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Me.
untinerrt31
Volume 137
financial
Iiruntrie
New York, Saturday, September 23 1933.
Number 3561
The Financial Situation
HE matter of credit and currency inflation is in the bold front shown
the present week in dealing
now attracting attention beyond everything with a contingent of cotton
men who urged him to
else in industrial and financial circles. It has be- put afloat immediately the
$3,000,000,000 of Treascome the uppermost topic of discussion in the daily ury currency issues (or
greenbacks, as they were
papers and at Washington. A great divergence of known during the Civil
War), authorized in the
views, too, is developing. When the policy of the inflationary rider to the
Farm Relief Act. On the
Administration in that respect was first disclosed, other hand, credit inflation actually
is proceeding
and business recovery quickly followed the ending apace, notwithstanding the
assurances to the conof the bank moratorium, the disposition everywhere trary that come so freely from
Washington through
was to let the authorities at Washington unfold the daily papers. As a consequ
ence, a feeling of
their plans designed to bring about a return to a much concern is developing as to what
the end is to
higher level of values, and to accord the program a be, and what consequences the country
is likely to
sort of quasi approval, while not refraining from the be called upon to endure.
entertainment of doubts and misgivings as to the
This growing anxiety must be held responsible for
probable success of the movement. The general feel- the renewed collapse which has occurre
d the present
ing was that the Presiweek on the Stock Exdent ought to be given a
change, bond prices deproper chance to test out
clining with great rapidOur A.B. A. Number.
the measures contemity the same as stock
plated in that respect,
We send to our subscribers to-day along
prices, and the drop furnwith the "Chronicle" itself our "American
and that in the meantime
ishing all the more occaBankers' Convention" Section.
it would be well to resion for uneasiness as the
This is an exceedingly valuable publicaserve criticism, with the
highest and best bond
tion,inasmuch as it gives the papers and
idea of awaiting definite
issues have declined as
addresses read before the Annual Convenindications to show how
tion at Chicago, Ill., September 4 to 7,
severely as the lowerthe experiment was workInclusive, of the American Bankers Assopriced issues. It is noteing and how far the policy
ciation and its Divisions and Sections, in
worthy, too, that the deof inflation upon which
which were discussed banking, financial,
preciation of the Amerindustrial and economic questions touchthe whole experiment
ican dollar in terms of
ing intimately the interests and the welrests, was likely to be cargold, which previously
fare of the entire community.
ried. This attitude was
was hailed with so much
not changed when legislasatisfaction and almost
tion was quickly enacted
invariably proved the siggiving the Administration the broadest kind of in- nal for a rise in the commod
ity and security markets
flationary powers and by numerous different de- alike, no longer suffices
for the purpose. On Monday
vices. It was still felt that judgment should be the pound sterling in the
foreign exchange market
withheld until the whole scheme had had an adequate moved against New York in
a perfectly startling way,
trial.
and the rise continued on subsequent days, but
there
Latterly, however, the temper has changed, as was no longer the old
response in unrestrained buoydevice after device has been put into effect looking ancy either on the Stock
Exchange or in the comtoward credit inflation, all supporting the conclu- modity markets. The
first effect, it is true, was benesion that apparently there is to be no limit as to ficial, and was reflecte
d in some sharp advance in
how far credit expansion is to be carried. Accord- grain and cotton, and
in a moderate upward rebound
ingly, among a large section of the community con- on the Stock Exchang
e, but an almost immediate residerable anxiety is being manifested and criticism lapse occurred on
the Stock Exchange; and while
is no longer being withheld, though expressed in a the commodity markets
, and particularly wheat, did
guarded kind of way so as to avoid appearance of show sustained strengt
h for two or three days, later
disrespect towards the President. The fact is that in the week they plunged
downward in the same viocredit inflation is proceeding at a very rapid rate, lent fashion as the stock
market. As a matter of
though Washington advices keep telling us that fact, on Thursday grain
prices declined the full five
President Roosevelt is resisting very drastic de- cents permitted for a
single day, according to the
mands to that end, one evidence of this being seen rules of the Chicago Board
of Trade.
T
ok
2144
Financial Chronicle
Sept. 23 1933
tion at 3%
All this happened notwithstanding that the pound by the Reconstruction Finance Corpora
relending to the ultimate borrower at
sterling on cable transfers rose nearly 14c. on Mon- would be the
annum, thus allowday, after having risen on Saturday three or four a rate of not more than 5% per
Wednes- ing the bank not to exceed a 2% margin.
cents, with a further rise of several cents on
As to the character of the security, the Reconday, though followed by some downward reaction
moved higher with struction Finance Corporation will be prepared to
on Thursday. The French franc
plant and equipment, for Mr.
each succeeding day, and rose above six cents (the advance funds even on
"such loans by the Repar of the franc is 3.9179c.), and on Wednesday Jones's statement says that
Corporation may be col/
sold as high as 6.1514c., at which figure the Amer- construction Finance
note of the manufacturer
dollar had a gold value of only 63.71c., the lateraled by the short-term
ican
or merchant, secured by a valid assignment of an
heaviest depreciation yet shown. Nevertheless the
the finished product, and
stock and bond markets kept badly tumbling, and unconditional order for
on Thurs- (or) mortgages, real or chattel, on plant, equipment,
the grain and cotton markets did likewise
material or finished product, or in
day. Some improvement occurred in the gold value real estate, raw
acceptable to the bank and to the
of the dollar on Thursday, but the stock market any other manner
Corporation." What could
pursued its downward course all the same, the drop Reconstruction Finance
or more unqualified than this! As
on that day assuming the proportions of a veritable be more liberal
enough, it is added: "Where banks
collapse, the whole suggesting a panicky state of if this were not
with do not want to borrow for such purposes, or in those
mind which can not and should not be viewed
loan is more in the nature of
indifference. The truth is, a stage has been reached instances where the
is causing the operating capital, but the necessity for which, as
in the program of inflation which
, can be definitely established,
deepest worry among those high in the financial well as the security
bona fide mortgage companies
world, notwithstanding that we are asked in Wash- the organization of
or borrowing through those now
ington advices to believe that the President has in each community,
ed. Loans to mortgage comfirmly set his face against the proposals of the in existence, is'suggest
when properly secured, generally speaking,
cotton men from the South, and accordingly, is to panies,
will be made up to five times the cash or sound capibe credited with conservative instincts.
is getting tal of the mortgage company and carry an interest
There can be no question that anxiety
Reconstruction Finance Corporation
deep and widespread. Perhaps the action last week rate from the
companies borrowing to re-lend
in the setting afloat of plans for direct loans from of 4%. Mortgage
charge fair rates to their
the Reconstruction Finance Corporation to banks will be required to
•
and banking institutions, if these will agree to re- borrowers."
dispatch, Sept. 14, to the New York
A Washington
loan the money to industrial concerns desirous of
proposal for the setting up
enlarging the volume of their business, has had as "Times" stated that the
growing of local or community mortgage companies was
much to do as anything else in causing a
one of the important factors
feeling of apprehension. By such proceedings the • stressed by Mr. Jones as
tion is placed in of the program. He referred to it as comparable
Reconstruction Finance Corpora
tives to protect their
direct competition with the Federal Reserve banks to action taken by co-opera
business concerns, he said,
in extending credit accommodation to needy bor- interests. A group of
e company and thus obtain
rowers, or at any rate will engage in supplementing could organize a mortgag
with collateral which was sound,
the loaning facilities of the Reserve banks; and long-term money
He asserted that the Reconfurthermore, the Reconstruction Finance Corpora- but might be slow.
of struction Finance Corporation had been empowered
tion, it has been made plain, in granting loans
e companies, and it had been
this character will not look askance at the slow to loan to mortgag
may be offered as ruled that to come under this provision as bona fide,
character of the assets that
have 51% of their money in
security. We gave the facts last week regarding such companies must
es. In connection with the prothis new loaning facility, but for the general enlight- real estate mortgag
community mortgage companies
enment of the public it is desirable to recall precisely posed setting up of
co-operative movement, a liberalwhat it is intended to accomplish in that way. by industries in a
was indicated in making loans
After several conferences with President Roosevelt izing of these terms
, available on plant equipment,as already noted by us.
on the subject of loans to assist in the NRA program
In addition to the foregoing and to further assist
Jesse H. Jones, Chairman of the Reconstruction
statement on Sept. 14 in the recovery program, the Reconstruction FiFinance Corporation, issued a
arranged to reduce its 'base
saying that for the purpose of assisting business and nance Corporation has
2
1
/
co-operation with the NRA lending rate from 4 % to 4%, that is, to such borindustry directly in
e companies, insurance
program, the Reconstruction Finance Corporation rowers as banks, mortgag
2
1
/
that are now paying 4 %.
would make loans to banks and trust companies at companies and others
s that "a liberal use of the
3% interest, for any part of six months, on con- Chairman Jones contend
widespread cooperation by
dition that the funds thus obtained would be re- above, coupled with
manu- banks in supplementing the nation's banking strucloaned (a) for the purchase of materials for
e of 5% preferred stock to
facturing; (b) to cover the actual cost of labor in ture through the issuanc
ing of material, and be sold to the Reconstruction Finance Corporation,
the manufacture and process
the banks in more effective
(c) to assist merchants especially affected by the will naturally bring
considered a matter of no great assistance in the President's recovery program."
NRA. Lest this be
d to do all this with the
consequence, it deserves to be pointed out that And well it may be expecte
ons so liberal and so easy!
Chairman Jones estimated that the Corporation had terms and conditi
On top of all this there has come the present week
about $1,000,000,000 for recovery loans. In a preMr. the action of certain representatives of cotton interpared statement given out at the same time,
ing that the work of credit and currency
Jones stated that a condition of the proposed loans eats demand
Volume 137
Financial Chronicle
inflation shall be carried a step further and threatening ulterior consequences to the Administration
if that is not done. According to news dispatches
from Washington, Sept. 18, abolition of the cotton
processing tax, and immediate inflation, along with
Federal action to raise the price of cotton on the
farm to 20c. a pound were demanded on that day by
cotton planters and members of Congress from cotton States meeting at Washington. The demands
were embodied in a resolution adopted by the 200
persons present and addressed to President Roosevelt. If the Administration declines to adopt the
plans outlined to increase cotton prices, said the
resolution, "our only recourse will be to call upon
you and our Governors to close the gins and cotton
seed oil mills as a matter of self-preservation."
The resolutions were prepared by a committee
headed by Senator Thomas, of Oklahoma, and Senator Smith, of South Carolina. The meeting, we are
told, was interpreted in some quarters as the beginning of a movement on the part of farmers generally in behalf of currency inflation—as if the
broadest kind of inflation had not already been carried on and was still under way! The resolutions
adopted directed to the President are so unique and
so significant that they deserve to be placed on
record here, or at least the salient parts of the same,
as follows:
"We, the delegates appointed by the Governors of
the States of Alabama, Arkansas, South Carolina,
Georgia, Mississippi, Oklahoma, Texas, Missouri
and Louisiana, assembled in convention in the city
of Washington, D. C., on this 18th day of September,
1933, do most respectfully represent, recommend
and petition as follows:
"Whereas the cotton farmers and all who depend
on them are faced with utter ruin because of a worse
price condition to-day than has existed during this
entire depression; and
"Whereas, the continuance of present prices for
cotton will jeopardize the entire national recovery
program; and
"Whereas, definite action within the next few
days is essential to prevent the sacrificing of this
year's crop;
"Be it resolved:
"1. That we respectfully petition you, the President of the United States, immediately to take steps
for the inflation or expansion of the currency, which
power was granted to you by the last Congress to
meet just such emergencies as now exist; that such
a step is immediately necessary for the recovery of
the price of cotton and all other farm products and
to restore the buying power of the farmer.
"2. To bring about an immediate increase in commodity prices we suggest and recommend that you
use the power conferred to issue and place in circulation United States notes. In support of such
recommendation and petition we call your attention
to the following facts:
"The nation, in an emergency in the Sixties,
authorized, issued and placed in circulation
some
$400,000,000 in United States notes. Such
notes,
although not based on interest-bearing bonds,
were
in fact based upon all the property and taxing
power
of the Government, and that of the said
$400,000,000
worth of said notes the sum of $346,000,000 of
such
notes are still in active circulation.
"We call your attention further to the face
that
through the issuance of such non-interest
bearing
notes the people to date have saved the total
sum
P3
of over $11,000,000,000 in interest alone.
"3. We respectfully urge you
immediately to
establish a minimum price for cotton of
20c. per
2145
78-inch staple,
pound on the farms, basis middling /
subject to increase in accordance witk requirements of the parity price."
These cotton growers, or political representatives
of the same, are very modest in their demands.
They ask for 20c. cotton (double the present level),
and yet we may be sure that if they got 20c. they
would not long be satisfied and would demand 40e.,
and then 60c. or more, and would really he entitled
to the higher figures, inasmuch as the inflation program which they demand would so lessen the purchasing power of the money they got that they would
be worse off than before, unless the price received
was constantly raised. And that is the nature of
any policy of inflation, that the more inflation there
is, the more is required to continue the process, as
the paper units get constantly less valuable and
thus the inflationary program must be continued
until finally the bubble bursts as it did in Germany.
The resolutions tell us that during the Civil War
$400,000,000 of United States notes were put out,
and that $346,000,000 of such notes are still outstanding, and as they bore no interest a saving to
the country in the interval since then has resulted
in the huge sum of $11,000,000,000. Such notes, we
are told, although not based on interest-bearing
bonds, were in fact based upon all the property and
taxing power of the Government. This is the
familiar argument that is always advanced when
it is proposed to set the printing presses to work to
turn out paper money issues. No one has been able
to figure out how the alleged saving of $1.1,000,000,000 has been arrived at, but the statement, while
mentioning the issuance of these $400,000,000 of
'United States notes, or greenbacks, omits mention
altogether of a further very important fact, namely,
that a bill actually passed Congress directing the
issuance of still more of these non-interest-bearing
United States notes, but that General Grant, who
was then President, to avoid disaster to the country,
fortunately vetoed the bill. The case against the
issuance of any more United States notes is as
strong to-day as it was back in the Sixties. That
crude notions of that kind should crop out again
nearly 70 years afterwards is hardly an occasion for
rejoicing. If these Southern growers had their wish
granted and $3,000,000,000 of Treasury notes were
now put out, 20c. cotton, as already noted, would
count for little as an offset to the reduced purchasing power of the dollar.
Another demand made as part of the resolutions
adopted, and which we have not included in the
above excerpts, was that a minimum price of 15c. a
pound for cotton be fixed in an undertaking by the
Government to buy 50% of the crop this year on
condition that the producer contract to reduce his
acreage by a like amount next year, and reduce
• his sales in 1935 by 25%. The cotton the Government would buy would be held off the market until
better times. Here the framers of the resolution
ignore entirely the lessons of experience. The Government has just emerged from the mistaken course
of holding cotton off the market on the supposition
that thereby a better price could be obtained for the
staple, only to find that the more cotton there was
piled up in sight of the whole world the lower the
market price of the cotton dropped, and it is safe
to say that if now the Government repeated the
mistake and took over 5,000,000 bales of the staple,
with the whole world knowing to the fact, 20c. cot-
2146
Financial Chronicle
ton would go aglimmering, even if $3,000,000,000
of greenbacks were put afloat in the general carrying out of the inflation program.
Yesterday, when one of the committees finally
succeeded in getting an audience with the President
(he having suffered from a cold early in the week),
the proposition was presented in slightly different
torm. Senator Bankhead, of Alabama, who headed
this committee, said: "Our plan is that the Government should buy one-half of the 10,000,000 bales
now in the hands of the farmers at 15c. a pound, or
$75 a bale, with the understanding that the producer would take out of production that amount of
next year's crop. This would cost about $375,000,000 and would be financed by the Reconstruction Finance Corporation. If the Administration
adopted this plan it would have absolute control
of production, which is not now possible under the
processing tax." The President has now agreed to
lend to cotton farmers 10c. a pound on their crop of
this year if they will reduce next year, but the result
would be the same. The Government would again
get loaded up with cotton.
Perhaps at this juncture it will not be amiss to
refer to another demand that is being urged upon
the consideration of the President. It is significant as showing how the Government is being beseiged to help out one interest after another, all as
being for the common good. Thus on Sept. 19 Senator Bey Pittman, of Nevada, went to the White
House to urge inflation by the use of the President's
silver powers. Senator Pittman would have the
President increase the price of silver from 41c. an
ounce to $1.29 an ounce by permitting miners to
take silver to the mints, have it coined at a small
service charge, and receive back silver dollars,
halves, quarters and dimes. This would add some
$33,000,000 to the money in circulation and carry
recovery into the mining industry, is the contention.
Sept. 23 1933
rency inflation he might •best issue some of the
$3,000,000,000 greenbacks which Congress left to
his discretion and to pay off deposits in closed
banks.
The statement of Walter W. Smith, of the Advisory Council, the news accounts say, did not indicate whether he spoke merely for himself or for
the Council, but was issued on Federal Advisory
Council letterhead and through the regular Federal
Reserve Board publicity channels, without the
knowledge of Reserve Board officials. It read:
"Walter W. Smith, President of the First National Bank in St. Louis, who is also President of
the Federal Advisory Council, gave out to-day the
following statement: 'Banks are being unfairly and
widely criticized on the presumption that they are
refusing to make loans. Banks can only make expenses and profits by lending money, and most
banks have a substantial amount of unused funds.
It should be remembered that the money to be
loaned is the property of depositors. However,
banks must be in a position to meet the demands of
their depositors from time to time. Therefore, they
should not make loans that either cannot be collected within a reasonable time or are not eligible
for rediscount at Federal Reserve banks.'"
The "Tribune" correspondent says that to members of the Federal Reserve Board who had attended the joint meeting of the Board and its Advisory Council the statement appeared to be news.
Presumably it was the result of a short meeting
of the Advisory Council alone after the general
meeting had adjourned. Governor Eugene Black,
of the Federal Reserve Board, it is stated, had said,
following the earlier meeting, that he had the impression the bankers were ready and anxious to
make loans as liberally as possible, and he knew
nothing of the Smith statement until it had been
distributed to the press—through the regular publicity channels of the Reserve Board.
We are sorry to have to say that there appears
to be little likelihood that much heed will be given
to this sound and sensible advice of the Advisory
Council. Sentiment in Administration circles is
running all the other way. The Advisory Council
is an anomalous body. It can only advise, and
neither the Federal Reserve Board nor the Federal
Reserve banks are under obligation to be governed
by such advice. When the views expressed are in
harmony with those of the Reserve Board, great
prominence is usually given to them by the latter,
otherwise they are ignored. In the present instance
there is only too much reason for thinking that the
Reserve Board, whatever the views of the.individual
members may be, does not care to take a stand in
opposition to the plans of the Administration, which
are, as illustrated by the action of last week, to
extend credit without too close regard for the character of the collateral, or, at least, without giving
much consideration to the liquidity of the same, the
slow character of the pledged assets being no objection. Anyway, the Federal Reserve banks are no
longer a free and independent agency under the
recovery program of the Administration. They are
simply a gigantic credit instrumentality at the beck
and call of the United States Treasury.
GLIMMER of light regarding inflation comes
from another quarter, but we are very much
afraid that it will not penetrate very far. Washington advices, Sept. 19, stated that the orthodox
bankers' resistance to pressure for more liberal
lending policies had been carried directly to the
Treasury with the issuance of a statement by Walter
W. Smith, President of the Federal Advisory Council, discouraging "loans that either cannot be collected within a reasonable time or are not eligible
for rediscount at Federal Reserve banks." The,
statement was issued, we are told, soon after the
close of a meeting of the Advisory Council with the
Federal Reserve Board, in which apparently there
had been no open clash of the opposing schools of
thought represented. Administration officials were
taken by surprise, the report says, and .construed
the statement as advising bankers not to make some
loans permissible under the Reconstruction Finance
Corporation credit expansion policy announced last
week. The Finance Corporation, as noted further
above, had declared acceptable such collateral as
liens on plant and equipment, which are not eligible
at present for rediscount at the Reserve banks. The
correspondent of the New York "Herald Tribune"
asserts that even the Federal Advisory Council
heard frank inflation talk among some of its mem/
HE American Federation of Labor, speaking
bers, and it developed that in a 41 2-hour meeting
through William Green, its President, who is
of the Council, on Sept. 18, there were members who
felt that if President Roosevelt does come to cur- not of a retiring nature, has again announced its
A
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Volume 137
Financial Chronicle
intention to control anything and everything in the
labor world and to demand for labor a controlling
hand in the order of things. Mr. Green is preparing
for the forthcoming convention of the Federation,
and he expressed the opinion that the convention
would see an addition of at least 500,000 new members since the meeting of last year. In a statement issued last Sunday he announced that the
Executive Council of the Federation had just adjourned sessions lasting 10 days, and had completed
a report for the convention. It would be made clear
"that the American Federation of Labor is going
to organize the unorganized." The Federation was
"not going to be stopped in its energetic and sweeping campaign to bring workers into unions throughout the nation." It was "going to continue to be,
as it has been for more than half a century, the
recognized all-embracing spokesman for American
labor," and that meant that there was "no room in
the United States for any other labor movement."
He predicted that action would be taken by the
convention on the relation of labor to the NRA,
especially on the question of its adequate representation in machinery created under codes. A demand would be made "that in all of the new machinery of industrial government labor be represented by men of its own choosing as a matter of
right and not as a matter of privilege." He added:
"The voice of labor will be heard on every vital public issue. Not only are we concerned as to reduction of work hours per week to a level lower than
the average thus far fixed in codes, both temporary
and permanent, and as to higher wage levels than
the average thus far established, but we are concerned about the question of adequate representation of labor in machinery created under codes.
Our convention may be expected to express itself
emphatically on this question of representation and
to demand that in all of the new machinery of
industrial government labor be represented by men
of its own choosing. We shall pull the teeth of
special privilege and our convention undoubtedly
will lay down the line of battle."
This is the old familiar talk, but given additional
significance owing to the policy pursued by the Administration of deferring at every point to the demands of the labor unions, and more particularly
the American Federation of Labor. Really, however, the Federation does not want representation.
It wants dominating control, and it is bent, moreover, on going outside its own sphere and functions.
It is not concerned in seeing that any individual
union shall have the right to present its demands
and be assured a fair and proper deal, but would
undertake to speak for all the unions even if they
are wholly without the Federation. This was well
shown when Mr. Green undertook to speak for the
steel industry, which has never in any way had any
affiliations with the Federation. Moreover, the Federation would combine all the different unions, so
as to increase its power and influence and compel
acceptance of any demands it may choose to impose. In that policy there is danger to the State,
for it means the establishment of an organization
superior to the State itself and to which the State
must bow and submit. When that stage is reached
class government supersedes the Government of the
whole people, and in the end tyranny is placed in
power, with all the evil inherent in the same. This
would never be tolerated in a dictatorship and has
2147
no place in a democratic form of government where
all the people are entitled to full freedom of action
in selecting who shall govern them. Unfortunately,
the present Administration, in calling in representatives of the Federation as qualified to act as advisers in all labor matters, instead of regarding
them simply as advocates of the labor cause, whose
function it is to make out the best case for labor, the
same as a lawyer does for his client, is doing much
to bring about the situation threatened.
HIS week's condition statements of the Federal
Reserve banks are like all other recent statements, in showing a further large acquisition of
United States Government securities and a further
expansion in the volume of Reserve credit outstanding. The new acquisitions this week have been in
the familiar amount of $35,000,000, to which we
have become accustomed of late, with the result that
the total holdings have been increased from $2,202,660,000 on Sept. 13 to $2,237,780,000 on Sept. 20. It
should not be overlooked that additions of $35,000,000 a week are at the rate of $1,820,000,000 a
year, a degree of credit expansion that ought to be
satisfying to the most rabid inflationists, and why
anyone should ask for. more than this, as is being
urged upon the Administration, does not appear to
be in accord with reason and common sense, even
though the objective is higher levels of prices. Moderation and reason should be the governing consideration in any event. While the addition this time
to the holdings of Government securities is $35,120,000, the addition to the volume of Reserve credit
outstanding, as measured by the total of the bill
and security holdings, does not fall far short of
the same amount, the total of these bill and security
holdings having risen during the week from $2,345,029,000 to $2,376,662,000, being an increase of $31,633,000. As a result of the new purchases of Government securities the discount holdings of the Reserve institutions have been further reduced from
$133,233,000 to $130,161,000, this reflecting diminished borrowing on the part of the member banks,
which are placed in position to reduce their borrowings out of the proceeds of the sale of Government
securities. Holdings of acceptances purchased in
the open market at the same time further decreased
from $7,347,000 to $6,932,000, and the contraction
in these two items offset to that extent the expansion in the total of the bill and security holdings.
There was a further decline in the amount of
Federal Reserve notes in circulation, but only of
moderate amount, the total falling from $2,989,123,000 to $2,986,781,000, but this was more than
offset by an increase during the week in the aggregate of Federal Reserve bank notes in circulation
from $133,638,000 to $137,170,000. Gold holdings
remained virtually unchanged at $3,590,966,000
Sept. 20 as against $3,590,455,000 Sept. 13. Deposits increased from $2,745,047,000 to $2,766,622,000, one item in the increase being a rise in
member bank deposits as reserve from $2,541,745,000 to $2,543,328,000. With the deposits larger,
requiring increased cash reserves, and the gold holdings unchanged, the ratio of cash reserves has been
fractionally further reduced. For this week the
ratio of total gold reserves and other cash to deposit and Federal Reserve note liabilities combined
works out at 66.4% as compared with 66.8% last
week. The amount of United States Government
T
2148
Financial Chronicle
securities held as part collateral for Reserve note
issues increased during the week from $507,700,000
to $527,200,000.
ORPORATE dividend changes are now more
largely of the nature of the resumption of
dividend payments or increases in the same than of
reductions, though these latter are by no means altogether lacking. The Howe Sound Co. increased the
quarterly dividend on the common stock from 10c. a
share to 25c. a share, and the MacAndrews & Forbes
Co. increased the quarterly dividend on common
from 40c. a share to 50c. a share, after having previously been increased from 25c. a share to 40c. a
share. The Birmingham Electric Co. declared a
dividend of 87c. a share on the $7 cumul. pref. stock,
and a dividend of 75c. a share on the $6 cumul. pref.
stock. Six months ago the quarterly payment due
April 1 1933 on the $7 pref. stock was reduced from
$1.75 a share to 88c. a share, and that due on the
$6 pref. stock from $1.50 a share to 75c. a share,
while the dividends due July 1 1933 were omitted
altogether. The Wheeling & Lake Erie Ry. declared
a dividend of 7% on the 7% cumul. prior lien stock
for the period from May 1 1927 to and including
4% was made on this
April 30 1928; a payment of 51
issue on Oct. 19 1932 as against 7% each on June 2
and on Nov. 19 1931. The Indiana Pipe Line Co.
declared an extra dividend of 10c. a share, in addition to a dividend of 15c. a share on its capital
stock, making 25c. a share altogether, both payable
Nov. 15. This compared with 15c. a share paid on
May 15 1933; 10c. a share and an extra of 5c. a
share on Nov. 15 1932, and 10c. a share on
May 14 1932.
The dividend reductions were all by public utilities. West Texas Utilities Co. declared a dividend
of 75c. a share on the $6 cumul. pref. stock, this being
a reduction of 50% from the normal rate. The
Philadelphia Co. reduced the quarterly dividend on
/
common from 25c. a share to 1212c. a share after a
number of previous reductions. The Pacific Gas &
Elec. Co. reduced the quarterly dividend on com/
1
2
mon from 50c. a share to 37 c. a share. The Southwestern Light & Power Co. reduced the quarterly
dividend on the $6 cumill. pref stock from 75c. a
share to 50c. a share, after having been previously
reduced from $1.50 a share to 75c. a share.
-4,HE New York stock-market this week has been
C
T in declines of collapse andThis hashave suffered
prices
a state
all around.
occurred in
severe
the face of a very notable rise in the foreign exchanges
against New York, involving corresponding depreciation of the American dollar. In-the immediate past
any such depreciation has been the signal for a
speculative upturn in prices on the Stock Exchange,
and frequpntly also in the commodity markets, but
not so on the present occasion. The rise in the
pound sterling on Monday was of spectacular proportions, but though the'grain and cotton markets,
and especially the grain-markets, enjoyed at the same
time very notable advances, the rise on the Stock
Exchange hardly amounted to more than a feeble
rally," which was quickly followed by a downward
reaction. I The commodity markets remained strong
on Tuesday, which ought:to'have acted to stimulate
speculation on the Stock Exchange, but increasing
depression-spread over the stock market and prices
moved downward with growing rapidity on Wednes-
Sept.
23 193.
day and Thursday, and on Thursday even the grain
market suffered a relapse, the decline reaching the
full five cents a bushel permitted in any single day's
fluctuations. The upward splurge in sterling bills
was one of the most noteworthy in the recent history
of foreign exchange. Thus, cable transfers on
Wednesday sold as high as $4.85M against a low
price on Friday of last week of $4.663/2. There was
a moderate downward reaction on Thursday and
Friday without, however, checking the decline on the
Stock Exchange. In like manner, French exchange
moved against New York, and the French franc on
Sept. 20 sold at 6.153.c. as against 5.769c. the low
on Friday of last week. The par of the French
franc is 3.92c.
The most disturbing feature of all has been the
simultaneous collapse of the bond market, even high
priced issues not escaping in the general downward
plunge. As a matter of fact, the bond market has
been weak for several successive weeks and even high
priced issues have suffered. Atchison Topeka &
Santa Fe, general mortgage 4s sold down to 90 on
Sept. 19, the present week, as against 96 earlier in the
month on Sept. 1.
There has been no apparent reason for the complete breakdown of prices in the security markets,and
the failure of the market to respond to the depreciation of the American dollar, except the growing distrust of the whole inflation program, and more particularly the action last week of the RFC in annoucing that it would extend loans to needy borrowers
without regard to the fact of whether the security
offered was liquid in form or decidedly slow. Perhaps in some slight measure. speculation was disturbed by the steps taken to establish a Stock Exchange in New Jersey, either at Newark or Jersey
City, in order to escape the burden of transfer taxes
which the New York City authorities have arranged
to impose on Stock Exchange dealings, the movement
being given a degree of substaniality when it appeared
that President Whitney of the New York Stock Exchange had also accepted the Presidency of the contemplated Jersey Stock Exchange. However, if the
proposed removal had any effect at all in depressing
security values on the New York Stock Exchange, it
must have been extremely slight.
Underlying conditions have shown no change to
account for the complete breakdown, aside from the
growing distrust, as already noted, regarding the
whole inflationary program. One favorable development at least was that steel production after recording a steady decline for seven successive weeks, the
present week showed a change in the other direction,
the steel mills being engaged to 43% of capacity as
against 41% last week. Returns of railroad earnings
have continued highly encouraging, continuing to
show very noteworthy improvement as compared
with the corresponding period in 1932, and the same
may be said of the loading of revenue freight, this
also continuing to run well above the corresponding
periods in the previous year. The production of
electricity by the electric light and power industry of
the United States for the week ending last Saturday
was reported as 1,663,212,000 kilowatt hours as
against 1,476,442,000 kilowatt hours in the same
week of 1932, being an increase of 12.7%, which is a
somewhat larger ratio of increase than in the two
weeks preceding. Commodity prices, as already
indicated, moved higher the early part of the week,
Volume 137
Financial Chronicle
2149.
but suffered a setback on Thursday with an irregular ucts at 15% against 175 ; Texas Gulf Sulphur at
%
course on Friday. The result is that the September 37% against 333'; American & Foreign Power at
option for wheat at Chicago closed at 853c. against 1031 against 123'g; Freeport-Texas at 43% against
883'c. the close on Friday of last week, while Sep- 4231; United Gas Improvement at 1631 against 163
%;
tember corn closed at 463'c. against 489/8c. the close National Biscuit at 541 against 57; Continental Can
%
the previous Friday. September rye at Chicago at 663/ against 653/; Eastman Kodak at 81 against
2
closed yesterday at 64%c. against 70c. the close the 85; Gold Dust Corp. at 2031 against 223/; Standard
2
previous Friday, and September barley at Chicago Brands at 24% against 27%; Paramount Publix
closed yesterday at 52%c. bid against 523 c. on Corp. ctfs. at 15 against 1%; Coca-Cola at 883/ bid
4
%
Friday of last week. The spot price for cotton in New against 893; Westinghouse Electric & Mfg. at 39%
York yesterday was 9.80c. compared with 9.60c. on against 433 ; Drug, Inc., at 46% against 4
4
53/2;
Friday of last week. The spot price for rubber yester- Columbian Carbon at 56 against 6231; Reynolds
day was 7.38c. as against 7.07c. the previous Friday. Tobacco class B at 503 against 5334; Lorillard at
4
Domestic copper yesterday was 9c. as against 9c. the 2131 against 23%; Liggett & Myers class B at 973
4
previous Friday. Silver continued to move within against 97, and Yellow Truck & Coach at 5 against
narrow bounds with the London price yesterday 6%.
183 pence per ounce against 18% pence the previous
Stocks allied to or connected with the alcohol or
Friday, and the New York quotation at 40c. against brewing group have declined with the rest. National
38%c. The foreign exchanges, as already indicated, Distillers closed yesterday at 97 against 103% on
moved sharply against New York and cable transfers Friday of last week; Owens Glass at
753/2 against
on London closed yesterday at .793/ against $4.67 8034; United States Industrial Alcohol at
673
%
the previous Friday, while cable transfers on Paris against 74; Canada Dry at 30 against 313 ; Crown
%
yesterday closed at 6.083/2c. against 5.793/2c. the Cork & Seal at 413 against 43; Liquid Carbonic at 30
4
close on Friday of last week. On the New York Stock against 3432, and Mengel & Co. at 103 against 1
4
33/2.
Exchange 68 stocks established new high records for
The steel shares have been no exception to the rule
the year during the current week, while 4 stocks of decline. United States Steel closed yesterday at
dropped to new low figures for 1933. For the New 493 against 53 on Friday of last week; United States
%
York Curb Exchange the record for the week is 45 Steel pref. at 79% against 90; Bethlehem Steel at
new highs and 48 new lows. Call loans on the Stock 34% against 38%; Vanadium at
2231 against 263/8.
Exchange continued to rule at % of 1% per annum.
In the auto g:oup, Auburn Auto closed yesterday
Trading has been of growing volume as prices have at 523/ against 59% on Friday of last week; General
declined. On the New York Stock Exchange the Motors at 313/i against 3332; Chrysler at 45 against
sales on Saturday last were 1,001,160 shares; on 49%; Nash Motors at 21 against 233/2; Packard
5
Monday they were 2,722,010 shares; on Tuesday Motors at 4 against 4%; Hupp Motors at 33 against
2,817,640 shares; on Wednesday 2,417,210 shares; 5, and Hudson Motor Car at 123 against 145 8
4
/
.
on Thursday 3,651,894 shares, and on Friday In the rubber group, Goodyear Tire & Rubber closed •
3,314,920 shares. On the New York Curb Exchange yesterday at 373/i against 365 on Friday of last week;
%
the sales last Saturday were 175,755 shares; on Mon- B. F. Goodrich at 153/i against 153 , and United
%
day they were 448,655 shares, on Tuesday 463,870 States Rubber at 1731 against 17
shares; on Wednesday 378,135 shares; on Thursday
The railroad shares have been as weak as the rest
388,325 shares, and on Friday 395,585 shares.
of the list. Pennsylvania RR. closed yesterday at
As compared with Friday of last week, prices of 313/b against 36 on Friday of last week; Atchison
course, are lower all around. General Electric Topeka & Sante Fe at 583/ against 663 ; Atlantic
2
4
closed yesterday at 209, against 233/ on Friday of last Coast Line at 38 against 463/ Chicago Rock Island
8
;
week; North American at 183 against 20; Standard & Pacific at 53/i against 5%; New York Central at
5
Gas & Elec. at 103 against 11%; Consolidated Gas 413/2 against 47%; Baltimore & Ohio at 29 against
4
5
5
of N. Y. at 42% against 43%; Brooklyn Union Gas 33%;New Haven at 223/ against 25%; Union Pacific
3
8
at 71 against 70; Pacific Gas & Elec. at 213' against at 115 against 119; Missouri Pacific at 4% against 6;
4
213/2; Columbia Gas & Elec. at 143 against 16; Southern Pacific at 235 against 2831; Missouri%
Electric Power & Light at 63 against 73 ; Public Kansas-Texas at 10 against 113 ; Southern Ry. at
4
%
4
Service of N. J. at 369./i against 353/2: J. I. Case 26 against 30%; Chesapeake & Ohio at 423/ against
Threshing Machine at 703/i against 77%; Interna- 45%; Northern Pacific at 233.1 against 27, and Great
tional Harvester at 38 against 41; Sears, Roebuck & Northern at 21% against 2
63/8.
Co. at 41% against 4332; Montgomery Ward & Co.
/
The oil stocks have been features of strength in
4
4
at 223 against 243 ; Woolworth at 393 against sharp contrast with the course of the general market.
2
389.; Western Union Telegraph at 603/ against 67; Standard Oil of N. J. closed yesterday at 4131 against
Safeway Stores at 433. against 483.; American Tel. 413/ on Friday of last week; Standard Oil of Calif.
& Tel. at 125% against 127%; American Can at 91% at 4231 against 413/; Atlantic Refining at 2734:
2
%
against 92%; Commercial Solvents at 355 against against 2931. In the copper group, Anaconda Copper
383 ; Shattuck & Co. at 7% against 9 and Corn closed yesterday at 163 against 173/8 on Friday of
%
4
Products at 88% against 863/2.
last week; Kennecott Copper at 22 against 223'1;
Allied Chemical & Dye closed yesterday at 1363/i American Smelting & Refining at 46% against 423/8;
against 137% on Friday of last week; Associated Dry Phelps-Dodge at 16% against 163/2; Cerro de Pasco
Goods at 153 against 173'; E. I. du Pont de Nemours Copper at 373/b against 393, and Calumet & Hecla
at 769 against 79%; National Cash Register "A" at at 631 against 631.
17% against 19%; International Nickel at 203
%
against 205 ; Timken Roller Bearing at 28 against
o RICES of securities moved downward this week
on all the important European stock ex30%; Johns-Manville at 51% against 5431; Gillette
Safety Razor at 14 against 14; National Dairy Prod- changes, owing to world-wide fears that the United
F
2150
•
•
Financial Chronicle
States would resort to some form of currency inflation. Persistent weakness of the dollar in the foreign exchange markets contributed to the fears of
inflation here, while the drastic decline in stocks
and bonds at New York added to the unsettlement
on the exchanges at London, Paris and Berlin.
These factors outweighed further indications of
slow improvement in business in the leading industrial eountries of Europe. British wholesale prices
moved up slightly in August, according to the records of the Board of Trade. German and Dutch
foreign trade figures for August showed further
gains, as did the British figures last week. Normally, such incidents might have proved encouraging, but the European markets were too much concerned over the recurrent rumors of American inflation to pay much attention to domestic gains.
It was widely assumed that an uncontrollable
printing press inflation was about to start, and the
question whether France would be able to remain
on the gold standard in any such event was eagerly
debated. French officials hardly bothered to deny
the incessant reports that France would quit the
gold basis. The nervousness on this point was not
allayed, however, by further consideration of measures for making up the huge French budgetary
deficit and by the need for resorting to a national
lottery in order to raise funds for the French Treasury. The first of a series of five lotteries was
started Wednesday, when 2,000,000 tickets of 100
francs each were placed on sale. The 200,000,000
francs of tickets were sold within a half hour of
the opening of offices.
The uncertainty created in Europe by the swiftlymoving events in the United States was reflected in
comments made at the semi-annual court of the
stockholders of the Bank of England, Thursday.
Montagu Norman, Governor of the Bank,stated that
the changes in the United States were so great and
so continuous that the information he had obtained
up to the time of his departure from these shores a
fortnight ago was already out of date. "Nothing
that I have found while I was in America would be
of any use or interest to you," Mr. Norman remarked. "You will have to read the newspapers
day by day to see what is happening there." He
announced that the profits of the Bank for the half.
year ended Aug. 31, after provision for all contingencies, were 055,914. It became known in London, Monday, that Prime Minister Ramsay MacDonald had discussed American developments at
length that day with Sir Josiah Stamp, Sir Walter
Layton and Sir Arthur Salter, all prominent British
economists. In a report to the New York "Times"
it was said that the discussions were concerned
mainly with the fall of the dollar and its possible
repercussions in London.
The London Stock Exchange was quiet and
vaguely nervous in the initial session of the week.
Investors were inclined to hold off until a clearer
view could be gained of the international currency
situation, it was reported, and in this situation
changes were small. British funds eased slightly,
and changes in the industrial section also were generally downward. International securities were
irregular. Tuesday's dealings again were dull, with
moderate declines registered in nearly all departments of the market. Even South African gold mining stocks dropped, although gold in the London
auction market advanced to a new high price.
Sept. 23 1933
Changes in British funds were unimportant, but
larger recessions appeared in most industrial issues.
The market had a better tone Wednesday, mainly
because South African gold issues advanced on a
further sharp increase in the metal price. British
funds were in demand just before the close, and
small gains were recorded. Industrial stocks were
unsettled. A downward tendency was general,
Thursday, owing to anxiety regarding currency developments. British funds held up fairly well, but
industrial stocks and international issues dropped
sharply. The tendency at London yesterday was
irregular. Gilt-edged issues were steady, but declines developed in other sections.
Prices on the Paris Bourse moved lower with only
a few exceptions in the first session of the week. A
downward trend of the dollar and the pound sterling
was the main unsettling factor, the sharp recessions
occasioning fears of a general currency debacle.
Rentes were firm, while Bank of France and Suez
Canal shares advanced. Virtually all other issues
dropped heavily. Weakness was again the dominent
note on the Bourse Tuesday, but turnover was very
small in this session. Rentes continued to show a
good tone, to the frank astonishment of French
financial commentators. Other securities drifted
steadily lower in the quiet dealings. Further declines were registered Wednesday, the movement
being attributed entirely to the violent currency
fluctuations. Speculative securities and international issues lost heavily. Rentes were firm, while
South African gold mining stocks reflected the
strength at London in similar issues. Prices were
soft Thursday, notwithstanding Improvement in
pounds and dollars. The drastic declines at New
York were considered sufficient reason for liquidation, and all speculative issues suffered, with international descriptions hardest hit. Rentes and gold
mining shares also lost ground. The downward
trend was continued yesterday, with only a few
issues exempt from large losses.
The Berlin Boerse started the week with another
of the slumps that have been so common lately on
that exchange. The downward movement was violent, and it continued until just before the close,
when a small rally occurred on rumors of further
intervention by the large Berlin banks. Net losses
of 2 to 5 points were common, and in some instances
they ranged up to 9 points, despite the late improvement. After another unsettled opening, Tuesday,
prices began to move upward on the Boerse. Mining
stocks were in demand, with the buying attributed
to Rhenish circles. Electrical issues also improved,
and prices closed at the best levels of the day. The
advance was resumed after initial hesitation, Wednesday, with stocks and bonds alike in demand.
Rumors of helpful action by the Government, along
the line of tax remissions, aided the trend materially. Advances in stocks amounted to 1 or 2
points generally, with a few issues scoring gains
of as much as 4 points. Irregular tendencies were
reported in quiet dealings, Thursday. Stocks
showed about as many losses as gains, but bonds
again advanced. Equities lost additional ground
in a quiet session yesterday, but bonds remained
in favor.
EVIEWS of the intergovernmental debt settlements are to begin in Washington next month,
with the conversations destined to assume a more
R
Volume 137
Financial Chronicle
formal aspect than has been borne by any of the numerous exploratory conversations of the last year.
The settlement of the British debt to the United
States Government will be the first taken up for
review, and other European debtors doubtless will
follow the discussions with intense interest, as any
tentative conclusions reached by the specially qualified representatives of Great Britain and the United
States are expected to guide negotiations with most
other countries. Reports from London and Washington indicated, Monday, that Sir Ronald Lindsay,
the British Ambassador, and Sir Frederick Leith.
Ross, economic adviser to the British Treasury, will
sail from Southampton on Sept. 27 to engage in
debt discussions. On the American side the negotiations are likely, to be in charge of R. Walton
Moore, who was appointed Assistant Secretary of
State, Monday, to succeed Professor Raymond
3foley. Any conclusions reached will, of course, be
subject to the approval of Congress. President
Roosevelt is said to have emphasized in all the
recent talks with foreign government representatives on debts that he cannot make a final decision
on the matter, but is willing at any time to listen
to their representations. An• actual date for the
start of the conversations has not yet been selected,
but it is assumed that a beginning will be made
about Oct. 5.
Discussions on the debts will inevitably be highly
complicated. Virtually all European reports have
indicated that the chief debtor governments look
upon the tentative German reparations settlement
reached at Lausanne as a basis for proposals to be
made to the United States. The reparations agreement called for a lump sum payment of 3,000,000,000
Reichsmarks ($714,000,000 at par of exchange), or
about 10% of the immediate capital value of the
Young plan payment schedule. The United States
Government has steadfastly and properly maintained that no connection exists between reparations and war debts. This will prove a delicate
point, especially in any negotiations with France,
as the French Parliament indicated in a resolution
last December that it will refuse to pay more on
war debt account than is received on reparations
account.
Consideration also must be given, moreover, to
the broad question of international currency stabilization. The interesting suggestion is made in a
Washington dispatch of Thursday to the New York
"Evening Post" that a currency agreement between
the United States and Great Britain may develop as
a concomitant of the debt conference which is to
open in, Washington next month. The final debt
settlement is directly related to the value of American currency, it is pointed out, because the values
of British payments to the United States would be
directly dependent upon the exchange positions of
the dollar and the pound sterling. This problem
is said also to have a definite relation to political
considerations. "The ratification by Congress of
any debt reduction agreement with Great Britain
would be very difficult," the dispatch stated, "but
if such an agreement were bound up with other
moves regarded in Congress as inflationary in character, the political problem of getting a debt settlement ratified would be vastly reduced." The British
problem also would be diminished, it is suggested,
if it were known, for instance, that the dollar is
to be devalued to the extent of 50%.
2151
Additional difficulties necessarily will be introduced in the conversations by the consideration that
must be given the postponed and defaulted instalments of Dec. 15 1932 and June 15 1933. Such
unpaid instalments, exclusive of those due in the
Hoover moratorium year, for which separate agreements were made, amount to $156,317,215. The payments ordinarily due Dec. 15 next aggregate $152,753,659, so that technically the sum of $309,070,874
is payable Dec. 15. It was noted with some interest
on Sept. 16 that the debtor nations did not in any
instance give 90 days' notice of an intention to postpone principal payments Dec. 15, in accordance with
the privilege contained in the Debt settlement agreements. This probably reflects the prevalent belief
among the debtor States that far greater reductions
than a mere postponement of principal for a year or
two can be obtained.
IM11•1••=4,
PATHS
leading to the elusive goal of disarmament again were explored in Paris this week
by British and French statesmen, with American
representatives at hand as interested observers. In
accordance with the schedule arranged some weeks
ago, conversations were resumed Monday at the
Quai d'Orsay, where Premier Edouard Daladier and
Foreign Minister Joseph Paul-Boncour greeted
Captain Anthony Eden, British Under-Secretary for
Foreign Affairs, and several technical experts. The
French were disappointed at the presence of Captain Eden, reports said, as they considered the talks
sufficiently important to warrant the appearance of
the British Prime Minister, or at any rate of the
Foreign Secretary. The discussion proceeded rapidly, however, with supervision of armaments in
every country by a duly authorized international
body the main point at issue. Supervision was
originally proposed by the French, and intimations
have been given lately that Great Britain and the
United States might accept this principle if France
could thus be satisfied regarding her security and
induced actually to disarm in some measure.
At the conclusion of the conversations, Monday,
Captain Eden hastily returned to London. It was
reported both from Paris and from London that the
French regarded the instructions carried to Paris
by Captain Eden as much too vague for actual progress. But London dispatches intimated that this
was probably intentional, as the British are not
anxious to give France a definite reply on the supervision proposal until the disarmament situation
clarifies to some degree. The Paris talks occasioned
some hope of progress, however, and Prime Minister
MacDonald called a meeting of the Cabinet in London at short notice. What the French want, a
London dispatch to the New York "Times" states,
is supervision for a trial period of four years, after
which they would consent to reduction of their own
land armaments if the results were satisfactory. A
British proposal, placed before the French by Captain Eden, called for a trial period of nine months,
with gradual disarmament begun in this period and
"real disarmament" to be effected thereafter. It
was suggested in the London report that the British
will not readily agree to any great lengthening of
the trial period, and protracted negotiations thus
appear likely.
Soon after the Anglo-French conversations were
started in Paris, Monday, several additional leaders in the disarmament movement made their ap
2152
Financial Chronicle
pearance. Norman H. Davis, United States Ambassador-at-large and chief American delegate at the
General Disarmament Conference, arrived Tuesday,
accompanied by Allen W. Dulles, technical adviser,
and Hugh R. Wilson, American Minister to Switzerland. Mr. Davis carried a verbal message on disarmament from President Roosevelt to Premier
Daladier, but it is believed this concerned mainly
the hope entertained by Mr. Roosevelt for some
genuine progress toward disarmament. The American representatives conferred at length with the
French leaders, but the nature of the conversations
was not divulged. Conjecture on the point was not
satisfied in Washington, where it was said, Thursday, that the United States is pressing for the formation of a definite disarmament plan without making
any concrete proposals on its own account. Secretary of State Cordell Hull remarked that the conversations appear still to be in a preliminary stage.
A further visitor in Paris, who attracted notice, was
Arthur Henderson, the British President of the General Disarmament Conference. Mr. Henderson also
conferred, Tuesday, with Premier Daladier, and
then proceeded to Geneva to make arrangements for
resumption of the gathering on Oct. 16.
Although Germany is not an active participant in
the curernt discussions, it is quite possible that decisions of the Reich Government will prove decisive
for the success or failure of the attempt now being
made to satisfy France in regard to security. Foreign Minister Konstantin von Neurath restated the
German position late last week, in conversations
with representatives of the foreign press. He repeated that the former Allies must disarm in accordance with the obligation they assumed under
the Versailles treaty, and added that Germany will
never consent to arms supervision unless such disarmament first takes place. There are only two
alternatives in the disarmament dispute, he said.
The first is realization of equal armaments rights
for Germany with other countries, and the other is
complete breakdown of the entire idea of disarmament. Foreign Powers charge that Germany wishes
to re-arm merely in order to justify their own delay
in disarming, the Foreign Minister declared. Only
in other countries is talk of war heard, he added, as
Germany wishes nothing but peace. In a public
address by Dr. Wilhelm Frick, Reich Minister of
the Interior, Sunday, the implied threat of complete withdrawal by Germany from all international
conferences was made, unless the demand for
equality of status in armaments is granted. British
statesmen are taking due account of the German
attitude, London reports indicate. The hope persists in London that Italy will play the role of
intermediary with sufficient success to make some
sort of disarmament convention possible.
TEPS were taken by Prime Minister Ramsay
MacDonald, early this week, for review of some
special problems connected with the World Monetary and Economic Conference, of which he is Chairman. The completely futile gathering of last June
and July was held under League of Nations auspices, and it was announced at Geneva last Saturday that Mr. MacDonald had issued invitations for
a conference at London to Alexander Loveday, director of the League's financial section, and Dr. Pietro
Stoppani, head of the economic section. The two
League officials promptly left for London, where it
S
Sept. 23
1933
is understood they conferred at length with Mr.
MacDonald regarding continuance of some of the
tasks taken up at the London Conference. It appeared especially necessary to consider such matters, Geneva reports said, owing to the impending
meeting of the League Assembly on Sept. 25. Several nations already have indicated an intention of
discussing in the Assembly questions that the London Conference left unanswered. This may prove
embarrassing, however, owing to the absence of the
United States and Russia, which assumed important
roles in the London gathering and naturally would
be concerned in any decision taken regarding the
work of the World Conference. Unofficial suggestions were made in Geneva for inviting these two
countries to attend the meetings of the League Economic Commission, and Washington reports of Monday made it plain that some such solution of the
difficulty would be viewed favorably by Secretary
of State Cordell Hull. No inclination is felt at
Washington, however, for resumption of the World
Monetary Conference, now officially "recessed."
Prime Minister MacDonald is said to be still convinced, on the other hand, that the Conference is
not dead and will eventually be resumed.
That the World Monetary and Economic Conference was held at a most inappropriate time was
again demonstrated by a number of special protective tariff measures, taken by several countries
recently. The Dutch Parliament has approved new
import duties of 5% on manufactured goods and
12% on luxuries, the way having been prepared for
this step by the renunciation of the temporary tariff
truce of the London Conference on Sept. 4. The
Italian Cabinet approved a decree last Saturday
for the defense of Italian goods against the competition of imports from countries with depreciated
currencies. The decree provides that if imports of
certain classes of goods from countries with unstable
currencies produce disturbances in the Italian market for similar merchandise of domestic origin import duties are to be increased by amounts sufficient
to compensate for the depreciation of the currencies
in question. The United States Government also
found additional measures advisable on some products, as anti-dumping orders were issued in Washington, Tuesday, against incandescent light bulbs
and rubber-soled fabric-topped footwear from Japan,
celluloid-covered thumb tacks from Germany, and
saponified stearic acid from the Netherlands. These
products, according to the ruling, were being sold
at less than fair value, and an anti-dumping duty is
to be assessed sufficient to bring the sale price here
up to what is considered a fair value.
--•-CANT attention has been paid this year to the
preparations for the League of Nations Assembly meeting, scheduled to convene in Geneva next
Monday. This annual gathering of delegates from
all member States of the League provides a forum
for the airing of many international differences, and
the expectation has always persisted, heretofore,
that the League might be able to settle one or
another of these to the satisfaction of all parties
concerned. But the prestige of the League has
waned in the last year, owing to its demonstrated
ineffectiveness in such disputes as that regarding
Manchuria, in which the League took a determined
stand against Japanese aggression. This has occasioned a noticeable lack of interest in the forthcom-
S
Volume 137
Financial Chronicle
2153
ing gathering. The sessions of the coming week
may provide some lively moments, however, as several countries are reported ready to bring up the
broad question of the recent World Monetary and
Economic Conference, while disarmament problems
also are likely to produce clashes. International
differences are evident in many other connections,
moreover, and the discussions probably will range
over a wide field. There were some reports from
Geneva, early this week, that the United States
might participate in League activities on a modified
scale, but these were described as "erroneous and
misleading" by Secretary of State Cordell Hull. The
United States Government is not contemplating any
change whatever in its political relations with the
League, Mr. Hull added. Japan is not expected to
participate actively in further meetings of League
bodies, as that country gave the required two years'
notice of withdrawal owing to;the Manchurian dispute. It is possible, on the other hand, that Argentina will re-enter the deliberations soon, reports
from Buenos Aires state.
for suspecting that the Reichstag was set afire by
or on behalf of leading personalities of the NationalSocialist party." Only one of the accused, Marinus
van der Lubbe, was regarded as guilty of the crime,
and he was described as an enemy rather than a
friend of the Communists said by the Germans to
have started the conflagration. The other four men
on trial in Leipziz are Ernst Torgler, German Communist Deputy, and three Bulgarian refugees:
George Dimitroff, writer; Blagio Popoff, student,
and Vassil Taneff, shoemaker. These four were
held by the London Commission to have had no connection whatever with the crime. Among the important factors emphasized by the London group
were the circumstances that there was no sign of a
Communist uprising in Germany after the fire, and
that the happening was of great advantage to the
Nazis in the election campaign. In the eyes of the
world, therefore, German justice is on trial in Leipzig, rather than the accused men. The formal trial
started Thursday, and is expected to continue for
six weeks.
EGOTIATIONS were started in this city late
last week for extension by the Reconstruction
Finance Corporation of credits of $50,000,000 to
$75,000,000 to commercial agencies of the Russian
Soviet Government, for the purpose of financing
exports of American products to Russia. Terms
of the proposed financing were discussed by Jesse
H. Jones, Chairman of the Reconstruction Finance
Corporation, with Peter A. Bogdanov and A. Rosenshein, Chairman and President, respectively, of the
Amtorg Trading Corporation. The Reconstruction
Finance Corporation was reported willing to make
the loan on terms possible under the law, which
would be approximately similar to the $4,000,000
credit extended in July for one year at 5%,with the
Amtorg paying 30% in cash for the cotton purchases
then financed. Better terms were said to be desired, however, on the new loan by the Soviet
officials, and further conferences are to be held. If
negotiations are concluded successfully, large
amounts of American cotton, copper, aluminum and
possibly wheat will be purchased for export to Russia, it is indicated. These conversations between
representatives of official agencies of the United
States and Russian Governments stimulated further
conjecture regarding possible recognition of the
Moscow regime by the United States. It was confidently reported in Washington that recognition
soon will be announced, but Secretary of State Cordell Hull stated, Thursday, that no definite steps
have so far been taken.
USTRIA took a long step toward Fascism, early
Thursday, when Chancellor Engelbert Doll.
fuss re-formed the Government by dismissing some
of his staunchest supporters and gathering most of
the Cabinet posts in his own hands. Whether the
Fascism will be of the German or Italian variety,
or of a peculiarly Austrian bent, remains to be seen.
Chancellor Dollfuss is known to have in mind a
Fascism that he considers appropriate for his own
country alone, but there are powerful influences
within and without Austria working for coalition
with the Hitlerites of Germany. Italy does not
favor any such solution of the Austrian question,
while leading French spokesmen have made forthright declarations recently that France is prepared
to defend Austrian independence with arms, if that
should prove necessary.
A change in Austrian political alignments has
been forecast for weeks, and the measures adopted
by Chancellor Dollfuss on Thursday occasioned no
surprise. He dismissed Vice-Chancellor Franz
Winkler, leader of the Democratic Peasant party,
and War Minister Karl Vaugoin, Chairman of Dr.
Dollfuss's own Christian Social party. Major Fey
was made Vice-Chancellor, while Chancellor Dollfuss himself assumed the War portfolio, in addition
to those of Foreign Affairs, Agriculture and Public
Security. General Vaugoin was eliminated at the
insistence of the Austrian Heimwehr, which is considered devoted to Fascism of the Italian variety.
The changes were no sooner made, however, than
orders appeared for members of the Heimwehr to
refrain from any association with the Dollfuss
regime. Handbills were distributed appealing for
support of the Heimwehr by Austrian NationalSocialists, and declaring that the organization aims
at developing Austria into a German State which
some day can be "incorporated with the great German fatherland." Chancellor Dollfuss's days in
office are thought to be numbered if he cannot obtain the support of either the Heimwehr or the Austrian Nazis, and further developments in this situation may have profound significance.
N
INTERNATIONAL interest in the proceedings of
German Fascism was raised to a high pitch this
week as five men were placed on trial before the
Supreme Court at Leipzig on charges of treason and
incendiarism growing out of the fire which destroyed
the Reichstag building Feb. 27 last, just before the
German general election that swept the Nazis into
power. Nazi claims that the fire was started by
Communists as the signal for an uprising never have
been accepted outside Germany. The distrust of
the German official version is so pronounced that
an unofficial inquiry was held at London, beginning
Sept. 14, by a commission of eight distinguished
lawyers from seven countries. The London group
concluded its findings Wednesday, after extensive
hearings, and announced that "grave grounds exist
A
ONDITIONS in Cuba remained chaotic this
week, with Havana fairly calm but interior
towns subject to disorders of all sorts and minor
C
2154
Financial Chronicle
revolts against local authorities. President Ramon
Gran San Martin maintained his precarious hold on
a Government that is supported chiefly by the relatively small group of enthusiastic students, who
represent a definite force in the political life of
Cuba but no very important economic interest. Opposition groups have not so far made any definite
counter moves, and there is apparently no unity
among them. Havana reports intimate that the
continuance of Dr. Grau San Martin in office is
due mainly to the lack of any concerted opposition.
There is growing apprehension in Havana, meanwhile, of a prolonged period of anarchy and economic paralysis. At a joint meeting of the largest
corporations in Havana, last Sunday, a statement
was prepared warning that civil war is inevitable
if a coalition Cabinet is not formed. "Either the
present group in control must realize the impossibility of continuing in power without the support
of all factions and consent to the formation of a
national Government, or armed warfare is inevitable," the statement read. Professor A. A. Berle,
adviser to United States Ambassador Sumner
Welles, warned President Gran San Martin the
same day that the present situation threatens a
complete business collapse and widespread disorders.
An attempt was made last Saturday to organize
a coalition group along lines of national sovereignty
and independence and the right of Cubans to settle
their own political problems. The President and
leaders of most of the opposition factions met at
Havana, where they agreed readily on such general
aims. After two days of conversations it appeared,
however, that the views of the students and the
military leaders could not be reconciled and the
coalition project was abandoned. The political
interests were ranged thereafter in three sharp
divisions, the Student Directorate headed by Dr.
Gran San Martin; the army, headed by Colonel Batista as Chief of Staff, and the numerous ordinary
political factions ranged as the Opposition. President Grau San Martin made a little progress later
in the week toward consolidating his regime, but
in a Havana dispatch to the New York "Times" it
was remarked that the situation is moving toward
"some sort of a struggle between fascism and communism," no matter who heads the Government.
Fifteen sugar mills and a number of mines and
plantations in the interior were said to be in the
hands of workers with communist leanings. Sporadic revolts were reported in the Provinces of Pinar
del Rio, Camaguey and Oriente, but the leaders of
such movements have not yet had time to organize
large forces. American warships are in or near
every important port of Cuba, for the purpose of
protecting American lives and property, but it is
still hoped in Washington that intervention can be
avoided. Secretary of State Cordell Hull announced in Washington, Wednesday, that American
Consuls were advising Americans in troubled areas
to take refuge on the nearest warship.
HE Bank of England statement for the week
ended Sept. 20 shows a small loss of £12,529
in gold holdings, but as this was attended by a contraction of £2,063,000 in note circulation, reserves
rose £2,051,000. Gold holdings now aggregate
£191,732,440 as against £140,375,917 a year ago.
Public deposits rose £5,955,000 while other deposits
fell off £4,475,949. Of the latter amount £3,955,388
T
Sept. 23 1933
was from bankers' accounts and £520,561 from other
accounts. The reserve ratio is 48.56%, up from
47.76% a week ago and 40.24% a year ago. Loans
on Government securities decreased £3,090,000 and
those on other securities increased £2,517,097. Other
securities consist of discounts and advances and
securities which rose £7,643 and £2,509,454 respectively. The discount rate remains at 2%. Below
we show a comparison of the different items for five
years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Sept. 20
1933.
Sept. 21
1932.
Sept. 23
1931.
Sept. 24
1930.
Sept. 25
1929.
£
£
£
£
£
Circulation a
370.470,000 359,265,655 352,875,537 355,768,997 361,071,488
Public deposits
18.218,000 23,915,204 23.018,048 13,310,231 14,704.588
Other deposits
149.109.377 115,490,377 115,877,978 98,368,763 93,402,356
Bankers accounts_ 105,687,990 82,586,050 64.915,060 64,173,863 56,954,329
Other accounts-- - 43,421,387 32,904,327 50.962,918 34,194,900 36,448,027
Governm't securities 80,655,963 70.998,094 60.175,906 41,056,247 68,871.855
Other securities
23,641,091 30,532,656 39,720.573 27,258.183 25,410.624
Dlsct. dr advances_ 9,192,227 12,005,785 13,579,165 5.872,138 3,232,880
Securities
14.448,864 18,526,871 26,141.408 21,586,045 22,177,744
Reserve notes de coin 81,263,000 56,110,262 57,298,091 61,658,143 32,141,079
Coln and bullion_
191,732.440 140,375,917 134.973,628 157,427,140 133,212,565
Proportion of reserve
to liabilities
40.24%
48.56%
41.25%
55.20%
29.73%
Bank rate
2%
2%
6%
3%
644%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note issues adding at that time £234,199,000 to the amount of Bank of England notes
outstanding.
HE Netherlands Bank reduced its discount rate
on Monday, Sept. 18, from 3% to 23/27o,
the former rate having been in effect since Aug. 16
1933. Present rates at the leading centres are
shown in the table which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
Country.
Rate in
Effete
Date
Sent 22 Established.
Austria__
Belgium.- Bulgaria-Chile
Colombia- Csechoslovakia____
Danzig_ ___
Denmark_ _
England_ _ _
Estonia__
Finland.._
.
France. ___
Germany..
Greece
Holland_ _
PreMOW
Rate.
5
344
844
444
4
Mar. 23 1933
Jan. 13 1932
May 17 1932
Aug. 23 1932
July 18 1933
6
234
944
534
5
344
4
3
2
541
5
244
4
731
234
Jan. 25 1933
July 12 1932
June 1 1933
June 30 1932
Jan. 29 1932
Sept. 5 1933
Oct. 9 1931
Sept. 31 1932
May 29 1933
Sept. 18 1933
444
5
344
234
644
544
2
5
9
3
Country.
Rate in
Effect
Date
Sept 22 Established.
Premous
Rate.
Hungary-- 444 Oct. 17 1932 5
344 Feb. 16 1933 4
India
Ireland.— 3
June 30 1932 344
344 Sept. 4 1933 4
Italy
Japan
3.65 July 3 1933 4.38
444 Aug.16 1933 5
Java
Lithuania— 7
May 5 1932 741
Norway- - - 344 May 23 1933 4
Poland
Oct. 20 1932 744
6
Portugal
6
Mar. 14 1933 844
Rumania. — 8
Apr. 7 1933 7
South Africa 4
Feb. 21 1933 5
6
Oct. 22 1932 OH
Spain
Sweden
3
June 1 1933 344
Switzerland 2
Jan. 22 1931 244
In London open market discounts for short bills
on Friday were %%,as against /@7-16% on Friday
of last week and %@7-16% for three months' bills,
as against %@7-16% on Friday of last week. Money
on call in London yesterday was 4%. At Paris the
3
open market rate remains at 234.% and in Switzerland at 13/2%.
HE Reichsbank's statement for the second
quarter of September shows an increase in gold
and bullion of 12,624,000 marks. The total of gold
is now 338,066,000 marks in comparison with 781,207,000 marks a year ago and 1,372,078,000 marks
two years ago. A decrease appears in reserve in
foreign currency of 12,217,000 marks, in bills of
exchange and checks of 63,028,000 marks,in advances
of 1,800,000 marks,in investments of 241,000 marks,
in other assets of 78,000 marks and in other liabilities
of 14,026,000 marks. Notes in circulation record a
loss of 36,687,000 marks reducing the total of the item
to 3,357,744,000 marks. A year ago circulation
aggregated 3,597,378,000 marks and the year before
4,259,580,000 marks. Silver and other coin, notes
on other German banks and other daily maturing
obligations register increases of 21,296,000 marks,
3,894,000 marks and 11,160,000 marks respectively.
The proportion of gold and foreign currency to note
circulation is now 11.8% as compared with 25.7%
last year and 40.7% the previous year. Below we
furnish a comparison of the various items for three
years:
T
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Assets—
Gold and bullion
Of which depos. abr'd
Reserve in foreign curr_
Bills of exch.& checks
Silver and other coin._
Notes on oth. Oct. bks_
Advances
Investments
Other assets
Liabilities—
Notes In circulation
Oth daily matur.obligOther liabilities
Propor.of gold & foreign
curr. to note circurn_
2155
Financial Chronicle
Volume 137
Sept. 15 1933. Sept. 15 1932. Sept. 151931.
Reichsmarks. Reichsmarks. Reichsmarks.
Reichsmarks.
+12,624,000 338,066,000 781,207.000 1.372,078.000
99,551,000
63.351,000
No change.
93,778,000
58,902,000 144,561,000 356,165.000
—12,217,000
—63,028,000 3,062,844.000 2,858,869,000 2,886,988.000
95.288,000
+21,296,000 235.932.000 23.5,636.000
9,349,000
9.733,000
12,030,000
+3,894,000
—1,800,000 86,907,000 117,515.000 163.741,000
3.650.000 103.029,000
—241,000 319,915,000
—78,000 507.122,000 788,150.000 919,520,000
rates on the
in detail with call
DEALINGExchange fromallday loanday, %% has
to
Stock
through the week for
been the ruling quotation
both new loans and renewals. The market for time
money has continued extremely quiet this week,
no transactions having been reported. Rates are
nominal at M% for 30 days, 3/2@%70 for 60, 90
and 120 days, 34@1% for five months, and 1®14%
—36,687,000 3,357,744,000 3,597,378.000 4.259.580,000
for six months. The market for commercial paper
+11,163,000 389,519,000 413,269.000 393.410.000
—14,026,000 226,084,000 722,600,000 775,837,000
has continued fairly brisk this week. More paper
40.7%
25.7%
11.8%
-I-0.1%
has been available and dealers have been able to
widen their circle of transactions. Rates are 13/2%
HE Bank of Prance in its statement for the week
for extra choice names running from four to six
ended Sept. 15 shows a decline in gold holdings
4%
months and 14 for names less known.
of 8,048,858 francs. The Bank's gold now totals
82,261,598,924 francs as compared with 82,507,941,HE market for prime bankers' acceptances has
944 francs last year and 58,575,162,958 francs the
been extremely quiet this.week. The offerings
previous year. Credit balances abroad and French
have shown moderate improvement but the call for
commercial bills discounted record decreases of
6,000,000 francs and 195,000,000 francs while ad- this class of accommodation has shown very little
vances against securities and creditors' current ac- improvement. Rates are unchanged. Quotations
counts register increases of 26,000,000 francs and of the American Acceptance Council for bills up to
348,000,000 francs, respectively. Notes in circula- and including 90 days are %% bid, and %% asked;
tion reveal a contraction of 614,000,000 francs which for four months, %% bid and M% asked; for five
31%
A
reduces the total of notes outstanding to 81,423,239,- and six months, 7 % bid and 4 asked. The bill
rate of the New York Reserve Bank is 1%
410 francs. Circulation a year ago was 80,281,041,- buying
860 francs and two years ago it was 77,575,132,090 for bills running from 1 to 90 days, and proporfrancs. The proportion of gold on hand to sight tionately higher for longer•maturities. The Federal
liabilities is now 79.91% in comparison with 77.13% Reserve banks' holdings of acceptances decreased
last year and 56.23% the year previous. Below we during the week from $7,347,000 to $6,932,000.
correspondfurnish a comparison of the various items for three Their holdings of acceptances for foreign
ents, however, increased during the week from $43,years:
362,000 to $46,701,000. Open market rates for
BANK OF FRANCE'S COMPARATIVE STATEMENT.
acceptances are as follows:
Change*
T
T
for Week.
Sept. 15 1933. Sept. 16 1932. Sept. 18 1931.
Francs.
Francs.
Francs.
Francs.
—8.048.858 82,261.598,924 82,507,941,944 58.575,162,958
—6,000,000 1,285,625,883 2,929,212,140 14,617,196,554
Gold holdings
Credit bais. abr'd.aFrench commercial
bills discounted- - .-195.000,000 2,604.452.277 3,130,230.036 4,437.227,965
1.346316.608 2,080.736.851 12,921,360.724
b Bills bought abr'd No change.
Adv.agt.secure....
+26,000,000 2,761,333.372 2,796,784,69C 2,768,334,907
Note circulation
—614.000.00081,423.239.41080,281,041,880 77,575,132,090
Cred. curt. accts... +348,000,000 21,526,690,243 26,689,443,377 26,603.661,924
Proportion of gold
on hand to sight
56.23%
77.13%
79.91%
liabilities
+0.20%
a Includes bills purchased in France. b Includes bills discounted abroad.
HE New York money market was a routine
affair this week, no changes of importance being
recorded -in rates for accommodation. Due to the
extreme ease in money, some changes in the charges
made to out-of-town banks for placing their fundi in
the call money m3rket here were agreed upon last
Monday by the member banks of the New York Clearing House Association. The charge heretofore has
been %%,and that figure will be charged herelfter
whenever the open market rate is 2% or more. When
a lower rate is quoted in the market, as at present,
then the charge will be 25% of the interest, but with
1 1%. As a result of this
a minimum charge of /
0,
decision the current charge is 3.17 as against the
previous rate of
Call money on the New York Stock Exchange
3
remained at 4% all week, both renewals and new
loans being arranged at that level. In tha unofficial
street market, loans were arranged every day at
%%,or a concession of X% from the official rate.
Time money hardened very slightly. An issue of
$100,000,000 in 91- day Treasury discount bills was
sold on competitive bids, MondaY, at an average
discount of slightly less than 0.11%. Brokers' loans
against stock and bond collateral declined $65,000,000
in the week to Wednesday night, according to the
customary report of the Federal Reserve Bank of
New York.
T
SPOT DELIVERY.
-—180 Days— —150 Days-- —120 Days
Asked.
Bid.
Asked.
Bid.
Asked.
Bid.
31
44
%
Prime eligible bills
X
44
X
-—90Days— —60Days— —30Days
Asked.
Bid.
Bid.
Asked.
Asked.
Bid.
,i
34
%
34
Ptime eligible Ms
34
if
FOR DELIVERY WITHIN THIRTY DAYS.
M% bid
Eligible member banks
34% bid
Eligible non-member banks
been no changes this week in the
of the
THERE have ratesscheduleFederal Reserve banks.
rediscount
of rates now in effect
The following is the
for the various classes of paper at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
Sept. 22.
3
234
3
335
3
3
335
335
335
3
Date
Established.
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
Previous
Rate.
335
3
335
335
4
3
335
335
4
3
4
3%
current week has had
exchange
STERLINGspectacular the of such proportions that
rise
another
it may be said to have outdistanced all previous
moves of the kind. In Wednesday's market sterling
spurted up to nearly its former parity with the dollar,
when at the high for the day cable transfers were
quoted at 4.853/2. This compared with 4.6834 last
Saturday. The dollar then had a gold value of
63.71 cents—a new low. Since sterling is easier in
terms of French francs, these high quotations for
the pound in dollars simply indicate that the dollar
has been sold heavily abroad and is under great
pressure, partly beause of speculative onslaughts,
2156
Financial Chronicle
but just as much perhaps because of the flight from
the dollar. The foreign exchange market is more
demoralized, more nervous and more erratic than at
any time since early in March, owing entirely to
fears of inflation here and to the uncertainty and
failure on the part of the Washington authorities to
make any positive statement regarding future
monetary plans. The range for sterling this week
has been between 4.685 3 and 4.853 for bankers'
/
sight bills, compared with a range of from 4.513
%
to 4.68 last week. The range for cable transfers has
been between 4.68% and 4.853/ compared with a
range of from 4.52 to 4.683 a week ago. It is
evident from the London check rate on Paris, which
is an indication of the relationship of sterling to gold,
that the London authorities are making no attempt
to peg the pound to the franc or to gold. During
the week several persons in London who are in a position to speak with authority also asserted that it was
no part of British intention to follow the dollar downward. Montagu Norman, Governor of the Bank of
England, in a statement made during the week professed not to have the least idea as to what the course of
events on this side would be or what effect they would
have on sterling. It is nevertheless of interest to
point out that the shareholders of the Bank of England at the semi-annual meeting on Wednesday passed
a vote of thanks to Governor Norman and the staff
of the Bank of England, wherein it was said: "We
feel that we have every confidence so far as you are
concerned and that you will always see that the fine
traditions of the Bank of England are maintained as
long as you occupy with such distinction the post of
Governor. We are perfectly satisfied that there will
be no hasty legislation dealing with currency or with
any question like that, so long as you are with us."
One gentleman is supporting the resolution complimented Governor Norman on his return from the
United States "where he had no doubt sown some
good seed which in time will bear fruit."
In reading between the lines of these statements
originating in the highest and most conservative
quarters in London it may be easily surmised that
there will be no real devaluation of the pound nor
competition in currency inflation, but that the hope
exists there that gold stabilization and sound principles will be returned to at the earliest possible
moment. The second anniversary of London's
forced departure from gold occurred on September 21.
There can be no doubt that during the latter half of
last year and until the banking crisis here, the London
authorities were making every effort to place the Bank
of England in a strong position for the resumption of
the gold standard as soon as practicable, but the untoward events which have since taken place on this
side have nullified these plans. There can now be no
return to gold until Washington's course is clarified
or until whatever policy is adopted here has been in
effect long enough to assure London and the chief
financial centres of its permanency. The fact that
the situation is becoming increasingly awkward and
difficult for the Exchange Equalization Fund is
doubtless a factor in the current ease of sterling in
terms of the French franc. Under normal conditions of exchange francs should now be quoted in
London and Paris at a range varying from 124 to
126 francs to the pound. The following table shows
the mean quotation for the London check rate on
Paris from day to day this week.
Sept.
LONDON CHECK RATE ON PARIS.
Friday
Sept. 15_____ ___80.90 'Wednesday Sept. 20
Saturday Sept. 16 _____ ____80.75 1Thursday Sept. 21
Monday Sept. 18_____ ___80.1251Friday
Sept. 22
Tuesday Sept. 19_____ _ _79.8751
23 1933
79.25
79.374
78.968
A further indication of the weakness of sterling with
respect to gold may be found by considering the gold
prices in the London open market. At all times when
England was on the gold standard the Bank of England's standard price was 84s. 10d., but the Bank
felt at liberty to increase this price fractionally if
for any reason it was deemed desirable for the supply
available in the market to be shut off from other
purchasers. The additional price offered by the Bank
of England rarely exceeded the official price by more
than a few pence, although on several occasions since
suspension of the gold standard in 1931 the Bank of
England either for itself or in conjunction with the
Exchange Equalization Fund has frequently taken
from the available supply in the open market, paying
the high market price. The following table give.3
the open market price for gold in London this week.
Friday
Saturday
Monday
Tuesday
LONbON OPEN MARKET GOLD PRICE.
Sept. 15
'Wednesday Sept. 20
130s. 5d.
Sept. 16_ _ _
_130s. 5d.1Thursday Sept. 21
Sept. 18_ _ _ _ _ _1318. 9d. Friday
Sept. 22
Sept. 19_ __
_1318. 9d.1
133s.9d.
132s. 9d.
133s. 7d.
The great demand for gold in the London open
market, which accounts for the heavy premium,
comes chiefly from Continental gold hoarders. On
Saturday last £120,000 of bar gold was available and
was taken for Continental account at a premium
of 53/d. On Monday £70,000 bar gold was available
2
and taken for the Continent at a premium of 8d.
On Tuesday the Continent took £450,000 at a
premium of 7d. On Wednesday £200,000 available
was taken by the Continent at a premium of 93/d.
2
On Thursday £165,000 went to the Continent at a
premium of 9d. On Friday, of £609,000 available,
all was taken by the Continent at a premium of 73/d.
2
Despite the weakness of sterling in terms of gold,
and a rather steady flow of funds from London and
other centres to the gold bloc countries, funds are
flowing to London from all parts of the world, as
the major body of world opinion still regards London
as the safest place of deposit. The plethora of funds
in London is indicated by the ease in open market
quotations in Lombard Street. Call money against
bills is in abundant supply at %% to %%. Twomonths' bills are 5-16% to /%;three-months' bills,
H% to 7-16%; four-months' bills, 7-16% to M%,and
six-months' bills, H% to 11-16%. This week the
Bank of England statement as of Sept. 20 shows a
decrease in gold holdings of £12,529, the total
standing at £191,732,440, which compares with
£140,375,917 a year ago.
At the Port of New York the gold movement for
the week ended Sept. 20, as reported by the Federal
Reserve Bank of New York, consisted of exports of
$9,049,000, of which $8,350,000 was shipped to
France and $699,000 to England. The Reserve Bank
reported a decrease of 89,032,000 in gold earmarked
for foreign account. There were no gold imports.
The Bank reported exports of 16,607 ounces of gold
recovered from natural deposits. In tabular form
the gold movement at the Port of New York for the
week ended Sept. 20, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK SEPT. 14-5EPT. 20 INCL.
Imports.
Exports.
1
1
$8,350,000 to France.
None.
699,000 to England.
1
1
$9,049,000 total.
1
Volume 137
Exports
Financial Chronicle
•Net Change in Gold Earmarked for Foreign Account.
Decrease: $9,032,000.
of Gold Recovered from Natural Deposits: 16,607 fine ounces.
The above figures are for the week ended Wednesday evening. On Thursday there were no imports
or exports of the metal or change in gold held earmarked for foreign account. There was exported,
however, 19,506 fine ounces of gold recovered from
natural deposits. On Friday there were no imports'
of the metal, but $8,333,300 was withdrawn for
export to France. Gold earmarked for foreign
account decreased $8,333,300. There have been no
reports during the week of gold having been received
at any of the Pacific ports.
Canadian exchange continues at a discount, but
owing to the higher quotations for sterling with
respect to the United States dollar the rate is more
favorable to Montreal than at any time in the past
few years. On Saturday last, Montreal funds were
quoted at a discount of 34%; on Monday at 21 %;
4
on Tuesday at 1 13-16%; on Wednesday at 1%%;
on Thursday at 23
4%,and on Friday at 2 3-16%.
It was pointed out here last week that beginning
with Friday, Sept. 8, the Treasury at Washington
has been announcing daily the price per ounce which
it will pay for new gold from American mines, and
a table was given of the daily.prices from Sept. 8 to
Sept. 15, inclusive. As indicating the extent of the
depreciation of the American dollar it should be
borne in niind that the price for gold by the mint
as fixed by law is $20.67 per ounce. The following
table gives the prices announced by the Treasury
this week:
Friday
Saturday
Monday
Tuesday
PRICE PAID FOR GOLD BY U. S. TREASURY.
$30.411Wednesday Sept. 20
Sept. 15
Sept. 16- _ _ ______ 30.491Thursday Sept. 21
Sept. 18_____
31.441Friday
Sept. 22
Sept. 19_____
31.641
$32.28
31.33
31.75
The following table gives the mean gold quotation
of the United States dollar in Paris this week:
MEAN GOLD QUOTATION U. S. DOLLAR IN PARIS.
Friday
Sept. 15
67.81Wednesday Sept. 20
64.5
Saturday Sept. 10
67.0 Thursday Sept. 21
65.1
Monday Sept. 18
65.01Friday
Sept. 22
64.5
Tuesday Sept. 19
64.91
Referring to day-to-day rates, sterling exchange
on Saturday last was firm in terms of the dollar.
Bankers' sight was 4.68/@4.72; cable transfers,
4.68%@4.72%. On Monday, sterling again moved
up sharply against the dollar. The range was
4.76%@4.82 for bankers' sight and 4.773@4.8231
for cable transfers. On Tuesday sterling was steady
in an extremely dull market. Bankers' sight was
4.77%@4.803'; cable transfers,4.77%@4.80%. On
Wednesday sterling surged up to nearly old dollar
parity. The range was 4.7731@4.853 for bankers'
sight and 4.77@4.853/ for cable transfers. On
2
Thursday the• pound was easier. The range was
4.733/2@4.81 for bankers' sight and 4.73%@4.82%
for cable transfers. On Friday there was further
ease and the range was 4.76%@4.799/ for bankers'
sight and 4.767(4)4.793/ for cable transfers. Closing
4
quotations on Friday were 4.793 for demand and
4.7932 for cable transfers. Commercial sight bills
finished at 4.79; 60
-day bills at 4.783/2; 90
-day bills
at 4.783; documents for payment (60 days) at
4.783/2, and seven-day grain bills at 4.783i. Cotton
and grain for payment closed at 4.79.
XCHANGE on the Continental countries has
been sensationally strong owing to the weakness
in sterling and the dollar with respect to French
francs, rather than to any fundamental change in
E
2157
the general situation of the Continental currencies
during the past few weeks. While French francs
have been unusually firm as regards London and
New York, the franc rate is at a discount with respect
to other gold bloc countries because of seasonal
factors. Despite the rather widely held opinion that
France will be unable to maintain its position on
gold unless a radical change occurs soon in the dollar
and sterling situation, dispatches from reliable
authorities in Paris insist that France and the gold
bloc countries, notably Holland and Switzerland, are
in an impregnable position. It is pointed out in
Paris that the fact that practically the entire world
except the United States was off the gold standard
during the World War and for years thereafter, did
not in any way weaken the position of the United
States as the single gold country. Therefore, it is
argued, now that circumstances are adverse, the
weakness in the sterling and dollar situation has not
had any effect on the gold position of France, particularly since she has the support of the entire
gold bloc. Paris asserts that its greatest difficulty
lies in the internal problem created by the unsatisfactory condition of the National budget, but even
this situation is regarded more hopefully than it
was a few months ago. Even with the possibility
of political disturbances in France when Parliament
convenes shortly, French dollar bonds are selling at
record high, indicating that the franc will not be
allowed to decline by reason of any form of devaluation. Public opinion in France must be
considered and it is hostile to another revalued franc.
It is thought that Parliament will not dare to suggest
such a measure. The most that France or the gold
bloc might be expected to do if the general situation
affects them too severely would be to take measures
to insure that their gold would be protected from
speculators and hoarders, and that its free flow would
be confined to furthering strictly commercial requirements. In Paris it is said that continued
payment in gold of French "dollar imports" seems
certain, at least so long as the franc remains a gold
currency. If franc stability were broken, continuation of gold payments on external coupons would be
an extra burden on the budget. It cannot be foretold what action the Government would then take.
It is pointed out, however, that during the period of
franc depreciation the French State scrupulously
observed such engagements.
This week the Federal Reserve Bank reports a
further shipment of $8,350,000 gold to France. As
frequently pointed out, this gold is thought to reach
France from British sources and does not appear in the
weekly statement of the Bank of France. Doubtless
the Bank of France gets some of this gold, but for the
greater part it would seem that the British Exchange
Equalization Fund has gold either in the vaults of
the French private banks or earmarked with Paris.
In either case it would not appear in the French Bank's
weekly statement. The total of such shipments
since the beginning of March exceeds $185,000,000.
The Bank of France has been losing gold to other
European countries for some weeks. The Banks'
statement for the week ended Sept. 15 shows a decrease in gold holdings of fr. 8,048,858, the total
standing at fr. 82,261,598,924, which compares with
fr. 82.507,941,944 a year ago and with fr. 28,935,
000,000 in June 1928, when the unit was stabilized.
The Bank's ratio is at the high figure of 79.91%,
2158
Financial Chronicle
which compares with 79.71%. on Sept. 8, with
77.13% a year ago, and with legal requirement of
35%.
The Belgian currency is firm and the most confident
feeling exists in Brussels as to the power of the gold
bloc countries to maintain their position. A new
1,500,000,000 belga loan has just been subscribed in
one day, the purpose of which is to raise funds with
which to consolidate the Belgian debt and to carry on
public works. It is pointed out that this might be
attributed entirely to patriotic Belgian faith in their
currency were it not for the fact that subscriptions
were received from many foreign countries.
Italian lire are strong in common with other Continental currencies. A special dispatch to the Wall
Street "Journal" recently stated that the Italian
cabinet has passed a special measure dealing with
imports from countries having depreciated currencies.
Whenever owing to depreciation of the currency imports of certain products from such countries are
likely to cause serious disturbance in the respective
branch of the Italian domestic market, the Government has been empowered to raise the customs duty
to correspond with the currency depreciation.
German marks are nominally firm in terms of the
dollar but mark quotations may be largely ignored as
all foreign exchange and foreign trade operations are
under strict Reichsbank control. Since the end of
June the Reichsbank's gold reserves have risen from
rm. 189,000,000 to rm. 325,000,000. All of the addition was acquired in France except a small sum which
arrived from Russia. The average weekly gold gain
has been rm. 15,000,000, or at the rate of rm. 780,000,000 a year. As rm. 780,000,000 would suffice
for transfer of the embargoed 50% of bond interest and
full amortization, it would seem plain that the cause
of the June default was not inability to transfer, but
determination to replenish currency reserves. It is
understood that the Government is considering a
modification of the Reichsbank law so as to authorize
the bank to buy public bonds in its own behalf.
This is expected to influence directly capital and
money markets. The consent of the Bank for International Settlements is necessary in order to make a
change in the law. It is expected that the consent
will be given. Government officials are understood
to be hopeful of converting the short-term indebtedness of rm. 4,000,000,000 to rm. 5,000,000,000
largely in long-term credits.
The London check rate on Paris closed on Friday
at 78.97, against 80.93 on Friday of last week. In
New York sight bills on the French centre finished
on Friday at 6.083/2, against 5.793 on Friday of
last week; cable transfers at 6.083, against 5.793/2,
2
and commercial sight bills at 6.073/, against 5.79.
belgas closed at 21.69 for bankers' sight
Antwerp
bills and at 21.70 for cable transfers, against 20.69
and 20.70. Final quotations for Berlin marks were
37.14 for bankers' sight bills and 37.15 for cable
transfers, in comparison with 35.49 and 35.50.
2
Italian lire closed at 8.143/ for bankers' sight bills
and at 8.15 for cable transfers, against 7.783/ and
7.79. Austrian schillings closed at 17.40, against
16.60; exchange on Czechoslovakia at 4.61, against
2
4.40; on Bucharest on 0.93, against 0.923/;on Poland
and on Finland at 2.19,
at 17.40, against 16.90,
against 2.093/2. Greek exchange closed at 0.87 for
bankers' sight bills and at 0.873/ for cable transfers,
against 0.833/i and 0.84.
Sept. 23 1933
XCHANGE on the countries neutral during the
war presents no new features of importance
from those prevailing during the past few weeks.
All are strong against the American dollar. The
Holland guilder is entirely re-established in the
general esteem of foreign markets. This week the
Bank of The Netherlands made a further decrease
of M% in its rediscount rate, which now stands at
23/2%. The 3% rate had been in effect since Aug. 16,
when it was reduced from 33/2%. The reduction
in the rediscount rate is a consequence of recent
accretions of strength in the Dutch position. The
Dutch Finance Minister, Mr. Pieter Jacobus Oud,
in introducing the budget in Parliament a few days
ago, declared emphatically that Holland must
remain on the gold standard.
Bankers' sight on Amsterdam finished on Friday
at 62.74, against 59.74 on Friday of last week; cable
transfers at 62.75, against 59.75; and commercial
sight bills at 62.60, against 59.60. Swiss francs
closed at 30.11 for checks and at 30.12 for cable
transfers, against 28.69 and 28.70. Copenhagen
checks finished at 21.42 and cable transfers at 21.43,
against 20.89 and 20.90. Checks on Sweden closed
at 24.75 and cable transfers at 24.76, against 24.14
and 24.15; while checks on Norway finished at 24.11
and cable transfers at 24.12, against 23.49 and 23.50.
Spanish pesetas closed at 12.993' for bankers' sight
bills and at 13.00 for cable transfers, against 12.393/
and 12.40.
E
XCHANGE on the South American countries
continues under strict control of government
boards and quotations are only nominal. There is
practically no market in New York for the South
American currencies and funds due in these countries
to American exporters of goods to South America
are inclined to remain there impounded or else they
are sent to London, as London is favored generally
in all exchange transfers in the South American
centres. There can be no improvement in the South
American foreign exchange situation until complete
recovery takes place here. Nor can the situation
even then be greatly changed until such time as
Great Britain returns to gold.
Argentine paper pesos closed on Friday nominally
at 39% for bankers' sight bills, against 37 on Friday
3
of last week; cable transfers at 39%, against 38.
nominally quoted at 7.81 for
Brazilian milreis are
bankers' sight bills and at 83 for cable transfers,
%
4. Chilean exchange is nominally
against 6.95 and 81
quoted at 932, against 9. Peru is nominal at 21.30,
against 19.75.
E
XCHANGE on the Far Eastern countries continues demoralized because of the extremely
uncertain situation of sterling and the United States
dollar. The Indian rupee is quoted firmer as the
rupee moves in strict harmony with sterling exchange,
to which it is fixed at the rate of is. 6d. per rupee.
The Chinese units are apparently higher by reason
of the higher quotations for silver in cents in New
York and in pence in London, but silver prices are
really no higher than they were some weeks ago,
when measured by gold. In fact, they are much
lower than they were at any time since the middle
of April. Hence the nominal quotation for the
Chinese units merely reflects the decline in the
dollar and in sterling with respect to gold. The
E
Volume 137
Financial Chronicle
2159
Japanese foreign exchange situation shows very little
New Aspects of the Disarmament Problem.
change. A Tokio dispatch on Tuesday stated that the
The renewed discussion of disarmament which
Japanese Government was shipping 5,000,000 yen in has been going on in Europe, partly in anticipation
gold to London, as part of a movement which it of the stated meeting of the Council and Assembly
is estimated will amount to 30,000,000 yen, or ap- of the League of Nations, but more particularly in
proximately 15,000,000 gold dollars. Thus far this preparation for the meeting of the Disarmament
month approximately 9,500,000 yen have been sent Commission which is to reconvene on Oct. 16, preto London for Government account.
sents some new features for which the recent course
Closing quotations for yen checks yesterday were of political events is mainly responsible. When the
28, against 27.55 on Friday of last week. Hong Disarmament Commission adjourned last July, in
Kong closed at 3434@34 5-16, against 33%@ deference to the meeting of the World Monetary and
33 15-16; Shanghai at 30 7-16@30%, against 303/i Economic Conference at London, doubt was freely
@
,303/2; Manila at 50, against 49 8; Singapore at expressed that any further sessions would be held.
3
563/2, against 54%; Bombay at 363/s, against 35.05, Months and years of debate had failed to accomplish
and Calcutta at 363/ against 35.05.
8,
anything that could be recognized as a practical re-0duction or limitation of armaments, and the French
URSUANT to the requirements of Section 522 demand for security appeared to stand as an insuperof the Tariff Act of 1922, the Federal Reserve able obstacle to agreement among the Powers. There
Bank is now certifying daily to the Secretary of the is no reason as yet to think that the security issue
Treasury the buying rate for cable transfers in the will cease to obstruct, but recent events have given
different countries of the world: We give below a it a somewhat different bearing and also turned the
question of possible agreement along somewhat
record for the week just passed:
different lines.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
The most important of these events is the demonSEPT. 16 TO SEPT. 22 1933, INCLUSIVE.
stration of the strength of the Hitler Government in
Noon Buying Rate for Cable Transfers in New York,
Germany. Three months ago there was no lack of
Country and Monetary
Value in Untied States Money.
Unit.
confident predictions that the Hitler regime would
Sept. 16. Sept.18. Sept. 19. Sept.20. Sept. 21. Sept.22.
not last long, and that political ostracism and ecoEUROPE$
a
$
$
3
$
Austria,schilling
.167533 .170166 .171166 .174166 .171833* .173000
nomic boycott would shortly bring changes which,
Belgium, belga
.207158 .214550 .214150 .216945 .213938 .215558
Bulgaria, lev
.016000 .014000 .012000 .013000* .011750* .012500*
if they did not oust Hitler from power, would bring
Czechoslovakia, krone .044000 .045516 .045514 .646242 .045683 .045933
Denmark, krone
.209518 .214700 .213818 .215500 .212575 .213633
his policies more into line with those commonly
England, pound
4.696333 4.808214 4.782857 4.814375 4.759583 4.782416
sterling
pursued in other countries. It has become clear in
.020860 .021250 .021220 .C21320 .021033 .021283
Finland, markka
.058201 .060214 .060196 .060775 .060103 .060583
France,franc
Germany, reichsmark .355780 .367200 .367016 .371733 .365645 .369454
the interval that the Hitler movement is not a flash
.0L8362 .008831 .008655 .008765 008645 .008687
Greece, drachma
.599216 .621053 .620225 .626722 .619518 .625245
Holland, guilder
in the pan, that it has powerful support among the
.262666 .269833* .269833* .273666 .271166* .273500
Hungary, pengo
.078196 .080819 .C80725 .081431 .080572 .081206
Italy, lira
German people, and that while it may, and doubtNorway, krone
.236070 .241570 .240272 .242430 .238680 .240370
Poland, zloty
1673(0 .172000 .173166 .175000 .172666 .172125
less will, moderate some of its excesses, it must be
Portugal, escudo
.044730 .046000 .046100 .046433 .046100 .046820
Rumania,leu
.009175 .009166 .009350 .009375 .009100 .009325
dealt with as though it were permanent. Any disSpain, peseta
.124421 .128466 .128365 .129863 .128135 .129469
Sweden,krona
.242200 .247463 .246800 .248818 .245190 .246572
cussion of disarmament now, accordingly, must take
Switzerland, franc-- _ .288014 .297641 .298008 .301618 .297423 .299633
yugoslavia. dinar
.020290 .020400 .020925 .021300 .021000 .020966
account of the new spirit which prevails in Germany.
ASIAChinaImplicit in that spirit is a refusal to allow the
Chefoo (yuan) dol'r .298541 .302708 .304583 .307916 .303541 .301041
Hankow (yuan)dol'r .298541 .302708 .304583 .307916 .303541 .301041
Reich to be treated any longer as a subject nation
Shanghai(Yuan)dol'r .299218 .304375 .305000 .308125 .303281 .301718
Tientsin (yuan) dol '. .298541 .302708 .304583 .307916 .303541 .301041
.
which must yield to pressure whenever pressure is
Hong Kong dollar
.333281 .342500 .340156 .341718 .33181.'2 .337812
.351400 .359200 .358200 .362550 .356925 .358700
India, rupee
Japan. yen
applied. This latter point was stated with charac.274575 .280400 .278750 .281387 .278250 .277950
Singapore (8.13.) dollar .545625 .556875 .555625 .562500 .552500 .559250
AUSTRALASIA
teristic bluntness on Sunday by Dr. Wilhelm Frick,
Australia, pound
3.743333 3.824166 3.801666 3.838333 3.775833 3.802291
New Zealand, pound 3.752500 3.833380 3.810833 3.848333 3.78500 3.811666
Reich Minister of the Interior, in a speech to a rally
AFRICA
South Africa. pound...4.638333 .745937 4.727500 4.755208 4.703125 4.723125
of young Hitlerites at Weimar. "The German pea
NORTH AMER.Canada, dollar
.962656 .977604 .979062 .982447 .976358 .973229
pie," Dr. Frick declared, "no longer propose to be
.999750 .999300 .999350 .999350 .999350 .999350
Cuba.Peso
Mexico. peso (silver). .281260 .280850 .280660 .280940 .282375 .283200
treated as the world's scapegoat or play the role of
Newfoundland, dollar .960156 .974625 .976625 .980000 .974000 .970625
SOUTH AMER.a pariah nation to which they have been condemned
Argentina, peso (gold) .860925* .886433* .886338 .904216* .885035* .892581*
Brazil. mllreis
082477* .081900* .081400 .081130* .081750* .081750*
for the last 15 years. If, however, it is proposed to
086250* .088750* .088750* .090625* .089375* .090000*
Chile, peso
704375* .710833* .734166* .736875* .7351300* .738333*
Uruguay, peso
continue this practice, no one need be surprised if
Colombia, peso
793700* .793700* .793700* .793700* .793700* .793700*
Germany decides to withdraw from international
* Nominal rates: firm rates not available
conferences altogether."
There have been several recent intimations of the
HE following table indicates the amount of gold
attitude of the present German Government toward
bullion in the principal European banks as of
disarmament. The most complete statement is that
Sept. 21 1933, together with comparisons as of the
made on Tuesday by Baron von Neurath, German
corresponding dates in the previous four years:
Foreign Minister, to the Berlin correspondent of
1933.
1932.
1931.
the New York "Times." After commenting upon
1930.
Banks of1929.
£
£
£
£
the failure of the Disarmament Conference to ac£
England--- 191,732,440 140,375.917 134,973,628 157.427,140 133.212,558
cept the German proposal to define offensive armaFrance a--- 618.092.791 660,063,535 468,601.303 381,373.039 312.483,003
35.892.700
12,214.400
63,742,310 121.691.850 102,110,900
Germany b
90.277.000
90.402,000
91,054,000
98.982.000 102,594,000
Spain
ments, and the apparent purpose of certain other
75,960.000
58.220.000
62,050.000
56,525.000
Italy
55.797.000
86,114.000
55,389,000
68.921.000
32,550.000
Netherlands
36,920,000
countries to retain all kinds of offensive weapons
74,335.000
46.403,000
34,567.000
. 77,158,000
Nat'l Belg
29,171,000
89,165,000
61,461.000
33,972,000
25,185,000
Switzerland
20,271,000
while holding Germany to the limits fixed by the
11,444,000
12,756.000
13,994,000
13.463,000
Sweden.13,453.000
7,400,000
7,397.000
9.536,000
9,566,000
.
Denmark _
9,586.000
Treaty of Versailles, Baron von Neurath said:
0,559,000
7.911,000
8.128.000
8.139,000
Norway 8.154.000
"Germany has the same right to demand security
Total week. 1,203,901,631 1,265,028,152 982,775,281 939.869.029
468
, Od AAR 401 1 2R:1 R20.764 983.786.878 940.848,424 09R 001on..
il
823,752,
as any other country. In accordance with the Maca Thew are the gold holdings of the Bank of France as reported In the new form
Donald plan we have resigned ourselves to a transi• of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
tional period for the quantitative equalization of
abroad,the amount of which the present year is £4,688,900.
p
T
2160
Financial Chronicle
armaments needed for realizing this right. Under
no circumstances, however, can Germany during
this interim accept any discrimination against her
in principle. It would be incompatible with her
honor and her security as a nation. * * * In all
the negotiations on disarmament Germany has declared her assent to any appropriate form of armament control, with the sole proviso that such control should apply equally to all countries and take
uniform practical effect. Such would be possible
only if a convention brought about real reduction
of armaments of heavily armed States. * * *
Given effectual arming down and equality, Germany
is prepared to accede even to periodic and automatic
control such as that to which France attaches so
much weight. On the other hand, Germany must
emphatically reject any demand for one-sided armament control to be exercised against Germany," for
a one-sided control "would only mean a repetition
of that policy of humiliation which, after the war,
it was believed possible to enforce against the defeated countries."
It is around this demand for equal treatment for
Germany that the disarmament debate seems now
bound to center. The informal conversations which
have been going on at London and Paris do not
show much evidence of accord between Great
Britain, France and the United States. The London
correspondent of the New York "Times" reported
on Sept. 8 that "no one in Great Britain really
wants to disarm at the present time," and that the
Government had refused a French request to discuss
German secret armaments at the coming AngloFrench conversations at Paris on the ground that
it would be "premature." On Sept. 13 the Paris
correspondent of the "Times" wrote that "while the
British Cabinet seems to wish some measure of
armament reduction by France to accompany its
acceptance of armament control, France is not prepared to go farther than agree to limitation, and
will not consent to reduction until the control system has been fully tested and some years have been
allowed to pass." The semi-official Paris "Temps"
suggested on Sunday that the testing period "could
not reasonably be less than five years." The formal
diplomatic conversations which began at Paris on
Monday were reported by the correspondent of the
New York "Herald Tribune" to have shown that
the French "are ready to sign a convention undertaking to reduce, at the end of an agreed period,
their armaments in certain categories, such as big
guns and heavy tanks," but that this "is vitiated by
the insistence that such disarming shall not be done
automatically, but only after the whole question of
the efficacy with which the control has functioned
during the period set shall have been discussed thoroughly. This would mean reopening the whole
question of disarmament at the end of the control
period, and amounts in effect to a prolongation of
the present condition of affairs, with Germany held
down, as regards -armaments, by international
agreement."
An emergency meeting of the British Cabinet on
Tuesday appears to have disclosed the fact that the
.instructions of the British representative, Captain
Anthony Eden, were vague, that the Cabinet had
never taken any definite stand regarding a number
of the important issues involved in disarmament,
and that there was a strong feeling that a control
system would be "incompatible with Great Britain's
Sept. 23 1933
dignity." Precisely what instructions Ambassador
Davis, who is participating in the conversations, has
received from President Roosevelt is not known, but
it was reported from French sources on Tuesday
that a message from the President which Ambassador Davis delivered to Premier Daladier occasioned
some irritation. A further rift was seen between
Great Britain and France in the report that Great
Britain was indisposed to give any assurances of
what it would do in the event that any armament
regulations that might be agreed upon were violated
by Germany.
A confusing array of other factors has also appeared which tends to make agreement difficult.
The integrity of the four-Power pact, to which Germany is a party, is obviously jeopardized if Germany is to be subjected to further discriminating
treatment in the matter of armaments, and the pact,
instead of being an aid to the maintenance of peace,
might become in consequence an incitement to dissension. The situation in Austria gives point to the
contention that if Germany were allowed to increase its armaments, a forcible attempt to unite
Austria to the Reich might not long be delayed.
The attitude of Italy is uncertain, but it is not
believed that Mussolini, who has labored to solidify
and strengthen his Government, would consent to
any important reduction or limitation of Italy's
military resources unless a drastic reduction were
accepted by France. The most thoroughgoing
scheme of reduction yet proposed has emanated from
Russia, and there is small reason to expect that
Russia, failing the acceptance of that or some similar plan, will approve a temporizing policy. The
complete loss of influence which the League of
Nations has sustained in the Far East as a result
of its encounter with Japan, together with the rebuff
which it received when it undertook to mediate in
the Chaco controversy in South America, raises the
question whether armament control, which the
French have urged should be entrusted to the
League, would have any reasonable chance of being
effective.
The plain fact of the matter seems to be that the
disarmament issue is no longer what, in theory and
pretension at least, it at one time was. As the New
York "Herald Tribune" pointed out in an editorial
on Wednesday, the Powers that are debating disarmament "have failed to analyze what they want
and what they expect." France fears for its
security, dreads a breach with Great Britain, and
searches feverishly for some device of words that
will array the United States on its side. Great
Britain, in turn, fears the overwhelming French air
force and the multiplying French submarines,
guards with care its traditional friendship for Italy,
and is bent upon avoiding embarrassing commitments on the Continent whether they concern war
or peace. The United States, on its part, is anxious
not to add to the difficulties of dealing with the
war debts question, and must shortly face, together
with Great Britain, Italy and France, the serious
situation created by the demand of Japan for a
revision of the Washington naval treaty. What
Ambassador Davis can offer under these circumstances is not easy to see. He can, as he has already,
make known to the Powers the lack of interest on
the part of the Administration in any agreement
that does not achieve actual armament reduction;
but he has no concessions to offer, nor, as far as is
Volume 137
Financial Chronicle
known, any promises to give, and without conces•
sions or promises from somewhere France is not
likely to move.
There should be no surprise, therefore, at the revival of war talk in France. The French Minister
of Pensions, Edmond Miellet, speaking at Meaux, on
Sept. 10, on the anniversary of the first battle of
the Marne, referred pointedly to the fact that "after
19 years, events like those at the outbreak of the
war have never seemed to be closer to us," warned
his hearers to "beware of the fear which magnifies
a danger and precipitates it and of the illusions
which diminish it and hide it from sight," urged
them not to "wait until we feel the blow before we
believe in the ill.will of others," and declared that
"we must redouble our precautions and assure courageously our moral and material defenses. Let our
frontiers remain strong and our energies intact."
The Paris correspondent of the New York "Times,"
writing on Sept. 15, noted the presence "in every
French drawing-room and in every cafe" of advocates of a "defensive war," a war which should
attack Germany now while it is weak, without waiting years for it to become strong. It is in this
• atmosphere of unreality regarding aims and methods
on the one hand, and of war thought and planning
on the other, that the disarmament debate is to be
resumed at Geneva. The report that an accord had
been reached yesterday at Paris between Great
Britain, France and Italy must be received with all
reserve, for not only is the assent of the United
States yet to be given, but the important issue cf
penalties for violation still remains to be settled.
Whether Germany has been consulted, moreover,
has not been announced.
Frosts of Depression Have Not Injured
Roots of Prosperity.
A passenger, who has just returned from a trip
from Ocean City, N. J., to Oklahoma City, Okla., in
a light four-cylinder car, states that had one not
known of the long and severe depression which has
afflicted this country, a traveler afforded this opportunity of observing the cities and farms of the eight
States traversed would gain little idea of the hardships endured by many persons during the past three
years.
Heavy traffic encountered in the numerous populous cities gave evidence of "business as usual."
Only the large number of closed stores offered for
sale or for rent, and the very untidy appearance of
unoccupied buildings indicated that something was
wrong with the ordinary volume of trade. Silent
factories and mills with only a few of the many
stacks emitting smoke told the story of the depression as it affects industry.
Ohio appears to have been worse hit than most
of the States on the route. St. Louis, the gateway
to the West, is teeming with traffic of all kinds.
Farms west of the Mississippi River, unaffected
by drouth, have the appearance of prosperity, with
the late crops thriving and stock in good condition.
Fences and buildings of every character have been
well maintained.
Oklahoma City is an ideal up-to-date community,
the residential section being supplied with every
modern convenience and a variety of attractive
architecture of especial interest to persons from the
crowded East. The many huge skyscrapers in the
2161
business center provide a truly metropolitan aspect.
As the community is largely dependent upon the oil
industry, its people have suffered their full share
of the hard times; but the oil business is improving, and with the change everybody in that section
is inspired with new ambition and commerce is
showing the beneficial effects of the change.
One of the most hopeful influences encountered
everywhere is the alertness of the American people
to manifest new inspiration. Ambition and energy
have not been stifled. They were only allayed for a
time, anxiously awaiting the moment for new and
greater effort toward achievement. Upon this foundation rests the prospect that the "New Deal" will
find adequate support for greater accomplishment
than America has yet achieved.
At night, in the eastern part of Pennsylvania and
Western Ohio, one again beholds in the sky the reflection from the lighted stacks of iron furnaces.
Not all of the stacks have resumed operation, but
the glow visible for miles shows that men are resuming their customary tasks in the iron and steel
industry, which will mean additional employment
for miners of ore and fuel and greater transportation for the railroads upon which the furnaces and
mills must depend for sufficient and continuous
supplies of raw materials. Long trains of iron ore,
coal and coke are moving-to the Pittsburgh district.
Among Ohio farmers great complaint arises on
account of closed banks, some of which are being
operated by conservators, who are not allowed to
make payments to depositors based upon liquidation of assets on hand when the institutions were
originally closed. Interest, however, is paid in
semi-annual instalments.
In the eastern part of Northern Ohio farmers
have always heretofore been particularly prosperous and thrifty ever since Yankees from New England migrated to the Connecticut Western Reserve,
cut clearings in the primeval forest and established
homesteads on fertile ground free from boulders.
Aside from raising sheep, hogs and grain, these
farmers had always in recent years obtained a good
and ready revenue by the sale of eggs, butter and
garden truck to residents of Sharon, Pa., Youngstown and Warren, in Ohio, but when the industrial
lights of the Shenango and Mahoning Valleys went
out the old customers in the cities named had no
money with which to purchase farm products. Instead of dollars, they had only small change with
which to buy meager supplies of food at the grocery
and produce stores. This condition is now gradually changing for the better, and the farmers' local
means of supplying needs is being restored.
A drive in a car through well-settled States
affords remarkable opportunities for observation.
A passenger not only passes through the residential
sections of cities, but through the business centers,
and may stop at any place for conversation with the
residents. One may get back into the country also
and learn the experience of the rural population.
Approaching St. Louis from the east one is impressed with the heavy truck traffic. Numbers of
convoyed trucks loaded with new- automobiles are
moved in trains over the improved highways with a
powerful motor at the front, their destination being
the Western markets. Truck transportation companies operated as subsidiaries of steam railroads
may in time extend the influence of the rail carriers
far beyond the limits of the fixed railroad roadbed.
2162
Financial Chronicle
Inflation Moves Nearer.
Sept. 23
1933
"Committee for the Nation," a large body whose studies have
helped to reveal the serious proportions of the debt problem
and who insist that the only way to meet it is by devaluing
We have previously pointed out that there are two out- the dollar and by releasing the huge mass of frozen bank
standing sets of problems confronting the Administration. deposits (which they estimate to be over 7% billions) by
One is the problem of seeing the National Recovery Adminis- direct Government assumption of these liabilities, through
tration plan through to a successful finish, or at least to the a liquidating corporation liberally supplied with funds.
point where it can function without ruinous industrial dislo- This propaganda is being energetically carried into every
cation and labor trouble. The other is the problem of the newspaper office, to every legislator, over countless radio
banking system which at present is not prepared to assist stations, and in a continuous flood of mail addressed to
the National Recovery Administration program in any ap- business men. It has become a major factor in the situapreciable degree. This is so because in the first place the tion. Another factor coming into view and soon to be a
banks must prepare themselves for the coming of the de- very important phase of the pressure toward inflation is,
posit guaranty plan before the end of the year, which makes of course, Congress. In the past few days there have been
the extension of credit on any but the best risks impossible, statements from individual members of Congress giving a
and, secondly, because the outlook for prices and profits is fairly clear warning of what legislative sentiment will be
still too cloudy and confused to afford many good risks for like when Congress meets in January (or possibly earlier
credit of the normal commercial type. These two basic at the call of the President). The recent downward drift
problems therefore are closely interrelated and we are mov- in farm prices has aroused the large group among the meming to a crisis demanding at least the beginning of some bers of Congress who represent the rural sections, and there
solution.
is a natural insistence upon artificial price-raising measAbout two months ago we called attention to the proba- ures to prevent the farmer being placed at a serious disadbility that the burden of higher costs and the enlarged in- vantage by a more rapid rise in prices of manufactured
ventories of goods which cannot move rapidly at higher goods than of grains and cotton. In meeting this growing
prices unless employment and wages can be increased would and powerful pressure for direct inflationary action the
require either liberalizing banking credit to business con- Administration must still keep clearly in mind
that plight
cerns or would bring the Government into the granting of of the urban industrial and clerical workers
whose employfinancial relief to business in some form or other. It has ment has not been much expanded as the
result of public
now become apparent that the "regimentation" of industry
policies to date. Hence the best course for the immediate
on a grand scale under Federal supervision is moving much future would
appear to be to avoid any drastic action such
more slowly and with much more friction than is consistent as devaluing the
dollar, printing greenbacks, &c., while at
with accomplishing the prime objectives of a social emer- the same time pushing ahead somewhat
faster on credit
gency. This in no way detracts from its ultimate possi- expansion. This policy, of course, has proved
futile in the
bilities as a means of co-ordinating industry and removing past; but it must be borne in mind that if
the Government
competitive abuses and unfair practices which affect both insists upon the
lending of funds which it has itself supmanagement and labor; •but the fact of the matter is that plied for periods of six months and over, the
result may be
the continued employment of millions of workers and the very different. If the Federal Reserve
purchases of Govre-employment of many more is threatened by the inability ernment bonds are
considerably expanded and the credit
of many concerns to meet the higher costs of operation out goes directly
into business, payrolls, and commodity markets
of their own resources. The Administration has been rather than
being confined merely to disbursements for
brought face to face with this dilemma and now contem- public purposes
and for relief, there will be some measure
plates the plan of releasing funds to the banks through the of actual
inflation accomplished gradually.
passed
Reconstruction Finance Corporation, which can be
on in bank loans to industry and trade and otherwise could
The Course of the'Bonclrlifarket.
not, or would not, be made. Specifically the arrangement
as announced by the Chairman of the Reconstruction FiOn Monday of this week bond prices started!to decline,
nance Corporation provides for extension of Government losing as much ground in four days as had been'gained in
loans to banks and other financial agencies running up to five weeks' time on the upward trend. The average for the
six months at a low rate, with the provision that the rate four highest classes of domestic bonds now stands at 86.25,
at which the funds are reloaned to business shall not exceed approximately its level on June 1 1933. During the inter5%. In order to provide for special loans of intermediate vening period the average reached a high of 92.39 on July 18.
type, and longer than six months, it is proposed to form
The decline this week amounted to 3.98 points, from 89.59
mortgage companies which can borrow from the Reconstruc- on Sept. 15 to 85.61 on Sept. 21, and was primarily in retion Finance Corporation and re-lend at reasonable rates sponse to sudden fears of currency inflation and severe weakand under conditions which no doubt will be specified by ness in the dollar. Although it has become fairly" evident
,
the Government. Thus the inflationary beginning made by that the Administration is against fiat money at this time,
the initial activities of the Reconstruction Finance Corpo- the market has continued weak, probably because of the
ration in its loans to the railroads and banks is apparently switching by many investors from high grade bonds to stocks
to be vastly expanded by fresh Government credit, as we as a protection against the possibility of currency inflation
have already expressed it, to all and sundry—provided, of at some future time. Speculative bonds were also weak,
course, that the borrowers adhere to the National Recovery but in this case the reason was different; namely, the sharp
Administration.
decline in stocks which reflected largely the near term unThis would seem to imply that the Government will also certainties over the outlook for business and profits.
exercise special care not to submit the banks to too rigid
The credit expansion policy was maintained this week
an inspection of their condition in anticipation of the de- with the purchase of an additional $35,000,000 of Governposit guaranty plan. Instead of insisting upon a high ment bonds by the Federal Reserve banks. Long term
degree of liquidity the attitude now more likely to be taken
Government bond prices were down about 3% of a point on
is that of regarding the frozen assets in the light of long- Wednesday, according to the average price of all issues, and
term possibilities of recovery under the special influence of are now about % of a point below this year's high, reached
price inflation. In addition to this, the purchase of pre- on Sept. 11. In fact, Government bonds as well as domestic
ferred stock in banks which are in need of additional capi- bonds are now down to their levels of around June 1. Money
tal may be speeded up by these new plans, and there does rates were practically unchanged this week.
not appear to be any limitation to the amount of such purRailroad bonds have been uniformly weak. High grade
chases which the Reconstruction Finance Corporation can
medium and low grade bonds all have declined since a week
make.
ago, losses extending to ten points and more. Atchison
What is now about to be done can be considered as bring- Topeka & Santa Fe 4s, 1995, declined from 951 to 925.4 and
4
ing inflation somewhat nearer, but still through a credit Pennsylvania 4s, 1948, from 100M to 100 since Friday a
channel. It is our understanding that the President wishes week ago. Larger losses were shown by Chicago Milwauto avoid drastic and outright measures as long as possible, kee St. Paul & Pacific 5s, 1975, which declined from 48 to
but he is also aware that without continuous artificial sup- 4034, Denver & Rio Grande Western 5s, 1955, from 34
port the impending letdown in business and even retail to 27
and Chicago & North Western 43 1s, 1949, from
/
trade activity, and the dragging condition of commodity 353% to 31. The latter issue sold as low as 26 on Thursday.
prices recently witnessed, might undo the entire recovery The market for railroad bonds was affected more by developeffort. Terrific pressure for radical measures has been
ments outside the railroad situation than by conditions withbrought to bear by organized groups such as the so-called in. Carloadings and earnings reports continued satisfactory.
•
[From "The Silberling Reports," Sept. 16.]
Financial Chronicle
Volume 137
Utility bonds of all classes lost considerable ground during
the current week. High grades as well as second grade and
speculative issues showed steady declines during the first
three days. On Thursday, however, the selling wave subsided, as far as high grades were concerned, and in this
class fractional gains over the preceding day were recorded
in many instances. Speculative issues followed the stock
market and showed persistent weakness, although on Thursday and Friday in this class some resistance was in evidence
and selling was less pronounced than on any previous day.
A considerable reaction took place this week in all sections
of the industrial list. Among the few firm issues was Bethlehem Steel 5s, 1942, on which interest is payable in foreign
currencies in certain countries. Other steel bonds were soft,
National Steel 5s, 1956, losing 2 points to 903/ for the week.
Oils, which had been a strong feature, reacted, Texas Corp.
5s, 1944, declining 1M points since last Friday to 97M. The
tire and rubber group also lost ground, with Goodyear 5s,
1957, off 3 to 86. National Dairy 53s continued soft on
dairy industry uncertainties, down 5 points for the week to
84. Highest grade issues were off on a smaller scale, fractional declines appearing in Standard Oil of N.J.5s, 1946 and
Liggett & Myers 7s, 1944.
Foreign bond prices followed the general market's downward trend this week. Prices declined in practically every
group, particularly in Argentine, Brazilian, German, Austrian and Danish bonds. There was a noticeable price recession also in Dutch East Indies bonds, which are selling
on a gold basis. French cities issues and Switzerland 53.s,
1946 were up in conjunction with a lower gold value for the
dollar. Norway bonds resisted the decline and Japanese
issues were slightly lower.
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.22
21
20
19
18
16
15
14
13
12
11
9
8
7
6
5
4
2
1
Weekly
Aug. 25
18
11
4
JUly 28
21
14
7
June 30
23
16
All
120
120 17mm:tics by Rat no:.
Domes
A.
Baa.
Aaa.
Aa.
tic.
86.25
85.61
86.25
87.17
88.10
89.31
89.59
89.86
89.45
89.45
89.31
89.17
89.04
89.17
89.17
89.59
105.54
105.37
105.54
105.89
106.42
107.49
107.67
107.67
107.67
107.49
107.49
107.49
107.31
107.31
107.14
107.31
89.86 107.14
9
2
May 26
19
12
5
Apr. 28
21
14
13
7
1
Mar. 24
17
10
3
Feb. 24
17
10
3
an. 27
20
13
6
High 1933
Low 1933
High 1932
.......
Low 1932
Year Ago
Sept 22 1932..
Two Years Ago
Fwd. 23 1931....
90 69
91.25
91.39
91.67
91.67
90 97
91.67
90.41
88.90
87.96
86.77
86.64
85.87
85.10
84.10
82.74
79.68
77.11
74.67
75.61
74.46
74.77
77.88
79.11
74.67
78.77
81.30
83.23
82.38
83.11
82.99
83.85
81.66
92.39
74.15
82.62
87.87
95.33
94.43
94.58
95.18
96.23
97.78
98.25
98.41
98.09
98.09
98.09
97.78
97.47
97.78
97.78
98.25
Stock
Stock
98.25
107.67 99.04
107.85 100.00
107.85 100.33
107.67 100.00
107.14 99.52
106.96 99.36
106.96 99.04
106.25 97.62
105.72 96.54
105.54 95.33
105.20 93.85
104.16 94.43
103.82 93.99
103.99 93.26
103.32 92.25
102.30 90.55
99.36 87.30
99.68 85.35
97.78 83.35
Stock
100.00 85.87
99.84 85.10
99.52 84.48
101.64 87.83
102.30 89.17
Stock
99.04 85.48
102.98 89.31
104.51 90.83
105.89 92.68
105.37 92.53
105.54 92.39
105.03 91.81
105.54 92.25
104.85 90.69
108.03 100.33
97.47 82.99
103.99 89.72
85.61 71.38
2163
MOODY'S BOND YIELD AVERAGES.t
(Based on Individual Closing Prices.)
120 Domestics
by Groups.
RR.
P. U. Indus.
84.97 66.73 86.38
84.22 66.21 85.35
84.85 67.42 86.64
85.74 68.58 87.43
86.51 69.68 88.50
87.56 70.81 90.13
87.69 71.09 90.27
87.83 71.87 90.55
87.56 71.19 90.13
87.43 71.38 90.27
87.30 70.90 90.13
87.04 70.90 89.88
86.91 70.90 89.59
87.04 71.00 89.86
87.04 71.09 90.00
87.30 71.87 90.69
Exam nge Clo sad
Excha nge Clo sad
87.83 72.26 91.11
76.67
76.25
76.46
77.55
78.66
80.14
80.72
81.42
81.07
81.07
80.60
80.37
80.37
80.49
80.37
80.84
88.63 73.05 91.81
88.77 74.15 91.96
88.77 74.36 92.25
89.17 75.19 92.25
89.17 75.71 92.25
88.23 74.67 91.96
88.23 76.67 92.39
86.91 75.40 90.97
85.35 73.35 88.90
84.60 72.06 87.17
83.60 70.43 85.61
83.48 70.15 86.12
82.87 68.94 85.61
81.78 68.04 84.47
80.72 66.98 83.35
79.34 65.62 81.66
76.67 62.56 78.55
74.46 58.32 74.36
72.16 55.73 71.38
Excha lige Clo sad
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 nge Clo sad
72.06 54.18 69.59
76.25 57.98 73.15
79.45 60.60 75.50
81.54 62.48 77.77
80.49 61.34 76.25
81.18 62.95 76.25
81.07 63.11 75.09
81.90 64.31 75.71
79.34 61.56 71.96
89.31 77.66 93.26
71.87 53.16 69.59
78.55 67.86 78.99
54.43 37.94 47.58
AU
1933
120 Domestics by Ratings.
120
Daily
DomesBaa.
Averages. tic.
Aaa.
Aa.
A.
97.31
97.16
97.78
98.41
98.57
99.04
99.04
99.04
98.57
98.57
98.57
98.41
98.41
98.57
98.41
98 73
Sept.22-21._
20._
19 .
18._
16._
15-14...
13._
12-11-9...
8-7-6-5._
4.
5.70
5.75
5.70
5.63
5.56
5.47
5.45
5.43
5.46
5.46
5.47
5.48
5.49
5.48
5.48
5.45
81.30
98.57
82.50
83.97
84.22
85.23
85.48
84.72
85.87
84.72
83.85
83.23
82.50
81.90
81.18
80.84
80.14
79.11
75.92
74.05
72.06
98.73
98.73
98.73
98.41
97.94
97.16
97.31
95.93
94.73
94.14
92.68
92.25
91.11
90.27
89.31
87.69
84.85
83.35
81.30
74.67
73.25
73.35
78.10
80.49
81.90
79.91
76.35
80.60
83.85
85.99
85.99
87.56
88.23
89.17
88.23
89.31
71.96
87.69
65.71
78.44
83.11
84.97
86.25
85.48
86.38
86.64
87.56
86.38
99.04
78.44
85.61
62.09
1__
Weekly-Aug.25__
18....
114_
July 28._
21....
14__
7._
June 30._
23_
16_
9__
2__
May 2619_.
12...
5__
Apr. 28_
21._
IC..
13...
7._
I__
Mar.24__
17._
10._
3__
Feb. 24_ _
17._
10...
3_
Jan. 27__
20._
13_
6__
Low 1933
High 1933
Low 1932
High 1932
Yr AgoSep.2212
2 Yrs.Ago
Sen.2311
rit+I
82.74
81.90 101.14
88.63
77.55
66.47
76.03
86.51
83.60
80.49 101.81
03
.40
78.89
80.09
75.92
90.55
76.14
4.42
4.43
4.42
4.40
4.37
4.31
4.30
4.30
4.30
4.31
4.31
4.31
4.32
4.32
4.33
4.32
5.05
5.11
5.10
5.06
4.99
4.89
4.86
4.85
4.87
4.87
4.87
4.89
4.91
4.89
4.89
4.86
5.43
4.33
4.86
5.37
5.33
5.32
5.30
5.31)
5.35
5.30
5.39
5.50
5.57
5.66
5.67
5.73
5.79
5.87
5.98
6.24
6.47
6.70
4.30
4.29
4.29
4.30
4.33
4.34
4.34
4.38
4.41
4.42
4.44
4.50
4.52
4.51
4.55
4.61
4.79
4.77
4.89
4.81
4.75
4.73
4.75
4.78
4.79
4.81
4.90
4.97
5.05
5.15
5.11
5.14
5.19
5.26
5.38
5.62
5.77
5.93
6.61
6.72
6.69
6.40
6.29
4.75
4.76
4.78
4.65
4.61
5.73
5.79
5.76
5.58
5.48
6.70
6.32
6.10
5.94
681
5.95
5.96
5.89
6.07
5.25
6.75
5.99
8.74
4.81
4.57
4.48
4.40
443
4.42
4.45
4.42
4.46
4.28
4.91
4.51
5.75
5.76
5.47
5.36
5.23
524
5.25
5.29
5.26
5.37
4.73
5.96
5.44
7.03
5.80
5.86
5.81
.5.74
.5.68
5.60
5.59
5.58
5.60
5.61
.5.62
5.64
5.65
5.64
5.64
5.62
Stork
Stock
5.58
120 Domes ics
by Groups.
RR.
40
ForP. U. Indus. emu.
6.51
7.54
5.69
6.55
7.60
5.77
6.53
5.67
7.46
6.43
5.61
7.33
6.33
5.53
7.21
5.41
6.20
7.09
6.15
7.06
5.40
6.98
5.38
6.09
6.12
7.05
5.41
6.12
7.03
5.40
6.16
5.41
7.08
6.18
5.43
7.08
6.18
7.08
5.45
543
6.17
707
6.18
5.42
7.06
6.14
6.98
5.37
Excha nge Clo sad
Excha nge Clo sad
6.10
5.34
6.94
6.00
5.29
6.86
5.52
5.88
5.28
5.51
6.75
5.86
5.26
5.51
6.73
5.78
5.26
6.65
5.48
5.76
6.60
5.26
5.48
582
5.28
6.70
5.55
5.25
5.73
6.51
5.55
5.35
5.82
6.63
5.65
4.89
5.50
6.83
5.77
5.94
5.63
6.96
5.83
6.00
7.13
5.75
5.91
5.71
5.06
7.16
5.92
5.75
6.11
7.29
5.97
6.14
5.84
7.39
6.06
6.20
7.51
5.93
6.15
6.29
6.07
7.67
6.27
6.58
6.34
8.05
6.51
6.76
6.73
8.63
6.72
6.96
7.03
9.02
6.95
Stock Excha nge Clo sad
6.70
7.06
9.17
6.77
6.84
7.11
9.42
6.90
6.83
7.03
9.32
6.88
6.38
6.80
8.79
6.59
6.17
6.71
8.60
6.45
Stock Excha nge Clo sad
6.54
7.22
9.27
6.96
6.16
6.85
8.68
6.55
5.89
6.62
8.31
6.26
572
6.41
8.06
6.08
5.72
655
821
6 17
5.60
6.55
8.00
6.11
5.55
6.66
7.98
6.12
5.48
6.60
7.83
6.05
5.55
6.97
6.27
8.18
5.47
5.19
6.42
5.47
6.97
7.22
9.44
6.98
5.59
6.30
7.41
6.34
7.66
9.23 12.96 10.49
4.92'
4.93
4.89
4.85
4.84
4.81
4.81
4.81
4.84
4.84
4.84
4.85
4.85
4.84
4.85
4.83
9.62
9.52
9.50
9.45
9.39
9.32
9.36
9.31
9.34
9.37
9.35
9.35
9.34
934
9.31
9.28
4.84
9.27
4.83
4.83
4.83
4.85
4.88
4.83
4.92
5.01
5.09
5.13
5.23
5.26
5.34
5.40
5.47
6.59
5.81
5.93
6.10
9.09
9.10
909
9.03
8.91
8.84
8.89
9.32
9.65
9.51
9.68
9.78
9.62
9.66
1006
10.07
9.89
10.26
10.58
6.05
6.22
6.20
6.03
5.98
10.83
11.02
10.80
10.76
10.73
6.35
5.95
5.80
570
5.76
5.69
5.67
5.60
5.69
4.81
6.35
5.75
8.11
11.19
11.05
10.40
10.05
10.20
9.88
9.85
9.62
9.98
8.63
11.19
9.86
15.83
6.05
4.68
5.52
6.42
7.57
6.57
5.68
5.91
10.24
6.17
464
518
640
8.38
6.58
5.38
6.56
12.43
Notes.-'These prices are computed from average yield on the basis of one "deal" bond (4)i% coupon, maturing In 31 years) and do not purport to show either
the average level or the average movement of actual price quotations. They merely serve to 1 lustrate in a more comprehensive way the relative levels and the relative
movement of yield averages, the latter being the truer picture of the bond market. t The latest complete list of bonds used in computing these indexes was Published In
the "Chronicle" of Sept. 9 1933, page 1820. For Moody's index of bond Prices by months back to 1928, see the "Chronicle" of Feb. 6, 1932. Page 907.
South Dakota Abandons
State Socialism.
[Prom the "Saturday Evening Post," Sept. 23.]
Through laws effective July 1 1933, the State of South
Dakota expects shortly to be able to write finis to its extensive State business enterprises. These include, among others,
State guaranty of bank deposits, a State bonding department, a State-owned coal mine, State hail insurance, and a
State-wide system of rural credit.
The closing of the books of these enterprises in red ink
brings to an end one of the most extensive experiments in
State socialism yet made in any State of the Union.
The farmers in that section had just grievances. They
were, for instance, being fleeced by grain elevators which
undergraded their wheat and resold it as a higher grade;
which weighed their wheat after it had passed over strong
suction fans presumably for the purpose of cleaning it, but
which actually drew out much good wheat in addition.
Farmers could get no legal redress, and they hoped for
control of the Legislatures. Townley and the Nonpartisan
League crystallized that hope into reality.
If the farmers and the Nonpartisan League had been content to stop with the correction of concrete evils, all might
have been well. But they were not. They dreamed of a
Socialistic Utopian State.
One by one, the Socialistic enterprises have failed. South
Dakota is among the last to liquidate its losses. Its State
bank guaranty fund, though not a direct State obligation,
has assets of about $700,000 and liabilities of $35,000,000,
consisting of unpaid certificates of indebtedness. This
situation is fairly typical of the experience with bank
guaranty schemes in general.
New York State tried the experiment as early as 1829,
and the fund was bankrupt by 1837. Since then, in addition
to South Dakota, the States of Oklahoma, Kansas, Texas,
Nebraska, Mississippi, North Dakota and Washington have
tried similar experiments. "The continuous operation of
the system in most of these States would have brought bankruptcy to all solvent banks," reports the Study Commission
for Indiana Financial Institutions. The general result was
a lowering of banking standards rather than an improvement.
2164
Financial Chronicle
South Dakota's bonding department, designed to make
bonding of officials easy and economical, now reports
assets of $24,000, actual liabilities of $45,000, and as yet
undetermined contingent liabilities. The State's coal mine,
which is located in the sister State of North Dakota, cost
$185,000. Though it is still being operated, sale has been
authorized by the Legislature, and the last reported offer
received is for $20,000. In 12% years of operation the
mine has produced less than 450,000 tons of coal, some years
sustaining considerable operating loss.
The State hail insurance department now has outstanding indebtedness of nearly $400,000. And, in addition, it
finds itself with approximately half a million dollars of
uncollected premiums. It always seems to be so easy to
delay or avoid payments to the State. It is claimed for it,
however, that it has effected substantial savings in premiums for those who insured with it.
But the largest difficulties have arisen in the rural-credit
department. Forty-one million dollars of its bonds are outstanding in a State whose population is about 700,000. A
heavy annual burden is laid upon taxpayers by interest and
sinking fund requirements on these bonds. The State finds
itself in possession of nearly 1% million acres of land
acquired through mortgage foreclosures. Estimated final
loss in this rural-credit experiment is placed at from 20 to
35 million dollars.
There is no desire here to single out the State of South
Dakota for criticism. Its experiences in no sense reflect
upon either the good sense or integrity of its people. We
do feel, however, that a frank appraisal and clear understanding of those experiences, and of the similar experiences of her sister States in the experiments, may help the
whole country to avoid similar failures on a much larger
scale.
Under stress of real grievances, the pendulum of public
thought now swings toward national experiments in State
Socialism. By no means let us fail to correct the evils from
which these grievances grow. But let us not forget the
unfortunate and costly experiences of some of our States
into which their high 'hopes of Utopia have led them.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME,
Friday Night, Sept. 22 1933.
Trade fell off somewhat during the week but most of the
recent gains were held. The downward trend of general
industrial activity was checked to some degree by the
clearing up of NRA codes. Employment continues to increase and payrolls were larger, as a result of increased operations in the automobile industry, textiles, millinery, men's
and women's clothing, paper, electrical and brewers' supplies, furniture and rugs. On the other hand, department
store sales in the metropolitan area of New York in the
period from Sept. 1 to 15 show a falling off of 6.5% as compared with last year's figures. Sales in New York and Brooklyn were 6.4% lower, while Newark stores reported a decrease of 7%. Chain stores also reported smaller sales.
The unseasonably wet weather recently has had an unfavorable effect on trade. The resistance of consumers to
higher prices and a lack of consumers' reserves for advance
buying in anticipation of higher prices also had an adverse
effect. Building activity lags. Builders claim.that union
wages are too high to permit even of a moderate revival of
construction activity. Collections showed signs of slowing
down.
Cotton was more active during the week and higher owing
to expectations at one time of early inflation measures from
Washingron.— Wheat was higher early in the week on more
aggressive buying on inflation talk but declined later on
when Washington failed to take action in this direction.
Other grain followed wheat.
Massachusetts cotton mills, although they find business
less active at present, report an increase of 62.3% for August
in active spindle hours since March. According to figures
of the Massachusetts Labor Department covering representative groups of mills weekly payrolls increased 107%
between April and August, the advance in payroll being
greater than in hours because wage rates are now higher.
The woolen industry reported an increase of 150% in weekly
payrolls between March and August.
Employment in 56 manufacturing industries in New
Jersey increased 6.3% in August over July and 17% over
August 1932. The entire Ford organization, it is reported,
-hour week with a flat 20% raise in the wage
will go on a 32
scale.
According to reports from Greenville, S. C., the textile
manufacturing plants in the Piedmont section of the Carolinas, which either end their fiscal years Oct. 1 or complete
their third quarter marks, are expected to make • the best
showing for operation to date that they have shown since
1929. Sunbury, Pa., wired that the Susquehanna Silk
Mills there increased wages 10%. This is the second 10%
raise in wages by these mills this year.
Electric power production reached the highest level for
any week since Dec. 19 1931 in the week ended Sept. 16.
The usual season improvement was shown over the week
before. The output was 12.7% above the 1932 level as
compared with 11.1 in the preceding week. The inclement
weather of late is believed to have been a factor in this
favorable showing.
Sept. 23 1933
1
Loadingeof revenue freight in the week ended Sept. 16
total 652,016 cars, an increase of 80,629 over the previous
week and 64,770 over the same week in 1932 according to the
American Railway Association.
Lumber production during the week ended Sept. 16 showed
a gain over the previous week and new business was heavier
according to a report of operations of 1,014 leading softwood and hardwood mills by the National Lumber Manufacturers' Association. Total production for the week was
194,839,000 feet; shipments, 187,663,000; and orders, 176,219,000. Production during the first 37 weeks of 1933 was
25% greater than in the same period last year and orders
showed an increase of 18% for the like period.
Factory sales of automobiles in August showed a slight increase over those of the preceding month according to reports to
the Bureau of Census. Passenger car salesremained virtually
unchanged, trucks accounting for almost all of the rise.
Total sales in August were 236,480 units, against 233,088
units in July and 90,325 in August 1932. Passenger car sales
last month totaled 195,076 units against 195,019 units in
July. Truck sales were 41,336 units against 38,065 in July.
g,,u the eight months ended Aug. 31, total factory sales of
Q
automobiles amounted to 1,476,678 units against 1,070,916
in the first eight months of last year.
The weather during the week has been generally fair over
most of the country. Conditions in most parts have been
ideal for harvesting and for planting of winter crops, although
in some parts of the West the ground has been too hard and
dry for planting. To-day it was 58 to 71 degrees here and
fair. The forecast was for probably showers and warmer.
Overnight at Boston it was 56 to 68 degrees; Baltimore,58 to
70; Pittsburgh, 54 to 60; Portland, Me.,56 to 60; Chicago,56
to 64; Cincinnati, 50 to 72; Cleveland, 56 to 60; Detroit,
52 to 62; Charleston, 64 to 84; Milwaukee, 58 to 62; Dallas,
74 to 90; Savannah, 64 to 88; Kansas City, Mo., 72 to 88;
Springfield, Mo., 64 to 82; St. Louis, 64 to 86; Oklahoma
City, 70 to 92; Denver, 54 to 78; Salt Lake City, 50 to 72;
Los Angeles, 54 to 76; San Francisco, 68 to 70; Seattle, 46 to
58; Montreal, 52 to 62, and Winnipeg, 42 to 66.
Decline in Business Activity in August and First Half
of September Following Advances in Previous
Months Noted by Statisticians of National Industrial Conference Board.
A decline in general business activity was experiencea in
August an1 the first hill of September after a succession of
advances from March through July, according to the current
report of the Conference of Statisticians in Indu.try of the
National Industrial Conference Boar', m,de puolic Sept. 22.
The st ktisticians st Ite between the second week of August
and the second week of September productive activity lost
further ground.
Production in the major industries moved generally downward in the
last six weeks. Automobile output declined in August and the first half of
September from the July level of activity. Building and engineering
construction on the other hand showed a sharp gain, with sudden increases
in public construction contract awards overshadowing declines in residential
and non-residential construction. Steel output fell off sharply, although
pig iron production advanced. Bituminous coal production gained more
than seasonally in recent weeks. Textile production fell off more than
seasonally in August. Electric power output advanced less than seasonally
In August and fell off in the first half of September.
Volume 137
2165
Financial Chronicle
The total distribution of commodities by rail advanced less than a seasonal
amount in August as compared with July and tapered off in September,
when an additional gain is usually seasonal. Shipments of merchandise
and miscellaneous items that reflect the primary distribution of finished
goods fell off in August and the early part of September when increases are
seasonal. Retail sales by department stores, on the other hand, showed
a sharp gain, of more than usual seasonal proportions. Department store
prices advanced sharply between July and August.
Prices of commodities at wholesale advanced again in August and continued to move up during the first half of September. Farm products and
foods declined in August as compared with July while textiles, metals,
building materials, fuels, and miscellaneous items advanced.. Farm
products at wholesale showed a tendency to advance during the second
week of September. Prices of farm products received by farms fell off
between the middle of July and the middle of August while prices paid by
them advanced.
Changes in Cost of Living of Wage Earners During
August According to National Industrial Conference Board-Additional Advance of 2.3% Over
July Noted-On a Par with August 1932.
The cost of living advanced 2.3% between July and
August to a level 7.5% above the low point in April and was
on a par with the cost of living in August 1932, the National
Industrial Conference Board reports. Food prices at retail
advanced 1.8% between July and August; rents were stationary; clothing advanced 9.5%; fuel and lighting, 2.0%;
sundries, 1.6%, the Board said, adding:
Common stock prices in August were slightly lower than in July because
the slow upward movement during the month was insufficient to compensate
for the drop during the middle of July. Bond prices followed a similar
course. During the first half of September the upward movement was
cautiously continued. The money market showed a slight downward
revision in rates. Increased open market operations on the part of Federal
Reserve banks were in evidence in the first half of September.
Commercial failures in August showed an upturn in both number and
extent ofliabilities incurred. The tuiseasonal increasein number came after
several months of unusually low levels. Liabilities incurred, mounting
sharply, made up in August for the low levels of preceding months. A
slackening in failures was felt in the first half of September.
Employment in manufacturing industry in August advanced 6.4% over
the July level. Factory payrolls advanced 11.6%. In normal years only
slight increase is observed between July and August in employment and
payrolls in manufacturing industry. Since the low point in March employment has advanced 30%, payrolls advanced 55%. Preliminary estimates
indicate little or no change in weekly earnings per worker in August, a
decline in hours almost entirely compensating for a rise in hourly earnings.
The downturn in business activity in August and the first half of September
was largely of the nature of a decline in productive output in outstanding
major industries. Shipments of freight did not advance in accordance with
seasonal expectations. Distribution to the consumer, on the other hand.
moved up sharply during the month with department store sales passing
seasonal expectations.
Revenue Freight Car Loadings Continue
Higher Than a Year Ago.
The first 13 major railroads to report car loadings of revenue freight originated on their own lines for the seven days
ended Sept. 16 1933 loaded 234,424 cars, compared with
203,970 cars in the preceding week, 237,823 cars in the
week ended Sept. 2 1933 and 218,468 cars in the week ended
Sept. 17 1932. With the exception of the Chicago, Burlington & Quincy RR.,the Chicago & North Western Ry.and the
Missouri Pacific RR., all of these carriers showed increases
over the 1932 period. Comparative statistics follow:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
Reed from Conneatons.
Loaded on Lines.
Weeks Ended.
Sept. 16 Sept.9 Sept. 17 Sept. 16 Sept.9 Sept. 17
1933. 1933. 1932. 1933. 1933. 1932.
Atch. Top. & Santa Fe Ry
Chesapeake & Ohio Ry
Chic. Burl. & Quincy RR
Chic. Milw. St. Paul & Pac. Ry _
Chicago & North Western HYGulf Coast Lines & subsidiaries
International Great Northern RR.
Missouri-Kansas-Texas Lines__ _
Missouri Pacific RR
New York Central Lines
Pennsylvania System
Pere Marquette Ry
Wabash Ry
21,149
22,799
15,662
18,057
14,205
2,008
2,939
5,605
15,292
45,267
61,886
4,350
5,205
17,660
20,257
14,247
15,297
12,732
1,224
2,218
4,685
12,669
39,171
55,653
3,709
4,448
21,112 4,602 3,960 4,416
20,791 8,348 7,332 7,749
15,761 6,463 6,109 5,556
17,949 6,271 6,054 6,367
14,555 8,457 7,693 8,096
980
858
1.741 1,230
2,281 1,469 1,229 1,295
5,336 2,718 2,334 2.270
15,767 7,196 6,456 6.750
40,743 56,250 51,155 49,202
53,308 36,996 32,360 31,566
3,968
5,156 6,581 6.216 6,416
234,424 203,970 218,468 146.581 131,756 130,663
Total
x Not available.
The Norfolk & Western during the week ended Sept. 16 1933. loaded on
its lines 29.43% more cars than in the same week of 1932. Total traffic,
including that received from connecting lines, increased 27.68%. A comparison follows:
Sept. 16 A Year
Ago.
Week
Norfolk Western Ry.
16,240
21,019
Line loadings
3,245
3,860
From connections
19,485
24,879
Total
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Sept. 16
1933.
Total
Sept. 17
1932.
17,854
23,083
10,846
22,799
29,524
13,889
60,522
Chicago Rock Island & Pacific Ry
Illinois Central System
St. Louls-San Francisco By
Sept. 9
1933.
20,051
27,456
13,015
Weeks Ended.
51.783
66,212
Loading of revenue freight for the latest full week-that
is, for the week ended Sept. 9-totaled 571,387 cars, the
American Railway Association announced on Sept. 16. Due
Manufacturing Production in United States in First to the observance of Labor Day this was a reduction
in 1932
Seven Months ot 1933 16% Higher Than
this year but an
Analysis of Federal Reserve Board Indexes by of 95,265 cars under the preceding week
increase of 69,850 cars above the corresponding week in
National Industrial Conference Board.
Manufacturing production in the United States in the first 1932. It was, however, a decrease of 96,363 cars below
seven months of 1933 averaged 16% higher than in the year the corresponding week in 1931. Details for the latest
1932, according to an analysis of Fedaral Reserve Board full week follow:
Miscellaneous freight loading for the week of Sept. 9 totaled 204,555
indexes by the National Industrial Conference Board. In
cars, a decrease of 25.841 cars below the preceding week, but 21,250 cars
mining production averaged 12.5% higher than in the above the corresponding week in 1932. Compared with the same week
year 1932.
in 1931 it was a decrease of 47,272 cars.
Loading of merchandise less-than-carload-lot freight totaled 148,156
The low point in manufacturing, according to the Confercars, a decrease of 23.676 cars under the preceding week, 1,876 cars below
ence Boaid, was reached in March 1933. A recovery of the corresponding week last year, and 39,092 cars below the same week
77% in the four months that followed brought production two years ago.
week totaled 26,804 cars, a
grain products
Grain
very close to the average of the three-year period 1923 to decrease and5,603 cars underloading for the week, 9,066 cars below the
the preceding
of
1925. Different industries participated in this increase in corresponding week last year and 6,768 cars below the same week in 1931.
difrerent degrees, says the Board, which on Sept. 17 also In the Western districts alone grain and grain products loading for the
week ended Sept. 9 totaled 17,657 cars, a decrease of 7,436 cars below the
stated:
same week last year.
At the beginning of 1930 seven of nine specified industries were at a
production level above that of 1923 to 1925. These industries were iron
and steel, textiles, paper and printing, leather, rubber tires and tubes,
petroleum refining, and cement. The exceptions were automobiles, and
food products, which were within 3% of that level. Subsequently the most
conspicuous falling off was in the iron and steel industry, which in March
1933, produced only 22% of its 1923-1925 output, and the automobile
Industry, which in October 1932 produced only 16% and in March 1933
only 27% of its 1923-1925 output. In July 1933, however, the iron and
steel industry had risen to 100%, and the automobile industry, to 70%
of the 1923-1925 average output. Variations in the other industries were
less extreme. Apart from petroleum refining, which throughout the last
three years has stood considerably above the 1923-1925 level, the highest
production in March 1933 was in the food and leather industries, each of
which stood at 84% of the 1923-1925 level of production. In July 1933 the
manufacture of foods was at the 1923-1925 level, while leather manufacture
exceeded that level by 14%. Production in the textile industry, which
registered its low point in May 1932 had by June 1933 reached a point
33% above its 1923-1925 average. In July, however, it fell off slightlk.
These comparisons make due allowances for average seasonal variation.
The contrast between the production of automobiles and that of rubber
tires and tubes is interesting. In the latter, where the replacement demand
is more constant, the level of production follows very closely the general
average, while automobile production shows wide variations. When
automobile production in October 1932 was only 16% of the 1923-1925
average, production of rubber tires and tubes was 68%, as compared with
a general average of 66% for manufacturing. The figures for rubber tires
and tubes, June 1933, show a production 15% above the 1923-1925 level,
as compared with 34% below for automobiles and 9% below for manufacturing generally.
In general, there was in the period preceding March 1933 lees decline and
after that date relatively less recovery in industries whose products went
direct into consumers' hands than in those producing semi-manufactured
goods for use of producers in other lines of industry, construction, and
transportation.
Forest products loading totaled 22,260 cars, 3,196 cars below the preceding week but 6,704 cars above the same week in 1932. It was, however,
1,921 cars below the same week in 1931.
Ore loading amounted to 34,696 cars, a decrease of 5,549 cars below the
preceding week, but 28,571 cars above the corresponding week in 1932
and 4.431 cars above the same week in 1931.
Coal loading amounted to 109,342 cars, a decrease of 31,023 cars below
the preceding week, but 19,983 cars above the corresponding week in 1932.
It was, however, a decrease of 2.924 cars under the same week in 1931.
Coke loading amounted to 6.838 cars, 527 cars below the preceding week,
but 3,698 cars above the same week last year, and 2,180 cars above the
same week two years ago.
Livestock loading amounted to 18,736 cars, an increase of 150 cars above
the preceding week, and 586 cars above the same week last year, but
4,997 cars below the same week two years ago. In the Western districts
alone, loading of livestock for the week ended Sept. 9 totaled 14,589 cars,
an increase of 637 cars compared with the same week last year.
All districts, except the Southern, reported increases in the total loading
of all commodities compared with the same week in 1932. but all districts
reported decreases compared with the corresponding week in 1931.
Loading of revenue freight in 1933 compared with the two previous years
follows:
1931.
1933.
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
Four weeks In August
Week ended Sept. 2
Week ended Sept. 9
'0,441
1932.
1,910,496
1,957,981
1,841,202
2,504,745
2,127,841
2,265,379
3,108.813
2,502,714
• 666,652
571,387
2,266.771
2,243,221
2,280,837
2,774,134
2,088.088
1,966,488
2,420,985
2,064,798
561,325
501,537
2,873,211
2,834.119
2,936,928
3,757,863
2,958,784
2,991,950
3,692,362
2,990,507
759.871
667,750
10487910
10 185154
21146334c
2166
Financial Chronicle
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended Sept. 9. In
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind
those of the general totals-that is, are for the week ended
Sept. 2. During the latter period a total of 35 roads showed
decreases as compared with the corresponding week last
Sept. 23 1933
year. Among the most important carriers continuing to
show increases over a year ago were the Pennsylvania
System, the Baltimore & Ohio RR., the Chesapeake & Ohio
Ry., the New York Central RR., the Norfolk & Western
Ry., the Louisville & Nashville RR., the Southern Ry.
System, the Chicago Milwaukee St. Paul & Pacific Ry., the
Chicago & North Western Ry., the Southern Pacific Co.
(Pacific Lines) and the Great Northern Ry.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
-WEEK ENDED SEPT. 2.
24,692
34,168
30,813
26,525
6,359
9,881
13,451
169
1,392
9,350
2,449
22.745
1,924
413
406
6.224
9,486
10,828
175
1,705
7,755
1,574
18,186
2,165
374
236
7,690
12,398
13,999
206
1,959
9,797
2,051
26,995
2.318
400
431
7,168
5,410
14,212
1,968
972
6,480
50
29,5W
2,206
41
323
5,906
4,707
11,665
1,678
896
5,539
27
22,505
2,121
66
221
68,539
58,708
78,244
68,430
55,331
556
1,295
8,414
24
230
290
1,796
3,103
6,744
4,413
4,784
4,392
6,041
1.304
5.489
4,510
434
1,466
8,340
22
402
148
1.130
2,214
5,099
2,996
4,548
3,672
3,371
1,410
5.109
2,801
592
2,087
9,949
44
328
264
1,149
3,466
7,192
3,707
5,530
5,094
4,592
1.173
6,480
4,004
1,049
2,036
11,372
81
115
2,035
753
5.251
7,959
198
8,034
4,007
5.697
1,031
6,676
3,057
894
1,863
9,765
81
135
1,275
522
3,916
6,179
186
6,650
3,230
3,350
531
5,995
1,880
53,385
43,162
55,651
59,351
46,452
Grand total Eastern District__
150,028
126,562
168,063
158,594
128,308
Allegheny DistrictBaltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Central RR. of New Jersey- -- _
Cornwall
Cumberland dr Pennsylvania.- _
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
c Penn-Read Seashore Lines__ _
32,696
3,905
308
6,600
9
301
122
1,227
65,737
13,804
8,986
73
3.322
1,457
23.692
1,124
105
6,260
1
195
SI
1,042
51,730
11,825
2,390
32
2,562
1,180
34.554
4,157
195
9,320
655
391
101
1,712
75.782
16,542
7,522
45
3,386
e
14,930
2,108
3
10,218
36
16
28
2,229
37,248
14,744
3,955
2
4,958
1,463
10,635
666
8
9,188
28
33
9
2,362
28,889
12,201
908
138,547
102,219
154.362
91,938
69,023
Group C:
Ann Arbor
Chicago Ind. & Louisville
Cleve. Gin. Chic. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit dz Toledo Shore Line_Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis_
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia__
Wabash
Wheeling & Lake Erie
Total
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup .4:
Atlantic Coast Line
Clinchneld
Charleston & Western Carolina_
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom_
Seaboard Air Line
Southern System
Winston-Salem Southbound.....
Total
2,884
1,217
23.595
21,825
829
3,451
18,867
15,598
616
2.970
24,603
19,254
1,005
4,206
9,040
4,202
1,043
543
6,636
3,192
838
421
49,700
38,051
49,068
14,828
11,087
6,503
735
368
152
49
1,239
524
286
6,039
18,272
172
8,161
1,286
413
137
65
1,703
540
416
8,150
23,575
210
4,369
1,333
766
491
72
1,217
729
2,003
2,988
11,566
804
3,537
978
650
223
66
1,058
655
1,804
2,508
9,379
618
36.860
34,339
44,656
26,338
21,476
oom
Total
.1441 044 .W14Gn
, ,
4.c/.04..m.W00c.a.
000000'.'0000,0000
Group B:
Delaware & 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
183
668
616
3,547
167
261
750
415
1,334
18,773
19,901
171
145
1,882
2,632
357
--
171
283
155
717
765
402
626
700
944
3,497
4,142
2.247
208
212
232
279
413
209
722
1,053
1.272
403
563
337
1,125712
19,906
23 37
-,
8,337
16,449
20,590
3,891
160
129
248
182
205
270
1,671
2,176
1,431
2,491
2,849
1,915
--- -- - --322
588
782
1932.
143
418
902
1,876
160
425
1,070
294
547
7,316
3,103
321
308
1,052
1,758
---561
51,802
48,929
59,561
23.384
20.254
Grand total Southern District__
88,662
83,268
104,217
49,722
41,730
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_
Northern Pacific
Spokane Portland & Seattle.....
809
18,350
2,448
18,608
3,474
14,083
831
4,882
299
16,246
520
1,955
6,342
9,868
1.019
1,348
15.039
2,290
17,028
3,833
2,347
330
2,950
294
10,044
477
2.000
4,901
8,626
1,361
1.748
21,791
3,122
22,956
4,451
12,276
724
4,658
374
16,716
675
2,430
6,798
11,519
1,219
1,726
8,274
2,130
6,645
2,762
103
330
5,017
162
2.038
328
1,403
2,293
2,456
1,193
1,708
7,929
2,066
6,143
3,279
103
381
3,088
141
2,069
300
1,331
1,605
2,225
1,130
99.734
72,870
111,457
36.860
33,498
Central Western DistrictAtch. Top. & Santa Fe System_
18,536
Alton
2,847
Bingham & Garfield
169
Chicago Burlington & Quincy
15,792
Chicago Rock Island & Pacific. 11.719
Chicago & Eastern Illinois_ __
2,696
.
Colorado & Southern
906
Denver & Rio Grande Western_
2,457
Denver & Salt Lake
.370
Fort Worth & Denver City.-744
Northwestern Pacific
844
Peoria & Pekin Union
189
Southern Pacific (Pacific)
18.256
St. Joseph & Grand Island__.241
Toledo l'eoria & Western
348
Union Pacific System
12,139
Utah
313
Western Pacific
1,639
18.821
3.086
130
16,122
12,924
2,781
903
3,216
460
1,007
589
150
16,889
220
329
11,625
366
1,360
24.637
3,682
217
20,054
15,596
3,291
1,265
3,643
690
1,229
850
130
21,578
298
273
14,620
477
1,703
4,634
1,597
39
6,169
6,058
2,050
1,157
1,953
19
558
307
34
3,017
397
932
6,760
10
2,551
0
4.
.
.
.00 .0
4:Ww. 420
v.
1,..0W0000
0000.4.00
-40000c..00.ww.0c..co,A.
28,104
Total
Group B•
Alabama Tenn. & Northern_ __
Atlanta Birmington & Coast_ _ _
A tl. & %V. 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 dc Ohio
Nashville Chats. & St. Louis.....
d NeW Orleans-Great Northern
Tennessee Central
1933.
90.205
90.978
114,233
38,242
34.029
234
181
119
1,875
133
243
138
1,660
221
238
201
a2,371
-704
2.- 203
1.549
.081
295
877
123
5,018
14,140
47
79
7,424
1,729
2.3--53
128
1,492
1,273
151
538
71
4,819
13,266
36
88
8,253
2,149
2.2" lo
284
2,008
2,015
361
1,183
98
5,428
16,525
41
92
9,563
2,649
5.941
3.756
2,478
23
5,014
3,829
1,716
25
7,294
3,876
1,770
34
2 06
- 4.
'2,393
1,903
31
49.776
47.3/7
58.471
30.408
27,935
Total
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
b Houston & Brazos Valley _ _ __
International-Great Northern__
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas
Missouri-Kansas-Texas Lines_
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
b San Antonio Uvalde & Gulf _ _
Southern Pacific in Texas & La.
Texas & Pacific
Terminal Rit. Assn. of St. Louis
Weatherford 1‘11n.Wells & N.W.
Total
CO
198
3,944
8,272
1,767
1,407
9,866
1,071
1931.
•
265
4,809
9,693
2,033
1,825
11,128
1,060
1932.
,
1,040
3,736
10,507
834
3,798
13,498
755
1933.
w
.
..
00
4.444. .0
......
o.
.a43.4... Oi.D.42-4-404=-,, M.N .
4
4..C.1000.0000.....0.0- 4 .t4w.0
44
,zx,,,,,.,.,z00,....440.4.,mw.,.m.
40
04.
1933.
7'otal Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1932.
1931.
'
842
2,991
8,826
1,100
2,779
10.881
685
1932.
00 4
1933.
Eastern District
Group cl:
Bangor & Aroostook
Boston dt Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H.& Hartford._ _
Rutland
Total Loads Received
from Connections.
,
1
Total Revenue
Freight Loaded.
Railroads.
2,691
293
118
1,068
1,399
599
1,205
584
390
152
272
2,158
6.271
14
86
2,950
949
a Estimated. b Included In Gulf Coast Lines. c Pennsylvania-Reading Seashore Lines Include the new consolidated lines of the West Jersey & Seashore 1.R..
formerly part of Pennsylvania RR.and Atlantic City RR.formerly part of Reading Co.: 1931 and 1932 figures Included in Pennsylvania System and Reading Co. d Included
In Gulf, Mobile & Northern RR. e Included in Pennsylvania RR. and Reading Co. figures. •Figures of previous week.
Wholesale Prices in United States Advanced for Sixth
Consecutive Month During August According to
Monthly Index of United States Department of
Labor.
The sixth consecutive monthly advance in the general
level of wholesale commodity prices was shown by the
August index number of the Bureau of Labor Statistics of the
United States Department of Labor, announced Sept. 16.
This index number which includes 784 commodities or price
series weighted according to their relative importance in the
markets, and based on the average prices for the year 1926 as
100 averaged 69.5 for August as compared with 68.9
for July, showing an increase of slightly less than 1% between the two months. The Bureau further announced:
As compared with the low point reached In February of the present year,
when the index was 59.8. August prices rose near.y 16%. Corresponding
Indexes for March, April. May and Juno 1933, were 60.2, 60.4, 62.7 and
65.0, respectively. As compared with August 1932, with an index number
of 65.2, the August 1933 wholesale price level shows an Increase of more
than 63i% over that of a year ago.
Between July and August increases were reported in 369 instances, decreases In 141 instances, while in 274 Instances no change In price was shown.
For the third consecutive time In the past three years prices for the
current month have averaged higher than In the corresponding month of
the year before. The all commodities Index, which indicates the trend in the
general level of wholesale prices shows that prices in August were about
27% below the level of June 1929, when the Index stood at 95.2.
The largest price advance was shown by the textile products groups which
increased by almost 10% over the previous month. Increases took place
In the average prices of clothing, cotton goods, knit goods, woolen and
worsted goods, and other textile products. Wholesale prices of silk and
rayon, however, decreased sharply.
The second largest advance occurred in the products of the hides and
leather group which showed a rise of 634% from July to August. This
increase was due largely to advances in the prices of boots and shoes which
were 834% higher in August than in July. As compared with August 1932,
an increase of nearly 14% has been recorded in the average wholesale prices
of boots and shoes during the 12 months.
Wholesale prices of farm products which had been steeply advancing for
the six months reacted in August and dropped by more than 4% as compared with July, although still 41% above February, the low point reached
during the present year, and 17% over the corresponding month of last
year. Grains, steers, lambs, hogs, live poultry, cotton, eggs, lemons,
onions, and white potatoes, were mainly responsible for the decline. Calves.
oranges, hay, fresh milk at New York, tobacco, and wool showed increases
in prices between the two months.
Among manufactured food products which showed price decreases during
the month were butter, rye flour, corn meal, bananas. lamb, dressed
poultry, coffee, lard, raw sugar, and vegetable oils. On the other hand.
evaporated and powdered milk, bread, wheat cereal, cookies, most wheat
flour, rice, dried fruits, canned fruits and vegetables, cured beef, veal, and
granulated sugar averaged higher than in the month before. The group as a
whole though decreasing by 1% in August as compared vrith July. was 21%
above the low in February of this year, and 5% higher than August a
year ago.
Coal and coke showed advances in average prices causing the group offuel
and lighting materials to increase by 0.3 of 1% over the previous month.
Electricity, gas, and petroleum products declined from July to August.
Metals and metal products as a whole continued upward during August
due to advancing prices of agricultural implements, iron and steel, nonferrous metals, and plumbing and heating fixtures. Motor vehicles showed
no change between July and August. The index for this group was over
0.7% higher than for the month before.
In the group of building materials the average prices of brick and tile,
cement, lumber, and other building materials moved upward during the
month, while paint and paint materials decreased slightly and structural
steel showed no change between the two months. The group as a whole
recorded an increase of 2 %.
Chemicals and drugs registered a decrease of about 0.1 of 1% during
August due to declining prices for chemicals. Drugs and pharmaceuticals,
fertilizer materials, and mixed fertilizers increased slightly. The housefurnishing goods group as a whole increased nearly
% from the previous
month. Both furniture and furnishings shared In the advance.
The miscellaneous group of commodities rose 2.2% between July and
August due to advances in automobile tires and tubes, paper and pulp, and
other miscellaneous commodities.
Among the remaining groups raw material prices declined by 2%. Semi
manufactured articles advanced by 334% to a level of nearly 24% above
a year ago. Finished products moved upward by 1 2-3%, but were about
4% over August of last year.
The non-agricultural commodities group, which includes all commodities
except farm products, advanced by about 134% during the month, while
commodities other than farm products and manufactured foods rose more
than 234%. Both of the latter special groups showed averages of more than
5% over August a year ago.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1926=100.0).
Groups and Subgroups.
All commodities
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter. cheese and milk
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and leather products
Boots and shoes
Hides and skins
Leather
Other leather products
Textile products
Clothing
Cotton good('
Knit goods
Silk and rayon
Woolen and worsted goods
Other textile products
Fuel and lighting materials
Anthracite coal
Bituminous coal
Coke
Electricity
Gas.
Petroleum products
Metals and metal products
Agricultural implements
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building materials
Brick and tile
Cement
Lumber
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals
Fertilizer materials
Mixed fertilizers
Housefurnishing goods
Furnishings
Furniture
Miscellaneous
Automobile tires and tubes
Cattle teed
Paper and Pulp
Rubber, crude
Other miscellaneous
Raw materials
Semi-manufactured articles
Finished products
Non agricultural commodities
All commodities other than farm products
and foods
.
•Data not yet avallable.
2167
Financial Chronicle
Volume 137
August
1932.
July
1933.
August
1933.
65.2
49.1
38.2
52.8
50.8
61.8
60.2
66.0
55.6
61.9
62.1
69.7
84.4
39.3
60.0
82.3
52.7
61.0
52.6
48.5
29.5
53.4
67.4
72.1
86.0
81.3
78.7
104.4
107.0
48.9
80.1
84.9
78.7
95.3
48.5
67.1
69.6
75.2
79.0
55.5
67.2
67.1
81.7
78.3
73.3
79.7
57.0
66.4
68.3
73.6
74.8
72.6
64.6
40.1
47.4
76.3
7.9
84.2
55.7
57.9
70.7
68.5
68.9
60.1
73.4
47.4
63.7
65.5
66.1
83.3
75.6
50.8
63.7
86.3
88.3
88.7
78.0
80.0
68.0
70.6
80.2
55.2
37.9
72.3
76.7
65.3
77.9
81.0
76.0
89.4
100.2
41.3
80.6
83.0
77.7.
90.4
67.6
69.4
79.5
78.2
88.2
75.9
77.9
69.4
81.7
83.3
73.2
80.3
56.8
68.6
63.3
74.8
75.1
74.6
64.0
41.4
82.4
78.1
16.3
76.3
61.8
69.1
72.2
70.7
69.5
57.6
64.6
45.9
62.5
64.8
65.7
84.8
71.1
51.0
62.6
91.7
96.1
91.5
82.5
81.2
74.6
74.4
93.5
69.4
34.6
78.9
77.8
65.5
79.2
83.6
77.4
(• )
(• )
40.9
81.2
83.2
78.6
90.4
88.2
70.3
81.3
81.5
90.3
79.4
77.5
70.3
81.7
85.0
73.1
79.6
57.6
69.0
64.4
77.6
78.6
76.8
65.4
43.2
78.0
81.0
14.9
77.8
60.6
71.7
73.4
72.0
70.1
72.2
74.1
Moody's Daily Index of Staple • Commodity Prices
Finishes at Slight Advance After Rapid Rise in
First Half of Week.
During the first three days of the week under review prices
of the principal basic commodities continued the rising trend
initiated in tha previous week, at an accelerated pace;
Moody's Daily Index of Staple Commodity Prices on Wednesday had recovered almost half of the maximum loss from
the high point reached on July 18. During the next three
days however, widespread selling wiped out most of the gains,
and the Index closed at 132.9, a slight advance over the figure
of 131.8 at the close of the previous week.
Seven of the 15 commodities comprising the Index showed
advances for the week, but the slight gain was due almost
solely to a rise of 9% in the value for choice hogs. The
remaining advances, in cotton, wool, rubber, silver, coffee,
sugar were offset by declines in wheat, corn, steel scrap,
silk and cocoa. Copper, lead, and hides were unchanged.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Sept. 15
Sept. 16
Sept. 18
Sept. 19
Sept. 20
Sept. 21
Sept. 22
2 Weeks Ago,Sept. 8
Month Ago, Aug. 22
Year Ago,
Sept. 22
1932 High (Sept. 6
[Dec. 31
Low
133.1 1933 High (July 18
tlreb. 4
Low
132.9
127.7
1313.0
0
:9
999
131.8
132.2
135.1
136 5
135..7
79.3
148.9
78.7
Further Increase Reported in Wholesale Commodity
Prices During Week Ended Sept. 16 by National
Fertilizer Association-Largest Gain in Several
Months.
Wholesale commodity prices which have been only fairly
steady during the last three or four weeks turned decidedly
upward during the week ended Sept. 16 according to the
index of the National Fertilizer Association. This index
advanced from 67.3 to 68.8, a gain of 15 points. This is
the largest weekly gain in the index in several months.
During the preceding week the index advanced only one
point, while two weeks ago it advanced four points. The
latest index number is 24 points higher than it was a month
ago and is 65 points higher than it was a year ago. Under
date of Sept. 18 the Association further reported:
During the latest week nine groups advanced, three declined, and two
showed no change. The advancing groups were foods. fuel. Including
petroleum and its products, grains, feeds and livestock, textiles, housefurnishing goods, fats and oils, mixed fertilizer, agricultural implements,
and miscellaneous commodities. The declining groups were building materials, metals, and fertilizer materials. The declines in these groups were
comparatively small.
Forty-seven commodities showed higher prices, the largest number In
several weeks, while 21 commodities showed lower prices. The commodities that advanced for the most part showed appreciable gains and In
many instances they were very important commodities. Included in the
list of advances were cotton, cotton garments, wool, burlap, silk, lard,
butter, milk, bread, flour, corn, oats, wheat, hogs, cattle, silver, brick,
petroleum, fuel oil, gasoline, kerosene, and rubber. Listed among the
declining commodities were heavy melting steel, copper, calf-skins, hides,
soya bean oil, tallow, and cottonseed meal.
The index numbers and comparative weights for each of the 14 groups
listed in the index are shown in the table below.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928= 100).
Per Cent
Bach Group
Bears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Group.
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
All groups combined
Latest
Week
Sept. 9
1933.
Pre
ceding
Week.
Month
Ago.
Year
Ago.
69.8
67.9
53.4
65.8
69.8
84.4
74.5
78.4
81.6
48.7
87.0
63.3
70.2
90.3
69.3
63.7
51.5
63.8
69.3
84.4
74.7
78.5
78.7
48.3
87.0
64.1
66.7
90.1
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
63.4
65.4
43.7
48.0
62.0
89.0
71.4
70.2
77.4
42.5
87.4
61.7
69.2
92.1
68.8
67.3
66.4
62.3
Noted in Wholesale Price Index of United
States Department of Labor During Week Ended
Sept. 16.
The wholesale commodity price index resumed its rising
trend during the week of Sept. 16 according to a report
issued Sept. 20 by the Bureau of Labor Statistics of the
U.S. Department of Labor. The index for the week reached
the highest point that has been attained for the present year
and shows an increase of more than 18% over the low point
of the year which was reached during the week of March 4
with an index of 59.6. The report further noted:
Increase
The Bureau's index number of the general level of wholesale prices for the
week was 70.5 showing that an increase of more than 1% has taken place
In the all commodities total when compared with the previous week when the
Index was reported as 69.7.
Of the 10 major groups of related commodities which comprise 784
separate price series, weighted according to their relative importance and
Financial Chronicle
2168
based on average prices for the year 1926 as 100.0, 5 groups showed an
increase, 4 a decline and 1 no change as compared with the previous week.
Wholesale prices of farm products continued their downward course for the
third successive week dropping by more than 1%. Manufactured foods
shows a slight increase. The group of fuel and lighting materials shows the
greatest advance with average prices rising by more than 7%, increases
being reported for anthracite and bituminous coals and petroleum products.
Other important groups showing material advances were textile products,
which rose by more than 2%, and building materials, which increased by
slightly less than 1%.
The accompanying statement shows the index numbers of groups of commodities for the weeks ending Aug. 19, 26. and Sept. 2. 9, and 16, 1933:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF AUG. 19, 26.
AND SEPT. 2, 9, AND 16, 1933.
(1926=-100.0)
Week Ending
Aug. 19 Aug. 26 Sept. 2
All commodities
Farm products
Foods
Hide.: and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
AflarolPmPom
69.3
575
64.4
90.9
74.1
66.5
80.8
80.8
72.9
76.4
Sc
69.6
58.2
65.0
92.8
74.2
66.0
81.2
80.7
72.5
76.9
e5 2
69.7
57.1
65.3
92.9
74.2
67.2
81.4
81.0
72.2
77.0
65.2
69.7
56.6
65.0
92.8
73.9
67.6
81.7
81.4
72.3
78.6
64.9
70.5
55.9
65.1
92.0
75 5
72.5
81.7
82.0
72.1
78.7
64.8
It now stands at the highest since April 7 1931, with the exception of
July 18 1933, when it stood at 107.0. just before the collapse of the midsummer inflation boom. The advance was, however, in company with
a sharp fall of the dollar to a new low of 64.5 cents from 69.9 a week ago,
in consequence of which the index on a gold basis declined to 68.8 from
72.5 (revised)•
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for seasonal variation( 913=100).
Sept. 19 1933. Sept. 12 1933 Sept. 20 1932.
76.8
91.8
87.5
Farm products
99.3
105.6
106.7
Food products •
a122.0
78.8
•121.9
Textile products
137.5
136.8
144.8
Fuels
104.6
104.8
97.2
Metals
106.3
107.9
108.6
Building materials
95.2
97.0
a97.0
Chemicals
86.1
82.2
86.6
Miscellaneous
94.9
106.6
a103.7
All commodities
All rommoditlea on gold basis_ b
68.8
a72.5
- -- * Preliminary. a Revised. b Based on exchange quotations for France, Switzerland, Holland and Belgium.
Nearly half the advance was due to sharply higher prices for wheat and
cotton and allied commodities, caused by renewed agitation for thoroughgoing inflation, especially from the South. It is to be noted that the
security markets, however, have not responded in their usually enthusiastic fashion. The cause for the difference appears to lie in the character
of the new agitation. The pressure is coming from the agricultural strongholds of the Democratic Party, is being exerted in considerable measure by
Democratic Congressmen with the implied threat of Congressional action
next winter and a kicking over of the none-too-welcome Presidential traces.
and is marked by a complete disregard for economic facts far greater and
more unreasoned than the agitation in the last Congress. An example is
the recent resolution of a conference of Congressmen and others urging
on the President, among other things, a minimum price of 20 cents a pound
for cotton, to be increased ad infinitum in pursuit of the evasive "parity"
price.
Perhaps most serious is the threat of an overriding of the President by
a refractory Congress next winter with the possible enactment of utterly
irresponsible and destructive legislation, which would conceivably leave us
with only the alternatives of a complete breakdown of our economic and
political structure and the adoption of an out-and-out dictatorship form
of government. It is quite improbable that such choice will be forced
upon us, but the mere possibility is exceedingly unsettling, and undoubtedly
accounts for much of the absence of enthusiasm on Wall Street. The fact
that the commodity gains during the week, even with the aid of the entirely
independent advances in the petroleum group, were insufficient to prevent
a sharp drop in the index on a gold basis shows that the new inflation agitation is not regarded with whole-hearted favor even among those dealing
in the commodities, who would have been supposed to be particularly
in favor of it.
DOMESTIC AND FOREIGN WHOLESALE PRICE INDICES.
(Measured in currency of country, no adjustment for depreciation: 1913=100.0.)
July
1933.
June
1933.
P.C. Change.
Aug.
1932. Month. Year.
+9.0
94.5
94.2 -0.7
+4.0
105.6 104.2 -1.5
+3.0
101.7
99.5 +0.2
--- 396
394
-0.8
-1.2
92.9 95.4 +0.4
-6.0
285
300
-0.4
135.7 117.7 -1.2 +15.5
Tartan
•Preliminary. a July 1914=100.0. Indices used: U. S. A., "Annalist":
Canada, Dominion Bureau of Statistics: United Kingdom, Board of Trade; France,
"Statisaue Generale"; Germany, "Statistische Relebsamt"; Italy, Milan Chamber
of Commerce: Japan, Bank of Japan.
World prices showed a somewhat weaker trend in August, following the
reaction of last July in this country. Canadian and Japanese prices showed
losses of 1.5 and 1.2%,respectively, from July; while France and Italy also
showed losses. The United Kingdom and Germany, however, showed
small gains. Latest weekly figures indicate a continuance of the upward
tendency in the United Kingdom, a weakening in Italy and France, and
little change in Germany, although in the latter country the Institute for
United States of America
Canada
United Kingdom
France a
Germany
Italy
102.7 103.4
108.4 110.1
102.5 102.3
394
397
93.9
*94.3
283
*282
*138.0 *137.6
the Study of Trade Fluctuations has issued a warning that the German
buying power will not support the recent price advances.
Department Store Sales in Metropolitan Area of New
York During First Half of September.
Department store sales in the metropolitan area of Nev
York declined 6.5% from Sept. 1 to Sept. 15 1933, as compared with the same period in 1932, the New York Federal
Reserve Bank reported on Sept. 21. During the first half
of August 1933 sales advanced 3.1% as compared with last
year. New York and Brooklyn department stores reported
a decline of 6.4% during the first half of September and
department stores in Newark a decrease of 7%.
Sept.9 Sept. 16
"Annalist" Weekly Wholesale Price Index Up 2.9
Points During Week of Sept. 19 on Inflation
-Somewhat Weaker Trend
and Oil Prospects
Noted During August in Foreign and Domestic
Indices.
With a gain of 2.9 points for the week, the "Annalist"
weekly index of wholesale commodity prices advanced to
106.6 on Sept. 19 from 103.7 (revised) Sept. 12, the "Annalist" reported, adding:
Aug.
1933.
Sept. 23 1933
Chain Store Sales Up 5.7% in August.
Sales of the first 27 chain store organizations reporting
results for the month of August advanced 5.7% over August
1932, with specialty and department store chains recording
the largest and most consistent gains, according to a compilation by Lehman Brothers of this city, who also report
as follows:
The best individual showing was made by Melville Shoe, whose sales
advanced 36.8%, or from $1,096,107 in August 1932 to $1,500,476. Grocery
chains averaged a loss of between 1 and 2% in sales, Kroger making the
best showing with an advance of 6%. This compared with the largest
decline, 13.3% reported by Dominion Stores. In this group Safeway
Stores' sales gained 3.6%, but other gains reported were under 1%. H. C.
Bohack sales were off 6.7% and Jewel Tea off 3.3%.
All units in the 5 & 10c.-$1 chains advanced substantially. G. C. Murphy
again led off this group with a gain in sales of 32.4%. Last month the
sales of this company advanced 22.4%. The next best showing was made
by M. H. Fishman, whose sales gained 14.9% and other units of the group
averaged gains of between 11 and 13%.
Walgreen, in the drug group, reported a gain of 15.1% for August,
which compares with a 9.8% sales increase in July. Peoples Drug sales
were up 1.2%.
J. C. Penney Co. was again in the first position in the specialty and
department stores group by reason of a 32.1% gain. In July Penney's
sales were 18.4% higher than in the corresponding month a year ago.
Interstate Department Stores experienced an abrupt improvement in its
business with a sales advance of 21.4% in August as compared with a
3.4% decline in July. Lane Bryant sales were 27.2% above the corresponding total a year ago.
Montgomery Ward again led in the mall order group. Sales for August
were 20.5% above last year. In July this company's sales were 15.3%
ahead. Sales of Sears, Roebuck in August gained 11.1% as compared
with a sales gain of only 1% In July.
The following tabulation gives sales for all units reporting, comparison
with the corresponding month a year ago and the percentage of change:
August 1933.
Grocery Chain
H. C. Bohack
Dominion Stores
First National
Grand Union
A.& P
Jewel Tea
Kroger
National Tea
Safeway Stores
5 & 10c-$1M. H. Fishman
W.T. Grant
S. S. Kresge
S. H. Kress
Woolworth
G. C. Murphy
Nesiner Bros
J. J. Newberry
Drug Chains
Peoples Drug
Walgreen
Restaurant
Exchange Buffet
Specialty & Dept. Stores
Interstate Department
Lane Bryant
J. C. Penney
Shoe Chains
Melville Shoe
Schiff Co
Mail Order Chains
Montgomery Ward
August 1932.
Increase.
%
$2,757,200
1,441,312
8,118,503
2,281,296
76,004,958
730,839
16,157,182
4,730,998
17,287,318
$2,956,155
1,662,124
8,041,563
2,277,182
79,323,824
755,629
15,226,337
4,698,048
16,686,125
56.7
513.3
.96
.1
54.1
53.3
6.0
.7
3.6
247,642
5,751,538
9,920,932
5,416,829
20,3.56,705
1,803,139
1,148,300
2,847,362
215,462
5,054,615
8,804,746
4,861,610
18,243,735
1,361,401
1,025,981
2,548,354
14.9
13.78
12.6
11.4
11.5
32.4
11.9
11.7
1,239,938
4,216,883
1,224,490
3,663,055
1.2
15.1
262,217
335,243
521.7
1,394,011
920,244
14,203,842
1,147,966
723,625
10,747,070
21.4
27.2
32.1
1,500,476
667,705
1,096,107
600,438
36.8
11.2
15,657,274
12,988,264
In 170 009
17 75)1562
20.5
11.1
x Decrease.
Valuation of Construction Contracts Awarded as
Compiled by F. W. Dodge Corp. Below Last Year.
The valuation of construction contracts awarded in the
37 States east of the Rocky Mountains in the month of
August 1933 was $27,857,000 less than in August 1932, the
figure for July of this year being $106,131,100 against
$133,988,100 in the same month of last year. For the first
eight months of the year the decline from 1932 was $308,899,900.
August construction contracts totaled $106,131.100, according to F. W.
Dodge Corp.; this was a gain of about 28% over July and was the largest
monthly total thus far reported for 1933. For the elapsed eight months of
1933 contracts totaled $620.937,600 as against $929,836,500 for the corresponding eight months of 1932.
The gain in contracts over July was entirely due to increased activity in
public works and public utilities. For the former the August total was
somewhat more than twice as large as the July figure; for the latter August
awards were almost five times as large as in July. Public works contracts
were considerably smaller, however, than in August 1932. but public
utilities awards were more than twice as large as those recorded in August
of last year.
Residential awards in August showed a total of $21,937,000 as against
$23,630,400 for July and $20.766,800 for August 1932. For the year to
2169
Financial Chronicle
Volume 137
date residential contracts totaled $158,725,600 as against $203,205,600 in
the corresponding eight months of 1932.
Publicly-financed construction contracts of all types let during August
showed a good gain over July but were still measurably lower in volume
than in August of last year. Privately-financed construction awards of all
descriptions let during August showed a decline from July but were still
above a year ago.
Gains in residential building alone over a year ago were reported in New
England, the Southeast, the Central Northwest, Southern Michigan, the
St. Louis district. the Kansas City territory and in Texas. Improvement
In non-residential building over August 1932 was shown in Metropolitan
New York, the Pittsburgh area, the Southeast, Southern Michigan, the
St. Louis district, and the New Orleans territory.
CONSTRUCTION CONTRACTS AWARDED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
New Floor
Number of
Projects. Space (Sq. Ft.).
Month of August
-Residential building
1933
Non-residential building
Public works and utilities
Valuation.
4,006
2,779
1,408
133,988,100
47,311,100
45,451,600
2,793,000
158,725,600
257,312,100
204,899,900
95,555,700
620,937,600
26,753
15.965
10.305
52,147,100
58,221,600
1,642,300
203,205,600
361,085,100
365,545,800
53,023
Total construction
13,863,500
56,246
-Residential building
1932
Non-residential building
Public works and utilities
20,766,800
49,071,100
64,150,200
29,575
19,596
7,075
Total construction
106,131,100
5,545,300
8,113,600
204,600
7,185
Total construction
First Eight Months
--Residential building
1933
Non-residential building
Public works and utilities
13,002,200
3,320
2,180
1,685
1932-Residential building
Non-residential building
Public works and utilities
21,937,000
32,796,600
51,397,500
8,193
Total construction
6,384,800
6,381.000
236,400
112,011,000
929,836,500
Improvement Shown in Electricity Production During
Week Ended Sept. 16 1933-Highest This Year.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended Sept. 16 1933 was 1,663,212,000 kwh., a new high for the current year, and an increase
of 12.7% over the corresponding period last year when output
totaled 1,476,442,000 kwh. A gain of 11.1% was registered
during the preceding week. The current figure also compares
with 1,582,742,000 kwh. produced during the week ended
Sept. 9 1933, 1,637,317,000 kwh. in the week ended Sept. 2
1933 and 1,661,504,000 kwh. (the previous high mark this
year) in the week ended July 29 1933.
In most sections of the country comparisons with last year
were more favorable than in the preceding week. A gain of
27.6% was reported in the Rocky Mountain region as
compared with 26.7% in the week previous, an increase of
17.9% was shown in the Central Industrial region as against
16.2%, the New England region was up 9.5% as compared
with 10.7%, the Middle Atlantic region was 9.3% higher as
against 7.7%, the West Central region 6.9% as against 3.7%,
the Southern States region 10.7% as compared with 8.4%
and the Pacific Coast region was up 1.2% as against 2.6%
in the week ended .Sept. 9 1933. The Institute's statement
follows:
NEW CONTEMPLATED WORK REPORTED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
1932.
1933.
PER CENT. CHANGES.
Major Geographic
Divisions.
Week Ended
Week Ended
Week Ended
Week Ended
Sept. 16 1933. Sept. 9 1933. Sept. 2 1933. Aug.261933.
+9.5
+9.3
+17.9
+10.7
+1.2
+6.9
+27.6
Tow United States
No. of
Projects.
Month of August
Residential building
Non-residential building-- Public works and utilities-- Total construction
First Eight Months
Residential building
Non-residential building_ __
Public works and utilities
Total construction
Valuation.
No. of
Projects.
Valuation.
4,334
3,614
2,528
43,274.800
127,452,700
294,271,400
3,733
2,329
1,958
28,765,600
32,815,600
89,022,600
10,476
464,998,900
8,020
34,005
25,434
12,197
35E633.600
625,296,400
1,167,838,200
31,585
19,855
13,030
298,476,900
374,363.200
632,011,100
71,636
2,144,768,200
64,470
1,304,851,200
August 1932
Compared to
August 1932.
Eight Months 1933
Compared to
Eight Months 1932.
106%
92
100
103
104
106
90
100
91
90%
81
83
86
81
92
85
78
80
98%
83%
These figures represent the experience of 79 companies having in force
in% of the total ordinary legal reserve life insurance outstanding in the
United States:
Canadian Sales of Ordinary Life Insurance During
August 96% of Sales of August 1932.
"The sales of ordinary life insurance in Canada during
August were 96% of the volume paid for in August 1932,"
states a summary of Canadian sales by the Life Insurance
Sales Research Bureau at Hartford, Conn. The Bureau
said that "the largest increase, 19%, was recorded in New
Brunswick. For the eight months of this year, sales were
84% of the same period in 1932."
+16.5
+10.2
+18.2
+11.6
+5.9
+3.8
+27.1
4-11.1
4-11.8
+13.5
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.
Week of-
At the close of the first quarter, sales were only 74% of the volume of
the same period last year. at the end of six months this had increased to 79%.
Figures just compiled show that by the end of August the ratio of 1933
business compared to 1932 had reached 83%.
Four of the nine sections of the country showed gains during the month:
two exactly equaled last year's production: and only three fell below. In
every section there were States showing gains. This indicates that the
increase in business was generally distributed. Over half the States during
the past month exceeded their volume of last August.
The figures below show the comparison of August sales to August a year
ago and the same comparison for the eight month period. In every section
the monthly experience is considerably better than the eight months.
This of course indicates a pronounced upward trend during the month.
United States total
+12.7
+6.8
+17.4
+9.9
+5.0
+1.9
+23.1
150,603,800
S.:les During August of New Ordinary Life Insurance
in United States 98% of Sales of August Last Year.
The Life Insurance Sales Research Bureau at Hartford,
Conn., stated on Sept. 21 that "the sales of new ordinary
life insurance in August were 98% of the sales of August 1932.
During 1933 the trend in sales has been generally upward,"
the Bureau said, adding:
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
+10.7
+7.7
+16.2
+8.4
+2.6
+3.7
+26.7
4.12.7
New England
Middle Atlantic
Central Industrial
Southern States
Pacific Coast
West Central
Rocky Mountain
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 28
Sept. 2
Sept. 9
Sept. 16
Sept.23
Sept 30
.
Oct.7
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
1,578.10E000 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
1,637,317,000 Sept. 3
1,582.742,000 Sept. 10
1,663,212,000 Sept. 17
Sept.24
Oct. 1
Ore
R
1932.
1931.
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
x1,423,977,000 Sept. 12
1,476,442,000 Sept. 19
1,490,863,000 Sept.26
1,499,459,000 Oct. 3
1 sna 210 non Cwt. 10
1,637,296.000
1,654.303,000
1,644.783.000
1,60E833,000
1,593,662,000
1,621.451,000
1,609,931,000
1.634.935,000
1.607,238.000
1,603,713,000
1.644,638,000
1.650,545.000
1,644.089.000
1,642.858,000
1.629,011,000
1,643,229,000
1,637,533.000
1,635,623,000
1,582,267,000
1,662.660,000
1,660,204,000
1.645,587.000
1.653.369.000
1933
Over
1932.
0.5%
2.2%
3.3%
48%
5.8%
7.4%
9.5%
10.9%
13 7%
14.7%
16.4%
15 4%
15.4%
15.6%
15.0%
15..%
13.5%
11.8%
11.1%
12.7%
x Corrected figure.
