 Holders of roe. Sept. 21
Harbauer Co., 7% pref.(Qua?.)
134%1-1-34 Holders of me. Dee. 21
7% preferred (quid.)
% Dec. 1 Holders of roe. Nov. 15
Hardesty (H.), 7% prof. (guar.)
5% Sept. 6
Harrods, Ltd.,ord.reg
% Sept.16
Preferred (s
-a)
Heyden Chemical Corp.. pref. (guar.)._ $134 Oct. 1 Holders of rec. Sept.21
100 Sept.29 Holders of rec. Sept. 22
Hibbard, Spencer. Bartlett & Co.(mo.)
Hiram Walker-Cood'm & worts PI.(qu.) r25e Sept.15 Holders of roe. Aug. 25
T 1% Sept. 9 Holders of roe. Aug. 25
Hollinger Copse'. Gold Mines. Ltd
r 1% Sept. 9 Holders of rec. Aug. 25
Extra
25e Sept.10 Holders of rec. Aug. 31
Honolulu Plantation (monthly)
50c Oct. 1 Holders of roe. Sept. 1
Humble Oil& Refining Co.(guar.)
Imperial Tobacco Co.of Can.,ord.shs_ r 134% Sept.30 Holders of rec. Aug. 30
r 3% Sept.30 Holders of me. Aug. 30
Preferred (s.
-a.)
Imperial Tobacco Co. of Great Britain &
w6g% Sept. 9 Holders of reef. Aug. 16
Ireland, Ltd., common,interim
Internat. Business Mach. Corp. (guar.) $14 Oct. 10 Holders of roe. Sept.22
15e Oct. 16 Holders of rec. Sept.20
International Harvester Co.„ corn.(qu.).
r28e Sept.15 Holders of roe. Aug. 31
International Petroleum Co., Ltd
125e Oct. 2 Holders of rec. Sept.20
Internat. Safety Razor Corp.. el. B (qu.)
3734e Oct. 2 Holders of rec. Sept.I5a
International Salt Co.(guar.)
500 Oct. 1 Holders of res. Sept. 15
International Shoe, pref. (monthly)
500 Nov. 1 Holders of ma. Oct. 15
Preferred (monthly)
50es Dec. 1 Holders of me. Nov. 15
Preferred (monthly)
Oct. I Holders of rec. Sept.15
$2
Intertype Corp. Mt pref. (s.
-a.)
75c Oct. 16 Holders of me. Oct. 2
Jewel Tea Co., Inc.. corn. (guar.)
250 Oct. 2 Holders of roe. Sept. 13
Laughlin Steel Corp.7% prof
Jonas &
500 Sept.15 Holders of roe. Aug. 31
Katz Drug Co.. corn.(guar.)
$134 Oct. 2-Holders of rec. Sept.15
Preferred (guar.)
Name of Company.
Sept. 2 1933
When
Per
Cent. Payable.
Books Closed
Days Inductee.
Miscellaneous (Continued).
.
Keystone Steel & Wire Co., 7% pref.-- A8314 Sept 11 Holders of me. Aug. 26
$11.4 Oct. 1 Holders of rec. Sept. 12
Kimberly-Clark Corp., prof. (quar.).._ _
250 Oct. 1 Holders of rec. Sept. 20
Klein(D.Emil)(quar.)
Kroger Grocery & Baking 1st pref. (qu.) $114 Sept.30 Holders of roe. Sept. 20
$134 Nov. 1 Holders of roe Oct. 20
2d preferred (guar.)
750e Sept.15 Holders of rec. Sept. 1
Lake Shore Mines, Ltd.(quar.)
37340 Sept. 30
Landers rrary es Clark (unto.)
37340 Dee. 31
Quarterly
54.516
Leaders of Industry Shares A
Lehigh Portland Cement Co., pref.(qu.) 87340 Oct. 1 Holders of rec. Sept. 14
3.5e Sept.15 Holders of rec. Sept. 1
(guar
Losile-Califortila Salt Co., eon,
Liggett & Myers Tobacco Co., pref.(qu.) $134 Oct. 2 Holders of rec. Sept. 11
37Sic Sept.15 Holders of rec. Sept. 1
1.1Iy Tulip Cup Co.(guar.)
700. Nov. 1 Holders of roe. Oct 26
Ineolis National life Ins Cc oar stook
,
Link-Belt Co.,6 54% preferred (quar.).. 1g% Oct. 1 Holders of roe. Sept.15
34e Sept.30 Holders of rec. Sept.30
Lock Joint Pipe Co (monthly)
$2 Oct. 2 Holders of rec. Oct. 2
8% preferred (quar)
25e Sept. 30 Holders of rec. Sept. 15
Loew's. Inc., corn.(Qum.)
Loose Wiles Biscuit Co.. pref. (ClUar.)- $134 Oct. 1 Holders of rec. Sept. 18a
$134 Oct 2 Holders of roe. Sept 22
I,u n kennelrner Co.,prof.(otiar.1_
-Magnin (I.)
Co.. 6% Oral (quar.).... 134% Nov. 15 Holders of rec. Nov. 5
..
750 Oct. 2 Holders of roe. Sept. 15
Mapes Consolidated Mfg. Co.(guar.).
75e Jan 234 Holders of rec. Dec. 15
Quarterly
75e Apr 234 Holders of rec. Mar. 15
Quarterly
75e July2'34 Holders of rec. June 15
Quarterly
Mathieson Alkali Works, corn. (qual.).. 37Sic Oct. 2 Holders of rec. Sept. 8
$134 Oct. 2 Holders of rec. Sept. 8
Preferred (quar.)
50e Sept.15 Holders of rec. Sept. 1
Mayflower Association (guar.)
sieClatehy Newspaper. 7% pref.(guar.) 43340 Doe. 1 Holders of roe. Dec. 1
McColl Frontenac 011 Co. corn. (guar.). r15e Sept.15 Holders of roe. Aug. 15
5e Sept. 15 Holders of rec. Aug. 15
M erland Oil Co.of Canada
25c Oct. 2 Holders of rec. Sept. 16
Mesta Machlne
$134 Oct. 2 Holders of rec. Sept. 16
Preferred (guar.)
Metro-Goldwyn Pictures pref. (qual.).. 134% Sept.15 Holders of roe. Aug. 31
$134 Oct. 2 Holders of rec. Sept 15
Mitchell (J
& Co.. Ltd.. pf.(guar )
Monoghan (Victor) Co.. 7% pref. (411.) $134 Oct. 2 Holders of roe. Sept.20
31140 Oct. 2 Holders of rec. Sept. 9
Monsanto Chemical Co.(guar.)
Montreal Cottons, Ltd.. pref. (quar.)_. $134 Sept.15 Holders of me. Aug. 31
3% Sept.15 Holders of rec. Aug. 24
Montreal Loan & Mtge.(guar.)
Moore (w m.) Dry floods Co.(Qua?.).. $134 Oct. 1
$134 1-1-'34
Quarterly_
_ ____
150c Sept.15 holders of rec. Aug. 26
Morrell (J.) & Co., Inc., corn. (quar.).
Morris 50. Ifie to $I Ste., 7% pf.(au.) 134% Oct. I
1St % 1-2-34
7% preferred (guar.)
$1% Sept.30 Holders of roe. Sept. 20
Morris Finance, A (guar.)
27Sic Sept. 30 Holders of rec. Sept.20
Class B (guar.)
5134 Sept.30 Holders of rec. Sept.20
7% preferred (guar)
Dec. I Holders of me. Nov 24
$I
Morris Plan Ins. Soc. (quar.)
Sept.30 Holders of roe. Sept.21
$2
Motor Finance.8% preferred (guar.)
50e Dee. 15 Holders of roe. Nov. 8
Nashua Gummed dr Coated Paper
$134 Oct. 2 Holders of rec. Sept.25
7% preferred (guar.)
$134 Jan. 2 Holders of rm. Dee. 21
7% preferred (guar.)
250 Sept.15 Holders of roe. Aug. 31
National Bond & Share Co.(quar.)
National Breweries, Ltd., CM.(quar.)_. r 40e Oct. 2 Holders of me. Sept. 15
r 44e Oct. 2 Holders of me. Sept. 15
Preferred (guar.)
50c Dec. 1 Holders of rec. Nov. 15
National Container Corp.. pref. (guar.)
Oct. 16 Holders of res. Oct. 2
(en
National Distillers Products Corp.. corn_
150 Oct. 1 Holders of rec. Sept. 11
National Finance Corp. of Amer. (qu.).
15e Oct. 1 Holden of roe. Slept. 11
6% preferred (guar.)
15c Oct. 1 Holders of me. Sept. II
Extra
Sept. 30 Holders of rec. Sept. 15
National Lead Co., common (quar.)---$134 Sept. 15 Holders of refs. Sept. 1
Class A preferred (quar.)
$14 Nov. 1 Holders of roe. Oct. 20
Class B preferred (guar.)
60e Sept.15 Holders of rec. Aug. 31
National Sewer Pipe Co.. Ltd.el. A (qu.)
50c Oct. 2 Holders of roe. Sept. 1
National Sugar Refining Co.of N.J.(qu)
15e Oct. 1 Holders of roe. Sept. 15
Newberry (J. J.) Co.. corn.(guar.)
15e Oct. 14 Holders of rec. Sept. 22
New York Transit Co.(guar.)
Niagara Share Corp. of Md.$14 Oct. 1 Holders of reo Sept 15
Class A $6 preferred (guar.)
$114 Jan 2'34 Holders of roe Dee. 15
Class A $6 preferred (guar.)
Nineteen Hundred Corp.. elan A (Guar) 50e. Nov. 15 Holders of rec Nov 1
02% Oct. 2 Holders of rec. Sept. 5
North American Co., common (qual.)
1Si% Oct. 2 Holders of rec. Sept. 5
Preferred (guar.)
No. Cent. Texas Oil Co.. pref.(guar.).
- 5154 Oct. 2 Holders of rec. Sept. 11
76e Dec. 1 Holders of roe. Nov 155
Northam Warren Corp., pref. (qual.).Norwalk Tire & Rubber Co., pref. (qu.) 87)40 Oct. 1 Holders of rec. Sept. 22
Oct. 1 Holders of roe. Sept. 20
$1
Norwich Pharmaeal Co.(guar.)
50 Sept.15 Holders of rec. Sept. 9
Oahu Sugar (monthly)
25e Oct. 1 Holders of nee. Sept. 9
Ohio Finance Co.(guar.)
$2 Oct. 1 Holders of rec. Sept. 1
8% preferred (quar)
$14 Sept.15 Holders of rec. Aug. 3
Ohio Oil Co.. pref.(quar.)
50c Sept.15 Holders of roe. Sept. 1
Peeler dr Ford. Ltd., Inc.from.(quar.)
500 Sept.15 Holders of rec. Sept. 1
Extra
25e Oct. 1 Holders of roe. Sept. s
Peoples Drug Stores, Inc., corn.(quar.).
$134 Sept.15 Holders of roe. Sept. I
Preferred (guar.)
25e Sept.25 Holders of rec. Sept. 6
Pet Milk Co., common (guar.)
$134 Oct. 1 Holders of roe. Sept. 9
Preferred (guar.)
15e Oct. 2 Holders of roe. Sept. 8
Pioneer Gold Mnesof B.C.,corn.(guar.)
US( Sept.15 Holders of roe. Aug 25
Procter & Gamble Co.,5% pref.(quar.)_
$4 Oct. I Holders of rec. June 30
Puritan Ice Co., preferred (s.
-a.)
$1 Oct. 16 Holders of rec. Oct. 2
Quaker Oats Co.,corn.(quar)
$134 Nov.29 Holders of rec. Nov. 1
6% preferred (guar.)
15e Sept.15 Holders of me. Aug. 31
Raybestos-Manhattan, Inc. (qual.)....
Sept.15 Holders of rec. Aug. 31
Reeves (Daniel),634% prof.(quar.)- - $I
37340 Sept.15 Holders of rec. Aug. 31
Quarterly
250 Oct. 5 Holders of roe. Oct. 2
Republic Supply CO., COM.(guar.)
Sept. 30 Holders of roe. Sept.15
Rich's, Inc.. preferred (guar.)
50c Sept.15 Holders of rec. Aug. 31
Royalite Oil Co., Ltd
25e Sept.15 Holders of rec. Sept. 1
Ruberold Co.,corn.(guar.)
25o Sept. 15 Holders of roe. Sep 5
Ruud Mfg. new common (guar.)
El Sept.15 Holders of roe. Aug. 31
Safety Ca,. Heating St Lighting Co.(qu)
Savannah Sugar Refs. Corp.. corn.(qu ) $11.4 Nov. 1 Holders of roe. Oct. 14
% Nov. 1 Holders of rem Oct. 14
Preferred (guar.)
25e Sept.15 Holders of rec. Aug. 31
Schiff Co..corn.(guar.)
$151 Sept.15 Holders of rec. Aug. 31
Preferred (guar.)
25e Oct. 2 Holders of rec. Sept. 12
Scoville Mtg.(guar.)
Sept.15 Holders of me. Sept. 1
15c
Seaboard 011 Co.of Delaware (quar.)1 3.4737e Sept.15 Holders of roe. Aug. 31
Selected American Shares
Oct. 20 Holders of roe. Sept.SO
$2
Sheaffor (IV. A.) Pen. pref.(quar.)
37340. Nov. 15 Holders of roe. Nov. 15
Sioux City Stkyds..
of (guar.)
Southern Acid & Sulphur Co.. the..
50e. Sept. 15 Holders o ree. Sept. 10
Common (guar.)
25e Sept.30 Holders of rec. Sept.15
Spencer Kellogg & Sons, Inc., corn.(qu.)
25e Oct. 2 Holders of rec. Sept. 5
Standard Brands(guar.)
$131 Oct. 2 Holders of rec. Sept. 5
$7 pref. A (guar.)
12Sie Oct. 1 Holders of roe. Sept. 20
Standard Coosa-Thatcher (quar.)
Ig% Oct. 1 Holders of me. Oct. 15
7% preferred (qual.)
25e Sept.15 Holders of ree. Aug. 15
Standard Oil of Calif.(quar.)
Sept.15 Holders of reel. Aug. 15
25e
Co.(Indiana) (guar.)
Standard 011
250 Sept.15 Holders of rec. Sept. 1
Standard Oil of Kentucky (guar.)
25e Sept.20 Holders of roe. Aug. 30
Standard Oil Co. of Nebraska (guar.)...
75c Oct. 1 Holders of roe. Sept.15
Standard Steel Construction, pr.(quar.).
25e Sept.15 Holders of roe. Aug. 26
Sun Oil Co.. rn. (qual.)
250 Deo. 1 Holders of roe. Nov.25
Common (guar.)
1 g% Dee. 1 Holders of roe. Nov. 10
Preferred (quar.)
$134 Sept.15 Holders of rec. Aug. 24
Sunset, McKee Salesbook A (guar.)
2Sic Sept.30 Holders of roe. Aug. 31
Sylvanite Gold Mine
50e Sept.30 Holders of roe. Sept. 10
Tacony-Palmyra Bridge Co., corn. (qu.)
50e Sept. 30 Holders of roe. Sept. 10
(guar.)
Class A
Holders of roe. Sept. 1
250 Oct.
Texas Corp.(guar.)
250 Sept.15 Holders of roe. Sept. 1
Texas Gulf Sulphur Co.(guar.)
Holders of rec. Aug. 18
15e Sept.
Timken Roller Bearing Co.(guar.)
Holders of rec. Sept. 6
suf25% Oct.
Triplex Safety Glass Co.. ord. reg
rfo25% Oct. 10 Holders of rec. Sept. 6
Amer. dep. rec. for ord. reg
10e Sept. 18
Twentieth Century Fixed Tr.She. So?. B
Underwood Elliott Fisher Co.. corn.(qu) 12go Sept.30 Holders of roe. Sept. I2a
$1,1 Sept.30 Holders of rec. Sept. 12a
Preferred (quar.)
25e Oct. 2 Holders of rec. Sept. 1
Union Carbide & Carbon, cap. atk.(qtr.)
United Aircraft St Transport Corp.
75e Oct. 1 Holders of MO. Sept. 8
Preferred (guar.)
75e Oct. 2 Holders of me. Aug. 31
United Corp., $3 cum. preference (au.)
1721
Financial Chronicle
Volume 137
When
Per
Cent. Payable.
Name of Company.
MlaceIlaneou• (Concluded).
United Elastic Corp. (quar.)
200
United Milk Crate Corp.. Cl A.((Marl-500
United States Foil Co.,corn. A de B (qu.)
10e
Preferred (guar.)
$1
United States Gypsum Co., corn.(quar.) 250
Preferred (quar.)
$14
U.S. Plpe de Foundry Co.. cam.(quar.). 12%0.
Common (quar.)
12Sio.
1st preferred (quar.)
300.
let preferred (guar.)
300.
United States Playing Card Co.(guar.).
250
United Stores Corp., pref.(quar.)
81 Sic
Viking Pump Co.. pref.(guar.)
600
Vortex Cup,corn.(quar.)
12Sic
Class A (quar.)
621.40
Vulcan Detinning Co.. pref.((Mr.)
Wagner Electric. preferred (quar.)
Si81
Washington Water Pr. Co.. $6 pref.(au) $134
Westmoreland, Inc. (quar.)
30e
White Rock Mineral Springs, corn. (liu.) 500
1st preferred (quar.)
2nd preferred (guar)
$294
Whitman (Wm.),7% pref
88194
Wilcox-Rich Corp., A (quar.)
62140
Winstead Hosiery Co.
$1 14
(guar.)
Wisconsin Holding, A (guar.)
hl7Sio
Series A (quar.)
17%0
Wiser 011(guar.)
250
25e
Quarterly
Wolverine Tube,7% prof.(quar.)
$1.)i
Wrigley (Wm.) Jr. Co.—
Capital stock (monthly)
I 266sle
Capital stock (monthly)
i Woe
Woe
Capital stock (monthly)
Wyatt Metal de Boiler Works (quar.)._. $114
Books closed
Days Inclusive.
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HO USE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. AUG. 28 1933.
Sept.23 Holders.of rec. Sept. 7
Dec. 1 Holders of roe. Nov. 15
Oct. 2 Holders of rec. Sept. 150
Oct. 2 Floiders of rec. Sept. 110
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 ree Dee. 30
Oct. 20 Holders of rec. Sept. 30
1 -20-34 Holders of rec. Dee 30
Oct. 2 Holders of rec. Sept. 20
Sept. 15 Holders of rec. Aug. 28
Sept.15 Holders of roe. Sept. 1
Oct. 2 Holders of rec. Sept 15
Oct. 2 Holders of rec. Sept. 15
Oct. 20 Holders of rec. Oct. 8a
Oct. 1 Holders of rec. Sept.20
Sept.15 Holders of rec. Aug. 25
Oct. 1 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 20
Oct. 2 Holders of roe. Sept. 20
Oct. 2 Holders of rec. Sept. 20
Sept. 15 Holders of rec. Sept. 1
Sept.30 Holders of rec. Sept.20
Nov I Holders of roe. Oct. 16
Sept. 15 Holders of rec. Sept. 1
Sept. 15 Holders of rec. Sept. 1
Oct. 2 Holders of roe. Sept. 12
Jan2'34 Holders of rec. Dec. 12
Dee. 1 Holders of rec. Nov. 15
Oct.
Nov.
Dec.
Oct.
2 Holders of rec. Sept.20
1 Holders of rec. Oct. 20
1 Holders of rec. Nov. 20
1
O The New York Stock Exchange has ruled that stock will nor be quoted exdividend 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.
Payable In stock.
I Payable In common stock. p payable In scrip. A On account of accumulated
dividends jPayable in nrelerred stock.
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 $1.50.
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 ease 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
recelpts will be $5.95 per ease.)
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%
NRA tax.
O Electric Shareholding pays div. of 11-250th of a share of common stock, or at
the option of the holder $194 cash.
C Payable In Canadian funds, and in the case of non-residents of Canada a
deduction of a tax 01 6% of the amount of such dividend will be made.
Payable in U. 8. funds.
r A unit.
a) Lees depositary expenses.
Lees tax.
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 makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers' Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
*surplus and Net Demand
Undivided
Deposits.
Profits.
Average.
•Capital.
Clearing House
Members.
.
Bank of N.Y dv Tr. Co_
Bank of Manhattan Co__
National City Bank_ ___
Chemical Bk.& Tr. Co__
Guaranty Trust Co
Manufacturers Trust Co
Cent. Han. Bk.& Tr. Co
Corn Exch. Bk. Tr. Co__
First National Bank____
Irving Trust Co
$
6,000,000
20,000,000
124,000,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10.000,000
50,000,000
4,000,000
Continental Bk.& Tr.Co
148,000,000
Chase National Bank
Fifth Avenue Bank
500,000
25,000,000
Bankers Trust Co
10,000,000
Title Guar.& Tr. Co_ _
10,000,000
Marine Midland Tr. Co_
12,500,000
.
New York Trust Co_ __
7,000,000
Coni'l Nat.Bk.& Tr.Co_
8,250,000
.
Public Nat.Bk & Tr.Co
Totals
614.185.000
Time
Deposits,
Average.
$
76,447,000
237,769,000
a818.894,000
236,502,000
6836,309,000
201,227,000
456,110,000
178,086.000
313,230,000
295.333,000
$
9,381.000
33,193,000
159.372,000
26,435,000
57,398.000
97,075.000
51,325,000
20,858,000
25,100,000
54,098.000
31,285,000
4,546,600
58,704,600 01,108,386,000
42,792,000
3,105,400
62,519.500 4478,303,000
25,555.000
10,521,100
43,182,000
5,272,800
186,747.000
21,694,500
44,039,000
7,732,200
39,398,000
4,518.800
1,653,000
97,779,000
2,619.000
61,952,000
296,000
4,365,000
16,638,000
2,501.000
29,523,000
734.692.700 5.649.594.000
751.601,000
$
9,413,500
31,931,700
55.695,500
46.856,300
177.266,300
20,297,500
61,112,500
17,535,800
73,105,000
62,863,100
• As per official reports: National, June 30 1933; State, June 30 1933; trust
companies, June 30 1933.
a Includes deposits in foreign branches: a $202,961,000. b $57,704,000, C $73,770,000, d $34,300,000.
The New York "Times publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ended Aug. 25:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. AUG. 25 1933.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans,
Disc. and
Investments
Res. Dep., Dep. Other
N. P.and Banks and
Elsewhere. Trust Cos.
Cash.
Brooklyn—
$
20,228,800
2,734,907
$
107,700
90,587
$
1,333,600
541,644
COLA AAA
Manhattan—
Grace National
Trade
791010
Gross
Deposits.
$
$
1,781,400 19,251,500
191,272 2,932,911
510 000
92000
4 R441 Ann
TRUST COMPANIES—AVERAGE FIGURES.
•
Loans,
Disc. and
Investments.
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Gross
Deposits.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers' County
United States
. $
$
$
53,599,800 *2,616,200 7.465,700
416,154
79,316
6,084,606
274.174
*381.909
8,163,359
121.200
18,115,000 *2,107,400
749,400
27,682,200 .4,749,200
71,245,948 6,473,750 11.835,177
$
$
2,287,900 55,447,900
386,451 5,783,622
510,583 7,572,773
138.200 15,728,200
30,690,100
61,529,917
Brooklyn—
Brooklyn
Winn_ ‘,.......
86,360,000
94 21R 054
2,481,000 17,554,000
1 sae eon 5 813 037
181,000 91,434.000
24.675.451
•Includes amount with Federal Reserve as follows: Empire, $1,617,100; Fiduciary, $136,249; Fulton, $1,952,800; Lawyers County, $4,090,000.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Aug. 30 1933,in
comparison with the previous week and the corresponding date last year:
Aug. 30 1933. Aug. 23 1933. Aug.31 1932.
Resources(Concluded)—
$
3
S
661,706.000 651.706,000 516,296,000 Due from foreign banks (see note)
Gold with Federal Reserve Agent
12,242,000 F. R. notes of other banks
8,812,000
6.971.000
Gold redemption fund with U.S. Treas'y.
Uncollected items
Gold held exclusively agst. F.R. notes- 668,518,000 658,677.000 528,538,000 Bank premises
Ali other resources
Gold settlement fund with F. R. Board— 179,473,000 194,224,000 102,792,000
Total resources
Gold and gold certificates held by bank-- 142,995.000 142,164.000 225,806,000
Aug. 30 1933. Aug. 23 1933. Aug.31 1932.
s
Resources—
Total gold reserves
Other cash.
Total gold reserves and other cash
Redemption fund—F.R. bank notes
Bill, discounted:
Secured by U.S. Govt. obligations-Other bulls discounted
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securitiesOther securities (see note)
Total bills and securities (see 1104)----
990,986,000
995.065.000
66,183,000
71.635.000
1,057,169,000 1,066,700,000
2,736,000
2.906,000
16,516,000
29,550,000
14.577.000
28,279,000
46,068,000
42,856,000
2,303,000
2,477.000
176,829,000
310,854.000
286,470,000
177,081,000
307,239,000
279.033,000
774,153,000
783,353.000
1,252,000
1,252,000
823,774,000
809,938.000
1,151,000
4,520,000
86,394,000
12,818,000
27,849,000
$
1,183.000
6,258,000
87.855,000
12.818,000
26.813,000
$
960,000
4,802,000
91,998.000
14.817,005
28,859.000
2,016,411,000 2,014,471,000 1,890,254,000
857,136,000
Liabilities—
636,453,000 637,679,000 593,551.000
74,680.000 F. B.. notes In actual circulation
53,878,000
52.299,000
F. R. bank notes in actual circulation
931,816,000 Deposits—Member bank—reserve &col-- 1,027,185,000 1.036.928,000 1,029.105,000
18,604.00018,366,
000
20,212,000
Government
5,791.000
7,198,000
13,188,000
Foreign bank (see no(e)
6,030.000
6,129,000
Special deposits—Member bank
725,000
797,000
54,689,000
Non-member bank
8,578,000
17,955,000
22,495,000
35,787,000
Other deposits
90,476,000
Total deposits
Deferred availability Items
11,066,000 Capital paid in
Surplus
190,274,000 All other liabilities
151,521,000
369,497,000
Total liabilities
711.292,000 Ratio of total gold reserves & other cash•
to deposit and F. R. note liabilities
4,168,000
combined
Contingent liability on bills purchased
817,002,000
for foreign correspondents
1,090,046,000 1.087,440.000 1.061.840,000
89,262.000
83,222,000
81,549,000
59,031,000
58,534,000
58,525,000
75,077,000
85,058,000
85.058,000
11,493,000
10,239.000
10,902,000
2,016,411,000 2,014,471.000 1,890,254,009
61.2%
61.8%
56.3%
13,062,000
13,080.000
16,344,000
•-Other cash"(low not Include F R notes or a bank's own F. R tyva notes.
NOTE.—BegInning with the statement of 001. 17 1925, two new iteme were added to order to show separately she amount of balances held abroad and amounts
-All other earnings &Mete.- previously made up of Federal Intermediate Credit Baok debentures, was changed
Quote foreign °err apoodenta. In addition, the caption assetsearnings
rota' oilis dal leo trItlei." Poe latter torn gas aisoted as a Dore aoodrate description Of t he total
to "Other securitto," and see °apnea. •• rota'
& jt toe treadle' rti4arre tat. eaten It Ras itasai are tne oat? lterne Included
'
.
es the discount ii motions ol securities tO faired do le• C.ad (MM ,II. 5 i',Mat" I
therein.
1722
Financial Chronicle
Sept. 2 1933
Weekly Return of the Federal Reserve Board.
ThE following is the return issued by the Federal Reserve Board Thursday afternoon, Aug. 31. and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we preseh the results for the System
as a whole in comparison with the figures for the seven preceding weeksand with those of the corresponding week last year. The
second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG. 30 1933.
Aug. 301033. Aug. 23 1933. Aug. 16 1933. A24. 9 1933. Aug. 2 1933. July 26 1933. July 19 1933. July 12 1933. Aug.311932.
$
RESOURCES.
S
S
S
$
$
$
$
S
Gold with Federal Reserve agents
2.779,519,000 2,779,984.000 2.752,404,000 2.756,489,000 2.747,289,000 2,736,432,000 2,772,412,000 2,785,711,000 2,081,761,000
Gold redemption fund with U.S.Tress—
35,633,000
36,277,000
37.003,000
37,729,000
38,580,000
39,457,000
43,273.000
43,643,000
57,668,000
Gold held exclusively agst. F. R. notes 2,815,152,000 2,816,261,000 2,789.407,000 2,794,218,000 2,785,849,000 2,775,889,000 2,815,685,000 2,829,354,000
2,139,429,000
Gold settlement fund with F. R. Board
531.788,000 530,103,000 548,124,000 541,709,000 532,723,000 531,160,000 515,142,000 508,904,000 273,486,000
Gold and gold certificates held by banks- 241.057,000 243,116,000 244636,000 241.860,000 240,938,000 241,610,000 215,052,000 207,584,000 360,046,000
—
3 587,997,000 3,589,480,000 3,582,167,000 3,577,787,000 3,559,510.000 3,548,659.000 3.545,879.000 3,545,842,000 2.772,961,000
Total gold reserves
a
a
Reserves other than gold
a
a
a
a
a
a
Other cash.
239,933.000 243,577,000 240,939,000 248,833,000 251,784,000 269,111,000 271,949,000 278,061,000 281,821,000
Total gold reserves and other cash
Non-reserve cash
Redemption fund—F. R. bank notes _
Bills discounted:
Secured by 1.1. S. Govt. obligations
Other bills discounted
Total bills discounted
Bills bought in open market
U.S. Government eecuritles—Bonds
Treasury notes
Special Treasury certificates
Other certificates and bills
3,827,930,000 3,833,057.000 3,823,10 000 3,826,620,000 3,811,294,000 3,817,770,000 3,817.828,000 3,823,903,000 3,054,782,000
6,
a
a
a
a
a
a
a
a
8,451,000
8,200,000
8,505,000
8,839,000
57,693,000
7,791,000
7,640,000
8,014,000
38,217.000
115,003.000
36,026,000 942 425.000
.
114,119,000 5123,466,000
37,412,000
118.856,000
39,834,000
123.708,000
37,053,000
124,310,000
35.786,000
127,343,000
39,450,000
128,416,000
157,545,000
275,211,000
153,220,000
6,900,000
441,687,000
860.945.000
150,145,000
7.350,000
442,903,000
848,506,000
165,891,000
7,456,000
442,771,000
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
0,616,000
441.087,000
718,197.000
163,129,000
9,848,000
440,813.000
706,383,000
167,868,000
13,194,000
440,776,000
697.484,000
432,756,000
34,098,000
420,988,000
395,974,000
828,140,000
802,605,000
789,141.000
870,401,000
865,787.000
868,290.000
870,061.000
868,973.000 1,034,753,000
Total U. S. Government securities
Other securities
Foreign loans on gold
2.128,772,000 2,094.014.000 2.058.853,000 2,048,280,000 2,037,928,000 2,027,574,000 2,017,257,000 2.007.233,000 1,851,715,000
1.854,000
1,854,000
1,851,000
1,861,000
1,862,000
1,846,000
2.026,000
2.157,000
5,915,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other resources
2,290,746.000 2.253.363,000 2,234,051,000 2,214.045,000 2.211.529,000 2,200.415,000 2,192,260.000 2.190,450,000 2,324,484,000
3,710,000
14,916,000
343,469,000
54,455,000
52,013,000
3,740,000
18 667 000
. .
349,018,000
54,454,000
51,206,000
4,020,000
15,970,000
409,598.000
54,452,000
50,729,000
4,020,000
15.822.000
331,005,000
54,452,000
51,384,000
4,029.000
17,821.000
374.170,000
54.417,000
50,183.000
4,025,000
17,610,000
364,593,000
54,370,000
52,399,000
3,967.000
19,095,000
419,284,000
54,369,000
551,435.000
3,958,000
17.014,000
410,386,000
54,367,000
50,951,000
2,668,000
15,082,000
312,272,000
58,121,000
47,613,000
Total resources
6,595,439,000 6,571,956,000 6,600.431.000 6,508.187,000 8,531,083.000 6,518.973.000 55,565,931000 6.559.043,000 5,815,022.000
LIABILITIES.
2,974,180,000 2,984,978,000 2,996,314,000 2,999,245,000 3,004.605.00013050,685,000 3.037,508.000 3,067,062,000 2,814,020,000
F. R. notes In actual circulation
131,244,000 129,296,000 128,188,000 126,563,000 126,632,000 5123,011,000 118,137,000 115,853,000
F. R. bank notes in actual circulation
Deposits—Member banks—reserve Beet_ 2.426,589.000 2,431,915,000 2,370,866,000 2,375,866,000 2,319,239,000 2.306,366,000 2.289,811,000 2,268,728.000 2,146,183,000
Government
48,383,000
67,988,000
49,173,000
57.995.000
24,403,000
81,786,000
59,429,000
83,821,000
56,229,000
39,782,000
21,538,000
29,878,000
Foreign banks
16,207.000
19.833,000
30,922,000
14,187,000
15,041,000
18,664,000
80,775,000
Special deposits: Member bank
74,310,000
76,511,000
85,920,000
81.438.000
81,049,000
81,053,000
81,743,000
Non-member bank
19,421,000
18.436,000
19,330,000
22,681.000
20,641,000
21,341,000
22,997,000
22 130,000
.
69,934,000
67,152,000
57,871,000
Other deposits
63,645,000
62,017,000
69,225,000
66,603.000
21,485,000
49,487,000
Total deposits
Deterred availability Items
Capital paid In
Surplus
All other liabilities
2,697,039.000 2,656,338,000 2.616,475.000 2,595,598,000 2,563.918,000 2,573,709,000 2,541,839,000 2,521,817,000 2,241,284,000
339,604.000 348,045,000 407,219,000 328,816.000 381,537,000 368,299,000 418.402,000 403,886,000 308,796,000
146.147.000 146.187,000 148,182.000 146,243,000 146,256,000 146,248,000 146.180.000 148,360,000 153,099,000
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
28,626,000
28,513,000
27,454,000
31,123,000
25,422.000 525,266,000
29,536,000
38,402,000
25,466,000
Total liabilities
6,595,439,000 6,571,956,000 6.600,431.000 6,506.187,000 6,531,083,000 6,518.973,000 56,565,931000 6,559,043,000 5,815,022,000
Ratio of gold reserve to deposits and
F. It. note liabilities co,, Dined
83.2%
63.8%
63.6%
63.9%
63.9%
63.5%
63.5%
63.4%
54.8%
Ratio of total reserve to deposits and
F. R. note liabilities combined
Ratio of total gold reserves & other cash to
67.5%
deposit & F.11 note liabilities combined
68.1%
67.9%
68.4%
68.4%
568.5%
68.4%
68.4%
60.4%
Contingent liability on bills purchased
39,099,000
for foreign correspondents
39,096,000
38,257.000
36,885,000
37,123,000
35,694.000
36,021.000
49,043,000
35.761,000
$
Maturity DisatItution of Bills and
$
$
6
$
$
$
$
$
Short-Term Securities
118,190.000 111,036,000 128,956,000 115,589,000 121,061,000 116.058,000 118,342,000 122,581,000 304,870,000
1-15 days bills discounted
11,150,000
16-30 daye bills discounted
13,277.000
13,529.000
13,580,000
13,839.000
13,027,000
11,906,000
33,378,000
13,149,000
12,840,000
31-50 days bills discounted
13.370.000
15,058,000
16,160,000
15,127,000
15,598,000
14,671,000
49,502,000
13,147,000
9,768,000
41-90 days bills discounted
9.680,000
9,071,000
9,308,000
14,100,000
15,323,000
11.782,000
33,623,000
15,775,000
1,272,000
discounted
1,451,000
2.608,000
Over 90 days bills
1,631,000
2,533.000
2,478.000
2,189,000
11,383,000
3.214,000
Total bills discounted
115 days bills bought In open market.16-30 days bills bought in open market
31-60 days bills bought In open market
61-90 days !Albs bought in open market_
Over 90 days bills bought In open market
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
892.000
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
2,295.000
1,100,000
411,000
5,809,000
1,000
163,129,000
3,476,000
2,233,000
3,020,000
1.119.000
167.866,000
6.578,000
1,880,000
3,053.000
1,683,000
432,756,000
10,009,000
9,438,000
3,836,000
10,815,000
Total bills bought In open market____
1-15 days U. S. certificates and bills—
16-30 days U. S. certificates and bius___
51-60 days U. S. certificates and bills_
61-90 days U. S. certificates and bills__
Over 90 days certificates and bills
8,900,000
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
380,854,000
9,848,000
34.500,000
113,644.000
270,575,000
103,313,000
348,029,000
13,194,000
40,825,000
15,205,000
167,445,000
293,689,000
351,809,000
34,098,000
166,891,000
49,502,000
236,791,000
116,350,000
465,219,000
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
826,140,000
1,739,000
802,605,000
1,739,000
870,401.000
1,701,000
38,000
33,000
865,787,000
1.706,000
48,000
23.000
868,290.000
1.732.000
870,061,000
1,897,000
89,000
69.000
38,000
23.000
69.000
38,000
22,000
69.000
888,973,000 1,034,753,000
5,534,000
2,037,000
172,000
10,000
25,000
38,000
22,000
184,000
50,000
23,000
23.000
789,141,000
1,701,000
28,000
23,000
92,000
92,000
89,000
Total municipal warrants
1,854,000
1,854,000
1,851,000
1,861,000
1,862,000
1,846,000
2,026,000
5,915,000
2,157.000
=
—
Federal Reserve Notes—
F. R. Agent___ 3,244,977,000 3,256,549.000 3.2
Issued to F. R. Bank by
60,879.000 3,274,216,000 3,270,681,000 3.280,674.000 3,312,994.000 3.348.580,000 3,051,999,000
270,797,000 271.571,000 270,565,000 274.971,000 266.076,000 276,622,000 275,486.000 281,518,000 237,979,000
Held by Federal Reserve Bank
In actual circulation
—
Collateral Held by Agent as Security
for Notes Issued to Bank—
By gold and gold certlfleates
Gold fund—Federal Reserve Board
By eligible paper
U. B. Government securities
2,974,180,000 2,984,978,000 2.996.314.000 2,999,215,000 3,004,605,000 3.004,052.000 3,037,508,000 3,067,082,000 2,814,020,000
1,524,784,000 1,523,749,000 1,515,169,000 1,517,054,000 1,515,854,000 1,514,497,000 1,513,977,000 1,519,778.000 1,081,996,000
1,254,735,000 1,258,235,000 1,237,235,000 1,239,435,000 1,231,435,000 1.221,935.000 1,258,435,000 1,265,935.000 999,765,000
95,004,000 106,958,000
98.143,000
97.207,000 100,480,000
97,295,000 105,105,000 416,786,000
98,276,000
437,700,000 433,700.000 442,700.000 475.700,000 477,200,000 489.200,000 485,200.000 499,200,000 578,100,000
3.315,362.000 3.308.688.000 3.302.062.000 3.329.398_000 'I 324 MO non a go one non a 'MI 007 000 5 son ma ono a
:
,
•"Other cash' does not include Federal Reserve notes or a Ranks own Federal Reserve bane notes. a Now included In "other cash." 1 Revised
Total
nw. Ks, nnn
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 11 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 30 1932
Two Ciphers (DO) omitted.
Federal Reserve Bank of—
Total.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan.Ctty, Dallas.
Saarrasi
—
RESOURCES.
$
$
5
$
$
$
$
$
$
5
$
$
$
Gold with Fed. Res. Agents__ 2,779,519,0 231,156,0 661,706,0 183.000.0221,770,0 121.130,0 05,500,0 757,292,0 113,609,0 68,789,0 104,290,0 27,014,0 188
,263.0
Gold redm.fund with U.S.Treas.
6,812,0 3.559,0 4,674.0 1,336,0 2,392,0
35,633,0 1,321.0
3,279,0 1,240,0 1.715,0 1,385,0 1,079,0 6,841.0
—
Gold held excl. agst.F.R.notee 2,815,152,0 232,477,0 668,518,0 186,559,0 232,444,0 122,466,0 97,892,0 760,571,0 114,849,0 70,504,0 105,675,0
28,093.0195,1040
Gold settlem't fund with F.R.Bd 531.788.0 18,041.0 179,473,0 16,286,0 38,354,0 27,627,0 13,476,0
2
[Iola .3, gold ctfs held by banks_ 241,057,0 21,409,0 142,995,0 14.995,0 4,085,0 1,379,0 3,614,0 129,929,0 23,807,0 19,794,0 21,987,0 13,585,0 29,469,0
7,783,0
240,0 12,760,0 5,263,0 5,781,0
753,0
Total gold reserves
35579979271.927,0 990,986,0 217,820.0 274.883,0151,472,0 114,982,0 898,283,0 139,409.0 90,538,0 140,422.0 46.921.0 2511 5514n
Financial Chronicle
Volume 137
1723
Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) omitted.
Boston.
Total.
RESOURCES (Concluded)
Other cash•
New York.
239,933,0 18,269,0
Phila.
Cleveland. Richmond Atlanta.
Chicapo.
Total gold reserves&other caeh 3,827,930.0 290,196,0 1,057,169,0 245,311,0 297,310,0 162,890,0 126,629,0
Reelect. fund-F.It. bank notes_
2,736,0
8,200,0
385,0
792,0
103.0
500,0
Bills discounted:
See. by U.S. Govt.obligations
38,217,0 2,697,0
16,516,0 5,366,0 3,999,0 2,553.0
356,0
Other bills discounted
115,003,0 4,317,0
29,550,0 25,277,0 7,779,0 10,074,0 6,066.0
Total bills discounted
Bills bought In open rnarket
U. 13. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
7,014,0
436,0
153,220,0
6,900,0
441,687,0 22,751,0
860,945,0 53,929,0
46,066,0 30,643,0 11,778,0 12,627,0
627,0
2,303,0
586,0
231,0
frineap. Kan.Cfry.
San Fran.
5,359,0 10,298,0
7,640,0 17,484,0
929,225,0 150,184,0 95,897,0 150,720,0 54,561,0 267,838,0
2,710,0
98,0
97,0
47,0
491,0
241,0
1,969,0
6,495,0
1,038,0
2,147.0
95,0
3,814,0
441,0
3,892,0
251,0 2,936,0
3,984,0 11,608,0
8,464,0
777,0
6,422,0
207,0
176,829,0 28,952,0 33,569,0 11,182,0 10,570,0
310,854,0 62,653,0 82,103,0 27,354,0 25,754,0
St. Louis.
30,942,0 10,775,0
$
$
66,183,0 27,491,0 22,427,0 11,418,0 11,647,0
3,185,0
167,0
3,909,0
113,0
4,333,0
172,0
4,235,0 14,544,0
172,0 1,109,0
72,254,0 14,375,0 16,712,0 12,423,0 16,030,0 25,140,0
134,670,0 33,932,0 22,036,0 29,208,0 16,958,0 61,494,0
826,140,0 50,244,0
286,470,0 53.340,0 76.492,0 25,485,0 23,995,0
152,665,0 31,613,0 20,530,0 27,213,0 15,799,0 57,294,0
Total U.S. Govt.securities_ 2,128,772,0 126,924,0
Other securities
Bills discounted for, or with
1,854,0
(-).other F. R. banks
774,153,0 149,945,0 192,164,0 64,021,0 60.319,0
359,589,0 79,920,0 59,278,0 68,844,0 49,687.0 143,928,0
Total bills and securities
Due from foreign banks
Fed. Ree. notes of ether banks
Uncollected Items
Bank premises
All other resources
823,774,0 181,725,0 204,528,0 76,879,0 66,948,0 368,880.0 83,272,0 63,342,0 73,349,0 54,094,0 159,581,0
443,0
1,151,0
157,0
141.0
399,0
548,0
28,0
19,0
117,0
117,0
282,0
4,520,0
447,0
984,0
938,0
911,0
3,236,0
634,0
336,0 1,098,0
382,0 1,042,0
86,394,0 28,869.0 32,816,0 30,079,0 10,465,0
44,960,0 14,051,0 9,072,0 17,178,0 12,861,0 15,503,0
12,818,0 3,531,0 6,929,0 3,238,0 2,422,0
7,609.0 3,285,0 1,747,0 3,559,0 1,793.0 4,244,0
27,849,0 4,012,0 2,542,0 3,973,0 4,525,0
606,0 1,357,0 2,054,0
1,826,0
1,406.0 1,141,0
Total resources
2,290,746,0 134,374,0
3,710,0
303,0
388,0
14,916,0
343,469.0 41,221,0
54,455,0 3,280,0
52,013,0
722,0
510,0
1,252,0
42,0
50,0
6 595,439,0 471,281,0 2,016,411,0 464,723,0 546.008,0278,154,0 212,144,0 1,358,994,0 252,158,0 171,913,0 248.066,0 125,659,0 449,928.0
LIABILITIES.
F. R.notes in actual circulation _ 2,974,180,0 222,166,0 636,453,0 236,619,0 299,104,0 137,858.0 117,600,0
F
bank notes In act'l circurn 131,244,0 12,724,0
53.878,0 7,505,0 9,563,0
1,922,0
Deposits:
Member bank-reserve account 2,426,589,0 151,881,0 1,027,165,0 127,459,0 144,356.0 70,871,0 53,841,0
Government
20,272,0 3,188,0 3,882,0 9,067,0 2,877,0
67,988,0 4,020,0
Foreign bank
13,188,0 4,193.0 3,953,0 1,557,0 1,398,0
39,782,0 2,915.0
Special-Member bank
6.129,0 10,776,0 6,260,0 4,284,0 2,219,0
74,310,0 1,930,0
Non-member bank
797,0 1,667,0
18.436,0
187,0
180,0 2,914,0
Other deposits
69,934,0 3,030,0
493,0 2,576,0 4,437,0 4,132,0
22.495,0
Total deposits
Deferred availability Rama
Capital paid in
Surplus
All other liabilities
Total liabilities
2.697,039,0 163,776,0 1,090,046,0 147,776,0 161,207,0 93,130,0 64,654,0
339,604,0 40.749,0
81,549,0 26,848,0 32,757,0 29,584,0 9,685,0
58,525,0 15,748,0 12,377,0 5,016,0 4,922,0
146,147.0 10,749,0
85,058,0 29.242,0 28,294,0 11,616,0 10,544,0
278,599,0 20,460.0
950.0 2,817.0
985,0 2,706,0
657,0
10,902,0
28,626,0
745,924,0 132,701,0 90,813,0 108.285,0 32,018,0 214,639,0
31,725.0
965,0 6,819,0 4,009,0
580,0 1,554,0
420,929,0 71.627,0 51,022,0 102,584.0 53,277,0 151,577.0
6,271,0 3,625,0 4,439,0 2,296,0 2,560,0 5,491,0
5,191,0
1,358,0
018,0 1,158,0 1,158,0 2,795.0
28,741,0 4,467,0 1,578,0 2,153,0
287,0 5,486,0
7,327,0 3,783,0
567.0
155,0
859,0
11,754,0 3,154,0
995,0
253,0
639,0 15,976,0
480,213,0 88,014,0 59,519,0 108,599,0 57.921,0 182,184,0
44,564,0 15,652,0 0.063,0 16.942,0 15,166,0 17,045,0
13,274,0 4,009,0 2,873,0 4,223,0 3,736,0 10.695,0
39,497,0 10,186,0 7,019,0 8,263,0 8,719,0 19.701,0
3,797,0 1,016,0
1,072,0
789,0 1,280.0 1.655,0
6,595,439,0 471,281,0 2,016,411,0 464,723,0 546,008,0 278.154,0 212,144,0 1,358,994,0 252,158,0 171,913,0 248,066,0 125.659,0 449.928.0
Memoranda.
Ratio of total gold reserves and
other cash to deposit & F. It.
note liabilities combined
63.8
69.5
64.6
61.2
70.5
67.5
75.2
Contingent liability on bills purchased for torn correspondents
39,099,0 2,854,0
1,368,0
13,062,0 4,105,0 3,870,0 1,525,0
•"Other clash" does not Include Federal Reserve no as or a Bank's own Federal Reserve banknotes.
75.8
68.0
63.8
69.5
60.7
67.5
5,032,0
1,329,0
899,0
1,134,0
1.134.0
2,737,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Boston. New York.
Two Ciphers (00) omitted.
$
$
Federal Reserve notes:
Issued to F.R.lik. by F.R.Agt. 3,244,977,0 245,845,0
Held by Fedi Reserve Bank_ 270,797,0 23,679,0
In actual circulation
2,974,180,0 222,166,0
Oollateral held by Agent as security for notes Issued to bks:
Gold and gold certificates
1,524,784,0 73,339,0
Gold fund-F. It. Board
1,254,735,0 157,817,0
Eligible paper
98,143,0 4,120,0
U. S. Government securities
437,700,0 12,000,0
Total collateral
3,315,362,0 247,276,0
Ph Ca.
Cleveland. Richmond Atlanta,
3
$
$
Chicago.
$
3
Eh. Louis. lifinnoap. Kan.Citp. Dallas.
$
$
$
$
son Frau.
S
S
721,858,0 251,020,0 315,735,0 145,169,0 140,179,0
85,405,0 14,401,0 16,631,0 7,311,0 22,579.0
778,181,0 142,329,0 93,802,0 117,708,0 34,561,0 253,290,0
32,257,0 9,628,0 2,989,0 9,423,0 2,843,0 43,651,0
636,453,0 236,619,0 299,104,0 137,858,0 117,600,0
745,924,0 132,701,0 90,813,0 108,285,0 32,018,0 214,639,0
523,606,0
138,100,0
30,442,0
65,000,0
97,450,0 107,270,0 51,625,0 21,500,0
85,550,0 120,500,0 69,505,0 74.000,0
14,042,0 10,023,0 7,300,0 4,390,0
56,000,0 85,000,0 20,000,0 42,000,0
439,292,0 42,909,0 29,789,0 21,490,0 19,014,0 97,500,0
318,000,0 70,700,0 39,000,0 82,800,0 8,000,0 90,763,0
3,735,0 2,309,0
2,005,0
2,930,0 3,965,0 12,882,0
20,000,0 27,000,0 25,200,0 15,000,0 5,500,0 65,000,0
757,148,0 253,042,0 322,793,0 148,430,0 141.890,0
781,027.0 142,918,0 95,994,0 122.220,0 36,479,0 266,145,0
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent at
Two Ciphers (00) omitted.
Federal Reserve bank note,:
Issued to F. It. Ilk. (outstdg.)
Held by Fed'I Reserve Bank_
Total.
Boston. New York.
Cleveland Richmond Atlanta.
Chicago.
St. Louis lifinniap. Kan.City. Dallas. San Fran.
Total collateral
63,510,0
9,632,0
7,648.0 11,960,0
143,0 2,397,0
2,123,0
201,0
33,330,0
1,605,0
718,0
138,0
1,617,0
63,0
088,0 12,121,0
23,0 5,302,0
4,241,0
232,0
131,244,0 12,724,0
53,878,0
7,505,0
9,563,0
1,922,0
31,725,0
580,0
1,554,0
965,0
4,009,0
2,353,0
176,274,0 20,000,0
64,274,0
1,607,0
8,000.0 15,000,0
258,0
3,000,0
40,000,0
375,0
5,000,0
178,627.0 20,000,0
In actual circulation
Collat.pledged agst.outet. notes:
Discounted & purchased bills_
U.S. Government securities_
152,928,0 14,672,0
21,684,0 1,948,0
64,274,0
8,000,0 16,607.0
3,258,0
40,000,0
5,375,0
6,819,0
2,000,0
113,0
1,000,0 13,000,0
5,000,0
2,000,0
1,000,0 13,113.0
5,000,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," immediately preceding which
we also give the figures of Now 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
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsementsold with endorsement" and Include
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.S. obligations
and thole secured by commercial
paper. only a lump total being given. The number of reporting banks formerly covered 101 leading cities, but was
reduced 10 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 AUG. 23 1933 (In millions of dollars)•
Loans-total
On securities
All other
Reserve with F. It. Rank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from P. R. Bank
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.Mg. Dallas. San Pron.
s
1,035
1,118
3,890
517
1,988
1,902
S
7,635
8,505
680
3,737
4,768
251
429
$
$
338
326
470
175
253
264
234
236
61
114
$
s
s
s
519
330
S
1,665
184
219
206
880
50
134
57
162
60
146
221
659
1,563
443
331
175
880
229
59
116
414
466
89
140
$
8,100
532
3,745
518
648
163
151
683
254
147
300
174
785
5,155
2,945
337
195
2,450
1,295
273
245
443
205
115
48
100
51
413
270
151
103
87
60
470
315
1,778
187
10,378
4,516
875
1,123
2,448
21
108
19
702
399
62
103
142
909
46
5,578
1,181
423
98
1,142
11
77
11
535
311
90
80
134
9
70
16
510
439
50
60
124
25
10
185
133
8
52
56
22
6
143
135
31
55
53
1
314
35
1,143
472
75
268
310
42
6
277
160
24
55
78
26
5
190
128
5
52
66
NOOMT,,....
M
O0101C-0
U.8. Government securities
Other securities
Phila.
s
$
1,212
0..
,
N.,
Investments-total
Boston. New York
S
16.605
.— 1—.
,
Oct
VW
Loan, and Investments
-total
Total.
1. ...
,
1.•W
410.
,MG
14. 041CONO
,
Federal Reserve District
-
93
13
550
867
55
128
123
._
Financial Chronicle
1724
United States Liberty Loan Bonds and Treasury
-Below
Certificates on the New York Stock Exchange.
we furnish a daily record of the transactions in Liberty
Loan bonds 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
Ore • obr Sinanrtal
ide
unintrrial
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
6 Mos.
12 Mos.
Including Postage$ 6.00
$10.00
United States, U. S. Possessions and Territories
11.50
6.75
In Dominion of Canada
7.75
13.50
South and Central America. Spain, Mexico and Cuba
Great Britain, Continental Europe (except Spain), Asia.
8.50
15.00
Australia and Africa
The following publications are also issued:
MONTHLY PUBLICATIONS
COMPENDIUMS
,
BANK AND QUOTATION RECORD
PUBLIC UTILITY-(serni-annually)
RAILWAY & INDUSTRIAL-(fDUr a year) MONTHLY EARNINGS RECORD
STATIC AND MUNICIPAL-(301111-RIM.)
The subscription price of the Bank and Quotation Record and the
Monthly Earnings Record Is $6.00 per year each; for all the others is
$5.00 per year each. Foreign postage extra.
NOTICE.
-On account of the fluctuations in the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
121 New York funds.
Terms of Advertising
45 cents
Transient display matter per agate line
On request
Contract and Card rates
Representative.
CHICAGO Omms-In charge of Fred. H. Gray, Western
203 South La Salle Street, Telephone State 061.1.
-Edwards & Smith. 1 Drapers' Gardens, London, E. C.
LONDON Draws
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert: Business Manaser, William D. RUM
Treas., William Dana Seibert; See., Herbert D.Seibert. Addresses of all. office of Co.
Wall Street, Friday Night, Sept. 1 1933.
-The Review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 1714:
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list:
Sales
for
Week.
STOCKS.
Week Ending Sept. 1.
Range for IVeek.
Lowest.
Highest.
Range Since Jan. 1.
Highest.
Lowest.
Par Shares. 5 per share. ,1 $ per share. $ per share.$ per share.
RailroadsFeb 6433 Sept
10 Mai Sept 1! 6455 Sept 1 60
Cleve & Pittsburgh_ _50
100 4034 Aug 31 4031 Aug 31 2755 Apr 5135 July
Hudson & Manh p1..lii
lot Rys of Cent Am
Aug
100
10 1735 Aug 28 1755 Aug 28 431 Ap 20
Preferred
55 Feb 334 July
490 135 Aug 281 1% Aug 31
100
Market St Ry
Ja
431 June
1
2 Aug 20 2 Aug 29 1
100
Preferred
56 Feb 335 June
10 1% Aug 30 1% Aug 30
2d preferred
100
30 85 Aug 28 8534 Aug 30 74 May 8555 Aug
Norfolk & West pfd_100
Feb 7633 Aug
10 7635 Aug 31 7633 Aug 31 69
Northern Central_ __50
Feb 7 July
20 433 Aug 28 433 Aug 28 1
Pacific Coast 2d pref100
10105 Sept 1105 Sept 1 97 May 108 June
Renssel & Saratoga 100
Indus. & Miscell.20112 Aug 29 112 Aug 29 105
Amer Express
100
Amer Radiator & Stand
101l4 Aug 31 114 Aug 31 81%
Sanitary pref _ _ _ _100
Art Metal Construct_ 10
201 633 Aug 30 633 Aug 30 3%
Austin Nichols prior A •
2001 3155 Aug 29 35 Aug 30 13
Beneficial Indus Loan_* 1.80 1355 Aug 30 1455 Aug 28 13%
3 8 Aug 29 9 Aug 30 1%
Burns Bros pref_ __ _100
City Investing
100
1001 55 Sept 1 55 Sept 1 40
4
531 Aug 29 551 Aug 29 155
City Stores class A_ _ _ •
40 76 Aug 31 76 Aug 31 63%
Collins & Allman p1100
70 20 Aug 31 23 Aug 29 16
Col Fuel & Ir pref _ _100
120 23 Aug 28 25 Sept 1 1855
Comm Cred pref (7)_25
2 50 Aug 28 5051 Aug 28 33
Consol Cigar pf (7).100
20 50 Aug 28 5035 Aug 28 3855
Prior pref x-warr_ 100
20 54 Aug 28 54 Aug 28 17
Crown W'mette 1st pt-•
37,900 3336 Aug 30 3734 Aug 29 24%
Deere & Co
10 555 Aug 31 535 Aug 31 2%
Fairbks Co pref ctts_100
160 8 Aug 28 8 Aug 28 5
,Fifth Av Bus Sec
•
Filene's (Wm) Sons Co
30 94 Aug 29 95 Sept 1 81
635% preferred_ _100
42 103 Aug 29105 Aug 28 9951
Gen Baking Co pref_ •
10 88 Aug 30 88 Aug 30 66
Gold & Stock Teleg 100j
25 4,300 81 Aug 29 8434 Aug 29 65
Hazel-Atlas Co
10104 Aug 29 104 Aug 29 100
Kan City Lt & P pfd10
110 534 Aug 29 534 Aug 30 I
Kresge Dept Stores. •
91 1555 Aug 28 1755 Aug 30 10
100
Preferred
55 A 28 55 Aug 28 50
Laclede Gas
100
ii 90 Aug 28 90 Aug 28 74
MacAnd & Forb pref100
%
700 4 Aug 30 4 Aug 30
Martin-Parry Corp-.-•
21 71 Aug 31 72 Sept 1 55
Mexican Petroleum _100
Aug 31 36 Aug 31 29
Norwalk T & R pfd 50
100 36
Omnibus Corp pref..100
600 8255 Aug 31 8331 Aug 31 64
Pac Tel & Tel pref. _1
30111 Aug 2: 11 1 Aug 28 10155
Panhandle P & Rpfd100
30 15 Aug 31 15 Aug 31 5%
Peoples Drug Stores
150 85 Aug 3 87 Aug 29 65
635% cony pref-100
51
Penn Coal & Coke_ _ _ 50 4,100 5 Aug 30 6% Aug 31
1.311 19 Aug 29 20% Aug 28 4
Pierce-Arrow Co pfdl
5% Aug 31 7 Sept 1 3
Prod & Helm pre! etts_ _
16
6 50 Aug 29 50 Aug 29 7
Revere Cop & Br pfd100
Schenley Distillers_ _ _5 56,200 38 Aug 3 43% Aug 28 36%
10 70 Aug 30 70 Aug 30 35
10
Utah Copper
70 10 Aug 28 11 Sept 1 256
Virginia Ir Cl & C _100
• No par value.
Aug 112
Aug
Apr 117
Feb 9%
Feb 38
Aug 15
Jan 13
Ap 55
Jan 835
May 80
Ap 54
Mar 25
Apr 60
Ap 62%
May 54
July 49
Apr 6%
Mar 9
July
July
July
Aug
June
Sept
July
July
June
Sept
July
July
Aug
July
June
June
Apr 95
Mar 108
May 88
July 85%
June 110
May 7%
Jan 25
May 80
Apr 90
Jan 555
Apr 72
May 36
Jan 83%
May 111
Jan 20
Sept
June
Aug
July
Jan
June
May
June
July
July
July
Aug
Aug
Aug
June
Apr
Feb
Apr
Feb
Feb
Aug
Mar
Feb
July
July
Aug
Sept
July
Aug
June
May
87
9%
21
7
60
4531
83
15
Quotations for United States Treasury Certificates of
-Friday, Sept. 1.
Indebtedness, &c.
Maturity.
Dec. 15 1933_Mar. 15 1934._
Sept. 15 1933._ Aug. 1 193.5_Aug. 1 1934._ _
Feb. I 1938._.
Dec. 15 1936....
Apr. 15 1936_-
Rate.
Bid.
31% 100011
1000n
131% 1000n
134% 100"n
234% 10003,2
% 10000,2
234% 10211:s
2%% 1021022
Asked.
100"31
100.222
10000.2
1012
'n
101
102"s,
102",2
Maturity.
Int.
Rate.
Bid.
Asked.
June 15 1938_
May 2 1934_ _ _
June 15 1935._ _
Apr. 15 1937...
Aug. 1 1936___
Sept. 15 1937_ _.
Dec. 15 1933_ _
235%
3%
3%
3%
351%
351%
431%
101,0s
102132
103123a
1021213
103on
10323,
101232
1011212
1022n
1033
33
1022233
1032133
103233
10111,3
U. S. Treasury Bills-Friday, Sept. 1.
Rates quoted are for discount at purchase.
Bid.
Sept. 6 1933
Sept.20 1933
Sept.27 1933
Oct. 4 1933
Oct. 11 1933
r43.t 15 1933
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
Bid.
Asked.
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
Oct. 25 1933
Nov. 1 1933
Nov. 8 1933
Nov. 15 1933
Nov.22 1933
Nov.29 1933
Sept. 2 1933
Asked.
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
Daily Record of U. S. Bond Prices. Aug.26 Aug.28 Aug.29 Aug.30 Aug.31 Sept. 1
aa 102"a, 10220,2 102",,
First Liberty LoanHigh
1022*,,n 102",,
1021232 10210,2 102"22 10227,2 1021232
333% bonds of 1932-47_1Low.
102o32 1021322 102"as 102"n 10212,2
(First 355s)
Close
45
71
17
9
Total sales in $1,000 units__
34
------------101203, 1012232
Converted 4% bonds of(High
1932-47 (First 4s)
Low.
101",2
10122n
Close
1
Total sales in $1,000 units__
1
10 -1i3; 102;102 21 102":2 10212:2
2
-12
- -117Converted 451% bondsrigh
10211s, 102",2 102"22 102242 1020a,
of 1932-47 (First 431s) Low_
10211,2 10210,2 102"n 10211,2 102022
Close
135
22
Total sales in $1,000 units_ __
64
18
25
Second converted 431 %Illigh
---bonds 011932-47(First Low_
---.
102
Second 433s)
--Close
---2
------Total sales in $1,000 units.-1023032 10230,2 10200,2 102"ss 10Y Fourth Liberty Loan
0212
(High
1022232 10200n 102"n 102"22 10210,2
434% bonds of 1933-38._ Low.
10230,2 1028 n 102"n 1022012 102",2
(Fourth 451s)
Close
62
27
163
24
20
Total sales in 81.000 units__
1102232 1102232 11022,2 1102232 1102633
Treasury
High Ex11020 2 11024a2 11001,2 110",2 11022n
,
451s, 1947-52
1Low.
chme change 11026,2 11020a2 1102112 11031,2 1102233
61
15
9
10
Total sales in $1,000 units.__
110
2
111gh Closed 106221, 10820, 106"32 1052222 10622s2
Lo
iw.
1052032 1062012 10820,2 10827,2 1062231
4s, 1944-54
10620 2 1063022 10820s, 106271, 1062732
,
Close
33
16
5
13
Total sales in $1,000 units-8
1051n
---- 10432,2 105
105
(High
____ 1043235 104242 104",2
105
3%s, 1946-56
Low.
105
____ 1043132 105
10400,2
Close
- _37
14
Total sales in $1,000 Units.....
3
6
1022a2 10242 1022,, 1020,2 102232
.
{High
102282 1020,2 1020,2 1020,1 102232
333s, 1943-47
Low1020a2 1020,2 102712 1020,1 102/32
Close
6
1
8
61
1
Total sales in $1,000 units...
98"a2 9804,2 982222 118"s2 982212
righ
2
Nun 9821, 981032 98"s2 98242
3s, 1951-55
Low_
981232 982233 9822n 98"33 9822u
Close
87
99
101
21
Total sales in $1.000 writs_109
102
102232 10223a 102232 102232
(High
102
102231 101",, 102% 102',,
355s, 1940-43
Low_
102
1020, 1020a, 1020,2 1024111
2
Close
2
3
30
Total sales in 81.000 units._
54
1
___ 102232 10223a 102232 102'32
(High
____ 101211 1021,2 102'n 1021,2
,
355s, 1941-43
Low_
____ 102132 102112 1020,2 102"3,
Close
5
9
29
6
Total sales in $1,000 units__
---100232 100232 100232 100232 100'32
(High
100233 100232 100231 100232 100 33
,
355s, 1946-49
Low_
100232 1000,2 1003n 1000,2 100'33
Close
46
26
49
25
5
Total sales in 81.000 units101233 101233 101 432 101232 101 022
1010 2 101022 1010n 101 432 101 422
,
3518, 1941
Low.
1iligl;
1013,2 1010,2 1011,2 101032 1010a,
(Close
57
115
271
233
Total sal. in II nnn ttnne
101
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds aere:
404th 43113
1012212 to 101223312 Treas. 431s
1102232 to 11022,3
Foreign Exchange:
To-day's (Friday's) actual rates for sterling exchange were 4.5134 @4•5334
for checks and 4.513(0)4.52% for cables. Commercial on banks, sight,
4.5233,60 days, 4.52, 90 days, 4.51U,and documents for payment 60 days,
4.52li. Cotton for payment 4.5155•
To-day's (Friday's) actual rates for Paris bankers' francs were 5.59li0
5.61 for short. Amsterdam bankers' guilders were 57.45(4)57.70.
Exchange for Paris on London, 80.73, week's range. 82.00 francs high
and 80.73 trines low.
The week's range for exchange rates follows:
Sterling ActualChecks.
Cables.
High for the week
4.64
4.64%
Low for the week
4.4934
4.4933
Paris Bankers, Francs
High for the week
5.68%
5.5834
Low for the week
5.54
5.533.4
Germany Bankers' Marks
High for the week
34.55
34.57
Low for the week
33.70
33.75
Arnsierdam Bankers' Guilders
High for the week
58.52
58.56
Low for the week
57.04
57.08
-The review of the Curb Exchange is
The Curb Exchange.
given this week on page 1715.
A complete record of Curb Exchange transactions for the
week will be found on page 1742.
CURRENT NOTICE S.
-In line with its recently announced program of expansion, Brooke,
Smith & French, Inc., Detroit advertising agency, has appointed to its
staff of account *executives William Koster, formerly of the Edwin Bird
Wilson Co., New York financial advertising concern.
Because of long and varied experience in financial and institutional
advertising, Mr. Koster will specialize in these fields in his new connection,
it was announced by Willard S. French, agency president.
-James I. Bush, a former partner of the New York Stock Exchange firm
of Winthrop, Mitchell & Co. and previously connected with the Equitable
-President for nine years, has become assoTrust Co., New York as Vice
ciated with Hammons & Co., Inc., as Vice-President.
-Fenner, Beane & Ungerleider, members of the New York Stock
Exchange, announce the opening of an office in Havana, Cuba, on Sept. 5.
The office will be the fifth foreign branch operated by this firm, the others
being in Toronto and Paris, and two in London.
-Charles C. Wells,formerly with Chase Harris Forbes Corp. in Chicago,
has become associated with Kidder, Peabody & Co. and will represent the
firm in the middle west.
-James Talcott, Inc., has been appointed factor for Burlington Textile
Mills, Inc., Burlington, N. J., manufacturers of upholstery fabrics.
-Munds, Winsolow & Potter announce the removal of their main office
to 40 Wall Street, New York.
-Hornblower & Weeks have prepared a special circular entitled "The
Gold Shortage."
1725
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
r-rf" FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE PAGE PRECEDING.
HIGH AND LOW Sz LE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug. 26.
Monday
Aug. 28.
Tuesday
Aug. 29.
Wednesday
Aug. 30.
Thursday
Aug. 31.
Friday
Sept. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Pseli SHARE
Range Slugs Jan.
Ore Oasts of 100-80are wds
Lowest.
Highest.
per share $ per share
67
6914
7018 7118
5112 52
3414 353
4
3514 367
8
3914 40
10518 1051/
3
2212 23
5 2 51 2
,
.56
593
8
33
333
4
*78
8012
17
s
17
8
1612 163
4
2
80
*85 102
4778 4812
*33
4 47
8
412 412
514 514
123 127
4
8
•
93
8
143 15 8
8
3
1214 123
4
2412 243
4
Railroads
per share 3 per share $ per share Shares.
Par $ per share $ per share $
3 per share
69
673 70
.4
7018 68
29.800 Atch Topeka & Santa Fe 100 3438 Feb 25 8018July 7
6612 7212 67
*71
73
Preferred
73
7318 2,000
4June 3
713 7218 7014 71
100 50 Apr 3 793
8
52
49 49
52
*47
50
100 1612 Feb 25 59 July 19
1,800 Atlantic Coast Line R11
531s 50
4 3438 353
8 345* 3512 6,350 Baltimore de Ohio
4
8J01y 7
3414 3612 333 353
100
814 Feb 27 377
912 Apr 5 39'1 July7
37
36
3612 3614 3614 4,300
Preferred
35
10
377
8 36
3912 2,800 Bangor & Aroostook
393
4 3812 4012 *39
393 41,4 311
5
4
20 Jan 5 4114 Aug 29
Preferred
130
8
10514 105 4 110 110 *106 110 *106 110
100 683 Jan 4 110 Aug 30
,
25
*22
25
*22
Maine
25
.21
243 *23
8
3,000 Boston
100
6 Apr 19 30 'July 1
*514 6
312 Mar 29
*512 63
4
93
8June 8
500 Brooklyn & Queens Tr_No pa
514 514 *514 6
593
593* *55
8
No pa
56
593 *55
Preferred
56
8
3534 Apr 19 6018July ls
555
200
32
3212 32
3218 3314 3212 33
323* 5,400 Warn Mash Transit_ __No pa
213 Feb 25 4114July 12
4
7912 *78
7912 78
78
300
*78
$8 preferred series A _No pa
8012 •78
61 Mar 2 8312June 13
44. Jiiiv 10
114
13
4 2,100 Brunswick Ter & Ry SeeNo pa
Vs
13
*17
4 13
8 2
12 Jan 11
4
2
7t2 Apr 3 207
8
8July 7
25
1612 1714 1612 1714 163 1678 167 1718 31,200 Canadlan Pacific
Caro Clinch & Ohio end_ _100 5014 Apr 4 7912July 19
80
80 •__ 80 *___. 80
91
*85 10112 •90
80 100
.90
Central RR of New Jersey.10
92 .
38 Apr 4 122 July 6
483
8 467 473
8
4 4718 477s 76,300 Chesapeake & Ohio
4734 4914 47
2
243 Feb 28 4914 Aug 29
8
4 4
4 4
*33
33
4 33
4
100 Chic & East III Ry Co
*33
4 414 *33
8 July 10
100
12 Apr 18
4
412 412
412 1,600
412 412
6% preferred.
43
10
4 43t
812July 10
12 Apr 5
5
5
2.200 Chicago Great Western_ 100
5
5
514 514
7',, July8
5
5 14
138 Apr 6
1214 1214 2,500
1218 1212 •1214 13
Preferred
1214 13 4
100
212 Apr 5 147
8July 6
,
87
8 914
83
8 83
4 6,000 Chic 3.111w St P & Pac__No pa
871) 87
812 012
8
1 Aor 6 113
4July 19
8 1418 1438 2,900
4 1418 145
Preferred
Ill Feb 28 1814July 21)
1418 153
10
8 1418 143
8 123 123 29,903 Chicago & North Western.100
8
8
4
1218 133
114 Apr 5 16 July 7
8 1218 1318 123 123
25
22
23
•2278 23
3,403
Preferred
25
100
2712 25
2 Apr 5 343
4July 6
7
7
63
8 7
63
4 7
2 Apr 5 1018July 7
7
73
2,600 Chicago Rock 131 dr Pacific..100
8
63
8 73
8
1114 1238 1212 1212 *1112 12
•113 1214 11
4
11
100
7% preferred
312 Apr 10 1912July 7
600
93
4 934
6% preferred
83
8 9
15 July 7
800
87
8 914
934 93
100
4
27 April
8
87
8 87
8
423 *40
41
•39
403 403
4
423
200 Colorado & Southern
4212 4234 42
100 1514 Feb 24 51 July 13
4
•2612 30
.25
4% 1st preferred
*2612 30
*2612 30
39
60
4July 19
30
100 1212 Apr 10 423
30
30
*20
30
*20
*20
*1812 30
30
4% 2d preferred
•18l2 30
100 10 Mar 2 30 July 21
*614 612.
14 Feb 24 103
614 6
,
614 614
1,400 Comm) RR of Cuba pref._ 100
614 61
8June 12
614 612
6
6
.514 10
*83 10
4
100 Cuba RR 6% pre
83
8 85
8
583 10
100
8
212 Jan 6 16 June 7
4 7812 793
4 7814 7914 10.900 Delaware & Hudson
8018 82
813
7914 853
100 3738 Feb 2S 93 4July 7
8 79
3
38
36
37
3614 37
363 381
4
40,100 Delaware Lack & Western_50 1714 Feb 25 46 July 6
3614 383
4 35
12
12
12 .11
1212
*113 1212 11
900 Deny & Rio Or West pref...100
8
1212 12
2 Feb 28 1934July 19
4 233* 2418 22
23
2438 2478 2234 2512 221111 213
32.500 Erie
100
3
33 Apr 4 25 42uly 20
4
2512 3,600
4 2512 2614 25
26
First preferred
412 Apr 4 2912July 5
26 4 26
100
273
s 2514 253
,
•19
80
1912 1712 1912
Second preferred
203
100
203
212 Apr 4 2314 July 19
4 1912 1912 *19
4 20
2918 273 28
4
28
Stock
43 Apr 5 333
8
2812 2914 273 303
287s 24,300 Great Northern pref
4July 7
100
8
8 27
*6
7
*6
.
6
10
7
Gulf Mobile es Northern 100
134 Star 3
*7
10
1112July 7
*6
10
10
*17
1812 1812 183 *17
Exchange •16
18
100
Preferred
*17
2312July 19
300
212 Mar 31
1812
4
13
4 *114 13
•114
1 4 *114
,
Havana Electric Ry Co No pa
17
3
8June 3
4
13
23
4 *114
4June 8
8 *111
Closed
12
1214 1214 1,500 Hudson & Manhattan_ _ _ _100
1214 1214 12
1214 1214 al112 13
19 June 13
612July 21
44
44
45
4234 46
4614 4314 47
4334 4478 15,600 Illinois Central
101
812 A or 5 50 4July 20
3
*51
5112 5112 545
Extra
60
100
*5112 5812 .5112 60
5112
100 16 Mar 31 6018July 20
6% pre series A
55
52
52
*52
•50
55
52
•52
55
50
52
10
Leased lines
31 Mar 3 60 July 19
Holiday
27
*251s 273 *25
4
2712 *24
2714 28
110
28
412 Apr 18 34 July 19
273
4
RR See efs series A 1000
718
73
8
7
718 712
73
8 *7
714
418 Feb 27 1014June 19
7
714 2,300 Interboro Rapid Tran v t o_100
187 1914 18
8
19
100
193
8 1918 1914 *18
1814 1814 4,000 Kansas City Southern
8July 18
612 Feb 27 247
3414 July19
*2612 3118 2612 2612 *26
3118 .23
281
100 r12 Mar 31
Preferred
100
3118 *23
23
4 23
2418 2234 2478 2212 233
233 22% 231 16.400 Lehigh Valley
8
4July 5
50
83 Feb 24 273
2
5612 573
573 58
8
561u 571
8 56
*57
581
60
3.600 Louisville & Nash elle__ __IGO 21 14 Jan 3 6712July 18
*15
23
515
23
*15
23
23
*15
23
*15
Manhattan Ry 7% guar-.100 12 Mar 16 25 July 19
1412 1412 1412 14'2 1338 141 *1312 1414 131 131,
.
600 Manh Hy Co mod 5% guar.100
6 Jan 3 17 July 12
*4t2 614 *412 614
*412 61
Market St H.y vigor pre...1110
*5
0 4 *41. 61
8 June 9
,
17 Mar 3
8
112 •114
•118
114
11
112
4 112 .114
,
100 Minneapolis & St Louis_ __lot
18 Jan 23
2 4July 7
1,2
318 37
*3
4
*3
4
*3
334 *3
12 Mar 2
312
8July 8
300 Minn St Paul de SS Marie. 1041
57
4
4
*414 6
*414 6
*414 6
*418 6
100
100
7% preferred
3 Apr 11
4
812July 8
812 9
9
5714 918 *714 9
*8
1412July 8
20
4% leased line ctfs
•714 9
100
4 Apr 1
123 13
8
4
4
8 125 1318 123 123
123 133
8
123 1278 7,600 Mo-Kan-Texaa RR._ No par
8
4
53 Jan 3 1718July 7
4
283 20
4
2978 2712 2712 3.600
2818 2912 2771t 28 .26
Preferred series A
100 1112 Jan 3 3714 July 7
612 6'2 2,200 Missouri Pacific
Ors
8 678
8
71s
67
6 8 63
5
4 718
63
100
118 Apr
10'4 July 8
3
912 93
8
93
4 94
3
914 0 4
912 1012
Cony preferred
1514July 7
4 7,600
100
138 Apr
918 93
.
42
50
*4312 4812 *4214 4812 4814 4814 *4214 4812
10 Nashville Chat!, dr St Louis 100 13 Jan 5 57 July 7
•112 17
8
178
17
8 *115
17
s *118 13
134
312June 27
100 Nat Rys of Men lot 4% pt_ 100
4 *118
Is Mar 1
3
8
3
8
*12
3
8
,58
•12
3
8
13
8June 8
20
*12
2d preferred
100
le Jan
3
8
.12
503 5234 4912 533
8
8 4938 5218 5014 5113 5014 52 170,919 New York Central
100 14 Feb 2
5812July 7
14 27
2618 273
8 26
2712 25
27
27
24
2412 7.400 N Y Chic & St Louis Co-100
275 Aug 28
218 Jan 2
8
3012 3134 3014 3218 293 3112 30
8
Preferred series A
4
11,000
100
3012 283 30
23 April
8
341 1July 20
135 135
13612 13612 *12812 135 *130 135 •130 135
20 NY & Harlem
4June 13
50 100 Mar 31 1583
2812 3012 277 31
29
8
2612
273 283
4
4
100 1112 Feb 27 3478July 19
4 2814 283 17,000 NY N 13 & Hartford
4634 4634 47
8 4612 4612 .
46
467
40
Cony preferred
47
48
100 18 Apr 4 56 July 6
800
127 1314 1218 13 4 1212 13
8
•1212 1234 1218 127
,
8 5,700 N Y Ontario & western...100
753 Jan 4 15 July 7
112
*114 2
13
8
17
8 2
112 112
134
178 1,600 NY Railways pre
Is Mar 15
312July 7
No par
*27
8 3
• 4 3
23
234 3
23
4 214 •23
400 Norfolk Southern
4 3
47 July 10
8
100
t2 Apr 4
169 169
16934 *164 169
1683 1691 168
4
167 167
1,100 Norfolk & Western
100 1111:Mar 2 177 July 7
29
3012 2834 3117 2914 303
4 2914 2978 293 297s 14,700 Northern Pacific
8
8July 7
93 Apr 5 347
8
100
*312 4
*31. 4
*312 4
*312 4
*312 4
Pacific Coast
7 July 11
100
1 Jan 25
8 37
8 373.7. 393
373 383
4
383
8 373 3814 37
4
381 52.000 Pennsylvania
50 133 Jan 3 42'4 July7
4
6
6
6
6
*6
7 4 •6
,
71
200 Peoria & Eastern
714 *6
7 Feb 17
8
9 July 11
1041
313 313 *2912 3012 *2714 2912 •2714 2912 *2512 29'z
4
100 Pere Marquette
100
37 afar 3 37 July 13
8
.27
35
•26
*27
35
35
35 •
35
*27
27
Prior preferred
100
6 Jan 3 4412July 7
293 2934 30
4
8
30
307 307 *28
8
35
34
•28
300
Preferred
412 Feb 28 3812July 7
100
*2814 30
30
*2512 30
100 Pittsburgh & West Virginia 100
30
*27
2912 *2512 2912
4July 7
611 Apr 19 353
5112 MI
493 -53
4
1,800 Reading
50
503 503 *4712 51
4
50
4
E.0 2312 Apr 5 6212July 6
.
33
341 *33
35
36
*33
3418 3418 341s *33
1st preferred
100
581 25 Apr 25 38 July 12
.
33
34
*313 34
4
4
4
*313 33
•313 33 •313 33
4
2d preferred
37 July 6
60 2312 Mar 31
•1334 15
1414 1414 1334 133
4
4
4 133 133 •123 17
300 Rutland RR 7% pref
4
101
6 Jan 6 1812July 3
534 57
512 6
512 57
2
53
8 512
53
8 53
8 5.400 St Louis-San Francisco_ 100
93
8July 7
78 Jan 30
4
538 53
534 614
512 53
8
53
8 512 2.900
52 52
,
let preferred
,
100
1 Apr 17
914 July 8
•15
21
*15
22 .
15
24
22
*16
24
•16
St Louis Southwestern
100
514 Mar 15 22 July 14
*20
35
20
35
*2318 35 .
•233 35
8
•233 35
8
Preferred
100 12 June 7 263
8July 18
13
4 17
13
4
17
8
134
17
13
4
13
4
17
8 8,100 Seaboard Air Line
8
17
s
14 Jan 3
No par
3 July 7
278 27
234 23
8
4 *212 23
23
8 23
4 27
4 *23
8
4
700
Preferred
38 Mar 25
47
8July 7
100
31 14 323* 2034 327
313
4 3018 31
30
313 53,500 Southern Pacific Co
8
8 30
4July 7
100 11 18 Feb 25 383
3214 3418 3112 343
323 3314 313 3314 70,500 Southern Railway
8
8 3114 34
8
418 Mar 2 33 July 19
10
3814 393
. 3812 387 •3712 3812 12.800
4 373 4012 3712 391
4
8
Preferred
100
67 Jan 3 49 July 17
8
. 8 39
353
*35118 39
363 363 • 3 39
4
4 35 8
•353 39
s
200
Mobile & Ohio stk tr ctfs 100
8 Jan 5 4014July 10
8
8
*712 8
712 *7
712 •63
4 712
7
300 Third Avenue
418 Feb 25 1218June 3
100
*218 23
8
2
23
8 *214 23
218 *2
8
8 *218 23
200 Twin City Rapid Trans No pa
112 Jan 10
434.1 line 8
814 812 •812 93
*918 93
4 *918 93
4 *814 912
4
20
Preferred
578 Apr 19 15 June 8
100
128 130
12918 1313 130 13112 128 128 X12512 129
4
4.300 Union Pacific)
10
6114 Apr 5 132 July 7
74
74
74
74
*7312 7412 71 12 72
7312 75
1,000
Preferred
100 56 Apr 6 7512July 12
434 43
4
43
4 43
4
412 43
41, 4 2
.
,
4 *412 434
800 Wabash
100
111 Jan 4
712July 10
612
6
6 12 •6
53
4 53
618 614
4
1,600
Preferred A
53
4 6
100
97
1 18 Apr 6
8July 7
8 1318 14
1314 143
14
1318 133
13
8 1314 137 15,200 Western Maryland
8
100
4 Feb 27 16 July 13
*14
153 16 4 •1412 16
4
1614 •14
16
15
,
15
500
2d preferred '
538 Jan 12 1912July 7
100
43
4 51.
6
61
512
43
4 5
.5
53
4 614
4.800 Western Pacific
100
1 Apr 2'.
912July 3
71.
2 814
73
4 83
8
83
8 917
9
872 014 8,100
98
3
Preferred
17 Mar 2 16 July 8
8
100
Industrial & Sliscellaneous
*34
42
41
.34
40
•3614 41
No par
*37
43
Abraham & Straus
.
38
8 103 11
8
103 11
4
103 11
8
8
No par
107 111:. 103 113
8
21,200 Adams Express
100
7014 671s 6718 *6812 7014 .6812 7014
7014 *67
10
Preferred_
*66
•Bid and asked prices, no sales on this day. a Optional sale. 3 Sold 15 days
z En-dividend.
y Ex-rights.
1312 Feb 23
3 Feb 28
39 Apr 11
4012July 20
l3' July 7
71 June 20
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
per share $ Per share
Jan
177 June 94
8
Jan
35 July 86
93 May 44 Sept
4
33 June 2138 Jan
4
6 June 4112 Jan
.
912 June 353 Aug
4
50 June 91 Sept
4
4 July
193 Sept
27 July
8
1014 Mar
2314 June 58 Mar
,
113* June 50 4 Mar
31 12 June 7838 Mar
218 Aug
12 Apr
8
714 May 203 Mar
Feb
39 July 70
25 June 101 Sept
9r2 July 3112 Jan
33 Aug
4
12 July
11 Slay
5 Aug
114 June
53* Aug
1512 Jan
212 May
412 Aug
3 June
4
118 May
8 Aug
2 May
1412 Aug
Jan
4 Dec 31
1852 Jan
112 May
314 Dec 2712 Jan
2 May
2412 Jan
412 June 2912 Sept
8 Mar 30 Sept
5 Mar 18 Sept
1)ec 1112 Jan
1
218 Dec 20 Aug
32 July 9212 Sept
8
812 June 457 Sept
Jan
9
112 May
113 Sept
4
2 May
157 Aug
8
23 May
8
2 May
1012 Aug
Jan
512 May 25
10 Sept
2 May
218 Dec 1512 Sept
14 Oct15 Oct
8
4
303 Jan
8 May
44 June 247 Sept
8
38 Sept
918 July
1518 June
45 Aug
1412 Jan
4 May
214 June 1452 Ma'
214 Jun
1514 Sept
5 June 2514 Sept
5 June 2914 Sept
712 May 3814 Sept
8
9 Sept 463 Mat
4 June 203 Mar
4
218 Dec
9
Jan
18 Jan
3 Ault
8
12 Dee
438 Sept
3 May
4
6 Sept
5 Dec 2012 Sept
114 May
13 Sept
314 June 24 Sept
1 12 May
11
Jan
Jan
212 May 26
712 May 307s Sept
14 May
7 Sept
8
12 Feb
78 Sept
83 June
4
363 Jan
8
112 Slay
93 Sept
4
2 June
153* Jan
8214 May 12712 Aug
6 May 318 Jan
8
117 July
8
783 Jan
4
33 July
8
153 Sept
4
18 Dee
1
Feb
334 Sept
14 15cc
57 June 135 Sept
8
512 Slay 253 Sept
1 Mar
312 Sept
612 June 233 Jan
8
78 May
514 Bent
4June 18 Aug
13
312 June 26 Aug
212 June 24 Aug
6 Dec 2112 Aug
912 June 5214 Sept
Jan
15 July 33
38 Sept
15 May
1412 Sept
3 Slay
8
63 Jan
5 May
8
93 Jan
4
1 May
137 Sept
8
3 May
8
83 Dec 2012 Jan
18 Jan
1 Sept
12 Jan
13 Sept
8
6i2 June 373 Jan
8
212 May 1812 Sept
4
3 July 233 Sept
312 June 25 Feb
8
37 May 14 Mar
118 Dec
412 June
7 June 2412 Jan
273 July 9412 Feb
2
40 Slay 7153 Aug
?,June414 Aug
Jan
6
1 June
113 Sept
2
112 alay
1114 Sept
2 Ma
lJune
43 Aug
4
3 Ma
4
83* Aug
10 Jun
13 Ma
8
22 Jun
243 Aug
8
9i2 Sept
73 Sept
New York Stock Record-Continued-Page 2
1726
Sept. 2 1933
tAr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE
PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug. 26.
Monday
Aug. 28.
Tuesday
Aug. 29.
Wednesday
Aug. 30.
Thursday
Aug. 31.
Friday
Sept. 1.
Sales
for
the
Wee/c.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARK
Range Sinus Jan 1.
-share lots
On basis of 100
Lowest.
Highest.
per share $ per share $ per share $ per share $ per share S per share Shares. Indus. & MIscell. (Con.)
Par $ DOT share $ per share
*18
1812 1712 1812 173 173 *1712 181 .1714 18
4
600 Adams Mills
4
No par
8 Apr 7 21's July 12
1114 12
1118 111 103 113
/
4
4
4 111 113
4 1118 113
/
4
4 7,400 Address Multigr Corp No pa?
514 Apr 15 1212June 19
612 652
612 6
/
1
4
7
7 12
7
7
7
7
5,100 Advance Rumely
93
4July 7
No par
11 Feb 21
/
4
81 81
/
4
/
4
8
8 18
8
8 14
814 81
814 814 1,700 Affiliated Products Inc_No par
4May 1
5
/
1
4July 21 113
104 1064 102 10612 104 106
/
1
/
1
4
10512 1057 1041 105
/
4
/ 4,200 Air Reduction Inc
1
4
No par 4712 Feb 25 10714 Aug 25
.23
.1 3
.23
4 3
23
4 2
/ .212 274 *212 3
1
4
200 Air Way Eleo Appliance No par
Feb 28
4 May 23
2812 291 27
/
4
2918 32
33
3014 3114 3018 311s 213,900 Alaska Juneau Gold Min_ 10 111 Jan 14 33 Aug 29
/
4
.6
7
6
6
*6
7
7
*6
*6
A P W Paper Co
7
No par
95s July 13
I Jae 5
63
2 612
514 718
618 6,
614 63
6
/ 58,500 Allegheny Corp
1
4
4
6
4
7 Apr 4
4
814July 7
No par
163 17
2
1612 173
4
4 143 1512 1334 14
*1312 15 4 3.000
Pref A wlth $30 warr-_100
,
8July 7
1 Apr 5 217
16
16
17
.1412 1612 *13
17
1512 *13
1512
200
Pref A with $40 werr_-_100
Da Apr 17 21 July 7
163 163
4
1612 *14
16
4 15
13
13 .13
1514
600
Pref A without ware__ - _100
114 Mar 30 20 July 7
2414 2414 .2212 244 .2212 24
/
1
/ *2212 24
1
4
23
23
30 Allegheny Steel Co
No par
5 Mar 30 26 July 19
140 1423 136 14212 13514 140
4
13612 139
1383 140
4
12,800 Allied Chemical & Dye_No par 703 Feb 27 1433 Aug 25
4
4
12312 12312 .1213 134 .12238 134 .12134 134 *1213 129
4
4
100
Preferred
8July 17
100 115 Apr 21 1235
203 204 1812 2012 19
8
/
1
204 2014 2014 1912 2114 14.800 Allis-Chalmers Mfg___ _No par
/
1
4July 8
6 Feb 27 263
17
161 17
17
/
4
/
1
164 164 •1614 183 •I7
/
1
19
500 Alpha Portland Cement No par
4
534 Jan 10 24 July 17
*6% 612
63
4 612
614 6 4 *63g 61
,
.614 612
600 Amalgam Leather Co_ _Ne Dar
914July 19
/ Feb 21
1
4
2914 29,
4 30
3018 311 31, •197 3272 *2812 33
8
/
4
400
2
7% Preferred
5 Feb 23 40 July 19
100
4012 4314 4114 43
/ 4012 4512 44
1
4
4814 45
47
79.900 Amerada Corp
Vs par
1812 Mar 2 47 Sept 1
293 3012 29
4
2914 29
30 4 29
,
29
2914 2914 2,800 Amer Agrlo Chem (Del) No par
714 Mar 1 35 July 18
204 2114 1912 21
203 203
/
1
8
8 20 20
.1934 2012 2,500 American Bank Note
8 Mar 2 2812July 13
10
47
*4612 47
47
47
/ 47
1
4
.4312 477 *4312 471
4
30
Preferred
/
4
8June 2
50 34 Apr 7 497
1212 123
4 1114 1254 1112 1214 113 12
4
12
12
3.000 American Beet Sugar-Na Par
Jan 30 163 July 18
4
I
4514 45 4 45
4514 46
46
3
4778 *45
*45
230
7% preferred
471
/
4
24 Jan 6 53 July 18
/
1
100
334 33 4 33
/
1
,
333
4 3312 35 .3312 34
343 343
pi, Max 3 4212July 7
4
4 2,20) Am Brake Shoe & Fdy _No par
10212 10212 .100 1013 •100 1007 *100 101
4
101 101
8
140
Preferred.
100 60 Mar 28 106 Aug 1
9412 901 93
/
1
9112 934 90
/
4
92
9314 911 924 22,000 American Can
/
1
/
4
25 4912 Feb 25 9712July 13
131 131 •125 135 .130 135 al31 131 *13112 135
500
Preferred
10.) 112 Feb 27 134 July 19
/
4
3i1s 331 3014 3312 3014 3212 3114 313
4
4 313 32
15,700 American Car A Fdy__ _No par
614 Jan 23 3534 July17
*4714 4974 4714 48
46
4614 4514 4514 .4514 49
800
Preferred
4July 3
100 15 Feb 28 593
.812 1012
8
812 812
8
812
*7
812 812
300 American Chain
15 Mar 31 14 July 11
8
No Par
.14
•14
20 .14
20
20 .14
20
20
*14
312 mar 1 3112July 18
7% preferred
100
45 4 457
46
3
4614 464 46
/
1
4 46
4614 453 46
4
1,400 American Chicle
No par 34 Mar 2 5114July 7
*312 414 *312 412 .312 414 *34 414 *312 414
/
1
Amer ColortYPe Co
61June 7
/
4
2 Feb 24
10
68
693
/
4
611 6612 6212 6612 6414 657 72,800 Am Comml Alcohol Corp_20 13 Feb 27 897
4 611 69
/
4
8
4July 18
312 33
4
,
•3 4 4 4
3
312 312
703 Amer Encaustic Tiling_ No par
3 2 31 2 .
,
/
1
4
312 3
6 Julie 20
1 Jan 5
9
10
/ 9
1
4
/ 10
1
4
812 812 *914 10,4 *9
10
700 Amer European Sec's__No par
/
1
4
3 Apr I 13 July 3
1314 133
4 1314 141 13
/
4
/ 143
1
4
4 14
1412 133 1434 63,000 Amer & For n Power_ _No par
4
/
4June 12
37 Feb 27 191
4
2712 29i2 28
27
28
283
4 2912 30
2914 293
4 2,200
Preferred
4.lune 13
714 Apr 4 447
No par
1612 1712 1712 18 4 17
/ 1814 *1712 1812 *17
1
4
,
18
1,000
29 preferred
438 Apr 4 2714June 12
No par
2112 2112 221 23 .22
/
4
2312 22
2314 *2112 22
1,000
$6 preferred__ _____ No par
8June 13
814 Apr 4 353
1812 187
4 1734 187
4 173 1874 1712 1814 18
4
8 5,600 Amer Hawaiian S S Co__10
187
414 Jan 6 2112July 17
11
11
1012 II
103 103
4
4 107 107
8
8 1014 1018
700 Amer Hide & Leather_No par
212 Mar 2 18 June 6
4314 4312 401 42
/
4
4014 404 .40
/
1
423
4 4014 4014
800
Preferred.
100 1313 Feb ii 5712June 13
3312 353
4 3312 3112 3318 34
33
331 3334 34
/
4
5,900 Amer Home Products_ _No par 2912 Mar 1 4212May 31
115 12
4
1012 1174 10
/ 1114 103 11
1
4
4
/
4
107 101 5,800 American lee
8
4
33 Feb 24 1712June 29
No par
49 .46
.46
*46
/
1
4
50
50 8 *46
,
5014 *4614 55
6% non cum pref
4June 29
100 25 Feb 15 577
12
111 1212 11
1114 12
/
4
/
4
1114 111 111 113 18,400 Amer Internet Corp_ __No par
/
4
4
414 Feb 27 1518July 3
/
4
112 11 *13
14 13
/
1
4
8
112
11 13
/
4
11
/
4
8 .114
900 Am L France de FoarnIte No par
312June 28
14 Apr 21
*5
54 612 *554 612 *5
/ 612 .55
1
4
84 634
/
1
4 612
50
Preferred
114 Jan 3 12 June 28
100
343 3512 3314 3512 3314 35
4
34
343
8
4 335 34
5,200 American Locomotive_No par
574 Jan 3 3918July 3
*57
57
58
594 58
59
/
1
59
400
57, 5714 .57
4
Preferred
100 17 Jan 3 63 July 7
/
1
4
8 IS
1812 187
1834 1712 183
4 1714 183
4 1814 1814 5,000 Amer Mach & Fdry Co.No par
4July 3
884 Feb 27 223
412 *4
.4
412 *334 4
*33
4 4
•33
4 4
Amer Mach & Metals-No Par
6 June 2
I Jan 27
/
1
195 204 1914 203
8
4 1914 2112 20
2034 204 2114 23,200 Amer Metal Co Ltd _No par
/
1
312 Feb 24 235s July18
72
*67
Stock
6912 6912 67
67
•67
6914 7012 72
400
6% cony preferred
512 Jan 4 72 June 20
100
27
27
2612 2612 27
27 •27
'2712 .27
2712
30 Amer News Co Inc__ __No par 17 Jan 20 3012July 8
123 1274
Exchange
4
1214 1314 1214 13 4
1278 1314 123 13
,
4
27,300 Amer Power & Light_No par
4
4 Feb 27 197 July 13
28
273 28
283
4
4 27
273 *2714 28
4
27
27
1,500
$6 preferred
/
1
4
No par
9 Apr 5 41 14July 17
Closed
4
2414 243 .22
243
4 24
24
*2314 24 .22
24
300
$5 preferred
No par
9 Apr I 35 July 13
163 1714 16
4
1612 1714
167
4 1612 161 161 161 53,000 Am Rod dr Stand
/
4
/
4
/
4
458 Feb 27 19 July 7
,
231 2444 2234 2414 2314 2374 2314 234 26,600 American RollingSan's No par
Extra
/
4
243 25
8
/
1
4July 11
53 Mar 2 317
4
Mill
25
36
38
39
39
*38
3912 38
38
39
.38
1,900 American Safety Razor No Par 2014 Apr 6 4734July 13
Holiday
.43
4 43
/
4
4 *41 412 *4
412 *4
4
/ *4
1
4
412
American Seating v t e_No par
718July 13
/ Mar 20
1
4
2
218
2
214
11 2
/
4
14 2
/
1
11 2
/
4
3,300 Amer Ship Js Comm _No pa
412June 20
/ Apr 8
1
4
2514 263
25
4 27
27
26
24
253
4 263 28
4
870 Amer Shipbuilding Co.No pa
4June 19
111 Mar 3 363
/
4
3712 39
3614 41
38
403
4 3818 3914 38
39
45,600 Amer Smelting & Refg_No pa
1034 Feb 25 4212July 18
81
.78
79
79
7912 7912 *7712 80
773 78
4
400
Preferred
Jan 10 85 July 19
100 31
/ 5912 6012 593 60 .59
1
4
5912 60
4
60
60
60
900
2d preferred 6% cuin_100 3012 Jan 2 73 July 8
4912 4814 4914 4812 49
49
491 4914 4912 493
/
4
4 2,400 American Snuff
4Sept 1
25 3212 Jan 10 493
*106 114 .106 114 •106 114 *108 114 •106 114
Preferred
100 10218 Jan 9 112 July 25
2432 2212 241 23
23
/
4
233
4 23
23 2 2212 2274 8,400 Amer Steel Foundries_ _No pa
,
/
1
4
4 Feb 28 27 July 7
.70
70
78
7212 *70
78
*70
78 .70
78
50
Preferred
/
1
4
100 37 Mar 28 85 July 10
3812 3812 40
4012 *38
/ 4012 40
1
4
4034 40
4014 2,100 Amer,can Stores
/
4
No par 30 Feb 27 471 July 7
65
663
4 65 6512 6414 65 2 643 64
65 4 67
3
/ 3,300 Amer Sugar Refining
1
4
4
,
100 2112 Jan 19 74 July 13
.110 110 .110 1104 11012 11012 .11014 111 •11014 111
/
1
/
1
4
100
Preferred
100 80 Jan 19 11214July 15
20
205
8 1912 2114 1978 197 *193 2018 1912 20
4
4
2.400 Am Sumatra Tobacoo_No pa
5 Jan 13 26 July 18
127 1311 12612 129
12812 130
/
4
1263 128
4
1263 128
4
39,500 Amer Telep & Teleg
/
4July 13
100 8612 Apr 18 1341
/ 883
8812 8812 881
1
4
88
4 88
8834 87
8712 883
4 1,800 American Tobacco
4July 1
25 49 Feb 23 907
8812 9214 90
9112 9212
9112 9014 903
/
4
4 9012 911 7.500
Common class B
4July 7
4
25 603 Feb25 943
.1153 118 .115 4 11612 11614 11614 .11614 118 .1164 118
3
4
/
1
100
Preferred
100 1024 Mar 1 120 July 18
/
1
17
18
18
/
1
1812 *164 17
17
*15
17
19
400 Am Type Founders__No pa
43 Apr 10 25 July 5
2
28
29
7
263 2812
27
4
263 267
4
4 2614 2612
270
Preferred
/
4July 18
100 10 Apr 6 371
2954 304 2814 3112 2812 31
/
1
29
/ 304 29
1
4
/
1
291 19,400 Am Water Wks & Elee_No pa
/
4
4
107 Apr 7 4314Juiy 13
243
24
4 233 2512 24
243
4 24
4
25
237 2412 8,300
8
8June 12
Common vol tr ctfs_No pa
912 Apr 4 357
75
.69
*70
/
1
68
70
744 70
68
68
68
400
1st preferred
Vo par 35 Mar 24 80 June 13
143 143
4 1314 14
/ 1414 13
1
4
8
/ 133
1
4
/ 13
1
4
1414 3,500 American Woolen
4 14
No par
3' Mar 2 17 July 5
54
51
5214 5212 5212 *5112 54
54
543
4 52
2,900
/
4July 17
Preferred
100 2254 Feb 16 6I1
*214 3
23
4 23
8 *214 3
.214 3
.214 3
200 Am Writing Paper ctfe_No Da
412June 27
/ Feb 8
1
4
*7
*9
11
11
11
*9
11
.9
•9
11
4July 8
Preferred certificates No pa
3 Feb 17 143
4
8
•8
B
812
83
4 8
8
/
1
4
81 *7
/ 8
1
4
/
4
/
1
4
500 Amer Zino Lead & smelt__
4
214 Feb 28 107 July 10
*51
55
•50
*51)
55
55
55 •50
*50
55
Preferred
Feb 21 66 July 17
20
2
18
1854 17
1812 1714 1814 1712 1778 1714 18
69.800 Anaconda Copper Mining_5
s
5 Feb 28 227 July 19
•111 133 •117 133 *1012 133 *1112 133 •1112 133
/
4
4
4
4
4
Anaconda Wire & CableNo Pa
/
4
41 Jan 6 1512June 8
283 2812 26
4
28
26
26'4 265 27
8
2638 2634 2,600 Anchor Cap
/
4
No pa
8 Jan 20 391 July 18
8812 89 .893 90 .86
4
893 •86
90 .86
90
30
$6.50 cony preferred.No pa
6212 Jan II 90 June 18
*83
4 91
8
/ 83
1
4
.8
/ 91
1
4
•85
4 912 .854 91
200 Andee Copper Mtning_No pa
2 Feb 7 1412June 3
/
1
4
2712 271
2712 271
2614 2614 2734 273 *2712 28
500 Archer Daniels MidIrd_No Pa
4
93 Mar 3 294 July 20
4
•11014 1143 *1101 1 114 *11014 11434 11014 11014 •111 1143
4
10
7% Preferred
100 95 Feb 23 115 July 18
8212 8212 81
8012 81
811
81
80
80
1.800 Armour & Co (Del) pref 100 41 Jan 3 110 July 15
80
5
5 12
45
8 53
3
4
512 5 4
8
514 53 33,900 Armour of Illinois class A__2
5
53
8
73
4June 6
112 Feb 28
33
8 3
3
/
1
4
33
8
2
/ 314
1
4
3
3 14
318 334 26,800
Chtss B _
5 July 14
84 Feb 20
2
63
66
/ 56
1
4
63
/ 55
1
4
5834 6212 583 593 23,200
59
4
4
Preferred
7 Feb 27 93 July 14
100
512 512
.554 6
538 53
8
5
/ 53
1
4
4
514 512
900 Arnold Constable Corp-No Pa
7 July 17
11 Jan 19
/
4
614 614
6
6
.5 4 6
6
3
6
/ *53
1
4
4 67
60 Artioom Corp
8
912Juno 24
No pa
2 Mar 27
*254 23
2ss 24
/
1
212 212
4
238 23
23
8 23
8
8 1,000 Aesoolated Apparel Ind No pa
514June 6
/ Apr 17
11
4
17
/ 173
1
4
4 16
163
4 1614 1612 .161 1654 2,100 Associated Dry Goods
4 1614 167
/
4
3 Feb 20 20 July 17
/
1
4
.4112 411 .42
•40
/
4
58
42
/ .45
1
4
58
58 .43
6% 1st preferred
100 18 Feb 23 6112July 18
.4112 47 .
47
.40
*4112 47
4112 47 .40
47
7% 2d preferred
100 15 Jan 19 514 July 17
27
26
27
26
*263 30
4
28
30
2812 30
270 Assochtted 011
6 Mar 24 3512July 14
/
1
4
25
24
*21
.21
*21
24
24
2314 23, •21
25
100 All 0 & W I SS Linea_ _No par
4
412 Mar 22 26 July 10
*2712 32
•2712 32
*2712 33
2712 27, •26
32
/
4July 17
100
2
Preferred
412 April331
100
2914 293
2954 2818 29
/ 2914 30,2 2914 304 42,800 Atlantic Relining
1
4
4 28
/
1
8
25 123 Feb 28 3174July 7
32
.3018 3314 3014 3018 .29
3012 3012 29
29
300 Atlas Powder
No pa
9 Feb 14 391aJuly 5
79 .79
79
79
78
80
7712 78
79
*77
310
Preferred
100 80 Apr 5 8112July 3
171 18
/
4
16
1712 1814 .1712 18
/ 171
1
4
1712 1712 2,900 Atlas Tack Corp
pi Feb 27 1814 Aug 30
No pa
5714 6314 5838 62
631
5912 6112 6014 7112 27,300 Auburn Automobile
61
84'4 July 13
3114 Feb2
No pa
/ 6
1
4
/ *7
1
4
7
678 6
/
1
4
6
738
714 1,200 Austin Nichols
612 71
932July 18
No Pa
7 Feb 2
8
1258 1112 121
12
114 12
/
1
111 111 1112 111 42,800 Aviation Corp of Del (Tha)__
/
4
/
4
/
4
51 Feb 27 1638July 17
/
4
1434 133 1412 48,200 Baldwin Loco Works No pa
1358 143
4 1358 1412 14
141s 143
4
/
1
312 Apr 12 174July 7
*40
44
44
*43
44
46
47
47
47
.40
400
Preferred
100
94 Apr 4 60 July 18
/
1
*954 99
/
1
99
.97
*953 99
97
97
10 Bamberger (L)& Co pref._ 100 684 Feb 28 997 Aug 7
8
*953 9
5
8 9
/
1
412 41
438 43
414
8 *4
41 414 • 414 414
/
4
8 Barker Brothers
714June 20
/ Jan 4
1
4
No Pa
19
20
19
20 .16
*16
*1912 20
20
20
50
6Si% cony preferred____100
/
4
51 Apr 19 2414July 18
91
91
/
4
914 10
10
9
4
9 4 10 4 1018 103 105.600 Bernsdal Corp
3
,
3 Mae 2 11 July 7
4212 4534 4312 443
43
43
4618 4434 46
4 44
12,100 Bay uk Cigars Inc
No par
314 Jan 6 5212JUIY 13
48712 92
.8712 91
.8712 92
*8712 91
.8712 91
let preferred
100 27 Jan 18 100 July 10
173 17
4
/
4
17
/ 171 1714 17
1
4
/ 1712 171 *1714 171
1
4
1,900 Beatrice Creamery
7 Mar 2 27 June 29
59
4
*733 75
733
*7334 75
*73
75
/ 95 • 4 8054
1
4
75
100
Preferred
100 45 Feb 24 85 May 25
65
65
67
65
68
65
•65
65
67
•65
700 Beech-Nut Peeking Co
20 45 Jan 5 7012June 27
10
/ 11
1
4
1012 1114 104 1114
/
1
4,800 Belding Ileminway Co-No par
ills 11 14 1074 11
338 Feb 20 1212July 6
9412 93 4 93 .93
.92
/
1
4
5
9354 934 9374 .931s 9414
/
1
500 Belgian Nat Rys part pref.__ 6214 Apr 7 9412 Aug 25
• Bid and asked prices, no sales on this day. a Optional sale. x Es-dividend. y Ex-rights. C Cash sale.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
$ per share $ per share
12 June 303 Mar
8
812 Dec 14 Sept
114 June
41 Aug
/
4
414 May
1612 Mar
304 July 6312 Sept
/
1
12 June
312 Sept
74 June
/
1
1654 Jan
/ Dec
1
4
4 Mal
May
354 Sept
3 May
4
812 Sept
8 Sep,:
1s June
8 Sept
84 June
5 May 15 Sept
424 June 8814 Sept
/
1
9612 Apr 120 Dee
4 June 153 Sept
8
412 July
10 Jan
14 Apr
212 Sent
4 Dec 10 Mar
12
Jan 223 Sept
4
3 June 1512 Sept
/
1
4
5 May 2212 Sept
28 June 47 Feb
14 Apr
27 Aug
8
1
Apr
934 Aug
613 June 177 Sept
4
40 July 90 Feb
295 June 734 Mar
8
/
1
9312 June 129 Mar
314 June 17 Sept
15 Dec 50 Aug
17 Apr
2
714 Sept
7 June 26
Jan
18 June 38 Nov
2 July
814 Sept
11 May 27 Sept
3 Dec
4
5
Jan
234 Apr
1534 Sept
2 May 15 Sept
5 May 3812 Jan
23
48.1ay 2114 Aug
33 June 33 Jan
4
3 May
613 Aug
1 May
61 Sept
/
4
4 May 27 Sept
/
1
4
25 June 613 Mar
8
3 Dec 211 Mar
/
1
4
/
4
35 Dec 68 Mar
212 June 12 Sept
14 Jan
3 Aug
4
1 July
414 Aug
3 July
/
1
4
1514 Aug
1714 Dec 49 Sept
712 June 2214 Jan
1 June
33 Mar
4
112 June
914 Aug
612 June 32 Aug
14 July 33
Jan
3 June 1714 Sept
1514 June 58
Jan
10 July 493 Jan
4
314 June 1214 Sept
3 May
1813 Sept
13 June 22914 Mar
/
1
4
5 June
33 Sept
4
/ Apr
1
4
78 Sept
10 June 2514 Jan
51 May 2714 Sept
/
4
22 June 85
Jan
15 July 55 Feb
2134 June 3612 Aug
90 Jan 106 Sept
3 May 1518 Sept
34 July 80 Feb
20 May 363 Mar
4
13 June 394 Jan
/
1
45 May 90 Aug
23 Apr 1014 Aug
4
4
2
60 July 1373 Feb
4
4012 June 883 Mar
44 June 8934 Mar
9514 June 11812 Oa
Jan
4 June 25
1012 July 70 Jan
11 May 3412 81ar
11 May 31 Mar
Jan
28 JUDO 75
Pt May 10 Sept
8
1512 Jan 397 Sept
14 May
214 Aug
8 Aug
2 July
114 May
6 Sept
/
1
4
10 June 35 Aug
8
3 June 193 Sent
3 Apr 15 Sept
514 May
1712 Mar
40 May 75 Sept
13e May9 Sept
7 Apr 1512 Sept
85 Apr 10014 Oct
24 May 61 Aug
4
23 Sept
/ June
1
4
/ June
1
4
2 Sent
34 May 154 Aug
/
1
/
1
1 May
35n Aug
514 Sept
11 Dec
/
4
3 Aug
/June
1
4
3 May 11 Sept
1834 I)ec 42 Sept
1212 Dec35 Mar
614 July
1612 Aug
/
4
438 Dec 121 Aug
53 Dec 1512 Jan
4
83 Feb 2172 Sept
2
7 Dec 2512 Feb
451 June 7913 Jan
/
4
3 Aug
/
1
4
1 July
4
/
1
284 May 1513 Jan
12 Feb
11 Sept
/
4
11 June
/
4
Ws Deo
2 May 12 Aug
8 May 3714 Aug
62 July 99 Feb
12 Apr
312 Aug
7 Dec 30 Jan
7 Sept
338 June
2 Dec 13 Feb
30 Dec 59
Jan
1013 Nov 4312 Jan
62 Dec 95
Jan
2914 May 453 1)ec
4
2 Jan
/
1
4
8 Sept
/
1
4
6733 June 6253 Dec
New York Stock Record-Continued-Page 3
1727
far FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE THIRD PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Aug. 26.
Monday
Aug. 28.
Tuesday
Aug. 29.
Wednesday
Aug. 30.
Thursday
Aug. 31.
Friday
Sept. 1
Sales
for
the
Week,
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Sines Jan. 1
On basis of 100-share lots
Lowest.
Highest.
S per share $ per share $ per share $ per share S per share S per share Shares. Indus. & Miscell. (Con.) Par $ per share $ Per share $
6 Feb 27 2114 July 17
/
1
4
5
4
8 173 183 30,800 Bendix Aviation
1858 1912 175 193
4
4
8 173 1858 1818 183
8
9 Mar 2 3318 Aug 25
No par
4
/ 1,400 Best & Co
1
4
3014 3014 303 30
31
32
33
30
3218 31
3918 4012 34,600 Bethlehem Steel Corp No par 1018 Mar 2 49141ulY 7
384 4114 3914 40
/
1
4138 4214 3878 42
100 2514 Feb 28 82 July 3
7% preferred
*66
67
68
700
6712 .67
6912 69
67
67
/ 67
1
4
618 Apr 5 2912June 30
24
24
180 Bigelow-Sant Carpet Inc No par
23
2214 23
22
22
22
22
22
312 Feb 28 1914 July 19
No par
8
8 147 1514 3,700 Blow-Knox Co
1412 143
4 1478 147
15
1512 1412 1514
638 Feb 28 21 July 18
10 Bloomingdale Brothers_No par
1912 *18
1912 *18
*18
18
*18
20
1912
18
91 Mar 2 5412July 6
/
4
4814 4714 4712 4712 475
4778 485
8 6,000 Bohn Aluminum & Br_No par
8 4612 487
8 46
No par 52 Feb 23 74 June 13
100 Bon And class A
69 69
70
*67
*69
71
71
*68
*67
71
25 18 Feb 27 3712July 3
18,000 Borden Co (The)
/
4
4
8 271 28
273 2878 2712 284 273 283
8
8 273 283
8
/
1
8
512 Feb 28 215 July 5
10
1914 21
/ 17,400 Borg Warner Corp
1
4
193
4 1914 19
8
187 2018 187 2014 19
8
412Ju1y 5
5 Apr 17
8
Botany Cons Mills class A _ _50
*218 21
4 *13
23
4
4 23
2
/ *2
1
4
4 23
4 *2
4 *13
25 Feb 24 1458July 18
8
1134 1214
8
8
113 117
8
8 113 117 16,600 Briggs Manufacturing_No par
11
1214 1114 12
4
7 Feb 28 183 July 19
/
1
4
No par
600 Briggs & Stratton
1612 1612
*163 17
4
17
17
17
17
16
16
No par 6312 Apr 5 8812June 12
1,200 Brooklyn Union Gas
4
77
7712 g773 78
79
78
78
*78
7812 79
8
No par 2812 Mar 3 537 July 18
4 4912 50
1.000 Brown Shoe Co
4 4912 493
4912 4912 50
493 493
4
50
134 Mar 3 1812June 26
1,700 Bruns-Balke-Collender_No par
12
11
117
8 12
11
113 113
4
4 11
113
4 11
8June 20
2 Feb 27 127
10
1018 103
9% *914 9% 1,300 Bucyrus-Erle Co
8 *91
8
1014 103
93 10
8
/
1
2 Feb 23 194June 20
/
1
4
Preferred
5
*1338 14
400
133 *1314 14
4
/ *13
1
4
13
13
133 *13
8
100 2012 Mar 31 72 June 26
7% preferred
*61
70
*61
70
70
*61
70
*61
*61
70
97
8Ju1y 3
84 Apr 15
No par
8 4,900 Budd (E CI) Mfg
614 63
614 612
63
8 6
/
1
4
63
4 64
4
612 63
3 Mar 16 35 July 3
100
24
24
2312 2312 23
160 7% preferred
23
23
2312 24
23
53
4July 5
37
1 Feb 8
Na par
37
o
1,200 Budd Wheel
4
4
378 4
334 4
37
8 4
.5 June 29
7 Mar 2
8
Na par
37
800 Bulova Watch
31/4 32
*33
8 4
378 37
8 3bo
4
4 14
8
212 Feb 17 1314July 3
No par
400 Bullard Co
8
*814 87
9
812 812 *8
9
9
938 9%
8July 3
618 Feb 14 207
1712 1734 1612 18
1714 7,600 Burroughs Add Mach_No par
164 1714 17
/
1
163 17
8
8 June 8
414
1 Apr 1
*4
.
No par
4
4
4
4
414 414
900 Bush Term
414 414
912June 1
I Ahr 3
100
100 Debenture
*3
8
6
6
*6
71
/
4
*6
8
*6
8
712 Apr 26 2312 Jan 5
90 Bush Term Bldgs gu pref 100
14
14
14
1214 13
14
14
14
14
14
8June 2
27
1 Feb 10
1,700 Butte & Superior Mining _10
*17
8 2
*178 2
17
8
17
2
2
8
2
2
414Juue 2
12 Mar 31
5
234 23
4
23
4 234
8 23
4 1,200 Butte Copper St Zinc
4 2
/ *23
1
4
23
23
4 234
712June 13
114 Apr 10
No par
33
4 33
4 *334 4
1,300 Butterlck Co
4
4
3
/ 4
1
4
*37
8 4
84 Feb 25 4314 July 18
/
1
No par
35
15,100 Byers Co (A M)
34
35
/ 3618 34
1
4
3412 357
8 3312 363
4 33
100 3018 Mar 2 80 July 18
Preferred
*6518 70
*6518 70
*6518 70
*6518 70
*6518 70
4July 17
734 Mar 2 343
.
700 Callfornla Packing_ _ _No par
2712 271 2 *26
2811 2714 2714
281s 2812 2812 281
214June 5
14 Jan 19
10
11 112
/
4
11 2,400 Callahan Zinc-Lead
/
4
11s
114 114
114
114
114
13
8
8June 2
93
2 Feb 7
618 614 4,600 Calumet & Hada Cons Cop_25
614 614
8
63
8 61
614 63
/
4
614 638
2 Feb 28 1614 July 15
903 Campbell W & C Fdy_ _No par
10
103 11
4
4
/
1
103 103
4
4 *938 104 *93 101* 10
712 Feb 25 4112July 19
5
311 12,200 Canada Dry Ginger Ale
/
4
313
8 3012 3113 31
313 3218 30
8
2934
32
No par 14 Feb 2 3512July 18
1,700 Cannon Mills
8
29
8 277 29
2818 2612 277
29
2812 2812 27
413 Feb 24 1212July 13
800 Capital AdmInis cl A_ No par
812 812 *812 9
84 83
4
4 9
918 *83
9
50 2518 Jan 18 3512July 13
Preferred A
*2712 30
*2712 30
*2712 30
*2712 30
*2712 30
100 3012 Feb 27 10312July 17
8 7614 783 42,400 Case (J I) Co
7612 79
3
7318 787
8 73 4 7914 7612 783
Preferred certificates__ _100 41 Feb 27 86 July 19
*73
81
50
*73
81
7312 *7214 741 *7214 82
73
4July 7
512 Mar 2 293
Caterpillar Tractor- -._No par
2338 2378 233 24e 11,500
2414 25
8
24
23
23
243
8July 3
418 Feb 27 587
4734 4612 4718 149,800 Celanese Corp of Am_No par
/
1
47
484 4438 4878 4414 464 45
/
1
1
5
/
1
4July 3
I3 Mar 15
No par
100 Celotex Corp
3
/ *3
1
4
338 33
8 *3
37
37
8 *314 3% *3
4 July 5
/
1
4
38 Feb 4
No par
Certificates
300
258 22
8 *212 278
8
*212 3
228 2
*25* 22
4July 5
112 Jan 5 123
100
Preferred
100
8
8
*712 9
9
9
713 9
*712 9
Central Aguirre Asso__No par 14 Jan 3 41 July 17
1,100
343 343 *3312 35
4
4
343 3434 33
4
3412 3312 34
2 Apr 19 1158July 19
Century Ribbon Mills_No par
8
*7
812 *7
8
*7
*7
8
82 *7
100 52 Feb 27 95 June 20
Preferred
*7814 93
*7814 93
*7814 93
07814 93
*7814 93
/
1
4
51 Jan 4 42 July 13
/
4
8
3614 347 3614 63,800 Cerro de Pasco Copper_No par
4 35
3614 373
4 34
3814 3418 373
8July 3
73
1 Jan 9
2,000 Certain-Teed Products_No par
.5
5
*5
514
4
/ 5
1
4
434 53
8
53
8 53
4 Mar 27 3014 July18
100
7 7 preferred
,
25
*20
*20
*20
25
25
25
*20
*20
25
Vs Mar 3 25 June 29
No par
Ice & Fuel
2,200 City*
19
19
19
19
19
1912 197
8 193 19
4
/ 18
1
4
100 45 Apr 7 72 July 17
Preferred
69
69
40
697 697 *67
8
8
6912 *69
6912 *69
Stock
6912
/
1
4
712 Mar 23 20 Jan 18
5
800 Checker Cab Mfg Corp
17
17
16
164 17
/
1
16
17
16
*16
16
No par 1478 Jan 3 5212July 7
513
4 4614 504 4612 4838 *473 481 10,900 Chesapeake Corp
/
1
504 5112 50
/
1
Exchange
4
/
4
8July 20
123
218 Mar 31
1034 11
6,000 Chicago Pneumat Tool_No par
8
10
4
11
4
8 103 107
1014 10
/ 103 107
1
4
512 Feb 28 2514June 20
No par
Cony preferred
21
Closed
2212 2118 22
8 3,600
2112 2112 2112 217
213 22
8
6% Jan 4 2238May 31
12
300 Chicago Yellow Cab_ _ _No par
12
12
*11
1312 *1112 1212 1212 1212 12
5 Mar 2 34 July 18
10
Extra
26
6,600 Chickasha Cotton 011
2612 2518 2612 25
25
26
24
/ 2514 25
1
4
2 Feb 28 1018July 5
No par
100 Childs Co
*67
8 714
7
7
*714 8
8
•
714 81 07
/
4
6 Apr 4 2112July 18
25
Holiday
*1512 197 *1512 1778
40 Chile Copper Co
8
161 1712 *1512 1712 *1512 1712
/
4
/
4
734 Mar 3 471 Aug 28
5
Corp
4512 47
/ 43 8 464 4318 46
1
4
3
4418 453
8 43 4 4514 274,800 Chrysler
3
/
1
33
8July 7
14 Feb 28
No par
17
8 2
2,600 City Stores
2
2
8
12
8
17
12
8
12
8
178 2
5 Mar 24 1414June 22
No par
934 954 2,050 Clark Equipment
9 8 934
5
9
/ 9
1
4
/
1
4
934 1012
0914 93
4
31
900 Cluett Peabody & Co_ _No par 10 Jan 27 4112July 17
3112 30
30
30
30
3012 30
3012 *30
100 90 Jan 4 100 June 2
Preferred
60
95
96
*96
98
097
98
*06
98
1,400 Coca-Cola Co (The)_ _ _No par 7312 Jan 3 105 July 17
91
9112 907 907
8
92
923
4 91
93 '2 94
s 91
No par 44 Apr 19 4712June 1
Class A
4712 4712 *4718 4712 *471 4712 4712 4712 *4714 4712
200
/
4
8July 19
7 Mar 30 223
1812 1814 1838 1812 1834 3,800 Colgate-Palmolive-Peet No par
183
4 18
18
1812 19
100 49 Apr 3 38 Aug 18
863 863 *85
4
8718 *8.5
6% preferred
300
8718 8612 8612
4
8818 *85
3 Apr 4 2214 Sept 1
No par
21
4
213
4 193 2214 21,600 Collins & Allman
4
4 1914 215
4
8 183 2014 193 193
514May 10 12 Jan 4
700 Colonial Beacon Oil Co_No par
10
105
8
*712 1014 *712 1014 *712 10
*712 10
312 Apr 4 173
8July 7
614 63
4 4,100 Colorado Fuel & Iron_ _No Par
8
614 63
63
4 7
6
/ 7
1
4
612 7
65
6678 61
6414 6434 8,600 Columbian Carbon v to No par 2318 Feb 27 7112July 3
664 6212 6612 6414 65
/
1
6 Mar 27 2412July 19
/
1
4
o_No par
227 2314 22
8
22
23
2312 2312 2312 2312 1,200 Columb Pict Corp v t
/ 23
1
4
9 Mar 31 2818July 19
184 194 19
/
1
191s 1938 59,400 Columbia Gas & Elec_No par
/
1
195* 2018
2018 19% 20%
100 59 Mar 2 83 June 12
*76
Preferred seriesA
7718 8018
*76
78
77
600
77
/ *76
1
4
77
/ 77
1
4
4
4 Feb 27 173 Aug 31
15
8
4 1614 17
4 165 173
47,300 Commercial Credit_ _-_No par
1512 163
157
8 1434 16
*351 37
/
4
*3714 39
37
38
38
3912 *38
50 16 Feb 27 3912 Aug 31
Class A
39
1,400
25 1818 Mar 21 2412 Aug 30
24
2412 *2412 25
Preferred B
180
*2412 25
24
24
21
24
8
*941 96
/
4
36
86
330
95
/ 95
1
4
/
1
4
9212 95
634% first preferred-_100 70 Mar 24 957 Sept 1
90
90
383
4 3714 3828 13,200 Comm Invest Trust__ _No par 18 Mar 3 4312Ju1y 3
393 4014 382 397
8
8
e 3712 388 38
*9084 92
/
1
4
No par 84 Jan 4 97 Jan 31
92
*91
9312 *9112 9312 *9112 93
Cony preferred
92
300
3712 3918 3818 39 225,800 Commercial Solvents No par
9 Feb 25 5714 July 18
3912 404 371 4014 37
39
/
1
/
4
33
618June 12
138 Apr 1
8
318 32 43,301 Commonw'Ith & SouNo par
3% 312
314 312
314 312
314
par 21 Apr 4 6012June 7
4514 04218 45
4512 45
*47
$6 preferred series_ _No
900
45
4818 46
47
3 Apr 4 11 June 13
598Conde Nast Publie'ns_No par
*53
4 03
938 5
4 *53
4 93
4 *511 914 .5
73 Jan 31 2738July 18
8
2312 244 23
8 233 2418 X2312 237 20,000 Congoleum-Nairn Ino_No par
8
/ 243
1
4
/
1
8
2418 22
612 Feb 24 18 June 7
*1112 1414 *1112 1412
No par
*1112 14
*1112 143 *1112 14
Congress Clgar
4June 7
3% Apr 6 193
.
4,000 Consolidated Cigar_ _ _No par
4
11 18 1134 It
1012 1112 *103 1114 1034 11
12
100 31 Apr 5 65 June 8
51
51
491 50
/
4
50
49
Prior preferred
190
*46
49
50
50
4May 29
53
1
*378 4
138 Jan 4
200 Consol Film Indus
*3
/ 4
1
4
*37
8 4
8 4
33
4 33
4 *32
7 10
4May 20
68 Mar 21 143
7
No par
97
8 9
/ 1.500
1
4
Preferred
9
93
4 978
934 10
97 10
8
49
/ 5114 4914 50
1
4
49
503
8 4838 504 4914 51
78,400 Consolidated Gas Co- - _No par 40 Apr 3 6418June 13
/
1
9112 91
No par 080 Apr 24 99 Jan 3
913
4 1,500
/
1
Preferred
/
1
9112 92
890
/ 904 904 91
1
4
/ 90
1
4
5 Jan 10
/
1
4
218 Apr 17
314 314 *314 312 1,300 Consol Laundries Corp_No par
/
1
3
/ 312 034 312
1
4
3
/ 312
1
4
4July 6
4 1318 1418 133 147 134,400 Conso1011 Corp
5 Mar 3 153
No par
4
8
1314 13
,
/ 1234 13 8 1212 133
1
4
100 9512 Mar 1 105 July 14
8% preferred
200
8
*102 10412 10412 1043 *102 106 *102 106 *102 106
13
4 17
/
4
314July 5
i4 Mar 1
13
8
4 13
4 6,400 Consolidated Textile_ _ _No par
11 11
/
4
13
4
17
/
4
8
13
4 11
0
77
2 9
93 10
8
07
8
94 9
/
1
93
8 97 13,500 Container Corp class A
/
1
4
1 18 Jan 10 1014 July 18
20
8
318
312 358 5,100
412June 12
Class B
No par
3
/ 312
1
4
312
/
1
4
la Feb 15
312 3
34 33
/
1
8
1314 1378 13
1314 3,500 Continental Bak class A No par
1814 July 11
3 Mar 1
/ 1414
1
4
14
/ 13
1
4
143
8 1334 14
218 214 4,100
218 2%
214
12 Jan 5
218
312July 11
Class B
No pa
218 238
218
214
61
Preferred
100 36 Jan 3 64 July 10
800
6112 62
6134 613
4 615* 61% 618 61% 61
25,300 Continental Can Inc
68
673
4 66
661 66
/
4
20 3514 Feb 23 63 Sept 1
654 64
/
1
64
647
8 64
1212 *124 123
/
1
4 12
312 Feb 25 1718July 7
4 1,000 Cont'l Diamond Fibre
5
1112 113
1212 1212 *1112 12
30
3018 293 30
4
2,600 Continental Insurance.-- -2.50 1012 Mar 28 3612Ju1y 7
30
30
32
3012 3012 30
4 June 8
I Mar 27
218 214 7.900 Continental Motors- - No par
218 218
21
/
4
218 214
218
218 214
8 1712 1814 17% 193 99,100 Continental On of Del-N0 par
/
4
s
41 Mar 3 1912July 7
163 175
4
8
1612 1712 1614 177
8814 8612 8818 11,500 Corn Products Refining__ 25 453 Feb 25 903 Aug 25
8
8
3
/ 85 4 8814 87
1
4
861 89
/
4
8834 90
/
1
80
Preferred
100 117.2 Mar 15 1454 Jan 211
13812 13812 13834 13834 *13718 13812 *13718 13812 13812 13812
712June 13
No par a2 Mar 24
8 3,200 Coty Ina
514 53
512 53
4
514 55
514 514
4
5 2 6Si
311 3012 317
/
4
8 6,400 Cream of Wheat ctfs
No par 23 Feb 25 3912Ju1y 10
3012 3112 31
31
3212 3012 32
4June 8
10
1012 1,500 Crosley Radio Corp _ __ _No par
*912 10
10
214 Mar 28 143
10
103
8 10
10
1014
2,800 Crown Cork & Seal--No par 1114 Feb 27 65 July 13
/
4
47
/ 461 4712 4514 4614 4514 46
1
4
*4712 4812 46
$2.70 preferred
No par 2412 Feb 27 3812July 14
200
*351 3612
/
4
37
*35
3
7
37
37
37
*3612 37
57
4 3,200 Crown Zellerback v t o_No par
812July 17
1 Apr 10
6,
eas
6
8
53
4 67
53
4 57
6
6 18
*273 30
4
*26
30
9 Mar 2 3712July 19
500 Crucible Steel of America_ _106
30
307 30% 297
8
4912 4912 *47
50
49
8July 19
100 16 Feb 27 603
500
Preferred
4912 49
4914 4914 4912
218 218 *218 212 1.600 Cuba Co r he)
212
41June 7
/
4
No par
(
214
38 Feb 21
2% 2%
24 212
/
1
14 Jan 16 1112May 29
75
8 71 4,200 Cuban-American Sugar_ .. _ _10
/
4
7
/ 8
1
4
73
4 8
81 812
/
4
75* 814
100 10 Jan 9 68 June 5
*4218 45
*4218 45
Preferred
10
45 .4218 45
45
45
*44
513
4 51
4
50 203 Feb 21 5912June 8
51
51
2,300 Cudahy Packing
4912 50
51
5012 5112 50
*2414 2514 24
612 Mar 3 3214June 12
2412 1,200 Curtis Pub Co (The)_ _ _No par
24
2512 24
24
253 253
4
4
No par 30 Feb 23 66 June 12
543 543 *5312 55
4
4
500
55
Preferred
*54
5412 55
56
56
11 Feb 23
/
4
438July 12
1
314
33 19,300 Curtiss-Wright
8
8
314 33
314 312
312
314
3
/ 35,
1
4
.
6
8 July 13
2 Mar 30
1
/ 6
1
4
634 63
4
Class A
/ 4,800
1
4
6
/ 7
1
4
8
61 67
/
4
63
4 7
414 Jan 6 21 July 14
1612 *1512 16
Cutler-Hammer Ino___No par
171 *1512 1612 *1512 1612 *16
/
4
*16
8
83
4July 14
15 Feb 23
5
814 81 1
812 85
8
2,600 Davega Storni Corp
rds 812
814 812
7
/ 812
1
4
30 *2778
• Old and asked prices, no sales on this day. a Optional sale. 3 Ex-d1 'Wend. c Cash sale.
y Ex-rights.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
per share $ per share
412 May 1834 Jan
53 June 247 Feb
4
8
8
74 June 295 Sept
/
1
1614 July 74
Jan
612 Dec 1512 Aug
33 June
8
10 Aug
814 June 14 Feb
47 June 224 Jan
o
/
1
31 June 55 Nov
20 July 4310 Mar
33
1May 1414 Sept
14 Apr
114 Sept
278 June 118 Mat
4
4 May 1012 Jan
46 June 8912 Mar
23 July 36 Feb
412 Sept
118 July
714 Sept
112 June
212 May 1018 Sept
35 June 80 Sept
la Apr
318 Sept
14
Jan
3% July
41 Jan
/
4
58 May
312 Jan
118 Apr
8 Sept
218 May
614 June 1314 Aug
/
4
3 Dec 211 Mar
7 Dec 85 Mar
Jan
1214 July 85
17 Sept
8
12 July
2 Sept
12 Apr
57 Sept
8
13 June
8
7 May 241 Sent
/
4
3514 May 69 Sept
414 June 19 Sept
118 Sept
18 June
77 Sept
8
112 May
914 Aug
2 June
/
1
4
6 June 15 Sept
/
1
1018 June 234 Sept
912 Sept
218 Apr
19 June 32 Aug
/
1
4
163 June 65 Sept
4
30 May 75 Jan
Jan
43gJune 15
8
114 June 125 Sept
28 Aug3 Jan
/
1
4
/ Dec214 Feb
1
4
118 Dec712 Mar
2012 Sept
73 Jun
8
614 Jan
23 Jun
8
55 Dec85 Jan
312 June 1512 Sept
/ Dec3 8 Feb
1
4
3
45 Dec 184 Aug
8
/
1
11
Oct 2812 Feb
Jan
/
1
434 Nov 68
1612 Aug 3018 Sept
4
47 June x203 Sept
8
1 May
6
/ Jan
1
4
212 June 1214 Sept
6 Dec 14 Mar
5 June 1212 Sept
lly June
8 Sent
5 Dec
16 Sent
/
4
5 June 211 Sept
218 Jan
14 July
81 Jan
/
4
31.4 July
10 Apr 22 Mar
90 June 96 Feb
6812 Dec 120 Mar
415 July 50 Mar
8
1014 Dec 3112 Mar
65 June 95 Mar
8
/
1
24 Slay 107 Mar
1212 Oct
9 Jan
8
8
27 July 147 Sept
/
4
1312 May 411 Mar
1478 Au c
414 May
/
1
4
4 June 21 Sept
8
40 Apr 797 Aug
3 June 11 Mar
/
1
4
4
113 July 28 Sept
1O'zJune 21 Sept
40 June 75 Nov
8
8
107 June 277 Mar
65'2June 82 Nov
4
318 Stay 133 Sept
51 Aug
/
4
13 June
8
273 June 6812 Mar
8
5 May 12 Sept
612 June 1214 Sept
4 May 11 Sept
35 Dec 2412 Jan
8
17 June 60 Mar
5
/ Jan
1
4
1 June
/
4
4
23 June 111 Mar
4
3112 June 683 Mar
7212 June 99% Dec
8
4 Der, 107 Jan
9 Aug
4 June
79 Feb 101 Sept
11 Aug
/
4
14 Mar
213 Feb
3 June
8
118 Jan
14 May
8 Sept
24 May
/
1
18 Aug
8
13 Apr
4
247 June 473 Star
8
175 June 41 Mar
8
812 Sept
' Apr
1
4
63 Slay 2514 Aug
33 Sept
4
/ May
1
4
93 Sent
s
35 June
8
/
1
243 July 554 Sept
4
Oct
9912 June 140
73 Sept
8
Ds May
1312 June 2512 Oct
714 Sept
214 May
8
z77 May 237 Dec
8
/
4
173 June 301 Nov
8
3 Aug
12 June
6 May 2314 Jan
8
14 Dec 497 Jan
12 June
312 Sept
32 Aug
8
/ May
1
4
3 May 28 Aug
/
1
4
20 May 3518 Mar
Jan
7 June 31
Jan
37 Dec 86
/
1
4
314 Sept
7 May
8
43 Sept
4
1 12 Star
312 May 12 Sept
78 Sept
4
214 Oct
1728
New York Stock Record-Continued-Page 4
Sept. 2 1933
Tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS
LIST. SEE FOURTH ("AGE e'l-cECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug. 26.
Monday
Aug. 28.
Tuesday
Aug. 29.
Wednesday
Aug. 30.
Thursday
Aug. 31.
Friday
Sept. 1.
Sates
for
the
Week.
3 Per share $ per share 5 per share 8 per share $ per share $ per share Shares.
*3
5
*3
5
*3
*3
5
*3
5
5
14
1412 *1412 15
14
1412 *14
1414 *14
1412
800
*70
75
72
72
*70
72
*70
*70
72
72
100
3212 33
32
*3012 32
32
*30
32
500
3014 3014
2338 24
4, 233 237
2,700
235* 233
4
8 2312 24
8 2312 237
2812 2912 *2812 297 *2812 293 a283 2818 29
8
4
8
29
400
3212 34
8 3112 34
313* 353
317 323
4 32
a
327 81.800
.
2212 2212 22
22
*2114 2214 21
2114 22
22
700
15
1514 143 1512 143 1514 1518 1514 5143 1514 10,000
4
4
4
*123* 14
*1214 14
*1214 14
1214 1214 *1112 15
100
*63
8 712 *63
8 712
712 712 .612 77
8 *612 8
100
463 467
8
8 4512 47
45 4 463
3
8 46
4812 46
4612 20,800
*1004 1112 *103 1218 *1014 1112 1014 1014 .818 1218
4
200
*2112 22
2112 2112 223 223 *213 225* *21
4
4
4
23
200
100 100 *100
*100 101
100 100
*9912 100
20
7
7
7
7
7
*6
*614 714 *6
714
200
83
8514 82
85
8312 84
8312 85 8 82
3
847
8 9,800
.122 124
122 122 *122 124 .122 124 *122 124
10
1312 1418 123 14
4
127 1312 1318 1312 127 1312 10,400
8
8
813 843
8
8 80
837s x79313 82 4 8012 823
3
s
8 805 82'z 44,600
1147 1147 *112 114
8
8
11218 11312 11238 11238 11212 11212
800
312 37
7
8
3 8 38
3
37
38 3 4
3
8 4
4
4
3
4,000
*17
193 *15
4
19
*16
*15
19
184 *1612 19
2112 223
2118 23
4
2012 2214 215* 213
4 2118 217 25,700
s
*87
8812 85
8812 .87
87
*85
60
8612 8612 87
55* 53
7
512 5 8
53
4
8 53
8
53
5
4
512 512 8,800
3
3
3
3
3
3
318
314
314 312 9.400
9
9 14
9
91
8 93
10
918 '938
8
914 91 25,100
*20
2018 22
22
20
2114 21
2112 21
1,900
211g
19 4 193
3
4 1918 20
173 1812 *1812 19
4
1838 187
s 1.500
477 4812 477 477
s
8
4512 4612
s 45 4 45 4 4712 471
3
3
800
17
8 3 8 2
17
8
.17
*134 2
178
178
17
8
17
8
900
*3
33
8
3
278 3
3
*238 278
278 278
400
55
*55
55
56
56 .54
*55
53 53
55
300
*118 120
1197 1197 *118 120 *118 119
8
8
118 120
170
*8
814
814 812
73
4 77
8
7 4 77
3
73
s • 4 814 1.100
.27
30 .2718 30
2714 2714 *27
30
*28
200
30
303 *30
30
8
33
*30
33
297 297e *29
8
33
500
.30
40
40
*30
*30
391 *27 • 391 *32
391
1018 1012 105* 1012 101 105* 10
8
1014 1018 1018 1.800
10
1018
9 g 10
7
4
93 10
10's 10
10
1018 3,200
412
*4
4
4 14
4
4
4
4
414 414
1,000
•10
1112 10
10
1018 101 *1014 1112 .1018 1112
30
*13
8 212 *1344 212 *114
21
*114 212 *114 212
.55
618 61s
512 512 • 3
5 14 7
30
7
"MS 7
78 8
7
73
4 83
800
4 .8
814 84
*77
4
9
s 83
3712 36
*36
36
*31
35 4 *31
3
4
353 *31
20
35 4
3
_
__ ______
*912 12
*914 11
. *94 12
9i2 12
*914 12
*5012 59
*5012 59
*5012 5
*5012 59 .5012 59
9
*40
*40
70
70
70
*51
*40
70
*40
70
*814 81
812 812 *712 8
*712 814
8
818
600
3
3
3
3
3
3
278 2 8 •2 8 3
7
4041
7
378 414
378 378
4
4
378 378 *334 378 1,100
2734 28
*25
273
4 25
25
4
253 26
*26
273
4
900
Stock
3012 3038 31
*30
*29
30
2912 2912 30
30
900
263 28
4
247 273
8
4 257 273* 25 4 2612 2618 263 33,600
8
3
4
Exchange
72
73
70
72
713 72 .71
4
72
72
72
1,800
58
57
57
57
5612 583
4 5712 573
4 56
573
4 3,000
Closed
1512 *15
•15
1512 15
*1418 15
15
*14
15
100
*97 100
*94 100
*97 100
*97 100
100 100
10
Extra
1212 1212 *11
13
1112 1112 *1112 12
*1112 12
200
•133 1412 133 141s •13l2 1414 *1312 1414 *1334 1414
4
4
200
Holiday
183 187
8 1712 187
8
8 173 1814 1712 18
18
8
1814 4,100
1718 1738 16
1718 16
16
16
*16
16
17
1.600
23
22
221 1 2214 223 2238 2214 233
3
8 2112 2218 1,900
15 8 15 4 151 1538 1518 1514
8
3
3
1412 15
1438 15
2,400
•383 39
8
*383 49
8
*3814 49
*3814 49
*3814 49
___-41
4314 42
4414 413 4314 42
8
4312 43
444 22,200
*132
___ •138 148 *138 144 *135 145
140 140
100
8
•183 8 21
*183 1912 183 193 *183 18 4 18 8 187s
s
4
44
3
7
30
1212 *11
3
.11
12
12
1212 *11
1212 *11
1212
10
5
5
5
5
412 5
412 412
412 412 1.400
1934 2012 20 4 20 4 "20
3
3
20 s •1912 20
3
*1912 20
40
1012
9 4 103
3
8 10
10
9e 1012 10
9 8 1014 7,000
5
SO
*77
80
*77
*77
*77
80
80
*77
80
3838 3938 3818 3912 3818 394 3812 39
383 391
4
8.800
217 2314 207 2314 203 22 8 22
s
s
7
4
23
227 23
8
16,600
15 s 1614 1512 16
3
15 s 15
3
3g 1538 153
1512 154 3,400
712 8
8 8
712 8
77
8
87
s
8
8'z 9.000
64 6 g
3
7
3
612 612 *612 6
•618 611
612 61
800
•1212 1318 *1112 13
*11
13
*11
1238 *1114 131
28
2814 28
*20
28
30
30
*20
*2612 291
300
39 391s 395* 3912 3812 Z82 3812 38'z 38
3812 1.400
*108 110 .
710812 110 *10812 110 .10812 110 *10812 110
25 8 2614 2414 2614 21
3
,
25
3
243 25
8
243 25 8 112.500
8
3
1218 12
12
1218 12
12
12
1218 121
121
2,500
367 385* 37
37 4 38
3738 377
377
3
8
8 377 38
12,000
%
138
138
112
138
138
112
138
112
118
112 3,800
1214 1214 *11
12
13
12
*1118 12
*10
12
200
1412 1412 •1412 15 4 *141! 15
3 •1412 15 4 *1412 153
3
3
10
4
*514 19
*514 19
.514 19
19
*7
19
*7
. 4112 411
*4112 4212
4118 4118 4114 4114 *40 8 44
7
300
6714 6814 '66's 6814 6714 68
663 68
4
6712 673
8 2,600
10412 105
10414 105 *104 005 *104 105 *104 105
500
3338 351
33
351g 323 3414 3314 33 8 333* 3414 402,900
4
7
92
09114 92
92
913 913* 9112 9112 9118 9112 1,200
8
•1014 143* •1014 143 *1014 1412 *10
4
1412 *1014 1412
578 6'8
6
ets .67
8 618
67e 57
8
618 618 1,000
.1.1142 12
*1134 12
1112 1112 .1112 12
*1112 12
90
*72 -- •72
_ -- *72 - _
*72 - __ *72 - .- ... 5
51
47
8 5
4 - 4 *47
4343
g 800
514. *454 5
41
41
42
40 4 4314 41'2 42
423
3
*41
42
2,000
4
212 28
212 2 4
3
212 2 4
3
23
4 2 s 7,500
23
4
8 23
7
18
*17
18
1812 *1812 1812 *17
1812
1812 *17
100
15
15
15
1518 15
15
15
*1518 1538 1,000
15
2814 281 *30
38
*2818 3212 *2818 3212 .
02818 3212
10
142 147
8
8
1414 1614
1414 1412 1414 143 24,500
1412 151
8
56
55
55
56
.56'2 56
*55
5612 543* 55
800
614 6 2
57
6
6
,
8 612
6
5 4 614
3
618 3,900
247
2212 2212 *1912 22
*21
22
23
22
23
800
. 173 183
191
4
19
183
4 1814 18 4 18
193
4 9,400
3
8 17
89
785
89 - '
88
8918 891 *85
88
88
*85
20
8
93
8 95* 5,000
7
914 9 4
9 4 10's
97* 978
3
914 97
2278 2312 2212 23
223 2314 223 23
8
223 2314 5.000
s
8
•104 105 1
'104 105 *104 105 *104 105 *104 105
1718 177
8 16
1614 1714 1614 1634 1638 16e 18,800
173
s
*4212 4412
4578 47
*4412 4512 4412 4412 *4012 44
900
377 393 41,500
8
8
5
3912 40 4 375* 405* 373 3953 3818 39
3
69
69
7012 7012 *6712 6912 •68
70
7014
68
600
12
1212 123
4 117 123
4 1112 1112 12
4
8 113 123
8
2,800
66
*36
66
*4118 66 .36
•---- 69 .4118 66
4
4 18
38 4
7
3
54 3 4
33
4 3e 8,000
3 4 33
4
3
7
113 12
4
1112 12
8 3,000
1118 113
4 1114 117g 1178. 117
73
4
8 73
718 7'2
7
714
7
7 14 *7
7'2 1.500
030
3138 *29
*29
30
400
2978 30
30
313 *29
8
*25 4 28
3
28
*22
•21
28
*21
211
28
•2I
2912 30
2914 2,700
2912 3018 2018 20%8 28
29 .28
1312 133
4 1318 131. 131s 133
4 1318 13i: 1318 1338 5,100
344 3512 333 351 4 3312 354 333 347
4
8 3414 3518 30,300
4
1064 1061 4 1063 1063 107 10712 10712 10712 *10514 110
140
8
8
3
27
3
27
8 3
2 3
8.400
23
4 3
23
4 27
8
STOCK
NEW YORK STOCK
EXCHANGE.
, Lowest.
/4•4
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Indus. & Miceli. (Con.) Par $ per share $ Per Snare $ per share $ per share
Debenham Securities
112May 20
5 June 12
1 June
238 Dee
Deere & Co pre
20
614 Feb 24 183
8June 22
614 June 1514 Jan
Detroit Edison
100 48 Apr 3 9112July 10
54 July 122
Jan
Devoe & Reynolds A-No Par
10 Mar 1 337 Aug 9
s
7 May
1634 Oct
Diamond Match.- .-No par
171: Feb 2i1 291:July 7
12 Apr 191s Sept
Participating preferred.
.25 2618 Feb 27 31 July 19
2011 May 263 Dee
4
Dome Mines Ltd
No par
12 Feb 273 387
8July 19
71s Jan
127 Dee
8
Dominion Stores Ltd._No par 101: Feb 27 2133
8July 18
1114 June 181: Sept
Douglae Airerau co Inc N.par 10.4 Feb II 1814July 17
6 June 1838 Sept
Dresser(SR)Mfg eonv A No par
63 Feb 27 18 June 12
4
5 July 23 Feb
Convertible class B No par
218 Mar 1 103
4June 2
13 Dec 1212 Feb
8
29 24 31 63i2June 29
,,
Drug Inc
10
23 May 67 Feb
Dunhill inte4134A011111--No WV
4July 19
7 Apr 10 143
a
3* Dee
311 Sent
Dupian Silk
8June 30
No par
912 Apr 22 283
S'tJune 15 Sept
Duquesne Light 1st pref__100 90 May 4 10214/June 13
87 May 1013 Nov
8
Eastern Rolling Mills_ _NO par
Vs Mar 30 10 July 3
1 Jun
612 Sept
Eastman Kodak 4N J)
4July 14
-No par 46 Apr 4 893
3514 July 873 Jan
4
6% cum preferred
100 110 May 2 130 Mar 21)
99
Jan 125
Oct
Eaton Mfg Co
No par
3 June
318 Mar 2 16 July 17
9 8 Sent
7
El du Pont de Nemours---20 3218 Mar 2 853
4July 17
22 July 593 Feb
4
6% non-voting deb
100 9712 Apr 20 117 July 7
80 4 June 1051 Aug
3
.
Eitingon MUM
No par
514July 14
ss Feb 4
18 June
2, Sept
8
(Hi% Cony 1st pref____100
4 Mar 29 23 June 12
214 May
1212 Jan
Elea Auto-Llte (The)
5 10 Apr 4 2712Ju1y 13
foz Jung 323 Mar
4
Preferred
100 7814 Mar 29 8812July 18
61 June 1004 Feb
Electric Boat
814July 3
1 Jan 3
3
12June
212 Jan
414 July15
Elea rk Mug Ind Am shares__
1 Feb 14
7 June
8
4 Jan
Electric Power & Light No par
3
31g Feb 27 15 8Juue 13
214 July 16 Sept
Preferred
No par
712 Apr 4 3612June 12
103 July 64 Jan
4
$6 preferred
No par
614 Apr 5 3214June 13
87 July 5512 Jan
8
Elea Storage Battery
No par 21 Feb 16 54 July 10
1248 June 3314 Mar
Elk Horn Coal Corp
4 June 19
18 Jan 4
No par
18 Jan
3 Aug
4
6% part preferred
6 June 7
3.11 Apr 29
50
1 Sept
5* Jan
Endicott-Johruson Corp...._50 26 Feb 27 6278July 18
16 July 3714 Sept
Preferred
100 107 Feb 17 122 Aug 23
98 May 115 Nov
Engineers Public Serv__No par
4June 12
4 Feb 23 143
4 June 25 Feb
$5 cony preferred____No par
16 July 51
1512 Apr 7 47 June 13
Feb
$51i preferred
No par
15 Apr 4 4978June 12
18 July 57 Mar
$6 preferred
No par 2012 Apr 19 55 June 13
25 June 613 Mar
4
Equitable Office Bldg No par
8July 7
1012 Dee
612 Mar 27 133
19 Jan
Eureka Vacuum Clean_No par
2 Julie
3 Apr 4 1814July 7
714 Mar
Evans Products Co
:June 28
'8 Mar 1
71
5
12 May
212 Sept
Exchange Buffet Corp-No par 10 Jan 4 1112July 19
93 Jan 1134 Jan
4
Fairbanks Co
7 may 17
g
268June 8
25
1 Sept
13 Sept
4
Preferred
8t4June 13
1 June
100
1 Feb 23
4 Aug
Fairbanks Morse & Co-No par
214 Dec
212 Mar 23 1114June 2
61/ Aug
4
Preferred
10 Dec 47 4 Mar
100 10 Feb 25 42 June 3
3
3 June 8
38 Jan 26
'2.111 .^
17 Sept
11
7% preferred
112 July
3 Feb 23 11 June 2
100
77g Jan
Federal Light & Tram
:June 12
814 Des 22 Jan
43 Apr 6 141
15
4
Preferred
30 June e4 Mar
NO par 38 Apr 20 5912July 20
Federal Min & Smelt Co--100 15 Mar 31 75 June 10
13 June 35 Sept
Federal Motor Truck No par
4July 10
112 May
54 Mar 16 113
33 Feb
8
Federal Screw Worics_No par
478July 7
'May
23 Aug
/1
5 Feb 27
4
Federal Water Sow A No par
634June 12
214 Dec 105* Mar
Ds Feb 25
Federated Dept Stores-No Pa
712 Feb 27 30 July 18
612 June 153 Sept
4
Fidel Phen Fire Ins N Y...2.51
6 May 273 Jan
4
1014 Mar 27 36 July 6
Firestone Tire & Rubber___10
1012 June 187 Aug
9.8 Apr 4 3112July 18
g
Preferred series A
45 July 68 Aug
100 42 Mar 3 75 June 7
First National Stores__No par 43 Mar 3 70 4JUly 7
3
35 July 5412 Dec
Florshelm Shoe class A_No pa
414 Apr 10 Feb
712 Feb 7 18 July 5
6% preferred
83 July 99 Nov
100 80 Apr 19 100 Sept 1
Follansbee Bros
No pa
2 Jun
212 Feb 28 19 June 7
814 Sept
Food Machinery Corp.No par
3 4 May 1014 Feb
612 Apr 19 16 July 13
3
Foster-Wheeler
3 May 157 Sept
No par
412 Feb 28 23 July 7
s
Foundation Co
3
1 July
No par
2 Feb 27 23 8July 17
714 Aug
Fourth Nat Invest w w
1014 June 223 Sept
1
8
133* Mar I 2614June 13
Fox Film class A new._No par
1814 Aug 7
1412 Aug 31
Fidn Simon & Co Inc 7% p1100 12 Jan 24 50 Aug 15 -15 Oct 7212 Jan
Freeport Tesa8 Co
10 May 5285 Nov
16.8 Feb 28 444 Aug 29
10
8
8% eons/ preferred
100 97 Apr 19 140 Sept 1
Fuller KS Al prior Dret-No par
- May - . Oct
218
26
9 Jan 9 31 June 13
$6 2d pret
3 June 32 Feb
4 Jan 19 23 June 13
No par
Gabriel Co (The) ei A_NO par
54 Aug 18
1 Feb 27
14 June
312 Sept
Gamewed Co(The)
8
No par
512 Dec 17 Jan
612 Jan 20 207 Aug 25
Gen Amer Investors- No par
12 June
8
23 Feb 28 12 June 20
512 Sept
Preferred
26 June 71 Sept
No par 42 Feb 23 85 July 7
Gen Amer Traria Corp
91 June 35 4 Mar
:
3
4
5 133 Feb 28 4314July 19
General Asphalt
43 June 1512 Jan
4
8
No par
45 Mar 3 27 July 18
General Baking
3
1012 June
193* Mar
5 1112July 21 207 July 10
General Bronze
12 June
218 Feb 6 1012J1117 7
5
5 Aug
General Cable
No oar
1112June 9
114 Mar 31
14 May
5 Sept
Class A
III May
1112 Sept
No par
214 Feb 27 23 June 9
7% cum preferred
3 4 June 253 Sept
,
611Mar30 46 June 9
4
100
General Cigar Inc.
20 June 383* Mar
No par 29 Jan 3 48113June 23
7% preferred
75 June 106 Dec
100 90 July 28 112 Jan 25
General Electric
812 May
No par 107s Apr 26 3014July 8
2618 Jan
Special
lOss July
117 Sept
8
10 1118 Apr 20 1214July 24
G nerd Foods
4J0ly 18
24 393
19 8 May 4012 Mar
3
No par 21 Feb
peril Gas & Elea A
0une 6
27
234 Feb
38 July
so Apr 1
No par
Cony pref series A No par
3 June 244 Jan
312 Apr 3 Mauna 6
$7 prof class A
No par
54 July 30 Aug
7 Apr 20 1812June 20
$8 prof class A
514 July 40 Feb
No par
6 Apr 6 20 June 10
Gen Ital Edison Elea Corp-- 2414 Jan 9 4112 Aug 28
18.s Apr 25 Mar
General Mac
28 May 4812 Sept
No par 3512MR5 3 71 June 28
Preferred
76 July 9612 Dec
100 9212 Mar 28 10512 Aug 24
General Motors Corp
7.1 June 245* Jan
10 10 Feb 27 3514 Aug 28
$5 preferred
5614 July 8714 Mar
No par 6512 Mar 3 95 July 15
Gen Outdoor Adv A- No par
4 June
9 Feb
Jan 9 24 June 13
51g
C.411111/
1011
238 Nov
4 Jan
21:Mar I 101sJune 12
No par
General Printing Ink___No par
212 July 14 Jan
34 Mn 4 17 June 10
$6 preferred
No par 31 Mar 18 82 Aug 3
2712June 60 Feb
Gen Public Service____No par
814June 12
1 May
71s Aug
2 Apr 6
Gen Railway Slgnal.___No per
8
(Ps July 283 Jan
1314 Jan 3 4912Juiy 8
Gen Realty & Utilities
4t2June 24
214 Sept
I
14 May
38 Feb 16
88 preferred
4June 26
4
5 June 163 Sept
No par
512 Jan 19 223
General Refractories._ _No par
8
4July 5
153 Sept
114 Jun
212 Feb 27 193
Gen Steel Castings pref No par
8 Mar 27 Aug
93 Feb 17 3912 July 14
8
Gillette Safety Razor._No par
10 8 Jan 2414 Mar
3
944 Anr 20 204 Jan 11
Cony preferred
45 June 7212 Aug
No par 473 Apr 19 75 Jan 9
4
Gimble Brothers
711sJune 27
33 Aug
No par
4
7 June
8
3 Feb 9
4
514 Mar 1 33 July 7
100
Preferred
638 Dec31 Jan
Glidden Co (The)
1018 Sept
20 July 18
3 8 Jun
No par
3 4 Mar
8
Prior preferred
35 Apr 76 Sept
100 48 Apr 22 9112 Aug 1
Gebel (Adolf)
23 May
8
8 Aug
No par
3 Feb 16 16 July 13
Gold Dust Corp v t o
2July 18
84 May 205* Sept
No par
12 Feb 27 278
86 cony preferred
70 July 10112 Dec
No par 100 Jan 18 105 July 21
Goodrich Co (B F)
123 Sept
s
214 May
No par
3 Mar 2 2112July 18
Preferred
7 May 334 Sept
9 F*b2S 63 July 13
100
Goodyear Tire & Rubb_No par
51 May 29 Aug
:
14
914 Feb 27 4712J1.ily 17
1st preferred
194 June 6912 Aug
No par 273 Mar 2 8014July 6
4
Gotham Silk Hose
4
714 Jan 303 Sept
No par
73 Apr 4 1712June 12
8
5014 Jan 7012 Oct
Preferred
100 41 Apr 3 73 July 3
Graham Taige Motors
1 May
4 8 Jan
3
5 8July 12
3
1 Apr 3
1
4June 13
Granby Cons M Sm & Pr_100
8
23* June 113 Sept
3 8 Mar 2 153
7
93 Mar
Grand Union Co tr (Ufa-No par
4
314 June
35* Mar 2 10.18June 26
22 June 3514 Mar
Cony prof series
No par 2212 Apr 5 3678July 3
8July 11
6,14 June 17 Sept
Granite City Steel
No par
1118 Mar 24 303
8July 7
1412 May 3014 Mar
Grant(W T)
No par
IS% Feb 28 363
4July 11
GC Nor Iron Ore Prop__No par
5 June 1314 Jan
5141 Feb 27 163
314 Apr 12 Aug
4July 17
Great Western Sugar--No Par
67 Jan 19 403
3
48 June 83 Aug
Preferred
100 7212 Jan 3 10712 Aug 30
Grigsby-Grunow
3:Mar 3
23 Sept
No par
4
432 July 13
12 Apr
•Bid and asked prices, no sales on this day. a Optional sale. x Ex-divldend. y Ex-rights.
PER SHARE
Range 3trica Jan. 1
on hosts 01 100
-share lots.
.....
New York Stock Record-Continued-Page 5
1729
sar- FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Aug. 26.
Monday
Aug. 28.
Tuesday
Aug. 29.
Wednesday
Aug. 30.
Thursday
Aug. 31.
Friday
Sept. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Ranee Since Jan. 1
f
on nub o ino_snain ino.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Indus. 8c MIscell.(Con.) Par $ per share $ Per share $ per share $ per share
412May 18
1 Sept
4 Mar
14 Jan 23
Guantanamo Sugar____No par
212 June 2118 Sept
6 4 Feb 27 38 July 13
3
No par
Gulf States Steel
12 July 40 Oct
Preferred
100 1814 Jan 16 84 June 12
15 May 23 Jan
25 15 Mar 18 2512July 17
Hackensack Water
19 May 28 Apr
25 25 Apr 8 28% Jan 12
7% preferred class A
3 July
8
912July 8
414 Aug
118 Feb 28
No par
Hahn Dept Stores
72 July 28 Aug
/
1
9 Apr 1 35 July 17
100
Preferred
1118 Jan
312 July
.