DATA FOR RECENT MONTHS.
Month of-
1933.
1932.
January. ___ 6,480,897,000 7.011.736.000
February__ - 5,835.263.000 6,494,091,000
March
6,182.281,000 6,771,684,000
April
6,024.855,000 6.294,302.000
May
6,532,688,000 6,215,554,000
June
6.809,440.000 6,130,077,000
July
7,058,600,000 6,112,175,000
All141141
6,310,667,000
September..
6.317.733,000
October ____
6.633,865,000
November..6,507.804,000
i3ecember__
6,638,424,000
Total
1931.
7,435,782.000
6,678.915,000
7,370.687,000
7,184,514.000
7,180.210.000
7,070,729,000
7,286,576,000
7,166.086,000
7,009.421.000
7,331,380,000
6.971,644.000
7.288.025,000
1930.
1933
Under
1932.
8,021,749,000 7.6%
7.066,788,000 10.1%
7,580,335.000 8.7%
7.416.191,000 4.3%
7.494.807,000 s50%
7,239,697,000 all.1%
7,363,730,000 al5.5%
7,391.196,000
7.337.106,000
7,718,787,000
7,270.112.000
7.566,601,000
-.-
77 442 112 min RR fins ARA 114441 50 4R7 1199414111
a increase over 1932.
Note -The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are based
On about 70%.
Low Point of Productive Volume of World Reached
in 1932 League of Nations Group Finds-Price
Changes Outlined-Study Shows Wholesale Rates
from 1929 to March 1933, Fell Least in Japan.
The lowest point of the depression in the world's productive activity appears to have been passed about the middle
of 1932, according to a substantial report entitled "World
Production and Prices, 1925 to 1932," issued by the League
of Nations' Economic Intelligence Service. Advices of this
effect were contained in a wireless message from Geneva,
Sept. 14, to the New York "Times" which added:
Nevertheless, it states that 1932 was the first year since 1925 when
current production did not exceed current consumption. It gives many
detailed figures showing how a more rapid decline in demand than in
supply has resulted in heavy accumulations of stocks.
2170
Financial Chronicle
Prices Fell as Stocks Grew.
One of the many vivid graphs in the volume shows that while nine
primary commodities fell steadily in price after 1924 their stocks increased
steadily. Lead, zinc, rubber, coffee and sugar are, in the order named.
the commodities the stocks of which have increased most. World metal
production has slumped most, falling to 51111 1932. with 100 representing
1925, while rubber has increased to 108, foodstuffs 104, wine and hops 163.
Artificial silk production set a new high record in 1932. Industrial
production decreased sharply in all countries since 1929 except Russia,
where it has soared, and in Japan, where it has remained about the same.
One table, in which 100 represents the average for 1925 through 1929,
shows the following decreases between 1929 and 1932: Agricultural production. 104 to 102; other production, 114 to 73; industrial activity. 111 to 17.
The chapter dealing wih the volume of world trade shows that such
trade both in primary and manufactured goods considered separately has
diminished more than world production in these two groups. A special
study is made of prices since the abandonment of gold standards. It
shows the rapid fall in gold prices continued steadily until the middle of 1932.
After a sharp upward movement following the Lausanne conference,
it says, most indices fell again until"in March 1933. prices in most countries stood at the lowest point of the depression." The abandonment of
the gold standard by the United States, the work adds, then "caused another upward tendency."
It finds that discrepancies between wholesale and retail prices persisted
in 1932 and, "contrary to most previous experience, investment goods
have fallen very much less in price than consumption goods."
Traces Price Changes.
One table traces in three currency groups prices from the time sterling
left gold to March 1933, when the dollar did. With September 1931. as
100, prices in the free-gold group declined in France more than elsewhere,
reaching 82, against 85 in the United States. In the restricted gold group
they fell to 84 in Germany, but to only 99 in Austria, while in non-gold
Britain they fell only to 98 and in Canada 92.
Another table giving wholesale price indices shows the percentage of
decline from the 1929 peak to March 1933, was greatest in Holland. where
it was 51. In Egypt it was 44; Italy, 42; France. 41; the United States, 38;
Germany,35, Canada. 34. and United Kingdom, 30. Japan suffered least.
There the fall was only 22%.
Summary of Business Conditions in Canada by Bank
-Course of Trade Moving in Somewhat
of Montreal
Larger Volume-Improvement Shown in Employment.
In its Sept. 22 "Business Summary" of conditions in
Canada, the Bank of Montreal stated that "the course of
trade has moved in somewhat larger volume during the
past month without spectacular incident. Confidence in
the continuance of the recent improvement has not diminished," said the Bank,"though it is thought progress cannot
be rapid until there is further clarification of external conditions." The Bank further said in part:
The NRA policy in the United States is steadily extending its operations,
and its practical efficacy will soon be tested. Canada's external commerce
in July showed expansion in imports for the first time in three years over
the corresponding month of the year before and this gain continued in
August. The balance offoreign trade was again favorable, making the excess
of exports over imports $114,774,000 in the last 12 months, a matter of
moment in connection with the exchange value of Canadian dollars and the
foreign obligations of the Dominion. Noteworthy, too, is the continuous
proportionate enlargement of Empire trade under the terms of the British
Commonwealth compacts of 1932. In the 12 months ending with July,
Canada's proportion of export trade with the United Kingdom rose from
31.4% to 41.3%, and to the British Empire from 39.3% to 49.4%, while
to foreign countries the decline in exports was from 60.7% to 50.6%.
In the matter of industrial production, the month made a good showing.
A particularly bright spot was in forest products, where newsprint production went up from 180.000 tons in July to 194,000 tons in August, and the
export movement of planks and boards from 116,000,000 ft. to 128,000,000
ft. Food products (including flour, sugar, meat products, cheese and
canned salmon) had an index of 100.1, compared with 68.5 in July and
97.6 in August, 1932; this restores the level of 1926. Boot and shoe factories. though recording a somewhat smaller number of pairs manufactured,
are up when seasonal factors are discounted. Iron and steel production
has been well maintained. Automobiles are slightly down from July, but
production has been 60% heavier than in August 1932. In the metals,
gold and silver shipments have been increasing, and there has been a
heavier flow into exports on the part of copper and zinc, as well as of
asbestos. In nickel, though some falling off from July was noted, the
export movement was eight times that of a year ago. As of stilt more
general significance, the production of electric power has been maintained.
Only in building construction among the major industrial groups is the
showing distinctly unfavorable.
The employment situation in August again showed distinct improvement.
The payrolls of the 8.261 firms reporting to the Dominion Bureau of
Statistics aggregated 804,219, a rise of 24,000 over July, contrasting with
the large decline which occurred in August a year ago, and bringing the
figure higher than at any time in the last 12 months. Since April 1. additions
to the same payrolls have approximated 104 000. and the official index
has risen from 76.0 to 87.1. an increase consideraoly greater than the
average of the past 13 years; last year, in fact, as it may be recalled, there
was a decline of 10,000 in the number at work during the same period.
Including fields of labor not covered by the record tnotably agriculture
and the smaller establishments), it is officially estimated that the number
of unemployed has been reduced by 200,000 since the beginning of April.
Judged by the general commodity price level alone, the trend in Canada
for the month was downward, but this can be mainly accounted for by
developments within definite sections of the field, namely, by the break
in wheat and to a less extent in coarse grains (No. 1 Northern Wheat
averaged 10c. per bushel lower than in July). with some weakness in the
non-ferrous metals. On the whole, the Canadian index has fallen, standing
at 69.4 for all commodities in August, whereas it was 70.5 in July. It may
be added, from the comparative viewpoint, that since the winter United
States prices have risen by approximately 15% (the largest gain recorded
in any country): Canada has followed with a gain of about 11%; while
European gains have Inmost cases amounted to not more than 5%.
Agriculturally, the season has been rather a poor one, owing to unfavorable weather conditions, and the state of the farming class cannot be said
to be bettered. Practically all field and fruit crops are below average, but
Sept. 23 1933
some compensition is had in higher prices than a year ago. The wheat
crop for all Canada is estimated at 282.771.000 bushels,the Prairie Provinces
producing 264,000.000 bushels. Last year the crop was 428,514,000 bushels
and in 1928 reached the high figure of 566.726,000 bushels.
Crop Conditions in Canada According to Bank of
Montreal-Rain Delays Harvesting Operations in
Prairie Provinces,
The Bank of Montreal,in its "Crop Report" dated Sept. 21
reviewed as follows the general situation:
Harvesting operations in the Prairie Provinces have been delayed by
rains, which may lower the grades of the grain. Approximately 85% of
the wheat crop has been threshed in Manitoba and 55% in Saskatchewan,
but Alberta is backward, only a small percentage of the crop having been
threshed. While the rains have improved pasturage and the reserve moisture
conditions of the soil, continued dry weather is necessary to complete the
harvesting operations. In Quebec oats are yielding fairly well, but other
grains are below average. In Ontario threshing has been practically completed and while yields of spring grains are below average, the quality
generally is good. There are good crops of apples and grapes; roots are
below average; the tobacco crop is below that of last year. In the Maritime
Provinces cereal crops are expected to be about average; the apple crop is
well above average. In British Columbia rain has been so general that it
has been impossible to complete haying or the threshing of grain. Fruit
crops generally are of good quality.
Industrial Situation in Illinois Reviewed by Industry
by Illinois Department of Labor-Review by
Cities-Both Employment and Payrolls Increased
from July to August.
"Increases of 8.5% in employment and 9.0% in payrolls
from July to August were shown by reports of 1,723 Illinois
manufacturing and non-manufacturing establishments,"
stated Howard B. Myers, Chief of the Division of Statistics
and Research of the Illinois Department of Labor, in reviewing the industrial situation in Illinois by industry.
Mr. Myers said that "the reporting firms employed 333,907
wage-earners in August, and disbursed $6,962,112 weekly
in wages." In his review, issued Sept. 22, Mr. Myers
further reported:
Eleven hundred reporting manufacturing establishments showed gains
of 11.5% in employment and 12.5% in payrolls during the period, and
623 reporting non-manufacturing establishments in the trade, services,
public utility, coal mining and building and contracting groups of industries
showed increases of 3.2% in employment and 4.0% in payrolls.
The total actual man-hours worked, reported by 1,066 establishments
in August. increased 3.5% over July; 763 reporting manufacturing establishments increased man-hours 4.1%, and 303 reporting non-manufacturing establishments showed 2.5% more man-hours worked in August
than in July. The average hours worked per week per employee, in the
establishments reporting man-hours, were 39.1 for all reporting industries.
38.5 for the manufacturing industries and 40.1 for the non-manufacturing
industries.
The August employment and payroll gains reported for all industries
were record-breaking; they are considerably sharper than any other increases
shown by the records of the Department of Labor, which extend back
through 1922. and they are several times greater than the average seasonal
gains of the last 12 years. The reports of firms which submit monthly
employment data indicate that the adoption of codes under the NIRA
was mainly responsible for the sharp August gains this year.
As some reporting firms do not provide man-hour data, exact comparisons cannot be made between man-hours, employment and payroll
movements. It is important to note, however, that, whereas employment for all reporting industries increased 8.5% and payrolls 9.0%. manhours increased only 3.5%, and the average hours worked per week per
employee declined 3.9%. from 40.7 in July to 39.1 in August. Average
weekly earnings increased 0.4 of 1%. from $20.76 in July to $20.85 in
August. Considered together, these figures indicate that (1) wage increases occurred in striking volume during the period, and (2) that, during
the month, many additional persons were employed, with approximate
maintenance of the average weekly earnings of persons already employed
and some reduction in average hours of work as a result of the NRA program.
According to the indexes the August gains raised the employment volume
for all reporting industries to the level of December 1931, and total wage
payments almost to the level of March 1932. For all reporting industries,
employment in August 1933 was 19.9% above the level of August 1932.
and 23.1% above March 1933; payrolls for all industries in August 1933
were 22.5% above a year ago and 33.0% above last March. The increases for the manufacturing industries have been even more marked.
In August 1933. Illinois manufacturing employment was 26.9%. and
payrolls were 37.4% above those of a year ago; the gains since March
1933 have been 33.7% and 56.6% respectively. For the non-manufacturing group of industries, employment in August 1933 was 8.4% and
payrolls were 4.8% above last August; they were 7.2% and 7.0%, respectively, above March 1933.
For all industries combined, male workers experienced a larger percentage
gain in employment than did female workers, but total wage payments to
females increased by a larger percentage than those to males. The employment of males increased 8.9%, compared with a gain of 6.4% for females;
total wage payments to males gained 8.5%, compared with a gain of 13.6%
for females. For the manufacturing industries, the employment of males
rose 10.9% and payrolls gained 10.4%;for females the increases were 12.2%
and 23.0%. respectively. Reporting non-manufacturing establishments
added 3.9% more male workers, and paid out 4.6% more in wages to males;
they reduced the number of female workers employed by 0.8 of 1%. but
paid 4.6% more in wages to females.
Each of the nine main manufacturing groups of industries in August
increased employment over July, and eight of these groups also Increased
payrolls. The stone, clay and glass group showed increases of 11.4% in
employment and 5.1% in payrolls for August. All Industries of the group
increased employment and all but miscellaneous stone and minerals increased total wage payments.
The metals, machinery and conveyances group increased employment
11.0% and payrolls 15.4%. All industries of the group contributed to the
employment gain, and all but automobiles and accessories to the gain in
payrolls. The important iron and steel industry increased employment
Volume 137
Financial Chronicle
12.1% and payrolls 24.3%. For the group, employment was 28.3%, and
payrolls 60.6% above August 1932 levels.
The wood products group added 5.3% more workers and disbursed 9.1%
more in wages. The employment increases were restricted to the furniture
and cabinet, and pianos and musical instruments industries, and practically
all of the payroll gains also were caused by these groups.
The furs and leather goods group increased employment 6.1% and payrolls 12.2%. The furs and fur goods industry reduced employment and
payrolls; all other industries of the group showed increases for both items.
As shown by the indexes, employment for the group in August was only
1.8% below the level of the base years 1925-1927; payrolls, however, were
38.1% below the base period.
Increases of 8.2% in employment and 5.2% in payrolls were reported
for the chemicals, oils and paints group of industries. The only industry
of the group which decreased both the number of workers and the amount
•
paid in wages was paints, dyes and colors.
The printing and paper goods group increased employment 12.3% and
payrolls 7.7%. Four of the six industry classifications within the group
increased employment, and three also increased payrolls.
The textiles group increased employment 1.2%, but reduced total wage
payments 5.1%. No industry in the group increased both items. Employment for the group, however, was 45.2%, and payrolls were 46.2%
above those of a year ago.
The clothing and millinery group reported gains of 9.6% in employment
and 25.5% in payrolls. All industries of the group increased payrolls and
all but men's shirts and furnishings and women's underwear increased employment. The marked Increases reported for women's clothing and women
men's hats were in accord with the seasonal movement.
The foods, beverages and tobacco group showed sharp gains of 16.4% in
employment and 11.7% in payrolls for the month. Seven of the eleven
industry classifications of the group increased both employment and payrolls. The fruit and vegetable canning industry. in accord with the seasonal movement, reported extremely sharp gains which more than offset
the losses reported for July. Sharp August gains were also reported for
the confectionery industry. As shown by the indexes, employment for
the group in August was only 0.5 of 1% below the average for the base
years 1925-27; payrolls were 28.6% below the base level.
Each of the five main groups of non-manufacturing industries increased
employment from July to August, and all but services also increased
payrolls. The wholesale and retail trade group added 7.9% more workers
and increased payrolls 6.0%. Reporting milk distributing firms reduced
employment and payrolls somewhat; all other industry classifications
showed gains in both items.
The services group added 0.9 of 1% more workers but decreased payrolls 0.1 of 1%, due to decreased wage payments by reporting hotels.
The public utilities group increased employment 0.2 of 1% and payrolls 2.5%. Each of the four industry classifications in the group increased
payrolls, but only water, gas, light and power, and railway car repair
Increased employment. The public utility group is the only major industrial group in either the manufacturing or non-manufacturing divisions,
for which both employment and payrolls were below August 1932 levels.
Reporting coal mines added 4.9% more workers and paid out 15.3%
more in wages. The building and contracting group increased employment 30.4% and payrolls 17.8%. The gains were caused by sharp increases on the part of reporting road construction and miscellaneous
contracting firms, as reporting building construction firms reduced both
employment and payrolls.
Weekly earnings in August for both sexes combined averaged $20.85
for all reporting establishments; $22.87 for males and $13.80 for females.
Average weekly earnings in manufacturing industries were $19.24; $21.38
for males and $12.44 for females. In the non-manufacturing industries
weekly earnings averaged $23.93; $26.85 for males and $15.71 for females.
In his review of the industrial situation in Illinois by
cities, Mr. Myers said:
Nineteen of the 21 cities and industrial areas of Illinois for which separate
data are compiled, together with the group of "all other" cities, contributed
to the August gain of 8.5% In employment, while all cities and industrial
areas shared in the 9.0% gain in payrolls disclosed by reports from 1.723
manufacturing and non-manufacturing establishments in the State.
In the Chicago metropolitan area during August. 884 firms reported
Increases of 8.0% in employment and 7.7% in payrolls. One hundred
and twelve firms located within this area but outside the city limits of
Chicago expanded employment 8.1%, and paid out 16.8% more in wages.
Gains over July of 8.0% in employment, and 7.0% in payrolls were reported in August by 772 Chicago establishments.
Manufacturing plants in Chicago showed sharp increases over July of
12.9% in the number of employed and 12.3% in the amount of wages
disbursed; every main group except textiles reported gains in both employment and payrolls. Reporting Chicago non-manufacturing establishments
added 1.8% more workers, and increased payrolls 1.7%. Employment
and payrolls increased by reporting firms in the trade and services groups.
Both employment and payrolls were reduced by building and contracting
firms, while public utilities establishments reduced employment but expanded wage payments.
Employment and payroll gains were reported outside the metropolitan
area by every city and industrial area, including the "all other" cities
group, except Belleville and Decatur. In Belleville, employment declined
0.8 of 1%, but payrolls gained 3.5%. The metals and trades groups in
Belleville increased employment, while payrolls were increased in the metals,
furs and leather goods, and coal mining groups. In Decatur employment
declined 0.1 of 1%. while payrolls advanced 8.1%. The public utilities
and the building and contracting groups of industries were mainly responsible for the employment decline. Payroll increases were fairly general in Decatur; the only reductions occurring in the wood products, and
building and contracting groups.
In Alton the metals, chemicals, oils and paints, trades, and building
of workers and the
and contracting groups increased both the number
amount paid to them in wages. In Aurora gains in manufacturing and
establishments were fairly general. Employment
non-manufacturing
clothing and millinery, and
losses in this city, were reported only by the
trades groups; payroll losses were restricted to stone, clay and glass, and
gains reported by other industrial
trades establishments. In Bloomington.
and
groups more than offset the declines in employment.in the building
contracting group and in both employment and payrolls in the stone, clay
services groups. In Danville
and class, printing and paper goods, and
products, and printing and paper goods
the stone, clay and glass, wood
expanding employment, but all manufacgroups were the only industries
In the non-manufacturing
turing groups except textiles increased payrolls.
recorded by all industries
Industries of this city, employment gains were
sustained by coal mining
except coal mining; payroll losses, however, were
and the trades group.
manufacturing and non-manufacturing industries
In East St. Louis, both
showed employment and payroll gains in August. Employment and pay-
2171
roll declines were reported in printing and paper goods and miscellaneous
non-manufacturing establishments. In this city, employment losses were
accompanied by payroll gains in wood products, trades, and public utilities
groups; in the metals, services, and coal mining groups payrolls declined
while employment expanded. Gains in Elgin, although restricted to the
metals, printing and paper goods, and building and contracting industries,
outweighed losses in other groups. In Freeport every reporting industry
group either increased employment, or maintained it at the July level;
payroll increases were reported by every group except the foods, and
building and contracting classifications. In Granite City employment
Increased in every industry group except public utilities, which maintained
the July level. Payroll increases likewise were general, except for the
stone, clay and glass group.
August gains over July in employment and payrolls were fairly general
in Joliet; gains in the metals, machinery and conveyances group were
the most noteworthy. A sharp employment gain in the stone, clay and glass
group was accompanied by a marked decline in total wage payments.
In the Kankakee-Bradley area all industrial groups except stone, clay and
glass increased payrolls, and only chemicals, oils and paints, and miscellaneous manufacturing failed to increase or maintain employment.
In the LaSalle. Peru and Oglesby districts every manufacturing group except
foods increased both employment and payrolls. The important cement
industry showed gains for the second consecutive month. In Moline all
manufacturing groups increased employment and payrolls markedly.
In Peoria, substantial gains in employment and payrolls were fairly
general. Manufacturing industries were more favored by gains than nonmanufacturing. Establishments in the metals group added more than 500
workers during August and paid out almost $10.000 more in wages than in
July. Chemicals, oils and paint factories more than doubled both employment and wage payments. In Quincy, increases over, or maintenance
of. July levels were reported for employment in every manufacturing group,
while decreases were reported for the non-manufacturing industries. Payroll gains resulted mainly from increases in non-manufacturing establishments, although all manufacturing firms combined showed increases.
Employment and payrolls gains in Rockford were contributed by all rePorting industries except chemcials, oils and paints, foods and public
utilities. Sharp gains were reported in the important metals and wood
Products groups. August reports from industrial establishments in Rock
Island disclosed an employment gain of 24.4% and a payroll increase of
39.8%. These gains, the largest for any city for which reports are
separately compiled, were caused mainly by the sharp expansion of activity
In a rubber company in August after a period of relative inactivity in July.
In Springfield, the increase in manufacturing employment was due
mainly to the stone, clay and glass group, which practically doubled
employment, and to a sharp increase in the metals group. Public utilities
were largely responsible for employment declines in non-manufacturing
establishments. The payroll gains for manufacturing industries were due
largely to stone, clay and glass, metals, and furs and leather goods groups.
In the Sterling-Rock Falls area, the employment and payrolls gains were
caused mainly by sharp advances in the foods group. In the "all other"
group of cities employment and payrolls advanced for every group of
non-manufacturing industries. While some industrial groups in the
manufacturing classification showed declines, these were more than offset
by more general increases, in which the stone, clay and glass, metals, furs
and leather goods and food groups played the most important part.
The demand for farm labor was poor during August. The Division of
Highways of the Illinois Department of Public Works and Buildings
reported that 27,318 men were employed on road construction in August,
compared with 22,086 in July, an increase of 23.7%. Reporting Illinois
coal mines increased employment 4.9% from July to August.
The number of registrations for work at the Illinois free employment
offices rose sharply from 22.018 in July to 43,920 in August, while the number of available positions increased more moderately from 8,612 In July to
9,317 in August. Consequently, the ratio of registrations to positions
available increased from 255.7 in July to 471.4 in August. A total of
8,772 persons were reported placed by these offices in August, compared
to 8,026 placements reported in July.
Weekly earnings throughout Illinois for all reporting industries averaged
$20.85 in August, 0.4 of 1% higher than the average of $20.76 in July.
For the manufacturing industries weekly earnings averaged $19.24 in
August, an increase of 1.1% over the average of $19.04 for July; for the
non-manufacturing industries, such earnings averaged $23.93 in August,
or 0.8 of 1% higher than the average of $23.75 in July.
Business and Agricultural Conditions in Minneapolis
Federal Reserve District-Federal Reserve Bank of
Minneapolis Reports Decrease in Business During
August as Compared with July.
The Federal Reserve Bank of Minneapolis, in its preliminary summary of agricultural and business conditions in the
Ninth (Minneapolis) District, issued Sept. 19, stated that
"the volume of business in the District declined during
August from the level of July, but continued to be in excess
of the volume last year." The Bank said that "the reduction
from the July volume was not uniform throughout the
District, for iron ore receipts increased sharply as a result
of eastern demand, hog receipts were greatly stimulated by
the Federal buying of pigs and sows, and there were smaller
upturns in copper mining and electric power consumption.
On the other hand, grain marketings did not show as large
a seasonal increase as usual, owing to the small crop and a
decline in grain prices from July to August. Flour production
decreased between July and August." The Bank further
noted:
As compared with August last year, increases were reported in bank
debits, electric power consumption, country check clearings, freight carloadings, building permits, iron ore shipments, copper output, livestock
receipts and department store sales. Decreases occurred in building contracts, flour and linseed products shipments, and grain marketings. Increases in bank debits over last year continued to be reported by a majority
of the reporting cities. Fifty cities reported such increases in August over
the volume in August last year, as compared with 52 cities reporting increases in July.
Farm income in the district from seven important items estimated by
this office continued to be larger than in the corresponding month last year.
although the percentage of increase was not as great as that recorded in July.
Farm Income during August was larger than that in August last year from
Financial Chronicle
2172
raarketings of bread, wheat, rye, potatoes, dairy products and hogs. Reductions occurred in income from durum wheat and flax. The increase in
income from grains was due to the higher prices prevailing, which more
than offset the effect of decreased crops. The same situation existed in the
case of potatoes, where the price has advanced sharply during the summer
to the highest level since May 1930. In butter, the price during July.
which is used for computing August farm income because the July cream
checks are delivered in August, was the highest price in a year and a half.
This, together with an increase in butter output, caused an increase in
dairy income of 69% during August over the same month last year. The
price of butter declined unseasonally during the succeeding month, and this
will have an effect, on the September dairy income figures. Hog income
was considerably augmented by the purchase of light pigs and sows at
premium prices under orders from the AAA.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED
IN THE NINTH FEDERAL RESERVE DISTRICT.
% Aug. 1933
August 1933. August 1932. of Aug.1932.
Bread wheat
Durum wheat
Rye
Flax
Potatoes
Dairy products
Hogs
Total of 7 Items
419,000
13,589,000
4,228,000
$9,413,000
1,465,000
449,000
2,491,000
209,000
8,056.000
3,456,000
148
99
142
87
200
169
122
$36,458,000
825,539,000
143
$13,960,000
1,448,000
637,000
2,177,000
Further Increases Noted by United States Department of Labor in Employment and Payrolls in
Manufacturing Industries of United States During
August as Compared with July-Majority of NonManufacturing Industries Also Showed Increases.
Index numbers showing the trend of employment and payrolls in manufacturing industries are computed monthly by
the Bureau of Labor Statistics of the U. S. Department of
Labor from reports supplied by representative establishments in 89 of the principal manufacturing industries of the
United States and covering the pay period ending nearest
the 15th of the month. These indexes of employment and
payrolls are figures showing the percentage represented by
the number of employees or weekly payrolls in any month
compared with employment and payrolls in a selected base
period. The year 1926 is the Bureau's index base year for
manufacturing industries, and the average of the 12 monthly
indexes of employment and payrolls in that year is represented by 100%.
Data collected by the Bureau of Labor Statistics indicate
an increase of 6.4% in factory employment in August as
compared with July. The August employment index was
71.6 as compared with 67.3 in July. Under date of Sept. 15
the Bureau added:
Manufacturing payrolls increased 11.6% over the month interval, the
Index rising from 46.5 In July to 51.9 in August.
A comparison of the August 1933 employment index with the August
1932 employment index (56.0) shows an Increase of 27.9% in factory
-month period, while the August 1933 payroll Index
employment over the 12
compared with the August 1932 payroll index (36.3) shows a gain of 43%
In factory payrolls over the year interval.
August Is the fi.th consecutive month in which increases in factory
employment and payrolls have been reported. The increases in employment during the preceding four months were widespread. The number of
Industries reporting increased employment in August exceeded that of
previous months, 81 of the 89 Industries surveyed showing increased
employment over the month interval. Increased payrolls in August, as
compared with July. were shown in 83 of the 89 industries.
These changes in employment and payrolls in August 1933 are based on
reports supplied by 18,008 establishments in 89 of the principal manufacturing Industries of the United States. These establishments reported
3,187,674 employees on their payrolls during the pay period ending nearest
Aug. 15 whose combined weekly earnings were 260,351.490. The employment reports received from these co-operating establishments cover approximately 50% of the total number of wage earners in all manufacturing
industries of the country.
Employment and payrolls ordinarily show but little change between July
and August, the average percentage of Increase in employment between
July and August during the past 10 years having been 0.2% and in payrolls
1.5%. These increases therefore of 6.4% in employment and 11.6% In
payrolls in August of the present year are of unusual proportion and are due
largely to the adoption of the NRA codes by numerous co-operating
establishments.
The eight industries in which decreases in employment were reported in
August were aircraft, flour, beverages, shirts and collars, knit goods,
plumbers' supplies, electric-railroad repair shops, and engines. These
decreases ranged from 3.8% in the aircraft industry to 0.5% in engines.
Each of the 14 groups of manufacturing industries reported gains in
employment and payrolls between July and August, the non-ferrous metals
group reporting the most pronounced gains in employment, 12.4%, while
the iron and steel, machinery, and rubber products groups reported gains
of over 10% in number of workers.
Among the 81 industries in which increased employment was reported
between July and August. the largest increase was a seasonal gain of 55.2%
in the beet sugar industry. The locomotive industry reported a gain of
32.9% and increases of more than 20% In employment were reported in the
confectionery, millinery, textile machinery, and typewriter industries.
Twenty-six industries reported gams in employment between July and
August ranging from 10 to 20%, among which were machine tools (17.5%).
radios (15%). rayon (12.3%). iron and steel and foundry and machineshop products (12.2% each), stamped ware (11.6%) slaughtering and meat
packing and paper boxes (10.5% each), chemicals (10.3%),and shipbuilding
(10.1%). Other Industries of major importance reporting substantial gains
in employment over the month interval were silk goods, cotton goods.
dyeing and finishing textiles, automobiles, paper and pulp, leather, boots
and shoes, agricultural implements, electrical machinery,furniture, pottery,
and a number of Industries allied with building construction, i.e., sawmills, brick, glass, cement, steam fittings, and structural ironwork.
Sept. 23 1933 ,
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(12
-Month Average 1926=100)•
Employment.
Payroll Totals.
Manufacturing Industries.
Aug.
1932.
General index
July
1933.
Aug.
1923.
Aug.
1932.
July
1933.
Aug.
1933.
56.0
67.3
71.6
36.3
46.5
51.9
Food and kindred products
80.6
Baking
80.7
Beverages
74.8
Butter
103.5
Confectionery
71.5
Flour
82.5
Ice cream
81.6
Slaughtering and meat packing_
85.0
Sugar. beet
52.3
Sugar refining, cane
76.4
Textiles and their products
62.3
Fabrics
63.9
Carpets and rugs
47.1
Cotton goods
61.2
Cotton small wares
68.5
Dyeing and finishing textiles_
68.1
Hats, fur-felt
68.0
Knit goods
72.7
Silk and ryon goods
53.7
Woolen and worsted goods_
. 70.4
Wearing apparel
58.6
Clothing, men's
62.3
Clothing, women's
53.4
Corsets and allied garments_
92.6
Men's furnishings
46.3
Millinery
62.4
Shirts and collars
50.7
Iron and steel and their products
not including machinery.-- 50.8
Bolts, nuts, washers, and rivets 60.3
Cast-iron pipe
30.7
Cutlery (not including silver
and plated cutlery) and edge
tools
63.0
Forgings, Iron and steel
53.0
Hardware
46.4
Iron and steel
50.4
Plumbers' supplies
59.0
Steam and hot water heating
apparatus and steam fittings_ 33.1
Stoves
43.7
Structural de ornamental metal
work
44.6
Tin cans and other tinware.... 75.5
Tools (not including edge tools,
machine tools, files & saws). 54.4
Wirework
90.2
Machinery, not Including transDonation equipment
45.2
Agricultural implements
21.7
Cash registers, adding machines
and calculating machines_ _ - 62.1
Electrical machinery,apparatus
and supplies
53.5
Engines, turbines, tractors and
water wheels
39.4
Foundry sc machineshop prod'ts 42.8
Machine tools
28.6
Radios and phonographs
63.1
Textile machinery and parts
49.3
Typewriters and supplies
40.7
Non-ferrous metals Az their prod'ts 50.2
Aluminum manufactures
46.3
Brass, bronze & copper procils 49.3
Clocks and watches and timerecording devices
41.6
Jewelry
35.4
Lighting equipment
60.6
Silverware and plated ware
57.5
Smelting and refining: copper,
lead and zinc
53.9
Stamped and enameled ware.-- 57.0
Transportation equipment
50.5
Aircraft
170.7
Automobiles
52.0
Cars, electric de steam railroad_
18.6
Locomotives
15.9
Shipbuilding
71.5
Railroad repair shops
44.8
Electric railroad
66.7
Steam railroad
43.1
Lumber and allied products
36.4
Furniture
41.6
Lumber, millwork
34.6
Lumber, sawmills
34.5
Turpentine and rosin
41.5
Stone, clay and glass products
.
42.3
Brick, tile and terra cotta
29.9
Cement
38.0
Glass
52.7
Marble, granite, slate de other
products
52.2
Pottery
52.0
Leather and its manufactures......- 75.2
Boots and shoes
77.9
Leather
64.4
Paper and printing
77.3
Boxes, paper
68.6
Paper and pulp
72.2
Printing and publishing-book
and job
70.9
Printing and publishing-newspapers and periodicals
95.1
Chemicals and allied products_. 67.6
Chemicals
81.3
Cottonseed, oil, cake and meal- 27.5
Druggists' preparations
68.2
Explosives
69.2
Fertilizers
34.2
Paints and varnishes
66.0
Petroleum refining
62.8
Rayon and allied products_
92.8
Soap
93.9
Rubber products
64.1
Rubber boots and shoes
53.8
Rubber goods,other than boots,
shoes, tires and inner tubes.- 76.2
Rubber tires and inner tubes
62.2
Tobacco manufactures
70.3
Chewing and smoking tobacco
and snuff
88.7
Cigars and cigarettes
67.9
88.1
80.4
166.9
102.9
70.8
87.9
80.0
92.8
52.5
80.4
86.4
93.7
70.2
101.4
99.4
88.5
70.5
90.6
68.1
105.5
69.0
76.2
59.3
99.4
66.7
58.6
70.8
94.0
82.9
163.0
105.9
85.6
85.3
82.5
102.6
81.5
84.3
88.8
96.2
74.6
103.5
105.4
93.1
82.6
89.0
73.9
108.6
71.3
77.8
59.8
101.3
68.3
72.5
69.3
66.2
67.6
63.8
85.6
53.3
67.9
66.4
67.8
41.0
68.9
40.1
42.1
24.2
38.4
44.3
47.3
44.0
46.2
36.8
50.4
36.4
35.7
34.9
61.6
26.0
43.1
31.8
71.8
65.5
155.7
77.3
47.5
70.6
59.8
74.4
40.1
71.5
57.6
66.9
50.6
73.7
76.4
64.8
46.1
59.2
46.8
82.2
39.3
45.4
31.0
73.4
37.3
33.6
44.4
74.7
66.5
148.9
77.6
83.2
62.1
61.5
80.7
59.2
67.9
66.3
76.5
57.2
87.8
82.2
65.8
67.3
68.6
58.2
86.6
48.3
61.9
34.1
83.9
47.7
49.5
54.3
64.9
82.5
32.1
71.7
88.8
32.7
23.1
29.2
15.8
41.1
53.2
18.0
49.7
57.6
19.0
61.8
67.1
55.9
67.6
81.7
69.1
76.1
59.9
75.9
80.9
39.5
25.1
20.9
19.5
34.4
44.6
41.7
33.2
42.8
48.5
47.0
50.1
34.5
54.8
48.7
43.0
60.2
48.6
69.1
18.8
23.8
27.4
38.1
30.6
43.9
42.6
82.7
46.1
90.8
25.0
45.2
22.1
52.8
27.4
55.0
69.9
113.5
77.5
122.0
26.6
59.5
48.0
97.1
50.0
112.2
52.0
28.9
57.5
31.3
25.7
15.5
34.7
21.6
38.3
24.3
80.8
85.6
45.1
62.2
65.9
53.4
57.1
33.4
40.4
42.4
45.4
50.3
33.3
94.1
72.9
67.7
59.5
55.7
64.5
45.2
23.1
29.5
27.7
56.4
39.1
108.2
87.9
69.6
86.9
62.0
71.1
21.9
16.9
44.9
28.9
21.7
30.6
23.5
27.8
30.8
22.0
55.7
58.9
36.4
40.9
37.2
48.0
34.8
25.6
73.9
63.7
49.6
45.6
41.4
49.9
40.6
34.2
68.6
50.4
46.0
40.1
75.8
56.9
26.4
21.9
41.4
34.0
27.9
22.0
49.8
33.1
26.0
53.5
31.4
35.8
63.8
71.2
56.2
251.4
59.8
19.0
11.9
62.7
48.0
62.6
46.9
44.0
51.0
40.3
41.7
51.9
49.3
32.9
46.1
71.5
74.4
79.5
59.1
241.8
62.3
22.6
15.8
69.0
50.3
62.1
49.4
47.6
56.0
41.3
45.4
55.5
52.9
35.2
48.8
77.3
33.1
34.6
32.0
183.2
31.8
11.1
11.6
52.6
33.0
54.8
31.3
19.3
21.8
19.9
17.3
36.7
25.5
13.7
23.4
36.5
45.6
45.3
41.7
223.4
44.8
9.4
8.2
44.1
38.5
48.7
35.6
24.4
27.3
23.8
22.7
39.4
29.2
15.2
25.7
50.6
51.2
52.3
47.5
226.0
51.1
12.8
9.3
48.7
42.0
49.1
41.4
28.5
33.3
25.0
20.9
41.9
33.0
17.0
29.5
56.1
43.6
69.9
87.8
87.0
91.2
84.8
88.1
88.8
35.6
26.7
49.8
50.3
48.2
62.7
52.8
46.7
25.7
35.6
62.1
59.7
70.3
63.0
65.7
58.4
26.3
45.7
67.0
65.0
73.9
135.8
71.5
65.1
42.3
63.9
84.5
84.3
85.5'
80.5
77.9
81.9
66.9
70.2
56.8
52.4
53.4
95.8
83.1
103.0
31.4
69.9
83.3
46.5
78.7
64.7
167.8
101.5
78.7
48.8
96.5
89 5
113.6
37.3
71.7
91.3
50.9
80.0
68.0
188.3
110.9
87.5
57.0
83.0
56.1
58.6
28.1
65.7
43.6
25.2
48.7
58.2
74.5
81.5
40.1
33.4
76.3
87.2
75.5
30.9
66.6
58.5
29.8
61.5
54.5
140.1
84.9
61.6
44.3
77.2
71.0
82.2
38.0
71.5
67.8
32.6
60.2
55.0
158.3
86.0
62.5
52.9
96.0
80.6
67.5
113.9
47.7
68.5
85.8
696
39.0
52.5
63.2
50.3
75.3
80.3
51.3
84.0
65.4
88.5
67.2
71.8
50.2
68.1
48.1
76.0
48.3
Non-Manufacturing Industries.
Fifteen of the 16 non-manufacturing Industries surveyed by the Bureau of
Labor Statistics reported increased employment in August 1933, as compared with July and 13 industries reported increased payrolls.
Seasonal activity in the canning and preserving Industry was reflected In
the gain of 47.1% in employment and 47.9% in payrolls in August. The
metalliferous mining industry reported an increase of 11.5% in employment, combined with an increase of 15.4% in payrolls. The building con-
Financial Chronicle
Volume 137
struction industry reported increases of 9% in employment and 9.8% in
pasrolis over the month interval, the increases appearing in practically
every locality covered by the building construction survey. The anthracite
mining and bituminous coal mining industries reported gains in employment of 8.8% and 8.6% respectively. These increases in employment were
accompanied by increases of 22% in payrolls in anthracite mining and 28.8%
in bituminous coal mining. Both industries reported increases in average
hours worked per week in August. as well as increased hourly earnings.
Employment in the retail trade group increased 4.7% from July to August,
and payrolls increased 7.9%, numerous establishments reporting better
business, special salts and the effect of the NRA code. The quarrying and
non-metallic mining industry reported increases of 4.2% in employment and
5.1% in payrolls, and the wholesale trade group reported increases of
3.7% in employment and 2.8% In payrolls. The laundry and the crude
petroleum producing industries reported gains in employment of 2.1%
each. The hotel industry reported a gain of 2% in number of employees
between July and August, and the power and light, electric railroad,
dyeing and cleaning, and banks-brokerage-insurance-real estate groups
reported increases in employment of less than 1%. The increases in
employment in the two last named groups were coupled with slight declines
In payroll totals. The telephone and telegraph industry was the only
Industry reporting decreases in both employment and payrolls, a decrease
of 0.6 of 1% being reported in employment between July and August,
combined with a decrease of 0.9 of 1% in payrolls.
The 16 non-manufacturing industries surveyed, together with the
percentages of change over the month Interval and the index numbers of
employment and payrolls, where available, are shown in the table below.
The monthly average for the year 1929 was used as the Index base or 100
in computing the Index numbers of these non-manufacturing industries,
as information for earlier years is not available from the Bureau's records.
INDEXES OF EMPLOYMENT AND PAYROLL TOTALS IN JULY AND
AUGUST 1933, TOGETHER WITH PERCENTAGES OF CHANGE BF,
TWEES JULY AND AUGUST 1933, IN NON-MANUFACTURING
INDUSTRIES.
Per Cent
Indexes of
Per Cent
Indexes of
of
Payroll Totals.
of
EmPlollmeta•
- 100. Change
(Aeo.192100) Change (Aeg.1929-Dulustries.
July
1933.
Aug.
1933.
July
1933.
Aug.
1933.
46.6 +22.0
38.2
Anthracite mining
+8.8
47.7
43.8
43.3 +28.8
33.6
+8.6
68.6
Bituminous coal mining
63.2
21.9 +15.4
19.0
Metalliferous naluing
36.8 +11.5
33.0
+5.1
29.9
28.4
+4.2
51.6
Quarrying & non-metallic roin'g 49.5
42.5
42.2
+2.1
+.8
60.8
Crude petroleum producing_
59.5
66.1
66.7
68.1
Telephone and telegraph
68.5
+1.2
70.9
70.0
+.8
78.1
Power and light
77.5
Electric-railroad & motor bus
58.2
57.4
+1.5
+.2
69.5
69.4
operation and maintenance_
59.1
+3.7
+2.8
60.8
79.7
76.9
Wholesale trade
+7.9
62.7
54.1
+4.7
78.1
74.6
Retail trade
+1.3
53.3
+2.0
77.1
54.0
75.6
Hotels
46.2
68.3 +47.9
Canning and preserving
76.6 112.7 +47.1
+2.7
56.1
57.6
+2.1
77.9
76.3
Laundries
a
52.8
52.8
+.2
83.1
82.9
Dyeing and cleaning
Banks, brokerage, insurance,
84.7
85.2
+.7
98.5
97.8
real estate
c+9.8
c+9.0
Building construction
a Less than one-tenth of 1%. b Indexes not computed as data for index base
year are not available. c Preliminary.
Report by Illinois Department of Labor on ,Wage Rate
Increases and Decreases During August.
In reviewing wage rate increases and decreases reported
by Illinois Industrial establishments, Howard B. Myers,
Chief of the Division Of Statistics and Research of the
Illinois Department of Labor, stated that "the abnormally
large increase of 9.0% in total wage payments for August
1933 over July was accompanied by extensive increases in
wage rates, according to reports received from 1,723 industrial establishments in Illinois." He said that "318
of these plants reported increases in wage rates affecting
68,607 workers, or 20.5% of the 333,907 wage earners
employed during the month." Under date of Sept. 22
Mr. Myers continued:
Available evidence indicates that in all probability some increases effected
during August were not reported.
Reasons ascribed by employers reporting to the Illinois Department of
Labor for the tremendously large number of workers whose wages were
affected by increased wage rates centre about the adoption of codes under
the National Recovery Act. This is supported by the sharply accelerated
rate at which wage increases have been reported. Prior to August 1933
and since August 1931. when wage rate reductions began to be reported in
Increasing number, wage Increases have been reported only in May. June
and July of this year. The May Increases reported affected 32 wage earners,
those for June 7.529 workers, for July 14,098 employees, and for August
68,607 workers. In contrast with Increases In wage rates, wage reductions
have been decreasing in number since June 1933. In August 1933 only
2 decreases affecting 95 persons were reported.
The lowest percentage increase reported in August was 2.0%. and
affected 5 persons, while the highest. 114.3%. was given to 3 workers.
Within this range approximately 54,200 workers, or 79.0% of all employees affected, received increases ranging from 10% to 30%. more
wage earners were affected by a 10% increase than by any other rate, 13,727
or 20.0% of the total receiving raises being given such an increase: 9.662. or
14.1%. were raised 15%; 7,447, or 10.9%, received an increase of 8%;
7.325. or 10.7%, were increased 11%; 4,778. or 7.0% got increases of 20%;
and cop. or 6.1%, got Increases amounting to 25%. It is noteworthy
that sharp Increases of 50% for 1,636 workers. 75% for 379 workers. and
100% for 335 employees were reported.
Of the total of 212.194 workers reported by Chicago establishments,
40.060. or 18.9%. received wage increases. Comparative figures for
establishments located outside Chicago disclose that of the total of 121.713
employees reported during August. 28,547, or 23.5%. received increases
in wage rates.
More workers in manufacturing establishments were favored by wage
Increases than In non-manufacturing plants. Of the total number of
workers affected by wage Increases. 65.375, or 95.3% were employees in
manufacturing establishments and 3.232, or 4.7% were workers In non..
manufacturing Industries. Of the total of 219.243 manufacturing workers
reported In August. 65.375, or 29.8%, received increases In wage rates,
while of 114,664 employees reported by non-manufacturing industries only
2173
3.232, or 2.8% were given a raise in pay. The following table shows
detailed data by industrial classifications:
NUMBER AND PER CENT OF WAGE EARNERS REPORTED RECEIVING
WAGE INCREASES DURING AUGUSI 1933 IN ILLINOIS BY
INDUSTRY GROUPS.
Industry Croup.
Per Cent of
Total TVage
Total No. Earners ReTotal No.
of Wage
ported ReReceiving
Wave Rate airing Wage
Earners
Increases
Increases
Reported
Aug. 1933. Aug. 1933. Aug. 1933.
Typical
(Model)
Percentage
Wage Rate
Increase
Reported In
Aug. 1933.
All industries
333,907
68,607
20.5
10
All manufacturing industries
219,243
65,375
29.8
10
9,340
3,693
87,724
29,110
2,305
5,830
1,881
14,469
13,522
5,167
17,521
2,946
4,569
1,218
14.226
1,443
50,89117,607
1,151 •
5
39.5
33.2
39.5
13.0
38.2
16.8
26.7
10.1
34.6
0.4
10
10
20
11
20
10
15
25
8
2
Stone, clay,glass
Metals, machinery conveyances
Wood products
Furs and leather goods
CherricaLs, oils, paints
Printing and paper goods
Textiles
Clothing and millinery
Food, beverages, tobacco
Miscellaneous manufacturing
Non-manufacturing industries_
Trade-wholesale and retail
Services
Public utilities
Coal mining_
Building, contracting.
Mlicell. nnn, to inductrlaa
114,664
3,232
2.8
25
23,955
12,510
65,899
6,145
5,069
1 IIRR
2,984
209
____
_
39
12.5
1.7
__
25
6
__
oTi
tio
No wage increases were reported by establishments in public utility and
coal mining groups. These two groups were not operating under codes in
August.
Wage rate Increases reported during August have emphasized the effects
of the NRA program, which are definitely reflected in an employment gain
of 8.5%, a payroll increase of 9.0% for all workers reported, and for firms
reporting man-hours, an Increase in total man-hours of 3.5% and a decrease
in average man-hours worked per week of 3.9%. Despite these favorable
evidences of improvement in industrial activity, average weekly earnings
for all wage earners reported advanced only slightly, from $20.76 In July
to $20.85 in August, or 0.4%. Thus while the adoption of codas has
resulted in a sharp Increase In employment and payrolls, and a moderate
advance In total man-hours, the average earnings of Illinois workers have
remained practically unchanged. However, since the reports relate for the
most part to the payroll period nearest the fifteenth of the month, and since
many employers were not operating under a code at that time, the results
which code regulations will have upon average weekly earnings cannot yet
be determined properly.
Shipments of Pneumatic Casings and Tubes Fell
Off During July-Inventories Increased.
According to figures estimated to represent 80% of the
industry, as released by the Rubber Manufacturers Association, Inc., production of pneumatic casings and tubes
exceeded shipments during the month of July 1933.
In this period there were produced 4,570,901 pneumatic
casings-balloons and high-pressure
-as compared with
4,879,939 in the preceding month and 2,893,463 in the
corresponding period last year. Shipments during the
month were estimated at 4,397,753 pneumatic casings, as
against 5,044.363 in June last and 1,923,276 in July 1932.
Pneumatic casings on hand July 31 1933 amounted to
5,475,205, compared with 5,291,952 a month earlier, and
4,962,285 a year previous.
During July 1933 there were also a total number of
14,956 solid and cushion tires produced and 13,606 shipped.
Estimates from 80% of the industry further show that
there were produced during the month of July 1933 a total
of 4,482,077 balloon and high-pressure tubes, compared with
4,358,325 in June last and 2,349,761 in July 1932. Shipments totaled 4,168,919 inner tubes in July of this year,
as against 4,622.473 in the preceding month and 1,727,750
in the corresponding period last year. Inventories increased from 4,877,686 tubes at June 30 1933 to 5,152,187
at July 31 1933. The latter figure also compares with
4,779,814 inner tubes on hand at July 31 1932.
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS.
[From Figures Estimated to Represent 100% of the IndustrYI
Shipments.
July 1933
June 1933
July 1932
Production. •
5,497,191
6,305,454
2,404,095
Inventory.
6.844,006
6,614,940
6,202,856
5,713,626
6,009,924
3,616,829
The Association, in its bulletin dated Sept. 15 1933, gave
the following data:
WHOLESALE PRICES OF COMMODITIES.
Commodity.
Average PriceS.
Jtdy
1933.
All commodities
Crude rubber (cents per pound)
Smoked sheets (cents per pound)
.080
Latexcrepe (cents per pound)
.085
Tires (dollars per unit)
13alloon (dollars per unit)
8.44
4.06
Cord (dollars per unit)
Truck and bus (dollars per unit)... 24.66
Tubes. Inner (dollars per unit)
2.40
• No quotation.
June
1933.
Index Numbers.
1926=100.
Jut /
July June July
1932. 1933. 1933. 1932.
.062
.069
.029
.038
8.16
3.97
23.77
2.32
•
4.57
25.46
•
68.9
16.3
16.4
17.2
41.4
39.4
42.7
40.3
43.2
65.0
12.6
12.7
13.9
40.1
38.1
41.8
38.8
41.8
64.5
6.1
5.9
7.6
40.1
48.1
41.6
Financial Chronicle
Inner Tubes.
Pneumatic Casings.
1933
January
February
March
April
May
June
July
OutPia.
Shipmerits,
5,789,476
5.901,557
5,831,981
5.418.979
5.408,132
5.291.952
5,475,205
1,806.277
1,871,498
1,630,319
2,498,795
4,151,433
4.879,939
4,570,901
2,077.268
1,833,970
1,673.502
2,923,154
4,144,138
5,044,363
4,397,753
1932
January
6.329,417
7,337.796
February
March
7,902,258
April
7,876,656
May
7,502,953
June
x3,999,260
July
4,962.285
5,327.179
August
September
4,876.878
October
5,500,784
November_ _ _. 5,963,554
6,115,487
December
7,165,846
7.628.520
8,011,592
8,025.135
8,249,856
8,357,768
7,935.565
7.117.037
6.526,762
6,640,062
6,335.227
6,219.776
29,513,246 30,328.536
2,995.479
2,721,347
3.297.225
3,945,525
4,332.137
4,457,509
4,369.526
3,967,987
3,145.488
2,281,322
2,309,971
2,225,036
2,898.405
3,132,770
3,559,644
3.693,222
4,329,731
4,286.467
3.964.174
3,548.335
2.759.431
2,461,578
1,954.915
2,077,704
7,551,503
9,936.773
8,379,974
8,330.155
8,438,799
8.403,401
7,671,801
7,019.217
6.478,191
6,658,913
6,495.708
6,337,570
3,249,734
2.720.135
3.031,279
3,708.949
4,224.594
4,317,543
4,664,964
4.240.403
3,320.103
2.250,494
2,075,716
2.213,281
38,666,376 40.017.175
31,992,220 40,048,552
Total
sf Revised.
2.718,508 2,803.369
3,056,988 2,182.405
2,801,602 2.148.899
2.579,768 2,708,186
2,727.462 3,093,593
4,222.816 17,215,371
2,349,761 1.727.750
2,198,560 2,002,347
2,081,146 2,478,234
1,749,188 1,326,824
1.604.071 1,262.634
1,423.376 1,378,924
2,769.988 2,602,469 6,175,055
3.098,976 2.042,789 7.007,567
2,936.872 2.363,323 7.558,177
2,813,489 2.958,014 7,552.674
3,056,050 3,406,493 7,130.625
4,514,663:8,051.932 x4,139,358
2,893.463 1,923,276 4,779.814
2,471,361 2,123,890 4,901,884
2,030.976 2,465,828 4,602,160
2,054.913 1.439,309 4,970.898
1,842,836 1.369.038 5,329,819
1,586,145 1,454,960 5,399,551
2,939.702
3.188.274
3,730,061
3,955.491
4,543,003
4.537,970
3,941,187
3,124.746
2,537.575
2,379,004
2,000.630
2,114,577
2,028.100
1,681,853
1,521,736
2,440.555
3,570.700
4.622.473
4,168,919
19,842,337 20.044.336
32,067,732 32,200,820
Total
1931
January
February
March
April
May
June
July
August
3eptember
Dctober
1ovember
December
Shit,merits
1,674.557
1,778.818
1,506,141
2,282,298
3,760,121
4,358.325
4,482,077
4.957,298
5,085,321
5.095,340
4.951.399
5.105,389
4.877.686
5,152,187
21,409,162 22,094,148
Total
Output.
!mentory.
!mentont.
CONSUMPTION OF corroisr FABRICS AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS, TUBES, SOLID AND CUSHION TIRES
AND OUTPUT OF PASSENGER CARS AND TRUCKS.
Production. x
Consumption.
Cotton
Fabrics
(80%)
Calendar years:
1929
1930
1931
1932
First seven months:
1929
1930
1931
1932
1933
Month of Jan. 1933
Month of Feb. 1933
Month of Mar. 1933
Month of April 1933
Month of May 1933
Month of June 1933
Month of July 1933
Crude
Rubber
(80%)
Gasoline
(100%)
(Pounds.)
208.824,653
158,812,462
151,143.715
128,981,222
(Pounds.)
598.994,708
476.755.707
456,615,428
416.577,533
(Gallons.)
14.748.552,000
16,200,894,000
16.941,750.000
15,698,340,000
4,811.107
2,939,791
2,036.567
1,196,357
810.549
569,271
435,784
245,285
146,900,587
106,116,743
104,259,338
88,282,873
87,027,768
7,899,233
7,263,337
6,364.276
10,460,327
16,778,354
19,552,783
18,709,458
413,866,394
314,751,552
311,231,542
281,388,056
300,174,636
27,368.276
25,123.700
21,508.416
35.169.724
58,202.264
67,866,087
64,936,169
8,749,104,000
9,368,620.000
9,699.732.000
8,960,910,000
9,002.700,000
1,110,564,000
979,608.000
1,186,122,000
1.267.392.000
1,427,958,000
1.5.83,820000
1,447,236.000
3,363,710
2,201,488
1,558.903
866,268
1,082,438
111.318
94.517
106.472
160.678
192,656
217.488
200,345
554,148
375,734
302.834
161,464
202.562
22.154
15,595
18,752
28.606
34,911
43,157
39,283
Passenger
Trucks
Cars
(100%) (100%)
x These figures include Canadian production and cars assembled abroad the
parts of which were manufactured in the United States.
Consumption and Imports of Crude Rubber Continue
Higher Than a Year Ago.
Consumption of crude rubber by manufacturers in the
United States for the month of August amounted to 44,939
long tons, which compares with 50,184 long tons for July
this year, and represents a decrease of 10.5% under the
latter month, but was 89.4% over August a year ago, according to statistics released by the Rubber Manufacturers
Association. Consumption for August 1932 was reported
to be 23,721 long tons. Consumption for the first eight
months of 1933 amounted to 279,847 long tons as compared
with 244,621 long tons for same period of 1932. The
Association further reports as follows:
Imports of crude rubber for August were 44.802 long tons, an increase
of 1.2% over July and 30.9% above August 1932.
Total domestic stocks of crude rubber on hand Aug. 31 are estimated
at 325,418 long tons, which compares with July 31 stocks of 326,609 long
tons. August, stocks show practically no change as compared with July
of this year, but were 5.1% below stocks of Aug. 31 1932.
The participants In the statistical compilation report 53.084 long tons
of crude rubber afloat for the United States ports on Aug. 31, compared
with 57,435 long tons afloat on July 31 this year, and 42.846 long tons afloat
on Aug. 311932.
August reclaimed rubber consumption is estimated to be 9,446 long tons,
production 11,708 long tons, stocks on hand Aug. 3115.037 long tons.
Increased Automobile Production in August.
August factory sales of automobiles manufactured in the
United States (including foreign assemblies from parts made
in the United States and reported as complete units or vehicles), based on data reported to the Bureau of the Census,
consisted of 236,480 vehicles, of which 195,076 were passenger cars, 41,336 trucks, and 68 taxicabs, as compared
with 90,325 vehicles in August 1932, and 187,197 vehicles
in August 1931.
The table below is based on figures received from 120
manufacturers in the United States, 33 making passenger
Sept. 23 1933
cars and 87 making trucks (9 of the 33 passenger car 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 and
Month.
1931ianuary
February
%larch
April
Way
lune
July
August
Total.
Passenger
Cars.
Trucks.
Taxicatis.x
PassenTotal. ger Cars. Trucks,
33,531
39,521
45,161
50.022
45.688
40.244
34,317
31,772
512
529
410
665
340
360
180
104
6,496
9,871
12,993
17.159
12,738
6.835
4,220
4,544
4,552 1,944
7,529 2,342
10,483 • 2,510
14,043 3.116
10,621 2,117
5,583 1.252
1.069
3,151
3,426 1,188
(8
Total mos.) 1,978,622 1,655,266 320,256
3,100
74,856
59,388 15,468
31,338
21,727
19.683
23.644
141
651
999
1.144
2,646
1.440
1,247
2.432
Total (year)- 2.389,738 1,967,055 416,648
6,035
ieptember
Dctober
Alovember
December
1932ranuary
February
%larch
April
Way
rune
filly
August
171,848
219,940
276,405
336,939
317.163
250,640
218,490
187,197
140.566
80,142
68,867
121.541
137.805
179,890
230,834
286,252
271,135
210.036
183,993
155,321
109.087
57,764
48,185
96.753
2,108
761
812
2,024
82.621 65,093
538
679
435
408
17.528
20,541
23,308
19,560
27.389
26,539
22,768
14,438
14,418
97
25
74
31
73
235
27
9
3,731
5,477
8,318
6.810
8.221
7.112
7,472
4,067
samol-iv,coA.w
1
,. 4W12bl
0.4000.00.—
mwoono.4.0
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS AND INNER
TUBES (BY MONTHS).
[From figures estimated to represent 80% of the industrY•1
619
983
1,714
1,150
952
804
699
901
901,384 168,961
571
51,208
43,386
7,822
19,402
13.595
12,025
21,204
13
5
239
291
2,342
2,923
2,204
2,139
1,741
2,361
1,669
1,561
601
562
535
578
Total (year). 1.370.678 1,134,372 235,187
1.119
60,816
5
152
660
411
54
35
4
68
oco..300000
b ":WwWV=12W
-4w...1.;00000,
00000to00
2174
119,344
117,418
118,959
148.326
184,295
183.106
109.143
90,325
(8
Total mos.) 1,070,916
5epternber
Dctober
govember
December
1933ranuary
z'ebruary
dareh
1 pril
Say
une
uiy
Lugust
84.150
48,702
59,557
107.353
130.044
106,825
117,949
180.687
*218,303
253.322
233,088
236.480
98,706
94,085
99,325
120,906
157,683
160,103
94.678
75,898
64,735
35.102
47,293
85,858
21,718
108,321
91.340 15.333
99,225 18.064
152,939 27.317
*184.644 *33,605
211,448 41.839
195.019 38,065
195,076 41.336
50,718 10,098
2,921
3,025
5,927
6,957
8,024
6.005
5,322
4,019
437
173
705
1,298
1,372
1,318
1.218
1,160
Total(8 mos.) 1.476.678 1.238.012 237.277 1.389 50,881 43.100 7.781
x Includes only factory built taxicabs, and not private passenger cars converted
Into vehicles for hire.
Lumber Production and New Business Increase Over
Preceding Week.
Lumber production during the week ended Sept. 16 was
somewhat greater than the week before and new business
booked by the mills was heavier than since mid-July, according to telegraphic reports to the National Lumber Manufacturers Association from regional associations covering the
operations of 1,014 leading softwood and hardwood mills.
These gains were partly due to the increased number of mills
reporting but the record of identical mills whose number is
about the same as in recent week, shows increase of 52% in
production over corresponding week of last year compared
with 39% increase the preceding week and 13% decline in
orders under last year compared with 20% decline the week
before. The Association in its statement further reports
as follows:
Total production during the week ended Sept. 16 was 194,839,000 feet;
shipments were 187,663,000 feet; orders. 176.219.000 feet. All regions but
Northern hemlock and Northern hardwood reported orders less than
production during the week, total softwoods being 8% below production
and hardwoods 20% below their output.
An regions except Northern pine and Northern hemlock reported orders
less than during corresponding week of last year, total softwood orders
being 14% less and hardwood orders, 6% less.
During the first 37 weeks of 1933, production was 25% above that of
corresponding period of last year and orders were 18% above those of the
1932 period.
Unfilled orders at the mills were the equivalent of 15 days' average
production of reporting mills compared with 18 days on corresponding
date of 1932. This compares with 27 days on July 8 1933 and 14 days on
July 9 1932.
Forest products carloadings of 22,260 cars during the week ended Sept. 9.
due to Labor Day holiday were 3.196 cars below the loadings of the preceding week but 6,704 cars above the same week of 1932.
Lumber orders reported for the week ended Sept. 16 1933 by 577 softwood mills totaled 153,465,000 feet, or 8% below the production of the
same mills. Shipments as reported for the same week were 165,168,000
feet, or 1% below production. Production was 166.457.000 feet.
Reports from 464 hardwood mills give new business as 22,754.000 feet,
or 20% below production. Shipments as reported for the same week were
22,495.000 feet. or 21% below production. Production was 28,382,000 feet.
Unfilled Orders.
The 534 identical mills (hardwood and softwood) report unfilled orders
as 447.130,000 feet on Sept. 16 1933. or the equivalent of 15 days' average
production, as compared with 510.820.000 feet, or the equivalent of 18
days' average production on similar date a year ago.
Last week's production of 409 identical softwood mills was 148,756,000
feet, and a year ago it was 101,953.000 feet; shipments were respectively
150,545,000 feet and 128,273.000; and orders received 139,683,000 feet
and 161,899.000. In the case of hardwoods, 184 identical mills reported
production last week and a year ago 16,806,000 feet and 7,106,000; sil1P-
Financial Chronicle
Volume 137
meats 13,945,000 feet and 12,502,000; and orders 14.379,000 feet and
15,269,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 314 mills reporting
for the week ended September 16:
NEW BUSINESS.
UNSHIPPED ORDERS
SHIPMENTS.
Feet.
Feet.
Feet.
Domestic cargo
Domestic cargo
Coastwise and
delivery_ _ 29,802,000 delivery _ _ _ _131,474,000 Intercoastal_ 39,689,000
Export
19,263,000 Foreign
81,369,000 Export
18,068,000
Rail
26,568,000 Rail
71,096,000 Rail
29,269,000
Local
8,429.000
Local
8,429,000
Total
84,062,000 Total
283,939.000
Production for the week was 85,366.000 feet.
Total
95,355,000
Southern Pine.
The Southern Pine Association reported from New Orleans that from 108
mills reporting,shipments were 6% below production, and orders 13% below
production and 7% below shipments. New business taken during the week
amounted to 22,991.000 feet (previous week 22.744.000 at 98 mills):
shipments 24,706.000 feet (previous week 22,757.000): and production
26.390.000 feet (previous week 26,216.000). Production was 42% and
orders 37% of capacity, compared with 46% and 40% for the previous
week. Orders on hand at the end of the week at 103 mills were 60,356.000
feet. The 103 identical mills reported an increase in production of 13%.
and in new business a decrease of 41%, as compared with the same week
a year ago.
Western Pine.
The Western Pine Association reported from Portland. Ore., that for
121 mills reporting, shipments were 20% below production, and orders
17% below production and 3% above shipments. New business taken
during the week amounted to 41,487.000 feet (previous week 36.585.000
at 123 mills); shipments 40,415,000 feet (previous week 36,792.000); and
production 50,286.000 feet (previous week 47.186.000). Production was
36% and orders 30% of capacity, compared with 31% and 24% for the
previous week. Orders on hand at the end of the week at 112 mills were
98.916.000 feet. The 111 identical mills reported an increase in production
of 65%. and in new business a loss of 1%, as compared with the same
week a year ago.
Northern Pine.
The Northern Pine Manufakturers of Minneapolis, Minn., reported
production from 7 mills as 3,974,000 feet, shipments 3,135,000 feet and
new business 3,684,000 feet. The same mills reported production 417%
greater and new business 138% greater than for the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported softwood production from 27 mills as 441.000
feet. shipments 1.557,000 and orders 1,241.000 feet. Orders were 9%
of capacity compared with 11% the previous week. The 16 identical mills
reported a loss of 41% in production and a gain of 63% in new business.
compared with the same week a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute. of Memphis. Tenn., reported
production from 437 mills as 27.471,000 feet, shipments 21,170.000 and
new business 21,492.000. Production was 38% and orders 29% of capacity,
compared with 37% and 31% the previous week. The 168 identical mills
reported production 130% greater and new business 6% less than for the
same week last year.
The Northern Hemlock and Hardwood Manufacturers Association.
of Oshkosh, Wis., reported hardwood production from.27 mills as 911.000
feet, shipments 1,325,000 and orders 1,262,000 feet. Orders were 14%
of capacity. compared with 17% the previous week. The 16 identical mills
reported a gain of 639% in production and a loss of 1% in orders, compared
with the same week last year.
Output of Newsprint in Canada Increased 13,875 Tons
During August Over July—Up 36,543 Tons as
Compared with August Last Year.
Production of newsprint in Canada in the month of August
totaled 194,262 tons, an increase of 36,543 tons, or 23%, over
the 157,919 tons produced in August of last year, reports the
Montreal "Gazette" of Sept. 16. In July of this year production totaled 180,387 tons,so that the increase over that month
is 7.7%, the paper added, continuing:
Shipments for August totaled 194,354, exceeding production by a slight
margin, and exceeding last year's August shipments of 154,881 by 39,473
tons, or more than 25%. With United States production for the month
34,521 tons, against 79,529 a year ago, 24,826 tons for Newfoundland,
against 23,513, and 1,633 tons in Mexico, against 1,484, there is shown a
total North American production of 305,242 tons, an increase of 42,797
tons, or 16.3% over August of last year. Figures covering the months have
just been issued by the News Print Service Bureau. In the first eight
months of the year, Canadian mills produced 1,271,268 tons, a decrease of
29,209, or 2.1%. Output in the United States in the first eight months
totaled 722,848 tons, a decrease of 77,591 tons, or 11%, from the 700,439
tons produced in the like period of 1932. Newfoundland's output for the
eight months was down 18,199 tons, or 10%, while Mexico's output showed
a gain of 2,162 tons, making a net decrease for North American countries
for the period of 122,837 tons, or 6%.
Stocks of newsprint paper at Canadian mills at the end of August
totaled
41,826 tons, against 50,029 tons a year ago, a reduction of 8,203
tons,
while United States stocks totaled 21,407 tons, a decline of 14,575
tons,
making a combined total of 61,307 as compared with 86,011 tons a
year ago
a reduction of 29%. At the end of July 1933, stocks totaled 61,307 tons.
2175
the allocation on ept. 19 of the 50,000,000-bushel export
wheat quota allowed to the Danubian countries. The committee then adjourned until Nov. 27. In an effort to settle
Russian objections to the quota of 50,000,000 bushels
provisionally allowed to her under the wheat agreement,
representatives of the "big four" exporting nations met
yesterday (Sept. 22) with Soviet delegates. No decision
was reached at that time, and the meeting will be continued
next week. Russia has asked for a quota of about twice
that tentatively alloted. Other nations participating in the
discussion were the United States, Canada, Argentina and
Australia.
The allotment of the 50,000,000-bushel quota for the
Danubian nations on Sept. 19 was fixed as follows: Hungary,
39.1%; Rumania, 23.9%; Yugoslavia, 22.1%, and Bulgaria,
14.9%. At the same meeting of the advisory committee
representatives of France and Germany announced that the
governments of these two countries intend to reduce production, control exports, and stimulate wheat consumption.
Germany Puts Grain Supplies Under Control—Wheat
and Rye Prices Set,Speculation Barred and Output
Limit Planned.
In a Berlin cablegram, Sept. 19 to the New York "Herald
Tribune" (copyright), it was stated that Dr. Richard
Walther Darre, Minister of Agriculture, on that date, issued
a decree prohibiting dealings in futures in wheat and rye,
which heretofore have been permitted in the commodity
exchange at Berlin and Breslau. In this action,it was stated,
Dr. Darre exercised powers conferred upon him by laws
recently enacted with regard to Government control of
agricultural production and marketing. He announced the
beginning of a policy which might be described as "agricultural central planning." From the cablegram we quote
further as follows:
At the same time the Reich instituted fixed prices for wheat and rye.
which are to rise gradually until the close of the harvest year. Wheat is
to advance from $1.84 a bushel to $1.94 and rye from $1.48 to $1.67.
Acreage was ordered restricted to the extent of last year.
The fixed prices thus announced for wheat and rye are slightly higher than
the latest market quotations. Dealing in grain at less than the official
price is to be accounted a crime entailing severe penalties.
Agricultural reconstruction, it was explained, is the purpose in thus detaching the country's bread supply from speculative influences and those
prevalent in a free market. It is intended to adjust farm production to
the domestic demand.
German farmers are to be united in a so-called Reichsnaehrstand—a sort
of agricultural professional estate—constituting an agrarian syndicate
which will be headed by the Minister of Agriculture. The organization will
have numerous divisions and executives possessing jurisdiction in the Reich,
the States or districts. The official fixed prices are to guarantee the farmer
a reasonable return for his labor, with due regard for the consumers' purchasing power.
The farmer, it was explained officially, must refrain from considering
his occupation from the money-making standpoint alone. He must look
upon it as involving a service to the country and must support the Government's plan to increase domestic production of certain articles such as
albumen feeds, oil plants and fiber plants, wool and fats.
Under date of Sept. 20 the U. S. Department of Agriculture had the following to say regarding the steps taken by
Germany to control wheat acreage:
Germany has taken action to carry out its part of the international wheat
agreement by prohibiting increases in the acreages of wheat and rye, and by
requiring some reduction in wheat acreage. In addition, it is planned that
prices will be guaranteed next season only on that part of Germany's 1934
wheat crop which is domestically consumed in that country.
This information was received to-day by the Department of Agriculture
in a cable from its office in Berlin, confirming reports that the German Government had taken steps to control wheat acreage, had fixed prices on wheat
and rye, and had prohibited futures trading in these grains.
Agricultural Adjustment Administraticn officials, now in the midst of an
Intensive compaign to reduce American wheat production in line with the
London wheat accord, expressed satisfaction with the German action
looking toward fulfillment of the international agreement.
Department of Agriculture officials pointed out that the German action
means that American farmers who sign up to reduce their acreage can feel
that their fellow wheat producers in importing as well as exporting countries are co-operating in the effort to solve the world wheat surplus problem.
The wheat and rye prices fixed by the German Government are slightly
above the current level and increase about 1% a month from October till
next June. At present exchange rates the price range is equivalent to
about $1.80 in October to $1.92 in June.
By determining to pay fixed prices only on domestic corsumption. the
German action is similar to the wheat program adopted by the United
States, under which benefits paid to producers in consideration for reducing acreage are paid on 54% of the average production during 1928-1932.
This is the percentage which has been determined as the amount of wheat
domestically consumed as food which pays the processing tax.
Wheat production in Germany has increased sharply in the last five years.
In 1929 the production.was 123.000,000 bushels. In 1930 it rose to 139,000,000 bushels, in 1931 to .155,000,000 bushels, in 1932 to 183.000,000
bushels. The estimate this year places the crop near the 1932 level. With
normal yields, the proposed reduction in German wheat acreage would result in a somewhat smaller crop next year, breaking this sharp upward
trend.
Wheat Advisory Committee, Meeting in London,
Allocates 50,000,000-Bushel Export Quota for
Danubian Countries—Adjourns Until Nov. 27—
No Agreement Yet Reached on Russian Quota—
Further Conferences Next Week.
The advisory committee that will supervise the execution
of the world wheat agreement met in London on Sept. 18
Germany's Demand for American Wheat and Corn
and 19, with 16 nations represented and with Robert W.
Lessening.
Bingham, American Ambassador to Gloat Britain, acting
Lessened demand by Germany for American wheat and
as Chairman. The principal accomplishment recorded was corn in the immediate future is
indicated in a report from
2176
Financial Chronicle
Consul John H. Bruins, Hamburg, made public by the
United States Commerce Department, which, under date
of Sept. 16, added:
The official figures for grain imports in the "grain year" ended July 31
last, show that wheat receipts in Germany decreased to 836.000 metric
tons as compared with 952,756 for the corresponding period of 1932. At
the same time imports of corn dropped from 770,961 metric tons In the
1932 period to 380,000 in 1933.
The smaller imports, Consul Bruins states, reflect the good crops harvested in Germany in 1932, with the exception of corn. Steps taken by the
Government to make hog raisers use grains and stock foods other than corn
were effectual in reducing those imports.
The share of the United States in Germany's wheat imports in 1933 was
7A % as compared with 27% in the grain year 1932. The respective ratios
for corn imports in the two periods were 11 and 26%. Referring to the
decline in imports of American grain, the report points out that the price
asked was appreciably higher in marks than that of its competitors in 1933.
Aside from supply and demand in the grain trade, present political and
trade trends are hardly favorable for any increase in American grain trade
with Germany. During the past grain year German imports of American
wheat and corn amounted to 2,310,000 and 1.574.000 bushels, respectively.
It is unlikely Coasul Bruins states, that these figures will be exceeded in the
next 12 months and indications are that they may be considerably reduced.
Germany's 1933 domestic wheat crop, it is pointed out, is large and the
quality appears to be extraordinarily good.
Canada's Grain Exports Higher as "Peg" Ends
3,000,000 Bushels Wheat Sent Abroad in Two Days
Following Curb Removal.
A Winnipeg dispatch, Sept. 17 to the New York "Herald
Tribune" stated that withdrawal of the minimum price
restrictions in the Winnipeg Grain Exchange was the outstanding event of the week in grain market circles, although
the development of a large export trade in Canadian wheat
following this action was perhaps equally important. Continuing the dispatch said:
The latter counteracted to a great extent the natural reaction from the
unloading of the market from restrictions and.while the net loss In values was
three cents a bushel from the "pegged" levels, the fact that cpcport business
developed on a good scale compensated in some measure this decline in
prices.
The decision to remove the price restrictions was made and acted upon
after the Council of the Exchange had examined the market situation and
put the matter to the vote of the general membership. The Council
decided that a favorable opportunity had arisen for the removal of the restrictions which were believed to be checking the volume of export business.
Wet weather interfered with the threshing and movement of new crops in
Western Canada. resulting in smaller hedging sales than would otherwise
have been the case.
Action of the market and the revival of export trade on Thursday and
Friday bore out the contention of traders who believed that an unrestricted
market would encourage more export business, and on these two days upward of 3,000.000 bushels of Canadian wheat were taken by importers
abroad. Broomhall reported that Thursday's wheat purchases in England
had been almost exclusively Canadian wheat and intimated also that the
Winnipeg market was now definitely in line for export.
All foreign advices pointed to the fact that Canadian wheat was the only
grain offered on the international market In volume, and Importers emphasized that if Winnipeg prices remained in line with competitive wheats,
making due allowance for preference treatment and quality, a good export
trade in Canadian wheat would develop this fall.
The edsting price level is apparently attractive to overseas buyers, and
there is little doubt that they would pay more for the wheat; provided,
of course, that the price is advanced on conditions that relate to supply
and demand and not as the result of wild speculation.
An item noting the withdrawal of "peg" quotations in
Winnipeg appeared in our issue of Sept. 16, page 2032. In
a dispatch from Chicago Sept. 14 to the New York "Times",
it was stated
Removal of "Peg" Is Endorsed.
While the trade expects that the Winnipeg grain market may be unsettled
for several days. the withdrawal of the "peg" there removes the last restriction on independent market movements, and with a broadening in the
trade it is e-cpected that little difficulty will be encountered in hedging,
especially as support from strong interests was intimated if it is found
necessary.
Harry E. Sellers Elected President of Winnipeg Grain
-Roy Milner and Rupert C. Reece
Exchange
Elected Vice-Presidents,
Harry E. Sellers, Vice-President of the Winnipeg Grain
Exchange. was elected President of the Exchange, by acclamation, at the annual meeting held Sept. 13. Mr. Sellers,
who succeeds Sidney T. Smith, is President of a number of
grain companies including the Alberta Pacific Grain Co.,
Ltd., and Federal Grain, Ltd. Roy Milner and Rupert C.
Reece were elccted Vice-Presidents at the same time by
acclamation. This is Mr. Milners' second term while Mr.
Reece takes the place vacated by Mr. Sellers.
Increase of One Cent Made in Price of Bread by Most
of Large Wholesale Bakeries-Eastern Division of
Great Atlantic & Pacific Tea Co. Takes No Action.
Notices sent to dealers on Sept. 16 by most of the large
wholesale bakeries indicated that the price of bread generally would be increased one cent a loaf on Sept. 18. it was reported by the New York "World-Telegram" of Sept. 16. The
Increase brings the price of the large loaves. averaging 18 to
10 ounces, to 11c., and the price of the smaller loaves to 8c.
Earl A. Cox, President of the New York State Bakers' Asso-
Sept. 23 1933
elation, in a statement issued Sept. 15, declared that the
price of bread in New York must be raised because of the
increased cost of flour and other expenses. "Since February," Mr. Cox said, "the cost of high-grade flours has gone
up approximately 85% due to the rise in the price of wheat
and the additional processing tax imposed by the Federal
Government." He further said, in part:
All local bakers have pledged allegiance to the NRA and are living up to
its provisions, both in spirit and in the letter of the law. This has meant
additional employees and additional payrolls.
The average baker to-day has been barely making both ends meet and
now finds himself in a position where he must raise prices. With all costs
in business increasing, consumers realize that a penny or so more is reasonably to be expected. . . .
While bread has advanced in many other sections, New York bakers have
for the most part held to the old price, but are no longer able to do so.
We do not know whether all bakers will make a revision at this time, but
are certain that any revisions made will be less than the increase which
Secretary of Agriculture Wallace says is justified.
Charles S. Small, Eastern sales manager of the Atlantic &
Pacific stores, said that "our prices will not be raised for
the present."
Bread Price in New Jersey Increased One Cent by
Fischer Baking Co.
An increase of one cent a loaf in the price of bread was announced on Sept. 15 by the Fischer Baking Co., of Newark,
Asbury Park and Atlantic City (New Jersey). The announcement said that the increase was to become effective
Sept. 17. The Newark "News" of Sept. 15, in reporting the
Increase, said that it was the first to be made by New Jersey
bakers since the processing tax and the NRA became effec- •
tire. Smaller bakeries in the vicinity said that they would
follow the action of the Fischer company. The following
statement, contained in the article in the Newark "News,"
was issued by the company:
We have signed the President's NRA code and accordingly have added 28
employees, decreased working hours without reduction of wages, and in
some instances increased wages. With the addition of the processing tax
on flour, the increased cost of flour and every ingredient needed In the
baking of our products, it will be necessary to raise the price of all our
breads only one cent. This small amount will cover approximately the
enormous increases which we willingly pay.
Abondonment of Chadbourne Sugar Plan Reported
Illogical--Nine Countries Found Exporting up to
Quota Limit
-Exports and Quotas for Current
Quota Year.
Current reports to the effect that the Chadbourne Sugar
plan is to be alAndoned appear illogical, according to B. W.
Dyer & Co., sugar economists and brokers. As the Chadbourne plan does not control prices, the elimination of the
plan would merely permit unrestricted exports, the firm
announced Sept. 13. The firm's report continues as follows:
r ,-
But the fact is that nine of the so-called Chadbourne countries are exporting up to the limit of their quotas. Therefore, what countries would gain
by breaking up the plan? The table below gives the exports and the
quotas for the current quota year:
Countries-
No. of
Months.
Net
Exports.
Current
Year's
Quota.
Percentage Percentage
Quo a
Year
Covered.
Uoxi.
Belgium
11
12,000
30,000
40.0
91.7
Czechoslovakia
582,000
10
248,000
43.8
83.3
Germany
197,000
11
.11.000
None
91.7
Hungary
11
83,000
1,000
1.2
91.7
Jugoslavia
15.000
11
None
91.7
Poland
11
102,000
304.000
33.8
91.7
Cuba
567,000
1,052,000
8
.
53.986.7
Peru
374,000
8
136,000
36.4
50.0
2.481.000
Java
4
292000
154
31.3
• Net import.
Note.
-All figures In long tons raw sugar value.
In the past. Cuba has more nearly completed here export quota than any
other country and from this standpoint would be the one most Interested
in increasing exports. But with the United States Government committed
to stabilize the sugar industry and with the stabilization agreement basing
United States prices at an amount over the world market price. It is quite
unthinkable that Cuba would be granted the much desired increased preferential if Cuba used this benefit to Increase production and lower prices in
the world market and consequently the United States market.
Consumption and Production of Sugar by 12 European
Countries Below Last Year.
According to a report issued Sept. 11 by B. W. Dyer &
Co., sugar economists and brokers, statistics of 12 European
countries for the first 11 months of the crop year 1932-33,
show the following results:
1. Consumption Is lower by 73,743 long tons, or 1.2% compared with
the same period the previous year.
2. Production is behind last year by 532.318 tons a decrease of 10.3%.
3. Stocks on Sept. 1 1933 were 346.800 tons less than stocks on Sept. 1
1932 or a decrease of 13.7%.
Wool Top Futures on New York Wool Top Exchange at
New High Levels.
Prices of wool top futures on the New York Wool Top
Exchange advanced steadily into new high ground during the
Volume 137
Financial Chronicle
week ended Sept. 15, the Exchange announced Sept. 16.
The price of 104.3 cents quoted Sept. 15 for the March
contract was a record high for any month since the Exchange
opened over two years ago. The marketshowed a net advance
for the week of from 7 to 19 points. While there continued
to be a good demand for tops, a scarcity of offerings restricted
any larger volume of trading. The Exchange further
announced:
The Boston spot price of the Exchange standard top closed the week with
a new high of 108.0 cents, up one cent from the close of a week ago.
Wool top futures in foreign markets closed the week somewhat easier.
Prices at Antwerp were off five-eights of a penny on all active months while
prices at Roubaix declined 70 to 80 centimes from the close of the previous
week. Bradford spot quotations were unchanged on the lower grades to
up one-half to one and one-quarter pennies on the higher grades.
West African Cotton Gaining in French Market.
That American cotton is likely to encounter increasing
competition in the French Market from the West African
staple is revealed in a report from Vice-Consul E. de W.
Mayer, Havre, made public Sept. 13 by the U. S. Commerce
Department, which continued:
Although present receipts in France from the colony are relatively
unimportant, amounting in 1932 to approximately 12,000 bales out of a total
of more than a million bales Imported, it is significant that imports from this
source have steadily increased in the face of declining imports from all other
producing countries e ccept the United States.
Rising prices of cotton in world markets, together with Government
efforts to increase cotton acreage and yield, may stimulate production in
West Africa and increase shipments to France.
The French Government has been conducting various experiments in
this colony in connection with cotton production. Irrigation projects have
been inaugurated which have resulted in the building of a dam across the
Niger River. Another dam is being constructed and will be completed in
1934. It is expected that this latter will add substantially to the acreage
under cotton.
French cotton manufacturers,the report points out, are directly interested
In the development of cotton cultivation in the colonies, because of the fact
that one quarter of their output of cotton cloth is sold in those areas. If
the cotton from which this cloth is made were boughtin the colonies instead
of in the United States, still greater purchasing power would be given these
customers of France's cotton mills.
Because of the prevailing price of American cotton in 1932. about 94%
of the cotton received in France in that year came from the United States.
Normally imports of American cotton amount to between 80 and 85%
of total French imports.
Increase Reported in Shipments of Cotton from
Bremen (Germany) During August as Compared
with August Last Year.
Average weekly cotton shipments from Bremen to interior
points were 40% higher in August of the current year than
in the same month of 1932, according to advices from Consul
W. A. Leonard, made public by the U. S. Commerce Department. The average figure for August 1933 was 39,000
bales, compared with 42,000 bales in the preceding month of
July and 28,000 bales in August 1932. Continuing, an
announcement issued by the Commerce Department on
Sept. 20 said:
Total Augustshipments amounted to 158,000 bales compared with 112.000
bales in August 1932. Of this total American cotton represented 148.000
bales compared with 109,000 bales in the corresponding month of 1932.
Weekly arrivals of cotton at Bremen during August 1933 averaged 32,000
bales, as compared with 36,000 bales during July and 21.000 bales during
August 1932. Total arrivals of cotton for August amounted to 128,000
bales as compared with 86.000 bales during August 1932. Arrivals of
American cotton during the month of August 1933 totaled 110,000 bales
compared with 79,000 bales during August 1932.
Stocks of raw cotton at Bremen at the end of August totaled 465,000
bales compared with 496,000 bales at the end of July and 288,000 bales
at the end of August 1932. Stocks of American cotton at Bremen amounted
to 446.000 bales at the end of August compared with 277,000 bales at the
end of August 1932.
The visible supply of American raw cotton at Bremen at the end of August
amounted to 531.000 bales as compared with 548,000 bales at the end of
July and 381,000 bales at the end of August 1932.
Movement of American Cotton at Record High Level for
August According to New York Cotton Exchange.
The total movement of American cotton into domestic
consumption plus export was larger (lining August this year
than in any other August in the history of the cotton trade,
according to a report of the New York Cotton Exchange.
The movement aggregated 1,129,000 bales in August this
year, compared with only 884,000 bales last year, and
660,000 two years ago. In only one other year, that being
the World War year of 1917, has the movement of American
cotton in August exceeded 1,000,000 bales. The report,
issued Sept. 17. continued:
Domestic consumption and exports both ran at an unusually high rate
last month. The domestic consumption of 589,000 bales was larger than
that in any other August except one. The only exception was August 1927.
when the combination of a high level of general business activity and a
long upward movement in cotton prices resulted in record-breaking forward
orders for cotton goods and a record high cotton consumption. The export
total of 540.000 bales last month has never been equalled in any previous
August. Exports usually run light in August,since the new crop movement
only just begins during that month.
The combination of a reduced domestic stock at the beginning of this
season on Aug. 1, the smaller size of the new crop, and the very heavy
2177
movement in August, resulted in the total supply in this country on Aug. 31
being far less than on the same date last year or the year before.
The total domestic stock at the end of August, including the estimated
unpicked portion of the crop, was 19,066.000 bales, compared with 21,452,000 on the corresponding date last year and 22,353,000 two years ago.
The stock was thus 2.386,000 bales smaller than last year, and 3,237,000
less than two years ago.
These statistics indicate that the excess in the supply of cotton in this
country over and above the normal or average supply has been reduced by
about 60%. In the five years prior to the world trade depression, the
average. end-August stock of cotton in this country was approximately
17.000.000 bales. Accordingly, the stock of 22.353,000 bales at the end of
August two years ago represented an excess supply of about 5,300,000 bales.
This excess has now been reduced to about 2.100,000 bales. The Government is moving aggressively to reduce production next year with a view to
eliminating the surplus supply entirely.
Domestic consumption of cotton has declined appreciably since June and
July but some reaction was expected from the phenomenally high rate of
operations early in the Summer. Part of the decrease has been due to
most mills having reduced their operations to a five day-a-week basis under
the NIRA code. But even with this reduction mill activity is on a much
higher level than a year ago, and large sales of cloth this past week suggest
that mill activity will be maintained on a high basis.
Exports during the first week in this month were about the same as in
the same week last year, but during last week they again ran well ahead of
last year. The total export movement in the first two weeks this month
was 336,000 bales, compared with 297.000 in the same weeks last year and
209.000 two years ago. Total exports during the season to date are 876,000
bales as against 786,000 last season and 491.000 two seasons ago.
Inflation Demands of Cotton and Agricultural Interests
Pressed At Washington—Seven-Point Program
Presented to Secretary of Agriculture Wallace—
President Roosevelt Withholds Stand-20
-Cent
Cotton Proposed Based on Inflation-15
-Cent
Otherwise.
Inflationist moves on the part of agricultural interests
came prominently to the fore in Washington this week. On
Sept. 18, immediate resort to inflation under the powers
granted him during the recent session of Congress was urged
upon President Roosevelt in resolutions adopted that day
in a conference of members of Senate and House, State
13gislators and farm leaders. The Washington correspondent
of the New York "Journal of Commerce" reporting this on
Sept. 18 added that although confined to the Executive
mansion by a cold, the President conferred with Secretary
of the Treasury Woodin and later with Secretary of Commerce Roper, presumably taking up with the former at least
the very pressing problem of inflation. It was voted unanimously to carry the recommendations of the Conference to
President Roosevelt on Sept. 19, said a dispatch, Sept. lb,
from Washington to the New York "Herald Tribune,"
which also stated that it was further decided that, unless
the Administration moves in the direction of a program
which, in addition to inflation of the currency, includes the
fixing of the price of cotton and temporary suspension of the
processing tax, which the growers believe is now holding
down the price of the staple, a national conference of farmers
should be called. Continuing the dispatch said:
"Rehabilitation or Revolution."
"Rehabilitation or revolution," was the slogan freely expressed at to-day's
meeting, which terminated with the adoption of a detailed resolution to be
presented to the President. The committee named to call on the President
will be headed by Senator Ellison D. Smith. Democrat, of South Carolina,
Chairman of the Senate Committee on Agriculture and joint author of the
Agricultural Adjustment Act: Senator Elmer Thomas, Democrat, of
Oklahoma, author of the inflation amendment to the NIRA, and
Senator John H. Bankhead, Democrat, of Alabama.
Immediately after the call at the White House, the Committee, to be
composed also of as many as desire of those who participated in the meeting
to-day, will confer with Henry A. Wallace, Secretary of Agriculture.
Later they will meet in conference again to decide a future course and
whether a nation-wide farmers* protest is warranted.
One Hundred Congressmen Pledged.
Meanwhile, Senator Thomas, who recently sent telegrams to all members
of Congress asking them to join him in a round-robin to the President
urging expansion of the currency or inflation in any method he might
select under the terms of the NIRA, continued to receive a flood of replies
subscribing to the program.
While a few were non-committal, including Senator James E. Couzens,
Republican, of Michigan, and some expressed violent opposition to inflation, including Senator Henry D. Hatfield. Republican, of West Virginia,
and Representative John D. Clarke, Republican, of New York, most of the
replies, now numbering more than 100, envisioned inflation as the only
method by which prices could be pegged or advanced and the national
recovery effort supported.
•
Twenty-Cent Price for Cotton Asked.
In the resolution to be submitted to the President, the conference of
Southern leaders recommended:
Issuance and circulation of United States notes, similar to the greenback
issue of which $376,C00.000 remain in circulation.
Establishment of a minimum price for cotton of 20 cents a pound on the
farm.
1
Changes in the cotton acreage reduction plan of the Agricultural Adjustment Administration so that the number of bales the farmers shall be licensed
to produce in 1934 shall be limited to 9,000.000.
If currency expansion and the other suggestions do not increase prices to
"parity levels" it is proposed that the Government fix a minimum price on
cotton of 15 cents a pound by offering to buy from each producer 50%
of his crop on condition that the grower reduces his acreage next year
in an amount equal to the amount the Government buys. It also was
recommended that the price of cottonseed oil be raised to $30 a ton, that
cotton processing instrumentalities, including gins, be exempted, with
farm labor, from the supervision of the NRA.
2178
Financial Chronicle
Tells of Inflation Hope.
When one delegate to the conference asked for an explanation of the seeming discrepancy in the proposal to fix the price of 20 cents and then provide
a minimum price of 15 cents for the cotton to be purchased by the Government if the Government embarked on a cotton-buying enterprise in exchange for future acreage reduction pledges, Senator Smith replied:
We hope the President will see the light and expand the currency, and
the latter course will not be necessary.
J. S. Wanamaker of South Carolina, President of the American Cotton
Association, prevailed in his effort to advise suspension of the cotton processing tax, which, he said, now is being paid by the cotton grower. It
was apparent that this proposal will meet with strong opposition from
Secretary Wallace when the conference committee meets with him tomorrow.
The delegates to the conference, representing the Governors and the
producers of 10 States, assembled at the call of a group of Democratic Senators and Representatives and a communication previously sent out by
Ibra C. Blackwood, Governor of South Carolina. They met in two sessions
and unanimously indorsed inflation without delay. Ten States—Alabama,
Arkansas, Georgia, South Carolina, North Carolina, Oklahoma,Texas, Mississippi, Tennessee and Louisiana—reported representatives.
Sept. 23 1933
• At the same time Senator Pittman, although not a member of the cotton
convention, came away from the White House with the distinct impression
that President Roosevelt would make no present commitment on currency
Inflation, that he believed it would be unnecessary with the operation of
industrial codes, and that he preferred to give the codes every opportunity
to prove their effectiveness.
The cotton convention went on record yesterday in favor of the issuance
of non-interest
-bearing Treasury notes. Senator Pittman proposes the
free coinage of silver for the same purpose. The President's implicit
refusal to have anything to do with currency inflation, at least for the present, was looked upon as a definite answer to the inflationists, whose voices
have grown louder and more numerous in the last few weeks.
Committee to Press Demands.
The cotton men listened to the Government's view on the processing
tax as expounded by Mr. Peck, after their Committee had failed to see the
President, who was confined by a cold to the Executive Mansion. The
resolution adopted by some 200 planters and Southern members of Congress
was left at the White House. and a committee will remain in Washington in
an effort to see Mr. Roosevelt after he has read it.
From the White House the committee went to the Department of Agriculture. where they found Secretary Wallace about to leave the city. Mr.
Wallace turned them over to Mr. Peek, greatly to the resentment of some
of them. but they remained to listen to Mr.Peek's exposition of the Government's position on farm relief.
The Committee was closeted with Mr. Peek for three hours. The Administrator refused to give an official reply to the convention's resolution.
but severely criticized some members of Congress who, he said, had consistently voted against the equalization fee, although this plan, he added.
would do precisely what the processing tax was designed to do—raise farm
prices to a level nearer that of industrial prices.
Text of the Resolution.
The resolution as adopted by the conference follows:
To the President of the United States:
We,the delegates appointed by the Governors of the States of Alabama,
Arkansas, South Carolina, Georgia, Mississippi, Oklahoma, Texas. Missouri and Louisiana, assembled in convention in the City of Washington on this 18th day of September 1933, do most respectfully represent,
recommend and petition as follows:
Whereas, the cotton farmers and all who depend on them are faced
with utter ruin because of a worse price condition to-day than has exTaz the Heart of the Program.
isted during this entire depression; and,
"So far as the processing tax is concerned,it attempts, as did the equalizaWhereas. The continuance of present prices for cotton will jeopardize
tion fee, to equalize farm prices with those of industry," he said. "If you
the entire national recovery program; and.
kill the processing tax. you kill the heart of the bill, and all farm cornWhereas, Definite action within the next few days is essential to prevent
modhy prices will drop horizontally. If you have the interest of agriculthe sacrificing of this year's crop,
ture at heart, don't fight the processing tax. It is the only way you can get
Be It Resolved (1) That we respectfully petition you, the President ofthe
any money in the present situation.
United States, immediately to take steps for the inflation or expansion of
"I sympathize with your pleas for higher cotton prices," he added.
the currency, which power is granted to you by the last Congress to meet
"Industrial prices overtook farm prices in July,and a greater disparity exists
Just such emergencies as now exist; that such a step is immediately necesnow than before. But nothing but evil can come to the farmers without
sary for the recovery of the price of cotton and all other farm products
the processing tax. And this ought to be apparent to the casual ob er ver."
and to restore the buying power of the farmer.
At Mr. Peek's invitation, the planters appointed a Committee to con2. To bring about an immediate increase in commodity prices we
fer with him and his associates, offering to do anything possible to better
suggest and recommend that you use the power conferred to issue and
the condition of the farmers. The Committee consists of Senators Smith
place in circulation United States notes. In support of such recommendaof South Carolina, Thomas of Oklahoma. Bankhead of Alabama, and
tion and petition we call your attention to the following facts: The nation,
Representatives Fulmer of South Carolina, Dikes of Arkansas, Wilson of
In an emergency in the '60s, authorized, issued and placed in circulation
Louisiana, and Jones of Texas.
some $400,000,000 in United States notes. Such notes, although not
The officials said there was nothing more that could be legally done
based on interest bearing bonds, were in fact based upon all the property
under the Act to raise farm prices. Senator Thomas declared that inand taxing power of the Government, and that of the said $400.000.000
flation was the clear course and urged the planters to call the farmers
worth of said notes the sum of $346,000.000 of such notes are still in
Into session here to insist on the issuance of Treasury notes. Senator
active circulation. We call your attention further to the fact that through
Thomas said more than 200 members of Congress had replied to his recent
the issuance of such non-interest bearing notes the people to date have
telegram favoring inflation.
saved the total sum of more than $11,000,000,000 in interest alone.
Inflation Group Dominant.
3. We respectfully urge you immediately to establish a minimum price
for cotton of 20 cents a pound on the farms, basis middling u-inch staple,
At the conference late to
-night it was asserted that the movement
subject to increase in accordance with requirements of the parity price.
among the cotton farmers was conceived by the textile manufacturers
who did not want to pay the processing tax. Before It got well under
Would Limit Crop to Nine Million Bales.
way, the inflation bloc in Congress got control and, in the opinion of
.4. That we realize the vital importance of reducing the cotton crop
Government officials, its chief purpose is to stimulate inflation by encouragof the United States for 1934 and 1935 so that the surplus may be worked
ing the farmers to believe that with easy money their prices would rise
off and the market may react in accordance with the law of supply and
without the processing tax.
demand; therefore, we are in hearty accord with the ends sought to be
• Such arguments were made by nearly all the speakers at to-day's meeting.
achieved by the tentative plan of acreage reduction proposed by the SecreSenators Bankhead and Thomas, with planters and Southern members
tary of Agriculture. Henry A. Wallace, but we are equally sure that no
of the House, declared that the "paramount issue" in their demands was
plan limited to acreage reduction alone will or can accomplish the necessary
inflation of the currency. This they will tell the President at the meeting
reduction of bales. Hence, we most respectfully urge that the plan be
with him, probably Thursday.
changed so as to limit the number of bales which the cotton farmer shall be
Senator Pittman, who was a delegate to the World Economic Conlicensed to produce during 1934 to 9,000,000 bales, and the number of bales
ference, saw the President in his study. He reported on effects of the
for 1935 as may be determined later by the Secretary of Agriculture. And
silver resolution adopted at London. The Senator represented the Presito the success of this plan we pledge our utmost co-operation.
dent as believing that the signing of the bituminous coal code was the
5. If prices of agricultural commodities are not promptly increased to
turning point of the NRA program toward prosperity.
parity levels by expansion of the currency, we urge the Administration to
The raising of the commodity price level to that of 1916 is the President's
promptly fix a minimum price for cotton at 15 cents a pound by offering
goal.
to buy from each cotton producer 50% of the cotton produced by such
Senator Pittman's plan calls for free coinage of all newly mined silver
producer this year, on condition that such producer enter into a contract
offered to the Government. The object is to raise the price of silver
to reduce his baleage next year by the same amount that the government
buys from him, and will also reduce the quantity to be sold in 1935 by 25%, from 41 cents an ounce to $1.29.
"This is an inflationary measure," Mr. Pittman said, "but based on
based upon a fair basis of allotment to be fixed by the Secretary of Agrithe figure of last year's production it would mean that only about $33,000.culture. We furthermore urge that cotton bought by the government be
000 in additional silver would be coined."
held off the market until the government can sell the same without loss
and without breaking the price of cotton.
In addition to the above regarding the developments on
Want $30 a Ton for Cotton Seed.
Sept. 19, we give elsewhere to-day in our reference to the
6. We respectfully urge upon you that you take such action through
meeting of the Federal Advisory Council in Washington
the proper agencies of the government to promptly raise the price of cotwhat the New York "Herald Tribune" had to say regarding
tonseed to a minimum of $30 a ton by marketing agreements or any other
powers vested in the government.
the inflation proposals of the cotton interests on Sept. 19.
7. Be it further resolved, That, whereas the ginning of cotton is but the
According to the Washington correspondent of the New
processing of the raw product in order to put it into merchantable form;
and, whereas, similar processing of wheat by reaping and threshing maYork "Journal of Commerce" President Roosevelt stood
chines has been construed to be merely agricultural labor:
ready on Sept. 20 to receive the views of the South on the
Now,therefore, we do hereby earnestly urge that all regulation, proclamaquestion of inflation as a matter of information, but was
tions, codes, laws, or rules relating to the NIRA and the AAA be so interpreted and construed that ginning of all cotton and all persons engaged
indicated as standing steadfast in his determination not to
therein may be considered and dealt with as agricultural labor and therefore
commit himself on the problem. We quote further from
unaffected by the hours and wages provision of the NRA.
We respectfully submit to you that our condition is an unbearable conthis account (Sept. 20) as follows:
dition, that the patience of the people is sorely tried, that something must
Ignoring the proposal of some Southern members of Congress who have
for our help, that although we realize the necessity
be done immediately
been participating in the conference of cotton State leaders here that he
ofreduction for next year we realize still more keenly the necessity for higher
-day,
make known his position upon inflation at his press conference to
prices now. We respectfully submit, in the event of the failure of the prothe President dismissed with a smile the inquiry of Washington newsgram above outlined to immediately raise the price of cotton to at least
papermen.
20 cents, our only recourse will be to call upon you and our Governor to
There was a general exodus of participants in the conference yesterday
close the gins and cotton seed oil mills as a matter of self-preservation.
and early to-day because of the uncertainty whether they would be received
account that at the White House because of the indisposition which caused the PresiOn Sept. 19 it was stated in a Washington
the interests participating in the Conference met with rebuffs dent to be confined to the Executive Mansion.
Receives Correspondents.
on two official fronts. The New York "Times" Washington
in the oval
Washington newspaper correspondents were received
advices, Sept. 19, from which we quote, also had the follow- room of the mansion,the President refraining again to by him going to his
-day from
ing to say:
offices. The cotton men drafted a letter setting forth their views which
they believe will serve the purpose of a personal conference.
They were told by George N. Peek, Agricultural Adjustment AdminisIn the opinion of Senator Thomas (Okla.), leader in the inflation movetrator, that repeal of the processing tax, even if accompanied by inflation,
ment, his group "has accomplished all that can be accomplished at this
would destroy the administration's program of raising farm price levels.
Volume 137
Financial Chronicle
• time" and he did not consider it necessary for cotton State conferees to
remain here until the President can find time to see them. Thomas believes
that the President gradually is bringing about inflation, but, he declarad.
Mr. Roosevelt would not dare admit such a fact because of the effect upon
commodity prices.
"It is my opinion that President Roosevelt does not want to make a
statement on inflation, because if even he hinted it commodity prices would
jump up too fast and too high before the money is distributed among the
people," Thomas avowed when questioned by newspaper correspondents.
"When all these codes are signed up under the NRA and millions of
people are returned to work then the President will be free openly to concede inflation.
Cites Inflation Demands.
"That time is now approaching rapidly." he asserted. "Cotton and
other farmers now harvesting their crops want inflation immediately so
that they can obtain benefits from it."
Although the wholesale commodity price index resumed its rising trend
during the week of Sept 16, according to a report issued to-day by the
Bureau of Labor Statistics, reaching 70.5 for all commodities,farm products
individually, continued to sag, reaching a low point of 55.9, compared with
58.2 for the week ended Aug. 26. Textile products advanced 1.6 over the
preceding week and fuel and lighting materials 4.0.
President Roosevelt Is not very enthusiastic over the method of preparing these statistics, but out in the farm belt they are more acceptable as
reflecting the situation in agricultural products as the farmers themselves
view it.
It was the expressed opinion of Secretary of Agriculture Wallace to-day
"if the purchasing power of farm products does not improve during the
next three months the price fixers and inflationists will have great power
in Congress this coming winter and legislation will be passed which will
make the AAA seem extraordinarily conservative."
President Reported Adamant.
It is declared in circles close to the President that Mr. Roosevelt Is standing adamant against that type of inflation for which cotton farmers are
contending. He has not even shown warmth toward a proposal made to
him last June by members of the Federal Advisory Council of the Federal
Reserve Board for Government acquisition of the assets of closed and conservator-operated banks, a scheme which again Is advanced and apparently is most likely of adoption of all proposals.
The President. however,is listening to all. A luncheon guest at the White
House to-day was Professor George F. Warren of Cornell University, one of
the President's advisers on such matters. Presumably his call was to acquaint Mr. Roosevelt with his observations of currency matters abroad.
but since he is an authority on the "commodity dollar" it is assumed that
he went over this problem with his host.
The Warren plan for a commodity dollar, the value of which would be
based upon the index value of certain basic commodities, Is finding supporters among high officials of agricultural and farm credit administrations,
although the practical financiers of the Treasury and Federal Reserve
System are not much inclined to it any more than when the Goldaborough
dollar stabilization plan was proposed in Congress.
Conflicting View Given.
The group opposed to the cotton farmers inflation program holds the
beliefthat to embark upon the issuance of Treasury notes would be a clear
implication that the industrial and agricultural relief programs were failing.
They are counting the political reaction to such a situation which, however,
might be discounted by the popularity in some quarters with which an
Inflation program might be received.
An item regarding a plan for 10 cent cotton, and still
another relative to a movement for the purchase by the
Government of 5,000,000 bales of this year's cotton crop
appear elsewhere in this issue of our paper.
Southern Committee of Cotton Growers Headed by
Senator Bankhead Urges President Roosevelt to
Pledge Government to Buy 5,000,000 Bales of
Cotton at 16 Cents—Opposition to Currency
Inflation Voiced by Senator Lewis.
' Suppressing their demand for immediate inflation of the
currency, a committee of cotton growers, headed by Senator
Bankhead of Alabama, urged President Roosevelt, on Sept.
21, to pledge the Government to buy 5,000,000 bales of this
year's cotton crop at 15 cents a pound. A dispatch from
Washington, Sept. 21 to the New York "Times," authority
for the foregoing, continued:
The President received the committee in his office in the White House,
having quickly recovered from the effects of the cold which compelled him
to return to bed yesterday.
The delegation of the cotton conference, on leaving the White House,
apparently was under the impression that they had made some progress
with the President, as he had agreed to confer with George N. Peek and
other officials of the AAA to-morrow.
Would Cut Next Year's Crop.
"We came as a Committee of the Conference of Cotton Growers to deal
specifically with their program to take one-half the cotton off the present
market," Senator Bankhead said. "Our plan is that the Government
should buy one-half of the 10,000,000 bales now in the hands of the farmers
at 15 cents a pound,or $75 a bale, with the understanding that the producer
would take out of production that amount of next year's crop.
"This would cost about $375,000,000 and would be financed by the
RFC. If the administration adopted this plan it would have absolute
control of production, which is not now possible under the processing tax.
The President took under sympathetic consideration our proposal and we
will have another conference."
Senator Bankhead added that the Committee did not urge the President to inflate the currency, as advocated in the cotton conference's recent
resolution, which also demanded repeal of the processing tax and the pegging
the price of cotton at 20 cents a pound. The subject of inflation, Senator
Bankhead said, was not approached, because of the recent statement from
Senator Pittman that the President would not commit himself at this time.
Mr. Peek, the Agricultural Adjustment Administrator, and Senator
Bankhead are expected to meet the President to-morrow for a conference on
the cotton buying plan.
The belief is held in many quarters that the administration will reject
the proposal because such a step would be likely to cause wheat growers
and other farmers to demand similar consideration, and thus break down the
policy of price raising by the processing tax.
2179
Thomas Not Among Visitors.
Senator Thomas of Oklahoma, who had been aggressive in the cotton
conference in promoting calls for currency inflation, was not with the
Committee, which, in addition to the Chairman, is composed of Representative Jeffries of Alabama, J. E. McDonald, Texas Commissioner of
Agriculture; Robert Harris, New York cotton broker and Texas cotton
grower; Representatives Whittington, Doxey and Stewart of Mississippi;
Representatives Castellow and Been of Georgia; Representatives McSwaln
and Manning of South Carolina, and Representatives Sandlin and Wilson
of Louisiana.
Opposition to currency inflation was registered by Senator Lewis, Democrat. of Illinois, who conferred with the President after the cotton conference.
"I have been down in some of the Southern and Western States," he
said."and,speaking for myself as a representative of the State of Illinois, I
cannot accept the view as expressed by my good friends, Senator Thomas
of Oklahoma and Smith of South Carolina, both of them being patriotic
and eminent men.
"But if this Government, as I see it, should attempt the theory of inflation, of puffing the dollar, on the theory that it would mean an increase
in the price of cotton on one hand or of oil on the other,as soon as one market
was satisfied there would be a demand for another inflation for another
market, and that would have to be multiplied in each instance where any
commodity was seeking advantage on a market.
"The result would be, as I see it, that our money would lose its present
standing of value and so depress business in America and repress expendi-•
tures by those who have money that It would destroy all the fine work that
has been done under the NRA and set back the undertakings that are now
resulting in the revival of business.
"While these are my individual views, they are also the views of such
business men, agricultural leaders and general manufacturers of the principal Southern and Western States of which I have a personal acquaintance."
Activity in the Cotton Spinning Industry for August
1933.
The Bureau of the Census announced on Sept. 20 that,
according to preliminary figures, 30,781,802 cotton spinning
spindPs were ir place in the United States on Aug. 311933,
of which 25,884.704 were operated at some time during the
month, compared with 26,069,158 for July, 25.540,504 for
June. 24,571,498 for May, 23,416,680 for April, 23,429,122
for March and 22,022,490 for August 1932. Tht Cotton
Code limits the hours of employment and of productive
machinery. However, in order that the statistics may be
comparable with thos• for earlier months and years, the same
method of computing the percentage of activity has been
used. Computed on this basis, the cotton spindles in the
United States were operated during August 1933 at 106.7%
capacity. This percentage compares with 117.5 for July,
129.1 for June, 112.3 for May,95.7 fo, Apal,93.9 for March
and 72.4 for August 1932. The average number of active
spindle hours per spindle in place for the month was 258.
The total number of cotton spinning spindles in place, the
number of active, the number of active spindle hours and
the average hours per spindle in place, by States, are
shown in the following statement.
Spinning Spindles.
Stale.
In Place
Aug. 31.
Cotton-growing States 19,034,376
New England States_ 10,716,122
1,031,304
All other States
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
United States
1,873,628
963,496
3,277,824
968,680
5,793,464
216,212
1,127,5824
550,944
6,129,344
1,745,636
5,691,568
630,228
271,752
645,236
896,408
30,781,802
Aaille Spindle Hours for Aug.
A atoeDurtng
August.
Total.
Average per
Spindle in Place
17,719,278
7,423,786
741,640
5,835,279,902
1,911,360.444
195,387,203
307
178
189
566,069,815
1,661,594
194,491,835
769,114
3,106,514 1,057,450,406
230,563,052
864,192
971,923,869
3,801,178
54,522,784
164,516
186,630,228
773,492
76,615,006
298,232
5,630,642 1,778,824,829
299,478,130
1,117,586
5,585,162 1,905,872,190
181,785,182
530,540
224,012
65,139,074
162,427,032
637,318
720,612
210,234,117
302
202
323
238
168
252
166
139
290
172
335
288
240
252
235
25,884,704
7,942,027,549
258
Plan to Assure 10
-Cent Cotton Reported Before
President Roosevelt.
President Roosevelt and Agricultural Department officials were indicated yesterday (Sept. 22) as working a
cotton relief plan designed to guarantee 10 cents a pound to
the farmer and thus stabilize the price of the commodity.
A Washington dispatch to this effect in the New York
"World Telegram" last night further reported:
Under the plan, the Government would advance 10 cents a pound to
the farmer on this year's crop on condition that he conform with the crop
reduction program for next year which contemplates a reduction to
25,000,000 acres.
Reply to Inflationists.
The plan was formulated at a White House conference attended by
Secretary of Agriculture Henry A. Wallace; George N. Peck, Farm Act
Administrator, and Senator John Bankhead of Alabama, who is acting on
behalf of the recent cotton convention here.
It represented President Roosevelt's attempt to raise the price of cotton
and thus ward off the inflation campaign to which many Southern Congressmen have rallied post-haste in the last few days of descending cotton prices.
After the conference, Senator Bankhead read from a prepared statement:
"I have no authority to speak for the Administration and this statement
is to be considered as my personal impression front the conference with the
President.
2180
Financial Chronicle
In Nature of Loan.
"I have a definite belief that a plan will be worked out as quickly as
possible to advance 10 cents a pound on this year's crop to farmers in consideration of an agreement by the farmers to conform with the Federal
acreage reduction program of 1934."
Senator Bankhead said details of the plan were still to be worked out, but
explained that the advance would be in the nature of a loan. The effect
is to give the Government complete control of the cotton market. Farmers,
guaranteei 10 cents by the Government, can withhold their cotton until
the price goes to 10 cents.
Petroleum and Its Products-Secretary Ickes Threatens
-No
Prompt Prosecution on Oil Code Violators
Action Yet on Price Fixing-Texas Commitments
Exceed Daily Allowable.
Prompt prosecution of violators of proration orders, as
well as of those infriging upon the "hot oil" order of President
Roosevelt, was promised this week by Secretary of the Interior Ickes, who is charged with the enforcement of the oil
code.
Reports have been received at Washington during the past
week regarding violations of provisions of the code, and dispatches from California indicate that Secretary Ickes is
keeping close watch on the situation. J. R. Pemberton,
California oil umpire, stated Monday that "Secretary Ickes
is fully conversant with the fact that infractions of the oil
code are being committed here and intends to take drastic
action to stop them. Violations of the schedule sent by the
Central Proration Committee effective Sept. 8 will be subject to prosecution. Further, the Administration Committee
has advised that `all oil in storage as of Sept. 8 is absolutely
immovable except as part of the operator's current allotment
and then only on approval of the planning committee."
Intimation has been given on the West Coast that unless
infractions cease immediately, the State's allowable for
October will be reduced.
The State of Texas is seeking a higher allotment of the
national production. Permitted to produce 975,200 barrels
daily under the present ruling, it is claimed that nominations
submitted at the hearing last Saturday, Sept. 16, called for
1,212,514 barrels daily, or more than 237,000 barrels in
excess of the State's production.
However, the total claimed under nominations has been
attacked on the ground that many purchasers have asked
for more than they can normally absorb. The Texas Railroad Commission has set another hearing for Sept. 30, at
which time new State-wide proration allotments will be
discussed. Until that time the emergency order issued
Sept. 8 will stand. Members of the Commission were in
Washington this week, but declined to state the subject
of their discussions with Mr. Ickes.
It was made known in Washington this week that as soon
as "strong" cases are established against violators, prosecution will start. Louis R. Glavis, Chief of the Division
of Investigation, Interior Department, has been detailed to
the task of investigating complaints and accumulating evidence. Cases against code violators are subject to the
jurisdiction of United States District Courts, with prosecutions conducted under the supervision of the AttorneyGeneral of the United States.
Mr. Ickes pointed out that coMplaints thus far received
cover violations "from the well to the gas station," and
that the "hot oil" order of the President is one which is to
be strictly enforced under Rule 4 of Section 5, which prohibits the sale of refined products "below the cost of manufacturing or importation into the State where offered for
sale, plus reasonable expenses in the cost of marketing as
observed under prudent management, fixed taxes and inspection fees by the Federal or State Government, or any
political subdivision thereof."
Penalties incurred by violators of the NRA are severe.
The law provides that "when a code of fair competition
has been approved or prescribed by the President, any
violation of any provision thereof in any transaction in or
affecting inter-State or foreign commerce shall be a misdemeanor and upon conviction thereof an offender shall be
fined not more than $500 for each offense and each day such
violation continues shall be deemed a separate offense."
Mr. Ickes leclared emphatically this week that "we are
going to proceed against violations of the oil code, and we
have some cases that look pretty good. We are going to
pick out some of them and go to work on them. I have
instructed Mr. Glavis to proceed with these cases."
The oil administrator has warned the planning and coordinating committee against too rapid increases in prices,
declaring that "our task is to stabilize the oil industry upon
a profitable basis. We must remember that the income of
Sept. 23 1933
the oil industry is the outgo of the consuming public and so
design our program by progressive stages, that too great
a burden is not placed too suddenly upon the purchasing
power of the pub lc just at this time."
No action has been taken yet on officially establishing
crude and refined prices. Reports from Washington maintain that 36 gravity oil will be priced at $1.11, as against
the present 890. price in mid-continent.
Edward M. Lyons, of Philadelphia, a President of the
National Petroleum Association, addressing the 31st annual
meeting of the Association at Atlantic City Thursday, held
that the Government has started the oil industry to a profitable basis by eliminating the fear of anti-trust harassment.
He declared that "I see no evidence yet of governmental
desire to controi our business. That is left to us. But we
must do our job fairly and squarely and with the approval
of the Administration. If we do, the Recovery Act and the
oil code will enable us to eliminate wasteful duplications and
to really work together in a business which up to now has
been a restless, uncertain and hazardous adventure."
Price changes this week follow:
September 18.
-Retroactive to Sept. 8, Humble Oil Sc Refining Co.
Posts 5c. advance in crude prices in Gray County, Texas Panhandle,
meeting schedule of Phillips Petroleum Co.ranging from 69c. for 34 degrees
gravity to 81c. on 40 gravity and above. The Texas Co. also met the advance, effective as of Sept. 18.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
, Bradford, Pa
$2.35 Eldorado. Ark., 40
8 .71
Corning, Pa
.92
1.20 Rusk. Tex., 40 and over
ililnois
.97 salt Creek, Wyo.. 40 and over
.60
Western Kentucky
1.12 Darst Creek
.40
Mid Cont., Okla., 40 and above__ .97 Midland District, Mich
.90
Hutchinson, Tex., 40 and over__ .92 Sunburst. Mont
1.10
Spindietop, Texas., 40 and over__ .92 Santa Fe Springs, Calif., 40 and over 1.34
Winkler, Tex
1.00
.92 Huntington, Calif., 26
Smackover. Ark., 24 and over
1.82
40 Fetmlia. Canada
REFINED PRODUCTS
-THREATENED REVOLT OF TEXAS INDEPENDENTS IS DISCOUNTED AT WASHINGTON-KEROSENE RETAIL PRICE ADVANCED-BUNKER FUEL OIL AND
-GASODIESEL IN GOOD DEMAND WITH STOCKS LIGHT
LINE MOVEMENT STEADY WITH PRICES FIRM.
The threat of the Texas Independent Refiners' Association
that they would "repudiate the oil code" if prices `reported'
agreed upon are made effective for gasoline, was forwarded
to Secretary Ickes by President Roosevelt without comment. Members of the planning and co-ordinating committee, however, point out that the Texas group was one of the
chief objectors to the code.
The California price war which last week threatened to
disrupt the entire west coast market situation, is well on its
way to settlement, with the independents ready to stabilize
third-grade gasoline at 163/2c., which is a half-cent under the
posting of the majors. West coast factors believe that the
third quarter will show the best operating results in a long
period,despite the increased cost of operating under the Code.
The American Petroleum Institute reports that total
storage of motor fuel for the week ended Sept. 16 showed a
reduction of 1,292,000 barrels, with an aggregate storage of
49,621,000 barrels, while the storage of gas and fuel oil at'
the same time totaled 130,652,000 barrels, a decline of 107,000.
An increase in the retail price of domestic heating oil is
pending, and it is believed that the next few days will show
a mark-up of from %c. to lc. per gallon.
Kerosene was advanced this week, Standard of New Jersey
posting a lc. per gallon increase in the retail price, effective
Sept. 20. This advance was met in Pennsylvania and Delaware by Atlantic Refining and other companies.
Prices of Pennsylvania cylinder oils have been advanced
from 40. to 1Mc. a gallon. The strengthening of this end
3
of the market came about when withdrawals from storage was
stopped under the NRA code, and further tightening of the
price list is expected.
Gasoline is in good demand, with prices holding unchanged.
Grade C bunker fuel oil is steady and active at $1.10 a barrel,
and Diesel is also in a firm position at $1.95 a barrel, both
prices in bulk at refinery.
Kerosene, tank car, is well-maintained at 53-53'c. for
41-43 water white. Price changes follow:
-Standard 011 Co. of New Jersey advances retail kerosene
Sept. 20.
price lc. a gallon. Advance met In Pennsylvania and Delaware by Atlantic
Refining Co. and other companies.
Gasoline. Service Station. Tax Included.
8.193
Cleveland
New Orleans
5.21
New York
$.185
.14
.195
Philadelphia
.19% Denver
Atlanta
156
San Francisco:
203 Detroit
Baltimore
Houston
185
Third grade---- .166
Boston
.185
.20
Above 65 octane_ .21
.193 Jacksonville
Buffalo
Premium
23
.14
Kansas City
Chicago
.165
159 St. Louis
.145
Minneapolis
.21
Cincinnati
Kerosene, 41-43 Water White. Tank Car, F. 0, II. Refinery.
Chicago
$.02%-.03% New Orleans. ex..---t.03%
New YorkTulsa
.0414-.03%
$ 05I4 Los Ang.,ex- .0434-.06
(Bayonne)
North Texas
.03
2181
Financial Chronicle
Volume 137
Fuel Oil, F.O.B. Refinery or Terminal.
Gulf Coast C
$ .95
N.Y.
(Bayonne)California 27 plus D
Bunker C
$1.10
$.75-1.00 I Chicago 18-22D_ .424-.50
.85
1.951New Orleans C
.80 Philadelphia C
Diesel 28-30 D
Gas Oil, F.O.B. Refinery or Terminal.
Tulsa5,014
'ChicagoN. Y. (Bayonne)COIN
32-36 GO
28 plus G 0._$.034-.04
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
N. Y. (Bayonne)
5.05-0514
Chicago
N. Y. (Bayonne)
Shell Eastern Pet_$.0675 NewOrleans,ex_ .04-.044
Standard Oil N.J.Arkansas
.04-0414
Motor, U. S___$.07
New York.05-07
Colonial-Beacon__ .0650 California
62-63 Octane -_ .0625
.0675 Los Angeles. ex_ .044-.07
z Texas
vStand. Oil, N. Y. 07
.05-0514
.0625 Gulf ports
Gulf
Tide Water Oil Co .07
.05-.0514
.0650 Tulsa
011(Cal.) .07
Republic Oil
.0514
Warner Quin. Co_ .07
Sinclair Refining_ .064 Pennsylvanla
5.07. v Long Island City.
x Richfield "Golden." z"Fire Chief,"
Crude Oil Production Again Declines-Inventories Also
Lower.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Sept. 16 1933 was 2,603,450 barrels, compared with 2,691,950
barrels per day in the previous week, a daily average of
2,693,300 barrels during the four weeks ended Sept. 16 and
and an average daily output of 2,191,600 barrels during the
week ended Sept. 17 1932.
Stocks of motor fuel oil again dropped off during the week
under review, declining 1,292,000 barrels, or from 50,913,000
barrels at Sept. 9 to 49,621,000 barrels at Sept. 16 1933.
During the previous week,inventories fell off 630,000 barrels.
Reports received for the week ended Sept. 16 1933 from
refining companies controlling 92.2% of the 3,586,900 barrel
estimated daily potential refining capacity of the United
States, indicate that 2,387,000 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,
27,844,000 barrels of gasoline and 130.652,000 barrels of
gas and fuel oil. Gasoline at bulk terminals, in transit and
in pipe lines amounted to 18,052,000 barrels. Cracked
gasoline production by companies owning 95.1% of the
potential charging capacity of all cracking units, averaged
436,000 barrels daily during the week.
The report for the week ended Sept. 16 1933 follows in
detail:
Increase of 5 Cents a Barrel in Crude Oil Prices in
Gray County, Texas.
Crude oil prices in Gray County, Texas, were advanced
5 cents a barrel on Sept. 18 by the Humble Oil & Refining
Co., retroactive to Sept. 8. The advance has been met by
the Texas Co. The new prices range from 69 cents a barrel
for 34 gravity to 81 cents on 40 gravity and above, the same
as posted by the Phillips Petroleum Co.
Marine Diesel Oil Price Advanced 20 Cents a Barrel by
Standard Oil Co. of New Jersey-Kerosene Prices
Up 1 Cent.
An increase of 20 cents a barrel in the price of marine
diesel oil was made on Sept. 15 by the Standard Oil Co.
of New Jersey at all Atlantic and Gulf ports. On Sept. 20
the company raised the price of kerosene 1 cent a gallon.
Price of Heating Oils Increased by Sinclair Refining Co.
The Sinclair Refining Co., a subsidiary of the Consolidated
Oil Corp., has advanced the price of all heating oils in tankcar lots a half-cent a gallon at its terminals along the Atlantic
seaboard. The increase became effective Sept. 15.
Portland Cement Shipments Declined Sharply in
August
-Output Fell Below Preceding Month, but
Continued Ahead of Corresponding Period Last
Year-Inventories Higher.
According to the United States Bureau of Mines, Department of Commerce, the Portland cement industry in
August 1933 produced 8,223,000 barrels, shipped 5,994,000
barrels from the mills, and had in stock at the end of the
month 22,077,000 barrels. Production of Portland cement
in August 1933 showed an increase of 5% and shipments a
decrease of 45.4% as compared with August 1932. Portland cement stocks at mills were 13.8% higher than a
year ago.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 164 plants at the close of
August 1933 and of 165 plants at the close of August 1932.
RATIO OF PRODUCTION TO CAPACITY.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in barrels)
Week
Ended
Sept. 16
1933.
Oklahoma
Hams
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
Total
Week
Ended
Sept. 9
1933.
564,650
130,100
45,650
54,300
22,250
129,250
53,200
1550,200
79,550
50,250
25,850
30,950
118,700
48,050
97,600
30,650
31,200
7,550
2,350
41.850
489,300
513,850
127,400
44,550
53,500
22,600
162,950
58,700
613,100
89,900
50,250
25,950
31,000
133,200
48,250
93,900
29,600
29,350
7,550
• 2,400
41,850
512,100
Average
4 Weeks
Ended
Sept. 16
1933.
558,050
129,000
46,800
53,550
22,150
153,800
57,200
594,700
87,000
51,050
26,150
31,150
128,100
47,550
95,750
29,900
29,550
7,100
2,400
41,600
500,750
Aug. 1932. Aug. 1933. July 1933. June 1933 May 1933.
Week
Ended
Sept. 17
1932.
387,950
97,700
49,350
49,250
23,100
167,100
56,300
386,200
15,900
55,450
29,950
33,700
125,050
33,750
99,650
26,300
34,400
7,050
2,700
31,950
478,800
2.603.450 2.691 050 2R05 min 9 lui Ann
x Above figures are the daily averages over a week's period. Late es !mates of
Texas production indicate that on Saturday the 16th, East Texas produced 470.000
barrels while the entire State was producing 987.000 barrels daily.
Nate -The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS, WEEK ENDED SEPT. 16 1933.
(Figures in barrels of 42 gallons each.)
Daily Refining Capacity
of Plants.
Crude Runs
to Stills.
District.
Reporting.
Potential
Rate.
East coast
Appalachian
Ind., Ill., Ky.
Okla., Kans., Mo
Inland Texas__ Texas gulf
Louisiana gulf. _
-Ark
North La.
Rocky Mountain
California
582,000
150,800
436,600
462,100
274.400
507,500
162,000
82,600
80,700
848,200
Total,
582,000 100.0
139,700 92.6
425,000 97.3
379,500 82.1
161,100 58.7
497,500 98.0
162,000 100.0
76,500 92.6
63,600 78.8
821,800 96.9
Daily Oyer
Average. ated.
449,000
101,000
370,000
247,000
101,000
428,000
116,000
53,000
38,000
484,000
a Voice
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
77.1 13,435,000 9,130,000
72.3 1.822,000
843,000
87.1 6,330,000 5,715,000
65.1 4,843,000 4,138,000
62.7 1,270,000 1,837,000
86.0 5,860,000 6,984,000
71.6 1,126,000 2,014,000
69.3
221,000
668,000
59.7
805,000
715,000
58.9 13,909,000 98,608,000
Totals week:
Sept. 16 1933_ 3,586,900 3,308,700 92.2 2,387,000 72.1 c49621000 130,652,000
Sept. 9 1933_ 3,586,900 3,308,700 922 2,367,000 71.5 50.913,000 130,759,000
a Below are set out estimates of total motor fuel stocks on U. S. Bureau of Mines
basis for week of Sept. 16 compared with certain September 1932 Bureau figures:
A. P. I. estimated on B. of M. baste, week Sept. 16 I933_b
51.570,000 barrels
57,592,000 barrels
U.S. B. of M. motor fuel stocks, Sept. 1 1932
52,289,000 barrels
U. S. B. of M. motor fuel stocks, Sept 30 1932
b Estimated to permit comparison with A. P. I. Economies report, which is on
Bureau of Mines basis.
c Includes 27,844,006 barrels at refineries, 18,052,000 bulk terminals, In transit
and pipe lines, and 3,725,000 barrels of other fuel stocks.
27.4%
37.6%
35.2%
35.9%
26.0%
26.3%
26.0%
26.5%
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT. BY DISTRICTS, IN AUG. 1932 AND 1933 (IN THOUSANDS
OF BARRELS).
The month
The 12 months ended
34.2%
32.1%
District.
Production.
1932.
Eastern Pa., N. J. & Md
New York and Maine
Ohio, Western Pa., dr W. Va
Michigan
Wis., Ill., Ind. ,k Kentucky
Va., Tenn., Ala., Ga., Fla. & La_
East. Mo., Ia., Minn. At S. Dalt_
W.Mo., Neb.,Kans.,Okla.dz Ark_
Texas
Colo., Mont., Utah. Wyo.& Ida_
California
Oregon and Washington
1933.
1932.
1933.
2,093
932
1,062
786
2,018
604
1,530
661
386
141
549
206
1,508
879
650
378
1,211
379
985
645
325
206
513
156
1,669
706
941
585
1,332
525
976
577
153
89
590
80
7,835
Total
Stocks at End
of Month.
Shipments.
8,223 10,968
912
402
531
408
1,077
322
916
256
198
153
712
107
1932.
3,979
1,594
2,313
1,598
1,942
1,434
2,377
1,531
605
482
1,014
529
1933.
4,634
1,638
3,168
1,621
2.229
1,816
2,721
1,700
719
412
1.010
409
5,994 19,398 22,077
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT,BY MONTHS,IN 1932 AND 1933(IN THOUS. OF BARRELS.)
Production.
Shipments.
Month.
1932.
January
February
March
April
May
June
July
August
September
October
November
December
Total
5,026
3,971
4.847
5,478
6,913
7,921
7,659
7,835
8,210
7,939
6.462
4,248
1933.
2,958
2,777
3,684
4,183
6,262
7,804
8,609
8,223
1932.
3.393
3,118
3,973
6,536
8.020
9,264
9,218
10,968
9,729
8,743
4,782
2,835
1933.
2,502
2,278
3,510
4,949
6,709
7,979
8,697
5,994
Stocks•at End of
,
Month.
1932.
1933.
25,778
26,657
27,545
26,496
25,394
24,043
22,512
19,398
17,878
17,084
18,788
20.205
20,624
21.125
21,298
20,542
20,117
19,936
19.848
22,077
76.509------80570
Note.
-The statistics above presented are compiled from reports for Aug. received
by the Bureau of Mines from all manufacturing plants except three, for which
estbnates have been included in lieu of actual return.
Production of Crude Oil in Venezuela Showed a Further
Increase in August-Shipments also Higher.
According to "O'Shaughnessy's Oil Bulletin," it is estimated that production of crude oil in Venezuela in August
1933 totaled 10,309,267 barrels of 42 gallons each, compared
with 10,062,418 barrels in the preceding month,and 9,429,632
barrels in the corresponding period in 1932. Shipments
amounted to 10,146,200 barrels as against 9,635,500 barrels
in July last and 8,123,600 barrels in August a year ago.
Venezuelan crude oil production during the eight months
ended Aug. 31 1933 amounted to 76,292,720 barrels, ac-
2182
Financial Chronicle
cording to estimates. This compares with 79,269,814
barrels during the first eight months of 1932. Shipments
were estimated at 75,286,000 barrels, as against 76,677,700
barrels in the corresponding period last year. A comparative
table follows:
PRODUCTION AND SHIPMENTS OF VENEZUELAN OIL.
[In Barrels of 42 Gallons Each.)
Shipments.
Production.
Month.
1933.
1932.
1931.
1933.
1932.
Jan
9,698,964 9,589,088 10,384,451 9,581,700 9,087,000
Feb_ _
8,833,778 8,994,242 9,486,327 8,660,600 8,546,100
March
9,944,518 9,998,250 10,282,727 10,076,000 9,949,300
April_ _ .. 9,058,356 10,480,750 9,262,503 9,340,400 11,004,200
May
9,133,045 10,648,460 9,514,909 9,624,000 11,260,000
June
9,262,374 10,578,631 9,181,369 8,221,600 10,313,300
Ju1y_ 10,052,418 9,550,761 9,913,192 9,635,500 8,394,200
Aug__.._ 10,309,267 9,429,632 9,795,887 10,146,200 8,123,600
1931.
10,787,289
9,515,725
10,362,346
8,585,690
9,048,694
8,561,200
9,401,400
9,274,100
8 mos- 76,292,720 79,269,814 77,821,365 75,286,000 76,677,700 75,536,444
Sept
8,087,300 9,420,000
8,802,687 9,412,329
Oct
7,794,100 9,639,300
9,171,320 9,440,165
Nov_
8,377,280 8,984,320
8,766,670 9,535,068
Dec
9.103,700
9,100,800
9,309,368 9,921,889
Total yr.
110.040.080 112,680,864
115,319,859 116,130,816
The Non-Ferrous Metals
-Renewed Pressure for Inflation Sends Gold and Silver Higher-Lead Active.
"Metal and Mineral Markets" for Sept. 21 reports that
the action of the dollar seemed to overshadow even the
codes in the last week, at least so far as market sentiment
was concerned. The sharp rise in the price of gold in terms
of dollars made operators in non-ferrous metals feel that
inflationary measures-credit or currency-may soon become a fact to reckon with. Gold in London was quoted
yesterday at 133s. 9d., a new high, and the Treasury's
price went out at $32.28, a gain of $2.51 per ounce in the
last seven days. Platinum was advanced to $36, a net gain
of $3. Silver moved up about 3c. per ounce in the week,
largely on speculative activity. In base metals, the feature
was the continued buying of lead, sales for the week being
well above the average. Zinc scored a moderate advance
on smaller offerings of forward material. Copper was
maintained at 9c., Connecticut, throughout the week.
Tin advanced sharply on the fall in the dollar. Antimony
and quicksilver closed slightly higher. The same publication adds:
Copper Firm at Pc.
Demand for copper was in fair proportions last week, with both producers and custom smelters willing sellers at the 9c., delivered Connecticut,
level. The price structure of the metal, however, exhibited no weakness;
In fact, compared with the preceding week, prices developed a firmer
tone. Deliberations in connection with the copper code continued, with
little or no prospect held to be probable for an early settlement of the
points on which current disagreement rests.
The Government of the U.S.S.R., acting through Amtorg and the
RFC,is reported to have been negotiating during the week for the purchase
of 100,000 tons of copper. The RFC was to extend credit for 60% of the
necessary financing, the copper interests to assume the remaining 40%
and to guarantee the 60% extended by the RFC. A price of 10c. per
pound was specified, and shipments were to extend over a period of five
years. Considerable doubt was expressed generally that the deal would
go through, particularly prior to settlement of code difficulties.
Trading abroad fell off slightly, with prices fluctuating somewhat more
than usual as a result of the recent wide movements in exchange. The
spread between domestic and export prices of the metal continues about
the same as last week. Owing to the rapid increase in mine production
abroad, however, the opinion prevails that this spread will probably
increase.
World stocks of refined copper at the end of last month totaled about
653.000 tons, and 543.000 tons of this total represented stock held here.
Refined copper statistics for June, July and August. accounting for
about 90% of the world's production, in short tons, were approximately
as follows:
ProductionUnited States
Foreign
June.
29,500
56,000
July.
30.000
61,700
August.
32.500
63.500
Totals
Deliveries
United States
Foreign
85,500
91,700
96,000
51,300
59,800
54.000
56.800
47.500
55,000
Totals
110,800
102,500
111,100
World stocks _a
711,000
673.250
653.000
a Stocks of refined copper at the end of May were estimated at 748,500
tons. The figures for stocks represent the supply of copper held by producers credited with about 90% of the world's output, and include metal
stored for account of fabricators.
Lead Buying Continues.
The brisk demand for lead that resulted in the sale of more than 10,000
tons in the preceding week showed no signs of abating, for more than 9,000
tons were sold in the seven-day period that ended yesterday. The market
was firm except for the threat of foreign material. The fact that London
Parity was only a little above the domestic price caused quotations to
hold at 4.50c., New York, the contract basis of the American Smelting &
Refining Co., and 4.35c., St. Louis. As the week closed the feeling prevailed that an advance in London, due either to currency depreciation
or improvement in demand, would be followed by higher prices here.
Buying was featured by the steady flow of business from battery makers,
though other consumers also purchased fair amounts. Most of the demand
was for October-November. Sales to date for September shipment amount
to about 23.000 tons, with October business not so far behind at more
than 18,000 tons.
The August refined lead statistics are a little late in getting out. The
figures are expected to be favorable in that a reduction in stocks of at least
5,000 tons will probably be indicated.
Sept. 23 1933
Spot lead in London was quoted yesterday at £11 16s. 3d., against £11
15s. a week ago. Stocks of lead in British official warehouses at the end of
August stood at 27,148 tons, against 23,672 tons in January.
Good Sales of Zinc.
Buying of zinc in good volume continued last week with the price of the
metal moving up from 4.65c. to 4.75c., St. Louis. Business was booked at
the lower figure until Monday, when a range of 4.70c.©4.75c. prevailed.
The next day the 4.75c,level was firmly established. Much of the business
booked was for nearby metal, with shipment on a fair tonnage extending
through the fourth quarter of the year. Sales of zinc for the calendar
week, according to statistics circulating in the industry, totaled 3,300 tons.
An increase in Tri-State concentrate production seems probable, but
operators there are said to be making efforts to keep output within reasonable bounds.
Conferences on problems related to the zinc code are of daily occurrence,
with the leaders and principal executives in the industry devoting the major
part of their time to these deliberations.
Tin Sharply Higher.
The decline in the dollar was directly responsible for the sharp advance in
tin prices that took place during the last week. Trading on two or three
occasions was in fair volume, though most of the activity was in English
refined tin. Consumption of tin continues at a high rate in this country.
the tinplate mills operating at close to capacity. Most of the business of
the business of the tinplate mills is against existing contracts.
Chinese tin, 99%, prompt shipment, was quoted nominally as follows:
Sept. 14th, 45c.; 15th, 45.75c.; 16th, 45.875c.; 18th, 46.75c.; 19th, 46.50c.;
20th, 46.75c.
Monthly Statistics of Tin Exports Announced by
International Tin Committee.
Statistics made available by the International Tin Committee showed that tin exports during August from the five
countries participating in the tin restriction plan totaled
5,547 long tons as compared with 6,064 tons in July and
4,727 tons in June. Monthly exports permissible from
July 1 1933 is 5,338 long tons. Exports of three of the
countries, Nigeria, Siam and Bolivia, were over the quota
allowable. The following communique was made public on
Sept. 22 by the New York office of the International Tin
Research & Development Council:
INTERNATIONAL TIN COMMITTEE.
Communique.
1. The International Tin Committee met at the Bolivian Legation,Paris,
on Tuesday, Sept. 19 1933.
2. The monthly statistics as to export are as follows:
CABLED INFORMATION FROM PARTICIPATING COUNTRIES FOR
JULY AND AUGUST 1933.
Monthly
Export
Export.
Balance
Permissible
at
from
August.
July 1 1933. July 1 1933. July.
954
+127
N. E. I
1,088
1,208
407
Nigeria
286
220
+22
1,277
1,224
+1,366
1,233
Bolivia
1,879
Malaya
1,927
-47
2,531*
Siam
863
1.030
833
-736
Note.
-A plus sign means excess over quota; a minus sign means balance in hand
on quota allowance.
•Correction-Export for July from Malaya was 2,531 tons instead of 2,540 tons
as given in Communique Aug. 21 1933.
INTERNATIONAL TIN POOL.
Committee have released pool tin for August and September in accordance with the agreed scale. All the tin originally held by the International
Tin Pool and remaining unsold at this date, whether released or otherwise,
Is included in the published statistics.
Rising Costs and Shrinking Volume Force Steel Industry to Reconsider Prices, Says "Iron Age"-Operations Now at 43% of Capacity-Price of Steel Scrap
Continues to Decline.
The combination of declining business volume and rising
costs has caused the iron and steel industry to become uneasy
about prices recently filed for the fourth quarter, says the
"Lon Age" of Sept. 21. Quotations on plates, shapes and
bars for that period have been withdrawn in preparation
for advances, and similar action may be taken on other
products, adds the "Agf," furthei stating:
The industry's labor costs have been further increased by a second wage
advance which was put into effect by the leading interest and other producers on Sept. 15. The first advance, a flat 15% increase, was made on July
15. The new wage revision provides for increases up to 12%% and is
primarily intended to straighten out maladjustments growing out of reductions in working hours.
The industry's fuel costs are likewise headed upward. The final adoption of the coal code will automatically result in higher fuel prices, but the
full extent of the increase is uncertain in view of continued labor disturbances
in western Pennsylvania.
Market activity in the past week has been confined mainly to a bulge
in releases of sheets and strip steel on which Sept. 15 had been fixed as the
deadline for the acceptance of third quarter specification. Otherwise,
bookings have declined and producers have been forced to reduce their
backlogs.
Pressure for shipments, however, has caused a temporary reversal in
the trend of production. Although ingot output declined from 34 to 32%
at Pittsburgh and from 37 to 35% in eastern Pennsylvania, the Valley rate
rose from 45 to 48%, the Buffalo average from 44 to 47%. and Chicago
operations from 41 to 44%. The National average, which reached 41%
a week ago, is now 43%.
The recovery at Chicago is attributable primarily to the receipt of orders
for 24,000 tons out of the 31.000 tons of rails recently bought by the Chesapeake & Ohio. The imminent purchase of 10,000 tons of track supplies
by this railroad will also aid steel plant operations.
No broad upturn in railroad buying is yet indicated, although the trade
is pinning its hopes on the early launching of a Government-sponsored
Financial Chronicle
Sept. 19 1933. 1.9790. a Lb.
Based on steel bars, beams, tank plates
One week ago
wire, rails, black pipe and sheets.
1 979e.
One month ago
1 979e. These products make 85% of the
One year ago
United States output.
1.9650.
High.
Low. •
1933
1 979e. Aug. 8
1.8870. Apr. 18
1932
1 977e. Oct. 4
1.9260. Feb. 2
1931
2.0370. Jan. 13
1.945c. Dec. 29
1930
22730. Jan. 7
2.018c. Dec. 9
1929
2 317e. Apr. 2
2.2830. Oct. 29
1928
22860. Dec. 11
2.2170. July 17
1927
2 402e. Jan. 4
2.212e. Nov. 1
Pia Iron.
Based on average of baste iron at Valley
Sept. 19 1933, 816.71 a Gross Ton.
One week ago
furnace foundry irons at Chicago.
$16.71
Philadelphia, Buffalo, Valley and Sir
One month ago
15.94
mingbarn,
One year ago
13.64
High.
Low.
1933
816.71 Aug. 29
$13.56 Jan. 3
1932
14.81 Jan, 5
13.56 Dec. 6
1931
15.90 Jan. 6
15.79 Dec. 15
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov. 27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap.
Sept. 19 1933. 811.17 a Gross Ton.
Based on No. 1 heavy melting stee
One week ago
$11.42
quotations at Pittsburgh, Philadelphia
One month ago
12.00
and Chicago.
One year ago
7.75
High.
Low,
1933
312.25 Aug. 8
36.75 Jan. 3
1932
8.50 Jan. 12
6.42 July 5
1931
11.33 Jan. 6
7.62 Dee. 29
1930
15.00 Feb. 18
11.25 Dec. 6
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov. 22
Either for current requirements or for stocking, consuraers of steel continue to specify fully against expiring
third quarter contracts, but with equal unanimity they are
refraining from any commitments for the fourth quarter,
according to the magazine "Steel" of Cleveland, Sept. 18,
which further adds:
These specifications were broad enough to restrict the decline in steel
production last week to one point, leaving the National
average 41%.
In fact, operations were stepped up in four districts and held stationary in
four.
But, this unbalanced market situation is rapidly draining backlogs away,
and unless there is a reversal in the next 10 days the mills will enter the
last quarter practically devoid of orders, with a consequent further break
In activity. Sentiment weakened perceptibly last week.
For this stalemate, the confused situation arising from the new steel
code is partly responsible. An expected clarification failed last week when
Important Eastern mills withdrew their official fourth quarter quotations
on bars, plates and shapes, and further delay was encountered in filing
new schedules on other products and in agreeing upon an allowance for
trucking.
At the same time, the base of the market structure remained too narrow.
Tin plate specifications for November, entered last week, indicate no
noticeable weakness, but the seasonal blank in automotive requirements,
due to changes in models, is at hand. Except for a few flickers of business
from the railroads and for Government building projects, reinforcements
are not at hand.
Sheets and bars are the busiest departments of the industry,largely trace-ton order for 10
-inch gas pipe was
able to automotive releases. A 3,400
divided between Jones & Laughlin and Spang-Chalfant. Actual structons, were short of the weekly
tural steel awards last week, totaling 10,583
average for 1933.
A slight stir in railroad participation in the market developed when
the Pennsylvania asked bids, closing Sept. 28 and 29, on 12.000 tons of
various products. The Chesapeake & Ohio is about to place 8.000 tons
of fastenings to accompany its recent rail order. The New York Central
has authorized 10,000 tons of rails and released 2,000 tons.
Federal work looms increasingly in structurals, 14,000 tons of piling
and 3,500 tons for bridges being up at Chicago. Bids are in on 13.000
tons for the Grand Island bridges at Buffalo.
Pig iron is moving well in all districts, chiefly against contracts entered
prior to the recent advances. New quotations on ferromanganese are
expected this week.
Steel ingot production for the week ended Sei t. 18 is
placed at 40% f capacity, a-cording to the "Wall Street
Journal" of Sept. 20. This compares with 42% in the two
preceding weeks. The "Journal" adds:
United States Steel Corp. is estimated to be running at 38% of capacity.
compared with 40% a week ago and 41% two wceks ago. Independents
are credited with a rate of slightly more than 41%, against 43A% a week
ago and 42Si% two weeks ago.
The following table gives the percentage of production for the corresponding week of previous years, together with the approximate change from
the week immediately preceding:
Industry.
15
29 -1
60
+2
844 -1%
80
+2
62 -3
1932
1931
1930
1929
1928
1927
U. S. Steel.
14
32 - 1
66
+1
88 -3
79
+2
64 -3
Independerds.
16
27 p; -1
56
+4
81 -1
+234
81
60 -3
Bituminous Coal and Anthracite Off, Due to
Observance of the Labor Day Holiday.
Because ot the almost universal observance of the Labor
Day holiday at the mines, production of coal declined sharply
in the week ended Sept. 9, amounting in that period to
6,510,000 net tons, the United States Bureau of Mines,
Department of Commerce, reports. This compares with
8,010,000 tons in the preceding week and with 5,304,000 tons
in the corresponding period in 1932. Production during
the holiday week in 1931 amounted to 6,855,000 tons.
Anthracite output totaled 1,019,000 net tons in the week
ended Sept.9 1933, as against 1,234,000 tons in the previous
week and 633,000 tons in the week ended Sept. 10 1932.
During the calendar year to Sept. 9 1933 there were
produced an estimated total of 217.336,000 net tons of bituminous coal and 31,889,000 tons of anthracite, as compared
with 190,815,000 tons of bituminous coal and 31,342,000
tons of anthracite during the calendar year to Sept. 10 1932.
The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
1Veek Ended.
Sept. 9
1933.c
Sept. 2
1933.d
•
Sept. 10
1932.
Calendar Year to Date.
1933.
1932.
1929.
Mum. coal a:
Weekly total 5,510,000 8,010,000 5,304,000 217,336.000 190,815,000 355,156,000
Daily average 1,239,000 1,335,000 1,001,000 1,023,000
898,000 1,670,000
Pa. anthra. b:
Weekly total 1,019,000 1,234,000 633,000 31,889,000 31,342,000 47,497,000
Daily average 203,800 205,700 126,600
151,500
148,900
225.600
Bsehive coke:
'Weekly total
18,200
19,000
556,800
8,600
488,400 4,755,000
Daily average
3,033
3,167
2.635
1,433
2.272
22.117
a Includes lignite, coal made into coke, local sales, and colliery fuel. Labor Day
weighted as 0.05 of a working day in the bituminous fields. b Includes Sullivan
County, washery and dredge coal, local sales, and colliery fuel. c Subject to
revision. d Revised since last report.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS
Stale.
Week Ended
Augwl
1923
Sept. 2'33. Aug. 26'33 Sept. 332. Sept. 5'31. Average.a
Alabama
218,000
Arkansas and Oklahoma
73,000
Colorado
132,000
Illinois
733,000
Indiana
258,000
Iowa
40,000
Kansas and Missouri
95,000
Kentucky-Eastern
760,000
Western
173,000
Maryland
29,000
Michigan
2,000
Montana
43,000
New Mexico
18,000
North Dakota
32,000
Ohio
458,000
Pennsylvania (bituminous) 2.196,000
Tennessee
92,000
Texas
15,000
Utah
42,000
Virginia
202,000
Washington
31,000
W. Virginia-Southern_b_ 1,747.000
Northern_c
523,000
Wyoming
83,000
Other States_d
15,000
N
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
2183
Coke is beicg strengthened by the coal miners' "holiday" in western
Pennsylvania, asking prices on beehive foundry being up 25 cents. Byproduct coke has been advanced 50 cents in the East.
A Pittsburgh mill broke the deadlock in steel scrap by a purchase at
813, followed by one at $12.50, lowering the market to $12.50 to $13.
Most smelters are willing only to take in distress lots, at distress prices.
When Bethlehem withdrew its fourth quarter schedule on bars, plates
and shapes, some other producers followed. Developments are being
watched closely. Some makers of wire have extended current prices;
others have not acted. Wire rods have been reaffirmed at $35.
New extras include four quantity differential brackets for hot and coldrolled seamless boiler tubes, and on mixed and joint cars of wire products.
Processing extra on wire products also have been adjusted.
By districts, steel operations last week were: Pittsburgh, unchanged
at 35%; Chicago, off five points to 40; eastern Pennsylvania. down 13.i ito
35,4; New England, up 11 to 96; Detroit. unchanged at 55; Birmingham.
steady at 50; Buffalo, off three to 45; Cleveland, up four to 60; Wheeling.
unchanged at 75; Lorain, up 17 to 83; Youngstown, up one to 46.
"Steel's" iron and steel index was stationery at $31.23, finished steel
at $48.30; scrap off 12 cents to $10.88.
p.
program under which both rails and rolling stock would be bought on a
large scale.
Government-financed construction work is moving more rapidly toward
the stage where it will affect iron and steel output. The low bid on the
Grand Island bridges, near Buffalo, requiring 13,000 tons of steel, has been
announced, and the placing of the contract should follow shortly. Structural steel lettings are still light, totaling 6,200 tons as compared with 8,165
tons a week ago. New projects of 14,500 tons compare with 24,560 tons
a week ago.
The Navy Department has awarded 1.350 tons of plates out of 9.000 tons
of plates, shapes and bars required for 10 destroyers to be built in its own
yards. The submission of code prices made it necessary to decide the
awards by the drawing of lots.
Uncertainties growing out of the steel code still perplex the trade. Automobile companies are dissatisfied with the provision that all-rail freight
rates be paid on steel, and are demanding the establishment of an arbitrary
delivered price at Detroit equal to the Pittsburgh base price plus 15c. or
20c. per 100 lb. They contend that there is no justification for depriving
them of the economies obtainable from water and truck shipments, and
threaten to purchase all their material from distant mills which would be
compelled to ship all-rail.
Code prices on light rails have again been revised. Light rails rolled
from billets, which last week were advanced to $34 a ton, have been reduced to $32, while light rails rolled from rail steel, which had been raised
to $32 a ton, are now quoted at $31.
The relation between delivered prices in the North of Southern and Northern pig irons may be subjected to further modification. In most centres
delivered prices on Southern iron have been maintained at 38c. a gross ton
below those from the nearest Northern furnaces.
Current prices for bolts, nuts, rivents and cap and set screws have been
reaffirmed for October only.
Declines at Pittsburgh, Chicago and Philadelphia have reduced the
'Iron Age" scrap composite from $11.42 to $11.17 a ton. The composite
prices on finished steel and pig iron are unchanged at 1.979c. a lb. and
$16.71 a gross ton respectively.
.. .0. .
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§§§§§§§§§§§§§§§§§§§§§§§§§
Volume 137
397.000
240,000
151,000
81,000
85,000
37,000
173,000
143,000
99,000
941,000 1,363,000
545,000
440,000
252,000
195,000
100,000
63,000
62,000
145,000
100,000
86,000
591,000
765,000
686,000
217,000
190,000
203,000
44,000
38,000
21,000
21,000
1,000
5,000
42,000
50,000
49,000
49,000
25,000
20,000
24,000
20,000
30,000
211,000
871,000
442,000
1,370,000 1,763,000 3,734,000
59,000
100,000
118,000
13,000
12,000
24,000
45,000
83,000
54,000
157,000
248,000
199,000
29,000
33,000
47.000
1,277,000 1,692,000 1.515,000
465,000
320,000
875,000
80.000
154.000
94.000
2,000
4,000
4,000
Total bituminous coal
8,010,000 7,754,000 5,644,000 7,701,000 11.538,000
Pennsylvania anthracite_ _ 1,234,000 1,032,000 1,069,000 1,179,000 1.926,000
Total coal
9,244,000 8,786,000 6.713,000 8,880,000 13.464.000
a Average weekly rate for the entire month. b Includes operations on the
N. & W., C. & O., Virginia, R.& M. and B. C. de G. c Rest of State, including
Panhandle. d This group is not strictly comparable for the several years.
Financial Chronicle
2184
Revised Monthly Coal Figures.
According to revised figures released by the United States
Bureau of Mines, Department of Commerce, production of
bituminous coal in August amounted to 33,910,000 net
tons, compared with 29,482,000 tons in the preceding month
and 22,489,000 tons in the corresponding period in 1932.
Anthracite output totaled 4,396,000 net tons, as against
3,677,000 tons in July last and 3,465,000 tons in August
1932. The Bureau's statement follows:
MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE
IN AUGUST (NET TONS).
Anthracite.
Bituminous Caol.
Month.
Total
Produaion.
July 1933
29,482,000
August 1933.a _ _ 33,910,000
August 1932
22,489.000
a Revised.
No. of Avge. per
TWorking Working
Day.
Days.
25
27
27
Total
Production.
1,179.000 3,677,000
1,256.000 4,396.000
833.000 3,465,000
No. of Avge. per
Working Working
Day.
Days.
25
27
27
147,100
162,800
123,300
Employment and Payrolls in Pennsylvania Anthracite
Collieries Increased from July to August According to Federal Reserve Bank of Philadelphia.
Activity in the anthracite industry of Pennsylvania
registered improvement from July to August. Employment
increased 8.8% and payrolls 22% according to indexes
I
On Sept. 20 total Reserve bank credit amounted to $2,388,000,000,
an increase of $31,000.000 for the week. This increase corresponds with
Increases of $3,000,000 in money in circulation, $1,000,000 in member bank
reserve balances and $9,000,000 in unexpended capital funds, non-member
deposits, &c., and a decrease of $17,000,000 In Treasury currency, adjusted.
Bills discounte I declined $3,000,000 at all Federal Reserve banks, while
holdings of bills bought in open market show practically no change for the
week. The System's holdings of United States Treasury notes increased
$44,000,000, while holdings of United States bonds declined $1.000.000 and
of Treasury certificates and bills $8.000,000.
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
rhoney in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the different items, was published in the May 31 1930 issue of the
"Chronicle," on page 3797.
The statement in full for the week ended Sept. 20, in coraparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 2235 and 2236.
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.
-member banks," and "Special deposits-non3. "Special deposits
member banks," representing the amount of segregated deposits received
and non-member banks.
from member
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
Sept. 30 1933 were as follows:
Sept. 20 1933.
$
130,000,000
7,000,000
2,238,000.000
13,000,000
Increase (-I-) or Decrease (-)
Since
Sept. 13 1933. Sept. 211932.
$
-3,000,000 -229,000,000
-27,000.000
+35.000,000 +386,000,000
-2,000,000
-1,000,000
TOTAL RES'VE B ANK CREDIT 2,388,000.000 +31,000,000
4 327,000,000
Monetary gold stock
1 946,000,000 -17,000,000
Treasury currency adjusted
+3,000.000
5 605,000.000
Money in circulation
+1.000,000
2,543,000,000
Member bank reserve balances
Unexpended capital funds, non-mem+9,000,000
512,000,000
ber deposit, &c
prepared by the Philadelphia Federal Reserve Bank from
reports received by the Anthracite Institute from 141
collieries of 32 companies employing around 65,000 workers,
whose payroll amounteld to $1,853,000 a week. The number
of employee-hours worked in collieries of 28 reporting companies also show a gain of nearly 17% in August as compared
with July. The indexes further noted:
The employment index number in August was 46.4, relative to the
1923-25 average, or nearly 3% less than a year ago. The payroll Index
number, however, rose to 39.0. an increase of almost 13% over August 1932.
reflecting an expansion In operating time.
Monthly comparisons for 1931, 1932 and 1933 are given below:
1923-25 Average100.
(Prepared by the Department of Research and Statistics Federal Reserve Ban
of Philadelphia.)
Payrolls.
Men Employed.
1931.
January
February
March
April
May
June
July
August
September
October
November
December
Yearly average_ _
1932.
1933.
1931.
1932.
1933.
88.3
87.1
79.9
82.9
78.3
74.2
63.4
65.5
77.8
84.4
81.2
77.7
74.2
69.3
71.7
68.1
65.1
51.5
43.2
47.8
54.4
62.1
61.0
60.6
51.1
57.2
53.1
50.3
42.0
38.5
42.7
46.4
75.0
85.5
59.6
63.1
63.9
55.9
45.0
47.2
54.4
76.3
66.6
65.6
51.5
48.0
51.3
60.4
48.6
31.4
29.0
34.6
39.4
56.0
42.7
47.1
36.3
47.7
40.9
31.3
25.2
28.8
32.0
39.0
78.4
60.8
63.2
45.0
Current Events and Discussions
The Week w*th the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Sept. 20, as reported
by the Federal Reserve banks, was $2,364,000,000, an increase of $27,000,000 compared with the preceding week
and of $95,000,000 compared with the corresponding week
in 1932. After noting these facts, the Federal Reserve Board
proceeds as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Sept. 23 1933
+129,000,000
+162,000,000
+133,000,000
-37,000,000
+332,000.000
+127.000.000
1
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 a decrease of $65,000,000, the total of these
loans on Sept. 20 1933 standing at $825,000,000, 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" decreased from $790,000,000 to
$715,000,000, but loans "for account of out-of-town banks"
increased from $92,000,000 to $103,000,000, while loans
"for account of others" decreased from $8,000,000 to
$7,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Sept. 20 1933. Sept. 13 1933, Sept. 21 1932.
Loans and Investments-total
6,742,000,000 6,744,000,000 6,796,000,000
Loans-total
3,374,000,000 3.444.000,000 3,468,000,000
On securities
All other
Investments-total
U. S. Government securities
Other securities
1,743,000,000 1.820,000,000 1,662,000,000
1,631.000,000 1,624,000,000 1,806,000.000
3,368,000,000 3,300,000,000 3.328,000. 0
00
2,314,000,000 2,252,000,000 2,344,000,000
1,054,000,000 1,048,000,000 984,000,000
Reserve with Federal Reserve Bank.. 879.000,000
37,000,000
Cash in vault
903,000,000
38,000,000
924,000,000
36,000,000
Net demand deposits
Time deposits
Government deposits
5 278,000,000 5,296,000,000 5,218,000,000
781,000,000 761,000,000 824,000,000
388,000,000 388,000,000 273.000.000
Due from banks
Due to banks
70,000.000
67.000,000
67,000,000
1,179,000,000 1,181,000,000 1,256,000,000
Borrowings from Federal Reserve Bank.
Loans on secur,to brokers & dealers;
715,000,000
For own account
103,000.000
For accotmt of out-of-town banks-7,000,000
For account of others
Total
On demand
On time
Loans and investments-total
Loans
-total
On securities
All other
790,000,000
92,000,000
8,000,000
383,000,000
20,000,000
5,000,000
825,000,000
890,000.000
408,000.000
543,000,000
282,000,000
604,060,000
286,000.000
282,000,000
126,010,000
Chicago.
1 220,000,000 1,207,000,000 1,208.000.000
698.000.000
686.000,000
773,000,000
342,000,000
356,000,000
335,010,000
351,000,000
448,000,000
325,000,000
Financial Chronicle
Volume 137
Sept. 20 1933. Sept. 13 1933. Sept. 21 1932.
Investments—total
522,000,000
Net demand deposits
Time deposits
Government deposits
435,000,000
300,000,000
221,000,000
240,001,000
195,000,000
355,000,000
28,000.000
Reserve with Federal Reserve Bank_
Cash in vault
521,000.000
300,000,000
222,000,000
U. S. Government securities
Other securities
330,000,000 209,000,000
26,000,000
17,000,000
1,017,000.000 1,010,000.000 828,000.000
347,000.000 349.000,000 324,000,000
61,000,000
61,000,000
32,000.000
Due from banks
Due to banks
217,000,000
272,000,000
261,000,000
272,000.000
Borrowings from Federal Reserve Bank_
210,000,000
283,000,000
4.000,000
Complete
Returns of the Member Banks of the Federal
Reserve System for the Preceeding Week.
The Federal Reserve Board resumed on May 15 the
publication of its weekly condition statement of reporting
member banks in leading cities, which had been discontinued
after the report issued on March 6, giving the figures for
March 1. The present statement covers banks in 90 leading
cities instead of 101 leading cities as formerly, and shows
figures as of Wednesday, Sept. 13, with comparisons for
Sept. 6 1933 and Sept. 14 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 Sept. 13:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on Sept. 13shows increases for the week of
$178,000,000 in net demand deposits, $86,000.000 in reserve balances in
Federal Reserve banks and $58,000.000 in loans, and decreases of $39000,000 in holdings of United States Government securities and $11.000.000 in time deposits.
Loans on securities increased $21,000,000 at reporting member banks in
the New York district and $25.000,000 at all reporting member banks.
"All other" loans increased $14.000.000 in the New York district, $8,000.000 in the Chicago district. $6,000,000 in the Boston district and
133.000.000 at all reporting banks.
Holdings of United States Government securities declined $10.000.000
in the St. Louis district, $7,000,000 in the New York district, $6.000.000
each in the Boston and San Francisco districts and $39,000.000 at all
reporting member banks. Holdings of other securities show a small reduction for the week.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $22,000,000 on Sept. 13, the principal change for the
week being a decrease of $6,000,000 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 $871.000,000 and net
demand, time, and Government deposits of $912.000,000 on Sept.
13,
compared with $884,000,000 and $877,000,000. respectively. on Sept. 6.
A summary of the principal assets and liabilities of the reporting member
banks, in 90 leading cities, that are included in the statement, together with
changes for the week and the year ended Sept. 13 1933, follows:
Increase 1+) or Decrease (—)
Since
Sept. 13 1933. Sept. 61933. Sept. 14 1932.
$
3
Loans and Investments—total_ ___16,580,000,000
+18,000,000
+85,000,000
Loans—total
8,596,000,000
+58,100,000
+25.000.000
+33,000,000
—234,000,000
—473,000,000
7.984,000,000
—40,000,'00
+792,000.000
U. S. Government securities.... 5,044.000,000
Other securities
2,940,000,000
—39.000,000
—1,000,000
+761.000,000
+31,000.000
1,870,000,000
195,000,000
+86,000,000
+4,000.000
+167,000,000
+5.000,000
10,558,000.000
4,484,000,000
865.000,000
+178,000,000
—11,000.000
+45.000,000
—71,000,000
+732,000.000
1,227,000,000
2,589,000,000
+67.000,000
+68,000,000
—127,000,000
—238,000,000
22,000,000
—5,000,000
—88,000,000
The same paper reported the following from Geneva
Sept. 19:
The League of Nations budget for 1934, which will be submitted at
the coming Assembly for approval, totals $6,000,000 gold, including
funds for the World Court.
This is 10% less than for 1933, most of the reduction being in the appropriations for the Secretariat and the International Labor Office.
The appropriation for disarmament was reduced from $330.000 to
$210,000. This includes $100,000 for the permanent disarmament commission the League expects to establish by 1934.
Only $20 is allotted to the World Economic Conference, but a note
explains this is merely a token, inserted in the hope that the Conference's
future will have been cleared up when the Assembly tackles the budget.
For executing the Conference's decisions. $20,000 is assigned.
The total the League is asked to spend on peace co-operation is $2,000,000
less than the budget for the Canton of Geneva.
The budget debate is expected to be one of the liveliest in the Assembly,
n view of German, Italian and British demands for further economies.
R. Walton Moore Appointed Assistant Secretary of
State to Succeed Raymond Moley—That Former
Congressman May Conduct Debt Negotiations.
Former Representative R. Walton Moore of Fairfax, Va.,
was appointed by President Roosevelt on Sept. 19 to be
Assistant Secretary of State, succeeding Raymond Moley.
Mr. Moore, who is said to be a friend of Secretary Hull,
was an authority on foreign debts while a member of Congress
and was a member of the Foreign Relations Committee.
It was rumored in Washington that he might be in charge
of debt negotiations with European countries to be held
in October. His biographical background was noted as
follows in the New York "Times" on Sept. 20:
Mr. Moore was born in Fairfax on Feb. 6 1859, and was educated at
the University of Virginia. Entering the practice of law, he specialized in
railway and steamship cases, in many of which he appeared before the
Inter-State Commerce Commission.
His start in politics was as a member of the Virginia State Senate from
1887 to 1890.
During the war he was Assistant General Counsel for the United States
Railroad Administration and in 1919 he was elected to the House of Reprosentatives to fill a vacancy.
Mr. Moore has been a strong proponent of bettering Latin-American
relations and frequently criticized the Mexican and Nicaraguan policies
of the Coolidge Administration. He has also been an ardent supporter of
American adherence to the World Court.
Mr. Moore has persistently advocated reorganization of the Federal
Government for greater efficiency. He and Franklin D. Roosevelt, then
Assistant Secretary of the Navy, exchanged correspondence in 1920 indicating that both believed radical improvements could be made in the
operation of Government departments.
Mr. Moore is a past President of the Virginia State Bar Association.
and a regent of the Smithsonian Institution. He has been a frequent
speaker on historical subjects.
—707,000.000
3,773,000,000
4,823,000,000
2185
The League lost 118.000 last year on exchange, because the members'
contributions to the League are fixed in francs based on dollar parity of
exchange. Even in 1932 the dollar was below par with the Swiss franc
most of the time. A far greater loss is expected on exchange this year
because of this factor.
At the end of 1932 the League had $4,000,000 in gold cash surplus on
hand, which was only 1600.000 less than at the end of 1931. This was
despite the fact that the delinquent dues of members rose at the same
time from $3,500,000 to $4,000,000. The League's assets at the end of
1932 totaled $15,000,000, or 17.500.000 more than its liabilities.
The healthy condition of the surplus fund was a result of economies
by the secretariat, which spent only 70% of its 1932 appropriations.
Thanks to the $5,000.000 fund for construction of its new palace the
League had formed from past budget surpluses it was able to spend $760,000
on building in 1932, though the fund received only $147,000 because
of the depression. A total of $2,000,000 had been spent on the new palace
up to the end of 1932.
On securities
All other
Investments—total
Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. It. banks
League of Nations
Has $4,000,000 Gold Cash Surplus
—Funds Invested in 80 Securities Through 23
Countries—Budget Cut 10% for 1934.
From Geneva Sept. 18 advices to the New York "Times"
said:
The auditor's report to the coming Assembly on the financial administration of the League of Nations shows League officials have made a rare
record for sound investing.
Nearly $2,000.000, representing the pensions fund for the League's
staff, they had invested in 80 different securities scattered through 23
countries. Interest had been suspended or reduced on only two loans,
in which less than $40.000 was invested.
Except for 140.000 invested in the common stock of the American
Telephone & Telegraph Co., the Public Service Corp. of New Jersey,
and the Consolidated Gas Co. of New York the whole fund IS in bonds,
most of which pay between 5 and 7;5%. The depreciation on all these
securities, which was 24.5% at the end of 1931, had been reduced at the
and of 1932 to 14%.
War Debt Talks in Washington to Begin Early in
October—British Delegation Sails on Sept. 24 to
Seeks a New Settlement—Leith-Ross to Negotiate.
Discussion of intergovernmental debts owed to the United
States by Great Britain will start in Washington early in
October, it was said on Sept. 18, according to a dispatch to
the New York "Times," which added:
It is expected that the first meeting will be held between President
Roosevelt and the British delegation about Oct. 5.
Sir Frederick Leith-Ross, Economic Adviser to the British Government,
will sail for the United States on Sept. 24, it was reported here to-day.
It was thought that Sir Ronald Lindsay, the British Ambassador, would
sail with him, as well as T. K. Bewley, British Treasury expert, who was
stationed here last spring to keep track of debt developments.
With the exception of $159,520.000, Payment of which was postponed
under the Hoover moratorium of 1931. the British Government met all
debt payments scheduled under the debt funding agreement of 1923 until
the instalment of $75,950,000 which fell due June 15 1933. At that time
a "token payment" of $10.000,000 was made, which the United States
Treasury accepted on account.
When the British delegation starts its discussions early next month it
will be faced by Payments due on Dec. 15 1933, as follows:
Principal, $41,720,765.05; interest, $75,950,000; total,
1117,670.765.05;
balance of June 15 payment,$65,950,000:grand total due,$183,620,765.05.
Associated Press advices from Washington Sept. 16 said
in part:
European debtor nations to-night let their last opportunity for a legal
postponement of war-debt principal payments totaling $50,005,875 slip
by without action.
This sum falls due Dec. 15, in addition to interest payments of $102,747,784. The funding agreements provide that if a nation gives 90 days'
notice it may defer an instalment on principal. When the Treasury
closed.
its doors to-day no such notices had been received.
2186
Financial Chronicle
However, Government officials did not construe this lack of notice as
indication of an intention to pay. To the contrary, they expect the situation on Dec. 15 to be very similar to that of last June 15, when several
nations made small token payments and seven paid nothing. The Treasury
was enriched by less than $12,000,000, while the unpaid balance was $131.000.000.
Since then the nations that paid in part have been negotiating with the
State Department for a revision of their funding agreements. Dates are
being arranged for debt discussions. But even if their obligations are
scaled down the new agreements must be approved by Congress.
France Reported Willing to Accept Any Understanding
on War Debts That Great Britain May Negotiate.
Associated Press advices from Paris Sept. 15 stated:
The French Government, it was authoritatively learnt to-day, is willing
to accept in principle any understanding regarding war debts that Great
Britain amy negotiate.
In Government circles, it was expected that Great Britain will try to
settle with the American Administration for 10% of the amount owed
on tho same basis as the reductions in German reparations.
While no formal decisions have been made by the Cabinet, the problem
has been under discussion by the French Ministers directly concerned
since in the face of European unrest Franco has given indications of being
eager to improve her relations with America.
The Cabeint also has been discussing a plan for large reductions In
French armaments on condition that measures to control German armaments be accepted.
Montagu Norman, Governor of Bank of England,
at Semi-Annual Meeting of Bank, Comments on
Continuous Changes in United States—Requests
that He Be Relieved from Duties Incident to
Currency Problems.
Montagu Norman, Governor of the Bank of England,
was reported on Sept. 21 as asserting that the changes in
America are so great and so continuous that the information
he obtained there a fortnight ago is already out of date.
An Associated Press cablegram from London to the New
York "Evening Post" further indicated what Governor
Norman had to say as follows:
"So far as America is concerned," Mr. Norman said at the semi-annual
court of the governors of the bank, "it is two weeks at least since I was
there and in those two weeks a new situation and almost a new country
has grown up there.
"So continuous and so great are the changes that no one who is not on
the spot is up to date.
Must Follow the News.
"Nothing, therefore. that I have found while I was in America would
be of any use or interest to you. You will have to read the newspapers
day by day to see what is happening there."
Mr. Norman requested that he be relieved of currency problems. He
prefaced the request with an expression of appreciation of the• work of
his colleagues.
E. T. Hargraves, one of the governors, complimented Mr. Norman on
the hard work he has done in the last six months and for maintaining
the dignity of his office when he was in America.
More Than He Can Handle.
he liked the compliments of his associates,
but he did not wish to take upon himself more than he could reasonably
hope to bear.
"I hope, therefore, that I can dissociate myself from the association
with the currency for the future, with which you have connected me." he
said. "I shall do my best, but am not wholly responsible for some of
these questions which lie elsewhere."
In reply, Mr. Norman said
Great Britain's Unfavorable Trade Balance Reduced.
A substantial reduction in the "unfavorable" merchandise
balance of British foreign trade occurred in the seven months'
period of 1933, according to a report to the United States
Commerce Department from Assistant Commercial Attache
Charles E. Lyon, London. In announcing this under date
of Sept. 7, the Commerce Department continued:
During this period t-tal exports and reexports from the United Kingdom
had a value of £234,639,044; imports amounted to £373,843,127, leaving a
balance of 1139,204,083. In the corresponding period of 1932 the unfavorable balance was £163,740,000 while in 1931 it reached £213,845,000.
The optimistic tone prevailing in Great Britain as a result of improvement
in industrial and commercial conditions has been enhanced by these developments. However. Mr. Lyon points out that the export Increase in July was
are
less than 2% over July 1932. Reexports, on the other hand, he states,
a distinctly encouraging item, these registering an increase of 31%•
exports in July over July 1932, were
The leading increases in British
worsted
cotton yarns, jute piece goods, linen piece goods, and woolen and
tissues. On the other hand, cotton piece goods and coal failed to equal the
export figures of a year ago.
beginThe report shows that recent price increases in raw materials are
that
ning to be reflected in the valuation of imports, reversing the condition
declining
has held true for recent years when import values were steadily
Imports
without necessarily implying a decline in volume. Total July
July 1932
were valued at £53,706,227. an increase of 3.4% over the figure for
Labor Seeks Curb on British Premier—Party Committee Also Urges Reduction of Powers of the
Chancellor of the Exchequer.
Sweeping alterations in Great Britain's unwritten Constitution were recommended to the British Labor party on
Sept. 15 by a special committee of party leaders and will be
debated at the party's annual conference next month. We
quote from a Paris cablegram, Sept. 15, to the New York
"Times," which went on to say:
The report gives clear indications of what Labor will demand next time
it comes Into power in Great Britain. Chief among the proposals is a curb
Sept. 23 1933
iin the Prime Minister's power. It is suggested that he have the "assistance" of three members of the party in choosing a Cabinet and that on all
questions he must be subject to a majority decision of the Cabinet.
Several Ministers of the last Labor Government served on the committee.
Their recommendations are regarded as another sign that the experiences
of 1931 still rankle and that they are eager to avoid having another Premier
like Ramsay MacDonald, who got out of touch with his party.
The Chancellor of the Exchequer, too, will have his power reduced if the
report is adopted and if Labor wins at the polls next time.
"Expenditure and finance generally should be matters of Cabinet determination in relation to the general policy of government," the report declares, "and the party should end the practice whereby excessive authority
in this field has in the past been exercised by the Chancellor of the
Exchequer."
The report insists that Labor should not form a minority Government, as
it did in 1924 and 1929, without the approval of a special conference of
the party.
Representatives of United States, France and Great
Britain Hold Preliminary Arms Talk in Paris.
Discussion preliminary to the Geneva disarmament conference were carried on this week in Paris between spokesmen
for the French Foreign Office, Norman H. Davis, United
States Ambassador at Large, and Captain Anthony Eden,
British Under-Secretary for Foreign Affairs. Captain Eden
conferred with Premier Edouard Daladier and Foreign
Minister Joseph Paul-Bo/worn. on Sept. 18 and on the
following day Mr. Davis held several interviews with the
two representatives of the French Government. It was
reported that Mr. Davis delivered a verbal message from
President Roosevelt, expressing the desire of the President
and the American people that the disarmament conference
might result in an agreement that would assure world peace.
No details of these conversations were made public. On
Sept. 18 Secretary of State Cordell Hull denied reports from
abroad that Great Britain had suggested that the United
States abandon its naval construction program.
Secretary Hull Denies Geneva Rumors that United
States Plana Closer Link with League of Nations—
Co-operation Will Continue, However, He Says.
Reports from Geneva indicating that the United States
might ask for a modified form of membership in the League
of Nations were denied on Sept. 19 by Secretary of State
Hull, who said that the United States will continue to cooperate with the League as it has done in the past, but that
there will be no official move to strengthen existing relations.
Secretary Hull said:
My attention has been called to erroneous and misleading reports from
Geneva. This Government is not contemplating any change whatever
in its political relations with the League. No project of such a nature has
been considered or is being considered in the State Department."
On the same day (Sept. 19) Hugh S. Wilson, United States
Minister to Switzerland, was named by the State Department
to sit with the Council of the League in selecting members
for a permanent central opium control board. Secretary
Hull explained, however, that the Council would not sit
in its ordinary capacity but solely as an electoral group.
The Geneva reports which Secretary Hull denied on Sept. 19
were to the effect that the State Department was contemplating the creation of a Division of League of Nations
Affairs under the direction of an assistant secretary, and
also that the Department would accredit to the League a
resident minister or a commissioner-genernA.
Lottery in France Sold Out Quickly—$12,100,000
National Loan Reported Absorbed by Public in
Half an Hour.
Within a half hour after they had been put on sale in
banks and post offices on Sept. 20 all of the 2,000,000 tickets
of 100 francs each in the first French National lottery had
been sold. 1200,000,000 francs equals $12,100,000 at the
current exchange.] Advices to this effect were contained
in a wireless message from Paris Sept. 20 to the New York
"Times," which also said:
In the banks the whole allotment had been subscribed for many days
ago, but that did not deter many thousands of citizens from rising with
the dawn and taking their places In the long queues which formed outside
of the official distributing agencies.
From now until Nov. 11. when the drawing will take place, every one of
-holders can nurse the hope that he or she holds the
the 2.000,000 ticket
lucky number that will bring a 5.000,000-franc [41302,500] prize, or at least
one of the 15 other numbers that will draw 1,000,000 francs i$60,5001 each.
-holder has the assurance that he will get his money
Every tenth ticket
back with 100% interest.
It has been one of the features of the loan that neither the bankers nor
other sellers got any commission on the sales. But now that all the tickets
have passed into the hands of the public there has already begun a traffic
traffic in them. Holders of tickets are in some cases offering them at 20%
profit.
An announcement that there will be four other lotteries has, however,
served somewhat to content those who did not succeed in getting tickets
this time. In many cases office staff% and families have shared interests
In single tickets as no more were available.
Volume 137
Financial Chronicle
Under date of Sept. 14 a Paris cablagram to the paper
quoted above had the following to say:
The National Committee for Organization of the French lottery announced to-night that 1.000,000.000 francs' worth of tickets costing 100
francs each will be offered for sale between next Wednesday and Nov. 20.
There will be five separate issues of tickets, each limited to 200,000,000
francs. These issues will go on sale every 15 days after Wednesday and
drawings for prices will take place with equal frequency.
The Ministry of Finance said the Government would offer the tickets
as long as there is a demand for them. The first issue is understood to
be oversubscribed.
The new French lottery Was referred to in our issue of
Aug. 19, page 1330.
New French Lottery Has Drawbacks—Is Opposed in
Great Britain and Tickets May Not Be Sold Abroad.
The following is from the New York "Times" of Sept. 10:
At the offices of the organizers of the new $60,000,000 French lottery,
15 Place St. Suipice, Paris, are piles of opened letters from England each
with a pound and ten shilling notes pinned to it.
The officer in charge told an inquirer sadly:
"We are sending it all back. In the first place, we do not sell tickets
here, for according to law that can only be done at tobacconists, post offices,
banks and offices of agricultural syndicates. In the second place. the Government has not yet settled the question as to whether tickets may be sold
abroad."
Meanwhile, the London papers are printing a statement issued by the
Duke of Atholl,from his seat at Blair Castle, Blair Athol], which reads:
"I am appealing to British sportsmen not to support, as a matter of
honor, the proposed French Government official sweepstake while British
charities are greatly in need."
He has also urged the Treasury to prevent the smuggling of French
tickets into England.
"I feel that every Briton who takes a ticket in the French sweepstake
is a bad citizen," he says.
The Home Office, in co-operation with all provincial police forces, is
redoubling its efforts to stamp out the illegal sale of Irish sweepstake
and other lottery tickets,and it Is said that a nation-wide raid on the sale
centres of these tickets is planned.
It is officially announced in Paris that the first series of the French
lottery, representing nearly $11.750,000 at the present rate of exchange,
will be on sale on Sept. 20.and a second series will follow almost immediately.
The drawing of the first series will be made between Nov.5 and Nov. 30.
Balanced Budget Demanded in Paris—Germain Martin,
Ex-Finance Minister, Urges President Roosevelt
Be Shown That France Is in Earnest—Suggests
New Taxation.
From the New York "Times" we take the following from
Paris Sept. 20:
France must show President Roosevelt she can balance her budget and
avoid inflation, Germain Martin,former Minister of Finance, writes to-day
In "El Capital."
M. Martin makes a seven-column analysis of the budget situation and
seeks to demonstrate how 6,500.000,000 francs [$,395,000,000 at the current
rate]can be raised, whereas the deficit has been placed at 6,000,000,000.
"The important thing for France is to eliminate the persistent disequilibrium in her budgetary expenditures," he says. "Mr. Roosevelt
had the merit to tell us he believed neither in our desire to achieve financial
soundness nor in the possibility of defending our gold standard. He hopes
we will resort to new inflation. He is unable to understand the repugnance
felt by all social classes in France to the attitude of financial drifting which
would lead to new inflation. But action is necessary.
"Let us not forget that since April, 1932. successive Governments have
solicited 32,000,000,000 francs in new bond issues." he adds. "We cannot
continue to live like prodigal sons on borrowed money."
M. Martin points out that civil servants' salaries and war pensions cannot be asked to bear the full burden of the necessary reduction. He suggests cutting them 10%, or 2,300,000.000. to which he would add 1,200,000,000 in economies on other expenses for veterans.
By abolishing fiscal frauds and reforming the tax administration he would
raise another 1,000,000,000. Then, in added taxes of various sorts, he
would get 2,000,000,000 more, making a total of 6,500,000,000.
M. Martin's analysis is a subject of widespread comment and study
here to-day, as his competetence cannot be questioned, and the French are
desperately anxious to see their budget balanced. It is agreed the chief
difficulty lies in getting the Socialists to agree to cutting salaries and
pensions, though M. Martin realizes that and insists that the Government
must reduce the cost ofliving first, which,incidentally, it is now trying to do.
Irk The encouraging commencement to Holland's budgetary debate has
heartened the French, particularly as the carrying out of the Dutch Government's plans would bolster the florin and keep the European gold bloc
intact. The French were afraid of a new run on the florin and are now reassured.
France Lifts Ban on3Foreign Stocks--Quotations
Barred After Oustric Bank Difficulties Will Be
Permitted Again.
Under date of Sept. 15, Associated Press advices from
Paris said:
Quotations of foreign stocks, prohibited since the Oustric bank scandal
of 1930, will be permitted again on the Paris Bourse under a decree approved
to-day at a Cabinet session.
On the Bourse it is expected that several American stocks, including
British American Tobacco, will be introduced. Issues other than State and
municipal bonds must be approved by a conunittee of brokers and bankers.
With regard to the bank, the New York "Herald Tribune"
of Sept. 16 said:
The Oustric bank, the value of whose outstanding stock and that of its
affiliations was estimated at a nominal value of 100,000,000 francs (about
$4,000,000), was placed in judicial liquidation by order of the Commercial
Tribunal on Nov. 7 1930. Charges of mishandling of funds were made
against officials of the institution, and the ensuing scandal was a factor
contributing to the fall of Premier Andre Tardieu's Government on
Dec. 4 1930.
2187
France's Currency Safe, Writer Says—Action of Dollar
or Pound Immaterial, Danger Is in Budget, M.
Jenny Asserts—Minister of Finance Bonnet Says
France Remains Faithful to Gold Basis—Deflation
Plan Studied.
In a Paris wireless message to the New York "Times,"
Sept. 17, it was stated:
No amount of inflation in the United States or devaluation of the dollar
and the pound can menace the franc, Frederic Jenny, financial editor: of the
"Temps," writes to-night; but with the French Treasury's credit so low,
the budget must be balanced or disaster may well occur.
"Those Americans who fear stabilization of the dollar at a low level will
cause the fall of the franc can stop worrying," says M. Jenny. "Devaluation at 40, even 50%, will not menace our currency, any more than amputation of 80% of the franc five years ago menaced the American dollar.
"At basis the problem France faces is essentially a problem of public
credit. If in France a budgetary deficit proportionately smaller than that
of the United States risks bringing about the menace of monetary inflation,
it is because French leaders are more afraid and more distrustful.
"Budgetary equilibrium must be achieved without delay. It can be done
to-day in an atmosphere of calm. If it is not it will have to be done tomorrow under the threat of grave events."
On the same date (Sept. 17), Associated Press advices
from Paris said:
Premier Daladier was said to-day by parliamentary friends to be considering an appeal to various public service groups to initiate a plan of monetary
deflation to salvage the budget and protect the franc.
Increased danger was seen in the continued decline of the United States
dollar and in renewed talk of American inflation. Industrial interests of
France meanwhile warned that inflation would cause France to impose a
15% import surtax. The financial press said such a surtax was being held
in abeyance to avoid "unfavorable interpretation" in the United States.
It was said a deflation plan, a reverse of the American policy of higher
prices, was intended as a counter-move to avert inflation in France.
Its objects were said to be, first, to lower the cost of living, and second,
to lift the purchasing power of the franc at home to its level abroad, resulting in depreciation of the dollar. Third, it would enable the Government
to balance its budget by trimming the pay of Government officials and
cutting pensions.
Negotiations between Premier Daladier, Minister of Finance Georges
Bonnet and Minister of the Budget Lucien Lamoureaux were being kept
private, until either results were achieved or the plan was dropped.
From Paris, Sept. 15, a cablegram to the "Times" said, in
part:
Wall Street's rumor to-day that France was about to go off the gold
standard caused the Ministry of Finance officials either to smile tolerantly
or to frown and shrug their shoulders. Not only could no confirmation be
had here but nobody could understand what possible excuse there might be
for the rtunor's invention, with the reconvening of the French Parliament
still a month away.
In his most recent speech to the provincial electorate, last Sunday, Georges
Bonnet, Minister of Finance, reiterated his hostility to monetary inflation.
He declared the French Government was now just as determined to remain
faithful to the gold basis for a stable franc as it was at the London Economic
Conference.
French Adverse Balance in Trade $454,500,000.
Paris advices, Sept. 18, are taken as follows from the New
York "Times" of Sept. 19:
The French foreign trade figures for the first eight months of this year,
-clay, show the value of imports exceeded the value of exports
published to
by more than 7,588,000,000 francs [about $454,500,000 at yesterday's rate].
Imports were 414,000,000 francs [$24,800,000] less than for the same
period in 1932, and exports were 1,045,000,000 francs [$62,595,000] less.
Nevertheless, the total weight of imports during the first eight months
of this year was 983,000 tons greater than the total weight for the same
period last year.
Import Quotas to Stay, According to French Minister
of Commerce.
A Wireless message from Paris, Sept. 17, to the New York
"Times" stated:
Import quotas were France's defense measures against the trade barriers
that have been raised against her in all parts of the world, Louis Serre,
Minister of Commerce, said in an address to--day.
Since those barriers were greater than ever, the French quotas could not
be abandoned, but the French Government's new policy of granting them
up to 75% on a reciprocal basis would be a great boon to exporters, he
asserted.