31 Feb 27 1012July 7
_10
Hall Printing
2 June 12 Feb
9 July 14
212 Apr 5
Hamilton Watch Co
No par
um 15 Feb 11 35 July 17
20 Oct 30 Mar
Preferred
33 May 70 Jan
Hanna(M A) Co $7 pt-Vo par 454 Jan 4 85 Aug 28
7 May
:July 11
18 Sept
02 Feb 25 251
/
1
Harbison-Walk Refrac_No par
3 Dee
8
2 Sept
134June 6
Is Apr 3
Hartman Corp class B_No par
88 June
4 Mar
214June 6
14 Mar 18
Class A
No par
12 Dec
3 Aug
712June 21
7 Mar 16
8
130 Hat Corp of America cl A__1
4
438
4
4
ifs
3 4 14
3
3
4
434 - 43
4
5 Aug 20 Sept
518 Apr 5 30 June 21
634% preferred
100
90
23
*20
222 22 8 21
/
1
7
227
23
20 2018 *20
31: Sept
14 June
312July 17
34 Feb 27
No par
2
2
2
24
214 23
212 3,000 Hayes Body Corp
2
238 238
8
/
2
50 June 811 Sept
25 8912 Jan 18 10212Sept 1
700 Helme(0 W)
*10014 102 *10014 102
/
2
100 10014 *98 1011 1011 10212
/
2
812 Jan
43 June
4
3 Mar 20 17 July 8
No par
200 Hercules Motors
*1214 1318
11
11
11
*6
10
*8
134 *5
/
1
2
13 Aug 29 Sept
/
1
2
7 56
No par 11 Feb 27 63 July 1
5212 5212 5212 3,200 Hercules Powder
5212 52
53
51
5212 51
7012June 95 Jan
100 85 Apr 5 110 July 19
$7 cum preferred
30
10812 10812
107 107 *107 109
10812 1081 *107 109
4312 July 83 Mar
100 Hershey Chocolate----No par 3518 Mar 29 72 July 18
*5212 5712
*5614 571 *5212 57
573 573 *5614 58
4
4
67 June 83 Mar
No par 6434 Aor 5 90 July 18
Cony preferred
100
*81
84
84
*83
84
83 83 • *82
843 *82
4
/
1
2
34 Dec 12 Aug
34 Jae 4 1012June 20
No pa
2,200 Holland Furnace
7
67
8
7
718
63
4 6
/
1
2
68 7
5
67
8 7
3
234 Dec 10 8 Mar
214 Mar 2 1012June 7
500 Hollander & Sons (A) No par
*852 9
812 813 *814 9
94 914 *812 94
100 143 Jan 16 303 Sept 1 110 Feb 163 Dec
7,700 Homestake Mining
298 300
285 285
297 303
280 302
280 301
7 Nov
/
1
2
6 Dec
42 Apr 7 15 June 8
/
1
100 Houdaille-Hershey CIA No par
1112 1112
*113 1218 *1112 124 *1112 12
4
*1112 12
44 Sept
I May
%June 9
1 Mar 2
Class B
No par
412 4 8 2,100
5
412 45
8
434 5
438 434
434
434
574 Jan
4214 Jun
/
1
4May 16 5114 Jan 12
200 Household Finance part pf_50 43
8
497
*48
4912 4912 4912 *48
*48
50
50
50
834 May 2814 Sept
81 Mar 13 38 July 17
/
4
8
29
8 3014 327 16,000 Houston Oil of Tex tern 003100
2978 2712 301s 282 304 29
/ 313
1
2
/
1
118 May
5 8 Sept
3
7 8July 7
3
17 Feb 28
8
Voting trust efts new-- _ _25
6
65
8 9.600
5
/ 6
1
2
54 6
3
534 578
53
4 8
4 Dec Ms Jan
/
1
2
51: Jan 3 29 July 17
25
25
2712 2712 2814 7.200 Howe Sound v 1 o
26
2718 25
25
267
8 25
/
1
2 May 114 Jan
/
1
2
8July 17
3 Feb 28 163
1458 1514 40.700 Hudson Motor Car_ __ _No par
14
8
4 147 1512
153
4
1412 1534 1412 153
11 May
:
7
/
1
4Ju1y 13
5 Jan
511
11 Mar 3
/
2
10
5,100 Hupp Motor Car Corp
52 6
/
1
534 57
8
512 618
6
6 14
534 614
24 Sept
/Jun
1
4
238June 6
_
_ __ _ _
_ _
_ __
14 Mar 18
,
No par
__ ___ __ Indian M010.33 1310
__ ____
_ __ _
412June 21
Apr
23 Nov
4
1
11 April
/
2
300 Indian Refining10
314 _314
•Ii2 - -14 *i5
a
1
/ 318
2
8
3
1
14 *11 _7'sJune 40 Sept
No par 24 Apr 4 8212July 17
71
7114 12,300 Industrial Rayon
717
7212 73 8 705 743
3
8
4 6912 7212 70
144 Apr 447 Sept
/
1
No par 1914 Feb 27 78 July 18
6314 6314 3,300 Ingersoll Rand
6314 64
6412
63
6214 65
6412 66
10 June 277 Sept
8
/
1
2July 7
No par 12 Feb 27 45
700 Inland Steel
3714 3714
*3612 377
37
3612 37
37
*3512 37
7 Sept
/
1
4
912June 2
2 Feb 25
8 May
s
65
8 67
8 1,400 Inspiration Cons Copper...20
4 7
/
1
63
4 72 *63
7
7
7
7
/
1
2
3 8 Jan
7
I June
378June 8
11 Mar 29
/
2
800 Insuranshares Ctfs Inc_No par
3
3
3
3
3
3
3
3
3
3
818 Sept
314 July
412 Jan 10
11 Apr 5
/
4
25
8 258 1,100 Insuranshares Corp of Del__ _I
25
8 258
2
/ 278
1
4
278 2
/
1
2
2 4 27
3
8
318 Aug
14 Apr
412July 18
18 Mat 21
Intercont'l Rubber----No par
*3
4 3
4 314 *23
314 *23
314 *3
314 *3
No par
13 July
8
218 Mar 1 12 July 13
74 Sept
1,500 Interlake Iron
9
/ 913
1
2
913 912 6 *914 912
93 10
4
94 93
4
55 July 18
14 Apr
/ Feb 17
1
2
No par
34 Aug
33
8 3
/ 3,500 Internal Agrloul
1
2
3
3 13
3
3 14
318 334
38 3
3
/
1
2
3
3 4 Apr 15 Aug
3 Ja11 3 2712July 19
Prior preferred
100
300
*18
22
22
*20
2114 2114 20
203 *1812 22
4
5212 July 117 Mar
800 Int Business Machines-No par 7534 Feb 28 153'4 July 18
15034 1513 149 149
8
149 150 *146 149 *146 149
278 Jan 16 10 8July 7
I
114 May
7
54 Jan
812 82 1,300 Internet Carriers Ltd
9
9
812 812 *814 94
812 918
3 8June 1834 Jan
5
618 Mar 2 40 July 17
3418 3484 4,900 International Cement_No par
/
1
4 342 341
34
347
8 3312 3412 3414 343
1038 July 3418 Aug
8
135 Feb 28 46 July 17
35,400 Internet Harvester----No par
42
8
4214 403 4i8 40
4034 4238 3938 4258 39
4June 108 Jan
683
100 80 Jan 5 11918 Aug 15
Preferred
500
117 11834
1185 11858 *11612 1181 11818 11818 *1164 119
8
8
258 June 115 Mar
24 Apr 4 13 July 19
/
1
2
9
958 6,300 Int Hydro-El Sys el A_ _No par
8
/ 9
1
2
8
/ 9
1
2
8
812 93
8
812 87
414 Aug
/June
1
2
8June 20
67
114 Jan 4
100 Int Mercantile Marins_No par
*4
4
/
1
2
41
412 *4
*4
4
4
*4
412
34 May 1213 Sept
614 Feb 27 22 July 19
/
1
8
8 2118 202 2084 201 208 193,400 Int Nickel of Canada--No par
2038 2114 20
2i'8 197
50 June 86 Mar
Preferred
100 72 Jan 11 109 Aug I
200
10712 1074 107 107 .10414 108 *10414 108 *10414 108
13
8June 12 Sept
/
1
4July 11
212 Jan 4 21.
20 Internal Paper 7% pret___100
8
1812 181 *15
171 *1712 1912 *1712 1918 *1712 191
4 Apr 21
'Ouse
10 July 10
4 Aug
/
1
2
714 4,100 Inter Pap & Towel A_ _No par
584
512 512
54 514
518
51
4 57
8
Stock
S'i
58 July 10
4
2 Aug
14 May
No par
14 Apr 1
Class B
314 33
4 1,400
4 24
/ *23
1
2
*33
8 312
318 3
/ *212 2
1
2
112 Sept
14 Apr
4 July 11
14 Jan 6
No par
Class C
218 218 7,500
214 2
/
1
2
Exchange
218 218
218
218
218 22
/
1
8
11 Dec 123 Sept
/
4
2 Apr 5 2212July 11
100
Preferred
14
1458 1434 1718 3,300
1412 1412 14
/ 14
1
2
143
8 13
8 4 Mar
3
3 Dec
34 Feb 28 13 July 3
100 Int Printing Ink Corp_No par
10
10
*812 10
Closed
*93 10
4
*914 10
*93 10
4
100 35 Apr 18 71 Aug 23 x24114 Jan 45 Nov
Preferred
130
75
*65
70
70
71
7012 7012 70
70
71
94 June 234 Feb
3
4July 5
No par 1334 Mar 28 273
200 international Salt
*234 24
*24
Extra
*23
24
23
23
24
2412 24
204 July 4458 Jan
/
1
8
400 International Shoe--.No par 243 Jan 3 562July 17
4912 494 494 4912 498 49
492
/
1
493 *49
2
/ *49
1
2
7 July 26 Sept
12
934 Feb 25 59'2 July 17
100
700 International Sliver
*4218 46
Holiday
/ *3812 4212
1
2
427 42
8
40
40
4418 40
26 May 85 Feb
/
2
100 2412 M ar 2 711July 17
7% preferred
34
6034
6014 624 *60
5612 5714 5612 5718 57
62
3
253May 15 4 Sept
518 Feb 28 213
4July 14
16
/ 175
1
2
1718 1713 1718 1734 141,300 Inter Telep & Teleg___No par
8 165 18l4 163 18
4
8
Jan
112 May 11
8 8July 7
7
11:Mar 2
600 Interstate Dept Stores_No par
6
612 63
6
6
/
1
2
6
63
8 •6
4
614 64
52% Jan
18 Jun
100 12 Apr 7 4038July 12
Preferred
40
22
22
2812 2812
*25
30
*2512 30
243 25
4
7 Apr
2 Dec
13
12 Jan 24 1114July 7
/
1
No par
200 IntertyPe Corp
/ *74 9
1
4
75
8 7
/ *713 8
1
2
*758 9
74 7
3
3
104 Apr 2012 Aug
II Feb 27 32 July 15
1
500 Island Creek Coal
24
24
24 4 243 *2312 2412 23 4 24
3
243 243
4
4
3
154 May 35 Feb
No par 23 Feb 27 45 July 7
400 Jewel Tea Inc
39
39
*3712 39
*374 39
3714 38
*371 36
/
4
10 May 333 Sent
2
3
No par 1214 Mar 2 60 8July 17
8
57
/ 5612 573 47,700 Johns-Manville
1
2
56
/ 56
1
4
5912 5458 59
5512 58
45 July 99 4 Jan
3
100 42 Apr 5 10614July 11
Preferred60
88
*9314 100
93
9314 87
*9314 100
*9314 100
40 Jones & Laugh Steel pref_100 35 Feb 1 91 July 18 .30 July 84 Jan
82
*80
7912 80
82
*7913 82
*80
*7912 82
9 Mar
14
3 May
9 2June 9
3
258 Mar 15
8
/ 83
1
2
8 1,300 Kaufmann Dept Stores $12.50
818 838
8'4 838
84 814 *818 84
s
43 July 143 Sept
4
6 Feb 27 1912July 5
/
1
2
25
8
4 165 1634 3,800 Kayser (J) & Co
1612 17
1612 1612 *1618 163
1612 17
618July 13
78 Mar 2
3
418 44 4,100 Kelly-Springfield Tire
414
414 412
4
43
8
4
418 414
--- ------ ---6 Feb 28 3118June 2
No par
6% pref
600
8
20
204 *1912 23 •1912 227 *1912 23 "1912 23
--- ---- ----8 May 12
2 Feb 27
KelseyHayesWheel conv.oLA 1
8 412 *34 44 *318 42
412 *314 412 *33
*--,33
4
-- --_ -4June 26
2 Mar 27
1
63
Class B
100
312 312 *314
*34 312 *34 313 *314 312
- 8 Feb
0
14 May 1 1 3
34 Feb 28 1312July 18
No par
4
8
/
1
11
1138 1012 112 1012 114 105 1118 103 ll'o 23,200 Kelvinator Corp
/
1
17 July 38 Feb
*57
65
*57
65
30 Kendall Go pi pf ger A_No par 30 Jan 10 78 July 8
67
65
*57
65
65
65
Vs June 1914 Sept
No par
2July 19
7 Feb 28 257
/
1
4
7
2218 22 8 2138 2278 213 22 8 2158 2218 2134 2212 48,100 Kennecott Copper
8
7
,
613 Dec 16 21 JIM
5 Apr 6 2538July 7
/
1
2
No par
*1712 18
18
Kimberley-Clark
*17
18
•17
*17
20
*17
20
5 Sept
12 AVr
I Apr 3
No par
814June 7
Kinney Co
412 *4
*414 434 *414 5
4 *4
42
43
*4
3 June 19 Aug
*15
23
*10
23
4 s Feb14 30 July 7
3
No par
23
•1618 23
Preferred
*15
*10
23
8 July 19 Jan
/
1
2
/
1
113 1218 11,300 Kresge (S S) CO
4
113 12
4
12
MI Mar 2 162July 8
10
1212 121 117 123
8 12
/
2
8
88 May 110 Mar
7% preferred
100 88 Apr 4 105 June 14
10
/
1
•101 104 *10012 104
100 4 1004 *10.02 106 *10012 106
3
18 June 37 Jan
*32
39
*32
39
Kress (S LI) & Co
No par 27 Jan 17 44l July13
*324 39
032
39
39
*32
10 May 18 8 Mar
7
/
2
27
275
8 2712 271 5,500 Kroger Groo & Bak_ __NoPar
141s Feb 22 3558July 11
28
2814 2712 2818 2718 28
4
25 May 663 Jan
313
8 313 313
8 31
8
4 5,300 Lambert Co (The)....-No par 2218 Mar 2 4118July 17
3118 311 3118 314 3118 315
/
2
/
1
2 May
7 Aug
/
1
2
:June 28
3 Feb 8 101
No par
50 Lane Bryant
/
1
/ 712 *62 712
1
2
6
/ 63
1
2
s *6
/
1
2
*63
8 712 *638 7
84 Sept
11 Apr
/
4
3 4 Mar 2 1238July 19
3
2,700 Lee Rubber & Tire
9 4 10
3
9
/ 10
1
2
5
1014 103
1013
8 10
105
4 10
57 Jan 5 27 June 20
3 8 Apr 11 Aug
5
Lehigh Portland Cement_-_50
*1714 1812 *1714 20
20
*17
*18
21
01814 20
40 Dec 75 Jan
*7658 78
70
*771 78
/
4
4
7% preferred
100 34 Feb 9 7712 Aug 30
765 7652 774 771 *773 78
8
1 May
458
458 *412 4
43 Aug
4
/
1
2
*438 404
8July 14
400 Lehigh Valley Coal
8 43
81
1 Jan 13
458
458 *43
--No par
14 July 1113 Aug
834
8
83
4 *8
300
812 858
212 Apr 10 12 June 19
Preferred
60
8
8
812 81
8
301:June 517 Sept
72
7234 *71
728 728 72
-No par374 Feb 28 7938July 7
*7314 73 4 72
3
600 141111miln Corp
7358
19
/ 20
1
2
6 May 2414 Mar
20 20
900 Lebo & Fink Prod Co
1912 191
14 Feb 27 2314June 6
(The).197 20
197 20
918 Sept
3114 May
3738July 18
/
1
8
304 30
/ 302 313 55,200 Libby Owens Ford Glees No par
1
2
434 Mar 1
31
311 2958 3238 2912 31
/
2
*94
94
9534
94
3214 June 654 Oct
95
400 Liggett & Myers Toba000 26 49 Feb 18 953 Aug 25
4
9512 95'2 95
*94
96
98
973
2 9578 9604 95
9714 95
9614 9614 7,500
98
8
Series B
25 494 Feb 18 975 Aug 25
34's May 8714 Sept
8
8
Preferred
100 121 Mar 22 140 Aug 3 100 May 132 Oct
/
1
*1377 1404 *1372 1401 213778 140's 1377 1404 *1377 14018
8
163 17
4
4
8
/ *163 173
1
2
14 June 21 Mar
600 1.117 Tulip Cup Corp-No par 13 Apr 8 2112May 16
1734 1704 1712 17's 1634 17
8
2912 30
283 29
8
812 Apr 193 Aug
2818 291
6,900 Lima Locomot Works
4July 3
293 293
8
-No Par 10 Jan 17 313
4 2812 30
*141 15
4
1412 143
4
600 Link Belt Co
No par
Pe Ape 17 19 4Ju1Y 8
*147 16
8
3
14
/ 14% *1412 15
1
2
611 June 14 Mar
8
8 5,700 Liauld Carbonic
4
9 May 22 Mar
33
3458 333 3412 343 343
35
/ 33
1
4
No Par 1014 Feb 25 50 July 18
35
35
3218 3314 323 335 26,300 Loew's Inoorporated-No par
4
8
1314 May 3754 Sept
1
812 Mar 22 34 4 Aug 23
3112 338 3118 331
3318 34
*70
747
8
*69
75
100
39 July BO Sept
Napes' 35 Apr 4 7818July 19
*694 75
Preferred
70
*70
7312 70
5 Sept
3
31
318 3
/
1
4
3
/ 3
1
4
/
1
4
12June
/
1
318 34 2,800 Loft Incorporated
*3
318
414June 8
No par
04 Feb24
/
1
4
212
212 1,600 Long Bell Lumber A No par
212 2
2 8 Aug
7
14 May
/ 234
1
2
512June 19
12 Feb 28
258 234 *2
*23
4 3
3912 3913 3912 40
8
1,700 Loose-Wiles Biscuit
40
184 July 363 Feb
26 194 Feb 27 4212July 12
/ 40
1
4
3812 39
3914 4
0
60
96 July 118 Oct
7% 1st Preferred
100 11312May 9 120 Jan 14
4
1193 1193 120 120 *119 120 *119 120
4
•119 120
9 May 183 Sept
22
/ 227 19,900 Lorillard (P) Co
1
2
8
2318 2212 23
8
3
No par 10 8 Feb 18 2514July 6
227 2314 2158 2338 22
8
7318 Jan 10818 Sept
105 105
105 105
7% preferred
100 8712 Feb 23 10518July 8
500
10412 1043 *100 105 *104 105
.
4
214 July
12 Jan
4 July 12
38 Jan 5
No par
900 Louisiana Oil
23
4 3
4
211 28
23
4 23
238 23
8
*23
8 21
8 Dec 18 Jan
*14
16
1812 16
312 Feb 24 29 July 21
30
Preferred
100
1812
184 *14
181 *14
*14
2012 *19
20
8'sJune 2338 Mar
3
8
1,300 Louisville Gas dc El A-No par 137 Apr 8 25 4June 13
2012 2012 2012 x20
2018 2014 20
118 Jan 1138 Sept
1414 1,300 Ludlum Steel
147 *14
8
143 *14
8
4 Feb 28 2018July 11
1
14
•15
157
8 1412 1512
64 Jan 26 Sept
*56
65
*56
65
65
eon, preferred
No par 141eMar 28 60 July 18
100
5818 581 *56
/
4
052l 65
94 Aug 1514 Feb
700 MaeAndrews & Forbes
2614 *2412 2614
912 Feb la 29 July 18
10
3
25 4 25 4 2512 2512 *25
3
25
25
283 Sept
4
10 Jun
/
1
/
1
/
1
No par 134 Feb 27 462July 7
12,700 Mack Trusts be
/
1
/
1
3812 402 3712 402 3612 382 362 3714 3714 38
17 Jun
5614 5612 5738 4,800 Maar (R H) Co Ine-No par 2414 Feb 25 65 4July 7
604 Jan
3
/
1
5712 594 5714 5812 56
5758 60
412 Sept
21e Jan
7 June 26
200 Madison Sq Gard•t e_No par
/ *312 4
1
2
35
8 3
l's Mar 30
3
8 34
4 *35
3
*3 8 3
5
*3 8 33
5
/
1
4
412 Apr 13 Sept
5.38 Mar 2 1938July 19
No par
800 Magma Copper
4 1612 1612 *1514 1612 1514 1514
163 1634 1612 163
4
4 Sept
12 Jan
58 Feb le
514June 29
700 Mallinson (H R)& Co_No Pa*
3
3
3
3 18
3
3
.3
33
8
31
314
4 Aug104 Sept
/
1
4July 6
3 Feb10 26
100
260
4 1114 1014 1112 *1412 1612
9
3
7% preferred
*113 12
4
13
•12
214 Sept
la Mar
5 4JulY 10
14 Jan 4
100
3
3
3
300 Manati Sugar
*212 3
*212 3
*212 3
21
21s
14 Apr34 Sept
97
8July 19
38 Jan 6
100
180
5
5
514
55
5 14
Preferred
54 5i2 *5
5 4 53
3
4 Sept
/
1
4
1 Dec
512 512
5
614
978June 10
5
5
5
5
112 Jan 3
No par
512 512
270 Mandel Bros
9 Aug
54 Apr I 23 July 18
25
3'June
16
500 Manhattan Shirt
16
*1518 16
15
15
16
16
16
lfi
113 Aug
'sJune
4 June 12
4 Jan 18
3
31 1,800 Maracaibo 011 Explor_No par
/
2
212 312
212
/ *214
1
2
238 2
23
8 238
511J,ine 14 Aug
/
1
2
514 Mar 31
ills Jan 9
93
8 9 4 12,100 Marine Midland earn... 10
3
938
958
A
93
4
8
912 07
93
4 97
8 per share t per share $ per share
318
314
314 314
26
2812 2812 26
50
51
51
50
23
23
*2234 24
*2712 2814 *2712 2814
7
78
3
63
8 718
304 3018 30
30
612 6
63
8 63
/
1
2
8
6
*6
7
6
*26
35
*26
35
83
85
83
83
1914
818
20
19
---- ---- -___ ____
$ per share
3
3
*27
30
50
50
*21
24
*2712 2814
6
/ 7
1
4
2912 30
714
*6
*512 714
35
*26
*84
85
19
19
__-_ ----
$ per share $ per share Shares.
/ 1,100
1
2
25
8 2
3
3
200
*26
28
*26
30
*50
51
90
*50
51
100
*211 23
/
2
/ *2212 2312
1
2
*2712 2814 *2712 2814
9,200
7
7
6
/ 7
1
2
700
281 2912
:
30
30
300
6
/
1
2
*6
6
/ *6
1
2
100
*6
612 *512 614
*26
35
*26
35
84
50
*82
84
83
300
*18
19
19
*18
-_-- --- ____ __-- ______
•Bid and asked prices, no sales on this day. a Optional sale. e Cash sale. a Sold 15 days. x Ex-dividend. te Ex-rights.
,..
New York Stock Record-Continued-Page 6
1730
Sept. 2 1933
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug. 26.
Monday
Aug. 28.
Tuesday
Aug. 29.
Wednesday
Aug. 30.
Thursday
Aug. 31.
Friday
Sept. I.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since jars, 1
On basis of 100
-share lots.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share S per share $ per share $ per share 3 per share Shares. Indus. & MisceII. (Con.) Par 3 Per share 3 per sr. .
ea
share
-per share
1612 17
1613 17
16
1618 16
16
4
4 1,800 Marlin-Rockwell
153 153
6 Feb 27 - 2014June -3 a Der share 3 - Sept
No par
534 May
13'4
Marmon Motor Car
14May 5
No par
218June 6
12 Apr
312 Sept
-I58 194 -1444 -- 3- -I4E8 .- 1- "1412 -143- -ii- "15i.- -3194
4
"1 4
4 5:200 Marshall Field de Co-No par 414 Jan 30 1838June 3 3 July 1312 Jan
3714 39
3612 3911 3714 3812 3613 373
12,900 Mathieson Alkali WorksNo par 14 Feb 27 3914 Aug 29
4 3713 38
9 June 207 Mar
8
3012 3112 30
31
31
1,400 May Department Stores_25
31
30
3012 *293 30
4
93 Feb 24 32 July 5
4
912 June 20
Jan
73
3
8 712
7
012 718
67
7
3
65
8 63 6,200 Maytag Co
714
No par
812July 10
118 Apr 10
1 July
6 Aug
15
1413 1412 1412 1412 *14
1514
1412 1,000
1413 *14
Preferred
318 Apr 4 1514 Aug 28
No par
3 Apr 101: Sept
5213 5318 5012 5012 50
*49
70
50
5178 *49
Prior preferred
517
3
No par 15 Apr 5 5313 Aug 28
2213 Dee 3514 Jan
29
2914 283 29
4
2914 2914 293 293
2912 1,100 McCall Corp
3
3 29
No par 13 Mar 3 30 June 29
10 May 21
Jan
218 214
2
2 18
2
2 13
214 214
212 218 5,000 McCrory Stores class A No par
38 Apr 15
47
,3June 8
612 Dec 16 Apr
2.4 23
4
24 3
3
23i 23
4 *233 27
8 3
Class B
8 *23
900
No par
114 Jan 13
6 Jan 5
5 Dee 19 Jun
101g *913 1012 *978 1012 *10
400
11
97 1014 10
8
Cony preferred
Mar 17 21 Jan 9
212
100
20 Dec 62 Feb
*5
6
7
6
*5
300 McGraw-Hill Pub Co_No par
6
614 614 *512 6
818,1une 12
3 Apr 4
213 May
712 Jan
4 34
3512 3410 343
347 36
347 62,000 McIntyre Porcupine MInes__5 18 Mar 16 377
3
8 33
3312 363
8
8July 19
13 May 213 Dec
8
91
953
4 91
33,000 McKeesport Tin Plate_No par 4418 Jan 4 95 Aug 2`
95
9314 95
89
92
943
8
9412
34
, 28 June 6214 Feb
83
4 9
814 87
3
814 83
4
4
812 83
4
812 83 10.300 McKesson Ac Robbins
4
5
13 Mar 2 1312July 3
Ps June
612 Sept
20
20
19
197
3 1934 193
4 1913 1912 2,100
3
4 18 4 183
Cony pref series A ___ _ _ _50
33 Mar 3 25 July 1
3
318 May 23 Feb
*17
8 2
17
8 2
17
8 2
178
2
2
2
4,700 MeLellan Stores
14 Feb 21
No par
3 3July 11
3
3 July
3
4 Mar
16
*13
16
16
*15
15 4 *15
3
153 *15
8
1533
50
8% cony pref ser A
100
218 Jan 16 227
8July 11
7 Dec 36 Mar
•24
2434 233 24
24 4 24
3
4
24
800 Melville Shoe
24
24
24
No par
834 Feb 27 2434 Aug 23
778 Dec 18 Jan
1414 14 4 14
143
8 1312 1313 13
3
7
137
8 13 8 1412 4,000 Mengel Co (The)
1
2 Mar 1
20 July 19
1 July
5 Aug
4014 4012 *4012 43
140
4612
43
a43
43
4612 *44
7% preferred
100 22 Jan 28 57 July 18
20 Slay 38 Jan
1812 1812 18
193
4 19
2012 1912 2014 20
2014 3,200 Mesta Machine Co
24 2012 Aug 30
5
7 Feb
514 May 1912 Jan
21
21
21
22
2112 ni
*207 22
500 Metro-Goldwyn Plot pref__27 1313 Mar 1 22 Sept 1
22
8
22
14 June 2214 Jan
612 613
63
3 7
6 3 63
3
612 612 *612 63
8 1,900 Miami Copper
3
5
13 Mar 3
8
9 4June 2
3
112 June
614 Sept
13
1318 1418 1334 15
14
1512 30.000 Mid-Continent Petrol__No par
147 1514 15
8
334 Mar 2 16 July 7
33 Apr
4
87 Sept
8
1313 15
147 15
8
133 133
4
4 137 137 *14
143
8
4 1,500 Midland Steel Prod____No par
8
3 Mar 2 173
4July 7
2 June 123 Sept
8
*6518 7018 *6513 70
*65.3 70
8% cum jet pre(
*6513 7013 *6518 7018
100 26 Mar 3 70 June 9
25 June 65 Sept
23
*2178 22
23
22
22
*2112 233 *2112 24
300 Minn-Honeywell Regu.No par
4
13 Apr 4 2818July 19
11 June 3312 Jan
3
3
33
3
3
3 34
53 3 /
312 3 4
312 312 2,300 Minn Moline Pow Imp! No par
3
3 3 33
53
78 Feb 3
514 July 18
3 June
8
33 Aug
3
.20
23
no 23 no 23 .18 2112 *18 2112
Preferred
No par
6 Feb 7 30 July 18
4 Dec 1453 Aug
1812 19
1818 183 *173 183
1714 1714
4
4
900 Mohawk Carpet Mills_No par
4 1814 1814
7 Jan 23 22 July 17
512 June 14 Sept
7114 7114 4,600 Monsanto Chem Wks No par 25 Mar 3 7412 Aug 10
73
7312 743
8 7214 7412 7012 7312 73
133 May 303 Mar
8
4
2718 2812 2513 2814 2514 2714 26
263
8
4 253 2618 185,200 Mont Ward & Co Inc_ _No par
83 Feb 25 2S34 July 7
3
312 May 1613 Sept
497 497
8
8 49
49
*47
49
*46
200 Morrel (J) & Co
4814
481 *46
No par 25 Jan 13 56 July 3
20 May 3514 Mar
111
113
113
113
118
118
114
1
Ps
113 3,100 Mother Lode Coalition_No par
Jan 9
18
218June 22
3 Aug
4
13 May
3 4 37
3
4 8,400 Moto Meter Gauge&Eci No par
3
53 37
312 33
33
8
3 34
4
33
8
3 33
3
14 Jan 5
434July 27
14 Apr
114 Sept
30
307
8 28
2914 28
2918 1,800 Motor Products Corn-No Par
*27
2913 *2612 29
4
73 Mar 1 3212July 1
738 June 2933 Sept
10
1018
93
3 98
7
93 1018
3
9 4 10
3
4 3,400 Motor Wheel
93
4 93
No par
113
113 Mar 1
8July 10
2 June
63 Sept
8
7
7 14
714 714 063
3 7
000 Mullins Mfg Co
*63
7
8 7
7
3
No par
112 Mar 21 10 4July 18
2 Juno 133 Jan
8
1713 18
*1714 173 *1714 173 *15
4
4
4
150
173
4
173 *15
Cony preferred
No par
5 Mar 21 25 June 9
5 June 2712 Sept
*13
1413 *12
*1314 14
14
1314 1312 *1312 14
200 Munsingwear Inc_ _ _..No par
8June 27
5 Mar 30 183
7 Aug 1518 Sept
8
831 87
818 87
8
813 83
4
813 814 *818 814 7,600 Murray Corp of Amer
13 Feb 25 1112July 17
3
10
218 July
978 Mar
•11318 191, 18
•1618 18
18
*1613 18
100 Myers F At E Bros
*1613 18
No par
8 Jan 25 2012July 10
718 June 19 Feb
24
2514 2314 247
8 2234 24
233 237
8
30.300 Nash Motors Co
8 2312 24
No par 11 13 Apr 12 27 July 10
8 May 193 Sept
4
610 613
6
6
512 51
*512 6
*57
8 6
900 National Acme
514 Sept
114 may
4July 7
73
10
l's Feb 28
612 7
612 612 *614 73
8 *612 73
8 *612 73
400 National Belles Hess pref--100
8
114 Zan 27
97 July 18
8
18 May
6 Sept
a56
8 56
573
3 56
572
57
5612 57
563 5712 6,100 National Biscuit
8
10 3112 Feb 25 6038June 28
2014 July 467 Mar
8
*137 14818 *137 14813 .137 14813 *137 1481 *137 14818
7% cum pref
100 118 Mar 3 145 Aug 18 IN May 14214 Oct
197 203
8
4 19
207
8 183 203
3
3 19
2014 1912 2012 14,700 Nat Cash Register A___No par
3July 19
518 Mar 2 233
2614 Dec 183 Sept
4
1912 197
3 1914 193
3
8 193 197
4 19
1914 1812 1918 31,800 Nat Dairy Prod
4Ju1y 19
No par 1012 Feb 27 253
143 June 3138 Mar
3
112
112 *1 4
,
113 *114
112
300 Nat Department Stores No par
114 114 ' *118
11
212June 26
18 Mario
218 Aug
14 June
3
*5 4 612 *5 4 612 *5 4 6
3
3
,
*53
4 612 *53
4 612
Preferred
114 Feb 23 10 June 6
100
114 Dec 10 Aug
95
973
3 91
973
3 8914 9 '2 90 4 9612 9312 95 100,700 National Distil Prod_ No par 167 Feb 15 1247
3
4
8July 17
13 June 2714 Aug
8
____
$2.50 preferred
40 24 Feb 8 115 June28
2018 May 3212 Feb
1138 1214
12
12
1112 12 2 *12
1212 1,400 Nat Enam & Stamping_No par
,
1212 *12
5 Feb 2 11314July 7
338 July
818 Sept
Stock
125 125
123 123
12612 12612 12614 12614 126 126
700 National Lead
4
45 July 92
100 4314 Feb 23 1273 Aug 23
Jan
*126 130 .126 130
126 128 .126 130 *12414 12712
100
Preferred A
87 July 125 Mar
100 101 Mar 1 126 Aug 22
Exchange •103 115 *103 1083 1083 1033 •103 115 .103 115
8
3
8
100
Preferred 13
61 July 105
100 75 Feb 23 10918July 19
Jan
1414 1413 1413 15 3 1414 15
3
147 15
8
8
143 147 22,400 National Pow & Lt____No par
8
67 Apr 1 2012July 13
8
63 June 203 Sept
3
3
Closed
50
51
503
48
4 48
49
4712 48
4738 5,700 National Steel Corp_ -No par 15 Feb 27 5518July 7
47
1312 July 337 Sept
8
1612 17
1714 162 18
4
17
18
17
1714 *14
2,000 National Supply of Del
8June 12
4 Apr 6 283
312June 13 Sept
50
Extra
4013 4012 4013 4012 40 40
397 397
8
8 40
120
40
Preferred
100 17 Feb 23 6014J1ine 3
1312 May 3918 Aug
412 434
4
414
414
412
414 412
412 43
4 3,200 National Surety
812 Jan 6
10
1147,lay 3
412 July
197 Aug
8
Holiday
2318 2313 22
2314 223 24
4
223 2313 23
8
233 15,500 National Tea Co
8
No par
312 May 107 Aug
612 Jan 4 27 July 18
8
*612 10
*612 10
*612 10
*612 10
*613 10
Nelsner Bros
1218June 26
No par
112 Jan 16
112 Apr
512 Jan
__
Nevada Consol Copper_No par
4 Feb 28 1138June 2
212 May 1014 Sept
9i8 - 7
98
91l4 - -12
.
0
1,30 Newport Industries
-0
9
4 912
68 •83 9
833 - 3
4July 5
138 Mar 29 113
1
112 June
33
4Sept
16
16
163 1712 163 163
4
4
4 163 163 *153 173
700 NY Air Brake
4
4
4
4
No par
613 Apr 4 2312July 7
414 June 1412 Sept
7
.912 7
7
*612 73
2 *612 712 *612 712
10 New York Dock
318 Dee 10 Sept
100
4'2 July 22 1175June 23
3
1214 13 8 12
1218 127 127
3
8 113 113
350
4
8
8
4 127 127
Preferred
100
612 Mar 30 22 June 23
20 Apr 30 Aug
1
Its
1
1
1
1
1
118
1
3,500 NY Investors Intl
1
4June 12
23
No par
13 Apr 3
3 4 Aug
8
12 June
187 1912 1812 19 4 183 1914 19
8
3
g
1938 *19
1914 5,400 NY Shipbldg Corp part stk__I
133 Dec
134 Jan 4 2212 Aug J
614 Feb
*81
8312 *8112 8312 *SO
81
8112 *81
843
4 81
10
7% preferred
20 June 57 Mar
100 31 Jan 9 90 June 19
98
4
98
09712 101
*973 101
*9712 101
40 NY Steam $6 pref
9814 9814
No par 80 Mar 24 1017 Aug 8
8
70 May 100 Oct
105 105* •10318 108 .10312 103
10318 10318 *102 108
140
$7 1st preferred
No par a0314 Apr 25 110 Jan II
90 June 10918 Mar
3312 34
3314 3514 327 343 323 3314 33
3
34
4
3
23,100 Noranda Mines Ltd_ No par 173 Jan 14 37 July 19
1034 May 21118 Sept
8
4
3
233 2412 23 8 25 4 24
3
2512. 2412 2512 2414 25
45,400 North American Co__ _No par
1514 Apr 4 3612July 13
133 June 4314 Sept
4
4214 4112 4112 *4113 4214 *4118 4113
*4012 4214 *41
200
Preferred
2512 July x48 Sept
50 32 Feb 28 46 Jan 12
713 73
712 8
4
,
713 8 4
73
8 73
4
713 73 66,200 North Amer Aviation
4
9 July 17
114 May
4 Feb 27
63 Dec
5
8
61
61
69
*6118 65
6212 6212 *60
.13118 70
300 No Amer Edison pref _No par 48 Apr 19 79 July 13
.
49 July 88 Sept
43
3 43
8 .5
512 *43
4 512 *43
200 North German Lloyd
4 512 • 8 512
47
43 Aug 28 10 June 7
23 June
3
3
8 Jan
3934 *36
*36
36
393
39 4 *36
*36
4 36
3
50 Northwestern Telegraph_ 50 263 Apr 27 43 June 5
303
4
15 June 33 Aug
4
414 413
4
433 438 2,000 Norwalk Tire & Rubber No par
41i
418 414
4,
4
4
57 July 18
3 Feb
4
212 Aug
l's Feb 23
8 133i 1511
4 1312 147
1414 143
3 153 163 70,000 Ohio Oil Co
143 153
4
3
4
3
No par
434 Feb 27 173 July 6
5 Jan 11 Aug
514 &Is
5
514
5
53
8
53
3 538
5 2 53
3
4 6,700 Oliver Farm Equip__No par
4 Aug
12 Apr
1, Fob 27
3
84•111IY 7
19
.18
*183 223
8 19
1914
3
1812 *1712 2312 19
500
Preferred A
3
No par
314 Feb 28 30 4June 9
212 May 1014 Aug
16,700 Omnibus Corp(The)vto No par
714 7 4
73
4 8
78 8
3
612 7
3
73
8 8
4July 18
434 Mar
112 Jan
83
134 Mar 2
i17 117
4
8 11
11
*1014 113
4 1112 1112 11
11
400 Oppenhelm Coll & Co_ _No par
15 June 2'
3 June
_
212 Feb
97 Jan
8
_ _
Orpheum Circuit Inc pref _100
314 June 15 Sept
13 Jan 3,,
3
7 June 9
ii3 194 ii
4 -3
i'A 1753 18s ii -1112 ii58 nis3 - .665 Otis Elevator
7
No par 1012 Feb 27 2314 July 18
9 May 2212 Jan
•10112 104 *10112 104 *10112 104
102 102 .10'2 1043
20
Preferred
00 May 106 Nov
4
100 9312 Apr 6 106 July 19
614
614 63
57
8 618
6
614
57
8 6
6
3
3,300 Otis Steel
114 May
No par
914 Sept
91 tJune 13
114 Mar 1
*14
*13
167 *13
8
15
1412
*13
15
15
*13
Prior preferred
4June 13
318 May 203 Sept
214 Feb 28 213
100
8
8112 8018 82
8134 82
8,100 Owens-Illinois Glass Co25 3112 Mar 3 963
8131 8212 79
8312 80
4July 13
12 June 4214 Nov
24
2412 24
247
8 2418 2412 24
s
8,000 Pacific Gas & Electric
8 237 24
247
167 June 37 Feb
26 20 Apr 7 32 July 12
8
293 30
3
4,300 Pacific, Ltg Corp
3012 2912 30
30
293 30
4
293 30
4
8
No par 2514 Mar 31 433 Jan 11.
203 June 4712 Aug
4
24
*23
22
*2114 24
22
2118 2112 *20
14 Aug
300 Pacific Mills
22
314 m ay
100
6 Feb 21 29 July 5
*86
893
3 8514 8514 851, 8514 *8511 873 *8514 873
20 Paelfle Telep es Teleg
4
4
4July 14
58 June 1043 Mar
100 65 Mar 3 913
4
518 512
513 512
513 512
513 51 1 27,700 Packard Motor Car_ _No Dar
54
,
3July 14
513
67
.
112 July
4
514 Jail
13 Mar 24
8
*97 1212 .814 1212
3
300 Pan-Amer Petr & Trans new_5
97
3 9 3 *97 1012 *97 14
,3
7
8 June 2 14 July 10
2718 27
27
27
26
267
3 267 2714 2718 273
3
8 2,500 Park-Tliford Inc
4July 13
2 Apr 10 Sept
No par
6 Jan 20 323
2
2
2 18
2 13
218 218
214 212 2,200 Parmelee Transporta'n_No par
213 218
3 July I
2 Jan
It Mar 21
14 June
2
173
2
17
214
8 *178 2
2
2
1,000 Panhandle Prod & Ref _No par
2
414June 21
114 Jan
38 Apr 18
14 Dec
2
2 18
2
11,200 Paramount Publix ctfs. __ _ _10
2 18
213
17
8 2
2
173
17
8
212June 6
12 Apr 5
27
8 3
28 3
7
3
3
3 18
27
3 18
3 3
4,500 Park Utah C NI
4' July 18
17 Apr2 Sept
8
34 Jan 9
I
13
4
8 13
13
13
138 3.801 Pathe Exchange
3 13
4
13
4
8
13
8
112
13
4
212July 10
114 Aug
No par
14 May
14 Jan 4
812 8118 3,900
812 812
833
8
83
8 812
8
8
83
Preferred class A_ _ _ _No par
4
53 Feb
114 June
973July 18
114 Jan 25
8 1812 2012 1838 2012 1938 19 4 1918 1918 47,800 Patino Siines & Enterpr No par
1812 203
3
912 Sept
318 July
53 Jan 16 2213July 17
8
514
5
43
5
4 473
43
4 473
3
5,
43
4 53
4 4,200 Peerless Motor Car
54 Feb 16
918July 17
4
34 June
43 Apr
3
4 587 5914 58
5918 57, 593
8
3
259
58
59
5914 2,600 Penick & Ford
16 June 323 Mar
4
No par 22512 Feb 27 5934 Aug 29
4714 4812 48
4814 473 4812 10,500 Penney (J C)
8 4712 49
473 487
3
4
13 May 3412 Mal
No par
.
1014 Mar 2 49 Aug 29
10314 10314 *10212 106 •10211 105
20(
103 103
.103 106
Preferred
108 Aug 1
60 Jun
91 Ma'
100 90 Jan 4
53
4 61s 4,400 Penn-Dixie Cement_ __No par
618 613
8
618 67
8
04 67
912June 19
64 5I
II Apr
212 Aug
3 Jan 25
4
19
19
*18
*18
19
21
*L7
*1613 20
*17
Preferred series A
100
413 mar 2 32 July .5
3 Nov
8 Sept
5512 5512 3,000 People's0 L & C (CnIo)_100 4132 Api 18 78 Jan 9
57
56
5512 53
34 57
Jan
55
39 July 121
5412 86
*1212 1412 *1213 14
500 Pet Milk
14
14
15
*13
1312 14
5 Dec 1212 Jan
/Vo par
613 Feb 2 1514.1une 8
1212 1314 13
1378 14,900 Petroleum Corp of Am_No par
13
4 12
4
4 113 123
1214 123
'234May
73 Sept
3
433 Jan 3 15 July 3
153 153
1414 1614 1518 16
3
13,800 Phelpe-Dodge Corp
1512 16
4 1513 16
l8' July 19
37 Jun
113 Sept
8
8
25
412 Jan 4
*32
32
34
32
*32
34
35
200 Philadelphia Co 6% pref60 25 Apr 11
.32
32
32
18 Jtnne 41 Mar
36 July 7
57
57
*50
*52
*5214 57
57
*52
59
46 preferred
052
48 Julie 76 Sept
No par 47 May 13 62 July 8
7
714
71, 8,100 Phila & Read C & I__ No par
7
912July 14
3 714
63
63
4 7
63 7
2 Jun
3
77 Sept
8
2t2 Feb 27
1,000 Phillfp Morris & Co Ltd.___10
1318 1314 1314 1314 1312 1312 1312 1338 1334 1334
8June 7
7 J,ine 13 Aug
8 Feb 23 147
14
14 .12
*12
14
14 .12
*12
312 Apr 123 Sept
.1212 14
Phillips Jones Corp_ _No par
4
3 Feb 8 1634July 18
8
4 157 1714 66,500 Phillips Petroleum
1534 163
163
8
1534 15
1518 1533 a15
8July 12
2 Jun
818 Sept
No par
43 Jan 4 177
4
10
*9
10
1278June 7
*9
*9
10
Phoenix Hosiery
10
*9
Nov
10
*9
2
918 Aug
13 Mar IS
3
5
413 412 5,800 Plerce-Arrow class A_ _No par
6
413 418
4
1 14 June
4
63
4
5
9 Jan
412 43
112 Apr 18 10 June 26
1
1
1
118 5,900 Pierce 011 Corp
1
14 Jai
1
118
118
1
1
44 Sept
15 July 12
*
14 Jan 3
25
11
600
*912 11
8 11
313 Jan
*10
10
103
4 1014 103
9 Aug
10
Preferred
,
372 Feb 27 13 4July 12
100
17
8 218 5200 Pierce Petroleum
17
8
12 May
17
17
8
8 2
17
8 2
17
8 2
13 Sept
8
4
267 1u ile 27
23
8 n 1
1,100 Pillsbury Flour Mtlis
2312 2434 *23
24
24
912 Dec 2212 Jan
24
243
4 2314 2314 23
je
921 Fa Z 2243
No par
No
6014 6014 6014 601 1 *5918 621e *5914 6153 *593 6018
4
200 Pireill Coot Italy Amer shares 3344 Apr 4 6014 Aug 28
21 J,ine 313 Mar
4
200 Pittsburgh Coal of Pa
*1612 177
8 163 163
3
3 1612 1612 *15
3 May
113 Sept
1612 •I5
8
18
4 Feb 25 23 July 18
100
*4012 45
*4012 45
*4012 45 .4012
__ *4012 -- - - ______
17 Dec 40
Preferred
Jan
100 17 Jan 2/5 48 July 14
•Bid and asked prices, no sales on this day. a Optional sale. 5 Sold 15 days 2. Ex-dividend. e Cash sale. y Ex-rIghts.
2e
.
New York Stock Record-Continued-Page 7
1731
pirFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS -1ST, SEE SEVENTH PAGE PRECEDING
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PAR CENT.
Saturday
Aug. 25.
Monday
Aug. 28.
Tuesday
Aug. 29.
Wednesday
Aug. 30.
Thursday
Ana. 31.
Friday
Sept. 1.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-share lots.
On basis of 100
Lowest,
Highest.
PER SHARE
Range for Preetosu
Ye4: 1932.
Lowest.
Highest.
$ per share $ per share S per share $ per share $ per share $ per share Shares. Indus. & MisceII. (Con.) Par $ per share $ Per share $ per share $ per share
4July 6
9
93
8
17 Feb 15 113
8
2 Apr
8
/ 912
1
4
914 91
47 Aug
8
/
4
912 97
/ 5,800 Pittsburgh Screw dr BoltNo par
1
4
8
914 10
33
33
32
*32
•32
363 .32
4
30 Pitts Steel 7% cum pref-io0l 1014 Jan 6 383
461aY 26
912 June 244 Sept
363
4 32
/
1
363
4
67 July18
12 Feb 8
*35
8 412 *358 412 *378 4$8
33
4 4
*35
8 43
21, Aug
8
200 Pitts Term Coal Corp No pan
12 July
147 147 *11
8
8
15
*14
15
*11
15
*11
15
4 Jan 18 2312July 20
5 Dec 121; Mar
50
1001
6% preferred
612July 18
*312 5
*4
434
43
4 43
4 *43
4 5
5
5
26
/ Feb 6
1
4
200 Pittsburgh United
5 Dec
8
33 Sept
4
Preferred
tool 15 4 Feb 27 64 July 19
14 May 44 Sept
"52
57
50
5012 50
50
*50
52
50
50
70
3
*312 412 *312 412 *312 412
7 June 19
37
8 4
4
4
400 Pittston Co (The)
No purl
ee Apr 1
12 Dec
3 Sept
147 1518 133 15
8
8July 7
83 Nov
8
16
155 167 38,800 Plymouth 011 Co
8
8
634 Feb 24 175
1212 Sept
4
133 1514 15
4
sI
4
4
1314 135
3 2200,
Poor & Co class B
No pan
134 Apr 3 132 July 7
Ds May
65 Sept
8
1314 1312 1212 123
4 1318 1312 123 1314
47
8 5
11 Mar 23
/
4
8 June 6
114 May
65 Sept
47
8
8 47
8 *5
54
5
5
54 514
700 Porto Ric
-Am Tob CI A_No purl
212 212
58 May
4 May 17
212
212 *214
5 Feb 27
8
24 *214 27
/
1
8 *24 23
/
1
4
200
Class B
No purl
234 Aug
4 Feb 27 403
4June 7
13 July
4
1712 Sept
263 2712 26
4
283
4 253 273
4
8 2612 263
4 2612 2612 9,200 Postal Tel & Cable 7% pref 1001
*1912 24
5
/
1
4June 124 Sept
*1812 24
*18
24
*1914 23
*201 23
/
4
Prairie Pipe Line
7 Mar 22 22 July 6
251
314
314
512June 8
3 June
4
58 Jan 21
4 Aug
314 314
318 318
314 314
1,200 Pressed Steel Car
No purl
314 3
/
1
4
25 June 17 Sept
•1012 11
8
*10
1012 *934 1012 *103 11
8
ioijl
3 Jan 27 18 June 7
*93 1012
4
Preferred
1978 June 423 Jan
433 44
8
4112 437
43
4234 43
425 437
8
8 6,000 Procter As Gamble
No part 195 Feb 28 50 Apr 20
8
4
8 42
103 1037 10312 10312 *10312 104
81 July 10312 Dec
8
10312 10312 *10312 104
82
5% pret (ser of Feb 129)100197 Apr 18 10412 Jan 12
is May
114
13
8June 21
8
114
13
8
17
8
13
4
17
8 8,500 Producers & Refiner. Oorp_50I
27
15 Mar
8
13
8
13
8
13
8
14 Jan 3
1 May
77
8 8
712 712
71 8
/
4
77
8 912
93 Mar
4
83
4 912 1,201
3 Feb 2 13 June 21
Preferred
sol
4058 4158 41
28 July 60 Mar
8 423 4312 14114 4158 13,300 Pub Ser Corp of N J_ __No par 3314 Apr 4 571June 13
/
4
8
4214 4114 425
62 June 90 Sept
*73
777 *7618 773
8
/
1
4
8
200
55 preferred
No par 68 Apr 18 8812 Jan 31
4 7618 7618 *747 7512 /7512 7512
7112June 10218 Aug
9234 *91
*92
95
*92
923 190 4 01
300
6% preferred
100 80 Apr 4 10138 Jan 24
92
92
4
3
*100 1053 *10012 1053 "103 1053 *102 106 *100 1043
9212 May 114 Mar
7% preferred
100 917 Ayr 17 11212 Ian 2
8
4
4
4
4
•108 118 *110 117 *111 116 "114 116 *111 117
8% preferred
_100 107 Apr 25 125 Jan 9 100 July 13014 Mar
83 June 10312 Dec
*993 100
4
100 Pub Ser Elk Oas of 45.No par 8912May 3 10312 Jan 11
*993 100
4
4
100 100 '993 10112 *98 10112
Vo par
1012June 28 Sept
5418 55
5312 551, 53
812 Jan 4 5818July 7
53
513 5312 11,100 Pullman Inc
4
543
4 53
8July 19
27 June
8
612 Aug
1012 1014 1134 65,000 Pure Oil (The)
No par
212 Mar 2 117
8 10
91 1018
/
4
911 101
/
4
93 103
4
/
4
8July 18
50 Jan 80 Aug
553* 557
8 55
5558 5412 55
54
5412 5418 58
700
8% cony preferred
100 30 Mar 3 657
8July 11
438 May 157 Mar
8
578 Feb 24 253
4 3,800 Purity Bakeries
No par
20
/ 2114 197 207
1
4
8
8 193 2018 20 2018 1912 193
4
212 May 1312 Sept
9
878 9 123.200 Radio Corp of Amer_ No par
/
1
4
94
83
4 9
3 Feb 23 1214July 8
83
4 914
8
/ 9
1
4
8
10 June 327 Jan
*30
31
900
3112 30
*30
31
31
Preferred
50 1314 Feb 28 40 May 31
3112 3014 32
33 May 23 Sept
8
/
1
4
2034 213
8 2018 213
8
8
8 9.600
Preferred B
No par
812 Feb 28 27 July 8
8 205 2114 205 225
4 2012 215
4June 8
73 Sept
4
53
112 June
33
8 3
/
1
4
33
8 3
/
1
4
6,000 Radlo-Kelth-Orph
No par
1 Mar 31
34 3 8
3
33
8 312
312 312
4July 3
4
1818 183
43 July z123 Aug
8
4 1712 1818 1712 18
11712 173
4 1712 173
4 4,400 Ray bestos Manhattan_No par
5 Feb 23 183
8June 12
218 July
1412 1478 14
812 Sept
8
8
900 Real Silk Hosiery
8
10
1414 *1312 145 *1312 145 *135 145
512 Feb 27 207
7 June 30 Sept
*50
55
*50
*50
55
Preferred
100 25 Jan 4 60 May 16
55
55
*50
55 "50
212 212
4 23
4 *2
/ 3
1
4
400 Reis(Robt)& Co
412July 18
112 Sept
23
14 Jan 3
/ Apr
1
4
212 212
212 212
No par
el Dec
"12
75 Sept
8
147
8 12
1418 1318 1334
110
let preferred
100
1 18 Jan 3 1812June 22
12
133 1412 *13
8
712 Aug
1 May
1
212 Feb 23 11'4 July 17
914 10
93
8 912
912 93 17,300 Remington-Rand
4
913 912
918 10
*2912 30
lst preferred
712 Feb 27 3712July 19
4 June 29 Aug
31
*3012 31
303 303
4
4
700
100
31
30
31
5 June 3112 Aug
32
3412 '29
20
2d preferred
100
8 Feb 27 3514July 13
32
337 '29
8
337
8
*2812 3012 •29
418 43
41 414
/
4
414 438 5,100 Reo Motor Car
63
8June 7
112 Apr
3 Sept
/
1
4
8
414 412
5
13 Feb 28
8
418 418
17 June 13 Sept
8
/
1
4
/ 22,600 Republic Steel Corp_ __No par
1
4
4 Feb 27 23 July 13
1818 184 1718 185
/
1
8 1738 18
1712 17
/ 1718 17
1
4
5 June 287 Sept
8
4012 4012 1.200
6% cony preferred
100
9 Feb 28 5412July 13
415 4214 41
8
4158 *3912 41
4212 41
712
1 July
614 Sept
300 Revere Copper dr Brass_No par
114 Jan 10 12 June 2
712 *7
712 712 *64 712 *63
4 712 *7
2 Dec 1212 Aug
Class A
*14
18
*14
18
*14
18
No par
214 Mar 2 25 June 2
18
*14
*14
18
55 July 1178 Sept
8
000 Reynolds Metal Co___ _No par
6 Feb 27 2112June 27
1834 187
4
4 173 173
4
4
8 1814 187
8 1712 1814 *173 183
4Ju1y 12
3 Feb 12 Sept
/
1
4
1,000 Reynolds Spring
No par
112 Feb 28 153
1312 1312 1212 1312 *12
8
13
127 127
8
8 127 13
2612 June 4014 Jan
8 524 5312 30,700 Reynolds(R 3) Tob class B_10 2612 Jan 3 5418 Aug 29
/
1
5418 513 53
4
/ 523 527
1
4
8
5112 533
4 525
8
7118 June
64 May
61
4
"60
280
Class A
10 60 Jan 5 623 Jan 2*
'60
61
61
61
61
61
61
*60
11 July
/
4
14 Feb 21
3 June 8
14 June
____
Richfield 011 of Calif_ __No par
__
12
Oct
4 July
No par
100 Ritter Dental Mfg
612 Feb 25 16343une 29
"12
15
14314 -143 ;IT -16 ;12 1E- ;12- 14
-4
- .912 Aug
8June 8
112 May
718 718
600 Rossla Insurance Co
5
2 Apr 8 107
8
714 714 '718 73
3
73
8 78
712 712
4
8July 18
1218 Apr 233 Sept
36
2,900 Royal Dutch Co (N Y Shares) 1758 Mar 2 363
8
34
343 3412 35
3314 33
/ 33
1
4
/ 33 8 33
1
4
7
/
1
4
45 July
8
173 Sept
4
10
618 Feb 27 293 July 19
254 264 8,900 St Joseph Lead
/
1
26
253 26
4
4
2514 2618 25
2612 25
8July 17
3018 July 5914 Mar
5214 5212 5212 5112 523
8 3,800 Safeway Stores
No par 28 Mar 3 623
53
533
8 5112 535
8 51
60 May 90 Oct
100 72 Apr 5 9412July 13
93
6% preferred
90 '90
70
Stock
.90
92
90
90
90
90
90
69 June 99 Oct
230
7% preferred
100 S014 Feb 15 10414July 25
10212 10312 103 104
10212 10212 103 103
103 103
14 July
73 Feb
8
214 Apr 3 12 July 1
Exchange
400 Savage Arms Corp____No par
*9
912
914 914
4 *812 912
9
9
83
4 83
7
Jan
714
4
7
5 Mar 3 1014July 11
8
12 Dec
/
4
612 61 *612 7
612 7
4 1,200 Schulte Retail Stores_ .%/o par
6 Oct30 Jan
4July 12
*21
100
31 Apr 25 353
/
4
Closed
263 *20
4
Preferred
/
1
4
263 *24
4
263
4
263 "2012 26 '24
4
18 May 42 Feb
No par 28 Jan 24
40
/ 4012 4012 4012 4014 4012 "40
1
4
41
130 Scott Paper Co
41
*40
48 July 19
8
8July 7
638 Apr 203 Dec
Extra
27
28
2612 2818 263 2814 28
4
295
8 2812 3138 21,300 Seaboard 011 Co of Del_No par 15 Feb 13 337
434 July 13
Apr
1
118 Feb 25
No par
2
/ Jan
1
4
200 Seagrave Corp
3
/ 3 4 *312 33
1
4
3
4 *312 33
4
4 *312 33
4 *312 33
373 Jan
8
97 Jun
8
Holiday
4112 43
/ 404 4312 41
1
4
/ 49,900 Sears, Roebuck dr Co_No Par 1212 Feb 25 47 July 17
1
4
43
4112 423
8
/
1
4 415 42
12 July
3 Aug
114 Feb 28
5 June 7
1
*3
314
300 Second Nat Investors
314 314
3
3
314
*3
312 *3
2114 June 3618 Aug
Preferred
1 24 Feb 24 48 July 6
*37118 46
8
*373 46
8
*373 46 '373 46 '373 46
8
8
18 May
1 Aug
5
3 8June 2
18 Mar 28
No par
134
1.700 Seneca Copper
11
/
4
134
13
11 2
/
4
4
13
17
8
4
13
4
13
4
712July 18
112 June
51 Jan
/
4
65
8 714
1
11 Feb 4
/
4
63
4 712
67
s 718
67
8
7's 53,200 Serve! Inc
65
8 714
5 May 123 Mar
4
No par
534 Apr 8 1314 July8
938 4,000 Shattuck (F 0)
93 10
8
918 93
914
4
914 9 8
3
914 93
4
11 July
/
4
73 Sept
4
No par
112 Feb 23 12 July 14
812 812 "8
300 Sharon Steel Hoop
9
*8
814
8
8
*73
4 8
8
7 Sept
858June 28
17 June
6
6
No par
55
8 5
1,100 Sharpe & Dohme
212 Feb 27
/
1
4
6
6
5
/ 57
1
4
6
6
1112 July 3014 Jan
8July 13
*35
Cony preferred ear A_No par 2114 Mar 2 417
37
363 *35
363 "35
"35
363 *35
4
363
4
8 Sept
/
1
4
212 Apr
/
4July 7
8
/ 918
1
4
8
/ 9
1
4
No par
312 Feb 17 111
834 014
8
/ 93
1
4
8
918 93 24,100 Shell Union 011
4
18 May 6514 Sept
*55
60
*54
Cony preferred
100 2812 Mar 28 61 July 7
58'o 05612 56'2 553 553
300
67
57
4
4
23 June 133 Sept
4
8
27
/ 2818 2518 273
1
4
No par
43 Feb 28 31 July 19
8
4
4 2514 264 253 2612 253 263 23,100 Slrumone Co
4
4
712 Aug
314 Apr
8June 2
10
10
47 Feb 28 123
8
10
95 103
8 1014 1012 1012 1112 3,200 Simms Petroleum
*95 10
8
8
212 Feb
5 Sept
/
1
4
8June 2
8
8
Feb 20
97
8
25
3
818
818 814
818 83
8
83
8 9
5,000 Skelly 01. Co
Jan 334 Sept
/
1
12
*54
"51
55
55
55
Preferred
100 22 Feb 28 5712July 20
*54
55
5612 *55
5612
300
4
4
33 June 193 Sept
*2512 29
"2512 29
26
26
*25
28
*25
28
100 Sloss-Shelf Steel & Iron100
7 Jan 3 35 July 14
6 July 2912 Sept
273 2812 2712 271 *27
4
32
2812 2812 '26
30
70
100
814 Feb 7 42 July 15
7% preferred
/
4
712 Sept
11 Dec
4July 13
74 8
3
93
3 Ma- 31
8
714 8
718 718
7
7 12 5.300 Bolder Packing Corp__No par
714 714
514 May 1214 Sept
1234 131 1218 13
8 1258 1314
1318 133 86.000 Socony Vacuum Corp
/
4
1218 133
4
25
Mar 23 1512July 7
35 June 67 Sept
824 a83
/
1
83 8 83
5
83
*83
841 •83
*82
83
/
1
4
700 Solvay Am Invt Tr pret_100 58 Feb 25 92 July 3
412 Apr 183 Sept
4
4 43
4234 437
45
4312 44
43
4414 19,200 So Porto Rico Su r_ __No par
8 411 443
/
4
Ws Jan 12 4858July 17
861± May11212 Dee
*12514 130 *12514 130 *12514 130
12514 12514 "1254 130
40
100 112 Jan 4 132 July 14
Preferred
15 June 323 Feb
/
1
4
4
2018 203
8 2018 205
8 2014 2012 6,400 Southern Calif Edison
/
1
4
4 203 203
2018 205
8
25 17 Apr 7 28 Jan 11
/
1
11 May
/
4
3 Feb
312 31
*318
412 *34 412 *318 44
/
1
4June 10
*314 4
73
100 Southern Dairies cl B__No par
114 Feb 28
412 July 12 Jan
8July 14
*712 12
*712 11
*712 10
'712 11
*75 12
8
4 Jan 18 117
Spalding (AG)& Bros-No par
Jan
25 Dec 95
"40
52
*40
52
52
"40
"40
52
*40
62
1st preferred
100 2518 Mar 28 61 June 27
34
9 Mar
814 Mar
*1012 13
*1012 13
Spang Chalfant&Co Inallo par
41 Feb 18 1512July 19
/
4
*1012 13 '1012 13 '1012 13
'297 30
15 Nov 4812 Jan
8
45
"30
45
*30
45
*30
*30
45
30
100 1712 Feb 9 50 June 13
Preferred
1 May
5 Sept
8 June 12
8
512 553
512 512 6,700 Sparks WithIngton_ _ __No par
ss Feb 28
512 6
53
8 55
512 5 4
3
11 Apr
/
4
12 July
12 Jan 10
5 June 20
/
1
4
30 Spear & Co
3 8 33
3
8 *318 33
8 "318
312
314 314 *318 312
No par
/ 1712 1712 171 177
1
4
8 May 11 Sept
1878 187
8 3,200 Spencer Kellogg A Sons No par
4
/
4
74 Apr 10 22 July 19
/
1
8 1812 1812 173 17
618 638
64
6
614
6
712July 18
6
61
/
4
6
614 20.300 Sperry Corp (The) v t c
1
218May 3
*912 12
- 8 Sept
871014 101
*91 12
/
4
*912 12
*10
12
- 3 Dec
No par
5 Jan 3 16 June 12
100 Spicer Mfg Co
29 '25
912 June 18 Sept
*25
291 *25
3212J une 12
2612 "25
2612
4
2914 *25
Cony preferred A_ _No par 113 Mar 21
1114 1114 11
5
8May
5 Aug
300 Spiegel-May-Stern Co_No par
1 Feb 28 1338July 18
1114 *1012 1112 *1012 1114 *1012 1114
8
284 293
/
1
4 27
8
8 2814 28 165,900 Standard Brands
/
1
4
83 June 177 Aug
8
8 271s 2812 275 285
/ 295
1
4
No par 1 334 Mar 2 3758July lb
*122 124 *122 124 *12318 124 *12318 124 *1234 124
/
1
No par 120 July 11 124 May 4 110 June 123 Dec
Preferred
2
Jan
812 83
4
/ July
1
4
87
8 938
83
8 93
8
812 9
838 83 10,400 Stand Comm Tobacco_No par
8
8
1 Jr.n 3
93 Aug 28
8
153 153
4 1514 154 10,700 Standard Gas & El Co_ No par
/
1
3414 Mar
1512 15
74 Jun
/
1
/ 15
1
4
518 Mar 31
2212June 13
1614 1518 1618
8
1638 164 1618 164 4,100
/
1
4114 Jan
16
1612 165
1612 1618 1714
/
1
8June 13
914 Jun
No par
85 Apr 3 257
8
Preferred
44
39
*40
*40
39
*38
43
21 July 6212 Aug
45
300
*38
45
17 Apr 4 61 June 13
$6 cum prior pref___ _No gar
Jan
4212 42
42
No oar 20 Apr 4 66 June 13
28 June 75
42
42
800
4214 4212 4214 4214 42
$7 cum prior prof_
1, Jun
214 Aug
/ 2
4
2
2
'15
8 2
•15s 2
*11
100 Stand Investing Corp _ _No par
12 Mar 31
*11 2
/
4
2
/
1
4June 2
8
1011 1013 •10114 104 *10118 10412
/
4
'101 102
200 Standard 011 Export pret_100 9212 Mar 3 102 June 8 s81 June 10012 Dec
102 102
8 3834 4014 39
/
4
393
/ 4114 46,100 Standard Oil of Celli__ No par
1
4
1518 June 311 Sept
37
/ 383
1
4
8 38
4 3734 387
1912 Max 3 4114 Sept 1
2412 26
7 Apr 1612 Aug
223 2234 2318 2318 2318 2418 2412 25
4
2,400 Standard 011 of Kansas____10 1234 Apr 4 2614May 31
/
1
4
8
8
8 397 4012 40
413 67,400 Standard 011 of New Jer8ey_25 2234 Mar 3 413
8
194 Apr 37 Sept
/
1
8
393 397
8
8 387 3934 387 403
8Sept 1
4
83 Sept
10
*9
*9
10
3 July
10
10
10
100 Starrett Co (The) L S No par
*912 10
*9
4 Feb 16 1112June 14
214 Sept
218
214
218 214
18 May
212 2t2
214 214
*218 212
800 &sable Securities ci A_No par
378June 13
58 Jan 11
4 Sept
5 July
8
4 63
*53
4 614 '53
8
4June 13
6
6 18
4 6
900
618 618 *53
Preferred
No par
112 Feb 10
73
131±June 26 Aug
*3218 35
*3218 35 '3218 35
*324 35 '3218 35
Convertible preferred____50 20 Mar 2 3614July 3
812 Sept
178 May
4
812 87
/
1
4
812 83
8 5.500 Stewart-Warner Corp
85
8 8
211 Feb 24 1112July 19
85
8 9
10
8
/ 94
1
4
/
1
7 Sept
/
1
4
4 13
135 18,400 Stone & Webster
8
133
4 1314 133
458 July
534 Feb 27 1914July 13
12
/ 1314
1
4
1238 1414 13
No par
65
8 7
4
65
8 67 55,400 Studebaker Corp (The) No par
212 May 133 Sept
/
4
8
61 718
612 714
83sJune 6
5
/ 63
1
4
4
112 Mar 20
8
33
*30
33 '30
33
550
30 Nov 1047 Mar
4
27
32
32
333 *30
9 Apr 3 3818June 5
Preferred
100
45
45
8
47
47
4
243 Apr 397 Oct
43 '4412 45
400 Sun OIL
35 Feb 25 50 July 18
4314 4314 43
No par
10014 10014 1013 1013
4
4
30
68 July 92 Deo
100 89 Mar 16 103 July 26
101 101 *100 102
Preferred
*10014 101
"2012 2318 '18
227
8
7. June 141 Sept
/
4
400 Superheater Co (The)__No par
8
4
712 Feb 17 27 July 19
223 223
4
4 2112 227 *203 22
2 Sept
2
/ 318
1
4
3
314 14,200 Superior Oil
21 24
/
4
/
1
h Jan
4
412July 13
23
No par
3 Jan 4
4
234
27
8
234
914 Sept
4
14
14
/ 1414 133 1414
1
4
214 May
3,700 Superior Steel
2 Feb 28 223
8July 13
100
141 144 13
/
4
/
1
/ 1412 13
1
4
Jan
73
8
8
4 73
4
/
4
4
11 July 11
7 4 73
3
1,400 Sweets Co of Amer(The)50
1 Mar 22 10 July 19
814
8
8
8 12
112
112 1 12 "112 2
14 Mar
1 Sept
112
11
/
4
No par
18 Apr 6
1,000 Symington Co
3 June 7
112 *112
112
312
3
/ 312
1
4
312 35
23 Aug
4
8 1,000
12 May
312
No par
514July 3
Class A
14 Apr 11
8 312
33
8 312 *33
4
133 Mar
14
133 133
4
13
4 13
300 Telautograph Corp
6 July
No par
818 Feb 17
15 .13
164July 7
/
1
1414 1414 *13
4 Sept
/
1
4
8 3,200 Tennessee Corp
I May
/ *612 67
1
4
/ *614 6
1
4
No par
13 Feb 28
8
714 Aug 10
612 6
7
618
613 6
/
1
4
8
4
4
4
8 243 2614 253 263 12614 273 30,800 Texas Corp (The)
25 10 4 Feb 2* 2858July 7
3
914 June 1814 Sept
8
2514 253
4 245 263
4
12 July 263 Feb
1514 Feb 20 341
/
4July 18
/
4
334 343
/
1
4 311 3414 3218 3334 3212 3312 /3138 3278 28,400 Texas Gulf Sulphur_ __No par
/
4
458 5
438 41
8
112 Apr
4 Aug
43
8 45
10
11 Mar 3
/
4
41
/
4
22,100 Texas Pacific Coal &011
612May 29
438
43
8 412
812 Sept
94 9
/
1
/
1
4
912 97 12,300 Texas Pacific Land Trust __ __I
8
83
4 912
312 Mar 31
1118June 12
212 June
9
914
57
8
913
• Bid a' ri asked prices, no sales on this day. a Optional sale. x Ex-dividend.
p Ex-rights. c Cash sale.
New York Stock Record-Concluded-Page 8
1732
Sept. 2 1933
[-Sr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS
LIST. SEE EIGHTH PAGE PRECEDING.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug. 26.
Monday
Aug. 28.
Tuesday
Aug. 29.
IVednesday
Aug. 30.
Thursday
Aug. 31.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Sines Jan. 1
On basis of 100 share lots.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highese.
Friday
Sept. 1.
Highest.
Lowest.
$ per share 5 per share $ per share $ per share 5 per share $ per share Shares. Indus. 3c Miceli.(Cowl.) Par 3 per share
$ Per share $ per share $ per share
15
54 153
4 15
15 4 15
3
15 .143 153
4
4
4 143 143
900 Thatcher Mfg
4
Nova?
, Feb 15 2218July 19
2 Apr
10 Nov
*40
42
*40
42
4014 4014 397 394 *393 40
200
8
8
83.60 cony pref
No par 275 Feb 6 44 July 18
8
2218 Apr 32 Dec
*812 9
812 83
8 *8
9
*8
*8
9
9
300 The Fair
1212June 1
No par
238 Mar 31
212 Dec
814 Sept
*50
72
*5018 6912 *5918 6912 *5018 6912
50
50
20
7% preferred
Feb 28 70 July 5
100 33
38 July 85
Jan
8
84
712 8
4
712 73
77
8 77
8
718 75
8 4,000 Thermold Co
No par
1 Feb 28 1012July 17
4 Sept
7 June
8
*1312 20
*16
1912 *1818 20
*1818 194 *12
8
Third Nat Investors
193
1 10 Mar 1
2114July 18
10 May 171. Des
97 10
8
*912 93
4
912 97u
9
91
914 94
700 Thompson (J R)
26
634 Mar 18 1512June 2
712 Nov 1634 Mar
16
184 1712 183
8 174 184 1738 18
18
1818 29,400 Thompson Products IneNo par
53 Jan 6 187 Aug 30
8
8
23 June 10 Feb
4
511 512
53*
5
47
8 518
5
47
51
8 5
15,660 Thompson-Starrett Co_No par
12 Mar 3
912June 19
214 Aug
3 June
8
*2212 2818 *23
2818 *23
2818 *23
281 *23
30
83.50 cum oral
No par 12 Jan 10 30 June 19
12 June 1712 Sept
93
8 97
8
912 1018
914 97
8 '95 10
8
93 101 1 63,700 Tidewater Assoc 011
4
No par
318 Jan 13 10 4July 7
3
2 Apr
55 Sept
8
5012 5012 5012 5012 49
49
50
50
53
50
900
Preferred
100 2312 Apr 6 55 July 3
20 Feb 60 Sept
•1714 25
18
18
*1714 25
*1714 25
.
100 Tide Water 011
*1714 25
No par
94 Apr 20 18 Aug 29
5 June 10 Aug
*63
*64
68
67
65 65
*85
68
*66
68
200
Preferred
100 45 Feb 2 68 July 6
30 Feb 62 Sept
614 63
4
61 1 612
6
63
8
61s 63
8
618 638 8,000 Timken Detroit Axle
10
814June 20
112 Mar 22
2 July
63 Sept
4
3118 323
8 2918 3238 297 317
8
3014 313
8 303 315 30,900 Timken Roller Bearing_No par
8
8
133 Feb 23 3512July 7
4
73 July 23
4
Jan
73
8 78
7
5
7 12
7
7 14
74 714
7
7, 12,800 Transamerica Corp_ _ _ _No par
4
912July 13
Mar 2
258
218 Jan
718 Sept
1314 133
4
8 123 1358
127 13'g
8
13
137
8 1312 143 12,400 Transue & Williams Sti No par
4
27sMar2l 1712July 19
214 July
812 Sept
65
8 7
63
4 7
634 7
63
4 718
6.4 718 11,800 Tr -Continental Corp__No par
3
23 Feb 27
4
83
4July 7
112 May
512 Sept
6712 677 *6714 70
8
70
*67
68
68
697
*68
8
500
6% preferred
No par 41 Apr 8 x75 May 16
42
Jan 72 Sep
35
3412 355
35
8 34
3518 35
3412 35
35
2,700 Trier. Products Corp_ No par 2018 Feb 25 3S7 July 17
8May 314 Mar
193
314 314
314 318
23
4 3
8 31
*27
*3
312 1,200 Truax Traer Coal
12 Apr 4
No par
514 July 15
14 May
318 Jan
9 8 10
5
9
914 9'2
10
9
914 6,500 Truscon Steel
9
9'8
2 Mar 3 123
10
4June 12
2 Apr
714 Aug
35* 3
38 3 4
5
4
334 334
3
312 32
312 312 1,200 Ulen & Co
No par
614June 19
14 Jan 16
12 May
318 Aug
37
38
3712 373
34
4 36
37
35
1,600 Under Elllott Fisher Co No pa
3538 35
91 1 Feb 24 3912July 7
73 July 243 Sept
8
8
4334 423 423
4514 4612 43 4 4514 43
3
4
4 4312 4312 3,100 Union Bag dr Pap Corp_No par
512 Jan 13 60 July 18
54 June 115 Aug
8
49
5012 4718 505
8 48
24812 49
49
498 48
28,500 Union Carbide & Carb_No par 1934 Feb 24 517
8July 18
1512 May 3838 Mar
2014 203
4
8 193 21
193 203
4
8 2012 203
14,800 Union Oil California
4 204 22
812 Mar 2 2338July 7
25
8 July 153 Sept
8
193 197
4
1914 203
4
8 183 1912 19
1912 1812 1812 2,500 Union Tank Car
No par 1012 Feb 21 2234June 2
113 June 1914 Jan
4
383 403
8
8 3712 4012 3712 3912 38
3914 377 387 168,700 United Aircraft de Tran_No par
8
8
1812 Mar 2 467
8JulY 17
612 May 3458 Sept
*65
70
67
*65
*65
*65
66
*647 65
66
8
6% pref series A
50 514 Mar 1 68 June 18
3014 May 58 Dec
2418 247
24
2414 23 8 23 8 223 24
7
7
'237
4
23
8 2,700 United Biscuit
8
100 1312 Feb 24 275 July 10
11 July 2812 Mar
108 108 *108 110 *108 110 *10814 110 *10814 110
40
100 92 May 2 z110 July 14
Preferred
75 July 103 Mar
2814 2812 264 283
4 27
273
4 2714 2712 264 '2714 3,600 United Carbon
No par
1014 Feb 25 305s July 17
63sJ,,ne 18 Sept
814 83
4
814 834
818 83s
84 8 8
814 812 78,300 United Corp
5
1412June 13
No par
47 Mar 31
8
312 J,,ne 14 Sept
34
33
327 335
8
8 323 333
4 32
4
3014 32
33
9,600
Preferred
407
8June 13
No par 2478 Apr 1
20 J,,ne 393 Sept
8
*54 57
8 *5
512
5
*45
5
8 54 *412 6
10 United Dyewood Corp_ _ _100
8June 21
87
3 Feb 17
4
8
318 Sept
7 Apr
74 8
3
*712 73
4
73
4 73
4
712 73
4
600 United Electric Coal- No par
714 714
87 July 14
8
1 Mar 31
23 July
8
67 Aug
8
6412 6712 854 6718 64
663
4 66
68
66
667 16,700 United Fruit
8
No par 2314 Jan 3 68 Aug 31
1014 ..l.tne 325 Aug
8
1918 193
8 1914 197
8 193 203 x195 2014 193 193 28,000 United Gas Improve.. No par
s
8
8
8
4
25 July 13
14 Mar 31
914 Jane 22 Sept
*96
963 *98
4
*9618 97
97
*95
*9512 97
97
Preferred
No par 85 May 1 100 Jan 9
70 June 99 Dec
*25
8 44 *3
414
3
3
*25
8 414 .25
8 414
100 United Paperboard
512July 13
100
12 Jan 23
12 1)ec
34 Aug
•1514 16
*154 16
*15
*15
16
155 *1414 15 2
8
United Piece Dye Wks_No par
,
8July 19
312 Mar 3 217
33 June 1178 Sept
8
*75 100
*75 100
*75 100 .75 100 .75 100
6/4% preferred
100 50 Apr 19 85 July 13
6412 June 9312 Jan
4
414 438
4 18
4
414 .4
414
4
4
1,900 United Stores class A__No par
714July 6
es Feb 28
3 May
4
3 Jan
.4914 75
*4914 75
75
*50
*494 72
*4914 72
Preferred clam A --_No par 45 Mar 21 66 July 20
27
Jan 4814 Mar
4778 4814 47
4712 46
47
46
46
*45
1,000 Universal Leaf Tobacco No par 2112 Apr 1 5112July 17
46
11 May 31 Sept
*22
29
29
*22
*22
29
*22
*22
29
29
Universal Pictures let pfd 100 10 Apr 24 35 June 13
104 Dec 60 Jan
2
2
2
2
2
2
214
*2
2
1,200 Universal Pipe & RadNo par
2
8July 13
33
4 Apr 4
12 Apr
218 Aug
183 19
4
18
1918 18
1812 18
1818 183 1812 4,800 US Pipe & Foundry
8
618 Mar 1 2218July 5
20
714 June 1818 Sept
16
164 *16
*16
17
17
1618 1618 1618 1614
900
let preferred
1112 June 163 Aug
No par 124 Apr 10 19 May 26
8
*2
312 .14 312
15
8 15
8
2
2
200 US Distrib Corp
*214 5
2 June
6 June 13
13 Aug 30
8
No par
518 1)ec
118
118 *1.
114 *1
118
1
1
1
1
300 U El Express
14 Jan
218June 8
4 Jan 30
114 Sept
100
2634 24
*25
263
8 25
25 .24
*24
26
26
700 U 8 Freight
312 May 15 4 Sept
No par
7 Feb 18 2958July 7
3
15
153
.1412 143
8 15
15
4 143 1434 1412 147
4
8 2,000 U 8 & Foreign Seaur. No par
4July 8
138 June
614 Sept
318 Feb 23 173
*68
74
*68
74
*70
*7012 74
74
74
*70
Preferred
26 June 64 Sept
No par 3812 Mar 28 84 July 19
49
Stock
50
483 50
4
47
493
8 4718 47'2 467 4712 4,800 US Gypsum
8
20 18 Feb25 5312July 8
1012 June 27 Sept
*11814 119
118 1184 118 118 *118 120
120 120
200
7% preferred
847
sJune 105 Oct
100 101 14 Jan 9 120 July 26
Exchange
938 1012
914 *9
9
9
4
94 93
914 2,400 U 8 Hoff Mach Corp__No par
938
8June 8
138 Apr 3 117
34 Apr
6 Sept
743 7612 69
4
75 4 69
,
73 4 71
7414 38,100 US Industrial Aleohol_No Par
3
742 72
1314 J,,ne 3614 Sept
1312 Feb 28 94 July 17
Closed
12
12
113 1212 12
4
1212 12
1214 *12
1214 2,200 US Leather v t e
1714 July 18
238 Mar 1
114 May
No par
714 Sept
2014 21
194 2012 183 2014
4
1912 1912 19
20
4,700
Class A v t 0
314 June 16 Sept
No par
44 Feb 25 27* July 18
Extra
•7618
_
764 764 877
_ *7812 83
*80
83
100
Prior preferred v t 0
4414 Jun
100 30 Feb 23 764 Aug 29
7018 Sept
1014 .-11
10
11
8
104 --1014 104 1012 107 11,800 U S Realty dr Impt____No par
11
212 Feb 28 1412July 7
2 June 113 Sept
4
Holiday
194 203
8 1818 20
1818 193
4 183 19
8
185 19
8
36,600 U S Rubber
114 June 1014 Aur
No par
27 Feb 27 25 July 18
8
3314 333
8 30
3112 *303 311 1 31
4 3014 325
4
317
8 3,400
let preferred
8 July 18
512 Feb 23 437
100
318 J,,ne 203 Aug
4
90
923
4 8412 9312 84
9112 87
8914 87
895 40,400 US Smelting Ref & Min
8
5 0 1338 Jan 3 947 Aug 25
8
10 Jun
2234 Aug
564 5618 57
573
4 5412 5412 5414 5412 *5512 56
Preferred
600
31 July 454 Aug
50 3912 Jan 4 5731 Aug 29
57
5814 54
5818 53 8 5614 5414 5512 5414 553 108,800 US Steel Corp
5
8
100 2338 Mar 2 8712July 18
214 June 525 Feb
8
951.2 96
8
943 952 9212 943
4 9314 9314 93
94
1,700
Preferred
100 53 Mar 2 10512July 17
514 June 113 Feb
93
93
93
93
9014 9212 *913 943 *9212 943
8
4
700 U S Tobacco
4
55 June 66 Apr
No par 59 Jan 9 944 Aug 23
434 5
434 51j
47
8 5
47
s 518
47
8 5
4,800 Utilities Pow dr IA A __ _No pa
8June 13
87
17 Apr 18
8
Ill May 103 Jan
8
134
17
134
17
8
13
4 184
134
134
178
2
1,800 Vadsco Sales
318 July 19
14 Mar
38 Jan 6
No par
14 Sept
*15
*15
23
*15
23
23
*73 23
8
5712 23
Preferred
4
12 June 20 Jan
100 1518 Jan 11 243 Mar 20
14 254 2738 26
27
28
25 8 28
5
287
4
8 263 2718 20,100 Vanadium Corp of Am_No par
758 Mar 2 3614July 19
514 May 233 Sept
4
67
612 612
8 67
8
84 67
63
8 87
8
83
4 634
290 Van Raalte Co Inc
8May 5 10 July 6
No par
13
2 Dec
7 Feb
*294 3113 3012 3012 291 1 31
29
30
210
*2914 3112
7% 1st pref stamped- _ _100 147
8May 11 35 June 26
412 434
4
458 473
45
412 43
8 43
4 *412 43
4 1,400 Virginia-Carolfna Chem No pa
738July 19
58 Feb 23
.2 Mar
23 Aug
8
19
19
*184 19
1812 1812 *18
*18
19
19
200
6% preferred
338 Mar 2 2612July 18
.318 Feb 1114 Aug
100
*603 70
*6012 65 .603 65
*6012 70
4
*6014 65
4
7% preferred
20 Apr 6934 Nov
100 3538 Mar 31 6312July 18
8212 *7812 8212 *7812 8212
81
81
*80
82
82
40 Virginia El & Pow $8 pi No par 854 Apr I7 855 Jan 25
8
80 June 90 Sept
554 6114 57
60 4 58
534 59
3
57
58
5712 2,390 Vulcan DetinnIng
100 124 Feb 25 6778June 8
714 July 347 :lug
8
84 9
9
814 814
9
*8
9
83
4 83
4 1,100 Waldorf System
718 May 19 Jan
No par
53 Mar 29 12 July 5
8
73
4
7
73
4
7
7
8
714 77
75
8
7
7 12 11,500 Walworth Co
8June 27
83
7 Apr 5
8
No par
3 June
4
43* Aug
*13
1512
1512 *13
1512 *10
*13
1512 *6
Ward Baking class A__No par
1512
214 May 1014 Jan
218 Mar 15 20 July 11
4
414 *35
8 34
8
37
37
8 34 *312 37
8 37
800
8
Clam 11
5's July 10
34 May
No par
5 Apr 13
8
2511 Jan
*3612 3818 37
37
38
38
38
*37
3818 38
600
Preferred
12 May 405* Mar
100 1112 Apr 17 447 July 11
8 8
818 84
7 8 84
74 8's 55,200 Warner Bros Pictures
3
8
75
75
8 83
83 Aug 22
4
12 June
412 Sept
1 Feb 25
5
22
*1612 2112 *15
20
22
*15
2112 *18
207
8
100
$3.85 cony pref
4 June 20 Feb
No par
414 Feb 7 22 July 10
4
258 23
212 25
212 23
8
3,100 Warner Quinland
4
23
4 23
4
23
4 3
44June 10
214 Aug
12 May
No par
38 Mar 21
1412 15
1438 14
14
143
14
4 1334 14
143
8 6,700 Warren Bros
8June 19
838 Sept
114 May
No par
212 Feb 2b 223
2238 2212 2114 227
8 223 223 *214 2212 2212 221.
220
8
8
Convertible pref, ....No par
8June 17
2 June 174 Jan
712 Feb 14 355
1912 1918 20
2112 4,500 Warren Fdy & Pipe- ---No par
20
1912 19
1912 195
8 19
714 May 1414 Sept
5 Feb 20 2112 Sept 1
578 6
6
512 578
*57
5 8 614
5
6
8 6
800 Webster Elsenlohr
8 July 8
No par
3 May
8
2 Jan
1 Jan 16
*178 2
*14 2
14 17
178 14 .17
8
8 2
230 Wells Fargo & Co
312June 9
18 Apr 11
14 July
13 Sent
8
1
2834 2914 28
29
2812 293
277
s 274 2814 *27
8 2,500 Wesson Olt& Snowdrift No par
818 July 20 Sept
7 Mar 3 3712July 18
574 5718 5714 5711 574 5714 *5718 591 •5714 5912
300
Cony preferred
423 July 5812 Sept
4
No par 40 Mar 3 63 July 18
69
7118 655 713
6612 6918 38,100 Western Union Telegraph.100 1714 Feb 2S 7714 July 18
4 65 4 693
8
3
67
s
6838
123 June 60 Feb
8
3214 3234 3112 333
8
4 32
3312 317 32
317 327
8 9,000 Westingh4e Air Ilrake_No par
8
914 Apr 1818 Sept
113 Jan 3 3538July 7
4
46 8 473
444
5
483
8 44
8 45
4812 443 465
463 48,000 Westinghouse El &Mfg-___50 194 Feb 25 583
4
4
4312 Sept
4July 14
153 Jun
8
58112 84
8112 823
4
83
83
8412 85
85
85
114
let preferred
96 July 18
82 Sept
5212 Jun
50 6012 Feb
1018 1012 1018 1018
9
*912 1014 .10
10
1014
600 Weston Flee Instruin't_No par
1314July 8
34 Feb 2
212 Apr9.4 Feb
*17
_ *17
___ •17
___ *1512 _ _ *1512 - - ---- __
Cla.ss A
1314 Apr19 Jan
No par
10 Mar 31 2214July 20
62
*58 60
*58 5814 *59 58 62
58
5814
-90 West Penn Eleo clam A _No par 30 Apr 22 73 June 14
'25 May 80 Sept
6414 644 *6414 684 *8414 66
657
8
6518 *65
*65
20
Jan
4June 14
Preferred
22 J,ine 76
100 37 Apr 4 773
5812 *50
58 2 .50
5812
,
4
53
53
*5
534 54
8% preferred
90
20 June 70 Jan
100 3312 Apr 6 6912July 14
10812 109
1081 1 10814 10918 10918 *10812 10912 *10812 10912
70 West Penn Power pref
Oct
8
80 June III
100 92 Apr 13 1103 Jan 19
98
98
98
9814 9812 96
*923 98
4
*923 98
4
50
6% preferred
4
664 June 1013 Mar
100 81 Apr 3 101 Jan 11
*64 7
64 7
*618 7
.614 7
*614 63
4
200 West Dairy Prod el A--No par
4June 12
312 Nov 1612 Mar
212 Apr 5 113
212
214
214 214 *214 212 *214 212
214
21 1
600
Class B v t .3
1 June
43 Mar
8
414June 12
No par
78 Mar 31
1814 17
1818 1814 17
1712 *1812 1812 1718 1718 1.100 Westvaco Chlorine ProdNo par
8
3 JUDO 125 Mar
5 Mar 3 2012July 13
233 233
4 2312 2312 2318 2318 *22
4
*22
23
2314
300 Wheeling Steel Corp
5 June 15 Sept
No par
74 Jan 4 35 July 3
23
*20
23
*1914 23
•19
*194 23
*1914 23
White Motor
8
50 14 Jan 25 2612July 13
67 June 2714 Sept
30
29
28
303 303
8 2912 30
2812 273 2818 1,200 White Rock Stin Sur et( No pa
8
4
11 July 2812 Mar
114 Apr 1
38;8JulY 19
*'278
25
234
8 25
.2521
23
3
4 3
4
8
23
4 23
500 White Sewing Maehine_No pa
214 Aug
12 Jan 20
14 Apr
4 4July 6
912 10
87
934 93
8 9
900
4
0 4 93
Cony preferred
3
,2
912 9
4
4
34 Apr
23 Sept
1012July 6
No par
14 Jan 14
312 312
312 312
312 34 2.300 Wilcox 011 & Gas
34 312
5
312 3 8
84 Aug
512June 2
23 May
4
5
2 Mar 2
*26
263 *26
4
2634 263 2631 •26
27
4
263
100 Wilcox-Rich el A conv_No par
*26
4
15 mar 1
1312 June 2012 Mar
2631 Aug 30
758 8
712 75
74 73
714 712 2,100 Wilson & Co Inc
8
4 *714 712
1114 Mar
58 June
7 Jan 3 11 June 7
;
No pa
174 3,800
8
184 1812 163 1818 1638 173
4 171 1 1712 17
Class A
44 Sept
13 May
8
No par
4 Jan 3 22 June 11
1,100
5412 5712 5412 5412 5512 5512 *5412 56
Preferred
563 57
11 June 31 Mar
4
100 19 Mar 2 7212July 15
8 3812 39
384 397 40,500 Woolworth (F W) Co
8
387 393
4 383 4014 3778 393
8
8
8July 8
22 June 4538 Star
10 254 Apr 8 507
2734 29
2914 5,100 Worthington P & M
30. 3038 2812 30
28
2812 29
8July 7
5 May 24 Sept
8 Mar 2 397
100
*3712 44
.3712 44
*3712 44
*3712 44
Preferred A
53712 44
144 June 41
Jan
100 14 Nlar 15 51 June 7
*31
32
*33
*30
32
40
32
100
32
40
*30
Preferred B
12 May 31 Sept
100 14 Feb 24 47 June 6
17
20
20 .16
*17
*16
20
17
20
*17
50 Wrtght Aeronautical. .No par
34 Apr 1812 Sept
6 Apr 5 24 May 27
5214
52
5212 52
*52
800 Wrigley(Wm)Jr (Del) No par 3412 Feb 28 53 Aug 23
51
5212 51
2514June 57 Jan
51
52
25
25
300 Yale dr Towne Mfg Co
*19
20
*18
20
20
20
20
20
612 July
15 Sept
7 Jan 20 23 June 17
25
4July 7
53
4 6
8
138 J,,nr
818 7
37,200 Yellow Truck & Coach el 13_10
512 6
512 57
734 Sept
5 8 614
3
73
vs mar 2
37
39
*34
37
•34
36
37
*34
35
.33
40
12 May 4018 Sept
Preferred
100 18 Mar 2 42 July 10
183 17
4
1612
800 Young spring & Wire_No par
16
161 *16
16
1612 1612 *16
3 June 114 Sept
312 Mar 30 191s July 19
84 6,600 Youngstown Sheet & T_No par
3
273 283
8 25 4 2818 26
4
263
4 2612 26s 28 4 26
,
8July 18
74 Feb 28 375
4 May 2712 Sept
212
212 .24 212
218 214
500 Zenith Radio Corp. __No par
2lo
214 .2
21 4
312 July 18
2
Jan
Is May
12 Feb 27
8
614 73
8
631 67 21.800 Zonite Products Corn..
53{ 71 1
631 67
63
4 7
4 Doe
97 Mar
8
812July 8
34 Foh 2g
1
and asked prices, no sales on this day. a Optional ale 0801,1 seven days. x Ex-divldend
• Bld
ti Ex-rights.
_,.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1733
„„ Jan. 11909 the Exchange method of(toting bonds was changed and prizes are now "and Interest"-exceptfor itICOME and defaulted bonds.
1:
Price
7eek's
i2
BONDS
" Range
%I...,
Week's
NV..
il Prides Ring,., "
BONDS
i;
N. Y. STOCK EXCHANGE E t
Since
Ea
Range or
Arida!,
h
N. Y. STOCK EXCHANGE
Last Sale.
Sept. I.
-., 3..,
Week Ended Sept. 1.
High
Ask Low
BM
U. S. G eeeee merit.
First Liberty LoanJ D 10217:: Sale 102174:10234:
344% of 1932-47
J D 101 244 Sale 101134:101n.
Cony 4% of 1932-47
J D 10234: Sale 1024: 102154:
Cony 44% of 1932-47
102
::
.1 D 10113 ---- 102
2d cony 44% of 1932-47
Fourth Liberty LoanA 0 102742 Sale 102384:10233n
442% of 1933-38
1947-1952 A 0 1102532 Sale 110214:11033n
Treasury 432e
1944-1954 J D 1062742 Sale al06334:106173:
Treasury 45
1946-1956 M 8 1042532 Sale 104",, 1051,,
Treasury 330
1943-1947 1 D 10214: Sale 102344 102344
Treasury 34213
::
Treasury 3s_St,pt 15 1951-1955 M 9 982331 Sale 9813 98141
Treasury 344s June 15 1940-1943 J D 1024: Sale 10134: 1024:
Treasury 330 Mar 15 1941-1943 M 9 102344 Sale 101 314: 1024:
Treasury 330 June 15 1948-1949 J D 1004: Sale 1004: 10034:
Aug 1 1941 F A 101 11a Sale 10144 10174:
Treasury 33.i s
ciii •Z
Jan. 1
Week Ended Sept. 1.
'v t,
Sept. 1.
Last Sale.
sta
Range
Mace
Jan. 1.
High No Low
Ask Low
High
Bid
High
14 4212 62
56
5614
Dominican Rep Cust Ad 5345'42 M S 5512 56
55 Aug'33 __ _
3518 59
56
1940 A 0 50
lot ser 530 of 1928
176 99334:10314:
55
13 03414 56
5412 53
2d series sink fund 540_1940 A 0 50
2 101 102134:
374 654
364 38 Aug'33 ____
Dresden (City) external 78 1945 MN
175 9914:103
13318 ISO 93 13315
---101141102
Dutch East Indies extl 65_1947 J J 13318 Sale 13012
2
138
161 9314 138
4
1962 M 13 1373 Sale 1353
-year external as
40
15 127 136
_ ____ 135
136
March 1962 coupon on
202 10014:103144
136% 17 924 136%
1365
-14-14--- 8 Sale 135
-year ext1 530____Nov 1953 1
30
211 10314411144
8 13 91% 136%
8
70 99"4:107141
-year ext 530----Mar 1953 M 13 1365 Sale a13518 1365
30
____ 136's-- _ 125 Aug'33 ---_ 125 125
March 1934 coupon on
59 9814:10517n
64
51 48 Aug'33 ---- 28
74 97',,102",, El Salvador (Republic) 89 A.1948 .1 .1 48
1 32% 55
45
4712 45
J .1 45
Certificates of deposit
418 9314: 9934:
5414 24 4212 55
10214: Estonia (Republic of) 7,.....1967.2 J 52 Sale 52
89 98
15 5812 793
78
4
48 96ns:10234: Finland (Republic) ext 69_1945 M 5 78 Sale 78
8312 13 594 85
External sinking fund 78_1950 M 9 81. Sale 81
/54:4100184:
159 4
14 57
80
8012
M 5 74 Sale 74
External sink fund 610_1958
776 10014: 10114
76
18 54
71 Sale 71
F A
External sink fund 5448.._195874
3 557 7612
8
755
2
Finnish Mun Loan 644s A__1954 A 0 7512 Sale 7512
State & Clty-See note below.
7512
9 55
7812
External 630 series B_1954 A 0 7512 Sale 7512
4
973 973
4
4
---- 973 Feb'33 ____
NY City 430
May 1957 51 N
8 22
8
227
51
22 Sale 22
Frankfort (City of) 8 f 630_ _1953 M N
8
1403 167 118 143
French Republic extl 740-1941 J D 140 Sale 138%
Foreign Govt. & Municipals.
81 011212 14314
14314
4
1949.2 D 1403 Sale 140
1718 3714
4
External 79 of 1924
29
30
30
26
1947 F A
Agile Mtge Bank s t (113
1718 36% German Government Interns1
29
2912 29
Sinking fund as A_ _Apr 15 1948 A 0 26
4414 365 3514 844
76
_
la
63
7812
tional 35-Yr 550 of 19301965 1 D 4312 Sale 4278
Akershus (Dept) ext 5a_-_. 1983 MN a7214 Sale 7214
4
151 5.3% 883
72
1949 A 0 70 Sale 70
20% German Republic extl 7s
7
5
1714
1614 Sale 16
J .1
Antloquia (Dept) coil 7sA 1945
dr Communal 13ka
618 2012 German Prov
7
1712
1718
17
External s f 7's ser B
.
1945 1 i 16
3512 58 263 5512
4
8
85 207
8
(Cons Agile Loan)630 A.1958 J D 33 Sale 32
2
8
175
1612 1714 17
Externals 17,ser C
1945 J J
554 19 45
84
54
58
55
1954 M N
8
207 Graz (Municipality) 8s
6
1618
174 13
17
16
1945 .1 J
External 5 t 7e eer D
4
8
1712 at Brit dr Ire(U K of)540_1937 F A 1167 Sale 11312 120 2675 1018 1244
6
5
167 16 Aug'33 External a f 7s 1st tier
1957 A 0 15
4 23 10514 121%
___ r118% 1203
F A ____
5
18
5
Registered
17
8
167 17
External sec e f 7s 2d ser.... 1957 A 0 15
10112 180 a72 10514
t 4% fund loan i opt 1980_1990 M N 09912 gale 099
4% 187
8
26
17
External sec 51 73 3d ser 1957 A 0 15 Sale 15
2812
234 Aug'33 ---- ale
22
21
8314 Greek Government,f ger 78_1964 MN
71
2
8212
8212
84
Antwerp (City) external 5s 1958 J D 78
4
3 143 234
2112
202 2112
20
1988 F A
Sinking fund sec (is
41
7512
26
58
56 Sale 56
Argentine Govt Pub Wks 66_1960 A 0
5 164 20
1614
. 1614 Sale 1614
__ _
August 1933 coupon __ _
Argentine Nation (Goat of)27 67
784
75
A0 73 Sale 73
58
53
41
75% Haiti (Republic)s f as series Al'52 -Sink funds 6s of June 1925-1959 J D 05518 Sale 5518
3212 16 02614 59
1946 A 0 32 Sale 32
404 75
Hamburg (State) as
584 17
Extl.165 of Oct 1925
1959 A 0 5534 Sale 5512
60
I 23
2714
2712 2714
5912 64 a4018 7512 Heidelberg (German) en'734,'50J 2 26
External s f 6s series A___ _1957 M 5 05418 Sale a544
75
8 47
75
73
76
3 HeLsingtore (City) ext 640._1960 A 0 73
57
28 a4034 75
External Os series B__Dec 1958J D 56 Sale 0551.
3
2818 10 15 4 31
274 Sale 27
3
40 5 75% Hungarian Mimic Loan 7345 1945.1 J
24
58
55 Sale 55
Extl s t as of Nifty 1928._.1960 M N
Unmatured coups attached__ J .1 25-- 23 June'33 ---- 2018 23
5712 63 a4018 75
External of 65 (State Ry)_1960 M 5 5412 Sale 5412
8
295
7 19
29%
29
0
8 3
External s f 75 (coup)_-_ _1946 J J 265 - 4014 75%
5912 36
Extl 6s Sanitary Works_ _1981 F A 57 Sale 56
1612 1612
Unmatured coups attached. J J --------1622 May'33 --_
41
15
7518
12
5714
Ext1 (is pub who May 1927 1981 M N 57 Sale 55
41
5 24
40%
8
6912 Hungarian Land M lust 7345 '81 M N 403 ____ 40%
38
4 03
533
Public Works mill 540_1962 F A 533 Sale 5112
4
__ 40 Aug'33 ---- 234 41
8
1961 M N 403
Sinking fund 740 ser B
8
497 92
2
75
Argentine Treasury 5s £._1945 51 5 694 7312 75
1 3114 45
42
42
4118 13
7114 8512 Hungary (Kingd of) a f 750_1944 F A
8512 260
Australia 30-yr 5s__ _July 15 19552 1 8512 Sale 8112
8 23 784 10312
1003
1960 M N 100% Sale 99
8
7214 853 Irish Free State cell.1 5s
854 115
External be of 1927__Sept 1957 M 5 Ws Sale 8114
81 a8514 101
98
4
6818 813 Italy (Kingdom of) ext1 78_1951 J D 9614 Sale 9614
4
813 129
External g 430 of 1928_1956 M N 813 Sale 77
4
2 89 4 101
8
a97
Italian Cred Consortium 75 A'37 M S a97 Sale 95
8512 100
9934 61
Sale 9518
Austrian (Govt) 5 f 7s
1943 J D 9512
8 82
97
90
External sec 5 f is ser B_ .1947 M S 89 Sale 89
8
647
5612 14 a49
Internal sinking fund 78 1957 1 1 5414 Sale 5414
8514 10 a7212 9512
(18312 Sale a8312
Italian Public Utility extl 78_1952 J
33% 69
3712 16
8
35
Bavaria (Free State) 848_1945 F A :343 37
8812 103 454 00 4
3
8812 10212 Japanese Govt 30-yr a It 648_1954 F A 87 Sale 83%
4 12
963
Belgium 25-yr call 630
1949 51 S 9612 Sale 96
7512 33 3512 81
8
7312 Sale 725
Extl sinking fund 530__ _1965 MN
98
87
52
97
8
19552 J 963 Sale 9512
Externals t 64;
8
947 10812 Jugoslavia (State Mtge Bank)_
26
External 30-year St 7s
10012 101
1955 J D 101 Sale
28
2518 15 12
27
25
1957 A 0 24
Secured et g 78
934 10712
33
100
Stabillzatlon loan 7s
1956 51 N 9818 984 9818
17 314 64
34
4
313 Sale 3112
Leipzig (Germany) 5 f 7s_ 1947 F A
Bergen (Norway)4914 604
53 Aug'33 --- 884 Lower Austria (Prov) 740_1950 .1 D 5318 60
85
__.
0 76
85
7618 Aug'33
Dal sink funds 50_ _Oct 15 1949 A
42 al01 13514
135
-year 88..1934 M N 135 Sale 132%
63
15
76
903s Lyons (City of) 15
External sinking fund 5s 1980 51 5 76 Sale 76
82 al0114 1353
135
4
Marseilles (City of) 15-yr 68_1934 M N 135 Sale 132%
17
2612 60
3014
Berlin (Germany) s f 6345._ _1950 A 0 284 Sale 2814
7% 23
4 11
163
Medellin (Colombia) 840._ .195.4.2 D 1514 Sale 1518
2418 57
3018 39
4
External, t as__ _June 15 1958 1 D 283 Sale 283
4
24 612
514 612 July'33 ---4
Mexican Irrig Aastng 440_1943 MN
30
15
2
24%
26% 2414
Bogota (City) ex11 a f 8s___ _1945 A 0 24
Apr'30 ---- --- Mexico (US) eel,' 5s of 1899 £ '45 Q J --------26
15
4
8 24
95
Bolivia (Republic of) mill 88_1947 MN
914 912 9
014
4 34 1512
512
512 Sale
1945 ---Assenting 58 of 1899
312 1312
94 23
External secured 78 (fiat).1958 J 2
8
712 9
578 57
8
Awarding Ss large--,- - - 57 June'33 --314 1314
4 40
83
1989 M El
8 Sale
External a t 79 (flat)
8
10
24 8
5
5
4
-6
0 01 1904-- ----- ---4
Assenting
41 al0114 1353
Bordeaux (City of) 15-yr 68_1934 51 N 135 Sale 1324 135
5
5
Assenting 48 of 1910_ _ ____ ---- ---_ __-- 5 June'33 ---16% 43
41
Brazil (U Sot) external 89_1941 1 0 35 Sale 3314
36
8 8
25
- - 518 Aug'33 ---Assenting 45 of 1910 large ____ ---4
153 39
External 6 t 6 45 of 1926 1957 A 0 2834 Sale 283
30% 95
4
214 8
4
414
8 414
3
414
4s of 1910 small__ ---- --Assenting
4
143 39
External a f 640 of 1927_ -1957 A 0 2814 Sale 2818
3012 47
•
•
Treasas 01'13 assent (large)'33 .1 J
121: 3612
21
78 (Central fly)
30
1952 J D 2814 Sale 27%
•
•
*
*
---Small
45
45
Bremen (State of) extl 75_ 1935 51 5 5218 Sale 5218
56
7212
90
4 .54 74
853
0 8412 Sale 84
Milan (City, Italy) extl 63.4s 1952 A
641: 75
41
Brisbane (City) of ba
75
1957 M S 75 Sale 72
Minas Geraes (State) Brazil
6372 75
Sinking fund gold be
41
75 Sale 72
75
1959 F A
36
5 12
3018
1958 M £3 2312 3012 30
Externals 1 630
20
7018 80
-year e f as
10
80
19502 D 79 Sale 79
3012 34 1112 36
8
1959 M 5 ...... 297 30
Ext sec 6345 series A
244 354
Budapest (City) extl .1 6e 1962 1 D 3378 Sale a33
8 13
337
8 33 1252 38
367
1952 1 D 3614 Sale 3512
Montevideo (City of) 78
64
37
Aires(CRY)630 2 11 1955 J 2 46
2
Buenos
4518
46
50
30
28 12 36 11
2812 Sale 28
External 816,series A _ 1959 MN
3714 5418
External ,f as ger C-2._.._1960 A 0 50
50 Aug'33 ____
59
8312 20 7112 8312
8
External a f 65 sec C-3_ _ _ _1960 A 0 46
New So Wales (State) extl be 1957 F A 8312 Sale 813
3412 64
50 Aug'33
52
84
95 71
84
84 Sale 81
Apr 1958 A
8 f as
External
4212
16
3
Buenos Aires (Prov) extl 65_1961 M 8 345 36
3514 ---8
3514
964 18 8112 9712
4
4
1943 F A 943 Sale 943
2012 4178 Norway 20-year eat 6s
27
Stpd (Sep 1 '33 coup 00)1961 M S 3114 Sale 3114
34
12 8118 98
96
951g Sale 9518
1944 F A
-year external 85
20
Externals f 630
17% 393
4
1981 F A 34% 38
36 Aug'33 ---18 08012 96%
95
8
A 0 935 Sale 9312
1952
-year external as
30
21
413
Stpd (Aug 1 '33 coup on)1961 F A 3358 Sale 3312
8 17
335
7 a7412 9414
904
904 9014
1985.2 D 90
2318
-year a f 545
40
14
6
8
4
Bulgaria (Kingdom) 8 t 7a_ _1967 2 J
183 213 183
20
8
89% 31 a7212 92%
274
External a f bs__Nlar 15 1983 M 8 8812 Sale 8812
6 a2112
23
Stabil'n Of 740._Nov 15 1968 Si N
22
234 23
1 7414 884
8612
8612
Municipal Bank extls f 58_1967 J D 8518 87
24
2
11
1818 194 183
184
4
Cables Dept of(Colombla)730'48 J J
854
79
9214 220
9214
Municipal Bank extl et 68_1970 J D 8518 __ 8518 Aug'33 ---- 075
Canada (Dom'n of) 30-yr 48_1960 A 0 92 Sale 914
524
6 25
2612
2618 Sale 2618
extl 8s__ _1952 F A
9018 10511 Nuremburg (City)
169
104
Ii
1952 M N 103 Sale 103
72
6614 25 35
1953 M 8 6518 Sale 6518
8
9318 1013 Oriental Devel guar as
8
8 101% 102
434s
1936 F A 1007 Sale 1005
6338 27 314 71
1958 M N 6114 6214 62
69
1
Sale 7212
Ext1 deb 540
7212
88
Carlsbad (City) 5 t 85
721.2
1954 1 J
8818 12 80
91
1955 M N a88 Sale 88
R11
8
217 Oslo (City) 30
17 Am4'33 ____
20
-years t 8s
Cauca Val (Dept) Colom 742s '46 A 0 17
52
104
3914 75
4
Cent Agric hank (Ger) 7s_ _ _1950 M S 493 Sale 48
12 85 1023
100
J D 100 Sale 9912
3212 67
- -1953
4514 65
Panama (Rep) mai
Farm Loan a t (is_ _July 151980 J J 4412 Sale 4314
3512 27 1814 46
3512 34
109
5401-44
Exti a f 58 tier A..May 15 1963 M N 35
3212 667
8
Farm Lean of 6ti_ _Oct 15 196C A 0 4312 Sale 4214
4
83 21
2
1412
1412
15
46
78 038
754 Pernambuco (State of) eat! 7s '47 M 9 14
Farm Loan fleeer A Apr 16 1938 A 0 454 Sale 44
2 05
1612
14
1312
8
137
1218 29
8
Peru (Rep of) external 7s_ _ _1959 M 5 13
5
5% 21
1012 123 105
Chile (Itep)-Ext1 St 7e_ _ _1942 M N
312 14%
1018 49
9
914 Sale
5
1712
Nat Loan extl s f as let ser 19602 D
11% 24
94
912 Sale
External sinking fund 85_ _1960 A 0
47
31 1414
10
.
812
,
8 4 Sale
,f 88 2d eer_1961 A 0
Nat loan ext1
8
478 1714
918
1112 13
97 Sale
Ext sinking fund (le__Feb 1981 F A
5 5212 6212
60
1940 A 0 5914 Sale 5914
,
92
10 Sale
Jan 1961 1 .1
44 174 Poland (Rep of) gold 6
1114 31
fly ref ext s t 13s
3
7112 91 5114 73 4
5
8
174
Stabilization loan .1 711. _1947 A 0 7112 Sale 7014
918 112
11
s 94
Ext sinking fund 43e_ _Sept 1961 M 5
714 47 a59
7414
Sale 70
70
1950 1 J
914
10
1712
External sink fund g 8a
5
912 Sale
8
External sinking fund 63_1962 M H
912 30
8
5
9% Sale
17
Porto Alegre (City of) 841_1961 .I D 2012 247 25 Aug'33
94
4 23
103
External sinking fund 8e_ _1963 M N
83 3012
5
4
20% ---4
83
Eat' guar sink fund 740_1986 1 J 2012 243 20%
714 18
14
4
Chile Mtge Ilk 6%s June 30 1957 J D 123 Sale 113
4
4 15 774 993
98
993
912 2012 Prague (Greater City) 74,._1952 M N 80 100
1
18
18
is 1 8%'of 1928__June 30 1961 1 D 1312 18
8
837
34% 53 28
64 173* Prussia (Free State) MI 6545 '51 M 5 3318 Sale 321*
12% 104
61
12
Apr 30 1961 A 0 11
a 1 65
Guar
344 95 274 614
8
1952 A 0 317 Sale 31
11 Sale 103
13
17
External 8 1 6s
4
84 16%
1962 M N
Oiler e f Os
17 88 101
100
21
418 15% Queensland (State) eel'a t 78 1941 A 0 9912 Sale 99
8
8 Sale
9
1960 M 5
Chilean Cons Mimic 78
924
4 27 78
923
4
4
1947 F A 923 Sale 903
25
12 r25
-year external fla
Chinese (Ilukuang fly) 68..1951 J D 2114 2774 2312 Aug'33 --__
7 3518 7112
40
4312 3518
90
Rhine-Main-Danube 78 A....1950 M 5 36
81
Christiania (0810) 20-yr s t fis '54 M S 84....-.. 8812 Aug'33 --__
34
264 12 12
281s 573 Rio Grande do Sul extla f 8a _1946 A 0 26 Sale 2412
8
26%
28% 22
Cologne(City)Germany 63481950 M 8 2612 30
818 31
50
26
4
1612 49
393 156
External sinking fund 85 1968 J D 26 Sale 2312
Colombia (Rep) as of '28.0ct 'al A 0 38% Sale 3812
31
9
24
26
26 Sale 2414
4212 57
1614 4912
External a f 75 of 1928_ ._ -1986 M N
July 1 '33 coupon on_ _Jan 1961 J J 4212 Sale 40
814 3014
2378 29
231 4
27
4 24
393
37
3912 Sale 39
4
393
External 81 78 mimic loan_1987 2 D 24
_
July 1 '34 coupon on_ _Jan 1961
2612
9
10
2114
6
30
184 36
-year at 88_1946 A 0 21
223* 2012
-- 27
Rio de Janeiro 25
_-Colombia Mtge Bank 6 49011947 A0
8
65 26
214 53
8
20 Sale 197
30
11
26
2514- 2514 30
1953 F A
External.1 644e
193* 3712
Sinking fund 7e of 1926_ _1946 NI N
874 71 7812 927
8
1
183, 3714 Rome (City) ext.' 610
3012
2514 30
1952A 0 8512 Sale 85
3012
1
Sinking fund 7a of 1927_1947 F A
2 08812 105
105
8912 29
4
59
7312 Rotterdam (City) extl 6... ..1964 M N 104 Sale 104
1952 J D 6914 Sale 683
Copenhagen (CRY) be
45
4 31
6712 15
693 Roumania (Monopolies) 78_1959 F A
34%
58
333*
3314 35
1953 MN 6712 Sale 6618
-Year it 441
26
,
72 1
9 50
63
39
1612
35
163
63
63
4
8
103 233 Saarbruecken (City) as
1953 J .1 61
Cordoba (City) tall a 1 7.......I957 F A
8 10111 25
22
2034
1712 23
3814
11
Sao Paulo(City) a f 8a_ _Mar 1952 MN
24% 40
38 Sale 38
EXternal St 7a____ Nov 15 1937 NI N
714 24
3
18
4
35
External, t 840 of 1927_ .1957 MN
Sale 334
18 Sale 18
243 58
4
35
Cordoba (Prov) Argentina 751942 J .1
2
1418 3214
24
San Paulo (State) extl a f 88_1936 J J 24 Sale 24
Costa Rica (Repot:11c)7 134 273
4
8
217
2312 30
2714
I
External see, f 88
1954) J J 21 Sale 21
7s Nov 1 1932 coupon On,11151 NI N _- -- _ 2714
4
4 al13 264
2018
9
18
14
8
23
External 5178 Water L'n_1956 M 5 20 Sale 1818
78 May 11038 coupon on _1951 ___ ____ 157 16
94 2818
7814 9812
1814 14
86
8718 10
88
19682 1 18 Sale 18
External a f 85
(Republic) Soot 1904_ _1944 PA 13 86
Cuba
34 504 7414
69
88's...... 89 Aug'33 -- -_ a7914 934
1940 A 0 6618 Sale 6618
Secured a 1 7e
External 58 of 1914 ser A 1949 F A
6 123, 3014
2412
62
85
Santa Fe (Prov Arg Rep) 78_1942 M 5 2412 Sale 2214
80 Aug'33 --__
80
78
1949 F A
External loan 44.
4
4112 Sale 4012
4218 34 394 773
70
7212 82 08312 8312 Saxon Pub Wks(Germany) 75'45 F A
80
71
fund 530 Jan 15 1953 .1 .1
Slaking
38 30% 894
8 a33
8
327 Sale 313
4512 91
Gen ref guar 630
32
1961 MN
6914
Public wke 530 June 30 1945 2 D 45 Sale 4115
744
10 52
6814
8
Saxon State Mtge last 7s_ 1945 J D ___ 6812 675
Cundinarnarca (Dent) Colombia
89
5 52
5
19
8
653
1018 2234
66
1812 1818
Sinking fund g 6 4s_Dec 1946.3 D 13518 67
18
1959 MN
External a 1 63.4!
31
13% 26
24
243 2318
4
8612 9914 Serbs Croats & Slovenes 8s_1962 MN 23
9512 1 1
eseehosiovakla (Rep of) 88..11451 A 0 9314 9512 9314
2214 Sale 20
22:4 50 1212 2412
1962 M N
9212 96
External sec is ser 11
1
512 9/02
8
964
1952 A 0, 90
fund 8a Der B
Sinking
8 40 05014
464
1959 J D 4812 Sale 4812
75
9014 66
93
SLeela (Prov of) exti 78
1942 J .21 8912 Sale 89
-year cacti 6a
Denmark 20
9 3018 5012
34
69
8512 19
4
Silesian Landowners Assn 65_19°7 F A 0212 Sale 324
88
1955 F Al8414 Sale 833
External gold 530
12 100 141
134
4 70
723
584 773* Solasona (City of) eat] 6a.....1938 MN 134 Sale 13018
15 1962 A 0 6812 Sale 6812
External g 430._Apr
5715
4918 55
4714 Aug'33 ...... 45
Styria (Prov) external 7.1_1946 F A
Deutpcbe 151 Am part elf 63_1932
424 424
2
60
73
Unmatured coups attached... F A ____ ____ 4215 May'33 __ __
85
4
773 73
70
Stamped ex td to Sept 1 1935_ _. ____
r Cash sale. a Deferred delivery. 2 Accrued interest Payable at exchange rate of 54.8665. * Look under list of Matured Bonds on page 1738.
dealings in
NOTE.-Statc and City Securitles.-Sales of S ate and City securit es occur very arely on the New York Stock Exchange and usually only at long Intervals,on a subsesuch securities being almost entirely at private sale over the counter. Bid and Asked quotations, however, by active dealers in these securities will be found
under the general head of "Quotations for Unlisted Securities."
quent page
No. Lou
New York Bond Record-Continued--Page 2
1734
BONDS
N Y. STOCK EXCHANGE
.
Week Ended Sept. 1.
0
t"
t3
nu
4t
,
Price
....
. •-all
•
Sept. 1
.
Ask
Bul
Foreign Govt. A Municipal*.
Sweden external loan 5438-1954 M 14 9512 Sale
Switzerland Gott extl 534a_ _1946 A 0 142 Sale
8012 Sale
Sydney (City) a f 540
1955 F A
Taiwan Elec Pow a f 5448_1971 1 2 62 Sale
4
Tokyo City 58 loan of 1912_1952 M g 8623 Sale
External at 544s guar
1961 A 0 6112 Sale
1614 17
1947 M N
Tolima (Dept of) exti 78
78
83
Trondhjem (City) 151 558_1957 MN
547
Upper Austria (Prov) 7v
1945 J D 50
51
External a f 644s_June 15 1957 1 D 47
Uruguay (Republic) extl 8s 1946 F A
Ws 39
2714 Sale
1960 M N
External 8 f as
265 Sale
8
External at ga__ _may 1 1964 M N
Venetian Prov Mtge Bank n '52 A 0 101 104
Vienna (City of) eat' a f 68.1952 M. N
38 Sale
,___
5
,
Unmatured coupons attached _ ...1 N _
i_2 Sale
Warsaw (City) external 75_1958 F A .iale
Yokohama (City) anti 13s_ -1961 2 ill 6412 Sale
.
Week's
Range
Range
" 1.11
_'S
SW.
Last Sole. cn.
4
Jan. 1.
_
Ingh
High Na. Low
Low
9718 111
9518
88
987
14012 142
111 .10212 145
8012 14
773
8
8214
68
613
s
6212 16
33% 6812
63
26
13
623
4
63
331k 73
8
6112
6312 3
17
17
I
8
13
6
80
80
61
8412
52 Aug'33 ---4514 6212
46
46
1
4112 r56
371s
3
2112 5018
37
27
30
31
15% 4018
265
8
2712
5
1634 4018
4
101
103
94 103
5812 60
55
6818
57 Aug'33 ____
52
5038 5318
18
45
45 1
85
50
41
6412
67
357 74
2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 1.
:-.•
s •1
,
Week's
;
Range
Range or
gl
singe
el
Last Sale.
Jan. 1.
_
Did
Ask Low
High No. Low
mph
14% Sale 1412
15
45
334 20
99 Aug'33 ---- a8814 99
97
99
47 Sale 4612
473
4 49
20
5014
60
____ 597
8
2
60
28
60
4914 5012 44 May'33 ---44
44
41
55 Aug'33 ____
57
33
67
39
2018 39
3
39
9
48
40
393
4
39
9
40
12
54
78 Aug'33 --7712 80
6158 7812
103 10334 10314 Aug'33 ....;
9418 10314
705
8
60
70
71
73
38
0
6312 Sale 8312
1
6312
35
64
72
74
7114 73
8
40
7712
72
7214 74
40
77
7
79
79
78 Aug'33 _
72
77
38
507 Sale 5012
8
5214 314
il
5912
8
25 1002
2314 Sale 227
31, 313
4
60
3
55
6112 58
62
34
47 Aug'32
48
64
_ ___
66
66
67
54
7
30
7012
36
59
____ 7012 69 Aug'33
_
747 67 Aug'33 ___
70
47
73
781 17
783 78
4
78
40
8212
79
90 90
903
4 24
43% 923
4
41
4
49
4714 473
9
15
56
4
423 Sale 423
4
433
4 26
15
4712
4314 43
433
43
4 65
15
48
38 Sale 37
387 416
8
458 4412
...s
12
...,r
‘
C & E III Ry (new co) gen 58_1951 M N
Chicago & Erie 18t gold 58-1982 M N
Chicago Great West let 431-1959 M S
Chic Ind & Louisv ref 6s____1947 J J
Refunding gold 58
1947 J 1
Refunding 411 series C
1947 2 2
1s1 & gen 5s aeries A
1966 M N
lat & gen 6s series B_May 19662 J
Chic Ind & Sou 50
-year 48_1958 1 2
Chic L S & East lat 434s
1969 J D
Chi M & St P gen 48 tier A_1989 2 1
Gen g 3449 ser B__May 19892 J
Gen 4545 ser C
May 1989 J J
Gen 440 set E
May 1989 2 2
Gen 444s ser F
May 1989 J J
Chic Milw SIP & Pee 58 A__1975 F A
Cony ad) 58
Jan 1 2000 A 0
Chic de No West gen g 3448_1987 MN
Q F
Registered
General 4s
1967 M N
Stpd 48 non-p Fed Inc tax '87 m N
Gen 444s stpd Fed Inc tax,1987 MN
Gen 58 stpd Fed Inc tax
1987 51 N
15
-year secured g ()%s_ _1936 M S
let ref g 5s
May 2037 J D
1st & ref 4348 stpd May 2037 2 13
let & ref 444s ser C May 2037 J D
Cony 434s series A
1949 M N
Railroad
9412
Ala Gt Sou 1st COOS A 68
75
3
93
94 93
.,
0
1943 2 0 9
1
81
81
60
83
181 cons 4s eer B
1943 2 0 .114 84
90 90 Aug'33 ---78
90
Alb & Sued let guar 3345_1946 A 0 89
771 Aug'33 ---1998 A 0 7758
65
7712
Alleg & West 1st gu 48
98
98
15
89
98%
Aileg Val gen guar g 48
1942 M 8 9758 - 4 97 2
12
0
45
22% 45
Ann Arbor let g 4s.. __July 1995 Q 2 401' 4454 4
64 17
8234 9718
9
9
Atch Top & S Fe
-den g 48_1995 A 0 95 8 Sale 9514
94 Aug'33 --:
A 0 9212 95
8912 94
Registered
88
No* 8612 ____ 88
76
89
1
Adjustment gold 4s__July 1995
4
20 87518 90
90
Stamped
Chic R I & PRY gen 4e.,,._1988 2 2
5724 Sale 873
July 1995 M N
8412 _ _ 85 July'33 __-,
MN
837 85
8
Registered
Certificates of depost
---8012
73
6
84
Cons gold 4s of 1909__1955 2 D 05514 Sale 8018
Refunding gold 45
1934 A 0
82
13
8014
72
86
Cony 4s of 1905
Certificates of deposit
1953 1 D 8012 33
73
81
Cony g 4s Issue of 1910_1960 2 12 55'2 ____ 81 Aug'33 ___Secured 44413 aeries A
1952 M 5
26 a79 102
1948 2 D 10112 Sale 10112 102
Cony deb 43413
1960 M N
Cony g 444s
8612 86
87
11
78
87
Rocky Mtn MY 1st 4
Ch St L & N 05a_June 15 1951 2 D
8-1965 J J 86
89
9912
18
99
9814
J D
Trans
-Con Short L 1st 43_1958 2 2 99 Sale
Registered
8714 99
9712 17
Cal-Arlz 1st & ref 4448 A.1962 M 8 96
Gold 3448
'2 977 97
8
June 15 1931 1 D
ati Kn0xv & Nor let g 6
8
8_1946 J D 100, 10512 10312 Feb'31 ____ _ _
__
Memphis Div let g 48,-1951 2 0
8712
8712
90
3
7
J 87
"90
Chic T H & So East let U__1960 J D
MI&Charl A L 18t4 Hs A 1944 J
9512
2
943 9512 9512
4
67% 96
let 30-year 5s series B.- 1944 2 J
Inc gu Sa
Deo 1 1960 51 8
74 June'33 ____
81
79
85
75% Chic Un Stan let gu 444s A_1963 J J
Atlantic City 1st Cons 431-1951 2 J
8912 48
8
66
All Coast Line 1st cons 4s July '52 . ... 5878 Sale 887
913
4
1st 5s series B
1963 J 1
M 8
General unified 434s A _ _ _1964 . 1-2 7512 Sale 75 3
1944 J D
51
8212
793
3 16
'
.
Guaranteed g 5a
_
1
8
6912 23
L & N coil gold 4s_ Oct 1952 in I`1
8
4
45
89. 693 687
1st guar 644s series C
743
4
1963 2 2
463
4 16
4
All & Dan 1st g 48
Chic & West Ind con 4s
1314 52
1948 2 1 463 Sale 4512
1952 2 J
40 Aug'33 ___
2d 4s
8
50
1st ref 544a series A
S
1948 2 i 3714 42
1962 M I,,,,
497 4612 Aug'33 ___8
1949 A 0 45
20
ALI & Yad let guar 4,
53 Choc Okla & Gulf cons 5s
1952 lrl
75
Austin & N W 1st gu g 58_1941 J 1 7
8412 CM H & D 2d gold 434,,,_j937 1 J
9
9212 82 Aug'33 ____
0 St L & C 1st g 4aAug- 1938 Q F
2
903 138
4
Ball & Ohio let g 4aJuly 1948 A 0 8858 Sale 8858
74
923
Registered
4
August 2 1936 Q F
July 1948 1-1 J
82 ____ 75 May'33 _--Cm n Leb & Nor let con gu 48.1942 M N
72
80
Registered
6912 69
331 7612 Chi Union Term 1st 440_2020 J J
69
17
71
Refund & gen 5e aeries A.1995
993
4 93 a7913 100
let gold 58
1st mtge 5s series B
July 1948 A 0 9914 Sale 99
2020 2 1
7912 65
37% 83
let Sage g 5s series C--1957 M N
Ref & gen Oa series C____1995 2 D 7712 Sale 7712
s
1996 M S 687 Sale 68
6912 62
55 series F
68
69 4 Clearfield & Mah 1st gu 58_1943 J J
3
85
10
6113 88% Cleve Cln Chi & St L gen 48_1993. 13
FL E & W Va Sys ref 48-1941 MN 82 Sale 82
1
1960 J J 87 Sale 857
8
873
4 40
55
89
Southw Div let 58
1993 J 121
General 5a series B
721
7314 74
74
20
Tol & Gin Div lat ref 40 A_1959 J J
4513 74
Ref ar hunt (Is ser C
1941 1 J
703
8 27
343 75
2000 M S 69 Sale 6858
4
Ref & gen 1513 aeries 13
Ref & impt 5s ser D
1963 J .1
1960 F A 62 Sale 61
63
186
25% 67
Cony 4446
Ref & Impt 444s set E
1977 1 J
10014
g
88 10014
Cairo Div 1st gold 48
Bangor dr Aroostook 18t 58-1943 2 2 10014 Sale 100
1939 1 J
7818 823 7818
4
784
I
Don ref 4,
65
84
CM W & M Div 1st g 48_1991 2 _.
1951 J 1
2
_
62
62
St L Div 1st coil tr g 48_1990 151,4
Battle Crk & Slur let gu 311-1989 1 0 40% 42 62 Aug'33
92
1936 J J 9112 93 92
2
Beech Creek let gu g 4a
80
8pr & Col Div let g 4s........1940 M. 1
9212
7 9213 July'33 __
92
2d guar g 513
9212
W W Val Div 1st g 48 __ _1940 3 .
1936 2 1 ---_ 90
.
1
____ 66 July'33 --Beech Crk ext let g 3348-1951 A 0 66
66
71
____ ___ ____
_ C C C & I gen cons g 8(4_1934 1 2
Belvidere Del cons go 3343_1943 1 1 89 ___ ___
8714 I712 Cley Lor dr W con 1st g 58_1933 A 0
Big Sandy let 4s guar
953 96 Aug'33 ___
4
1944 1 13 94
80
8112 11
Boston & Maine lat 5s A C.1987 M 5 80% 81
53
83
Cleveland & Mahon Val if 58 1938 2 2
1966 MN
8012 8214 813
4
813
4 10
1st M 58 series II
5412 8312 Clev de Mar 1st gu g 4448_1935 MN
8812 787
787
48
7878 Clev & P gen gu 444s ser B 1942 A 0
2
8
1st g 441s ser .13
1961 A 0 77
8
67
Boston & NY Alt Line 1st 4,1955 F A 657 Sale 654
2
5413 6812
Series B 3348
1942 A 0
4
Bruns & West let gu g 48_1938 J J 9412 ____ 843 Mar'33 __843 8434
Series A 4448
1942 1 2
Buff Roch & Pitts gen g 58-1937 M 5 10012 Sale 985s 10012 49
85 10012
Series C 33'48
1948 MN
1957 MN 61
63 6114
333 675
Como! 4448
8
6258 36
Series D 3446
1950 A F
4
577
8
5812
Burl C R & Nor lat & coil 5a-1934 A 0 573 58
5
45
7012
Gen 4348 ser A
1977 F A
Cleve Sho Line 1st gu 4%8_1961 A 0
9212
93
22
1962 A 0 9258 94
Cleve Union Term 1st 5448-1972 A 0
Canada Sou cons gu Si A
7858 97
8
9712 25
7914 9712
let s f bs series B
Cadian Nat guar 4345na
1954 M S 9714 Sale 967
1973 A 0
9712 32
30
-year gold guar 4 ttt
793 973
1957 2 J 97 Sale 964
4
1st a f guar 4448 serial C 1977 A 0
9712 63
Guaranteed gold 434s_ _1968 J D 97 Sale 9634
7958 9713 Coal River By let gu 48__1945 11 D
1037
8 38 a8413 10314 Colo & South ref de ext
Guaranteed g 58
July 1969 1 J 10214 Sale 102
4348_1935 m N
4 10254 100
84 10312
General mtge 440 set A 1980 MN
Guaranteed g 58
Oct 1969 A 0 10212 Sale 1013
10334 41 a8432 10314 Col & H V 1st ext g 4s
Guaranteed g 58
1970 F A 10218 Sale 102
1948 A 0
9938 Sale 9918 100
39
Guar gold 440__June 15 1955 1 D
4
8058 1003 Col & Tol 1st ext 48
1955 F A
9718 Sale 965
8
98
80
98
65
Guar a 440
Conn & Passum RI, let 48_1943 A 0
1958 F A
Sept 1951 M S 97 Sale 963
973
4 56
Guar g 4448
79 4 973 Consol Ry non-cony deb 48_1954 J 2
3
4
4
64
Canadian North deb s f 7s--1940 1 D 10518 Sale 10518 106
964 107
Non-cony deb 4e
1966 .1 J
1093
4 48
1946 J .1 109 Sale 108
25
9412 1093
-year if deb 8445
Non-cony deb 4s
1955 A 0
4
Sale 10012 101
10-yr gold 440___Feb 15 1935 1 J 10012
90 101
61
Non-cony deb 4s
1958 1 2
64% Sale 64%
66
Canadian Pao By 4% deb stock
49 r70
199
Cuba Nor Ry let 544s
1942 1 D
8312 Cuba RR let 50
803
4 92 655
Coll tr 434.
4
1946 M S 803 Sale 79
-year fis g 1952 J 1
8
9814 81
80% 9814
58 equip tr offs
1st ref 734s series A
1944 2 1 9814 Sale 975
1936 J 13
51
847
Coll tr g 54
5813 9012
let lien & ref 6a ser B
Dee 1 1954 2 0 82 Sale 82
1936 2 D
727 Sale 72
8
76
53% 8012
52
Collateral trust 434a
19602 J
15
Car Cent let cons g 45
19
1949 1 2 26 --- 19 June'33 ____
Del & Hudson 1st & ref 4a 1943 M N
10012
Caro Clinch & Oldt 30-yr 58_1938 1 D 10012 /ale 100
3
80 10012
As
1935 A 0
97
1st & cons g (la ser A _Dee lb '52.9 0 97 Sale 96
9
88
97
Gold 544s
1937 MN
Cart ar Ad 15t gu ir 4e
58
60 Feb'33 ____
60
D RR & Bridge 1st gu g4_1936 F A
1981 2 D 8818 72
Cent Branch U P 1st g 4a_1948 1 D 48
50
50
24
1
50
60
Den & R 0 let cons g 4s
1936 1 2
Central of Ga let g 5s-Nov 1945 F A 5814 5912 60 Aug'33 ____
32
64
Consol gold 440
1
1936 -1 .
35
3178 Sale al
Consol gold As
958 41% Den & R CI West gen Si Aug 1955 F A
13
1945 M N
Ref & geo 534s series B1959 A 0 18 Sale 18
3
28
3
19
Ref & impt 58 ser Ii__Apr 1978 A 0
Rat & gen gg aeries c_ _1959 A 0 1618 Sale 1618
213 27% Des M & Ft D let gu 4s__1935
9
1612
Chaff Div put money it-3_1951 1 D 29
15
1 J
___ 3213 July'33 ____
4
33
Certificates of deposit
Mac & Nor Div let g 5,.l946 1 1
_ 35 June'33 ____
49
35
35
Des Plaines Val lat gen 4%8_1947 M S
29
3312 28 July'33 ___
24
Mid Os & Atl Div pus' m 58'47 1 J
28
Det & Mao let lien g 4s
1955 1 D
Mobile Div let g fo
1946 1 1 31
24
j9952 D
35 July'33 _
45
35
Second gold 4e
Detroit River Tunnel 434e 1981 M N
Cent New Eng! let gu 48_1961 1 1 7012 733 73
55
7412 Dul Missabe de Nor gen 58...1941 1 2
9
73
8
7
3
653
4
35
6514 Sale 637
863 Dul & Iron Range 1st 158--.1937 0
8
Cent RR & Bkg of Oa coll 58.1937 M N
•
1987 2 J 101 10138 101
101
Central of N J gen g 5e
82 10218 Dul Sou Shore & All g 50-.1937 1 2
3
1987 Q J 94
9734 98
83
98
2
98
Registered
9112
9112
1
7534 9112 East Ry Minn Nor Div lit 4.48 A 0
1987 2 1 8012 88
General 48
8312 8812 East T Va ar Oa Div let 58_1958 MN
Cent Pac 1st ref go g 48-1949 F A 813, Sale 803
8
8618 57
F A ---------784 Jan'33 ____
783 7834 Elgin Joliet & East 1st g 58_1941 m N
4
3
Registered
13212
Through Short L Ist gu 46_1954 A 0 8212 Sale 8212
87
2 a64
El Paso & 8 W let 5s
1965 A 0
7314 Sale 7314
1960 F A
7414
Guaranteed g 5s
45
80
7
Erie dr Pitts ago 334s set B 19403 1
___ Ill June'31 ____ ___
Charleston & Sav'h let 73-1936 1 .1 103
_ _
Series C 344s
1940J 1
43 a10038 107
107
- -14 Erie RR 1st cons g 48 prior.,,1996 J .1
Cites & Ohio let con g 58-1939 M N 106% 10712 10614
1989 M N
1 10113 105
105
105
Registered
Registered
1
1996 1 .
1992 M 8 10212 Sale 10218
8758 10414
34
103
General gold 434s
lit control gen Ben g 48
1996 2 2
M 8
92 May'33 Registered
Registered
1996. .1
5
9058 92
Ref & Inapt 441s
1993 A 0 9314 Sale 9314
95 8
5
947
80
Penn coil trust gold 48___ -1951 F A
8 44
Ref & Impt 444s ser B
1995 .1 2 933 Sale 93
79
96
55
947
50
-year cony 4s series A-1953 A 0
Craig Valley let 5a__Ma 1940 2 2 100 Sale 100
90 100
18
100
Series B
1953 A 0
4
Potts Creek Branch let 48_1946 J J 863 90
89 Aug'33 ____
81
89
Gen cony 4s series D
1953 A 0
_ 99 Aug'33 ____
1 9918
R & A Div let con g 4s._1989 J
8458 9914
Ref &'mat to of 1927___1987 MN
2d consol gold 48
9112 90 Aug'33 ____
1989 J J 92 83
9012
Ref & lmpt 5,of 1930___1975 A 0
Warm Swing V 1st g tai 1941 M 13 9014 102
93 May'33 ____
93
93
Erie dr Jones Islet 6.___l9651 1
,
5513
7
Chic & Alton RR ref g 38_1949 A 0 54 Sale 54
30
5818
Genessee River lat 8 f 6&_1957J 1
Chic Burl dr Q-111 Div 3348-1949 J 1 8812 90 8912
80
91
9014 45
Fla Cent & Pen let cons g fis 1943 J .1
Registered
88
J 1 84
8812 8612 Florida East Coast lit 410_1959 J D
8612 July'33 __ Illinois Division 4a
19493 J 97 sale 97
8712 99
98% 79
1st & ref 5,Belies A
1974 M S
General 4s
1958 M 8 921's Sale 92
78
95 8
7
9312 61
Certificates of deposit ____ _ .
..
1st & ref 4348 eer B
1977 F A
91 Sale 91
68
9214 Fonda Johns & Gloy 151 434. 1952 MN
9
91
1971 F A 10012 Sale 9958
1st & ref 55 ser A
7614 10012
11012 16
(Amended) let cons 4 Jis1982 MN
Chicago dr East fli 1st es__ 1934 A 0 58
32
58
____ 573 June'33 __
r Cash sale. a Deferred del very. •Look under list of Matured Bonds on page 1738.
Sept. 2 1933
Price
....,..,__
''''.",
Sept. 1.
63
65 6212
---- ---- ---27 Sale 27
6438 33
---- ---2912 125
29
27 Sale 265
8
60
20
1818 Sale 1818
112
89
93 89
90
2
--------6412 May'32
65 ____ 8512 May'31
713
713 Sale 7134
4
4
1
8
6614 675 66
673
4
7
5712 49
54 Sale 54
101
10018 101 100
24
10512 11
10512 Sale 05
4
1013 Sale 0134 102
20
11312 16
113 11314 11318
8014 35
8014 Sale 777
9118 21
91Is Sale 9014
Ws 6934 50 May'33 ---:
9012
- 9058
9058
I
94 - 9538 92 June'33
--------9458 Aug'33 ___,
82
82
85
82
1
4 102
10112 102 1013
8
10512
8
10514 Sale 105
1057
10514 Sale 105
8 35
72 May'33 ---78_
8314
4
g3382 - 4 82
96
96
84
98
I
82 July'33 ---85
77
7712 Sale 76
7712
8
73 Sale 7212
733
3 33
937 95 Aug'33 ___
90
6812 75 69 Aug'33 ____
7712
8
7712 Sale 7512
9_
_3
. 9334 93
3
93
2
7312
1.'2 Sale 7214
100 101%101 Aug'33
96
9612
9614 97
873 ---- 88 July'33
8
97 June'33
967
__ 98 June'33
99
87
____ 86
Jan'33
10114 ____ 10112 10112
87 ---- 91 Aug'33
85 ____ 83
Oct'32
91
91
Oct'32
86
86
87
84 887
8
8712 Bale 8713
8012 8212 82
8314
75
7414 Sale 7414
9412 93 Aug'33
93
8912
8812 Sale 8812
7118 72
7112
737
8
953
9412 96
4
953
4
__- 9014 June'33
94
_ _
_
77 June'33
5212 Aug'33
55
io
53 ____ 53 Aug'33
53 ____ 4612 Sept'32
___- 53 Aug'33
53
31 Sale 31
34
3312
30 Sale 30
36
36 Sale 3214
2714
2714 Sale 2714
84
98
96%
9512
59
6214
3734
44 4
3
23
4
5514
____
__ _
8
.
914
10318
103
3512
Sale
993
4
Sale
____
Sale
Sale
Sale
8
473
18%
6
72
----
9611
9312
8014
97
9614
86
96
84
____
15
16
12
11
____
23
25
2
__
____
_
-iii
6012
54
4914
88i2
6712
47
8518
90
77
38
40
___
497
10
15
15
11
__
____
____
38
9
10
4
ai
____
____
____
3
___
13
5
4
9134 9212 913 Aug'33 ____
2
98
963 983 98
4
s
4
9712
9712 Sale 9714
Feb•33 ____
61
68
90
90
_-_- 90 Aug'33 ____
90 --__ 90 Aug'33 ____
80 Sale 80
823
4 27
78% Aug'33 _ ....
80
__
29
69
681- Sale 68
2
_ ____ 57 June'33 ____
4
100
ion
____ 99
41
65
64 Sale 6312
6418 22
53
62
65
_
_ 40 Mar'33 ____
6312 116
6112 Sale 6112
6312 102
6114 Sale 6114
5
102 Sale 10012 102
4
101
___ 101
101.
3
39
39%___ 39
60 Aug'33 ____
5414 60
20
13
114 Sale 1112
2
1212
1112 Sale 1112
612 878 1112 Aug'33 ____
45 Sale
412
438
6
33
28
90
-- -
ii 7214
7311
36
1434 643
4
91 102
95 106
9234 10312
103% 114
591 8012
66% 92
60
50
85
905
8
92
9558
945 94 8
8
,
82
83
93 102
9812 1074
9614 107
72
72
68
85
85
06
49
82
47
8212
37
7712
85
95
60
77
66
60
93 93
79
72
____
26
---_
____
____
____
10
____
8312
8518 80
9912 Aug'33 __
9614
9412
9214 Dec•32
59
86
62
6214
29
63
209
35
38
437
4714 34
33
4 312 Aug'33
6958 Aug'33
68
3958 4014 July'33
294 30 July'33
9012 9012
9012
__ 102 June'33
1037
8
1037- 103
- 8
3512
37
3512
50
7012
---- - --19
39
1017
8
100
88
99
98
86
10112
91
__
"17
90
8612
773
4
93
945
4
77
97
92
77
6014
62
--5
3
41
413
4
41
34
674 89%
91
9912
97
79
_
6
(
aini; -- f
27
6712
814 52
11
60
45
33
25
75
101%
99
12
34
3
693
8
40 4
,
30
9012
103%
1057
11
39
93
84
98
65
783 9712
4
72
61
90
90
8858 90
6712 85
78 4 7814
,
4013 74
41
57
99 100
301s 68
3058 67
40
40%
2014 67%
294 0712
81 102
75 101
15
39
3412 63
3
214
2
21
312 958
214 8
New York Bond Record-Continued-Page 3
I ;ill
BONDS
N. Y STOCK EXCHANGE t
....a;
Week Ended Sept. 1.
Fort St U D Co let g 43.4e.1941 J J
Ft W & Den C let g 545_1961 J D
From Elk dr Mo Val 1st 68__1933 A 0
Price
Friday
Sept. 1.
Hocking Vol 1st cone g 4 40_1999 j 2
liousatonle By cone g be ..._ _1937 NI N
II & T C let g Is hit guar_ _ _1937 J J
Houston Belt & Term 1st 58.19372 1
[hid & Nlanhat 1st laser A_1957 F A
Adjustment Income be Feb 1957 A 0
Illinois Central 1st gold 4s 1951 .1 J
let gold 34e
1951 J .1
Extended let gold 3346_1951 A 0
let gold 3s sterling
1951 M S
Collateral trust old 4s...1952 A 0
Refunding 4s
1955 NI N
Purchased lines 348
19522 1
Collateral trust gold 4a...1953 NI N
Refunding be
1955 61 N
15
-year secured 648 g_ -1936 J J
40
-year 41
/
4s.
Aug 1 1966 F A
Cairo Bridge gold 4e
1950 J D
Litchfield Div 1st gold 38_1951 1 J
Louley Div & Term g 34e 19532 J
Omaha Itiv 1st gold 38_._1951 13 A
St Louie Div & Term g 38.1951 J 1
Gold 34s
1951. .1 J
Springfield Div let g 348_1951 J J
Western Linesnes let g 45. _ 1951 F A
ines
Ill Cent and Chte St LA N 0-Joint 1st ref 55 aeries A _1963 J D
let At ref 4348 series C..._1963 J D
Ind Bloom & West lot ext.401940 A 0
Ind III & Iowa 1st g 48
1950 J J
Ind & Louisville let gu 48..1956 1 .1
Ind Union By gen Is ser A_ _1965 J J
Gen & ref be series B
1985 1 J
Int & Grt Nor 1st 6e ser A 1952 J J
Adjustment tis rter A_July 1952 A 0
let Is series 13
1956 J J
1st g be series C
1956.3 J
lot Rye Cent Amer let be B 1972 ID N
1st coil trust 6% g notes.1911 al N
1st len dr ref 8%e
1947 F A
Iowa Central 1st gold 5s...1933
Certificates of deposit
J D
let& ref g 4a
1951 M 8
D
1
0
0
0
0
J
J
J
J
J
J
Lake Erie & West 1st g be. _1937 1 J
2(1 gold Is
1911 J J
Lake Sit & Mich So g 348 1997 .1 D
Registered
1997 J D
Lehigh & N Y 1st go g 40..1945 51 6
Leh Vol Harbor Term gu 5/3 1954 F A
Leh Val N Y 1st gu g 4 48..1940 J 1
Lehigh Vol (Pa) cons g 45_2.003 M N
Registered
M N
General eons 44s
2003 M N
General cons Es
2003 M N
Leh V Tenn ity 1st KU g 58_1911 A 0
Len & East 181 50-Yr Is gu_1965 A 0
Little Miami gen 48 series A_190: Ni N
Long Doek consol g 68
1935 A 0
Long IslandGeneral gold 48
1938 1 D
Unified gold 4s
1949 M N
Debenture gold Is
1934 1 0
-year p m deb Is
20
1937 NI N
Guar ref gold 48
1949 M S
Louisiana dr Ark let loser A.1969 J J
Louis &Jeff Bdge Co gd 545 1915 M S
Louisville & Naithville be__ _1937 al N
Unified gold 4s
1940 J /
RegIstered
J J
1st refund 134s series A2003 A 0
let & ref Is series El
2003 A 0
2003 A 0
let & ref 4 45 series C
Gold Is
1941 A 0
Paducah & Men, Div 45._1946 F A
St Louis Div 2d gold 38_ .1980 in 8
Mob de Montg let g 448_1941 61 S
South Ity joint Monon 48_1952 .1 J
Atl Knox./ & Cln Div 48 1955 hl N
1934 .1 J
:Mahon Coal RR let be
Manila Kit (South Lines) 48 193981 N
1959 IVI N
let ext 4s
1
Manitoba SW Colonlza'n be 1934 1 1
Man Cl 13 & N W let 34(4..1941 1 J
Met Internal let 4s asstd_ _1977 NI S
Michigan Central Detroit & Bay
1940 .1 J
City Mr Line 4e
Jack Lams & Sag 3%s.,,..1051 NI S
1952 M N
let gold 334s
Ref & Mint 4345 ser C
1979 J J
Mid of N ..1 let ext 58.
1940 A 0
MIL & Nor let ext 4 Sis (1880)1934 1 D
Cons ext 434s (1884)
1934 J D
Mil Spar de N W let gu 4s 1047 NI El
1
r Cash sales. a Deferred delivery
1
.,
1
,.,c 4
eZ,
Z
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 1.
Bid
Ask bow
63- 87
9712 - .
94i 99
8518 Sale 85
Ga de Ala Ry 1st cons 58 Oct 19452 J
Ca Caro & Nor 1st tug 5s 1929Extended at 6% to July 1 1934 2 1
Georgia Midland 1st 35__ _ _1946 A 0
Gouv & Oswegatchle 1st Is..1942 J D
Or R & I ext let gu g 448_1931 J J
Grand Trunk of Can deb 78.1940 A 0
15
-year s f 6s
1936 NI S
Grays Point Term let
_ _1947 J D
Great Northern gen 75be_serA_1936 J .1
let & ref 4 Si s series ._ _1961 J J
Stpd (without Jly A1'33coup) ____
General b 4e series B
1952 1 .1
General be series C
1973 J J
General 44s series D
1976 J J
General 4%s series
_ _1977 J J
Green Bay & West deb ct63 A___ Feb
E_Debentures etfe 13
Feb
Greenbrier Ry let FEU 413____1940 M N
Gulf Mob & Nor 1st 54e B 1950 A 0
let mtge 58 series C
1950 A 0
Gulf & S 1 let ref & ter 65Feb 1952 ..1 J
Stamped (July 1 '33 coupon on) .1 .1
James Frank & Clear let 4s 1959 J
Eal A & G It 1st gu g 50
1938 J
Kau & NI let gii g 4s_
199(1 A
K C Ft 8.8 NI Ity ref g 4s_ _1936 A
Certificates of deposit
A
Kan ('ity Sou 1st gold 38._ _1950 A
Ref & Inuit be
Apr 195(1J
Kansas City Term let 45_ ..19(3(( 1
Kentucky Central gold 46_1987 1
Kentucky & Ind Term 448_1961 1
Stamped
1961 1
Plain
1961 1
Week's
Range or
Last Sale.
-v
i3
t
u 2-,
.Za.
1735
Price
Friday
Sept. 1.
Week's
Range or
Last Sale.
"
7-.'"
Range
Since
04(2
Jan. 1.
High No. Low
Ries
High
Ask Low
High
High No Low
. _ Milw &State Line let 345_1941 J J
Nov'32 ____
51
____ 40
Jan'33 ____
40
40
Aug'33 ____
____- 814
99
Minn & St Louis 1st cons 55_1934
5414 90
86
10
6
8
(7tfe of deposit
1934 MN
3
7
7 14
4
818
3
12 612
412 3 Aug'33 ____
lst dr refunding gold 48__ _1949 al S
27 July'33 __-15
27
518 27
314 7
Ref & ext 50-yr Is ser A 1962 Q F
118 11
314 July'33 __
2
Q F
614 312 Aug'33 ____
Certificates of deposit
112 45
8
23
__ 2618 July'33 ____
18
2618 M St P & SS M con g 45 int gu '382 J 41
4212 4212
443
8 45
24
48
4
50 July'33 ____
35
_43
3912
2312 50
1st cons be
16
1938.3 i --------343
3
343
4
____
Jan'31 ____
--------100
let cons 55, guns to Int _
9
1938 J J 45 Sale 4414
2312 5412
45
943
4
943 late 94
4
84 --- 4
3
963
1st dr ref Is series A
19462 1 30
31 12 30 Aug'33 ____
912 34
105 Sale 105
10614 41
964g 10614
27
25
1
22
22
-year 54s
1949 1.1 S 24
a812 311
/
4
1021 Sale 10214
/
4
102
/ 41
1
4
933 10312
1978 J J 65
4
let ref 5%a ser 11
6812 68
37
71
6912 11
55 ---- 96 Nov 30 ____
let Chicago Term a f 4e_ _1941 M N ---- ---- 90 July'33 ____
90
90
8
8612 111 ____-8512 Sale 853
4514 9014 Misp
Central let 53._ _1949 J J 8412 ____ 8412 July'33 ____
65
85
8312 Sale 8312
847s 97
663 87
4
__ _--- 8612 July'33 __
66
8612 Mo-III RR lot 55 ser A
19 Sale 19
15
32
4
21
1959.3 J
_78 Sale 78
6812 8812
8412 32
39
8312 Mo Kan & Tex 1st gold 4s._1990 1 D 8014 83
0
81
-6
733
8
73 Sale 73
4012 7738 Mo,-K-T RR pr lien Is ser A.1962 1 J
6
59
8714
18
80
7918 Sale 78
67 Sale 665
37
74
8
6912 59
51 18 73
8
40-year 4s series B
1962.3 .1_ _ _ _ 673 70 Aug'33 ____
68 Sale 68
70
10
34
74
Prhar lien 44s ser D
55
7712
74 Aug'33 ____
1978.3 .1 _ _ 74
30 July'33 __
3218 33
29
30
8 03212 6512
Cum adjust Is ser A_Jan 1967 A 0 633 567s 55
567
8
8
4
4
67
8 63 Aug'33 ____
3
/ 10
1
4
Mo Pac lot & ref Is ser A
1812 44
373
4 27
3512 37
1965 F A
36
8814 _-- 8814 Aug'33 ____
8814 8814
7
2412
156
17
General 45
1975 1VI S 1612 Sale 16
1
68 Sale 68
2212 68
68
1st dr ref 55 tierlee F
18
44
3712 131
1977 M S 3512 Sale 3512
6512 Sale 64
6512 22
23
1st & ref 58 ser 0
6512
1812 4412
353 Sale 353
4
1978 M N
4
3712 26
54 ____ 45 June'33 __ __
24
4212 45
3
1412 193
1312 Sale 13
Cony gold 54s
1949 P.1 N
54 ---- 4014 June'33 _-102 44
3718 20
1st ref g 5s Bence H
40 4 4014
,
1980 A 0 3512 Sale 3512
1814 4414
3712 198
3512 Sale 3512
let & ref Is ser 1
1981 F A
9914 10014 9914
84 100
9912 18
5012 074
Mo Pac 3d is ext at 4% July 1938 MN
5
a74
711
_ _ a74
90 Aug'33 ____
85
93
75
90
Mob & Illr prior lien g 5s__ _1945 1 1 75 2- - 46 June'33 ____
46
46
91
8512 951s
9458-... 9518 Aug'33 ___90
Small
J 1 65
Ws 60
44 Aug'33 ____
853 95 100 June'33 ._ _
4
_
8
78 100
let M gold 4s
19452 1 4612 597 53 Aug'32 ___ ____
83 Sale 83
8412 26
1 J 44
72
55
Small
884
/
1
44
60
_44 July'33 __
46 Sale 46
503
8 75
3918 593 Mobile & Ohio gen gold 4s..1938 NI 5 30
4
28 r72
28 Mar'33 ____
50
71 37
/
4
2714 35
Mongomery Div let g 55_1947 F A
32 Aug'33 __
89_ 89 Aug'33 ___
7812 89
414 2138
Ref & Inapt 448
7
151
/
4
1977 M 5 1518 17
15
7612 793
7612 July'33 _
7618 - 6
84
Sec 5% notes
30
41 25
/
4
2
1714
20
1938 NI S 18
May'33 ____
72
Mob & Mal 1st gu gold 4e_ _1991 M S 7158.... 70 Aug'33 ____
7'2
761s ---- 72
62
753
4
73 Mac'30 ...........Mont C 1st gu 68
94
8714 93 4
8714 Aug'33 ____
1937 J 1 89
3
7612
7318 76 a75
50
9
78
1st guar gold 5s
90
92
933 92 July'33 ____
s
1937 1 1 92
a76 2 Sale 87612
,
45
80
77,2 16
Morris & Essex 131 gu 3348.2000 J D 7878 Sale 783
4
7912 61
701 80 8
/
4
3
55 June'33
55
6112
Constr NI 55 ser A
561
/
4
89
9114 8618 Aug'33 ____
1955 M N
677 8518
8
a65 Sale a65
671 t
27
40
6918
Constr NI 44e ser B
82
60
9
8138
1955 M N 81 Sale 81
86 Sale 86
521 88
/
4
8612 15
94
16
6018 94
94 Sale 9312
Nash Chatt & St L User A 1978 F A
8014 86
60
8618
14
86
84
677
8 45
6512 Sale 65
N Fla & S 1st gut Is
30
73
95 100
85
95
95 July'33 ____
1937 F A
601 85
/
4
8312 85 84 Aug'33 ____
Nat Ry of Mex pr lien 44s 1957 J J ____ ___- 18 July'28 __
____
s
68 ---- 733 Aug'33 ---Assent cash war ret No 4 on.- _,
2 Sale
68
11 _-/ 4
4
733
s
2
2 18 1 1
58
6512
Guar 4s Apr '14 coupon_ .1977 A 0 __ _
623 ---- 6512 Aug'33 ____
8
__ 123 July'31
4
a.
58
6712
Assent cash war rct No. Ion ---68 ---- 67 Aug'33 ____
1
_2
1
12
11
/
4
214
143
4
53
7012 Aug'33 ____
68..
_
7012 Nat RR Mex pr lien 410 Oct '26
Assent cash war rct No. 4 on - _- _ __ ---- 23 Aug'33 ---62
74
74 Aug'33 ____
76
7
4
1
5
75
75
621 .-„- 75 Aug'33 __
/
4
tel consold 4s
_-___ ____ 22
____ _
Apr'28 ___
1951 A
85
Assent cash war rct No. 4 on - _,
66
-4
1
-0
8012 5 85
1
10
2 Sale
85
/
1
4
214
_,
2
Naugatuck RR 1st g 4s_ ...1954 1 -1,1 ____ 83
____
_
0
7112 Nov'32 __. _
387 7412 New England RR cone be_ _1945 J 1 83 100
8
72
46
71 Sale 6912
68
68
68 Mar'33 ____
37
(19
661 68
/
4
6712
69
31
Consol guar 45
79
79
79 Aug'33 ____
19A 5 1 1 7618 80
88',.... 92
/
1
4
_
027 927 NJ Junction RR guar 1st 48 1986 F A
8
8
927
8
92 Nov'30 _ _ _
1
70
. . -- _
84
,5
85
8412 85 Aug'33 __ _.
NO& NE tot ref & impt 44e A '52 1 J
30
70
60 Aug'33 ___.
58 65
27
544 New Orleans Term 1st 48.. 1953 / / 69 Sale 69
/
1
45
45 Sale 45
1
49
75
9
6914
85
99 4 N 0 Tex & Men n-c Inc 50_1935 A 0 21
,
933 ---- 99 Aug'33 ____
8
20
35
5
2114
25
21
99
9814 Aug'33 _
0858
2312 2058
let 55 series B
85
1954 A 0 22
1312 3512
2258 37
4258 41
3718 Sale 37
21% 2514 23 Aug'33 ____
let 58 ser1re C
1814 5412
183. 36
1956 F A
15 Sale 143
2214 Sale 2118
3
4
1614 45
1st 4%s series D
25
163 36
4
7
2214
1956 F A
35' Sale 35
1st 54e seriee A
16
50
391
/
4
48
9
17
23
1954 A 0 23 Sale 21
3612
37 Sale 35
16
4912 N AC lidge gen guar 4 4s_ _1945 J 1
39
26
90
9312
- 9312 Aug'33 ___ .
--50
64
64
3314 6512 N Y B & NI 13 tot con g 5s 1935 A 0 - 01 10112 101 Aug 33 __._
64
1
1
- _98 102
465 50
8
37
6118
60
60
1
4712 52
48
48
92
N Y Cent RR cony deb 6s..1935 111 1, 86
48
24
88
1
873 8512
8
25
55
5712 8418
795 Sale 79
8
Consol 45 series A
37
/
1
4
81
1993 F A
512 714 512 Aug'33 ___
34:2 74
21!
Ref.). Inapt 4 340 merles A._2013 A 0 6818 Sale 68
2
10
69
3
4
Ref & Impt 5s series C___ 2013 A 0 87312 Sale 7314
314
314
39
743 108
4
1
1
6
80
4
688 833
4
NY Cent & Bud MY M 334s 1097.3 1
8218 Sale 82
8314 80
7418 Sale 7418
60
7418
7418
1
77
82
Registered
70
7712
7718 Aug 33 __
14197 1 1
-- 103 Mar'31 ........Debenture gold 4s
60
9012 Sale 8912
9012 11)2
1934 M 5
933
4
80-73
85
75 Aug'33 ....
60
76
6
84
30-year debenture 4s_
64
83
85
8612
84
.1942 1 .1
341 74
/
4
47 Sale 47
3134 6112
38
Ref & Impt 434s ser A_ _ _ .2013
52
69
/ 106
1
4
6812 Sale 6318
42
5612 52 Aug'33 __ _
F
Lake Shore coil gold 3348_1911g ,- A __ 77
32
5712
60
77
25
75
73
62 Sale 62
67,2
6512 5
68
71
-S a48
5
6912
Registered
6912
1993 F A ____ 71
75 Sale 741s
47
7.5
IS
80
65
78
23
74
733 7612 74
,
Mich cent roll gold 34s._1993 F A
94 Sale 93
(9
83
/
1
4
954 47
/
1
96
Registered__
. .
57
69_ _ 69 July'33 __
1998 F A
9112 9312 92 Aug'33 ___.
741 92
/
4
NY Chic &St L let g 40_ _1937 A C
66
8812 - -14 90
90
1I
90
9114
50
7812 84 A ug'31 ____
_
Refunding 54s series A_ _1974 A '
89
59
14
57 Sale 5718
/
1
4
6712
70
8i .
75 June'33 _
Ref 4348 series r
75
563
4
12
503 11.
4
493 Sale 49
4
1973 M 1
70
Apr'30 _-___- 89
1935 A 11
_ __.
3-yr 6% gold notes
514 67
56 Sale 56
5912 69
N Y Connect let gu 348 A.1953 F A
s7
9314
9412 Sale 9714
11
98
91
92
913
4
58
913
4 13
93
let guar Is series 13.
14 103
4 '
/
1
4
/ 10212
1
4
1953 13 A 10318 --- 102
75
77
7612
7612
1
55
7812 N Y Erie let ext gold 45_1947 NI N
8918 _ _ a88 July'33 ____
86
89
85 Sale 843
8
85
81
713 8514 N Y Greenw L go g Is..,J946 al N 6312___ 61 Juiy.33 ____
4
5138 65
79
84
761 June'33 __./
4
7212 77
N Y & Harlem gold 3413_2000M N
84
-3
88 Aug'33 ____
853 4 88
6514 Sale 6514
651
/
4
2
46
704 N Y Lack & W ref 4 448 B. _.1973 M N 88
/
1
85 85
____ 85 June'33 ____
86
8712 89
89
2
79
/ 90
1
4
NY dr Long Branch gen 4s_ .1941 51 5 7514 --- _ 76 Juit..'33 ____
78
76
86 Aug'33 ___
87
91
5978 87
N 1 & N E Boat Term 413-1939 A 0 ____ ____ 9512 July'29 ____
,
____
56
543
4
54
553
4 50
25
62
N Y N 12 .8 El n-c deb 45 . _ .1947 M 8 70
45
70
____ 70 Aug'33 __.
__ _ 58
45 June'33 __ _
28
45
Non-cony debenture 3348 1917 M N 65
44
65
_ _ 65 Aug'33 ____
56
59
583 563
4
15
3214 6412
4
Non-cony debenture 330_1954 A I) __ _ - 62
44 a65
58 Aug'33 ___.
6212 Sale 6212
63
4
33
6812
Non-cony debenture 48 1955 1 1 67
15
71
5
-12 69, 6712
4
671 2
100,
-.- 100
10018
2
89 10018
Non-cony debenture 4e.. _1956 M N
71
61
71
45
67
67
5
95 897
99 July'33 ---79
5812 6212 '583 Aug'33 ___
99
Cony debenture 33441
1951! 1 J
43
60
4
- 9112 May'32 ____
Cony debenture 65
9214 Sale 91
1943 .1 J
9212 34
57
9912
10012 102 10012 Aug'33 ---_
SO--0012 161
1 J _ __ ._ 90 Aug'33 __.
Regletered
90
80
Collateral trust Se
9212 23
194( A 0 91 Sale 91
59
93
__ _ 993 99
4
9914
4
9518 9914
Debenture 4s
5g Aug'33 _ ..
5812 60
347 65
8
1957 M N
95 Sale 1)3
9412
2
82
953
8
1st & ref 4 %s ser of 1927_ _1967 J D 7414 Sale 7358
45
23
75
7538
10112 102 10112 Aug'33 -___
97 1011 Harlem R & Pt Ches 1st 4s 1954 M ^. 8812 Sale 8812
/
4
8234 90,2
2
90
9812 Sale 98
9812 12
90 100
9314 Sale 9314 . 9418
10
76
95
N V 0.8 W ref g 48 June. ..l952 NI 5 63 Sale 63
647
31
150,8 67
467 Sale 4612
8
5012 49
20
57
General 4s
43
63
60
_11155 1 I) 58
5
59
59
79
85
7918
7() r63
7918
6
N I( Providence & Boston 49 1942 A 0 83
___
/
1
4
-- 85 Nov'32 .__
10058 10312 10312
103 2
,
2
963,
4 10312 N Y & Putnam It eon gu 40_1993 A 0 75 78
76
64
75 Aug'33 _ _ 9612 Sale 9614
967
8 31
811 98
/
4
N Y 8u90& West let ref 58.1937 1 1 55
2312 65
1
627 57
57
90
95
82 Apr'33 __-77
85
2d gold 4 14s
1937 F A
45
13
4112
__
4734 4112 June'33
9712
98
35
6512 99
General gold be
4212 49
1612 52
1941 F A
48 Aug'33 ____
90
903 90
4
904 12
/
1
6318 9212
Terminal let gold be
64
64
Jan'33
65
1943 M N
84
827 8814 3612
8
8712 37
597 90
8
N Y W Ches & 11 It ser 1 4 48'36 / 1 54 Sale 53
31
60
543
4 33
10112 ---- 101,2 Aug'33 --87 101 1 2
7558.... 65 June'33 ___
56
70
Nord Ry ext Wok fund 6348 1950 A 0 12614 Sale 125
985 12714
4
12714 39
5814 583 59 Aug'33.,..
4
43
60
Norfolk South 1st & ref A 55.1961 F A
5•
93
933 09912 Aug'33 ____
4
82 09212
Certifintes of deposit- 13 Aug'33 ____
13
13
72
80
7112
72
7
40
73
Norfolk & south lot gold 64.1941
-N
19 - '28
0
28
/
1
4
25 Aug'33 ____
9012 92
904 Aug'33 ---/
1
75
9214 Norf & West RR InIntaext 60 '34 F A 10158 103 103 Aug'33 ____
101 104.,
NA w Rs let cons g 4e_ .19116 A 0 995 Sale 9918
87 10012
8
993
4 78
____ -_. 1003 July'33 -..
4
9514 101,
4
Registered
_ _ ._ 9418 Jan'33 ....941s 94.,
191513 A 0 93
50
55
5414 July 33 _--- a4938 5414
"Be 10134
DWI 1st lien & gen g 48...194 J 1 1003 Sale 1003
4
,
4
101 1 2 21
45
65
51 July'33
50
52
Poc.ah c & C joint Se
1941 1 0 9912 100
8912 100
2
9912
9912
0012 97
911
/
4
9212 --25
70
9212 North Cent gen & ref Is A._1974 NI 8 10012 --__ 10012 Aug'33 __-99 10058
50
47
60
Feb'33 ---47
47
Gen dr ref 4(4s ser A_1974 M S 9212 ____ 85 Aug.32 ___
. _
.
___
218 2 Sept'32 ____
___ ..._ . North Ohio let guar g 5 . _ _1945 A 0 4314 -_ _ 45
s
- - -18
45
ii
2
45
North Pacific prior lien 414_1997 Q / 86 Sale 86
8818 63
73
89,2
90
_-_- 9314 Aug'33 ___
9314 9314
Registered.
Q 1 83
8512 /333 Aug'33 __.
743 85
8
4
____
_ 79 Nlay'26
._ _
Gen lien ry & Id g 3s_Jan 2047 Q F
59 Sale 59
48
62
26
60
894 - / 90
1
89
/
1
4
90 ___3
70
90
Registered
Jan 2047 Q F _
_
_ 5512 Jan'33 ___
554 5512
/
1
75 June'33 -_
73
85
61
75
Ref & Mutt 4448 wiles A _2047 J 1
.
i512 - 8
.
7 -12 75 12
60
I
7512
7812
7514 Aug'33 --71
76
40
754
/
1
Ref.). impt 65 series B____2047 .1 1 8914 Sale 89
9212
80
89
/ 69
1
4
77
82
71 12 July'33 ___
50
71 12
Ref & lmpt Is series C____2047 .3 1 761 86
/
4
803
8
59. 84
3
8012
68
78
6814 July'33 ---6814 70
Ref & Impt Is series D____2047 J 1 763 81 a8018 a8018
4
1
mi. 83
62
65 65 Aug'33....
341 66
/
4
Nor Ry of Calif guar g be___1938 A 0 100 -_-- 100
1 100 100
100
1
-.
• Look ur (I( r lilt of !Matured Bonds on page 1738.
1736
31
BONDS.‘
"
N. Y. STOCK EXCHANGE
...f, E.'
Week Ended Sept. 1.
—
New York Bond Record—Continued—Page 4
Pried
Friday
Sept. 1.
Week's
Range or
Last Sale.
4
c,
.
g ...A
r5
sU,
Range
Since
Jan. 1.
BONDS
N. Y STOCK EXCHANGE
Week Ended Sept. 1.
•. 31
t.i
.4; c',.
Sept. 2 1933
Price
Friday
Sept. I.
Week's
Range or
Last Sale.
4,3
E:S1
al' ,.
Ask Low
Bid
High No.
High No. Lou
High
Btel
Ask Low
91 Sale 91
92
35
55
3812 5814 Southern fly lot cons g 5s_ _1994 J .1
8
55 Sale 50
Og & L Cham lot gu g 4s___1948 J J
J J ---- 8912 85 July'33 ____
_
_ __
Registered
Ohio Connecting fly let 45_1943 M 5 --------97 Mar'32 ____
8
597 103
ki --90
Devel & gen 48 aeries A,,,.1956 A 0 .5814 Sale 5713
90 Aug'33 ____
95
Ohio River RIt let g 6s__1936 J D 88
4 46
773
91
70
1956 A 0 75 Sale 75
Devel & gen 68
Aug'33 __-_
91
91
1937 A 0 85
General gold 58
4
4 37
813
1956 A 0 793 Sale 79
Devel & gen 6340
8418 98
9
8
9518 Sale 9518
957
Oregon RR & Nay corn g 48_1946 J D
8114 8212 80 Aug'33 ____
1996 J J
1
99 10712
Mew Div lot g 58
106
Ore Short Line let cons g 66_19/6 J J 10518 107 106
7038 Aug'33 ____
1951 j .4 6818 76
St Louis Div lot g 48
10612
9 100 10712
1946 J J 10412 106 106
Guar stud cons 6s
80 June'33 ____
East Tenn reorg lien g 50_1938 M 5 91 100
75
50
8912 57
4
88 Sale 873
Ore-Wash RR & Nay 43._ 1961 J J
6214
2
1938 N.1 5 5912 6412 62
Mobile & Ohio coil tr 4s
1612 Sale 1612
2
1814
6
7312 a9318 Spokane Interest lot g 53_1955 J J
9212
9312
9212 93
Pac RR of Mo let ext g 4a_1938 F A
90
Staten Island fly lot 4348_ _1943 1 D --------60 May'32
75
90 Aug'33 ---8918 95
1938 J J
2d extended gold Es
97 Nov'31
92 100
93
9412 Sunbury & Lewiston lot 48_1936 J J
9414 Aug'33 ____
9412 96
J
Paducah & Ills lot erg 4%3_1955
103 a9612 123
123
Paris-Orleans RR ext 5348_1968 M 13 123 Sale 121
5812 55 Aug'33 ---30
5012 Tenn Cent let 68 A or 11_ _1947 A 0 49
4
5012
____ 5912
Paullata fly let ref s f 714_1942 M 13 50
3
10214
71
9312 Term Awn 01St L lot g 435s 1939 A 0 10214 103 10214
5
93
Pa Ohio & Det lot & ref 434e A '77 A 0 93 Sale 93
10212 21
1944 F A 10214 10238 10214
1
let cone gold 5s
9514 1013
8
101
____ 101
45_1943 M N 100
Pennsylvania RR cons g
9014 Sale 90
91
31
1953 J J
91 10112
f g 40
18
Gen refund a
10018
4
993
1948 M N 100
Consol gold 4s
85
86
8434
4
843
1
3
90 100 4 Texarkana di Ft S lot Shit A 1950 F A
1
8
9978 Sale 997
997
8
4e sterl Mori dollar May 1 1948 M N
65______ 61 June'33 ____
1943 J J
Tex & NO con gold 53
0412 105
8 34
1045
,
Consol sinking fund 4348_1960 1 A 104 Sale 104
1
98
8
7318 947 Texas & Pac 1st gold 5s
9312 44
2000 1 D 85 19u
98
92 Sale 92
1905 J D
General 4%8 series A
14
78 10012
2dinc5a(Mar'28cpon)Dec2000 Mar ____ ____ 995 Aug'33 __ _
10014 90
1968 J D 9978 Sale 9818
General 58 series 11
6812
8
1977 A 0 8312 Sale 68
105
70
95 1053
8
Gen & ref 50 series 13
F A 1045 Sale 10410
1936
8
15
-year secured 6340
5
68
1979 A 0 6712 Sale 6712
98
Gen & ref Es series C
73
37
9618
953 95 4 943
3
4
8
1984 M N
40-year secured gold Est
30
6814
1980 J D 68 Sale 67
8614
Gen & ref 58 series D
58
4 84
813
197C A 0 8014 Sale 79
Deb g 4345
73 Aug'33 __
76
43
68
88
9012 Tex Pac-Mo Poe Ter 5340 A 1984 M 5 71
8612 sale 8518
1981 A 0
General 434s 8er ID
9614 Sale 9212
9614
3
4
30
72
Tol & Ohio Cent lot gu 58--1935 J J
64
6514 64
Peoria & Eastern list cons 48_1940 A 0 60
9812 91 June'33 --__
1935 A 0 96
Western Div lot g 5s
114 1612
2
912 1014 1014
1014
April 1990 Apr
Income 45
0213 92
92
2
1935 J D 90
2
gold 58
89114 90
General
90
8712 9034 87
Peoria & Pekin Un lot 5343_1974 F A
4
4
Tol St L & W 50
-year g 4s__ _1950 A 0 0714 693 893 Aug'33 ___
4
19
283 76
71
7012 6838
Pere Marquette lot tier A 53_1956 J J 67
_ 9618 Apr'31 ___
62
28
5
Tol W V & 0gu 4s ser C_..1942 M S
6112
6112
62
61
1956 J J
10140 series 11
0
8 0
70, -Feb'33 ___
D 88- 80
6812 Toronto liam & Buff lot g 48 1946
28
6412 10
1980 M 9 6412 Sale 64
lot g 4340 series C
4
10118 109
94 10114 Union Pac RR lot & id gr 40 1947 J J 10014 Sale 993
13
10114
3
4
P11115 Bait & Wash lot g 48_1943 NI N 1003 Sale 1003
98 100
98 Aug'33 ___
J J
Registered
93 102 2
10
,
102
102
1974 F A 102 Sale
General 5s series B
9310 81
3
lot lien & ref 40
96
June 2008 M 9 93 Sale 93,
81
4
98 Aug'33 ____
943 100
General g 4348 series C_ _ _1977 1 J
9214
9338 46
Gold 43444
1987 1 I 9212 93
3538
19
10
8
267
2512 Sale 25
Philippine fly let 30-yr 8 f 4s '37.0 J
lot lien &ref 55
June 2008 M 9 19613 10712 10614 Aug'33 _
84
20
40
4
1968 1 D 8311 Sale 8314
-year gold 4s
9 a9314 1023
10214
1940 A 0 102 Sale 02
PC C az St L gu 4348 A
Aug'33 ____
94 10258 U NJ RR & Can gen
1944 M S 9914 101 101
3
10258
8
1942 A 0 10212 1023 16212
Series B 434s guar
___ _ 85
93
Apr'33 ___
cons g 40 series A 1955 F A
4
993 10214 Vandalla
4s_02 Aug'33 ____
1942 M N 10212 _
Series C 434e guar
_ __ 85 June'33 ____
93
1957 MN
Cons 0140 aeries B
a9418 98
99 8
- -7- 98 Aug'33 _
97
1945 M N
Series D 40 guar
312 Aug'33 _
218 4
8912 8912 Vera Cruz & P wet 43.4o.,.. 1933 1 .1
90
____ 8912 Aug'33 _
1949 F A
Series E 434s guar gold
_ 98 Aug'33 ____
MN
9934
1935
061s 9718 Virginia Midland gen 58_
___ 9718 Aug'33 ____
1953 J 0 97
Series F 45 guar gold
8414
-- - 85 Aug'33 _ _
76
9212 Va de Southwest lot gu 68_2003 I J
92
1957 Ni N
97
__ _ 92 May'33 ____
0 40 guar
Series
66
1958 A 0 65 Sale 64
28
lot cone 5s
9618 9814
4
9618
9618 Sale 9618
Series II cons guar 48_ _ _ _1980 F A
67
9118 0812 Virginian Ity let 55 series A_1962 M N 101 Sale 10012 101
96 May'33 ____
4
Series I cons guar 4345..19013 F A 1013 103
9312 9212
93
9312
3
let mtge 4348 series B
4
9412 102
1962 MN
102
COOS guar 43.48_1064 MN 102 10212 1,02
Series J
78 10018
9914
9
997 99
8
1970 1 D 99
General M 5s series A
7712 11
7712 Sale 77
1939 M N
4
7612 993 Wabash RR let gold So
9
9878
8
Gen mtge guar 6 eer 10 1975 A 0 987 Sale 98
4 10
61 Sale 61
643
2d gold 68
1939 F A
93
69
17
92
4
1977 J I 913 Sale 90
Gall 4340 aeries C
Deb 6s serlea 11 registered 1939 J .1 --------9810 May'29
9938 10114
10114 July'33 -___
Pitts NicK & Y 2d gu 613__1934 2 1 10014
74
3712 Apr'33 __
50
let lien 50-year g term 48_1954 J J
1940 4 0 10014 ____ 100 Aug'33 ___ 100 102
Sh ALE let g 58
Pitts
76 Aug'33 ____
7018 83
pet & Chic Ext lot 5s__ _1941 J .1
1 78
1943
____ 100 Mar'33 ____ 100 10012
let con3o1 gold 50
5018, 14
4812 5514 50
_
Des Moines Div lot g 48 1939 J J
____
04 ---- 90 Nov'33 ____
1013 NO 14 3
Pitts va dis Char lot 48
46 1
2
Omaha Div lot g 3543_ __ _1941 A 0 46 Sale 48
6978
30 - _6
68
W Va lot 434o oar A _195'. J 0 6514 Sale 6514
r.VII &
Toledo & Chic Div g 45 1941 M S 5518 -- _ 56 Aug'33'____
8
685
30
1958 A 0 6514 667 67 Aug'33 ____
8
lot M 4345 series B
2218 52
7012 Wabash fly ref & gen 5%s A 1975 M 9 1914 tale 1914
30
4
6712
1960 A 0 6712 Sale 6712
lot M 43.4s series C
41
22
1912 Sale 1912
,.33 ____
95 A44 2
95
95
__
94
Ref&gen 58(Feb'32 coup)B '78 F A
Pitts Y & Ash lot 41 ser A1948 I D
2212 84
Ref & gen 434s aeries C
____ ____
1978 A 0 20 Sale 1914
1982 F A
86
____ 90 July'32 ____
lot gen Es series 13
21
2112 10
_
Ref & gen 68 series D
1980 A 0 Ma 21
35
__
8
713 July'31 ____
Providence Secur deb 45_1957 MN
Warren let ref gu g 3345. _3000 F A -------- 50 Feb'33 ____
_80 i(1
19511 51 9 80 --__ 80 June'33 ---Providence Term lot 43
_ 52
Feb'33 ____
1948 Q 56
Washington Cent lot gold
1
92
5
66
901, Wash Term lot gu 3X3
'
91 3 93
58--- 92
1945 F A
87
87
Reading Co Jersey Can coll 4051 A 0 8714 88
., let 40-year guar 451945 F A ------ _ 07 July'33 __ _
4
753 95
61
9411
9314 Sale 9314
1997 J J
Gen & ref 4345 series A
7112
7234 88
95
78
Western Maryland lot 45_ _1952 A 0 . 7214 Sa
94 Aug'33 ____
9112 94
1
1997 . J
Gen & ref 4358 wiles B
19
83
82 Sale 82
22 0
_ _ -_ -_
__ 13 0 .3 __ __
95
J
lst & ref 534s aeries A,,...,.1977
1941 M N
Rensselaer & Saratoga 8e
10
10212
103
West N Y & Pa lot g 58
40
513
1937 j .1 10212
1948 Ni N
40 July'33 ____
Rich & Mere') let g 43
7
ITO
8753
90
General gold 4s
9712 9912
1943 A 0 88 1
____
9912
11.1chm Term by lot gu 58_1952 1 . 100i0 _ _ 85 June'33 ____
8
356
45
63
85
7714 81
Western Pac let Es ser A
1946 M S 4212 Sale 343
Aug'33
RIO Grande June lot gu 58_1939 J D
84
30
8312 Sale 8338
West Shore let 45 guar
J
.1
2381
__ . _ __
114
Dec'32 ____
1
Rio Grande Sou let gold 45_1949 J
7514 7912 80 July'33 _
.1
Registered
2361
314
212 -- - 314 July'33 ____
i
Guar 45 (Jan 1922 coupon) '40 J 1
1
8212
821.
8
Wheel & L E ref 4348 set A_1968 51 $ 81, 83
87
55
8012 Sale 8012
26
81
Rio Grande West lot gold 48.1930 1 J
.
Refunding 53 series 13__19136 NI 5 8218 ____ 6518 Aug'33 _
2512 6418
23
61
5978 5912
let con & coil trust Is A 1049 A 0 55
8
RR let comic.' 40
1949 M 5 90 -- - 883 Aug'33
1818 3878
2412 47
I Ark & Louis lot 4343_1934 M 9 22 Sale 2112
R
i
40
40 Sale 40
3552 5712 Wilk & East lot gu g 58
13
2
553
1942 .1 D
8
1
19/9 1 . 553 sale 55
Rut-Canada let gu g 98
WIII & SF lot gold 58
- - 88 July'33 _
1938 J D
64
1941 J J 603 62
39
11
4
62
62
Rutland let con 4348
8612- - 92 Aug'33
9212
89
Winston-Salem S B lot 48_1980j J
1712 Sale 1712
21
9278 Wia Cent 50-yr let gen 43 1949 J J
20
70
5
9218
9112
9112 95
St Jos & Grand lel lot 48_1947 1 J
1114 Sale 11
1312 11
Sup & Dul dly & term let 48'38 M N
4
643
64
1996 J 1 65
75
64 June'33 ___
St lawr & Adr let g 58
Wor & Conn East lot 4345.1943 J .1 --------8114 Sept'31
70
1996 A 0 66
68
80
70 June'33 -__
54 gold 60
St Louie Iron Mt & Southern—
•
r
INDUSTRIALS.
1933 M N
•
My & G Div lot g 48
"
Abitibi Power & Paper lot 68 1953 J D
•
2812 65
6314 sate 62
8.1948 J
34
5
6314
St L Poor & N W lot gu -3012 Abraham & Straus deb 5348_1943
8
1 22 Sale 2112
2234 29
St L-San Fran pr lien 40 A 1950
96
14
With warrants
A 0 96 Sale 9512
812 30
21
2211 25
of deposit __-- ,-- -.
2278 2112
Certificates
8
7014 7112 70
72
Adams Express coil tr g 45__1948 M El
33
10
1950 J 1 22 Sale 2112
2312 33
Prior lien 58 series II
7
11012
_1952 A 0 110 Sale 110
4
4
93 303 Adriatic Elec Co eat!
3
2112
2112 Sale 2112
Certificates of dePosit ---- ,-_--1
5212
5212
57
75_1978 M S 18 Sale 173
3
083 2912 Albany Pertor Wrap Pap 68_1948 A 0 53
40
A
20
4
Con M 4348 writs
89
s
603 Sale 60
63
Allegany Corp coll tr 5a_
___1944 F A
. 1682 Sale 165
614 2612
1812 21
8
CertIts 01 uenoslt
74
5512 55
56
1949 J D 54
7212
Coll & cony 5s
49
1
stamped.- _70
70
7212 70
S W lot g 48 bond etts_1989 NI
St L
3
2
333 5314
Coll & cony 5s
4378 277
1950 A 0 3912 Sale 3812
5478 5314
5314
25 g 48 Inc bond Ws Nov_ _1989 1 1 48
4
883 Sale 8712
19
89
6714 AilL5-Chalmers Mfg deb Es 1937 M N
22
J
4 24
57 3
57 Sale 57
1st terminal de unifying 58_1952 J .1
5152
5
____ 50
12
5112 5378 5312
55
56
23
Alpine-Nlontan Steel let 70_1955 M 11 51
1090.0
50 set A
Gen & ref g
80 Aug'33
8014 82
8212 Amer Beet Sug cony deb 88_1935 F A
45 a38
41
3934 Sale 3914
St Paull & K C Sh L lot 4348_1941 F A
*
8012 American Chain deb of 85 1933 A 0
70
75 June'33 ____
7514 90
St P & Duluth lot con g 48_1988 J D
4
Amer Cyanamid deb 68
1942 A 0 943 Sale 933
4
50
4 26
943
45
it Paw E Gr 'I'rk let 4358_1947 1 J
53
50 June'33 ____
60
Am & Foreign Pow deb 65_2030 M 9 4818 Sale 48
5014 150
St Paul Minn & Manitoba—
9
4
70
1953 1 13 693 Sale 69
4
1003 10312 American Ice s f deb 55
4s etre of deposit
193,3 ---- 10314 __ 0312 Aug'33 ____
8713 Sale 87
4
990 10414 Amer 1 0 Chem cony 5345_1949 M N
88
50
0312 Aug'33 ____
63 ars of deposit
1963 ---- 10314
73
79
4
Am Internal Corp cony 5345 1949 J .1
79 Sale 763
4
1933 -_
14 ---- 093 Aug'33 ____ 1023 10434
ars of deposit
,
4355
103
4
3
1939 A 0 105 106 106
106
0418 Amer Mach de Fdy 5 I 6s
75
1937 1 0 9418__ 9313
7
9418
Mont ext lot gold 45
8
90is Amer Metal 535% notes._...193I A 0 95 Sale 915
95
290
70
1
8518
Pacific ext gii 40 (sterlIng)-1910 1 J
8518
8518 - 0
9
4 86
993
A 0 9912 Sale 9834
ref 58_1972 1 J 1017 102 1017
89 10312 Am Sm & R lot 30-yr 685er A '47
10212 13
8
8
St Paul Un Dep let di
1937 J J 10514 Sale 1051 1
Amer Sug Ref 5
-year 6s
10612 15
4
10312
8012 Am Telep & Teleg cony 48_1936 M 9 10212 Sale 10212
54
7212 25
S A & Ar Pass lot gu g 40_ _ _1943 J J
72 Sale 7134
, 66
4
1946 J D 10712 Sale 1063
1071
-year coil tr 5a
30
82 100
5s_1942 51 S 983 100
4
984 Aug'33 ____
Santa Fe Pres & Phen let
1960 1 J 104 Sale 1037
8
8 f deb 65
10412 125
35-Year
8
95 1003
193I A 0 1003 102 1003 Aug'33 ____
68.,
8
8
Say Fla 'le We" 181 g
1943 MN 108 Sale 10712
153
108
0
2 -year of 534s
94 100
1934 4 0 100
_ 100 July'33 __
_
1st gold 58
8
1939 J 1 1165 Sale 116
Cony deb 434o
117
34
8
98
9 12
90
9312 - - - 97 Aug'33_ _-_
Scioto V & N E lot gu 4s... 1089 M n
4
1965 F A 1033 Sale 1033
4
Debenture 55
10414 214
.
Seaboard Alr Line lot g 48.-1950 A 0
7
6113 5512
Am Type Found deb es__ _1940 A 0 52
.3
58
*
1950 A 0
*
stamped
Gold 4s
58
9514
2314 Am Wat Wks at El coil tr 58_1934 A 0 9412 Sale 9412
3
1
1818
Certlfs of deposit stamped__ A 0 1714 18
1818
9
7
,
61.
8012 Sale 8012
1975 NI N
Deb g 88 series A
82
12 1134
712 8
Oct 1949 F A
6
Adjustment 60
-*
1959 A 0
Refunding 45
54 Sale 51
1412 Am Writing Paper let g 88_1947 J J
10
54
2
814 A462•33 __
834 10
Certificates of deposit
2
1945 M N
618 85
8 612
7
4
23 1712 Anglo-Chilean Nitrate 7s
43
10
cons 8s series A..._1945 NI 5 1012 11
11
lot &
4
13 18
Ark ds Mem Bridge & 'I'er 68_1964 M 9 78
____ 85
Apr'33
2-,
,
Certificates of depost __ 61
10 Sale
913
11
4.
& Co (III) hot 4 34s_ _1939 J D 89 Sale 8812
Armour
.
90
142
*
*
Ati & Illrm 311-yr lot g 43..1933 M 5
Armour & Coot Del 5340._ _1943 J J
4
833 Sale 8312
8812 71
Seaboard All Fla lot go 60 A 1935
2
9218
9218 95
93
1.334 Armstrong Cork cony deb 58_1940 J D
A 0
1
14
434
434 458
Certificates of deposit
8
43
1
103l2
Associated 011 6% g notes_ 1935 M S 10312 Sale l03l2
1935
Series 13
9612 __ _ 983 Feb'33 __
1947 J D
712 Atlanta Gas L hot 55
4
___1
3
F A
deposit
Certificates of
4 Aug'33
7
ii
60
4 Sale 58
All Gulf & W I SS coil tr 68 1959 .1 J
593
9912 102
ug
____ 102 A'33 ___ So & No Ala cons gu g 63___1936F' A 101
1937 J J 103 Sale 03
75
10418 48
1
96
Atlantic Refining deb 6a
__ 96
-year 55_1963 A 0 86
06
Gen cons guar 50
8
101
Baldwin Loco Works let 5v 1940 M N 101 103 100
71
40
36
6814
"Bo Pac coil 48(Cent Pac coil) ..' 49 1_ D a65 13ale a65
42
100
Batavian Petr guar deb 4%8_1942 .1 J 100 Sale 9818
80
53
8
8 63
747
8
let 4348 (Oregon Lines) A 1977 M S 735 Sale 735
14
98
4
9133
93
96 100
1938 1 J
8
8714 9312 Belding-Heminway 68
9/7 94
1934 1 D
: 12
930
5s
20-year cony
65
Bell Telep of Pa 5s series B 1948 J J 10718 Sale 10718
66
10812 31
3814 74
1988 M S 65
49
66
Gold 434s
21
109
1980 A 0 10812 Sale 10812
let & ref Es series C
3714 7412
Gold 4340 with warrants 1969 M N
8 47
647
63 Sale 03
24
03
8
7212 Beneficial Indus Loan deb 6019413 M S 93 Sale 917
M N
1981
3614
4 98
643
Gold 43.40
62 Sale 62
5134 57
4734 Sale 4618
Berlin City Elec Co deb 630 1951 J D
3
9412 113 070 4 95
r -1950 A 0 9412 Salo 9252
San Fran Term let
4112 50
3812 Sale 3818
1959 F A
Deb sinking fund 834s
,
971 102
48-Aug'33 ____
of Cal 1st con gu g53 1937 NO N 102
30 Pac
_ __ 102
41.78 23
1955 A 0 37 Sale 37
Debenture 6s
9212 -_ _ 95
95
1937 J J
30 Pac Coast let gu g 48
Aug'33 __95
18
38
Berlin Elec El & Underg 63481956 A 0 3612 381 3512
84
60
,8014 0
4
30 Pac RR lot ref 45
"763 Sale 7612
1955
10214 112
8
Beth Steei lot & ref 51 guar A '42 MN 10218 Sale 1015
tax). _ _1955 1 J
Stamped (Federal
921 Ma '30
10018 04
8
p m es Impt a f 58_1936 J J 100 Sale 997
3u-year
r Cash said, a Deferred delivery. • Look under list of Ural red Bonds on page 1733,
Range
singe
Jan. 1.
High
061/i
85
6414
85
90
8114
76
80
6658
30
Low
55
5812
17
20
2078
40
36
60
20
1612
.58
25
98 10212
9112 103
68
9112
59
8618
65
60
8
857 10012
3
993 993
4
4212 75
4314 763
8
75
43
73
60
88
96 14
91
80
73
93
71
44
____
80 -- 4
8
03
3
90 4 1017
8
9378 9918
a78
9312
96
a75
95 107,
4
4
41693 a89I2
96 101,
2
85
85
85
85
118 5
99
80
85
80
3812 70
81 101 14
78
9414
43
33
85
70
37T2
62
35
2713
41
4
53
512
4
8
41
60
051114
87
9212
53
52
9914
7938
2012
67
6414
65
824
70
183
4
85
4
763
4
83
6
37
- -12
76
501s
47
56
32
32
3212
32
60
52
9214
97
74
8412
10318
93
58
,
85 2
80
84
80
89
45
86
92
2714
2112
•
80
5312
92
2412
3512
a1912
5
65
50
4
96,
73
4
1103
2
56,
69
60
49
9112
62
4
26, 85
3
7012 943
8
231 581s
72
52
89
64
8
6612 863
10214 106
05
60
78 100
8
1023 10812
a9612r105
100 10712
93 10713
,
9912 109 1
09 119
9212 10714
67
35
7418 98
8918
49
a2114 5613
218 1418
85
80
4
923
77
711s 90
93
65
10112 10312
4
82
0 4 983
35
68
97 10431
7918 104
,
90 4 100
83
98
101 111
10012 1111s
93
75
35'2 7011
3513 69 2
,
a3414 6412
7
63 8
a28
71 103
79 100,
2
New York Bond Record - Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 1.
11
Pries
Frtdatt
Sept. 1.
I
Week's
Range or
I Last Sale.
14
en
3
Range
Since
Jan. 1.
BONDS
N. Y STOCK EXCHANGE
.
Week Ended Sept. 1.
13
s.
1737
Price
Friday
Sept. 1.
Weer*
Ranee or
Last Sale.
a
Range
Mei
Jan. 1.
likt
4t1 58w
NW No. Lao
Bea
Ask Low
Htoh
litgb No. Low
Bing de Bing deb 654e
2014 ---- 20 June'33
1950 M
Riok
8
3412
21
Hansa SS Lines 68 with warr_1939 A0 2612 29
37
35
Botany Cons Mills 8%6--1934 A 0 16
29
61
1812 17 Aug'33
/
1
4
a613 Sale 6112
8
5
62
274 Harpen Mining 6s with warr_1949 .1
27
Certificates of deposit
39
7212
17 Aug'33
A 0 1512 20
367 40 Aug'33
8
FA 33
Ma 2012 Havana Elec consol g bs_ _1952
Bowman-Bill Hotels let 75_1934
4014
18
9 Sale
9
9
Deb 53413 series of 1928_1951 M S
3
Stmp as to pay of $435 pt red_ M S
412 May'33
3
14 15
4
412 Hoe(R)& Co 1st 6 As ser A.1934 40
B'way & 7th Ave let cons 58_1943 J
--13i4 gale- 934
•
10
14 2 11 Holland-Amer Line (ls (flat).1947 MN 3014 35 3014 3014 7
Certificates of deposit
1778 32
J D
---- 10 Aug'33
1
10
Houston Oil tank fund 5As__1940 MN 8718 Sale 65
6718 40
Brooklyn City RR 1st 58_1941 .1 .1 73 Sale 73
88
73
73
15
6512 76
4
Hudson Coal 1st at SsserA.1962 ID 493 Sale 49
507
8 73
Bklyn Edison Inc gen bs A__1949 J
10514 Sale 10518 1063
274 64
8 29 100 4 108
3
108
Hudson Co Gas 1st g 56
1949 MN 106 10712 06
3
Gen mtge 55 series E
8
/
1
4
1952.1 .1 1047 Sale 10478 1053
4 34 100 108
4
4 14 10138 108
Humble Oil & Refining 56._ _1937 * 0 1033 Sale 0312 1033
Bklyn-Manh H T sec 6s1968J
9414 Sale 94
100 10412
/
1
4
9514 185
84
/ 96
1
4
Bklyn Qu Co & Sub COO gtd 56'41 MN 55
59
59 Aug'33
57
107
60
Illinois Bell Telephone As _.1956 in 10612 Sale 06
50 10058 107
1st 5s stamped
1941 .1 .1
7
s
-,- 50 Nov'32
8
Illinois Steel deb 4146
1043
1940 AO 1037 Sale 03
4 57
Bklyn Union El 1st g 5s
95 105 s
8438 8312
8438
3
1950 F A 8312 8
75
33 Sale 33
87
36
Ilseder Steel Corp mtge 68._1948 FA
39
Bklyn Un Gas 1st cons g 55_1945 M N 1093 110 10934 110
263 581s
4
4
13 1013 112
4
947 June'33
8
Ind Nat Gas & Oil ref 56......1936 MN
let lien & ref 6s series A 1947 M N 11518 ---- 11312 Aug'33
94
/ 971s
1
4
/
4
1043 1171 Inland Steel 1st 434s
4
8512
86
1978 A0 8614 8
6
Cony deb g 5 As
66
185 158 Feb'33
90
1936.8 .1
158 158
86
8412
8518 36
1st M f 4)48 ser B
1981 FA 85
Debenture gold 55
65
90
8
1950 .1 D 95 1023 10238 103
12
93 105
6137 221
8
Interboro Rap 'Fran 1st 58_1966 J J 65 Sale 6414
1st lien & ref series B
47
70
1957 MN 10512 Sale 105
67 r1071
/
1
4
10512 39
40
4
10
-year 68
1932
•
Buff Gen El 430 series 13_1981 F A 10314 Sale 10314 1043
4 21
9712 105
233 2812 2512 *
4
Aug'33
/
1
4
Certificates of deposit......
Bush Terminal 1st 45
14
301s
1952 A 0 4212 4514 44 Aug'33
42
•
87
12
10
-year cony 7% notes_ _1932 MS
•
Consol bs
1414 1684 1434
1434
1955 .1 J
1
5
6714 Sale 6714
33
14
68
/ 74
1
4
Certificates of deposit......
Bush Term Bldgs 55 gu tax ex '30 A 0 403 Sale 40
52
73
14
4
41
31
19
641s Interlake Iron 1st fa B
60
7
8
1951 MN 60 Sale 587
By-Prod Coke 1st 514B A_ _1945 MN 63
32
70
66 65
66
3
37
74
/ hit Agile Corp 1st & coil tr 39
1
4
56
58
58
2
58
Stamped extended to 1942_ _ _
88% 65
Cal & E Corp unf & re 158_1937 MN 1053 Sale 10514 105 4 15 100 108 4
4
3
3 mat Cement cony deb 5s._1948 MN 8014 Sale 8014
82
28 050
Cal Pack cony deb be
84
1940.1 J 09114 Sale a9114
8
917
8
OM 921 Internet Hydro El deb 6s
4814 40
/
4
1944 AO 4612 Sale 4614
Cal Petroleum cony deb a f ba '39 F A 95
244 59
96
9478
947
8
1 481
96
5378 51
Inter Mere Marine If
54
5 a29
_ .1941 40 51
4
/ 58
1
4
/
1
4
Convdebatg5j45
1938 M N 99$8 993 991g
100
37 a88 100
Internal Paper 58 ser A & 13_1947 J J 8318 Sale 6318
6411 21
Camaguey Sugar ctfs of deposit
39
68
Ref s f Os series A
4
391
: 49
1955 MS 39 Sale 373
for 1st 75
10
49
338 Sale
38
1942 3
3
54
3
1314 Int Telep & Teleg deb g 4146 1952 J
49A Sale 4912
14
51
69
Canada SS L let & gen 68_1941 A 0 1914 21
174 55
20
20
2
10
/ 27
1
4
/
4
s
Cony deb 41
603 155
1939 J J 58 Sale 5714
4
Cent Dist Tel 1st 30-yr 55_ _1943 J D 104 105 104
20
/ 67
1
4
105
2 102 108
5234 Sale 52
54
128
Debs bs
1955 FA
Cent Hudson G & E bs_Jan 1957 M S 105 Sale 105
18
59
/
1
4
105
3 100 107
Investors Equity deb bs A 1947 J D 893 90 893
4
4
31
90
Cent Ill Elec & Gas 1st 53_1951 F A 54 Sale 5313
75
9238
543
4 26
50
75
Deb 55 ser B with wars_ _J948 *0 893 9012 893
4
4
5
901
/
4
Central Steel let get 85_ _1941 MN 10211
80
92
--10258 103
13
7012 103
Without warrants
/ 93 90
1
4
2
90
1948 *0 89
Certain-teed Prod 5 Ati A_ _1948 M
75
52 Sale 51
92 8
5
52
30
28
57
/
1
4
Chesap Corp cony 55 May 15 '47 M N 106 Sale 106
110 1242
6311 110
' 30314 10312 0314 10312 19
K C Pow & Lt 1st 434s ser B.1957
3
Ch
L & Coke lst gu g 55_1937 J .1 10214 103 103
98 105
/
1
4
2
1034
97 1057
8
lat M 4148
19131 FA 104 Sale 0314 104
27
Chicago Railways 1st 55 stpd
98 105 4
5
Kansas Gas & Electric 4 As_1980 J o 87 Bale 8518
87
40
Aug 1193325% part. pd
93
72
F A
•
Karstadt (Rudolph) let 6'3_1943 MN 1614 Sale 16
17
17
Childs Co deb be
1374 4114
1943 A 0 46 Sale 46 ▪ 48
9
25
5512
Certificates of deposit
15
15 4 11
3
1378 1834
Chile Conner Co deb be
.1 67 Sale 6614
1947
67
/ 76
1
4
27
713 Keith(H.F.)Corp. 1st 65._ _1946 M
4
5212 5212
51
52
/
1
4
3
CM
294 61
& E 1st M 45 A
1968A 0 9814 Sale 98
983
4 79
90 100
Kelly-Springfield Tire
_ _1942 AO 57
5712
60
3
/ 57
1
4
Clearfield Bit Coal let 48_1940 .1 J 45 --- 38 Apr'33
32 841
:
38
38
Kendall Co 5345 with warr_1948 MS 75
76
76
76
5
Small series B
55
79
J 45 __1940
Keystone Telep Co 1st 5s___1935 J J
2
- 7912 75
79
Colon Oil cony deb 6s
8474 7212
1938 J
en Sale
it;- 81 ;ii" 71
AO 1. 3
Kings County El L & P
8
105
Colo Fuel & Ir Co gen a f 56_1943 F A 40
101 108
43 4012
4
404
334 ma Purchase money 135 55_1937 40 129 141 _ 130 Aug'33 - 5 1151 185
103
1997
Col Indus let & coil 55 gu__ _1934 F A 29 Sale 2838
/
4
2912 12
194 58
Kings County Elev let g 46-1949 FA
7412 77
75
7612
5 68% 774
Columbia 0& E deb 58 May 1952 M N 82 Sale 8114
33
84
66
89
3s Kings Co Lighting 1st 56
1954 J J 1033 1043 7412 Aug'33
4
4
Debenture 58
99 105
85 82
/
1
4
Apr 15 1952 AO 82
82
2 684 89
First and ref 8146
1954• J 105 113 1133 July'33
4
Debenture 56
110 11411
Jan lb 1961 J J 8012 Sale 80
66% 87
8112 94
/ Kinney(OR)&Co 714% notes'36 J O 50
1
4
90 Aug'33
90
a42
Columbus Ry P & L 1st 4%5 1957 J J 903 9112 9112
98
4
9214 17
84 11100 Kresge Found'n Coll tr j
1936 in 7014 Sale 7014
73
17
Secured convg5s
3114 8312
1942 A0 10314 Sale 10314 00514 23
971 106
:
Kreuger dr Toll class A oda of dep
for sec f g Ea
1314 15A 1314
1959 M
17
11
10
Commercial Credit 51 68 A _ _1934 MN 1013 1013 10112 10112
18 4
3
8
4
7
97 10314
Coll tr 515)4% notes_ _ _1935ii 101 Sale 1003
4 101
3
/
1
96 1014 Lackawanna Steel let SeA 1950
10134 Sale 9712 1013
4 65
75 1013
Comm'i Invest Tr deb 5345_1949 FA 104 10412 10334 10412 42
4
8
95 4 1047 Laclede G-L ref & ext 55_1934 A
8
9278 Sale 91
927
8 14
76% 97
Computing-Tab-Ree 5 f 13s_ _1941 ii 106 Sale 106
/
1
4
1081
5 104 10818
Coll & ref 5345 series C-1953
A 61 Sale 80
8112 17
Conn fly & List & ref 54 lis 1951 • J 99 102 101 Aug'33
48
70
95 10112
Coll & ref 530 series D
A 60 Sale 80
61
1980
6
Stamped guar 4%8
4878 69
1951 ii 10118 10212 10112 10112
95 102
Lautaro Nitrate Co Ltd 6s_1954
84 Sale
/
1
818
9
22
24 14
Consolidated Hydro-Elec Works
/
1
4
Lehigh C Nav f 4;413 A_ _1954 .1
893 91
4
91
14
903
4
of Upper Wuertemberg 76_1956• J 37% Bale 3718
77% 9114
391
30
/ 66
1
4
Cons[(ink fund 4146 Der C.1954
101
91 Aug'33
Cons Coal of Md 1st & ref 55_1950 J D 1812 Sale 1812
78
91
20
1
8
/ 3012 Lehigh Val. Coal Ist& ref st5s'44
1
4
A 76 Bale 75
76
4
Como!Gas(NY)deb 5348._1945 FA 105 Sale 1041s 1051
CS
78
7
081: 10714
1st & ref s f 5s
1954
A 46
48
48
48
1
Debenture 4148
20
55
/
1
1951• D 964 Sale 9612
971 11
874 1014
/
1
1st &ref 8 f 58
1611 45 44 Aug'33
A
1964
Debenture 513
18
/ 65
1
4
1957 ii 102 Sale 10112 10214 6
93 105%
1st de ref s f 58
A
1974
39
30
40
/
1
4
39
/
1
4
1
Consumers Gas of Chic gu 58 1936 J O 10212 103 103
22 50
103
97 105 4
1
Secured 8% gold notes_.1938
78
7912 78 Aug'33
Consumers Power 1st 58 C 1952 MN 105 Sale 105
57
7818
1051
97 107
Liggett & Myers Tobacco 78_1944 A 0 123 Sale 123
123
/
1
4
6 117 12618
Container Corp let 85
/
1
4
1946 in 72 Sale 72
74
/
1
4
85
7614
Se
A 10811 Sale 108
1951
109
42 102 11012
lb-year deb 55 with warr _1943 in 565 Sale 56
8
5714 2
16
/ 631s Loew's Inc deb at 66
1
4
1941 A 0 8812 90 8812
883
8 14
Copenhagen Telep 58-Feb 15 1954 FA 77 Sale 77
48
89
794
465
8014 Lombard Elec 75 set A
1952
84
84
85 83
8
Corn l'rod Refg let 25-yr at 58'34 MN 10212 10314 1021: 1023
741: 9014
101 10418 Lorillard (P)Co deb 7s
1944 A
11912 Sale 119
1193
4 22 al021: 1193
Crown Cork & Seal s f 68_1947 J o 993 100
4
4
99
/ 100
1
4
79 1004
Se
A 10512 Sale 1041
1951
8 10512 17
Crown WIlliamette Paper 68_1951 ii 8418 Sale 84
90 10534
86
2
58
88
Louisville Gas & El(Ky) 56_1952
10212 Sale 1017
8 103
55
Crown Zellerbach deb 55w w 1940 M
9414 106%
71 Sale 7011
71
1
86
75
14 Lower Austria Hydro El 634s '44
A 477 50
4734 Aug'33
a
Cuban Cane Prod deb 6s..
42
53
1950 J J
•
Cumb T & T 1st & gen be_ _ _1937 J J 10514 Sale 1051
: 1051
2
100 102
McCrory Stores Corp deb 5%8'41
Proof of claim filed by owner.
5314 Sale 5314
2
Del Power & Light 1st 4146.1971 J
5314
4612 61
102 Sale 102
10211 20
94 10218 McKesson & Robbins deb 510'50 MN
59 Sale 59
803
4 69
/
4a
let & ref 41
2311 6518
1969 ii
96
96
1
89 4 99 ivlanati Sugar 1st at 7148__1942 A 0
1
•
1st mortgage 434a
1969• J 1011
-- 10114 Aug'33
9612 102%
Certificates of deposit ______
7% 21
15 Aug'33
Den Gm & El L 1st & ref s f 58'51 MN 93 4all 35
/ 95 93 4
1
4
95
2
3
88 100
Stamped Oct 1931 coupon 19 AO
42
Stamped as to Penne tax_1951 MN 933 95 9312
4
93
/
1
4
7
88 r963
4
Certificates of deposit______
6
17
/ 27A July'33
1
4
Detroit Edison 58 ser A
3 271:
1949 AO 101 Sale 100
10114 30
86 la 104 Manhat Ry(NY)cons g 48_1990 A 1
3914 Sale 39
40
15
Gen&refSsseriesfl
29
4312
1955• D 10012 102 10112 10214 14
86 103
/
1
4
Certificates of deposit.......... 37
3812 40 Aug'33
Gen & ref 58 series C
22 8 4012
5
1962 A ____ 1003 10214 Aug'33
4
_
8418 1031s
2d 4s
2013 .1 I) 2514 30
3014 Aug'33
Gen & ref 414s series D_ _1961 FA 9614 Sale 9518
17 2 3312
3
9638 42
76 r1001 Manila Elea RR & Lt f 46..1953 M S 943 Sale 89
/
4
943
4
4 11
Gen & ref tes series E
87 4 943
3
1952 AO lows sale 100
4
10112 26
84 103
Mfrs Tr Co Ws of paella In
Dodge Bros cony deb 6s
1940 MN 9812 Sale 98
98
/ 137
1
4
70
/ 99
1
4
A I Namm & Son let 6s
1943 J D 65
74
66 Aug'33
Dold (Jacob) Pack 1st 66_1942 MN 793 83
_
40
75
3
793
8
803
4
7
65
80 4 Marlon Steam Shovels t6e1947 A 0 51
3
5112 5114
53 8 22
3
Donner Steel 1st ref 76
2514 59
1942 ii 90 100
92
92
6
57
92
Market St Ry 78 set A_AprIl 1940 Q
663 677 67
11
69
7
Duke-Price Pow 1st Os ser A _1966 MN 76 Sale 76
57
75
/
1
4
775
8
8
811: Mead Corp 151 68 with warr_1945 M N 6312 Bale11 823
43
8
65
Duquesne Light lst 4%a A _ _1967 A0 10418 Bale 10418
25
30 al37
104 4 28
3
9718 10534 Meridional° Elm 1st 78 A
1957 A 0 11312 11714 11812 12018 51
let M g 4148 series B_ _ _1957 MB 10612 Sale 1053
87 12018
4 10612 14
96 107
Metr Ed lst & ref 58 soar C 1953 1 3 9212 95 93
95
5
82
99
1st g 4148 aeries D
1968 M S 82 Sale 82
82
East Cuba !Bug 15-yr t g 7346'37 MS
3
714 90
•
Matron Wat Sew & Dr 510_1950 A 0 80 Sale 78
80
Ed El III Bklyn let cons 48_ _1939 J J 102 103 1023
22
6518 80
/
1
4
/
1
4
4 1023
4
1
95 10412 Met West Side El(Chic)45_1938 F A 1614 18A 1612 Aug'33
Ed Elec(N Y) 1st cone g 58_1995 J
11
19
11314 120 11314 Aug'33
106 120
Miag Mill Mach 1st s f 7s_ 1956 J D 35
a383
4
El Pow Corp (Germany) 634..60 M
37
9
30
413 Sale 40
4
6714
/
1
4
4214 47
35
68 4 Midvale St dr 0 coll tx if 5e 1938 M
3
99 Sale 9834
993
1st sinking fund 634s.
8 70
1953 A0 42
80
99
45
/
1
4
41
4212 28
83 68
Milw El Ry & Lt lst 56 EL-1981 J D 7612 Sale 7612
Ernesto Breda Co let M 75_ _1954
8012 37
68
8718
1st mtge be
1971 J
74 Bale 74
With stock purchase warrants. FA 7714 80
7712 21
82
85
7714
7714
72
82
Montana Power 1st 5e A_
1943 J
88 Sale 85
90
10
60
93
Deb fie series A
1962.1 D 68
7212 723
Federal Light & Tr let 5s
4
2
723
4
1942 M
45
78
7018 72
71 Aug'33
83
75
Montecatini Min dr Agile
let lien at bs stamped_ _1942 M
7018 73
6914 Aug'33
65
72
/
1
4
Deb g 7s
1937.1 J 9014 Bale 9014
1st lien Os stamped
93
64 ati74 984
/
1
•B
1942
___ 74
74 Aug'33
613
7712 Montreal Tram 1st & ref 55._1941 J .1 911: Sale 91
30
-year deb 6e series B- _1954 J
9118
7
785 9312
8
70 60 Aug'33 _
-51
48
6911
Gen & ref 8 f 55 series A_ _1955 A 0 7312 75 07414 July'33
Federated Metals s f 76594 a7414
/
1
I939• D 99 100
98
9918 18
81 100
Gen dr ref s f
ser B _ _1955 A 0 7312 75
Flat deb t g 7s
74 8 July'33
3
/
1
4
683 74
8
1946 J
993 10012 100
4
100
93 10038
3
Gen & ref s f 430 ser C _ _1955 A 0 65
Framerican Ind Dev 20-yr734s'42.13 9718 983 a91312 0961
_ 63 June'33
57
/ 63
1
4
4
: 1
94 102
Gen & ref s f 51) ser D
1955 A 0 Francisco Sug let If 73.4s.__1942 MN 50A 543 52
7414
5
7414
663 7414
4
4
Aug'33
10
12 53
Morris & Co ist f 4%a_ _ _ _1939 J 1 oo Sale 8912
90
16
78
9114
Mortgage-Bond Co 48 ser 2_ _1966 A 0 2014
Gannett Co deb Os ser A _ _ _1943 P A 7812 Sale 77
_ 403 Dee'32
8
7812
66
80
Murray Body 1st 614s
1934 J D 8612 93 92
Gas.t El of Berg Co eons g 55104 in 10418
93
15 -1711- 94
105 July'33
103 105
Mutual Fuel Gm 1st gu 58_1947 MN 100 102 10212 10212
Gelsenkirchen Mining 13s_ _ _1934 M
64% 1073
2
s
39 Sale 3512
39
28 3512 76 Mut Un Tel gtd 66ext at5% 1941 MN 9014
Gen Amer Investors deb 55 A1952 FA 8334 8512 8512
9014 Aug'33
75 90
14
8512 10
78
87
Gen Baking deb at 534s..
1940 AO 1023 103 10212 1033
8
8 24
97 10312 Namm (A I) dr Son__See Mfrs Tr
Gen Cable 1st s f 530 A
1947 I, 55
65 65
65
1
88
7512 Nassau Elea gu g 45 MO_ _1951
'
3 5812 5918 58
Gen Electric deb g 3)4s..__1942 P A 98 10214 98
59
51
59
/
1
4
10
9814
7
96 10214 Nat Acme 1st 5 f 138
1942 J O
Gen Elec(Germany)75 Jan 15'48 ii 363 Sale 36
70 Aug'33
68
70
4
387
8 74
2914 621 Nat Dairy Prod deb 5345_1948 FA 93
:
7714 99
Stdeb 6%8
9412 114
3
Sale
1940 J O 33
373 34
4
3512 25
284 67
13 Nat Steel let coil be
156 AO 9318 Sale 9318
20
-year f deb 66
9378 112
69
951
:
1948 MN 33 Sale 323
8
34
38
25
55
/ Newark Consol Gas cons 55_1948
1
4
D 10714 Sale 10618 10714
Gen Petrol lst s f bs
6 1021: 10714
1940 FA 1033 104 10312 104
4
22 101 106
Newberry (JJ) Co 6%% notes'40 * 0 873 88 871
Gen Pub Serv deb 5345
4
65 88 8
1939• 1 8718 Sale 8718
8813 15
,
8718
1
711 89
8
New Eng Tel & Tel 56 A_ _ _1952 in 107 Sale 1063
Gen Steel Cast 5545 with wars'49 J
/
1
4
4 10811 16 100 1112
/
1
75
72
73
75
47
85
lst g 4 As series B
1961 MN 104 Sale 10312 10414 35
Gen Theatres Equip deb 66_1940 A0
9618 107
:
1
•
NJ Pow & Light lst 4 As...1980 A0 83 Bale 83
Certificates of deposit
843
95
78
4 30
41s 538 438
438
1
7 4 New ON Pub Serv 1st 58 A 1952 40 .5012
3
Good Hope Steel & Jr sec 76_1945 AO 55 Sale 55
434 64
5214 52
9
/
1
4
5314
5678 15
87
651
/
4
First dr ref As series B
D 527 Sale 5218
1955
Goodrich(B F)Co 1st 610._1947 J J 9512 Sale 9514
8
4414 65
53
27
9534 40
62
97
N Y Dock let gold 45
1951 FA 54 Sale 5112
Cony deb Cs
54
1946 in 70 Sale 703
15
45
63
/
1
4
73
52 63813 753
4
Serial 5% notes
1938 AO 41 Sale 41
Goodyear Tire & Rubb 1st 561957 MN 897 Bale 89 4
4238 12
26
4713
8
90
95
68
9134 NY Edison 1st & ref 6%e A.1941 AO 1123 Sale 112
8
Gotham Silk Hosiery deb 68_1936 J
113
25 106 115
/
1
4
893 90 86
4
88
2
741 87
!
1st lien & ref be series B
1944 40 10512 Sale 10512 108
Gould Coupler 1st a t 86
1940 FA
1
17 10IA 108 s
1st lien & ref &touted C_1951 40 10512 Sale 105
Gt Cons El Pow (Japan)78..1944 FA 63 Sale 63
106
35 101 10814
67
37
25
/ 75
1
4
N V Gas El Lt H & Pow g 55 1948 J O 1113 Sale 11012 1113
1st de gen at 8145
8
19503, 583 Sale 583
8
,
9 1011 11238
/
4
8
8
6012 15
31
66
Purchase money gold 48, _1949 FA 101 Sale 1007
Gulf States Steel deb 5)4s...1942 J D 71
8 1013
/
1
4
4 20 a93 103
75
72
42
73
2
82
N V LE& Wt.,oal& RR 5345 42 MN
Hackensack Water 1st 48_1952 J 1 983 9912 9911
75 May'33
75
75
4
9912
4
923 993 NYLE&W Dock & Imp bs'43 Ji
8
4
100 June'31
r Cash 'sales. a Deferred del very •Look under
list of Matured Bonds on Page 1738.
•
—
New York Bond Record—Concluded—Page 6
1738
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 1.
--------
Sept. 2 1933
•I'g
tI
.,
u ....
.t,i;
Price
Friday
Sept. 1.
Week's
Range or
Last Sale.
"
i3
tc .
Range
Since
Jan. 1.
BONDS
. g,
..i.
N. Y. STOCK EXCHANGE 4E
...; a,
Week Ended Sept. I.
Price
Week's
4
Range
Friday
Range or
,.5.1".
Since
Sept. 1.
Last Sale.
do
Jan. 1.
—
--- -- ----Ask Low
Bist
11128
Mon No. Lots
1013 Sale 101
8
10112 82
884 102
•
•
•
•
•
•
41
39
41
3812
45
3
36
4
108 110 1093 Aug'33 ____
103 11014
10414-- _ 104 Aug'33 ____
97 10414
68
71
- 7058
76
705
8
1
60
75 Sale 7214
7712 48
72 10014
98
a973 Sale 97
3
169
7714 98
4912
4912
49 2 50
,
7
36
5512
3012 63
28 2 Sale 28
,
203 37
8
92 Sale 9112
93
16
83
9412
10258 Sale 10112 10212 68
89 10212
743 Sale 7458
8
7512 15
41
79
Ask Low
Mph
Rid
Ilioll Ns Low
514 Sale
.5
Stand 01101 N Y deb 4448_1951 J D
55
8 67
5
8 8
61 Sale 5912
61
32
61
Stevens Hotel let es series A_I945
3
10212 103 10412 Aug'33 ____
983 10514 Studebaker Corp 6% g notes 1942.1 D
4
Certificates of deposit
3
33
4 312
1
42 Syracuse 1.tg Co tot g 58 _1951 31 D
32
,
1
Tenn Coal Iron & RR gen be_ 1951 J J
3
Tenn Copp de Chem deb 6,13 1944 M 9
_ _
23
112 3
4
3
7
10612 10712 107
- 98 109
10712
Tenn Elec Pow let e8.
2
1947 .8 D
15
90 10412 Texas Corp cony deb 5e....1944 A 0
102
102 Sale 101
90 104
10058 Sale 10058 101
Third Ave lty let ref 4,
5
19611 1 J
10458 Sale 1035
Arlj Inc 58 tax-ex N y_Jan 1960 A 0
9812 106
8 1043
4 96
5214 647 60
387 6714 Third Ave RR let g be.
8
63
8
8
1937.1 J
103 Sale 103
94% 105
103
Tobacco Prods (N J) 640_2022 NI N
1
6714 52
667 Sale 6612
8
53
74
Tehe Mee Power 1st 7s 1955 M 9
4018 Sale 4018
Tokyo Elec Light Co Ltd—
80
2818 60
45
let de dollar series
1018 32
133 27 a2514 02514
63% 31
4
1
1953 1 D 6114 Sale 61
88
30
76 Sale 75
89
4.-. 103 June'33 __
60
Trenton 0 & El lot g be._ _ _1919 M S 1053
10212 10614
7658 51
87
37
393 38
4
64
38 14
30
5
1512 48
78
Truax-Traer Coal col:m(1448_1943 M N
75
77
76
75
75
613 89% Trumbull Steel 1s1 s f es ._ _ _1940 M N
4
_
75 Sale 75
16
79
7514
9
3912 833
4
847 Twenty-third St fly ref 58_1962 .1
8
57
35
72
6712 Sale 6712
34
r - 2
15
8 Aug'33 --28
544
88 10714 Tyrol Hydro-Elec Pow 7148_1955 M.1- - 55 Aug'33'_..
3
99
N 50
537 6312
98 sale 98
104%
48 Aug'33 ____
100 Sale 100
51
9018
Guar sec e f 7,
1003
4 25
4712 62 4
1952 F A 47
,
105 10514 1043
98 10612
4 10514 29
97 Aug'33 _ - _ _
97
9618 99
Uligawa Elec Power s f 7s
86
74
3
3712 78
1945 111 9 74 Sale 74
6314 8112 Union Elec Lt de Pr(MO) —
753 Sale 7538
0
7612 86
8
Gen mtge gold be
103% 43
94 1047
1957 A 0 10214 Sale 102
..it ' '•
97
11
90 105
612
Un E L & P (III) let g 5148 A 1954 J J 101 Sale 10312 10414 10 100 105
Ohio Public Service 7)4, A 1946 A 0 9612 sale 9
20 Aug'33 ____
Union Elev fly (Chic) be _ _1945 A 0 1034 104
8
let & ref 78 aeries 13
86 104
5
95
1947 F A 945 Sale 93
1458 20
Old Ben coal 181 68
35
union 011 30-yr fla A __May 1942 F A
1944 F A
14
2114
10712
21 Sale 21
5
6
994 108
Ontario Power N F let 5s_1943 F A 101 10212 101
19-let lien SE Sc ser C....Feb 1935 A 0 106 108 10114
9318 103
4
10114
10114
8
9832 10158
9614 99 a9512 Aug'33 _-__
89% 10014
Ontario Transmission let 55_1915 M N
Deb bs with wart. --Apr 1945.1 D a97 Sale 97
9714 22: 75
9758
Oslo Gas & El Wks extl 58.._1963 M S 65
8312 837
1
64
8
84
837
8
United Biscuit of Am14
8_1942 M N 102% Sale 10212 10258
9512 103
deb 6
Otis Steel let M fie ser A.-1941 M 8 317 Sale 3178
65
United Drug Co (Del) 5s__ _1953 M 9 62 Sale 6112
912 46
6
70
43
333
4
71 12
38
1
23
18
Pacific Coast Co let g be.
1712 18
United 113w St L let g 4s. _1934 J 1 16
37
19411 1 D 3312 --- 37
14
2214
5
Pacific Gas & Elgeti de ref - A '42 1 J 107 sale 105,8 107
U 9 Rubber 1st & ref &seer A 1947 1 J 6614 Sale 6614
9914 107
69
100
be
77
2914 75
Par Pub Sere 5% notes- -._l936 M 9 7412 Sale 7412
a90
BO% 8812 United 13.9 Co 15
14
91
76
5
75
-year 6s1937 M N 9018 98 090
Pacific Tel & Tel let 58
34
1937 1 J 105,4 10534 10514
30
1054 13 101 1073 Un Steel Works Corp 6 tia-A_1951 1 D 31 Sale I 31
2612 6014
4
Ref mtge fel series A
4
Sec it 1 614e series C
12 10012 1083
331 2
1952 M N 10614 106% 107
5
'2
107
33
2512 60
33
1951 1 D 31
•
Pan-Am t'erCo(of Callconv 6a'40 3 0
•
Sink fund deb 61488er A .1947.1 1 2712 Sale , 2712
2912 20
2412 594
25
387 Un Steel Works (Burbach)7s 1951 A 0 a104 Sale 11)24 1043
3012 13
8
Certificaus of deposit
3512 2818
-30
8 32
9314 10438
27 I 27 Aug'33 __ _
25 r42
Paramount-Wway 1st 5148_1951 i 5 37 Sale 37
Universal Pipe & Rad deb 68 1936.1 D 20
14
10
32
38
38
36%
38
36%
Certificates of deposit
1
32
7- r 33
393
4 51
Unterelbe Power & Light 61_1953 A 0 3912 Sale 39
30
6612
5718
Paramount-Farn's-Lasky 66_1947 J -0 33 Sale 3258
Utah Lt de Tree let & ref Is 1944 A 0 5712 60
412 35
5834 20
70
5212 76
333
9' 1012 3412 Utah Power & Light bit 58 _1914 F A
32 Sale 3114
Certificates of deposit..
6512 26
6514 Sale 6312
32
574 79
Paramount Publix Corp 5548 1950 F-A
Utica Elee I. & P let of g 58_19511 i j 104-_-- 100 May'33 ____
100 105
Proof of clalm flied by owner ---- 3318 Sale 33
08 10712
304 35
10712
Utica Gas de Elec ref & ext be 19.57 .1 -1 105 112
4
35
9911 1085
8
Proof of claim not flied
UM Power & Light 5448._ 1917 J D 3212 Sale 317
712 35
8
32% 44
91
---- -7 ., _,--- 3114
13[8 41
33
3312 14
---- 3312 Sale 31[8
8
Deb So with warrants_ _1959 F A
Certificates of deposit
712 35
31
30 Sale 285
92
12
37
38
2538 June'33 __ 14 8 25 8
Park-Lex lot leasehold 614o 1953
26
Deb be without warr
,
3
1959 F A
1012 14
Certificates of deposit
08
13 Aug'33 ____
18
634 35
Parmelee Trans deb es
32 Aug'33 ____
Vanadium Corp of Am cony be '41 A 0 70 Sale 69
30
7053 30
1944 --- 10
3434 81
A 0
Pat & Passaic GA El cons 58 1949 301 8 105 107 102 Aug'33 ___
WI 10614 Vertitntes Sugar let ref 7e1942
10
Pathe Exch deb 7s with wart 1937 M N 80 Sale 80
2
4712 87
14 184
80
Certificates of depoelt
--- ---- 1312 10
Pa co gu 3)4o coil tr A reg- -193; 81 S 9514 ---- 9514
20 June'33
4
943 95, Victor Fuel let a f 5a _
4
1
1012 20
9514
1953 j 1 2114 38
103,4 __.
8158 Va Elec & Pow cony 510_1942 NI S 102 10414 103
Guar 340 coil trust ser B_1941 F A 8512 ____ 815 July'33 ____
10
75
95 1055
8
8
74
Va Iron Coal & Coke let g 58 1919 NI S 56
Guar 334 trust 'Ifs C_._.1942 J 0 823 ___- 73 Nlay•33 ____
73
65
64 Aug'33 ---,
473 65
78
8238 Va Fly & Pow let & ref 5s_ _1934 J .1 10112 101% 10112 10112
Guar 3%s trust ctfs D__ _1944 J 0 8112 ---- 8112 July'33 ___
7
9712 103
8514 Sale 8514
Guar 4,ser E trust ctfe
1952 M N
i 80 8514
8514
2512 25 Aug'33 ____
743 95
4
9114 72
Secured gold 4348
Walworth deb 614s with warr '35 A 0 20
1963 M N 9014 Sale 9014
10
35
2912 21 July'33
7214
Penn-Disie Cement 1st fis A 1941 M S 7112 Sale 71
_
34.2 75 4
3
1614 25
Without warrants
A 0 18
39 _.
Pennsylv. nia P as L let 444e 1981 A 0 89 Sale 8812
let sinking fund 68 ser A_ _1915 A 0 36 Sale 3558
34
96[2
84 43
76
82
90
Peop Gas I. & C let cons 6E1.1943 A 0 110 Sale 109
Warner Bros Net deb es_
143
12
443
43
8
7 103 114
11014
I939 NI S 42 Sale 39
1947 M S 1007 Sale 10034
8 38
8
Refunding gold Is
90 10712 Warner Co let 68 with wart.1914 A 0 19
1013
28,8 30 Aug'33 ---3018
10
30
25 Aug'3391
Piing' Co sec 55 series A
68
1238 40
Without warrants
28
1967 3 0 81'2 Sale 81
84
A 0 25
8
PhIla E'er Co let & ref 43411.1967 M N 1043 105 10412
97 10512 Warner-Qulnlan co deb 6s. _1939 M S 35 Sale 2912
1312 3858
35
12
27
105
1971 F A
97% Sale 973
8
983
8 57
let & ref 4,
90 100
Warner Sugar Reflti let 7s_1941 J D 106--- 106
106
2 102,2 106
747 Warren Bros Co deb Co
Phila & Reading C &1 ref 581973 1 .1
6112 614 6012
60
48
5612
60
2
11
el%
30
75 4
,
1911 M S 58 3212 694 Wash Water Power s1 58_ _.19393 J 101 1013 103
Cony deb es
4
1949 M 1
5814 32
5512 Sale 55%
10358 20 10012 106
Phillips Petrol deb 5%,__ _1939 1 D
4
674 903 Westchester 1.tg 58 stud gtd_19.50 J D 108 110 109
109
2 1112 11012
873
8758 Sale 8614
4 95
Pillsbury Fre. Mills 20-yr 6_1913 A 0 1043 106 105
9
95 107
Went Penn l'ower eer A 58_1916 M S 1054 Sale 1053
4 100
4
106
7 1004 108
Pirelli Co (Italy) cony 7a
let 58 series F
1952 M :• 10014 103 101 Aug'33 ____ a995s 101
1963 m g 10612 Sala 10612 10612
3 10014 1094
Pocah Con (7oIlleries let 0158'57 J J
66
let see 5s series0
7014
7458 7014 Aug'33 -___
4
60
1063
8 17
1)9[2 1187
1956 J D 10418 1053 10418
Port Arthur Can & Dk Be A_1953 F A
Western Electric deb 58 _ _1911 A 0 100 Sale 993
71
86
73 Jthy'33 ____
50
73
81 102
4 10058 157
1953 F A
let m 68 serles 13
71
73
71
Western Union coil trust So. l9311 1 .1 a91 Sale 91
77, 73 July'33 .___
4
52
9318
9
91,2
Port Gen Elec lot 434s ser C 1960 M 5 .57 Sale 5612
Funding & real eat g 4348_1950 M N
3
787 Sale 781
4312 70 4
5912 61
8012 19
3712 84
Portland Gen Elec let 5&..,l935 J 3
9814 Sale 9814
I5
-year 6145
91 10118
2
983
100
,,
37
55 100
1936 F A a9912 Sale 99
Porto Rican Am 'rob cony 68 1942 1 J
25
4112 Sale 404
82
8214
52
-year gold 5s
18
8312 12
31
43
3612 '
1814
1951 1 D 81
Postal Teleg & Cable coil 59_1953 1 J
5218 Sale 5218
30
-year 50
82
16 18 57
5412 109
40
imio M s 80 Sale 80
3034 S712
•
Pressed Steel Car cony g 58_1933 1 .'
Westphalia Un El Power 60_1953 J J 31 Sale 31
33
78
23[2 5712
Pub Sere El AG 1st & ref 4148'67 3 I 10314 Sale 10212
10314
16
97 1057 Wheeling Steel Corp 1st 5 to 15)48 3 .1 85 Sale 84 2
8
,
85,
2
5
52
88
let dc ref 43.4o
lot & ref 414, series B...._ _1953 A 0 72% 75
74
9714 10558
15
1970 F A 10314 Sale 10212 1031 1
7412 12
4158 75
1st & re( 40
9014 10012 White Sew Mach es with warr,'36 J J
983 Sale 9812
4
1971 A .
- - 45 June'33 _ _ a27
45
993, 34
Pure 011 s f 534% notes
883 89
Without warranta
65
1937 F 3
89
50 Aug'33 __
J 3 45-894
45
224 50
7
68% 93
851, 30
6312 89
50
0 1 534% notes
Panic s f deb Be
1
1940 M ' 85 Sale 8412
2
2214 50
1940 NI N 45 ---- 4818
3
55
8512 Wickwire Spencer St'I let 78.1935
Purity Bakeries s 1 deb bs_ _1948 1 , 84 Sale 84
84
CU dep (liase Nat Bank --------712 10
814
814
14 le
2
78(Nov 1927 coupon) Jan 1935
Radlo-Kelth-Orpheum part paid
Mrs for deb es de com stk 1937 M N --------60 Dec'32 _ __ _ ---- ---Ctf dep Chase Nat Batik._
78 1414
1
,
758
712 8 2 758
NI N
•
•
•
Debenture gold es
1911 J 0
WIllys-Overland s I' 6s A _ __ _19i i Si S
58 10018 Wilson de Co let of 6, A__ _1911 A 0 9834 Sale 983
Remington Arms lot of 6& .1937 M N
4
9812 Sale 9812
993
8 10
9912 41
84
99,2
Rem Rand deb 534s with war '47 M N a78 Sale 77
4
52
853
7812 47 a41, 7812 Youngstown Sheet & Tube 5,'78 J J
79
4
16
77 8413 77
4
55
92
Remit) I de S 10-311-yr 5s s f_ _1940 A 0 90
let mtge 81 bs ser B
92
89
00
7912 23
524 85
1970 A 0 79 Sala 79
76
Ref & gen 534, series A...1953 .1 J 6312 74
30
6
68
68 12
Revere('op de Brass es ser A 1948 NI 9 853 877 88
490 90
8818 20
8
8
Ithelnelbe Union of 7s
2812 6618
1946.1 -1 34 Sale 3314
364 45
Rhine-Ruhr Water series 6_1953 1 .1 28 4 Sale 2818
3
22 2 574
,
3214 58
Ithine-Wmtphalla El Pr 7s...1950 MN
77
b a42
a5914
594 Sale 59
(Negotiability Impaired by Maturity)
Direct intge Be
1952 M N 39 4 Sale 39 4
31
7012
3
3
4012 87
Cons 281 (10 of 1928
38 Sale 37
1953 F A
303 7014
.
3958 101
Con M 6s of 1930 with wart'55 A 0 36 Sale 3514
i
32 • 70
36% 35
Ramps
Week's
Price
MATURED BONDS.
L
Richfield 011 of Calif Be
1944 M N
•
*
N. Y STriCK EXCHANGE . Friday
I.%
SOW
Bastesr
, y
a
Certificates of deposit
M N
23
1912 32
25
22
234 23
Jan. 1.
Week Ended Sept. 1.'..;,:7; Sept. 1.
Last Sale. .2
Rime Steel lot 017,
3712 52 -- _
48
1955 F A
50 Aug'33 _
Roch G & El gen hi 5140ser C'48 NI S 1044 105 lOS
9612 107
5
105%
Ask '.ow
High
Foreign Govt. & Municipals.
Files Vs Lote
Rid
Gen mtge 4 40 series 13-1977 M S
89% 99. Mexico Treas 65 assent large '33 J J
14
_ - 894 June'33 ____
518 934 912 July'33 ......
394 11 14
Gen mtge Is series E
1962 M S 102 1024 1023
4
06 10514
103
91- 4
Small
.1 .1 --------012 July'33 -314 10,2
Roch & Pius C & 1 p m 55_1946 M N 83
—_- 5712 May'33 ____ 05712 057,2
Royal Dutch 4, with warr 1945 A 0 98 Sale 9512
83
08
96
98
Railroad.
1948 A 0 ____ 4358 40 4
Ruhr Chemical a f es
3
44
5 3333 62
Norfolk South lot & ref 5a A.1961 F A
8
212 16
24
9
8 Sale
St Louis Iron Mt & Southern—
St Joseph Lead deb 534s.._1941 M N 11212 Sale 1212 113
31 11412
45
35% 6112
Illy AG Div tot g 40
5614 77
1933 IVI N 5212 Sale 5212
•
5
84 Sale 84
79
93
St ./.8 Fly Lt Ilt & pi let 5;_1937 M N
84
307 50
8
St L. Rocky Mt & PS,stpd_1955 J J 40
50
45 Aug'33 ___
5
17 30
8
Seaboard Alr Line let g 48_1950 A 0 227 _ __28
28
8
i
42
61
St Paul City Cable cons 6o .1937 .1 J ____ 51
51
51
Gold 48 clamped
1912
518 2612
197
8 18
1950 A 0 174
50
1937 1 J
61
52
Guaranteed 54
69
6014 Aug'33 _
9[2 36
82
I% 163
Refunding 4s .
4
8% Sale
1959 A 0
7114 92
78
857 86 Aug'33 ____
8
clan Antonio Pub Serv let es 1952 1 J
6
31
197
8
9
4
Atl & 13Irm 30-yr 1st g 4s_ _1933 M S 1912 193 193
4
1946 J J 3612 41
26
50
Schuico Co guar 6 Sis
40 July'33 _
364 43
Stamped (July 1933 coup on, - _
4012 Aug'33 ____
2012 50
Industrials
40 Aug'33 ____
50
1946 ATO 35
28
Guar s f 6 lie series B
50
Abitibi Pow & Paver lot 58_1953 1 D 24 Sale 2312
104 3314
2512 40
Stamped- 35
2
39
40
39
58, .4merican Chain dens f es_ 1933 A 0 80
40
85
89
8812 10
38
88,2
4012 Sale 4012
Sharon Steel Hoop e f 5 liti 1948 1-A
16
563 Chic aye 5s stpd 25% part paid . F A
4
2
43
70
2
60Ig
49
61
5912 64
95
1952 M N 91, Sale 91
69
92
92
Shed Pipe Line of deb 5e
4
04 13
Cuban Cane l'rod deb 63. _1950 .1 J
612 Sale
6,2
7,2 40
1947 M N
903
9014 Sale 90
65
904 East Cuba Sug I5-yr of ii7348'37 3 S 18 Sala 18
Shell Union Oil of deb 58
4 96
258 3312
203
4 17
4
4
634 903
903
Deb be with warrants_ _1949 A 0 905 Sale 90
76
61
63
17
60
Sialnyetsu El Pow . 610_1952 J 13 61
53
28
co% Gen Theatres Equip deb 612_1940 A 0 534 Sale
512
24
1
914
a utio k, let 78_
.
,
1935 2 J _ _ 813 82 Aug'33 _
4
7312 95 (leuld Coupler let oh his
siemeno
1943 y A
151: Sale 15
2
44 20
1512
61
46
4614 8212 Hoe( :1 & Co 1516 44s ser A.1934 A 0 22
Sale 5918
Debenture, t 614s_
—1951 NI S
14
l278 28
5
2412
25% 24
97
8
23
A 967 sale 9612
9138 102
-Herrn de 8an Fran Power 58_1949 F
._.4
2512
lnterboro Rau rran es
12
3312
1932 A 0 24% Sale 243
Silesia Elec Corp s t 834s...1946 F A _ _ 3612
12
2612 591
:
10
51.2 75
-year 7% notes
6912 47
1932 N4 $ 67% Sale 674
32
4612 Mauati Sugar 1st of 7 1511-1942 A 0 154 25
Silesian-Am Corp coil tr 7s 1941 F A 57 Sale 3658
3712 16
34
1712 Aug'33 ____
5
8 89
90[4 10312
1023
Sinclair cons 09 15-yr 78_ 1937 M 9 10214 Sale 1018
sue pd Oct 1931 coupon_.1'J42 A () 1514 27
7
18 Aug'33 __-2
397
e
101 1g 26
8812 102
lot lien 614o series le
4
1938 1 D 1003 10158 100%
9912 1034 Pan-Am Pet Co (Cal) con,6s'40 J D 319 Sale 317
Sinclair Pipe Line s f 5s
10314 13
1942 A 0 10318 Sale 10318
3214
7
254 3 7
9
85
Skelly Oil deb 5)48
21
597 8614 Premed Steel Car cony g 56 .1933 J J 49
8
1939 M 13 85 Sale 844
354 59
50
'114 50
1
87
'Solvay Am Invest 54 ser A._1942 M 8 9712 98
973
4
9912 Radio-Keith Orpheum es....1911 J D 20
9812 44
3
24
d412 23
811 30
10538 47
99 107
South Bell Tel & Tel 101 11 f 56 '41 1 .1 10514 Sale 10434
Richfield 01107 Calif 68
21
120k
1944 M N a2412 gila 2312 02412 53
S'west Bell Tel let & ref be _1954 F A 10612 Sale 06,
4
1063
8 16 WO 10712 Stevens ROWS earls,' t
“145 3 1 22 Sale 21%
22
17
in
2812
59
Southern Colo Power 68 A. _1947 J I 65
4
41 Studebaker Corp 6% notes __1942 .1 D 40,2 Sale 39
,
7058
72, 89 2
2
4312 226
204 48,
4
101 100 10512 WIllY9-0Verknd 9 t 6 is._._1933 NI 5 ____ 41
105
Stand 011 of NJ deb 50 Dec 1546 F A 10412 Sale 10458
7158
42
42
35
I
r Cash iales. a Deferred del very
z Optional sale. July B. 51.000 at 304 • Look under ,, of •latured 114)7, I ,11 this p.ge
.t
N Y Rye Corp Inc es_ _Jan 1965 Apr
Prior lien es miles A
1965.1 .1
N Y & Meilen Gas let 68 A-.1951 M N
NI Y State Ilve let cons 4348A '62
Certificates of deposit
MN
50-yr lot cons 641e eer ii__1962
Certificates of deposit
1947 iii24
N Y Steam 68 ser A
let mortgage 58
1951 M N
1956 MN
let NI 58
N y Telep let at gen 8 / 4%8_1939 NI N
N Y Trap Rock 1st 80
1946 ,1 D
Niag Lock & o Pow let be A_1955 A 0
Niagara Share deb 5 lie_ _ _ _1951) MN
Norddeutsche Lloyd 20-yr.
8168'17 M N
Nor Amer Cein deb 614s A_ _1940 NI S
1961 F A
North Amer Co deb 5a
No Am Edlson deb be ser AA957 M s
Deb 5,is ser B___Aug 15 1963 P A
Deb ba series C___Nov 15 1969 m N
Nor Ohio Trac de Light (121_1947 M 8
Nor States Pow 25-yr 5s A 194I A 0
let & ref 5-yr es eer B
1941 A 0
North W T let Id g 414egtd_1934 1 J
Norweg Hydro-El N115558-1957 MN
- -107
8
Matured Bonds
1978
ai
1739
Financial Chronicle
Volume 137
Outside Stock Exchanges
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, Aug. 26 to Sept. 1, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Railroad
100 11854 117
!tenon & Albany
Boston Elevated
100 57
5655
Boston & Maine
CI A 1st pfd stud-100 2215 2215
29
Class 0 1st pre!stpd.100
Class D 1st pre: stpd 100 253-4 2515
43
Prior pref stud-- -- -100 43
Chicago June By & Us
Stockyard Pr 1
8954
100
,
2
East Mass StRyCo con) 100
East'n Mass St Sty Co6
100
le preferred
10
_100
Maine Central com
25
100
I referred
NYE Maven& Ilartford100
273-4
Pennsylvania RR
50 38
3734
Mining
Calumet & Hecht
25
Copper Range_
25
Island Creek Coal
1
Mohawk Mining
25
North Butte
2.50
Old Don inion Co
25
Pond Creek Pocohontas_ •
Quincy Mining
25
Utah Apex
5
Utah Metal & Tunnel_-__I
214
25
974
1854
14
56
114
6%
855
1355
474
951
72c
111
BondsAmoskeag Man Co
Brown Co 515s
1946
Chi Jet Un Stkyda 58_19011
40
1940
Ea Mass St RR serA 456'48
High.
Low.
119
5755
62
285
Jan 121
80
5334 May 70
2334
30
35
46
198
20
62
139
6
8
1454
17
Feb
Apr
Jan
Feb
90
2
22
160
75
20c
May
Jan
651
10
2554
304
39
55
25
70
442
773
115 Jan
351 Mar
May
15
1115 Mar
1374 Jan
Miscellaneous
411 411
Am(ontirental Corp corn_
455 415
Amer Poets ti, nice pref.00
101) 128% 12654 13154
Amer Tel .1, '1 tl
7%
Aluoskeag Mfg CO
754 814
12c
10c
1
And(s 1 etroleun,
12e
24
Mel( a Sanford Carpet
21
24
65
1 referred
65
10
Boston] creme Prop Trust
1154 1154
Broan Co6% cum pref_100
815
855 9
Earl (,as & Suet Assn
974
Common.
9
9
5734
6% cum pref
100 5754 57
59
455% prior preferred 100 59
57
Eastern SS I Ines 1st pf_100
100 1053.1
2434
Econon y Grocery Stores_• 24
22
}dlson Flee ilium
100 163
16054 164
851
8
Employers Group
8
C,eneral Capital Corp
2154 22
22
Gillette Safety Razor
1454 isy
28
Hygrade Sylvania Lamp.* 28
27
Inter Button-hole Much _10
International My dro Elec.
Mass I tilitles Assoc v t c..*
Mergenthaler Lino'ype.100
New Eng Pub Serv com_ •
New I- rig Tel & lel_ .100
Pacific Mills
100
Shaw mut Assn tr els__ •
Stone & %%easter
•
Swift & Co
25
•
Torrington Co
United Sounders cum____•
25
U Sloe Mach Corp
Preferred
25
Venezuela Holding Co___*
Venezuela Men ()II Corp_10
Waldorf System Inc
%erre)Bros Co
•
Range Since Jan. 1.
150
25
2,284
190
3,500
203
10
20
40
3
1
8834
151
Sc
8
28
7
115
351
590
27 3534
250 54
20 82
332 12
659 133
5
250
170 1354
1.101 934
21
12
2915
30
49
57
July
Feb
July
Aug
July
July
9054 Aug
July
3
10
13
31
3454
4255
July
July
July
July
July
811 July
Feb
Apr
534 June
Apr 13415 July
July
Mar 11
Apr 33c June
Feb 30 June
Feb 75 June
Mar
14
July
14
July
Jan
Apr
12
Apr 69
Apr69
JaS 1054
Jan
2454
Mar 183
Jan
1054
Mar
28
Apr 2034
Feb 29
June
July
Dec
Aug
July
Jan
June
July
Jan
July
1354
oy
2%
25
211
9615
2374
10
14
1954
4254
155
5654
32
13-4
6%
83.4
1554
100
131
2,630
70
40
391
931
203
709
693
131
1.076
1,777
78
250
1,135
15
1,156
815
234
14
1551
1.",
67
534
634
534
7
22
14
33
3034
%
25c
53-4
234
Feb 1354
Apr
1354
Apr
315
Feb 34
Mar
4
June 102
Mar 2914
Jan
1054
Feb
1934
Feb 2434
Apr 43
3
Apr
Jan 5656
Jan
3234
June
25-5
Mar
6%
Feb
1315
Feb
2234
Aug
July
June
June
June
July
July
July
July
July
Aug
July
July
June
Aug
Sept
June
June
63-4 654
474 5
23
23
914 9%
72e
61c
50c
1
1334 13%
2% 254
1
88c
116
111
60
1,175
5
50
2,025
260
10
151
330
2,490
175
14
14
7
20e
4Cc
911
30c
31c
250
Feb
Apr
Jan
June
Jan
Apr
Jan
Feb
Jan
Jan
94
7
3151
1334
154
171
1711
434
1%
134
July
July
July
Feb
June
June
June
June
June
July
31
17
93
82
25
Feb 6854 July
Mar 45
July
May 10154 Aug
May 9251 Aug
Jan 46
July
1354
8.55
255
2454
2%
65
22
974
1274
18
40
134
55
3154
115
434
875
1316
60
39
100%
9254
36
94,100
66
4.000
39
1.000
10014
2,000
9254
25,000
37
•No par value. z Ex-dividend.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, Aug. 26 to Sept. 1, both inclusive,
compiled from official sales lists:
e
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares
Abbott Laboratories eorn.•
25
Acme Steel Co
Advanced Alum Castings_5
Allied Products el A
•
ktorfer Bros con pref. •
American Pub Serv prof 100
10
Armour & Co cap
10
Warrants
Asbestos Mfg Co corn..._.1
Associates Invest Co com *
Assoc Tel UtilCommon
•
Automatic Wash cony pref•
Balabn & Katz Corp ptdioo
Barstlan-Illeseng Co oom..•
Bendlx Aviation Corn.- - -•
'Purim(' Brewing Co____1
runkg Mfg cl A Cony pref •
Bovir•Warner Corp oom.10
'leach & Sons(E J) com_ •
Brown Fence & %Vire•
Class A
•
Class 11
•
Bruce Co (E) L) corn
Bunte Bros common_ _10
IU
Butler Brothers
Canal Cozier cony pref.._•
•
Central III P H pre
Cent Ill Secur1
Common
Convertible preferred_ •
Central Ind Pow prof..100
Central Pub 0th•
Class A
Cent S W Util•
Common
Prior lien preferred...-•
•
Preform('
Chain Belt Co _common. *
_... _... . .. -__ _-
Range Since Jan. 1.
Low.
Ilzgh.
454
1834
1254
3
1954
34
851
39
3054
5
15
13
6
10
3%
455
45%
100
50
1,200
450
40
10
500
150
950
50
214
10
454
4
8
254
916
33.4
2
31
Jan
Feb
Aug
May
May
Apr
Aug
Aug
Apr
Mar
3974
39%
511
2415
15
1354
1354
43.4
755
47
July
July
July
June
June
June
July
July
June
July
%
55
154
134
30
30
8
8
17% 19%
1254 1254
3
3%
7854 21
755 8%
2,250
100
10
100
4,350
3,850
160
9,350
550
4
1
15
3
634
1011
1
556
351
Apr
Apr
Feb
Feb
Feb
July
Apr
Feb
Apr
114
114
30
1554
2156
1815
8
2134
10
June
July
Aug
June
July
June
June
July
Junc
655 755
3
3
1854 19
411 414
454 5
475
1354
100
100
650
20
1,350
14 June
1
Jan
454 Jan
4
June
134 Feb
755
411
2454
455
634
Aug
May
July
Jun(
Jun(
3%
2515
260
170
154 Apr
1454 May
%
871
8%
%
611
9
100
100
60
14
15
300
254 2%
1534 16%
1354 1354
16
16
re
ir.
,
900
150
20
10
9,10
3871
3054
454
13
13
6
971
334
4
4551
2
25
311 Jun(
3354 Jar
2
H Mar
5
Feb8
16
7 Slay
15 Feb
1
834
5
9
14
Feb
Feb
Mar
Mar
Inn
Jura
Jura
Juni
1
Jun,
5
3054
24
1754
,,i'
Me
Jul)
Juts
Jul3
\Int
Friday
Sales
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 Mall Order com_5
Chi & N W Ily corn....100
.
Chic Towel Co cony pref 5
Chicago Yellow Cab cap..*
Cities Service Co com .•
Club Aluminum Uten Co_*
Commonwealth Edison 100
Construction Mail 93% pf*
Continental Steel coin_
*
Cord Corp
Crane Co
25
Common
100
Preferred
Dayton Rub Mfg prof..100
De Meta Inc pref
5
Dexter Co (The) com
Elec Household Utll Corp 5
Gardner Denver Co corn_ *
General Candy Corp A_ _5
Gen Household Util corn.•
Goldbiatt Bros Inc corn_ •
Great Lakes Aircraft CIA_
•
Great Lakes D & D
•
Greyhound Corp coin
Grigsby Grunow Co corn.•
Hall Printing common...10
•
Hormel & Co corn
Floudallle-Hershey cl B_ •
Class A
3%
25%
15
60
11%
3%
55
12%
12%
20%
17
3
25
Illinois Brick Co
Ind Pneumatic Tool v t
Iron Fireman Mfg v t C. *
Jefferson Electric Co com_*
Kalamazoo Stove corn_ •
Keystone St & ii ire com.• 1275
1215
Kingsbury Brew Co cap__1
15
La Salle Ext Univ corn. _ _5
LawbhCorp6% curn pfd100 y28%
Libby McNeill & Libby
Common
10
Lincoln Printing Co
50
7% preferred
Lindsay Lunn l'ub $2 pfd_•
Loudon Packing corn
5 41
Lynch Corp corn
•
McGraw Elec corn
McWilliams Dredg corn_ •
Marshall Held common_• 15%
Mickelberryli Food Prod
1
Common
Middle West Utll new_ •
Midland United
1
Common
Midland Utilities Co
100
7% prior lien
Miller & Hart Inc cony pfd*
Modine Mfg common__ •
Nachman Springfield corn •
National Battery Co pret•
10
Natl Leather corn
• 23
Natl Standa, d corn
115
1
Nail Union Radio com
Noblitt-Sparks Ind com _.• 2334
•
North An.er Car com_
Nor Amer Lt & l'ow corn_*
Northwest Bancorp com. •
Nor West CHI pr In pre 100
5
100
7% preferred
1
12%
355
1255
1%
59.55
8
2
15
50
54
6
4%
Feb
Apr
May
July
Apr
Jan
Apr
Feb
Feb
Mar
Nfor
Apr
Jan
5
34%
12%
22
16
67%
22
84
114
82
316
12
1575
814
44
1955
1411
5%
10%
21
3
1715
2216
%
15
54
211
811
20
4%
1115
950
915
20
44
50
1955
100
16
90
6
1,350
12%
10
21
40
3
20% 11,250
300
2315
600
55
17
2.050
650
%
11,650
3
200
655
100
20%
4%
600
50
11%
3
15
1216
456
2
3
7%
254
10
1011
51
654
55
15
3%
12
1
311
Feb
Feb
May
Jan
Jan
Feb
May
Jan
July
Ma
Feb
Feb
May
Apr
Mar
Feb
Feb
Ma
5%
13
656
12
23
12%
10%
56
28%
5%
13%
6%
15
2315
,
1255
1214
14
28%
300
400
150
750
200
50
7,000
100
20
335
655
3
355
4
4
,
911
Si
12%
Jan
Apr
Feb
Ma
kei)
Mar
Jul
Feb
Apr
8
16
83-4
15
3715
16%
18%
1%
2814
600
4%
3%
12
41%
415
14
15%
100
200
50
6,300
50
50
4,550
4%
2
10
8
115
7
4%
Aug
Jan
Mar
Feb
Apr
Jan
Feb
3%
15
4
5.)
300
3,400
2%
Feb
Jan
2
10
100
50
50
1,250
200
200
450
100
50
300
40
10
10
10
•
Ontario Mfg Co corn
•
534:
551 815
Oshkosh Overall corn
18
18
Convertible preferred..• 18
5% 5%
Parker P0000(The)com10
7% 8
Penn Gas & Elec A com_ •
216
Pines Wintertront corn___5
316 3%
Potter Co (The) com____•
315
• 24% 24
25%
Prin,a Co common
Public Service of Nor III
Common
3316 33%
100
3351
Common
33
• 33
62
8% preferred
60
100
Quaker Oats Co
Common
133 135
•
100 115% 115% 11655
Preferred
1
1
Railroad Shares Corp corn •
Rath Packing Co com___10
21% 21%
254
Raytheon Mfg corn vi c50c
255
Reliance Mfg Co
90
Preferred
90
100
Seaboard Utll Shares34
•
.55
43
Hears. Roebuck & Co oom •
41
Signode Steel Strap corn__*
3
3
3
So Cob Pow CIA corn_ _25
3
3
Southern Union Gas com •
55
15
51
S'west Gas & Elec 7% pf100 5051 50
Si Louis Nail Stkyds cap_•
34
34
271 3%
Standard Dredge cony pf •
3%
•
Common
2
2
2
Storkline Fur cony prof.
475 435
,
.25
Studebaker Mall Order
y
i
Common
•
•
Class A
3-1
%
854 856
Sutherland Paper corn_ __10
Swift International
25% 27
lb 27
Swift & Co
18
25 1856
1915
10
370
50
50
100
250
150
3,050
150
200
60
Tel bid & Share pref.. 100
Class A
•
Thompson (J It) com___25
United Gas Corp corn_ _1
Utah Radio Prod com
•
Utll & Ind Corp
•
Convertible preferred_ •
Viking Pump Co corn_
•
l'referred
•
Vortex Cup Co 120in
•
Cla.ss A
•
Wahl Co corn
•
Walgreen Co common_
•
634%preferred
100
Ward (Monts) & Coal A.
Wayne Pumps corn
Wieboldt Stores Inc com •
Zenith Radio Corp corn_ •
Bonds
Chic City Rys 5s
Certificates of deposit '27
Chicago Railways 5s__1927
Certificates of deposit.........
• No par value.
r Et-dividend.
134 Feb
5%
4%
351
12
35
454
14
14%
40
114
June
July
July
July
July
July
May
May
May
Jan
Aug
May
July
11%
59
1955
16
816
1354
21
434
2356
2754
2
20
2%
gt!
1.
8555
High.
Low.
5,450
351 3%
900
25% 26%
400
11
1155
250
13% 15
123.4 1354 3,800
20
65
60
11% 1274 2,150
2% 3% 8,900
% 1,800
3-6
700
57
59
50
214 2%
60
774
7
13% 34,600
12
4
1155
,
1055
7%
23%
1%
24
1%
25
5
3
7%
914
5
2%
755
454
171
2
Range Since Jan. 1.
1
4
10
1014
715
23%
1%
23
1
2314
5
3
7%
9%
5
6
254
755
451
115
1%
5
4
25
7
25%
174
1614
85%
75
156
11
215
(1
216
10
4%
171
2
5%
4
25
8
25%
215
1755
85.56
7855
155
11%
255
55
34 May
July
July
Aug
Aug
July
June
Aug
July
July
June
June
May
kla,p
JuiP
July
25
July
631 June
14% June
May
June
July
Aug
June
July
July
June
Sept
7% June
10
674
18
4155
6
16%
18
May
Apr
June
Sept
June
May
June
7% June
51 May
2% June
Feb
Jan
Apr
Mar
AP
Slat
Feb
May
Ma
Ap
Ap
Feb
Apr
Ma
8
2114
15%
10
24
3
25
3
29%
8
755
14
12
6
June
June
June
June
June
Slay
June
June
July
May
June
June
Feb
June
55
2
3
5
1
11
,
10
Fe
Apr
Apr
Apr
May
Feb
May
Feb
11
634
18
855
10
5
3%
34%
June
Aug
Sept
May
June
July
June
July
16
16
37%
Apr
Apr
Apr
3
5
3%
14
34
10
15
915
214
154
5
5
2
4
47
48
85
Jan
Jan
Jan
July
Feb 145
70 83
Apr 11715 Aug
110 106
2 June
54 Jan
300
27
Stay
50 15% Jan
May
8
1% Jan
200
10
250
850
100
2
100
7
20
550
50
100
8355
h
13%
14
2%
76
42
34
56
55
3
Jan
Mar
Feb
Mar
June
Jan
Feb
Aug
Ma
Ma
July
90
1%
47
3
515
1%
60
4151
574
4
8
Apr
May
July
Sept
June
May
June
July
May
May
May
150
600
150
2,350
9,300
34
11
211
1214
7
May
May
May
Fe
Fe
1%
2
855
32%
2415
June
June
Aug
June
July
10
50
1,100
334
1
636
,
2
%
%
134
3
20
455
17
Si
11%
7555
4714
4
4
15
Apr
Apr
Ma
Jan
Jan
Feb
Mar
Mar
Apr
Feb
Mar
Jan
Feb
May
Feb
Mar
Are
Mar
14%
4
15%
6%
24
3%
7
611
28%
104
2774
3
21%
86
8355
255
,
1454
3%
Aug
June
June
July
June
June
June
June
June
June
July
July
July
Aug
July
June
June
July
so
600
1,100
900
110
70
550
50
200
750
10
370
150
100
1,050
56
56
91,000
4,00
6074 6035
5855 59
6,000
42
Mar
49
Ma
48% Ma
July
61
July
67
67% July
y Ex-warrants.
•
1740
Financial Chronicle
Toronto Stock Exchange.-Reeord of transactions at
the Toronto Stock Exchange, Aug. 26 to Sopt. 1, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices
Par Price. Low. High. Shares.
Stocks--
Range Since Jan. 1.
Sept. 2 1933
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Service Stations corn A.....
Preferred
100
Shawinigan Water & Pwr *
Stand Pay & Mat corn__•
9
18%
9
931
45
42
18% 19%
3
3%
330
25
161
150
Range Since Jan. 1.
High.
Low.
2%
16
9%
%
Apr
Apr
Feb
Apr
11
48
21%
6
July
July
July
July
High.
011
4
July British American 011
July
3,847
• 15
13% 15
16
734 Jan
July Crown Dominion 011
10
4%
3
8% July
434
360
•
134 Apr
July Imperial Oil Limited
15
July
14% 14% 14% 9,173
7% Apr 16
July International Petroleum _ •
70
1834 2034 6,413 1034 Mar 2034 July
20%
July McColl Frontenac Oil
7
July
118
11*4 1236
Common
• 12%
468
July
7% Mar 15
6 June
Preferred
June
75
74
100 75
150 54% Mar 80
July North Star Oil corn
19
2.10 2.10
5
50
.75 Apr
5.00 July
3.85 July Supertest Petroleum ord._• 19
19
18
140 11% Mar 22% July
July
7
• No par value.
July
21
July
28
Philadelphia Stock Exchange.
-Record of transactions
July
21
38% July at Philadelphia Stock Exchange, Aug. 26 to Sept. 1, both
931 July
inclusive, compiled from official sales lists:
10% July
45% July
Friday
owes
9% May
Last Week's Range for
Range Since Jan. 1.
15 June
Week.
Sale
of Prices.
10% July
StocksPar Price. Low. High. Shares.
High.
Low,
14
July
Aug Amer
80
•
Stores
6% 6%
100
8% Feb
6% July
July
11%
125 106% Mar 11434 Jan
July Bankers Securities pref-50 114% 11456 114%
20
631 6%
200
6%
•
% Mar
9% July
22% July Bornot Inc
Budd (E 0) Mfg Co
200
33.( 334
•
% Mar
5% July
Aug
60
200
1334 1334
Apr 14% July
9
July Camden Fire Insurance-5
40
100 18
61 17
June
1734 18
Mar 22
38% July Con Tract of N J
Fire Association
33% 35
10
22' 18
July
Mar 38
20% July
94
77 8034 Feb 94% July
90
21% July Horn&Hardart(NY) pf 100 94
Insurance Co of N A_ _ _ _10
500 25
4354 44
Mar 4534 July
15% June
9% 9%
Lehigh Coal & Navigation •
200
5% May 1334 July
16% July
597
22% 2434
50
8% Feb 2731 July
July Lehigh Valley
140
1
100
Mitten Bank Sec Corp_ _25
1
July
190
Preferred
500
25
4 Feb
134 2
2% July
July
10
Pennroad Corp
4% 5,600
4
1% Mar
4
6% July
27% July Pennsylvania V T C._ __•
50 3834
7,500 13% Jan 42
RR
3734 3936
July
4
July
50
48
50 2534 Mar 50
50
Aug
July Penna Salt Mfg
15
Phila Elec of Pa 55 pref......• 10034 100% 101
110 93
Apr 101
Sept
July
21
Phila Elec Pow pref
3234 3234
300 2834 Apr 33
25
Jan
107% Aug
500
I% Mar
334 4%
July
6
Aug Phila Rapid Transit.. -50
15
7%
300
Si)
3
9% July
6%
Feb
631 7
734 June Phil preferred
& Rd Coal & Iron......•
10
734 7%
2% Feb
9% July
July
8
19
150 15
19
Mar 2334 June
July Philadelphia Traction_ _50
14
6
6
100
10
331 Apr
July
7
Aug Reliance Insurance
10
Scott l'aper
40
20 28
40
Jan 40
•
July
5% 6% 2.200
1
Jan
6% Aug
July Shreve El Dorado Pipe L 25
Jan 105
98
90 1834 June 30% Jan
Tacony-Paimyra Bridge_ •
27
27
8.15 Mar 23 25 July Tonopah
siI 1.400
'ii Jan
sr*
% July
5% Apr 13% July Tonopah Belmont Bevel.!
4
%
600
Mining
34 Jan
!sr, July
1
July
4
1% May
Union Traction
500
334 Mar
6%
6% 7%
1234 Jar
50
7% July
% Mar
Mar 2434 July
1934 2034 10,100 14
Jan 48% Aug United Gas Imprvt com....• 1934
36
96
145 86
9634
Preferred
May 99% Jan
•
10% Apr 21% July
Warner Co
2
100
Mar
2
4
1
Jun(
2
•
log Mar 21 July
Aug
Jan 60
15
BondsMar 11% June
234
Apr 2334 Junc
20% 20% 529.000 15
July Elec& Peoples tr ctfs 4s 1945
Apr 50
20
Phila Elec (Pa) 1st 58_1966
1,000 17
10734 107%
21
Feb
May
Mar 17% July
5
July
Apr 107
65
• No par value.
July
Apr 125
70
July
4
-Record of transactions at
Baltimore Stock Exchange.
34 Feb
5
May
12
Aug Baltimore Stock Exchange, Aug. 26 to Sept.
1, both in3% July
% Apr
July clusive, compiled from official sales lists:
Apr 70
40
Apr 16% July
8
Fridaysaws;
Apr 26
8
July
Range Since Jan. 1.
Last Week's Range for
Mar 19
7
Aug
Week.
Sale
of Prices.
July
Mar 52
6
StocksPar price. Low. High. Shares.
Low.
High.
Apr 19% July
1
July
14% Feb 33
1,364
25
95i Apr 33
24
* 24
July
Aug Appalachian Corp
May 70
35
235
1
Feb
631 7
8% July
6%
•
I% July BlaCli & Decker coin
% Aug
10 112
Apr 11834 Feb
734 July Ches & PotTel of Bait pf100 116% 116% 116.%
2% May
24
149 18% Mar 24
24
Aug
4
July Comm Credit pref B......5
Mar 66
6)4% it pref
20 70
90
90
100
Apr 90
Aug
July
9% Mar 18
7% preferred
103 1834 Mar 24% Aug
25 24% 2434 24%
July
18
Feb
4
274 43
61
60
Apr 70 June
July Consol Gas, EL & Power • 60
May 70
45
6% preferred ser D100 108
33 103% May 110% Feb
107% 108
July
1634 Mar 49
5% preferred
35 9134 Apr 102
Jan
100 97% 97% 98
July
May 85
67
20 15% Apr 29
July
2234 2231
Apr 10% Aug Emerson Bromo Sells A__• 2234
5
Fidelity & Guar Fire
250
_10
834
434 Mar 15 June
8
Fidelity 4 Deposit
32
58 15
Mar 3934 July
30
50
1
4%
3% June
Jan
434 4%
5
120
Apr 175
July Finance Co of Am class A.*
100
5
Houston 011 pref
534
124
234 Mar 731 July
124
Apr175
634
July
334
239
Aug
3
331 Aug
3
July Insurance Shs 51d.etts____
123
Apr 185
151
Apr220
July
Maryland Casualty Co_ _2
188
234 2%
1% Mar
2%
5 June
Aug
228
Apr 280
Maryland Trust Co
65
9%
9
8% July
July
123% Apr 183
1036 July
10
Mereh & Miners Transp__* 30
210 19% Jan 3436 July
3036
152
Apr 215
30
July
National Marine Bank_ _30
28
Aug
Aug 26
5 26
26
New Amsterdam Cas__ _10 14
13% 14%
722
Apr 17% Jan
7
Northern Central
120 63
May 7634 Aug
May 167
120
7634 7634
50 7634
July
Jan
17 40
53%
Apr 60
53
May 102
77
Jan Penna Water & Power__ •
15 100
Aug
100 100
12% May
Jan Schoeneman Inc(J)Istpf100
18
Aug 100
US Fidelity & Guar_ _..10
1,980
4%
4
100
Aug 105
7 June
131 Mar
May
4%
Low.
Abitibi Pow & Paper com_*
2.00
1.90 2.00 1,700
34 Mar
6% preferred
100
6
Jan
534 6
360
1
13eatty Bros com
"
10
95
10
334 Jan
Preferred
100 69
Apr
5 53
69
69
Beauharnois Power corn_ _*
5
Sept
I30
534
5
5
Bell Telephone
100 113
112 114
Apr
202 80
Blue Ribbon Corp corn_ •
Apr
2% 334
1
70
Brazilian T L & Pow conc.*
1431 1434 15% 6,641
734 Mar
Brewers & Distillers corn.*
2.70
2.50 2.75 4,810
.55 Jan
B C Packers corn
•
4%,
Apr
420
1
4
Preferred
100 16%
16% 17
Jan
200
6
11 C Power A
• 25
23% 25
110 14% Apr
!Wilding Products A
*
16% 17
215 10% Apr
Burt (F N) Co corn
25 35% 34
Feb
40 20
35%
Canada Bread corn
6
*
6
6%
220
131 Mal
Canada Cement corn
731
731 8%
•
500
2% Feb
Preferred
* 34% 34% 37
Apr
166 13
Can Steamship pre_ _100
4
4
2% Mar
25
Can Wire & Cable B
Apr
*
12
12
100
7
Canadian Canners com_ *
2% Mar
9
9
70
Convertible preferred. _* 12
12
Apr
12%
225
3
1st preferred
100
Apr
11 46
79
79
Can Car & Foundry corn.•
Apr
8%
155
3
8% 9
Preferred
25
18
18
9% Apr
40
Can Dredge & Dock com_• 1734
Mar
230 10
17% 18
Can General Elec pref.. _ _50
59
Mar
160 51
60
Can Indust Alcohol A_° 18
134 Mar
17% 19% 2,765
B
*
% Mar
5
, 17% 17%
Canadian 011 com
• 15%
14
6% Apr
95
15%
Can Pacific Ry
25 18
Apr
_17
18
1,701
9
Cockshutt Plow corn
9%
9% 12
•
1,790
334 Feb
Consolidated Bakeries_ * 12%
12
13
Jan
335
2
Cons Min & Smelting ..._25 133
131 134
Mar
387 54
Consumers Gas
100 .187
187 188'
Jan
127 170
Cosmos Imperial Mills_ _ •
.
Apr
7% 734
2
50
Dominion Stores corn_ _ _ _• 21% 21% 23%
300 12% Feb
Easy Wash Mach corn_ _•
.
Aug
2
1
2
1
85
Fanny Farmer coin
* ------12% 12%
10
8% Jan
Ford Co of Can A
• 16
Apr
6
1534 174 4,387
Goodyr Tire dr Rub pref100
106% 107%
32 80
Apr
Gt West Saddlery pref_100 14
13
14
110
5 May
Gypsum Lime & Albast_ _•
4% 5%
1,460
5
1% Feb
'Linde & Dauche Paper_ _ _•
531 5%
2% Mar
60
Ilunts Ltd A
•
10
10
4% Mar
2
B
*
10
May
9
25
5
Internal) Mill lot pref _ _100
' 102% 104
20
Internatl Nickel corn
• 21.75 21.00 22.15 22,033
*
8
Internatl Utilities A
8
8
25
11
2% 234
*
234
200
Kelvinator of Can corn_ •
5
5
20
Laura Secord Candy corn_• 48
47
45
48%
Loblaw Groceterias A__ _.•
16
15% 16% ,1,413
13
15% 16
* 16
270
Loew's Theat(M) Vet-100
60
7
60
Massey-Harris corn
634 6% 2,489
*
634
Monarch Knitting pref_100
45
45
10
Moore Corp corn
•
94
13% 14
A
100
104 105
25
11
100
115 115
12
Mulrheads Cafeterias com•
2% 2%
25
Out Equit 10% paid...100 11
44
11
11
Orange Crush 2d pret__ *
134
1%
25
Page-Hersey Tubes corn_ _* 66
66
30
66%
Photo Engravers & Elec__•
15
25
15
Pressed Metals corn
24%
1,630
• 24
22
Riverside Silk Mills A_ _ _ _*
18% 18%
45
Simpson's Ltd prof_ _100 3531
35
103
37
Stand Steel COOS COM-... 14% 13% 15
2.615
Steel of Canada corn
31
30
183
* 30
Tip Top Tailors pref _100
10
70
70
•
Traynor° Ltd corn
%
100
31
Union Gas Co corn
460
5%
5% 534
*
Walkers (Hiram) corn_ _ _ _• 48
21,691
50
45
Preferred
• 15
14% 15% 2,524
Western Can Flour corn_• 12%
12%
11
85
Preferred
56
5
56
100
Weston Ltd (Geo) corn__ _• 46% 42
46%
1,660
83
Preferred
13
82
100 82
Winnipeg Electric pref _100 10% 10% 10%
75
:S.
Bank
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
100
100
100
100
100
100
100
155
156
164
200
153
154
160
. 200
280
162% 158
_200
Loan and TrustCanada Permanent .._ 100 156
.
Huron & Erie Mortgage 100 93
20% paid
•
Ont Loan & Debenture _50
•No par value.
155
93
15
100
156
156
165
204
280
165
200
26
48
76
55
10
28
14
156
93
15
100
28
1
28
20
Toronto Curb.
-Record of transactions at the Toronto
Curb, Aug. 26 to Sept. 1, both inclusive, compiled from
official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Brewing Corp corn
•
834
534 7
• 14
l'referred
14
14%
Canada Bud Brew corn.. • 12
11% 12%
Canada Malting corn_ _.* 33% 33
35
Canada Vinegars corn_ _ _• 22
21% 22%
Canadian Wineries
5% 6
•
Cosgrave Export Brew_ _10
5
5
5
Distillers Seagrams
26% 3034
• 28
Dom Motors of Canada_ 10
2%
2)4 2%
Dom Tar & Chemical corn •
4
4
Preferred
100 24% 24% 2436
Dufferin l'av & Cr Stone
Common
5
5
•
Preferred
25
100 30
30
Goodyear Tire & Rub corn •
100 106%
Hamilton Bridge corn_
•
Preferred
100
Honey Dew corn
•
Humberstone Shoe corn_
Imperial Tobacco ord_ _5
Langleys pref
Montreal L & Pt & P cons.
National Steel Car Corp_ •
Ontario Silknit corn
•
Power Corp of Can corn_ •
Robinson Cons Cone
38
8
35
2
24
1031
25
3734
17
9
10
8
35
2
24
10%
25
3831
17%
8
9%
10
1,845
698
1,820
2,655
145
410
285
2,572
90
50
30
50
30
67
10
3
25
35
625
10
108
145
10
285
60
Range Since Jan. I.
Low.
54 Jan
3-6 Mar
Apr
13% Mar
1334 Jan
134 Jan
1% Jan
4
Feb
Apr
Apr
10
Apr
1
5
40
2%
34
34
14%
7
25
26%
534
4
6
5
High.
July
July
July
July
July
9% July
July
8
5134 July
534 July
631 July
27
July
934
19
18
40
26
Jan
5
July
Jan 30
Sept
Mar 11434 July
Apr
Aug
Jan
Jan
Feb
Aug
Apr
Mar
June
Jan
Jan
113%
40
3
23%
II
25
42
1834
9
15%
Ii
July
July
July
June
Aug
Aug
July
July
July
July
July
Bonds
Baltimore City4s conduit
1962
4s sewerage impt __ _ 1961
Is school house_ ___. 1981
4s burnt district .
. .
_1960
4s conduit
1958
45 water loan
1958
4s 3d school
1952
45 Paving loan
1951
45 2d school loan...,..l947
45 2d school loan_ _1939
Bait Sparrows Point&
Chesapeake 434 %..1953
Maryl'd & PaRRlst 4% 51
Roland Park Montebello
536%
1941
United Ry & Ellst 6s flT49
1st 4.s (flat)
1649
99
99
99
99
99
99
101%
99
09
99
16
49
99
09
99
09
99
99
10134
99
99
99
16
49
50
50
11% 1134
11% 1135
Feb
Feb
Aug
Jan
Jan
Feb
Aug
Feb
Fell
Aug
5100
500
100
200
200
500
0,000
400
200
100
May
May
Apr
05% June
91% Apr
87
May
99
July
05 June
98
Aug
Aug
99
2,000
1,000
1034 May
Aug
49
16
49
2,000
4,000
8,000
Aug
50
834 Apr
8% Apr
Arm
50
14% June
1434 JIM('
87
87
92
101%
102%
99
100
100
102
10134
102
101
99
June
Aug
• No par value
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, Aug. 26 to Sept. 1, both
inclusive, compiled from official sales lists:
Stocks
-
Sales
Friday
Last Week's Range for
Week.
Prices.
Sale
of
Par Price. Low. High. Shares.
Arkansas Nat Gas
•
Armstrong Cork Co
•
Blew-Knox Co
•
Central Tube Co
•
Clark (DL) Candy Co_ _ _•
Columbia Gas & Elm
•
Devonian Oil
10
133
15
11
7
2
20%
20
14% 1534
11
11
7
7
1931 20
84 5%
115
1,127
900
200
65
1,016
100
Range Since Jan. 1.
Low.
1
4%
4
11
3
9%
7
Feb
Feb
Feb
July
May
Mar
Apr
High.
5
23
19
13
11
28
9
June
July
July
July
July
July
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Conducted) Par. Price. Low. High. Shares.
Duquesne Brewing
5
Class A
5
Fort Pittsburgh Brew_
Herb Walker Refractories•
Koppers Gas & Coke pf 100
Lone Star Gg.9 Co
•
McKinney Mfg
Mesta Machine Co
5
Nail Fireproofing Corp_ •
Preferred
50
Phoenix Oil
25
Pittsburgh Brewing
50
Preferred
50
Pittsburgh Forging Co_ _ _•
Pittsburgh Plate Glass_ _25
Fitts Screw & Bolt Corp_ _*
Plymouth Oil
5
Renner Co
1
United Engine az Fdry_ •
Victor Brewing Co
1
Westinghouse Air Brake_ _•
Westinghouse El & Mfg_50
Western Pub Service v t c_•
Unlisted
Lone Star Gas 6% pref_100
l'ennroad Corp
•
1%
65
9
20%
7c
26
364
10
17
824
2
20%
2%
4%
Sc
4%
264
44
37
10
17
14
194
1
33
47%
734
250
300
480
70
55
3,310
60
665
30
125
1,500
221
365
320
455
3,383
635
1,025
20
1,660
329
360
903
82% 84
34 4%
33
60
54 54
54 54
14 14
19%
19
65
64
au au
2
19
2%
4
7c
4%
26
4%
3635
834
14%
1%
19%
1
31%
44%
731
Range Since Jan. 1.
High.
Low.
5% Aug
5% Aug
14 Jan
634 Feb
Mar
45
Mar
5
June
1
Feb
7
2 June
Apr
2
Sc May
4% Aug
Ma
10
1% Jan
Mar
13
14 Feb
64 Feb
135 May
Feb
10
July
1
12% Jan
194 Feb
44 Mar
Ap
Ap
65
1
7
84
231
25%
67
12%
2%
20%
4
8%
25c
10
40
5%
39%
11%
174
24
24
134
35%
58%
10
June
July
Mar
July
June
June
June
Sept
June
June
June
Mar
May
July
June
July
May
June
June
June
July
July
June
9134 June
(1
July
• No par value.
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Aug. 26 to Sept. 1, both inclusive, compiled from official sales lists:
Stocks-
JUIC4
r riday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares
Aetna Rubber corn
Apex Electrical Mfg
*
*
City Tee & Fuel
•
Preferred
100
Cleve Builders Realty-_ _*
Cleve Sty "ctfs der _100
Cleve Securities P L pref_•
Cleve Worsted Mills corn.*
Dow Chemical corn
•
Preferred
100
Elec Contr & Mfg corn_ __.
Faultless Rubber corn....5
Ferry Cap az Set Screw_ __*
•
Foote-Burt corn
Goodyear T & Rub corn_ _•
Greif Bros Coop el A
•
Harbauer corn
•
Higbee 1st met
100
kiterlake Steamship corn •
Melley Isld L & Tr corn_ •
McKeeArthur G az Co cl B•
National Acme com
10
National Refining pref.100
National Tool pref
100
Nestle-LeNfur cl A
•
Ohio Brass 13
•
ParagonRefe1133dPayEnd •
Patterson Sargent
•
Richman Bros corn
•
Selberling Rubber cotn
*
Sherwin-Williams corn_ _25
Stand Text Prod A pref _•
Thompson Products Inc_ _•
Weinberger Drug
•
Wellman Engine pref. _.100
• No par value.
234
6
194
1%
11%
72
5
12%
334
174
31
50
42%
234 24
6
6
194
19
69
69
134
131
42
40
4
34
104 II%
73
70
1044 104%
22
22
21
21
3
3
5% 6
404 40%
25
23
4% 5
734
714
2531 254
13
13
12% 1234
6
6
3
3
334 331
14
174
18
' 14
34
li
154 15%
46
50
5
534
43
41
3
5
18
18
734 74
47
47
135
105
60
30
20
216
729
637
170
26
20
100
35
264
200
250
130
70
70
37
150
100
120
10
20
361
50
25
1,160
43-0
310
61
250
11
41
Range Since Jan. 1.
Low.
High.
231
34 Jan
731
Feb
4
94 Apr 25
Apr 69
46
14
134 Aug
29
Apr 4914
3i Feb
.4
Jan 15
4
30
Jan 78
96
Apr 1044
Feb 22
10
1734 Jan 25
5
14 Jan
9
531 Aug
1034 Feb 47
Mar 25
8
5
2% Jan
74
13-4 May
Feb 29
14
631 Apr 16
12% Aug 20%
Apr
734
2
434
Jan
1
3 May
34
3
31 Apr
54 Jan 20
7
31 Feb
934 Jan 20
22% Apr 53
7
1
Mar
13% Feb 43
Aug7
3
635 Feb 18
Feb9
7
17% Feb53
Aug
July
July
Aug
Aug
July
May
June
July
Aug
July
July
June
Jan
July
Aug
July
Aug
July
July
May
July
June
May
June
July
Apr
May
July
June
July
June
Aug
June
Feb
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, Aug. 26 to Sept. 1, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last TWeek's Range far
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Aluminum Industries_
•
Amer Laundry Mach__ _20
An er Rolling Mill corn. 25
Baldwin corn
20
Carey (Philip) pref. _100
Churngold Corp
•
On Gas & Flee pref. __100
Cincinnati Street fly... _50
Cm & Sub Bell Tel
50
•
Crosley Radio A
Eagle-Picher Lead
20
Early az Daniel corn
•
Gibson Art coin
Kroger corn
Moores Coney A
•
•
Procter & Gamble now...
100
8% preferred
Pure Oil 6% pref
100
•
Rapid Electrotype
•
United Mils Crate A
10
U S Playing Card
•
Waco Aircraft
•
14
23
78
71
17%
9%
27%
4234
9%
10
14
23
2
65
434
78
531
7031
10
6%
17%
9
27%
3
4231
170
41
1631
18
21%
0
10
14%
24%
2
65
44
79%
534
73
10%
7
174
931
28
3
434
170
41
16%
18
2134
931
Range Since Jan. 1.
Low.
20
3
634
185
64
215
1
25
2 41
Ji
100
163 70%
10
434
180 574
70
231
604
234
3 12
52
7
261
154
26
3
30 194
5 150
4 20
25 13
30 14
100
9
34
2%
High.
Mar 16
Mar 19
Feb 304
Aug
2
May 70
Mar
8
Apr 93
May
9
May 75%
Mar 15
Feb
84
Jan 20
Apr
14
Feb 35
July
3
Mar 4631
Apr 170
Apr 48
May
17%
Feb 23
Mar 25
Jan
12%
June
July
July
Slay
July
June
Jan
May
July
June
July
July
June
July
July
July
Aug
Jan
May
June
June
June
• No par value.
-See page 1717.
St. Louis Stock Exchange.
-Record of transactions
San Francisco Stock Exchange.
at San Francisco Stock Exchange, Aug. 26 to Sept. 1, both
inclusive, compiled from official sales lists:
Stocks-
1741
Financial Chronicle
Volume 137
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Low. High Shares.
Par
27%
Alaska Juneau Gold Min'g 31
1034
Anglo Calif Nat BK Of SF._
14
--Assoc Ins Fund Inc
44
Atlas Imp Diesel Eng A_ _ _ -----160
Bank of Calif N A
531
Bond & Share Co Ltd
4%
Byron Jackson Co
43-4
17
Calamba Sugar corn
18%
7% preferred
3
California Copper
9
Calif Cotton Mills corn.....
9
284
Calif Packing
21
Calif West Sts Life B19
23
Caterpillar Tractor
24%
20
Clorox Chemical Co
3234
11
2
434
160
54
431
174
19
%
9
284
21%
24%
20
Range Since Jan. 1.
Low.
High.
8,025 11% Jan 32%
534
May 20
Apr
700
3
355
2 Feb
6%
13 101
Feb 160
537
54
13.1 Feb
439
Mar
6%
Mar 224
800
8
250 11
Mar 19
629
1
3-4 Jan
16
30
31 Jan
576
8% Ma
3431
Apr 3131
70 13
2954
6,309
531 Feb
160 13
Slay 21%
Aug
Jan
June
June
July
July
July
June
Aug
July
July
July
Jan
July
June
Sales
Friday
Last 1Veek's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Jan
May 79
30 .57
Coast Cos G & E 6% 1st pf 6834 6834 6934
July
Mar 28
945 11
25% 26%
26
Cons Chemical Inds A._
Ju'y
27 185
Apr 224
210 210
210
Crocker First Nati Bank_
1
Feb
4,257
531 631
831 July
Crown Zellerbach v t c___ _
4
364
7% Mar 433 July
40
394 34
Preferred A
July
7
Mar 43
240
39% 33% 40
Preferred B
134 May
223 104 Jan
20
19
20
Eldorado Oil Works
234 Feb
1,350
73.1
634
834 July
Emporium Capwell Corp -----July
30 124 Apr 25
19
19
Flremans Fund Indemnity_
July
52 3434 Mar 61
55
55
55
Firemans Fund Insurance_
164 July
5% Jan
14%
531
14
14
Food Mach Corp corn
4
July
1
Jan
647
3
3
3
Forster & 'Heiser corn
3
July
31 May
100
2
2
General Paint Corp B corn_
331 Apr 10% July
8
734 74
Golden State Co Ltd
135
334 June
1%
1%
Haiku Pine Co Ltd corn... -----4% 1ar
NA p
13
406
July
10
Hale Bros Stores Inc
10%
362 2731 Jan 484 July
454 46
46
Hawaiian C & S Ltd
Apr 30% July
23e 18
2834
28
Home F & NI Ins Co
84 Feb 164 July
975
13% 1434
Honolulu Oil Corp Ltd.... 144
9
2% Mar
120
July
7
6
Investors Association
6
31 Aug
3-6 Aug
150
14
Leighton Ind A
.4
July
100
34 June
13
31
4
175 834 May 994 Jan
90
87
L A Gas & Elec Corp pref_ _ 87
531 June 1134 July
762
834 931
934
Lyons Magnus Inc A
354
1
June
5% July
1,060
3
3%
1
June
.1,020
36 Mar
Ltd
Nlagnavox Co
Feb 49% July
7,884 15
47%
4134 4
Natomas Co
931
9% July
334 Apr
2,970
6% 8
North Amer 011 Cons
8
July
84 May 20
7
18
18
Occidental Insurance Co.._
July
23% 24% 5,268 2031 Apr 32
Pacific Gas & Elec corn__ _ _ -7,360 21% Mar 2531 Jan
224 21% 22%
preferred
6% 1st
1,177 19% Mar 23 •
20% 19% 20%
54% preferred
Jan
408 254 Mar 43
29% 30
Pat Lighting Corp corn.....
May 9334 Jan
740
--8534 85 86%
6% preferred
231 June
Mar
712 77
14 1%
14
Pac Pub Serv non-vot corn.
Apr
6 June
2
610
39-4 331
Non-voting pref
Apr 944 July
165 67
86
87
87
Pac Tel & Tel corn
July
107 99% Apr Ill
1094 10934 110
6% preferred
July
84 Feb 29
948
Paraffinc Cos corn
2731 264 27%
64 July
331 Apr
20
54 54
Ry Equip & Rlty 1st pref..
54
Jan
May 97
9 75
8731 8731
San Jcaq L & P 7% pr pref _
1131 July
4
Feb
84 9% 4,353
Shell Union Oil corn
Apr 65% Aug
5 50
654 65%
Sherman Clay & Co pr pref
July
Apr 66
6 53
65
65
65
Sierra Pac Elec 6% pref _
6% Feb 15% July
1331 1331
100
Socony Vacuum Corp
32% 3,219 11% Feb 3831 July
31
30
Southern Pacific Co
Feb 41
13,140 20
Aug
40%
3't% 41
Standard 011 Co of Calif
331 Feb 104 July
931 104 3,659
Tide Water Assd Oil corn _ _
104
Apr 54% July
170 24
49
52
52
preferred
6%
934 July
431 Mar
731
7
74 27,281
Transamerica Corp
941 FFeb 23% July
1
5,217
22
22
20
Union Oil Co of Calif
7% July
125
5
5
6
Union Sugar Co corn
July
Feb 46
1,642 17
39
38
4034
United Aircraft
July
nb 220
A pr
5
22 165
215 220
Wells Fargo Bk & U Tr__
17
July
165
14
14
Western Pipe & Steel Co_ _ _
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, Aug. 26 to Sept. 1,
both inclusive, compiled from official sa es lists:
Stocks-
saws
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Alaska Juneau
5 1031
13arnsdall Corp A
434
10
Boise Chica 011A
•
4%
Byron Jackson
• 45
Chrysler Corp
20
Citizens Nall Bank
Claude Neon El Prods._ _*
1434
Consolidated 011
•
Gilmore Oil Co Ltd
Goodyear Text Stills pf 100
Goodyear T & Rub (Akron)
931
•
Hancock 011 corn A
Los Angeles G & E pref 100
3
Los Angeles Invest Co_ _ _10
Mcrtgage Guarantee Co100
Pacific Finance Corp com10 10%
10
9%
Preferred A
Pac G az E 534% 1st pf _ _25 2034
* 3031
Pacific Lighting corn
Pac Mutual Life Insur__10
Pac Western 011 Corp___ _•
64
33
%
Republic Petroleum Co_ _10
SanJoaq L & P 7% pr pt100
Sec First Nat Bk of L A.25 3734
934
Shell Union Oil Corp com_•
So Calif Edison Ltd com _25 2034
Original preferred_ _ _25 3131
25 24%
7% preferred A
25 2034
6% preferred B
54% preferred C_ _ _ _25 1831
25
So Calif Gas 6% pref_
So Counties Gas 6% pf_100
Southern Pacific Co_ _100
• 403
4
Standard Oil of Cant
• 14
Taylor Milling Corp
•
Transamerica Corp
731
Union Oil of Calif
25 22
28%
94
4%
4%
433-4
304
1131
13
7
92
39%
831
87
3
934
9%
9%
20%
304
254
631
3
87
37
84
20%
314
2431
2031
184
2234
87
3034
38
14
7
199-4
1,000
3234
200
1034
1,600
434
4%
100
1,100
46
304
150
500
114
1,800
14%
100
7
30
92
200
40%
900
931
411
89
300
3
50
931
200
1034
100
931
100
2034
100
304
300
26
800
6%
10,500
4
20
87
1,250
39
931 3,000
1,700
20%
100
3134
300
25%
800
2034
600
1934
100
223e
30
88
700
3234
40% 6,200
100
14
731
4,200
22
6,406
Range Since Jan. 1.
Low.
High.
Apr
14
331 Mar
131 Jan
32% Aug
104 July
54 July
934 Mar
Mar
26
6
Jan
534 Jan
Aug
7
604 Feb
34% Aug
34 Feb
8234 Apr
1
Jan
Feb
8
Mar
4
934 Jan
2031 May
25% Mar
Mar
19
24 Mar
131 Feb
Apr
78
Mar
35
434 Ma
17% Apr
May
30
22% Apr
1934 Apr
1734 Apr
21
May
8334 Apr
113-1 Feb
Feb
20
Jan
4
44 Apr
94 Feb
46
Aug
Jan
38
13% July
1531 July
Aug
7
92 , Aug
4231 Aug
1294 July
Jan
98
54 June
23 June
1134 July
9% Jan
2294 Feb
43
Jun
304 July
73-4 June
Aug
4
Jar
98
4534 Jar
1131 July
274 Jar
404 Jar
27% Fet
24% Jar
224 Jar
2431 Pet
Fet
90
3836 July
404 Sep
Sep
14
931 Jul;
23
Jul!
* No par value.
New York Produce Exchange Securities'Market.
Following is the record of transactions at the -New York
Produce Exchange Securities Market, Aug. 26 to Sept. 1,
both inclusive, compiled trom sales lists:
Sales
Friday
Last 1Week's Range for
1Week
of Prices.
Sale
-Par Price. Low. High Shares.
Stocks
Abitibi Pow & Paper__
Admiralty Alaska
Aetna Brew
Allied Brew
Altar Consolidated
American Republics
Arizona Comstock
Bagdad Copper
Beverages Units
Black Ilawk Cons
Brew & Dist v t c
Central Amer NI Ines
Columbia Baking
Como Mines
Continental Shares
Croft Brew
Davison Chemical
Eagle Bird Mines
El Canada Units
Elizabeth Brew
Fads Radio
Falstaff Brew
Flock Brew
131
13c
10c
1
2
2
6%
1
631
1
234
24,
•
1%
1 1.90
1.70
1
350
14
1%
45c
1
•
2%
214
1 1.50 1.25
•
1 14c
14c
•
90
1
14
14
•
31
131
1
234
734
731
1
131
1
1%
191
1034
10
2
3
';
•
Range Since Jan. 1.
Low.
High.
34 Aug
14 Aug
1,900
134
14c
9,500
Sc Mar 190 Feb
3 June
2% 1,300
134 July
7
1,350
4% July 114 June
214 Aug
24
1,300
134 June
3% June
2
300
111 June
1.90
9,700 1.15 July 1.90 Sept
Jan 60e July
35c
500 150
214 July
1%
1,000
14 Aug
1,000 400 July 57c Aug
5130
234 11,800
34 July
134 July
Aug
1.50
1,000 50c July 1.50
34 Aug
200
34 Au
140
204 May
8c Jul
500
% May
100
500
90 Aug
14 2,800
2% July
1
Jul
231 June
300 150 Stay
34
231
334 July
Aug
2,100 1e62
8
sq Aug
2,900
431 June
2
44 June
131 Aug
4,400
1% 16,600
24 May
134 July
11
7
3,900
May 20
May
5% June
37
4
1,100
23 Sept
;
Financial Chronicle
1742
Stocks (Continued
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Fuel 011 Motors
10
Fuhrmann & Schmidt__ _1
General Electronics
1
3%
Gold Cycle
10
Hamilton Mfg A
10 11%
Hooven Auto Typewr___1
Jetter Brew
1
Kildun Mining
1
Kingsbury Brew
1 12%
Kuebler Brew
1
Lock Nut
1
Macassa Mines
1
Marmon Motors
• 21c
Paramount Public
10
1%
Paterson Brew
1
Petroleum Conversion__ __ -----Pittsburgh Brew pref _50
PulYmet Mfg
1%
1
Railways Corp new
1
Rayon Industries A
6%
1
700
16c
18c
2% 2,100
2
4,200
3% 331
300
16
1735
400
11% 1154
100
35
35
500
234
2
3% 3% 2,100
3,200
10% 12%
33.1
1,800
3
200
1% 1%
1,500
82c
89c
1,800
210
25c
3,800
1% 2
300
2%
2
600
54
31
10
26% 2635
1,100
1% 1%
334 3% 2,300
6% 6% 21,500
Range Since Jan. 1.
Low.
100
2
8%
11%
380
2
log
3
190
210
120
2
380
20%
4%
Jan
Aug
Jan
Mar
Aug
July
Aug
Mar
July
July
May
Jan
Aug
Mar
Aug
Apr
May
July
Apr
July
High.
280
3%
4
1734
13
3%
5
17%
33.1
1%
890
51
2%
3
134
39
5
3%
6%
Feb
July
May
Aug
July
May
July
July
July
Aug
June
Aug
June
July
June
Feb
June
July
Jan
Sept
Sept. 2 1933
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Reno Gold Mines
1
Rhodesian Selec Tr.. _5 oh
Richfield 011
34
Rossville Union Dist'1.5.50 22%
7% cum pref
25 29
Rustless Iron
2%
Warrants
Sherritt-Gordon Mines___1
Shortwave & Television_ _1
Simon (Wm) Brew
1%
1
Standard Brewing
•
Super Corp 13
Sylvanite Gold
1
United Cigar new w I_ __ _5
Utah Metals
1 1.40
Victor Brew
1
1
Willys-Overland
5 26c
Zenda Gold
1
1.50
3%
%
25%
29
2%
iii
1.20
40c
1%
3
3.25
1.20
7% 8%
1.40 1.40
1
51
250 280
400 400
1.50
3%
%
22%
26
2%
116
1.20
400
134
2%
3.25
1.10
Range Since Jan. 1.
High.
Low.
200 1.45
2,200
1
2,200
35
1
3,000
225
3%
300
2%
is
3,000
1,000 30c
100 150
1%
4,900
2%
800
100 3.25
800 95c
5,100
7%
100 35c
54
500
3,600
6c
500
9c
May
Jan
Aug
Jan
Jun
Aug
Aug
Feb
Apr
Aug
July
Aug
July
Au
Feb
Au
Ma
Jan
2.60
3%
1
32
31%
3%
%
1.50
%
134
5%
3.25
1.45
835
1.50
2
55
480
July
Aug
June
July
July
July
Aug
July
June
Aug
May
Aug
June
Aug
July
June
June
June
• No par value.
New York Curb Exchange -Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Aug. 26 1933) and ending the present Friday,(Sept. 1,1933). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Sales
Friday
Week Ended Sept. 1.
Last Week's Range for
Week.
of Prices.
Sale
kmi
StocksPar Price. Low. High. Shares.
Indus. & Miscellaneous.
Acme Steel Co
25
Acme Wire v t c com_ _25
Aero Supply class B
•
Agfa Amoco Corp
1
Air Investors corn v t 0.-•
Cony preference
•
Alabama Gt Sou ord_50
$3 cony preferred
Allied Mille Inc
13%
Aluminum Co common___. 76%
1'referred
100
Aluminum Good Mfg_
"
Aluminum Ltd
Common
Amer Beverage Corp
2%
6
*
American Book
100
American Corp corn
•
Amer Cyanamid
Class B non-vot
• 14%
Amer Dept Stores CorP •
Amer Founders Corp _..1
1%
7% prof ser 13
50
American Investors
1
American Meter Co
•
Amer Thread pref
5
Anchor Post Fence
2%
•
Arcturus Radio Tube.._ 1
134
Armour & Co new
10
Warrants
Armstrong Cork oom
• 21
Art Metal Works
235
-Assoc Mee Industries
Amer dep rcts
£1
Atlas Plywood Corp
•
Atlas Corp com
1431
$3 preference A
40%
Warrants
Babcock & Wilcox
100
Baldwin Locomotive warr_
Bellanca Aircraft v t c___1
7
Blue Ridge Corp
Common
3
1
6% Opt oonv pref
• 3254
Boston & Maine RR
Preferred A stamped_100
Bridgeport Machine
Brillo Manufacturing•
Bristol Myers Corp
5 3836
British Amer Tub Ltd
Am dep rcts ord reg---- -----British Celanese LtdAm dep refs reg ohs
Bulova Watch $3.50 pref_.
Burma Corporation
Am dep rots for rug she,...
334
Can Indust Alcohol A____• 17
Class B non-voting_ __•
Carrier Corp
• 12%
Celanese Corp of America
7% 1st partic pref_ _100
7% prior preferred__ 100 8435
Celluloid Corp tom
15 12%
$7 dB preferred
,
2 30
Centrifugal Pipe Corp,
._°
Charts Corp corn
"
Childs Co preferred__ 100 20
Cities Service common:•• 3%
Preferred
• 16
1'referred B 11
C.ty Auto Stamping Co •
Claude Neon Elec Prod_ _•
Claude Neon Lights
1%
1
Club Aluminum Utensil...*
34
Consolidated Aircraft
• 10
Congo' Retail Store
•
Consol Theatres v t c
1%
•
Cooper-Bessemer Corp.
..°
Cord Corp
6 12%
Corroon & Reynolds
1
16
SO cony preferred A_._
Courtlauds Ltd
Amer dep rat; ord____LI
Cramp & Sons Shipp & Engine Bldg Corp.100
Crane Co common
25
rocker Wheeler
Crown Cork Internal A__•
654
Detroit Aircraft Corp....•
31
Distillers Co Ltd
11 19%
Distillers Corp Seagrams_• 27
Doehler Die-Casting
*
Dow Chemical
•
Driver Harris corn
10
Dubber Condenser corn
Duval Texas Sulphur ___•
5%
5
•
Easy Wash Mach B
Economy Grocery Stores.* 25%
Eisler Electric Corp
•
Elec Ilousehold Utilities_ 10
Low.
High.
36%
15%
4%
6%
3%
17
55
log
15%
95%
7734
16
June
July
June
June
June
June
July
July
Aug
June
July
June
175
31
31
200
10% 10%
500
2
2%
100
4% 4%
2%
100
100
16% 16%
225
47
50
500
10
10
12% 14% 13,600
1,450
76
81
73
100
73
11
11
100
Apr
Mar
Feb
June
Jan
Mar
Jan
Mar
3 Apr
37% Feb
37
Mar
7.11 Apr
47
47
2% 2%
42
45
X
X
100
1,100
50
500
13
5334 Juae
m nr
5
34
55
14%
1
1%
14%
4%
14
3%
2%
9.800
600
3,600
100
400
650
400
2,600
60(
4,900
6.900
2,900
200
12%
35
131
14%
435
1234
3%
2%
1%
9%
3%
20
2%
I%
1035
331
21
3
4% 5% 13.000
4
4%
300
1434 15% 7,20
10
40% 4054
731 3,10
13
2%
54
335
34
534
8
3%
Mar
Mar
Mar
34 June
334 Feb
,a Jan
Apr
Apr
8
Apr
2
May
5
2% Apr
31 Feb
/ Feb
14
935 Aug
Aug
Mar
Mar
July
34 June
15%
114
231
2036
6
20
4
254
2%
1231
435
24
454
June
June
June
June
June
July
July
June
July
July
July
July
May
July
June
June
May
June
2%
134
5%
33
234
Apr
Apr
Apr
Mar
Feb
554
6%
18%
43%
10
55
55
11
11
414 7
10
60
8,40
25
7
Jan
Aug
July
59
Aug
11
Aug
634 Aug
2% 3
32% 34
3,70
600
1% Mar
21% Mar
434 June
37% June
21
21
1
1
6% 7%
38
40%
10
100
1.200
3,500
15
34
6%
34
26
26
335 335
18% 18%
200
3,200
100
3
334 2,000
16% 18% 11,300
15% 15%
1,800
10% 12% 2,800
wog 102
16'%
May
Mar
Feb
Aug
Jan
Apr
1
12% May
134
2%
734
4
Feb
May
July
Feb
1%
8%
7%
Si
18%
24%
3%
70
16
1
5
5
23%
1
10
154
if
11%
234
2
5%
13%
2%
16
175
650
1,700
250
600
400
10
45,900
800
20
400
200
1,500
200
1,400
500
1,40
100
12,500
200
100
Apr
27
Apr
51
Apr
2
20
May
2% Jan
6% June
6% Mar
Feb
10% Mar
Apr
5
May
5
Mar
6
if Apr
% May
Mar
1
hi Jan
July
34
1
Ma
4% Feb
54 Apr
6
Ma
9%
83
9%
27
4
935
20
3
15%
12
11
11%
134
31
9
2
1%
534
12
2%
16
800
4% Mar
84%
12%
30
4
931
20
334
um
13
12
11%
100
200
834
600
1,100
7
1,200
if
20% 26,900
28% 23,900
334
200
1,800
74
300
17
1
500
7,500
8
5% 1,100
950
25%
1%
800
100
10
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High Shares.
•
Range Since Jan. 1.
1%
4%
2%
2%
34
17%
15
1%
30
334
'II
54
1%
23
34
10
Au
Ma
Feb
Jan
Jan
Jul
July
Fe
Mar
Fe
Feb
Feb
Jan
Au
Apr
Aug
Eleo Power Assoc corn_ __I
Class A
1
Electric Shareholding
Common
•
Emerson's Bromo-Seltz B.
Equity Coop corn
10c
Ex-Cell-0 Air & Too_ •
l_
Fairchild
1
Ferro Enamel Corp
•
Fidello Brewery
1
Fire Assoc of Phila
10
Fisk Rubber Corp
1
$6 Preferred
100
1. lintokote Co class A....
Ford Motor Co Ltd
A mer dep rcts ord reg.£1
Ford Motor of Can el A..
•
Foremost Dairy l'rod____•
•
Cony preferred
Foundation Co (For shs)-*
.
General Alloys Co
General Aviation Corp...1
Gen Elec ltd Am rler rots •
Gen Investments Corp_ 5
Warrants
Gen Rayon Ltd A
•
Gen Theatres Equipment
$3 cony preferred
•
General Tire & Rubber_ _25
Glen Alden Coal
•
Globe Underwriters Exch •
Gold Seal Electrical
1
Goorlehaux Sugars cl A_ _*
Class 13
Gorham Mfg corn v t o •
*
Grand Rapids Varnish_ •
Gray Telep Pay Station...
Co Alt & Pao Tea
Non vol Coin stock ___•
7% lot preferred____100
(It Lakes 1)redge & Dock..
Great Northern Paper_25
Greenfield Tap & Die....'
Greyhound Corp com____•
Happiness Candy Stores •
Hartman Tobacco com_ _10
Hazeltine Corp
*
Helena Rubenstein com__.
}Leyden Chemical Corp_10
Horn & Hardart corn......•
26% July Huylers of Delaware Inc
7% pref stamped_ _100
435 June Hydro-Electric Securities_•
19% June Bilfrade Food Prod
6
Itygrade Sylvania
•
3% July Insuranee Co of No Am 10
38% July Imperial Tobacco of Can_5
34
July Imperial Tob of Gt II & Ire
Am dep rcts for ord shs£1
July
17
Industrial Finance v t 0.10
Internet! Cigar Mach..___*
180% 15j ay Internet' Hold & Invst.•
16
'1l
1
16% June Internet! Products com •
32
May Interstate Equities Corp.1
$3 cum pre ser A
4% July
50
1234 July Irving Air Chute
1
30
83i ulSlayy Jonas& Natunburg corn.. •
Jones & Laughlin Steel.100
30
May Kreuger Brewing
1
25 Slay Lane Ilryant Inc
18 June
7% Prof with warr_..100
July Lercourt Realty
14
1
2 June
Preferred
•
1
June Lehigh Coal& Navigation•
12
July Lerner Stores Corp
•
254 June
635% Prof with warr_100
235 June Libby-McNeil & Libby.10
11
July Life Savers Corp
5
1531 July
Louisiana Land & Explor.•
4
July Lynch Corp
5
20
July Mengel Stores Corp
634% pref with warr_100
10% July Mapes Consolidated Mfg_*
Massey Harris Co corn_ --•
234 July
Mavis Bottling Cl A
1
11% July Mayflower Associates__ _ _•
11
July McCord Bad & Mfg
r
934 July Mead Johnson & Co corn.'
11,
June Mercantile Stores corn....
•
21% Aug Merritt Chapman & Scott
49% July
Michigan Sugar
•
5
June Midland Royalty Corp
78
July
32 cony preferred
*
26% July
Molybdenum Corp v t c_ _1
June Montgomery Ward & Co
8
Aug
Class A
•
534 June Mortgage Bk of Columbia25% Sept
American shares
2
July Nat American Co
•
10
Aug National Aviation . •
24
June
1% June
11% Apr
4035 Aug
6%
7
73<1
731
400
1,100
4%
334
8%
Mar
June
Aug
Feb
June
June
Aug
Aug
Apr
Jar
Feb
931
25
255
6%
6%
15%
4%
35
9%
47
734
June
Aug
Aug
July
July
July
Aug
Aug
July
July
June
2%
314
1.4
1
2%
,52
2%
6%
I%
34
34
Feb
Feb
May
May
Ma
Mar
Jan
Jar
Aug
Jul
May
634
19%
1%
3
•
g
10%
10%
2%
Ito
10
July
July
May
June
Aqg
Jury
July
July
July
July
June
Fel
If
Apr 140
Apr 244
7
loll
4
51 Jan 134
20%
12
Au
15
Apr
5 Jan 29%
4% June 8%
834 Apr 29
June
July
July
July
June
July
July
Aug
Aug
July
55-i 5%
165-6
15
34
%
1
131
23.1
834
10
134
254
2
834 8%
10
10
13-4
134
588
l'i
33-6 3%
7,400
1,000
100
200
200
1,100
2,900
100
400
100
200
71ii
94
183.1
535
55
12
7
2734
834
18
200
2,050
6,200
200
2,000
100
400
4,800
200
300
4A, 4A
%
8
2834
71
100
2034
5%
if
12
8
2954
834
20
142 145
12334 125
15
15
23
23
5% 5%
%
%
Si
142
124
1
2251
4%
27
4334
High.
12% June
11% June
235
17
231
1%
2%
10%
3
35
54
18
135
2%
5%
15
94
103.1
Low.
2% Apr
2% Apr
500
25
5,000
300
700
900
5,700
3
4
100
35
35
7
8% 11,700
800
4231 4434
600
5
535
516
25
234
5
534
It% A
5
25
235
Ranue Since Jan. 1.
23
SS
250 128
220 118
100 15
50 11
200
5,900
Feb 181% May
Aug
Mar 125
May
16
Aug
July
Apr 26
July
6
Apr
2% May
Aug
36
36
5
5
1
1834 18%
22% 2234
1,100
400
100
600
100
75
Ma
June
134 Ma
y, Ma
8
Apr
1734 Jan
54
1%
6%
13.1
19
25%
June
June
July
Juno
Aug
June
29
29
8
8
4% 534
27%
27
4335 44
254 551
50
100
1,300
75
700
400
20
331
2%
13
25
634
June
Ma
Ma
Fel
Ma
Teb
38
935
9
27%
45%
11
July
July
July
Aug
July
July
24%
,Iuly
June
June
July
June
July
JUIY
May
June
July
June
2435
24%
23%
22% 23%
2
2
2
131
1% 1%
24%
24
5%
1
4
55% 551
1735 18%
700
100
300
400
400
1,500
400
400
300
20
1,200
15
34
15
1%
%
44
9
4%
3.i
19
15
Fe
Apr
Ma
Apr
Feb
Jan
Apr
Apr
Feb
Jan
July
25%
3 _
28
2%
4
1%
24%
4434
25-1
80
23%
25
3
8
AA
13
47
5
18
131
3631
25
3
8
9%
14
47
5%
19
2
3731
10
500
100
600
300
50
700
2,500
1,600
30
25
54
3
5%
4
17
154
18
id
34%
Apr
May
Apr
Apr
Jan
Fel
Feb
Aug
Apr
July
13
33
6%
135
44
3%
4735
14
3
2%
13
33
6%
1%
45
3%
4834
14
3
2%
7.
100
500
1,70
300
10
80
100
1,00
90
Apr
7
Feb
21
534 July
g Jan
Ma
27
Feb
1
3831 Feb
Fell
8
34 Jan
134 July
Apr
July
July
June
Aug
Aug
June
July
May
Aug
1,
June
16
Jilmie
33
1034 July
2% July
July
46
July
6
69
May
July
20
434 July
. 3% .July
5
5
4%
10
60
3% May
4
Aug
16
' Feb
[July
82
July
2434
554
1734
934
5
1834
2
1%
44
3%
473.6
23.1
1%
7614 7934
13,
4
200
48% Feb
431
4
tie
'
3
11% 131
200
100
3,500
1% Feb
% Jai
411 A i)
25
335
1035
14
14
47
854
223.6
21
4
3834
141
531 Aug
131 June
1334 Sept
Sales
Friday
Last Week's Range for
Went.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Natl Belles Hess com____1
355
Nat Bond dr Share
•
Nat Dairy Prod pref A.100
Nat Investors coramon___1
255
534% preferred
1 437-4
Warrants
155
National Leather corn. _•
Nat Rubber Mach corn_ -•
Nat Screen Service Corp..*
Nat Service common
1
Nat Steel Car Corp
•
Nat Steel warrants
755
National Sugar Refining..
National Toll Bridge A._..*
National Union Radio_ __ I
Nehl Corp corn
•
Nestle-Le Nfur el A
•
Newberry (J J) Co
7% preferred
10(1
New York Shipbuilding
Founders shares
1
Niagara Share of ald al B.5
Niles-Bement-Pond
•
Nitrate Corp of Chile
Ctfs for ord B shares....
55
Novadel-Agene Corp__ •
Ohio Brass el B
*
011stocks Ltd corn
5
775
Outboard Mot A pref
•
Overseas Securities
*
Pacific Eastern Corp.___1 ' 255
Pan-American Airways.10
Parke, Davis dt Co
• 2254
Parker Rust-Proof
• 65
Pennroad Corp v t o
1
4
Pennsylvania Salt Mfg_50
Pepperell NIfir
100 73
Phillip Morris Inc
10
Phoenix Securities
Common
1
155
$3 cons' pref see A__ _1(1
Pierce Arrow Motor
•
Pitney-Bowes Postage
Meter
•
455
Pittsburgh Jr Lake Erie_50
Pittst•urgh Plate Glass_ _25 37
l'otrero Sugar
5
154
Pratt Jr Lambert
•
Propper McCallum Ilos.._•
Prudential Investors
•
7%
$6 preferred
•
Pyrene Mfg Co
10
Quaker Oats Co
• 133
6% preferred
100
Railroad Shares
•
1
Itainb8w Lumin Prod
Class A
•
Raytheon Mfg v t c___50c
Reliable Stores Corp_
•
Reliance Internet A
•
liellance Management ___•
Republic Gas common__ •
Reybarn Co
10
2
Reynolds Investing
1
Richman Bros Co
• 494
Rolls-Royce Ltd
Amer deposit rcts reg___ -----Roosevelt Field Inc
5
Itossia International
Rc
15%
754
4055
54
14
155
844 844
50
19
5
12
20
5
1331
2,000
100
400
55
54
13
74
251
3%
24
534
2255
65
31,
5
504
714
351
516
56
16
755
24
3%
2%
184
23
69
455
504
73
3%
4,000
SOO
200
500
10
20
70
7.40
1,30
90
8,700
5
140
800
14
155
25
25
735
7
3,700
200
200
355
844
35%
1%
1555
1%
755
68
3
133
117
1
4%
84%
3734
135
16
Ili
834
69
3
135
117
1
rre
3-4
24
255
1%
si
135 255
1
1
4951 4955
255
254
1
1434 1434
155
36
1%
35
High.
Low.
Jan
Feb
Feb
Fe
Apr
Apr
Feb
Mar
Apr
Mar
June
Feb
Feb
June
Jan
July
Apr
455
39
97%
4
48
24
34
5,
4
124
21
4
16%
1455
4555
55
255
154
255
May
8434 Aug
114 Jan
Apr
3
41§ Apr
20% Aug
June
9
1735 June
65
Ile
34%
6
3
155
4,
1%
20
124
204
1%
424
264
15.5
Jan
Feb
Jan
Feb
Feb
Apr
Apr
Feb
Mar
Mar
Mar
July
Feb
Feb
he Mar
94 Feb
7
Aug
2
3,200
100 28
1,275 13
35
200
200 10
55
400
3
2,500
100 57
2
100
170 64
40 109
55
200
500
100
100
100
40
200
800
800
25
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares
Range Since Jan. 1.
336 11,600
3.4
.500 z20
36
25 7654
97
1
2% 2,000
100 24
4454
1,800
34
155
4
400
155
li
100
3%
54
100
12
4
900
74
350 11
1655
55
500
8
200 224
4054
100
Vs
14
300
3.4
14
1S
100
34
36
100
155
3
35
97
255
43%
155
155
3%
12
Safety Car Mg & Itg..10(1)
57
57%
St Regis Paper corn
4% 551
10
5
7% preferred_ .----- 10n 3734
3655 3954
Seaboard UM Shares ____1
55
74
%
Securities Corp general...*
455 455
Seeman Bros corn
34% 3555
*
Segal Lock & liardware__•
55 1
Selberling Rubber
5
5
•
Selby shoe Co
1755 1735
•
Selected Industries too
Common
255 254
1
24
52
52
$5.50 prior stock
25
Allotment certificates_
5554 58
E7
Sentry Safety Control com•
4
1155 1255
Seton Leather Co
• 12
standard Dredging-3
3
Cony pref
•
3
Shenandoah Corp
Common
24 254
1
255
18% 184
$3 cony pref
25
Sherwin Williams com__25 434 414 4335
6% preferred A A
984 984
100 134.;A
1
135 141
Singer Mfg
Singer Mfg Ltd
251 3
Amer dep rcts regls
42%
40
Smith (A 0)corn
• 40
2
2
Southern Corp
•
Spanish & Gen Corp_
it,
1,16
Amdeprecforordiatareal
Spiegel May Stern Co
54
54
634% preferred
100
151 14
Starrett Corporation
I
2% 255
6% pref
10
251
80
80
Stein (A) 655% pref __NO
10 564 564 08
Sterling Prod
135
174
Stinnes(Hugo) Corp
•
•
855 10
9
Stutz Motor Car
3
3%
351
Sun Investing Co corn....*
34
34
• 34
$3 cony pref
1754 19%
Swift it Co
25 1851
274
Swift International
15 274 26
2% 3
Taggart Corp com
•
154 155
Tastyeast Inc class A____•
14
755 755
Technicolor Inc corn
•
2455 2454
Todd Shipyards
*
4% 455
Treatment Air Trans
•
451
Trans Lux Pict Screen
24 24
1
24
Common
255 255
Tri-Contlnental warrants_ -----20%
18
Tublze Chatillon Corp...
29
29
Class A
1
55( 64
Tung-Sol Lamp Wks__...•
5.4
•
54
34
Union Tobacco Co
United Aircraft & Transp50
50
6% pref A co-ware. _50
63.4 7
United Carr Fastener____•
United Chemicals Inc.
24 235
•
2%
Common
75i 854
5
735
United Drug
24 2%
•
United Dry Docks
155 135
United Founders
1
1%
United Molasses Co
3.
5
4
3
355
Ant dep rcts ord ref_.£1
1
1
United Profit-Sharing_ .•
544 5651
United Shoe Mach com_25 55%
32
32
21
Preferred
155
155
US Dairy l'roducts B___•
2
2
2
U S Finishing corn
9
;
U 8 Foil class B
155
154
il S & Internet] Secur---•
5454
1st pref with ware. ...• 54% 53
1743
Financial Chronicle
Volume 137
34
3
134
55
55
55
25
51
5655
1954
7%
45.4
5
455
58%
27%
09
655
51
78%
454
July
July
Aug
June
July
June
May
July
Aug
May
July
June
July
June
June
July
July
June
Aug
July
Sept
July
June
June
Aug
June
Aug
July
Aug
July
July
335 June
Aug
25
7% Aug
Feb
554
Mar 85
Feb 39%
Star
255
Jan 2135
4
May
Feb 104
Star 79
555
May
Mar 140
Mar 117
Afar
1%
Apr
Aug
Apr
Feb
May
Feb
Apr
Mar
Mar
Jan
34 Jan
51 Star
June
July
July
July
July
July
July
July
June
July
Aug
June
154
3
5
455
3
55
3
155
52.4
June
Aug
June
June
June
June
June
July
July
1451 July
354 July
155 June
100
500
200
755
50
9,000
260
200
100
400
500
200
200
16%
134
124
55
2
26
55
13,4
954
Feb
Mar
Mar
Apr
Apr
Jan
Jan
Apr
Apr
80
sg
56
136
10
384
1)4
74
2015
July
July
June
June
June
July
June
July
June
3,100
100
650
100
3,600
5.5
33
2655
4
155
Feb
Mar
Mar
Jan
Apr
455
65
70
55
14%
June
July
July
June
July
3
Sept
3
100
400
200
1,175
10
170
14
1255
12%
80
90
Sept
Feb
5
May
Mar 45
Slay 984
Mar 17555
2676
June
July
July
Sept
July
200
400
200
155 Jan
1151 Feb
34 Jan
e355 June
52% June
255 May
100
'ii Aug
155 July
25
200
200
200
9,800
100
1.000
600
100
22,100
4.900
20
12,700
GOO
100
1,200
Apr
15
55 Apr
'la Apr
Jan
70
5455 Aug
74 Apr
7
Aug
155 Feb
21
Feb
Feb
7
124 Feb
55 Apr
55 Apr
2155 Feb
log Feb
2% Jan
900
500
2,800
100
600
1,100
134 Ma
34 Apr
Apr
2
84 Ma
14 Jan
'14 May
100
300
300
10.000
1,100
24,200
11,800
500
550
2
100
100
1,700
400
700
4454 Jul
155 Fe
234 Aug
755 Aug
55 Mar
55 Apr
155
55
30%
3054
1
Feb
Mar
Mar
Mar
Feb
Feb
255 Apr
Jan
1734 Ms
54
234
6
80
63
154
20
5
354
244
32%
535
255
104
2855
655
355
44
2855
4615
934
74
Aug
June
June
Mar
July
June
July
June
July
July
June
June
July
May
June
May
June
July
June
June
June
June
50
7
July
Aug
6
1055
355
3
June
July
June
July
54
254
564
32
254
734
11%
34
65
July
June
Aug
June
June
July
June
July
July
U S Lines Inc Prei
S Stores v t c
Utility Equities common.•
•
Prority stock
Utility & Indus Corp. -•
•
Preferred
Vick Chemical
5
Waco Aircraft
•
•
Wahl Co corn
Hiram Walker Gooderharn
•
de Worts Ltd corn
•
Cumulative Ore!
•
Walgreen Co corn
Watson (John Warren). •
Wayne Pump Co
Western Auto Supply A..5
West Maryland 7% pt.100
West Va Coal & Coke__ _ _•
•
White Sewing Mach
•
Williams(R C)dr Co
Woolworth (F W) Ltd
Am dep rcts for ord shs _ _
2
454
1455
36
,
2055
Public Utilities
Am Cities Pow & Lt
25
Cony class A
1
New class B
Amer Cornmon'Ith Power
•
Class A common._
AmDist Tel NJ pro!....100
955
Amer & Foreign Pow wart*.
Amer Gas Jr Rice com_....• 30
•
l'referred
21 20
Amer L dr Tr oom
454
Am Superpower Corp corn*
-1st preferred
6954
•
Preferred
Appalachian El l'ower•
S7 preferred
Arkansas P&L $7 prof__ •
Assoc Ga Jr Else
1
155
New common
155
1
Class A new
5
•
$5 preferred
Warrants
•
Assoc Telep Util corn
Bell Tel of Canada
100
Brazilian Tr L Jr P ord___• 14
Buff Meg Jr East Pow._25
Cables Jr Wireless 146
Am dep rids A on shs..1
Am deprets B ord she.£1
96
Am dep nets pref shs_ _£1
Cent Jr tio'weet U111
2%
•
Common
255
Cent States Flee new oom 1
Cleve Else Ilium corn.. •
100
6% preferred
Columbia Gas Jr Else
100
pref
Cony
Commonwealth FAtson.100
Common Jr Southern Corp.
Warrants
Community Wat Serv__ _1
Consol0 E L&P Bait corn •
Cent G & E 7% pr pref_100
100 585.1
Duke Power Co
East Gas Jr Fuel Assoc._.•
43.4% prior preferred_ 100
100
6% preferred
East States Pow oom B__*
•
East Util Assoc corn
•
Cony stock
..100
Edison El Ilium (Ron)
Elm Bond Jr Share corn.
.5
$5 cumut preferred__ •
$6 preferred
•
Elec Pow & 1,1 2d pref A •
Option warrants
Empire Gas Jr Fuel
100
7% preferred
European Electric Corn
10
Class A
Option warrants
Fla l'ow Jr Lt $7 pref__ •
Gen G Jr E $G pref It.....
Gen Pub Serv S6 pref__ •
Georgia Pow $6 pref
•
Hamilton Gas corn v t c__I
llartford Electric LIght_25
Ind'polis P&L64% pfd100
Internet Hydro Else
S350 prof new
•
Class A warrants
Internet! Utility
Class B
1
Italian Superpower A___.•
Warrants
Jersey Con P&L 7% Pfr110
0
Long Island Ltg•
Common
7 ," preferred
,
50
B pref
100
Marconi Wirel Tot Can.1
Nfass ULU Armee v t
•
Memphis Nat Gas
5
Met Edison $6 pref
Middle West Util oom-•
$G pref nor A
National P Jr L $6 pref •
New England Pow Assn
•
$6 preferred
NY Telep 655% pref
NY \Vat Serv 6% pref_100
Niagara IIud Pow 15
Common
Class A opt warrant._
Nor Am Lt Jr Pow $6 pref •
Nor States Pow corn A.100
Ohio Edison $6 prof
Pacific 0 & E 6% lit p125
% 1st prof
25
Pacific Pub Serv 1st pref_•
Pa Water Jr Power CO. •
Philadelphia Co corn_
•
Pub Serv Ind pr pref___100
Puget Sound P & L•
$5 preferred
•
$6 preferred
Ry Jr Light Secur corn. •
Shawinigan Wat Jr Pow_ •
Sou Calif Edison
25
7% pref series A
25
6%5 pref ser B
534% preferred C._ .25
So Colo Power class A..25
Standard P Jr L Corp
•
Preferred
Swiss Amer Elec pref .100
Tampa Electric Co_ •
95s
/
5754
18
25
43
High.
Low.
200
100
300
100
500
300
2,800
500
100
35
55
155
25
1
134
30
8
14
Jan
June
Apr
Apr
Feb
Apr
July
Aug
May
154
2
455
5055
355
754
35
13%
34
June
June
June
June
June
June
Aug
June
July
4754 60,300
200
1435
100
17
400
55
1,100
1
100
20%
30
54
200
4
100
200
1254 1254
355
734
16%
54
ji
955
40
54
55
4
Feb
Feb
Aug
Jan
Ma
Jan
May
Jun
Jun
Mar
6455
1755
18
155
234
21
60
155
.55
164
July
July
July
July
May
Aug
July
July
June
July
2055 204
300
1155
Jan
2055 July
3245 33
355 34
200
2,600
2555 Fe
Feb
3
36% June
655 June
'IS
%
104 104
324
8355
20
44
70
3255
2,200
25
1,200
12,200
100
1.300
46,700
700
300
8054 8055
40
40
20
10
1
%
254
45
255
555
34
955
2
1
3055
Range Since Jan. 1.
76
24
43
155
5
304
935
2
4255
144
17
3,ie
1
2055
50
55
2955
83%
185(
455
6955
30
155
155
455
832
5,
5
11055
14
17%
400
174
155 11,800
460
400
34
600
54
25
11034
1474 2,700
100
1734
Si
Ma
May 104
1315
AP
50
Ma
Apr S954,
264
Apr
945
Mar
Apr 754
Apr 50
80
35
July
Apr
14
155
3
Ise
74
7235
6
1555
355 June
May
255 July
July
May
1055 June
Apr
34 June
155 June
Ma
Apr 110% Aug
174 July
Feb
June 2255 Jan
94
354
500
40
200
rs Apr
114 Feb
255 Feb
236 255
24 255
27
2755
10655 1064
300
4,100
200
40
20% m.
9955 Ma
17,4
74
355
134
10655 109
.59
60
15
%
74
74
5955 60%
5055 504
5855
58
200
200
6,500
100
1,300
25
50
June
Aug
June
June
June
June
June
June
June
'is
84%
255
17%
694
12
254
52
15
1
Ma
14 Eels
68
50
8,
4
34
434
354
3855
Jan
July
85
40
14 July
34 July
455 July
455 July
454 Ju..e
July
37
Jan
110
July
Apr 138
Apt 82% Jan
Apr
Slay
Apr
May
Apr
136
284
7055
66
76
4
Mar 1235 June
955 1055
800
Jan
25 554 Apr 68
59
59
July
May 68
125 39
5751
435 June
1% Mar
500
255 2.54
250 134 Apr 2655 July
18
2035
114 Apr
655 July
100
44 4%
60 13255 May 174% Jan
161 163
Feb 4155 June
24% 26% 91,100 10
700 224 Apr 5954 June
45
43
66 June
AD
5034 514 1,300 25
29
June
455 Fe
825
1555 16%
155 Feb
955 July
455 535 1,000
aaq
50
25
June
Mar
Apr
Star
Apr
Mar
Apr
54 Jan
4835 NIar
Mar
53
855
155
3355
15
6251
7074
Aug
July
Jan
July
June
Jan
June
July
May
July
22
55 Aug
27
74 Apr
15
834
155
11
51
24
14
35
5354
334
44
Tie
4835
,
9
15
755
1
17
10
45
5355
34
55
6255
855
151
17
11
5551
55
51
55
6255
2,800
1.000
50
150
35
50
1,200
50
25
2455
24
34
55
15
175
100
24
2
155 134
55
35
80
80
2,200
2,000
600
5
55
55
4,
SO
Feb
Feb
Slay
Aug
34
3
1
SO
1,700
sy, 10
90
69% 71
10
5351 55
235 334 23,800
100
255 24
700
4m
62
4
1 6255
25
1,100
ris
55
100
2
2
100
6251
61
951
59
484
55
1%
255
5455
55
4
1
Aug
Apr
Apr
Apr
Mat
,
Feb
Stay
Jan
Apr
Apr
16
824
74
355
3%
64
73
4855 5355
11655 116%
2535 254
855
74
2055
1855
3
254
4
12
3
18%
4355
34
210 2655
100 109%
25 16
9.54 13,000
115
, 1.200
25
100
25
1,700
600
10
10
10
9
9
34
34
:6455 z6415
2254 21% 2255
20% 19% 20%
34
5255 5254
,
1255 1255
30
30
19
June
June
Jane
June
July
19
194
1255 1255
9
9
174 18
28
10
2
400
2454 25%
19% 204
1755 1955
3
3
500
200
1,200
100
364 3655
35
35
2755 27%
150
100
200
84
aa
,
7%
2355
5554
21%5
19%
355
39
z5
30
4
7
59
75
July
94 Aug
June
June
June
Aug
June
Feb
Jan
July
Julie
May
Jan
74 May
34 June
7254 June
Apr 62% July
July
Ater 119
Jan 2555 July
1655 Jan
Mar
June
Apr
2
Nlar 1335 June
Apr 53% July
May z6455 Aug
Apr 25% Jan
Mar 2355 Jan
5% Apr
Sept
Mar
60
AP
1754 June
Ma
Feb
Aug 45
Apr
12
8
mar
534 Apr
Fe
8
28
2154
14%
204
June
June
June
July
Apr
May
Mar
June
27
24%
2255
64
Jan
Feb
Jan
June
224
1855
1755
2
16
Apr
1855 Mar
194 Apr
50
July
43% July
32
June
1744
Public Utilities
(Concluded)
Par
Union Gas of Canada_
•
United Corp warrants
United Gee Corp corn.
Fret non-voting
•
Option warrants
United I.t h Pow corn A..•
$6 cony lot pref
•
U S Elec Pow with warr 1
Utah P & L S7 pref
•
CBI Pow & Lt new com 1
Financial Chronicle
Friday
Sales
Last Week's Ra,.ve for
Sale
Of Prices.
Week.
Price. Low. If
Shares.
455
34
13-4
5%
21
1
135
Former Standard OH
Subsidiaries
Eureka 1 ipe Line
10C
Humble Oil& Ref
25 86
Imperial 011 (Can) cout)--• 514 34
Registered
• 1356
National Transit ____12.50
Northern Pipe Line
10
South Pennon
25 177-4
Standard 011 (Indiana) 25 3255
Standard 011 (Hy)
16 1734
Standard Oil (Neb)_ __ _25
Standard 011 (Ohio) corn 25 34
5% preferred
100
Swan Finch 011 Corp..
.20
235
Other 011 Stocks
Amer Maracaibo Co
Arkansas Nat Gas corn...-•
•
Common clam A
Preferred
100
British Amer 011
Carib Syndicate
25e
Colon 011 Corp corn
•
Columbia Oil& Gas vte-•
Coeden Oil Co
Ctrs of de0nalt
Creole Petroleum
5
Crown Cent Petro Icom •
Darby Petroleum new__ 5
Gulf Oil Corp of Pennn_ _25
Indian Ter Mum 011
Non-voting Class A_
•
International Petroleum_•
Kirby Petroleum
•
Leonard Oil Develop___25
Lone Star Gas Corp
•
Michigan Gas & 011
Middle States Petrol
Class A vtc
•
Class it v t c
•
Mountain & Gulf Oil
1
Mountain Producers____ 10
National Fuel Gas
•
Bradford Oil
New
Nor Cent Texas 011
Nor European Oil corn_
Pacific 5k estern Oil
•
Pantepec Oil of Venez___•
Petroleum Corp of Amer
Stock purchase ware....
Producers Royalty
1
Pure 011 Co 6% pref___ 100
Reiter Foster 011
•
Richfield i i pref
25
Root Refining corn
Converitlbe prior pref.10
Ryan Consol Petrol
•
Salt Creek Consol Oil.. _10
Salt Creek Prod Assn_ _.11I
Southland Royalty Co
6
Sunray 0
5
0
Texon Oil h Land Co--- •
Venezuela Nfex 011
i0
Venezuela Petrol
5
Woodley Petroleum
1
Mining
Hunker }Ill.& Sullivan_ _10
Bwana NI•Kubwa Copper
American shares
Consol Comm: Ni tries__ 5
Consol Min & Smelt__ _25
Copper Range Co
Crosson Cowed
1
Cusi Mexican Mining_ .50e
Evans Wallower I.ead com•
Falcon Lead Mines
1
Goldlield Consol Mines_ 10
Heels Mining Co
25
Hollibeter Cone& G M___5
Hurl Bay Min & Smelt...•
Internet Mining Corp.__-1
Warrants
Iron Cap Copper
10
Kirkland Lake 0 M Ltd_l
Lake Shore Mines Ltd_ __I
New Jersey Zinc
25
Newmont Mining Corn 10
N Y & Honduras Rosario10
Niphising Mines
_
01110 Copper Co
1
Pioneer Gold Mines Ltd..1
Premier Cold Mining-._.1
Roan Antelope Copper
American shares
St Anthony Gold Mines_ _1
Shattuck lienn Mining. __5
So Amer Gold &
Standard Silver Lead ____1
Tack Hughes Mines
1
Tonopah Mining
1
United Verde Extension We
United Zinc Smelt
•
14 enden Copper NI Ming_ _1
14 right-Hargreaves Ltd •
Yukon Gold Co
5
Bonds
Alabama Power Co'
lot & ret 58
let & ref 58
1951
1st & ref Os
1956
1st & ref .5.9
1968
1st & tel 4358
.1967
Aluminum Co s f deb 5s 52
Aluminum Ltd deb 55_1948
Amer & Corn'wealths Pow
Cony deb 6s
1940
5544
1953
Amer Corn Pow 5558_ _1953
Amer & Continental 55 '43
Am El Pow Corp deb 65'57
Amerti& El deb 135_2028
Am Gas & Pow deb 85_1939
Secured deb 5s
1953
Am Pow & 1.1 deb As 20111
134
235
2
14%
sm
3
133
455 551
000
2% 355 1,200
335 435 17,300
7,800
3155 35
134 135 4.400
555 5% 12,100
1.200
2055 22
1
134 2,300
50
26
26
1% 1%
1,100
Low.
134
1',)
155
13
34
2
855
155
20
1%
Apr
Mar
Feb
Feb
Feb
Mar
Apr
June
Mar
Aug
High.
7%
655
69-4
45
134
935
4155
1%
42
29-4
July
June
July
July
June
June
June
June
June
Aug
July
June
July
July
May
June
July
July
July
20% June
41
July
June
88
3 June
150
3135 3134
6,300
8054 86
1334 x14% 4,300
13% 13%
200
100
855 851
300
5
5
16% 17%
3,700
29% 3235 24,800
1634 1734 2,700
17
17
200
32
34
500
20
80
80
100
234 2%
20
40
63-4
635
5%
434
11
17
834
11
1534
60
1
134 13.700
134
235
1,000
234
155 2
2,700
234 2%
300
500
14% 1455
5
634 35,30
234 3% 4,80
135
134
1,20
Mar
174 Feb
Mar
.1
Fel
2
655 Fe
Feb
34 Feb
Apr
255
556
4
454
1456
734
4
23i
,
July
June
June
June
Sept
July
July
June
Jaz
May
Pet
Aug
Ma
69-4
835
1%
651
62
June
July
July
July
July
Apr
Fet
34 Jar
34 Apr
434 Apr
7
19%
2
13-4
11%
June
July
June
June
June
334 4
7% 83-4
35
134
5
535
55
60
1.30
6,00
2,200
40
7,80
1%
4%
34
4%
24
19%
155
34
9
4
4
100
17% 1934 19,600
1% 1%
300
3.4
% 2,600
1,100
8% 974
Mar
Mar
Mar
Apr
Apr
Apr
Fen
Mar
Mar
Apr
Mar
Apr
Jan
131
.855
436
5
2%
274
74
3-4
34
34
600
Feb
1
34
4135
88
1554
15
10
634
22%
33%
534 July
June
June
July
June
M ay
June
June
Feb
July
July
634
2%
200
500
100
1,500
900
1,700
100
100
700
4,500
Jai
34 Jan
255 Jar
Feb
10
35 Jar
16 Apr
Jar
Ma
35 Ma
35
4334
35
34
4036 4354
5.800
9,200
160
Jar
Ma.