Paris Doubts Deficit Will End this Year—Possible
Total of 8,000,000,000 Francs Makes New Taxes
Inevitable, It Is Held.
Under the above bead, the following wireless message from
Paris, Sept. 16, was published as follows in the New York
"Times" of Sept. 18:
The deficit in the French budget is officially estimated at 6,000,000,000
francs, but in reality it is probably seven or even eight billions. It will be
impossible to get Parliament to vote so huge a cut in expenditures, so that
the deficit will probably be met partly by economies and partly by fresh
taxation. Replying to a recent question, the Budget Minister refused to
declare he would avoid new taxes, only undertaking to have such recourse
in the smallest measure possible.
Financial circles do not think the deficit will be wiped out entirely this
year. They expect only a substantial reduction.
The Minister of Agriculture announced the first estimate of the French
what crop at 93,000,000 quintals. Last year it was estimated at 91,000,000
quintals, but it really exceeded 100,000,000 quintals. The Government purposely gave a small estimate to avoid depressing prices. This year's estimate does not seem too low.
2188
Financial Chronicle
Nevertheless, the harvest largely exceeds requirements, as the North
Normal requirements are
African harvest adds 2,500,000 quintals.
88,000,000 quintals, leaving a surplus of 7,500,000 quintals, plus last year's
normal reserve is 8,000,000 to
reserve of 15,000,000 quintals. As the
10,000,000 quintals, the Government has announced a series of measures to
utilize the surplus, particularly encouraging the eating of more bread and
the use of lower grades of wheat for feeding cattle.
The measures probably will not prevent prices from falling. The minimum
price is fixed by law at 115 francs a quintal, but the law is difficult to
observe, as transactions are made secretly at lower prices. Financial circles
fear that a fall in the price by decreasing the farmer's purchasing power
will cause a general falling off of economic activity which will react on
Bourse quotations.
Opening of New Building of United States Embassy
in Paris.
On Sept. 16 the United States Embassy staff started moving into its new building, described as "a 81,297,000 bit of
America in Paris." Associated Press accounts from Paris,
Sept. 16, from which we quote, further said:
The transfer of all departments Is expected to be completed next week.
Every branch of official American activity in the French capital will be
housed in the four-story white stone structure of 200 rooms on the Place
de la Concorde, in the heart of Paris and close to the palace of President
Albert Lebrun.
The building is modern, even to a 45-car garage in the basement, and harmonizes architecturally with its historic neighbors, the Hotel Crillon, the
Ministry of Marine and the old Rothschild mansion.
Its conference hall, a stately room lined with book shelves destined to
hold the collection of the late Ambassador, Hugh Campbell Wallace, may
well be the scene of important international conversations in the future.
The structure is one of the largest and most modern Embassy-Consulate
buildings in Europe. As a consequence of economic measures only half of
the building will be occupied for the present.
Sept. 23 1933
Germany to Push Private Business—Economic Council
Decides on That Method Rathey Than More State
Control—Bonds to Be Refunded—Municipal Obligations in Arrears to Be Reissued at Lower Rate—
Movement for Improvement of Banking Laws.
Lifting industry and trade out of the depression by stimulating consumption and productive investments is the
primary goal of the German Government's economic program,
it was announced at the initial session of the Grand Economic
Council on Sept. 20, it was indicated in Berlin advices on
that date to the New York "Times." It was stated in
the account that the Council, which has been designated
as a consulting general staff to serve the Government in
an advisory capacity, recommends that the achievement of
these ends should not be sought through the continuance of
State control but through private initiative and enterprise,
to which the Government is asked to supply only the
initiating impulse. Continuing, the cablegram said:
The Council conferred with Chancellor Hitler and leading members
of his Cabinet for more than six hours. The Chancellor and Dr. Kurt
Schmitt, Minister of Economics, took turns in presiding at the deliberations.
Explains Government Plan.
The problem to be tackled, Dr. Schmitt asserted, was a general overhauling of the Reich's finances. The three essential points which would
engage the Government's immediate attention, he said, were revision of
communal financial administration, energetic pursuance of the employment-creation measures and the promotion of fluidity in credit.
Reviewing the progress made in combating unemployment, Dr. Schmitt
announced that the Government was primarily concerned In furthering
a revival of agriculture and the building trades. Experience had demonstrated, he said, that a revival of building activities was the surest and most
On Sept. 11 a wireless message from Paris to the New Important prerequisite for general improvement. The value of this year's
production in the building industries was estimated by him at 50% above
York "Times" had the following to say:
that of 1932.
On behalf of the United States Government, Captain Richard Smith,
Dr. Schmitt viewed the employment situation with marked optimism
Assistant Military Attache of the United States Embassy here, to-day forand said the revival of production had made it possible to employ about
mally accepted from builders the new building on the Place de la Concorde,
14.000,000 persons, more than 2,000.000 above the January figure. The
where the Embassy and Consulate-General will be housed after Sept. 20.
process of finding jobs for the unemployed was progressing at a gratifying
Excavation for the foundation was begun in 1931. Captain Smith was
rate and the Government hoped to be able to stabilize the situation during
sent to Paris to supervise the construction. He was assisted by John Barnthe winter and would tackle the problem with renewed vigor next spring,
well, American architect, and Jack Williams and Pinkney Davis, American
he said.
construction engineers.
Discussing the role assigned to business in the National Socialist state.
Chancellor Hitler said economic developments were destined to run parallel
World Currency Urged by Retired Official ot Disconto to political developments, since it was the function of the State to point
Gesellschaft—He Would Issue Gold Bonds or Notes the way to business.
"German economy is now in a position to take long-range measures,
of Stable Value for International Trade—Part since there is
no danger
Payment in Silver—Plan Would Leave Nations the day after," said thethat this Government will disappear to-morrow or
Chancellor. •'War on unemployment," he added,
Free to Manage Own Money.
"must be waged with energetic measures and with fanatical perseverance.'!
A law passed to-day for a thoroughgoing reform of communal finances
The flotation of an international currency independent of
framed, Dr. Schmitt said, with a view to interfering as little as
National monetary values, to be used in international com- had beenwith
possible
existing contractual obligations, but at the same time to remerce, is advocated by Carl Greulich, retired official of the ducing the debt service to tolerable dimensions.
"Communal indebtedness, especially short-term debts approximating
Disconto Gesellschaft, a large German bank, according to
Associated Press advices from Berlin Sept. 8 to the New 2,000.000.000 marks, constitutes a serious danger to the public finances
and is a continuing source of disturbance to the money market," he said.
York "Times," which added:
"and it is thus a problem that simply must be solved."
Herr Greulich's plan envisages the inauguration of so-called gold bonds
Refunding Body Created.
or gold notes, stable in all countries, leaving the individual governments
The new law creates a refunding organization which may be joined by all
free to inflate their own currencies for domestic purposes.
German municipalities unable to meet their current short-term debt service,
"The Bank for International Settlements," he said. "could be empowered
overdue principal payments and others that mature between now and
to float this new type of currency against gold deposits or non-interest
March 1935. Municipal obligations owed abroad are excluded by the law.
bearing government notes to be liquidated in ten years."
Under the refunding plan short-term creditors will receive bonds paying
The bonds would not be tied to any money system, and would have no
4% interest without a specified time limit, but they are to be gradually
domestic value in any land save for travelers or in business dealings.
paid off beginning in October 1936. The sacrifice to be imposed on creditors
Through this feature, Herr Greulich believes, international money exthrough a reduction of interest, amounting to 3%, is declared to be more
change transactions could be done away with and a disturbing influence
than compensated for by the fact that under present conditions their
In world economic life eliminated.
claim may be worthless, whereas after the refunding the Reich guarantees
The person desiring the international money could apply to the central
service.
bank of his country, paying coin of the realm in exchange. Commercial
Acceptance of the new bonds will be optional, but any creditor refusing
dealings would be based on the international price values. Exporters
them will not be able to enter suit for five years against the debtor comreceiving the money in payment would turn it in to the central bank of their
munity.
country and receive the national currency equivalent.
To stimulate private business, the Reich Finance Minister is empowered
For those countries having no gold with which to enter the scheme,
to advance loans from a fund of 500,000,000 marks for repair work, the
Herr Greulich would have the Bank for International Settlements provide
extension of construction, housing operations and the like. Borrowers must
sufficient credit. Repayment of the bank's credit extensions could be
supply four times the amount of the Government loan.
arranged in part through metal payments such 913 silver, on which a set
Essential public works will be energetically prosecuted. It is announced,
price would be fixed for all such payments.
as an indirect stimulus to private business, and new aid is promised to
agriculture. For neither are the details set forth. Nor is the intended
German "Defaults" Assailed in Britain—Sir Arthur reorganization of banking and the money market fully explained.
Improvement of Banking Laws.
Samuel Says "Abuse of Confidence" Amounts to
"Preparatory steps for improvement of the banking laws have already
"Vulgar Dishonesty."
been initiated," Dr. Schmitt said. "The Reichsbank must be enabled to
Germany will not be able to raise money again in Britain, remobilize its capital
through appropriate regulation of the money market
France, or the United States "during our lifetime," declared and to raise the confidence of security holders, especially the holders of
Sir Arthur Samuel, member of Parliament and former bonds.
"Complete unanimity
Financial Secretary of the Treasury, speaking at Cambridge guarantees that the latterof the Reich Government and the Reichsbank
will make use of its enlarged freedom of action
on Sept. 16, it was reported in a London cablegram on that only with scrupulous attention to the currency."
In carrying out the economic reconstruction program, "the government
date to the New York "Times," which likewise quoted him
deems it essential to maintain on the average the present wage and price
as follows:
level," he said. This does not exclude, however, changes in special came.
He asserted unjustifiable debts were the principal cause of the partial
"The German people can see that in these measures for economic revival
collapse of the world economic structure, and defaults on those debts were
the German Government is on the right road," Dr. Schmitt concluded,
among the main reasons for Britain's unemployment figures.
"but let the people not indulge in illusions—only the first stage of the
"Abuse of credit by foreign borrowers has developed into abuse of con'labor battle' is won. There is still a long way to go for ultimate victory over
fidence amounting to nothing less than vulgar dishonesty," he continued.
hard times."
"We see the result: International commercial intercourse has become
nearly impossible because the structure on which such commerce can be
First Public Offering in Germany in 1933—Reichspost
organized lies in ruins.
Has Monopoly on Postal, Wire and Telephone
"Cold and selfish disregard of post-war contractual obligations by the
Services.
Pruaso-German authorities when they imposed the terms of the transfer
moratorium upon those who trusted to their pledged faith shocked all
From the "Wall Street Journal" of Sept. 16 we take the
honest men," be said. "This arrogant trampling on the rights of others
following from Berlin (by mail):
is all of a piece with the German mentality that led up to the war and
The Reichspost, a public company having a monopoly of the whole
constitutes one of the worst cases of debt default."
German postal, telegraphic and telephone services, has announced a new
more recent default of Rumania almost as bad.
He termed
public issue, the first appearing this year.
Financial Chronicle
Volume 137
On Oct. 11933,rm. 150,000,000 post office 6% notes are due. These can
be converted into the new 5% issue forthcoming, which will be brought out
at 98%.and are repayable in two years. This new issue can be purchased on
cash terms under the same conditions.
The old post office notes had a yield of 8% and were issued in May 1931,
at 96%. This big difference in yields does not give the true picture of the
present German capital market. No general decline in yields has taken place
during the past two years, and issues at present are even more difficult to
place than before. Nevertheless. two-year notes still command a certain
market, which allows them to be sold upon satisfactory terms, while long
term bonds are placed with greater difficulty every day.
The German post office, however,continues to enjoy good credit because,
in contrast with German municipalities, it has till now always been able to
meet its outstanding indebtedness.
Norway Imposes Turnover Tax on Certain Luxury
Articles.
A turnover tax. ranging from 4 to 6% ad valorem, has
just been imposed by Norway on various luxury articles,
of imported or domestic origin, according to advices to the
United States Department of Commerce. The Department
announced on Aug. 28 that the tax will be in effect until
further notice. The tax is collected on foreign goods at
the time of importation. According to the Department's
announcement the taxed products, with the rates applicable
(in per cent. of the wholesale value) are as follows:
Silver articles, footwear, of cloth containing silk or metal thread, or of
patent, shagreened, bronzed, alum tanned, or shammied leather, or of
chevreau. 4: gloves of skin, silk, or rayon, 5; articles of silk or rayon (except
spinning materials and yarns), gold and platinum articles. 6.
(The tax on silk and rayon is applied to the value of the component fabrics
only.)
Italy Curbs Goods of Lands Off Gold—Decree of
Cabinet Authorizes Rise in Duties to Make Up
for Currency Depreciation—United States Trade
Affected.
From its Rome correspondent the New York "Times"
reported the following under date of Sept. 16:
At the end of an unusually long and laborious Cabinet session to-day a
decree was approved for the defense of Italian goods against the competition
of imports from countries with depreciated currencies. It is presumed
the decree will be instrumental in curtailing the entry into Italy of American
goods, along with those of other countries that have gone off the gold
standard.
The decree provides that if the importation of certain classes of goods
from countries with depreciated currencies produces grave disturbances
in the Italian internal market the Government is authorized to increase
import duties on such goods by amounts sufficient to compensate for the
depreciation of the currencies in question.
The measure has not been taken specifically against American goods
but generally against all goods from countries with depreciated currencies.
It is pointed out that Italian purchases in the United States have not
increased very greatly since the latter went off the gold standard and that
import duties on certain classes of American goods, notably motor cars,
were increased comparatively recently to such an extent as almost to exclude such goods from the Italian market.
Another measure approved by the Cabinet to-day whereby the United
States will suffer is a decree providing various meaaures for the development of the Italian motion-picture industry. It not only increases the
quota of Italian films that must be shown but also applies various taxes
to foreign talking pictures, the proceeds of which will be applied to granting
encouragment and prizes to the Italian industry.
Among other important measures adopted by the Cabinet is a decree
approving the treaty of friendship, non-aggression and neutrality between
Italy and Russia signed in Rome Sept. 2.
Ruling on Bonds of United Kingdom of Great Britain
and Northern Ireland by New York Stock Exchange.
Under date of Sept. 21, Ashbel Green, Secretary of the
New York Stock ExcAange, issued the following announcement:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Sept. 21 1933.
Notice having been received that The United Kingdom of Great Britain
and Northern Ireland 4% funding loan 1960-1990, will be quoted in London
ex the Nov. 1 1933 coupon on Sept. 26 1933:
The committee on securities rules that transactions made beginning Sept.
26 1933 shall be ex the Nov. 1 1933 coupon and to be a delivery on such
transactions said bonds must carry the May 1 1934 and subsequent coupons:
and that in settlement of transactions made beginning Sept. 26 1933 and
prior to Nov. 1 1933 there shall be deducted from the contract price an
amount equal to the difference between the value of the coupon at $4.8665
per pound sterling and the accrued interest which otherwise would have been
paid by the purchaser.
ASHBEL GREEN, Secretary.
New York Stock Exchange Rules on Bonds of Swiss
Confederation (Government of Switzerland).
Ashbel Green, Secretary of the New York Stock Exchange,
issued the following announcement on Sept. 21:
NEW
YORK STOCK EXCHANGE.
Committee on Securities.
Sept. 21 1933.
In view of the arrangements made for the payment of the Oct. 1 1933
coupons attached to Swiss Confederation (The Government of Switzerland)
5%% external loan gold bonds. due 1946, upon presentation and surrender
(in New York, either at the office of Messrs. J. P. Morgan & Co. or the
head office of The National City Bank of New York) in United States currency if unaccompanied by a special certificate of ownership:or, at the option
of the holder, either (a) not later than Nov. 30 1933 in United States of
America currency at the dollar equivalent of Swiss francs 5.12 per dollar
of face value of coupon, upon the basis of their respective buying rate for
exchange in Switzerland at the time of presentation, but only on condition
2189
that such coupons are accompanied by a duly executed special certificate
of ownership; or (b) not later than Nov. 30 1933 upon presentation and
surrender at the office of the Banque Nationale Suisse, Berne. Switzerland.
In Swiss francs at the rate of Swiss francs 5.12 per dollar of face value of
coupon, but only on condition that the coupons are accompanied by a
duly executed special certificate of ownership:
The committee on securities rules that in settlement of contracts in said
bonds on which delivery is due prior to the interest payment date and
should be made with the next due coupon attached, but where delivery
-payment date without the coupon attached,
is made on or after the interest
and In settlement of contracts in said bonds made "delayed delivery"
between Saturday Sept. 23 1933 and Wednesday Sept. 27 1933, inclusive.
the cash settlement made in lieu of the coupons shall be at the option of
the purchaser on the basis of (1) United States currency in New York or
(2) United States currency in New York at the dollar equivalent of Swiss
francs at gold parity of exchange, the said dollar equivalent to be computed
at the rate at which coupons may be cashed at the office of Messrs. J. P.
Morgan & Co. or The National City Bank of New York on the date of
actual delivery, under option (a) referred to above.
The computation of accrued interest is not changed by this ruling.
ASHBEL GREEN, Secretary.
Rulings by New York Stock Exchange on Bonds of
Kingdom of the Serbs, Croats and Slovenes (Yugoslavia).
The following announcements were issued by Ashbel Green,
Secretary of the New York Stock Exchange, on Sept. 21:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Sept. 21 1933.
Referring to arrangements made to pay the six coupons maturing from
Nov. 1 1932 to May 1 1935, both inclusive, pertaining to Kingdom of
the Serbs. Croats and Slovenes 7% secured external gold bonds, series B.
due 1962, either (1) in dinars at the rate of 56.78 dhaars for each dollar
or (2) in United States dollars in New York to the extent of 10% of the face
amount of coupons, the balance in 5% funding bonds:
The committee on securities rules that beginning with transactions made
Monday Sept. 25 1933 the said bonds may be dealt in as follows:
(a) "with Nov. 1 1932 and subsequent coupons attached"
(b) "with all unmatured coupons attached (i. e., all matured coupons
detached)"
(c) "with Nov. 1 1935 and subsequent coupons attached";
That bids and offers shall be considered as being for bonds "with Nov. 1
1932 and subsequent coupons attached" unless otherwise specified at the
time of transaction; also
That transactions in the bonds shall be "flat."
Sept. 21 1933.
Referring to arrangements made to pay the six coupons maturing from
Nov. 1 1932 to May 1 1935, both inclusive, pertaining to Kingdom of
-year 8% secured external gold bonds,
the Serbs, Croats and Slovenes 40
due 1962, either (1) in dinars at the rate of 56.78 dinars for each dollar
United States dollars in New York to the extent of 10% of the
or (2) in
face amount of coupons (with the exception of the Nov. 1 1932 coupon
on which no partial payment in cash will be made), the balance in 5%
funding bonds:
The committee on securities rules that beginning with transactions made
Monday Sept. 25 1933 the said bonds may be dealt in as follows:
(a) "with Nov. 1 1932 coupon stamped as to $7 paid, and subsequent
coupons attached"
(b) "with all unmatured coupons attached (i. e., all matured coupons
detached)"
(c) "with Nov. 1 1935 and subsequent coupons attached":
That bids and offers shall be considered as being for bonds "with Nov. 1
1932 coupon stamped as to $7 paid, and subsequent coupons attached"
unless otherwise specified at the time of transaction; also
That transactions in the bonds shall be "flat."
ASHBEL GREEN, Secretary.
Funds Available for Redemption in Part of $1,750,000
of Bonds of Sao Paulo Coffee Realization Loan
After Payment of Oct. 1 Coupon.
Speyer & Co. and J. Henry Schroder Banking Corporation,
U. S. A. Fiscal Agents for the above loan, announced Sept. 18
that, owing to the inability of the Government of the State
of Sao Paulo to obtain the necessary foreign exchange for
the redemption of the entre $1,750,000 bonds, provided for
in the Loan Contract, the funds in their hands after payment of the October 1st Coupon are sufficient to redeem at
par on that date $1,453,000 Bonds, approximately 83% of the
above amount. Numbers of the drawn bonds are published
in to-day's issue of the "Chronicle." After retirement of
these bonds there will remain outstanding $25,586,500 of the
$35,000,000 Bonds originally issued in the United States of
America,
Bonds of Czechoslovak State Loan of 1922 Drawn for
Redemption.
Kuhn, Loeb & Co., The National City Bank of New York
and Kidder, Peabody & Co. announce that there have been
drawn by lot for redemption for the sinking fund on Oct. 1
1933, $100,000 principal amount of the 8% Secured External
Sinking Fund Gold Bonds, Series A, due April 1 1951, of the
Czecthoslovak State Loan of 1922, and $41,300 of the Series B
bonds of the same loan which are due October 1 1952. An
announcement issued in the matter said:
The bonds so drawn will be paid "at their face amount in lawful money
of the United States" at the offices of Kuhn, Loeb & Co.. Kidder, Peabody
& Co. end The National City Bank of New York on Oct. 1 1933, out of
monies in the respective sinking funds upon surrender of the bonds with
all coupons maturing after Oct. 1 1933. The bonds so drawn for redemption will cease to bear interest after Oct. 1.
2190
Financial Chronicle
The bankers have purchased in the open market $55,800 additional of
the Series A bonds and $50,500 additional of the Series B bonds, making
the respective totals drawn for redemption or purchased, $155,800 and
$91,800.
Funds Available for Payment of Oct. 1 Coupons on
Bonds of Saarbruecken Mortgage Bank and Saar
Basin Consolidated Counties.
Ames, Emerich & Co. announce receipt of funds to pay
coupons maturing Oct. 1 1933 on Saarbruecken Mortgage
Bank, Series "B" bonds, City of Saarbruecken 7% Gold
bonds, due March 31 1935, Saar Basin Consolidated Counties
7% Gold Bonds, due March 31 1935; also funds to pay Saar
Basin Consolidated Counties 7% Gold Bonds due March
31 1935 called for payment Oct. 1 1933 and City of Saarbruecken 7% Gold Bonds due March 31 1935 called for
payment on the same date.
Chile's Farm Output Hit by Dollar's Drop—Rise in
Peso Forces Down Prices of All Products Except
Wheat, Says Bank.
The following cablegram from Santiago, Chile, Sept. 16,
is from the New York "Times":
Reviewing present trade conditions in general and the commercial outlook, the Central Bank here issued a report to-day pointing out that the
enhanced value of the peso, the Chilean monetary unit, following the
decline of the dollar, has been the cause of the downward trend of prices
of agricultural products with the exception of wheat.
Referring to mining industries, the Bank says the output of minerals,
especially of gold, has improved, compared with recent months, but it
maintains that business statistics show the weak and unchanged economic
situation of the country. Operations in manufacturing industries have
declined following the marked drop in retail sales. Exports fell, while
Imports increased.
Independent Bondholders' Committee for Colombia
Urges Bondholders to Co-operate in Efforts Being
Made to Protect Their Interests—Committee, in
Petition to President Roosevelt Seeks Early Action
Toward Creation of Corporation of Foreign Security
Holders.
The Independent Bondholders' Committee for the Republic of Colombia issued a statement dated Sept. 15, made
public Sept. 18, in which it announced that the Committee
has presented to President Roosevelt "a memorandum expressing its views as to the importance of issuing the proclamation creating the Corporation of Foreign Security
Holders at his earliest convenience." It is pointed out that
authority for the creation of the corporation is contained
in the Securities Act of 1933. The Committee's announcement was issued as follows by Lawrence E. de S. Hoover,
Secretary:
The Congress in its "Securities Act," approved May 27 1933. authorized
by Title II a corporation of foreign security holders to represent and act
for American holders of "foreign securities in default."
It is roughly estimated that foreign securities in default approximate
$3,000,000,000. It was the urgent necessity of proocting these American
holders of foreign securities in default which caused the Congress to pass
this Act.
Section 211 declares that: "This title shall not take effect until the
President finds that its taking effect is in the public interest and by proclamation so declared."
We think it is an open secret that this was inserted to prevent any further
opposition, as it gave those who might oppose it the right of appeal to the
President. The will of Congress is declared in the title itself, and it is
believed that the organization of this corporation to protect this gigantic
Interest is so obviously interest that there could be no doubt of the President's
approval when he came to consider it.
The Independent Bondholders' Committee for the Republic of Colombia
has presented to the President a memorandum expressing its views as to
the importance of issuing the proclamation creating this corporation of
foreign security holders at his earliest convenience.
Great interest has been expressed—as well as fear—by bondholders
that the negotiations shortly to be commenced in Washington between
the representatives of the Department of State and the delegates of the
Republic of Colombia to negotiate a Commercial Treaty might impair
their position of enforcing their rights and protecting their interests.
This Committee has protested to the Department of State the purported
desire, as expressed by the Colombian Minister, that assurance be given
the Colombian Government that no tariff would be placed on Colombian
coffee; and it further requested that the proper authorities do not permit
anything to be written into the proposed treaties that would prevent the
American bondholders taking whatever legal steps that may be necessary
In protecting their interests and enforcing their rights.
Owing to the recent death of Senor Don Jose M. Coronado, Secretary
of the Colombian Legation at Washington,and a delegate to this conference,
there will no doubt be some delay in getting under way. The death of
Mr. Coronado is to be regretted by the bondholders as his attitude towards
their interests was very sympathetic and his co-operation in any future
negotiations would have been invaluable.
Last week the Minister of Foreign Affairs of Mexico, in a public statement announced that they would insist on the question of non-governmental
debts being placed on the agenda at the Pan-American Conference to be
held in Montevideo in December 1933. If this is not done, there is nothing
to prevent the question being brought up on the floor. Assuming this
question will be introduced at the conference, the representatives of the
Department of State of the United States have no authority whatsoever
to speak for the bondholders. It would, therefore, seem obvious that this
would be a most opportune time for the creation of the corporation of
foreign security holders. and that properly constituted and authorized
representatives of this corporation be delegated to attend the conference
in the interest of the bondholders, in the event the question of debts is
to be brought forward.
Sept. 23 1933
Due to executive decrees of the Colombian Government, it is impossible
for the departments and municipalities to meet their obligations, even
though the pledzed assets are earning far in excess of the debt requirements
to-day. The recent action of the Colombian Government when it made
an offer of 2% cash and 4% non-interest
-bearing scrip on its National
Government and guaranteed obligations, without even considering the
interests of the bondholders, or consulting them, when it could very well
have met its obligations in fuil, should serve as a warninz to the holders
of departmental and municipal obligations. Fortunately the National
Government cannot act independently for the departments and municipalities; but it has done the next best thing in the in'erest of Colombia
and Colombians at the expense of American bondholders, by placing
these restrictions on the exchange, thereby depreciating the value of the
bonds and enabling Colombians to repatriate these bonds at from 10%
to 20% of their face value
• In view of the important events—such as the commercial treaty between
United States and Colombia. scheduled to be held in Washington this
month: and the Pan-American Congress to be held in Montevideo in
December—that are scheduled to transpire in the immediate future, it is
Imperative that the bondholders lend their co-operation and add their
strength to the effort being made to protect their interests and enforce
their rights.
Robert L. Owen is Chairman of the Committee.
Foreign Bondholders from 45 States Join LatinAmerican Bondholders' Association in Petition to
Government for Organization of Corporation of
Foreign Security Holders.
Representative foreign bondholders from 45 States in
the Union, including National banks, State banks, trust
companies, life insurance companies, corporations, and
bond dealers, have joined the Latin-American Bondholders'
Association in their petition to the Federal Trade Commission
for immediate organization of the Corporation of Foreign
Security Holders which President Roosevelt is authorized
by Congress to bring into being. The letters were made
public on Sept. 17 by Douglas Bradford, Secretary of the
Association. Of those queried, it is stated, more than
80% sent in their petitions in the next mail. All petitions
have been forwarded to Charles H. March, Chairman of
the Federal Trade Commission, who has acknowledged
receipt and stated his willingness to bring the matter to the
attention of the Commission.
Fred Lavis, President of the Latin-American Bondholders'
Association, stated in an interview that the present time
is ripe for an adjustment of the interest due on the bonds.
but indicated that permanent adjustment should await the
return of more nearly normal prices for commodities. It
would be unjust to the present holders of the bonds, he
explained, to definitely settle the debt with commodities
below the cost of production. Mr. Lavis said:
The injustice of a permanent adjustment now, especially insofar as it
relates to Latin-America, may be realized when consideration is given to
such factors as the recent rise in the price of Bolivian tin from about £100
to £200 per ton in London, and the effect which our recovery activities
and possible inflation policy may have on the prices of such commodities
as tin. coffee, Stc. The prosperity of Latin-American countries is almost
entirely dependent on commodity prices.
It seems probable that past due interest payments might well be comprised to-day by lump sum payments of considerably lees than the total
default, rather than by payments of part cash and part scrip, so that the
debtors and creditors might start as of a given date with a clean slate.
and begin again to do business with each other. However no permanent
adjustments of long term obligations should be made on the basis of present
conditions.
To accomplish this, however, there must be some authoritative body
to represent the bondholders. Private initiative has failed to produce
such a body and there seems no hope for the bondholders except through
the proposed central organization known as the corporation of foreign
security holders.
Strikes and Riots Spread in Interior of Cuba—President
Grau San Martin Continues in Power as Steps to
Form Coalition Government Fail—United States
Still Seeks to Avoid Intervention—Secretary Hull
Warns Endangered Americans to Seek Safety of
United States Warships.
No substantial change occurred in the character of the
Cuban Government this week, despite the holding of a series
of conferences in an endeavor to form a coalition rule that
would include members of opposition groups. President
Gran San Martin has announced that he is confident of his
ability to maintain order and protect lives and property of
foreigners. Sporadic outbreaks among disgruntled elements
In the army have been reported, and strikes have spread
rapidly, causing disquietitude in the minds of those desiring
a stable regime. These strikes, accompanied in some instances by Communist riots, have been particularly numerous in the interior of the island, and have affected large
sugar plantations and sugar factories, many of them owned
by Americans. At Washington the desire of the United
States to avoid intervention if it is possible to do so has been
re-affirmed. On Sept. 20 Secretary of State Cordell Hull
announced that endangered Americans in Cuba would be expected to seek the protection of the United States warships
that fringe the Island. Mr. Hull's announcement, and other
Volume 137
Financial Chronicle
measures taken for the safeguard of Americans in the past
few days, were described as follows in a Washington dispatch of Sept. 20 to the New York "Herald Tribune":
The Secretary declared that the present American program, although not
necessarily a hard-and-fast formula unsuaceptible to change, was to require
endangered Americans on the island to come to the seacoast towns for protection in the shelter of United States warships. Bluejackets or Marines
are not to be expected to go into the interior of the island to offer protection to citizens there.
This announcement of present policy carried somewhat further the previous
effort
Indications of the Roosevelt Administration that it would make every
adto avoid such intervention as would make it responsible for the actual
ministration, in any way, of law and order within the Island.
In view of the serious local situation in Cuba to-day, four destroyers were
shifted, three leaving the American Naval base at Guantanamo to steam to
coastal points. The Navy Department also announced that the newly
modernized battleship New Mexico, now at Gravesend Bay, N. Y., would
sail for Hampton Roads next Monday on a continuation of its shakedown
cruise, and thereafter would make for Cuban waters, arriving off Guantanamo October 4. The battleship Mississippi already is in the general vicinity
of Havana.
Of the three destroyers leaving Guantanamo, the Bernadou headed for the
Isle of Pines, the McFarland to Anti11a, and the Reuben James to Santiago,
where it will relieve the Taylor, which already has started for Manzanillo.
The Goff has gone from Manzanillo to Cienfuegos. There are now actually
in Cuban waters thirteen destroyers, the cruiser Richmond, four Coast Guard
vessels and the Mississippi.
Secretary Hull explained at his press conference that Americans in Cuba
of their own volition, when they feel they are in danger, are showing a disposition to go to the shelter of American vessels at seaports. He emphasized
that there were no plans on foot for sending bluejackets inland to protect
Americans.
The Secretary said he imagined the Consuls were advising American citizens that it was not the plan of the warships to seek them out, and that it
would be more advantageous for them to go to the shelter of the ships. The
authorities, said Mr. Hull, do not expect to make rural police out of the
vessels.
A great many people, added Mr. Hull, were asking the question whether
troops from the ships would be sent into the interior and how far they would
go, if at all. The Government, he continued, had not undertaken to pass
on speculative conditions which might arise, but present policy is that the
warships go only to seaport towns where rioting or disorders take place or
are threatening imminent danger to American lives. Naturally, the individual citizens are expected to show some discretion themselves and not
send word for rescue parties from the ships, the Secretary indicated.
Should there be any change in this procedure, Naval commanders will
have to get word from Washington, it was stated.
Secretary Hull made clear that he had not ordered the battleship New
Mexico to Cuba. Its training cruise to the Caribbean had been scheduled
some time ago.
Dispatches reaching the State Department to-day carried information of
Communist demonstrations at Matanzas and Manzanillo. At the Bethlehem
mines at Daiquiri, 2,000 employees were on strike and preventing access to
the property. in the Province of Oriente, fifteen sugar centrals were reported to be in the hands of laborers. About fifty Americans had taken
refuge at Rente, across the bay from Santiago. Disorders were anticipated
In new strikes at Preston, and the situation at Antilla was described as bad.
Hope for the establishment of a coalition government had
been encouraged on Sept. 16, after a meeting between President Grau San Martin and leaders of the principal opposition groups. The meeting was arranged by the Rotary Club
of Havana. No definite formula was adopted on this occasion, but both the Governmental and opposing factions were
reported by the Havana correspondent of the New York
"Times" to have agreed on the following basis for negotiations:
1. To maintain above all the absolute sovereignty and independence of
Cuba and the right of Cubans to settle their own political problems.
2. To avoid at all costs armed conflict between the different revolutionary factions as indispensable for arriving at a harmonious solution of National problems.
3. To maintain public liberty and personal rights, which will permit
the free development of an effective democracy.
4. To recognize the necessity of consolidating the Government by obtaining support from all sectors of opinion.
s. To recognize that upon the solution of political problems depends the
solution of all other national problems.
Another step toward coalition was taken on Sept. 17, when
business leaders issued a Joint statement in which they
warned that if a coalition Cabinet is not formed civil war is
inevitable. On the same day President Gran San Martin
held another conference with the opposition groups, but no
statement was issued after this meeting, and it appeared
that little definite progress had been made.
A second counter-revolutionary movement, opposed to the
student and army Government of President Grau San Martin, was reported gathering strength in Camaguey Province
on Sept. 19, after a band of between 100 and 300 soldiers
headed by Colonel Bias Hernandez occupied the town of
Moron, and seized the arms and ammunition of the military
post. It was officially denied that this action constituted
an uprising against the Government, but sentiment in
Havana was nevertheless reported to be greatly disturbed.
In addition, labor unrest and constantly multiplying threats
of strikes alarmed the Government and resulted in a tightening of military control, as well as the closing $4 various
Communist headquarters. The strikes themselves spread
rapidly among the industrial groups and it was reported that
15 sugar mills in Oriente Province, most of them owned by
2191
Americans, were in the hands of labor factions. Government
officials said that troops would be ordered to protect this
property.
Mexican Bank Aid—Financing Society Set Up for
Liquidating Frozen Assets—Capital About $30,000,000.
From the "Wall Street Journal" of Sept. 14 we take the
following from Mexico City:
For the purposes of continuing to afford Mexico a "sane and efficient"
banking system and to give the banks facilities for liquidating their frozen
assets. President Rodrigues has decreed establishment of a national financing society with a total capital of 100,000,000 MSC* (approximately $30.000.000, American).
Federal Government 113 authorized to subscribe to 50% of the society's
total capital in the form of properties and cash, while the decree provides
that the balance of the capital will be afforded by private and national
institutions and various national administration departments.
"New Deal" for Mexico's Working Classes Reported—
Designed to Improve Standard of Living.
Mexico's working classes constituting between 85 and 90%
of the country's population are to have a "New Deal," according to Assistant Commercial Attache Robert G. Glover,
in a report to the Department of Commerce. The Department's announcement Sept. 18, said:
This new deal will be in the nature of the six-year plan now being formulated and which will be put into effect at the beginning of the next Presidential term which is only a few months off. The fundamental purpose of
the plan is to raise the general standard of living throughout the country.
Mexico's problem, it is pointed out, is not so much to find employment as
to raise the purchasing power of the people, especially those engaged in
agriculture. The farm laborer to-day in Mexico is vitrually on the same
level as he was in the Colonial period, his wages in some cases being as low
as 9 cents a day. American money.
The Federal Labor Code passed in 1931 is one of the outstanding pieces
of social legislation and provides ample protection for the working classes.
In compliance with its provisions the 2,664 municipalities of the country
should have fixed a minimum wage scale for their respective sections at the
end of 1933.
Up to the present, however, less than 200 municipalities have actually
complied, among those being the Northern District of lower California and
the State of Sonora. In the former, the minimum wage was placed at
three pesos per day, while the latter settled on 1.50 pesos per day.
Outside of the Northern District of lower California, the wage rates
suggested in a recent Presidential circular to Governors varied from 1.50
pesos to 1.00 peso per day. At first glance. Glover states, it would appear
that the wage rates are extremely low and clould be readily complied with.
without any material increase in labor cost to the employer. However,
when it is considered that the average daily wage for farm laborers in the
country as a whole is in the neighborhood of 50 to 65 centavos per day,
adjustment is no easy matter.
Prospects, however, appear to be bright, the report states. As a result of
agricultural and industrial improvements, imports of foodstuffs have declined steadily. Cattle raising has shown a marked improvement; agriculture is becoming modernized, particularly the cultivation of sugar cane.
tobacco, cotton wheat and fresh vegetables.
The Mexican Government, in order to set an example for private concerns, has announced that it will immediately raise the salaries of all of its
employees which are now under the minimum wage scale as recommended.
This action will affect a little over 2,000 employees.
There is little doubt, the report says in conclusion, but that the Mexican
Government intends to improve the standard ofliving of the laboring classes,
and the first step is to increase their income. Even though the minimum
wage scale as suggested is considered low, if and when it is adopted and put
Into force, the consuming power of the country is certain to increase considerably.
Report Denied that China Planned to Sell to Japan
American Cotton Purchased Through United
States Loan.
A wireless message from Shanghai (Sept. 6) to the New
York "Times" said emphatic denial was made to-day of
persistent and sensational reports that most of the American
cotton bought with the United States Government's loan
to China was being sold to Japanese mills at a price 30%
under what China must pay the United States. The
message added:
It is authoritatively stated by Government circles that not a bale of
American cotton has been sold to Japanese mills and not a single cotton
transaction has been made that has caused a loss of even a penny to China.
The American cotton has been disposed of through brokers and importers, none of whom is in any way connected with Japanese interests.
"It is certain," an official said, "they are not selling at a 30% or at
any other loss."
Reports that Japanese mills were benefiting by cheap purchases of
the American cotton even gained circulation in Chinese language newspapers. Underground reports ran to the effect that Nanking was disposing of the cotton and wheat, for which it was indebted for $50.000,000,
at cut rates, bringing less than $37,000,000 into the treasury.
Japanese sources also deny these reports.
Nanking officials foresee a possible loss of 20% on the $10,000,000
worth of wheat bought, because of the glut of domestic wheat.
Manchukuo
Government Pays 2,500,000 Yuan to
Foreign Creditors.
From the New York "Journal of Commerce" of Sept. 14
we take the following (special correspondence) from Tokio
Sept. 9:
The Manchukuo legation here has announced that payments totaling
nearly 2.500.000 Manchukuo yuan have been made to foreign creditors
by the Manchukuo Government on account of claims for contracts entered
Into from 1930. under which the goods bought were duly delivered, by the
old Chang regime.
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Financial Chronicle
The payments were made in cash, in accordance with the general policy
announced by the Manchukuo Government at Hsinking last December, by
the Commission for the Liquidation of Claims. In arranging for the payments the Commission consulted with the official representatives of the
foreign creditors, including A. G. Major, British Consul-General; A. S.
Chase. American Consul; A. L. Tigges, German Consul, and T. Hachiya,
Japanese Consul-General, all at Mukden,and A.Jorgensen, Danish COWS'.
at Harbin.
Claims for payment under contracts agreed upon with foreign suppliers
by the Chang regime prior to and including 1929, include those whose
goods were not delivered, and totaling some 4.000,000 Manchukuo yuan,
are expected to be adjusted later this year by means of 3% bonds, redeemable in 20 years, and whose total face value will be the equivalent of the
amount to be paid.
Sept. 23 1933
accept similar posts in the New Jersey Stock Exchange, the
following statement was issued after a meeting of the Governing Committee of the New York Stock Exchange on Sept. 21:
At a special meeting' of the Governing Committee a letter from the Committee on Organization of the New Jersey Stock Exchange inviting the President and Treasurer and the Governing Committee of the New York Stock Exchange to become the officers and Governing Committee of the New Jersey
Stock Exchange was read and the invitation was accepted.
The initial step in ascertaining the attitude of members
of the New York Stock Exchange toward the creation of
the New Jersey Stock Exchange was taken on Sept. 18,
when Howard Froelick of De Coppet & Doremus circularized
the members to learn their views. The Organization Committee appointed the following Executive Committee:
Arthur Miles of Moore & Schley, Morton S. Stern of J. S.
Bache & Co. and Mr. Froelick. On Sept. 20 Mr. Froelick
issued the following statement after a meeting of the Organization Committee:
Members of New York Stock Exchange Forming Group
to Operate Security Market in New Jersey as
Escape from New City Taxes—Almost All of 1,375
Members of New York Body Join Jersey Exchange
—Governors and Officers Accept New Posts—Curb
Exchange Plans Similar Action—Trading in Jersey
City or Newark May Start Oct. 2.
The Committee has received 942 acceptances from members of the
Plans made by members of the New York Stock Exchange Exchange.
In view of this overwhelming response, the Committee has
to transfer a large part of their dealings in securities to determined to put the plan for the organization of the New Jersey Stock
Exchange into effect.
New Jersey, in order to avoid the taxes on gross profits
An
Committee has been
of brokerage firms and the stock transfer tax included in for a Executiveof the new exchange. appointed to enter into a contract
location
The same Committee will make
the tax program of the New York City Administration, arrangements with the Western Union for ticker service, which the latter
company can supply within two weeks' time. Arrangements have been
pushed rapidly forward this week and on Sept. 21 the
made to secure 700 telephone circuits
Governors of the New York Stock Exchange agreed to be- which will adequately supply the new between New York and New Jersey
exchange with telephone communicome the Governors of the newly created New Jersey Stock cation.
The Committee has determined to restrict membership in the new exExchange Late in the week Howard Froelick, Chairman change
to members of the New York Stock
of the Committee on Organization of the new Exchange, will be given the right to appoint a partnerExchange. Although members
or employee to represent them
announced that 1,245 of the New York Exchange's 1,375 on the new exchange, the Governing Committee of the new exchange will
have power to restrict this representation and to require a fee for the exercise
members had signed applications for membership in the of this
privilege. The Committee felt that this step
order
new Exchange, for which it is anticipated a site will be to prevent unfair competition between the differentwas necessary in which
types of firms
selected either in Newark or Jersey City. Tentative plans are now engaged in business on the New York Stock Exchange.
The Committee on Organization has extended an invitation to the
call for the opening of trading facilities in New Jersey on President and Treasurer and the Governing
Committee of the New York
Oct. 2, the first week day on which the propmed New Stock Exchange to become the officers and Governing Committee of the
York taxes become effective. Action similar to that of new exchange.
In answer to questions Mr Froelick said:
members of the New York Stock Exchange was taken by
The Governing Committee of the New York Stock Exchange has been
a group on.the New York Curb Exchange, which met on
to
Governing Committee of the
exchange because
Sept. 20 and decided to extend invitations to other Curb invitedfelt act as the experience would be invaluablenewthe
it was
that their
in
administration
Exchange members to join in the incorporation of a New of the new exchange and would also insure the maintenance of the same
Jersey market, which will be known as the New Jersey standards of business conduct.
Progress of the plans for opening the New Jersey Stock
Curb Exchange. The New York Mining Exchange of 80
Wall St., trading in mining and oil stocks, announced on Exchange and for the transfer of other security activities
Sept. 20 that it will move its trading floor and executive to New Jersey were described, in part, as follows in the
offices to the Arcade Bldg., Journal Square, Jersey City, New York "Times" of Sept. 21:
The Committee organizing the New Jersey Stock Exchange announced
and will open business there on Sept. 25.
The tax legislation program as passed by the boards of yesterday that it had received applications for membership from 1,109
of the 1,375 members of the New York Stock Exchange, and would proceed
Aldermen and Estimate of New York City was described at once with the organization of the new exchange to escape the proposed
in our issue of Sept. 16, pages 2025-26, while the statement municipal taxes.
Present plans, it was revealed, provide for the opening of the New Jersey
of President Richard Whitney of the New York Stock' exchange on
Monday. Oct. 2. If necessary, sponsors of the new market
Exchange before the Board of Estimate, protesting against declare, trading could be started earlier if the new taxes on stock transfers
the projected tax on stock transfers, was given in full on and on the gross profits of brokers became effective before then.
list will include
to
pages 2026-28. The two proposed taxes which have occa- onThe first tradingStock Exchange.from 5list 10 of the most active issues
the New York
This
will be enlarged gradually,
sioned the action by members of the Stock and Curb Ex- it is planned, until 50 to 100 of the most important issues are traded in on
changes this week comprise a 5% levy on the gross profits the new exchange. This group of stocks usually accounts for 75% of the
volume of trading on the Stock Exchange here.
of all persons and corporations engaged in buying or selling
A general movement of New York security exchanges to the other side
stock market securities, and a stock transfer tax of four of the Hudson appeared to be under way with the announcement that members
cents per share on each share transferred, limited to affect tion of the New York Curb Exchange had approved plans for the organizaof a new exchange in New Jersey. Members
residents of New York City. Both taxes were included in have been invited to join the new market, which of the Curb Exchange
will be known as the
the legislation formally approved last week, which will New Jersey Curb Exchange.
The New York Mining Exchange of 80 Wall Street, which trades in
become effective immediately after the statutory hearing, raining and
oil stocks, announced it would move its trading floor and
originally scheduled for Sept. 21 but postponed, because of executive offices to the Arcade Building, Journal Square. Jersey City.
this week, and would be open for business there on Monday morning.
the Jewish holiday, until Sept. 25.
So serious did the proposed transfer of a large portion of The step,it was said, was being taken to avoid the proposed new city taxes.
Brokers Moving to Jersey,
Stock Exchange activity to New Jersey appear that on
It also became
brokers were
Sept. 21 the Merchants Association of New York sent a out of New York. apparent that many Exchange firmplanning to&move
The New York Stock
of Lindley
Co.,
communication to its 5,000 members urging them to take • of which Allen L. Lindley, Vice-President of the Stock Exchange, is a
member, announced it had moved its main office to 223 Glenwood Road.
immediate steps to prevent Mayor O'Brien's approval of
Englewood, N. J. The present main office, at 44 Wall
the new tax laws, which would turn "our great financial retained as a branch office, in charge of resident partners. Street, will be
In moving their main offices to New Jersey, Stock Exchange brokers
district into a deserted village." Lewis K. Comstock,
will avoid the
President of the Association, warned its members that the of New York 5% gross profits tax on income derived from sources outside
State.
action of the Stock Exchange was "not bluff but sober
Although a site for the New Jersey Stock Exchange has not been chosen,
it is believed a decision will be made to-day or to-morrow. Members of
reality." He said the transfer of the Stock Exchange would
the Stock Exchange are reported to favor Jersey City, because it is nearest
have the following serious consequences:
to Wall Street.
The city will not get the $10,000,000 it estimated the taxes would raise.
The State will lose most of the $31,500,000 it received from stock transfer
taxes last year.
The State will lose a large amount of personal and corporate income
taxes in which the city now shares.
The value of real estate in lower Manhattan will bo greatly depreciated
with consequent loss in city revenues The assessed value of property
south of Worth St. in 1933 is $1,041,221,950. A one-third depreciation
in value—not unreasonable if the Stock Exchange business moves out—
would mean a loss of more than $9,000,000 in real estate taxes alone.
The transfer of employees to New Jersey will mean a considerable shift
of population with consequent losses in residential property and in trade
for local retail and wholesale merchants and public utilities.
In announcing that the President, Treasurer, and Governng Committee of the New York Stock Exchange would
Regardless of any action taken by the City on the proposed taxes, which
await Mayor O'Brien's approval, the new Exchange probably will sign a
lease for trading quarters in New Jersey.
Many of the brokers who have joined the New Jersey Exchange are
in favor of moving their businesses to New Jersey permanently, even if
the City abandons the tax plan. This sentiment is so strong that officials
of the Stock Exchange declare they may be powerless to stop the movement.
The Association of Stock Exchange Firms presented to Governor Lehman
a Petition urging a special session of the Legislature to consider the City's
Emergency taxes. The petition was read to the Governor by Curtis B.
Dall, son-in-law of President Roosevelt, who is a member of the Stock
Exchange.
Frank R. Hope, President of the Association, signed the petition and
more than 50,000 Wall Street workers also had signed the request.
William Freiday of J. Robinson-Duff & Co., members of the Stock
Exchange, who was elected President last week of the National Stock
Volume 137
Financial Chronicle
Exchange, Inc. of New Jersey, announced that his associates had decided
to drop their plans to form an Exchange and would co-operate with the
New Jersey Stock Exchange.
On Sept. 18 Governor A. Harry Moore of New Jersey
made public the following letter which he said he had received from Richard Whitney, President of the New York
Stock Exchange:
I have your letter of September 12, in which you invite the New York
Stock Exchange to locate in New Jersey with the assurance that stock
transfers and gross receipts of ,brokers will not be taxed in your State,
and in which you offer in the Convention Hall in Atlantic City as temporary
headquarters pending the completion of permanent arrangements.
Your proposal is of exceptional interest in view of the excessive and destructive taxes which are being imposed upon our members and the public
who deal through us, and I can assure you that the entire matter will receive
our serious discussion and attention.
With great appreciation for your letter and most sincere personal regards.
The members of the New York City Administration have
meanwhile been seeking for possible economies that would
enable them to obtain additional credit with the large
banks. Samuel Untermyer, who has been acting as special
financial adviser, has suggested certain economies, including
some salary reductions. The City's efforts as regards both
its tax program and budgetary cuts were described in part
as follows in the New York "Herald Tribune" on Sept. 21:
Samuel Unterrayer, the City's special financial adviser, was not hopeful
last night that to-morrow's conference would be productive of an agreement.
Urgent as is the need for an extension of bank credit, Mr. Untermyer said
the drafting of a workable economy plan with the necessary legislation
would be too big a job to accomplish in an afternoon.
The special financial adviser explained that in adjoining secrecy in the
negotiations he had no thought of trying to bind Governor Lehman.
"In my opinion, however, the Governor will notfind it in the best interests
of the pending negotiations to make a public statement while they are in
progress," Mr. Untermyer said.
Governor Lehman, at the first conference on Monday,said that he would
not discuss the negotiations until a conclusion was reached, but that he
did not consider himself bound to remain silent if a program was agreed
upon.
The bankers held a conference among themselves yesterday. Adhering
strictly to Mr. Undermyer's condition of secrecy, the bankers refused to be
interviewed. The impression was gained, however, that considerable
progress had been made in drafting a program for presentation to the Governor to-morrow.
Mr. Untermyer made spirited reply to criticism of the personnel of the
committee named by Mayor O'Brien to report on economies in the city dePartments. The members of the committee are Commissioner James S.
Bolan of the Police Department, Commissioner John J. Dorman of the Fire
Department, and Samuel Passler, Superintendent of Buildings. Manhattan.
"It is not necessary," Mr. Untermyer said, "that they know anything
about finance. But each of them has a wide acquaintance among department heads and important city officials. Among them they will be able to
get the facts that we shall need in order to decide what the sinecures and
useless jobs are."
Aldermen Expected to Cut.
Mr. Untermyer had not received any assurance from the city administration that his suggestion that the Board of Aldermen reduce their salaries
from $5,000 to $2.000 a year would be pressed. He expected, however.
that Tammany would give orders for an early meeting so that the pay cut
may be enacted before election. Although a majority of the Aldermen
have said flatly that they will not vote for the reduction, Tammany feels
that its control over the members is sufficient to demolish the opposition.
Maurice Stephenson, City Budget Director, continued to cause heartaches among the department heads by carrying out the Mayor's injunction
to do the trimming that the department heads had failed to do. More than
$300,000 was cut out of the budget of the Department of Correction. This
represented an increase over the 1933 expenditures.
Statutory increases in the salaries of officials of the City Court prevented
the Budget Director from reducing the Court's budget below the 1933 figure. A request by Chief Justice Edward B. La Petra for five additional
court attendants was denied. Justice La Fetra said the attendants were
needed to guard the doors.
George McAneny, who was named as Comptroller to fill out the term of
Comptroller Charles W. Berry, met the staff of the Finance Department
yesterday and passed a few hours in his office. He said he did not expect
to be able to devote his full time to his duties as Comptroller until next
week.
The petition of the Association of Stock Exchange Firms
to Governor Lehman is given elsewhere in these columns
to-day.
New York Produce Exchange Takes Action to Meet
Situation Created by Imposing Tax on Stock Sales.
At a special meeting of the Board of Managers of the New
York Produce Exchange held Sept. 21, the Board authorized
and empowered the Committee on Securities to consider
steps to be taken to meet the situation created by the
threatened New York City tax on the business of dealing
in securities, it has been announced by the Exchange.
Petition of Association of Stock Exchange Firms to
Governor Lehman of New York Asking Calling of
Special Session of Legislature to Prevent Abuse of
Taxing Power by Municipal Assembly of New
York City as Proposed in City's Emergency Tax
Measures.
Under date of Sept. 18, the Association of Stock Exchange
firms addressed a petition to Governor Lehman of New York
incident to the action of the passage of the emergency tax
laws by the New York City Municipal Assembly, and
asking the Governor to call a special session of the State
2193
Legislature "to see to it that this abuse of the taxing power
of the Municipal Assembly of the City of New York . . .
is not allowed to go into effect." The petition follows:
To His Excellency, the Honorable Herbert H. Lehman, Governor of the state
of New York, Albany, N. Y.:
The Association of Stock Exchange Firms, a voluntary association of
members of the New York Stock Exchange, pursuant to resolution of
its Board of Governors, respectfully presents to your Excellency, this petition requesting the calling of an extraordinary session of the Legislature of
the State of New York, for the reasons herein below set forth.
The New York City Municipal Assembly on Sept. 14 1933, passed four
certain local emergency tax laws or ordinances, purporting to act under
the authority of Chapter 815 of the Laws of 1933. The Mayor of the City
of New York has fixed Sept. 21 1933, for a public hearing on these bills.
The press announces that the Mayor proposes to sign these billsimmediately
after the public hearing on that date.
Two of these bills directly concern the Association of Stock Exchange
Firma and its members, viz.:
(a) An emergency tax on transfers of stocks and other corporate certificates; and
(b) An emergency tax or license fee payable by persons engaged in the
business of buying or selling securities in the City of New York.
Copies of these two bills as passed by the New York City Municipal
Assembly and awaiting approval by the Mayor are attached hereto.
Our counsel appeared before the Board of Estimate on Monday, Sept. 11
1933, and protested against the passage of this unjust legislation. The
bills were hastily enacted notwithstanding these protests and the facts upon
which they were based. A copy of the protest presented by this Association
is attached hereto.
Taxes Are Discriminatory and Confiscatory.
We protest the enactment by the City of New York of this inequitable,
discriminatory and confiscatory tax legislation. Members of the Stock
Exchange Firms have always been willing and are willing to bear their just
proportion of the burden of providing relief for the unemployed. It is too
well known, however, to require discussion, that the brokerage business
or the business of marketing securities has not been such in the last four
years as to warrant the taxing authorities singling out such a limited class
to bear almost exclusively with two other classes the burden of providing
funds to take care of the unemployed of the city of New York. Such a burden
is one which should be distributed without discrimination equally among
all the people.
In our opinion these bills constitute an attempt by the City authorities
to levy unjustifiable and confiscatory taxes against a particular business
which has long borne its full burden of the results of the depression, but
which cannot continue to exist under the load of this ruinous taxation.
A.—As to the Stock Transfer Tax.
The present Stock Transfer Tax is an important source of State revenue,
and one which should not be diminished by permitting the City to impose
a similar tax. The added burden of the City tax will greatly reduce the
State's revenue through driving the business from New York State.
Already taxes on transfers of stock have been increased to almost prohibitive levels. The Federal Government has imposed a tax of 4 cents
per share on transfers and the State of New York has likewise increased
Its tax on stock transfers to 3 cents per share on stock selling for less than
$20 per share and 4 cents per share on stock selling above that price. With
the imposition of the additional City 4 cents per share tax on transfers of
stock, the total tax payable on the transfer of stock to the Federal Government, State and City of New York is increased to 11 cents or 12 cents per
share.
The tax imposed is so excessive and unreasonable that its effect will be
to drive business out of the City and State of New York and thus cause
great loss of State revenue.
The total tax collected by the State of New York for the calendar years
1928 to July 1 1933, is approximately as follows:
Tax Collected.
Year—
Tax Collected.
Year—
$18.400.000
528,275.000 1931
1928
22.445,000
40,330.000 1932
1929
27,395.000
1930
The preliminary figures of the State Tax Departmentshow that the actual
yield of this tax for the fiscal year ending June 30 1933, was in excess of
$31,570.000.
With one possible exception, the stock transfer tax has become the most
Important single source of State revenue.
An increase from 3 cents or 4 cents to 7 cents or 8 cents per share of tax
on transfers of stock in New York will inevitably result in diverting a most
substantial part of this business from the State and City of New York and
thus result In enormous losses in revenue to the State of New York. At
the same time the estimated revenue for the City of New York will not
materialize.
The tax is imposed upon the investors, and it is certain that the investors
will not pay an additional 3 cents or 4 cents per share on transfers when
they can make their purchases outside of the State of New York on other
exchanges where excessive taxes are not imposed.
Many competent authorities believe that the tax on the transfer of stock
has already exceeded the point of diminishing returns. The New York
State Commission for the Revision of Tax Laws in an interim report submitted to the last Extraordinary Session of the Legislature, said in part:
"With regard to the second recommendation above quoted, your Commission calls the attention of your honorable bodies to the previobs position
taken by the Commission in relation to the stock transfer tax, at which
time your Commission recommended an increase from two to three cents
per share. Subsequently the Legislature increased the tax to three cents
on shares selling for less than 20 dollars per share and to four cents a share
on those selling for 20 dollars and upwards, while the Federa, tax was also
substantially increased. . . .
"Due to these substantial increases in the tax on transfers of stock in
excess of your Commission's original recommendations, your Commission
reiterates its position and calls attention to the possible effect on existing
revenues through the operation of the law of diminiseing returns which
would be Invoked by any additional increase in this tax."
There are many facts to indicate that the existing tax is already too high.
Members of the Exchange have noted a decided tendency on the part of
customers to have transactions executed outside of the State of New York
for the purpose of avoiding the State tax. Many customers now insist
that transactions in unlisted securities and in odd lots of listed securities,
which do not of necessity have to be executed upon the Exchange, be made
outside the State. Furthermore, certain investment trusts have within
recent months, moved their entire organizations to New Jersey or Connecticut for the avowed purpose of reducing their tax liability. There have also
been instances where corporations which formerly maintained transfer
offices in New York have moved them to other States. If this tendency,
-cent rate, has developed since
which never existed when the tax was at the 2
the rate was doubled, it is obvious that a further 100% increase will reduce
number of transactions which will take place within the
substantially the
State of New York.
2194
Financial Chronicle
Sept. 23 1933
The ability of the New York exchanges to attract outside business has so
present circumstances do not warrant its being singled out to bear, With
far permitted the State of New York to derive substantial revenue from
two or three other classes, out of the entire City of New York, the burden
persons who would not otherwise be subject to its taxing power. These
of carrying the entire unemployment relief problem in the City of New
persons will continue to deal on the New York exchanges only so long as the
York.
taxes imposed by the State or the City are not disproportionate to the adThe impositions of this tax upon the gross earnings, without any deducvantages gained by dealing in the New York market. Excessive taxation
tions, of concerns engaged in the business of buying and selling securities,
may,therefore,destroy a source ofrevenue which cannot otherwise be reached
many of whom are already conducting business at a loss, will certainly
but which has in the past produced more than a hundred million of dollars
drive many such concerns out of business entirely, and will further drive
for the State.
business of the Stock Exchange out of New York City into other States
where such prohibitive taxes are not imposed. Unemployment within the
The City Has Disregarded the Terms of the Enabling Act.
City of New York will be thereby increased and thus add to the acuteness
of the present emergency.
We desire also to direct your Excellency's attention to the fact that the
stock transfer tax law does not comply with the Enabling Act passed by
The 5% gross earnings tax is confiscatory. We are advised by some of
our members that the 5% tax on the basis of their current gross income
the Legislature of the State of New York effective Aug. 29 1933. Chapter
without deductions on the present volume of business would equal more
of the Laws of the State of New York. The enabling Act specifically
815
than 100% of their net income. With the burden of such taxes no business
provided that the Act
can exist. Their imposition will leave no alternative to those affected by
"Snail not authorize the imposition of a tax on any transaction originating
and (or) consummated outside of the territorial limits of any such city,
the tax than to remove their business to States not imposing such excessive
notwithstanding that some act be necessarily performed with respect to
taxation.
such transaction within such limits,"
New York City has no proprietary right to financial leadership. It has
and also additionally provided that a tax on transfers affecting non-residents
achieved this leadership only by rendering better service at less cost than
could only be imposed where the transfer was also made or consummated
any competitor. Even a brief period of burdensome taxation may put New
within such city by a non-resident while within such city.
York at a competitive disadvantage which the efficiency of its present
The stock transfer tax law as adopted by the New York City Municipal
organization will not be able to overcome.
Assembling does not comply with said Enabling Act in at least two respects:
Competitive exchanges exist and are striving for the financial business
(1) it imposes a tax on transfers which originate outside of New York City:
done in New York. On the Boston Stock Exchange 207 stocks listed
and (2) it does not draw any distinction between transfers made by nonon the New York Stock Exchange are actively dealt in. Business everyresidents while in the City and transfers made by a non-roident while not
where is being solicited by pointing out the taxes which may be saved
within the City, and does not provide that the latter transfers shall not be
from having their transactions executed outside of New York. The mere
taxable as provided in the Enabling Act.
adoption of the proposed tax has given great impetus to the movement
The Legislature in the Enabling Act made it clear that the taxes which
to organize a new and active securities market in New Jersey, and we are
were to be authorized by the City of New York were to be local in character.
advised that steps in this direction are now being taken.
The stock transfer tax imposed by the Municipal Assembly, although
The New 'York Stock Exchange firms in the City of New York employ
local in form, practically is a State-wide application. Only a small part
an aggregate of approximately 60,000 persons, of which about 50% thereof
of the transactions conducted on the New York Stock Exchange and other
have been employed within the past few months. It will be necessary
exchanges dealing with securities in the City of New York originate within
If these measures are permitted to become law to effect wholesale reductions
the City of New York. To the extent that this new law permits
in forces and salaries of employees of all Stock Exchange firms.
the City of New York to tax transactions which originate outside of the
The Association of Stock Exchange Firms and its members oppose these
City limits but within the State limits, the tax will be State-wide in effact.
measures because they are convinced they will be economically disastrous
The stock transfer tax is paid by the owners of the stock and not by the
not only to the Stock Exchange and its members but also to the City
brokers. Among the citizens of the State there are many thousands of
and State of New York.
persons owning stock who do not reside within the City of New York.
The Association and its members oppose the tax because they believe
If they should sell their securities in the normal and customary markets
It is economically unsound. They are convinced it will place such a
which exist to-day on the exchanges of New York, the bill adopted by the
burden upon security transactions that a large part of the security business
New York City Municipal Assembly will force them to contribute to the
which now comes to New York will go elsewhere. This, of course, would
revenues of the city. Your Excellency heretofore declared in your message
destroy their business, but more important still it would cause overwhelming
to the Extraordinary Session of the Legislature at which the Enabling Act
loss in returns not only to the City but also to the State of New York.
was passed, that a State-wide tax for the benefit of the City of New York
Without considering the indirect effects which would naturally flow
Is unjustified. Therefore, it mtu3t follow that a tax, no matter what its
from the destruction of the New York security market, it is clear that
form, which in effect is collected from the citizens of the entire State for
both the State and the City would suffer certain direct losses which can at
the sole benefit of the City, is equally unjustified. The bill is an unfair
least be estimated. The State would lose a large part of its revenue from
exaction levied upon all the people of the State for the benefit of a single city.
the stock transfer tax. It would also lose substantial income and inheriThe City Municipal Assembly in adopting the stock transfer law has
tance taxes. The City would lose a large part of the taxes now paid by
deliberately disregarded and flouted the provisions of the Enabling Act.
the Exchange and Its members. Large office buildings would lose many
The protection afforded to non-residents has not been recognized. This
tenants. The City would also lose many millions in taxes because the
wilful failure to conform to the requirements of the Enabling Act must be
destruction of the security market would vastly depreciate the value of
attributed to the fact that more than 80% of the business carried on on the
downtown real estate. Further loss would result from the fact that many
New York Stock Exchange originates outside of the City of New York,
thousands of persons whose work is connected with the Exchange would
and that the object of the City Municipal Assembly in enacting this legislaeither leave the City or remain there unemployed.
tion is to obtain immediately as much revenue as can be possibly obtained
There is attached hereto a statement 'petition] made by Richard
for the needs of the moment, irrespective of whether the law conforms to
Whitney, President of the New York Stock Exchange, to the Board of
the Enabling Act, and even though in the future, as a result of litigation,
Estimate and Apportionment,on Sept. 111933. when these bills were under
the City may be compelled to return the illegally collected taxes. The City
consideration by that body,in which President Whitney forcibly points out
authorities believe that the mere existence of this law and the imposition of
the great value to the City of New York of the New York Stock Exchange
the extremely heavy penalties stipulated for failing to affix stamps on stock
and the harm that the proposed prohibitive tax on gross income will have on
transfers as therein provided will terrorize transfer agents, stock brokers
the members of the New York Stock Exchange,and further shows the devasand others transferring stocks into paying the tax in the first instance,
tating and destructive effect on the security business that the enactment
rather than assume the risk involved by not paying such tax. It is wellof this tax legislation will cause. He further forcibly demonstrates how
known that the legal remedies which may be resorted to in order to prevent
this destructive taxation will drive the security business out of the State,
the enforcement of this illegal and unjust Act are in the nature of things
of New York.
difficult of enforcement, and in any case will involve great expense and
It must not be forgotten that some years ago, due to excessive heavy
delay. The persons making transfers, if they made payment, would be
taxation, New York corporations were compelled to reincorporate in
forced in each instance to sue the City to recover the tax paid.
the State of New Jersey and that new corporations avoided being incorIt is the Legislature's duty to prevent this wrong.
porated in New York but chose New Jersey instead, and that later, when
The Governor and the Legislature of the State of New York, we submit,
New Jersey enacted the so-called "Seven Sisters Laws" under the adminisshould not countenance or permit this action by the Municipal Asesmbly
tration of Governor Wilson, this corporation business which had produced
in thus disregarding the plain terms of the Enabling Act and through these
great revenues to the State of New Jersey was driven from that State into
coercive measures force purchasers and citizens of other States and of
Delaware.
the State of New York outside of New York City to pay this unjustifiable
The State of New York can ill afford to drive the security business
and unauthorized tax on transfers of stock and other corporate securities
out of the State of New York. It cannot afford to lose the enormous
with recourse only to the courts to recover the payment so illegally exacted.
revenues which it has been receiving on stock transfers. The City of
Article XII, Section 1. of the Constitution of the State of New York,
New York cannot afford to lose its position as the greatest security market
provides in part as follows:
in the world. The emergency legislation which has been enacted by the
"It shall be the duty of the Legislature to provide for the organization
City of New York threatens it with this loss. The City authorities are
of cities and incorporated villages, and to restrict their power of taxation,
blinded to this danger and treat it as a bluff or an empty threat, failing to
assessment, borrowing money, contracting debts, and loaning their credit,
so as to prevent abuses in assessments and in contracting debt by such
realize that the excessive taxation will drive the security business away
municipal corporations:"
from the City of New York. and as a necessary consequence those who are
We submit that the Legislature of the State of New York should be conengaged in that business will be required to move to the place where such
vened in extraordinary session and requested by the Governor of this
business can be profitably carried on.
State to see to it that this abuse of the taxing power by the Municipal
This is not a threat but a simple statement of fact, certain to result
Assembly of the City of New York and this unfair and discriminatory legisfrom the present policy of the administration of City of New York.
lation which is so plainly in disregard of the Enabling Act of the Legislature
Pursuant to the action of the Board of Governors of the Association
is not allowed to go into effect.
of Stock Exchange Firms, a committee has been appointed by the AssoIt is not sufficient to say that if the Act of the Municipal Assembly has
ciation to present this memorial to your Excellency, requesting your
been illegally adopted that the courts will afford a remedy. Such remedies
Excellency to call an extraordinary session of the Legislature for the purcannot be prompt or adequate. Before the courts are able to decide the
poses above set forth.
questions involved, irreparable harm will have been done. Business will
Respectfully submitted,
have been diverted to other centers. Whether it could ever be regained
ASSOCIATION OF STOCK EXCHANGE FIRMS,
If once lost is problematical. Such a toss would result in a permanent
By FRANK R. HOPE, President.
diminution of the enormous revenues now received by the State of New York
Dated: New York, Sept. 181933.
from stock stransfers.
B.—As to the License Tax on Business of Buying and Selling Securities.
This bill imposes a tax of 5% upon the gross income of all personal, copartnerships or associations engaged in the business of buying and selling
securities in the City of New York. Gross income is defined to mean that
part of the gross earnings, without deductions, from the business of such
concerns, derived from such business which is conducted wholly within the
territorial limits of the City of New York. The tax is to cover the period
commencing Sept. 1 1933, and ending Feb. 28 1934. The Act is thus made
retroactive to Sept. 1.
We submit that the imposition of this tax is discriminatory, confiscatory
and unjust, threatening the very existence of this business. The business
of the security dealer during the past four years has not been profitable.
For the most part, such business has been carried on at a loss and the
New York Stock Exchange Dues Set at $250, Payable
Oct. 1.
The New York Stock Exchange announced that at a regular
meeting of the Governing Committee of the Exchange held
Sept. 13 the following was adopted:
That the Governing Committee determines that the dues payable by the
members of the Exchange on Oct. 1 1933 be $250 each, and that said amount
shall constitute a contribution by members toward the current expenses
of the Exchange,in accordance with Section 1, Article XIII of the Constitution.
• (Bills will:be rendered in the usua imanner:on-and after Oct. 2 1933.)
Volume 137
Financial Chronicle
Montreal Stock Exchange Decides Upon Schedule of
Minimum Margins—Stocks Under $5 Will Be Purchased for Cash Under New Rules.
A schedule of minimum margin requirements for members
of the Montreal Stock Exchange was decided upon at a
general meeting after the close of the market on Sept. 18,
states United Press advices from Montreal. It was expected
that the new regulations would be made effective by Oct. 1.
The advices further stated:
Purchase of all stocks under $5 will be for cash under the new rules.
A scale will be announced for stocks selling above that price. The by-law
presented to the general meeting of the membership gave the governing
committee power to deal with the situation generally, or to act in the case
of particular stocks.
The action of the Exchange in enforcing stiffer margin requirements
crystalizes a situation which has been the cause of much discussion since
the current bull market started some months ago. With many of the
stocks in the list selling below $5,some brokers hesitated to accept business
In these stocks on a margin basis, but others accepted the business.
Two Seats on New York Commodity Exchange, Inc.,
of E. A. Crawford to Be Auctioned Sept. 26—New
York Cotton Exchange Membership Sold—B. M.
Day, an Attorney, Appointed Receiver in Bankruptcy for E. A. Crawford & Co.
The membership of Edward A. Crawford in the New York
Cotton Exchange (from which he was suspended on Sept. 8
for violation of the charter, by-laws and rules of the Exchange
as noted in our issue of Sept. 16, page 2024), was sold at
auction Sept. 19 for $17,500. The price was $2,500 less
than the last previous sale.
The Chicago Board of Trade and the Commodity
Exchange, Inc., of New York, have also suspended Mr.
Crawford. The Chicago Board of Trade took action on
July 24 and the Commodity Exchange suspended him on
July 26. Other references to Mr. Crawford, besides that
in our issue of Sept. 16, appeared in our issues of July 29,
page 762; Aug. 5, page 960 and Aug. 12, page 1158.
Mr. Crawford's two memberships on the Commodity
Exchange, Inc., will be sold at auction on Sept. 26 as noted
in the following announcement issued to members of the
Exchange, Sept. 15, by Walter Dutton, Secretary:
The firm of E. A. Crawford & Co. of New York, having failed to meet
Its obligations on Exchange transactions with other members of the
Exchange, the Board of Governors has declared the memberships (two)
in this Exchange of Edward A. Crawford, a partner in the said firm, at
an end and ordered same to be sold at open outcry on the floor of the Exchange on Tuesday, Sept. 26 1933, at 12 o'clock noon, and the proceeds
distributed as provided In the By-laws of the Exchange.
On Sept. 16, Federal Judge Alfred C. Coxe, appointed
Benjamin M. Day, an attorney, as receiver in bankruptcy
for E. A. Crawford & Co., upon motion of creditors of the
firm. Mr. Day, who was the lawyer for the creditors,
was directed by Judge Coxe to file a bond for $25,000.
The petition in bankruptcy against the Crawford firm was
filed early in August, but a temporary injunction granted
by Federal Judge John M. Woolsey prevented the appointment of a receiver at that time.
Hertz & Co., Chicago Stock Brokers, in Receivership.
Hertz & Co., stock brokers, 105 West Adams Street,
Chicago, III., on Sept. 19 were placed in receivership and
Frank McKey appointed receiver by Federal Judge John P.
Barnes, according to the Chicago "Journal of Commerce"
of Sept. 20, which went on to say:
An involuntary petition was filed against the company last week alleging
liabilities of approximately $500.000 and assets of $300,000. The company
filed an answer admitting insolvency.
Death of Francis H. Sisson, Vice-President Guaranty
Trust Co. of New York and Former President American Bankers Association.
The unexpected death on September 17 of Francis H.
Sisson, Vice-President of the Guaranty Trust Company of
New York, and formerly President of the American Bankers
Association is widely deplored—Mr. Sisson having been an
outstanding figure in banking circles, as well as in railroad,
newspaper and advertising fields. Coming as it did so soon
after the annual convention of the American Bankers Association, held in Chicago September 4-7, Mr. Sisson's death
was a shock to the banking fraternity. At that meeting
he presided as President, and we are to-day (Sept. 24)
publishing our annual number—our American Banker/
Convention Section—in which his address as President
appears in full. Mr. Sisson died of a heart ailment after
an illness of only four days, at his home in Park Hill,
Yonkers, New York. He was 62 years of age.
Mr. Sisson had for years been prominent in the field of
financial publicity. He directed publicity, advertising and
2195
public relations work of his institution. He had wide experience in the publishing and advertising field, his association with this line of work having commenced during his
early school days in Galesburg, Illinois, where he was born
June 14 1871. He was a graduate of Knox College and also
of Harvard College, where he did post-graduate work.
Mr. Sisson was formerly editor and publisher of daily
newspapers in the Middle West, including the Galesburg
"Mail" and the Peoria "Transcript," and had been interested
in various magazine and advertising activities since coming to New York more than 25 years ago. For several years
he was Vice-President and General Manager of the H. E.
Lesan Advertising Agency.
Previous to his association with the Guaranty Trust Company, Mr. Sisson was active in railroad circles as Assistant
Chairman of the Advisory Committee of the Association of
Railway Executives, and in this capacity and in his editorial, advertising and banking experience he had written
and spoken extensively.
Mr. Sisson was elected President of the American Bankers
Association at their convention at Los Angeles on October 6
1932, and served for one year. At the expiration of his term
of office as President two weeks ago he was appointed a
member of the Administrative Committee of the American
Bankers Association at the Chicago Convention. He organized and for years was Chairman of the Public Relations
Commission of that Association, which publishes the American Bankers Journal, and directed the Association's publicity. He was also President of the Trust Division of the
Association and Chairman of its Publicity Committee, which
furnishes advertising service to banks. He was a Director
of the Advertising Federation of America.
Mr. Sisson was a member of a number of important economic organizations, including the American Economic Association, the Academy of Political Science, and also of Phi
Beta Kappa, and the Anthropological Society. He was given
a degree of LL.D. by Knox College in 1921, and was made a
Chevalier of the Order of the CrOwn by the King of Belgium
in recognition of services during the war. Mr. Sisson has
always taken an active interest in public affairs and public
organizations. He has served as Chairman of the Committee
on Finance and Currency and as a member of the Executive
Committee of the Chamber of Commerce of the State of New
York and as an arbitrator in the Court of Arbitration of the
Arbitration Society of America. He was for a number of
years President of his college fraternity, Beta Theta Pi, and
always took an interest in educational matters. At the time
of his death he was President of the Town Hall Club and a
Director of the League for Political. Education, and directly
interested in the field of adult education. He was President
of the Sleepy Hollow Country Club, and a member of the
Bankers and Advertising Clubs, etc.
The honorary pall bearers at the funeral of Mr. Sisson,
which was held at the First Presbyterian Church in Yonkers
on Sept. 19 were:
William C. Potter, Charles H. Sabin, NV. Palen Conway, Eugene W.
Stetson, Challen R. Parker, Merrel P. Callaway and Willis H. Booth, of
the Guaranty Trust Company;
Robert F. Maddox, of Atlanta, Georgia, of the American Bankers Association;
Dennis F. O'Brien, of Park Hill, Yonkers, William S. Bird, and A. E.
Goodhue, of the Sleepy Hollow Country Club;
Dr. Francis W. Shepardson, of Granville, Ohio, Charles W. Boyden, of
Sheffield, Illinois, and Wilfred Arnold, of Galesburg, Illinois, of the Beta
Theta Pi Fraternity;
Dr. John II. Finley, of the New York "Times," and Robert J. Bender,
of the United Press Association.
Among the numerous expressions of regret at Mr. Sisson's
death, we make room for two—one as follows by John
McHugh, Chairman Executive Committee The Chase National Bank of New York:
I was profoundly shocked at the news of the death of Mr. Sisson, whom
I have known and held in high regard for many years. In his death the
American Bankers Association, of which he recently was President and in
whose ectivities he had been a leader for many years, loses a very valuable
and conscientious worker.
Gordon S. Rentschler, President of The National City
Bank of New York, paid the following tribute to Mr. Sisson's
memory:
Francis Sisson's going removes from the banking community an excellent
character, a clear thinker, and a courageous and fair fighter for the causes
he supported.
Stetson & Blackman (Philadelphia) Failure—Firm
Placed in Equity Receivership.
The firm of Stetson & Blackman, members of the New York
and Philadelphia Stock Exchanges, on Sept. 15, consented
to being placed in equity receivership by the U. S. District
Court in Philadelphia, following suspension Sept. 13 from
2196
Financial Chronicle
both exchanges, according to Philadelphia adviees on Sept.
18 to the "Wall Street Journal," which added:
Judge W. H. Kirkpatrick, late Friday afternoon (Sept. 15) named
Daniel S. Blackman a member of the firm, and G. Planton Middleton,
attorney, as receivers under a $50,000 joint bond.
Liabilities were set at $274,243 and assets at $322,720.
The firm's suspension by the New York Stock Exchange
was noted in our issue of last week, page 2024.
New York Clearing House, Under Amendment to
Constitution, Reduces Fee Charged Out-of-Town
Banks for Call Loans.
Under an amendment to the Constitution of the New York
Clearing House Association adopted at a meeting of the
members on Sept. 19, the fee charged to out-of-town banks
for placing their funds on the call-loan market is reduced.
/
The charge, heretofore not less than 1 2 of 1% per annum
on the amount of the loan, is now modified to the extent
that "when the rate of interest or discount earned on the
loan . . . is less than 2%, the charge shall be 25% of the
amount of the interest or discount collected, with S. mini/
mum charge of 34 of 1% per annum."
The proposed amendment was offered by the Clearing
House Committee at a meeting of the Association on Sept.
18, and as noted above, was adopted the next day. The
amendment follows:
Amend Section 5, Article XI, by adding thereto the following:
"Except that when the rate of interest or discount earned on the loan
so made is less than 2%. the charge shall be 25% of the amount of the
/
interest or discount collected with a minimum charge of 14 of 1% per
annum upon the amount of such loan."
So that such Section, as amended, shall read as follows:
"Section 5. No member of thiS Association (nor any non-member clearing through a member) shall directly or indirectly, make or attend to the
service of any loan for the account of any person, firm or corporation, other
than a bank, banker or trust company, where such loan is secured in whole
or in part by stocks and/or bonds and/or acceptances.
Where such a loan is made or service rendered for the account of a bank,
banker or trust company the member (or non-member clearing through a
member) shall charge and collect for so doing not less than at the rate of
31, of 1% per annum upon the amount of such loan during the period it
shall remain in effect; except that when the rate of interest or discount
earned on the loan so made is less than 2%, the charge shall be 25% of the
amount of the interest or discount collected with a minimum charge of
24 of 1% per annum upon the amount of such loan." (New matter in
Italics.)
Regarding the change in the rate the New York "Journal
of Commerce" of Sept. 19 said:
The move was regarded in financial circles as being an effort both to increase employment of funds here from other cities and to avoid elimination
of out-of-town funds altogether. With call money at one-half of 1% outside the Stock Exchange, and the charge for making the loans the same
figure, there is no return to banks in other cities, and it was feared that the
funds would be withdrawn. The amount of out-of-town funds on loan here
is small, totaling approximately $92,000,000 at the present time.
The charges made for the employment of out-of-town funds have varied
considerably. In 1929 the rate was 5% of the interest received, call rates
then being high. In 1928 a change was made to charge out-of-town banks
and bankers 5% of the interest, while other loans were charged one-half of
1% of the loan. The two types of loans were later consolidated, and still
later other loans were abolished.
Decrease of $44,247,352 in Outstanding Bankers' Acceptances—Heavy
Reduction in Warehouse
Credits Held Largely Responsible—Aug. 31 Total
$694,011,611.
Following a sharp increase in the volume of bankers
cceptances during July, the total fell off unexpectedly
during the month of August as shown by the survey of the
American Acceptance Council as of Aug. 31 made public
Sept. 18. The volume of all outstanding acceptances was
reduced $44,247,352 bringing the present outstanding volume
to $694,011,611 Robert H. Bean, Executive Secretary of the
American Acceptance Council in stating this in his Monthly
Survey, goes on to say:
p
Notwithstanding this unexpected mid-summer reduction the total
remains $12.545,804 In excess of the volume outstanding at the end of
August 1932.
A major part of the current reduction was in the type of bills used to
finance goods in domestic warehouses which went off $24.512,243. Other
substantial reductions were in bills drawn to finance goods stored in or
shipped between foreign countries which went off $13.293.228, bills for the
purpose of financing exports which went off 38,014.610, bills drawn for the
purpose of creating dollar exchange which declined $5,622.397 and bills
drawn for the purpose of financing domestic shipments which were off
$1,300,157.
The single advance in volume for the month was in import credits which
increased $8,495,283. With the exception of domestic credit acceptances,
dollar exchange acceptances and those based on goods stored in or shipped
between foreign countries, the classification totals are substantially above
those of a year ago.
0 The sharp drop in the volume of warehouse credits, particularly, is very
largely due to a shift In the type of borrowing rather than to the liquidation
of outstanding credits.
With the present extremely low rate for commercial paper borrowing,
important firms are finding it to their advantage to use the commercial
paper market rather than to make use of their acceptance lines at the
banks. The cost of acceptance financing to-day does not compare favorably
with the rate for which high class borrowers may obtain their funds through
Sept. 23 1933
the commercial paper market which just now is feeling the Improvement
in volume as well as In the high character of paper which they are able to
secure. Acceptance financing costs should be,considering all of the factors of
safety and liquidity, lower than any other form of borrowing and this has
been the case through many years experience in both bill and commercial
paper markets.
Reports received through the Council survey reflect substantial changes
In the portfolio of bills held by accepting banks. On July 31 all accepting
banks were holding a total of $552.148,090 of their own and others bills.
On Aug. 31, these same banks' holdings had dropped $52.703.696 leaving
them with approximately $500,000.000. composed of $253,000,000 of their
own bills and $247.000.000 of others bills which they have purchased.
There has been a great scarcity of bills for the past several weeks and
dealers portfolios have remained at lower levels than for many years.
Detailed statistics by Mr. Bean follow:
TOTAL OF BANKERS DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
Aug. 31 1933.
July 311933.
Aug. 31 1932.
143,699,891
556,882,245
12,388,842
2,166,377
816,071
5,494,569
40,128,533
2,451,161
6,392,795
950,000
2,696,267
19,944,860
Federal Reserve District.
147,608,999
593,524,712
12,990,651
1,998,186
955,566
5,109,676
43,036.776
2,971,317
6,575,548
1,250,000
2,387,465
19,850,067
$41,728,586
546.051.620
11.191.101
10,330,556
1,418.546
5,447,886
40,727,952
1,343,035
1,662,487
1,200,000
998,154
19,365,894
1
2
3
4
5
6
7
8
9
10
11
12
$694,011,611
1738,258,963
Grand total
Decrease for month $44,247,352 Increase for year $12,545,804.
$681,465,807
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
Aug. 31 1933.
July 31 1933.
Aug.31 1932.
$94,863,184
160,106,052
14,278,916
215.001,738
4,049,317
$86,367,901
168,120,662
15,579,073
239,513,981
9.671.714
$75,951,428
151,713,482
16.880.362
175,160,333
11,286,946
gns 712.404
219.005.632
250.473.256
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
hatarwan tnrelon onlIntrlaa
CURRENT MARKET QUOTATIONS ON PRIME BANKERS'ACCEPTANCES
SEPT. 18 1933.
Days—
30
60
90
Dealers'
Dealers'
Buying Rate. Selling Rate.
14
+14
3a.
u
Days—
120
150
180
Dealers'
Dealers'
Buying Rate Selling Rate
%
%
ii
35
U
%
Volume of Commercial Paper Outstanding as Reported
to Federal Reserve Bank of New York $107,400,000
on Aug. 31, as Compared with $96,900,000 July 31.
The following announcement was issued by the New York
Federal Reserve Bank under date of Sept. 20:
lo Reports received by this Bank from commercial paper dealers show a
total of $107,400,000 of open market commercial paper outstanding on
Aug. 31 1933.
Below we furnish a record of the figures since they were
first reported by the Bank on Oct. 31 1931:
1933—
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar.31
Feb. 28
Jan. 31
1107,400.000
96,900,000
72,700,000
60,100.000
64,000.000
71,900,000
84.200,000
84,600,000
1932—
Dec. 31
Nov.30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
181,100.000
109,500,000
113,200.000
110.100,000
108.100.000
100.400.000
103,300,000
111,100.000
1932—
Apr. 30
Mar.31
Feb. 29
Jan. 31
1931—
Dec. 31
Nov.30
Oct. 31
1107.800,000
105,808,000
102,818,000
107,902,000
$117,714,784
173.684.384
210,000.000
Obligations ot Domestic Obligations Maturing in First
Half of Current Year Total $575,000,000 According
to R. H. Van Deusen of Stone & Webster—Public
Offerings in Same Period $160,000,000.
Obligations of domestic corporations maturing in the first
half of the current year totaled approximately $575,000,000,
yet during this period less than $160,000,000 of refunding
securities were offered to the public, according to an article
by R. H. Van Deusen, President of Stone & Webster & Blodget, Inc., appearing in the current issue of the "Stone and
Webster Bulletin." An analysis presented by Mr. Van Deusen. and comprising the issues of $1,000,000 or over, which
accounted for 73% of the total volume of maturities, shows
how these maturities have been handled. Public utility companies paid off in cash 57.9% of their maturing obligations,
extended or exchanged 21.3%, and defaulted.on only 20.8%.
Cash payments by industrial concerns during this period
were 27.2%, while 38% of maturing obligations were exchanged or extended and 34.8% were defaulted. In the case
of the railroads, 46.3% of maturing obligations were paid in
cash, 28.6% were extended or exchanged and 25.1% defaulted. Mr. Van Deusen says:
The utilities made the best showing in maintaining their credit, having
met a larger proportion of their total maturities and having defaulted on a
substantially smaller proportion than the other groups. They did so while
denied recourse to the Reconstruction Finance Corporation, which supplied
over three-quarters of the funds used for making payment of the railroad
maturities examined. Thew Reconstruction Finance Corporation funds also
were an important factor in the extension and exchange plans which the
railroads worked out with the holders of maturing issues, as in many cases
the holders accepted cash and securities, usually in the ratio of half-and-half.
Volume
137
Financial Chronicle
Refunding operations, to some extent carried out late in 1932, provided
the greater part of the funds which were used in making payment of utility
maturities but provided an almost negligible amount for the railroads and
industrials. Security issues of domestic corporations maturing in the second
half of 1933 total over $250,000,000. The changed psychology, the Securities Bill, the entire New Deal, give added interest to observing the progress
being made and the methods being used in meeting these obligations.
Other articles appearing in the current issue of the "Stone
& Webster Bulletin" include "Which Business Will Survive?", by J. R. Lotz; "Styling Light," by Davis M. DeBard,
and "Artificial Ice in India and in the United States."
Inquiry into Formation of Corporation of Foreign
Security Holders Undertaken by Federation of
Foreign Trade Associations—Settlement of Foreign
Bond Defaults Held Necessary to Restore United
States Foreign Trade—$100,000,000 a Year Estimated Lost to American Foreign Bondholders—
Government Action Under Securities Act Sought.
It was made known on Sept. 19 that the Federation of
Foreign Trade Associations is conducting an active inquiry
Into the proposed formation of a Corporation of Foreign
Security Holders with a view to considering what relief can
be given to the 500,000 citizens of the United States estimated
to hold foreign bonds on which defaults of approximately
$100,000.000 a year are now being shared by about half of
these holders. The Federation comprises foreign trade
groups or export branches of Chambers of Commerce in many
of the principal cities of the United States.
The Federation has reported to its members that there are
foreign bonds outstanding in the United States at present
to the extent of about $7,000,000,009 of which the amount
estimated to be in some form of default is something in excess of $1,500,000,000, and that up to the present time there
has been no effective protective agency authorized or qualified to take care of the interests of the bondholders in any
negotiations with the debtor countries to bring about the resumption of payments or to arrange necessary compromises.
The situation has been steadily growing more difficult, the
report continues, as remittances of interest have in some
cases been unnecessarily withheld and the market price of
the b nds thus artificially depressed with the result that
many bonds have been repurchased at the sacrifice prices
now prevailing, to the prejudice of the holders of the bonds.
It is further stated by the Federation:
This matter has a direct relationship to our foreign trade, and American
foreign traders went on record at their last National Foreign Trade Convention at Pittsburgh with a strong recommendation to the effect that the
interests of American bondholders should be protected by just such a foreign
bondholders organization as is provided for in the present Securities Law.
The foreign traders also recommended at that time that permanent co-operation should be assured to the protection of our bondholders by co-operation
of practical foreign traders as well as bankers and government departments,
and concluded that this co-operation is essential to the resumption on a sound
basis of American investment in foreign securities.
Since that time numerous bondholders organizations, including the Latin
American Bondholders Association, have operated for the benefit of the
public, but no generally representative organization has as yet been set up
for this purpose. It is believed by foreign traders that the Administration
should act with reasonable promptness in setting up the organization provided for under the Securities Act as the only means now possible by which
united action and effective co-operation of all interests can set to work to
clear up the contusion surrounding our foreign investment situation.
Almost half of the bonds now in default have been issued by national
governments and almost three-quarters have been issued by either State,
municipal or provincial governments, the defaulted bonds having been
divided into the following groups:
National Governments
Provincial Governments
Municipal Governments
Banks
insitutions and corporations
8658.881.500
275.703,300
108,222.400
121,560.000
238.321,400
In addition to the foregoing it is understood that there is between 100
and 200 million dollars of bonds in some degree of technical default. In
the case of defaults or even of threatened defaults of domestic issues in the
United States, the legal machinery available, the method of its use and the
means of enforcing the rights of the bondholders are well known and methods
of procedure well established. In the case of foreign bonds, however, no
adequate machinery is available, methods of procedure are indefinite and
practice and precedent not established. It is but natural, therefore, that
in establishing methods of procedure our own experience, which dated from
not much more than ten years ago and under which most of the issues now
in default were made between 1924 and 1929, is not sufficient to cope with
the problem and we must turn to Great Britain and some of the other
European countries to profit from the practices which have stood the test
of their much longer experience.
These nations generally follow the practice of Great Britain, and the
model of all their arrangements, which with some modifications is entirely
suitable to our problem, is the British Council of Foreign Bondholders. This
organization, dating from 1868, is governed by a Council of 21 members, of
whom six are nominated by the British Bankers Association and six by the
London Chamber of Commerce, with nine members nominated by the other
12. It enjoys the confidence of the British investing public as well as of
the issuing houses, and has been an indispensable guardian of public interests in Great Britain which has protected the British position throughout
the financial world.
The American plan, set up in the Securities Act, provides for six directors
including the Chairman and Vice-Chairman and depends, therefore, very
2197
greatly upon the high personal standing and disinterestedness of the directors
to be appointed.
Foreign traders throughout the United States are not only keenly interested in having the Administration initiate this protection of our foreign
bondholders as soon as possible, by appointing these directors, but in their
own interest realize that providing the means for settling bondholders'
difficulties in defaulting countries at the same time stimulates the growth
of our foreign trade by reducing the effect of one of the most persistent
barriers to world trade.
American foreign traders have seen the good effects in Brazil following
the removal of the dead weight of blocked foreign balances by the agreement for the payment of the larger balances in six years and of the muffler
balances in cash in ninety days. Our exports to Brazil in the month of
July immediately following this agreement clearing away $14.000.000 of
blocked balances, increased by 31% over July 1932, affording definite evidence of what will happen when we can also secure an equitable settlement
of the problem of defaulted foreign bonds.
Return to Eastern Standard Time at 2 A.M., Sunday
(Sept. 24)—Announcements by New York and
Chicago Federal Reserve Banks,
The New York Federal Reserve Bank issued the following
announcement on Sept. 19 with regard to the return to Eastern Standard time at 2 a.m. to-morrow (Sunday) Sept. 24,
when clocks will be turned back one hour:
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 1283, Sept. 19 1933—Superseding Circular No. 12131
Return to Standard Time.
To all Banks and Trust Companies in the Second
Federal Reserve District and Others Concerned:
The period during which so-called Daylight Saving Time is effective in
the City of New York and the City of Buffalo will end at 2 a.m. Sunday,
Sept. 24 1933. Thereafter this Bank, including its Buffalo Branch, will
operate on Eastern Standard Time.
GEORGE L. HARRISON.
Governor.
The following notice was issued by the Federal Reserve
Bank of Chicago on Sept. 18:
Effective Sept. 24, Chicago Banks, in compliance with the Daylight
Saving Ordinance, will turn their clocks back one hour, reverting to Central
Standard Time.
There will be no change in banking hours, which are from 9 a.m. to
2 p.m. daily except Saturday, when they are from 9 a.m. to 12 m.
Daylight saving time has been in effect since April 30;
an item bearing on the same was given in our issue of April
22, page 2707.
-Day Treasury Bills to the Amount
New Offering of 91
of $75,000,000 or Thereabouts—To Be Dated
Sept. 27 1933.
Acting Secretary of the Treasury Hewes announced on
Sept. 20 a new offering of $75,000,000 or thereabouts of
91-day Treasury bills to which tenders will be rec.eived at
the Federal Reserve Banks or the branches thereof, up to
2 p. m. Eastern Standard Time Monday, Sept. 25. Tenders
will not be received at the Treasury Department, Washington. The bills, which will be sold on a discount basis
to the highest bidders, will be dated Sept. 27 and will
mature Dec. 27 1933. On the maturity date the face amount
will be payable without interest. The bills will be used
to meet an issue of $75,697,000 maturing on Sept. 27,
Acting Secretary Hews' announcement follows in part:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of 81,000, $10.000, $100,000, 8500.000, and 81,000.000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places. e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Sept. 25 1933,
all tenders received at the Federal Reserve Banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be final. Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on Sept. 27 1933.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt,from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction.
or otherwise recognized, for the purposes of any tax now or hereafter
Imposed by the United States or any of its possessions.
Bids Totaling $256,720,000 Received to Offering of
$100,000,000 or Thereabouts of 91-Day Treasury
Bills—$100,015,000 Accepted to Issue Dated Sept. 20
—Average Rate Slightly Under 0.11%,
Acting Secretary of the Treasury Hewes announced on
Sept. 18 that tenders of $256,720,000 have been received
to the offering of $100,000,000 or thereabouts of 91-day
2198
Financial Chronicle
Treasury bills dated Sept. 20 and that $100,015,000 have
been accepted. The bills were sold at the Federal Reserve
banks and the branches thereof up to 2 p. m. Eastern Stand- rd Time Sept. 18. The bills were sold at an average rate
i
slightly below 0.11% per annum on a bank discount basis.
This compares with previous rates of 0.12% (bills dated
Sept. 6), 0.14% (bills dated Aug. 30), and 0.22% (bills
dated Aug. 23). The average price of the bills to be issued
is 99.973. Except for one bid of $5,000 at 99.990, the
accepted bids ranged in price from 99.980, equivalent to
a rate of about 0.08% per annum, to 99.971, equivalent
to a rate slightly over 0.11% per annum, on a bank discount
basis. Only part of the amount bid for at the latter price
was accepted. A reference to the offering was given in
our issue of Sept. 16, page 2030.
Subscriptions to Offering of 3i 7 United States Treas(0
ury Certificates of Indebtedness Allotted in Full—
Totaled $174,905,500—$139,978,000 in New York
Federal Reserve District.
The subscriptions to the Treasury's Sept. 15 financing,
issued in the form of ),4% Treasury certificates of indebtedness of Series TJ-1934 in exchange for Treasury certificates
of indebtedness of Series TS-1933(which matured on Sept. 15)
have been alloted in full, Secretary of the Treasury William H.
Woodin announced on Sept. 15. The subscriptions and
allotments totaled $174,905,500, of which $139,978,000 were
from the New York Federal Reserve District. The certificates maturing Sept. 15 totaled approximately $220,000,000. The offering was referred to in our issue of Sept. 9,
page 1858, and Sept. 16, page 2030. Total subscriptions
and allotments were divided among the 12 Federal Reserve
districts as follows:
Federal Reserve District.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Total Subscriptions Received
and Allotted.
$1,908,500
139,978,000
396.000
725.000
5.000
149.000
28.927.500
357,000
550.000
148,000
13.500
1.748.000
$174,905,500
Meeting 'n Wash'ngton of Federal Advisory Council
With Federal Reserve Board—W. W. Smith,
President of Council, Says Banks Are Criticized
Unfairly on Loan Policy—Opposed to Loans on
Co lateral Not Eligible For Rediscount—Easy
Credit Resisted as Inflation Demands Increase.
Incident to the meeting this week of the Federal Advisory
Council with the Federal Reserve Board, it was stated on
Sept. 19 by the Washington correspondent of the New York
"Herald Tribune" that the orthodox bankers' resistance to
pressure for more liberal lending policies was carried directly
to the Treasury on that day with the issuance of a statement
there by Walter W.Smith, President of the Federal Advisory
Council, discouraging "loans that either cannot be collected
within a reasonable time or are not eligible for rediscount at
Federal Reserve Banks." The advices in the paper from
which we quote went on to say:
The statement was issued soon after the close of a meeting of the Advisory Council with the Federal Reserve Board in which apparently there
had been no open clash of the opposing schools of thought represented.
Administration officials were taken by surprise and construed the statement as advising bankers not to make some loans permissible under the
Reconstruction Finance Corporation's credit expansion policy announced
last week.
Effect on Credit Plan Feared.
This interpretation arose from the fact that the Reconstruction Finance
Corporation in proposing to make 3% loans to banks for reloaning to
Industry to meet expanded needs under NRA codes, had declared acceptable such collateral as liens on plant and equpiment, which are not
eligible at present for rediscount at Reserve Banks.
The effect of such an attitude by the banking community, officials felt.
would be to retard the billion-dollar credit inflation program of the Administration. Since the Administration Is committed to raising commodity
prices, either through credit inflation or currency inflation, a further effect
foreseen by some Administration observers will be to increase the pressure for currency inflation.
0 The Federal Advisory Council is a group of 12 men representing the
Banks of each of the Federal Reserve Districts in an advisory capacity.
The pressure for currency inflation appeared to be increasing apace and
pushing the Roosevelt Administration toward the crossroads where a decision must be made whether to turn toward currency inflation or to rely
upon the stimulating effects of the NRA program and some inflation of
credit to overcome the depression.
Council Divided on Inflation.
Even the Federal Advisory Council heard frank inflation talk among
some of its members. It developed that in a four-and-one-half-hour meeting_of the Council yesterday there were members who felt that if President
Sept. 23 1933
Roosevelt does come to currency inflation he might best issue some of the
$3.000.000,000 greenbacks which Congress left to his discretion to pay
off depositors in closed banks.
There is a difference of opinion whether this could be brought about
through the President's discretionary authority, by Reconstruction Finance
Corporation advances to receivers or otherwise. It would bring only partial
relief in any event,since the amount tied up in closed banks is far in excess
of the $3,000,000.000. Senator Elmer Thomas, Democrat, of Oklahoma.
is among those who contend "it can't be done."
March of Inflationists Urged.
The direct inflationists continued,as heretofore,in diverse directions, with
Senator Thomas heading a movement to organize a spectacular march of
farm inflationists upon Washington to try to force the President's hand to
currency inflation before Congress convenes, while Senator Key Pittman.
Democrat, of Nevada, went to the White House to urge inflation by the
use of the President's silver powers.
Senator Pittman would have the President use his powers to bring
about an increase from 41 cents to $1.29 in the price of newly mined silver
by permitting miners to take silver to the mints, have it coined at a
small service charge, and receive back the cartwheels, halves, quarters
and dimes.
Since silver coins are heavily debased, this would amount to the suggested increase in price and, in the judgment of Senator Pittman, would
add some $33,000,000 to the money in circulation and carry recovery into
the mining regions.
Cotton Men Present Demands.
While the President and Senator Pittman were conferring at the White
House, the inflationist sentiment represented by the Cotton States Convention was fanned into stronger flame. Led by Senator Ellison 1). Smith
of South Carolina, and Senator Thomas, both Democrats, the delegates
called at the White House and left a copy of resolutions calling for inflation
and 20-cent cotton.
President Roosevelt,still confined to the Executive Mansion with a slight
cold, did not see the delegation, which then got into 20-cent taxis and
rode to the Department of Agriculture to lay their case before Henry A.
Wallace, Secretary of Agriculture.
Secretary Wallace shook hands affably and, saying he had an engagement,turned the delegates over to George N.Peek, Agricultural Adjustment
Administrator. They made no greater progress there than contained in
an observation of Mr. Peek that it would be fine if the delegates named a
committee to "sit in with us and show us the provisions of the agricultural
adjustment act you think will give you the things you're after."
Roosevelt Cold to Inflation.
Being "sidetracked" by Secretary Wallace did not please the delegates.
several of whom accused him of "running out" on them. They adjourned
to the Hamilton Hotel, where they discussed the feasibility of naming a permanent committee to remain in Washington until they got what they
considered a proper hearing. One group was for staying until the President
had recovered sufficiently to see them.
President Roosevelt was regarded as displaying marked coolness toward
attempts to rush his Administration into a new monetary policy.
The threatened march on Washington to demand inflation was proposed
by Senator Thomas as a "national farm inflation conference" to embrace
war veterans and industrial representatives as well as agriculturists. It
might be ordered within a fortnight, it was indicated, if the Administration
did not move toward direct inflation.
The President, Senator Pittman said, was greatly encouraged by the
general economic situation and was standing firm on his policy of promoting a gradual increase in commodity prices while working to bring back
into the business stream $4,000.000,000 deposited in unopened busks and
hoarded in vaults in the nation.
Mr. Smith's Statement.
The attitude of the Federal Advisory Council was considered the most
significant development of a day marked by inflation discussions In many
quarters. The statement of Mr. Smith, which did not indicate whether he
spoke merely for himself or for the council, was issued on Federal Advisor)
,
Council letterheads and through the regular Federal Reserve Board publicity channels without the knowledge of Federal Reserve Board officials.
It said:
Walter W. Smith, President of the First National Bank in St. Louis.
who is also President of the Federal Advisory Council, gave out to-day
the following statement:
"Banks are being unfairly and widely critized on the presumption that
they are refusing to make loans. Banks can only make expenses and
profits by lending money and most banks have a substantial amount of
unused funds. It should be remembered that the money to be loaned is
the property of depositors. However, banks must be in a position to meet
the demands of their depositors from time to time. Therefore, they should
not make loans that either cannot be collected within a reasonable time or
are not eligible for rediscount at Federal Reserve Banks."
To members of the Federal Reserve Board who had attended the joint
meeting of the Board and its Advisory Council, the statement appeared to
be news. Presumably it was the result of a short meeting of the Advisory
Council alone after the general meeting had adjourned. Governor Eugene
Black of the Federal Reserve Board had said following the earlier meeting
that he had the impression the bankers were ready and anxious to make
loans as liberally as possible. He knew nothing of the Smith statement
until it had been distributed to the press—through the regular publicity
channels of the Reserve Board,
Mr. Smith's declaration took on unusual importance because of the impossibility of harmonizing it with the Administration program of credit
expansion as recently enunciated by Jesse Jones, Chairman of the RFC.
The plan Mr. Jones announced would, in effect, put the RFC into competition with the Federal Reserve Banks as a re-discount agency. Mr
Smith's recommendation that banks should not make loans not eligible for
rediscount with Reserve Banks amounted to advice not to make loans
permissible under the RFC program at least to the extent that the RFC
has indicated a willingness to accept as certain kinds of collateral not now
eligible for rediscount at Reserve Banks.
The Federal Advisory Council members are regarded in this instance as
reflecting the orthodox banker's viewpoint, as set forth in a report to the
recent conventions of the American Bankers' Association in Chicago by
its Economic Policy Commission, of which Colonel Leonard P. Ayres is
Chairman.
In that report, the Commission "viewed with apprehension the propaganda now being featured in the public press which brings pressure on the
banks to adopt ultra-liberal lending policies in support of the lending campaign now under way."
"The objectives of the recovery campaign justify all the support that
banks can rightfully give, but they justify it just so long as that supPort involves good banking and does not jeopardize the funds of depositors," the report stated.
The statement to-day by Mr.Smith,it was noted,followed the same line.
It sent Administration leaders into conference to see what reply, if any,
Voluraa 137
Financial Chronicle
should be made. It was regarded as another challenge by the orthodox
bankers to the Administration's credit expansion policy, the more significant
in that it was made in the Treasury building itself and "directly under the
guns" of the Administration.
Coal Code Turning Point.
Members of the advisory council are:
District No. 1 (Boston), Thomas M. Steele.
District No. 2 (New York), Walter E. Frew.
District No. 3 (Philadelphia). Howard A. Loeb.
District No. 4 (Cleveland), H. 0. McEldowney.
District No. 5 (Richmond), Howard Bruce.
District No. 6 (Atlanta), John K. Ottley.
District No. 7 (Chicago), Melvin A. Traylor, Vice-President.
District No. 8 (St. Louis), Walter W. Smith, President.
District No. 9 (Minneapolis), Theodore WoId.
District No. 10 (Kansas City), W. T. Kemper.
District No. 11 (Dallas), Joseph H. Frost.
District No. 12 (San Francisco), Henry M. Robinson.
Walter Lichenstein. Secretary.
Still offering no commitments as to his course on inflation President
Roosevelt is pressing the economic drive of the NRA to restore the purchasing power of the nation, according to Senator Pittman, who conferred with the President at the White House for over two hours to-day.
The signing of the coal code was the turning point in the whole NRA
program, according to the President's belief, as described by Senator Pittman. Mr. Roosevelt sees in the coal code a great accomplishment and
feels that the whole NRA policy is trending toward a return of prosperity.
Senator Pittman indicated the President was standing pat on his determination to raise the commodity price level and he feels that if this were accomplished there would automatically be relief for the $40,000,000,000 in
bank deposits and extension of credit to effect the return to normal conditions.
As to the meeting of the Advisory Council a dispatch
Sept. 18 to the New York "Times" had the following to
say:
The Federal Advisory Council, composed of representatives of each of
the Federal Reserve Districts, met in its autumn session to-day to discuss the various economic problems before the Government at this time.
Eugene Black, Governor of the Reserve Board, said that the board
had received the suggestions of the council with much interest and welcomed the recommendations, but members of neither the board nor the
council would say what had been considered or what recommendations
had been made.
Serious consideration was said to have been given to the bank loan
policy of the Reconstruction Finance Corporation.
The Reconstruction Finance Corporation loan policy has aroused wide
duscussion in banking circles. Banks whose capital has become impaired
would be able to obtain loans through the subscription of preferred stock
by the Reconstruction Finance Corporation in order to become eligible
for entry into the deposit insurance fund.
From all Federal Reserve Districts came reports of generally improved
business conditions as a result of the prosperity drive. The picture painted
by members of the Council was the most encouraging since the depression
started in 1929.
The Council gave considerable attention to the probable financial legislation that will be presented to the next Congress and to the probable
results of the legislation insuring bank deposits.
Inflation and the gold content of the dollar were discussed. Credit
expansion and the NRA drive also were on the program.
The Council acts in an advisory capacity to the Federal Reserve Board.
On Sept. 19, when the Advisory Council adjourned,
newspaper accounts reported that it was stated by members
of the Council that the banking institutions were acting
favorably on 85% of the applications for loans presented
to them, and were ready and anxious to co-operate with the
Roosevelt Administration in the National recovery program.
Requirements Incident to Filing of Capital Stock
Returns Under NIRA—Bulletin Issued by New
York Society of Accountants.
Under date of Sept. 18, New York Society of Accountants
called attention to the fact that "within 10 days every
corporation must file a capital stock tax return or be subject
to substantial penalties."
This is a new tax under the NIRA. It has had very little publicity and
apparently many who are required to file returns for corporations of which
they are officers are completely uninformed about the matter.
A special bulletin on this matter has been prepared by the
Society, in which it says:
Under the Section 215 of the NIRA, corporations are required to file
with the Collector of Internal Revenue a "Return of Capital Stock Tax"
for the year ended June 30 1933. The time for filing this return has been
extended to Sept. 29 and no further extension can be granted. The tax
must be paid when the return is filed. Penalties are provided for failure
to file or to pay the tax.
The form for the return is No. 707 which can be had on application to
the Collector of Internal Revenue at the Custom House or uptown at the
Fisk Building. On the reverse of the blank are instructions which are
sufficient except for special cases such as claims for exemption for which
Instructions will be found in Regulations 64, which may also be obtained
at either office.
The return calls for a simple statement of capital stock and surplus
and a statement of "Original declared value for entire capital stock."
The tax is $1 for each full $1,000 of the declared value.
The present capital stock tax is essentially different from the capital
stock tax which was in effect some years ago. Under the old tax, the corporation had to substantiate its valuation of the capital stock according
to methods described in the return. Under the present law, "the corporation should determine the original declared value of its entire capital stock
according to its best judgment."
01 Section 216 of the same act provides for an excess profits tax of 5% of
of
such part of the net income of a corporation as is in excess of 12
the declared value. This excess profits tax is on business done in 1933 and
will be payable in March 1934.
Following is the method for calculating both taxes. Declared value,
$8,000; tax on capital stock is $8 payable on filing return on or before
2199
Sept. 29. Net income in 1933. $10.000 of which $1,000 (12 % of 88,000
declared value) is exempt from tax, leaving a balance of $9.000 taxable
at 5%. tax $450 payable in March 1934. Both the capital stock tax and
the excess profits tax are in addition to income tax.
New York City Banks Urged to Liberalize Credit
Standards—Grover A. Whalen, Chairman of City
NRA Committee, Declares Small Firms Cannot
Increase Employment Unless Aided—Warns Failure of Banks to Assist Will Justify Strong Action
in Washington.
Banks of New York City were urged to liberalize their
credit standards of recent years in order to assist small
merchants and manufacturers to increase employment,
in a statement issued on Sept. 15 by Grover A. Whalen,
Chairman of the City NRA Committee. Mr. Whalen
made public several complaints which he said showed that
many "little fellows" are struggling against difficult conditions in their efforts to finance larger payrolls. Mr.
Whalen said that he considered that apparent failure of
the banks to extend credit to NRA firms on a more liberal
basis would justify strong action in Washington. His statement was quoted, in part, as follows in the New York
"Herald Tribune" on Sept. 16:
Two results of an undue restriction on credit by the banking powers here,
Mr. Whalen said, were temporarily delaying the success of the NRA. One
effect of a merchant's inability to get sufficient credit is to force him to
pass on the increased costs of higher payrolls immediately to his customers
In the shape of increased prices. Another effect, he said, as evidenced by
letters sent to the NRA Committee, is that small manufacturers buying
orders sufficient to enable them to hire more people are prevented from
hiring them because they cannot get the initial working capital on which
to operate.
As an example of a business concern's complaint, Mr. Whalen made
public the following excerpt from one of the letters he has received:
"Now that our fall season has started, we find that we have more business
on hand this year than any other year before, and all the orders are from
concerns of the best standing in the market. We have suggested to our
bank that they send a representative to inspect the orders on file and then
to draw their own conclusions. Our bank claims that they are not interested in business on hand, but they follow our financial statement for the
previous year, which, as we have explained in the above paragrpahs,
showed a loss."
Mr. Whalen said similar letters came from businesses as dissimilar as a
hat manufacturing concern, a millinery house selling to large stores and
a marble-cutting establishment. He quoted a letter from a marble manufacturer, which said that he had contracts for $50,000 worth of marble
work—contracts in building construction.
The marble man was ready to proceed with this at once, he said, but had
been unable to get commercial credit. He asked the City NRA Committee
whether it would be possible for him to get from the Government a loan
of $6,000. If he got it, he said. "we would be in a position to employ.
at once. 15 to 20 workers in our factory, and, within two weeks' time. we
will be in a position to employ at least 10 additional men erecting the
marble on the building site."
The letter, Mr. Whalen said, showed what was the crux of a major
situation in the Recovery program. Most of the business of the country,
he said, as well as most of the business in New York City, is done by small
employers, rather than large ones, and these small employers, who have
been in the red during the depression in many cases and who now have
a chance to get profitable business, as evidenced by orders in their hands,
must be relied upon to re-employ the bulk of the jobless.
"The co-operation of the banks in this program of credit expansion is of
prime necessity," he said. "It is only fair that banks should review, and
even revise, their standards of the last two or three years on which credit
has been extended. It is fair to require a changed viewpoint among bankers
along these lines, as it is fair, also, to require consumers, millions of whom
are now signing consumers' pledge cards, to change their habits of buying
and to forego unfair bargains, purchased during the depression at so low
a cost in money, but purchased at so high a cost in human degradation."
Committee Formed by New York Clearing House to
Expand Credit Facilities for NRA Members—Group
of 14, Headed by Percy H. Johnson, Will Seek to
Ease Loans for Small Employers.
The New York Clearing House on Sept. 20 appointed a
committee of 14 members to study the credit situation and
to co-operate with the New York headquarters of the NRA
in expanding credit facilities for competent merchants who
have been unable to comply with provisions of industrial
codes because of their lack of credit. The Committee was
appointed at the request of Grover A. Whalen, Chairman
of the local NRA, and is headed by Percy H. Johnston,
President of the Chemical Bank & Trust Co. Mr. Johnson
said on Sept. 21 that lines of credit of Clearing House banks
were being used to the extent of only 10 to 24% and that
Clearing House banks had rejected only 10 to 12% of all
applications for loans. The members of the Committee,
in addition to Mr. Johnson, are:
Robert D. Scott; Vice-President, Chemical Bank & Trust Co.
Eugene M. Prentice; Vice-President, Guaranty Trust Co.
F. J. Leary; Vice-President, Central-Hanover Bank & Trust Co.
Thos. A. Reynolds; Vice-President, National City Bank.
Willis McDonald, III.; Assistant Treasurer, New York Trust Co.
M. Hadden Howell; Vice-President, Chase National Bank.
J. A. Milholland; Vice-President, Bank of the Manhattan Co.
Arthur W. McGrath; Credit Manager, First National Bank,
John J. Keenan; Group Loaning Officer, Irving Trust Co.
David V. Austin; Vice-President, Manufacturers Trust Co.
Arthur S. Boege; Assistant Treasurer, Bank of New York.
Louis A. Keidel; Vice-President, Bankers Trust Co.
John W. Ross; Vice-President, Corn Exchange Bank & Trust Co.
2200
Financial Chronicle
Tennessee Valley Authority Issues Schedule of Muscle
Shoals Power Rates—Maximum of Three Cents per
Kilowatt Hour Fixed as Consumer's Fee, with
Average Estimated at Two Cents—Statement on
Costs Is Challenged by Consultant Engineer in
New York.
The Tennessee Valley Authority on Sept. 14 announced
the schedule of rates for electric power from the Government
plant at Muscle Shoals. Under this listing, the rate for the
residence consumer would be three cents a kilowatt hour for
the first 50 kilowatt hours, and for subsequent larger blocks
the rate would decrease to two cents, one cent and four mills.
An average of about two cents per kilowatt hour was estimated for the "typical general consumer." It was said
that this rate was one of the lowest in the United States and
Is probably lower than that charged by any private plant in
this country. A comparison of the proposed rate and those
charged in several large cities was contained in the following Washington dispatch of Sept. 14 to the New York
"Times":
For small users, whose needs embrace a few electric lights, a coffee
percolator, an iron, a toaster, and other modest purposes, all averaged on
a fifty-kilowatt basis, the Muscle Shoals charge will be a flat $1.50 per
month as compared with $4.50 for the same service in New York City,
$2.94 in Chicago, $3.50 in Atlanta, $3.60 in Denver, $2.05 in St. Louis,
$4.57 in Knoxville, $1.95 in the District of Columbia and $2.58 in Alabama.
For domestic users requiring from 200 to 600 kilowatt hours the differences between Shoals rates and those of privately owned companies are
even more striking.
The Shoals charge based on 200 kilowatt hours is $4.50 for the month,
while in New York it is $10.85, in Chicago $7.44, in the District of Columbia $6.85, in Knoxville $9.06, in Alabama $5.90, in Denver $8.50 and in
St. Louis $5.80.
Asked how the rates compared with those of publicly owned plants in
Ontario, David E. Lilienthal, a director of the Tennessee Valley Authority,
said that the rates for small users on a 50-kilowatt hour basis were lower
than in Ontario. At 200, 400 and 600 kilowatt hours the Muscle Shoals
rate is a little higher. Over 1,000 kilowatts the Muscle Shoals rates are
lower than in Ontario.
He remarked that existing St. Louis rates, recently advertised as the
lowest in the country, were substantially higher than those fixed by the
Authority for domestic users.
Mr. Lilienthal said the rates covered all costs of furnishing service and
were based on a policy that "Muscle Shoals shall be entirely self-supporting
and 'bankable,' in other words, a business enterprise."
The text of the statement issued by the Tennessee Valley
Authority follows:
At the discretion of the Board of Directors of the Tennessee Valley
Authority, rates for electricity supplied from the publicly owned plant at
Muscle Shoals have been formulated after weeks of careful study of costa
and market factors.
Any municipality in the area we plan to serve initially, which owns its
distribution system, assuming half-time use, may secure wholesale power
from the Authority at an average cost to it of seven mills a kilowatt hour.
We propose our municipal wholesale customers charge the individual residence consumer in the towns and cities thus served a maximum gross rate
of three cents a kilowatt hour for the first block, and for subsequent blocks
two cents, one cent and four mills. For the typical general consumer this
is an average of about two cents a kilowatt hour and for the typical limited
user an average of about 2 4 cents. For the fully electrified home—which
is our objective—the rate would average seven mills per kilowatt hour.
The farm user, we propose, should pay the same rate for energy as the
town and city householder. These schedules, both for town and farm, carry
with them a requirement that the customer use a reasonable amount per
month as a maximum. These maximum requirements vary, both in urban
and farm territory, with the size of the cuitomer's meter. Farm users will
have a larger minimum requirement wherever the greater distance between
customer., result in increased costs of service.
•
These wholesale rates have been computed on a conservative basis to cover
all the coats of furnishing the service including operation, maintenance, depreciation and taxes. In addition to these costs, we have made provision
for interest and retirement, although such provision is not required by the
Tennessee Valley Authority Act. The power project is designed to be
strictly self-supporting and self-liquidating.
We believe that these low rates will mean that the people of the valley
will greatly increase their use of electricity, which is one of the objectives
of the President and Congress. If this occurs, even lower rates can be
planned for the future. The proposed rates to the householders and farmer
should be explained in more detail. Under the rate for domestic service it
is proposed that for the first 50 kilowatt hours which the householder uses
he shall pay three cents a kilowatt hour. These 50 kilowatt hours in the
ordinary small or medium size house would care for the lights and small
electrical appliances such as the flat iron, toaster, percolator, vacuum
sweeper, washing machine and similar small devices. For these 50 kilowatt
hours the user would pay $1.50.
If the consumer has an electric refrigerator and an electric range which
together consume 200 kilowatts, 150 of these kilowatt hours per month he
would get for two cents a month and the remaining 60 kilowatts at one
cent. If in addition to an electric refrigerator and range the customer had
an electric hot water heater this service he could secure partly for one cent
per kilowatt hour, and partly for four mills per kilowatt hour. All these
services the customer would receive for $6.70 a month.
Any other appliances which the customer installed, such as electrical
house heating or cooling, he could operate at four mills per kilowatt hour.
It is apparent that the rates proposed are designed to encourage and make
possible the widest use of electrical service with all the individual and
community benefits which go with such wide use.
Commenting on the proposed rates, Charles S. Reed, consultant engineer for the Real Estate Board of New York,
said on Sept. 15 that there is nothing revolutionary in the
plan to sell power wholesale at seven mills a kilowatt hour
Sept. 23 1933
to a customer with a 50% load factor. In New York, where
coal is relied upon, the cost at the switchboard is considerably less than one cent, he added. Mr. Reed's statement
continued:
Large municipal plants serving highly congested territory, such as Los
Angeles and Seattle, have costs within a mill or so of the seven mill figure,
yet they find it necessary to charge much higher rates than those suggested
for municipal plants in the Tennessee Valley Authority.
Mr. Lilienthal overlooks the taxes to be paid on the distributing systems,
which constitute the bulk of utility taxes. His estimate of an average sell.
Ing price of two cents per kilowatt hour is impossible if taxes are considered, for the taxes paid by utility companies in the South, as elsewhere, when
applied to residential service, are more than two cents per kilowatt hour.
This one item of cost will more than exceed his entire selling price.
Irwin H. Hoover, Chief Usher at White House, Dies at
62—President Roosevelt Attends Funeral Services
—Tributes from President and from ex-President
Hoover—Raymond Muir Named Successor.
Irwin H. (Ike) Hoover, chief usher at the White House,
died suddenly on Sept. 14 of a heart attack at his home in
Washington. He was 62 years old, and for more than 40
years had served constantly in the White House. President
Roosevelt attended the funeral services, which were held on
Sept. 16, and was accompanied by Mrs. Roosevelt. Associated Press advices from Washington, on Sept. 14, reported
that the President made the following remarks regarding
Mr. Hoover:
As a young man during the Administration of President Theodore Roosevelt it was my good fortune to know Ike Hoover.
It was Ike Hoover who met me at the door when I came into the White
House as my home. It was good to receive his welcome and during these
months to have his help and devotion in our official and family life. In
common with all others who knew him his passing is a tremendous personal
loss. All of our family are deeply distressed.
The nation, too, has lost a true and faithful public servant, who during
every Administration since that of President Harrison has given of his best
to his Government.
Former President Herbert Hoover, when informed of the
death of Irwin H. Hoover, issued the following statement at
his home in Palo Alto, Calif., on Sept. 15:
Ike Hoover served as the real steward of the White House for nearly 40
years with a faithfulness to each succeeding Administration that won him a
unique devotion of every President. His sincerity and loyalty has never
been exceeded by any Government official.
On Sept. 19 President Roosevelt appointed Raymond D.
Muir, of Boston, head usher at the White House, succeeding
the late Irwin Hoover. Mr. Muir had been first assistant to
Hoover and has been in Washington since the close of the
war, serving previously in the Veterans' Administration.
President Roosevelt-Directs Expenditure of $75,000,000
to Buy Food and Clothing for Unemployed—
Expects Government Purchases to Stimulate Commodity Prices—Program Will Supplement, and
Not Replace, Current Relief Efforts.
President Roosevelt on Sept. 21 directed the Agricultural
Adjustment Administration to purchase $75,000,000 worth
of surplus food and textile products for distribution through
the Emergency Relief Administration to the 3,500,000
families now on relief rolls throughout the country. The
President said that he regarded this program as "one of the
most direct blows at the economic paradox which has choked
farms with an abundance of farm products while many of
the unemployed have gone hungry." It was announced that
the distribution of such foodstuffs and staples as cotton,
beef and dairy products would supplement and not replace
current relief expenditures, and at the same time would
indirectly act to expand consuming outlets and thus raise
commodity prices. The statement issued at the White House
on Sept. 21 read as follows:
The President to-day announced a program to help correct one of the
most flagrant maladjustments of American economic well-being. Through
his action much of the oversupply of important foodstuffs and staples will
be placed in the hands of the destitute unemployed who are living on the
short shrift of public unemployment relief.
Following conferences with Secretary of Agriculture Henry A. Wallace,
George N. Peek, Agricultural Adjustment Administrator, and Harry L.
Hopkins,Federal Emergency Relief Administrator, the President announced
that the Agricultural Adjustment Administration is preparing to make
further purchases of surpluses for distribution by the Federal Relief Administration to the unemployed in the various States.
The announcement followed the recent allocation by Mr. Hopkins of
100,000,000 pounds of cured pork which had been proassed recently from
millions of hogs purchased from surpluses by the Agricultural Adjustment
Administration, The meat will go to the various State relief administrations for distribution to the unemployed on their relief rolls.
Additional products under consideration for similar handling include,
among others, beef, dairy and poultry products and products of cotton and
cotton seed.
There are approximately 3,500,000 families now on relief rolls throughout the country. It is known that even with recent improvements in
relief administration resulting in higher standards of relief, the amounts of
food and clothing given the destitute are still inadequate. On the other
hand, in large part because these millions of potential consumers are not
able to purchase a normal amount of commodities, huge surpluses of basic
food products are glutting the markets and making their production unprofitable to farmers.
Volume 137
Financial Chronicle
suppleBy using funds of the Agricultural Adjustment Administration,
mented by those of the Federal Emergency Relief Administration and the
for distribunation-wide network of State and local relief administrations
will
tion, a real effort to bridge the gap between supplies and consumption
be made. In this way two major objectives of the recovery program will
be promoted—feeding and clothing the unemployed more adequately and
hastening the agricultural recovery.
It was emphasized that the commodities given the unemployed will be
in addition to amounts they are now receiving, wherever they are now
inadequate, for the purpose of giving them reasonable standards of sustenance. They will add to and not replace items of relief already provided.
In removing the surpluses from the market, carefully applied safeguards
will forestall any disturbance of the regular channels of production, processing and distribution.
The President said he considered the program arranged between the
Agricultural Adjustment Administration and the Federal Emergency
Relief Administration one of the most direct blows at the economic paradox
which has choked farms with an abundance of farm products while many
of the unemployed have gone hungry. He has directed the departments
concerned to expedite in every possible way their combined attack on the
food-surplus and hunger problems.
While this joint effort is being made to increase domestic consumption
of surplus farm products. the Agricultural Adjustment Administration
will intensify its program of preventing accumulation of farm surpluses
so great that they cannot be consumed, but result only in ruinous prices
urban
to farmers, destroying purchasing power and aggravating rural and
distress.
Yesterday (Sept 22) the President conferred regarding the
plan with Secretary of Agriculture Wallace and Lewis
Douglas, Director of the Budget, and a special Committee
was appointed to supervise the execution of the project.
Secretary Wallace selected Chester Davis and L. H. Bean
of his Department to co-operate with a representative from
the Emergency Relief Administration. It was also announced
yesterday that the President had ordered that the purchasing
program be placed in operation within 30 days.
Wilson McCarthy Resigns as Director of RFC—Will
Leave Oct. 1 to Practice Law—Was Head of Livestock and Agricultural Div sion.
Wilson McCarthy, who has been in charge of the livestock
and agriculture division of the RFC and who has supervi ed all its Far Western matter , resigned as a director of
the RFC on Sept. 13. Mr. McCarthy, one of the original
members of the Board of the RFC, will leave on Oct. 1 to
practice law in Oakland, Calif. He was a res dent of Salt
Lake City whon he was appointed by former President
Hoover.
Offices Opened in Drouth and Storm-Stricken
Areas by Farm Credit Administration----Will Aid
Two
Farmers.
The Farm Credit Administration has opened two offices
in drouth and storm-stricken areas to see what can be done
legally to aid farmers in those localities, and in the very near
futuie will open two moie offices, Governor Henry Morgenthan, Jr., announced Sept. 17. These areas are in Florida,
the lower Rio Grande Valley of Texas, the Panhandle and
adjacent areas of Oklahoma and Texas, and central and
southern South Dakota. The announcement continued:
Harry L. Hopkins. Federal Emergency Relief Administrator, will also
be represented in these offices. It is contemplated that where loans
cannot be made through Regions. Agricultural Credit Corporations the
Federal Land Banks or the Land Bank Commissioner, the Emergency
Relief Administration will survey what steps It can take in the locality.
This program for extending aid to drouth and storm-stricken areas
was worked out at conferences between Mr. Hopkins and officials of the
Farm Credit Administration.
Offices of the Regional Agricultural Credit Corporations of the Farm
Credit Administration will first see if farmers have security for loans from
these Corporations. If they have not, a representative of the Land Bank
Commissioner will study each borrowers case to see if he has any nroperty
or other collateral which could form the basis for a long-term farm a. rtgage
loan. If there Is no security for either kind of loan, then the case will
be passed on to a representative of the Emergency Relief Administration
for whatever action that office may take.
Offices are now in existence at Orlando, Fla.. and San Benito Tex.
The former will provide for the storm area of Florida, while the latter
will serve the lower Rio Grande Valley district. A new office will be
opened at Pierre, S. flak., for the drouth area of central and southern
South Dakota, while another will be opened at Dalhart Tex for the
Panhandle area of Texas and Oklahoma, and adjacent territory afflicted.
NRA Boards of Compliance Instructed to Avoid "Inquisition" or "Compulsion" Methods—General
Johnson Suggests Attitude of Friendly Aid—Disclaims Policy of "Iron Fist."
General Hugh S. Johnson, Recovery Administrator, has
instructed all local NRA compliance boards to maintain a
lenient and courteous attitude toward employers who have
signed the President's re-employment agreement, and has
reminded them that they are not to be "councils of inquisition
or compulsion." General Johnson, in his memorandum
made public Sept. 17, indicated that most violations will arise
from misunderstandings easily cleared up by explanations.
He disclaimed the policy of the "iron fist," and said that
hearings would not be used to "pry into a man's business."
In his introduction to the regulations he said:
2201
The following regulations are issued as a guide to all local NRA compliance boards in the handling of complaints of non-compliance, petitions
for exceptions and petitions to operate under union contracts.
The members of these boards are volunteering their services in order to
help the President in securing 100% compliance with the President's reemployment agreement.
These boards are not councils of inquisition or compulsion. Their
function Is primarily to be of service to all employers who have signed the
President's agreement by keeping them informed of the meaning of the
agreement and the individual employers' obligations under it. They
should be ready and willing to aid all employers who come to them for
Information,
k‘ They should make themselves known in their community as widely
as possible so that all may know that the local NRA compliance board is
the local authority on the President's re-employment agreement program.
They should give out authoritative information through every agency
open to them. The job of these boards is to secure compliance. In almost
:
al cases
tl em. this can be done by letting the employers know what is expected of
If an employer wilfully persists in non-compliance with the agreement,
after being fully informed of his obligations, he is no longer entitled to the
Blue Eagle and the Federal Government will take it away.
The conduct of the board toward an employer is summed
up in Paragraph 6-B, of Section 1, as follows:
Although the employer may be represented by counsel, if he so desires,
there is no necessity for this. The employer may not be forced to answer
questions. In fact, it should not be found necessary to ask any questions
except as an aid to the emplo er in making his voluntary statement. No
questions should be asked except those strictly necessary to determine
whether or not the employer is complying.
This hearing should not be taken advantage of as an opportunity to pry
Into a man's business. The board has no power to compel the attendance or
examination of witnesses, or to compel a submission of books or other
papers to the board. If the employer takes the position of"standing on his
constitutional rights" or -refusing to answer questions because they might
tend to incriminate him," it should bee •:plained to him by the legal member
that the President's re-employment agreement is not a statute to be enforced by law, but a voluntary individual covenant.
It should be assumed that if the employer is acting within the spirit of
the agreement, he will be ready and willing to come forward with a frank
statement of his position in order to clear up any misunderstanding. However. It should be e cplained further, that a refusal to answer a question
will be considered contrary to the spirit of the agreement if the answer to
the question would determine whether or not the employer is complying.
Such a refusal should be noted by the board in making its report to NRA.
-
Secretary of Agriculture Wallace on Supply and
Demand, Political Pressure and the Long Look
Ahead—Decries Inflation Cure-all.
Farm price-fixing schemes eventually must fail and inflation would be powerless to help the agricultural situation
unless the law of supply and demand wers complied with,
Secretary Wallace declared in an address in Chicago on Sept.
20. Surplus production is the root of the evil, he said, appealing for its control as vital to the future of farming in
America, said a Chicago dispatch to the New York "Times."
Inflation is not a cure-all, and wh3n it ends "we will again
discover that our problem is one of achieving balance," he
emphasized.
His remarks were addressed to the national convention •
of the Grain and Feed Dealers National Association in the
Congress Hotel. In the "Times" dispatch it was noted:
Secretary Wallace said that to avoid a "sad end" the following forces
must be met.
"First, America is a creditor nation to the tune of$1,000.000.000 annually,
but, as a nation, she has a debtor psychology.
"Second, the American people, Democrats and Republicans alike, are
still essentially high tariff in their attitude. Reciprocal tariff agreements
may be negotiated, but the inerease in foreign purchasing power resulting
thereby will not be a indent to enable foreign countries to pay a satisfactory price for our mrplus wheat and cotton unless the attitude of the
American people and American Congressmen changes very radically.
"Third, the American people are disillusioned about lending money
abroad, and it will nod Meek to float foreign loans in their present temper.
The address of 1. erretary Wallace follows in full:
The grain ..ealers of etil rrat and western United States are probably as
well posted on the law of zupply and demand as any other group of business
Day by day and year by year. they see
men anywhere else in the worid
the law in action. They know that when the crop is big, the price per
They ha% e a teerinle fear of price-fixing and stabilization
bushel is iesa
efforts, partly because such things Interfere with their business but also
because they ionestly believe in an intellectual way that price fixing and
the purchast of large stocks usually rtrult in the -headache of the morning after." Some of the mi re Sc •olarly of the grain dealers have gone
back into history and have discovered from the records of the ancient
Chnte•-e the Greeks and the Ron,airi that di attempts at price-fixing have
come to naught. Most students who dip superficially into these sketchy
accounts of :ormer experiments fall to note teat ii number of experiments
were grounded in sound -column c.- and successfully lasted for a generation
or more thus accomplishing the purpo-es or the ,intnediate future. Their
eventual fail..-e was probahl due to a lack of fle• bility in adjusting the
control plans to conditions that inevitatny changed
And incidentally I
may say that when you read the account of i.hese ancient attempts, you are
astonished at the apparently modern presentation, whether it come from
the time of Confucius or Solon or Diocletian.
Those of the grain trade who confine their researches to more modern
times take great pleasure in presenting the case or Brazilian calm valorization, the Stevenson rubber plan in the East Indies. or the still mo.e recent
And I have no doubt that Horne or these
efforts of our own Farm Board
gentlemen are now waiting eagerly In the hope that they may live long
enough to add a description of our own efforts since March 4 to thr long
historic array of these who failed to worship properly at the shrine of the
law of supply and demand.
In a world of universal peace. no [Riffle. no export quotas. no corporations, no labor unions. I am confident that the law of supply and demand
would work in the fully beneficent way envisioned by the classtcsi ecvsiornists. It would be a marvelous thing to see goods freely flowing over wide
2202
Financial Chronicle
areas without artificial compulsion. Unfortunately we are to-day a long
distance from that kind of world. The dominant fact to-day is the terrific
disruption still flowing from the World War. During the great war, the
economic machine was taken over in large measure by the Government
and soon thereafter the people of the United States expressed their hatred
of any artificial control by electing a candidate who stood for what he called
"normalcy." Government controls were relaxed and it seemed to many
by 1928 that the key to a universal and never-ending prosperity had been
discovered. During the eight years of Harding and Coolidge, great
reverence was done to tile short-time operations of the law of supply and
demand, but unfortunately there was no understanding of the long-time
operations of this remorseless law acting in a world of wars, tariffs, corporations, and labor unions. Above all, no account was taken whatever of the
fact that the United States had become a creditor nation and that, in spite
of this, she was still insisting on selling more stuff abroad than she was
Importing. A creditor nation, which insists on selling more abroad than
It imports and which demands the payment of foreign debts to the last
dollar while at the same time it shrieks for high tariffs, is due for a more
terrific disillusionment than the operators of coffee valorization, or Stevenson rubber plans.
The failure of the nations of the world to recognize the changes in supply
and demand forces because of the changes in the debtor and creditor positions
of the different nations has brought about political situations which cannot
be reckoned with under the simple supply and demand philosophy of the
classical economists. It may surprise you to hear me say it but I believe
It is true that most of us who are operating the New Deal are essentially oldfashioned in our understanding of economic laws. In the Agricultural
Department since March 4, we have done our best to keep in mind at all
times the fact that the law of supply and demand is remorseless in its
operations and that attempts to fix prices without control of production are
doomed to failure. During the past two weeks an increasing number of
farmers in the South and Middle West have demanded price fixing of
farm products. One of the most intelligent governors in the Middle West
wired the President suggesting that the Government peg prices so that
farm prices might go up as fast as the prices of things purchased by farmers.
Not only the Farmers Union, but a very large element in the Farm Bureau,
has now gone over to price-fixing. One of my best friends, an editor of
one of the most influential farm papers in the Middle West, has thrown his
Influence on the side of price-fixing for farm products as the best method of
enabling farm income to keep in fair relationship with ,etail prices. Most
of the price fixers are also inflationists. If the purchasing power of farm
products does not improve during the next three months, the price fixers
and inflationists will have great power in Congress this coming winter and
there will be passed legislation which will make the AAA seem extraordinarily
conservative.
Few people realize what a fundamental effect the AAA program is likely
to have on prices after the first of the year. In the case of hogs, butter,
cotton and tobacco, we have done or are in the process of doing such fundamental things relating to supply that within a few months the effects are
bound to be apparent. There is very little reason so far why our activities
in the AAA should have been apparent because you know as well as I that
you can't change fundamental supply conditions all at once. Farming
Just isn't made that way. Crops only come around once a year. Farmers
have asked why we did not use NRA methods. I would call your attention
to the fact that our problem is one of dealing with 6,000,000 farmers on a
voluntary basis whereas the problem of NRA is to deal with a few hundred
thousand corporations which are accustomed to control of production and
the making of contracts. Psychological methods which work with industry
are not adapted to farming.
It has been suggested in many quarters in view of the practical certainty
of substantial agricultural price rises after Jan. 1 that price-fixing should be
invoked so far as possible under the AAA to make sure that the higher prices
prevail at once before any considerable percentage of farm produce has
passed into other hands. I have no doubt, for example, that if we licensed
all of the packers under an agreement to pay a price for hogs of $1 a hundred
higher than the present price, this price could be made to stick in view of
the way in which the market is fundamentally supported for the time being
by our extensive slaughter of little pigs. The farmers are perfectly familiar
with this situation and all over the country there is a great cry for pricefixing to tide over the period during the next three or four months while
the NRA is increasing payrolls and costs, and before those payrolls are yet
fully reflected in farm' product prices.
While I think we will have decidedly higher agricultural prices within a
few months, perhaps even within a few weeks if some of our plans mature
properly, I want to direct your attention with all the forces at my command
to the long look ahead which I feel that 999 out of 1.000 people in this
country continually refuse to take. I wish there were some extraordinary
act equivalent to a thousand NRA parades rolled into one which could
make the people of the United States conscious of certain forces which they
have not yet understood and which will cause them long years of the greatest
misery if not recognized. It would be easy for me to-day to point out that
in spite of the many wails of anguish in different parts of the country, the
total increase in industrial payrolls from the very low point of March is
about 65%, the purchasing power of farm products is 20% above March
and far more businesses are making money than during last March. It
would be easy to say that never in history has there been such a rapid improvement in any nation's affairs as in this Nation's during the past six
months.
But this improvement, while it may expand for a year or two with only
temporary setbacks, will come to a sad end if we are not prepared to meet
the peril produced by the following forces:
First: America is a creditor nation to the tune of one billion dollars
annually but as a nation, she has a debtor psychology.
Second: The American people. Democrats and Republicans alike, are
still essentially high tariff in their attitude. Reciprocal tariff agreements
may be negotiated but the increase in foreign purchasing power resulting
thereby will not be sufficient to enable foreign countries to pay a satisfactory
price for our surplus wheat and cotton unless the attitude of the American
people and American Congressmen changes very radically.
Third: The American people are disillusioned about lending money abroad
and it will be difficult to float foreign loans in their present temper.
These three forces mean that for the time being our people are profoundly
nationalistic and that as long as they are operating on this basis, we should
go at it wholeheartedly to put our internal economy on a nationalistic basis,
reducing our crop land acreage by 40 million acres. This is what we are
now doing. But unfortunately this kind of a program in action also will
sooner or iater provoke tremendously the prejudices of the rank and file of
our people unless not only the farmers, but also the city consumers as well,
know why we are doing this kind of thing. Frankly, I am hoping that we
will not be forced to retire completely from the foreign market with our
farm products but that instead, and before long, we will be able to some
extent to pick out vast quantities of foreign goods which we in the United
States will be willing to accept. I am hoping even that in time we will be
willing again to lend money abroad, but I am terribly frightened about the
Sept. 23 1933
lending of money abroad unless we know just what we are going to receive
eventually in return for that money and unless we are prepared, if necessary,
to lower tariffs to make it possible for such goods in repayment to come in.
If we persist in our high tariff policy or even in a half-way modification
of it and at the same time collect in full the money which is owed us abroad,
and refuse to lend money abroad,it will take superhuman efforts on the part
of the AAA year after year to keep down our acreage to a point which will
afford a living price to American farmers. It is all a question of balancing
our American productive forces to the kind of world we want to live in.
Ever since the war, we have failed to decide what kind of world that was to
be. We are still in doubt. We are for the time being, through the AAA,
helping build a bridge toward a nationalistic economy and yet what I really
hope is that we are merely tiding over a difficult situation and that, instead
of retiring completely from the world market, our people will soon come to
their senses sufficiently to be willing to make rational adjustments in the
tariff and eventually even in the policy of lending money abroad. If we
do not do these things, I know that we must be prepared to act much more
radically with regard to our internal economy than any person in this room
Is as yet prepared to do. I want to urge on all of you the necessity of working to the limit for sound ways of increasing foreign purchasing power for
our surplus farm products. We cannot safely stop our program of acreage
control until we have demonstrated our ability to expand foreign purchasing
power in a definite, tangible way.
In our efforts to make adjustments, we find wherever we turn that
there are entrenched, selfish interests. We, therefore, have tried a great
variety of short-time adjustments, but every one of them, as long as this
underlying situation is not faced, brings about within a short time, an
outcry from some other class. Each particular group, when it sees itself
In danger, gets in touch with certain governors, Congressmen or Senators
and descends on Washington. Calls are made on one of the Secretaries
or the President and simultaneously a statement is issued to the press.
High pressuring of this sort often results in action which is highly desirable,
but at other times, It is hasty and ill-considered, and bound to provoke the
most serious reaction from some other group later on. A government can
stand a considerable amount of battering of this sort. The unfortunate
thing about it all is that when a situation is temporarily solved by political
pressure in this way,the people begin to think that the government can solve
all economic problems indefinitely by a wave of the Magic Wand. For
example, last summer when the Chicago Board of Trade temporarily set
minimum prices with the concurrence of the Secretary of Agriculture, it
was widely inferred that the Government had set a minimum price. In
the South I was asked why I did not set a minimum price for cotton. Of
course, this attitude on the part of our people is extremely dangerous.
It causes them to think that problems can be easily and simply solved by
governmental fiat. I think the centralizing power of the government can
be of tremendous help but it can also be very dangerous unless our people
are widely educated concerning the supply and demand elements in the various commodities, and at this point I would like to say that I do not think
the operators on the Board of Trade have any monopoly of this knowledge.
In fact, I think that their knowledge and their mechanism is so often concerned with the short-time supply and demand situation that they are
Perhaps even more ignorant of the long-time play of supply and demand
forces than most farmers.
One thing which disturbs me exceedingly about the people of the United
States, whether they be conservative grain dealers, left-wing farmers or
labor leaders, is the way in which they jump at conclusions on insufficient
grounds. As one example, take the recent interpretation placed on my
views on inflation. For a number of years prior to March 4 1933. I urged
the stabilization of the purchasing power of the dollar and a restoration of
the commodity price level to that which prevailed in 1926. In those years,
folks in the East considered me a wild inflationist. Since March 4, it has
been my pleasure to see the objectives we strove for out in the Middle
West become a basic principle in President Roosevelt's program for recovery. In fact, as you all know,steps have already been taken to promote
a restoration of the honest dollar or as the President put it on May 7:
"The Administration has the definite objective of raising commodity prices
to such an extent that those who have borrowed money will, on the average,
be able to repay that money in the same kind of dollar which they borrowed."
In view of the progress already made in that direction, it was deemed
opportune to explain to farmers what some of the results might be. especially to point out that if the previous price level is restored farmers would
still face the continued necessity of balancing farm output more nearly in
line with demand conditions. Unfortunately, this attempt to clarify the
farmer's thinking, lest he be disappointed, when the price level objectives
are eventually attained, has given rise to the mistaken impression that I
have changed my views. My position with respect to controlled inflation
has not changed. At the same time I shall continue to point out what
action farmers will need to take in order to prevent distortions of productive
forces which may later rise to plague us. Please remember that inflation
Is not a cure-all, and that when it stops, as sooner or later it must, we
will again discover that our problem is one of achieving balance.
Another exampls of misunderstanding and misinterpretation, bearing
more directly on the theme of this talk, is the relation of overproduction
as a factor in bringing on the depression. Since 1926 the world has become
sick increasingly, at first without realizing it. By 1927 the stocks of speculative raw materials, which move in world commerce, increased to 25%
above what had been normal. By 1929 further increase had taken place
to 40% above normal, and in 1931, they were twice the normal. To-day
they are still more than twice normal. From 1927 to 1933 all the nations
of the world have engaged in price protection efforts which have served to
increase stocks rather than to cut them down. In the United States alone
have we gone directly at the problem of cutting down the supplies of such
basic commodities as wheat and cotton. Plowing under 10,000,000 acres
of cotton and the slaughter of 5.000,000 little pigs would rightfully have
been called insane in the pre-war world when the United States was a
debtor nation. But in view of the fact that the United States is now a
creditor nation with a high tariff, that she is trying to deal with other
nations with high tariffs, and that all of these nations with their barriers
have succeeded in building up twice the normal stocks of fundamental raw
materials, it would seem the part of wisdom for American farmers to stop
adding to the world surplus.
It is interesting to ask whether the increase in stocks which took place
after 1926 was due to overproduction or underconsumption. In the case
of cotton, the 1926 record cotton crop beyond the current capacity of
domestic and foreign mills piled up stocks in 1927. In the case of wheat,
upward trends in production, culminating in the record crop of 1928. laid
the basis for the mounting surpluses of recent years. Coffee stocks began
to pile up during 1927 and 1928 and stocks of sugar and rubber began to
mount with the large output of 1925 and 1926. Thus the origin of the
commodity surplus problem, since it is traceable to prosperity years,
indicates uncontrolled, unco-ordinated overproduction as an originating
cause of present difficulties.
As a matter of fact, a closer perusal of the facts leads me to the conclusion that it was overproduction in basic commodities and a piling up_of
Volume 137
Financial Chronicle
stocks that led the way into this major depression and that under consumption
lifted those surpluses to still higher levels. By 1927 and 1928 world stocks
of nine international foods and raw materials averaged 45% higher than in
1923-1925, and the prices of these same commodities declined about 20%•
By 1929, even in the midst of that industrial boom,commodity stocks piled
up another 15% and prices sank another 5% in the face of high purchasing
power. From then on surpluses continued to pile up as unrestrained output
was pressed upon markets unable to buy.
I fear most of the people of the United States are still kidding themselves. They do not like to face the fact that effective foreign purchasing
power for our surplus wheat, cotton, lard and tobacco has largely disappeared. If anyone reminds them that the stocks of fundamental raw
materials are still more than twice the normal, they begin to throw bricks.
In this respect left-wing farmers, and right-wing grain dealers are
astonishingly alike. Until the people of the United States are willing to
hear the truth and plan accordingly, there can be no hope. At the present
time we are still dodging the fact that we are a creditor nation, that we have
high tariffs, that we have 40,000,000 surplus acres of crop land for which
there is no effective market, either at home or abroad, and that there are
still twice the normal supplies of the fundamental commodities which move
in world trade.
I have sympathy with the optimistic business boomer who is now trying
to move things off dead center, and certainly with the suffering farmer
who is now asking for price-fixing and inflation. But I also know that
neither of these gentlemen can bring about any cure which will last very
long unless account is taken of these fundamental things I have just mentioned. While it does not necessarily follow, there is danger that optimism,
price-fixing, and inflation will all of them tend to increase, rather than reduce, the lack of balance resulting from our creditor position, our high
tariffs, our surplus acres, and our excess stocks of fundamental goods.
What already has been done, constitutes, I think, some real progress of a
fundamental sort. But we in Washington are keenly aware it is no time
to focus attention upon moderate successes thus far attained.
It is true that these accomplishments, unimpressive though they now may
seem, may in the future prove historically important as the guide to a
changed pattern for a basic industry and the incentive to hopes and efforts
that led to a better day.
But the outstanding fact of to-day, which should not and must not be
evaded, is that the greatest problems of agriculture have not been solved.
Acute distress exists in the farm country. Farm folks still are suffering from
the chronic ailment of low prices for what they sell. Agricultural purchasing power has not yet been restored to those levels it must reach before
the nation can regain economic stability. To deny the facts would be
evidence of a lack of courage and honesty with ourselves.
Whether we like it or not, what we must reckon with now is the cumulative effect of long-continued distress in agriculture. When an emergency
exists the thing to do is to face it.
The need to establish farm income on a higher level is so clear as to
challenge all who have any responsibility for action.
That challenge dictates a sympathetic re-examination of every remedy
and each device including those which orthodox economists would reject
impatiently.
Too many examples of fixed prices are familiar to permit ready and complete dismissal of proposals to settle the farm problem by fiat. The physician treating your sick child sends a bill based on charges fixed by the
Medical Association, not by free competition—though to be sure the
doctor only gets part payment and sometimes no payment in return. The
freight charges deducted from the farmer's grain price are fixed by Goverment edict.
It sometimes seems that until the Government steps in, every important
agency for handling agricultural produce from farm to table has more to
say about the price than the farmer has. Rates of gas, light, and street
car fares are fi ted. Consumers long since have learned to pay regulated
prices for water and we seem slowly to be moving toward the public-utility
method of regulating prices of milk.
The point is that there are Instances of fixed-price schedules. In a
situation so acute it is proper to scrutinize them. We must put aside
bias and open our eyes to see all the facts. There must be clear-sighted
vision of both the immediate advantages of every course, and also of the
ultimate, attendant dangers. Monopoly, public or private, is the normal
counterpart of price-fixing. Maintaining rates of pay for services is
simple compared to the task of fixing and sustaining prices of goods which
can be produced abundantly.
When pondering these things, however, it is wise to remember that
each commodity is a law unto itself. Methods can be tried for some
which could not possibly work for others. There should be willingness
to survey the problems of every product and to employ policies prudently
adapted to each one, without stiffnecked adherence to the fallacies of
glib generalizations.
Waving of wands will not suffice to dissipate real economic problems.
We do not attain economic improvement by the use of sorcery. The
farm prices which are much improved this year are those for which reductions of supply are present or prospective—including grains, potatoes
and cotton. It appears that though price-pegging may have its uses,
resort to price-fixing without control of supply is fraught with danger.
It is time for the people of the United States to begin to think deeply
instead of superficially. The men of the grain trade have learned to
think accurately in terms of a short time supply and demand situation.
I am sure they can also think accurately in terms of a long-time supply
and demand situation which spreads over the years instead of over the
days. There is no money in it for them right now, but there will be satisfaction in it for their children and grandchildren. I do not defend the
AAA as the last word in wisdom. In view of the mess we have gotten into
in the past 12 years I think the AAA has and is helping us to bridge over
a difficult situation, especially in cotton and wheat. Efforts of this sort
may be necessary for several years until we have either opened up very
large foreign markets by an appropriate tariff policy, or until we have
started on a really statesmanlike land policy. I sincerely trust that the
day will come when the 50.000.000 poorer acres of plow land in the United
States will be retired from use. The men on these poorer acres in Southeastern United States and certain parts of the arid West have been bucking
an impossible situation. Their plow land might well be turned to grass
o • trees and they themselves given an opportunity either to farm in more
favorable sections or to engage in decentralized industrial enterprises.
These things cannot be worked out rapidly, but they will have to come
either as a result of planning or as a result of blood and misery. It will
not be easy in any case. Frankly, I believe that civilization demands
planniq. and that that result was practically foreordained as an outcome
of the t• mendously dislocating forces set in motion by the World War.
Great is the present need to restore jobs to millions: great is the need
to restore decent prices to farmers; greater still, for the success of recovery
depends upon it, is the need to awaken the American consciousness to
the broader point. Would that in the midst of our current efforts there
arose a messenger to clear as to burn this understanding unforgetably
into the mind of America.
2203
Secretary Ickes Replies to Critics of Public Works
Administration—Denies that Red Tape Has Delayed Approval of Projects—Says Program Is Being
Carried Out as Fast as Possible—New Allocations
Include $12,777,000 for Housing Prwects.
"Political sharpshooters and snipers" are placing the Public Works Administration in a false position before the country, according to a statement by Secretary of the Interior
Ickes, on Sept. 16. Mr. Ickes referred to charges that there
was unreasonable delay in the circulation of public works
funds because of administrative inefficiency and red tape,
and asserted that the Public Works Administration is now
functioning at "top speed" and has "done a mighty good
job." Delays after allotments were approved were largely
the result of inaction by State and local authorities, he said.
With regard to recent criticism, Mr. Ickes remarked:
I am not restive under this criticism, which I do not think is based on a
thorough understanding of the facts. Only recently I had a letter from a
Governor raising hell because of what he said was delay due to red tape.
In that same letter he said that all public works contracts had to go back
for review by a State Committee. For that the Administration is not
responsible.
I am not responsible for anything except the administration of this
office.
President Roosevelt is pushing ahead just as fast as he can. I go to the
White House every few days with a list of projects and the President
approves them in a few minutes.
We have been trying to drive the Government departments as swiftly as
possible. . . . In every way the program so far as this office is concerned has been pushed forward as fast as it was humanly possible to do so.
It is absurd to charge that the work of this office has been delayed or
slowed up by red tape.
Recent allotments by the Public Works Administration included the allocation of $8,149,000 on Sept. 12 for two lowcost housing projects in New York City. Of this amount,
$5,184,000 was granted to the Hillside Housing Corp. for a
development in the Bronx and $2,965,000 to the Hallets Cove
Garden House, Inc., for a development in the Borough of
Queens. On the same day there was allotted $4,460,000 to
Indianapolis and $168,000 to Raleigh, N. C., for housing
projects, making the total set aside for that purpose $12,777,000. On Sept. 16 the Public Works Administration
allotted $1,125,285 to prevent further deterioration of War
Department properties damaged by recent storms. Fifteen
army posts were listed as in need of repair, and it was estimated that 3,000 men would receive employment in this
work. The allotments were as follows:
Fortress Monroe and Fort Story, Virginia, $646,246.
Langley Air Field, Virginia, $69,200.
Bolling Field, District of Columbia, $20,000.
Fort Meade, Maryland, $20,000.
Fort Howard, Maryland, $10,000.
Middletown (Maryland) Air Depot, $65,000.
New Cumberland Air Depot, Pennsylvania, $4,000.
Fort Humphreys, Virginia, $35,000.
Holabird (Maryland) Quartermaster Depot, $4,825.
Nansemond Ordnance Depot, Virginia, $50,475.
Edgewood Arsenal, Maryland, $10,000.
Fort Bragg, North Carolina, $10,000.
Fort Brown, Texas, $161,816.
Fort Logan, Colorado, $3,922.
Other allotments announced on Sept. 16 totaled $731,200,
and included $600,000 to assist the Mall development program in Washington.
Charles J. Brand Resigns as Co-Administrator of
Agricultural Adjustment Act—Will Resume Duties
as Executive Secretary and Treasurer of the National Fertilizer Association.
Charles J. Brand, who has served as Co-Administrator of
the AAA through the first months of its operation, has requested and has been granted relief from further duty with
the Administration effective Oct. 1, Secretary Wallace and
Administrator Peek announced Sept. 18. In granting Mr.
Brand's request, Secretary Wallace and Mr. Peek both expressed appreciation of his work as an executive of the AAA
during the formative period of its existence and the launching of its varied operations. An announcement issued by the
U. S. Department of Agriculture, from which the foregoing
is taken, added:
At the insistence of President Roosevelt, Secretary Wallace and Mr. Peek,
Co-Administrator Brand was granted a leave of absence for a temporary
period beginning soon after the AAA was signed last May 12, by which his
services were loaned to the Administration by the National Fertilizer Association, of which he is Executive Secretary and Treasurer.
Mr. Brand has been urged for the past many weeks by the Executive Committee of the Association to resume full time duty in his position as Executive Secretary, to which he has been able to devote only general supervision during his services with the AAA.
In commending Mr. Brand's service, Secretary Wallace
said:
Mr. Brand brought to us an extraordinary fund of information and administrative experience, and he has devoted himself without stint to the
work of the AAA. His rare knowledge of administrative procedure and
machinery, as well as his understanding of agricultural economics, has been
of great assistance to the Administration in the formative period of its
existence.
Administrator Peek had the following to say:
I cannot pay a tribute sufficiently high to the character, loyalty, and
devotion of Mr. Brand in his months of work with this Administration. He
has worked endlessly to set up the organization here, and has helped us
put it to work. During the time he has been here, although it was necessary for him to continue to give general supervision to his former work
under the arrangement made with the Administration when he accepted the
appointment, Mr. Brand assisted in starting most of the important undertakings of the Administration, and I do not see how we could have got under
way without having the benefit of his knowledge and experience. I sincerely
regret that it is impossible for this Administration to retain his services
after October 1.
During Mr. Brand's period of service, the Department of
Agriculture's announcement said, a beginning has been made
in launching the major programs for wheat, cotton, tobacco,
hogs, milk, sugar and rice. He has devoted a large part of
his time to the perfection of marketing agreements in the
period when work with them was in a beginning and experimental stage.
RFC to Lend $150,000,000 to Federal Land Banks
-Jesse H. Jones
to Refinance Farm Mortgages
Expects Step to Speed Liquidation of Closed
Banks and Improve Position of Open Banks
Complaints at Delay in Mortgage Plan Had Increased.
The RFC has agreed to lend $150,000,000 to the Federal
Land banks "as a means of assisting and co-operating with
the FCA's program for the refinancing of farm mortgages,
according to an announcement by Jesse H. Jones, Chairman
of the RFC, on Sept. 18. The loan will be secured by
Consolidated Federal Farm Loan 4% bonds, of which
$2,000,000,000 were placed at the disposal of the FCA in
the emergency farm mortgage refinancing legislation enacted by the last Congress. The $150,000,000 commitment
includes $35,000.000 which the RFC has already loaned to
the Federal Land Bank at St. Paul and $10,000,000 loaned
to Federal Land Bank at Omaha. The statement by
Mr. Jones on Sept. 18 read as follows:
As a means of assisting and co-operating with the FCA's program for
the refinancing of farm mortgages, the RFC has agreed to loan $150.000000 to the Federal Land banks to be secured by Consolidated Federal
Farm Loan 4% hinds. This amount includes 935,000.000 and 910.000.000, which the corporation heretofore has agreed to loan for this same
purpose to the Federal Land banks of St. Paul and Omaha. respectively.
The FCA program contemplates the refinancing of farm mortgages
now held by either open or closed banks through the Federal Land 1-anks.
The refinancing of these farm mortgages will enable the FCA to improve
the position of open banks whose working capital has been restricted
because of heavy holdings of this character and speed the liquidation of
closed banks, which are unable to realize on slow assets.
The program in either case will do much to restore the normal flow of
cash and credit which has been handicapped through lack of normal banking
facilities.
Reasons for delay in carrying out the program for the
refinancing of farm mortgages over recent months were
discussed as follows in a Washington dispatch of Sept. 17
to the New York "Times":
Although It was planned by Henry Morgenthau. Jr . Governor of the
Credit Administration, to carry the farm motgageo refinancing program
to insurance companies and other large hold''r of such securities, the idea
had to be abandoned. Officials of these financial institutions said that
while they would gladly co-operate in the program, they considered their
Investments conservatively made and would not take any such write-down
of their holdings as was contemplated in the emergency law.
The latter provided that Federal Land isanks might lend up to 50%
on the appraised normal value of the mortgaged farm property, plus 20%
on insured permanent hnprovements. This left it for holders of the
mortgages to take a write-off of any value above that given by the Federal
appraisers.
But with a return to higher land values in sight, institutional investors
generally preferred to await such time as they might be able to realize
the full amount of their original investments. As a result, the FCA turned
to closed banks with farm mortgage holdings needing liquidation as a
fleld for making available its facilities.
Complaint Presented.
Even in the case of closed banks, however, it has been found that they
frequently permitted overborrowing on farm properties to the extent
that their first mortgage holdings are now ineligible to participate in
the refinancing program. In New York State, for example, it was recentiy found by the State Banking Department that only 9268,100 of
9832.800 of first farm mortgages in 21 closed banks were eligible for refinancing through the FCA.
i While a somewhat more favorable situation has been found in some
other States, fairly consistent reports are reaching Washington from the
West of a growing complaint among farmers against the "failure" of the
mortgage refinancing program. A complaint was made to officials last
week by Henry T. Rainey. Speaker of the House. against the "failure" of the
FCA to bring "adequate relief" to the hard-pressed farmers.
I "There is just a roar of disapproval in the farm belt," Mr. Rainey said.
"All they can do is kick. A few loans are being made, but they are not
enough, and the land is being appraised at ridiculously low figures, not
enough to carry the loans."
Officials of the FCA promise an acceleration of the mortgage loan machInery from now on and explain that much of the delay to date has been
due to necessity of obtaining and training skilled appraisers.
Sept. 23 1933
Financial Chronicle
2204
Loans Closed by Federal Land Banks During First
Eight Months of 1933 Totaled $29,839,175-Compares with $27,569,800 During Entire Year of 1932
Large Force of Appraisers Being Trained to Handle
Large Number of Applications from Farmers for
Mortgages.
A force of appraisers has been built up in the Federal Land
Banks approximately sufficient to handle currently the
large number of applications from farmers for mortgages
under the terms of the Emergency Farm Mortgage Act of
1933, according to Governor Henry Morgenthau, Jr., of the
FCA.
This force is being increased so that the Land banks will
not only be able to keep up with business, but will be able
to act more quickly upon the accumulated applications which
heretofore have not been disposed of on account of a lack of
personnel. An announcement issued by the FCA Sept. 11
continued:
The number of farmers who are interested in obtaining loans under the
mortgage relief provisions is indicated by the fact that on Aug. 31 there
were 184.379 applications for loans pending, or more than 34% of all loans
closed from the organization of banks in 1917 through the calendar year
1932. the Governor said. The appro imate sums asked in these applications was $714.157.000 or about 41% of all loans closed by the banks from
organization through 1932.
On April 1 the Land banks had only 210 appraisers to cover applications from farmers throughout the country. This force has been increased
since then to 1,734. When all of the old appraisers who are training the
new men can again devote full time to making appraisals and the new
appraisers can make the regular number of appraisals per day, or about nine
appraisals a week, a weekly aggregate of about 15.600 appraisals can be
made. Applications for loans have been received by the banks recently
at the rats of about 17.500 per week. Out of each week's receipts. about
12%. or 2.100 applications need not be appraised because of withdrawals by
the farmers of their applications or rejections prior to appraisal. This will
leave 15.400 properties each week which will need to be appraised, Governor
Morgenthau said.
While these appraisers are in training or training others, their average a
week per individual is only six appraisals. A very thorough training is
given each man. After he has been taught his work, he is sent out to make
appraisals, but each valuation he makes of a farm is checked by experienced
appraisers until the capability of each worker is assured. The Governor
Indicated that he would not be satisfied with only a force adequate for
current business, but that he would work to increase the force to a point
where each week a substantial reduction could be made of accumulated
applications.
During the first eight months of 1933. the 12 Federal Land Banks closed
loans totaling 929.839,175, which compares with $27.569.800 during the
entire year 1932. It is expected from reports from the Land I anks that
they will close loans during September totaling $29,000,000 or thereabouts,
Governor Morgenthau said. The loans closed during the first eight months
of 1933 by Land Bank Districts, compared with the whole year 1932 together with the number of such loans, is set forth in the following table:
-Aug. 1933, Incl,
Jan.
Federal Land Bank District.
St.Paul
Springfield
Baltimore
Columbia
Louisville
New Orleans
St. Louis
Omaha
Wichita
1.ouefon
Berkeley
Spokane
Total
1932.
No.Loans
Amount.
No,Loans
670
705
402
297
931
22
791
2,478
481
618
289
759
52,168,600
2,043,300
1,037,250
610,570
2,493,300
34,700
3,183,762
9,986,450
1,367,600
2,3141,350
1,884,200
2,648,093
841
1,028
461
18
643
63
110
1,549
560
1,020
270
645
$2,710,800
3,312,700
1,334.600
34,100
1,937.900
231,900
528,100
6.831,800
1,834,400
4.029,900
1,607,500
2,276,100
8,443
829,839
.175
7,208
527,560.800
Amount.
The largest number of applications for farm mortgage loans on hand on
Aug. 31 was reported from the Federal Land Bank of Omaha, with 32.283.
The banks at St. Paul. Wichita and Louisville each had total applications
of 20,000 Or more. In the following table is shown the number and estimated
dollar amount of such applications, by Land Bank Districts, and these
figures are compared with the number and amount of loans closed by each
of the banks from organization through the calendar year 1932:
LOANS CLOSED BY THE FEDERAL LAND BANKS FROM ORGANIZATION THROUGH DEC. 31 1932, AND APPLICATIONS FOR LAND
BANK LOANS AND FOR LOANS BY THE LAND BANK COMMISSIONER ON HAND AS OF AUG. 311933.
Loans Closed-Organization Applications on Hand
Aug. 311933.
Through Dec. 31 1932.
Federal Land Bank District,
No.
Springfield
Baltimore
Columbia
Louisville
New Orleans
St. Louis
St. Paul
Omaha
Wichita
Houston
Berkeley
Spokane
Total
23,722
35,151
39.977
52,421
75,330
41,090
48,128
38,803
41,631
70,077
19,919
43.642
Amount.
$76,534,620
95,163,384
90,171,815
167.603,300
153,903,255
144,286,075
185,627,400
241,126,090
135,094,550
214.787,091
78.170,500
141.023.335
530,291 51,723,495,415
No,
Retimated
Amount.
6,386
7,839
9,674
20,740
9,140
14.818
28,918
32,283
24,783
8,498
10,505
10,797
520,107,000
25,734,000
40,343,000
66,510.000
18,513.000
55.914,000
102,472,000
168,100,000
79,078,000
40,046,000
60,382,000
36,9513.000
184,379 5714,157.000
Dwight Savage cf Arkar s-s Appointed to Lege! Section
cf FCA--Will Be Assistant Counsel of Land Bank
Division.
Henry Morgenthau Jr., Governor of the FCA, announced
on Sept. 20 that Dwight Savage of Fayetteville, Ark., has
been appointed to the staff of the legat section of the Administration. Mr.Savage will be Assistant Counsel of the legal
1
Volume 137
Financial Chronicle
section of the Land Bank Division, said the announcement,
which added:
Mr. Savage has practiced law in Fayetteville for more than 20 years,
and has taught in the law school of the University of Arkansas. He was
graduated from the University of Arkansas in 1911 with a B. A. degree,
and then spent two years studying at the Harvard Law School. He
returned to the University of Arkansas for study, where he was granted
the LL.B. degree.
New Deputy Commissioner of FCA Named-Edward
Frensdorf cf Michigan Placed in Charge cf Joint
Stock Land Bank Relations cf Administration.
Appointment of Edward Frensdorf of Hudson, Mich.,
to be Deputy Land Bank Commissioner of the FCA was
announced Sept. 19 by Governor Henry Morgenthau Jr.,
who said:
Mr. Frensdorf will be in charge of the Joint Stock Land Bank relations
of the Farm Credit Administration, under Albert S. Goss, Land Bank
Commissioner. Mr. Frensdorf was one of the organizers of the Detroit
Joint Stock Land Bank and was a director of that institution until two
years ago. He has had a long career of public service, particularly in the
administration of penal institutions in Michigan.
Establishment' of Central Bank for Co-operatives at
Washington.
The Central Bank for Co-operatives was established at
Washington on Sept. 13, at the first meeting of its board of
directors, with the delivery of its charter and subscription
of $50,000,000 initial capital by Governor Henry Morgenthau Jr. in behalf of the FCA, Mr. Morgenthau announced. The Bank will have the jurisdiction over loans
to co-operative marketing and selling associations borrowing
more than $500,000 and also all loans to associations operating on a National scale. Its creation was provided for
by the Farm Credit Act of 1933. The announcement
Sept. 13 of the FCA said:
The Co-operative Bank Commissioner of the FCA became Chairman
as provided bylaw. John D. Miller of the National Co-operative Council,
Susquehanna, Pa.. was elected Vice-Chairman and U. M. Dickey, President of the United Dairymen's Association, Seattle, Wash., was elected
Executive Committeeman. Mr. Peck and Mr. Miller are also Executive
Committeemen.
Directors, besides Mr. Peck, Mr. Miller and Mr. Dickey, are Thomas
Cooper, Dean of the College of Agriculture, Lexington, Ky.; H. Lane
Young, Executive Manager of the Citizens & Southern National Bank.
Atlanta, Ga.; H.E. Babcock, President of the Co-operative G.L.F. Holding
Corp., Ithaca, N. Y., and F. M. Hayner, director of the Southwestern
Irrigated Cotton Growers Association, El Paso. Tex.
All new loans to co-operative associations will be made by the Central
Bank for Co-operatives or by one of the 12 regional banks for co-operatives,
one of which is to be established in each Land Bank city. The regional
banks for co-operatives for St. Louis, Mo., and Berkeley, Calif., have
been established. Others are to be established as rapidly as possible.
Earlier items regarding the Central Bank for Co-operatives
appeared in our issues of Aug. 12, page 1173, and Sept. 2,
page 1695.
$530,000,000 in Credit Extended to Home Owners in
America During 1932 by Building and Loan Associations According to H. F. Cellarius Before Annual
Convention of U. S. Building and Loan League
$900,000,000 Loaned in 1931.
Building and loan associations extended $530,000,000 of
credit to home owners in America during the critical year,
1932. This information was given Sept. 13 by H. F. Cellarius, Secretary-Treasurer of the United States Building and
Loan League in his annual report at the League's convention
in Chicago. An announcement issued by the League said
that the 1932 figure is practically 50% of normal operations
in the home-lending field by building and loan associations.
The associations loaned $900,000,000 the previous year.
According to the League Mr. Cellarius said:
Building and loan associations have maintained their safety record a few
hundredths of a point higher than its 99.73% record of 1931, and their
loans were practically the only source of home owner credit in the entire
country.
The announcement said that total assets of the building
and loan associations in the 48 States, District of Columbia
and Territory of Hawaii, at the beginning of 1933 were
revealed for the first time in the Cellarius report as $7,750,491,084. These are the official figures which will 1?e supplied
to the Comptroller of the Currency by the United States
League.
Total membership, both savings investors and borrowers
of the savers money, in the associations stood at 10,114,792
at the beginning of this year. The number of associations is
10,997, according to this latest official count. Mr. Cellarius
further stated:
All during the winter months payrolls had been dropping, shops shutting
down, practically every disaster of this type having its reverberations in
unfortunates were forced at this
one or more of our associations, where the
payments on their loans.
Juncture to ask for their life savings, or to stop
In spite of these circumstances the shrinkage in our total assets for the year
savings returned to the
1932 Is only about 9% and represents by and largo
working classes who traditionally use these institutions as a place for the
thrift funds.
safe keeping of their week by week
2205
He said that the estimated outgo from associations to
people who had only their building and loan association
money between them and disaster was more than $2,000,000,000 in 1932.
Five States, including the District of Columbia and
Hawaii, showed increases in assets for the year. These
States were Nevada, $157,043 increase; Vermont, $198,110;
Georgia,$250,235; Connecticut,$381,689; District of Columbia, $5,559,000; and Hawaii, $202,191.
The Secretary-Treasurer's report revealed the solid position of these 10,000 home financing institutions with regard
to reserves. He further reported:
Surplus and undivided profits funds at the close of 1932 amounted to
$330,879,459, as compared with 3274,557,345,shown for 1931, an increase of
$56,322,114, or 20.4%." he reported. "The total surplus and undivided
profits accounts are 4.27% to total assets, as compared with 3.26% in 1931.
The number of building and loan association liquidations was smaller in
1932 than for either 1931 or 1930. The safety record for 1932 is 99.7376%
of total assets as compared with 99.7347 in 1931, a truly remarkable showing
In view of the almost universally chaotic financial conditions of last year.
Public psychology during the past year has discouraged the making of
payments by many who are able and willing to meet their obligations and
this condition has affected the income of building and loan associations.
Our safety record, however, indic tes that the American home has remained
the safest security which could be pledged back of any type of investment.
The vast majority of home-owners have been true to their century-old
record as the men who pay their debts when ever there is a dollar available
for that purpose.
Building and loan statistical table by States follows:
SUMMARY TABLE OF NUMBER OF ASSOCIATIONS, TOTAL MEMBERSHIP AND TOTAL ASSETS OF BUILDING AND LOAN ASSOCIATIONS, BY STATES 1932.
State.
Total
No. of MemberAssns.
ship.
Total
.
Assets.
Increase
in Assets.
1. New Jersey
1,553
985,470 $1,146,108,891 n55364,724
2. Ohio
762 2,213,531 1,097,526,114 *60,755,717
3. Pennsylvania
2,957
941,682 1,044,256,443 *206,435329
4. Massachueetts
467,821
527,360,936 *32,742.106
227
5. Illinois
905
807.800
437,261,885 *29,338,746
131,216
423,676,167 *19,576,197
6. New York
299
407,146,357 *45,860,994
7. California
188
494,000
8. Indiana
375,700
270,857,685 *17.726,426
288
20,684,941
9. Wisconsin
212,773
260,548.326
184
10. Marylanda
197,500,000 *12,500,000
1,075
300,000
11. Missouri
193,034,550 *13,330393
235
237,200
12. Louisiana
159,480,185 *11391,106
101
181,175
152,933,382 *12,336,158
13. Michigan
218,235
66
14. Nebraska
190,600
124.307,312 *12,710,257
83
*3,345,974
118,475,594
15. Kentucky
181
181,800
16. Kanas_
116,162,630 *10,157,088
151
174,482
114,631,153 *12.654325
17. Texas
144
157,215
113,251,396 *13392,065
18. Oklahoma
82
129,339
19. Dist. of Columbia.
90,388
87,420,000
5,559.000
26
75,894,023
*9,454360
20. North Carolina
81,897
222
64,973,551
21. Washington
*7,922,416
205.038
66
*4,044,492
56,321,016
22. Virginia
62,100
85
*2,958,103
23. Utah
74,023
50,287,421
23
49,849,73C
*3,254,766
24. Iowa
62,320
74
*2,587,955
25. Minnesota
95,843
40,746,403
75
26. Colorado
38,472,204 *20,664,457
58
55,000
*1,937,233
35,804,108
27. West Virginia
60
53,480
35,498,145
*9,312,629
28. Arkansas
56
50,000
*315,097
34,324,701
29. Rhode Island
9
49,499
381,689
26,818,269
30. Connecticut
32,376
43
25,772,240
*2308,147
31. Alabama
37
36,230
24,818,627
*696,809
32. Maine
27,565
36
*1,050,000
24,500,000
33. South Carolina a
132
30,000
*7,364.640
19,645,142
34. Oregon
33,800
22
*1,769,453
19,150.925
35. Montana
32,767
27
*1,109,924
36. Tennessee a
40
23,470
17,387,000
*2,000234
16,679,871
37. Mississippi
46
24,537
16,118,223
38. Delaware (1)
20,500
44
*1306,509
14.369,063
39. Florida
11,400
65
14,076,044
*141,381
40. New Hampshire
16,613
29
*1,018,402
13,135,969
41. North Dakota_
19,650
22
*384,083
9,509.864
42. Wyoming
11
17,850
250.235
7,265,368
43. Georgia
18,893
40
*87,955
6,241,600
44. South Dakota
10,314
21
198,110
5,495.121
45. Vermont
6.063
14
5,209,278
202.191
46. Hawaii
12,534
11
5,039.612
*129,280
47. Idaho
14
7,650
*289,310
4,717,489
48. New Medico
4,950
17
4,247,141
*713367
49. Arizona
6,030
8
1,183,930
3
157,042
1,665
50. Nevada
Increase in
Membership.
*122,261
*165,280
*294,615
*31,694
*97,700
*54,255
*16,000
*25,100
*26,022
nom()
*30382
*9,021
*939
*14.650
*5.200
*19.289
.17.33.5
*85.339
7,081
*13.311
*15.218
*4.470
*12,631
*4385
*22312
*30,870
*2,870
*11371
458
*3,757
*3,210
*879
*2.000
*12,200
*5,136
*1,500
*2,843
*1,000
*1.012
*1,450
*650
474
*454
*147
*1.469
*200
*300
*1,020
225
Totals
10.997 10.114.792 $7,750,491,084 n666384,521 *1.223,909
a Estimated. *Decrease.
(1) No report issued 1932, figures for 1931 used.
Loans Up to $100,000 at 4% to Be Made to National
Livestock Marketing Association by Central Bank
for Co-operatives.
The Central Bank for Co-operatives has agreed to make
loans up to a maximum of $100,000 at 4% interest to the
National Livestock Marketing Association for moving lambs
and feeder cattle from the range areas of the West to the
feeding areas of the Middle Wes ,it was announced Sept. 20
by Governor Henry Morgenthau Jr., of -the FCA. In
making this known the FCA further said:
Funds advanced to the National Association will be loaned by the Association to its member sales agencies, and these, in turn, will lend to individual farmers. The proceeds will be used to pay freight and feeding-intransit charges on the movement of the lambs and feeder cattle from the
ranges of the West to feeding areas in Indiana, Illinois, Iowa, South Dakota
and other States.
It is expected that the livestock moved with the help of this loan will
be marketed within six months, when the loan will be repaid.
The member agencies of the National Livestock Marketing Association
which will handle the loans to individual farmers are the Producers' Commission Association, Indianapolis. the Producers' Commission Association,
Sioux City, Ia., and the Iowa Livestock Marketing Corporation, Des
Moines.
As a result of this loan, range cattle men will find an outlet for their cattle
in feeding areas, and will not be so inclined to market their livestock for
consumption as they would if they did not have this outlet, Governor
2206
Financial Chronicle
Morgenthau said. At the same time, the growers of feed crops will find
a market for such crops In feeding them to cattle.
A similar commitment was granted last year to the National Livestock
Marketing Association. Only $60.000 was used, and the entire loan was
repaid.
The Central Bank for Co-operatives was established Sept. 13 with its
offices In this city [Washington, D. O.]. The bank has an initial capital
of $50.000.000, which comes from the revolving fund of the Agricultural
Marketing Act. This bank will make loans to the larger co-operatives.
and those which operate on a National scale.
Establishment of Production Credit Corporations and
Banks for Co-operatives by FCA.
Governor Henry Morgenthau Jr. stated on Sept. 12 that
officials of the FCA would begin the first of next week
their work of organizing the Administration's regional
office and the setting up of a Production Credit Corporation
and a Bank for Co-operatives at Columbia, S. C. This is
the third of 12regional offices, Credit Corporations and Banks
for Co-operatives to be established in the Federal Land
Bank districts making available long-term loans on the
security of farm mortgages, intermediate-term loans for
producing livestock and crops and loans to co-operatives
that market farm products and buy farm supplies. Similar
organization work will be started at Baltimore, Md., on
Monday, Sept. 25.
The following FCA officials left Washington, D. C., on
Sept. 18 for Columbia to work with the directors of the
Federal Land Bank in organizing the four credit agencies:
W. I. Myers, Deputy Governor.
F. W. Peck, Co-operative Bank Commissioner.
Albert 8. Goss, Land Bank Commissioner.
George M. Drennan, Intermediate Credit Bank Commissioner.
S. M. Garwood, Acting Production Credit Commissioner.
Governor Morgenthau planned to go to Columbia on
Sept. 21 to make final arrangements for opening the office
and to nominate a General Agent who is later to be appointed
by the permanent board of directors and placed at the head
of the FCA's regional office in the Third Federal Land
Bank District. The Administration also said on Sept. 12:
Recently production credit corporations and banks for co-operatives
were established at St. Louis, Mo., and Berkeley. Calif. In each of these
cities there are now four farm credit systems operating through the Federal
Land Banks.the Federal Intermediate Credit l'anks. the Production Credit
Corporations and the Banks for Co-operatives. All of these institutions
will be under the general supervision of a general agent who will be chief
executive officer of the regional office of the Farm Credit Administration.
Permanent officers have been appointed and put in charge of the St. Louis
organizations with Wood Netherland. former President of the Federal
Land Bank of St. Louis. as General Agent. Permanent officers have not
yet been appointed at Berkeley. Pending their appointment the board
of directors of the Federal Land Bank will have charge of the new organizations In the Eleventh District.
,
Organi atia a similar to those in St. Louis and Berkeley will be set up
in other Federal Land Bank districts as rapidly as possible.
Report Showing Record of Loans Made to Co-operati-e
M srke'ing Associalons of Northwest During Ten
Year Pefiod Issued by Federal Intermediate Credit
Bank of Spokane.
The Federal Intermediate Credit Bank of Spokane (Wash.)
has released a report showing a record of 10 years of loaning
to co-operative marketing associations of the Northwest,
with nearly $40,000,000 loaned and a loss of only $20,000.
The money was advanced to 31 co-operatives having a
membership of 31,000 producers. It was announced Sept.
12 that no loans except 1933 commitants are now outstanding.
List of Companies Filing Registration Statements of
New I;sues with FTC Under Federal Securities
Act—Amount of Securities Registered Approximately $222,000,000.
The FTC indicated on Sept. 20 that the total amount of
securities registered under the Federal Securities Act of
1933 was estimated at approximately $222,000,000. Lists
of registrations previously announced by the Commission
have been given in these columns Sept. 2, page 1700, and
Sept. 16, page 2049. We make room to-day for the lists
not heretofore noted in our earlier items. With the announcement by the Commission on Sept. 15 of the filing of
12 additional registration statements under the Securities
Act, it.was stated that the total amount oi securities filed
with the Commission was approximately $218,000,000. The
Commission's announcement of that date (Sept. 15) 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:
American Tung Oil Products Corporation (2-205). Gulfport. Miss.. a Delaware corporation, engaged in the growing of Tung trees from which oil
is to be processed, proposes to issue 50,000 shares of no par value common
capital stock, amount of fee paid the Commission is $25. Among officers
Sept. 23 1933
are: Thomas if. Hawkes, Gulfport. Miss., President. and Herbert M.
Gatratt, Gulfport. Miss., Secretary-Treasurer.
Colorado National Gold. Inc. (2-200), Colorado Springs, Colo., a Colorado
corporation, engaged In general mining, milling and leasing: amount of
offering. $200,000. Fee paid the Commission. $25. M. L. Eno, is President of the company, and S. S. Smith, Secretary-Treasurer, both of Colo
redo Springs, Colo.
Consolidated Virginia & Andes Corporation (2-206). San Francisco, a
Nevada corporation, organized to operate mining properties on the Comstock Lode; proposes to issue 500.000 shares of common stock of a par
value of $1 a share, registration fee of $150 paid the commission, indicates
total aggregate proceeds as not to exceed 31.500,000. Among officers are:
A. C. Rulason. President. and J. L. Dobbins. Secretary-Treasurer, both
of San Francisco. Underwriters are: William F. Hollfield, Fort Worth.Tex.
Eaton & Howard Management Fund F (2-203), Boston, a Massachusetts
business trust, engaged in the management as a single fund of the amounts
received from beneficiaries. Amount of offering. $500.000. Fee paid the
Commission. $50. Charles F. Eaton Jr., Wellesley, Mass., and John G.
Howard. Cambridge, Mass., among others, are trustees.
Eaton & Howard Management Fund B 92-204), Boston, a Massachusetts
business trust, engaged In the management as a single fund of the amounts
received from beneficiaries. Amount of offering, $500,000. Fee paid
the Commission. $50. Among the trustees are: Charles F. Eaton Jr.,
Wellesley, Mass., and John G. Howard, Cambridge. Mass.
Edward Oil Co. (2-197). Los Angeles, a California corporation, engaged
In drilling for oil or gas. proposes to issue 125.000 shares of common stock
of a par value of $1 a share. Registration fee paid the Commission Is
$25. Charles E. Lewis is President; H. E. Smyser, Vice-President, and
W. H. Westerman, Secretary-Treasurer, all of Los Angeles.
Genesee Brewing Co., Inc., The (2-191) Rochester. N. Y., a New York
corporation, brewers and distributors of beer, ale and other malt products,
registration fee of $60.19 indicates total aggregate proceeds are not to exceed $601,900. Among officers are: Louis A. Wehle, President and John A.
Murray. Secretaty, both of Rochester, N. Y.
H-A-P-I
-A Health Institute, Inc. (2-208). Wilmington, Del., a Delaware
corporation, proposes to Issue 15,000 shares of 7% cumulative preferred
stock at a par value of $10 a share. Registration fee paid the Commission
Is $25. Officers of the company are: Fred J. Jeckell, Huntington Park.
Calif.. President-Treasurer; N. P. Adams, Seattle, Wash., Vice-President.
and H. 0. Walker, Long Beach, Calif.. Secretary,
Indiana-Illinois Telephone Co.. Inc. (2-202), Indianapolis. an Indiana
corporation, engaged in acquiring, managing and operating telephone companies or properties. Amount of offering, 15542.000. Fee paid the Commission, $54.20. Lewis L. Clarke, New York, is President, and Hardin
Simon, New York, Is Secretary.
Investment Company of America. The (2-207), Wilmington, Del.. A Delaware corporation, engaged in the investment in securities and other personal
property of every character, proposes to Issue 120.000 common shares,
and 600.000 options to purchase common shares. A registration fee of
3302.50. Indicates total aggregate proceeds are not to exceed $3,025.000.
Jonathan B. Lovelace, Ls Angeles, is President and Reno B. Renfrew,
Detroit, is Treasurer.
Stanley Steam Motors Corporation (2-201). Chicago, a Delaware corporaMon. manufacturer of steam buses and trucks. Amount of offering,
$250.000. Fee paid the Commission. $25. Henry W. Gahagan. Is President, and Henry J. Gahagan, Secretary-Greasurer. both of Chicago.
Underwriters are: Stanely Steam Motors Corporation. Chicago.
Western Natural Resource Corporation (2-198), Los Angeles, a Nevada
corporation, engaged In oil well and gas development, proposes to issue
20.000 shares common stock no par value. Registration fee paid the
Commission is $25. Among officers are: A. L. Bergere, Los Angeles.
President, and W. G. Beasley, Altadena. Calif., Secretary-Treasurer.
The Commission announced on Sept. 20 the filing of 11
additional registration statements, tilt se bringing the estimated total amount of securities tiled with the Commission
OD that date to approximately $222,000,000. The list of
registration statements was made public PS follows:
Bald Mountain Mining Co. (2-217). Clinton, Iowa, a South Dakota
corporation, proposes to issue $595,000 class A stock with 595.000 shares
class D stock as a bonus at a par value of $1. Registration fee paid the
Commission is $59.50. Among officers are 0. D. Collis, President, and
E. J. Curtis, Secretary, both of Clinton, Iowa.
Domestic Finance Co. (2-214). Kansas City. Mo.. a Missouri corporation.
engaged in making personal loans, proposes to issue 1,749 shares of participating preferred stock of a par value of $50 a share, and 1.941 shares of
class A common stock of no par value, paid the Commission a registration
fee of $25, Indicating total aggregate proceeds not to exceed $250,000.
George M. Bliss is President of the company and J. P. Tiernan, Secretary,
both of Kansas City.
General By-Products, Inc. (2-219), Mason City. Iowa. an Iowa corporation.
buyers of animal greases for the purpose of rending for grease, fertilizing
products and feed. Amount of offering. $25.000 In preferred stock.
Registration fee paid the Commission. $25. Officers are: Leon J. Millard,
Omaha, President; W. A. Schall. Omaha. Vice-President, and E. J. Lindhardt, Mason City, Iowa. Secretary-Treasurer.
Hunter Baltimore Rye. Inc. (2-218), Baltimore City, Md., a Delaware
corporation, manufacturers and distillers of fermented. unfermented,
splritous and non-eplritous liquors. Amount of offering. $562.500 common
stock. Fee paid the Commission. $56.25. Among the officers are: J. P.
Tradex, Covina, Calif.. President, General Manager and Vico-President.
and C. W. Knowles, New York City, Secretary. Underwriters are:
J. S. Judge & Co., Inc.. New York City.
Industrial Finance & Thrift Corporation (2-215), New Orleans, a Louisiana
corporation, engaged in making industrial loans. Amount of offering.
31,200.000 in stocks and bonds. Fee paid the Commission, $120. Among
officers are: Dan M. White, Jackson, Miss.. President, and Tom 0. Crosby,
Jackson. Miss., Secretary. Underwriters are: Industrial Securities Corp..
Jackson, Miss.
International Placer Mining Co., Inc. (2-211), Bellingham. Wash- a
Washington corporation, proposes to issue 300,000 shares of common
stock of a par value of one cent a share, registration fee of $25 Paid the
Commission, indicates total aggregate proceeds not to exceed $250,000.
Among officers are: George A. Alexander. President. and L. M. Kuhl.
Acting Secretary-Treasurer, both of Bellingham, Wash.
•tfitchell-Hearst Gold Syndicate, Ltd. (2-209). Toronto, Canada, an Ontario
corporation, engaged in exploration of property owned to determine if
gold ore occurs in sufficient quantities to warrant mining. Amount of
offering 7,500 syndicate units. Registration fee paid the Commission,
325. Among officers are: Fred C. Mitchell, Hamburg, N. Y., President,
,N
and Norman R. Brown,Snyder, N. Y., Secretary.
Pointer Brewing Co.(2-213), Clinton, Iowa, an Iowa corporation, engaged
In general brewery business and manufacture of malt beverages, proposes
to issue 225,000 shares of preferred stock of a par value of $1 a share.
Volume 137
Financial Chronicle
registration fee of $25 paid the Commission, indicates total aggregate proceeds not to exceed $250.000. Officers are: M. D. Anderson, Des Moines,
President; John Maxhelm,Clinton, Iowa, Vice-President and W.J. Lather,,
Des Moines, Secretary-Treasurer. Underwriters are: A. H. Harrison &
Co., Chicago.
Rock River Distillery, Inc. (2-216), Dixon, Ill., an Illinois corporation,
intends to manufacture and distribute whiskey, proposes to issue 118.750
shares ofcommon stock at a par value of$2 each. Fee paid the Commission
is $47.50. Conrad G. Dyke is President. and Robert E. Shaw, Secretary,
both of Dixon, Ill. Underwriters are: Harsin, Roberts & Co.. Chicago.
Strange Printing Co., Inc. (2-210), Wilmington. Del., a Delaware corporation, printers, publishers and bookbinders, proposes to issue 5,000 shares
class A stock, no par value, non-voting. Registration fee of $25 paid the
Commission indicates total aggregate proceeds are not to exceed $250,000.
Among officers are: C. M. Strange, President, and G. M. Budd, Sr., Secretary-Treasurer, both of Miami, Fla.
Wyoga Gas & Oil Corp. (2-212). Williamsport, Pa., a Delaware corporation, buyers. owners, developers and operators of gas-producing lands;
proposes to issue 100.000 shares of common stock, no par value. Registration fee paid the Commission is 1.35, which indicates total aggregate
proceeds are not to exceed $350,000. Among officers are: G. H. Schrack,
Williamsport. Pa., President, and John W. Levegood, Jersey Shore, Pa..
Secretary-Treasurer,
President Roosevelt Signs Code for Soft Coal Industry
—Agreement, Effective Oct. 2, Will Apply to400,000
Miners—President Eliminates Section Interpreting
Collective Bargaining—Operators Recognize Unions
—Striking Miners Return to Work—Federal Supervision of Industry Likely—Accord on Wage Contracts Completed.
A code of fair competition for the bituminous coal industry
was finally accepted by a majority of the operators and
was signed by President Roosevtlt on Sept. 18, thus concluding the most controversial issue which has yet confronted the NRA. The agreement, which will affect about
400,000 miners, will become effective on Oct. 2. according
to the Executive Order signed by the President, and is valid
until Am il 1 1934. General Hugh S. Johnson, Recovery
Administrator, remarked that approval of the code was
"the greatest achievement of the NRA." Coincident with
definite promulgation of the pact, a wage agreement between
operators and labor rem esentatives was indicated. Most
or the Pennsylvania miners who had gone on strike Sept. 12
pending completion of the code, returned to work this
week, after United Mine Workeis' officials in the Conrellsville coke region had ordered members on Sept. 19 to cease
their "holiday" immediately, it was estimated that 30,000
men who had abandoned their work in protest against the
long delay in promulgation of a code complied with the
order. The most recent ieference to the poposed coal
code and its controversial features was contained in our
issue of Sept. 16, pages 2037-38.
Completion of the wage contract between the United
Mine Workers of America and bituminous coat operators
of the Appalachian fields after seven weeks spent in difficult
negoation was announced on Sept. 21. The agreement
involves recognition of the union by the operators, many
of whom have fought unionization of their mines for years.
The pact was signed on Sept. 21 by representatives of both
workers and operators, and it was anticipated that it will
receive President Rooseveit's approval. The complete text
of the basic agreement, affecting 314,000 miners, is given
elsewhere in this issue.
In promulgating the code on Sept. 19, President Roosevelt
eliminated from the pact the interpretation of the labor
clause, Section 7 (a) of the NIRA, which had been written
in as paragraph B of Article V. The President said that
such interpretations "led to confusion and misunderstanding
and should not be incorporated in codes of fair competition." At the same time be said that this exclusion did
not indicate disapproval of the statement on the labor
clause which was attached as Schedule B by General Johnson
and Donald Richberg, NRA General Counsel. Nevertheless,
the interpretative statement was not permitted to be part
of the code. It had previously been objected to by William
Green, President of the American Federation of Labor,
and by John L. Lewis,President of the United Mine Workers.
Possibility of greater Federal supervision of the soft coal
industry than it has ever before been subjected to is indicated by the section of the President's Executive Order
which states that coal producers shall furnish the Government with all statistical data it may require, thus permitting any governmental agency designated by the President to require statistical information from the industry.
This section was included in the code at the request of the
Consumers Advisory Board. The code, as promulgated by
the President, provides for a National Bituminous Control
Board of 18 members, with nine representing the industry
and nine the Government. In addition there are created
six code authorities. On each of these divisions is a Govern-
2207
ment member. The code administrator is ex-officio Chairman of the Control Board. The text of President Roosevelt's
Executive Order of Sept. 18, approving the code, follows:
An application having been duly made, pursuant to and in full compliance
with the provisions of Title I of the NIRA. approved June 16 1933 for my
approval of a Code of Fair Competition for the Bituminous Coal Industry.
and hearings having been held thereon and the Administrator having
rendered his report containing an analysis of the said code of fair competition, together with his recommendations and findings with respect
thereto, and the Administrator having found that the said code of fair
competition complies in all respects with the pertinent provisions of Title I
of said Act and that the requirements of clauses (1) and (2) of subsection (a)
of section 3 of the said Act have been met:
Now. therefore, I, Franklin D. Roosevelt. President of the United
States, pursuant to the authority vested in me by Title I of the NIRA,
approved June 16 1933. and otherwise, do adopt and approve the report,
recommendations and findings of the Administrator and do order that the
said Code of Fair Competition be and is hereby approved, subject to the
following conditions:
(1) There shall be added to the first paragraph of section 3 of Article VII
of the code the following sentence:
"All coal producers subject to the code shall furnish to any government
agency or agencies designated by the Administrator such statistical information as the Administrated' may, from time to time, deem necessary for
the purposes recited in Section 3(a) of the NIRA and any reports and other
information collected and compiled by a code authority. as heretofore
provided, shall be transmitted to such government agencies as the Administrator may direct."
(2) There shall be added after the first sentence of section 4 of Article VII
the following sentence:
"The President may appoint not more than three members of the Industrial Board in additien to, or in substitution for one or more of, the aforesaid six members of the divisional code authorities."
(3) Schedule "A" as attached to the code recommended by the Admin
istrator is approved with the understanding that any basic minimum rates
not fixed therein may be approved or prescribed by the President at any
time prior to the effective date of this code by a supplementary executive
order.
(4) Because it is evident that attempts by those submitting codes to
interpret section 7(a) of the NIRA have led to confusion and misunderstanding, such interpretations should not be incorporated in codes of fair
competition. Therefore, paragraph B of Article V must be eliminated,
without by this exclusion indicating disapproval in any way of the joint
statement of the Administrator and general counsel of the NBA. which
has been attached to the code as Schedule B and was incorporated by reference in said paragraph B of Article V.
(5) The exception to the definition of "employee" in Article II belongs
in Article III. Accordingly, the words "except members of the executive,
supervisory, technical and confidential personnel" are stricken from the
third paragraph of Article II. These same words are inserted in the first
paragraph of Article III after the words "no employee."
Definite assurance that agreement on the most controversial issues of the prolonged wage struggle had been reached,
and that 30,000 striking miners would return to work
shortly, was given on Sept. 16, when the United Mine
Workers of America and the operators of the Appalachian
field announced they were in accord on the chief points
of dispute. On the same day the Northern and Southern
soft coal operators signed the amended code of fair competition. Several districts, including Alabama and western
Kentucky, did not subscribe to the agreement, while the
American Federation of Labor and the United Mine Workers
filed a protest against Schedule B attached to the code,
which provided an "inteipretation" of the collective bargaining provisions of the NIRA. The wag( agreement
concluded on Sept. 16 provided for the recognition of the
United Mine Workers of America. It was reported to affect
the largest number of men ever provided for in a National
wage agreement. Following the conclusion of this pact,
negotiations were continued in Washington this week toward
formulating separate district wage agreements between soft
coal operators and the United Mine Workers of America.
As previously noted, the wage compact was signed on
Sept. 21.
One of the most important features of the amended code
for the industry, signed by the operators on Sept. 16, was
the inclusion of provisions allowing for a substantial measure
of self-government, and the setting up of machinery for the
settlement of labor disputes within the industry. The code
provides for a 40
-hour week of five days of eight hours each.
It is specified that coal shall be weighed and the miner paid
on the basis of 2,000-pound or 2,240-pound tons. In the
past, wages in Southern mines were paid on the basis or the
mine car, and not according to weight. The code states
that the net amount of wages shall be paid semi-monthly in
lawful money or in par check at the option of the operators.
Deductions in pay (including union dues, rent, light, power,
&c.) if not specifically provided for by agreement, shall
conform with such general rules and regulations as may be
prescribed by the Administrator for the purpose of preventing unfair deductions. Another outstanding featuie of
the code is its provision that employees, other than mainr
tenance or supervisory men, shall not be required as a
condition of employment to live in homes rented from the
employer. Similarly no employee may be required to trade
at the store of an employer.
Financial Chronicle
2208
For administrative purposes, the soft coal territory is
divided into six sections, each group having autonomy
uncle' the direction of divisional coal authorities. The code
establishes a National lndusttial Bituminous Coal Industrial
Board among the divisioral code authorities, "to consider
ard make recommendations V:, the divisional code authorities
and to the President as to any amendments of the 'ode or
other measures which may stabilize and improve the conditions of industry and promote the publie interest therein."
Washington advices of Sept. 16 to the New York "Times"
described the signirg oi the code by the operators as follows:
After a successful conference at the Shoreham Hotel this afternoon and
evening, where the basis of the wage agreement was reached, the operators
of the Appalachian field and General Johnson adjourned to the offices of
the Recovery Administration, where the signatures were set down.
The Appalachian group was represented by the signatures of J. D. A.
Morrow, President. and W. A. Jones. Secretary, of the Northern Coal
Control Association; and E. C. Mahan, President, and H. R. Hawthorne,
Secretary, of the Smokeless Appalachian Coal Control Association.
Others who signed the code included:
Southwestern Coals, by W. C. Shank, President.
Arkansas-Oklahoma Smokeless Coal Bureau, by E. M. Douthet.
Coal Producers Association of Illinois, by A. Wilcoxson.
Iowa Coal Operators Association, by George Heaps Jr.
Coal Trade Association of Indiana, by Jones Waffle.
Indiana Coal Operators Association, by John Templeton.
Illinois Coal Operators Association, by D. W.Buchanan and G. W.Reed.
Rocky Mountain Pacific Coal Producers Association, by F. V. H. Collins
and J. R. Doolin.
Commenting on the harmony reached among union operators and miners
to-night, General Johnson said:
"This is a more complete agreement than has been made in connection
with any other code."
Comments made by NRA officials and labor representatives after the approval of the code by the President on
Sept. 18 were described, in part, as follows in a Washington
dispatch of that date to the New York "Times":
General Johnson took the code to the White House for the President's
signature after receiving it in final form from Kenneth M. Simpson, Deputy
Administrator. In a letter transmitting the code to General Johnson,
Mr. Simpson remarked that "In numerous ways the bituminous coal Industry has furnished more convincing evidence of the need for the integrating
force of the NIRA than any other industry in the nation."
"This is the greatest achievement of this Recovery Administration," said
General Johnson after he left the White House. "This code was a pretty
tough baby. We started on coal before the Rocovery Law was passed
and when the industry was in utter disorganization. At the time of the
hearing 28 codes were presented representing the views of fiercely competitive groups which make up the industry.
"The contracts with the United Mine Workers of America which are
about to be signed should go a long way toward assuring industrial peace
and toward assuring stabilization of the industry."
In reply to a question General Johnson said it was likely that under
the code retail prices would increase "markedly," because the operators
could not pay the increased wages provided in the code without increasing
their prices.
"Once we were on the verge of a national strike in the course of these
negotiations," he added. "I thought I had bought a strike. It almost
scared the wadding out of me."
He explained that Western Kentucky and Alabama were not included
in the code, but that they would be covered by its provisions "just the same
as Henry Ford is covered in the automobile code."
Advisory Boards Not "In on It."
For a time during the day it appeared that the failure of General Johnson
to submit the coal code to the Labor, Industrial and Consumers Advisory
Boards would precipitate a further wrangle. However, the Consumers'
Board acted swiftly and drew up its suggestions, which were embodied in
the Executive Order, while the President's elimination of paragraph B,
interpreting collective bargaining, satisfied the labor forces.
The Labor Advisory Board met this evening and statements were issued
by Leo NVolman, acting as Chairman; President Green of the Federation
of Labor, and John L. Lewis.
"I am glad that the long struggle of the United Mine Workers of America
for recognition has at last been successful through the orderly processes
of the NRA," said Dr. Wolman.
"The United Mine Workers of America will accept the code and make
every possible contribution to make it effective," said Mr. Lewis.
"The American Federation of Labor will co-operate with the United Mine
Workers of America in making the code effective," said Mr. Green. "We
are especially pleased to note that paragraph B of Article 5 of the code
has been eliminated. We construe this to mean that Schedule B has been
eliminated entirely from the code.
Wants Labor Men on Board.
"We are hopeful that the President of the United Mine Workers and
other representatives of labor will be included among the three additional
members of the National Code Industry Board to be named by the President."
Under the code the National Bituminous Coal Industrial Board shall
"consider and make recommendations to the Divisional Code Authorities
and to the President as to any amendments of this code or other measures
which may stabilize and improve the conditions of the industry and promote the public interest therein."
In their protest to the administration. Messrs. Green and Lewis had
asserted that the board to handle labor disputes set np by the code was
feeble and would be ineffective. They urged, however, that inasmuch
as many of the industrial problems of coal which are to be handled by the
National Bituminous Coal Industrial Board affected labor vitally, the
union be represented on that board.
On Sept. 21 repremntatives of the United Mine Workers
and of the coal operators joined in a statement pledging
co-operative effort in the execution of the wage agreement
completed on the same day. The statement read as follows:
The Northern Coal Control Association, the Smokeless and Appalachian
Coal Association and the United Mine Workers of America announce the
Sept. 23 1933
completion, in the Appalachian agreement, of the wage negotiations
which have been in progress since Aug. 19.
The result of the negotiations is a complete basic agreement affecting
Wages, hours oflabor and conditions of employment covering the bituminous
coal fields of Pennsylvania, Ohio, northern and southern West Virginia,
Maryland, Virginia, eastern Kentucky and northern Tennessee.
Conclusions upon these matters are set forth in a written contract which
expires on March 31 1934. On Jan. 5 1934 representatives of the contracting parties will meet in Washington with representatives of the NRA
for the purpose of determining revisions that may be desirable at that
time covering wages, hours, differentials or other requirements of the
contract and the code of fair competition for the bituminous coal industry,
as,well as the conditions to be set forth in a new agreement effective April
1 1934.
The contract thus negotiated affects an additional normal production
of bituminous coal of between 300,000,000 and 350,000,000 tons and
employing about 314,000 men.
Unquestionably this agreement is the greatest in magnitude and importance that has ever been negotiated in the history of collective bargaining
in the United States. Its sponsors believe it marks the beginning of a
new era in the task of stabilizing and modernizing the economic processes
of this basic industry.
The consummation of this agreement has been made possible through
the functioning of the machinery of the NRA and by reason of the earnestness and unselfish diligence of all the representatives of the coal industry,
who for months past almost without ceasing have worked for the attainment
of this objective.
All interests represented in the agreement are hopeful of its complete
success and have pledged themselves to contribute in every possible and
practical way to add to its workability.
The negotiating committees of operators and miners have been the
recipient of the splendid assistance of General Hugh S. Johnson, Administrator of the NIRA, as well as the sympathetic and inspiring help of
President Roosevelt.
The agreement was negotiated under the direction of the President,
In conformity with Section 7(b) of the NIRA, and its sponsors in submitting it for approval commend it not only to the President but to the
people of the United States.
J. D. A. MORROW,
President, Northern Coal Control Association.
E. C. MAHAN,
President, Smokeless and Appalachian Coal Association.
JOHN L. LEWIS,
President, United Mine Workers of America.
Sept. 21 1933.
Text of Agreement on Wages and Hours in Soft Coal
Industry.
The following is the text of the bituminous coal wage
agreement signed at Washington on Sept. 21 by operators
and miners' representatives, according to a dispatch to the
New York "Times":
APPALACHIAN AGREEMENT.
This agreement is made and entered into pursuant to the provisions
of Section 7 (B) of the National Industrial Recovery Act, and shall become
effective upon approval by the President of the United States as provided
therein.
This agreement, made the 21st day of September, 1933, between the
Northern Coal Control Association, a voluntary association on behalf of
each member thereof, and the Smokeless and Appalachian Coal Association, a voluntary association, on behalf of each member thereof, hereinafter referred to as the operators, parties of the first part; and the International Union United Mine Workers of America and Districts 2, 3, 4, 5.
6, 17. 19, 30 and 31, hereinafter referred to as mine workers, and on behalf of each member thereof, party of the second part. (New districts of the
United Mine Workers of America may be established in this territory.)
Witnesseth: It is agreed that this contract is for the exclusive joint use
and benefit of the contracting parties as heretofore defined and set forth
in this agreement; and it shall be construed as binding upon and effective
In determining only the relations with each other of those represented by
the parties signatory hereto.
Hope Is Expressed for Better Relations.
It is the intent and purpose of the parties hereto that this agreement
will promote an improved industrial and economic relationship in the
bituminous coal industry, and to set forth herein the basic agreements
covering rates of pay, hours of work, and conditions of employment to
be observed between the parties in the following districts constituting the
Appalachian territory:
Northern Coal Control Association Territory—Pennsylvania, Ohio.
together with Ohio, Brook and Marshall counties, of West Virginia, and
northern West Virginia, including counties of Monongahela, Marion,
Harrison, Preston, Taylor, Barbour, Randolph. Upshur, Lewis. Gilmer.
Braxton. Webster and that portion of Nicholas County containing coal
or coal mines along the lino of the B. dr 0. Railroad.
Smokeless and Appalachian Territory—The State of Virginia, northern
Tennessee, that part of Kentucky lying east of a lino drawn north and
south through the city of Louisville, and that part of West Virginia not
included in Northern Coal Control Association Territory, as set out above
and except Grant, Mineral and Tucker counties, of West Virginia.
Maximum Bows and Working Time.
Eight hours of labor shall constitute a day's work.
The eight-hour day means eight hours' work in the mines at the usual
working places for all classes of labor, exclusive of the lunch period, whether
they be paid by the day or be paid on the tonnage basis; except in cases
of accident which temporarily necessitates longer hours for those mine
workers required on account thereof; and also excepting that number of
mine workers in each mine whose daily work includes the handling of mantrips and those who are required to remain on duty while men are entering
or leaving the mine.
The eight-hour day, five-day week (40 hours per week), as provided in
this agreement, shall prevail.
The following classes of mine workers are excepted from the foregoing
provisions as to maximum hours of work:
All mine workers engaged in the transportation of men and coal shall
work the additional time necessary to handle man-trips and all coal in
transit, and shall be paid the regular hourly rate.
Two Hours'Pay Provided upon Entering Mine.
When day men go into the mine in the morning they shall be entitled to
two hours pay whether or not the mine works the full two hours, but
after the first two hours the men shall be paid for every hour thereafter
Volume 137
Financial Chronicle
by the hour for each hour's work or fractional part thereof. If for any
reason the regular routine work cannot be furnished inside day men, the
employer may furnish other than the regular work.
Drivers shall take their mules to and from stables and the time required
in so doing shall not include any part of the day's labor, their work beginning when they reach the change at which they receive empty cars, but.
in no case shall the driver's time be docked while he is waiting for such
cars at the point named. The method at present existing covering the
harnessing and unharnessing of mules shall be continued throughout the
life of this agreement.
Motormen and trip riders shall be at the passway where they receive
the cars at starting time. The time required to take motors to the passway
at starting time and departing from the same at quitting time shall not
be regarded as a part of the day's labor, their time beginning when they
reach the change or parting at which they receive cars, but in no case shall
their time be docked while waiting for cars at the point named.
Holidays to be recognized are referred to the various district conferences
for settlement.
Basic Tonnage Rate.
Pick mining is the removal by the miner of coal that has not been undercut or overcut.by a machine The basic rate for pick mining and handloading of coal shall include the work required to drill, shoot and clean and
load the coal properly, timber the working place, and all other work and
customs incidental thereto.
In the districts represented by Northern Coal Control Association a
shortwall machine differential of 10 cents per net ton between pick and
machine mining rates shall be maintained.
Any change in mining methods or installation of equipment that relieves
the mine worker of any of the above duties and increases his productive
capacity shall be recognized and a piece-work rate agreed to therefor
properly related to the basic rate.
The standard for basic tonnage rates shall be 2,000 pounds per ton;
where the gross ton of 2,240 pounds is the measure the equivalent rate shall
be paid.
The basic tonnage, hourly and day wage rates for the various producing
districts represented in this conference share shown in the attached Schedules A, 13 and C, which are parts hereof.
Yardage and deadwork rates in all districts shall be increased 20%•
Checkweighmen.
The mine workers shall have the right to a checkweighman, of their
own choosing, to inspect the weighing of coal; provided that where mines
are not now equipped to weigh coal a reasonable time may be allowed to
so equip such mines; and provided that in any case where on account of
physical conditions and mutual agreement wages are based on measure
or other method than on actual weights, the mine workers shall have the
right to check on the accuracy and fairness of such method, by a representative of their own choosing.
•
Rules Are Set Up For Operating Cars.
• Cars shall be tared at reasonable intervals and without inconvenience
to the operation of the mine. Tare shall be taken of the cars in their usual
running condition.
At mines not employing a sufficient number of men to maintain a checkweighman, the weight credited to the mine workers shall be checked against
the billing weights furnished by railroads to the operators, and on coal
trucked from such mines a practical method to check the weights shall be
agreed upon. Such weights shall be checked once a month.
The wages of checkweighmen will be collected through the pay office
semi-monthly, upon a statement of time made by the checkweighman
and approved by the mine committee. The amount so collected shall be
deducted on a percentage basis, agreed upon by the checkweighman and
clerk, from the earnings of the mine workers engaged in mining coal and
shall be sufficient only to pay the wages and legitimate expenses incident
to the office, except where the method of payment is otherwise provided
by State law.
Checkweighman May lie Outsider.
If a suitable person to act as checkweighman is not available among
the mine workers at the time, a man not employed at the mine may be •
selected upon mutual agreement.
The checkweighman, or checkmeasurer, as the case may require, shall
be permitted at all times to be present at the weighing or measuring of
coal, also have power to checkweigh or checkmeasure the same, and during
the regular working hours to have the privilege to balance and examine
the scales or measure the cars, providing that all such balancing and examination of scales shall only be done in such a way and at such time as in no
way interfere with the regular working of the mine.
It shall be the further duty of checkweighman or checkmeasurer to
credit each mine worker with all merchantable coal mined by him on a
proper sheet or book kept by him for that purpose. Checkweighmen or
checkmeasurers shall in no way interfere with the operation of the mine.
•
Boys.
No person under 17 years of age shall be employed inside any mine nor
in hazardous occupations outside any mine; provided, however, that where
a State law provides a higher minimum age the State law shall govern.
Exemption Under This Contract.
The term mine worker as used in this agreement shall not include mine
foremen, assistant mine foremen, fire bosses, or bosses in charge of any
classes of labor inside or outside of the mine, or coal inspectors or weighbosses, watchmen, clerks, or members of the executive, supervisory and
technical forces of the operators.
Management of Mines.
The management of the mine, the direction of the working force, and
the right to hire and discharge are vested exclusively in the operator.
and the United Mine Workers of America shall not abridge these rights.
It is not the intention of this provision to encourage the discharge of •
mine workers, or the refusal of employment to applicants because of personal prejudice or activity in matters affecting the United Mine Workers
of America.
Mine Committee.
A committee of three mine workers shall be elected at each mine. The
duties of the mine committee shall be confined to the adjustment of disputes
that the mine management and mine workers, or mine workers, have failed
to adjust. The mine committee shall have no other authority or exercise
any other control, nor in any way interfere with the operation of the mine.
For violation of this clause the committee or any member thereof may be
removed from the committee.
Settlement of Disputes.
Should differences arise between the mine workers and the operator as
to the meaning and application of the provisions of this agreement, or
should differences arise about matters not specifically mentioned in this
agreement, or should any local trouble of any kind arise at any mine.
•
2209
there shall be no suspension of work on account of such differences, but
an earnest effort shall be made to settle such differences immediately:
First.—Between the aggrieved party and the mine management;
Second.—Through the management of the mine and the mine committee;
Third.—By a board consisting of four members, two of whom shall be
designated by the mine workers and two by the operators.
Should the board fail to agree, the matter shall be referred to an umpire
to be selected by said board. Should the board be unable to agree on the
selection of an umpire, he shall be designated by the Administrator of the
NIRA. The decision of the umpire, in any event,shall be final.
The district conference may establish an intermediate board consisting
of two commissioners, one representing the operators and one representing
the mine workers, with such powers as said conference may delegate.
Pending the hearing of disputes, the mine workers shall not cease work
because of any dispute; and a decision reached at any stage of the proceedings shall be binding on both parties thereto and shall not be subject to
reopening by any other party or branch of either association except by
mutual agreement.
Expense and salary incident to the services of an umpire shall be paid
jointly by the operators and mine workers in each district.
Discharge Cases.
When a mine worker has been discharged from his employment and he
believes he has been unjustly dealt with, it shall be a case arising under the
method of settling disputes herein provided. In all discharge cases, should
it be decided under the rules of this agreement that an injustice has been
dealt the mine worker, the operator shall reinstate and compensate him at
the rate based on the earning of said mine worker prior to such discharge.
Provided, however, that such case shall be taken up and disposed of within
five days from the date of discharge.
•
Illegal Suspension of Work.
A strike or stoppage of work on the part of the mine workers shall be a
violation of this agreement. Under no circumstances shall the operator
discuss the matter under dispute with the mine committee or any representative of the United Mine Workers of America during suspension of work in
violation of this agreement.
Irregular Work.
When any mine worker absents himself from his work for a period of
two days without the consent of the operator, other than because of proven
sickness, he may be discharged.
Preparation of Coal and Mining Practice.
Each district agreement shall provide for the preparation and proper
cleaning of coal. Proper disciplinary rules and penalties shall also be
incorporated in such agreements.
Safety Practice.
Reasonable rules and regulations of the operator fer the protection of the
persons of the mine workers and the preservation of property shall be
complied with.
Engineers and Pumpers' Duties.
When required by the management, engineers, pumpers, firemen, power
plant and substation attendants shall under no conditions suspend work,
but shall at all times protect all the company's property under their care.
and operate fans and pumps and lower and hoist men or supplies as may
be required to protect the company's coal plant.
Shifts.
The operator shall have the right dining the entire period of this agreement to work all the mines, or any one or more of them, extra shifts with
different crews.
When the mine works only one shift it shall be in the daytime, but this
shall not prevent cutting and loading coal at night in addition to the day
shift cutting and loading.
Pay Day.
Pay shall be made semi-monthly and at least twice each month.
Coke and Cleaning Plants.
Proper rules may be negotiated in district conferences to provide for
continuous'operation of coking and cleaning plants.
Miscellaneous Provisions.
Matters affecting cost of explosives, blacksmithing, electric cap lamps
•
and house coal are referred to the district conferences.
To the extent that it has been the custom in each district, all bottom
coal shall be taken up and loaded by the mine worker. •
The cutter shall cut the coal as directed by the operator.
District Conferences.
District agreements shall be made dealing with local or district conditions,
and it is agreed that such district agreements shall embody the basic rates
of pay, hours of work and conditions of employment herein set forth, and
all specific rights and obligations of operators and mine'workers herein
recognized.
This agreement shall supersede all existing and previous contracts, and
all local rules, regulations and customs heretofore established in conflict
with this agreement are hereby abolished. Prior practice•and custom not
in conflict with this agreement may be continued.
All internal differences are hereby referred to the various districts for
settlement, with the understanding that only by mutual consent shall anything be done in district conferencelethat will increase the cost of.production
or decrease the earning capacity of the men: Provided, however, all
yardage and deadwork rates not specified in this contract shall be properly
adjusted.
Joint Wage Conference.
A joint conference of representatives of Northern Coal Control Association and Smokeless and Appalachian Coal Association and of the International Union. United Mine Workers of America, shall be held in accordance with the following provisions of the code of fair competition for the
bituminous coal industry:
"On Jan. 5 1934 there shall be held a conference between representatives
of employers and employees operating under this code, together with
representatives of the NRA, for the purpose of determining what, if any,
revisions may be desirable at that time of wages, hours and differentials,
or any other requirements of this code, on the basis of conditions then
existing and the report of representatives of the NRA. made.as hereinbefore
provided.
"Unless revised by mutual agreement, as the result of said Conference
beginning Jan. 5 1934, the hours of work. minimum rates of pay and wage
differentials as set forth in this code shall continue in effect Until April 1
_.
1934."
This agreement shall become effective after approval by the President
and on the same day that the bituminous coal code applicable to the territory embraced herein shall become effective, following its approval by
the President; and it shall continue 10 effect until the first day of April 1934.
'In witneas'whereof eaCh of the parties hereto, pursuant:to proper authority, has caused. this.agreement to.be signed by its proper officers..
Financial Chronicle
2210
United Mine Workers of America-By John L. Lewis, President; Philip
Murray, Vice-President; Thomas Kennedy, Secretary.
Northern Coal Control Association-By J. D. A. Morrow, President;
Walter Jones. Secretary.
Smokeless and Appalachian Coal Association-By E. J. Mahan, President; H. E. Hawthorne, Secretary.
Joint Seale Committee.
For the Mine Workers
-Van A. Bittner, P. T. Fagan, Sam Caddy, Percy
Tetlow, James Mark, Frank Miley, William Ttumblazer, Frank Hughes,
William Feely.
For the Operators
-J. D. A. Morrow, R. E. Jamison, W. L. Robison,
R. L. Ireland Jr., William Emery Jr., E. C. Mahan, D. C. Kennedy, 18.0.
Faust, W. A. Richards, D. A. Reed, Charles O'Neill, Heath S. Clark,
W.A. Bishop, J. D. Francis, S. C. Higgins, R. E. Taggart, S. D. Brady Jr.
Schedule A.
Basic rates established in the following named districts:
TONNAGE RATES PER 2,000 POUNDS RUN OF MINE COAL.
Westmoreland-Greensburg, Pa.
Wertern Pennsylvania.
3.65
80.70 Pick mining
Pick mining, thin vein
.48
.65 Machine loading
Thick vein
.07
.52 Cutting, short wall machine
Machine loading, thin vein
.48
Thick vein
Thick Vein, Freeport, Pa.
thin vein .08
Cutting short wall machine,
.65
.07 Pick mining
Thick vein
.48
Machine loading
Central Pennsylvania.
.07
short wall machine
.70 Cutting,
Pick mining
.52
Machine loading
.08 Ohio and the Panhandle District of Northern
short wall machine
Cutting,
West Virginia.
Connellsrille, Pa.
.70
.56 Pick mining
Pick mining
.52
Machine loading
.40
Machine loading
.08
.06 Cutting, short wall machine
Cutting, short wall machine
Hourly and Day Wages Fixed in Various Fields.
The following hourly and day wage rates shall be paid In all mines in
Pennsylvania. Ohio and the Panhandle district of Northern West Virginia
for the classification of occupations shown herein:
CLASSIFICATION OF OCCUPATIONS.
Dourly Day
Rate.
Rate.
Inside
0.595 $4.76
Motormen, rock driller
drillers, trackmen, wireDrivers, brakemen, spraggers, snappers, coal
4.60
.575
men, bonders, timbermen, bottom cagers
Pumpers, trackman, helpers, wiremen helpers, timbermen helpers
4.36
.545
and other Inside labor not classified
3.00
.375
Greasers, trappers. Baggers, switch throwers
Outside
Bit sharpener, car dropper, trimmer, car repairmen, dumpers
Sand dryers, car cleaners, other able-bodied labor
Slate pickers
Skilled labor not classified to be paid in accordance with the custom
3.84
.48
3.60
.45
3.00
.375
at the mine.
Schedule B.
Basic rates established In the Northern West Virginia district:
TONNAGE RATES PER 2,000 POUNDS RUN OF MINE COAL.
Big Sandy-Elkhorn.
i0.56 I
,
Pick mining
$.465
.40 Machine loading
Machine loading
.08
.06 Cutting, short wall machine
Cutting, short wad machine
Pocahontas.
Hamra.
.357
loading
Machine
.402
045 Machine loading
Cutting, short wall machine
08
Cutting, short wall machine
Tug River.
.357
Machine loading
Harlan.
.045
Cutting, short wall machine
41
Machine loading
Kanawha.
.07
422 Cutting, short wall machine
Machine loading
07
Cutting, short wall machine
Southern Appalachian.
Logan.
43
.332 Machine loading
Machine loading
08
.052 Cutting, short wall machine
Cutting, short wall machine
Virginia.
IVilliamson.
408
358 Machine loading
Machine loading
.067
056 Cutting, short wall machine
Cutting, short wail machine
The following hourly and day wage rates shall be paid in all mines in
the Now River. Winding Gulf, Green Brier, Pocahontas, Tug River,
Kanawha, Logan. Williamson, Big Sandy-Elkhorn. Ilazard, Harlan,
Southern Appalachian and Virginia districts for the classification of occupations shown herein:
The following hourly and day wage rates shall be paid In all mines In the
Northern West Virginia district for the classification of occupations shown
herein:
CLASSIFICATION OF OCCUPATIONS.
Dourly Day
Rate.
Rate.
Inside80.565 54.52
Motormen, rock driller
spraggers, snappers, coal drillers, trackmen, wireDrivers, brakemen,
4.36
.545
men, bonders, timbermen, bottom cagers
Pumpers, trackmen helpers, wiremen helpers, timbermen helpers
4.12
.515
and other inside labor not classified
2.76
.345
Greasers, trappers, flaggers, switch throwers
Outside
lilt sharpener, car dropper, car trimmer, car repairmen, dumpers
Sand dryers, car cleaners, other able-bodied labor
Slate pickers
Skilled labor not classified to be paid in accordance with the custom
.45
.42
.345
3.60
3.36
2.76
at the mine.
Schedule C.
Basic rates established In the following named districts:
TONNAGE RATES PER 2,000 l'OUNDS RUN OF MINE COAL.
Green River.
New River.
3.392
$0 442 Machine loading
Machine loading
.055
.075 Cutting, short wall machine
Cutting, short wall machine
Winding Gulf.
.384
Machine loading
.07
Cutting, short wall machine
CLASSIFICATION OF OCCUPATIONS.
Hourfy
Day
Rate.
Rate.
Inside80.545 84.36
Motormen, rock driller
Drivers, brakemen. spraggers, snappers, coal drillers, trackman, wire.525 4.20
men, bonders, timberrnen, bottom cagers
Pumpers, trackmen helpers, wiremen helpers, timbermen helpers
3.96
.495
and other inside labor not classified
2.60
.325
Greasers, trappers, Baggers, switch throwers
Outside
3.44
.43
Bit sharpener, car dropper, trimmer, car repairmen, dumpers
3.20
.40
Sand dryers, car cleaners, other able-bodied labor
2.60
.325
Slate pickers
to be paid in accordance with the custom at the mine.
Skilled labor not classified
Prices to Go Up Under Coal Code-Some Experts Estimate Rise at 30% to 40%-Profiteering Guarded
Against.
United Press advices from Washington are taken as follows from the "Wall Street Journal" of Sept. 19:
Sept. 23 1933
Coal will cost the householder more this winter as a result of the NRA
coal code, the Recovery Administration admitted.
Soft coal to the small purchaser may go up as much as $2 a ton, but the
code as finally approved by President Roosevelt contains safeguards against
profiteering, and provision has been made for adequate representation for
the consumer on the code authority set up to govern the industry.
Any increases in the price of coal will have to be justified by statistical
information showing they are necessary to finance the raising of wages and
spreading of jobs.
Some experts have estimated the increased costs at 30 to 40%.
The requirement for the statistical data and the provision for consumer
representation of the code authority represented a triumph for the Consumers' Advisory Board. When the Administrative provisions of the coal code
were written, the Board staked its prestige for the first time in a vigorous
fight for consumer protection.
Recovery Administrator Hugh S. Johnson conceded retail coal prices
would have to be increased.
"But any runaway prices will be dealt with by the code authority,"
General Johnson said. He said the price of coal on hand, mined at low
labor costs, should not be increased.
Labor leaders were jubilant over the signing of the code, and John L.
Lewis, President of the United Mine Workers, forecast early peace in the
strife-torn mining areas.
Unions and Employers Clash on Wage and Hour Pro,f
visions , Proposed Printing Code-Labor Representatives at NRA Hearing Ask 32-Hour Week and
-Cent Minimum Wage-Suggest Combining 20
50
Separate Pacts Under One Basic Code.
A conflict on maximum-hour provisions of a proposed
basic code to govern the corn mercial printing industry featured
public hearings which were held this week in Washington
before Lindsay Rogers, Deputy Administrator of the NRA.
revised code, providing a 40-hour week over a six months'
period and 40
-cent minimum wage scale if that rate was
being paid on July 15 1929, was offered at the initial hearing
on Sept. 18 by W. D. Allen, President of the National
Editorial Association. The code also specified that in no
event would a wage of less than 30 cents an hour be paid.
These provisions, however, were briskly attacked by representatives of labor, who demanded sharply higher wages,
ranging up to 90 cents an hour, and a shorter working week.
At the hearing on Sept. 19 spokesmen for organized labor
declared that any code which was to reduce unemployment
among the 30,000 units of the industry must provide a
-hour work week and a minimum wage of 50
maximum 32
cents an hour, and suggested that the more than 20 separate
codes submitted be combined into one pact that would
unite all printing trades with the exception of newspapers
under one code and ono administrative agency. Washington
advices of Sept. 18 to the New York "Times" summarized
the opening hearing on that day as follows:
Counter-proposals of 36 hours and even as low as 32 hours, with a wage
scale of 90 cents an hour, were made by representatives of printing craftsmen, while employers testified that any code for loss than 40 hours a week
would be ruinous.
The 32
-day week was suggested by George T. Lord of the New
-hour. 4
York Employing Printers Association, who said that the basic code did
not provide for increased employment. He would also prohibit the sale
of products below the cost of production.
F. A. Silcox of the same organization proposed a wage scale ranging
from 30 cents to $1.20 an hour. based on the location of the plant, and also
providing for adjustments In accordance with the economic surveys of the
Department of Labor.
A. E. Halpin of the International Trade Compositors Association said
-hour week would Increase employment among printing-house
that a 36
workers by at least 25%.
The code presented by Mr. Allen, he said, was concurred in by the
publishing-printing industry and five divisions of the graphic arts industry.
These latter were advertising typographers. non-metropolitan newspaper
publishing and printing, lithographing, periodical publishing and printing,
book manufacturing and intaglio printing.
For the purpose of administration a code authority would be created to
consist of one member from each division that might subscribe to the basic
code. Complete autonomy, however, would be provided for each division.
The hearing on Sept. 19 was described, in part, as follows
in Associated Press Washington advices of that date:
Newton C. Brainard of Hartford. Conn., representing the Employing
Printers Association of America, which covers about 1.400 establishments
-hour week in itself would be
and about 28.000 workmen, said that "a 40
to the industry a serious concession in the event of any substantial revival
of business." He contended there was little unemployment among skilled
men outside the bigger cities.
Labor's case was presented by Charles P. Howard, President of the
International Typographical Union, in behalf of the International Printing
Trades Association, which also includes in its membership the International
Printing I'ressmen and Assistants Union, Brotherhood of Bookbinders,
Photo-Engravers Union and Stereotypers and Electrotypers Union.
The commercial printing code before the NRA, Mr. Howard said, "was
formulated not In the spirit of ascertaining how much the industry could
rightfully contribute. but how little It was necessary to concede."
"The 40
-hour work week required by the President's re-employment
agreement has not scratched the surface of unemployment in the printing
Industry." he testified.
-hour
-hour week should be limited to four 8
Mr. Howard said that the 32
days. Overtime for any individual he would allow so long as the total work
in five weeks did not exceed 160 hours and time and a half were paid for the
excess over eight hours a day.
-cent an hour minimum for
Where the employers' code proposed a 40
men and 30 cents for women, labor through Mr. Howard demanded a
restoration of all schedules to the July 15 1929 levels, loss 10%, with an
absolute minimum of 50 cents an hour.
Volume 137
Financial Chronicle
"No differentiation between the hourly rates of men and women should
be allowed," he said, holding that it is "an unjust principle and furthermore
It is likely to lead to the wholesale displacement of adult men."
10 H. 0. Owen, who operates a closed shop in Chicago, asserted that 40
hours "would be a sufficient reduction to substantially increase employment."
"Any lower maximum," he testified,"would increase the cost of printing
already under contract at fixed prices and tend to reduce production."
A representative of the National Closed Shop Committee, Herman A.
Fischer of Chicago. approved the idea of a master code for the entire printing industry, but suggested steps to prevent prolonged apprenticeships.
Newspaper Writers Organize in New York, Newark,
Cleveland, Philadelphia, and Camden—Will Ask
Changes in Newspaper Code at NRA Hearing.
Organization of several groups of newspaper writers and
editors who planned to seek changes in the code subm.tted
to the NRA by the American Newspaper Publishers Association was reported this week. The code was discussed at
• an open hearing in Washington yesterday (Sept. 22). Between 200 and 300 newspaper men and women in New
York City on Sept. 17 voted to form an organization to be
known as the Guild of New York Newspaper Men and
Women, and selected a committee of five representatives
to attend the hearing and to urge the adoption ol a five-day,
-hour week for all newspaper writers and desk men,
40
except authentic executives and those engaged in supplying
syndicate material. The Guild of Newark Newspaper
Men and Women was organized at Newark, N. J., on
Sept. 19, while similar organizations were formed in Cleveland and in Philadelphia and Camden. Describing the
organization meeting in New York on, Sept. 17, the New
York "Times" of the following day said:
The committee is to consist of Heywood Broun. columnist: Joseph Lilly,
"World-Telegram"; Edward Angly, "Herald Tribune," and Doris Fleeson,
"Daily News." The four are to select a fifth member. Morris L. Ernst
was elected as counsel.
A resolution, unanimously adopted, called also for a system "by which
any man who has worked for more than three years on the same newspaper
may not be dismissed with less than one month's notice; four years, two
months' notice; five years. three months' notice; six years, four months'
notice; seven years. five months' notice, and eight years and beyond,
six months' notice."
The resolution further sought an extension of the minimum wage clause
In the revised newspaper code to provide that any New York newspaper
man who has had one year or more experience in work shall receive a minimum wage of $35; for two years' experience. $40.
Heywood Broun and Paul Y. Anderson, Washington correspondent of
-Dispatch." were speakers. Mr. Lilly presided. It
the St. Louis "Post
was voted to have a committee representing the group confer with the
newspaper publishers before going to Washington.
Periodical Publishing Institute Asserts-Sharply Increased Expenses Resulting from Paper Code
Cannot Be Borne.
The periodical industry cannot sustain any sudden or
substantial increased manufacturing expenses resulting from
the code of the paper and pulp industry, it was asserted by
the Periodical Publishing Institute in a brief filed by its
committee on allied codes with the NRA this week. The
Institute, which said it represented 75% of the industiy,
declared that the method of accounting and the figuring
of costs that would be specified by the code of the paper
industry would be "based on a formula unknown to any
one and containing ingredients the nature of which no one
can guess." The brief said:
A vast majority of periodicals are losing money or just about breaking
even. A few only are showing a profit and in such cases the profits are
small. They have been able to do this only as a result of drastic reorganizations and retrenchments.
Trend Toward Dictatorship Seen Averted by Newspapers' Fight for Freedom of Press Under NRA—
Dean Ackerman, in Annual Report at Columbia,
Declares Radio and Movies Are Controlled by
Administration. .
Unrestricted freedom of the press has been recognized
by the present National Administration through the adoption
of the NRA newspaper code, it was asserted by Dean
Carl W. Ackerman of the Columbia University School of
Journalism in his annual report to Dr. Nicholas Murray
Butler,President, made public on Sept. 17. Dean Ackerman
declared that freedom of the press was essential to the
movement to restore the confidence of the people in a
"central recognized or trusted public authority," and added
the only possibility of the United States escaping a dictatorship under the Roosevelt Administration was in "the fight
of the profession of journalism for public recognition of the
freedom of the press." ITis remarks were further reported
as follows in the New York "Times" of Sept. 18:
According to Dean Ackerman. the one event of transcendent significance
In journalism this year was the series of negotiations between General
Hugh Johnson, National Recovery Administrator, and representatives of
the American Newspaper Publishers Association.
2211
Three Results Listed.
Mr. Ackerman lists the following three results:
"These conferences established publicly that a newspaper is both a
business and a profession. As a business it is subject to the laws and
regulations of the public authority on the same basis as any other business
enterprise. As a profession it is entitled to the rights and privileges guaranteed by the First Amendment to the Constitution.
"These conferences, through the NRA newspaper code, placed the
present Government of the United States publicly on record as recognizing
the freedom of the press.
"Recognition of the freedom of the press will have a decisive influence
upon the security of all democratic institutions and It will safeguard the
public from the danger of any organized minority imposing its economic
or political philosophy upon the Government.
"The evolution of these policies made newspaper history." Dean Ackerman declared. "During the first three years of the depression, when the
United States was without a central recognized or trusted public authority,
the press fulfilled the exacting task of leadership."
In another part of the report Mr. Ackerman said:
"With the Roosevelt Administration in a position to control the radio.
with an almost equal power over the motion pictures, and with public
emotion stimulated to such a tense state that public meetings must of
necessity reflect the spirit as well as the letter of Inspired governmental
propaganda, the only possibility of the United States escaping a dictatorship was inherent in the fight of the profession of journalism for public
recognition of the freedom of the press.
"Only those In the confidence of General Johnson know what might
have been the next moves of the Administration if the NRA had succeeded
In its original policy of forcing the press to accept a license. General
Johnson. however, soon revealed at least a segment of his Intention when
he requested newspaper publishers to print full-page advertisements, free
of charge, telling employers how to earn the Blue Eagle.
Sees Danger in Radio.
"The refusal of many daily newspapers to give advertising space to the
NRA was brought to the attention of the American people by General
Johnson over the radio. True, it was subtly done and it was only an
Incident, but the fact should be recorded that any Government in Washington may. If it wishes. use the radio—a channel of communication subject
to Federal license—to build a backfire in American homes against any
individual, business or institution, even though the First Amendment of
the Constitution guarantees freedom of opinion, speech and assembly or
petition.
"The press is unquestionably an important factor in the reflective
processes of the people because by publishing all sides of public questions
It Is contributing to the development of individual analysis and criticism.
This is not applicable to the radio in its present state of development.
"The radio has magnified the power of the orator, which has been a
potential danger to democracy throughout our history. It has not increased the power of individual reflection to the same degree."
Senator Schell Predicts Destruction of All Newspapers
Criticizing NRA—Sees Censorship After Jan. 1.
Senator Thomas D. &hall of Minnesota, Republican,
issued a statement on Sept. 17 in which he predicted that
"after Jan. 1 we shall witness the destruction of all newspapers that attempt to criticize the gods controlling our
National Administration." His statement read as follows:
Complete censorship of all news and editorial matter in every newspaper and publication in the United States will pass into the hands of
General Hugh Johnson on Jan. 1 1934. Under the provisions of the
NRA the Administration may withdraw its Blue Eagle from any publication it desires. As all advertisers have been forced to become members
of this illegal Government racket, they will be forced to withdraw their
advertising from the publication losing its "Soviet Duck." This makes
the present Administration absolute dictators of all public expression.
Twice before this Administration has tried to throttle the press of the
nation. First by the introduction of a censorship bill In the last Congress,
which was defeated, and secondly, by an attempt to write Into the code
of the newspapers a provision that the Administration could cancel the
license of any newspaper it saw fit. This apparent attempt to destroy
the newspapers who might differ with the Administration views also failed.
But by subterfuge they have accomplished the same thing, and after Jan. 1
we shall witness the destruction of all newspapers that attempt to criticize
the gods controlling our National political administration.
First Meeting of Lumber Code Authority to be Held
Oct. 4.
The National Control Committee, executive body of Lumber Code Authority, Inc. (formerly the Emergency National
Committee), at a meeting, Aug. 21, decided upon Oct. 4 for
the next meeting of members of Lumber Code Authority, announces the National Lumber Manufacturers' Association.
The meeting, which will be the first to be held by the Authority since the adoption of the lumber and timber products
code (wthich was signed by President Roosevelt on Aug. 19),
will be held in Washington, D. C. The National Lumber
Manufacturers' Association further announced as follows:
IN
Business before the meeting will include such further action as is necessary to put the lumber code into effect and will cover the questions of cost
protection, trade practices, production control and forestry.
The meeting will also consider the matter of inclusion of various industry
groups not now under the code, as of some of the wood-using industries.
M. W. Stark of Ohio Resigns as Lumber Industry
Adviser to NRA—Succeeded by E. A. Selfridge of
Connecticut.
M. W. Stark, Columbus, Ohio, has resigned as lumber
industry adviser to Thomas Glasgow, Deputy NRA Administrator, and E. A. Selfridge has been appointed by
General Johnson, Administrator, to succeed him, it was
announced on Sept. 19 by the American Forest Products
Industries. Mr. Stark will become Executive Director
of the National Millwork Association, which constitutes a
2212
Financial Chronicle
division under the Lumber Code. It was noted that Mr.
Selfridge is well known in the lumber industry and in the
Government. For several years he served in the Far East
and Europe as a Lumber Trade Commissioner of theDepartment of Commerce. He resigned four years ago to follow
his agricultural hobbies, on a farm in Connecticut, but
General Johnson persuaded him to return to public life for
awhile.
NRA Approves Modifications in Re-employment Agreement for Four Industries—Waste Manufacturers,
Watch Makers, Loose Leaf Industry, and Automobile Retailing Affected.
The NRA on Sept. 18 announced modification of the
President's re-employment agreement for the waste manufacturing industry, watch manufacturing, loose leaf manufacturing, and automobile retailing. Terms of the changes
approved were as follows:
Waste Manufacturing.
Waste Manufacturing Industry—For employees other than factory
workers and outside classifications, maxim= work-week of 40 hours; for
factory workers other than maintenance crews, 40 hours per week, not
more than eight hours in any one day; in case of maintenance crews, 10%
tolerance; for truckmen, 48 hours a week. Minimum wages, for factory
employees, 3214 cents per hour for males In the North and 30 cents for females. In the South, 25 cents an hour for males and 2214 cents for females;
no discrimination for substantially the same amount of work.
Watch Manufacturing.
Jeweled Watch Manufacturing—For employees, other than factory
workers, and outside classifications, maximum work week of 40 hours;
not more than 8 hours in any one day; for inventory employees, 48 hours
in one week of each month, provided that such employees shall not exceed
5% of the total number of employees; for factory workers, 40 hours a week,
averaged over a three months period; not more than 48 hours in any one
week or 8 hours in any one day.
Minimum wage for factory workers,
40 cents an hour for males, 35 cents for females. No discrimination for
substantially the same amount of work.
Loose Leaf Trade.
Loose Leaf Manufacturing—For factory employees, maximum work
week of 40 hours, averaged over a period of 8 weeks; not more than 48 hours
in any one week or 8 hours in any one day. Minimum wage for factory
employees not less than 40 cents an hour. unless the rate was below that
on July 15 1929. and in no event less than 30 cents an hour. In the application for modification the statement was made that there has been a 25%
Increase in labor under the President's re-employment agreement.
Automobile Retailing.
Automotive Retailing Industry—For factory workers, a maximum work
hours, averaged over 8 weeks; not more than 48 hours in any
week of 40
one week or 8 hours in any one day.
President Approves Codes for Seven More Industries,
Making Total of 30 Pacts Already Signed—Hear, ings Completed on 67 Others—Transit, Underwear,
Oil Burner, Textile Bags, Artificial Flowers and
Feathers, Linoleum and Gasoline Pumps Latest
• Industries to Receive Codes.
General Hugh S. Johnson, Recovery Administrator, announced on Sept. 20 that President Roosevelt has signed
seven more codes of fair competition, thus bringing the total
of industrial codes approved to 30. Public hearings on 67
additional codes have been completed and the pacts are now
in process of final preparation by the President, General
Johnson said. The seven codes for which approval was
announced on Sept. 20 comprise those for the transit industry, underwear manufacturing, textile bags, artificial flowers
and feathers, linoleum and felt base, gasoline pumps and
oilburners.
The 23 codes previously approved are for cotton textiles,
ship building, wool, electrical fixtures, coat and suits, lace,
corsets and brassieres, legitimate theatres, petroleum, lumber, steel, photo manufacturing, fishing tackle, rayon and
synthetic yarn, hosiery, men's clothing, automobiles, motion
picture laboratories, wall paper, leather, C. I. soil pipe, salt
and bituminous coal.
• It was estimated by NRA officials that the transit code
will add about 7,250 persons to payrolls with an annual salary
increase of $11,500,000. Estimated re-employment under
the oil burner code was 8,000, and under the linoleum code
2,000. The chief features of the seven codes recently approved were outlined as follows in a Washington dispatch
of Sept. 20 to the New York "Herald Tribune":
The transit code, it was estimated, will add about 7,250 workers to the
payrolls with an annual salary increase of about $11,500,000. Maximum
work weeks of 40 hours for general office employees, 44 hours for shop
employees, 48 hours for carhouse and garage service men, as well as trainmen. bus operators, ticket agents, are set up with a Minimum wage scale
of $15 a week for employees in any city of 500,000 or more; $14.50 in cities
of between 250,000 and 500.000, and $14 in cities of between 2,500 and
250,000. The minimum in villages of less than 2,500 population will be
$12. This applies to all employees paid on a weekly or monthly basis.
For employees paid on an hourly basis the rate shall not be less than 40
cents an hour.
The minimum wage rate provided in the code for the oil burner industry
is to be not less than 45 cents an hour, or $15 weekly, with maximum work
weeks of 40 hours in manufacturing and 32 hours in installation and servic-
Sept. 23 1933
ing. It is estimated that this code will put approximately 8,000 persons
back to work with an increased annual payroll of $800,000.
Underwear Code Bans Home Work.
The code for the underwear and allied products manufacturing industry bans all home work, establishes a 40
-hour week throughout the industry
with a minimum wage scale of $12 a week in the Southern section, $13 a
week in the rest of the country. and $8 a week for learners. No sewing
machine shall be operated for more than one shift of 40 hours, and no
knitting machine for more than two 40
-hour shifts. It is estimated that
there will be a "substantial increase in wages" and that there will be employed in the industry a greater lumber of persons than to be found at any
peak period of operation.
The code for the textile bag manufacturing industry provides a 40
-hour
week and eight-hour day throughout the industry and limits all productive
machinery to two shifts of 40 hours each a week. A minimum rate of $13
a week is established for all workers in the Northern section with $12 a week
In the Southern section.
In presenting the code for the gasoline pump manufacturing industry to
the President, General Johnson said that the minimum wage now paid in
the industry is 30 cents an hour and that the code in raising this to 40 cents
an hour would increase the payrolls by approximately 20%. To reduce
the work week to less than 40 hours would work unfairly for the manufacturer and would also infringe on the available labor supply in certain localities, although a 40
-hour week will not reabsorb much of the unemployed
of the industry.
Linoleum Code in Effect.
The provisions of the code for the linoleum and felt base manufacturing
Industry were put into effect on Aug. 1 1933. with a resulting increase of
55% of wage earners above the average number employed during the
first six months of the year. More than 2,000 employees were added.
The total payroll an hour for the entire. ndustry increased 82% above the
average paid during the first six months of the year. The maximum work
week prescribed by the code is 40 hours a week in any 26
-week period,
and a minimum wage scale of 40 cents an hour was set up.
A maximum work week of 40 hours is set up for the artificial flower and
feather manufacturing industry with no overtime except on recommendation
of the code authority and the approval of .
the Administrator. No employee shall be paid less than $15 a week except apprentices whose minimum
weekly wage shall be $10 for a period not to exceed six weeks.
Revised Codes for Retail Stores and Druggists Made
Public—Controversial Price-Fixing and Price-Control Measures Are Included—Pacts Submitted to
General Johnson for Study—Public Reaction to
Price Measures Is Sought by NRA Officials.
Revised codes for general retail trade and for drug stores
have been submitted to General Hugh S. Johnson, Recovery
Administrator, for his consideration, it was announced on
Sept. 20 by Deputy Recovery Administrator Whiteside,
who made public the texts of the agreements, which include
the disputed principles of price-control and price-fixing.
Formulation of a tentative "master" code for retail stores
was described in our issue of Sept. 16, pages 2039-40. The
revised forms were made public this week, it was believed,
in order that the NRA might have an opportunity to test
general sentiment of consumers on the price-control and
price-fixing features. The codes released on Sept. 20 were
outlined in part as follows in a Washington dispatch of that
date to the New York "Times":
Code provisions relating to price control and price maintenance were
seen to be almost identical with those published in The New York "Times,"
except that clarifications and elaborations were made in some instances.
Likewise, the sections dealing with wages and hours were almost the same.
The retail code commands dealers to keep minimum prices at 10% above
the "wholesale delivered price," this being known as price "control" because
the wholesale price varies.
Standard trade-marked drug products must not be sold at a discount
of more than 21% below the maker's price on the package. This is known
as price "fixing," because the manufacturer's price is defined.
Two codes were prepared because druggists refused to come under a
master retail code administered by a council made up not only of druggists
but also of representatives of dry goods, furniture and hardware stores.
mail order houses and so on.
Nevertheless, the two codes are almost precisely the same, except for
administration, the retail code carrying a special section applying the 21%
clause to standard drugs sold in department stores, for instance.
Price-Fixing Is Denied.
According to Mr. Whiteside, the 10% plus wholesale cost clause can in
no sense be construed as price-fixing, and will, he believes, tend to lower
average retail prices.
The plan is designed to check predatory price-cutting and abuses arising
from the "loss leader" plan of selling a few well-known articles below
production cost in order to create the impression of a low price average
on other goods.
Further, it is hoped that the code will help to save small dealers from
destruction through chain competition, even though the small store's
profit is less.
The attack on price control and price-fixing is gathering new strength in
some quarters. The National Mall Order Association has reversed its
Position and will send a representative here to-morrow to protest pricefixing. Professor 0. W. M. Sprague, Economic Adviser to the Treasury,
is said to hold that price adjustments have no place in the codes until farm
prices are settled.
The Consumers Advisory Board headed by Mrs. Mary Rumsey, has made
a report against price fixing.
Retailers Are at Odds.
One group of retailers likewise objects to any governmental reference to
prices, while another favors "control" but not "fixing," as defined by the
21% clause.
Conferences between Mr. Whiteside and various factions of the retailers
are constantly taking place. One group appearing to-day which sponsored
the code included Judge Samuel Rosenman, counsel for the New York
City Retail Dry Goods Associations; B. H. Namm, Chairman of the Unfair
Trade Practice Committee of the six associations backing the code; Edward
T. Corcoran. counsel for these associations, and Roscoe Rau, Managing
Director of the Retail Furniture Association.
Volume 137
Financial Chronicle
Paul Hollister, Executive Vice-President of R. H. Macy & Co., New
York, in a statement issued to-day attacked the price-fixing provisions.
He said:
"If the American manufacturer and retailer were to attack, with the vim
and energy he has shown in fighting for his profit sheet, the problem of how
to furnish his customer with good merchandise at the lowest price that will
pay a decent wage to the labor and the Money hired to make and sell the
article, he would find himself on a new and immediately profitable basis
with the consumer.
"Each milestone on the trail of price-fixing attempts has pointed toward
monopoly and has marked a disservice to the consumer."
Underselling Clause Changed.
Aside from the price sections of the retail code, most notice has been
attracted by the unfair trade practices clauses, in one of which an extremely
important change has been made since their publication in the New York
"Times." Here the word "inaccurately" has been eliminated from a paragraph reading:
"No retailer shall use advertising which inaccurately lays claim to a
policy or continuing practice of generally underselling competitors."
The word is termed by one group of department store men as in the
"weasel" class, while another faction demands it.
The general retail code, which would become effective the second Monday
following Presidential approval, includes department stores, furniture
stores, general merchandise stores, hardware stores, limited-price variety
stores, mail-order houses, men's clothing stores, music stores, shoe stores
and women's specialty shops.
Code Authority Set Up.
The code would be administered by the National Retail Trade Council,
consisting of one to three representatives from these divisions: dry goods,
furniture, hardware, limited-price, variety, mail-order, men's clothing,
music, shoes and any other major divisions which may be designated later.
The drug code would be handled by the Retail Drug Trade Authority,
consisting of one representative each of the American Pharmaceutical
Association and Drug Institute of America, two from the National Association of Retail Druggists and other associations to be designated by the NRA.
Wages in the retail code are not changed from those published in the
New York "Times" Sept. 14, ranging from $10 a week upward. The only
changes in store hours are that stores in Groups A and B may elect to remain
open for business 55 hours instead of 56.
Maintenance and delivery employees will not be permitted to work a
maximum of more than 44 hours, instead of 48 as the department stores
desire.
Conclude Hearings on Motion Picture Code—Agreement Being Revised to Meet Certain Objections—
Independents Protest Their Inability to Rent
Films—A. F. of L. President Asks Cut in Hours—
Long Succession of Witnesses Heard.
Hearings on a code of fair competition for the motion picture industry were +held before Deputy Recovery Administrator Sol Rosenblatt in Washington on Sept. 12, 13 and 14,
and at the conclusion it was decided that committees from
various groups within the industry would remain in Washington to formulate a revised code more acceptable to the
various factions than was the preliminary agreement offered
to the NRA. At the initial hearing on Sept. 12 Will H. Hays,
President of the Motion Picture Producers and Distributors
of America pledged the support of the industry in the recovery program. Almost 60 other witnesses spoke briefly at
this session, and their remarks were summarized as follows
in a dispatch to the New York "Times" from Washington:
Canon William Sheafe Chase, who has been interested in attempting to
obtain Federal supervision of motion pictures, told the audience that "this
is one of the most historic meetings in years, because it will realize the
dream of parents who would send their children to picture shows with the
same feeling of confidence they would send them to school or to a house
of worship.
"It will be one of the greatest things the 'New Deal' could accomplish
if we obtain moral uplift through the revised code," he added.
Labor representatives objected to long hours, and the spokesman for studio
cameramen said his men would accept less pay if more men could be put
to work.
On the other hand, Fred Pelton, of the Metro-Goldwyn-Mayer Studios,
said that a shorter week would be disastrous at this time. Ile said that
there were not enough experienced craftsmen on the West Coast to "service"
the studios under such an agreement.
William C. Elliott, film technician, argued for better working conditions
and less exacting work for operators in projection booths.
Joeeph N. Weber, President of the American Federation of Musicians,
criticized the "contract labor" provisions of the tentative code, which, he
said, made "mechanical laborers" of musicians.
Dorothy Bryant, Executive Secretary of the Actors' Equity Association,
said that the average earning power of a chorus girl was $515.62 a year,
and declared that dancing girls in one house had been forced to work 93
hours in one week. She pleaded for a 40-hour, six-day week and for a
minimum wage of $25.
Women witnesses were unanimous in support of those parts of the code
which provide for the retention of "moral standards" in production.
Mrs. Richard M. McClure, of the General Federation of Women's Clubs,
claiming a membership of 2,000,000, praised Mr. Hays. She objected to
"crime and sex pictures."
Supporting her statements were Judge Camille Kelley, of the Memphis
Juvenile Court; Elizabeth M. Brennan, of the International Federation of
Catholic Alumnae; Mrs. Malcolm P. MacCoy, President of the New York
City Federation of Women's Clubs; Mrs. Willis Miner, of the New .York
City Federation, and Mrs. William B. Smith, of the New York State
Federation.
Lee F. Hamner, director of the Department of Recreation of the Russell
Sage Foundation, supported the views expressed by the women.
William Green, President of the American Federation of
Labor, in testifying on Sept. 13, advocated a 30-hour week
and cumulative overtime for crews engaged in picture taking, the time to be deducted as soon as the work was corn-
2213
pleted. Other witnesses on the same day were noted as follows in Washington advices to the "Times":
Max D. Steuer, representing a number of actors, described as "vicious"
the section of the code providing for the "lending" of an actor to a concern
other than that which held the contract for the actor's services.
He also assailed the section relating to booking agencies and the socalled "raiding clause," drafted to protect a company which developed an
actor into a "star."
Independent producers were defended by Edward Golden, representing
the Monogram Picture Corp., who described the independent group as an
organization which had to produce good pictures to remain in business.
He said that all present major companies at one time or another had
favored independent production, because it meant competition and had
allowed them to remain in business. The independents would make 222
pictures during the present year, he said.
Retention of the double feature provision in the code, he declared, would
wreck the independent producers and throw 7,000 persons out of work.
The final public hearing, on Sept. 14, was devoted principally to testimony by leaders in the industry replying to
pleas of independent exhibitors for the right to purchase
quality productions on the same terms as producer-affiliated
houses. A dispatch from Washington to the "Times" described this hearing as follows:
Testimony of Nathan Burkan, of the Academy of Motion Picture Arts and
Sciences; Robert 11. Cochrane, Universal Pictures Corp.; B. B. Kahane,
President R.K.O. Radio Pictures, and Sidney R. Kent, President of Fox
Films Corp., brought to a close the public hearings on a NRA code for the
industry.
Mr. Burkan, first witness to-day for the producers, asserted that leaders
formerly exhibitors had been forced to become producers to assure themselves of suitable pictures. Affiliated houses should now be protected.
"What will happen to these huge investments if distributers are forced
to sell to any and all exhibitors?" he asked.
He took exception to a protest made by Harry Brandt, operator of the
Globe Theatre in New York City, who said he had offered for the picture
"Cavalcade" a larger rental than Radio City, which got the film.
"We are not selling beer or sausage," said Mr. Burkan. "We want the
right to choose our customers. If Woolworth or a chain grocery store contracted for the output of an entire factory, the NRA would not force the
factory to sell to their competitors."
Mr. Kahane bitterly assailed theatrical agents of a type described as
"vicious chiselers."
Hollywood was in a nervous state because of the activity of this type. of
agent, who was "constantly fomenting trouble between actor and producer
in the hope of obtaining rich rewards."
All artists drawing $500 and more weekly were constantly tempted by
these agents, who advised the artist that he would obtain a more lucrative
contract at another studio.
"I know of instances where an actor has refused to work just when we
began to make a picture," he went on. "To a temperamental artist the
higher offer, whether true or not, brings trouble."
A provision for "lending" stars between studios, attacked yesterday by
Max D. Steuer, will be eliminated from the revised code.
NRA Committee of New York State Bar Association
Appointed in President Samuel Seabury.
It was announced on Sept. 14 that Samuel Seabury,
President of New York State Bar Association, had appointed a special committee on the NIRA consisting of
Gilbert H. Montague, New York, Chairman; William C.
Breed, New York; Stewart F. Hancock, New York; Merwin
K. Hart, New York; Evan Hollister, New York; Ross M.
Lovell, New York; Benjamin Miller, New York, and Align
Wardwell, New York. On request of the Secretary of New
York State Bar Association, Mr. Montague as Chairman
of the Association's NRA Committee has advised the
Association:
I The NIRA by its terms is applicable only to a "trade or industry or
subdivsion thereof."
These terms, as further clarified by the "declaration of policy" in Section
1 of the Act and by other provisions of the Act regarding collective bargaining and hours of labor, must be held not to include practicing lawyers.
Interpreting the so-called President's Re-employment Agreement ("Blue
Eagle"), the NRA on July 28 1933 officially ruled that professional occupations "are not intended to be covered by the President's Re-employment
Agreement."
For all these reasons it seems clear that practicing lawyers are not required to formulate and submit any code for approval by the President
under the NIRA. and if any should do so it seems pretty clear that the
President would not approve it.
At the same time it was stated that inquiries received
by the Secretary of the Association regarding the application of the NIRA to a law firm's non-professional staff
have also been referred to the Committee for opinion, and
Chairman Montague has advised the Association as follows:
As a question of law neither the professional nor the non-professional
staff of a law firm can be a "trade or industry or subdivision thereof"
within the meaning of the NIRA or the so-called President's Re-employment
Agreement ("Blue Eagle").
None of the official rulings thus far made by the NRA regarding the Act
or the President's Re-employment Agreement conflict with this conclusion,
and several of these rulings inferentially tend strongly to confirm it.
In the spirit of voluntary co-operation, however, which has been stressed
by the President and the NRA throughout all the NRA effort, a number
of law firms have been eager to brush aside this legal question, and have
accordingly signed the President's Re-employment Agreement and mailed
It to the nearest district office of the Department of Commerce with a
covering letter of which the following is illustrative:
The members of this firm are engaged in a professimal occupation and
are specifically exempted from the President's Re-employment Agreement.
While this exemption may include those members of their staff who are
not professional, we desire to co-operate in the effort which is being made
for industrial recovery and have signed and enclose herewith the President's
2214
Financial Chronicle
Re-employment Agreement. Many of the provisions of the Act and of
the agreement are not applicable to our business. However, we shall
put the same into effect so far as applies to our non-professional staff.
A law firm which now signs the President's Re-employment Agreement.
and puts It into effect, and mails it with a covering letter like the above
to the nearest district office of the Department of Commerce (viz., Department of Commerce, 734 Custom House, New York City, or Department
of Commerce, Chamber of Commerce Building. I uffalo), may thereupon
sign the so-called certificate of compliance (copies obtainable at all post
offices), and take this certificate of compliance to the nearest past office
and there receive the insignia which evinces such law firm's membership
In the NRA.
In a report of progress submitted to the New York State
Bar Association, Mr. Montague as Chairman of the NRA
Committee states:
The subject which President Seabury has entrusted to the Association's
National Recovery Act Committee is the most dramatic experiment of
Government control of business ever undertaken under AngleSaxon law.
and the Committee is formulating plans for a study of the NIRA and its
administration, with a view to preparing a comprehensive report which
the Committee may submit at the next annual meeting of the Association
Labor Leaders Urge That Operating Hours in Paper
Factories Be Restricted to 144 Weekly—Little Opposition to Wage and Hour Provisions at Public
Hearing on Pulp and Paper Code—Manufacturers
Estimate Pact Will Increase Annual Wages $70,000,000.
A public hearing on a code of fair competition for the
pulp and paper industry was held in Washington on Sept. 14,
and was featured by demands of labor leaders for limited
hours of operations of paper-making machines. In submitting the tentative code manufacturers had estimated that
it would add $70,000,000 in annual wages to the payroll
of the industry. It was said that the code will reduce the
average hours of work from more than 46 a week in 1929 to
40 hours, and will increase the number of employees from
107,000 to 135,000 on the present low rate of production.
The public hearing brought forth little opposition to the
minimum wage and maximum hour provisions, although
three labor leaders suggested that operating hours be restricted to 144 or less a week, with all operations suspended
on Sunday. Associated Press advices from Washington on
Sept. 14 summarized the hearing as follows:
The only attack on the wage and hour provisions was offered by George
J. Bronschnabel, who said he represented the hourly-paid workers of the
Kimberley-Clark Corp. of Neenah. Wis. He asked for a six-hour day
and a 30-hour week, with a minimum wage of 50c. an hour for men and
women in the northern zone, with rates 2.5 and Sc. lower in the central
and southern zones. respectively.
The original code, presented by the Paper & Pulp Association, provided
-hour week with minimum wages of 35c. an hour for
an 8
-hour day and 40
men and 30c. for women in the northern zone 32.5 and 27.5 C. respectively.
in the central zone, consisting of Delaware. Maryland. Virginia, West
Virginia. Kentucky, Tennessee and North Carolina, and 30 and 25c. In
other parts of the South.
Matthew J. Buns. President of the International Brotherhood of Paper
Makers, said be "had no objection" to a 40
-hour week, but asked that
paper-making machines, which, he said, now operate as high as 168 hours
per week, be restricted to 144 hours. He suggested minimum wage scales
of 42c. an hour for men and 38c. for women in the northern zone, 40 and
36c. in the central zone and 38 and 34c. In the southern zone.
R. W. Spencer of Newburgh, N. Y.. a manufacturer, asked for the
120
-hour restriction as a means of avoiding overproduction. On such a
plan, he said. "rests the success of the whole NRA program."
A. R. Graustein, President of the International Paper Co., said code
provisions requiring the filing of price lists with the paper industry authority and forbidding sales below production cost were introduced to
prevent the price cutting prevalent in the Industry.
Subordinate codes for 19 divisions of the industry were discussed at the
bearing. Each would set up an agency to administer that division, but
would conform to the general code practice. Separate codes have been
filed by the new print and paper board industry.
In announcing the completion of the tenative code, a
statement from the American Paper and Pulp Association
on Sept. 12 said:
The industry's proposals are so far completed that a large part of the
industry has already adjusted wages to the basis of the proposed code, even
in advance of the formal submission of the code. The book paper industry,
for instance, comprising 39 mills, went on the proposed new schedule on
Aug. 21.
In 1929 the average weekly wage was $26.53, and in May 1933. 818.24.
The proposed scale will produce an average weekly wage of 824.25.
Before the industry could submit a code for approval it was necessary to
entirely reorganize the Industry. The American Paper & Pulp Association,
selecting Mr. S. L. Wilson. President of the American Writing Paper Co.,
Holyoke Mass., as President was converted from an association of mills
into an organization of groups. With the presentation of the code adopted
to-day, the Association comprises 19 separate divisions. Including all groups
of paper manufacturers except the paperboard and the newsprint groups.
The basic code, as finally formulated, will add $70,000,000 annual wages
for a maximum working week of 40 hours, by the following scale:
Northern zone, minimum male labor rate, 35c. an hour; female, 30c.
Central zone, minimum male labor rate, 32%c. an hour; female, 27%c.
Southern zone, minimum male labor rate. 30c An hour; female, 25c.
Supreme Court in Brooklyn, N. Y., Bars "Blue Eagle"
as Corporate Name.
From the New York "Times" of Sept. 18 we take the
following:
Supreme Court Justice James A. Dunne in Brooklyn decreed yesterday
that the name "Blue Eagle" may be used only for the purpose intended by
the NRA.
Sept. 23 1933
He denied the application of the Blue Eagle Mutual Benefit Society to
incorporate under that name. Michael Maria of 1,841 West Twelfth Street,
petitioned the court for permission to incorporate under that name, but
Justice Dunne ruled that the words Blue Eagle have been adopted by the
NRA as its badge of honor for those co-operating with the President in his
program of industrial recovery, and its use should be restricted for that
purpose.
Three Aluminum Codes Filed with NRA—Joint Hearing Scheduled for Sept. 28—Pacts Represent All
Divisions of the Industry.
Three codes of fair competition for the aluminum industry
were filed with the NRA on Sept. 19 by the Association of
Manufacturers in the Aluminum Industry, the Aluminum
Research Institute and three companies engaged in fabricating aluminum. It was announced that joint hearings
on the three codes will be held on Sept. 28 by Philip P.
Kemp, Deputy Administrator. The Manufacturers' Association said that it represented 95% of that branch of the
industry, while the Research Institute represents 80% of
those producing secondary aluminum and its alloys. The
code submitted by the manufacturers proposes a wage scale
for each class of workers ranging from 30 cents to 35 cents
an hour, with differentials between the North and the South
and between men and women. It specifies a work week of
42 hours for continuous process operation, 40 hours for noncontinuous process operation averaged over a period of six
months and in no week more than 48 hours, with exemptions
from such maximum for employees paid more than $35
weekly and in case of emergencies. The code for the fabricating industry sets minimum wages for those in labor operations at 50 cents an hour, and for other employees except
commissioned salesmen at $15 a week. Maximum hours are
fixed at 35 per week. The code filed by the Institute proposes minimum wages of 35 cents an hour for a 40-hour week.
Used Car Dealers Protest Retail Motor Code—Spokesman at NRA Hearing Asserts They Face Ruin if
New Car Dealers Are Allowed to Fix Trade-in Prices.
Charges that used car dealers may be eliminated from
business were made at the public hearing on a proposed code
for retail motor dealers, held in Washington on Sept. 18.
Members of the used car industry complained that the tentative code permits the National Automobile Dealers' Association to fix prices and stipulate what trade-in allowances
would be, and thus would force them to be governed by their
competitors. The testimony was noted as follows in an
Associated Press dispatch from Washington:
Abram Goodman, representing the National Used Car Dealers' Board
of Trade of New York, said the code was written for "dealers in new cars"
without differentiating between those who accepted trade-ins only as an
Incidental feature of their business.
"For those of us who deal entirely in buying and selling used automobiles It would be entirely unfair that these new car dealers fix trade-in
allowances." Goodman said. "It would drive 15.000 of them out of
business. He demanded that used car dealers be excepted from the code.
Others who protested against that feature included William McKinley
and Thomas J. Hay of Chicago, C. W. lye of Los Angeles and Lafayette
Markel, President of the Chicago Automobile Association,
Dr. Lawrence Seltzer of Detroit, the labor adviser for the trade, urged
that the merit clause for employees be eliminated. The clause is identical
with that incorporated in the automobile manufacturers' code.
Lionel Poffet, consumers' counsel, urged that provision be made to
show the buyer exactly what mileage was on a new automobile at the time
of purchase.
Code Violators in New York State Held Liable to
Prosecution for Misdemeanor—W. A. Harriman
Explains Procedure Under Schackno Act Covering
Intra-State Trade.
Employers who are engaged in intra-State commerce,
and who have signed either the President's re-employment
agreement or the code for their industry, may be proceeded
against by local law enforcement authorities in the same manner as a person guilty of any misdemeanor, provided the
terms of the pact are violated, according to a statement on
Sept. 16 by W.Averell Harriman, Chairman of the New York
State NRA Committee, Mr. Harriman gave this information in sending instructions covering procedure under the
Schackno bill to the chairmen of all NRA committees in
upper New York State. The Schackno bill incorporates
many of the provisions of the NRA and provides methods
or enforcement. Mr. Harriman is quoted as follows:
The Schackno law suspends the State Anti-Trust laws and brings all
business under controlled instead of free competition so far as the National
recovery program is concerned. It is therefore of vast Importance to
business men and consumers alike.
Some confusion has existed as to how the provisions and penalties of
the Schackno law are to be enforced. The State committee has taken this
matter up with those responsible for the drafting of the law, and these questions in connection with it have been cleared up.
When a certified copy of any code, agreement, license, rule or regulation
put into effect under the NRA has been certified and filed with the Secretary of State. these provisions become the standard of fair competition in
this State so far as Intra-State transactions are concerned. Any violation
Volume 137
Financial Chronicle
of any of these provisions becomes a misdemeanor punishable by a fine of
not more than $500 for each offense. Each day that such violation continues constitutes a separate offense.
Adoption of Natural Fiscal Year by Industries Filing
NRA Codes Regardei as Helpful by A. S. Fedde
of American Institute of Accountants.
The adoption of a so-called "natural" fiscal year by industries filing codes under the NRA will be found to facilitate
preparation of comparative cost accounting and statistical
data in the various units of the industry, according to a
statement issued to-day by A. S. Fedde, New York, of the
American Institute of Accountants. Mr. Fedde is Chairman
of the Institute's special Committee on Natural Business
Year, which has written to the executive officers of trade
associations filing codes with the NBA, pointing out the advantages of establishing in each industry a uniform fiscal
year ending at a period when the greatest accuracy in accounting my be obtained. Mr. Fedde said:
From the reports of over 400 business executives it appeared that advantages would accrue to the management from closing at the end of a natural
period because seasonal activity would be completed, there would be low
stocks of goods at closing, more time would be available for the firm's auditors, new contracts would be discussed between seasons, and statistical data
would be collected for a natural period.
Pere is a tremendous difference between taking an inventory in the
middle of a manufacturing season, with big stocks of raw materials, work in
process and finished goods accumulated for shipment, and taking an inventory when raw materials are at a low point, factory operations almost or
entirely stopped, and finished goods practically all shipped. The greater
accuracy possible when taking inventories at a low point is apparent. Statements prepared 30 or 60 days after the close of a season will show the cornpletion of an annual or semi-annual cycle, not an enforced stop at the peak
or at an intermediate stage of operations. Bank loans would naturally
appear low or cleared up, accounts receivable substantially realized, and the
business as a whole in its most liquid position.
Closing the books at Dec. 31 by firms which are at that date operating
in seasonal production has the effect of splitting a natural business year,
thereby throwing operating results of two seasons, namely, the end of one
season and the beginning of another, with varying economic conditions, into
one operating statement for the calendar year.
The Institute's Committee states that there is no difficulty in changing from the calendar year to a fiscal year
under the income tax laws.
Issuance of Our Annual Number, American Bankers'
Convention Section.
We are issuing to-day our annual publication—the
American Bankers' Convention Section, which contains the
proceedings of the Annual Convention held at Chicago
Sept. 4-7. All the addresses, reports, &c., before the
general Convention, as well as those before the various
Divisions and Sections, will be found in full in our Bankers'
Supplement. Resolutions adopted will likewise be found
therein.
Problem of Constructive Operation of Long-Term
Credit Foremost World Problem, According to
President Gordon of Investment Bankers' Association of America—Modification of Federal
Securities Act Must Be Made if Sound Securities
Are to Be Issued and Sold—State Securities Laws,
Their Achievements, Deficiencies, &c.
Speaking before the National Association of Securities
Commissioners, at Milwaukee, Sept. 18, Frank M. Pope,
President of the Investment Bankers' Association of America, declared that to his mind "the problem of effective, constructive operation of long-term credit is the foremost world
problem of to-day." Mr. Pope's remarks converged, in part,
on the Federal Securities Act of 1933, as to which he said:
That the Securities Law of 1933 was a major piece of legislation, important to industry, to credit and to investment banking is acknowledged
by all. That it did not have the deliberate study and thoughtful consideration necessary to major legislation is apparent. . . .
Since the passage of the Federal Securities Law an intensive study has
been made of it from every angle by potential issuers of securities, underwriters and their counsel. It is the consensus of those who have made this
study that modifications must be made if sound securities are to be issued
and sold to the public.
Mr. Pope, who, in addition to being President of the Investment Bankers' Association, is Vice-President of the First
National Bank of Chicago, discussed also the State Securities Laws which are now in force in 47 of the 48 States, their
achievements and deficiencies, and he gives definite suggestions for improvements. In full, his address follows:
There is a traditional obligation on the part of after dinner speakers to
start their remarks with something funny. The theory may be excellent for
professionals, but it is wholly impractical for me, because I am not an
after dinner speaker or any other kind of speech-maker, professional or
amateur. Moreover, like a great many business men and public officials, I
haven't felt particularly funny for a considerable time, and I can't think
of anyone less calculated to be humorous than the average business man
or public official, loaded with the extraordinary economic problems of
to-day, straining at a witticism. I do not think it is necessary to try to
lubricate our mutual sympathy and understanding with humor because as
securities commissioners and as investment bankers we have the same mutual
interests and purposes; namely, the supporting and safeguarding of that
2215
absolute essential to business activity and business recovery, long-term
credit.
To my mind, and I think that most of you will agree, the problem of
effective, constructive operation of long-term credit is the foremost world
problem to-day. The best description that I have seen of the depression,
which we are all striving to circumvent, was given some months ago by a
distinguished educator, lie said that the depression was a mountain of
fixed debt on one side and a violently fluctuating price structure on the
other. We have seen a considerable improvement in commodity prices and
debt redemption or adjustment. We hope for still greater improvement,
but the description sticks in my mind because it illustrates the fundamental
importance of your work and mine, that of co-operating in business recovery
through sound and constructive uses of long-term credit.
Our long experience as individuals of our respective groups, of the supervisors and the supervised, has demonstrated, I believe beyond a doubt, that
we must continue to be, as in the past, the closest of co-workers to the
common purpose of preventing fraud in the creation and public distribution
of securities, and in furthering the sound and productive uses of credit.
The Securities Commissioner has a public duty to perform. To perform
that duty well he must be thorough, and to be thorough he sometimes beMlles inconvenient. The investment banker, though engaged for profit in
a private business, also has certain public duties, one of which is to submit
to reasonable inconvenience in the interest of the general public welfare.
When, however, this inconvenience goes beyond the point of reasonableness,
to needless requirements affecting only private affairs, then public duty
ceases on the part of both the commissioner and the investment banker.
It is needless to repeat to this audience the story of the origin and development of legislation calculated to suppress fraud and to regulate the sale
of securities. It may be well to point out, however, that thus far all securities laws, both here and abroad, have necessarily been a series of legalistic
experimentations which even now fail to satisfy. As evidence of this I need
only to point to the numerous modifications at practically every session of
the Legislatures and the frequency with which such laws are supplanted by
a new law designed to the same purpose. Legislative committees are now
authorized in different jurisdictions to make further surveys and experimentations, in a further effort to find a practical, workable solution. The
much-talked-of British Companies Act has gone through several revisions
after as many intensive surveys by high-minded commissions. This law is
still a subject of acute controversy in Great Britain, and one of the outstanding legal battles of the day is now being waged around an effort by
the British Government to extradite and to carry back to that country for
trial one of our citizens alleged to have defrauded Englishmen of several
millions of dollars. In that instance, and in many others of record, the
famed British law did not prevent, although it may yet punish.
The fact that securities laws have not seemed wholly satisfactory does
not argue that they are of no value or that such efforts are futile. We
all know, and candor calls upon us to assert, that they have accomplished a
very great deal in the right direction. The failure to satisfy, however, does
argue certain things.
First, that many of the alleged frauds are not frauds at all. It does not
follow that because one has lost through an investment that he has been
defrauded. The cold facts are that the percentage of losses by security
investors is lower than the percentage of losses through investments of holdings in other forms of property such as real estate, farm products, merchandise, &c. One large mercantile establishment alone was compelled, during
one year of the existing depression, to charge off from its inventory account
a loss of more than six million dollars, by reason of the decline in merchandise values. Can it be said this company was defrauded? Countless real
estate holders find their holdings to be worth less than half the amount of
their investment, and no complaint of fraud. Yet there is a widespread
disposition to attribute all securities losses to some element of fraud.
Secondly, the headline allegations as to losses through the sale of "worthless" securities, which make catchy and interesting reading, are far out of
proportion to the actual facts. Those headline figures have progressively
increased from year to year, notwithstanding all the laws and the efforts
of all the commissioners combined. Some such headline estimates for certain periods exceed the total known sales of all securities during the same
period. Such statements of course simply cannot be true.
Thirdly, all too much is expected of the edict of law. No law within and
by itself ever functioned against the crook or the fraudulent. The weapons
authorized by the law, to be effective, must be carried to the doors of the
crook and those engaged in practices tending to perpetrate frauds. Regardless of the detailed requirements of a securities law, fraud is never knowingly brought before a commissioner for leisurely inspection.
Fourthly, inexperienced investors unwittingly have been, and are being,
led to believe that they may wholly depend upon the State, through its
securities commissioner, to do their investment thinking for them. In some
jurisdictions this has been pointed to as a menace of the law. To such
extent as this menace exists the law defeats its own purpose, and creates
its own barrier to satisfactory results.
That this failure to satisfy is not attributable to the form of statute or
the type of law is evidenced by the fact that in the 47 States with securities
laws and various forms and types of law exist with no two exactly alike
and less than 50% of them very similar. Yet the volume of complaints as
to lack of satisfying results is about equal in one jurisdiction to that of
another, with modest exceptions. There are losses under all the laws end
always will be, but a loss is a loss, while all too frequently loss is regarded
as synonymous with fraud.
But how may these laws he made snore nearly satisfactory?
Existing laws may and doubtless can be improved both to the end of
facilitating legitimate business and to applying the teeth in the law when
and where needed. But it is not through these minor changes that the laws
will be made to satisfy.
There have been those who advocated granting to the commissioners arbitrary, discretionary power to pass upon a given security offered within a
given jurisdiction, upon his or their own judgments of economic worth and
that only those of known sound values be offered within the State. It has
been argued this would satisfy the needs if not the wishes of the people.
This theory, of course, is based upon the premise that there is at least one
man who knows the future as well as the past. Aside from the State and
Federal constitutional inhibitions to any such powers, it is very doubtful
if any one equal to the requirements could be found. And woe to that man
who would undertake such a task of omniscience, when he makes his inevitable mistake of misjudging the future. Certainly he, and not the law,
would then be to blame as unsatisfactory.
To improve the situation, I should like to lay these suggestions before
the wealth of practical experience which you commissioners represent:
First, stop trying to legislate against "frauds" which in fact do not exist.
Second, let us hold our consideration to actualities and discard the exaggerated headline estimates of the catch-phrase artist.
2216
Financial Chronicle
Third,'we should bear in mind that laws are not self-enforcing and that
Improved results may be had mare through increased facilities for applying
the provisions now existing than by adding new provisions.
Fourth, clearly the public must learn to assume some of the normal
responsibilities that are entailed by the ownership of money or any other
form of property and not presume that the State can supply a full measure
of common sense to every investor.
Fifth, improve the facilities for applying the policing powers granted
under all these laws through added personnel, if needed, to the end of
prompt and vigorous activity when and where fraud is evident or strongly
suspected.
If these things might be brought about in all probability no new laws
would be needed and the provisions of existing laws would serve every
purpose.
The Investment Bankers' Association of America has long been an active
supporter of the principles of securities laws. At considerable expense we
have maintained a department to study securities laws and amendments
offered and enacted from time to time. Naturally, this is of material service
to our members. ,In many ways and at different times we have been assured
that this work, coupled with the co-operation with securities commissioners
and other public authorities, has been helpful to the public. We have made
numerous suggestions of ways and means for improving the effectiveness as
well as the workability of these laws. We pride ourselves, justly so, I
believe, in the fact that many of these suggestions have been adopted in
various States and that after thorough trial remain as a permanent part
of the laws—some of them most to be relied upon in effectively accomplishing the primary purposes of the law.
Individual members of the Association are active supporters of the several
Better Business Bureaus and of the Investors' Protective Bureau, and contribute to the financial support of these bureaus. We believe in these independent fact-finding bodies with allegiance to none save the public welfare.
We have no thought of reward except the maintaining of high moral and
business standards of the investment banking business and the performance
of a duty any business owes to the public.
We have insisted that the facts as found by these independent agencies
be placed at the disposal of all securities commissioners. We hope they
and the public have profited.thereby.
,
.
Investment bankers are not unappreciative of the difficulties of the securities commissioners. We are .aware of the variety of problems which arise
to complicate the task. We are aware of the borderline cases difficult of
decision. 'Hut we, too, have.our problems, often complicated and enlarged
by the necessity. 'of Giese regulatory laws. We hope this co-operation has
and will Continue to aid you commissioners to an appreciation of our problems; especially those incident to the securities laws, and lead to a continuance of co-ordinate effort to a legitimate and sound solution of these
problems.
In these troublesome days it is natural to expect numerous proposals to
amend andi to re-write existing securities laws. Some of these amendments are sound In principle: Others would be sound were it not for the
fact they would throw out of balance rules and practices which have grown
up under authority, in some instances direct requirements, of existing law,
and in Mani Matinees involve irreparable hardships upon holders of securi.
ties in case they wish to re-market or liquidate their holdings. The sale of
new issues may be adjusted to new laws, but frequently the re-sale of outstanding securities cannot be so adjusted, especially so if the law is in any
way retroactive or retrospective. The result often is a frozen asset in the
bands of a bona fide investor, much to his damage. We counsel great care
and caution in amendments or new enactments of this character. We believe
our practical knowledge of these things will be of value to the end of
avoiding these Innocently created but definite hardships to security holders.
On March 29 President Roosevelt sent to Congress his message recommending the enactment of a Federal Securities Law, with which all of you
are familiar. He 'said, in part: .
There is, however, an obligation upon us to insist that every issue of new securities to be sold In Inter-State commerce shall be accompanied by full publicity
and information, and that no essentially important element attending the issue
shall be concealed from the buying public
This proposal adds to the ancient rule of caveat emptor the further doctrine
"let the seller a.so beware." It puts the burden of telling the whole truth on the
seller it should give impetus to honest dealing In securities and thereby bring
back public confidence.
The purpose of the legislation I suggest
possible interference to honest business. Is to protect the public with the least
This message wog wholeheartedly approved by the Investment Bankers'
Association of.America and by the country generally. We can all agree
on these principles and we welcome them as a basis on which to conduct
business.
A bill purporting to embody the principles of the President's message was
Introduced In Congress on the same day of the message.
At a hearing on -the bill before the Committee of Congress, on March 31,
the second day following its introduction, I said:
I wish to 'assure .you' that the President's message to Congress, outlining the
need for and the objectives to be accomplished by a Federal Securities
the entire approval of our Association, and I am sure, also, that It has theLaw has
approval
of the countly at large,
Olit Association tenders it full co-operation without reservations toward a detailed considetation of the provisions of the Act to carry out the purposes of the
President's messagc to'the end that practicable and wontabte legislation may result.
I know of no responsible security dealer who is not eager to see effective laws
to prevent and punish fraud and misrepresentation In the sale of securities.
Such iaivs are not only in the interest of the pub.lc, but also in the interest of
those who deal in legitimate securities, and we are therefore thoroughly in accord
with the Intent of the bill now under consideration.
I stand by that statement.
•
•
- Unfortunately, the law which finally resulted has had an effect particularly upon officers and directors of issuing corporations, and to some extent
upon underwriters apparently not. contemplated in the President's message.
In any event, the issuance of new securities since the effective date of the
Jaw has prantically• ceased.
'
It is argued, by some that it' is the conditions of the times and not the
Securities Law which has dried up the market for new issues. Doubtless
this, to some degree, is true. But it is eqdally evident to those in intimate
contact. with, prospective issuers that. the unusual liabilities of the law constitute hazards which officers and directors Of corporations decline to assume.
There are those who'state that any such. fears are' wholly unwarranted.
Competent .and independent legal counsel, however, give legal opinions supporting the °fears, and ;give legal reasons therefor. Unfortunately, most of
those who insist there are no causes for fear are•not legal advisers to issuers
or their • offiicers and. directors, and, for the most part have nothing other
than their opinion at stake.
.
•
Citing only one prowision,of'the law, viz., that of joint and several liability on the part of,individuals,, parties to the registration and sale of an
issue of securities,largely And even wholly dissociated in so far as joint
action, is; cemented, Thia.alone, I submit, is sufficient to cause one to
hesitate and justifies teat of. Unwarranted liability.
•
Sept. 23 1933
Issuers and underwriters are perfectly willing to assume the liabilities
Incident to their own acts. They must refuse, however, to be responsible
for the acts of others. It is unjust to expect any man to assume the sins
and liabilities of others.
I need not go further into the provisions of this law or its current effects
on business, which, by all the rules of the game, phould now be reviving.
The point most important for us to realize in this discussion is the effect
of our activities on business in its efforts toward recovery and not the
effect on investment bankers. Investment bankers may entirely be eliminated from our discussion; the legitimate interests or industry are considered because investment banking will inevitably advance as business
advances.
We are still in the throes of a great depression—and unprecedented in
the annals of history. We have had problems to reckon with never before
experienced. We have had depressions, it is true, and have pulled out of
them as we will pull out of this one. But there are certain fundamental
principles which may aid in and hasten the day of recovery.
Every depression we have ever experienced was followed by a demand for
long-term credit as capital investments, to start the wheels of industry
turning. We have now reached that point in this depression. This economic demand is great and by reason of the piling up of maturities, many
of them more than sound, is becoming greater every day. We will not go
far on the road to recovery until means dor meeting this demand is made
available.
That which has made this country great is the men who had the initiative.
Civilization has advanced thereby and in proportion thereto. For 150 years
the business acumen of our people has been the mainspring to inventive and
industrial achievement. Let's not clutter this path of experience with too
many obstacles, but rather leave this initiative, this native acumen, unleashed so long as it is inclined to run in legitimate channels.
That reasonable rules and regulations, appropriate supervision have their
place and are even essential to public welfare is recognized and freely admitted. But let us temper these rules and this supervision according to
actualities and not too much according to academic theory.
That the Securities Law of 1933 was a major piece of legislation, important to industry, to credit, and to investment banking, is acknowledged by
all. That it did not have the deliberate study and thoughtful consideration
necessary to major legislation is apparent. Years of study, of research and
conscientious effort were expended before the enactment of the Federal
Reserve Act. The Glass-Steagall Banking Act was in process of formation
and discussion for two years or more. The Securities Law, however, was
introduced, enacted and approved within a period of less than two months.
Since the passage of the Federal Securities Law an intensive study has
been made of it from every angle by potential issuers of securities, underwriters and their counsel. It is the consensus of those who have made this
study that modifications must be made if sound securities are to be issued
and sold to the public. Therefore, let us have the constructive help of all
who, by experience or training, can contribute to the erection of a thoroughly
workable piece of legislation which will carry out the purposes expressed by
President Roosevelt, viz., "Protect the public with the least possible interference to honest business."
We welcome sound and workable supervision.
Annual Convention of Mortgage Bankers Association
of America to Be Held in St. Louis, Oct. 10 and 11—
W. F. Stevenson, Chairman of Home Loan Bank
Board, to Address Convention Stressing Value of
Home Owners' Loan Corporation.
The 20th annual convention of the Mortgage Bankers
Association of America (Chicago) will be held in St. Louis,
Mo., Oct. 10 and 11. William F. Stevenson, Chairman of
the Home Loan Bank Board, Washington, D. C., will
deliver an address on "Mortgage Bankers and the Relationship to Government Credit Agencies." An announcement
issued by the Mortgage Bankers Association, with regard
to the address, said:
It Is felt by many that this address will be of special importance not only
to mortgage bankers and other business men interested in the field of real
estate finance but also to the great mass of home owners located throughout
the entire United States.
Mr. Stevenson will stress in his address the value of the new Home
Owners' Loan Corp., which is administered by the Home Loan Bank
Board, insofar as it is proving helpful to home owners in retaining their
holdings and easing their financial burdens. He will give a detailed explanation of this act.
Mr. Stevenson will also touch on the relationship of mortgage banking to
other governmental credit agencies, and following his speech an informal
discussion will be held.
Report of Committee on Banking Education Presented
at State Secretaries Session at Annual Convention
of American Bankers' Association.
Since we were unable to make room in our American
Bankers' Convention Section (issued to-day, Sept. 24) for
the report of the Committee on Banking Education presented before the State Secretaries, at the annual meeting
of the American Bankers' Association in Chicago, we are
giving the report herewith. It was submitted as follows by
the Chairman of the Committee, Andrew, Miller, Secretary
of the California Bankers' Association, San Francisco, Calif.
At the 1932 Convention, it was the privilege of this Committee to submit
a report on the progress in Banking Education in the various States. In
this report we embodied seven definite recommendations which were
designed to:
(a) Stimulate interest in the educational activities of the American
Institute of Banking;
(b) to bring about a closer relationship between chapters and the study
groups in each State and State banking associations;
(c) to bring about better recognition of the important work done by
the chapters and study groups.
Returns have just been received from 32 associations out of a total of
49 and it is interesting to visualize the situation as revealed in these reports.
It appears that only 5 State Associations have recognized chapters to
the extent of admitting them to honorary membership in the Association.
Your Committee again reiterates the advantages to both State Associations
SUMMARY OF REPLIES TO QUESTIONNAIRES SENT OUT BY ANDREW
MILLER. CHAIRMAN. BANKING EDUCATION COMMITTEE, STATE
SECRETARIES SECTION, AMERICAN BANKERS' ASSOCIATION.
Question..
Association—
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No. 1. No. 2. No. 3. No.4. No.5. No: 6. No. 7.
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1. Has your State Association conferred an honorary membership on
each Chapter of the American Institute of Banking?
. 2. Has the American Institute of Banking been recognized, on the program of your Annual Convention?
3, Has conference of Chapter Officers been made a part of the Annual
Convention program?
4. Has your Association appointed a standing Committee of the American
Institute of Banking?
5. Has the State Association appropriated an annual budget for American Institute of Banking Committee work?
6. Have arrangements been made to hold annual conference of District
Chapter Officers?
' 7. Have group study classes been organized to supplement Chapter
work?
Comments.
•
ArIzona.—"We have many study groups in towns not large enough
to support Chapters, and these study groups operate under the Correspondence Chapter. Inc. I note reference is made to representation of Institute
Chapters in the State Bankers' Associations. In Arizona we have only
one Institute Chapter In operation. For that reason, I feel that it would
be wise in this State to include study groups as well as Institute Chapters."
Arkansas.—"All of the affairs of the American Institute of Banking In
Arkansas are sponsored and managed by what we know as the Junior
Bankers' Section. composed of bankers of this State ranking below cashier.
The President of this Association attends our Association Group Meetings
and also the State Convention, and at the group meetings and occasionally
at the Convention he is requested to explain the work of the Junior Section.
For some years the parent association made an annual appropriation of a
few hundred dollars for the work of the Junior Section: but lately this
organization has been self-supporting and has had its own funds for its
work. One of the principal objectives of the Junior Section is to establish
Chapters, Study Groups and encourage Correspondence Courses."
Connecticut.—"The Connecticut Association has been interested and
most sympathetic with the work of the Institute over a period of years
and the Public Education Committee is made up entirely of past presidents
of various Institute Chapters in Connecticut."
Illinols.—"Practically no Chapters in operation now outside of Chicago.
We are going to make a special effort for Chapter organization this fall."
Iowa.—"Iowa has a number of strong, active American Institute of
Banking Chapters."
Kansas—Question No. 2.—"Yes, in most years." Question No. 3,—
"Yes, in most years." Question No. 5.—"No, but we expend when in
need."
Maryland.—Question No. 1.—"Yes, but Baltimore only one."
Virginia.—Question No. 2.—"No, not regularly." Question No. 7.—
"Yes, a few."
Washington.—Question No. 2.—"Yes, in past years, but not in 1933."
Question No. 4.—"No. Committee not so designated. Education Committee always has been made up of active American Institute of Banking
men or past active officers and members of Executive Council of American
Institute of Banking." Question No. 6.—"No, not under State Association supervision. Conference of Chapter officers is held annually under
leadership of Executive Councilman or Associate Councilman, whichever
happens to be resident within the State."
:ZZ
Questionnaire.
Michigan.—"Our Association will always be found willing to sponsor
the extension of the American Institute of Banking activities."
Missouri.—Question No. 1.—"No, each Chapter permitted by Constitution to become regular member—dues $10."
New Jersey.—Question No. 4.—"Yes, a representative from each
Chapter serves on our Committee on Education." Question No. 7.—"No,
Educational Committee of State Association supplements Chapter work."
North Carolina.—Question No. 1.—"No. all Chapters pay dues to
the Association of $10 per year." Question No. 4.—"While we do not
have an American Institute of Banking Committee, our Public Education
Committee is composed as far as possible of American Institute of Banking
members."
Penns,Ivania.—Question No. 1.—"No, dues schedule provides for
membership dues of $5 per year for all American I nslitute of Banking
Chapters." Question No. 2.—"Yes. through Committee reports."
Question No. 4.—"Yes, under the by-laws." Question No. 5.—"Yes,
$200 per year." Question No. 7."No, this would be entirely for the
Committee to decide."
South Dakota.—"Only one Chapter in State, so far as we know, at
Sioux Falls."
Tennessee.—Question No. 2.—"No, not this year but have in previous
!
E '00
and chapters that would eventuate by such recognition and urges the
various State Associations to give serious thought to this move.
Our second question reveals that in 22 of the 32 States replying, the
American Institute of Banking has been given a place on the program
of the Annual Convention. Your Committee is most encouraged by this
recognition and feels that definite advantages must inevitably result
from the closer relationship thus evidenced.
Our third question referred to the holding of a conference of chapter
officers as a part of the annual program. Only two States have done so.
It seems to your Committee that here is a field for some very effective
work and that the annual State Convention is the most appropriate place
for the holding of such a meeting of the American Institute of Banking
State Executives. In many States the smaller number of chapters make
such a conference impracticable, but in States where there are three or
more chapters it would seem that the cause of banking education could
be materially promoted by the holding of such meetings.
Responses to the fourth question indicate that in II out of the 32 States
Committees had been appointed by State Associations for the furtherance
of American Institute of Banking work. We all urge that this is a move
worthy of serious consideration by State Associations and that the appointment of such committees should be facilitated.
Only 8 of the 32 States had appropriated a budget for American Institute
of Banking Committee work. Each of the 8 States in which this action
was taken are those which had appointed committees on American Institute
of Banking. It is obvious that the two are closely related and the appropriation of money will go hand in hand with the appointments of special
committees.
Only 6 of the States reported that arrangements are made to hold conferences of District Chapter Officers. May we again emphasize that here
is a most important field for valuable development of banking education.
The most encouraging reports come in respect to group study classes
with more than half of the reporting States replying affirmatively to this
inquiry.
Possibly never in the history of banking has the entire subject of banking
education called for more serious and intensive support on the part of
the banking fraternity. Many factions in the country chose to use the
banking situation as a means to accomplish their own ends and the effect
on banks, as a whole, was so unfortunate that public confidence received
shock after shock, which finally resulted in a stampede and the closing of
all our banks. After the inauguration of the present Administration and
with President Roosevelt himself taking hold, public confidence has been
renewed and on every hand to-day we see signs of better understanding of
economic and banking conditions and that banks cannot be ruthlessly
destroyed without bringing considerable damage upon the public in the
communities affected.
Banking education must begin in the bank itself. Unfortunately in
the period of acute stress and attack upon banks large numbers of bank
employees were not sufficiently aware of the true situation and many of
them publicly Joined in the chorus of criticism against banking institutions.
Your Committee feels that one of the first steps, and possibly the most
important step in the furtherance of banking education is to build 100%
understanding and support among bank employees. There are a large
number of banks' employees who have daily contact with customers and
it Is to them, in a large degree that banks must look for the creation of
support and good will and restored confidence. Where American Institute
of Banking Chapter and study classes are not available, bank officers
can and should take it upon themselves to gather their staff members
into groups for discussion and information as to current events in banking
and economics so they will be informed when asked questions and can give
intelligent answers. Your Committee emphasizes the point that banking
education begins at home and it is encumbent upon every bank officer
who has the good of his institution at heart, to see that every individual
in his bank is informed of the vital problems of the day and can therefore
give forth constructive rather than destructive efforts in the present situation.
Andrew Miller. Chairman.
Banking Education Committee,
State Secretaries Section, A. B.A.
The following accompanied the report:
2217
Financial Chronicle
Volume 137
f Yes 5 Yes 22 Yes 2 Yea 11 Yes 8 Yes 6 Yes 16
I No 24 No 7 No 27 No 18 No 21 No 23 No 13
49 Associations; 32 Reports
Reports and come ents received. y Report received. z No answer received.
•See comments on States above.
Totals
•
Annual Convention of United States Building and
Loan League in Chicago—President W. B. Whitlock States That 60% of American Home Owners
Hold Property Free of Debt.
Sixty per cent of the home owners in America hold their
property debt-free and they are the most fortunate fa/Hiles
in the world. stated Ward B. Whitlock, of Springfield, Ill.,
President of the United States Building and Loan League,
in his address delivered Sept. 13 before the League's annual
convention in Chicago. In an announcement issued by the
League it was noted that he urged the building and loan
associations to use their resources to the fullest extent
possible for starting more horre-owners on a common sense
plan of financing which would enable them to pay off the
debt in a reasonable time. The announcement continued:
His address was a direct urge to all associations in the land to stand four
square behind the recovery program of the President. In commenting
on some implications of the program, the building and loan leader noted
a tendency to mingle politics and finance in some quarters which he did not
believe a totally healthy sign, and expressed his hope that the future choices
for the responsible positions in the new order would draw upon the best
human resources in the nation.
Speaking of business conditions on the horizon, Mr. Whitlock told the
,
building and loan men to prepare for a greater volume of home purchases
and of small home construction.
2218
Financial Chronicle
The announcement quoted Mr. Whitlock as saying:
The present trend of prices points the ambitions of the average citizen
to the possession of things rather than stocks and bonds The home has
the same intrinsic value to the family which owns it. be the American
dollar worth 70 cents in gold. or 100 cents. It is the most essential longtime commodity in the nation to-day.
The people are ready to invest in homes. Let it never be said that their
desires were thwarted by their inability to obtain financial aid. Building
and loan associations have the satisfaction of knowing that their method
of operation and their ultimate goal has always been to encourage tie'stfree home ownership. Had this been the universal rule In home financing
during the past 10 years we would to-day have little of the existing grave
distress among home owners.
Sept. 23 1933
Previously former Governor Alex J. Groesbeck, receiver for the Guardian
Detroit Union group, holding company for the Guardian National, agreed
upon the witness stand to "get the depositors together" in an attempt
for a "community effort" toward reopening the Guardian and the First
National.
A group of former bank officials prepared to leave for Washington to
resume discussions with Treasury Department heads about plans for
reorganization.
Asserting he had been "prevented" from making further
sensational disclosures before the now-ended Detroit Grand
July investigation, United States Senator James Couzens
on Sept. 20 let it be known that he intends to continue an
Comparing the present status of the business with the uncomprising fight for banking reform, according to an
time of the League's first convention in Chicago in 1893, Associated Press dispatch on that date from Detroit, which
Mr. Whitlock said that to-day the building and loan busi- 'continued:
"While
ness represents a constituency which surpasses the most forum to I may be denied a forum In my own State, I still have the Senate
expose and discuss unethical and improper—if not illegal—bank
fanciful dreams of the 19th century leaders. He added:
practices," the Senator declared to-day In a statement prefaced by the
We come together here as the stewards, the trustees, the managers of
the savings of over 10.000.000 people. They are the people In the humbler
walks of life and number nearly 10% of the citizens of the United States.
The vast sum of money running cicate to $8.000.000.000 has been loaned to
individuals in like humble circumstances for the building and buying of
their homes
The Administration has recognized the validity of the building and loan
plan of financing homes in three distinct ways
1. It has pia ed itsaupport solidly behind the Federal Home Loan Bank
System which gives our associations an opportunity to do more of the
home financing In this country than has ever been possible before.
2. It has made pro vidons whereby more than a 1.00()localities which have
no building and loan facilities for home mortgage credit shall have Federal
savings and loan associations established within their borders.
0 Even In Its relief plan as embodied In the Home Owners' Loan Corporation the Got ernment has adopted the principle of long term credit, payable
in instalments, as the way out.
One-Man Grand Jury inquiry Absolves Detroit Banks—
Judge Harry B. Keidan Holds Both Were Solvent
at Time of Michigan Bank Holiday and Finds
No Criminal Evidence.
Judge Harry B. Keidan, who for three months conducted
the one-man Grand Jury investigation into the closing
of Michigan banks, on Monday night, Sept. 18, within
a few hours after the hearings were unexpectedly terminated,
found that Detroit's two National banks—the First National
Bank, Detroit, and the Guardian National Bank of Commerce—were solvent at the time of the Michigan bank
holiday last February, and that there was no evidence of
criminality on the part of the banks' officers. Judge
Keidan also found that there was no evidence of "smart
money" withdrawals just prior to the banking holiday proclaimed Feb. 14, after which the two institutions failed to
open. Detroit advices by the Associated Press on Sept. 18,
from which the above information is obtained, went on
to say:
One of the points of controversy in the hearings, which began June 14.
was whether the Government was justified in placing the two banks under
conservators leas than a month after the holiday.
In support of the Treasury Department's action Senator James Couzens
had tes.ified that secret reports by examiners to the Treasury Department some months before the holiday had shown the banks in bad condition.
But Judge Keidan in his finding, made public to-nii,ht (Sept. 18). said:
"Most powerfully am I urged to conclude that the Government would
not permit an insolvent bank to operate in fraud of its citizens, and I
am constrained to find that the two National banks on Feb. 11 1933 were
solvent."
Feb. 11 was the last business day before the holiday.
Rergarding secret, or "yellow sheet" reports picturing discouraging
conditions in the First National Bank, which Senator Couzens said Federal
bank examiners made to the Treasury Department, Judge Keidan said:
"CrLical as these sheets are of the conduct of officials and the mana,,eMent of these banks, this Court is not wilting to believe that the United
States Government, whose duty It Is to supervise and regulate National
banks, would permit an insolvent bank to remain open throughout the
several years covered by these yellow sheets. while depositors, relying
upon the Government's approval, continued to deposit their money."
In his statement he also said that the Court "Is not disposed to find
that these appraisals of Government examiners as contained In these
yellow sheets are made upon adequate information and familiarity with
local conditions by examiners."
Judge Keidan did not attempt to place blame for the closings, except
to give his conclusion that the banks were solvent at the time the holiday
was declared.
-page document. Judge Keidan, commenting
Near the end of the eight
upon the banking profession. said.
with a sacred trust, the men who direct the investment of
"Vested
money deposited by the peonle have a duty to adhere rigorously to the
dischar,o of their responsibilities. They have a duty now to re-establish
the e ninence of banking and the confidence which the closing of these
banks may have undermined."
The report further stated that the Court "Is hopeful that the Government
will undertake to help the depositors of these closed institutions and the
city of Detroit."
"Critninations and recriminations are futile." it added. "Only the
actual aid of the Government will suffice to remedy the evil conditions
.
which exist:
Judge Keidan instructed Attorney-General Patrick H. O'Brien and
Wayne County Prosecutor Harry S. Toy to continue their independent
investigations of two trust companies, holding companies that held the
stock of the two closed banks and other affiliates, "to ascertain whether
crimes, in fact, exist, with the Ins.ruc,ion that if these ac are found to
issue warrants and to prosecute vigorously the offenders"
.
Senator Commis, the last witness at to-day's final session (Sept IS,
reiterated his charo that the First National was insolvent, but said that
he knew of "no immorality" In transactions of the closed banks.
charge that Judge Harry B. Keidan, who sat as the one-man Grand Jury
investigating the closing of two big National banks here, had refused to
allow him to give further testimony.
"My primary object in continuing this, what many people call a tiresome
fight. Is to prevent by statute and public opinion a possibility of recurrence of these conditions," he declared. "I intend to use every available
means at my command to inform the people of the banking practices
engaged in by all Detroit banks, and particularly by the State organization
of the Detroit Bankers Co. and the Guardian Detroit Union Group. Inc."
The dispatch added:
The two institutions were the holding companies for the closed First
National Bank-Detroit and the Guardian National Bank of Commerce,
as well as other affiliates, subjects of the Grand Jury inquiry which began
June 14 and ended two days ago. Senator Couzens, who played a prominent
part in the investigation, had charged that an "orgy of consolidations
and pyramiding of assets" was In a large measure responsible for the
closings.
Later Detroit advices by the Associated Press (Sept. 21)
stated that continuing his promised presentation of evidence
which he charges he was "prevented" from placing before
the Detroit Grand July investigation, Senator Couzens
in a public statement on Thursday, Sept. 21, declared that
certain officers of the closed Guardian National Bank of
Commerce knew in September 1931 that the solvency of
the bank was "doubtful."
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of Sept. 16 (page 2051),
with regard to the banking situation in the various States,
the following further action is recorded:
DISTRICT OF COLUMBIA.
The new Hamilton National Bank of Washington, D. C.,
formed by the union of seven restricted Washington banks,
will open for business on Monday next, Sept. 25, and release
approximately $9,000,000 in deposits held in its component
institutions since the banking holiday in March. The banks
entering the merger, all of which have been operating under
conservators, are (according to the Washington "Post" of
Sept. 2) the following: District National Bank, Washington
Savings Bank, Potomac Savings Bank, Seventh Street Savings Bank, Woodridge-Langdon Savings & Commercial Bank,
Federal-American National Bank & Trust Co., and Northeast Savings Bank.
The date of opening was announced in letters sent Sept. 16
to persons having accounts in the different banks by Edwin
C. Graham, who has been chosen to head the new institution. The $9,000,000 to be made available at the opening
represents 50% of all deposits in the seven restricted banks.
We quote further from the Washington "Post" of Sept. 17,
from which ths foregoing is learnt:
Five-year leases, with purchase options between the bank and conservators, of five of its seven component banks were sanctioned yesterday
(Sept. (Si by District Supreme Court Justice Jennings Bailey. Branches
of Federal-American National Bank & Trust Co. were dealt with In one
lease.
The terms provide for certain basic rates for rental and for increased rentals per month of $2.50 for each $1.000 of deposits in excess of stated deposits
The leases were Federal-American main office. Fourteenth and 0 streets
northwest. $28.000 per year for deposits of $7.000.000 or less: Twelfth and
Newton streets northeast branch. $2,500 a year for deposits of $300.000 or
less. Twentieth street and Pennsylvania avenue northwest branch. $3.000
per year for deposits of $500.000 or less.
Potomac Savings Bank. $5.000 per year for deposits of $1,500.000 or
less: Seventh Street Savings Bank. 82,500 a year for deposits of $750.000
or less. Woodridge-Langdon Savings & Commercial Bank. $2,000 per year
for deposits of $250.000 or less and Northeast Savings Bank, $2.500 pet
year for deposits of 3750.000 or less.
In regard to the United States Savings Banks (originally
named as one of the banks to enter the Hamilton National
Bank merger, hut later withdrew) the paper mentioned had
the following to say:
A third Important announcement in the restricted banking situation
of the city came yesterday (Sept. 16) from the office of Gibbs Lyons, Deputy
Comptroller of the Currency.
It answered a published report that a plan submitted by counsel for the
restricted United States Savings Bank for reopening that institution had
been favorably received by the Treasury Department.
Financial Chronicle
Volume 137
Deputy Comptroller Lyons stated:
"The understanding at present is that counsel for the bank are to submit a plan or proposal in writing, at their earliest convenience, and that the
Comptroller will then advise whether or not It is considered that the plan is,
in principle, fair and equitable to the depositors and stockholders and in
the public interest, as required by section 207 of the Bank Conservation
Act."
FLORIDA.
Two Florida banks—the Bank of West Tampa and the
Bank of Sulphur Springs—have been placed in voluntary
liquidation by action of their respective stockholders and
with the approval of the State Comptroller, according to
Tampa advices on Sept. 20 to the "Wall Street Journal,"
which added:
Depositors will be paid in full through the Exchange National Bank of
Tampa.
ILLINOIS.
Edward J. Barrett, State Auditor of Illinois, has authorized
the Bank of Oquawka at Oquawka, Ill., to reopen without
restrictions.
INDIANA.
The RFC has authorized the purchase of $500,000 preferred stock in the National Bank of Fort Wayne, Fort
Wayne, Ind., a new bank, which is to succeed the Old First
National Bank & Trust Co. of that city.
The preferred stock authorization is contingent upon the
subscription of common stock by those interested in the
organization of the new bank.
That a new bank is being organized in Jasonville, Ind., to
replace the old First National Bank of that place, is indicated
in the following dispatch from Bloomfield, Ind., on Sept. 15,
printed in the Indianapolis "News":
Promoters of a movement to organize a new bank at Jasonville to be
known as the First National flank have been notified by the RFC that it
will take $25,000 of preferred stock in the new bank when common stock
to the amount of $35,000 has been subscribed for.
Among the chief promoters of the new bank are the following officers
and directors of the old bank; J. S. Williams, President; John Fry, VicePresident; Wilbur Ransom. Cashier. and Ora Ax and Oscar R. Shields,
Directors.
•
KANSAS.
C. L. Brokaw, President of the Commercial National
Bank of Kansas City, Kan., announced on Sept. 6,foliowing
a meeting of the directors, that the RFC had purchased
$350,000 class A preferred stock of the institution. Mr.
Brokaw's statement, as printed in the Kansas City "Star"
of Sept. 6, from which the above information is obtained,
follows:
The Commercial National Bank of Kansas City, Kan., announces
that in order to be among the first to take advantage of the benefits and
privileges of the new National Bank Act of 1933. It has sold to the Reconstruction Finance Corporation $350.000 of class A preferred stock. Its
own directors and others have purchased $100,000 of class B preferred
stock. It will reduce its common capital stock to $300.000 and its surplus will be $150,000. This program has been approved by the Reconstruction Finance Corporation, the Federal Reserve Bank and the Comptroller of the CurrencY, and puts the bank in a very strong, clean position.
The paper mentioned continuing said in part:
Amplifying his statement, Mr. Brokaw explained that the bank was
not borrowing money from the Government and would not be indebted
to the Government otherwise than to any other class A preferred stockholder.
"The Government merely will be our partner In business," the banker
asserted.
The stock will pay 5% dividends, payable semi-annually from the
net earnings of the bank. As the preferred stock is paid off, the common
stock will be increased.
Mr. Brokaw explained that there was not a shortage of ready money
or bank liquidity, but that taking the Government into the bank as a
partner fortified the capital structure of the institution and enabled It
to be in a better position to aid in the National recovery program of the
Government by making extension of credit easier. It Is a plan of the Government only to go into partnership with banks of present sound condition.
He referred to a statement by Jesse H. Jones, Chairman of the Reconstruction Finance Corporation, in which he said:
"It will require a great deal more cash and credit to carry and handle
-cent cotton. Si wheat than 40
-cent wheat. 60
-cent
-cent cotton than 5
10
corn than 15-cent corn and so on. as these prices continue to increase.
"Manufacturers. processors, merchants and employers must all have
additional capital and credit If they are to be able to carry on the recovery
program. Banks must be put in position to provide credit without endangering their own positions or that of their depositors."
Stockholders and depositors alone will be benefited by the action of the
bank by the assurance of the continued stability of the institution. Deposits in the Commercial National Bank now total approximately
$8.500.000
Sale of the preferred stock to the Government will enable the bank as
one of its first acts after receiving payment for the stock to charge off
temporarily all slow paper and frozen assets. The "charge off" will be
simply a matter of clearing the books until such time as the slow paper
Can be moved without too great a sacrifice by the bank.
MARYLAND.
The Commonwealth Bank of Baltimore, Baltimore, Md.,
has been reorganized and opened on Sept. 14 on an unrestricted basis. The plan of reorganization, adopted by stockholders and depositors, made 20% of previously restricted
deposits immediately available. another 20% of the deposits
on hand prior to the reorganization has been applied to the
purchase of stock, and the remaining 60% is represented by
2219 .
certificates of beneficial interest in a subsidiary known as the
Madison Certificate Corproration. The personnel of the
reorganized institution is as follows: W.L. Galvin, Chairman
ot the Board of Directors; Harold Harding° Jr., President;
Raymond J. Boulay, Executive Vice-President and Thomas
S. Blocher, Cashier. The bank's condensed statement as at
the close of business Sept. 13 showed combined capital,
surplus and undivided profits of $555,763; deposits of
$720,631 and total resources of $1 276,522. The Baltimore
"Sun" of Sept. 14, authority for the foregoing, also said in
part:
The new President of the bank, Mr. Hardinge, has been engaged in the
banking business in the city for 25 years, having started with the Merchants' National Bank in 1908 and subsequently served in various capacities
In the investment banking business. He has been a director of the Commonwealth Bank about a year.
Mr. Boulay, the new Executive Vice-President, also has had a long and
wide experience in the banking business. He was at one time Assistant
Cashier of the National Exchange Bank and recently has been associated
with the Equitable Trust Co. Mr. Galvin, the new Board Chairman,
is a member of the law firm of Galvin & McCourt.
The Commonwealth Bank reopens to-day, with no borrowed money and
$640.000 in liquid assets, consisting of 8440,000 in cash and $200.000 In
United States Government bonds. . . .
The reorganization plan of the bank, as presented to stockholders last
July 7, provided for the reappraisement. write-off and write-down of all
loans, securities and other assets, reduction of the par value of the stock
of the bank to $10 per share, and payment in cash of all deposits in the net
amount of $10 or less as well as all fiduciary deposits.
The plan also provided for the organization of the previously mentioned subsidiary and issuance of its stock to the former stockholders of
the bank, share for share, in exchange for their holdings which have been
canceled.
All items written down or written off have been transferred to the subsidiary which will issue to depositors of the bank certificates of beneficial
interest entitling them to share in the money realized from these assets.
The Papapsco National Bank in Ellicott City, Ellicott
City, Md.,opened on Sept. 15. The new institution replaces
the Patapsco National Bank, which has been closed since the
National banking holiday. Mount Airy, Md., advices on
Sept. 16 to the Washington "Post," from which this is
learnt, furthermore said:
Banking facilities in Howard County, as a result, have resumed a more
normal aspect.
The financial statement as of Sept. 15 lists as assets; Cash, $452.255.57:
loans and discounts, $360.315.05; bonds,$169.254.50; U. S. bonds,$70.000;
Federal Reserve stock, $3,750; banking house. $14,058; furniture and fixtures. $1,012.83.
Liabilities include: Capital, $100,000; surplus. $25,000; circulation,
$50,000; deposits, $895,945.95.
Affairs of the old bank have been left In the hands of three trustees.
The new bank has taken over 85% of deposits of the old institution, and
these will be made available Immediately In the new bank.
The opening on Oct. 1 next of a new bank at Hagerstown,
Md., to be known as the Hagerstown Trust Co., which will
replace the closed Hagerstown Bank & Trust Co., was announced on Sept. 17, according to a dispatch from that
place to the Washington "Post," which continued as follows:
All of the 15,000 shares of stock necessary have been subscribed, J.
William Ernst, of the executive board declared.
Since the banking holiday, the bank has continued to function and has
on deposit over $500,000 on an unrestricted basis. A conservator has been
named to take charge of the assets of the old institution and these will be
liquidated. Besides taking over the deposits of the old bank and trust
department, the new bank will have $180.000 in new capital.
The Registerstown Savings Bank of Registerstown, Md.,
has reopened on an unrestricted basis, following reorganization, according to advices from Baltimore on Sept. 20 to the
"Wall Street Journal," which continuing said:
Under the plan depositors will receive certificates of beneficial interest
for 27i% of their deposits and 7;6% in the form of capital stock of the
reorganized bank. The remaining 65% of deposits will be made available
immediately for depositors.
The reorganized institution has capital of $50.000, surplus of $25.000
and undivided profits and reserves of approximately $45.000. Total
deposits approximate $440.000.
MICHIGAN.
That the State Savings Bank of Clinton, Mich., closed
since Feb. 14, would reopen on Sept. 18, paying its depositors
8% of their claims in cash, was reported in a dispatch from
that place on Sept. 16, printed in the Toledo "Blade."
We learn from the "Michigan Investor" of Sept. 15 that
the First Commercial Savings Bank of Constantine, Mich.,
was reopened recently with the following officers: W. H.
Smith, President; Ernest L. Estes, Vice-President and
Cashier, and M. H. Bennett and M.S. Dickerson, Assistant
Cashiers. The institution was reopened on a plan outline
in the "Investor" as follows:
Fifty percent of the amount each depositor basin the bank made available
now in five certificates designated A, 13, C, D,and E Certificates A and B
are paid in cash now. The three remaining certificates %ill draw interest
at the rate of I% the first year. 2% the second year. and 3% thereafter.
The principal of these certificates is to be paid at certain dates which appear
on the certificates themselves. These certificates are negotiable and under
certain conditions the bank will accept them in payment of obligations.
For the remaining 50%. the depositor receives a certificate of participation in a certain trust fund which has been set up for the benefit of the
depositors. Into this fund has been placed the former surplus of the bank,
its reserves for depreciation, and the assessments which stockholders are
paying.
. 2220
Financial Chronicle
In regard to the affairs of the Detroit Trust Co. of Detroit,
Mich., now being operated by a conservator, the Detroit
"Free Press"of Sept. 15 carried the following:
With $1.000.000 already voluntarily paid on the stockholders' assessment,
or $500,000 more than is needed for working capital, the reorganization
plan of the Des°It Trust Co. was in effect Sept. 14, Conservator Harry J.
Fox announced.
All that remains to be done before terminating the conservatorship and
placing con.rol of the company in the hands of its creditors is the issuance
of stock and the obtaining of amended articles of incorporation at Lansing.
Mr. Fox estimated that this would be accomplished within 30 days.
"I want to take this opportunity to thank the public for its co-operation,"
Mr. Fox said. "1 think the fact that $1.000.000 in cash has been laid on
the counter by Detroit Bankers Company stockholders demonstrates clearly
that Detroit is not broke. It is also evidence to me of the complete success
of the plan."
The money paid represents an assessment of $1.658 (one dollar and
sixty-five and el ht
-tenths cents) a share and equals one-third of the total
assessment. It was turned over to the conservator without any demand
being made for payment.
Besides that, more than $4.000.000 in preferred stock has been subscribed
by depositors and creditors of the company. It will be paid for out of deposits.
Nonassessabie common stock will be Issued to those paying their assessment, the plan provides. Preferred stock of a $20 par value, which will
cost them $40 a share, will be issued to depositors and creditors. Out of
each share. $20 will be placed in the reorganized company's surplus fund.
All sock will have voting power, but a minimum of60% representation on
the directorate has been guaranteed the depositors and creditors holding
the preferred stock.
Impairment of capital will be avoided by substituting other assets if
the assets backing the preferred stock and the surplus should diminish in
value.
Without borrowing any funds, either from the RFC or any other source,
the company, which is possibly the largest exclusively trust firm in the
country, has not ceased business for one day, despite the banking breakdown.
During the past five months it has earned approximately $500,000,
which will be released to depositors soon. Mr. Fox anticipates an early
disbursement of 10% to depositors.
The company has more than 4,000 trusts and more than $650,000,000 in
trust asses. Included in the new business obtained under the conservatorship was the $22,000.000.000 Horace H. Rackham Fund.
The reorganization plan has received the approval of Federal. Circuit
and Probate Courts, as well as leading bankers throughout the country,
according to former Judge Arthur J. Lacy, attorney for the conservator.
"The Detroit Bankers Co. is entirely eliminated from the picture as a
holding company for the Detroit Trust and the new company is entirely
free and untrammeled." Mr. Lacy stated.
"The average received in enforced assessments on stockholders of banking
institutions in the last 15 years in this country has been only a little In excess
of 18%." he added. "The response to this reorganization plan proves the
theory that a good, fair plan treating everybody properly will bring a response from stockholders and creditors which you could never obtain through
strict enforcement of the assessment."
The Hillsdale State Savings Bank, Hillsdale, Mich., a
new institution representing a consolidation of the First
State Savings Bank of Hillsdale and the Hillsdale Savings
Bank, was opened last week, according to the Michigan
"Investor" of Sept. 16. The merger and the opening were
accomplished without the assistance of the RFC it was
stated. The respective stockholders of the institutions
approved the merger on Aug. 14, exactly six months after
both banks were closed by the Governor's moratorium.
The new ban1-. which is licensed by both the Michigan
State B anking D3partment and the Federal Reserve authorities, is capitalized at $165,000 and has assets, after 35% of
slow assets has been deducted, of $1,600,000. The paper
mentioned furthermore said:
Upon reopening the bank made available 65% of each depositor's account,
the hi _hest percentage allowed by any reorganized bank in Michigan.
A cereificate of participation will be Issued to each depositor for the remaining 35%, which will be paid on liquidation of the assets.
The officers are Q. J. Cornell. President; R. L. Owen, First Vice-President; C. F. Cook, Jr., Second Vice-President; M. B. Marsh, Cashier;
G. H. Morgan, Assistant Cashier. Mr. Owen has been Conservator of
the First State Savings, and Mr. Cook, Conservator of the Hillsdale
Savings. F. A. Roethlisberger, Sr., Chairman of the Board, will serve
with Mr. Owen and Homer Wood as a committee in charge of the assets
to be liquidated.
According to a dispatch from Monroe, Mich., on Sept.
16, appearing in the Toledo "Blade," the First National
Bank of Monroe is expected to reopen Oct. 1. H.J. McGill,
Conservator of the institution, was reported as saying that
all except $20,000 of the required $100,000 capital stock
had been subscribed.
The Bank of Stephenson at Stephenson, Mich., which
has been closed since Dec. 6 1932, has been ordered reopen,
according to a dispatch by the Associated Press from Menominee, Mich., under date of Sept. 18, which said:
Circuit Judge Frank A. Bell has ordered a reopening of the bank of
Stephenson, Mich., under terms of a depositors' agreement approved
by the State Banking Commission. . . .More than 85% of the depositors
agreed to the reopening plan, which includes a five-year moratorium on
withdrawal of half of the deposits.
MINNESOTA.
Reopening of the Prior Lake State Bank at Prior Lake,
Minn., which has been under reorganization, was announced
on Sept. 18 by Elmer A. Benson, State Commissioner of
Banks for Minnesota, according to the Minneapolis "Journal" of that date, which added:
As a result of the reopening, only 10 banks remain under the reorganization law.
Sept. 23 1933
NEW JERSEY.
With reference to the Orange Valley Bank of Orange,
N. J., which has been operating on a restricted basis since
the banking holiday, last March, John J. Brothers, Cashier
of the institution, announced on Sept. 18 that the bank
would reopen on Sept. 25 on an unrestricted basis, according
to the Newark "News" of Sept. 18, which went on to say
in part:
Banking Commissioner Kelly has approved the Board of Directors and
the plan for rehabilitation. . . .
The depositors' committee, which has charge of the bank's reorganization,
raised $243,750 by sale of preferred stock to depositors. When the bank
opens on the new basis depositors may withdraw 10% of their deposits less
the amount subscribed for stock.
The bank was an affiliate of the Orange National Bank. The latter
bank will be liquidated and absorbed by a new institution, the Orange
First National Bank.
NEW YORK STATE.
The Board of Directors of the RFC has authorized the
purchase of $100,000 preferred stock in the Fidelity National
Bank in New York, Elmhurst, Long Island, N. Y., a new
bank to succeed the Elmhurst National Bank. The preferred
stock authorization is contingent upon the subscription of
an equal amount of common stock by those interested in
the new bank.
NORTH CAROLINA.
A dispatch by the Associated Press from Gastonia, N. C.,
on Sept. 15 stated that announcement was made on that
day that the Citizens' National Bank of Gastonia, operating
undef restrictions since the March banking holiday, would
open the following (this) week OD an unrestiicted basis.
OHIO.
The Western Reserve Bank. a new institution recently
organized in Sandusky, Ohio, by William J. Sprow and
other officials and stockholders of the Commercial Banking
& Trust Co. of Sandusky, now in process of liquidation,
was opened for business on Sept. 11, according to a Sandusky dispatch on Sept. 12 printed in the Toledo "Blade."
The dispatch went on to say:
The new bank has a paid-in capital of$125,000 and no liabilities. William
J. Sprow is President. John A. Himmelein Is Vice-President. C. C.
Morgan, Commercial bank conservator, is Vice-President and Manager,
and E. A. Pimsner. formerly of Cleveland, Cashier.
According to Akron, Ohio, advices on Sept. 15, the indictment against Sterling B. Cramer, former President of
the closed First Central Trust Co. of Akron, found several
weeks ago by the Summit County Grand Jury, was killed
on that day when Judge Carl C. Hoyt, of the Court of
Common Pleas, holding that the "Akron plan" of restricted
withdrawals was illegal, dismissed the indictment charging
Mr. Cramer with misapplication of funds. Mr. Cramer
(now First Vice-President of the Fifth-Third Union Trust
Co. of Cincinnati) was indicted along with four other Akron
bankers, on charges that he permitted two Akron firms to
withdraw funds after the Akron plan had been put into
operation. We quote in part from the dispatch as follows:
Count 1 of the indictment cited a withdrawal of 160.000 by the Enterprise
Manufacturing Co. and Count 2 one of $294,000 by the B. F. Goodrich
Co. The former withdrawal was reported returned to the bank.
The Court held that the Akron plan, in force from Feb. 27 to Mar. 1.
was instituted "without authority of law" and that there could be no
misapplication of funds of the bank "by permitting a depositor, under
the plan, to withdraw more than this pro rata share."
"The Court feels that Section 710-135 of the General Code Imposes on
said bank the obligation of paying in full on demand such checks as were
presented for payment prior to the morning of Mar. 2 1933.
"Therefore, that portion of Count I of the indictment, which relates to
the withdrawal ofsuch sum prior to Mar. 2 1933. does not charge an offense
against the defendant," the decision read.
Judge Hoyt found Count 2 similar to Count 1 in 'restrictions, dates and
legal effect."
"When it is considered that an Indictment must clearly and definitely
identify the crime charged, the Court finally comes to the conclusion that
the indictment in this case cannot be upheld."
In presenting the demurrer through his counsel, Charles T. Grant,
Cramer had charged that the Akron plan was "wholly inoperative."
County Prosecutor Ray B. Wattors declared he would carry the case to
the Ohio Supreme Court and said the ruling the opened way for suits to
recover the money from all who withdrew funds under the Akron plan and
opened segregated accounts.
Based on the decision, the opinion that Akron plan withdrawals may
also be regarded as advance payments on any liquidating dividend that
may be declared was also advanced.
The directors of the RFC have authorized the purchase
of $325,000 capital "A" debentures in the reorganization of
the Peoples Bank & Savings Co. of Cincinnati, Ohio.
The First National Bank at Kansas, Ohio, will be liquidated by order of the Comptroller of Currency, according to
advices from Tiffin, Ohio, on Sept. 16, printed in the Toledo
"Blade." Charles R. LaNier, of Fostoria, has been named
receiver the dispatch said.
PENNSYLVANIA.
That the First National Bank of Finleyville, Pa., will
reopen shortly is indicated in the following taken from
the Pittsburgh "Post-Gazette" of Sept. 13:
Volume 137
Financial Chronicle
Reopening of one additional National bank in Western Pennsylvania
was assured late yesterday (Sept. 12) and efforts to reopen 12 others were
speeded up following an announcement from Washington that their tentative reorganization plans had been approved by Comptroller of the
Currency J. F. T. O'Connor. Success of most of the 12 plans hinges upon
the raising of new capital and fulfillment of other requirements.
Finleyville has oversubscribed a $60,000 stock selling campaign to
bring about the reopening of its First National Bank, J. 0. McLaughlin.
Chairman of the drive, announced last night.
Applications for stock came from persons living in other communities.
McLaughlin said, but pledges were taken only from Finleyville district
residents. O'Connor has assured the community that, with the stock
Issue subscribed, the bank will be reopened. It has been in the hands
of a conservator. R. F. Sprowls, since the bank holiday.
Early reopening of the State Bank of Elizabeth, Elizabeth,
Pa., was forecast on Sept. 15 when L. M. Beattie, Cashier
of the institution announced that all but 200 of the 5,000
shares of new stock had been subscribed and the balance
likely would be taken soon, according to the Pittsburgh
"Post Gazette" of Sept. 16, which added:
When the full amount is raised, the bank must be re-examined before
reopening can take place. The plan contemplates payment of depositors
in full, Beattie stated.
VIRGINIA.
We learn from Petersburg, Va., advices on Sept. 19,
carried in the Richmond "Dispatch," that Charles E.
Plummer, former President of the old First National Bank
& Trust Co. of Petersburg, and conservator of that institution
since the national banking holiday in March, has been elected
President of the Citizens' National Bank, its successor institution. Other officers which have been chosen for the new
bank are Wallace M. Rucker, Vice-President, and Benjamin
T. Kinsey, Cashier. The dispatch furthermore said in part:
The new bank is in existence but will not begin to function until the
certificate to start business has been received from the Federal Government. . .
All three officers of the new bank are prominent Petersburgers and have
been connected with the banking business here for a number of years.
Mr. Plummer became President of the National Bank of Petersburg in
January 1921 and when that bank was merged on Oct. 1 1931 with the
Virginia National Bank to form the First National Bank & Trust Co.. he
he was elected President of the merged institution. . . .
President Plummer to-day (Sept. 19) said that no date had been set for
the opening of the Citizens National but it is expected that the new institution will begin full business soon. All of the stock in the new bank has
been subscribed by depositors in the old First National and the RFO has
subscribed to $200,000 worth of preferred stock in the new institution.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Two New York Stock Exchange memberships were sold
this week. One on Sept. 19 aal the other Sept. 21 both
at $150,000. The previous sale was at $200,000 on Aug. 23.
2221
An initial special dividend of 50 cents a share was declared
on Sept. 19 by the directors of the Merchants Bank of New
York. The dividend, the first to be paid by the bank since
its organization in 1926, is payable Oct. 10 1933 to stockholders of record as of Sept. 30. It was stated by the
directors, however, that the stockholders should not consider
the declaration as placing the shares on a regular dividend
basis. The dividend was made possible by satisfactory earnings for the current quarter, it was said.
The National City Bank of New York announced Sept. 20
that effective Oct. 1, interest at the rate of 2% a year, compounded monthly, would be paid on all deposits in its
Compound Interest Department. At present the bank is
paying 3% on the first $1,000 of each account and 2% on
the balance. The change has been made, it was said, to
conform with the recent ruling of the Federal Reserve Board
limiting the rate that can be paid on thrift accounts.
In response to President Roosevelt's suggestion that banks
extend credit more liberally as part of the NRA program,
UnderwrAers Trust Co., 37 Broadway, New York, opened
on Sept. 20 a small loan department in its neighborhood office
at 880 Prospect Ave., the Bronx, giving particular attention
to applicants for loans ranging from $50 to $500. Announcement of the new department was made by C. W.
Korell, President of Underwriters Trust Co.
Norman B.Tyler,former Assistant Secretary of the Manufacturers Trust Co., New York, with offices at the 84 Broadway branch in Brooklyn, died on Sept. 15. Mr. Tyler, who
lived in Brooklyn, was 72 years old. He retired about a
year ago after serving 50 years with the Manufacturers Trust
and its predecessor, the Manufacturers National Bank. He
was also Secretary of the Board of Trustees of the Kings
County Savings Bank.
William A. Kleiman, heretofore Vice-President and
Cashier of the Bank of New Hyde Park, New Hyde Park,
L. I., has been promoted to the Presidency of the institution
to succeed the late Philip J. Christ, while ECAvard Miller,
formerly Senior Assistant Cashier, has been advanced to
Cashier, and John Boeschen and Waiter Baker appointed
Senior Assistant Cashier and Junior Assistant Cashier, respectively. The New York "Times" of Sept. 16, from which
the foregoing is learnt, continuing, said:
Arrangements have been completed for the sale of memberMr. Hielmann is Vice-Chairman of the Nassau County Clearing House
Association and a member of the Board of Governors of the Nassau County
ships on Commodity Exchange, Inc. as follows: S. K. '
Chapter of the Amer:can Institute of Banking. Be was formerly connected
Nieschlag, extra, to Harold L. Bache, for another $5,000;
with the National Bank of Hicksville.
Albert J. Pfeiffer to Jerome Lewine, for another, $5,100, and
Nelson S. Robinson, extra, to S. K. Nieschlag, for another,
First National Bank of Waterville, Me., with capital of
$4,800.
$300,600, was chartered on Sept. 6 by the Comptroller of the
Four memberships on the Chicago Stock Exchange were Currency. The new bank succeeds the People's-Ticonic Nasold this week as follows: On Sept. 14, two at $8,000, tional Bank of Waterville.
unchanged from the last previous sale, and one at $9,900,
A charter was granted by the Comptroller of the Currency
and on Sept. 15 one at $10,000.
on Sept. 6 to the Northern National Bank of Presque Isle,
Maine. The new institution is capitalized at $300000, conA Chicago Board of Trade membership was sold Sept. 21
sisting of $150,003 preferred and $150,000 common stock.
at $10,100, off $650 from previous sale.
Carl A. Weick is President of the institution and W. M.
Seely, Cashier.
Plans to discontinue the operation of the Paris office of
Bankers Trust Co., established in 1920 as a result of the
The Windsor County National Bank of Windsor, Vt., was
large increase in foreign travel and the growth of foreign granted authority on Sept. 13 to
maintain a branch office in
business after the World War, have been announced by S. the Village of Proctorsville,
Vt.
Sloan Colt, President of the bank. Mr. Colt issued the
following statement on Sept. 18:
The former heads of four Massachusetts banks and the
The board of directors of Bankers Trust Co. has decided to discontinue
Treasurer of a fifth were indicted by the Federal Grand Jury
the operation of our Paris office at the close of business Sept. 30 1933.
in Boston on Sept. 20 for the alleged looting of the banking
Inasmuch as Messrs. Morgan & Cie. act as one of our correspondents in
Paris, we have asked them to render to our clients the service it has been
group of which their institutions formed part, of $450,000 in
to render in the past.
our privilege
cash and $183,000 in stocks. The indictments marked the
I want to take this occasion to express to the many thousands of Amerisecond phase of the Government's investigation of the colcans who have used our Paris office during the past 13 years our appreciation of the opportunity of serving them.
lapse of the Federal National Bank of Boston and its eight
Several of the officers of the Paris office will be transferred State affiliates in December 1931. The indicted men—as
to the London office. Others, including 0. P. McComas, named in Boston advices on Sept. 20 to the New York
Vice-President, will return to New York. Still others, in- "Times," from which the above information is obtained—
cluding Julian Allen, Assistant Manager, will become as- are: Daniel C. Mulloney, President of the Federal National,
sociated with Morgan et Cie., where they will continue to already indicted for misapplication of $97,000 of the bank's
serve the former customers of the Paris office of Bankers funds and with making false entries; Theodore M. Logan,
Trust Co. All of the principal executives of the Paris office Vice-President and Director of the Federal and President of
will continue to serve in one of these three capacities. The the State National Bank of Lynn; Cornelius J. Corcoran,
Bankers Trust Co. will continue to own the building at President of the Lawrence Trust Co., Lawrence; John A.
Decry, President of the Salem Trust Ca., Salem, and Lloyd B.
6 Place Vendome, which has housed its Paris office.
Fenderson, President of the Inman Trust Co., of Cambridge.
2222
Financial Chronicle
The dispatch mentioned furthermore said:
Irving G. McCann, Special Assistant United States Attorney-General, who
has headed the year-long investigation of the bank's tangled affairs, asked
Judge Hugh D. McClellan to issue bench warrants for the arrest of the
indicted officials. He later indicated he had requested the bankers' legal
advisers to bring their clients into Court forthwith to plead to the charges
and to be prepared to furnish high bail or else be remanded to jail pending trial.
All the banks named are affiliates of the Federal National and were closed
at the same time that the Boston institution was suspended by the Comptroller of the Currency in 1931.
•
MuHoney's indictment of a month ago was designed to prevent application
of the statute of limitations pending completion of the investigation. He
was named in several of to-day's indictments, charged with misapplication
of $150,000 in stock and more than $250,000 in cash.
Deery is already serving a year's sentence for banking irregularities of
which the State convicted him. In to-day's indictments he is named as
misapplying $131,000 in cash by means of a "straw note."
The charges against Logan involve two "straw notes" for a total of
$55.000 cash. Fonderson is named in connection with a $100,000 cash
transaction to MuHoney by the "straw note" method, and Corcoran's indictment charges him with abetting MuHoney in an alleged fraudulent stock
transaction.
Although the Grand Jury was excused to-day after returning the indictments, it is understood that still more indictments are expected and that the
total amount of money involved in what the Government believes were
fraudulent transactions by the bank officers may surpass $2,000,000.
Concerning the Lawrence Trust Co. (one of the affiliated
institutions mentioned above), Boston advices to the
"Times," on Sept. 15, stated that suit for $1,126,000 was filed
on that date by the trust company against the defunct Federal National Bank of Boston to recover money fraudulently
converted through loans to financially irresponsible parties.
We quote further from the dispatch as follows:
The action was brought in the Supreme Court here on behalf of Bank
Commissioner Arthur Guy, of Massachusetts, in the form of a bill in equity
and brings the total damages sought by the eight affiliates of the Federal
National to more than $3,500,000 alleged to have been lost through mismanagement of the parent bank.
The present suit charges that President Daniel C. •MuHoney controlled the
Federal National by a voting trust which enabled him to select his own
officers and directors, who exercised no independent judgment and were
dominated by his judgment and will.
The declaration charges that Cornelius J. Corcoran in 1931 prevailed upon
the Lawrence Trust Co. to issue 18,000 shares of new stock, of which 17,700
shares were later transferred to MuHoney, giving him control of the Lawrence institution.
John E. Paige, President of the Southbridge Savings Bank
of Southbridge, Mass., died on Sept. 20. The deceased banker
was born in Southbridge 54 years ago.
William Christian Heppenheimer, founder and Chairman
of the Board of the Trust Company of New Jersey, Jersey
City, N. J., and long prominent in the public life of that
State, died of heart disease on Sept. 16 in the Doctors' Hospital, Manhattan, after a short illness. He was 73 years of
age. General Hoppenheimer (he held the rank of BrigadierGeneral in the New Jersey National Guard) was a Commissioner of the Port of New York Authority and a member of
the Board which formulated New Jersey's State beer control. The deceased banker was born in New York City, but
his parents moved to Jersey City when he was a small child.
After receiving a preparatory education at the Hoboken
Academy and at Weinheim, near Heidelberg, Germany, Mr.
Heppenheimer studied law at Columbia University and at
the Harvard Law SchooL He was admitted to the New York
Bar in 1881, and began the practice of law in New York City
as a member of the firm of Russ & Heppenheimer. Subsequently he was admitted to the New Jersey Bar and opened
a second law office in Hoboken in 1885.
Later. Mr. Heppenheimer entered the banking field. He
founded in Jersey City, in 1895, the People's Safe Deposit &
Trust Co. Four years later he organized the Trust Company
of New Jersey, and in 1892 established the Bergen & Lafayette Trust Co. In 1913 these three institutions, together with
the Carteret Trust Co. (of each of which he was President)
were consolidated under the title of the Trust Company of
New Jersey. Mr. Heppenheimer served as President of the
consolidated hank until the spring of 1929, when he became
Chairman of the Board of Directors, the office he held at
his death. He was also, at the time of his death, Chairman
of the Board of the Park Trust Co. of Weehawken. N. J.. and
of the Trust Company of West New York; Chairman of the
Executive Committee and a director of the Colonial Life Insurance Co. of America, and a director of the Public Service
Corp. of New Jersey, and the Empire Trust Co. of New York.
He was a former President of the New Jersey State Bankers'
Association and for a time headed the New Jersey State
Chamber of Vommerce.
In the '894 and early '90s General Heppenheimer served
two terms In the New Jersey State Assembly, of which he
was chosen speaker is 1890. The following year he was
Sept. 23 1933
State Comptroller, which office he held for three years.
From 1887 to 1889 Mr. Heppenheimer was Aide de Camp to
Governor Robert S. Green, with the rank of Colonel, and
later was appointed Inspector-General of the National Guard
of New Jersey with the rank of Brigadier-General. Previously for seven years he had been a member of the old 7th
Regiment of New York. During the World War he was
Chairman of the district draft board, District No. 1, New
Jersey.
Announcement was made on Sept. 16 by Dr. William D.
Gordon, State Secretary of Banking for Pennsylvania, that a
third advance payment would be made to the depositors of
the defunct Bankers' Trust Co. of Philadelphia on Oct. 18
next. In reporting the matter, the Philadelphia "Ledger"
of Sept. 17 said:
This payment will be 5%, amounting to $1,392,974. The first payment
was made on Nov. 9 1931, in the amount of $5.686,240, or 20%. The
second payment of 10% was made on Sept. 30 1932, and amounted to
$2,796,340.
The third advance payment, just announced, will make a total of
$9,875,555 so far distributed to the depositors, or 35%. In addition to
these disbursements, $7,809,030 was disbursed to pay off bills payable existing at the date of the closing of the bank and $1,474,520 was disbursed In
satisfaction of claims entered against the bank which subsequently were
ruled as preferred claims by the Court.
The deposit liability is $27,839,498, and there are approximately 115,000
depositors who will receive checks on the date mentioned above.
The First National Bank of Scottdale, Scottdale, Pa., successor to the First National Bank of that place, was chartered by the Comptroller of the Currency on Sept. 12.
Charles H.Loucks and Eldin G. Daugherty are l'resident and
Cashier, respectively, of the new institution, which is capitalized at $300,000.
The first and partial account of Dr. William D. Gordon,
State Secretary of Banking for Pennsylvania, as receiver of
the Manayunk Trust Co. of Philadelphia, Pa., was filed with
the Prothonotary of Philadelphia County on Sept. 16 by
Charles I. Engard, Deputy Receiver. The account covered
the period from the date of closing, Oct. 13 1931 to May 15
1933. The Philadelphia "Finance Journal," from which this
Is learnt, continuing, said:
The account lists cash receipts during the period of $1,105,477 and disbursements of $1,183,271. Included in both receipts and disbursements,
however, is an item of $636,525 representing proceeds from the sale of bonds
and the collections of loans pledged to secure bills payable, which liquidation
was effected by the creditor bank. There were also included in both receipts
and disbursements items of $70,551, representing offsets of depositors' balances against their loans.
Cash disbursements included two advance payments, one of 15% of May 11
1932 amounting to $250,344, and another of 7%% on Dec. 22 1932 amounting to $124,945. At the end of the period covered by the account there was
cash on hand of $141,147.
The account further shows that approximately 52.5% of assets have been
liquidated to May 15 1933. The appraised value of the remaining assets
on May 15 1933 was $918,696 as compared with an appraised value on
Oct. 13 1931 of $1,956,094. Included in the remaining inventory there are,
however, assets with an appraised value of $90,468, which are subject to
legal right of offset. After deducting these items there remains assets
with an appraised value of $828,228 available to depositors.
The remaining balances due depositors on May 16, including balances held
for future offset, were $1,384,479.
Ross H. Lloyd, former President of the closed Dime Bank
Title & Trust Co. of Wilkes-Barre, Pa., was acquitted by a
directed jury verdict on Sept. 18 of a charge of false entry,
according to Associated Press advices from Wilkes-Barre on
that date, which added:
It was the second alleged violation of the State banking laws of which he
has been acquitted. Be will go to trial to-morrow (Sept. 19) on another
charge involving a loan of $1,500.
The Baltimore National Bank of Baltimore, Md., announced on Sept. 13 the opening of a trust department on the
mezzanine floor of its banking office at Baltimore and
Light Streets, under powers granted by the Federal Reserve
Board, to conduct a general trust business including the right
to act as executor, administrator, trustee, guardian, receiver,
and in other fiduciary capacities.
The new department is under the direct charge of the following officers: James C. Fenhagen. Chairman of the Trust
Committee; J. Hambleton Ober, Vice-Preside:it and Trust
Officer; G. Roy Mueller and H. Vernon Leitch, Trust Officers, and Robert L. Grafflin and Gerald J. Muth, Assistant
Trust Officers. Howard Bruce is President of the Baltimore
National Bank.
Douglas Thomas, a retired Baltimore banker, died at his
home in that city on Sept. 13. after a prolonued II'ness. Mr.
Thomas was President of the Century Trust Co. for ninny
years, and following its merger with the Baltimore Trust Co.
Volume 137
Financial Chronicle
2223
became Executive Vice-President of the latter, an office he
resigned two years ago. He was 53 years old.
Edwin H. Herzog, who would act as New York representative
of the bank.
On Sept. 12 last the Comptroller of the Currency issued a
charter to the Patapsco National Bank in Ellicott City, Ellicott City, Md., with capital of $100,000. Edward W. Talbott
and Elmer C. Cavey are President and Cashier, respectively,
of the new bank, which succeeds the Patapsco National Bank
of Ellicott City.
The Comptroller of the Currency on Sept. 11 issued a
charter to the Medford National Bank of Medford, Ore. The
new bank, which succeeds The Medford National Bank, is
capitalized at $100,009, made up of half preferred and half
common stock. J. A. Perry is President of the institution,
while George T. Frey is Cashier.
The Cleves National Bank, Cleves, Ohio, was chartered by
the Comptroller of the Currency on Sept. 15. The new bank,
which is capitalized at $50,000, replaces the Hamilton County
Bank of Cleves. J. H. Walton heads the new institution,
while S. E. Howard is Cashier.
A second dividend, amounting to more than $58,000, was
distributed to the depositors of the defunct Bank of Commerce of Eugene, Ore., on Sept. 12, according to advices from
Eugene on that day to the Portland "Oregonian," which
added:
Effective Aug. 26 1933, the Orrville National Bank, Orrville, Ohio, went into voluntary liquidation. The institution,
which was capitalized at $100,000, has been succeeded by
the National Bank of Orrville.
The Home State Bank of South Wilwaukee (Milwaukee
County), Wis., on Sept. 13 announced that it had increased
its capital from $40,000 to $100,000 and become a member of
the Federal Reserve System. The Milwaukee "Sentinel" of
Sept. 14, in noting the matter, went on to say:
The capital increase was accomplished through declaration of a 60% stock
dividend and sale of 400 additional shares at $150 each. The new funds
also increased surplus and undivided profits accounts, which are $25,000
each. The bank has been operating on an unrestricted basis.
G. A. Morison, Vice-President, Bucyrus-Erie Co., and R. A. Huehne, Vice.
President and Treasurer of Doerman Shoe Manufacturing Co., have been
added to the directorate.
R. B. Rathbun, Assistant Cashier of the First National
Bank & Trust Co. of Minneapolis, Minn., has resigned to become Manager of the Minneapolis branch office of Harris
Upham & Co., New York brokerage firm, according to the
Minneapolis "Journal" of Sept. 10, which added:
Mr. Rathbun, a graduate of the University of Minnesota, served overseas
in the World War as a Major in the 351st Infantry. In 1922 and 1923 he
was State Superintendent of Banks in Minnesota. Later he became Vice.
President of the Produce State Bank of Minneapolis.
The National Bank of Doniphan, Doniphan, Neb., has been
consolidated with the First National Bank of Grand Island,
Neb., according to Associated Press advices from the latter
place on Sept. 16, which went on to say:
C. B. Carlson, Cashier, and Miss Bess Gideon, Assistant Cashier of the
Doniphan bank, have been added to the personnel of the First National Bank.
The Doniphan bank had $172,000 deposits with a 65% reserve
and loans
of $83,000.
On Sept. 11, the National Bank of McAlester, McAlester,
Okla., was chartered by the Comptroller of the Currency.
The new institution, which represents a conversion of The
Bank of McAlester, is capitalized at $100,000. It is headed
by Tom Hale as President with Roy Caldwell as Cashier.
The First National Bank of Cameron, Tex., capitalized
at $75,000, was placed in voluntary liquidation on Aug. 29
last. The institution has been succeeded by the First National Bank in Cameron.
Paul E. Hoover, formerly a Vice-President of the Northwest Bancorporation of Minneapolis, Minn., was appointed
a Vice-President of the Anglo California National Bank of
San Francisco, Calif., by tile directors of the institution on
Sept. 12. At the same meeting, the directors declared a
quarterly dividend of 15 cents a share, payable Oct. 2 to
stockholders of record Sept. 20. The same dividend of 15
cents, it was stated, was paid the shareholders for the three
months ended June 30 1933 and that declared on Sept. 12
continues the rate of 60 cents a share a year.
The Los Angeles "Times" of Sept. 13, authority for the
above, also stated that following the directors' meeting, announcement was made that In accordance with the provisions of the Banking Act of 1933. the business of the Anglo
California Co., beginning Sept. 18. would be conducted as
the bond department of the Anglo California National Bank.
The paper mentioned went on to say:
The bond department will employ the entire personnel of and operate
through Ihe former offices of the Anglo California Co. in San Francisco,
Loa Angeles and New York. Former officers of the co:npany have been
elected of leers of the Anglo California National Bank. as follows: Paul
.
B. K. 11y. Vice•President ; Edwin H. Herzog, W. Edgar Spear and Dwight
K. Tripp. Assistant Vice-Presidents.
In regard to the New York office of the Anglo California
Co.. located at 2 Wall Street, the New York "Sun" of Sept. 15
stated that this office would be operated as the office of
This dividend amounted to 20% of the commercial deposits and 10% of
the savings deposits.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market this week has been decidedly reactionary
with a strong tendencytoward lower levels. On Thursday
.
there was a particularly bad break when prices tumbled
downward all along the line and new low records were established by many of the more active of the speculative favoriterr,
the losses ranging from 1 to 5 points, and in the case of a
few of the specialties the recessions extended up to 10 points.
The weakness gradually developed from a number of con
:
tributing causes, among which were the unsatisfactory movements of the cotton market, the sagging prices of wheat
on Thursday, the break in bank stocks and the growing distrust of the policy of inflation. Mining and metal issues
made the best showing, particularly the gold mining and
silver shares which continued steady and moderately higher
on Friday when stocks closed slightly higher. Call money
renewed at % of 1% and continued unchanged at that rate
on each and every day of the week.
Trading was dull and uninteresting during the early
dealings on Saturday, but a wave of buying came into the
mining shares that swept over the entire list and carried
many prominent issues to their peaks for the day. Homestake Mining made one of its sensational jumps and closed
at 351, with a gain of 26 points. American Mining &
Smelting was another strong stock of the mining group and
was up about 4 points at its best. Allied Chemical & Dye
also showed strength as it surged upward around 3 points,
and American Tel. & Tel. advanced about 2 points. Railroad stocks were soft during the first hour but improved
as the market expanded. Industrial shares were the strong
issues of the day, the group, as a whole, making a vigorous
advance. American Can was one of the strong features of
the trading as it moved briskly forward 2% points to 9534.
Silver shares broke into new high ground due to rumors
that there was something in silver under consideration in
connection with the Administration's plans. The gains
for the day included, among others, Air Reduction, 2%
points to 106; American Beet Sugar pref., 4/è points to 55;
8
American Metals, 23-i points to 22; American Smelting, 37%
points to 46; American Tel. & Tel., 2% points to 1301 ;
,
Armour Illinois pref., 234 points to 59; Auburn Auto, 234
points to 62; Cerro de Pasco, 2% points to 42; Columbian
Carbon, 2 points to 643; Delaware & Hudson, 28% po nts
to 76; Dome Mines, 2% points to 35%; Drug, Inc., 28%
points to 453i; du Pont, 334 points to 83; Federal Mining
& Smelting, 18 points to 83; Industrial Rayon, 38% points to
75; International Business Machines, 23/2 points to 15134;
3
International Silver, 6% points to 47%; Johns-Manville,
2% points to 57; National Distillers, 43/g points to 10834;
New York & Harletn, 3 points to 130; Sterling Products,
38% points to 59%; Union Pacific,
3
334 points to 12234;
United Fruit, 3 points to 66; United States Industrial
Alcohol, 3 points to 77, and United States Steel, 2 points
to 55.
Renewed selling all along the line was strongly in evidence
during the trading around mid-day on Monday, though the
early dealings and transactions during the closing hour were
fairly firm. The metal shares and oil issues continued to
attract considerable speculative interest and maintained
their strength against the market generally. Following an
early burst of strength, public utilities and many of the
industrial issues turned weak, particularly the steal group
which was down from 1 to 3 or more points. The changes
for the day were generally on the side of the advance, the
gains including such active stocks as Allied Chemical & Dye,
134 points to 142; American Beet Sugar pref., 2 points to
2224
Financial Chronicle
57; American Hide & Leather pref., 2 points to 42; American
Smelting, 334 points to 4834; American Woolen pref., 234
5
%
points to 543; Auburn Auto, 2 points to 599/s; Brooklyn
5
%
Union Gas, 33 points to 71; Chesapeake Corp., 2 points
to 4334; Federal Mining & Smelting, 15 points to 88; Homestake Mining, 14 points to 365; New York & Harlem, 4
points to 134; Pure Oil pref., 6 points to 68; Shell Union
s
Oil, 2 points to 59; United States Leather prior pref., 33/
points to 78; United States Tobacco (4.40), 2 points to 97,
4
and Wilson & Co. pref., 33 points to 55. On Tuesday
trading was featured by the silver issues which moved
smartly forward followed by the copper and smelting shares.
Dealings were slightly larger than on the preceding day, and
while there was a moderate decline in the early transactions,
this was followed by a brisk recovery later in the day, the
average gain at the close being about a point. Prominent
among the stocks showing advances at the close were such
5
active issues as American Locomotive, 23' points to 34%;
Smelting (2)
American Metals pref., 2 points to 72; American
pref., 3 points to 68; Brooklyn Manhattan Transit, 2 points
5
to 313/s; Cerro de Pasco, 2% points to 44%; Federal Mining
& Smelting, 5 points to 103; Freeport Texas, 3 points to 47;
General Mills pref., 2 points to 1063'; International Silver,
4
4
13 points to 473 ; National Lead, 33.4 points to 125; Pure
8
Oil pref., 1% points to 693/; St. Joseph Lead, 2 points to
313/2; Texas Gulf Sulphur, 5 points to 41; Union Pacific,
234 points to 12234, and United States Gypsum pref., 2
points to 120.
Stock movements were irregular on Wednesday but closed
sharply lower. Just before the close there was a modest
rally, though on the whole, trading was dull and little
progress upward was made. Considerable liquidation was
apparent during the morning session when Secretary of
Agriculture Wallace said in a speech tefcre the Grain Dealers'
Association of Chicago that price-fixing and inflation would
not permanently cure the economic situation, and many
active stocks slipped back from 1 to 2 points, though most
of this loss was made up during the rally later in the day.
Strength of the rubber issues was attributed in part to the
reports of a plan on the part of the major British and Dutch
interests to curtail their output. The greater part of the
changes for the day were on the side of the decline, the
recessions including among others, Allied Chemical & Dye
23/ points to 603,, American Commercial Alcohol, 29/8 points
to 65; American Can,3 points to 94; American Smelting, 43/i
5
points to 49/s; American Sugar pref. (7), 33/s points to 102;
Atchison, 33/s points to 639/s; J. I. Case Co., 47/s points to
763's; Celanese, 3 points to 41%; Cerro de Pasco, 43's points
to 4038; Columbian Carbon, 3 points to 59; Delaware &
Hudson,53 points to 68; Delaware Lackawanna & Western
3
%
2 points to 333's; Cuban-American Sugar pref., 63. points
s
to 30; Illinois Central, 35/ points to 37; International Silver,
33 Points to 4434; Johns-Manville, 23's points to 5434; Loews
pref., 3 points to 75; Homestake Mining, 2 points to 358;
National Distilleries, 434 points to 10434; New York Central,
39/i points to 4498; Norfolk & Western,6 points to 160; Pere
Marquette prior pref.,4 points to 26;Standard Gas & Electric
pref. (6), 834 points to 3134; Texas Gulf Sulphur, 234 points
to 3834; Union Bag & Paper, 4 points to 48; Union Pacific,
4
334 points to 119; United States Industrial Alcohol, 23
points to 7334; Ward Baking pref., 4 points to 35; West Penn
Electric pref., 1034 points to 503's, and Western Union
3
Telegraph, 3 points to 63%.
The stock market experienced the severest downward
reaction in over two months on Thursday as aggressive
selling pressure forced stocks downward from 1 to 5 or more
points. Trading was unusually active, the turnover reaching 3,651,894 shares, as compared with 2,417,210 on the
preceding day. Metal issues, which reached new tops
during the forepart of the week, declined in large volume.
Railroad shares were hard hit and public utilities were close
to their lowest for the year. The outstanding changes were
generally on the side of the decline and included among
others such active speculative favorites as Air Reduction,
4
334 points to 105; Amerada (2), 43 points to 13534; American Can (4), 4 points to 90; American Car & Foundry, 4
points to 263/2, American Commercial Aicohoi, 6 points to
59, American Locomotive pref., 5 points to 50, American
Smelting, 534 points to 443/s, American Sugar Refining (2),
4 points to 64, American Woolen pref., 5 points to 47;
Atchison, 5% points to 573/2; Atlantic Coast Line, 7 points
to 35; Auburn Auto,6 points to 50%;Baltimore & Ohio pref.,
5 points to 28; J. I. Case Co., 734 points to 683's; Celanese,
3
73/i points to 35; Cerro de Pasco, 5% points to 3434; Chrysler, 5 points to 4234; Crown Cork & Seal, 4 points to 39;
Sept. 23 1933
Deere & Co., 534 points to 29; Delaware & Hudson,5 points
to 63; du Pont, 534 points to 7534; Homestake Mining, 4
points to 354; International Shver, 694 points to 373/2;
Louisville & Nashville, 434 points to 4334; National Biscuit
pref., 6 points to 139; New York Central, 43/i points to
4
399/; New York & Harlem, 734 points to 115; Owens Ill.
Glass, 7 points to 74; Reading Co., 4 points to 47; Southern
Pacific, 43/i points to 2334; Texas Gulf Sulphur, 4 points
to 3434; Union Bag & Paper, 4 points to 44; Union Pacific
(6), 59/i points to 11894; United States Steel, 334 points to
7
47%; Vulcan Detmning, 7 points to 52; Western Union
Telegraph, 45% points to 5934; Wilson & Co., pref, 594
points to 4734„ and Worthington Pump, 3 points to 25.
Stocks were moderately firmer on Friday, and while they
changed their course a number of times during the session,
the closing prices showed many prominent issues slightly
higher on the day. Metal stocks which showed heavy
losses during the previous session recorded a modest gain.
R,anroad issues and public utilities were steady, though the
advances were largely fractional. Homestake Mining made
the widest gain and advanced 6 points to 360. United
States•Sme ting was also fairly strong and jumped 234 points
to 4694. Other gains were American Beet Sugar pref. 3
points to 63, Armour Ill. pref. 394 points to 58, Brooklyn
Union Gas t5) 3 points to 71, Celanese 334 points to 36%,
Corm Products 3 points to 8834, National Distillers 4 points
to 97, New York & Harlem 5 points to 120, Texas Gulf
3
Sulphur 3% points to 3794, and Universal Leaf Tobacco
394 Points to 433s. The market was firm at the close.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY, WEEKLY AND YEARLY.
Week Ended
Sept. 22 1933.
State,
Municipal &
Poen Bonds.
Railroad
Stocks,
Number of and Al
Bonds.
Shares.
1,001,160 63,646,000
2.722,010
9.114.000
9,749,000
2.817,640
8,370,000
2,417,2101
9,440,000
3,651,494
3,314.920
9,612,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Total
Hood
Sates.
*364,400
1,255,000
2,705,000
3,04',00O
4,360,000
1,557,500
85,460,400
13,377,000
15./.15,000
14,604.000
11,676,000
14.038,500
15,924,834 $50,011,000 $16,669,000 $13,290,900 879,970.900
Sales at
New York Stock
Exchange.
Jan. 1 to Sept. 22.
Week Ended Sept. 2 .
2
1932.
1933.
Stocks—No. of shares. 15,924,834
Bonds.
Government bonds_ -- .813,290,900
State & foreign bonds
16.669,000
Railroad& misc. bonds 50,011,000
Total
$1,450,000
2.968,000
3,361.000
3.145,000
2,836,000
2,869,000
United
Stales
Bonds.
1932.
1933.
13,461,605
536,758,994
3411.998,515
$7,667,150
13,867,000
38,312,000
6324,242,800
561,919,500
1,598,775,900
$490,809,750
564,645,600
1.261,172,000
879,970,900 E59.846,150 82,484,938,200 82.316,627.350
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week Ended
Sept 22 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, wk. revised_
Shares. Bond Sales. Shares. Bond Sales
15,945
41,281
45.535
36,034
56,471
8,874
$5,000
2,000
5,500
2.000
9,050
9.000
19,515
21,219
41,625
23,036
40,804
9.210
204,140
$32,550
163.400
177.218
*6.900
128.399
Baltimore.
Shares. Bond Sales.
645
1,252
2,2811
1,333
3,319
1,376
1,000
6,000
12.000
2.000
400
6,000
$6,000
10.261
825.400
E40.000
10.485
215.700
85,000
1.000
THE CURB EXCHANGE.
Price movements on the curb market have been disappointing the greater part of the present week and the
trend of the market has been strongly downward. Mining
shares and metal stocks have attracted a large part of the
trading interest, though there have been spasmodic periods
of strength in the liquor issues, oil shares and industrials,
though most of the gains were erased as the week progressed.
In an effort to boil down the curb list to such issues as conform to the new rules for listing adopted several months
ago, the Curb Board has dropped more than 475 unlisted
stocks which have been stricken from the trading list since
the first of the year. In addition 46 listed issues, 2 listed
bond issues and 227 unlisted bonds have been eliminated
with a similar object in view.
On Saturday the brisk rally during the final hour in the
so-called wet stocks carried that group to higher levels
and extended to a lesser degree to practically all parts of the
curb list, and while the gains were generally within a comparatively narrow channel, they were sufficient to carry
many prominent stocks above the preceding close. The
most active shares of the group were Hiram Walker and
Distillers Seagrams, but there was also a modest demand
for other issues that pushed them fractionally higher than
the previeus close. Gold mining shares were in good demand
and coneiderable interest was manifest in the public utilities
Volume 137
group. One block of 5,000 Electric Bond & Share changing
hands at 203%, with a loss of 4 of a point. Several power
3
and light issues were higher in the early trading, but e ised
off later in the day. This was true of American Gas &
Electric and American Light & Traction. Consolidated
Gas of Baltimore gained about a point and Columbia Gas &
Electric convertible preferred eased off about 2 points.
Oil shares were moderately firm and investment trusts at
a standstill.
Curb exchange trading was again featured on Monday by
a strong demand for the metal shares, the improvement
extending to a major part of the general list. The advancing
tendency carried many of the gold mining stocks like Lake
Shore Mines, Wright Hargreaves and Newmont Mining to
higher levels, though part of the gains were lost later in the
day. Industrial issues and oil shares also showed considerable improvement,and in some instances, gains were recorded
ranging up to 6 or more points. Oil stocks moved forward
under the leadership of Humble Oil which registered a 13%
point gain at 87. Gulf Oil was strong and Standard of
Indiana and Standard of Ohio were both higher. The
strong spot of the mining stocks was Bunker Hill which
jumped to 46 with a gain of 6 points. Public utilities were
generally off, Electric Bond & Share slipping back to 303%
at on time and American Gas & Electric and Consolidated
Gas of Baltimore were down 2% points and 3 points, respectively. Wet issues eased off fractionally.
Curb stocks continued to see-saw on Tuesday, a fairly
• large volume of selling during the morning being followed
by a brisk rally led by the metal shares in the afternoon.
Public utilities and specialties were the weak stocks during
the forenoon, though some of the recent favorites in the
mining and metal issues were also down. In the alcohol
group the recessions ranged from fractions up to a point or
more, the active stocks showing losses including such prominent issues as Hiram Walker, Canadian Industrial Alcohol
and Distillers Seagrams. The gains in the mining group
included Bunker Hill, Hudson Bay, Lake Shore, New Jersey
Zinc and Newmont Mining. Oil shares were easier and investment trusts closed below their best prices of the day.
Leading curb stocks again moved downward on Wednesday in the moderate trading. Prices were slightly stronger
at the start reflecting an accumulation of overnight buying
orders. Later transactions, however, were made at substantial declines. In the industrial group, Aluminum Co.
of America advanced 2 points to 76 and then slipped back
to 723 . General Tire also showed strength at the opening
4
but likewise fell off. The widest decline was in Great Atlantic
& Pacific Tea Co., which dropped 14% points to 125.
Public utilities were under pressure, particularly Electric
Bond & Share, which yielded over 2 points to 573%. Oil
stocks also sold down, Standard of Indiana sagging fractionally, while Gulf Oil of Penn. recorded an early loss, but
showed improvement before the close. Gold mining issues
were irregular and so were the specialties like Singer Mfg. Co.
and General Tire & Rubber.
Practically every group was under more or less pressure
on Thursday, and while there were occasional gains scattered
through the list, there were none of special importance.
Trading was quiet and during the morning dealings the list
generally yielded from fractions to around a point. The
undertone showed slight improvement around the noon hour
but most of the active stocks were sold at concessions of 1
to 4 points. In the industrial group, Aluminum Co. of
America lost about 2 points at one time, General Tire yielded
around 6 points and Singer Mfg. Company was off 7 points.
Oil shares were fairly steady, and after an early dip, regained
part of their losses. Electric Bond & Share had a setback
of about a point. American Gas & Electric was fractionally
lower and the mining stocks were subjected to profit taking,
and while a goodly past of this was absorbed, the closing
prices showed fractional losses.
The curb market displayed a stronger tone on Friday as
support was extended to some of the more active groups.
Pressure on several of the important issues was app arent
during the 'early trading but this slowly lifted and some of
the early losses were turned into gains. The so-called wet
stocks were in demand,particularly Distillers Seagrams which
jumped about 3 points after being down to 233% during the
early trading. Hiram Walker gained about a point and
Canadian Industrial Alcohol climbed to 18 after an early
drop to 16/. Mining stocks showed an improved demand
and moved ahead under the guidance of Lake Shore and
Newm ant. Oil shares made little change either way. In
2225
Financial Chronicle
the public utility group the strong stocks were Consolidated
Gas of Baltimore, Pennsylvania Water & Power and New
England Power & Light. The principal changes were on the
side of the decline, the recessions including among others such
prominent issues as Aluminum Co. of America, 73 to 70;
American Beverage, 2% to 23%, American Gas & Electric,
%
263% to 243 ; American Laundry Machine, 13% to 13;
American Light & Traction, 15% to 14; American Superpower,3% to 33%; Atlas Corp., 13% to 123%; Brazil Traction
%
& Light, 135 to 125 ; Central States Electric, 2 to 1%;
%
Cities Service, 2% to 2%; Commonwealth Edison, 50% to
45; Consolidated Gas a Baltimore, 55 to 49; Cord Corp.,
3
113% to 9%; Electric Bond & Share, 203/i to 18; Ford of
Canada A, 133 to 12%; Gulf Oil of Penna., 55 to 52%;
%
International Petroleum, 19 to 18%; New York Telephone
pref., 117 to 114%; Niagara Hudson Power, 7% to 7%;
Parker Rust Proof, 663 to 56%; Pennroad Corp., 3% to 3;
%
;
/
Penn Water & Power,51 to 431 2 Singer Manufacturing Co.,
140 to 138; Standard Oil af Indiana, 323 to 30%; Swift &
%
Co., 18 to 117%; United Founders, 1% to 1%; United Gas
Corp.,3% to 3; United Light & Power A,3% to 3%;United
7
Shoe Machinery,55% to 543%,and Utility Power,1% to 1%.
A complete record of Curb Exchange transactions for the
week will be found on page 2255.
DAILY TRANSACTIONS AT THE NEW
Week Ended
Sept. 22 1933.
Stocks
(Number
of
Shares).
Bonds (Par Value).
3671,000 31,152,000 319,537.000
Jan. 1 to Sept. 22.
Week Ended Sept. 22.
1933.
Total.
$100.000 31.547.000
208,000 3,685,000
159,000 3,905,000
268,000 3,518,000
254,000 3,359.000
163,000 3,523,000
$98,000
87,000
118,000
95,000
176,000
97,000
2,250,325 317,714,000
Sates at
New York Curb
Exchange.
EXCHANGE.
Foreign
Foreign
Domestic. Government. Corporate.
175,755 31,349,000
448,655 3,390,000
463,870 3,628,000
378,135 3,155,000
388,325 2,929,000
395,585 3,263,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
YORK CURB
1932.
1933.
1932.
1,405,636
2,250,325
Stocks
-No,of shares.
Bonds.
$17,714,000 $20,424,000
Domestic
700,000
671,000
Foreign government
832,000
1,152,000
Foreign corporate
82,075,102
44,552.540
$672,753,000
31,564,000
30,669,000
3635,723,100
23,785.000
47,833,000
$19,537,000 $21,956,000
$734,986,000
3707,346,100
Total
COURSE OF BANK CLEARINGS.
Bank clearings this week will show an increase as compared with a year ago. Preliminary figures compiled by us,
based upon telegraphic advices from the chiaf cities of the
country, indicate that for the week ended to-day (Saturday,
Sept. 23) bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns
will be 7.2% above those for the corresponding week last
year. Our preliminary total stands at $4,925,387,752,
against $4,595,747,757 for the same week in 1932. At this
center there is a loss for the five days ended Friday of 15.7%.
Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ended Sept. 23.
1933.
1932.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2,626,722,834 $2,270,567,364 +15.7
150,237,907 +16.6
177.733,197
-7.0
215,000.000
200,000,000
141,000,000 +17.0
165,000,000
51,488,188
-1.0
51,090,025
51,700,000
+5.6
54,600,000
92,893,000
-8.3
85,170,000
No longer will report clearing s
+9.2
59,748,549
65,259,212
+1.4
58,797,957
59,611,309
+1.8
49,049.610
49,949,043
-8.8
39,585,121
36,084,257
31,780,224 -36.7
20,124,000
Twelve cities, 5 days
Other cities, 5 days
$3,591,343,877
430,645,916
$3,211,347,920
405,268,455
+11.8
+6.3
Total all cities, 5 days
All cities, 1 day
$4,021,989,793
904,397,959
33,617,116,375
978,631,382
+11.2
-7.6
$4,925,387,752
34,595,747,757
+7.2
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below we are able to give final and complete
results for the week previous, the week ended Sept. 16. For
that week there is a decrease of 18.9%, the aggregate of
clearings for the whole country being $4,633,306,193, against
$5,710,622,107 in the same week in 1932. Outside of this
city there is a decrease of 7.4%, the bank clearings at this
center having recorded a loss of 24.3%. We group the
cities according to the Federal Reserve districts in which
Financial Chronicle
2226
they are located and from this it appears that in the New
York Reserve District, including this city, the totals record
a decline of 24.0%, in the Boston Reserve District of 18.5%
and in the Philadelphia Reserve District of 3.8%. In the
Cleveland Reset ve District the totals are smaller by 6.7%,
in the Richmond Reserve District by 27.5% and in the
Atlanta Reserve District by 9.2%. In the Chicago Reserve
District the decrease is 1.0% and in the St. Louis Reserve
District 11.0%, but the Minneapolis Reserve District has
an increase of 6.6%. In the Dallas Reserve District the
totals show a gain of 3.1%, but in the Kansas City Reserve
District there is a loss of 7.2% and in the San Francisco
Reserve District of 0.3%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Sept. 16 1933.
1932.
1933.
Inc.07
Der
Federal Reserve Diets.
let Boston__ .... 12 cities
2nd New York_ 12 3rd Philadelphia 9 "
4th Cleveland... 5 5th Richmond__ 6 "
8th Atlanta... _10 "
7th ClUcago.---19 8th St. Louis_._ 4 "
Ilth MInneapolis 7 "
10th Kansas City 9 "
11th Dallas_ .._ _ 5 "
12th San Fran...13"
$
$
%
242,163.763 -18.5
197.332.931
3,031.690,193 3,987,589,890 -24.0
266,885.699 -3.8
256,842,780
185,381,222
198,728,515 -6.7
75,625,017
104.363,260 -27.5
86,227,395
94,984.405 -9.2
305,638,647
308,839,761 -1.0
105,657,537 -11.0
93,103,395
85,725,497
80,400,162 +6.6
97,339,853 -7.2
90,362,417
39,997,799 +3.1
41,257,371
184,119.328
184,671.403 -0.3
111 cities
Total
Outside N. Y. City
4,633,306,193
1,688,488,408
5,710,622,107 -18.9
1.822,788,945 -7.4
255,999,961
252,727,937 +1.3
Canada
32 cities
1931.
5
388,073.775
4,931,190.731
470,10‘,056
314,392.512
159,372.750
119,376,312
533,316,506
138,479,296
100,686.638
143,697,100
57,226.958
276,706.676
1930.
$
418,746,105
6,685.012.747
488,646,248
401,425,864
178,663,948
148.681.062
797,830.723
175.597.568
137,468,936
197,960,860
73,076.194
352.422.864
7,632,622,436 10.C58,523,409
2.837,214.322 3,524,177,720
291,473,533
370,217,443
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended Sept. 16.
Clearings at
1933.
1932.
First Federal Reserve Dist riot- Boston
439.073
378.576
Me
-Bangor _ _
1.437,939
2.185,241
Portland
Mass.
-Boston_ _ 173.000.000 212.168.033
581,392
787,390
Fall River_ _
211,644
245,839
Lowell
631,612
622,185
New Bedford..
Springfield
2.139,041
2,655,240
Worcester
1.261,886
1,958,200
Conn.
-Hartford_
7.047.961
9.305.071
3,554,329
New Haven.
2,720.091
R.I.-Providence
7,940.200
7,538.200
N.H.-Manches'r
363,459
324,092
Total(12 cities)
197,332,931
Inc. or
Dec.
1931.
1930.
+16.0
-34 2
-18.5
-26.2
-13.9
+1.5
-19.4
-35 6
-24.3
-23.5
-5.1
-10.8
544,155
2,815.660
338,287.092
950.205
476,888
894,351
3.623.995
2,587.968
16,134.317
5,821.251
15,452,600
485.293
645.830
3.623,042
370.489.430
1,010.164
1,502.503
1.036.382
4,001.957
3,175.226
15,584.834
6,376,011
10.574,000
726,728
242,163,763 -18.5
388,073,775
Total(12 cities) 3,031,690,193 3,987.589,890 -24.0 4,931,190,737 6,685,012,747
Third Federal Reserve Die trIct-PhIla
Pa.
-Altoona
_
312,918
311,806
Chester
332,966
232,350
Bethlehem_
Lancaster
1,011,518
703,008
Philadelphia_
246,000,000 255,000,000
Reading
1,961.264
1,098,619
Scranton
2,072,740
1,920,328
1.599,494
Wilkes-Barre_ _
1,315,660
1,114.799
York
1,150.009
N.J.
-Trenton
3.480,000
4,111,000
delphl a-0.4
600,791
-30.2
845,962
1,309,182
1,096,853
-30.5
-3.5
-44.0
-7.4
-17.7
+3.2
+18.1
2.296,910
452.000,000
2,604,495
3.669.263
3,261,725
1.595,910
3.229.000
1,696,641
468,000 000
3.317,445
4.060,851
3.343.069
2.157.207
3,665,000
-3.8
470,164.056
488,646,248
Fourth Feder al Reserve D IstrIct-Clev elandOhio-Akron _
Canton
Cincinnati_ __ 41,776,797 -10 7
37.320,508
67,551,435 -14.3
Cleveland
57,890.647
8,116,800 -7.7
Columbus
7,491.700
Mansfield
895.536 +26.3
1,130,677
Youngstown__ _
Pa.
-Pittsburgh
80,388.007 -r1.4
81,547,690
59,854.247
110,843,163
10,324,700
1,575.839
63.107,556
142.841.604
15,002,600
2,221.369
256,842,780
266,885.699
131,794,583
181,192,735
-6.7
314,392,532
404.425.864
Fifth Federal Reserve Dist rict-Richm ondW.Va.-Huneg'n
315,142 -65.5
108.841
2.393,425 -26.9
Va.-Norfolk
1,750.000
28,418,367 -12.1
Richa.ond _
_
24,982.347
745.129 +15.7
S.C.
861,891
-Charleston
53,680,001 -31.1
Md.-Baltimore_
37.003,033
18,811,196 -42.0
10,918,905
D.C.-Washing'n
601,231
3,201.004
40.527.226
1.200,000
89.750.430
24,092,859
1,156,515
3.711,888
47.719,617
2.409.124
99,306.538
24,350,268
104,383,260 -27.5
159,372,750
178,653,948
4.943.119
11,949,681
38,200.000
1,396.454
734.949
10.013.387
13,236.769
1.276,766
3.081.159
20,296.781
47.111.795
1.929.445
1.365,617
12,039.167
18,379.468
1,703,827
103,963
37.442,224
176,404
42.597,399
119.376,312
148,681,062
Total(5 citles)-
Total (6011166).