Apr
35 June
114 June
49% July
1
1
11
6
255
7-41
55
134
135
134
555 6
2
256
,
35
94
634 67-4
4% 535
135 134
8% 9
554 7
13)
7-4
214 3
1,600
1.300
400
300
600
110
1,400
4,900
300
500
2,800
5,300
900
34
Apr
55
,
%
3%
-5
%
8
3%
June
May
Feb
Feb
Feb
Feb
1%' July
255 June
135 June
4L4 July
85
June
July
1
64 June
9%
ne
53)
135
635
235
535 5%
15
1555
134 1%
255
234
655
135
34
Ill
635
5%
134
9
7
1%
3
40
40
40
21
4
155
134
694
20
154
47
%
34
73.4
3%
Jan
Apr
3
Aug
% Jan
1% Mar
75
1455
34
3.1
74
Jan
634
300
134
135
135
700
125 125
10
5
100
5
5
35 7,500
loll
Ills
lel
2,500
1.100
he
35
34
35
3
. 13,800
6,600
31
51
1,000
5%
555 535
3,400
9% 10
935 10% 9.600
10%
854 955 4.300
9
33-4
1,700
33.4 355
1% 135 135
100
1,
4
134
55
134
its
55
III
23)
534
2114
735
,
27-4
35
Jan
1331
1
7
13.4
334
jjt n"Ye
u
Mae
Sept
June
July
47 34 July
Jan
1%
2%
Apr
Jan 135
Feb
6%
55
Jan
Jan
154
Fel
13.4
he
Apr
lhe
Jan
8%
Pet
Jot1035
Jar
129-4
11
Aug
435
Auc
Jan
234
June
June
July
June
Julie
June
June
June
July
Juno
July
July
July
July
June
Feb
July
July
Aug
July
July
600
55
45% 9.300
1,500
58
5135 14,400
200
18%
234 5.800
36 6,500
1334 38,300
1% 14,1600
34
25%
26%
11%
7%
1
he
3%
he
Jan
Mar
Mar
Mar
Feb
Jan
Jan
Jan
Apt
55
47
60%
513.4
21%
4
55
15%
155
June
2454 2735 2,400
II 24,400
35
2% 3
800
,
234 355 6,400
II, 3.800
34
6
654 23,700
he
500
31
4
1,400
4%
100
55
35
he
51 5,700
7
754 98.900
36
54 4,800
77
%
115
35
35
II
3%
%
135
35
he
834
Itt
Mar
Jan
Feb
Mar
Fel.
Feb
Mar
Mar
Aug
Jan
Jan
Feb
2755
31
4%
355
55
7%
154
6
55
114
734
1
Sept
June
June
Aug
Apr
July
June
June
Aug
Jun
Aug
June
6335
98
74
85
8056
78%
7155
6334
97
74
8555 5,000
8134 8,000
2,000
80
71% 5.000
61,000
69
98
61,000
11,000
75
75
68%
61
5856
54
80
4755
80
26%
7734
349.4
2855
5734
255
2
551
80
25%
7754
3334
28
57
2%
25.4
5%
SO
27
8134
35
3034
60
44%
58
4835
234
Ill
11%
134
27
716
3
34
655
43-4
735
31
34
4255
56%
45
17%
2
he
1155
19-4
Sales
Friday
Last 1Veek's Range for
Week.
Sale
of Prices.
Price. Low. High.
Range Since Jan. 1.
4
851
13)
535
60
5
Sept. 2 1933
JUTS]
July
Apr 100% Jan
Apr 97
Jan
Apr 95
Jan
Apr 8955 Jan
Apr 8134 Jan
Apr 99
Jan
Mar 80 June
35 Apr
17,000
1% June
8.000
Mar
3
6,000
Apr
3.000 64
27,000 11234 Apr
Apr
37.000 69
Apr
13
21.000
Ii
Apr
33.000
32.000 324 Apr
53)
8
e8
85
40
92
42
37%
73%
July
Jan
Jan
May
July
Jan
July
July
July
Bonds (Continued)
Am Radler deb 4 %5__1947
Am Roll N1111 deb 5s..1948
436% notes___Nov 1933
Certificates of deposit_
Amer Seating cony 65_1936
Amer Thread 555s_ _1938
Appalachian El Pr 58.1956
Appalachian Power 55_1941
Arkansas Pr & Lt 56.. 1958
Associated Elec 4 55s__1953
Associated Gas le El C0
Cony deb 5 553
1918
43-)s
194S
Cony deb 43-4s
1949
Cony deb Es
1950
Deb 5s
19611
Registered
Cons deb 534e
1977
ASSOC Rayon Is
1950
Assoc T & T deb 5558 A '56
Assoc Telep Utll 5555_1944
6% notes
1933
Atlas Plywood 594s 1943
13aldwIn Loco Works
65 with wurr
1938
es without war!'....1938
Bell Telep of Canada
let M 15e series A
1955
1st M 58 series 13
1957
1st NI 5s ser C
1919
Bethlehem Steel As. 1998
Birmingham Elec 474, 1988
Birmingham Gas 58_ 1959
Boston Consol Gas 58_1947
Broad River Pwr 5s A.1954
Buffalo Gen Elec Is. 1939
Gen & ref 5s
19.56
9934 9931 99%
7335
7234 72
10135 10451
102
10134 10135 102%
4934
48
48
10255 10256
87% 9034
88
102% 10334
69
6851 7334
3355 33% 3435
18
1435
1655
1535
18
44
1235
20
16
16
14
1535
1555
,
15
17%
43%
4155
18
16
15%
17%
17
1535
1934
4555
433-1
123-4 1455
18% 20
4934 493-4
Low.
High,
20,000 83
Apr 10035
35,000 33
Apr 81
626,000 45
Apr 105
159,000 10156 Sept 10235
5,000 22
Apr 51
1.000 9631 Jan 103
35,000 7155 Apr 97%
12,000 94
Apr 105
41.000 82
Apr 9035
63,000 2555 Apr 4755
23,000 13
1,000 129-4
157,000 11%
102.000 13%
153,000 13
6,000 .14
26,000 16
31,000 33
19.000 15
04.000
5
9,000 11
5.000 27
Mar
Star
Mar
Mar
Mar
May
Mar
Apr
Feb
Mar
Apr
Mar
26%
27
2655
28
27
25
3535
52
4756
2454
5355
53
July
July
Jul;
Aug
July
Aug
Jan
Feb
Jan
J/10
July
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
Jan
June
1169) 114 11755 162.000 102
7554 7434 7535 106,000 70
July 117% Aug
July 8255 Aug
102
10134 102
102
101% 101
1013-4 102
10935 110
6435 6455 65%
54
54
54
104 10
4
42
41
10594 10555 105%
106
10515 106
Feb
Apr
Mar
May
May
Feb
Apr
Apr
Feb
Mar
Canadian Nat Ry 75..1935
102 102.55
Canada Northern l'r 58 '53 7534 74% 7
6
Canadian Pao fty 6e_ _1942 11155 111 112%
Capital Admit-11s 55..1953
With warrants
7534 7555 77
Without warrants_ _ ______
7856 7634
Carolina Pr & Lt 5s_ __19158 67
66
87
Caterpillar Tractor 5s_1935
98
9
8
ether Rapids M & 55 •53
100 10135
Cent Arizona L & 58_1960 86
83
8854
Central German Power
Part ctfs 68
35% 3551
1034
Central III Pub Servlcebe series E
6634
66
1958
let & ref 43.4* ser F.1967 5934 5955 61
5s serleti G
1968 6355 6336 65%
43-4s series II
1981 5955 5955 61
rent Maine l'ow 5s1) 1955 9235 91
92%
Cent Ohio Lt & Pow Os '50 6555 6555 6335
Coot Power Is eer 0..1957
5854 63
Cent Pow & Lt 1st 5s 1956 52
5434
51
Cent Pub Serv 555s___1949
With warrants
3
3
Without warrants
23) 2%
Cent States Elec 5s_ _ .1948 48
4535 48%
Deb 11558 Sept 15 1954
With warrants
4835
4754 47
Cent States P & L 554s '53 4334 4234 4435
Chic Dist E ee Gen 455s '70
Deb 554*..1935 78
Chic linen Tool 5558__•42
ChM Rye Is otfs
1927
Cincinnati St Ry 6513__1955
cities Service 516
1960 3356
Cony deb 55
1950 34
Cities Service Gas 53.4s '42 5155
Cities Serv Gas Pipe L '43 67
Cities Serv P & L 5548 1952 3435
53-4s
1949 3434
Cleve Mee III let 561-19311 10436
5.9 series A
1954
5s series B
1961
Comment und Privat
Bank 5 55s
1937 53
Commonwealth Edison
lot NI 5e series A_ _ _1953 10056
1st M be series 13_ 1954 10034
let 4 548 series C_ -.1956
1st NI 434* series 1).1957 91
43.4e series E
1960 92
let NI 48 settee F
I 8155
536a series 0
1962 101
Corn wealth Subsid 555e '48 73
Community Pr & 1.15, 1957 48
Conneeticut Light & Power
454R series C.
1956 10156
5s series D
1962 106
Conn River Pow 5s A 1952 9934
Conan!0, E L & 1' 4%s '31'. 1039-4
Consol Gas(Balt CIty)58'39
Canso!055 El Lt & P (Balt
434s series Cl
434, serlea 11
19 )
9971 10555
lot ref, f 45
1981 9734
Consol Gag Utll Coln & coil As cot A. _1943 3935
Deb 654* with wart 1943
Consumers Pow 450_1958 10154
1st & ref 5s
1938
Cont'l 058 & El 5s....1958 4934
Continental 011 53.-4e.. 1937 10055
Crane Co 5s_ _ A wr 11040
Cruclble Steel deb 55.1940 7055
Cuban Tobacco Os
_1944
Cudahy Pack deb 5355 1931 09
Sinking fund 58_ _ _1946 10335
Curnb Cob'& L 4%5_1956
Dallas Pow & Lt 138 A.1949
Is series C
1952
DaYton Pow & Lt 55 1941
Del Elec Power 5 555..1959
Denver Gam & Elec 55_1849
Derby Gas & Elea 5s_ _1946
Del City Gas egs eer A 1947
55 let series B
1950
Detroit Internal Bridge
634s
Aug 1 1052
Ctfs of deposit
Dlxie Gulf Gas 6558 1937
With warrants
Duke Power 4368
1967
Eastern Utilities Investing
Is series A w w
_1954
Edison Elea Ill (Boston.
2-year 58
1934
5% notes
1935
Elec Power & Light 55_2030
El Paso Mee 5.9 A _ _1950
Elmira Wat I.& RR 55 1951
Empire Dist El Se.... _1952
F:mnire 011 Ref 5 kis 1942
Range Since Jan. 1.
73
71
90
78
59
59
5935
58
56
55
3334 333-4
3355 3435
54% 5555
68
67
3355 34%
3455 35
104 10455
106% 10731
103 103
42.000 87
110,000 8534
19,000 87
5,000 99
12,000 58%
3.000 40
5,000 901
4
3,000 273.4
3,000 101
3,000 9936
98
Apr 102% June
59
Mar 78
July
7055 Mar 11354 July
14,00
1,000
15,000
6.001
19,000
17,000
67
67%
54
88
86%
7734
1,000
3531 Aug
80
July
74% July
1073
78
Jan
1
2,000
7,000
42,000
35 Jar
13) Jal
2735 Apr
Jilt'
5
434 Stir
July
56
79.000
47,000
23
Apr
2334 Apr
569-6 July
54
July
6.000 5834
16,000 74
1,000 2355
26,000 47
3,000 48%
7.000 243.4
206,000 24m
15,000 42
6,000 54
83.000 25
50.000 25%
24,000 11%
2.000 10274
3,000 102
7
6
5
67
Apr 8455
Apr e94 4
Jai
659-4
NI a
5163.4
Apr 65
45
Ma
46
Ma
Fel
Jan
Apr
Apr
Ma
Apr
Apr
4654 Jun
1
104% 3.000 975
1,001
9755
106
9934 35,000 89
16,000 0916
104
5,000 10235
10631
1,075
105
105
1054
199
5
105%
1,000
8.000
51,000
Jail
j1
Je
a
Jan
Jat
i:
Jan
Jan
Julya n
July
June4 tay
May
Stay
67
July
7854 June
43% June
43% June
el 07 55 May
1083) Jan
110
Jan
6835
27,000 .9135 Apr 10034
15,000 92
Apr 10594
14,000 58355 Apr 10254
21,000 8354 Apr 101%
29,00(
82
Apr 101
144,000 741-4 Apr
933.4
129,000 95
Ain 108%
36,000 57
Apr 87%
17,000 3655 Apt
59
10435
,
106
98%
103
106%
Jan
J an
Ja
"
Jan
Jan
Jan
Jan
Jan
Jan
June
May 10535 Feb
May 10755 Feb
May 10055 Aug
Mar 104 56 Cell
May 10855 Jan
98
Jan
Apr 106
953-4 Ma> 107% Jan
89
Aug
May 100
36,000 21
4
3,000
18,000 0055
10,000 100
106.000 37
92
30,00
15,00
65
4,00
25
6,000 37
49.00
87
13,000 99m
7,00
72%
100
10534 10634 7,00
9834
102% 1035i 6,00
40.00
99
104% 105
15,000 60
76% 78
5,000 3)63-4
100 100%
2,00
60
7655
76
33,00
75
91% 93
68
8255 8255 82% 8,00
Jan 4334 July
Apr
July
16
Apr 10454 Jaui
Mar 100
Jim
Apr 6555 June
Mar 10055 July
Apr 02
June
Apr 81% July
Jan
Aug 40
Mar 100% July
June
mar 105
Apr 0131 Feb
Apr
May
Apr
Apr
A pr
May
Mar
May
1041i J50
103% Aug
10654 Jan
8554 June
10234 Jan
July
83
983-4 Jai,
Jan
91
531 10,00
355 3,000
3
2
Ma
Jai
935 June
July
8
3,000
4,000
70
88
Apr
Jan
9435 July
102
June
9134
91
10054 100%
16
Jan
Apr
Apr
Apr
Apr
May
Apr
Apr
Apr
10135
10034
95
94
94
83m
102%
783.4
50
102% 1023-4
102
44
43
79
80
66
5414 543.4
47% 4754
6434
July
July
July
Aug
Aug
Apr
52
48%
52
48
85
5355
49
42
5031 5331 30,000
5
335
Apr 83
Apr 80
Apr
7935
Mar 0934
Mar 101%
Apr 0334
14,000
02,000
7.000
10,000
7,000
12,000
12,000
38,000
10634
10354
105
77
10055
534
355
Aug
Aug
Aug
June
Jan
July
Jan
Jan
Jan
Jan
21,000
14,000
88,000
100
99
93
9055
92
81
100
73
48
3934 4254
105.5
10
10034 10135
104% 104%
4834 5036
100 100%
8554 87
7054 72
37
37
98% 9955
103% 103%
8734 88
103
102
102
112
80
66
105
484
1071)
10656
16
102%
10234
473-4
80
66
58
4831
1,000
26.000
46.000
77,000
5,000
1.000
8.000
39,000
934 Feb
99%
9555
2A
65
66
37
V%
Apr
AP
Apr
Apr
Aug
Apr
'knit
23
Jan
10335 Jan
10314 Jan
59
July
8655 Jun
88
Jail
67
July
589-4 Judy
Bonds (Continued)
-.Ercole Nloreill El6555_1953
With warrants
Erie Lighting 58
1967
European Dec 6 155_ -1965
Without warrants
European Mtge Inv 75 C67
Fairbanks Morse deb 50_42
Farmers Nat Mtge 7s_1963
Federal Water Serv 5%8'54
Finland Residential Mtge
Banks 68
1961
Firestone Cot Mills 50.'48
Firestone Tire & Rub ba '42
First Bohemian Glass 7s'57
Fla Power Corp 5%8_1979
Florida Power & Lt bs 1954
Gary El & Gas 5s ear A 1934
Gatineau Power 1st 58 1956
Deb gold Gs June 15 1941
Deb 6s series B._..1941
General Bronze 6s_...i940
Gen Motors Accept Corp
5% serial notes
1934
5% serial notes
1936
General Pub Serv 5s 1953
()en Pub Util 64s A.1926
2-yr cony 6355
1933
Gen Rayon (15 ser )6_1948
Gen Refractories 6s_ _ _1938
Gen Vending Corp 65_1937
Certificates of deposit_
Oen Wet Wks dr El be 1943
Georgia Power ref Ss.. 1967
Georgia Pow & Lt 55..1978
Gesture! deb 65
1953
Without warrants
Gillette Safety Razor be '40
Glen Alden Coal 48_1965
Glidden Co 548
1935
Gobel (Adolf) 64s
1935
With warrants
Godchaux Sugar 756s_1941
,
Grand (F W) Prop 65_1948
Grand Trunk Ry She 1936
Grand Trunk West 4s-1950
Great Nor Pow 5s_ _1935
Great NVestern Power 65'46
Guantanamo & West Os '58
Gulf 011 of ea 58
1937
58
1947
Gulf States Util 55-.1956
4%0 series B
1961
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Price. Low. High.
66
88
64%
62
48
76%
68%
6755
73
High.
Low.
4,000
4,000
63
88
June 70% Feb
Jan
May 104
77
3955
72
4555
35
17.000
13.000
12,000
11,000
22,000
60
23
46
24
18
Mar
Apr
Apr
Star
Apr
77
39%
7255
4535
43
Aug
Aug
July
Aug
July
68
88%
9236
61
67
63
503.1
77%
69%,
683.5
74
2,000 38
17.000 68
10,000 71
3.000 00
36,000 44
98,000 48
7.000 354
80.000 594
20,000 39
39
15,00
6,000 84334
Jan
Mar
Apr
Jan
Apr
Mar
Mar
Apr
Mar
Mar
Apr
70%
893-4
92%
6555
74
70%
72
8354
7234
73
74
Aug
July
Aug
Jan
July
July
Jan
July
July
July
Aug
14.000 1004 Mar 103%
Mar 10455
7,000 100
July 75
60
1,00(
38
Mar
20.000 12
3.000 174 Mar 48
Mar 60
25,000 20
Sept 108%
78,000 102
Aug
July
Jan
June
June
June
Aug
73
91
72
45%
32
Range Since Jan. 1.
73
91
76
33
71%
45
32
66
88
9135
61
64%
61
48
76
6815
67%
73
103% 103%
103% 103% 103%
70
70
34% 33% 35%
46
46
42% 4254
102 105
102
53
7315
56
6
2,000
6
5439 24.00
53
7339 76% 93,00
14,00
59
56
43
95%
63%
94
3935
95
63%
92
22.00
44
95% 6,00
6454 25.00
13,00
94
2
3834
60
40
Aug
Mar
Apr
Apr
6
Aug
60
Slay
90% Jan
70% July
31% June 09% Jan
Apr 102
Feb
89
Apr 714 July
45
Apr 94
Sept
75
8251
79
99
99
9
9
101% 10134
71% 73
90% 9934
102 103%
25
25
101 101%
101 102%
76% 7
8%
76
74
19,000
1,000
2,00
3,00
4.00
2.00
17.00
3.00
54.00
31.000
16,000
12,000
55
77
7
94
50
89
93
1235
92
92
50
53
Apr
Feb
Apr
AD
Apr
AD
May
Jan
Apr
Ma
Apr
Apr
Hatikenaack Water 65_1938 104% 103 104%
5s series A
1977 101% 101% 101%
69
Hall Printing 5158
67
1947 68
43
42
Hamburg El & Unci 5555'38
65
65
Hood Rubber 556 %--1936
Houston Gulf Gim55% 56%
let (Is
1943
lions I. & P 1st 44s E 1981 92% 9215 9355
94
93
1st & ref 44s ser D.1978
101 103
58 series A
1953 101
113 115%
Iludson Bay NI & S 65_1935
ilYgrade Food Products
60
60
series A
1949
17,000
11,000
36.000
10.000
3,000
96
904
49
42
3155
Mar 1049.6 Sept
Apr 103% Aug
Mar 7214 July
Aug 72% Jan
Ma
68
July
3.000
14,000
20.000
20,000
14,000
3114 Mar 61
794 Apr 964
964
7855 AP
88
May 104
Apr 120
77
79
10155
73
101%
101%
76%
5,000
41
7,000 85%
9335 100
Idaho l'ower 58
1947
Illinois Central RR 434e'34
39
79% 40,000 33
94% 9,000 85
93
Ill Northern Utll Is. _1957
50.000 52
III Pow & L 1st 65 ear A '63 62% 6115 68
63
1st & ref 5555 ear 13_1954 61
19,000 50
60
6155 39,000 454
let & ref Sneer C._1956 53
57
deb 648-- Ma2 1957 4955 4734 50% 41,000 38
5,000 844
100% 100%
Independent till&Gas 00311
Indiana Electric Corp
71% 2,000 57
Os series A
70
1947
64% 9.000 48%
63
58 series C
1951 64
ndep 011 & Gas Os_ ..A939 loom 100% 100%
2,000 84%
61% 63,55 10.000 49
Indiana Hydro-Elec 55 '58
Indiana & Mich Elea93
lst & ref 65
93
1,000 80
1955 93
55
100 101
14.000 94
1957
Indiana Service 55._..1963 30
2956 30
11,000 123.4
29% 3034 20,00
let & ref 55
14
1966 30
Indianapolis Gas .5.s A_1952 77% 745.6 7731 2,000 65
91% 68,000 7334
Ind polls P & L Sneer A '57 87
87
Intercoutinents Pow 601948
With warrants
154
3% 3% 1,000
International Power Sec
83
78
Secured 6 395 ear C__1955 83
16,000 74
83
83
7s series E
16,000 70
1957
80
80
8,000 45
7s series F
1932
international Salt 58._1051 88% 8835 89% 17,000 7455
57
58% 21,000 40
International Sec 58._1947 57
61% 11,000 21
Interstate hr & Steel 5%8'46 6135 60
Interstate Nat Gas 6s_1936
Without warrants
104
104
1,000 103
104
Interstate Power 58...1957 4955 49
52% 47,000 3811
40
42% 20,000 204
Debenture 68.
1962 40
Interstate Public Service
57
60% 51,000 4615
be series 13
1956 60
45
5335 56% 28,00
4 55a seam F
1968 55
63
76
76
2,00
Invest Co of Amer 5s 1947 76
63
Iowa-Nab L & P 6s. 1957 75% 75% 76% 19,00
74
89
89
2.00
Iowa Pow & Lt 4%e..1958 89
7835 79
60%
11,00
Iowa Pub Serv bs _1957
7915 5,00
71
76
Isarco Hydro Elec 75.1952
Italian Superpower of Del
3734
72 130.00
Debs 85 without war '63 69% 69
30%
48% 15,00
Jacksonville Gas 50...1942 45% 45
98
Jamaica Water Sup 534e'55 10254 102% 10215 5,00
97% 9931 18,00
86
Jersey C P & 1.55B...1047 93
80%
89
90
40,00
1961 89
439s series C
103% 104%
Jooes&Laughlin Steel 55'39
4,00 101
Kansas Gas & Mee 05_2022
Kansa power & Ligtit.
1955
65 series A
1957
50 series 11
Kentucky Utilities Co1961
ld Ik4 158
1969
55 series I
Kimberly-Clark 55. _1013
KoPnera CiA C deb Ss 1947
Sink fund deb 545.1950
1945
Kresge(8 53 Co 54_
Certificates 01 deposit...
1935
Laclede Gas 53.45
Lehigh Pow Recur 65_2026
Lexington Utilities 55_1952
Libby MO: & Libby 68'42
1942
Lone Star Gas 58
Long Island I.tg 6s_ 1945
Loa Angeles Gm & Elea
1947
5%e series E
1943
,
5395 series I
1939
Sn
1961
1st & gen be
65
1942
1049
5%s series I
1745
Financial Chronicle
Volume 137
Apr
July
Jan
Jan
Jan
July
June
Feb
Apr 91
Apr 8784 Jan
Mar 101
July
Jan
Slay 76
Jan
Apr 99
May 105
Jan
Apr 40% July
July
Apr 44
Apr 8355 Jan
Apr 9654 Jan
Jan
July
May
Apr
Mar
Mar
Apr
10
June
91
90
80
89%
6115
67%
Feb
Jan
Aug
July
July
June
Feb 10555 Mar
Apr 64
July
Apt 5335 July
Apr
Apr
Mar
Apr
May
Apr
Apr
Apr
Apr
Slay
Apr
Mar
Apr
7.000
69
Apr
92
8655
92
85
93
88
4,000
15,000
83
71
Apr
Stay
57
57
64
90
78%
83
90
89
69
7655
66
64
91%
9155
67
65
90%
80
8355
90
9215
,
70
79%
68
70
92
9155
8,000
13,000
10.000
14,000
8,000
8,000
13,000
20,000
10.000
12.000
3-1.000
2.000
1,000
bb
52
72
70
72
77
66%
47
56
56%
464
84
80
Ma
Apr
Apr
Apr
Mar
Apr
Mar
Mar
Apr
Apr
Mar
May
Apr
90
92%
70
77
66
70
65
July
July
Jan
July
Aug
Jan
Jan
July
July
Aug
Jan
Aug
Ma
10235 Jan
Apr 8515 July
100% Feb
Ma
Apr 77% July
Apr 74
July
Apr 71
Jan
AD
60% Jan
July
Mar 101
7955 80
90
7856
9335
100
12
102
73
101
106%
36
102%
10256
82
784
Mar
101% 1014 10,000 99
101 1014 4.000 97% Apr
10,00 100% Ma
103% 103% 104
99% 99% 99% 8,000 914 May
100
Ma
1.00
1044 10115
101
1.000 98% May
101
784
72
76
8414
92%
8314
864
Jan
Jan
July
Jan
Aug
JUIY
Feb
Bonds (Continued)
Sales
Friday
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
Range Since Jan. 1.
High.
Low.
57
Aug
944 Jan
57
57
81% 82
2,000
4,000
48
May
7354 May
101 101
99% 100
Los Angeles Pacific 4s_1950
Louisiana Pow & Lt 58 1957
Louisville Gas & Eleo-1937
65 series A
1961
435s series C
1,000
8,000
99
Mar 1024 Jan
Feb
8915 Slay 102
36
3855
Manitoba Power IS 48-1951 36
Mansfield Mining & Smelt
50
50
7s with warrants_ .1941
51
51
7s without warr_ _1941
Mass Gas Co
8515 85%
Sink fund deb 58_1955
88%
87
515s
1946
151cCord Rad (lz Mfg
43
43
6s with warrants_ _1943
99
99
Slemph1s Power & Lt 5848
Metropolitan Edison
1971
4a series E
7735 78
1962 8755 8734 88
Ss series F
51
Slid States Petrol 6555.45
50
Middle West Utilities114 114
.J932
ctLs of deposit.
11
1933
11
50 ctfs of deixisit
115(
55 ctfs of deposit.„1935 10
10
58%
Midland Valley Is.....1943 5855 57
99% 100%
Milwaukee Gas Lt 4150 '67
7555 /555
MInneap Gas Lt 445_1950
102% 102%
Minn Gen Elec 5n._._1934
1978 7256 72% 73
Minn P & L 454s
,
1955 78
80
78
58
Mtssissippl Pow 55_1955 54
58
53
Miss l'ow & Lt 5s._ 1957 59.16 5834 60
Miss River Fuel 65....1944
95
95
With warrants
95
104 104%
Miss River Pow let Se,1961
Missouri Pow & Lt 5150'55
92% 9255
Missouri Public Bevy be '47 51% 51% 52
Monon West Penn Pub Ser
7155 73
let Oen & ref 545 B 1953
46
Mont-flak Pow 555s___'34
4655
Montreal L H & P Con
let & ref ba ear A___19/11. 10155 lot% 10235
ba Berles B
1970 100% 100% 101
Munson 8S Line 6%5_1937
With warrants
15% 16% 2094
Apr
53
July
2,000
1,000
47
Apr
474 Apr
55
55
July
July
17.000
9,000
7155 Apr
Apr
75
944
99
8,000
1,000
84 Apr
May
81
34,000
9,000
5,000
Apr
68
79
Apr
2755 Mar
10,000
20
335
1.000
3%
4,000
4%
22,000
12,000 37
9.000 91
1.000 7255
3.000 100
10.000 57
7.000 66
18.000 44
56,000 50
47
103
Jan
Jan
July
Jan
Jan
86
9754 Feb
60
July
Mar 18
Mar
18
Mar
18
Feb 5415
Apr 10214
Apr 90
Mar 10335
Apr 81
Apr 87
Apr 733.4
Apr 83
July
July
July
Sept
Aug
Jan
Feb
Jan
Jan
Jan
Jan
Mar 96% July
May 105(4 Jan
July
Apr 93
Jan
Apr 65
5,000
8,000
4,000
8,000
79
98
79
37%
2,000
2,000
48
27
Apr
Apr
58,000
30,000
84
82
Feb 102% Aug
Aug
Feb 101
27,000
76
50
Jan
June
31
July
9154 Slay 104
Apr el03
96
Mar 85
50
Mar 74
41
Aug
Aug
Jan
Jan
8
Feb
Narragansett Nice be A '57 10231
ISs auks B
1957 10234
Nat Pow & Lt 65 A_.2026
Deb be series B.___2030 6355
Nat Public Service be 1978
Certificates of deposit _
National Tea 55
1935 --973-4
Nebraska Power 445.1941
2022 90
6s series A
Nesner Bros Realty 65 '48
Nevada-Calif Elm 58_1968
N E Gas & El Assn 5s..1947 47
Cony deb 55
1948
1950 47
Cony deb 55
New Eng Pow Assn 55_1948 55
Debenture 615s__ 1954 58
New On Pub Serv 4148 '35 504
6eser3es A
1949 3054
N Y Cent Elec 5155_1950
NY Penne & Ohio 4548'35 9834
N Y P&L Corp 1st 445'67 9031
N Y State G & E 445_1980 74%
1962
5368
NY & Westch'r Ltg 582004
1954
Debenture 5s
Niagara Falls Pow 68_1950 106
1959
ba series A
Nippon Flee Pow 63.58 1953
No American Lt & Pow
1934
.5s
5% serial notes
1935
5% serial votes____1936' 923-4
195)3- 33.14
53.4s series A
Nor Cost CBI 54s_ _1948
Nor Ind o& E 08__ _1952
Northern Indiana P 81966
5s series C
1969
55 series 0
5%5 series E
1970 65
Nor Ohio Pow & Lt 5%a'51' 9039
No States Pr 514% notes'40
Refunding 4 54s..._ 1961 914
North'n Texas UM 75 1935
N'western Flee 65____1935 8135
N'west Power Os A...1960
Certificates of deposit_
N'western Pub Serv 58 1967
1023-4
102
73%
63
3,000
103
10256 7,000
75% 7,000
35,000
65
14
9755
98%
90
44
65%
4636
48
46
52
57%
5034
3055
61
9855
9015
73%
8715
93%
104
106
10235
66%
1555 14,000 11% Apr
9735 6,000 83% Jan
May
9955 25.000 88
,
Apr
11.000 80
92
Apr
9,000 17
45
66% 20.000 474 Apr
Apr
47% 47,000 37
483-4 4,000 384 Apr
48% 35.000 37% Apr
64,000 35% Mar
56
Mar
6035 61,000 40
Apr
13,000 40
53
11.000 233-4 Apr
35
Aug
6115 2,000 61
Apr
9855 11,000 88
Apr
92% 115,000 82
75% 52.000 6814 Apr
Apr
5,000 80
89
Apr
9335 16,000 82
11 000 9814 June
104
107% 13.000 BR% Mar
9634 May
104% 10,00
6655 19,000 35% Feb
10031
9596
923-4
33
33
92
100%
05%
9255
3655
3455
93
3.000
21.000
21,000
69.000
10,000
6,000
8615
74
68
2155
22
7834
Apr 100% Aug
Apr 96
Aug
May 92% Aug
Apr 47% July
July
May 43
May 102% Feb
72
7454
65
90
87
9035
9755
8155
75
74%
6855
9815
87
9155
9755
8315
10.000
17,000
6.000
20.000
2,000
80.000
2,000
7,000
5955
59
54
80
70
75
83%
7755
Apr 9056 Feb
Apr 91
Feb
Apr 8555 Jan
Apr 103% Jan
Mar 96
July
Apr 97% Jan
June 9955 July
June 93
Jan
1945
Ogden Gas 5.9
Ohio Edison let 55_ _ _ _ 1960
Ohio Power let be B _1952
let dr ref 4 Sis set D 1956
Ohio Public Service Co
1st & ref bs set 13.__1954
1961
515s series E
Okla Gas & Elm 55-1950
1940
Os series A
Okla Pow & Water 58_1948
1941
Oswego Falls 65
97%
9415
8755
100%
9755
4,000
96
9016 71.000
101% 12,000
9834 38,000
85
73
904
81
Apr 101% Feb
Apr 95
Jan
May 1044 Jan
Ay
9934 Jan
,
8555
75
47
53%
7755
82%
85
75
47
5335
3,000
79
82% 5,000
8835 55,000
7855 13,000
51
19.000
17,000
57
64
70
704
63
35
36
Ma
Apr
Apr
Ma
Mar
Apr
83
83
Pacific Coast Pow 55..1940
Pacific Gas & El 001941
1st 6s series B
1962
72
1st & ref Esser C
Aug
1955
53% July
55 series 13
1957
102% July
let & ref 4145 E
101% Jan
let & ref 414s F.-1960
96% Jan Pacific Investing 5s_1948
104% Aug
Without warrants
Pao Pow & Light bas.- _1966
8555 Jan Pacific Western 0116 348'4:3
With warrants
9515 June Palmer Corp of La 6s_ 1938
9015 Aug Penn Cent L & P 448 1977
Penn Electric 45 F___ _1971
7715 June Penn Ohio Edison
80
July
Deb 5%s serles B___1959
90% Aug Penn-Ohio P & L 6545 1854
1956
84
Aug Penn Power be
87% July Penn Pub Serv 6s C _1947
1954
06
Jan
5s series 1)
93
July Penn Telephone 5s C_1960
80% July Penn V. at & Pow 55. _194b
1968
88% Jan
4155 series B
74
July Peoples Gas Lt & Coke
1936
77
4 56 ‘,"".. notes
June
1951
97
4s 0eries B
Mar
1957
100
68 series C
Jan
Peoples Lt & Pwr 50..1979
104% Feb Phil& Electric Co 50-1966
103% Aug Phtla Elec Pow 5%a _1972
106% Jan Ptilla Rapid Transit 65 1962
103% Jan Phila Suburban Counties
Gas & Elec 4145_ -1957
105
July
ihilrhan WM' Ca '51
Phits q,
94%
88
2,000
103-6 1035
19,000
69
67
103
10755 108%
101
101 105
100% l00% 102%
9515 9555 96%
9555 95% 9634
•
75
76%
5356 53% 56%
1,000
10% Aug
Apr
55
7934 Ma
Ma
20,000 101
34.000 983-4 AP
21,000 9455 May
57.000 86% Apr
Mar
42,000 86
10,000
52,000
2314 Jan
984 July
10235 July
9855 Jan
July
50
763( July
59% June
Jan
60
5934 Jan
68 14 JUIM
7215 June
Jan
66
494 Jan
82
Jan
9939 Aug
99
Jan
914 Jan
Jan
105
974 Jan
105
Feb
108(4 Jan
108 • Jan
6716 July
1035 July
7555 July
89%
90
9114
8355
63
5955
Jan
Jan
Jan
July
July
July
93
Feb
11234 Jan
106% Jan
1053( Jan
10134 Jan
1013-4 Jan
64
48
Apr
Apr
81
73
July
July
76
92
68%
6734
3,000
76
94
4,000
70% 18,000
6739 0,000
57%
7934
60
5156
Apr
Apr
Apr
Apr
July
81
94% Aug
804 Feb
744 Jan
6054
94% 94%
101% 101%
92
80
80
92%
10855
6434 13.000
9716 11,000
13,000
102
92
1,000
1.000
80
92% 3,000
los% 9.000
looss 13,000
45
85
96
81
70
90
994
94%
Apr
May
Mar
Apr
Apr
Mar
Apr
May
7514 Jan
10335 Feb
Feb
104
Jan
100
93
Jan
97% Feb
108% Aug
101
Jan
92
70
6754
so%
4,000 93% Mar
Apr
28,000 66
86.000 874 Apr
835 Apr
2,000
16,000 1024 Mar
51,000 1014 Mar
5,000 4314 May
7715
98%
33.4
10835
10654
49%
99% 100
77% 7934
98% 98%
3-9_i 39_i
107% 10S%
10655 10716
493-4 50
103 ig
103% 103
10.00
103% 10315 10.000
1014
93%
1084
814
1104
1011
604
Feb
Jan
Jan
May
Jan
Feb
Jan
954 May 104% Jan
95% Mar 1044 Jan
1746
Financial Chronicle
Sept.
2 1933
sta
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
Bonds (Continued)
-
Range Since Jan. 1,
Piedmont Hydro El Coln & ref 6558 Cl A-.1960 72
72
70
20,000 65
Piedmont dr Nor 58..„1954 7955 79
79% 15,000 6034
I ittsburgh Steel 6s_ _ _1948
81% 8155
4,000 63%
l'oor & Co 6s
1939 8755 86
8755 8,000 41
Portland Gas di Coke 5s '40 9436 94% 9534 9,000 82
Potomac Edison 65 E.1956 88% 88
8855 15.000 74
4555 series F
1961
84
83
11.000 65
Potomac Elec I'ow 58_1936
104% 10456
2,000 102
Potrero Sugar 75
1947
Wr It bout warrants
5,000
8%
15
15
Power Corp of NY
1942 90
634s series A
90
92
4,000 8055
1947
5348
65
1,000 52
65
Power Corp of Canada
434s series B
1959
55
19,000 28
56
Power Securities Corp 65'49
American series
61
59
59
17,000 44
Procter & Gamble 4345 '47 10456 10434 105% 18.000 9851
Prussian Elec deb 68..1954 44% 44% 4755 12,000 42
Pub Serv (NH)4565B 1957
91% 9255 11.000 85
Pub Serv of N J pet Ctrs __ 111
109% 111
17,000 10351
Pub Set v of Nor Illinois
let & ref 58
1956 7531 7531 79
17,000 68
is series C
1966
7435 75% 6.000 61
455s series D
1978 72
4,000 60
72 a74
lit & ref 4555 ser E_1080
14,000 61
7035 72
lit & ref 4555 ser F.1981 70% 70
7235 3?,000 60%
6555 aeries 0
1937 95% 9455 98% 128,000 8034
63is series II
9155 9254 29,000 7554
1952
Pub Sera of Oklahoma
58 series C
1061 76
113,000 52%
76
76
5s series D
1957 7455 7454 75
8,000 54
Pub Fen Sub 555s A_1949 59
,
58
5,000 42
59
Puget Sound P & L 5548'49 5555 55% 57
62,000 47
let At ref 5s ser C
1950 5355 5255 54% 28,000 4531
lit & re14%5 ser D_1950 51
5254 40,000 40
51
1968
Quebec Power 5s
Queens Borough Gas & El
1958
Ref 4548
Reliance Management 56'54
ith warrants
Republic Gases
1945
6$ ON of deposit__ 1945
Rochester Cent Pow be '53
lioebester fly & Lt 55_1954
Ruhr Gas Corp 6548...1953
Ruhr Dousing 6555-1958
safe Harbor TN at Pr 4%13'79
St Louis Gas & Coke 6847
San Diego Consol G & E
534s series D
1960
San Joaquin L & P1955
es series 13
1955
Sanda Falls is A
Salon Pub 9% orks 65..1937
Schultr Real Estate 68 1935
Without warrants
Scripps (E U) deb 555a '43
Seattle Lighting 5s-1949
Shawinigan W & P 455s '67
434s series B
1968
1970
1st 5s series C
lit 4555 series D___1970
Sheffield Steel .534s_ _1948 ,
Sheridan Wyo Coal 66_1947
South Carolina Pwr 58 1957
Southeast P & L t1s___2025
Without warrants
Sou Calif Edison 56_1951
Refunding 5s
1962
Refunding &June 1 1954
Gen & ref 55
1939
Sou Calif Gas Co 4%5_1961
1057
1st & ref 5s
Sou Calif Gas Corp 55_1937
Sou Indiana G & El 5568'57
Sou Indiana Ry 45___1951
Southern Natural GIs 68'44
Unstamped
S'west Assoc Telep 55_1961
Southwest0& E 55A_19571
1957,
55 series B
Sou'west Lt & Pow 58_19571
Sou'west Nat Gas Os_ _1945,
So'west Pow & Lt
Sou'western Pub Serv 6945,
Staley Mfg Co Os
1942
Stand Gas Ar Elec 68..1935
Cony 68
1935
Debenture Cs
1951
Debenture 65.Dee 1 1966
Standard Investing
55 without warr___ A937
Stand Pow & LC 6s____1957
Stand Telep 534s_...1943
Stinnes (Hugo) Corp
713 without ware Oct 1 '361
713 without warr____ 1946
Sun Oil deb 5345
1939
1934
534 notes
Sun Pipe line 55
1940
Super Power of In 4558.'68
1st 435s
1970
Swift & Co let m a f Si.19441
5% notes
1940
Syracuse Lighting
5s B
1957
Feb
July
15
May
Apr
Apr
Jan
July
July
July
Jan
Aug
July
Feb
9955 Feb
Aug
65
July
64
July
Apr 67
May 10551 Aug
Jan
70
Au
Apr 95% Feb
Jan
AD 119
Apr 100% Jan
Jan
Apr 98
Apr 9055 Jan
Apr 9155 Jan
Jan
Apr 93
AD 10734 Jan
Apr 100
Feb
Aug
78
July
81
8034 Jan
67% Jan
Jan
86
Jan
63
Ap
71
Apr
AD
Ap
AD
AD
Ma
96
July
11,000
93
93
1,000
88% Ma
100
Jan
a59
10655
4255
33
9934
835
94
a59
1,000
55
Fe
68
June
1955 19%
21%
20
35
3535
10655 106%
42% 45
3255 35
99% 100
8% 9
37
11
37
728%
72%
7234
104
1,000
1,000
18,000
11,000
92% May 107
9755 Ma 105
Aug 67%
37
14,000
3,000
16,000
62.000
20.000
14,000
30.000
4,000
5,000
7
55%
30
49
50
57
4851
65
23
Apr
AD
Apr
Apr
Apr
Mar
Ma
Apr
Feb
17.55
7255
54
8054
80%
87
81
88
48
48
AD
7355 July
11
7055
37
71
72
81
71%
8631
44
1255
70.34
40
73%
73
81%
73
88
4555
64% 66
6,000
Ma
99
57.000 4754
6635 66% 69
1013.4 10135 10234 41,000 94
102 102% 13,000 9451
102
102 102% 24.000 94
102
105 10534 10,000 101
87% 88% 8,000 79
91
91
2,000 80
3834 88% 88% 21.000 72
103% 104% 17,000 98
6055 62% 7,000 34
5934
72
64
92
6255
49
46%
46
Apr 24% June
Apr 24% June
Mar 48
Jan
Star 108% Feb
Jan
67
Jun
Ma
60% Jan
Jan
AD 102
Apr 16% Jan
100 100
103% 104
37
38
104
100
2,000 14
8,000 13
19,000 25
4,000 100
74.000 3355
37,000 2334
34,000 90
8,000
7
Mar
May
Apr
May
Feb
Apr
May
Slay
Apr
Apr
Jan
106
Jan
Jan
Jan
July
Feb
July
July
July
July
July
Aug
July
64
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
July
5951
51
72
70
6354
3255
57
69
6255 32,000
5355 8,000
73% 11.000
72
8,000
70
6.000
3255 5,000
57
3,000
5,000
69
39
35
60
52
5055
26
32
55%
Apr
Mar
Apr
Apr
May
Mar
Apr
Apr
75
59
82%
82
7854
43
68%
7135
July
July
Jan
Jan
Aug
May
July
July
92
61
62
48
4555
92
63
63
49%
4855
7,000
52.000
45.000
29.000
16,000
6956 Ma
35
Mar
Apr
35
28% Apr
2855 Apr
93
77
77
62
60%
Aug
July
July
June
July
5,000
78
77
4455 46% 36.000
16% 16% 2,000
Apr
63
26% Apr
Apr
10
79% Aug
June
59
3235 Jan
3751 38
3451 3535
102% 103
103
10114 101% 101%
10035 100%
71
70% 7255
71%
70
70
10234 10255 104
9935 9951 99%
38
26,000
20,000
11,000
5,000
1,000
19.000
6,000
26,000
37,000
10334 103% 103%
1,000
7,000
13.000
23,000
5,000
27,000
16,000
25,000
48,000
7,000
61.000
15,000
Jan 7655
Apr 8355
Feb 82
Apr 92
May 100
Apr 9155
Stay 86%
Apr 106%
93
Tennessee Elec Pow 561956,
68
70
Tennessee Pub Serv Si 1970'
7935 80
Terni II yaro Eire 6545 1953! 72
73
72
5556 5555
Texas Cities Gas is. __19-iv
Texas Eiec Service 56_19601 7654 75
78
Texas Gas Utli
19% 22
20
Texas Power & Lt 65.._ 1956 80% 80% 83
1937' 100
100 10031
55
Tide Water Power 55_19791 6034 6051 al.%
1962.! 9055 90
Toledo Edison fts
9255
Twin City Rap Tr 5548 '52 2755 2754 27%
19441
Wen Co deb Pa
Union Atlantic 4 i6s 1937
Union Elec Lt & Power
454s
1957
55 series B
1967
Un Gull Corp 56..July 150
United Elec (N J) 0..1949
Un'ted Her Seri:75_1956
United Industrtai 6 %s1941
lit 65
1945,
United Lt & Pow 65
1975
1st 5558-__. April 1 1959
1974'
deb g 6558
tin Lt & Ry 6345
19521
1952.!
66 genet. A
1973'
6s series A
High.
Low.
34
3554
10151 10154
5,000
7,000
99
99
98
103 103%
103
10255 102% 102%
101% 101% 102
76% 7655 76%
4655 46%
4555 4555 48
4855
46
79% 80
5355
52
4755 47% 52%
SO
SO
46
47
28,000
6,000
26,000
5,000
15.000
15,000
13,000
9,000
10.000
18,000
52,000
5.000
2.000
3051
29
994
99
9555
59
60
96%
87
July
July
AD
Feb
Jun
May
AP
Apr
Ma
82%
10555
105%
105%
108
95
99%
91
10534
65
59%
103
102
100%
84
83%
10555
10034
Jan
Jan
July
Aug
Aug
.,an
Jan
July
July
96
Star 106%
Jan
63
70
69
46
66
11%
70
(CO
4435
80%
20
May 95%
Apr 94
Jan 8151
Feb 60
Apr 90
Feb 33
Apr 92
AD 104
Apr 69
0935
AD
Apr 34%
Jan
Jan
Feb
July
Jan
Aug
Jan
Jan
Jan
Jan
May
15
92
Jan 43
July
Apr 101% Aug
87%
92%
96
95
67
35
3535
27%
54%
29%
131%
84
25l,
,"
Apr 9955
Apr 106
Apr 103
Ma 103
July 8355
May 66
May 68
Apr 60
Mar 82
Apr 65
Apr 61
Apr 83%
Apr 55
Jan
Jan
Feb
Jan
Feb
an
Jan
June
July
July
July
July
June
Bonds (Concluded)
-
Sales
Friday
Last IVeek's Range for
Week.
of Prices.
Sale
Price. Low. High
U El Rubber
1933
6% gold notes
100 100
05% serial notes 1934
9835
98
655% serial notes...t935 86% 8654 87
635% serial notes _1937
,
7555
74
,
655% serial notes 1938 75
7555
75
634% serial notes.
.1939 76
78
75
654% serial notes__ 1940
76
75
Utah Pow dr Lt (is A._ 2022
58
52
4565
65
1944 65
65
Vaispar Corp 6s
11
1940
11
Ctfs of deposit
9
9
Van)ma Water Pow 5348'57 85
87
85
Van Camp Pack 6s___1948
10%
9
9
Va Elec & Power 66___1955
100 100
Va Public Serv 555s A 1941i 64% 64
64%
18t re/ 58 ser B
6234 64
1950 63
Waldorf-Astoria Corp
79 with warrants.
.1954
6% 6%
Ward Baking Os
9655
1937 95
95
Wash Gas Light 55_1958 85
8454 86%
14 ash Water Power 55_1950 93% 9351 96%
West Penn Flee 55
2030 5835 57% 61
West Penn Pwr 4s It..1961 9855 9855 995.5
West Texas Utll 58 A _ 1957 51% 49% 5155
Western United Gas & Elee
1st 5555 ser A
81%
1955 77
77
Wise Elec Pow 5s
1954 101% 101% 10255
Wise Pow & Lt Es E.__ 1956
77
75
58 series F
7635
74
1958
Yadkin River I'ow 5s. '41
8955 89%
York Rya Si
9055 9055
1937
Foreign Government
And Municipalities
Agile Mtge ilk (Colombia)
75
1947
Baden 78
1951
Buenos Aires (Prov)7358 stamped
1947
External 7s
1952
7s stamped
1952
Cauca Valley 75
1948
Cent Ilk of German State &
Prov Banks 65 B_1951
65 series A
1952
Danish 5558
1955
55
1953
Danzig Port & Waterways
25 year 634s
1952
German Cons Munic 75.47
Secured 68
1947
Range Since Jan. I.
Low.
High.
3,000
19,000
17,000
4,000
6,000
6,000
3,000
4,000
1,000
1,000
1,000
8,000
3,000
9.000
8,000
16,000
68
50%
2934
25
27
27
25
45
53
754
9
68
9
89
57
54
Apr z110
Apr 99
Feb 90
Apr 8035
Feb 80%
Feb 83
Feb 80
Apr 67%
May 70
June 13
Aug 10
Jan 88
Sept 24%
May 101
May 77
Apr 71%
2,000
5,000
21,000
14,000
15,000
13,000
29,000
235
,
90%
78
87
4455
93
3555
Feb
831 June
Apr 97% Aug
Mar 94% Feb
Apr 102% Jan
June
May 71
Slay 101
Jan
July
Apr 67
6,000
4,000
8,000
22,000
5,000
1,000
64
97
6254
59
75
78
Apr 89% Feb
Star 103
Jan
May 89
Jan
Slay 8951 Jan
Slay 0034 Aug
Jan
Apr 92
16
25
Mar
Aug
4034 July
5755 Jan
May
May
Slay
Mar
4354
41
4554
19%
2,000
33
33
3151 32% 10,000
May
Aug
July
July
July
July
July
July
June
June
June
July
May
Jan
Jan
Jan
35
35%
34
1434
36% 16,000
3,000
36
6,000
35
1551 2,000
34
29%
2934
7
53
30
8435
73
5155
27%
78
70
36,000
53
35,000
30
8455 14,000
4,000
73
3635 May
28
June
M ar
58
Jai
57
Jan
66
Jai
55
8436 Sept
73
Sept
4055
30
4056 41% 27,000
3555 68,000
30
41,000
3155 35
Slay
37
2655 Jun
26
May
54
Jan
62% Jan
61% Jan
8,000
23,000
45% Aug
28
May
Mar
61
5434 Jan
Hanover (City) 75_1939
Hanover(Prov)65.58. _ 1949 3955
Indult Mtge Bit (Finland)
1st mugs con s f 78..1944 85
Lima (City) 654s
1058
Maranhao 7s
1958 1755
Medellin Mimic 78...1951
Mendoza 75Ss
1951 32
Mtge Ilk of Bogota 75.1947
7s Issue of Slay
1927 27
7s issue of Oct 1927.... ......
Mtge 13k of Chile 65_1931
Parana 78
1958
Rio de Janeiro 6555.__1959
Russian Govt
655s
1919
531
6358 certificates-1919
5%
5355
1921
6
53s certincates
1921
5
Santiago 75
1949
1961
4555 47
3751 40
July
July
July
July
85
755
1654
18
32
85
754
1755
18
33
5,000
1,000
3,000
1,000
4,000
59
4
65:5
10%
17
Mar
Feb
Jan
Ma
Stai
9255
11
22
23
3951
JUIY
July
July
July
July
26
25
9%
11
1635
27
2534
10%
11%
1655
2,000
4,000
6,000
2,000
2,000
1835
20
8
5
7
Feb
Ma
Apr
Jan
Jan
35
35
15%
16%
2255
July
July
June
July
July
55.5
431
33-4 555
431 6
5
455
10%
10
954 10
2(1,000
172,000
23,000
71.000
3,000
4,000
2
151
2
155
4
455
Apr
Ma
Mar
Apr
Ste
Jan
834
734
834
754
13%
1234
July
July
July
July
June
June
• No par value. a Deferred delivery. 0 o d Certificates of deposit. cons 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, vieVoting
trust certificates.
z Ex dividend.
w w With warrants.
w I When issued.
w Without warrants.
z See alphabetical list below for "Deferred delivery- sales affecting the range
for the year:
American Manufacturing. pref.. Feb. 7. 30 at 4351.
Arkansas Natural Gas, corn., class A, March 15. 400 at %.
Associated Gas & Elec. Si 1968, registered. Star. 29. 31.000 at 13.
Beneficial Industrial Loan corn, April 19, 200 at 8.
Central States Roger is 58 1948, April 7, 616.000 at 2751
Cities Service, corn., April 13, 100 at 1%.
Commonwealth Edison is, series A, 1953. April 24, 35.000 at 91.
Commonwealth Edison 434s, series C 1956. April 24. 82.000 at 83.
Gen. Bronze Corp. Gs, 1940* low, Apr. 10. $7,000 at 43.
Indiana Electric 55. series C. 1951. Feb. 1, $7.000 at 80.
International Petroleum, Feb. 2, 200 at 83.4.
Jersey Central Pow & Light 555% pref., May 29. 25 at 58.
Letcourt Realty corp.. pref. Apri 4, 100 at 234
Ludlow Mfg. Associates, July 11, 30 at 82.
Niagara-Hudson Power class B option warrants Starch 21. 10.
Peoples Light & Power 58. 1979, April 18. 32.000 at 55•
San Antonio Public Service 55, 1958. May 3,81.000 at 64.
Syracuse Lighting 5558, 1954, Feb. 1, $1,000 at 10934•
Union American Investment 5s w. w. 1948. April 12, 51,000 at 72
United States Rubber (3s, 1933. Stay 19, $8,000 at 10054•
Valvoline 011 7s, 1937, July 10. $1,000 at 6051•
Western Newspaper Union 66, 1944, March 16, 51.000 at 21.
e See alphabetical list below for "Under the rule" sales affecting the range for
the year:
Associated Telephone 31.50 preferred. Feb. 9, 100 at 1956.
American Community Power 5555. 1953. June 16, 51,000 at 10.
Chicago District Electric 5555, 1953. Feb. 2. 87,000 at 9555.
Cleveland Electric Illuminating 58 1939. June 1, $1,000 at 10733 •
Crown Central Petroleum corn., April 24, 67 at 1.
Ilygrade Food Products 6s, series B, 1949, July 25, 81,000 at 621
,
Narragansett Electric be, series B. 1957. Jan. 17, $1,000 at 104.
New York & Westchester Ltg 5s1954. Star. 27, 35,000 at 10654•
Singer Mfg. Co. Am. dep.[TM. July 6, 12 at 355•
Tennessee Punlic Service 55. 1970, Jan. 13. $1,000 at 9554•
U. S. Rubber es, 1936. July 31, $2,000 at 90.
Financial Chronicle
Volume 137
1747
Quotations for Unlisted Securities-Friday Sept. 1
Port of New York Authority Bonds.
Bid
Public Utility Bonds.
Bid
Ask
Bayonne Bridge 48 series C
86
J&J 3 80
1938-53
80
88
Inland Terminal 434s ser D
Geo. Washington Bridge-M&S 66.25 5.50
1936-60
45series II 1936-50_ _J&D 64.75 4.50 Holland Tunnel 434s series E
434s ser B 1939-53_ _M&N b4 75 4.50
M&S 97
99
1934-60
Arthur Kill Bridges 434s
series A 1931-46
M&S
Ask
U S. Insular Bonds.
Philippine Government
4111934
de 1946
434s Oct 1959
4348 July 1952
55 April 1955
5s Feb 1952
5345 Aug 1941
Bewail 434s Oct 1956
Bid
Ask
97 100 Honolulu Sc
88
92 155 Panama 3s June 1 196E
28 Aug 1 1936
90
93
94
28 Nov 1 1938
91
95 100 Govt of Puerto Rico
434s July 1958
95 100
55 July 1948
101 104
99 102
Bid
98
10314
100
100
AO
103
104
101
101
98
99
102
103
Federal Land Bank Bonds.
Bid
48 1957 optional 1937_kI&N 897
s
48 1958 optional 1938_M&N 897
8
43413 1956 opt 1936____J&J 9038
434/1 1957 opt 1937____J&J 903
s
43iti 1958 opt 1938___NI&N 903
8
58 1941 optional 193EM&N 98
434s 1033 opt 1932__J&D 10012
Ask
907
8
907
8
91$8
913
8
913
8
99
101
4345
434s
4348
4348
43413
453s
44e
1942 opt 1932__M&N
1943 opt 1933____J&J
1953 opt 1933____J&J
1955 opt 1935____J&J
1956 opt 1938____J&J
1953 opt 1933____J&J
1954 opt 1934___J&J
Bid
93
93
92
92
92
93
93
Ask
94
94
93
93
93
94
94
New York State Bonds.
Bid
Bid Ask
Canal & Highway
58 Jan & Mar 1933 to 1935 63.00
55 Jan & Mar 1936 to 1945 83.40
5s Jan & Mar 1946 to 1971 63.70
World War Bonus
431s April 1933 to 1939__
434s April 1940 to 1949_
Institution Building
45 Sept 1933 to 1940
Highway Imp 434s Sept '63 11612 119,2
4s Sept 1941 to 1976
Canal Imp 4 ifs Jan 1964.__ 11612 11912 Highway Improvement
Can & Imp High 434s 1965_ 11112
4s Mar & Sept 1958 to '67
Barge CT 434s Jan I945___ 10612
Canal Imp 4s J &.160 to'67
Barge C T 45 Jan 1942 to '46
Ask
63.00
63.50
63.25
63.40
Bid
Ask
I Bid
a3s Mr y 1935
78
88 89, a434s June 1974
4
d3
:day 1954
78
75 a4 Sig Feb 15 1978
73
033413 Nov 1954
78
73
75 a4 ha Jan 1977
a4e Nov 1955 di 1956
78
75
77 a434s Nov 15 1978
M & N 1957 to 1959..
78
75
77 a434i March 1981
a4s May 1977
8112
75
77 a434e M & N 1957
045 Oct 1980
8112
75
77 a4348 July 1967
c454e Feb 15 1933 to 1940_ b7.00 6 00 a434a Dec 15 1974
8112
a43s Mareh 1960
8112
77
7812 a43413 Dec 1 1979
a4 lie Sept 1980
7912
78
a4 As March l962& 1964.... 78
94
7912 a6s Jan 25 1935
94
04 345 April 1966
7912 a(38 Jan 25 1936
78
94
a43.4s April 15 1972
791 065 Jan 25 1937
.
78
a Interchangeable. 6 Basis. e Registered coupon (serial). dCoupon.
Ask
79,
2
7912
79 2
,
7912
7912
8312
8312
8312
8310
9512
9512
95 2
,
New York Bank Stocks.
Par Bid
Ask
Ask
Panl Bid
Bank of Manhattan Co20 283 303 Lafayette National
25
63
4 03
4
8
8
liank of Yorktown
31
Nat Bronx Bank
50 26
100 20
25 1614 1914
Bensonhurst Natl
4
3 - National Exchange
100 25
Chase
5
8
20 267 287s Nat Safety Bank &
8
Citizens Bank of Bklyn_100
95
25
9
City (NaUonal)
,
20 29 8 31 8 Penn Exchange
,
National
100
80
Comml Nat Bank dc Tr_100 139 149 Peoples
Public Nat Bank & Tr. .25 - 3- 363
314
4
Fifth Avenue
100 1055 1105
.25 1512 1812
First National of N Y...100 1415 1465 Sterling Nat Bank & Tr.
Textile 13ank
49
52
Flatbush National
100 35
100 18
23
Fort Greene
25 Trade Bank
100
12 4
Washington Nat Bank_100
Grace National Bank
_-_-_ 200
Yorkville(Nat Bank of)_100 30
40
68
Kingsboro Nat hank._..100 48
100-
Trust Companies.
Bhi Ask
143
354 361
12
10
60 62
10 4 1314
,
108 114
Central Hanover
20 136 140
8
Chemical Bank & Trust 10 377 397
8
Clinton Trust
50
50 40
13
Colonial Trust
100 10
16,2
Continental Bk & Tr
10 15
Corn Each lik & Trust
20 5212 5412
Par
20
100
100
10
100
25
Empire
Fulton
Guaranty
Irving Trust
Kings County
Lawyers County
Manufacturers
20
New York
25
Title Guarantee & Trust_20
Underwriters Trust
United States
Bid
Ask
197 2138
254 279
316 321
1812 20
1900 2000
363 3834
4
1612 18
97 101
1012 21
100 55
100 1620
85
1670
Guaranteed Railroad Stocks.
(Guarantor In Parenthesis.)
Dividend
Par in Dollars.
100
Alabama & Vicksburg (III Cent)
Albany & Susquehanna (Delaware & Hudson).100
100
Allegheny & Western (Buff Koch & Pitts)
50
Beech Creek (New York Central)
100
13oeton & Albany (New York Central)
100
Boston & Providence (New Haven)
100
Canada Southern (New York Central)
Caro Clinchfield ds Ohio (1.& N A CL)4%.......100
100
Common 5% stamped
Chic Cleve Cino & St Louts prof(NY Cent)...100
Cleveland & Pittsburgh (Pennsylvania)
50
50
Betterman atock
25
Delaware (Pennsylvania)
100
Georgia RR & Banking (I,& N, AC L)
Lackawanna RR of NJ (Del Lack di Western).100
100
klichigan Central (New York Central)
50
Morris & Essex (Del Lack & Western)
New York Lackawanna & Western (1) L & W1_100
50
Northern Central (Pennsylvania)
100
Old Colony (N Y N H & Hartford)
60
Oswego & Syracuse (Del Lack & Western)
Pittsburgh Bess & Lake Erie(US Steel)
50
l'referred
100
Pittsburgh Fort Wayne &Chicago(Penn)
100
Preferred
Rensselaer & Saratoga (Delaware & Hurlson)-100
100
St Louis Bridge let pref(Terminal RR)
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal(Penne)
10
0
Valley (Delaware Lackawanna & Western)
100
Vicksburg Shreveport & Pacific (III Cent)
100
Preferred
Warren RR of NJ (Del Lack e, Western)
5
0
50
west Jersey & Sea Shore (Penn)
4 Last reported market.
• No par value.
6.00
11.00
6.00
2.00
8.75
8.50
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
304)
Ask.
75
175
85
28
114
135
47
72
78
80
65
37
32
140
63
700
63
80
75
91
60
23
55
115
146
106
108
53
108
207
78
66
68
45
53
s Defaulted.
80
185
31
118
51
76
82
85
88
41
35
148
66
66
85
78
97
65
31
125
150
110
112
112
211
85
70
70
50
IS
/ Ex-coupon.
Newp N & Ham 55 '44_180
N Y Wat Ser 55 1951_M&N
Oklahoma Gas 6s 1940_ _
Old Dom Pow 5e_klay 15 '51
Parr Shoals P tai 1952. _A&0
Peoples L& P 534a 1941 .1.4.1
Roanoke W W 5s 1950.J&J
United Wat Gas & E 5e 1941
Western P S 534s 1960_ F
Bid
831,
69
74
6012
5912
4012
64
83
56 2
,
Ask
8612
71
80
63
63
42
67
Bid
ki
76
9112
270
61
20
91
8
6112
96
6312
100
Ask
13
4
78,
4
95
74
6414
26
95
12
65
9912
87
59
PublicUtility Stocks.
Par
Arizona Power pref_ __ _100
Assoc Gas & El orig pret__•
$6.50 preferred
•
$7 preferred
•
Atlantic City Elec $6 pref_.
Bangor Hydro-El 7% p1.100
Broad River Pow pf
_100
Cent Ark Pub Sep" pref _100
Cent Maine Pow 8% Df_100
Cent Pub Serv Corp pref _•
Consumers Pow 5% pref.•
6% preferred
100
6.60% preferred
100
Dallas Pow & Lt 7% pref 100
Derby Gas & Elec $7 pref.•
Essex-Hudson Gas
100
Foreign Lt & Pow units_
Gas & Elec of Bergen...100
Hudson County Gas
100
Idaho Power 6% pref
•
7% preferred
100
Inland Pow & Lt pref. 100
Jamaica Water Supply pf-50
10812 113
10812 113
10812 113
New York City Bonds.
Par
Rance Comm Banana__ 100
Bank of New York & Tr_100
Bank of Sicily Trust
20
Bankers
10
lironx County
20
Brooklyn
100
Bid Ask
Amer S P S 540 1948_M&N
4412 4812
Atlanta G L 5s 1947 __J&D 963
4
Central Gas & Elec1st lien coil tr 5345'46J&0 40
45
let lien coil tr 65'46_M&S 433 473
4
4
Fed PS let 6s 1947..
.J&0 el912 2312
Federated UW53 '57 M&S 3512 40 2
0
,
,
III Wat Ser let 5s 1952_J&J 73
7514
Iowa So Util 534s 1950_J&J 54
56,
2
Louis Light 1st be 1953 _A&O 101
B14 I Ask
Par
10 Kansas City Pub Seri pref •
2 I 4 Kansas Gas & El 7% p1100
3
6
Kings Co Ltg
pref ___100
3
6
Metro Edison $7 pref B...
9412 96
6% preferred ser C
•
Mississippi P & L $6 pref._•
10012 105
2712 35 Miss River Power prof..100
Mo Public Sera prof...100
60
,
60 63 Nassau & Suffolk Ltg pf 100
14 1 Newark Consol Gas__ ..11J0
62 65 New Jersey Pow ,k Lt $6 pf •
N Y & Queens E L & P pf100
73
76
763 793 Pacific Northwest P S._.•
4
4
97 101
6% preferred
100
Prior preferred
.5412 58
100
147
_
Philadelphia Co $5 prof. 50
443 43 Somerset Un Md Lt.
4
._.100
9514 100 South Jersey Gas& Else.100
14712 _
Tenn Elm Pow 6% pref.100
6912 74
United 0& E(N J) pref 100
8112 Wash Ry & Elec com
79
100
3
5% preferred
100
49
51, Western Power 7% pref_100
4
7
5011
72
151
4214
46
285
87
80
fo9
10
55
78
155
4514
4912
_
Investment Trusts.
Par Bid Ask
Administered Fund
1 17.17118 66
Amer lianketocks Corp • 1.11 1.25
Amer Business Shares
1.63 1.78
4
4
Amer Composite Tr Shares_
Amer & Continental Corp..
434 51/4
16
Am Founders Corp 6% p150 14
7% preferred
50 14
17
Amer & General Sec cl A__•
8
10
Class 11 coin
14 2
33
$3 preferred
43
Amer Insuranstocks Corp.•
13
4 24
,
Assoc Standard 011 Shares..
53
8 57
8
Bancamerica-Blair Corp.
4 4 43
,
4
Bancshares, Ltd
Participating shares __50c 1.25 1.50
Bancsicina Corp
Basic Industry Shares
• 3.48
British Type Invest A...1
.65 .90
13
14
Bullock Fund Ltd
Mass Investors Trust
Mohawk Invest Corp
Mutual Invest Trust
As*
Par Rtd
• 19.36 21.03
•
1.21 1.33
National Shawmut Bank...
National Wide Securities Co
Voting trust certificates__
N Y Bank dr Trust Shares..
No Amer Bond trust ctis. _
No Amer Trust Shares_1953
Series 1955
Series 1956
Northern Securities
100
75:1448 27
2 :
1803
2
i17i
3.67 3.77
1.96
26 2 80
262.622 72
OS Shares Inc unite
Old Colony Inc Tr cona___•
Old Colony Trust Aesoc Sh •
Pacific Southern Invest pf.• 23
28
Class A
4
6
Class B
1
2
Central Nat Corp class A__
213 233 Petrol & Trad'g Corp cl A.
4
4
Class B
112 212
Century Trust Shares_
1712 19 Quarterly Inc Shares
1.42 1 54
•
1
Chain & Gen Equities
Representative Trust Shares 9.48 10.23
3
4
Chartered Investors com •
4
Royalties Management
Preferred
• 60
Corporate Trust Shares.___ 2.2S
4
Second Internet Sec cl
2
Series AA
2.21
Class B common
•
10 2
Accumulative series
2.21
6% preferred
ao 19 23
Sedes AA mod
2.44 2.51 Selected An er Shares Inc.. 1.33 1.41
Series ACC mod
2.44 2.51 Selected American Shares_ 2.85
Crum & Foster Ins Shares
Selected Cumulative She... 7 31 7.56
Common B
17 Selected Income Shares.... 3.84 4.38
10 15
7% preferred
100 78
Selected Man Trustees She.
61s 6 4
,
Crum & Foster Ins corn.....• 15
17 Spencer Trust Fund
171s 1818
84
8% preferred
912 93
4
Shawmut Association com_•
Cumulative Trust Shares...* 4.40
Standard Amer Trust Shares 3 25 3.65
1.09 1.18
Standard Utilities Inc
Deposited Bank She ser A.. 2.34 2.60 State Street Inc Corp
• 68.09 73.50
Deposited Insur She A
3.15 3.50 Super Corp of Am Tr She A 3 28
Diversified Tristee She B.
838
2 27
AA
3.40 3.70
3 43
2 28
53
s 57
s
BB
Dividend Shares
1.32 1.44
6 25
6.27
Equity Trust Shares A
2.90 3.25 Supervised Shame
1.50 1.63
Fidelity Fund Inc
53.09 57.20
First Commonstock Corp_ • 1.06 1.22 Trust Fund Shame
3 8 478
5
Five-year Fixed Tr Shares__ 4.20
312
3
Trust Shares of A merica__ _
Fixed Trust Shares A
• 9.12
Trustee Stand Investment C 2 32 2 60
• 7.77
2.26 2.55
Fundamental Tr Shares A._
8
45
8 5, Trustee Standard 011 She A
53
8
Shares B
438
11
•
47
8
Fundamental Investors Inc. 2.20 2.40 Trustee Amer Bank She A
2.17
Series 13
.98 1.05
General Investors Trust _•
43
8 5 Trusteed N Y Bank Shares. 1.30 1.50
Guardian Invest pref w war
20th Century orig series_ 1 85
Gude-Winmill Trail Corp_ • 40
Series B
2.85 3 25
Huron Holding Corp
174 1s34
.25 .35 Two-year Trust Shares
Incorporated Investors_ ___• 19 912 20.65
05 13
Independence Tr Shares _..• 2.23 2.53 United Bank Trust
4
5
Indus & Power Security_ __• 13 8 143 United Fixed Shares ser Y
,
23
8 3
4
Internet Security Corp(Am)
17
8
United Insurance Trust_ _ -634% preferred
20 U S & British International
100 16
6% preferred
12
100 16
8
•
20
Preferred
Investment Co of America.'
133 1414
4
1
212 US Elec Lt & Pow Shares A
7% preferred
260 2.70
100 1012 1312
Investment Fund of N
2
1
1.00 1.09
Voting trust cite
Investment Trust of N Y.•
43
8
5 s 53 Un N Y Bank Trust C
,
4
Low Priced Shares
2
212
Un Ins Tr She ser F
63
8
Major Shares Corp
•
U 9 Shares ser It
23
s
Telephone and Telegraph Stocks.
Par Bid Ask
Cuban Telephone
100 3112 37
7% Preferred
Empire & Bay State Tel_100 3612
Franklin Teleg 32.50
100 2412
jut Ocean Teleg 6%_. 100 70
78 2
1Lincoln Tel & Tel 7%
• 90
Mount States Tel & Tel_100 10412 166
New York Mutual Tel..100
Par
Kew England Tel SI Tel_100
Northw Bell rdl pf 634%100
Pac & Atl Teleg US 1%..25
Roch Telep $6.50 let p1.100
So & Ati Teleg $1.25_25
Tr! States Tel dc Tel $6___•
Wisconsin Telep 7% pret100
Bid
9512
10412
13
9612
15
100
107
Ask
9712
10614
17
20
Sugar Stocks.
Par Bid
Fajardo Sugar
100 64
HayUan Corp Amer
Sugar Estates Oriente pt 100
x Er-stock dividends.
Ask
Savannah Sugar Ref
158
7% preferred
1
United Porto Rican
Preferred
J Ex-dividend
Ask
Par Bid
• 8512 9112
93
100 86
12 112
•
•
Sept. 2 1933
Financial Chronicle
1748
.
Quotations for Unlisted Securities-Friday Sept. 1-Concluded
Aeronautical Stocks.
Chain Store Stocks.
AN
Bohack (II C) corn
7% preferred
Butler (James)corn
Preferred
Diamond Shoe pref
Edison Bros Stores
Par BO
Ask
• 23
26
89
100 81
212
10(
1
4 814
33
100
100 52
pref_106 25412 60
Fan Farmer Candy Sh pf__•
•
Fishman (M II) Stores....
100
Preferred
K °backer Stores pref_100
100
Lord A Taylor
100
15t preferred 8%
100
Wee preferrai Rw.,
Par Bid
100 85
Nlelville Shoe pref
8
0
%liner (I) & Sons Pre-- -10
MockJuds&Voehringerpf 100 52
Murphy (SC)8% pref _100 86
Act
-_
--__-_
9012
Ask
Par Bid
5
2
Southern Air Transport__•
2
•
Swallow Airplane
United Aircraft Transport
52
43
Preferred x warr
3
8
Ds
4
Its Warner Aircraft Engine. _ .•
Ask
Par Bid
_ 10
Alexander Indus 8% p1_100
3
1
Aviation Sec Corp (N E)__• _-•
Central Airport
Kinner Airplane A Mot ...I
212
1
•
Nat Shirt Shope (Del)
25
100 18
Preferred
(J 2)7% pref_100 8412 8912
24
Newberry
20
--4
4 63 N Y Merchandise let p1_100 80
43
70
55
•
414 --1512 2012 PigglY-Wiggly Corp
x100
(Daniel) pref____
-- 10012 .... Reeves(D
73',
100 z68
___ Schiff Co pref
79
___
12
..... Silver (Isaac) & Bros pf_100
79
1
31
Insurance Companies.
Par
Bid
Ask
Ask
Par dm
5 2012 22
31 Home
Aetna Casualty & Surety. 10 523 54
4
8
10
8 33
23
Aetna Fire
10 3418 3618 Home Fire Security
8
8
10 107 123
es
Aetna Life
8
10 233 2538 Homestead Fire
8
53 _
10
4 Hudson Insurance
4
25 483 533
Agricultural
8
8
American Alliance
10 1418 1618 Importers & Exp. of N Y_25 123 143,
6 2 812
5
412 612 Knickerbocker
American Colony
6
318 418
5
5 1312 1612 Lincoln Fire
American Equitable
,
8 433
23
2
4
4 83 Maryland Casualty
63
American Horne
10
20
25 17
4
4 83 Mass Bonding & Ins
73
American of Newark_ .._ _234
4
4
American Re-inaurance 10 3514 3814 Merchants Fire Assur com212 273 313
Industrial Stocks.
512 7,2
8
American Reserve
8
10 117 137 Merch & Mfrs Fire Newark 5
Ask
Par Bid
10
)3 27
7
s
_,
Ask
Par Bid
American
25 2314 2514 Missouri States Life
10
53
'
s 78
,
___ Nfacfadden Publiens pt.. • 1138 I-3 4 Automobile
4
4
10 203 223 National Casualty
Alpha Portl Cement p1__100 x70
Surety
00 9812 101 12 0BaaIntkimemure&Asreheiropera
18
8
10 433 453
National Fire
4412 Merck Corp $8 pref
4
101) 40
3
34
Book $4
American
2
518 618
2
414 65 National Licorice corn.....100 1712 22
8
4
25 323 4214 National Liberty
Amer Dry Ice Corp
8,..ton
4
4
20 453 493
__ . National Paper & Type_ 100„. 15
50 13
100 464 489 National Union Fire
Bliss(E NA) 1st pref
20
,
8
5 133 1533
__ New Haven Clock pref _100 12
2
10
8
8
Carolina
10 157 177 New Amsterdam Cas
24 pref B
--- City of New York
10 1612 181 2
New Brunswick Fire
New Jersey Worsted pf 100 40
30
100 136 146
Bohn Refrigerator pf___100 15
8
8
87 137
10
_
•
Connecticut General Life_10 3414 3614 New England Fire
Bon And (3) B corn
25
• 20
4
10 33
54 363
a
30-212 Ohio Leather
Brunsw-Balke-t01 pref....100 6012 6
s 37 New Hampshire Fire
17
Consolidated Indemnity -5
.._
100 11
20 1812 2012
2212 Okonite Co $7 pref
100
8
8
Burden Iron [ref
Continental Casualty - 5 107 127 New Jersey
10 22 1.9_. C_
• , , 14
13
5 10
EozoForitan Fie
corn_• 1712 2012 Publication Corp corn
n i le
11514 New York Fire
10 1214
10c. 7184,
Canadian Celanese
51
12.50 46
$7 let preferred
100 91 100
278 378 Northern
213
Preferred
2 50 1612 1813
1712 Riverside Silk Mills
• 16
9 North River
8
Carnation Co corn
5
_ r'.,,'"‘"...,
• lo
Raltwood di Co..
..
4
100 853
,
2312 3014
643 6832 Northwestern National__25 79i2 8412
Preferred $7
'
- -12 *- -' & Der:malt
43
100 41
Preferred
2
Chestnut & Smith com____• _ .
Fidelity
of Md..20
10
_
4
25 3434 443
Rolla-Royce of America___; ....____3:6
412 10
-100
4
Firemen,,
4 53 Pacific Fire
43
Preferred
eneralF
GFranklinirelfien
Newark
5
1:82,_
10 5918 61 18
3
212 3 8 foxy Theatres units
4
Fire
Color Pictures Inc
5 173 1914 Phoenix
8
Common
5 127 1478
12 1
10 Preferred Accident
Columbia Baking com____•
8
Alliance
•
2314 251 1
Preferred A
4
1st preferred
13
•
Georgia Home
10 1312 1512 Providence-Washington_1(
32'
100 z30
10_ 30
8 2 Ruberotd Co
7
•
4
4
20 preferred
Glens Falls Fire
5 273 293 Rochester American
0
-_
4
Congoleum-Nairn 27 pf 100 1013
12 St Paul Fire & Marine_25 I2 - 125
,
9
Globe & Republic
5
4
4
10 243 263
New Eleven
0 Splitdort Beth Elec
17
corn...
rn
4
Crowell Pub Co 81 co_ • 8
3
. 2 - Standard Textile Pro..... . --- ' Globe & Rutgers Flre____25 45 4 553 Security Fire
___
1
15
10 13
....
o
,
G
___reat American
$7 preferred
5 16731 18 8 Southern
3
10(
Class A
738 Springfield Fire& Marine.25 83 88
Great Amer Indemnity___ _1
3
58
2
10(
6
4
II)
Class II
fr 1 14
--- Halifax Fire
8
De Forest Phonofilm Corp-10 133 1538 Stuyvesant
16
_25 14
100 460 510
• 2114 25 Stetson (J B) Co pref
4
Doehler Die Cast pref
4
Hamilton Fire
25 323 573 Sun Life Assurance
100 411 426
1112 15
$50 par
23 Travelers
Preferred
Hanover Fire
10 27
11
7
•
5
4
4 Taylor Milling Corp
flarmoula
Eiseman Magneto corn__•
10 1612 1812 US Fidelity & Guar Co....2
8
112-- Hartford Fire
8
4 293 313
612
100 --- 15 Taylor Wharton Ir&St com •
8
8
Preferred
10 443 463 U 8 Fire
614 A
100
1978 2178
2.50
Preferred
_
Gen Fireproofing $7 pf_100 60
Hartford Steam Boller. 10 4912 5212 Westchester Fire
3, 3
13
63
514 - 4 Tenn Products Corp pref _50
•
Orator, & Knight corn
3312 TubizeChatillon cupf___1(10 61 12
100 28
Preferred
10
112 - 8
23Unexcelled Mfg Co
Realty, Surety and Mortgage Companies.
Elerring-Hall-Nlarv Safe_100 1712 2112 White Rock Min Spring100 8914
$7 Ist preferred
Ask
2
1
Par Bid
10(1
Howe Scale
Ask
135Par Bid
100
$10 2d pref
100
512 812
834 1034
Preferred
8
213 37 Lawyers Title & Guar_100
112 -i- Bond & Mortgage Guar. _20
10(1
Woodward Iron
4
_
20
1 12 3
Industrial Accept corn__•
___ Lawyers Mortgage
Empire Title & Guar__ .100 22
53
43
100
2912 Worcester Salt
7
2
100 - 2
1
National Title Guaranty 100
Preferred
Guaranty Title & Mortgage
50 80
100 5812 ___
8
17
8
7
:
10
•
8 63 Young( 8 Co 03131
43
Locomotive Firebox Co...
3 )
8
4 534 iST Y Title & Mtge
33
Home Title Insurance. _25
100
7% preferred
31 1
2
Macfadden Publiens corn_ 5
20
Is
84_- International Germanic. Ltd
New York Real Estate Securities Exchange
Bonds and Stocks.
Industrial and Railroad Bonds.
Adams Express 48 '47_JAD
American Meter es 1946_
Amer Tobacco 45 1951 FAA
Am Type Fdrs 68 1937 MAN
Debenture (Is 1939_ _MAN
Am Wire Fab 75 '42._M&S
Bear Mountain-Hudson
River Bridge 7s 1953 A&O
Chicago Stock Yds 513_1961
Consol Coal 43-8 1934 MAN
Consol Niach Tool 78_1942
Consol Tobacco 45 1951....
Bid
6312
77
99
52
48
66
Ask
6712
__.
_
_57
50
78
As
Bid
__
85
Merchants nerds
651937_-N 0 Or No RR 58'55. FAA e3114 3414
N Y A Hob Ferr 5546 JAI) 5612 60
___
N Y Shipbdg ba 1910_NIAN 88
Piedmont & Nor Ry 59.1954 7712 81
Pierce 13utler & P 635s 1942 4112 412
Prurience Co Guar Coll
4034 6154
5)48. 1981
Realty Assoc Sec es'37_J&J e2()12 2312
___
61 Broadway 53411 '50.A&O 61
61
63
So Indiana Ry 48 1951. FAA
2312
Stand Text Pr 630 42 MAS 17
5912 Struthers Wells Titusville56
Eqult Office Bldg 581952_ _
44
34
20
6348 1943
617
Hayti/4n Corp 85 1938
64
58
Hoboken Ferry 5341946
84
89
International Salt 5s_.1951 8412 87 Tol Term RR 4%3'57_11JAN
Ward Baking 1st 65____1937 9512 98
57
Journal of Comm 630.1937 52
25 Witherbee Sherman ea 1944
23
Kane City Pub Serv es 1951
CO
10
Certificates of deposit...
I.oev's New 13rd Prop39
Woodward Iron 5811152-1AJ .35
77
73
J&D
Os 1945
79
74
8512 32
27
3
6 4114
__
98
Chicago Bank Stocks.
Par Bid
Par Bid I Ask
100 97
First National
A mer Nat Bank de Trust_100 85 1 95
214 Harris Trust dr Savings...100 235
134
100
Central Republic
100 395
Northern Trust Co
63
Continental III Ilk & Tr.100 61
Ask
100
245
405
Active Issues.
Bid
Aeare Issues.
Ask
-
BondsAlbany Metropolitan Corp
1938 1812 2112
6(.4s
16
Allerton N. Y. Corp Ws_. 14
Brisbane Indus Prop 68_1937 1412 16
B'way Barclay Bldg 68_1941 2512 23
Central Zone 111dg ctfs
2712 3214
47
1948 43
Chrysler Bldg 68
Cranleigh (The) 68.-1937 18..,
2212
1941 20
Dorset (The) Gs
1939 2112 24
Drake (The) es
32
_1940 28
80 Fifth Ave Bldg
Fifth Ave & 29th St Bldg
es_11)48_.._. 52
es
13
502 Park Ave Bldg Ws__
10
40 Wall St Bldg 65
47
1958 45
42d St & Lexington Ave
29
1945 25
Bldg 63is
Fox Theatre & Office Bldg
14
9
1941
6348
43
1949 40
Fuller Bldg 548
Harriman 13Idg Corp es_1951 61
-Hearst Brisbane Prop 6s '42 5312 56
Hotel Lexington 6s
1943 14 17
17
13
Certificates
31
Hotel St George 585_1943 29
26
Lefeourt State Bldg 6148 '43 23
42
Lincoln Bldg
_ _ 39
CertificatesLoew's Theatre & Realty
1947 5041 53
Corp 03
Bonds (Concluded)Marcy (The) Os 1940
Mortgage Bond (N Y) 5348_
New Weston Hotel Annex
1940
es
N Y Athletic Club 68_1946
Oliver Cromwell Hotel
Certificates
165 13'way Bldg 5%s_ _1951
Park Central Hotel cas
Pennsylvania Bldg ctfs__
foxy Theatre 63(s... _1940
-tfs
Savoy Plaza Corp es c '45
79 Madison Ave Illdg es '41)
Sherry Netherland hotel etre
It) E 40th St Bldg es__ _1940
1958
Textile Bldg es
301 E 38th St Bldg ctfs____
2124-34 Bway Bldg Ms__
277 Park Ave Bldg cUs____
Storks
Beaux Arts Apt Inc unIts___
39 Broadway Bldg Units_
City & Suburban Homes__
French (F F) Investing__
Preferred
French (F F) Operators
Units
Bid
Ask
2112 24
38
34
20
22
24
2312
14
57
712
22
18
59
10
25
1312
16
2014
13
34
37.
27
10
4
15
19
id
-
32
13
0
612 912
16
14
412 544
4 2
13
,2
9
7
55
65
Bid
5.50
600
465
4 65
12.00
12.00
12.00
12.00
12 00
475
475
475
4 0))
475
4 50
4 00
6011
4 30
12 00
475
4 75
575
5.75
6.0.)
4 00
Ask
4.50
50(1
4 15
4 15
800
800
8 00
8.00
860
4.0(1
4.00
400
3 00
400
A 50
300
5 00
3.50
8 00
4 25
4 25
5.00
500
5 00
3.00
Other Over-the-Counter Securities-Friday Sept. 1
Short Term Securities.
Bid I Ask 1
Allis-Chal NIfg 58 May 1937
Amer Metal 51.48 1934.A&O
Amer Wat Wks Ss 1934 A&O
Ask
Bid
8912; Mag Pet 438e Feb 1534.35 101
89
--Union 011 Se 1935____F&A 10114 10178
91 ,
93
9412, 95 ,
I
Water Bonds.
Bid ,4.4
Ask
Huneton W 1st 66'54_ MAR 99 101
89
-1st m 581954 ser B_M&S
88
8682 85
bs 1962
82
81
___ Joplin W W 58'57 ser AM&S 79
79
___
Kokomo W W 56 1958_JAD
Nlonm Con W 1st 58'56 JAG 82 8312
9912 101
8612
...... Monon Val W 5345 '50.J&J
90
85
,87
_ Ricbro W W 1st 58'57.M&N
90
St Joseph Wat 58 1941_A&0 9412 --81
78
___ South Plus Water Co83
FAA 100
--1st 5e 1955
95-_
93
95
1st & ref 5s '60 ser A...1310
96
94
95
let & ref 56130 ser B_J&J 93
91
__ Terre ll'te WW es'49A JAI) 95
let m 58 1956 ser 13_ _ JAW 83 86
92
90
77
74
I
88. Texarkana W 1st 5558 FAA
- - Wichita Wat 151 (35 '49 MA:. 98 100
82
80
_
89
'56 ser B_ .FAA
1st rn 58
85
82
89
88
77
1st m Se 1960 ser CIMAN
74
Bid
Alton Water 56 1956....A&O 87
Ark Wat let 58 A 1956_A&O 86
Ashtabula W W 58 '58.A&O 8012
Atlantic Co Wat 541'58 MAS 82
Birm WW let 5348 A'54Adr0
1St m bs 1953 ser II_J&D
let 5s 1957 series C_F&A
Butler Water 58 1957...A&O
City of Newcastle Wat 58'41
City W (Chat) re B '54 J&13
1st 58 1957 series C_MAN
Commonwealth WaterFAA
let 513 1956 B
1st m 58 1957 ser C._ F&A
Davenport W Se 1961...J&J
JAI
ES LA Int W 56 42
let m re 1942 ser Ei..-Idil
1st 5s 1560 ser D___F&A
Railroad Equipments.
Bid Ask
4.50 350 Kanawha & Michigan es___
Atlantic Coast Line ea
4 75 4 00 Kansas City Southern 5345.
Equipment 6)4s
475 400 Louisville A Nashville es...
Baltimore & Ohlo 65
Equipment 634a
Equipment 4345 & 55..... 5 00 4 25
Buff Roch & Pitts equip 6s. 500 420 Minn SIP & SS NI 4348 & 55
Equipment 6345 & 15.....
Canadian Pacific 434a & es 5 50 4 50
4.20 375 Missouri Pacific 6.348
Central RR of NJ es
Equipment es
4.15 300
Chesapeake & Ohio Os
4.15 300 Mobile & Ohio 5/1
Equipment 634s
4 15 300 New York Central 434a & Si
Equipment 5s
Equipment 68
Chicago dr North West es.-- 8.00 6 50
Equipment 75
8 00 6 50
Equipment 63.4s
Chic RI & Pee 4 3-04 & 58.- 11.00 8.00 Norfolk & Western 43.4s
11,008.00 Northern Pacific 75
Equipment (Is
Colorado & Southern es..._ 5 50 5.00 Pacific Fruit Express 7s....
4 75 4.00 Pennsylvania RR equip Ss
Delaware & Hudson 68
Erie 4348 Is
600 5 00 Pittsburgh & Lake Erie 6 ha
600 5 00 Reading 00 43.45 & 5s
Equipment tla
4 75 4 00 St Louie A San Fran tis
Great Northern es
475 4.00 Southern Pacific Co 4348._
Equipment 5a
Equipment 75
4.40 4.00
Hocking Valley 58
55
440 4 00 Southern RY 43 di 58
Equipment 68
Equipment 65
Illinois Central 4348 & 56.-. 475 4 41)
4.75 4 40 Toledo A Ohio Central 415._.
Equipment es
Equipment 78 A6%a.- 4.75 4.40 Union Pacific 78
• No par value. d Last reported market.
e Defaulted. s Ex-dividend.
Volume 13;
Financial Chronicle
1749
Current Earnings—Monthly, Quarterly, Half Y early
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUE.
Below will be found all returns of earnings, income and profits for current periods, whether monthly, quarterly or half-yearly, that
have appeared the present week. It covers all classes of corporate entities, whether railroads, public utilities, industrial concerns or any
other class and character of enterprise or undertaking. It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however, is not confined to the returns which have come to hand the present week. It includes also some of
those given in our issue of Aug.26. The object of this index is to supplement the information contained in our "Monthly Earnings Record,"
which has been enlarged so as to embrace quarterly and semi-annual statements as well as monthly reports. The "Monthly Earnings
Record" was absolutely complete up to the date of issue, Aug. 24, embracing every monthly, semi-annual and quarterly report which was
available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The figures in most cases are merely
for a month later, but there are also not a few instances of additions to the list, representing companies which had not yet made up their
returns when the August number of the "Monthly Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week,furnishing a reference to every return that has appeared
since the last preceding number of the "Monthly Earnings Record." The latter is complete in and by itself, and for most persons will answer
all purposes. But to those persons who are desirous of seeing the record brought down to date every week, this further and supplementary
index in the "Chronicle" will furnish an invaluable addition. The "Chronicle" index in conjunction with the "Monthly Earnings Record'
will enable any one at a glance to find the very latest figures of current earnings and income, furnishing a cumulative record brought down
to date each and every week—an absolutely unique service. A further valuable feature is that at the end of every return, both in the
"Chronicle" and the "Monthly Earnings Record," there is a reference line showing by date and page number the issue of the "Chronicle"
where the latest complete annual report of the company was published.
Issue of ChroniCle
Name of Company—
When Published. Page.
Aeolian American Corp
Aug. 26-1581
Affiliated Products, Inc
Sept. 2_1756
Akron Canton St Youngstown
Sept. 2-1750
Alabama Great Southern
Aug. 26_1565
Alabama Power Co
Aug. 26_1568
Alabama Water Service Co
Sept. 2._1755
Allied Mills, Inc
Aug. 26-1581
Alton
Sept. 2_.1750
American Gas & Electric Co
Aug. 26_1567
American Home Products Co
Aug. 26..1568
American Metal Co., Ltd
Sept. 2.._1756
American Piano Corp
Aug. 26-158
Aug. 26_1568
American Power & Light Corp
American Saal•Kap Corp. of Del__ Sept. 2...1756
Ann Arbor RR
Aug. 26..1564
Aug. 26...1578
Associated Gas & Electric Co
The Atchison Topeka & Santa Fe
Sept 2..1755
Ry. System
S•pt. 2-1750
Atchison Topeka & Santa Fe
Supt. 2_1750
Atlanta Birmingham & Coast
Sept. 2..1750
Atlanta & West Point
Sept. 2__1750
Atlantic Coast Line RR
Atlantic Gulf & W. Indies SS. Lines Sapt. 2_1756
Sept. 2..1756
Atlantic Refining Co
The Baltimore & Ohio RR
Sept. 2.1750
Bait. & Ohio Chic. Terminal
Sept. 2..1750
Bangor & Aroostook RR
Sept. 2-1755
Barcelona 'Frac. Lt. 8c Pr. Co., Ltd.
.Sept. 2__1756
Beaumont Sour Lake & Western.. Sept. 2_1753
Belt Ry. of Chicago
Sept. 2_1750
Bessemer & Lake Erie
Sept. 2..1750
Bing & Bing, Inc
Aug. 26_1568
(T. E.) Bissell Co., Ltd
Sept. 2_1767
Boise Chico 011 Carp
Sept. 2..1756
Boston Elevated Railway
Sept. 2..1756
Boston & Maine RR
Aug. 26__1566
Brooklyn Eastern Dist. Term
Aug. 26..1564
B'klyn & Queens Transit System—Aug. 26_1568
B'klyn Manhattan Transit System—Aug. 26_1568
Bristol.Nlyers Co
Sept. 2_1767
Buffalo General Electric Co
Sept. 2..1756
Bulova Watch Co
Aug. 26..1568
Burlington Rock Island
Sept. 2..1750
Calaveras Cement Co
Sept. 2._1768
California Water Service Co
Sept. 2..1756
Cambria & Indiana
Sept. 2..1750
Canadian Goodrich Co., Ltd
Aug. 26..1583
Canadian National Rys
Sept. 2__1755
Canadian Nat'l Lines in N.England_Sept. 2..1750
Canadian Pacific Ry
Sept. 2._1755
Canadian Pac. Lines In Maine
Sept. 2_1751
Canadian Pac. Lines in Vermont.._Sept. 2..1751
Canada Packers, Ltd
Sept. 2..1768
Canadian Hydro Electric Corp.,Ltd-Sept. 3__1756
Canadian Wirebound Boxes, Ltd
Sept. 2_1768
Central Airport, Inc
Sept. 2__1768
Central of Georgia
Sept. 2_1751
Central RR. of New Jersey
Aug. 26_1564
Charleston & Western Carolina- — Sept. 2__1751
Chesapeake Corp
Aug. 26-1566
Chicago Burlington & Quincy
Sept. 2_1751
Chicago & Eastern Illinois
Sept. 2..1751
Aug. 26-1564
Chicago & Erie
Aug. 26-1564
Chicago Great Western
Chicago & Illinois Midland
Sept. 2-1751
Chicago Indianapolis & Louisville—Sept. 2_1751
Chicago Milwaukee St. Paul & Pac__Sept. 2..1751
Sept. 2._1751
Chicago & North Western
Sept. 2_1751
Chicago River 8c Indiana
Chicago R. I. & Pacific System.....Sept. 2..1755
Sept. 2.-1751
Chicago Rock Island & Gulf
Sept. 2..1751
Chicago Rock Island & Pacific
Sept. 2...1751
Chicago St. Paul Minn.& Omaha
Sept. 2_1768
Chickashu Cotton Oil Co
Chic. New Orleans & Texas Pac. Ry_Aug. 26_1565
Claude Neon Meet Products Corp.-Aug. 26_1568
Sept. 2..1751
Clinchfield RR
Sept. 2..1769
Clorox Chemical Co
Sept. 2__1756
(Dan) Cohen Co
Sept. 2..1757
Colon Oil Corp
Sept. 2..1751
Colorado & Southern
The Commonwealth & S`thern Corp_Aug. 26..1568
Sept. 2_1751
Conemaugh & Black Lick
Community Power & Light Co......Sept. 2..1756
Consolidated Electric & Gas Co__ _ -Sept. 2__1764
Aug. 26-1568
Consumers Power Co
Sept. 2._1756
Continental Roll & Steel Corp
Sept. 2..1769
Continental Steel Corp
Sept. 2..1751
Columbus & Greenville
Sept. 2_1756
Crown Willamette Paper Co
Sept. 2_1756
Crown Zelierbach Corp
Sept. 2__1769
Curtis Mfg. Co
Sept. 2__1756
Darby Petroleum Corp
Sept. 2...1751
Delaware & Hudson
..Sept. 2..1751
Delaware Lackawanna & Western.
Denver & Rio Grande Western RR__Sept. 2__1755
Sept. 2_1751
Denver & Salt Lake
Sept.
Detroit & Mackinac
Aug. 26_.1569
Detroit Street Rys
Sept. 2_1751
Detroit Terminal
Sept. 2_1751
Detroit Toledo & Ironton
Issue of Chronicle
Issue of Chronicle
Name of Company—
When Published. Page.
Name of company—
When Published. Paps.
Detroit & Toledo Shore Line
Aug. 26__1564
Lever Bros., Ltd
Sept. 2_. 1774
Diamond Match Co
Sept. 2__1757 Life Savers Corp
Sept. 2_1774
Duluth Missabe & Northern
Sept. 2._1751 Long Island
Sept. 2__1753
Duluth South Shore & Atlantic_
Sept. 2.i752 Los Angeles & Salt Lake
Sept. 2_1754
Duluth Winnipeg & Pacific
Sept. 2_1752 Loudon Packing Co
Aug. 2,..1590
Duquesne Light Co
Sept. 2__1757 Louisiana & Arkansas
Sept. 2__1752
Dwight Mfg. Co
Sept. 2__I770 Louisiana Arkansas & Texas
Sept. 2__1752
Early & Daniel Co
Sept. 2..1770 Louisville & Nashville
Sept. 2._1752
Eastern Mass. Street Ry
Aug. 26..1569 (R. C.) Mahon Co
Sept. 2__1774
Eastern Utilities Associates
Aug. 26__I569
Maine Central RR
Sept. 2__1755
Eastman Kodak Co
Aug. 26._1569 Managed Investments, Inc
Aug. 26..1570
Edison Bros. Stores, Inc
Sept. 2..1770 Manila Electric Co
Aug. 26__1570
Edmonton Street Ry
Aug. 26__1569 Manitoba Power Co., Ltd
Sept. 2..1757
Ellett Brewing Corp
Sept. 2__1757 Market Street Ry
Sept. 2__1757
Elder Mfg. Co
Sept. 2_1770 Mead Corp
Aug. 26__1570
Elgin Joliet & Eastern
Sbpt. 2_1752 Mexican Light & Power Co
Sept. 2_1758
Elizabeth Brewing Corp
Sept. 2_1757 Mexican Light & Power Co., Ltd
Aug. 26__1576
Emporium Capwell Corp
Sept. 2_1757 Mexico Tramways Co
Sept. 2_1758
Equitable Office Building Corp
Sept. 2_1757 Mid-Continent Petroleum Corp
Aug. 26...1570
Erie Railroad System
Aug. 26_1564 Midland Valley
Sept 2__1752
Erie RR
Aug. 26__1566 Minneapolis & St. Louis
Sept. 2_1752
Exchange Buffet Corp
Sept. 2__1757 Minn. St. Paul & Sault Ste Marie__ _Aug. 26..1565
Fall River Gas Works Co
Aug. 26..1569 Mississippi Central
Sept. 2__1752
Fansteel Products Co.. Inc
Sept. 2__1771 Missouri Illinois
Sept. 2__1752
Farr Alpaca Co
Sept. 2..1771 Missouri Kansas Texas Lines
Sept. 2__1752
Federal Knitting Mills Co
Sept. 2_1771 Missouri & North Arkansas
Sept. 2_ _1752
Federal Light & Traction Co
Aug. 26_1569 Missouri Pacific
Sept. 2_1752
Ferro Enamel Corp
Sept. 2__1757 Mobile & Ohio
Sept. 2..1752
Fiberlold Corp
Aug. 26...1585 Mohawk Valley Co
Aug. 26..1579
(A.) Fink & Sons
Sept. 2_1771 Molybdenum Corp. of America
Sept. 2...1758
Florence Stove Co
Aug. 26..1585 Monongahela
Sept. 2__1753
Florida East Coast
Aug. 26..1565 Montgomery Ward & Co
Sept. 2__I758
Flour Mills of America, Inc
Sept. 2_1771 Mother Lode Coalition Mines Co
Sept. 2..1758
Fort Worth & Denver City
Sept. 2_1751 Munsingwear, Inc
Aug. 26._1570
Ft. Worth & Rio Grande Ry
Sept. 2_1753 Nashville Chattanooga & St. Louis-Sept. 2_ _1753
Foundation Co
Aug. 26._1569 National Battery Co
Sept. 2_1775
Galveston Wharf
Aug. 26_1565 National Belles Hess, Inc
Sept. 2__1775
Gatineau Power Co
Sept. 2..1757 National Power & Light Co
Aug. 26__1571
Gen'l Amer. Transportation Corp—Aug. 26_1569 National Steel Car Corp., Ltd
Aug. 26__1591
General Asphalt Co
Aug. 26_1570 Nauheim Pharmacies, Inc
Sept. 2__1776
Sept. 2__1776
General Gas & Electric Corp
Aug. 26..1575 (Oscar) Nebel Co., Inc
General Outdoor Advertising Co_ _Sept. 2..1757 Neisner Brothers, Inc
Sept. 2..1758
General Vending Corp
Aug. 26..1586 The Nevada-California Electric Corp Aug. 26-1571
Georgia & Florida
Sept. 2_1755 Nevada Northern
Sept. 2__I753
Georgia Power Co
Aug. 26..1569 Newburgh & South Shore
Aug. 26..1565
Georgia RR
Sept. 2__1776
Sept. 2_1752 New Haven Clock Co
Georgia Southern & Florida Ay.- _Aug. 26_1565 New Jersey & New York
Aug. 26_A564
Gibson Art Co
Aug. 26__1586 New Orleans & Northeastern RR..
-Aug. 26...1565
Gilchrist Co
Aug. 26__1586 New Orleans Terminal
Sept. 2__1754
Gilmore 011 Co., Ltd
Sept. 2..1772 New Orleans Texas & Mexico
Sept. 2_1753
Globe Automatic Sprinkler Co. of
Sept. 2__17511
New State Ice Co
e U. S
.Aug. 26..1586 New York Central
Sept. 2__1753
Goldblatt Bros., Inc
Aug. 26..1587 New York Chicago & St. LOUIS
Aug. 26-1565
Golden State Co.. Ltd
Aug. 26_1587 New York Connecting
Sept. 2__1753
Gosnold Mills Corp
Sept. 2..1772 The N.Y. N. H.& Hartford RR
Sept. 2__1755
Grand Trunk Western
Sept. 2..1752 New York Ontario & Western Ry- —Aug. 26..1566
Graton & Knight Co
Aug. 26-1587 New York & Richmond Gas Co
Sept. 2_1758
Great Britain & Canada Investment
New York Susquehanna & Western-Aug. 26__1565
Corp
Sept. 2_1772 New York Telephone Co
Aug. 26__1571
Great Lakes Dredge & Dock Co
Aug. 26..1587 N. Y. Westchester & Boston Ry
Sept. 2..1758
Great Northern
Sept. 2_1752 Niagara Hudson Power Corp
Sept. 2_1758
Green Bay & Western
Sept. 2..1752 Niagara Lockport & Ont. Pr, Co...
.Sept. 2__1758
Griesedieck Western Brewing
Sept. 2__1757 Nonquitt Mills
Sept. 2_1776
Gulf Coast Lines
Sept. 2__1755 Norfolk Southern
Sept. 2_1753
Gulf Colorado & Santa Fe
Sept. 2..1750 Norfolk & Western RR
Aug. 26..1566
Gulf Mobile & Northern
Sept. 2..1752 North American Investment Corp_ Sept. 2__I758
Gulf & Ship Island
Aug. 26-.1565 North American Edison Co
Aug. 26__1571
(Charles) Gurd & Co.,Ltd
Aug. 26_1587 Northern Alabama Ry
Aug. 26..1565
Hammond Clock Co
Sept. 2..1772 Northern Pacific
Sept. 2__1753
Haverhill Gas Light Co
Aug. 26__1570 Northwestern Pacific
Sept. 2__1753
(Walter E.) Heller & Co
Aug. 26__1570 Ohio Edison Co
Aug. 26..1571
Hononlulu Rapid Transit Co., Ltd Sept. 2..1757 Ohio Water Service Co
Sept. 2__1758
Hotel Waldorf-Astoria Corp
Sept. 2_1757 Oklahoma City Ada Atoka
Sept. 2__1753
Hudson & Manhattan RR
Aug. 26..1570 Old Colony Trust Associates
Sept. 2_1758
Illinois Central System
Aug. 26..1565 The Orange & Rockland Elec. Co
Sept. 2...1758
Illinois Central RR
Aug. 26._1565 Oregon Lumber Co
Sept. 2__1758
Illinois Terminal
Sept. 2._1752 Oregon Short Line
Sept. 2..1754
Illinois Water Service Co
Sept. 2._1757 Oregon-Washington RR.& Nay. Co_Sept. 2..1754
Imperial Oil, Ltd
Aug. 26..1588 Ore. Washington Water Service Co....Sept. 2__1758
Indiana Harbor Belt
Sept. 2..1753 Pacific Finance Corp.of Cal
Sept. 2..1758
Indian Motocycle Co
Aug. 26_1570 Pacific Public Service Co
Aug. 26__1571
Industrial & Power Securities Co..
.Sept. 2_1773 Pan Amer.Petroleum & Transp't Co_Sept. 2_ _1759
International Great Northern
Aug. 26__1565 Panhandle & Santa Fe
Sept. 2...1750
International Paper & Power Corp Sept. 2__1757 Park & Tilford, Inc
Sept. 2...1758
International Products Corp
Sept. 2..1757 Park Utah Consolidated Mines Co—Sept. 2__1759
International Rys. of Central Amer_Sept. 2-1755 Pathe Exchange, Inc
Sept. 2__1759
Interstate Equities Corp
Aug. 26._1589 Patin° Mines ik Enterprises ConsoliInvestment Co. of America
Sept. 2..1757
dated, Inc
Sept. 2__1759
(Mead) Johnson & Co
Sept. 2__1757 David Fender Grocery Co
Aug. 26..1571
Kansas City Power & Light Co
Sept. 2_1757 Pennsylvania RR
Sept. 2_1753
Kansas City Southern
Sept. 2__1752 Penn. Reading Seashore Lines
Sept. 2__1753
Kansas Oklahoma & Gulf
Sept. 2__1752 Pennsylvania RR. Regional System_Sept. 2_1755
B. F. Keith Corp
Sept. 2__1757 Peoria & Pekin Union
Sept. 2...1753
Kelly Springfield Tire Co
Sept. 2__1757 Pere Marquette Railway
Aug. 26_1567
Lake Superior & Ishpeming
Sept. 2__1752 Philadelphia Co
Sept. 2__1759
Lake Terminal
2__1752 Philadelphia Rapid Transit Co
Sept.
Aug. 26__1571
Lane Bryant, Inc
Aug. 26__1590 Phillips-Jones Corp
Aug. 26_1572
Lehigh & Hudson River
Sept. 2__1752 Pierce Arrow Motor Car Corp
Sept. 2_1759
Lehigh & New England
Sept. 2._1752 Pierce Oil Corp
Aug. 26_1572
Lehigh Valley
Aug. 26_1565 Pierce Petroleum Corp
Aug. 26__1572
Pitney Bowes Postage Meter Co
Aug. 26__I572
Sept. 2 1933
Financial Chronicle
1750
Issue ofChronicle
When Published. Page.
Name of Company-.
Sept. 2._1753
Pittsburgh & Lake Erie
Sept. 2_1753
Pittsburgh Shawmut & Northern
Sept. 2_1759
Pittsburgh United Corp
Sept. 2..1753
Pittsburgh & West Virginia
Sept. 2_1759
Plymouth Oil Co
Sept. 2..1777
Potomska Mills Corp
Sept. 2..1778
Ouissett Mill
Sept. 2_1759
Railway Express Agency
Aug. 26..1572
Raybestos Manhattan Co
Aug. 26_1565
Reading Co
Rich'd Fredericksb'g & Potomac.--.Sept. 2.Sept. 2...1778
Riverside Silk Mills. Ltd
Aug. 26..1592
Ross Gear & Tool Co
Aug. 26..1593
Ruberoid, Inc
Aug. 26..1592
Russell Motor Car Co.. Ltd
Sept. 2..1759
Rustless Iron Corp.of America
Sept. 2..1753
Rutland
Aug. 26..1593
Ryan Car Co
Ryan Consolidated Petroleum Co.__Aug. 26__I593
Sept. 2..1778
Saco Lowell Shops
Safety Car Heating & Lighting Co Sept. 2..1779
Sept. 2_1754
St. Joseph & Grand Island
Sept. 2..1753
St. Louis Brownsville & Mexico
Aug. 26..1567
St. Louis San Francisco Ry. System
Sept. 2..1753
St. Louis San Francisco
Sept. 2..1753
St. Louis San Francisco & Texas
Aug. 26..1567
St. Louis Southwestern Ry.Lines
Sept. 2..1753
San Antonio Uvalde & Gulf
Sept. 2_1753
San Diego & Arizona
Sept. 2..1759
San Diego Consol. Gas & Elec. Co
Sept. 2..1779
Sangamo Electric Co
Issue of Chronicle
When Published. Page.
-Name of Company
Sept. 2..1779
Schiff Co
Aug. 26_1555
Seaboard Air Line Ry
Aug. 26_1572
Serve'. Inc
Sept. 2_1759
Sherman Clay & Co
Aug. 26..1572
Sierra Pacific Electric Co
Aug. 26..1566
Soo Line System
Aug. 26..1572
South Penn Oil Co
Aug. 26..1565
Southern Ry
Aug. 26..1572
Southern Bell Tel & Tel. Co
Sept. 2..1759
Southern Colorado Power Co
Sept. 2..1754
Southern Pacific Co
Aug. 26..15 6
Southern Pacific Lines
Sept. 2..l754
Southern Pacific SS. Lines
Aug. 26..1572
Southern United Ice Co
Sept. 2..1759
Spang Chalfant & Co
Sept. 2_1759
Sparks Withington Co
Sept. 2..1759
Spicer Manufacturing Co
Sept. 2__1754
Spokane International
Sept. 2..1754
Spokane Portland & Seattle
Sept. 2__1759
(L. S.) Starrett & Co
Sept. 2__1754
Staten Island Rapid Transit
Sept. 2_1781
Sterling Products, Inc
Sept. 2..1760
Studebaker Corp
Aug. 26...1573
Superior Oil Corp
Sept. 2__1759
Sweets Co. of America
Aug. 26...1573
Tampa Electric Co
Sept. 2..1754
Tennessee Central
The Tennessee Electric Power Co_ _Aug. 26..1573
Sept. 2..1754
Term. RR. Assn. of St. Louis
Texarkana & Fort Smith
Sept. 2__1752
Sept. 2__1754
Texas Mexican Ry
Issue of Chronicle
When Published. Page.
Name of CompanySept. 2..1754
Texas & New Orleans
Sept. 2_1755
Texas & Pacific Ry
Sept. 2._1760
Third Ave. Ry
Aug. 26._1573
Thompson Products, Inc
Aug. 26..1573
Thrift Stores. LW
Sept. 2..1754
Toledo Peoria & West ern
Sept. 2..1754
Toledo Terminal
Aug. 26..1567
Union Pacific System
Sept. 2_1754
Union Pacific
Sept. 2..1754
Penne
Union RR. of
Sept. 2..1781
United Drug. Inc
Aug. 26__1596
United States Stores Corp
Sept. 2__1754
Utah
Aug. 26__1596
Vanadium Alloys Steel Co
Sept. 2..1782
Vick Chemical, Inc
Sept. 2__1754
Virginian Ry
Aug. 26..1566
Wabash Ry
Sept. 2..1760
Waco Aircraft Co
Sept. 2..1760
Walworth Co
Sept. 2__1760
Water Service Cos
Sept. 2._1755
Western Maryland Ry
Sept. 2._1754
Western Pacific
Sept. 2__1754
Western Ry. of Alabama
Sept. 2.A760
Weston Electrical Investment Co
Sept. 2..1760
Virginia Water Service Co
West
Sept. 2..1754
Wheeling & Lake Erie
Sept. 2__1754
Wichita Falls & Southern
Sept. 2_1760
Winnipeg Electric Co
Aug. 26..1573
Worcester Street Railway Co
Worthington Pump & Mach'y Co_ __Aug. 26__1573
Aug. 26..1565
Yazoo & Mississippi Valley
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
(+)or
Previous
Current
Atlanta Birmingham & CoastJuly1933.
Gross from railway... 8291,255
64.496
Net from railway__
39.583
Net after rents
Year.
Dec.(-).
2,743,041
2,331,000
13,050
190,770
1,633,094
192.224
198,223
+180,607
-160,000
+32,300
-20,779
+285,380
+62.076
+67,778
1.548,407
Gross from railway
50,144
Net from railway_ _ _
-128,600
Net after rents
Atlanta & West Point•
July1933.
8137,864
Gross from railway
32.468
Net from railway
11.516
Net after rents
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louts
Southern
-Southwestern
St Louis
Western Maryland
3rd
3rd
3rd
2d
3rd
3rd
28
Year.
Period
Covered.
wk of Aug
wk of Aug
wk of Aug
wk of Aug
wk of Aug
wk of Aug
wk of Aug
2,923,648
2,171,000
45,350
169,991
1,918,474
254,300
266.001
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country:
Length of Road.
Gross Earnings.
Month.
hie. 1+) or
46,000.770
274,890,197 231,978.621 -46,080.759
288,880,547 -69,022,941
40,180.139
267,480,082 +3,584,364
254,378,672
+35,484,283
245,869.626
228,889,421
185,897.862
219,857,61.6
227,300,543
257,963,036
281,353,909
January
February
March
April
May
June
Dec.(-).
1932.
1933.
Net Earnings.
Month.
1933.
1932.
241.881
241,189
240,911
241.680
241,484
241,455
241.991
241,467
241.489
242,160
242,143
242,333
Inc. 11- or Dec.(-).
1933.
Amount.
$
45,603.287
41.460,593
43,100,029
52.585,047
74.844,410
94.448,669
January
February
March
April
May
June
1932.
S
45,964,987
56,187,604
68,356,042
56,261.840
47,416,270
47.018,729
$
-361,700
-14.727.011
-25,256,013
-3,676,793
+27.428.140
+47.420.940
Per Cent.
-0.79
-26.21
-36.95
-6.54
+57.85
+100.87
Net Earnings Monthly to Latest Dates.
Akron Canton & Youngstown1933.
JulyGross from railway- 31.7.043
92,836
rallway__-_
Net from
59.992
Net after rents
1932.
8110.037
21,296
-2,015
1931.
$149,307
41.916
12,281
1930.
8218.971
66.300
39.915
From Jan. 1
1,732.711
1.173.471
934.765
912.748
Gross from railway
582,808
355.478
296.850
336,901
Net (torn tailway___.
306.363
174.0.2
141.812
183.305
after rents
Net
Alton1930.
1931.
1932.
1933.
JulyGross from railway-- 31,280.983 $1,171.036 $1,764.592 $2,183,633
484,517
491.371
286.228
475,556
Net from railway.-144,263
194,598
7,297
259,772
Net after rents
From Jan. 1
11,603.703 14,498.763
Gross from railway... 7,472.643 8,311,979
1,757.033 2,355,634 2,370,412
Net from railway-. 2.156.208
247,455
432,236
-7.556
766,558
Net after rents
Atchison Topeka & Santa Fe System1930.
1931.
1932.
1933.
JulyGross from railway-....811,714,852 $12,164,961 821,830,958 823.503.558
4,116,131 9.939.601 10.565.856
Net from railway..___ 3,790.916
2,836,275 3.009,734 7,748,417 8.182,508
Net after rents
From Jan 1
Gross from railway... 66,188.548 76,162.146
Net from railway_ _ _ _ 11,801,985 14.329.034
4.248,016 6.011,421
Net after rents
Atchison Topeka & Santa Fe-1932.
1933.
JulyGross from railway.-- $9,579,129 $10.105,073
2,975,395 3.470.817
railway
Net from
2.300,208 2.669,093
Net after rents
107,803,225 130.648.337
25,967.187 30,539.105
15,301.612 18,458.579
1930.
1931.
$17,217,897 818,577.431
7.486.032 8.048.023
5.680.364 6,059.453
From Jan. 1
89.669,525 106.740,635
Gross from railway.-- 54,469,734 63.172.070 22.315,965 26.081.580
9,826,262 12,486.490
Net from railway
4,362,826 6.501,681 14,249,136 16,889,792
Net after rents
Gulf Colorado & Santa Fe1930.
1931.
1932.
1933.
July$3,115,385
Gross from railway... $1,202,901 $1,200,157 $2,742.099 1,582,424
310,092 1,340,461
328,850
Net from railway_ _ _ _
129,738 1,123.765 1,322,202
159.291
Net after rents
From Jan 1
14,597.607
Gross from railway... 7,033.503 8,122,638 11.134.543 2,597,423
1,889,682
706,545 1,139.934
Net from railway_ _ _ _
910,840
423,870
-219,732
-564,392
Net after rents
Panhandle & Santa Fe1930.
1931.
1932.
1933.
July8932,823
$859,730 $1,870.962 $1,810.743
Gross from railway
935,410
1,113,107
335,221
486.672
Net from railway__
800.854
944,288
210,901
376,776
Net after rents
From Jan 1
Gross from railway.-- 4.685,311
Net from railway.... 1.269.178
449.582
Net after rents
4,867.437
702,609
-270,529
6.999,157
1,761,539
628,606
9,310,096
1,860,103
657.948
From Jan. 1
-
1932.
$175.936
-69.224
-87,842
1931.
$3326.878
-4,897
-45,108
1930.
$429,233
54.743
7.929
1,477.339
-358.837
-548,267
2.082.967
-320.310
-572,130
2,435.354
-170.075
-404,386
1932.
393.053
-14,271
-37,002
1931.
3151.292
10.665
-11,904
1930.
3182.999
15.929
-9,749
From Jan 1
-
752.754 1.125,469 1,433.451
738.936
Gross from railway.--47.100
111,674
224,863
17,910
Net from railway_ _ _ _
-35.255
41,657
Net after rents
-122.185 -194,346
Atlantic Coast Line1931.
1932.
1930.
July1933.
Gross from railway... $2.515,949 $2.065,438 $3,319,153 $4,021.806
215.404
195,930 -414.340 -124.882
Net from railway_ _ _ _
12,804
16,127 --635.369 -374,395
Net after rents
From Jan 1•
24,424,648 24.855.298 37,691.511 39,908,459
Gross from railway- _
Net from railway_ _ - 7.288.723 4,195.012 10,534.042 9,935,113
231,247 5.669,975 5.774,015
Net after rents
3,380,784
Baltimore 8c Ohio System
Baltimore & Ohio1931.
1930.
1932.
July1933.
Gross from railway...313.461,167 $9,311,176 $15,132,829 $17,306,765
2.631.514 3,953,184 4,851,524
5.429,801
Net from railway_
4,232,308 1.641.586 2,871,064 3.649,079
Net after rents
From
Jan 1
Gross from railway... 70.115,254 74,661,188 104,620,175 123.751,050Net from railway_ _ _ _ 22.556.54.2 17,693,308 22,572,573 29.380,535
15,271,273 10,683,758 15,258,750 21.371.934
Net after rents
B & 0 Chicago Terminal1931.
1932.
1930.
1933.
July$233.453
$304,205
$311,072
$285.034
Gross from railway
24,861
65.709
34,646
78,048
Net from railway
80.112
95,600
91,562
112,139
Net after rents
From Jan. 1
1,889.903 1,868.940 2,273.300.
Gross from railway.-- 1,750.841
245,695
257.416
254,817
303.225
Net from railway....
568.154
559,887
639.849.
657,079
Net after rents
Bangor & Aroostook1931.
1932.
1930.
July1933.
$245,717
$214,902
8319.760Gross from railway... $197,475
-69.263.
-92.030 --141,774
Net from railway.... -72,857
-91.077 --139,785
-70,812
-9,085
Net after rents
From Jan 1
4,233.836 4,438.798 5.303,681
Gross from railway.-- 3,709,536
1,808.932 1,395,395 2.087.167
Net from railway_ - _- 1,593.794
1,374,854 1,010,246 1,617,526
1,212.874
Not after rents
Belt Ry. of Chicago1931.
1930.
1932.
1933.
July$285.015
3465.384
8557.961
$413.940
Gross from railway
79.135
151.443
187.570.
181,283
Net from railway_ _ _ _
149,734
102,982
157.894
167.688
Net after rents
From Jan 1-2.234,089 3.165.636 4,079,379
Gross from railway__ _ 2,229,733
638.751
1,167.323
1.076.738
809.211
Net from railway....
624,325
1,070.615
832,946
967.366
Net after rents
Bessemer & Lake Erie1931.
1932.
1930.
1933.
July$320,250 $1.229,515 81.996.581
Gross from railway.-- $971,135
-18.563
801,347
1,136,334
597,546
Net from railway....
947,224
-52.343
745,512
558.165
Net after recite
From
Jan. 1
1,933,983 5,151,534 8,433.409
Gross from railway... 3,063,717 -644.890
1,058,697 2,904.209779.036
Net from railway__
733,047 2,428.812
666,963 -769.306
Net after rents
Burlin ton & Rock Island1930.
1932.
1931.
1933.
Ju y$50.160
$237,580
$289.908
870,359
Gross from railway_ _
79,596
-25.665
127,579
12,692
Net from railway_ _ _ 39,697
-40.069
108,092
1,331
Net after rents
From Jan 1
543,051
1,151,316856,206
474.304
Gross from railway...
-12,028
72,476 -486,785
.26,674
Net from railway--74.444 -141.991 -140.722 -737,219Net after rents
Cambria & Indiana1931.
1930.
1932.
1933.
July
$97,023
$69,003
Gross from railway_ _ _ $109,889
6,895
19.863
43,043
Net from railway_ _ 41,068
63.777
93,759
Net after rents
From
Jan. 1
718.134
614,837
705,907
Gross from railway_ _ 172,834
147.197
231,250
Net from railway_ --552.631
434.274
536.201
Net after rents
SystemCanadian National
1930.
1931.
1932.
1933.
JulyGross from railway--413,282,596 $12,789.869 314.807.474 319,150.150
335,618 2.283,214
208,708
820,466
Net from railway-- -From Jan 1
Gross from railway-- 80.757.467 92,962,357 103,083,100 129.061.241
829,076 1,664,653 13.677,123
Net from railway_ _ - _-2,158,515
Canadian Nat Lines in New England
1931.
1930.
1932.
1933.
July3108.167
$132.895
$885.600
$94,794
Gross from railway__ -54,690
-27,232
-88.036.
-11.978
Net from railway_ _ _ _
-87.652 -111,624 -149,390
-59,603
Net after rents
From Jan. 1
569,144
Gross from railway.--128,907
Net from railway
-475,752
Net after rents
704,720
-148,819
-549,222
860,565
-290,284
-712,522
1.181,867
-185,878
-657.58T
Volume 137
Canadian Pacific Lines in MaineJuly1932.
1933.
Gross from railway__
$86,042
11,0,410
Net from railway_-- -23,980
-31,050
Net after rents
-58.452
-44,424
From Jan. 1
Gross from railway- _ _ 1,012,477 1.151,033
Net from railway_ _ _ _
88,010
167,908
Net after rents
-34,833 -136.281
Canadian Pacific Lines in VermontJuly1932.
1933.
Grass from railway.._
t81.523
$90,916
Net from railway. _
-27.586
-3.430
Net after rents
-52,996
-26,187
From Jan 1
Gross from railway- _ 637,316
506.201
Net from railway.. _ - _ -100.176 -102,252
Net after rents
-257.333 -286,377
Central of GeorgiaJuly1932.
1933.
Gross from railway
$828.371
$1,257,768
Net from rail way_ _ _ _
-20,557
315,904
Net after rents
203.200 -135,059
From Jan 1
Gross from railway
7,092,354 6,947.834
Net from railway_..__ 1,097,904
590.956
Net after rents
298,210 -246.422
Central RR of New JerseyJuly1932.
1933.
Gross from railway.-- $2.337.213 $2,308.059
Net from railway- _ _ 528,162
654.396
Net after rents
-79,807
50.779
From Jan 1
Gross from railway
15,267,313 17.764,394
Net from railway_ 4,044,555 4.290.808
Net after rents
1,448,481
1.397,290
Charleston & Western CarolinaJuly1932.
1933.
Gross from railway_ _
$113.873
$187,119
Net from railway- --19.899
84.061
Net after rents
9,901
70,364
From Jan 1
Gross from railway_
1,147,884 1,019,326
Net from railway__
206.477
425,464
Net after rents
90,467
299,630
Chicago Burlington & QuincyJuly1932.
1933.
Gross from railway
$7.788,511 $5.709.020
Net from railway- -- 3.140,047
934,977
Net after rents
-13,420
2.215,867
From Jan 1
Gross from railway
41,943,494 45,665,063
Net from railway
12,141.190 11,117.825
Net after rents
5,479.646 4,437.071
Financial Chronicle
1931.
1113.248
--103,122
--127.771
1930.
1124.651
--23.631
--52.229
1,383,815
13,708
--214,348
1,628.830
117,516
--127,075
1931.
$126.053
5,238
--23.984
1930.
$140,627
5,302
--28.970
826.253
--80.598
--296,930
1.072.227
--21,188
--264,530
1930.
1931.
$1,620,221 $1,736,724
385,583
309,984
278,084
156,360
10.737,085 12,930,589
2.126.194 2.738,294
1,203,419
1,925,805
1931.
1930.
$3.284,254 14.416,861
852.694
1.202,517
217,021
639,983
23,717,134 30.554.566
5,507,961
7.256,165
2,528,716 3.673,214
1931.
$213,092
57.535
36.875
1930.
$222,736
43,173
26.588
1.588,876
466,313
287.873
1.695,354
298.142
136,561
1931.
1930.
19.714.653 512,503,071
2,797,141
3.411,704
1.696,423 2.218,182
66,744.268 80.150.061
19.728.636 23.035.872
11.912,535 14.881.405
Chicago & Eastern IllinoisJuly1932.
1931.
1933.
1930.
Gross from railway.-- $1,121,524
$869.861 $1,304.159 $1.652.487
Net from railway_ _ _
37.874
185,941
325,965
241.778
Net after rents
--191,085
--93.704
118,319
-79,529
From Jan 1
Grass from railway
6.643,515 6,958,968 9,087.771 11,919,841
Net from railway_ _ _ 1,187.487
536.148
762,988 1,502,751
Net after rents
-240,378 --1,104.186 --1,045.093 -525,701
Chicago Great WesternJu y1932.
1931.
1933.
1930.
Gross from railway
$1.457.938 81,080,696 11.904.463 $1,891.509
Net from railway_ _ - _
164,551
541.814
550,174
464.530
Net after rents
-91.884
275,684
285,498
190,989
From Jan 1
Gross from railway.._.. 8,050.106 8,849,810 11,898,670 12.974.750
Net from railway_ - _ 2,034.209 2,197.035 3.415.821 2.993.927
Net after rents
358,894
283,980
1.507,376
1,199.496
Chicago & Illinois Midland
1932.
1931.
1933.
1930.
Gross from railway__ _ $283,541
$95.050
3219.967
8250.290
Net from railway_ _123.901 -121,608
54.909
71.391
Net after rents
-45,165
107.289
42,366
56.861
From Jan 1
Gross fr-an
_ 1,667,332 1,170.569
1.574.637
1,735.233
Net from railway_
576,631
196.187
250,904
334.385
Net after rents
76.744
534.086
154.490
243,671
Chicago Indianapolis & LouisvilleJuly1932.
1931.
1933.
1930.
Gross from railway- -- $648,792
$582,480
$907.161 $1,195.632
Net from railway_ _ __129.628
51.221
160,864
275.585
Net after rents
-83.751
5,546
-18,989
65,520
From Jan 1
Gross from railway_ -- 4,021,906 4.605,231
6.779,358 8,912.389
Net from railway_ - _
616.955
681,073
1.403,198 2,115,504
Net after rents
183,081 -418.836
174,401
699,527
Chicago Milwaukee St Paul & PanJuly1932.
1931.
1933.
1930.
Gross from railway.-- $8.413,060 $6.101,710 $9,995,627 $12,212.556
Net from railway..,.,... 2,427,050
-43,428 2,555.077 2,637.207
Net after rents
1,359343 -1.177.139 1.383.864
1.401,638
From Jon 1
Gross from railway- 47,904,249 47.036,040 66,807.751 82,073,729
Net from railway--- 11.890.149 3,998.540 11,856,011 14.576.207
Net after rents
4,285,721 -4,104.371
3,669,838 6.361.045
Chicago & North WesternJuly1932.
1931.
1933.
1930.
Gross from railway--- $7,681.029 15,567.717 $9,592.983 $11.675.084
327,957 1.925.638 2,581,215
Net from railway-- 2,619,261
Net after rents
1,048.813 1,486.374
1,803,307 --512,676
From Jan 1-Gros.. from railway_-- 40,331,369 41,619,674 61,997.810 75,876,118
Net from railway_ - -- 7,098,333 4,784,894 10.718.804 14,469.486
Net after rents
1,360,743 -1,472,845 4,142.685 7.682,158
Chicago R I & Pacific System1932.
1931.
July1930.
1933.
Gross from railway--- $6,307,107 $6,166,978 $11.198,856 $11,586,362
1,474.719 4,321,620 3.804,398
from railway--- 1,560,147
Net
475,979 3,167.981
Net after rents
727,073
2,604,248
From Jan 1
Gross from railway,.,.. 37,162,478 42.193,767 62.035.471 73,710,649
Net from railway,..... 7.950.173 8.610,394 16.550.759 17,731.464
Net after rents
2,074,000 2,002,363 9,441,592 10,218,495
Chicago Rock Island & Gulf1932.
1931.
1930.
July1933.
$426.468 51,028.098
Grossfrom railway...,. $330,982
$855.323
195,004
647.324
107.216
475,918
Net from railway- --453
101,465
571,396
382.431
Net after rents
From Jan 1
2,494,141 3,723.029 4,134.298
Gross from railway-- 1,968,531
883.725
1.506.051
1.453.006
561,461
Netfrom railway
347,056
1,113,583
-138.406
1.005.827
Net after rents
Chicago Rock Island & Pacific1932.
1931.
1930.
July1933.
Gross from railway-- $5.976.126 $5,740,511 $10,170,758 $10,731,038
1,279,716 3,674.296 3.328,479
Net from railway_ _-- 1,452,932
374.513 2,596,584 2,221,817
727,525
Net after rents
From Jan. 1
35,193.947 39,699.626 58.312,442 69.576,151
Gross from rallwaY
Net from railway- --- 7,388,712 .7,726,699 15,044,708 16.298,457
2,212,405 1,655,306 8,328,008 9.211,668
Net after rents
1751
Chicago River & Indiana1932.
191.
1930.
July1933.
Gross from railway_ _ _ $422.048
$318,195
1493.005
$451.725
159,605
Net from railway__ _ _
253,021
215,865
223.837
190.396
235,698
273,693
Net after rents
285,589
From Jan 1
Gross from railway...... 2.532.235 2,500.136 3,228.023 3.633,608
1,219.886
1,429.901
Net from railway_ _ _ 1.424,118
1,520.340
1,393.256
1.632,627 1,779,139
Net after rents
1.646.688
Chicago StPaul Minn & Omaha1932.
1931.
1930.
July1933.
Gross from railway--- $1,562,369 81.131.076 11,641.028 32305.816
25.076
243,665
Net from railway_ _- _
534,487
356.059
369,494 -122.670
58,201
172.108
From Jan 1
Grossfrom railway.- 8,076.673 8.303.801 11.048.578 14.203.181
481.178
1.231.250 2,271.279
Net from railway_-- 1,644.386
63.939 1.012.488
Net after rents
611.818 -589.896
CIinchfield1933.
JulyGross from railway.._.. $475,191
Net from railway_
202,818
Net after rents
From Jan. 1
Gross from railway__ _ 2,720,366
Net from railway.._....
94e.158
Net after rents
Colorado & Southern System
Colorado & Southern1933.
JulyGrossfrom railway--- $432.868
90,302
Net from railway_ _ _ _
Net after rents
16,384
From Jan 1
Gross from railway.
2,639,777
267,617
Net from railway........
-242,684
Net after rents
1932.
5248.840
19,417
-28.141
1931.
8423.736
131.337
82,268
1930.
1465.196
157.962
125 903
2,310.324
649,210
279,020
3.272.794
1,100.372
887.791
3.630.408
1,228,322
1.164.268
1932.
$367.373
-16.761
-103.796
1931.
$623,481
115.886
27,312
1930.
$804,164
145.878
49,588
3,028.220
207,290
-371,939
4.412,404
705.405
98,441
5,788.141
1,156.489
513.397
Fort Worth & Denver City
1932.
July
1933.
Gross from railway_. $618,880
$626.773
342.683
Net from railway--347,300
Net after rents
284.769
284.359
From Jan 1
Gross from railway_ _ _ '2.995.710 3,268,617
Net from railway_ _ -- 1.106.537 1,129,270
726,846
Net after rents
726.767
Columbus & Greenville1932.
July1933.
$39.256
Gross from railway_ -$70.422
-22.161
Net from railway
14.483
Net after rents
-21.870
15.844
From Jan. 1
424.783
Gross from railway..,.,.
397.783
26,299
-39.958
Net from railway---30,959
-36,152
Net after rents
Conemaugh & Black Lick
1932.
July1933.
$91,194
Gross from railway.--6.692
28,577
Net from railway_ _ _ _
-7.192
Net after rents
29,131
From Jan. 1207,819
285.335
Gross from railway_..-45.594
37.927
Net from railway........
-49.094
43,824
Net after rents
Delaware & Hudson
1932.
1933.
July$2.011.827 81.731.790
Gross from railway
-32,531
300.536
Net from railway----13.737
208,585
Net after rents
From Jan. 1Gross from railway_ 11,759.425 13,590,711
417.553
55.218
Net (tom railway_ _ _
-476.341 -215,396
Net after rents
Delaware Lackawanna & Western
1932.
1933.
July
Gross from railway_ _ _ 83.913.795 53,528.154
579.661
Net from railway,....,. 1,111,709
98.897
633,904
Net after rents
From Jan 1
Gross from railway__ _ 24.416,493 27.485.526
Net from railway_ _ _ _ 4,648.485 5,090,901
2,936.568
1,501.421
Net after rents
Denver & Rio Grande Western1932.
1933.
July
Gross from railway_.._ 11,330,721 51,229,593
345,503
216.459
Net from railway_ __ _
57,781
196,485
Net after rents
From Jan 1
Gross from railway,..... 8.333,930 8,795,631
1,203,178
Net from railway_ _ _ _ 1.747,321
134,721
778,333
Net after rents
Denver & Salt Lake1932.
July
1933.
894.362
Gross from railway..... $104.542
20.091
Net from railway_
38,236
42,983
9,363
Net after rents
From Jan 1
746,211
925.636
Grossfrom railway._
250.321
344,105
Netfrom railway
229,163
261,723
Net after rents
Detroit & MackinacJuly
1933.
1932.
Gross from railway....
$51.670
566.233
Net from railway_ _ _ _
3.630
13.800
9,075
Net after rents
-1,539
From Jan 1
Gross from railway..,.,.
319,885
386.728
Net from railway_ _ _
13,217
26,350
Net after rents
-7.035
5.018
Detroit TerminalJuly
1933.
1932.
Gross from rail way
$65,201
534,228
Net from railway_ _ _
-3.928
17.715
Net after rents
9,855
-18,546
From Jan 1
Gross from railway......
383,209
400,407
Net from railway.._.,.
78,884
61.341
Net after rents
-3.065
-66.934
Detroit Toledo & IrontonJuly1932.
1933.
$360.535
Gross from railway--- $382,344
165.326
89,196
Net from railway_ --47,657
Net after rents
127,269
From Jan 1
2.177,455 2,735,779
Gross from railway
829,632
745,779
Net from railway..___
524,469
384,197
Net after rents
Duluth Missabe & Northern1932.
1933.
July$417.376
Grossfrom railway- - 81,410,352
937.861
45,255
Netfrom railway
866,907
22,433
Net after rents
From Jan 1
915.651
Grossfrom railway.... 3,167,653
411.099 -1.987,678
Net from railway- -..171.002 -2,025,266
Net after rents
116.807
1930.
1931.
$1.373.047 51,130.368
885.542
577.175
799.921
469.801
4.723,501
1,727.457
1.337.848
5.814,517
1.674.487
1,252.234
1931.
$82.437
5.089
3.812
1930.
5116,350
7.496
2.243
624.544
71,955
61.805
950.272
129.682
83.168
1931.
$73,078
13.477
16.570
1930.
3110.984
14.673
17,440
463.110
-59.288
-42.318
941.673
121.454
134.510
1931.
1930.
52.537.098 53.050.613
444.940
608.309
379.021
486.030
18,270.750 21.696.536
2.366.857 3.724.338
1,861.977 2.825.330
1931.
1930.
14,774.283 85.894.024
993.651
1.590.733
530.125 1.080,963
35.441.485 40.809.821
7.751.915 9.550.139
4,468.984 6.106.222
1931.
1930.
51,777.209 82.310.996
499,623
638.463
354145
516,58,0
12.846.106
3.193.788
2.166.793
15,967.566
4,191.410
3,172,675
1931.
8133.960
21.044
3.716
1930.
8207,782
10.816
4,817
1,046,631
275.401
205.612
1,587,337
380.462
333.766
1931.
190.455
26.935
18.047
1930.
3105.205
17.123
7.107
606.583
151,898
110,837
640.328
48.562
1.342
1931.
156,259
3.945
-16,342
1930.
891.242
706
-11,689
601,095
126,326
-18,969
898,019
198,535
90,037
1931.
$430,166
114,910
61,586
1930.
8588.107
118.797
51,370.
4,001,552
1,338,961
881,686
7,130,372
3,290,750
2.581,996
1931.
1930.
$2,360.834 $3,811.830
1,479,885 2.630.978
2,345.249
1,338,336
5.782,297 11.657.716
185.116 4,914,770.
-314,876 3,659,795.
1752
Duluth South Shore & Atlantic
July
1932.
1933.
Gross from railway _ $220.851 $144,152
Net from railway
--17,247
86,649
Net after rents
--45,640
67,711
From Jan 1
Grossfrom railway_ _ _ 1,025,130
992,309
Netfrom railway
89.793 --119.539
Net after rents
-72.994 --329.317
Duluth Winnipeg & Pacific1932.
1933.
JulyGross from railway-$60.431
$77,274
.
Net from railway_ _ _
9,232
-35.531
Net after rents
-24,005
18,886
From Jan 1
535.741
Gross tram railway
417.699
Net from railway_ _ _ -108.762 -101.257
-4,037
-10,516
Net after tents
Elgin Joliet & Eastern1933.
JulyGross from railway_ -- 31,160,370
Netfrom railway
435,756
Net after rents
273,150
From Jan 1
Gross from railway.. _ - 5,353,359
1,318,806
Net from railway
318.744
Net after rents
GeorgiaJulyGross from railway_ _ _
Net from railway
Net after rents
From Jan 1
Grossfrom railway_ _ _
Netfrom railway
Net after rents
1931.
$227.282
-11,368
-45.863
1930.
$341,729
38,453
-1,906
1,688,602
95,056
-154,376
2.405,215
346,043
36.715
1931.
$90.440
-42.000
-54.021
1930.
$135.200
-10,586
-13.354
724,972
-195.809
-191,398
1,118.867
61,936
13,176
1932.
$511,056
-36,613
-179.484
1930.
1931.
$954,581 $1,748,694
454.520
23,065
202,477
-133,475
4,851.433
351,676
-696,980
9.034.583 14,013,167
1.715.890 3,958,741
1,890.136
-383,306
1933.
$290,918
83.172
88,648
1932.
$201.077
20.726
30,112
1931.
$368.189
59.943
58,823
1930.
$378,210
55,168
65.338
1,772,030
306,251
323,261
1,638,649
54,216
90,010
2,499,096
350.170
369.579
2,755,272
354.980
390.311
Georgia & Florida1930.
1931.
1932.
1933.
July
$140.372
$125.015
564.001
$86,491
Gross from railway__ _
16.431
9,533
-14.265
9,066
Net from railway__
3.490
-5.327
-23,414
6,674
Net after rents
From Jan 1
881.318
853.019
501.195
507.807
railway__ _
Gross from
32.852
20.197
-84.204
-19.334
Net from railway....
-37.032
-64.074
-60.921 -148,646
Net after rents
Grand Trunk Western1930.
1931.
1932.
1933.
July$961.865 $1,703.261 31.975.163
Gross from railway..- - $1,409,818
143,891
135,206
189,427 -118.322
Net from railway
3,645 -280,989 -106,429 -206,973
Net after rents
Frtm Jan 1
Gross from railway.. _ - 8,795,242 8,496,466 12.863,557 16.818.311
1,458,294 3,077.869
108,654
812,377
Net from railway
839.337
-457,994 -1,240,897 -565,427
Net after rents
Great Northern Railway1932.
1933.
JulyGross from railway-- $5.955.504 $3,917.231
2.344.591 -255.366
Net from rail way_ _ _
1.581,185 -980.581
Net after rents
From Jan 1
Gross from railway...... 30.687.362 28.412.619
993.869
Net from rail way_ _ _ - 8.099,753
3.037,703 -4.063.561
Net after rents
Green Bay & Western
1932.
$87,858
Gross from railway_ _ _ $111.489
4,148
30,579
Net from railway_ _ _
-4,367
22.279
Net after rents
From Jan 1
675.279
624,599
Gross from railway__ _
77.998
86.515
Net from railway._
15,932
32,099
Net after rents
Mobile & NorthernGulf
1932.
1933.
July5354.481
Gross from railway-.. $429.594
39,846
176.649
Net from railway._ _ _
-37.004
107.902
Net after rents
From Jan 1
2,020.352 1,958.468
Gross from railway
181.848
595.432
Net from railway___..
274.363 -149,087
Net after rents
Illinois Terminal Co1932.
1933.
July$317.623
Grossfrom railway_ _ - $432,651
64,571
153,487
Netfrom railway
21,641
92.332
Net after rents_
,
From Jan 1 Gross from railway_ _ _ 2,604,170 2,632,244
663,558
786,820
Net from railway
294,243
414.750
Net after rents
International Great Northern1932.
1933.
July$743,472
Gross from railway_ _ _ $1,122,327
100,748
366,024
Net from railway
2,180
205,273
Net after rents
From Jan 1
railway...... 7,693,342 5,952.070
Gross from
822,540
2.381,885
Netfrom railway
3,919
1,175,684
Net after rents
City Southern System
&anus
Kansas City Southern1932.
1933.
July$649,978
Gross from railway,..... $729.389
126.581
207.289
railway
Net from
10.236
109,587
Net after rents
From Jan 1
5.167.168
4.843.279
Gross from railway
1,216,243
Net from railway.. _ - _ 1,314,711
424,858
625.177
Net after rents
Texarkana & Fort Smith1932.
1933.
July$100.160
$91.935
. Gross from railway..
32.326
30.389
Net from railway
,295
4,288
Net after rents
From Jan 1
676.730
555.792
from railway
Gross
198.165
173,477
Net from railway_....
1.788
3,930
Net after rents
Kansas Oklahoma & Gulf1933.
JulyGross from railway...... 3149.474
74,994
railway_ _ _.
Net from
40.762
Net after rents
From Jan 1
983.978
Gross from railway......
460.121
Net troll:5 railway__ _ _
245,761
after rents
Net
Lake Superior & Ishpeming1933.,
JulyGross from railway.._.. $322.6543
235.747
Net from railway__
197.014
Net after rents
From Jan 1
633,490
Gross from railway..,...
236.386
Nei from railway
135.710
Net after rents
Sept. 2
1933
1932.
$43.353
20,539
22.454
1931.
$60,386
24,500
23.251
1930.
$116,802
36,950
39.233
160.858
10,200
-4,126
384,309
40.967
6.263
568.411
83.324
21,511
1932.
$114.685
33.165
10,256
1931.
$173.598
45,394
15,237
1930.
$173,284
61.106
27.650
937.366
229,369
50.969
1,183.283
334,935
120,283
1,310,315
346,462
141,179
1932.
3231.168
43.937
41,881
1931.
8315.753
55,309
53,146
1930.
$419.939
100.138
76,826
1.901.332
390.444
386,647
2,451.031
496,839
481,781
2.835.959
655.841
531,704
1932.
$302.766
87,859
42,541
1931.
$551,428
263,005
188,723
1930.
8633.174
245.733
164,708
2,358.091
642.489
349,006
3.299.005
1,161.160
710,498
4.281,510
1.326.828
694,190
1932.
$44.054
-5.678
-13,920
1931.
354.756
-3.558
-11.763
1930.
373.671
2.117
-10.544
327.383
1.322
--56,860
425.561
6.439
-68.004
543.071
-46.250
-157,244
Financial Chronicle
•
1930.
1931.
36.990.782 $9.115.041
2,349.589
2.085.173
1.931.197
1.272.821
43,404.200 54.851.942
9,024,814 10.325.960
3,442,982 5,243.394
1931.
$120.284
26,281
17.480
1930.
3139.453
24,682
11,026
835.184
111.248
44,579
1,037.592
264.7/3
162,649
1931.
3331.859
57.599
12,904
1930.
3428.564
62.390
2,606
2,483.662
379.765
13.551
3.583.138
747.698
320.605
1931.
$550,906
187,665
123,420
1930.
3601.517
160,509
87,602
3,838.305
1,293,190
883,369
4,363,169
1.280,743
780,146
1930.
1931.
$1,869,236 $1,185,508
148.574
624,155
32.744
386,378
11,788,705
3.311,364
1,775,996
8.759.087
1,027,546
92.054
1930.
1931.
$1,016.557 $1,615.512
584.668
287,563
407.752
138,448
7.518.774 10.160,125
2,344.260 3,158.277
1.980,351
1.423.605
1931.
8188.372
102,657
66.150
1930.
8239.152
103.850
68.981
1,166.025
513.641
282,184
1,514.612
597.791
282.432
1932.
$126,258
40,628
15,413
1931.
$243,015
96,123
51.487
1930.
$259.498
90,571
45,417
1,037,027
398,651
192,389
1,533.456
632,839
367,781
1,806,191
783.890
494,267
1932.
123.978
-23 431
-39.028
1931.
$220.691
123.962
104,507
1930.
5359,703
210.865
169.458
174.088
-187.6/4
-297.050
713.348
954.712
-32,549
1.296.710
506,094
274,339
Lake TerminalJuly
1933.
Gross from railway__
$92.616
Net from railway._
47.090
Net after rents
46,402
From Jan 1
Gross from railway.
328.009
-Net from railway
125.364
.Net after rents
110.093
Lehigh & Hudson RiverJuly1933.
Gross from railway.... $132.272
Net from railway_ _ _ _
55.823
Net after rents
28,571
From Jan 1814,01i
Gross from railway_
Net from railway_ _ _ _
265,330
Net after rents
101,151
Lehigh & New England1913.
July$303.913
Gross from railway
Net from railway_ _ _ _
101.906
81.917
Net after rents
From Jan 1
1.705.148
Gross from railway..
380,484
Net from railway _
362,101
Net after rents
Louisiana & Arkansas1933.
JulyGross from railway__ _ $353,230
108,003
Net from railway...... _
72.701
Net after rents
From Jan. 1
2.337.002
Gross from railway
823.275
Net from railway_ _
501.660
Net after rents
Louisiana Arkansas & Texas1933.
July$80,959
Gross from railway
20.982
Net from railway...._..
8,377
Net after rents
From Jan 1
458.147
Gross from railway__ _
66.584
Net from railway........
-22.557
Net after rents
Lousiville & Nashville1932.
1931.
1930.
1933.
July36.269.640 $4.491.413 $7.140.1113 $8 970.606
Gross from rallway
626.685
1.347.374
1.164,871
Net from ra lway_ _ 1.968.166
216,779
812.127
766.067
1.646.606
Net after rents
From Jan 1
36.503,455 36,223.420 53,443.610 67.588.608
Gross from railway
Net from railway...._8.370.506 4,250,444 9.042.109 10,025,031
1,201,507 5,582,745 6,170,7.7
5,834,228
Net after rents
Maine Central1933.
July
Gross from railway...... 3934.643
300,052
Net from railway_
222,703
Net after rents
From Jan 1
Gross from railway...... 5,946.438
1.684.369
Net from railway..
1,098,739
Net after rents
Midland Valley1933.
JulyGross from railway......$102,895
47.370
Net from railway........
32,334
Net after rents
From Jan 1
742.264
Gross from railway......
315,735
Net from railway__....
207,141
Net after rents
1931.
1932.
1930.
3846.924 $1,249,007 $1,525.462
280,331
289.533
140,801
168,813
56,655
181,331
6,919.645
1,516.248
854.230
9.134.989 11,377,633
2,095.842 2,756.664
1,721,026
1,155,105
1932.
$92.588
23,658
10.226
1931.
8182.635
82.481
58,996
1930.
5256.064
106.403
75,036
857.890
312.444
185,402
1,193,974
405.534
241,099
1,716.715
678.005
467.159
Minneapolis & St Louis1932.
1930.
1931.
y1933.
$564.874 31.062.882 $1.091.459
Gross from railway....- $746.204
159.314
208.983
-62.833
Net from railway..173.304
46.841
121.742
Net after rents
133,395 -128.714
From Jan 1
Gross from railway...._ 4,251.013 4.261.686 6.234,920 7.098.392
698,332
153,182
657.745
428.597 Net from railway......_
-50.179
611.285
102.407
21.010 Net after rents
Mississippi Central
July1933.
$55.323
Gross from railway.._9.915
Net from railway_ _._
1,791
Net after rents
From Jan 1334,687
Gross from railway_
16,717
Net from railway........
-28.717
Net after rents
Missouri II i nois1933.
July$80,883
Gross from railway_ _ _
24,954
Net from railway__ _
10,751
Net after rents
From Jan 1
454.854
Gross from railway_ .. _
74,252
Net from railway. _ ._
-21,117
Net after rents
Missouri-Kansas-Texas1933.
JulyGross from railway...... $2,288,011
Net from railway_._
709,791
323,221
Net after rents
From Jan. 1
Gross from railway...... 13,592,383
Net from railway- - - - 2,809,980
268.108
Net after rents
Missouri & North Arkansas1933.
July$85.302
Gross from railway-34.97
Net from railway..23.772
Net after rents
From Jan 1
484.392
Gross from railway _
46,916
Net from railway.. _ _
-28.938
Net after rents
Missouri Pacific
1933.
JulyGross from railway..-- $6.737,760
Net from railway....-- 2.206,273
1.433,163
Net after rents
From Jan. 1Gross from railway...... 38.082,517
Net from railway_ _ _ _ 8.824.934
3,881920
Net after rents
Mobile & Ohio
1933.
July$776,881
Gross from railway
169.039
Net from railway_ __ _
62,876
Net after rents
From Jan. 1Gross from railway...... 4,582.351
829.152
Net from railway_ _..104,563
Net after rents
1932.
$40.696
-552
-7.799
1931.
$99,258
34,057
22,635
1930.
$93,157
18.438
10,372
337.297
-29,724
-80,245
591,019
116,527
50,060
784,242
148347
102.171
1932.
$75.249
16,093
5.449
1931.
$125,646
34.434
19,991
1930.
$152.798
47,569
27,361
515.201
98,125
12.601
779,325
173.339
75,753
1,076.834
234,755
175,632
1930.
1931.
1932.
32.150.119 $3,133.662 $4,288,368
1,695,926
907.725
609.910
248.367
452.677 1,158,465
15.448,264 19,714.563 25,849.364
3,794,254 4.422,183 7,257,932
1,547,255 4.109.676
1,175.166
1932.
$63.698
-2.199
-11.774
1931.
$83.141
-1,561
-13,935
1930.
$121,291
1,858
-12,112
497.381
-23.323
-98,317
720,104
45.784
-47,050
981.972
149,733
40.129
1930.
1931.
1932.
$5.465,732 39,068.925 810.770,619
2.843,001
1,244.973 2,552,631
1.962.782
1.665,105
619,638
40.196,493 58.016,644 71.004,122
8.473.116 15,837,819 17.241,006
3,673.246 10,278,572 11.284.482
1932.
$560,883
-6,566
-117.164
4.606,234
375.473
-461,298
1930.
1931.
3824.100 31.187.637
93.960
242,340
-17,982
86.591
6,338.038
911.600
20,318
8,687.197
1.668,596
613.093
Volume 137
inancial Chronicle
MonongahelaJuly1932.
1933.
1931.
1930.
Gross from railway- __ $361,872
$251.916
$427.640
$498,101
Net from rallway___247,875
152.983
217.621
229.678
Net after rents
151,027
77.773
121,490
112,275
From Jan 1
Gross from railway- _ - 1.937.298 2,153,408 2.895,552 3,698,245
Net from railway
1,200.976
1,387.285
1.210.235
1,607.504
Net after rents
611.886
728,878
622.546
776,738
Nashville Chattanooga & St LouisJuly1932.
1931.
1933
1930.
Gross from railway__. $1,225,011
$822.225 $1,307,439 $1,724,843
Net from railway_ ___
86.765
109,936
348,332
288,119
Net after rents
38,595
45.629
267,312
225,619
From Jan. 1
Gross from railway.-- 7,302,931
6,714,207 9.488,186 11,912.964
Net from railway.- - - 1,236,414
1,054.395
1,843.018
495,434
Net after rents
533,720
1,346.201
139,654
869.598
Nevada NorthernJuly
1932.
1931.
1930.
1933.
Gross from railway..
$40,143
$55,787
$26.471
$28.026
Net from railway__ _
8.430
3.181
20.340
5,643
Net after rents
13,750
-506 -252,117
2,627
From Jan. 1
Gross from railway...
472.285
307,759
196.978
149,294
Net from railway_ ___-15,353
4,584
199.269
72.843
Net after rents
--19,886 --220,875
140,445
-36,558
New Orleans Texas & Mexico System
New Orleans Texas & MexicoJuly1930.
1931.
1932.
1933.
Gross from railway.-- $107.102
$15.3.361
$114,565
$236.316
Net from railway....
14.738
63.387
10.638
6.364
Net after rents
23.417
82,493
31.269
12.533
From Jan 1
Gross from railway
781,355
986.555
1,930,792
1,349.016
Net from railway.-180.333
571,706
290.350
105,974
Net after rents
220,195
368,621
647,623
206,421
Beaumont Sour Lake & Western1931.
1932.
1930.
July1933.
Gross from railway- $110.932
$102,216
$204.268
$270,264
Net from railway-65.921
12.590
67.105
24.937
Net after rents
--27.622
17.045
5.603
--12,955
From Jan 1
Gross from railway
1.734.116
1,032.151
2,034.385
804.117
Net from railway
544.459
254,425
530.056
206.636
Net after rents
68,868
33,251
-96.697 -109.505
St Louis Brownsville & MexicoJuly1931.
1930.
1933
Gross from railway.-- $263.470
$308,845
$260,201
$583.292
21.961
Net from railway.
46.550
187.275
48.850
Net after rents
-9,555
17.873
137.937
20.329
From Jan 1
Gross from railway.... 2,497,774 3,349,986 4,283.410 5.967.127
1.556.442 2.353.317
1,451,710
Net from railway
799.806
Net after rents
962,559
988,598
1,729,200
367,962
New York Central System
New York Central1931.
1932.
July1930.
1933.
Gross from railway---$26.468.195 $21,074,667 $32.811.339 $39.160.915
Net from railway.... 8.259,764 3.536.850 6,655.740 8.428.873
Net after rents
4.529.619 -161.870 2,717,056 4.481.337
From Jan 1
Gross from railway
159.339.857 174.226.509 232.381.261 287.858.213
Net from railway
42.611.391 34.856.475 47.728.022 62.888.756
Net after rents
17,023.131 7,323.539 19,490,275 36,641,614
Indiana Harbor Belt1931.•
1932.
July1930.
1933.
$506.069
$750.729
Gross from railway.... $721,492
$844.619
246.162
186,793
Net from rallway..-__
328.097
349.328
120.446
95.075
Net after rents
231,912
226.057
From Jan 1
Gross from railway.-- 4,267,887 4.215.776 5,493.065 6.422.181
1,521,718 2.032.480
1,372.009
Net from railway.... 1,782.444
731.637
Net after rents
917.754
1.469,301
1,080,971
Pittsburgh & Lake Erie1932.
1931.
July1930.
1933.
$889.851 $1,529.926 $2,622.349
Gross from railway.-- $1,697,759
40,986
180.961
Net from railway_
689.930
581,724
76.483
258.122
Net after rents
804.420
548.737
From Jan 1
Gross from railway
7,795,670 7,165.998 11,076.714 16.990.441
539,928
1,563,584 3.485.870
Net from railway....1.441.664
793,628 2,115,824 4.342.462
Net after rents
1,558,126
New York Connecting_
1932.
1931.
July1930.
1933.
$222.461
$181.926
Gross from railway.-- $293,134
$193,588
177,137
84,459
119.088
Net from railway....
239.411
99,356
18.462
53,832
Net after rents
171,964
From Jan 1
1,307,980
1,496.717
Gross from railway
1,736,340 1,324.006
999.334
846,919 1,021.492
Net from railway...- 1,413.335
468,063
393.153
577.574
Net after rents
903,063
New Haven & Hartford-New York
1932.
1931.
1930.
July1933.
Gross from railway--$6,075,139 $5,503,331 $8.343,497 $9,698.276
Net from railway_ _ _ _ 1,079,908 1,256.140 2,236.048 2,875.710
413,797
1.244,357
1,740,375
1,075,651
Net after rents
From Jan 1
Gross from railway.-- 37.839,503 45,309.593 60,137,353 70,546.751
9,967.529 13.233,391 18.755,071 22.285.805
Net from railway.
3.872,508 6.801.503 10,973,364 13,643,056
Net after rents
Norfolk Southern1932.
1931.
1930.
1933.
July$375.879
$297,065
$521,925
$556.762
Gross from railway
63,718
91,941
110.101
68.721
Net from railway- 3.611
27.006
52,212
15,521
Net after rents
From Jan 1
2.567,819 2,557,685 3,762,466 4.154.094
Gross from railway
264,713
752.309
887.917
373,300
Net from railway_ _
277,520
400,394
2,548 -141.785
Net after rents
Northern Pacific1931.
1932.
1930.
July1933.
Gross from railway_ _ _ $4,398.358 $3,529,662 $5.386,463 $6,645,513
772,641
177,588
1,477,860
from railway- - - 1.124,661
Net
375,041
1,162,358
834,691 -206.366
Net after rents
From Jan 1
25,481,123 36,234,491 44,522,089
Gross from railway- _ _ 24,771,591
731,007 4,014,479 6.624,814
Net from railway.... 2,023,201
1,473,136 4,167,706
111.797 -1.731.006
Net after rents
PacificNorthwestern
1931.
1932.
1930.
1933.
July$479.098
$346.883
$579.419
$319,297
Gross from railway
155.503
57,915
240.692
77,286
Net from railway
110,013
16.544
195.195
49,856
Net after rents
From Jan 1
2,395.323 3.167.396
1,500.750 1.823.321
Gross from railway__
-42.043
-43,607
222.421
-56,197
Net from railway
-75,023
-272,994 -337.121 -361,517
Net after rents
Oklahoma City-Ada-Atoka1931.
1930.
1932.
1933.
July$31.280
$73.768
$73.028
$24,684
Gross from railway_
28.286
9.340
13.898
8.054
Net from railway__
8,251
-2,416
-3.797
-2,361
Net after rents
From Jan. 1
428,269
239.549
549,569
Gross from railway__ _
191.106
61.465
143,377
89.293
Net from railway..._
70,431
-23.305
23,349
-36,362
Net after rents
-5,615
1753
Pennsylvania SystemJuly1933.
Gross from railway..
.$30.436.705
Net from railway__ _ _ 10,339.006
Net after rents
6.573,814
From Jan 1
Gross from railway._ _178,995.686
Net from railway
52.897,084
Net after rents
30,105,567
Long IslandJulyGross from railway....
Net from railway- _ - Net after rents
From Jan 1
Gross from railway
Net from railway...Net after rents
1932.
1931.
1930.
524.225,353 538.381.091 549.648.700
5.866.987 8.313.379 13.705.893
1.949,970 4.111.696 8.603.944
194.405.312 272,984.346 344.907.913
45.118,663 53,022,209 84.293.424
21.664,887 26,637,720 54,193,826
1930.
1931.
1932.
1933.
$2.465,129 $2,691,961 $3,629,561 $4.018.939
1.834.193
1,516,139
1.126.332 1,186,680
1.164.812
927.390
653.862
629,930
13,845.454 16,915.457 21.399.587 22.806.397
4,712.508 5.412,214 7.056.149 7.092,883
2,236.859 2.795,223 4,492,995 4,230,001
Pennsylvania RR
1932.
1933.
Gross from railway..
..$30,375,407 $24.706,361
Net from railway__ _ _ 10,334.240 6.403,063
Net after rents
6,583.615 2.503,674
From Jan 1
Gross from railway__ _178.646,635 198.500,368
Net from railway.. 52.895.199 49,606,857
Net after rents
30.182,492 26,235,269
Parma Reading Seashore LinesJuly1933.
1932.
Gross from railway.-- $760.378
$281.766
Net from railway....
95.783
168.016
47.020
Net after rents
-117.012
Fsom Jan 1
Gross from railway.-- 1,498.405 1.074.937
Net from railway-_--1.912 -131.893
Net after rents
-578.654 -441.980
Peoria & Pekin Union1933.
1932.
July583.088
$61.219
Gross from railway___
17.814
5.190
Net from railway....
Net after rents
31,482
16.653
From Jan 1
495.813
Gross from railway...
486.947
71.474
Net from railway....
98.710
123.269
Net after rents
143.776
Pittsburgh & Shawmut1932.
July1933.
$65.308
Gross from railway
$65.914
15.527
24.801
Net from rallway
10.133
Net after rents
21,904
From Jan 1
348.931
431.704
Gross from railway
58.357
Net from railway....40.958
35.975
46.373
Net after rents
Pittsburgh Shawmut & NorthernJuly1933.
1932.
582.636
$50.031
Gross from railway-17.243
-18.303
Net from railway-9.484
-23.875
Net after rents
From Jan 1
501.475
555,824
Gross from railway...
60,576
15.378
Net from railway-15.223
-28,349
Net after rents
Pittsburgh & West Virginia1933.
1932.
July$300.705
$170,963
Gross from railway
141.737
30.698
Net from railway-160.363
40.454
Net after rents
From Jan. 1
1,466.345 1.266.123
Gross from railway
214.293
501.068
Net from railway- -517.130
163,762
Net after rents
Richmond Fredericksburg & Potomac1932.
1933.
July$437.010
Gross from railway.-- $509,827
118.208
74.528
Net from rail way___ -11,724
10.751
Net after rents
From Jan 1
3.827.166 4,220.755
Gross from railway
982.207
Net from railway.... 1.012.525
376,389
392,711
Net after rents
Rutland1933.
1932.
July
Gross from railway... $302.226
$306.299
Net from railway_ __ _
49.277
23.913
Net after rents
39.795
5.527
From Jan. 1
Gross from railway_
1,911.387 2,275.130
Net from rail way_ _ _ _
176.611
295,561
Net after rents
122.751
165,217
St. Louis-San Francisco System
Fort Worth & Rio Grande
1932.
1933.
JulyGross from railway- -131.403
445.259
Net from railway.... -23.470
-14,812
Net after rents
-32,937
-28.186
From Jan. 1Gross from railway._ 234.758
276.979
Net from railway.... -161.737 -150,401
Net after rents
-236.617 -239,160
St. Louis-San Francisco Ry Co
1933.
July1932.
Gross from railway... $3.417.975 $3,231.407
Net from railway-745.041
631,324
Net after rents
413,536
227,957
From Jan. 1Gross from railway... 21.977,234 23.532.181
Net from railway.... 4.098.668 4,412.674
Net after rents
1.540.866
1,670.947
St. Louis-San Francisco of Texas
July1933.
1932.
Gross from railway..-- $103.856
$104.408
Net from railway_ _ _ _
15.349
13.815
Net after rents
-14.884
-18.412
From Jan 1Gross from railway...
581.785
589.673
Net from railway_ __ _ -20.837
-56.246
Net after rents
-236.135 -293,508
San Antonio Uvalde & Gulf
July1933.
1932.
Gross from railway
$59,185
560.683
Net from railway_ _ _ _
17.396
--2.508
Net after rents
-5.830
--29.227
From Jan 1Gross from railway...
419.793
649,821
71.754
Net from railway_ _ .._
195,209
-102,835
Net after rents
-19.658
San Diego & Arizona
1933.
1932.
July$31.852
535.750
Gross from railway...
-6,306
-307
Net from railway .._ .._
-6.318
-2.699
Net after rents
From Jan 1281.460
240.201
Gross from railway._
Net from railway_ _ -- -10.001 -192.49/
-24,837 -223,476
Net after rents
1931.
1930.
$38,285.176 $49.534.962
8.298.923 13.702.372
4,421,645 9.046.611
272.435.237 344.247.422
53,052.192 84.285.641
28,134.297 55,681,210
1931.
$4420,509
148.524
94.356
1930.
$452.177
134.656
64.524
1.580.782
--95.276
--449,801
1.770.425
-118.704
-535,348
1931.
$83.762
6.251
12.524
1930.
5126.316
24,180
34.082
668.017
70.516
135.833
968.055
167,421
190,281
1931.
$87,461
28.481
29.341
1930.
$101.805
30.389
29.809
557.661
133.206
129.826
739.148
196.553
202.457
1931.
$115,613
22,918
15.121
1930.
$118.733
-1.651
-11.055
765.842
167.684
122,024
938.783
158,552
87.118
1931.
$279.061
100,146
92.598
1930.
5332.866
131.563
153.984
1.771.020
403,797
405.512
2.294.784
837.324
984.583
1931.
$700,005
116.947
28.397
1930.
$798,266
169.690
82.819
6,039.556
1.882.341
1,065.225
6.763.143
1.684.840
921,122
1931.
$378.421
34.176
18.097
1930.
$451.310
67.685
47,086
2.631.882
213.731
98.825
3,095.873
412,825
309,059
1931.
.163.720
-10.461
-21,867
1930.
I63.842
13.817
-26.538
415.286
-109.549
-206.297
498.178
-80.170
--171,553
1931.
1930.
$4.644.860 $6.266.199
1.267.730
1,892.553
932.089
1.574.757
33.177.905 42.297.558
9.138.202 11./23.821
9,202.997
6.365.371
1931.
5169.260
63,651
27.614
1930.
$193.074
62.745
29.483
811.352
65.159
-183,624
1.044.685
117,421
-112.828
1931.
$101,454
26 688
--3.812
1930.
5122.619
21,919
--8.765
909.474
243.396
14.335
1.091.697
317.770
96.571
g!
1931.
1930.
$75,969
$92,695
12.515
20.689
16.749
10,112
544.977
101.493
75.283
719.297
203.960
170,494
Financial Chronicle
1754
Southern Pacific System
Southern Pacific Co1932.
Jury1933.
Gross from railway... $9,069.439 89,332.115
Net from railway_ _
2.505,971
2,807,131
Net after rents
958,891
1,462,773
From Jan 1
Gross from railway.... 52,528,968 63.563.224
Net from railway_
11,075,114 13.797.681
Net after rents
2.062,614 3.219,516
Southern Pacific SS LinesJuly1932.
1933.
8350.265
Gross from railway....
$382.268
-64,407
Net from railway____
-5.693
-65.213
Net after rents
-6.674
From Jan 1
Gross from railway
2,343,226 2,606,857
Net from railway
-374,174 -671,867
Net after rents
-383,678 -681.727
Texas & New Orleans1932.
July1933.
Grossfrom railway--- 82,423.792 12,247.419
82.109
453.760
Net from railway_ _- _
26,249 --393,018
Net after rents
From Jan 1
Grossfrom railway_ _ _ 16.174.425 18,509.511
1,966,639
2,263,670
Netfrom railway
680,696 --1,366.932
Net after rents
New Orleans Terminal
Gross from railway... 8106,487
63.513
Net from railway_ _ _
45,896
Net after rents
From Jan 1
768,754
Gross from railway....
481.958
Net from railway_ _ _ _
319,371
Net after rents
Spokane International1933.
July$49.441
Gross from railway.._..
6,155
Net from railway
-1,713
Net after rents
From Jan 1
246,005
Gross from railway..
Net from railway_ __ _ -41,143
-88,725
Net after rents
Spokane Portland & Seattle1933.