185.381,222
75,625.017
198,728.575
Sixth Federal Reserve Dist rict-Atlant a2.355.173 +41.2
Tenn.-Knoxville
3.326.086
9,938,196 +5.1
Nashville
10,447,309
31,900,000 +3.2
05.
-Atlanta. _
32.600,000
1,423.172 -25.1
1,066,615
Augusta
533.907 +12.2
599.011
Macon
7,572.859 +9.6
8,299.000
Fla.-Jack'nville
9.487,106 +5.1
Ala.-Birm'ham _
9.969,950
834,265 +27.7
Mobile
1.065.369
Miss -Jackson..
114.181 -7.8
105.324
Vicksburg
30,825,546 -39.2
18,748,731
La.-NewOrleaas
Total(10 cities)
88.227.395
Week Ended Sept. 16.
Clearings at
1933.
Inc. or
Dec.
1932.
1930.
1931.
Seventh Feder al Reserve D istrIct--Chic ago98.761 -74 5
Mich.
-Adrian _
25.145
Ann Arbor,...
371,624 -12.6
324,694
57,270,999 +12.7
Detroit
64,526.621
2.762.171 -42 3
Crand Rapids_
1,594.948
Lansing
455,797
1.054,400 -56.8
957,162 -47.2
Ind.- Ft. Wayne
505,606
13.295,000 -21.1
Indianapolis__ _
10,493 000
South Bend...
986.575 -54 7
447.155
Terre Haute_ _ _
3,108.969 +1.4
3,052,561
Wis.- Milwaukee
13,766.495 -13.0
11.978.900
634,602 -69 2
Ia.-Ced. Rapids
195,387
Des Moines_ _
4,768,118 -12 7
4.162.373
Sioux City
2,176.372 +3.6
_
2,255,635
Waterloo
Bloon ington
1,077,586 -67.5
*3.50.000
Chicago
201.307.407 201,227.372 +0.1
563.835 -0 9
Decatur
524.760
2,021.848 +72
Peoria
2,166.615
399.007 +26 7
Rockford
505.727
2,398.865 -68.1
706,310
Springfield_
183.507
567.000
125.441.278
5,466.778
2,727,951
1.3 12.128
16.026.000
1.331,784
4.086,508
21,350.685
2,567,855
6,779,981
4.074,215
195,381
821,018
186,808,721
6.378.788
8.907.556
2,884,464
19.641,000
2,418.244
4,126.603
26,102,1177
3.113.973
7.046,735
5.740,872
1,566,088
332.400.623
828.471
2.891.557
1,684,158
1,949,939
1,785,422
513.273,209
1.213,790
4,178.087
2.819,489
2,372.714
-1.0
533,316,506
797,803,723
99,900.000
26.556,962
11,359.450
125,700,000
30.937,285
17.873.740
Total (19 cities)
305,638,647
308,839,761
Eighth Federa I Reserve Die trict-St. Lo
Ind.-Evansville.
Mo -St. Louis_
70,600.000
60.100,000
1 y. -Louisville..
19,896,123
21.254.942
. .
110 -M en phis
13,651,620
11.432,453
111.-Jaek90nville
Quincy
509.794
316,000
uls-14.9
+6.8
-16.3
-38.0
662,984
1.086.833
104.657,537 -11.0
138,479,396
175,597,858
Ninth Federal Reserve D is trict-MInne spoilsMinn.
2,755.058 -2.0
2.700.350
-Duluth_
M lanes polls_ _
56.181.973 +10.6
62,128.063
St. Paul
16.981.642 -1.8
16.681.323
N. D.
1,762.163 -6.0
-Fargo.
1,657,185
S.D.-A berdeen _
597.60e -21.3
470.228
339,459 -11.6
Mont.
300,229
-Billings
1.788.119
1.782,267 +0.3
Helena
3.788,609
68,720,188
22.242,714
2,050.970
759.299
577,576
2,547.282
7.864.787
95,903,864
26,377.122
2,373.529
1,122.671
700.963
3.126.000
137,488,936
Total(4 cities).
93,103,395
+6.6
100,686,638
Tenth Federal Reserve Dis trict- Hans as City
124.751 -67 9
Neb.-Fremont_ _
40.057
Hastings
Lincoln
1.666.079 -4.9
1.747,072
22.062.194 -1.4
Omaha
21,763,852
Kan.-Topeka
1,398,440 -9.4
1,267.552
3,708,752 -50 7
Wichita
1.827.471
84,638.638 -7.3
Mo.-Kan. City.
59.934.558
2.526,359 +8.1
St. Joseph_ _
2,730,816
620.247 -9.1
563.553
Colo.--Colo.Spgs.
594,393 -180
Pueblo
487.486
196,048
225.193
2,692.007
35.269,236
2.544,962
4,976,702
91,732,524
4.006,741
1.099,775
1.179,105
3.406,398
45.203.862
3,313,091
6,539.288
131.203,947
5,434,119
1,148,215
1.426.747
-7.2
143.897,100
197.980,860
Eleventh Fade ral Reserve District
-Da Has
Tex.-Aust1n_ _
711,636 +6.4
757.038
Dallas
29,670.491
+5.2
31,213.944
Ft. Worth_ _ _
+0.4
4,511,466
4,531,532
Galveston
2,800,000
2.346.000 +19 4
La.
-Shreveport_
2,758,206 -29.1
1.954,857
2,576,754
41.175,555
7.743.257
2,360.000
3,370.392
1,598.504
52,127,897
10,327,297
4,358.000
4,664,496
+3.1
57.225,958
73,076.194
Total(7 cities).
85,725.497
80.400,162
418,746,105
Second Federa I Reserve Dis tact
-New Y orkN. Y.- Albany _ _
10,797,445
5,075,084 +112.8
7.772.099
6,868.628
Binghamton
764.622 -4.8
727,785
998,105
1,203,348
Buffalo
26.437,770 -11.2
36,199,144
23,468.161
50,133,243
525.655 -7.7
Elmira
485,359
1,050,312
901,2,18
531,761 -14.5
Jamestown__ __
853,946
454,480
972,580
New
2,944.817.785 3,887.833,162 -24.3 4,795,408,114 6,534.345,689
6.480.611 -6.5
Rochester
6,060,484
9,181.578
9,891.134
Syracuse
3.286,451
3,760,043 -12.6
3.871.129
4,843,198
Conn.
-Stamford
2.127,502 +11.6
3.225.373
2,374.744
3.620,548
-Montclair
448,810 -12.5
N. J.
375,000
768,963
392.718
21,050.145 -32.7
29,333.222
Newark
14,172,638
32,887,190
Northern N.J.
32.554,725 -24.3
42,422.715
24.652,143
38,576,928
Total(9 cities).
Sept. 23 1933
94,984,405
-9.2
Total(9 cities)-
Total(5 cities).
90,362,417
41,257,371
97,339,853
39,997,799
Twelfth Feder al Reserve D Istrict-San Franc IscoWash.
32.076,969
23.353.316
23.229,896 +0.5
-Seattle- _
Spokane
9,770.000
5,2,50.000
6.062.0(10 -13.4
Yakin a
995.331
494,351 -8.8
450,847
Ore.
16,942,060 +12.5
29,141.688
-Portland..
19,055,088
Utah-S. L. City
9.228,809 +7.4
14,334,613
9,912.495
Calif.
-L.Beach.
3.592.209
5,339,383
3.367,504 +6.7
Los Angeles_ _ _ No longer w II report clea rings.
3,887,129 -21.7
4.600.661
Pasadena
3.045.0143
10.755.478
Sacran ento__
3,372.249
5,740,770 -41.3
San Diego_
No longer wi I report clear ings.
San Francisco. 111,654.622 110,166,587 +1.4 161.318,145
San Jose
2.148.752 -46 6
2.992,383
1.148.484
Santa Barbara.
1,221,333 -15.5
Le32.093
1,722,068
Santa Monica_
1.707,357
1,048,082 +65
1.116,640
Stockton
1,134,130 +0.2
1.952.600
1,136,192
42,852,142
13.390,000
1,219,279
39,074.386
18,954.181
6.585,524
5.508,502
10.106,257
205,162,798
3,216,439
2,015.852
2.101.204
2,236.400
Total (13 cities) 184,119,328 184.671,403 -0 3 276.706,676 352,422,864
Grand total (111
cities)
4833,306.193 5.710,622,107 -18.9 7,632.622,436 0058,523,409
Outside New York 1,688,488,408 1.822.788,945
-7.4 2,837,214.322 3,524,177,720
Week Ended Sept. 14.
Clearings at
1933.
1932.
Inc. or
Dec.
1931.
1930.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Br rntford
Ion Wiliam_ _ _
New Westminster
Medicine Hat_ _ _
Peterborough.._
Sherbrooke
Kitchener
Windsor
Prince Albert.--Moncton
Kingston
Chatham
Sarnia
Sudbury
$
80,416.556
83.605.142
37,800.197
13,143 010
3.461,326
3,683,608
1,8211,564
3,655.859
4.922.406
1,411.668
1,384,570
2,156,661
3.189,357
4,564,876
331,128
356.387
1,183.290
486,945
708,250
455.736
426,963
235.445
586.725
593,480
770,819
1.876.929
239.809
662.810
533,598
*350.000
332,031
584,116
$
75.448.698
82,296,128
40.729,923
11.358.513
4,072.270
3,689.443
1.953.942
3,463,865
4,976,849
2.001,322
1,349,987
1,989.120
3,515.419
4,878.230
342,653
361.765
1,408.465
480.754
691.646
574.048
444,501
187.594
653.366
536.830
745,374
2.063,652
226.949
552,803
535,189
397,309
339.420
481.910
%
+6.6
+1.6
-7.0
+15.7
-15.0
+04
-6.4
+5.5
-1.1
-29.5
+2.6
+8.4
-9.3
-6.4
-34
-1.5
-16 0
+1.3
+2.4
-20.6
-3.9
+25.5
-10.2
+106
+34
-9.0
+5.7
+19.9
-03
-11.9
-2.2
+21.2
$
93,886,835
87,575.151
42.814.701
14.1e2,671
6.198.324
4,810,123
2,901,072
4,661,546
6,103.479
2.293,557
1,003,399
2,443.642
4.020,701
4,171.025
369.052
407,738
1,784,1160
655.800
852,257
675.037
540,151
286,850
713,784
649,849
1,054.912
2,347,789
305,326
689.347
791.968
395,324
413.673
647,892
$
116.396.523
112.006,188
52,978.511
18,934,507
7.660.373
6,359,266
3,236,581
5,862,294
8.746,430
2,220,251
2,403,389
3,141,865
5.424,674
5,768,854
569,723
637,967
2,454,546
1,116.422
1,096,565
854,191
867,235
381,465
981,248
829.851
1,241,167
3,329,380
449,791
943.751
870,197
569,759
864,233
1,220.446
Total (32 cities)
255.999,961
252,727,937
+1.3
291,473.533
370,217.443
"Estimated.
b No clearings available. c Clearing house not functioning at present.
GOLD.
The Bank of England gold reserve against notes amounted to £190.283.342
on the 30th ult.. as compared with £190.169.177 on the previous Wednesday.
The price of gold was further enhanced during the past week owing
to the continued depreciation of sterling in terms of the gold currencies.
New high levels were reached and the quotation of the 2d inst.-131s. 3d.
per fine ounce (vid, h included a premium of 7d over franc parity) was
the highest yet recorded. Prior to the present month the record high price
was 130s. 8d. quoted on Nov. 30 1932.
Large amounts of gold have been available in the open market but the
demand was keen anti offerings were readily absorbed by Continental
buyers. Quotations during the week:
Equivalent Value
of £ Sterling.
Per Fine Oz.
Aug. 31
13s. 1.34d.
129s. 7d.
Sept. 1
125. 11.99d.
130s. 8%d.
Sept. 2
12s. 11.34d.
131s. 3d.
Sept. 4
1315.
12s. 11.64d.
Sept. 5
130s. 4d.
13s. 0.44(1.
Sept. 6...
130s. 7d.
13s. 0.14d.
Average
130s. 6.92d.
13s. 0.15d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 28th ult. to mid-day on the 4th Inst.:
Exports.
Prance
Netherlands
Switzerland
Other countries
Imports.
France
£18.879
Netherlands
22.633
Switzerland
22.572
Iraq
11.000
United States of America_
96.796
Brazil
196.176
Panama (incl. Canal Zone)
17.883
British South Africa
1.428.056
British West Africa
64.089
British India
826.002
British Malaya
54.027
China
139.768
Hong Kong
183.580
Australia
42.053
New Zealand
17.589
Other countries
12.410
£112.773
135.118
1.035
3,063
£251.989
£3.153.513
The SS. Chitral. which sailed from Bombay on the 2c1 inst., carries
gold to the value of 6362.000. of which £591,000 is consigned to London,
and £71,000 to Amsterdam.
SILVER.
The market has maintained a steady tone, and although movements in
prices have been small a slightly higher level has ruled during the past
week. Buying on China account imparted more tone to the market, and
served to offset offerings from the Conticnt and re-sales by speculators.
The Indian Bazaars have also resold. whilst America has sold moderately.
The undertone is fairly good, but there are no indications of any important change at present.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 28th ult, to mid-day on the 4th inst.:
Exports.
Sweden
Norway
Denmark
Germany
British India
Persia
Poland
Channel Islands
Other countries
Imparts.
Soviet Union (Russia)
£198.000
Germany
12.532
Netherlands
25.350
Japan
15.335
United States of America__ 424.764
British India
13.125
Australia
36.417
Canada
8.316
Other countries
3.512
£2.660
1.299
1.055
1.545
2.500
1.382
1.040
1,000
1.529
£737,351
Quotations during the week:
£14,010
IN LONDON.
Bar Silver per Oz. Standard.
Cash Delia, 2Mos.Del.
Aug. 31
18d.
18 1-16d.
Sept. 1
181.16(1.
18%cl.
Sept. 2
1811d.
,
183-16d
Sept. 4
18%d.
153-16(1.
Sept. 5
183-16(1.
195-16(1.
Sept. 6
18 1-16d.
18.1id.
Average
18.094d,
19.167d.
IN NEW YORK.
(Cents per Ounce .999 Fine.)
3615-16
Aug. 3f)
Aug. 31
Sent. 1
Sept. 2
36%
Holiday
Sept. 4
37 3-16 ,
Sept. 5
--..•11111 ...11111
144
The highest rate of exchange on New York recorded during-We1 riod
70
-from the 31st ult. to the 6th inst. via:481.60% and the lowest $4.51K.
INDIAN CURRENCY RETURNS.]
(7n Lacs of Rupees)Aug. 31. Aug. 22. Aug. 14.
Notes in circulation
17976
17912
17868
Silver coin and bullion in India
10541
10477
10433
Gold coin and bullion In India
2931
2923
2923
Securities (Indian Government)
4504
4512
1512
IrThe stocks In Shan thal Tw - the 2(1 inst. consisted of about 1.4,600.000
i
ounces in sycee. 2)0,033.033 dollars and 6,340 sliver bars, as compared
;rich about 121.400,000 ounces in sycee. 287.503.030 dollars and 6.120 silver
bars on the 26th ult. Statistics for tho month of August last are appended:
Bar Silver
Bar Gold
Cash Delia.
per Fine Oz.
2 Mos. Delia.
Highest price
1811d.
183-16d,1295. 7(1.
Lowest price
17)4d.
17 13-16d.
124s.
Average
17.8774d.
17.9856d.
125s. 8.79d.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Mon.,
Tues.,
1Ved.,
Thurs.,
Frt.,
Sept. 16. Sept. 18. Sept. 19. Sept. 20. Sept. 21. Sept. 22.
-led.
1814(1. 187-led.
per oz.. 18 5-I6d. 187
Silver,
1814d.
1814cl.
131s.9d. 133s 63. 132s, 9d. I33s.7d,
Gold, p. tine oz. 1303.5d. 1395.9(1.
79%
73)4
7311
7311
Consols, 214% Holiday.
7331
British 314%' Holiday.
10014
10035
1003i
100°4
W. L
10051
British 4%11131
Holiday.
111%
11134
112
1 1134
1960-90
French Rentes
66.80
67.00
67.10
66.00
66.70
(in Par103% fr. Holiday.
French War L'n
Paris) 5%
(in
109.80
109.60
109.10
109.70
1920 amort.. Holiday.
109.20
The price of silver in New York on tho same days has been:
Silver in N. Y.,
per oz. (eta.)
38%
2227
Financial Chronicle
Volume 137
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Sept. 6 1933:
40%
3945
4035
3914
3935
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past weck have been
as follows:
Sept. 16 Sept. 18
1933.
1933.
Francs. Francs.
12,500
Bank of France
1,660
Banque de Purls et Pays Bas
360
Banque d'Union Parisienne
285
Canadian Pacific
20,150
Canal de -Met
2,655
Cle 1)1str (1' Electricitle
2,160
Cie (Mnerale d'Electricitie
62
Cie Generale Transatlantique .._
543
Citroen B
1,110
Comptoir Nationale d'Escompte
230
Coty Inc
347
Courrleres
815
Credit Commercial de France.__
4,940
Credit Foncler de France
2,300
Credit Lyonnais
2,670
Distribution d'Electricitie la Par
2,780
&tux Lyonnais
760
Energie Eleetrique du Nord
980
Energie ElectrInue du Littoral
62
French Line
91
Galeries Lafayette
1,100
Gas le lion
680
Kuhlmann
790
HOLIL'Alr Liquid°
DAY.
955
Lyon (P L M)
340
Mines de Courrieres
440
Mines des Lens
1,400
Nord Fly .
904
Orleans Ry
1,010
Paris, France
73
Pathe Capital
1,270
Peehiney
66.80
Reutes 3%
109.80
Rados 5% 1920
77.70
Rentes 4% 1917
84.20
Relates 4 ti% 1932 A
1,880
Royal Dutch
1,324
Saint Gebel!) C & C
1,638
Schneider & CM
540
Societe Andre Citroen
79
Societe Franchise Ford
133
Societe Generale Fonciere
2,750
Societe Lyonnuise
Societe MarselliaLse
20,200
Suez
170
Tubize Artificial Silk prof
890
Union d'ElectrIcitie
200
Union des Mines
98
Wagon-Lila
Sept. 19
1933.
Francs.
12,500
1,650
355
276
20,090
2,615
2,150
60
541
1,110
240
343
808
4,930
2.270
2,610
2,750
762
990
60
91
1,090
660
790
951
340
440
1,410
901
1,010
75
1,260
67.00
109.70
77.80
84.50
1,860
1,315
1,632
540
78
128
2,745
569
20,100
170
880
200
96
Sept. 20 Sept. 21 Sept. 22
1933.
1933.
1933.
Francs. Francs. Francs.
12,400 12,300 12,300
1,620
1,600
1,640
351
345
242
270
256
19,960 19,760
2.500
2,560
2,060
2:000
2,100
55
59
---535
531
1,110
1,110
1,110
230
240
230
336
332
__801
806
4,920
4.870 4:45.i
2,230
2.260
2,270
2.540
2.540 2.510
2,650
2,680
2.650
748
781
-966
965
51
60
55
91
91
91
1.050
1,060
1,070
640
670
640
770
760
780
960
950
330
-530
340
430
430
430
1,390
1,390
1,390
905
900
-666
990
990
73
73
1,200
1,250 1,220
67.10 66.60 66.70
109.60 109.10 109.20
78.10
77.40 77.60
84.00
84.70 84.00
1.790
1,740
1,830
1.277
1,295
1,605
1,604
530
530
-530
74
71
77
126
125
126
2,650
2.670
568
568
20.100 19,800 19:600
163
168
870
870
860
210
200
---95
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Sept. Sept. Sept. Sept. Sept.
21.
19.
20.
16.
18.
Per Cent of Par
142
141
191
141
191
Reichsbank (12%)
83
84
83
83
83
Berliner Bendel:1 Gesellschaft (5%)
41
46
47
47
Commerz-und Privet hank A G
47
48
47
48
48
Deutsche Bank mid Disconto-Gesellschaft„ 47
40
4()
41
41
40
Dresdner Bank
98
98
98
98
Deutsche Reichsbahn (Ger Rys) Prof(7%)_ 98
18
18
18
18
18
Allgetnelne Elektrizitaets-Gesell (A E G)
108
106
106
108
106
Berliner Kraft u Lleht(10%)
97
97
96
97
96
Dessauer Gus (7%)
73
72
70
72
71
Gesfuerel(5%)
104
103
105
104
103
Hamburg Elektr Werke (834%)
136
129
135
135
133
Siemens & Halske(7%)
115
117
115
113
114
Ill Varbetandustrle(7%)
154
154 154_ 155
Salzdetfurth (7 3
5%)
176
173
180
178
180
Rheinisehe Braunkohle (12%)
97
95
97
97
97
I)emtsches Erdoel(4%)
54
52
53
53
Mannesmann Roehren
52
11
11
11
11
11
Hapag
12
12
12
12
12
Norddeutscher Lloyd
Sept.
22.
142
84
46
47
40
98
18
108
97
73
104
129
117
155
173
97
54
11
12
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Sept.22
1933:
Anhalt 7s to 1946
Argentine 5%, 1945, 5100
pieces
Antioquia 8%, 1946
Austrian Defaulted Coupons
Bank of Colombia. 7%, 47
Bank of Colombia. 7%,'48
Bavaria 848to 1945
Bavarian Palatinate Cons,
Cit. 7% to 1945
Bogota (("olom hie)6%,
'47
Beilvta 6%, 1940
Buenos Aires scrip
Brandenburg Elec. 6s, 1953
Brazil funding 5%, '31-51
British Hungarian Bank
735s, 1962
Brown Coal Ind. Corp
635s. 1953
Call (Colombia) 7%, 1947
Callao (Peru) 7
1944
Ceara (Brazil) 8%. 1947.,.
Columbia scrip
Costa Rica funding 5%,'51
Costa Rica scrip
City Savings Bank. Budapest. is. 1953
Deutsche lilt 6% 32 unst'd
Dortmund al un Util 6s,'48
Duisberg 7% to 1945
Duesseldorf 75 to 1945_ _
East Prussian Pr. 65, 1953.
European Mortgage di Investment 735s, 1966..,.
French Govt. 534s, 1937. _
French Nat, Mail SS.65.52
Frankfurt 7s to 1945
German Atl Cable 7s, 1945
German Building & Land bank 6 1 1%. 1948
German defaulted coupons.
Haiti 6% 1953
Hamb-Am Line 6 1-is to '40
Hanover Harz Water Wks.
6%, 1957
Housing & Real Imp 7s.'48
Hungarian Cent Mut 75.37
!Flat price.
Rid
/22
Ask
26
72
124
[65
J20
/.:0
125
75
26
115
/20
I Ti
118
5612
4112
20
22
101a
28
5812
4212
144
___
53
fl4
13
/6
/20
34
134
56
16
6
10
30
____
/38
/75
41
/13
/19
30
40
160
137
135
15
37
63
144
140
22
39
25
25
29
17
22
33
26
/70
68
7412
29
yit
122
38
137
26
42
39
Bid
Ask
Hungarian Discount & Ex31
change Bank is, 1963. _ f29
____
Hungarian defaulted coups 160
Hungarian Hal lik 730,'32 170
912
Koholyt 6145, 1943
3612 1-Land tel Bk. Warsaw 8s,'41 60
Leipzig Oland l'r. 6)-4s,'46 66
68
Leipzig Trade Fair 7s. 1953 25
29
Luneberg Power, Light di
Water 7%, 1948
5912 6112
40
Mannheim & Palat 75, 1941
44
29
Munich 7s to 1945
/25
Munic Bk, Hessen. is to'45 22
26
Municipal Gas & Elec Corp
29
Recklinghau.sen, 7s. 1947 25
52
Nassau Landbank 814a,'38 /50
Natl. Bank Panama 612%
401
42
1946-9
Nat Central Savings Bk of
48
Hungary 7 tie, 1962._ /46
National Hungarian &
143
47
Mtge. 7%. 1948
31
Oberpfalz Elec. 7%,1946.. 29
Oldenburg-Free State 7%
22
26
to 1945
25
Porto Alegre 7%, 1968.._ 123
Protestant Church (Ger36
3712
many). 75, 1946
Prov BR Westphalia 6s,'33 /57
-Prov Bk Westphalia 6s,'36 /45
35
Rhine Westpti Elec 7%,'36 132
26
Itto de Janeiro 6%, 1933... 124
Rom Cath Church 630.'46 /62
64
C Church Welfare 7s,'46 4312 45
Saarbruecken M Bk 6s. '47 50
60
117
Salvador 7%, 1957
1812
Santa Catharine (Brazil).
12312 2412
8%, 1947
Santander(Colom) 7s, 1948 /12
14
Sao Paulo (Brazil) fis, 1947 115
17
Saxon Pub. Works 5%,'32 125
Saxon State Mtge 6s. 1947 15612 6012
Slam & Halske deb 6s. 2930 175
215
Stettin Pub Util is, 1946._
37
39
Tucuman City 7s, 1951.... 124
26
Tucuman Prov 7s, 1950_
45
48
Vesten Elec Ry is, 1947._ 120
23
Wurtemberg 7s to 1945.--25
30
Financial Chronicle
2228
Commercialand pItscellaneonsgleurs
San Francisco Stock Exchange.
-Record of transactions
at San Francisco Stock Exchange, Sept. 16 to Sept.22, both
inclusive, compiled from official sales lists:
Stocks--
N natty
bales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Alaska Juneau Gold Min
31%
26
Alaska Packers Assn
80
80
Anglo Calif Nati Bk of $ F_
11% 11
Assoc Ins Fund Inc
1%
134 2
Associated 011 Co
26
28
Atlas Imp Diesel Eng A
______
4
454
Bank of Calif N A
15234 160
Bond & Share Co Ltd
4% 5
4%
Byron Jackson Co
334
334 4%
Calamba Sugar corn
17
18
17
1934
1934 20
7% Preferred
California Copper
%
%
34
Calif Cotton Mills corn ---------9
934
Calif Ink Co A corn
2034 2134
Calif Oregon,
ower 7% pf- ______ 65
65
Call! racking Corp
2334 22% 28
Calif Water Service pref..- 6334 63% 68
Cal West States Life Ins cap 19
19
20
Voting rl
19
19
Caterpillar Tractor
2034
1934 24
Coast Cos G & E6% 1st pr. 63% 6334 67
Cons Chemical Indus A..- 27
27
27%
Crocker r irst Nati rsank
215 215
5%
Crown Zellerbach Vt c____
.534 6%
Ireferred A
36
36
4034
Preferred B
36% 4034
______
7% 734
Emporium Capwell Corp
Firemans Fund Insurance- 52% 52% 55
Food Mach Corp corn
12%
12% j33%
234
Foster & Kleiser corn
234 234
Laundry
Galland Mere
36
36
36
Golden State Co Ltd
7
7
7
Haiku rine Co Ltd corn_
1% 1%
Hale Bros Stores Inc
10% 10%
Hawaiian C & S Ltd
4
834 4734 4934
Home I. & M Ins Co
25
25
Honolulu 011 Corp Ltd---- 13% 13% 16
Hunt Bros A com
6
6
6
Hutch Sugar riant
9
9
13
Langendorf Utd Bak A.... 13
13%
B
4% 4%
Leslie Calif Salt Co
25
25
25
L A Gas & Elec Corp pref.
85% 86%
Lyons Magnus Inc A
tog 12%
B
5
4
534
Magnavox Co Ltd
34
34
%
I Magnin & Co com
734 7%
1%
Marchant Callf Mch corn-.
134 134
76
Mere Amer Rlty 6% pref.- ______
76%,
67% 60% 68%
Natomas Co
No Amer Inv 6% prof
28
28
26.
24
534% preferred
8
North Amer 011 Cons
834
8%
Occidental Ins Co
16
16
011ver United Filters A______
9% 93.4
B
434 4%
Pacific0& E corn
21% 20% 23
22
21% 22%
6% 1st preferred
19% 19% 20%
534% preferred
Pacific Lighting Corp cons_
26
26%
6% preferred
81% 81% 82%
Pat)Pub Serv non-vot com_
1
1
'Non-voting pref
234
234 3
Pac Tel & Tel corn
86% 88% 90
109 110%
6% preferred
Paraffine Cos corn
25
27%
Phillips 1- etroleum
18% 18%
Mien Whistle Prof
%
% %
534
Ry Equip & Rity 1st Pref.531 514
334 3%
Series 2
334
______
18
Rainier Pulp & Paper Co
18
5% 5%
Roos Bros corn
534
San Joaq L dz P 6% pr pi- ______ 67
67
5
Schlesinger & Sons B F pf _ - ______
5
Shell Union 011com
8%
8
9%
69
Sherman Clay & Co pr pt..
69
Southern Pacffic Co
23% 23
30%
______
7% 7%
So Sac Golden Gate A
6
Spring Valley Water Co6
Standard 011 Co of Calif.__
42% 41
4414
Tide Water Assd Oil corn__
934
9% 10
6% preferred
50% 50% 53
Union 011 Co of Calif
20% 22%
5% 534
Union Sugar Co corn
7% preferred
17
17
United Aircraft
3734
3334 31
83
Weill & Co (Raphael)8% pf
83
Wells Fargo Bk & U Tr_ ___ 201
201 215
Wszsz.ts Ph-.At 41'Nal rn
11 W 13
Range Since Jan. 1.
Low.
1,850 11%
5 55
8%
2,249
700
%
20 12
2
560
23 101
1%
908
2,351
I
8
2,880
1.395 11
34
1.150
260
%
215 12
15 65
814
2,127
45 63
147 13
25 15
4,268
534
47 57
940 11
10 185
1
2,400
7%
412
7
570
820
234
60 3434
912
5%
200
1
5 26%
2,319
334
loo
200
1,235
25
845
. 100
100
450
230
233
125
2,323
2.860
2,390
300
312
49
15,096
30
39
4,595
19
210
500
12,676
8,158
1,816
817
364
367
1,044
632
54
1,884
381
305
53
100
250
279
11
141
3,864
25
3,205
315
73
10,108
1,054
266
3,765
360
5
2,145
7
72
485
Jan
May
May
Apr
May
Feb
Feb
Feb
Mar
Mar
Mar
Jan
Jan
Mar
Sept
Mar
Apr
Apr
June
Feb
May
Mar
Apr
Feb
Mar
Mar
Feb
Mar
Jan
Jan
Mar
Apr
% Mar
4% Apr
27% Jan
18
Apr
834 Feb
2
Feb
5
Apr
414 Feb
334 June
11% Feb
83% May
5% June
1
June
% Mar
354 Feb
% Feb
60
Jan
15
Feb
Mar
11
734 Apr
3% Apr
8% May
3% Jan
% Feb
20% Apr
21% Mar
19% Mar
24% Mar
77
May
34 Mar
2
Apr
Apr
67
9934 Apr
8% Feb
934 May
34 Sept
334 Apr
114 Mar
6
Jan
2
Feb
60 May
234 June
4
Feb
50
Apr
11% Feb
434 Jan
2% Apr
20
Feb
3% Feb
24
Apr
9% Feb
134 Mar
11% Apr
Feb
17
82
Sept
165
Apr
514 Feb
High.
2% Aug
July
80
Jan
20
334 July
30 June
734 July
160
July
534 July
634 July
2234 June
Sept
20
July
1
July
16
2234 July
Jan
85
3434 July
7334 July
3134 Jan
31
Jan
29% July
Jan
79
July
28
224
July
834 July
43% July
43
July
834 July
July
61
16% July
July
4
36
Aug
3034 July
3% June
July
13
4934 Sept
30% July
16% July
10% July
10
July
14% July
634 July
27
July
9834 Jan
12% Sept
5% July
June
1
10
July
234 June
76% Sept
68% Sept
31
July
27
July
934 July
20
July
11% July
5% July
32
July
25% Jan
23% Jan
Jan
43
9334 Jan
2% June
June
6
9434 July
111
July
29
July
18% Sept
2% July
634 July
4
July
18% Aug
634 July
67
Sept
5
July
11% July
Sept
69
38% July
834 July
8
July
4434 Sept
10% July
5434 July
23% July
734 July
20
July
46
July
94
Jan
July
220
17
duly
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, Sept. 16 to Sept. 22,
both inclusive, compiled from official sales lists:
dr 1 WNW
Stocks-
.....1
Last Week's Range for
Sale
of Prices
Week.
Par Price, Low. High. Shares.
Associated Gas & Elec A..
5
BarnsdallCorp A
Bolsa Chien Oil A
10
Broadway Dept St prof 100
California Packing Corp.._•
* 44%
Chrysler Corp
Citizens Nall Bank
20
Claude Neon Elec Prods_ _*
9%
Consolidated 011Corp____• 13%
Douglas Aircraft Co Inc...* 14%
Erase° Derrick & Equip...*
Gilmore Oil Co Ltd
*
Goodyear Text Mills pf 100 90%
Goodyear Tire & Rub pf100
Goodyear (Akron)cons
•
Hancock 011 corn A
*
8%
Los Angeles G & E pref_100
Los Angeles Invest Co -.10
Monolith Ptld Cement W10
Mortgage Guarantee Co100
Pacific Finance Corp com10
734
Preferred D
10
Pacific Gas& Mee com_ _25
Pacific Lighting com
•
Pacific Mutual Life Ins_ _ 10 2534
Petrolite Corp Ltd
634
•
Ftepublic Pet Co Ltd__ _ _10
434
Sec..__ . Nat Bk of L A_25 3514
First
....
_......
n on vu corp c
1
9%
334
533-4
22%
42%
31
834
12%
14%
2%
7
90%
61
38%
834
85
3
5%
831
7%
934
20%
25%
25
634
4%
3534
1
934
4%
55
22%
51%
31%
10%
14%
16%
234
7
90%
82
40%
834
86
334
5%
9
934
9%
21%
26
26
73-4
5
36%
51%
100
100
1,200
10
150
1,000
150
900
2,000
400
100
100
20
35
300
700
220
500
100
190
600
100
700
600
450
2.500
8,700
2,500
Range Since Jan. 1.
Low.
1
3%
134
32%
13%
934
26
6
534
11%
214
7
60%
22
3434
3%
82%
1
1%
8
4
8%
20
25%
19
2%
134
35
Apr
Mar
Jan
Apr
Apr
Mar
Mar
Jan
Jan
Jan
Apr
Aug
Feb
Mar
Aug
Feb
Apr
Jan
Mar
Feb
Mar
Mar
Apr
Mar
Mar
Mar
Feb
Mar
High.
2%
11
534
48
28%
51%
38
13%
15%
18
534
7
92
72
42%
12%
98
5%
6
23
11%
9%
30%
43
3034
714
5
4534
June
Sept
July
July
July
Sept
Jan
July
July
July
July
Aug
Aug
July
July
July
Jan
June
Sept
June
July
Mar
July
Jan
July
Sept
Sept
Jan
Sept. 23 1933
Sales
Friday
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price Low. High. Shares.
Signal Oil& Gas A
So Calif Edison Ltd com.25
Original preferred.. _..25
7% preferred A
25
25
6% Preferred B
534% preferred C___ _25
Southern Pacific Co
.100
Standard 011 of Calif
*
Taylor Milling Corp
"
Transamerica Corp
*
Union Bank & Trust Co100
Union 01101 Calif
25
4
18%
31
19%
17%
42
631
20%
4
18
30%
23
19%
17%
23%
41
12%
6%
115
2034
Range Since Jan. 1.
Low.
4%
1)4
300
19% 4,500 17%
336 30
33%
23%
500 22%
20%
1,500 19%
500 17%
18%
1,100 11%
30%
44% 5,400 20
13
4
300
4%
7% 10,000
115
28 100
9%
22% 6,400
High.
Mar
6
Apr 27%
May 40%
Apr 27%
Sept 24%
Apr 2235
Feb 38%
Feb 4414
14
Jan
Apr
Apr 200
Feb 23
July
Jan
Jan
Feb
Jan
Jan
July
Sept
Sept
July
Feb
July
* No par value.
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
Sept. 6
-Northern National Bank of Presque Isle, Presque
Isle, Me
$300.000
Capital stock consists of $150,000 preferred stock and
5150.000 common stock.
President, Carl A. Wieck; Cashier, W. M. Seely.
Sept. 6
-First National Bank of Waterville. Waterville, Me.. 300,000
President, George G. Averill; Cashier, G. F. Sweet.
Will succeed Peoples-Ticonic National Bank of Waterville, No. 880.
Sept. 11-The National Bank of McAlester, McAlester, Okla
100,000
President, Tom Hale; Cashier, Roy Caldwell.
Conversion of the Bank of McAlester of McAlester. Olda,
Sept. 11-Medford National Bank. Medford, Ore
100,000
Capital stock consists of $50,000 preferred stock and
550,000 common stock.
President, J. A. Perry; Cashier, Geo. T. Frey.
Will succeed the Medford National Bank, No. 8236.
Sept. 12
-First National Bank of Scottdale, Scottdale, Pa
300,000
President, Chas. H. Loucks; Cashier, liclin G.
Daugherty.
Will succeed the First National Bank of Scottdale.
No. 4098.
Sept. 12
-Patapsco National Bank in Ellicott City, Ellicott City,
100,000
Md
President, Edward W.Talbott; Cashier, Elmer C. Cavey.
Will succeed the Patapsco National Bank of Ellicott
City, No. 3585.
Sept. 15
-The Cleves National Bank, Cleves, Ohio
50,000
President. J. H. Walton; Cashier, S. E. Howard.
Will succeed the Hamilton County National Bank of
Cleves. No. 7456.
VOLUNTARY LIQUIDATIONS.
-The First National Bank of Cameron, Tex
Sept. 11
75,000
Effective Aug. 29 1933. Liquidating agent, H. M.
Haley, Cameron, Tex.
Succeeded by First National Bank In Cameron, Tex.,
Charter No. 13731.
Sept. 16
-The Orrville National Bank, Orrville. Ohio
100,000
Effective Aug.26 1933. Liquidating committee: John
J. Schmid, F. L. Phillips and D. Ed. Seas, care of
the liquidating bank.
Succeeded by the National Bank of OrrvMe, Ohio,
Charter No. 13742.
BRANCH AUTHORIZED.
Sept. 13
-The Windsor County National Bank of Windsor, Windsor, Vt.
Location of branch. Village of Proctorsville. Windsor County,
Vt.; certificate No. 891A.
Auction Sales.
-Among other securities, the following
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per Sh.
1,000 Small Issues Corp. (Del.), common, no par: 240 preferred, no par
$6 lot
30 North Avenue Securities Corp. (N. Y.), par $100
$60 lot
115 First Mortgage Guaranty & Title Co.(N. Y.), common, par $100
$30 lot
125 The National City Bank of New Rochelle, par $20
$25 lot
50 Ritz Tower, Inc., preferred, par $100
$20 lot
500 Huntington Press, Inc. (N. Y.), common, no par
$3 lot
100 Prudence Co., Inc.(N.Y.), preterred,.series of 1926,stamped, par 5100-880 lot
32 Realty Associates (N. Y.), first preferred, par $100
$50 lot
38 Realty Associates (N. Y.), 2d preferred, par 5100
$50 lot
176 Hudson View Gardens, Inc. (Ctf. No. 470), together with pro4letarY
lease accompanying said certificate of stock for apartment 43 in House A, in
the premises situate in the Borough of Manhattan, N. Y. City
$200 lot
182 Hudson View Gardens, Inc. (Ctf. No. 261), together with Proprietary
lease accompanying said certificate of stock for apartment 51 in Bldg. F.
In the premises situate in the Borough of Manhatt, N. Y. City
$250 lot
1
1,000 Foreign lower Sec. Corp., Ltd
1,000 Bathurst lower & Paper Co., Ltd., class A
5
250 Bathurst Power dr Paper Co., Ltd., class B
134
Polley No. 1012333, $5,000 Mutual Benefit Life Assur. Co.: Policy No.
1071647, 55,000, Mutual Benefit Life Assur. Co.: Policy No. 1071648,
$50 lot
$5,000 Mutual Benefit Life Amur. Co
An undivided 4-258ths interest in that portion of the oil and gas lease of the
Liner Holding Co., Inc., upon lands located in Hutchinson County, Tex_ .535 lot
Per Cent.
Bonds58 promissory notes (which became or will become due upon various dates
during the period from June 15 1931 to Nov. 11033. by various makers and
each endorsed by Merchants Fertilizer & Phsophate Co. or the Receivers
of said company, of the total face amount of $44,329.16, of which there now
5400 lot
remains unpaid the sum of $36,987.34, with interest
$500 Park Square Corp. general mortgage„ 10 year, 614% sinking fund gold
$36 lot
bond, due Aug. 1 1937
$80,000 Kingdom of the Serbs, Croats and Slovenes (Jugoslavia), National
external gold loan of 1922, 40
-year secured external gold bonds, 8% MayNovember, due May 1 1962, with coupons of Nov. 1 1932 (partly paid).
and subsequent coupons attached, authorization to protective Committee
1934 flat
for these bonds having been given Feb. 10 1933
81,000 North Shore Country Club,Inc.,5% Income bonds, due May 1 1964..523 lot
$10,000 Chicago North West Park, Ill., 434% bonds due Feb. 1 1936. In
60 flat
default. No legal opinion
By R. L. Day & Co., Boston:
Shares. Stocks.
200 Trustees of the Franklin Associates, par $100
47 Greenfield Tap & Die Corporation, preferred, par $100
$ per Sit.
1
3734
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
974 West Jersey Trust Co., Camden, N. J., par $20
245 Schuylkill Valley Mills, Inc., capital stock
15 Philadelphia National Bank, par $20
30 Chase National Bank, New York, par $20
26 Philadelphia Bourse, common, par $25
$ per Sly
10
100
50
24
10
By A. J. Wright & Co., Buffalo:
$ per Sh.
20c
Shares. Stocks.
10 Angel International Corp
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Clev. Cin. Chic. az St. Louis, pref
New London Northern (guar.)
Norwich az Worcester,8% pref.(qu.)
Philadelphia & Trenton (guar.)
Providence de Worcester (guar.)
Southern Ry., Mobile & Ohio stk. tr— Utica Chenango AL susg. Valley (s.-a.)
Wheeling & Lake Erie, 7% prior lien_ _._
When
Per
Share. Payable.
$134
$234
$2
$235
$234
$2
$3
147
Books Closed
Days Inclusive.
Oct. 31 Holders of rec. Oct. 4
Oct. 1 holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Oct. 10 Holders of rec. Oct. 1
Oct. 2 Holders of rec. Sept. 13
Oct. 2 Holders of rec. Sept. 15
Nov. 1 Holders of rec. Oct. 15
Sept.27 Holders of roe. Sept.25
Public Utilities.
Amer.Superpower Corp., 1st pref.(qu.)_ $14 Oct. 2 Holders of rec. Sept. 18
58c Oct. 2 Holders of rem Sept. 15
Arkansas Pow.& Lt. Co., $7 pref.(qu.)50e Oct. 2 Holders of roe. Sept. 15
$6 preferred (guar.)
Binghamton Gas Works. 7% pref. (qtr.) $134 Oct. 2 Holders of rec. Sept. 20
870 Oct. 2 Holders of rec. Sept. 22
Birmingham Elec., $7 preferred
$6 preferred
The Oct. 2 Holders of roe. Sept.22
$134 Oct. 10 Holders of roe. Sept.30
Brooklyn Borough Gas (guar.)
75e Oct. 2 Holders of rec. Sept.20
6% participating preferred (quar.)._
634c (set. 2 Holders of roe. Sept.20
Extra
$14 Oct. 16 Holders of rec. Sept.30
Brooklyn-Manhn Transit pref. (qtr.).—
Centrel Kan Pow.,7% pref.(quar.)___. $134 Oct. 15 Holders of rec. Sept.30
$1 34 Oct. 15 Holders of rec. Sept. 30
6% preferred (guar.)
$134 Jan. 15 Holders of roe Dec. 31
7% preferred (guar.)
$134 Jan. 15 Holders of rec Dec. 31.
6% preferred (guar.)
$14 Oct. 1 Holders of rec. Sept. 15
COluarbus Ry., Pow.& Lt., 1st pf.(qu.)
$134 Nov. 1 Holders of roe. Oct. 14
64% preferred B (guar.)
$134 Dec. 1 Holders of rec. Nov. 15
Connecticut River Pow.,6% prof.(gu.)_
Consumers Gas Co.of Toronto (guar.)._ $234 Oct. 2 Holders of rec. Sept. 15
Cuban Telep. Co.—No 7% pref. dividen d action
Dakota Central Telep.,
% pref.(qu.)_ $134 Oct. 2 Holders of rec. Sept.30
$334 Oct. 2 Holders of roe. Sept. 20
East Missouri Pow., 7% pref.
$1 Oct. 2 Holders of rec. Sept.27
Elizabethtown C0111401. Gas (guar.)
$1 Dec. 1 Holders of rec. Nov.27
Extra
Quarterly
$1 Jan, 2 Holders of rec. Dec. 26
Greenfield Gas Light (guar.)
$1 Oct. 2 Holders of roe. Sept. 15
6% preferred (guar.)
75e Nov. 1 Holders of rec. Oct. 16
Gulf Power Co., 86 pref. (guar.)
$134 Oct. 2 Holders of rec. Sept. 20
Hartford Gas Co., corn.(guar.)
50c kept.30 Holders of rec. Sept. 14
Preferred (guar.)
50e Sept.30 Holders of rec. Sept. 14
Iowa Public Service 87, lot prof.(quar.)
$134 Oct. 1 Holders of rec. Sept. 18
$634. let preferred (guar.)
$134 Oct. 1 Holders of rec. Sept. 18
$7 2d preferred (guar.)
$134 Oct. 1 Holders of rec. Sept. 18
$134 Oct. I Holders of rec. Sept. 18
$6 2d preferred (guar.)
Jamaica Water supply, 734% pref.(s-a). 8134 Nov. 1 Holders of rec. Oct. 11
Massachusetts Lighting (guar.)
75e Sept.21, Holders of rec. Sept.21
8% preferred (quer.)
$2 Oct. 16 Holders of rec. Sept.30
6% preferred (guar.)
$134 Oct. 16 Holders of rec. Sept.30
Montreal Lt., Ht.& Pr. Cons.com.(qu.)
37e Oct. 31 Holders of rec. Sept.30
Mountain states Tel.& Tel. CO.(quar.)_
$2 Oct. It Holders of rec. Sept. 30
Mutual Telep. Co.(Hawaii), monthly-.
8e Oct. 20 Holders of roe. Oct. 10
National Pow.& Light.6% pref.(guar.) $14 Nov. 1 Holders of rec. Oct. 16
Nevada-Calif. Elec. Corp., pref.
$1 Nov. 1 Holders of rec. Sept.30
(MO--New York Pow. & Lt., 7% pref.(au).. $134 Oct. 2 Holders of rec. Sept. 15
$6 preferred (guar.)
$14 Oct. 2 Holders of me. Sept. 15
Northern States Pow.. B
10e Nov. 1 Holders of rec. Sept. 30
Northwestern Bell Telephone (quar.)_
$2 Sept.29 Holders of rec. Sept. 27
64% preferred (guar.)
$134 Oct. 14 Holders of rec. Sept. 20
Ohio TeleP. Service, 7% prof. (guar.)._
$134 Sept.30 Holders of roe. Sept. 24
Otter Tail Power, $6 pref. (guar.)
$134 Oct. 1 Holders of rec. Sept. 15
$534 preferred (guar.)
$I% Oct. 1 Holders of rec. Sept. 15
Pacific Gas & Elec., corn. (guar.)
374c Oct. 16 Holders of rec. Sept.30
Philadelphia Co., common (quar.)
1234c Oct. 25 Holders of rec. Oct. 2
6% cu,nulatIve preferred (s.
-a.)
$134 Nov. 1 Holders of rec. Oct. 1
Public Serie. Corp.of N.J.,6% pf.(mo.)
Sec Oct. 31 Holders of rec. Oct. 2
St. Joseph Ry., Lt..
P.,5%pfd.(qu) $134 Oct. 1 Holders of rec. Sept. 15
Shasta Water (quar.)
40e Oct. 1 Holders of rec. Sep..20
South Counties Gas of Calif.,6% pf.(qu) $14 Oct. 14 Holders of rec. Sept.30
.
Sou. Calif. Gas,6% pref. & pref A (qu.) 3734e Oct. 14 Holders of rec. Sept.30
Southwestern Light & Power Co.—
$6 preferred (quer.)
50e Oct. 2 Holders of rec. Sept. 22
Springfield City Water, pref. A & B (qu.) 3134 Oct. 2 Holders of rec. Sept. 20
Preferred C (guar.)
$1 34 Oct. 2 Holders of rec. Sept. 20
Superior Wat. Lt.& eow.,7% pref.(qu.) $134 Oct. 2 Holders of roe. Sept. 20
Taunton Gas Light
$1.60 Oct. 2 Holders of me. Sept. 15
Texas Electric Service, $6 prof. (guar.) _
8134 Oct. 2 Holders of rec. Sept. 15
Twin State Gas az Electric
7% prior lien (guar.)
$154 Oct. 2 Holders of rec. Sept. 15
United Light & Pow.,7% prof.(quar.)_. $134 Oct. 2 Holders of rec. Sept. 15
Union Public Service (Minn.)
3134 Oct. 2 Holders of roe. Sept. 20
7% preferred A & B (guar.)
6 preferred C & D (guar.)
1134 Oct. 2 Holders of rec. Sept. 20
14e Oct. 1 Holders of rec. Sept. 15
United States Elec.& Pow. Shares(Md.)
Vermont Lighting, 6% prof. (guar.)._
$14 Oct. 2 Holders of me. Sept. 21
50e Sept.30 Holders of rec. Sept. 20
Western Mass. Cos. (guar.)
Western New York Water, $5 pref.(qu.) 3134 Oct. 2 Holders of rec. Sept. 22
75c Oct. 1 Holders of rec. Sept. 15
West Texas Utilities Co.. $6 Pf. (quar.)_
Wisconsin Gas & Elec.,6% pref. C (qu.) 8134 Oct. 16 Holders of rec. Sept.30
Fire Insurance Companies.
(Watertown,N.Y.)
(qu.)
Agricultural Ins.
Birmingham Fire Ins. Co. of Pa
Buffalo Ins. Co. (guar.)
New Hampshire Fire Ins. Co. (guar.)._
North River Insurance (guar.)
Springfield Fire & Marine Ins. (guar.)._
Reliable Fire Insurance Co. (guar.)._
55e Oct. 2 Holders of rec. Sept. 20
$134 Sept. 23 Holders of rec. Sept. 13
$3 Sept. 30 Holders of rec. Sept. 19
40e Oct. 2 Holders of rec. Sept. 16
15c Dee. 11 Holders of rec. Dec. 1
$1.13 Oct. 2 Holders of roe. Sept. 18
90e Oct. 2 Holders of rem Sept. 27
Bank and Trust Companies.
Brooklyn Trust Co.(guar.)
Empire Trust Co.(guar.)
Fulton Trust Co. (guar.)
Lawyers County Trust Co.(guar.)
New York Trust Co. (quar.)
Merchants Banks of New York
Title Guarantee & Trust Co.(guar.)._
$1
25e
$3
60c
5%
50e
20e
' 2229
Financial Chronicle
Volume 137
Oct. 2 Holders of roe. Sept. 25
Oct. 2 Holders of roe. Sept. 2a
Oct. 2 Holders of rec. Sept. 25
Oct. 1 Holders of roe. Sept. 22a
Sept.30 Holders of rec. Sept. 23a
Oct. 10 Holders of rec. Sept.30
Sept.30 Holders of rec. Sept. 21
Name of Company.
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous.
400 Oct. 2 Holders of me. Sept. 19
Aetna Casualty & Surety (guar.)
100 Oct. 2 Holders of rec. Sept.22
Arles dr Fisher,common (guar.)
Aluminum Co. of Amer.,6% pref
83734c Oct. 1 Holders of rec. Sept. 15
American Discount Co.(Ga.)(qUar.)--- 7340 Oct. 2 Holders of rec. Sept. 20
be Oct. 2 Holders of roe. Sept. 20
Extra
20e Nov. 1 Holders ot rec. Oct. 14
American Home Products(monthly)20%
American Mutual Liab.Ins.(monthly)
American Screw Co. (guar.)
200 Oct. 2 Holders of rec. Sept. 19
American Thermos Bottle Co. prof.(qu.) 8740 Oct. 2 Holders of rec. Sept. 20
be Oct. 1 Holders of rec. Sept. 21
Arrow-Hart & Hegeman Elec., corn.(au)
Preferred (guar.)
$1.4 Oct. 1 Holders of rec. Sept. 21
Arundel Corp.(guar.)
50e Oct. 2 Holders of rec. Sept.25
Atlantic City Sewerage (guar.)
25e 3014.29 Holders of rec. Sept. 29
Atlas Thrift Plan,7% pref.(guar.)
1734e Oct. 3 Holders of rec. Sept.25
Austin, Nichols & Co., pr. A (guar.)_ _ _ _
25c Nov. 1 Holders of rec. Oct. 13
25e Oct. 2 Holders of rec. Sept. 19
Automobile Ins. Co. of Hartford (qu.)
Avondale Mills(guar.)
$5 Oct. 2 Holders of rec. Sept.30
29.1710 Oct. 1 Holders of rec. Sept. 1
Bank Stock Trust Shares, C reg
-I
C-2 registered
29.1164 c Oct. 1 Holders of rec. Sept. 1
Bickfords. Inc. common (guar.)
15e Oct. 2 Holders of me. Sept.23
Preferred (guar.)
6235e Oct. 2 Holders of roe. Sept. 23
BourJois, Inc
50e Oct. 10 Holders of rec. Sept. 30
Preferred (guar.)
6854e Nov.15 Holders of rec. Nov. 1
Brandtjen & Kluge, 7% pref. (guar.).— 87340 Oct. 1 Holders of rec. Sept.22
Calaveras Cement Co., 7% pref (guar.) - $14 Oct. 15 Holders of rec. Sept.30
15e Oct. 16 Holders of roe. Sept.30
Canada Bud Breweries (guar.)
Canada Dry Ginger Ale (guar.)
25e Oct. 16 Holders of rec. Oct. 2
Canadian Foreign Invest.,8% pref.(qu.)
$2 Oct. 25 Holders of rec. Sept.25
Canadian Industries, pref.(guar.)
$IM Oct. 16 Holders of rec. Sept.30
Canadian Oil Cos., Ltd., pref. (guar.)._
$2 Oct. 2 Holders of rec. Sept.20
Canadian Westinghouse (guar.)
500 Oct. 2 Holders of rec. Sept. 20
Cent.Franklin Proc.,7% 1st & 2d pf.(gu) $1% Oct. 2 Holders of rec. Sept. 30
Central Tube Co
10e Sept.20 Holders of roe. Sept. 9
Chain Store Products. prof.(quar.)
3735e Oct. 1 Holders of rec. Sept.20
Champion International (guar.)
$134 Oct. 2 Holders of rec. Sept. 15
Preferred (guar.)
$1% Oct. 2 Holders of roe. Sept. 15
Chase Brass & Copper, gtd. pt. A (guar.) $134 Sept.30 Holders of rec. Sept. 15
Chatham Mfg Co.
(N.C.),7% pf.(qu.)_ 134% Oct. 2 Holders of rec. Sept.20
.
6% preferred (guar.)
14% Oct. 2 Holders of rec. Sept.20
Cherry-Burrell Corp., pref.
141% Nov. 1 Holders of roe. Oct. 15
Chicago Dally News, prof.(guar.)
$1% Oct. 2 Holders of roe. Sept. 20
Chickasha Cotton Oil (special)
250 Oct. 16 Holders of rec. Oct. 2
City Investing Co., pref.(guar.)._ _ _
$134 Oct. 2 Holders of rec. Sept.27
Claude Neon Elec.Prod.corn.(guar.)_ _ _
25e Oct. 2 Holders of rec. Sept.20
Preferred (guar.)
35e Oct. 2 Holders of roe. Sept.20
Columbian Vise Mfg.(guar.)
374c Oct. 1 Holders of rec. Sept.20
Commonwealth Royalties (guar.)
10e Oct. 2 Holders of roe. Sept. 15
Connecticut General Life Insurance Co.
(Hartford) (guar.)
20c Oct. 2 Holders of rec. Sept. 21
Consolidated Car Heating (guar.)
$134 Oct. 16 Holders of rec. Sept.30
Cream of Wheat Corp.stock tr.(quar.).
500 Oct. 2 Holders of rec. Sept.25
Creamery Package Mfg. Co., pref.(qu.). $134 Oct. 10 Holders of rec. Oct. 1
Cudahy Packing Co., common (quar.)_ _ 6234c Oct. 16 Holders of rec. Oct. 5
7% preferred (semi-ann.)
335% Nov. 1 Holders of roe. Oct. 20
6% preferred •(serrl-ann.)
3% Nov. 1 Holders of rec. Oct. 20
Denver Union Stockyards (guar.)
Sc Oct. 2 Holders of roe. Sept.20
Preferred (quar.)
El% Dec. 1 Holders of rec. Nov.20
Devonian Oil Co
115.78c Oct. 20 Holders of rec. Sept.30
Diversified Trustee Shares B(semi-ann.). 14.632c Oct. 1
Dome Mines, Ltd.(guar.)
25e Oct. 20 Holders of rec. Sept.30
Bonds
250 Oct. 20 Holders of roe. Sept. 30
Duquesne Brewing A (guar.)
12340 Oct. 2 Holders of rec. Sept.30
Eastern Magnesia Talcum (quar.)
50c Sept.30 Holders of rec. Sept. 19
Eastern Steel Products 7% prof.(quar.). 134% Oct. 2 Holders of rec. Sept. 15
Economic Investment Trust (semi-ann.) 18 3-43 Oct. 1 Holders of rec. Sept. 20
Edmonton City Dairy,635% Prof•(gm). $1% Oct. 2 Holders of roe. Sept.15
250 Oct. 1 Holders of roe. Sept. 15
EferY Register Co.class A (guar.)
Class A (guar.)
25c Dec. 1 Holders of rec. Nov. 15
Elder Mfg. 1st pref.(guar.)
Mfg.,
$2 Oct. 2 Holders of roe. Sept.21
$1% Sept.30 Holders of rec. Sept. 15
Corp.(guar.)
Electrical
Empire Safe Deposit Co.(guar.)
2% Sept.29 Holders of rec. Sept. 22a
Falstaff Brewing Corp. initial (quar.)_
25e Oct. 15 Holders of rec. Oct. 1
Family Loan Society $335 Prof.(guar.)
8740 Oct. 1 Holders of roe. Sept. 20
Extra
37340 Oct. 1 Holders of rec. Sept. 20
Farmers& Traders Life Ins.(guar.)
$234 Oct. 10 Holders of rec. Sept.20
Extra
$234 Oct. 10 Holders of roe. Sept. 20
Flour Mills of Amer., Inc., pref. A (qu.).
$2 Oct. 2 Holders of rec. Sept. 16
Preferred
h$2 Oct. 2 Holders of rec. Sept. 16
26 1-3e Oct. 2 Holders of rec. Sept.22
Franklin Process
Freihofer(Wm.) Baking 7% 1st pf.(gu.) $1% Oct. 2 Holders of rec. Sept.23
Fruehauf Trailer 7% prof. A (quar.)...._ 8734e Oct. 2 Holders of rec. Sept. 20
Fundamental Investors, Inc.(guar.).
50 Oct. 1 Holders of rec. Sept. 15
Garlock Packing Co.common (guar.) _
10c Oct. 2 Holders of rec. Sept. 23
General Mach. Corp. 7% prof.(quar.)._
$1% Oct. 2 Holders of rec. Sept.20
Gibson Art Co. (guar.)
15e Oct. 1 Holders of rec. Sept. 20
Goodyear Textile Mills pref.(guar.)._ _ _
$134 Oct. 1 Holders of rec. Sept. 20
Gotham Silk Hosiery Co.7% prof. (qu.) $134 Nov. 1 Holders of rec. Oct. 11
Grace(W.R.) dr Co.class A pref.(qu.)
$2 Sept.30 Holders of roe. Sept.28
Grand Rapids Varnish
10e Sept.30 Holders of rec. Sept.20
Great Lakes Engineering Wks.(guar.) _ _
Se Nov. 1 Holders of rec. Oct. 25
Great West Electro-Cherr ical
50e Oct. 2 Holders of rec. Sept. 20
Greif (L.)& Bros.7% pref.(quar.)
$134 Oct. 1 Holders of rec. Sept. 20
Class A (guar.)
87340 Oct. 1 Holders of roe. Sept. 20
Griggs Copper
500 Oct. 1 Holders of rec. Sept.25
$1% Oct. 1 Holders of rec. Oct. 1
Preferred (guar.)
Gorton-Pew Fisheries (guar.)
50c Sept.30 Holders of rec. Sept.20
Hamilton Woolen Co.(guar.)
82 Oct. 10 Holders of rec. Sept.30
Hanes (P. H.) Knit. Mills, Pref• (qu.)... $1% Oct. 1 Holders of rec. Sept. 20
Han & Cooley (guar.)
$1.125 Oct. 2 Holders of rec. Sept. 19
Hibbard, Spencer, Bartlett & Co.(mo.).
10e Oct. 27 Holders of rec. Oct. 22
Monthly
10e Nov.24 Holders of rec. Nov.20
Monthly
100 Dec. 29 Holders of rec. Dec. 22
Hollinger Consolidated Gold Mines—
Capital stock (monthly)
I% Oct. 7 Holders of rec. Sept.22
Household Finance Corp.—
Common A & B (guar.)
75e Oct. 15 Holders of rec. Sept. 30a
Participating preference (guar.)
$1.05 Oct. 15 Holders of rec. Sept.30
Howe Sound Co.(guar.)
250 Oct. 14 Holders of roe. Sept.30
Hutchinson Sugar Plant
300 Oct. 5 Holders of rec. Sept.30
Ideal Cement Co. (guar.)
25e Oct. 1 Holders of rec. Sept. 25
Illuminating Shares A (guar.)
50c Oct. 2 Holders of rec. Sept.20
Imperial Life Assu.of Canada(guar.)$334 Oct. 3 Holders of rec. Oct. 3
Independent Pneumatic Tool (guar.)...
25e Oct. 2 Holders of rec. Sept. 25
Inland Investors, Inc.(guar.)
1240 Oct. 1 Holders of roe. Sept. 20
Inter-Island Steam Nay.(guar.)
30c Sept.30 Holders of me. Sept.20
Interlake Steamship, common (guar.).-250 Oct. 1 Holders of rec. Sept. 21
International Carriers, Ltd.(guar.)
Sc Oct. 2 Holders of roe. Sept. 28
Investment Foundation, Ltd.. pref.(qu.)
37c Oct. 16 Holders of rec. Sept.30
Preferred
hl3e Oct. 16 Holders of rec. Sept.30
Investors'Royalty Co., pref.(quar.)__
50e Sept.30 Holders of rec. Sept.20
Irving Al? Chute, corn. div. action defer red.
Irving Investors Found.Inv.ohs
50c Oct. 15 Holders of rec. Sept. 30
Jefferson Lake Oil. lard
700 Oct. 16 Holders of rec. Oct. 1
Kahn's (E.) Sons, 7% pref.(guar.)
$1 34 Oct. 1 Holders of rec. Sept. 20
1Caynee Co.. pref. (guar.)
$I% Oct. 1 Holders of roe. Sept. 20
King Royalty 8% pref.(guar.)
$2 Sept.30 Holders of rec. Sept. 15
Knapp Monarch,$334 pref.(quar.)
8134c Oct. 2 Holders of roe. Sept.25
K W Battery, Inc.,(guar.)
10e Sept. 25 Holders of rec. Sept.20
Extra
10e Sept. 25 Holders of rec. Sept.20
Langendorf United Baking A
25e Oct. 15 Holders of rec. Sept.30
Lazarus (F.& R.)& Co., corn.(guar.)._
10c Sept.30 Holders of me. Sept.20
% preferred (guar.)
$134 Nov. 1 Holders of me. Oct. 20 •
Life Insurance of Virginia (guar.)
75e Oct. 2 Holders of roe. Sept.23
Link Belt Co.common (guar.)
10e Dec. 1 Holders of rec. Nov. 15
Preferred (guar.)
$14 Jan. 2 Holders of rec. Dec. 15
Lord & Taylor 2d pref.(guar.)
$2 Nov. 1 Holders of rec. Oct. 17
Lunkenheimer 834% pref. (guar.)
$14 Oct. 2 Holders of roe. Sept. 22
MacAndrews&Forbes, Inc. corn. (qu.)
50c Oct. 14 Holders of rec. Sept.30a
Preferred (guar.)
$14 Oct. 14 Holders of rec. Sept.30a
50e Nov. 15 Holders of rec. Oct. 20
Macy (R. H.) dr Co., common (quar.)_ _
M.& P. Stores, 7% prof. (guar.)
$134 Oct. 2 Holders of rec. Sept. 271
Financial Chronicle
2230
Name of Company.
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Manischewitz (B.) Co., pref. (quar.)-- $15 Oct. 1 Holders of rec. Sept. 20
McColl-Frontenac 011 Co., 8% pr. (qu.) r$1 X Oct. 14 Holders of rec. Sept. 30
Midland & Pacific Crain. 7% pref. (qu.) $111 Oct. 2 Holders of rec. Sept. 24
Minnesota Mining & Mfg. (guar.)
123c Oct. 2 Holders of rec. Sept.22
Mock.Judson-VoehrInger, pref. (qu.)
$1% Oct. 2 Holders of me. Sept. 15
Monolith Portland Cement, 8% pref.-25e Sept. 28 Holders of rec. Sept. 18
Morrison Cafeterias, 7% pref. (guar.).- $114 Oct. 2 Holders of rec. Sept. 24
Murray (J. W.) Mfg.,8% pref.(guar.).
$2 Oct. 2 Holders of roe. Sept. 20
National Bearing Metals Co., pref.__
851 Nov. 1 Holders of rec. Oct. 16
Preferred (guar.)
$114 Nov. 1 Holders of rec. Oct. 16
National Carbon Co.. pref. (quar.)
$2 Nov. 1 Holders of rec. Oct. 20
National Casket (s.
-a.)
$1 Nov. 15 Holders of roe. Oct. 28
$7 preferred (qu.sr.),
$114 Sept.30 Holders of rec. Sept. 19
National Fuel Gas, common (quar.)
25e Oct. 15 Holders of rec. Sept. 30
15e Oct. 2 Holders of rec. Sept. 25
National Pacific Mtge., pref. (guar.)...
Nation Wide Securities. $1 par. vot.shs.
170 Oct. 1 Holders of rec. Sept. 15
25e par. voting shares
600% Oct. 1 Holders of rec. Sept. 20
80e Oct. 2 Holders of rec. Sept 25
Naumkeag Steam Cotton (guar.)
New England Equity, 8% pref. (quar)
$2 Oct. 2 Holders of rec. Sept.25
Niagara Alkali, pref. (guar.)
$11i Oct. 2 Holders of rec. Sept. 19
Niagara Wire Weaving Co., met
875e Oct. 2 Holders of me. Sept. 26
North & Judd Mtg. (guar.)
25e Sept.30 Holders of rec. Sept. 16
Novadel Agene Corp. (guar.)
SI X Oct. 1 Holders of roe. Sept. 15
7% preferred (Sitar)
$1/4 Oct. 1 Holders of roe. Sept. 15
Oahu Ry. & Land (monthly)
150 Oct. 16 Holders of me. Oct. 11
3e Sept.30 Holders of rec. Sept. 20
Occidental Petroleum (guar.)
20c Oct. 20 Holders of roe. Oct. 10
Onomea Sugar (monthly)
Sc Oct. 2 Holden of rec. Sept. 18
Pacific Finance of Calif. (guar.)
Pacific Mutual Life Ins. Co. (quar.)
50c Oct. 1 Holders of rec. Sept. 20
h75c Oct. 2 Holders of rem Sept. 15
Pacific Southern Inv., $3 pref
75e Oct. 2 Holders of rec. Sept. 20
Page Hersey Tubes, Ltd., corn. (guar.).
5111 Oct. 2 Holders of rec. Sept. 20
Preferred (guar-)
750 Nov. 15 Holders of rec. Nov. 6
Pennmans, Ltd., corn. (guar.)
$1) Nov. 1 Holders of rec. Oct. 21
Preferred (guar.)
Pennsylvania Conley Tank Car
$2 Sept. 30 Holders of rec. Sept 20
8% preferred (guar.)
750 Oct. 14 Holders of rec. Sept. 30
Pennsylvania Salt Mfg. Co. (quar.)
Perfection Petroleum, 6% pref. (quar.)_ 37)4c Oct. 1 Holders of rec. Sept. 20
.
Philadelphia Dairy Products, no $6X pr ef. div. action.
875e Nov. 1 Holders of roe. Oct. 14
Phoenix Securities, prof
Pie Bakeries, Inc., pref. (guar.)
$l% let. 2 Holders of me. Sept 22
85114 Oct. 2 Holders of rec. Sept 22
Preferred
Pinchin Johnson, Amer. dep. rec, for
.291c Sept. 25 Holders of rec. Aug. 31
ordinary registration
250(let. 5 Holders of rec. Sept.30
Polygraphic Co. of Amer.. pref. (quar.)
Powdrell & Alexander, Inc., pref. (qtr.) 511.4 Oct. 2 Holders of roe. Sept. 20
37!.c Oct. 1 Holders of rec. Sept. 25
Prima Co., preferred (quar.)
5114 Oct. 2 Holders of rec. Sept. 15
Provincial Paper, 7% pref. (guar.)
Rice-Stix Dry Goods Co., 1st & 2nd
$111 Oct. 1 Holders of rec. Sept. 15
preferred (quar.)
25e Oct. 2 Holders of rec. Sept. 15
Robinson Consol. Cone (guar.)
5%
Rolls Royce, Ltd.(s. a.)
75e Oct. 2 Holders of rec. Sept. 18
St. Paul Union Stockyards (guar.)
St. Louis National Stockyards (guar.).- $111 Oct. 2 Holders of roe. Sept. 25
1254c Oct. 2 Holders of rec. Sept. 20
S. M. A. Corp. (quar.)
Schoeneman (J.), Inc.. 1st pref.(guar.). $131 Oct. 2 Holders of rec. Sept. 19
$114 Oct. 2 Holders of rec. Sept. 20
Seagrave, $7 pref.(guar.)
50c Oct. 2 Holders of rec. Sept. 23
Second International Securities,6% pref.
231% Nov. 30
Selfridge Provincial Stores. corn
Sloan 4, Zook Producing, 7% prof. (qu.) $111 Sept.28 Holders of roe. Sept. 25
$2 Oct. I Holders of roe. Sept. 20
Sonoco Products,8% pref.(guar.)
Southern Franklin Process, 7% Pref•(clu) $131 Oct. 10 Holders of rec. Sept.30
Sc Oct. 14 Holders of rec. Sept. 30
Southland Royalty, corn. (guar.)
$1 Oct. 2 Holders of rec. Sept. 15
South West Penn Pipe Line,(guar.)._ _ _
$131 Oct. 1 Holders of roe. Sept.20
Stahl Meyer, Inc.. $6 pref. (quar.)
Standard Fuel. Ltd.. 831% prof. (guar.) 3131 Oct. 2 Holders of rec. Sept. 15
50c Oct. 2 Holders of roe. Sept. 19
Standard Screw Co.. corn.(guar.)
350 Oct. 15 Holders of rec. Sept. 14
Stand. Wholesale Phosphate & Acid (qu)
25e Oct. 2 Holders of rec. Sept. 15
Stanley Works (guar.)
37550 Nov. 15 Holders of roe. Nov. 4
6% preferred ((Plan)
State & City Bldg.,6% pref. (guar.).—
5131 Oct. 2 Holders of rec. Sept. 20
30c Nov. 1 Holders of rec. Oct. 7
Steel Co. of Canada ((plan)
43310 Nov. 1 Holders of roe. Oct. 7
Preferred (guar.)
4314c Oct. 10 Holders of rec. Oct. 2
Stlx, Baer di Fuller. pref. (guar.)
Tawny-Palmyra Bridge, 73.4% pt. (au.) 15134 Nov. 1 Holders of rec. Oct. 10
250 Oct. 10 Holders of roe. Oct. 2
Thompson (John R.) Co. (guar.)
rlOc Oct. 1 Holders of rec. Sept. 23
Thrift Stores, Ltd.. corn.(guar.)
r151 Oct. 1 Holders of rem Sept. 23
63.4% preferred (guar.)
riff Oct. 1 Holders of rec. Sept.23
7% preferred (guar.)
Towle Mfg. (guar.)
$13.4 Oct. 2 Holders of rec. Sept. 23
$4 Oct. I Holders of rec. Sept. 18
Travelers Insurance Co. (guar.)
$114 Sept.30 Holders of me. Sept.20
Union Twist Drill, pref.(guar.)
10e Oct. 16 Holders of rec. Oct. 2
United-Can' Fastener, corn. (quar.)
$114 Oct. 2 Holders of rec. Sept. 250
United Dyewood Corp., pref. (quar.)
$IX Oct. 1 Holders of rec. Sept. 20
United Loan Corp. (guar.)
50e Oct. 1 Holders if rec. Sept. 20
Extra
70 Oct. 1 Holders of rec. Sept. 18
United States Banking (monthly)
$4 Sept.30 Holders of rec. Sept. 22
United States Guarantee (guar.)
25e Oct. 2 Holders of rec. Sept. 2()
United States Playing Card (quar.)
10c Nov. 1 Holders of rec. Oct. 2
United Verde Extension Mining (guar.)
$114 Oct. 2 Holders of rec. Sept. 20
Valve Bag Co., pref. (guar.)
25c Oct. 2 Holders of me. Sept. 25
Weinberger Drug Stores (guar.)
25c Oct. 31 Holders of rec. Sept. 30
Westinghouse Air Brake Co. (guar.)...
$1 Oct. 2 Holders of rec. Sept. 18
West Point Mfg. Co
$1 Oct. 2 Holders of roe. Sept. 18
Extra
100 Oct. 2 Holders of rec. Sept. 19
West Virginia Pulp .4 Paper, common_
Whittall Can, Ltd., 63.4% prof. (quar.)- 5131 Oct. 2 Holders of rec. Sept. 15
Will 4, Baumer Candle Co , pref.(War.)
$2 Oct. 2 Holders of rec. Sept. 20
SIX Oct. 1 Holders of rec. Sept. 21
Wichita Union Stockyards,(guar.)
30c Sept.2') Holders of roe. Sept. 20
Woodward 4, Lathrop (guar.)
$131 Sept.29 Holders of rec. Sept. 20
Preferred (guar.)
Young (J. S.) Co., common (quar.)
$131 Oct. I Holders of rec. Sept. 22
$111 Oct. 1 Holders of rec. Sept 22
Preferred (guar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table:
Name el COmpasiy.
Railroads (Steam.
-a.)
Alabama & Vicksburg, cap. stk.(a.
Allan) & sosquehanna
Bangor & Aroostook. corn. (guar.)
Preferred (guar.)
Beech Creek (guar.)
Belt RR. & Stockyards (guar.)
Quarterly
Boston & Albany, capital stock
Boston & Providence foliar 1 Carolina Clinehfield & Ohio (guar.)
Guaranteed ctfs.(guar.)
Chesapeake & Ohio, pref.(s.
-a.)
Commo (guar.)
Commonn. $100 par,(guar.)
eine. Union Term! Co.,5% pref.(go.).
Cleveland & Pittsburgh. guar ((inst.).Special guaranteed (Quiz.)
Cleveland Ry. Co.(guar.)
Dayton & Michigan (s.
-a.)
8% preferred (guar.)
Delaware (s-a.)
Dover & Rockaway,6% gtd.stk.(s.
-a.)_
Elizabeth &Trenton (s.
-a.)
5% preferred (s.
-a.)
Erie & Pittsburgh 7% guaranteed (quit.)
Guaranteed betterment (guar.)
Georgia RR.& Banking (guar.)
Per
When
Share. Payabk
3%
84 31
50c
%
150c
750
750
$2
$2 125
$I
51 X
$3X
700
$2.80
$IX
87140
50e
$131
57310
$1
$I
$3
$1
$131
8754e
800
$2)4
Books nosed
Days Inclusive.
Oct. 1 Holders of roe. Sept. 8
Holders of roe Deo. 15
Jan.
Oct. 2 Holders of rec. Sept. 2
Oct. 2 Holders of rec. Sept. 2
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of roe. Sept. 20
Oct. 2 Holders of rec. Sept. 20
Sept.30 Holders of rec. Aug. 31
Oct.1 Holders of roe Sept 200
Oct. 10 Holders of rec Sept. 30
Oct. 10 Holders of rem Sept.30
Jan. 1 Holders of rec. Dec. 8
Oct. 2 Holders of rec. Sept. lb
Oct. 2 Holders of rec. Sept. 110
Sept.30 Holders of rec. Sept.20
Pea. I Holden of roe Nov 10
iko. I Holders of roe Nov 10
Oct. 1 Holders of rec. Sept.25
Oct. 2 holders of rec. Sept. 16
f in. 3 Holders of rec. Sept. 16
Jan 1'34 Holders of roe. Dec 15
Oct. 2 Holders of rec. Sept.30
Oct. 2 Holders of rec. Sept. 20
Oct. 2 Holders of rec. Sept. 20
Pee 10 Holders of ma. Nov 30
Deo. I Holden( of roe Nov 30
Oct. 15 Holders of rec. Sept. 30
Name of Company.
Railroads (Steam)—(Concluded).
Joliet & Chicago
Lackawanna RR.of N.J., 4% gtd.(qu.)
Mahe:ling Coal. coin. (guar)
N.Y. Locke.& West .5% gtd.(quar.)_
worth RR of New jar. 4% gtd. (guar.)
Old Colony (guar.)
Peterborough (a.-a.)
Pitts Bess. A Lake Erie corn.(s.
-a.)
6% preferred (guar.)
Pittsburgh Fort Wayne & Chicago (qu.)
7% preferred (guar.)
Quarterly
7% preferred (guar.)
Pittsburgh Youngstown & Ashtabula
7% preferred (Sitar) .
Reading Co., 2d preferred (Silan)
Union Pacific, corn.(guar.)
Preferred Is. a.)
ifritted N .1 RR & Canal re (guar.)._
Vicksburg Shrev & Pam, corn. (s.
-a.),_ Preferred (8.-a.)
West Jersey & Seashore, corn. (s.
-a.)
6% special guaranteed (a.
-a.)
Sept. 23 1933
Per
When
Share. Payable.
Books Closed
Days Inclusive.
$131
$1
916)1
$114
SI
$134
SIX
The
131%
134%
131%
131%
%
Oct. 2 Holders of rec. Sept.20
Oct. 2 Holders of rec. Spot. 8
Nov. 1 Holders of rec. Oct. 16
Oct. 2 Holders of rec. Sept. 15
Doe. 1 Holders of roe. Nov. 20
Oct. 2 Holders of rec. Sept. 16
Oct. 2 Holders of rec. Sept. 25
Oct. 2 Holders of rec. Sept. 15
Doe. I Holders of rec. Nov. 15
Oct. 2 Holders of roe. Sept. 11
Oct. 3 Holders of roe. Sept. 11
Jan.2'34 Holders of rec. Dee. 9
Jan.4 34 Holders of roe. Dee. 9
.
%
500
$1)5
$2
$24
231%
231%
$114
13.4%
Deo. I Holders of roe. Nov.20
Oct. 12 I folders of rec. Sept. 21
Oct. 2 Holders of rec. Sept. 1
Oct. 2 Holders of roe. Sept. 1
Oct. 10 Holders of MO. Sept.20
Oct. 1 Holders of rec. Sept. 8
Oct. 1 folders of rec. Sept. 8
Jan 1'34 Holders of reo. Doe, 15
Dec. 1 Holders 01 rec. Nov. 16
Public Utilities.
Alabama Power Co., 37 pref.(guar.)...- $114 Oct. 2 Holders of rec. Sept. 15
$6 preferred (guar.)
$IX. Oct. 2 Holders of rec. Sept. 15
$5 preferred (guar.)
5131 Nov. 1 Holders of rec. Oct. 16
Amer. District Teleg. Co.of N.J.(qu.)_
$1 Oct. 15 Holders of rec. Sept. 15
Preferred (guar.)
$114 Oct. 15 Holders of rec. Sept. 15
American Gas Se Elec. Co.,corn.(qu.)—
25c Oct. 2 Holders of rem Sept. 7
Preferred (guar.)
$IX Nov. 1 Holders of rec. Oct. 6
American Power & Light,$6 pref
37Xc Oct. 2 Holders of rec. Sept. 18
$5 preferred
3131c Oct. 2 Holders of rec. Sept. 18
American Tel. & Tel. Co.(quar.)
$254 Oct. 16 Holders of me. Sept. 15
American Water Works & Electric Co..
$114 Oct. 2 Holders of rec. Sept. 8
56 1st preferred (Soar.)
Appalachian Elec. Pow.,$6 pref. (au).... $11.5 Oct. 2 holders of roe. Sept. 5
$7 preferred (Sitar.).
$111 Oct. 2 Holders of rec. Sept. 5
Atlantic & Ohio Teleg. Co.(guar.)
$131 Oct. 2 Holders of ree. Sept. 15
Bangor Hydro-Elec. Co.,corn.(guar.)
37150 Nov. 1 Holders of rem Oct. 10
7% preferred (quar
IX % Oct. 2 Holders of rec. Sept. 11
6% preferred (Suer.)..
11- % Oct. 2 holders of roe. Sept. 11
i
Battle Creek GM,6% pref.(guar.)
X Oct. 1 holders of rec. Sept. 20
Bell Telep. Co.of Can., com.(quar.)
r$15i Oct. 16 folders of roe. Sept.23
Bt•Il Tel. of Penna.,631% prof (guar.).- 114% Oct. 14 Holdere of rec. Sept.20
Boston Elevated Hy.. co &Mar.)
$15( Oct. 2 Holders of rem Sept. 9
Brazilian Traction Lt.& Pow. pref.(gm) $1 5 Oct. 2 Holders of rec. Sept. 15
5
600 Sept. 30 Holders of rec. Sept. 15
Bridgeport Gas Light Co. (guar.)
British Columbia Pow., A (Suer.)
r50c Oct. 16 Holders of roc. Sept.30
Brit. Col. Tel.,6% pref.(guar.)
r$1 3.4 Oct. 2 Holders of rec. Sept. 15
Bkiyn.& Queens Transit Corp.. pf.(au.) $155 Oct. 2 Holders of rem Sept. 15
Brooklyn Union Gas Co.(quar.)
5114 Oct. 2 Holders of rec. Sept. 1
400 Oct. 2 Holders of rem Sept. 15
Buffalo,Nlagane & Eastern Pow.. pf.(111)
5% lot preferred (gear.)
$13.4 Nov. 1 Holders of rec. Oct. 14
Calm Water Co..7% pref.(quar.)
$114 Oct. 2 Holders of roe. Sept.20
Calgary Pow.Co.. Ltd., corn.(quar.)
114% Oct. 2 Holders of rec. Sept. 15
Calif. Elec. Generating, pref. (quar.),,. $114 Oct. 2 Holders of rec. Sept. 5
Can. Northern Pr. Corp. Ltd com.(qu.)
200 Oct. 25 Holders of rec. Sept.30
7% preferred (Silan)
131% Oct. 16 Holders of rem Sept.30
Carolina i'ow.& Light,$7 pref
h88e Oct. 2 Holders of rec. Sept. 15
$6 preferred (guar.)
875o Oct. 2 Holders of ree. Sept. 15
Carolina Tel.& Tel. Co.((War.)
$214 Oct. 2 Holders of rec. Sept. 25
Central Illinois Light Co.,7% pref.(c01.) IX% Oct. 2 Holders of rem Sept. 15
6% preferred (Suer.)
115% Oct. 2 Holders of roe. Sept. 15
Central Illinois Pub.Serv.,$6 pref
50c Oct. 15 Holders of rec. Sept. 20
6% preferred
500 Oct. 15 Holders of rem Sept. 20
Central Kansas Pow.. 7% 'ref. (Suer.). IX% Oct. 15 Holders of eta Sept. 30
7% preferred (guar.)
1X% 1-15-34 Holders of roe. Dee 31
6% preferred (guar.)
114% Oot. 115 Holders of roe. Sept.30
6% Preferred (guar.)
14% 1-15-34 Holders of rev Deo. 31
Cincinnati Gas & Elec.,5% pref. A (qu.) $114 Oct. 2 Holders of rec. Sept. 15
CM.Newport & Covington Lt.& Tr.(qu) 5114 Oct. 15 Holders of roe. Sept.30
31.125 Oct. 15 Holders of rec. Sept. 30
$45 preferred (guar.)
5
Cineinnati Suburban Bell Tel.(quar.),..,. $1.13 Oct. 2 Holders of rem Sept. 20
Citizens Water (Pa.) 7% pref (guar.). _ $114 Oct. 2 Holders of rec. Sept.20
Cleveland Elec. Ilium.(guar.)
400 Oct. 1 Holders of me. Sept. 20
6% preferred (guar.)
$114 Dec. I Holders of roe. Nov. 15
Clinton Water Works,7% pref. (guar.). 8151 Oct. 16 Holders of rec. Oct. 2
Commonwealth & Southern Corp..
$6 preferred (quar.)
$114 Oct. 2 Holders of rem Sept. 8
Commonwealth Water & Light—
$7 preferred (guar.)
$13.4 Oct. 2 Holders of rec. Sept. 20
$6 preferred (queer.)
$1)5 Oct. 2 Holders of rec. Sept. 20
Connecticut Elec Service Co. (quar.)
750 let. 1 Holder. of rec. Sept. 15
Consol. Gas Co. of N. Y., pref.(guar.).- SIX Nov. 1 Holders of me. Sept.29
Consol. Gas. Elect. & Pow. Co.of Salt.
Common (Suer.).
90e Oct. 2 folders of roe. Sept. 15
5% series A preferred (guar.)
$131 Oct. 2 Holders of roe. Sept. 15
6% series 1) preferred (qua?,)
5114 (let. 2 folders of rem Sept. 15
54% series E preferred (guar.)
$131 Oct. 2 folders of rem Sept. 16
Consumers Power co., $5 prat. (Qua?.). $114 (let. 2 Holders of rec. Sept. 15
$5 preferred (Suet.)
$134 Jan, 2 Holders of rec. Dec. 15
6% preferred (guar.)
3114 Oct 2 fielders of me. Sept. 15
6% preferred (guar.)
$114 Jan, 2 Holders of rec. Dee. 15
6.6% preferred (guar.)
31.65 Oct. 2 folders of roe. Sept. 15
6.6% preferred (guar.)
$1.65 Jan. 2 Holders of me. Dee. 15
7% preferred (guar.)
$IX Oct. 2 lolders of rec. Sept. 15
7% preferred (guar.)
5131 Jan. 2 Holders of rec. Dee. 15
6% preferred (monthly)
50o (let, 2 folders of rec. Sept. 15
6% preferred (monthly)
50c Nov. 1 Holders of rec. Oct. 16
6% preferred (monthly)
50c Dec. 1 Holders of rem Nov. 15
6% preferred (monthly)
500 Jan. 2 -folders of rec. Dec. 15
6.6% preferred (monthly)
560 Oct. 2 folders of roe. Sept. 15
6.6% preferred (monthly)
55e Nov. 1 Holders of rec. Oct. 16
6.6% preferred (monthly)
550 Dec. 1 Holders of rec. Nov. 15
6.6% preferred (monthly)
55e Jan, 2 Holders of rec. Dec. 15
Continental G.& El. Corp.,7% pf.(qM.) $131 Oct. 2 folders of rec. Sept. 13a
Dayton Pow.& Lt. Co.,6% pref.(mo.).
folder- of rec. Sept. 20
50c Oct.
Detroit Edison Co.,cap.stk.(guar.)
Si Oct. 16 folders of roe. Sept. 30
Diamond State Tel.,631% prof.(guar.)- 131% Oct. 14 Holders of me. Sept. 20
Duke Power
$1 Oct. 2 Holders of rec. Sept. 15
Preferred (guar.)
$114 Oct. 2 Holders of tee. Sept. 15
Duquesne Light Co., 1st pref. (quar.),_
81 31 Oct. 16 Holders of reo. Sept. 15
East.OW & Fuel Assoc..6% pf.(qu.)
$114 Oct. 1 Holders of rec. Sept. 15
4 14% prior preference (guar.)
$1.125 Oct. 1 Holders of rec. Sept. 15
Eattern New Jersey Pow..6% prof.(q11.) $14 Oct. 1 Holders of roe. Sept. 15
El Paso Elec.(Del.).7% pref. A (quar.). 1%% Oct. 16 Holders of rem Sept.29
$6 pref. B and 6% pref.(guar.)
$131 Oct. 16 Holders of reo. Sept.29
Empire & Bay State Tel.. 4% lad.(qu.).
Ilea. 1 thildong of reo Nov 20
Empire Power Corp.. $6 prof.(guar.).-- $ui Oct. 1 Holders of rec. Sept. 15
Escanaba Pow & Tree.6% prat. lqu.)-. 114% Nov. 1 Holders of roe Get. 27
6'7 Preferred (guar I
Q
154% 2 1-'34 ;finders of roe Jan 27
Fall River Elect. Light (guar.)
80c Oct. 2 !folders of roe. Sept. 15
Foreign Light & Pow. Co.,6% pf.(quar.) 8131 Oct.
Holders of rec. Sept. 20
Georgia Power Co.. $6 pref. (quar.)_.... $134 Oct. 2 Holders of rec. Sept. 15
$5 preferred (Suer.)
5131 Oct. 2 Holders of roe. Sept. 15
Gold & Stack Teleg.(guar.)
$11.4 Oct. 1 Holders of rem Se-t. 30
Greenwich Wet.& Gas 6% pr.(qu.)---- 8114 Oct. 2 Holders of rec. Sept. 20
Hackensack Water Co., cl. A pref.(cm.). 431
40 Sept. 3n Holders of rem Sept. 18
Honolulu Gas (monthly)
15e Sept. 30 Floldem of rec. Sept. 15
Illinois Bell Telephone Co.(suer.)
Sept.30 Holders of rec. Sept. 29
52
Indiana & Michigan Elec. 7% prof.(gtt.) 31X Oct. 2 Holders of rec. Sept. 5
6% preferred (guar.)
$IX Oct. 2 Holders of me. Sept. 5
Indlanap. Pow.& Lt.64% pf.(qu.). $114 Oct. 1 Holders of rec. Sept. 5
6% Preferred (guar.)
$155 Oct. 1 Holders of rec. Sept. 5
Indianapolis Water Co.,5% pr. (qu.)..... IX% Sept.30 Holders of roe. Sept. lie
International Hydro Elect. System—
$331 series preferred (guar.)
87140 Oct. 16 Holders of rec. Sept.25
Internat. Ocean Teleg.(guar.)
5114 ()et. 2 Holders of me. Sept.30
Jamaica Public Service.7% pref.(guar.) 131% Oct. 2 Holders of rec. Sept. 15
Name of Company.
Per
When
Share. Payable.
Public Utilities (Continued).
Jersey Cent. Pow.& Lt. Co.,7% prequ.) $191
514
6% preferred (guar.)
$194
54% preferred (gust.)
Joplin Water Works, 8% pref. (quar.)_ _ $14
Kansas City Pow.& Lt.Co.. 1st pf.(on.) $1 14
Kansas Elec. Pow. Co., 7% pref.(quar.) $14
$14
6% Junior preferred ((Mar.)
Kansas Gas & Elect. Co.. 7% pref.(qu.) 14%
$155
$8 preferred (guar.)
70e
Keystone Pub Sere. Co., $2.8t, pf.(qu.)
Kings County Light. 7% pref. B (guar.)- 194%
131%
5% preferred D (guar.)
174c
Lindsay Light Co., 7% prof. (ritiar.)_
Lockhart Power Co., 7% Pref• (8 83--- $354
,
flee
Lone Star(las Corp.,cone.(quar.)
$14
8% preferred (quar.)
Long Island Lighting. 7% pref. A (quar.) $14
$14
6% preferred B (guar.)
Louisville Gas & Electric Co.(Del.)—
434c
Class A & B common (ewer.)
Malone Light & Pow. Co.$6 pref.(qu.). $14
50c
Manchester Gas Co. (guar.)
$194
Preferred (Oust.)
$134
Marion Water Co..7% pref.(guar.)_ _ _ _
Memphis Natural Gas Co.,$7 pref.(qu.) $194
Memphis Pow de Lt., $7 pref.(quer.)- -- $14
$131
$8 preferred (guar.)
Metropolitan Edison, $7 pref. (quar.).. $14
$14
$6 preferred (quar.)
$5 preferred (quar.)
$131
Minnesota Gas Light.5% part units(qtr3 $154
Minnesota Power & Light Co.
7% preferred (guar.)
87540
75c
$8 preferred (guar.)
Mississippi River Pow.,8% pref.(quar.) $1 14
Mississippi Vail. P.S..8% pt. B (guar.)- $14
Monongahela Valley Water, pref. (qu.) $134
Monongahela West Penn Pub. Serv. Co.
7% preferred (quar.)
4340
%
Nassau & Suffolk Ltg. Co.,7% pt.(au.).
New Eng. G & E. AR1100.. 554 pt.(qu.) $15e
50c
New England Pow. Assn.(oust.)
$14
Preferred (guar.)
500
$2 preferred (guar.)
$14
New England Tele p.& Teleg.(quer.).
New Jersey P.& Lt., $6 pref.(quar.).--- $14
5134
35 preferred (oust.)
New Jersey Water, 7% pref. (quar.)--- $14
3191
New York Steam Corp.,$7 pref.(quar.)_
$134
$8 preferred (gust)
New York Telephone.64% pref.(guar.) 194%
50e
New York Transportation Co.(quar.)_
$134
Newport Elec.,6% pref.(guar.)
3134
North Shore Gas, pref. (guar.)
$154
7% preferred (quar.)
$14
North. N. Y. UM., Inc. 7% pf.(au.).
50e
Northern Ontario Power Co., corn.(qu.)
14%
8% preferred (guar.)
Nor.States Pow.Co.(Dela.)7% pt.(qu.) 14%
15e%
8% preferred (quar)
1%
Clam A comn on (guar.)
75c
Nova Scotia Light & Power (guar.)
Orange & Roekiand Elec.,6% pref.(qu.) $131
314
7% preferred (guar.)
$131
Ohio Edison Co., $5 pref. (quar.)
$131
$6 preferred (quar.)
$1.85
$8.80 preferred (quer.)
$194
$7 preferred (guar.)
$1.80
$7.20 preferred (guar.)
Ohio Public Service Co., 7% pref.(mo.) 58 1-3c
6% preferred (monthly)
50o
41 2-3e
5% preferred (monthly)
Ottawa Lt•Ht.&Pow. Co.Ltd.com.(qu.) 14%
131%
Preferred (Oust.)
4
Pacific Lighting Corp. $8 pref.(quar.)
$1 34
Pacific Tel.& Tel.(guar.)
Preferred (guar.)
$131
Peninsular Telco. Co., 7% pref. (guar-) 14%
7% preferred .guar.)
131%
Penn Central Light dr Power—
$131
$5 preferred (oust)
70e
$2.80 preferred (Ouar.)
$ui
Penna. Gas & Elec $7 pref.(quar.)
$131
7% preferred (guar.)
Penna. Pow.& Light,$7 pref.(quer.)- -- $13e
$154
56 preferred (quar.)
$151
$5 preferred (guar.)
Pennsylvania Tel. Co.,6% pf.(quer.)-- 134%
Pennsylvania Water & Power Co.—
75e
Common (gust.)
$1.4
Preferred (Oust.)
Peoples Natural Gas,5% pref. (quar.)-- 6240
3131
Peoria Water Works. 7% pref. (quar.)..
Philadelphia Co..$6 preference (quar.)_. 3154
$1 Si
$5 preference (guar.)
501)
Philadelphia Elec. Pow. Co..8% pfdequ)
$2
Philadelphia Traction Co. (8.-a.)
313.4
Plainfield Helen Water (guar.)
134%
Ponce Electric.7% prof.((luer.)
Porto Rico Pow. Co., Ltd. 7% p1.(qu.). 1.4%
250
Providence Gas(guar.)
Public Service Co.of Colo.. 7% pf.(mo.)581 3e
50c
8% preferred (monthly)
41 3c
5% preferred (monthly)
70e
Public Serves(' Corp of N..i • cone (an.)
$2
8% preferred (guar.)
7% preferred (guar.)
$134
$14
$5 preferred (quar
50c
6% Preferred (monthly)
Public Service Co.of Okla.,7% p1.(au.) $14
$14
8% preferred (oust.)
Public Service Mee & Gas. 7% p1.(qu.) 154%
5131
$s preferred (Oust)
Queens Bore Gas & Elec.,6% pref.(ou.) 131%
Richmond Water Works,6% pf.(quer.). $1
Rochester Telephone Corp.
%
631% 1st preferred (Oust.)
134%
5% 2d preferred (Oust.)
Rockville-Willlmantic leg., 7% pf.(qu.) $14
314
6% preferred (Oust.)
$191
6-7% preferred (guar.)
$14
Scranton Elec. Co.,$8 pref.(guar.)
Shenango valley Water Co 15% Pt (au.) 14%
South Carolina Power Co.. $o pf. Wu.). $I 4
South New England Telep. Co.(guar.).- $134
South Pittsburg Water Co., 7% pf (lle) $14
5134
6% preferred (aunt.)
Southern California Edison Co.. Ltd.—
2%
Original preferred (Oust.)
154%
54% preferred, series C (quar.)
Southern Canada Power Co., Ltd.
14%
8% preferred (quar.)
Southern Indiana Gas de El..7% Pf.(qu.) $15e
$1.85
6.8% preferred (Oust.)
6% preferred (guar.)
$154
$151
fewestern Bell Tel..7% pref.(quar.)_.
Southwestern Gas & Electric Co.
$2
8% preferred (quar.)
$14
7% preferred (guar.)
Springfield Gam & Lice. Co..$7 pref.(qu) $14
Standard Pr. & Lt. Corp., pref.(guar.). $15e
2231
Financial Chronicle
Volume 137
Books Closed
Days Inclusive.
Oct. lHoldersofrec.Sept.
9
Oct. 1 Holders of rec. Sept. 9
Oct. 1 Holders of roe. Sept. 9
Oct. le Holders of rec. Oct. 2
Oct. 1 Holders of me. Sept. 14
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. 2
Oct. 2 Holders of rec. Sept. 18
Oct. 2 Holders of rec. Sept. 18
Sept.30 Holders of rec. Sept. 18
Sept.30 Holders of me. Sept. 3C
Rept. 30 Holders of roe. Sept 15
Sept.30 Holders of roe. Sept. 15
Oct. 1 Holders of roe. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Sept. 25 Holders of rec. Aug. 31
Nov. 1 Holders of rec. Oct. 1C
Oct. 2 Holders of rec. Sept.20
Oct. 2 Holders of roe. Sept. 20
Oct. 2 Holders of rec. Sept.20
Oct. 1 Holders of rec. Sept. 20
Oct. 2 Holders of rec. Sept. 18
Oct. 2 Holders of roe. Sept. 18
Oct. 1 Holders of rec. Aug. 31
Oct. 1 Holders of rec. Aug. 31
Oct. 1 Holders of rec. Aug. 31
Oct. 1 Holders of me. Sept.20
Oct.
Oct.
Oct.
Oct.
Oct.
2 Holders of
2 Holders of
2 Holders of
1 Holders of
18 Holders of
tee. Sept. 11
tee. Sept. 11
rec. Sept. 15
rec. Sept.21
roe. Oct. 2
Oct. 2 Holders of rec. Sept. 15
Ott. 1 Holdere of tee. Sept. 15
Oct. 1 Holders of rec. Aug. 31
Oct. 18 Holders of rec. Sept.30
Oct. 2 Holders of rec. Sept. 11
Ott. 2 Holders of rec. Sept. 11
Sept.30 Hoick rs of rec. Sept. 11
Oct. 1 Holders of rec. Aug. 31
Oct. 1 Holders of roe. Aug. 31
Oct. 2 Holders of rec. Sept. 20
Oct. 2 Holders of rec Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 16 Holders of rec. Sept.20
Sept.28 Holders of rec. Sept 15
Oct. 2 Holden) of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 10
Oct. 2 Holders of rec. Sept. 9
Nov. 1 Holden of roe. Oct. 10
Oct. 25 Holders of me. Sept. 30
Oct. 25 Holders of tee. Sept. 30
Oct. 20 Holders of rec. Sept.30
Oct. 20 Holders of rec. Sept. 30
Nov. I Holders of roe. Sept 30
Oct. 2 Holders of rec. Sept. 18
Oct. 1 Holders of rec. Sept. 25
Oct. 1 Holders of roe. Sept.25
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. 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
Sept.30 Holders of rec. Sept. 150
Oct. I Holders of roe. Sept. 15
Oct. 18 Holders of roe. Sept. 30
Sept.30 Holders of rec. Sept.20
Oct. 16 Holders of rec. Sept.30
Nov. 15 Holders of rec. Nov 6
2-16-34 Holders of rec. 2-6-34
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
2 Holders of rec. Sept. 11
2 Holders of rec. Sept. 11
2 Holders of roe. Sept. 20
2 folders of roe. Sept.20
2 Holders of rec. Sept. 12
2 Holders of rec. Sept. 12
2 Holders of rec. Sept. 12
2 Holders of rec. Sept. 15
Oct. 2 Holden of tee. Sept. 15
Oct. 2 lInkErs of tee. Sept 15
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 20
Oct. 2 Holders of rec. Sept. 1
Oct. 2 ltolders of roe. Sept. 1
Oct. 1 Holders of rec. Sept 5
Oct. 2 Holders of rec. Sept. 11
Oct. 2 Holders of rec. Oct. 2
Oct. 2 Holden; of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of roe. Sept. 11
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of me. Sept. 15
Sept 30 Holders of tee. Sept. 1
Sept. 30 Holders of ree. Sept. 1
Sept 30 Holders of rec. Sept. 1
Sept. 30 Holders of me. Sept 1
Sept. 30 Holders of rec. Sept. 1
Oct. 2 ItoldeN of rec. Sept. 20
Oct. 2 Holders of tee. Sept. 20
Sept.30 Holders of rec. Sept. 1
eept.30 Holders of tee. Sept. 1
Oct. 1 Holders of me. Sept. 15
Oct. 2 Holders of rec. Sept.20
Oct. 2 Holders of rec. Sept. 20
Oct,. 2 Holders of rec. Sept. 20
Oct. 1 folders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Oct. 2 Holders of me. Sept. 5
Dec. 1 Holders of rec. Nov 20
Oct. 1 Holders of rec. Sept. 15
Oct. 16 Holders of rec. Sept.30
Oct. 16 folders of rec. Oct. 2
Oct. 16 Holders of rec. Oct. 2
Oct. 15 Holders of me. Sept. 20
Oct. 15 Holders of rec. Sept. 20
Oct. 18 Holders of rec. Sept.20
Oct. 1 Holders of rec. Sept.23
Oct. 1 Holders of tee. Sept. 23
Oct. 1 folders of rec. Sept.23
Oct. 1 Holders of re*. Sept.20
Oct.
Oct.
let.
Nov.
2 Holders Of rec. Sept. 15
2 Holders of rec. Sept. 15
2 Holders of rec. Sept. 15
1 Holders Of tee. Oct. 14
New of Company.
Per
Wee*
Share. Payable.
Boots Closed
Days Inclusive.
Public Utilities (Coneludsrl)
Standard Gas & Elec. Co., $8 pr. Pf.(qe) $131
$194
$7 cum. preference (guar.)
20e
Telephone invest Corp. enthly )
Tennessee Elec. Pow.Co.,7.2% p1.(au.) $1.80
$14
7% preferred (guar.)
$14
6% preferred (guar.)
514
5% preferred (guar.)
800
7.2% preferred (monthly)
50c
6% preferred (monthly)
681-Sc
Toledo Edison Co.. 7% pref. (mo.)
50c
6% preferred (monthie)
412 30
5% preferred (monthly)
Union Elec. Lt.;4 Pow.(I11.),6%pf.(qu
513.4
(IX1
Union Elec.Lt &Pow. o.),7% pf.(qu.) $134
$255
United Companies of New Jersey (qu.)
750
United Corp., preference (guar.)
United Gas & Elec. Corp., pref.(guar.). 131%
300
United Gas Improvement (guar.)
$1 31
Preferred (oust.)
Virginia Publics Service, 7% pref.(quar.) 3134
6% preferred (own%)
$154
pf.(qu.). $134
.
West Kootenay Jt.& Lt.
Co..
West Penn Electric Co., classA (guar.).
West Penn Power Co..7% pref. (quer.). 154%
14%
6% preferred (Oust.)
Western Power Corp., 7% pref.(gust.). 14%
Western United G.& El.,634% PI.(cP1.) 134%
154%
8% preferred (guar.)
Westmoreland Water, $8 pref. (guar.)._ $14
Wichita Water Works. 7% pref. (qu.)_. $14
Wisconsin El. Pow.,654% pref.(quer.). 1 ee%
14%
6% preferred (guar.)
Wisconsin Hydro-Elec.. 6% pref. (au.). $15e
Oct. 25 Holders of roe. Sept. 30
Oct. 25 Holders of roe. Sept. 30
Oct. 1 Holders of rec. Sept 20
Oct. 2 Holders of me. 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. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of roe. Sept. 15
Oct. 2 Holders of roe. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 10 Holders of rec. Sept. 20
Oct. 2 Holders of rec. Aug. 31
Oct. I Holders of rec. Sept. 15
Sept. 30 Holders of roe. Aug. 31
Sept. 30 Holders of roe. Aug 31
Oct. 1 Holders of rec. Sept. 11
Oct. 1 Holders of roe. Sept. 11
Oct. 2 Hold;re of tee. Sept. 22
Sept.30 Holders of rec. Sept. 18
Nov. 1 Holders of rec. Oct. 5
Nov. 1 Holders of rec. Oct. 5
Oct. 2 Holders of rec. Sept. 25
Oct. 2 Holders of rec. Sept. 16
Oct. 2 Holders of rec. Sept. le
Oct. 2 Holders of roe. Sept. 20
Oct. 18 Holders of rec. Oct 2
Oct. 2 Holders of rec. Sept. 21
Oct. 2 Holders of rec. Sept. 21
Oct. 2 Holders of rec. Sept. 15
Bank and Trust Companies.
Bank of New York & Trust Co.(quar.)_.
Bank of The Manhattan Co.(guar.,—
Banker)) Trust Co. (guar.)
Central Hanover Bank & Trim Co.(gu.)
Chase National Bank (gmer.)
Chemical Bank & Trust Co.(quar.)
Clinton Trust Co. (gust.)
Continental Bans dr Trust Co. (guar.)._
Fifth Ave. Bank(N. Y.)(quar.)
First Nat. Bk.of the City of N.Y.(qu.)Guaranty Trust Co. (guar.)
Irving Trust Co (guar.)
Marine Midland Trust (oust)
National City Bank of New York
(N. Y.)(guar.).
New Rochelle Trust Co.
Public National Bank & Trust CO.(qu.).
United States Trust Co.(quar.)
Extra
$354
50c
74%
5134
35c
45e.
50c
20c
$8
$25
$5
25e
3734e
125e
75e
3750
$15
$10
Oct. 2 Holders of rec. Sept.22
Oct. 2 Holders of rec. Sept. I4a
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holden of rec. Sept. 19
Oct. 1 Holders of rec. Sept. 8a
Oct. 2 Holders of rec. Sept. 19
Sept.30 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 30
Oct. 2 Holders of rec. Sept. 25
Sept.30 Holders of rec. Sept. 8
Oct. 2 Holders of rec. Sept. 11
Sept.2: Holden)of rec. Sept. 200
5
Oct. 2 Holders of tee. Sept. 18
Oct. 1 Holders of rec. Sept. 15
Oct.• 2 Holders of rec. Sept. 20
Oct. 2 Holders of rec. Sept.20
Oct. 2 Holders of rec. Sept.20
Fire Insurance Ceempanles.
Aetna Fire Insurance Co.(oust.)
Allemanla Fire Ins.(guar.)
-a.)
American Insurance Co.(Newark)(s.
Barton Ins Co.(a. a.)
Glens Falls Ins. (quar.).
Hanover Fire Insurance Co.(quar.)___
Hartford Fire Insurance Co.(quar.)__
National Fire In. Co.(guar.)
Northwestern Natl. Ins. Co.(guar.).- - Philadelphia Nat. Fire Ins. Co.(quar.)-Phoenix Fire Insurance Co.(guar.)
Providence-Washington Ins. Co.(qu.)__
40e
5c
250
$4
40e
40c
50c
50e
$154
50e
50c
20e
Oct. 1 Holders of rec. Sept. 11
Oct. 2 Holders of rec. Sept.23
Oct. 2 Holders of rec. Sept. 9
Oct. 2 Holders of tee. Sege 90
Oct. 1 Holders of roe. Sept. 15
Oct. 2 Holders of rec. Sept. 18
Oct. 2 Holders of rec. Sept. 15
Oct. 2
Sept. 30 Holders of rec. Sept. 18
Oct. 10 Holders of rec. Oct. 1
Oct. 2 Holders of rec. Sept. 14
Sept. 28 Holders of rec. Sept.14
50e
30c
250
$134
5c
$14
75e
750
$15
191%
100
50e
50c
$IM
$134
14%
131%
14%
50e
250
$14
134%
$14
10c
700
$14
Oct. 1 Holders of rec. Sept.14
Sept.30 Holders of rec. Sept. 21
Oct. 2 Holders of rec. Sept. 29
Sept.30 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 18
Oct. 2 Holders of rise. Sept 15
Oct. 18 Holders of rec. Sept.30
Oct. 16 Holders of rec. Sept.30
150
14%
$2
250
250
25c
20e
435ec
$1
$134
$151
$14
75c
3%
%
50e
50e
50e
50e
500)
$14
14%
824e
15c
3134
15e
h$)94
50c
$154
125eo
Sept. 30 Holden of rec. Sept. 22
Sept.30 Holders of rec. Sept. 22
Oct. 2 Holders of rec. Sept. 15
Oct. 1 Holders of rec Sept IS
1-1-34 Holders of tee Dee 18
Oct. 1 Holders of rec. Sept. 16
Oct. 2 Holders of tee. Sept 14a
Oct. 2 Holders of rec. Sept. 20
Sept. 30 Holders of rec. Sept. 21
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. ee .t 16
Jan. 1 Holders of rec. Dec. 18
Sept.30 Holders of rec. Sept. 8
Oct. 2 Holders of rec. Sept. 13
Oct. 2 Holders of rec. Sept. 13
eept. 30 Holders of rem'. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Dee. 1 Holders of rec. Nov. 15
Fan 1'34 Holders of rec. Dec. 15
Oct. 2 Holders of rec. Sept. Sc
Oct. 2 Holders of tee. Sept. 15o
Oct. 2 Holders of me. Sept. 9
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 19
Oct. 2Holden of rec. Sept. 19.
Oct. 1 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept.30
Oct. 2 Holders or rec. Sept. 15
Oct. 2 Holders of rec. Sept. 11
Oct. 2 Holders of roe. Sept. 15
$15e
$1
$I
25e
50e
80e
400
$14
250
250
$134
180
$14
$154
Oct. 2 Holders of roe. Sept. 15
Sept.30 Holders of rec. Sept. 20
Sept.30 Holders of rec. Sept. 20
Oct. 16 Holders of rec. Sept.30
Oct. 2 Holders of rec. Sept. 21
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. 20
Oct. 1 Holders of rec. Sept. 20
Oct. 14 Holders of rec. Rem.30
Oct. 1 Holders of rec. Sept. 20
°et. 1 Holdens of ree Rept 26
Oct. 15 Holders of rec. Sept.30
Miscellaneous.
Abbott Laboratories. Inc.(guar.)
Abraham & Straus, Inc., corn.(quar.)
Acme Steel Co.((Mari
Adams Express Co pref. (guar.)
Affiliated Products. Inc.(mo.)
Agnew Surpass shoe Stores, pref.(guar.)
Air Reduction CO. (quar.)
Extra
Allied Atlas Corp. liquidating
'
Allied Chemical & Dye Corp.. pref.(re)
Aluminum Goods Mfg. Co. (guar )--Mu num Mfg..
com•
Common (quail
Preferred (guar.)
Preferred (quar.
1
American Bakeries Corp.,7% p1.(qu.)
American Bank Note Co.,()ref•(guar.).
American Can Co.. pref (guar.)
American Chicle Co.((mar.)
Extra
American Cigar Co., pref.(guar.)
American Envelope Co 7% of (guar.)
American Express Co. (guar.)
American Factors(monthly)
American Olanzstoff Corp., pref.(mi.).
Preferred $100 par value (gust.)
American Brake Shoe dr Foundry Co.—
Common (guar.)
Preferred (guar.)
American Hard Rubber Co.,8% pf.(qu.)
American Hardware Wear./
.
Quarterly.
American Hawaiian Steamship (guar.)._
American Home Products; Corp.(mo.)..
American Invest. Co.01 111.. 7% pt.(qu.)
American Maize Products, corn
American Mfg. Co., pref.(guar.)
American Optical Co., 7% pref.(cm.)__
7% preferred (guar.)
American Safety Razor Corp.(guar )-American Snuff Co., corn.(oust.)
Preferred (guar.)
Amerlean Steel Foundries, prof
American Stores Co (Quer.)
Extra
Quarterly.
Amer.Sugar Refining Co..coin.(oust.).
Preferred (guar.)
American Tobacco Co.. pref.(guar.)--American Wringer Co.(quar.)
Anchor Cap Corp., corn. (guar.)
$631 Preferred (guar.)
Angostura Wup'm'n.Initial(guar.)
Apex Electric Mfg., pref. (guar.)
Apponaug Co , corn. (guar.)
Armour& Co.of Del.. pref (goat)
Asbestos Mfg. Co. (guar.)
Associated Breweries of Canada. Ltd.
7% preferred (quer.)
Associates Investment Co., corn.(gu.)..
Preferred (guar.)
Atlas Brewing Co. (Chicago)
Auburn Automobile ((mar.)
Axton-Fleher Tobacco, A (guar.)
Class B (guar.)
Preferred (guar.)
Babcock & Wilcox (guar.)
Badger Paint & Hardware Stores, pf.(qu)
Baldwin Co.. cum. preferred ((Marl—.
Bancohlo Corp. (guar.)
Barber(W H.), pref. (guar.)
Bayuk Cigars, Inc., tat pref.(quar.)_
Oct. 2 Holders of rec. Sept.11
Oct. I Holders of rec. Sept. 20
Sept 30 Fielders of rec.
pt 15
Dee 81 Holders of rec. Dee. 16
Sept 30 Iloiders of rec. Sept. 15
Dee. 31 Holders of roe Dee. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 110
Oct. 2 Holders of rec. Sept. 15o
Oct. 2 Holders of too. Pept 12
Oct. 2 Holders of rec. Sept. 12
Oct. 2 Holders of rec. Sept 15
Dee. I Holders of ree Nov 25
Oct. 2 Holders of rec. Sept.22
Oct. 10 Holders of rec. Sept.30
Oct. 1 Holders of rec. Sept. 23
Oct. 1 Holders of rec. Sept.23
2232
Name of Company.
Financial Chronicle
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Beatrice Creamery Co..7% pref.(quar) $1% Oct. 1 Holders of rec. Sept. 14
Beech-Nut Packing Co.. corn.(guar.)—
75e Oct. 2 Holders of rec. Sept. 12
Belding Corticelli, Ltd., corn.(guar.).-1% Nov. 1 Holders of rec. Oct. 14
Best & Co., corn.(quar.)
25c Oct. 16 Holders of rec. Sept. 25
Black-Clawson Co., pref.(guar.)
214 Dec. 1 Holders of rec. Nov. 25
Bloch Bros. Tobacco(guar.)
3740 Nov. 15 Holders of rec. Nov. 11
Preferred (guar.)
$14 Sept. 30 Holders of rec. Sept. 25
Preferred (guar.)
$14 Dec. 31 Holders of roe. Dee. 25
Bohn Aluminum & Brass(guar-)
25c Oct. 2 Holders of rec. Sept. 15
Bon Aml Co.,common A (guar.)
$1 Oct. 30 Holders of rec. Oct. 15
Common B (guar.)
50e Oct. 1 Holders of rec. Sept.24
Borg-Warner Corp. pref.(guar.)
$1% Oct. 1 Holders of rec. Sept. 15
Bornot. Inc., MOW A
26e Jan. 12 Holders of rem Jan. 12
Boston Storage & Warehouse Co.(qu.)-- $1% Sept.30
Brantford Cordage Co., pref. (quar.)-T50C Oct. 15 Holders of rec. Sept. 20
Briggs &Stratton Corp..corn.(guar.)—
25c Sept.30 Holders of roe. Sept.20
Brillo Mfg. Co., Inc., corn.(guar.)
15e Oct. 1 Holders of rec. Sept. 15
C18.88 A (quar.)
50c Oct. 1 Holders of rec. Sept. 15
British Amer.011 Co.. Ltd.. cap.stock—
r200 Oct. 2 Holders of rec. Sept.16
British American Tobacco Co., Ltd.—
Amer.dep. roe. ord. bearer, Interim_ _ 3e10d Oct. 7 Holders of rec. Sept. 5
Amer. dep. roe. ord. reg., interim__ _ tolOd Oct. 7 Holders of roe. Sept. 5
-a.)=24% Oct. 7 Holders of rec. Sept. 5
Amer. dep. roe.5% prof. bearer (s.
Amer. dep. rec. 5% pref. reg• (s.-11.)-- me24% Oct. 7 Holders of rec. Sept. 5
Broad Street Investing Co
20e Oct. 1 Holders of rec. Sept 18
Bucyrus
-Erie Co., pref. (guar.)
1150c Oct. 2 Holders of roe. Sept. 22
Building Products. A & B (guar.)
25e Oct. 2 Holders of rec. Sept. 19
Burco, Inc., pref. (guar.)
75e Oct. 1 Holders of rec. Sept. 21
Burger Bros.,8% pref. (guar.)
Oet. 1 Holders of roe. Sept. 15
81
Burma Corp., Ltd., Am.dep. roe. (final) w344 Oct. 21 Holders of rec. Sept. 14
w4A Oct. 21 Holders of rem Sept. 14
Bonus
Burt(F. N.)& Co., corn.(guar.)
r50c Oct. 2 Holders of rec. Sept. 15
$1% Oct: 2 Holders of rec. Sept. 15
Preferred (mar.)
40e Oct. 1 Holders of rec. Sept. 15
Catawba Sugar Estates, core. (quar.)
35e Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
500 Oct. 2 Holders of rec. Sept. 21
California Ink Co.(guar.)
California-Western States Lite Ins. (qu.)
50e Oct. 15 Holders of rec. Oct. 10
Cambria Iron Co.(s-a)
$1 Oct. 2 Holders of roe. Sept. 15
Cambridge Invest. Corp., cl. A & B (qr.) I24c Oct. 2 Holders of rec. Sept. 21
224 Oct. 1 Holders of rec. Sept. 15
Canada Permanent Mtge.(guar.)
8%
Canada Starch. Ltd.,7% prof
rbe Oct. 2 Holders of rec. Sept. 15
Canadian Canners, 2d preferred
r$14 Oct. 2 Holders of roe. Sept. 15
1st preferred (quar.)
r43c Oct. 10 Holders of rec. Sept. 25
Canadian Car & Fdy.
Ltd. (quar.)_
Canadian Celanese Ltd.. 7% pref.(qu.). r$1% Sept.30 Holders of rec. Sept. 18
Co..
Canadian Cotton, Ltd., pref. (guar.)._ $14 Oct. 4 Holders of rec. Sept. 16
Canadian General Elec.(quar.)
75c Oct. 1 Holders of rec. Sept. 15
r874c Oct. 1 Holders of roe. Sept. 15
Preferred (guar.)
74c Oct. 16 Holders of rec. Sept.30
Canadian General Invest.. red
7140 Oct. 16
Coupon (guar.)
$13 Sept.30 Holders of roe. Sept. 20
Canfield Oil Co.,7% pref.(guar.)
4
25e Sept.30 Holders of rec. Sept. 18
Cannon Mills(guar.)
10e Sept.30 Holders of rec. Sept. 18
Extra
75e Oct. 1 Holders of rec. Sept. 18
Capital Administration, pref. A
$114 Oct. 1
Carnation Co.,7% pref.(guar.)
1-1-34
$1%
7% preferred (guar-)
•
874o Jan. 31 Hoiden of roe Jan 14
Cartier, Inc.. 7% pref
Case(J.1.) Co., pref.(guar.)
$1 Oct. 1 Holders of roe. Sept. 12
Celanese Corp.of Amer.,7% pr. pf.(qu.) $114 Oct. 1 Holders of rec. Sept. 18
$4 Sept.30 Holders of roe. Sept. 18
7% 1st preferred (guar.)
374e Oct. 2 Holders of rec. Sept. 25
Central Aguirre Associates (guar.)
110. Nov.16 Holders of rem tom 6
Centrifugal Pipe Line Cormeap.stk.(qu.)
Champion Coated Paper Co.,
$111 Oct. 1 Holders of ree. Sept. 20
1st & special preferred (guar.)
3114 Oct. 1 Holders of rec. Sept. 20
Champion 1 ibre Co.. pref.(guar.)
500 Oct. 2 Holders of rec. Sept. 11
Chesapeake Corp., corn.(guar.)
$1 Sept.29 Holders of rec. Sept. 5
Chesebrough Mfg. Co.(guar.)
50c Sept.29 Holders of rec. Sept. 5
Extra
$234 Oct. 2 Holders of rec. Sept. 15
Chic. Junct. Ry.& Un. Stkyds.(gu.)
31% Oct. 2 Holders 01 rec. Sept. 15
7% preferred (guar.)
Chicago Towel Co., preferrence (guar.). 3134 Oct. 2 Holders of rec. Sept. 21
Chicago Transfer-Clearing, 6% pt. (qu.) $14 Oct. 1
Christina Securities, 7% pref.(guar.).-- $1% Oct. 2 Holders of rec. Sept. 18
40e Sept. 30 Holders of rec. Sept. 16
Cincinnati Union Stockyards, corn. (qr.)
Cincinnati Wholesale Grocery, pt.(qu.)
$14 Oct. 1 Holders of rec. Sept. 15
$14 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
500 Sept.30 Holders of rec. Sept. 15
City Ice & Fuel, common (guar.)
50c Oct. I Holders of rec. Sept. 20
Clorox Chemical Co.,el. A (guar.)
hOe Jan 1'34 Holders of rem Dec. 20
Quarterly
3134 Oct. 2 Holders of roe. Sept. 21
Cluett Peabody. 7% prof. (quar.)
40e Oct. 1 Holders of rem Sept. 15
Coca-Cola Bottling, A (quar.)
514 Oct. 2 Holders of rec. Sept. 12
Coca-Cola Co.,common (quar.)
53 Oct. 2 Holders of rec. Sept. 12
Coca-Cola Internat. Corp.,corn.(qu.)
514 Oct. 1 Holders of rec. Sept. 11
Colgate-Palmolive-Peet Co., pt. 0:M3
$14 Jan. 1 Holders of rec. Dec. 11
Preferred (quar.)
; $2 Oct. 2 Holders of rec. Sept. 12
Collateral Loan (guar.)
Colonial Life Insurance
$5 Oct. 2 Holders of rec. Sept. 30
250 Sept.30 Holders of rec. Sept. 9
Colt's Patent Fire Arms Mfg. Co.(qu.)_
,75e Sept.30 Holders of rec. Sept. 9
Commercial Credit,$3cl. A cony
575c Sept.30 Holders of me. Sept. 9
$3 class A cony
50e Sept. 30 Holders of me. Sept. 9
8% preferred el. B (guar.)
43%o Sept.30 Holders of rec. Sept. 9
7% 1st prof. 111mr.)
(
% 1st Pref• g
$114 Sept.30 Holders of roe. Sept. 9
( uar)
'
Cornmg Invest. Trust Corp. corn.(q.)
50c Oct. 1 Holders of rem Sept. 5
(qu) m314 Oct. 1 Holders of rem Sent. 5
Convertible pref., one,series 1929
Confederation Life Assoc. (guar.)
$1 Sept 30 Holders of rec. Sept 25
Quarterly
$1 Doe. 31 Holders of reo. Dec. 25
Congoleum-Nairn, Inc., 7% pref. (qu.). 134% Nov. 1 Holders of rem Aug. 15
Congress Cigar Co. (guar.)
25e Sept.30 Holders of rec. Sept.14
Connecticut Gas & Coke Security—
Common (guar.)
10e Oct. 2 Holders of rec. Sept. 15
$3 preferred (guar.)
75e Oct. 2 Holders of rec. Sept. 15
Consol. Paper,7% pref.(quar.)
1714e Oct. 2 Holders of rec. Sept. 20
Continental Assurance Co. (guar.)
50e Sept.30 Holders of rec. Sept. 15
Continental Baking.3% pref.(quar.) —
$1 Oct. I Holders of roe. Sept. 180
Cottrell (C B.)& Sons Co.
6% preferred (guar.)
134% Oct. 1
6% preferred (guar.)
% l-1-'34
Crown Willamette Co.. 1st pref.(quar.) h$1
et. 1 Holders of rem Sept. 13
Crum & Forster, corn. (guar.)
10e Dec. 14 Holders of rec. Oct. 5
8% preferred (guar.)
$2 Deo. 30 Holders of rec. Dec. 20
Davenport Hosiery Mills, com
50e Oct. 2 Holders of rec. Sept. 20
DeLong Hook & Eye.(guar.)
50o Oct. 1 Holders of rec. Sept.20
250 Oct. 1 Holders of me. Sept.20
Extra
340 Oct. 2 Holders of me. Sept. 1
Deposited Bane Share*, N. Y
Series A
5fic Oct. 2 Holders of rec. Sept. 1
Devoe Raynolds Co., 1st ei 2d pref.(gm) $1% Oct. 2 Holders of roe. Sept. 20
15e Oct. 2 Holders of roe. Sept. 15
Diamond Shoe Corp., corn.(guar.)
$14 Oct. 2 Holders of rec. Sept. 15
% preferred (quar.)
Dominion Bridge Co., Ltd.. corn.(guar.) r500 Nov.15 Holders of reo. Oct. 31
Dominion Glass Co., Ltd., corn.(guar.). $1 1.' Oct. 2 Holders of rec. Sept. 15
$134 Oct. 2 Holders of roe. Sept. 15
Preferred (guar.)
u30c Oct. 2 Holders of rec. Sept. 15
Dominion Ftores, Ltd.(quar.)
351 Oct. 2 Holders of rec. Sept. 15
Dominion Textile Co., Ltd., COM.(gu.)..
r$1% Oct. 16 Holders of rec. Sept.30
Preferred (guar.)
60o Oct. 2 Holders of rec. Sept. 2
Draper Corp.(quar.)
$1% Oct. 1 Holders of rec. Sept. 20
Driver Harris Co., 7% prof.(guar-)
$1% Oct. 2 Holders of rec. Sept. 21
Duncan Milk, pref. (quar.)
Duplan Silk Corp., pref.(quar.)
$2 Oct. 2 Holders of roe. Sept.20
E.I.duPont de Nemours dr Co.—
Debenture stock (guar.)
$1% Oct. 25 Holders of roe. Oct. 10
Eagle Warehouse & Storage (quar.)....
$1 Oct. 2 Holders of roe. Sept. 26
Early & Daniel Co.,corn.(guar.)
25e Sept.30 Holders of rec. Sept.20
$1% Sept.30 Holders of roe. Sept.20
Preferred (guar.)
Eastern Steamship Lines, 1st pf. (qu.)
$131 Oct. 2 Holders of ree. Sept. 15
Preferred, no par (guar.)
87540 Oct. 2 Holders of me. Sept. 15
Eastman Kodak Co.,coin.(guar.)
750 Oct. 2 Holders of rec. Sept. 5
Preferred (guar.)
$134 Oct. 2 Holders of rec. Sept. 5
Electric Auto-Lite Co., pref. (quar.)_ _
$1% Oct. 2 Holders of rec. Sept. 22
Electric Bond dr Share Co.,$6 pref.(qu.) $14 Nov. 1 Holders of roe. Oct. 6
EA nrnferred (mow.)
$14 Nov. 1 Holders of rec. Oct. 6
Name of Company.
Sept. 23 1933
Per
When
Share. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Electric Controller & Mfg. Co.(qua?.).,.
250 Oct. 2 Holders of rec. Sept.20
Electric Storage Battery Co., corn.(4113
50c Oct. 2 Holders of rec. Sept. 18
Preferred (guar.)
50e Oct. 2 Holders of rec. Sept. 18
500 Oct. 2 Holders of roe. Sept. 20
Emerson's Bromo Seltzer, A & B (guar.)
Preferred (guar.)
500 Oct. 2 Holders of rec. Sept. 20
Endicott-Johnson Corp., corn. (quar.)-750 Oct. 2 Holders of rec. Sept. 21
Preferred (quar.)
$114 Oct. 2 Holders of rec. Sept. 21
Equitable Office Bldg. Co.corn. (guar.)_
250 Oct. 2 Holders of ree. Sept. 15
7% preferred (guar.)
V% Oct. 2 Meters of roe. Sept. 15
Eureka Standard Consol. Mining (guar.)
3c Sept.30 Holders of rem Sept. 15
Ewa Plantation (quay.)
600 Nov. 15 Holders ot roe. Nov. 4
250 Oct. 1 Holders of rec. Sept. 21
Fairmont Creamery (Del.), corn. (guar.)
$14 Oct. 1 Holders of rec. Sept. 21
Preferred (guar.)
Fanny Farmer Candy Shops (guar.)- - -250 Oct. 2 Holders of rec. Sept. 15
Faultless Rubber Co., corn. (guar.)._
60e Oct. 1 Holders of me. Sept. 15
15e Oct. 1 Holders of rec. Sept. 21
Federated Dept. Stores (guar-)
Fifth Ave. Bus Securities Corp.(guar.).
-160 Sept.29 Holders of rec. Sept. 15
Filene's(Wm.)Sons Co., corn.(guar.)._
20c Sept.30 Holders of rec. Sept. 20
Preferred (guar.)
514 Oct. 2 Holders of rec. Sept.20
Finance Co.of Am.cl. A & B
10e Oct. 16 Holders of rec. Oct. 5
43510 Oct. 16 Holders of rec. Oct. 5
Preferred (guar.)
com.(41)7%
7% preferred (quar.)
83to Oct. 16 Holders of rec. Oct. 5
Finance Co. of Penna.(guar.)
224 Oct. 2 Holders of roe. Sept. 16
First National Stoles (guar.)
624e Oct. 2 Holders of roe. Sept. 11
1st preferred (guar.)
$134 Oct. 2 Holders of roe. Sept. 11
8% preferred (guar.)
20e Oct. 2 Holders of rec. Sept. 11
First State Pawners Society (guar.)
16114 Sept. 30 Holders of rec. Sept.20
Fishman(M.H.) Co., pref., A &B(gur.) $134 Oct. 15 Holders of rec. Oct. 1
Florsheim Shoe Co., pref. (guar.)
$14 Oct. 2 Holders of rec. Sept. 15
Fortnum & Mason, 7% pref.
174c Oct. 2 Holders of rec. Sept. 20
(5.-a)Frepot
Texas Co. preferred (quar.)---- $14 Nov. 1 Holders of roe. Oct. 13
Frieman (A. J.). 6% prof. (guar.)
3114 Oct. 2 Holders of rec. Sept. 15
Gulland Mercantile Laundry (quar.)....,. 874e Oct. 1 Holders of rec. Sept. 15
Gannett Co., Inc., $6 pref.(guar.)
$14 Oct. 2 Holders ol rec. Sept. 15
General American Investors Co., pf.(gu.) $14 Oct. 1 Holders of me. Sept. 20
General Baking Co.(quar.)
25e Oct. 2 Holders of roe. Sept. 16
Pref.(quar.)
$2 Oct. 2 Holders of rec. Sept. 16
General Cigar Co.. pref.(quar.)
$134 Dec. 1 Holders of rec. Nov.24
General Electric (quar.)
10e Oct. 25 Holders of roe. Sept. 29
Special(quar.)
15c Oct. 25 Holders of rec. Sept.29
General Mills, Inc., pref.(guar.)
$134 Oct. 2 Holders of rec. Sept. 14a
General Motors Corp.. $5 oref. (guar.). 514 Nov. 1 Holders of rec. Oct. 9
.
Gen. Printing Ink Corp., pref.(quar3 —
$14 Sept.30 Holders of rec. Sept. 19
General fly. Signal Co., corn,(quar.)-250 Oct. 2 Holders of rem Sept. 8
.
814 Oct. 2 Holders of rec. Sept. 8
Preferred (guar.)
Gillette Safety Razor(guar.)
1266-19 Sept.30 Holders of rec. Sept. 5
$5 preferred (quar.)
$14 Nov. 1 Holders ot rec. Oct. 2
Glidden Co., pref. (guar.)
$134 Oct. 2 Holders of rec. Sept. 18
Goldblatt Bros.,corn.(guar.)
374c Oct. 2 Holders of rec. Sept. 11
Gold Dust Corp.. $6 pref.(guar.)
$14 Sept.30 Holders of rec. Sept. 16
Goodman Mfg (guar.)
50e Sept.29 Holders of roe. Sept.29
Goodyear Tire & Rubber,7% pref.(qu.)
500 Oct. 2 Holders of roe. Sept. 1
Goodyear Tire & Rub.of Can.,com.(qu.) r60c Oct. 2 Holders of rec. Sept. 15
Preferred (guar.)
Ill% Oct. 2 Holders of rec. Sept. 15
Gottfried Baking Co., Inc.. el. A (guar.)
750. Oct. 1 Holders of rec. Sept. 20
% Oct. 2 Holders of rec. Sept. 20 •
Preferred (guar.)
134% Jn.2 '34 Holders en rem Dec. 20
Preferred (quar.)
Grace(W it I & CO 6% wet (a.m.).3% Dec. 29 Holders of roe. Dec. 27
Granite City Steel Co.(quay.)
250 Sept.30 Hrlders of rec. Sept. 16
Grant(W.'C.) (quar.)
25e Oct. 2 Holders of rec. Sept. 12
Great West Electro-Chem. lot pf. (qu.). $1
Oct. 1 Itolders of me. Sept.20
Great Western Sugar Co.,corn.(quar.).60c Oct. 2 Holders of rec. Sept. 15
Preferred (guar.)
3131 Oct. 2 Holders of rec. Fept. 15
Green (Dan'1), pref. (quar.)
$14 Oct. 2 Holders of rec. Sep:. 15
Gurd (Chas.) & Co., pref.(guar.)
$131 Oct. 2 Holders of rec. Se.d. 15
Elaiold Co.,corn.(guar.)
25c Oct. 2 Holders of rec. :ATM 16
Extra
25e Oct. 2 Holders of rec. Sept. 15
7% preferred (guar.)
8134 Oct. 2 Holders of me. Sept. 15
Hamilton United Theatres, 7% pt. (qu.) $114 Sept.30 Holders of rec. Aug. 31
Hamrnermill Paper Co.,6% pref.(guar.) 14% Oct. 2 Holders of me. Sept. 15
Hammersmith Paper,6% pref. (guar.) - 314 Oct. 2 Holders of rec. Sept. 15
Hannibal Bridge Co corn (qow.)
Oct. 20 Holden, of roe. Oct. 10
$2
Harbauer Co., 7% pref.(quar.)
% Oct. 1 Holders of reo. Sept. 21
7% Preferred (guar.)
134% 1-1-'34 Holders of rem lies. 21
Hardesty (R.), 7% prof 0 103
% Deo. 1 Holders of rec. Nov. 16
0
Harriman Investors Fund (guar.)
250 Oct. . 1 Holders of rec. Sept. 15
Hazel Atlas Glass Co.(quar.)
$1 Oct. 2 Heldcrs of rec. Sept.16
Heath (D. C.) & Co., pref. (guar.) -- $134 Sept. 30 Holders of roe. Sept. 28
Helme(Geo. W.)Co.,corn.(guar.)
V% Oct. 2 Holders of ree. Sept. 9
Preferred (quar.)
3131 Oct. 2 Holders of rec. Sept. 9
Hercules Powder Co.,corn.(quay.)
374c Sept.25 Holders of rec. Sept. 14
Heyden Chemical Corp.. pref. (quad.)... $114 Oct. 1 Holders of rec. Sept.21
Hibbard, Spencer, Bartlett & Co. (mo.)
100 Sept.29 Holders of rem Sept 22
Hickock 011,7% pref.(guar.)
3134 Oct. 2 Holders of rec. Sept.23
Homestake Mining (monthly)
$1 Sept.25 Holders of rec. Sept.20
Extra
$1 Sept.25 Holders of rec. Sept. 20
Horn dr Harden Baking (N.J.) (guar.). $14 Oct. 2 Holders of rec. Sept. 20
Howes Bros., 7% lot pref.(guar.)
$154 Oct. 1 Holders of me. Sept. 20
7% Preferred (qua.)
$114 Oct. 1 Holders of rec. Sept.20
6% preferred (quay.)
$1
Oct. 1 Holders of rec. Sept.20
Humble On & Refining Co.(qua?.)
50c Oct. 1 Holders of me. Sept. 1
Hunts, Ltd., A & B (quar.)
124e Oct. 2 Holders of rec. Sept. 15
Huron & Erie Mtge.(guar.)
$14 Oct. 2 Holders of rec. Sept. 15
Huylers of Dela. 7% prof. *tamped (qu.)
81 Oct. 2 Holders of rec. Sept. 15
7% preferred unstamped (guar.)
Si Oct. 2 Hol 'ors of rec. Sept. 15
Begmde Sylvania Corp. corn.(guar.)._ _
500 Oct. 2 Holders of rem Sept. 9
$64 preferred (guar-)
$134 Oct. 2 Holden. of rec. Sept. 9
Ideal Financing Assoc., $8 Prof.(guar.). $2
Oct.
Holders of rec. Sept. 15
$2 cony. preferred (guar.)
50c Oct.
Holders of rec. Sept. 15
Class A,(guar.)
124e Oct.
Holders of rec. Sept. 15
Imperial Chemical Industries, interim
Holders of rec. Oct. 13
w234% Dec.
Imperial Tobacco Co.of Can.,ord.shs_ r
% Sept.3 Holders of roe. Aug. 30
Preferred (s -a.)
r3% Sept.3 Holders of rec. Aug. 30
Incorporated Investors (s.
% Oct. 1 Holders of rec. Sept. 22
-a.)
Indiana General Service Co.,6% pt.
Holders of rec. Sept. 5
(qu.) $14 Olt.
Indiana Pipe Line Co
150 Nov. 1 Holders of rec. Oct. 20
Extra
100 Nov. 1 Holders of rec. Oct. 20
Industrial Rayon Corp. (quar.)
$1 Oct.
Holders of rec. Sept. 18
Internat. Business Mach. Corp. (guar.) $114 Oct. I Holders of rem Sept.22a
Internat. Button Hole Sew. Mach.(qu.)
20e Oct.
Holders of rec. Sept. 15
International Harveoter Co.. corn.(qu.).
150 Oct. 1 Holders of reo. Sept. 20
Internat. Nickel of Can. prof.(quay.).,. r$134 Nov.
Holders of rec. Oct. 2
Internat. Safety Razor Corp., cl. B
1250 Oct.
Holders of roe. Sept.20
International Salt Co.(quay.)
374e Oct.
Holders of rec. Sept. 15a
International Shoe, corn. (guar.)
50c Oct.
Holders of rec. Sept. 15
Preferred (monthly)
60e Oct.
Holders of reo. Sept. 15
Preferred (monthly)
Holders of rec. Oct. 15
50o Nov.
Preferred (monthly)
Holders of rec. Nov. 16
500 Dec.
Intertype Corp. let pref.
Oct.
Holden; of reo. Sept. 15
$2
Investors Corp (R I.) 861st pref.(qu.)
Holders of rec. Sept. 20
3114 Oct.
Island Creek Coal Co.,corn.(guar.) --Holders of rec. Sept.21
50c Oct.
Preferred (guar-)
Holders of rec. Sept.21
$14 Oct.
Jewel Tea Co., Inc., corn.(guar.)
750 Oct. 1 Holders of me. Oct. 2
Jones & Laughlin Steel Corp.7% prof....
250 Oct.
Holders of rec. Sept. 13
Katz Drug Co., prof.(guar.)
Holders of rem Sept. 16
$14 Oct.
Kaufmann Dept. Stores, pref. (guar.) Holders of rec. Sept. 20
5134 Oct.
Kimberly-Clark Corp., pref. (quar.)__,. 3154 Oct.
Holders of rec. Sept. 12
Kingsbury Breweries Co. (quay.)
15e Oct. 1 Holders of rec. Sept. 20
Extra
be Oct. 1 Holders of roe. Sept. 20
Klein(D.Emil)(guar-)
250 Oct. 1 Holders of reo. Sept. 20
Koppers Gas & Coke Co.
6% preferred (guar.)
14% Oct. 1 Holders of roe. Sept. 11
Kresge (S. S.) Co., corn. (quar.)
20c Sept.30 Holders of tee Sept. 16
Preferred (guar.)
$1% Sept.30 Holders of reo. Sept.16
Kroger Grocery & Baking 1st prof. (qu.) $14 Sept.30 Holders of roe. Sept.20
2d preferred (guar.)
$1% Nov. 1 Holders of rem Oct. 20
Lambert Co., corn. (quar.)
$1 Oct. 2 Holders of rec. Sept. 19
Landers, Frery & Clark (guar.)
3740 Sept.30 Holders of rec. Sept. 20
Landers Flury & Clark (Quay.)
3714e Sept. 30
Quarterly
3740 Dec. 31
Landis Machine,7% prof (quar)
$1% Doe. 15 Holders of rec. Deo. 5
Financial Chronicle
Volume 137
Name of Company.
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
$2.4 Oct. 1 Holders of rec. Sept. 20
Lams Bros., B (quar.)
$2 Oct. 1 Holders of rec. Sept. 20
8% preferred (guar.)
$
Leaders of Industry Shares A
71
Lehigh Portland Cement Co., pref.(qu.) 84 16 Oct. 1 Holders of rec. Sept. 14
60e Oct. 4 Holders of rec. Sept. 22
Lehman Corp.(guar.)
Me Oct. 2 Holders of rec. Sept. 15
Libbey-Owens-Ford Glass Co.,com.(qu.)
Liggett & Myers Tobacco Co.. pref.(qu) $134 Oct. 2 Holders of rec. Sept. 11
70c. Nov. 1 Holders of tee. Oct. 26
Lincoln National Life In Co cap stook
Linde Air Products,6% pref. Mar.)... $134 Oct. 2 Holders of rec. Sept. 20
Link-Belt Co.,64% preferred (quar.)__ 134% 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 roe. Sept. 15
Loew's, Inc.. corn.(guar.)
500 Oct. 2 Holders of rec. Sept. 15
Loomis Bayles Mutual Fund ((Mari--Loose Wiles Biscuit Co.. pref. (guar.). $134 Oct. 1 Holders of rec. Sept. 180
4 Oct. 2 Holdem of rec. Sept. 16
Lord & Taylor Co.(guar.)
$21
30c Oct. 2 Holders of rec. Sept. 15
Lorillard (P.) Co., corn.(quar.)
$134 Oct. 2 Holders of rec. Sept. 15
Preferred (quar.)
25e Oct. 2 Holders of rec. Sept. 15
Loudon Packing (guar.)
Lumbennans Ins. Co.(Phila.)(quar.).. $134 Oct. 14 Holders of rec. Sept.30
Lunkenheimer Co..Prof (guar.)
$IM Oct 2 Holders of rec Sept 22
$2 Oct. 2 Holders of rec. Sept. 26
Lycoming Mfg., 8% pref. (guar.)
250 Sept.30 Holders of rec. Sept. 15
Mack Trucks, Inc., corn. (guar.)
Magnin (1.) & Co., 6% pref (guar.).— 131% Nov. 16 Holders of me. Nov. 5
75e Oct. 2 Holders of rec. Sept. 15
M apes Consolidated Mfg. Co.((Mari--250 Oct. 2 Holders of rec. Sept. 15
Extra (guar.)
75e Jan 2'34 Holders of rec. Dee. 15
Quarterly
75e Apr 234 Holders of rec. Mar. 15
Quarterly
75e July2'34 Holders of rec. June 15
Quarterly
10c Oct. 2 Holders of rec. Sept. 16
Marine Midland Corp., corn. (quar.)__.
25c Oct. 2 Holders of rec. Sept. 21
Marlin-Rockwell Corp. (special)
lc Sept.25 Holders of rec. Sept. 15
Mascot Oil Co. (guar.)
Mathieson Alkali Works, corn.(quar.).. 3754e Oct. 2 Holders of roe. Sept. 8
Preferred (guar.)
$134 Oct. 2 Holders of rec. Sept. 8
bee Nov. 1 Holders of rec. Oct. 14
McCall Corp., corn. (quar.)
McCiatchy Newspaper 7% pre/.(guar.) 43//o DEC. 1 Holders of me. Dec. I
McKee(Arthur G.) dr Co.. el. B.,(guar.)
500 Oct. 1 Holders of rec. Sept. 20
McKeesport Tin Plate Co. (guar.)
$1 Oct. 2 Holders of me. Sep.. 15
750 Oct. I Holders of rec. Sept.22
MeQuay-Norris Mfg. Co. (guar.)
75e Oct. 1 Holders of roe. Sept. 15
Mead Johnson & Co.(quar.)
10e Sept. 30 Holders of rec. Sept. 16
Merchants & Miners Transport (guar.).
Merchaets Nat. Realty. A. & B pf (qu.) $134 Oct. 1 Holders of rec. Sept. I
Merck Corp., prof.(guar.)
$2 Oct. 2 Holders of rec. Sept. 16
$2 Jan. 2 Holders of rec. Dec. 16
Preferred (guar.)
25e Oct. 2 Holders of rec. Sept. 16
Mesta Machine
$134 Oct. 2 Holders of rec. Sept. 16
Preferred (guar.)
Metal Packing Corp (guar.)
$1 Oct. 2 Holders of rec. Sept. 12
% Oct. 1 Holders of rec. Sept. 20
Metal dr Thermit, 7% pref. (quar.)- - - Metropolitan Coal. 7% pref. (quar.)... $134 Sept.30
$1 Oct. I Holders of rec. Sept. 19
Midland Steel Products,8% preferred.652 Oct. 1 Holders of rec. Sept. 19
8% preferred
Mill Factors Corp.,el. A & B (guar.).— 50c Oct. 1 Holders of rec. Sept. 20
Minneapolis Iloneywell Regulator—
$134 Oct. 1 Holders of rec. Sept. 20
preferred (guar.)
Mitchell (J. S.)& Co., Ltd.. p2. (guar.)- $134 Oct. 2 Holders of rec. Sept 15
Monoghan (Victor) Co., 7% pref. (qu.) $134 Oct. 2 Holders of rec. Sept. 20
25e Sept. 2F Holders of rec. Sept. 18
Monolith rtland Cement,8% pref.(114.)
87340 Oct. 1 Holders of rec. Sept. 15
Monroe Chemical, prof (quar.)
31340 Oct. 2 Holders of rec. Sept. 9
Monsanto Chemical Co.(quar.)
r$14 Oct. 2 Holders of rec. Sept. 15
Moore Corp., 6% pref. A (guar.)
4134 Oct. 2 Holders of rec. Sept. 15
7% preferred B (quar.)
Moore (Vs m.) Dry Goods Co.(guar.)-- $134 Oct. 2 Holders of rec. Sept. 20
$14 1-1-'34
Quarterly
25e. Oct. 16 Holders of rec. Oct. 3
Morris (Ihelp) & Co. (guar.)
Morris (Philip) Consol., class A
145 .979225 Oct. 2 Holders of rec. Sept. 18
Class A (quar.)
4334c Oct. 2 Holders of me. Sept. 18
Morris Finance, A (guar.)
$134 Sept.30 Holders of rec. Sept.20
Class B (guar.)
2740 Sept 30 Holders of rec. Sept. 20
7% preferred (guar.)
$134 Sept. 30 Holders of rec. Sept. 20
Morris Sc. & 10e. to $1 Sta.,7% Id.(qu.) 134% Oct. 1 Holders of rec. Sept.20
7% preferred Mar.)
134% 1-2-34
Morris Plan Ins Soc. (guar.)
Deo. 1 Holders of rec. Nov.24
$1
Motor Finance Corp.(guar.)
200 Nov.29 Holders of rec. Nov.22
8% preferred (qua?)
Sept.30 Holders of rec. Sept. 21
$2
Mountain.Producers, (quar.)
15c Oct. 2 Holders of rec. Sept. 15a
Murphy (G.C.) Co.,8% pref.(gu.)---$2 Oct. 2 Holders of rec. Sept. 21
Myers (F. F.) dr B.Co., common__
230 Sept.30 Holders of rec. Sept. 15
Preferred (guar.)
$134 Sept.30 Holders of rec. Sept. 15
Nashua Gummed & Coated Paper
50c Dec. 15 Holders of rec. Nov. 8
$134 Oct. 2 Holders of rec. Sept.25
7% preferred (guar.)
7% preferred (guar.)
$134 Jan. 2 Holders of rec. Dec. 21
550 Oct. 2 Holders of rec. Sept. 18
National Battery Co.. pref.(guar.)
70c Oct. 14 Holders of rec. Sept. 22
National Biscuit Co., corn.(guar.)
National Breweries, Ltd.,corn.(qua?.).. r 40c Oct. 2 Holders of rec. Sept. 15
Preferred (quar.)
r 44e Oct. 2 Holders of rec. Sept. 15
National Candy Co., corn. (guar.)
250 Oct. I Holders of rec. Sept. 12
lot & 2nd preferred (guar.)
$134 Oct. 1 Holders of rec. Sept. 12
50e Dec. 1 Holders of rec. Nov. 15
National Container Corp., pref. (guar.)
National Dairy Products, corn. (guar.).
300 Oct. 2 holders of rec. Sept. 18
Preferred A & B (guar.)
$134 Oct. 2 Holders of rec. Sept. 18
(n) ()et. 16 Holders of rec. Oct. 2
National Distillers Products Corp., corn_
15e Oct. 1 Holders of rec. Sept. 11
National Finance Corp. of Amer. (qu.).
6% preferred (guar.)
15c Oct. I Holders of rec. Sept. 11
Extra
15e Oct. 1 Holders of rec. Sept. 11
National Finance Corp. BaltiA&B (qu.)
20e Oct. 2 Holders of rec. Sept. 23
20e Oct. 2 Holders of rec. Sept. 23
Preferred (quar.)
National GYDsuni Co., 7% pref. Mari $134 Oct. 1 Holders of rec. Sept. 16
National Investors Corp.
04 preferred (special)
h$534 Sept.30 Holders of rec. Sept. 15
NatIonat Lead Co., common (quar.).... $134 Sept. 30 Holders of rec. Sept 15
$14 Nov. 1 Holders of rec. Oct. 20
Class B preferred (guar.)
National Licorce,6% pref.(guar.)
$134 Sept. 30 Holders of rec. Sept. 15
National Oil Prod., pref. (quar.)
$134 Oct. 2 Holders of roe. Sept. 20
300 Sept. 30 Holders of me. Sept.20
National Standard Co., quarterly
80c Sept.30 Holders of rec. Sept.20
Special
National Steel Corp., corn. (guar.)
25e Sept.30 Holders of rec. Sept. 20
60c Oct. 2 Holders of rec. Sept. 1
National Sugar Refining Co.of N.J.(01)
15e Oct. 1 Holders of rec. Sept. 14
National Tea Co., corn. (guar.)
15e Sept.30 Holders of rec. Sept.26
Nelson Baker & Co.(guar.)
Newberry (J.J.) Realty 6 M % A pf.(qu.) $134 Nov. 1 Holders of rec. Oct. 16
8% 13 preferred
$134 Nov. 1 Holders of rec. Oct. 16
New Departure Mfg.,7% Pref.(guar.)-- 151% Oct. 2 Holders of rec. Sept. 20
New York Shipbuilding Corp.—
100 Oct. 2 Holders of rec. Sept.21
Participating (guar.)
10c Oct. 2 Holders of rec. Sept. 21
Founders Shares (quar.)
Preferred (quar.)
$134 Oct. 2 Holders of rec. Sept. 21
15e Oct. 14 Holders of rec. Sept. 22
New York Transit CO.(guar.)
15e Oct. 1 Holders of rec. Sept. 15
Newberry (J. J.) Co., corn.(guar.)
Niagara Share Corp. of Md.—
$14 Oct. I Holders of roe Sept. 15
Class A $6 preferred ((Plan)
$14 Jan2"34 Holders of reo Dec. 15
Class A $6 preferred (quar.)
500. Nov. 15 Holders of reo Nov 1
Nineteen Hundred Corp.. class A Mari
50c Oct. 2 Holders of rec. Sept.20
Noblett-Sparks Industries
North American Co., common (qua?.).. 02% Oct. 2 Holders of rec. Sept. 5
% Oct. 2 Holders of rec. Sept. 5
Preferred (quar.)
gl% Oct. 2 Holders of rec. Sept. 11
No.Cent.Texas Oil Co., pref.(guar.)75e Deo, 1 Holders of roe. Nov 155
Northam Warren
pref. (guar.).834c Oct. 2 Holders of me. Sept. 15
Corp..
North Star Oil, 7% pref. (guar.)
Norwalk Tire & Rubber Co., pref. (qu.) 87140 Oct. 1 Holders of rec. Sept 22
Oct. 1 Holders of reo. Sept. 20
$1
Norwich Pharmacal Co.(guar.)
50 Oct. 14 Holders of rec. Oct. 6
Oahu Sugar Co., Ltd.(monthly)
300 Oct. 14 Holders of rec. Oct. 6
Extra
$2 Oct.- 2 Holders of rec. Sept.21
Ogilvie Flour Mills Co., Ltd.corn.(qu.)_
25e Oct. 1 Holders of rec. Sept. 9
Ohio Finance Co.(quar.)
$2 Oct. 1 Holders of rec. Sept 1
8% preferred (quar.)
$2 Oct. 2 Holders of rec. Sept. 11
Class A (guar.)
$2 Oct. 2 Holders of rec. Sept 15
Omnibus Corp., pref.(guar.)
1234c Sept. 30 Holders of rec. Sept. 20
Ontario Mfg. Co., corn.(guar.)
$134 Sept.30 Holders of rec. Sept. 20
Preferred (quar.)
150 Oct. 16 Holders of rec. Sept. 25
Otis Elevator Co., corn.(guar.)
$IM Oct. 16 Holders of rec. Sept. 25
Preferred (attar.)
Name of Company.
2233
Per
When
Share. Payable.
Miscellaneous (Continued).
Pacific Lighting Corp.,$6 pref.(quar.)
5154
Pacitle Mutual Life Ins (qua?.)
50c
25e
Parke Davis & Co. (guar.)
30e
Penney (J. C.) Co., corn. (guar.)
Preferred (guar.)
$134
Pa. Co.for Ins. on Lives & Granting An40c
nuities (guar.)
25e
Peoples Drug Stores. Inc., MM.(guar.).
50c
Perfect Circle Co.corn.(guar.)
Perfection Stove Co., corn. (guar.)
p30e
25c
Pet Milk Co., common (guar.)
Preferred (qua?.)
$134
Pinchln Johnson, American shares
zw6%
Pioneer Gold Mnes of B.C..tom.(guar.)
15e
Sc
Pioneer Mill Co., Ltd.(monthly)
30c
Extra
Pittsburgh Plate Glass(quar.)
15c
Pratt & Lambert, Inc.(guar.)
1234c
Premier Gold Mining (guar.)
u3c
$2
Procter & Gamble Co.,8% pref.(guar.)_
Prudential Investors,6% pref.(guar.)-_
$IM
$6 preferred (quar.)
$154
Publication Corp. 7% orig. prof. (guar.) $134
Puritan Ice Co., preferred (0.-a.)
$4
Quaker Oats Co., nom.(qua?)
$1
6% preferred (gust.)
$114
Rath Packing Co.,corn.(guar.)
50c
Reece Button Hole Sewing Mach.(qu.)_
200
Reece Folding Mach.Co.(guar.)
5c
230
Reed Roller Bit Co.(guar.)
Reliance Mfg.Co.(Ill.) 7% pref.(qui _ $134
Republic Supply Co.. corn. (guar.)
230
Reynolds (R J.) Tobacco Co. (guar.)
75c
Richman Bros.(guar.)
750
Rich's, Inc., preferred (guar.)
$14
Hike-Hun-der Co.,7% pref.(gum.)
V%
Riverside Silk Mills,class A (guar.)
25e
Ross Gear & Tool Co., cons. (goat.)....
300
Royal Baking Powder Co.,corn.(qu.) _
25e
6% preferred (guar.)
$IM
750
Safeway Stores, Inc., corn. (guar.)
7% preferred (guar.)
$134
6% preferred (guar.)
$154
Savannah Sugar Refg. Corp.. corn.(qu.) $134
Preferred (guar.)
134%
Sayers & ScovIll Co.(guar.)
$1
6% preferred (guar.)
5134
Scott Paper Co.. corn. (guar.)
1373.4c
Scottish Type Investors, Inc.—
15 5-19
Class A & B (guar.)
Scoville Mfg.(quar.)
230
Security Investment Trust. pref. Wei$1
Selected Industries, Inc.—
$134
$534 prior sunk (guar.)
Shaffer Stores,7% pref.(guar.)
$134
Shattuck (Frank G.) Co.(guar.)
Sc
.i Pen, prof (guar.)
Sheaffer 04
$2
Silver Kings Coalition Mines
15c
Singer Mfg.Co.(guar.)
$11.4
Sioux City Stkyds $6 of (guar.)
3734c
Siseo Cold Mines, Ltd.(qua?.)
30
Slattery(E.T.)7% pref.(guar.)
$134
200
South Penn Oil Co.(guar.)
South Porto Rico Sugar Co., corn.(qu.)_
60e
Preferred (guar.)
2%
$1
South West Permit. Pipe Line, (guar.)._
Southern Acid & Sulphur Co., Inc.
7% preferred (guar.)
134%
25c
Sparta Foundry (guar.)
130
Extra
25e
Spencer Kellogg & Sons, Inc.. corn.(qu.)
1256e
Spencer Trask Fund (guar.)
25e
Standard Brands, Inc., corn.(guar.)._
$7 preferred, series A
(guar.)
$134
12340
Standard Coosa-Thatcher (guar.)
7% preferred (Guar.)
134%
Standard 0110! Ohio. 5% pref.(quar.)... 134%
750
Standard Steel Construction. pi' (qua?.).
Starrett (L. S.) Co. pref. (guar.)
$154
State Theatre Co., pref.(guar.)
$2
Stein (A.)& Co., pref.(guar.)
5134
25e
Sun 011 Co., eons. (guar.)
134%
Preferred (gnarl
Sc
Sunshine Mining Co.(guar.)
250
Supertest Petroleum,corn. reg.(gust.)....
230
Ordinary registered (guar.)
250
Bearer (guar.)
250
Ordinary bearer (guar.)
Class A preferred (guar.)
5134
374c
Class B preferred (guar.)
25e
Sylvania Industrial (qua?.)
24c
Sylvanite Gold Mine
50e
Tacony Palmyra Bridge Co., corn.(qui
500
Class A (guar.)
25c
Taylor Milling Corp
Texas Corp.(quar.)
250
15e
Texon Oil& Land Co., corn.(quar.)....
Time, Inc. (guar.)
3754c
$14
$634 preferred (guar.)
Timken Detroit Axle Co.. pref. (guar.)
$134
Tintle Standard Mining (guar.)
5e
Todd Shipyards Co.(guar.)
25e
Toronto Elevators 7% pref.(gust.).... $134
Toronto Mtge.(guar.)
$14
Torrington Co. (quar.)
59c
Tr -Continental Corp., $6 pref. (qua?.). 51 14
Trico Products, common (quar.)
624c
Triplex Safety Glass Co., ord. reg
ru,25%
Amer. dep. rec. for ord. reg
zw25%
Trumbull-Cliff Furnace,6% pf.(qui_ __
$134
Underwood Elliott Fisher Co.,corn.(qui 121
4o
Preferred (guar.)
$134
Union Carbide & Carbon, cap.stk.(MI.)
250
United Aircraft & Transport Corp.—
Preferred (guar.)
75e
United Carbon Co., tom. (guar.)
25e
United Corp.. $3 cum. preference (qu.)
750
United Elastic Corp. (guar.)
200
United Fruit Co.(guar.)
50c
United Grain Growers
$1
United Milk Crate Corp., al A (q uar.) 500
.
United Milk Prod. Co., $3 pref. (quar.).
75c
United Piece Dye Wks.,614% pf.
(qu.)__ 134%
United Profit-Sharing Corp., pf. (s.-a.)
5%
United shoe Mach. Corp., corn.(quar.)_ 6234e
Preferred (guar.)
3734c
United states Foil Co.. corn. A & B (qu.)
10c
Preferred (quar.)
$134
United States Gypsum Co., cons.(quar.) 25e
Preferred (guar.)
$134
CI. S. Pipe & Foundry Co.. corn.(guar.) 12340.
Common (guar.)
1.2140
1st preferred (guar.)
300.
let preferred (guar 1 - .
......
-.30e.
250
United States Playing Card Co.(gnat.).
United States Tobacco. coin. (guar.)._ $1.10
Preferred (quit.)
$134
Universal Leaf Tobacco,corn.(guar.)_ _ _
50c
Preferred (guar.)
$2
Upressit Metal Corp.,8% preferred__
$2
134%
Vulcan Detinning co.. pref.(guar 1..
Books Closed
Days Inclusive.
Oct. 16 Holders of rec. Sept.30
Oct. 1 Holders of rec. Sept. 20
Sept.30 Holders of rec. Sept. 19
Sept.36 Holders of rec. Sept.20
Sept.30 Holder,, of rec. Sept. 20
Oct. 1 Holders of rec. Sept.15
Oct. 1 Holders of rec. Sept 8
Oct. 1 Holders of roe. Sept.25
Sept.30 Holders of rec. Sept.20
Sept.25 Holders of rec. Sept. 6
Oct. 1 Holders of rec. Sept. 9
Sept.25 Holders of rec. Aug. 31
Oct. 2 Holders of rec. Sept. 8
Oct. 2 Holders of rec. Sept. 21
Oct. 2 Holders of tee. Sept.21
Oct. 1 Holders of rec. Sept. 9
Oct. 2 Holders of rec. Sept. 18
Oct. 15 Holders of rec. Sept. 15
Oct. 14 Holders of rec. Sept.22
Oct. 16 Holders of rec. Sept. 30
Oct. 16 Holders of rec. Sept.30
Oct. 2 Holders of rec. Sept. 20
Oct. 1 Holders of rec. June 30
Oct 16 Holders of rec. Oct. 2
Nov.29 Holders of rec. Nov. 1
Oct. 1 Holders of rec. Sept. 20
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 20
Oct. 2 Holders of rec. Sept.21
Oct. 5 Holders of rec. Oct. 2
Oct. 2 Holders of rec. Sept. 18
Oct. 1 Holders of rec. Sept. 22
Sept.30 Holders of me. Sept. 15
Oct. 1 Holders of rec. Sept.23
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept.20
Oct. 2 Holders of rec. Sept. 11
Oct. 2 Holders of rec. Sept. 11
Oct. 1 Holders of rec. Sept. 19
Oct. 1 Holders of rec. Sept. 19
Oct. 1 Holders of rec. Sept.19
Nov. 1 Holders of roe. Oct. 14
Nov. 1 Holders of tee. Oct. 14
Oct. 2 Holders of rec. Sept.20
Oct. 2 Holders of rec. Sept.20
Sept.30 Holders of rec. Sept. 15
Sept.30.
Holders of rec. Aug. 31
Oct. 2 Holders of rec. Sept. 12
Oct. 11Holders of rec. Sept. 20
Oct. l!Flolders of rec. Sept.16
Oct. l'Holders of rec. Sept.30
Oct. 10 Holders of rec. Sept.20
(set. 20 Holders of ress Sera so
Oct. 2 Holders of rec. Sept. 20
Sept.30 Holders of rec. Sept. 9
Nov. 15 Holders of roe %ay 15
.
Sept.30 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept.15
Sept.30•Holders of rec. Sept. 15
Oct. 2 Holders of ree. Sept. 12
Oct. 21 Holders of rec. Sept. 12
Oct. 2 Holders of ree. Sept. 15
Oct. 1 Holders of rec. Sept. 10
Sept.30,11olders of rec. Sept. 9
Sept. 30Moiders of roe. Sept. 9
Sept.30 Holders of rec. Sept lb
Sept. 30111olders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 5
Oct. 2 Holders of roe. Sept 5
Oct. 1 Holders of rec. Sept. 20
Oct. 15 Holders of rot. Oct. 15
Oct. 16 Holders of rec. Sept. 30
Oct. 1 Holders of rec. Sept 15
Sept.30 Holders of rec. Sept. 18
Oct. 2 Holders of rec. Sept.23
Oct. 2 Holders of rec. Sept. 15
Dec. 15 Holders of rec. Nov 25
Dee. I Holders of rec. Nov 10
Sept.26 Holders of rec. Sept. 12
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 2
Oct. 2
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Dec. 15 Holders cf rec. Dee. 1
Sept.30 Holders of rec. MIS• 31
Sept. 30 Holders of rec. Sept. 10
Sept.30 Holders of rec. Sept 10
Oct. 2 Holders of rec. Sept. 10
Oct. 1 Holders of rec. Sept 1
Sept.3C Holders of rec. Sept. 16
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Dec. 1 Holders of rec. Nov.20
seat.30 Holders of rec. Sept. 15
Sept. 30 Holders of rec. Sept. 20
Oct. 15
Oct. 2 Holders ot me. Sept. 15
Oct. 2 Holders of rec. Sept. 16
Oct. 1 Holders of rec. Sept. 16
Oct. 2 Holders of rec. Sept. 12
Oct. 3 Holders of tee. Sept. 6
Oct. 10 Holders of tee. Sept. 6
Oct. 2 Holders of rec. Sept. 15
Sept.30 Holders of rec. Sept. 12a
Sept.30 Holders of me. Sept. I20
Oct. 2 Holders of rec. Sept. 1
Oct. 1 Holders of tee. Sept. 8
Oct. 2 Holders of rec. Sept. 16
Oct. 2 Holders of rec. Aug. 31
Sept. 23 Holders of rec Sept. 7
Oct. 14 Holders of rec. Sept.21
Dec. 1 Holders of reo. Nov. 15
Oct. 2 Holders of rec. Sept. 15
dDct. 2 Holders of rec. Sept. 20
Oct. I Holders of rec. Sept. Ma
Oct. 5 Holders of rec. Sept. 19
Oct. 5 Holders of rec. Sept. 19
Oct. 2 Holders of tee Sept. I56
Oct. 2 Holders of rec. Sept 150
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct 20 Holders of tee. Sept 30
1 -20-34 Holders of me Dee. 30
oet 20 Holders of tee Sept 9
0
1-20-34 Holders of ree nee 30
Oct. 2 Holders of rec. Sept. 20
Oct. 2 Holders of rec. Sept. 18
Oct. 2 Holders of rec. Sept. 18
Nov. 1 Holders of rec. Oct. 20
Oct. 2 Holders of rec. Sept. 22
Oct. 1 Holders of roe. Sept. 15
Oct. 20 Holders of roe. Oct. Ila
Financial Chronicle
2234
Per
Share
Name of Company.
When
Payable
Rooks Closed
Days Inclusive.
Miseellaneou• ((oncluded).
Vortex Cup.corn.(guar.)
121
4c Oct. 2 Holders of rep. Sept 15
Class A (guar.).
(1214e Oct. 2 Helder, of ree Sept 15
Wagner Electric, preferred (quar•)
31.4 Oct. 1 Holders of rec. Sept 20
Wa!green Co., pref. (qu ir.)
31% Oct. 1 Holders of rec. Sept. 20
Ward Baking Co . pref. (quar.)
50e Oct. 2 Holders of ree. Sept. 15
30e Oct. 1 Holders of rec. Sept. 15
Waukesha Motor Co.. corn. (quar.)
Weeden & Co. (quer.)
500 Sept. 30 Holders of rec. Sept. 20
Wesson Oil& Snowdrift Co., Inc.—
Common (quer.).
113.158c Oct. 2 Holders of rec. Sept. 15
West Coast OIL pref. (quer.)
SI Oct. 5 Holders of rec. Sept. 25
$1 li Oct. 15 Holders of rec. Sept. 20
Western Grocers, Ltd.. pref (quar.)
Western Maryland Dairy. 56 pref.(au.). SI LX Oct. 2 Holders of rec. Sept 20
50c Oct. 15 Holders of rec. Oct. 10
.
Western States Life Ins. Co (guar.) __.
Western Tablet Ar Stationery,7% pf.(qu) 11:% Oct. 2 Holder; of rec. Sept. 20
30c Oct. 1 Holders of rec. Sept. 15
Westmoreland. Inc (quer.)
Westvaco Chlorine Prod Corp.
3154' Oct. 1 Holders of rec. Sept. 14
7% preferred (quer.)
t. 2 Holders of rec. Sept. 20
White Rock Mineral Springs, corn.(qu ) 50c
1st preferred (guar )
In % Oct. 2 Holders of rec. Sept 20
52(4 Oct. 2 Holders of rec. Sept 20
2nd preferred Omar )
62 i4c se tot.30 Holders of rec Sept 20
Wilcox Met Corp , A (quer.)
500 Oct. 1 !folders of rec. Sept. 20
Winn & Lovett Groc. Co., cl. A (quer.),
Oct. 1 Holders of rec. Sept. 20
Preferred (quer.)
4 Nov. I Holders ot roe Oct 15
S1 1
WInstearl Hosiery Co.(guar.)
25e Oct. 2 !folders of roc Sept. 12
WLser Oil(qual.)
25e lan2'34 Holders of rem Deo 12
Quarterly
3111 Dec. I Holden of rec. Nov 15
Wolverine Tube,7% pref,((oar.)
u5e Oct. 2 Holders of rec. Sept. 9
Wright-Hargreaves Mines (guar.)
u5c Oct. 2 folders of rec. Sept. 9
Extra
Wrigley (1Vm.) Jr. Co.—
1 26eitc Oct. 2 itolrlers of rec. Sept. 20
Capital stock (monthly)
I 26.,cc Nov. 1 folders of rec. Oct. 20
Capital stock (monthly)
126.isc Dec. 1 Holders of lee. Nov. 20
Capital stock (monthly)
Si '4 I let. 1
Wyatt Metal At Boller Works (atLar.)
I5c Oct. 2 Holders of rec. Sept. 21
Yale & Towne Mfg. Co.(guar.)
1 The New York Stock Exchange has ruled that stock will not be quoted it:dividend on this date and not until further notice.
The New York Curb Exchanee 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 Boa dividend.
a Pasant? In stock
a correation
b On account of accumulated
fl Payable In scrip.
Payable in common stork
dividends /Parable in preferred stock.
1 Subject to the 5% NIRA tax.
m Commercial Invest Tr pays div. on convertible preference •tork, optional
series 01 1929. at the rate of I 52 of 1 share ot common stock, or, at the option of the
holder. In cash at the rate of Si 50.
n Nat. Distillers Prod. dividend In warehouse receipts of one case of whiskey
Whiskey
containing 24 pint bottles for each five shares of column, stock held
withdrawn only as authorized by law and upon payment of Government taxes,
together with $4 per case for bottling and casing and 15 cents per case per month
from Oct. I 1932 to cover storage, guarding. Insurance, certain State and local taxes
and other minor costs (Approximate charges to accrue to delivery of warehouse
receipts will be 5.5.95 per case.)
o North American Co. pays dividend on the common stork of 2%. payable In
common stock and (or) scrip at the rate of 1-511th or a share for each share so held
p Perfection Stove Co. declared an extra dividend sufficient to cover the 5%
NRA tax.
,
g Electric Shareholding pays dB . of 11-250th of a share of common stock, or at
the option of the holder $1 l4 rash
r payable In Canadian funds, and in the case of non-residents of Canada a
deduction of a tax ,/i 5% of toe amount of such dividend will be made.
U Payable In U. S. futirir.
r A unit.
ary expenses.
Acme depoel,
Leis tax.
r 1 deduction has been made for expenses.
Weekly Return of New York City Clearing House.—
Beginning with March 311928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now make only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers' Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
Sept. 23 1933
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, SEPT. 16 1933.
Clearing House
Members,
Time
Deposits.
A cerage.
...Surplus and Net Demand
Undivided
Deposits.
Average.
Profits.
• Capital.
Bank of N. Y.& Tr Co.
Bank of Manhattan Co__
National t'By Bank.___
Chendral Ilk & Ti Co__
Guaranty Trust Co
Manufacturers Trust Co
Cent If an Ilk & Sr. Co
Corn Each Ilk Tr Co
First National Bank....
Irving Trust Co
$
6.000,000
20,000,000
124,000.000
20,000,000
90,000,000
32,931,000
21,000,000
15.000,000
10.000.000
50,000,000
Continental Bk & T.Co
Chase National Bank
Fifth Avenue Bank
Rankers Trust Co
Title Guar & Tr Co._
Marine Midland Tr. Co.
New York Trust Co...
3oin'l Nat Bk.& Tr Co.
F'ublic Nat.Bk.& Tr. Co.
4,000,000
148,000.000
500.000
25,000,000
10,000,000
10,000,000
12,500.000
7.000,000
8,250,000
$
76.553,000
242.766,000
a836,175,000
239,252,000
5853.244,000
200,515.000
473,14.000
173,756,000
322,392.000
298,288,000
r
9,909.000
33.015,000
155,431,000
29,407.000
63,199.000
97,291.000
52,369.000
21,334.000
25.105,000
53,002.000
4.546,600
30,364,000
59,704,600 c1,150.373.000
42,033,000
3.105.400
62,519,500 d487.330,010
10,521,100
25,141,000
.5.272,800
42,0i7.090
21,694,500
189,161,000
7,732,200
44.788.000
4,518,800
39,675,000
1,656,000
98.480.000
2,630.000
57,996,000
296.000
4,306.000
14,914,000
2,308,000
29,492,000
3
9,413,500
31,931,700
55,695,500
46.85)1.300
177,266,300
20,297,500
61,112,500
17.535,900
73,105.000
62,863,100
7S0 OWE non
724 009 700 A7052 9212 non
n1.1 loSnnn
Totals_
,
• As per official tenor s: National. June 30 1933; State, June 30 1933; trust
companies, June 30 1933
Includes deposits In foreign branches: a 3205.260,000; b $60,339,000; e $78.234,000; d 335,318,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not mombers of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers' Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ended Sept. 15:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, SEPT. 15 1933.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans.
Disc. and
Incestments.
Manhatta
Grace National
Trade
Dap Other
Ranks and
Trust Cos.
Res. Dep.,
N. F. and
Elsewhere.
Cash.
20,621,700
2,894,601
Brooklyn—
Peoples National
133,100
88,872
1,393.300
729.070
5.233,000
1.54,000
320,000
Cress
Deposits•
2,020,4(10 19,990,390
79,153 3,059,481
43,000
4,949,000
TRUST COMPANIES—AVERAGE FICURES,
Loans,
Disc. and
Investments.
Cash.
Res. Dep
.V. Y and
Elsewhere.
Dep. OM"
Rank: and
Trust I's:
GrOSS
Depo
sits.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers' County
United States
53,190,100 y2,340.700 10,096,100
397.801
71,732
5,856,4 10
301,15
*422,613
8,540,040
781.'00
17.178,200 412.211.1
632,300
24,011,600 .4.347,400
70,985,747 6,533,333 12,120,596
2,521.300 57,1144.000
530,391 5.652.859
510.353 8,167,042
262,100 15,679.700
30.458,700
01,654,702
Brooklyn—
Brooklyn
Kings County
86,143,000
24,250.'235
2,460.000 17,714,000
1,46 ,74 4,9 1 ', 2
241,000 91,324,000
24.039 907.
.
• Includes amount with Federal Reserve aS follows: Empire, $1,349,600
Fulton, $2,055,800; Fiduciary, $205,288; Lawyers County, 33,676,900.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Sept. 20 1933, in
comparison with the previous week and the corresponding date last year:
Sept. 20 1933. Sept. 13 1933. Sept.211932.
Resources(Concluded)—
Resources—
656,706,000 646,705,000 556.473,000 Due from foreign banks (see tube)
Gold with Federal Reserve Agent
11,612.000 F. R. notes of other banks
6,549,000
6,291,000
.
,
Gold redemption fund with U.S. Tress's
Uncollected Items
Gold held exclusively agst. F.R. notes_ 662,997,000 653,255,000 568,085,000 Bank premises
All other resources
99.607,000
206,178.000 198,937.000
Gold settlement fund with F. R. Board
Total resources
144,936,000 144.410.000 247.722,000
Gold and gold certificates held by bank
Totalgold reserves
Other cash•
Total gold reserves and other cash
Redemption fund—F. It. bank notes
Bills discounted:
Secured by U. S. Govt. obligations__ _ _
Other bills discounted
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities..
Other securities (see naie)
Total bills and securities (see NOW
1,014,111,000
996,502,000
65.787.000
79.329,000
1075,027.000 1,062,289,000
994,743,000
2 069.793,000 2,049,761,000 1.948.368,000
915.414,000
60,916,000
Sept. 201933. Sept. 13 1933. Sept.211932.
$
4
$
939,000
1,565,000
1,369,000
6.036.000
4,975,000
6,567,000
97.161,000
116.498,00 109.501,056
14,817.000
12,818,000
12,818,000
25.570.000
30,450,000
30,611,000
2,828,000
2,748,000
12,341,000
27.900.000
12,389,000
28,608,000
43.451,000
33,286,000
40,241,000
40.997,000
76.737,000
Liabilities—
640,787.000 638,950,000 579.489,000
F. R. notes In actual circulation
53,110,000
52,784,000
F. R. bank notes In actual circulation.—
Deposits—Member bank—reserve ace't__ 1,646,929.00 1,070.645,000 1,086.676,000
26,795.000
Government. ,7,545,01)0
3,854,000
5,801,000
6,971,000
Foreign bank (see note)
6,235.000
6,409,000
Special deposits—Member bank
876,000
807,000
Non-member bank
11,211.000
9,467,000
22,851,000
Other deposits
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
2,033,000
2,333,000
10,684,000
172,013,000
32/.689,000
282.419,000
173,6/7,000
313.010,000
293.1101.000
189,250,000
155.670.000
373,872,000
782,121,000
Ratio of total gold reserves & other cash•
to deposit and F. R. note liabilities
2,887,000
combined
1,237.000
Contingent liability on bills purchased
for foreign correspondents
824,858,000 809,100,000
1,237,000
825.632,000
780,291,000
Total Debilities
1,108,84:1,000 1,101,901.000 1,123,536.000
93,703.000
111,595,000 101,178,000
59,021.000
54,497,000
58,497.000
75,077,000
85.054,000
85,058,000
12.542.000
11,392,000
11,913.000
2,069,793,000 2,049,761,000 1,948,368,000
— ---
718,792,000
61.4%
15,600,000
61.0%
14,682,000
58.2%
13,218,000
•"Other cash" does not include F. R. notes or a bank's own F. It. bank notes.
and
NOTE.—IlegInning with the statement of Oct. 17 1925, two new items were added In order to snow separately the amount of balances held abroad was amounts
changed
-All other earnings assets," previously made up of Federal Intermediate Credit Bank debentures,
due to foreign correspondents. In addition, the caption
accurate description of the total
to -other securities," and the caption. "Total earnings assets" to "Total bills and securities." The latter term was adopted as a more
acceptances and securities acquired under the provisions of Sections 13 and 11 of the Federal Reserve Act, which it was stated are the only Items Included
of the discount
therein.
2235
Financial Chronicle
Volume 137
Weekly Return of the Federal Reserve Board.
Tin following is the return issued by the Federal Reserve Board Thursday afternoon,Sept. 21.and showing the condition
af the twelve Reserve banks at the close of business on Wednesday. In the first table we prese,,,. the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the correspondi rig 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."
CGMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OP BUSINESS SEPT. 20 1933.
Sept. 20 1933.ISept. 13 1933. Sept. 6 1933. Aug. 30 1933. Aug. 23 1933. Aug. 16 1933. Aug. 9 1933 Aug. 2 1933 Sept.211932.
RgsouRre.s.
8
$
8
2,732.226,000 2,740,651.000 2.744,851,000 2.779.519.000 2.779.984.000 2.752.404,000 2.756.489.000 2.747.289.000 2.144,988.1110
Gold with Federal Reserve agents
54.3511.044
38.560.000
37,729.000
36,162,0001 36,719,000
35.633.000
37 CO3.000
35,913.000
36.277.000
Gold redemption fund wlth U.8. Treas.Gold held exclusively agst F. It notes 2,768.388.000 2,777.370.000 2.784,764.000 2.815.152.000 2.416.261.000 2.789,407.000 2,794,218.000 2,785,849.000 2.199,338.066
Gold settlement fund •Ith F R. Board._ 570,051.000 565.831,000 561,834.000 531.748,000 530.103,000 544,124.000 541.709.000 532.723.000 286.056,040
Gold and gold certificates held by banks. 252,527,000 247,254,000 241.783.000 241.057.000 243.116.000 244.636,000 241,860,000 240,938,000 379.297.011
3.590.966.000 3,590.455,000 3,588,381.000 3.587.997.000 3.589.480.000 3,582.167.000 3.577.787.000 3,559.510,000 2,864,691.101
a
a
a
a
a
a
230.835.000 238,121,000 221,136,000 239.933.000 243,577.000 240,939,000 248,833.000 251.784.000 281.685,0041
Total gold reserves
Reserves other than gold
Other caah•
Total gold reserves and other cash-- 3.821.801.000 3,828.576,000 3.809.517.000 3.827.930.000 3,833.057.000 3,823,106,000 3,826,620.000 3,811,294.000 3.146.374.151
a
a
a
a
Non reserve cash
a
a
7.640.000
8,528.000
8.839.000
8,534.000
Redemption fund-F. R. bank note,...
8,505,000
8,200.000
8,224.000
8,451.000
Bilis discounted
39.834.000 118,359.500
37,412,000
29,030,000
38,217.000
37,704.000
- 27.092.000
36.025.000 842.425,000
Secured by 17 S. Govt. obligations
103.009.000 104,203,000 107,039,000 115.003.000 114.119.000 8123.460,000 118,856.000 123.708.000 245.714.555
Other bills discounted
Total bill, discounted
Bills bought in open market._
U.S. Government securities-Bonds.....Treasury notes
Special rreastiry cettifleates
Other certificates and bills
359.023,050
33.652.5111
421,348.000
408,355.000
130.161.000
6.932,000
441,396,000
934,624,000
133,233,000
7.347.000
442,231.000
890,877.000
144,793,000
6.974.000
441.935.000
874,846,000
153.220,000
6,900.000
441,687,0(10
860.945,000
150,145.000
7.350,000
442.901,000
848.503,000
165.891.000
7.453.000
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
861.760.000
869,552.000
849,540.000
834,140.000
802,605,000
789.141.000
870.401.000
865.787.000 1,021.343.IIII
Total U S Government securities
Othersecuritlea
Foreign loans on gold
3,231,780,000 2,202,660.000 2.166,371.000 2.128.772.000 2,094,014.000 2.0513.853.000 2,048,280,000 2,037.928.000 1,851,544.000
4,452,511111
1,789.000
1.846.000
1,7811,000
1.851,000
1,861,000
1.939.000
1.854.0(10
1.854,000
Total bills and securities
Gold held abroad
Due from foreign banks.
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other cesourcee
2,376,662,000 2,345,029,000 2,320,077,000 2,290.746,000 2.253,363,000 2.234.051,000 2,214.045.000 2,211,529.000 2,248,623,055
3,909.000
19,799.000
435.845.000
54,551,000
54.112,000
3.713,000
19,577.000
422,779.000
54,542.000
55.575,000
3,713.000
15,290.000
376.616,000
54,541,000
52,952,000
3.710.000
14.916,000
343,439.000
54.455.000
52.013,000
3,740.600
14,667,000
349.014.000
54.454.000
51.201.000
4.020.000
15,970.000
409.594.000
54.452.000
80.729.000
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
2.653.000
17,871,050
361.183,040
58,126.055
43,7,4.000
6,775,207.000 6,738,325,000 6 640
. .930.00016 595 430 000 6.571.956.000 6.600.431,000 6,506,187,000 6.531,083.060 5.879.346.500
. , .
Total resources
2,946,781,000 2.989.123,000 3,010,949,090 2,974,180.000 2,984.978.000 2.996,314.000 2,999.245.000 3,004.605.000 2.759,137.500
Y. R. notes In actual circulation
F. R barn notes is denial elretilatIOn - 137.110.000 133.638,000 132.687,000 131.244.000 129.296,000 124,188.000 126.563.000 126,632.000
Deposits-Xlember banks-reserve awl- 2.543.328,000 2,541,745,000 2,439,393.000 2,426,589.000 2,431.915.000 2.370,866.000 2,375.866.000 2,319.239.000 2,210,587.900
68,969.000
59,123.000
56.229.000
46,004,000
67.938.000
48,383,000
24,403.000
55.695.000
49.173.000
Government
10,7112.001
16.174.000
21.207.000
18.664,000
, . ,
32,033.000
39.782.000
39.878.000
21.536,000
Foreign bangs
76.665.000
81.053.000
75.865,000
75.703,000
81.049.000
74.310.000
80.775.000
76,511.000
Special deposits: Member bank
16.214,000
22.130.000
16,448,000
21.341.000
17.0.16.000
14.43(1.000
19.330.)100
19.421.000
Non member bank
55.118.000
24,830.000
43,774,000
66.603.0(10
62,017.000
67.152.000
53,185.000
69,934,000
57,471,000
Other deposits
2,766.622.000 2,745,047,000 2,673,045,000 2.697,039,000 2,656,338,000 2.616.475.000 2,595,598.000 2.563.918.000 2,315.088.005
428,340.000 414,240,000 370,541.000 339.1,04.000 344.045.000 407.219.000 324.816.000 381.537.000 353.791.1105
145.854.000 145.849,000 146,030,000 146.147.000 145,147.000 146 182.000 146,243.000 146.258.000 1,2.988.000
278.599.000 274.599,000 278,599.000 278.599.000 274,599,000 278,599,0011 278.599.000 274.599.000 259.421.000
38,962.550
31.837.000
29.536,000
31.123.000
31,789,000
27,454,000
29.019,000
28.6211.000
24,513.000
Total deposita
Deferred avallabIlltY items
Capital paid in.
Surplus .
All other liabilities
Total liabilities.
6,775,207.000 6,738,325,000 6,640,930,000 6.595,439.000 6.571.956.0013 6.600,431 000 6,506.187.000 6,531,083.000 5,879,386.555
Ratio of gold reserve to depodits and
56.4%
62.4%
F. Ft. note ilabulties
63.9%
63.9%
63.6%
olned
63.1%
63.2%
63.8%
63.6%
Ratio of total reserve to deposits and
60.4%
F. R note liabilities 0 inblited
Ratio of total gm Id reserve. A other cash to
42.5%
&posit A F 14 note liabilities combined
68.4%
66.4%
68.4%
66.8%
68.1%
67.0%
67.5%
67.9%
Contingent liattility on hills purchased
41,978.110
37,123,000
for foreign sorre•pondelltd
46,701.000
36,885.000
43,362,000
38.257.000
39,099.000
41.402.000
39.096.000
-=
=
WatUrtle DIS,
Inuttoi of Bills and
Short-Fe
1erurttles1-15 days bills discoonted
95,693.000
96,670.000 109,555.000 118.190.000 111,036,000 126.956.000 115,589.000 121.061.000 241.609,000
28,258,550
16-30 day nilis iissotitited
13.839.000
10,90/.000
13.580,000
11,150.000
11.961,000
13.277.000
12,751.000
13.529.000
43.956.0111
14.671.000
81-60 days bills 114cotinted
16.160.0110
11,430,000
12.440,000
12,415.000
13.370.000
11,714.000
15.058.000
27,555,000
41-90 lays bills 11.4colinted
11.782.000
10,838.000
9,304.000
9,768,000
11.092,000
9.670.000
9.1180.000
9.071.000
17.695,000
Over 90 days bills(11.4counted
2.149.000
1.293.000
1,631,000
1,212,000
1.095.000
2,608.000
1.103.000
1.451.000
Total bills discounted
1-15 days bills bought In open market.16
-30 days bills bought In open market
81-60 days bills bought in open market.61-90 days bills bought in open market
Over 90 days bills bought In open market
130.161.000
3,207,000
863,000
2,018,000
844.000
133,233,000
2,877.000
1,055.000
744,000
2.661,000
144.793.000
1.436.000
3.052.000
704,000
1,782,000
153.220,000
1,756.000
2.552.000
1.495.000
1,097,000
150.145.0f10
199.000
631,000
1.450.000
5.070.000
165.891.000
I/66,000
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
688.0110
488.000
5.786.000
1,000
359,523,500
4,8(16.000
928.005
1,663,0110
26,825.050
35,050
Total bills bought In open market__
1-15 days U S certificates and bills.
16
-30 days U. S. certificates and bills-81-60 days (7. S certificates and bills-61-90 days U. S. certificates and bills
Over 90 days certificates and bills
6,932.000
80.183.000
46,300,000
97.972,000
325.199,000
311,105,000
7,347,000
187,431,000
78,088,000
97,472.000
151,6/C.000
354.891,000
6,974.000
159,038,000
80,183,000
46.525.000
135.017.000
388,779,000
6,900,000
19,500.000
190.031.000
110,913,000
97.867.000
407.829.000
7.350.000
50.450,000
167,101.000
125,843.000
82.972.000
376.199.000
7.456.000
413.700.000
158.6/6.000
139.413,000
/46,472.000
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
31,652,550
61050,0110
136,290,000
122,144,090
93,750,550
618.153,000
Total U. S. certificates and bills
1-16 days municipal warrants
16-30 days munielps1 warrants
31-60 days municipal warrants
61-90 days munielps1 warrants
Over 90 days municipal warrants
861.760,000
1.710,000
869.552.000
1,677.000
23,000
849,540.000
1,777.000
33,000
826.140.000
1,739.000
802.605.000
1,739,000
23,000
870.401.000
1,701.000
38,000
33,000
37.000
42,000
37.000
42.000
23.000
789.141.000
1.701.000
38.000
23.000
37.000
92,000
92.000
92.000
89,000
89.000
865.787.000 1,021.843,010
4.142,490
1,706.000
48.000
25,405
23.000
111,11115
205.000
69.000
1,789,000
1.7139,000
1,939.000
1,854.000
1.854,000
1.851,000
1,861,000
Total municipal warrant@
Federal Reserve Vote,
Issued to F R. Bank by F. R. Agent
Heldby Federal Reserve Bank
In actual circulation
.>-==
Collateral Wad by Aping as Security
for Notes Issued to Rant
By gold and gold eertitlmtes
Gold fund -Federal Reserve Board
By eligible Patter
U. IL Government securities
1,846,000
4.452,005
3,279,097,000 3.242,847,000 3.269,611,000 3.244,977.000 3,256.549.000 3.266.879,000 3,274.216,000 3.270.681.000 3,007,531.000
292,316,000 293,724,000 258,662.000 270.797,000 271.5/1,000 270.565,000 274,971,000 266.076.000 248,394,050
2,988,781.000 3,989,123,000 3.010.949.000 2,974.180.000 2.984.978,000 2.996,314.000 2,999,245.000 3.004.605.000 2.759,137,000
1,518,291,000 1,521,916,000 1,525,116,000 1.524,784.000 1,523.749,000 1.515,169.000 1,517.054,000 1,515,854.000 1.034,973.050
1.213,935,000 1.2114.735,000 1,223.735,000 1,254.735,000 1,256.235.000 1,237.235,000 1,239.435.000 1,231.435.000 1.110,015,000
79,464,000
41.215.000
90,727,000
98,143,000
95.004.000 106,958,000
97,207,000 100.480.000 342.626.500
527,200,000 507.700.000 483.700.000 437,700.000 433.700.000 442.7C0.000 475,700,000 477.200,000 5325.00.500
3.338,894,000 3.329.566,000 3,323.278,000 3,315,362,000 3,308,688,000 3.302.062.000 3,529,396,000 3,324,989,000 3,020,214,061
"Other cash'does not Include Federal Reserve none or a Bank sown Federal Reserve bank notes. a Now Included In "other cash." 0 Revised
•
Total
WEEKLY S ra.CEMENT OF RESOURCES AND LIABILITIES OF EACH OP THE 12 FEDERAL RESERVE BANKS AT CLOSE OP BUSINESS SEPT. 20 1933
Two Ciphers (00) Milted.
Twat.
federal Reserve Bank ofBoston. Ness York. Phila. Cleveland. Richmond Atlanta
Chicago. St. Louis. Altnneop. Nass.Citg. DMus' &mhos.
-RBSOURCBS.
s
$
$
$
s
s
s
$
$
3
$
$
$
Res Agents__ 2,732,226,0 224,316,0 656,706,0 183,200,0 218,770,0 117.130,0 90,625,0 750,017,0 108,606,0 69,289,0 99.290,0 29,014,0 185,263,0
)14 with Fed.
36,162,0 1,176,0
6,291,0 4,019,0 4,775.0 1,673,0 2,748,0
)1d redm.fund with U.S.Treas.
3,042,0 1,657,0 1,692,0 1,307.0 1,054.0 6,728,0
-Geld held excl.sot. F.R.notes 2
.768,388.0 225,492,0 662.997,0 187,219,0 223,545,0 118,803,0 93,373,0 753,059,0 110,263,0 70,981,0 100,597,0 30.068.0 191,991,0
)111 @enteral fund with F.R ad 570,051,0 21,439,0 206.178,0 11,121.0 31,845,0 18,907,0 11,865,0 156,828,0 30,618,0 16,032,0 27,532,0 18,403.0 19,283.0
oils. held by banks_ 252,527,0 21,914,0 144,936.0 15,368,0 4,334,0 1,510,0 4.219,0
Ad & gold
7,278,0
472,0
341,0 12,555,0 5,260,0 34,340,0
rnialanlarennronn
3 ROO ORR n 2AR RAS 0 1 niA Iv' 0512,00 n oxn ,AA nt,r, oon n Ina
AK, A
nl, lac n1A1
9E0
n o, neA As lAn
&OA A
Mq .701 A AdfAvA A
Financial Chronicle
2236
Sept. 23 1933
Weekly Return of the Federal Reserve Board (Concluded).
Two Cipher,(00) omitted.
Total.
RESOURCES (Concluded)
Other cash*
Boston.
Cleveland. Richmond Atlanta.
New York.
60,916,0 27,106,0 21,839,0 11,268,0 10,596,0
230,835,0 20,333,0
Total gold reservesdrother earth 3,821.801,0 289,178,0 1,075,027,0 240,814.0 281,563,0 150,488,0 120,053,0
701,0
544,0
370,0
2,828,0
Red ern fund-F.R.bank notes_
638,0
8,528,0
Bills discounted:
953,0
359,0
12,341,0 4,479,0 3,811,0
27,092,0 1,889,0
Sec. by (.1.8 Govt.obligations
27,900,0 23,767,0 7,628,0 9,088,0 6,501,0
103,069,0 3,351,0
Other DIM discounted
Total bills discounted
BM bought In open market---U. 8. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
40,241,0 28,246,0 11,439,0 10,041,0
606,0
239,0
649,0
2,033,0
5,240,0
451,0
130,161,0
6,932,0
33,449,0
8,887,0
5,760,0
8,885,0 . 5,767,0 16,029,0
950,614,0 150,240,0 93,114,0 149.569,0 59,498,0 261,643,0
232,0
668,0
50,0
95,0
119,0
2,283,0
1,002,0
5,088.0
887,0
2,654,0
117,0
3,455,0
439,0
3,882,0
211,0
4,023,0
604,0
5,012,0
6,810,0
803,0
6,860,0
214,0
172,013,0 28,510,0 32,904,0 11,503,0 10,652,0
327,689,0 66,573,0 87,030,0 30,421,0 28,083,0
441,396,0 23,665,0
934,624,0 60,727,0
Sc. Louts. Aftrussap. Kan.City. Dallas. San Fran.
Chicago.
3,541,0
174,0
3,572,0
118,0
4,321,0
177,0
4,234,0
177,0
5,616,0
1,291,0
76,211,0 14,408,0 16,387,0 12,504,0 17,476,0 25,163,0
165,463.0 36,786,0 23,462,0 32,036,0 19,773,0 66,551,0
861,760,0 55,229,0
282,419,0 60,518,0 79,151,0 27,666,0 25,541,0
168,763,0 33,458,0 21,339,0 29,168,0 17,983,0 60,525,0
Total U.S. Govt.
'securities_ 2,237,780,0 139,621,0
Other securities
1,789,0
Bills discounted for, or with
(-),other F. R. banks
782,121,0 155,601,0 199,085,0 69,590,0 64,276,0
400,437,0 84,652,0 61,188,0 73,738,0 55,232,0 152,239,0
2,376,662,0 145,312,0
Total bills and securities
284,0
3,909,0
Due from foreign banks
371,0
19,799,0
Fed Rea. notes of other banks..
435,445,0 54,341,0
Uncollected items
54,551,0 3,280,0
Bank premises
710,0
54,112,0
AU other resources.
825,632,0 185,006,0 211,130,0 79,870,0 71,350,0
145,0
367,0
130,0
409,0
1,565,0
919,0 1,240,01 1,136,0
441,0
4,975,0
116,498,0 31,745,0 39,570,0 35,356,0 12,724,0
12,818,0 3.618,0 6,929,0 3,237,0 2,422,0
30,450,0 4,048,0 2,517,0 3,873,0 4,423,0
1,237,0
42,0
510,0
408,050,0 88,367,0 64,920,0 78,236,0 59,643,0 159,146,0
280,0
107,0
12,0
107,0
17,0
508,0
195,0 2,389,0
758,0 1,639,0
4,523,0 1,213,0
58,778,0 17,559,0 11,362,0 22,952,0 14,876,0 20,080,0
1:3 :
793 0
7,609,0 3,285,0 1,747,0 3,559,0 1300 4,254,0
1.089,0
583,0 1,308,0 2,006,0
1,775,0
6,775,207,0 494,114,0 2,069,793,0 466,451,0 543,696,0 274,209,0 212,786,0 1,434,138,0 261,359,0 173,340,0 258,118,0 138,110,0 449,093,0
Total resources
LIABILITIES.
F. R. notes in actual circulation. 2,986,781,0 222,202,0 640,787,0 237,623,0 296,652,0 137,628,0 117,635,0
1,780,0
53,110,0 7,122,0 11,785,0
F. R. bank notes In act'l circurn 137,170,0 12,318,0
Deposits:
Member bank-reserve account 2,543,328,0 170,327,0 1,046,929,0 125,024,0 139,228,0 67,209,0 54,768,0
26,151,0 5,619,0 2.359,0 5,811,0 2,479,0
59.123,0 3,001,0
Government
607,0
545,0
5,801,0 1,635,0 1,542.0
16,174,0 1,137,0
Foreign bank
6,235,0 10,885,0 6,230,0 4,207,0 2,135,0
76,665,0 1,482,0
Special-Member bank
174,0 1,427,0
198,0
876,0 1,714,0
16,214,0
Non-member bank
614,0 2,199,0 4,922,0 2,996,0
22,851,0
55,118,0 2,681,0
Other deposits
492,330,0 74,564,0 49,876,0 106,859,0 59,804,0 156,410,0
2,858,0 1,905,0 1,692,0 2,412,0 1,253,0 3,580,0
452,0 1,090,0
358,0
452,0
530,0
2,025,0
333,0 5,297,0
31,303,0 4,580,0 1,672,0 2,306,0
786,0
409,0
147,0
7,066.0 3,417,0
998,0 7,456,0
309,0
3,803,0 4,974,0 1,315,0
178,628.0 1,108,843,0 145,491,0 151,732,0 84,183,0 63,121,0
49,004,0 111,535,0 30,138,0 40,093,0 34,922.0 12,067,0
10,779,0
58,497,0 15,747,0 ,12,377,0 4,891,0 4,840,0
85,054,0 29,242,0 28,294,0 11,616,0 10,544,0
20,460,0
969,0 2,799,0
723,0 .11,913,0 1,088,0 2,763,0
539,385.0 89,970,0 55,322,0 112,485,0 62,843,0 174,619,0
57,889,0 20,014,0 11,388.0 22,573,0 17,255,0 21,412,0
13,218,0 4,011,0 2,872,0 4,220,0 3,720,0 10,686,0
39,497,0 10,186,0 7,019,0 8,263,0 8,719,0 19,701,0
739,0 2,691,0 1,745,0
3,909,0 1,340,0 1,158,0
2,766,622,0
428,340,0
145,858,0
278,599,0
31,837,0
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
749,123.0 134,201,0 93,779,0 108,883,0 31,313,0 216,955,0
955,0 11,569,0 3,975,0
31,117,0 1,637,0 1,802,0
6,775,207,0 494,114,0 2,069,793,6 466,451,0 543,696,0 274,209,0 212,786,0 1,434,138,0 261,359,0 173,340,0 258,118,0 138,110,0 449,093,0
Total liabilities
Memoranda.
Ratio of total gold reserves and
other cash• to deposit 4, F. R.
note liabilities combined
Contingent liability on bills purchased for for'n correspondents
66.4
73.8
67.0
62.5
67.8
63.2
66.8
1,635,0
•"Other cash" doee not Include Federal Reserve note. or a Bank's own Federal Reserve bank notes.
6,071,0
1.588,0
1,074,0
1,354,0
1,354,0
3,269,0
72.1
61.4
62.9
62.8
67.8
3,409,0
15,600,0
4,903,0
4,623,0
1.821,0
66.4
46,701,0
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve Agent et-
Total.
Boston. New York.
3
Two Ciphers (001 mated.
$
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt. 3,279,097,0 248,259,0
Held by Fed'I Reserve Bank. 292,316,0 26,057,0
2,986,781,0 222,202,0
In actual circulation
Dollateral held by Agent as security for notee Issued to bks:
1,518.291,0 73,499,0
Gold and gold certificates
1,213,935,0 150,817,0
Gold fund-F.R. Board
741,468,0 3,097,0
Eligible paper.
D.S. Government securities._ 527,200,0 25,000,0
TA... weOlatat a.
2 223
SIO4 n 2.241I n
Phila.
Cleveland, Richmond Atlanta.
$
5
5
5
In actual circulation
OUst pledged agst.outet. notes:
Discounted St purchased bilis_
U.S. Government securities
$
$
$
s
8
640,787,0 237,623,0 296,652,0 137,628,0 117,635,0
749,123,0 134,201,0 93,779,0 108,883,0 31,313,0'216,955,0
97,450,0 107,270,0 51,625,0 20,625,0
85,750,0 111,500,0 65,505,0 70,000,0
11,988,0 9,831,0 6,257,0 4,320,0
62,000,0 85,000,0 25,000,0 47,000,0
441,017,0 43,406,0 29,780,0 21,490,0 19,014,0 89,500,0
309,000,0 65,200,0 39,500,0 77,800.0 10,000,0 95,763,0
2,381,0 2,781,0 1,821,0 3,007,0 3,877,0 4,521,0
50,000,0 32,000,0 29,200,0 20,000,0 2,000,0 75,000,0
523,606,0
133,100,0
25,537,0
75,000,0
757 2112 n 257_188.0 3131101_0 148_3574 141 1145 0
$
$
Phila.
BANK
Cleveland Richmond Atlanta.
$
$
tin9 203 n Ian
227 11
100/10.0122.297.0 34.491.0 264.784.0
NOTE STATEMENT
8
$
Chicago. Si. Louis. Minneap. kan.City. Dallas. San Fran.
$
$
$
$
i
$
159,614,0 14,318,0
22,444,0 2,000,0
63,102,0
9,992,0
7,337,0 16,121,0
215,0 4,336,0
1,839,0
59,0
32,903,0
1,786,0
1,895,0
258,0
2,014,0
212,0
975,0 .14,878,0
20,0 3,303,0
4,232,0
257,0
137,170,0 12,318,0
53,110,0
7,122,0 11,785,0
1,780,0
31.117,0
1,637,0
1,802,0
955,0 11,589,0
3,975,0
64,274,0
1,531,0
8,000,0 15,000,0
249,0
3,000,0
2,400,0
138,0
1,000,0 16,000,0
5,000,0
64,274,0
8,000,0 16,531,0
3,249,0
2,400,0
1,000,0 16,138,0
5,000,0
2,260,0
179,674,0 20,000,0
181,934,0 20,000,01
Total collateral
s
797,239,0 141,928,0 99,227,0 116,906,0 34,286,0 260,850,0
48,116,0 7.727,0 5,448,0 8,023,0 2,973,01 43,895,0
Boston. New York.
Total.
Two Ciphers (00) omtaed.
'Moral Reserve bank notes:
Issued to F. K. Bk.(outstdg.)
Held by Fed'I Reserve Bank-
,
Chicago. IL LOWS. Mtnriesip. Kan.001 DaUbb• San Fran.
$
723,892,0 257,081,0 311,531,0 147,021,0 140,877,0
83,105,0 19,458,0 14.879,0 9,393,0 23,242,0
FEDERAL RESERVE
Federal Reserve Agent at-
s
344,0
40.000,0 5,000,0
40,000,0 5,344,0
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 state"
The comment of the Reserve Board upon
ment of Dec. 14 1917, published in the "Chronicle of Dec. 29 1917, page 2523.
the figures for the latest week appears in our department of "Current Events and Discussions," immediately preceding which
we also give the figures of New York and Chicago reporting member banks for a week later.
,
Beginning with the statement of Jan. 9 1929, the loan figures exclude -acceptances of other banks and bills ot exchange or drafts sold with endorsement" and MOM
all real estate mortgagee and mortgage loans held by the bank. Previously acceptances of other banks arid bills sold with endorsement were included With loans, and 40Inh
of the banks Included mortgagee In Investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total or loans on securities
being given. Furthermore, borrowing at the Federal Reserve Is not any more subdivided to show the amount secured by U. 8. obligations and those secured by commerelsi
,
paper, only slump total being given. The number of reporting banks former's covered 101 leading cities, but was reduced to go nitle4 after the declaration of bank bolidars
or moratoria early In March 1933. Pubilcallon of the weekly returns for the reduced number of cities was omitted In the weeks from March 1 to Mar 10. but a summary
of them Is to be found in the Federal Reserve Bulletin. The figures below are stated In round millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS SEPT. 13 1933 (In millions of dui sm.,
Federal Hoene District--total
LOane and investments
Loans
-total
On securities
All other
-total
Investments
U.S.Covesissient securities
Other securities
Reserve with F. R. Bank
Caili In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
-...
___ _.
Total.
Boston. New York
$
$
$
16,580
1,216
8,596
693
3,773
4,823
250
443
Phila.
Cleveland. Richmond Atlanta.
7,694
$
1,031
$
1,115
3,988
515
466
2,050
1,938
254
261
231
235
i
$
Chicago.
335
326
s
1,518
174
176
867
60
114
59
117
54. LOW . Minnba5. Ran•CI P• Daiias• San rra
,
•
"'
$
$
$
$
$
1,660
377
509
327
472
230
183
213
207
834
396
471
88
142
50
133
57
156
59
148
219
665
7,984
523
3,706
516
649
161
150
651
242
144
296
170
776
5,044
2,940
328
195
2,414
1,292
270
246
444
205
113
48
98
52
384
267
140
102
85
59
188
108
118
62
452
314
1,876
195
10,558
4,484
865
1,227
2,589
99
104
19
710
393
61
100
147
946
49
5,684
1,177
418
98
1,233
In
79
12
537
312
89
90
141
9
70
17
511
440
49
68
122
27
10
184
130
8
52
56
20
6
145
133
31
64
55
358
36
1,182
468
74
311
329
53
6
280
160
24
60
79
28
5
191
125
5
59
69
63
12
354
164
15
116
157
1
33
8
218
124
36
80
72
95
15
564
858
55
129
129
1
5
0
Financial Chronicle
VvIume 137
Tire
'al
Tommcrit
Sinanrud
U. S. Treasury Bills—Friday, Sept. 22.
Rates quoted are for discount at purchase.
I
•'
Trantra
git
Bid.
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Ineludino Postage—
12 Itfos.
6 Mos.
United States, U. 9 Possessions and Territories
$10.00
$ 6.00
In Dominion of Canada
11.50
6.75
South and Central America, Spain, Mexico and Cuba_ -- 13.50
7.75
Great Britain, Continental Europe (except Spain), Asia.
15.00
Australia and Africa
8.50
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BANK AND QUOTATION RECORD
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The subscription price of the Bank and Quotation Record and the
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Officio() OFFICE—In charge of Fred. H. Gray, Western Representative.
204 South La Salle Street, Telephone State 0611.
LONDON OFFICE—EdwarcLs & Smith, 1 Drapers' Gardens. London, E. C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Prasident and Editor, Jacob Seibert; Business manacer, William I). Riggs:
Treas., William Dana Seibert: See.. Herbert D.Seibert. Addresses of all, Office of Co.
Wall Street, Friday Night, Sept. 22 1933.
and Miscellaneous Stocks.—The Review of the
Stock Market is given this week on page 2222:
The following are sales made at the Stock Exchange this
Week of shares not represented in our detailed list:
7'Railroad
Ifighest.
b2
A...V
g4v,uggaqnligatMg
X
per share.
Sept
178
Sept
33
July
12
214 July
334 July
514 July
June
4
Aug
20
34 July
874 Sept
534 July
July
10
150
Sept
115
Sept
June
6
gliv44g . ts174411aqaq Va117-04 g,
7 ° TEIg4?-44a4 4;1444gMWS414 23.
g
XX=
X.XX
X4
X X gX.
gg
g
co
0.
.
,
CW.A.-.0
So -a .c.. QC& 0 C .
.0. A.340'00.000=1C00W00&00W0003
July
June
534 June
97
XXXX
CC. 4.00
..C&WWW.
00
NO
.4
..2
.
04
.004.00CA.
X.XXXX4
,;
..
.co.
NJ
NOW,V
Lowest.
g
X
g
XX
Range Since Jan. 1.
vco.w
npvww.
=0,,00y0.00.0WV.P.
,
..
..0.
A.
00 .
1
0, .140
W04000WW.WWC..WWW,
1
6 Indus. & Miscell.—
Abralfm & Straus p1100
20 92 Sept 16
An, Agr Chem (Como _•
300 3 Sept 18
Am Mach & Mets ars.*
200 3 Sept 22
Amer Radiator dr Stand
*Sanitary pret _ _ _.100
10 118 Sept 20
Artloom Corp pref..100
40 70 Sept 21
Art Metal Construct.101
230 64 Sept 19
Beneficial Ind Loan • 2,003 134 Sept 21
Blumenthal dr Co pt 1
10 48 Sept 22
Bristol-Myers
5 15,600 32% Sept 16
Burns Bros pref.__ -100
10 7s4 Sept 18
City Stores class A__ *
120 4 Sept 22
Certificates
* 7,500 1% Sept 18
Collins & Allman p1100
20 79 Sept 22
Col Fuel & Ir prof...100
30 1834 Sept 22
Col Gas & El prof 11.100
150 6354 Sept 19
Comm Cred pre (71_25
50 24)4 Sept 18
20 4834 Sept 22
Cons Cigar pr pf x-w100
Deere & Co
• 62.200 284 Sept 22
Fairbks Co pre( CBs.100
20 6 Sept 16
Fed Min&Smelt pret10
200 69 Sept 18
Fifth Av Bus Sec
•
120 9 Sept 22
Gen Baking Co prof __-•
230 10434 Sept 22
Gen Refractories ctts_•
100 74 Sept 22
Gold & Stock Teleg_ 1
100 90 Sept 16
CluantanamoSug pfdlOG
30 1734 Sept 22
lIarbisn-W Ref prof 100
20 89 Sept 22
Hazel-Atlas Co
2
5,400 76% Sept 22
80 104 Sept 18
Ran City Lt & I' prefil•
240 4 Sept 22
Kresge Dept Stores_ _.*
60 42 Sept 22
Laclede Gas pref. _100
5 9,700 1834 Sept 21
Life Savers Co
60 8974 Sept 22
NfacAnd & Forh pref100
Martin-Parry Corp...'
700 4 Sept 19
Omnibus Corp pret-100
600 85 Sept 19
7 110 Sept 19
Pac Tel & Tel pref.-100
l'eoplee Drug Stores
20 85 Sept 18
634% cony prof _ _100
500 434 Sept 22
Penn Coal & Coke....5
100 18 Sept 19
Plerce-ArrowCo prof 1
10 55 Sept 18
Revere Cop & lir pfd100
Schenley Dist Corp...5 44,100 334 Sept 22
70 23 Sept 20
Shell Transp & Trad_L2
Sterling Products__ _10 25,900 54 Sept 22
10 105 Sept 19
Underwd-Ell-F prof- 100
300 114 Sept 21
United Amer-Bosch..'I
51 36,900 934 Sept 16
United Drug
520 60 Sept 211
United Dyewd preL 1001
10 80 Sept 20
101
Utah Copper
51 11,900 2734 Sept 22
Vick Chemical
..l00(10 893i Sept 21
walgreen Co pref.
.00 283-4 Sept 21
White itk Min Spr news
• No par value.
C
WW0,
k Railroads—
Par Shares. $ per share.
Albany & Susqueh_.100
10 178 Sept 21
Beech Creek RR_ .... _ 50
420 33 Sept 18
Chic St P M & 0 p1100
20 12 Sept 20
Duluth S S & AV_ ..100
100 14 Sept 2e
100
*Preferred
100 134 Sept 18
Hudson & Manh pf _100
700 38 Sept 18
Inc Ry of C Amstts__•
10 3 Sept 22
70 15 Sept 20
*Preferred
100
190 1 Sept 16
Market St Ry
100
Norfolk & West pret100
340 824 Sept 22
Phila Rapid Transit _50
200 2% Sept 21
*Preferred
•1
90 5 Sept 21
Pitts Ft W & Chic p1100
55150 Sept 19
Pitts Y & Ash pret _ _100
20113 Sept 21
Wabash RR pre 11-100 1,100 24 Sept 21
TWTWMWgW,MT WWMMTW,T4WgiMTRTMWMPWUM' MT MTWWWW,FMWft
............. ............................... ... ................
,
„„„„„ ,„
........... _"„.--.„--..
„„ „,,„,„,„..... ,„,„..................
"„
w
.....
. .„......-.!.
.--....,....--. .„- o.,sap?omc.,zmoom.
......
,
..wom=c0000wootomt., cwmmm.tpopcb“
amwmtocsamwooppoommtp.o tv000,_
IItghest.
X
Range for Week.
Lowest.
WA.. v.
024.CoNCO
.00 CC& 00000.= E V
0
0=4.0C4 0.t.WCWOVJOCC=0000A0.0.000.01-4-4000.00W
.=X
g g
XgXXX
XXg.z
X.
Sales
for
Week.
W
CODWOOCE00CaC
0000OCA.CAOWNOWOC
STOCKS.
L trcek:Entling Sept. 22.
,
kital: Al . i
0)4
118
Sept
70
Sept
9% July
Aug
50
July
Sept
13 June
834 July
24 July
Sept
85
54 June
7434 June
Sept
25
624 July
July
49
64 June
72
Sept
94 Sept
10.5)4 Sept
18
June
Sept
90
374 July
95
Aug
85% July
110
Jan
734 June
Jan
61
224 Sept
90
July
54 July
86
Sept
1114 Sept
87
934
214
60
4514
244
604
105
174
32
70
83
31
904
284
July
July
Sept
July
Aug
July
Sept
Sept
Aug
Sept
Sept
June
Sept
Sept
Sept
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, Sept. 22.
Maturity.
4%
34%
If %
1 34%
214%
23.4%
2Si %
234%
Asked.
Rate.
June 15 1934 _ _ _
Dec. 15 1933....
Mar. 15 1934- _ _
Aug. 1 1935- - Aug. 1 1034...
Feb. 1 1938_ _
Dec. 15 1936...
Apr. 15 1936_ _ _
991*a
100"12
100.31
100"8,
101..n
10022n
102"n
102"n
Maturity.
100'n
10013.1
1001•11
1013.,
'n
1013
10033,1
102".,
102",,
June 15 1938...
May 2 1934...
June 15 1935_
Apr. 15 1937._
Aug. 11936.
Sept. 15 1037...
Dec. 15 1933_ _ _
Rate.
2237
1314.
101",
101 312,
3%
3%
103"s•
102 0,,
3%
334% 103"as
3S4% 10211.,
434% 101
Asked.
101'34
10110st
103"s,
102.4s,
103'01,
102"1,
10131,
Sept. 27 1933
Oct. 4 1933
Oct. 11 1933
Oct. 18 1933
Oct. 25 1933
Nov. 11033
Asked.
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
Bid.
Asked.
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
n 204K
Nov. 8 1933
Nov. 15 1933
Nov. 22 1933
Nov. 29 1933
Dec. 6 1933
Dec. 12 1933
Dec. 20 1023
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05w
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Daily Record of U. S. Bond Prices. Sept. 16 Sept. 18 Sept. 19
—
High 10223,, 10237,1 10233,2
First Liberty Loan
2n 102.33 .1021,33
334% bonds of 1932-47__ Low_ 102)
(First 314s)
Close 1022)33 102"n 1021832
146
216
15
Total sales in $1,000 units__ _
---__-____
Converted 4% bonds offillgh
Close
Total sales in $1,000 units___
Converted 43-I% bOnds{H1gh
01 1932-47 (First 43.4s) Low_
Close
Total sales in $1,000 units_ __
Second converted 434%(High
bonds of 1932-47 (First{ Low_
Second 414s)
Total sales in $1.000 units.__
Fourth Liberty Loan
High
Low_
4.St% bonds of 1933-38
(Fourth 4(4s)[Close
Total sales in $1,000 units. __
High
Treasury
Low_
474s, 1947-52
Close
Total sales in $1,000 antis__
(High
L
1944-54
Close
Total sales in $1,000 units. __
(High
41ow
34s. 1946-56
(Close
Total sales in $1,000 units .. _ _
(High
t Low_
334s, 1943-47
(Close
Total sales in $1,000 units __
(High
(Low_
3s, 1951-55
(Close
Total sales in $1,000 units_ ._
(Filch
Low
33.-4s, 1940-43
[Close
Total sales in $1000 units.__
High
1ow_
33.4s. 1941-43
Close
Total sales in $1,000 units ___
(Bich
41ow
334s, 1946-49
[Close
Total sales in $1,000 units_ __
(113gh
41.0w
334s. 1941
!Close
Tnr...1 .,..• in Cl MA irtrn.,•
Sept. 20 Sept. 21 Sept. 22
102.31, 102"n 102"at
102133 102.33
102
1023s, 1023s, 102".,
46
112
105
- ---------
-_-____
------- -----102"n 1021033 1022333 102"n 102"n 102"n
10211.32 / 02"n. 102,0,2 102 32 102 un 102"n
0n 102'60 102.0,, 102243
1021,33 102"32 102
53
148
40
76
34
11
----____
- --__
---____
_ __.
1033s,
1033,,
1034,,
69
1100133
110,133
333
110)
1
10623 2
.
106,1n
1052133
26
101,133
101'133
104331,
1
1023,2
102
,
102 32
53
98ne
0;40,,
133
98)
30
102
102
102
3
102
101 1032
101.32
4
100,4s,
1004 2
1009n
14
1011333
101",,
101 1,s,
115M
____
103%
1033n
1034,2
216
110"32
1102033
110",,
138
100"n
106
10(",ow_
1061,n
148
1011033
104,433
10134s,
12
.2
1023
1028n
,
102 n
1
98ths
99"n
98342
194
a,
102,
10,"32
101"n
9
102
101 300
101"n
20
1002,12
10042,
1000,2
103
101033
1014,,
101 11s,
If,
-- -- --,
103 n 10210s,
10233n 102"st
1022,,, 102"n
362
312
,
110,332 110 n
1101233 110133
1103,33 1101033
616
41
10622n 106"n
1011.3, 106
106(1132 100133
85
167
101,333 1011133
1011133 101•33
10131,, 104.3,2
46
169
101 22ar
102
101.32 101"n
101"n 101"32
5
97
233
9833n 98)
98'',, 96.33
95"n 98"n
185
201
101"n 101"n
,101631
101 66
101"n 101 ,,a2
71
47
101",,
102
101.60 10116,2
101"n 101 ,23,
180
64
1004,, 1002,,
00.12
100
9920,
1001n
138
167
101"n 101.,
101 1a, 10024,2
101 1:, 100.32
1117
11,11S
- ----- 102",, 102":,
1023's, 10233s.
102"n 102"31
80
113
110.22 110"n
110333 110111n
110(133 1101031
154
202
109"n
1Q'",4s
1013
.2 1051,31
103.31 103"31
4
247
1011In 101 In
'
1011,33 101"31
1003s, 10111.1
27
231
101,4,, 101 14(
101",, 1011.31
101"n 101"n
60
95
131
,
94 (
101
100,132 983.31
1000032 98"31
157
2253
101'',, 101"31
101',, 101"31
h1
101"n 101,
41
14
101"1: 101".1
'
MI'', 101 1s,
101,41, 101'231
11!
549
100,,,,
100
0022,, 002411
99"32 992031
114
218
,101 33
086,
,
08",, 10022,,
9S 0,2 100"3.
Vol:
tat
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1021.33 to 1021333
34th 434n
Foreign Exchange:
4
To-days (Friday's) aetual rates for sterling exchange were 4.76)4 ©4.793
,
for checks and 4.767 4/P1.79Si for cables. Commercial on ban-:s. sight.
days, 4.7814. 90 days, 4.7814, and documents for payment 60
4.79, 60
days. 4.79. Cotton for payment 4.78)4.
To-clay's (Enid ty's) actual rates for Paris bankers' francs were 6.02)4
6.085-4 for short. Amsterdam bankers' guilders were 62.10@62.60.
Exchange for Paris on London, 78.97, week's range. 80.68 francs high
and 78.97 francs low.
The week's range for exchange rates follows:
Cables.
Checks.
Sterling Actual—
4.85
4.85Si
High for the week
4.68%
4.68)4
Low for the week
Paris Bankers, Francs—
6.15
6.1514
High for the week
5.80
5.80Si
Low for the week
Germany Bankers' Marks—
37.50
High for the week
37.55
35.47
Low for the week
35.49
Amsterdam Bankers' Guilders—
High for the week
63.34
98
5 :5
63 37
Low for the week
59.83
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 2224.
A complete record of Curb Exchange transactions for the
week will be found on page 2255.
CURRENT NOTICES.
—G.L. Ohrstrom St Co., Incorp., are distributing reprints of New York
State Mortgage Moratorium Law and the Deficiency Juigmonts Act
wnich became effective Aug. 26 1933, together with an analysis of the effect
of these new laws on New York real estate mortgages and mortgage b
—Hemphill, Noyes & Co., members of the New York Stock Exchange,
announce the opening of a Poughkeepsie office, with Philip B. Chase and
Norman L. It. Deyo as co-managers.
___Boenning & Co., 1606 Walnut Street, Philadelphia, announces the
appointment of Paul A. Hoffner as manager of their statistical depart.nent,
—Robert W. Tyson, Jr., and Frederic B. Ogden have become associated
with the New York office of C. J. Devine & Co.
—Harold L. Bache of J. S. Bache & Co. has been elected a member
of the Chicago Mercantile Exchange.
—Eldredge & Co., Inc. announce that Charles E. Weinmann Jr. has
become associated with them.
—James Talcott, Inc. has been appointed factor for Crossett Shoe Co.
of Augusta, Me.
—Jas. R. Biggs & Associates have moved their office to 11 Broadway.
2238
Sept. 23 1933
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
lar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 16.
$ per share
661 673
4
.71
73
*46
50
3312 347
8
*3
412 3512
*37
4018
*96 101
*19
23
*5
6
*5312 56
295 3014
8
*75
7912
___
__
1512 164
*7514 82
.71
89
457 464
8
/
1
*3
37
8
*3 8 4
5
414 438
*10
1114
74 8
3
123 1314
4
111 1134
/
4
*20
22
55
6
93
8 9
/
1
4
*8
911:
3412 3618
*2512 29
*20
30
478 5
*6
10
74
76
347 3618
s
*912 1112
2112 22
*22
2212
*15
17
2614 2788
*6
7
*15 1 17
*118
112
1512 1638
4138 4214
*454 49
*50
55
25
25
Monday
Sept. 18.
Tuesday
Sept. 19.
$ per share $ per share
60s 6884 6514 6714
70
72
*6812 69 4
8
45:2 47
42 42
3314 35 8 3214 34
3
323 34
8
34
34
384 3812 *3612 3812
*95 8 100
5
*95 8 100
5
*19
23
*19
24
6
*58
4 6
*5
*5312 5518 *5312 593
8
29 4 304 285 3218
3
8
78
78
75
75
_
_
__
-3
iL: 16; i5-" T2 16
1
4
78
*76
78
*70
*73
99
*85
99
45
463
4 443 45 4
8
3
*3
3 8 *3
7
37
8
358 358 *318 4
4
43
8
34 4
3
11
1112 10
107
8
3
712 7 4
7
/ 84
1
4
1212 1234 12
125
8
115
8
114 1214 11
22
22
*1618 21
Wednesday
Sept. 20.
$ per share
6112 66
8
677 677
8
42
42 4
8
3112 3312
33
34
*3612 38
95
95
*18
24
6
*5
*5312 593
8
2978 3084
76
75
__ __
__
154 - 16
*7014 78
*73
85
4418 4512
3
3
34 318
4
4
97 10
8
7
7 12
1053 117
8
103 1112
8
*19
20
Thursday
Sept. 21.
Friday
Sept. 22.
$ per share 8 per share
5712 615
8 5712 60
64
66
63 638
35
39
34
38
28
3118 27
295
8
28
28
27
291
36
3618 364 .33
93
948
4 9473 9 8
47
*16
22
*17
23
5
5
*5
54
59
5312 5312 *40
2712 2934 2634 2878
8
76
*747 77
*72
____
_
____ ____
1338 143; 133 145
4
8
*7014 78
*7014 78
75
*50
85
*61
41
4312 407 42 8
8
7
8
2
*1
3 4 *1
234 3
3
3
8
314 3 4
312 3 13
7
8
83
4
83
4 912
518 614
512 7
912 1012
934 1034
84 934
818 1018
15
15
15
1614
412 5
43
4 518
7
75
8
7
7
54 6
614 7
30 30
28
28
25
25
*20
25
*1818 30
*1818 30
4
418
3
4
518
5
612 612
63
68
603 64
4
8
2812 3212 255 3014
514 812
514 7
1514 1714 143 1714
4
17
18
1538 174
*1012 133 *1012 12
4
8
193 22
8
195 22
612 *5
614
'4
17
15
15 '13
*5
8 13
4
1
1
8
1412 1612 153 16
3014 353
4 303 333
8
4
41
*35
*36
45
48
48
50
51
2112
*23
24
21
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
.
Range Sines Jan 1
-share age
On baste of 100
Highest.
LOWell.
Shares.
30,300
1,700
3,800
77,200
2,400
300
90
Railroad.
Par 8 per share 8 per share
Ateh Topeka & Santa Fe-100 3458 Feb 25 8018July 7
Preferred
100 50 Apr 3 793
4June 3
Atlantic Coast Line RR
100 1612 Feb 25 59 July 19
Baltimore & Ohio
8July 7
100
814 Feb 27 377
Preferred_
100
912 Apr 5 3914July 7
Bangor & Aroostook
60 20 Jan 5 4114 Aug 29
Preferred
100 6852 Jan 4 110 Aug 30
licoton & Maine
100
6 Apr 19 30 July 1
400 Brooklyn & Queens Tr_No pm
93
8June 8
312 Mar 29
100
Preferred
,
No par 3534 Apr 19 6018July l'
28,400 Bklyn Manta Transit
-No par 21 Feb 25 4114July 12
/
1
4
1,400
36 preferred series A _No par 64 Mar 2 83
12June 13
_____ _ Brunswick Ter & Ry SeoNo par
414 July 10
13 Jan 11
59,800 Canadian Pacific
25
712 Apr 3 2078July 7
Caro Clinch & Ohio stiM-100 50 Apr 4 7912July 19
/
1
4
Central RR of New Jersey-100 38 Apr 4 122 July 6
67,300 Chesapeake & Ohio
25 245 Feb 28 494 Aug 29
2
100 ChM tt East III Ry Co
8 July 10
100
12 Apr 18
1,300
6% preferred
812July 10
13 Apr 6
100
73 July 8
5,700 Chicago Great Wentern-100
182 Apr 8
3,900
Preferred
2July 6
100
24 Apr 5 147
18,300 Chic Milw SIP & Pao_ _No par
1134July 19
1 Apr 6
54,100
Preferred
100
113 Feb 28 1814 July 20
35,300 Chicago & North Western 100
14 Apr 5 16 July 7
/
1
2,400
Preferred
3
100
2 Apr 5 34 4JulY 6
5,800 Chicago Rock lel & Pacific-100
3
8
512 5 4
2 Apr 5 1018July 7
6
6 14
5 4 54
3
2,400
7% preferred
9 8 10
818 9
100
7
94 914
312 Apr 10 1912July 7
3,500
6% preferred
15 July 7
712 8
718 714
7
7
100
2 Apr 11
/
1
4
200 Colorado & Southern
34
34
*30
35
35
35
100 154 Feb 24 51 July 13
29
10
29
*25
4% 1st preferred
8
*23
30 '20
100 124 Apr 10 42 4July 19
4% 2d preferred
*20
*1818 30
30
*20
30
100 10 Mar 2 30 July 21
5
5
5
5
1,500 CO13801 RR of Cuba pref--100
5
5
8June 12
14 Feb 24 105
420 Cuba RR 6% pref
514 612
512 57
8
*612 10
212 Jan 6 16 June 7
100
7218
9,500 Delaware & Hudson
3
74
77
72
73 4 68
3
100 3758 Feb 25 93 4July 7
45,000 Delaware Lack A Western_60 17 Feb 26 48 July 6
35
37
34
35 4 3318 3512
3
/
1
4
4July 19
2,500 Deny A Rio Or West pref 100
'
18
1112 *8
1112
81z 812
2 Feb 28 193
207 2178 1918 207
207
8
15,600 Erie
2
8 17
3
100
3 4 Apr 4 25 4July 20
8
3,400
4
First preferred
2114 2114 193 2114 1812 2014
100
44 Apr 4 2912July .5
800
15
1512 15
15
Second preferred
*1512 19
100
212 Apr 4 2314 July19
8
35,100 Great Northern pref
4July 7
25
273
4 2312 2512 225 2418
100
458 Apr 5 338
Gulf Mobile de Northern-100
7
*614 7
*5
6
*6
11 Mar 31 1112July 7
/
4
16
100
Preferred
17
*15
16
*15
*15
100
212Mar 31 2312July 19
400 Havana Electric Ry Co No par
1
1
*1
*118
114
13
4
3
58June 3
2 4June 8
25,300 Ruction & Manhattan
1718 183
4 167 185
8
1612 18
8
WO
19 June 13
612July 21
397
8
53,900 Illinois Central
4018 4312 3814 4012 37
100
813 Apr 6 50 4July 20
3
4112 *40
41
1.000
4 41
6% pref series A
464 463
100 16 Mar 31 6018July 20
220
Leased lines
55
53 53
4814 50
*53
100 31 Mar 3 60 July 19
120
24
RR See °Ds series A--1000
*2414 2512 2414 2414 24
44 Apr 18 34 July 19
5
7
t
67
8 6
/
1
4
6 8 712
7
PS
6 8 7 8 17,300 Interboro Rapid Trail• c-100
63
4 7
73
4 8
7
408 Feb 27 1014June 19
1612 14
14
13
13
700 K.ansas Clty Southern
1812 *14
8July la
*14
17
17
17
*14
100
64 Feb 27 247
*20
21
22
"20
2114 20
300
Preferred
*18
2012
2312 2312 *2014 22
100 212 Mar 31 3414July 19
8
4July 5
22
22/2 2114 213
4 2018 2112 19 8 2014 1612 1914 1612 1818 14,500 Lehigh Valley
50
858 Feb 24 273
3.900 Louisville & Nashyille„--100 2114 Jan 3 6712July 18
4 4712 5012 434 4314 4314 45
"514 60
5514 5014 523
54
18
50 Manhattan RY 7% guar-100 12 Mar 16 25 July 19
2284 1818 1818 *18
1812 17
4
8
*1714 223 *175 2234 *18
133 1412 13
4
133
4 13
1312 6,700 Manb RY Co mud 5% guar.100
6 Jan 3 17 July 12
*1312 14
13
/ 13 3 13 8 15
1
4
7
7
412 412
*54 61, *5:
4
300 Market St Ity prior prat _100
4 64 *54 6
54 5:
*54 512
8 June 9
Ds Mar 3
1,500 Minneapolis A St Louis_ .-101)
118 118
1
1
1
1
118
214July 7
114
118 '1
12 Jan 23
114
14
700 Minn St Paul & del Marie.100
8July 8
214 214
214 214
214 212 *114 214
57
*212 3
*212 3
12 Mar 20
*1
6
"1
5
47
8
100
7% preferred
4
'2
4
*4
6
*4
6
100
8 April
4
812July 8
130
67
8
4% leased line Ws
67
8 *5
3
8 *5
7 4 714 *4 4 67
,
100
4 Apr 10 1412JUIY 8
*74 7
/
1
4
7
/ 8
1
4
1134
94 1034
94 10
8,800 MO-Rau-Texas RR.___No Oar
12
12
1118 1218 1114 1114 11
15. 4 Jan 3 1718July 7
3
1,900
2014 21
197 20
8
Preferred series A
100 1113 Jan 3 3714July 7
*25
26
2312 2312 2112 2112 a2112 23
478 518
4
43
4
33
4 43
4 7,000 Missouri Pacific
100
,
14 Apr 1 10 4 JUIY 8
518 .512
7
58 6
7
58 5 8
7
612 718
75
8 818
75
8 5:
8
7
758
5 8 612
7
Cony preferred
518 63 12,100
4
100
158 Apr 1 1514July 7
*41
44
40
320 Nashville Chap, A St Louts 100 13 Jan 5 57 July 7
4114 *--- 40
4012 42
*44
4712 44 44
40 Nat Rys of Met 1st 4% pt_100
8
:June 27
114 *13
17
8 *114
132
112
114
158 •114
17
8
31
*114 2
18 Mar 16
2d preferred
138June 8
500
12
100
/ Jan 3
1
4
*12
5
8
*18
5
8
12
12
5
8
12
5
8
5
8
5
8
4412 4714 3914 437
8 394 423 207,300 New York Central
8
453 48
8
100 14 Feb25 58's July 7
4758 4918 4714 50
5,400 NY Chle & St Louis Co---100
154 18
1512 17
8
23
23
4 1914 22
21
2212 2014 223
24 Jan 25 275 Aug 28
26
1814 21
1812 2018 5,100
Preferred series A
27 27
27
2712 254 2612 23
100
253 Apr 11 3414July 20
170 NY & Harlem
115 120 120 120
12212 125
4June 13
130 130
134 134
125 125
60 100 Mar 31 1583
8
7
100 111 Feb 27 34 8July 19
25 4 2612 257 268
3
/
4
8
/ 2614 224 2458 2018 2212 195 2214 24,900 NY N H & Hartford
1
4
4 24
3412 35
3.100
Cony preferred-100 18 Apr 4 56 July 8
41
3412 38
7
*44 , 46
43:2 434 4212 43 8 40
1
.
938 10
8,700 NY Ontario & Weetern__100
1012
10
5
*1114 113
8 10 8 11
Vs Jan 4 15 July 7
4 1118 1134 11
118
100 NY Railways pref
312July 7
17
8 *114
112 112
112
No par
*114
17
8 *114
17
8 *114 112 *114
la Mar 15
200 Norfolk Southern
2
*15
8 218 *11 218
/
4
2
4
/
1
4Ju1y 10
*2
2
/ *2
1
4
212
2
2
100
12 Apr 4
2,700 Norfolk A Western
156 157
153 153
160 161
100 11112May 2 177 July 7
•165 16912 163 170
158 166
2338 29,100 Northern Pacific
21
8July 7
4
4 2112 24
265 27 4 2612 287
8
8 25 8 267
8
8 248 258
100
953 Apr 6 347
3
88 Pacific Coast
4
2
/ 3
1
4
7 July 11
*3
4
*3
*3
4
*3
4
100
1 Jan 26
*3
4
57,200 Pennsylvania
8 304 32
50 1334 Jan 3 4214July 7
3618 363
4 36
373
8 343 35 4 3312 3412 3012 338
8
3
6
100 Peoria & Eastern
412 412 *3
9 July 11
*4
6
*4
6
*4
6
*4
6
100
/ Feb 17
1
4
Pere Marquette
25
*17
20
*15
*20
283 *20
8
245 *20
8
24 *____ 25
/
1
4
ViMor 3 37 July 13
100
300
25
Prior preferred
4
26
25 4 253 *20
3
*26
314 *26
3112 *26
3112 26
100
6 Jan 3 4412July 7
23
100
Preferred
4
273 *23
2612 2612 *15
*20
2978 *20
27
100
4 Feb 28 3812July 7
/
1
4
284 *20
100 Pittsburgh & West Virginia 100
/
4
*211 29
4July 7
*213 29
4
28
28
*211 29
/
4
*213 28
4
*213 28
4
64 Apr 19 353
46
4714 1,200 Reading
*44
50
45
47
*4518 50
52:2 5412 51
51
50 234 Apr 5 6212July 6
/
1
500
28 28
1st preferred
33
32
*28
33
*25
60 25 Apr 26 38 July 12
*33
35
33
3318 32
500
2d preferred
33 '32
3114 3112
358 '32
4
33
35 4 33
3
50 2313Mar 31 37 July 6
*33
3412 "33
100 Rutland RR 7% pref
4
100
6 Jan 6 1812July 3
4 *83 1212
*123 17
4
*123 16
4
10 2 103
,
123 121 *103 16
4
/
4
4
34 3
/ 3,200 St Loule-San Francisco-100
1
4
9
/
1
4Ju1y 7
312 334
3
/ 4
1
4
34 4
3
/ Jan 30
1
4
3 4 418
8
4
414
412
3 8 338 1,100
8
1st preferred
914July 8
*4
4
4
33
4 37
8
100
1 Apr 17
5
5
413 412
St Louis Southwestern_ -100
*1212 15
20
*1212 15
*15
20
*15
54 Mar 15 22 July 14
20
*15
20 .15
10
1712 1712
*1812 20
*17
20
20
Preferred
100 12 June 7 264July 18
/
1
*17
*1812 20
*1812 20
112 158
112 158 14,800 Seaboard Air Line
112 158
/
1
112 14
No par
14 Jan 3
3 July 7
/
4
8
112 11
14 15
1,200
2
2
2
4
/
1
4July 7
218 218
2
Preferred
100
/Mar 25
1
4
/
1
/ 212 *218 212
1
4
2
/ 24 *2
1
4
8
4July 7
2718 2814 23
2612 2112 245 72,000 Southern Pacific Co
100 We Feb 26 383
8
2858 30
2812 30 8 2712 29
8
3
8
100
4 Mar 2 36 July 19
8 2914 3114 247 287
s 23 8 265 76,800 Southern RallwaY
/
1
4
,
303 3314 29 4 313
8
31521 33
3212 2714 29 4 255 2712 9,900
8
8
Preferred
100
67 Jan 3 49 July 17
8
8
354 3512 3212 3612 3112 33 4 31
100
*20
38
*33
39
33
33
Mobile & Ohio stk It °Us 100
8 Jan 5 4014July 10
39
*33
*33
39
*33
39
100
8 614 2,000 Third Avenue
Cs Feb 25 1218June 3
712 712
512 618
57
64 8
/ 712
1
4
*612 712 .6
8 *214 23
2
8 .21* 93
400 Twin City Rapid Trill113 NO par
23
8 23
Da J121110
4/0111143 8
238 238
212 212
*212 3
110
100
8
8
Preferred572 Apr 19 15 June 8
s *8
814
814 83
812 812
*814 812 *814 812
11214 1154 11,800 Union Pacific
/
1
100 6114 Apr 6 132 July 7
119 4 12212 120 12412 118 12214 11812 12012 11314 118
3
1,700
7
100 66 Apr 6 7512July 12
667 67
8
6612 6612 62 8 63
Preferred
70
70
72
71
72
72
33
8 33
8 1,400 Wabash
100
11 Jan 4
/
4
712July 10
334
*314 4
*3 8 4
5
314
312 4
7
3
4 38
4
100
11 Apr 6
/
1
4July 7
43
8
34 34
3
Preferred A
/
4
9
44 414
8
3 8 3 8 1,900
7
7
4
4
4
458
100
4 Feb 27 16 July 13
8 115 1218
8
94 1112
8
914 103
4 8.700 Western Maryland
8 123 125
1214 1212 1212 127
100
5 s Jan 12 1912July 7
5
15
"1218 15 '1218 1514
2d preferred
*14
18
*1512 1714 "1412 16 '13
414 4 8
8
412 458
4
43
8 2,000 Western Paelflo
100
1 Apr 22
012July 3
412 43
4
/
1
4
4
14 4
.412 5
100
17 Mar 2 16 July 8
2
612 7
64 65
8 4,900
74 728
Preferred74
3
7
*84 853
78 8
5
Industrial & Miscellaneous
No par
Abraham & Straus
45
*33
45
*33
45
*38
45
*40
43
42
*38
*35
14,200 Adams Express
No par
953 10
8 4 914
8
85
8 9
9 8 1014
5
4
1018 1014 103
10
100
200
Preferred6714 6714 6714 6714 671: 6714 "6714 7014
*6714 7014 *8714 70
•
•Rid and asked prima. no sales on this day. a Optional sale. a Sold 15 days. z Ex-dividend. y Ex-rights.
134 Feb 23
/
1
8 Feb 28
39 Apr 11
4013July 20
1314July 7
71 June 20
PER SHARE
Move for Preston
Year 1932.
totem.
Richest.
-$ per share $ per share
1778 June 94
Jan
35 July 86 Jan
9 May 44 Sept
/
1
4
3 June 2138 Jan
/
1
4
6 June 414 Jan
912 June 35 Aug
/
1
4
50 June 91 Sept
4 July
193 Sept
4
2 8 July
7
1014 Mar
234 June 58 Mar
1118 June 604 Mar
314 June 78118 Mar
13 Apr
24 Aug
714 May 205 Mar
8
39 July 70 Feb
25 June 101 Sept
9 4 July 3113 Jan
3
12 July
3 Aug
/
1
4
12 May
5 Aug
14 June
53 Aug
5
24 May 1513 Jan
/June
1
4
44 Aug
De May
8 Aug
2 May 1412 Aug
Jan
4 Dec 31
112 May
164 Jan
/
1
314 Dec 274 Jan
2 May 244 Jan
44.1,1118 2912 Sept
8 Mar 30 Sept
5 Mar 18 Sept
1
Dee 1112 Jan
21 Dec 20 Aug
/
4
32 July 9212 Sept
812 June 457 Sept
s
14 May
9
Jan
2 May
111 Sept
/
4
2 May
/
1
4
154 Aug
/
1
2 May
104 Aug
Jan
512 May 25
2 May
10 Sept
154 Sept
24 Dee
17 8 Oct
:
14 Oct
30
/ Jan
1
4
8 May
4
/
1
43 June 244 Sept
918 July 38 Sept
1518 June 45 Aug
4 May
144 Jan
214 June 144 Mar
/
1
,
214 June 1514 Sep.`
6 June 2514 SW
5 June 2914 Sept
713 May 3814 Sept
9 Sept 4638 Mar
4 June 20 Mar
/
1
4
218 Dec
9 Jan
4 Jan
5 Aug
8
12 Dee
4 Sept
/
1
4
6 Sept
/ May
1
4
5 Dec 2012 Sept
114 May
13 Sept
314 June 24 Sept
Jan
14 May
11
Jan
21 May
:
26
712 May 307 Sept
2
7 Sept
8
14 May
13 Feb
7 Sept
8
88 June 3634 Jan
4
14 May
9 Sept
/
1
4
2 June
Ws Jan
8214 May 1274 Aug
6 May 311 Jan
/
4
1178 July 7834 Jan
35 July 1554 Sept
8
1
Feb
le Dee
14 Dec
354 Sept
57 June 135 Sept
512 May 25 Sept
/
1
4
1 Mar
34 Sept
64 June 233 Jan
8
54 Sent
7 May
8
15 June 18 Aug
4
312 J une 26 Aug
24 June 24 Aug
6 Dec 2112 Aug
9 June 524 Sept
/
1
4
15 July 83 Jan
15 May 38 Sept
3 May 1412 Sept
658 Jan
5 May
5
9 Jan
/
1
4
1 May
/
1
4
3 May 13 Sept
8 Dec 204 Jan
/
1
4
1 Sept
Is Jan
14 Jan
64 June
213 May
3 July
312 June
3 May
/
1
4
14 Deo
7 June
275 July
8
40 May
7 June
2
1 June
112 May
2 May
4June
14 May
11 Sent
/
4
375 Jan
2
1812 Sept
233 Sept
4
25 Feb
14 Mar
44 JUDO
2412 Jan
944 Feb
711 Aug
/
4
4 Aug
/
1
4
Jan
6
113 Sept
2
1114 Sept
4 Aug
/
1
4
87 Aug
8
10 JUDO
11 May
/
4
22 June
2452 Aug
934 Rein
73 Sept
1
I
,
I
,
rip- FOR SALES DURING THE
111011
New York Stock Record-Continued-Page 2
-PER SHARE, NOT PER CENT.
AND LOW SALE PRICES
Saturday
Sept. 16.
Monday
Sept. 18.
Tuesday
Sept. 19.
2239
WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
Wednesday
Sept. 20.
Thursday
Sept. 21.
Friday
Sept. 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range ROW Jon 1.
on basis o 1 0 share /eh
f 0
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Miscall. (Con.) Par 8 Per share i per share $ Per share it Per shard
No par
8 Apr 7 215 July 12
12 June 30 s Mar
*163 17
4
16
1612 1558 17
3,800 Adams Mills
17
1612 1712 *1634 17
17
3
518 Apr 15 1212June 19
8% Dec 14 Sept
9
912 3,500 Address Multigr Corp_No par
103 103
8
4 1012 11
914 1018
1014 107
8 1012 1012
No par
134 Feb91
938July 7
1% June
6
6
514 53
6
6 12 *57
8 618
8
5
514 1,400 Advance RumelY
47 Aug
8
*618 622
558July 21 1111 May 1
4
414 May 1612 Mar
818
8
8 18
8
8 13
73
4 8
77
8 77
8
8
724 77
8 3,800 Affiliated Products Ino_No par
3078 July 6318 Sept
No par 4712 Feb 25 109 Sept 20
105 109 10334 107 16,900 Alr Reduction Inc
10434 106
1053 10812 105 10612 10412 109
4
12 Feb 28
12 JuDe
4 May 23
312 Sept
238
238
212 212
212 212
212 2 8
5
212 23
4
23
8 212 2,100 Mr Way Elea Appliance No par
32
734June 1638 Jan
30
2912 3118 2812 3014 253 2818 2514 27 232,200 Alaska Juneau Gold Mln-_10 1118 Jan 14 33 Aug 29
2914 31
8
91* July 13
1 Jan 5
78 Dec
412 412
No par
4 Ma
8 614
*412 6
*458 5
200 A P W Paper Co
7
57
8 5 8 *412 6
*57
78 Apr 4
814July 7
38 May
No par
418 43
4
33
4 414 71,000 Alleghany Corp
Pa Sept
5
5 12
4513 514
55* 5 4
3
512 5%
4117 12
8
1 Apr 5 21%July 7
1114 12
10
11
8
1012
Pref A with 830 warr_100
al May
84 Sept
7
812
73
4 918 7,900
1% Apr 17 21 July 7
8 Sep:
9
612 714
7
7
Fret A with $40 warr-100
es June
300
*10
12
1118 1118 *912 1012 117
*912 12
34 June
8 Sept
9
678 678
Pref A without warr---100
114 Mar 30 20 July 7
*914 1112 *9
1012 *7
600
712 712
5 May 15 Sept
No par
5 Mar 30 26 July 19
22
*2012 22 *21
22
2012 2012 *1812 20 *18
22
40 Allegheny Steel Oo
22
421* June 8814 Sept
27,700 Allied Chemical dr Dye_No par 701i Feb 27 14512Sept 18
137 14114 14112 14512 13834 14312 139 14212 13458 13778 13414 138
*12254___ 12238 1223 *12212
9612 Apr 120 Dec
__
100 115 Apr 21 124 Sept 6
__ 122 12212 *122 12212 *12212
400
Preferred
4
8July 8
6 Feb 27 263
4 June 1533 Sept
1818 1834 1612 18
20
16 -17
1914 1 7
9 - 1918 2012 1858 -8
10,500 Allis-Chalmers Mfg___No par
5s4 Jan 10 24 July 17
412 July 10 Jan
1434 1434 1412 1412
400 Alpha Portland Cement No par
*16
1614 *1412 1614 *1412 1614 *1412 16
914 July 19
218 Sept
is Feb 21
14 Apr
7
7
7
7
63
4 712
712 712
63
4 678 *618 612 3,100 Amalgam Leather Co__Ne per
4 Dec 10 Mar
31
31
2812 30 *2612 3012 1.100
100
5 Feb28 40 July 19
*2812 31
2912 30
30
31
7% preferred
12 Jan 2234 Sept
No par 1812 Mar 2 47 Sept 1
4478 4514 4458 467
4412 4614 391 4318 40
8 4412 46
4
4112 23,990 Amerada Corp
4 30
312 June 1512 Sept
32
2634 2912 2612 2738 8,100 &flier Agrlo Chem (Del) No par
714 Mar 1 35 July 18
3214 30
3012 32
3212 321
5 May 2212 Sept
1512 16
3,400 American Bank NON
10
8 Mar 2 2812July 13
1878 187
8 1812 1914 1814 1812 1738 18111 1534 1712
8June 2
28 June 47 Feb
4214 4214 4014 4114 4038 403
*4214 43
4 405 4058 4058 41
8
250
Preferred.
50 34 Apr 7 497
t Jan 30 163
14 Apr
278 Aug
4July 18
1238 1312 1212 135* 1214 1238 1218 13
1158 1334 117 133 29.703 American Beet Sugar-No par
4
8
1 Apr
914 Aug
7% preferred
234 Jan 5 64 Sept 22
5522 5914 55 58
64
5,760
100
51
55
5318 6012 5412 6212 58
612 June 17 8 Sept
3234 30
94 Mar 3 4212July 7
32
7
*35
36
4,600 Am Brake Shoe & Fdy_No psr
3514 36
337 3412 x31
8
3414 35
40 July 90 Feb
9934
Preferred
100 00 Mar 28 108 Aug 1
*100 1027 100 100 100 10018 99 4 100
8
3
x993 993 *97
4
4
110
26 4918 Feb 25 9814 Sept 18
2958 June 73 8 Mar
7
9312 96
9618 9814 9434 9714 94 9714 8834 9414 883 923 76.700 American Can
4
4
9312June 129 Mar
132 13214 *13214 134 11132 135
132 132
133 133
609
Preferred
10.) 112 Feb 27 134 July 19
132 132
3% June 17 Sept
618 Jan 23 3934 July 17
30
311
8 2714 2914 28
303
4 2612 29
2514 2712 14,300 American Car & Fdy___Aro par
30
307
15 Dec 50 Aug
*4114 4614 *4114 443 *4112 44
*4114 44
4114 4114 4034 41
100 15 Feb28 593
4July 3
503
Preferred
4
178 Apr
714 Sept
8
*7
200 American Chain
No par
15 Mar 31 14 July 11
8
814
4 *7
83* *7
85*
714 73
*75
4 818 *8
7 June 26 Jan
*18
28
1118
20 *15
25 *14
30 *17
30 *17
30
100
312 Mar 1 3112July 18
7% Preferred
18 June 38 Nov
.45
47 *45 4814 *45
47
80) American Chicle
No par 34 Mar 2 511g July 7
4714 47 4714 4614 4614 46
2 July
Wahine 7
814 Sept
*272 414 *278 414 *278 414 *27
3
3
100 Amer Colortype Co
10
2 Feb 24
*3
4
.
s 4
11 May 27 Sept
673 693 6712 71
4
4
6514 6812 645e 6712 59 6418 551s 6114 95,603 Am Comml Alcohol Corp...20 13 Feb 27 8978July 18
*318 3'
2
34 Dec
5 Jan
318 318 *3
1 Jan 5
6 June 20
312
400 Amer Eneautitte Tlling_No par
25
8 23
8 *23
4 314
212 258
214 Apr 1538 Sept
612 612 *658 718
718
609 Amer European See's_No par
37 Apr 1 13 July 3
a
7
81
4
712 722
*814 9% *8
2 May 15 Sept
117
8
1218 123
4 1218 1318 11
1218 11
912 103
37 Feb 27 1958June 12
8
4
9
1012 45.503 Amer & Poen Power___No par
5 May 3818 Jan
*25 27
18
2114 1818 20
3,703
Preferred
N's par
714 Apr 4 4478June 13
25 25
2312 2434 2214 23
23 May 2114 Aug
4
1212 2,533
No par
43 Apr 4 2714.50ne 12
8
143 1512 143 15 *14
8
1412 1314 1312 1114 1212 11
2c1 preferred
4
33 June 33 Jan
4
1312 1312 123 133
17
1734 17
4
4 1,600
56 preferred_ _ -----No par
614 Apr 4 3538fune 13
1812 15
15 *1512 17
5,30 Amer Hawaiian S S Co- -1
3 May
418 Jan 5 2112Ju1y 17
612 Aug
1712 1712 1712 1814 1718 1714 1634 1712 14% 1612 1414 15
1 May
212 Mar 2 16 June 6
67 Sept
8
1034 1014 *938 1018
938 11
4 2.20 Amer Hide & Leather _NI par
93 10
4
9
9.
0
814 83
478 May 25 Sept
3838 40
37
38
3812 1,700
Preferred
100 1312 Feb 14 5712June 13
*3912 4212 42 42
38
40 40
25 June 518* Mar
3312 3312 32 33
32
3212 1,600 Amer Flame Products_No par 2912 Mar 1 4212May 31
34
343
4 34
3478 *3312 34
338 Dec 2158 Mar
No par
334 Feb 24 1712June 29
8
9
714 814 11.300 American fee
1018 1012 1018 1012
914 10
912 1014
4018 4018 *36
35 Dec 68 Mar
44
44
2June 29
4614 4612 4412 4518 44
70
6% non-cum pref
100 25 Feb 15 577
*4612 48
414 Feb 27 15%July 3
212 June 12 Sept
97 1014
8
9
9 513
83
4 93 19,600 Amer Internal Corp___No par
4
1014 1118 105* 1114 10
101
4
18 Apr 21
•118 138 •112 114
14 Jan
34 Aug
312June 28
118 118
*114 138
114
114
114
114
500 Am L France& F011011iteN0 par
414 Aug
1 July
55
8 53
Preferred
1% Jan 3 12 Jane 28
8 612 *558 612
30
100
*53g 612 *5
52 612 •558 612 *55
4
358 July 1514 Aug
3514 2812 3314 2812 31
15.800 American Locomotive_No par
57 Jan 3 3918Juty 3
8
31
311
32
33
3112 3478 33
1718 Dec 49 Sept
50
51
54
50 5014 1,000
Preferred
100 1734 Jan 3 63 July 7
5478 55 *51
5514 5514 55
55
712June 2214 Jan
1614 5,500 Amer Mach & Fdry Co_Aro per
834 Feb 27 2238July 3
1822 1658 1713 1634 1714 1558 1612 15
1784 l74 18
334 Mar '
1 June
1 Jan 27
6 June 2
4
5
*4
5
*4
43
400 Amer Mach & Metats_No par
•4
412
418 418
4 8 413
3
318 Feb 24 2338July 18
Ili June
914 Aug
2234 2112 2318 1914 21
1834 2018 63.900 Amer Metal Co Ltd_ __No Par
21
2012 22
2278 21
612 June 32 Aug
72 *70
80
70
701 *7018_
600
6% cant preferred__._100
512 Jan 4 72 June 20
72
,
*69
7114 *6512 80
iii
14 July 33 Jan
2714 *2512 28
2512 100 Amer
26
2614 26
News Co Inc__ ...No par 17 Jan 20 3012July 8
26
261 *2014 271
3 June 1714 Sept
2July 13
858 91
4 Feb 27 197
97 103
8
8% 9
712 8
,
7
8 8 51,800 Amer Power & Light_No par
93 .101
4
1514 June 58 Jan
21
21
2018 21
24
1878 2O!e 1878 20
2,103
88 preferred__ .__No par
97 Apr 5 4118July 17
4
2218 2222 24
3
1812 181 •15
10 July 49 4 Jan
171z 15
2014 18
19
16
2,000
9 Apr 1 35 July 13
1914 1912 19
$5 preferred
No par
31g June 1214 Sept
1614 155 1612 1512 1618 1418 1514 1312 141 69,800 Am RSA & Stand San'y No par
8
458 Feb 27 19 July 7
16
4
1534 16
3 May 1812 Sept
2012 1638 2018 47,800 American Roiling Mill
8July 11
2034 2238 2112 227
534 Mar 2 317
201 2228 2018 2178 18
4
25
3
1338 June 22914 Mar
4July 13
3712 37'2 3612 3712 3512 3314 1.700 American Safety Raltar No par 20% Apr 6 473
*3712 40
3714 38
3718 37
334 Sept
*338 41
8g June
*318 41
35
8 33*
718July 13
*35
8 41
*33
8 41
74 Mar 20
318 324
300 American Seating et e_No par
78 Sept
412June 20
la Apr
124 158
158 158
18 Apr 8
158 158
112 112
114 11
118 114 5,600 Amer Ship & Comm_ _ _No pa
10 June 2518 Jan
2518 2538 *25
4 2434 25
23
2312
300 Amer Shipbuilding Co.No par 1112 Mar 3 3634June 19
263
4 263 2684 2612 263
4
435e 47 397,500 Amer Smelting & Refg_No pa
512 May 2714 Sept
4212 46
46% 4912 4714 5312 493g 5234 4334 491
1034 Feb 25 5312Sept 19
22 June 85 Jae
8118 8118 843 87
4
86 87
85
87
81
85
82 83
2,700
Preferred
100 31 Jan 10 87 Sept 18
62
6312 65
6612 68
15 July 55 Feb
01
65 6814 6412 6412 *61
6312 4,500
Id preferred 6% cum--100 2012 Jan 2 73 July 6
2184June 3612 Aug
5014 5012 5014 5012 4912 5014 5() 5012 4734 4858 4834 49
3,200 American Snuff
25 3212 Jan 10 5114Sept 9
90 Jan 106 Sept
_ .•105
__ *1
_ *105
_ -05 - *105
-.105
___ __ __
Preferred
100 10218 Jan 9 112 July 25
may 151a Sept
*104122212 2212 20111 -21
2238 20 if% 20 1812 20
1738 20
13:400 Amer Steel Foundriee_No par
438 Feb28 27 July 7
469ty 74
July 80 Feb
*6912 74
6912 6912 *6912 74 *6912 74
*8912 74
10
Preferred
100 3738 Mar 28 85 July 10
k. May 3634 Mar
4778July 7
3858 383* 3912 397
40
40
4012 39 40
8 3812 39
40
1,200 Amer.can Stores
No par 30 Feb 27
13 June 3914 Jan
8 6614 6812 6614 68
64 6712 63 6578 12,600 Amer Sugar Refining
647 667
8
67 68
100 2112 Jan 19 74 July 13
45 May 90 Aug
10734 1073 10712 10712 10512 10518 102 102
4
800
103 103
10512 10512
Preferred
100 80 Jan 19 11214July 15
2% Apr 1014 Aug
1958 195* 19
8 16
1778 16
1612 3,100 Am Sumatra Tobaoco_No par
185
20
6 Jan 13 26 July 18
1828 1812 18
3
12734 13014 12814 1303 12612 1283 126 12712 12338 12618 12334 12612 54,000 Amer Telep & Teleg
4
4
100 8612 Apr 18 13434July 13 69% July 137 2 Feb
4012 June 8634 Mar
86
8634 85
8918 8614 87
86
2,700 American Tobacco
25 49 Feb 23 9078July 1
8912 89'2 8918 9012 87
3
44 June 89 4 Mar
8 9012 9212 ggre 9138 8958 901s 881 893
913 923
4
4 87521 885* 18,800
Common class B
,
25 5034 Feb 25 9434July 7
9514 June 11812 Oct
11812 11812 11812 11812 11734 11812 116 1173 11412 11018 11412 11412 2,900
4
Preferred
100 10234 Mar 1 120 July 18
4 June 25 Jan
14
*1358 1412 135 135*
1412 1412 1512 1612 1612 1612 14
8
700 Am Type Founders____No par
438 Apr 10 25 July 5
1012 July 70 Jan
2412 2558 2512 2714 2412 2814 25
27
24
25
2012 2212 1,270
Preferred
100 10 Apr 6 3778July 18
11 May 3412 Mar
2412 2612 2412 277
4 2214 2514 215 2312 1978 2114 1912 2214 38,200 Am Water Wks & Elee_No par 107 Apr 7 4314 July 13
8
8
11 May 31 Mar
19
20
18
2018 16
19
17
8June 12
19
19
20314 1734 2114 22,500
Common vot tr otfa_No par
912 Apr 4 357
26 June 75 Jan
*5912 66 *5912 66
*51
63 *51
63
1st preferred
5712 5912 *53 66
500
No par 35 Mar 24 80 June 13
1 May 10 Sept
*13
14
137 14
8
4
1114 1258 103 1112 5,300 American Woolen
1278 137
8 123 13
4
No par
312 Mar 2 17 July 5
15% Jan 397 Sept
*
51
52
5314 55
51
5012 53
52
52
47
4614 4958 6,100
Preferred
100 2258 Feb 16 6178July 17
i4 May
214 Aug
218 214
214 214 *112 21
% Feb 8
•112 2'2
112 214
300 Am Writing Paper etts_No par
418June 27
*112 21
8 Aug
64
4 612
5'8 6'2
•• July
*612 9
220
34 Feb 17 1434July 8
9
9
*612 91
Preferred certificates NO par
9
9
114 May
678 Sept
718 73 12,800 Amer Zino Lead & Smeit____1
8
9
634 812
4
8July 10
812 914
858 958
214 Feb28107
83
4 912
55
56
5734 573g 55
10 June 35 Aug
57
58
58
55
5712 50 50
1,100
Preferred
25 20 • Feb 21 66 July 17
3 June 193 Sept
19
1712 1812 18
8
1734 193
5 Feb282278July 19
18113 1912 1612 177
8 16
17 237,500 Anaconda Copper Mlning_50
11
.10 4 14
3
3 Apr 15 Sept
11
11
11
12
12
12
12
12
12
900 Anaconda Wire & CableNo par
418 Jan 8 1512June 8
514 May 1712 Mar
*27
277 r277 28
8
27
27
2478 2512 2278 25
2212 2312 3,800 Anchor Can
8 Jan 20 391g July 18
No par
8638
150
40 May 75 Sept
•88 893 *8638 89
118638 89 *8638 89
8638 8638 85
$6.50 COD, preferred-No par 6212 Jan 11 90 June 18
9 Sept
*858 10
912 10
•912 11
10
11
3
.852 1012 *9
12
500 Andes Covver Mining_No par
258 Feb 7 1412June 3
18 May
7 Apr 1512 Sept
2714 271g 2718 2738 2738 273
27
27
27
2,200 Archer Daniels MItild_No par
4 275 27158 27
8
934 Mar 3 2914July 20
85 Apr 10014 Oct
*106 115 *106 115 .106 115 *106 111 *106 111 *106 111
7% preferred
100 95 Feb 23 115 July 18
7712 79
80
24 May 61 Aug
7912 7912 *7812 7912 7734 78
800 Armour & Co (Del) pref _100 41 Jan 3 90 July 15
•7714 79 *78
618 514
518 5 3
234 Sept
818 512
478 512
%June
45
8 5
412 478 34,500 Armour of Illinois class A-25
3
118 Feb 38
7 4June 6
2 Sept
324 3
3
272 318 22,700
Class B..
3
31
314 312
27
8 314
318 3 8
3
25
Ai Feb 20
5 July 14
'S June
59
5834 15.600
312May 15% Aug
62
5612 5912 5514 583
4 5414 5614 54
5612 59
Preferred
100
7 Feb 27 93 July 14
37
3 8 Aug
5
414 412
4
3,100 Arnold Constable Corp-No par
*5
57
5
51
5
5
45
8 478
1 May
7 July 17
118 Jan 19
54 Sept
1
512 53
4
220 Artloom Corp
158 Dec
*6
61
54 6
3
4 612 *53
4 6
2 Mar 27
5 4 53
3
4 *53
No par
912June 24
18 2
178 2
178 2
2
2
*178 2
3 Aug
1% 17
4,700 Associated Apparel Ind No par
14 Apr 17
514June 6
3* June
1512 6,500 Associated Dm Goods
1712 1712 1734 1838 1612 1712 1612 17% 1412 1612 15
3 May 11 Sept
1
312 Feb 20 20 July 17
58
*48
58
*4258 58
*44
58 *42% 58
*48
58
*48
6% 1st preferred
1834 Dec 42 Sept
100 18 Feb 23 6112July 18
47
*41
47
47 *41
47 *41
47 *41
*40
47 *41
1212 Dec 35 Mar
7% 2d preferred
100 15 Jan 19 5134July 17
2812 2812 *2612 3012
3012 *2712 3012 28 28
*2712 3012 *28
20 Associated 011
612 July 1612 Aug
634 Mar 24 3512July 14
25
24 *21
24 •21
24 *21
23
*21
23
24 *21
*21
All G & WI SS LInes_No par
538 Dec 1214 Aug
412 Mar 22 26 July 19
29 *25 28
2614 2614 2514 2514 *25
28
300
*25 29 *25
Preferred
100
4% April 33 8July 17
7
5 4 Dec 1512 Jan
8
2912 3078 271g 2914 2618 275 33,500 Atlantle.RefinIng
8
858 Feb 2178 Sept
2912 3014 2978 3078 2932 31
25 123. Feb28 3178Ju1y 7
29
25
2812 2558 26
*2858 2912 *29
2922 29
29
1,600 Atlas Powder
29
No par
7 Dec 2512 Feb
9 Feb 14 3918July 5
79
80 *7712 85
80
80
80
80
80 80
60
Preferred
4
100 60 Apr 5 8318 Sept 12 4512June 791k Jan
*783 82
2712 22,100 Atlas Tack Corp
378 Aug
1 July
No par
112 Feb 27 277 Sept 20
2314 2438 2414 2614 2618 2712 2612 2772 2612 2734 26
8
6314 5712 6012 z563 59
4
59
50 8 5512 505 5212 30.500 Auburn Automobile
5
No par 3114 Feb28 8414July 13
4
8
283 May 15134 Jan
6014 62
463
4 7
6% 63
4
6
614 *512 638 1,400 Austin Nichols
678 7
658 678
95 July 18
178 Sept
No par
78 Feb 2
12 Feb
8 1012 11
10 4 107
,
8
912 1014
812 97 55,100 Aviation Corp of Del(The)__5
11,JUDO
612 Feb 27 1(t3* July 17
87 Dec
8
1124 11% 1078 115
1378 1238 1318 1214 137
8 1114 13
1152 123 65,300 Baldwin Loco Works-No par
4
1312 13
2 May 12 Aug
312 Apr 12 1758July 7
13
3912 *30 3812 38
*4012 43
3934 39 4 39
3
38
400
Preferred
100
8 May 3718 Aug
91 Apr 4 60 July 18
*33 41
95
93 93 *90 95
95
8
540 Bamberger (L)& Co pref 100 6814 Feb28 997 Aug 7 62 July 99 Feb
8
4
*883 99 *883 9412 9412 95
414 412
412 4%
334 4
4312 4
358 33
334 4
400 Barker Brothers
312 Aug
No par
38 Jan 4
714June 20
12 Apr
4
21
1015
*17
20 *17
21
*16
20
6 H % cony preferred-__100
7 Dec 30 Jan
518 Apr 19 2414July 18
20 *18718 21
•17
1012
9
978
838 918 45,500 Bamsdal Corp
103
4 10
4 10
338 June
7 Sept
5
3 Mar 2 11 July 7
8 1014 103
1018 103
3612 33
35
33
3514 2,300 Bay uk Cigars Inc
43612 40
4014 377 3812 36
8
39
No par
314 Jan a 5212July 13
2 Dec 13 Feb
88
88
*8712 8978 *8712 gni,
89 89
1st preferred
60
100 27 Jan 18 100 July 10
30 Dec 59 Jan
89 89
*8712 89
1518 1212 141e 4,200 Beatrice Creamery
1512 16
14
1012 Nov 4312 Jan
8
50
7 Mar 2 27 June 29
1822 1012 1618 1638 157 16
7512 7512
Preferred
100
100 45 Feb 24 85 May 25 62 Dec 95 Jan
*7512 80 *7512 80 *7512 80 *7512 80
.7512 79
68 •6114 6512 62 6312 6112 62
20 45 Jan 5 7012June 27
2914 May 45 4 Dec
1
500 Beech-Nut Packing Co
6612 *62
*62 65 *62
934 1014
912 93
4
312 Feb 20 1212July 6
2 8 Jan
5
8
914 912
8 4 Sept
918 912 6,500 Belding Reminway Co_No par
3
1038 103
, 1014 103
95 953
4 95 9514 945* 941
5738June 62 * Dec
5
, 2,100 Belgian Nat RYS part pref ____ 6214 Apr 7 9612Sept 15
9612 9612 9414 9458 9458 95
t'wth
•Rid and asked pricey. no sales on this day. a optional sale. r Ex-dividend. v Ex-rights ,
sale
New York Stock Record-Continued-Page 3
2240
kir
Sept. 23 1933
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD
PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 16.
Monday
Sept. 18.
Tuesday
Sept. 19.
Wednesday
Sept. 20,
Thursday
Sept. 21.
$ per share
183 184
8
32
3214
38
395
8
.62
63
23
23
1414 1412
*10
18
45
46
*70
72
26
2612
1853 1918
*2
212
114 115
8
1612 1612
6712 68
5114 5114
13
13
*914 10
133 133
8
8
*62
65
65
8 7
29
29
5
54
*313 4
814 812
175 18
8
0378 4
6
*3
•125 1312
8
*13
4
14
3
3
312 312
8
32, 333
8
.643 6912
4
2712 2712
114
114
64 612
*9
1012
0315 33
8
28
28
•7
9
*2634 30
$ per share
1818 1914
32
33
38
404
5814 627
s
2312 2312
14
14
18
18
45 4 4612
3
*7012 72
25
267
8
1818 1912
*2
212
11
113
4
*1612 1718
69
71
507 5114
8
123 123
4
4
*914 93
4
123 1312
4
62 62
65
8 718
293 293
4
4
47
8 514
3 4 33
3
4
87
3 9
1718 177
8
3
378
*3
7
1012 1212
13
4
17
8
3
3 18
*33
8 38
5
3212 3414
*6212 6912
28
2818
114
114
612 64
1012 1012
315 3414
8
29
293
4
.8
9
*2712 2912
$ per share
175 1812
8
30
3114
3614 383
4
5814 60
24
263
4
1312 1418
*1518 1912
443 46
4
70
7012
243 257
4
8
1712 1812
*2
212
103 1112
4
.1618 1613
693 7012
4
5012 5012
12
123
4
914 9 4
3
12
1218
$ per share
1712 177
8
31
31
3614 3812
58
59
26
267
8
133 1312
8
*1613 18 4
,
4353 45
70
70
2412 2514
175 1818
8
*2
212
1012 103
4
*1613 1718
6912
69
*497 51
8
*12
125
8
87
8 914
11
117
8
*61
65
65s 714
2718 29
412 5
*3 8 4
5
814
8
1612 1712
*3
312
*3
6
*812 10
13
4
154
318 3 8
5
*312 35
8
8
313 32
6212 6212
26
2612
8 13
8
13
5
653 7 8
10
103
8
3114 3314
283 2913
4
*7
8
*2712 29
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
3 per share
153 17
4
28
3014
,
34
36 8
5518 56
23
257
8
115 1318
3
*10
1814
41
44
6841 687
8
2212 243
8
155 175
8
8
*2
213
9 8 11
7
*143 1658
4
68
68
497 497
3
8
10 4 11
3
84 812
1012 107
8
x61
61
614 7
2612 2718
418 412
33
8 33
8
712
718
147 1612
8
*318 312
5
*3
8
812 85
13
4
13
4
23
4 314
35
8 312
2712 315
8
6018 6014
244
22
114
13
8
8
64 65
No 918
29
3112
2812 2812
4 63
4
63
2712 2712
7814 81
7912 8314
07314 77
•73
77
2212 227
8 23
233
4
453 47
8
4412 4738
*212 313 *212 313
2
*178 2
*178
712 73
4
4
7 4 73
3
347 3712 36
8
38
914 *8
914
94
93
.75
*75
93
3934 4214 40 4 423
3
4
4
412 412 *45
8 43
*20
25
25
*20
18
18
18
18
65 8 664
5
67
67
16
*16
16
17
45 8 4314 45 8
5
45
5
918
9
812 93
8
2012
2012 205
8 20
1214
12
12
12
26
2613 2612 27
*63
8 8
Vs
7
1712
4
*1512 173 *16
4912 5112 50
5212
178
178
17
8
14
9
*914 93
9
8
32
31
32
31
97
94
*94
94
92
91
9112 91
*4712 4812 *4712 48
•1714 1713 1712 1712
85
*85
9018 85
24
2412 2312 2518
12
*10
1112 *10
4
8
64 63
612 67
64
6214 6414 63
26
26
4
26 12 263
1512 1612 1514 1612
*743 76
4
743 743
4
4
1734 1858
1818 19
.383 39 4 3812 3912
4
3
*25
30
26
*25
95
95
95
95
39
8
39
8
375 387
*9314 94
9314 94
385 4014 383 41
8
4
25
8 24
3
7
212 2 8
33
3012 33
34
.312 6
*314 6
2312 2414 2312 243
4
•113 1412 12
4
12
11
*1053 11
11
*497 50
8
497 497
8
8
4
38 4
5
4
103 10 8
3
5
94 103
8
4312 4514 4212 444
8 8714 883
887 887
8
4
3
3
3
3
13 8 1413 1414 1434
7
102 104 *102 1043
4
15
8
4
113
112 13
8 *812 918
93
3 93
3
38 38
3
314 314
123 13
1318 1314
4
218
2
218 218
63
.60
62
62
65 4 67
67 14 69
3
123
12
8
*11
12
2978 30
2812 307*
14 218
14 2
173 183
4
4
4 183 194
8614 884 88 4 90
,
138 13814 13712 13712
5
3
44 5
5
3113 32
3134 3213
11
11
1134 12
4612
43 4 43 4 45
3
3
036
3613
.36
37
4
6 3 638
3
63
8 63
2812
•243 30 .25
4
52
50
.46
•46
178
178
•17
8 2
54 7
3
64 714
4
3614 3614 3712 373
5014
49
4912 48
2413 247
8 2413 2514
56
*56
5712 56
314
3
3
3 18
6
6
61 1
6,
4
01513 16
01512 16
712
•63
4 712
714
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share Shares. Indus. & 511acell. (Con.) Par $ per share $ per share $ per share $ per share
15
16
34,800 Bendix Aviation
5
64 Feb 27 2114July 17
412 May
1834 Jan
x263 28
5,500 Best & Co
4
No par
9 Mar 2 3318 Aug 25
4
53 June 247 Feb
8
8
3214 347 65.600 Bethlehem Steel Corp No par 104 Mar 2 4914 July7
714 June 2953 Sept
55
7% preferred
5818 4,700
100 2514 Feb 28 82 July 3
1614 July 74
Jan
2412 25
580 Bigelow-Sant Carpet IneNo par
618 Apr 5 2912June 30
612 Dec 1512 Aug
103 123
4
4 4,300 Blaw4inox Co
No par
34 Feb 28 1914July 19
35 June 10 Aug
8
100 Bloomingdale Brothers_No par
*1018 1814
65 Feb 28 21 July 18
8
64 June 14
Feb
39
41
9,500 Bohn Aluminum & Ar_No par
912 Mar 2 5412July 6
474 June 2214 Jan
*6512 74
400 Bon Aml class A
No par 52 Feb 23 74 June 13
31 June 55 Nov
2212 2412 35,200 Borden Co (The)
25 18 Feb 27 3712July 3
20 July 4318 Mar
15
1614 15,400 Borg Warner Corp
10
512 Feb 28 2153July 5
33 May
3
1414 Seer
2
2
100 Botany Cons Mills class A_ _50
58 Apr 17
412July 5
4 Apr
114 Sept
914 1014 30,500 Briggs Manufacturing_No par
21 1458July 18
2 Feb
53
273 June
11 3 Mat
4
*15
100 Briggs & Stratton
17
No par
714 Feb 28 183
4July 19
4 May 1012 Jan
1.700 Brooklyn Union GasNo par 6313 Apr 5 8812June 12
6912 71
96 June 8913 Mar
49
4914 1,200 Brown Shoe Co
No par 2812 Mar 3 537
8July 18
23 July 38 Feb
103 103
8
4 1.200 Bruns-Balke-Collender.No par
134 Mar 3 1812June 26
118 July
412 Sept
74 773 2,600 Bucyrus-Pyle Co
10
2 Feb 27 1272June 20
112 June
74 Sept
Preferred
9 3 101 2,600
7
5
23 Feb 23 195
.
8June 20
212 May 104 Sept
61
61
•53
60 7% preferred
61
100 2012 Mar 31
72 June 26
35 June 80 Sept
612 67
8
6
64 19,800 Budd (E 0) Mfg
No par
34 Apr 15
97
8July 3
12 Apr
318 Sept
4
274 29,
2618 267
8
330 7% preferred
1180
3 Mar 16 35 July 3
312 July
14
Jan
43
8 5
358 418 12,400 Budd Wheel
No par
1 Feb 8
53
4July 5
413 Jan
53 May
*313 4
*314 4
200 Bulova Watch
No par
Is Mar 2
5 June 29
14 Apr
312 Jan
85
8 83
658 71s 2,000 Bullard Co
s
No par
212 Feb 17 13,4July 3
218 May
8 Sept
165 1712
8
145 153 19,100 Burroughs Add Mach No par
8
8
618 Feb 11 204JulY 3
1314 Aug
614 June
*27
8
312
3
3
600 Bush Term
No par
1 Apr 1
8 June 8
3 Dec
2134 Mar
6
*3
*3
5
Debenture
100
1 Apr 3
94June 1
7 Dec 65 Mar
10
1012
8
83
8
150 Bush Term Bldgs gu pref 100
712 Apr 26 234 Jan 5
1214 July 85
Jan
17
8
17
8
4 1,800 Butte & Superior Mintrus___10
13
4 13
1 Feb 10
24June 2
12 July
178 Sept
23
4 312
3
3 14 11,900 Butte Copper & Zino_.,._ 5
12 Mar 31
4,4June 2
12 Apr
2 Sept
31.2 35
8
314 312 1,500 ButterIck Co
No par
114 Apr 10
712June 13
13 June
8
64 Sept
4
315 323
8
2418 28
15,0130 Byers Co (A M)
No par
812 Feb 25 434July 18
7 May 2453 Sept
*625 6912
8
*6018 6912
60 Preferred
100 3018 Mar 2 80 July 18
3514 May 69 Sept
2714 273
2018 23
8
4.300 California Packing_ .._ No par
4July 17
73 Mar 2 343
4
414 June
19 Sept
114
114
1
14 3.700 Callahan Zinc-Lead
10
14 Jan 19
214June 5
ls June
118 Sept
618 7 4
3
6
64 23,400 Calumet & Heel& Cons Cop_ 25
2 Feb 7
93
3June 2
118 May
77 Sept
8
*912 1038
9
9
800 Campbell W & C Fdy__No par
2 Feb 28 1614 July 15
212 June
914 Aug
31
3318
2814 3012 30,800 Canada Dry Ginger Ale
5
712 Feb 25 4112July 10
6 June
15 Sept
2912 297
8
*30
3012 1,400 Cannon Mills
No par 14 Feb 2 3512July 18
1018 June
233 Sept
4
*8
*7
9
8
100 Capital Admlnis el A_ No par
412 Feb 24 1212July 13
24 Apr
912 Sept
*2712 29
2712 2712
20 Preferred 414.
50 2518 Jan 18 3512July 13
19 June 32 Aug
81
77
76
684 76
81
6612 707 68,500 Case (JO) Co
8
100 3013 Feb 27 10312July 17
183 Juno 653 Sept
4
4
*73
70
77
73
70 .68
70
Preferred certificates__ _. 100 41 Feb 27 86 July 10
290
72
30 May 75
Jan
23
213 2314 22
4
20
2218 19
205 15,600 Caterpillar Tractor-- -NO Par
.8
4July 7
512 Mar 2 293
43 June 15 Jan
8
4314 4512 4112 44 8 35
5
41
3512 39 143,100 Celaneee Corp of Am-No Par
44 Feb27 587
8July 3
114 June 125 Sept
8
7
*258 3 8
25
8 25
8
212 212
400 Celotex Corp
212 212
No par
12 Mar 15
57
8July 3
7 Aug
338 Jan
3
178
178 •13
178
8
112 13
8
114
Certificates
112 1,300
No par
ss Feb 4 4 3
3July 5
214 Feb
4 Dec
712 712
714 714
412 612 *412 714
Preferred
220
100
112 Jan 5 123
4JulY 5
Ds Dec
713 Mar
3514 36
3514 367
3612 x34
8 35
36
30,600 Central Aguirre AssoNo par
14 Jan 3 41 July 17
73
8June 2013 Sept
87
8 87
8 *8
9
8
7
8
7
600 Century Ribbon Mills.No par
2 Apr 19 115
8July 19
24 June
614 Jan
*75
*75
93
93
*75
*74
93
93
Preferred
100 62 Feb 27 95 June 20
55 Dec 85
Jan
40
443
4 4018 43 4 343 4018 3414 38 206,700 Cerro de Pasco Copper_No par
3
8
578 Jan 4 4434 Sept 19
312 June 1513 Sept
412 412
412 412
414
4
35
8 4
1,400 Certain-Teed Produots_No par
1 Jan 9
73
8July 3
58 1)ec
33 Feb
8
25
*20
*20
25
25
*20
*20
25
7% preferred
100
4 Mar 27 3014July 18
453 Dec I85z Aug
173 1712 .173 173
8
8
4 1612 1712 16
17
2,500 City Ice de Fuel
No par
718 Mar 3 25 June 29
Oct2812 Feb
11
65 8 66
65 8 65 8 65
3
5
3
6634 65 6514
380
Preferred
100 45 Apr 7 72 July 17
8
Jan
435 Nov 68
16
16
16
16
16
16
16
16
2,500 Checker Cab Mfg Corp
74 Mar 23 207 Jan 18
5
3
1612 Aug 3018 Sept
423 44
41
8
4212 393 415
4
8 3914 40
10,100 Chesapeake Corp
No par 147 Jan 3 5212JulY 7
8
47 Jun £203 Sept
8
4
83
4 9
812 812
8
8 12
63
4 73
4 4,300 Chicago Pneumat Tool.No par
218 Mar 31
123
8July 20
1 May
63 Jan
4
*19
20
19
1918 18
1812 1612 1713 1.300
Cony preferred
No par
512 Feb 28 2514June 2()
2'June 1214 Sept
12
12
12
12
12
12
1112 124 1,700 Chicago Yellow Cab
No par
64 Jan 4 2233May 31
6 Dec
14 Mar
253 26
4
25 s 257
5
8 24
26
2318 2414 4,500 Chickasha Cotton 011
10
5 Mar 2 34 July 18
5 June 1218 Sept
Vs
718
5
*614 714
5
614 614
1,200 Childs Co
8 Sept
No par
li,J)lne
2 Feb 28 1018July 5
*1512 173 *1412 175 •14
4
17
8
014
17
Chile Copper Co
25
6 Apr 4 2112July 18
5 Dec16 Bent
3
4814 50 4 47
497
465
8 42
8 415 453 449,500 Chrysler Corp
8
8
8
5 June 213 Sept
4
5
74 Mar 3 527 Sept 14
112
178
134 2
158
178
15
8 134 4,100 City Stores
No pa
358July 7
14 July
218 Jan
7* Feb 28
9
8 8 87
7
914
13
8
8 12
230 Clark Equipment
612 854
No par
5 Mar 24 1414June 22
34 July
834 Jan
3113 3113 3012 3012 30 3018 *26
29
800 Cluett Peabody dr CoNo par 10 Jan 27 4112July 17
10 Apr 22 Mar
*92
97
*9014 97
*9014 97
*9014 97
30
Preferred
100 90 Jan 4 100 June 2
90 June 96
Feb
90
90
8812 8913 884 8812 *8812 89
2,700 Coca-Cola Co (The)--No par 7312 Jan 3 105 July 17
6812 Dec 120 Mar
48
48
*4712 53
4712 4712
4712 4712
300
Class A
No par 44 Apr 19 48 Sept 19
413 July 50 Mar
8
163 1712
4
1612 17
1412 1612 1353 1518 13,200 Colgate-Palmoltve-peet No par
8July 19
7 Mar 30 223
101, Dec 3112 Mar
85
85
8478 847 .8112 8818 *82
8
8818 2.100
6% preferred
100 49 Apr 3 8.8 Aug 18
65 June 05 Mar
8 2214 2314 1012 21
225 243
8
185 2178 23,500 Collins & Allman
8
No par
3 Apr 4 26 Sept 11
23 May 104 Mar
4
*10
12
10
*712 12
*712 12
10
100 Colonial Beacon Oil Co_No par
514May 10 12 Jan 4
9 Jan
1212 Oct
512 614
5 4 618
3
512 614
5 8 541 4,900 Colorado Fuel & Iron_ _No pa
3
312 Apr 4 175
8July 7
147 Sept
8
27* July
62
6014 6212 59
55
5712 53
5614 8,600 Columbian Carbon vie No par 2318 Feb 27 7112July 3
1312 May 4178 Mar
2412 2212 23
2518 26
2438 2512 23
2,500 Columb Pict Corp v t o_No par
48ept 14
65 Mar 27 273
8
3
414 May 147 Aue
1412 154 14
1334 1538 92,000 Columbia Gas & Eleo-No par
147
8 1312 1414
9 Mar 31 2815July 19
414 June 21 Sept
4
4
743 743 *65
*66
70
74
8
666 665
8
300
Preferred geries4
100 59 Mar 2 83 June 12
40 Apr 797 Aug
3
17
18
8 1418 165
165 183
8
8 1412 1614 29,700 Commercial Credlt____No par
4 Feb 2' 19 Sept 18
378 June 11 Mar
.38
39 4 39
39
3
3814 3812 38
3,900
38
Class A
50 16 Feb 27 3912 Aug 31
113 July 28 Sept
4
26
*25
25
25
8 243 243
245 245
8
4
4
Preferred 11
100
25 184 Mar 21 25 8 Sept 14
,
1012 June 21 Sept
95 95
9434 95
9412 9434
943 95
4
400
633% first preferred__100 70 Mar 24 957 Sept 1
8
40 June 75 Nov
3814 367 383
37
8 36
8
35
37
363 12,300 Comm Iavest Trust___No pa
4
18 mar 3 4312July 3
104 June 277 Mar
8
9314 *87
9314 9314 *90
9314 *85
9314
400
Cony preferred.
No par 84 Jan 4 9773 Jan '31
5512 June 82 Nov
8
3714 335 3618 254,200 Commercial Solvents. No pa
35
8 3712 39
373 393
4
9 Feb 25 5714 July 18
313 May 133 Sept
4
8
212 258
23
8 25
218 212
2
2 14 123,600 Commonw'ith & Sou__ _No par
133 Apr 1
64June 12
54 Aug
153June
26
277
25
2514 28
8 26
29
2814 4,200
56 preferred aeries__ _No par 21 Apr 4 6012June 7
2738 June 6812 Mar
*314 6
034 6
*314 6
*314 6
Conde East Publlo'ns_No par
3 Apr 4 11 Juno 13
5 May
12 Sept
2212 237
203 2218 2012 213 13,800 Congoleum-Nairn Ine__No par
4
8 2212 23
4
758 Jan 31 2758July 18
612 June 1214 Sept
14
*12
12 • 12
*1114 1412 *1114 1414
200 Congress Cigar
No par
612 Feb 24 18 June 7
4 May
11 Setn
84 812 1.000 Consolidated Cigar_ __ -No par
1014
1014 1013 10
9
9
312 Apr 6 1934J une 7
35 Dec 2418 Jan
8
8 4814 48 4
*497 50
70
493 497
8
4
Prior preferred
8 4912 495
,
100 31 Apr 5 65 June 8
17 June 60 Mar
35
8 353
312 312
312 312 1,500 Consol Film Indus
I
312 312
534:k1ay 29
184 Jan 4
1 June
54 Jan
4
3
914 93
Preferred
878 9 3 5,600
10
93 10
4
1014
No par
143
4May 29
57 Mar 21
3
24 June
113 Mar
4
8
42
43 8 4114 4314 4012 4238 4114 435 81,100 Consolidated Gas Co_ -.No par 40 Apr 3 6418June 13
3
4
3112 June 683 Mar
4 2,800
4
8512 823 843
8614 87
Preferred
No par a80 Apr 24 99 Jan 3
85 4 861 .83
3
7212June flins Dee
3
*23
34
3
4 24
*3
3
800 Consol Laundries Corp_No par
3
518 Jan 10
24 Apr 17
4 Dec 1073 Jan
1358 15
1212 1338 221,700 Consul Oil Corn
14
127 14
8
15
No par
5 Mat 3 153
4July 6
4 June
11 Aug
100
8% preferred
1043 1043 *102 106 *102 106 *102 106
4
4
100 9512 Mar 1 103 July 14
79 Feb 101 Sept
158
112
112 12,000 Consolidated Textile___No par
112
113 112
114
158
14 Mar 1
3 0111Y 1'
,
14 Mar
15s Aug
814
812 812
812
8
2,500 Container Corp class A
814
73
4 8
20
lt8 Jan 10 10'4 JulyIS
3 June
212 Feb
8
Class B
3
314 .3
2 8 24 2,300
No par
7
3
3
314
14 Feb 15
412June 12
14 May
l's Jan
1314 1318 1312 13
13
8 1218 123
4 7,400 Continental Bak class A No par
133
3 Mar 1
1814July II
27 May
8 Sept
8
218
2
2
Class 13
14 14 7,000
218
13
4 2
No par
18 Jan 5
13 Aug
3
312July 11
12 Apr
2,000
62
Preferred
62
62
62
6112 62
6112 62
100 36 Jan 3 64 July 10
4
244 June 473 Mar
66
64
6812 6714 69
8312 6714 23,600 Continental Can Inc
68
20 3514 Feb 23 69 Sept 18
175 June 41 Mar
8
1114 113
4 11
1014 2,100 Cont'l Diamond Fibre
97g 107
1114
8 10
5
34 Feb 25 1718July 7
3
812 Sept
Apr
29
2912 28
29
263 28
2518 2613 5,400 Continental Insurance._ _ _2.50 1012 Mar 28 3612July 7
4
63 May 2514 Aug
4
17
8 2
17
8 2
15
8 17
13
1 Mar 27
8 17 11.700 Continental Motors., _No par
8
8
4 June 8
58 May
33 Sept
4
8
4
1813 19$3 1814 104 163 1818 1612 175 153,100 Continental 011 of Del_No par
44 Mar 3 1958Sept 18
358 June
94 Sept
4
8518 883 28.300 Corn Produata Refining_ ___25 4538 Feb 25 905 Aug 25
8 88
8712 897
8
904 854 89
243 July 55321 Sept
4
137 137
320
13612 137
Preferred
100 1174 Mu 15 1453 Jan 21
13612 13612 *13614 13912
4
9913June 140
Oct
44 514
458 44
43
4 514
43
No par a2 Mar 24
8 453 0.200 Coty Ins
712June 13
1 12 May
73 Beet
s
4
303 32
8 2912 31
3114 317
293 3012 6,300 Cream of Wheat otfs--.No par 23 Feb 25 3912July 10
4
1312 June 2618 Oct
11
10
4
1112 103 11
813 912 3,500 Crosley Radio Corp
1012
-No par
214 Mar 28 143
4June 8
214 May
714 Sept
43
45
43
39
44
No par 117* Feb 27 65 July 13
4213 3812 4134 8,700 Crown Cork & Seal
zNs May 23 3 Deo
7
36
36
3612 3614 3614 *3518 3614
36
500
52.70 preferred
No par 2412 Feb 27 3812July 14
1738 June 3013 Nov
4 June
512 614
8
614 67
618 612
8 7.500 Crown Zellerback v t o_No par
53
s 57
3 Aug
812July 17
1 Apr 10
26
25
26
2234 23
26
25
26
500 Crucible Steel of America __106
6 May 2314 Jan
9 Mar 2 3712July 19
44
46
44
43
45
43
*3812 41
600
Preferred
100 16 Feb 27 603
8July 19
14 Dee 4973 Jan
17
8
134
13
4
13
4
114
112
114 2,000 Cuba Co( Me)
114
No par
12 June
4 Feb 21
4 r,June 7
318 Sept
618 612
512 54
612 65s
553 7,400 Cuban-American Sugar_ ___10
5
118 Jan 16 1118May 29
4 May
34 Aug
s
3612 3612 297 36
2612 30
2712 31
480
Preferred
313 May 26 Aug
100 10 Jan 9 68 June 5
4758 48
4712 4812 47
4634 48
4,200 Cudahy Packing
48
20 May 3513 Mar
51) 20 Feb 21 5912June 8
14
2412 23
24
*24
2012 2212 195 21
9,100 Curtis Pub Co (The)_.No par
8
7 June 31
612 Mar 3 3214June 12
Jan
5712 57
5014 5412 51
57
513
4 2,800
Preferred
No par 30 Feb 23 66 June 12
4
373 1)oe 86
Jan
318
3
43 July 12
27
8 3
01212 27
4
212 23 30,200 Curtlaa-wriget
8
1
4 May
118 Feb 23
314 Sept
434 518 4,400
55
8
5
3
54 5 4
3
Class A
5
,2 6
1
112 Ma
43 Sep
2 NIar 30
4
8 July 13
1512 *14
16
14
600 Cutler-Hammer Ine___No par
.14
147g *1312 14
312 May
12 Sept
414 Jan 6 21 July 14
77
8 8
712 712 2,400 Davega Stores Corp
74
634 712
*7
214 Oct
83
5
4July 14
73 Sept
14 Feb 23
4
• Bid and asked prices, no sales on this day. a Optional wile
Friday
Sept. 22.
z Ex-dividend. c Cash sale.
y Lx-rights.
New York Stock Record-Continued-Page 4
2241
r4P- FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH 'AGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Sept. 16.
Monday
Sept. 18.
Tuesday
Sept. 19.
Wednesday
Sept. 20.
Thursday
Sept. 21.
Friday
Sept. 22.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
PER SHARE
1
Range Since Jan. 1
on basis of 100-share lots.
,qh,
,
Lowest.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
$ per share 3 per share $ per share $ per share 3 per share $ per share Shares. Indus. & Miscell. (Con.) Par $ per share $ per snare $ per share $ per 8, VI
11215lay 20
5 June 12
1 June
*212 5
Debenham Securities
238 Dec
*212 5
*212 5
*212 5
*212 5
*212 5
20
8June 22
614 June 154 Jet.
1,300 Deere 1* Co pref
614 Feb 24 183
14
14
1418 14
14
1312 1312 13
13
*14
1412 14
100 48 Apr 3 9112July 10
54 July 122
Jan
6731 66
66
66
66
600 Detroit Edison
68
68
6812 6812 67
*66
80
8
7 May
10 Mar 1 337 Aug 9
163 Oct
4
28
28
28
500 Devoe & Reynolds A__No par
*25
30
*27
30
*27
30
27
273
4 27
No par
12 Apr 1918 Sept
1712 Feb 28 2912July 7
2514 23 8 2412 23 8 24
5
*2412 243
4 25
5
5
233 2414 234 23 8 5,800 Diamond Match
4
2012 May 264 Dec
Participating preferred...25 2618 Feb 27 31 July 19
900
*2914 2958 2912 2912 2912 2912 2912 2912 2914 2912 2914 2914
No par
12 Feb 28 3912Sept 19
712 Jan
127 Deo
8
8
8 34
8 337 365
363 190.000 Dome Mines Ltd
8
34
353
4 363 383
8
8 365 3912 363 393
8
4
1812 Sept
8July 18
1114 June
4
203 204 1,200 Dominion Stores Ltd_.No par 1012 Feb 27 263
8
4 193 20
4
203 203
4
4 193 20
2012 2012 *2012 213
5 June
1858 Sept
1514 1614
1512 16
14
1514
135 143 14,800 Dough's Aircraft co Inc No par 1014 Feb 11 184July 17
8
4
1614 165
8 1514 1658
5 July 23 Feb
63 Feb 27 18 June 12
4
8 12
125
8 12
12
500 Dresser(SR)151fg cony A No par
1.5
13
13
*12
127
8 127 127
8
*12
3
15 Dec
8
1212 Feb
612 *6
612
2!8 Mar 1 10 4June 2
*6
400
Convertible class B_ _No par
*612 712
714 73
8
712 712 *612 8
23 May 57 Feb
10 29 Mar 31 6312June 29
4312 463 50,200 Drug Inc
4
4534 4814 4814 50
4
4 4418 46
4612 4818 463 483
312 Sept
5 Dec
8
4
7 Apr 10 143 July 19
2
10
10
10
10
300 Dunhill International_No par
*10
12
*10
11
*10
11
10
10
512 June 15 Sept
912 Apr 22 2838June 30
19
19
300 Duplan Silk
No par
•20
22
*20
2114 *20
22
20
20
'1712 23
87 May 1013 Nov
8
40 Duquesne Light 1st pref..100 90 May 4 10218June 13
*833 94
4
*9714 99
*953 99
4
953 953 • 4 94
4
4 833
*9714 100
1 June
612 Sept
412 558
4
45
8 3.800 Eastern Rolling Mills_ _No par
1 18 Mar 30 10 July 3
4
*614 63
4 *614 812
53
4 53
614 614
4July 14
3514 July 873 Jan
4
81
13,400 Eastman Kodak (N .H_No par 46 Apr 4 893
85
8612 82
833
4 78
8412 863
4 8512 88
84
86
99
Jan 125
Oct
100 110 May 2 130 Mar 20
125 125 *125 126
40
6% cum preferred
*12414 125 *12414 125 *12414 125 *12414 125
3 June
972 Sept
8
34 Mar 2 16 July 17
4 1114 1238 1012 113 10.000 Eaton Mfg Co
No par
125 133
8
4 13
134 1212 1314 1212 123
22 July 593 Feb
4
8
83
8118 837
7412 793
4 7412 777 76,100 El du Pont de Nemours____20 3218 Mar 2 8534July 17
80
8 80
8212 804 83
803 June 105,8 Aug
4
100 9712 Apr 20 117 July 7
2,000
6% non-voting deb
4
110 110
11314 114 *11238 11512 10912 1123 107 107
113 114
18 Jun
2,8 Sept
se Feb 4
514July 14
312
3
3 14 5,000 Eitingon Schild
No par
3
3
312 3 4
8
35
8 37
34 3
4
33
4 4
1212 Jan
214 May
15
400
61.6% cony 1st pref_...100
4 Mar 29 23 June 12
*16
16
15
1518 15
•16
18
1812 *15
1812 16
324 Mar
8,L Jun
5 10 Apr 4 2712July 13
21
22
2118 223
4
8 1918 2118 193 207
4
8 175 1914 1714 183 30,600 Elec Auto-Lite (The)
8
61 June 10014 Feb
50
100 7814 Mar 29 8812July 18
88
285
86 '8214 88
Preferred
*85
88
*85
*85
88
85 85
518 53
212 Jan
8
814July 3
418 412 17,600 Electric Boat
3
1 Jan 3
12 June
514 512
514
412 47
8
514
5
5
7 June
8
4 Jan
414 July 15
1 Feb 14
8
3
3
3
3 18
23
4 27
8
23
4 27 14.300 Elec & Mus Ind Am shares__
27
8 3
27
8 3
8June 13
23 July
4
16 Sept
534 638
518 . 63 43,100 Electric Power & Light No par
8
318 Feb 27 153
612 7
712
75s 77
8
7 8 814
5
63
4
103 July 64 Jan
4
712 Apr 4 3612.1une 12
1512 3,900
No pa
1712 18
165 1714 1512 1618 1518 153
8
4 15
1518 14
Preferred
5512 Jan
4June 13
87 July
8
614 Apr 5 323
124 2.200
No par
163 163
8
8 16
133 133
4
4 12
1318 12
56 preferred
16
135 15
8
12 8 June 3314 Mar
,
21 Feb 16 54 July 10
4
3,400 Eleo Storage Battery ..No par
443 443
4
4 4512 4512 444 463
4
4 454 464 423 4518 423 43
Is Jan
4 June 19
3 Aug
4
112 112
158
1
112 1,500 Elk Horn Coal Corp. No par
18 Jan 4
17
8
17
8
13
4
17
8
15
8 15
8
15
8
18 Jan
1 Sept
58 Apr 29
6 June 7
178 214
178
178
23
8 3
214
900
50
*214 3
2
6% part preferred
*24 3
16 July
374 Sept
59
1,100 Endicott-Johnson Corp___ _50
26 Feb 27 6278July 18
.5612 5612 *52
5714 5714 58
59
58
5812 5912 257
98 May 115 Nov
100 107 Feb 17 122 Aug 23
20
*11814 11812 11812 11812 *11712 125 *11514 11812 *116 11812 *116 11813
Preferred
4 June 25 Feb
4June 12
4 Feb 23 143
6
55
8 53
6
4
512 512 1,400 Engineers Public Serv_ _No par
57
8 67
8
63
4 63
4
4
2
16 July 51
Feb
1734 1734 1512 17
20
1512 Apr 7 47 June 13
*23
244 2112 2112 21
1,700
$5 cony preferred._ _No par
2112 20
57 Mat
18 July
15 Apr 4 4978June 12
2212 2212 *22
18
No par
25
25
*2012 22
2012
600
*21
23
$55i preferred
29
25 June 613 Mat
4
.25
30
*22
29 '22
30
*20
30
200
$6 preferred
No par 2012 Apr 19 55 June 13
23
25
*23
30
1012 fler
19
Jut
612 Mar 27 1338July 7
8
9
2,100 Equitable Office Bldg_ _No pa
*93 10
4
912 10
93 1014
4
4
83
4 83
4
912 93
2 June
714 Mai
9
918 4,600 Eureka Vacuum Clean_No par
3 Apr 4 1814July 7
•10
1012 10
918 10
103
4 1018 101* 104 1012
12 May
5
7 Mar 1
8
712June 28
2,z Sep
4
4
4
4
4
37
8 44 2,900 Evans Products Co
414
44 44
4
43
8
93 Jan
4
113 Jaz
4
10 Jan 4 1112July 19
10
10
10
10
240 Exchange Buffet Corp_No par
*10
10
1112 *10
1112 10
10
10
25
8June 8
1 Sept
815lay 17
25
7
13 Sea
4
2
*114
2
*114
2
Fairbanks Co
*114
212 *114 2
*114
*114 2
12 73
814June 13
1 June
100
1 Feb 23
4 AM
10
Preferred
*434 734
7
*43
4 74 *43
4 73
4 *4
4
7
*434 7
754
2 14 Dec
64 Auk
212 Mar 23 1114June 2
012 63
900 Fairbanks Morse & Co_No par
*8
812 *712 812 *7
734
4
64 7
8
10 Dec 473 Mal
4
100 10 Feb 25 42 June 3
31
31
*31
347
8
Preferred
35
20
*31
35
*31
*31
35
*31
35
17 Sep
8
, ill .^
2
58 Jan 26
3 June 8
---- ---- --__ ____ ______ Fashion Park Assoc_ _ _No par
__
---- ---_ ____ ____ ____ __ ____ ___
_
_
8
112 July
77 Jar
7% preferred
100
3 Feb 23 11 June 2
Jar
814 Dec 22
4
15
43 Apr 6 1412June 12
600 Federal Light & Trac
812 85*
*83 10
8 -.
*i3 10
4
814 814
*g5 ICI
8
'4 16
:1
30 Jillie 64 Ma,
No par 38 Apr 20 5912 July 20
*56
50
.56
56
90
Preferred
56
*55
59
56
*5512 59
*554 59
13 June 35 Sepl
98
80
8518 '78
2,600 Federal Min & Smelt Co__100 15 Mar 31 103 Sept 10
92
85
70
83
88
98
95 103
112 May
35 Fel
8
4
as Mar 16 113 July 10
71
63
4 7
6 2 612 1,600 Federal Motor Truck_No par
,
712 712 *7
712 71 2 *712 10
12 May
23 Atic
47
8Ju17 7
8
3 Feb 27
4
23
8
2
218 *2
2
212 1,100 Federal Screw Works_No par
*213 234
*212 3
2 8 212
3
103 Mal
8
214 Dec
138 Feb 25
63
4June 12
3
212 3
4,800 Federal Water Serv A _ _No par
3
214
318 314
318 318
3
3 18
23
4
612 June
153 Sepi
4
2612 2612 •27
712 Feb 27 30 July 18
271
27
28
*27
2754
2714 283
2,000 Federated Dept Stores_No par
8 2714 28
6
May
273 Jar
4
2854 30
27
2812 26
27
3.700 Fidel Phen Fire Ins N Y_.2.50 1014 Mar 27 36 July 6
*2812 30
31
31
30
31
1012 June 187 Auk
8
918 Apr 4 3112July 18
24
2558 22
247 34,100 Firestone Tire & Rubber___10
8
2518 267
o
264 2678 26
273
4 2518 27
45 July 68 Auk
100 42 Mar 3 75 June 7
7214 7214 697 697 *697 72
Preferred series A
8
8
8
200
*72
74
*7214 7312 *7214 73
5412 Dei
4July 7
35 July
5238 54
55
5214 531 1 0,900 First National Stores__No par 43 Mar 3 703
54 543
4 54
543 555
8
8 543 557
8
8 53
10 Fel
414 Apr
712 Feb 7 18 July 5
1434
160 Florsheim Shoe class A_No par
4
4
147 147 *14
8
8
15
*1312 143 *1212 143 *10
*14
16
63 July 99 NO1
100 80 Apr 19 101 Sept 5
_ •98
__ *98
8% preferred
__ *9712
*9712 10012 *9712 _
_ *9712
814 Sep
2 June
212 Feb 28 19 June 7
101
No par
10
800 Follansbee Bros
1018 *1014 --1014 *8 - 10
1014 1014
104 10
- -14 10
104 Fel
33 May
4
612 Apr 19 16 July 13
1314 1314 *1212 1312
200 Food Machinery Corp_No par
*131 1 14
*1312 14
1312 1312 *1314 14
3 May
157 Sep
8
412 Feb 28 23 July 7
18
157 1612 15
8
No par
17
157
8 6.000 Foster-Wheeler
1814 1814 1712 187
8 103 17
4
1 July
714 AM
2 Feb 27 2338July 17
No par
15 8 1612 1514 1612 *1514 1612 *15
5
16
13
15
1258 1378 6,000 Foundation Co
13
1014 June 224 Sep
1
133 Mar 1 2614June
8
2118 217
8 2114 213
4 2012 2114 193 2014 20
4
2012 1912 193
4 2.400 Fourth Nat Invest w w
163
4 143 153
1712 1814 175 1812 17
8
4
4 15
1712 16
153
4 7,500 Fox Film class A new _No par 1212Sept 6 19 Sept 14
is Oct -7212 Jab
*42
49
*42
49
*47
49
47
47
42
45
40 Fkln Simon & Co Inc 7% p1100 12 Jan 24 50 Aug 15
42
42
10 May 22858 Nor
8
4 44
16, Feb 28 473 Sept 20
8
4214 443
4514 473
4214 46
424 4412 36,300 Freeport Texas Co
10
46
43
47
1495 1495 150 150
8
8
100 97 Apr 19 150 Sept 13
150 150 *140 155 '140 155
6% cony preferred
150 150
500
Oa
26
- May 218
*1018 1654 *1212 16
1618 1618 '13
25
*1212 15
9 Jan 9 31 June 13
8
10 Fuller (G A) prior pref_No par
*125 25
3 June 32 Fel
4 Jan 19 23 June 13
*95 12
8
*10
12
*10
12
*10
No par
12
*10
12
*10
12
$6 2d pref
312 Sep
312 1,000 Gabriel Co (The) el A.
514 Aug 18
Is June
Feb 27
4
4
4
418
4
4
*37
8 438
312 334
312
.No par
1
17 Jar
512 Dec
8
8
1712 1712 1612 17
184 *1712 194 *17:2 193
150 Garnewed Co (The)___ _No par
612 Jan 20 207 Aug 25
18
*1512 19
12 June
512 Sepl
25 Feb 28 12 June 20
8
87
8 94
9
9 12
9
93
8
83
4 918
814 84
5,000 Gen Amer Investors_ No par
754 8
26 June 71 Sep
42 Feb 23 85 July 7
•70
80
71
71
*6812 75
*68
75
*6812 75
No par
269
69
300
Preferred
912 June 353 Ma
4
375 39
8
38
39
3612 3814 3612 383
8 313 3612 30
4
4
33
20.000 Gen Amer Trans Corp
5 133 Feb 28 4314July 19
43 June 1512 Jul
4
458 Mar 3 27 July 18
2114 2112 2112 224 193 2112 193 2012 163 195
4
4
8 1614 171 1 15.400 General Asphalt
No par
4
195 Mal
8
1012 June
155 16
207 July10
s
15 8 16
5
8
8 145 1578
8
1412 15
1512 16
1512 157
5 1112 July21
6.600 General Baking
12 June
5 Auk
73
4 84
218 Feb 6 1012July 7
7 8 84
5
73
4 8
614 712
5
74 8
57
8 012 10.600 General Bronze
14 May
5 Set,
1112June 9
*53
4 6
6
65
8
114 Mar 31
6
6
512 53
4
5
514
5
51 4 2,800 General Cable
No par
112 May
1112 Sep
1112 1112 12
1212 12
1212 1212 117 117
8
12
8 113 113
4
4 1,500
Class A
No par
214 Feb 27 23 June 9
4
34 June 253 Sep
.26
2918 *26
26
*20
24
*18
24
100
26
7% turn preferred
100
612 Mar 30 46 June 9
294 *2614 2918
20 June 383 Ma
8
8June 23
3514 363
8 33
347
8 30
313
4 305 313
8
4 30
313
4 2914 30
No par 29 Jan 3 483
6,500 General Cigar Inc
75 June 106 De,
4
*108 1113 '108 1113 '108 110 *108 1113 *108 110
4
4
10814 10814
20
7% preferred
103 90 July 28 112 Jan 25
812 May
2618 Jai
2314 234 2318 244 224 2312 2134 227
8 2018 213
21 160,200 General Electric
8 20
No par
107 Apr 26 304July 8
8
103 July
8
117 Set)
12
117 12
8
8
12
1134 1178
115 117
8
8
1154 1178 *1112 117
1118 Apr 20 1214July 24
8 7.500
Special
10
195 May 4012 Ma
8
3818 385
8 383 397
4
8
8 374 385
8 3718 38
35
37
345 37
8
30,200 G ner...I Foods
No par 21 Feb 24 397 Sept 18
sJune 6
3 July
8
23 bel
4
1
114.
14
114
114
27
114
114
114
114
1
118
58 Apr 1
1
118 5.500 tlen'l GM 41.-. Elec A ___ _No par
3 June 244 Jai
11
11
*1014 12
318 Apr 3 1612June 6
1 *1012 11
1012 103
4 *9
101
*9
1012
300
Cony pref series A_No par
*115 13
4
514 July
*11
13
30 Au,
*1112 13
*10
13
*10
7 Apr 20 1812June 20
13
10
10
40
$7 pref class .5
No par
18
*1212 18
514 July 40 Fel
*1212 18
*11
*12
5 Apr 6 20 June 10
18
*11
18
*11
18
$S pref class A
No pa
18,8 Apr 25 Ma
44
44
447 4514 *454 4614 •____ 47
8
*4512 461 *455 4612
8
400 Gen Hal Edison Elec Corp__
244 Jan 9 4514 Sept 18
28 May 4812 Sep
69
70
683 69
4
683 70
4
69 697
8 64
69
634 65
8,600 General Milt
,
No par 3512 Mar 3 71 June 28
*1043
4 -__ 106 10612 *1043 10812 *105 1061 105 105
76 July 9612 De
*1041
4
300
Preferred
100 9212 Mar 28 10612Sept 19
7 8 June 243 Jai
,
8
4
333 ...-- 333 3518 3314 343
24 47
8
4
8 323 343
4
4 293 325
3114 434,500 General Motors Corp
10 10 Feb 27 353 Sept 14
4
8 29
8
903 91
5614 July 8714 Ma
9212 9212 915 93
4
8912 9()
1,800
55 preferred
90
90
90
90
No par 6512 Mar 3 95 July 15
'1018 133 *1038 1334 "104 133 '103 133 •103 133
4 June
9 Fel
4
*103 14
8
4
8
4
8
Gen Outdoor Adv A___No pa
518 Jan 9 24 June 13
4
258 Nov4 Jul
104June 12
*53
8 57
8
Common
212 Mar 1
53
4 53
4
57
8 57
8
53
8 553
5
55
8
No par
512 5 2 1,200
,
14
Jai
1214 1214 *103 1214 *101 1 1214 *1012 1214 1218 1218
212 July
8
100 Genera, Printing Ink
1112 12
34 Jan 4 17 June 10
No par
60 Fel
*723
4
4
2712 Jun
- - •7254
_ *723 - -_ •723 _ __ *7234 73
4
$6 preferred
31 Mar 18 82 Aug 3
No pa
1 May
3
-3
38
3
34 3,700 Gen Public Service... No par
718 Au
4
4
4
-418
33 --- 4
4 33
312 - 3
34
2 Apr 6
8 4June 12
,
40
42
8
42
39
41
39
343 37
8
618 July 283 Jul
40
343 40
4
3.800 Gen Railway Signal
1314 Jan 3 4912July 6
*41
_No par
238
238 23
8 *214
4
14 May
24 23
212 23
45
8June 24
2,4 Sep
4
24 23
8
2
214 29.400 Gen Realty & Utilities
1
3 Feb 16
g
19
20
19
20
1812 19
1712 18
*1714 18
5 June 164 Sep
2,200
*1812 19
56 preferred
512 Jan 19 223
4June 26
No pa
11
11
4
955
4 1,100 General Refractories_ _ _No par
1, Jun
4
1212 1212 1112 1112 103 11
83
4 83
4July 5
154 Sep
914
212 Feb 27 193
3212 *29
3212 *29
31
*29
31
*29
3112 *29
8 Star 27 Au
3112
*29
Gen Steel Castings pref No par
94 Feb 17 3912July 14
1412 15 8 1414 155
3
1312 14
934 Am.20 20,4 Jan 11
15
8 143 1512 1334 1478
4
48,000 Gillette Safety Razor_No par
1018 Jan 2414 Ma
14
58
7212 AU
8 58
"56
573
4 56
56
*56
573
4 557 554
8
900
45 Jun
577 585
8
Cony preferred
4
No par 473 Apr 19 75 Jan 9
.614 612
512 64
54 4,900 Glinble Brothers
33 Au
4
618 64
57
8 614
514
53
4
5
7 June
8
758June 27
No par
3 Feb 9
4
2112 2112 *21
277 *2118 29
8
25
*23
2118 2118
200
Ja
26
63 Dec31
8
*22
Preferred
514 Mar 1 33 July 7
100
4
4
1712 183
4 1014 174 16
1612 12,900 Glidden Co (The)
103 Sep
8
183
8 173 1854 173 19
3 g June
33 Mar 2 20 July 18
4
18
No par
86
8612 *87
88
87
87
*8514 88
35 Apr 76 Sep
88 '8514 87
60
Prior preferred
100 48 Apr 22 9112 Aug 1
*85
4 714 11,800 Gobel (Adolf)
8 Au
77
8 814
73
4 814
55
8 73
4
53
23 May
8
84 87
3
No par
812 84
3 Feb 16 16 July 13
193 22
4
213 22
4
194 207
8 1934 2014 19,400 Gold Dust Corp v t c_ _ _No par
23
8 22
12 Feb 27 2738July 18
814 Slay 204 Sell
225 225
8
*97 106
*9714 106 '97 106
*97 106
105 105
200
70 July 101 12 De
56 cony preferred_ No par 100 Jan 18 105 July 21
.10112 105
4
1412 16
14
4 153 1714
1538 53,400 Goodrich Co (B F).... No par
214 Slay
124 See
3 Mar 2 2112July 18
15 4 164 1614 1718 1512 163
3
42
4073 43
40
44
38
39
38
38
7 Slav 334 Sep
3.000
l'referred
100
9 Feb 28 63 July 13
4212 4212 41
3934 3558 374 115,300 Goodyear Tire & Rubb_No par
8
2934 Au
8 385 4112 36
512 May
07
4 8 3814 407
914 Feb 27 4712July 17
3614 383
8 39
69
66
6712 64
65
6912 Au
68
673 6814 67
4
193 Jun
4
06
1,400
No par 273 Mar 2 8014July 6
4
68
1st preferred
*06
1114 103 11
4
103 103
4
4
93 103
4
8
9
10
8
1712June 12
714 Jan 3034 Set]
6.700 Gotham Silk Hose
Vo par
75 Apr 4
8 11
1118 113
67
*60
67
66
69
*60
67
*60
69
*60
20
Preferred
50,4 Jan 7012 01
100 41 Apr 3 73 July 3
69
*60
1 Slay
45 Ja
8
8 312
3
34 14,000 Graham -Paige Motors
8
3
3,
1 Apr 3
55 July 12
312 3 4
1
4
3
'2 3
3
4 378
33
4
35
4
12
1318
1012 1134
123
8 1112 13
9 4 107 15,400 Granby Cons NI Sm AZ Pr._100
3
24 June 114 Sell
8
12
37 Mar 2 154June 13
8
1112 12
6
6 12
53
4 6
93 Ms
4
7
*63
4 07
8June 26 '314 June
7
8
63
3 63
4
1,500 Grand Union Co tr cffs_No par
33 Mar 2 105
8
714
*63
4
29
*25
29
*25
2878 '23
2778
22 Jun
3514 Ma
2212 Apr 5 3638July 3
400
No par
Cony pref series
8 2914 2914 29
*294 297
27
*25
27
*25
261
25
25
"245 27
8
8
68
sJune
210 Granite City Steel
No par
11 18 Mar 24 305 July 11
17 Sep
2718 2718 *25
267
8 26
1412 May
3014 Ma
4
26
2578 27
30
253 2714 26
8,400 Grant (IV T)
Vs pa
, 153 Feb 28 3638July 7
4
4 26
2914 293
4
133
8 123 13
12
5 Jun
1314 Ja
123 10.200 Clt Nor Iron Ore Prop No par
4
134 13
518 Feb 27 16s July 11
134 134 13
13
13
403
8 3814 403
8 38
4078 383 414 191,800 Great Western Sugar. No par
314 Apr
12 Au
40% 38
8
8
373 4(02 39
8
67 Jan 19 417 Sept 22
8
108 109 *1073 110
108 108
48 June 83 Au
4
108 108
Preferred
100 7212 Jan 3 110 Sept 6
90
4
*108 109 "1073 100
45 July13
4 Apr
212 25
23 Set
25
8 23
4
8
23
8 25
8
24 23 10,900 Grigsby-Grunow
8
No par
se Mar 3
4
8
25
8 27
23
4 278
•Bld and asked lurk-es. no sales on this day. a Optional sale. x Ex-dividend.
y Ex-rights.
New York Stock Record-Continued-Page 5
2242
err
Sept. 23 1933
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE
PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 16.
Monday
Sept. 18.
Tuesday
Sept. 19.
1Vednesday
Sept. 20.
Thursday
Sept. 21.
3 per share
*21
•
*2612 275
8
*44
45
*20
2278
*28
281,
63
4 64
*2712 2912
•513 6
*512 6
*30
33
81
81
*18
19
$ per share
*213 238
*26
275
8
*45
47
2278 227
8
.28
2814
7l
7
275 2738
8
6
6
5
5
*26
33
80 8018
187 187
8
8
5 per share
218
218
•26
273
3
45
45
2014 2014
•28
2814
64 7
63
4
2712 2712
*512 6
*412 6
•26
33
8012 8012
1753 18
5 per share
2
218
*25
27
44
44
2012 2012
*28
284
65
8 67
8
*2712 29
*512 6
*412 6
*26
33
80
80
*17
1812
$ per share
158
13
4
*24
25
*40
43
203 21
4
2712 275
8
6
612
27
2712
8 512
47
*418 6
33
*26
80
80
16
17
Friday
Sept. 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932,
Lowest.
Highest.
S per share Shares. Indus. & MIscell. (Con.) Par $ per share $ per share $ per share $ per share
1,800 Guantanamo Sugar____No par
4
13
4
13
412May 18
14 Jan 23
18 Mar
1 Sept
Gulf States Steel
25
*22
No par
212 June 2118 Sept
63 Feb 27 38 July 13
4
Preferred
*40
43
70
100
1614 Jan 16 64 June 12
12 July 40 Oct
21
21
1,000 Hackensack Water
25 15 Mar 18 2512July 17
15 May
23 Jan
70
2712 2712
7% preferred class A._25 25 Apr 8 287 Jan 12
3
19 May
28 Apr
8,800 Hahn Dept Stores
512 6
No par
118 Feb 28
912July 6
5 July
8
414 Aug
700
267 27
Preferred
100
9 Apr 1 35 July 17
718 July 28 Aug
*4
600 Hall Printing
412
__10
313 Feb 27 1012July 7
312 July
114 Jan
*44 6
100 Hamilton Watch Co
No par
212 Apr 5
9 July 14
2 June 12 Feb
*26
33
Preferred
100 15 Feb 11 35 July 17
20 Oct 30 Mar
120 Hanna(M A) Co $7 pt-No par
SO
80
4512 Jan 4 85 Aug 28
33 May 70 Jan
900 Harbison-Walk Refrao_No par
133 16
4
618 Feb 25 25I July 11
7 May
18 Sept
Hartman Corp class B_No par
Is Apr 3
134June 6
Is Dec
2 Sept
_
___
Class A
No par
14 Mar 18
214June 6
3 June
8
4 Mar
312 3i4 33.
3'2
4
3
55 14
4
250 Hat Corp of America el A_ _1
5F4 - 14
3
318
34 - 3
314 - -14
%Mar 16
712June 21
12 Dec
3 Aug
*20
23
*20
23
*20
23 •20
23
*2 0 23
23
*20
63% preferred
100
513 Apr 5 30 June 21
5 Aug 20 Sept
134
134
13
4 17
8
113
4
13
4 13
112 112
13
4
112 112 2,300 Hayes Body Corp
No par
3 Feb 27
4
312.July 17
14 June
312 Sent
*101 105 *101 105 0101 105
101 101
10114 10114 •10012 105
200 Heinle(0 W)
25 6912 Jan 16 10212Sept 1
60 June 815 Sept
8
*1214 1312 *1214 133 *1214 13
8
*1214 13
*1214 13
*1214 13
Hercules Motors
No par
3 Mar 20 17 July 6
43 June
4
812 Jan
524 5212 53
537
,3 5173 5212 5012 52
4812 5014 46
473
4 3,400 Hercules Powder
No par 15 Feb 27 63 July 1
137 Aug 2912 Sept
8
*108 110
108 108
107 108
107 107
1043 1043 *1043 107
130
8
8
8
57 cum preferred
100 85 Apr 5 110 July 19
7012June 95 Jan
*54
5634 5213 54
53
53
527 5312 52
8
524 4914 494
900 Hershey Chocolate-No par 3518 Mar 29 72 July 18
4312 July 83 Mar
*774 82
*77
80
80
80
80
*77
*77
300
80
90
Cony preferred
80
No par 844 Aor 5 90 July 18
57 June 83 Mar
612 63
4
67
3 7
612 612
614 612
614
6
51s 512 2,800 Holland Furnace
No par
4 1012June 20
34 Jae
314 Dec 1212 Aug
*73
4 814
800 Hollander & Sons (A)
75* *7
4
7 4 73
75*
3
73
4 73
74 718
4
8
-No pa
214 Mar 2 1012June 7
2% Dec 103 Mar
8
334 351
352 368 x343 369
349 363
354 370
346 354
7,200 Homestake Mining
100 145 Jan 18 370 Sept 22 110 Feb 183 Dec
12
*10
*10
*10
12
*10
12
11
11
*8
100 Houdaille-Hershey CIA No par
9
9
418 Apr 7 15 June 8
6 Dec
712 Nov
37
414 414
43
8 43
37
8 418
8
3%
34 34
312 312 3.600
Class 11
No par
I Mar 2
63
4June 9
1 May
412 Sept
*4613 43
*4612 48
*4612 477 *4612 477 *4612 477 *4612 477
8
Household Finance Dart Pf-50 433
8
4May 16 5114 Jan 12
4214 June 5718 Jan
30
313
4 3112 327
8 3012 32
2814 11,100 Houston Oil of Ten tern ctfs100
26
3012 3214 27
30
814 Mar 13 38 July 17
84 May 2814 Sept
53
4 614
514 4,500
5
58 6
4
58 57
518 53
Voting trust ctfs new_ _25
53* 6
7%July 7
17 Feb 28
53 Sept
1 18 May
2734 30
2812 3012 29
3178 29
313
4 27
2912 2714 2918 31,300 Howe Sound v to
25
8
512 Jan 3 317 Sept 19
48 Dec 1612 Jan
145 1518 145 1514 137 145
8
8
4
8 133 143
3
3 1214 1312 1114 1318 25,000 Hudson Motor Car___ _No par
8July 17
3 Feb 28 163
27 May 1134 Jan
8
513 518
5
514
43
4 5
43
4 47
4
3
434
35* 44 19,700 Hupp Motor Car Corp
10
158 Mar 3
4July 13
73
14 May
538 Jan
__ Indian Motooycle_____No par
_
4 Mar 16
238June 6
%June
24 Sept
.2i8 334
4
.23
4
4 358 *23
3 312 *23
8 3
100 Indian RefinIng
8 34 *23
10
118 Apr 11
412June 21
1
Apr
234 Nov
71
75
7412 77
703 735
8
8 7014 7314 675 7114 6518 6812 18,900 Industrial Rayon
8
No par 24 Apr 4 82'2 July 17
718 June 40 Sept
61
6112 62
62 4 6012 61
,
5818 6012 5518 573
8 55
563
4 7,400 Ingersoll Rand
No par 1914 Feb 27 78 July 18
144 Apr 447 Sept
*35
3712 3514 3512 3512 353
35
8 3512 36
*33
36
1,600 Inland Steel
36
No par 12 Feb 27 457
8July 7
10 June 27% Sept
73
63
4 713
7
534
64 75*
638 7
638 3,800 Inspiration Cons Copper_ _ _20
714
75*
912June 2
72 Sept
2 Feb 25
3 May
4
*27
318
*3
278 3
3
3
318
2% 27
700 Insuraushares Ctrs Inc_No par
8
2%
27
8June 8
114 Mar 29
37
1 JUDO
37 Jan
8
*21.2 238
218 24
258 25*
212
212
2
2
2
214 2,100 Insuranshares Corp of Del__ _1
15 Apr 5
4
412 Jan 10
314 July
818 Sept
.234 3
3
*234 3
3
3
3
*23
4 3
24 23
4 1,100 Intercont'l Rubber
412 July 18
No par
4 Apr
318 Aug
3* Mar 21
814 814
8
8 12
*712 8
74 8
3
*74 73
4 *712 71
1,700 Interlake Iron
No par
12 July 13
24 Mar 1
15 July
8
714 Sept
312
318 318 *3
27
,
318 3
32
3
,
*3
1,800 Internet Agrieul
24 23
4
No par
538July 18
7 Feb 17
8
'4 Apr
312 Aug
*18
21
20
*17
*17
21
*16
2012 *17
193
4 17
17
100
Prior preferred
100
5 Jan 3 2712July 19
33 Apr 15 Aug
4
151 15112 1517 14214 150 151
150 152 x1463 149
4
3,000 Int Business Machines_No par 755 Feb 28 15314July 18
14312 144
5212 July 117 Mar
*712 8
73
8 8
7
712
7
7
65
8 63
4
64 614 3,000 Internet Carriers Ltd
1
8July 7
2% Jan 16 I07
114 May
54 Jan
33
34
33
323 33
34
4
323 325* 28
8
2733 2912 3.600 International Cement_No par
31
618 Mar 2 40 July 17
35 June 1824 Jan
8
4034 4214 415* 435* 241
433
8 4112 435* 385* 4114 365* 3912 66,801 Internet HarvesterNo par 135* Feb 28 46 July 17
10 8 July 3418 Aug
3
*117 1185 11818 11918 .117 11918 *11612 11918 118 118 *11612 11912
8
500
Preferred
100 80 Jan 5 11918 Aug 15
6834 June 108
Jan
54 618 13,20( lot Hydro-El Sys ol A_No par
614 63
412 6
614
612 7
612 7
6
212 Apr 4 13s July 19
25 June 115* Mar
8
*312 4
37
*34 4
4 4
*318 414
*33
34 314
1,100 lot Mercantile Marine_No par
3
8.1une 20
67
114 Jan 4
% June
414 Aug
8
207 213
8 2112 2214 2118 223
8 214 225* 193 21
4
1952 20% 391,400 Int Nickel of Canada_No par
f1114 Feb 27 223*Sept 19
312 May 124 Sept
•106 110 *106 110 .106 110 *106 110 *106 110 *106 109
Preferred_
100 72 Jan 11 1097 Sept 12
50 June 86 Mar
8
1412 *12
•1314 17
14
17
*1212 167 *10
8
*10
17
17
130 Internet Paper 7% pref
100
8June 12 Sept
4July II
212 Jan 4 213
13
43
*53
4 6
5
*53
53
4 6
4 6
4
2,400 Inter Pap & Pow Cl A_.No par
53
4 53
48 5,2
12 Apr 21
10 July 10
12 June
43 Aug
8
.234 318
23
4 234 *23
4 3
23
4 3
25
Class II
218 212 2,500
25*
53 July 10
4
No par
14 Apr 1
14 May
2 Aug
213 218
218 214
218
2
218
2
15*
13
4 3,500
13
4 2
Class C
No par
14 Jan 6
14 Apr
4 July 11
112 Sept
1418 1412 *1418 1412 131. 1412 13
14
10
1212 10
1114 9,100
Preferred
100
2 Apr 6 2212July 11
14 Dec 125* Sept
.
*93 10
94 912 *931 10
4
9,2 94
93
4 93
4 *9
300 Int Printing Ink Corp_No par
9%
34 Feb 25 13 July 3
3 Dec
84 Mar
•65
*65
69
*65
70
*65
69
*65
68
*65
70
70
Preferred
100 35 Apr 18 71 Aug 23 3244 Jan 45 Nov
*24
247
8 24
243
4 24
24
243
24
4 2312 2412 2314 2312 1,800 International Salt
No par
1334 Mar 28 2734July 5
9 4 June 2312 Feb
3
4712 4712 48
488 48 4812 *4712 4812 4712 4712 47
1,400 International Shoe__ No par 243 Jan 3 563
47
8
8July 17
2014 Judy 445* Jan
42
473
473
4 46
4 4418 45
4914 44
3712 43
3712 39
6,800 International Sliver
934 Feb 25 5912July 17
100
712 July 28 Sept
607 607 *58
8
59
58
8
61
5812 5812 59
58
*55
59
110
7% preferred
100 2412 Mar 2 717 July 17
8
26 May 65 Feb
157 168 153 164 143 15 4 1412 15
3
4
3*
4
3
124 144 1212 13% 139,000 Inter Telep & Teleg_ __No par
518 Feb 28 213
4J1tly 14
25 May 153 Sept
8
4
*64 612
614 614
614 61 4
*6
6,
4 *53
300 Interstate Dept Stores_No par
6
514 514
2Ju1y 7
112 Mar 2
87
112 May 11
Jan
287 287 *273 2978 *2514 277 *2514 297 *2514 298 *2514 298
8
8
8
8
8
20
Preferred
100 12 Apr 7 403
3July 12
18 June 5212 Jan
*7
9
*7
9
812 *7
*7
812
67
100 IntertYPe Corn
8 67
8 0612 9
17 Jan 24 1114July 7
No par
212 Dec
7 Apr
24
245* 26
2512 27
26
2712 2414 2414 2418 2418 1,300 Island Creek Coal
*25
1
II Feb 27 32 July 15
1014 Apr 204 Aug
35
35
344 347
37 2 374 3518 3512 *3512 36
,
344 34,
2 1,100 Jewel Tea Ins
No par 23 Feb 27 45 July 7
1518 May 35 Feb
41
5413 5612 5012 5414 493 5218 50,900 Johns-Manville
.5614 584 5414 57
5 3 57
4
No par
1214 Mar 2 603
8July 17
10 May 335* Sept
*101 104
104 104 *101 10412 •101 1033 *101 10212 *92 103
4
Preferred
10
100 42 Apr 5 10614July II
45 July 993 Jan
4
*76
79
*76
78
79
78
77
76
78
76
7512
250 Jones & Laugh Steel pref_100 35 Feb 1 91 July 18
74
30 July 84
Jan
7
*73
8
4 8
75* 73
8
734 73
7
8
*7
4
710 1,000 Kaufmann Dept Stores $12.50
3June 9
93
3 May
914 Mar
25* Mar 16
1714 173
4 171s 173 165* 1718 1612 163 1518 16
15
1512 7,100 Kayser (J) & Co
25
67 Feb 27 1912July 5
3
43 July 143* Sept
4
37
37
37
33
312 312
3,
2 38
31.2
3,2
318 314 7,000 Kelly-Springneld Tire
6
7 Mar 2
8
618 July 13
•16
*17
20
1814 1814 1814 *14
*17
21
18
*15
17
100
6% pref
No par
6 Feb 28 3118June 2
412 .4
412 *4
412 *4
*35* 412 *4
41.2 *4
413
KelseyllayesWheel conv.cLA 1
2 Feb 27
8 May 12
*2
312 *2
312 *2
2
312 *2
312
2
3
3
300
Class 11
1
4June 26
2 Mar 27
_
63
13 8 143
3
4
8 1312 1412 1212 137
8 123 133
8 1112 127 42,600 Keivinator Corp
4 114 127
8
No par
318 Feb 28 153 Sept 14
3
- may
2%
1038 Feb
*58
60
60 60 18 60 60
66
60
6514 6514 060
65
60 Kendall Co pt pf ser A _No par 30 Jan 10 73 July 8
17 July 38 Feb
2412 26
2234 2414 24
25
3n 26
23
214 243
3 2114 2318 282,600 Kennecott Copper
No par
47 June 1914 Sept
73 Feb 28 26 Sept 19
3
9513 18
4
*1612 18
*163 18
*1612 18
.163 18 .163 18
4
4
Kimberley-Clark
57 Apr 6 2533July 7
No par
612 Dec 19,2 Jan
*212 312
3
3
33* 312 1,300 Kinney Co
35*
4
33
4 33
35* 3 8
312 312
No par
1 Apr 3
614June 7
12 Apr
5 Sept
•1712 25
*1712 25
*147 25
*1712 25
18
*147 25
18
3
100
Preferred
No par
45* Feb 14 30 July 7
3 JULIO
19 Aug
8 125* 1314 1218 123 36.200 Kresge (55) Co
135* 1414 1318 1418 125* 133
4
8 123 133
4
10
512 Mar 2 167
8July 8
19 Jan
65* July
•10158 106
*994 106
*993 106
*9914 106
994 9914
3
*9914 106
10
7% preferred
100 88 Apr 4 105 June 14
88 May 110 Mar
.32
37
*n 37 *32 37 .3212 37
4
313 313 *3112 37
4
100 Kress (S H) & Co
No par 27 Jan 17 4414 July 13
18 June 37
Jan
27
27
247 27
3
23
247
3 2314 2412 23
3
233
4 235* 237 27,900 Kroger Oro° & liak_No par
1412 Feb 28 3558July 11
10 May 18% Mar
7 343 x334 34
33
8
294 3112 9,200 Lambert Co (The)__No par 2218 Mar 2 4118July 17
324 337
32
8 32
323
4 30
25 May 5154 Jan
512
*54 7
5
*513 8
*51.2 7
240 Lane Bryant
*512 7
*512 7
No par
3 Feb 8
1012June 28
2 May
75 Aug
8
10, 10,2 1012 107
2
10 4
3
8 10
812 9
107
10
8 10
5,500 Lee Rubber & Tire
9
5
334Mar 2 123
8July 19
13 Apr
4
84 Sept
.16
165
8 153 165* 16
4
1612 16
153
8 147 13
1,300 Lehigh Portland Cement50
1613 15
5% Jan 5 27 June 20
35 Apr 11 Aug
8
*783 80
4
*763 80
4
77
77
78
*7714 80
78
80
110
*78
7% preferred
100 34 Feb 9 78 Sept 5
40 Dec 75
Jan
37
37
3
44 *44 41 a
4
35* 413 *313 33
3
4
3 12 2,000 Lehigh Valley Coal___ -No par
1 Jan 13
I May
6o July 14
484 AUg
*85
.612 8
8 *612 8
84 85
8 912 *83
614 714
8 9
700
Preferred
60
212 Apr 10 12 June 19
114 July
11 12 Aug
*72
73
73
7412 73
75
74
75 8 x70
3
723
4 6912 70 2 4,900 Lehman Corp (The). No par 3712 Feb 28 7938July 7
,
304 June 517 Sent
8
•1912 2014 193 2012 20
1812 187
2012 1912 1912 1812 19
8 1,100 Lehi] dr Fink Prod Co
5 14 Feb 27 2314J1lne 6
6 May 2414 Mar
2812 3012 28
293 65,900 Libby Owens Ford Glass No par
4
4
313* 3272 315* 33
3218 303 32
31
93 Sept
43 Mar 1
4
3738July HI
3% May
*9612 98
98
98
97
*95
4 9612 9612
9612 9612 95
953
000 Liggett & Myers Tobacoo_26 49 Feb 16 98 Sept 18
3214 June 6512 Oct
9812 99
97
99% 9612 977
9511 97
9612 98
9312 9712 11,600
Serles B
25 494 Feb 16 993
8Sept 15
3418 May 6714 Sept
*13914 14018 14013 14018 139 13914 139 139 *1387 139
8
1367 1367
8
700
8
Preferred
100 121 Mar 22 14013Sept 18 100 May 132
Oct
*1612 17
*1612 163
4 1612 1612 16
16
153 153
4 1578 16
4
1.000 Lily Tulip Cup Corp_No par
13 Apr 8 2112May 18
14 June 21 Mar
283 *2612 28
27
4
2612 2712 4,200 Lima Locomot Works_No par
28
283* 283* 28
293* 27
10 Jan 17 314July 3
8
812 Apr 193 Aug
15
*1418
15
*14
14
1418 1418 1418 14
14
135 135
800 Link Belt Co
8
*
No par
4July 5
834 Apr 17 193
612 June 14 Mar
345 343
8
4 32
333
4 3314 343
8 313 335* 2814 3112 2814 304 8,200 Liquhl Carbonic
4
No par 1014 Feb 25 50 July 18
0 May 12 Mar
30
8 30
317
34
324 44,300 Loew's Incorporated_ _ _No par
8 32
4
341 4 3512 343 3612 333 353
8
812 Mar 22 3612Sept 18
1314 May 3784 Sept
75
80
78
*72
*73
783 .75
75
*76
4
7618 *72
75
100
Preferred
No par 35 Apr 4 78'0 July19
30 July 80 Sept
23
212 258
4 24
4 27
4
4
2 4 23
212 212 4,400 Loft Incorporated
3
23
23* 23
No par
1% Feb 24
5 Sept
414June 8
1% June
*238 212 *238 212
8 23
214
2
23
2
2
218 214
900 Long Bell Lumber A No par
4 May
is Feb 28
278 Aug
512June 19
7 4013 3814 39
38
*3812 3912 384 39
384 39
39
38
1,700 Loose-Wiles Biscuit
25 1914 Feb 27 4212July 12
1618 July 3638 Feb
*11714 120 *11714 120 *11714 120
11712 11712 1174 11714 .11714 120
40
7% 1s1 preferred
100 11312May 9 120 Jan 14
Oct
96 July 118
2312 23% 2212 238 22'o 2313 2212 2312 21 18 2212 203 2112 21,900 Lorillard (P) Co
4
No par 103* Feb 16 2514July 6
9 May
183* Sept
10214 102, *100 10212 100 10018
*10212 10412 *10253 103
1024 103
4
500
7% preferred
100 8712 Feb 23 10518 July 8
7313 Jun 10818 Sept
.24 23
214 28
8 23
4
24 23
21
4 *212 3
8
23
212
700 Louisiana Olt
No par
12 Jan
214 July
5 Jan 5
8
4 July 12
1812 *15
*15
184 15
15
1812 .15
*12
1812 *15
1812
20
Preferred
Jan
100
312 Feb 24 29 July 21
3 Dec 18
17
17
174
*17
17
183 183
4 18
1,000 Louisville Gas & El A_No par
185
4
18
8
175* 18
137 Apr 8 2.53
4Jtme 13
8
84 June 233* Mar
1412 1412 135* 14
1218 124 113 1214 1,500 Ludlum Steel
13
13
133
4
13
4
_1
4 Feb 28 2018July 11
113* Sept
Ds Jan
*46
*4712 .56
56
56
*4613 56
*46
56
56
*47
*47
Cony preferred
No par
143 Mar 28 60 Judy 18
8
612 Jan 26 Sept
25
26
26
25
27
26
25
2714 28
2612 26
2,100 MaoAndrewl,& Forbes
26
10
1514 Feb
912 Feb 16 29 July 18
94 Aug
3714 343* 3612 3338 345* 6,500 Mack Trucks Zoo
3712 37
*37
3712 364 384 36
No par
,
134 Feb 27 463
8July 7
10 June 28 4 Sept
584 5434 57
8,400 Macy (R Ili Co Ina_ No par 2414 Feb 25 65 4July 7
60 4 56
3
.58
6012 61
6214 59
625* 59
17 June 604 Jan
3
14 33
14 314
*33* 3 2
3
314
*3
3
7
23* 2
*3
3
2,000 Madison So C/ard v t o_No par
3
,
15* Mar 30
218 Jan
44 Sent
7 June 26
1718 143 15% 5,200 Magma Copper
4 16
4
164 164 167 175* 16 4 185* 1712 183
8
,
412 Apr
No par
1334 Sept
8.judy 19
53 mar 2 193
8
212 212 1,800 Mallinson (H R) & Co_No par
4
*23
4
212 23
4 3
23
4
24 23
23
23
4 3
4
4 Sept
12 Jan
72 Feb 15
514June 29
.1112 1612
*1112 16
*1112 15
*1112 203 .1112 18
4
*1112 16
7% preferred
100
4 Aug 104 Sept
3 Feb 10 264July 6
314 *2
*2
314
31 1
34 *2
.214 314 •214 314 *2
SlallatI Sugar
53 July10
214 Sept
4 Mar
106
14 Jan 4
40
,
5
414 4 4 *318 412
514
*5
*414 412
5
.414 6
Preferred
4 Apr
314 P^9t
100
8July 19
38 Jan 6
97
8 512
43
440 Mandel Bros
4 512 *43
61 1 614
612
6
*6
6
612 612
43 Sept
Dec
4
No par
I
973June 10
112 Jan 3
1412 *14
16
*141 i 15 4 14
3
16
*1414 1612 1612 1612 16
600 Manhattan Shirt
9 Aug
25
312June
512 Apr 1 23 July 18
2 4 23
3
27
4
23
24 23
3
4 3
4
8 1,100 Maracatbo 011 Explor.No par
2 4 23
212 23
3
4
%June
112 Aug
12 Jan 18
4 June 12
75* 19,200 Marine Midland Coro
8
7
8
8$8 87
75
8 12
8 8
83* 94
914
914
612June
143 Aug
5i, Mar 31
10
8
114 Jan 9
• Bid and asked prices, no sales on this day
a Optional sale. c Cash sale. *Sold 15 days r Ex-dividend. I/ Ex-rights.
New York Stock Record-Continued-Page 6
tar" FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE
-- - - - --=
PER SHARE
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Sales
STOCKS
sang Since Jan. 1
for
" NEW YORK STOCK
On basis of 100
-share lots.
Saturday
Wednesday Thursday
Tuesday
Monday
Friday
EXCHANGE.
the
Sept. 16.
Sept. 20.
Sept. 19.
Sept. 18.
Sept. 22.
Sept. 21.
Lowest.
Week.
Highest.
$ per share 5 per share $ per share 5 per share 5 per share 5 per share Shares. Indus. & Miscell. (Con.) Par $ Per share $ Per share
No par
s
.16
6 Feb 27 2014June 3
2153 167
1712 1714 1714
16
4
167 17
1.100 Marlin-Rockwell
•143 16
8 16
4
Marmon Motor CarNo par
%May 5
218June 6
173
4 1512 1714 1514 167 49,800 Marshall Field dr CoNo par
1512 1512 1718 18
17
177
8 17
41 Jan 30 1838June 3
8
40
41
40
4112 39
407
8 41
4
433
373 393 24,000 Mathieson Alkali WorkeNo par 14 Feb 27 433 Sept 20
4 38 2 42
4
4
,
32
33
3212 318 323
4 30
31 '3112 32
7.700 May Department Stores_ -25
30
30% 29
93 Feb 24 33 Sept 18
4
6
11* Apr 10
6
No par
6
6
612 612
5
*6
512 6
5
612
800 Maytag Co
812July 10
1138 1158
1158 1158
No par
800
1112 *1112 14
1212 121; 1112 1112 11
318 Apr 4 1514 Aug 28
Preferred
*45
*45
49% *45
No par 15 Apr 5 5318 Aug 28
10
47
Prior preferred
498 •45
4958 4514 4514 *37
447
293 293
3012 *2814 3014 *273 3014 2712 2712 27
4
No par 13 Mar 3 303 Sept 15
4 30
700 McCall Corp
2712
4
4
17
112
114
13
4
114 15,300 McCrory Stores class A No par
118
1
112
11 114
/
4
1 18
3
4
8June 8
% Apr 15
47
2% 2%
13
4
Class B
17
8
13
4 2
112
No par
13
4
114 Jan 13
112 13
4
112 112 2,300
8 Jan 5
14 412
100
4
4
614 612
Cony preferred
54
3
43
4 43
1,800
43
4 43
4
4
212 Mar 17 21 Jan 9
4
4 14
McGraw-Hill Pub Co_No par
*43
4 518 *4% 518 *4% 5% *418 518 *4% 518 9
18 518
818June 12
3 Apr 4
8 4212 4512 437 45% 443 4718 4134 4434 4178 443 229,000 McIntyre Porcupine Minee_5 18 Mar 16 47% Sept 20
8
38% 407
4
4
92
9514 90
9012 93
5,200 McKeesport Tin Plate_No par 4418 Jan 4 95 4 Aug 2.
87
913
4 8812 9012 8712 88
88
3
1
78 8
3
8
8 12
134 Mar 2 1312July 3
7 8 81s
3
5
614 71 19,400 McKesson & Robbins
63
4 78
712 77
3
*19
*1918 20
197
17
15
1514
1,100
50
Cony pref series A
338 Mar 3 25 July 1
s 187 1912 1812 1812 16
17
112
18
13
4
13
4
112
I%
No par
13
4
14 Feb 24
112 6.200 McLellan Stores
15
8
15
8
I%
338July 11
97
14
1112 1138 11
91
101
; 1018 *8
260
818 812
11
8% cony pref ser A
100
218 Jan 16 2278Ju1y II
2734 273
4 28
28
28
28
27
*27
2718 264 2612 2,500 Melville Shoe
28
No par
83 Feb 27 28 Sept IS
4
1318 135
123 13
4
4 11
8 13
1218
6,200 Mengel Co (The)
93 11
1312 1218 123
4
1
2 Mar 1 20 July 19
*4014 4612 *40
*2614 39
4118 40
38
40
40
38
7% preferred
*38
100 22 Jan 28 57 July 18
70
*19
1912 1912 1912 19
1812 18'2 1812 1812 2,300 Mesta Machine Co
1918
19
19
5
7 Feb 24 21 Sept 12
2112 *2118 22
*21
21
*21
22
100 Metro-Goldwyn Plot pref_27 1312 Mar 1 22 Sept 1
22
*21
*21
2112 21
612 612
612 67
614 7
6
612 7%
53
618 6,300 Miami Copper
4 618
5
15 Mar 3
8
94June 2
3
1458 15
1414 143
4
15
13
14
14
1418 15
12
127 24,100 Mid-Continent Petrol__No par
334 Mar 2 16 July 7
•I312 141. 9314 14
13
1314
13
13
12
1218 11
4July 7
3 Mar 2 173
Ills 1,300 Midland Steel Prod----No par
791 *67
;
*70
75
*60
59
72
59
67
70
300
67
8% cum 1st pref
*61
100 26 Mar 3 72 Sept 6
2614 2614 257 2612 2612 2612 2612 2612 25
1,200 Minn-Honeywell Regu.No par
24
13 Apr 4 281Ouly 19
24 1
25
3
314
318 358
53 July18
3
212 27
8 6,900 Minn Moline Pow Imp] No par
278 318
3
212 23
3
7 Feb 3
8
*18
20
*18
20
18
20
*1512 19
18
Preferred
*18
No par
*18
200
20
6 Feb 7 30 July 18
17
17
*17
1718 17
4
4 2,100 Mohawk Carpet Mtils_No par
1712 17
4
1714 143 1512 143 143
7 Jan 23 22 July 17
*70
717
8 71
4,100 Monaanto Chem Wks_ No par 25 Mar 3 7412 Aug 10
62
72
64
6312 70 4 6012 7112 6314 68
,
2412 257
8 25
2434 22
2612 2412 253
223 164,500 Mont Ward 400 Ina_ No par
8
4 24
234 21
838 Feb 25 2878July 7
*40
*32
45
44% *40
443
100 Morrel (J) & Co
8 4458 443* *32
43
433 *40
8
No par 25 Jan 8 56 July 3
1
1
118
l's
I
1
I%
1
1 17.100 Mother Lode CoalltIon_No par
18
118
118
13
18 Jan 9
218June 22
52
5
Ws
53
4 614
4% 514 49,200 Moto Meter Gauge&Eq No par
43
14 Jan 5
4 558
53
8 618
512 658
6% Sept 14
333 3.5
4
34
2814 32
3614 3218 34
8
323 34
2758 3014 12,600 Motor Products Corp_No par
73 Mar 1 363 Sept 14
4
4
1018 1012 1018 103
1012
8% 914 14,500 Motor Wheel
918 10
4 101 1 1012 10
No par
112 Mar 1
11 a July 10
614 614
6
618
8 3.000 Mullins Mfg Co
No par
412 45
558 512
512 558
B2 afar 21 1034July 18
43
4 5
•15
173 95
4
16
15
40
173 *15
Cony preferred
4
15
143 *10
No par
4
173
*10
5 Mar 21
25 June 9
1414 1414
143 15
4
5 Mar 30 183
No par
900 Munsingwear Inc_ _
143 143 *13
14June 27
4
1214 1214
4
15
*1212 15
77
7
758 8%
_ _10
778
13 Feb 25 1112July 17
8
712 7 8
55
* 618 15.500 Murray Corp of Amer
3
714
714
712
5
•1618 1912 *1618 1818 *1618 1818 *1618 1818 1618 1618 *1618 18
100 Myers F & E Bros
KM par 8 Jan 25 2012 July10
233 24% 2312 2458 223 2358 2212 233
No par
4
8 20
1118 Apr 12 27 July 10
2218 1958 2114 32.900 Nash Motors Co
55
55
*512 6
512 512 *55
600 National Acme
8 6
10
12
118 Feb 28
5
514 9 '
73
4July 7
55* 558
512 512 1.000 National Bellas Hess pref.-100
558 55
512 512
512 512
114 Jan 27
97
sJuly 18
5512 6
5712 578 567 5812 5614 577
10 3112 Feb 25 6058June 28
553
4 5258 5412 22,500 National Biscuit
564 5812 253
*138 142 .140 14112 *140 14112 *137 143
200
7% cum pref
100 118 Mar 3 145 Aug 18
13912 13912
139 139
20
2038
1914 2058
183 1934
8
1618 1712 16,900 Nat Cash Register A__ _No par
5 Mar 2 2358July 19
183 10
1814
8
17
/
1
4
1712 173
4 16
No par 1012 Feb 27 253 July 11
15
1514 16
1758 1514 16
153 85,800 Nat Dairy Prod
153 16
4
112
400 Nat Department Stores No par
114
112
*118
13
4
17
114
13
134
4 *114
8
Is Mar 15
5112
212June 26
17
*53
8 6
Preferred
*55
8 6
•.53
100
8 6
114 Feb 23 10 June 6
*53
8 6
*55
8 6
•55* 6
10434 10838 10614 1103 10334 1074 10214 1063
8
4 92 10112 9112 977o 184.800 Natlonal Distil Prod___No par 167 Feb 15 1247
8July 17
. .50 preferred
40 24 Feb 8 115 June 28
1518 1734 18
1834
1712 1712 *17
5 Feb 2 183
18
1512 16
15
153
4 3,300 Nat Enam & Stamping_No par
4Sept IS
•112 125 *112 125
125 125 *11512 125
125 125
100 43% Feb 2:3 1273 Aug 23
700 National Lead
125 1263
4
4
*125 12712 .125 12712 925 12618 125 125
Preferred A
100 101 Mar 1 126 Aug 22
200
125 125 *125 12712
*105 108 .105 108 *105 108 *105 108
Preferred 13
100
105 105 *103 108
100 75 Feb 23 10918July 111
12
1212 1178 125
8 113 12
8
67 Apr 1
8
103 113
4
4 1014 107
s 1018 1112 36.700 National Pow & Lt____No par
2012July 13
447 4512 4512 47
24414 4512 445* 4
15 Feb 27 5518July 7
8
434 4512 4312 4512 16,100 National Steel Corp_ No pa
/
1
•1712 18
1814 1912 18
1918 1918 1914
15
5,700 National Supply of Del
60
4 Apr 6 285
17
1514 16
8June 12
4212 4212 413 4312 4012 4012 40
4
42
*40
Preferred
43
100 17 Feb 23 6014June 3
170
3912 40
4
4
4
4
334 4
312 3158
312 3 8
10
114May 3
7
812 Jan 6
358 312 2,000 National Surety
2118 213
8 2112 22
2014 217
s 2014 2012 18
20
No par
1714 1914
9,900 National Tea Co
612 Jan 4 27 July 18
*714 10
*714 10
*714 10
Neisner Bros
*612 10
No par
*612 10
*612 10
112 Jan 16 1218June 26
---- - - ---- _ __
_ _ ____ _ __ ____ _
_
_ __ __ Nevada Cousol Copper_No pa
4 Feb 28 1138June 2
*8
-812
812
812
8
1
12
84 ,
814
138 Mar 29 113
718 - 7
7
1
7
- 14 1 600 Newport Industries
i
*July 5
17
1714
17
17
1714 173
4 153 153
4 1714 173
4
4 153 163
No pa
4
61s Apr 4 2312July 7
4 1,800 N Y Air Brake
Pe *6
8
*6
77
6% 618 *618 712
*6
100
100 New York Dock
6% 618
412July 22 1178June 23
*11
1312 1118 1112 11
11
*1112 1212 1112 1112 10
210
Preferred
1112
100
612 Mar 30 22 June 23
1
118
1
I
1
78
1
1
1
118
No par
12 Apr 3
7
8 7.700 NY Investors Inc
23
%
iJune 12
*
167 1714 172 1858 165* 1712 21612 167
8
8 123 Hi% 127 1412 9,600 N Y Shipbldg Corp part stk._ 1
s
4
18 Jan 4 2212 Aug 9
*8014 843 .8014 843
4 8014 8014 *8014 843 *7614 80
4
*7614 80
10
7% preferred
100 31 Jan 9 90 June 19
9712 9712 *9312 97
92
92
92
9312 9312 92
*8612 9312
160 NY Steam $6 pref
No par 80 Mar 24 1017 Aug 8
8
1023 1023 1024 1023 900 10212 *100 10212 98 100
4
4
4
$7 1st preferred
100
100 100
No par a9314 Apr 25 110 Jan II
3414 353
3512 3612 3614 385
387
333 36% 337 355* 88,000 Noranda Mines Ltd- No par 173 Jan 14 3S7 Sept 20
8 37
4
8
8
205
19
21
187
8 17
193*
18
183 1912 18
1718 185* 68,700 North American Co
4
No pa
1514 Apr 4 3612.1uly 13
37
*36
37
37
36
35
36
37
37
37
*35
37
1,400
Preferred
50 32 Feb 28 46 Jan I2
15 712
712 73
4
712 7%
718 7 8
3
6% 7
7
5% 612 30.000 North Amer Aviation
6
9 July 17
4 Feb 27
613 613o *603* 64
*6114 64
60
60
*5512 60
*5512 60
300 No Amer Edison pref No par 48 Apr!') 79 July 13
14 412 *458 412
54% 417 9
41 1
412 938 47
•414 47
200 North German Lloyd
418Sept 7 10 June 7
393 *3314 38
;
*33
38
33
*33
*33
38
33
*3314 38
10 Northwestern Telegraph_ - _50 263 Apr 27 43 June 5
4
4
4
4
41 1
4
414
34 4
3
3%
312 35*
33
4 4,600 Norwalk Tire & Rubber No par
578July 18
1% Feb 23
16% 163
4 163 1712 1618 1712 1612 1758 153 163
4
8
8 143 1558 116.100 Ohio Oil Co
No par
4 4 Feb 27 17%July 6
2
35
5
518
518 5 2
3
47
8 5
43
4 5
4
47
8
4
10,200 Oliver Farm Equ1p
No par
83
4Ju1y 7
118 Feb 27
*16
19
17
17
1712 15
*16
1612 *16
15
15
15
400
Preferred A
No par
3
3% Feb 28 30 4June 9
6
63* *618 6%
53
4 63
63*
6
% 711
6
6
634 4,700 Omnibus Corp(The)vto No par
184 Mar 2
83gJuly 18
11
11
11
II% 10
97
4
8
1112 103 113
814 8 4 *8
,
1,400 Oppenheim Coll dr Co_ _No par
212 Feb 28 15 June r
__ ____ ____ ____ ____ ____ ______ Orpheum Circuit Inc pref.100
---- ---- ____ _
7 June 9
13 Jan 30
8
167 173
8
167 17
8
15
4 1614 167k
155 1614
8
1512 21412 15
14,500 Otis Elevator
No Par 1015 Feb 27 2514July 18
*10514 110 *10514 110 *10514 110 *10514 110 *10514 110 *10514 110
Preferred
100 9312 Apr 5 106 July 19
5 8 512
3
84
3
5
514
5 14
517
58
3
412 5
4
4311 7,900 Otis Steel
114 Mar 1
No par
91:June 13
10
*5
1012
11
9
912
812 812
712 8
*712 8
1.100
Prior preferred
100
4June 13
214 Feb 28 213
83 4 81
3
8014 8312 82
83
80
82
74
79
733 7512 9.900 Owens-1111nols Glass Co-- 25 3112 Mar 3 96* July 13
4
21
2114 22
2212 204 2114 203 213
8
8 201 21% 2014 2118 20,500 PACIrl0 Gas & Electric
25 20 Apr 7 32 July 12
2614 273
2712 28
4 25 8 2612 25% 26
5
2512 26
2512 26
6,800 Pacific Ltg Corp
No par 2514 Mar 31 4338 Jan II
22
2312 2312
237 247
8
2212 25
24 2212 2354 2212 23
22
3,900 Pacific Mills
100
6 Feb 21 29 July 5
8
8 8914 895 *873 8912 *873 88
4
8914 895
873 88
4
8512 87
340 Pacific Telep & Teleg
100 65 Mar 3 9434July 14
37
43
4 47
43
8 43
4% 43
8
43
4 5
4
414
33
4 4
76,700 Packard Motor Car._ _No par
134 Mar 24
6* July 14
1212 1212 *814 14
12
*9
1212 5814 1212 12
*814 10
200 Pan-Amer Petr & Trans new 5
8 June 2 14 July 10
2812 26% 28
4 28
28
285* 293
283
2818 29
27
28
7,400 Park-Tilford Inc
No par
6 Jan 20 323
4July 13
214
214 *218 214
2
2
218 *17
17
8
1% *13
17
8
500 Parmelee Transporta'n_No par
3 July 1
4
3 Mar 21
214 214
212 3
25
8 23
8
214
214
2% 21 1
2
2 18 2,200 Panhandle Prod & Rel_No par
ss Apr IS
414June 1, 1
17
8 2
17
8 2
14
14 2
13
4
112 1% 9,200 Paramount Publix ctts. __ -- 10
15a
14
212June 6
le API* 5
358 37
3% 37
8
312 37
312
312 37
27
3
318 33,700 Park Utah C al
414 July18
1
3 Jan 9
4
112
11.
15
8
112
1%
112
1%
13*
112
1 12
112 8,800 Pathe Exchange
13*
No par
14 Jan 4
212July 10
77
83
83.83
4
7 4 814
912
4 9
3
812 9
8
814 9,600
Preferred clam A ___ _No par
114 Jan 25
97
8July 18
8 1812 20
1812 2014 1914 2 4 19% 213
4 19% 217
03
1812 197 71,300 Patino Mines & Enterpr No par
8
53 Jan 16 22's July 17
8
518
4% 5
5
43* 5
47
414 45
8 512
8
418 45* 9,900 Peerless Motor Car
3
34 Feb 16
918July 17
5812 5914 5712 583
8 5712 58
5814 59
5618 5714 557 5612 3.800 Penick & Ford
No par z2512 Feb 27 593 Aug 29
5112 525 24812 503
8
4912 45
4 49
4912 .51
49
4512 4712 34,800 Penney (J C)
1914 Mar 2 5253 Sept IS
No par
106 106 *103 108 *103 108 •10212 108
•104 106
106 106
200
Preferred
100 90 Jan 4 108 Aug 1
55* 57
6
6
8
53* .512
8
618 63
5
511
412 5
3,700 Penn-Dixie CementNo par
8 Jan 25
4
912June 19
19
19
19
16
*16
16
*16
19
*18
19
15
15
400
Preferred series A
100
41 Mar 2 32 July 5
471 1 4614 47
4612 47
44
45
4414 45
4612 4712 47
3,900 People's0 L & C (Chle)_ _100 413* Apt 18 78 Jan 9
5 *1258 138 *1258 1312 *1238 1312
4
1331 134 *1258 133 .1212 13
100 Pet Milk
No par
61* Feb 2 I5 4June 8
,
144 1314 1412 1312 143
8 14
4 12
1314
1112 1214 19,100 Petroleum Corp of Am_No par
133* 143
458 Jan 3 15 July 3
1718 1878 17
183
16
1712 1512 167 104,900 Phelps
16% 1712 17% 1814
8
-Dodge Corp
25
412 Jan 4 187 Sept 19
s
31
31
32
*2214 31
3012
3012 31
*24
31
37
.31
600 Philadelphia Co 8% Pref- - - 50 25 API' 11
36 July 7
51 s____ 5012.__ 50% •____ 45
51
51
45
*40
45
200
$6 preferred
No par 45 Sept 22 82 July 8
64
514 6
6
6 12
518 538 10.100 Phila & Read 04 I__ _No par
8
6
63
s 67
618 6 4
,
212 Feb 27
912July 14
14
*1318 14
8 14
13
143 14% *1312 143
1414 1414
1314
1,000 Phillip Morris & Co Lid_ _10
8 Feb 23 147
sJune 7
*12
*12
14
14
*12
14
14
12
12
1212 *12
*12
100 Phillips Jones Corp
No par
3 Feb 8 163
4July 18
1712 1818 1518 1718 1514 163 94,800 PhiltIps Petroleum
183
4 1712 1814
18
17% 1814
8
No par
434 Jan 4 183
4Sept IS
*8
*8
10
10
*8
10
10
'
18
10
*8
*8
10
Phoenix Hosiery
5
138 Mar 15 127
8June 7
3
3
3
3 12 358
3
3
3
312
3
3
3
2,0410 Plerce-Arrow class A__No par
112 Apr 18 10 June 26
1
118
1
118
1%
1
1
118
1
118
I
1
8,600 Pierce 011 Corp
25
14 Jan 3
158July 12
11
11
10
9012 11
11
10
11
9
9
11
510
37 Feb 27 1314July 12
400
Preferred
100
2
2 18
2%
21s • 214
2
178 2
17
8 2
218 218
6,100 Pierce Petroleum
No par
II Jan 23
2 4June 21
3
2312 24
4
2212 2312 *22
4
2312 2312 233 234 233 24
No par
0% Feb 24 267
2312 1.600 Pillsbury Flour Mills
aune 7
8
63 63
*647 6514
6414 65% *647 654 6614 6038 65 65
8
1,000 Pirelli Cool Italy Amer shares 3338 Apr 4 663 Sept 20
s
1712 15
15
*14
16
*1514 1714 *15
14
•16
15
18
300 Pittsburgh Coal of Pa
100
4 Feb 25 23 July 18
41
41
40
____ 90 ____
4(1
540
*35
90
200
Preferred
100 17 Jan 25 48 July 14
•Bid and asked prices, no sales on this day. a OntInn8I late
T0
511 15 flaw!
,
I' E < -dill 10,111
.
, IC!, .1•00
'
,
V T
,
1-1/1•4
2243
PRECEDING.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
----Spry share $ per share
53 May
4
13% Sept
18 Apr
312 Sept
3 July 1312 Jan
9 June 207 Mar
912 June 20
Jan
1 July
6 Aug
3 Apr 1012 sent
2218 Dee 3514 Jan
10 May 21
Jan
612 Dec
18
Apr
5 Dec 19
Jan
20 Dec 62 Feb
212 May
712 Jan
13 May 2158 Dec
28 June 6214 Feb
118 June
612 Sept
31,2 May 23 Feb
% July
4 Mar
7 Dec 38 Mar
77 Dec 18
Jan
1 July
5 Aug
20 May 38
Jan
514 May 1912 Jan
14 June 2214 Jan
1% June
614 Sept
33 Apr
4
8% Sept
2 June 123 Sept
8
25 June 65 Sept
11 June 2312 Jan
33 Aug
*
5* June
4 Dec 1458 Aug
512June 14 Sept
4
133 May 303 Mar
312 May
1612 Sept
20 May 3514 Mar
Is May
3 Aug
4
14 Apr
114 Sept
73 June 29% Sept
8
2 June
658 Sept
2 June 1358 Jan
5 June 2712 Sept
7 Aug 15% Sept
218 July
Ws Mar
718 June 19 Feb
8 May 19% Sept
514 Sept
1% May
6 Sept
18 May
8
2014 July 467 Mar
101 May 14214 Oct
2614 Dec 18% Sept
8
14% June 313 Mar
218 Aug
14 June
114 Dec 10 Aug
13 June 2714 Aug
2018 May 3212 Feb
81/1 Sept
33 July
8
Jan
45 July 92
87 July 125 Mar
61 July 105
Jan
63 June 20 8 Sept
8
3
1312 July 337 Sept
312 June 13 Sept
1312 Slay 3918 Aug
8
412 July
197 Aug
312 Slay 10% Aug
512 Jan
112 Apr
212 May
1014 Sept
33
4Sept
1 12 June
414 Jane 1412 Sept
3% Dec 10 Sept
20 Apr 30 Aug
12 June
3% Aug
15* Dec
614 Feb
20 June 57 Mar
70 May 100 Oct
90 June 10918 Mar
5
103 May 212 Sept
4
13% June 4314 Sept
2512 July s48 Sept
1% May
65 Dec
8
49 July 88 Sept
8
Jan
8
2 3 June
15 June 33 Aug
212 Aug
% Feb
5
Jan 11 Aug
4 Aug
12 Apr
212 May 1014 Aug
112 Jan
43 Mar
4
97 Jan
3 June
314June 15 Sept
9 May 2212 Jan
90 May 106 Nov
914 Sept
114 May
3
3% May 20 8 Sept
12 June 4214 Nov
167 June 37
Feb
8
20 4 June 4712 Aug
3
14 Aug
358 May
58 June 104% Mar
514 Jan
112 July
io - ept
S
Apr
2 Jan
14 June
14 Dec
la Jan
--_- ---- -----2 Sept
3 Apr
8
114 Aug
14 May
5% Feb
114 June
318 July
912 Sent
41 Apr
84 June
16 June 323 Mar
4
13 May 3412 Mar
June 91 Mar
60
21 Aug
it Apr
8 Sept
3 Nov
Jan
39 July 121
1258 Jau
5 Dec
78 Sept
4
23 May
37 June
8
115 Sept
18 June 41 Mar
48 June 76 Sept
7 2 Sept
7
2 June
7 June 13 Aug
4
312 Apr 123 Sept
818 Sept
2 June
Nov
2
S's Aug
9 Jan
114 June
14 Jan
3 Sept
4
312 Jan
9 Aug
15* Sept
12 May
94 Dec 2212 Jan
/
1
21 June 3134 Mar
115 Sept
3 May
17 Dec 40
Jan
New York Stock Record-Continued--Page 7
2244
Sept. 23 1933
IairFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS L.T. SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 16.
Monday
Sept. 18.
Tuesday
Sept. 19.
Wednesday
Sept. 20.
Thursday
Sept. 21.
Friday
Sept. 22.
Sales
for '
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
Indus. & Miseell. (Con.) Par
Pittsburgh Screw &BoltNo par
Pitts Steel 7% cum pref. _ _ 100
.
Pitts Term Coal Corp_No par
6% preferred
100
Pittsburgh United
25
Preferred
100
Pittston Co (The)
No par
Plymouth 011 Co
5
No par
Poor & Co class 13
Porto RIO-Am Tob el A_No par
Class B
No par
Postal Tel de Cable 7% prof 100
Prairie Pipe Line
25
Pressed Steel Car
No par
100
Preferred
Procter A Gurnble
No par
5% pre!(ser of Feb 1 '29)100
Producers & Refiner. Corp_50
Preferred
50
Pub Ser Corp of N j___No par
55 preferred
No par
100
6% preferred
100
7% Preferred
8% preferred
100
Pub Ser El & rlm of 25_ No par
Pullman Inc
No par
Pure 011 (The)
No par
8% cony preferred
100
Purity Bakeries
No par
Radio Corp of Amer_ No par
Preferred
50
Preferred B
No par
Radio-Keith-Orph
No par
Raybestos Manhattan_No par
Real Silk Hosiery
10
Preferred
100
Reis(Robt) & Co
No par
1st preferred
100
Remington-Rand
1
lst preferred
100
2d Preferred
100
Roo Motor Car
5
Republic Steel Corp_ __No par
6% cony preferred
100
Revere Copper & Brese_No par
Class A
No par
Reynolds Metal Co__ _No par
Reynolds Spring
No par
Reynolds (It J) Tob class 13_10
Class A
10
Richfield Oil of Callf__ _No par
*12 I334 *12
17352 *12 133 *12
Ritter Dental Nffg
133
135- *12 - - 8 *12 - 2
2
No par
11 2
3
4 3,100 Roesia Insurance Co
6
6
512 6,
2
43
4 5
43
2 43
6
6
6 14 612
5
8 3612 37N 3612 374 3434 343
4 35
3514 3,700 Royal Dutch Co (N Y shares)
2
3614 3634 367 373
4 29N 3112 2672 2914 253 2814 65,200 St Joseph Lead
8 2818 313
10
2612 277
283 297
4
4
4634 4212 444 4234 433 10,800 Safeway Stores
4
49
50
x4718 5012 4414 4712 44
No par
210
6% preferred
8912
100
*921s 95
x9014 9011 897 9014 9014 9014 8812 8812 *__
950
7% preferred
s 97
99
97 0834
100
10312 104 x1013 1027 10014 10112 988 997
8
57
*714 8
8
811
8
8
6
7N
614 1,300 Savage Arms Corp____No par
*714 8
57
2 614
512 57
2 3,500 Schulte Retail Stores_ _.'.'o par
4
612 612
612 612
6N
7
63
4 63
24
*20
24
*1912 24
40
*1912 26
24N 2412 22
*1912 263
Preferred
100
4
*411 1 42
4114 4134 *41
4112
140 Scott Paper Co
42
42
4112 *41
No par
*4112 42
3512 377
s 3612 3834 321s 3512 343 3712 74.000 Seaboard 011 Co of Del_No par
36
37
2
3414 357
37
100 Seagrave Corp
*234 4
*23
4
312
No par
*Vs 312 *27
11 312 *2N
28 272
4314 393 424 138,200 Sears. Roebuck & Co No par
2
3
40
438 4512 451s 4634 423 4534 427 45
234 27
212 27
*27g
318
*278 3
1
232
212
28 23* 1,300 Second Nat Investors
Preferred
37
100
1
*373 42
8
*2412 37
*3414 37
*373 45
2
37s 373 *28
8
112 IN
112
132 214
17
8 214
13 12,900 Seneca Copper
4
No par
132
1182
182 IN
3
54 6
I
5 2 612
7
2
5
5 38 39,500 Serve! Inc
612 64
612 7
514 53
814 83
No par
8
4
83
4 834
8
914 x812 87
73
4 8N
73
4 78 15,000 Shattuck (F (3)
No par
600 Sharon Steel Hoop
*7
814 *712 84
712 7 2 *712 8
,
7
7
7
7
No par
512 53
4
5
512
47
8 5
2.800 Sharpe & Dotune
512 534
*55
8 6
512 512
330
Cony preferred ser A_No par
3412 30
301
*3018 3412 *31
*3318 36
*33
33
3512 33
8N 49,100 Shell Union 011
8
No par
9
918 95
4
8
9'8 93
2
9is 93
4
918 91 2
57
57
583 584 55
4
4 2,200
Cony preferred
100
5712 59
58
54
543
582* :9
2638 24
2612 2014 233
4
No par
2512 263
2 2012 223 41,800 Simmons Co
4 26
271.1 25
1112 11
11
2 9,300 Simms Petroleum
10
11N
1034 1114
11
1134 1012 1112 1014 107
5,800 Skelly 01. Co
25
*9
932
9
9 12
83
2 9313
83
4 93
8
8
83
4
73
4 8
300
Preferred
58
55
55
55
55
*54
56
100
*55
56
56
*51
56
*18
25
25
28
*10
28
*16
28
200 Sloss-Sheff Steel & IronI00
'27
*23
28
*23
22
2214 *21
60
7% preferred
100
30
*2612 30
2612 2612 2614 2614 *2214 26
55
72
3
6
6N
612 8.800 Snider Packing Corp_ No par
63
4 712
7
7,
2 712
67
2
Vs
1314 14
1212 1312 12
1212 119,300 Socony Vacuum Corp
134 14
25
1334 1414 1312 14
8412
500 Solvay Am Invt Tr pref. _100
8012 8012 8112 8112 *80
81
81
*83
87
83 83
4212 4018 428 22,800 So Porto Rico Su r_ __No par
4114 4312 4112 4312 40
4132 4414 4314 45
10
100
126 126 *126 127
Preferred
*123 125 *123 125 *123 129 *125 129
8,300 Southern Calif Edison
181s 1812 18
1812 175 18
25
1812 19
185s 191s 1814 187
*318 4
Southern Dairies cl B_ _No par
*3N
4
*318 4
*312 4
*3N
4
*312 4
*612 11
7
7
300 Spalding (A (1) & Bros_No par
*7
11
73
8 8
*8
12
*8
11
1st preferred
100
*40
46
*40
46
*40
46
*40
52
*40
52
*40
46
Spang Chalfant&Co InoNo par
*1012 13 "1012 13
*1012 13
*1012 13
*1012 13
*1012 13
100
*25
45
Preferred
45
40
*25
*25
45
*25
45
*25
*25
45
43
4 512 14,100 Sparks Withington_ _ __No par
5
53
4
553 6
53
2 63*
6
6 18
612 63
2
20 Spear & Co
No par
*212 3N
*212 318
3
3
212 212
*212 33* •212 334
4 163 1672 1,400 Spencer Kellogg & Sons No par
4
18
1718 173
*1814 1834 18
184 18
*173 19
4
48
1
5
66,400 Sperry Corp (The) v t c
512 53
47
2 512
53
4 57
4
5 4 612
3
5 2 53
3
4
Spicer Mfg Co
No par
*612 12
*612 12
10
*8
12
*8
12
*8
*8
12
Cony preferred A_ _ _No par
140
*2314 2414 2312 2312
2612 *2314 26
2514 2514 2514 2514 26
13,200 Spiegel-May-Stern Co_No par
1314 14
1418 14N
143* 1714
1614 17
1614 17
15 4 16
3
No par
5
273
4 2612 2714 243 263
4
2 233 25 207,000 Standard Brands
2734 2814 2712 287
2 27
200
Preferred
No par
s
1213 1213* *11914 12212 *120 12212 12012 12012 *12014 12212
*121N 124
77
6
714
68
614 63
4 4.000 Stand Comm Tobacco_No par
7 2 818
3
714 73
4
7
8
912 1032 21,800 Standard Gas & El Co- NO Par
ION 113
912 1014
1134 128 12N 1314 1112 12
No par
l'referred
4 1111 12
93 1072 4,800
4
1012 1112
123 1312 13
4
1334 1212 123
400
31
56 cum prior pref
No par
3114 3114 31
31
31
3912 3712 38
*31
3912 *30
1,500
$7 emu prior pref
No .,ar
34
3234 33
4
397 397
4012 4012 *3112 36
363 36N 33
4 1,500 Stand Investing Corp...No par
112 13
2
112
13
*IN
218
17
2
17
8
13s
17
s
17
2
17
2
4
4
4
4 1,000 Standard 011 Export pref _100
10212 10212 10212 10212 10212 10212 1017 1018 1013 1013 1013 1013
4114 4252 74.100 Standard 011 of Calif_ No par
4 43
447
413 437
2
423 4412 4312 443
8
4138 423
4
31
3.800 Standard 011 of Kansas_ _ 10
29
30
30
30
2912 2912 29
2912 2912 2912 30
4214 43 2 4114 4212 159,700 Standard 011 of New Jer8ey_25
3
437
4112 4238 423* 4314 423 43 4 43
4
3
4 1,200 Starrett Co (The) L S No par
4
912 912 *712 103
10
1012
93 103
2
812 812 *812 10
214
214
178 2
218 214
2,100 Sterling Securities al A_No Par
218 218
218 218 *218 214
Preferred.