JulyGross from railway__ _ $502,180
264.526
Net from railway.._....
166,937
Net after rents
From Jan 1
Gross from railway- _ - 2.501,589
916.510
Net from railway........
310,538
Net after rents
Staten Island Rapid Transit-1933.
July
Gross from railway... $152.794
35,890
Net from railway_ --6,168
Net after rents
From Jan 1
986.111
Gross from railway....
224,177
Netfrom railway..11,924
Net after rents
CentralTenn
1933.
July
Gross from railway__ $167.067
50.667
Net from railway_ _ _ _
32,414
Net after rents
From Jan 1
Gross from railway..._ 1,070.415
251.305
Net from railway... _ 126.338
Net after rents
Terminal Ry Assn of St Louis1933.
JulyGross from railway- $579.035
268.852
Net from railway....
247,115
Net after rents
From Jan 1
3,498.339
Gross from railway
Net from railway__ -- 1.426,276
1,284,248
Net after rents
Texas Mexican1933.
July$59,225
Gross from railway_ _ _
5,480
_
Net from railway
-1,441
Net after rents
From Jan 1
380,262
Gross from railway
Net from railway___.. -13,219
66,831
Net after rents
Toledo Peoria & Western1933.
July$189.549
Grossfrom railway78.198
Net from railway_
Net after rents
52,845
From Jan 1
936.200
Grossfrom railway
241.600
Net from railway...-.
131,858
Net after rents
Toledo Terminal
1933.
$67.364
Gross from railway__ _
27,976
Net from railway_ __ _
36,162
Net after rents
From Jan 1
434,502
Gross from railway......
128.677
Net from railway._
167,274
Net after rents
Union RR (Pennsylvania)1933.
JulyGross from railway...... 8496,651
180,087
Net from railway........
237,007
Net after rents
From Jan 1
1.452.759
Gross from railway
Net from railway.. _ - -123.815
9,999
Net after rents
Utah1933.
July
842.961
Gross from railway......
-244
Net from railway........
-15,785
Net after rents
From Jan 1
550,933
Grossfrom railway.... _
171,927
Net from railway........
36,570
Net after rents
Virginian1933.
July
Gross from railway. _ _ $1,208,874
670,322
Net from railway.. _ _
592,640
Net after rents
From Jan 1
Gross from railway.... 7,527,368
Net from railway.... _ _ 3.746.183
3.234,786
Net after rents
1930.
1931.
813.470,261 816.576.680
4,293.047 5,517,230
3,559.463
2.453.301
89,885,021 110.045.864
23.201,390 29,399.953
11.909,494 17,527,065
1931.
$581,371
-73.870
-75,039
1930.
8655.163
-31,877
-32.850
3.797,446 • 4,717,766
-600,063 -387,731
-611,159 -377.494
1930.
1931.
14.233.237 55,182.013
1,323.160
1,135.860
688.282
574.341
27.960.866 35.916.544
7.009,236
4.915.141
1.260.737 2,914,738
1932.
$95,472
48,910
13,856
1931.
8169,288
95.199
57,368
1930.
8123.137
40,425
25,167
783,020
426.537
215,868
960.981
422.268
195.727
975,573
346,666
273,599
1932.
844,919
-4,699
-12,172
1931.
873,040
11,760
2,721
1930.
584,223
20.984
10,972
308,120
-49.146
-100.989
462,654
73,447
11,116
534.238
91,402
18,899
1932.
8412.541
126,141
33,313
1931.
$547,597
187,638
88,635
1930.
8668.981
205,774
105,528
2,745.278
702.655
102,405
3,616.916
1,221.464
569.943
4,519,535
1,333,822
626.178
1932.
$163.084
47,769
12.139
1931.
8202.230
55.851
25,402
1930.
8243.991
71.818
41,021
1,065,788
236.730
3,713
1.277.221
314.657
96,581
1,445.923
352,765
176,011
1932.
$115,244
24,447
10,439
1931.
$219,732
42,142
20,252
1930.
8277.595
80,591
53.741
1.046,726
190,729
79,323
1,587,017
269.955
120.905
1,803.074
352.387
193,661
1932.
5430.013
102.473
82.453
1931.
5658.138
162.157
141,053
1930.
1831.666
221.500
185,881
3,364.938
839,498
707.528
4,839.849
1.142,444
1,033.282
6.189.849
1.523,584
1,405.259
1932.
$44,748
--14.364
-20,563
1931.
$65,110
-922
-9,735
1930.
$94.616
18.416
8,642
434,768
64,134
3.473
573.476
14,972
-62.998
667.933
88,063
-3,246
1932.
8126.828
20.949
6.952
1931.
8163,033
33.457
17.057
1930.
1176.885
55.545
35,735
791,388
118.752
38,831
954,421
182.523
99,848
1,140.481
203,922
99,380
1932.
$49,616
7,114
8,289
1931.
571.462
9.701
24,718
1930879,803
1.174
7,168
451,775
80,817
100,143
621.814
125,572
200,565
694,100
101,178
151,151
1932.
$127,768
--99,603
--86.760
1931.
$504,855
124,620
168,660
1930.
1937.803
320,330
387.308
1,201,056
--581,375
--459,747
3,169,731
--52,111
248.152
5,386,058
1.169.319
1,398.159
1932.
833,604
--10.711
---24.862
1931.
$47,261
-4.769
--21,600
1930.
$61.156
---4,759
--18.795
584.797
153.435
22,366
636.252
142,021
14,106
818.021
185.524
39,571
1930.
1931.
1932.
$932,841 81,248,482 51,339.052
599,876
593,521
419.584
511,415
517.387
338,561
7,307,956 8.813,975 10.189.046
4.676,216
3,304,385 3,886,541
2,751,093 3.323,585 4,014,054
Sept. 2 1933
Union Pacific System
Los Angeles & Salt Lake1932.
July1933.
Gross from railway.- $1,176.796 51.238.740
403.771
Net from railway---385.556
102,866
Net after rents
138,148
From Jan 1
Grans from railway.... 7,581,890 9.004,291
Net from railway.. _ _ _ 2,173.532 2.753,519
816,645
Net after rents
514,511
Oregon Short Line1932.
July1933.
Gross from railway.-- $1,638,271 $1,257,465
Net from railway........528,267
183.116
Net after rents
186,750 -157,537
From Jan 1
Gross from railway.... 10,320,291 10,874,328
Net from railway_ -- 3,091,845 2,673,056
332.795
Net after rents
825,386
Ore-Washington Ry & Nay Co1932.
July1933.
Gross from railway.... $1,333,757
8
8983,74
61,184
Net from railway......_
379,033
Net after rents
144.428 -200,872
From Jan 1
Gross from railway..... 7,024,002 7,493.786
554,663
Net from railway......
992,945
-636,529 -1,265.665
Net after rents
St Joseph & Grand Island1932.
July1933.
$164,695
Gross from railway...... 8241,583
36,380
Net from railway.. _
108.261
-3,291
Net after rents
61.666
From Jan 1
1,256,117
Gross from railway_._ 1,371,305
366.904
Net from railway_ __ _
494.406
152,242
265,029
Net after rents
Union Pacific Co1932.
July1933.
Gross from railway...._ $5,839.372 $5,667,846
Net from railway _ _ _ 2,232,520 2.015,331
1.174,709
Net after rents
1,357,006
From Jan 1
Gross from railway...... 32.807.015 36,310.245
Net from railway.10,554,746 10,761,757
6.389,575 5,781,901
Net after rents
Western Ry of Alabama1932.
July1933.
186.167
Gross from railway......$101.387
-21.547
-2.657
Net from railway_ _ _ _
-26.629
Net after rents
-4,097
From Jan 1
734,597
722,490
Gross from railway.... _
-96,141
-5,849
Net from railway_
-28,147 -134.470
Net after rents
Western Maryland1932.
July1933.
$763,190
Gross from railway.... $1,226,831
275,022
437,502
Net from railway
187,604
418,144
Net after rents
From Jan 1
Gross from railway...... 6,668,978 7,034,939
2.361,631
Net from railway........2,411.911
2,020,683 1,812,279
Net after rents
Western Pacific1932.
July1933.
$954,788
Gross from railway.._.. 8932.786
159,413
Net from railway........181.535
28,720
93,298
Net after rents
From Jan 1.
5,376.033 5,597,048
Gross from railway..
143,021
Net from railway
473,892
_
-122.962 -517,433
Net after rents
Wheeling & Lake Erie1932.
1933.
July1648,303
Gross from railway-- _ $1.183,347
14/.000
___
Net from railway_
460,922
34,213
318,484
Net after rents
From Jan 1
Gross from railway...... 5,672.963 4,540,651
703,751
Net from railway.. __ _ 1,627,379
-22.665
860,413
Net after rents
Wichita Falls & Southern1932.
July1933.
846.941
Gross from railway....
856.042
10.271
17,016
Net from railway..- _
2,530
10.731
Net after rents
From Jan 1
330.758
314.579
Gross from railway78.913
79,809
Net from railway...-24.899
36.855
Net after rents
1930.
1931.
11.574,204 52,002,281
574,888
352.912
298,026
58.354
11.426.079 13.535,506
2,332.316 3,195,477
1.215.630
413,697
1930.
1931.
42.015.149 $2,589,439
553,843
131,018
140,722
-244,128
15,621,612 17,916,997
3,457,131 4,435.584
1,722.054
796,665
1930.
1931.
51.712,870 $2,059,032
364.687
328,133
53,363
34,189
11,504,955 13,634.535
1,934,649
1.247,681
-64,220
-767.580
1931.
$258,291
58,233
13,050
1930.
$314,907
92,525
47,005
1,851,374
440,832
140,217
1.940,033
558.897
292,066
1930.
1931.
$8,097.725 59.935.296
2.086,429 3,310.955
1,121,078 2,389,243
51.256,314 55.878.952
13,257,573 15,086,549
7,153,859 9,315.984
1931.
$149.092
4.301
-1,070
1930.
$181.064
19.316
12,788
1,177.592
97.626
57,163
1,554.333
283.576
191.682
1930.
1931.
$1,245.810 $1,455.011
515,003
459.583
415,791
384.806
8,868,395 10,470.929
3,013.513 3,572,119
2,521,692 3,055.986
1930.
1931.
11,150.839 51,427,773
274,637
157,938
141,998
50,881
7,112.136
68,145
--511,735
8,233,546
193,468
-336,187
1930.
1931.
$1,123,681 $1,517,376
512,967
298,480
375,663
180,741
7.114,501 10,514.718
1,497.547 3,173.821
2,264.522
743,811
1931.
177,893
32,183
22,489
1930.
$84,405
28,555
15,916
384.401
79.379
19.589
569.329
159.468
79,677
-In the folOther Monthly Steam Railroad Reports.
lowing we show the monthly reports of STE A.M railroad
companies received this week as issued by the companies
themselves, wheie they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, ero., or where they differ in
some other respect from the reports to the Commission:
Bangor & Aroostook RR.
Month of JulyGross operating revenues
Oper. exp. (incl. maint.
& depreciation)
1933.
1197.475
1932.
1214,902
1931.
1245,717
1930.
$319,760 ,
270,332
306.932
387.491
389,023
Net rev, from oper___ def$72,857 def$92,030 def$141,774 defS69,263
21,540
9.479
13,071
11,387
Tax accruals
Operating income__ def$84,244 def$101,509 def$154.845 def$90,803
27.808
12.918
19,105
18,517
Other income
162,995
1135.740
188.591
165.727
Gross deficit
Deduct, from gross Inc.:
71,946
67.324
67.507
66,640
Int. on funded debt.2,911
1,312
1,688
1,534
Other deductions.-$74,857
169,195
168.636
$68,174
$137,852
1204,935
1157,227
$133,901
Net deficit
7 Mos. End. July 31
Gross operating revenues $3.709.536 14.233,836 14,438,798 15.303.681
Oper. exp. (incl. maint.
2,115,742 2.424.904 3,043.403 3,216,514
& depreciation)
Net rev, from oper--. 11,593.794 11,808,932 $1,395,395 $2,087,167
437.905
373,753
374,756
341,921
Tax accruals
Total deductions
Operating income-- $1,251,873 $1,434,176 11.021,642 $1,649,262
19,775
35,809
def7,638 def33.490
Other income
11,244.235 11,400.686 11,041,417 11,685,071
Gross Income
Deduct, from gross inc.:
473,359
471,584
515,973
468,655
Int. on funded debt4,365
6,894
4,584
4.489
Other deductions---1477,724
1522,867
$476,168
$473.144
Total deductions
1563,693 11,162.204
$924,518
$771,091
Net income
-Last complete annual report in Financial Chronicle Apr. 1 '33, p. 2232
129
and Apr. 8'33, p. 2413.
1755
Financial Chronicle
Volume 137
International Rys. of Central America.
Atchison Topeka & Santa Fe Ry. System.
(Includes the Atchitort Topeka & Santa Fe Ry., Gulf Colorado &
Santa Fe Ry. and Panhandle & Santa Fe Ry.)
1930.
1931.
1932.
Month of July1933.
Railway oper. revenues_511,714,852 512.164,961 521,830,958 523,503.558
8,048.830 11,891,357 12.937.702
Railway oper. expenses_ 7,923,936
2,047,105
2,039,694
Railway tax accruals_ _ _
1,085,269
935,940
336.241
21.129
151.488
Other debits
18,701
,71 Net ry. oper. income_ $2,836,275 $3.009,734 $7,748,417 58,182,508
13.213
13.514
13,546
Average miles operated_
13,532
7 Mos. End. July 31
Railway oper. revenues _566,188,548 576.162.1465107,803,2255130,648,337
Railway oper. expenses_ 54,386,563 61,833.112 81.836.038 100,109.232
9,752.091
9,192.668
7,660,259
Railway tax accruals___ 6,967,431
2.328,434
1,472,905
657,354
Other debits
586,538
Net ry. oper. income- $4,248,016 $6,011,421 $15,301,612 $18.458,579
13.145
13.415
13,545
Average miles operated13,552
IarLast complete annual report in Financial Chronicle April 8 '33, p. 2412
Canadian National Rys.
1930.
1931.
1932.
1933.
$13,282,596 512,789.869 514,807,474 519.150.150
12.462.130 12.581.161 14,471.855 16.866,934
Month ofJulyGross revenues
Operating expenses
Net revenue
5335.618 32.283,214
5208,708
5820,466
7 Mos. End. July 31
Gross revenues
$80,757,467 592,962,357 5103.083100 8129,061241
Operating expenses
82.915,982 92.133.281 101,418,446 115.384.116
Net income
$829.076 $1,664.653 313,677,123
def$2,158.515
PO Last complete annual report in Financial Chronicle Apr. 1 '33, p. 2234
Canadian Pacific Ry.
Month of July
Gross earnings
Working expenses
1930.
1931.
1932.
1933.
510.142,428 89,669.343 812,183.396 515.341,278
8,809,635 10,450,163 12.091.219
8,774,047
Month of JulyGross revenues
Operating expenses
1933.
5331.265
252,096
1932.
5315.790
244,479
1931.
5434,489
335,473
1930.
5172.167
348.668
IL
Income applicable to
5123,499
599.016
$79,169
fixed charges
$71311
7Mos. End. July 31
$2,990,144 53,181.281 53.877.945 54,795.120
Gross revenues
2,631.642
2.348.765
1,878,051
1,872,518
Operating expenses
Income applicable to
fixed charges
51,117.626 51,303,230 51,529,180 52,163.478
WLast complete annual report in Financial Chronicle Apr. 29 '33, p. 2969
Maine Central RR.
1931.
1930.
1932.
1933.
Month of July$846,924 51.249.007 51.525.462
3934,643
Railway oper. revenues_
9,015
24,621
65,094 def108,466
Surplus after charges __ _
7 Mos. End. July 31
Railway oper. revenues_ 55.946.438 $6,919,645 59,134.989 $11,377,634
48,592
613,208
Surplus after charges __ _ def42,642 def305,393
10 Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2061
(The) New York New Haven & Hartford RR.
1930.
1931.
1932.
1933.
Month of July-Gross (total oper. rev.)- $6,075,139 S5.503,331 38.343,497 59.698,276
1,740.375
1,244.357
413.797
Net ry. oper. ncome__ _ 1,075.651
580,667
49,078 def595,495
* Net after charges
7 Mos. End. July 31
Gross (total oper. rev.)-$37,839.503 $45,309,593 560,137.353 $70.546.751
6,801,503 10,973.14 13,646.056
3.872.508
Net ry. oper. ,ncome
5.699,507
403,290
* Net after charges_ _ _ _def3.398,338
operated properties.
* Before guarantee on separately
nrLast complete annual report in Financial Chronicle April 1 1933, p.
2232 and April 8 1933, p. 2414.
Pennsylvania R R. Regional System.
Net profits
$859,708 51.733,232 53.250,058
S1.368,380
-7 Mos End Ju'y 31.Month of JO,7 Mos. End. July 31
1932.
1933.
1932.
1933.
RevenuesGross earnings
367,714.643 584,493.732 3100417,092 '
560.865,922
$23,538.395 316.626,2845131 582.647 5134967.261
ght
Fre
Working expenses
54,636,401 61,603.055 75,954,141 87.606.105
4,734,436 29,020,085 37.356.777
4,248.634
Passenger
6.992.705
937,505 6.379,757
832.760
Mal
Net profits
56.229.521 $6,111,588 $8,539,591 512,810.987
3,807.181
2,735.356
350.218
242.828
Express
10 Last complete annual report in Financial Chronicle Apr. 1 '33, p. 2230
4,271,017
3,791,193
588,726
632.202
All other transportat:on
6,791.881
5,294.982
955,748
910.667
Inc dental
283,048
238.903
37,279
36.657
Chicago Rock Island & Pacific Co.
Jo nt fac 1 ty-Cred t_ 64.558
47.237
4,843
5,438
Joint fac lity-Debit
(Rock Island Lines)
1930.
1931.
1932.
Month of July1933.
Railway oper. rev__-$30,436,705 $24,225,353 5178995,686 5194405,312
Freight revenue
55.298,223 55,109.931 59.639.836 59,351,374
Expenses1,253.220
875.995
518.798
Passenger revenue
498,419
1,949.132 13.845.507 16.569.655
Maint. of way & struct- 2,398,125
247.217
Mail revenue
234,464
218,111
201.327
4,711.713 34.589.318 40.105.667
Maint. of equipment_ _ _ 5,896.838
228.066
141,458
Express revenue
55.352
55,281
4,520.293
3.551.583
580.770
532.524
Traffic
506,483
307,103
264,786
Other revenue
253.857
9,570,016 63,762.076 75,647,048
9,749.136
Transportation
2.710.951
2.021.178
334,965
291,916
Miscellaneous operations
Total ry. open rev_ _ $6,307.107 56.166.978 511.198.856 511.586.362
8,704.174 10.088.570
1,290,827
1,242,349
General
7.781.964
Ttailway oper. expenses_ 4.746.960
6,877,236
4,692.259
355.535
395,234
79.057
13,189
for inv.-Creidt
Transp.
Net rev. fr. ry. oper__ $1,560,147 51,474.719 54,321,620 53,804.398
Railway oper. exp.._520,097.699 318.358,366 5126098.602 5149286.649
670,000
550.000
535.000
Railway tax accruals.._
475,000
5,866,987 52,897.084 45,118.663
Net rev. from ry. °per_ _ 10.339,006
686
2.492
1,221
Uncollectible ry. revenue
1.731
2.781.900 16,207.000 16.991.700
Railway tax accruals___ 2,631,900
43,189
45.329
13,522
12,365
Uncollectible ry. revs___
Total ry. oper. income $1,083,416
5938.498 53.769,128 $3,133,712
433.034
491,741
Equip, rents-debit bal_
361,687
264,686
Railway oper. income 57.694.741 $3,071,565 $36,644.755 528.083.774
96,430
Jt. tacit. rents-debit bal
109.406
100,832
91.657
5,878,144
5,613,357
987.365
975,009
Equip,rents-Debit bal.
Joint facility rents
Net ry. oper. income_
$175,979 53.167.981 52,604.248
$727,073
540.743
925.831
134,230
145,918
debit balance
7 Mos. End. July 31
Freight revenue
530.650,527 $33,877,118 549.762,329 557,262.081
Net ry. oper. Income_ $6,573,814 $1,949,970 530,105,567 $21,664,887
9,406.882
6.599,113
Passenger revenue
4,213,029
.131.044
Rev, shown above excl.
1.823,318
Mall revenue
1,690.052
1,585.048
1,406,998
emergency charges
1,710.538
1.279.454
Express revenue
4,499.236
685.745
4,238.513
529,676
548,409
793.080
amounting to
3.501.626
2,039.814
Other revenue
1.842.827
843.603
WEast complete annual report in Financial Chronicle April 8 '33, p. 2410
fetal ry. oper. rev_ .537.162,478 542.193.767 $62,035.471 $73.710,649
Railway oper. expenses_ 29,212,305 33,583,343 45,484,712 55,958,987
Texas & Pacific Ry.
1930.
1931.
1932.
1933.
Month of JulyNet rev,from ry. oper. 57,950,173 58,610,394 516,550.759 $17,731.464
5663,825
$539.947
$261.842
$374.785
Net ry. oper. income_ _ _
3,930,000
4,048,000
3,735.000
Railway tax accruals _ _ _ 3,390,000
363,896
217.714
50.508 def.25,913
Net income
14.062
26.090
14.377
Uncollectible ry. revenue
7,696
7 Mos. End. July 31
31,859.177 51.608.903 $3,618,365 $4,103,209
Net ry. oper. income
otal ry. 09er. income $1,552,477 54,861.047 512.606.697 513.677,374
2,013,157
1,380,514
def.422.675 def.616.385
Net income
2,472,712
2,847,163
2,165.061
Equip, rents-debit bal_ 1,833.615
612.716
692,193
693,623
544,862
Jt. tacit. rents--debit bal
tarLast complete annual report in Financial Chronicle Apr. 29 '33, p. 2968
Net ry. oper. income_ $2,074,000 52,002,363 $9.441.592 310,218,495
"Last complete annual report in Financial Chronicle Apr. 22 '33, p. 2784
(The) Denver & Rio Grande Western RR.
1931.
1932.
1930.
1933.
31,330.721 51,229,593 51,777,209 52.310.995
1,013,134
1.672.532
1,277.586
985,218
Month of JulyOperating revenues
Operating expenses
Net revenue
Net ry. oper. income...
Available for interest...
Interest on funded debt_
$3345,503
196,485
163,087
439.324
$216,459
57,781
39,169
443,016
$499,623
354.145
349.425
446.708
$638.462
516,579
521.474
541.879
397,283
520,404
$403,847
$276,237
Deficit
7 Mos. End. July 31
$8,333,930 58.795.631 512,846,106 $15.967,565
Operating revenues
9,652,318 11,776.156
7,592,453
6.586.609
Operating expenses
Western Maryland Ry. Co.
Month of JulyNet ry. oper. income-Other income
1933.
$418.144
9.524
1932.
$187,604
11,182
1931.
$384,806
11,125
1930.
$415.791
17.051
Gross income
Fixed charges
3427,668
271,767
$198,786
268.478
8395,931
287.310
5432.842
285,954
$146,888
$108.621
$155,901 def.$69,692
Net income
7 Mos. End. July 31
Net ry. oper. income... 52,020,683 $1,812,279 52,521.692 53.055.986
100.569
90.123
77,026
82.880
Other income
$587.364 $1,130,179
$2.643
3197,822
Net income
tarLast complete annual report in Financial Chronicle May 20 '33, p. 3528
$1,747.321 51,203.178 53.193.789 54.191.409
Net revenue
2.166.793
134.721
3.172.674
778,333
Net ry. oper. income_ _ _
146.037
2,186.905
3,234.689
680,323
Available for interest__ _
3.135,676
3,109,829
3.795.732
funded debt _ _ 3,083.982
Int. on
5918,771
$561,042
52,403.659 52,963.792
Deficit
tgrLast complete annual report in Financial Chronicle Apr. 22 '33, p.2788
Georgia & Florida RR.
Month of July
Net ry. operating income
Non-operating income__
1932.
1933.
$6,675 def$23,415
1,640
1,493
1931.
def$5,327
1.666
1930.
53.489
1.705
Gross income
Deductions from income
$8,167 def$21,775
1,217
1.106
def$3,661
1.164
$5,195
1,408
Surplus applic. to int_
7 Mos. End. July 31
Net ry.oper.income--def
Non-operating income..
$7,061
def$22.992
def$4,825
53.786
$60,921
10,491
3148.646
11.507
564.074
11.732
537.032
11,517
Gross income-def_ _ _
Deductions from income
$50,430
6,892
$137,139
8.293
552.342
8.096
525.514
8.319
Deficit applic. to int__
$57,323
S145,431
560.438
533,834
Gulf Coast Lines.
1931.
1930.
1932.
1933.
Month of July$676,552 51,106.496
5595.082
$620,777
Operating revenues
32.981
def53,155
222.281
448
Net ry. oper. income...
7 Mos. End. July 31
$1,974,314 56.584,076 57.453,462 510,061.172
Operating revenues
1,380.295
909,820
2,360.410
223,126
Net ry. open income_ _ _
Last complete annual report in Financial Chronicle May 7 '32, P. 3449
I"
$2.103.563 $1,889,305 $2,611.815 53.156.555
2.026.376
2.021,451
1,886,662
1,905,741
Gross income
Fixed charges
INDUSTRIAL AND MISCELLANEOUS CO'S.
Alabama Water Service Co.
12 Months Ended July 31Operating revenues
Operation
Rent for leased property
Maintenance
Provision for uncollectible accounts
General taxes
1933.
3715,203
256.632
8.749
22,299
11,267
85,244
1932.
5802,789
288,970
8.988
31,439
5,468
96,499
Net earnings
Total other income
3331,011
4.401
$371.425
4,117
Gross corporate income
Interest on funded debt
Miscellaneous interest
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$335,412
211.731
588
956
3,646
85,781
4,966
$375,542
215,517
1,261
809
5,277
41,250
2,855
Net income before preferred stock dividends and
3108.574
$27.744
int, on notes & 5% dabs. subordinated thereto
-Interest on $372,000 5% debentures, owned by Federal Water
Notes.
to the payment of preferred dividends. At
Service Corp., is subordinated
July 31 1933 the cumulative preferred dividends not declared amounted to
$27.160 and the subordinated interest not accrued amounted to $12.400.
"Last complete annual report in Financial Chronicle April 29 '33, p.2972
.
1756
Financial Chronicle
Affiliated Products, Inc.
American Metal Co., Ltd.
-3Months Ended- 6 Mos.End.
Mar. 3133. June 3033. June 3033.
loss$ 2.192 $1.214.354 $1,141.762
295.205
116.306
411.511
Total income
Interest paid
Profit on sale of securities
Amortizable note charges written off
Administration expenses
Interest on 4-yr.53% gold notes
Reserves
$222.613 51.330.660 $1,553.273
55.652
22.788
32.864
(r17
Cr17
30.491
31.490
61.981
154,199
78.626
75.573
222.332
219.699
442.031
723,429
905.396
181.967
Net loss
$313,574prof$247.605
$65.969
x After provision for development and exploration expenses and adjustment inventories to market prices, but before interest, depreciation, &c.
larLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1378
American Seal-Kap Corp. of Delaware.
Earnings for 3 Months Ending March 311933.
Net income
Earnings per share on 114,280 shares capital stock
$2,304
$0.02
Atlantic Gulf & West Indies SS. Lines.
(And Subsidiary Companies) -Month of June- -6 Mos.End. June 301932.
1932.
1933.
1933.
81.861.257 51.340.955 $11.408.130 $10.131.785
Operating revenues
9.860.312 9.693.527
1.470.181
Oper. exp.(incl. deprec.) 1.650.829
Net oper. revenues-Taxes
$210.428 def$129.225 $1,547.817
15.591
14,842
99.297
$438.258
112.969
Operating income....
Other income
5195,586 def$144.817 $1,448.520
7.784
4,906
37.168
$325.288
62.889
Gross income
Interest and rentals
$2^0.492 def$137.032 81,485.689
898,439
152.663
151.256
5388.177
924.615
$47,829 def$288.269
8587.249 def11536.437
Net income
aFLast complete annual report in Financial Chronicle May 20 '33, p. 3395
Atlantic Refining Co.
(An-1 Subsidiaries)
1933.
1932.
1931.
1930.
6 Mos.End. June 30-$33.953,325 541.579.019 850.966.346 865.460.944
Gross income
31,427,076 30.590.181 54,231.674 56.458.830
Operating charges
$2.526,249 810,988.838 y$3.265,328 89.002.114
z2,162.859
263,175 Dr.319.739
1.048.146
Net income
Other income
54.689.108 811,252.013 y$3,585.068 $10,050,260
Total income
377.004
363,018
424.876
427.895
Interest, discount, &c
929.031
Adjustment of Inventory
260.841
298,683
319.651
lemur.& other reserves
5,123,833
Deprec'n & depletion__ _ 4,879,625 5,060.129
881.330
1,262.403
Fed. taxes (estimated).149,442
588,429
71.097
Intangible devel. costsNet income....----df$1,001,659 $3.184.824df$4,012.963 52.818.823
1,348,321
1.348,321 2,689.657
1.336,747
Common dividends
5129.166
Balance, surplus_ _ -df$2.338.406 $1.836.503df$5.361.284
Previous surplus(adJ.) 60.676,891 59,803,014 61,876.574 64,608,436
Adj. of sur. not incident
Dr.403,901 Dr.87,070 Cr.333,744 Dr.480,615
to current period
Cr.219,015
Surplus
-paid in
P.& L. stir. June 30-x$57.934,583 861,552.447 856.849,034 864,476.002
x The Atlantic Refining Co. interest, 557.932,108; minority interest,
82.475. y Loss. z Includes profit on sale of company's Investment in
stock of Union Atlantic Co.
WLast complete annual report in Financial Chronicle Mar. 11 '83, p. 1709
Barcelona Traction, Light & Power Co., Ltd.
-7 Mos. End. July 31Month of July
1933.
1932.
1932.
1933.
Pesetas.
Pesetas.
Pesetas.
Pesetas.
Gross earns,from oper-- 8.664,359 8,290.303 65.812.074 64,553,069
3,288.183 2.990,121 22.268.572 21,345,451
Operating expenses
5.376,176 5.300.182 43.543.502 43,207.618
earnings
Net
The above figures have been approximated as closely as possible, but will
be subject to final adjustment in the annual accounts. They are also
subject to provision for depreciation, bond interest, amortization and
other financial charges of the operating companies.
rirLast complete annual report in Financial Chronicle July 15 '83, p. 484
Bolsa Chica Oil Corp.
6 Months Ended June 30Net loss before depletion
1933.
$15,785
1932.
$35,295
Boston Elevated Ry.
Month of July
1932.
1933.
Receipts$1.654,039 $1,765,533
From fares
special cars, special motor coaches
From oper. of
2,975
3,809
and mail service
From advertising in cars, on transfers, privileges at
40.852
36.470
stations, &c
3,389
2,642
From rent of equipment, tracks & facilities
5,651
4,209
From rent of buildings & other property
3,055
531
From sale of power & other revenue
Total receipts from direct operation of the road_ $1,701.703 $1,821,458
11,166
9,414
Interest on deposits, income from securities, &c_ _
$1,712,870 $1,830,873
Total receipts
Cost of Service
$223,665
Maintaining track,line equipment & buildings_ __- 5195,056
283,705
242.346
Maintaining cars, shop equipment, &c
117,152
122.615
Power
744,573
632.907
Transport exp. (Incl. wages of car service men)_ _
'n
6.944
5,784
officers
Salaries & expenses of general
104.033
68,826
Law expenses, injuries & damages, & insurance
103.942
90,454
Other general operating expenses
116,447
100.341
Federal, State & municipal tax accruals
103,363
103.363
Rent for leased roads
232.867
232,844
rapid transit line rentals
Subway,tunnel &
325.664
329,689
Interest on bonds & notes
6.798
5.716
Miscellaneous items
$2,124,484 $2,374.621
Total cost of service
543.748
411,613
Excess of cost of service over receipts
tarLast complete annual report in Financial Chronicle Feb 25 '33, p. 1369
Buffalo General Electric Co.
(And Subsidiary)
Earnings for Three Months Ended June 30 1933.
Operating revenues
Operating revenue deductions
$3.297.263
2,159,291
Operating income
Non-operating income, net
$1,137.973
177
Gross income
Deductions from gross income
(And Subsidiaries)
Period End. June 30- 1933-3 Mos.-1932,
1933-6 Mos.-1932.
Net profit after charges
and Federal taxes__ _ _
$308,326
$76,993
$152,764
$237,856
Earnings per share on
382.800 shs. cap. stk_
$0.20
$0.80
$0.40
$0.62
igri.ast complete annual report in Financial Chronicle Mar. 25 '33, p. 2070
x Income from operations
Miscellaneous income
Sept. 2 1933
$1,V*3,150
554.613.
Net income
Dividends on preferred stock
$583,537
147,488
Balance
$436,049
California Water Service Co.
12 Months Ended July 31Operating revenues
Operating expenses
Maintenance
General taxes
1933.
1932.
52,038.088 8 .09
2 7.08
7
815.298
788.746
68,319
72,257
148,093
149.517
Net earnings from operations
Other income
81.006,378 $1,087.467
7.749
11,292
Gross corporate income
51.014.127 81.098.759
Interest on long term debt
436,900
435,659
Retirements & replacements
158.879
135,448
Federal income tax reserve
45.809
65.522
Miscellaneous deductions
19.779
7.070
Net income
$352,759
$455.059
Dividends on preferred stock
174.840
174,840
ra"Last complete annual report in Financial Chronicle April 22'33, p.2796
Canadian Hydro-Electric Corp., Ltd.
(And Subsidiaries)
Period End. June 30- 1933-3 Mos.-1932.
1933-12 Mos.-1932.
Operating revenue and
other income
$2,377.832 $2,351.536 89.510,861 89.448.679
Profit on exchange
125,669 1088269,153
loss127,026
368.730
Profit on bonds & debentures redeemed
54.306
84.753
265.587
107.423
Total revenue
$2,335.559 $2,531,511 $9,507,295 $9,924.832
Net before interest and
depreciation
1,994.650 2,172,904 8,043,292 8,401,837
Int., amort. of disc., and
preferred div. of subs_ 1,248,028 1.262.681
5,011,580 5,068,949
Deprec. and amortiz. of
storage works
148.043
161.657
644.117
586.363
Balance before divs. of
8762.180 82,387.595 $2,746,525
Canadian H. E Corp.. $584.965
1:?2PLast complete annual report in Financial Chronicle May 6 '33, p. 3150
(Dan) Cohen Co.
6 Months Ended July 311933.
1932.
1931.
Net income after taxes & other chgs__
$55.874
515.826
559.579.
$1.47
Earns. per sh. on 38.000 shs. cap.stk_
$0.42'
$1.57
larLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2075-
Community Power 8e Light Co.
(And Controlled Companies)
--12 Mos. End. July 31-Month of July
1932.
1933.
19.32.
1933.
$365,380 83.752.903 54,207.516Consol. gross revenue___ $353.118
Oper. exp., incl. taxes__
201,360 2.215,686 2,429.712'
191.406
Bal. avail, for int.,
amort.,deprec.,Fed.
inc. tax., divs.& sur $161,711
$164,019 51.537.217 $1,777,803
la"Last complete annual report in Financial Chronicle May 6 '33, p. 3157
Continental Roll & Steel Foundry Co.
6 Months Ended June 30-1933.
1932.
Net loss ___________________________________ 5227.245
5480.281
arLast complete annual report in Financial Chronicle Aug.26 '33, p. 1584-
Crown Williamette Paper Co.
(And Subsidiary Companies)
1932.
Quar End.July31.
1931.
1930.
1933.
Gross profit
31,227,799 $1,448.515 52.199.822 $1,840,646
,
633.496Depreciation
.
573,743
115,716
Depletion
154.343
118,577
134,459
307,733
Interest
325.297
335.396
285.835
Federal taxes
70.378
152,676
99,083
45.000
3.666
Min. int. Pacific Mills
14.742
14.173
Crl.823
8279.476
Net profit
5639,352
1856.958
$190.585
Note.
-Above figures include company's proportionate share of Pacific
Mills, Ltd. earnings.
tarLast complete annual report in Financial Chronicle July 22 '33, p.695
Crown Zellerbach Corp.
(And Subsidiary Companies)
1932.
1931.
1930.
Quarter End. July 311933.
Profit after charges_ _- 81.993,403 $1,858.829 $2,966,431 $2,856,876
934.970
968.568
914.457
Depreciation
857.907
118.577
115.716
154.490
Depletion
134,765
488.223
436.896
473.664
Interest
398,149
150.533
93.545
Federal taxes
186.727
87,318
426,242'
283,108
425,769
Minority interest
188.854
$757,213
$758,844
Net profit
$3326,409 loss$5,406
Shares corn, stock out1,991,680.
1,868.122 1,868,122
standing (no par)_ __ _ 1,868,122
$0.18
Nil
$0.25
Earnings per share
Nil
Financial Chronicle July 29 '311, p. 872
t
-Last complete annual report in
Darby Petroleum Corp.
6 Months Ended June 30Number of net barrels of crude oil produced
Average market value per barrel produced
Crude oil sales
Increase in inventory of crude oil
Gas sales
$0.41482
$325,726
dec.4.702
22,669
1932.
679.912'
80.8870.
3600.056
3.012'
37,086
Total income
Operating and administrative exps., taxes, &c.-
$343,694
213.567
$640.154
193.701
Net profit from operations
Non-operating income
3130.127
40.822
3446.453.
21.821
Gross income
Income charges
Interest paid
Depletion
Depreciation
Leaseholds surrendered, abandoned wells, loss from
sale or other disposition of capital assets. &c---
$170.949
10,984
$468.274
246.245
135,245
4,695
149.678
97.405
344,593
93,136
1933.
loss$566,118
$123.359Net profit
laMast complete annual report in Financial Chronicle April 15'SS, p. 2617-
1757
Financial Chronicle
Volume 137
Griesediek Western Brewery Co.
Colon Oil Corp.
(And Colon Development Co., Ltd.)
Period End. June 30- 1933-3 Mos.-1932.
1933-6 Mos.-1932.
Net loss after intangible
drilling exps., deplet..
deproc. & retire., int.
$750,845
$640,295
and other charges_ _
$294.113
$346,182
Diamond Match Co.
1931.
1932.
1933.
$1,686.525 $1.958,008 $1,856,689
292.901
857,6771
465,0541
1
243,694
221,4441
Net earnings for the period
Previous surplus
$1.000,028 $1,100,330 31.320.093
5.988,200
5,811.375
5,897,443
$6,897.471 $6,911,705 $7,308,293
Total surplus
1.000,000
250.000
Appropriation to general reserve_ _ _ _
511,875
470,325
456.000
Preferred dividend requirements_ _ _ _
525.000
350.000
Common dividends
1,896
Cr577
Miscellaneous surplus adjustment__ _
35,842,048 35,914,484 $5,796,418
Surplus, June 30
Earns, per sh. on 1,050,000 shs. com$0.77
' $0.60
$0.78
mon stock (no par)
ItZ'Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1556
1932.
1933.
523.801.942 326.406.912
9,165.547
8.384.751
Net earnings __ _ ____________________________ 315.417,191 $17,241.365
975,597
988.763
Other Income-net
$16.405,955 $18,216,962
Net earnings including other income
181,939
178,614
Rent of leased properties
2,989.236
3.187.558
Interest charges-net
152.755
167.310
Amortization of debt discount and expense
721
721
Other charges_ _ ___ __ ________________________
2.112.553
1.904,155
for retirement reserve
Appropriation
$10,961,596 $12,779.757
Net income
IZ'Last complete annual report in Financial Chronicle May 13 '33, p. 3331
Eilert Brewing Co.
320.851
Net rev, from transp_
Rev,other than transp_ _
$12,835
1.311
$24,206
1.495
374.366
10.668
$173.399
10.531
Net rev, from opers_ _
Taxes assign. to ry. oper.
Depreciation
Profit and loss
Replacements
814.146
8.000
10,620
325
825.702
6.811
10,504
564
585.035
56.000
74.341
2.264
152
5183.931
62.114
73,529
880
1.346
8137.870
$132,758
317.880
Total ded.from revs
518.945
46.060
def47,723
7.821
Net revenue
def4,799
Last complete annual report in Financial Chronicle Mar. 18 '33, p. 1884
f
Hotel Waldorf-Astoria Corp.
1933.
5691.609
Three Months Ended March 31Net Loss
1932.
$617,719
12 Months Ended July 31Operating revenues
Operating expenses
Maintenance
General taxes
1933.
$596.215
214.427
32.636
49.502
1932.
5649.231
235.935
41.539
39.295
Net earnings from operations
Other income
5299.689
2,299
5332,461
1.499
Gross corporate income
Interest on long-term debt
Misc. int. (incl. Int. charged to construction)
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$301,989
162,480
882
1.659
8.679
23.250
2.258
5333.961
157.500
510
578
10.519
17.000
2,324
5145.530
$102.781
Net income
53.400
53,400
Dividends on preferred stock
Note.-Interest on former loan from affiliated company subordinated to
the payment of preferred stock dividends.
farLast complete annual report in Financial Chronicle April 22'33, p.2797
$0.21
Elizabeth Brewing Corp.
Earnings for Period from April 26 1933 to June 30 1933.
$242,641
Gross profit on sales before depreciation
67.068
Not profit before depreciation and provision for possible losses
6.750
Estimated Federal income taxes
560,318
Balance
Emporium Capwell Corp.
(And Subsidiaries)
1932.
1933.
12 Months Ended July 31profit after depreciation interest, taxes and
Net
$190.447 loss$5.220
subsidiary preferred dividends
Nil
50.46
Earns, per sh. on 412.853 shs. cap. stock (no par)
IZrLast complete annual report in Financial Chronicle Apr. 15 '33, p. 2617
Equitable Office Building Corp.
1932.
1933.
3 Months Ended July 313356.820
$289.379
Net income after charges
895.464
862.098
Shares common stock outstanding
$0..10
$0.33
Earnings per share
"Last complete annual report in Financial Chronicle June 3 '33, p. 3915
Exchange Buffet Corp.
1930.
1931.
1932.
1933.
3 Mos. End. July 31$180.275
$110,232
$6.899
$7,957
Gross oper. profits
52,055
43.772
35.363
Depreciation and taxes..
31,466
$128,220
566.460
loss$39,423 def$28.464
Net profit
93.750
93,750
x15.625
x15.633
Dividends paid
$27,290 sur.$34:470
544,089
Deficit
$55,056
Earns. per sh. on 250,000
S0.51
S0.26
Nil
Nil
shs. corn. stk.(no par)
x Estimated by Editor.
10 Last complete annual report in Financial Chronicle July 29 '33, p. 875
Ferro Enamel Corp.
1932.
1933.
4 Months Ended July 3159.721
$109.508
Net profit available for common stock
$0.08
$0.89
Earnings per share on 122.000 shs. common stock_
rag-Last complete annual report in Financial Chronicle July 1 '33, p. 148
Gatineau Power Co.
Comparative Consolidated Earnings Statement.
19:33-12 Mos.-1932.
Period End. June 30-- 1933-3 Mos.-1932.
rev. & other inc__ 52,328,806 $2,265,323 39,332,474 $9,097,020
Oper.
368,730
125,669
Profit on exchange
269.153
127,026
Loss on exchange
Profit on bonds and de107,423
265.587
54,306
84.753
bentures redeemed_
$2,286,533 $2,445.208 $9,328,908 39.573,173
Total income
Net revenue before int.,
8,274,081
8,148,217
2,148,731
2,014,040
depreciation. Ste
Interest on 1st mtge.
3,549,635
3,526,258
885,578
881,251
bonds and prior liens_
1,122,420
1,103,317
279,250
274.386
Interest on debentures
Other int., amort. of disc.,
687,560
693,860
166,983
173.513
pref. stk. ofsub
div. on
Deprec. and amortiz.
653,747
578,227
145.799
159.863
of storage works
$671.121 $2,177,335 52,329,939
Balance added to surp 3525,037
Note.-Commeneing July 1 1932 the profit arising through premium
been
on United States funds ceased and as shown above there has sincefunds
a loss representing the cost of acquiring the balance of United States
needed for the payment of interest and sinking funds.
p. 3150
"Last complete annual report in Financial Chronicle May 6 '33,
General Outdoor Advertising Co., Inc.
1933-6 Mos.-1932.
Period End. June 30- 1933-3 Mos.-1932.
52.661.617 53,224,864 54,671.987 56.080.510
Operating revenue
4.879.372
6,534.037
3.277,080
2.467,169
Expenses
$453,527
$207.385
552.216
prof.$194,448
Operating loss
149.515
105.957
59.593
68.345
Other income
$7.377loss$101,428 loss$304.012
5262,793
income
Total
980.431
828,309
479,890
405,900
Deprec. and amortization
15.668
8.953
4,794
4,479
Interest
5945.405 S1,293.396
3477.307
5147.586
Not loss
Financial Chronicle Feb. 25 '33, p. 1382
r
la Last complete annual report in
Month of July- -7 Men. End. July 311932.
1933.
1932.
1933.
$526.236
$419.922
$71.184
$58.729
352.836
345.555
46.978
45.893
Illinois Water Service Co.
Duquesne Light Co.
Earnings for Period from June 7 1933 to July 15 1933.
Net profit _ ______________________________________________
Earnings per share on combined 50,000 shares class A stock and
50,000 sirs. class 13 stock
Honolulu Rapid Transit Co., Ltd.
Gross rev,from transp_ _
Operating expenses
6 Months Ended June 30Earnings from all sources
Federal, State and city taxes
Depreciation
12 Months Ended July 31Grass earnings
Operating expenses, maintenance & taxes
July 1933. June 1933.
553,000
360.613
- Month ofNet profit
Internationpl Paper & Power Co.
(And Subsidiaries)
1933-6 Mos.-1932.
.
1933-3 M os.-1932
Per. End. June 30-$31,652.682 $31,209,931 $61,684,573 567.126.769
Gross sales
9,544,618 19,267,881 20.906,481
Net rev., incl. other inc_ 9.850.224
Int., income taxes & sub16.529.810
8,015,924 15,864,375 .
sid. divs, paid or accr'd 7,895,927
Deprec., depict., amort.
5.337.620
5.325.527
2.644,367
2,629,012
of discount
Accum. unpd. sub. diva.
1.294.854
1,852,469
740,564
860.702
& undistrib. min.'Ms_
51,535.417 51,856.237 $3,774,490 32,255.803
Net loss
-In the above statement all figures have been stated at parity of
Note.
exchange without adjustment of differences between foreign and U. S.
funds. It is the practice of the company to take into current operations any
profit or loss on exchange at the time funds are actually transferred.
larLast complete annual report in Financial Chronicle Apr. 22'32, p. 2805
International Products Corp.
Six Months Ended June 30Loss from operations
Interest exchanges credits
1933.
5149.872
22,248
1931.
1932.
$130,084 prof$40,125
13.346
21.739
Net loss
Depreciation and depletion
$127,625
131,427
3108,346 prof$53.471
121.565
137.382
$68,094
$245,728
$259,052
Net loss for period
Ira"Last complete annual report in Financial Chronicle May 20 '33, p. 3547
(Mead) Johnson & Co.
1932.
1933.
6 Months Ended June 305539.387
5441,351
Net profit after depreciation, Federal taxes, &c__
32.91
$2.31
per sh. on 165,000 shs, corn. stk.(no par)__
Earns,
UrLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2079
Investment Co. of America.
June 17 '33. June 30 '32 June 30'31.
6 Months Ended$12,467
333.182 loss$45,601
Net profit after taxes, interest, &c__
report in Financial Chronicle Mar. 4 '33, p. 1560
10 Last complete annual
Kansas City Power & Light Co.
1932.
1933.
12 Months Ended July 31Net income after interest, deprec.. Fed. taxes, &c_ 53,438,664 34,200.178
p. 1575
report in Financial Chronicle Mar. 18
.Last complete annual
(B. F.) Keith Corp.
(And Subsidiaries)
1933-6 Mos.-1932.
Period End. June 30- 1933-3 Mos.-1932.
3144,025prof$233,424
Net loss after all charges $187,127prof$298.269
10 Last complete annual report in Financial Chronicle May 27 '33, p. 3731
Kelly-Springfield Tire Co.
1931.
1932.
1933.
6 Months Ended June 30357.101 loss$281 436
Net profit after taxes, depr., int., &c.loss$744,267
Mar. 4 '33, p. 1539
IgieLast complete annual report in Financial Chronicle
Manitoba Power Co., Ltd.
Gross earnings
Operating expenses
Month of June- -6 Mos. End. June 30-1932.
1933.
1932.
1933.
3701.776
5645.265
599.830
3108.419
157.665
136,398
23.619
22,571
3547.111
5508.867
376.211
585,848
Net earnings
KD'''Last complete annual report in Financial Chronicle May 20 '33, p. 3533
Market Street Ry.
Month of 12 Moq.End
July 1933. July 31 '33.
3596.867 37,436.436
Gross earnings
Net earnings, including other income before pro936.943
79.921
vision for retirements
578,393
47.186
Income charges
5358.549
532.735
Balance
ra'Last complete annual report in Financial Chronicle April 15 '33, p. 2606
Financial Chronicle
1758
Mexican Light & Power Co.
(And Subsidiaries)
Month of July- --7 Mos. End. July 311932.
1933.
1932.
1933.
$660.398 $5.251.496 $5,547,780
$685,895
456,292 3.342,767 3.507.335
430,093
$204,106 $1.908.729 $2.040.445
Net earnings
$255,802
The operating results as shown in Canadian dollars are taken at average
rates of exchange. They have been approximated as closely as possible,
but will be subject to final adjustment when the annual accounts are
made up.
'Last complete annual report in Financial Chronicle July 16 '32, p. 458
Gross earns,from oper__
Oper. & deprec. expenses
Mexico Tramways CO.
(And Subsidiaries)
Month of July- -7 Mos. End. July 311932.
1933.
1932.
1933.
$1.739.282
Gross earns,from oper
Oper. & deprec. exps__ _
$80.064 $1.656,944
189,501 2,178,782
$223,610
288.451
2,224.959
$485,677
$521,838
$109,437
$64,841
Net earnings_ _Dr__ _ _
The operating results as shown in Canadian dollars are taken at average
rates of exchange. They have been approximated as closely as possible, but
will be subject to final adjustment when the annual accounts are made up.
-Last complete annual report in Financial Chronicle July 16 '32, p. 458
10
Molybdenum Corp. of America.
Period Ended June 30Sales
Cost of Sales
Interest on notes, bonds, demand notes,
plus sundry items
Depreciation
Provision for Federal income tax
6 ilos. End. June 30
1932.
1933.
$367,758 $348.738
339,719
307,056
Month of
June '33
$110,388
80.024
4,789
18.958
1.700
732
3.160
Mother Lode Coalition Mines Co.
1930.
1931.
1932.
6Mos.Ended June 30-- 1933.
Net profit after credit
value of silver contents and deducting
taxes, but before depreciation and deple$249,918
$71,902
*84.192 loss $40,306
tion
a Based upon 1,934,041 pounds of copper sold, and after deducting estiis made of depreciation.
-down expenses. No mention
mated taxes and shut
There was no production from the mines during the period.
WEast complete annual report in Financial Chronicle May 27 '33, p. 3734
Neisner Brothers, Inc.
x1930.
x1931.
x1932.
6 Mos.End. June 30- x1933,
$6,134,987 $6,685,831 $7,356,753 $6,932,251
Sales
y5,992.571 y6,497,933 4,855,457 y6.625,246
Cost of sales
Gross income
Other income
$142,416
125.069
$187,897 $2.501,296
88,637
84.960
$3307,005
113,987
Total income
Oper. & gen. expenses
Interest
Deprec. & amortiz
Miscell. deductions
Reserve for Fed. taxes
$267,485
See y
$272.859 $2,589,933
2.193,394
Bee Y
97.174
121,557
110,271
11.701
111.188
22.000
10.000
$420,992
See y
98.279
95,071
25.000
$202.642
$144,106
$41.399
$29,651
Net profit
206,233
206.234
206,234
206,234
Shs, corn, stk. outstand_
$0.60
$0.32
$0.01
Nil
Earnings per share
x Includes Neisner Brothers Realty, Inc. y Cost of sales includes operating and general expenses.
Consolidated analysis of earned surplus for the six months ended June 30
1933 (basen on estimated inventory) follows: Balance Jan. 1 1933. $1.184,746: net profit for six months (as above), $29,651: total surplus, $1,214,397: dividends paid on preferred stock, $38,635; balance June 30 1933.
$1,175,762.
ICR'Last complete annual report in Financial Chronicle April 8 '33, p. 2438
and March 25 '33, p. 2082.
New State Ice Co.
6 Months Ended June 30-Net loss
Loss per share on 2.500 1st pref. shares
Loss per share on 2.500 2nd pref. shares
Loss per share on 5,000 common shares
Gross income
$7,007.096 $8.487,153 $31,040,985 $37,227,804
Deducts,from gross inc_ 3,213,630 3,150,952 12,801,889 12.386.668
Balance
S3,853,466 $5,336,201 $18,239.096 $24,841,135
Divs. on pref. stocks of
3,009,532 3,011,055 12,040,005 12,049,264
subsidiaries
Net income
y$843,934 x$2,325,146 y$6.199,091 412791,871
x Changed to give effect to major adjustments made later in the year
1932. y Includes provision for estimated new Federal capital stock taxes
for the year ended June 30 1933 of $479,336.
'Last complete annual report in Financial Chronicle April 22 1933,
p. 2798, and April 29 1933, p. 2974.
Niagara Lockport & Ontario Power Co.
(And Subsidiary Companies)
Earnings for Three Months Ended June 30.1933.
Operating revenues
Operating revenue deductions
$2,039,013
1.327,475
Operating income
Non-operating income, net
$711,538
5,375
Gross income
Deductions from gross income
$716,913
420,485
Net income
Montgomery Ward & Co.
1933-6 Mos. 1932.
Period Ended July 31- 1933-3 Mos.-1932.
after charges
Net loss
incl. deprec. & exclusive of inventory apprec
$1,282,884 $1,882,555 $3,478,983 $33,588,124
larEast complete annual report in Financial Chronicle April 1 '33, p. 2234
117.241
113,592
7.000
Operating income_ _ _ _ $6,843,729 $8,203,750 $30,078.120 $36.157,529
Non-oper, income, net
962,865
283,404
1,070,274
223,366
$296,428
$35,266 def.$16,527
$26,477
Net profit
*6,588
18,958
Sept. 2 1933
Niagara Hudson Power Corp.
(And Subsidiaries)
1933-12 Mos.-1932.
Period End. June 30- 1933-3 Mos.-1932.
Kwh.generated & pur- 1,376,769,804 1251072,113 5368249,559 5493366,965
Sales of gas (Cu, M)...1,901,865,600 2058627,300 7753881,300 8273974,100
Operating revenues
$16,604,089 x$17683,489 868614,606 $75.280,698
Oper.rev. deductions_ _ _ y9.760,360 9,479,739 y38.536,486 39.123.168
1933.
$11.226
$4.49
$7.99
$6.00
1932.
$32.577
$13.03
$16.53
$10.27
New York & Richmond Gas Co.
Earnings for 6 Months Ended June 30 1933.
$619,931
Gross revenues
181,218
Net income after taxes, depreciation and charges
IZ"Last complete annual report in Financial Chronicle April 15 '33, p.2607
New York Westchester & Boston Ry.
-Month of July- -7 Mos. End. July 311932.
1932.
1933.
1933.
$987,713 31,105.824
$156.414
revenue_- 3140,605
Railway oper.
805.542
783,305
11d,419
112,960
Railway oper. expenses-
Ohio Water Service Co.
(And Subsidiary-Ohio Lakes Recreation Co.)
12 Months Ended July 31Operating revenues
Operating expenses
Maintenance
General taxes
1933.
$465,514
150.037
21,524
72,158
1932."
$510,779
164,331
21,118
75,465
Net earnings from operation
Other income
$221,794
13.337
$219,865
22.624
Gross corporate income
Interest on long-term debt
Miscellaneous interest charges
Interest on construction capitalized
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$235,131
191,000
1,254
Cr41
10.648
1,791
20,750
1,847
8272.489
191,000
1.769
Cr16.029
10.648
3.645
25,250
2.272
$7.884
$53,934
Net Income
22,489
x Preferred dividends for the year ended July 31 1933, in the amount
on books, but are cumulative.
of$77,278 have not been declared, nor accrued
Preferred dividends for the year ended July 311932. do not include $54.739
which have not been declared, nor accrued on books, but which are cumulative.
larLast complete annual report in Financial Chronicle April 23'33, p.2798
x Dividends on preferred stock
Old Colony Trust Associates.
1932.
1933.
6 Months Ended June 30-$171,252
Net income after charges
$322.505
58,390
228,043
Surplus after April 1 dividend
Details for six months ended June 30 1933 follow: Income from diva. &
Int., $220,305, expenses $49,053, net income $171,252, dividends $112,862.
surplus $58.390.
larLast complete annual report in Financial Chronicle May 20 '33, p. 3551
(The) Orange & Rockland Electric Co.
-month of July- -12 Mas. End. July 311932.
1932.
1933.
1933.
$755,895
$61,399
$64.443
$728,304
Operating revenues
Oper. exps., incl, taxes
but excluding deprec,,
Depreciation
34.706
7.563
Operating income_.,
Other income
$19,130
3.215
Gross income
Interest on funded debt_
Other interest
Amort zation deduct__ Other deductions
Divs, accrued on pref.
stock
Federal income taxes included in oper. caps
$22.345
5.208
34,068
7.386
403,803
89.868
411.814
87,863
322,989
3.232
$234,633
35.901
3256.218
27,813
1,148
333
• $26,221
5.208
38
1,148
333
3270.534
62,500
746
13.777
4,354
8284.031
62.500
1.233
12.914
4,336
8,196
7,836
96,672
79.489
3,500
3,100
34,950
33,265
1933.
$102,822
1932.
8144,565
•
Oregon Lumber Co.
6 Months Ended June 30Net loss
Oregon-Washington Water Service Co.
12 Months Ended July 31Operating revenues
Operating expenses
Maintenance
General taxes
1933.
$4448.599
167,738
21.626
58.025
1932.
3476.679
153,974
17,298
61,232
Net operating revenue
Taxes
$27,704
26,854
837.994
28.055
8204.407
187,978
$300,282
188.615
Net earnings from oerations
Other income
3201,211
1,287
3244,176
3,786
Operating income-Non-operating income--
$ 850
1.428
$9,939
1.908
$16,429
13,368
$111,666
16,276
Gross corporate income
Interest on long term debt
Retirements and replacements
Federal income tax reserve
Miscellaneous deductions
$202,498
136,933
18,750
5.090
4.538
8247,962
137,060
25,750
5,785
677
Gross income
Rents
Bond, note, equip. trust
certificate interest (all
Interest on advances)Other deductions
Total deductions
$2,278
$11,848
$29,797
$127,942
34,631
34.631
33,537
235,819
235,845
208,385
1,241
204.015
2,129
1,445.191
16.612
1.414,628
16,380
$244,258
8239,682 $1.697,623 $1,666,854
$227.834 81.667.825 31,538,911
$241,979
Net deficit
1ZPLast complete annual report in Financial Chronicle Apr. 8 '33, p. 2423
North American Investment Corp.
(And Subsidiaries)
1932.
1933.
6 Months Ended June 30Consol. net loss after taxes, bond int, amortization
$198,268 $1,934,180
and loss on sale of securities
10'Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1031
878.689
$37,187
Net income
38,496
38,496
Dividends on preferred stock
e'Last complete annual report in Financial Chronicle May 20 '33, p. 3535
Pacific Finance Corp. of California.
1932.
1933.
4 Months Ended July 31$131,330
1169.957
Net income
557.530
539,324
Shares common stock outstanding
$0.13
$0.03
Earnings per share
a
1. 'Last complete annual report in Financial Chronicle April 1 '33, p. 2266
Park & Tilford, Inc.
1933-6 Mos.-1932.
Period Ended June 30- 1933-3 Mos.-1932
Estimated net prof. after
$9,388 loss$217,439
charges & taxes
$37,848 loss$89,026
Last complete annual report in Financial Chronicle May 13 '33, p. 3389
Financial Chronicle
Volume 137
Pan-American Petroleum & Transport Co.
(And Subsidiaries)
3 Mos.Ended
.
6 Mos End.
PeriodJune 30'33. Mar 31 '33. June 30'33.
.
Net loss after depreciation, depletion,
taxes and other charges
$611,511 $1,245.194 $1,856,705
For the six months ended June 30 1932, net profit, after all charges but
before Federci taxes, was $2,489,710. From Dec. 31 1931 to May 1 1932.
the earnings figures included the foreign properties, which have been disposed of, making a comparison impossible.
la"Lost complete annual report in Financial Chronicle Apr. 22 '33, p. 2808
Park Utah Consolidated Mines Co.
6 Mos.End. June 30- 1933,
1930.
1932.
1931.
Net loss betwe'depletion
$227,336
$49,256
$154,413
$37,519
KO Last complete annual report in Financial Chronicle Mar. 18 '33, p. 1900
-
1759
Pittsburgh United Corp.
6 Months Ended June 301933.
1932.
1931.
Net loss after all charges & expenses$46,189
x$46,937prof$313,541
Earnings per sh. on 389,963 shs. corn
stock
Nil
Nil
$0.26
x After non-recurring expenses of $58,895.
1:23, Last complete annual report in Financial Chronicle May 27 '33, p. 3736
Rustless Iron Corp. of America.
(Operating Subsidiary of Rustless Iron & Steel Corp.)
- 5 Months Ended July 311933. 1932. 7
4
Gross profit before depreciation
$114,369
$67,352
Selling, administrative & general expenses
56,749
55,274
$17,370
72,979
Loss from operations
Other income ___________ _
$25.609
61.618
Profit before non-recurring expense and interest
Int. on funded debt and amortization of debt disct. and expense
Non-recurring expense, consisting of payment for legal services
occasioned by old litigation, expenses of closing out foreign
branches, and carrying charges on Bound Brook laborator9
$36,009
45,214
$57.620
592
$12,077
6,677
Income before int., financing charges & deprec_ _
Interest
Financing charges
Provision for depreciation of plant & equipment,&c.
Pathe Exchange, Inc.
(And Subsidiary Companies)
Earnings for the 13 Weeks Ended July 1 1933.
Gross sales and rentals
Cost of sales and rentals and selling and administrative expense
Operating profit before depreciation
Other deductions from income
$57,028
27.880
$5,401
23,559
15,427
16.360
San Diego Consolidated Gas & Electric Co.
Month of July
--12 Mos. End. July 311932.
1933.
1933.
1932.
$574,468 $7,106.142 $7,703,705
$524,826
210,903
286.612
3.153,277
3,938,542
458
6,074
def127
5,753
27.220
Net loss for 13 weeks
$36,425
The above loss compares with a net loss of $33,882 in the 13 weeks ended
July 2 1932.
For the 26 weeks ended July 1 1933, net loss was $51,273 after taxes,
interest and other charges, comparing with net profit of $2,146 in 26 weeks
ended July 2 1932.
ta'Last complete annual report in Financial Chronicle Apr. 8 '33, p. 2440
Gross earnings
Net earnings
Other income
Net earns. incl. other
income
$287,070 $3.159,352 $3,944,296
$210,776
Balance after interest
2,311,647
3,151,556
k. rat Last complete annual report in Financial Chronicle May 13 '33, p. 3344
-
Patino Mines & Enterprises Consolidated, Inc.
6 Months Ended June 30Income from mine operations
Production coats, &c
1933.
£644.076
345,271
1932.
£578,540
534,142
1931.
£894.236
797,761
Profit
Profitfrom railroad
£298.805
loss5,362
£44,398
3,719
£96,475
15.797
Total income
Depreciation and depletion '
£293,443
151.359
£48,117
209.280
£112,272
209.407
£97,135
Net loss
£161,163
prof£142,084
WI-4st compi le annual report in Financial Chronicle April 22'33, p.2809
and May 6 '33, p. 3176.
17,010
.,
_Net profit
$12.138 loss$49.946
.
r .
Net Profit or-Loss By Months.
March.
May.
June.
April.
July.
def.$5,444 def $9,554 prof.$10,765 prof $6,537 prof $9,834
1933
1932
def.12.231
def.705 def.15,785 def.18.981
def.2,242
The net profits for Aug. 1933 are estimated to be approximately $12,000.
Sherman, Clay 8c Co.
6 Months Ended June 30Net loss after charges
1933.
$139.936
1932.
5135.824,
Spang, Chalfant & Co., Inc.
1931.
1932.
1933.
1930.
6 Mos.End. June 30-Net prof. after deprec.,
interest & taxes
loss$706,294 loss$577,116
$1.268 $1,881.980
Earns. per sh. on 750.000
Nii
INtl
Nil
shs.com.stk (no par)
$1.97
For quarter ended June 30 last, net loss was $414,142 after taxes and
charges, against net loss of $292,152 in preceding quarter.
-Last complete annual report in Financial Chronicle Mar. 18 '33, p. 1902
KO
Southern Colorado Power Co.
Philadelphia Co.
(And Subsidiaries)
12 Months Ended July 31Gross earnings
Operating expenses, maintenance & taxes
1932.
1933.
643.995.644 $50.855.755
23,096.987 26,474.044
Net earnings
Other income-net
$20,898,657 $24,381,711
1.368.821
1.547.086
Net earnings including other income
$22.445,744 $25,750,532
Rent of leased properties
1.728.384
1,713.623
Interest charges
-net
6.540.609
6,685,079
Contractual guarantee
69.782
69.456
Amortization of debt discount and expense
371,359
387,130
Other charges
113.578 Cr.113,979
Appropriation for retirement and depletion reserve 6,200.389
6,422.741
Net income
$7.276.488 610.731,637
t;EP Dast complete annual report in Financial Chronicle May 20 '33, p. 3527
-
Pierce-Arrow Motor Car Co.
(And Subsidiaries)
1933.
6 Mos. Ended June 30___ 52,947,838 •
Net sales ________
Cost of sales, incl. sellin17.____________ ex.
2,864,559
& all cost of mfg________________________________
__________
52.446
Depreciation ________
230.892
Repairs an replacements
1932.
$4,823,915
5.342.286
178,418
368,320
12 Months Ended July 31Gross earnings
Operating expenses, maintenance & taxes
1933.
1932.
$1,691.048 $1.960,059
899.767
1,050,951
Net earnings
Other income
$791.7gl
175
2909,108
493
Net earnings including other income
Interest charges-net
Appropriation for retirement reserve
$791.455
433.451
134.675
$909,601
433.475
2.315
$223,330
$473,812
Net income
KarLast complete annual report in Financial Chronicle May 13 '33, p. 3345
Sparks, Withington Co.
Period End. June 30- 1933-6 Mos.-1932. 1933-12 Mos.-1932
$84,141 $1,437,857
5285,137 11,930.514
Net loss
Spicer Mfg. CO.
(And Subsidiaries)
1933.
6 Months Ended June 30$473,622
Profit from operations
278.134
Expenses
1932.
$544.621
351,340
1931.
$844.646
489.741
Balance
Other income (net)
$195.488
21,952
1193.281
16.323
6354.905
13,065
$217,440
309.599
1209.604
518,241
$367,970
647.800
Net loss on sales
Other income-int., disc, on purchases, etc
$200.059
27.696
$1,065,108
54.981
Total income
Depreciation
Net loss before int. charges. taxes, &c
Add: Interest on notes payable, &c
1172.363
82.372
$1,010.128
62,206
Net loss for period
Deficit, Jan. 1
$254,735
$1.072,334
1.086,368 sur.2,052.712
6279.830
692.159
6308,637
Net loss
For the quarter ended June 30 1933. net profit was $54.795 after taxes,
&c., equal to 62 cents a share on 87,450 no-par shares of
depreciation,
$3 preference stock, excluding shares in treasury, which were outstanding
at close of fiscal year. This compares with net loss of 6146.954 in the preceding quarter and net loss of $136.757 in the second quarter of 1932.
CR Last complete annual report in Financial Chronicle May 13 '33, p. 3361
-
, Total deficit
Dividends paid on pref. stock
$1.341,102 sur.$980.378
106,650
Deficit. June 30
Capital surplus, June 30
$1,341,102 sur.$873,728
335.693
335,693
$1,005,468sur.$1,209.421
Net deficit, June 30
-Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2059
re
Plymouth Oil Co.
1933.
1932.
Six Months Ended June 30$57.215xprof$946500
Net loss after deprec., depletion, taxes &c
Before Federal taxes.
x
For the quarter ended June 30 1933. net loss was $65.002 after charges
.or less than one cent a share
and taxes, comparing with net profit ot $7,78i
the prececting quarter.
(par $5) on 1,050.000 shares of stock in
,
barrels
For the first six months of 1933 the compel.) preauced 2,330,340For the
receiveu was 41 Louts per barrel.
of crude oil and the average price
cents or a aitterence of 46
same prim" in 1932 the average price was 87
cents per barrel.
May 13 '33,p. 3559
arDast complete annual report in Financial Chronicle
Railway Express Agency, Inc.
-Month of June- -6 Mos. End. June 30
1933.
1932.
1932.
1933.
Revenues& IncomeCharges for transport'n_$11,042,939 111,933.007 159,239.552 $74,285.711
261,843
1,225,877
1.519,625
231,287
Other revs. & income__
Total revs. & income-$11.274,226 212,194,850 160.465,429 $75,805.336
1.1 ,
Deducts.from Rev. & Inc.:
7,220.611 36,370,096 44.851.218
5.986,511
Operating expenses
802,121
584,005
95,888
312.183
Express taxes__ _ 861,458
146.740
879,423
143,705
del3t..
Int. & disct. on fd.-16.231
3.218
27.760
2.435
Other deductions
$6.444,834 $7,466,457 138,049,906 146,342.406
Total deductions
Rail transport'n rev.
(Payments to rail and
other carriers-express
$4,829,392 64.728,393 $22,415,523 $29,462,930
privileges)
1:20 Last complete annual report in Financial Chronicle May 13'33, p. 3360
-
(L. S.) Starrett Co.
-6Months Ended- Year Ending
Dec. 31 '32. June 30'33. June 30'33.
$296,800
$377.382
$674,183
x269,141
y313.023
582,164
140,593
274.588
133.995
PeriodSales
Cost of sales
Selling and general expenses
Operating loss
1112,034
269.636
$182.570
Income from sec.& int. on bank bal
17.084
9,525
7,560
Other income
706
618
1,324
5164.162
Loss
1102.703
261,458
23.058
0th.chges.(cash disc., bad debts,&c)
14.155
8.903
$187.220
Total loss
175,613
1111.606
Refunds rec.-Net--on adj. of Fed.
6,746
& Mass,excise taxes of prior years..
1,185
5,561
131
Int. rec.-net-on above refunds_ _ _ _.
4
128
7.257
Adj. of res. for loss on foreign each
9.105
Dr.1,848
1.999
Gain on sale ofsand lot
1,999
1171.086
$63.321
Net loss
$107,765
1,519
Loss on plant items sold or scrapped_ _
Dr.47
1,566
Loss on securities sold
23,314
17,731
5,584
Added to res. for shrinkage in value of
3.196
miscellaneous securities
5,913
Dr.2,717
Transferred to reserve for sinking fund
53
-preferred stock-(Interest)
53
Net decrease in oper.sur. before diva $112.199
1199.168
$86.970
Operating deficit at beginning of period
522.657
522.657
651.041
Preferred dividends,6%
32,370
16,185
16,185
Operating deficit at end of period
$651,041
$754.196
$754,196
x Includes charge for depreciation of plant in amount of $25,390. y Includes charge for depreciation of plant in amount of $25,343.
a"Last complete annual report in Financial Chronicle Sept. 2 '33, p. 1781
Sweets
Co. of America, Inc.
3 Mos,Ended
June 30'33. Mar 31 '33. 6 Mw.Ed
.
June 30'33.
Period
$29.781
$69.222
$39,441
Net loss after all charges
liarLast complete annual report in Financial Chronicle May 20 '33, p. 8555
1760
Financial Chronicle
Studebaker Corp.
(Excluding White Motor Co. and Pierce-Arrow Motor Car Co.)
y Earnings for Three Months Ended June 30 1933.
Net sales. In the United States and abroad
$9,522,886
Net profit from sales, after deducting cost of manufacturing,
selling and general expenses, but before depreciation, repairs
and replacements to plant and property, proportion of net
losses of White Motor Co. and Pierce-Arrow Motor Car Co..
and other net income
313,470
x Depreciation
24.446
Repairs and replacements
134.809
Net income
Interest received, less interest paid
$154.216
33.277
Net profit from receivers' operations
$187,493
x Excludes depreciation of manufacturing plants and property.
y Includes Rockne Motors Corp. and principal subsidiary companies.
WLast comple.e annual report in Financial Chronicle Mar. 25 '33, p. 1708
Third Avenue Ry. System.
(Railway & Bus Operations)
Month ofJuly- -12 Mos.End.June 30
1932.
1933.
1932.
1933.
2837,780
$957.576 $10,990,511 $12,826.855
203.218
242,030 2.695,402
2.989.845
Operating RevenueRailway
Bus
Total oper. revenue
$1,041,008 $1.199.607 $13.685,913 $15,816.700
Operating Expenses
Railway
7,624.780 9.006.233
610.250
671,349
Bus
193.671
222.447 2,484,174 2.663,273
Total oper. expenses_ _
Net Oper. Revenue
Railway
Bus
$803.921
227.539
9,547
286.228
19.583
Total net oper. rev
Taxes
Railway
Bus
$237,087
$305,811
63.048
6.452
78.445
7,679
Total taxes
Operating Income
Railway
Bus
$69,500
$86.125
164.492
3.095
207.783
11.904
Total oper. income__ _ $167,587
Non-operating Income
Railway
26.423
Bus
735
$893,796 $10,108.954 $11.729.496
3.365,731
211,228
3.760.632
326,572
$3,576,959 $4,087,204
835.307
85.516
996.066
94.620
$920.822 $1,090.686
2,530.425
125.712
2.764.566
231.952
$219.687 $2,656,137 $2.996,518
320.961
9.907
303.559
10.066
$27.158
$27,703
$330,868
$313,625
190.915
3.830
Total non-oper. inc
Gross Income
Railway
Bus
26.889
814
234.672
12.718
2.851.386
135.619
3,068.125
243,018
Total gross income
$194.745
Deducts.(Incl. Full Int.
on Adjust.Bonds)Railway
212.329
Bus
16,209
$247,390 $2.987,005 $3,310,143
Total deductions
Net Income or Loss
Railway
Bus
Waco Aircraft Co.
Six Months Ended June 30-1932.
1933.
Net profit after taxes and charges
$54.562 loss$61,213
Earnings per sh. on 145,000 shs. cap. stock
Nil
$0.37
For quarter ended June 30 last, net profit was $20,252 after taxes and
charges, equal to 14 cents a share, comparing with net profit of $34,310, or
23 cents a share in the preceding quarter.
KVLast complete annual report in Financial Chronicle Apr. 8 '33, p. 2440
and Apr. 15 '33, p. 2630.
Weston Electrical Instrument Corp.
6 Mos.End. June 30-1933.
Net loss after deprec'n__ • $74,805
Other deduct. (net)-- -4,381
Federal taxes
Net profit
Class A dividends
Common dividends
14.546
def4.514
2,567,863
197,792
28.3,523
def62,173
2.645.907
204.055
422.218
37.963
Total combined net
inc. or loss-railway and bus
def$33.793
$10.032
$221,350
$460.181
tA"Last complete annual report in Financial Chronicle Oct. 8 '32, p. 2487
Walworth Co.
(And Subsid'arias)
Earnings for July and Seven Months Ended July 31 1933.
Period Ended July 31Month.
7 Months.
Net profit before Int. on funded debt and deprec_ - $100,740 loss$203.424
Interest on funded debt
46.621
326.436
Depreciation charged on plant and equipment
44,086
212.778
Net profit after all charges
$10,033 def$742.639
The July net profit after all charges is the first to be shown in 34 months,
the last having been reported in Sept. 1930.
"Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1394
ff
1932.
$62243
37,211
1931.
$84,6.34
5.379
8.599
1930.
$566,752
55,056
62,812
loss$79,186 1055$99.454
34,800
$70,656
34.800
78.500
$448.884
50,087
73.300
Deficit
$79.186
$134.254
242,644 sur$325.497
For the quarter ended June 30 1933, net loss was 231.888 after taxes and
charges against a net loss of $47.298 in the preceding quarter and a net loss
of $58,937 in the June quarter of 1932.
'Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2087
and May 13 '33, p. 3364.
West Virginia Water Service Co.
(And Subs., Bluefield Valley Water Works Co.)
12 Months Ended July 311932.
1933.
Operating revenues
$1.012.728 81,092,572
Operating expenses
363.322
412.513
Maintenance
51.956
46,907
General taxes
137,272
130,157
Net earnings from operation
Other income
3472.342
8,413
$490.831
1.916
Gross corporate income
Interest on long-term debt
Miscellaneous int. charges (incl. int. charges to
construction)
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
3480.754
258.000
$492.747
258.000
5.073
26.302
12.158
52,600
3.544
6.944
26.199
11.109
55.850
3.395
Net income
$123.077
$13 .250
Dividends on preferred stock
46,000
Dividends on 2nd preference stock
5.000
Note.
-Preferred dividends for tae year ended July 31 1933, In the
amount of $99,000 have not been declared, nor accrued on books, but are
cumulative.
Preferred dividends for the year ended July 31 1932, do not include
$448010 which have not been declared, nor accrued on books, but which
are cumulative.
rarLast complete annual report in Financial Chronicle Apr. 29 '33, p. 2975
$237,358 $2,765.655 $2,849.962
$228.538
def21,414
def12,380
220.126
17.232
Sept. 2 1933
Water Service Co., Inc.
12 Months Ended June 30Total income
Administrative expenses and taxes
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Miscellaneous deductions
1933.
$71,924
4.699
48.238
10.358
5,739
1,290
1932.
$140,504
4.634
50,000
35.198
5,951
1,343
$1,599
Net income
$43.377
nrLast complete annual report in Financial Chronicle June 3'33, p. 3909
Winnipeg Electric Co.
Gross earnings
Operating expenses
-Month of June- -6 Mos. End. June 301932.
1932.
1933.
1933.
$429.018 $2,677.413 $2.923,251
3395.856
314,492
293,180
1,866.986
2.014.395
$114,526
$810,427
$908.856
Net earnings
$102.676
12rLast complete annual report in Financial Chronicle May 27 '33, p. 3724
General, Corporate and Investment News
STEAM RAILROADS.
-Class I railroads on July 31 had 392,905 surplus
Surplus Freight Cars.
freight cars In good repair and immediately available for service, the Car
Service Division of the American Railway Association announced to-day.
This was a decrease of 11.509 cars compared with July 14, at which time
there were 404.414 surplus freight cars.
Surplus coal cars on July 31 totaled 117,081, a decrease of 17,130 cars
below the previous period, while surplus box cars totaled 215,815, an
increase of 6,542 cars compared with July 14.
Reports also showed 28.193 surplus stock cars,a decrease of 970 compared
with July 14, while surplus refrigerator cars totaled 11,524, an increase
of 668 for the same period.
-Class I railroads on Aug. 1
330 More Freicht Cars in Need of Repair.
had 316.437 freight cars in need of repair or 15.4% of the number on line,
according to the Car Service Division of the American Railway Association.
This was an increase of 330 cars above the number in need of repair on
July 1, at which time there were 316.107 or 15.4%.
Avight cars In need of heavy repairs on Aug. 1 totaled 231,768 or 11.3%
an increase of 4,879 cars compared with the number in need ofsuch repairs
on July 1, while freight cars in need of light repairs totaled 84,669, or 4.1%,
a decrease of 4,549 compared with July 1.
-Locomotives in need of classified
Few Lotonwtives in Need of Repairs.
repairs on Aug. 1 totaled 11.109. or 22.1% of the number on line, the
American Railway Association reports. This was a decrease of94 compared
with the number In need of such repairs on July 1, at which time there
were 11.203 or 22.2%.
Class I railroads on Aug. 1 had 6,064 serviceable locomotives in storage
compared with 6,742 on July 1.
Matters Covered in the "Chronicle" of Aug. 26.-(a) Railroads pledge
aid to Eastman-Concur in general objective to standardize purchasing of
-Car pooling operatios outlined, p. 1520; (b) Kansas City
equipment
Southern By. wage dispute-President Roosevelt urges carrier to retain
present contracts with brotherhoods-Asks that labor-employer disputes
be deferred, p. 1521;(c) Kansas City Southern Ry. wage dispute-Decision
on wage pact revision near-Road to debate dropping "useless" posts or
heeding Roosevelt's delay plea-General carrier move to amend labor contracts may result from stand, p. 1521; (d) Railroad labor asks President
Roosevelt for code for railroads-Delegation urges action to stop reductions
in forces. p. 1521.
Alleghany Corp.
-Value of Bond Collateral.
The quarterly appraisal for the trustee for Alleghany bonds was made
on Aug. 1. The list of securities and cash behind each issue on Aug. 1
follows. Cash available for payment of interest is not considered as
collateral.
(1) Issue maturing in 1944, bonds outstanding, $31,466,000,
756.000 shares Chesapeake Corp. common stock.
50,000 shares Missouri Pacific RR. preferred stock.
177,700 shares Missouri Pacific RR. common stock.
50.000 shares Pittston Co. stock.
notes.
$4,066.000 par Terminal Shares, Inc.,
3:34,000 cash received on retirement of stroller amount of Terminal
Shares notes.
$847,787 cash impounded by trustee from income received on pledged
securities; available for payment of interest.
Appraisal as of Aug. 11933. $34,435.210.
-bonds outstanding, $21,938,000.
(2) Issue maturing 1949
449,000 shares Chesapeake Corp. common stock.
54,100 shares Missouri Pacific RR. preferred stock.
125.000 shares Missouri Pacific RR. common stock.
300,000 shares Pittston Co. stock.
30.000 shares Lehigh Coal & Navigation Co. common stock.
$1,848.000 par Terminal Shares, Inc.,5% notes.
$152,000 cash received on retirement of similar amount of Terminal
Shares notes.
$3301.889 cash impounded by trustee from income received on pledged
securities; available for payment of interest.
Appraisal as of Aug. 11933, $21,449,080.
-bonds outstanding. $24,532,000.
(3) Issue maturing in 1950
43,900 shares Chesapeake Corp. common stock.
% bonds.
$11.152,000 par Missouri Pacific RR. cony.
90,000 shares Missouri Pacific RR. preferred stock.
195.200 shares Missouri Pacific RR. common stock.
146,240 shares Pittston Co. stock.
3.546 shares Lehigh Coal & Navigation Co. common stock.
' 54 shares Wheeling & Lake Erie By. prior lien stock.
G
.
% notes.
$8.331,000 par Terminal Shares, Inc.,
2685,000 cash received on retirement of similar amount Terminal Shares
notes.
$21,210 cash impounded by trustee from income received on pledged
securities; available for payment of interest.
Appraisal as of Aug. 1 1933, 212,511,989. V. 137, p. 1409.
5.si%
-Interest Payments.
Ann Arbor RR.
Because of improvement in earnings, the Court has authorized the
receivers to pay out of earnings interest due April 1 1933 on Ann Arbor 1st
mtge. bonds; interest due July 1 1933, on equipment trust certificates
series A, principal and dividend warrants, and interest due July 15 on
equipment trust notes series of 1921.
Financial Chronicle
Volume 137
No provision has yet been made for the payment of interest due July 1
1933, on the first mortgage bonds.
Notice having been received that the interest due April 1 1933, on the
1st mtge. gold 4% bonds, due 1995, is now being paid. the Committee
on Securities of the New York Stock Exchange further rules that the bonds
be quoted ex-interest 1% on Sept. 1 1933 that the bonds shall continue to
be dealt in "flat" and to be a delivery in settlement of transactions made
beginning Sept. 1 1933, must carry the July 1 1933. and subsequent
coupons.—V. 137, p. 860.
Central of Georgia Ry.—No Int. on Income Bonds.—
The directors have declared that for the fiscal year ended June 30 1933,
there were no net earnings or Income applicable to the payment of interest
on the first preference,second preference,and third preference income bonds,
or on any of them,and have determined that no interest is payable thereon.
—V. 137, p. 1237.
Chesapeake & Ohio Ry.—Dividend Rate Increased on
Common Stock.—The directors on Aug. 29 declared a quarterly dividend of 70 cents per share on the common stock,
par $25, payable Oct. 2 to holders of record Sept. 11. This
compares with 62% cents per share paid each quarter from
Oct. 1 1930 to and incl. July 11933.
The directors also declared the regular semi-annual
dividend of $3.25 per share on the 6% cum. pref. stock,
par $100, payable Jan. 1 to holders of record Dec. 8.
The board further authorized the expenditure of $200,181
for improvements and the purchase of 31,481 tons of rails.
—V. 137, p. 681.
Chicago Milwaukee St. Paul & Pacific RR.—No
Interest on 5% Cony. Adj. Mtge. Gold Bonds. Series A.—
The directors have declared no interest to be due and payable Oct. 1
1933, on the 5% convertible adjustment mortgage gold bonds,series A,due
2000.80 that coupon No. 13, maturing Oct. 11933. has no value. Accumulations of cumulative interest on the adjustment mortgage bonds will be
paid (but without interest thereon) against future coupons when and as
declared by the board of directors in accordance with the adjustment
mortgage.—V. 137. p. 1237, 1047.
Chicago Rock Island & Pacific Ry.—Against Merger
Proviso—Says It Cannot Legally Acquire Wichita Northwestern,
as Ordered by the Commission.—
The company has filed an answer with the 1.-S. 0. Commission opposing
operate
the Commission's requirement of an agreement to purchase orgranting
the Wichita Northwestern Ry. as a condition precedent to the
of the application of the Rock island for permission to consolidate its
subsidiaries into the parent company.
The Commission ruled as follows: "We shall require as a precedent
by the applicants of a
to the granting of this application the acceptance abide by such findings
condition that they shall agree and undertake to
of
of the
as we may hereafter make with respect to the acquisitionthereof. linethe
rr
the Wichita Northwestern Ry. at the commercial value
operation thereof, or both, that may be made In an ancilliary proceeding
and
or proceedings, in which the question of public convenience and necessity
the proalso shall have consideration. No order will be entered
ceeding will be held open for 60 days to permit the filing of such agreement
with us."
The answer to the Commission's order, filed by Marcus L. Bell, Senior
the
Vice-President and General Counsel for the Rock island, claims that the
road has no lecal power to make the agreement required of it, in that
carrier Is now under the jurisdiction of the court. Mr. Bell also claims
that there is no justification for the requirement. is concerned," he said,
"As far as inclusion in the present unification
"the Wichita Northwestern stands on no different footing from any other
-S. C. Commission's
of the 32 lines assigned to the Rock Island in the I.
the condition
consolidation plan: any justification for the acceptance of Northwestern
respect to the Wichita
imposed by the Commission with
would exist in the case of every one of the other lines."
Sept. 1 Interest Not Paid.—
•
A,
The interest due Sept. 1 1933 on the secured 4 M % gold bonds, series 1st
RR. guaranteed
due 1952, and the Rock Island Arkansas & Louisiana 137. p. 1576.
gold bonds, due 1934, was not paid.—V.
mtge.4%
Consolidated RR. of Cuba.—Reduction in Capitalization.
reducing the authorized preferred
The stockholders will vote Sept. 29 on
shares.
stock from 400,000 shares to 304,775 and 625-1000
stockholders will also
At a special meeting to be held the same day, the constitution so as to
following proposals: (1) To amend the
vote on the
at least two-thirds shall be necessary
Provide that an affirmative vote of
of the eighth paragraph
to take any action under clauses A to D inclusive
Constitution by adding to the
of the Constitution; and (2) to amend the purchase its own stock except
fourth paragraph: "The company shall not market to be cancelled or by
for the purpose of acquiring shares in the open
redemption as hereinafter set forth."
a proposal to reduce
The stockholders will further be asked to approve
number of directors to nine from 11.—V. 137, P. 1577.
the
Fonda Johnstown & Gloversville RR.—To Be Stricken
from List.—
coupon bonds due Nov. 1 1952
The 1st cense!. gen. ref. 434% mtge.the amended 1st consol. gen. ref.
(proof of claim not filed by owner), and 1982 (proof of claim not filed by
2-4% mtge. coupon bands due Nov. 1 York Stock Exchange, effective
owner), will be stricken from the New
Sept. 15 next.—V. 137, p. 1577..
Illinois Central RR.—Fized Charges About Covered in
August.—
substance:
President L. A. Downs states in
about cover fixed charges in
"The Illinois Central System will just
August.
the neighborhood of $600.000. August
"July net after charges was In corresponding month of 1932 but 10%
gross was about 11% above the
under July of this year.
60.000 and 70,000 extra pas"The Illinois Central is handling between
outside-Chicago. We get about
sengers daily to the World's Fair groundsstop at the fair gate.
10 cents for each passenger. Our trains
Central in August was about
"The grain movement over the Illinois
month. In July we showed a gain
one-half what it was in the like 1932 in August was less than a year ago.
100% over 1932. The coal movement
of
ran 319% ahead of
"Loadings of automobiles and auto parts in August
a year ago. crop along our lines Is good and the growers are receiving
'"the cotton
farmers are getting for ploughing
fair prices. I believe that the money the
Sentiment is much better
under part of their crops will be spent quickly
in the South."
received by Illinois Central system
Revenue freight cars loaded and
24,827 against 24,825 in the
during the week ended Aug. 26 1933 totaled
ended Aug. 19 reven .e cars handled
same week last year. In the weekover the corresponding period in 1932.
totaled 25,237 an increase of 9.4%
—V. 137. p. 1237.
Pacific RR.—Defaults Interest.
Missouri
Sept 1 on the gen. 4s of 1975,
The company defaulted the interest due
137, P. 1237. 1048.
and on the 1st and ref. mtge. 5s, series "F."—V.
RR.—Abandonment of Branch.—
New York Central
a certificate permitting the
The 1.-£3, C. Commission on Aug. 16 issued
Drench extending from a point
company to abandon that part of its Delmar
station to a point 1.000 feet north of Belmar
1.25 miles south of Franklin
Pa.—V. 137. p. 1238.
station, 4.14 miles. all In Venango County,
RR.—Interest Payment.—
Paris-Orleans
payment of the Sept. 1 1933
In view of the arrangements made for the
gold bonds, due 1968,
coupons attached to the 53i% external sinking fund Iselin dc Co.. N. Y.
office of A.
upon presentation and surrender at the
1761
City, at the option of the holder either (a) in U. S. currency; or (b) in U. S.
currency at the dollar equivalent of French francs 25.52 to the dollar of
face value of coupon, at the rate of exchange computed by A. Iselin St Co.
on the basis of their average buying rate In New York for exchange on Paris,
on the day the coupons are presented. The Committee on Securities of
the New York Stock Exchange on Aug. 31 ruled that In settlement of
contracts in the said bonds on which delivery was due prior to the interest
payment date and should have been made with the next due coupon attached, but where delivery is made on or after the interest-payment date
without the coupon attached, and in settlement of contracts in said bonds
made "delayed delivery" between Aug. 25 1933 and Aug. 30 1933, incl.,
the cash settlement made in lieu of the coupons shall be on the basis of
U. S. currency in New York at the dollar equivalent of French francs at
gold parity of exchange, the said dollar equivalent to be computed at the
rate at which coupons may be cashed at the offices of A. Iselin & Co. on
the date of actual delivery, under option (b) referred to above.
The computation of accrued interest Is not changed by this ruling.
—v.137. P. 1577-
Pennroad Corp.—Trustees File Demurrer in Suit Which
Charges Mismanagement.—
Elf ngham B. Morris, William M.Potts and Joseph Wayne Jr.. voting
trustees under a voting trust agreement dated May 1 1929 affecting the
stock of the corporation, have filed a demurrer in Chancery Court, Wilmington. Del., to the accounting suit filed some time ago by Joseph W. Perrine
and Julia A. Perrino. of Philadelphia.
The complainants seek to have the voting trust agreement dissolved,
alleging that Pennroad has been mismanaged by the Pennsylvania RR.
and the voting trustees. Recently the court handed down an opinion
ordering the present voting trustees to file an answer to the suit. The
Pennsylvania RR. has already filed its answers. The trustees, however,
have filed a demurrer to the bill of complaint and in conclusion pray the
court to judge whether they shall be required to make any further or other
answer to the bill and asks that the action against them be dismissed.—
V. 137, p.312.
Pennsylvania RR.—Abandonment of Branch Line.—
-S. C. Commission on Aug. 18 issued a certificate permitting the
The I.
company to abandon a branch line of railroad extending southwesterly from
a connection with its South West branch, at or near Dunbar, on the Mononhahela division, to Mahoning Works, 1.08 miles, all In Fayette County. Pa.
Co-operative Travel Plan Perfected with Grace Line.—
Combining an ocean cruise with a railroad journey on a "Circle-Trip"
to California Is now possible through a co-operative plan whirl) has just
been perfected between W.B. Wheeler, Assistant Passenger Traffic Manager
of the Grace Line, with headquarters in New York,and C. H. Mathews Jr.,
Passenger Traffic Manager of the Pennsylvania RR. Under this new
arrangement travelers will be able to visit the principal points in the United
States plus an ocean cruise through the Spanish Americas by way of the
Panama Canal.
According to an announcement made on Aug. 26, the Pennsylvania RR.
has entered into an arrangement with the Grace Line whereby passengers
may purchase rail-water circle-trip tickets at all their local offices or through
any authorized steamship or tourist agent. Stateroom accommodations
and meals are included on the steamer and the trips are sold at attractively
low fares from starting point and return to starting point.
Status of Stock Holdings—Decision Rests with United States
Supreme Court Whether It Will Grant Commission's Request
for Appeal.—
The Pennsylvania RR. must file answer by Sept. 10 to the petition for
a writ of certiorari filed with the U. S. Supreme Court by the 1.-S. C. Commission in connection with its order directing the Pennsylvania RR. and
the Pennsylvania Co. to divest themselves of stock holdings In the Lehigh
Valley and Wabash RRs. The Third Circuit Court of ?Appeals at Philadelphia last June sustained the right of the Pennsylvania Co and Pennsylvania RR. to retain their holdings in the Wabash and Lehigh Valley
and set aside the order of the Commission.
The Supreme Court will convene early in October at which time it will
consider the petition filed by the Commission and the reply of the Pennsylvania.—V. 137. p. 157.
Reading Co.—Bond Extension.—
-S. C. Commission to
The company has requested authorization of the I.
extend for 10 years from Oct. 1 1933, the maturity date of $2.644,000
5% prior lien bonds of the Philadelphia dc Reading Ry. The interest rate
will be reduced to 43i% on these bonds which were issued originally on
Oct. 1 1868.—V. 137. p. 1048.
-San Francisco Ry.—R. F. C. to Ask for Frisco
St. Louis
Trustees—Likely Will Have Bank Support for Replacing
Receivers.—
The "Wall Street Journal" in a St. Louis despatch Aug. 30 stated:
"Appointment of trustees to operate the St. Louis-San Francisco Ry.
pending the reorganization et its financial structure under the new bankruptcy laws will be proposed to the Federal District Court by the Reconstruction Finance Corporation.
"Filing of such a request is Imminent, with the prospects favoring definite
action immediately after Labor Day when District Judge Faris returns
from vacation.
"The trustees would supersede the existing receivers, appointed under
the receivership of the road, as operators of the properties. Appointment
of one or more (possibly two) trustees, would be made from a panel sub-S. C. Commission as required by the recent amendments
mitted by the I.
to the Federal bankruptcy laws which permit railroads to initiate voluntary
bankruptcy proceedings. Although the road originally went into receivership the carrier later filed its petition under the new bankruptcy laws
reciting its inability to meet its obligations. To date, however, no trustees
have been appointed to take over the bankruptcy estate, although the
court instructed the present receivers, Messrs. Kern and Lonsdale. to
continue to operate the road.
"The chief argument in support of the R. F. C. move, which will be
supported by the First National Bank, New York,the Bank of New York &
Trust Co. and other creditors of the company, will be that it is necessary
to protect the assets of the debtor. This necessity arises from the conflicting
claims being made against the road's income and assets by security owners
holding various liens against the property.
"Promulgation of a new plan of reorganization for tne road under the
leadership of the trustees also will be assigned as a further reason for appointment of trustees at this time. Such a plan, which would supersede the
proposal offered by the road's readjustment managers (and now awaiting
hearings before the Commission), may be supported by the R. F. C. The
purpose, as understood, is to have the trustee take the initiative in bringing
the road's security owners together on a substitute proposal. The It. F. C.
In hearings before the Commission on the readjustment committee's plan.
served notice of its unqualified opposition to the proposal and suggested
prompt submission of another.
Abandonment of Operation.—
The I.
-S. C. Commission on Aug. 18 Issued a certificate permitting the
receivers to abandon operation of certain parts of the Deering branch,
extending from Warden northerly to Fraily, about 4.5 miles. in Pemiscot
and I% ew Madrid Counties; and from Yukon southerly to Deering Junction,
about 4 miles, in Pemiscot County. all In Missouri.—V. 137. p. 682.
Southern Pacific Co.—Abandonment.—
-S. C. Commission on Aug. 15 (1) issued a certificate permitting
The I.
abandonment by the Northwestern Pacific RR. of (a) that portion of Its
Sonoma Valley branch extending from Yulupa to the end of the line at
Glen Ellen, approximately 2.49 miles, kb) its so-ca.led Sebastopol branch.
extending from Santa Rosa to the end of the line at Sebsatopol, approximately 6.33 miles. and (c) its-so-called Donahue branch, extending from
Petaluma to the end of the line at Donahue, approximately 5.67 miles, all
in Sonoma County, Calif.
(2) Issued a certificate permitting abandonment by the Southern Pacific
RR. and Southern Pacific Co., lessee, of (a) that portion of the so-called
Santa Rosa branch extending from Scheliville to Yulupa, approximately
8.07 miles. (b) that portion of the Santa Rosa branch extending from Los
Guilicos to a point near Santa Rosa, 8.028 miles and (c) that portion of
the so-called Wingo-Union branch extending from Ramal to Wing°.approximately 2.07 miles. all in Sonoma County, Calif.
(3) issued a certificate authorizing the Northwestern Pacific RR.(a) to
acquire and operate that portion of the Santa Rosa branch of the Southern
Pacific RR. between Yulupa and Los Guilicos, approximately 8.954 miles:
Financial Chronicle
1762
(b) to acquire and operate that portion of the Santa Rosa branch between a
point near Santa Rosa and the end of the line at Santa Rosa, approximately
0.504 mile, and (c) to operate under trackage rights jointly with the Southern
Pacific Co. over that portion of the Santa Rosa branch between Schellville
and Napa Junction, approximately 11.29 miles, all in Sonoma and Napa
Counties, Calif.
The Northwestern Pacific and the Southern Pacific RR. are wholly
owned subsidiaries of the Southern Pacific Co.—V. 137. p. 861.
Sept. 2
1933
and consolidated mtge. 434% bonds of the Altoona & Logan Valley Electric
Ry. It is now contemplated that the plan may be declared operative by
Oct. 1.
The reorganization plan was arranged by a committee headed by S. K.
Phillips and comprising D. S. Mothers and J. M. Steere. It provides for
the creation of a new company, the American Railways Corp., which is to
acquire all assets of the American Railways Co. from the receivers.
The plan Is evidenced by an agreement between this committee, the
bondholders' protective committee for Scranton Railway 1st & ref. mtge.
Wabash Ry.—Interest Authorized—Deposit Date Extended. 5% gold bonds, and the American Railways Corp.(Del.)(a new company)
organized for the purpose of effecting the reorganization.
Federal Judge Davis at St. Louis has authorized Walter S. Franklin and
All holders of 7% income bonds of the Amer can Railways Co. not yet
Frank C. Nicodemus Jr.. receivers to pay $60.000 of semi-annual Interest,
deposited with this committee, desiring to participate in the benefits of the
due Sept. 1 on Wabash first mtge. bonds, Toledo and Chicago division.
plan, must deposit their bonds (with all coupons thereunto appertaining
Payment will be made out of funds on hand and without recourse to borpayable from income on or after Nov. 1 1932) with Girard Trust Co.,
rowing.
depositary, Philadelphia.
0 The receivers on Aug. 29 announced an extension of time to Oct. 1 1933.
in which the plan of readjustment for equipment trust notes of 1920. series
Digest of Plan of Reorganization.
77, might be declared operative under the agreement. In a notice to noteThe settlement agreement provides in effect as follows:
holders who have agreed to the extension plan the receivers said:
The new company will acquire from the receivers all of the assets of
) "By order of the U.S. District Courtfor the eastern division of the eastern
American Railways Co. It will thereupon exchange a substantial part of
district of Missouri filed July 31 1933, the above agreement was approved
these assets, having doubtful present earnings value, for shares of $7
and the receivers were authorized to declare the agreement and extension
1st pref. and $7 2d pref. stock of Iowa Public Service Co., the earnings
plan therein provided for operative as soon as in their judgment holders of a
statements of which show that preferred dividend requirements have been
sufficient amount of the outstanding notes under the equipment trust of
adequately covered for the past four years.
1920, designated Wabash Ry. equipment trust No. 77, shall have become
The assets of the new company, pursuant to these exchanges, will be
parties to the aforesaid agreement dated June 1 1933.
substantially as follows:
"Responses to date have been most encouraging, but owing to the very
wide distribution of this issue in small lots and to the vacation absences
2.224 shs.
$7 1st pref. stock of'Iowa Public Service Co
of many of the holders, it has not been practicable to secure assent of the
12,478 shs.
$7 2d preferred stock of Iowa Public Service Co
holders of a sufficient amount of the notes to justify the receivers in deCommon stock of Peoples Ry. Co.of Dayton, Ohio (par $100)- - 25,000 shs.
claring the plan operative.
Scranton Railway 1st & ref. mtge. 5% gold bonds (upon which
"The receivers regret the delay. They are, however, pushing the matter
$605,000
the guarantee of American Railways Co. will be cancelled)
as rapidly as circumstances permit."
Cash
100,000
Other equipment trust series have agreed to extensions and plans have
Certain other miscellaneous assets to be acquired from the receivers of
been declared operative.—V. 137, p. 1577.
American Railways Co.
The new company will create two issues of bonds as follows:
Western Pacific RR.—Sept. 1 Interest Paid.—
$2,039,900
-year 4)-i% collateral trust bonds
20
The company on Sept. 1 paid the interest on its first mortgage 5s, 1946,
565,700
-year 43i% debentures
30
amounting to $1,232,252.
All
Thomas M. Schumacher, Chairman of the Executive Committee, stated ' of the new company's assets (except the miscellaneous assets acquired
from the receivers) will be pledged as collateral to secure the collateral
in the operating revenues of the
that the recent substantial improvement
trust bonds.
road made it possible to do this with a minimum ofassistancefrom associated
$666,700 principal amount of the collateral trust bonds will be sold by the
companies and that the assistance had been arranged. Mr. Schumacher
new company for not less than $600,000 in cash. Of this cash, $400,000
continued:
will be utilized in settlement of the claims of $4,000,000 of Altoona &
"With continuance of the present improvement in business it 4s hoped
Logan Valley Electric Ry. consolidated mtge. 434% gold bonds, based
that the Western Pacific may be able to avoid any present readjustment
upon the guarantee of American Railways Co. endorsed upon said bonds:
of its capital structure. This possibility is regarded as of great importance
$100,000, together with approximately $40,000 of cash acquired from the
In view of the discussions which have taken place recently in Washington
receivers, will be utilized for payment of all receivership fees and expenses.
and in New York as to possible merger of the Western Pacific RE.. Denver
all reorganization fees and expenses, and the cost of acquiring the assets
& Rio Grande Western RR., and other lines."
of American Railways Co. from the receivers; the remaining $100.000,
-S. C. Commission recently refused to approve the road's applicaThe I.
together with the $605,000 of Scranton Railway bonds (listed above among
tion to the Reconstruction Finance Corporation for a loan of $1,000.000
the assets of the new company) will be utilized for the acquisition of addito meet the interest payment. The road at the time of making its applicational securities in accordance with the provisions of the Settlement agreetion, stated that it had no additional collateral which it could post against
ment.
this borrowing.—Y. 137. p. 1578.
0 $996.000 of the collateral trust bonds of the new company will be delivered
Wisconsin Central Ry.—Abandonment of Branch Line:— in settlement of the claims of $2,490.000 principal amount of Scranton
upon
-S.
The I. C. Commission on Aug. 19 issued a certificate permitting the Ry. 1st and ref. mtge. 5% gold bonds, basedrate ofthe guarantee of Ameri$100 principal amount
can Railways Co. endorsed thereon, at the
company and its receiver to abandon, and the Minneapolis St. Paul &
of collateral trust bonds for each $1,000 principal amount of Scranton
Sault Ste Marie Ry. to abandon operation of part of a line of railroad
Ry. bonds.
extending generally northward from Athens to Goodrich, 10.55 miles, in
0 $377,120 of collateral trust bonds and the entire $565,700 of debentures
Marathon and Taylor Counties, Wis.—V. 136. ti• 3155.
of the new company will be utilized in settlement of the claims of the 7%
income bonds of American Railways Co. deposited with this committee,
represented by certificates of deposit Issued under the deposit agreement
dated Jan. 9 1933, or under this plan of reorganization, by Girard Trust
Co., depositary, as follows:
output ' Each holders of a certificate of deposit for 7% income bonds of American
Matters Covered in the "Chronicle" of Aug. 26.—Weekly electric
Railways Co. will receive therefor collateral trust bonds and debentures
shows improvement-15.2% higher than in same period last year, p. 1480.
of the new company on the following basis:
$400 in collateral trust bonds and $600 in debentures for each $1,000 of
Alabama Water Service Co.—Earnings.—
7% income bonds,
For Income statement for 12 months ended July 31 see "Ear
he collateral trust bonds and debentures will be issued in denominations
Department" on a preceding page.—V. 137. p. 1048.
/
4 1\.• of $100 and multiples thereof. Scrip certificates will be issued for all
Altoona & Logan Valley Electric Ry.—Reorganizat.on. amounts thereof less than $100 required to be delivered on the above
The bondholders' protective committee (J. 0. Neff. Chairman), actiniel basis under the plan.
This plan and agreement has been developed after extensive negotiations
under a bondholders protective agreement dated as of Aug. 15 1932, and
in co-operation with committees representing the various issues of bonds
the bondholders' protective committee (E. Clarence Miller. Chairman),
having claims against American Railways Co. aggregating over $9.000.000.
acting under a deposit agreement dated Aug. 1 1932. have combined and
and the committee recommends it to all present depositors, and urges holders
as a joint committee have prepared and adopted a plan of reorganization.
of 7% Income bonds of American Railways Co. who have not yet deposited
The pertinent provisions of the plan may be briefly summarized as follows:
their bonds with the committee, likewise to become parties hereto.
(1) The street railway properties operating in and about Altoona, Pa.,
will be conveyed, upon completion of foreclosure proceedings, to a subDigest of Settlement Agreement.
sidiary corporation to be organized for the purpose, all of the capital stock
The settlement agreement dated June 27 1933 between American Railways
and mortgage Indebtedness of which will be transferred to the reorganized
Corp. (new company) and the committee representing 1st and ref. mtge.
in a
company, to the end that the street railway properties will be held
5% gold bonds of Scranton Ry. and the committee representing 7% Income
separate subsidiary of the reorganized company.
bonds. of American Railways Co. provides in substance:
(2) A new corporation will be organized as a vehicle of reorganization
American Railways Corp. (Del.) with an authorized capital stock of
and will acquire the capital stock and lease upon the properties of Home
36,000 shares (no par) offers to purchase all the right, title and interest
Electric Light & Steam Heating Co. presently securing the bonds and the
that the respective committees and the depositors of Scranton 1st & ref.
of the subsidiary owning the
capital stock and mortgage indebtedness
mtge. 5% gold bonds and (or) of 7% income bonds therewith may have
street railway properties.
in and to any and all claims against the American Railways Co. and the
(3) $800,000 of bonds out of a total of $4,000.000 principal amount
receivership estate thereof, upon the following terms and conditions:
outstanding (I. e., 20% of the issue), are to be canceled and $160.000
(1) The corporation will create an authorized issue of $2,039,900 of
cash paid to the committee for the purposes of reorganization in full settle-year 4%% debentures.
-year 4 yi% collateral trust bonds and $565,700 30
20
bonds by the American Railways Co.
ment of the guaranty of the
(2) The Scranton committee will assign to the corporation any and all
(4) Holders of certificates of deposit representing the consol. mtge. 43i%
claims of said committee and of the depositors who are now or who may
gold bonds, due Aug. 15 1933. deposited under the plan will receive in
hereafter become depositors under the deposit agreement constituting said
reorganization, the following securities of the new company for each $1,000
committee, against the receivership estate of the American Railways Co.
principal amount of bonds represented by certificates of deposit:
and(or) against the American Railways Co. (whether filed and allowed in
collateral trust 4% bonds; and
$600 of 1st lien &
receivership proceedings or not), based upon the guaranty by the American
4 shares of common stock represented by voting trust certificates.
Railways Co. of principal and interest, both accrued and accruing, of the
(5) The 1st lien & collateral trust 4% bonds will be secured by a first
1st and ref. mtge.5% gold bonds of Scranton Railway, and the corporation
Home Electric Light & Steam
Hen upon (a) the lease of the properties of
in consideration of such assignment, will issue to the Scranton committee
Heating Co, and the capital stock thereof presently securing the bonds and
$400 collateral trust bonds for each $1,000 Scranton bonds upon which the
(b) the capital stock and mortgage indebtedness of the subsidiary corporaclaims so assigned are based. Together with such assignment there shall
tion acquiring the street railway properties.
be delivered to the corporation a release or releases by the Scranton com(6) Bondholders desiring to participate In the plan who have not heretomittee of any and all claims of every kind and description, whether now
must deposit their bonds
fore deposited their bonds with the committee
known or unknown, which the Scranton committee and the holders of the
under the plan on or before Sept. 18 1933.
1st and ref. mtge. 5% gold bonds of Scranton Railway deposited under the
The committee believes the plan to be in the best interests of bonddeposit agreement constituting said committee may have against the
holders and points out certain particular benefits thereof:
officers and directors of American Railways Co. and(or) against American
(a) The entire value of the properties of Altoona & Logan Valley Electric
Electric Power Corp. and(or) against American Gas & Electric Co. and(or)
form of securities to bondholders and none
Ry. will be distributed in the
against the officers and directors of said American Electric Power Corp.
of the equities except a portion of the cash in the hands of the receivers
and American Gas St Electric Co.
payable to creditors legally entitled thereto, will be distributed to junior
(3) The 7% income bond committee will assign to the corporation any
creditors or to stockholders.
and all claims of said committee and of the depositors who are now or who
(b) Recovery upon the guaranty of the American Railways Co. Is being
may hereafter become depositors under the deposit agreement constituting
of the cancellation of 20% of the principal amount
obtained to the extent
said committee, against the receivership estate of American Railways Co.
of the total issue of bonds and the payment of $160,000 in cash for reand(or) against the American Railways Co. (whether filed or allowed in
organization purposes.
American
of reorganization will be
receivership proceedings or not), based upon the obligation of accruing,
(e) The new money necessary for the purposes
Railways Co. to pay the principal and interest, both accrued and
available so that it is unnecessary to sell new securities and to pay underofthe 7% Income bonds,and the corporation in consideration ofsuch assignin connection therewith.
writers' compensation
subsidiary
ment, will issue to the 7% income bond committee $400 collateral trust
(d) The street railway properties will be held in a separate
bonds and $600 of new debentures for each $1.000 of 7% Income bonds
so that changing conditions in this Industry may be met without Involving
Upon which the claims so assigned are based. Together with such assignthe entire situation.
ment there shall be delivered to the corporation a release or releases by the
(e) The securities of the reorganized company are being issued on a
1)
7% income bond committee of any and all claims of every kind an
conservative basis based upon the earnings a the properties as reported
bond corntion, whether now known or unknown, which the 7% income the deposit
by the receivers.
will be held in a
mittee and the holders of the 7% income bonds deposited under
(f) The common stock of the reorganized company by the committee,
agreement constituting said committee may have against the officers and
voting trust to be administered by voting trustees selected
American
capital,
directors of American Railways Co. and(or) againstCo. and(or)Electric
(0) The reorganized company will have adequate working
against
Power Corp. and(or) against American Gas & ElectricCorp. and American
Securities to Be Issued in Reorganization.
American Electric Power
the officers and directors of
$1,920,000
Gas & Electric Co.
1st lien & collateral trust 4% bonds
for at least
12,800 MU.
(4) The corporation will sell $666,700 collateral trust bonds
Common stock (no par)
$600,000 in cash.
The $43,000 1st mtge. 5% gold bonds, due Oct. 1 1937, of Logan Light
(5) The corporation will acquire an aggregate of $800,000 consolidated
1578.
Electric Ity, at a
& Power Co. will remain undisturbed.—V. 137. p.
mortgage 434% gold bonds of Altoona & Logan Valley
Price not exceeding $300 in cash per $1,000. bond, and will deliver the same
American Rys. Co.—Reorganization Plan.—
Nov. 1
the guaranty of American Railways Co. thereon duly canceled towith
Close to 85% of the 7% income bonds of the company dated
committees of which
gether with the sum of $160,000 in cash to the jointmortgage 4 Ji% gold
1920 has been deposited under a reorganization plan, dated July 12 1933,
J. C. Neff is Chairman, representing consolidated
which requires deposits of at least 85% of these securities and of equal
bonds of Altoona & Logan Valley Electric Ry. deposited under the deposit
amounts of 1st & refunding mtge. 5% bonds of the Scranton Ry. Co.
PUBLIC UTILITIES.
Volume 137
New Debentures of the Corporation.
Closed Issue 'hutted to $565,700 un'ess the issue of addition7 debentures
Is authorized by the unanimous vote of the directors; dated as of first of
calendar month preceding consummation of the proposa ; sha mature
% per annum. payab'e
(30) years tnereafter and shall bear int, at rate of
semi-annually. Bankers Trust Co. as trustee. Indenture sha con'
tain a covenant to the effect that after a reserve of two year,' interestSon
all outstanding collatera trust bonds and new debentures has been accumulated,$10.000 per annum snaii be used to retire new debentures. Securities
pledged under the trust indenture securing the co 'atera trust bonds shall
be pledged under the trust mdenture under which the new debentures are
issued when all collateral trust bonds outstanding have been paid. Indenture shall provide that if all or substantially all the assets of the corporation
are sold in their entirety, new debentures outstanding must be assumed
by the urchaser.-V. 136. p. 1882.
-Organized to Acquire Assets
American Rys. Corp.(Del.).
-See latter company.
of American Rya. Co.
-Output.
American Water Works & Electric Co., Inc.
Output of electric energy of the company's electric properties for the week
ended Aug. 26 1933. totaled 36,288.700 kwh., an increase of 51% over the
output of 24,085.000 kwh. for the corresponding period of 1932.
Comparative table of weekly output of electric energy for the last five
years follows:
1931.
1930.
1929.
1933.
Week Ended:
1932.
Aug. 5
34,675.000 24,466,000 31,647,000 33,563,000 36,200,000
35,394.000 23,958,000 31,104,000 33,514,000 35,805,000
. 12
36.370.000 24,000.000 30,581,000 33.757,000 36,175,000
lg. 19
Age% 26
36,288,000 24,085,000 29,734,000 34,399.000 36,442,000
-V. 137, p. 1578, 1411.
1763
Financial Chronicle
agreement dated Aug. 11 1932, and under the bondholders' protective
agreement dated AP. 15 1932 (said Joint committees being herein referred
to as the Altoona bommittees), in consideration of an assignment of any
and all claims of said Altoona committees and of the depositors under the
deposit agreements of Aug. 11 1932, and Aug. 15 1932 against the receivership estate of American Railways Co. based upon the guaranty by American
Railways Co. of the principal and interest of the consol. mtge. 4 %
gold bonds of Altoona & Logan Valley Electric Ry., which assigned claims,
together with the Altoona consol. mtge.4% gold bonds delivered by the
corporation to the Altoona committees as aforesaid, shall in no event cover
less than 85% of the outstanding consol. mtge.4%% gold bonds of Altoona
& Logan Valley Electric Ry. so guaranteed. Together with such assignment, there shall be delivered to the corporation a release or releases by
said Altoona committees of any and all claims of any kind or description,
whether now known or unknown, which the Altoona committees and the
holders of the consol. mtge. 4;6% gold bonds of Altoona & Logan Valley
Electric Ry. deposited under the deposit agreements of Aug. 11 1932. and
Aug. 15 1932, may have against the officers and directors of American
Railways Co. and(or) against American Electric Power Corp.(and or)
against American Gas & Electric Co. and(or) against the offl.:era and directors of the American Electric Power Corp. and American Gas & Electric Co.
(6) The corporation will enter into an agreement with the receivers of
the American -Railways Co. to purchase all the assets of the receivership
estate of the American Railways Co. for a purchase price in a sum to be
agreed upon w:th the receivers,said sum to be paid either in cash or by tee
assignment or cancellation of the claims against the receivership estate
acquired by the corporation or canceled. In addition thereto the corporation will pay all unpaid liabilities and obligations of the receivers and the
fees of the receivers and the fees and disbursements of their attorneys.
Upon the transfer of the above mentioned assets by the receivers, there
shall also be delivered to the corporation a release or releases by the receivers of any and all claims of any kind or description, whether now known
or unknown, which the receivers and the creditors of the American Railways Co. may have against the officers and directors of American Railways
Co. and(or) against American Electric Power Corp. and(or) against American Gas & Electric Co. and(or) against the officers and directors of said
American Electric Power Corp. and American Gas & Electric Co. and(or)
against Appalachian Electric Power Co.
(7) The corporation will pay the costs and expenses, including counsel
fees of the 7% income bond committee as agreed upon.
(8) The corporation will acquire all 2d debentures of American Electric
Power Corp. outstanding, exclusive of the $872.100 of 2d debentures to
be acquired by It from the receivers of the American Railways Co. pursuant to paragraph 6 above, and will deliver in exchange therefor the investment in Atlantic Ice & Coal Co. and Northeastern Utility Associates to
be acquired from the receivers of the American Railways Co. pursuant to
paragraph 6.
(9) The corporation will purchase from American Electric Power Corp.
2,224 shares of 87 1st pref. stock. 12,478 shares of $7 2d pref. stock of
Iowa Public Service Co. and 56,760 shares of common stock of the American Railways Co. in consideration of the delivery to American Electric
Power Corp. for cancellation of all the 2d debentures of American Electric
Power Corp. outstanding, and of the issuance to American Electric Power
Corp. of all shares of the capital stock of the corporation presently to be
outstanding. One nominee of the Scranton committee and one nominee
of the 7% income bond committee shall be elected to the board of directors
of the corporation and to the board of directors of Iowa Public Service
Co., such representation on the boards of directors of said companies to
continue so long as any collateral trust bonds or new debentures are outstanding.
[The agreement is subject to certain conditions outlined in the settlement
agreement.]
The agreement is signed by C. R. Beddows, President or the American
Railways Corp and accepted by (a) E. Clarence Mt ler (Chairman), Joseph
R. Grundy, John J. Henderson, Clarence L. Harper. and Louis J. Kolb,
the committee for 1st and ref. mtge. 5% gold bonds of Scranton Railway
and (b) Samuel K. Phillips (Chairman), David S. Mathers and Jonathan
M. Steere, the committee for 7% income bonds of the American Railways
Co.
Twenty-Year 4;1% Collateral Trust Bonds of the Corporation.
Closed issue limited to $2,039,000 dated as of first of calendar montn
preceding consummation of proposal; shall mature 20 years thereafter and
shall bear interest at rate of 434% per annum, payable semi-annually;
secured by an indenture to Commercial National Bank & Trust Co. as
trustee by the following collateral: 2,224 shares of $7 1st pref. stock of
Iowa Public Service Co.; 12,478 shares of $7 2d pref. stock of Iowa Public
Service Co.;entire common stock of Peoples Railway Co.;$605,000 Scranton
Railways 1st and ref. mtge. 5% gold bonds (if any of bonds are guaranteed
by American Railways Co., guaranty shall be duly canceled); $100.000
cash; certain other miscellaneous assets purchased from American Railways Co.
Indenture shall contain covenant to the effect that after a reserve Of
two years' interest on all outstanding collateral trust Lords and row detentures has been accumulated, a earnings of the corporation, except 810,000
per annum, are to be used to purchase and retire co eters trust bonds at
not exceeding par and int. un ess directors of the corporation unanimously
decides to apply such monies to the purchase of bonds of a subsidiary corporation, at not exceeding par and int., to be pledegd under the indenture or
to other proper corporate purposes. Indenture shal contain provisions
permitting the $100.000 in cash pledged thereunder to be used to purchase
1st and ref. mtge. 5% god bonds of Scranton Rai way (tearing guaranty
of American Rai ways Co. which sha I be du y cance'ed) to be p edged
thereunder at not exceeding par and int., and permitting the 8605,000
and any additiona 1st and ref. bonds of Scranton Rai way so purchased
to be used in the reorganization of Scranton Railway as directed by the
Scranton Committee, provided that other securities of the reorsanized or
any successor Scranton Ry. are received in excnange therefor of the same
kind and in the same proportion as are issued on Scranton reorganization
to other ho ders of 1st and ref. mtge. 5% gold bonds of Scranton Ry.
Indenture sha provide that $605,000 of Scranton 1st and ref. bonds and
the $100,000 In cash (or any Scranton 1st and ref. bonds purchased therewith) sha not be used for any other purpose except with the written consent or approve of E. Clarence Mil:er and S. K. Phi ips, and in the event
that they may not he able to agree, a third person designated by them In
writing shal be Re ected and the 1st and ref. bonds and cash may be released from p edge thereunder or used for any other purpose indicated in a
written consent or approve signed by any two of them.
Indenture wl. not provide that a default under the trust indenture
securing the new debentures or a receivership of the corporation resu ting
from such default, constitutes a default under the trust indenture securing
the codaterai trust bonds.
Associated Gas & Electric Coe-Electric Output Up.
Net output of 211.201.880 unite (kwh.)for the four weeks ended Aug. 19
was reported on Aug. 26 by the Associated System. This was an increase
of 27,231.186 units or 14.8% over the corresponding period of last year,
and compared with again of 15.1% reported for the four weeks to Aug. 12.
During the week of Aug. 19 electric production amounted to 53,056,183
units, an increase of 14.1%.
Detailed reports from the various operating properties in the System
indicated that several units again were falling behind last year in electric
output, whereas a few weeks back every property in Associated territory
had reported improvement over last year.
Sendout of gas for the week to Aug. 19 aggregated 276.964,400 cubic feet,
a drop of 1.5 7 from the volume sent out during the same week of 1932.
-V. 137, P. 1578, Hii.a
-W. C. Pitfield
-Bonds Offered.
Atlantic Utilities, Ltd.
& Co., Ltd., Montreal, are offering at 9434, to yield about
5.35%,3500,0005% 1st mtge.& coll. trust bonds. series A.
Dated Sept. 1 1933; maturing Sept. 1 1963. Principal and int.(M.ez S.)
payable in lawful money of the Dominion of Canada at the principal office
of the Bank of Nova Scotia in Montreal, Toronto, Halifax, Saint John, or
.
Charlottetown. Denom. $500 and $1,000,c5 Red. all, or part, on any
int, date on 30 days' notice at 105 up to and incl. Sept. 1 1938; 104 up to
and incl. Sept. 1 1943; 103 up to and incl. Sept. 1 1948; 102 up to and incl.
Sept. 1 1953; 101 up to and incl. Sept,1, 1958;thereafter at 100 to maturity;
in each case with accrued interest to apq 9f redemption. Trustee, Eastern
Trust Co., Halifax, N. S.
f(Issued.
,kigethorized.
.
Capitalization- 1 I
5% 1st mtge. & coll, trust bonds (thla
$500,000
4600.000
Issue)
6% 1st (closed) mtge. bonds, due 1943,
100.000
Closed.
of Island Telephone Co.. Ltd.(sub.)_ _
Common stock (no par, paying 15 cents
270.000 she.
300,000 shs.
per share annual dividend)
$100.000 in escrow to refund bonds of subsidiary. Bonds in addition
to $600,000 to be issuable only subject to restrictions to be contained in
trust deed.
Data from Letter of 0. E. Smith, President of the Company.
" Company.-A wholly owned subsidiary of Maritime Telegraph &'1'ephone Co., Ltd., was incorp. under the laws of Nova Scotia in 1929 primarily
to hold assets of Maritime Telegraph az Telephone Co., Ltd. not required
for the purpose of providing telephone services in the Province of Nova
Scotia.
Its assets include all of the issued capital stock (except directors' qualifying shares), of Island Telephone Co., Ltd., which owns and operates the
principal telephone system in the Province of Prince Edward Island with
4,162 stations, serving a population of about 90,000 and having a value in
excess of $1,000,000; all the shares of Eastern Electric & Supply Co., Ltd.,
having a value of over 838.000, and land, buildings and equipment in the
Province of Nova Scotia, valued at $265,752.
As of June 30 1933. after giving effect to this financing and reserving
approximately $88,000 to provide for the discharge of a mortgage on the
company's Halifax building securing an issue of 1st mtge. bonds made by
one of the company's predecessors in titia and to be called for redemption,
the company will show net current assets in excess of 8375,000, consisting
principally of cash, marketable securities and demand loans to affiliated
companies.
The company's total net assets before deducting funded'debt other than
the $100.000 of 6% 1st mtge. bonds of Island Telephone Co., Ltd., will
have as of June 30 1933. after giving effect to this financing, a value in
excess of $1.500,000, representing over $3,000 per $1,000 of bonds outstanding.
-Proceeds will be used in part to retire on Oct. 1 1933, 880,500
Purpose.
of 6% 1st mtge. bonds due 1947, secured by mortgage on the company's
Halifax building and originally issued by Eastern 'Telephone & Telegraph
Co. and the balance to pay off current indebtedness incurred for capital
expenditures of subsidiaries already made, and for general corporate
purposes.
-Annual net earnings of the company, after deducting- all
Earnings.
operating and maintenance expenses, taxes and prior charges, and after
writing off by subsidiaries depreciation averaging $48,000 per annum, for
the past three years have been as follows:
862.173
877.89311932
$57,11111931
1930
On completion of present financing it is estimated that net earnings on
the above basis, after depreciation and all other charges except bond interest,
will be not less than $85,000 per annum,equal to over three times annual interest of $25,000 on the 8500.000 of bonds of this issue to be outstanding
-Secured by a 1st mtge. on all the company's real property
Security.
which is situated in the Province of Nova Scotia and by collateral deposit
with the trustee of all the company's holdings of shares of Island 3 elephone
Co., Ltd. and Eastern Electric & Supply Co., Ltd., and by a floating
charge on all other assets of the company, both present and future.
Boston Elevated Ry.-Traffic Comparisons.
The "Boston News Bureau" of Aug. 30 stated:
In July the number of revenue passengers carried by the Boston Elevated
Ry., was only 1,260,942 less than in the same month a year ago or 6%.
In the earlier months of the year the road was running 4.000,000 passengers
behind 1932, or 15%. The table below of monthly passengers reveals the
extend to which the gap has naarrowed:
1932.
1933
24,471,594 28,320,145
January
22,469,198 26.702,497
February
24.341.760 28,442.492
March
22.988,773 26,171,729
April
23.336.248 25.325,411
May
21.169.271 23.129.951
June
18,879.514 20.140.456
July
Total for seven months_
-V. 136, p. 3906.
157,656,358 178.222.681
---Earnings.
Buffalo General Electric Co.
For income statement for 3 months erded June 30 1933 see "Earnings
_ ...
-V. 136. p. 4084.
Department" on a preceding page.
.4
-Earnings.
California Water Service Co.
For income statement for 12 months ended July 31 see ,"Earnings-Dcpartment" on a preceding page.
-V. 137, 13• 1049.i
Canada Northern Power Corp., Ltd.-Rzghts.The directors have passed a resolution authorizing the sale of 17,590
shares of no par value common stock to shareholders of the company in the
ratio of one share for each 20 shares held at a price of $12 per share, according to an announcement made on Aug. 30.
Tire corporation has 375.000 shares of no par value common stock outstanding. The 17,590 shares now to be issued form part of a block of
an additional 25.000 shares set aside for purchase by emolovees. The
employees have subscribed for 7,410 leaving a balance of 17,590 shares.
The resolution of the directors provides that shareholders registered on
the books of the company as at Sept. 30 1933, shall have the right to
subscribe for the new stock, the rights to be exercisable up to 12 noon on
Oct. 311933. Fractional warrants will cover holdings of less than 20 shares.
but subscriptions will only be accented for full shares. The company
cannot buy,sell, or adjust fractional rights. but this can be done through the
shareholders' bank or broker. Subscriptions are payable at the Montreal
Trust Co., 511 Place d'Armes, Montreal, Quebec. Canada.
-V. 137.
This company is controlled by Power Corp. of Canada. Ltd.
P. 1578.
Canadian Hydro-Electric Corp., Ltd.-Earninos.For income statement for 3 and 12 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 136, P. 3156.
Central West Public Service Co.
-Utility Plan.
About 80% of the secured funded debt of the company. consisting-of
first lien collateral series A and B 51 % bonds and series C 5% bonds and
6
,
50% of the unsecured funded debt, consisting of 6% debentures and 7%
notes, are reported deposited under the plan of readjustment and refunding.
-V. 136, p. 4265.
Financial Chronicle
1764
Cities Service Co.
-Electric Output Higher.
The electric power output of subsidiaries of this company for the week
ended Aug. 19 showed an increase of 19.5% over the corresponding period
a val- ;.g;.. I'Lligs compares with the reported national gain of 15.2%.
3
Cleveland Electric Illuminating Co.
-Obituary.
-
Robert Lindsay, President and General Manager, died at his home at
University, Va. on Aug. 25. Mr. Lindsay was also a director of the
North American Co. which controls the Cleveland Electric Illuminating
Co.
-V. 137, p. 1240, 1049.
Columbus Ry., Power & Light Co.
-Subsidiary to Be
Dissolved.
-V. 137,
-See United Ohio Utilities Co. below.
p. 1240.
Consolidated Electric & Gas Co.
-Earnings.
Earnings of Parent Company Only for Periods Ended June 30 1933.
6 Mos.
11 Mos.
Gross Income
Interest-Subsidiary companies
$1,223,575 $2.131.433
Other
97,472
180,437
--Subsidiary companies, corn. stocksDividends
877,547
1,740,547
163,273
Affiliated companies, preferred stocks
13
Other
62
96
Sundry income
28,471
11,588
Total gross income
General expenses
Interest and other income charges
$2,210,257 $4,244,257
44.619
88.321
2.209,584 4,204.889
Net loss
Surplus at beginning of period
Discount on bonds purchased for retirement
Inter-company profit on sale ofinvestments in subsidiary companies (representing undistributed
earnings for period owned)
$43,946
49.858
1,309
$48,952
Net credit
Dividend on preferred stock
Loss on sale of investment in subAidiary company_
$7,222
$126,172
118,95n
14,356
150,368
24.755
14,356
Sept. 2 1933
the reorganization plan, claiming that the new company would be greatly
overcapitalized. The city filed objections to the plan with the State Railroad and Warehouse Commission, the attitude of the Court toward the
plan was plainly one of disapproval, and it appeared that to continue with
the plan of reorganization in its first form might lead to an insistence by
the city of Duluth on a revaluation of the street railway property by the
Railroad and Warehouse Commission.
The committee for the 1st mtge. bonds, together with the gen. mtge.
bondholders' committee and the preferred stockholders' committee, ac
cordingly deemed it advisable to amend the plan of reorganization to cut
down the bonded indebtedness under which the new company would commence operations upon reorganization. It is understood tnat the amended
plan has been approved by the Court and that the matter of delivery of
new securities is to be attended to as soon as the corporate organization of
the new company can be completed.
Under the proposed amended plan, the following provision will be made
for the various security holders designated:
(a) Holders of present first mortgage bonds will receive for each bond so
'1) $50 in cash. (2) $500 of first mortgage bonds, bearing interest at
the rate of 5% per annum, maturing in 20 years. (3) 11 3.1 shares of no
par common stock (calculated on a basis of 2 shares for each $100 of the
remaining $500 of each first mortgage bond).
If all holders of present first-mortgage bonds approve the amended plan,
approximately 68% of the new common stock will be held by first mortgage
bondholders after the reorganization is completed.
(b) Holders of present general mortgage bonds will receive for each
bond so held
(1) $50 in cash. (2) 15 shares of no par common stock (calculated on a
basis of 1M shares for each $100 of the principal amount of each general
mortgage bond).
If all holders of present general mortgage bonds approve tne amended
plan, approximately 19% of the new common stock will be held by general
mortgage bondholders after the reorganization is completed.
(c) Holders of present preferred stock will receive for each share so held
One share of no par common stock (calculated on the basis of share per
share).
If all holders of present preferred stock approve the amended plan,
approximately 9% of the new common stock will be held by preferred
stockholders upon the completion of tne reorganization.
(d) The Duluth-Superior Traction Co., holder of all the present common
stock, will receive-1,500 shares of no par common stock (calculated on
the basis of 1-12tn snare per share), constituting approximately 4% of
the new common stock to be issued.
As provided in the original plan of reorganization, failure to pay interest
on the first mortgage bonds for the first five years, except to the extent
earned, shall not constitute a default. The provision for an annual sinking
Payment of $50,000 payable out of earnings in excess of those required for
interest on the first mortgage bonds, Is retained.
$7,134
Deficit June 30 1933
$7,134
Note.
-At June 30 1933 cumulative dividends on preferred capital stock,
accrued but not declared aggregated $887,608.
Balance Sheet June 30 1933 (Parent Company Only).
Liabilities
Assets
Outstanding Securities to be Dealt With Under Plan.
$6 preferred stock
Total Investments In sub8318,301,000
$2,388,000
1st mtge. 59' gold bonds. due May 1 1930
sidiary companies
$134,113,110 Class A non-cumul. partici!).
507,000
Gen. mtge. 20
-year 5% gold bonds, due May 1 1930
7,619,518 stk.(1,480,000 no par shs.) 1)25,900,000
Other Investments
343,700
7% preferred stock (par $100)
Common stock ($1 par)
1,000,000
Sinking funds and special
1.800.000
Common stock (par $100)
161,532 Funded debt
58,013,100
deposits
This amended plan has been approved by the protective committees
291,452 Property purch. obligations 21,244,531
Cash
representing over 90% of the first mortgage bonds, general mortgage bonds
94,217 Notes payable, banks
Accrued interest receivable_
5.819,502
and preferred stork, and has been approved by the city of Duluth. Toe
Other notes and accounts
Due from MM.companies
State Railroad and Warehouse Commission has authorized tne issuance of
72.789
payable
121,302
accounts
the new securities contemplated. It is felt that the amended plan affords
21.116 Accrued Interest payable___
Other receivables
673.154
the new company better opportunity for successful operation of the street
18,902 Due to subsidiary companies
Deferred debit Items
817,661
railway properties.
Due to affiliated companies_
285
Under the amended plan, the first $110.000 of earnings per annum will
Deferred credit
11,804
inure to the benefit of the first mortgage bondholders by way of Interest
Reserve for conting. and
and sinking fund payments. Under present conditions it does not appear
reorganization expenses
1,633,005
requireCapital surplus
8,864,428 ,likely that this amount will be exceeded for some years. If tnese
ments are .xceeded. the present first mortgage bondholders through their
Profit and loss deficit
7,134
common stock interest will benefit to the extent of 68% of such excess.
The committee for the 1st mtge. bonds consists a Henry D. Thrall,
Total
$142,392,636
Total
$142,392,636
Chairman: Lyman E. Wakefield and Valentine Wurtele, with David R.
a 183.012 shares (no par). Is 1,480,000 shares (no par).
West. Secretary. Minneapolis, Minn. The Minnesota Loan & Trust Co.,
Minneapolis, depositary.
Consolidated Balance Sheet June 30 1933.
The committee for the gen. mtge. bonds consists of Robert W. Webb,
Liabilities
Assets
Chairman; C. Palmer Jaffray and L. L. D. Stark. Secretary. 115 South
Plant and franchises
$181,131,837 Preferred stock
$18,301,000
Fifth St., Minneapolis. First Minneapolis Trust Co., depositary.
Invest, at carrying values
7,891,552 Subsidiaries preferred stock
1,797,100
The City National Bank, Duluth. is depositary for the pre. stock.
Class A non-cumul. particip.
Sinking funds and special
-V. 136, p. 3157.
527,279
stock
deposits
25,900,000
3,003,963 Common stock
Cash
1,000,000
-Earnings.
Accounts receiv. consumers_
3,178,919 Funded debt of company
56,634,600
Duquesne Light Co.
Accrued interest receivable_
96,595
Subsidiaries
49,846,142
For income statement for 12 months ended July 31 see "Earnings De93,339 Property purch. obligations 3,185.031
Due from AIM. cos., sects
partment" on a preceding page.
-V. 137, p. 1240
Other receivables
596,829 Notes payable, banks
5,819,500
Merchandise, materials and
Other notes and accts. pay1,061.090
Electric tiond & Share Co.-OUtpUt of Affiliates.
- .
1,750,452 Accrued Interest
supplies
„
Increase.
1933.
1932.
Week Ended Aug. 24Prepayments, insurance preAccrued taxes
834,002
20.7
82,013,000
67,938.000
American Power & Light Co
210.518 Due to affiliated companies_
miums, taxes,.Szc
1.392,054
x0.4
36,904,000 • 37,053,000
Electric Power & Light Co
84,384 Deferred liabilities
Deposits In closed banks
1,365,
3.6
64,976,000 1:, 57,219,000 '
National Power & Light Co
884,327 Deferred credit Items
Deferred debit Items
403,853
t x Decrease.
,..,
-V. 137. p. 1579, 1412.
Reserves
20,793,439
-'
..--a Equity of minority stock"5 all- River Electric Light Co.--Removed-from-U4.
holders
212,828
removed from unlisted trading priviThe New York Curb Exchange
Capital surplus
8,864,428
I es the capital stock (par $25)• V. 129, p. 279.
Earned surplus
475,378
-Earnings.
-Gatineau Power Co.
$199,449,994
Total
Total
$199,449,994
a In common capital stocks and of preferred and minority common
-V 137, P. 1579.
stockholders in undistributed surplus of subsidiaries.
For Income statement for 3 and 12 months ended June 30 see "Earnings
-V. 137. p.
pszartment" on a preceding page.
Consolidated Gas Co. of New York.
-Temporary Order
Against Utility Rate Cuts-Effective Date of Order Postponed.
-
r
Supreme Court Justice Schenck at Albany has granted a temporary
Injunction restraining the P. S. Commission from enforcing its rate reduction order against Consolidated Gas Co. and its affiliated companies. The
restraining order is effective until after Supreme Court Justice Loughran
decides a motion by the company to make the restraining order of Judge
Schenck permanent.
A rehearing on the rate reduction order for the electric companies of the
Consolidated Gas System was granted the companies on Aug. 30 by the
P. S. Commission. Rehearings were begun on Sept. 1.
The order, which was to have become effective Sept. 1 and to have
lasted a year from that date, was extended by the Commission to Sept. 22,
When the new rates will become effective.
The rehearing is for the sole purpose of giving the companies an opportunity to show the definite effect of agreements and codes that have been
executed and any other effects of the NRA which have actually become
operative since the close of the hearings on Aug. 9.
While the company's application for a rehearing included 12 points, the
rehearing will be confined solely to the effects of estimated additional
-V. 137, p. 1578, 863.
costs incurred by the NRA code.
'Denver Tramway Corp.-=- gmoved-fro-nrhist.B
The New York Curb Exchange has removed from unlisted trading
p ivileges the common stock (no par) V. 137, p. 1579.
-A
Detroit Edison Co.
cols Time Element.
-
The company has appealed the time element involved In the Mich'gan
P. U. Commission's order of Aug./15, asking that rates to mercantile
customers be reduced within 11 days by approximately $1,500,000 annually.
The rate reduction, which was based on testimony in August 1932 of
Alex Dow, President of the company, that he considered it desirable to
simplify certain rates applicable to mercantile customers as a matter of
business expediency, will, in the opinion of Mr. Dow, require six months.
The company, Mr. Dow said, will proceed with its original intention
of simplifying electric rake schedules to mercantile customers through
successive adjustments. The first change, he said, will immediately apply
to more than 30.000 customers on bills rendered after Oct. 1 for the pre-V. 137, p. 1412, 487.
ceding month's electricity.
Duluth Street Railway.-Reorganization"a "
•-e-1-1 .
On May 31 1932 a plan of reorganization of the company was adopted
by committees representing the 1st mtge. bonds, the gen. mtge. bonds, the
pref. stock and the owners of the common stock.
When the details of the plan of reorganization became public, the city
of Duluth retained special counsel to represent it and strongly attacked
-Earnings.
Illinois Water Service Co.
--
For,ineome statement for 12 months ended July 31 see "Earnings Department; n
. 137
Ingiage -, p. 1050.
Indiana Hydro-Electric Power Co.-Pref. Dividend.
The directors have declared a dividend of 873.4 cents per share on the
7% cum.pref. stock, par $100, payable Sept. 15 to holders of record Aug.31.
A like amount was paid on June 15 last, prior to whch the stock was on a
regular quarterly dividend basis of $1.7.5_per share.
-V. 136, p. 3720.
Iowa Electric Light & Power Co.
-Notes Called._
All of the outstanding 7% serial gold notes, due Feb. 1 1934. (aggregating $375,000, numbered M-65I to M-1025. incl.) have been called for
redemption Oct. 1 next at 10011 and int. at the Harris Trust & Savings
Bank trustee, Chicago, 111.-V. 136, p. 2241.
MIS
Kansas City Power & Light Co.-Earnings.
For income statement for 12 months ended July 31 see "Earnings Department" on a preceding page.
-V. 137, p. 1413.
Electric Light Corp.
move fro
fst.-
he New York Curb Exchar_fAas removed from unlisted trading
vileges the capital stork (par ‘25). V. 137. p. 314.
p
-Preferred Dividends
-Minnesota Power & Light'Co.
The directors have declared a dividend of 8734 cents per share on the
7% cum. pref. stock. par $100. and a dividend of 75 cents per share on the
6% cum. pref. stock, par $100, both payable Oct. 2 to holders of record
Sept. 11. Like amounts were paid on these issues on July 1 1933. Previously, the company made regular quarterly distributions of $1.75 per
share and $1.50 Per share, respectively, on the 7% and 6% pref. stocks.
-V. 136, p. 4266.
-Buses to Replace Trolleys.
New York Rys. Corp.
-See
-V.137,D. 1580
under "Rapid Transit in N Y City" below.
-Earnings.NeN7YO;k & Richmond Gas C7.---For Income statement for six months ended June 30 1933 see "Earnings
Department"on a preceding pFe.-V. 136, P. 3908.
-Earnings.
-1
P Niagara Hudson Power Corp.
For income statement for 3 and 12 months ended June 30 sec "Earnine
./epartment" on a preceding page.
-V. 136, P. 3721.
•Qt
-
- JP-
Niagara Lockport & Ontario Power Co.
-Earning
For income statement for 3 months ended. June 30 1933 see "Earnings
-V. 134. p. 3458.
Department".on a preceding page.
Volume 137
Financial Chronicle
Northern Electric Co.. Ltd.—Bonds Called.—
The company has called for payment as of Dec. 1 next $190,100 of 1st
mtge. 5% sinking fund gold bonds, due June 1 1939. Payment will be
made at 105 and int. at the principal office of the Royal Bank of Canada in
Montreal, Canada, or, at the holder's option, g.old coin of the United States
of America at the agency of the Bank in New 'York City, or, at the holder's
optien, at the office of the Royal Bank of Canada in London, England, at
the fixed rate of exchange of $4.86 2-3 to the pound sterling, on presentation
thereof with coupons due Dec. 1 1933, and all subsequently due attached.
—V.135, p. 1654.
Northern Natural Gas Corp.—$16,750,000 Loans Renewed, with Options for Extensions:—
It is announced that of the $17,000.000 bank loans due Sep. 1,$16,750,000
has been renewed for six months, with options for extensions beyond that
date. The difference represents $250,000 lent by a bank in Detroit, since
closed, which the company arranged to Pay.
The loans are in the form of unsecured notes of the issuing company,
guaranteed by the three controlling companies, United Light & Power Co.,
North American Light & Power Co. and the Lone Star Gas Corp.
The company was organized in 1930, United Light & Power and North
American Light & Power taking shares of 35% each and Lone Star Gas the
remaining 30%.—V. 132. p. 3713.
Ohio Water Service Co.—Earnings.-For income statement for 12 months ended July 31 see "Earnings Department" on a preceding page.—V. 137, p. 1051.
Oregon-Washington Water Service Co.—Defers Div.—
The directors recently decided to defer the quarterly dividend due Sept. 1
on the $6 cum. pref. stock, no par value. The last regular quarterly payment of 1%% Was made on this issue on June 1 1933.
Earnings.—
For income statement for 12 months ended July 31 see "Earnings Department" on a preceding page.—V. 137, p. 1051.
Pennsylvania Water & Power Co.—Obituary.--
President Charles E. F. Clarke,died at his home in Rye,N.Y.on Aug.25.
Be had been President of this company since 1914 and President of the
Safe Harbor Water Power Corp. since it was formed. Be had also been a
director of the Consolidated Gas Electric Light & Power Co. of Baltimore
since 1910 and a Vice-President since 1915.—V. 137. p. 137, 1051.
Philadelphia Co.—Earnings.—
For income statement for 12 months ended July 31 see "Earnings Department" on a preceding page.—V. 137. p. 1242.
ower Corp. of Canada, Ltd.—Reduces Capital, 1441T=
t a special general meeting held on Aug. 25, the stockholders approved
a by-law reducing the capital of the company.
At the same time they also approved the repeal of by-law F, which was
passed at a special general meeting held on June 17 1932, the purport of
which was to create a depreciation reserve of $13.500,000 by reducing the
capital through the medium of a distributable surplus. This method, it
will be recalled, was not acceptable to the Secretary of State.
This will have the effect of reducing the capital by $12,973.375, which
will be used to write down the securities of the company in order that they
may approximate market values.
A recent letter to shareholders concludes as follows: "The annual statement of the company will show that the company has retired its bank loans,
and that it has acquired and canceled $435.000 of its 43. % and 5% debentures during the past year, making a total of $1,219,000 acquired and
canceled to date.
"As explained in our letter to you of May 31 1932, the principal decline
In the value of the holdings of this company has been in the securities of
the following companies: British Columbia Power Corp., Ltd., Brazilian
Traction, Light & Power Co., Foreign Power Securities Corp. Ltd., ItaloArgentine Electric Co. (Buenos Aires), Shawinigan Water 'Sr' Power Co..
Southern Canada Power Co., Ltd., and Winnipeg Electric Co."
The outstanding out of an authorized issue of 1,000,000 shares of common stock of no par value 446,153. These will be represented by a stated
capital of 85.000 000. There are also outstanding 50,000 shares of 1st
cum.6% pref. stock, par $100, and 100,000 shares of non-cum.6% partic.
pref. stock, par 850.—V. 137, p. 1242, 843.
Queensborough Gas 8c Electric Co.
-18% Reduction in
Electric Rases Ordered Effective Sept. 18.
An 18% reduction in the electric rates charged by the company for one
year starting Sept. 18 was ordered Aug. 31 by the P. S. Commission of
New York.
This reduction is expected to save the company's customers about
$435,000 yearly.
The company supplies electricity to the Rockaway section of Queens
and to Cedarhurst, East Rockaway, Hewlett Harbor, Lawrence, Lynbrook,
Malverne, Valley Stream, Woodsburg, Hewlett, Inwood, Oceanside and
Woodmere, in Nassau County, L. I.
Mr. Maltbie declared that the company had not been harmed by the
depression and "that It has not felt the burden which has borne so heavily
upon practically every other corporation." While industry, trade and
commerce have suffered severely, he observed, "this company has gone
right along, doubled its dividends, surplus and reserves."
During the depression, the chairman's statement shows, the average
dividend upon the stated value of the common stock was far in excess of
that in any prior three-year period. In the last five years, he said, total
dividends exceeded the par value of the stock.
"Notwithstandilg these facts," he observed,"the surplus of the company
steadily increased, growing six times its size in less than five years. In
1928, he pointed out, the surplus was less than $500,000, whereas at the
end of 1932 it was nearly $3,150,000. Even during 1932 the surplus was
increased almost $250,000 and reserves nearly $460.000, he showed. During
the five-year period, he added, reserves of the company increased more
than $1,100.000.
"It is clear, therefore," he said, "that up to the end of 1932 the Queens
Borough company had not been disadvantageously affected by the depression unless one were to speculate upon what the company might have earned
during these years if there had been no depression. It is also obvious that
a company which for four years paid annually 22;4% dividends and has
practically doubled its surplus and reserves, has not felt the burden which
has borne so heavily upon practically every other corporation."
The company, Chairman Maltble showed, actually earned on its book
figures more in 1931 and 1932 than it did in 1928 and 1929, and that its
book figures more in 1931 and 1932 than it did in 1928 and 1929, and that
its electric department, in which rate reductions already have been made,
fell short of its 1929 earnings only slightly in later years, the 1932 percentage
being 11.65 against 12 in 1929.
In the last five years, Mr. Maltbie said, the company earned about
twice the stated value of its entire common stock issue, each year showing
substantial earnings in excess of a 6% return. In the last 10 years, he pointed
out, the dividend rate upon the stated value of the common stock had
never been less than 8%. In 1932 the dividend was 27%%, he said, and
in 1931 and 1930 it was 20%. In the last four years, he pointed out, dividends had totaled 90% of the value of the common stock.
"It is quite clearly the purpose of the company to shift all of the additional
burdens undor the NRA and under the Federal tax program for raising
additional revenues to its customers," asserted Mr. Maltbie. "The attempt
to shift all of the burdens in the case of the Queens Borough company is
particularly unjust in view of its financial situation. Whatever may be
said regarding a corp. that is not earning diva, there is certainly no justice
in the contention in the case of the company which in the last five years
had paid back to its stockholders more than they ever contributed to produce the corporation."
Mr. Maitbie asserted that even with a 20% rate cut the reduced income
taxes would provide revenues for the concern sufficient to enable it to pay
all interest charges, preferred dividends and common stock dividends of
16.3% without cutting in at all on its surplus.
Mr. Brewster, in his opinion, holding an 18% cut the maximum that
should be imposed, based his argument on his conviction that such a reduction would be the maximum that the courts would approve.
Table Showing Dividends Paid in Recent Years.
The folk. wing table shows the dividends declared by the company from
1920 on, the surplus at the end of each year and the total reserves at the
end of each year:
1765
Total
Surplus
Reserves
xDividends End of
End of
Declared.
Year.Year.
%
Year.
1920
$148,485 $1,052,145
1921
122,172
961,994
8
174,848
1,049,735
1922
8
269.276
1 ,240,367
1923
1,427.295
1924
8
412,200
8%
584,590
1,110,565
1925
8%
722,434
1,218.612
1926
%
474.480
1,343.323
1927
14%
1,622.455
1,282.965
1928
1,880,934
1,283,697
1929
223%
20%
2,360,760
1,602,434
1930
20%
1931
2,894,641
1,991,861
3.143,021
1932
2,447,740
275%
x On stated value of common stock percentage.
All the common stock (200,000 no par shares) is owned by the Long
Island Lighting Co.—V. 137, p. 1242.
Rapid Transit in New York City.—Buses to Replace
Trolleys on Lines Covering 98 Miles -Cent Fare Is Provided.
-5
The Board of Estimate reached an agreement on Aug. 30 on the substitution of buses on 98 miles of trolley routes in Manhattan, and the
awarding of seven additional crosstown bus routes. These embrace about
30 route miles.
The agreement, reached in open session with representatives of the
New York Railways Co., the Fourth & Madison Avenues Co., and the
Rosoff Bus interests, virtually marked the end of eight years of bicketting,
bargaining, and delays in reaching a satisfactory solution of the problem.
The Board ordered the Bureau of Franchises to prepare the form of
contract and have it ready for approval on Sept. 25.
Under the agreement and the proposed form of franchise the following
trolley routes are to be motorized:
Langitudinal.—Lexington-Lenox Avenues: Fourth and Madison Avenues;
Sixth Avenue; Broadway and Columbus Avenues, and Seventh Avenue.
Crosstown.—Eighth Street; Fourteenth Street; Twenty-third Street;
Thirty-fourth Street; 16th Street.
The other crosstown bus routes are the Madison-Chambers, Spring and
Delancey Streets; Forty-ninth, Fiftieth, Sixty-fifth, Seventy-ninth, Eightysixth and Ninety-sixth. All of these routes, except the Sixty-fifth Street
one, are now in operation, with the Green Bus Line as operators.
Under the agreement just approved, the New York Railways interests
will operate the Spring and Delancey Street route and the Seventy-ninth,
The Rosoff interest, now
Eighty-sixth and Ninety-sixth Street routes.
operating buses in place of the old trolley lines on First and Second Avenues,
will take over the Madison-Chambers and the Forty-ninth-Fiftieth Street
routes and will begin operation on the Sixty-fifth Street route, a new route.
With the First and Second Avenue lines already motorized, the agreement reached Aug. 30, provides for the removal of trolleys from practically
all principal routes except those of the Eighth and Ninth Avenue railway
companies.
The New York Railways application, made in the name of the New
York City Omnibus Corp., provides for a five-cent fare and that the city
shall receive 2% of the gross receipts on the lines where buses are substituted for trolleys and 10% on the other four crosstown routes. The
term of the grant is 25 years.
The Rosoff application was made in the name of the Comprehensive
Omnibus Corp., and contains the same terms as to rate of fare.
The agreement calls for the staying of operation on the cross-town bus
routes until 60% of the trolley lines have been motorized.
The Board also approved the agreement on transfers worked out between the representatives of the New York Railways, the Rosoff interests
and Mr. Levy. The agreement, which will be incorporated in the franchise,
provides for two-cent transfers from crosstown bus routes of the New York
City Omnibus Corp. to the longitudinal routes operated by Rosoff, in both
directions. It provides also for transfers from the New York City Omnibus
Corp.'s longitudinal routes to the Rosoff crosstown routes. Transfers to
the Sixty-fifth Street route are free.
The agreement made no provision for transfers from the motorized
crosstown lines to the Rosoff longitudinal routes.
Before approving the award of the three crosstown routes—MadisonChambers, Forty-ninth-Fiftieth, and Sixty-fifth—to the Comprehensive
Bus Corp. a Rosoff company, the Board, on Mr. Levy's motion, forcei a
number of changes in that contract and the franchise already awarded to
nother Rosoff company.
the East Side Omnibus
that
The changes provide Corp.,In the event that Comprehensive Company
acquires the Eighth and Ninth Avenue Railways, for motorization, it will
accept a five-cent fare: that if the East Side Omnibus Corp. defaults on any
of its contract obligations, that the Board of Estimate shall have the right
to forfeit the contract of the Comprehensive Company; that the East Side
company agree to take the clause out of its franchise calling for an increase
of fare if a higher fare contract is awarded, and providing that operation on
the Sixty-fifth Street line be begun as soon as the franchise is awarded,
and certificates of convenience and necessity granted by the Transit Commission. Operation on the other two crosstowmbus lines shall begin Jan.
12, the amendments read.—V. 137, p. 315.
Rochester Central Power Corp.—Interest Defaulted.—
The corporation defaulted Sept. 1 on interest due on its 5% debentures
series A of 1953. Holders of the debentures had been offered an exchange
for Associated Electric Co. 4;is of 1953.
The company is a subsidiary of the AssociatedIGas & Electric Co.—V.
137, p. 867.
Scranton Ry.—Settlement Agreement.—
The protective committee for the 1st & ref. mtge. 5% gold bonds. due
Feb. 1 1947 (E. Clarence Miller, Chairman) announces that the committee
has approved a proposed settlement on behalf and for the benefit of deposited
guaranteed bonds only, of all claims against the American Railways Co.
and its receivers and others, under its guarantee indorsed upon certain of
the 1st & ref. bonds. Consummation of this settlement is subject to the
approval of the U. S. District Court for the District of New Jersey, wherein
the American Railways Co. receivership proceedings are pending, must be
consummated not later than Oct. 1 1933, and requires participation,
through this committee, by not less than 85% of the Scranton Railway
1st & ref. 5% bonds so guaranteed.
The pertinent terms of the settlement may be briefly summarized as
follows:
(1) The holder of each $1.000 1st & ref. mtge. 5% gold bonds, which
bears endorsement of guaranty by American Railways
is to receive
Co..
$400 of 20
-year 4 % collateral trust bonds of American Railways Corp.
(Del.) in consideration for which all rights and claims under the guaranty
with respect to bonds participating in the settlement are to be surrendered
and releases delivered by the committee.
(2) The collateral trust bonds ar to be a closed issue limited to $2,039.900.
of which $996,000 will be required for settlement with the holders of guaranteed Scranton bonds, if the public holders of all said bonds so guaranteed
shall participate in the settlement. The guaranty with respect to 8605,000
of Scranton bonds not held by the public is to be canceled without delivery
of any collateral trust bonds therefor, thus making possible the distribution
to the remaining holders on the 409 basis as aforesaid. The balance of
the collateral trust issue is to be used in settlement of other claims against
and obligations of American Railways Co. and its receivers, and to provide
working capital for the issuing company.
(3) The settlement agreement calls for performance not later than
Oct. 1 1933. and requires participation, through this committee, by not
less than 85% of the guaranteed Scranton bonds.
(4) The collateral trust bonds are to be dated as of the first of the claendar month preceding consummation of the settlement, are to mature 20
Years thereafter and shall bear interest at the rate of 4 % per annum,
payable semi-annually. They are to be secured by an indenture to the
Commercial National Bank & Trust Co. (N. Y. City) as trustee. • 1
In order to enable holders of guaranteed Scranton Railway bonds to
participate in this settlement under the agreement, they must deposit their
bonds with this committee at once.
1
The settlement as it affects the Scranton Ry. 1st & ref. 5% bonds deals
only with the guaranty by American Railways Co. endorsed thereon. It
way affect the remedies or security of the bonds,for the rights
does not in any
of bondholders or of the committee so far as the Scranton Ry. and its receivers and property are concerned. The committee is now negotiating
with committees representing holders of other Scranton Ry. securities, and
hopes to be able to present, at an early date, a plan of reorganization unde
1766
Financial Chronicle
Which the entire balance of the principal amount of guaranteed Scranton
1st & ref. 5% bonds will be covered by a new security of a reorganized
Scranton By., occupying similar lien position to that occupied by the present
bonds, secured upon not less than the property securing the present bonds,
but part of a readjusted capital structure and fixed charges
the company better calculated to fit its earning capacity. obligations of
See also American Rys. Co. above.
-V. 135. p. 1165, 1493.
Southern Colorado Power Co.
-$1 Pref. Dividend.
-
The directors on Aug. 28 declared a quarterly dividend of $1 per share on
the 7% cumulative preferred stock, par $100. payable Sept. 15 to holders
of record Aug. 31. A similar payment was made on this issue on June 15
last, as compared with $1.25 per share paid on March 15 1933 and with
regular quarterly distributions of $1.75 per share made previously.
Earnings.
-
For income statement for 12 months ended July 31 see "Earnings Depj .tment" on a preceding page.
. ...
1
-V.137, p. 867.
United Gas Improvement Co.
-Electric Output Up.
-
Electric Output of Systim (kich.)Week ended Aug. 26
Week ended Aug. 19
-V. 137, p. 1414, 1242.
1933
1922.
66,400,263 57,950,988
65,571,996 57,006,143
United Light & Power Co. (Md.).-Simplifying Corporate Set Up.
-See United Ohio Utilities Co. below.
V. 137, p. 1414, 489.
United Ohio Utilities Co.
-To Be Dissolved.
As a further step in the simplication of the corporate structure of the
United Light & Power Co. system, the United Ohio Utilities Co. will be
dissolved following the redemption on Sept. 22 of its outstanding $191,300
6% prior preference stock, par $100, at 107 and divs.• The common stock
of the latter company is owned by the Columbus By., Power & Light Co.,
a subsidiary of the Continental Gas & Electric Corp., one of the major
units of the United Light & Power system.
The assets of the United Ohio Utilities Co., consisting of the common
stock of the Southern Ohio Electric Co., an operating company, will be
transferred directly to the Columbus Ry., Power & Light Co.
The United Light & Power Co. proposes to continue eliminating intermediate holding company entities wherever that can be done to advantage
and thereby effect certain operating economies.
-V. 137, p. 1580.
Vamma Water Power Co. (Aktieselskabet Vamma
Fossekompagni).-Bonds Called.
There have been called for redemption as of Oct. 1 next at par $49,000
1st & gen. mtge. 534% gold bonds, due Oct. 1 1957. Payment will be
made at the Guaranty Trust Co.. 140 Broadway, N. Y. City, or at the
the National Shawmut Bank of Boston, Boston, Mass., or at the First
National Bank of Chicago, Chicago, Ill. V. 136, P. 1550.
-
Water Service Co., Inc.
-Earnings.
For income statement for 12 months ended June 30 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
AssetsLiabilitiesJune 30'33. Dec. 31'32.
June 30'33. Dec. 3132.
Inv. In & loans to
Long-term debt_ __ $931,500 $967,500
affiliated cos_ ..$1,457,497 $1,516,830 Due affiliated cos_
98,000
98,000
Cash & work. tds_
7,555
1,734 Payments rec. on
Due tr. aft11 cos_ _ _
20,828
21,862 subscrlp. to cap.
Debt disct. & exp
stk. of and. cos_
50,720
55,567
24,697
40,363
Organlz. expense__
1,230
1,230 Due affiliated cos..
31,151
33,542
Misc.Sr prep.sects
132
125 MIseell. assets._ _ _
1,297
908
Miscellaneous susp.
2,013
Accr. Int., tax., &c. 15,525
16,125
Stock sales expense
1,680
3,439 x Capital stock__ 305,000
305,000
Paid in surplus___
18,680
13,982
Earned surplus_ __ 115,804
125,368
Total
51.541,656 51,600,787
Total
$1,541,656 91,600,787
x_Represented by 5,100 shares no par value.
-V. 136. p. 4268.
West Virginia Water Service Co.
-Earnings.
-
For income statement for 12 months ended July 31 see "Earnings Department" on a preceding page.
-V. 137, p. 1052.
Wisconsin Power 8c Light Co.
-Further Reduction of
Preferred Dividends.
-The directors on Aug. 25 declared a
dividend of 37 cents per share on the 6% cum. pref. stock,
par $100, and a dividend of 43% cents per share on the
7% cum. pref. stock, par $100, both payable Sept. 15 to
holders Of record Aug. 30. This compares with 75 cents per
share and 873' cents per share, respentively, paid on June 15
on the 6% and 7% pref. stocks. Six months ago the quarterly
distribution on the 6% pret. stock was reduced to $1 from
$1.50 per share and the quarterly payment on the 7% pref.
stock to $1.16 2-3 from $1.75.
• It was announced that the reduced dividend rates were
necessitated by declining earnings, by the desirability of
increasing the allowance for depreciation, and by the need
for conserving the cash resources of the company in order
to...meet maturing obligations.
-V. 137, p. 1242.
INDUSTRIAL AND MISCELLANEOUS.
Matters Covered in the "Chronicle" of Aug. 26.
-Filing of copper code
brings out fair buying-Zinc lower-Lead steady, p. 1492; (b) Steel output undergoes a further decline-Operations off three points to 50% of
capacity, p. 1492; (c) President Roosevelt signs code for iron and steel
industry, p. 1505;(d) Thirteen cane sugar refiners file code with Secretary
of Agriculture, p. 1518; (e) Code adopted by Colorado Fuel & Iron Co.'
p. 1518.
Affiliated Products, Inc.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 136, p. 3910.
Aldermac Mines, Ltd.
-Balance Sheet Dec. 31 1932.AssetsCash
Accounts receivable
Deterred charges
Mining properties
Construction and equipment_
Deposit
Organization expenses
Contracts
Loss on sale of investments
Liabilities
$12,459'Accounts payable
$34,650
87 Accrued bond Interest
6,999
825.618 Accrued wages
191
379,243 7% 1st mortgage gold bonds.
403,1671 due 1941
400,000
100 :Capital stock
1,334,178
5.173
125,000
25,172
$1,776,019 1 Total
Total
x Represented by 4,998,695 no par shares.
$1,776,019
-Investment Trust Average Up
Allied-Distributors, Inc.
8.5%.
Investment trust securities resumed their advance during the week
ended Aug. 25. The average for the common stocks of the five leading
management trusts, influenced by the leverage factor, as compiled by this
corporation,stood at 19.02 as of that date, compared with 17.54 on Aug. 18,
an advance of 8.5%. The low for the current year to date was 8.22 on
March 31.
The average of the non-leverage stocks stood at 15.79 as of the close
Aug. 25, compared with 15.19 at the close on Aug. 18. The average of
the mutual funds closed at 11.81, compared with 11.23.-V. 137, P. 1581.
1242.
Sept. 2 1933
American Metal Co., Ltd.
-Plans to Refund Notes.
The preferred stockholders will vote Sept. 20 on approving a proposal
that the company be authorized to borrow, in addition to borrowings In
the regular and current conduct of its business, such sum or sums of money
as the directors may deem advisable for the retirement or refunding of the
four-year
% gold notes issued under and pursuant to an indenture
dated April 1 1930 between this company and the Commercial National
Bank & Trust Co. of New York, as trustee, which notes will mature on
April 1 1934 and of which notes there are now outstanding $15,935,000.
and for its other corporate purposes, and to pledge such part of the personal property of the company as the board, in its discretion, may deem
advisable (except that the company shall not pledge as security for any
obligation incurred by it shares of "subsidiary or affiliated" companies
Which are defined in paragraph (a) of subdi-ision (7) of Section 4 of the
certificate of incorporation, as amended, as being corporations at least
80% of the voting capital stock of which is owned of controlled directly
or indirectly by the company) as collateral security for the repayment of
such loan or loans and to create a lien or encumbrance on such property
for that purpose and to extend or renew said loan or loans at any time
or from time to time and that any subsidiary or affiliated company be
likewise authorized to borrow money for its corporate purposes, with or
without the guaranty or endorsement of this company, and to pledge such
part of its personal property tangible or intangible thereof as its board
of directors may deem advisable and to extend or renew said loan or loans
at any time or from time to time and that this company be authorized to
guarantee or endorse said loan or loans of any subsidiary or affiliated
company and that the directors and officers of this company or of any
subsidiary or affiliated company, as the case may be, be authorized to
take such steps and to execute all such papers and(or) documents as may
be requisite or advisable to obtain, extend or renew said loan or loans,
all in such manner as the directors of this company or of any subsidiary
or affiliated company, as the case may be, may deem advisable; provided,
however, that this company and(or) its subsidiary or affiliated companies
shall not borrow pursuant to said proposal, in addition to borrowings in
the regular and current conduct of its and (or) their business, any sum
or sums exceeding at any one time in the aggregate $16,000,000.
The holders of pref. stock of record at the close of business on Sept. 9
1933 will be entitled to vote. The transfer books of the company will
not be closed.
In a letter to preferred stockholders, Otto Sussman,
President, and Ludwig Vogelstein., Chairman, stated on
Aug. 23:
Ofits issue of $20,000,000 534% notes made on April 1 1930 the company
still has outstanding $15,935,000 maturing on April 1 1934.
The company's earnings have improved materially during recent months.
The company has contemplated refunding the above-mentioned notes
by a new issue of securities but, because of certain difficulties and delays
which at present in general attend public financing of industrial cmpanics and the securing of underwritings therefor regardless of the merits
of an issue, your management deems it prudent to provide alternative
methods of dealing with its maturing note issue.
In anticipation of the present situation, your management has for some
time been directing its efforts towards converting into cash as large a
portion of the company's assets as possible without impairing the company's interests, or jeopardizing its future. In consequence, the company's
liquidity has improved considerably since June 30 1933. For the maintenance and expansion of the company's business, however, it is essential
that the company in the main retain its shareholdings in allied, subsidiary
and affiliated enterprises. Furthermore, the company has certain minimum needs of working capital which increase in proportion to business
activity. It will, therefore, probably not be advisable for the company
to attempt to provide sufficient cash to take up the ertire outstanding
note issue out of its own resources, and the company wishes to have ample
facilities for taking such financial measures as may be necessary to deal
with the note issue.