No par
5
5
5
*43
2 5
*414 472 1,200
5
5
512
*51 1
512
Convertible preferred__50
400
3012 3012 3012 3012
303 303 *3012 32
4
4
303 3034 *3012 32
4
10
612 732
3
614 63
4 7.800 Stewart-Warner Corp
712 7 4
818 814
812 83
2
712 8
No par
87 25,600 Stone & Webster
8
8
73
4 9
10
93
4
11
1014 11
9
912 1018
51 20,100 Studebaker Corp (Tee) No par
4N
512
5
6
61s
6
63
2
57
2 614
512 57
2
210
2812 24
25
*2114 2312
Preferred
100
2512 2612 *2512 2812 2512 2512 *25
No par
45
46
4614 4714 46
4714 4,500 Sun 011
*45
4534 46
4612 4534 46
10
Preferred
100
102 102 *10112 102 *10112 102
•10112 102 *10112 102 *10112 102
300 Superheater Co (T1:93)--No Par
22
*1814 22
*1812 22
*20
22
23
22
*22
2334 *22
318 328
314 3 4
3
314
31,
314
33
2
234 31 22,500 Superior 011
314
No par
3
4,100 Superior Steel
8 11
1214 1018 11
100
1314 1414 1212 1212 1212 123
135* 141 1
612 612
700 Sweets Co of Amer (The)_ _ _50
612. 612
7
7
712 712
5
53 7 8
7
712 712
400 Symington Co
112 0114 2
112 112
1 14
No par
*112 2
*112 2
*1 12 2
900
314
*3
34
23
4 28
Class A
No par
3
3
3
*3
312 *3
314
12
1,800 Telautograph Corp
1212 12
12
4
NO par
*13
14
137 13 2 131 1 1312 123 13
7
2 512 8,900 Tennessee Corp
612 631
53
2 63
2
43
No par
65
8 7
63
2 6s
63
4 7
4 26
2812 252* 2712 101 900 Texas Corp (The)
25
2812 293
2712 29,1 2934 3018 281s 30
393
4 3414 3814 3428 3812 136,800 Texas Gulf Sulphur_
38
2
No par
34
3.512 351 1 3612 353 41
9,100 Texas Pacific Coal Jr 10
4 438
32* 4
33
011
43
8 458
414 412
434 412
43
8 412
914
83
2 832 15,700 Texas Pacific Land Trust._ _1
83
4
938 97
93
2 97
912 10
93
2 912
$ per share $ per share S per share $ per share $ per share $ per share Shares.
1,800
9
812
812 *812 9
77
s 8
4 9,2
9'z
*73
4 812
10
*30
36
31
*30
36
*30
36
. 36
*31
36
31
434 *3
200
03
4
*3
4
*3
4
*3
4
3
3
15
60
15
15
15
*12
18
*11
18
*11
18
16
16
41
*414
412 *4
300
412
410 *4
412
4
4
334 372
280
*4812 54
47
*4812 54
48
4812 *4712 50
4712 4712 47
400
4
4
33
312 312
*312 412
4 33
4 *312 4
312 312
36,200
147 1512 1512 1614 153 1612 158 1612 133 1512 1272 14
8
8
4
2
1078 1112 1114 12
2,200
123 123
s
1214 1212 1112 12
113 1214
8
*518 53
*5
512 *47
2 514 *47
2 514
47
8 472
43
2 47
2 1,000
900
212 21.
232 23
2
2
2
2
214 23
8 *2
214
2
24
2018 23
19
2112 9,200
26
26 - 2534 267
2 2412 2512 23
*21
4
24
*17
22
*193 2212 *2012 24
4
*203 24
*1912 22
23
234
212 21',
212 23
2 2,500
23
4 24
3
2
2
214 23
23
4 27
*8
10 - *8
9
*8
9
*83 10
4
*8
10
*83 10
4
12,400
41
4212 4278 4234 4334 41
42
40
427
2 41
43
39
200
10412 10412 10412 1043 105 105
1013 1043 *1043 _
4
4
4
4
_ 1033 105
2
132
132
114
114 2,400
114
132
*112 13
4
112 14 *112 152
3
700
6
6
7
6
63
8
43
4 614
7
7
712 77
734
4 333 35
8
3312 3514 341 3712 29,000
353 3612 3412 37
4
3414 353
7012 7114 1,800
72
72
*68
7112 6812 701s 6612 67
67
69
87
1,200
87
86
86
*85
*86
*8714 89
86
8712 8614 8612
200
95
*9414 99
*95
99
93 93
*94
97
*95
98
95
300
108 108 *100 112 *100 113 *10014 112 *100 112 *100 113
300
97N
9912 9912 98N 99Is *9312 9818 *9312 9914 *94
977 *94
2
4512 4834 14,200
51
50
5012 5211 4912 513
4 4934 5114 4617 4912
1234 13
8 143 153
2
8 127 1452 13
s
I37 178.800
13
1418 1312 143
1,020
65
2 66N 667s 63
62
6312 68
67
697
8 5712 687
62
4 5,600
1852 1912 1912 1914 1812 1914 1818 1812 1714 1814 164 183
812
872
812 9
73
2 812
712 8 188,500
87
914
8N 914
28
300
*29
30
*2812 30
*2812 3914 *2818 2914 2818 2818 *27
2 19
207
2 1712 183
4 163 1812 7,700
4
2032 21
20
2112 1934 203
312 314
7,300
314 312
4 27
312 312
28 312
23
33
2 312
17
1814 167 177
2
8 9,400
1812 1934 1812 19
19
1912 1914 197
4
1218 123
2 3,000
14
14
133 133
4
4 133 133
4
14
14
1134 13
55
*50
55
55
*50
55
*50
55
*50
55
*50
*50
800
212 218
2
2
*2
212
2
212 214 *2
212
2
1412 *12
1412 12
12
30
*12
1312 *12
1412
*12
147 *12
814 9
712 814 13,700
9
912
912
85s 914
712 814
87
26
26
700
30
30
*29
30
27
27
31
31
31
31
27
28
20
3413 *28
29
3412 *293 3412 .29
4
*31
33
*31
312 334
33
2 312
314 3N 101,900
4
7
33
4 37
334 3 2
334 33
,
17
1714 17
18
133 15 8 24,000
4
163 17
2
164 1714 15
16
364 343 35
3412 3412 2,400
35
3812 3812 37
3712 3612 37
4
8
7
300
*7
8
*7
7
7
7
9
*7
8
*7
*1234 13
18
14
14
2,200
*14
18
1414 1414 *14
*1014 14
1612 2,200
18
IS
1814 184 173 1814 173 1812 1612 1712 16
4
2
400
1112 *10
113 *10
8
1112 10
10
113 •10
s
*1012 1112 *10
495 511
8
493 518 52,20C
s
2
53
5314 5412 5214 54N 513 5314 52
145
8
61
60
60
*60
6012 *60
6012 6012 607
61
61
61
,
•Bid and asked prices. no 9aleg on thl( day
a Optional gale
r Ex-rlicl lend
s Ex-rights
r ("ash qale
PER SHARE
Range Since Jan. 1
On basis 0100-share iota.
Highest.
Lowest.
PF,R SHARE
Range for Previous
Ye•ar 1932.
Lowest.
Highest.
$ per share $ Per share $ per share $ per share
4July 6
472 Aug
2 Apr
172 Feb 15 113
4May 26
912 June 2484 Sept
1014 Jan 6 383
8July 18
67
212 Aug
12 Feb 8
12 July
5 Dec 1212 Mar
4 Jan 18 2312July 20
38 Sept
612July 18
N Feb 6
N Dec
153 Feb 27 64 July 19
14 May 44 Sept
7 June 19
12 Dec
3 Sept
38 Apr 1
Feb 24 17NJuly 7
83 Nov
8
12N Sept
63
4
112May
63 Sept
2
134 Apr 3 133
4July 7
65 Sept
8 June 6
152 Mar 23
114 May
4 May 17
N May
23 Aug
es Feb 27
4June 7
13 July
4
1712 Sept
4 Feb 27 403
512 June 1214 Sept
7 Mar 22 22 July 6
54 June
N Jan 21
512June 8
4 Aug
23 June 17 Sept
2
3 Jan 27 18 June 7
1972 June 423 Jan
4
193 Feb 28 60 Apr 20
2
81 July 10312 Dec
97 Apr 18 105 Sept 19
8June 21
N May
4 Jan 3
27
18 Mar
8
1 May
93 Mar
4
3 Feb 2 13 June 21
28 July 60 Mar
3314 Apr 4 5712June 13
62 June 9072 Sept
6612 Sept 20 8812 Jan 31
80 Apr 4 10I3 Jan 24
71I2June 10212 Aug
9212 May 114 Mar
917 Apr 17 11212 Jan 2
2
107 Apr 25 125 Jan 9 100 July 13014 Mar
83 June 10312 Dec
8912May 3 10312 Jan 11
1012 June 28 Sept
812 Jan 4 58NJuly 7
61 Aug
27 June
212 Mar 2 153* Sept 20
2
50 Jan 80 Aug
30 Mar 3 697 Sept 19
3
2
572 Feb 24 25 2July 11
434 May 157 Mar
212 May 1312 Sept
3 Feb 23 1214July 8
10 June 32s Jan
1314 Feb 28 40 May 31
33 May 233 Sept
2
612 Feb 28 27 July 8
75 Sept
4June 8
53
112 June
1 Mar 31
43 July x12N Aug
5 Feb 23 205sSept 14
8June 12
24 July
812 Sept
512 Feb 27 207
7 June 30 Sept
25 Jan 4 60 May 16
Is Apr
4I2July 18
112 Sept
14 Jan 3
el Dec
73 Sept
2
1N Jan 3 1812June 22
1 May
712 Aug
21 Feb 23 1114 July 17
4 June 29 Aug
712 Feb 27 3712 July 19
5 June 3112 Aug
8 Feb 27 3514July 13
37 Sept
sJune 7
112 Apr
63
IN Feb 28
178 June 137 Sept
2
4 Feb 27 23 July 13
54I2July 13
5 June 2872 Sept
9 Feb 28
1 July
614 Sept
114 Jan 10 12 June 2
2
Dec 1212 Aug
214 Mar 2 25 June 2
1172 Sept
5s July
6 Feb 27 2112June 27
4July 12
3 Feb 1272 Sept
112 Feb 28 153
2612 June 4014 Jan
2612 Jan 3 x5414 Sept 15
64 May 7112 June
60 Jan 5 62N Jan 21
4 June
132 July
3 June 8
14 Feb 21
4 July 12
Oct
612 Feb 25 1634June 29
2.1une 8
112 May
912 Aug
2 Apr 8 107
4
1212 Apr 233 Sept
2
1732 Mar 2 373 Sept 18
2
173 Sept
4
43 July
4
612 Feb 27 313 Sept 19
2July 17
301s July 5914 Mar
28 Mar 3 623
60 May 90 Oct
72 Apr 5 9412Ju12 13
69 June 99 Oct
S014 Feb 15 105 Sept 12
73 Feb
114 July
214 Apr 3 12 July 1
12 Dec
4
Jan
Ds Mar 3 1014 July 11
Oct 30 Jan
4July 12
5
318 Apr 25 353
18 May 42 Feb
8 July 19
28 Jan 24 447
682 Apr 208 Dee
16 Feb 13 38N Sept 20
43 July 13
4
Apr
1
24 Jan
1N Feb 25
97 June 373 Jan
2
1212 Feb 25 47 July 17
5 June 7
12 July
3 Aug
114 Feb 28
2114 June 3512 Aug
24 Feb 24 48 July 6
8June 2
33
Is May
I Aug
1g Mar 28
112June
112 Feb 4
712July 18
53 Jan
2
5 May 123 Mar
53 Apr 8 13'4 July 8
4
4
1N July
73 Sept
4
112 Feb 23 12 July 14
888June 28
IN June
7 Sept
212 Feb 27
2July 13
1112 July 3014 Jan
2114 Mar 2 417
212 Apr
83 Sept
4
312 Feb 17 115*July 7
18 may 6514 Sept
2812 Mar 28 61 July 7
8
2N June 133 Sept
438 Feb 28 31 July 19
47 Feb 28 123*June 2
314 Apr
712 Aug
978June 2
212 Feb
5N Sept
3 Feb 20
12 Jan 3312 Sept
22 Feb 28 5712July 20
33 June 194 Sept
4
7 Jan 3 35 July 14
6 July 2912 Sept
814 Feb 7 42 July IS
4July 13
93
17 Dec
712 Sept
34 Ma 31
54 May 1214 Sept
6 Mar 23 1512July 7
35 June 67 Sept
58 Feb 25 92 July 3
4
412 Apr 183 Sept
1572 Jan 12 4882July 17
8611 May 11212 Dec
112 Jan 4 132 July 14
1534 June 32N Feb
1712 Apr 7 28 Jan 11
7NJune 10
114 May
3 Feb
114 Feb 28
2July 14
412 July
4 Jan 18 117
12 Jan
Jan
2512 Mar 28 61 June 27
26 Dec
85
8N Mar
ON Mar
4N Feb 18 1512July 19
15 Nov 4812 Jan
1712 Feb 9 50 June 13
8 June 12
5 Sept
1 May
84 Feb 28
512June 20
4
12 Jan 10
12 July
13 Apr
8 May 11 Sept
712 Apr 10 22 July 19
712July 18
212May 3
5 Jan 3 16 June 12
Vs iltePt
-- 3 Dec
3212June 12
9l2.inne 18 Sept
1134 Mar 21
6 Aug
N May
1 Feb 28 1714 Sept 16
378 July 18
2
138 Mar 2
2
83 June 177 Aug
120 July 11 124 May 4 110 June 123 Deo
1 Jan 3
2 Jan
934 Aug 28
N July
2212June 13
75* June 3414 Mar
1518 Mar 31
8N Apr 3 2534June 13
914 June 4114 Jan
17 Apr 4 61 June 13
21 July 6212 Aug
Jan
20 Apr 4 66 June 13
28 June 75
ty Mar 31
2 8June 2
7
14 June
214 Aug
9212 Mar 3 1023 Sept 15 281 June 10012 Dec
4
s
1512 June 3172 Sept
1912 Mar 3 417 Sept 20
7 Apr 1613 Aug
1284 Apr 4 31 Sept 22
7
8
1972 Apr 373 Sept
2284 Mar 3 43 Sept 20
81 Sept
4
3 July
4 Feb 16 1112June 14
214 Sept
37nJune 13
May
12
118 Jan 11
4 Sept
4June 13
844 July
73
1N Feb 10
1312 June 26 Aug
20 Mar 2 3614 July 3
178 May
812 Sept
212 Feb 24 1112July 19
43 July
2
Vs Sept
53 Feb 27 1914 July 13
4
1314 Sept
2N May
83
2June 6
Ii2 Mar 2(1
30 Nov 10472 Mar
9 Apr 3 3812June 5
243 Apr 3972 Oct
4
35 Feb 25 50 July 18
68 July 92 Deo
89 Mar 16 103 July 26
7 June 14111 Sept
712 Feb 17 27 July 19
2 Sept
4I2July 13
es Jan 4
l4 Jan
914 Sept
214 May
2 Feb 28 22s July13
Jan
11
182 July
1 Mar 22 10 July 19
14 Mar
1 Sept
3 June 7
Is Apr 6
23 Aug
4
N May
614July 3
34 Apr 11
1384 Mar
812 Feb 17 163
3JulY 7
6 July
43 Sept
8
1 May
714 Aug 10
13 Feb 28
2
914 June 1814 Sept
,
10 Feb 2 1 301s Sept Is
84
4
12 July 263 Feb
1514 Feb 20 41 Sept 19
4 Aug
112 Apr
13 Mar 3
2
612May 29
812 Sept
212 June
1112June 12
Mar 31
312
New York Stock rlecord-Concluded-Page 8
2245
e-a'" FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 16.
Monday
Sept. 18.
Tuesday
Sept. 19.
Wednesday
Sept. 20.
Thursday
Sept. 21.
FrtdaY
Sept. 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100 share lots.
Lowest.
Highest.
S per share 5 per share $ per share 5 per share 5 per share $ per share Shares. Indus. & %Boren.(Cowl.) Par $ per share $ per share $
5 Feb 15 2218July 19
No par
14
0133 1412 147 15
4
1412 133 14
4
8
13
133
4 1215 1234 1,800 Thatcher Nth/
0383 42
8
.3858 40
*385 42
8
No par 275 Feb 9 44 July 18
33.60 cony pref
8
*377 40 '3812 42
*3812 44
8
1212Juue 1
23 Mar 31
8
No par
0714 7 4 .73
3
4 8
200 The Fair
7
7 14
*73
4 8
4
"Ths 814 *712 73
051
72
051
100 33 Feb 28 70 July 5
7% preferred
72
6912 *51
*51
72
72
*51
72
051
No par
714 8
1 Feb 28 1012Ju1y 17
712 8
4,600 Tbermold Co
618 7
4 718
718 712
7,8 73
63
*15
1
10 Mar I
18
*1512 1814 •1612 1712 173 1700 16
8
2l' July 18
163 *15
4
16
300 Third Nat Investors
25
7 8 73
3
83 Mar 18 1512June 2
4
8
73
4 8
8
812 914 2.400 Thompson (J RI
8
9
812 812
88
53 Jan 6 2014 Sept 14
183 19N
8
1912 2018
183 193
4
4 1814 1918 17
8
1814
167 1818 17.500 Thompson Products IncNo par
41
4
414 412
412
4
414
414
12 Mar 3
912June 19
312 4
3
312 16.400 Thompson-Starrett Co_No par
23 30 *23 30 *23 30 *23 30 "2318 30 2318 2318
No par 12 Jan 10 30 June 19
83.50 cum pref
200
0% 012
318 Jan 13 10 4July 7
918 93 40,900 Tidewater Assoc OIL No par
8
97 1014
8
4
3
95 1018
8
934 93
912 10
100 2312 Apr 6 55 July 3
52
Preferred
52
*5212 5312 52
52
52
52,
4 51
5212 *50, 5112 2,100
•18
25 .17
Tide W mer 011
*17
25
25
*17
No par
*17
25
25
914 Apr 20 19 Sept 7
*17
25
100 45 Feb 2 72 Sept 16
72
Preferred
72
*67
72
72
72
200
73
*70
.70
73
*67
73
512 6
8
47
8
10
512
112 Mar 22
514 5 8
512 57
3
9,700 Timken Detroit Axle
47
8
514
814J une 20
434 5
303 3134 30
303 32
8
8
133 Feb 23 3512July 7
2718 2814 29,800 Timken Roller Bearing_No par
4
3058 33
3114 2718 30
7
7 18
7
258 Mar 2
63 28.100 Transamerica Corp_No par
8
7,8
912July 13
8
6
4 67
8
614 65
63
4 7
63
1212 123
8 13
278 Mar 21
131 1
1712 July 19
123 13
8
1112 1212 1012 1 11
4 3,900 Transue dr Williams St'l No par
93 103
4
63
8 63
23 Feb 27
4
4
63
8 63
834Ju1y 7
4
612 63
4
514 618 11,400 Tri-Continental Corp_ _No par
6
6%
54 6
3
.66
68
66
66
300
No par 41 Apr 8 x75 May 16
6% preferred
*6412 653
4 6412 6412 06012 64
65
65
3214 33
No par 2018 Feb 25 3878July 17
*3414 35
3312 33
3212 333
3412 3412 33
33
4 1,200 TrIco Products Corp
514 July 15
*278 318 .27
No par
12 Apr 4
8 318 *27
500 Truax Traer Coal
212 27
8
2
8 318
214
8 318 *27
817
814 83
8
8"
9
4June 12
814 812
10
2 Mar 3 123
612 758 8,300 Truscon Steel
8
718 8
*3
33
8
27
8 314
6I4June 19
No par
As Jan 16
23
4 24
4 23
4
3
212 212 1,500 men ds Co
23
4 27
8
23
•32
333 *31
4
34
9,, Feb 24 3912July 7
1,300 Under Elliott Fisher Co No par
30
30
*3114 34
30
32 "2978 31
4812 4512 52
4512 4612 47
512 Jan 13 60 July 18
48
52
8
43
48
4212 457 12.900 Union Bag dr Pap Corp_No par
8 48
4678 4812 445 4734 4218 447 49,600 Union Carblde & Carb_No par
8
497
8 47
8July 18
8
473 49,
4
49
193 Feb 24 517
4
2118 2214 22. 23
25
812 Mar 2 2338July 7
193 20% 25.200 Union 011 California
4
4
4 205 22
2178 223
8
4 213 223
*1712 1812 1812 1834 18
223
4June 2
No par 1012 Feb 21
8
1,700 Union Tank Car
1712 173
18
4 1714 173
177 18
4
375 39
8
1612 Mar 2 4678 July 17
373 39's 3614 37 4 35
4
303 3318 175,200 United Aircraft dr Tran_No par
4
3714 3112 35
3
*64
*64
6% pref series A
71
6618 .64
100
50 5112 Mar 1 68 June 18
71 '65
71
*64
68's 65 65
2412 2434 24
1312 Feb 24 275
243
8July 10
10
8
4 233 2417 235 24
2212 231
8
22
223
8 5,000 United Biscuit
010814 110 *10814 110 .10814 110 *109 110
100 92 May 2 s110 July 14
90
Preferred
10814 109
109 109
273 29
4
16,700 United Carbon
No par
1014 Feb 20 3058July 17
26
4
8 2714 2858 271 2812 233 2634 24
274 293
614 7
1412June 13
No par
47 Mar 31
8
6
63
6
614 612
600 7
6 3 111,600 United Corp
s
4
614 63
2912 30
No par 2478 Apr I 407
Preferred
29
8June 13
8 7,300
30
4
8 2712 2818 2714 277
2718 287
273 283
1,030 United Dyewood Corp__ __100
8June 21
6
6
6 18 61
3 Feb 17
4
8
618
67
6
6
53
4 57
6
*618 614
7
73
1 Mar 31
8
7 8 717
3
7
87s July 14
7
67
8 7
614 2,600 United Electric Coal_ _ No par
6
6 12
6
633 66
4
No par 2314 Jan 3 68 Aug 31
6512 663
3
x6412 65 4 60
4 65
633
66
4 5914 6112 17,000 United Fruit
1634 1712 163 1734
No par
14 Mar 31
8
25 July 13
155 1614 62,700 United Gas Improve
8
153 163
4
8 157 1614 1512 16
8
9412 945
8 9312 9412 90
No par 85 May I 100 Jan 9
Preferred
500
90
*87
893
90
4
*87
'87
90
600 United Paperboard
100
*3
414
*27
II Jan 23
8 3
3
3
3
3
3
3
3
3
512July 13
*14
1412 •14
3t2 Mar 3 217
8July 19
11
11
1412 14
700 United Piece Dye Wks_No par
12
14
1214 1214
12
6 St 4 preferred
7,,
100 50 Apr 19 85 July 13
•75 100 .75 100
3
*733 100 .73 8 100
*733 100
8
8
.7334 78
334 3 8
3 Feb 28
4
714July 6
3
3 8 35
3 14 2,000 United Stores class A_ _No par
5
8
3
312 312
314
5
314 31
04914 72
Preferred class A _ _No par 45 Mar 21 66 July 20
*4914 72
*4914 72
*4914 72
*4914 72
*4914 72
04312 45
4312 435
5112July 17
8 4312 4414 43 4 45% 40
3
41 1s 437s 2,400 Universal Leaf i'obacgoNopar 2112 Apr 1
44
*23
40 Universal Pictures let pfd. 100 10 Apr 24 35 June 13
28
023
29
23
2218 2218
*24
29
23
*23
26
212 234
14 Apr 4
25
8
27
8
33 July 13
s
212 234
212 27
200 5,700 Universal Pipe & Rad...No par
8
218 212
2
20
1484 10.900 US Pipe dr Foundry
1612 1714
818 Mar 1 2218July 5
1678 178 16 • 163
1612 1418 1512 14
4 16
lot preferred
No par 12% Apr 10 19 May 26
*1614 167 *1614 1612 1814 1658
800
8
4 1512 l5o
1514 1618 153 153
4
No par
*238 334
15 Aug 30
8
100 US Distill) Corp
25
8 25
3
6 June 13
8 .2
312 *218 334 .2
33
8 *219 3 8
100
38 Jan 30
800 U 8 Express
114 *1
21sJune 8
1 18
118 *1
118 *I
118
1
1
1
1
No par
*25
7 Feb 16 2958July 7
27
*2312 25
*23
27
20
2314 24
2212 2018 2114 1,100 U S Freight
1338 1312 13
3% Feb 23 173
4July 8
1314
123 13
4
103 1114 2,100 US & Foreign Secur_ No par
4
12 2 1212 11
,
1214
No par 3612 Nlar 28 84 July 19
Preferred
66
66
64
64
64
65
64
64 •
64
6812 1,000
6812 64
20 18 Feb 25 5312July 8
45 4 46
3
4
463 463
46
4
447
8 3,200 U 8 Gypsum
4654 463 47
4 45
4614 44
100 10114 Jan 9 121 Sept 20
*11818 119 .11818 119
121 121 .11818 121 *11818 121
110
11818 120
7% preferred
13 Apr 3 117
8
.9
93
4 *9
8June 8
U S Hoff Mach Corp_ _No par
912 *812 912 .812 914
*818 9
*812 958
7.117 7734 7512 7934 733 77
1312 Feb 28 94 July 17
4
73 4 751
,
4
655 713
8
4 6512 683 65,900 U S Industrial Alcohol_No par
No par
113 12
4
23 Mar I
8
12
12
1714July 18
113 12
4
117 117
8
8 1018 11
912 10Is 4,300 US Leather v t o
414 Feb 25 273
No par
1834 19
1914 197
8 1818 187
4July 18
Class A v to
8 18
187
8 163 1712 16
4
165
8 2.800
*7814 80
100 30 Feb 23 7814 Sept 20
Prior preferred v Cc
78
78
200
3
7814 80
7814 78 4 *78
,
8112
8112 .78
10
ION
9 8 1012
5
934 ION
212 Feb 28 1412July 7
93 1014
4
812 912
814 812 8.900 U S Realty dr Impt____No par
18
187
8 183 1912 177 1914
183 2014
8
8
No par
27 Feb 27 25 July 18
2
8
1734 1918 1618 1818 89,300 U S Rubber
30
3112 31
100
313 34
8
323
1st preferred
512 Feb 23 437k July 18
14,700
4 31
2918 32
33
2818 30
9312 100
10034 10417 9934 1055
50
8 97 10534 87
8Sept 19
1312 Jan 3 1055
98
89
96 175,200 U S Smelting Ref & Min
a
56
50 3912 Jan 4 58 Sept 20
Preferred
557 58
56
1,300
5714 5714 5512 5618
55
*557 577
8
8 56
5318 55
5218 55
100 2338 Mar 2 6712July 18
53
51
5314 51
4753 507
8 4712 50 240.500 US Steel Corp
8912 9012 85
8
34 90
83
100 53 Mar 2 10512July 17
Preferred
8512 827 84
7712 8212 775 80
10.300
8
.9512 97
97
9712 9512 9658 9614 97
961 1 97
1,000 U S Tobacco
9614 9614
Na par 59 Jan 9 9712Sept 18
412
4
414
4
334 4
41
434
314 37
17 Apr 18
8
8June 13
8
87
318 33 13,700 Utilities Pow & Lt A _No par
4
178
17
8
17
8 2
13
4
17
8
No par
112 13
13
4
Ps
38 Jan 6
4
112
15
s 4,200 Vadsco Sales
31s July19
*22
23
*22
23
23
23
*23
251 *24
Preferred
100 1518 Jan 11
"24
2518
2434 Mar 20
100
25
27
4
25 8 2714 247 2658 243 26
3
75 M ar 2 3614July 19
8
21 - 8 20111 2212 20,000 Vanadium Corp of Am _No par
8
245
618 6
,
6,
4 63
No par
6
6
8
5
15
618 6's
514
8May 5 10 July 6
410 Van Resit° Co Ins
43
4 5
*28
311 "2812 3112 2812 281 .2858 33
2812 2812 2812 2812
7% lot pref stamped-- _100 1478May 11 35 June 26
70
427
414
04
418 412
4
4
43
8
312 4
312 4
4.300 Virginia-Carolina Chem No par
738July 19
5 Feb 23
8
18
18
1812 1914
1612 1812 1534 16
1612 18
•15
100
338 Mar 2 2612July 18
17
2,900
6% preferred
*58
70
*58
70
"57
70
*57
70
*57
100 3538 Mar 31 6312July 18
70 '57
7% preferred
7f3
077
78
77
77
*50
77
77
77
75
75
7412 7412
90 Virginia El & Pow $6 pf No par 8514 Apr 17 855 Jan 25
8
5858 59
81
57
59
59
58
59
50
553
8 463 51
4
100 123 Feb 25 677
8June 8
700 Vulcan Detinning
4
83
4 9
812 812
8
8
8
*714 8
S's
55 Mar 29 12 July 5
8
714 8
1,000 Waldorf System
No par
61
57
8 6
558 5 8
6
5
512 57
45
8 5
5
5 12
7 Apr 5
8
o
No par
4,700 Walworth Co
838June 27
*ION 15
*1012 12
.1012 15
"1012 15
*1012 15
*1012 1412
Ward Baking class A _ _No par
218 Mar 15 20 July 11
314
8
334 33 .
314 31
*3N
334 312
3
318
Class B
27
8 3
4,600
No par
5 Apr 13
8
5 8July 10
5
35
35
533
•35
38
39 '35
3812 .35
38
*33
36
sJuly 11
100
Preferred
100 1112 Apr 17 447
SIz
812 87
8
812 9
8
85
8
778
714
77
8
73 107,500 Warner Bros Pictures
4
1 Feb 25
7
5
918 Sept 15
01912 217 •2014 23
20
8
2012 201
20
1912 1912 *20
2114
300
$3.85 cony pref
No Dar
414 Feb 7 22 July 10
.212 27
8
23
4 23
4
214
234
214 23
8
239 23
8
218 218 3,000 Warner Quinland
No par
5 Mar 21
8
47
8June 10
1112 125
12
1214
8 11
1112 1012 113
912 10 8
,
No par
212 Feb 25 2238June 19
8% 912 13,900 Warren Bros
*1758 22
21
21
.175 21
8
*1758 1934 175 1758 ___ 19
8
330
Convertible pref.- - _No par
712 Feb 14 3558June 17
*20
21
21
22
2012 2012 2014 2014 18
2018 17
18
2,500 Warren Fdy & Pipe
No par
5 Feb 20 2214 Sept 5
612 7
7
73
4
634 7
617 63
4
512 6
53* 6
5,100 Webster Eisenlohr
No par
1 Jan 18
8 July 8
4 2
*13
4 214 '13
13
4
13
4
13
4 13
4 *15
8
13
4 *112 2
210 Wells Fargo & Co
1
18 Apr 11
312June 9
28
2712 2812 2734 2814 *27
*28
28
24
2612 235 24
8
2,700 Wesson Oil& Snowdrift No par
7 Mar 3 3712July 18
8 583 597
4
8 59
*5912 597
5914 *5712 59
*5712 59
5714 58 4 1,300
Cony preferred
3
No par 40 Mar 3 63 July 18
6312 6514 5918 6318 563 813 43,000 Western Union Telegraph_100 17% Feb 25 7714July 18
66
8
6830 6534 687
8 645 67
4
8
3112 3112 3112 3134 303 3152 3012 31
4
2712 30
2714 2817 7.300 Westingh'se Mr Brake_No par 113 Jan 3 35 8July 7
4
5
8 423 447
3
4414 45 4 4418 4137
4
8 43
44
39
421s 373 40'2 52,500 Westinghouse El & M fg__ _.
4
50 1939 Feb 25 583
4July 14
.86
89
86
89
86
83
861 4 a87
.86
83
*72
88
130
1st preferred
50 6012 Feb 2 96 July 18
715
838 812 *8
4 914
812 858 *83
812 *712 73
6
500 Weston Eleo Instrum't_No par
312 Feb 27 1314July 8
*1512 -_ •1512 20
.
*1512 _ _ •18l2 r . •16
197 .16
8
--- --- ___
Class A
No par 10 Mar 31 2214July 20
58114 58
50
5114 - -14
*5213 51 4812 - -14 4814 4814 .45 - 8
tii
497
130 West Penn Elea Masa A_No par 30 Apr 22 73 June 14
059N 63
*50
51
60
"50
60
50
5018 5012 50
52
140
Preferred
100 37 Apr 4 7734June 14
505 5118 5012 51
8
48
497
g 47 50
54
•51
45
4518
250
6% preferred
100 33% Apr 6 6912July 14
110 110 *109 11014 109 10914 .109 11014 109 10914 10814 1083
4
220 West Penn Power pref
100 92 Apr 13 1103 Jan 19
8
923 *90
4
*8912 98
98
9858 92
8912 8912 8712 8712
*95
70
6% preferred
100 81 Apr 3 101 Jan 11
47
8 •318 5
5 8 514 53N
,
4N 418
*514 512 .514 512
300 West Dairy Prod al A- _No par
4June 12
212 Apr 5 113
112
*178 2
13
4 .13
4 2
1114
17
8
13
4
13
4
112 112 1,200
Class Byte
No par
7 Mar 31
8
414June 12
1614 17 .16
17
17
1578 16
1714 17
*17
157 157
8
8 1.100 Westvaco Chlorine ProdNo par
5 Mar 3 2012July 13
18
18
18% 1814 *1612 17
4
1758 183
4 183 19
1712 1712 1,100 Wheeling Steel Corp
No par
712 Jan 4 35 July 3
*1914 21
51914 25 .1014 21
*1914 21
•1914 23
*1914 2012
White Motor
50 14 Jan 26 2612July 13
*28
30
*2914 297 x29
8
30
2812 29
2612 2650 26% 265
8 1,100 White Rock Min Spr cHNo par
115 Apr I
8
3838July 19
212
212 212
212
212
212
8
4 *212 27
'212 23
214 214
1.000 White Sewing Machine_No par
12 Jan 20
43
4Ju1y 6
914 912
812 914
9
9
812 9
812 914
8
878
1.400
Cony preferred
No par
118 Janl
1012July 8
33
4 34
'3 4 4
3
3
300 4
314 350
358 35
8
318
314 2,600 WIleox Oil dr Gas
5
2 Mar 2
512June 2
.2478 27
*247 27
8
•2472 20'2
•2512 29 .2512 2714 .2418 27
Wilcox-Rich 01 A conv_No pa
15 Mar
2714 Sept 13
534 65
67
8 7,
8
714
73
4 *714
73
8
7
712
6'4 614
7,900 Wilson & co Inc
No pa
78 Jan 3 11 June 7
*17
1712 1714 183
4 17
1712 1612 1714 1512 1612 1534 1614 5.200
Class A
No par
4 Jan 3 22 June 6
52
52
53
52
5212 55
4714 4814 48
40
*5112 54
2,300
Preferred
100 19 Mar 2 7212July 15
8
407
o 3950 4050 395 4012 385 4017 3814 3934 48,300 Woolworth (F W)Co
39
383 39
8
10 251 Apr 8 507
8July 8
29
28
2914 28
29
25
27
23
2912 2912 29
253
4 3.700 Worthington P & M
100
8 Mar 2 397
8July 7
4212 421 *3712 42
44
*41
53712 44
•3712 43 .3712 44
100
Preferred A
100 14 Mar 15 51 June 7
*30
40
35
35 .30
3412
33
*31
36
•30
35
*30
100
Preferred B
100 14 Feb 28 47 June 6
1512 1517 1514 1514
1514 1514 1514 1514 1514 1514 •1512 16
60 Wright Aeronautical_ _No par
6 Apr 5 24 May 27
523 5234 53
4
53
253
53
53
5358 5212 5217 52
53
1,500 Wrigley(Wm)Jr(Del)No par 3412 Feb 28 5314 Sept 20
18
98
*18 . 20 '18
20
18
18
20
.17
20
.18
300 Yale & Towne Mfg Co
25
7 Jan 20 23 June 17
618 618
558 57
5 4 614
3
53
4 618
43
4 5111 24.500 Yellow Truck & Coach Cl B 10
558 513
2% Mar 2
7%July 7
37 .30
37
393 *30
*2812 35
*30
36
'2812 35
•30
Preferred
100 18 Mar 2 42 July 10
1512 1522 1450 1439 135 14
8
*1614 I64 1634 1630 1512 151
800 Young Spring & Wire_.No pa
312 Mar 30 1918July 19
24% 26l7 2512 263
4 245 2517 2434 2524 2114 2412 2058 23
8
14,400 Youngstown Sheet At T.No par
712 Feb 28 375
8July 18
.2N
212
*23
8 21
8 21
8
218 214
*Vs 212 *23
400 Zenith Radio Corp._ _ ..No par
234 23
12 Feb 27
312July 18
67
8 7
6%
7
6N 67
65
8 600
6
63
4
5% 6
s
8.900 Zonite Product. Corp. _
1
31, Feb 2,
8
812July 8
• Bid and asked prices, no sales on this day. a OptIonal sale. 3 Sold seven days. x Ex-dlvidend
y Ex-rights
PER SHARE
Range for Precious
Tear 1932.
Lowest.
Highest.
per share $
2 Apr
2218 Apr
212 Dee
38 July
%June
10 May
712 Nov
23 June
4
58 Jane
12 June
2
Apr
20 Feb
5 June
30 Feb
2 July
734 July
218 Jan
214 July
112 May
per share
10 Nov
32 Dec
814 Sept
85
Jan
4 Sept
17% Dec
163 Mar
4
10 Feb
214 Aug
1712 Sept
55 Sept
8
60 Sept
16 Aug
82 Sept
6% Sept
23
Jan
718 Sept
812 Sept
512 Sept
Jan 72 Sep
42
193
0lay 3112 Mar
14 May
318 Jan
2 Apr
714 Aug
12 May
3% Aug
738 July
2434 Sept
5% June 115 Aug
8
8
1512 May 363 Mar
8 July 1534 Sept
114 June 1914 Jan
612 May 345 Sept
8
3014 May 58 Dec
11 July 281g Mar
75 July 103 Mar
6% June 18 Sept
312 June 14 Sept
20 June 3934 Sept
7 Apr
8
318 Sept
23 July
8
67 Aug
8
1014 J•tne 325 Aug
8
914 Jdne 22 Sept
70 June 99 Dec
12 Dec
3 Aug
4
8
338 June 117 Sept
8412 June 9312 Jan
3 May
4
3 Jan
27
Jan 4814 Mar
11 May 31 Sept
1034 Dec 50 Jan
218 Aug
12 Apr
714 June 1818 Sept
8
1112 June 163 Aug
2 June
518 Dec
- 14 Jan
114 Sept
312 May 1534 Sept
138 Jun
814 Sept
26 June 64 Sept
1012 June 27 Sept
Oct
847 June 105
34 Apr
6 Sept
1314 June 3614 Sept
114 May
714 Sept
314 June 16 Sept
4414 June 7018 Sept
2 June 113 Sept
4
114 June 1014 Aur
318 June 20 4 Aug
3
10 June 223 Aug
4
31 July 4572 Aug
2114 June 525 Feb
8
5112June 113 Feb
55 June 66 Apr
112 May 103 Jan
8
14 Mar
118 Sept
12 June 20 Jan
514 May 233 Sept
4
2 Dec
7 Feb
.2 Mar
318 Feb
20 Apr
60 June
714 July
718 May
34 June
214 May
54 May
12 May
12 June
238 Aug
1114 Aug
69 4 Nov
3
90 Sept
347 Lug
8
19
Jan
434 Aug
1014 Jan
25 Jan
8
4012 Mar
412 Sept
4 June 20 Feb
12 May
214 Aug
114 May
83 Sept
8
2 June 1712 Jan
714 May 1414 Sept
34 May
2 Jan
14 July
13 Sept
8
818 July 20 Sept
sn July 5812 Sept
1214 June 50 Feb
914 Apr 1818 Sept
1558 Jun
4312 Sept
5212 June 82 Sept
213 Apr9 Feb
14
19 Jan
1314 AD
25 May 80 Sept
22 June 76
Jan
20 June 70 Jan
80 June Ill
Oct
4
8612 June 1013 Mar
312 Nov 1612 Mar
438 Mar
1 June
8
3 June 125 Mar
5 June
67 June
,8
11 July
14 Apr
3 Apr
4
284 May
1312 June
5* June
100 May
11 June
22 June
5 May
1411 June
12 May
37 Apr
2514June
612 July
13 June
8
12 May
3 June
4 May
12 MaY
. 14,,,,
15 Sept
2714 Sept
2812 Mar
2% Aug
2% Sept
814 Aug
2012 Mar
13 Mar
4
47 Sept
8
31 Mar
4539 Mar
24 Sept
41
Jan
31 Sept
1812 Sept
57
Jan
15 Sept
71 Sept
401s Sept
117 Sept
8
2712 Sept
2
Jan
rd. '(or
2246
New York Stock Exchange-Bond Record, Friday Weekly and Yearly
On Jan. 1 1909 the Exchange method of rioting bonds was changed and prices are now -and interea"-excent for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 22.
13
..., t
..5...
3
..
Price
Friday
Sept. 22.
Weer:
Range or
Last Sale.
"
11
1
at
Range
Sines
Jan. 1
Price
'
4.3
BONDS
t
Friday
N. Y. STOCK EXCHANGE r. b
414; Sept. 22.
Week Ended Sept. 22.
7
eees"
12
Range or
Last Sale.
Az 5
,
3
Range
since
Jan, 1.
Bid
Ask Low
High
Low
High No Low
High No Low
High
5212 37 4212 62
Dominican Rep Cust Ad 530 '42 M 9 5212 Sale 04934
50
102
102r22 543 99102210313u
3518 59
48 Sept'33 ____
let ser 530 of 1926
1940 A 0 40
1022322SePt'33 ---- 101 102242
51
2d series sink fund 550
4 a3414 56
194o A 0 51 Sale 4978
102112210230n 396 9925522103to Dresden (City) external 78 1945 MN
2 27
2718
6512
28
297 27
8
8
102 Aug'33 _ __ 1011322102
14518 204 93 145,8
Dutch East Indies esti 65_ 1947 .1 .1 141 Sale 1377
14612 197 9314 14612
40
-year external 6:3
1962 M El 14118 Sale 138
135 Aug'33 ___ 127 136
_
_
10215321037n 1185 1001421031322
March 1962 coupon on
110222 1103322 1151 10334211141
1415
8 35 924 1414
30-year ex51 650----Nov 1953 M N 136 Sale 135)8
30-year ext 5328____Mar 1953 M B 135 140 13512 141
.107,42
106
1063322 687 9931
4
14 913 14118
104322 1043322 481 981421051322
125 Aug'33 ___- 125 125
March 1934 coupon on
35
51
101102210242 315 9742210217n El Salvador (Republic) 8s A_1948 J J
44 Sept'33 ____
26
64
43 Sept'33 _--- 323 55
98142 983322 933 9311 995322
.7 .1 --__ 45
Certificates of deposit
4
101 332 102 22 185 98 102142
,
Certlfs of del) coupon
___ ____ __ _ 45 Aug'33 ____
45
45
637 96.221023922 Eatonla (Republic of) 7s____1967 .1 .1 197s Sale 497
101 3332102
8
5112 18 4212 55
off_- -- 99,332100n 758 951.4100.0 Finland (Republic) ext 69_1945 M S
7914
7912 19 5812 7934
74
80
100°,,101",, 5678 100132210133o
78
813
8 20 5918 85
80
External sinking fund 7s_ _1950 M 9 78
7512 65 57
External sink fund 650_19543 M S 73 Sale 71
8012
73 Sale 723
7312 36 54
State & City-See note below.
External sink fund 550_1958 F A
4
76
8
7 557 7612
8
973 974 Finnish Mun Loan 630 A__1954 A 0 ____ 697 6958
4
697
8
NY City 430
May 1957 51 N --------9713 Feb'33 ____
55
78
8
External 650 series 13_ ....1954 A 0 ____ 597 75 Sept'33 ___
2312 41 '2018 51
217 Sale 2018
8
Foreign Govt. &Municipals.
Frankfort (City of) s f 6348_1953 M N
26
29
1718 37 4 French Republic exti 730_ A941 J D 14412 Sale 14312 148
5
2612
27
1947 F A
,
Agile Mtge Bank of 68
329 118 148
3
28
150
1718 363
8
1.13 011212 150
Sinking fund 65 A__Apr 15 1948 A 0 2612 Sale 2612
External 75 of 1924
1949.1 D 148 Sale 14458
4
7612 51
4
63
7812 German Government InterneAkershus (Dept) ext 5s_ _. 1963 M N 7518 753 753
1312 14
11 Sale 11
4112 538 3514 6414
7
205
8
Antioquia (Dept) coll 75-A 1945 J .1
Bona! 35-yr 530 of 1930 1965 .1 D 3912 Sale 3812
4
1312
11 Sale 11
618 2012 German Republic extl 7s
1945 J .1
613 201 534 863
4
External:3f 7s ser B
1949 A 0 5712 Sale 5712
4
1018 Sale 1018
1312
5
1945 J J
658 207 German Prov 32 Communal Bke
External s f 78 ser C
s
1114 Sale 11
1312 10
2912 60 26
1945 J .1
6
207
8
External of 76 ser D
(Cons Agric Loan)6348 A_1958 .1 D 26 Sale 26
5512
2
12
12
10
12
6
1957 A
5612 24 45
1954 M N 54 Sale 52
1712 Graz (Municipality) 8s
64
External s 175 1st eer
b
11618 276 10134 1247
18
912
Gt Brit & Ire(U K of) 530-.1937 F A 11512 Sale 115
1112 14
9 2 Sale
,
External sec s 1 78 2d ser1957 A
8
9
912
1014
912 Sale
458 187
F A --------12014 Aug'33 ____ 10514 1214
8
External sec s f 7133d ser 1957 A
Registered
71
807
8 33
75 Sale 75
9118
Antwerp (City) external 55_ _1958 J
t4% fund loan £ opt 1960.1998 MN 1054 Sae al04 010712 781 a72 a10712
2812
22
51 Sale 5014 05714 18
223
4 24 ale
223 24
4
41
7512 Greek Governments 1 ser 78_1984 MN
Argentine Govt Pub Wks 6(3_1960 A
2012 Sale 1658
2114
1968 F A
6 14 4 2378
Argentine Nation (Govt of)Sinking fund sec 68
1618 Sept'33 ____
70
57
05012 Sale 5014
41
Sink funds 68 of June 1925-1959 -1
16
August 1933 coupon____1612 19
755
8
20
5618 15
5112 Sale 4912
75
71 Sale 71
1959 A
4012 75
58 67
Haiti (Republic) s f 68 series A'52 4
Extl of 65 of Oct 1925_
783
2
5758 48 a4018 7512 Hamburg (State) Cs
30
5212 Sale 50
2534
32
9 25
External s f fis series A_ __ A957 M
1946 A 0 25
59
66 04(134 753 Heidelberg (German) esti 730'50 J .1 ____ 247 2412 Sept'33 ____
55
5014 Sale 4912
8
4
External (is series B _ _ Dec 1958 J
23
60
57
5014 5512 50
7212 10 47
35
1960 M
40 8 755 HeisIngfors (City) ext 630..1960 A 0 7214 7212 7212
3
8
Esti s f fie of May 1926
75
74 a4018 75
57
2712 Sept'33 ---29
52 Sale 50
15
External s t 68 (State Ry)_1960 M
18114 31
Hungarian Munic Loan 750 1945 J .1
573
8 86
51 Sale 4912
4014 755
_ _1961 F
___ 23 June'33 ____
8
Esti 65 Sanitary
2018 23
Unmatured coups attached_ J .1 25
597
8 28
2858
32
50
5014 58
Works285
8
41
1
754
Extl 6s pub wks May 1927 1981 M
19
295
8
External a 1 78 (coupl_ _ _194'6 J .1 2612 38
6912
5118 41
4678 Sale 4678
Public Works esti 5503_1962 F
Unmatured coups attached. J .1 ____ --- 1612 May'33 --_, 1612 1612
74
74 Sale 7112
2
38
4978 92
Argentine Treasury bs L....1945 M
41
2 24
Hungarian Land M Inst 750 '61 M N --------38_
857 343
8
4
7114 86,
__- 4018 Sept'33
Australia 30-yr bs__ _July15 1955 J .1 843 Sale 84
2312 41
Sinking fund 7 303 ser B__ _1961 M N 37_ __
8
86
144
415
8
4218 31 314 45
4012 43
7214 8818 Hungary (KIngd of) s f 730_1944 F A
External 6501 1927__Sept 1957 151 5 85 Sale 8314
4
795 299
8
4
1956 M N 783 Sale 773
10512 39 7618 105 2
External g 450 of 1928
)
8
6818 824 Irish Free state ex1181 58-1960 51N 1007 -_ 102
9114 135 a85 100
1943 .1 D a85 Sale a85
964 207 a8514 101
Austrian (Govt) 8 f 78
Italy (Kingdom of) esti 78-1951 J 0 9312 Sale 9314
54
110
4
8
9814 10 893 101
9812 a957
4514 647 Italian Cred Consortium 75 A'37 M 13 96
Internal sinking fund 75-1957 J .1 453 Sale 4514
4
8
3514 30
30 Sale 30
933
8 26 82
93 87
30
69
Bavaria (Free State) 6 30.__1945 F A
97
External sec s f 78ser B
1947 M 9 84
9812 57
1949 M 5 97 Sale 1 9612
4
873 137 a7212 9512
4
8812 10212 Italian public Utility esti 70_1952 J
a87 Sale 823
Belgium 25-yr ext.) 632e
973
8 60
1955.1 J 94 Sale 94
192 454 903
87
87
External 8 f 138
98
Japanese Govt 30-yr 8 f 6528_1954 F A 82 Sale 81
4
1955 J 0 amp Sale 100
103
7414 191 354 81
16
947 10812
-year of 7s_
73 Sale 6912
8
Esti sinking fund 5 Ns_ _ _ 1965 MN
External 30
99
1956 NI N 9712 Sale 9712
41
9312 10712 Jugoslavia (State Mtge Bank)
Stabilization loan 7E:
3 12
2714
28
Bergen (Norway)Secured a f g 78
1957 A 0 27 Sale 27
78
82
3212
8
77
6 30
30
65
64
887 Leipzig (Germany) 8 f 78_1947 F A ____ 32
8
Eat)sink funds be_ _Oct 15 1949 A 0 73
82
7712
7712
55
3
17 494 604
83
903 Lower Austria (Ploy) 7303_1950 J D 5212 Sale 5212
8
External sinking fund 55.1960 M 5 73
2712 30
52 0101 149
4
149
2512 60
Berlin (Germany) e f 6303_ _1950 A 0 2512 Sale 2512
Lyons (City of) 15
-year 6s_ _1934 MN 14312 Sale 143)
26'
12 34
27
149
25
52 010114 149
2418 57
Externals f 6a_ _June 15 1958.1 D 25
MarseMes(City of) I5-yr 68_1934 5.1 N 14312 Sale 04314
_
75 23
8
1212 22
15
30
Medellin (Colombia)630
Bogota (City) extis f 85_ __ A945 A 0 214 2378 24 Sept'33
1954 J D 10 Sale 10
9 Sale
4
63
9
1014 __15
218 6)2
514 4 Sept'33
Bolivia (Republic of) ext! 88_1947 MN
2
Mexican Irtig Asstng 430_ _1943 NI N
312 1312 Mexico (US) extl 55 of 1899 .£ '45 @ .1 --n614
614 Sale
73
8 41
4
4
6
4 ___External secured 713 (flat)_1958 .1 .1
..
4
614 Sale
6
7 4 42
3
1969 M 8
814
314 1314
34 1014
1
External of 75 (flat)
sse
858 814
Anting be of 1899
518 -.71945 ____
57, 628
8
48 a10114 149
Bordeaux (City of) lb-yr 68_1934 M N aI415 Sale a141.8 149
Assenting bs large
,
. - 5 8 June'33 ___,
.,
333
4 32
512
214 8
6
164 43
Brazil (U Sot) external 8s_1941 .1 D 30 Sale 30
4- -102 478
Assenting 48 of 1904_ .____ ____
2912 92
5
5
Externals f 630 of 1926.1957 A 0 2512 Sale 25
153 39
4
Assenting 45 of 1910_ -----------------5 June'33 ____
2818 72
6
143 39
4
External s f 830 of 1927 1957 A 0 2512 Sale 2512
25
8 8
2
Assenting 45 of 1910 large ----------------0
1952 .1 D 22 Sale 22
28
29
1212 3612
7s (Central RY)
24 8
57
8 10
Assenting 48 of 1910 small____ _ _
314 47s 512
*
45
33
3412 7212
Bremen (State of) esti 78_1935 M S 3412 Sale 3412
Tress 6s of'13 assent (large)'33 .1--J
*
8
8
1957 M 5 713 Sale 7014
7112 11
6411 75
Brisbane (('RY) 8 f 5
Small
8
•
7118 733 a70
4
1958 F A
12
70
637 75
8
Sinking fund gold be
Milan (City, Italy) esti 630 1932 A 0 a7912 Sale a7912
90
8314 115 74
1950 J D 7918 Sale 7918
4
81
7018 81
-year e 1 6e
Minas Geraes (State) Brazil
20
32
6
2418 354
36
22 12
29
Budapest (City) extl 5 1 65_ _1962 .1 D 3014 3012 30
External 5 f 6548
1958 M B 2712 Sale 26
4712 20
46 4 47
,
37
64
1112 36
41
8
29
Buenos Aires(City)650 2 B 19553 .1 40
Ext sec 630 series A
1959 51 5 2712 Sale 267
_ 607 572 Sept'33 ____
1960 A 0
8
3714 5418 Montevideo (City of) 78__1952 J D 40 Sale 33
External s t 6a ser C-2
1258 40
32
40
40
4614 54 Sept.'33 ____
8
3412 64
External of Cs ser C-3._ _1980 A 0 __315
8
Externals I 6s series A
3158
6 11
1959 M N ____ 257 3112
32
32
Buenos Aires (Prov) eat' 68_1961 M 8 3018 35
84
16
4212 New So Wales (State) extl ba 1957 F A 8314 Sale 8214
2
35 714 5412
8
303
4 40
Stpd (Sep I 33 coup on)1961 M 9 27 Sale 257
84 4
,
8312 56 71
2012 417
8
External 5 f be
8312 Sale 82
Apr 1958 A
36 sale 36
1961 F A
36
1
1758 393 Norway 20 year ext 68
Externals I 634s
4
963
4 51 814 98
1943 F A OA Sale 9514
323
8 13
3314 31
21
9612 27 8118 98
9612 Sale 9614
413
4
Stpd (Aug 1 '33 coup on)1981 F A 22
20-year external 65
1944 F A
3
18
14
18
183 18
4
2318
8
Bulgaria (Kingdom) a f 78_ _1967 .1 J
4
58 08012 963
95
30
-year external 13i3
1952 A 0 94 Sale 923
21
214 21
22
8 a2112 2712
Stabil'n a t 7 Ns_ _Nov 15 1968 NI N
51 (37412 9414
8
93
40
-year 8 f 554e
1965.1 D 93 Sale 903
.1 143 164 154
153
4
4
8
11
24
915
8 85 a7212 925
8
Caidas Dept of(Colombla)750'46 .1
8
External a 1 58_ _ _Mar 15 1963 M B 915 Sale 90
92
226
79
Canada (Dom'n of) 30-yr 4s_1980 A 0 9114 Sale 91
85
9214
2
8512 19 744 86)
Municipal Bank call et 58_1987 .1 D 8412 87
1952 M N 102 Sale 1013
4 104
257
9018 105,
5e
8614
Municipal Bank extl ,f 551_1970 .1 D 8412 __ _ 86 Sept'33 ____ a75
8
1936 F A 101 Sale 10012 1017
8 93
5212
934 1017 Nuremburg (City) extl 6s
8
2714 43 24
1952 F A 2512 Sale 24
43.4s
7212
73
1954 1 J 7158 74
2
72
69
Carlsbad (City) 5 f 88
6812 60 35
8
86
Oriental Devel guar 68
1953 M 8 675 Sale 6712
1414 10
812
217
8
Cauca Val (Dept) Colom 750'46 A 0 12 Sale 12
6312 89 314 71
6312 Sale 6212
Esti deb 550
1958 M N
4714 70
91
Oslo (City) 30
3914 75
Cent Agric Bank (Ger) is.. -1950 M S 4214 Sale 4214
34 90
87
-years I 6s
1955 M N 86 Sale 86
3
42
205
Farm Loans f 68__JulY 1.5 1960 2 j 03834 Sale 0363
58 85 1024
3212 87
Panama (Rep) exti 534s.._1953 .1 D 9812 Sale 9812 101
3812 134
Farm Loan s f olsOct 15 1966 A 0 3312 Sale 3312
3212 867
37 184 46
37
35 Sale 35
Eati a f bs ser A _ _Nlay 15 1963 M N
8
4314 104
Farm Loan 6s ser A Apr 15 1938 A 0 36 Sale 3612
4
11
36ls 7512 Pernambuco (State of) extl 75 '47 M 8 1012 1112 912
63 21
6
11
11 Sale 11
Chile (Rep)-Exti 3 f 78_ __ _1942 M N
Peru (Rep of) external 7e.. _ _1959 M 5
53 21
4
3
1612
18 05
814
12
814 Sale
838
93
4 75
838 Sale
5
External sinking fund fie_ _1960 A 0
312 1438
612 Sale
1712
618
78
77
Nat Loan extl a f 68 let mer 19602 D
73
4 96
912 29
384 1414
8
838 Sale
478 17,
Ext sinking fund 68__Feb 1961 F A
4
6
614 Sale
Nat loan eat! 8 1 IN 2d ser..1961 A 0
8
8 Sale
Jan 1961 .1 J
478 1714 Poland (Rep of) gold 68
Ry ref ext 8 f 6s
97
8 97
3 5212 6212
60
1940 A 0 5978 Sale 5978
938 11
8
8 Sale
Ext sinking fund 68_ _Sept 1961 11.1 5
5
8
1714
141 5114 80
80
Stabilization loans 1 7s
1947 A 0 77 Sale 753
External sinking fund 6s...1962 M 8
74 4
,
5
1712
15
97
8
912 912 9
7212 64 a59
External sink fund g 88
1950 .1 J 69 Sale 69
8
8 Sale
External sinking fund 65._1963 M N
5
17
912 30
3
912 60
25
Porto Alegre (City of) 8s__ .1961 .1 D 25 Sale 23
74 18
1158 41
Chile Mtge Bk 6345 June 30 1957 .1 D
11 Sale 11
84 3012
25
Eat! guar sink fund 750_1968 .1 .1
25
25 Sale 2214
3
18
17 Sale 17
9 I 6595 of 1928__June 30 1961 1 D
80. 4
934 2012 Prague (Greater City) 7 Ns_ _1952 M N 803 85
3
4
1 774 9934
803
4
834
105
8 59
Apr 30 1961 A 0 1012 Sale 1014
Guar 5 1 68
612 173 Prussia (Free State) extl 630 '51 M 5 30 Sale 283
8
54 28
8
34
105
8 34
1962 M N
13i2 1658
Guar 8 f 6s
6112
a912 Sale 0912
2878 64 25
External a 1 Cs___
exti_
1952 A 0 25513 Sale 25
3
1960 51 S
418 153 Queensland (State)
8
Chilean Cons Mimic 713
8
514 812 7
13 88 101
99
a f 761941 A 0 99 Sale 9812
923
4
2514 23
12
251 1
Chinese (lukuang Ry) be_ _ 1951 .1 D 2514 Sale 2518
19 78
25
90 Salo 90
-year external 65
92
1947 F A
9
Christiania (Oslo) 20-yr a 1 (is '64 M 8 --------8512
81
90
86
2
Rhine-Main-Danube 78 A....1910 51 S 353 Sale 3512
46 354 71,
38
4
34
Cologne(City)Germany 651131950 M 13 2
267
8 36
221 1 573 Rio Grande do Sul esti a f 88_1946 A 0 1818 22
Sae 23
1814
1
9 12
2012
Colombia (Rep) 68 of '28 _Oct '61 A 0 36 Sale 3018
1612 49
3712 76
81s 31
External sinking fund 65..1968 .1 D 19 Sale 19
213
8 29
31
1614 4912
9
July I '33 coupon on_ _Jan 1961 J J 3712 Sale 3312
External a f 78 of 1926___A968 M N
3812 13
2314 23
1912 Sale 1914
384
814 304
37
4014
52
40
July 1 '34 coupon on_ _Jan 1961 --____ 39
External s t 75 munic loan_1967 .1 D 2018 24 r26 Sept'33 ____
2612
273 29 Sept'33 ____
A
Colombia Mtge Bank 6348 of 1947 - li __
9
4
6
Rio de Janeiro 25
1818 36
1818
19
20
-years f 88_1946 A 0 15
We 3712
Sinking fund is of 1926__ _1946 MN ____ 273 29 Sept'33 ____
65 26
8
2014 37
Externals f 630
8
18 Sale 18
1963 F A
1947 F A ____ 293 29 Sept'33 ____
s
183 3714 Rome (City) ext1 650
4
4
Sinking fund 7801 1927
4
8312 77 7812 927
1962 A 0 81 Sale 793
1952 J D 62 Sale 61
59
7312 Rotterdam (City) esti 6x
Copenhagen (City) 55
33
67
1964 M N 10118 105 a9912 10512 28 0884 10512
1953 M N 58
68
6934 Roumania (Monopolies) 7s 1959 F A 2812 Sale 2812
25
-year g 452s
647
8 19
627 60
8
17 2812 45
33
_1957 F A
1034 233 Saarbruecken (City) 6s
4
12
16
Cordoba (City) extl s 1
724
1 60
145
8
1514 II
5714
19533 .1
574
5714 61
78.Sao Paulo(City)51 8s_ _Mar 1952 MN 20
2434 40
5
4
4
35
External et 75._ __Nov 15 1937 MN 343 Sale 343
2212 15 1018 25
2112 21
Vs 24
External 8 f 630 of 1927._1957 M N
2434 56
4
33
33 Sale 32
Cordoba (Pros') Argentina 75 1942 .1 .1
1712 50
1614 Sale 1614
1418 3214
11
San Paulo (State) extl a I 88_1936 .1 J 21
Costa Rica (Republic)23
2378 22
4
26
External sec a f 88
2312 30
4
2618
2618
27
19503 J
7, Nov 1 1932 coupon 0n_1951 M N
197
8 10 1313 273
17
20
17
8
4
23
24 (2113 207
14
6
1512
15
20
External 8 f 78 Water L'n_1956 M 5 153 Sale 153
16
78 May 1 1938 coupon on.1951 _
4
18
4
94 284
External s 1 65
7814 100
1858 51
1968 J J
10
Cuba (Republic) Es3 of 1904.i944 M 8 80 Sale 80
1518 Sale 15
88
6812 54 5014 7414
Secured 8 t 7s
1940 A 0 64 Sale 6318
11 07914 934
90
External be of 1914 eer A_ _1949 F A 90 Sale 89
1949 F A
123 3014
4
Santa Fe (Ploy Are Rep) 75_1942 M 5 ____ 225 22
62
85
7412 Sale 7412
7518 17
External loan 4303
8 10
8
225
4
45 3812 773
42
4012 Sale 3812
7012 46 a6312 8312 Saxon Pub Wks(Germany) 75'45 F A
Slaking fund 5345 Jan 15 1953 1 J 70 Sale 6818
32 304 894
Gen ref guar 634s
1951 M N
35
3112 337 3254
8
32
6914
3914 32
Public wks 53.4s June 30 1945 .1 D 3612 Sale 36
Saxon State Mtge hist 75__.19453 D 613 Sale 613
744
4
Cundlnamarca (Dept) Colombia
4
6412 15 52
68
Sinking fund g 6 Ns_ _Dec 19482 D 60
1959 MN
4
14 Sale 14
5 52
6112
6112 6112
1018 223
16
34
External 5 f 650
8612 9914 Serbs Croats 32 Slovenes 88_ _1962 M N
2018 Sale 201g
4
9512 13
Czechoelovakla (Rep of) 8s_ _1951 A 0 95 Sale 933
2312 56 134 2653
1952 A O 9314 95
1211 24,2
34
External sec 78 eer 13
1962 M N
21
8512 983
1014 Sale 1914
8
933
8
933
4
Sinking fund 821 ser B
4
Silesia (Prov of) exti 78
1958 .1 D 45 Bale 45
93
4712 55 40 a5014
-year extl es__ _ _1942 1 JI 8212 Sale 8212
75
8912 77
Denmark 20
Silesian Landowners Assn 68_1947 F A
1955 F Al773 Sale 77
254 50,
88
2
1
23
28
2514
2514
69
4
External gold 530
815 124
8
2
14512 14 100 14512
684 773 Soissons (City of) extl 613_1936 SIN 145 Sale 140
External g 4345__Apr lb 1962 A 03 a60 Sale a60
693 239
4
I
Styria (Pros') external 75.__1946 F A
57,
8
4812 60
Deutsche Elk Am part elf 68_1932
485
8
5112 18 45
85
Unmatured coups attached _ F A ____ ____ 4218 May'33 ____
60
Stamped extd to Sept I 193& _ _ _ _ _ I 71
421s 424
45
7334 72
74
Accrued Interest payable at exchange rate of $4.8665. • Look under list of Matured Bonds on page 2251.
r Cash sale. a Deferred delivery.
NOTE.
-State and City Securities.
-Sales of State and City securit es occur very rarely on the New York Stock Exchange Ind usually only at long intervals, dealings In
such securities being almost entirely at private sale over the counter. Bid and Asked quotations, however, by active dealers in these securities will be round on a subsequent pier tinder II . gonern1 heart Of "Quotations for IlniNterl Seenetlea '•
,
131I
Ask
U. S G
ment.
First Liberty LoanJ D 1021132 Sale
334% of 1932-47
__ _
.1 D 101
Cony 4% of 1932-47
.1 D 1123322 Safe
Cony 432% of 1932-47
.3 D 101,622 ____
2d cony 434% of 1932-47
Fourth Liberty Loan
A 0 102342 Sale
434% of 1933-38
1947-1952 A 0 1101522 Sale
Treasury 434s
1944-1954 J D 106142 Sale
Treasury 4s
,
Treasury 34s
1948-1956 M 9 104 42 Sale
Treasury 3348
1943-1947.1 D 1011522 Sale
Treasury 38___StPt 15 1951-1955 M 8 981322 Sale
Treasury 334s June 16 1940-1943 .1 D 1011722 Sale
Treasury 3N8 Mar 15 1941-1943 M 9 1011342 Sale
Treasury 3303 June 15 1946-1949 .1 D 993322 Sale
,
Treasury 35.1s
Aug 1 1941 I A 1001132 Sale
Sept. 23 1933
New York Bond Record-Continued-Page 2
Week's
Range Or
Last &as.
Range
i''
3
Fries
BONDS
1.3.
Since
N. Y. STOCK EXCHANGE it
FrLdo
to tZ
Jan. 1.
Week Ended Sept. 22.
s.5. Sept. 22.
High
High N. Lew
Ask Low
Bid
Foreign Govt. & Municipal,.
987
4
88
9412 144
4
Sweden external loan 5346_1954 MN 893 Sale 8812
248 1110212 152
182
awitserland Govt esti 5318_1945 A 0 1517 Sale 1434
8
66
19
80
8214
7814 Sale 78
1955 F A
Sydney (City) s f 5345
63 8 44
7
334 6812
Taiwan Elec Pow at 5348_1971 2 J 6312 Sale 63
11 • 26
70
69
65
Tokyo City 511 loan of 1912_1952 M S 661s 71
30
64
334 73
External of 5349 guar
1961 A 0 6218 Sale 618
1614 Sept'33 ---103 15
4
8
18
Tolima (Dept of) ext1 71._ _1947 M N
61
794 80 Sept'33 ____
8412
Trondhjem (City) let 5349_1957 MN 63
5459
55
5
4514 6212
Upper Austria (Prov)
_ _1945 J D 5118 56
414 r513
5
4612
,_ 4612
Externals f EINs_June 15 1957 2 D
78.2112 5018
15
37
Uruguay (Republic) ext1 88 1946 F A __,- -33
36
39
1
31
33
Feb 1 1934 de subs coup att_ _
- --,- ,
--- 33
33
30
183
154 4018
External, f Os
MN 30 Sale 27
1969 -29
16
2712 274
1618 4018
External s f 6s........May 1 1964 MN 25
94 104
19
104
8
Venetian Prov Mtge Bank 7s '52 A 0 1037 ---- 103
57
15
5212 684
Vienna (City of) WI Of 68-.1952 M N 53 Sale 5212
4918 5318
Unmatured coupons attached. M N --------52 Aug'33 ---4614 35
85
50
Warsaw (City) external 79 1958 F A 44 Sale 44
29
67
357 74
2
Yokohama (City) extl 68_ _ _1961 J D 6612 Sale 66
Railroad
Ala Gt Sou let cons A 58_1943 .1 D
1st cons 49 ser B
1943 J D
Alb de Susq let guar 3)49..1948 A 0
Aileg & West 1st gu 4s
1998 A 0
Alleg Val gen guar g 49
1942 M S
Ann Arbor 15t g 4s____July 1995 Q J
Atch Top & S Fe
-Gen g 48_1995 A 0
Registered
A 0
Adjustment gold 4,...July 1995 Nov
Stamped
July 1995 M N
Reektered
MN
Cony gold 45 of 1909____1955 1 D
Cony 48 of 1905
1955 .1 D
Cony g 4s Issue of 1910-1960 J 0
Cony deb 4345
1948.5 D
Rocky Mtn Div 1st 4s_ _ _1965 1 1
Trans
-Con Short L let 48_1953 J .1
Cal-Aria let & ref 431s A _1962 M 8
Aft Knoxv & Nor lot g 58_1946 J D
All & Marl A I. let 434s A 1944 J J
1st 30-year Its series B_1944 J J
Atlantic City 1st cons 45.. 1951 3 J
Atl Coital Line 1st cons 49July '52 M S
General unified 431s A ._ _1964 1 D
L & N coil gold 49____0e4 1952 MN
All & Dan let g 4s
19411 J J
2d 48
1948 J J
MI & Yad 1st guar 4s
1949 A 0
Austin & N W ist gu g 5s 1941 3 1
Balt & Ohio let g 4e___July 1948 A 0
Registered
July 1948 Q J
Refund & gen 55 aeries A 1995 2 0
let gold 58
July 1948 A 0
Ref & gen 68 series C....1995 I D
P L E & W Va Sys ref 4s__1941 M N
Bouthw Div let Si
1950 J J
Tol &('In Div 1st ref 411A _1959 .1 J
Ref & gen Si series D__2000 M 13
Cony 4349
1960 F A
Ref de gen M 58 ser I.'
1996 M S
Bangor & Aroostook let 59_1943 .1 J
Con ref 45
1951 J 1
Battle Crk & Stur let gu 38_1959 3 D
Beech Creek let gu g 48
1936 J 1
2d guar g be
1935 J J
Beech Crk ext let g 3349......1951 A 0
Belvidere Del cons gu 3348_1943 J J
Big Sandy 1st 4s guar
1944 2 0
Boston & Maine let 55 A C-1967 M 3
let M Si series II
1955 Si N
1st g 434, der JJ
1961 A 0
Boston & N V Air Line 1st le 1955 F A
Bruns & West let gu g 49..1938 1 J
Buff Roch & Pitts gen g 59_1937 M S
Consol 4345
1957 MN
Burl C II & Nor lit & m1155_1934 A 0
Canada Sou cons gu 68 A___1962 A 0
Canadian Nat guar 4 Ns-- _1954 M S
30
-year gold guar 434,_.1957J J
Guaranteed gold 434,_ _ 19583 D
Guaranteed g Si
July 19641 J 2
Guaranteed a Si
Oct 1969 A 0
Guaranteed g be
197" F A
Guar gold 430
-June 15 1955 1 D
Guar g 4349..
1956 F A
Guar g 4 Ne
Sept 1951 hl II
Canadian North deb a f 79_19411 .1 D
25
-year it deb 634s
1946 J J
10-yr gold 4318___Feb lb 1936.5 3
Canadian Pao Ry 4% deb stook
Coll It 4319
1946 M S
54 equip tr Ms
1944 J J
Coll tea 59
Dec 1 1964 J 0
Collateral trust 431s
1960 2 J
Car Cent bet cons g 49
1949.5 J
Caro Clinch &0 lit 30-Yr 68_193s J D
let & cons g 6s eer A _Dec 15'52.5 D
Cart & Ad 1st gu g 48
1981 3 D
Cent Branch U P let a 46_1945 2 D
Central of Gs let a 159__Nov 1945 F A
Consol gold 59
1945 MN
Re/ & gen 5349 aeries B__ 1959 A 0
Ref & gen 55 series C___1959 A 0
Chatt Div Put money g 48 1951 J D
Mac & Nor Div 1st g 58.1948.5 3
Mid Gs & Atl Div pur m 55'47 J J
Mobile Div 1st a Si
19402 .1
1961 2 J
Cent New Engi 1st 1111 48
Cent RR & 13kg of Ga coil 55 1937 M N
Central of N J gen it to_ _1987 J J
Registered
1987 Q 1
General 45
1987 J J
Ce t Pac let ref gu a 49_1949 F A
_..____ F A
Registered
Through Short L 1st gu 45_1954 A 0
1960 F A
Guaranteed g 59
Charleston & Sav'h 1st 78 1936 J 3
1939 M N
Ches & Ohio let con g 5s
Registered
1989 M N
1992 M S
General gold 4319
Si 8
- Registered
1993 A 0
Ref & Impt 4315
Ref & impt 4315 ser 13._1995 .1 1
Craig Valley let 55_ May 1940 2 J
Potts Creek Branch bit 49_1946 J 1
It & A Div 15t con g 49..1989 J 2
1989 2 .1
28 consol gold 45
Warm Spring V let g 5s-1941 Si S
Chic & Alton RR ref g 39_1949 A 0
Chic Burl & Q-III Div 345_1949 J J
3 2
9- Registered
1949 2 J
Illinois Division 48
1958 M S
General 4s
1977 F A
at & ref 4345 ser B
1971 F A
1st & ref 58 ser A
Chicago & East Ill it &I_ 1934 A 0
r Cash sale. a Deferred del very
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 22,
2247
:-.- ...
•-
Price
Friday
Sept. 22.
Ica
2t
40,
C & E III Ry (nemec) gen 58_1951 M N
chime()& Erie let gold 59_1982 M N
Chicago Great West 1st 49_1959 M S
Chic Ind & Loulsv ref 6s____1947 J J
1947 .1 J
Refunding gold Si
Refunding 4s series C„....1947 J 1
1966 M N
let de gen be series A
1st & gen Ils series B_May 19662 J
Chic Ind & Sou 50
-year 4-8_1956 1 ./
Chic L5 & East jet 4318_1969 2 0
Chi M & St P gen 49 8er A 1989 J J
Gen g 33121 ser B___May 1989 2 .1
Gen 43(5 ser C
May 19892 J
Gen 4315 ser E
May 1989 J It
Gen 414s ser F
May 19892 ./
Chic Mtive SIP & Pac Si A._1975 F A
Cony ad) be
Jan 1 2000 A 0
Chic & No West gen g 3319_1987 MN
Q F
Registered
General 48.
195 M N
7
Stpd 45 non-p Fed Inc tax '87 M N
Gen 44s stpd Fed Inc tax_1987 M N
Gen 5estpd Fed Inc tax___1987 M N
15
-year secured g 6349-1935 Si S
1st ref g fe
May 2037 J D
1st & ref 431s stpd May 2037 J D
1st & ref 431s ser C_May 20372 D
Cony 4329 series A
1949 MN
Week's
Range or
Last Sale.
e4
ici
gig
Ask
914 Sale
9012 9814
39 Sale
4258 • 61
374 ___
--__ 57
2018 38
27 Sale
5014 78
10012 10312
____ 6712
61
64
65
673
4
65 Sale
6515 70
4012 Sale
163 Sale
4
5014 59
____ 64
56 Sale
56
61
____ 75
765a Sale
79
83 4
3
41 Sale
34 Sale
341 Sale
31 Sale
8
84
8012 Sale 8012
9412
80 Sept'33 _., 75
69
80
8912 18
60
83
8712 Sale 87
78
7758____ 7712 Aug'33 ---,
9014
65
13
97
7712
8
9512 967 9612
89
8
4219
9h7
8
38
44
37
9418 730
2212 45
9214 Sale 90
9112
1
823 974
4
-- 9112
-_-3912 94
3
86%
4
8612
7512 -- a813
853 149
4
76
8412 Sale 8314
1955 1 c
89
Chic R I & P Ry gen 45
---------85 July'33 ---- a7515 90
Refunding gold 45
1934 A 0
81
9
80
83 9 85
7
79
76
Certificates of deposit
---19
82
73
84
a7818 Sale 744
1952 M S
Secured 434s series A
6
8014
80 4
3
72
79
86
78
1965 Si N
CODY g 449
10018 255
73
965 Sale 95
Ch St I. & N 05s_June lb 1951 J D
81
8
8618 10 a79 102
J D
84 Sale 84
Registered
97
22
95
79
9112 96
Gold 3118
87
June 15 1231 J D
963
4 13
94 Sale 93
89
994
Memphis Div let g 48_-_1951 J D
Chic T H de So East 1st Si.. 1964• 3 12
8714 99
100 10512 10312 Feb'31 ---,
_
2
Dee 1 1960 M 13
898
Inc all Si
8918 Sale 8958
9312 11
9312 92
75 89
Chic Un Sta'n lst gu 4318 A..1963 J J
90
74 June'33 ---,
78
85
6712 96
let 58 series B
1963 J 2
87% 61
1944 3 D
65
7518
8612 Sale 84
Guaranteed g 5s
66
915
1st guar 8 Ns series C
6
761
8 2
1963 2 J
Sale 73
73
70
61
67
824 Chic & West Ind con 4,_1952J .1
66 8 Sale 65
,
2
43
1st ref 545 series A
45
7418
3712 Sale 3712
1962 M 3
13 4 52
3714 Sept'33 ---____ 35
1
Choc Okla & Gulf cons 58...A952 M N
3714 Sept'33 ---8
34
51
CM H & D 2d gold
50
_1937 1 2
79 Sept'33 ____
20
82
53
CI St L & C 1st g 4s....Aug2 193. Q F
75
431s-Augunt 2 193. / F
75
8412
Registered
8
898 180
Cth Leb & Nor 1st con gu 49.194 51 N
8714 Sale 843
74
1 CM Union Term 1st 449_202 I J
____ ___ 75 May'33 ---,
92
6912 109
65 Sale 62
1st mtge Si series B
72
80
202 I J
4
3314 7612
997 252
Sale 9618
let mtge g &series C
195 VI N
97%
7812 51 a7914 100
723 Bale 7212
4
Clearffeld et Mali let gu 59_194:
2
78
82
36
7712 80
Cleve Cin Chl & St I. gen 4s. 199'
D
374 83
8212 sale 81
6112 874
8714 98
General 55 series 13
D
199
70% 12
65 Sale 65
55
Ref & Impt 68 ser C
J
89
194.
196,
1
674 29
59 Sale 59
454 74
Ref & impt Si ser D
60, 503
4
52 Sale 4912
J
343 75
Ref & impt 434s eel' E
197'
4
6814 115
6212 Sale 60
254 67
Cairo Div let gold 4s
193
, J
9912 Sale 9912 10014
9
Cin W & M Div 1st g 49_1991
1
60
66 4
3
75
80
78
78
St I. Div 1st coll tr g 4s__ _1945 M N
88 10014
5
62 Aug'33 ---41
62
65
84 ' Spr & Col Div 1st g 4s
1940 VI 9
3
917
8
90
9212 913
W WVal Div 1st g 48....194" .1 1
62 62
9212 July'33 ---____ 91
80
93
6618 ____ 70 Sept'33 ---92
9212 C C C I gen cons g 69_1934 1 J
&
91 ----------------66
71
Cleo Lor & W eon Iota 58..1933 A 0
90 Rale 90
9218
4
_
Cleveland & Mahon Val g be 193s 1 J
78
83
,
10
--,- 79
8i14 9712 Clev & Mar 181 gu g 434s.. _1935 Si N
7934 34
75 Sale 75
53
83 Cleo & P gen 6 4)48 ser H 1942 A 0
8
73
70
74
4
73 9
7
5412 8312
Series B 3348
1942 A 0
65
66
65
3
63
43
/87
8
Series A 43,4,
1942 1 3
9412 9412 SePt'33---.
93
, 5412 6 112
Series C 3318
,
1948 M N
7
843 9412
4
1950 A F
Series D 3319
a99I2 Sale 09912 100
61
Sale 52
5212
43
1977 F A
85 10012
Gen 4 Ns ser A
50 Sale 50
554
338k 6734 Cleve Sho Line let gu 430.1961 A 0
6
45
7012 Cleve Union Term 1st 5149 1972 A 0
89
89
94 89
1
1973 A 0
7879 97
lst el 55 eedes II
983 113
4
974 9914 9758
7914 985
1st s f guar 43.45 series C 1977 A 0
98 Sale 974
701 99
99 ' 329
Coal River Ry 1st gu 4s
1945 1 D
983 160
4
9712 Sale 97
79 4 98% Colo & South ref & ext 430_1935 Si N
8
10312 Sale 10212 10458 156 aMil 1043
General mtge 4 34s tier A-1980 M N
8
4 105
10312 Sale 1023
171
84 105
Col & H V let ext g 49
1948 A 0
104 Sale 1027
8 105
101 18415 105
Col & Tol list ext 48
1955 F A
10012 Sale 9934 10112 147
801. 10112 Conn & Passum RI, let 49..1943 A 0
7 414
984 Sale 974
99
80
997 Consol Ry non-conv deb 49_1954 2 J
99 Sale 973
4 10014 351
7934 10014
Non-conv deb 49
1955J .1
7
9
10412 Sale 10414 106
1955 A 0
9634 10;
Non-cony deb 49
8
19 2 2
1073 Sale 10758 109% 8
66
944 109 4
...8
3
Non-cony deb 49
8 19
10012 Sale 10012 1013
90 1014 Cuba Nor Ry let 63111
1942 1 D
598 Sale 54
6318 423
49 r70
Cuba RR let 50
-year 54 3-.1952 2 J
79
185 055
67 Sale 66
8312
let ref 7319 series A
1936 2 D
99
158
98 Bale 9612
804 99%
let Lien & ref tki ser B
1936 2 0
8212 127
584 9012
76 Sale75
73
154
657 Sale 643
8
63% 804 Del & Hudson lit & rot 49-1943 Si N
19 June'33 --_,
201 75
15
Si
19
1935 A 0
99
99 Sale 9812
20
80 10058
Gold 5311
1937 MN
21
99
96 Sale 9512
D P.R. & Bridge tat gu g 49 1936 F A
68
99
68% Sept'33 ___,
6118 68
58
683 Den & KG lat co g 49_ • 1935 .1 J
4
48 Sale 48
49
01
24
60
Consol gold 4317
1936 J .1
56
60
60 Aug'33 ---,
32
64
Den & Ft G West geniis Aug 1955 F A
26
28
9
27
30
954 414
Ref & impt 5s ger B. Apr 1975 A 0
.
1612 Sept'33 --„,
10
17
3
28
Des NI & Ft D 1st go 4
1935
1612 17
814 167 15
s
212 2734
Certificates of deposit
J 3
3212 3212 July'33 ---24
15
Dee Plaines Val let gen 449 1947 M 8
33
____
__ 35 June'33 ---35
Del & Mac let lien g 48
35
19562 D
3312 28 July'33 ---25 -28
28
Second gold 49
1995 2 D
35 July'33 ---28
30
24
35
Detroit River Tunnel 430_1961 M N
Dul MIssabe & Nor gen 1Se_ .1941 1 J
68
68 Sale 68
1
55
7412 Dul & Iron Range let 58
1937•0
633
4 16
25
61
53
59
661 Dul Sou Shore & All g 64_1937 1 1
98
99
24
993
101
82 1021s
-.-- 973 98 Aug'33 ---4
83
98
East Ry Minn Nor Div let 48'48 A 0
8 9112 East T Vs & Oa Div let Si 1956 M N
8814 9112 Aug'33 -77
75
8112 278
3
75 4 Sale 7412
6312 8812 Elgin Joliet & East 1st 3 Si 1941 Si N
4
____
-- 783 Jan'33 ---,
78 4 78% El Paso & SW 181 58
3
1965 A 0
8042 08218 17 a64
8012 -83
87
Erie & Pitts g itu 331s ser B 1940 3 1
71
6412 Sale 60
61
45
80
Serial C 33.4,
1940 1 J
--------111 June'31 ---_
_ .. Erie RR lst C008 g 45 prior_ _1996 .1 J
10612 111 010034 10712
10558 Sale 104
Registered
1996 2 2
---- --- 105 Sept'33 -, 10112 105
let 000801 gen lien a 49-1996 1 J
8 1017 166
997 Sale 973
8
s
874 I0414
Registered
19962 J
____
_ 92 May'33 ---_
90n 92
Penn coil trturt gold 4s
1951 F A
80
52
92
881 - _- 8812
92
9658
50-7ear cony 49 series A 1953 A 0
79
96
9412 115
91 Sale 88
Series B
1953 A 0
____ 100 100 Sept'33 ---90 100
Gen eon,49 series D
19534 0
87 Sept'33 --__
85
90
81
1(9
Ref & Imp% Soot 1927-1967 M N
4
100
99 100 100
8434 100
Ref & impt Soot 1930-1975 A 0
93
90 Aug'33 ---88
83
9012
Erie &Jeremy let 4 f 69____1955 J J
93 May'33 ---,
____ 102
93
93
Genessee River lit of 69__1957 J 2
5212 18
51 Sale 50
30
584
90 Sale 87
90
30
80
91
Fla Cent & Pen ist eons g 59 1943 J 3
--------8658 July'33 --,,
8812 8612 Florida East Coast let 4)49_1959 J 0
97 Sale 9658
58
98
874 99
let & ref Si series A
1974 NI S
4
7
903 Sale 8912
938 181
73
95
Certificates of deposit,
903
8 23
8712 Sale 8512
68
9214 Fonda Johns & Glov 15t 4 Ns 1952 hoi-N
3 Sale 9512
95
9818 29
7614 10012
(Amended)lst 11011114 30_1982 MN
58
48
58
58
1
32
58
•Look under lists f Matured Bonds on page 2251.
sow
Jan. 1.
-Low
High
334 20
08614 99
20
50
14
28
604
44
4912
33
57
9
48
12
54
614 7812
941s 1034
38
73
35
64
40
7712
40
77
38
79
11
5912
314 31%
34
62
Low
High No.
914
14
50
9012
963
9 10
38
453
4 91
1
60
60
4912 Sept'33 --__
55 Aug'33 ---36 Sept'33 _--27
35
8
78 Aug'33 ---0212 Sept'33 _-_ 7
4
6812
6812
64 Sept'33 ---6812
7114
2
65
7014 13
72
72
5
344
4812 1069
133
4
217 2317
493
4
55
30
47 Aug'32 ____
56
6012 12
30 1612
69 Aug'33 ---38
59
67 Aug'33 ____
47
73
71
5
7658
40
8212
3
81
8412
43% 9218
4014
50
68
15
56
132
3012
41
4712
15
34
403
4 69
15
48
26
3714 839
44 4412
I
56 Sale 56
623 237i 50
4
7012
22% Sale 223
4
244 174
19
39
2412
2412
25
1, 2412 25
---25 Sale 25
2658 36
184 38
1258 Sale 1258
1558 148
6
28
8212 88
89 Sept'33 ---72
90
_--- ---- 6412 MaY'32 ----- --_
_ _
65.._ 8512 May'31 ____
-___ 6714 7012 Sept'33 - --,
'ii 7214
64
60
627 6314
8
9
38
734
45 Sale 45
45
1
143 64%
4
99 Sale 98
101
53
91 102
100 106 10334 10612 29
10312
95
9818 10312 98
1003
4 24
92% 10
312
11112 Sale 11112 11212 34 10318 11
743 Sale 73
4
793
4 33
5974 8012
90 Sale 8912
9212 65
6612 95
6014 694 5() May'33 ----, 50
50
08 A312'33 _-_9012
__ 9
85
90 s
3
92 June'33 ____
9618 -99
02
951
--------9458 Aug'33 ---944 944
82 Au3'33 - - -,
81
85
82
83
100
100 Sale 100
2
93 102
10218 10512 10212 10612 47
964 10718
104% 78
1024 Sale 102
9814 107
76'..... 72 May'33 ---72
72
82 Sept'33 ------- 80
68 -85
96 Aug'33 ---6614 96
85
96
82 July'33 ---75
82
49
82
___ 72
75 Sept'33 --_47
824
6818 36
6312 Sale 63
37
774
937 95 Aug'33 ---9
88
85
95
1
72
72
70
73
60
77
55
RO
773
4 10
76 Sale 76
93 Sale 93
93
6
93 93
--- 737 7312 Sept'33 ---72
75
.
9914 101 100
9
10012
997 100
991s
997 130
87 ---- 88 July'33 -97
_--- 97 June'33 .-__
99
____ 98 June'33 ____
Jan'33 _ _ __
8614 ---- 86
5
4
---- ---- 1014 101,
___ ____ 91 Aug'3:i --_Oct'3 _-______ 83
____ 91 SePt'3' •--,
94
6
87
---- 86
84
10
86
84 Sale 84
82
12
____ 78
79
7412 39
72
--__ 73
3
93
9212 93 93
____ 8912 87
87'
,
7
10
69
69 Sale 69
283 ---- 951g
4
33'•
3
933 ---- 90% Juna'3 _ ___
4
____
__- 77 Jun:3-__
4418 5014 53 Sept'33 -__
____ ____ 53 Au;33 --__
__ _
_ _ 4612 SePt'32 ---_
59
5312 Sept'33 _-__
16
26
iii3 Sale 2312
2512 25
2014 Sale 2014
3
25 2
,
2114
20
30
224 13
1512
25
15
8358
97
943
4
964
48
41
2712
35
Sale
977
8
957
-Sale
62
Sale
Sale
9612 1017
9
9312 100
80,4 88
97
99
964 98
56
86
96 10112
84
91
91 - If
70
87
6012 90
54
81312
494 773
4
8512 93
12
674 94 4
3
47
77
831 37
/
4
90
92
77
77
38
604
40
82
-„, -_.,497 5312
10
41
15
4134
15
41
II
34
8514 132
571 8912
81
5
91
971
9818
9912
9712
70
9612 25
96
96 Sept'33 --- -, 96
96
56 4 66 a2512 66
)
48
60
4
57
27
6712
2512
35
335
814 52
61
3479
43
11
60
3 4 214 Sept'33 ---3
68
6918 Aug'33 ____
37 Sept'33 ____
45
29 4 30 July'33 ____
3
12
91
91
91
- -- 104 Sept'33 ____
2
10314
16412 103
4
30
30
27
I
34
2
45
69%
33 4014
25
30
75
91
10112 104
99 105 9
7
12
39
9012 9212 9212 Sept'33 ___
I
91
85
98
91
n
96
983 9858 Sept'33 ____
8
Feb'33, ____
68
_--- 61
90 --__ 90 Aug'33 ____
90
___ 90 Aug'33 ____
77 Sale 767
8
797
8 24
____ 80
78, Aug'33 ____
4
41613 Sale a613
4
68
68
4
____ ____ 57 June'33 ____
9918 __ _ 99 Sept'33 ____
5314 604 21
67
5514
5512 Sale 53
34
61
____ ___ 40 Mar'33 ____
5212 Sale 48 4
3
6112 182
53 Sale 4812
6112 393
97 Sale 97
1021
, 36
10114 --__ 101 Aug'33 ____
54
93
65
98
753 983
4
61
72
90
90
8558 90
67 2 8
,
8
7814 7814
494 74
41
57
910 100
3012 68
3058 67
40
404
2014 6712
2013 674
81 1024
75 101
3
56
__ _ _
___
90
10314
1034
23
3912
25_ 3912
1
5612 - - - 60 Aug'33 ____
6
0
8 Sale
25
8
10
612 912 7 2
,
912 24
612 10
1112 Aug'33 ____
43 10
4
43 Sept'33 ____
4
15
344
3
2
312
214
40
63
213
4
21
1112
8
,
New York Bond Record-Continued-Page 3
_
2248
Sept. 23 1933
•
N
BONDS
Y STOCK EXCHANGE
Week Ended Sept. 22.
Price
h
- i
Frida i;
'''' r.
..,c,. Sept. 22.
Fort St U D Co let g 4 43...1941 J J
Ft W & Den C 18t g 5448..1961 J 0
Frem Elk &Mo Val 1st 88..1933 A 0
614
411
63_
9712 99
____
89
,!,'
Week's
Sane 01
22
C.
Last Sate.
.
e c.,
Lew
87
99
89
High
Iligh No. Law
_
Nov'32 _ ___ __
99
88 -- Sept'33 __
5414 90
41
90
27 July'33 -_-_
1418 27
Ga & Ala fly 1 I ',Ins 55 (let 19453 J
aro & Nor let gu g 55 1329-2618 July'33 ____
,
Extended 5. 6% to July 1 lt.34 J J 23
50 July'33 ____
43
01deind tat 35_ _ _ .1946 A 0 35 rieorgia /
Jan'31 ____
Gouv & Oswegatchle ist 58. 1942 J D --------100
4
4
913
4
913
Or R & I ex, .1 e' g 4448_ _1941 J .1 8712 97
10512 67
Grand Trunk of Can del) 741 1940 A 0 10414 Sale 10414
53
103
1936 51 5 102 Sale 102
-year a f 6s
I5
____ 96 Nov'30 ____
m le: 5e.._ _1947 J D 55
Grays Pohl
8412 167
Great Northern gen 78 serA_I936 J J 80 Sale 76
4
823 128
823 78
4
let & ref 1428 series A. _ _ _1961 J 1 77
------------8613 July'33 ____
Stpd (without Jly 1'33 coup)
11
7514
8
4
General 545 series B....1952 J J 713 Sale 715
12
6814
1973 J J 65 Sale 65
General 58 series C
32
69
General 4 tis series D_ __ _1976 J J 63 Sale 63
43
68
0312 63
1
1977 2 . 62
General 444s series
4
32
32
E_Green Bay & West deb etfs A... Feb 32
8
67
_- _- 63 Aug'33 ____
Feb
4
4
Debentures etre 13
1
90
89
let go 4._ _ _1940 M N
____ 90
Greenbrier 1134
6712 30
Gulf Mob & Nor let 545 13 1950 A 0 66 Sale 64
6612 28
1950 A 0 62.. Sale 6212
let mtge Is series C
8
Gulf &S I 1st ref & ter 5sFeb 1952 3 J 545 ____ 45 June'33 __-_
Stamped (July 1 '33 coupon on) J J 54% ____ 4014 June'33 ____
Hocking Val let cons g 445-1999 J 3
1337 M N
Housatonic BY cons g 03
IT & T C 1st g Ss lot guar._ _1937 l J
Houston Belt & Term let E43.1937 J 3
Hod & Manhat let 58 ser A _1957 F A
Adjustment Income 58 Feb 1957 A 0
94
85
9412
4
853
7612
46
9614
9512
96
90 Aug'33
93
100
9518 Aug'33
95 100 June'33
Sale 75
8112
50
Sale 44%
15
____
______
67
212
5
8512
89
Illinois Central let gold 45_1951 4 J 8512 87
79
1
1951 1 J 79 Sale 79
let gold 314s
____ 72 May'33 ____
Extended 1st gold 3413-1951 A 0 45
1951 M S ____ ___ 73 Mar'30 .._-_
let gold 35 sterling
21
77
1952 A 0 a70 Sale a70
Collateral trust old 48
721 Sale 72
1955 NI N
,
77 2 43
Refunding Is.
1952 2 2 ---- --__ 55 June'33 ____
Purchased lines 314s
39
66
Collateral trust gold 48-.1953 MN a6018 Sale 5914
1
8312
8312
83
73
1955 M N
Refunding Se.
9318 38
-year secured 84413 g _ _ _1936 2 J 31 Sale 91
15
6212 119
5514 Sale 5114
40-year 1.48. _ _- .Aug 1 1966 F A
1950 J 0 55 ____ 85 Sept'33 ____
Cairo Bridge gold 48
_ 73% Aug'33 __-_
Litchfield Div 1st gold 38_1951 J J 68
71 7012 Sept'33 _-_
Div & Term g 3145 1953 J .1 6418 -Louise
68181
1
Omaha Div let gold 35_ _1951. F A 68 __-- 68,8
7012 Aug'33 ____
St Louis Div & Term g 38A951 J 3 68..
1951 3 J 600 71 74 Sept'33 ____
Gold 3.45
___ 75 Aug'33 ____
Springfield Div let g 3415_1951 J J 60
84
85 Aug'33 ____
_1951 F A ____ Western Lines list g Is..,
III Cent and Chic St L & N 07018 111
Joint let ref 5s series A-1963 J 0 66 Sale 60
8 36
63,
let & ref Ito aeries c. „1963 J 0 6812 Sale 577
Ind Bloom dr West 1st etas 1940 A 0 8813 ____ 92% Aug'33 ____
_ _ 83 Sept'33 ____
78
.1950 2
Ind III & Iowa1st g 48
2
15
J ___ 45
Ind & Louisville 1st go 48..1956 J .1- - 54018
Ind Union RY gen 58 ser A.-1965 J J 99 10014 9959 Sept'33!.....
1965 J J 99 100 100 Sept'33 ___
ref Is series 11
Gen &
8 51
307
Int & Gil Nor 1st 65 ser A._1952 J 3 33 Sale 3212
136
912
15
Adjustment 69 ser A -July 1952 A 0 1112 Sale
__ 33
1956 l J
2
32
34
let 543 series B
1956 J J 30 Sale 25%
3358 26
1st g 55 series C
2
52
52 Sale 52
Int Rye Cent Amer let 5e B 1972 M N
59
60 Sept'33 __,
let coil trust 6% 9 notes.1941 M N 47
457
1947 F A
19
4512 Sale 4538
let :len & ref 614s
Iowa Central 1st gold 5s._ 1938
J D
512 714
512 Aug'33 ____
Certificates of deposit
2
314 23
1
4
24
1951 M S
let& ref g 48
James Frank & Clear let 4s 1959 2
_
1938 2
Kal A & CI R let gu g bs
1990 A
Kan & M let gu g 18
K C Ft S dc 51 By ref g 4s....1936 A
A
CcnIfteates of deposit
Kan City Sou 1st gold 35_ _ _1950 A
Apr 1950 2
impt be
Ref &
Kansas City Term let 48. _ _1960 J
Kentucky Central gold 4s_ _1987 2
Kentucky dr Ind Cerro 448_1961 J
1961 J
Stamped
1961 2
Plain
72 Sale
D
J --- - _
87
0 60 - 0 3812 42
0 3518 45
0 a58 Bale
J a6514 Sale
2 9112 Sale
2 8914 903
70
2 50
J 66
80
70 __-J
5
72
75
103 Mar'31 ____
75 Aug'33 ____
13
42
45
52 Aug'33 ____
55
4
613 167
20
71
6312
8812
945s 89
7
9112
8114
84 Aug'31 ---75 June'33 ____
Apr'30 ___
89
6
8612
90
612
8
,
Lake Erie & West let g 5e.1937 J 2 80
2
73
1941 2. , - - 7412 73
24 gold 58
51
85
Lake Sh & Nlich dog 348_1997 J /I .8512 Sale 8312
1997 .1 13 _ __ 82
76% June'33 ____
Registered
7
62
Sale 60
Lehigh & N 1' let gu g 48..1945 M 5
6
85 12
Leh Val Harbor Term gu Is 1954 F A 8512 Sale 85
87 Sept'33 ____
89
.
,
N 1 lot gu g 4 1.4e _1940 L 1 81
Leh Val
5238 22
8
Lehigh Val rl'al cons g 48_2003 ro N 4014 Sale 483
45 June'33 ____
Registered
32
565
8
2003 M N 52 Sale 517
General cons 414e
7
s
607
2003 M N 55 Sale 55
General cons 55
6
99
4
Leh V Term ity 1st gu g 513_1911 A 0 9112 983 99
1
98
99
98
Lox & East let 50-yr 65 gu_1065 A 0 95
__ 9112 May'32 ___
Little Miami gen Is series A_196'; M N 80
5
g 68
193 A 0 10012 gale 100%
1
10012
Long Dock consol
Long Island99% 10
99
8
1938 2 D 993
General gold 4s
7
9214
.. 9214
1949 M 8 92%
Unified gold 45
- -1934 2 0 101.2 102 10212 Aug'33 --Debenture gold 5e
10
9714
_M N ___ 947 9714
1937
20
-year p in deb 58
4 16
933
1949 o. S 92 Sale 92
Guar ref gold 4s.
4934 141
_
Louisiana & Ark 1st /reser A _1969 2 2 46 Sale 40
12
82
8114
Louis &Jeff lidge Co gd g 4s 1945 o. 8 8112 85
4 20
1023
4
Louisville dr Nashville Se.. _1937 M N 1023 Sale 100
9012 64
11)40 2 2 96 Sale 92
Unified gold 40
J J
82 Apr'33 95
Registered
8 33
9012
927
let refund 5 4s series A..2003 A_ 0 9012 94
2
8
90
887 87
2003 A 0 80
1st Aref be series 11
4 69
823
2003 A 0 8112 Sale 80
let A ref 434e series C
41
19 A 0
4
10312 1013 Sept'33 ____
Gold Is
8
753 __ __ 65 June'33 ____
Paducah & Mem Div 46..1916 F A
lfi
58
St Louis Div 2d gold 3s..1980 M 8 55 Sale 5412
9318 22
9212 092
Slob &Monts 1st g 448_1945 M S 91
6
8
72
South By joint Monon 48_1952 2 2 ____ 697 72
All Kooky dc Cin Div 45-1955 M N ____ 88% 90 Sept'33 ____
al
1031 2 2
Mahon Coal RR. let 58
Manila RR (South Lines) 48 1939 M N
1959 M N_
let ext 4s
,
Manitoba SW Coloolza'n be 1934 2 l,
Man 0 B & N W 1st 348_1941 2 2
Max Internal let 45 naiad_ _ .1977 N. 5
Michigan Central Detroit & Bay, .
3
1940 . 4
City Air Line Is
195151 5
Jack Lens & Sag 3A8
1952 MN
let gold 3448
1979 J_ J
Ref & Rapt 494e set C
1940 A 0
Mid of N J 1st ext 65
511104 Nor 1st ext 4 4411 (1880)1934 2 12
1934 2 D.,.
445 (1884)
Cons ext
Mil Spar & N W let gu 43_1947 M 0
1
*cash sales
q neleme1 delivery
4
49,
45
a9312
50
10034
54%
59
51
65
Sale a923
47
60
218 2
Range
3033
Jan. 1.
July'33
July'33 ___
July'33 __
.29412 18
F'eb'33 ____
Sept'32 -___
,
9218 9514 0314 Sept'33
79 May'26 ____
-if 8834 8918 25
75 June'33 __
85
72
71 Sept'33 ___
5
76
76
4
68
16 68
4
633
6
8
____ 6312 605
z Optional 8 IIs Sao
5% 27
18
2618
2312 50
_
96%
____- - 84
4
964 10614
4
933 10312
__.
4514 9014
..__4
663 87
8612
66
39
8312
404 773
74
37
74
34
32
29
3% 10
8814 90
224 68
.
661
23
4212 45
4014 4014
r.
Week'sRange
Price
.$
BONDS
i2
. Friday
t
Since
g
Range or
N. Y. STOCK EXCHANGE u 2,
Jan. 1.
Z,<
Lost Sate
:,' S.; Sept. 22.
Week Ended Sept. 22.
- ------ ----High
filch No Low
Rio
Ask Lott,
40
Jan'33 ____
40
__.. 40
Milw &State Line let 34e 1941 1 J 51
Minn & St Louie let cons 50_1934
4
818
6
7 Aug'33 ____
8
1934 51 N
Ctfs of deposit
12 612
3
let & refunding gold 45....1949 M S
48 3 July'33 ____
11 11
314 Aug'33 ____
314 4
Ref & 1 34 50-Yr 5s set A 1962 Q F
'
9
112 45
2
314 312 Aug'33 ____
Q F
Certificates of deposit
48
24
9
4112
3712
51St P & 58 51 cons 48 int gu '383 3 ____ 40
10
3912
4
343 343 Aug'33 ._ -4
1938 J J 20
let cons 58
2812 5412
17
48
1st cons 5s gu as to int
1938 J 3 43 Sale 43
012 34
2618 307 30 Sept'33 ____
let & ref lis 5erles A
19463 J
a812 317
3
22
2
22, 21
1919 M B ,1
25
-year 514e
71
37
15
8
65
8
513 Sale 513
.
let ref 5 1 4s ser B
19783 J
90
90
lst Chicago Term St 48 1941 M N --------90 July'33 ____
85
65
1919 J J 8412 ____ 8412 July'33 ____
Mississippi Central let 58
32
15
8
17
4
183 15
16
Mo-Ill RR 1st 55 ser A
1959 J J
6812 8812
95
80
75 Sale 72
Mo Kan & Tex 1st sold 48_1990 J D
59
34
8714
77
Mo-K-T RR pr lien bs ser A.1962 3 3 70 Sale 68
5118 73
29
63
40-year 48 series B
1962 J J 57% Sale 5714
7712
55
74 Aug'33 _
Prior lien 4 49 ser D
1978 1 J ____ 70
38 03212 6512
51
Cum adjust 55 set A_Jan 1967 A 0 4312 Sale 4312
1812 44
33
36
3112 Sale 31
Mo Par 1st & ref 5s ear A..1961 F A
2412
7
,
1612 242
1975.M S 134 Sale 1114
General 45
44
18
225
35
let & ref 55 settee F
1977 M 8 3112 Sale 31
1812 4412
35
31
35
let & ref 58 ear CI
1978 M N 031 Sale
24
3
1213 192
918
4
93 Sale
Cony gold 61
4s.1949 MN
1412 44
35% 41
let ref g 5s 8erles H
1980 A 0 3112 ____ 32
1814 4414
3512 177
32 Sale 31
let & ref 5s ser I
194' F A
5012 a74
__
_ a74 Aug'33
73
84 100
Mo Par 3d 7x ext at 4% July 1939 MN
40
46
90
75
g - 46 June'33,____
Mob & Bit prior lien g Ss_ _ _1945 2 J 75 - l
8
367 60
44 Aug'33 ____
3 2 65
851 9518
90
Small...
,8
4612 597 53 Aug'32 ____
let Si gold 45
J
78 100
1945 2
601
-_-_44
J J 44
44 July'33 ___
55
8873
Small.
72
28 r72
3
30
38
30
4
39% 593 Mobile & Ohio gen gold 45. _1938 M S 24
2614 Sept'33 ___
7% 37
23
18
Mongomcry Div let g 55.1947 F A
414 2158
16
i
4
7812 89
Ref & impt 41.48
1977 M S 1312 153 16
4% 25
7
16
See 5% notes
1938 M S 16 Sale 16
7614 798
4
753
82
5
75
7138
72
72
Mob & Mal let gu gold 48_1991 M S 713 74
8
87% 94
4
9114
___ Mont C 1st gu 65
__
1937 2 J 8714 0412 91
9338
90
1
8
78
lot guar gold 5s
1133
50 1937 2 J 9014 9312 933/3
3
70% 80 8
80
Morris & Eases let gu 3445_3000 2 0 7514 Sale 7415
45
7859 69
677 8618
8618 Aug'33 __
55
5618
Constr St 5.1 ear A
1955 M N 8712 90
ii 60 82
78% :
MN
78
Constr M 4 4s ser B
40
6918
78% 85
1955
5218 88
8618
60
85 Sept'33 _.
604 9414 Nash Chatt dr St L 4s ser A 1978 F A
7818 100
in 85 97
97
9512
N Fla AS let gu a 59 .
73
30
9512 100
1937 F A
...
5012 85
13 July''8 ___
Nat By of Men pr Ilen 414i3 1957 2 J
1% 4
214 10!)
4
7338
58
13
Assent ...ash war ret No. 4 on
218 Sale
.,,
7012
1231 July'31 ___.
Guar 48 Apr '14 coupon_ _1977 --58
A 0
7444
Assent rash war ret No 5 on ---218 -II; 112 Sept'33 ___.
6918
58
7012 Nat IIR Mex pr lien 448 Oct '26
53
b
1
4
23 Aug'33 ____
74
62
Assent cash war ret No. 4 on 7 ,r.
2% 3
•-;22 Apr'28 ____
let consold 45
1951 A--1-1
75
75
Assent rash war ret No. 4 on._.;
66
2
8554
lip - .14 212 Sept'33
„-°- - -,-,7112 Noy'32 ____
Naugatuck RR let g 48__ _1954 11,1 83
A
05
°.,"„ ..,°.
68 Aug'33 ____
8
387 7412 New England RR cons 541_1945 2 2 83 100
3 9
''' '
k
69
Consoi sour 4s
7412
37
7412
70
72
. _
19 5 2 •,'
7
--6io
92 Nov'30 ___ .
8
927 927 NJ latletloa RR guar 1st 4s 1986 r A _ _ _
NO& NE let ref himpt 444s A '52 2 2
58
85
75
58
65
_
49
75
5478 New Orleans!m let 4s._ 1953 2 2 - -_ 603 70
8 16
27
W
747
8
35
20
8
993 N 0 Tex & Men n-c Inc bs_1935 A 0 -22112 2112 Sept'33 __ .
35
1015 3513
4 13
let 58 series 43
86 100
203
1951 A 0 -20- Sale 20
16% 36
j
1956 F A
1st 58 gerim C
20
1814 5412
-0
25
20
16% 30
1956 F A
11
let 4 4s series D
25
3
'20
20
22
1954 A 0 - 1r2 Sale 21
1st 545 series A
50
16
.
_ 9312 Aug3 _2
9197
16
4912 N & C 13dge gen guar 446_1945 2 -.
'
2 33 _6
9336'1
3314 65% N Y B & M 13 151 con g 58_1935 A 0 ---_-_ 1Ô1 101
101
U 98 102
61
83
37
88
-i14
46
92
6115, 14 Sale 74
N Y Cent RR cony deb 68..1935 M
55
25
'
74 Sale
'71
7913 77
Cense! 45 series A.
'' 3 84'e
6612 129
1999 F A
61% Sale 60
344 74 8
71% 112
A 0
Ref & lmpt 4 1
10
64%
2
48serier A...2013
12 Sale
Ref & impt 5s series C. _ _2013 A 0 66 Sale 80
6
1
8318 8/ . .7_
,,
9
38 8
9
.
82
NY Cent & Hied Rly NI 343 1997 2 2
"'4 ."'),
4
793 77 Sept'33 _
'
77 3
79
Ha
75
Registered
60
88
7
, " j
199, p.1 x -gii2 Sale 8212
60
93%
__
Debenture gold 4s
._
84 Sept'33
84
•.•'''' - - 82
8612
64
30-year debenture 45
76
1942 .1 J
80_-181
63
60 Sale 60
3412 74
Ref & Impt 44e ear A__ _ _2013 :..--31% 6112
7412 73 Aug'33 __ __
alt•
60
77
-Lake Shore coil gold 348_1999 F A
5712
32
0912 Aug'33_ --;
_
63
71
74
199s F A ---6712
RegIstered
a48
7414' 65
78
2
80
Mich 1'ent colt gold 348_1998 F A -=:r 88
47
69 July'33 ___
la
69
37
5 66 9134
199s F A
89%
96
Registered
83
8814 Sale 8814
NY Chic & St L let g 48....i937 A 0 48 Sale 46
7414 93
103
55
14
6712
Refunding 5448 aeries A..1974 A (,.
--_ __ _
258
46
37
42 Sale
12
4
563
Ref 444e series C
75
544 67
57
187
54
46 Sale 44
4
1978 N1
--- ____
1935 A ' 9712 9918 9712
_
4
87 100
9918 40
89
N 3 C6%ertl151 a 4(4s A.1953 F A 12,8 _______ a18083
17r on t1
,,,,
__ 1
1. ° te'
°
:
,,
89 10318
1953 F A
1st gnat 55 series El
93
8
5
July'33
7812 N Y Erie 1st ext gold 48..1947 M ,* 633 55
57
60
65 in ' 65
8 70
,
715 86
N Y Greenw L gu g 58_1946 M
' --2
, 7118 78
8
855
8558
84 4 88
N
N Y & Harlem gold 34e...2000 IN „ 88
7212 77
85
85
____ 85 June'33 ____
7014 N Y Lack & W ref 4149 13_ 1973 PA,
40
7n
__ 76 June'33 ___
76
NY & Long Branch gen 48..1941 M 5 ---- -- __ 9512 July"29
4
793 90
..597 S7
N Y & N E Bost Term 48_ _1939 A 0 -6-- --___ 66 Sept'33 -___
2
7
iL- -- 6
° -5
62
N Y N If & II n-c deb 48
25
1917 M 0
45
Non-cony debenture 348_1917 M g 60 - 8 65 Sept'33 ----28
6n
5%
68 58%
44 3 5
65
--i
.
3214 6412
Non-cone debenture 348.1954 A 0 - Sale
02
4a
6412 11
62
le 6212
6812
Non-cony debenture 4P 1955J j 62_
33
-; 71
41.- 71
--Non-conv debenture 4s...._19,56 M N ----59
89 10018
60
43
55 Scpt'33 ____
Cony debenture 344e
99
79
1956 2 2 82 Sale 80
9912
57
8912 35
•
_ Cony debenture 6s
_. _
1948 I .4.1 _
-__ 90 Aug'33 ____
90
80
- Registered .
9E112 161
95
59
„
6
iill
2
1940 A 0 iii. gale 8512
Collateral trust 61
2
347 05
56,
'4
8
4
9512 993
Debenture 45
'
56
7012 15
6
5
45
6
3
1957 Wi N 6012 Sale 6614
s
753
let & ref 4448 ser of 1927_ _1967 J D 86 Sale 853
82 7'97
8
8712 17
823 0012
4
N
97 10112 Harlem R & l't Ches 1st 45 1954 IN
90 100
87
121
50%
6318
ale
8
.
5.
1955 1115
95
5
76
NY 0& W ref g 45 June
1992 j D
Sale 54
6118
43
General 45
57
20
'
5 32
85 Nov6% 26
95
NY Providence & Boston 4s 1942 A 0 80
70 18
78
44
9
4
N Y & Putnam 1st eon gu 48_1993 A 0 51
9610101
2312 65
6
7
52 Sept'33 .......
59
74
N Y SIMI & West let ref 58 1937 J 2 70
8114 98
4112
4112 June'33 ___:13
1937 F A - -- 05
2d gold 444s
85
77
mil 52
7
44
8
8 Sale 433
1940 F A i35 98 a75 Sept'33 __-General gold 58
6512 99
64 075
1943 M N 69 8 Sale 43
Terminal let gold be
6312 9213
31
31
60
53
NY W Ches.', li 1st earl 444s'46 2 .1 463
3
597 90
87 101%
4
9844 1277
1253 121
4
Sale 1233
8
644s 1950 A 0 125
56
Nord By ext sink fund
r
70
60
43
Norfolk South lot & ref A 55.1961 F A
13 Aug'33 ---13
13
9318
82
Certificates of depodt
28%
618
6 --- 101251 Aug'33 _
Z
Norfolk & south 1st gold 58.1941 Si-, --- 103
73
40
2 Sept'33 _-_ - 101 104%
10112
9214 Norf & West RR Imnt&ext 6.1'34 F A
75
99
178
87 10012
8 Bale 941a
W By hit cones le___1996 A 0 975
N&
944 94%
___ 94% Jan'33 ____
1966 A 0 -___
9514 101,
Registered
4
934 1013
100% 95
4
J 99 gale 99
04938 5414
.
'
DIY BB Ben & gen g 48-1944 J
8912 100
0912 11
8
1941 J D 9914 Sale 1)85
52
Pocah I' & C joint Is
50
99 10012
1
10012
____ 10012
7(1 09412 North Cent gen & ref 68 A-1974 NI Ei10012
Aug'32 ____
___
Gen & ref 414s ser A
47
47
17
42
10 ____451s
41
---- 85
42
1945 A
____ ____ North Ohio lot Roar a 63_1973 M
8912
73
157
87
4
797
Q J 81
North Paeifle prior lieu 48_1997 Q j __ Sale 833 Aug'33 ___
7458 85
8512
4
Registered
9314 9314
48
5918 83
62
6412
__
Gen lien ry & Id g 38..Jan 2017 Q F 5818 Sale 5512 Jan'33 __-_
____
5512 554
__
Jan 2047 Q F ____
Registered
0
9
79 -60 g7812
14
z76
71
70
3 50 -75
Ref & Imp% 448 series A._2047 J
61
9212
60
87
70
7812 Sale 75
4
753
Ref & 'mid 65 series B....2047 .1 J
40
15915 84
24
74
80
Ref & impt As *erica C....2047 .1 J 30 Salo
76
50
5814 83
4
78
777
Ref & Imph bs series D____2047 J J 6314 75
4
68, 70
3 100 100
100
103 100
3413 60
Nor BY of Calif guar g 58-1938 A 0 ---
35-r, --
21 n2,00) at 83. • 1.0,18 ander 114f of get.ired Bonds on page 2231.
New York Bond Record Continued—Page 4
BONDS
Ni T. STOCK EXCHANGE
Week Ended Sept. 22.
1 53
3
t
Pries
Friday
Sept. 22.
81d
Ask
og & L cham let gu g 411___1948 J J
50
60
Ohio Conrecting fly lst 45__1943 M S
Ohio River RR let g 5s__1936 J D 85
-General gold be
1937 A 0 85 100
Oregon RR & Nay corn g 48_1946 .1 D 89 Sale
Ore Short Line let cone g 56_19 8 J J 10412 Sale
,
Guar etpd cons be
1946 J J 10518 Sale
81 4 Sale
,
Ore-Wash RR & Nay 45
1981 J J
Par RR of Mo let ext g 48-1938 FA
2d extended gold bs
1938 J J
Paducah & Ills let f g 4 tia_1955 J J
Paris-Orleans RR ext 5 tis 196S MS
Paullsta fly let ref 5 f 78_._i942 MS
Pa Ohio & Del let & ref 4 He A '77 AO
Pennsylvania RR cons g 411-1943 MN
Corso' gold 48
1948 MN
4s eterl nod dollar May I 1998 MN
Consol sinking fund 4;0_1961 FA
General 416s series A
1965 3D
General be series B
1968 Jo
15-year secured 6 tie
1938 FA
40-year eecured gold be.
..1964 MN
Deb g 4S-58
1971 AO
General 4 ti s ser I)
1981 AG
Peoria & Eastern 1st cons 48_194( AO
Income 48
April 1991 Apr
Peoria & Pekin Un 1st 5t-is_ _1974 FA
Pere Nfareuette let ser A 56_1958 J J
let 4e series B
1958 J J
let g 4 tie series C
1981•S
Philo, Halt & Wash let g 48_1943 MN
General bs series B
1974 FA
General Ft 4 tie series C. _1977 J J
Philippine fly let 30-yr e f 48 '37 J J
P C C & St L gu 4 tie A1941 AO
Series B 4(4s guar
1992 AO
Series C 4)4e guar
1942 MN
Series D 4s guar
1995 MN
Series E 4 368 guar gold
194P FA
Sertem F 4e guar gold
111
1958
Series G 4s guar
1957 MN
Series II COD9 guar 4e_ _ _ 1961 FA
Series I cons guar 41-48_ _.198: FA
,
Series J cons guar 4(4e_ 1961 MN
General NI bs series A.
JD
Gen mtge guar 5 ser 11_1975 AO
Oen 4 tis series C
1977 J J
Pitts McK & Y 2d gu 6s
1934 J J
Pitts
L E let g 58
1948 AO
let corm] gold be
1943 J J
Pitts va & Char let 4s
1943 MN
& W Valet 4548 ser A_I958 JO
let M 4348 series B
1958 AO
let M 4 tie series C
1960 AO
Pitts Y & Ash 1st 4s ser A 1948 J D
let gen be merles 18
1962 FA
Providence Secur deb 4s__ _1957 MN
Providence Term 1st 4s
1956 M
Reading Co Jersey Cen coil 45 '51 AO
Gen & ref 4 tie series A
1997 J J
Gen & ref 43.4s series B
1997 J J
N
Rensselaer & Saratoga 6a
1941
Rich & Merck) let g 4e.
1948 SI N
Mane Term fly let gu 58..1952 J J
Rio Grande June 1st gu 5s 1939 J O
Rio Grande Sou let gold 48.11)49 J
Guar 48 (Jan 1922 coupon)'40 J J
Rio Grande West let gold 48 1939 J J
let con & colt OW 9s A._1949 AG
R 1 Ark & Louis let 4 tis_.l934 M
Rut-Canada let gu g 48
19/9 J J
Rutland let con 434s
1941 J J
St Joe & Grand lel let 48_ _1947 J J
St Lawr & Adr let g be
1996 J J
2d gold Os
1996 AO
St Louie Iron Mt & Southern—
Ely & 0 Div let g 4e_ _1933 MN
St L Peor & N W let gu 58.1948 J
St L-San Fran pr lien 48 A 1950 J J
Certificates of deposit
Prior lien be series 11
1950 J J
Certificates of deposit......
COD M 4 W3 series A
1078 MS
Certife or ueposlt stamped
St L S W let g 4e bond etfs.1989 MN
Is g 9s Inc bond etfe Nov_ _1989 J J
1St terminal & unifying 50.1952 J j
Gen & ref g be set A
1991, J J
Range
Since
Jan. 1.
BONDS
N. V. STOCK EXCHANGE
Week Ended Sept. 22.
Week's
Range or
Last Sale.
Z13.
High No. Lott
Low
50 Sept'33
3812
97 Mar'32
90 Aug'33
-in"
91 Aug'33
70
94
59
89
8418
ca0012 10512 26
99
105
106% 36 100
8014
75
8812 186
----
8012
80
80
6212 Amer Beet SUg cony deb 68.1935 FA -77
•
•
8012 American Chain deb s f 6s__1933 AO
9418
___ 917 9418
58
Amer Cyanamid deb 68____1942 AO
44
4
Am & Foreign Pow deb 544_2030 MS -36% Sale 343
9912 14
7018
6914 Sale 6914
Sale 9712
9712 100
American Ice s f deb 5a____1953 J O
8712
_ _ 95
78 Sale 777g
6
9512
75
96
Amer I G Chem cony 53.0_1949 MN
77%
2
90 68612
89%
70
901 Am Internet Corp cony 53.4s 1949 12 73 Sale 71
Sale 100
42
104
A 0 10412 105 10412 105
Amer Nach&
Arne Mach 5
89 104
9512
AO 9512 Sale 93
Metal
99%
060 Sale 58
69
19
54
8012 Am Sm & R let 30-yr baser A '47 AG 98 Sale 9712
98
9612 100
98
5
82 100
Amer Sug Ref 5
-year 6s___ _1937 J J 10514 Sale 10514 105%
100 8 Sale 100% 100%
,
2
102%
95 10012 Am Telep & Teleg cony 45_1936 MS al01 Sale al01
10012 Sept'33
100
94 100
JO 10514 Sale 1045) 107%
30
-year coil ti 58
97
98 - 100 Sept'33
,
14
90
98
35
,
4 103 4
-year 5 f deb be
3.48119406 ii 103 Sale 1003
96
•
•
•
1064
20
-year s f 5
1943 MN 1053 Sale 103
•
•
118
•
Cony deb 434s
1939 J J 114 Sale 114
15
15 Sale 15
1
3
2314
10312
Debenture be
1965 FA 103 Sale 100
478 *
4% Sale
6
14
52
12 11 4 Am Type Found deb 6s.. _1940 AO
,
521, 53
Am Wat Wks & El coil tr 5(3_1934 AO 9514 Sale 95
97
5
712 814 Aug'33
2
78 Sale 77
1412
Deb g
82
series A
1975 MN
614
9
612 Sale
67
24 1712
6
614
7
8% 16
1% 18
4412 46
Am Writing Paper let g 65..1947 J J
46
5018
•
512
412 514 5%
Anglo-Chilean Nitrate 75__ _1946 MN
Ark & Mem Bridge & Ter 68_1964 MS
79
4 Sale
3%
414 15
95 Armour & Co (111) let 4 tia 1939 ID 8- 18 gale 8718
1
7
8918
Armour & Co of Del
_ _1943 ii 8514 Sale 84
85 4
,
4
214 4 4 3
,
5
1
712 Armstrong Cork cony deb 58.1940 ID 9312 Sale 9218
9312
102 Sept'33
101
9912 102
Associated Oil 6% g notes_ _1935 MS 10418 __ 0104 Sept'33
94 Sept'33
75
96
Atlanta Gas L let 544
983 Feb'33
1947 J o 9612
064 Sale 52
a64
117
40
71
All Gulf & W 1 SS coil ti 5s 1959 J J
53 Sale 53
55
66 Sale 65
7412 77
53
80
Atlantic Refining deb 5s___.1937 J J 1027 Sale 1017
e
103118
91 Sept'33
85
90
6714 9312 Baldwin Loco Works let 5s_ .1940 MN
9912 103 10012 10112
5014 Sale 5014
61 8 42
,
3814 74
Ilatavlan Pete guar deb 4 tis_1942 ii 965) Sale 9612
985)
53 Sale 49
5912 145
3714 7412 Belding-Ileminway Os
98 Aug'33
1938 ii 98 100
5212 Sale 48
5914 207
364 7212 Bell Telep of Pa 5s series 13..1948 J J 10414 107 103
107
93 Sale 92
9314 208 am% 95
let St ref be aeries C
1960 AO 107 Sale 106
10815
__ 102 10212 10212
3
9718 10212 Beneficial Indus Loan deb 681946 MS 921 4 Sale 9214
9314
95 Aug'33 ---95 95
Berlin City Elec Co deb 645 1951 JO 0317 Sale a317
8
8
3612
74% 235
70 4 Sale 6714
,
60
84
Deb sinking fund 6%5.-1959 F A 334 Sale 32
37
9212 May'30
A0 3012 Sale 31)12
Debenture es
34
Berlin Elec El & TJnderg 6(is 1958 AO 323 Sale 323
8
955
3412
Beth Steel let & ref 58 guar A '42 M
10214 10212 102% 1044
30
-year pm & Rapt 8 f 55_1936 J
975) Sale 97
100
38
90
60
3518
304 12
75 June'33 ---58
58
6
a28
70
45
r Cash miles. a Deferred delivery. • Look under list of Matured Bonds on page 2251.
Price
Friday
Sept. 22.
High
Bid
Ask Low
High
5814 Southern Ry let cons g 53_1994 J J 8412 Sale 82
87
43
J J __-- 85% 85 July'33 _
Registered
Vo-- Devel & gen 45 series A___1956 AG 50 Sale 4512 57,2 238
91
Devel & gen Os
1956 AO 65 Sale 65
74
36
98
Devel & gen 6i.48
1956 AG 66 Sale 66
49
77
10712
Nlem Div let g 55
1996 J J 50
80
1
SO
80
10712
St Louis Div tat g 45
1951 J J
70
70
East Tenn reorg lien g 58..1938 MS ____ 100
00
91
91
5
Mobile & Ohio coil It 4s_ _1938 59 S 44 Sale 44
51
32
9318 19
91 Sale 91
7312 938 Spokane Internet let g 55_ _1955 J J
1312
4
1518
1214 15
90
85
8
90% 8812
75
90
Staten Island 113 1st 4 tie_ _1943 ID
,
60 May'32
9412 9414 Aug'33 ---93
9412 Sunbury & Lewiston let 4E1_1936 J J
97 Nuv'31
91 100
12214 59 a9612 123
118 Sale 118
5112 _
52
2
36
5112
52
Tenn Cent let Os A or B..1947 AG 4712 Sale 4712
5
5112
9212 17
8
897 gale 897
8
71
93% Term Assn 01St List g 4 tie 1939 AO 10112 10212 10112 Sept'33
2
10118
101 10118 101
9584 101%
let cone gold 5s
1944 FA 100 102 101
10212 23
,
100 Sale 9912 100 4 50
91 10112
Gen refund s f g 48
9014 27
1953 J J 89 Sale 89
99 Sale 99
10012 27
90 1007 Texarkana & Ft 8 1st 5tis A 1950 FA
8
8012
83
9
78
82
48
10114 Sale 9912 103
9412 105
Tex & N 0 con gold Es
1943 J
65
65
3
65
73% 947 Texas & Pac let gold bs
9112 110
87 Sale 85
2000 ▪ D 90 Sale so
9612 16
97 Sale 95 8
78 1002
,
9912 135
4
2citnc5e(Nlar'28cpon)Dec2000 Mar
95 Mar'29
1037 Sale 103
8
105
162
95 1055
Gen & ref 5s series B
1977 AG 62 Sale 62
6712 13
94% 107
73
98
90 Sale 90
Gen & ref be series C
1979 AG 6214 Sale 6218
68
17
75% Sale 71%
79% 123
56
8614
Gen & ref be series D
1980 JO 6218 677 68
68
8
8112 Sale 80
8614 122
9012 Tex Par-blo Pac Ter 53.-4s A 1964 51 S 71
68
73
1
73
80
62
62 Sale 61
7
30
72
Tol & Ohlo Cent let gu 68..1935 J J 9712 Sale 9712
9712
1
612 10
74
,
13 1612
7%
4
Western Div let g 5s
1935 AO 98
9812 9812 Sept'33
9034 Sept'33 ---8714 90
69 4 904
,
General gold 544
1935 ID 84
917 92 Aug'33
8
7
67
6918
2844 76
69
62
Tol St L & W 50
-year g 4a
1950 AG 67 Sept'33
67
20
28
63
61 Sale 61
63
Tol W V & 0 gu 4s ser C
1942 MS 5-Si's
9618 Apr'31
61
5
62%
55
28
62%
6812 Toronto Barn & Buff let g 45 1946 J O 70% Vci 80 Feb'33
28
99
100
100
94 101 14 Union Pac RR 1st & Id gr 48 1947 J J 99 Sale 9514 100
336
_ 102 102% 15 93
iOiTs
1
'Ii
Registered
98
98
3
98
9312 16 9312 Sept'33 ---- 81 102 2 1st lien & ref 48
96
June 2008 MS 8814 Sale 84
9212 127
Sale 25
25
26
27
19
Gold 4 tis
35%
1967 J J a85 Sale 84
9118 45
let lien & ref 58
June 2008 M
,
51
103 Sale 99 4 106
102
11 a9354 1023
102 Sale 102
4
40
-year gold 45
1968 ID 8012
78%
131
83
101% 25
101-- 99
04 1025 UN J RR & Can gen 4e...1944 MS 99 Sale 9712
8
99% 41
Sale
10212
99 10212 Vandalla cons g 48 series A...1955 FA
- 10212 Sept'33 ---85 Apr'33 985 -4s 98 Aug'33 ---- 09415 98
8 I- 7
Cons e f 45 series B
1957 MN
85 June'33
8912 Aug'33 ---8912 8912 Vera Cruz & P a.sat 4 t4e
1933 J J
218
218
5
218 Sale
_ 9718 Aug'33 ---9618 9718 Virginia Midland gen be_
N
1936
4
9818
_ 993 Sept'33
____
92
98-- - 92 May'33
98 101
9212 Va & Southwest let gu ba_ _2003• J
Rn
76
1
76
9818 Sept'33 ---98-let cons be
9618 9814
AG -Si Sale 65
1958
677
8 17
102
1024 103 102
5
Virginian Ry 1st be series A_1962 MN 97 Sale 94
91 18 103
99% 162
102
10212
1
9412 10212
tat mtge 43.4s series B___ _1962 MN
9212
9212 10
85
92
943 957 Ms
4
8
9618
4
76 10018
9
9712 Sale 9..02
76t2 9934 Wabash RR let gold 5a
9712
1939 MN
67
73
2
57
68
85
884 87
883
4
3
69
2d gold 5s
93
1939 FA _-_- 5918 5914
5914
1
995 101 14
10014 ---- 10114 Sept'33 ---Deb 43e series B registered 1939 J J
9818 May'29
101
101 4
,
lst lien 50-year g term 45_1954 J
2 100 102
3712 Apr'33
_ _ 74
100 Mar'33 ---- 100 10012
Pet & Chic Ext 181 55...1941
J
76 Aug'33 _ _
90% ___ 94 Sept'33 ---94
94
Des Moines Div let g 48_1939 Ii
50 Aug'33
66% 22
63 Sale 63
30
Omaha Div let g 33.45..194l AO 4
697
370
9918 45812 43 Se94'33
496
5
66
66 18
6212 66
Toledo & Chic Div g 45_ _1941 MS
30
68%
5518 _ _ _ _ 56 Aug'33 -28
66
6118 Sale 6118
30
70 2 Wabash fly ref & gen 5%5 A 1975 M
19 I81
15 Sale 14
9414 ____ 95 Aug'33 ---.95
95
Ref&gen 5s(Feb'32 coup)B '76 FA
15 Sale 14
18% 19
105 Sept'33 ---- 105 105
Ref & gen 4 tie series C
1978 AO
1812 132
1512 Sale 1212
71 8 July'31 ____ ____
,
Ref St gen be series D
1980 AG 15 Sale 13
16 4 58
,
7918 ____ 80 June'33 ____
Warren let ref gu 5 310
80 862000 FA
50 Feb'33 - Washington Cent 1st gold 48 1948 QM
58 T;- 52 Feb'33 _ _ _
1:
81
85 Sept'33 ---65
66
9018 Wash Term 1st gu 310
FA
1945
88 - - 92 Aug'33 _ _ _ _
9 15
91 Sale 91
755 95
933
4 90
let 40-year guar 45
1945 FA
97 July'33 - -.
9614
91 8 Sale 89
,
933
4 75
Western Maryland 151 48__ _1952 AO
95
78
70
SO
68 Sale 6514
let & ref 53-45 series A
113
Oct'30
1977 J J
83
37
79 Sale 78
40 July'33 ---West N Y & Pa 1st
38
40
1937 J J
ioni -_-___ 9912 June'33 --__ 9712 9912 General gold 4e g 58 1943 AG a10018 Sale a9912 10212 30
s
88
88
5
80
86
83 Sept'33
63
85
Western Pac let be ser A __ _1946
S 8312 8712 36
40% 102
38 4 Sale
7
, 79
7ls
1 Dec'32 ____
114 ____
West Shore let 4e guar
_
___.
2361 ▪ J
78
8212 20
212 ____
314 July'33 ---—314
1
Registered
2361 J J
78
7812
2
11
80
55
55
787 80
8
87
Wheel & L E ref 43--4e ser A_1966 MS ___- 78
8318
2
81
93 8318
22
54
55
5214 56
2512 6418
Refunding 53 series B
1966 MS 8218 ____ 65, Aug'33
8
187 Sale 18
8
21
30
18
RR let consol 48
387
1.949 M S 9012 Sale
42
7
8912
2
5114 Sale 5114
3552 57% Wilk & East let gu g be
518
1942 J D
35 Sept'33
35
40
1
5614 60 6012
39
64
60 2
,
Will & S F let gold be
1938 113
_
86
87
10
Winston-Salem 8 B let 414_1960 J J
91
92 Aug'33
89
95
9112
9112
Wis Cent 50-yr let gen 48..1949 J J
93
2
70
15
17
16
1812 16
64 June'33 ---60
75
Sup & Dul div & term let 48'38
N
64
64 4
,
9 ,4
111
1014 1134 11
70 June'33 --- 66
80
68
70 'Hot & Conn East let 43-4e_1943 J J
8514 Sept'31
*
•
•
INDUSTRIALS.
5
53
60 6012
61
12
28% 65
Abitibi Power & Paper let 58 1953 ID
153 Sale 147
4
1812 42
8
3012 Abraham & Straus deb 5;48_1943
99
41
1412 Sale 14
16
36
With warrants
AO 93 Sale 91
812 30
69
3
7278 69
65
1712 Sale 1712
20
Adams Express coil It g 4s__1948 M
6
10
33
11312 11
101 113 113
3
17 Sale 16
17 4 15
934 303 Adriatic Elec Co exti 7s____1952 AG
55
6
53
57
1512 Sale 1412
163 125
4
008 2912 Albany Perfor Wrap Pap 13s 1948 AG 65
62% 194
57% Sale 5512
1412 15
1412
163 104
614 2612 Allegany Corp coll It 58_ _1944 FA
5314 266
58
68 a59
68
16
49
7212
Coll & cony bs
1949 JO 051 Sale 45
37
298
42
50
46
49
335 5314
A0 2914 Sale 25
Coll & cony 58
5
1950
91
17
86
90
8712
5112 Sale 5014
5414 28
19
6714 Allis-Chalmers Mfg deb 58_1937 MN
5112 14
a5012 Sale 5012
43 Sale 42
4812 14
12
56
Alpine-N1ontan Steel let 78.1955 M
St Paul & K C Sh L let 4 30_1991 FA 35
St P & Duluth let eon g 48_ _1968 J D
751 4
St Paul E Gr Trk tel 41-0_1947 J J 45
St Paul Minn & Manitoba—
Cons M 5s ext to July 1 1943_ _
9812
Mont ext let gold 48 ___ _ _ 1937 /13 9012
Pacific ext au 45(sterling).1940• J 867
8
St Paul Un Dep 1st & ref 58_1972 J J 100
J
13 A & Ar Paas 1st gu g 4)4_1943
Santa Fe Pres & Phen let 58_1992 M S
Sac Fla & West let g Os....193i AO
let gold be
1934 AO
Scioto V & N E let gu 48_1989 SI N
Seaboard Air Line 1st g 46_195( AO
Gold 48 stamped
1950 AO
Certife of deposit stamped_ AG
Adjustment be
Oct 1949 FA
Refunding 4e
1959 AO
Certificates of deposit......
let & cons 65 eerie A_
1945
Certificates of deposit
Atl & itirm 30-yr 1st g 4E4_1933 M S
Seaboard All Fla let gll Os A 1935
AO
Certificates of deposit
Series 11
1935
FA
Certificates of deposit
So & No Ala cone gu g be_ __1936 FA
-year 59_1963 AO
Gen cove guar 50
So Par coil 4s(Cent Pee coil).49 J D
tie (Oregon Linea) A 1977 MS
1st 4
1934 J D
20-year cony be
1968 MS
Gold 4 tie
Gold 4 tie with warrants_ _1969 MN
1981 MN
Gold 4 45
_
San Fran Term 1st 4e_-195(1 AO
Ho Pac of Cal let con gug15a 1937 M N
1937 1 J
So Pac Coast 1st gu g 45
1955 J J
So Pac RR let ref 48
Stamped (Federal tax) _ _ _1955 J J
West,
Range or
Last Sale.
2249
2
1
289
65
136
29
8
242
209
18
37
154
447
329
69
515
2
71
46
6
5
83
98
69
—
_
12
81
4
109
33
79
32
34
98
29
37
113
94
Range
Since
Jan, 1.
Low
55
5812
17
20
207
8
40
36
60
20
1312
High
96%
85
64%
85
90
8114
76
91
66%
30
25
96
91%
68
59
60
85%
58
10212
103
9112
8618
65
10012
-71Ts
75
76%
75
73
971.
9812
93
71
4314
43
50
88
SO
73
44
90% 101%
93% 9918
9312
a78
575
95
95 10714
a69 4 08912
,
06 10112
85 85
85
85
1% 5
80
99 4
,
60
85
3612 70
84 10114
78
9414
43
33
85
70
3717
'
3712
62
76
35
50%
2712 47
41
56
5 4 32
,
519 32
4
3212
4% 32
50
50
a513 52
4
87
9214
9212 97
53
74
52
8412
994 10318
793 93
8
2012 58
67
8512
644 80
65
84
6212 80
70
91
181 45
4
85
87
76% 92
8 4 274
,
6
2112
•
80
53%
92
24%
2512
algli
5
65
50
99
73
11412
56(2
69
60
49
9412
62
2614 85
•
7012 991
4
23% 5
812
52
72
84
89
6812 88%
10214 106
60
9712
78 100
102% 10612
a961er105
100 10712
93 10712
9912 10912
99 119
9212 1074
67
35
7418 98
49
8912
02114 56%
21g 141g
7818 85
92 4
,
77
7118 90
9314
65
10110104
98% 9104
35
68
97 104%
7918 104
9014 1021s
83
98
101 III
10012 111%
7.5
9312
33
7011
32
6912
3012 6412
528
63%
71 104 4
,
79 10012
New York Bond Record -Continued-Page 5
2250
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 22.
g2
c 2.
....1
.,,a,
Week's
MeeI
Range or
Friday
Sept. 22.
Last sate.
.3
0.,
ciitz
Range
Since
Jan. 1.
High
Ask Low
NW No. Low
Bid
21
8
20 June'33 ____
1950 M S 2014
Bing & Bing deb-6348
2712
15
5
6
Botany Cons Mills 6 34e _ _1934 A 0 15 Sale 1412
41s 2012
17 Aug'33 ____
4
A 0 143 17
Certificates of deposit
Bowman-Bilt Hotels 1st 7s__1934
4
412
__
Stmp as to pay of $435 pt red
M 8 --------412 May'33
2
13
11
10
914 1018 914
B'way & 7th Ave let cons.bs_1943 J D
1
10
J D --------10 Aug'33 ____
of deposit
Certificates
6512 76
16
7314
7119 Sae 7112
Brooklyn City RR 1st 5s_ __1941 J J
106
4
32 100 4 108
3
Bklyn Edison Inc gen ba A...1949 J J 105 Sale 1043
106
48 100 108
10512 Sale 105
1952 1 J
Gen mtge be series E
480
91
8414 96
13klyn-Manh R T sec 611_ -1988 J .1 90 Sale 87
59 Aug'33 ---60
57
Bklyn Qu Co dr Sub con gtd 53'41 M N _ __ 59
1941 J J --------50 Nov'32 ____
let 58 stamped
83
76 Sale 74
22
87
74
Bklyn Union El 1st g bs. _1950 F A
10912 12 10114 112
8
5T8_1945 M N 10518 10912 1053
Bklyn Un Gas let con8 g 2 10434 11718
11419
let lien &ref 65 series A 1947 M N 11412 Sale 11412
.
Feb 33 _--- 158 158
1936 J J ____ 185 158
Cony deb g 5%8
4
993 9912 1004 20
93 105
1950 J D 97
Debenture gold be
10612 35
9778r107%
let lien & ref series B-_- -1957 M N 102 Sale 102
10314 48
9712 10512
Buff Gen El 414e series B - -1981 F A 10212 Sale 10119
44
4514 Sept'33 - 6712
42
Bush Terminal let 4s
1952 A 0 42
3314
5
1618 15
1212 Sale 1212
1955 J J
Con.sol is
6412
19
3419 35
Bush Term 131dirs 58 gu tax ex '30 A 0 32 Sale 31
8
747
37
4
63
By-Prod Coke 1st 534e A_ -1945 M N 63 Sale 62
106% 15
Cal0 & E Corp tint & to f5s_1937 MN 105 Sale 10419
9118 42
Cal Pack cony deb 53
1940 J J 9014 Sale 9014
9618
964 80
9612 97
Cal Petroleum cony deb s f bs '39 F A
100
1938 MN 0100 Sale 100
8
Cony deb at g 514y
Camaguey Sugar ctfe of deposit
4
8 53 Sept'33 ____
4 87
33
1942
for 1st 7s
1712 12
16
4
A0 153 17
Canada 58 L 1st & gen 138_1941 -4 106
10
Cent Dist Tel 1st 30-yr 58_ _1943 J D 105 106 1053
10519 16
Cent Hudson 0 & E be.Jan 1957 M S 104 Sale 104
51
30
4812 Sale 48
Cent 111 Elec dr Gas let bs._1951 F A
1
10318
Central steel 182 g g f 8,_. 1941 M N 10418 ____ 10318
5114 60
1948 An 13 4312 Sale 43
Certain-teed Prod 5348 A
10519 1137
'47 M N 9712 Sale 9512
°mean Corp cony 58 May 15
103
23
Ch 0 L & Coke 1st gu g 5s 1937 J J 10212 Sale 102
Cbicago Railways 1st 5s stpd
•
*
F A
Aug. 1193325% part. pd
4412 19
1943 A 0 3712 Sale 3712
Childs Co deb be
167
67
1947 J 11 65 Sale 84
Chile Copper Co deb 58
98
105
1968 A 0 9512 Sale 95
Cln 0 & E 1st 51 48 A
Clearfield flit Coal let 48-1940 2 J 45 __ 38 Apr•33 ____
__ ___:,
__ _ ____
45
2 J
series B
1940
Small
8
-J J 70 Sale 677
70 68
Colon 011 cony deb 6s
3812
4
Colo Fuel & Ir Co gen 8 f 58_1943 F A
37 Sale 37
86
28
24 Sale 2312
Col Indus let & coll 58 gu-1934 F A
8012 74
Columbia 0& E deb is May 1952 M N 7214 Sale 72
7
8112
7912
78
Apr 1.T‘ 1952 A 0 75
Debenture 58
72
79
71 Sale 7018
Jan 15 196i 2 J1
Debenture bs
a98
20
Columbus Ry P dr List 434s 1957 J J a98 Sale 90
1942 A 0 ____ 102 100
8
10314
Secured cony g 534s
10112
4
4
4
Commercial Creclt 8 r Is A....1934 5 N 10112 1013 10112
4
10118
0
Coll tr a f 513% notes... _ _1935 J J 1003 __ 100 4
10112 37
.
Comm ] Invest Tr deb 533s_ li--49 F A 100 Sale 99
19
106
Compating-Tab-Rec 8 f 68_ _1941 ., 1 106 Sale 106
Aug'33 ---Conn Ry dr List dr ref g4 ;Ss 1951 J J 9819 102 101
1951 1 .1 99 102 10012 Sept'33 _--Stamped guar 4345
Consolidated Hydro-Elec Works .
2
35
8
of Upper Wuertembenr 70_1958 3 J ---- 357 347g
23
16
1419 Sale 1419
Cone Coal of Md 1st & ref 58_1950 J D
155
4 104
Co sol Gee(NY)deb 533s_ _1945 F A 103 Sale 1003
1951 1 13 92 Sale 89
299
95
Debenture 433s
1957 J J 9714 Sale 96
10014 160
Debenture bs
25
11
Consumers Gas of Chic gu be 1936 J : 9912 101 14 10112 102
10512 25
Consumers Power lot 58 c_1952 M N 10212 Sale 103
14
1946 J D 70 Sale 6912
71
Container Corp Ist 88
6
56
55
15
-year deb 5s with warr _1943 i 13 5314 56
7078 Sale 70%
737
3
8
A
Copenhagen Telep 58-Feb lb 1954 F
102%
2
Corn Prod Refg 1st 25-yr of 5s'34 M N 102 Sale 102
10012 20
Crown Cork & Seal a I 69_ _ _1947 J D 10014 Sale 10014
12
84
3
8 3 8312
81
Crown WIlliamette Pater 88_1951 ..,J ....J
725
8 21
7119
Crown Zellerbach deb SOW w 1940 m b 7134 74
•
"
Cuban Cane Prod deb 6s_ .....1950
cum b T & T 122 & gm,5,....1937 J J 104 Sale 103
104% 36
Del Power & LIght let 8%8_1971 J r.11
1989'J1
1st & ref 412s
19602 '2
let mortgage 4 tie
Den Gas &El L let &ref s f bs'51 M N
Stamped as to Penne tax_1951 M N
1949 A 0
Detroit Edlson Ss ser A
1955 J 13
Gen & ref 58 series 13
1982 F A
Gen & ref be series C
Gen & ref 434s series D_ _1901 F A
1952 A 0
Gen & ref be series F
1940 M__ N
Dodge Bros cony deb 68_
Dold (Jacob) Pack let 68_ 1942 m N
1942 J J
Donner Steel let ref 78
Duke-Price Pow let 6s ser A..1966 M N
Duquesne Light 1st 4I.48 A 1067 A 0
let 70 g 434s series B__ _ .1957 M 8
East Cuba Sus 15-yr of g 733s 37 M.
Ed El III Bklyn 181 8088 4s-1939 3
Ed Elec(N Y) 1st cons g 58.1995 J
El Pow Corn (Germany) 834* 50 M
let sinking fund 633s.. _1953 A
Ernesto Breda Co lot M 75_ _1954
With stock purchase warrants_ F
3
____ 10212 101
101
8
06
95 Sale 05
1
10114
2_ 10114
1001
.5
92
91
87 - -- 91
90
7
91
87
3
93 4
10012 74
9612 9712 9714
10014 30
961*
9218 97
98
99
998 15
4
904 8612
913 100
86
4 17
993
96 Sale 94
9812 483
97 Sale 96
80
80 Sale 7914
27
92 Sept'33 ____
90 100
751 26
7014 Sale 70
10412 180
104 Sale 103
8 27
1057
4
1023 10412 103
*
•
S
10218
J 102 Sale 102
113
J 10712 113 113
13 32 Sale 3118 .36
3219
0 30 Sale 30
4
1
27
36
A
12
7912 ____ 78%
Federal Llght & Tr let 6s..„1942 M 5 6818
1942 M S 6818
1st Hen s f 5.8 stamped
1942 M 13 69
let lien 88 clamped
1954 J 0 61%
3(1-year deb 68 series 13
Federated Metals s f 78..... _1939 2 D 100
, 100
1948 J. 11
Flat deb eta 78
Framerlcan Ind Dev 20-yr7338'42 3 J 96
40
Francisco Sug 1st s f 7345......1942 M N
7912
0
70
68%
70
1
6012
6912
73
12
72
89
70
1
Oils
sale Oils
I()
100
Sale 9978
6
100
10012 100
11
98
4
963
99
s
517 50 Sept'33 ____
5
76
78
7612
76
Gannett Co deb Os ser A .._ _1943 F A
____ 105 July'33 _
Gas & El of Berg Co eons g 2111PL J 13 102
4012 46
8
_ _1934 M S 37 Sale 377
Gelsenkirchen Mining
8212 Sale 82
42
851 1
Bs_Gen Amer Investors deb 58A1952 F A
6
10212
Gen Baking deb s r 53-4s.... _1940 A 0 101 Sale 101
2
56
55
55
11 42
Gen Cable let 8 f 53.4o A......1947 J 1
8 99% 10112 98 Aug'33 ___
Gen Electric deb g 348...... _1942 F.
3712 30
3619 Sale 3512
Gen Elec (Germany/ 78 Jan lb '45 J IJ
3414 56
1940 J _,D 34 Sale 33
St deb 63411
3212 69
32 Sale 3114
1948 M IN
20-years f deb 88
1540 F A 103, 104 10312 1037
8 18
2
Gen Petrol lot 8 f be
6
88
1939 J J. 84 Sale 84
Gen Pub Sery deb 548
16
73
6912
Gen Steel Cast 5348 with warr '49 J. ....! 65 s 71
•
Gen Theatres Equip deb 88_1940 8 u
18
412 33
5
4
318
-,..Certificates of deposit
24
52
a48 Sale a48
.
-Good Hope Steel &Ir sec 78_1945A
66
95
Cole!83411__1947 J 3 9212 Sale 9212
Goodrich(B F)
6918 92
1945 i P. 6514 Sale 64
Cony deb 88
156
89
4
86 Sale 833
Goodyear Tire & Rtibb let 581957 M -IN
10
87
8912 85
Gotham Silk Hosiery deb 65.1938 J 0 86
•
5
1940 F A
Gould Coupler lets f 6s
29
64
Cons El Pow (Japan) 7s 1944 F A 6214 Sale 62
01
33
58
4
1950
5712 Sale a563
1st & gen a f 64413
1
70
70
70
Gulf States Steel deb 6 338..„1942 J D 20
9912 13
48_1952 J J 9812 9914 9812
Hackensack Water let
I Cash
,o lc',
a 118frrf,1 'Ill
very
•
100
6214
081
a83
1064
9212
a9712
100
Sept. 23 1933
Price
Week's
Friday
Range or
Sept. 22.
Last Sale.
Ask Low
High
Bid
33
Hansa SS Lines 6s with warr_1939 A 0 32 Sale 31
61
Harpen 515ning es with warr_1949 1 J 03618 Sale 05618
2814
2814
284 33
58-__1952 F A
Havana Elec consol g
712 Sale
712
712
Deb 5348 series of 1928_1951 M S
•
Hoe (It) At Co let 6338 ser A_1934 A 0
333 3714 3418
3718
Holland-Amer Line Se (flat)_1947 M N
2
6514
Holliston Oil sink fund 634e__1940 MN 64 Sale
48
8
4
Hudson Coal 1st s f 58 ser A_1962 J D 463 Sale 453
105
1949 M N 105 Sale 105
Hudson Co Gas 1st g 5e
10312
Humble Oil & Refining 55_1937 A 0 10314 Sale 10318
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 22.
gg
n",
.,a,
1956 J D
Illinois Bell Telephone 5a
1940 A 0
Illinois Steel deb 434s
Roeder Steel Corp mtge 6s 1948 F A
1936 M N
Ind Nat Gas & Oil ref 58
1978 A 0
Inland Steel 1st 434s
1981 F A
1st M s f 4345 ser 13
Interboro Rap Tran let 55.1966 2 2
1932 A 0
-year 88
10
Certificates of deposit ___. ____
cony 7% notes .1932 M 5
-year
10
Certificates of deposit
14
s
i) i N1 Interlake Iron lot 58 IS
lot Agile Corp 1st dr coil tr bs
M N
Stamped extended to 1042_ _
19:48 M N
lot Cement cony deb 55_
1944 A 0
Internet Hydro El deb 88
Intc-r Mere Marine s f 68_ _.1941 A 0
13_1947 J J
Internet Paper be ser A &1955 51 8
Ref 8 I 68 serlea A
Int Telep &'Pelee deb g 434s 1952 1 .1
1939 J J
Cony deb 434a
1955 F A
Debs be
Investors Equity deb 58 A 1947 1 D
Deb 5e ser 13 with warr_1949 A 0
1948 A 0
Without warrants
7,
.
g .3
al
No.
62
33
2
2
34
9
111
I
26
Range
Sines
Jan. 1.
Low
NUM
61
29
39
7212
18
4
40,
314 15
•
4
177 3718
73
38
2713 64
101% 10814
10019 10412
10519
8 66 10019 1077
1067
2
10212 10319 94
95 105 s
3
3219 15
32
4
263 58%
8
947 9712
94% June'33 --8212
87
41
90
80
86
8
827
17
85
90
334
65
4
613
70
47
*
•
22 Sept'33 -.--14
3012
*
•
Sale 6312
6714 44
7314
52
3
Sale 537
8 11
567
32
70
106 Sale
103 Sale
3219 Sale
---- -- 85 Sale
4
-227 883
6314 Sale
•
18% 22
64
54
5912 Sale
78
75
812 Sale
3
43
34
5914 81
4
353 Sale
39 Sale
4612 Sale
43 Sale
8512 Sale
9012
86
90
86
5912
5912
75
80
4212
6
3
45-19
51
6214
0
6
35
8
397
3712
4712
42
56
40
50
8412
8612
8514
8514
4
893 Sept'33
2
75
139
15
14
74
234
400
251
20
25
_---
3812
a50
2414
a2912
39
10
1712
2018
18
75
80
75
65
84
59
5812
68
49
55
67
4
593
8
923
92
9219
13%
27
108
107
75
1031,
5712
36
1033
98% 105
K C Pow & Lt let 43488er B_1957 1 J 102 Sale 102
110
70
96 105 4
4
3
/961 F A 1013 Sale 10112 104
1st 111 4348
8
1057
95
72
8718 50
Kansas Ga.s & Electric 4335_1980 J D 83 Sale 81
s
177 133
1333 4114
17
1414
4
•
14
Karstadt (Rudolph) 1st 811_1943 51 N
___ _
1418 Sept'33 ___
1378 183
4
Certificates of depo
25
5512
291 61
50
15
sit---- 27
714 Keith (B.F.)Corp. 1st 68_1946 M84612 Sale 4614
13
bl
32 6412
1942 A 0 48 Sale 48
Kellys9pringfleld Tire 6s
90 100
79
55
10
7512 7312
75
38
38
Kendall Co 5345 with ware....1948 NI 5 71
I
72
6473 75
72 Sale 72
___
1935 J J
Keystone Telep Co 1st 58
58_1937 A 0 105..--.. 10514 Sept'33 _--- 101 108
Kings County El L & P
71
a32 i
1997 A 0 122 130 130 Aug'33 ---- 1151 135
Purchase money 08
3313 6818
6812 77%
25
72
71 Sale 69
Kings County Elev 1st g 4s...1942 F A
1912 5s
10418 10
99 105 2
,
103 106 10418
1954 J J
3
893 Kings Co Lighting 1st 58
86
2 110 11413
110%
1954 J J 110 113 11018
68% 89
First and ref 610
98
90 Aug 33 -...._ 042
91
8
Kinney(OR)& Co 733% note •36 J 0 56
6812 8778
73 1 17
3114 8312
Kresge Found'n Coll tr ,....1938 J D 6912 Salo 6912
84 alai
9712 106
Kreuger & Toll class A ctfs of dep
41 60
143
10
4
183
S 1314 Sale 1314
for sec s f g 5e
1959 M
97 10314
76 1013
100121 100
4
98 10119 Lackawanna Steel 1st 59 A 1950 M S 9318 Sale 9818
7918 9714
8918, 13
8
9534 1047 Laclede G-L ref & ext 58__1934 A 0 85 Sale 85
48
34
70
59
Coll & ref 534e wales C.--1953 F A 52 Sale 5112
104 10813
4878 69
5
57
54
4
A 513 56
Coll & ref 514e series 13_1980 F
95 10112
213 1473
77
7
5
512 Sale
Lautaro Nitrate Co Ltd 6s-1954 I 1
95 102
4
7712 9112
894
Lehigh C & Nay is f 4338 A 1954 1 J _ __ 9114 894
91
78
2
Cons sink fund 4138 ser C.1954 1 J ____ 91% 90, Sept'33 __
3012 08
15
76
45
818 3012 Le14.,^'. Val. Coal 1st& ref sf 58'44 F A 78 Sale
55
20
42
1954 F A 42 Sale 42
n1
'
1st 05 ref a f ba
98i2 10714
1612 55
I
42
42
1013 45
let & ref 8 f 58
1964 F A
8
87% 1017
50
22
2
4
393
3112 393 394
1st & ref 0 f be
1974 F A
93 10512
57
7818
7818 Sept'33 --__
Secured 6% gold notes__ _1938 .1 1 7812 85
4
97 1053
12412 21 117% 12812
Liggett & Myers Tobacco 78_1944 A 0 12319 Sale 123
97 107
10912 21 102 11012
1951 F A 109 Sale 108
8
5
7614
35
48
89
8712 31
1941 A 0 8312 Sale 83
1634 6312 Loew's Inc deb a f 88
7412 9014
8512 42
4
8
1952 J 0 6837 Sale 833
(185
8014 Lombard Elec 7s ser A
48 a10213 120
120
0 115 Sale 114
1944 A
:
101 1041 Lorillard (P) Co deb 7s
90 10519
23
103
1951 F A 09 102 100
79 10012
68
9414 1061/
10212 79
Loulaville Gas & El(KY) 55_1952 54 N 97 Sale 9614
88
58
53
42
1
50
50
55
7514 Lower Austria Hydro El 633s '44 F A 49
38
•
McCrory Stores Corp deb 5138'41
100 107
4612 61
5014 25
Proof of claim filed by owner. ---.. 48 Sale 47
2311 6512
575 224
56 Sale 5512
94 10212 McKesson & Robbins deb 5538'50 M N
•
Maned Sugar 1st of 734s_ _ _1942 A 0
8954 99
31i 35
15 Aug'33 ____
21
7
Certificates of deposit
9512 10218
•
6
Stamped Oct 1931 coupon 1942 188 100
2712
3
2713 July'33 ___
14
3
Certificates of deposit4
88 r963
4312
29
67
38
Manhat Ry (N Y)cons g 4/1_1991) a 0 3612 Sale 05
18518 104
22% 4012
40 Aug'33 ___
40
3012
- _
Certificates of deposit
884 103
1719 3319
i
27
2c1 45
2013 J 13 27 Sale 27
8418 10312
4
4
873 943
4
Manila Elec 1112 de Lt s f bs_ _1953 M S --------943 Sept'33 __
75 100
Mfrs Tr Co et% of panic in
84 103
75
40
66 Aug'33 ___
71
A I Namm & Son let 6e._1943 1 D 63
3
70 4 99
2514 59
47
10
50
50
3
80 4 Marion Steam Shovel s 168_ _1947 A 0 44
85
s
757
57
28
7012 66
69
Market St Ity 78 ser A.. April 1940 Q J 68
92
57
30 07
6312 24
8112 Mead Corp let 6,3 with warr_1945 M N 6314 Sale 6234
43
87 120%
11812 55
1957 A 0 108 114% 11514
9718 10519 Meridionale Mee let 78 A
99
82
92 Sept'33 .._ _ _
94
Metr Ed let dr ref be ser C 1953 1 J 88
96 107
7112 90
1
77
1st g 4 %a series D
1968 M 5 77 Sale 77
854 80
9
78
Metrop Wat Sew & Dr 5338_1950 A 0 7619 Sale 7619
•
19
II
1612 Aug'33 ___
,
15 4 18
95 10412 Met West Side El(Chic) 4a 1938'A
6713
30
6
38
Miag Mill Mach 1st s f 7e....1956 1 13 38% ---- 37
106 120
8
997
80
4 72
983
8
4
3118 683 Midvale St & 0 coll tr s f 5a 1936 M S a957 Sale 95
8715
63
5111w El 11Y & Lt lst 58 11_1961 1 D 6812 Sale 68
7212 33
88
30
85
82
7
70
let mtge 58
1971 2 2 8712 Sale 6712
03
80
32
8
817 85
89
Montana Power 1st Se A_ _1943 J 2 60
82
72
78
45
7
61
Deb be series A
1962 1 D 60 Sale 60
MontecatIni Min & Agile
75
63
9412 16 08714 9813
7219
J 9312 Sale 9314
Deb g 78
65
1937 J
38 7819 94
94
7712 Montreal Tram 1st & ref 58_ _1941 J J 93 Sale 93
66
,
59 4 a7414
48
6912
07411 July'33 __
Gen & ref 8 f be series A I955 A 0 69% _
11
Ws 747
7419 July'33 ____
Gen & ref a f 58 ser B
75
1955 A 0 6918 81 100
4 „
578 93
8
03 1003
Gen & ref s f 4%s eer C 1955 A 0 --------83 June'33 _
8684 18'1
7414 Aug'33 ____
Gen & ref a f 5s ser D
1955 A 0 ____ 85
94 102
9114
78
8
0012
90
1011 53
Morrie & Co let is f 4 48
1939 J J 8719 00
8
403 Dec'32 _ _ -- -;-- -.7-Mortgage-Bond Co ts aer 2..1966 A 0 2014
a4
89
......
90 Sept'33
89
4934 J 0 82 Murray Body let 6148
80
66
94% 10719
Mutual Fuel Gas let MI g 58_1947 NI N 95 100 102 Sept'33 __ 103 105
3512 75
0314
Mut Un Tel gtd (Se ext at 5% 1941 MN 9314 98
93'4
75
l
9314
87
76
97 10312 Namm (A I) & Son_Ree Mfrs Tr
4
593
61
5914 48
5312 Sale 5312
7512 Nassau Elee an g 45 stpc1_1951 1 ..)
38
70
63
____ 70 Aug'33 _
55
1942 J D
98 10214 Nat Acme 1st s f 613
714 n n,
7„ 96
4
885 arii .
84 Sale 84
6212 Nat Dairy Prod deb 5328..„1948 F A
,
29 4
uo•2
or•
9212 117
1956 A 0 9012 Sale 89
281 57% Nat Steel lot coil S.
9 10213 10719
557 Newark Consol Gas cons 154_1948 J D 105 Sale 105
1053.1
25
4
883
85
3
88
87% 88
Newberry (JJ) Co 514% notes'40 A 0 86
101 105
2
/
47 100 1111
107
New Eiag Tel & Tel 53 A__....1952 J D 10514 Sale 105
7119 89
9612 10712
10418 33
181 g 433e aeries B
1961 M N 10212 10514 10219
85
-17
1(5
76
•
NJ Pow & Light let 4338_1960 A 0 78 Sale 76
8012 38
4312 6412
28
52
3
7 4 New ON Pub Serv let S. A..,.1052 A 0 48 Sale 48
1
4414 65
20
51
4814
6518
First & ref 53 merles B
1955 .1 13 4812 Sale
37
63
45
4 27
493
N Y Dock let gold 48
97
1951 F A 45 Sale 45
82
4712
26
16
3714
Serial 5% notes
4
03312 753
1934 A 0 353 Sale 35
19 106% 115
11258
9134 N Y Edison let & ref 633s A..1941 A 0 110 Sale 10018
68
4 21 10114 108%
1053
1st Hen & ref ba aeries B
1944 A 0 105% Sale 105
7412 87
10682 63 101 10814
•
lot !len & ref be aerie, C__ .1051 A 0 1053 Sale 10512
4
11219
5
NY Gas El Lt H dr Pow g bs 1948 J D 10719 1003 10712
. 101%
11012 65 a9314 103
3719 75
101
Purchase money gold 45. _1940 F A 100 Sale 981z
66
31
75
75
May'33 ____
75
N Y L E & W Coal & RR 533s'42 M N ____ 88
82
42
8
923 9934 N Y 1,E & W Dock dr Imp 5s'432 J ___ 93 100 June'31 ____ ---- ---%
1034
102
100
48
7012
28
6312
97
.
Look under HA of Matured Bonds on pace 2''51.
New York Bond Record-Concluded-Page 6
-..
gl:
2251
#3
,3
Week's
Range
Price
Range
BONDS
Print
Week's
;
_
BUNDS
Range or
Since
g1
Friday
Range or
_e -1
Since
N. Y. STOCK EXCHANGE i t
Frid597
N. Y. STOCK EXCHANGE It
Jan. I.
kkok
Last Sale.
..., a_ Sept. 22.
Jan. 1.
Week Ended Sept. 22.
-.9: Sept. 22.
Lk,
Z
Last Sale.
22.
Week Ended Sept.
------- - -High 'do. Low
High
esk Low
61d
High
High Ye. Low
Bid
Ask Low
881 102
/
4
6
Stand 011 of N y deb 4!4e..1951 .7 D 9812 Sale 9712 1007 192
5
8 8
614 149
514
512 Sale
NY Rye Corp Inc as_ _Jan 1985 APr
*
8
Stevens hotel let 66 %dee .8_1945
32
61
58
58 12 25
60
1965 1 J 56
Prior lien 66 series A
•
*
•
•
98 10514 Studebaker Corp 6% g notes 1942 J D
/
1
4
2
102
N Y & Melon Gas let 641 A_ _1951 M N 100 10214 102
39
36
1
39
45
Certificates of deposit
---- 3412 39
/
443
N Y State Re let cone 41 A '62
4 109
37 103 11014
4
1
412 Syracuse Ltg Co Ist g 59_1951 J D 1063 Sale 1063
5
3
M N
3
3 14 3
Certificates of deposit
6
10418
____ 104
97 104 9
5
Tenn Coal Iron & RR gen 55-1951 .1 1 102
50-yr 1st cons 61 ser B__1982
/
4
s
69
50
76
4
11 412 Tenn Copp & Chem deb(97B 1944 M S 88 Sale 88
/
4
3
4
__ 4
3
/
1
4
Certificates of deposit- 72 10014
7318 92
1947 1 D 70 Sale 67
Tenn Elec Pow lot 69
98 109
1947 M - 104 106 10514 10612 38
N
N Y Steam 6* ser A
77
/ 994
1
4
9914 510
90 10412 Texas Corp cony deb 56-1944 A 0 9712 Sale 9612
1951 M N
9614 10012 96
1011 25
/
4
let mortgage 55
20
47
36
4
5512
1960 1 2' 463 Sale 45
Third Ave Ry let ref 46
90 104
1956 M N 96 Sale 95
10113 37
let M Os
143
205 37
8
4
28
9812 106
Ad1 Inc 158 tax-ex N Y_Jan 1960 A 0 2512 Sale 243
10314 Sale 10218 10414 199
NY Teiep let & gene f 4345A939 M N
57
57
90
83
9412
3
1937 J .1 90 Sale 90
38
/ 6714 Third Ave RR let g 54)
1
4
8
63
N Y Trap Rock to (18
1948 J D __
89 10212
8
4
Tobacco Prods (N .7) 8148_2022 MN 1003 Sale 10012 1023 455
94 105
/
1
4
6
4 100
54
Niag Lock &0 Pow 1st 59 A.1955 A 0 9 / Sale 993
41
8
7712 32
79
74
Toho Elec Power let 7s 1955 M S 7712 Sale 763
53
62'4 19
/
1
4
Niagara Share deb 51 -.A950 M N 54 Sale 5438
/
443Tokyo Elec Light Co Ltd
2818 60
117
40
3812 Sale 38
Norddeutsche Lloyd 20-yr s 76s'47 M N
30
68
/
1
4
6112 156
1953 .1 D 81 Sale 859
let 89 dollar series
104 32
/
1
2018 13
Nor Amer Cem deb 61 A 1940 M 4 2018 2412 20
/
4
e
5 1024 10614
4 105
Trenton 0 & El lid g 59.-1949 M 8 102 105 1023
89
60
1961 F A a65 Sale 65
73'8 161
North Amer Co deb 193
151 48
/
4
2
4012
4012
45
37
Truax-Traer Coal cony 654e1943 MN
64
87
11
72
No Am Ldison deb 55 ser A_1957 M S 68 Sale 68
3912 83
/
1
4
5
73
73
1940 M N 7214 74
811 8938 Trumbull Steel tst 9 t 66
/
4
15
B_Aug 15 1963 F A 65 Sale 65
70'2
Deb 5, ser
4e
15
28
/ Twenty-third St Ry ref 5s 1962 1 --------- 28 Aug'33 ---1
4
84
57
21
/
1
4
61
584 Sale 58
/
1
Deb 58 miles C.-- Nov 15 1969 M N
50
634
88 10714 Tyrol Hydro-Elec Pow 7348-1955 M N --------50 Sept'33 ____
9614 12
/
1
Nor Ohio Trac & Light 66 1947 M 8 9212 Sale 904
474 6214
1952 F A --------4818 Sept'33 ---Guar sec s f 76
/
1
4
9018 104
60
Nor States Pow 25-yr 5s A 1941 A 0 9612 Sale 9618 100
13
105
98 1064
/
1
let de ref 5-yr 613 ser B._ _1941 A 0 101 Sale 101
374 78
'
5
Ullgawa Elec Power e t 7e
97
/
4
1945 m 8 ---- 761 76 866 33 ---301
3
96's
North W T let fd g 4%s gtd-1.934 1 1 9618 Sale 9618
6314 8112 Union Elec Lt & Pr(Mo)
192
Norweg Hydro-El Nit 5345..1957 M N a7412 Sale 7412
77
/
1
4
94 104
10314 59
1987 A 0 100 Sale 100
Gen mtge gold 56
10314 15 100 105
go 105
Ho E L & P (III) let g 534s A 1954 .1 .1 102 Sale 10114
/
4
9412 13
Ohio Public Service 7345 A 1946 A 0 94 Sale 911
1452 20
20 Aug'33 ___.
Union Eley Ry(Chic)55_
1945 A 0 1514 20
86 104
1947 F A 90 Sale 90
3
let & ref 78 serial 13
9012
/
1
4
99 108
10712 10
Union 011 30-yr 68 A-May 1942 F A 107 Sale 107
35
14
13
22
Old Ben Coal let 68
1944 F A 20 Sale 20
981 102
/
4
6
102
let lien 8 f 58 ser C_-Feb 1935 A 0 10114 102 10114
9312 103
23
4
(Marto Power N F let 58-1943 F A 1013 Sale 1014 103
75
99
127
99
4
Deb 514 with warr_ __Apr 1945 1 0 9234 Sale 973
897 100
8
/
1
4
7
8
Ontario Transmission let 59.1945 M N
965
8___ 9614 a965
954 103
/
1
9
10212
United Biscuit of Am deb 6e1942 MN 100 102¼ 102
84
84
21
7912
80
Oslo Gas & El Wks exit 59_1963 M 73 79 83
111
43
70
7112
United Drug CO (Del) Ss.._.l953 M 8 64 Sale 8112
94 46
32
25
Otis Steel let M 1343 ser A.--1941 M 13 25 Sale 2212
14
2214
19 Sept'33 ____
17
19
38
United Rye St L let g 443. __.19141 J
27 Aug'33 ___23
Pacific Coast Co 1st 2 58.--1945 1 D 33
/ 40
1
4
2914 75
63131 119
US Rubber let & ref 55 ser A 1947 .1 J 6312 Sale 6212
Pacific Gas & Elgen & ref Si A '42 J J 10438 Sale 103
9
914 107
/ 10512 13,5
1
4
75
91
1
9018
9018
-year 13s._193 M N 9018 98
Pac Pub Serv 5% notes- - - -1938 M S 65
2
68
72
607 8812 United SS Co 15
73
22
59
2612 6014
30
D 30 Sale 29
Pacific Tel & Tel let 55.._._1937 .1 .1 10514 Sale 105
10512 30 101 1071/4 Up Steel WorksCorpO3eA.1951
254 80
8
/
1
4
2812
a27 4 Sale 27
3
Sec e t 63.4e sedan C
1951 J D
Ref mtge 514 series A
/
1
8
1952 M N 1063 Sale 10618 1074 37 10012 108/4
23 4 6102
3
254 130
/
1
*
Sink fund deb 6305er A._194 J 1 2514 Sale 2414
Pan-Am YetCo(of Caliconv 69'40 J D
•
/
1
4
4 9314 104
102
381 Un Steel Works (Burhach)7s 1951 A 0 101 10838 102
/
4
25
Certificates of deposit
...--: 31 Sale 31
36
26
10
32
2612 27 Aug'33 ____ 1
Universal Pipe & Rad deb 68 1936J D 20
25 r42
Paramount-ITway let 530_1951 3 J
3412 19
27
33
33
30
664
35
36
Unterelbe Power & Light 6,.1953 A 0 33 Sale 33
38
32
Certificates of deposit
10
35
3112 33
---3512
5212 73
/
1
4
5612 21
Utah Lt & Trac let & ref 59.194 A 0 5414 Sale 52
Paramount Fame La91:34 68_1947_
55
79
46
65
4
Proof of claim filed by owner J u 3012 Sale 3012
3012 333 Utah Power & Light 181 5*..1944 F A 57 Sale 56
323
4 35
104 107 100 May'33 ____ 100 105
3412 Utica Elec L & P let erg 56_1954) 1
1012
4
3112
Certificates of deposit
.:
3012 3312 3114
991 10852
/
4
10712 Sale 10618 1074
Gas de Else ref & ext 69 1957 J
Paramount Publix Corp 53451950 114 __.
1312 41
108
30
UM Power & Light 51
1947 J D 23 Sale 2114
/
4
9
2912 35
Proof of claim filed by owner.. ---- 2u12 Sale 2912
71
32
mlle 2912
12
37
178
8
27
233 Sale 203
4
Deb 58 with warrants
1959 F A
7
/ 35
1
4
19
Certificates of deposit
--. 3012 Sale 3012
32
2552
8
1814 1838 255 June'33 ____ 1438
Deb Be without ware
1959 F A
Park-Lex let leasehold 8345 19571
18
a8
Certificates of deposit_
10
121 13 Aug'33 ____
34
/ 81
1
4
14
70
Vanadium Corp ot Am cony 59'41 A 0 65 Sale 60
6
/ 35
1
4
Parmelee Trans deb as
29
- 0 1014 30
1
29
1944 -,2 Pat & Passaic0& El cons 58 1943 M 8 104 107 102 Aug'33 ____ 101 106 4 Verilune/ Sugar let ref 75-A942
,
112 1814
1312 Sept'33 ____
3
/ 12
1
4
Certificates of deposit
Pathe Each deb 79 with wan 1937 M N
---4712 87
71
6
7314
75
78
1012 21
21 Sept'33 ____
15
21
1953 .1 J
Pa Co gu 31 coil tr A reg- -1937 M 5 953 ____ 9514 Aug'33 _ __
8
/
49
941 9514 Victor Fuel let 6 t 56
/
4
8
95 1055
10
102
Guar 319 coil trust ser B.194 i F A
811 V5 Else & Pow cony 5349_1942 M 44 10114 Sale 101
/
4
/
4
75
811 July'33 __
/
4
8614
8
473 65
64 Aug'33 --__
64
Va Iron Coal & Coke let g 561949 M El 56
74
73
Guar 3346 trust etts C _ _..l942 1 0 8312 ____ 73 May'33 ____
9712 103
4 10114 34
8
1934 J J 997 Sale 993
823 Va RY & Pow let & ref 58
8
Guar 334s trust etre D _ _ _1944 1 D 8112
78
8112 July'33 ____
80
86
85 Guar 46 ser E trust ctts__1952 10 N
2
88
853
4
85 4
3
35
10
1
18
18
18
Walworth deb 61 with wan '35 A 0 10
/
45
1963 54 N 8718 Sale 87
743 95
4
Secured gold 41
48
89
/
46
1614 25
21 J35ly'33 __
4
A 0 1118 37
Without warrants
3444 759
2
Penn-Dixie Cement let 69 A 1941 31 5 63
63
65
68
84 43
/
1
11
28
33
let sinking fund 69 ser A__1945 A 0 28 Sale
9612
Pennsylvt ula P & L lst 4345 1981 A 0 85 Sale 83
78
8812 179
48
12
278
48
Warner Bros Pict deb 6s____1839 54 4 45 Sale 434
10812 10812 10812
Peep Gas L & C lilt cons 68.1943 A (1
4 103 114
10
3
253
4
301s
96
8
95
/
4
99
/ 25
1
4
00 1071 Warner Co 1st 69 with warr_1944 A 0 185 4012 25
Refunding gold 58
1947 NI 4 85
1258 40
1
25
25
A 0 1812 25
Without warrants
Phila Co sec 55 series A
91
68
77
1967 J 0 72 Sale 72
76
3318
1314 3814
7
Phila Else Co let & ref 4348.1967 M N 10214 104 1023
/ Warner-Quinlan Co deb 65_1939 M 5 3114 Sale 3114
1
4
97 105
4 10478 75
13 10212 106
go loo
Warner Sugar Refin let 741_1941 .1 D 10412 105 10412 106
971 108
1st & ref 4s
1971 F A 94 Sale 9314
30
75
/
1
4
3
415514
Phila & Reading C & I ref Ss 1973 1 J Sh Sale 5412
7478 Warren Bros Co deb 68
1941 M S 48 Sale 48
58
48
24
9 1001 106
/
4
Cony deb 65
324 6912 Wash Water Power s I 59_1939 J 1 100 10212 1004 10212
M S 4614 Sale 45
1949
53541 55
4 102 11019
107
4
Phillips Petrol deb 5321,-- -1939 1 D 5812 Sale 8714
891 101
674 90 4 Westchester 146 511931x1 gtd_1950 J ID 10414 1103 106
3
10 10018 108
106
Pillsbury FY:. Mills 20-yrWent Penn Power ser A 544_1946 M S 10514 Sale 10514
/
1
95 107
15
66.1943 A 0 1054 108 10512 106
/ 13 10014 1094
1
4
Pirelli Co (Italy) cony Th. _1952 MN 100 10214 10112 10112
Ist 58 series E
1983 M S 10612 Bale 10612 107
8
2 4995 10212
9912 107
10614 11
1956 J D 10518 1065 105
8
let sec 59 series0
Pocah Con Collieries let s155'57 J J 60
7412 66
60
7014
3
66
81 102
10014 237
Western Electric deb 59
Port Arthur Can & Dk 6s A.1953 F A ---- 72 68
/
4
73
1914 A 0 981 Sale 98
54)
3
70
9312
52
24
93
let m 69 serial 13
Western Union coil trust 71
73
1953 F A ____ 80
73 July'33 ___
59_193 4 1 J 93 Sale 91
,
3712 84
5
4
77
7714
4312 701
Port Gen Elec let 4348ser C 1980 NI 4 53 Sale 53
/
1
4
7212 75
Funding & real est g 4349_1950 M N
/
1
4
5718 75
55 100
993
4 19
/
1
4
1936 F A
96 Sale 94
15
-year 6/ .
1
446_ _
94 10118
5
96
Portland Gen Elec let Be__ _1935 JJ
.-: 97
26
3612 8814
813
4 85
74 Sale 74
25
1951 1 D
Porto Rican Am 'Fob cony 65 1942 1 1 di't Sale 3712
-year gold 56
52
18
13
40
3634 8712
8112 23
1960 M 8 7412 Sale 72
30
-year 55
/
1
Postal Teleg & Cable coil 551953.8 .1 4312 Sale 414
1618 57
150
50
5
234 574
/
4
311 295
Westphalia Un El Power 66_1953 1 J 2918 Sale 29
Pressed Steel Car cony g 56_1933 J -1
•
•
52
86
6
83
/
4
Pub Sery El &0 let & ref 41
80 Sale 80
8
97 1057 Wheeling Steel Corp 1st 51481928 J J
/
49'67 J D 10218 Sale 1011 10318 34
413 75
9
7318 14
let & ref 4 34s series 1 .- 1953 A 0 7114 Sale 7114
97 105
/
1
4
/
1
4
let & ref 41
/ 1021 34
1
4
/
4
/
4
6
1970 F A 10114 Sale 100
3
45
__ 45 June'33 ____ a27
1st & ref 48
9014 10012 White Sew Mach as with wan''36 J 3 421
973
4 89
1971 A 0 94 Sale 934
2212 50
16
48
/
1
4
Pure Oil s f 514% notes
45
245
Without warrants
685 92
4
1937 F A 89 Sale 8912
J J 4212 903
4 20
8312 89
221 50
/
4
S t 534% notes
6
4718
Panic 8 f deb Os
104
89
1940 M 8 87 Sale 8612
1940 MN 47 Sale 47
Purity Bakeries if deb 56..1948 J .1 83 Sale 8212
8512 Wickwire Spencer St'l 1st 75_1935
66
19
84
11 16
/
4
1
83
8
8
/
1
4
CU dep Chase Nat Bank__ -___
43
8 8
78(Nov 1927 coupon) Jan 1935
Radio-Keith-Orpheum part paid
7 1414
2
Ctf dep Chase Nat Bank _ __ MN
60 Dec'32 ____
Otto for deb Os & corn stk 1937 MN 9812 99
___
6 Sept'33 ____
43
8 6
.
•
•
•
-- - •
•
*
Willys-Overland 5 f as A--1941 Ol 5
Debenture gold 6s
1941 J D
58 1004 Wilson & Co 1st s f 8e A._ _1941 A 0 99 Sale 985
/
1
8
981
84
9914
63
Remington Arms let 9 t 69_1937 1Y1 N 9812 Sale 9812
8
99
/
1
70 Bale 89
52
8/
54
Rem Rand deb 5349 with war '47 IVI N
77
/ 88
1
4
7O3 60 04114 784 Youngstown Sheet & Tube '78 1 J
7512 Sale 74
-5e
let mtge s f 56 ser B
92
86
5214 85
Repub I & 8 10-30-yr 599 E..1940 A 0 8514 94
7712 70
90
65
9
1970 A 0 76 Sale 7414
Ref & gen 534s series A..1953 J J 6412 Sale 6412
30
76
7
67
6
Revere Cop & Bram 85 ser A 1948 M S 853 8612 88
88
494 90
4
4
Itheinelbe Union 5 f 76
4
1948 1 3 2818 313 31
2812 64318
3212 38
Rhine-Ruhr Water series 6 1953 1 .1 2612 Sale 25
224 5713
2718 72
Rhine-Westphalla El Pr 79._1950 M N a58 Sale 5712
5912 29 042
77
(Negotiability impaired by Maturity)
7018
31
4
Direct mtge 88
37'2 149
1952 M N 3514 Sale 343
37 Sale 353
1953 13 A
4
Cone M Os 07 1928
3718 175
30 4 7014
1
32
82
35
Con M Ils of 1930 %Mb wan 55 A 0 35 Sale 33
70
Range
Prim
Week's
MATURED BONDS.
13
•
•
•
1944 MN
Richfield Oil of Calif fis
N. Y. STOCK EXCHANGE 1 a
Range or11
Since
Friday
0
28
MN 26
1912 32
27
2918 12
Certificates of deposit
at •
Jan. 1.
Week Ended Sept. 22.
.... 4. Sept. 22.
Last Sale.
5212 50
3712 5312
4
53
Rims Steel 1st s t 78
1955 F A 47
----9812 107
21
105
Roch 0& El gen M 534e eer C'48 M 1 103 Sale 103
High ('To Low
Foreign Govt. & Municipals.
Bid
Ask Low
1 108
/
8942 9984 h49.19 Teem 68 assent large '33 1 J
8
___ 897 June'33 ____
Gen wise 4345 series D_-_1977 M S 91
0
518 912 9 4
3
/ 111
1
4
/
4
3
10
3
Gen mtge 56 series E
96 105 4
1982 M B 99 Sale 9812 10218 63
,
Small
314 1012
J 1 ---- ---- 912 July'33 ---73
____ 5712 May'33 ____ 05712 asve
& Pitts C & I p m 52_1948 M N
Rod)
/
1
4
83 10118
107
96
Royal Dutch 48 with wan'..1945 A 0 r933 Sale 934
Railroad.
1948 A 0 37 Sale 37
1
17 233 4 63
37
Ruhr Chemical 8 I 69
Norfolk South 1st & ref 56 A_198I F A
612 7 4 7
212 16
8
/ 17
1
4
3
St Louis Iron Mt dr Southern
81 115
355
_ -.1941 M N 115 Sale 11212 115
St Joseph Lead deb 5
/Hy &0 Div 1st 2 44
8
35
/ 6112
1
4
3
5312 h
1933 M N 493 Sale 40 8
78
78
84
79
93
6
81
Ry Lt lit & PrBslet 58_1937 M N
St Jos
40 Sept'33 _-__
30
/ 50
1
4
OIL Rocky Mt & P5.stpd.1955 J J __ 50
Seaboard Air Line let g 48_1950 A 0 20
11 31
/
4
31 Sept'33 .-__
35
42
51 Aug'33 ____
51
51
at Paul City Cable cons 58-1937 1 1 47
Gold 67 stamped
1950 A 0 15 Sale 1414
518 26 2
1514 17
,
69
52 Sept'33 ____
Guaranteed lie
1937 1 .1 52
50
61
Refunding 4a
1959 A 0
512 Sale
11 163
/
4
512
6
/ 37
1
4
4
744 92
3
85 2 8012
,
81
Sao Antonio Pub Serf 18168 1952 1 1 81
Ati& Birm 30-yr 1st g 49-1933 M S ____ 20
6
31
18
18
1
41
40 July'33 ,.__
19463 J 26
Sehulco Co guar 6348
25
50
. 26
_.- 404 Aug'33 ____
Stamped (July 1933 coup on;
2012 50
Industrials
28
40 Aug'33 .___
50
A0 35 50
Guar 5 f 6345 series 13- ___19443 -Abitibi Pow & Paper let 58_1953 J D 2414 Sale 2314
10
/ 3 4
1 31
4
2612 113
___ __ __ -_- 35 Sale 35
2
35
Stamped
35
58
/ American Chain debs t 69_1933 A 0 95 Sale 92
1
4
95
38
95
14
42
/ 41 Sept'33 ____
1
4
16
31
/
4
6_1948 F A
Sharon Steel Hoop s f 51
5 / Chic Rys 58 stpd 25% part paid_ F A
64
5512 57
49
70
2
8
93 Sale 9114
8heei Pipe Lines f deb 571.--1952 MN
89
93
174
93
Cuban Cane Prod deb 69 ___ 1950 1 .1
4 Sale 555 8 159
/ 13
1
4
3
/
1
4
51
9218 144
85
Shell Union 0119 t deb 58 ___1947 M N 92 Sale 9114
9218 East Cuba Sug 15-yr if 67148'37 M S 10
.