Therefore the company has called a special meeting of the preferred
shareholders to ask for the granting of these facilities.
There are now outstanding 66,670 shares of pref. stock, on which as
of Sept. 1 1933 there will be $12 in dividends per share in arrears. The
company is confident that the proposed borrowing power will enable it
to deal successfully with the said maturing note issue and that in consequence the position and the dividend prospects of the preferred shareholders
will be definitely improved.
Earnings.
-For income account for 3 and 6 months ended June 30
see "Earnings Department" on a preceding page.
Consolidated Balance Sheet.
[Id. Subsidiary Cos. 80% or More Owned.]
AssetsJune 3033. Dec. 31'32.
1 Plant and equipment
$18,220.690 $18.615.520
3,705,038
Cash
4,228.531
_
3.102,303
A
3,068,400
Inventories:
2,740.026
a4,600,954
Metals sold but undelivered
2.975.866
Metals unsold
b2,746,590
Ores & other raw materials, oper. supplies, &c.._ 1,911,748 2,002,985
433,251
Advances against ores in process and in transit_ _ _
776,735
Deferred expenses applicable to future operations •
289,171
& unsettled accounts & claims
295,001
Current accts. receiv, from subs, not consol.:
c2,667,574 d3,382,562
American Metal Co. of New Mexico
81,957
101.830
Cla. Miners "La Parrena" S. A
e Investments in securities of various mining,
7
22,262,042 2211 122
smelting & refining companies at cost
2,718,811
f 6% debs. of Rhodesian Selection Trust, Ltd__ _ 2,139,438
1,392,000
1,392,000
g
Metal Co. of New Mexico bonds
Investments in cap. stks. of subs. not consol.:
h Rhodesian Selection Trust, Ltd
11.193,125
955.907 ii'cigi:LFS
Minas de Matahambre S. A.
323.Agi
301.732
j Cia. Miners "La Parrena" S. A.
k American Metal Co. of New Mexico
50,000
148,765
89.000
Unamortized discount on gold notes
f,
Total_ _ ______________$77,001,299 $76,668,648
Liabilities
$6.667,000 $6,667,000
Preferred stock
.
m37,506,150 37,506,150
Common stock
447,372
421.840
Accounts payable-Minas de Matahambre, S. A
1,178,740
Other...
1,766.495
847,323
900,294
Deposits, of
anci °MiloYeea
- 315,893
312,664
Accrued liabilities
15,976,000 16,737,000
Gold notes
263,000
263,000
1st mortgage bonds
4,354,334
4,917,922
Contingent reserves
5
.
Minority interest in subsidiary cos
7.466:240
7,395.371
Surplus ________________ _
Total ______________ _ __________ $77,001,299_ $76,668.648
7 ___
'a At sales prices7b At market prices at end of period. c Securedty
metals having a value of $2,901,315 based on market prices June 30 1933.
d Partly secured by metal having a market price of $2,466,749 at Dec.
31 1932. e Excess of costs over market values of such securities as are
listed on New York or London Exchanges at Dec. 31 1932, $10,487,909:
at June 30 1933. $1,585,201; at July 31 1933. $650,653. f 6% cony. gold
dollar debentures of Rhodesian Selection Trust, Ltd., due March 1 1942,
interest payable only out of profits until March 1 1937, and cum. only
after Sept. 1 1934 (face value, $2,197,000). Market value exceeded
cost on June 30 1933 by $936,361; on July 31 1933 by $1,724,278. e 1st
mtge. 8% income bonds of the American Metal Co. of New Mexico, due
Nov. 30 1935. h 4,843,069 shares, representing 62.55% ownership.
1 58.94% owned. j Less amortization (50.5% owned). k 51% owned.
I After deducting $14,538,916 for allowance for depreciation and depletion
at June 30 1933 and $14,282,513 at Dec. 31 1932. m Represented by
1,218,185 1-3 shares of no par value less $459.370(cost of 15,100 1-3 shares
held in the treasury).
Note.
-No dividend has been paid on the pref. stock since Sept. 1 1931,V.137, p. 1053; V. 136, p. 3165.
-California PropAmerican Encaustic Tiling Co., Ltd.
erties Sold.
It is announced that this company has sold all of its California manufacturing and trading assets, except for the so-called "Prouty Patents," cash
Volume 137
1767
Financial Chronicle
In banks, &c., which remains the property of the company unencumbered.
to the Cladding. McBean & Co. The sale was made wholly upon a basis
of cash, and a cash equivalent negotiable Instrument acceptable to the
banks for further reduction of bank loans. The sale also provides sufficient
working capital to reopen the Maurer, N. J., factory and bring into production "Hermosa" tile, which is developed under the "Prouty Patent.
The Pacific Coast properties of the American Encaubtic Tiling Co , Ltd..
involved in the transaction, includes the Hermosa Beach and 'Vernon
factories, clay mines and all current assets, Including inventories and
accounts receivable, and the Pacific Coast rights to all their patents.
Frank A Philo. who has been in charge of the properties for the former
owners for many years, will become a Vice-President of Cladding. McBean
& Co. in charge of its tile department.
The American Encaustic Tiling Co., Ltd., on Aug. 23 notified the New
York Stock Exchange that it has sold to Cladding McBean & Co., San
Francisco, Calif., all of its manufacturing properties, mineral rights, and
other real and personal property interests of whatever nature in the State
of California, including a license under the American Encaustic Tiling
Co.'s patents to Cladding, McBean & Co. for the manufacture of"Hermosa
Talc Wall Tile." The contract for this sale was consummated in accordance with recommendation of the board of directors and authority
granted by the stockholders of the American Encaustic Tiling Co., Ltd.
by resolution passed at a special stockholders' meeting on July 12 1933.
I
-V. 137.p. 1581.
I. 1,0
!I
Ia
-New Plant.
American Potash & Chemical Corp.
The corporation has engaged the United Engineers & Constructiors,
Inc., Philadelphia, to construct a soda products plant at Trona, Calif., to
cost approximately $1.250,000. The plant will have a daily capacity of
-V. 133, p. 2270.
100 tons of soda ash and 125 tons of salt cake.
sometning over one-half the present volume. Controllable 'operating
charges' for the current period were also low, but some charges not subject
to control increased substantially. This is conspicuously true as to taxes
(excluding Federal income taxes) as evidenced by an increase of $405,008
in the direct taxes levied on the conduct of the business for six months of
1933. as compared with the same months of 1932. It may well be anticipated that this drain on revenue will increase for the next several years.
"Company promptly signed the President's Re-employment Agreement.
has reduced working hours and has made large additions both to the number of individuals employed and to its aggregate payroll disbursement."
Comparative Balance Sheet June 30.
1932.
1933.
1932.
1933.
Liabilities
Assets
x Plant account_104,345,715 108,690,888 Common stock_ 66,845,850 67,416,050
Perm. invests__ 8,631,378 11,045,013 Debentures ____ 14,000,000 14,000.000
46,793
648,647
Cash
11,633,446 5,149,774 Purchase Wig.1,037,341 Accept. dr notes
Oth.market secs. 1,935,836
18,121
Accts.receivable 8,342,283 9,641,382
Payable
771,314 Furth.oblig. due
Notes receivable
319,696
24,000
within 1 yr
138,240
Due from empl_
179,085
Inventories
16,020.854 25,097,282 Cap. & surp. of
14,275
13,517
minority int
Prepaid and de1,537.977
880,919 Notes payable_
ferred items
960.719
Accts. payable_ 4,490,559 4,710,265
Other current
367,000
38,000
210,008 Fed. taxes (est.)
assets
224,744
3,253
3,168
Other curr. nab.
386,745
690.979
Accr. liabilities_
886,737
284,200
Deferred items_
Other oper. res. 8.205,702 11,141,240
57,932,108 61,550,730
Surplus
-Deposits.
American Rolling Mill Co.
152,593,756 162,662,162
Total
Total
152,593,756 162,662,162
%
Notes totaling $6,800,000 or 483. % of the outstanding $13,992,000
After deducting 369,057,511 (362,932,268 in 1932) for depreciation and
in favor of the plan to exchange
notes due Nov. 1 next have been deposited
-V. 137.
$44,025,066 ($44,142,819 in 1932) for depletion and amortization.
-V.
the same for new notes to mature Nov. 1 1938. (See V. 137, P. F60.)
13• 1582.
137. p. 1581.
-Status.
Baltimore American Insurance Co.
-Earnings.
American Seal-Kap Corp. of Del.
The company (associated with Home Insurance Co.) as of June 30 1933
For income statement for 3 months ended March 31 1933 see "Earnings
reported assets of 35.721.683. compared with 34.921,290 on Dec. 311932.
Department" on a preceding page.
-V.127, P.3355.
Surplus was reduced to $304,270 froin $494,846 at the end of 1932. Unearned premiums declined to $1.895.758 form $2,091,472 at the end of 1932.
-Retires Bonds.
Amoskeag Manufacturing Co.
Contingency reserves were $1,506,406, compared with $435,000 on Dec. 31
The company has retired and canceled 3116,400 principal amount of its
1932.-V. 136, p. 2427.
-V.
had been held in the treasury
2i.'-year 8% bonds. due 1948. which
136, P. 4271.
Bancshares, Ltd.
-Dividend No. 2.
The directors on Aug. 28 declared a quarterly dividend of five cents per
Anchor Cap Corp.-Business Shows Gains.
share on the 6% cum. and partic. stock, payable Sept. 1 to howlers of record
The corporation's business so far in the current quarter is running ahead
Aug. 29. An initial distribution of like amount was made on this issue on
of the preceding quarter and the corresponding quarter of last year, President
June 1 last.
-V. 136. p. 4463.
I. R. Stewart said:
"A good part of the business is in anticipation of higher prices and does
Bing & Bing, Inc.
-Sept. 1 Interest Paid.
Stewart explained. "We arc not
not represent actual consumption," Mr.
The interest due Sept. 1 1933 on the 25
-year 6}i% sinking fund deaccepting orders at present prices for futures deliveries. Our subsidiary,
benture bonds, due 1950, was paid on that date.
-V. 137. P• 1583.
a good business in beer bottles and making
Capstan Glass Co., is still doing
-V. 137, p. 1243, 1054.
money in this line although demand is slackening."
(T. E.) Bissell Co., Ltd.
-Earnings.
1930.
Years End. May 311931.
1933.
1932.
Anglo-American Corp. of South Africa, Ltd.
Net loss after charges_
$12,480 prof.$30.152
$20,914
$14,613
The directors of the Daggafonteln Mines, Ltd. have decided, on the
15.147
18.405
Preferred dividends_
engineers, to increase the capacity of that
recommendation of the consulting
20.248
Common dividends
company's plant to enable it to crush 80,000 tons per month. The coat of
Loss on inventories
4.500
_he extension is estimated at just under /40,000.-V. 137.P. 1054. 1414.
$5.243
$35,385
Deficit
$20,914
$14.613
-Plan of Reorgani;ation of the Profit and loss surplus__def.20,359
,pvienkrmour & Co. (Ill.).
52,914
16.887
1,738
Capital Structure Withdrawn.Comparative Balance Sheet May 31.
1933.
1932.
‘ At a meeting of th_e directors held )n Aug. gilit-was decided to withdraw
1933.
1932.
Liabilities
Assets
the plan for readjustment and simplifying the capital structure.
Cash
3279
$512 Accounts payable
$67,477
At the adjourned meeting of the stockholders held on Sept. 1 proxies
51,434 & accr. charges. 324,416
Investments
forwarded to the management were accordingly not voted in favor of
Accts.& bills rec._ a36,811
41,688 Cum. cony, red.
proceeding with the plan. President T. G. Lee read a brief statement in
201.800
201,800
111,932
pref. stock
Inventories
104,057
which he assured stockholders that as soon as possible he would make a
82,076
82.076
c Ld., pow, rights,
b Common stock_
full statement to all of them, giving an answer to the criticisms of and
1,738
def20,359
Surplus
bldgs., mach'y &
company. Counsel for the stockinquiries which have been made to the
138,585
138,875
equipment
holders' protective committee (of which Charles F. Tuttle is Chairman)
Good-will, patent
stated that they would like to co-operate with the management in develop1,811
1,731
right & tr. marks
ing full circumstances and facts behind the plan which has been dropped
Deferred charges_
6,388
6,919
and also to work with them toward a permanent plan of reorganization if
advisory committee headed by M. W.
such were needed. The stockholders'
$287,933 $353,091
Total
Total
$287,933 $353,091
Borders was represented at the meeting but made no statement.
a Accounts receivable only. b Represented by 10.165 no par shares.
The reasons given for the decision to withdraw the plan are, first, a subc After depreciation of $27.754 in 1933 and $27,254 in 1932.-V. 135.
stantial number of stockholders have voted in opposition, second, approxiP. 3360.
mately 25% of the stock has not been voted either for or against the proposal,
and third, owners of a substantial number of shares have availed themBoise Chica Oil Corp.
-Earnings.
selves of legal privilege of filing written objections, thereby placing themFor income statement for 6 months ended June 30 see "Earnings Deselves in a position to make a written demand for an appraisal of the value
partment" on a preceding page.
-V. 133, p. 1129.
of their stock, which value, when determined in the manner provided
by law, the company would, if the plan were adopted, bp required to
-Listing, Earnings,
Bristol-Myers Co. (Del.).
pay in cash.
The New York Stock Exchange has authorized the listing of 700,280
New
The company has favorable proxies from 65%, of class A,83% of class B
shares (par $5) capital stock on official notice of issue on and after Aug. 24
and 71% of preferred, whereas it was the hope of the management to obtain
1933, under the plan of reorganization of Drug, Inc. (see details in V.137.
at least 85% and, if possible, 90% of all stocks. Returns indicated that
p. 145).
favorable proxies had been received from 28,560 out of the 45,300 stockCompany was incorp. Aug. 11 1933 in Delaware to acquire, as set forth
in the
holders
in the plan of reorganization of Drug, Inc.. all of the capital stock of
company'
The Committee on Listing of the New York Curb Exchange has suspended
Bristol-Myers Co.(N. J.) consisting of an authorized issue of 10,000 shares
"when issued" dealings in the new capital stock,$10 par,and stock purchase
of no par value.
warrants of Armour & Co. The Committee on Listing has not yet issued
The authorized capital stock consists of 700.280 shares (par $5).
any ruling on contracts in the stock; this is the first case of its kind in
times.
-Mayers Co., N. J.).
Consolidated Income Statements (Bristol
recent
Trading was also suspended on the Chicago Stock Exchange in Armour
Calendar Years
5 Mos.End.
& Co. stock and stock purchase warrants on a when, as and if issued basis.
1930.
1931.
May 31 '33.
1932.
Sales (net)
33,660.701 39,617,830 310,054.256 $8.764.103
Following the announcement that the management would Cost and expense
6,166,977
6,637.379 6,989.869
2,484,006
no longer attempt to effect its proposed reorganization plan,
the stockholders' advisory committee issued a statement
to the effect that the organization already perfected would
continue to function in the interest of Armour stockholders.
The committee's statement, in part, was as follows:
It has just been announced that the board of directors have passed a
resolution to the effect that their proposed plan of merger and reorganization
of the capital structure of Armour & Co. has been abandoned.
This is a signal victory for the stockholders' advisory committee and
the thousands of stockholders who supported it.
The first big mistake that the management made was not to recognize
the very solemn duty that the management owed to the stockholders to
inform them fully and accurately concerning the necessity of this plan
and of its merits and demerits; and particularly in not advising the stockholders that under the law, which became effective the day before they
sent out their notices for the meeting and under which they were acting
in the proposed merger, the stockholders had the right to demand the fair
value of their stock.
Many important stockholders of Armour & Co. have requested that the
stockholders advisory committee be kept alive in order to protect the best
interests of the stockholders and the extremely valuable properties and
business of Armour & Co., which the stockholders, in fact, own. The
committee, therefore, has determined to perfect a permanent organization
which will enable the committee to function solely in the interests of the
Armour stockholders. See also V. 137. p. 1581.
-Earnings.
Atlantic Refining Co.(& Subs.).
For income statement for 6 months ended June 30 see "Earnings Department" on a prec ding page.
J. W. Van Dyke, Chairman of toe board, says in part:
"The loss of 31,001,659, would have been larger by $1,319,573 except for
the sale In June of this company's investment in the stock of Union Atlantic
Co., a'corporation controlling a marketing business in Australia and New
Zealand. The profit on this transaction is included in the item of 'nonolx!p.ting income' in the statement referred to above.
'
The returns from current operations are highly unsatisfactory. The
reasons for this rest largely in the very low level of prices for petroleum
products that prevailed during the ptriod, since the gallonage volume of
the business was a trifle larger than for the corresponding period of the
previous year. It should be noted that 'gross operating income' was only
333,953,325. It is necessary to go back to the year 1916 to find a similar
Period when gross income was as low, at which time the gallonage was
Operating profit
Other income (net)
31,176.694
52,082
32,980.450
Dr22,596
$3,064,387 $2.597,125
14,226
Dr5,818
Total income
31.228.776 $2,957,854 $3,058,569 32,611,351
106.356
Depreciation
49,515
128,101
116.741
Income tax reserve(U.S.
298.280
382,622
352.219
and foreign)
164.397
Net income
31.014.863 32,447.130 32,589.608 $2,206,714
Per share earnings (700,$3.15
$3.69
280 shares)
$1.44
$3.49
Consolidated Balance Sheet as of May 31 1933.
Per Books. yPro Forma
LiabilitiesPer Books. yPro Forma
AssetsCash
$1,424,700 $1,424,700 Accounts pay, and
Marketable scour. 1,978,105 1.978.105
accrued expense $193,652 $193,652
Federal income tax
Accts.& notes,&o ,
269,512
receivable
600,113
600,113 pay. not yet due 269,512
Employees' stock
Reserve for foreign
50,161
50,161 exchange fluctuaaccount
92,230
92,230
Inventories
702,246
702,246 tion
rtes, for inc. taxes,
Fixed assets (at
322,003
1,414,161 1,414,161
cost)
advertising, &e. 322,003
Advances and de3,828,894 x3,501,400
Capital stock
3,446,935
ferred items
223,668
223,668 Surplus
2,014,358
Trademarks, good
Initial surplus.
1
will,&c
1,760,072
Total assets____38,153,229 36.393,158
Total
$8,153,229 $6,393.158
x 700,280 shares at par value of $5 per share. y The pro forma consolidated balance sheet gives effect as of May 31 1933 to: (a) Reduction of
trade marks, good will, &c., to $1; (b) Issue of 700,280 shares of stock of
the par value of $5 per share. (c) Resultant surplus is restated as initial
surplus.
Directors are: William M. Bristol, Chairman, and Lee H. Bristol, of
Westfield, N. J.; Russell G. Rogers, West Englewood, N. J.; Henry P.
Bristol, Charles J. Nourse and Russell G. Rankin of New York and Earl A.
Means, of Brooklyn.
Officers are: William M. Bristol, Chairman; Henry P. Bristol, Pres.:
Lee H. Bristol, Earl A. Means and W. L. Bomer, Vice-Presidents; William
M. Bristol Jr., Sec. & Treas.; Philip C. Sayres, Compt.; B. M. ',osier,
Asst. Sec., and J. L. Warner, Asst. Treas. Transfer agent, Bankers
Trust Co. Registrar. Irving Trust Co.
. . . _,r.Thoston
1768
,
Financial Chronicle
Woven Hose & Rubber Co. Removed from-List.
e IN OW York Curb Exchange as removed from unlisted trading
p vileges the common stock (no par). V. 135, p. 3002.
""--KBright Star Electric Co.
-Removed from List.The INew York Curb Exchange
pr vileg.4 the class A stock (no par).
removed from unlisted trading
V. 133, p. 3096.
(J. G.) Brill Co., Phila.--Receives Order.
The company has received an order from the Columbus Ry. Power &
Light Co. for 20 30
-passenger trackless trolleys, it was announced. The
order, which will amount to approximately $200,000, calls for delivery in
about 60 days. Work on the trolleys will begin at once.
-V. 136, p. 1019.
British Type Investors, Inc.
-Co-transfer Agent.
Effective Aug.30 1933 the 1,198,836 class A shares and the 33,700 class B
shares of this corporation are transferrable in the city of Newark, N. J.,
at the National State Bank, as well as in the city of New York at the
Guaranty Trust Co. of New York.
-V. 136, p. 2979.
Calaveras Cement Co.
as removed from unlisted trading
V. 137, p. 1055.
•
Subs.).
-Earnings.
-
Calendar YearsGross profit from operations
Interest and miscellaneous income
1932.
$186.521
19,365
1931.
$328,632
26.003
Total income
Selling, administrative and general expenses
Provision for depreciation and depletion
Experimental charges
$205,887
148,911
111,524
9.593
$354,634
193,936
109,510
25,402
Net loss
Previous surplus
Total surplus
Preferred dividends
$64,141 prof$25,786
675.032
551.004
$486.862
140,824
-Earnings.
Canadian Wirebound Boxes, Ltd.
Earnings for Year Ended April 30 1933.
Gross earnings for year
Adjustment, bad debts reserve
Royalties adjustment
Previous year's adjustments
$41,028
7.876
2,311
850
Total income
Provision for depredation
Deferred operating expenses written off
Deferred experimenting and testing written off
$52,066
47,054
4,223
1,299
Loss for period
Earned surplus April 30 1932
Dividends on class A shares
Additional Federal income taxes, years ended Apri130 1930 & 31'
Provincial corp. taxes(On trario & Quebec) to April 30 1932
Earned surplus Apri130 1933
Bucyrus-Monighan Co.
-Removed from List.
The New York Curb Exchange
privileges the class A stock (no par).
Sept. 2 1933
$700,818
149,813
3551,004
$346.038
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
Liabilities1932.
Assets
$314,610 $534,091 Preferred stock_ __$2,262,500 $2,262,500
Cash
52,750
52,750
150,000 c Common stock__
Certifs. of deposit.. 125,000
b48,614
36,132
65,000
Accounts payable_
U.S. Treas. certifs
36,498
122,958
84,466 Dividends payable
35,045
Accts. receivable_ _
5,461
32,206 Surplus
346,038
551,004
Notes receivableventories
286,960
322,855
Deposits in sus29,571
pended banks
Investments
122,757
179,168
Balance due on deferred contract_
159,500
159,500
a Land, buildings,
mach'y & equip_ 1,438,892 1,537,577
7,913
5,346
Deterred charges._
Surplus Dec. 31
Total
32,732,466 $2,951,366
$2,732,466 $2,951,366
Total
a After depreciation and depletion reserves of $703.741 in 1932 and
$592.804 in 1931. b Includes provis'on for Federal income tax. c Repre-V. 135. p. 4219.
sented by 125,250 no par shares.
California Consumers Co.
-Not Able to Pay Oct. 1 Int.This company, a subsidiary of the Pacific Public Service Co. has notified
the trustees under the indenture covering its 6% gold bond; that it will
be unable to pay interest due on bonds Oct. 1.
The company reported that owing to the state of its business it cannot
make the interest payment; that a deficit in its operations is so material
that the management has concluded there is no justification for borrowing
further funds for the payment of interest.
Funds to pay the interest on April 1 1933 were borrowed. Approximately $3,500,000 par value of bonds were outstanding on Dec. 31 1932.
-V. 134. p. 4665.
Canada Dry Ginger Ale, Inc.
-Acquires Interest in
Brewery.
-
$511
39,147
35,808
375
552
$1,902
Special Surplus Account Year Ended April 30 1933.
Special surplus April 30 1932
Adjustment repurchase of class A shares
$275.000
30.246
Total
Purchase adjustment account
Transfer to credit of patents,leases. &c
$305.246
8.599
235,589
Special surplus April 30 1933
$61,057
Balance Shed April 30 1933.
Assets
Liabilities
Cash
$25,698 Account payable
Call loan
45,000 Accrued expenses
Mortgage payable
Investments (market value,
$100,430)
100,823 y Capital stock
Accounts receivable
96,539 Earned surplus
Inventory, mdse. & supplies__
100.900 Special surplus
Prepaid expenses & accrd. rev.
8,033
a Land, bides. & equipment._
847,204
Deferred exps., Toronto Corrugated operations
11,045
Patents, leases, &c
783,647
331,307
10,194
40,000
1,874,430
1,902
61,056
Total
Total
32.018.890
$2,018,890
x After depreciation reserves of $179,971. y Represented by 70,555 no
par shares class A stock and 40.000 no par shares class B stock.
Note.
-Arrears of dividends on class A. shares to April 30 1933, amounted
to $1.50 per share.
-V. 135. IL 4563.
-Status.
-CarolinaInsurance Co.
The company (controlled by Home Insurance Co.) as of June 30 1933
reports assets of $2,304,128. compared with $2.318.174 on June 30 1932.
Surplus was increased to $621,278 from $427,379 a year ago. Unearned
premiums on June 30 were $562,358, compared with $641,576 on June 30
1932. Contingency reserves stood at $262,478, compared with $350,000
a year ago.
-V. 136. p. 846.
-Holds a Minority Stock
Central Aguirre Sugar Co.
-See Monsanto Chemical
Interest in New England Alcohol Co.
Co. below.
-V. 127, p. 3700.
Central Airport, Inc.-Earnings.-Years Ended April 30Total Income
Total expenses
Rent for leased airport
land
Depreciation
1933.
$53,908
39.679
1932.
376.621
52,819
45,595
23.378
36,750
32.385
Loss
Profit on sale ofland_
Surplus adjustment_
$54,744
$45,332
31,971
Dr422
1931.
$86,826
66,858
_
_
Dr1,446
1930.
$55,011
53,959
31.728
20,275
$11,759
$19,223
Cr1,072
$19,223
$12,832
Deficit
$13,784
$56.190
The balance sheet as of April 30 1933. after giving effect to changing par
value of stock to $1 per share and the application of the reduction in capital
as a credit to paid-in surplus:ratif ed at annual meeting of the stockholders
July 18 1933, was published in V. 137, p. 871.
This corporation and the J. Chn G. Hupfel Co., Inc. have concluded an
agreement under which a new company known as J. Chr. G. Hupfel Brewing
Corp. will be organized and in which the Canada Dry Ginger Ale, Inc. will
have a substantial financial interest. In addition to its other Interests,
this action will launch the company in the domestic beer field, according
-Retires Bonds.
Chicago Herald and Examiner.
to P. D. Saylor, President of the latter corporation.
It was recently announced that the company would retire on Sept. 1 1933
The initial capacity of the brewery will be 350,000 barrels annually, to
a block of $125,000 63i% gold debentures and at the same time distribute
be increased as conditions warrant. The Canada Dry company will dis$146,250 semi-annual interest on that issue.
bute the beer. The new company will install modern equipment in the
On March I last, the company redeemed $200,000 of its gold debentures
resent brewery site located on 38 and 39th Sts.. between 2d and 3d Ayes.,
and paid $152,750 semi-annual interest. V. 130, p. 2214.
N. Y. City. Distribution will start about April 1934.
No public offering of securities of the new brewing company is con- '"Chicago
Railway Equipment Co.-Remcrved-from-List.-templated.
-V. 137, p. 1056.
(The New York Curb Exchange hp removed from unlisted trading
privileges the common stock (par $25)
)$-V. 136. p. 1205.
-Earnings.
-Canada Packers, Ltd.
Mar, 30'33. Mar. 31'32. Mar. 26'31. Mar. 27'30.
Years EndedChickasha Cotton Oil C .-Earnings.Net profits after prov.
1932.
Years End. June 301930.
1931.
for bond int., deprec.
1933.
Sales and gin earnings-311,550,176 $8,773,080 $12,971,781 $23,743,388
and income taxes
$384,303
$838,112 $1.552,071
$607.672
Cost of sales, operating
Preferred dividends_ __ _
422,254
422,318
435,395
444,738
and admin.expenses__ 10,905,655
8,716,803 13.454,960 23.379,102
Balance,surplus
$402,717 $1.107,333
$185,418 def$38,016
$364,286
Net profit
356,2761°883483,179
Earnings per share on
$644.522
231,208
217,936
Other income
154.461
368.515
200,000 shs. common
Nil
$2.01
stock (no par)
$5.53
$0.93
$287.484 1°883114.664
$582.222
Net income
$798.983
Consolidated Balance Sheet.
21,040
Interest paid
133.088
16,438
34.200
Mar.30'33.Mar.31•32.
262.482
1l1ar.30'33.5far.31 32.
.
387.370
Depreciation
394.553
273,097
Assets
LiabilitiesFederal tax
$
55.000
Cash
16,780 Cumul. pref. shs__ 6,033,500 6,033,500
24,997
$186,652
Call loan
Net Inc. for year
261,000 a Common shares 1,437,668 1,437,668
261,000
$332,992 loss$120,926loss$421,963
Govt. & municipal
573,750
Co's bamkers (sec.) 1,301,597 1,651,558
Dividends paid
127.500
bonds
2,923,465 1,039,678 Accts. payable and
971,221 1,105,046
Accounts recelv'ble
$387,099
accrued charges_
Balance, deficit
$120,926
$421.963
sur$205,492
less res for losses 2.233,048 3,016,143 Accrued bond int._
87,798
95,358
R. K. Wootten, President, states:
105,564
Inventories
4,045,854 5,319,433 Dividends payable
105,564
A statement based on the present market net value of cotton seed,
4,890,900 5,152,900
Investments in reFunded debt
which is about twice the cost, would show a profit about double that shown
lated companies 301,873
315,577 Res, for deprec.
In the statement; approximately $665,984.
110,433
126,947
Prepaid expenses
surplus on appr.11,812.395 11,070,681
969,169
4,259,040 4,073,622
Bonds of sub. cos_
505,247 Surplus
Balance Sheet June 30.
Sundry dep. es bal.
1932.
1933.
1932.
1933.
108,386
receivable
144,794
Liabilities
Assets$
Mtges. and sundry
Cash
660,154 Cap.stk. (par 810) 2,550,000 2,550,000
2,248,364
753,573
837,533
investments
66,971
94,940
Accts. receivable
127.025 Accts. payable_ __
134.409
Life ins. prems. pd. 229,355
189,167
58,332
171,004
Notes receivable _
107,880 Taxes accrued_ _ _
Cash In hands of
Capital surplus_ __ 2,647,289 4,410,591
Notes & accts. rec..
56,729
trustees for bondEarned surplus___ 3,866,632 3,695,354
Cash.sun% value of
67,612
holders
81,790
officers' life ins.
Land, bldgs., leasepolicies
58,514
63,668
hold, plant & e.18.870,909 18,871,801
24,283
Interest accrued_ _
1,889
4
4
Good-will
Inventories
1,130,089 1,827,661
Investrn'ts & loans 2,196,256 2,147,820
Total
30,899.682 30,725,897
Total
30,899,682 30,725,897
xReal estate, mills,
z Represented by 200,000 no par shares.
-V. 137, p. 142.
gins, 5se
3,379,758 5,806,657
9,098
Organization exp_
9,098
-"'"•Canada Wire & Cable Co., Ltd.-Rernarrect-frortrial. - Deterred charges
-12,156
110,506
The New York Curb Exchange has r
oved from unlisted trading privileges the class A common stock (no par). V. 137,-p. 317.
Total
9,330,765 10,781,247
Total
9,330,765 10,781,247
x After depreciation reserves of $3,334,095 in 1933 and ,$2,681,236 in
(Philip) Carey Mfg. Co.1932.-V. 136, p. 4092.
The New York Curb Exchange h
removed from unlisted trading privies the common stock (par $100). V. 136. p. 2249.
71f
Carib Syndicate, Ltd.- ew Directors.
--
John P. Bickell and Carle C. Conway have been elected directors.
Mr. Bickel' is a partner in Thom.son & McKinnon, while Mr. Conway Is
Chairman of the Board of the Continental Can Co., Inc.
-V. 137, 11• 871.
584.
Chrysler Corp.
-Dodge Deliveries Up.
Retail deliveries by Dodge dealers for the week ended Aug. 26 totaled
5,460 units, an increase of 391% over those of the corresponding week of
1932, according to A. Vanderzee, General Sales Manager of the Dodge
Bros. Corp., a division of the Chrysler Corp. Sales last week, however,
Showed a decline from 5,509 in the week ended Aug. 19.
Financial Chronicle
Volume 137
Of the total 2,480 were Dodge passenger cars, 2,184 Plymouth sixes and
796 Dodge trucks.
July registrations of Dodge passenger cars totaled 11.445. Dodge dealers
in July sold 8,847 Plymouths and 3.067 Dodge trucks or 23,359 units for the
month.
1769
paid each quarter from Sept. 15 1931 to and incl. Sept. 15
1932.-V. 137, p. 693.
Continental Baking .Corp.-Comparative Balance Sheet.
De Soto Sales at Retail Increase.
-
July 1'33. June 18'32
Assets$
$
a Land, buildings,
33,816.886 37,883,629
mach. &c
Pats.. good-w. &o 10,346.266 10,316,146
3,884.846 4,983,322
Cash
Govt.securities
744.158
875,890
731,047
Accts receivable
717,657
Inventories
1,748.732 1,740,133
Sundry accts. rec. 120,104
262.821
Sundry investrn'ts 1,650,717 1,841.375
Invest. In cos. stk.
50,000
50,000
Substd. bonds_
226.420
Deferred charges.. 469,218 ,514,155
Cleveland Cliffs Iron Co.
-New President.
Total
Total
53,693,706 59,279,816
53,693,706 59,279,816
a After reserves of $20.713,288 in 1933 and $19.483.354 in 1932.
Note.
-The company has outstanding 291,813 shares of class A common
including 10.000 sa..res in tre..sary, and 2.00,1.000 slieres of WASS B corn.,
including 2,919 shares in treasury, all without par or stated value.
-V.
137. P. 694.
De Soto sales at retail for the week ended Aug. 28 totaled 698 units,
a 6.6% increase over the previous week and a further gain of 68.2% over
the corresponding week of last year, according to L. G. Peed. General Sales
Manager of the De Soto company. De Soto dealers delivered 2.177 Plymouth cars during the week. Combined De Soto-Plymouth sales by dealers
totaled 2,875 units. a 195.5% increase over the like period in 1932.
Shipments of De Soto and Plymouth cars to De Soto dealers also increased
12.4% over the previous week and were five times greater than the similar
week of the previous year, Mr. Peed said.
Unfilled De Soto and Plymouth orders from dealers on hand at the De
Soto factory increased 12% over the previous week. This was four times
greater than orders on hand the like week of 1932. it was stated.
-V. 137.
P. 1417, 1244.
4
Edward B. Greene, Chairman of the Executive Committee of the Cleveland Trust Co. has been elected President of the Cleveland Cliffs Iron
'
Co.. succeeding W. G. Mather, who has been elected Chairman of the
Board of the latter company.
-V. 136. v. 3351.
Cleveland Union Stock Yards Co.-Retnovsfl-from-List.
.1".. ,.
Z
The New York Curb Exchangey removed from unlisted trading
vileges the common stock (no par).
V. 136, p. 2249.
Clorox Chemical Co.-Earnings.
-
Years Ended June 30- 1933.
Gross profit from oper__
$355,886
Depreciation
25,458
1932.
$387.857
34,698
1931.
$381.428
37.163
1930.
$455,744
36.599
Net profit from oper_.
Other income, net
$330.428
3.473
$353.159
17.288
$344,265
$419,145
Income before Federal
Income taxes
Prov. for Fed. Inc. tax
Other expenses (net)
$333.901
45,900
60,817
$370.446
45.300
62.163
$344.265
32.760
53.496
$419,145
33,000
5.789
Net income
Dividends paid
8227.184
220.369
$262.983
227,634
$258.010
236.380
$380.356
229.769
Balance, surplus
Earns. per sh. on cap.stk.
$21,630
835,349
$150.587
$6.815
$2.31
$33.28
$2.00
$2.18
Balance Sheet June 30.
Ltanatties1033.
1933.
1932.
1932.
$95,888 Accounts payable_ $111,405 $116,412
$210,038
8,055
8,673 Dividend payable_ 168.813
55.250
46.000
Fed. Income taxes_
45.000
y Capital stock. _ 1,219.607 1,219,607
Earned surplus_ _ _ 214,019
320.960
18,533
47,718
45,182 Capital surplus...
17,613
3,305
Assets
Cash on hand..
Stocks & bonds_ .._
Stocks
Sub. cos. Invest. In
capital stock of
Clorox Chemical
Co
Accrued Int.rec
Notes & accounts
receivable
:413.935
Inventories
128,929
Plant equipment &
I real estate
336,911
Trade-marks
300,188
Deferred charges_ _
42.788
Adv.& devel.costs 289,812
468,655
133,749
354.095
300,188
45,295
319,812
Total
$1,778,377 $1,774,843
$1,778,377 $1,774,843 Total
x Accounts payable only. y Represented by 113,756 no par shares.
V. 136, P. 4465.
4.1
Club Aluminum Utensil Co.
-To Reduce Stated Value
of Shares.
-
Cockshutt Plow COT Ltd.
-Consolidation,
(Dan) Cohen Co.
-Earnings.
-
Net loss for year
Provision for divs, accrued on sub. cos. preferred stock
$497,366
440.837
100,235
3.429
$47.135
12,736
859.871
1,134.124
37.828
Deficit
Previous surplus
Discount on funded debt, retired, &C
Earned surplus June 30
$1,112.080
Balance Sheet June 30.
1933.
1932.
1933.
1932.
I Liabilities-Assets$
$
Cash & U.S.Govt.
Accounts payable. 312,598
107.916
a312,018
securities
593,676 Payrolls payable__
92.601
35,557
Notes & accts. rec_ 1,072.643
815.336 Accrued Int.. gen.
Ctrs. of deposit... 240.000
100,000
91,165
taxes, dm
112.911
2,323.636 2,044,028 6% ser. bds.(cum)
Inventories
32,500
32,500
Market. securities
1st & gen. mtge.
59,510
Land contr. rec. &
24,000
30,500
bonds (cum.)...
77,169
un.sold land_
1,217,500 1.357,500
76,367 Funded debt
Invest. In bds. &
Operating reserves 255,044
312,749
39,379
stks.of parent co.
19,655 MM. stockholders'
Invest. In outside
190,783
Int. In subs. cos_ 192.047
44,040
companies,&c
66,668 7% cum. pref stk_ 2,862,000 2.862.000
bLand, buildings.
cCommon stock 6,081.838 6,091,838
mach.& equip 8,006,482 8,404,908 Earned surplus_ _ _ 1,112,080 1,134,124
1
1
Patents
131,237
Deferred charges.. 104,995
12.279.874 12,251,878
Total
Total
12,279,874 12,251,878
a Cash only. b After deducting reserve for depreciation of 84,924,862
In 1933 and $4.530,147 in 1932. c Represented by 175,648 shares no par
value.
-V. 137, p. 1584.
Milton H. Morris, Chicago, according to a Detroit press dispatch,
acquired the property of the company. The purchase price has not been
made public.
The plant has been operating under a creditors' committee for several
months and was offered for sale to satisfy a defaulted chattel mortgage
for $460.000. Mr. Morris, who will head the business. represents Chicago
and Philadelphia interests, it is said, experienced in manufacturing and
distribution of electric refrigerators. The business will continue without
interruption at the present plant in Mt. Clemens, Mich.
The plant was sold at a private sale after bids received at the public
-V. 137, p. 694.
offering were rejected.
-Buys Propeller Concern.
Cord Corp.
Maintaining its policy of expansion and further strengthening its position
of leadership in the aviation industry, this corporation has purchased all of
the capital stock of the Smith Engineering Co., Cleveland. which holds
exclusive licenses throughout the world to manufacture, use and sell the
Smith controllable pitch propeller for airplanes.
i Announcement of the purchase was made on Aug. 31 by L. B. Manning,
Vice-President of the Cord Corp. The following new officials of the Smith
Engineering Co. were elected: W. H. Beal. President: P. G. Kemp, VicePresident, and Raymond S. Pruitt, General Counsel and Secretary. The
board of directors is to be reconstructed as follows: E. L. Cord. Chairman;
-V.137.
L. B. Manning, W.H.Beal, Raymond S. Pruitt and R. A. Hock.
p. 1417.
-Earnings.
Crown Williamette Paper Co.
-Readjustment Plttn Operative."- Cuba Co.
-... ,
-Earnings.
Colon Oil Corp.
ompressed Industrial Gases, Inc.
-Removed from-List
--
Earnings for Year Ended June 30 1933.
Profit from operation
Depreciation
Interest & discount on bonded indebtedness
Loss on dismantlement of properties
For income statement for 3 months ended July 31 see "Earnings Department" on a preceding page.
-V. 137. p. 1248.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 135. P. 3696.
Commercial Credit Co., Baltimore.
-Resumes Class A
Dividend.
-The directors on Sept. 1 declared a regular
quarterly dividend of 75 cents per share and a dividend of
75 cents per share on account of accumulations on the 6%
cum. cony. class A stock, par $50, both payable Sept. 30
to holders of record Sept. 9. After payment of the aforementioned dividends accumulations will amount to 75 cents
per share, the last regular quarterly payment of like amount
having been made on Dec.' 31 1932.-V. 137, p. 1417.
-Dividend Rate Increased.
Congoleum-Nairn, Inc.
-The
directors on Aug. 30 declared a quarterly dividend on 25
stock, no par value, payable
cents per share on the common
Sept. 15 to holders of record Sept. 1. In each of the three
preceding quarters a distribution of 15 cents per share was
made on this issue, as compared with 25 cents per share
Continental Steel Corp.(& Subs.).-Barnings.-
Corno Mills Co.-Transfer Agent.
The Boatmen's National Bank of St. Louis, Mo., it is announced, will
be the sole transfer agent and registrar for the transfer of the capital stock
of the above company, effective Sept. 1.-V. 137. P. 1058.
For income statement for 6 months ended July 31 see "Earnings Department" on a preceding page.
-V. 136, p. 2075.
he New York Curb Exchange has removed from unlisted trading
privileges the capital stock (no par)
ContinentalRoll & Steel Foundry Co.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 137. p. 1584.
Copeland Products, Inc.
-Plant Sold.
-
The stockholders at their annual meeting on Sept. 7 will vote on reducing
the stated value of the common stock from $7 a share to $1. The balance
will be transferred to profit and loss and will reduce the deficit to $487,273
from the $2.119.033 recorded on June 30.
President H. J. Taylor said the company now was a patent-holding
concern and no longer operated a merchanditeng business. Its revenues
cons'sted solely of royalties. Reserves of 8171,414 had been set up for bad
debts, which amount was considered more than adequate to pay off expense
and loss on repossessions and indebtedness to discount companies. Mr.
Taylor has been serving without compensation since Jan. 1 and he will
continue so until the company is placed In a more favorable financial
position.
There was a consolidated net loss of 8332,846 in the fiscal year ended
on June 30 after depreciation, liquidation expenses and extraordinary
charges and reserves in connection with change of operations, besides other
charges. This compared with a net loss of $321.941 in the preceding year.
Current assets on June 30 were $178,229. including $1,133 cash, and
current liabilities were 8497,015. Total assets amounted to $820,442.
Patents, trade marks and licenses have been valued at 8400.000.-V. 135,
p.2836.
_
This company, having obtained the controlling interest In the Frost &
Wood Co. will amalgamate these two businesses to form an agricultural
Implement manufacturing concern with total assets of $16.969.793, it was
announced on Aug. 28. Liabilities of the two companies, according to last
published balance sheets, total 62,007,885.
It was announced that the Cockshutt Plow Co. will exchange its stock
with Frost & Wood minority shareholders on the basis of one common share
of Cockshutt Plow for every two shares of Frost & Wood stock.
The combined companies will have no bonds or preference shares outstanding, a total of :100.668 no par value common shares of the Cockshutt
Plow Co. being outstanding on completion of the transaction.
-V. 137.
p.318.
July 1 '33. June 18'32
Liabilities-$
$
8% preferred stock42,901.600 47.461.600
Funded debt
1,720.600 2,086.452
Accts. payable... 401,431
300,056
Accr. Int., tax. &c. 280.195
271.339
Divs. pay.& neer_
717,018
Est. Federal tax- 352.533
506.393
Deposits, dm
316,559
339.948
Reserves
1,509,374 1,606,861
Minimum interest 238,189
254,800
Capital surplus... 2.503.000 2.503.000
Earned surplus
3,470.225 3,226,349
The managers under the readjustment plan (V. 136, p. 163) declared
the plan operative as of Sept. 1 1933.
There remain some debentures which have not yet been subjected to the
plan and the managers announce that they may be sent for stamping to
the stamping agencies at any time until further notice.
The stamping agencies are: Guaranty Trust Co. of New York;The Royal
Trust Co., Montreal, Can.; Robert Fleming & Co., Ltd., London, Eng.;
Boissevain Brothers, Amsterdam, Holland.
-V. 136, p. 4466.
-Earnings.
Curtis Mfg. Co., St. Louis.
June 3 '33. May 31 '32. May 31 31. May 31 30.
Years EndedGross profit on sales_ ___
$769.326 $1,286.595
$322.204
$142,893
284.558
267.180
Selling expenses
234.662
155.660
General & admin. exp..
142.989
167.530
117,529
130.189
Operating profit-- _ _loss$130.295 loss$42.647
28,307
Other income
33,410
$359.156
29.630
8834.508
32,008
loss$96.886 loss$14,340
Total income
Other expense
33,885
12,105
Prov. for Fed. & State
income taxes
$388,786
14,212
8866.516
40,067
45,218
92.933
__
Profit for the year.... loss$108,991 loss848.225
1,141.685
Previous surplus
943.461
$329.357
1,237,329
$724.516
1,012.813
Total,surplus
Disc. on stk. purch. for
tress., &c
Common (new) dim.
$834,470 $1,093,460 $1.566.685
$1.737.329
Surplus
corn. stk. outstand.
(par 85)
Earnings per share
$836.395
1.926
150,000
197,230
Nil
425.000
500.000
8943.460 $1.141,685 81.237.329
200,000
Nil
200.000
$1.64
200,000
$3.62
Financial Chronicle
1770
Balance Sheet.
AssetsJune 3'33. May 31 '32.
June 3'33. May 31 '32.
Liabilities823,723
Cash
$13,676 Accts. payable, &c 825,975
$422,805
U.S. Treas. bd.s.
129,497 Accr. salaries &
7,501
8,184
Fed. intermediate
wages
1,753
credit bank debs. 387,220
Accrued taxes_
986,150 1,000,000
Short-term secur_
713,139 Capital stock
943,460
836,395
Notes & accts.rec.,
Surplus
tr. accepts., &c. 122,603
147.850
Inventories
420,535
412,984
x Land, buildings,
impt. & equip_ _ 486,154
535,260
Deferred charges__
19,141
22,280
$1,858,459 $1,974,685
Total
Total
$1,818,459 $1,974,685
x After reserve for depredation of $826,240 in 1933 and $758,096 in
1932.-V. 135. p. 4221.
-Earnings.
Crown Zellerbach Corp.(& Subs.).
Sept. 2 1933
Consolidated Balance Sheet Dec. 31 1932.
Assets.
Liabilities
Cash
8126,548
867,516 Accounts payable
305.000
Customers' accts. receivable__ 449,468 Notes payable
6,027
Claims due from fire ins. cos__
4,442 Accruals
3,764
Adv.against B-L on mdse. put
64,834 Prey,for Federal Inc. taxes__
130,000
Advance to customers
26,077 Mortgage indebtedness
79,113
Customers' notes receivable__ 134,395 Reserves
400,000
Inventory
406,668 7% preferred stock
125,000
Fixed assets
901,845 6% preferred stock of subsid__
803,208
Other assets
361,845 x Common stock
333,892
Deferred charges
31,067 Capital surplus
79,285
Good-will
1 Sur,from appr. of perm.assets
56,325
Undivided profits
82,448,163
Total
Total
82,448,163
x Represented by 37,042 no par shares.
-V. 135, 13• 1999.
'---.Drug, Inc.
--Secretary
-Plan of Reorganization Effective.
E. I. McClintock Aug. 30, in a letter to the stockholders,
states in part:
For income statement for 3 months ended July 31 see "Earnings Department" on a preceding page.
-V. 137, p. 1058.
Darby Petroleum Corp.
-Changes Par of Stock,,zrec.-
At the special meeting of stockholders held on June 28 1933, the certificate of incorporation was amended and capital was reduced. As a result
the par value of the capital stock has been changed from no par to $5 par,
and the capital has been reduced from $5,055,127 to $2,548,480. The
amount of such reduction, namely $2,506,647, has been transferred to the
capital surplus account.
Following the special meeting ofstockholders, the board of directors voted
to charge against the capital surplus account of the corporation an aggregate amount of $2,412,469. consisting of the following items; Adjustment
of depletion and depreciation reserves of producing properties. $857,456,
amortization of undeveloped oil and gas leases, $692,828; deficit in earned
surplus on June 30 1933, $860,333, miscellaneous other charges, $1,850.
These changes are reflected in the balance sheet as of June 30 1933.
J. F. Darby, President, states in part:
During the six months period covered by this report, the most unsatisfactory conditions in the history of the industry have existed. In the face
of these conditions, it will be noted from the balance sheet that the current
position of the corporation has been well maintained, the ratio of current
assets to current liabilities being in excess of 11 to 1. Net working capital
Of $1,041,178 is equivalent to $2.04 per share on outstanding capital stock.
The corporation produced 773,898 barrels of crude oil during the first
six months of this year, as compared with 679,912 barrels during the corresponding period of the previous year; an increase of 13.8%. The average
price per barrel was 30.4148 as compared to $0.887; a decrease of 53.2%.
The amount realized from the sale of crude was $321,025, as compared to
$603,068, a decrease of 46.4%.
Earnings.
-For income statement for 6 months ended June 30 see
"Earnings Department" on a preceding page.
Analysis of Capital Surplusfor the 6 Months Ended June 30 1933.
$339,517
Balance at beginning of year
Reduction in capital stock from no par to a par value of$5 per sh. 2,506,647
$2,846,165
Gross surplus
857,456
Adjustment of dept. & deprec. reserves of producing properties
692,828
Amortization of undeveloped oil and gas leases
860.333
Profit and loss deficit
1.850
Other charges
$433.695
Capital surplus at end of period
Comparative Balance Sheet.
LiabilitiesJune 30'33. Dec.31 '32.
AssetsJune 30 '33. Dec.31 '32.
$82,690
Cash & liberty bds. $361,855 $572,281 Accounts payable_ 8100,985
59,327
79,102
246,648 Def. credit items__
Marketable secur_ 241,448
269,245 yCapital stock_ _ _ _ 2,548,480 5,055.128
Notes & accts. rec. 299.208
339,517
Invent. of crude oil
9,421
14,807 Capital surplus... 433.695
294,216
230.005 Deficit
Materials & suppL 230.231
12,886
12,886
Other securities_ _ _
:Operated proper_ 1,917,745 3,841,413
69,692
74.936
Def. debit items__
$3,142,487 $5,262,221
Total
83.142,487 85,262.221
Total
x After depletion and depredation of $5,081,335 in June and $4,036,632
In Dec. y Represented by shares of $5 par value in 1933 and 509,696
(no par shares) in 1932.-V. 137. p. 695.
•
DeLong Hook & Eye Co.
-Extra Dividend.
-
An extra dividend of 25 cents per share has been declared on the common
stock. par $100, in addition to the reTular quarterly dividend of 50 cents
per share, both payable Oct. 1 to holders of record Sept. 20. Like amounts
-V. 136. P. 4277.
were paid on April 1 and on July 1 last.
iamos=
-Works, Inc. Rem-seed bu,,,r List.
•on
removed from unlisted
V. 132, P. 858.
-Earnings.
Diamond Match Co.
The New York Curb Exchange
pivlleges the capital stock (no par).
trading
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page -V. 137, p. 1584.
-Increases Dividend Rate.
"""Draper Corp.
A quarterly dividend of 60 cents per share has been declared on the
no par common stock, payable Oct. 2 to holders of record Sept. 2. From
April 1 1932 to and incl. July 1 1933 the company made quarterly payments of 50 cents per share, as against $1 per share in previous quarters.
-V. 137, p. 696.
-Annual Report.
Dwight Manufacturing Co.
During the year ended June 3 1933, company manufactured 66,482.064
yards of cloth, and sold 74,361,683 yards, as against 65.681,214 and
65,629,252 yards respectively fur the year endel May 28 1932.
Summary of Operating Results by Plants.
Alabama1932.
1933.
$362,653
Mfg. profit before depc. & inventory mark-down-- $265,353
95.732
Inventory mark-down
57,338
Depreciation
92.500
75.000
$191,920
Profit for year
$115,516
Somersworth (Five Months' Operations to Oct. 22 1932):
$23,768
Manufacturing profit before depreciation
31,298
Depredation
$7,529
Loss for year
Comparative Balance Sheet.
LiabilitiesJune 3'33. may 2832.
June 3'33.May 28'32.
Assets
876,462
8195,965 8461,808 Accept. payable_
Cash
524,635 Notes payable- _ $200,000
350.000
Accts.receivable_ _ 479.985
739,384 1,364,562 Accts. Day. & acInventories
193,399
crued Items.... 154,383
Mtge.notes & loans
5,011
241,080 Deferred credits_
90,930
receivable
Def.mach.contract
234,200
Dwight Associates 870,981
Capital stock
x3,600.000 6,000,000
Bonds of Ind.BIdg.
780.537
Capital surplus__ 580,222
95,000
Corp
66,900(111,666,230
Earned surplus_ __
3,738
Other assets
Ind. Bldgs. Corp.
250,000
stock
108.450
59,921
Deterred charges
Real estate. mach. 2,065,601 3,022,844
84,601,505 85,973,379
Total
Total
84,601.505 85,973,379
x During 1932 company reduced par of stock from $25 per share to $15
per share. V.136. p. 4277.
-
-Earnings.
Early & Daniel Co.(& Subs.).
Calendar YearsNet income
Earns, per sh. on 37,042 shs. corn. stock (no par)...
1932.
$25,936
Nil
1931.
$126,957
$2.67
The plan of reorganization as set forth in detail in the President's letter
to stockholders, dated June 29 1933 (see V. 137, p. 145), has been approved
by the stockholders and is now effective. In accordance with the plan the
stock of Drug Inc. is now exchangeable pro rata for stock of five new corporations on the following basis.
In exchange for each share of Drug Inc. stock there will be issued:
share of the capital stock of Sterling Products (Inc.); 2-5 share of the capital
stock of United Drug, Inc.; 1-5 share of the capital stock of Vick Chemical,
Inc.; 1-5 share of the capital stock of Bristol-Myers Co., and 1-10 share
of the capital stock of Life Savers Corp. (See also these companies on
other pages of this publication.
-Ed.)
In the event that a stockholder of Drug Inc. is entitled to receive a fractional share of any of the aforesaid stocks non-dividend bearing scrip for
fractions of such shares will be issued.
The exchange of certificates of stock of Drug Inc. is being made on behalf
of this company at the office of Bankers Trust Co., transfer agent, 16 Wall
St., N. Y. City.
-V. 137, p. 1418, 1246.
Eastern'Steamship Lines, Inc.-Pref. Stock Called.
The directors have voted to call for redemption pro rata on Oct. 2, at
105, one-half the outstanding 1st pref. stock, or 11,339 shares.
-V. 136,
p.4095.
-Subsidiary to Enlarge Plant.
Eastman Kodak Co.
Contract for the construction of a large addition to the filtration plant
of the Tennessee Eastman Corp., at Kingsport, Tenn., has just been let
to the Ridge Construction Co. of Rochester, N. Y., it is reported. The
present plant has a capacity of 2,600,000 gallons per day. The addition
will increase the capacity to 5.500.000.
This is the second construction project started by the Tennessee Eastman Corp. since Aug. 1.-V. 136, p. 2785.
-Earnings.
Edison Brothers Stores, Inc.
Years Ended Jan. 31Net profit for year_ __ _ _
Adjust. of reserves for
deprec. to the basis established by the Department of Internal
Revenue
1933.
$77,295
1932.
$ 30,419
1931.
$173,853
1930.
$230,223
Netincome
Previous surplus
Disc, on purch. of pref.
stock held in treasury_
Net reduction of prov.
for loss on sec. sold
during year
$77,295
320.547
$30.419
422,062
$173.853
340,986
$232,149
258,905
11,808
5,696
Total surplus
Reduct.of cost val. ofsec
Adjust, of book val. of
stock held (net)
Reduct. in deprec. cost
value of fixtures &
improvment, &c
Reduct.in carrying value
of com. treasury stock
Organizat'n exp. written
off
Other expenses
Preferred dividends_ _ _
Common dividends
Common stock dividends
$444.883
$514,839
$491,054
51,905
40,753
52,500
40,278
43.059
52.010
55,000
Consol.surplus Jan.31
Ohs. com.stk. outstand.
(no par)
Earnings per share
$116,779
$320.547
$422,062
$340,986
106,635
$0.26
110,000
Nil
110,000
$1.10
110,000
$1.70
1,926
35.233
$458,177
15,022
29,950
176,834
21,873
45,589
34,027
49,783
Consolidated Balance Sheet Jan, 31.
Liabilities1933.
Assets1932.
1933.
Cash
$557,193 $502,687 Accts. pay., accrd.
taxes, &c
8520,887
Market. securities 496,770
423,324
4,933 Notes payable_ _ _ _ 300,000
Vendors' debit bats
3,927
Inventories
325,722 7% pref.stock.. 715,500
487.045
Cash val. of life ins
630 y Common stock__ 101,635
1,118
Sundry note & sects 42,147
17,606 Capital surplus... 240,000
Sundry securities_
19,293 Earned surplus... 116,779
5,710
Real est. not used
In operations_ _ _
1,486
1,486
Cap, stock purch.
for resale to employees & unpaid
subscription_
28,227
Furniture, fixtures
& improvements
to leased prop
391,500 x493,535
Deferred charges
126,988
12,904
1932.
$239,885
300,000
734,000
110,000
240,000
320.547
Total
81,909,801 81,944,432
Total
81,999,801 $1,944,432
x Less allowance for depredation and amortization of S191,048. y Represented by 106,635 shares of no par value in 1933 and 110.000 in 1932.
,•
-V. 135. p. 1661.
-Earnings.
Eilert Brewing Co.
For income statement for period from June 7 1933 to July 15 1933 see
"Earnings Departmeut" on a preceding page.
In its balance sheet company reports total current assets at $80,458.
comprising $31,628 cash and $5,148 accounts receivable. The current
liabilities total $43.666 which includes $24,465 accounts payable and $14,917
deposits on containers.
-V. 136, p. 4467.
-Earnings.
Elizabeth Brewing Corp.
For income statement for period from April 26 1933 to June 30 1933 see
-V. 136, p. 3170.
"Earnings Department" on a preceding page.
Elder Mfg. Co.-Earnings.
Years End. April 30-1933.
Net profit
loss$6,115
Disc, on cap.stk. purch.
25.511
Prey, undivided profits936,461
Total surplus
1st pref. dividend
Class A partic. div
Common dividend
Premium paid on stock
redeemed
Undivided profit as at
April 30
;
1932.
$33,246
40,627
981.552
1931.
$114.948
1930.
$237,459
990,933
881.324
$955.857 $1,055,425 $1,105,881
18,760
17,912
16,858
54.988
51,058
37,250
49.998
49.995
$1,118,782
20,029
55,000
50,000
584
2,820
$981,552
$990,933
$901,749
$936,461
•
Financial Chronicle
Volume 137
Balance Sheet April 30.
Assets
Cash
U.S. Treas. ctfs
d Cust.'s notes &
accounts receiv_
Due by officials &
employees
Inventories
Investments
Invest, to officers
& employees_
a Factory lands &
buildings
b Factory mach.&
equipment
Good-will
Deferred charges_
Totol
1933.
$90,018
100,703
394,782
5,695
895,932
75,561
29,197
222,064
57,626
520,084
16,181
1933.
Liabilities1932.
$149,714 Accounts payable_
$62,406
Due to officials &
1,752
employees
462,860 Wages & taxes aces
8,886
Res. for Federal &
8,248
State taxes
60,000
916,130 Mortgage debt...
82,061 8% 1st pref. stock- 208,900
Class A stock......970,400
193,750
27,467 c Common stock__
901,749
Undivided profits_
231,154
1932.
$32,768
5,477
6,655
4,000
76.000
216.000
1,000,000
193,750
936,461
55,600
520,085
17,191
$2,407,844 $2,471,110 - Total
$2,407,844 $2,471,110
a After reserve for depreciation of $52,185 in 1933 and $43,095 in 1932.
b After reserve for depreciation of $344,473 in 1933 and $339,127 in 1932.
c Represented by 50,000 shares of no par value. d After reserve for doubtful items and discounts of $45,000 in 1933 and $50,000 in 1932.-V. 136,
p. 2076.
Emporium Capwell Corp.-Earnin
For income statement for 12 months ended July 31 see "Earnings Department" on a preceding Page.
The consolidated balance sheet as of July 31 1933 shows total assets
of $21.088.216, comparing with $21,928,278 on July 31 1932 and surplus
of $2,004,531 against $2.048,158. Current assets, including $1,205,004
.cash, amounted to $5,751,261 and current liabilities were $1,278,385.
This compares with cash of $790,291, current assets of $6,060,054 and
current liabilities of $1,440,975 on June 30 1932.-V. 136, p. 4467.
Equitable Office Building Corp.-Earnings:
-
For income statement for 3 months ended July 31 see "Earnings Department" on a preceding page.
-V. 136, p. 3915.
Equity Corp.
-Exchange Offer Expires.
Admitted to List.
The New York Curb Exchange has admitted to list 2.164,092 outstanding shares common stock (par 10 cents) with authority to add to the list
835,908 additional shares common stock issuable in accordance with
exchange offers to stockholders of Interstate Equity Corp., Yosemite
Holding Corp., Allied General Corp. and Chain & General Equities Corp.
Company and Affiliates Offer to Reorganize Missouri State
Life Insurance Co.-See latter company below.-V. 137, p.
875.
Exchange Buffet Corp.
-Earnings.
For income statement for 3 months ended July 31 see "Earnings Department" on a preceding page.
-V. 137, p. 1247.
Products Co., Inc.-Earnings.--
Earningsfor Year Ended April 30 1933.
Net profit for fiscal year ended April 30 1933 after capitalizing
Barnet development costs
Surplus at beginning of last past fiscal year
Total
Balance of all accounts due from Balkeit Radio Co. less unused
portion of reserve for contingencies written off
Surplus, April 30 1933
$335.409
456,870
54.618
Balance Sheet April 30.
Total
$2,895,189 $2,873,006
Represented by 7,630 shares.
V. 135, is. 4039.
Total
1932.
$193,763
4,643
772,590
363,968
250,000
805,435
456,869
$2,895,189 $2,873,006
y Represented by 175,827 shares.
-
$1,516,787 $3,162,616 $1,703,774
Reduction of surplus
301,888 3,464,504
Previous surplus
5.172,929
Addl Fed. Inc. tax for prior year...
Dr4,651
Transfer from capital stock due to re5,400.000
duction in par value
$4,185,101
Surplus balance. May 31
$301.888 $3,464,504
Comparative Balance Sheet May 31.
1933,
1932.
1933.
1932.
Liabilities$
$
$
$
6,596,208 7,002,574 Capital stock
7,000,000 14,000,000
Accts. payable &
4,198,451 4,415,707
accruals
921,971
325,362
1,075,260
178,287
. 1,600,000
1,173,420 2,064,970 Capital surplus_
74,953 Undivided profits_ 4,185,1.01
67,123
301,888
13,110,462 14,480,175
Total
13,110,462 14,480,175
Note.
-At the special meeting held June 8 1933 the stockholders voted
to cancel and retire 4.000 shares of capital stock held in treasury and to
change the par value of the remaining 140,000 shares from $100 to $50
each. Accordingly, the above balance sheet as at May 31 1933 is adjusted
to give effect to this reduction in number of shares outstanding and the
Par value thereof. Of the $7,000,000 reduction in par value of the 140,000
shares, $5,400.000, equal to the stock dividend declared Jan. 4 1921 and
effected by transfer of that amount from undivided profits has now been
restored to undivided profits (which represents accumulated earnings in
excess of dividends) and the balance of the decrease in capital, $1,600,000.
has been set up as capital surplus.
-V. 137, p. 875.
1931$32,143
83,000
315,964
907,618
367,430
56,733
17,936
416,248
2.075
$2,032,186 $1,706,155
Total
$2,032,186 $1,706,155
Total
-V. 136. p. 3170.
Represented by 32,500 shares, no par value.
(John J.) Felin & Co., Inc.-Bal. Sheet Dec. 31 1932.Liabilities
Assets
$822,996 Accounts and Federal taxes
Cash
$86,778
payable
8,000
Notes receivable
598,575
220,581 Preferred stock
Accounts receivable
1,118,175
297,946 Common stock
Inventories
1,301,588
278,699 Earned surplus
Investments
x Land, buildings & equipment 1,394.725
40.470
Deferred charges
1,698
Cash-Franklin Trust Co_ _ _ _
40,000
Good-will (purchased)
$3,105,116
Total
$3,105,116
x After depreciation reserve of $1,107,032.-V. 136. p. 333.
-Earnings.
Ferro Enamel Corp.
For income statement for 4 months ended July 31 see "Earnings De-V. 137, p. 697.
partment" on a preceding page.
-Annuities Show
Fidel Association of New York, Inc.
150% Gain.
The corporation reports new business for the three months ended Aug.31
1933 of $1,588,000, compared with $663,000 for the corresponding three
months of 1932. an increase of $925,000. or more than 150%. August
produced $571,000. compared with $421.000 in August of last year.
Additions to the portfolio since June 30 1933 include New York Central
refunding 43-s 2013, Atlantic Coast Line general unified 434s 1964. New
York New Haven & Hartford debenture 4s 1956, St. Paul Minneapolis &
Manitoba RR. 5s 1943, Rio Grande Western RR. 1st 4s 1939, Pittsburgh
Cincinnati Chicago & St. Louis general 4s 1977, City of Buffalo 4.20s 1938.
and American Rolling Mills 430 1933.-V. 137,1)• 498.
-Earnings.
-(A.) Fink & Sons, Inc.
Earnings
-Year Ended Dec. 31 1932.
Net sales
Gross operating profit
Net operating income
Net income, all sources
Miscellaneous deductions
Bond interest and discount amortized
Reserve for depreciation and doubtful accounts
$2,483,946
243,573
43.017
83.281
6.638
53.443
58,075
$34,875
Loss for year
Balance Sheet Dec. 31 1932.
Liabilities
Assets
$21,683 Accounts payable
Cash
139,920 Notes payable
Accounts receivable
152,604 Accrued charges
Inventory
1,812,439 Reserve for depreciation
Real estate and plant
47,705 Notes payable deferred
Claims, deposits. &c
339,867 1st mtge.6),4% s f.gold bonds
Due from subsidiary
12,175 Propr preference stock
Investments
93,037 Preferred stock
Deferred charges
488,061 Common stock and surplus
Trade-names. processes. &c...._
$3,107,491
Total
$41,788
99,132
20,882
604,514
32,176
850,900
200,000
971,000
287,098
53,107,49
Total
-Status.
Fire Association of Philadelphia.
25,738
1933.
Years Ended Mau 31_
1932.
1931.
Loss from operations and reduction
$528.697 $2,087,857 $1,211,079
In market prices of inventories_
Depreciation
488,090
482.544
477,487
Inventory !ow d schgd. against reserve
Cr827.784 Cr964.792
Balance, loss
$1,016,787 $1,742.616
$723,774
Dividends paid
420.000
980,000
500,000
Reserve for inventory fluctuation._
1,000,000
Total
Liabilities
1931.
1932.
$114,014 Accounts payable. $122,362
Accr. commission
93,000
& tax
715,162
337,004
Reserves
441
Capital stock.... 907.618
572,202
194,950 Profit & loss surp_
188,596
-V. 136, p. 499.
Farr Alpaca Co.
-Earnings.
-
AssetsBeal est. & mach_
Inventory
Cash & debts rec._
Securities
Insurance expired_
1932.
AssetsCash
$261,130
Liberty bonds and
989,833
treasury bonds_
Municipal bonds
24,632
Notes receivable
130,290
Accts. receivable_
145,435
Inventories
Cash sum. value of
39,763
life insurance_
9,679
Other assets
430.041
Permanent assets_
Deferred assets...
1,380
$4492,279
$437,660
Assets
Liabilities1933.
1932.
1933.
Cash
$20,294 Current & accrued
$12,155
Accts.& notes ree _
liabilities
82,896
76,834
$125,859
Advs.to Tantalum
Deposits on foreign
Corp.for ore pursales contract_
5,801
chases
Cony. 7% debs___
30,418
48,930
Inventories
127,588
154,579 1st mtge. & coll.
Prep. Ins., int., asc
3.651
6% sinking fund
2,529
Due from whollygold bonds
277,000
owned subs_ _ _
16,867
206,008 Res. for losses on
Cap.stk in whollyaccts., returnable
owned subs.:
spools, &c
20,923
Ramet Corp. of
Res. for depree. of
America
fixed assets
410,582
1,200,000 1,000,000
Tantalum Corp.
Res. for coming. dc
of America._ _
gen. purposes
120,000
120,000
Investments
35,747 Preferred stock_
38,267
x686,700
Fixed assets
1,263,346 1,257,012 Common stock__ _ y881.735
G'd-will,tr. names.
Surplus
437,660
tr. marks, pat's
& patent rights_
1
Federal Knitting Mills Co.-Earnings.
Calendar Years1931.
1932.
1930.
1929.
Net profit after deprec.&
Federal income tax__
$208,975
$132,703
$173,972
$147,366
Earns, per sh. on 32,500
ails. com. stk.(no par)
$6.43
45.07
$4.08
$1.53
x After allowing for preferred dividends. The pref. stock was retired
early in 1930, before dividends were due.
Balance Sheet Dec. 31.
Total
The invitation to the holders of preferred and common stock of Chain &
General Equities Inc. to tender their holdings in exchange for the stock
of the Equity Corp., expired at the close of business on
28.
For each share of the preferred stock of Chain & General Equities Inc.
Aug'
delivered to it, the Equity Corp. had offered 25 shares of its common stock.
For each share of the common stock of Chain & General Equities Inc.
delivered to it, the Equity Corp. had offered one share of its common
stock.
Fansteel
1771
The company as of June 30 1933 reports assets of $16,904,696. as compared with 1121,119.939 on Dec. 31 1932. By deducting the contingency
reserve of $4,474,887 as of Dec.31 1932 the admitted assets at the year-end
were $16.645.052, slightly under the June 30 figure. Actual market values
were used in the June 30 statement while convention values were used
in the Dec. 31 1932 statement. Surplus increased to $44.538,624 from
$33,621,953 at the end of 1932. Unearned premiums declined moderately
to 17,637,496 from $8,231.927 at the end of 1932.-V. 136. p. 2804.
-Earnings.
Flour Mills of America, Inc.(& Subs.).
Years Ended May 31Earnings from operations
Deprec.& maint.of bldg., mach.& eq
Interest
Provision for Federal tax
1932.
$569,882
153,158
227,500
27.000
1932.
$671,918
154,160
235.583
37.000
1931.
$653,213
236.236
235,784
21.000
Net earnings for year
$245,176
$160.193
$162,224
Surplus Account.
-Balance May 31 1932: Capital surplus. $4.399.349:
earned surplus, $3329,949; total, $4.729.299: net earnings for year ended
May 31 1933. $162,223; total. $4,891.522. Dividends paid. $75,000;
reduction in book value of non-operating property. $200,000; loss on
disposal of fixed assets, $41,897; transferred to capital stock-common.
In respect of change from no par value to $1 par value. $425,940: reduction
in book value of investments, $10,000; balance May 31 1933: $3,134.684.
of which capital surplus. $3.721,511; earned surplus, $417.173.
Balance Sheet May 31.
1933.
1932.
1932.
1933.
Assets$
Liabilities$
$
$
Cash
315,337
133,119
623,642 Accounts payable_
52,904
Drafts on hand &
93,318
Accr. int. & taxes_
91,027
in banks for colRes. for Federal
lection
35,165
51,116
income tax
37,000
27,000
Marketable secure 393,345 1,877,411 Other reserves.... 514,566
434,337
Notes receivable_
17,535
21,030 Bonded debt
3,590,000 3,635,000
Accts. receivable.. 202,574
185,382 y$8 preferred stock 2,500,000 2,500,000
Inventories
3,274,879 1,382,361 :Common stock _ - 500,000
Fixed assets
7,038,536 7,389,491 Capital surplus_ _ _ 3,721,512 4,803,359
Other assets
136,811
105,700 Earned surplus.. _
417,173
Total
11.414,182 11,636333
Total
11,414,182 11,636,133
a Represented by 500.000 shares of $1 par in 1933 and 332,240 shares of
no par value in 1932. y 25,000 shares of no par value.
-V. 136, p. 4468.
Gelsenkirchen Mining Corp. (Gelsenkirchener Bergwerks-Aktien-Gesellschaft), Germany.
-Interest Payment
Restricted.
The corporation on Aug. 31 stated: "As a result of the decree dated
June 9 1933. placing restrictions on the transfer of funds out of Germany
for the purpose of making payments of interest on outstanding foreign
Indebtedness, this corporation has been prohibited by law from transmitting to the fiscal agents for the 6
-year 6% secured notes, due March 1
1934, the funds necessary for the interest payment due thereon on Sept. 1
1933. The decree dated June 9 1930 requires German companies to deposit
with the Conversion Bank for Foreign Debts, for the account of the re-
Financial Chronicle
1772
spective creditors, the Reichsmark equivalent of interest payments becoming due on foreign indebtedness. The corporation has therefore deposited
with such Conversion Bank the Reichsmark equivalent, at rates of exchange
in effect on the date prior to the date of such deposit, of the interest payment due on the notes on Sept. 11933. The decree of June 9 1933 further
provides that such deposit on the part of the corporation discharges it of its
obfigations with respect to the interest payment due on Sept. 1 1933 on the
above-mentioned issue.
"The company deeply regrets any inconvenience caused to noteholders as
a resu.t of this embargo on the transfer of funds out of Germany. It is
expected that the Conversion Bank will presently publish its regulations
concerning the manner in which and extent to which the payments into the
Conversion Bank are to be made available to the holders of tne notes.
"Under date of June 30 1933 the company has made an offer of exchange
to the holders of the notes." (See V. 137, p. 1059.)
Notice having been received by the New York Stock Exchange that the
Interest due Sept. 11933, on the 6
-year 6% secured notes. due 1934, would
not be paid on said date. The Committee on Securities ruled that beginning
Sept. 11933, and until further notice the said notes shall be dealt in flat'
and to be a delivery must carry the Sept. 1 1933, and subsequent coupons.
-V.137, p. 1059.
Factory shipments thus far are 19% greater than August last year,
while unfilled orders now on the books are running more than double the
corresponding period in July and 40% over the like period in August 1932.
-V. 137, p. 1587, 1249,
-Advances Executives.
A_W. T.) Grant Co. (Del.).
-Oil Furnace Sales at New High:
General Electric Co.
The sale of General Electric oil furnaces and air conditioning equipment
in the first seven months of this year has exceeded the total sales of the
previous year, according to J. J. Donovan, Manager of the General Electric
air conditioning department. The record was achieved largely by dealers
who started operations prior to this year, many dealers recently appointed
not having had time to develop their sales organization.
"The accomplishment to date promises that we will have a large 1933
business," said Mr. Donovan, "inasmuch as the peak sales season is just
beginning. Dealer reports earlier in the year indicate that orders would be
heavy, so the manufacture of the oil furnace has been at maximum rate of
production since June."
-V.137. p. 1586, 1419.
-Earnings.
Great Britain & Canada Investment Corp.
G. C. Minter has been elected as Vice-President of Washburn Crosby
Co. of Kansas City, Mo.-V. 137, p. 1586, 1248.
Buick sales for the first 20 days of August were 166% of the corresponding period of 1932, according to W. F. Huffstader, Buick sales manager.
who further states: "On a comparative basis Buick sales continue to show
gratifying increases above last year's total. August is ordinarily reckoned
as a month of diminishing volume. This year the August trend has been
-day periods.
definitely upward by 10
"The second 10 days of the month developed sales that were 130%'of
those in the first 10 days, which is a higher rate of increase than was shown
last year in the corresponding periods. Our business Is consistently showlad
ing increasing strength.
-V. 137. p. 1586, 1419.
-Earnings.
II General Outdoor Advertising Co., Inc.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 137. p. 1586.
Department" on a preceding page.
Gilmore Oil Co., Ltd.-Earnings.
1930.
1932.
1931.
Years Ended March 31- 1933.
$7,105,305 $9,327,743 $13,357,594 $8,106,423
Sales
6,719.658
7,071,996 11.085,061
Cost ofsales,incl. deprec 4,561,494
1,110,522
2,212,009
579.778
1.294,294
Selling expenses
432,043
270,274
447.213
344,455
Gen.& adminis. expenses
$116,627
164.353
$697.940
221,676
5821.674
284,854
$682.622
233,195
Net income
Previous surplus
$47,727
936,630
$476,264
797,570
3536.820
594,301
$449,427
312,695
Grosssurplus
Dividends
Cost of co.'s own stock
purchased
$888,903 $1.273,834 $1,131,120
333,550
167,330
337,204
$762.123
167,822
Surplus, March 31-- Shares cap, stocks outstanding (no par)- - - Earnings per share
$712,447
$797,570
$594.301
The company as of June 30 1933 reports assets of $15.732,720. as compared with $18,125.671 on June 30 1932. Surplus increased slightly to
$5,003,392, compared with $4,957,332 a year ago. Unearned premiums
declined to $5,649.739 from $6,444,456 a year ago. Contingency reserves
were at $1,000,000, compared with - $2,393,736 on Dec. 31 1932.-V.
135, p. 1501.
Glidden Co., Cleveland.Sales Up.
1932.
$771,529
-Balance Sheet Dec. 31 1932.Gosnold Mills Corp.
Liabilities
Real estate. machy & blds_ __ $1,086,427 Capital stock preferred
467,417 Capital stock common
Cash & debts receivable
549,473 Notes payable
Inventories
6,878 Accounts payable
Investments
-year notes
18,122 7% 7
Prepaid items
26,299 Bank accept. against cotton
Cotton against bank accept__
Reserve for bond interest....
Reserve for depreciation
Surplus
Total
-V. 134, p. 3465.
32,154,617
Total
$825,000
1
373,000
60,375
271,400
26,299
4,750
150,290
443,502
32,154,617
-Order Increased.
Graham Paige Motors Corp.
$115,804
5139,201
$157.234
Total surplus
$115,849
$0.07
$0.04
Nil
Earns.per sh.on com.stk.
Comparative Balance Sheet March 31.
Liabilities1933.
1932.
1933.
Accts. pay.& accr.
5
Assets$
$2,539
expenses
Cash
$98,839
$93,270
Accr. deb. Int_ ... 136,168
Guar.funds on dep
45,000
Call loans
Accts.receivable
14,342
Invest. securitles.x8,093,452 8,332,272 Invest. reserve_
Debs. outstand'g_ 5,038,000
Accrued rev, from
2,000,000
75,176 Preferred stock
Investments..
46,350
,
143 Common stock_.41.000,000
Prepaid charges
143
115,849
Surplus
5115,804
$0.32
1932.
$4,931
115,808
54,000
27,456
5,147,000
2,000,000
1,000,000
157,234
The New York Curb Exchange has corrected its announcement of Aug.
23, in which it was incorrectly stated that a dividend had been declared
on the common stock of this company. It was announced on Aug. 28 that
no dividend has been declared on this 11321110 in more than a year.
It was further stated that the notice should have read that the company
had declared the regular quarterly dividend of 114% on its 6% cum. pref.
stock (par $100), payable Oct. 2.-V. 137, P. 1588.
-Earnings.Hammond Clock Co.
Years Ended March 31- 1933.
Gross profit on sales_ _ _
$58,973
Sell., adminis.& gen. exp
243,364
.
Net profit on operatnsdef$184,391
Other income
10,264
Gross income
Other deductions
Federal income tax
Inventory write-off
def$174,127
31,948
1932.
1931.
$682,346 31.287.883
702,566
695,917
1930.
$383,303
224,268
def$13.571
30,215
$585,317
44,654
$159,035
33,325
$16,644
50,773
4629,971
52.623
69,628
$192.360
15,907
20,516
34,770
$155,937
3507,720
Net income
def$240,844 def$34.130
Shs, cap. stk. outstand.
93.000
92,812
93,000
92,326
(no par)
$1.68
Nil
$5.46
Nil
Earnings per share
Balance Sheet March 31.
.
1932.
Liabilities-1933.
Assets3
$64,451
Cash
$32,170 $108,783 Accounts payable. $50,771
300.000
262,500
Bank loans
137.589
Accts receivable
78,128
16,112
3,941 3/flacon. curr. Sall.
Accr. royalties, &c
993
27.905
27,438
420,019 Accr. payroll, &c_
Inventories
336,120
30,094
Tr. notes & accept.
Employees' stock
12,130 Current bond masubscriptions_ ._
6,077
5,104
turities
8,870
Sundry investmle
5,440
464,060
x Common stock._ 461,630
Cash surr. value
124,5121 407,865
Paid-in surplus_ _ _
life lnsur. policy
6,592
31,572!
175,107 Earned surplus...
Land & bldgs., net 175,772
345,792
Mach'y & eq., dye_ 291,890
57,600
Pats., less amortiz.
57,160
1
Good-will
1
16,638
Prepaid expenses._
9,355
$993,621 $1,286,471
Total
Total
$993,621 $1,286,471
x Represented by 92,326 no par shares in 1933 and 92,812 in 1932.
-V. 135, p. 139.
Harmonia Fire Insurance Co.--:Status.-
The company (one of the Home Insurance Co. group) as of June 30
1933, reports assets of $3.974,966, as compared with 33,744.020 on Dec.
31 1932. Surplus was increased to 5872,848 from 5596,717 at the and of
1932.-V. 136, p. 2078.
-Extra Div.
Hawaiian Commercial & Sugar Co., Ltd.
An extra dividend of 50 cents per share has been declared on the capital
stock, par $25, payable Sept. 5 to holders of record Aug. 25. subject to the
This
5% Federal tax and the 0.5% Hawaiian unemployment tat. cents disper
tribution is in addition to the regular monthly dividend of 25
share which is payable on the same date.
The last extra dividend of 50 cents per share was paid on Dec. 5 1929.
-V. 137, p. 1420.
-Atlas Glass Co.-Increases Dividend Rate.
'Hazel
per share on
Dealers'orders received by this corporation for the first 21 days of August
were 20% ahead of a year before and 11% over the same period last month,
said Vice-President Robert C. Graham.
$23,397
115,804
-Dividend Correction.
Ha mmermill Paper Co.
Cladding, McBean & Co.
-Acquires California Properties
of the American Encaustic Tiling Co., ktd.-See latter above.
-V. 137, p. 698.
-Status.
Glens Falls Insurance Co.
F Assets-
$141007
139.201
4,026
loss$35,029
157,234
6,356
-Status.
Halifax Fire Insurance Co.
$4,509,109 $4,547,023
Total
$4,509,109 $4,547,023 Total
x After reserve for depreciation of $1,435,071 in 1933 and $1,207,945
in 1932. y Represented by 278.541 no par shares in 1933 and 279,801
In 1932.-V. 136, p. 2982.
1933.
$1,110,674
$315,804
200.000
The company (controlled by Home Insurance Co. of New York) as o'
,
June 30 1933, reports assets of $2,721,665 as compared with $2,404,478 on
Dec. 31 1932. Surplus was increased to 31,124,376 from $805,383 at the
end of 1932.
279,801
278,541
194,305
279,847
Nil
$1.70
$2.31
$1.92
Balance Sheet March 31.
1932.
1932.
Ltabilttles-1933.
1933.
Assets-$17,625
x Property. &c___$2,261,605 $2,461,867 Pur. money oblig_
250,000 Accts.&wages pay. $960,125
620,995
Contracts & gdwill 250,000
187.770 Accrued int., taxes
177,329
Cap,stock suns_ _ _
& insurance_ _ _ _
16,297
17,182
Inv. in MM. cos.
245,600 Divs. payable_
83,910
(incl. adv.)._ _ 207,712
47,389
10,794 Fed, income tax._
Miscell. securities_
71,884
Y Capital stock___ 2,775,569 2,780.393
Miscell. loans _ _ _
43.784
43.784
326,870 Paid-in surplus.._
559,196
Cash
44,833 Profit & loss surp_ 712,447
936,630
Notes receivable_ _
407,258
Accts. receivable_ _ 368,719
33,871
Equip.contr. rec..
47,175
Life insur. polio's.
55.301
386,335
Petrol, prod
439,778
Mat'l & suppl__
62,706
45,084
446,075
Prepd.Ins.& taxes.l 73,001
Prepd. advert.. &cf
135,783
First Half of AugustSales
-v. 137. P. 1419, 699*
$223,397
200,000
For income statement for month of June and July 1933 see "Earnings
-V. 136, p. 3356.
Department" on a preceding page.
9,126
$936,630
$114,007
100,000
-Earnings.
Griesedieck Western Brewery Co.
$536,712
145,911
Gross income
Income charges
1930.
$654,802
71,926
267,072
Total
$8,292,556 $8,508,430
Total
$8,292,556 58.506,430
x After deducting capital reserve of 52,000.000 created by reduction in
par value of pref. stock from 3100 to $50 per share and adding net loss on
sale of investments after crediting investment reserve and capital surplus
resulting from redemption of the corporation's debentures amounting to
$1,799.869. The aggregate value of these investments based on available
Stock Exchange prices or estimated fair values at March 31 1933. was
$2,997,514. y Issued 350,000 shares Dm par), of which 90,380 are held
In escrow to cover warrants issued with debentures and preferred stock,
-V. 135. P• 827.
and 9,620 are held in treasury.
illican Chipley Co.-Berfrroettirffitisr.:"-The New York Curb Exchange has removed from unlisted trading
)
.
pfTVlleges the capital stock (no par)
$729,968
91.706
1933.1931.
$411,264
$557,214
$235,319
15,314
28,936
17.167
259,568
270,000
229,427
18,508
23,453
3.867
34,880
Net revenue for year__ loss$35,029
Preferred dividends_
Surplus
Previous surplus
Adjustments _Cr
- General Motors Corp.-Sales of Buick Co. Increase.
$514.240
183,700
William T. Grant. Chairman of the board, announced on Aug. 25 that
John G. Byler, Alfred N. Derouln, Fred H. Edgecomb, Karl D. Gardner
and Richard W. Storey, were elected Vice-Presidents of the company.
John G. Byler has been connected with the company since 1924 and has
been Treasurer since 1929. Mr. Byler will continue to be Treasurer. Alfred
N. Derouin has been connected with the company since 1925 and has been
in charge of the company's real estate activities since 1929. Mr. Derouin
will be Vice-President in charge of real estate. Fred IL. Edgecomb has been
connected with the company since 1912 and has been director of sales and
advertising since 1932. Mr. Edgecomb's 'position will be Vice-President
In charge of sales and advertising. Kark D. Gardner has been connected
with the company since 1913 and has been director of merchandising since
1929. Mr. Gardner will be Vice-President In charge of merchandising.
Richard W.Story has been connected with the company since 1922 and has
been Secretary and Controller since 1929 and will continue in these capacities.
Mr. Grant stated that these promotions represented no change in the
fundamental organization of the company but were rather recognition of
the duties actually performed by these executives.
-V. 137, p. 321, 1061.
12 Mos.End.Mar.31Gross revenue
General expense
Interest
Net loss on foreign exch_
Income tax
-New Vice-President of Subsidiary.
General Mills, Inc.
Profit from operation_loss$12,653
129,280
Other income credits_
Sept. 2 1933
The dlrectors on Aug. 30 declared a quarterly dividend of $1
the common stock, par $25, payable Oct. 2 to holders of record Sept. 16.
This compares with a regular dividend of 75 cents per share and an extra
of 25 cents per share paid on this issue each quarter from Oct. 1 1931 to
and incl. July 11933.-V. 137, p. 1588, 1219.
Volume 137
Financial Chronicle
Hotel Waldorf-Astoria Corp.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
-V. 135, p. 2501.
(Geo.P.)Ide & Co.,Inc.
-Dissolved--New Co.Organized.
The A. H. Ide & Co., collar, shirt and undergarment concern with
principal factories in Troy, N.Y., has been granted articles of incorporation
by the Secretary of State Edward J. Flynn, of New York. The company
replaces the recently dissolved George P. Ide & Co., of Troy, N. Y.
-V.
137, p. 1420.
Indemnity Insurance Co. of North America.
-Status.
The company's statement as of June 30 shows total assets of 320,291,430,
as compared with $16,443,319 on Dec. 31; assets include $1.170,964 cash,
9,799,192 bonds and $5.427,341 stocks, compared with 31,262,504 cash,
7,307,923 bonds and $5,846,833 stocks on Dec.31; net surplus was 32.475.32, against 31.144,433.-V. 136, p. 2620.
1
Earnings for Year Ended June 30 1933.
$27,949
3,747
Operating profit
Balance July 1 1932
324.203
22,774
Total surplus
Dividends paid during year at rate of $0.85 per share:
In cash
In stock, 72 shares at par value
346,977
29.863
72
29,935
Earned surplus June 30 1933
$17,042
Analysis of Paid-In Surplus June 30 1933.
Surplus paid-in July 1 1932
Excess of amount realized from issuance of 4,762 shares over
par value of shares
Restored from investment reserve Dec. 31 1932
Restored from investment reserve June 30 1933
Fee for redemption of stock
Total
Furniture and fixtures, carrying value reduced to $1
Legal fees re: reduction in par value of shares
Management fee,represented by issuance of 1,658 shares at liquidation values at dates of issue-par value $1 each
Surplus paid-in June 30 1933
Balance of reserve restored to paid in surplus
Balance Sheet June 30.
Assets
1933.
Liabilities-1932.
Cash
$13,858
$16,678 Invest. reserve__
Call loan held by
Current liabilities..
trustee
30,000 yCommon stock._
Accrued int.& div.
Paid-in surplus_ _ _
receivable
6,331
3,103 Surplus to be paid
x Inv.secs. on dep.
on stk.subserip_
with trustee---- 464,365
432,033 Earned surplus _ _
Subscript'n to cap. ;
stock
484
Office turn.,fist.&
and equipment_
1
512
$255,044
31,791
106,000
37,044
400
$430,279
511
359
1,658
5427.750
Investment Reserve Account.
Balance July 1 1932, represents amount necessary to establish a
reserve for depreciation in market value of assets below cost_ _
Net loss on stocks for year
5169,417
26,373
$143,044
1933.
$80
39,388
427,750
1932.
$169,417
35,092
277,818
779
17,042
Total
Total
$485,039 $482,327
$485,039 $482.327
x Market value $527,544 in 1933 and $263,303 in 1932. y Share having
a par value of $1.-V. 136,p. 852.
International Paper & Power Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
In his remarkt to shareholders, Archibald R. Graustein, President. says:
"Operations for the second quarter again resulted in a loss after all
charges, but, in spite of a 35 a ton decline in newsprint prices effective on
the first of April, there was improvement both as compared to the first
quarter this year and as compared to the second quarter of 1932. Preliminary figures indicate a profit in July.
"From April through July the paper busines steadily improved. Consumption of practically all grades increased, as did prices for most grades
except newsprint. There has also been a substantial improvement in
volume and some improvement in earnings in the power subsidiaries in
New England.
"Consolidated notes payable of subsidiaries at July 31 1933, totaled
$19,317,423, a net reduction of $8,666,824 since the end of 1932. The
$14.500,000 bank loans of International Paper Co. which matured Aug. 15
1933. have been extended to Aug. 1 1934, subject to the payment of 31,000,000 on account on Feb. 15 1934, and $1,000,000 on May 15 1934.
-v. 137, p. 878.
International Products Corp.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Comparative Consolidated Balance Sheet June 30.
1933.
1933.
1932.
1932.
LiabilUiesAssets
$
904,313
444,380 Accounts payable_
62,129
74,271
Cash
Accts. roe.,less res• 540,055
277,642 Res. for conting.,
Inventories
1,166,404 2,135,786
dre
70,615
85,977
Res. for deplet. of
Inv. in Columbia
Quebracho forProducts Co- - - 1,540,000 1,540,000
283,213 ests
256,964
Adv.& int.thereon 282,242
.
230,723
494,181 6% pref. stock_
4,437,700 4,437,700
Cattle on ranches_ 410,270
7,282,591 7,566,208 Common stock__ 6,845,217 6,845,217
Fixed assets
84,164 Surplus (earned)._ 516,011 1,151,685
62,781
Def'd charges, &cTotal
12,188,837 12,825,575
12,188,637 12,825,575
Total
-V. 136, p. 3547.
x Represented by 435,846 shares (no par value).
-To Readjust Capital.
Investment Co. of America.
President J. B. Lovelace in a letter to the stockholders, said that a
definite plan of capital readjustment and reorganization had been developed
and would be submitted to stockholders as soon as legal requirements are
provided.
"Under this plan the capital structure would be simplified and, on the
basis of the June 30 statement a minimum of $630,000 of new capital would
be added to the present equity, increasing the ratio of net worth to face
amount of debentures as of June 30 from 53% to 77%," Mr. Lovelace said.
"Securing of new capital will involve no dilution of the liquidating value of
present shares inasmuch as the price to be paid by the purchaser will be the
liquidating value at the time of purchase.
"The liquidating value of the preferred shares during the first six months
this year increased to approximately $24.34 from $18.25."
Earnings.
-
For income statement for 6 months ended June 30 see "Earnings De-V. 136, p. 4281.
partment" on a preceding page.
-Earnings.
(Mead) Johnson & Co.
For income statement for 6 months ended June 30 see "Earnings De-V. 136, p. 2079.
partment' on a preceding page.
.
-Earnings.
(B. F.1 Keith Corp.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 136, p. 4471.
Department" on a preceding page.
Kelly-Springfield Tire Co. Earnings.
The company reports for the six months ended June 30 1933, net loss of
$744,267 after taxes, depreciation, interest, losses on foreign exchange, &c.
comparing with net profit of $57.101 in first half of 1932.
The company states: "The loss was due to the most severe price war in
the history of the rubber industry, supplemented by generally unsettled
business conditions prevailing during the first four months of the year.
Since April operations have been on a profitable basis.
"The company has an advantageous position in rubber and fabric at
prices substantially below the current markets."
-V. 137, p. 878.
Kelvinator Corp.
-Shipments Doubled.
The corporation announces that shipments during the quarter ending
Sept. 30 are already more than double those for the entire last quarter of
1932. August shipments alone promise to approach those made during
July, August and September of last year, according to H. W. Burritt,
Vice-President in charge of sales.
-V. 137. p. 1421.
Kingsbury Breweries Co.
-Dividends Earnings.
-
Industrial & Power Securities Co.
-Earnings.
Total income
Expenses
1773
The directors on Aug. 30 declared an initial regular quarterly dividend of
15 cents per share and an extra dividend of 10 cents, making a total of 25
cents per share, payable Oct, 1 1933 to holders of record Sept. 20 1933.
For the three months ended July 31 1933, the company reported preliminary net earnings, after all deductions including taxes,totaling $328,000,
equivalent to $1.10 per share on the capital stock. The company has outstanding no funded debt nor preferred stock.
-V.137, p. 324,700.
Kreuger & Toll Co.
-Partial Payment on Debentures.
The Marine Midland Trust Co. of New York, as successor trustee under
the debenture agreement dated March 1 1929,is making the partial distribution announced by it on Aug. 16 1933 at the rate of $25 on account of
each 31.000 principal amount of Kreuger & Toll 5% secured sinking fund
gold debentures.
In connection with this distribution, the trustee is issuing to debentureholders an interim report of its activities since its appointment as trustee
on Sept. 15 1932. A statement of collateral security as of Aug. 15 1933
securing debentures is annexed to the report, and shows that the trustee
on that date held 31,577.028 in cash in addition to obligations of various
foreign governments and land mortgage institutions. Out of the cash so
held, the report shows that the trustee is reserving $1,186,550 for the
distribution now being made including expenses in connection therewith.
The report of the trustee, dated Aug. 15, states in part:
According to the records of the original trustee, the principal amount of
debentures outstanding is 347.596,500. which, the present trustee has been
advised, includes $134,000 principal amount held by the Swedish and the
American bankruptcy estates. The security for these debentures consists
of obligations of various foreign governments and land mortgage institutions, and of cash. It seems quite unlikely tnat the proceeds of the liquidation of this security, after application of the cash, will be sufficient to cover
the amount due on the debentures and, if this is true, debentureholders
will have deficiency claims, which may be very substantial, against the
general assets of the bankruptcy estates in Sweden and the United States.
Having these deficiency claims particularly in mind, the trustee considered it desirable that it should become familiar with the general problems
affecting the administration of the bankruptcy estates of Kreuger & Toll
Co.in Sweden as well as in the United States, promptly on completion of
Its appointment as trustee. In order to carry out this purpose the trustee
sent Pemberton Berman, as its vice-president, to Stockholm last October,
where he remained until the latter part of Jan. 1933 familiarizing himself
generally with the affairs of Kreuger & Toll Co. and establishing contact
with its Swedish liquidators and other interests involved. Also, counsel
for the trustee have been extensively engaged in Stockholm and elsewhere
In Europe in the interests of the debentureholders, and auditors were retained for various investigations with reference to the collateral and otherwise, principally in Sweden. The trustee has also given consideration to
various proceedings in both the Swedish and American bankruptcies, and
has actively participated in several, including the election of M. Jean
Monnet and his successor, M.Leon Martin, as a liquidator in the Swedish
bankruptcy of Kreuger & Toll Co. In these as well as in tne other aspects
of its adniMistration of the trust, the trustee has been in close touch with
the two American protective committees for the debentures and has had
the benefit of their active co-operation and assistance.
With the concurrence of the two American protective committees, the
trustee declared the principal of the debentures to be due and payable on
Jan. 18 1933 as authorized by the terms of the debenture agreement, by
reason of interest, sinking fund and various other defaults under the agreement. This declaration was made primarily in connection with the filing
by the trustee of proofs of claim in the American bankruptcy of Kreuger
& Toll Co., of which announcement was made by the trustee in the press
of the United States and of various countries in Europe. The trustee filed
proof ofclaim in this bankruptcy in respect of the entire outstanding amount
of secured debentures, both in its capacity as trustee and in its capacity
as agent for the debentureholders under the authorization contained in the
debentures and the debenture agreement. Counsel for the American
bankruptcy trustee,however, has announced that in view of the uncertainty
of the law covering the trustee's proof of claim. it might be necessary for
him to take appropriate proceedings to secure a judicial determination of
its validity. In view of this announcement and of the possibility of attack
by other creditors, the trustee can give no assurance that the claims filed
by it can be relied upon by debentureholders as a substitute for their timely
Individual action.
The trustee has also filed proof of claim on behalf of the debentureholders
in the Swedish bankruptcy of Kreuger & Toll Co. and in the Swedish
bankruptcy of Ivar Kreuger. The trustee has been advised by Swedish
counsel that no individual proofs of claim need be filed by debentureholders in the Swedish bankruptcy proceedings,although it may be necessary
at a later date to present the debentures in Stockholm, Sweden, for any
distributions which may be made in those proceedings. The trustee also
made arrangements through Austrian counsel to file in bankruptcy proceedings which had been instituted in Austria, but a settlement was arranged
and these proceedings discontinued with the consent of the trustee, with
a view to minimizing expense.
The various arrears in interest and sinking fund payments on obligations
which constitute the security for the debentures have been given careful
attention by the trustee and in some cases have been the subject of considerable negotiation between representatives of the debtors and of the
trustee in Europe, South America and the United States of America.
Interest and (or) sinking fund payments are in arrears on the following
issues included in the security, according to the accounts submitted by the
original trustee or by the depositary and the records of the undersigned as
trustee since its appointment:
Security.
Arrears.
Government of Republic of Ecuador
8% external loan of 1927,due 1953 _July 1 1932. Jan. 1 1933 and July 1
1933 Interest and sinking fund
. payments.
Mortgage Bank of Ecuador 7% bond
loan, due 1949
Feb. 1 1933 and Aug. 1 1933 interest
and sinking fund payments.
Hungarian land reform mtge. 53i%
bonds, due 1979,series A and B_ _ _July 15 1932,Jan. 15 1933 and July 15
1933 int. & sinking fund payments.
Kingdom of Serbs, Croats & Slovenes
(Jugoslav) monopolies loan 631%
bonds, due 1958
Dec. 1 1932 and June 1 1933 interest
payments.
In the cases mentioned above (except the Government of the Republic of
Ecuador) local laws have provided for the deposit, in the country of the
debtors, of local currency by debtors on external loans. The trustee is
advised that in some cases the deposits contemplated by these laws have
been made with respect to the securities held by the trustee and in some
cases that they have not been made. In addition to the foregoing, according to press notices. the Rumanian Government has declared a transfer
moratorium on all interest payments on its external debts.
The Republic of Latvia has deposited with Lee, Higginson & Co., as
fiscal agent for the Latvian loan, the nominal amount of the interest due
on July 15 1933 in lawful money of the United States, but the trustee has
not felt free to accept this amount as satisfaction of its interest claim since
the loan is payable in gold coin, and the republic has to date refused to
sanction payment of the amount deposited with reservation of the trustee'
rights.
In order to realize as much income on the security as possible for the
benefit of the debentureholders, the trustee instituted proceedings in the
1774
Financial Chronicle
Supreme Court of the State of New York for authority to dispose of the
matured coupons on the Hungarian and Jugoslav bonds. A favorable
Judgment was rendered on March 23 1933 and in pursuance of this authority
the trustee has sold the coupons due Jan. 15 1932 on the Hungarian bonds,
in the nominal amount of 3655,841,at the price of$306,481. It is endeavoring to arrange for the disposal of other overdue coupons of this issue, but
has not yet been able to do so largely because there is an insufficient coverage in local currency. The trustee has contracted to sell the coupons due
Dec. 1 1932 on the Yugoslav bonds in the nominal amount of $687,500, but
this sale has not yet been consummated. In addition to the court Proceedings mentioned above,the trustee has engaged in extensive negotiations
both in New York and abroad with reference to the sale of these coupons
and hopes to be able to realize further funds for eventual distribution to
debentureholders from this source.
On Sept. 15 1932, the date as of which the Marine Midland Trust Co.
was appointed successor trustee, the resigning trustee delivered to it $914,708. Since that date,the trustee has credited $768,541 to the trust comprising interest and sinking fund on the collateral security, proceeds of sale of
Hungarian land reform mortgage coupons, and interest credited on the
deposited cash. Since that date the trustee has charged against the trust
disbursements of $106,222 incurred in investigations at home and abroad,
negotiations for the protection of the security, and other matters of the
administration of the trust.
As previously announced, on Sept. 1 1933 the trustee will pay $25 on
account of each $1.000 debenture and $12.50 on account of each $500 debenture outstanding under the debenture agreement in accordance with the
terms of the agreement, such payment to be made in lawful money of the
United States of America. Upon presentation of debentures (with Sept. 1
1932 and subsequent coupons annexed) to the trustee at 120 Broadway.
New York, they will be stamped with appropriate notation of payment
and will be re-delivered at the trustee's office mentioned above or will be
sent by registered mail in accordance with written instructions given by
the bearers presenting them or in letters accompanying them, as the case
may be. together with a check in the amount of the distribution payable
in accordance with such instructions. Holders desiring insurance coverage
witn respect to the re-delivery of debentures must give the trustee their
instructions thereon, and any necessary disbursements will be deducted
from the amount payable. The debenture agreement provides in Section 11
of Article X that the distribution by the trustee be applied to the payment
of the whole amount then owing and unpaid upon the debentures for
principal and interest, with interest at the rate of 6% per annum on the
overdue principal and instalments of interest, and further provides that
the distribution shall be applied to the payment of principal and interest
without preference or priority of principal over interest or of' interest over
principal or of any instalment of interest over any other instalment of
interest, ratably to the aggregate of such principal and interest.
Henry K. Davis, the referee in the American bankruptcy of Kreuger &
Toll Co., 140 Nassau St., New York, advises that debentureholders whose
debentures are now on file with him may withdraw their debentures from
the bankruptcy proceedings without affecting the status of their proofs of
claim therein in order to enable them to present their debentures as outlined above.
The trustee has been advised that the two American protective committees for the debentures are presenting the debentures deposited with
them and are receiving the distribution with respect taereto as outlined
above, and that they are taking steps to make a payment to the hoblers of
certificates of deposit issued with respect to such debentures out of funds
so received. It is suggested that debentureholders, who do not deposit
with a protective committee, arrange with their usual banking connections
for presentation of their debentures, which must of course be without
responsibility on the part of the trustee. When and if additional funds
are accumulated in sufficient amount, additional distributions will no
doubt be made and debentureholders should consider the necessity for future
presentations in making arrangements for the current presentation.
Coupons maturing March 1 1932 and prior thereto in the face amount of
315,775 have not yet been presented for payment. Funds have been
provided for such coupons and debentureholders who have not presented
them for collection are therefore advised to do so at the above mentioned
office of the trustee in New York.
Statement of Collateral Security Aug. 15 1933.
According to advices from time to time received by the trustee from
Skandinaviska Kreditaktiebolaget, the depositary named in the debenture
agreement, there are held by the depositary in Sweden, for the trustee
under the terms of the debenture agreement, the following:
Principal
Amount.
Kingdom of the Serbs, Croats & Slovenes(Yugoslav) monopolies
322.000,000
loan 6 % bonds, due 1958
6,000,000
Republic of Latvia 5% bonds. due 1964
Hungarian land reform mtge. 534% bonds, due 1979. series A.._ 11,848,753
Hungarian land reform mtge. 534% bonds, due 1979, series B_ _ 12,000,000
Kingdom of Rumania monopolies institute 734% bonds, due
F.74,605,000
1971 (payable in various other European currencies)_ _ _ Fr._
German Government international 534% loan of 1930, due 1965.Kr. 55,000
and held by Higginson & Co. in England for the account of the depositary,
the following:
£380,691
Kingdom of Rumania 4% consolidation loan, due 1968
The trustee holds at its office in New York City under the terms of the
debenture agreement the following:
Principal
Amount.
Government of Republic of Ecuador 8% external loan of 1927.
31,879,289
due 1953
Mortgage Bank of Ecuador 7% bond loan,due 1949 (guaranteed
907,990
by the Government of Republic of Ecuador)
$1,577,027
Cash
1,186,550
Reserved for Sept. 1 1933 distribution, incl. exp
390,477
The foregoing list is subject to any moratory or other laws passed abroad
affecting the terms of payment of principal, interest or sinking fund on
the securities or affecting any other terms thereof, and is subject to changes
from time to time made by reason of sinking fund or other payments on
account of the securities. Furthermore, the trustee cannot make any
representation as to the validity of the collateral or other matters affecting
the collateral relating to the period prior to its appointment as successor
trustee.
No claims have been made against the collateral to the knowledge of the
trustee since its appointment except by the American trustee in bankruptcy
for International Match Corp. which has made a specific claim in the
amount of approximately $1,2(10.000, and a general claim or reservation
without specification of amount.
The protective committee for Kreuger & Toll Co. 5%
secured sinking fund gold debentures, headed by Grayson
M.
-P. Murphy, in an interim report issued Sept. 1 stresses
the view of the committee that the interests of the 5% secured
debentureholders, as well as the interests of all security
holders and other creditors of the International Match Corp.
and of the Swedish Match Co. would be best served by
co-operative action.
"In line with this belief," the report states, "the undersigned committee
and the protective committee of which Mr. Colby is Chairman, representing the 5% secured debentures of the Kreuger & Toll Co., and the International Match Corp. debentureholders' protective committees, some
months ago signed a declaration of common policy. This declaration of
common policy contemplates the cessation of litigation except where
necessary to preserve rights, and looks toward the possibility of readjusting
the assets of the Kreuger group with a view to creating a unified or coordinated agency, interests in which would be allocated on equitable
principles among the creditors and other security holders entitled to
participate therein.
"Since the date of this declaration of common policy efforts have continued, in conjunction with the Swedish Match Co., to formulate a program
of agreement to carry it into effect and, despite the complexities of the
situation, plans for work along these lines are progressing.
"The objectives sought have met with a sympathetic and co-operative
attitude on the part of the Swedish liquidators of the Kreuger & Toll Co.,
the America Trustee in Bankruptcy for the Kreuger & Toll Co. and the
American Trustee in Bankruptcy for the International Match Corp., as
well as all others who are connected with the Kreuger group of companies."
The report points out that no reliable estimates are yet available to
Sept. 2 1933
show the amount that may be ultimately recoverable by the 5% secured
debentureholders. This is due, according to the report, not only to the
uncertainty that still prevails as to the status of inter-company claims, but
also to the fact that it is difficult to appraise many of the assets of the
bankrupt estate on account of world conditions affecting the values of
securities held.
The report states that an aggregate of $28,148,000 principal amount of
the 5% secured debentures had been deposited with the committee as of
Aug. 16 1933 which represented nearly 60% of the entire issue outstanding.
Out of the proceeds received from the distribution at the rate of $25 for
each $1.000 principal amount of debentures announced by the Marine
Midland Trust Co. of New York, as trustee under the Kreuger & Toll
debenture agreement dated March 1 1929, the committee is making a
distribution at the rate of $22.50 for each $1,000 principal amount certificate
of deposit issued by it representing deposited debentures.
In addition to Mr. Murphy, the other members of the committee are
Frederic C. Dumaine. Eugene Regard and James R. Sheffield. Tristan
Antell, 52 Broadway, New York,is Secretary. Guarany Trust Co. of New
York is depositary, and Sullivan & Cromwell are counsel to the committee.
--V. 137, p. 1422.
-New President.
Lehigh Valley Coal Corp.
L. R. Close has been elected President, succeeding R. F. Grant, effective
Sept. 1 1933.-V. 137, p. 881.
-Earnings.
-Levier Brothers, Ltd.
1931.
Calendar Years1932.
1930.
1929.
Net income
£6,228,161 £5,903,497 £5,749,658 £6,213,504
Preferred dividends_
4,738,239 4,738.238 4,895.534 4.895.533
Ordinary dividends
650.000
975.000
500,000
240.000
Co-partnership divs_ _ _ _
42,571
43.625
40,522
119,116
Deb. disc. & issue asp
201,104
General reserve
250,000
200,000
Special appropriations_
500,000
225,000
Contingency reserve_ _ _ _
250.000
250,000
500.000
Surplus for year
def£229,808
Profit and loss surplus
250,675
-V. 135, p. 2663.
£122,688
230.481
£88,602 def£41.145
119.192
207,794
-Sells Stock Int. in Sub.
Libbey-Owens-Ford Glass Co.
The company has disposed of its stock interest in the Adaniston Flat
Glass Co. at Clarksburg, W. Va., to certain minority stockholders of that
company, according to a notice received by the New York Stock Exchange.
As a result of this sale, the next annual report to stockholders will no
longer reflect the company's equity and share of earnings in a controlled
company, as the Adamston Flat Glass Co. is the only company in which
they had a controlling stock interest. (See also V. 137. p. 1422.)
Sale of Stock to Employees.
-
Employees stock of this company for which application to register was
filed with the Ohio State Division of Securities on Aug. 24, is not a new
issue, according to a conmany official who said: "The dispatch from
Columbus. Ohio, on Aug. 23 created an erroneous impression. The plan
for sale of 120.000 shares to employees under a 10
-year trust agreement
was approved by the shareholders in 1928 and application to list on the
New York Stock Exchange was approved in 1929.
"Approximately five years ago, 84.070 shares were sold at $26.25 a share
and subsequently 11,900 shares were sold at $15.25 a share. The remaining 24,000 shares have been reserved for such possible future distribution
as the board may direct.
"Filing of application with the Commission in Ohio was merely to cover
possible technical requirements in order to comply with the Ohio registration law."
-V.137, p. 1422. 700.
Life Savers Corp. (Del.).-Listing, Earnings, &c.
The New York Stock Exchange has authorized the listing of 350,140
shares (par $5) capital stock on official notice of issue on and after Aug. 24
1933, under the plan of reorganization of Drug Inc. (see details in V. 137.
P. 145.)
The company was incorp. Aug. 12 1933 in Delaware to acquire, as set
forth in the plan of reorganization of Drug Inc. all of the capital stock of
Life Savers, Inc. (Del.) consisting of an authorized issue of 10,000 shares of
no par value, all issued and outstanding.
Authorized capital stock consists of 350.140 shares of the par value of $5
each.
Consolidated Income Statement (Life Savers Inc., Del.)
Calendar Years
5 Mos.End.
1932.
1930.
1931.
May 31 '33.
Sales (net)
$1,262,246 $33,214,679 $4,207,970 $4,356,746
Cost of sales, sell., adv.
2,158,369
2,816,228
and expense
2,844,952
875,694
Operating profit
Other income (net)
$386.551 $1,056,309 $1,363,018 51,540,517
23,602
47,561
49,193
15,298
Total
Depreciation
Inc.tax res.(U.S.& for.)
$401,850 $1,103,871 $1,412,211 $1.564,120
84,358
76,835
82,023
23,478
174,819
134,255
151,500
49,805
Net income
Per share earns.(350,140
shares)
$328,566
$885,257 $1,178,686 $1,312,465
$3.74
$2.52
$3.36
$0.93
3 y.
lace Sheet
sA
n
Consolidated Baereiecixa.pesinlei.eMtaa pal. 1933.
o3 63 F as
x Pro
Per
Forma.
LiabilitiesBooks.
AssetsForma.
Books.
Cash
$201,864 $801,664 Accts. pay. & accr.
$118,270
Mktle. securities
938,463
tax pay.
Accts. receivable
231,288
93,519
not yet due.. _ 93,519
2231:2286
Inventories
7358
273,258
Res. for for. exch.
Fixed assets, (lees
9,017
9,017
depreciation)._ _ 789,679
126,075
Advs. & def. items
78 :775 To laetuatrvns_ __ _ 126,075
4 67
8 6 ftul resei°e
9
46,775
556,242 y1,750,700
1 Capital stock
Pats., good-w.,&e. 595,068
Surplus
2,173,069
983,543
Initial surplus_
Total
$3,076,194 $3,081,127
Total
$3,076,194 $3,081,127
x The pro forma consolidated balance sheet gives effect as of May 31
1933 to: (a) increase in cash of $600,000 transferred by Sterling Products
(Inc.);(b) reduces all trade marks, good-will, &c. to $1;(c) issue of 350,140
shares of stock of the par value of $5 per share.; (d) resultant surplus is
restated as initial surplus. y 350,140 shares, $5 par value.
Directors are: Edward J. Noble, Robert P. Noble and Ralph Brush of
Greenwich. Cohn.; Sidney W. Edlund, Philadelphia, and Oscar T. Kappes,
Port Chester, N. Y.
Officers are: Edward J. Noble, Pres.; Robert P. Noble. Vice-Pros.;
Oscar T. Kappes, Treas.; Robert P. Noble, Sec.; E. A. Maurer, Asst.
Treas., and B. F. Kelly, Asst. See.
Transfer Agent: Guaranty Trust Co. of New York. Registrar: Bankers
Trust Co.
-Earnings.
(R. C.) Mahon Co., Detroit, Mich.
1931.
1932.
Calendar YearsGross profit from compl. contracts & wholesale
loss$9,670
sales before depreciation
105.907
Selling and administrative expenses
$295.627
252,483
def3115.577
15,620
$43,144
25,244
M8499,957
Total income
32,956
Other deductions
Provision for possible lees on notes and accounts
receivable ___
Provision for contingencies owerk in process
92,478
Provision for depreciation
$225,391
Net loss ___________________________________
Preferred dividends _
Common dividends
384,388
55,268
$147,294
38,390
28,500
$225,391
$214,184
Operating profit before depreciation
Other income
Deficit
20,000
35,000
105,414
Volume 137
Financial Chronicle
Consolidated Balance Sheet Dec. 31.
Assets
1932.
1931.
1932.
1931.
LiabilitiesCash
$62,574
849,187 Accounts payable_ $35,992 5233,107
U. S. Gov, bonds
2,984
5,240
Accrued expense__
37,459
39,354
and other marReserves
ketable securities 315,683
274,933 let mtge.63X% bds 202,300
217.000
Note.& accts. rec.
114,726
312,492 y Capital stock _ _ _ 1,399,465 1,900,000
Inventories
204,696
334,753
300,369
387,624 Surplus
Cost of uncompleted
contracts
169,572
Other assets
108,099
195,663
Permanent assets. 963,105 x1,308,892
Deferred assets_ _
20,340
31,092
Total
81,882,896 $2,729,455
$1,882,896 $2,729,455
Total
x Less allowance for depreciation of $412.364. y Represented by 30,200
shs. no par convertible preference stock (35,000 shs. in 1931) and 94.900
shs no par value common stock (95,000 shs. in 1931), 94,900 shares in 1932
(10,000 in 1931).
During 1932 the company reduced the stated value of the common stock
-V.
from $10 per share to $5 per share, transferring $475,000 to surplus.
137, p. 1590.
McLellan Stores Co.
-Granted $1,252,677 Tax Refund:
An over-assessment of income tax and interest in favor of this company,
amounting to b1,252,677 for the year 1929, was announced on Aug. 30 by
the Bureau of Internal Revenue.
-V. 136, p. 1029.
'Mavis Bottling Co. of America.-Arktitt-Stack-Listed.
The New York Curb Exchange has adpsltted to the list 3.675 additional
shares of class A common stock (par $1). V. 137, p. 1063.
."-Missouri State Life Insurance Co.
-Placed Under State
Control.
Circuit Judge Williams at St. Louis on Aug. 28 issued an order placing
the company under control of R.Emmet O'Malley, State Insurance Superintendent of Missouri. The Court's action followed the filing of a petition
on Aug.26 by Mr.O'Malley asking that a receiver be named. Mr. O'Malley,
however, was not designated as a receiver, but was given authority to take
charge of all assets. The "Herald Tribune" of Aug. 29 stated in part:
"Before the Court issued its order, counsel for the insurance company at
a hearing before Judge Williams admitted the State's contention that the
company is insolvent and that its liabilities exceed its assets by $27,719,070.
The company's formal answer to Mr. O'Malley's petition was presented in
Court by Allen May, Vice-President and General Attorney for the company.
"The State presented testimony by Alexander Good, Consulting Actuary
and Examiner for the State Insurance Department, who testified that a
report of the company's condition as of June 30 showed total assets of $122,242,675 and liabilities, including capital stock, of $149,961,746, the resulting
deficit being $27,719,070.
"Prior to the hearing in Court, directors of the Missouri State Life
instructed William T. Nardin, President, to file an answer admitting
allegations contained in the receivership petition.
"Because of the shrinkage in assets of the Missouri State Life, liens will
have to be placed against the cash surrender value of the policies of the
company in any reorganization plan in order to offset the shrinkage, Mr.
O'Malley said. This will result in a loss to policyholders who desire to
surrender their policies for cash while the liens are in effect, he explained.
Paying the liens would be in force for a maximum period of 15 years.
"Mr. O'Malley has under consideration a plan submitted by the Equity
Corp. of,New York, to take over the company and is inclined to favor it.
The Equity has agreed to put $2,000,000 into the company.
"Whatever plan finally is adopted. Mr. O'Malley declared, he will insist
that the company which takes over the Missouri State Life remain under
the strict supervision of the State Insurance Department for at least 15
years as regards the making of contracts and the sale of assets.
"Another bid for Missouri State Life it was learned, will be made by the
Lincoln Life Insurance Co.. of Fort Wayne, Ind., while a third is expected
to be presented by interests representing Frank Cohen, of New York, who,
with Julius II. Barnes, acquired control of the company last year."
Equity Corp. and Affiliates Present Proposal to Reorganize
Company-Would Form General American Life Insurance
Co.
-Propose to Assume All Outstanding Policies and Claims
and Continue as Direct Writing Company.
The Equity Corp. of which David M. Milton is President, and certain of
its affiliated companies have undertaken to make a tentative proposal to the
Superintendent of Insurance of the State of Missouri in connection with the
reorganization and rehabilitation of the $150,000,000 Missouri State Life
Insurance Co., according to an announcement made by the Equity Corp.
The proposal, it is understood, involves the formation by the Equity
Corp. of a new company to be known as General American Life Insurance
Co., which has been organized under Missouri. The original paid-in capital
and surplus of General American Life Insurance Co.is to amount to 82,000,000 and will be supplied by the Equity Corp. and certain of its affiliated
companies. Under the plan General American Life would succeed to the
business of Missouri State Life, which is licensed to do business in 40 States.
and would continue in the life insurance field as a middle western direct
writing company.
Included in the proposal are provisions whereby General American Life
Insurance Co. would assume all of the outstanding policies and full payment of death claims.
In conjunction with the insurance departments of eight other States the
Missouri Insurance Department for many weeks has been carrying on an
examination into the affairs of Missouri State Life Insurance Co. with a
view to arriving at a plan of reorganization. A week ago the Commissioner
invited representatives of insurance departments of 12 other States to submit
plans for the rehabilitation of Missouri State Life. Included among the
plans Presented to the Commissioner was the one referred to above.
-V.136.
p. 1030.
Molybdenum Corp. of America.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings De-V. 137, p. 1063.
partment" on a preceding page.
-Plans Large-Scale Production
Monsanto Chemical Co.
of Ethyl Alcohol-New Subsidiary Formed.
Plane for the large scale production of ethyl alcohol were announced on
Aug. 29. The plant will be located at the Everett, Mass., works of the
Merrimac Chemical Co., a subsidiary. Contracts for the first unit to cost
5600,000 have been let. Construction will start immediately. The first
unit is scheduled to be in operation by the end of the year. It will have an
annual capacity of 3,000,000 gallons, about 3% of the total production in
this country.
In announcing the addition of alcohol to the company's list of chemicals,
President Edgar M. Queeny, stated:
"The production of alcohol by Monsanto is a continuation of our policy
to control as far as practical the supply of our basic materials. Monsanto
Is one of the nation's largest users of alcohol. The new plant will supply our
needs and permit us to share in the demand of the trade. The plant will be
located at Everett because it has tidewater facilities and the Merrimac
Co. uses more alcohol than our other divisions.
"This latest expansion includes the formation of a new subsidiary, the
New England Alcohol Co., in which Monsanto takes a majority stock
Interest. A minority stock interest has been taken by the Central Aguirre
Sugar Co. of Boston. Arrangements have been made with this company to
supply molasses, the basic raw material of alcohol, from its extensive sugar
properties in Puerto Rico. Puerto Rican molasses enters this country duty
free. No new financing is involved. -V. 137, p. 881. 1063.
1775
Other incorporators are Donald K. Chadbourne of Chicago, who was for
several years General Manager of Westinghouse Electric International Co..
New York City, and later Vice-President of the Johnson Motor Co.,
Waukegan, Ill.. and Anthony J. Bemis, Chicago, Vice-President of Iday &,
Zimmerman, Inc., Philadelphia, consulting engineers.
The directors include the incorporators and George C. Miller, President
of the Dodge Manufacturing Corp., Mishawaka, Ind.; C. C. Hatcher, Jr.,
Assistant Manager of the Hartford Fire Insurance Co. for Cook County,
William G. Pancoast and Donald C. Brock, both of Chicago.
Mr.Zook stated that some of the incorporators agreed to act at the outset
only until they give way to important stockholders whose names cannot
be used at this stage of the Association's progress. He said that their
names and those of the interests he represents will be revealed at the proper
time.
The company's retail store business is now about two-thirds of its total
business, it was stated -V. 137, p. 1252.
Morris Plan Co. of New York.
-Reports Large Increase
in Loan Applications:
During the first 17 days following the announcement on Aug. 8 last
of its new policy of easing repayment requirements, the company had
7,592 applications for loans totaling $2,180,090. Compared with the
same number of days in the preceding month, when the company had
5,466 applications for loans totaling $1,696,600, these figures represent
an increase of 28%.
In making public these loan application figures, the company is said to
have established a precedent in the industrial banking field. So far as
known, no industrial banking company ever before made public any details
on this phase of its business.
An analysis of the applications received on the new terms was stated
by President Arthur J. Morris to reveal a large increase in business loans
as distinguished from personal loans and that merchants and business
men were daily feeling a greater necessity for freer access to banking credit
as a result of the NRA requirements.
"That the NRA has been adopted by business men in a definite and
concrete way is reflected in the recent activities of our company. More
and more loans are being made to merchants and business men who have
stepped up their operating costs," said Mr. Morris. "There is also a
disposition on the part of more applicants to stock up on inventories at
current price levels. The same is true of the individual borrower who
sees in present conditions an opportunity to 'buy now' and effect a decided
saving later."
The company's new credit policy, to remain effective until Oct. 1, permits
the borrower 90 days'"grace" before making any payments on the principal
of the loan and the balance of a year to repay the principal in equal monthly
Installments.
-V. 137, p. 1252. 1063.
Mother Lode Coalition Mines Co.
-Earnings.
-For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page,
--V. 136, p. 3734.
Mutual Life Insurance Co.-Status.
Total assets as of June 3() 1933. were $1,116,170,932, according to a
statement of the company filed with the State of Georgia. Income for the
six months aggregated $111,515,884, while disbursements amounted to
8I15.680.836.
Total insurance outstanding as of June 30 this year was
84,087.057.012.-V. 137, p. 154.
(The F. E.) Myers & Bro. Co.
-Resumes Common Div.
The directors on Aug. 29 declared a dividend of 25 cents
per share on the common stock, no par value, payable Sept.
30 to holders of record Sept. 15. A distribution of like
amount was made on Dec. 31 last; none since. The latter
payment compared with 35 cents per share paid on June 30
and Sept. 30 1932 and 50 cents per share previously each
quarter.
-V. 137, p. 1423.
National Battery Co.(& Subs.).
-Earnings.
Years Ended June 30-Net profits
Interest charges (net).. _ _
Federal income tax
Exp.of pat.infringement
Write-offof leasehold improvement
Exp.of acquiring sub_ _ _
Net profit
Pref. dividends
Common dividends
1933.
$300,459
Cr7,694
7,403
269,253
1932.
$319,451
3,181
40,928
1931.
$563.314
6,148
68,180
1930.
$544,416
3,691
60,200
$275,342
64,741
134.872
$488,987
72.629
193,359
$480,525
80.555
202,961
28,500
11,297
def$8,301
66.909
.112,394
Balance, surplus
$222,999
def$187,603
$75.728
$197.009
Shs, com. stock (no par)
90.429
89,929
89.929
89,049
Earnings per share
Nil
$2.34
$4.60
$4.49
Consolidated Balance Sheet June 30.
Assets
1933.
1932.
1933.
1932.
Cash
$320,967 $297,438 Accts. payable__ _ $134,407 8129,759
Accts.& notes rec _ 373,573
321,819 Accruals
28,421
52,156
Inventories
565,545
430,301 Prey. for Federal
Prepaid expenses
31,450
Income taxes_ _ _
36,159
10,757
48,929
U. S. Liberty bds
256,227 Divs. on pref. stk.
18,644
16,185
Investments, slow
Mtge. and equip.
receivables, drc _
68,342
39,811
notes payable_
30,387
Plant es equipment 619,549
772,487 Surp. approp. for
Deferred charges
17,304
redemp. of pref.
40,279
stock
87.378
87,378
x Cum.cony. pref.
stock
753,459
678.459
y Common stock
538,638
538,638
Paid-in surplus_
93,111
93,111
Earned surplus_
331,914
519.517
Total
$1,996,732 82,194,523
Total
81.996,732 82,194,523
x Represented by 34.428 no par shares in 1933 and 29,428 in 1932.
x Represented by 89,929 no par shares.
-V. 137, p. 1591.
National Cash Register Co. (Md.).-August Sales.
-
August sales of 81.612,350 are the largest for any month since October
1931, and exceed May of this year, the year's previous heaviest month,
by 17%.
August's large sales resulted from heavy sales to small businesses and not
from a few large orders, it was reported.
-V. 137, p. 1064.
National Investors Corp.
--$5.50 Accrued Dividend to Be
Paid.
-The directors on Aug. 31 declared a special dividend
of $5.50 per share on account of accumulations on the
$5.50 cum. pref. stock, par $1, payable Sept. 30 to holders
of record Sept. 15. The last regular semi-annual distribution of $2.75 per share was made on the pref. stock on July 1
1930; none since.
-V. 136, p. 2256.
National Bellas Hess, Inc.-Earnings.
Earnings for the 10 Months Ended July 31 1933.
Sales, less returns and allowances
Cost of sales, operating, administrative & selling expenses
$4,741,387
4,722.874
-Earnings.
Montgomery Ward & Co.
Profit from operation
Income credits-interest, discounts, &c
$18,513
31,502
Group of Stockholders Form Association.
Gross income
Income charge-provision for Federal & State income taxes
$50,014
1.104
Net operating inconie for the period
Extraordinary charges not applicable to current operations, including finance expense & expense ncurred prior to the commencement of operations on Oct. 1 1932
$48,911
For income statement for 3 and 6 months ended July 31 see "Earnings
Department" on a preceding page.
A group of stockholders of this company has filed incorporation articles
at Springfield,
incorporating the Montgomery Ward Stockholders'
Association, it was announced on Aug. 31.
The object of the Association, according to Joseph Zook of San Francisco
(formerly a director and Treasurer of the company), is to endeavor to place
on the board of directors men of greater experience in the company's field,
with a view to improving earnings.
Surplus as at July 31 1933-
43.324
$5,580
Comparative Balance Sheet.
July 31 '33. Dec. 31 '32.
Cash in banks._ _ $469,115 $214,502
Cash on hand and
4,275
32,562
postage
Cash deposits at U.
7.257
S. post office. 4ce
6,192
16,787
Accts.receivable
Mdse. at cost or
138.207
784,333
market
3,352
19,393
Inventory,supplies
Dep. with receivers
26,258
for 1933 rent_
140,810
98,989
Prepd.catalog cast
1,497
21,253
Prepd. insur., &c.
a Assets taken over
from Nat. Belles
500,000
Hess Co., Inc_ _ 500,000
Improve. & mach.
31,718
& equipment.
77,562
55,228
Organization exp_
Assets-
July 31 '33. Dec. 31 '32.
LiabilitiesAccts. pay. merch. $438,554 $126,596
Accts. pay,catalog
63,649
30,822
costs
24,001
41,274
Misc.exp. accruals
Cust.refund checks
21,272
55,961
outstd'g, current
Customers unfilled
24,014
orders
50,379
Due to customers_
16,304
Due to employees_
Federal dr State In1,104
come tax pay'le_
L'g-term note pay.
to rec., without
90,000
58,201
Interest
Rae. for old co. re21,919
31,194
fund checks
728,405
Common stock - _ 1,300,000
20,055
5,586
Surplus
$2,029,380 $1,119,912
Total
$2,029,380 $1,119,912
Total
a As follows: Customers' mailing list, $499,994; machines and equipment
supplies.
and furniture and fixtures.$1; packing material, bo.and stationery
at
$1; catalog in preparation, $1; trade mark and trade names,$1;leasehold
Kansas City, $1; good-will, $1.-V. 137. p. 1064.
-Increases Stock.
Distillers Products Corp.
National
The stockholders on Aug. 29 increased the authorized common stock,
-V.137, p. 1423,1064
no par value, to 829,587 shares from 629,587 shares.
-Status.
National Liberty Insurance Co.
The company as of June 30 1933, reported assets of 820,396,079, com$3,pared with $19,318,094 on Dec. 31 1932. Surplus was increased to were
476.951 from $1,812.609 at the end of 1932. Unearned premiums
1932. Contingency
at $6,563.653, compared with 87,925,066 on Dec. 31
reserves increased to $5,175,337 from $4.360,000 at the end of 1932.
-V. 137. p. 1252.
-Adjustment Dividend.
Standard Co.
National
The directors have declared the regular quarterly dividend of 30 cents
per share and an adjustment dividend of 80 cents per share, both payable
Sept. 30 to holders of record Sept. 20. The adjustment dividend was
declared in order to bring the total disbursements for the year ended Sept.
30 1933 to $2 per share.
Quarterly distribution of 30 cents per share have been made since and
including July 1 1932.-V. 136. p. 3918.
National Surety Corp.-Report.
The report for the three months ended July 31 (first quarter of new
corporation) shows: net premiums written, $2.213,000; appreciation in
market value of securities. $740,000.
Business In August will total about $700,000, Vincent Cullen, President,
reports. Cash position has been strengthened further, with premium
collections continuing good, he says. Cash deposits on Aug. 28 amounted
to $1,133,383.-V. 137. p. 1253.
-Balance Sheet.National Union Fire Insurance Co.
June 30'33. Dec.31'32.
$
Assets
1,174,081 1,014,777
Real estate
Bonds and stocks. 8,166,051 9,694,553
Mortgage bonds- 919,232 1,120,440
45,000
200,000
Collateral loans684,820
465,822
Cash
Prem. in course of
collect'n not over
950,352
90 days due__ _ 1,016,170
132,699
124,120
Accrued interest._
96,514
ledger assets 166.028
Other
Total
Sept. 2 1933
Financial Chronicle
1776
12,231,505 13,739,157
June 30'33. Dec.31'32.
LialyllitiesReserve for losses..
Res. for unearned
premium
Reserve for taxes
Contingency res.
Res.for other Bab.
Capital
Surplus
$
1,013,359
$
1,001,304
6,524,125 6,462,510
220,000
78,890
3,575,953
548,869
479,820
1,100,000 1,100,000
3.035,311 1,830,521
12,231,505 13,739,157
p. 2081.
--Earnings.
Nauheim Pharmacies, Inc. (& Subs.).
-v. 136.
1932.
$24,463
4,902
27.478
7,285
1931.
$73,240
2,859
30,591
14.803
.1930.
$60,548
725
32,727
15,507
$64,128
ded239,139
$121,494
1,067
$109,507
149,579
def$303.267
Balance, surplus
Reserve for notes receivable
receivable relating to sale of
Notes
capital assets written off as un35,925
collectible
Write-down purchase price of store to
value of tangible assets acquire&
100.146
Loss on sale of capital assets, &c
$120,427
16,250
$40.072
10,000
Calendar Years
x Operating loss
Other deductions
Deprec.ofturn.,fat.,&c
Amortiz. of leaseholds & improv
Net loss for the year
Previous surplus
29,005
102,462
def$439,337 def$239,139
Balance,surplus Dec.31
x After charging store, general and warehouse expenses.
Consolidated Balance Sheet Dec. 31.
1932.
Liabilities1931.
1932.
Assets
Cash
Accts. receivable
Notes receivable
Mdse.& supplies
Notes receivable
(not current) _ _
x Fixed assets.__ _
Good-will, trademarks, &c
Def. assets & chges
Deficit
$24,963
47,398
2,300
274,648
$21,981
66,297
4,525
325,825
6.125
292,463
32,450
385,090
11,017
29,215
439,337
11,017
42,845
239,139
Accounts payable_ $118,862
2,806
Notes payable_ _ .
Mortgage payable. 122,352
Taxes and other
21,983
accrued accounts
Reserve for loss on
8,264
leases
Loss on sale of
capital assets_
Reserve for con7,000
tingencies
Y Capital stock... 845,407
$1,067
1931.
$129.893
93,625
21,582
20,633
7,938
10,000
845,497
$1,126,764 $1,129,169
Total
$1,126,764 $1,129,169
Total
X After deducting reserve for depreciation of $91,073 in 1932 ($91,753 in
1931) and reserve for amortization of $22,287 in 1932 ($16,945 in 1931).
y Represented by 45,000 shares of pref. stock and 99,877 shares of common
stock, both of no par value.
-The dividend on the cumul. pref. stock at the rate of $2.50 per
Note.
share per annum is in arrears as from Aug. 1 1929.-V. 136, p.3175.
-Status.
New Brunswick Fire Insurance Co.
The company as of June 30 1933,reported assets of $4,563,388, compared
with $4,792,126 on June 30 1932. Surplus increased to $976,621 from
$604,255 a year ago. Unearned premiums were $1,236,940, compared
with $1,464,715 on June 30 1932. Contingency reserves were reduced to
-V.136. P. 857.
$503,727 from $800,000 a year ago.
--Earnings.
(Oscar) Nebel Co., Inc.(& Subs.).
1931.
1932.
Calendar YearsNet sales
Cost ofgoodssold
Gross loss
Delivery expenses
Selling expenses
Credit and collection expense
Administrative & general expenses
Loss from operations
Excess of other expenses over other income
$899,896
849,253
$811.595
867.740
prof$50,643
7,529
75,279
33,953
29,829
$56,145
5.548
62,950
• $95,948
539
$171,541
20,088
46,897
$191,629
495.409
Net loss
x A change of $9.185 net was made to deficit for bad debts incurred prior
to 1932. which accounts for difference In deficit reconciliation.
Total
1931.
1932.
$61,992 Notes & accounts
$49,958
$54,110
payable
95,552
4,259
4,023
169,715 Accrued liabilities_
37,312
830,885 Reserves
1,582,040 1,582,040
Capital stock
4,695
109,289
Deficit
58.534
$18.535
108,191
165,268
760,235
22,843
5,811
2,196
450,050
450,000
81,530,883 $1,668,874
$1,530,883 $1,668,874
Total
-V.136, P. 3175.
-Earnings.
Neisner Brothers, Inc.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Balance Sheet June 30.
1932.
1933.
AssetsFern. & fixtures-b$5,290,908 $5,561,613
348,416 1,319,802
Investments
758,400
1,018,833
Cash
83,358
79,417
Prepaid rents
50,807
Accts. receivable._ 117,693
40,433
45,410
Life ins, cash value
1,830,526 2,253,004
Inventory
90,277
98,848
Deferred charges.-
Total
$8,830,054 $9,857,698
1933,
LiabilitiesAccts. pay.& managem't bonuses. a$296,129
3,128,250
Funded debt
77,280
Accr. taxes & pay.
Notes payable._ __ 1,000,000
7% cum. cony.
preferred stock_ 2,207,700
133,917
Reserve
811,014
c Common stock
Earned surplus..._ 1,175,762
1932.
$671,190
3,148,750
105,124
1.400,000
2,207,700
105.976
811,014
1,407,941
88,830,054 9,857,698
Total
a Accounts payable only. b After depreciation and amortization of
-V. 137.
$1,194.175. c Represented by 206.234 shares of no par value.
P. 1253.
--Earnings.
New Haven Clock Co.
Calendar YearsGross revenue
Operating expenses including inventory losses
Reserve for depreciation
1931.
1932.
81,008,153 $1,934.248
1,603,990 2,381,000
81,738
54,024
Operating & inventory loss
Other income
8649,861
37,084
8528,489
53,427
Total loss
Other deductions
$612,777
16,878
8475,062
8,890
$629,655
$483.958
Netloss •
Balance Sheet Dec. 31.
1931. I Liabilities1932.
Assets$144,512 $169,095 Accounts payable.
Cash
400,326 Customer cred. bal
y Notes & accts.rec 258,345
631 City taxes payable
283
Accrued int. rec.__
609 Royalties payable.
4,912
Accounts payable.
10,000 Mfrs.' excise tax
79,183
Investments
for month Dec.
Cash surrender val1932
60,685
ue life insurance
1,288.823 Accrued liabilities_
831,987
Inventory
2,251 Res.for donations_
1,535
Adv.to salesmen
Res. for Chauncey
790
Loans to employees
Jerome, Inc. l'se
18,000
22,060
x Note receivable_
34,947 Preferred stock _ _ _
29,214
Deferred expo., &a
1,303,033 a Common stock..
z Fixed assets.... 1,249,311
1 Surplus
1
Good-will
Total
Total
Balance Sheet Dec. 31.
Liabilities-
Assets
Cash
Notes & accts. recInventories
Fixed assets
Cash-United
Strength Bk. &
Trust Co
Deferred & prepaid
charges
Patents, good-will
& other intangible items
82,622,133 83,288,402
Total
1932.
$25,211
17,566
29,513
4,454
1,319
10,686
1,861
1931.
$10,535
10,671
28,374
10.985
9.412
5,194
4,267
1,066
725,000
725,000
899,500
899,500
905,947 1,575,463
82,622,133 $3,288,402
R. H. Whitehead and P. H. English, trustees (employees stock purchase fund). y Less reserves for doubtful accounts, discounts and allowLess reserve for depreciation
ances of $35,000 in 1932 ($50,385 in 1931). z a
Represented by 71,960 no
of 31,848,617 in 1932 ($1,794,739 in 1931).
-V. 136, p. 3175.
par shares.
-Earnings.
New State Ice Co.
For income statement for 6 months ended June 30 see "Earnings Depart.
3•
-V.126.1 1995
ment" on a preceding page.
-Balance Sheet Dec. 31.
Nonquitt Mills.
1931.
1932.
Liabilities1931.
1932.
Assets$8,000
Accounts payable_ $24,750
W.,bldgs.& mach$2,904,104 $2,904,104
50,000
70,000
317,250 Notes payable_ _ _
245,278
Inventories
915,091
41,121 Res.for deprec'n_ 912,591
13,272
Accts. receivable..
2,416,946 2,602,068
15,418 y Surplus
11,631
Cash
Id. bidgs.&mach.
297,264
x250.000
to be sold
Total
83.424.286 $3,575,159
$3,424,286 $3,575,159
Total
x Land and buildings only. y Represented by 48,000 shares of no par
common stock.
-V. 134. p. 2539.
-Earnings.
North American Investment Corp.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
June 30, the
Based upon the market value of the securities owned as of6% preferred
liquidating value of the combined 31,034 shares of 5at7„ and31 1932, and
Dec.
stocks was $53.20 a share, compared with $27.27
$13.32 a share as of June 30 1932.
on
Investments, at cost, at the close of June, were shown as $2,922,553,
which market value at that date was $2,502,590. On June 30 1932,inof S899.993.
vestments carried at a cost of $3,584,152 had a market value
the
Cash on hand as of June 30, last. was $1,105,558, against $1,512,566 on
-V. 136, p. 1031.
like date last year.
--Status.
Insurance Co.
North River
The company, a member of the Crum & Forster group, as of June 30
Dec.
1933, reports assets of $15,501,498. compared with $19,326,833 on Dec. 31
31
1932. When contingency reserve of $4,635,824 is deducted from
figure the total assets are reduced to $14,691.009. Surplus increased to
on Dec. 31. last. Unearned premiums were
$5,573,200 from $3,934,583
moderately lower, dropping during the six months period to 86,528,847
from 87,269,436 at the end of 1932.-V. 136, P. 1899.
--Status.
Northwestern National Fire Insurance Co.
The company, as of June 30 1933,shows assets of $13,875,630, compared
on
with $12,705,331 on June 30 1932, Surplus increased to $5,923.969
Unearned
June 30 1933, compared with $3,053,628 on June 30 1932. $5.793,960
premiums dropped moderately to $5,129,147, compared with
a year ago.
-Stock Offered.
Brewing Co., Detroit.
Oakman
The company with offices at 2537 Book Building, Detroit is offering
(in Michigan only) 895,000 shares of capital stock, at $1 per share. An
advertisement shows:
$1).
-Authorized, 1,250,000 shares _(par Mile Road and the
Capitalization.
Plans.
-Company proposes to erect at the Ten modern brewery emDetroit, a strictly
Grand Trunk Ry.. adjacent to
ploying all the latest and most modern improvements, developed to date,
In the brewing industry, thereby enabling the company to turn out the
highest grade produc tat the lowest possible cost. The plant will be equipped
to manufacture both beer and ale.
-Chas. G. Oakman, President; Louis A. Trion, Vice-President
Officers.
& General Manager; A. R. Malcomson, Vice-President; Wm. C. Atherton,
Secretary; R. E. Irion, Treasurer.
Directors -Louis A. Ilion, Wm. C. Atherton, J. M. O'Dea, D. A.
Mueller, Rex Humphrey, Chas. G. Oakman, A. R. Malcomson, Duncan A.
Campbell, Harry R. Trattner.
In order that the management might be assured of a very substantial
stock
investment in the company, 250,000 shares of the capitalthem, have been
at $1 per
reserved by the original incorporators, to be taken by
Volume 137
Financial Chronicle
. share, at their option on or before one year after the company commences
operations.
Capacity.
-The plant will have a capacity of 350.000 barrels, annually,
making it one of the largest breweries in the Middle West.
Old Colony Trust Associates.
-Earnings.
-For income statement for six months ended June 30 see "Earnings
Department" on a preceding pave.
The balance sheet as of June .30 1933 shows total assets of $20,833,301.
Investment in capital stocks of banks at cost, less $157,240 net profit on
sales from inception of the Associates to June 30 1933, was $19,306,606.
Market value of the securities owned is not available.
, During the six months ended June 30 the Associates made the following
purchases (in shares): 21 Appleton National Bank, Lowell; 40 Boulevard
Trust, Brookline; 891 Lechmere National Bank, Cambridge; 10 National
Mt. Wollaston Bank, Quincy; 100 Needham Trust, Needham; 168 Newton
Trust Co.; 300 Winchester Trust Co.
During the six months 90 shares of Everett Bank Sr Trust Co. were
sold.
-V.136. p. 3551.
Oregon Lumber Co.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 120, p. 2279.
Otis Steel Co. Defers Bond Interest.
The company deferred action Aug. 31 on paying interest on bonds accruing Sept. 1 "to conserve operating cash." in view of increased operating
costs both as to raw materials and wages. "which have not yet been reflected in increased selling prices for its product." The directors added,
however, that increased selling prices were expected from the NIRA. Improved operating conditions reflected in the July statement were reported
as having continued in August.
-V. 137, P. 884.
,.: Pacific Eastern Corp.
-Writ Bars Meeting.
A decision restraining a meeting of the stockholders of the corporation,
formerly the Goldman Sachs Trading Corp. on Aug. 28, to consider an
offer of Goldman Sachs & Co. to settle for $325,000 claims of stockholders
against the former directors of the company was handed down. Aug. 25.
by Supreme Court Justice Hofstadter. The settlement would release
claims in several stockholders' actions here and in other States.
li. The Court said the ruling in the case of Abraham and Rose Levy to
restrain the approval of the offer did not pass on the merits of their application and that it would not decide until after full consideration of the voluminous papers whether an injunction would be granted. Justice Hofstadter
said the decision was intended merely to delay the meeting until the case
could be decided on its merits.
-V. 137, p. 1592.
Pacific Finance Corp. of Calif.
-Earnings.
I For income statement for 4 months ended July 31 see "Earnings Department" on a preceding page.
-V. 136, P. 2256.
Pan-American Airways, Inc.
-Orders $5,000,000 Develop-
ment Work to Aid Recovery Program.
The following announcement was made on Aug. 26 by President J. T.
Trippe.
O. In response to President Roosevelt's call for increased employment and
Industrial activity for national recovery, the Pan American Airways System
has adopted a major development program, involving in excess of $5,000,000, for immediate execution. Giving effect to this program, construction contracts were awarded on Aug. 26 for what is believed to be the
largest inter-national aerial traffic station in the world.
Ir • The new building which, with associated awards involves an expenditure
of $250,000, is to be the first unit in the development, at Miami, Fla., of
a great international marine air base as the aerial gateway between the
United States and the 32 countries served by the Pan American airlines out
of this port. The complete development, as approved by the board of
directors, will represent an investment of substantially over $1,000,000.
Contracts are being let or are pending with various aircraft and allied
manufacturers throughout the United States involving an additional $2,250,000 in connection with advanced equipment for Pan American airlines
in Latin America and Alaska. These orders will be in addition to the
$1,750,000 contracts recently awarded to the Sikorsky Aviation Corp.,
and to the Glenn L. Martin Co. for construction of six trans-ocean type
"Clipper Ships, and represents one of the largest orders ever placed with
the aviation Industry in the United States.
The master contract for the terminal building construction calls for
completion of the new terminal on or before Dec. 15.
At the present time the Pan American Airways System has in operation
a fleet of 139 airliners, more than one-fourth of which operate from Miami.
the eastern United States terminal for the 26,650 miles of Pan American
Airways to the West Indies, Central and South America.
-V. 137, p. 1424.
Pan American Petroleum & Transport Co.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 137, P. 1254.
-Stricken from-List.Publix Corp.
The P
Paramount Famous Lasky Corp. 20-year 6% sinking fund gold
bonds, due 1947 (proof of claim not filed .by owner)....and the Paramount
Public Corp. 20
-year 53.i% sinking fund gold bonds due 1950 (proof of claim,
not flied-by-owy were stricken from the New York Stock Exchange list,
effective Sept. 1
V. 137. p. 1425.
' Para mount
Park Lane Corp.
-Trustee.
The manufacturers Trust Co. has been appointed trustee for $1,579,400
of 1st 63 % income debentures due Aug. 1 1964. and $408,600 of 2d 634%
income debentures due Aug. 1 1964.-V. 133, P. 4170.
Park & Tilford, Inc.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V.137. P. 1065.
Park Utah Consolidated Mines Co. Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 136, p. 1900.
-Earnings.
- •
Pathe Exchange, Inc.
For income statement for 13 weeks ended July 31 1933 see "Earnings
Department" on a preceding page.
-V. 137. P. 884.
Patino
Mines & Enterprises Consolidated, Inc.-
Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-.V. 137. P. 1592.
Perfection Stove Co., Cleveland. Pays
Extra Dividend
to Cover Federal Tax of 5%.The directors have declared the regular quarterly dividend of 30 Cents
per share on the common stock, par $25. payable Sept. 30:to holders of
record Sept. 20, and an extra dividend sufficient to cover the 5% Federal
dividend tax. Regular quarterly distributions of30 cents per share have been
made on this issue since and incl. Dec. 31 1932.-V. 136. p. 1389.
-Balance Sheet Dec. 31.Potomska Mills Corp.
Liabilities1932.
1932.
- 1931.
Assets1931.
$1,200,000 $1,200,000
$656,432 5706,185 Capital stock
Plant
55,
367 Notes payable
90,000
Cotton and silk _ _
.44,426
150,000
Accounts payable_
Stock In process A:.
73,328
Profit and lom
det193,222
cloth & waste
73,426
inventory
374,173
243,865
Supplies
3,016
3,250
Cash as accts. ree_
69,639
179,355
Trade acceptances
565
Liberty bonds _ _ 150,491
50,164
Inv. Now Bedford
Waste Co
700
700
Prepaid Insurance_
26,126
27,672
Prepaid interest.541
864
Total
$1,096,778 $1,496,754
Total
$1,096,778 51,496.754
x After depreciation of $656,083 in 1932 ($614,317 in 1931.)-V. 136,
P. 1567.
1777
Phoenix Fire Insurance Co.
-Status.
The report as of June 30 1933, shows total assets of $34,980,913 as compared with $35,410,236 at the close of 1932. Surplus increased to $18,314,671
from $17,549,190 on Dec. 31 last. Unearned premiums on June 30 of
$8.639,219 compared with $9,443,076 on Dec. 31.-V. 136, p. 1216.
Pierce
-Arrow Motor Car Co.
-Repurchased from Studebaket Corp.-Demerged and Made Completely Independent
To Continue Exclusively in Fine Car Field.
President Arthur J. Chanter on Aug. 26 announced that this company
had been completely demerged from the Studebaker Corp. which had
held control since 1928. Henceforth Pierce-Arrow will operate as an
independent unit in the fine-car field, just as it did from 1901 to 1928.
The order authorizing the purchase was signed on Aug. 26 in South Bend.
Ind., by Judge Thomas W. Slick sitting in the IL S. District Court for the
Northern District of Indiana.
The re-establishment of Pierce-Arrow as an independent industry was
initiated by the Pierce-Arrow management in collaboration with a group
of Buffalo, N. Y. business men and bankers. Most of these men had been
associated with the company for many years. The list included George F.
Rand, President of the Marine Trust Co., J. F. Schoellkopf Jr., Seymour
Knox, Roland Lord O'Brian and Mr. Chanter. John Jay of J. & W.
Seligman & Co., and Lester Watson of Hayden Stone & Co., both of whom
have long been members of the Pierce-Arrow board, will continue that
association.
In a statement regarding the purchase, Mr. Chanter said in part:
"We are pleased to announce the independence of Pierce-Arrow. Those
who helped make this possible have been interested in Pierce-Arrow for
many years. It is a real tribute to our institution that this strong group
is so actively associated with the company. The plans for recapitalization
(see below) insure that Pierce-Arrow will go forward on a clean-cut and
solid financial foundation.
"Since Jan. 1930. more than $2,000,000 has been spent on the improvement of our 45-acre plant. This plant is self
-adequate, from the manufacture of engines through to the construction of bodies.
"Pierce-Arrow sales this summer have been twice as good as last year.
Assuming that the period of recovery has been entered. there is every reason
to believe that there will be a large replacement of cars in our class during
the next two or three years, and that Pierce-Arrow will enjoy a good part
of this increased demand.
"Since 1928 our share of sales in the fine car field has been doubled."
Roy H. Faulkner continues as Vice-President in charge of sales. B. H.
Warner as Vice-President in charge of operations, K. M. Wise as director
of engineering, and M. C. Ewald as Treasurer.
The directors will include the following: George F. Rand, John C. Jay,
Edward H. Letchworth, J. F. Schoellkopf Jr., Arthur J. Chanter, Edward
N. Hurley, Lester Watson, Bayard F. Pope, Hamilton H. Wende, Charles
M. Kennedy, F. J. Lewis, Roland Lord O'Brian.
Secretary M. C. Ewald, Aug. 26, in a letter to the stockholders, states:
The entire interest of the Studebaker Corp. in your company has been
sold by the Studebaker receivers to purchasers in Buffalo. New York and
Boston,including the preferred. class A and class B stocks formerly held by
the Studebaker Corp. as well as the $2,000,000 6% note due 1937 and
3108.187 open accounts owing by your company to the Studebaker Corp.
These sales were made primarily because the receivers of the Studebaker
Corp. wish to concentrate their efforts and funds in the development of the
Studebaker business, which is their principal operation, and to be relieved
of the responsibility of financing your company. It is felt that the operation
of your company on an independent basis will be beneficial. The personnel
of the board of directors will be reconstituted so as to include representatives
of the purchasers, resignations of the Studebaker representatives on the
board having already been received and accepted.
The board of directors of your company believe that these purchases
will enable the directors and the management with the co-operation of the
new owners of these securities to work out a method of financing your
company's immediate operating program. This method involves the following plan of recapitalization which has been approved by your directors
and which, if approved by the stockholders and carried into effect, will
assure a substantial increase in its line of credit.
Through this plan of recapitalization the company is freed of $2,108,187
of debt, making it possible for the company to obtain additional credit.
The present impairment of capital is wiped out and $2.000,000 is added
to the net worth of the company. The capital structure is simplified, and
a medium created through which permanent capital can be secured. The
company may determine to offer stockholders the right to subscribe to
new common stock if it seems advisable to do so.
Holders of a large amount of stock, in addition to that purchased from
the Studebaker Corp.. have already indicated their approval of the plan
and it is the opinion of your board of directors that it is to the best interest
of all stockholders to do likewise. The company expects to make application to list the new common stock on the New York Stock Exchange.
Plan of Recapitalization.
A special meeting of stockholders will be held on Sept. 15,for the purpose
of approving the following plan of recapitalization:
The authorized capital of the company will be changed from 80,000
shares of 6% pref. stock (par $100), 197,250 shares of class A stock (no
par value) and 230,125 shares of class B stock (no par value) to 750.000
shares of common stock of the par value of $5 per share.
The pref, stock will be reclassified by changing each share of pref. stock
into 3.2 shares of new common stock, or a total of 227.520 shares of new
common stock.
The class A stock will be reclassified by changing each share of class A
stock into 1-10 of a share of new common stock, or a total of 19,725 shares
of new common stock.
The class B stock will be reclassified by changing each shares of class B
stock into 1-25 of a share of new common stock, or a total of 9.205 shares
of new common stock.
240,000 shares of new common stock will be issued in exchange for the
$2.000.000 note of the company dated Nov. 1 1932.
Open accounts due from the company to the Studebaker Corp. and subsidiaries in the amount of $108.187 will be canceled.
The total amount of new commpn stock issuable under the plan will be
496,450 shares. This stock will have pre-emptive rights as to stock which
may be hereafter issued other than that provided for in this plan.
The company has also notified the New York Stock Exchange that it
proposes (a) to reduce the present authorized capital stock by the retirement
of 8.900 shares of pref. stock.
Pres. A. J. Chanter further reported as follows:
Operations of your company and subsidiaries for the quarter ending
June 30 1933, show net profits of $4,770. This compares with a net loss
of $878,800 for the corresponding quarter of 1932. For the first six months
of 1933, net losses were $254,735 against net losses of $1,072,334 for the
same period in 1932. The entire loss for the first six months of 1933 occurred in the first quarter, when economic conditions were at their worst
and automobile buying had receded to extremely low levels.
Results of the company's program of expense curtailment and control.
which involved readjustment of orgnalzation and layout, are evidenced by
the following comparative figures:
Profit or Loss.
Sales.
Second quarter-1932
$1,598.884 4878.800 loss
Second quarter-1933
4,770 profit
1.555,642
x Includes $178,000 of non-recurring losses.
On the basis of July costs and selling prices, my calculations show that
a slight profit after depreciation but before interest and income taxes would
accrue on annual sales of 3,000 cars of the present line. On a similar basis.
the sale of 4,000 cars annually would result in profits of somewhat over
$1.000,000, and on the sale of 5,000 cars profits of about 31,750,000
-both
figures being before interest charges and income taxes. Our sales for the
last 10).6 years have averaged 4,980 cars annually, and for the last 53i
years 5,403 cars annually.
The foregoing statements indicate to the stockholders the progress which
has been made in the operating conditions of your company. As mentioned
above, however, these figures are based on July costs and selling prices
which are subject to revision now impossible to predict on account of the
general changing business conditions. The plans now being worked out
under the NIRA will no doubt result in higher labor and material costa
but I confidently expect this Act will create material benefits to business
in general, which should go far to offset the increased costs as well as to
increase the volume of business.
-For income account for the 6 months ended June 30 see
Earnings.
"Earnings Department" on a preceding page.
Consolidated Balance Sheet June 30.
1932.
1933.
1933.
1932.
$
LlaSUillesAssets
700,000
241,321
770,021 Notes payable_ _ _ _ f461,394
Cash
187,002
54,727 Accounts payable_ 440,137
187,845
Sight drafts outst_
364,676 Deposits on sales
Notes & accts. rec. 0307,566
39,040
14,902
contracts
b1,752,607 3,202,567
Inventories
63.021 Accrued expenses_ 175,938
Misc. Invest., &c_ c152,755
198,802 Sundry creditors &
Def'd chgs to oper 126,004
228,957
89,795
reserves
Branch house prop. d803,5071 7,399,848
Amt. pay. to Pref•
Capital investm'ts.e6,583,272
stkholders of old
Good-will, pats. &
g310
co
1
1
trademarks
Due to Studebaker
h2,108,188 1,809,867
Corp
Real estate purch.
342,000
1326,250
mortgages
6% pref stock_ _ 7,110,000 7,110,000
197,250
j197,250
Class A stock
230,125
k230,125
Class B stock
335,692
335.693
surplus_
Capital
873,728
Earned surplus_
P.& L.deficit_ _ _ _ 1,341,102
10,154,878 12,053,663
Total
10,154,879 12,053,663
Total
a Includes notes receivable of $43,123 and accounts receivable of $296,for doubtful accounts of $32,364. b Includes finished cars,
806. less reserve
service parts, raw materials, work in progress and supplies at plants and
branches(at book value). c At cost less reserve. d Not used in manufacturing operations. e Land, buildings, machinery, equipment, &c.,
$11,189,419; less reserve for depreciation of $4,606,147. f Of this amount,
$111,394 represents a liability of a subsidiary selling company, secured by
and
33 of the finished cars, valued at $79,613, included in inventory,
by funds received or receivable from the sale of other cars, in the amount
payable to pref. stockholders of old company
of $31,781. g Amount
upon surrender of shares not yet exchanged. h Includes 0% gold note
5108,188.
due 1937 of $2,000,000 and account prior to March 18 1933 of of no par
Maturing in October 1934. j Represented by 197,250 shares
value, but of a stated value of $1 each. k Represented by 230.125 shares
of no par value, but of a stated value of $1 each.
Note.
-Five 1% quarterly pref. stock dividends in arrears at June 30
1933-5533,250.
Contigent liability on repurchase agreement in respect of customers'
notes to finance company for car sales-$575.124.
Admitted to List.
The New York Curb Exchange has admitted to unlisted trading privileges
-V. 137, P. 1592.
the new common stock, par $5, when as and if issued.
-Earnings:
Pittsburgh United Corp.
For income statement for 6 months ended June 30 see "Earnings De-V.136, p.3736.
partment" on a preceding page.
-Earnings.
Plymouth Oil Co.
For Income statement for 6 months ended June 30 see "Earnings Depart-V. 136. D. 3359.
ment" on a preceding Page.
Provident Loan & Savings Society of Detroit.
Correction-Pays Regular Preferred Dividend.
It was erroneously reported in last week's issue of the "Chronicle" that
account of accumulations
the company had declared a dividend of 1;f% on
on the 7% cum. pref. stock, par $100, payable Sept. 1 to holders of record
Aug. 20. This was the regular quarterly payment due on that date, the
company announcing that it has never omitted a dividend on the pref.
stoc . All dividends have been paid to date -V. 137, p. 1592.
-Time for Deposits
Quaker City Cold Storage Co.
Extended-More Than 75% of Bonds and 90% of Debentures
Deposited to Date.
With more than 75% of the first mortgage sinking fund gold bonds,
-year 6}-5%
6% series, due 1951, and more than 90% of the company's 15
convertible gold debenture bonds, due 1941. deposited in acceptance of the
plan of reorganization dated July 27 1933 (V. 137, p. 1254), announcement
is made by the reorganization committee that the time for deposit has been
extended to Sept. 30 1933. This extension, it is stated, has been granted at
the request of many holders of undeposited bonds who desire opportunity
to deposit their bonds and debentures during September.
The Pennsylvania Co. for Insurances on Lives and Granting Annuities,
-V. 137. p. 1427.
15th and Chestnut Streets, Philadelphia, is depositary.
-Balance Sheet Dec. 31 1932.Quissett Mill.
Liabilities
Assets
$1,681,100
$2,276,670 Capital stock
Real estate & machinery
13,766
871,292 Accounts payable
Cash, receivables & invest_ _
1,724,593
404,342 Reserve for depreciation
Inventory
132,845
Capital surplus, profit & loss
Total
-V. 134, p. 3652.
$3,552,304
Total
53,552,304
-Balance Sheet June 30.Raybestos-Man hattan, Inc.
1933.
1932.
1932.
1933.
Assets
$
Cash In banks and
on hand
848.103
:Market. securs 2,238,759
Notes, accts., &c.,
1,588,507
receivable
Merch. Inventories 2.186,586
Inv. (incl. adv.) 1,116,869
Sundry accts. rec. 412,749
YFized assets
6,604,550
63,421
Deferred charges
Trade name, good595,157
will,&c
5
254,228
Accts. payable_ _ _ 492,437
44,144
84,300
551,795 Accr.sal.& wages_
38,235
28,128
2,765,368 Prey.for Inc.taxes
Prov. for conting.,
48,616
taxes, &c
1,221,849
9,721,800 9,721,800
1.938,589 xCapital stock _ _
1,322.673 Earned surplus )5,279,430 1 49,670
15,727,425
522,396 Capital surplus- 1
6,850,108
67,567
595,157
15,654,712 15,835.504
Total
15.654.712 15,835,504
Total
x Market value, $2,166,618 in 1933 and $2,570.765 in 1932. y After
depreciation of $8,498,164 in 1933 and $7,943,101 in 1932. z Represented
-V. 137, P. 1592.
by 676,012 shares (no par value),
-Sales Up.
Remington-Rand, Inc.
August sales are 44% ahead of July and 59% ahead of August last year,
James II, Rand, Jr., President and Chairman, says. July sales and earnings were approximately the same as in June. The company will show a
profit for each of the three months, June, July and August, Mr. Rand
-V. 137. p. 506, 1067.
says.
-New Stock Admitted
Reynolds Investing Co., Inc.
The New York Curb Exchange has admitted to list the new common
stock (par $1) issuable, share for share, in exchange for old common stock
.-V. 134, p. 4172.
(no par)
Reynolds Spring Co.-Sales Show Improvement:
1932.
1933.
Month of July-$105,240
$221.164
Sales
states that sales for the first 22 days of
President Charles G. Munn
-V. 137. D. 1592,
August were $143.000 or more than 100% over last year.
1255.
Rhine Main Danube Corp.-Sept. 1 Interest.
The corporation has notified holders of its 7% secured sinking fund gold
debentures, series A, due 1950, that it is prohibited by law fromNtransmitting funds necessary for the Sept. 1 interest and sinking fund payments,
but that it has deposited with the Conversion Bank for Foreign Debts the
Reichsmark equivalent. The company expresses its regret that debenture
holders have been inconvenienced as a result of the embargo on the transfer
offunds out of Germany and states that it is continuing its efforts to obtain
permission to make the full dollar payments called for.
Sept. 2 1933
Financial Chronicle
1778
Under the existing regulations, the Reichsbank has indicated that permission will be given in due course to transmit in dollars 50% of the interest
due Sept. I and that the remaining 50% will be transmitted in the form of a
Reichsmark instrument, upon which certain restrictions are placed.
V. 125. p. 1593.
-Wm.C.
-Stock Offered.
(H. W.) Rickel 8c Co., Detroit.
Roney & Co., Detroit, in July last offered 180,000 shares of
common stock at $2 per share. A circular shows:
Purpose.
-To provide additional plant capacity and working capital for
the company.
Company.
-Is the only producers of brewer's malt in Michigan and one of
only 14 commercial maltsters in the United States. The business has been
in existence 57 years and has been owned and managed by the Rickel
family from the date of its organization. Since inception, the business has
operated at a profit every year, with the exception of three during the
prohibition era.
Outlook.
-Since beer has been legalized, the plant has been working all full
capacity and has large unfilled orders on hand. Furthermore, the company's standing in the industry and its relations with its present customers
gives definite assurance of a sustained market for its maximum increased
output at satisfactory prices.
-Of the company's authorized capital of 325,000 shares,
Capitalization.
180,000 are represented in this offering, the balance (145,000 shares) being
owned by the Rickel family.
-Earnings.
Riverside Silk Mills, Ltd.
Calendar YearsNet earnings after depreciation and taxes
Dividends class A stock
1932.
$33,835
37,500
1931.
$55,085
60,000
Loss for the year
Previous surplus
Tax adjustment
53,665
463,003
Cr583
$4,915
468,664
Cr746
Balance
AssetsCash on hand and
In bank
Accounts and bills
receivable
Inventory, merch.
and supplies_
Prepaid insurance_
Y Real estate bidgs.
mach.& equip
$463,003
$458,755
Balance Sheet Dec. 31.
1931.
Liabilities1932.
1931.
1932.
$53,397
Accounts payable_ $41,260
5,022
4,966
$21,456 Accrued wages..___
$54,606
Div. A stock
15,000
7,500
145,177 Prov. for Federal
103,072
3,860
income taxes__ _
1,649
300,000
155,794 x Capital stock_ _ _ 300,000
162,496
463,003
458,755
3,500 Surplus
3,200
490,757
511,356
Total
$814,130 $840,282
$814,130 5840,282
Total
x Represented by 30.000 cumulative class A shares (no par) and 20,000
B shares (no par). y After reserve for depreciation of $170,247 in
class
1932 ($143,246 in 1931).-'V. 134. p. 4336.
-Operations Increased.
Rock Island Brewing Co.
The company started production on the basis of 600 barrels daily, which
was stepped up to 1,000 barrels daily by Aug. 31, President Chester A.
Mitchel announced. Orders and inquiries now on hand are considerably
In excess of what the company will be able to fill, he added. The company
Is planning the construction of an additional brew house, work on which
will begin this winter, wh.ch w 11 increase the annual capacity of the brewery
cy the country, Mr.
to 500,000 barrels, thus making it one of e
Mitch
•-•
//
loned.-v. awe. 506.
8v;Liratggrat Chemical Corp.-danges
orp,or'ate
Tat
To Retire Preferred Stock.Si
lizing its entry into the manufacture, blending and rectifying of
wills es, gin, rum and other distilled liquors, this corporation has changed
Its corporate title to Rossville Union Distillers, Inc., according to an announcement made on Aug. 28 by If. I. Peffer, Chairman of the board.
Adoption of the new corporate title follows approval given last week by
the stockholders of the corporation and the decision of the board to concentrate the activities of the company in tae field opened up by the prospect
of repeal. The industrial alcohol business of the company was recently
sold to Commercial Solvents Corp.
"Rossville has the resources, equipment and experience to engage in the
manufacture of distilled liquors on a large scale," Mr. Peffet stated. "Two
of its plants, at Lavrrenceburg. Ind., and Carthage (Cincinnati), Ohio,
are in the grain belt and were substantial producers and blenders of whiskies,
grain alcohol and distilled liquors prior to prohibition. These plants compare favorably in point of productive capacity with any similar -plants in
the country and control a number of brand names which formerly had wide
acceptance and will now be revived. They have ample facilities for the
storage and aging of whiskies.
"The company's plant at Newark, N. J., is well equipped for the manufacture of gin, rum and other distilled spirits and will round out Rossville's
production in these lines.
Only slight changes in equipment are required at the three plants to
adapt them to their new use. These are now in progress and will be completed shortly and at moderate outlay.
"The Rossville organization includes men experienced in the distillation
of liquors prior to the enactment of the Eighteenth Amendment. From
their standpoint, the change in Rossville's operations will mean a return
ve a u o
to ntnreld and familiar line of business rather than embarking on a new
les
"As a result of the recent sale of Rossville's industrial alcohol pro
me
the company is well supplied with working capital to enable it to
large factor in the business. It is planned to have the plants of the
time repeal becomes an accomplished
company in full operation by the
All of the outstanding preferred stock has been called for redemption on
Oct. 1 1933, at $27.50 a share together with all dividends accumulated and
unpaid thereon on that date. Payment will be made at the office of the
City Bank Farmers Trust Co., 22 William St.. N. Y. City. Any holder
of preferred stock may, at any time not later than the sixth day prior to
the redemption date, convert such preferred stock into common stock at
the rate of one share of common stock for each share of preferred stock.
V. 137, p. 705, 1255.
-New Name.Distillers,
Rossville Union Distillers Inc.
See Rossville Alcohol & Chemical
above.
-Transfer Agent.
Rustless Iron & Steel Corp.
agent
for
The Manufacturers .Trust Co. has been appointed transfer
1,000,000 shares of the new no par common stock. See also V. 137, p. 1593.
-Earnings.
Rustless Iron Corp. of America.
For income statement for 5 months ended July 31 see "Earnings De0
-V. 13 •P. 2988.
partment" on a preceding page.
---Annual Report.
Saco-Lowell Shops.
D. F. Edwards, President, states in part:
The loss for the year ended Dec. 311032. was $761.002. Depreciation.
interest, and abandoned plant expense make up nearly three-quarters of
tne total loss.
With respect to interest charges, payable currently in cash, the effect of
toe plan for adjustment of indebte..'ness (V. 135, p. 4397) is to reduce them
annually by about $145.000. As an offset to any such saving, however, is
the fact that in 1933 the company will not receive the same income which it
received in 1932 from the investment of excess funds because these excess
funds have been applied to reduce the company's funded debt maturing on
Jan. 14 last. Notwithstanding this offset, through, tne effect of carrying
through the plan will be to save the company well over $100,000 per year
In interest charges currently payable in cash. In connection therewith, the
co-operation of the holders of all class B notes and of about 87% of the
convertible notes, with respect to subordinating the interest as well as tne
Principal of their holdings, has been particularly helpful.
Abandoned plant expense of $52,458 (a non-operating item) is made up
of the carrying charges on Lae plants of the company located in Lowell and
Newton Upper Falls, Mass.. which have been rendered idle by consolidation of the company's operations into the plants located in Biddeford and
Saco. Maine, which plants constitute one integrated group. The abandoned
plants aggregated originally about 1,650,000 square feet of floor space and
$890,340
$485,951
$761.002
Total loss
Condensed Consolidated Balance Sheet Dec. 31 1932.
Liabilities
Assets
$532,361 Accounts payable and accruals $90,355
Cash
42,612
Accrued interest (current)____
Notes and accounts receivable,
837,842 Amount due Jan. 1 193300 10
(less reserve)
37,500
year loan payable
Inventories
695,381
212,193 b 10-year 6% loan payable
Miscellaneous assets
a Real estate, mach. & equip_ 4,533,726 (balance payable after 1933,
In equal instalments due
28,371
Prepaid insurance, taxes, &c.._
Jan. 1 1934 to Jan. 1 1942,
312,500
Inclusive
2,753,344
c Funded debt
53,882
Reserve for sundry contingen_
3,549,682
d Shareholders' equity
$6,839,875
Total
$6,839,875
Total
a Based upon an outside appraisal made in 1929 and allowing for differdate, the relative depreciated value of
ence in reproduction costs since that
active plants owned, plus estimated realizable values for the idle plants at
Newton and Lowell, Massachusetts, would be substantially in excess of
the net book value carried for these assets at Dec. 311932.
b This loan is subordinated as to principal and interest to class A notes.
c As follows: 6% class A notes, due Jan. 14 1933, $1,274,000; 7%
0
convertible gold notes. due Jan. 15 1933, $477,690: 57 class B notes, due
Jan. 15 1935, $895.000,• accrued interest at 2% on class B notes, due Jan. 15
1935, $106,654. At Dec. 31 1932, the 7% convertible notes were subordinated as to principal, but not as to interest, to class A notes: the class B
notes were subordinated as to principal to class A and to convertible notes;
the 5% interest on class B notes was not subordinated: and the 2% interest
on class B notes, which was not payable until maturity or payment of the
notes, was subordinated to all other payments under the notes. Under the
provisions of a trust indenture dated Jan. 14 1933. when consummated, the
funded indebtedness is revised and extended to January 1936, and certain
changes are made in respect of dates of maturity of interest payments and
of relative subordinations.
d Preferred capital stock, 6% cumulative, 12.500 shares (dividends
accumulated. $562.500). $1,250,000; second preferred capital stock, 7%
cumulative, 26,438 shares (dividends accumulated. $1.434,261). $2,643,800;
common capital stock, 67,299 shares without par value (including 1.172
-balance before deducting income deficit
shares issued in 1932, $1,172,)
for 1932. $416,883; total shareholders' equity before deducting income
deficit for 1932, $4.310,683; less, income deficit for 1932 (not including
adjustments to reserve for contingencies applicable to prior years),$761,001.
-V. 136, p. 2627.
-Larger Distribution.
South Porto Rico Sugar Co.
The directors on Aug. 30 declared a quarterly dividend of
60 cents per share on the common stock, no par value,
payable Oct.2 to holders of record Sept. 12. This compares
with 40 cents per share paid each quarter from Oct. 1 1932
to and incl. July 1 1933.-V. 135, p. 3159.
-Earnings.
Safety Car Heating & Lighting Co.
Calendar YearsOperating profit
Dividends
1931.
1932.
y$232,736 xdf$105.873
295,860
1929.
1930.
4820,860 41,186,366
788,960
986,200
$31,900
Surplus
$232,736 def$401,733
Earns, per eh. on 98,620
$8.32
Nil
shs. cap. stk. (no par)
$2.36
x After depreciation. y Before depreciation.
Consolidated Balance Sheet Dec. 31.
1931.
1932,
$
Assets$
Real est., mach.,&c z153,516 :9,460,227 y Capital stock_ _ _ 4,931,000
• 1,535,643
55,196
928,109 Accts. payable_
Cash
Tax reserve & conU. S. Govt. seem% 507,947
233,210
tingencies
Loans and certif, of
1,729,112
Surplus
629,000
deposit
5,393
Accrued int. receiv.
10,614
Agents balances.Invest. in and adv,
2,239,424
to affil. cos
2,200
2,200
Miscellaneous inv.
Call loans & notes
1,630,671
receivable. &c
591,691
Accts. receivable. 505,841
51,938
90.809
Cap, stk. in treas.
1,254.712 1,323,253
Inventories
344,129
13,421
Deferred charges_
$200,166
$12.02
• 1931.
9,862,000
80,093
261.311
4,128,815
Total
6.948,519 14,332,218
6,948,519 14,332,218
Total
After depreciation of $6,591,324 and other reserves of $800,000.
:
y Represented by 98,620 no par shares. z Includes land valued at $153,515.
Buildings, machinery, tools, equipment, furniture and fixtures, patents,
&c. valued at $9,578,486 have been written down to 81.-V. 137. p. 1427.
--Earnings.
Sangamo Electric Co.
1931.
1930.
1929.
1932.
Years End. Dec. 31$1,971,292 $3,004,422 $3.020,677 $3.545,150
Net sales
Cost of sales and operat2,481,139
2.468,937
3.051,241
1,982,380
ing expenses
120,410
119,819
108,629
152,813
Depreciation
12,372
19,562
26,449
Experimental expenses_ _
Net profitfrom °per _ _loss$190,349
Div. and other income
from subs, and other
25,753
companies
f
Int., royalties, discounts(
earned, &c
$390,500
$412,358
176,576
.
35.636
(31,451
40,552
loss$164,595
83,351
$498,527
52,361
52,616
$488,544
73,990
50,539
$393,549
$364,015
$2.65
$2.35
Total profits
Other expenses
Federal income tax
Prov. for income tax of
foreign sub. co
Proport. of net loss of
sub. co. application to
int, in common stock_
12,817
3,167
Net profit for year- _loss$263,931
Earns, per share on 125,000 shs. corn. stock
Nil
(no par)
1779
Financial Chronicle
Volume 137
approximately 39 acres of land. Old buildings comprising approximately
660,000 square feet of floor space have been demolished in Lowell in order
to save taxes and reduce otner carrying charges. Notwithstanding the fact
tnat during the past year the amount of the company's abandoned factory
floor space has been increased by approximately 47%, as a result of toe
abandonment of the large plant in Newton Upper Falls, the amount of the
abandoned plant expense is about $4,000 less than in the previous year and
Is approximately $39,000 less than in the year 1929. This non-operating
item is still burdensome, but has been greatly reduced from its original
amount and is of minor importance as compared with the great advantages
and economies realized from consolidation.
The class A notes of the company (principally held by banks) which
matured Jan. 14 1933. were paid down during toe year 1932 from $2.730,000
to $1.274,000: and the plan for adjustment of indebtedness provides for the
extension of this balance, together with all other notes of toe company,for
three years from Jan. 14 last. Despite the large payment of $1,456.000
on the maturing note indebtedness, toe company closed the year with a
cash balance of $532,000 and can borrow another $200.000 when and if
needed, as provided in the plan for adjustment of indebtedness.
Consolidated Income Account for Calendar Years.
1930.
1932.
1931.
$254.116
$204,679 prof$121,611
Loss before charges
275,153
259,888
249,685
Interest charges
290,426
291,251
254,179
Depreciation
70,645
56,422
52,459
Carrying charges on idle plants
Balance Sheet Dec. 31.
1931.
1932.
1932.
Assets
$131,323 $317,810 Notes payable_
Cash
$165,000
Accounts payable_ $82,103
36,980
Notes & accts. rec.,
275,673
less reserve
404,530 Accr. exps. & gen.
88,620 taxes
Other accts. rec_ _ _
22,644
81,530
29,858
1,234,137 1,142,556 Fed. income tax
58,920
Inventories
43,835
57,884 Divs. payable_
Life insurance__
67,150
46,585
Special reserve_
Invest. In sub. dc
57.151
393.990 7% pref stock _
854.700
876,300
affiliated cos
YGommon stock _ _ 2,000,000 2,000,000
25,694
Marketable bonds
Mtgs. & contracts
Due from office Sc
pay. by sub. co.
44,436
82,463
employees
Min. stockholders
Co.'s own common
int.In cap.stock
6,456
stock in treas
& surplus of subs 388,234
10,457
Patents
Gen. res.of sub. on, 191,590
Inv.In sec.of other
35,215 {705,731
244,427 Capital surplus_ _ _
261,458
cos. at cost
351,318
Earned surplus_
Land buildings &
936,164
1,757,152
equipment
69,901
Deferred charges
87,795
Spec. res.fund inv.
and cash
57,151
Sinking fund for
preferred stock _
6,477
Excl. sales contr
250,000
_
Total
$4,021,288 $3,969,310
Total
$4,021.288 $3,969,310
x After depreciation of $1.654,025 in 1932 and $1.297,642 in 1931.
y Represented by 125,000 no par shares.
-V. 134. p. 4336.
Schiff Co.
-Earnings.
1931.
1930.
1929.
Calendar Years1932.
Net sales
$8,878,279 810,179,534 $9,932,983 89.198,603
Cost ofsales, oper.exps.,
deprec.,amortiz., Fed.
8.698,980
taxes, &c
9,835,390
9,565,752
8,659,090
Extraordinary and nonCr1,655
operating items
Net profit
Prof. dim, on old stock_
Pref. dive. on new stock_
Common dividends
Balance, surplus
Sundry adjustments_
Previous surplus
$219,189
$345,800
$367.231
61,539
148,500
70.000
198,000
70,000
198,000
$499.623
5.917
52,500
99,000
$9,150
Dr.21,048
957,740
$77,800
$99,231
$342,207
879.940
780,710
438,503
Total surplus
3879,941
$780,710
8957,741
8945,843
Earnings per share on
99,000 she. corn. stock
$2.99
$4.45
(no par)
$1.59
$2.77
General Balance Sheet Dec. 31.
1931.
1932.
1932.
1931.
Liabilities
Assets
$55,532
$452,503 $211,292 Accounts payable. $64,946
Gash
42,415
49,354 Empl. profit shar'g
Accts.receivable30,539
55,463
bonuses
22,476
33,374
Due from empl
34,711
46.714
56,969 Sund. accr. exps..
Notes recelvable_
41,333
27,246
Federal taxes
Treas. stk., purch.
30,219 7% pref. stock _
843,400
900,000
30,222
for employees_
2,115
3,923 x Common stock_ _ 675.000
675,000
Due fr. accts. pay.
121,179
1,532,868 1,802,879 Capital surplus_ _ 121,179
Inventories
Earned surplus. _ _ 945,843
957,741
Due from officers &
21,035
directors
Leaseholds, amort.
121,675
97,650
deducted
Furn. & fixtures,
492,790
amortiz. deduct. 466,085
20,626
37,034
Deferred assets__ _
Cash in bks. which
6,731
10,340
have susp. pay.
23,128
28.121
Life insurance_ _ _ _
Total
$2,742,863 62,852.961
$2,742,863 $2,852,961
Total
-V.137, p. 1255.
x Represented by 99,000 no par shares.
-British Type of Estate Trust
Scottish American Co.
Formed.
Articles of incorporation were filed Aug. 23, in Illinois for this company.
described by its sponsors as a concern which will function in a manner
similar to British investment companies. Incorporators are: John R.
Winterbotham, Hamilton Allport and Luther S. Hammond Jr., all of
Chicago.
After the filing of papers Shreve Cowles Badger. the registering agent.
made the following announcement:
"As a step toward the establishment in this country of 'estate agents'
to act in the management of large and small estates under a system popularized during the last 60 years in the United Kingdom. the Scottish American Co. has been formed in Chicago by a score of individuals.
"Members of the firm, whose names will be announced later, will maintain
their present business identity, but will be quatified to act as personal
trustees in handling funds and property for individuals, large and small
estates and various kinds of trusts. They will receive no salaries, but win
be compensated by fees, consistent with the size of the estate, for which
they act as fiduciary agents.
"Members of the firm, whose services will be pooled through the company, will be experts in real estate, accounting, insurance, estate planning,
and taxes and specialists in handling mortgages, stocks, bonds, and in the
liquidation and disposal of trusts and estates.
"The firm will be concerned primarily with estate planning and management, and advice to investors, and special investigation, and co-operative
investment under the Scottish Investment Trust system."
Authorized capital consists of 400 shares of no par stock, all of one class,
of which 80 shares are to presently be outstanding. None of the stock, it
was stated, is to be publicly offered. In order to provide a revolving fund
$5,000 has been subscribed by the organizers.
"As stated in the application for a charter," Mr. Badger stated, "the
company does not propose to buy or sell, for its own account, any securities or assets to or from its various clients."
The following list of subscribers to the company was given out by Mr.
Badger: Charles S. Dewey. Huntington B. Henry, Alfred Hamill, Harry
0.Edmonds, Alfred Cowles III, John R. Winterbotham, Harold F. McCormick, Duncan Hodges, George T. Langhorne, Lawrence Williams, Hamilton
Allport, Philip B. Maher, Robert M. Curtis, Kellogg Fairbank, Walter P.
Peopke, R. H. James, Alfred Shaw, Wilbur C. Munnecke, Luther S.
Hammond Jr., Peter Berkey, John V. Farwell III, and Graham Aldis.
-The directors
-Dividend Rate Increased.
Scott Paper Co.
on Aug. 29 declared a quarterly dividend of 37 cents per
share on the common stock, no par value, payable Sept. 30
to holders of record Sept. 15. Previously the company
$385,279
made quarterly distributions of 35 cents per share on this
issue.
197,475
The increase in the rate was made to allow for the 5%
36,483
Federal tax on dividends, which, on the $1.50 annual divicents. Stockholders
dend basis, would amount to 7
$619,238
therefore will receive $1.42% each year, against $1.40 pre34,166
-V. 137, p. 885.
viously received.
-Bond Interest Deferred
' Scullin Steel Co. St. Louis.
been sent out to holders of 1st
-Letters have
Two Years.
mtge. 6% bonds asking that they agree to a deferment of
interest and sinking fund payments on the outstanding
$585,072
$3,062,500 bonds for a period of two years to Oct. 1 1935.
The company will not be able to pay the semi-annual coupon
$4.12
•
1780
Financial Chronicle
due Oct. 1, according to the letters. Harry Scullin, President
states in part:
Due to the abnormal economic and business conditions existing during
the past four years, particularly the lack of purchasing on the part of the
railroads, by which, in normal times, 80% of our products are taken, we
think it now timely to advise you, rather than wait until Oct. 1 next, that
we shall not be able to pay the interest and sinking fund payments then
due on our 1st mortgage bonds.
We have been led to believe and there have been recent indications that
the railroads will probably again actively enter the market in the near
future.
Since Oct. 1 1926. when $3,500,000 1st rntge. 15
-year 6% sinking fund
gold bonds, series A, we have paid semi-annually as interest thereon a total
of $1,317,225, and have retired during said period $437.500 par value,
leaving $3,062,500 outstanding. During the same period we have paid
interest of $438,605 on our 81,500,000 debentures and have now outstanding
31.497,000 thereof.
All of the debentures are owned by the estate of John Scullin, deceased,
and which estate has not received interest on said debentures since April 1
1931, and, in addition thereto, said estate has loaned to this company the
sum of$242,000,and said estate has agreed to the plan and will abide thereby
in the event it is declared operative.
Economies have been effected in many directions. The general salary
roll has been reduced 52.76% from the general salary roll that existed
June 1 1930, and the company has reduced the pay of its skilled and unskilled labor to a point in the opinion of the management where the amount
paid for such labor is commensurate with that now paid by other industries
in this industrial district and comparable with schedules paid in the general
industry of which this company forms a part.
The original capital of the predecessor company was $750.000. The
Plant and properties of the company were appraised in 1926, and, based on
that appraisal, less a liberal allowance for depreciation, the present value
of the plant, properties and equipment is $7,156,245.
The company is capable of producing large earnings when normal business
is to be secured, and the company has, during the past four years, been able
to secure its fair portion of the business offered. The fact that the company
possesses earning potentialities is best evidenced by the net earnings of the
company and its predecessor for the years 1923 to 1929, inclusive, which
period excludes the war period, and which earnings aggregated $4,875.324.
after deducting depreciation, interest on bonds and debentures, and all
taxes, including State and Federal income taxes, or an average for said
seven-year period of $696,475 per year.
Holders of 1st mortgage bonds are asked to consent to a deferment of
Interest and sinking fund payments payable on interest payment dates for
the period of two years or to and incl. Oct. 1 1935, upon the following
conditions:
(1.) That if earnings are sufficient during said period to pay interest,
i.e. from Oct. 1 1933 to Oct. 1 1935, after directors make proper provision
for necessary working capital, such interest will be paid with interest from
date originally due to date paid at 6% per annum.
(2.) That after making said provision for necessary working capital and
payment of interest, there is a further sum sufficient, the sinking fund requirement during said period will then be met.
(3.) That in the event during said period neither interest nor sinking
fund payments are made the deferred interest, with 6% interest upon the
deferred interest, and the sinking fund payment will be paid after Oct. 1
1935 and on or before Oct. 1 1941, as the earnings of the company may.
in the opinion of directors, justify.
(4.) Interest and sinking fund payments now to be paid on interest
payment dates after Oct. 1 1935 and on and before Oct. 1 1941 age not in
any way changed.
(5.) That during the period that the company is in arrears with the payment of interest or sinking fund retirements upon its outstanding bonds
and (or) debentures, no dividends shall be paid on its participating preference
stock nor on its common stock.
(6.) That until all interest in arrears has been paid on the 1st mtge. bonds
and sinking fund retirements in arrears has been paid, no interest shall be
paid on the debentures nor shall any of said debentures be retired.
(7.) Directors shall, by resolution, determine whether or not a sufficient
number of 1st mortgage bonds have assented to the proposal herein contained
and by such resolution may declare the plan outlined herein to be effective,
and in the event the directors do not declare such plan effective by Nov. 1
1933,the bonds deposited under the plan shall be returnable to the depositors
or their assignees.
(8.) That the deposit of the bonds under this plan shall be without expense to the holders of the 1st mortgage bonds.
The St. Louis Union Trust Co., St. Louis, and Central-Hanover Bank &
Trust Co., of New York, are depositaries. All bonds are to be deposited
with Oct. 1 1933 and subsequent coupons attached.
The dealers Stifel, Nicelaus & Co., Inc.; G. H. Walker & Co.. and
Spencer Trask & Co., who originally financed the stock and bond issue,
-V. 134. P• 1598.
approve the plan.
-Earnings.
Sherman, Clay & Co.
For income statement for 6 months ended June 30 see "Earnings De-V. 135, p. 4398.
partment" on a preceding page.
-75% of Security Holders Accept
Shubert Theatres Corp.
New Stock Offer.
Approximately 75% of the former stockholders, bondholders and creditors
of the corporation, whose equities were lost in the bankruptcy of the company, have accepted the offer of Lee Shubert to participate pro rata and
without cost to them in the Stock of Select Theaters Corp.
The offer, which was to have terminated Aug. 1, is still being held open
for those who have not as yet signified their acceptance to the transfer
agents, Allied Distributors, Inc.. 63 Wall St.
Under the terms of the offer former equity holders receive 10 shares of
stock of the Select Theaters Corp. for each $1,000 debenture in the old
and one share for each 10 shares in the old. Creditors receive one share
of stock for each $105 of allowed claims. Half the common stock shares in
the company, which is capitalized for 8400,000 in 6% non-cumulative
preferred stock and 200,000 shares of common, are set aside for the former
equity holders and creditors.
-V. 136, p. 4104.
Siemens & Halske (A. G.) and Siemens-Schuckert-Restrictions on Sinking Fund and Interest
werke (A. G.).
Payments:
A notice, dated Aug. 31, stated: "As a result of the decree dated June 9
1933, placing restrictions on the transfer of funds out of Germany for the
purpose of making payments of interest or sinking fund on outstanding
foreign indebtedness, these companies have been prohibited by law from
-year 6Ii% s. f. gold debentures,
transmitting to the fiscal agents for the 25
the funds required for the interest due on Sept. 1 1933 and for the sinking
instalment due on Aug. 29 1933.
fund
"In accordance with said decree the companies have deposited with the
Conversion Bank for Foreign Debts the Reichsmark equivalent, at the rate
of exchange in effect on the date prior to the date of such deposit, of the
that
Interest due on the debentures on Sept. 1 1933. Said decree provides oblithem of their
such deposit on the part of the undersigned discharges depositing with the
gations with respect to such-interest payment. In lieu of
Conversion Bank the Reichsmark equivalent of the sinking fund instalment
of $360,000 due on Aug. 29 1933. the companies will deliver to the fiscal
in
agents for cancellation $600,000 principal amount of sucn debenture, willthe
be
hope that in view of the circumstances outlined above such action
regarded by the holders of the debentures as substantial compliance with the
sinking fund provisions of the indenture."
Notice having been received by the New York Stock Exchange that the
-year 6Y5% sinking fund gold debentures,
interest due Sept. 1 1933.00 the 25
Securities
due 1951, would not be paid on said date. The Committee on said debs.
ruled that beginning Sept. 1 1933, and until further notice the
shall be dealt in "flat" and to be a delivery must carry the Sept. 1 1933,and
subsequent coupons.
-V. 137. p. 508.
-Orders Increase.
Simmons Co.
The company's central division plant at Kenosha. Wis., operating on two
-hour shifts daily, booked during the week to Aug. 24 orders for 39.478
eight
units, bringing unfilled orders to 52,090 units, compared with 38,009 units
Aug. 18. Employees for all plants have been increased to 11.000, compared
with 6,100 last March. Company is not selling merchandise at current
prices for future delivery. The Elizabeth, N. J., plant for the week to
Aug. 24 booked orders for 31,250 units and is operating in three eight-hour
This
shifts in the matress, box spring and studio couch departments.
plant is drawing on the central division production temporarily. The San
Sept. 2 1933
Francisco plant is operating two eight-hour shifts daily. ("Wall Street
Journal.")
-V. 137. p. 706. 1255.
-Earnings.
Spang, Chalfant & Co., Inc.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Current assets as of June 30 1933, including $4,465,875 cash and marketable securities, at cost, amounted to $14,033,616 and current liabilities
were $1,182,541. This compares with cash and marketable securities of
35,234,733, current assets of $14,299,019 and current liabilities of $854,477
on Dec. 31 1932.-V. 136, p. 3554.
-Earnings.
Sparks, Withington Co.
For income statement for 6 and 12 months ended June 30 see "Earnings
-V. 136, p. 2259.
Department" on a preceding page.
-Earnings.
Spicer Mfg. Co.
For income statement for 6 months ended June 30 see "Earnings De-V. 136. p. 3361.
partment" on a preceding page.
-Transfer
Standard Commercial Tobacco Co., Inc.
Agent:
The Lawyers County Trust Co.. 160 Broadway, N. Y. City, has been
appointed transfer agent for the pref. stock, effective Aug. 14 1933.V. 137, p. 1429.
Standard Fruit & Steamship Corp., New Orleans La.
-Chairman Felix P. Vac'
Ad3ournment-Surplus Increased.
caro Aug. 21, in a letter to the stockholders whose proxies
had been received for the special meeting which was scheduled
to be held on Aug. 15 but which was adjourned until Sept. 5,
stated:
The special meeting of stockholders was held on Aug. 15 1933, as previously announced, at which 69.358 shares represented by proxy, and 3.215
shares represented in person, or an aggregate of 72,573 shares out of the
total of 129,388 shares of cum. $7 pref. stock outstanding, were favorable
to the plan.
While this represented a legal majority which could have voted on the
proposed amendment to our certificate of incorporation, no action was taken
at themeeting,for the reason that Eastern Seaboard interests were unwilling
to declare the plan operative on the basis of this assent.
Accordingly, the meeting was adjourned until Sept. 5 1933, in the
expectation that by that date a sufficiently large additional amount of
cum. $7 pref. stock will have agreed to participate in the proposed plan to
justify ratification by the Eastern Feaboard interests. Among the several questions asked us by stockholders, relative to certain
details of the proposed merger, the point was raised that as a result of this
plan the Standard company would be assuming certain important obligations which it does not now have. As a practical matter this is not correct.
While these obligations do not presently appear on the balance sheet of the
company prior to merger, they are none the less contracts in the form of
ship charters, &c., which require the company to pay out annually considerable sums of money. If this plan is approved the saving from the discontinuance of these annual payments for charter, &c., will more than
take care of the fixed obligations that are being assumed and the interest
thereon; so that, as a practical matter, the company's earnings will be
increased by what heretofore was an expense.
The total current liabilities shown under date of April 30 as $3,035.096
have since been reduced by $730,363 to $2,304,733 whereas the current
assets have actually increased $573,035, after this decrease in liabilities.
The surplus account in the June statement has been increased by May and
June earnings from $1,728,047 to $2,918,410.
Profits fay and June 1933.
$ 49 55
4 0:8 8
7
0
4
Standard interests
Other interests
Total increase in surplus
31.190,362
We are now able to conservatively estimate net consolidated July earnings
of $400,000, of which $150,000 is from Eastern Seaboard properties and
business. Substantially all of these earnings have likewise been applied to
reduction of liabilities, and our statement of July 31, when available, will
therefore show further marked improvement.
The plan originally contemplated that $1,000,000 of the 33,000,000 of
debenture notes (those maturing within one year from date) would be sold
to provide for bank and other indebtedness or pledged for that purpose.
The continued improvement in our earnings, and the consequent improvement in our cash position, will render unnecessary the sale of this $1,000,000
of notes, which, therefore, will be held in the treasury.
One other very important feature which inquiry of the stockholders has
brought out is that, aside from the very substantial earning power of the
properties and business which Eastern Seaboard Corp. offers to turn over
to the Standard Fruit Corp., in consideration of 100,000 shares of common
stock, there is the very advantageous fact that the acquisition of these
properties and business by Standard increases and diversifies its sources
of supply from several entirely different territories-an important feature
towards insuring stability of earnings.
Consoldated Balance Sheet, June 30 1933 (Incl. Subsidiary companies.)
(After giving effect to proposed acquisition of certain assets, proposed
refinancing and changes in capitalstructure as of April 30 1933.1
btabilittesAssets
Cash
8755,884 Panic. preference stock__ __ h$12.291,860
12,741,140
Trade accts. rec. (less res.)
1,256,988 Common stock
958,459
Other accts. rec. thus res.),... 626,965 Accounts payable
Notes & accept. payable____ 1,289,363
Adv. planters, contr., &e.(less
56,910
reserve)
789,637 Drafts payable
Deferred-6% deb. notes.._ a1,321,000
Inventories (mdse. &
425,320 Due on perch. of SS. Conproducts)
tease and Cefalu
b621.000
Inventories (mats.& suppl.)
570.609
Due on purch. of SS. Erin. c716,850
Inv. in stocks & bonds of
domestic & foreign corps___ 228,862 Due on perch. of SS. Cananova and Cayo Mambi. d139,000
Def. charges to operations_
211,786
Fixed properties (net)
19,658,315 Due on construction of
motorships
el69,567
Coll. tr. 7% serial notes of
Seaboard S. S. Corp
f1,000,000
Def. notes & accts. payable
6300,808
Surplus
2,918.410
Total
324.524,367
824,524,367
Total
a Payable in one, two and three years. After deducting $1,679,000 of
to secure indebtedness of £127,884
notes owned (of which $679,000 is pledged
due on purchase of SS. Contessa and Cefalu, leaving $1,000,000 available
for sa e or pledge for other corporate purposes. b Equivalent to £127.884,
payable during period from Oct. 1 1933 to Oct. 1 1936. c Equivalent to
£147,500, payable £1,500 monthly after Dec. 31 1933 until 1942. d Payable
monthly until Aug. 1936. • Due on construction of motorships Teapa,
Masaya and Matagalpa, payable monthly until July 1936. 1 Payable in
semi-annual instalments beginning June 30 1935 until Dec. 31 1942.
g Incl. notes payable maturing more than six months from date. h Represented by 129,388 shares of no par value. I Represented by 274,114
shares of no par value. See also V. 137, p. 1594
-Plan of Reorganization.
Spaulding Building, Chicago.
The bondholders' committee has formulated and adopted a plan for the
reorganization of the financial structure of the Spaulding Building On
behalf of the holders of the 63.1% 1st mtge. bonds dated June 1 1926, of
which $312,000 are presently outstanding and unpaid.
The members of the committee are George W. Rossetter, Chairman;
Jay C. McCord and Sidney H. Kahn. M. A. Rosenthal, Sec.. 310 South
Michigan Ave., Chicago. Depositary, American National Bank & Trust
Co. of Chicago.
The bonds are secured by a two-story and basement store and office
building located at the northwest corner of Milwaukee and Spaulding
Avenues, Chicago. Tile first floor of the building contains nine stores, and
there are seven offices on the second floor.
Deposits were not complete to meet the semi-annual interest and principal
payments which fell due on June I 1933; and in anticipation of the default,
this committee was formed and bondholders were requested to authorize
the committee to proceed on their behalf in steps toward reorganization
by depositing their bonds with the depositary.
In addition to the $312.000 first mortgage bonds which are outstanding,
there is a $35,000 second mortgage on the property which Is owned by the
principal stockholder of Sheldon Building Corp., the preserit owner of the
property. The same individual also owns $20,000 of the outstanding
first mortgage bond issue.
Plan of Reorganization.
(1) Sheldon Building Corp.,the present owner of the property, will.
upon the consummation of the foreclosure proceedings, issue and deliver
new 5% cum. 1st mtge. sinking fund income bonds to the committee in an
amount sufficient to permit delivery of such bonds to depositing bondholders in the same face amount as bonds deposited.
(2) The Sheldon Building Corp. shall cause to be canceled the $35,000
second mortgage on the property and shall deliver to the committee for
cancellation the $20,000 1st mtge. bonds owned by its principal stockholder, which, in turn, shall be canceled. The outstanding indebtedness
will thereby be reduced from $312,000 to a maximum of $292,000, dependent upon the number of bonds deposited with the depositary pursuant
to this plan of reorganization.
(3) The Sheldon Building Corp. Is to deposit the sum of $20,000, to be
applied toward the expenses attendant to effecting the plan of reorganization.
Non-depositing bondholders will be entitled only to their proportionate
share of the foreclosure sale price of the property,funds previously deposited
with the depositary on account of mortgage requirements and accrued
income, minus their proportionate share of the foreclosure expenses.
-Pays Aug. 1 Interest.
Stanley-Rowland-Clark Corp.
The Peoples-Pittsburgh Trust Co., Pittsburgh, Pa., on Aug. 28 announced that as trustee under the mortgage securing 1st mtge. (fee and
leasehold) 6% bonds, due Aug. 1 1946, it has received funds for payment
of coupons duo Aug. 1 1933, and will make payment upon presentation.
V. 136, p. 1734.
-Earnings.
(The L. S.) Starrett Co.
Years End. June 30Sales
Cost of sales
1933.
$674,183
582,164
Manufacturing profit..
Selling & gen. expenses_
892.019
274,588
1930.
1931.
1932.
8922,710 $1,537,233 82.742,782
804,862 x1.311,960
710.354
$732,370 51.430.822
8212,356
660,269
556.316
392.392
$176.054
$770,553
46,131
2,232
61.631
1.665
Total income
def$164,162 def$147,625
Other charges (cash dis24,820
23.058
counts, bad debts, &c)
Roe. for accrued taxes on
of the period_
earnings
$224,417
$833,849
27,605
51,751
15,237
87,364
Net income
def$187,220 def$172.445
Gain on treas. stock sold
16,134
Other surplus credits_ _ _
5181,575
4,747
8694.734
$186,322
$694,734
Operating profit
def$182,570 def$180.037
Inc. from secur. & int.
30,626
17,084
on bank balances
1.784
1.323
Other income
Total credits to operdef$171,086 def$172.445
ating surplus
Reserve for loss on foreign exchange
Loss on plant items sold
1,838
1.519
or scrapped
100.553
23.314
Loss on securities sold
Federal income tax in ex75
cess of reserve
Reserve for loss on for5.688
eign exchange_ _ _ _ _ _ _
Interest paid on addit'l
334
Federal income tax_ _ _
21.204
Accrued Mass, excess tax
Cr10.405
Surplus credits
Added to res. for shrinkage in value of miscall.
48.747
3,196
securities
Added to res. for prof.
27.000
53
stock sinking fund_
Organization expenses_ _
Excess of res. for taxes at
June 30 1930 over requirements
Net increase in oper.
surplus (before div.)def$199,168 def$367.486
Operating surplus (at bedef18.626
ginning of period)__ def522,657
def$721.825 def$386.113
Total surplus
33.855
32.370
Preferred stock divs
102.689
Common stock dive_
1,760
1.217
45,166
1,965
Consolidated Balance Sheet as of May 31 1933.
Per Books. yPro Forma.
Per Books. yPro Forma.
Assets
5
Accts. payable &
$
Cash on hand and
accrued exp.. ___ 1,119,671 1,119,671
11,338,691 13,298,287
In banks
Fed.& foreign sales
Marketable securs 8,315,507 8,315,507
6,765
6.765
tax payable.....
Accts. rec., less res 3,143,768 3,143,768
Fed. & foreign Inc.
United Drug Co.
tax. pay. (not
& subsidiaries 5,559,595
490,829
490,829
yet due)
84,354
84,354
Drug, Inc
Res. for foreign
Stock of Drug,Inc.
301,647
66,142 exch.fluctuation 301,647
66,142
held for employ_
Res. for Income
Finished stk., sup5,184,322 1,194,352
taxes, &c
3,027,383 3,027,383
plies, &c
246,813
Res. for royalties_ 246,813
Invest, in aftII. &
24,874,061x17,507,000
associated cos__ 4,256,319 4,256,319 Capital stock
Minority int. In
Fixed assets, less
110,580
depreciation_ _ 3,169,132 3,169,132 pref.stk. of sub_ 110,580
21,322,996
307,253 Surplus
Prepaid expenses_ 307,253
20,075,394
Initial surplus_
Trade-marks,good14,389,537 5,384,904
will,&c
53,657,688 41,053,054
Total
53,657,688 41,053,054
Total
x 1,750,700 shares at par value of $10 per share. y The pro forma conbalance sheet gives effect as of May 31 1933 to: (a) Receipt of
solidated
shares
$5,559,595 representing sale of investment in ordinaryto Vick of Boots
Chemical
Pure Drug Co., Ltd.; (b) Transfer of $3,000,000 cash
to Life Savers, Inc.; (c) Reduction of trade-marks,
Co. and $600,000 cash
cash for the
good-will, &c. to an amount representing the payment inof Drug Inc.:
acquisition of one certain property since the organization
(d) Transfer of all surplus reserves to initial surplus in the amount of
the par
$3,989,970; (e) Issue of 1.750,700 shares of stock ofsurplus. value of $10
per share; (f) Resultant surplus is restated as initial
of
Directors are: W. E. Weiss, H. F. Behrens and J. Sumner Jones, P.
Wheeling, W. Va.; A. H. Diebold, of Locust Valley, N. Y., and S.
Ramsay, New '1 ork.
Jadwin, George C. Haigh and H. H.
Officers are: W.E. Weiss, Chairman; A. II. Diebold, Pres.; H.F. Behrens,
E. I. McClintock and H. H. Ramsay, V-Presidents; A. H. Diebold, Treas.;
Comp.
S. E. Park, Sec.; and James Hill, Jr., Asst. Treas., Asst. Sec. & Manhattan
Transfer agent, Bankers Trust Co. Registrar, Bank of the
Co.
-Sells Control of Pierce-Arrow Motor.
Studebaker Corp.
D. S. Vance, speaking for himself and his co-receivers, A. G. Bean and
Paul G. Hoffman, reported on Aug. 26 that this corporation has sold its
controlling interest in the Pierce-Arrow Motor Car Co. (see latter above).
A cash paymentof 51,000,000 was made, Mr. Vance said. Other considerations were not divulged.
Mr. Vance stated: "The purchasers of Pierce-Arrow have been indentified
with the company for many years. They are familiar with the company's
product, its policies and its network of sales outlets. They are particularly
friendly to Studebaker and there will be close and harmonious co-operation
between the two companies.
"The sale will not disturb in any manner the relations with those dealers
who have both Pierce-Arrow and Studebaker franchises.
"The Studebaker receivers are making every effort to concentrate their
resources and activities on Studebaker in the passenger car field. We are
attempting to liquidate all other investments to fortify this principal operation, except the investment in the White Motor Co. Needless to say.
Studebaker's cash position is improved by the $1,000,000 that comes to
us as a result of this sale. I may say that the receivers are husbanding this
money with the utmost care and that we have the greatest confidence in
what lies ahead of our 81-year-old institution."
Earnings.
For income statement for three months ended June 30 see "Earnings
-V. 137, p. 1429.
Department" on a preceding page.
-Removed from List:
Tacony-Palmyra Bridge Co.
The New York Curb Exchange has removed from unlisted trading
privileges the class A participating stock (no par -V. 137. p. 1429.
25.242
40,600
27,000
11,250
15,036
Cr173
Cr7,957
$86.109
$633,840
8309.626
34,405
293,848
(John R.) Thompson
Improve.
-Directors
Co.
Resign-Sales
Charles A. McCulloch and Herman Waldeck have tendered their resignations as directors of this company. Action on their resignations will be
taken at the next meeting of the board on Sept. 6. or possibly later if the
meeting is postponed.
Current sales are said to be somewhat better than in previous quarters,
but under 1932.-V. 137, p. 1256.
-Bonds Called.
Union Oil Co. of California.
223,517
8633.840
36.084
374.239
Opel. deficit (at end
$18.627 sur$223,517
$522,657
$754.195
of period)
a Includes charges for depreciation in amount of $53.717.
Comparative Condensed Balance Sheet June 30.
1932.
1933.
LtatrUlttes1932.
1933.
Assets865,336 Accts. payable and
$98,121
Cash
522,926
accrued expenses $13,959
139,229
Accts. ree.(cust.)- 151,734
Merch. ilk supplies. 1,762,253 1,972,294 Accr. Fed., State
39,303
27,614
and town taxes_
510,120
Market securities_ 452,119
607,500
23,273 Preferred stock_ _ _ 607,500
23,466
Misc. accts. recelv.
42,725 y Common stock_ 1,500.000 1,500,000
47,225
Misc. securities_
Capital surplus _ 2,453.830 2,453,937
Deposit In Millers
65,250
65,303
Res. for sink. fund
10,841
River Nat. Dank
522,657
Operating deficit.._ 754,196
Sink.fund for pref.
65,303
65,303
stock
86,087
86,087
Treasury stock _
x Plant and equip_ 1,211,379 1,255,010
6,882
5,479
Deferred charges
Total
$3,914,010 $4,166,258
$3,914,010 84,166,258
Total
in 1933
x After depreciation of 6978.977value. and $932,571 in 1932. y Repre-V. 136, p. 2259.
sented by 150.000 shares no par
-Earnings.
Sweets Co. of America, Inc.
For income statement for 3 and 6 months ended June 30 1933 see "Earn-V. 136, p. 3922.
ings Department" on a preceding page.
-Listing, Earnings, &c.
Sterling Products (Inc.) of Del.
listing of 1,750,700
The New York Stock Exchange has authorized theon and after
notice of issue
shares (par $10) capital stock on officialof Drug Inc. (see details in Aug. 24
V. 137.
the plan of reorganization
1933, under
p. 145).
will acquire,
Company was incorp. April 9 1932 in Delaware and the capital as set
of
stock of
forth in the plan of reorganization of Drug Inc., all
corporation, consisting of an
Sterling Products (Inc.), a West Virginia value, of which 124,240 shares
issue of 150,000 shares of no par
authorized
are issued and outstanding.
of the par value
The authorized capital stock consists of 1,750,700 shares
of $10 each.
Statements Sterling Products (Inc.) of West Virginia.
Consolidated Income
Calendar Years
5 Mos. End.
1930.
1931.
1932.
May 31 '33.
511.274.712 $24,914,127 $28,442,128 $27,787.773
Sales (net)
6,772,511 14.830,962 16,768,231 17.430,152
Cost & general expense
$4,502.201 $10,083,165 $11,673,897 $10,357,621
Operating profit
1,710,243
1,031,888
2,229,650
241,416
0th. inc. less oth. deduct
$4,743,617 511,115,053 813,384,140 $12,587,271
Total
317,371
325,387
266,705
127,141
Depreciation
Income tax reserve(U. S.
1,519,094
1,356,641
1,441,351
634,377
and foreign)
$3,982.098 39.348,314 511,547.674 510,943,924
Net income
Per share earnings (1,$6.25
$6.59
55.33
$2.27
750,700 shares)
1781
Financial Chronicle
Volume 137
The company is notifying holders of its 10-year 5% sinking fund gold
bonds,series C, that it will redeem Oct 1 1933 51,500.000 principal amount
of these bonds at 100 Si and int. Payment will be made at either the Sixth
and Spring St. office of the Security-First National Bank of Los Angeles,
or at the main office of Central Ilanover Bank & Trust Co. of New York.
-V. 137, p. 707, 1069.
-Revenue PasUnited Aircraft & Transport Corp.
sengers Carried Increased 26%.The United Air Lines, a subsidiary, carried 58.486 revenue passengers
in the seven months of this year, up 26% from a year before. Air express
gained 182%, at 221.000 pounds.
The company's planes flew 8,314,000 miles between Jan. 1 and Aug. 1,
gain of 17% over corresponding 1932 period. It now has 57 of the new high
speed Boeing multi-motored monoplanes on its routes, and the original
-V.137, p. 1430. 1257.
order of 60 will be completed this month.
-Reorganization
%""'N. United Cigar Stores Co. of America.
Plan Declared Operative-Time for Deposits and Claim
• Assignments- Extended to Sept. 25.
The reorganization committee, headed by Eugene W. Stetson, acting
under the plan and agreement dated July 25 1933 for the reorganization
of company and certain of its subsidiary and controlled companies, has
announced that the plan has been declared operative as to all classes of
securities and claims entitled to participate in the plan.
5
,
Holders of Cigar Stores Realty Holdings, Inc.. 20-year 5; % sinking
fund gold debentures, series A, and all other claims provable against the
bankrupt estate of this company or United Cigar Stores Co. of America
are notified that the time for deposit of debentures and assignment of
claims has been extended from Aug. 25, the original date for deposits. to
Sept. 25 1933.
The time within which holders of claims not provable against United
Cigar Stores Co. of America and holders of 6% cumulative preferred stock
and common stock of that company may deposit subscriptions has been
extended to Sept. 25 1933. The committee reserves the right, however, in
its discretion to allot stock upon subscriptions received after Aug. 25, in a
that date.
manner not prejudicial to holders who have subscribed prior to George K.
The other members of the committee are Charles Hayden,
Morrow and 11. Hobart Porter, Alexander M. Grean Jr , 48 Wall St.,
New York, is Secretary. and Guaranty Trust Co. of New York, depositary.
Sullivan and Cromwell and Davis Polk, Wardwell, Gardiner & Reed are
Counsel. See also V. 137, p. 1430.
United Drug, Inc. (Del.).-Listing, Earnings, &c.
The New York Stock Exchange has authorized the listing of 1.400,560
shares (par $5) capital stock on official notice of issue on and after Aug. 24
1933, under the plan of reorganization of Drug Inc. (see details in V. 137,
p. 145).
Capital Securities.
To be
outstanding.
Authorized.
Stock1,400,560 sus. 1,400.560 skis.
Capital stock (par $5)
United Drug Co. (of Del.) 25-yr. 5% bonds,
540,000.000
340,000.000
due March 15 1953
United Chocolate Refiners. Inc. 15-yr. 5% 1st
*425,000
750,000
bonds, due Jan. 1 1946
mtge.sink,fund gold
*Balance of issue retired and cancelled.
acquire, as set forth
Company was incorp. Aug. 14 1933 in Delaware to
In the plan of reorganization of Drug lnc., all of the capital stock of United
Drug co. (Del.), consisting of 431,290 shares (par $50), issued and outstanding.
1782
Financial Chronicle
Consolidated Income Statements (United Drug Co.).
Calendar Years
6 Mos. End.
1930.
1931.
1932.
June30 '33.
511.043.402 $26,536,059 $34,117,512 $36,354,448
Sales (net)
10,282,199 23,806,137 29,120,997 30,740,959
Cost & expenses
Operating profit
Other income
$761,202 $2,729,922 $4,996,514 $5,613,488
1,065,996
751,632
611,558
187,035
Total income
$948,238 $3,341,480 $5,748,146 $6,679,485
2,247,894
2,193,896
2,138,077
Interest on funded debt_ 1,046,482
Income tax reserve(U.S.
263,775
47,263
25,160
and foreign)
9,604
940,050
942,577
943,397
439.886
Depreciation
24,600
18,180
11,340
Div., pref.stock,subsid_
2,040
1223,505 $2,546,229 $33.203,164
Balance to surplus_ _def$549,775
Per share earnings (1;$2.28
$1.81
$0.15
___400,560 shares)
In the foregoing consolidated income statements all figures of Louis K.
Liggett Co., now in bankruptcy, have been omitted, including the earnings
and losses of Louis K. Liggett Co., which were as follows for the years
indicated: 1930,Prof.$600,270; 1931,def. $303,227; 1932, def. $2,838.814.
Consolidated Balance Sheet as of June 30 1933.
Per Books. yPro Forma.
Per Books. yPro Forma.
$
$
Liabilities$
Assets$
90.000
90,000
11,625,267 Notes pay., subs__
Cash
11,625,267
Marketable secure 6,119,287 6,119,287 Accts. pay.& accr.
885,126
885,126
expense
482,622
Notes receivable.._ 482,622
583,333
Accts. receivable._. 3,528,735 3,528,735 Accr. int, on bonds 583,333
Merch. inventories 6,638,605 6,638,605 Res. for foreign
97,882
97,682
-Walls
exch. [Inc
Fixed assets, less
depreciation_ .__ 9,127,959 9,127,959 5% deb. bonds 39,027,900 39,027,900
425,000
425,000
1st mtge. 5% bds_
.Invest. (niscell.),
459,309 Res. for State dr
459,309
at cost
local taxes &
Louis K. Liggett
various coining_ 1,894,615 1,894,615
2,347,486 2,347,486
Co., bankrupt
68,000
68,000
479,977 Pref. stk. of sub__
Adv.& def. items_ 479,977
Common stock_ _ _21,564,500 x7,002,800
Trade-marks,good10,401,505 Capital surplus_df18,075,718
10,401,505
will, &c
Earned surplus_. 4,650,315
1,136,299
Initial surplus_
51,210,758 51,210,758
Total
51,210,756 51,210,756
Total
x 1,400,560 shares at $5 par va ue. y Giving effect to issuance of
1,400,560 shares of capital stock (par $10) and resultant surplus stated
as initial surplus.
Directors are: Charles Francis Adams, Boston; George M. Gales, Locust
Valley, N. Y.; George C. Haigh, New York; Louis K. Liggett, Roston,:
Charles S. Munson,Southport, Conn.;James L. Richards, Boston; Frederick
S. Rogers, Middletown. N. Y.; Frederic E. Snow, Boston; and Eugene W.
Stetson, New York.
Officers are: Louis K. Liggett, Pres.; George M. Gales, V.-Pres.;and J. A.
Galvin, Sec. & Treas.
Transfer agent. Guaranty Trust Co., New York. Registrar, Chase
National Bank, New York.
The United Drug Co. (Mass.) recently sold for cash 775,000 ordinary
shares (of an outstanding issue of 1.500.000 shares) of its former holdings,
consisting of 850,000 ordinary shares Boots Pure Drug Co., Ltd.
-Resumes Dividend on Prior
United States Leather Co.
Pref. Stock by the Payment of 2% on Account of Accumulations.
-The directors on Aug. 30 declared a dividend of 2% on
account of accumulations on the 7% cum. prior pref. stock,
par $100, payable Sept. 15 to holders of record Sept. 10.
Following this distribution, accruals on this issue will
amount to 3Y as of Oct. 1 1933. The last regular quer4%
4
terly dividend of 13 % was paid on Jan. 3 of the current
137, p. 886.
-V.
year.
United Steel Works of Burbach-Eich-Dudelange
(Societe Anonyme des Acieries Reunies de BurbachEich-Dudelange)(Grand Duchy of Luxemburg)"Arbed"
-Bonds Called.
Sept. 2 1933
Directors: H. Smith Richardson, Chairman, Green Farms, Conn.;
Lunsford Richardson, Charles G. Yates, Allan T. Preyer, and Henry B.
Yates, Greensboro, N. C.• James F. Hoge and William Y. Preyer, New
York; and Hugh D. McKay. Larchmont, N. Y.
Officers: H. Smith Richardson, Chairman; Lunsford Richardson, Pres.;
William Y. Prayer. V.-Pres. & Tress.; and James 9'. Hoge, Sec.
'of New York. Registrar, Chemical
Transfer agent, Guaranty Trust Co.
Bank & Trust Co.
Waco Aircraft Coe-Earnings.
For income statement for 6 months ended June 30 see "Earnings De-V. 136, p. 4478.
partment" on a preceding page.
Walworth Coe-Earnings.
For income statement for month and 7 months ended July 31 see "Earnings Department" on a preceding page.
Officials state that the volume of business has recently shown considerable
improvement. Business during the third quarter based both on orders
received and shipments made is at a rate double that of the first quarter
of this year. Compared with the average for 1928, 1929 and 1930 for
corresponding periods, plants of the company operated during July at the
rave of 62% and for the first half of August at the rate of 64%.-V. 137,
P. 1597.
-Larger Preferred Dividend.
Ward Baking Corp.
-The
directors on Aug.30 declared a dividend of 50 cents per share
on the 7% cum. pref. stock, par $100, payable Oct. 1 to
holders of record Sept. 15. The company on April 1 and
on July 1 last made distributions of 25 cents each on this
issue, as against 50 cents per share paid on Jan. 3 1933,
$1 per share on July 1 and on Oct. 1 1932 and $1.75 per share
-V. 137, p. 886, 159.
previously each quarter.
-Receives Interest on Cuban Notes.
Warren Bros. Co.
The company will receive approximately $590.000 from the First National
Bank of Boston, Havana branch, trustee, under authorization of the Cuban
Government to pay coupons numbers 1 and 2 on its 5M % note issue of
1935 extended to 1950. This leaves 5830.000 still due Warren Bros. Co.
on coupons numbers 3, 4 and 5.-V. 137, P. 1072; V. 136. p. 2991.
-Larger Dividend on
Wesson Oil & Snowdrift Co., Inc.
Common Stock.
The directors on Aug. 30 declared a dividend of 13.158 cents per share
on the no par common stock, payable Oct. 2 to holders of record Sept. 15.
This compares with 12% cents per share paid on April 1 and on July 1 last,
25 cents per share each quarter from April 1 1932 to and incl. Jan. 3 1933,
and with 50 cents per share quarterly from April 1 1929 to and incl. Jan. 2
1932.
After deduction of the 5% Federal tax, the current dividend will amount
to 123i cents per share.
-V.137, p. 511,332.
-Earnings.Weston Electrical Instrument Corp.
For income statement for 6 months ended June 30 see "Earnings _Deartment" on a preceding page.
-V. 136, p. 3924.
,/... ^
-Receivers Oppose Reor
Willys-Overland Co.
Plan.
A Toledo press dispatch states:
"The com ny is solvent and its assets will more than satisfy its indebtedin U. S.
ness on its 2.000,000 bond issue, an answer by receivers
District Court at Toledo to the foreclosure bill of the National City Bank
of New York, declared. The bank acted as trustee for the bondholders in
filing the foreclosure bill and among other things it asked that receivers
other than John N. Willys and Linwood Miller. the present receivers, be
named under the foreclosure suit.
"The answer states that the whole plant should be sold as a single unit
since the gale of any portion would destroy the value of the portion remaining for unsecured creditors,it was admitted that insufficient cash is on
hand t pay the indebtedness andinterest on the bonds.
'Judge Hahn will rule later on the foreclosure bill. He gave the receivers
permission to manufacture 4,600 passenger cars despite advancing prices
of materials and labor."
-V. 137, P. 1598
.
CURRENT NOTICES.
-E. T. Tomlinson Jr., who has been president of Doremus & Co., since
There have been called for redemption as of Oct. 1 1933 a total of $128,000 .
the death of the late C. W. Barron, founder and former president of the
of 25
-year sinking fund 7% gold bonds, due April 1 1951. Payment will
Kuhn, Loeb & Co., 52 William St.,
however, sever all his relationship
be made at par and int. at the office of
- firm,in 1928, has resigned. He will not,
N. Y. City, or at the Guaranty Trust Co., 140 Broadway, N. Y. City.
with Doremus & Co. but will continue to have an interest and devote part
V. 136, p. 1570.
the activities of the company. Mr.
of his time in an advisory capacity to
-Transfer Agent.
Universal Pictures Co., Inc.'
Tomlinson joined Doremus & Co. as vice-president on May 11919.
The Continental Bank & Trust Co. of New York has been appointed
William H. Long Jr., who has been with Doremus & Co. since July 1919
-V• 137.
transfer agent for the 8% 1st pref. stock and the common stock.
and for many years has been vice-president, was elected Chairman of the
D. 1596, 1072.
board.
-Removed from-List.Mexican Oil Corp.
Venezuel
(
Mr.Tomlinson will be succeeded by G. Munro Ilubbard, who will become
.
The New York Curb Exchange 7removed from unlisted trading
president as of Sept. 1. Mr. Hubbard was graduated from Colgate Unian509.
P vileges the preferred stock (par $10)V. 132, p.
versity in 1909. Subsequently he became a partner in the investment banking house of Howe, Snow & Co., leaving that firm to accept the viceVick Chemical Co. (Del.).-Listing, Earnings, &c.
The New York Stock Exchange has authorized the listing of 700,280
presidency of J. G. White & Co., which office he has resigned to become
shares (par $5) capital stock on official notice of issue on and after Aug. 24
president of Doremus & Co. Mr. Hubbard has been a director of many
1933, under the plan of reorganization of Drug Jr . (see details in V. 137.
, mportant public
utility and industrial corporations, most of which he has
p. 145).
J acquire, as set forth in
Company incorp. Aug. 12 1933 in Delaware
resigned. He will continue, however,as Chairman of the board of directors
the capital stock of Vick
the plan of reorganization of Drug Inc., all
of J. G. White Engineering Corp., a position to which he was elected in
Chemical Co. (Del.), consisting of an autho zed issue of 10,000 shares of
1932. In 1931-32 he was president of the Bond Club of New York.
outstanding.
l e vu t o z
no tar a ali r;la11 issued
consists of 00,280 shares (par $5).
Walter H.Burnham, who for some time has been secretary of Doremus &
Co., will become vice-president, and R. E. Williams will continue as
Consolidated Income Statement Vick Chemical Co.
Calendar Years
5 Mos.End.
treasurer.
1930.
1931.
1932.
May 31 '33.
-Announcement is made of the formation of the Illinois Company of
$3,589,971 $7,942,151 $5,193,019 $5,026,347
Sales (net)
2,391.587
2.792,798
4,732.876
2,592.037
Cost & expense
Chicago, a new securities house organized by a group of former members
of Continental Illinois Company. Offices have been taken at 231 South
$997,933 13,209,274 52,400.221 12,634,759
Operating profit
99,834
LaSalle Street. Chicago, and formal opening will take place next week.
Dr.60,081.
Dr.67,166 Dr.113,661
Other income (net)
Principals of the new company will be John S. Loomis, formerly second
$3,095,612 $2,340,159 $2.734,594
$930,767
Total
Vice-President of Continental Illinois Company; Reno H. Petersen, for43,880
50,538
48,860
19,771
Depreciation
merly sales manager. and George F. Noyes and Charles Homenway, two
Income tax reserve(U. S.
291.530
265.149
of the senior members of the sales organization. Mr. Loomis was with
420.990
118.371
and foreign)
Continental Illinois Company for fourteen years and Mr. Petersen for
$792,624 52,625.761 52.024,470 $2,399,183
Net income
seventeen years. The new company will deal primarily in municipal
Per share earnings (700,$3.42
$2.89
and corporation bonds.
$3.74
$1.13
280 shares)
Consolidated Balance Sheet May 31 1933.
-The Geyer Co. and the Paul Cornell Co., Inc.. New York advertising
yPro Forma.
Per Books.
LiabilitiesPer Books. yPro Forma.
agencies with National activity, consolidated their activities and henceAssets
$488,315 $3 488 315 Accts. pay. & seer.
Cash
forth will be known as the Geyer-Cornell Co.. Inc., according to announce$54,201
$54,201
expense
Marketable secure 1,277,734 1,277,734
ment Thursday by B. B.Geyer, Chairman of the board of the new company.
213,756 Fed. inc. tax, pay.
Accts. rec., less res 213,756
303,508
Paul Cornell becomes President, the announcement stated.
not yet due._ _ _ 303,508
51,552
51,552
Empl.stock sect__
1,217,082 1,217,082 Res. for foreign
The company will maintain headquarters at 580 Fifth Avenue. The
Inventories
12,315
12,315
exch.fluctuation
Fixed assets. less
Dayton unit of the agency will continue under the name of the Geyer Co.
-For gen.
467,303 Reserves
487,303
depreciation_
420,991
Mr. Geyer is President of that organization.
corning.,&c
34,260
34,260
Prepaid expense
118,371
Fed. taxes, 1933 118,371
The merger places under the direction of Mr. Geyer and Mr. Cornell
Trade-marks,good3.418
3.418
Shut down period
1
1
will, patents, &c
one of the largest advertising organizations in the United States.
1,700,000 x3,501,400
Capital stock
1,137,199
-Elisha Riggs Jones and Herbert W. Schaefer announce the formation
Surplus
2,758,791
Initial surplusof the partnership of E. It. Jones & Co., with membership on the Baltimore
Stock Exchange. Its offices are in the First National Bank Building,
83,750,006 $8,750,006
Total
$3,750,006 $6,750,006
Total
Baltimore, Mr. Jones was formerly a partner with the firm of Teeple,
x 700,280 shares (total authorized issue) at par value of $5 per share.
1933.
31
Jones & Co. and Mr. Schaefer was vice-president of the First National
y The pro forma consolidated balance sheet gives effect as of MayProducts
Securities Co. of Baltimore. The trading department of the new firm will
to: (a) increase in cash of 33,000.000 transferred by Sterling
(Inc.); (b) transfer of all surplus reserves to initial surplus in the amount
be under the management of Edward J. Murphy. The firm will conduct
of $420.992; (c) issue of 700,280 shares of stock of the par value of $5 per
a general investment business.
share; (d) resultant surplus is restated as initial surplus.
Financial Chronicle
Volume 137
1783
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOO DS
-WOO L
-ETC.
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
und in an earlier part of this paper immediately following the
_Atorial matter, in a demartment headed INDICATIONS OF
BUSINESS ACTIVITY.
Friday Night, Sept. 1 1933.
COFFEE futures on the 28th were rather quiet and declined 10 to 14 points on Rio contracts and 8 to 11 points
on Santos contracts with sales of 6,000 bags of Rio and 9
sales of Santos. There was some selling by the trade and
general liquidation induced by the davance in the dollar.
Local traders were the principal buyers. There was some
covering late in the day by early sellers. Cost and freight
offers were moderate and generally unchanged; Santos 4s
were quoted for prompt shipment at 8.55c. to 8.90c. and
Victoria 7-8s at 6.800. Spot coffee was quiet with the trade
awaiting the sale of the September allotment of government
/
coffee on Thursday. Santos 4s were 9c.; Rio 7s, 738c. and
Victoria 7-8s 73.'o. On the 29th in an abnormally dull market,futures held comparatively steady closing 6 points lower
to 1 point higher on Santos contract and 2 points lower to 3
points higher on Rio with sales of 3,500 bags of Santos and
1,000 bags of Rio. Cost and freight offers were in moderate
supply and unchanged. Spots were dull pending the outcome of the government sale on Thursday. On the 30th
the market was very quiet but higher with Santos contract
7 to 10 points higher and Rio 5 points up; sales only 13 lots
of Santos and but 1 of Rio. In the outside market business
was quiet but prices were steady for both cost and freights
and spots. The trade is awaiting the sale of the government
coffee to-morrow. On the 31st futures closed 5 to 9 points
higher on news from Brazil that the coffee crop was being
damaged by dry weather. The Farm Board sold 62,500
bags at prices ranging from 8.76 to 8.90c. compared with
8.65 to 9.05c. received for a like quantity at the previous
sale. To-day prices closed 3 to 11 points higher. The prices
secured for Farm Board coffee were about as expected and the
news from Brazil was bullish. The remaining stocks held
by the Farm Board are expected to be off the market by the
end of the year. Rio coffee prices closed as follows:
March
6.13
Santos coffee prices closed as follows:
September
December
8.14[March
8.41 May
8.55
8.65
COCOA to-day ended with futures 3 to 5 points higher;
sales 19 lots. Warehouse stocks were 887,313 bags against
821,864 a month ago and 563,255 a year ago. September
ended at 5.57c., December at 4.81c. and March at 5.05c.
SUGAR futures reflected the weakness in other commodities and fen to 3 points with sales of 14,600 tons. Much
profit taking was absorbed. Raws were steady with sales
of 3,000 tons of Cubas for Sept.-first half Oct. shipment
reported at 1.60c. c.& f.; 2,000 tons of Philippines for Oct.
Nov. shipment at 3.60c. delivered and 25,000 bags of Cuba
-first half Oct. shipment at 1.60c. c. & f. Refined
late Sept.
withdrawals against contracts were rather light and the
price on resales ranged from 4.50 to 4.60c. According to
figures of the Sugar Institute for the week ended Aug. 19
total deliveries were 86,024 long tons, raw value, against
96,777 in the same week last year. Since Jan. 1, deliveries
are now approximately 33,000 tons behind last year to Aug.
19 at 2,510,826 tons. On the 29th futures ended unchanged
to 2 points higher with sales of 34,900 tons. Early trading
was rather light; but when stocks and major commodities
advanced in the late trading on .the
of President Roosevelt's gold plan buying increased and what apparently seemed like a comparatively dull market turned into
a moderately active one. There was some covering by
those who sold on the previous day. Producing interests
sold. It was reported that some 10,000 to 12,000 tons of full
duty sugar sold here the latter part of last week at 1.07 to
I.093'c. equivalent to 3.57c. and 3.59e. delivered respectively. It wasfrom Peru and San Domingo. Some 2,200
tons of San Domingos were reported to have been sold on
the 28th at 1.07%c. The sales were generally for Sept.
Oct. shipment. Cuban holders were asking 1.80e. c. & f. for
-first half Oct. shipment. In
cargo quantities for late Sept.
refined withdrawals against contracts showed a slight improvement, and prices were unchanged or resales at 4.50
to 4.600.
On the 30th ult. there was an early decline of 3 points
but most of this was recovered as new buying developed and
the ending was 1 to 2 points net lower. The market was
quiet and nervous most of the day. Early weakness was
caused by liquidation by tired longs because of the disappointment over sugar developments at Washington. Cuban
interests were buying on a scale down.. Raws reflected the
easier tone in futures and prices dropped from 1.60 to 1.58c.
c. & f. There was no buying interest at above 1.56c. Full
1.09e. c. i. f. Perus, equal
duty were reported available at.
to 3.59c. delivered. Refined withdrawals were fairly good
with resales reported held at 4.55 to 4.60e. On the 31st
futures closed 1 point lower to 2 points higher with sales of
11,800 tons. Reportsfrom Europe indicated drought damage
to beet crops. To-day futures ended 1 to 3 points higher in
small trading. It was a pre-holiday affair. Actuals were
rather quiet, but a sale was reported of Perus at 1.07c. c. i. f.
Prices closed as follows:
December
January
March
1.58 May
1.60 July
1.65
1.70
1.75
LARD futures on the 26th closed unchanged to 2 points
higher. There was much uncertainty as to the outcome of
the Government program on higher hog prices. Buying
was on a moderate scale. Liverpool closed firm 6d. to Is. 3d.
higher. Exports were 614,010 lbs. to Southampton and
London. Hogs were steady. Total receipts for the Western
run were 98,600 against 19,600 on the same day last year.
Cash lard was firm; tierces, 5.80c.; refined to Continent,
63i to 634c.; South American, 69/i to 63 0. On the 28th,
/
futures closed 8 to 15 points lower due to liquidation in
September delivery and the general weakness of outside
markets. Some hedging by warehousemen was reported
and commission houses were moderate buyers of the forward
deliveries on the decline. Exports were 436,495 lbs. to
Antwerp. Hogs were unchanged to 10c. higher with the
top $4.35. Total receipts of the Western run were 228,000
against 89,700 for the same day last year. About two-thirds
of the receipts were eligible for Government purchase. Cash
lard was easier; tierces, 5.67c.: refined to Continent, 63.1. to
63sc.; South American, 63' to 6%c. On the 29th futures
/
declined 25 to 30 points owing to the weakness of grain and
heavy September liquidation. Exports were 1,123,571 lbs.
to Liverpool, Bremen, Glasgow and Rotterdam. Hogs
closed 5 to 10c. lower with the top $4.45. Some 600,000
pigs it is estimated have been received for Government
purchase at all markets. On the 30th futures after early
weakness under September liquidation becaue firmer later
on good speculative buying influenced partly by the late
strength in grain and partly by the expectation of ultimately
higher prices as a consequence of the Government's program
to raise hog prices. Cash demand was better. Exports were
90,935 lbs. to Scandinavian ports. Hogs closed 10c. lower
with the top $4.40. Total receipts for the Western run were
204,500 against 49,600 on the same day last year. The
movement continues very large and about 65% of the arrivals
at the leading markets were pigs and sows eligible for Government purchase. On the 31st futures closed at a net decline
of 5 to 8 points except on January which was 10 points higher.
Liverpool was 3d. higher. Exports were 51,600 lbs. to Malta.
Hogs were unchanged to Sc. higher with the top
.40.
Cash lard was steady; in tierces, 5.45c.; refined to Continent,
6c.; South American, 5% to 6c. To-day prices advanced
5 to 8 points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
September
5.85
5.70
5.40
5.45
5.37
5.45
October
6.05
5.92
5.57
3.65
5.60
5.65
December
6.32
6.23
5.92
5.97
5.92
6.00
Season's High and When Made.
Season's Low and When Made.
September----8.35
July 19 1933 September---_4.02
October
8.50
July 19 1933 October
4.57
December_ --.8.87
July 19 1933 December--- _5.20
Aug. 17 1933
PORK steady; Mess $19.; family $18.50; fat backs $14. to
$14.50. Beef steady; mess nominal; packet nominal; family
$12.25 to $13; extra India mess nominal. Cut meats steady;
pickled hams 4 to 6 lbs. Wic.; 6 to 10 lbs. 530.• 14 to 16
/
lbs. 11c.; 18 to 20 lbs. 109c.; 22 to 24 lbs. 10C.; pickled
bellies clear, f.o.b. New York, 6 to 12 lbs. 93c.; bellies,
%
clear, dry salted, boxed, N. Y. 14 to 20 lbs. 734c. Butter,
/
creamery, firsts to premium marks and higher score than
extras 18 to 24e. Cheese, flats 20 to 213'e. Eggs, mixed
colors, checks to special packs 11 to 223.c.
OILS.
-Linseed met with only a fair inquiry but deliveries
were of fair volume. Prices were firm however with the
outside price at 9.7c. for tanks and some firms apparently
willing to do 9.4c. on a firm bid but others were reported
willing to shade 9.5c. Cocoanut, Manila, Coast tanks
2%c.;tanks, New York spot3%c. Corn,crude, tanks f.o.b.
Western mills 43 0. to Sc. China wood, N. Y. drums, de/
livered 7.40 to 7.50e.; tanks spot 7.1 to 7.2c.; pacific Coast
tanks 63 c. Olive, denatured, spot, Greek 72c., Spanish
4
73 to 75c.; shipment carlots, Greek 71 to 72c.; Spanish 73 to
75c.; Soya Bean, tank cars f.o.b. Western mills 732c.; cars,
N. Y.8.5c.; L.C.L.9c. Edible, olive $1.45 to $1.60. Lard,
prime 9%c.; extra strained winter 8Wic. Cod, Newfoundland nominal. Turpentine 46 to 48c. Rosin $5.00 to $5.50.
COTTONSEED OIL sales to-day including switches 1
contract. Crude S. E. 33' normal.
Prices closed as follows:
Spot
September
October
November
ber
December
4.80
4.85
4.90
5.06
5.15
January
February
March
April
5.20
5.30
5.30
5.30.
1784
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 futurcs on the 28th ult. declined 15 to 21
points in a quiet market. Sales were 2.540 tons. There was
considerable liquidation by professionals and selling by wire
houses and locals. Commission houses were buying. Actuals
were in small demand. Spot plantation was steady at
8 3-16c. asked for thick and thin latex. Angus, closed at
7.30c.; Sept. at 7.32c.; Dec. at 7.810.; Jan. at 7.960.- March
at 8.25 to 8.26c.; May at 8.50c. and July at 8.74e. '
London
ended 1-32 to 1-16d. higher and Singapoi e closed 5-32d. up.
On the 29th inst. after early firmness futures turned downward but recovered later and ended unchanged to 11 points
lower after sales of 2,770 tons. Liquidation by commission
houses caused the weakness. Professionals traders were the
chief buyers. The advance in other commodities and the
announcement that the shipment of new gold would be permitted brought about some new demand had a strengthening
effect. The demand for actual rubber however, continued
small. September ended at 7.27c.; Oct. at 7.45c.; Dec. at
7.76 to 7.77c.; Jan. at 7.85c.; March at .230. and May at
8.48c. London ended unchanged to 3-32d.lower. Singapore
was orf 1-16d. On the 30th prices declined S to 17 points
with sales of only 2,850 tons. Moderate liquidation sent
the market downward. Trading in actuals was light. Spot
prices remained unchanged, sellers asking nic.for plantation
ribbed smoked sheets in nearby positions. Para and Balta
rubber were also slow at uncharged prices. September ended
at 7.14e.; Oct. at 7.30c.; Dec. at 7.62 to 7.63c.; Jar. at 7.77 .;
March at 8.08c.; May at 8.32e. and July at 8.57 to 8.60c.
London was unchanged and Singapore was unchanged to
1-32d. lower. On the 31st futures closed 3 to 14 points higher
with sales of only 1,370 tons. September ended at 7.28c.;
Dec. at 7.71 to 7.72c.; Jar. at 7.85c.; March at 8.14e.; May
at 8.40c. and July. at 8.60c. To-day prices closed 3 points
lower to 6 points higher with sales of 77 lots. London advanced 1-32d. to 3 25-32d. The market here was quiet, and
final prices were as follows: December 7.740.; Jan., 7.89c.;
February,8.050. and March,8.17c.
HIDES futures on the 28th ult. after an irregular opening
declined and ended 5 to 30 points lower in a sluggish market.
There was some interest shown in spot hides but actual
business was very small. New York City calfskin and
horsehides were quiet but prices were firm. Sept. closed at
12.50c., Dec. at 12.80c., March at 12.90 to 13.10c. and
June at 13.20c. Packer, native, 133'c.; Colorados, 13c.;
Chicago, light native cows, 12Hc.; New York City calfskins
9-12s, 2.40c.; 7-9s, 1.70c., and 5-7s, 1.300. On the 29th
futures in slow trading closed unchanged to 35 points lower
with sales. Only five contracts were traded in. Argentine
frigorifico hides were slightly firmer but the domestic markets
were dull. New York City calfskins were easier. Sept.
ended at 12.50 to 12.80c., Dec. at 12.45 to 12.60c., March
at 12.75 to 12.80c., and June at 13.00c. On the 30th inst.
trading in futures was still small and after an early dErcline
of 5 to 20 points rallied fairly sharply and closed unchanged
to 15 points higher. Sales amounted to only 11 contracts.
Spot hides met with a better inquiry and prices were firm.
Sept. ended at 12.50c. Dec. at 12.60 to 12.75c., March at
12.85 to 12.95c., and june at 13.050. Packer native steers,
2
1331
10.; Colorados, 13c.; Chicago light native cows, 123'C.
On the 31st futures closed 10 points lower to 5 points higher
with sales of 440,000 lbs. Dec. ended at 12.50 to 12.70c.
and March at 12.850. To-day prices closed unchanged to
15 points lower with sales of 10 lots. Spot hides were still
quiet. Dec. ended at 12.50 to 12.550., and March at 12.70
to 12.750.
OCEAN FREIGHTS were still dull. Charters included
grain from Montreal. September to Bristol Channel 434d.;
booked 3 loads New York-Hamburg 6c. Trip-prompt West
Indies round $1.20.
COAL was more active and at wholesale prices were up
50c. with lump, egg, chestnut anthracite at $11.50, stove
at $12.75 and pea at $9.35 in Manhattan and the Bronx.
Production of bituminous rose to 7,675,000 tons last week,
which is the heaviest tonnage since the second week of
February and the largest August output since 1930. The
output for three weeks is 22,645,000 tons and the weekly
average 14,865,000 tons against 14,965,000 tons and 4,988,000 tons, respectively, a year ago. Western screenings were
a trifle easier.
SILVER futures on the 28th ult. closed 90 to 99 points
lower or at about the low of the day with sales of 7,625,000
ounces. There was considerable switching from September
to December at 70 to 75 points. The bar price here fell %c.
and London dropped %d. to 17 13-16d. Here prices closed
with Aug. at 36.500., Sept., 36.50 to 36.55c.; Oct. 36.750.;
Dec., 37.210.• Jan., 37.50c.; Feb., 37.80c.; Mar., 38.07e.,
and May, 38.65c. On the 29th futures recovered 40 to
65 points of the previous day's losses after sales of 8,775,%
3c.
000 ounces. Bar silver here advanced X to 365 c. and
at London it was 3s. 16d. up at 18d. Sept. here closed at
37.15c., Dec. at 37.77e. to 37.90c., Jan. at 38.10c., Mar.
at 38.65c. On the 30th futures closed 21 to 40 points lower
with sales of 6,300,000 ounces. Sept. ended at 36.93 to
36.94c., Dec. at 37.56c., and Mar. at 38.25 to 38.35c.
Bar silver here was unchanged at 36%c. but London was
Sept. 2 1933
Nd. higher at 1834d. On the 31st futures closed 10 to 16
points lower with sales of 3,725,000 ounces. Sept. ended
at 36.78 to 36.83c., Dec. at 37.400., Mar. at 38.10c., May
at 38.60c. and July at 39.100. To-day futures closed unchanged to 5 points higher with sales of 1,600,000 ounces.
Sept. ended the week at 36.80 to 36.85c., Oct. at 37.00 to
37.10c., Dec. at 37.43 to 37.48c., Feb. at 37.90c. and May
at 38.65c.
COPPER though quiet for domestic delivery was more
active abroad. European prices were generally 8. 20to 8.21%c.
but there were reports of sales at as high as 8.350. In the
domestic market the price remained firm at 8.350. Standard
copper in London on the 30th inst. dropped 11s. 3d. to £36
Is. 6d. for spot and £36 6s. 3d. for futures with sales of 10
tons of spot and 75 tons of futures;electrolytic was unchanged
at £39 15s. bid and £40 15s. asked; at the second London
session standard dropped 2s.6d.on sales of 75 tons of futures.
TIN was more active early in the week but of late demand
was smaller. Straits tin fell 3.o to 451 c. on the 28th inst.
Tin plate operations continued at 95% of capacity on the
average with some mills working at full capacity. London
was higher. On the 29th inst., Straits tin advaneed 10 to
4634e. Later on there was a decline of % to 4534c. In
3
London on the 30th spot standard dropped 15s. to £219 7s.
6d. and futures fell 12s. 6d. to £219 7s. 6d. with sales of 20
tons of spot and 380 tons of futures. Spot Straits declined
10s. to £224 17s. 6d.; Eastern c. i. f. London advanced 15s.
to £225 10s.; at the second London session that day spot
standard fell 17s. 6d. and futures £1 on sales of 50 tons.
LEAD was in better demand and firmer at 4.500. New
York and 4.35e. East St. Louis. Battery makers were the
best buyers. In London, on the 30th inst., spot declined
2s. 6d. to £12 10s. and futures fell 3s. 9d. to £12 us. 3d.
with sales of 500 tons of futures; at the second session prices
were 2s. 6d. lower on sales of 50 tons of futures.
ZINC was quiet and easier at 4.723'c. for East St. Louis.
Some producers however r fused to quote below 4.75c. In
London on the 30th spot advanced is. 3d. to £17 10s. and
futures were unchanged at £17 us. 3d. with sales of 400
tons of futures; at the second session prices dropped 2s. 6d.
with sales of 400 tons of futures.
STEEL makers are busy getting price schedules ready to
file with the American Iron and Steel Institute and are
finding it very difficult to clear things up. Price schedules
must be filed 10 days before they become effective and may
apply to a short period or to a long period. Tin plate makers
it is reported have practically decided upon a 40 cent rise in
the price of tin plate to be anrounced shortly which will
bring the price up to $4.65 per box of 100 lbs. The new price
will apply to the last quarter of the year. Cold rolled sheets
were marked up $3 per ton to 2.75e.for No.20 gauge Pi tsburgh and cold rolled fender stock was advanced $2 to 2.95o.
for No. 20 gauge Pittsburgh or Cleveland.
PIG IRON sales were large and the higher prices announced in the East last week became more general. In most
Eastern centres prices were advanced V. but at Buffalo the
rise was 50c. per ton, making the price for shipment within
the local territory $17.50 furnace. Agents handling Jackson
County silvery iron were notified of an advance of $1.00 per
ton effective the 29th thus making 6% silvery iron $22.25 per
ton Jackson County furnace. Sales in the New York district
wEre larger. In the Chicago district the price was marked
up 50c. to $17.50 furnace for foundry and malleable, to $18
or Bessemer and $17 or basic iron. A majority of agents are
somewhat uncertain as to the price situation, principals having failed to rotify them of prices to prevail over the next few
weks. Under the provisions of the steel code prices for
fourth quarter cannot be named until Sept. 1st or in other
words not for less than four months in advance. It is now
generally recognized that prices will be uniformly 500. to $1
higher. The Iron Age regards the composite price as $16.71
against $15.94 a week ago and the depression low of $13.56
which prevailed from November, 1932 to April this year.
Base prices are now the same in the following centres:
Chicago, Detroit, Cleveland, Erie, Youngstown, Buffalo,
Ohio and in Eastern Pennsylvaria. As a result of this
uniformity of priers there will be less competition, and it
will now be necessary to buy from a distant furnace only
where special brands are required.
WOOL was more active and generally firmer. Mills resumed buying. On the whole there was a broader demand.
Fleeces were in better demand. Strictly combings 56s,
% blood Ohio and similar fleeces sold very freely at 36c. in
the grease and 37c. was obtained on a few good lots late last
1
week. Strictly combing 48s, 50s 4 blood, sold generally
at 35 to 36e. in the grease with an occasional sale at 37c.
More interest was reported in sizeable quantities of Western
grown and there was a good demand for moderate quantities.
Territory wools also met with a good demand at stronger
prices on graded lines of 56s and finer qualities. Good sales
of 64s and finer qualities in original bags were made at 72
to 74c. for good French combing and average strictly combing staple. Ordinary 12 months Texas wool sold at 75 to
78c. scoured basis, and eight months Texas wool was strong
at 73 to 75c., scoured basis, with some sales reported at
slightly higher prices. Boston wired a government report
on Aug. 28, saying: "Wool quotations are tending firmer as
a result of the increasing volume of business last week.
Financial Chronicle
Volume 137
1785
In order that comparison may be made with other years,
Strictly combing 56s, 9/ blood Ohio and similar fleeces are
3
firm at 36 to 37c. in the grease, and some holders are asking we give below the totals at leading ports for six seasons:
higher prices. Strictly combing 48-50s X blood, good
Receipts at1933.
1932.
1931.
1930.
1929.
1928.
bright Ohio fleeces are held mostly at prices on the high side
of the range, 35 to 370. in the grease. Estimated receipts Galveston _ 27.000 13,689
8.366
21.933
36,427
60,787
of domestic wool at Boston, reported to the Boston grain Houston
62,457
55,154
99,606 73.583
73.453
70.067
4.449
18,857
33,770
10,892
and flour exchange during the week ended Aug. 26 amounted New Orleans_ 20,549 16,834
Mobile
799
2,785
2,987
6,771
10,708
487
to 1,568,400 lbs. compared with 2,610,000 during the Savannah _
13,709
10.906
15,341
45,851
47,699
6.014
_
1,100
3.950
previous week." In London on Aug. 29 the first series of Brunswick____
8.231
9,284
1,063
3,931
3.292
900
Sydney wool sales opened. Merinos were 30% higher Charleston _ _
Wilmington_
12
554
49
742
795
2
118
1,813
474
480
525
470
compared with the close of the June sales. The selection Norfolk News
N'port
was representative and competition keen. No crossbreds All others _
41,661
79.041
33,412
58.576
47,539
72.554
were offered.
Total this wk.. 206,619 154,553 126,962 277.852 254,338 222,173
SILK reflected the weakness in other markets on the
28th inst. and moved downward ending 3 to 7 points lower Since Aug. 1_ 563,513 462.061 294,186 911.893 664.508 463,194
The exports for the week ending this evening reach a
after sales of 1,170 bales. Moderate selling was sufficient
to send prices lower. Crack double extra advanced lc. to total of 132,265 bales, of which 56,127 were to Great Britain,
$1.99. Sept. ended at $1.84, Oct. and Nov. at $1.84 to 5,466 to France, 21,907 to Germany, 6,281 to Italy, nil to
$1.85, Dec. at $1.84, Jan. at $1.84 to $1.85, Feb. at $1.84, Russia, 33,342 to Japan and China, and 9,142 to other
and March at $1.84 to $1.85. On the 29th futures closed destinations. In the corresponding week last year total
2c. lower to lc. higher with sales of 1,200 bales. Crack exports were 165,445 bales. For the season to date aggredouble extra dropped 3c. to $1.96. The action of other gate exports have been 561,512 bales, against 496,957 bales
commodities governed the course of prices. A weak stock in the same period of the previous season. Below are the
market and an early decline in grains brought out some exports for the week:
commission house selling but when the news was received
Exported to
that limited gold exports would be permitted and stocks
Week Ended
Sept. 1 1933.
Japan&
Great
Gerand grain became firmer, new buying set in and prices rallied.
Exports from
- Britain. France. many. Italy. Russia. China. Other. Total.
Sept. closed at $1.82 to $1.84, Oct. at $1.83 to $1.85, Nov.
-Feb. March and Galveston
at $1.84 to $1.85, Dec. at $1.85, and Jan.
451
380 3,345
947 1,567
15,361
566 32,998
6,198
April at $1.84. On the 30th the close was 2 to 5 cents net HoustonChristi 28,036 2,184 6,975 1,714
Corpus
982 5,398
4.925 4,065 43,406
lower with sales of 1,360 bales. Crack double extra fell lc. Texas City
283
283
New
10,727 1,975
10,482 3,380 29,564
3:656
to $1.95. There was some liquidation by wire houses. The LakeOrleans
Charies
325
-2- 8
2
656
103
chief support came from commission houses and Japanese Jacksonville _
125
1,182
100 1,407
Pensacola
3,246
7,214
1,868
2,100
interests. Sept. ended at $1.80, Oct., Nov., and Dec. at Panama
691
691
_
City
$1.80 to $1.81, Jan. at $1.80, Feb. and March at $1.80 to Savannah
3,856
3,856
1,100
1,100
$1.81, and April at $1.80. On the 31st futures closed 1 Brunswick
4,117
2,957
142 7,216
point lower to 1-point higher with sales of 460 bales. Sept. Charleston
Norfolk
100
106
206
300
323
ended at $1.81, Dec. at $1.79 to $1.81, Jan. and Feb. at Los Angeles_
-ia
$1.79 to $1.81, March at $1.81, and April at $1.79 to $1.81.
Total
56,127 5,466 21,907 6,281
33,342 9,142 132,265
To-day futures closed 1 point higher to 64 points lower with
8,052 44,218 54,944 4,975
____ 34,267 18,989 165,445
the silk industry strike reaching a point where it is now very Total 1932
Total 1931
4,443 4,150 16,107 10,626
____ 73,222 21,583 130.131
serious. Futures at Yokohama declined 80% and Seriplane
From
Exported tosilk there rose 5 points to 865 yen a bale. Prices closed
....
here as follows:
Sept. 1 1933. (heat
Japan dk.
Ger$1.77@$1.79 I February
$1.79031.80 1 March
$1.80 April
September
December
January
31.78@$1.80
$1.78021.79
$1.78031.79
COTTON
Friday Night, Sept. 1 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 206,619 bales, against 142,921 bales last week and
103,437 bales the previous week, making the total receipts
since Aug. 1 1933 563,513 bales, against 462,061 bales for
the same period of 1932, showing an increase since Aug. 1
1932 of 101,452 bales.
Receipts atGalveston
Texas City
Houston
Corpus Christi_.
Beaumont
New Orleans.-Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
Baltimore
Sat.
Mon.
Tues.
Wed.
Thurs.
9,116
2,093
6,ilio '7,3i 12,6:1/3
6,205 12,379 4.826
5,5:1'i
-
1,802
4,222
3,698
Fri.
Total.
2,826 6,941 27.000
_
698
698
7,gg5 34,092 73.453
4,256 3,901 35.265
957 10;5g8
824 1,839 6,644
____ 20,549
626
514
222
404
370
649 2,785
------------10,404
--------10,404
746
746
1,15§ 3,r78 3,65i 1,e5o 1,ii 2,812 13,709
.
1,100
--------------------1,100
318
.1
6.763 8.231
_______. s.i 6,763
__ _ _
108
180
-_
:18
NJ
5;iii
49
32
ii
105
742
474
227
60
Totals this week 19.289 29.708 37.645 20 886 27 637 62.454 206 610
The following table shows the week's total receipts, the
total since Aug. 1 1933 and the stocks to-night, compared
with last year:
Receipts to
Sept. 1
Galveston
Texas City
Houston
Corpus Christi...
Beaumont
New Orleans__ - _
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles_ --Wilmington
Norfolk
N'port News, &cNew York
Boston
Baltimore
Philadelphia
Totals
1932.
1933.
Stock.
This Since Aug This Since Aug
Week. 1 1933. Week. 1 1932.
27,000
698
73,453
35,265
4,209
20,549
2,785
10,404
746
13,709
1.100
8,231
6,763
742
474
491
---206,619
55,059
978
196,150
168,025
4,209
53,490
13,689
1,585
62,457
21,784
16,834
9,406 2,987
10,404 1,292
602
1,677
32,126 10,906
1,468 3.950
14,900 9,284
9,883 7,575
896
554
1.369
480
3,473
574
----
563,513 154,553
1933.
1932.
34,297 439,998 428.296
4,569
9,516
10.768
129,933 1,160.358 1.002.059
157,108 191,215 146.053
17,o60
16,008
57.203 646,770 886.867
19,399 112,479 161.129
1.292
35,369
17.005
1,049
3,596
17,932
25,754 120,955 203.114
3,950
11,699
35.655
83,371
10,733
45,096
58,096
14.005
7,508
1,375
1,621
17.577
43.007
2,079
123,465
15.520
1.000
205,060
12,703
1.250
5.389
462,061 2,990,134 3.305.705
Exports from- Britain. France. many.
Galveston...
Houston__ __
Corp. Christi
Texas city_
Beaumon._
New Orleans_
Lake Charles
Mobile
Jacksonville _
Pensacola
Panama CIO
,
Savannah
Brunswick
Charleston..
Wilmington
Norfolk
New York
Los Angeles_
San Francisco
Total
Total 1932
Total 1931_
3,918 7,773
24,041 19,715
33,757 20.999
561
3,9 t o
21,657 6,056
386 2,512
2,172 1,776
130
____
3,072
____
780
__
7,425
_
1,100
_ .
5,867
_
820
7,351
1,175
42
_
_
Italy. Russia China. 'Other.
4,167 5,297
40,599 13,676
14,146 2,631
1,375
12,316
81
10,628
1,882
3,427
845
7,645
368
6,227
1,500
725
175
Total.
___
__
_--
12,931 12,155 46,241
64,287 19,181 181,499
35,39 15,270 122,200
1,936
804
4,704
11,09021,274 25,515 10,791 108,699
2, ii 1,198
16,488
__-_ 8,9
1,9'1 ___
4,700 1,346 22,522
100
2,112
8,599
-------2,100
____
1,625
___
--------323
500 15,893
1,468
__
396
12,490
____
1,500
106
1,651
150
7,676
---2,290
623
4,088
121
113,693 63,292 107,067 34,59430,2
69,202 88,393 121,085 46,78
10,923 10,338 26,622 23,432 ____
150,022 62,6 I
561,512
111,006 60,491 496,957
159,528 44,980 275,803
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 Sh pboard Not Cleared for
Sept. 1 atGalveston
New Orleans- -
Other CoastGreat
GerBritain. France. many. Foreign wise.
2.000
1,659
Savannah
2,000 16,000
2,442 2,548
2,500
4,000
2,848
----
Total.
1,500 25.500
1,400 10,897
---- 2,500
Leaving
Stock.,
414,498
635,873
118,455
Mobile
Norfolk
Other ports *--
2,022
1,505b
1,15- 05
6
8,1366 49,6Z.113
2,741 109,738
_-_
17.577
1,6E16 60,000 1.556.700
Total 1933..
Total 1932
Total 1031...
*Estimated.
6,681
7,637
5,442 29,048 56,467
8,013 19,125 46,939
1.287 3.800 50.235
4,000 101,638 2,888,496
6,524 88.238 3.217,467
1.854 58.915 2.668,008
1.739
--------619
100
COTTON was moderately active on the 26th ult., and
fluctuated over a range of 12 to 19 points. An early advance
was followed by a decline, but subsequently there was a
rally which left final prices 2 points lower to 2 points higher.
Some fairly active overnight buying, much of which came
from abroad, particularly from Liverpool, and believed to
have been in the form of arbitrage operations or buying
here against selling in the foreign market, and better Liverpool cables than expected, brought about some buying
by commission houses, but when this demand fell off weekend liquidation and selling by Southern and New Orleans
interests set in, and a reaction followed. This pressure
was not great at any time, and toward the close some fairly
active buying by spot houses and the trade gave the market
a firm tone.
On the 28th ult. it was a nervous market, and again
prices fluctuated within narrow limits. The opening was
11 to 17 points lower, and the market continued to lose
ground owing to disappointing Liverpool cables and rather
heavy foreign selling, including Liverpool and Continental
offerings and hedges for the Far East. But after the
. 1786
Financial Chronicle
initial activity trading quieted down and prices rose gradually. There was less hedging pressure, and trade and investment buying was enough to absorb the scattered lots
that came forth. The ending was 5 to 10 points off. The
strength of the dollar and the nervousness over the visit
of the Governor of the Bank of England at Hyde Park had a
depressing influence. The strength of securities in the
afternoon helped to steady the market. The weather details showed considerable rain over the week-end. Many
stations in Texas had rains for the past 24 hours, and 30
stations for the previous 24 hours. At some 30 stations
the rainfall amounted to an inch or more. Northwest Texas
had good beneficial rains. Oklahoma had a rainy week-end,
which was not considered favorable. The rest of the belt
had scattered showers. Private and official advices stated
that cotton on leased lands has been plowed up vigorously.
Memphis reports said that the crop has lost about all the
gain made early in the month, and there were many complaints that the yield is not meeting expectations. Reports
of an increase in weevil infestation continued to be received,
and this, according to some close observers, will result in a
Shading of recent estimates. Meantime advices from the
Western belt reflected a better outlook for the crop. The
Cotton Exchange Service said: "The indicated world supply
of all kinds of cotton for this season computed by adding
our tentative estimate of world production to our preliminary figure for the carryover on Aug. 1 is 39,407,000 bales.
This compares with 40,666,000 bales last season, 40,481,000
bales two seasons ago, 36,303,000 bales three seasons ago,
and 35,964,000 bales four seasons ago. The indicated world
supply of American cotton for this season is 24,253,000
bales, as against 26,184,000 bales last season, a decrease of
1,931,000 bales. The indicated supply of foreign cottons
Is 15,154,000 bales as against 14,482,000 bales last season,
an increase of 672,000 bales. The decrease in the world
supply of American cotton is partially offset by an increase
In the supply of foreign cottons, leaving an indicated net
reduction of 1,259,000 bales in the world supply of all
growths. Foreign cotton production promises to show a
considerable increase this season, according to preliminary
reports and trade advices from the various countries abroad
where cotton is grown. On the basis of the best material
available at this time, we have made a tentative estimate
of foreign production for this season of 11,265,000 bales of
478 pounds net weight, as against 10,298,000 bales last season, 9,658,000 bales two seasons ago, 11,317,000 bales three
seasons ago and 11,881,000 bales four seasons ago. Adding
our tentative, foreign production estimate to the indicated
American production, according to the last Government report, converted to running bales and with city crop allowance, gives an indicated world production for this season of
23,497,000 bales. World production last season totaled
about 23,254,000 bales, according to latest advices, or
slightly larger than earlier reports indicated. Two seasons
ago the world produced 26,535,000 bales, three seasons ago
25,190,000 bales, and four seasons ago 26,597,000 bales."
On the 29th ult. prices rallied toward the close and
recovered losses of 13 to 27 points, after being lower most
of the day. The early decline was due to continued Southern
and hedge selling based on the easier ruling of other markets. Wall Street also sold. The market rallied sharply
later, however, as Wall Street, commission houses and
other buying came in on the news that the Government
would pay the world price for gold mined here and might
loosen restrictions on exports of the metal. A private
forecast put the crop at 12,608,000 bales as of Aug. 25, and
made the condition 68.8% of normal as against a 10
-year
average of 59.4%, the report being based on the planted
acreage of 40,798,000 less 10,304,000 "officially reported
taken out of cultivation." Showery conditions prevailed
over much of the belt. Worth Street reported a better
business in gray goods.
On the 30th ult. trading was rather small and the market
was easily influenced by small orders either way. A better
tone was evident in the initial trading, but prices sagged
off to losses of 16 to 18 points late in the morning; it subsequently rallied to the day's best level of 4 points lower to
2 points higher, only to recede again and end at a net
decline of 13 to 19 points. Liverpool cables were disappointing and the Continent, the South, New Orleans and
some wire house interests sold. Trade, commission houses
and spot interests bought. At one time a rally in stocks and
grain helped, but this was only momentary. Toward the
close Japanese interests were selling. There was much
uncertainty over the next week's Government crop estimate, and this, together with an increase in daily receipts,
restricted trading. The New York stock, after holding
around 200,000 bales for nearly three years, is now below
125,000 bales. The weekly weather report reflected more
weevil activity in northern sections of the belt, and precipitation during the previous 24 hours brought private
complaints of increasing infestation.
On the 31st ult. prices ended 6 to 11 points lower in a
narrow market. Speculative interest was lacking. The
weather continued unsettled over most of the belt, with
heavy rains reported in South Texas and parts of central
and eastern areas. This, together with the issuance of a
storm warning for the East Florida Coast, and further complaints of weevil activity, caused some buying, Mit the demand was not of any consequence, and prices declined.
There was some pre-holiday liquidation. One estimate
Sept. 2 1933
put the crop as of Aug. 30 at 13,033,000 bales, with the acreage for harvest 31,450,000 bales, and with condition of
65.2% of normal, and indicated yield per acre of 198.1
pounds.
To-day prices fluctuated within a narrow range, and
ended 2 to 5 points lower on fairly heavy selling by the
South, the Continent and wire houses. There also was a
moderate amount of 'hedge selling. The Government was
credited with the purchase of 10,000 bales of July at 10.16c.
Worth Street reported sales of gray goods had materially
exceeded output this week. Final prices show a decline
for the week of 29 to 35 points. Spot cotton ended at 9.45c.
for middling, a decline since a week ago of 10 points.
The officia quotation for middling upland cotton in the
New York market each day for the past week has been:
Aug. 26 to Sept. 1Middling upland
Sat. Mon. Tues. Wed.Thurs. Fri.
9.65
9.65
9.60
9.55
9.45
9.45
MARKET AND SALES AT NEW YORK.
Futures
Market
Closed.
Spot Market
Closed.
SALES.
Spot.
Saturday___ Quiet, 5 pts. advFirm
Monday
Quiet, 5 pts. adv_
Steady
Tuesday __ _ Quiet, unchanged_ _ Very steady
Wednesday.. Steady, 10 pts. dec.. Barely steady
Thursday -- Quiet,10 pts. dec.-- Barely steady
Friday
Steady. unchanged..
Total week_
Since Aug. 1
Contr't. Total.
"Ho
6,464
100
100
1,900
100
8,364
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Aug. 26.
Monday,
Aug. 28.
Tuesday, Wednesday, Thursday,
Aug. 29. Aug. 30.
Aug. 31.
Fr
Sen
Sept.
(1933)
Range-. 9.46- 9.56 9.36- 9.42 9.38- 9.45
Closing. 9.46- 9.42- 9.430
9.28n
9.190
9.11 aOct.
Range._ 9.60- 9.77 9.52- 9.67 9.38- 9.65 9.45- 9.65 9.37- 9.46 9.3 9.40
,
Closing _ 9.67- 9.70 9.62- 9.63 9.63- 9.65 9.48- 9.39- 9.40 9.31 9.36
Nov.
Range...
Closing _ 9.77n
9.570
9.71n
9.72n
9.48-i
9.4 0Dec.
Range__ 9.81- 9.99 9.71- 9.87 9.57- 9.84 9.65- 9.83 9.58- 9.66 9.51 9.60
9.88- 9.90 9.81- 9.83 9.82- 9.84 9.66- 9.68 9.58- 9.59 9.8 9.55
ClosingJan.(1934)
Range-- 9.91-10.10 9.83- 9.94 9.67- 9.94 9.75- 9.94 9.66- 9.73 9.6, 9.68
Closing. 9.99- 9.94- 9.93- 9.94 9.77- 9.66- 9.6 9.65
,
Feb.
Range...
- 9.92- 9.92- Closing.. 10.06n
9.850
10.00n
io.00n
9.76n
9.71
March
Range.... 10.07-10.25 9.97-10.12 9.83-10.09 9.90-10.07 9.84- 9.90 9.8 9.87
Closing _ 10.14 -- 10.07 _ 10.07- 9.94- 9.86- 9.8
April
Range__
Closing 10.22n
10.010
.
10.170
10.15n
9.930
9.81
MayRange- 10.26-10.40 10.16-10.28 10.01-10.29 10.09-10.57 10.00-10.08 9.91 10.04
Closing _ 10.3010.24-10.26 10.2810.0910.00- 9.91 10.02
June
Range__
Closing_ 10.338
10.138
10.30n
10.33n
10.08n
10.01
July
Range__ 10.42-10.54 10.33-10.38 10.23-10.39 10.23-10.35 10.12-10.21 10.11 10.16
Closing 10.4610.23-10.25 10.1710.36-10.3910.11
Aug.
Range__-Closing_
O Nominal.
Range of future pikes at New York for week ending
Sept. 1 1933 and since trading began on each option:
Option for
Aug. 1933_
Sept. 1933... 9.36
Oct. 1933... 9.34
Nov. 1933....
Dec. 1933.._ 9.53
Jan. 1934._ 9.64
Feb. 1934._ 9.92
Mar. 1934._ 9.81
Apr. 1934.
May 1934__ 9.98
June 1934.
July 1934._ 10.13
Range Since Beginning of Option.
Range for Week.
Aug. 28 9.56 Aug. 26
Sept. 1 9.77 Aug. 26
Sept. 1 9.99
Sept. 1 10.10
Aug. 28 9.92
Sept. 110.26
Aug. 26
Aug. 26
Aug. 28
Aug. 26
Sept. 1 10.40 Aug. 26
6.00
6.07
5.93
6.50
6.30
6.35
8.62
6.84
8.91
9.47
Dec. 3 1932 10.40 June 28 1933
Dec. 8 1932 11.82 July 18 1933
Dec. 8 1932 12.00 July 18 1933
Feb. 21 1933 10.50 July 21 1933
Feb. 6 1933 12.20 July 18 1933
Feb. 6 1933 12.25 July 18 1933
Feb. 24 1933 9.92 Aug. 28 1933
Mar. 28 1933 12.39 July 18 1933
May 22 1933 9.80 May 27 1933
May 26 1933 12.52 July 18 1933
Sept. 1 10.54 Aug. 26 9.89 Aug. 19 1933 11.78 July 27 1933
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
Sept. 11933.
1932.
1931.
1930.
Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
bales
749,000
645,000
735,000
106,000
137,000
156.000
113,000
855,000
782,000
891,000
741,000
462,000
171,000
23,000
69,000
101,000
288,000
130.000
18,000
65,000
65,000
296.000
256,000
7,000
75,000
35,000
183,000
121,000
8,000
65,000
18,000
826,000
566,000
669,000
395,000
628,000
Total European stocks
1,681,000 1,348,000 1,560,000 1,166,000
India cotton afloat for Europe__ _
39,000
97,000
50,000 101,000
American cotton afloat for Europe 281,000 285,000
96,000 327,000
Egypt, Brazil, &c.,afFt for Europe 89,000 121,000
109,000
90,000
Stock in Alexandria. Egypt
247,000 448,000 542,000 459,000
Stock In Bombay, India
736,000 784,000 568,000 669,000
Stock In U. S. ports
2,990,134 3,305,705 2,726,923
Stock in U. 8. interior towns_ - 1,111,525 1,261,495 725,430 1,980,935
591,795
U.S.exports to-day
30,563
10,115
21,227
Total visible supply
7,253,886 7,602,315 6,407,916 5,334,730
Of the above, totals of American and other descriptions are as follows.
Financial Chronicle
Volume 137
AmericanLiverpool stock
Manchester stock
Continental stock
American afloat for Europe
U. S. port stocks
U. S. interior stocks
U. S. exports to-day
r
Total American
East Indian, Brazil,
Liverpoolstock
stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
1933.
1932.
1931.
1930.
394,000 300,000 301,000 204,000
61,000
77,000
52,000
39,000
743,000 512,000 566,000 274,000
281,000 285,000
96,000 327,000
2,990,134 3.305.705 2,726,923 1.960,935
1.111.525 1,261,495 725,430 591,795
21,227
10.115
30,563
5,601,886 5,751,315 4,497,916 3,396,730
355,000
Total East India, &c
Total American
345,000
434,000
424,000
45.000
60,000
83,000 • 54,000
97,000
39,000
89,000 121,000
247,000 448.000
736,000 784,000
104,000
103.000
50,000
109,000
542,000
568,000
74,000
121.000
101.000
90,000
459,000
669.000
1,652,000 1,851,000 1,910,000 1,938,000
5,601.886 5,751,315 4,497,916 3,396.730
Total visible supply
7,253,886 7,602,315 6,407,916 5,334.730
Middling uplands, Liverpool_
6.48d.
3.71d.
5.60d.
6.57d.
Middling uplands, New York__ _ _
11.65c.
6.700.
9.45c.
8.75c.
Egypt, good Sakel, Liverpool_.._
6.70d. 11.456.
8.33d. 10.006.
Peruvian, rough good, Liverpool
Broach, fine, Liverpool
4.60d.
3.11d.
6.21d.
4.63d.
Tinnevelly, good. Liverpool
.
5.856.
6.34d.
3.51d.
5.26d.
Continental imports for past week have been 120,000 bales.
The above figures for 1933 show a decrease from last
week of 53,710 bales, a loss of 348,429 from 1932, an
increase of 845,970 bales over 1931, and a gain of 1,919,156
bales over 1930.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year-is set out in
detail below:
Movement to Sept. 1 1933.
Towns.
Receipts.
1 Ship- I Stocks
,ne
Week. I Season. I Week..
1..
la., 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
Miss,Clarksdale
, Columbus
,Greenwood_ _
Jackson
k Natchez
,
Vicksburg
Yazoo CityMo., St. Louis_
N.C.,Greensla'ro
Oklahoma
15 towns._
S.C., Greenville
Tenn.,Memphls
Texas, Abilene_
Austin
Brenham
Dallas
Paris
Robstown_
San Antonio_
Texarkana
Waco
70
100
789
1,303
4
1
27
231
15
1,043
1
268
2
1,321
200
276
9,580
"962
624
649,
72
1,6471
219,
6
28
249
2,211.
2
568
1,460
6,762
1,888
3,727
1,540
231
1,034
764
69
5,215
118
5071
1,236
2,053
148
18
78
275
15
2,473
107
827
31
2,300
665
2,144
20,875
900
1,669
3
954
1,670
83
2,911
489
6
135
276
10,608
271
1,266 5,723
100 5,305
1,392 31,996
360 24,380
134 15,607
115 10,131
656 19,057
545 8,858
155 1,624
903 39,292
250 7,549
641 23,662
124 1,986
251 2,423
200 44,550
3,219187,943
2,526102,069
15,801
289 33,770
450 6,190
577 24,718
955 12,713
106 4,254
880 34,027
507 15,206
98 2,686
167 5,217
76 8,343
2
2,211
142 17,150
Movement to Sept. 2 1932.
Ship- Stocks
punts. Sept.
2.
Week. I Season. Week.
Receipts.
19
308
879
1.399
1,644
11
547
1,318
120
68
27
100
22
67
200
548
5,096
1:69g
50
3,524
1,755
19
2,834
1,275
41
558
1,435
41
503 14,615 2,535
1,947
10,469 3,518 88.79' 1,135
48,684 11,928257,552 11,677
290
145
661 3,84' 2,281
4,287
1,344
7,507 2,702 4,45
300
2,484 1,808 8,31
853
104 1,04
231
747
3,328 1,017 3,28
1,086
883 1,66
4,832
456
16 10,86
135
878
9,708 2,729 6,72
1,762
670
1,285
2,517
2,022
24
631
1,655
170
426
112
667
54
125
1,365
3,099
8,540
50
2,631
111
5,506
2,220
95
3,202
1,664
187
123
618
5,034
401
192 8,469
170 5,879
2,484 42,679
752 38,688
1,942 27,122
638 13,858
660 21,997
268 9,678
131 1,157
214 40,756
95 10,131
1,114 33,907
8 4,315
47 2,930
200 41,280
3,976 140,416
2,174 92,227
20,740
854 36,813
275 8.512
3,066 66,135
3,228 58,726
420 5,209
2,614 59,798
819 19,467
105 3,922
8,919
314 14,146
1,511
454
1,023 19,030
5,274 2,847 27,494
3,252 2,377 71,751
37,542 17,096 263,858
1,069
208
171
3.186
572 3,999
2,323
947 4,695
1,269
300 9,363
945
460 3,713
5,650 1,755 4,353
5,412 1,061 1,361
533
26 8,205
1,638 1,344 5,172
Ttoal, 56 towns 45,158 147,457 45.3161111525 48,585 115,079 58.0871261495
* Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
increased during the week 2,523 bales and are to-night
149,970 bales less than at the same period last year. The
receipts at all the towns have been 3,427 bales less than
the same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
1933
1932
1931
1930
1929
1928
1927
1926
9.45c.
8.30c.
6.95c.
11.40c.
19.35c.
19.05c.
23.10c.
18.90c.
1925
1924
1923
1922
1921
1920
1919
1918
23.36c.
25.900.
23.65c.
22.25c.
17.50c.
30.250.
32.05c.
36.50c.
1917 - ---23.30c. 1909
1916
16.300. 1908
1915
9.750. 1907
1914
1906
1913
12.50c. 1905
1912
11.250. 1904
1911
11.70c. 1903 1910
15.50c. 1902
12.700.
9.300.
13.55c.
9.80c.
10.950.
--12.750.
9.00c.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraph reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1933
Since
Week. Aug. 1.
2,211
10,608
Week.
1,511
1932
Since
Aus. 1.
5,371
250
84
3.491
4,000
1,095
16.734
16.121
313
3,574
2,000
313
15,118
10,000
9,786
Total gross overland
Deduct Shipments
491
Overland to N. Y., Boston, &c..._
214
Between interior towns
5,139
Inland, dtc., from South
44.558
7,398
31,052
3,468
1,100
15.903
574
184
5.014
2,079
735
9.132
5,844
20,471
5,772
11.946
Leaving total net overland *....3,942
24.087
1,626
19,106
Sept. 1ShippedVia St. Louis
Via Mounds, Stc
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, dm
Total to be deducted
* Including movement by rail to Canada.
1787
The foregoing shows the week's net overland movement
this year has been 3,942 bales, against 1,626 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 22,461 bales.
1933
1932
Since
In Sight and Spinners'
Since
Week.
Takings.
Aug. 1. Week.
Aug. 1.
563.513 154,553
Receipts at ports to Sept. 1 -""-.208,619
462.061
24,087
Net overland to Sept. 1
1,626
3,942
19,106
Southern consumption to Sept. 1-125,000
575,000
65,000
305.000
Total marketed
Interior stocks in excess
335,561
2.523
Came into sight during week
Total in sight Sept. 1
338,084
1.162,600 221.179
*80,319
*8,028
786,167
*87.210
213.151
1,082,281
North.spinn's' takings to Sept. 1_ 29.551
698,957
85,346 I, 12,621
70,504
* Decrease.
Movement into sight in previous years:
Since Aug
.1Bales.
209,841 1931
397,752 1930
425,851 1929
Week- I.
1931-Sept. 3
-Sept. 4
1930
-Sent.5
1929
-sates.
688.335
1,403.975
1,358.506
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
Sept. 1.
Saturday. Monday. Tuesday. Wed'day .Thursd'y. Friday.
.
Gsly.ston
New Orleans..
Mobile
Savannah
Norfolk
Montgomery_
Augusta
Memphis
Houston
Little Rock_ - _
.Dallas
Fort Worth..
9.45
9.52
9.20
9.40
8.95
9.33
9.15
9.50
9.06
9.15
9.16
9.40
9.46
9.17
9.32
9.48
8.90
9.27
9.10
9.45
9.02
9.05
9.05
9.45
9.46
9.18
9.35
9.55
8.90
9.29
9.15
9.45
9.03
9.10
9.10
9.30
9.32
9.03
9.18
9.38
8.90
9.13
9.00
9.30
8.88
8.95
8.95
9.20
9.24
8.95
9.09
9.30
8.80
9.14
8.90
9.20
8.79
8.85
8.85
9.15
9.20
8.90
9.06
9.25
8.75
9.11
8.85
9.15
8.75
8.80
8.80
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Aug. 26.
Monday,
Aug. 28.
Tuesday, Wednesday, Thursday,
Aug. 29. Aug. 30. Aug. 31.
Friday,
Sept. 1.
September
October __ 9.59- 9.60 9.56- 9.55- 9.56 9.42- 9.43 9.34- 9.30 9.31
November
December_ 9.81- 9.83 9.76- 9.77 9.77- 9.78 9.64- 9.54- 9.57 9.51 9.52
Jan.(1934) 9.89 BM. 9.84 Bid. 9.86 Bid. 9.73 Did 9.64 Bid. 9.59 Bid
February _
March-- 10.07 Bid. 10.02 Bid. 10.04 Bid. 9.91- 9.82 Bid. 9.75April
10.2610.20-10.22 10.23May
10.09- 10.00
9.96 9.97
June
10.41 Bid. 10.35 Bid. 10.3510.23 Bid. 10.15-10.16 10.11July
August ToneSteady.
Steady.
Steady.
Steady.
Spot
Steady.
Steady
Options.__ Steady.
Steady.
Steady.
Steady.
Quiet. Barely Sty
ITALIAN NAVAL OFFICERS VISIT NEW YORK
COTTON EXCHANGE.-Commander Gastone Pardo,
Lieut. E. Frankardi, Lieut. V. Meneghini, and Prof. A.
Augustini, of the Amerigo Vespucci, flagship of the Royal
Italian Naval Training Squadron, were visitors at the New
York Cotton Exchange on Aug. 28.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that there have been
scattered rains during the week in many parts of the cotton
belt. Rainfall in not a few instances has been heavy. There
have been some reports of shedding. The cotton crop as
a whole is doing well.
TEXAS.
-Heavy rains in the northwestern part of this
State have been beneficial. In the central parts cotton is
growing rapidly and there have been reports of shedding.
Picking has commenced in the more northern parts.
MEMPHIS, TENN.-There has been rain on two days
and early planted cotton is opering.
Galveston, Tex
Amarillo, Tex
Austin, Tex
Abilene. Tex
Brenham. Tex
Brownsville Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
El Paso, Tex
Henrietta, Tex
Kerrville, Tex
Lampasas, Tex
Longview, Tex
Luling, Tex
Nacogdoches, Tex
Palestine, Tex
Paris, Tex
San Antonio, Tex
Taylor, Tex
Weatherford Tex
Oklahoma City, Oldie
Eldorado, Ark
Fort Smith, Ark
Little Rock, Ark
Alexandria, La
Amite, La
New Orleans, La
Shreveport, La
Columbus, Miss
Meridian, Miss
Vicksburg, Miss
Mobile. Ala Ala
lay
Birmingham, Ala
Jacksonville, Fla
Miami, Fla
Pensacola, Fla
Rain. Rainfall.
3 days 1.60 in.
3 days 0.81 in.
3 days 1.60 in.
2 days 0.54 in.
2 days 0.34 in.
4 days 4.48 in.
3 days 1.16 in.
1 day 0.54 in.
1 day 0.32 in.
dry
2 days i.to in.
2 days 0.481n.
2 days 2.78 in.
2 days 1.04 in.
4 days 1.18 in.
4 days 0.52 in.
3 days 0.16 in.
4 days 1.88 in.
2 days 1.16 in.
3 days 1.92 in.
2 days 0.56 in.
1 day 0.14 in.
3 days 0.62 in.
3 days 3.12 in.
2 days 2.18 in.
2 days 1.05 in.
3 days 0.92 in.
2 days 0.991n.
b days 1.01 in.
4 days 1.45 in.
3 days 0.22 in.
2 days 0.42 in.
dry
4 days 2.04 in.
4 days 0.76 in.
1 day 0.32 in.
1 day 0.14 in.
dry
Thermometer
high 90 low 78 mean 84
high 82 low 60 mean 71
high 94 low 72 mean 83
high 94 low 66 'mean 80
high 96 low 72 mean 84
high 92 low 74 mean 83
high 90 low 78 mean 84
high 94 low 68 mean 81
high 98 low 72 mean 85
high 94 low 66 mean 80
high 94 low 66 mean 80
high 98 low 68 mean 83
high 100 low 68 mean 84
high 98 low 70 mean 84
high 98 low 74 mean 86
high 94 low 68 mean 81
high 96 low 72 mean 84
high 92 low 68 mean 80
high 96 low 74 mean 85
high 98 low 70 mean 84
high 94 low 64 mean 79
high 86 low 62 mean 74
high 92 low 69 mean 81
high 86 low 68 mean 77
high 88 low 68 mean 78
high 94 low 73 mean 89
high 98 low 69 mean 88
high 94 low 78 mean 85
high 95 low 73 mean 84
high 97 low 71 mean 84
high 94 low 70 mean 82
tat
Ii l
i
low 72 mean 82
mean 84
low 76
high 94 low 70 mean 82
high 94 low 72 mean 83
high 94 low 76 mean 85
high 90 low 76 mean 83
high 88 low 76 mean 82
si
Financial Chronicle
1788
Tampa, Fla
Savannah, Ga
Athens, Ga
Atlanta, Ga
Augusta, Ga
Macon, Ga
Charleston, S. C
Columbia, S. C
Conway, S. C
Asheville, N.0
Charlotte, N. C
Newbern, N. C
Raleigh, N. C
Weldon, N. C
Wilmington, N. C
Memphis, Tenn
Chattanooga. Tenn
Nashville, Tenn
Rain. Rainfall.
2 days 0.10 in.
5 days 1.40 in.
5 days 1.09 in.
5 days 0.86 in.
2 days 0.15 in.
5 days 2.04 in.
3 days 1.88 in.
4 days 1.02 in.
2 days 0.16 in.
5 days 2.04 in.
4 days 0.27 In.
dry
4 days 1.54 In.
1 day 0.41 in.
4 days 1.50 in.
2 days 0.47 in.
3 days 2.60 in.
2 days 1.14 in.
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
Thermometer
94 low 76 mean 85
97 low 70 mean 84
100 low 63 mean 82
90 low 64 mean 77
96 low 68 mean 82
94 low 70 mean 82
94 low 73 mean 82
96 low 68 mean 82
94 low 67 mean 81
88 low 62 mean 75
93 low 62 mean 76
98 low 68 mean 83
92 low 64 mean 78
95 low 63 mean 79
94 low 66 mean 80
91 low 68 mean 79
90 low 66 mean 78
92 low 66 mean 79
Dallas Cotton Exchange Weekly Crop Report.
The Dallas Cotton Exchange each week publishes a very
elaborate and comprehensive report covering cotton crop
conditions in the different sections of Texas and also in
Oklahoma and Arkansas. We reprint this week's report,
which is of date Aug. 28, in full below:
TEXAS.
WEST TEXAS.
-Have had general rains which have been very
Abilene (Taylor County).
benericial In all this territory except in Taylor County. The rains seemed
to have stopped at the county line. Still cloudy and looks like might have
rain here yet. With favorable weather from now on and a late frost will
probably make a better yield per acre than last year, except in Taylor
County.
-We had too much rain the past week in part
Floydada (Floyd County).
of the Plains, fields in some parts are weedy. The cotton stalk has good
growth and is well fruited and looks like half to bale to acre. Two weeks of
sunshiny weather is needed now.
-Some showers in the county the past week
Haskell (Haskell County).
have materially helped the drouthy condition, but moisture of sufficient
amounts to start cotton to fruiting has not been had. One locality still
complains of boll worm damage. No other insect damage in the county.
With heavy rains the coming week the county could make a normal yield.
Otherwise, I would estimate the county at from 30,000 to 35,000 bales. •
.-Rains all over the Plains the past week very
Lubbock (Lubbock County)
beneficial and will make a fair to good crop in all but two counties. Dawson
and Hockley.
-Cotton having too much rain, plant full ofsap.
Plainview (Hale County).
Some complaint of boll worm. However, the crop with dry weather and
normal time of frost can make normal production. Crop plowed up 40%.
-The crop is somewhat spotted account of
Stamford (Jones County).
irregular rains. County will probably make 70,000 bales against 107.000
good big rain would be beneficial. Scattering picking will start
last year. A
next week but picking will not be general until around Sept. 10. Think
farmers will hold if the price is under 10 cents.
NORTH TEXAS.
-Picking general over county during the
Clarksville (Red River County).
week and expected to start in full swing next week. Plant growing still as a
result of recent showers, but not fruiting. Weevils and boll worms multiplying effecting some damage. No top crop anticipated as a result. Yield
expected to be more than that of last year.
.-Too much rain past 10 days may reduce the
Gainesville (Cooke County)
apparently large crop to some extent, but do not believe it will fall under
last year in this section. Cooke County looks safe for 18,000 or 20,000 versus
15.500 last year.
-The crop in this section has deteriorated
Honey Grove (Fannin County).
10% to 15% the last 20 days. Stalk not putting on any new fruit due to
fleas and weevils working. Picking very general.
-There has been deterioration of 25% to
Sherman (Grayson County).
35% in Grayson County cotton since Aug. 1. resulting from rains, bollworms and weevils, according to county agent, who estimates that, if
present conditions continue the crop will not exceed 35,000 bales. Cotton
is opening and picking starting, with pickers receiving 50 cents per 100
pounds, but many farmers are picking their crops without hired labor. The
Sherman compress had received 41 bales to noon Friday.
-There has not been much change in the conTerrell (Kaufman County).
dition of the crop during the last week. The fleas are letting up in places,
and as a result of this there are more blooms showing, and it is possible that
these young forms may mature. However, there is some complaint of
leaf worms in some of the rankest cotton, especially in the bottom land.
So far the damage is slight, but if these light showers continue it may become serious. Picking has started practically everywhere except in the
bottoms, and if it stays hot and dry quite a bit will come in next week.
CENTRAL TEXAS.
-The cotton is about 20% picked unless we have a
Ennis (Ellis County).
top crop, which is possible now. We have a few leaf worms and weevils,
which haven't bothered much, but we have lots of fleas, which have cut the
crop from 10% to 15% and they are beginning to let up some,and the staple
continues to improve as picking advances,so if we could get a good rain the
chance for a top crop would be good. The basis continues high, and some
farmers are beginning to hold their cotton.
-Cotton doing fine. Will make as much as
Glenrose (Somervell County).
last year after 35% plowed up. Plenty of rain. Some weevil army and bollworms. So far the damage is small. Small amount of poison used.
-Cotton in this territory making satisfactory
Hillsboro (Hill County).
progress. The later planting may prove the best, however, the old cotton
daily at
is blooming again after the recent rains. Receipts about 150 bales
the present but will be considerably more the coming week. After the plowmuch as last year.
up Hill County will harvest as
EAST TEXAS.
-During the past two weeks our cotton has
Jefferson (Marion County).
putting on a
improved materially. The plant is growing, not too fast, and
and looks healthy.
good crop. Average height of plant is 14 inches. blooming
four to five
Bolls growing fast, some nearly matured and unusually large,
10. No insects.
matured bolls to the plant. Begin picking about Sept.
our crop will nearly equal last season's.
With normal conditions from now on
guess is 8 cents or less.
The farmer may get 12 cents for this crop, but my
-Height of plant from 12 to 24 inches. No rain
Longview (Gregg County).
crop. Some shedding
In this section this week. Moisture sufficient to make
as expected at this time.
and a portion making a top crop. Crop not as good
not appear.
however, there will be more made if worms and other insects do
Estimate of our territory 40,000 bales.
-Crop continues to make good progress.
Palestine (Anderson County).
normal progress. Weather
Old cotton is made and young cotton making
Sept. 2 1933
favorable. Picking general and old cotton opening rapidly. Present Indications point to a larger crop than was harvested last year.
OKLAHOMA.
Hugo (Choctaw County).
-Crop deteriorated very much. Crop estimates
generally lower in all sections. Damage due to too much rain followed by
weevils and excessive shedding. Weevils taking all of new squares and
blooms scarce.
ARKANSAS.
-Crop has deteriorated since our last
Ashdown (Little River County).
report, cloudy and cool weather causing heavy weevil infestation, also
army worms appearing freely. The weevil has taken all the fruit since
about July 20. We only have a bottom crop. Too much rain, and raining
to-day.
-Conditions have been almost Ideal for
Blytheville (Mississippi County).
cotton during the past several days. First bale received Aug. 21 this year, as
compared to Aug. 11 last year. Picking will start on a small scale next
week, and will probably be general by first week of September.
-The cotton crop in this territory is spotted
Conway (Faulkner County).
and, on the whole, not as promising as we had thought. A considerable
part of our crop WM planted late, grew rapidly after the rains came, but
don't have much safe fruit. The early cotton shed badly after the rains.
and a good last of that has not put on any bolls since. Boll weevil reported
active almost everywhere and damaging,in fact they have stopped blooming
in many fields. The leaf worm is appearing over most of the territory. Our
first bale came in on the 24th. Receipts will be fairly large after next week.
-Deterioration continues in this territory.
Magnolia (Columbia County).
Crop now about 60% normal. Boll weevil increasing, but little damage to
date. Leaf worms becoming general and will do serious damage If not
poisoned at once. Rust causing excessive shedding. Looks now like 15,000
to 18.000 bales for this county versus 24,000 last year. Think Government
estimate of the 8th inst. will prove too high.
-Weather beautiful. No rain since our last
Pine Bluff (Jefferson County).
report. The weevil is doing considerable damage along the River and
Bayous. Some say 25%. Think this estimate too high.
-Weather unfavorable due to cool nights. No
Searcy (White County).
report of insects. Cotton beginning to open, first bale ginned in county
yesterday. Hope to receive our first bale early next week.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1933.
Cotton Takings,
Week and Season.
Week.
1932.
Week.
Season.
Season.
7.561,913
7.307,596
Visible supply, Aug. 25
7,632.242
7,791.048
Visible supply Aug. 1
213.151
698.957
338.084 1.082,281
American in sight to Sept. 1_ _
62,000
54.000
104.000
8,000
Bombay receipts to Aug. 31-77,000
25,000
9,000
Other India ship'ts to Aug. 31
400
1,200
3,000
200
Alexandria receipts to Aug.30
46.000
9.000
41,000
6,000
Other supply to Aug. 30...*b_.
7,668.880 8,900,723 7.838.464 8,663,005
Total supply
Deduct
Visible supply
7,253,886 7,253,886 7.602,315 7,602,315
236,149 1.060.690
414.994 1,646,837
Total takings to Sept. La.__
845.6)0
183.749
312,794 1.322,637
Of which American
324,200
62,400
216,000
102,200
Of which other
Brazil, Smyrna, West Indies, &c.
* Embraces receipts in Europe from
a This total embraces since Aug. 1 the total estimated consumption by
-takings
Southern mills, 575.000 bales In 1933 and 305,000 bales In 1932
not being available-and the aggregate amounts taken by Northern and
foreign spinners, 1.071.837 bales in 1933 and 755.690 bales In 1932.,of
which 74/,637 bales and 540,690 bales American.
to Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1933.
Bombay
1932.
Since
Week.lAug. 1.
Aug. 31.
Receipts at
-
Since
Week.lAug 1.
.
8,000
62,000 54.000
Great
Great Conti- 'Japan&
Britain. nest. china. Total. Britain.
Bombay
1933
1932
1931
Other India1933
1,000
1932
1931
4,000
Total all
1933
1932
1931
Week.
104,000 41,000
Since
Aug. 1.
63,000
Since Aug. 1.
For the Week.
Exports
from
1931.
Conti- Japan ct
Total.
nest.
China.
33,000 28,000 85,000
8,000 37,000 47,000
17,000 178,000 197,000
12,000
8,000
21.000
4.000
2,000
2.000
8.000
9.000
7.000
11,000
22,000
8.000
19,000
55,000
17,000
27,000
2,000 15,0001 4,000 21,000
-- 2,000 4,000 6,000
4,000 8.000 20.00 32,000
26,000
10.000
21.000
88,000 28,000 142,000
25,000 37,000 72,000
44,000. 178,000 243,000
7,000 4,
2,000 4,11
1,000 20,11
77.000
25,000
48,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
46,000 bales. Exports for all India ports record an increase
of 15,000 bales during the week, and since Aug. 1 show an
increase of 70,000 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria. Egypt,
August 30.
Receipts (Cantors)
This week
Since Aug. 1
Exports (Bales)To Liverpool
To Manchester. &c
To Contin't& India
To America
1933.
1.000
7.100
1932.
2,000
19,000
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
4.750 4.000 9,000
6,250 3.000 5,000
3.000 30,000 10,000 30,050
3,250 ---- 2,500
1931.
35,000
355.000
This Since
Week. Aug. 1.
4,000 12,250
4,000 8.650
24,000 59.300
1,000 3,000
Total exports
MOO 44.250 17,000 46,550 33,000 83.200
-A canter is 99 lbs. Egyptian bake weigh about 750 pounds.
Note.
This statement shows that the receipts for the week ended Aug. 30 were
1.000 canters and the foreign shipments 3.000 bales.
Financial Chronicle
Volume 137
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and cloths is quiet. Merchants are buying very
sparingly. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
Spot.
Saturday.
Monday,
Market,
12:15 I
P.M.
Quiet.
Quiet.
Mid.Uprds
1933.
32s Cop
Twist.
d.
June
2___
9___.
16___
23._
30-July
7__.
14___
21-28_
Aug.
4....
1118____
25.Sept.
1___
1932.
8% Lbs. Shirt- Cotton
tilos, Common Middry 328 Cop
to Finest.
Uprds. Twist.
s. d.
s. d.
83* Lbs. Shirt- Cotton
ings, Common Mid4r0
to Finest.
uprds.
d.
d.
.d.
s. d.
d.
4.10
4.09
4.31
4.41
4.65
93010%
934010%
9540104
9%010%
95010%
7
7
7
7
7
092
09 1
09 1
09 1
09 1
8.37
6.12
6.18
6.18
6.38
710 8%
7540 83
754® 8%
7540 954
7%0 954
0
0
0
0
1
0
3
3
3
3
4
034131031
95501074
93401034
95401031
7
7
7
7
09
09
09
09
1
1
1
1
8.40
8.33
6.23
6.47
83413 954
8 0 954
7340 934
7,113 934
I 0
1 0
1 (4)
1 13
4
4
4
4
4.87
4.66
4.56
467
93401054
93401034
831010
834010
7 09 1
7 09 1
4 08 6
4 ig 8 6
6.25
5.90
5.56
5.53
7540 934
831 010%
8340)10
95401154
1
2
3
7
0 4
0 .5
(4 6
0 0
4.69
5.51
5.76
6.45
9 010%
4
a an
9510I1tt
7 tat
ta• a a
0
0
0
13
2
6.57
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 132,265 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bates.
HOUSTON.
-To Genoa-Aug.25-Nicolo Odero,1.714
1.714
To Liverpool
-Aug. 28-Invella, 5,392
To Manchester-Aug. 28-Invella, 806
'808
To Salonica-Aug. 25-Nicolo Odero, 34
34
To Dunkirk-Aug. 28
425
-Patricia, 425
To Havre-Aug. 28
1,759
-Patricia 1 759
To Bremen-Aug. 25-Bockenhelm, 3.172
-Aug. 29-Grieshelm, 3.803
6.975
To Antwerp-Aug. 28
-Patricia, 11
11
To Ghent
-Aug. 28
421
-Patricia. 421
To Japan-Aug. 25-Kwanto Maru. 10,036.. .Aug. 28-Yurl
Maru, 4,625
14,661
To China-Aug. 25-Kwanto Meru, 700
700
To Manila
-Aug.26
-Edgar F. Luckenbach, 100
100
NEW ORLEANS.
-To Maracaibo-Aug. 24-Gyda, 181
181
To Ghent
-Aug, 25
-Patricia, 100
100
To Trieste-Aug.25
-Maria. 1,250
1,250
To Venice-Aug.25
-Maria,700
700
To Genoa-Aug.26-Maddalena Odero, 850
850
To Naples
-Aug.26-Maddalena Odero. 200
200
To San Salvador
-Aug. 22-Turrialba, 50
50
To Abangarez-Aug. 26
450
-Porto Colombia,450
To Para-Aug.26-Abangarez,200
200
To Dunkirk-Aug. 29-Svaneholm, 200
200
To Wasa-August 29-Svaneholm, 100
100
To Gdynia-Aug.29-Svaneholm, 100___Aug. 28
-Tennessee,
824
924
To Gothenburg-Aug.29-Svaneholm, 125
125
To Havre-Aug.28
-San Jose,425 1,775
-America,1,350--_Aug.29
To Ghent
-Aug. 28-America, 250
250
To Oporto-Aug, 26-Sahale, 800
800
To Japan-Aug. 29-Ferncliff, 1,900___Aug. 26
-Willamette
Valley, 7,782
9,682
To China-Aug.26
-Willamette Valley, 800
800
To Liverpool
-Designer, 8,557
8,557
-Aug.29
To Manchester-Aug.29
-Designer, 2.170
2,170
To Antwerp-Aug.29
200
-San Jose, 200
BRUNSWICK-To Liverpool
-Aug. 24-Atlantlan, 900
900
To Manchester-Aug. 24-Atlantian, 200
200
CORPUS CIIRISTI-To Liverpool-Aug.26
-Eglantine,9,085.
Aug. 28
-New Brighton, 13,257
22.340
To Genoa-Aug.31-Maddalena Odero, 3.329
3,329
To Manchester-Aug. 26
-Eglantine, 4,124___Aug. 28
-New
Brighton. 1,572
5,696
To Bremen-Aug. 27-Griesheim, 2.069
2,069
To Dunkirk-Aug.27
-Toledo,982
982
To Abo-Aug. 27
-Toledo, 300
300
To Gdynia-Aug. 27
-Toledo. 949
949
To Canada-Aug. 27
-Helen,93
93
To Barcelona-Aug.30
-Mar Caribe. 2.723
2.723
To Japan-Aug.30-Tatsuno Maru,4,925
4,925
GALVESTON-To Bremen-Aug.26
-West Moreland,541: Bocken e m,406
947
To Barcelona-Aug.30
-Cody,380
380
To Genoa-Aug. 26-Nicolo Odero, 1,567
1,567
To Japan-Aug. 26-Kwanto Maru, 451
451
PANAMA CITY
-To 13remen-Aug. 25
-Hastings, 691
691
PENSACOLA-To Liverpool
-Aug. 28-Afoundria, 357
357
To Manchester-Aug. 28-Afoundria, 1,511
1,511
To Bremen-Aug. 26-Hastings, 850. .Aug. 31-Delfshaven,
2,396
3,246
To Japan-Aug. 30-Silverfir, 100
100
To China-Aug. 30-Silverfir, 2,000
2,000
CHARLESTON-To Liverpool-Aug. 29-Atlantian, 2,365
2,365
To Manchester-Aug. 29-Atlantian, 1,752
1,752
To Bremen-Aug.30-Knut Hamsun, 2,900
2.900
To Hamburg-Aug. 30
-Knot Hamsun. 57
57
Hamann, 142
To Gdynia-Aug.30-Knut
142
NORFOLK-To Manchester-Aug.
100
100
To Rotterdam-Aug.(7)-Beemsterdijk. 106
106
-To Japan-Aug. 28-President Adams, 23
LOS ANGELES
23
017 To India-Aug. 28-President Adams, 300
300
-To Bremen-Aug. 26-Bockenheim, 283
TEXAS CITY
283
-Cranford, 125
-To Havre-Aug. 27
LAKE CHARLES
125
.200
To Dunkirk-Aug. 27-Cranford,
200
-Aug. 27-Cranford, 3
To Ghent
3
-Cranford, 100
100
To Rotterdam-Aug. 27
-West Moreland, 228
228
To Bremen-Aug. 28
SAVANNAII-To Liverpool-Aug. 31-Atlantian, 1.784
1.784
To Manchester-Aug. 31-Atlantian. 2,072
2,072
JACKSONVILLE-To Liverpool-Aug. 29--Sacarappa, 125
125
Hamann, 1,182
1,182
To Bremen-Aug. 27-Knut
100
To Gdynia-Aug. 27-Knut Hamann, 100
en-Manchester-Merchant.
Total
132.265
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Forwarded
Total stocks
P Of which American
Total imports
Of which American
Amount afloat
Of which American
Aug. 11. Aug. 18. Aug.25. Sept. 1.
48.000
45.000
38.000
41.000
724.000 737.000 754.000 749.000
387.000 395.000 407.000 394.000
66.000
49.000
56.000
39.000
31.000
43,000
25.000
14.000
173.000 147.000 131.000 173,000
40.000
58.000
83.000
87.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
1789
5.67d.
Tuesday. Wednesday. Thursday.
Quiet.
5.67d.
5.69d.
Quiet.
5.696.
More
demand.
5.63d.
Friday.
More
demand.
5.60d.
Futures.r
Quiet,
Quiet.
Steady,
Steady.
Quiet but
Steady
Market ( 2 to 3 pts. 3 to 4 pts.5 to 7 pts. 1 to 2 pta.steady, 1 pt 3 to 5 pta.
opened ( advance,
decline,
advance, advance,
decline.
decline.
Market, { Steady,
4
5 to 7 pta.
P. M.
advance,
Quiet,
I pt.
advance,
Quiet,
2 pta.
decline,
Quiet,
5 pta.
decline,
Steady,
Steady
1 to 2 pta. 3 to 5 pta.
advance.
decline.
Prices of futures at Liverpool for each day are given below:
Aug. 26
to
Sept. 1.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
12:1512:3012:15 4:0012:15 4:0012:15 4:0012:15 4:i I 12:1 4:00
p. m.p. m.p. m.p. m.p, m.p, m.p. m.p. m.p. m.p. m p. m.p. m.
New Contrad. d.
d.
d.
October (1933) __ __ 5.53 5.53
January (1934) __ __ 5.58 5.58
March
5.62 5.62
May
5.66 5.60
July
'
5.70 5.70
October
5.73._ __
December --------5.77....-January (1935).. __ 5.78 _ __
March
5.8l.,...._
May
5.84.._ ._
July
d.
d.
5.51 5.55
5.56 5.61
5.60 5.65
5.64 5.69
5.68 5.73
5.71.. _
5.75_ 5.76 _-_
5.79._ __
5.82._ __
d.
d.
5.52 5.54
5.57 5.59
5.61 5.63
5.65 5.67
5.69 5.71
5.72_ _
5.76.. __
5.77_ __
5.80_ __
5.83 __ ._
d. d.
5.47 5.47
5.52 5.52
5.56 5.56
5.60 5.60
5.64 5.64
5.67 __ __
5.71.. __
5.72_,, __
5.75._ __
5.78. __
d.
d.
5.49 5
5.54 5.
5.58 5.
5.62 5.58
5.6. 5.61
5.69_ 5.73__ 5.7 __ __
5.77.. -5.8'... --
d.
5.46
5.50
5.54
5.58
5.61
5.65
5.68
5.69
5.72
5.75
BREADSTUFFS.
Friday Night, Sept. 1 1933.
FLOUR was quiet and weak. Bakers patents advanced
on the 26th ult. Sc. in sympathy with the firmness of
grain, but on the 28th ult. this gain was eliminated when
the price declined Sc. On the 29th ult. flour prices turned
weak, reflecting the downward trend of American wheat
markets and Seminola and family grades suffered a 20c.
decline. On the 30th ult. part of the losses were recovered
when wheat advanced and family flour was up 15 to 20c.
and bakers patents advanced 10 to 15c. Seminola showed
no change on that day.
WHEAT was rather quiet during the week. On the
26th ult. after advancing nearly 2c. in the early dealings
prices reacted and ended % to %c. lower on selling 'by
local professional in the way of evening up commitments
over the week end. There was less talk of inflation and
this together with the decline in sterling induced some
selling. Good buying developed on the decline however
and the market closed with a firm tone. The announcement by the Board of Trade Clearing House of a reduction
in margin requirements of member firms to 4 cents on
lines up to 6,000,000 bushels had a bullish effect. The
early strength was attributed to buying by commission
houses on better cables and the signing of the international
wheat agreement. Liverpool closed 1%d to. 2d higher and
sent advices stating that the action taken at the London
conferences resulted in a general speculative interest
there and also a broader milling demand for cash wheat.
A large trade was reported in Russian wheat to United
Kingdom ports. Winnipeg was % to lc. higher with a
good export demand.
On the 28th ult. a sharp break in sterling exchange
caused selling and prices dropped 2c. early. Later in the
day however, there was a rally and with selling less
aggressive the buying was sufficient to hold the market
within relatively narrow limits, and the ending was 1%
to 1%e. lower. The latest government summary of the
domestic statistical position indicated an exportable surplus of about 161,000,000 bushels after allowing for 600,000,000 bushels for bread, feed and seed and 125,000,000
for carryover. The allowance for domestic requirements
was around 50,000,000 bushels less than the 10-year average
and about 100,000,000 under the amount actually used in
the last two years. An increase of 3,719,000 bushels in
the domestic visible supply for the week made the total
141,604,000 bushels against 137,885,000 in the previous week
and 178,083,000 in the same week last year. Primary receipts were 1,234,000 bushels against 1,195,000 a week ago
and 217,000 a year ago. Shipments were 158,000 against
297,000 a week ago and 352,000 a year ago.
On the 29th ult. prices broke the limit allowed for one
day's trading, under heavy September liquidation and a lack
of support, but before the close some buying induced by
the announcement of President Roosevelt's gold-buying
plan resulted in a rally, and prices ended 3% to 3%c. lower.
December went to 86%c., the lowest price seen since late
In June, with the exception of Aug. 19, when it sold at 853,c.
The decline was attributed by many to a lack of speculative interest than to aggressive selling. At Winnipeg
pegged prices limited the decline to 13 to 1%c. Exports
of Canadian wheat were estimated at 500,000 bushels. Liverpool ended unchanged to 34c. lower, being depressed by
/
rain in Australia. Dry weather reports from Argentina
received little attention.
On the 30th ult. prices ended 2% to 2%c. lower, after
being off 4 to be. from the previous close. A better class
of buying developed on the decline, and with offerings
scarcer the market shot sharply upward. There was
nothing important in the news to account for the advance,
but it was believed that September liquidation had spent
Its force, and the technical position was stronger. Winnipeg reflected the action of the Chicago market, and after
1790
Financial Chronicle
an early break to the pegged limits advanced, and ended
at a net rise of 13's to 1Y
2c. Export sales of Canadian
wheat were estimated at 500,000 bushels. Liverpool ended
1% to 1V lower.
2c.
On the 31st ult. it was an erratic market, with initial
prices showing a loss of over 2e., but later came a rally
of about 3c. from the low, only to be followed by a reaction
near the close on last minute liquidation by longs, making
final losses of % to %c. There was some covering by local
traders, who sold early, and those who went long on the
advance sold out later. Many were evening up with a
three-day holiday ahead. Deliveries on September contracts
are expected to be 1,000,000 to 2,000,000 bushels, and are
thought likely to go into strong hands. The spring Wheat
crop was estimated by one authority at 139,000,000 bushels,
or the same as forecast a month ago, and comparing with
160,000,000 bushels estimated by the Government on Aug. 1
and 265,000,000 harvested last year. The total of all wheat
was put at 468,000,000 bushels, or 32,000,000 bushels under
the August estimate of the Government, and compares with
727,000,000 bushels harvested in 1932.
To-day prices ended %c to %c. lower, in a dull market.
Traders were not inclined to make new commitments until
after the holidays. Final prices show a decline for the
week of 2% to 2%c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
101%
102
No.2 red
10434 10334 10034 103
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
8534
893.4 8734 8434 8334 86
September
9234 9174 87% 9031 90
8934
December
97
9534 9234 947,4 9434 94
May
Season's Low and When Made.
Season's High and When Made.
Jan. 3 1933
July 17 1933 September-- 45%
September_ -120%
Apr.28 1933
July 18 1933 December --- 68%
December __A24
8934
Aug.30 1933
July 18 1933 May
May
12834
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
7234 7134 7034 711 7034 7034
74% 7334 7134 73
7231 72%
December
7734 7734
May
7934 7834 7631 78
INDIAN CORN was less active on the 26th ult., and prices
ended % to %c. lower, despite reports of a probable shortage
of corn in Nebraska and a Winnipeg dispatch stating that
the free grain situation in Western Canada was the worst
OTh record. On.the 28th ult. prices ended % to %c. lower,
under continued heavy liquidation of September. Cash interests were buying the near positions and selling December at a 5%c. difference, and later at a 5%c. difference,
. but these operations were smaller than recently. Country
offerings to arrive were light, and shipping sales limited.
There was a decrease of 1,875,000 bushels in the visible
supply; total, 56,112,000 bushels against 57,987,000 bushels
in the previous week and 12,991,000 bushels in the same
week last year. Primary receipts were 733,000 bushels
against 480,000 bushels a week ago and 931,000 bushels on
the same day last year; shipments, 358,000 bushels against
551,000 bushels a week ago, and 194,000 bushels last year.
On the 29th ult. prices ended 2% to 2%c. lower, under
heavy liquidation of September by scattered longs. Cash
houses were buying September and selling December. Not
all of the September selling was replaced by purchases of
December. The country sold 30,000 bushels of cash corn
to arrive, and local handlers sold 60,000 bushels to the East.
Primary receipts were 504,000 bushels against 335,000
bushels a week ago and 540,000 bushels a year ago. Shipments were 594,000 bushels against 512,000 bushels a week
ago and 414,000 bushels on the same day last year. On the
30th ult. prices ended 2 to 2%c. higher in a broader trade.
The market was a reflection of the action of wheat, declining with it in the early trading and advancing with it later
on. The country sold about 150,000 bushels of old corn to
arrive, and shipping sales were 200,000 bushels. Primary
receipts were 795,000 bushels against 351,000 bushels on
the same day last week and 875,000 bushels a year ago;
shipments, 405,000 bushels against 413,000 bushels a week
ago and 180,000 bushels a year ago.
On the 31st ult. prices were influenced by the action of
wheat, and ended % to 1%c. lower. The crop was estimated by one authority at 2,160,000,000 bushels, or 113,000,000 bushels less than the Government report of a month
ago, and 716,000,000 bushels under last year's yield. Receipts were 566,000 bushels against 283,000 bushels a week
ago and 583,000 bushels a year ago; shipments were 548,000
bushels against 245,000 bushels a week ago and 103,000
bushels on the same day last year. To-day prices ended
Ys to 12c. lower. The average estimate of five experts was
/
for a crop of 2,235,000,000 bushels against 2,370,000,000
bushels a month ago and 2,273,000,000 bushels the last
official estimate, and 2,876,000,000 bushels the harvest last
year. Final prices show a decline for the week of 1%
to 2%e.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
65
6634 6334 6634 65
6434
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Tues. Fri.
50
September
51
5034 48
4834 4834
December
5634 5534 5334 5531 5431 5434
May
62
6134 5934 6131 6034 6034
Season's High and When Made.
Season's Low and When Made.
September _7134
_26%
Feb 28 1933
July 17 1933 September
December___ _77
Apr. 28 1933
July 17 1933 December_ _ __38%
May
82
Aug. 17 1933
5334
July 17 1933 May
OATS on the 26th ult. ended 14 to %e. higher, on a good
/
demand from commission houses and less pressure to sell.
On the 28th ult. prices declined % to %c., in response to
Sept. 2
1933
the weakness in wheat. On the 29th ult. prices ended 1 to
1%c. lower, in response to the decline in wheat and corn.
On the 30th ult. prices were affected by the action of wheat,
and after an early decline rallied and ended 9, to 1%c.
higher. On the 31st ult. prices ended % to %c. lower, in
sympathy with Wheat. The crop was estimated at 641,000,000 bushels, or 26,000,000 bushels less than a month
ago, and compares with 1,238,000,000 bushels the yield
last year. To-day prices ended unchanged to 34c. lower.
/
Final prices are % to 11
hc. lower than a week ago.
DAILY CLOSING PRICES OF OATS FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
.
5034 4934 4834 4934 49
49
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September
3834 38$ 37
37% 3734 37
December
41
40
39% 40% 4034 40%
May
42
4334 43
4334 4334 4334
Season's Low and When Made.
Season's High and When Made.
September __4931
Feb. 28 1933
July 17 1933 September
May 22 1933
December__52%
July 17 1933 December. _....2534
May
3834
Aug. 17 1933
56%
July 17 1933 May
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
3934 3834 3834 3834 3834
October
40
December
4034 3934 39
3934 3834 3834
RYE showed some independent strength, but trading was
/
light. On the 26th inst. prices ended % to 73c. higher, in
response to the strength in wheat. Reports that rye was
being imported from Canada despite the 15c. duty caused
some weakness in the early trading. On the 28th ult. prices
were dominated by the action of wheat, and ended % to
%c. down. On the 29th ult. prices followed those of wheat
and corn downward, and ended 3 to 3%c. lower. A cargo
of 240,000 bushels of Canadian rye was reported bought
by a New York State mill, and two other cargoes of
Canadian rye bought recently are expected to come here.
On the 30th ult. prices followed wheat, and after early
weakness advanced and ended 1% to 2c. higher. On the
31st inst. prices showed independent strength, and ended
% to %c. higher, due to reports that distilleries would be
permitted to operate at capacity owing to favorable prospects for the repeal of prohibition. To-day prices ended
14e. lower to %c. higher, in very light trading. Final prices
/
are % to 1%c. lower than a week ago.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
7234 6834 7031 7034 71%
September
73
December
7834 7731 7434 7634 7634 76%
May
8434 8334 8034 8234 8334 83
Season's High and When Made. I Season's Low and When Made.
Apr. 11933
September -10534
July 19 1933 September --_4134
December_ .._
May 5 1933
%
July 19 1933 December----51
May
71
Aug. 17 1933
11634
July 19 1933 May
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
5594 5434 5274 5374 553
55
December
57
5734 5634 5534 5534 57
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues, Wed. Thurs. Fri.
September
5434 5334 5134 5134 5034 51
December
60
5931 5731 58
57
57
May
6434 6434 623.4 63
6234 62
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
43
4274 4231 4234 4134 4134
December
4434 4434 4434 4434 4334 43%
Closing quotations were as follows:
GRAIN.
Wheat, New York
Oats. New York
No. 2 white
No.2 red. c.i.f., domestic_101%
49
No. 3 white
Manitoba No.1,f.o.b. N.Y 7631
48
.Rye,N0.2.f.o.b.bond N.Y.. 6134
Corn. New YorkChicago, No.2
noml
No.2 yellow, all rail
Barley
49
No.3 yellow.all rail
N. Y..47% lbs. malting_
6441
48
Chicago, cash
48-76
FLOUR.
Spring pats., high protein $6.80-117.05 Rye flour patents
$5.30- $5 60
Spring patents
6.55- 6.85 Seminola, bbl., Nos. 1-3 8.1;5- 8.45
Clears, first spring
2.35
6.40- 6.70 Oats goods
Soft winter straights__ 5.80- 6.20 Corn flour
1.80
Hard winter straights___ 6.55- 6.80 Barley goods
Hard winter patents
Coarse
3.50
6.80- 7.05
Fancy pearl,Nos.2.4da 4.25- 5.65
Hard winter clears
5.70- 6.05
For other tables usually given here see page 1717.
WEATHER REPORT FOR THE WEEK ENDED
AUG. 30.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Aug. 30, follows:
On Wednesday morning, Aug. 23, a severe tropical storm passed inland
near Norfolk. Va., and during the following two days moved thence northward over eastern Virginia, Maryland, eastern Pennsylvania, and New
York. It was attended by dangerous, shifting gales from northeastern
North Carolina to Pennsylvania and excessive rainfall. The highest tide
of record was reported along parts of the coast, and heavy damage resulted
to property and crops by tide, wind, and rain. The first and latter parts
of the week had considerable rainfall over much of the Plains and Rocky
Mountain areas; elsewhere it was mostly fair. Abnormally cool weather
prevailed in the Northwest, with considerable local frost at high elevations,
but over the eastern half of the country moderate temperatures were
the rule.
Chart I shows that the week was rather warmer than normal from the
Mississippi Valley eastward, and in west Gulf districts; also, temperatures
were decidedly above normal in the Pacific Northwest. The northern
Rocky Mountain section and adjoining districts had an abnormally cool
week, with mean temperatures ranging from 6 degrees to 10 degrees subnormal in some sections. The dotted lines on this chart inclose the areas
from which maximum temperatures in excess of 95 degrees were reported.
Chart II shows that rainfall was excessive in the middle Atlantic area,
ranging up to nearly 8 inches, and good amounts occurred rather generally
in the Great Plains and Rocky Mountain sections, except in some northern
Plains districts. The upper Mississippi and Ohio Valleys, as well as the
Lake region and Pacific States, had but little rain.
There were two outstanding features of the week's weather as affecting
growing crops and farming operations-generous rains over large western
areas where moisture was badly needed, and heavy damage by the tropical
storm In limited sections of the Central-East, centring with Maryland.
In the West unusually heavy rains occurred over a wide north-south belt,
extending from western and northern Texas northward over Kansas,
Nebraska, the southern half of South Dakota, Wyoming, and Montana.
In most localities of this area the drouth was effectively relieved, with
late crops, especially pasture lands and the range, materially benefited.
Accompanying the precipitation was considerable hail damage in some
Volume 137
Financial Chronicle
places, especially in parts of Wyoming and Colorado; the western rains
were decidedly favorable in conditioning the soil for the seeding of winter
wheat.
In the middle Atlantic area heavy damage was done by the tropical
storm, though the area most affected was rather limited in extent, including
northeastern North Carolina, the central and eastern portions of Virginia
and Maryland. northeastern West Virginia, eastern Pennsylvania, New
Jersey, and Delaware. In many places damage ran as high as 50% or more:
the crops most injured being corn, tomatoes, and, where extensively grown,
tobacco. The storm did not extend very far inland, though considerable
harm was done as far west as northeastern West Virginia, where the great
apple producing section suffered.
Unfavorable dryness continues in the western Lake region, the northern
Ohio Valley States, Minnesota, North Dakota, northern South Dakota,
and in parts of Iowa and Missouri. Pasture lands, especially, are suffering
in most of these States,and stock feeding is being resorted to in many places.
Late crops either further deteriorated or made poor progress, except locally
where showers occurred. Rain is needed also in some east Gulf sections.
SMALL GRAINS.—Fall plowing was further delayed by dry soil in the
Ohio Valley, the Lake region, the upper Mississippi Valley, and the northern
Great Plains; in these areas plowing has been backward for some time and,
while some winter grains have been seeded in the western Lake region, their
condition is poor. In much of the Great Plains, from southern South
Dakota southward to Oklahoma, the soil was greatly benefited by recent
rains and is now in good condition for plowing; in all parts of Kansas it IS
now in excellent shape for seed beds, with winter wheat seeding beginning
In the western third and expected to start soon in the central section. The
additional moisture in Montana was of much benefit in preparing the soil
for plowing, but in other northwestern sections this work has not yet begun.
Harvesting and threshing is nearing completion in the far Northwest, with
some fields yielding better than expected. The weather was favorable for
rice in the southern Mississippi Valley, with harvest of the early crop continuing in Louisiana. Grain sorghums were greatly improved by the rains
in Kansas.
CORN.—In the Middle Atlantic States an excellent corn crop was badly
damaged by the week's severe storm, while in the northern Ohio Valley
rainfall continued deficient and little or no improvement is shown in the
crop, with progress mostly poor and some further deterioration. Rainfall
has been deficient rather generally in Ohio. Indiana, and Illinois during
the past three months; Michigan likewise continues unfavorably dry.
Considerable corn in the Ohio Valley States will require slate fall to mature.
In Iowa corn averages fair, but varies greatly, ranging from unusually
good to a complete failure in some joersistently dry counties; the crop is
well advanced, with much now safe from frost in favored areas and some
seed being gathered. In Missouri there was some improvement, with about
half the State having a fair crop. In the southern Great Plains the rains
came too late to be of material benefit, but they were helpful in Nebraska,
South Dakota, Wyoming, and Montana. Much corn is being cut for
ensilage from North Dakota eastward to Michigan.
COTTON.—There was some storm damage to cotton in the extreme
northeastern portion of the belt, and localities of the east Gulf area are too
dry for proper development, while the moisture in parts of the northwestern
belt favored weevil activity. Otherwise, temperatures were moderate and
only local showers occurred, which made another favorable week for cotton
over much the greater portion of the belt.
In Texas progress was generally good, though rains in some sections
favored weevil; picking is progressing to the northern portion. In Oklahoma rains were rather favorable for weevil activity in south-central and
southeastern counties; some local picking is reported. In the Mississippi
Valley States eJnditions were rather generally favorable, with fair weather
checking too rapid growth in some localities. Rain is needed in some
Interior portions of the east Gulf States, with the crop opening rapidly,
prematurely in some of the drier places. In Atlantic States bo1ls are
opening rapidly, with the crop mostly made in South Carolina and weather
favoraule in North Carolina, except in northeast storm area. There was
considerable wind damage in Virginia.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Richmond: Temperatures slightly above normal; rainfall
light in west, but unduly neavy in east. Crops in excellent condition
until storm. Cotton bolls breaking open; early southern corn ready for
cutting. Late potatoes, sweet potatoes, and peanuts good. Curing tobacco
well along. Truck plentiful; meadows and pastures fair. Storm damage
heavy in southeast and east; State estimate of corn loss 10%, apples 20.
tobacco 12, cotton 15, and southeastern truck, 50%.
North Carolina.—Raleigh:
The tropical storm caused considerable
damage in northeast to corn and some to cotton; otherwise weather generally favorable for crop growth. Progress of cotton good; opening rapidly
in south. Harvesting tobacco about completed on coastal plain and good
advance in Piedmont. Considerable fall plowing done.
South Carolina.—Columbia:
Warm, with abundant sunshine, and
showers. Intermediate and late sweet potatoes, truck, and lesser crops
generally good. Fodder pulling continues. Cotton crop practically made and
opening rapidly, with picking and ginning active; few top bolls and some
shedding. Late forage and pasturage improved.
Georgia.—Atlanta: Warm, with local showers latter part, but very
little in south. Late crops and pastures improved where sufficient moisture. Cotton opening rapidly, some prematurely where too dry, and
considerable shedding; picking and ginning well under way; little top
crop in most sections. Fodder pulling progressibg; upland corn poor in
some areas where too dry. Sweet potatoes, peanuts, and most minor
crops ranerally good, but need rain in some localities.
Florula.—Jacksonville: Hot and dry. Picking and ginning cotton
good advance. Corn mostly harvested. Sweet potatoes, cane, and peanuts good. Fall gardens being started; seed beds doing well and some
planting. Citrus excellent; splitting not serious;some early fruit in market.
Alabama.—Montgomery: Warmer, with mostly light showers, but a
few beneficial local rains in north and central at close. Haying and corn
harvesting fair to good progress. Plowing and planting slow as too dry.
Sirup making beginning. Late corn, other crops, and pastures need rain.
Condition of cotton mostly poor to fair, with heavy local shedding in
north; opening rapidly and picking good advance in south and central and
becoming more general in north; ginning slow.
Mississippi.— Vicksburg: Slightly warm; heavy scattered showers in
some northeast and central localities, but elsewhere mostly light to moderate. Early-planted cotton opening rapidly; scanty fruiting, with p.cking fair to good advance. Progress of late-planted corn poor in drier localities, but elsewhere fair. Mostly good progress in housing forage. Progress of gardens and pastures poor to fair.
Louisiana.—New Orleans: Showers in scattered places in southeast, on
coast, and northwest, otherwise dry. Favorable for cotton opening and
progress of picking and ginning fair, but little additional fruiting; condition poor to fairly good. Progress of late corn fair in north; matured elsewhere and harvesting early begun in south. Growth and condition of
cane good. Early rice harvest continues; late doing well.
Texas.—Houston:
Temperatures averaged about normal; scattered
showers over most of State, but general heavy rains in northwest quarter
greatly improved all crops. Progress and condition of cotton good, though
rains favored weevil activity; picking slow progress in northern portion
of State. Progress and condition of corn poor to fair; harvest getting
under way. Moisture benefited vegetables and pastures. Cattle continue
good.
Oklahoma—Oklahoma City: Frequent moderate to heavy rains, with
excessive falls at many stations; only limited areas now without sufficient
MOI/AUTO. Sunshine below normal and more needed. Early cotton opening and being picked in limited areas; remainder generally good, but favorable for weevil in southeastern and south-central counties. Corn generally
a failure, except late or on bottoms where fair to very good. Winter wheat
land being prepared and some seeded. Too wet for haying, but excellent
for pastures and meadows which are now very good and some report best
in years. Late-sown feeds and sorghums doing well.
Arkansas.—Little Rock: Warm, with light rains and abaundant sunshine, except in extreme west, checked rank growth of cotton until last
of week when light to heavy showers in nearly all portions; moisture in
west caused slight damage; few new bolls on some lowlands and blooming
to top in some hill sections; opening in nearly all portions; picking fair
Progress in central and south. Very favorable for late corn, rice, meadows,
pastures, and all other crops.
Tennessee.—Naahville: Favorable for maturing early corn, saving hay,
and cutting and storing tobacco; burley ripening fast, but dark-fired
late. Progress of late corn very good in east, but poor elsewhere; condition mostly fair. Dryness harmful, but good rains Monday night highly
beneficial to all crops. Cotton opening in west, but delayed by continued
1791
growth in east; condition averages good; considerable shedding. Fal
plowing made good progress.
Kentucky.—Loutsville: Temperatures seasonable; dryness in many districts relieved by showers at end, but more rain needed. Progress and
condition of corn generally very good, but some firing in drier districts
of north and east. Tobacco ripened rapidly and cutting increased; growth
of late mostly good. Plowing retarded by drying soil. Tomatoes and
late potatoes helped by rain. Pastures fair to good; growth diminishing.
THE DRY GOODS TRADE
New York, Friday Night, Sept. 1 1933.
Spurred by better weather conditions, retail trade during
the past week made a promising showing, although, of
course, the nearness of the holiday served to interfere with
activities. August promotions continued to enjoy excellent
patronage, so much so that numerous urgent re-orders had
to be placed by retailers. Stores in the metropolitan area
for the month of August are expected to show an increase
in the value of sales of approximately 5% against August
1932, and estimated gains for chains range from 10 to 30%,
which appears the more remarkable when it is considered
that August 1932 was the first month to show a definite
improvement over the record low levels of the depression.
While several highly industrialized sections continue to lag
behind, most farming communities are contributing more
than their share. In parts of the South the higher wage
scales have caused sales to double and triple in individual
communities. Consumer resistance to higher •price demands again developed only in isolated instances, although
it should once more be emphasized that the real test in this
regard is still to come. Approval of the revised retail code
by President Roosevelt is expected momentarily so that
the agreement may be put into operation immediately after
Labor Day.
Activity in the primary dry goods markets has shown a
slight increase, although the total volume of business remains within narrow bounds. Prospects for fall trading,
however, appear brighter. The past month has been so
fully taken up in readjusting prices to new and higher costs
that many wholesale and catalogue houses find themselves
now in need of goods to supplement the large purchases
they made earlier in the year. Confusion over prices and
deliveries and a stringent shortage of goods featured the
Wholesale apparel market. Sales of staple dry goods improved moderately for the second successive week. Greige
and finished silk goods were quiet, but prices showed an
advancing tendency owing to the settlement of the dress
strike. The threat of a strike in the silk industry has
made buyers somewhat more anxious to cover requirements.
Following the end of the stoppage in the apparel industry,
demand for rayon fabrics improved considerably. Supplies
of rayon yarns continue scarce, and second hands are obtaining premiums of 10 to 15c. a pound.
DOMESTIC COTTON GOODS.—A downward price trend
in print cloths developed shortly after the mills, which had
been out of the market for over a week, returned and sold
fairly large quantities. Competition for the moderate business available was keen. It is hoped that after payment
of the floor tax by the retailers confidence will return and
that with an improvement of sales of finished goods, covering by converters will once more become necessary. There
was moderately good business in narrow sheetings, but this
also involved some concessions in prices. Bleached muslins
were reduced 1
4c. by some firms. Various other types of
goods which follow the gray cloth market closely also
showed weakness. In the fine combed yarn plain goods
division business continued slow and prices were easier.
but orders for fancies have held up well and fair prices are
being paid. Closing quotations in print cloths were as
follows: 39-inch 80's, 8% to 8%c.• 39
-inch 68x72's, 7%c.;
38%-inch 60x48's, 5%c.; 38 -inch 64x60's, 6%c.
WOOLEN GOODS.—While business in men's wool goods
continued dull, reports from retail clothing centers indicate
that stores are rapidly disposing of stocks and will soon
be in the market for new supplies. Sales of clothing to
date are reported 35 to 40% ahead of last year, and with
the advent of cooler weather a further gain is looked for.
Although many shops have advanced prices, recent increases
in cloth and manufacturing costs will not be fully reflected
until some time later. Some clothing manufacturers have
virtually sold up their output for the season and are allotting merchandise to their retail accounts. Following the
end of the labor troubles in the needle trade, business in
dress goods and cloakings was more active. Expectations
are that the season in women's wear will extend to late
October, and that some mills will switch looms to the production of women's wear fabrics once men's wear orders
run out.
FOREIGN DRY GOODS.—Importers of linens have begun
showing of suitings and dress goods for next spring, and a
moderate volume of orders was booked. Handkerchief
cambrics continue to move freely while little business is
done in household linens. The code of fair competition filed
by the Linen Association, representing manufacturers, converters and importers provides that imported merchandise
Shall not be sold for less than cost abroad plus 6% for
ocean freight, insurance, &c., to which shall be added 15%
for overhead. Burlaps were bought in moderate lots for
future shipment. Calcutta cables registered only slight
changes. Domestically lightweights are quoted at 5.05c.,
heavies at 6.25c.
Financial Chronicle
1792
Sept. 2 1933
State and City Department
NEWS ITEMS
Arkansas.—Road Bond Measures Passed at Special
Session.—Two resolutions and one bill relative to highway
bonds were passed by the Legislature at its recent special
session, according to Little Rock advices on Aug. 26. One
resolution pledged the State to protect those whose bonds
are deposited for refunding, should the Ellis bill be revised.
In other words,should the State offer a higher rate of interest
than 3%, the holders of refunding bonds might deposit
them for reissuance. The second resolution is designed to
refute published reports that the Ellis bill has been abandoned
as the State's plan of highway financing. The bill passed
would appropriate $60,000 to the State Refunding Board
to meet two-year interest on highway bonds held by other
States—V. 137, p. 1609—the plan being to forestall institution of suit on these bonds as threatened by Pennsylvania.
New Bond Refunding Measure to Be Drafted.—Dispatches
from Little Rock on Aug. 27 reported as follows on the proposed drafting of a bond refunding measure to replace the
Ellis road bond refunding act:
Following conference with Governor Futrell, Representative Thorn,
Chairman of the House Bond Refunding Committee, said an early meeting
of the original committee that drafted the Ellis refunding bill, augmented
by special legislative committee, will be called soon to draft a new bond
refunding measure. When completed, it will be submitted to House and
Senate members for approval and if substantial majorities pledge support,
Governor Futrell will call a special legislative session for enactment.
Principles of the proposed measure follow closely the plan outlined by
Alfred G. Kahn, Little Rock banker, at recent conferences of Governor
Futrell's bond refunding committee and representatives of Arkansas bondholders' protective committee. Chief features are: (1) Revenues exceeding
$2,000,000 annually for maintenance will be provided among bondholders
according to agreed schedule. (2) Maturities will be postponed until such
time as revenues permit resumption. (3) License rates on new motor vehicles will be increased and present rates on older automobiles retained.
(4) One-half of the county turnback fund, representing one-sixth of total
gasol ne collections, will be diverted to bond fund to meet interest and maturities. This plan follows Mr. Kahn's suggestions with addition of the
turnback fund diversion. State highway full faith and credit bonds carry
a pledge that all the turnback fund will be impounded should highway
revenue drop below 57.500,000 annually. Last December, the highway
commission entered such an order but withdrew it when protests, chiefly
by Arkansas county judges' association, were flied.
California.—Governor Signs Bills on Taxes.—Governor
Rolph signed bills on Aug. 22 setting up the machinery
whereby the State Board of Equalization returns to counties
for assessment in 1935 public utility properties valued at
approximately $1,900,000,000, and amending the State
inheritance tax law to yield the State about $1,500,000 more
biennially, according to a Sacramento dispatch to the Los
Angeles 'Times" of Aug. 23. It is said that the public
utility bill, introduced by 37 Assemblymen, carries out
one phase of the Riley-Stewart tax plan—V. 137, p. 350.
It empowers the Board of Equalization to evaluate the
properties which will be returned to county rolls for local
assessment in lieu of the existing State gross receipts levy
on utilities. The inheritance tax bill, introduced by Assemblyman Knowland of Alameda, reduces from $50,000 to
$25,000 the exemption on taxable properties left to widows
and provides that all properties in excess of $25,000 and
up to $50,000, shall be taxed at 2%.
Colorado.—Special Session Adjourns.—The special session
of the 29th General Assembly came to an end early in the
morning of Aug. 21, after drafting a liquor control code,
which provides that after the repeal of the 18th Amendment
there shall be no consumption of "hard" liquor at the place
where sold. Provision was also made for retail liquor
stores to handle package goods and for the regulation of
sale of prescription liquor. Closing and Sunday restrictions
on the sale of 3.2% beer were removed. The Denver
"Rocky Mountain News" of Aug. 21 reported as follows on
the results of the session:
While the liquor control question was the most bitterly fought, it by
no means was the most important legislation approved by the special session.
Governor Johnson's entire program for work and direct relief for the
unemployed was carried.
Chief points include the authorization of a $20,000,000 loan from the
Federal Government for a road building program to complete Colorado's
network of arterial highways; provide for improvement of many of the
secondary roads, and still provide projects in cities.
To raise funds for direct relief a tax was placed on automobiles. The
tax based on assessed valuation of the automobile will range from $2 to
$60 and it is expected to raise 51,500,000 for this year and next.
The new tags, showing the tax has been paid, will be placed on sale
by the State Motor Vehicle Department and the county clerks Sept. 1.
The tax will be due again Jan. 1.
The tags will be known as U R tags, standing for unemployment relief.
The Governor plans to issue a plea for all automobile owners to pay the
tax as a patriotic duty to aid the State in its present unemployment crisis.
Money collected on the special taxes will go directly to the relief fund
of the county in which collected.
Other epoch-making measures were passed as a result of the crisis that
necessitated the special session.
A special election Sept. 12 was provided to pass on repeal.
Blacklisting, boycott and anti-trust laws were suspended for two years
to.remove State legal barriers in the way of the National recovery program.
Investment Funds.
The State, banks and trust companies were authorized to invest public
and trust funds in bonds of the new Home Owners' Loan Corporation.
State banking laws were changed to conform to the new Federal regulations.
An appropriation of $300.000 was made for additional buildings at the
State Hospital for the Insane at Pueblo. Also the Governor ordered
that the institution again receive patients, which overcrowding has made
Impossible for several months.
Machinery also was set up whereby political subdivisions, including
counties, municipalities, school districts and water and irrigation districts
are authorized to borrow funds under the Federal public works program
and, if the bonded indebtedness of the subdivision already Is at the legal
limit, to provide for the construction and lease or rental from the Federal
Government.
County commissioners also were authorized to bid on State and county
road projects where the amount does not exceed $100,000.
Florida.—Federal District Court Holds Invalid Legislative
Acts of 1933 Permitting Payment of Delinquent Taxes With
Bonds.—In a decision handed down on Aug. 23 it was held
by three judges of the Federal District Court in Miami
that county and district delinquent taxes in Florida cannot
be paid with bonds without violating the Federal Constitution, thus ruling contrary in a measure to a limited opinion
given by the State Supreme Court on Aug. 3, which held
that the so-called "Futch Act" permitted such procedure—
V. 137,p. 1442. An Associated Press dispatch from Miami
to the Jacksonville "Times-Union" of Aug. 24 reported as
follows on the decision:
Three Federal judges to-day said county and district delinquent taxes in
Florida cannot be paid with bonds although the State Supreme Court
recently held that this may be done under the so-called Futch law of the
1933 Legislature.
In a decision filed in Federal District Court here to-day, the three judges
declared the Futch Act and the Early Act of the 1933 Legislature invalid,
insofar as they relate to payment of delinquent taxes with bonds.
-year moratorium to the delinquent
The Futch taw also grants a five to 20
taxpayer, so long as he pays his current taxes with cash and attempts to
settle his back payments over a period of years. The State Supreme
Court upheld the five-year moratorium feature of the law but did not
pass on the 15
-year extension of the moratorium.
Moratorium Angle Not Touched.
The Federal Court decision did not touch on the moratorium angle of
the question as this was not before the Court. Judge Nathan P. Bryan
of Jacksonville, one of the three Federal jurists who signed the order, said
the decision in no way conflicted with the Supreme Court ruling, insofar
as the moratorium question was concerned.
Issuing an interlocutory injunction preventing the St. Lucie Inlet District
from accepting its own or other bonds in settlement for delinquent district
taxes, the three-judge Court held that the Florida laws permitting this
practice were violative of the United States Constitution.
The State laws impair the obligations of contracts, the judges held, and
are in direct violation of Section 10 of Article 1 of the Constitution which
says:
"No State shall take anything but gold or silver coin in tender in payment of debts or pass any law impairing the obligation of contracts."
Judge Bryan, Judge Halsted L. Ritter of Miami and Judge Louie W.
Strum of Jacksonville signed the order, after hearing arguments in the
ease recently. Janet McNee of Kansas, holder of $43,000 worth of the
$1,250,000 worth of bonds issued by the St. Lucie Inlet District, brought
the suit for the injunction.
Bondholder Claims Discrimination.
She claimed that inasmuch as she owns no property in the district and
cannot use her bonds—now greatly depreciated in value—to pay taxes,
she is being discriminated against in favor of those who may use bonds of
less than par value to pay taxes in full. She also claimed her bonds would
not increase in value because of the law.
The three-judge Court, in effect, agreed with this contention and issued
the injunction subject to the petitioner posting 85.000 bond by Sept. 10.
Judge Bryan, commenting on the decision, said he and his associates
on the Federal bench ruled only on the question of paying delinquent taxes
with bonds. He further said the case presented by the bondholder offered
a question of interest default only but that the ruling was the same as it
would have been had the bondholder claimed default on principal.
The State Supreme Court in its recent decision on the Futch law, held
that the payment of delinquent taxes with bonds was valid and that the
first five years of the moratorium granted delinquent taxpayers also was
constitutional. It did not pass on the 15 year extension of the moratorium
which the law authorizes for those who show good faith in trying to settle
their back payments during the first five years of the moratorium.
Other Points Raised.
Other questions involved in the much-discussed Futch Act have been
raised in several recent Circuit Court cases and appeals to the Supreme
Court on these unsettled points are expected.
Should the State or any of its taxing subdivisions appeal the three-judge
ruling, the case next weuld come up in the United States Circuit Court of
Appeals at New Orleans. From there it would go to the United States
Supreme Court.
State officials and many legislators have termed the Futch law one of
the most important and far-reaching pieces of legislation In Florida history.
Already its operation and its court tests have revolutionized Florida tax
collecting machinery, these officials said.
The Early law, another Act of the 1933 Legislature, is similar to the
Futch Act insofar as it authorizes payment of delinquent taxes with bonds.
The question of municipal taxes and payment of bonds therefor was not
before the Court in this case. A St. Petersburg case involving municipal
bonds, however, is in the hands of the same three Federal judges who
recently extended the time to allow additional briefs to be filed.
Hamtramck, Mich.—Bond Refunding Plan Adopted by
City.—In a notice to the holders of all bonds and notes of
the above city it was announced on Aug. 28 by Peter C.
Jezewski, Mayor, that the city has adopted a refunding
plan and appointed Stranahan, Harris & Co., Inc. of
Toledo, as its refunding agent. The city has been in default
of both principal and interest on its outstanding indebtedness
since July 11932, according to the notice, which states that
the accrual of defaulted interest and principal together with
adverse tax collections and bank closings made it appear
absolutely impossible for the city to resume debt service
requirements without such a plan.
Kansas.—Governor Extends Moratorium on Municipal
Bond Interest Payments.—It was announced by Governor
Landon on Aug. 21 that a moratorium on interest payments
on Kansas municipal bonds, ordered by him as a result of
the bond forgery disclosures—V. 137, p. 1609—will not be
lifted for some time, according to the Topeka "Capital" of
Aug. 22. The announcement is reported to have followed
a conference between the Governor and a group of Kansas
City officials, who were anxious to make Sept. 1 interest
payments on time in order to retain the high credit rating
of the city.
Nebraska.—Tax Levies in Cities and Villages Not Limited
as to Bond Payments.—In an effort to correct an inaccuracy
appearing in a recent news dispatch from Omaha, regarding
a five-mill tax limitation imposed on second-class cities and
villages by a newly enacted statute, which, it was said.
Volume 137
Financial Chronicle
1793
would have the effect of impairing the obligations of these
municipalities—V. 137, p. 1609—the following article
appeared in the "Wall Street Journal" of Aug. 30:
taxes have been paid. The deficiency judgment bill, also
sponsored by Senator Nunan, provides that the court shall
determine a fair and reasonable market value for the fore-.
W. V. Raynor of the United States National Co., Omaha, Neb., calls
closed property. Thia bill is designed to do away with the
attention to the fact that the statutes of Nebraska do not impose a limit
evil of the deficiency judgment. The mortgage moratorium
on the amountof taxes which may be levied by a city of the second class or
village to pay principal and interest on its bonds. When the municipality
applies to all classes of real estate, except in eases of savings
issues bonds,the law imposes the obligation of levying sufficient taxes to pay
and loan association mortgages where the payments of
them. Mr. Raynor points out that the recently enacted Nebraska law
therefore does not adversely affect the rights of municipal bondholders of
principal and interest are over a 10-year period. In instances
that State, as had been indicated in dispatches from Nebraska.
where commercial or business property is involved there is
He adds: "In fact the recent act makes no change whatever in the minimum levy for the general fund in these municipalities. The original
a provision that in case the property produces a surplus in
statute on its face authorized a 25
-mill levy, but it was passed before 1921
excess of the carrying charges the court may direct payment
when the basis of assessment was 20% of actual value. The revenue law
of 1921 which changed the basis of assessment to 100% of the actual value
of part of it on the principal.
also provided that wherever, under a then existing statute, a limitation
One of the principal measures signed, according to Albany
was imposed on tax levies based on a certain number of mills per dollar.
the limitation should thereafter be one-fifth of that prescribed. This had
advices, suspends the State's anti-trust laws during the life
the effect of reducing the general fund levy of cities of second class and
of the NRA. This, in effect, is said to pave the way for a
villages to five mills on the dollar beginning with 1922, and the act of the
State boycott to aid in the enforcement of the NRA program
recent Legislature does not change the law in that respect, but does add an
express requirement that such municipalities shall levy general taxes to
by providing for the purchase by the State only of construcmake up deficiencies due to the invalidity of special assessments. Under
tion materials produced by concerns which display the
the Nebraska law this power already existed but was often ignored."
New York City.—Bankers Reject City's Appeal for $72,- Blue Eagle.
Savings Banks Investment Bills Signed.—In four bills
000,000 Loan.—Payrolls and Bond Interest Payment to be
Met.—The city administration failed on Aug. 31 to obtain which the Governor signed, the investment by savings
from the banking syndicate any money to meet the interest banks, savings and loan associations, insurance companies
payment on its bond debt. The city had appealed to the and public funds in the bonds of the Federal Home Owners
bankers for a loan of $72,000,000 to meet its needs for Loan Corporation, are made legal. Savings banks receive
the rest of the year, of which $10,000,000 was needed for authority in another bill, to invest in Federal Farm Loan
Sept. 1. Notwithstanding the failure to receive the funds bonds.
Other bills approved include authorization for municipaliit was stated that the Aug. 31 payroll of $17,263,000 had
been met by the city and that there would be no default ties and other public bodies to accept Federal aid for public
on interest on long-term bonds, amounting to about $8,700,- works regardless of charter barriers, and one which requires
000 and due on Sept. 1. Although no statement was forth- the payment of interest on deposits of all public funds, so
coming following the conference between Deputy Comp- as to avail of a recently enacted Federal statute.
Governor Signs City Relief Taxing Bill.—Governor Lehman
troller Prial and the banking group, it was said that the
reason the banking group had delayed a decision on the on Aug. 29, without comment, signed the Buckley bill
city's request was that they considered the city's position giving New York City blanket authority until March 1 1934
less urgent than had been described. It is understood that to levy additional taxes within the city to raise money for
the bankers are anxious to prevent a default by the city unemployment relief. The bill was passed by the Legison its securities because they hold a large amount of short- lature at the close of the special session convened on July 26,
term obligations but they feel that the city has failed to primarily for the purpose of saving New York City from
fulfill its promise to put its finances in order so that another financial collapse. Because the measure failed to receive a
loan would be justified. No further meetings were called two-thirds vote in the Republican-controlled Assembly, its
for at the end of the conference on Aug. 31, pending new validity has been questioned in some quarters on the ground
that, as it applies solely to one city, it comes under the
developments.
State Comptroller Advances $5,000,000 to City to Avert home-rule provision of the Constitution. The home-rule
Bond Default.—It was revealed by Deputy Comptroller provision requires that any measure not affecting all the
Frank J. Prial on Sept. 1 that State Comptroller Morris S. cities of the State must be passed by at least a two-thirds
Tremaine had sent $5,000,000 to New York City on Aug. 31 vote in each House and that at the time of its passage it
and out of that money, plus about $4,000,000 which the must have a special message of necessity from the Governor.
city took out of the sinking fund, the above interest pay- Not only did the bill fail to receive a two-thirds vote in
ments were made on schedule time. Mr. Tremaine stated the Assembly, but there was no message of necessity. Rethat "we haven't had a single default in New York State publican leaders are said to have asserted that a court test
and I don't intend that there shall be one." The $5,000,000 is in the offing.
was an advance instalment of the sum New York State will
Ohio.—Governor White Signs Bills Levying ,500,000 a
refund to this city after the first of the year, for teachers' Year in Taxes.—On Aug. 25 Governor White signed three
salaries. Normally the refund would not be made until bills which had been passed by the Legislature at his request,
after Dec. 31, but as Comptroller Tremaine explained on levying $8,500,000 a year in taxes on amusements, bottled
Sept. 1, he does not desire any default in the State.
beverages and malt, with which to finance poor relief in
When asked how the city could take money from the Ohio for the remainder of this year and all of 1934, according
sinking fund to pay the interest on city bonds, Mr. Prial to the Columbus "State Journal" of Aug. 26. All of the
explained that he sold $4,0 ,000 of revenue bills to the taxes will be collected beginning Sept. 1. The amusement
00
sinking fund. Under the law that fund can be used for tax at a rate of 1 cent for each 10 cents or fraction includes
investment, he said, and revenue bills are considered an not only theatres and motion pictures but all professional
investment.
and college athletic events. Only amusement fees of 10
The next city payroll comes due on Sept. 15, for which cents or less are exempted. The bottled beverage tax, while
funds will again be needed.
reducing the cap tax on bottled beer from 2 cents to 1 cent,
New York State.—Summary of Legislation Passed at imposes a 1 cent cap tax on all bottled beverages of the soft
Special Session.—The following is a summary of the major drink class which sells for 6 cents or more. The malt tax
legislation adopted at the recent special session of the calls for a levy of 10 cents on every pound or gallon of malt,
Legislature—V. 137, p. 1610—as it was given in a United malt syrup, or brewers' wort. The amusement tax is to
remain in effect until June 30 1936, and the same tax law
Press dispatch from Albany on Aug. 25:
extends the recently imposed cosmetics tax until that date.
1. To enable New York City to impose $41,000,000 in taxes to finance
unemployment and welfare relief during next winter.
The two other taxes are levied without dates of expiration.
2. Declare a limited mortgage foreclosure moratorium on defaults of
principal on all real estate where taxes and interest have been paid, and
Port of New York Authority.
--$37,500,000 Loan
abuses. Moratorium to extend to July
wipe out deficiency judgment
Allocated for Mid-Town Tunnel.—Allocation of $37,500,000
1 1934.
Make death the maximum penalty for kidnaping.
to the above Authority for construction of the proposed mid3.
4. Empower the State Beer Control Board to regulate sale of hard
town vehicular tunnel under the Hudson River between
liquors until April 1, as a temporary measure in anticipation of repeal of
38th St., New York, and Weehawken, N. J., was announced
the Eighteenth Amendment, and imposing a $1 a gallon tax.
5. Force the State to purchase only from firms displaying the Blue
on Aug. 30 by Secretary of the Interior Ickes, Public Works
Eagle of the NRA.
Administrator. It was stated by Mr. Ickes the loan had
Suspend the State's anti-trust laws in order not to hamper the national
recovery program.
been approved by the Special Board of Public Works, and
7. Permit municipalities to borrow from the Federal Government to
it has the sanction of the President. It is said that $10,000,finance unemployment relief projects.
8. Co-ordinate New York State laws with the NIRA, Agricultural
000 will be made immediately available. We quote in part
Adjustment Act and the new Banking Act.
g. Make bonds of the Federal Home Owners Loan Corp. legal invest- as follows from the New York "Herald Tribune" of Aug. 31,
ments for the State savings banks and insurance companies.
regarding the loan:
wide powers of investigation and
prosecu10. Give the Attorney-General
tion to war against racketeering and make possession or sale ofsub-machine
,0
e
guns a felony.
11. Appropriate $75.000 for an intensive investigation of the dairy
industry by the Milk Control Board, including an inquiry into dealers'
profits.
12. Apply to the Federal Government for 310,000.000 to improve farm
to market roads.
13. Create a 36,000,000 revolving fund to initiate highway crossing
eliminations with Federal funds, the money to be reimbursed the State.
Governor Signs 22 Bills Passed by Legislature—Mortgage
Relief and Deficiency Judgment Bills Amon# Measures Approved.—Gov. Lehman on Aug. 28 approved 22 bills passed
by the above special session. Among them were the Mortgage Moratorium and Deficiency Judgment Bills;also a series
of measures which place New York State's laws in conformity
with the NRA program. The mortgage bill, sponsored by
Senator Nunan, declares a moratorium on foreclosure of
mortgages until July 1 1934, in cases where interest and
The Public Works Board authorized the loan at 4% interest, compared
with the 5% rate for which the Finance Corporation had held out before
the Public Works Administration was created. On a showing made by the
Port of New York Authority, the Public Works Administration arranged to
make $10,000,000 available for the first years' work, and contracts are to
be awarded within 20 days for the manufacture and delivery of 50,000 tons
of cast iron tunnel segments. Contracts will be awarded for the construction itself within the next 60 or 90 days.
To Give 8,000 Jobs for Four Years.
This project to relieve vehicular traffic into Manhattan is expected to
employ approximately 1.500 men immediately and eventually 8.000 for
four years.
The project as approved constitutes a modification of the original plan
for two tubes with extenisve approaches connecting 39th St. and Weehawken
at a point west of the Palisades. As revised subsequently by the Port
Authority, it calls for one, the south tube, to be constructed at present.
with development of approaches for two-way traffic. This construction
will be of such nature as to permit the addition of the north tube, whenever
financing permits.
The plans provide for the location of the New York plaza between Ninth
and Tenth Avenues, and for direct connections with six crosstown streets
by means of a new north and south street extending between 34th and 42d
streets.
1794
Financial Chronicle
The tunnel will serve the municipalities of Weehawken, Union City and
North Bergen in New Jersey. The toll buildings will be located on the
Weeha ken plaza, where there will be ample area for handling traffic at the
,
toll booths.
Financing Plan Outlined.
"The Public Works Administration," said Harold L. Ickes, Secretary of
the Interior, "satisfied itself as to the fincncial soundness of the project
before extending the credit.
"Security for the notes," he added. "will be the revenue that will accrue
from the project after the payment of operating and maintenance expenses.
It is provided that in any year that the revenues from the tunnel exceeds
operation, maintenance and interest charges, the excess or surplus will pass
into the Port Authority's general reserve fund. The notes will have recourse to the general reserve fund only in case the tunnel In any year should
fail to earn its full interest charges, and then only to the extent of the deficit
in interest.
"The money will be advanced by the Public Works Administration as
required. The notes will mature July 1 1934, but provisions will be made
for their earlier payment as soon as long-term permanent bonds can be
marketed on an agreed basis. If such bonds are not marketed by the
maturity of the notes they are to be issued in exchange for the notes.
"The yield rate to the Administration will be 4%, which is the prevailing
rate fixed for such projects. There are certain restrictions on the sale of
the notes prior to maturity in order that their existence will not have an
unwarranted effect on the Port Authority's outstanding securities."
The Port Authority already has acquired a large part of the New York
right of way through private financing independent of Federal aid. The
necessity for immediate construction of the tube, the Port Authority has
contended, is due to the fact that the Holland Tunnel and the ferries will
soon be inadequate to handle the motor truck and automobile traffic across
the Hudson between the Battery and 42d St.
Texas.—Voters Ratify Prohibition Repeal—Legalize 3.2%
Beer—Approve $20,000,000 Relief Bond Amendment.—At the
State-wide election held on Aug. 26 the voters favored the
repeal of the Eighteenth Amendment by a count of 273,580
"for" to 162,078 "against," according to Dallas advices on
Aug. 27. Thus far Texas is listed as the twenty-third State
to vote for repeal, the last previous ratification having taken
place in Missouri—V. 137, p. 1609.
The voters also decided to amend the State constitution
to legalize 3.2% beer by a margin of nearly 2 to 1. It is
said that numerous elections were held in precincts and
counties to decide upon local option, with most of them
showing a wet trend.
The $20,000,00P bond issue for relief purposes up for
approval at the same time—V. 137, p. 1618—was accorded
a large majority, according to State Treasurer Lockhart.
This constitutional amendment was submitted to meet a
warning by the Federal Relief Administration that it must
provide additional State aid before it could hope to obtain
further Federal assistance—V. 136, p. 3570.
County and Road District Bonds Eligible for State Aid.—
We have just received from the State Board of County and
District Road Indebtedness a booklet containing a list of
the county and road district bond issues, arranged alphabetically by counties, which will be eligible for State aid
from gasoline tax revenues. Under the provisions of House
Bill No. 2 of the 42nd Legislature, the State will participate
in the payment of outstanding indebtedness due on and
after Jan. 1 1933, insofar as the issue is eligible, less the
amount required to be on hand to the credit of the sinking
fund at the effective date of the Act.
United States.—Report Prepared on Steps Taken by
Various States to Match Federal Relief Aid.—A. report was
issued in Austin on Aug. 19, which had been prepared by
the American Legislators' Association, showing that virtually
all the States in the Union with available credit or taxation
sources of revenue have taken steps to match the Federal
Government's relief aid. An Austin dispatch to the Dallas
"News" of Aug. 20 reported as follows on the various
methods used by the different States, as they were given in
the Association's report:
Four States, including Texas, will have to amend their constitutions to
Issue bonds and in three the voters of the State must authorize bonds.
California voters have given their assembly authority to Issue $20,000,000
In bonds. Maine votes on $2,000.000 bond issue to lend to cities and towns.
Pennsylvania has submitted an amendment authorizing $25,000,000 in
bonds. In addition, it has appropriated $25,000,000 for relief aid.
Last November, New York voters approved a bond issue of $30,000,000
for relief and this November they vote on an issue of $60,000,000 for the
same purpose. Rhode Island votes on $3,000,000 bonds, besides cash
appropriation of $611,774.
Maryland has issued $12,000,000 in bonds financed by a State tax but to
be used in city of Baltimore. Nevada issued $100.000 bonds, New Hampshire $1.800,000 for 1933 and 1934. Washington has issued $10,000,000
In bonds to be financed by diversion of .4 of 1 cent per gallon gasoline tax.
Gasoline Tax Diverted.
Indiana has appropriated $1,000,000 for each of two years for relief work
and Oklahoma has appropriated from general revenues $600,000 for "widows
and old disabled people who are unable to work." Ohio has dherted
$2,000,000 gasoline taxes and Michigan has dherted an unlimited amount
estimated by the Governor at between $2,000.000 and $4,000,000 from
highway funds.
In Kansas an additional levy of one mill or ten cents per $100 has been
made for unemployment relief and Nebraska levied a tax of one-half a mill.
Illinois authorized a 3% sales tax for relief work, but this has lately
been held unconstitutional. New Jersey approved a bond Issue of $20.000,000 last November.
General sales or gross income taxes have recently been levied in Indiana,
Nevada, New Mexico. North Carolina North Dakota, New York, Oregon,
Oklahoma, Utah. Vermont, Washington and South Dakota.
Personal income tax measures have been enacted in Alabama, Arizona.
Kansas, Minnesota, Montana and New Mexico and corporate incomes
have been taxed in Minnesota.
State Beer Tax Levied.
Twenty-one States have levied a barrel tax on beer, apart from the
license tax, most of which is to be used for unemployment relief. These
taxes range from one cent in Missouri to 15 cents a gallon in South Carolina.
"The only States that have done nothing to match Federal aid," said
Mr. Strauss, "are those whose bonds have no market value because they
are unable to balance their budgets and pay the bonds. Far from being
in this class, Texas has no bonded debt, has billions of wealth and its
securities would be in demand in any bond market.
"Doubtless the Federal Government will continue to aid those States that
cannot help themselves, but we should be ashamed to put our State in the
class with those whose bonds are now being hawked about and defaulted
n both principal and interest."
BOND PROPOSALS AND NEGOTIATIONS
AKRON, Summit County, Ohio.—TO VOTE ON $7,450,000 BONDS.
—At the general election to be held in November the voters will consider
a public works program involving the proposed issuance of $7,450,000
bonds. The total includes $2,400,000 for grade crossing elimination,
Sept. 2 1933
$3,000,000 for paving, resurfacing and grading streets, $1,900,000 for new
sewers and $150,000 for parks and playground.
ALLIANCE CITY SCHOOL DISTRICT, Stark County, Ohio.—
BOND OFFERING.—H. W. Woolf, Clerk of the Board of Education, will
receive sealed bids until 12 m. on Sept. 12 for the purchase of $78,948.42
6% refunding bonds. Dated Sept. 15 1933. One bond for $948.42, others
for $1,000. Due as follows: $5,000. March and Sept. 1 from 1934 to 1940
incl.,• $5,000, March and $3,948.42. Sept. 1 1941. Interest is payable in
M.& S. Bids for the bonds to bear interest at a rate other than 6%, expressed in a multiple of X of 1%, will also be considered. A certified check
for $790, payable to the order of the above-mentioned official, must accompany each proposal.
APPLETON, Swift County, Minn.—BOND ELECTION.—It is reported that an election will be held on Sept. 5 in order to vote on the proposed issuance of $30,000 in sewage plant bonds.
ARKANSAS, State of (P. 0. Little Rock).—REPORT ON BONDS
DEPOSITED FOR REFUNDING.—Bonds deposited with the State Refunding Board to be exchanged for 3% 25
-year bonds so far include
$2.250,000 of road district bonds, of which approximately $47,000.000 is
outstanding, and $212.000 of State highway full faith and credit bonds, the
outstanding total of which Is $94,000,000, according to word from Little
Rock on Aug. 25. Thus far, it is said, the bulk of the deposits made with
the Board has been made by individuals, and the State is still to reach
companies and corporations which have large holdings.
ARTESIA SCHOOL DISTRICT NO. 16 (P. 0. Artesia), Eddy
County, N. Mex.—BONDS CALLED.—It is reported that school bonds
numbered from 51 to 80, bearing 6% interest, were called for payment
on Aug. 1. Dated Aug. 1 1920. Payable at the Chicago Title & Trust Co.
ASHLAND,Saunders County, Neb.—PROPOSED BOND ISSUANCE.
—It is reported that a proposal to issue $10,000 in 5% refunding bonds to
pay the principal and interest on outstanding bonds of several local paving
districts, is favored by the Mayor and City Council.
.
BEDFORD SCHOOL DISTRICT, Lawrence County, Ind.—ADDITIONAL INFORMATION.—The $23,000 high school building construction bonds awarded on Aug. 16 to Walter, Woody & Heimerdinger of
Cincinnati at a price of 101.27—V. 137, p. 1611—bear 6% interest and are
dated July 1 1933. Coupon bonds in $1.000 denoms. Interest payable
in J. & J.
BEEBE SCHOOL DISTRICT (P. 0. Beebe), White County, Ark.—
BOND SALE.—A $68,500 issue of5% semi-ann.refunding bonds is reported
to have been purchased at par recently by M. W. Elkins & Co. of Little
Rock.
BINGHAMTON, Broome County, N. Y.—$1,000,000 BOND ISSUE
AUTHORI7
ED.—Governor Lehman has signed as Chapter 797, Laws of
1933, the Brown bill authorizing the city to issue up to $1,000,000 bonds
for the purpose of funding existing short-term debt and to meet poor
relief needs—V. 137. p. 1444.
BISMARCIC, Burleigh County, N. Dak.—BOND ELECTION.—It
Is reported that an election will be held on Sept. 14 in order to have the
boters pass on the proposed issuance of $203,000 in high school building
v nds.
BIWABIK, St. Louis County, Minn.—BOND ELECTION.—An
election will be held on Sept. 12, according to report, in order to have
the voters issue $63,000 in bonds to put the town on a cash basis. These
onnAs are said to have been approved by the State Board of Investments
bo d ug. 17
BOLIVAR COUNTY (P.O.Cleveland), Miss.—MATURITY.—We are
informed that the $22,500 issue of 6% tax anticipation notes purchased by
the Bank of Shaw—V. 137, p. 1611—is due on Feb. 15 1934.
BOSTON, Suffolk County, Mass.—TEMPORARY LOAN.—Clearing
House banks in the city have agreed to purchase $1,000,000 tax anticipation
notes at an interest rate of 434%. The notes are dated Aug. 28 1933 and
mature on Oct. 10 1933.
$2,000,000 LOAN SOLD.—The City on Aug. 30 awarded a $2,000.000
revenue anticipation loan to Estabrook & Co. and R. L. Day & Co., both
of Boston, jointly, to bear interest at 334%. Dated Sept. 1 1933 and due
on Oct. 10 1933. The bankers re-sold the notes privately on the same day.
The only other bid received, that of Newton, Abbe & Co. of Boston.
was for a block of $400,000 of the notes at 3% interest.
BOWBELLS SCHOOL DISTRICT NO. 14 (P. 0. Bowbells) Burke
County, N. Dak.—CERTIFICATE SALE POSTPONED.—We are informed by L. B. Lodmell, District Clerk, that the sale of the $5,000 certificates of indebtedness,scheduled for Aug. 22—V. 137, p. 1611—has been
postponed to Sept. 12.
BRADDOCK SCHOOL DISTRICT, Allegheny County, Pa.—BOND
OFFERING.—William C. Roderus, Secretary of the School Board, will
receive sealed bids until 7 p. m. (eastern standard time) on Sept. 11 for
the purchase of $70,000 not to exceed 5%, interest coupon school bonds
Dated Sept. 1 1933. Denom. $1,000. Due Sept. 1 as follows: $5,000 from
1938 to 1943 incl. and $10,000 from 1944 to 1947 incl. Interest is payable
in M.& S. A certified check for $1,000, payable to the order of the District
Treasurer, must accompany each proposal. The approving opinion of Burgwin, Scully & uurgwin of ratsourgn wiii be farnisned the succeso'ul bidder.
Issuance of the bonds has been authorized by the Pennsylvania Department
of Internal Affairs.
BRIDGEPORT, Fairfield County, Conn.—BOND SALE.—The
$150,000 series D coupon or registered sewer construction bonds offered
on Aug. 29—V. 137, D. 1612—were awarded as 434s to the Bridgeport
City Co. at a price of par. Dated Sept. 1 1933 and due $10,000 on Sept. 1
from 1934 to 1948 incl.
BUFFALO, Erie County, N. Y.-69.600.000 BONDS FULLY SOLD.—
The $9,500.000 4.20% bonds awarded on Aug. 24 to the City Co. of New
York and associates at a price of 100.20, a basis of about 4.18%—V. 137,
P. 1612—were entirely disposed of by the following day, according to the
bankers. The obligations were re-offered on a yield basis of from 2 to
4.05%, according to maturity.
BUFFALO AND FORT ERIE PUBLIC BRIDGE AUTHORITY,
N. Y.—BILL ESTABLISHING THIS UNIT PASSED BY LEGISLATURE.—The Wojtkowlak bill creating the above-mentioned authority
and empowering it to issue up to $4.000,000 bonds has been passed by the
State Legislature, now in special session. It is provided that the bonds
are to bear interest at not to exceed 5% and mature within a period of
50 years, except that no bonds shall mature before Jan. 1 1937. The
bonds may be sold at public or private sale at such a price as the Bridge
Authority shall determine. but at no greater discount than 5% of the face
amount thereof. The enabling legislation further provides as follows:
"The bonds may be issued for any corporate purpose of the Buffalo and
Fort Erie Public Bridge Authority and-or may be exchanged for outstanding bonds or other indebtedness of the Buffalo and Fort Erie Public
Bridge Co. on such terms as may be agreed upon by the Bridge Authority
and the holders and owners of such bonds and other indebtedness, except
that the exchange price thereof shall not be greater in par value of bonds
than the redemption price of the bonds of such company under existing
indentures and the face amount of such other indebtedness.
"Before any such bonds shall be issued or sold or exchanged, and before any such conveyance shall be made or property acquired, all proper
and requisite authority for the issuance of such bonds shall be obtained
from the Dominion of Canada. The Dominion of Canada may attach such
conditions not inconsistent with this Act with respect to the transfer of the
properties, rights and franchises of the corporation situated within the
Dominion of Canada as it may deem necessary."
BURKE, Gregory County, S. Dak.—BONDS VOTED.—A proposal to
issue $10,000 in city hall and auditorium bonds is reported to have been
approved recently by the voters.
BURT COUNTY (P. 0. Tekamah), Neb.—BOND RETIREMENTS.—
A total of $55,345 in bonds have been retired in the county during the
past year, according to G. A. Ireland, County Treasurer. They were
$13.000 school. $22,345 paving, $1,000 sewer and $19,000 funding and
refunding bonds.
CALIFORNIA, State of (P. 0. Sacramento).—BOND OFFERING.—
It is announced by Charles G. Johnson, State Treasurer, that he will
receive sealed bids until Oct. 10 for the purchase of a $6,000,000 issue
of 4 Wi % semi-annual relief bonds. Dated Oct. 1 19:13. Due $2,000,000
from July 1 1938 to 1940 incl.
Volume
137
Financial Chronicle
-NO AD VALOREM
CALIFORNIA, State of (P. 0. Sacramento).
-A dispatch from Sacramento to the Los Angeles
TAX TO BE LEVIED.
"Times" of Aug. 23 reports that there will be no ad valorem tax in California until June 30 1934, at the earliest, no matter how bad the State's
finances may become in the meantime, because State Director of Finance
Vandegrift failed to file a formal notice which would have made the special
tax possible by Jan. 1.
-An issue
-BOND SALE.
CAMBRIDGE, Middlesex County, Mass.
of 3200,000 coupon street improvement bonds was awarded on Aug. 28 as
3}is to the M. W. Harris Co., Inc. of Boston at a price of 100.36. a basis of
about 3.37%. Dated Sept. 1 1933. Due $40,000 on Sept. 1 from 1934 to
1938 incl. Principal and interest(M.& S.) are payable at the First National
Bank of Boston. Legality approved by Ropes. Gray, Boyden .St Perkins of
Boston.
Public re-offering of the bonds is being made at prices to yield from
1.75 to 3.35%. according to maturity. The bankers state that the securities are legal investment for saving banks and trust funds in the States of
Massachusetts, New York and Connecticut.
-PROPOSED WARRANT
CANYON COUNTY (P. 0. Caldwell), Ida.
-It is stated by Albert Lee, Chairman of the Board of County
FUNDING.
Commissioners, that $50,000 in outstanding warrants will be paid by the
county as soon as possible through the floating of amortization bonds,
as the result of a recent Supreme Court decision holding the law passed by
the last State Legislature constitutional.
CARIBOU COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Soda
-It is reported that sealed bids
Springs), Ida.
-BONDS OFFERED.
were received until Sept. 2, by J. T. Hopkins. District Clerk, for the purchase of a $750 issue of school bonds.
-The
-BOND ELECTION.
CASS COUNTY (P. 0. Atlantic), Iowa.
County Board of Supervisors set Sept. 26 as the date for a special election
to vote on the proposed issuance of $65,000 in bonds to build a new county
courthouse. It is estimated that the new courthouse will cost $130,000.
• Under the national public works program, it will be possible for the county
to obtain 30% of the total cost of the structure or approximately $39,000.
The balance of the amount is to be paid from the insurance money now
available for the new building.
-BOND OFFERING.
CASS COUNTY (P. 0. Cassopolis), Mich.
The Finance Committee of the Board of Supervisors will receive sealed
bids until 2 p. m. on Sept. 5 for the purchase of $21,000 43% refunding
bonds. Dated April 1 1933. Denom. 31,000. Due Dec. 1 as follows:
$8.000 in 1937 and $13,000 in 1938. Cost of financing to the county
is not to exceed 6% per annum. A certified check for 2% of the bonds
bid for must accompany each proposal.
-BOND ISSUANCE CONCASSIA COUNTY (P. 0. Burley), Ida.
-It is said that steps will be taken immediately to issue
TEMPLATED.
$104,000 of bonds to retire county warrants in that sum,
approximately
issued prior to Jan. 9 1933. The State Supreme Court is reported to have
upheld this action.
-PROPOSED BOND
CATAWBA COUNTY (P. 0. Newton), N. C.
-At a meeting of the County Board of Commissioners held
REFUNDING.
on Aug. 22 a resolution is said to have been passed, calling for the issuance
of $121,000 in bonds for refunding Purposes. There will be two issues: the
first for $28,000 for refunding school expenses, and a $93,000 issue for refunding other expenses.
-LIMIT ON BANK PURCHASES
CHICAGO, Cook County, III.
-.I. F. T. O'Connor, Comptroller of the
OF WARRANTS REMOVED.
Currency, on Aug. 14 stated that the additional limit that had been in
effect with regard to the volume of tax warrants to be invested in by National banks became inoperative as of that date, according to the "Chicago
Journal of Commerce" of the following day, which reported on the matter
as follows:
"Banks may purchase Chicago municipal tax warrants without limit
except under the loaning ability of the institutions, according to advice
from J. F. T. O'Connor, Comptroller of the Currency, received at tne
City Hall yesterday.
"Until this ruling, National banks had held to the limitation of 15%
of their capital and 25% of their surplus in the purchase of tax anticipation
warrants. The new ruling of the Comptroller of the Currency is expected
to go far to aid the city in meeting unpaid salaries of policemen, firemen
and other municipal employees.
"The Comptroller's letter stated that National banks might advance
funds on Illinois municipal warrants 'without any limitation under the
National Bank Act of the banking Act of 1933. other than the amount of
such loans should be kept within conservative limits and not out of proportion to the bank's loaning ability'.'
-BOND DISPOSAL REPORT.
CHILDRESS, Childress County, Tex.
-It is stated by the City Secretary that an issue of 5160.692 5% refunding
bonds authorized last April by the City Council is being handled by the
Dunne-Davidson-Ranson Co. of Wichita, Kan.
-$18,624,000 BOND PROCINCINNATI, Hamilton County, Ohio.
-H. H. Kranz, Highway Engineer, has recommended
GRAM PROPOSED.
-year period for the purpose of
the issuance of $18,624,000 bonds over a 5
financing a comprehensive street imp. program. The total includes
$14,014,265 to be paid for by the city and $4,610.175 to be assessed against
benefited property.
COAL TOWNSHIP SCHOOL DISTRICT (P. 0. Shamokin), Nor.
-The issue of $250,000
-BONDS NOT SOLD.
thumberland County, Pa.
5% funding bonds offered on June 9-V. 136, p. 4125, failed of sale, as no
bids were obtained. Dated July 1 1933 and due $10,000 on July 1 from
1939 to 1963 incl.
-TO ISSUE $55,000
COLLINGSWOOD, Camden County, N. J.
-The Borough hart authorized the exchange of
REFUNDING BONDS.
refunding bonds for a like amount of obligations Which mature in
$55,000
July, Aug. and Oct. 1 1933. The exchange will be effected as soon as the
refunding bonds are ready for delivery. They will bear interert at 53.%,
mature serially on July 1 from 1938 to 1942 incl. and include issues of
$37,000 and $18,000, the latter for water purposes.
-The voters
-BONDS VOTED.
County, Minn.
COLOGNE, C
are reported to have approved the issuance of $11,000 in water works
system bonds by a wide margin, at an election held recently.
-Samuel
-BOND OFFERING.
COLUMBUS, Franklin County, Ohio.
J. Willis, City Clerk, will receive sealed bids until 1 p. m.(eastern standard
time) on Sept. 21 for the purchase of $163,795 4%% coupon or registered
bonds, divided as follows:
$119,000 emergency poor relief bonds. Due Feb. 1 as follows: $15,000
from 1935 to 1941 incl. and $14,000 in 1942. Interest is payable
in F. & A.
35,000 electric light extension No.28 fund bonds. Due Feb. 1 as follows:
$3,000 from 1936 to 1940 incl. and $2,000 from 1941 to 1950 incl.
Interest is payable in F. & A.
4,000 judgment bonds. Due 31.000 on Feb. 1 from 1936 to 1939 incl.
Interest is payable in F. & A.
3,707 special asst. alley impt. bonds. Due March 1 as follows: $307
in 1936: $300 in 1937 and 1938 and $400 from 1939 to 1945 incl.
Interest is payable in M.& S.
2,088 special asst. sewer construction bonds. Due March 1 as follows:
$488 in 1936 and $400 from 1937 to 1940 incl. Interest is payable
in M. St S.
All of the bonds are dated Oct. 1 1933. Principal and semi-annual interest
are payable at the office of the agency of the City of Columbus in New York
City. Bids for the bonds to bear interest at a rate other than 4%,expressed in a multiple of % of 1%, will also be considered. A certified
order of the City Treasurer,
chock for 1% of the bonds bid for, payable to theof
proceedings
must accompany each proposal. Transcripts allowed within will be furfifteen days
sufficient time
nished successful bidders and
examination
from the time of bid award for the made subject of such transcript by
to approval of same.
attorney, and bids may be
bidder's
Place of delivery, City Clerk's office, Columbus, Ohio.
-BORROWS $1.000.000.-J. W. Hope.
CONNECTICUT (State of).
State Treasurer, reported on Aug. 25 that a loan of $1,000.000 had been
-V. 137, p. 1444.
obtained from local banks, as previously anticipated.
ED.-BONDS AUTHORI7
CORNING, Steuben County, N. Y.
Governor Lehman has signed as Cnapter 799, Laws of 1933, the Warner
bill empowering the City to issue $50,000 bonds to finance the coat of "changing the structure carrying State Street over the railroad and right-of-way
of the New York Central RR."
1795
-ADDITIONAL
CUMBERLAND COUNTY (P. 0. Carlisle), Pa.
-The $150,000 3%% refunding bonds awarded on
INFORMATION.
Aug. 23 to the Guaranty Company of New York at 100.66, a basis of
about 3.44%-V. 137. p. 1613-are in denoms. of $1,000 and carry the
legal approving opinion of Townsend, Elliott & Munson of Philadelphia.
Dated Sept. 1 1933 and due $10,000 annually on Sept. 1 from 1938 to 1952.
incl. A list of the bids submitted for the issue follows:
Rate Bid.
Int. Rate.
Bidder100.66
3%%
Guaranty Company of New York (purchaser)___
100.63
Graham Parsons & Co
335%
3;4%
Farmers Trust Co.. Carlisle
° 60
1181..03
3("7
Halsey, Stuart & Co
101.34
3 h%
W. H. Newbold's Son & Co
21
01:
10080
3
Fisher, Hand & Co
f,
Leach Bros
100.66
Sons
.
E. H Rollins & So
100.60
3ft%
E. Lowber Stokes & Co
100.56
31%
Yarnall & Co
4%
101.44
Moncure, Biddle & Co
-$4.660,000 BONDS
CUYAHOGA COUNTY (P.O. Cleveland), Ohio.
AND SCRIP AUTHORI7ED.-County officials announced on Aug. 26
that there was practically no money in the treasury to meet obligations
totaling in excess of $4.500.000 due in the next six months, and that this
condition would necessitate the issuance of $3,760,000 refunding bonds
and 5900.000 in scrip, according to report. The State Tax Commission
authorized the scrip on Aug.25, which will be used to meet current operating
expenses, including payrolls and other municipal expenses. The scrip
will be issued in anticipation of the collection of delinquent taxes.
-PROPOSED BOND ISSUANCE.
DALLAS, Dallas County, Tex.
At a meeting to be held on Sept. 13 it is said that the City Council will
the issuance of $904,000 in 4V,% bonds
vote on an ordinance authorizing
to fund warrants outstanding. They are to mature from 1936 to 1955.
-The 3700,000
DANE COUNTY (P. 0. Madison), Wis.-BOND SALE.
issue of corporate purpose bonds offered for sale on Aug. 29-V. 137. P. 1613
-was awarded at public auction to a syndicate composed of the Guaranty
Co. of New York, the First Wlsoncsin Co. of Milwaukee, and Blyth & Co.
of New York, as 4s, at a price of 99.614, a basis of about 4.14%. Dated
Sept. 11933. Due $140.000 from Sept. 1 1934 to 1938 incl.
BONDS OFFERED FOR INVESI'MENT.-The above bonds were reoffered by the successful bidders for public subscription at prices to yield
from 2.50% to 4.00%, according to maturity. It is stated that the int.
is exempt from all present Federal income taxes and Wisconsin personal
property taxes.
DELAWARE RIVER JOINT COMMISSION (P.O. Camden), N. J.
STATE OF PENNSYLVANIA HAMPERS PROPOSED BOND SALE.
The proposal of the State of New Jersey to accept 313.000,000 Joint Commission bonds as payment for its investment in the construction of the Delaware River Bridge, and to resell the obligations at less than par, with the
p:oceeds to be loaned to municipalities in the State and "thus facilitate the
Pennsylvania State
ojotvheichools his Preen:
e
y
plan
tary
s ncinl
ioubeecgoonprusged213.y
officials,
to be abandoned and the voters in the State asked to permit of the diversion of $13,000,000 bonds of the $100,000.000 issue voted in 1930 in order
to provide the necessary aid to local municipalities, the Governor said.
Due to the inability of these units to meet the salaries of school teachers and
to pay other incidental expenses, there is a strong possibility of many of the
scholia being unable to open in the fall, it is said.
(The Delaware River Joint Commission was created through concurrent
action of the Legislatures of the States of New Jersey and Pennsylvania
for the purpose of operating the Delaware River Brdige, connecting Philadelphia. Pa. and Camden, N. J., and to further promote travel between
both States. The Commission was empowered to sell sufficient bonds in
order to reimburse the States of Pennsylvania and New Jersey and the City
of Philadelphia for their respective outlays in financing the construction of
the Delaware River Bridge. The initial effort of the Commission in September 1932 to sell $332,000,000 bonds to a banking group was unsuccessful,
as a result of the conditional nature of the bid submitted. Discussion since
that time has hinged upon the possible sale of the bonds to the Reconstruction Finance Corporation or the acceptance of them by the two States and
the City of Philadelphia in proportion to their investments in the structure.
-V. 137, p. 722.)
-The
-BOND SALE.
DELAWARE COUNTY (P. 0. Delhi), N. Y.
Aug.
$300,000 bridge, highway and permanent imp. bonds offered on& Co. 29
of
-were awarded as 4.10s to Bacon. Stevenson
-V. 137. p. 1613
New York at a price of 100.10, a basis of about 4.09%. Dated April 1
to 1963 incl.
1933 and due $10,000 on Aptil 1 from 1934
-TAXES HELD PRIOR CLAIM.
DETROIT, Wayne County. Mich.
-The State Public
ON REVENUES OF DEFAULTED PROPERTIES.
constitute a
Debt Commission on Aug. 23 ruled that taxes due the City operation of
on the revenues which may be obtained through
prior claim
properties by committees representing the holders of defaulted bond issues.
This decision, according to the Detroit "Free Press" of the following day.
will bring the City between 520.000,000 and $25,000,000 within the next
few years. thereby easing the pressure upon the municipal treasury. The
Debt Commission has authority to approve or reject plans prepared by
bondholders' committees for the management of properties which are
security for bond issues of close to $300,000,000. according to Chairman
Andrew J. Belanger. The "Free Press" further commented on the decision
as follows:
"Mr. Belanger explained the ruling following a hearing on a bondholders'
plan for management of property that secured an issue of $1,000,000 sold
by the Title & Trust Co., of Detroit. Approximately $4400,000 of these
bonds are in default.
"James H. Lee. Assistant Corporation Counsel, protested that the
scheme prepared by the Title & Trust Co. would mean that bondholders
would receive interest payments before the tax debt to the City had been
wiped out.
"The plan proposed, like most others submitted to the Commission,
creates a sinking fund in which all revenue from the homes and apartments
would to deposited. This fund would be managed by a committee of bondholders. The plan also includes reduction of interest rates from 6 to 3%
until 1935 and extends maturity of the bonds another 10 years.
"Sol A. Dann, representing minority bondholders, also objected to the
scheme on the grounds that the property would be jeopardized unless the
State compels payment of taxes with the first revenue received. The majority bondholders were represented by James I. McClintock, Detroit
"
attorney.
-The City Council has
ADDITIONAL $10,000,000 SCRIP APPROVED.
informally approved a plan for a new issue of approximately $10.000.000
in scrip which, like the original issue of $18.000,000. would be in the form
of 5% tax anticipation notes. Proceeds of the issue would be used to meet
municipal payrolls and other obligations falling due from Sept. 15 to Jan.
1 1934. The plan must be approved by the State Public Debt Conuniss:on.
-It is stated that
DODGE, Dodge County, Neb.-BOND ELECTION.
an election will be held on Sept. 8 in order to vote on the proposed issuance
of $12,000 water works impt. bonds. It is said the village will ask the
•
State public works advisory board to approve a $4,500 grant.
DONA ANA COUNTY (P. 0. Las Cruces), N. Mex.-CORRECTION.
-it is stated by the County Treasurer that court house bonds totaling
$105.000. will not be voted at an election to be held on Sept. 19. as erroneously reported in V. 137. p. 1445.
DOUGLAS COUNTY (P. 0. Superior), Wis.-BONDS AUTHORIZED -At a meeting held on Aug. 24 the County Board of Supervisors
adopted a resolution to issue $15,000 in bonds for highway paving purposes.
-We
-CERTIFICATES SOLD.
DULUTH, St. Louis County, Minn.
are now informed that the 3307,500 5% tax anticipation certificates bid
-have since been
-V. 137, p. 1273
for at par recently by local banks
awarded to them. Due on Dec. 31 1933.
-REFUNDING BOND
DUNKIRK. Chautauqua County, N. Y.
as Chapter 795,
ISSUE AUTHORI7ED.-Governor Lehman hes signedto refund 348,000
1933. the McGInnies bill authorizing the City
Laws of
bonds.
-BOND APPLICATION.-Ar a
DURHAMurham County, N. C.
,
21 the City Council is reported to have authori ed the
meeting on Aug.A
Local Government Commission for approval
City Clerk to apply to the
of an additional $100,000 bond issue for a proposed sewage disposal plant.
1796
Financial Chronicle
DUQUESNE, Allegheny County, Pa.
-PROPOSED BOND ISSUE.
-The City Council has authorized the issuance of $10,000 current expense
bonds, $5,000 of which will be sold immediately.
EAST LIVERPOOL, Columbiana County, Ohio.
-BOND ELECTION.
-At the general election on Nov.7 the voters will consider a proposal
calling for the issuance of $1,251,891.23 bonds to finance the construction
of a municipal electric light system and one providing for the renewal of
the existing 1-mill unemployment relief levy.
ERIE COUNTY (P. 0. Buffalo), N. Y.
-BONDS FORMALLY
OFFERED.
-The $1,180.000 4 X % emergency relief bonds. due $118.000
annually from 1934 to 1943, incl., awarded on Aug. 25 to Halsey, Stuart
&
Inc. of New York and associates at 100.13, a basis of about 4A8%
-V. 137, P. 1613-were formally offered for public investment on Aug. 28
Co.,
at prices to yield 3.50% for the 1934 maturity; 1935. 3.75%: 1936, 4%:
1937, 4.10% and 4.20% for the maturities from 1938 to 1943. incl. The
securities, according to the bankers, are leral investment for savings banks
and trust funds in New York State and general obligations of' the entire
county, payable from unlimited ad valorem taxes to be levied against all
taxable property therein.
ERIE, Erie County, Pa.
-PROPOSED BOND ISSUE
.The City plans
to offer for sale soon an issue of $500,000 not to exceed 5 X% interest
bonds, of which $190,000 will be applied to the redemption of outstanding
scrip. $123,000 to the payment of defaulted bonds, with the balance held
as a reserve for operating expenses during the remainder of 1933. Finance
Director Mehaffey stated that the sale may be delayed for a period of
30 days. in the belief that taxpayers may seek to enjoin the issuance of the
bonds and to arrange for the proper legal requirements.
FAIRMONT, Martin County, Minn.
-It is
-BOND ELECTION.
stated that a special election will be held on Sept. 12 in order to vote on
the proposed issuance of $45.000 in sewer bonds. They will be offered
to the Federal Government, according to the City Clerk.
FAIRVIEW TOWNSHIP SCHOOL DISTRICT (P. 0. Mountain
Top) Luzerne County, Pa.
-BOND SALE.
-K. J. Hair, District
Secretary, reports that the issue of $10,500 5% school bonds offered on
Aug. 25 was purchased by Granville J. Clark, .Attorney-at
-Law, WilkesBarre, at par plus a premium of $100, equal to 100.95. a basis of about
4.81%. Dated Sept. 11933. One bond for $500, others for $1,000. Due
Sept. 1 as follows: $500 in 1934 and $1,000from 1935 to 1944. incl. Interest
Is payable in M.& S.
I FINDLAY, Hancock County, Ohio.
-The $60,000
-BOND SALE.
refunding bonds offered on Aug. 31-V. 137. p. 1613
-were awarded as
58 to the Ohio Bank & Savings Co. of Findlay. at par plus a premium of
3157.50, equal to 100.262, a basis of about 4.93%. Dated Sept. 1 1933 and
due $3,000 on April and Oct. 1 from 1935 to 1944 incl.
P FLATHEAD COUNTY (P.O. Kalispell), Mont.
-BOND SALE.
-The
$166,324.55 issue of funding bonds offered for sale on Aug. 28-V. 137.
p. 1089
-was jointly purchased by the First National Bank of St. Paul.
and the First National Bank & Trust Co. of Minneapolis, as 68, paying a
premium of $499, equal to 100.30. No other bids were received, according
to the County Clerk.
FLORIDA.
-STATE BOARD BUYS COUNTY BONDS.
-The State
Board of Administration on Aug. 23 approved the purchase of the following
bonds with funds deposited with the Board by the counties, according to
the Jacksonville "Times
-Union" of Aug. 24:
Highlands County. $3,000 in District 4 bonds at 40: $8.000 District 5 at.
43; $3,000 District 6 at 34; county-wide bonds of the 1926 issue as follows:
$5,000 at 53; $5,000 at 533; $7.000 maturing in 1936 at 67 and $5,000 at
5n. County-wide issue of 1923 as follows: $5,000 maturing in 1947 at
55, and $1.000 matu.ing in 1935 at 70.
Hardee County, District 1. $1.500 maturing in 1937 at 40; District 2
$2,000 maturing in 1931 at 28; and $24,000 of 6% county highway issue
at 33.
Jefferson County. $8.000 road and bridge bonds at 91 and interest.
Orange County, $10,000 maturing Sept. 15 1934, at 96X and interest:
$5,000 maturing in 1935 at 923(; 36.000 fives maturing in 1936 at 90 and
interest, and $5,000 sixes maturing in 1936 at 91 and interest.
Nassau County. $18.000 road and bridge at par and interest. Lafayette
County, $6.000 road and bridge fives at 85 and interest.
FOSTORIA, Seneca County, Ohio.
-BONDS NOT SOLD.
-The
issue of 320,900 5% judgment payment bonds offered on Aug. 29-V.
137, p. 1445
-was not sold, as no bids were obtained. Dated Aug. 15 1933
and due serially on Oct. 15 from 1934 to 1938 incl.
FULTON, Oswego County, N. Y.
-REFUNDING BONDS AUTHORIZED.
-Under the provisions of Chapter 821 of the Laws of 1933, the
City is empowered to refund existing bond indebtedness and to issue new
bonds against a deficiency in general revenues caused by delinquent taxes.
GARFIELD HEIGHTS CITY SCHOOL DISTRICT, Ohio.
-TO
PAY DEFAULTED INTEREST.
-Henri L. Mock, Clerk-Treasurer of
the Board of Education, under date of Aug. 24 advised as follows: "The
holders of Garfield Heights City School District's interest coupons maturing
In March, April and May 1 1933 are requested to mail same to our depository, the Central United National Bank, for payment."
GEAUGA COUNTY (P. 0. Chardon), Ohio.
-BONDS NOT SOLD.
Ethel L. Thrasher. Clerk of the Board of Commissioners, reports that
no bids were obtained at the offering on Aug. 28 of $90,000 5% refunding
bonds, dated Sept. 1 1933 and due $5,000 semi-annually from 1935 to 1943
incl.-V. 137. P. 1274. An effort will be made to dispose of the issue at
private sale.
GLASTONBURY, Hartford County, Conn.
-BONDS AUTHORI7
ED.-At a special meeting held on Aug. 21-V. 137, p. 1614-the
posal to issue $40.000 4X% funding bonds was voted. Due $5.000pronually. A sinking fund containing taxes which were due and payableanon
April 1 1933 will be established in order to provide for retirement of the
debt.
GLEN PARK, N. Y.
-BOND OFFERING.
-John L. Sargent, Village
Clerk, will receive sealed bids until 7 p.m. (Eastern standard time) on
Sept. 6 for the purchase of $12,000 not to exceed 6% interest coupon or
registered fire department bonds. Dated Sept. 1 1933. Denom. $1,000.
Due $1,000 on Sept. 1 frosa 1934 to 1945, incl. Bidder to name a single
interest rate for all of the bonds, expressed in a multiple of X or 1-10th of
1%. Principal and interest (M.& S.) are payable in lawful money of the
United States at the Watertown National Bank, Watertown. A certified
check for $250, payable to the order of the village, must accompany each
proposal. The approving opinion of Clay, Dillon & Vandewater of New
York will be furnished the successful bidder.
GLOUCESTER TOWNSHIP (P. 0. Gloucester), Camden County,
N. J.
-TO REFINANCE DEFAULTED BONDS.
-'The Township Committee adopted a resolution on Aug. 16 providing for the refinancing of
$32,000 bonds on which default occurred on June 1 1932 and 1933. The
bonds are part of an original issue of $140,000 which was sold for sidewalk
construction purposes.
GOSHEN SCHOOL CITY,Elkhart County,Ind.
-BONDS AUTHOR./FED.The State Board of Tax Commissioners has approved of an issue
of $10,000 6% school bonds.
GRAFTON SCHOOL DISTRICT (P. 0. Grafton), Walsh County,
N. Dak.-BOND ELECTION CONTEMPLATED.
-It is reported that an
election will be held in the near future to have the voters pass on the proposed issuance of $250,000 in school bonds.
GRANITE FALLS, Yellow Medicine County, Minn.
-BONDS
VOTED.
-At an election held on Aug. 22. the voters are reported to have
approved the issuance of $58,500 in bonds, divided as follows: $50,000
sewage collection system, and 38.500 bridge bonds.
GRANT COUNTY (P. 0. Bloomfield), Ind.
-BONDS APPROVED.
Issuance of $50,000 6% refunding bonds has been approved by the State
Board of Tax Commissioners.
GREENSBORO, Guilford County, N. C.
-REFINANCING PROGRAM PROGRESSING.
-A report from Greensboro to the "Wall Street
Journal" of Aug. 28 states that with more than half the bonds and notes
Involved in the city's refinancing program, on deposit.for exchange, city
officials are hopeful that within the next few weeks the reamainder of the
bonds and notes will be presented for exchange . About $3,000,000 bonds,
mostly representing small holders, are on deposit, while $2,000,000 shortterm notes are ready to be deposited, it is said.
Sept. 2
1933
GUERNSEY COUNTY (P. 0. Cambridge), °Mo.-BOND SALE.
The $14,000 poor relief bonds offered on Aug. 22-V. 137, p. 1275
-were
awarded as 53(s to the Banc Ohio Securities Co. of Columbus, at par
plus a premium of $49. equal to 100.35, a basis of about 5.135. Dated
July 1 1933 and due on March 1 as follows: 32,500, 1934; $2,600, 1935;
32,800, 1936; 33,000. 1937, and $3,100 in 1938.
HAMPDEN COUNTY (P. 0. Springfield), Mass.
-TEMPORARY
LOAN.
-The $200.000 tai anticipation loan offered on Aug. 30-V. 137.
p. 1614-was awarded to the Springfield National Bank at 0.73% discount
oasis. Dated Aug. 31 1933 and due on Nov. 8 1933. Bids submitted
at the sale were as follows:
Bidder
Discount Basis.
Springfield National Bank (purchaser)
0.73
Shawmut National Bank
0.84
Whiting, Weeks & Knowles
0.93
F. S. Moseley & Co
1.41
Second National Bank
1.45
Brown Bros. Harriman & Co
1.97
HANCOCK, Stevens County, Minn.
-BONDS VOTED.
-At the election held on Aug. 22-V. 137. p. 1275
-the voters are reported to have
approved the issuance of $40,000 in electric light plant bonds.
HANCOCK COUNTY (P. 0. Ellsworth), Me.
-BONDS AUTHORI7
ED.-The Board of County Conunissloners has authorized the issuance of
$80,000 bonds, to mature $5,000 annually from 1944 to 1953. incl.
HARRISON (P. 0. Harrison), Westchester County, N. Y.
-BOND
OFFERING.
-Benjamin I. Taylor, Town Supervisor, will receive sealed
bids until 10 a. m. (daylight saving time) on Sept. 7 for the purchase of
3133,000 not to exceed 6% int. coupon or registered street impt. bonds.
Dated Aug. 1 1933. Denom. $1,000. Due Aug. 1 as follows: $10,000
from 1935 to 1946 incl. and $13,000 in 1947. Bidder to name a single int.
rate for all of the bonds, expressed in a multiple of X or 1-10th of 1%.
Prin. and int. (F. & A.) are payable in lawful money of the United States
at the First National Bank, Harrison. A certified check for $1,000, payable
to the order of the above-mentioned official, must accompany each proposal.
The approving opinion of Clay, Dillon & Vandewater of New York will
be furnished the successful bidder. The Town announced last week that
bids will be received until Sept. 12 for the purchase of $305,000 bonds.
-V. 137. p. 1614.
Financial Statement
-Aug. 1 1933.
Assessed valuation of town 1933 tax roll
$60.637,510.00
General obligations of the entire town:
Town house bonds
$94,000.00
Memorial building bonds
35,000.00
Highway bonds
1,650.000.00
1,779,000.00
Assessment bonds:
Street impt. bonds (Chap. 549, Laws of 1926, assessed
against property fronting on various streets)
1,308,673.78
Sidewalk assessment bonds
38,000.00
Park district bonds
235,000.00
Bonds issued in connection with the building and equipping of the fire house, water district No.2
48,000.00
Sewer assessment bonds:
Sewer district No. 1
$917,000.00
Sewer district No. 2
269,000.00
Sewer district No. 3
20.000.00
County sewer lines
48,000.00
1,254,000.00
Total of all bonds, not including water bonds
$4,662,673.78
Bonds Issued to obtain a water supply, Water District No.
ed
1, where there is installed a complete water system, with
pump,reservoirs and100 i10 of pipe lines, which plant
es
3000 0 0es
, m
i
edvalu re6
aert% ir: $3
$77,000.00
Bonds issued to obtain and distribute water in Water District No. 2 where there are 40 miles of distributing water
lines, with hydrants. &c., and a one-third interest in a
water system consisting of reservoirs, purification plant
and 120
overnd 12.0ma
30
4
which system is valued at
724,000.00
lines'
Total bonds issued for water
Total of all bonds:
Other than water bonds
Water bonds
$801,000.00
$4,662,673.78
801,000.00
$5,463,673.78
School District Debt.
-There are five school districts in the Town of
Harrison. Districts 2 and 7 are entirely within the bounds of the Town of
Harrison; District 1 is practically all within the bounds of the Town of
Rye; part of District 6 is in the Village and Town of Rye and part of District 5 is in the Towns of Harrison and North Castle. The total bonded
debt of the school districts is $1,234,500.00. as of Jan. I 1933, of which
$53,500.00 will be retired during the current year.
In the 1933 town budgets which became a lien April 1 1933, there was
Included the sum of $338,949.73, the amount of assessments due for county
and town sewers, street improvements and sidewalk assessments.
Between Sept. 1 and Dec. 31 1933, bonds In the aggregate sum of $64.000.00 will fall due and be paid out of the 1933 budget.
Taxes.
-The fiscal year of the town is the calendar year. General town
taxes (which include State, county and town and district taxes and assessments) become due on April 1 of each year and are payable without penalty
during the month. On Sept. 1 the school taxes become due. The following
May,tax liens for all unpaid taxes are advertised and sold. Those which are
not purchased by individual buyers are taken by the town. These liens may
be foreclosed on the failure of the owner to pay any subsequent tax or
assessment 90 days after becoming a lien; after default in any interest
payment due December and June, or after the expiration of a period of
three years, upon which foreclosure title is given the purchaser free of all
mortgage and other liens.
Through its legal department the town has instituted several foreclosure
proceedings during the past two years to enforce the collection of delinquent
taxes. In addition to this, the receiver of taxes is using every means at his
disposal to insure the maximum collection of taxes, collecting these in
monthly installments. As a result of this policy, tax collections for June
1933 were $886,172.04 as compared with 377,913.92 during June 1932 and
$85,500.00 in July 1933, compared to $7,000.00 in July 1932.
Below is set forth the tax levy in each of the years 1929. 1930. 1931.
1932 and 1933, with the percentage and amount of taxes uncollected upon
each of these levies, to wit:
Uncollected as Per Centum
Year.
01$J321,7811:3,10953651:90
6 3. Uncollected
'5
3
2.90
$941 533.00
119.92309
1,181,034.00
3.22
1,318,288.00
97,767.05
7.41
x 11993321
1,475.678.00
13.104
193.365.38
x All school, state, county, town and district taxes and assessments
are included.
HARRISON, Hamilton County, °Mo.-BOND OFFERINO.-P. S.
Means. Village Clerk. will receive sealed bids until 12 M. on Sept. 15 for
the nurchase of 54.000 4 X % drainage bonds. Dated Aug. 10 1033. Denom
$500. Due 3500 annually on lug. 21 from 1939 to 1946 Incl. interest is
payable annually on Aug. 21. Bids for the bonds to bear Interest at a rate
other than 4 X %, expressed in a multiple of X of 1%. will also be considered. A certified check for $40 must accompany each proposal. (Previous mention of this Issue was made in V. 137. p. 1446.)
HAYBROOK SCHOOL DISTRICT NO. 5$ (P. 0, Mora), Kanabec
County, Minn.
-BONDS VOTED.
-it is said that at a recent election
the voters approved the issuance of $12,000 in bonds to care for all outstanding debts. Including warrants.
HEMPSTEAD SCHOOL DISTRICT No. 1 (P. 0. Hempstead),
Nassau County, N. Y.-$20.000 LOAN AUTHORIZED.-Oovernor
Lehman has signed as Chapter 822,Laws of 1933. the Lynde bill empowering
the Board of Education to borrow up to $20,000 to provide for Its expenses
in the school year from Sept. 1933 to June 1934.
HENRY HUDSON PARKWAY AUTHORITY, N. Y.
-BILL PROPOSES CREATION OF THIS UNIT.
-A bill was Introduced at the recent
special session of the State Legislature providing for the creation of the
1
Volume 137
Financial Chronicle
1797
on Nov. 11 1933. Payable either at the City Treasurer's office or at one
above unit, with a supervisory board of three members, and authorizing
of the authorized depositories in the City. The notice of sale states that the
the issuance of up to $8,000,000 bonds for any corporate purpose of the
notes shall be payable only out of the taxes actually levied and now in
Authority. The bonds would bear interest at not to exceed 5% and
process of collection. under Section 21 of an Act of the General Assembly
mature within 40 years. The bill provides that any resolution authorizing
as
of 1917.
the sale of bonds by the board may contain the following provisions
•
-BONDS AUTHORpart of the contract with the purchaser of the bonds:
JOLIET SCHOOL DISTRICT, Wit County, Ill.
(a) Pledging the tolls and revenues of the project to secure the pay-The Board of Education adopted a resolution on Aug. 21 authorIZED.
ment of the bonds;
izing the sale of $216,000 bonds for the purpose of providing for the pay(b) The rates of the tolls to be charged, and the amounts to be raised
ment of the salaries of school teachers and other employees. Bonds will
in, each year by tolls, and the use and disposition of the tolls and other
be in denoras. of $1,000 and mature on July 1 as follows: $50,000 from
revenues;
1948 to 1951 incl. and $16,000 in 1952. Previous mention of a scheduled
(c) The setting aside of reserves or sinking funds, and the regulation
bond issue was made in V. 137, IL 1275.
and disposition thereof;
KALAMAZOO SCHOOL DISTRICT, Kalamazoo County, Mich.
(d) Limitations on the right of the Authority to restrict and regulate
-II. W. Anderson, Secretary of the Board of EducaBOND OFFERING.
the use of the project;
tion, will receive sealed bids until 7:30 p. m. (eastern standard time) on
(e) Limitations on the purpose to which the proceeds of sale of any
Sept. 5 for the purchase of $76,000 5% refunding bonds, divided as follows.
Issue of bonds then or thereafter to be issued may be applied;
$50,000 series No. 31R2 bonds. Denom. $1,000. Due $5,000 on Sept. 15
(f) Limitations on the issuance of additional bonds;
from 1936 to 1945 incl.
(g) The procedure, if any by which the terms of any contract with
26,000 series No. 28R bonds. Denom. $1,000. Due Nov. 1 as follows:
bondholders may be amended or abrogated, the amount of bonds the
$6.000 in 1939 and 1940 and $7,000 in 1941 and 1942.
holders of which must consent thereto, and the manner in which such
Principal and semi-annual interest are payable at the First National Bank
consent may be given.
be furnished, printed and delivered
- & Trust Co. Kalamazoo. Bonds will certified check for 2% of the bonds
HIGHLAND PARK SCHOOL DISTRICT, Wayne County, Mich.
at the successful bidder's expense. A
-The Board of Education
REFUNDING OFFER TO BONDHOLDERS.
payable to the order of the Treasurer of the Board of Education,
bid for
proposes to pay $317,000 of outstanding bonds. dated March 15 1918 and
must accompany each proposal.
which matured on March 15 1933. on the basis of 25% in cash, with interest
-BOND SALE.
LANCASTER (P. 0. Lancaster),Erie County, N. Y.
thereon from March 15 1933 and 75% in refunding bonds, according to a
-The $21,538.70 registered tax refund bonds offered on Aug. 25-V. 137.
communication sent to owners of the bonds under date of Aug. 19.ofThe
the
to the Manufacturers &
-were awarded as 6s, at a price of 100.05,
proposal has already been agreed to by the holders of a large part
P. 1446
Traders Trust Co. of Buffalo, the only bidder.
bonds and is officially approved by the Michigan Public Debt Commission,
the letter states. The refunding arrangement is made necessary due to
-BONDS AUTHORIZED.
LANCASTER, Fairfield County, Ohio.
the non-payment of taxes and the inability to market refunding bonds.
The City Council has adopted an ordinance providing for the sale of
the
Each year at least $24,500 will be levied in taxes in order to servicepur$3,084.27 5% special assessment portion street impt. bonds. Dated Oct. 1
through
$237,750 of refunding bonds, it is said. They will be retired $10,000) are
1933. One bond for $384.27, others for $300. Due Oct. 1 as follows: $384.27
chase by tenders or called for redemption, as funds (at least
In 1934 and $300 from 1935 to 1943 incl. Principal and interest (A. & 0.)
$70,000
available in the sinking fund provided therefor. An issue of block of
are payable at the City Treasurer's office.
bonds due Aug. 1 1933 is being paid in the same pbriod, while a
-R. E.
-BOND OFFERING.
LANSING, Ingham County, Mich.
$325,000 maturing June 1 1934 will have to be refunded in whole or part,
it is stated. Serial bonds outstanding amount to $385.000, due $35,000
Sanderson, City Comptroller, will receive sealed bids until 8 p. m.(Eastern
annually on June 1 from 1934 to 1944 incl. Exclusive of those already
standard time) on Sept.6 for the purchase of 5250,000 4% direct obligation
the
coupon or registered paving bonds. Dated Sept. 1 1933. Denom.$1,000.
listed, the district has no bonds maturing before 1953. Bonded debt ofwas
Due Sept. 1 as follows: $20,000 in 1936 and 1937 and $21,000 from 1938
district on June 30 1933 amounted to $3,492,000, against which there the
of cash and securities totaling $664,996.19. leaving
a sinking fund
to 1947 incl. Prin. and int.(M.& S.) are payable at the City Treasurer's
office. The City will furnish printed bonds and the legal approving opinion
net debt at $2,827,003.81. The letter further states that the refunding
the
of Thomson. Wood & Hoffman of New York. A certified check for $1.000
bonds will be ready for delivery on or soon after Aug. 23 1933 and that the
much accompany each proposal.
Highland Park Trust Co., Highland Park, will assist in completingwith
refunding operation. The letter of transmittal states as follows
LARIMORE SCHOOL'DISTRICT (P. 0. Larimore), Grand Forks
reference to the refunding bonds:
-It is reported that an election
County, N. Dak.-BOND ELECTION.
following specifications:
Said refunding school bonds to be of the
15
was held on Sept. 1 in order to vote on $60,000 in school bonds. With
"(a) To be dated as of March 15 1933; to be due on or before March 15
the aid of funds from the Public Works Administration the School Board
annum; payable semi-annually on Sept.
1943, with interest at 5% Taer
expects to raise $85,000 for a grade and high school building.
and March 15, principal and interest payable at the Manufacturers National
the
-BOND SALE POSTPONED.
Bank of Detroit; principal and interest to be paid in lawful money of
LE CENTER, Le Sueur County, Minn.
United States of America.
-We are informed that the sale of the $6,000 issue of 434% selnl-ann•
bonds of like
-has been post(b)
' To be part of a series of $237.750 of refunding school of refunding
water tank bonds scheduled for Sept. 5-V. 137, p. 1614
date and tenor, except denominations, issued for the purpose
poned to Sept. 7. Dated Oct. 1 1933. Due $1,000from Oct. 1 1936 to 1941.
the bonds herewith transmitted.
-At the
larger deLEXINGTON, Dawson County, Neb.-BONDS VOTED.
"(c) To be in denominations of $1,000 or $250 each, in the
-the voters are reported to have
election held on Aug. 29-V. 137, p. 1614
nomination so far as possible in effecting exchange. to time as funds are
bonds.
time
approved the issuance of $18,000 in water works
"(d) Bonds of the series to be purchased from
of the P. A.
available in the sinking fund therefor, as provided in Act 13
LINCOLN COUNTY CONSOLIDATED SCHOOL DISTRICT NO.70
callable
-Sealed bids.will be reof Michigan of 1932 (extra session) as amended; said bonds are lot, at
-BOND REFUNDING.
(P. 0. Ivanhoe), Minn.
for redemption at par plus accrued interest, in whole, or in part byof said
ceived until 8 p. m. on Sept. 9 by A. H. Anderson, Clerk of the Board of
Board of Education
any interest due date, at the option of theof bonds shall not be received
Education, for the purchase of a $50,000 issue of refunding bonds. Dated
district; and if sufficient satisfactory tenders
Sept. 1 1933.
13, as amended,
after advertising therefor, as provided in said Act No.
of
LINN COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Albany), Ore. 5
then the said Board of Education shall proceed with the redemption
-Sealed bids will be received until 7 p. m. on Sept.
BOND OFFERING.
such refunding bonds to the extent of the available money in the sinking
bonds, and after determination by lot and
Potwin, District Clerk, for the purchase of a $25.000 issue of
by F. D.
fund for the retirement of such
of Educarefunding bonds. Interest rate is not to exceed 6%. payable A. & 0.
by resolution, of the bonds to be called and redeemed,said Board
and description of
Denom. $500. Dated Oct. 1 1933. Due $2,500 from Oct. 1 1934 to 1943.
tion shall give at least 30 days' notice of the numbers said notice, in the
by publication of
incl. Prin. and int. payable at the fiscal agency of the State in New York,
said bonds so called for redemption
of Teal.
or at the office of the County Treasurer. The approving opinion certified
manner required for the tender of bonds 13y said Act No. 13, as amended:
Winfree, McCulloch & Shuler of Portland, will be furnished. A
and no interest shall accrue upon bonds so called after the date ofredemption
check for 3% of the amount bid, is required.
specified in said resolution and notice;
the
"(e) To pledge full faith, credit and re/sources of the district for of
-BONDS AUTHORIZED.
validity
LOCKPORT, Niagara County, N. Y.
payment of principal and Interest, with the usual recitals as toexceed any
A bill authorizing the city to issue $208.275.44 bonds, to be repaid from
.sue and that the total indebtedness of the district does not of Miller.
moneys received from the assessment of a certain sewer district improveor statutory limitation. Certified copy of opinion
constitutional
-has been
-V. 137. p. 1446
ment known as "Lincoln Avenue Drain"
Canfield, Paddock & Stone, attorneys of Detroit, Mich., approving the
signed by Governor Lehman as Chapter 798 of the Laws of 1933.
legality of the issuance of said refunding bonds is to accompany the refunding
ANGELES COUNTY ACQUISITION AND IMPROVEMENT
Said bonds,cash payment and legal opinion are
LOS
bonds received in payment.
-BONDS NOT SOLD.
DISTRICT NO. 194 (P. 0. Los Angeles) Calif.
to be transmitted to the undersigned promptly upon closing of the trans7
5
It is stated that the $10,925.81 issue of not to exceed 7 semi-ann. imaction."
success on Aug. 29 1932-V. 135.
provement bonds offered for sale without
-HEARING
HILLSBOROUGH COUNTY (P. 0. Tampa), Fla.
p. 1688-still remain unsold. Duefrom Aug.5 1934 to 1947 incl.
-It is stated that an amended
SCHEDULED ON BOND VALIDATION.
0.
LOS ANGELES COUNTY FLOOD CONTROL DISTRICT (P.the
petition of this county for validation of $1,951,000 refunding bonds has
-It is stated that of
the hearing will be held before Judge
-BONDS NOT SOLD.
Los Angeles), Calif.
been filed in the Circuit Court. and
$3,000,000 issue of 5% semi-ann,flood control bonds offered on Aug. 28Park on Sept. 11. It is said that the changes in the petition provided that
-the only bid received was on offer submitted by the Disif part of the original bonds to be refunded were found to be invalid, the
V. 137. p. 1614
trict Bond Co. of Los Angeles, of a $50 premium for $535,000 1 bonds.
rest should not be affected.
$450.000 on July 1 1934 and $85,000 on July 1 1935. a Los Anmaturing
HOLLAND, COLDEN AND WALES CENTRAL SCHOOL DISTRICT
In connection with the above report we quote as follows from
-BONDS NOT SOLD.
NO. 1 (P. 0. Holland),Erie County, N. Y.
geles dispatch to the "Wall Street Journal" of Aug. 31:
No bids were obtained at the offering on Aug. 28 of 3187,000 5% coupon
"In the absence of other bids. Bank of America and the Security-First
-V. 137. 13• 1275. Dated July 1 1932 and
or registered school bonds,
National Bank of Los Angeles have submitted an offer to buy $3,000,000
announcement
due serially on July I from 1934 to 1971 incl.
Los Angeles flood control district bonds, according to a joint National, and
by George M. Wallace, Vice-President of Security First
HUNTINGTON PARK, Los Angeles County, C-alif.-BONDS DEDr. A. H. Gianni/U. Chairman of Bank of America's general executive
-the pro-At the election held on Aug. 22-V. 137, p. 1275
FEATED.
committee.
posal to issue $95,000 in city hall bonds is said to have failed to receive the
"John R. Quinn, chairman of the board of county supervisors, indicated
required majority.
the offer probably would be acted on favorably. "The board of supervi-The $400,000 issue
)-NOTE SALE.
State of (P. 0. Boise .
IDAHO.
sors," he said, "received legal bids for only a small block of these bonds.
of general fund treasury notes offered for sale on Aug. 29-V. 137, P.
and important projects would suffer in event the bonds were not sold."
-was purchased jointly by the Spokane & Eastern Trust Co. and
1614
-TAX REPORT LISTS
LOUISIANA. State of (P. 0. Baton Rouge).
Murphy, Favre & Co., both of Spokane. as 5s, paying a premium of
-A dispatch from Baton
NEARLY $3,000.000 IN DEFAULT ON BONDS.
$105, equal to 100.026, a basis of about 4.95%. Dated Sept. 1 1933.
Rouge to the New Orleans "Times-Picayune" of Aug. 22 reports in part
July 15 1934.
Due on
as follows on a bonded debt statement released the previous day by the
IDAHO FALLS SCHOOL DISTRICT (P. 0. Idaho Falls), BonneLouisiana Tax Reform Commission:
-It is stated that a $70,000 issue of
-NOTE SALE.
ville County, Ida.
"With nearly $3,000,000 interest and principal on bonds of Louisiana
6% tax anticipation notes has been purchased by local banks.
subdivisions listed as in default either on January 1 or on July 1 of this year,
the Louisiana Tax Reform Commission, in its second partial report reState of (P. 0. Springfield).
-2% SALES TAX NETS
ILLINOIS,
leased to-day, recommends that some of the local bond issues be taken over
-The following report on the revenue derived from the new
$1 866,876.
by the State and that legislation be enacted imposing further limitations
• I.
2,sales tax, since it went into effect on July 1, is taken from the Chicago
on the issuance of local securities in the future.
"News" of Aug. 26:
"The report lists the total indebtedness of the State and its subdivisions
"The 2% retailers' occupational tax, since going into effect July 1,
New
at $307,980,203.20, not including any of the municipalities other than man,
the State $1.8b6,876 up to an including Aug. 24, it was anhas brought
Orleans. The total indebtedness totals approximately $150 for each
nounced to-day by Joseph J. Rice, State Director of Finance.
woman and child in the State. The report says $136.116,460 ofthe debt is
"This collection was made from 81,116 merchants who had made returns
in State bonds, including those issues for the board of commissioners of the
Others of the approximately 100,000 retailers in the
up to that date.
Orleans
Port of New Orleans. $59.664,000 of the debt is of the parish of parishes
State to s,hom the law applies are technically delinquent and subject to
and the City cf New Orleans, $S7,161,674.46 is of the various
Their returns for the month of July should have been
prosecution.
is of levee districts.
and subdivisions of parishes and $25.038,068.56
mod by Aug. 15.
"Sales tax revenue is being used for unemployed relief during the first
48 Parishes Included.
"The defaults listed as of January 1 include 57 bond issues in 20 parishes,
six months of the two years the tax is to be in effect."
the amounts of the defaults totaling $956,774.79. The defaults listed
SALE.
-The $160.-BOND
INDIANAPOLIS, Marion County, Ind.
as of July 1 included only defaults occurring January 1 and not cleared
bonds of 1933
840.07 coupon municipal judgment funding Ls to the Indianaoffered on
by July and involved 259 bond issues in 47 parishes, the amounts of the
Trust
Aug. 30-V. 137. P. 1614-were awarded as 3Indianapolis, jointly, at Co.
defaults totaling $1,971,225.20. Defaults on the two dates involved 48
of
par
and the Merchants National Bank, both a basis of about
parishes and totaled $2,927.999.99.
3.49%. Dated
plus a premium of $11, equal to 100.006,
follows: $32,840.07 in 1939 and $32.000
Changes Suggested.
Aug. 30 1933 and due on ;July 1 as
"Changes suggested by the Commission are as follows:
19.0 to 1943 incl. Bids obtained at the sale were as follows:
from
over"1. An amendment to the Constitution of the State to prevent the which
1121. Rate. Prem.
Bidderlapping of districts and subdistricte to double the amount of taxes
3 %
411
India'a Trust Co. and Merchants National Bank
could normally be voted.
Harris Trust & Savings Bank
"2. Legislation requiring that information concerning indebtedness of
43
bPar
Union Tr. st Co. and Fletcher Trust Co
the various subdivisions and as to the special and local taxes be kept up
$965
44%
Halsey. Stuart & Co
to date at all times in order that the public may safeguard itself against
a Successful bidder. b Plus printed bonds,
excessive burdens.
-LOAN OFFERING.-Evans
"3. Creation of a Louisiana special tax board out of present State officials
INDIANAPOLIS, Marion County, Ind.
to pass on proposed increases in taxes and requiring a vote of two-thirds
Woollen Jr., City Controller, will receive sealed bids until 11 a. m. on
to pass any special tax not approved by the board with a simple majority
for the purchase of $50.000 not to exceed 6% int. "sanitary mainteSept. 12
being sufficient with approval of the board.
nance and general expense fund" notes. Dated Sept. 12 1933 and due
1798
Financial Chronicle
"4. An amendment to the Constitution limiting the bonded indebtedness
for all purposes to 25% of the valuation of the real and immovable property
valuation.
"5. Enactment oflegislation for the State to take over outstanding road
district bonds totaling $44,603,350, thereby shifting the burden of retirement to the State and relieve the parishes."
LOUISVILLE, Cass County, Neb.-BOND ELECTION.
-An election
Is said to be scheduled for Sept. 5 in order to vote on the proposed issuance
of $6,300 in not to exceed 5%% village bonds. Due in 20 years, optional
after five years.
LUCAS COUNTY (P. 0. Toledo), Ohlo.-LOCAL INDEBTEDNESS
REDUCED BY 84.658.576.
-Public indebtedness in the county was reduced to the extent of $4,658,576 in 1932, the figure at the start of 1933
having been $56.246,692, as compared with $60.905,268 at the close of
1931, according to figures recently made public by State Auditor J. T.
Tracy.
MADISON, Dane County, Wis.-BONDS AUTHORIZED-At a
meeting held on Aug. 25 the City Council is said to have authorized the
issuance of $180.000 in bonds for improvements in the water system and
8116.000 in bonds to finance sewer work.
MALDEN, Middlesex County, Mass.
-BOND SALE.
-Arthur Perry
& Co. of Boston recently purchased an issue of $75,500 43(% street and
sidewalk construction bonds, dated June 1 1933 and due serially on June 1
from 1934 to 1943 incl.
MAMARONECK (P. 0. Mamaroneck), Westchester County, N.Y.FINANCIAL STATEMENT-In connection with the award on Aug. 22
of 3508.000 6% coupon or registered bonds at a price of par to George B.
Gibbons d: Co., Inc. of New York, the only bidder
-V. 137, p. 1615
the following has been issued:
Financial Statement (as of Aug. 1 1933).
Valuations
Actual valuation (estimated 1933)
3100.000,000
Assessed valuation, real estate and special franchise
83,115,068
Debt
Gross bonded debt outstanding
34,667.500
Issues to be sold Aug. 22 1933
508,000
Total gross bonded debt
The above bonded debt is apportioned as follows:
Sewer district bonds
Water district bonds
Park district bonds
Sidewalk district bonds
Fire district bonds
Highway, road drain and street improvement bonds
General town bonds
5.175,500
$2,363,000
723,000
402,000
35,000
3.000
1,539,500
110,000
$5,175,500
Funds provided in current budget to redeem bonds due in
balance of calendar year 1933
$35,000
Floating indebtedness outstanding,after deductions by the issuance of these bonds (all tax anticipation purpose)
123,000
Tax Collection Data.
Total Tax Levy
Approximate
(Slate, County, Town,
Uncollected
Percentage
YearDistrict & School).
• Aug. 11933.
Uncollected.
1930
$1,419,463.01
$21.679.00
1.50%
1931
1,531,487.59
37.325.00
2.40%
1932
1,669,143.58
126,079.89
7.55%
1933
*795,541.00
293,574.00
37.00%
* State, county, town and district levy only-school taxes due Sept. 1.
Population.
-1920 Federal Census, 7.801; 1925 State Census, 13,124;
1930 Federal Census, 19,040.
MANCHESTER, Hartford County, Conn.
-BOND OFFERING.
G. H. Waddell, Town Treasurer, will receive sealed bids until 2 p. m.
(eastern standard time) on Sept. 6 for the purchase of $650.000 4%%
coupon Water Loan Act of 1933 bonds. Bids will be received at the banking
rooms of the Manchester Trust Co., Manchester. The bonds bear date of
Sept. 1 1933. Denom. $1,000. Due Sept. 1 as follows: $17,000 from 1935
to 1972 incl. and $4,000 in 1973. Principal and interest (M. & S.) are
payable at the First National Bank of Boston. The bonds will be engraved
under the supervision of and authenticated as to genuineness by the aforementioned bank. Legal opinion of Ropes, Gray, Boyden & Perkins of
Boston will be furnished the successful bidder. The issue was voted at a
special town meeting on Aug. 23 as part payment for the South Manchester
Water Co. and the South Manchester Sanitary and Sewer District. The
vote also confirmed the action of the meeting last month-V. 137, p. 903
that favored the purchase of the water and sewer properties for $1,150,000,
including $500.000 of obligations outstanding against the water company
which the town will assume. If a better bid is not received, Cheney Bros.,
owners of the utilities, will take the bonds at 4%% interest, at par,it is said.
Financial Statement (Aug. 24 1933).
Assessed valuation ($28.000.000 represent homes)
$52,470,853
Total bonded debt including this .sue)
2,582,000
Tax anticipation notes outstanding
150,000
Indebtedness of school and fire districts
228,050
Population (1930) U. S. census
21,973
These bonds are direct and general obligations of the entire Town of
Manchester, Conn. All bonds are in serial form and provision for maturing
bonds is taken care of in each current budget.
MARION, Marion County, Ohio.
-BONDS NOT SOLD.
-J. L.
Landes, City Auditor, reports that no bids were obtained at the offering on
Aug. 25 of $66,137.05 6% coupon refunding bonds, dated Sept. 1 1933 and
mature serially on Oct. 1 from 1935 to 1943 incl.
to
MARION CITY SCHOOL DISTRICT, Marion County, Ohio.
BONDS NOT SOLD-The issue of $34,500 6% refunding bonds offered on
Aug. 30-V. 137, p. 1615
-was not sold, as no bids were obtained. Dated
Sept. 1 1933 and due on March and Sept. 1 from 1935 to 1946 incl.
MAUCH CHUNK TOWNSHIP SCHOOL DISTRICT (P.O. Nesque.
honing),Carbon County,Pa.
-BOND OFFERING.
-George T. Morgan,
Secretary of the board of directors, will receive sealed bids until 3 p. m.
(Eastern standard time) on Sept. 19 for the purchase of $106.000 4, 4 li
4% or 4%% coupon or registered funding bonds. Dated Sept. 1 1933.
Denoms. 31,000 and $500. Due serially on Sept. 1 from 1934 to 1953 incl.
Interest is payable in M. dr S. All bids must be unconditional and the
successful bidder will be required to pay accrued interest from Sept. 1 1933
to the date of payment and delivery of the bonds. Application for approval
of the issue has been made to the Pennsylvania Department of Internal
Affairs. Payment of the purchase price and accrued interest to be made at
the First National Bank, Nesquehoning. A certified check for $6,000.
payable to the order of the District, must accompany each proposal. The
notice of sale states as follows:"The assessed valuation of real estate taxable
for school purposes in Mauch Chunk Townshop School District is $3,808.898
in addition to which a per capita tax of$5 is being levied against and collected
from each adult resident therein. 73% of such assessed real estate is
owned by the Lehigh Navigation Coal Co., a subsidiary of the Lehigh Coal
& Navigation Co. For the school year 1930-31 over 997 of the taxes
0
levied for school purposes has been collected, for the 1931-32 school year
99% thereof has been collected, and for the 1932-33 school year 94%%
thereof has been collected. The present total bond indebtedness of the
School District is 863,000."
MEDFORD, Jackson County, Ore.
-BOND OFFERING.
-Sealed
bids will be received until 7.30 p. m. on Sept. 19 by the City Recorder,
for the purchase of a $311.000 issue of 6% semi-annual refunding bonds.
Denom. $1,000. Dated Jan. 1 1934. Due on Jan. 1 as follows: $13,000
In 1939; $14,000, 1940; $15,000, 1941; 316,000. 1942; 317.000, 1943;
$18,000. 1944; 819.000. 1945; 820.000. 1946; $21,000, 1947; 823.000,
1948; $24,000, 1949; $26,000. 1950; $27,000. 1951: 328.000, 1952. and
330.000 in 1953. A certified check for 2% of the par value of the bonds
is required.
MILFORD, New Haven County, Conn.
-BOND OFFERING.
David A. Clarke, Town Treasurer, will receive sealed bids until 9 a. in.
(standard time) on Sept. 11 for the purchase of $90.000 4%% coupon
bonds, to preside for the payment of notes maturing on Sept. 15 and
Sept. 20 1933. The bonds will be dated Sept. 15 1933. Denom, 31,000.
Due $10,000 on Sept. 15from 1934 to 1942 incl. Prin. and int.(M.& S. 15)
are payable at the Milford Trust Co., Milford. Information pertaining
Sept. 2
1933
to the validity of the issue will be furnished by Omar W. Platt, Town
Counsel. No good faith deposit is required.
MINNEAPOLIS, Hennepin County, Minn.
-BOND SALE.
-The
$100.000 issue of coupon permanent 'rapt. bonds offered for sale on Aug. 25
-V. 137, p. 1447
-was purchased by a group composed of Phelps, Fenn &
Co.of New York, the Wells-Dickey Co. of Minneapolis, and
Co. of Milwaukee. as 4s, at a price of 100.32, a basis ofthe Milwaukee
about 3.96%.
Dated Sept. 1 1933. Due $5,000 from Sept. 1 1934 to 1953 incl. The other
bids received were as follows:
Names of Other BiddersPrice Bid.
Harris Trust dr Savings Bank,4% premium
$315.00
The City Co. of New York,4% premium
90.00
Salomon Bros. & Hutzler, 4%% premium
750.00
Net Indebtedness.
-The maximum "net indebtednesa" for Minneapolis
as defined by Minnesota laws is 10% of the assessed valuation of taxable
property. (See statement below as to such assessed valuation and statement on the opposite page as to net indebtedness of the city.)
Tax Receipts.
-Minneapolis received in 1932 from tax collections of ad
valorem levies 90.56% of the amount levied and payable in 1932. Corresponding figures for 1931 and 1930 are 97.96% and 97.64% respectively.
Tax Delinquency.
-Tax delinquency for levies and assessment for city
Purposes for the past three years were as follows:
Year 1930. Year 1931, Year 1932.
Ad valorem levies on real estate and
personal property
5.09%
5.967
11.60
Local assessments on real estate
13.86%
15.26
23.04
Combined delinquency
6.13%
7.03%
13.04%
Default in Payment.
-The city has never defaulted or delayed payment of
principal or interest on its bonds.
Sinking Fund Investments.-The bonds held in the sinking fund are 3%,
4,4%,434, 5,5% and 6% and are carried at their face value.
The city of Minneapolis was incorporated Feb. 6 1867.
Assessed Valuation.
1931.
1932.
Real property
$285,323,569.00 8275,891,095.00
Personal property
45.530.071.00
42,364.309.00
Money and credits
124.261,979.00 167,552,309.00
Total
8455,115,619.00 $485,807,713.00
Real property
Personal property
Money and credits
Full and True Valuation.
$714,554,825.00 $689.721,540.00
134.356,352.00 123,518,644.00
124,261,979.00 167,552,309.00
Total
8973,173,156.00 $980,792,493.00
Population-National census, 1910
301,408
Population-National census, 1920
380,582
Population-National census, 1930
464,753
Population-Census Bureau estimate as of July 1 1932
481.700
MINNESOTA.
-NET BONDED DEBT OF LOCAL UNITS REDUCED
IN FIVE YEARS.
-The net bonded debt of Minnesota school districts,
townships, villages, cities and counties has been reduced
last five years, according to compilations made by the $25,460,334 in the
school of business
administration at the University of Minnesota. The Minneapolis "Journal"
of Aug. 21 reported as follows:
"Notwithstanding depression. drouth and crop failure in numerous farm
sections. Minnesota in the five years ended with 1932 has, with the exception of the State itself, reduced its net bonded debt in school districts,
townships, counties, cities and villages $25,460,334, according to a statement issued to-day by the school of business administration, University
of Minnesota.
"The various units have paid up debts in the five years as follows:
Counties, $9,946,050; cities and villages, $13,427,483; townships. $1,212.653;_ school districts, $874.146.
"In the same period the indebtedness of the State as a unit increased
$23,897,691, the increase being due to greater demand on the State Treasury
for road and rural credit department financing.
"The net county, school district, township, city and village indebtedness
on Dec. 31 1932, had been cut from $248,722,680 in 1927 to $223,262,346 in
1932. The per capita debt in these units at the end of 1932 WM 387.21. The
otal net debt of these units averaged 13.65% of their assessed valuation.
"The whittling down of debt in these units the last five years has
accomplished in spite of heavy tax delinquency, which for the State been
as a
whole averaged 15.79% on Jan. 11933. Farm counties are the big sufferers
In tax delinquency, indicating the financial distress of the communities.
Following is the percentage of tax delinquency on Jan. 1 1933 in the counties
named: Aitkin,64.407 Beltrami 61.13%;Carlton. 30.957; Cass,60.38
0;
.
Clearwater. 47.95%; Cook, 31.08%; Hubbard, 45.407 ; Itasca, 30.14
Kanabec, 34.90%; Kittaon, 35.45%; Koochiching, 54k; Lake,
35,74%
Lake of the Woods, 78.81%; Mahnomen, 55.84%;
Pennington, 47.95%; Pine, 36.49%; Roseau, 55.39%." Marshall, 48.44%
MINNESOTA, State of (P. 0. St. Paul).
-BONDS OFFERED FOR
SALE.
-It is announced by Julius A. Schmahl, State Treasurer, that the
State Investment Board will offer for sale at 10 a. m. on Sept. 6. bonds of
various municiplailles of the State held by the State Trust Fund
aggregating
$2.942.000.
MINOT, Ward County. N. Dak.-BOND ELECTION.
that an election will be held on Sept. 22, in order to have-It is reported
on the proposed issuance of$1,090,000 in bonds, divided as the voters pass
follows: $950.000
of electric plant, and $140.000 city hall bonds.
MISSISSIPPI LEVEE DISTRICT NO.1(P.O.Greenville), Washington County, Miss.
-BOND RETIREMENT SUIT UP FOR REHEARING
-It is stated that when the Mississippi Supreme Court Is convened in
September, the suit against the State, involving 31.782.127 In taxes collected for the retirement of bonds issued by the above district in 1871,
will come up again. This case is said to have been argued six times in the
State Supreme Court and three times in the United States Supreme Court.
MITCHELL, Davison County, S. Dak.-BOND ELECTION.
-We
are informed by Thomas Eastcott, City Auditor, that a special election has
been called for Sept. 5 in order to vote on a proposed $300,000 bond issue
for public improvements, including a sewage disposal plant, sanitary
sewer mains, water works improvements and extensions, storm sewer extensions and city hall repairs.
MONROE COUNTY (P. 0. Rochester), N. Y.
-MUST CONTINUE
TO FINANCE UNPAID TOWN TAXES.
-The county failed in its
attempt to have the towns located therein "finance themselves over the
next few years on unpaid improvement taxes," when the recent special
session of the State Legislature refused to pass the
providing for
such procedure. The situation was brought about measure
as a result of the decision handed down on Jan. 10 by the Now York Court of Appeals in the
case of the Town of Amherst vs. Erie County. This ruling was to the effect
that counties in the State are liable for the unpaid taxes of towns contained
therein and must make up any deficiency resulting from the non-collection
of such taxes-V. 136, p. 520 and 1231. In asking the Legislature for
relief from this decision, officials of Monroe County pointed out that
already more than 31.000.000 has been advanced to four towns and indicated that unless their request was granted it would be necessary to double
the county tax in order to finance the additional outlays.
MONTANA, State of (P. 0. Helena).
-BOND DETAILS.
-We are
now informed by the State Treasurer that the $250.000 block of coupon
semi-annual State Highway Treasury anticipation bonds sold out of the
total issue of $1,
500.000 bonds offered on Aug. 22-V. 137, p. 1615
-was
purchased by
193 .
3
on h N u 19 7rye
31 1 14
of Chicago, as 5s at par. Dated Aug. 1
DatedCo.
Due JohnDec.
b
MONTANA, State of (P. 0. Helena).-/NVESTMENT OF PERMANENTSCHOOL FUNDS.
-We are informed by our Western correspondent
that under an order issued by the State Land Board the permanent school
funds of the State, amounting to between $500,000 and $750,000, may be
invested in bonds issued by school districts of the State to take up outstanding warrants.
MORA, Kanabec County, Minn.
-BONDS VOTED-At an election
held on Aug. 29 the voters are reported to have approved the issuance of
$40,000 in jail and heating plant bonds.
MORGAN TOWNSHIP (P. 0. Otway R. D. No. 1), Scioto County,
Ohio.
-BONDS NOT SOLD.
-David McJunkin, Clerk of the Board of
Trustees, reports that no bids were obtained at the offering on Aug. 26 of
Volume 137
vinancial Chronicle
3900 6% township hall construction bonds, dated Aug.26 1933 and due 3100
annually on Sept. 1 from 1934 to 1942 incl.-V. 137. p. 1277.
MORRIS INDEPENDENT SCHOOL DISTRICT (P. 0. Morris),
Stevens County, Minn.
-At the election held on Aug.
-BONDS VOTED.
28-V. 137, p. 1615
-the voters approved the proposal calling for the
issuance 0(155,000 in 44% grade school and high school bonds.
MOUNT PLEASANT (P. 0. North Tarrytown), Westchester
County, N. Y.
-BOND SALE.
-The 361,500 coupon or registered bonds
offered on Aug. 29-V.137. p. 1616-were awarded as 5;)is to A. C. Allyn
& Co. of New York at a price of 100.37, a basis of about 5.67%. The sale
consisted of:
$31.500 highway impt. bonds. Due Sept. 1 as follows: 31,500 in 1934
and $2,000 from 1935 to 1949 incl.
30,000 emergency relief bonds. Due $6,000 on Sept. 1 from 1934 to
1938 incl.
Each issue is dated Sept. 1 1933.
NEW YORK (City of).
-APPROPRIATES 32.500.000 FOR POOR
RELIEF.
-The Board of Estimate by unanimous vote on Aug. 25 appropriated $2,500,000 for unemployment relief during the month of August.
This is in addition to the $2,000,000 to be received from the State,,it is said.
NEW YORK (City of).
-BAN KS FAIL TO ACT ON REQUEST FOR
-Members of the Clearing House
ADDITIONAL LOAN OF 372,000.000.
Association and other local institutions which heretofore have loaned the
city millions of dollars in order to prevent default on its outstanding obligations and to provide for the general functions of the municipal government
declined to take any action on the city's latest request for an additional
loan of 372,000,000. Deputy City Comptroller Frank J. Prial had applied
for 334,500,000 to cover September requirements, 328.500,000 for October
and $4,500,000 each for November and December. Following a series of
meetings, the last of which was held on Aug. 31, the committee appointed
by the banking group to consider the city's request adjourned without taking any action in the matter. The group now holds approximately $250.000,000 of the city's short-term obligations, of which $236,146,000 mature
on Dec. 111933. The banks have been repeatedly called upon in the past
to extend the due date of maturing issues because of the city's inability to
provide for their payment. The $236,146,000 of loans previously referred
to originally came due in June of this year but were extended until this coming December. The total includes various types of securities which have
been outstanding for over a year.
-V. 136, p. 4128. In addition to being
unable to retire this temporary indebtedness, the city finds it impossible to
market any further bond issues. Quotations on existing loans are considerably below par and, in addition, there is virtually no demand for the
obligations even at the depreciated prices.
(Further details regarding this latest phase of the city's financial difficulties appear on page 1793 of this section.)
NFW YORK, State a (P. 0. A•bany).-GRANT BY FEDERAL
-Press dispatches from
EMERGENCY RELIEF ADMINISTRATION.
Washington on Aug. 24 reported that a relief grant of $3,000,000 had been
made to this State on that day by the Federal Administrator, br nging the
total received by New York from this fund to 315.439.894.
NILES CITY SCHOOL DISTRICT, Trumbull County, Ohio.
BONDS NOT SOLD.
-Anna D. Masteller, District Clerk, reports that no
bids were obtained at the offering on Aug. 25 of $22,000 6% refunding
bonds, dated July 1 1933 and due $2,000 annually on Oct. 1 from 1934 to
1944 incl.-V. 137. p. 1092.
-The $50.000
NORFOLK, Madison County, Neb.-130ND SALE.
issue of annual aeraticn and filtration system bonds offered for sale on
Aug.28-V. 137, p. 1616
-was awarded to the Kirkpatrick, Pettis, Loomis
Co. of Omaha, as 4s, paying a premium of $313, equal to 100.626, a basis
of about 3.92%. Dated Sept. 1 1933. Due in 10 years, optional before
maturity.
NORTH CHARLEROI SCHOOL DISTRICT (P. 0. Charleroi),
-Sealed bids addressed
-BOND OFFERING.
Washington County, Pa.
to. S. W. Sharpneck, District Secretary, will be received until 7 p.m. on
Sept. 12 for the purchase of 310.000 43‘ or 5% school bonds. Dated Oct. 1
1933. Denom. $1,000. Due Oct. 1 1943. Interest is payable in A. & 0.
A certified check for $250, payable to the order of the District Treasurer,
must accompany each proposal. The approving opinion of Burgwin,
Scully & Burgwin of Pittsburgh will be furnished the successful bidder.
Sale of the bonds Is subject to appi oval of the Pennsylvania Department of
Internal Affairs.
-BOND
McFeely,
OAK PARK,Cook County, 111.
President of the Board of Trustees, will receive sealed bids until 8 p. m. on
Sept. 20 for the purchase of $400,000 5% coupon working cash fund bonds.
Dated Aug. 1 1933. Denom. $1,000. Due Aug. 1 as follows: $15,000 from
1936 to 1944
$25.000 from 1945 to 1949 incl. and 335,000 from 1950
to 1953 incl. Bonds are subject to registration as to principal. Bonds and
(F. & A.) are payable in lawful money of the United States at such
interest
bank or banks in Chicago as the Board of Trustees and the successful
bidder may agree upon. A certified check for $5,000 must accompany
each proposal. The approving opinion of Chapman & Cutler of Chicago
will be furnished the successful bidder.
(Previous mention of this issue was made in V. 137. p. 1277.)
-GRANT BY FEDOKLAHOMA, State of (P. 0. Oklahoma City).
-The following anERAL EMERGENCY RELIEF ADMINISTRATION.
nouncement of a relief grant to this State was made public by the Federal
Administrator on Aug. 23;
"Harry L. Hopkins, Federal Emergency Relief Administtator, to-day
announced an additional grant of $202,818 to Oklahoma for unemployment relief.
"This allotment is a reimbursement on the matching basis of one Federal
dollar for three of public expenditure within the State from all sources for
unemployment relief during June of this year. On the first quarter basis,
Oklahoma has previously received $810,082, and on the second quarter
3612,514, making $1.625,414 the total received to date.
"Total grants to 48 States, 4 Territories and the District of Columbia
by the Federal Emergency Relief Administrator now aggregate $140.438,552."
-NOTES APOKLAHOMA, State of (P. 0. Oklahoma City).
-State Treasury notes approved by J. Berry King, Attorney
PROVED.
General, are said to include $5,400,000 of series A to retire outstanding
-payable warrants drawing 6% of the 1930-31 fiscal year and 32,992,000
non
of series B to retire outstanding non-payable 6% warrants of the 1931-32
fiscal year. Other warrants outstanding for the year will be funded as
amounts needed are figured, with the notes issued as of June 15. It is
reported that the Treasury notes are now undergoing a protest period of
in exchange
40 days before they can be issuedgeneral fund for the non-payable wardeficit.
rants, which represent the State's
-BONDS PUBLICLY
ONONDAGA COUNTY (P.O. Syracuse), N. Y.
-Formal re-offering was made on Aug. 28 of the 3800,000 3 %
OFFERED.
and
relief bonds awarded to the N. W. Harris Co. Inc basis the First of Boston
of about 3.49%'
Corp.. both of New York, jointly, at 100.059, a
V. 137, p. 1616. The issue was placed on the market at prices to yield
for the 1934 maturity: 1935. 2%; 1936. 3%; 1937, 3.15%; 1938,
1.50%
3.35%; 1939. 3.45% and 3.50% for the maturities from 1940 to 1943 incl.
investment for savings
The secur ties, according to the bankers, are legal Postal Savings deposits.
banks in New York State and eligible as security for
that
They are being offered subject to the opinion of counselfrom they will be
taxes
direct general obligations of the entire county, payable a list of levied
the bids
therein. The following is
against all the taxable property
submitted at the sale:
Int. Rate.
Rate Bid.
BidderN. W. Harris Co. and First of Boston Corp. (pur- 334%
100.059
chasers)
George B. Gibbons it Co.- Roosevelt & Son, and 3.70%
100.04
& Co.:jointly
Bacon, Stevenson
First Nat. Bank of N. Y., and Salomon Bros. &
100.29
Hutzler, jointly
3
100.16
0
35
Chase Nat. Bank,and Bankers Trust Co.,jointly_ _ _
Halsey, Stuart & Co.; Bancamorica-Blair Corp. and
%
100.14
Parsons & Co., jointly
Graham,
Chemical Bank & Trust Co., and Kean, Taylor & 3.80%
100.02
Co., jointly
Lehman Bros.; Manufacturers & Traders Trust Co., 3.90%
100.15
and R. W.Pressprich & Co.,jointly Co. of New
Guaranty Co. of New York and City
100.83
4.25%
York, jointly
1799
Tax Collection Report.
cent
.
i I 93
nce'leicted3.
Amount
Collected.
.
P
Levied.
Year
99
$2.429,484.90
192
98
:94
44 1 3
323 3 3185
2,570,193.12
1930
94 o
168,729.48
2,731,679.27
1931
464,213.82
1,668.962.18
1932
-We- are
-BOND OFFERING.
OREGON, State of (P. 0. Salem).
informed by Jerrold Owen, Executive Secretary of the World War Veterans'
State Aid Commission, that he will receive sealed bids until 11 a. m. on
Sept. 12. for the purchase of a 3200,000 issue of 43 7O coupon Veterans'
State Aid gold, series No. 9 bonds. Denom. $1,000. Dated Nov. 1 1932.
Due 3100.000 on Oct. 1 1939 and April 1 1940. Prin. and int. (A. & 0.)
payable at the State Treasurer's office or at the fiscal agency of the State,
in New York. Accrued interest from April 1 1933, to date of delivery will
be added to the amount of successful bid and full purchase price to be paid
upon delivery of bonds at Portland. Bonds will be furnished complete
-C
by the Commission. Bonds are issued under authority of Article XI of
the State Constitution, as amended, and Chapter 1 of Title LXVI. Oregon
Code, 1930. Opinion by Storey, Thorndike, Palmer & Dodge of Boston.
will be furnished the successful bidder. Constitutionality of amendment
and validity of issue approved by the State Supreme Court. The Commission reserves the right to sell any portion or portions of said bonds as
herein before stated, withholding the balance of the same in any portion or
Portions for future sale. A certified check for 23i% of the par value of the
bonds, payable to the Commission, is required with bid.
-The $100.000
-BOND SALE.
OSWEGO, Oswego County, N. Y.
coupon or registered emergency relief bonds offered on Aug. 30-V. 137,
-were awarded as 4.205 to Phelps, Fenn & Co. of New York at a
13• 1616
price of 100.221, a basis of about 4.15%. Dated Sept. 1 1933 and due $10.000 on Sept. 1 1934 to 1943 incl. Bids obtained at the sale were as follows:
premium.
lid. Rate.,
Bidder/ $221.00
4.20% •
Phelps, Fenn & Co. (purchaser)
139.00
'
4.20% •
Manufacturers & Traders Trust Co
133.00
Halsey,Stuart & Co
100.00
George B. Gibbons & Co
398.50
44...40
4 2255 o
Rutter & Co
276.00
4.40%
First & Second National Bank, Oswego
50.00
4.40%
Bacon, Stevenson & Co
-BONDS AUTHOROTSEGO COUNTY (P. 0. Cooperstown), N. Y.
-Issuance of $205,000 not to exceed 6% interest refunding highway
IZED.
bonds, due in 10 years, is provided for in a bill recently signed by Governor
Lehman as Chapter 800, Laws of 1933.
OTTUMWA INDEPENDENT SCHOOL DISTRICT(P.O. Ottumwa),
-An $11.000 issue of refunding
Wapello County, lowa.-BOND SALE.
bonds is reported to have been purchased recently at par by the Carleton D.
Beh Co. of Des Moines.
-The sale
-BOND SALE.
PAGE COUNTY (P. 0. Clarinda) Iowa.
of an issue of funding bonds by this county was reported as follows in the
Omaha "Bee" of Aug. 26:
"Funding bonds to cover $7,000 Page County outstanding poor warrants
have been sold to the White, Phillips Co. of Davenport, reducing the
Interest rate from 5% on the warrants to 4M % on the bonds.
"The bonds mature in equal portions in 1936. 1937 and 1938. The investment firm agreed to replacement of 317,000 of Page County's borded
Indebtedness, which is drawing 5 and 6% interest, with an equal amount
at a flat rate of 4)4%. This will effect a large reduction in the interest on
the county's growing debt, $10,000 of which has been awing 6% rate."
-FEDERAL LOAN APPROVE/J.
PAHOKEE,Palm Beach County, Fla.
-A water works loin of $100,000 is reported to have been approved on
by the Public Works Administration.
Aug. 24
-BOND SALE.PERRY COUNTY (P. 0. New Lexington), Ohio.
The $11,130 coupon bridge construction bonds offered on Aug. 26-V. 137.
-were awarded as 5 %s to Ryan, Sutherland & Co. of Toledo at
p. 1278
par plus a premium of $36. equal to 100.32. a basis of about 5.67%. Dated
Sept. 1 1933 and due as follows: $2,130 April and $1,000 Oct. 1 1935 and $1,000 April and Oct. 1 from 1936 to 1939 incl. Bids submitted for the issue
were as follows:
Int. Rate. Premium.
Bidder$36.00
5%%
Ryan, Sutherland & Co. (purchaser)
7.00
6%
Seasongood & Mayer
14.45
6%
BancOhio Securities Co
12.00
5%%
Peoples National Bank
.PETERSBURG, Nelson County, N. Dak.-BOND ELECTION
A special election is reported to be set for Sept. 30, in order to vote on the
proposed issuance of 512,000 in not to exceed 6% village hall construction
bonds. Due in 20 years.
-REJECTS BIDS FOR SCHOOL BONDS.
PHILADELPHIA, Pa.
The Sinking Fund Commission on Aug. 29 rejected the bids submitted to
it for the purchase of $405,000 4 % city school district bonds, due from
1938 to 1951 incl., which had been advertised for sale. The bonds were
offered because they were a charge against the city's borrowing capacity,
City Controller Wilson said. The offers rejected were as follows:
W.II. Newbold's Son & Co.and the First National Bank of Philadelphia,
95.046 for all or none of the issue.
Janney & Co.and Moncure Biddle & Co., 97.157 for all or any part.
Smith,Graham & Rockwell, $50,000 of City of Philadelphia 3Si% bonds,
maturing July 1 1934, for a like amount of the school district bonds.
Stroud & Co., Inc.,$65,000 of City of Philadelphia 3)4% bonds, maturing
-01
July 1 1934, for a like amount of the school district bonds.
-City t.;ontroller
PLAN TO RESCIND BOND AUTHORIZATION.
Wilson has announced that he will ask the City Council, when it reconvenes
next month,to approve submission of a proposal to the voters at the November 1933 electionfor cancellation of 313,000.000 authorized but unissued
bonds.
-ADDITIONAL -BONDS OF $10,000,000
PHILADELPHIA, Pa.
-Over-the-counter sales at par of $116,000 bonds of the
ISSUE SOLD.
offered at public sale without success on June 2, in310.000,000 5% issue
creased the aggregate amount subscribed for $7,083,800. This figure
Includes $4,000.000 taken by the sinking fund commission. The block
referred to above was subscribed for by investors on Aug. 31.
-LOAN APPLICATION FILED.
PHOENIX, Maricopa County, Ariz.
-It is reported that an application has been filed with the Federal Government for a loan of 320,836.500 to carry out the Parker-Gila Reclamation
project on the Colorado River,
-Issuance
PIQUA, Warn' County, Oh'o.-BONDS AUTHORIZED.
of $32,500 5% sewer construction bonds is provided for in an crdinance
adopted recently by the City Council.
-OBTAINS $300,000 REPITTSFIELD, Berkshire County, Mass.
LIEF LOAN.
-The State Emergency Finance Board on Aug. 24 voted to
make a loan of $300,000 to the city for poor relief purposes. Mayor Patrick
J. Moore had asked for 3400,000. The loan WU made in accordance with
the provisions of a bill passed by the Legislature in July 1933. authorizing
the State to loan up to $30,000.000 to the various towns and cities in order
that they may be able to discharge their poor relief requirements. The
-V. 137, p. 348.
bill also provided for 6% tax on Intangibles.
-TEMPORARY
PLYMOUTH COUNTY (P. 0. Plymouth), Mass.
-The National Bank of Wareham recently purchased a $40,000
LOAN.
revenue anticipation note issue at 0.83% discount basis. Due on Nov. 10
1933. Bids submitted were as follows:
%
Discount Basis.
Bidder.
National Bank or Warenam (purchaser)
0.887
Rockland Trust Co
0
0.98°
Bridgewater Trust Co
.
1.24%
Brockton National Bank
POLK COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1
-Sealed bids will be re-BOND OFFERING.
(P. 0. Crookston), Minn.
ceived until 8 p. m. on Sept. 11 by the Clerk of the Board of Education for
the purchase of a $75,000 issue of 4% coupon high school bonds. Denomination to be determined by the School Board in agreement with purchaser.
Dated Sept. 15 1933. Due serially in equal annual instalments as near as
may be, the first instalment not more than three years and the last instalment not more than 20 years from date. Prin. and int.(M.& S.) payable
at a place to be determined by the School Board. Legality will be approved
1800
Financial Chronicle
by June11. Driscoll, Fletcher, Dorsey & Barker of Minneapolis. Authority:
Sections 1942. 1939 and 1941, Mason's Statutes 1927, and Chapter 131,
Sessions Laws of 1927. No certified check is required.
PONDERA COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Dupuyer),
Mont.
-BOND OFFERING.
-Sealed bids will be
on Sept. 11, by Olga Sabins, District Clerk, for the received until 2 P. m•
purchase of an issue of
$1,900 funding bonds. Interest rate is not to exceed 6V, payable J. & J.
Dated July 1 1933. Amortization bonds will be the first choice of the
School Board and serial bonds will be the second choice. A certified check
for $100 must accompany the bid.
PONDERA COUNTY SCHOOL DISTRICT NO. 10 (p. o. Conrad),
Mont.
-BOND SALE.
-The $5,000 issue of funding oonds offered for sale
on July 17- V. 137, p. 180
-was purchased on Aug. 12
State Board
of Land Commissioners, as 68 at par. Denom. $5.000. by the July 11933.
Dated
Due in 10 years, optional on any interest payment date. Interest payable
PORT HURON, Saint Clair County., Mich.
-PROPOSED BOND
ELECTION.
-The City Commission met on .Aug.25
of asking the voters at the primary election on Oct.to consider the question
30 to pass upon a proposal to issue $500,000 sewage disposal plant construction bonds.
PORT OF NEW YORK AUTHORITY, N. Y.
-OBTAINS $37,500,000
LOAN FOR NEW TUNNEL.
-Harold L. Ickes, Public Works
trator, announced on Aug. 30 that a loan of 837.500,000 would beAdminismade to
the Port Authority to finance the construction of the proposed mid-town
vehicular tunnel. The money will be loaned at an interest rate of 4%
and $10,000,000 of the total will be made available immediately, it is said.
A more detailed account of this action appears on page 1793 of this section.
PORTSMOUTH,Scioto County, Ohio.
-TO REFUND ADDITIONAL
BONDS-William N. Gableman, City Auditor, recently stated that on
the basis of the volume of collection of current general and special assessment taxes, "it will be necessary to refund all general tax bonds maturing
from July 1 to Dec. 1 1933 incl.," in addition to the $132,000 special assessment issue mentioned in V. 137, p. 1616. Referring to the tax situation,
the Auditor said: "The tax collection on real estate, the income from which
is applicable to all requirements of the municipality for the last half of
1933.closed July 31 and while the settlement of same has not been received
and is not anticipated until on or about Sept. 15, we are aware that the
total amount of taxes for the year, including former delinquencies paid,
will not exceed 60% of the current amount charged, while the total of the
assessment collection which is received annually in this settlement is slightly
in excess of the interest requirements only for 1933 on assessment bonds."
POTTAWATOMIE COUNTY (P. 0. Shawnee), Okla.
-BONDS DEFEATED.
-Because it did not obtain the required three-fifths majority,
the proposal to issue $175,000 in court house bonds was defeated at the
election held on Aug. 22-V. 137, p. 905.
Sept. 2 1933
SAN FRANCISCO, San Francisco County, Calif.
-NOTE SALE
CONTEMPLATED.
-It is stated that Leonard S. Leavy,
Comptroller,
has recommended the sale of tax anticipation notes as City
of Sept. 18. (The
preliminary report of such offeiring appeared in V. 137, D•
1617.)
SCHENECTADY, Schenectady County, N. Y.
-TEMPORARY
LOAN.
-The issue of $100.000 current fiscal year tax anticipation certificates of indebtedness offered on Aug.30 was awarded to Salomon Bros.&
Hutzler of New York, the only bidder, at an interest rate of 416%, at par.
The certificates are dated Aug. 31 1933 and payable on Oct. 18
at the
Chase National Bank, New York, or at the City Treasurer's 1933
office. In
requesting bids for the loan, the city announced as follows:
"Such certificates of indebtedness to be legal and binding, general,
direct obligations of the City of Schenectady, payable from and out of
taxes and revenues collected, the opinion of Messrs. Reed, Hoyt di Washburn of New York as to legality, &c. to be furnished the purchaser if
desired, otherwise the opinion of the'
Corporation Counsel of said city.
together with certified copies of the ordinance authorizing the loan and the
resolution approving it. City taxes for the year 1933 are payable in quarterly
instalments without interest or penalty during the 15 days following the
first business day in January, April. July and October, after which 15
-day
Period interest is added at the rate of
of 1% per month, the tax levy for
county purposes being payable with the first instalment of city taxes, making the percentage of the total levy for all purposes $5,306,746.09, payable
in the January instalment 34.87%, and the remaining three instalments
21.71% each; total collections at the close of business Aug. 23 1933, aggregated 6standin
now out . % ophe total levy. There are no tax anticipation obligations
2 44
SEATTLE, King County, Wash.
-BONDS CALLED.
-H. L. Collier.
City Treasurer, is said to be calling for payment from Aug. 24 to Sept. 6.
various local improvement district bonds and coupons.
SENECA SCHOOL DISTRICT NO. 6 (P. 0. Seneca), Thomas
County, Neb.-BONDS VOTED.
-At an election held recently the voters
are reported to have approved the issuance of $5,500 in school building
bonds.
SHELBY, Richland County, Oh io.-BONDS AUTHORIZED.
The City Council recently voted to issue $50,000 5% sewage dispose/
plant repair bonds, to be dated June 1 1933 and mature $2,000 annually on
June 1 from 1935 to 1959 incl. Principal and interest (J. & D.) are payable
at the office of the Director of Finance and Public Record,
SIBLEY COUNTY INDEPENDENT SCHOOL DISTRICT NO. 69
(P.0. Arlington), Minn.
-BOND ELECTION.
-It is said that an election
will be held on Sept. 12 in order to vote on tho proposed issuance of $49,000
In 4i% school bonds.
SIOUX COUNTY (P.O. Orange City),Iowa
-BONDSDEFEATED.
It is stated by the County Auditor that at the election held on Aug.25-V.
-the voters rejected the proposal to issue $1.500.000 in road
137, p. 1450
bonds.
POrTAWATTAMIE COUNTY (P. 0. Council Bluffs), Iowa.
BONDS OFFERED.
-It is reported that sealed bids were received until
SIOUX FALLS, Minnehaha County, S. Dak.-BOND ELECTION.
Sept. 1, by the County Treasurer, for the purchase of a $40,000 issue of
-We are informed that an election will be held on Sept. 26 in order to vote
poor relief refunding bonds.
on the proposed issuance of$1,180,000 in bonds, divided as follows:$600.000
school; $300,000 city hall; $210,000 sewage disposal plant; $35,000 In,
PRAIRIE 'CITY, Grant County, Ore.
-BONDS VOTED.
cinerator and $35,000 park improvement bonds.
-At the
election held on July 21-V. 137, p. 180-the voters are stated to have
-BOND OFFERING.
SOMERSET, Somerset County, Pa.
-Richard
approved the issuance of $10,000 in water supply bonds by a count of
Pile, Borough Secretary, will receive sealed bids until 12 m. (eastern
105 "for" to 52 "against."
standard time) on Sept. 4 for the purchase of $15.000 434% water works
PUNXSUTAWNEY SCHOOL DISTRICT, Jefferson County,Pa.
improvement bonds. Dated Oct. I 1933. Denom. $500. Due 81,500 on
BOND OFFERING.
Oct. 1 from 1934 to 1943, Incl. Interest is payable in A. & 0. Principal
-George C. Brown, District Treasurer, will
sealed bids until 7 p.m. on Sept. 11 for the purchase of $30,000receive
and interest payable at the Borough Treasurer's office. &certified check
%
coupon school bonds. Denom. 31,000. Due in 10 years, optional in
for 2% of the bonds bid for must accompany each proposal.
three years. Interest is payable in F. & A. Principal and interest,
-BOND ELECTION.
SOUTH ST. PAUL, Dakota County, Minn.
-A
said, shall be payable in gold coin of the present standard of weight it is
and
$20,000 issue of trunk sewer bonds will be submitted to the voters for
fineness, or dollar for dollar in any coin or currency which at the time of
approval at an election to be held Sept 12. according to report. Interest
payment is legal tender for public and private debts. A certified check for
rate is not to exceed 6%, payable semi-annually,
2% of the bonds bid for, payable to the order of the District, must accompany each proposal. Proceeds of the issue will housed to pay current bills
SPEERS P. 0. Belle Vernon) Fayette County, Pa.
-BOND OFFER(
and expenses of operation of the schools accrued by reason of the financial
ING.
-James T. Heffran, Borough Secretary, will receive sealed bids until
depression and difficulty of collecting taxes. The notice of sale further
8 p. m. on Sept. 12, for the purchase of 86.5(11) 4% or 5% borough bonds.
states as follows: "Said bonds are 'emergency bonds' issued under authority
Dated Oct. 1 1933. Denom. $500. Due Oct. 1 as follows: $1,000 from
of Act No. 132 of the Statutes of 1933, and are secured by
1940 to 1945. Incl. and $500 in 1946. Interest is payable in A. & 0. IA
$39,772.09 of
uncollected taxes due on real estate which were assessed in 1930, 19.11 and
certified check for $250, payable to the order of the Borough Secretary
1932, all of which when paid into the treasury of the said School District
must accompany each proposal. The approving opinion of Burgwin.
shall be kept separate and apart from all other funds in a fund to be
Scully & Burgwin of Pittsburgh will be furnished the successful bidder.
called
'Emergency Sinking Fund' and shall be applied to the redemption of said
Sale of the bonds is subject to approval of issue by the Pennsylvania
bonds and the payment of interest and taxes thereon and to no others
Department of Internal Affairs.
purpose whatsoever.
TEANECK TOWNSHIP (P. 0. Teaneck), Bergen County, N. J.
Financial Statement.
BOND OFFERING.
-Henry E. Diehl, Township Clerk, will receive sealed
bids until 8 p. m. (daylight saving time) on Sept. 12, for the purchase of
Assessed valuation
$5,112,025
divided as follows:
8280,000 6% coupon or registered bonds,
Bonded debt (including this issue)
76,000
$251.000 improvement bonds. Due June 15 as follows: 89,000 in 1934
QUINCY, Norfolk County, Mass.
-BONDS AUTHORIZED.
$8,000 in 1935 and 1936,• 56,000, 1937 89,000, 1938;$7,000, 1939
-The
City Council on Aug. 21 approved of the issuance of $150,000 bonds to
$6,000, 1940; $15,000 from 1941 to 1943 incl.; 819.000, 1944
provide for unemployment relief expenditures.
$27.000. 1945;$32,000, 1946;$40,000 in 1947 and $35,000 in 1948
29,000 assessment bonds. Due June 15 as follows: $5,000 in 1934;
RAPID CITY, Pennington County, S. Dak.-BOND ELECTION.
83,000, 1935 and 1936; none from 1937 to 1939, and $9,000 in
It is reported that an election will be held on Sept. 5 in order to vote on
1940 and 1941.
the proposed issuance of $596,066 in municipal light plant bonds.
Each issue is dated May 5 1933. Denten. $1,000. Principal and semiannual interest are payable in lawful money of the United States at the West
RENVILLE COUNTY(P.O. Mohall), N. Dak.-BOND ELECTION.Englewood National Bank, West Englewood. The bonds will not be sold
An election will be held on Sept. 22, according to report,in order to have the
at less than a price of 99 and the amounts required at the sale of the respecvoters pass on the proposed issuance of $40,000 in court house bonds.
tive issues are $248,490 and $28.710. A certified check for 2% of the bonds
The estimated cost of the new building is said to be $90.000, the remainder
bid for, payable to the order of the Township, must accompany each proto be obtained through cash now in the War Memorial fund, and through
posal. The approving opinion of Hawkins, Df3latield & Longfellow of New
ajederal Government grant.
York will be furnished the successful bidder.
RICHLAND COUNTY SCHOOL DISTRICT NO. 45 (P. 0. Poplar),
(On April 18 the Township offered $570,000 6% impt, and asst. bonds
Mont.
-BOND SALE.
at which time no bids were obtaIned.-V. 136, P.3021.)
-The $2,573.55 issue of 6% registered funding
bonds offered for sale on Aug. 16-V. 137, p. 1449
-was purchased by the
-BOND SALE CONTEMPLATED.
TEXAS, State of (P. 0. Austin).
State Board of Land Commissioners, at par. Due on Aug. 16 1943.
-It is reported that the State will arrange quickly for the sale of part or
all of the newly authorized $20,000,000 relief bonds, approved by a large
RICHMOND, Henrico County, Va.-BOND DESCRIPTION.
-In
majority at the election on Aug. 26.
connection with the sale of the $300.000 4% public impt. bonds to the
Commissioners of the Sinking Fund, at par
-REFUNDING PLAN OFFERED
TOLEDO, Lucas County, Ohio.
-V- 137, p. 726
.
-we
Informed that the bonds are more fully described as follows: are now
BONDHOLDERS.
-In response to our request for an official statement of
Denom.
$50,000. Dated July 1 1933. Due in 30 years. Prin. and int. payable at
the policy to be pursued by the City with regard to meeting its bond printhe office of the City Comptroller.
cipal and interest requirement.; during the months of Sept., Oct., Nov. and
Dec. 1933,0,C.Tillman, Acting Director of Finance, under date of Aug.30
ROSS COUNTY (P. 0. Chillicothe), Ohio.
-BOND SALE.
forwarded to us a copy of the letter that is being sent to all known holders
-The
$49,600 bonds offered on Aug. 30-V. 137, p. 1449
-were awarded to
of bonds maturing in that period, also a detailed account of the financial
Breed & Harrison, Inc., of Cincinnati as follows:
condition of the municipality as of June 30 1933. According to Mr.Tillman.
$27,000 poor relief bonds were sold as Is, at par plus a premium of 221.60,
holders of all general obligation bonds coming due in the remaining four
equal to 100.08. a basis of about 4.98%. Due Sept. 1 as follows:
months of the present year will be asked to accept 434% refunding bonds
S.3,000 from 1935 to 1939 incl. and $4,000 from 1940 to 1942 Ind.
in exchange for the bonds so maturing. The refunders will mature serially
22,600 poor relief note payment bonds were sold as 4Us, at par plus a
from 1935 to 1944, incl. The refunding plan applies only to maturing
premium of $18.08. equal to 100.08, a basis of about 4.21%.
general obligation securities, as special assessment and water bond maDue March 1 as follows: $4,000, 1934; $4.300, 1935; $4,500, 1936;
turities, as well as interest on all bonds, are to be paid in cash. Referring
$4.800 in 1937 and $5,000 in 1938.
to the necessity of the refunding arrangement. Mr. Tillman points out that
Each issue is dated Sept. 1 1933.
the general business depression, with the resulting bank closings and
course the only alternative
decrease
ST. JOHNSBURY, Caledonia County, Vt.-BOND ELECTION.
- default. in tax collections, made such a the successful consummation to
The Acting Director feels that
of
An election will be held on Sept. 16 at which time the voters will consider
the refunding program will materially assist in solidifying the city's debt
a proposal to issue $90,000 water system installation bonds.
position. The text of Mr. Tillman's letter to bondholders, dated Aug. 14
ST. LOUIS, Mo.-FEDERAL GRANT REQUESTED.
1933, is as follows:
-The city is
said to have requested a grant of $107,810 from the Federal Government to
"Owing to conditions beyond our control, the City of Toledo is unable
help finance the construction of new sewers and repairs to existing sewers
to meet, in cash, its bonds maturing in Sept., Oct., Nov. and Dec. 1933.
In the downtown district of the city. The total cost of the project, as
"This city, being an industrial and railroad centre, has been exceptionally
estimated by the city, will be $456,256, of which the city agrees to pay the
hard hit by the depression, and there has been much unemployment. In
balance out of bond issue funds should the Federal grant be received.
addition, some two hundred millions of dollars in deposits have been tied
up in banks which are now in the process of liquidation. The people,
ST. LOUIS COUNTY (P. 0. Duluth) Minn.
-BOND ELECTION.
- therefore, although perfectly willing to do so, have been unable to meet
It is stated that an election will be held on Sept. 12 in order to have the
their tax obligations, with the result that the tax collection has been far
voters pass on the proposed issuance of $2,000,000 in 4% county trunk
below our requirements for principal and interest.
highway bonds. These bonds may be purchased by the Federal Govern"At the present time we have a total general bonded debt of $25,847,500
ment under the Public Works Act.
representing bonds issued as follows:
SAN ANTONIO, Bazar County, Tex.
During the years 1892 to 1921 incl., term bonds aggregating_ _$4,452,000.00
-PROPOSED FEDERAL LOAN
APPLICATION.
-Mayor Quin is reported to have authorized the City
During the years 1922 to 1927 incl., serial bonds aggregating__ 8,576,500.00
Commission recently to make application for a loan of $1,487.700 from the
During the years 1928 to 1931 incl., serial bonds aggregating- -12,819,000.00
Federal Government for proposed public works projects. In addition to
No bonds were issued last year, and the expense of operating
this, the Mayor already has been authorized to apply for a loan of 82,087,814
all departments for 1932 was reduced $1,925,297.47 below 7.5n9,892.96
for other contemplated projects.
the 1931 cost of
r
Volume 137
Financial Chronicle
"In 1932, the City of Toledo met principal and interest payments on
its bonded Indebtedness aggregating 84,571,593 in spite of the fact that
tax collections for debt service amounted to but $2,990.384. In order to
provide cash to take the place of this delinquency in tax collections last
year, the Bureau of Inspection and Supervision of Public Offices of the
State of Ohio approved an issue of refunding bonds in the amount of $1,214,500, but as these bonds were never sold, the deficiency in tax collections
was made up from sinking fund reserve cash and other city cash in order
that there might be no default in meeting our debt obligations.
"During the first eight months of 1933. our tax collections for debt purposes aggregated $1.219,989. In this same period we paid all principal
and interest maturities amounting to $1,360,962. During the remainder
of the year, the principal and interest coming due amounts to $2.637,254.
"The balance of the tax collection will only be sufficient to meet the
interest requirements for the remaining four months and, as all available
cash has already been utilized, no funds will be available for principal.
For this reason, the Bureau of Inspection and Supervision of Public Offices
of the State of Ohio has authorized the issuance of refunding bonds to
offset the anticipated deficiency in tax collections. These refunding bonds,
as determined by the Bureau, will be dated Sept. 1 1933, bear 4)4% interest,
and mature serially in the years 1935 to 1944. inclusive.
"As our bonds mature during the balance of the year 1933, it is our
Purpose to exchange these maturing bonds with an equal amount of refunding bonds, the city to pay all interest on the maturing bonds when due.
Water bonds will not be refunded. The bonds which you now hold, and
which mature during the last four months of this year, will be exchanged
for refunding bonds of like value, to which the full faith and credit of the
City of Toledo will be pledged. In so far as is possible, your preference as
to the maturities of the refunders issued in exchange will be granted, but
we must reserve the right to use our discretion to the end that all holders
win be treated with absolute fairness.
"There is enclosed herewith a letter of transmittal and authority to
effect this exchange, which letter has been prepared for your convenience,
to be filled out in detail and mailed, together with your bonds, by registered mail to the Toledo Trust Co., Trust Department, Toledo, Ohio. Kindly
send the second copy of this letter designating your maturity preference,
to this department.
"Any water bonds which you own, as well as the last coupon attached
to any bonds to be refunded should be detached and forwarded to our
paying agent, the Chemical Bank & Trust Co., New York City. where
funds will be on hand for payment when due. Coupons should not be
sent to us, nor accompany your bonds sent in for exchange.
"After the exchange has been completed. the Toledo Trust Co. will forward to you at our expense, by insured registered mail, your refunding
bonds.
"Bonds are not to be sent direct to us."
City's Legal Debt Limitation.
Total bonded debt, June 30 1933
$27,953,444.95
Deduct
766,944.95
-Special assessment bonds
1.164,000.00
Water bonds
$1,930.944.95
$26.022.500.00
Bonds issued prior to April 29 1902
$500,000.00
Bonds issued prior to Jan. 1 1922 to meet
450,000.00
deficiencies in revenue
Bonds issued by order of State Dept. of
3,921.000.00
Health prior to Aug. 10 1927
Bonds issued for payment of non-contract161,000.00
ual final judgments
5,032,000.00
Total bonds subject to 5% limitation
Less sinking fund
$20.990,500.00
1,063,138.30
Net amount subject to 5% limitation
5% of assessed valuation. $433,736,523, IS
$19,927,361.70
21.686,826.15
-No bids were
-BONDS NOT SOLD.
TOLEDO, Lucas County, Ohio.
obtained for the 51,301.000 4X % coupon or registered refunding bonds
offered on Aug. 28-V. 137. P. 1279. The total includes separate issues of
$703,000 and $598,000, dated Sept. 1 1933 and due serially on Sept. 1 from
1935 to 1944 incl.
-BOND OFFERING.
-It is
TRAVIS COUNTY (P. 0. Austin), Tex.
reported that sealed bids will be received by the Commissioners Court,
until Sept. 16, for the purchase of a $47,000 issue of 5% semi-ann. funding
bonds. Due from 193-: to 1945.
-LOAN RESOLUTRIBOROUGH BRIDGE AUTHORITY, N. Y.
TIONS ADOPTED.
-At a meeting held on Aug. 25 the Board of Estimate
adopted a series of resolutions which authorized the various steps necessary
before the Bridge Authority could obtain the $35.000,000 Federal loan, and
the $7,200,000 gift for building the bridge-V. 137, P. 1443.
TRUMBULL COUNTY (p. 0. Warren), Ohio.
-BONDS PUBLICLY
OFFERED.
-The $177,500 5).1% State public utility excise tax secured
poor relief bonds awarded on Aug. 21 to the BancOhio Securities Co. of
Columbus and associates at 100.39. a basis of about 5.10%-V. 137.
-are being re-offered for public investment at prices to yield
p. 1618
4% for the 1934 maturity; 4.25% for 1935, and 4.40% for the maturities
from 1936 to 1938 incl. Dated Aug. 1 1933. In connection wite the
offering the bankers state as follows:
"The Board of Commissioners of Trumbull County has adopted and
delivered to the Treasurer of State a resolution appointing him the paying
agent of the county as to this issue of bonds. The effect of this Is that the
State Treasurer is obligated to retain out of the excise taxes allocated to
Trumbull County such amount as in his opinion will be necessary to pay
principal and interest on these bonds, hold same as paying agent of the
county, and pay coupons and bonds as they mature. Appointment of the
Treasurer of State as paying agent cannot be revoked as long as any of
this issue of bonds remains outstanding.
Bonds Payable From State Excise Tax.
"These bonds are payable specifically from the proceeds of a 1% excise
tax levied by the State during the years 1932 to 1937 on the gross intraState receipts of the following utilities: Electric light, gas, natural gas,
water works, telephone, messenger or signal, union depot, heating, cooling,
water transportation and telegraph companies; and also an excise tax in
the amount of .15% of the value of capital stock representing ownership
in Ohio of each sleeping car, freight line and equipment companies. This
excise tax is a first charge against receipts of the companies. This excise
tax is levied against all of the aforementioned utilities in the State,collected
by the State, and redistributed to counties in proportion to (1) population:
(2) total tax duplicate; (3) total valuation of utilities. The State Tax
Commission of Ohio has calculated that the allocation of funds to Trumbull
County from the State-wide levy will be sufficient to pay principal and
interest requirements of these bonds at maturity. The Act authorizing
these bonds and the levy for their payment has been upheld in a decision
by the Supreme Court of Ohio. These bonds, in the opinion of counsel,
are general obligations of the county. payable also from taxes levied against
all the taxable property therein, within the limits imposed by law."
Financial Statement (As Furnished by County Auditor as of July 6 1933).
$186,704,786.00
Assessed valuation (1932)
3,567,787.54
Total bonded debt (Including this issue)
$222,180.62
Sinking fund
3,345.606.62
Net debt
123.063
Population, 1920 Census, 83,920: 1930 Census
The above financial statement does not include the debt of any other
political subdivisions which have the power to levy taxes within this county.
-BOND OFFERING.
TUCKAHOE, Westchester County, N. Y.
John C. McDonnell, Village Clerk, will receive sealed bids until 8 p. m.
(daylight saving time) on Sept. 11 for the purchase of $65,000 not to exceed
6% int. coupon or registered general impt. bonds. Dated Oct. 1 1933.
Denom. $1,000. Due Oct. 1 as follows: $4,000 from 1935 to 1942 incl.
and $3.000 from 1943 to 1953 incl. Bidder to name a single int. rate for
all of the bonds, expressed in a multiple of X or 1-10th of 1%. Prin.
and int. (A. & 0.) are payable at the First National Bank & Trust Co.,
Tuckahoe. A certified check for 51,300, payable to the order of the
Village. must accompany each proposal. The approving opinion of Clay,
Dillon & Vandewater of New York will be furnished the successful bidder.
-FEDERAL GOVERNMENT ALLOTS 515.415,000
UNITED STATES.
-On Aug. 30, a total of
ON FOURTEEN IRRIGATION PROJECTS.
$15,415,000 was alloted to 14 irrigation projects in eight Western States
1801
by the Emergency Administration of Public Works. A news dispatch from
Washington on that date reported as follows on these loans:
"The allocations to irrigation projects would, it was announced, improve
agricultural conditions without increasing farm acreage. They provide
for drainage, replacement of temporary by permanent structures, construction of storage reservoirs and improvement of laterals. An average
of 3.960 men will be employed to carry the program to completion. The
allotments by States are as follows: Arizona, 8120,000: Idaho. 34,500.000;
Montana, $2,765,000; Nevada. $3.500,000; Oregon, $100,000: New MexicoTexas, $500.000; Utah, $3,930,000. The work will be carried forward
under supervision of the Reclamation Service."
VALLEY COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Frazer),
-The $8,000 issue of 6% funding bonds offered
-BOND SALE.
Mont.
-was purchased at par by the State
for sale on Aug. 25-V. 137. p. 1279
Land Board. Denom. $8,000. Dated July 1 1933. Due In 10 years,
optional after five years. Interest payable J. & J.
-The voter
-BONDS VOTED.
WALLOWA, Wallowa County, Ore.
are reported to have recently approved the issuance of $60,000 in water
system bonds.
-BONDS TO BE REFUNDED.
WARREN,Trumbull County, Ohio.
In connection with the proposed sale on Sept. 8 of $186,386.90 5% coupon
refunding bonds, notice and description of which appeared in V. 137.
p. 1618. the following list has been issued showing the bonds that are
to be refunded through the sale of the $94,186.90 issue included in the
offering:
Amount to
Dtae of Issue. Be Refunded.
Title of Bond55,000.00
Apr. 1924
N. Tod, Riverview and McKinley paving__
Locust, Sterling, Pleasant and Palmyra Road
6,000.00
Apr. 1924
paving
1,000.00
Oct. 1925
East Market Street widening
1,000.00
Oct. 1926
East Market Street widening
7,000.00
Oct. 1927
West Market Street paving and widening
Oct. 1927
1,000.00
East Market Street widening
2.000.00
Oct. 1927
Elm and Milliken Road sewer
1.000.00
Apr. 1928
Glenwood and East Market Street sewer
2,000.00
Apr. 1928
Woodland and South Pine Street pains
2,000.00
Oct. 1928
Draper, Oak. et al. paving
1,000.00
Oct. 1928
Walnut Street paving
1,000.00
Apr. 1929
Fire Department equipment
2.000.00
Apr. 1929
Fire Alarm Telegraph system
1,000.00
Apr. 1929
West Side Park
1,000.00
Apr. 1929
Civitella, Kenilworth pavirg
1,000.00
Apr. 1930
Avenue paving
Highland
2.000.00
Aug. 1930
West Side Park land purchase
1,000.00
July 1930
East End Fire Station land purchase
2,000.00
July 1931
Police Signal system
2,000.00
Oct. 1930
East End Fire Station construction
3.000.00
Oct. 1924
City Portion Red Run sewer
3,000.00
Apr. 1924
High Street paving
1,000.00
Apr. 1924
Kinsman Street paving
2,000.00
Apr. 1925
South Austin Avenue paving
North Vine, Edgewood. Mercer and East
3,000.00
Apr. 1925
Forest Street paving
9.u00.00
Apr. 1925
West Market Street widening
9.000.00
Apr. 1925
Real estate purchase, Nomh Park
4,000.00
Apr. 1925
East Market Street widening
8,000.00
Apr. 1925
West Market and Buckeye paving
3,000.00
June 1931
Perkins Park purchase
4,950.00
Feb. 1932
General improvement refunding
1,876.90
Apr. 1932
Retaining wall improvement
360.00
Dec. 1931
Fairground Street
$94,186.90
Total
-BOND OFFERING.
WARREN COUNTY (P.O. Lake George), N. Y.
-Beecher W. Sprague, County Treasurer, will receive sealed bids until
2 p. m. (standard time) on Sept. 6 for the purchase of $350,000 not to
exceed 6% int, coupon or registered highway bonds. Dated Sept. 1 1933.
Denom. $1,000. Due Sept. 1 as follows: $10,000 from 1934 to 1938 incl.;
$15,000. 1939 to 1943; 820.000, 1944 to 1948. and $25,000 from 1949 to
1953 incl. Bidder to name a single int. rate for all of the bonds, expressed
in a multiple of X of 1%. Prin, and int. (M.& S.) are payable in lawful
money of the United States at the First National Bank, Glens Falls. A
certified check for $7,000. payable to the order of the County Treasurer,
must accompany each proposal. The approving opinion of Clay. Dillon &
Vandewater_of New York will be furnished the successful bidder.
Financial Statement Sept. 1 1933.
Valuations.
$75,000,000
Actual valuation,estimated
56.871,154
Assessed valuation, real estate and special franchise
Debt.
1,064,000
Bonded debt outstanding
350,000
This issue
$1,414,000
Total bonded debt
Total bonded debt is about 23. % of the assessed valuation. The county
owns property of anjassessed valuation of $666,599.77 (exclusive of highways).
Tax Data.
Amount Collected at Amt. Outstanding.
Aug. 1 1933.
Close of Yr.of Levy.
Total Levy.
Year$315.32
$981,624.20
5981,939.52
1930-31
1.370.33
946,620.79
947,991.12
1931-32
657,172.69(to date) 224.085.08
881,257.77
1932-33
The uncollected taxes for the 1932-33 levy are composed of the following
items: City of Glens Falls, $100,964.58; State of New York. $62,077.59;
Towns in the County, $60,981.31: uncollected from various tax collectors.
$61.60. which makes a total of $224,085.08. Practically all of these Re=
will be collected before the close of the fiscal year.
Fiscal year ends Oct. 31. Taxes payable Jan. 1.
Tax sale is held in December, following close of year of levy.
Population: 1920 Federal census. 31,673: 1930 Federal census, 34,174.
-BOND
WARREN SCHOOL TOWNSHIP, Marion County, Ind.
-Charles M. Walker, Township Trustee, will receive sealed
OFFERING.
bids until 10 a. m.on Sept. 19 for the purchase of $49,000 5% school bonds.
Dated July 1 1933. Denom. $1,000. Due in from 1 to 10 years. Principal and interest (J. & J.) are payable at the Fletcher Trust Co., Indianapolis.
-BONDS AUTHORIZED.
WASHINGTON, Fayette County, Ohio.
The City Council recently adopted a resolution authorizing the issuance
of $7,100 6% poor relief bonds, to be dated not later than Feb. 15 1934 and
mature semi-annually as follows: $500 March and $600 Sept. 1 1936 and
$500 March and Sept. 1 from 1937 to 1942 incl. Principal and interest
(M. & S.) are payable at the First National Bank of Washington.
-0.G.
-BOND ELECTION.
WESTERN SPRINGS,Cook County,111.
Seely, Commissioner of Public Works, advises that on Oct. 4 the voters
will consider the proposition of issuing $20,000 underground water tank
and $10,000 jail, fire station and garage bonds.
-FINANCIAL STATEMENT.
VVESTPORT, Essex County, N. Y.
En connection with the proposed sale on Sept. 15 of 554.500 not to exceed
6% interest coupon or registered water bonds, notice and description of
which appeared in V. 137, p. 1618. Messrs. Smith & Gardner, attorneys for
the Village, have issued the following information:
"The Village of Westport was incorporated in 1907. The present normal
population of' the village is about 800. increasing in the summer season to
about 1,200. The assessment roll for the year 1933-34 is $470.212. According to the State Equalization figures this assessment is approximately 50%
of actual value, and on the same basis the actual value of the property
subject to taxation is $940,224. The tax rate per dollar for some years
past has been 28 mills. In the current year the tax rate was reduced to
23 mills per dollar and the Trustees except to keep it at or under this rate.
"The village has no indebtedness of any kind or nature at the present
time, except a balance of $1,750 owing on fire apparatus. During the years
1930-33, inclusive, there have been no delinquencies in the payment of
taxes except on one piece of property owned by a non-resident of the
village. This property has been sold for taxes in each of said years. This
tax amounts to approximately 5250 each year. In only one of these years,
to-wit: the year 1933 the village bid in the tax lien.
"The village does not tax personal property. The village collects its
own tax levy and no other. The fiscal year of the village commences on
1802
Financial Chronicle
April 1. Taxes are due June 15, and payable up to July 15 without penalty.
thereafter the usual 5% and 1% as provided in the village law. Taxes
become delinquent on Dec. 1, and are usually sold in February following.
The village conducts its banking operations with the Lake Champlain
National Bank, where it now has a balance of several hundred dollars.
This bank also does the village's tax anticipation financing. The village
has no funds in any closed bank. It has no sinking fund.
"There is no overlapping bonded indebtedness covering the territory of
the village except the existing bonded indebtedness of the county (the Town
of Westport has no bonded indebtedness) and the indebtedness of Central
School District No. 1 of the Towns of Westport, Essex, Moriah, Elizabethtown and Lewis. The amount of this school indebtedness is $215,000. The
Village of Westport is a small part of the school district. The organization of the Central School District has resulted in a decrease of school taxes
paid by the property owners in the village.
"Together with the trustees of the village we have given rather careful
consideration to the earnings of the water works, which the village is taking
over, and, on the basis of the present rates, we are all pretty firmly convinced that the principal of these bonds and the interest thereon can be
paid out of earnings; and that there will be no necessity for imposing any
additional tax upon the inhabitants of the village. No new financing is
necessary or proposed during the next 12 months or thereafter."
WEST NEW YORK, Hudson County, N. J.-$400,000 "BABY
BONDS" ISSUED.
-Payment of long overdue salaries of municipal employees was made on Aug. 25 through the distribution of $400,000 "baby
bonds" in denoms. of $25 and $10. The obligations are expected to be
readily accepted as a medium of exchange, inasmuch as they may be used
In the payment of Town taxes.
-V. 137. p. 1279.
WEST SENECA COMMON SCHOOL DISTRICT NO. 7 (P. 0.
Ebenezer), Erie County, N. Y.
-BOND SALE.
-The $25,000 coupon or
registered school bonds offered on Aug. 28-V. 137, p. 1450
-were awarded
as 6s, at a price of par, to the Manufacturers & Traders Trust Co., Buffalo.
Dated Aug. 1 1933 and due on Aug. 1 as follows: $2,000 from 1934 to 1943
incl. and $1,000 from 1944 to 1948 incl.
WICHITA, Sedgwick County, Kan.
-BOND OFFERING.
-Sealed
bids will be received until 7:30 p. m. on Sept. 5, by C. C. Ellis, City Clerk,
for the purchase of two issues of coupon bonds aggregating $57.414.08,
divided as follows:
$47,414.084% paving and sewer construction bonds. Dated Aug. 1
1933.
10.000.004% sewage disposal refunding bonds. Dated Sept. 1 1933.
Denom. $1,000. one for $414.08. Both issues due serially in from 1 to 10
years from date. Bidding blanks to be obtained from City Clerk. A certified
check equal to 2% of the total bid for said bonds, is required.
All bids are made and will be received subject to the following conditions:
First: Said bonds have been submitted to the State School Fund Commission, as by law required, and were by them rejected on Aug. 17 1933.
Second: No bid will be given any consideration unless the same is prepared and submitted on blanks to be obtained from City Clerk.
Third: All proposals and bids are subject to the right of the Board of
Commissioners of the City of Wichita to reject any and all bids.
Fourth: Transcript covering this issue has been submitted to Bowerstock, Fizzell & Rhodes of Kansas City, Mo., and the bonds will be sold
subject to their approving opinion, fee being paid by the city.
WILLIAMSBURG, Willoughby County, Ohio.
-BOND OFFERING.
-G.P. Medary, Village Clerk, will receive sealed bids until 12 m.(Eastern
standard time) on Sept. 16 for the purchase of $38,000 5% municipal water
works system construction bonds. Denom. $800. Due semi-annually on
M. & S. 1 from 1933 to 1957 incl. Principal and interest (M. St S.) are
payable at the Village Treasurer's office. A certified check for 5% of the
bonds bid for, payable to the order of the Village Treasurer, mustaccompany
each proposal. With regard to the nature and authority for the issue, the
notice of sale states as follows:
"Said bonds having been authorized to be issued by the Council of said
village for the purpose of raising money to pay the cost and expense of
building and constructing a water works system, a public utility in said
village, to be owned and operated by said village, by the purchase and
nstallation of certain machinery and equipment for such purpose, and are
issued under Section 12. Article XVIII, of the Constitution of the State of
Ohio and the laws of Ohio, the payment of said bonds to be secured only
by a mortgage upon all the property of said public utility and the revenue
derived therefrom, and all extensions, betterments and improvements
made and added thereto, including a franchise to operate said public utility
In case of the foreclosure of said mortgage securing the payment of said
bonds, and are issued in accordance with an ordinance passed by the
Council of the village of Williamsburg, Ohio,on the 16th day of July 1931.
providing for the issue and sale of said bonds and the terms and conditions
under which they are to be sold and their payment secured."
WILSON COUNTY (P. 0. Wilson) N. C.
-BONDS AUTHORIZED.
At a meeting held on July 17, the County Board of Commissioners is reported to have passed ordinances providing for the issuance of $258,000 in
refunding bonds.
WINNER, Tripp County, S. Dak.-BOND ELECTION.
-On Sept. 5
the voters will pass on a proposal to issue $85.000 in water works system
bonds, according to report..
WOOD COUNTY (P. 0. Wisconsin Rapids), WI..
-BOND SALE.
The $225.000 issue of coupon county bonds offered for sale on Aug. 29V. 137, p. 1618
-was purchased by John Neween & Co. of Chicago, as 5s,
at a price of 98.06. There were no other complete bids received, according
to the County Clerk.
WOODBRIDGE TOWNSHIP (P. 0. Woodbridge), Middlesex
-BONDS NOT SOLD.
County, N. J.
-M.J. Trainer, Township Treasurer,
informs us that no bids were obtained at the offering on Aug. 25 of $150,000
tax revenue bonds, due on or before Dec. 31 1937. Rate of interest was
optional with the bidder
-V. 137, p. 1450. Mr. Trainer also sent us the
following:
Financial Statement (Aug. 24 1933).
Total assessed valuation-1933
$20,785,991.00
Gross debt (exclusive of school district debt):
Funded debt
$3,509,000.00
Floating debt
1.362,845.00
Cash position:
Cash
Special sinking fund
Regular sinking fund
Information Regarding Budget.
State road tax
State school tax
State soldiers' bonus tax
County tax
General local taxes
Local school tax
$4,871,845.00
$59,856.09
14.340.35
21,000.00
$20,782.70
57,349.87
2.876.64
188,785.94
424.900.74
463,848.70
$1.158,544.59
1933 tax rate per $1,000
$57.10
WORCESTER, Worcester County, Mass.
-BOND OFFERING.
Harold J. Tunison, City Treasurer, will receive sealed bids until Sept. 8
for the purchase of $1,250,000 coupon relief bonds, due $250,000 annually
on July 1 from 1934 to 1938 incl. Bidder to name the interest rate based
on one of the following forms: (a) all as 3% bonds; (b) all as 3%% bonds;
(c) first three maturities as 3% bonds and the last two maturities as 3%%
bonds. Issue is being sold under authority of Chapter 307 of the Acts of
Massachusetts of 1933.
YOMHILL COUNTY(P.O. McMinnville), Ore.
-BONDS CALLED.
It is reported that Homer C. Parrett. County Treasurer, is calling $15,000
of road bonds for payment at par. Dated March 11920.
YONKERS, Westchester County, N. Y.
-NOTE EXTENSION
-It was reported on Aug. 29 that Governor Lehman had
BILL SIGNED.
signed the Condon bill passed at the recent special session of the State
Legislature, extending from one to two years the period during which
notes issued by the City in anticipation of the sale of bonds may be renewed.
YOR , York County, Neb.-BOND ELECTION.
-Two bond issues
totaling $77,000. will be submitted at a special election on Oct. 3. The
issues are $55,000 for a sewage plant and $22,000 for the storm sewer system.
If the bonds are voted, it is said that. an application will be made for a
Federal fund grant on them.
Sept. 2 1933
YOUNGSTOWN, Mahoning County, Ohio.
-BOND SALE -Tile
$60,000 park and playground bonds offered on Aug.30-V. 137, p. 1618
were awarded as 65, at a price of par, to the Continental Illinois National
Bank & Trust Co., Chicago, the only bidder. Dated Aug. 28 1933 and
due on Oct. 1 as follows:$7,000from 1935 to 1938 incl. and $8,000 from 1939
to 1942 incl.
YOUNGSTOWN, Mahoning County, Ohio.
-The
-BOND SALE.
$6,614.70 5% judgment bonds offered on Aug. 22-V. 137. p. 1280
-were
purchased at a price of par by the Dollar Savings & Trust Co. of Youngstown. Dated March 15 1933 and due on Oct. 1 as follows: $2,614.70 in
1934 and $2,000 in 1935 and 1936.
CANADA, Its Provinces and Municipalities
ALBERTA (Province of).
-$2.000,000 BONDS OFFERED FOR INVESTMENT.
-A group composed of Wood, Gundy & Co., the Domini=
Securities Corp., A. E. Ames & Co. and the Imperial Bank of Canada
made public offeting in Canada on Aug. 31 of $2,000,000 5% refunding
bonds at a price of 95.20 and accrued interest, to yield 5.37%. Dated
Sept. 1 1933 and due Sept. 1 1955. Denoms. $1,000 and E00. Registerable as to principal. Bonds and interest (M. & S.) payable in lawful
money of Canada at the Imperial Bank of Canada in Toronto, Montreal,
Edmonton, Winnipeg, Calgary or Vancouver. Legal opinion of Long &
Daly of Toronto. An annual sinking fund of 1% will be established to
assure retirement of the issue at maturity, it is said. Proceeds of the loan,
together with funds already on hand, will be used to retire a $3,000,000
Issue maturing Nov. 1 1933.
PRICE PAID BY BANKERS.
-Hon. It. G. Reid, Provincial Treasurer.
on Aug. 28 stated that the above banking group had purchased a block of
$1,000,000 of the bonds at a price of 93.37 or a cost basis of 5.525% to the
Province, and had accepted a 10
-day option on an additional $1,000,000
at the same price.
BUCKINGHAM, Que.-BOND OFFERING.
-Sealed bids addressed to
H. J. Gorman, Secretary-Treasurer, will be received until 5 p. m. on Sept.
5 for the purchase of $20,600 5% bonds. Dated Nov. 1 1933 and due
serially on Nov. 1 from 1934 to 1963 incl. Proceeds will be used to reimburse the general fund for moneys spent on public works.
CALGARY, Alta.
-BANKS CASH $774,500 BONDS.
-Bank officials
Informed Mayor Andy Davison on Aug. 16 that $774,500 bonds have been
cashed since this first of the year. These debentures form part of the
total of $2,609,677 on which the City refused to pay United States exchange
charges when they became due in New York City on Jan. 1 1933. The
city's sinking fund has purchased $476,000 of the issue, leaving a balance
of $1,359,177 uncashed, it is said. The municipality's refusal to pay the
differential resulting in the discount on Canadian funds in New York City
prompted the Malden Trust Co. of Malden, Mass., holder of some of the
'ponds, to institute proceedings against the city in the Supreme Court of
Alberta to compel payment of the obligations in American funds and costs
of the action with interest to date, according to the Toronto "Globe" of
Aug. 17. No date for the trial has been set, it is said.
$250,000 LOAN RENEWED.
-The $250,000 loan obtained by the city
from the Province of Alberta on July 16 1932 has been renewed for one
Year. In addition, the rate of intecest has been reduced from 6 to 5%,
It is said.
CAP DE LA MADELEINE, Oue.-BONDS NOT SOLD.
-F.Beaumier.
Town Clerk, reports that no bids were obtained at the offering on Aug.14
of $36,600 6% bonds, including $30,000 for poor relief, due on June Mom
1934 to 1943, incl. and $6,600 to finance the acquisition of property. This
latter issue is to mature on April 1 from 1934 to 1943,incl.-17. 137. p. 1280
-An issue of $24.015 5% bonds
CORNWALL, Ont.-BOND SALE.
has been sold to Dyment, Anderson & Co. of Toronto at 100.11 a basis of
about 4.99%. Due in from 1 to 20 years. Bids obtained at the sale were
as follows:
BidderRate PM.
Dyment, Anderson & Co.(Purchaser)
100.11
Wood, Gundy & Co
99.78
A. E. Ames & Co
99.75
Dominion Securities Co
99.675
R. A. Daly & Co
99.64
C. H. Burgess & Co
99.57
Gairdner & Co.(optional bid)
97.25
MONTREAL, Que.-BANKERS DISPOSE OF $13,500,000 BONDS.
A syndicate of banks and investment banking houses, headed by the Bank
of Montreal and the Banque Canadienne Nationale, made rapid distribution of an issue of $13.500.000 434% coupon (registerable as to principal)
bonds, subscription books to the issue having been closed a few hours
following formal offering of the obligations in Canada on Aug. 30. Re-sale
was made to investors on a yield basis ranging from 4.30 to 4.85%,according
to maturity. The bonds bear date of May 1 1933 and mature in increasing
amounts annually on May 1 from 1934 to 1948 incl. Denoms. $1,000 and
$500. Principal and interest (M. & N.) are payable in lawful money of
Canada at the City Treasurer's office or at the principal office of the Bank
of Montreal or the Banque Canadienne National located in any of the
cities of Halifax, Saint John, N. B. Quebec, Toronto, Winnipeg or Vancouver. Legality of the issue is to be passed upon by Meredith, Holden,
Howard & Ilolden for the bankers and Charles Laurendeau for the city.
The bonds, it is said, are direct obligations of the city and are being issued
under the authority of an Act passed in 1933 by the Province of Quebec
Legislature (23 (leo. V., Chapter 123). The following information with
respect to the purpose of the financing and the basis of the offering of the
bonds to investors is taken from the banker's descriptive advertisement:
The proceeds of this issue will be used to provide the city (a) with moneys
to replace the proceeds of a special tax which has now been abolished; and
(b) with funds which in addition to the estimated revenues for the period
from May 1 1933 to April 30 1934 will be required to cover the expenditures
of the new budget for the period Jan. 11933 to April 301934,adopted by the
city pursuant to the above mentioned Act. As required by that Act, a
resolution has been passed by the Council of the city imposing and providing
for the levying each year of a special tax in amounts sufficient to meet the
capital and interest of the serial bonds of the present issue as the same
become payable.
Amounts, Maturities and Prices (Plus Accrued Interest).
$400,000 due May 1 1934
100.12 yielding 4.30
400,000 due May 1 1935
100.23 yielding 4.35
500.000 due May 1 1936
100.36 yielding 4.35
650,000 due May 1 1937
100.33 yielding 4.40%
750,000 due May 1 1938
100.20 yielding 4.45
850,000 due May 1 1939
100.00 yielding 4.50
900,000 due May 1 1940
99.41 yielding 4.60
950,000 due May 1 1941
98.68 yielding 4.70
1,000,000 duo May 1 1942
98.19 yielding 4.75
1,050,000 due May 1 1943
98.03 yielding 4.75
1,100,000 due May 1 1944
97.46 yielding 4.80
1,150,000 due May 1 1945
97.29 yielding 4.80
1,200.000 due May 1 1946
97.12 yielding 4.80
1,250,000 due May 1 1947
96.47 yielding 4.85
1,300.000 due May 1 1948
96.30 yielding 4.85
The following participated in the distribution of the bonds:
Bank of Montreal; Banque Canadienne National; The Royal Bank of
of Canada; The Canadian Bank of Commerce; The Bank of Nova Scotia;
Imperial Bank of Canada; The Dominion Bank; The Bank of Toronto;
The Provincial Bank of Canada; DOMWOU Securities Corp., Ltd: A. E.
Ames & Co., Ltd.; Wood, Gundy & Co.. Ltd.; Hanson Bros., Inc.; McTagEart, Hannaford, Birks & Gordon, Ltd.; Royal Securities Corp., Ltd.;
Ernest Savard Limitee; L. G. Beaubien & Co., Ltd,: Nesbitt, Thomson &
Co.. Ltd.; F. W. Kerr & Co.; Mead & Co.. Ltd.; McLeod, Young, Weir
& Co., Ltd.; Fry, Mills, Spence & Co., Ltd.: Bell, Goulnlock & Co.. Ltd.;
Collier, Norris & Henderson, Ltd.; Harrison & Co.. Ltd.; W. C. Pittield &
Co., Ltd.; Rene-T. Leclerc. Inc.; Drury & Co.; R. A. Daly & Co., Ltd.:
Kerrigan, MacTier & Co., Ltd.: Midland Securities Corp., Ltd.; Credit
Anglo-Francais, Ltd.; Greenshields & Co., Inc.; Williams, Partridge &
Angus, Ltd.; Matthews & Co.; Hodgson Bros. & Co., Ltd. Societe de Placements du Canada; Geoffrion & Rainville; Societe Generale de Finance, Inc.;
C. H. Burgess & Co., Ltd.: Cochran. Murray & Co., Ltd.; Dyment. Anderson & Co.; Gairdner & Co., Ltd.: J. L. Graham - Co., Ltd.; A. S.
McNichols & Co., Ltd.; Flemming, Denton & Co.; Griffs, Fairclough &
Norsworthy, Ltd.; Lajole, Robitaille & Cie Ltee.; Geo. Beausoleil & Co.
@FedFRASER