10
18
20
13
21 33 2
/
4
,
921 197
/
4
63
/ 9214
1
4
Deb 59 with warrants_ _ __1949 A 0 92 Bale 9118
62
5912
5912
Shinyetau El POW 1st 6548-1952 1 Ill 59
28
7
65
/ Gen Theatres Equip deb 68-1940 A 0
1
4
514 Sale
5
6
31
1
914
8
6 073
75
95
Siemens & Bakke 5 f 79____1935 1 J -- 777 a73
Gould Coupler let s768
1940 F A
1212 Sale 1212
13
6
4 8 20
7
60
1951 M S 46 Bale 46
46
47
Debenture a f 8 Hs
82
/ Hoe (IC)& Co 1st 6 As see .4 1934 A 0 24
1
4
25
2524
2
28
12
/ 28
1
4
9518
7
89 102
Sierra & San Fran Power 59.1049 F A 89 Sale 89
Interboro Rap Tran 6s
1932 A 0 20 Sale 1914
2112 14
12
33 2
,
8
5
26
26
Sileala Elec Corp St 6548.-_1948 F A -_-- 587 26
69
/
1
4
10
-year 7% notes
1932 M S 8412 Sale 6312
5115 75
8714 101
35 Sale 35
36
28
32
4612 Manatl Sugar 1st if 7)46-1942 A 0 1514 2334 1514
Silesian-Am Corp coil ti 78..1941 F A
34
5
1518
8
102
/ 248
1
4
90 10312
1937 M 13 102 Sale 101
/
1
4
Sinclair Cone Oil 15-Yr 711
Stmpd 01 1931 Coupon.1942 A 0 1514 27
4
17 Sept'33 __2 297
/
1
4
.
_
9
1938.7 D 1004 Sale 100
10112 73
8812 102
let lien 630 aeries B
/
1
4
1042 A 0 102 Sale 1027
8 1027
8
9912 103 4 Pan-Am Pet Co (Cal) cony 216'401 D 3212 3412 32
6
Sinclair Pipe Line 9 t 56
2
5
2541 197
4
35
8412 58
/
4
1939 M 8 841 Sale 84
59
/ 8814 Preeeed Steel Car cony 2 54 .1933 J .1
1
4
Skelly Oil deb 5349
3514 59
6
5014 5612 5018
50 2
,
9554
97
14
87
Solvay Am Invest Be Sc? A 1942 M 8 9814 98
99,2 Radio-Keith Orpheum 88_1941 J D
1418 24
23 Aug'33 ____
84 30
54
106
99 107
1944 M N 278 Sale 273
South Bell Tel & Tel 1st If 58'4! 1 .1 10414 Sale 104
Richfield 011 of Callt0311
21
4
7
293
4 28
32 4
/
4
1063
8 83 100 107
/ Stevens Hotels series A
1
4
1946.7 1 1814 Sale 1814
Erwest Bell Tel lit & ref 5s__1954 F A 1053 Sale 10514
18
10
20
2812
/
1
13
69
59
81 Studebaker Corp 8% notes__1942 J D 36 Sale 3512
Southern Colo Power 68 A-.1947 1 J 6614 Sale 654
3914 96
2014 4614
10512 190 WO 10512 Willys-Overland s f 654 a_ _1933 M 5 3518 40
Stand Oil of NJ deb 5.Dee 15'46 F A 10412 Sale 104
791
/
4
35
40
40
1
r Cash sales. a Deferred del very :Optional gale. July 6. 51,000 at 3018. *Look under ist of Natured Bonds on this page
Matured Bonds
2252
Financial Chronicle
Sept. 23 1933
Outside Stock Exchanges
Friday
Boston'Stock Exchange.
-Record of transactions at
Stocks (Concluded)
the Boston Stock Exchange, Sept. 16 to Sept. 22, both inelusive, compiled from official sales lists:
cent s w Dui
Stocks
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
RailroadBoston & Albany
100 117
117
Boston Elevated
100 5634 5654
Boston & MaineClass A 1st pref stpd_100
22
Class B lot pfd stpd.100 2354 2334
Class C lot pref stpd_100
24
Prior pref stpd
100
35
100
Preferred stpd
11
Eastern Mass St Ry adi 100
254
100
635
64
1st pref
NYN Haven& Hartford100
2034
Old Colony
100
9334
Pennsylvania RR
50 3031 3034
120
57
Mining25
Calumet& Recta
Copper Range
25
1
Island Creek Coal
25
Mohawk Mining
New Rene pref
Nippissing Mines
5
2.50
North Butte
25
Old Dominion Co
Pond Creek Pocohontas...•
25
Quincy Mining
5
Utah Apex
Utah Metal & Tunnel..._1
24
25
91
23
9%
1734
41
14
55
3134
251
4
9
434
2334
70e
144
134
Low.
High.
Jan 121
80
5334 May 70
July
Feb
July
July
Aug
July
July
June
July
July
July
July
10
192
10
55
16
45
45
659
20
1,243
734
10
10
17
6
170
134
1134
73
1334
Mar
Apr
Jan
Feb
Feb
Apr
Jun
Mar
Mar
Jan
285
300
220
270
2,923
200
7,100
505
30
85
10
25
3
1
454
25e.
8634
134
Sc
6
28
634
154
134
6% July
Feb
535 June
Apr
4% Sept
Sept
231 July
Mar
Apr 13454 July
July
Mar 11
Apr 33e June
Feb 30 June
Sept
Feb 77
July
Apr 14
14
July
Jan
June
4
Feb
390
34
275 3534
59 54
5
90
340 2634
12 82
55 12
2,095 133
5
275
407 1334
1,074
9%
55 12
10 64
10
8%
241
24
Apr 12 June
July
Apr 69
Dec
Apr 69
July
17
Jan
June
Apr 41
Jan 10534 Aug
Jan 2434 July
Jan
Mar 183
Jan
1034 J111213
July
Mar 28
Apr 20% Jan
Jury
Feb 29
July
Jan 80
Feb
1334 Aug
Apr
1334 July
454 434
2
255
2434 25
75e 87%c
8934 98
22
2534
9% 935
8
1034
1734 1834
40
4234
134 1%
5434 5634
3156 32
10
10
2
231
6
4
7% 834
854 1254
7
1,143
299
80
611
2,114
1,236
1,301
732
405
1.880
'2,403
271
25
200
51
85
2,446
134
1%
1534
400
67
5%
64
534
7
22
54
33
3034
5
54
25e
554
2%
Feb
7 June
Apr
3% June
Feb 34 June
Mar
1% May
July
June 102
Mar 2934 July
Jan
1034 July
Feb 19% July
Feb 2434 July
Apr 43
Aug
July
3
Apr
Jan 5634 July
June
Jan 32%
Apr 1231 July
June
334 Sept
854 Sept
Mar
Feb 1334 June
Feb 22% June
635
4
2334
934
30
2
65c
75e
12
134
14
1111
227
707
5
210
10
250
3,040
20
25
800
1.765
5.580
134
134
14
7
754
85e.
20e
40c
934
30e
310
250
Feb
Apr
Jan
June
May
Jan
Jan
Apr
Jan
Feb
Jan
Jan
934 July
July
7
2934 July
1335 Feb
Beet
33
33.4 July
134 June
14 June
1754 June
434 June
14 June
134 'My
Feb
6834 July
22
27
24
42
11
236
635
2635
95
3734
MiscellaneousAm Continental Corp coin415 514
451 534
Amer Pneu Service pret_50
454 434
451
2nd preferred
•
25
Common
134
134
100 126
Amer Tel & Tel
12434 130%
734
Amoekeag Mtg Co
9c
1 10c
11e
Andes Petroleum
Bigelow Sanford Carpet... 2335 23
2634
75
78
100 78
Preferred
Boston Personel Prop Tr..• 1134 11
1154
8
8
Brown Co6% <rum pref_100
Brown Durrel Co corn_
3
3
East Gas & Fuel Asian54 7%
535
Common
43
100 46
53%
8% cum pref
59
57
434% prior preferred 100
10
• 10
1034
Eastern Steamship corn39
100 40
40
Preferred
100 100
100 100
lot preferred
• 2134 2134 2434
Economy Grocery Stores.
Edison Elee Ilium
148 16034
100 150
Employers Groin)
734
734 8
24
22
22
General Capital Corp
1434 15%
Gillette Safety Razor
Elygrade Sylvania Lamp.'
2634 2734
80
80
•
Preferred
1334 1334
Inter Button-hole Mach.10
5
734
International Hydro Eleo..
Libby McNeill & Libby....
Mass Utilities Assoc) v to.'
Mergenthaler LInotype___•
*
National Service
New Beg Tel & Tel._..100
100
Pacific Mills
•
3hawmut Assn tr otfs.--.
•
Stone & Webster
Swift & Co
25
•
Torrington Co
United Founders e0M
•
25
U Shoe Mach Corp
25
Preferred
Union Twist Drill
Venezuela Holding Co...'
Venezuela Mex 011Corp.10
Waldorf System Inc
•
Warren Bros Co
156
274
Range Since Jan. 1.
Bonds65
Amoskeag Man Co 68_1948
Chicago Junction Ry &
9234
Union Stk-Yds 4s__1940
55
1940 9936 9936
Ea Mass St RR serA 454'48 355i 3554
37
Series C 68
1948
100
P C Pocohontas 7s...1935 100
635
534
2354
934
30
234
75e
750
12
234
1%
135
81,000
31
9234 1,000
1,000
9935
17,000
37
2,500
37
100% 3,000
85
93
25
31
95
65
2934
29
30
57
16
4
50
3434
95
4254
Mar 9234 Sept
May 100% Aug
July
Jan 43
Sept
Apr 37
Feb 10754 May
•No par value. z Ex-dividend.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, Sept.16 to Sept. 22,both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Abbott Laboratories corn_*
25
Acme Steel Co
Adams(JD) Mfg corn....
Advanced Alum CastIngs_5
AlUed Products cl A
•
Altorfer Bros cony pref__•
American Pub Serv pre: 100
Asbestos Mfg Co com-1
Assoc Tel Mil•
*Common
Baekstay Welt Co corn...*
Balabon & Katz com v t c25
Saadan-Blesering Co sow_•
Bend% Aviation corn....'
Berghoff Brewing Co--1
Borg-Warner Corp oom.10
Brown Fence & 1V ire-Class
A*
Bruce Co(EL)corn
•
10
Butler Brothers
corn. _10
Castle & Co(A M)
Central Ill PS prof
•
Cent
-Ill Scour-.
1
Common
Convertible preferred..'
Cent Pub Fiery Corp A....1
Common
1
Central Pub UttiClass A
•
1
V t c common
Range Since Jan. 1.
Low.
High.
40
31
10
351
1235
1235
5
4
40
31
10
4%
1235
1254
.5
4%
50
100
60
2,600
100
20
60
2,000
2194
10
5
334
4
3
235
2
Jan
Feb
Apr
Sept
May
may
Apr
Apr
40
3934
1134
534
2455
15
1335
734
Sept
July
June
July
June
June
June
June
1635
12
1634
44
5
2%
6%
1536
1134
14%
34
5
23-4
7%
19
1351
1934
1,450
15
3%
120
900
2%
600
' 3
7,050
834
8.600 1034
9,550
534
Apr
May
Sept
Feb
Feb
July
Feb
14
13
3%
1535
2135
1834
2154
June
July
Aug
June
July
June
July
15
3%
6% 654
1435 1834
3% 435
100
600
2,850
54 June
44 Jan
134 Feb
734 Aug
2434 July
6% June
1254
20
100
180
735 Apr
1434 May
20 June
3334 Jan
%
6%
%
51
650
600
100
200
10
4
4
5
12
19
44
6%
34
51
3(
34
35
34
400
120
35
5
54
51
Mar
Feb
Mar
Sept
4 Feb
34 Mar
2
8
1
51
June
June
June
Sept
1
June
Jan
34
Sales
Last Week's Range for
Week.
Sale
of Prim.
Par. Price. Low. High. Shares.
Common
•
Prior lien preferred. •
Preferred
:
Chain Belt Co corn
Chic City 4: Con By corn.*
2%
Chicago Corp Common._•
Preferred
• 25
Chic Elec Mfg A
' 354
Chi Flexible Shaft corn-5
834
Chicago Mall Order oom..5 1451
Chi & NW By QOM-...100
951
Chic Towel Co corn pref..*
Chicago Yellow Cab Cal)..
•
Cities Service Co corn...'
234
Club Aluminum Uten Co.*
Commonwealth Edison 100 45
Construct Mall Corp
-*
5354 preferred
Consumers Co
6% prior pref A
100
Continental Steel com- •
935
5
Cord Corp
Crane Co
28
Common
63-1
Preferred
100
Cudahy Packing Co pref100
Curtis Lighting Inc corn.'
Curtis Mfg Co corn
5
9
Be Mets Inc pref
•
Dexter Co (The) corn-5
Diamond Match Co corn.* 23
Elec Household CCU Corp 5 11
Fitz Simons & Connell
Dock & Dredge Co corn*
Gardner Denver Co corn.'
Gen Household Util tom.' 174
Gen Parts Corp cony pf_.•
Godchaux Sugar Inc el B.*
Goldblatt Bros Inc corn..' 2234
54
Great Lakes Aircraft A _ _.•
Great Lakes I) & 0....' 15
24
Grigsby Grunow Co nom.'
Hall Printing common-10
Bibb Spenc Hart corn...25
Hormel & Co (Coo)corn A*
RoudalUe-Ilershey el B...•
334
Class A
•
Illinois Buick Co
25
434
Indep Pneum Tool v t c...•
Iron Fireman Mfg v t c....•
654
Jefferson Electric Co corn.'
Kalamazoo Stove corn...
• 20
Katz Drug Co corn
I 2034
Kellogg Switehbd pref__100
Kentucky Util Jr cum pf 50 15
Keystone Steel & Wirecem•
Kingsbury Brew Co cap_ _I 10
Libby McNeill & Libby-10
Llycoln Printing Co corn._•
Ili
Lindsay Light corn
10
Lindsay Nunn Pub $2 pt.'
254
Lion 011 Refg Co corn_ _ •
Loudon Packing com
• 1536
Lynch Corp corn
5 344
1%
13
11
16
Si
2%
245(
354
835
1334
8
6034
1134
254
%
43
1,750
2
160
1551
40
11
20
16
100
Si
334 10.150
2634 2,700
40
34
550
104
850
1554
5,550
12
10
6051
1236 2.390
2% 10,200
54
400
5135 3,800
Range Since Jan. 1.
LOW.
I
854
5
9
4
I
1234
334
355
1254
134
5934
6
2
34
43
Feb
Feb
Mar
Mar
Jan
Feb
Apr
Feb
May
July
Apr
Jan
Apr
Feb
Feb
Sept
High.
5
3054
24
1734
51
5
343
534
1234
22
16
6754
22
651
154
82
May
Jul'
June
July
May
June
July
June
July
July
July
July
May
May
May
Jan
100
51 Mar
3% Aug
10
434 434
70
6
635
835 1234 41,500
134 Apr
Apr
6
434 Jan
July
6
May
12
1534 July
234
234
694
38
9134
4
9
15
4
23
934
74
40
9134
4
9
1534
4%
2534
1234
550
200
10
20
100
70
60
900
1,650
3
15
9134
234
4
454
2
23
3
Feb
Feb
Sept
Jan
Mar
Jan
Jan
Sept
Feb
1135
59
9134
1034
1034
16
834
2534
1334
July
JillY
Sept
July
July
Aug
July
Sept
June
10
1834
17
34
7%
2234
54
15
2
5
2135
20
3
10
451
10
634
12
20
20
25
15
1235
9
4
134
254
254
64
15
32
10
20
21
%
73.
23
%
1634
234
05.4
2134
2034
4
10
4%
11
634
1334
24
21
25
15
1234
1134
435
134
234
254
735
16
44
50
100
6,200
50
50
200
650
750
9,300
400
30
250
1,100
100
300
200
200
300
400
300
10
10
50
2,430
2.200
150
100
100
200
310
7.050
44
734
10
54
35
104
11
6%
%
354
21
12
1
34
334
654
3
354
4
1734
25
6%
4
9
134
1
135
2
154
10
8
Feb 12
May 21
July 2334
Feb
34
Mar 1434
Mar 2735
2
Feb
Feb 20
434
APr
Mar
934
Jan 214
Feb 25
Feb
6%
Mar 1434
8
Jan
Apr 16
Feb
834
Mar 15
Feb3734
Mar 2734
Jan 32
25
May
Mar 1634
Sept1634
Feb7%
251
Jan
4%
Feb
6%
Jan
Feb854
Mar 18
Feb44
May
Aug
JUIY
Sept
July
June
June
May
July
July
Sept
July
June
June
May
June
July
Aug
June
June
Mar
May
July
July
June
Slay
July
Apr
July
June
Sept
20
51 Apr
1034
McCord Bad & Mfg A_ _.•
8
8
8
50
6
McGraw Elec corn
*
134 Apr
4% 451
10 2331 Feb4454
42
42
MaQuaY-Norris Mfg corn •
50
5
154 Mar
Manhatt-Dearborn corn_ •
3
3
30 30
May 36
Mapes Cons Mfg cap. •
3531 36
4% Feb 18
Marshall Field common__• 1634 154 1734 20.455
9
Sept
4
150
Material Serv Corp com.10
4% 535
235
35 may
50
Mer & Mfrs See el A com•
134
134
134
11
300
7
Mar
Metropol Ind Co allot QM_
11
11
11
Mickelberry's Food Prod300
751
24 Feb
334 34
1
COMMOn
334
5
Sept
200
5
Middle Western Tel cl A *
5
5
5
54 Jan
34
Middle West Util new ' g
g 54 4,200
50
34
34 Feb
$6 cony pref A
•
194
13-4
10
435
134 may
Midland UM 6% pr i•n 100
24 234
Jan 2154
100
5
Miller & Hart Inc cony pt.*
9
93-4
9
50
Modine Mfg corn
11
•
634 Apr 1536
11
200
954
134 Apr
Muskegon Motorsp el A. •
835 9
Apr 24
20 14
24
National Battery Co pref.* 24
24
1
% Feb
200
51
Natl Elee Pow A eons._ •
51
Natl Leather coin
1,150
3
35 Mar
135
14
i0
Natl Republic Inv Trust
154
10
54 Mar
Cumul cony pref*1% 154
450 10
Feb 25
Nati Standa d coin
25
20
20
3
% May
200
Nat Union Radio corn__ I
1
1
850
2435 254
934 Mar 2934
Neblitt-Sparius Ind corn..• 25
100
8
235 Apr
No Amer Car corn
5
5
•
3
650
151 Apr
No Amer Lt & Pow corn.'
754
33.4
7
74
450
5
Feb
14
Northwest Bancorp nom..
•
10
300
2% Jan
Northwest Eng Co corn_ •
451 4Si
6
2
Mar
260
4
Nor West Util 7% pref.100
454 434
834
Oshkoah Overall corn
5
4
54 Apr
*
50
834
3
Apr
Parker Pen Co(The)comb0
536
554 5%
May 10
50
5
Penn Gas & Elee A corn.'
7
7
100 16
Jan 27%
Perfect Circle (The) Co..* 2354 2354 24
5
Feb
150
1
Pines Winterfront com...5
254
294
254
435
51 May
200
Potter Co (The) corn....'
4% 414
Feb 3434
Prima Co common
134 2434 6,100 10
• 16
655
Apr
200
1
3%
Process Corp com
•
334
Public Service of Nor In
300 16
Apr 48
Common
21
23
• 21
Apr 47
100 16
Common
2134 2135
100
240 3734 Apr85
58
6% preferred
57
100
Apr 95
200 40
61
7% preferred
57
100
Quaker Oats Co
-Feb 145
230 63
Common
• 125
125 136
Apr 11734
270 106
Preferred.
•
118 117
100 116
Rath Packing Co corn. .10
50 1534 Jan 27
2151 2134
Raytheon Mfg Co8
700
134 Jan
Common v to
3
2
50c
3
Reliance Mfg Co1834
Feb
100
6
13
Co , mon
1294
10
751 Mar 20
400
Ryerson & Sons Inc corn.* 1234
1234 1451
854
Jan
5
70
Sangamo Electric Co
634 654
•
Sears. Roebuot & Co corn • 4131 3935 4644 2,150 1334 Feb 47
934
Feb
4
250
Signode Steel Strap Pref.30
854 835
9
May
4
40
Sivyer Steel Cstgs corn__ _•
751
7% 751
Sept60
70 41
49
S'west G & E 7% pref _ _100 4254 41
Sept4135
20 32
33
St Louis NatStkyds cap _ _•
33
Standard Dredge
4
150
134
34 Mar
Common
134
135
•
54
54 Mar
100
231
251
Convertible preferred..'
9
24 May
70
Sutherland Paper com.....10
8% 9
Swift international
16 26
2534 2734 5,100 1234 Feb 3235
Feb 2434
7
Swift & Co.
28 1734 164 1835 14.700
335 Apr 1434
10
Tel Bond & Share 1st pf100
7
7
654 Mar 15%
4,300
9
8
835
Thompson (.1 Ft) com....25
635
Jan
2
50
United Gas Corp com....1 ..-1-._
335 335
Mar 5234
250 18
4535 46
U 8Gypsum
20
334
4 Jan
134 234 1.600
Prod earn . •
Utah Radio
134
July
June
July
June
Sept
June
June
June
Sept
June
Sept
May
may
June
June
June
Aug
June
June
May
July
June
June
July
May
Julio
June
June
June
Aug
May
June
June
July
Sept
July
May
Jan
Jan
Jan
Jan
July
Aug
May
May
June
May
June
July
Aug
July
June
July
May
May
Sept
June
July
Aug
June
July
July
Sept
Financial Chronicle
14
.55
22
655
2455
2
1655
65
2555
1
1
12
455
155
2
25
8
2555
2
17%
70
2534
1
1
12
455
14
234
200
600
300
100
3,950
240
10
50
230
100
100
50
500
53
$1,000
5355 3,000
55
57
5355 18,000
2,000
57
30
3056 8.000
• No par value. z Ex-d vidend. y Ex-warrants.
Low.
High.
34 Feb
134 Mar
34 June
7
June
20
494
17
55
1155
4735
12
54
55
4
3
4
35
Apr
Feb
Mar
Jan
Feb
Feb
Feb
Mar
June
Api
Apr
Jan
Mar
2835
104
2755
3
2136
834
45
255
1
144
10
Juno
4554 Mar
Mar
42
61
61
July
July
4835 Mar
Mar
49
6734 July
July
67
June
July
July
July
July
June
June
Apr
June
Jan
3% July
34 July
184 Feb3954 July
Toronto 'Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange, Sept. 16 to Sept. 22, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Ilicek's Range for
of Prices.
Week.
Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Abitibi Pr dr Paper corn_ •
155 2
1,250
34
6% preferred
100
410
54 7
1
Beatty Bros corn
•
955 955
10
34
Beauharnols Power corn_ _*
435
44 4%
436
455
Bell Telephone
100 Illg 11155 115
159 80
Blue Ribbon Corp com_ •
2
3
26
1
655% preferred
50 22.54 2234 2234
230 10
Brantford Cordage 1st p125
22
22
15 18
Brazilian T, L & Pr coin_ _• 1255
1256 1455 6,435
755
Brewers & Distillers com_ 2.45
9,990 550
2.35 2.70
13 C Packers corn
355 455
105
•
1
Preferred
17
100
17
100
6
110 Power, A
130 144
2555 211
26
Itullding Products, A._ _ _• 16;1
220 104
1614 17
Burt(F N) Co corn
25 3455 34
35
188 20
Canada Bread corn
434 5%
•
205
155
4%
1st preferred
60
2 40
100
60
Canada Cement rm.._ _ _•
74
2,707
655 855
24
Preferred
3455
31
99 13
• 32
Can Wire & Cable, B. • 12
12
12
40
7
Canadian Canners corn. _ _•
105
714
255
754
Convertible preferred..
• 11%
114
11
585
3
100
79
1st preferred
79
5 46
Canadian Car & Fdy corn_•
7
8
7
330
3
Preferred
25
164 1755
340
955
Can Dredge Re Dock corn_• 19
330 10
184 19
Can General Elee pref _ _ _50 50
59
57
300 51
Canadian Ind Alcohol, A_* 19
2255 10,895
17
14
• 16
1955
16
335
55
Canadian Oil corn
1555
14
14
340
655
Preferred
100 95
95
95
10 79
Canadian Pacific By- _25 1434
134 17
5,726
9
Cockshutt Plow coin
•
9
10
9
285
355
Consolidated Bakeries_ _ _• 11
1056 124
831
2
Consolidated Industries. 0
.
1 15 2
34
30
Cons Mining & Smelting 25 135
130 144
2,674 54
Consumers Gas
100 183
180 183
93 170
Cosmos Imperial Mills. _*
35
7%
734 755
2
Dominion Stores com____• 2055 2055 21%
610 1234
Easters Steel Prod corn_ _.*
5
5
5
25
5
Easy Wash Machine com_•
14
156
14
150
1
Economic Invest Trust.
.50
15
15
20
7
Ford Cool Canada, A _
• 13
_
12% 154 7,429
6
General Steel Wares corn_*
355
454
130
55
Goodyear T de R pref. _100
10654 10755
70 80
(St West Saddlery pref _100
12
12
5 5
Gypsum, Lime & Alabast _•
435
4
4
360
155
Ham tin Theatres corn.
.25
2
2
5
155
Illnde dr Much° Paper...*
655 614
5
235
Hunts Ltd, B
•
25
8% 8%
5
Internal Mill 1st pref. _100
2 98
100% 10051
International Nickel corn_• 20.90 20.25 22.7
50,58 28.15
Int Utilities, B
•
155
14 2
200
155
Eelvinator of Can com
•
455
455
100
,4
Laura Secord Candy corn_• 4755 47
4755
65 36
Loblaw Groceterlas, A. _• 15
16
15
3,033 1055
• 1454
144 1555
465 104
Maple Leaf Milling COM
456 5
45
3
Preferred
100
1555 16
20
5
Massey-Harris corn
•
5
5
555
950
255
Moore Corp corn
• 13
13
14
209
5
A
100 103
103 104
65 65
Mulrheads Cafeterias corn •
1
1
1
50
34
National Sewer Pipe, A._* 15
15
1735
80 14
Out Equitable 10% Pd.100 10
10
104
5
25
Orange Crush corn
•
56
20
54
54
Page I lersey Tubes corn _
65
65
67
215 40
Photo Engravers & Elec.._• 15
15
1555
140
8
• 1955
Pressed Metals corn
1834 23
524
8
Riverside Silk Mills, A. _• 1855
45
7
1855 19
Simpson's Limited, B_
•
4
4
5
4
Preferred
100 35
127
3055 3
6
54
•
Stand Chemical corn
7
7
7
25
4
Stand Steel Cons corn_ _ _ _* 12
11
1455 2,070
1
• 274 2734 3054
Steel of Canada corn
585 1455
Preferred
25
32
32
3 25
Tailors pref. _ _100 69
Tip Top
69
69
5 35
Traymore, Ltd, corn
•
14
1
1,224
151
34
Traynor° Ltd. pref
20
154
345
1
154
•
Union Gas Co corn
4
4
5
485
234
Walkers, Ilintm, corn_ _ _
45
41
53
31,098
4
• 1555
Preferred
15
16
6,020
955
Western Can Flour corn... 10
10
1055
115
4
Weston Ltd, Geo, corn_ • 51
594 3,220 1655
50
100
Preferred
88
88
10 67
‘Vestern Can Flour pref _ • 4735 4756 50
20 45
Banks
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
100
100
100
100
100
100
100
150
157
160
195
278
Loan and Trust
_100
Canada Permanent
I luren & Erie Mtge-- - -100 87
100 200
National Trust
.oan & Debent.50
Ontario ,
100
Union Trot Co
,
• r) osr valor.
149
157
160
195
277
157
199
150
160
162
198
280
159
200
149
87
200
100
30
150
90
200
100
30
320
38
26
25
151
26
31
120
124
123
151
228
12356
152
3 120
27 77
9 165
8 98
17 30
High.
Mar
4
Jan
10
Jan
15
Sept
7
Apr 118
Apr
6
Feb 224
Jan 22
Mar 19
Jan 3.85
Apr
7
Jan 21
Apr 28
Apr 21
Feb 3855
Mar
955
Mar 7655
Feb
1055
Apr 454
Apr 15
Mar 1035
Apr 14
Apr 80
Apr
1134
Apr 20
Mar 224
Mar 60
Mar 40
Mar 384
Apr 204
May 97
Apr 2134
Feb 154
Jan
1635
Apr
5
Mar 140
Jan 190
Apr 10
Feb 274
Sept14
Aug
4
Feb
16
Apr 21
Mar
64
Apr 10755
May 15
Feb735
May
3
Mar
8
May 10
Jan 105
Mar 23.25
May
4
Mar
74
Jan 484
Apr 2155
Mar 21
May
11
Apr 23
Mar 1155
Mar 1734
Apr 107
4
Feb
Apr 22
12
May
May
255
Apr 70
Apr
1656
Apr 26
Mar 19
Sept
6%
Mar 52
Apr
1355
Jan 194
Feb 33
Mar 34
May 70
Aug
13.5
Sept
255
May
755
Mar 86
Mar 18
Feb
18
Mar 5955
May 88
May 70
July
July
July
July
July
June
Sept
Sept
July
July
July
July
July
July
July
July
July
July
July
June
July
July
Sept
July
July
July
Sept
July
July
July
July
July
June
July
July
July
July
July
July
July
July
July
July
June
Sept
Aug
June
July
July
Aug
July
July
July
July
Aug
July
July
July
July
June
July
July
July
Aug
Aug
June
Aug
July
July
Sept
June
July
July
July
July
July
Aug
July
July
July
July
July
July
Sept
Sept
July
Apr
Apr
Apr
Apr
Apr
Apr
Apr
175
175
185
220
235
183
215
July
July
July
July
Sept
July
July
May
May
May
Sept
Sept
167
102
212
105
40
July
Jan
Jan
May
Aug
Stocks-
Friday
.Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
Bissell Co T E corn
Brewing Corp corn
•
Preferred
Canada Bud Brew com_ _ _*
Canada Malting corn
•
Canada Vinegars corn_ _ _ _*
Canadian Wineries
•
Cosgrave Expt Brewery_ 10
Distillers Seagrams
•
Dominion Bridge
•
Dom Motors of Canada_10
Dufferin Pay dr Cr St pf 100
English Elec of Can A_
*
Goodyear Tire & Rub coin *
Hamilton Bridge corn....
Honey Hew corn
•
Preferred
Humberstone Shoe com *
Imperial Tobacco ord
5
Montreal L H dr P Cons *
National Grocers pref. _100
National Steel Car Corp_ *
Ontario Silknit corn
Power Corp of Can com_ •
Rogers Majestic
Robinson Cons Cone
•
Service Stations corn A_ •
Preferred
log)
Shawinigan Water & Pow_*
Stand Pav & Matis com__*
Stop & Shop corn
Toronto Elevators pref.
_100
United Fuel Invest pref 100
Waterloo Mfg A
Oils.
British American Oil
•
0
Crown Dominion 011
Imperial Oil Limited
International Petroleum..•
McColl Frontenac Oil corn*
Preferred
100
North Star Oil pref
5
Prairie Cities Oil A
*
Supertest Petroleum ord *
Thayers Limited pref. _ _ _ •
• No par value.
5%
12%
13
324
224
555
5
2755
28
2
1
244
11
354
90
2
734
15
1355
34%
23
6
6
32
31
255
30
12
100
9
1
7
24
25
10% 11%
2
5%
1234
12
3156
2255
555
5
244
2755
2
30
12
100
9
1
3534
90
1535
6
6
74
2
2
10
10
8
8
38
16%
255
255
6
6
93
5
5
• 3%
14%
144
19
1234
75
2
1755
20
1435
34
13
1834
12
74
2.50
2
174
20
Range Since Jan. 1.
Low.
High.
5
3,138
1,269
5,137
1,455
335
1.425
100
9,820
400
593
5
15
125
335
1,450
40
45
730
2
14
54
54
1355
1335
155
14
4
144
1
5
5
40
255
34
5
144
7
July
Sept
5
Jan
955 July
Mar 19
July
Apr 18
July
Mar 40
July
Jan 26
July
94 July
Jan
Jan
July
8
Feb 5155 July
Feb 33
July
Apr
5% July
Jan 30
Sept
Feb 19
July
Ma 11456 July
Apr 114 July
3% July
Mar
Sep
17
July
25
Sept
Jan
Feb 1134 Sept
375.1
90
1535
7
84
255
10
831
38
1755
34
6
96
6
35,5
256
20
5
105
320
75
77
260
5
115
125
20
25
70
95
2656
85
535
4
6
g
5
255
16
955
56
6
93
44
14
42
AP
Aug 100
Ma
1855
June
9
Jan 1555
Mar
4
14
Jan
Apr
11
Apr 48
Feb 214
Apr
6
Sept 1035
Sept 96
Mar 174
Feb
8
July
June
July
July
July
July
Aug
Sept
June
June
15
354
144
20%
1355
75
2.70
255
19
20
8,255
200
7,864
4,533
830
61
300
65
240
5
794
154
74
1055
734
5455
1.75
55
114
9
Jan
Apr
Apr
Mar
Mar
Apr
Apr
Apr
Mar
Feb
July
July
July
Sept
July
June
July
June
July
Sept
16
655
16
2051
15
80
4.50
34
224
20
July
July
July
July'
JUIY
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Sept. 16 to Sept. 22, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
American Stores
•
3755 39
Bell Tel Co of Pa pref_ _100 114% 1134 116
Budd (E G) Mfg Co
•
655
6
736
Budd Wheel Co
•
455
J%
Camden Fire Insurance_ _5
1255 1255
Central Airport
•
154 1%
Electric Storage Battery100
4555 4555
Fire Association
10
.354 3654
Horn & Hard(NY) pref 100 75
75
88
Insurance Co of NA....10
424 4231
Lehigh Coal & Navigation•
8% 8%
9
Lehigh Valley
50
1735 2155
Mitten Bk Sec Corp pref 25
14 155
Pennroad Corp v t c
•
Pennsylvania RR
50
Penna Salt Mfg
50
Phila Elec of Pa $5 pref. •
Phila Elec Pow pref
25
PhIla Rapid Transit_ ...50
7% preferred
50
Phila. dr Rd Coal & Iron. 0
.
Philadelphia Tracheal _ _ _ 50
Reliance Insurance
10
Scott Pap ser B 6% prof 100
Series A 7% preferred100
Shreve El Dorado Pipe L 25
Tonopah-Belmont DeveLl
Tonopah Mining
1
United Gas Imp com
•
Preferred
•
Victory Insurance Co_ _ _10
0
Westmoreland Inc
Westmoreland Coal
•
355
% 34
27
303.4 3734
4735 484
89 1004
3194 31% 3255
2% 3
255
5
5
514
555 631
18
18
184
6
6
95
95
105 105
4 14
Si
1
16%
BondsElec & Peoples tr ctfs 4s'45
PIISS ctfs of dep_ __
he
%
55is 155
154 174
8934 9334
53-4 sy,
751 79j
655 655
20
20
2654 264
Peoples
P
1
1
250
.550
8'8*'8888'8
0
1755
1%
435
53
53
64
135
4
ova,
Bonds
Chicago City Ry 5s__1927
Certificates of deposit__
Chicago Railways
Certificates of deposit ___
5s
1927
208 So La Salle St Bldg
1st mtge 556s
1958
155
Toronto Curb.
-Record of transactions at the Toronto
Curb, Sept. 16 to Sept. 22, both inclusive, compiled from
official sales lists:
•
Utll dt Ind Corp
•
Convertible preferred_ •
Viking Pump Co
Preferred
•
Vortex Cup Co corn
•
Cla.ss A
•
Wahl Co corn
•
Walgreen Co common_ _ ...
•
ward (NIontgl & Cool A..
Waukesha Motor com_
*
Wayne Pump com
•
Western Pow Lt & Tele! A•
Wieboldt Stores Inc corn_ •
Wirconsin Banlcshares com•
Yates-Air er Mach pt pf_.*
Zenith Radio Corp com •
Range Since Jan. 1.
wcsolgp
....
.0.0 .
P75201!
Aster
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
2253
§§
Volume 137
Range Since Jan. 1.
Low.
High.
Feb 4755
30
10651 Mar 116
g Mar
935
555
34 Mar
Apr 1454
9
4 Apr
255
2155 Feb 5355
Mar 38
18
75
Sept, 943-4
Mar 4555
25
555 Mar 1355
855 Feb 2755
54 Feb
235
July
Sept
July
July
July
July
July
July
July
July
July
July
July
155
13%
2556
89
2834
155
3
24
15
355
92
9955
55
Mar
634 July
Jan 42
July
Mar 484 Sept
Sept 103% Jan
Apr 33
Jan
Mar
July
6
9.55 July
Feb
Feb
954 July
Mar 2314 June
Apr
7
July
Apr 96
Aug
Jan 105
Aug
Jan
635 Aug
ill Jan
55 July
Si Jan
14 Sept
14
Mar 244 July
86
May 9934 Jan
355 Feb
6% July
5% Mar 13
July
4
Mar
94 July
Apr
15
2555' Aug
2355 June
2655 Sept
• No par value.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Sept. 16 to Sept. 22, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High Shares.
Arundel Corp
•
Black & Decker corn
•
Preferred
25
Chico dr PotTel of Bait p1100
Comm Credit Corp com_
655 1st pref
100
7% preferred
25
Consol Gas E Lob Pow.. 0
.
6% pref ser D
100
5% preferred
100
Eastern Rolling Mill
•
Emerson Bromo Sells cl A •
Fidelity & Deposit
50
Houston 00 peel
100
Mfrs Finance 1st pret_ _ _25
2d preferred
25
Maryland Casualty Co_..2
Maryland Trust Co
10
erch & Miners Transp_ •
MtVer-Woodb Mills pf 100
New Amsterdam Cas_..10
Penns Water & Power_ _ _ _•
Union Trust Co
10
S Fidelity & Guar_...10
Western Md Dairy met _•
22
6%
2154 2355
655
7
11
114
1164 116%
1555 1555
95
95
2454 2455
48
49
54
10655 106%
97
97
99
654 634
224 2255 234
25
26
26
555 555
7
7
7
3
3
255 256
254
9
10
32
32
28
28
1355
1355 14
424 424 504
255 24
4
4
44
75
75
Range Since Jan. 1.
Low.
High.
1,885
94 Apr 33
July
,
1
84 July
Feb
990
40
5 May
13
July
Apr 11654 Feb
10 112
44 Mar 1555 Sept
20
Mar 95
20 70
Sept
100 1855 Mar 244 Aug
Apr 70 June
613 43
9 10355 May 1104 Feb
76 9155 Apr 102
Jan
10
155 Feb
955 July
137 154 Apr 29
July
Mar 3955 July
155 15
,
24 Mar
100
74 July
6
102
955 Feb
May
4
Mar
2
34 July
155 Mar
1,125
June
5
855 July 104 July
310
55 194 Jan 3455 July
94 Mar 35
20
July
7
420
Apr 174 Jan
272 40
Apr 60
Jan
14 Aug
20
3
Aug
2,850
14 Mar
7 June
10 60
May 75
June
Financial Chronicle
2254
C'riday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Price. Low. High. Shares.
Bonds-
Range Since Jan. 1.
Low.
High.
Sept. 23 1933
.......
rfwuy
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
99
99
98
80
10
99
99
98
80
400
300
400
300
6234 6234 6,000
1,000
1134 1134
10
1134 10.000
234 234 3,000
87
94
95
74
1334
834
834
2%
Jan
May 100
Feb
June 101
June 10034 Jan
Jan
May 91
Feb
Apr
Apr
Feb
6234
1434
1434
5
Sept
June
June
July
• No par value.
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, Sept. 16 to Sept. 22, both
inclusive, compiled from official sales lists:
Stocks--
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Unlfated
25
Gulf(MCorp
Lone Star Gas 6% pref____
Pennroad Corporation_ •
334
134
60
734
18
434
27
4%
834
5
134
1034
634
74
BondsPirtshurch FlrewIne Ra 1949
Low.
High.
10
17
11
6
1334
8%
2%
534
134
17
5934
6%
18
2
1034
20
1434
634
1634
834
334
634
1%
18
64
8
1834
4
300
1,500
895
230
1,398
33
500
400
935
210
275
9,857
75
330
7% July
434 Feb
Feb
4
3 May
9% Mar
Apr
7
Sept
2
534 Aug
1% Jan
6% Feb
Mar
45
Mar
5
Feb
7
Apr
2
8
23
19
11
28
9
7
834
2%
2534
67
1234
2034
834
Jan
July
July
July
July
June
June
July
Mar
July
June
June
Sept
June
434
27
4%
3334
8
5
1434
134
10
Sc
134
18
1634
1
2834
38%
634
4%
28
4%
34
9
5
1634
1%
1034
Sc
1%
18
18
1
3134
4634
634
805
400
145
100
1,275
25
210
1,210
110
1,000
125
145
50
700
347
510
2,236
434
10
134
13
134
5
634
134
6
le
1
10
14
1
1234
1934
4%
Sept
Mar
Jan
Mar
Feb
Sept
Feb
Sept
May
Feb
Feb
Feb
June
July
Jan
Feb
Mar
10
40
534
3934
1134
10
1714
2%
12
Sc
3
24
20
1%
3534
5834
10
Mar
May
July
June
July
July
May
June
May
June
July
June
JUIN
June
July
July
June
5734 57%
74
74
334 334
600
25
141
88
8834 53.000
2634 Jan
Apr
65
Apr
1
65
Mar
July
61
9134 June
July
6
91
July
• No par value.
Bonds
Firestone T & R of Calif&
1942
91
91
8
50
Pittsburgh Brewing
50
Preferred
"
Pittsburgh Forging
Pittsburgh Plate Glass_25
Pittsburgh Screw & Bolt__•
100
Pittsburgh Steel Fdy
5
Plymouth Oil Co
Renner Company
1
Ruud Manufacturing_ _ - -•
1
San Toy Mining
Shamrock Oil & Gas
*
United Engine ez Fdy_
•
Vanadium Alloy Steel_ •
1
Victor Brewing Co
Westinghouse Air Brake_ •
Westinghouse El & Mfg_50
Western Pub Serv v t c.._•
10
1734
13
6
4
52
434
9%
136
734
50
2%
1
134
15
15
534
49
434
1734
42
96
80
19
3834
1
834
43
4
52
4
8
8
136
734
50
2%
1
1
1%
14
15
434
46
453-4
334
1734 1734
39
39
96
96
80
16%
18
3834 3834
1
834
4134
0
Cl
•9
Amer Wind Glass. pref 100
Armstrong Cork Co
•
Blaw Knox Company_ _ _•
•
Clark (DL) Candy
Columbia Gas & Elee__ •
10
Devonian Oil
Duquesne Brewing corn...5
5
Class A
Fort Pittsburgh Brewing_l
•
Harbison Walker Ref_
Koppers Gas & Coke p1100
Lone Star Gas
•
5
Mesta Machine
Nat Fireproofing, pret_50
Range Since Jan. 1.
Metropol Pay Brick corn.*
Preferred
100
Mohawk Rubber com_
•
Preferred
100
National Carbon pref _ _100
National Refining com_ _25
Preferred
100
National Tile corn
•
National Tool corn
50
Nestle-LeMur el A
•
Ohio Brass B
•
Patterson Sargent
•
Peerless Motor corn
3
Republic Stamp & Eng__•
Selberling Rubber com- •
Selby Shoe corn
•
Sherwin-Williams Corn.-25
AA preferred
100
Standard Oil (Ohio) pf_100
Thompson Products Inc."
,
Yruscon Steel pref
100
Van Dorn Iron WAS corn.*
Weinberger Drug
*
Youngstown 5 & T pref 100
I 8,2874.828882.824824:2`4.'882g1.
.
..e.. Cl CO . Tr 1.1 .
l..
.
I
Baltimore City
1954
45 Annex impt
1951
4s Annex leapt
4s Paving loan
1951
1980
3348
Southern Bankers Sec Corp
5% coil trust notes 1938
United Ry & El 1st Cis flat49
1949
1st 4sflat
WashBalt&Annap 58flat'41
Range Since Jan. 1.
Low.
2
52
1
5
110
3
30
1
1
34
5%
934
134
2234
1
10
1334
70
7734
634
30
34
7
17%
84
High.
Apr
634
Sept 52
Mar
7%
May 1434
Mar 136
9
Apr
May 58
434
Jan
2
Sept
3
Apr
Jan 20
Jan 20
934
June
Apr 53
Mar
7
Jan 2034
Feb 43
Mar 9834
Mar 83
Feb 20
May 3834
3%
Apr
Feb
9
Feb 53
June
Sept
July
June
Sept
July
July
June
July
June
July
May
July
July
June
June
July
July
Aug
Sept
Sept
May
June
June
Mar
Sept
91
* No par value.
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange, Sept. 16 to Sept. 22, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
-Par Price. Low. High. Shares.
Stocks
Brown Shoe pre
100 119
119
Coca-Cola Bottling corn._1
9
934
Coneol Lead & Zinc A_ _ •
134
134
Curtis Mfg corn
5
9
Columbia Brewing corn _5
534
Fulton Iron Works corn_ •
50c
Globe-Democrat prof. _100
106
Hamilton-Brn Shoe com_25
4
Internatl Shoe corn
• 46% 46%
Laclede Steel corn
20 16
16
McQuay-Norris corn
43
Meyer Blanke corn
•
2
2
Mo Portid Cement com_25
734
7%
Nat. Candy corn
• 18
1734
Pedigo-Lake Shoe corn_ *
3%
Rice-Stlx Dry Gds corn_ __•
734
734
2d preferred
1C0 80
80
Sou Acid & Sulphur com_ _• 21
1934
Southwtn Bell Tel pret.100 116
11534
Wagner Electric corn_ _.15
8%
834
Bonds
Pierce (B) (Income Lease1936
hold Co) 5e
05
119
9%
134
9
5%
50e
106
4
48%
17
44%
2
734
18%
3%
734
80
21
11734
934
95
95
Range Since Jan. 1.
Low.
4 109
200
634
50 25e
434
50
75
5%
54 50c
10 103%
25
2%
173 26
160
9
35 2434
60
134
140
4%
385
534
20
23-4
55
3
10 50
50 15
24 10934
4%
282
$1,000
95
High.
Jan 120
May 1234
Mar
2
A rP 10
534
Sept
Sept 50e
May 1073.4
5
Feb
Mar 55
Jan 20
Mar 4434
2
July
Feb
1334
Mar 22
33i
May
10
Feb
Apr 80
May 29
Apr 118
12%
Apr
Sept
95
Sept
June
May
Aug
Sept
Sept
Feb
July
July
July
July
Sept
June
July
July
June
Sept
June
Sept
July
Sept
Cincinnati Stock Exchange.
-Record of transactions • No par value.
at Cincinnati Stock Exchange, Sept. 16 to Sept. 22, both
New York Produce Exchange Securities Market.
inclusive, compiled from official sales lists:
Following is the record of transactions at the New York
Sales
Friday
Produce Exchange Securities Matket, Sept. 16 to Sept. 22,
Range Since Jan. 1.
Last Week's Range for
both inclusive, compiled from sales lists:
'Week.
Sale
of Prices.
Stocks-
Par Price. Low,
Aluminum Industries_ _ _•
Amer Laundry Machlne_20
•
Amer Products Pref
Amer Rolling Mill com_ _25
•
Amer Thermos Bottle, A.
C N 0 dr T P preferred_100
Chi Gas & Elec pref._ _100
.
Cincinnati Street Ry _ _ _50
50
CM dr Sub Bell Tel
•
City Ice & Fuel
•
Crosby Radio, A
Eagle-Picher Lead
20
•
Formica Insulation
•
Gibson Art corn
Griess-Pfleger pret
100
•
Gruen Watch corn
100
Preferred
Hobart Mk
•
•
Julian & Kokenge
•
Kroger corn
*
Leonard
•
Manisehewitz corn
Moores Coney, A
•
National Recording Pumps
Procter & Gamble, new...*
100
Pure Oil, 6% pref
•
Rapid Electrotype
•
Richardson, con)
10
US Playing Card
ry.... Al....I.
•
1234
19
67
5%
6
13
18
23
7
2
56
15
9
1734
10%
1234
734
1734
1%
8034
67
534
6834
17
1034
6
13
8%
734
234
5
18
434
23
3
7
2
2
4234
50
15
9
1734
in
High. Shares.
1135
13
734
2134
134
8034
72
5%
70
17
11
634
13
9
734
234
5
18
434
26
3
7
2
2
4334
5634
15
9
19
ii
15
397
70
475
100
5
381
575
109
10
130
335
50
62
10
50
20
6
10
457
15
20
23
100
. 156
120
50
80
35
53
Low.
3
631
5
6%
134
75
67
434
5734
1034
234
234
5
7
734
134
5
10
434
1534
1
7
2
2
1934
20
13
4
9
23f
Mar
Mar
Mar
Feb
Apr
June
Sept
Mar
May
Mar
Mar
Feb
Jan
Apr
Sept
Mar
Apr
Feb
Sept
Feb
July
Apr
Sept
Aug
Mar
Apr
May
Jan
Mar
Jan
High.
June
16
July
19
8 June
3034 July
4 May
8034 Sent
Jan
93
9
May
7534 July
25 June
15 June
834 July
2134 June
June
14
734 Sept
5 June
15 June
27 June
10
May
35
July
5 June
12 June
334 Aug
July
4
4634 July
5634 Sept
1834 JUA•
1334 July
2734 July
1234 Jun(
• No par value.
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, Sept. 16 to Sept. 22, both inclusive, compiled from official sales lists:
Stocks-
Friday
dates
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
534 5%
•
Apex Electrical Mfg
17
1834
City Ice & Fuel
•
65
65
100
Preferred
6
6
Cleve Builders Supply- 107 10735
Cleve Elee Illum 6% pf _100 107
40
40
Cleve Railway corn _100
40
100 3934 39
Ctfs of deposit
10
9
9
Cleve Worsted Mills com_•
12
12
Corr McKln &I vot com100
10
12
Non-voting corn.._100
8%
8
•
Cliffs Corp v t C
66
70
•
Dow Chemical COM
104% 104%
100
Preferred
7
7
Enamel Product)
•
731 734
•
Foote-Burt corn
85
85
Genl Tire & Rubber com25 85
1
134
1
Geometric Stamping
•
52
52
Halle Bros preferred ---100
6% 6%
Harbauer common
•
Interlake Steamship com_• 2334 2334 2334
5%
5% 6
•
Jaeger Machine corn
10
10
*
Jelley Isl L dr Tr com_
•
ate
•
•
- --- - --- •
135
247
20
15
95
70
170
275
20
60
100
475
29
15
20
10
280
10
20
130
50
10
I too
Range Since Jan. 1.
Low.
High.
Feb
4
734 July
July
934 Apr 25
Apr 69
Aug
46
Sept
6
3 June
Jan
9534 Mar 110
July
Apr 49
32
Apr 4934 July
29
734 Sept 12
July
July
334 Jan 24
July
234 Feb 25
19
July
334 Feb
July
30
Jan 78
96
Apr 10434 Aug
Sept
7
Sept
7
Jan
9
534 Aug
Apr 118% July
25
July
4
June
1
38% Jan 52 Sept
6% Sept
234 Jan
July
Feb 29
14
7 June
2% Apr
July
634 Apr 16
1 t• Fah
11% July
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High Shares.
134
Abitibi Pow & Paper
•
134
Admiralty Alaska
1
11e
Aetna Brew
1%
1%
Allied Brew
I
6%
5%
Altar Consolidated
2%
1
2%
Arizona Comstock
1
2%
2
Bancamerica Blair
1
434
434
Black Hawk
1
45e
Brewers & Dist v t c
2%
•
234
Bulolo Gold
5
1934
Carnegie Metals
1
1.50
1.35
Central Amer Mines
1.50
1
Como Mines
1
19e
Continental Shares
•
fie
Cosden Oil
1
334
Croft Brew
1
1%
1
Davison Chemical
•
34
Diversified Tr Shares D.........5
Eagle Bird Mines
1
1.62
El Canada Uts
434
6
Elizabeth Brew
1
234
2%
Fade Radio
134
1
134
8%
Falstaff Brew
1
934
Fashion Park
34
%
•
Flock Brew
234
234
2
Fuel Oil Motors
10 10e
10e
3
General Electronics
334
1
Golden Cycle
10
1634
Greyh'd Coppr N com w 1 •
234
234
Hamilton Mfg A
10
1134
Imperial Eagle
100
100
1
Kildun Mining
2%
1
23-4
Kingsbury Brew
1
10%
Kuebler Brew
1
3
3
Lock Nut
134
1
134
Macassa Mines
85c
1 95c
Marmon Motor
17e
• 180
Newton Steel
234
•
Paramount Publlx
144
10
134
Paterson Brew
1%
1
134
2
Polymet Mtg
1
236
Railways N
4
434
1
Rayon Industries A
634
1
63-4
Reno Gold Mines
1.10
1.10
1
3%
Rhodesian Selec Tr
5 sh 3%
Richfield Oil
Si
%
•
Ross Union Dist
21
5 50 22
Rustless Iron
•
234
234
1%
Simon Brew
1
134
234
Standard Brew
2%
•
1.20
Sylvarnite Gold
1
United Cigar N w I
7
7
5
Van Sweringen
Si
Si
•
AnilvA-411.4.1And
A 20e
20e
• No par value.
San
131
12e
1%
6%
234
23.4
4%
54c
2%
1934
1.60
1.65
20e
90
334
1%
1
5
1.75
6%
3
1%
1034
35
3%
11e
3%
1631
234
1136
100
334
1134
3%
136
1.07
180
234
2
1%
2%
434
636
1.10
4
%
24
234
1%
3
1.30
734
Si
270
1,300
1,500
700
5,600
1,000
13,400
200
5,000
12,600
50
10,300
400
2,500
1,200
700
3,600
1,900
100
400
1,900
8,200
5,800
3,400
900
1,700
400
1,500
200
100
200
1,500
4,800
500
5,500
300
10,100
800
300
7,400
1,000
6,200
7,300
33,700
100
1,900
6,400
1,300
1,000
2,800
1,300
1,900
1,300
200
4.200
Francisco Stock Exchange. See
Range Since Jan. 1.
Low.
134
5e
134
434
134
1.15
13-4
40e
1%
15
1.35
500
8e
8e
3%
1
15e
5
1.62
43.4
1%
134
7
38e
23.4
100
234
83-4
236
1134
10e
1
10%
3
1%
190
160
2
120
1%
134
%
434
1.10
1
34
1
2%
1%
236
05o
7
120
6c
Aug
Mar
July
July
June
July
July
July
July
Aug
Sept
July
May
Sept
Sept
July
May
Sept
Aug
June
Aug
Sept
May
Sept
Sept
Jan
Jan
Mar
Sept
Sept
Sept
Mar
July
July
Sept
Jan
Sept
May
Mar
Sept
Sept
Apr
July
Sept
Jan
Aug
Jan
Aug
Sept
July
July
Sept
Jan
Mar
High.
Aug
Feb
June
June
Anti
Sept
Sept
MIS
Jab'
Sept
Sept
Sept
May
May
Sept
July
June
Sept
July
Aug
June
May
May
June
5% June
280 Feb
MaY
4
1734 Aug
234 Sept
July
13
100 Sept
July
5
1734 July
3% Aug
134 June
1.07 Sept
34 June
1034 July
234 July
3 June
July
5
436 Sept
634 Sept
2.60 July
Sept
4
June
1
Jul)
32
336 JuIS
134 Atli
534 May
1.45 June
834 Aue
I% Jul)
34 June
334
19e
3
1134
234
234
4%
57e
3%
1934
1.60
1.75
200
%
3%
234
234
5
3.75
834
334
2%
2034
114
page 2228.
-Soo page 2228.
Los Angeles Stock Exchange.
•
Financial Chronicle
Volume 137
2255
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 (Eept.16 1933) and ending the present Friday,(Sept.22,1933). 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:
SalesFriday
Friday
Sales
Range Since Jan. 1.
Last Week's Range for
Last Week's Range for
Week.
of Prices.
Sale
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
High.
Low.
Stocks (Continued) Par. Price. Low. High. Shares.
Week Ended Sept. 22.
Stocks-
Indus. & Miscellaneous.
Acme Wire v t c com_ _25
Adams-Millis 7% pref_100 70
Aero Supply class 13
•
155
Afga Ansco Corp
I
Ainsworth Mfg corn
*
Air Investors corn vi c_ _..•
24
Warrants
•4
Ala Gt Sou RR ord_ _ _ _50 40%
Alliance Investment
*
Allied Mills Inc
• 11
Aluminum Co common- __• 70
Aluminum Goods Mfg___*
Aluminum Ltd-6% preferred
100
Amer Beverage Corp
.6
Amer Brit & ContinentaL*
Amer Capital corn cl 13_ •
54
$3 preferred
Amer Cyanamid Class 1.3...• 12
Amer Dept Stores Corp_ ..•
74
7% lot pref ser A _100
Amer Equities Co
1
Amer Founders Corp
I
1
0% 1st pref ser D _ _50 12%
7% Preferred ser B___50 12%
Americas, Investors
1
356
warrants
Amer Laundry Mach
20
Amer Maize l'roducts_
*
Amer l'neumatIc Service.*
American Thread pref_ .._5
Anchor l'ost Fence
•
24
Arcturus Radio Tube_...I
1
Armstrong Cork oom
• 17%
Art Metal Wks coin
5
24
Assoc Elec IndustriesAmer dep zeta
il
Assoc Rayon corn
•
Atlantic Coast Fisheries..-.'
Atlas Plywood Corp
•
Atlas Corp corn
• 124
$3 preference A
•
Warrants
6
Axton-Fisher Tob A _ 10 564
Babcock & Wilcox
100 50
Baldwin Locomotive warr.
Bellanca Aircraft v t c_1
Bickfords Inc
•
Bliss(E Mr) & Co com____*
24
lilumenthal (S) & Co com• 11
Blue Ridge Corp-Common
1
255
6% opt cony pre!
•
Bohack (II C) coin
.
Boston & Maine RR7% prior preferred _100
13ourJols Inc
•
Bowman-Blitmore Hotels
2d preferred
100
Bridgeport Machine
•
Brill Corp class A
•
Class B
*
Brill° Mfg Co
*
British Amer Tobacco Ltd
Amer dep refs for bearer_
Am dep rcts for regis___ ______
British Celanese Ltd-Am deo rcts reg she
34
Brown Co 6% pref.. __100
Bulova Watch $3.50 pref.' 20
Buren warrants
Burma CorporationAm den rots for reg Bhp_
Butler Brothers
10
4
Cable Radio Tube v t c_ •
Can Indust Alcohol A____• 183-4
Class B non-voting___' 1634
Carnation Co
• 1434
Carrier Corp
• 10
Celanese Corp of America
7% 1st partio pret.__100 9955
Celluloid Corp corn
15 1534
1st preferred
•
27 div preferred
2 40
355
Centrifugal PIM Corp.__•
•
Charis Corporation
Chicago Corporation
1
Chicago Nipple class A_50
Childs Co pref
100
24
Cities Service common_._'
Preferred
• 14
Preferred B
•
Preferred BB
• 1154
•
City Auto Stamping
1
1
Claude Neon Lights
Cleveland Tractor
•
3A
Clinchfield Coal
100
Colt's Patent Fire Arms_25
23
Columbia Pictures
84
Consolidated Aircraft_ __•
Consol Auto Merch v Cc..
•
33.50 preferred
•
CCUIPOI Retail Store
8% preferred w w......100
14
Consol Thearrcs v t c____•
455
Cooper Bessemer Corp___•
53 pref A w w
5
94
Cord Corn
1
Corroon & Reynolds
Courtlauds LtdAmer dep rcts ord. -CI
25
Crane Co common
100
Preferred
6
Crocker Wheeler Elee____•
734
Crown Cork Internet A__•
Crown Zellerbach Corp*
Preferred series B
•
X
Detroit Aircraft Corp
•
Dictaphone Cori)
.61.
1974
Distillers Co Ltd
Distillers Corp Seagrams_• 264
•
I mehler Die-Casting
• 67
Dow Chemical
10 1234
Driver Harris corn
34
Dublier Condenser corn _.1
6
•
Duval Texas Sulphur
9
70
155
455
74
234
4
4035
155
10%
67
1054
9
70
1%
455
84
34
55
404
2
13
7614
11
100
200
800
200
1,000
3,700
200
100
200
8,000
6,100
300
255
60
A
334
135
34
55
8
156
3
374
734
56
24
4
54
12%
114
4
3
275
lhe
12%
127.5
355
4
13
37
134
34
255
1
17
24
300
58
800
254
35
400
4
100
14
500
21,800
14
74
900
50
3
100
23-4
134 6.800
250
124
25
123/,
SOO
4
1
1,200
1335
500
50
37
24 1,700
375
100
3,900
3
600
1
194
800
214
100
20
14
34
sit
454
355
34
3
255
44
9
8
2
III
654
1555
1
255
44
434
24
24
355
114
40
54
5655
51)
9
44
54
255
11
44 2,100
100
24
100
234
354
200
1456 30,500
40%
400
734 8,300
12'
59
50
50
93.5
600
555 1,900
200
554
4
1.000
11
100
244
55
1
134
514
33
24
2534
25
7
155
4
1
2
Mar
Apr
Feb
June
Feb
Jan
Jan
Jan
Sept
Apr
Feb
Apr
Feb
Mar
Jan
Jan
Jan
Feb
Jan
Sept
Jan
Apr
May
Apr
Apr
Mar
Feb
Feb
June
Apr
Feb
4 Feb
44 Max
55 Mar
Apr
Apr
Jan
Apr
Apr
Mar
Feb
Feb
Jan
Aug
July
May
Feb
Feb
1534
80
4)4
654
10
3%
I
55
3%
154
0555
16
July
June
June
June
June
June
June
July
July
Aug
June
June
65
July
54 Mar
1
June
14 June
164 July
15% June
14 June
10% Jan
44 June
234 June
20 June
2055 June
6
June
135 June
184 July
37
Sept
3
July
4
July
3
Sept
2% July
24
July
455 May
534
555
4
655
1834
4334
10
65
59
11
7
755
555
12
July
June
July
June
June
May
June
June
Aug
Aug
Sept
June
July
July
2
234
29
3234
194 194
2.900
1,900
100
144 Mar
2134 Mar
1934 Sept
455 June
3734 June
26
Feb
40
54
100
800
2255 Jan
255 May
40 June
515 July
4
55
34
34
255 3h
2
2
7
7
106
100
400
100
100
36
54
54
4
63/,
Sept
Mar
Feb
Jan
Feb
2655 2634
27
27
300
400
1634
1654
Jan
Jan
334 34
9
9
1755 20
h
h
5,000
25
900
200
1
Apr
3
May
1255 May
55 May
1,100
600
144 Feb
134 Feb
40
4
3)4
4
%
1655
1534
1434
10
334
434
4
200
214 18,600
19
5,400
1534
800
127-4 3,200
4
234
74
554
4
Jan
May
July
Mar
Feb
55
155
54
4)4
114
Sept
June
July
July
Apr
2674 Sept
27
Sept
434
1455
20
34
June
July
Sept
July
334 July
634 June
44
38%
34
18
17
June
July
July
May
July
275
9935 107
22
1,400
15
25
624 6234
1,225
48
38
355 34
800
100
934 955
100
3
3
100
Si
14
10
15
15
254 35.4 51,500
14
1434
600
136
155
100
1134 12
30
100
10
10
1
134 1,500
200
356 4
150
6
5
100
1556 154
500
27
23
04
800
8
•js
200
34
100
ii
34
154 2
500
1256 1255
20
r4134
SOO
1
414 54
900
400
15
16
844 124 18,800
200
2
234
27
Apr 110
2
Apr 2334
20
Jan 6254
20
May 46
254 Jan
414
64 June 1255
54 Mar
454
A June
4
634 Mar 30
634
g2
Feb
104 Mar 30
1
Apr
354
5
Apr25
5
May
18
A Apr
2
1% Apr
6
5
Sept7
Jan
8
1934
84 Feb 27
1
M
Mar 12
44
lie Jan
34 Slay
1
'is Jan
234
1255 Sept
,
14
34 July
235
1
Mar
11
6
Mar 20
444 Feb 1555
44 Apr
4
July
Sept
Sept
Sept
July
July
July
June
July
May
Slay
June
May
June
June
July
June
July
Sept
July
June
June
June
Sept
June
July
July
July
July
9
934
7
7
40
40
54 734
734 834
434 Mar
434 Mar
40
Sept
234 Fab
23.4 Jan
1034
11.4
5955
11
935
July
July
J uly
July
July
May
Jan
May
July
July
Feb
Mar
Feb
Feb
Feb
40
"re
12
214
4934
5
78
2
67-4
144
8
Sept
June
June
Aug
July
June
July
July
June
Aug
38
%
954
1955
2355
354
67
1256
34
534
1,400
100
2'
1,400
2,000
39
50
he 2,500
935
100
2054 51.200
3054 37,600
4
500
70
1,300
400
1334
20
34
654 4.200
1536
4
5
1754
15
11',
110
34
he
34
Range Since Jan. 1.
High.
Low.
Easy Wash Mach 13
4,700
64 9
9
•
155 Jan
634
Economy Grocery Stores_•
Aug 254
200 23
2355 2455
Eisler Electric Corr
2
•
14
34 Apr
1
400
1
,
Elec Power Ass,ccom
1
255 Apr 1255
555
900
555 6
Class A
24 Apr 114
5
454 555 1,600
1
Electric Shareholding
Common
034
•
100
4% 455
234 Mar
Cony pref with warr_ - -• 35
Apr 8934
300 35
35
35
Elgin Nat Watch
15
74
5% May
150
714 714
Equity Coop corn
24
Sept
10c
2
254
2
234 7,000
Fairchild Aviation
1,600
634
24 June
5%
555
5
1
Ferro Enamel Corp
• 11
104 114 1,100 104 June 154
Fiat Amer dep rights
Mar 184
0
100
184 184 184
Eiden° Brewery
12,600
2% 3
44
1
255 Sept
255
First Nat Sts 1st pref__100 110
• 10 10855 Mar 115
110 110
Fisk Rubber Corp
9%
4 Apr
74 954 11,900
1
8
86 Preferred
Jan 584
100 574 55
573/, 1,100 18
Flintokote Co class A_
754
135 Feb
900
•
355 434
Ford Motor Co Ltd6%
Amer dep rcts ord reg_il
554 3% 11,000
2% Feb
5%
Ford Motor of Can el A • 124 124 15
435 Feb 19%
2,800
Class B
936 Feb 26
75
1655 17
Ford Motor of France
Mar
555
Amer deposit rcts
3
600
454
454
Foundation Company
-.
456
24 Mar
Foreign shares
200
4
4
Garlock Packing
•
General Alloys Co
•
General Aviation Corp.--1
Gen Elec Ltd Am der rcts •
Gen Investments Corp_ _5
$6 preferred
*
Warrants
Gen Theatres Equipment
$3 cone preferred
•
General Tire & Rubber __25
6'i preferred A
100
Glen Alden Coal
•
Globe Underwriters Exch_•
Gold Seal Electrical
1
Goodchaux sugars el B •
1
Gold Seal Electrical
Gorham Mfg corn v t c___•
Grand Rapids Varnish,.
-...5
Gt Alt & Pao Tea
Non vot coin stock.___•
7% 1st preferred_ --111111
Great Northern Paper_ 25
Groc Stores l'rod v t c_ 25c
1
Guardian Investors
Happiness Candy Stores_ •
•
Hazeltine Corp
Helena Rubenstein corn_ •
Heywood Wakefield new25
Hires (Chas E)Co cl A corns
Horn & Hardart com--•
Hydro-Elec Secur corn. •
5
ElYgrade Food Prod
Hygrade Sylvania
•
Imperial Tob of Gt B & Ire
Am dep rcts for ord shsEl
Industrial Finance v t c10
Insurance Co of No Am_10
Internatl Cigar Mach__ •
.
Internatl l'roducts corn _•
interstate Equities Corp-1
50
23 cum pre ser A
Irving Air Chute
1
Jonas & Naumburg com_ •
Klein (Emil) Co corn
•
Kleinert Rubber new_ AO
KoppersGas & C 6% PI
-100
1
Kreuger Brewing
Lakey Foundry & Mach.'
Letcourt Realty pref
•
Lehigh Coal & Navigation•
Lerner Stores corn
Libby-McNeil dr Libby-10
Louisiana Land & Explor.*
Mapes Consolidated Mfg_•
Maryland Casualty Co_ __2
Massey Harris Co corn_ _-•
1
Mavis Bottling CIA
Mayflower Associates. •
McCord Had & Mfg
•
Mead Johnson & Co corn..'
Mercantile Stores corn. •
Merritt Chapman &Scott•
•
Mesabi Iron
Michigan Sugar
•
Preferred
10
Midland Royalty pref_
•
•
Midland Steel Prod
Minneapolis Honeywell
Regulator pref
100
Mississippi River Fuel
Warrants
Mock Judson Voehringer_*
Molybdenum Corp v t o..1
Montgomery Ward & Co
Class A
•
Moody's Investors Service
PartIc preferred
•
Mortgage Ilk of ColumbiaA merican shares
Nat American Co
•
National Aviation
•
Natl Belles Hess com
1
Nat Bond & Share
•
Nat Dairy l'rod pref A.100
Nat Investors common_ -.1
34% preferred
1
Warrants
National Leather corn_ _ _•
Nat Rubber Mach corn_ •
Nat Screen Service
•
Nat Service common
1
Nat steel warrants
Nationat Sugar Retining_.•
National Toll Bridge A_ •
I
National Union Raclio
•
Neill Corp common
Nelson (Herman) Corp_.5
Newberry (J J) common_ •
New England Grain Prod.•
•
New Haven Clock corn
154
755
A
34
83
164
35
224
814
Sept
Sept
July
June
June
June
June
Sept
Aug
July
July
Sept
Aug
July
July
Sept
June
July
July
June
July
Aug
13
13
155 2
654 835
1055 104
154
155
12
11
14
A
100
1,000
1,900
300
200
200
100
34
234
655
134
11
34
Mar
Mar
Jan
Jan
Sept
Sept
Jul'
Iill
July
July
July
July
July
July
July
?le
914
6634
1934
54
14
734
55
294
97.4
800
2,325
100
8,300
400
600
600
2,000
5,900
600
34
23
51
634
4
54
255
%
6
44
4
Feb
Apr 140
May 90
Apr 24%
7
Feb
134
Jan
Apr 15
155
Jan
Jan 294
June
94
June
JuIY
July
July
July
June
July
June
Aug
Sept
ahe
784
664
154
54
4
7
55
21
7h
129
123
125 140
122 124
2455 25
1
1
1
55
3-4
4
4
455 455
4 1
63-4 64
214 214
174 1754 194
754 8
434
434 44
26
26
4
14 1 .;
44
10%
10%
255
12)4
Sept 18134 MaY
710 125
Mar 125
aug
90 118
Sept
Apr 27
150 11
June
3
54 Jan
700
4 Sept
100
13-4 June
h June
56 Mar
1,000
14 Mar
100
654 July
1% June
4 Mar
600
554 July
255 June
50
Apr 24
100 17
July
1,375 175-4 Apr 25% June
500
955 July
334 Mar
July
9
244 mar
2,300
Feb 2754 Aug
25 13
Feb 2634 Sept
3 June
Apr
Mar 45% July
June
Mar 28
June
4
Feb
Jan
134 July
Apr 24% July
834 May
Sept
Feb
24 June
July
1335 Aug
934 July
Aug
June
Mar 67
July
2334 June
Jan
155 May
Apr 1055 July
June
14
Apr
Jan 1654 Sept
Feb
834 June
Apt
24 Ma)'
Feb 3454 Sept
June
Apr
5
Sept107-4 July
si Jan 244 July
Sept
Mar 48
27
July
Feb
6
1
384 Feb 69
May
July
Feb20
8
454 July
34 Jan
4 May
ni. May
344 July
14 July
734 July
354 Sept
Feb
6
355 May
June
14 Apr 12
15
34
25
15
%
44
9
334
4
914
6
45
15
54
3
534
4
144
%I
21
154
5
157-4
8
4
14
44
134
48
24
134
355
4
'is
1155
234
14
1
174
55
3755
7354
120
Apr
7334 Sept
4
84
455
100
200
1,000
155 Jan
44 June
354 Sept
Aug
4
84 Sept
July
6
270
464 Feb
22
100
14
4
11
200
100
2,300
400
200
3,100
400
1,200
500
100
100
200
3.600
400
500
1,100
200
2,000
2,200
400
100
900
3,400
100
300
1,100
100
1,200
700
1,300
800
100
200
22
154
134
23
4
2614
1
4355
234
13-4
15',
2454
534
A
11
6
6055
18
1
954
934
16%
454
14
3434
255
534
114
48
455
48
16
254
4
134
354
4
555
6734 70
40
2655
1
40
23
14
I%
23
34
4
11
6
60
154
35
9
8
1454
374
14
34
255
444
174
48
4
457.4
115
234
4
14
355
4
5
72
264
4
200
4
84
354
59
82
254 July
155 Feb
534 AU;
134
10
.it
34 Jan
11
124 4,500
41j Apr 134
234 3
18,500
4%
44 Jan
34
3535
Feb39
200 z20
x9134 x91 si
100 764 Feb 9754
14 2% 1,100
1
Fen
4
35
50 24
Apr 48
3634
1
144
1,600
35 Apr
24
15-4
155
800
4 Feb
354
355 355
100
554
ui. Ma
1254 13
554 Apr 13
200
55
4 1,406
54 Mar
24
755 754
600
1455
4 Feb
3755 3936 2,900 2214 Feb 454
sis Sept
ha
200
'14
54
1
134
400
44 Jan
234
13-4
100
51
54 Sept
4
434 434
100
234 Mar
84
164 1634
100 10
Apr 19
100 10
3034 3034
Feb 304
2A6
4 Star
100
294
2.5
he
July
Feb
Blue
Sept
July
July
Aug
June
July
June
May
July
Sept
May
June
July
June
June
July
July
May
Sept
Sept
2256
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par. Price. law. High. Shares.
New Mexico & Ariz Land.1
New York ShipbuildingFounders shares
1 15%
Niagara Share of Md el B_ 5
434
Niles-Bement-Pond
• 1136
Nitrate Corp of t bile
Ctrs for ord B shares
ski
Novadel-Agene Corp.. •
Northwest Engineering_ •
011stocks Ltd common_ __5
Overseas Securities
Paci0c Eastern Corp _ __ _I
236
Pan-American Airways_10 51
l'aramount Motors
5%
•
Parke, Davis & Co
• 21%
Parker Rust Proof
• 56%
Ponder (David) Groc A_ _. 2436
Pennroad Coro T t C___ 1
3
Pepperell Mfg
100 71
Phillip Morris Inc
10
3%
Phoenix SecuritiesCommon
1
136
$3 cony pre? ser A ____10 23%
Pierce-Arrow Motor Co- •
Pierce Governor com
*
3%
Pitney-Bowes Postage
Meter
336
•
Pittsburgh & Lake Erle_50
Pittsturgh Plate Glass_25 34%
Potrero Sugar
136
5
Prentice-Hall common....*
Prudential Investors
•
634
$6 preferred
* 60
1
136
1,200
15% 18
3% 5
11% 1136
700
1,800
200
sii
47
4%
7%
3
236
5034
5%
21%
56%
24%
2%
71
336
-Range Since Jan. 1.
Low.
1% July
I% Jan
Apr
3
436 Apr
20% Aug
June
9
1734 June
2,100
1,000
100
100
sis
94
6%
136
Quaker Oats Co
132 132
" 132
6% preferred
100 115
115 116%
%
II„
.
4
Railroad Shares
Rainbow Lumin ProdClass A
•
Tis
%
Reeves (Daniel) common_•
19
19
Reliance Internet A
2%
•
2.35 234
Reliance Management__ *
136
1
%
3„
Republic Gas common__ •
Rey barn Co
10
1% 234
Reynolds Investing
1
%
%
)4
Richman Bros Co
48% 48%
•
Roosevelt Field Inc
134
5
134
Rossia International
916
%
Royal Typewriter
10
•
10
2,600
50
2,425
500
100
3,100
375
2
28
13
34
534
3
57
Jan
Feb
Jan
Feb
Apr
Apr
Feb
Feb
Mar
Mar
Mar
Mar
Feb
Feb
31
5634
10
836
5
434
58%
8%
27%
6936
30
6%
78%
4%
June
June
Aug
May
June
Sept
June
July
July
July
Mar
331
Feb25
Sept
731
Apr
636
lie
34%
2
3
%
136
20
2%
12%
204
15
IN
26%
135
336 436
80
80
33
37
1%
136
6
6
634 734
66%
60
High•
Jan
%
31 2,700
700
5034
431
400
100
734
3%
300
1,200
236
564 1,500
200
5%
23% 2,700
1,450
69
24%
150
3% 18,400
74
130
3% 1,400
134 2
2336 24
6% 636
3% 3%
June
Aug
Aug
June
Feb
Mar
Fel
Mar
Aug
Feb
Mar
536
85
39%
261
0
1035
79
June
Aug
June
Sept
June
July
July
July
Sept
July
July
Mar 140
July
20 64
Mar 117
Aug
70 109
1,700
66 Ma
1% June
700
100
1,000
200
MO
1.100
1,500
25
100
900
100
34
15%
134
34
34
%
34
25
%
3.6
536
Apr
Jan
Feb
May
Feb
Apr
Mar
Mar
Jan
Mar
Mar
134
25%
434
3
%
3
131
52%
331
136
1231
June
July
June
June
June
June
July
July
July
June
June
Safety Car Htg & Ltg_100
125 16% Feb 80
50
July
44
10
St Regis Paper oom
334
134 Mar
34 434 9,100
83.1 July
7% preferred
100 3236 32
40 1234 Mar 56
June
3236
Seaboard Utilities Shares.1
34
ski 1,200
36
131 June
% Apr
Securities Corp general_ _•
Apr 10
100
June
334 334
2
Seeman Bros corn
Jan 40
600 26
•
Sept
38% 90
Segal Lock & Hardware...*
136 June
.31
1,200
.31
31
34 Jan
Rubber
Selberling
4%
4
•
200
734 July
131 Apr
Selected Industries InoCommon
1
134 24 8,700
36 Feb434 June
235
$5.50 prior stock
rOar 65
25 .51
550 33
55
July
51
Allotment certificates_ _ _
5036 50% 59
July
700 2636 Mar 70
Sentry Safety Control corn•
36 June
36 Jan
200
'is
31
Setou Leather Co
861 936
500
•
136 Apr
894
1434 July
Shenandoah CorpCommon
1
234 234
136 Feb
1,000
5 June
234
$3 cony pref
25 1834
1834 19
2631 July
1,700 1236 May
Sherwin Williams com 25 4034 39
4134 2,725 12% Mar 45
July
6% preferred AA_ _100
May 98% Sept
40 80
0635 0634
Singer Mfg
100 138
132 140
Mar 17536 July
290 90
Smith (A (.3) corn
•
3431
34
100 1134 Feb 52% June
l'referred
100
10834 10834
50 1084 Jan 108% Jan
Spanish dr Gen CorpA m deprecforord bearerEl
1% July
700
14 Sept
35
35
Spiegel May Stern Co636% preferred
100
150 15
55
Sept
54
Apr 55
Standard Investing Corp$536 cum Cony pref_
14% 23
450
•
Feb 28
6
July
Starrett Corporation
136
136 134
1
1,600
2% June
4 Apr
6% pref
2%
10
236 336
400
7is Apr
June
6
Stein & Co corn
•
4% May
50
7
7
9 June
636% preferred
Mar
100
10 70
80
80
Jan 80
Stein Cosmetics
136 131
400
3% July
•
31 Feb
Stinnes (Hugo)
•
%, Apr
136
500
154
134 June
Studebaker MallOrdercom*
100
34 Sept
34
34
34
% Sept
•
A stock
4
20
34
34
36 Sept
% Sept
Stutz Motor Car
•
July
64
6% 7% 1,600
635 Sent 20
•
9
Sullivan Machinery
10
9
250
431 Mar 1234 July
Sun Investing corn
June
3%
3
5
400
136 Feb
•
Swift As Co
18% 25,400
7
2434 July
Feb
25 174 17
Swift International
15 2536 2536 2736 3,600 1234 Feb 3254 June
*
Taggart Corp corn
Tastyeast Ine class A__..•
Technicolor Ine coin
•
Thermold Co 7% pref....100
Tobacco Products Export *
Transcont Al! Trans
•
Trans Luz Pict ScreenCommon
1
Tri Continental warrants.,
Triplex Safety Glass LtdAm dep rcts ord reg_ _LI
Trunz Pork Stores
•
Tublze Chatillon Corp_1
Class A
1
Tung-Sol Lamp Wks_
•
Union Tobacco Co
•
United Carr Fastener_
•
United Chemicals Inc.$3 cum & panic pref_ _ ..•
United Dry Docks
•
United Founders
1
United Milk Prod com_.
United Molasses CoAm dep rem ord ref__El
United Profit Sharing_
•
United Shoe Mach com.25
Preferred
25
United Stores Corp v t c..•
US Dairy Products com.
US Finishing corn
•
US Foil Co cl B
1
U 8 St Internet'SecurCommon
•
1st pre( with warr
•
US Lines Inc pref
*
US Playing Card
10
US Radiator corn
•
7% preferred
100
Utility Equities common_•
Priority stock
•
Utility & Indus Corp_
•
Preferred_
•
•
Vortex Cup Co
Waco Aircraft
•
Wagner Electric
15
Walgreen Co corn
•
Hiram Walker Gooderham
At Worts Ltd corn
•
coreulstie.. newt .
•
136
7%
334
2
234
234 2%
134 14
794 734
28
27
61
66
436
334
700
9,600
3,200
200
2,600
2,200
35
34
235
5
34
234
24
2%
2,200
700
134 Mar
A Apr
1634 164
12% 1266
143.4 17
3036 3036
414 4.%
34
34
8
8
100
200
3,200
200
400
2,400
200
2
234
Apr
Apr
Feb
Feb
Jan
Jan
536
234
1034
34
131
64
June
Jul t
MaA
June
June
May
34 June
44 July
Feb
Jan
Apr
Mar
Jan
May
Feb
1636
15
2834
4634
94
4
8
Sept
July
June
June
June
June
Sept
Jan
7
% Mar
% Ayr
134 June
20%
334
3
635
June
June
July
Sept
Feb
Mar
Mai
Mar
Jan
Feb
Feb
Apr
534
234
563.5
32
2
236
736
11%
July
June
Sept
June
June
June
July
June
1636
136'
194
4734 51
% 1
x17 z1736
236 236
8
8
1% 2
35
30
134 1%
33.4 434
734
7
1034 12
9
9
1636 1734
1,400
1,900
300
100
100
25
1,400
75
700
800
150
2,700
100
1,500
*is Jan
1734 Mar
36 Jan
Mar
8
134 May
Sept
8
I% Apr
Apr
25
Feb
1
134 Apr
6% Sept
8
Aug
736 May
16
Sept
3%
65
131
28
394
1036
434
5061
334
734
9
1335
1134
18
July
July
June
July
July
June
June
June
June
June
May
June
June
July
4431
1494
4034 5136 110,300
2.400
14% 1534
33.4 Feb
704 Feb
1236
1434
14
131
234
5434
7
I%
4734
1
1%
30
7
10)4
100
1754 1736
1,200
1% 2%
154 20,300
134
100
634 636
2% 274 31,500
4
4
300
1,200
53% 56
50
z3131 z3131
600
%
%
134
200
134
336 336
100
836
7
700
Sept. 23 1933
5%
10
2
836
14
lie
136
14
36
3034
30%
36
1
36
235
6434 July
1704 July
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Watson (John Warren)__•
Western Air Express_ _10
Western Maryland Rys
7% let preferred _ _ 100
West Auto Supply A_
•
Williams(Rd)atr Co
•
Wil-low Cafeterias cony pf*
Wilson-Jones corn
Woolworth (F W) LtdAm dep :cts for ord shs-Public Utilities
Alabama Power $7 pref__•
5
56 preferred
Am Cities Pow & Lt
Convertible class A....25
New class 13
1
Amer Common'Ith Power
Class A common
•
Amer & Foreign Pow warr_
Amer Gas dr Elec com___•
Amer I. & Ti corn
25
6% preferred
25
Am Superpower Corp com•
1st preferred
*
Preferred
•
Appalach El l'ow $7 pref_•
Arkansas P&L $7 pref__ •
Assoc Ga• & EleaNew common
Clas g A new
$5 preferred
Warrants
Assoc Telep Uttl corn_
•
Bell Tel of Canada
A00
13ell Tel of Pa 634% pref100
Brazilian Tr L & P ord__ •
Buff Meg & East Pow__25
$5 1st preferred
•
Cables & Wireless Ltd
Am dep rets A ord shs_ i
Am dep rcts 13 ord shs_.£1
Am Dep rcts pref shs...C1
Carolina P & L $7 pref •
Cent Ind Pow 7% pref _100
Cent & So'weet UtillCommon
•
87 prior lien pref
•
57 preferred
•
Cent Bud G & E v t c_ _.•
Central I' At 1.7% pref_100
Cent States Mee new corn 1
6% preferred
100
Cleveland Elec Ilium corn •
Cony pref opt ser '20_100
Columbia Gan & ElecCony 5% pref
100
Commonwealth Edison.100
Common & Southern Corp_
Warrants
Community Wat Serv..._1
Consol0 E L&P Bait corn •
5% pref series A
100
1
13
1
13
50
2034
13%
1134
10
1
50
21
13%
11%
12
20%
2036 21
3736
36
35
2%
7
2431
14
336
17
77
1,000
100
Range Since Jan. I.
Low.
16 Jan
1136 Feb
10
200
200
100
200
40
9%
4
7%
6
May
Jan
Mar
Feb
Jan
2,600
11%
Jan
3934
35
630
10
30%
29
2% 3
400
4,000
100
36
%
1,100
631 83.1
22% 27% 32,100
15% 4,900
13
20
20
100
366 64,100
3
68
400
68
21
17
900
77
77
'10
2934 x30
40
36
35
Sept
Sept
25% Feb
236 Sept
'is
234
17%
12
18
234
52
15
77
29%
Mar
Apr
Mar
Apr
Apr
Mar
Apr
Apr
Sept
Sept
nigh.
1% July
July
17
60
21
16%
12
12
July
Aug
July
July
Sept
21
Sept
6536
56%
Jan
Jan
36% June
6% June
44
13%
50
2634
21%
934
7536
50
85
46
June
June
June
June
Jan
Junk,
June
June
Jan
July
1
194
1%
1
2% 435
36
lie
34
ii
106% 106%
r115 r115
12% 13%
15% 16%
7734 7734
1,700
8,800
1,670
6,100
1,400
25
10
1,100
2,500
100
354 June
Sept
1
24 July
Sept
1
266 Sept 10% June
34 Julie
Ile Jan
134 June
ai, Mar
Feb 110% Aug
70
11136 Jun er115 Sept
1734 July
Feb
6
1536 June 2234 Jan
Apr 92% Jan
75
131
1%
%
•ie
3% 3%
48
48
9
9
500
4,800
100
25
20
tits
*is
236
37
9
134
Apr
Feb34
Feb
436
Felt 48
Sept9
July
July
July
Jan
Sept
134 1,500
135
14
14
10
10
10
20
1034 11
200
11
n27% n2734
50
1%
1% 2% 14,200
10631 106% 10636
50
2536
25
200
15
15
50
1
835
8
10%
20
14
9935
20%
7
Mar
434
27%
Ma
Jan 2434
Apr
15
Jan 38
Feb
435
Slay 110
Ate 37
Jan 22
July
Julie
July
June
Jan
June
Jan
July
June
68
45
Apr138
July
Sept8234 Jan
'us
36
4334
9936
Apr1%
234
May
Apr 7036
July 9935
134
1%
2%
16
9234
45
he
49
91
45
102%
51
3,025
3,200
1s
15 34,300
131
500
36
3,400
46% 55
0966 9994
25
Duke Power Co
100
49
East Gas & Fuel Assoc._ •
534
6
East States Pow cora 13..•
1%
134
East Util Assoc corn
•
1534
Cony stock
•
2%
Edison El Ilium (Bos)100 149
148
Elea Bond & Share com...5 18
15%
55 eumul preferred___• 33
3036
$6 preferred
3834
• 39
Elec Pow & Lt 2d pref A •
11%
Warrants
3
3
Empire Gas & Fuel
6% preferred
100
1234
7% preferred
14
100
Empire Power part stk. *
6
European Electric Corp
Class A
8
10
Option warrants
1
1
Gen G & E cony pref B_ •
1031
Gen Pub Serv $6 pref_
38
•
Georgia l'ow $6 pref
•
4934
Gulf Sts Util $5.50 pref. "
40%
Hamilton Gas corn v t c__1
%
Hartford El Light
4836
25
IllinoLs P & L $6 pref
13
•
Internal Hydro Mee
$350 pref new
* 2134 20
Internatl Utility
Class A
5
Class B
136
136
1
Italian Superpower A__.....•
1%
1%
Warrants
%
Long Island LtgCommon
634
•
6
7% preferred
5831
50
6% B pref
100
4334
June
June
June
Sept
50
July
150 3834 Apr 76
734 2,200
1234 June
4
Mar
• 234 3,000
434 June
134 Mar
17
500 1336 Apr 2654 July
1,100
334
6% July
134 Apr
160
110 132% May 174.4 Jan
2131 146,300 10
Feb 4154 June
38
1,200 2234 Apr 5954 Julie
4734 2,400 25
Apr 86
June
13%
500
456 Feb 29
June
1,700
431
134 Feb
934 July
12%
1431
8
50
150
200
8%
131
11
40%
4934
4036
"is
50
1635
2,700
1,900
350
100
100
50
500
50
100
23
5
134
1).4
35
736
60%
4631
Apr
6
7% Apr
6
Sept
21
May
25 June
1534 June
Sept
July
July
June
Jai.
July
June
June
Jan
234
3.4
3
18%
4334
40%
34
48%
13
Mar
Apr
Apr
Mar
Apr
Sept
Jan
Mar
Sept
8%
136
15
6231
704
50
A
59
3431
500
20
Sept
27
July
100
2,400
800
100
5
11
331
3
1
June
June
June
June
Apr
A Feb
4 Feb
36 Slay
4,200
6
Sept
120 r58% Sept
75 4334 Sept
June
16
82% Feb
Jan
74
Marconi Wire' Tot Can_ I
34
2% 336 20,100
34 Apr
3% Sept
Mass Utll Assoc v t c___.
236
236
236 2,200
IN May
336 June
Memphis Nat Gas
4
5
4%
4
1,700
24 Feb
63.4 MaY
Met Edison $6 pref
59
59
Jan
25 5434 May 73
Middle West Util corn- -•
% 2.000
Ire
Ili
hi Sept
% MaY
Miss River Pow pref___100 81
85
81
Apr 91
190 75
Sept
Mohawk & Bud Pr 1st Pf-*
59
55
Feb
150 55
Sept 85
National P & L $6 pref_.• Si)
52
42
SOO 34
Apr 724 June
Nev-Calif Elec coin_ ___100
835
90
8% 9
June
836 Sept 15
7% Preferred
40
40
100 40
Sept 40
50 40
Sept
New England Pow Assn
• 38
56 preferred
3/
490 264 Am 6234 July
4534
New England Tel & Tel 100
93
9135
250 75
Apr 0536 Apr
N Y Pr & Lt 56 pre
7536 7536
•
25 7036 Slay 8634 Jan
NY Steam Corp com_
31
•
31
100 31
Jan
Sept 45
N Y Telep 634% pref__10u 1144 11434 118
375 1093.4 Apr 119
July
Niagara Bud PowCommon
736
15
6% 7% 18,700
64 Sept 1634 Jan
Class A opt warrant____
June
'ii
Iie
3,400
2
31
Tis Apr
Class 13 option warrants_
1%
June
200
134
5
135 Mar
Class C opt ware
35 June
200
31
Si
A Feb
Nor Amer CBI Sec com
•
1
%
300
% Mar
175 Jane
Nor States Pow corn A.100
2434 27
500 2354 Apr 534 July
Ohio Edison $6 pref
63
63
5J 5534 May 6434 Aug
Pacific0 & E 6% lit pt 25
2134 22
2,800 2134 Apr 2534 Jan
l'a Pr & Lt $7 pref
100 7634 Slay 9536 Jan
• 8436 8434 84%
Pa Water & Power Co__' 4436 a4031 51
1,000 39
Apr
OP
Mar
Philadelphia Co corn
Mar
•
1734 June
0% 10
800 z5
Phila Electric 8% pret _25
50 30
May
3234 Sept
3234 3236
l'ower Corp of Can coin_ •
Sept 14% July
7
7
7
50
Puget Sound P & LIv
$5 preferred
1236 15
Apr 28 June
• 1236
60 12
•
7
$6 preferred
Sept 23% June
9
7
250
7
Ry & Light Sec COM
•
325
634 9
534 Apr 1434 June
Shawinigan Wat & Pow_ •
1634 1734 1,400
2034 July
Feb
8
Sou Calif Edison7% pre series A
Jan
25
2334 2334
200 2294 Apr 27
6% pref series B
1936 1936
25
300 1934 Sept 2431 Jan
534% preferred 0_.. 25
17% 18
1,200 1794 Sept 224 Jail
So Colo Pr class A
2
236
25
131
636 June
134 Sept
600
___
z
Financial Chronicle
Volume 137
Friday
55103
Last Week's Ra,..ge for
Public Utilities
Week.
of Prices.
Sale
(Concluded)
Par. Price. Low. High. Shares.
Southern Nat Gas corn. •
So'V1 eat G & E 7% pref 100
Standard Pr & Lt
•
5
Swiss Amer Flee pref....100 39
1 amlini Electric Co
Union Gas of Canada_
•
United Elec Sere Am shs_ _ --United Corp warrants
234
United Gas corp com____1
3
Prey non-voting
• 24
Option warrants
34
United 1.1 A Pow corn A__•
356
$6 cone 1st pref
• 13)6
U S Elec Pow with warr...1
. Warrants
34
Utah P & LS7 pref
•
Utica G & E
pref__100
Utll Pow & Lt new corn 1
134
V t c for class B
1
7% preferred
100
7
Western Power 7% pref100
Former Standard 011
Subsidiaries
Humble Oil& Ref
25
Imperial 011 (Can) couti..•
Registered
•
National
__12.50
New YorkTransit_Transit
5
Northern Pipe Line
10
South Penn 011
25
Standard 011 (Incliana)...25
Standard ()II (KY)
10
Standard Oil (Net)).
25
Standard 011(Ohio) corn 25
Other 011 Stocks
Amer Nlaracalbo Co
1
Anglo Persian 011 Co
Am dep rcts ord res.. _ Li
Arkansas Nat Gas corn
•
Common class A
•
Preferred
100
British Am 011
*
Carib Syndicate coupon..
25c
Colon ()II Corp corn
•
Columbia Oil& Gas vto. •
Consol Royalty 011
10
Coeden Oh Co
Otis of deposit
Creole Petroleum
5
Crown Cent Petro icorn_.•
Darby Petroleum new__ ...5
Gulf Oil Corp of Penna_.25
Indian Ter Ilium 011
Class II
•
International Petroleum...
Kirby Petroleum.. ....
Leonard 00 Develop_ _25
Lion 011 Refining Co----•
•
Lone Star Gas Corp
Michigan Gas & Oil
•
Middle States Petrol•
Clasa A v t c
Class B etc
•
Mountain & Gulf 011
1
Mountain Producers_ ___10
National Fuel Gas
•
New Isradrord it ill Co...2
llor European 011 corn. _.•
Pacific V.°stern 011
•
Prudent.° 011 of Venez •
Petroleum Corp of Amer
Stock purchase
Producers Royalty
warr___1
Pure 0110,6% pref....100
Reiter Foster Oil
•
Richfield 011 prof
25
Ryan Consol Petrol
•
salt Creek I'rod Awn_ 10
Savoy Oil Co
5
southland Royalty Co...6
Amway (111
5
Taxon oil& Land Co___.
I enezilela Petri II
5
Woodley Petroleum
1
MiningBunker 11111 dt Sullivan-10
'ousol Copper Nimes
5
Consol Min & Smelt Ltd- 25
Copper Range Co
•
Cresson Consul C, M
Cual Mexican NI ining..60c
Evans Wallower Lead_ __•
aloof. lead Mince
rioldfleld Consul MInes_10
Ilecla alining Co
25
Hollinger COnaUl G M...5
Bus Bay kiln & Smelt__•
Internet 51111Ing Corp____
V. armors
iron Cup Copper
10
is irk land lake (1 51 Ltd. I
Lake Shore bilues
New Jersey /Mir
26
Newmout Mining Corp 10
N V & I ionduras Rosarlo10
NIpiriaing Mines..
6
Ohio Conner Co
1
Pacific T10 spec stock_ _ _ _•
Pioneer Gold Mint* Ltd_ _1
Premier Gold Mining _
1
Roan Antelope Copper
American shares
St AntlionY Gold NI ines..1
-liattuck Denn Mining_ __b
Silver Ring Coalition_
5
So Amer Gold
standard Silver Lead...A
leek Hughes Miner
Tonopah Belmont Dev
1
1
Tonopah whing
aide Extension /We
United 1
•
United Zinc Smelting_
Utah Apex Mining Co_ __5
V. alker alining Co
eirdeti Copper Si ming I
VI right Hargreaves Ltd..•
Yukon Gold Co
Bonds
Alabama Power Co
1946
let & ref 5s
1951
let & ref be
1956
1st & ref bs
1966
let & ref 59
1967
let & ref 41611
Aluminum t'0 a !deb 6s'62
Range Since Jan. 1.
Low.
High.
1,400
61
49%
100
54
100
43
650
2466
200
700
44
24
100
24 2.500
34 23.700
30
1,300
134 7,300
44 16,200
2,200
16)5
/ 2,100
71
200
34
si
24
24
50
8765 874
10
166 14 6,300
3
3
10
7
13
150
82
82
50
it Mar
,
Slay
45
3% May
1836 Mar
1964 Apr
14 Apr
166 Apr
14 Mar
136 Feb
13
Feb
61 Feb
Mar
2
84 Apr
64 Sept
lir Apr
20
Mar
874 Sept
14 Sept
Sept
3
5;6 Apr
74
Mar
1
50
164
4336
32
766
2%
611
64
45
161
961
4165
June
Jan
June
July
)6
42
90
2%
4)6
27%
85
June
June
Aug
Aug
July
June
July
304
85
1264
1316
7%
3%
5
174
30
154
154
30
884 7,800
1465 11,600
14% 2,900
100
7%
34
100
600
566
204 4,500
34
38,600
1736 4,400
1636
300
3365
600
40
664
636
54
3
4%
11
17
8%
11
1566
8866
154
15
10
414
64
2236
34
19%
2066
41
Sept
July
July
May
July
June
July
Sept
July
June
July
194
1%
14 12,200
864
14)6
5
184
304
16
14
1466
466
2)4
1%
961
94
524
18%
14
7
761
461
44
14
1%
34
616
166
61
49
54
39
224
4
24
266
236
24
74
34
1216
34
9
9
100
1% 2
300
166
134 3.300
1,200
265 2.61
1461
14
1.100
4
566 20.000
266 3,100
2
161
136 3,000
300
2
161
3
766
566
734
166
24
48
1%
4
61
34
34
34
34
6%
104
104
11
los
484
63%
524
23%
2%
34
1166
161
2661
34
24
34
664
1%
366
8
71%
65
*to Ma
9
14
el
2
661
Sep
Feb
Mar
Fe
Feb
h keb
34 Feb
Apr34
1
Jan
July
Sept
June
July
July
June
June
June
June
266 July
Sept
9
54 June
4
June
461 June
j lt
e
1714 Sepy
4
4
July
24 June
236 Stay
34 1,000
94 75,500
700
66
500
4)4 6)4
61
584 8,400
14
44
34
44
24
Jan
May
Feb
Aug
Mar
100
365
19% 22.100
18
90
134 14
500
34
70
665 74
3,200
634 8
164
5814
66
4
134
s%
Jan
Feb
Jan
Apr
Apr
Apr
5%
700
1
Feb
2
24
34
%
81.
54
4
1366 14
164 2
64
36
665 766
164 2
900
300
100
2,80
1,40
4,400
6,900
700
2,600
34
61
31
234
10
4
lir
3
4
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Mar
4
166
1
666
20
161
36
74
361
June
June
July
June
May
June
June
Sept
July
)5
34
5266 57
1
34
34
14 2
666
6
/4
if
431 561
1
764 84
94 166
266 261
2,600
2,400
600
U00
2,000
200
600
200
1,600
2.400
1,400
6,500
700
In Jan
'ii Ma,
Apr
21
34 Apr
4 Jai
34 Feb
3
Feb
65 Jun
34 Fe
h Jan
64 AD
4 Jan
166 Mar
116
57
1%
264
461
94
164
631
166
1361
164
336
June
June
Sept
July
June
June
June
June
June
June
May
June
July
Jan 51%
Apr
24
Jan 140
Feb
63-4
Jan
14
161
Jan
Feb
164
Apr
'ii
Jan
lam.
Feb
864
Jan
11
Jan
1216
Aug
1236
561
Aug
Jan
2%
Jan
4
Mar 494
Mar 6561
Mar 574
Feb
2861
Jan
4
Sept
June
Sept
June
June
June
June
June
July
June
Sept
July
Sept
Sept
June
Feb
Sept
Sept
Sent
Sept
July
434
34
56%
34
Mar
Mar
Apr
Apr
Feb
Apr
Fen
Mar
Mar
Apr
Mar
June
4566 514
116
161
130 140
4
4
56
31
A
sit
Cl,
61
all
766
94 11
936 12
10
1266
4
661
116 14
34
4434 494
6065 654
48
674
214 284
261 26i
1,875
3,900
20
100
9,200
32,500
1,900
4,620
11,300
5.600
21,300
41,400
7.600
9,600
200
600
51,600
6,300
29,600
900
5,600
1466
55
166
'ii
66
Si
lir
lir
2)6
54
234
736
236
4
66
25%
264
1116
766
1
9m June
634
Sept
14 July
634 July
62
July
666
194
2
14
936
June
July
June
June
July
1134 June
664 Sent
61
% 15.100
10
10
200
124 40,100
11
1)6 1% 11,70
3
366
Jan
Jar
Jan
54
1036
154
166
June
July
July
June
26
2866 6,00
it,
34 4,10
34 466 4,300
40
665 74
3,90
2)5 3
2,600
61
64 6% 47,200
600
3-4
34
14 Is 4,300
3% 4
1,900
1
1
200
134 154
1600
1,000
66
36
4,600
11
36
73-4 84 227,100
.1, mlii
600
734
Ile
16
236
34
'is
34
lit
36
1%
66
54
A
P..
366
P..
Star
Jan
Feb
Jan
Mar
Feb
Feb
May
111a
Mar
Aug
Jan
Jan
Jan
Jan
Feb
28%
61
44
761
366
16
74
4
1)5
6
1
14
161
'as
854
1
Sept
June
June
July
Aug
Ain
July
June
Sept
June
Sept
June
June
Jun •
Sept
June
69
62
63
6061
53
97k4
80%
69
63
6566
604
9.434
49,000
12,000
1,000
27,000
35,000
140.000
69
62
61
584
53
80
Sep
Sep
Ap
Ap
Sep
Alt
100% Jan
97
Jan
95
Jan
8966 Jan
81% Jan
911
Jeri
Bonds (Continued)
-
2257
endue
owes
Last Week's Range for
of Prices.
Sole
Week.
Price. Low. High.
Aluminum Ltd deb 58_1948
Amer & Corn'wealthe Pow
Cony deb 6s
1940
134
566s
2
1953
Amer & Continental 5sI943
Am El Pow Corp deb 68 67 22)5
Amer G & El deb 6s....2028 7365
Am Gas & Pow deb 66.1939 2766
Secured deb 5s
1953 24
Am Pow & Lt deb 68..2016 4664
Am Radial deb 4 46..1947 101
Am Roll 5110 deb 5s..1948 69
45j% notes___Nov 1933 9866
Certificates of deposit_ 98%
Amer Seating cone 68_1936
American Tread 566s..1938
Appalachian El Pr 68.1966 79
Appalachian Power 58.194
Deb Gs
°024
Arkansas Pr & Lt Es. 1956 6431
Associated Eleo 436e_ _1963 27%
Associated Gas & El Co
Cone deb 536s
1938 1536
44s
1948 al365
Cone deb 448
1949 13
Cone deb be
1950 13)4
Deb be
1968 134
Registered
Cony deb 64s
1977 1566
Assoc Rayon Se
195(1 42
Assoc Telephone 55 _ _ _1965
Assoc T & T deb 645 A '66 38
Ae800 Teleu URI 6368_1944 1266
6% notes
1933 17
Atlas Plywood 536s...1943 494
Baldwin Loco Works
Os with warr
6s without warr____ 1938 177
3
93
8 9
Telep uf Canada
1st St 58 series A__.1955 100
1st 51 be series 13.__1957 10066
ist M 6sser C
1960 100
Bethlehem Steel 65.__1998 109A
Birmingham Elec 4165 1968
Birmingham Ga.s 58___1959 5031
Boston Consol Gas 55_1947
Broad River Pwr 58 A.1954
Buffalo Gen Elec 5s___1939
Gen & ref 5s
1956
Canadian Nat fly 75..1935
Canada Northern l'r 55 '53 71
Canadian Pat Ity 65_ _ 1942 10434
Capital Adminlis 5s...1953
Without warrants..........
Carolina Pr & Lt 5e___1956 57
Caterpillar Tractor 5s_1935 99
Cedar Rapids SI & POs'63 10261
Cent Arizona L & P 58.1960
Central 111 Light Si. __1943
Central iii Pub Service
be series E
1956
let & ref 4 455er F.19 7 5336
1968
&swim()
Cent Maine Pow be I) 1955 91
416s series E
Cent Ohio Lt & Pow 58 '6
1957 56
0
Cent Power Sti ser 1)._1957
Cent Pow & Lt let 68_1956 4961
Cent States Elec 6e.._1948 35
Deb 5665 Sept 16 1954
With warrants
35
Cei Sta
Cpt : L 536s '63 3466
in ebD iset P &
E ec Gen 466570 66
s
1935
Cblo Pneu Toul 564/4...42
Chic Rys 55 etta
1927 5531
Cincinnati Street Ry515s series A
1952 4066
6s series B
1955
Mies Service 55
1966 29
Cony deb
1960 30
Cities Service Gas 666e '42 4966
Cities Sere Gas Pipe L '43
Cities Serv PAL 666e 1962 30
645
1949 31
68
7336 10,000
Range Since Jan. 1.
Low.
474 Mar
High.
80
June
14 24 8,000
61 Apr
54 July
2
2
2,000
Jan
8
134 June
80
Apr 85 Slay
10,000 64
80
22
25
28.000 z1266 Apr 40
July
78 101.000 69
72
Jan
Apr 92
2736 33
Apr 42
13.000 13
July
24
25% 29.000 11
Apr 374 July
45
54 134.000 3216 Apr 7364 July
Apr 1014 Sept
10065 10114 16,000 83
7261 45,000 33
68
Apr 81
July
974 lin% 584.000 45
Apr 105
July
9666 10166 349,000 9636 Sept 10236 Aug
4566 48
3,000 22
July
51
Apr
102 10365 11,00
9636 Jan 10336 Sept
774 8561 41,000 7166 Apr 974 Jan
12,000 94
10364 104
Feb
Apr 105
76
79
Apr 8535 Feb
2,000 63
62
Apr 90% Jan
674 45,000 82
2661 31
99,00
2561 Apr 4766 Jan
1466
al336
1266
13
1366
1461
144
42
85
35
12)6
17
4961
104
71
1761
1666
1416
16
1566
14%
16%
42
85
3966
13%
20
50
11361 120.000 102
75 124,000 70
9966 10266
9966 10266
9961 1024
109% 1094
62
56
5061 62
104 104%
35
37
10566 10566
105 105)6
101 102
7531
71
10261 106%
744
664
9866
10166
83
103
Mar
114,00
13
6.000 1235 Mar
115,00
1114 Mar
242,00
13
Sept
Ma!
293,000 13
1,00 z13% Sept
102,00
144 Sept
16,00
33
API'
Mar
3,000 75
Feb
83.000 15
5
Mar
67.000
12,000 11
Apr
6,000 27
Mar
105,000 87
132.000 8.534
40,000 87
24.000 99
17,000 56
18,000 40
27,000 9964
3,000 2714
8,000 101
6,000 994
48,000 98
70.000 69
172,00
704
754 8.000
6565 59.00
994 48,00
104
59,000
8564 8,00
104
9,00
2836
27
264
28
27
25
36%
62
894
4766
24 4
534
53
July
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
Jae
Jan
June
July 1174 Aug
July 824 Aug
103
10216
10266
112
80
66
105
484
10716
1064
10266
78
11366
Aug
Sept
Sept
June
Jan
July
Jan
Jan
Jan
Jan
June
July
July
674
64
88
864
774
9811
Apr 80
Apr
7961
Star 994
Mar 104
Apr 9364
June 105
July
July
Sept
Sept
Apr
Jan
Feb
Apr
Mar
May
Sept
Feb
Apr
Apr
Feb
Mar
Apr
Mar
Mat
64
534
6166
8861
8366
56
53
474
35
67
5866
65
93
89
56
55
5166
38
2.00
34,00
14,00
24,000
14,000
3.000
3,000
71,000
33,000
52
484
52
85
8161
5366
49
42
2761
Apr
Apr
Apr
May
May
Apr
Apr
Apr
Apr
30
34
6536
8265
5566
55
4035
394
70
834
58
5861
116,000
67,000
19.000
13,000
4,000
83,000
28
2361
5864
74
2366
47
Apr 51154
Apr 54
Apr 8466
Apr e94
Jan
65%
Mar 664
July
July
Jan
Jan
July
July
4036
49
29
2966
49
6361
2965
294
46
50
33
3364
5265
65
324
334
4,000
3,000
40,000
411.000
25,000
13,000
127,000
66,000
404
4834
2466
24%
42
64
25
254
Sept
Apr
Mar
Mar
Feb
Jan
Apr
Apr
June
June
May
May
July
June
June
June
Cleve Elec III 1st 65-1939 10461 1044 105
9,000
5s series A
1064 1064 10766 37,000
108 10866 6,0110
Cocusekrs ed Privet 1196541
6s ine esB ,
see rio
9
1937 514 5166 5266 105,000
Commonwealth Edison
95 100% 50,00
hit Si 58 series A..._1953 96
954 100
tat 61 58 series B
53,00
1954 96
86% 94
let 448 series C...1956 87
28,00
93 139.00
let 51 436e eerie! D_1957 8736 87
4 48 eeries E
8765 92
66.000
1960 89
1st NI 4s series F
1961 79% 7861 8336 305.000
666a series (I
1962 9966 9966 101% 75,000
Cow wealth Subsid 641 ' 2 66
6166 7164 72.000
66
48
Community Pr & Lt be 1957 394 38
45
26,000
Connecticut Light & Power
1st & ref 7s
11364 11366 2,000
1995451
1094 1094 3.000
54 series B
4 64s series C
13.000
1956 1014 10161 102
55 series D
,
1962 10361 102 10436 18,000
Conn Weer Pow Se A 1952 95
9461 97% 97,000
Consul
EL & P 460'35 103
1024 10334 6,000
Consol Gas(Balt City)5e'39
10636 10666
1,000
Gen ridge 436s
102 105%
5,000
1954
Consul(lad El Lt OLP (Bait
466s series G
105 105
5,000
105
44s series It
1014 105
4,000
1969
90
7
1st rd a f 45.
1981 93)1 9366 9736 64,000
Consol Gas Util Colet & cull 65 set A..1943 3566 3566 3866 33,000
Deb 66-68 with wart 1943
1,000
94 961
Consumers Pow 44a...1968 9966 9966 1016‘ 59.000
1st & ref 65
1930 1034 10164 10336 16,000
Cont Una & El be....1968 4234 40
'
.
46% 145,000
Continental 011 64a..1937 10066 loos 1004 59,000
Cosgrove-Nieelian 6%s1945
5
6
2.000
Crane Co 68 ...Aug 1 1940 85
85
8666 30,000
Crucible Steel 5s
68
32,000
71
_1940 68
Umtata Pack deb 8345 1937 9766 9665 9931 25,000
Sinking fund 5a_ _ _ _1946
10366 104
3,000
Comb Co P & L 448_1956
85
87% 6,000
Dallas Pow & Lt 6s A.1949 105
105 10536
Si series C
101 10266
1952
Dayton Pow & Lt 58_1941 104% 1034 10561
Del Hee l'ower 5%s..1959 72
72
79
Denver Gas & Else 58_1949 99
99
9931
Derby Gas & Elec be...1946
72
70
Del city Gee 6a ser A 1947 864 8664 89
be 1st series B
soy, 82%
1960
Detroit Internet Bridge
7e
Aug. 1 1952
165
136
Dixie Gulf Gam 634* 1937w h arrn nta
88
88
65
65
46
4516
67
7335
4341
4366
114 Mar el 074 May
102% Apr los% Jan
102
Apr 110
Jan
4661 June
all-1
92
zs336
834
82
7464
95
57
3661
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
110
1024
97%
9761
89
994
10254
974
Mar
Niar
May
May
May
Mar
May
AP
8864
Jan
106% Jan
10636 Jan
102
Jan
1014 Jan
101
Jan
9354 Jan
1064 Jan
8736 Jan
69
June
1134
110 4
10564
10766
1004
105
10836
1074
Feb
Jan
Feb
Feb
Sept
Sept
Jan
Jan
Apr 106
98
Jan
9536 May 107% Jail
89
Aug
May 100
Jan
Apr
Apr
Mar
Apr
Mar
Sep
Apr
66
25
Apr
Star
87
09% Mar
7261 Apr
21
4
9016
100
37
92
36,000 100
12,000 984
52.000 99
3,000 60
7,000 9636
3,000 80
30.000 75
52,000 88
Apr
Stay
Ay
Apr
Apr
May
Mar
Slay
4866
16
104%
108
654
10064
11
92
814
10066
105
9161
July
July
Jan
Jan
June
July
July
June
July
July
June
Feb
10865 Jan
103)6 Aug
1064 Jan
8516 June
10294 Jan
July
83
984 Jan
91
Jan
36 Mar
1,000
1.000
July
80
7464 July
78
Jan
101
Jan
9334 Jan
76
Jan
Jan
75
Jan
67
56
July
70
416 June
An,'
114% July
Financial Chronicle
2258
Bonds (Continued)
-
Sales
Friday
Last Week's Range /or
Week.
Sala
of Prices
Price. Low. High.
1967
Duke Power 439s
92
1,000
92
Eastern Utilities Investing
1954
1231 1436 8,000
58 ser A w w
Edison Elea /11 (Boaton)1934 102
10139 102% 115,000
2-year 58
1935 10131 10134 10254 104,000
5% notes
32% 38% 94,000
Elec Power & Light58-2030 36
68
1,000
El Paso Elea 58 A_ _ _1950
68
El Paso Nat Gas 6345.1943
65
20,000
65
With warrants
6,000
61% 62
Elmira Wat L de RR 581956
49
5139 18,000
Empire Diet El 68--- A962 50
4839 61,000
41
Emplre Oil & Ref 13398 1942 44
Ercole Morelli El 6398_1953
8134 77% 8139 10,000
With warrants
96
14,000
1967 9334 93
Erie Lighting 58
European Elec 6348.--1968
78
79% 63,000
79
Without warrants
1,000
37% 3739
European Mtge Inv 7s C'67
Fairbanks Morse deb 68.'42 6934 69% 72% 11,000
44
44
1,000
Farmers Nat Mtge 75_1963
3034 13,000
Federal Water Bern 6368'54 2731 27
Finland Residential Mtge
65,000
1961 6839 13839 70
Banks 65
85
Firestone Cot Mills 68_'48 86
8834 50,000
80,0(10
8931 91
Firestone Tire & Rub 58'42
First Bohemian Glass 7s'57 6139 6134 61% 2,000
63
56
37,000
Fla Power Corp 53913_1979 56
61
53,000
Florida Power & Lt be 1964 5636 54
36% 4034 45,000
Gary El& Gas bs ser A 1934 37
7139 7634 149,000
Gatineau Power 1st 5s 1956 72
69% 28,000
66
Deb gold 6e June 15 1941 66
68% 27,000
62
Deb 68 series B.._ _ _ 1941 64
7139 72% 7,000
General Bronze 6s_ __1940
Oen Motors Accept Corp
9,000
5% serial notes- --1934 10131 10134 101 54
1934
10339 103% 9,000
5% serial notes
102% 103% 11,000
5% serial notes-1936
1953
67
1,000
67
Gen Pub Serv 58
33% 17,000
(len Pub UM 639s A.1926 3036 29
3,000
1933 4239 4234 45
2-yr cony 63-65
6,000
4034 41
Gen Rayon (is ser A- _1948
47,000
100 103
Gen Refract:rice 6s___1938 100
1,000
10
10
General Vending 6s_ 1937
42
46% 29,000
Gen Wat Wks & El 551943 43
7235 134,000
Georgia Power ref 6s-1967 68% 64
54
57
2,000
Georgia Pow & Lt 58..- 1978
1953
Gesture' deb 138
32% 36
16,000
Without warrants
93% 96
36,000
Gillette Safety Razor 58'40
5839 62
65,000
Glen Alden Coal 48.-1966. 59
1935'
94
9435 28,000
Glidden Co 5348
Gobel (Adolf) 636s_ __1935
With warrants
7736 7036 7739 22,000
16,000
Grand Trunk Ry 636111936 9939 99% 100
75% 10,000
72
Grand Trunk West 48.1950
Great Nor Pow 6e---1936 99% 99% 100% 36,000
3,000
100 101
Great Western Power 86'48
100 101% 65,000
1937 101
Gulf 011 of Pa 5s
97 102% 41,000
1947
ba
7434 27,000
72
Gulf States Utll 6a--1956 72
Hausessikbk ...ter be-19315 10079 100% 101% 4,000
1977 10139 101 101% 20,000
M series A
67
70
10,000
,
48.--1947 67
Hall Printing 0
12,000
Hamburg Elec 78_ _ _ _1935 6439 63% 65
42
41
6,000
Hamburg El & Und 530'38
1934 101
101 1013/ 9,000
Hanna 65
1936
74
65
10,000
Hood Rubber 78
64% 8,000
Oct 15 1936
57
5hs
82
90
28,000
Howl L & P lat 4 he E 1981 26
83
82
4,000
1st & ref 43911 see D-1978
1953 95
95 102% 30,000
6a series A
114 116
29,000
Hudson Bay M & S 68-1935
51
51
1,000
Hung-Italian Bk 7565_1963
104 105% 15,000
Hyradulic Power 58_1951
51
51
1,000
llygrade Food Prod 65 1949
1947 9456 9439 98
45,000
Idaho Power 5s
Illinois Central RN 4368'34 6534 64% 7534 99,000
93% 6,000
92
III Northern Lin 58_ _ _1957
61% 57.000
III Pow & L lstilsaerA '63 5839 56
52
60
34,000
151 & ref 634.ser B-1964 55
lat & ref be ser C- _ 1956 5134 50% 5731 94,000
46
50
79,000
8 f deb 6393__May 1957 46
al00 10039 3,000
Indep Oil & Gas 6s___1939
Indiana Electric Con
1947 69
69
1,000
69
68 series A
1953
72% 72%
1,000
639s series B
64% 9,000
1951
61
58 series C
58% 17,000
55
Indiana Hydro-Eleo bs '58
Indiana dr Mich Mea92
1956
88
10,000
nt ds ref bs
1967 10039 100 10234 41,000
5s
3134 18,000
Indiana Service 5a---- 1963 2834 26
3134 37,000
1st dr ref be
196
0 2835 25
7334 75% 6,000
Indianapolis Gaa be A-1952
12,000
79% 86
Ind'polis P & L ser A '57 80
Intereontinents Pow 6s '48
3% 3%
2,000
With warrants
International Power Sec
30,000
Secured 6hs ser C-1956 8534 84% 86
1957
86% 8834 7,000
7s series E
1952
8234 14,000
82
75 series F
8834 90
21,000
International Salt 68_ _1961
International See 50_1947 56
55
5731 29,000
Interstate Jr dr steel 5398'46 6036 59% 60% 18,000
Interstate Power bs_ _ _1957 45% 43% 4934 70,000
1962 35
32
Debenture 5.
3934 34,000
Interstate Public Service
1956
56% 60
18,000
68 aeries D
1968 53
51% 55
24,000
439s series F
Invest Coot Amer 5s._1947
7434 7535 7,000
With warrants
Iowa-N
L P bs--196
7 69
68
77% 12,000
1961 67
67
76% 3,000
.58 series B
85%
84
2,000
Iowa Pow & Lt 4398_1968
7334
3,000
70
Iowa Pub dery fis__1967
Isareo Hydro-Elee 78.1952 773-4 7534 7735 32,000
5,000
Isotta Franshini 7s___1942 8434 8434 85
Italian Superpower of Del
Dabs (is without war '83 6536 6434 67 224,000
44% 7,000
Jacksonville Gas 514.- 1942 4234 42
10234 10234 2,000
Jamaica Wat Supp 559s '55
92
92
1,000
Jersey C P & L be 13.- 1947
1961 83
80% 8736 121,000
439s series C
10334 10334 2,000
Jones & Laugh'n Steel 513'39
7734 77%
1,000
Kansas Gas & EIeo 6s_2022
1947
65
65
1,000
Kansas Power 55
Kansas Power & Light
92% 5,000
1955
91
65 series A
84
1957 80
2000,
80
56 series B
Kentucky Utilities Gu61% 49,000
1961 56
56
ist M ba
1969 57
57
6235 40,000
58 series I
Kimberly-Clark 5s_ 1943 9034 90% 9039 31,000
76
7839 13,000
la/Vixens Cl & C' deb 58 1947 76
Sink fund deb 6348.1960 8234 8234 84% 27,000
Kresge (L)8) Co 5e_ _1945 9136 91% 92% 9,000
93
9,000
Certificates of depoelt--- ------ 92
58
1936 58
60
Laclede use 6395
4,000
Larutan Gas 65613_1935 9134 9136 93% 8,000
Lehtah Pow Spear as 2026 6656 6239 72
41,000
Range Since Jan. 1.
Low.
88
High.
9% Feb
99%
9534
2i
65
Apr
Apr
Apr
Apr
40
60
37
28%
Apr
Sept
Apr
Apr
63
88
June
May
60
23
48
24
18
Mar
Apr
Apr
Mar
Apr
Jan
Mar
Apr
Jan
Apr
Mar
Mar
API
Mar
39
Mar
39
z4339 Apr
38
68
71
60
44
48
35%
10031
10034
100
60
12
17%
20
100
2
3839
60
40
Mar
Ma
Ma
July
Mar
Ma
Mar
Sep
May
Mar
Apr
Apr
al%
89
45
75
Jun
Apr
Apr
Apr
55
94
50
89
93
92
92
60
96
9031
49
6234
40
92
44
3134
7934
78%
88
77
3534
98
41
8534
33
85
52
50
415%
38
8436
Apr
Apr
Apr
Apr
May
Apr
Mar
Apr
Mar
Apr
Mar
Apr
Sep
Jan
Fe
Ma
AP
AP
May
Apr
Fe
May
Apr
May
Apr
May
Apr
Apr
AP
AP
Mar
Apr
52
Apr
62
4831 Apr
49
May
80
94
12)4
14
65
73%
Leonard Tletz 7345___1946
Lexington Utilities 58_1952
Jan Libby MeN & Libby 6.'42
23
Lone Star Gas 55
1942
10331 Jan Long Island Ltg 6s_ _1945
10339 Jan Los Angeles Gas & EleeJuly
55
1939
59
1943
86% Jan
5398 series F
534 series I
1949
Sept
65
1st & gen 58
1961
Jan
88
68
1942
July Louisiana Pow & Lt be 1967
67
58% July Louisville G & ES. A.1937
1961
4368 series C
8134 Sept Manitoba Power I 348_ 1951
104
Jan Mansfield Mining & Smelt
With warrants
7s without warr
_1941
7939 Sept
39% Aug Maas Gas Co
7234 July
Sink fund deb 58-1955
1946
4535 Aug
6348
July McCord Had & Mfg
43
ba with warrants__ _1943
70% Aug Melbourne Elea 7345 A1946
8939 July Memphis Power & I.t 50 48
92% Aug Metropolitan Edison
1971
65% Jan
48 series E
July
be series F
1962
74
70% July Middle States Pet 6354 '45
Jan Middle West Utilities
72
58 certificates of dep 1932
8339 July
7254 July
55 ctfs of deposit_ 1933
July
4
73
: deposit.. :19 6
lf of posi : 0 1 3
e
()
f
.
S.
74
Aug
Midland Valley 5s__ __1943
103% Aug Milwaukee Gas Lt 436s '67
103% Aug Minneap Gas Lt 4393_1950
104% July Minn Gen Elec 5s_ _1934
Jan Minn P & L 58
1955
75
38 June Mississippi Pow 58-1955
48 June Miss Pow & Lt 5s____1957
June Miss River Fuel 6s_ _1944
60
With warrants
108% Aug
Aug Miss River Pow 1st 53.1961
11
60
may Missouri Pow & Lt 536,56
9034 Jan Missouri Public Sery 56'47
70% July Monon West Penn Pub Ser
1st lien & ref 5368 B.1953
6931 Jan
Montreal L H & P
Feb
102
& ref be ser A-1951
197
0
58 series B
71% July
9439 Sept Munson El El Line 6348.1937
With warrants
9339 July Narragamett Elea 68 A '57
July
55 series B
102
1957
75% Sept Nat Pow & Ls 6s A
2(Y26
Deb 68 aeries B.--.2030
101% Sept
h Jan Nat Public Service be 1978
10234 July
Certificates of deposit..,..
10231 Aug NationalTea be
1935
Jan Nebraska Power 4395_1981
82
104% Sept
(is series A
2022
103% Aug Nelsner Bros Realty 68 '48
72% July Nevada-Cad!' Else 66_1966
86% Jan N E Gas & El Aesn 56_1947
Cony deb be
1948
7239 Jan
Cony deb 55
1950
101% July
July New Erg Pow Assn 53_1948
78
July
Debenture 6.565-..-1964
68
9634 Jan New On Pub Berv 414e '35
&series A
96% Jan
104
Jan NY Cent Elec 539s_ __1950
19
49
July N Y & Foreign Investing
120
July
534s with warrants_ 1948
53
Jan N Y Penns & Ohio she'35
106
65
.June N Y P&L Corp let 434s'67
10244 Jan NY state° dz. E 434a-1980
539s
85% July
1962
10039 Feb N Y & Wench', Ltg 682004
1954
77% July
Debenture 58
July Niagara Falls Pow 61E1960
19 0
6
74
Jan
68 series A
71
60% Jan NIPPon Elea Pow 1336s 1953
July No American Lt & Pow
101
1934
5.
Feb
1934
935
91
5% serial notes
Jan
5% serial v otea_ __ _1936
91
1966
4398 series A
z7834 Jan
Jan Nor Coat UM 6348..1948
76
Nor Ind G & E 68_ -1952
Jan Northern Indiana P 899
1966
Jan
5s series C
105
bs swim D
40% July
197
99
6
0
July
44
534' series E
83% Jan Nor Ohio Pow & Lt 634.61
95% Jan Nor Ohio Tr & Lt 58_ _1956
No States Pr 536% notes'40
Refunding 4348.....1961
June
10
Northern Texas Util 78 '35
Feb N'western Power 68 A 1960
91
Jan
Ctfs of deposit
90
8334 Sept N'weetern Pub fiery 68 1957
1945
90
Sept Ogden Gas 58
6139 July Ohio Edison lot 6s. --1960
6734 June Ohio Power let ba B-1962
1st & ref 434s ser D 1966
July
64
53% July Ohio Public Service Co
1953
6s series C
lat & ref baser D. 1954
7834 Jan
Jan
1961
534s series E
72
Okla (lam & Elea 68.-1960
65 series A
1940
7635 July
843-1 Jan Okla Pow & Water 55.1948
1941
8439 Jan Oswego Falls 68
9234 Aug Pacific Gas & El Co1941
hn es series B
8334 July
1st & ref 68 ser C
11162
8631 Feb
1966
68 serial I)
Aug
86
1st & ref 4368 E
1967
lit & ref 4348 F_ -.1960
Aug
72
6334 July Pacific Investing 58.__1948
102% Sept
Without warrants
10134 Jan Pacific Ltg & Pow 5c.1942
96% Jan Pao Pow & Light 5.-1966
103% Aug Pacific Western 011 6he 43
With warrants
85% Jan
Feb Penn Cent L & P 4Ms 1977
80
5s
1979
9534 June Penn Electric 4s F_ _1971
9039 Aug Penn 01110 Edison
Deb 6345 series B....1959
7739 June Penn-Ohio P & L 634 11(64
July Penn Power 6.
1956
80
9034 Sept Penn Telephone Es C-1960
84
Aug Penn% atasPow439sB.1968
8734 July
58
1940
Jan Peoples Gas Lt & Coke
96
July
93
436s serial notes_ _1935
434% serial notes.. _1936
8031 July
96
Aug
ea eerie. b
1901
1967
Mastics C
88% Jan
Jan 102
Apr
May
Apr
An
Apr
AP
139
Jan
74
70
45
74%
40
21
38%
20%
July
May
Apr
Mar
Mar
AD
AP
AP
4634 Apr
AP
45
65
62
63%
74
60%
71
63
Mar
Apr
May
May
Apr
Apr
Jan
3734
30%
98
86
80%
101
69
65
Apr
Apr
May
Apr
Mar
Apr
Apr
May
83
71
Apr
May
55
52
72
10
72
77
6631
47
5836
66
Mat
Apr
Apr
Apr
Mar
Apr
Mar
Mar
Jan
Apr
June
Bonds (Conffnuad)-
Sept. 23 1933
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
$
Price. Low. High.
88
26%
66
68
8715
,
88
7639
10131
9039
3231
104%
101
100%
96
10334
7534
101%
9039
32
2634
68
2834 18,000
6834 8,000
7014 26,000
8754 1,000
91% 12,000
10414
101%
101%
96
10434
7934
101%
9839
3336
Range Since Jan. 1.
Low.
25
5634
4634
84
80
High.
June 68% Jan
July
Apr 74
June
Mar 77
Mar
May 97
Jan
Apr 100
2,000 100% Mar 106% Jan
8,000 9736 Apr 103% Aug
5,000 9839 May 106% Jan
2,000 9134 May 103% Jan
July
Mar 105
24,000 100
47.000 7334 May 943.4 Jan
Mar 102% Jan
1,000 99
Feb
19,000 98% May 102
July
Apr 53
20,000 20
July
July
6,000
1,000
Apr
47
4734 Apr
55
55
69,000
83
83
86
8614 8636 8939 53,000
7136 Apr
Apr
76
9431 Jan
99 • Jan
48
48
48h 4835
38
36
10031 10031 10034
96
9734
6936
83
50
69% 75
8234 86
52
50
8
8
8
8
736
56
57
99
7631 76%
102%
70
10
47
47
58
58
9%
9%
9%
939
5839
10034
7654
102%
76
52
64%
9334 96
10054 100% 103
8634 93
44% 43
4839
2,000
5,000
5,000
9,000
36,000
3,000
July
8% Apr 47
92
Jan 100% Sept
Jan
May 103
81
Apr
68
79
Apr
2734 Mar
Jan
86
97)4 Feb
July
60
July
July
July
July
Sept
Aug
Jan
Feb
Jan
Jan
Jan
3%
15,000
13,000
334
28,000
334
16,000
434
9,000 37
20,000 91
33,000 7259
8,000 100
5,000 66
15,000 44
41,000 50
Mar 18
Mar 18
Mar 18
Mar 18
Feb 58%
Apr 1025-4
Apr 90
Max 103%
Apr 87
Apr 7334
Apr 83
17,000
49,000
19,000
14,000
Mar 96% July
May 10634 Jan
Apr 93% Sept
Jan
Am 66
79
98
79
37%
Jan
6234 14,000
48
Apr
101% 10139 103% 174,000
10034 10231 49,000
84
82
Feb 103)6 Sept
Feb 102% Sept
6139
59
76
15
1839
99% 10234
10031 100%
60
6939
63
5436 5231 5639
15,000
37,000
10,000
30,000
76,000
8
9439
96
50
41
Feb 31
July
Aug
May 104
Apr e10334 Aug
Mar 86
Jan
Jan
Mar 74
11
9731
97
8835
40
5539
38%
38
38%
4635
50
4431
28
56
58,000
21,000
49,000
1,000
1,000
40,000
24,000
21,000
156,000
75,000
115,000
18,000
9,000
2,000
11
8331
88
80
17
47%
37
38
37%
3531
40
40
2559
56
Sept 23% Jan
Jan 98% July
May 102% July
Apr 9839 Jan
July
Apr 50
Apr 76% July
Apr 6934 June
Jan
Sept 60
Apr 15931 Jan
Mar 68% June
Mar 7234 June
Jan
Apr 65
Apr 4934 Jan
Jan
Sept 82
15
993'
1256
9736
9739
57
4039
39
39%
50
52
29
1339
9739
9931
8839
40
64%
4434
43
43
5439
5939
47%
3339
5636
61)
60
9539 99%
80% 8835
6735 7536
86
89
9434
93
10139 101% 104
104 107
10235 10234 103%
6535 65% 67
96
8439
68
86
7,000 60
May
82,000 88
Apr
347,000 80% Sept
60,000 67% Sept
8,000 80
Apr
12,000 82
Apr
16,000 98% June
20,000 10139 Mar
10,000 96% May
21,000 35% Feb
78%
99%
99
9139
105
97%
105
10834
106
0754
Mar
Sept
Jan
Jan
Jan
Jan
Feb
Jan
Jan
July
100%
95%
8934
32%
28
86%
10031 2,000
9534 9,000
91% 38,000
3514 58,000
3034 5,000
6,000
88
86%
74
68
2134
22
7814
Apr 100% Sept
Aug
Apr 96
May 92% Sept
Apr 47% July
July
May 43
May 102% Feb
8034
97
88
65
66
62
88%
8735
84
81%
98
12
10%
55
89
77
9534
86%
68
7034
64%
9114
0014
8434
901/
99
12
1039
62
9134
8534
102
9634
6,000
6,000
13,000
35,000
9,000
3,000
112,000
11,000
8,000
5,000
8,000
11,000
110,000
37,000
87,000
5939
59
54
80
77
70
75
83%
9
1039
55
85
73
90%
81
Apr
Apr
Apr
Apr
May
Mar
Apr
June
Sept
Aug
Apr
Apr
Apr
May
Apr
76%
70%
43
48
86
7239
79
743%
70%
43
48
88
7,000
76
7,000
8034 11,000
8334 73,000
76
6,000
48
5,000
50
8,000
75
64
70
7034
63
35
36
Apr
Mar
Apr
Apr
Mar
Mar
Apr
9539 Jan
89% Jab
Jan
DO
91% Jan
8339 July
July
63
5934 July
107
10614 108% 28,000 101
101
99% 10334 90,000 9834
98% 98 10035 30,000 943.4
91
96
80,000 86%
89
9136 8634 9431 169,000 86
Mar
Apr
MaY
Apr
Mar
11234 Jan
ion% Jan
10654 Jan
101% Jan
10134 Jan
90
3234
2915
65
66
62
88%
84
98
12
56%
5235
73% 76
23,000 64
10614 106% 6,000 103
5131 55% 60,000 48
9034
91
8534
10334
10036
96
9734
utlyi
18
1631
209
10134
96
10431
9939
Feb
Feb
Jan
Jan
Jan
July
Jan
July
June
July
July
Feb
Jan
Jan
Jan
July
Apr 81
May 108% Feb
July
Apr 73
81
July
80% Feb
Feb
90
704 Jan
73%
63
75
66
78% 29,000
69% 41,000
78
2,000
68% 14,000
6731
60
75
5134
Apr
Apr
Sept
Apr
44
91
9934
91
9834 98
106
55
12,00
94% 7,00
101% 11,00
2,000
91
10031 19,00
10631 8,00
44
85
96
90
9451
9934
Sep
May
Mar
Mar
May
AP
100
99
73%
439
90
91
2,000
100
2,000
99
37,000
79
963-1 116,000
Mar 100.54 Jan
97
9339 Ma 10156 Feb
Jan
AP
MI
474 Apr 10414
73%
64
66
75%
103%
104
9731
101
108%
Jan
Feb
Feb
Feb
Jan
Aug
Financial Chronicle
Volume 137
Bonds (Continued)
Peoples Lt & Pwr 58_1979
Phil, Electric Co 5a_.l4165
Phil, FJec Pow 5 tis 1972
Phil, Rapid Transit 68 1962
Phila Suburban G & E1957
4345
Philp, Suburban Water
1955
1st nage 5s
Piedmont Hydro El Guist & ref 65.58 el A.-1960
Piedmont & Nor 55_ __1954
Pittsburgh Coal 6s____1949
Pittsburgh steel 68__1948
Pomerania Flee 6s___1953
1939
Poor & Co Os
Portland Gas & Coke 58 '40
Potomac Edison bs E_ 1950
1961
4%5 series F
Potomac Nice Pow 5s_1936
Power Corp(Can)454sB '59
Power Corp of N Y1942
6 Sis series A
Procter & Gamble 455s '47
Prusdati Elett deb 6s. A954
Pub Serv(NH)4558 B 1957
Pub Serv of N J pet ctfs
Pub Sets of Nor Illinois1956
1st & ref bs
1966
5s series C
435s series D
1978
let & ref 4558 ser E_1980
let de ref 4548 set F.1981
6558 series (.1
1937
1952
6%a aeries H
Pub Serv of Oklahoma
1961
be series C
5s series D
1957
Pub Serv Sub 5)5a A.1949
Puget Sound P & L 5355'49
18t & ref 58 ser C___1950
lot dr ref 455s ser D_1950
Quebec Power 58_ ....AN%
Reliance Management 5554
With warrants
Republic Gas
Os A
1945
Gs etin of deposit._ 1945
Rochester Cent Pow 55 '53
Rochester is. dt Lt 58-1954
Ruhr Gas Corp 6 Sis_ _1953
Ruhr Housing 655s. -1958
Ryerson(JosT)& Sons 55'43
Sates
Friday
Last Week's Range for
Of Prices.
Sale
Week.
rice Low. High.
$
High.
Low.
4% 4% 22,000
4%
z35 Apr
854 may
32,000 10234 Mar 110% Jan
10734 10755 109
Feb
105% 105 10655 57,000 1014 Mar 108
1,000 4355 May 60% Jan
48
48
100
100
103% 14,000
101% 10155
67%
7755
91
81
28%
85
86
9455
82% 81%
8055
10455
53
69%
85
105
37
89
91
109% 109
85
1,000
9554 May 10454
Jan
95% Mar 10434
Jan
705I
80
91
8155
31
87
95
89
8154
104%
5454
90,000 65
6,000 604
2,000 82
14,000 63%
12,000 28
18,000 41
2,000 82
21,000 74
13,000 65
6,000 102
11,000 28
Jan 76% Jan
Apr 83% July
Apr 95% July
July
Feb 82
May 5935 Jan
Apr 92
July
Jan
May 100
Apr 9155 Aug
May 86% July
Apr 106% Feb
Apr 64
July
8754
10535
3755
93
110
11,000 80%
8,000 98%
15,000 37
37,000 85
33,000 103%
Slay 994 Feb
May 105% Aug
Jau
Sept 70
Apr 9554 Feb
Apr 119
Jan
Apr 100% Jan
Apr 98
Jan
Apr 90% Jan
Apr 9135 Jan
Apr 93
Jan
Apr 107% Jan
Apr 100
Feb
66
87
8255
7134
7455
6255
63%
63
85
81
7855
77
70
68
7054
93%
87
35,000
9,000
17,00
16,00
54,000
131,000
12,000
66
61
60
61
60%
8054
75%
74%
7435
46%
50
48%
42
8934
744
7435
45
4955
47
40
89%
mu
74%
52
52
4955
48
92%
17,000
31,000
8,00
115,000
16,000
35,000
58,000
5235 Apr
Apr
54
Apr
42
47
Apr
4554 Apr
Mar
40
71
AM'
58
60
73
6655
6,00
19
19
19
21%
1
17
31% 29% 3334
10555 105% 106
42
33
33
3035 3255
95% 9554
Safe Harbor Wet Pr 4555'79 97
St Louis Gas & Coke Os '47
San Antonio Pub Serv 5858
San Diego G & E 5.355D '60 10134
San Joaquin L & P1952
65 series ii
1955
Sauda Falls 58 A
Saxon Pub Works 69.-1937 36%
Schulte Real Estate 6s 1935
Scripps(E W)Co 5355 1943 72
Seattle Lighting be__ _1949 30%
Shawinigan W & P 4558 '67 6754
1968 66
4 555 aeries B
1970 77
lat &tootles C
1s1 434a series D.....1970 68
Sheffield Steel 5545 _1948
Sheridan (Wyo) Coal Os '47 4134
Southeast P & L tits_ __2025
Without warrants
51
Sou Calif Edison Ss.1951 99
Refunding be
1952 9954
Refunding fai June 1 1954 9,)
Gen & ref 135
1939
Sou Calif Gas Co 554s 1952 97%
5s
1957 88
455s
1961
Sou Calif Gas Corp 68_1937 844
Sou Counties Gas 4558 1968
Southern Gas Co 615s 1935
Sou Indiana 0 dr El 54857
Southern Natural C1as 6844
Stamped
57
Unstamped
56
S'western Assoc Tel 5s 1961
Southwest()&Ebel A.1957
58 series B
1957 62
Sou'west Lt & Pow 55_1957 56
Seaweed, Nat Gas 65..1945 32
S'western Pow & Lt 6s 2022
S'western Pub Serv Os 1945
Staley Slfg Co 6s
1942
Stand Gm dr Elea Os.
.193559
Cons 69
1935 5834
Debenture 68
1951 4054
Debenture (38_ Dee 1 1966 39)4
Standard investing 5358'39
5, ex warrants
.A937
Stand Pow & Lt 6e......1957 38
Stand Telephone 5558_1943 16%
Stinnett (Hugo) Corp
78 without wart Oct 1 '36 3755
To without warr____1940 3234
Sun Oil deb 5558
1939 10435
E134
5,
Sun Pipe Line 58
1940
Super Power of III 4358_'68 6654
lot 4558
1970
1st intge 6s
1961
Swift & Co 1st m a 158_1944 102)4
6% notes
1940 0854
Syracuse Lighting
1954
5558
As
1957
3,00
34,00
50,00
8,00
85,00
18,00
1,00
55
14
13
25
100
33
234
8034
Feb
Aug
78
July
81
80% Jan
6714 Jan
Jan
66
Jan
63
91)
July
68
June
Apr 244 June
Apr 24% June
Mar
Mar 10854 Feb
Jan
Sep
67
May 60% Jan
Ma
July
9954 124,000 90
97
30,000
6
8
6
7155 7234 17,000 565
2,000 1)9
101% 10135
Apr 102
Jan
Sep
164 Jan
Slay 84% July
Ma 106
Jan
98
98
102% 103%
3655 3.54
9
9
7054 72%
2854 35%
6355 69
68
63
79
73
63% 69
8755 9054
41% 41%
May 107
Ma 105
Sep
6714
Apr 173.;
73
AP
Sept 54
Apr 8055
Apr 80%
Mar 87
Met 81
Apr 92
Feb 48
46
56
9834 10054
9855 10135
98% 101%
10455 10655
97% 9955
87
92%
80% 84%
84% 8655
8454 8454
94
95
102 104
7,000
17,000
34,000
1,000
24,000
41,000
66,000
22,000
19,000
75,01)0
16,000
1,000
92%
9755
3655
7
5535
28%
49
50
67
48%
66
23
102,000 46
57,00
94
64,00
9454
28,00(
94
23,000 101
5,00
94
19,000 80
30,000 79
7,000 72
4,000 75
7,000 9155
20,000 98
Sept
May
Apr
May
Feb
May
Slay
Apr
May
May
Jan
Apr
57
56
49
68
62
56
3155
41
64
92
57
57
39
3855
76
76
36
16%
59 ,
593
49
70
7035
60%
3335
45
64
92%
62
62
44
43
77%
76%
4254
1635
7.000
39,000
1,000
16,000
6,00
9,000
35,000
5,000
1,00
19,00
77,0(8
58,000
47,000
53,000
4,000
3,000
113,0(10
6,000
39%
39
35
60
52
50%
26
32
5534
6955
35
35
28%
28%
63
63
264
10
Apr
Apr
Star
Apr
Apr
May
Mar
Apr
Apr
Mar
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Apr
3755
3234
10354
101
101
66%
60
83
10255
98
3955
3355
104%
101%
10154
70
71
8434
103
9954
49,000
83,000
12,000
11,000
14,000
20,000
12,000
4,000
27,000
46,000
30%
29
994
99
95%
59
60
76%
96%
87
July
July
Apr
Feb
June
May
Apr
May
Apr
Mar
10455 10455
10354 10335
55%
Tennessee Elec Pow 551956
69
Tennessee Pub Serv 58 1970
Terni Hydro Eteo 6555 1953 7355 7255
55
Texas Cities Gas 5s_ __1946 55
Texas Ewe Service 58_1960 7234 68%
16
Texas Gaa Util Bs__ -.1945 16
7755
Texas Power & Lt 158_1956 79
1937 9855 9855
bs
1934
Therniold Co 85
55
With warrants
56
Tide Water Power 56_1979
8555
1962 88
1 oledo Edison fe
2434
Twin City Rap Tr 655s '62 25
34
1944 34
Ulen Co deb Os
78
Union Am Invest 5s A 1948
101%
Union Atlantic 4545_1937
Union Elect Lt & Power
1957 9755 9655
448
1967 99% 9935
Ss series 11
0
Us Gulf Corp 54-Ju1Y 1 5 101% 10134
100
4s...1949 100
United E'er,(N
75
Un,ted Elea Sets 75..1956 75
39
United Industrial 655s 1941 39
39
1945 39
1,8 68
Range Since Jan. I.
2,000 101
1,000 96
Apr
Slur
66
76Si
74
5655
76
18
8155
10055
4,000
3,000
25,000
5,000
78,000
19,000
70,00
36,000
5754
59%
9235
27
3555
79
101%
2,000
8,000
127,000
59,000
14,000
6,000
15,000
2635
4455
804
20
15
7255
92
Apr
AP
Apr
Apr
Jan
Ma
Apr
99
103
10235
101%
77
45y,
4554
40,000
9,000
55,000
12,000
16,000
12,000
95,000
8754
9235
96
95
67
35
3554
Apr
Apr
Apr
Mar
July
May
May
5534 Sept
69
Sept
Jan
09
Feb
46
Apr
66
1154 Feb
Apr
70
Apr
90
Jan
Jan
Jan
July
Sept
July
July
July
July
July
Sept
July
82% Jan
10555 Jan
1064 Jan
10554 Jan
Jan
105
103
Jan
0934 Jan
95
Jan
93
Sept
92% Jan
1005.4 Aug
1054 Jail
7234
75
59
8234
82
78%
43
6855
71%
95
77
77
62
6054
79
7934
59
3255
July
July
July
Jan
Jan
Aug
May
July
July
Sept
July
July
June
July
Aug
Aug
June
Jan
Bonds (Concluded)
-
2259
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
United Lt & Pow 6s..._1975 34%
1st 5355 ....April 1 1959
1974 4154
deb g 634s
Un Lt & Ry 634s
1952 40%
1952
68 -.ries A
U 13 Rubber
3
-year 6% notes ___ _1933
1936
3
-year 65
0)4% serial notes ..1934 9855
655% serial notes___1935 84
634% serial notes_ __1936 70
6.55% serial notes__1937 66
634% serial notes__19
66
.1939 67
655% serial notes..
635% serial notes_ _1940 66
Utah Pow & Lt 6s___2022
1st lien & gen 455s__1944 58
Valspar Corp 65 Ws_ _1940
Vamma Wat l'ow 5545 '57 85
Van Camp Pack 68_ ..1948
8
Vs Elea & Power So...1956 94%
Va Public Serv 54s A 1946 57
1st ref 55 ser 13
1950 59
Waldorf-Astoria Corp
75 with warrants...1954
Ctrs of deposit____ _ _
5
Ward Baking 65
1937 94%,
Wash Gas Light 55_1958 82
Wash Ry & Flee 4s_ _ _1951 89
wash Water Power 68_1960
West Penn Elec 5s_ _ _ _2030 53
West Penn Pwr 48 El __1961 984
West Texas Utll 58 A.1957
Western Newspaper Union
1944
6s
Westvaco Chlorine 5348'37
Wheeling Elee 58
1941
Western United Gas & Elan
1965 69
let 54e ser A
Wise Elec Pow 58
1954 100
Wis Minn Lt & Pr 55_1944
Wise Pow & Lt 55 E_ _1956
1958
5s series F
Yadkin River Pow 53_241 78
York Rys 58
1937 84
34
74
41%
30%
7355
41
69,000
74
6,000
4555 11,000
44
71,000
7354 4,000
Range S nee Jan. 1.
Low.
27% Apr
544 Mar
2934 Apr
31.54 Apr
84
Apr
High.
60
82
65
61
8355
June
July
July
July
July
Stay
June
Aug
July
July
July
July
July
July
July
June
June
July
May
Jan
Jan
Jan
100
9055
9834
84
70
66
66
66
66
45
58
8
84
8
93
57
59
100
90%
98%
85%
70
72
70
70
70
51
64
8
85
8%
95
67
6355
3,000
5,000
18,000
11.000
5,000
11,000
4,000
8,000
8,000
4,000
15,000
1,000
16,000
3,000
5,000
31,000
19,000
25
27
27
25
45
53
8
68
8
89
67
54
Apr 5110
Sent 941.5
Apr 99
Feb 90
81
Apr 8035
Feb 8055
Feb 83
Feb 80
Apr 67%
May 70
Sept 10
Jan 88
Sept 24%
May 101
May 77
Apr 71%
1134
5
9434
81
89
88
53
98
46
1154
654
9455
8655
89
9254
57
98%
5254
10,000
10.000
14,000
31,000
1,000
48,000
11,000
9,000
55,000
255
255
90%
78
8254
87
44%
93
3555
Feb 114 Sept
10 Slay
Feb
Apr 9755 Aug
Mar 9434 Feb
Jan
May 91
Apr 1024 Jan
June
May 71
Jan
May 101
Apr 67
July
29
30
103 103
102% 1024
69
100
82%
69
70
18
83%
4,000 521
3,00 101
99
1,00
7634 13,00
10155 8,000
82% 1,000
72
8,00
70
1,000
78
7,000
89
8,00
Foreign Government
And MunicipalitiesAgrlo Mtge Bk (Colombia)
24% 25
78
1946
21
24
Baden 78
1951 21
Buenos Aires (Prov)36)4 36%
1947
Ext1 7558
34
3534
7358 stamped_ _ __1947 34
34% 35%
78 stamped
1952
1054 1155
Cauca Valley 78
1948
Cent Bk of German State &
48
51
Prov Banks 65 B___1951 49
22
24%
6s series A
1952 22
78% 8055
Danish 53 5
1955
4
Danzig Port & Waterways
25
3754 42
-year 63
-Os
1952 42
German Cons Muni° 75247 2855 2855 3155
2755 30
Secured as
1947 28
40
Hanover (City) 79-1939
40
Hanover(Pros)6 555_ _1949 353-5 3534 40
Indus NI tge 13k (Finlandi81
844,
let mtge coils f 78_1944 81
6
Lima (City) 655s
6%
1958
Maranhao 75
1958 1534 1555 164
15
16
Medellin Munic 75
1951
'Mendoza 735s
30% 32%
31
1951
Mtge Bk of Bogota 75.1947
22%
75 issue of May 1927__ ------ 22
7s Issue of Oct 1927_ .._ ------ 22% 22%
Mtge 13k of Chile 68„ _1931
74 8
66
66
Mtge Bk of Denmark 58'72
9
8
Parana 7s
8
1958
Rio de Janeiro 6558___1959 16
1554 1655
Russian 00516 34,
4% 6
1919
534
4
634s certiticatee____1919
3% 54
4% 655
5
1921
614s
455 554
5558 certificatesJ___1921
43-0
Saarbruecken is
10354 103%
1935
21
20
Santa Fe is
1945 20
Santiago is
1949
755
755
7s
855 834
1961
68
90%
50%
294
64
97
70
6255
59
75
78
June
Feb 35
Mar 10334 Jan
Slay 104% Jan
Apr 894
Mar 103
Apr 91
May 89
Slay 89%
May 904
Apr 92
Feb
Jan
Feb
Jan
Jan
Aug
Jan
2,000
9,000
17;4 Apr
Sept
21
41
July
5734 Jan
4,000
27,000
7,000
3,000
25% Jan
May
34
2934 May
7
Mar
44
4355
454
194
July
July
Juiy
July
57,000
16,000
9,000
3654 May
Sept
22
Mar
58
66
66
85
Jan
Jan
Sept
10,000
91,000
43,000
1,000
52,000
37
2655
26
40
28
May
Juue
May
Sept
May
64
0234
614
61
6455
Jan
Jan
Jan
Mar
Jan
16,00
2,00
3,00
6,000
3,00
69
4
034
1055
17
Mar
Feb
Jan
Mar
Mar
92%
11
22
23
39%
July
July
July
July
July
12,000
7,000
5,000
10,00
14,00
21,000
1855
20
755
5734
Feb
Ma
Sep
Apr
Jan
Jan
35
35
1555
96%
164
22%
July
July
June
Jan
July
July
7
2
Ay
854 July
18,000
754 July
154 Ma
141,000
Ma
2
27,000
814 July
74 July
1(4 Au
33,000
6,000 1034 Jan 103% May
May
Apr 26
16.000 13
4
Ma
13% June
1,000
4,5 Jan
12% June
1,000
• No par value. a Deferred del very. Co d Certificates of deposit. eons ConSee note below. es Mortsolidated. cum Cumulative. eonv Convertible.
gage n Sold under the rule. n-v Non-voting stock. ,Sold for cash. ste Voting
a Ex-dividend.
trust certificates.
w w With warrants.
w 1 When issued.
5 w Without warrants
a See alphabetical list below for "Deferred delivery" sales affecting the rams
for the year:
American Manufacturing. pref.. Feb. 7. 30 at 43%.
Arkansas Natural Gas, corn,, class A. March 15, 400 at 36.
Associated Gas & Elec. 58 1968. registered, Mar. 29. 51.000 at 13.
Beneficial Industrial Loan corn, April 19, 200 at 8.
Jan Central States E.ectr c 58 1948, April 7, $16,000 at 2734
66
69% Jan Cities Service, corn., April
13, 100 at 1%.
10454 Sept
102
Aug Commonwealth Edison 5s, series A, 1953, Aprll 24, $5.000 at 91.
10154 Sept Commonwealth Edison 4345, series C 1956, April 24. $2,000 at 83.
Jan Gen. Bronze Corp. 6s, 1940* low, Apr. 10, $7,000 at 43.
84
8314 Jau
Indiana Electric 55. series C, 1951, Feb. 1, 37.000 at 80.
93% Jan
10555 July international Petroleum, Feb. 2, 200 at 8%.
100% July Jersey Central Pow & light 555% pref., May 29, 25 at 58.
Letcourt Realty Corp., pref. Apri 4, 100 at 234
1091
4 Feb
1063-; Jan Ludlow Mfg. Associates, July 11, 30 at 82.
Niagara-Hudson Power class B option warrants March 21. 10.
9554 Jan Peoples Light & Power 5s, 1979. April 18, 32.000 at 54
94
Jan San Antonio
Public Service 55, 1958, May 3, $1,000 at 64.
81% Feb
60
July Syracuse Lighting 545, 1954, Feb. 1, 51.000 at 10954.
Jan
90
Union American Investment 55 w. w. 1948, April 12. $1,000 at 72
33
Aug Valvoline 011 78, 1937, July 10, $1,000 at
6034.
92
Jan
Western Newspaper Union 6s, 1944, March 16, $1,000 at 21.
104
Jan
e See alphabetical list below for "Under the rule" sales attectiog the range tot
6734 July the year:
69
Jan Associated Telephone $1.50 preferred.
Feb. 9. 100 at 1955.
994 Jau
3455 Slay American Community Power 535s, 1953, June 16, $1,000 at 10.
43
July Chicago District Electric 5558, 1953, Feb. 2, $7,000 at 9534.
81
July Cleveland Electric Illuminating 58 1939, June 1. $1,000 at 10734.
101% Aug
Ilygrade Food l'roducts 6s, series 11, 1949, July 25, 31,000 at 6255.
99,54 Sept Narragansett Electric 68, series B. 1957, Jan. 17. $1,000 at 104.
106
Jan New York & Westchester Ltg 58 1954, Mar. 27. $5,000 at 10655.
103
Feb Singer Mfg. Co. Am. dep. ran., July 6, 12 at 354.
103
Jan
834 Feb Tennessee Pupil(' Service 58, 1970. Jan. 13, 31.000 at 9534.
66
Jan United States Rubber 65, 1933, May 19, 38,000 at 10054.
68
Jan
U S Rubber Go. 193u Jule 31. 32.000 at 90.
2260
Financial Chronicle
Sept. 23
1933
Quotations for Unlisted Securities-Friday Sept. 22
Port of New York Authority Bonds.
Bid
Public Utility Bonds.
Bid
Ask
Arthur Kill 13ridgee 414s
series A 1934-46
M&S
Bayonne Bridge 48 series C
J&J 3
78
1938-53
86
Inland Terminal 414s ser D
Geo. Washington BridgeMrki3
1036-60
hiseries B 1936-50_ _ _J&D 55.00 4.75 Holland Tunnel 414s series E
414s ser B 1039-53_ _WIEN 55.00 4.75
M&S
1934-80
Ask
86
78
75
80
93
98
Bid
98
10314
10014
10014
Ask
103
1041 4
1003
4
1003
4
U S. Insular Bonds.
Philippine Government
4s 1934
Is 1946
414s Oct 1959
414s July 1952
Os April 1955
Os Feb 1952
534s Aug 1941
Hawaii 43413 Oct 1956
Bid Ask
97 100
94
90
97
93
93
97
92
97
95 100
101 104
99 102
Honolulu Es
U S Panama 35 June 1 1961_
28 Aug 1 1936
25 Nov 1 1938
Govt of Puerto Rico
414s July 1958
bs July 1948
98
99
102
103
Federal Land Bank Bonds.
Bid Ask
Is 1957 optional 1937_M&N 8.514 8614
Is 1958 optional 1938_M&N 8514 8614
411s 1956 opt 1938____J&J 85 4 87
3
41.is 1957 opt 1937____J&J 583 87
4
114e 1958 opt 1938___M&N 853 87
41
55 1941 optional 1931_M&N 95 4( 97
3
4148 19.13 opt 1932_ _J&D 10012,101
1942 opt 1932__M&N
1943 opt 1933____J&J
1953 opt 1933____J&J
1955 opt 1935____J&J
1956 opt 1936___J&J
1953 opt 1933___J&J
1954 opt 1934____J&J
Bid
91
91
9014
9014
9014
9114
9114
Ask
9214
9214
91 12
9112
9112
9212
921z
Bid
414e
4148
4148
41is
434s
491s
4145
Ask
New York State Bonds.
Bid
Ask
Canal & Highway
be Jan & Mar 1933 to 1935 53.00
Is Jan & Mar 1936 to 1945 83.40
55 Jan & Mar 1946 to 1971 53.70
World War Bonus
Oils April 1933 to 1939__
“is April 1940 to 1949_
Institution Building
48 Sept 1933 to 1940
Highway Imp 410 Sept '63 11612 11912
48 Sept 1941 to 1976
Canal Imp 4 tie Jan 1984..._ 11612 11912 Highway Improvement
Can & Imp High 41is 1985_ 11112
45 Mar & Sept 1958 to '67
Barge CT 4148 Jan 1945___ 10612 --- Canal Imp 4e J & J '60 to'67
Barge CT 48 Jan 1942 to'46
53.00
53.50
53.25
53.40
Bid
Ask
Bid
638 May 1935
7912
85 87 64148 June 1974
7912
75 a41is Feb 15 1978
73
43148 May 1954
75 a414t3 Jan 1977
73
a3148 Nov 1954
7912
7912
76
a48 Nov 1955 & 1956
78 a414s Nov 15 1978
7912
a4s M & N 1957 to 1950._. 7612 78 a494s March 1981
83
78 a414e SI & N 1957
76
a4s May 1977
78 0414e July 1967
76
a4s Oct 1980
83
83
v4 Sig Feb 15 1933 to 1040_ 57.00 6 00 a414s Dec 15 1974
8012 a41is Dec 1 1979
78
a414s March 1960
83
81
79
a41Ss Sept 1960
93
79
a414s March 1982 dr 1964
81 a6s Jan 25 1935
93
aiie Jan 25 1936
81
79
a41.iii April 1968
93
81
79
265 Jan 25 1937
a43 April lb 1972
-is
a Interchangeable. b Basis. c Registered coupon (serial). dCoupon.
Ask
81
81
81
81
81
85
85
85
85
94
94
94
New York Bank Stocks.
Fifth Avenue
100 1020
First National of N Y
100 z1250
Flatbu,h National
100 35
Fort Greene
100
Grace National Bank_100
-Kingsboro Nat Bank _ 100 - 48
1070
1300
_
25
200
58
Lafayette National
Nat Bronx Bank
National Exchange
Nat Safety Bank dr Tr
Par Bid Ask
25
612 9,2
31
50 26
25
25 22
4
8
25
Penn Exchange
Peoples National
Public Nat Bank & Tr
25
100
_25
Sterling Nat Bank & Tr__25
Textile Bank
Trade Bank
100
Washington Nat Bank_ _100
Yorkville(Nat Bank 00_100
5
9
80
12143414
-1412
49
18
2
30
1712
52
23
4
40
Trust Companies.
Par Bid Ask
_
Banes Comm Itallana__ 100 144
Bank of New York & Tr_100 324 34
12
Bank of Sicily Trust
20 10
Bankers_
10 5212 5412
712 1112
Bronx County
20
Brooklyn
100 97 102
Empire
Fulton
Guaranty
Irving Trust
Kings County
Lawyers county
Ask
Par Bid
20
1814 193
4
100 2230 260
100 268 273
10 1614 173
4
100 1900 2000
25 333 353
4
4
20 1418 155
Central Hanover
20 12312 12712 Manufacturers
25 8612 8912
4
Chemical Bank & Trust 10 3334 353 New York
4
Clinton Trust
50 Title Guarantee & Trust_20 1714 183
50 40
Colonial Trust
100 10
13
100 55
65
Continental Bk & Tr
10 1418 155 Underwriters Trust
100 1570 1620
Corn Exch Bk de Trust
20 4914 51, United States
4
(Guarantor in Parenthesis.)
Dividend
Par in Dollars.
Alabama & Vicksburg (Ill Cent)
100
Albany & Susquehanna (Delaware & Hudson)-100
100
Allegheny & Western (Buff Roth & Pitts)
so
Beech Creek (New York Central)
100
Boston & Albany (New York Central)
Boston & Providence (New Haven)
100
100
Canada Southern (New York Central)
Caro Clinchfleld & Ohio(L & N A CL)4%...100
100
Common 5% stamped
Chle Cleve Cino & St Louis pref(N Y Cent)
._.100
50
Cleveland & Pittsburgh (Pennsylvania)
50
Betterman stock
25
Delaware (Pennsylvania)
Georgia RR & Banking (L & N. AC L)
100
Lackawanna RR of NJ (Del Lack & Western).100
Michigan Central (New York central)
100
50
Morris & Essex (Del Lack & Western)
New York Lackawanna & Western(D L & WI.100
50
Northern Central (Pennsylvania)
100
Old Colony (N Y N II & Hartford)
60
Oswego & Syracuse (Del Lack de Western)
Pittsburgh Bess & Lake Erie(U S Steel)
50
50
Preferred
100
Pittsburgh Fort Wayne & Chicago(Penn)
100
Preferred
Rensselaer & Saratoga (Delaware & Hudson) 100
100
St Louis Bridge let pref (Terminal RR)
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal (l'enna)
100
Valley (Delaware Lackawanna dr Western)._ Inn
Vicksburg Shreveport & Pacific (Ill Cent)
100
Preferred
100
Warren RR of NJ (Del Lack & Wmtem)
50
West Jersey & Sea Shore (Penn)
50
8 V, par va hi.
'srwn'esl markre
78
6.00
176
11.00
85
6.00
30
2.00
118
8.75
135
8.50
46
3.00
65
4.00
5.00
72
80
5.00
65
3.60
36
2.00
2.00
33
142
10.00
83
4.00
50.00
700
3.875
61
5.00
80
74
4.00
91
7.00
60
4.50
29
1.50
60
3.00
115
7.00
146
7.00
105
8.90
109
6.00
3.00
53
109
3.00
202
10.00
78
5.00
5.00
65
65
5.00
45
3.50
3.00
52
s Drtmil rd.
Ark.
82
180
90
34
122
50
70
78
83
68
40
37
148
66
65
83
77
97
65
32
i,'
-s
150
110
114
-ill
206
85
70
70
50
57
Fe-rounon
Bid
80
69
7114
55
5912
32
59
8112
45
Ask
83
711 4
75
58
63
35
82
50
Ask
112 313
412
2
2
412
91
93
10112 104
25
35
80
.
61 (W
14
1
5712 6112
7012 7312
7212 7612
97
.50
55 _
143
443 48
4 -9112 ...._
143
65
70
7812 80
3
4912 513
4
Ask
Par Bid
Kansas City Pub Serv pref•
3
4
112
Kansas Gas & El 7% p1100 76
7712
Kings Co Itg 7% pref -- 100 86
93
Metro Edison $7 pref B___• 70
73
6% preferred ser C
58
61
Mississippi P & L $8 pref * 20
2312
Miss River Power pref..100 8712 9012
Mo Public Serv pref.....100
6
10
Nassau & Suffolk Ltg of 100 6012 6412
Newark Consol Gas....1110 96
9912
6712
New Jersey Pow & Lt $8 Pi• 64
NY dr Queens EL & P pf100 101 105
Pacific Northwest P S. _•
10
6% preferred
9
100
Prior preferred
100
7
Philadelphia Co $5 pref..5)1 37
Somerset Un Md 1.t
101) 70
78
South Jersey Gas& Elec_100 150 155
Tenn Elec Pow 6% pref_100 2912 34
United G & E(NJ) Prof 100 4212 46
Wash Ry & Elm com.....100 280
5% preferred
- -1
100 8614 89 2
Western Power 7% pref_100 79
Investment Trusts.
BancamerIca-131alr Corp_
Bancshares. Ltd
Participating shares __50c
Basle Industry Shares
•
British Type Invest A
1
Bullock Fund Ltd
Deposited Bank She ser A._
Deposited Insur She A
Diversified Tristee Shs B._ _
C
Dividend Shares
National Wide Securities Co
Voting trust certificates..
N Y Bank Is Trust Shares..
No Amer Bond trust Ws
No Amer Trust Shares_1953
Series 1955
Series 1956
Northern Securities
100
3.39
7918
_
260
2 60
65
2.07
2 88
73
3.10
5
1.24
112 3
Second Internet Sec cl A..
•
,
s 2
Class 13 coinmon
8% preferred
so 18 22
1.22 1.30
Selected Au er Shares Inc__
2.il Selected American Shares__ 2(50
2.41 Selected Cumulative She... 679 704
Selected Income Shares_ __. 3.52 4.00
5 4 63
3
8
17 Selected Man Truetces She _
1512 1638
Spencer Trust Fund
17 Standard Amer Trust Shares 2.95 3.35
Standard Utilities Inc
.80 .1.:6
State Street Inv Corp
• 82.83 67.95
Super Corp of Am Tr She A 307
212
AA
2.30
322 .....
3.20
213 _
BB
573
3.40
575
52
,
1.36 Supervised Shares
1.38 1.50
45
9
5
12
Trust Fund Shares
Trust Shares of America
Trustee Stand Investment C
Trustee Standard 011 She A
Trustee Amer Bank She A_
Series
TrueteedB Y Bank Shares.
N
20th Century orig series
Se
Two-year
Shares
.38 United Bank Trust
United Fixed Shares ear Y
17.55 19.06 United Insurance 'Trust
2.03) 2.32 U S & British International
1214 14
Preferred
•
135 Else Lt & Pow Shares A
13
13
17
13
17
Voting trust Ws
3
4
134 Un N Y Bank Trust C
Un Ins Tr She ser F
11
14
1
2 U S Shares set II
45
8 514
.28
Incorporated Investors....'
Independence Tr Shares _ _•
Indus & Power Security_._•
Internet Security Corp(Am)
634% preferred
100
6% preferred
100
Investment Coot America_ •
7% preferred
100
Investment Fund of N J_.•
Investment Trust of N Y-•
3 29
1.40
212
757
8
186
239
2 39
55
18
Equity Trust Shares A
2.80 3.15
Fidelity Fund Inc
50 25 54 13
First Commonstock Corp..
.98 1.13
•
Five-year Fixed 'Fr Shares_ _ 394 _
Fixed Trust Shares A
• 858
13
• 7.29
438 47
8
Fundamental Tr Shares A._
Shares B
41s
•
Fundamental Investors Inc. 2.00 2.20
Low Priced Shares
Ask
Par Bid
21
•
s_
• 18 04 19.61
St.10 1.20
Major Shares Corp
Mass Investors Trust
Mutual Invest Trust
24
4
4 3 Pacific Southern Invest pf_. x21
4
Class A
• ,312 512
x3
4
1.3
4
1.19 1.44
Class B
3.21
1.42 1.53
.80 .85 Quarterly Inc Shares
117 127
8
s
Representative Trust Shares 8.75 9.50
213 2332 Royalties Management
1 14 214
2
14
5
4
Central Nat Corp clam A__
Class B
Century Trust Shares._
16N
Corporate Trust Shares.... 2.22
Series AA
2.12
2.12
Accumulative series
Series AA mod
2.34
Series ACC mod
2.34
Crum & Foster Ins Shares
Common 13
10 15
100 78
7% preferred
Crum dr Foster Ins corn...' 15
8% preferred
84
Cumulative Trust Shares._• 4.10
Huron Holding Corp
Bid.
Bid
Par Bid Ask
Administered Fund
1 16.12 17.52
Amer Bankstocks Corp...
.98 1.12
Amer Business Shares
1.48 1.65
Amer Composite Tr Shares.
334 438
Amer & Continental Corp_ _
412 5
,2
Am Founders Corp 6% pf 50 1212 1612
7% Preferred
50 123 163
4
4
Amer & General Sec cl A._•
6
10
Class B corn
14 2
$3 preferred
33
43
Amer Ineuranstocks Corp_•
13
4 23i
Assoc Standard 011 Shares.
51s 555
General Investors Trust _.•
Guardian Invest pref w war
Guaranteed Railroad Stocks.
Ask
4434 Newp N & Ham Is '44.J&J
N Y Wat Ser be 1951_1s.l&N
Oklahoma Gas Os 1940
4034 Old Dom Pow 5s_May 15'51
44 Parr Shoals P be 1952._ A&O
22 Peoples L & P5945 1941 J&J
36
Roanoke W W be 1950.J&J
4
713 United Wet Gas & E be 1941
4512 Western PS 534s 1960.F&A
Public Utility Stocks.
Par
Arizona Power pref____100
Assoc Gas & El oils pref_ _•
$6.50 preferred
•
$7 preferred
•
Atlantic City Elm $8 pref.•
Bangor Hydro-E17% p1.100
Broad River Pow pf_..100
Cent Ark Pub Serv pref_100
Cent Maine Pow 6% 91_100
Cent Pub Serv Corp pref_•
Consumers Pow 5% pref_'
6% preferred
100
6.60% preferred
100
Dallas Pow dr Lt 7% pref 100
Derby Gas de Elm $7 pref _•
Essex-I-Judson Gas
100
Foreign Lt de Pow units__ _
Gas Is Elm 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 Bid I Ask
Bank of Manhattan Co_.20 2514 2714
Bank of Yorktown
100 20
34
Bensonhurst Natl
100 25
20 223 243
Chase
4
4
Citizens Bank of 13klyn_100
95
City (National)
20 26
28
Comml Nat Bank dr Tr_100 127 137
Bad
Amer El P 51is 1948_M&N
4114
Atlanta G L 5s 1047 __J&D 96
Central Gas & Elec1st lien coil tr 514s'46J&D 3714
1st lien coil tr 68'46_M&S 4012
Fed P S 1st 8s 1947___J&D e17
Federated Util 5145'67 M&S 31
III Wat Ser let 55 1952.J&J 69
Iowa So Utll 514e 1950_J&J 42
Louie Light let be 1953_A&O 101
3i2
27
8
2.16
2.10
518
45
1,94
88
1 10
175
2 60
157
8
4
33
2.45
2.40
_
-5,-4
.99
1.30
_
3 00
173
33
8
21 1
IN
4.3
3
---
6
10
113 1214
4
2.12 222
.78 .88
31 1 412
112
514 - -,13 4
.512
Telephone and Telegraph Stocks.
Par Bid
Par Bid Ask
Cuban Telephone
New England Tel Is Tel.100 89
100 25
35 Northw Bell rel of 614%100 X103
7% Preferred
Empire & Bay State Tel_100 3612
Pac & Atl Toles US 1% __25 14
Franklin Teleg $2.50...._100 2412
R.och Telep $8.50 let 91..100 953
4
15
lot Ocean Teleg 6%_
781
100 70
So Is A tl Teleg $1.25____25
Lincoln Tel & Tel 7%
• 90
Tr States Tel Is Tel $8_.• 100
Mount States Tel de Tel.100 104 168
. Wisconsin Telep 7% pref100 10634
New York Mutual Tel...100 15
Ask
92
106
17
20
109
Sugar Stocks.
Ask
Par Bid
Fajardo Sugar
75 Savannah Sugar Ref
100 60
34
Haitian Corp Amer
•
13
4
7% preferred
Sugar Estates Oriente pf 100
United Porto Rican
1
Preferred
2
-.toek dividends.
5 Ex-'l Wend
Bid Ask
8412 93
8612 05
12 112
2
•
-
For
100
2261
Financial Chronicle
Volume 137
Quotations for Unlisted Securities-Friday Sept. 22-Concluded
Aeronautical Stocks.
Chain Store Stocks.
Par Bid
• 19
Bohack (H C) corn
100 79
7% preferred
1
100
Butler(James)corn
314
100
Preferred
100 52
Diamond Shoe prat
Edison Bros Stores pret_1012 54%
Par Bld
Ask
100 85
23 Melville Shoe pre!
8512 Miller (I) & Sons pref._ _10f) 12
212 blockJuds&Voehringerpf 100 61
7,4 Murphy (SC)8% pret_100 87
60
24
Fan Farmer Candy Sh pf__• 20
8
Fishman (M H)Stores-- •
100 55
70
Preferred
Kobacker Stores pref.... _100 1512 2012
100 100 4
,
Lord & Taylor
100 7812
let preferred 6%
100 78,2
Sec preferred 8%
•
Nat Shirt Shope (Del)
100
Preferred
pret_100
Newberry (J J)
N Y Merchandise let pf _100
Ask
_
91 4
-3-
1
18
84
80
212
25
841s
De Forest Phonofilm CornDoehler Die Cast pref
•
$50 par
Preferred
•
Eiseman Magneto com___.
100
Preferred
Gen Fireproofing $7 p1 100
•
Orator)& Knight corn
100
Preferred
Herring-Hall-Mary Safe 100
100
Howe Scale
100
Preferred
Industrial Accept corn __•
100
Preferred
Locomotive Firebox Co___•
Mactadden Publio'ne coln_5
Bid
Ask
70
.14012 44 2
312 7
13
2
15
30
30
2212
2514 28
104 10012
15
17
87
2
- - 2 10
4t212 3%
3,
41
,
20
20
92
,
7412
IS
10
4012
118
29
102
•
183 21-1- Splitdorf Beth Elec
4 - 2
83 87 Standard Textile Pro.... 100
Class A
100
Class B
1
__
100
2012 241 Stetson (.1 B)Co pref__25 1312
;
1114 1412
4 Taylor Milling Corp
• 10
---. 15, Taylor Wharton Ir&St corn•
612
112
Preferred
60
614
100
333
5
612 Tenn Products Corp pref _50
25
30 TublzeChatillon cu Of.....100 56
Unexcelled Mfg. Co
1%
10
1512 1912 White Rock Min Spring
$7 let preferred
1
2
100 89%
512 8,
$10 24 prof
100 135
2
---.4 Woodward Iron
2,2
100
27
2912 Worcester Salt
100 x4512
43
8
We Young (J S1 Co com
100 Z)812
2,
8 312
7% preferred
100
41 s
Realty, Surety and Mortgage Companies.
25
35
1412
48
1
1%
38
32
1
1
3
2
163
4
13
422
5012
Bid
6412
76
99
52
48
70
72
6512
1712
e83
4
98
Equit Office Bldg 581952._ _
52
Hayt,lan Corp 88 1938
81612
Hoboken Ferry 5s 1946
61
International Salt 5s__1951
84
Journal of Comm 6%8_1937 5214
Kane City Pub fiery 68 1951
2212
boow's New 53rd Prop
J&D 75
68 1945
Ask
Bid
6812 Merchants Refrig 6s 1937_ _ _
85
NO Or No RR 5s '55_1
80
-&A e33
N Y & Hob Ferr 511'46 J&D 55
57 N Y Shipbdg 55 1940.M&N 87
60
Piedmont & Nor Ry 55_1954 7712
SO
Pierce Butler & P 6.54e 1942 6112
76
Prudence Co Guar Coll
1961
4934
23 Realty Assoc Sec 68'37.J&J
113 61 Broadway 5340 '50_A&O
4
So Indiana Ry 4a 195L F&A
Stand Text Pr 654s'42 al&S
58 Struther5 Wells Titusville
6 As 1943
1912
66
87 Tol Term RR 4 345'57_M&N
84
55 4 Ward Baking let 6s....12J37 9512
,
2412 Witherbee Sherman fie 1944
Certificates of deposit_ .
56
79
Woodward Iron 58 1952_J&J .35
Ask
Par Bid
13
4 314
Bond & Mortgage Guar__20
50
Empire Title & Guar....100 22
Guaranty Title & Mortgage- 50 80
33
4 53
4
Home Title Insurance. _25
20
International Germanic Ltd
15
Ask
Par Bid
03 1138
8
Lawyers Title & Guar_100
1
212
20
Lawyers Mortgage
1
2
National Title Guaranty 100
10
N Y Title & Mtge
% 15s
New York Real Estate Securities Exchange
Bonds and Stocks.
Industrial and Railroad Bonds.
Adams Express 4s '47_J&D
American Meter 65 1946....
Amer Tobacco 45 1951 F&A
Am Type Fdrs 6s 1937 IVI&N
Debenture 65 1939_ _M&N
Am Wire Fab 7s '42_ _lailcS
Bear Mountain-if udson
River Bridge 7s 1953 A&O
Chicago Stock Yds 58.1961
Consol Coal 454s 1934 M&N
Consol Mach Tool 7e_ _1942
Consol Tobacco 4s 1951____
Insurance Companies.
/11
Ask
Par Bid
Macfadden Publierui pf___• 13
14'
12
Merck Corp $8 pref
100 98 10112
National Licorice corn__ _100 17 2 22
,
15
National Paper & Type.100
New Haven Clock pref _100
20
New Jersey Worsted pf 100 40
Ohio Leather
•
Okonite Co $7 pref
100
Publication Corp corn
•
$7 let preferred
100
Riverside Silk Mills
•
Rockwood & Co_..
•
Preferred
100
Rolls-Royce of America_ _.•
Rosy Theatres units
Common
•
Proferre A
Ruberold Co
100
•
Central Airport
Kinner Airplane & Mot_ _ _1
But Ask
Par
Par Bid Ask
5 1778 19%
Aetna Casualty & Surety..10 4812 5012 Home
10
Aetna Fire
33 Home Fire Security
134 234
10 31
1112
10 10
Aetna Life
8
8
10 187 207 Homestead tire
534
10
Agricultural
25 4912 5412 Hudson Insurance
8
978 if7American Alliance
10 13% 1538 Importers & Exp. of N Y_25
47
5
,
American Colony
7 8 Knickerbocker
6
218 31,
5
Lincoln lire
American Equitable
13
16
218 418
2
American Home
63
4 84 Maryland Casualty
10
20
25 17
American of Newark_ ---2
838 93 Mass Bonding & Ins
8
4
273 313
4
American Re-Insurance.
.10 3614 3914 Merchants Fire Assur com21
97 11 8 Merch & Mfrs Fire Newark 5
7
5
American Reserve
,
10
2%
10
American Surety
4
4
25 193 213 Missouri States Life
4 2 612
,
10
Automobile
10 1812 2012 National Casualty
10 4314 4514
Baltimore Amer
212 312 National Fire
244
4% 55
8
2
Bankers & Shippers
4
25 32% 423 National Liberty
20 6212 6612
Boston
100 457 482 National Union Fire
5 1212 1412
Carolina
10 1514 1714 New Amsterdam Cas
10 15% 17%
City of New York
100 133 143 New Brunswick Fire
,
7% 12 8
10
Connecticut General Life_10 2314 3014 New England Fire
37 New Hampshire Fire
3
10 3234 35 4
17
Consolidated Indemnity___5
4
20 1934 203
Continental Casualty
5 1038 1238 New Jersey
13
5 10
Cosmopolitan Fire
10 1214 1514 New York Fire
51
01,
25
8 35 Northern
8
12.50 46
Eagle Fire
8
2 50 15% 177
Excess
712 812 North River
Federal
10 5612 6012 Northwestern National_25 7712 8212
4
4
Fidelity & Deposit of kfd_20 243 263
4
',., 348 4434
414 51 Pacific Fire
Firemen's of Newark
5
4
4
1614 173 Phoenix
4
10 563 583
Franklin Fire
41
5 1218 1418
84 103 Preferred Accident
4
General Alliance
•
8
8
17 Providence-Washington _ _10 207 227
Georgia Home
10 13
30
10
Glens Falls Fire
263 28 4 Rochester American
4
3
Globe & Republic
5 9 12 St Paul Fire & Marine_25 112 117
4
4
10 233 253
Globe & Rutgers Fire..
.25 6112 7112 Security New Haven
4
10 133 15%
8
Great American
5 153 168 Southern Fire
4
4
5 8 738 Springfield Fire& blarine_25 833 883
3
Great Amer Indemnity_...1
7
5
10
8
Halifax Firs
10 127 1438 Stuyvesant
4
4
100 385 435
Hamilton Fire
25 293 543 Sun Life Assurance
100 391 406
Hanover Fire
4
3
10 233 25 4 Travelers
3% 4%
18 U S Fidelity & Guar Co__2
Harmon%
10 16
3
4 2334 30 4
4
4
Hartford Fire
10 423 443 U S Fire
4
4
4
2.50 173t 193
Hartford Steam Boller_
10 473 503 Westchester Flre
Piggly-Wiggly Corp
•
414
Reeves (Daniel) pret__ _100 100
74
Schiff Co pref
100 69
Silver (Isaac) & Bros pL 100 12
Industrial Stocks.
Par
Alpha Portl Cement pf_ _100
100
American Book 54
Amer Dry Ice Corp
60
Bliss(E W)1st pref
10
2d pref B
Bohn Refrigerator p1___100
•
Bon Ami Co 11 com
Brunsw-Balke-Col pret__100
100
Burden Iron Net
Canadian Celaneee com___•
Preferred
100
•
Carnation Co corn
100
Preferred $7
Chestnut & Smith com____*
100
Preferred
Color Pictures Inc
Columbia Baking com____•
•
let preferred
•
2d preferred
Congoleum-Nairn $7 pf 100
Crowell Pub Co $1 coin__ •
100
$7 preferred
Ask
Par Bid
Ask
2
5
10 Southern Air Transport___*
•
2
3 Swallow Airplane
United Aircraft Transport
4712 5112
Preferred x warr
1
3
1
%
7 Warner Aircraft Engine__ _•
8
Par Bid
Alexander Indus 8% pf-100
1
Aviation Sec Corp (N
Ask
Active Issues.
35
60
•__
Bonds
Albany Metropolitan Corp
1938
6%s
Allerton N. Y. Corp otts___
B'way Barclay Bldg 6E1_1941
Central Zone Bldg ctfa
Chrysler Bldg 8s
1948
1937
Cranleigh (The) 65
Dorset (The) 6s
1941
Drake (The) 68
1939
80 Fifth Ave Bldg 65.....1940
Fifth Ave & 29th St Bldg
65
1948
502 Park Ave Bldg ctfa__
40 Wall St Bldg 68
1958
42d St & Lexington Ave
Bldg 6548
1945
Fox Theatre & Office Bldg
1941
6455
Fuller Bldg 53-58
1949
Bonds (Concluded)
Marcy (The) 6s 1940
20
22 Mortgage Bond (N Y) 53-S5_
1312 14, New Weston Hotel Annex
2
1940
24
27
6s
2612 3214 N Y Athletic Club 65..1946
Oliver Cromwell Hotel
43
46
17.....
1951
2 - 165 B'way Bldg 5%s
i
20
2012 24 Park Central Hotel ctfs___ _
28
32 Pennsylvania Bldg ctfs_ _
Roxy Theatre 6 s_ _ _ _ 1940
____ 52 Savoy Plaza Corp Cs etre '45
9
11 Sherry Netherland Hotel ctfs
35
40 616 Madison Ave Bldg 612s
1938
17
22 10 E 40th St Bldg 6s___1940
301 E 38th St Bldg ctfs
10
14 2480 Broadway Bldg 6125 '37
40
43 2124-34 Bway Bldg ctfs
Harriman Bldg Corp 6*..1951
Hearst Brisbane Prop 68 '42
Hotel Lexington 6s
1943
Certificates
Hotel St George 5345_1943
Letcourt State Bldg (His '43
Lincoln Bldg Certificates
Loew's Theatre & Realty
Corp (Is
1947
52
5312
13
13
29
23
39
62
56
___
16
32
26
42
47
51
81
411
515
8
87
98
10
39
Chicago Bank Stocks.
Par Bid
Ask
Par Bid
.4s5
Amer Nat Bank & Trust_ 100 80
85
First National
100 82
86
Central Republic
100
1,
2 214 Harris Trust Az Savinge....100 235 245
Continental Ill Bk & Tr_100 3312 3412, Northern Trust Co
100 380 390
I
Bid
Active Issues.
Ask
Stocks
Alliance Realty Co
Beaux Arts Apt Inc units
39 Broadway Bldg Units
City & Suburban Homes....
French (F F) Investing
l'reterred
French (F F) Operators
-
Bid
Ask
2012 24
34
38
1912 24
22
21
1112
54
7
1912
9
14
13
14
58
9
23
12
17
16
16
31
27
31
10
18
32
35
12
612
6
- -1
92
14
16
5
612
112 212
7
9
40
60
Bid
5.50
600
465
465
12.00
12.00
1200.
12.00
12 00
4 75
4 75
475
4 00
4 75
4.50
4 00
6 00
4 30
12 00
4 75
475
5 75
575
6 00
4 00
Ask
4.50
500
415
4.15
8 00
800
8.00
8.00
8.50
4.00
4.00
400
3 00
4 00
3 50
3 00
5 00
3.50
800
4 25
425
5.00
500
5 00
3.00
Other Over-the-Counter Securities-Friday Sept. 22
Short Term Securities.
Mils-Chat Mfg be May 1937
Amer Metal 53 1934A&o
-So
Amer Wat Wks 58 1934 A&O
Bid
86
93
95
Alton Water be 1956__A&O
Ark Wat 1st ba A 1956_A&0
Ashtabula W W be '58_A&O
Atlantic Co Wat Se '68!VMS
Bid
89
86
8012
81
Ask
Bid
Ask
8712 Mag Pet 434e Feb 16 '34-'35 10022 __
Union 011 58 1935____F&A 102 1041
94
;
96
Water Bonds.
Birm WW let 534. A'54A&O
,
1st m 58 195 etc IS__J&D
let be 1957 series C__ F&A
Butler Water be 1957...A&O
City of Newcastle Wat 58'41
City W (Chat) 68 B '54 J&D
let be 1957 series C _M&N
Commonwealth Water
F&A
let be 1956 11
let m fe 1957 ser C.._ F&A
Davenport W Se 1961
ES L& lot W 58'42_ _ _ _J&J
lot m 128 1942 ser B J&J
1st 514 19410 ser
96
90
90
74
90
95
95
91
90
84
75
79
73
Ask
Bid
Ask
90 Hunt'ton W let fai'54_ M&S 99 101
let m 5s 1954 set B__M&S 86
8712
82
68 1962
82
8--5
83 Joplmn W W58'57 ser AM&S 79
81
Kokomo W W 5s 1958.J&D 79
bloom Con W lot 55'56 J&D 80
99
83
Monon Val W 554s '50.J&J
Mehra W W let 58'57_M&N 8612- 8612 88
St Joseph Wat be 1941_A&O 9412 ___
if
92 South Pitts Water Colin 5s 1955
_
F&A 100
let & ref 58 , ser A...J&J
80
--93
95
1st & ref 58'60 ser B.J&J 93
95
Terre ll'te WW 68'49A J&D 95
92
let m 55 1956 ser 13_ _ J&D 83
81Texarkana W let 5.58 F&A
73
75
80
Wichita Wat let (18 '49 HAS 98 100
82
let m 58 '56 ser B__. F&A
90
75
let m 58 1960 ser C_M&N
87
Railroad Equipments.
Bid Ask
Atlantic Coasl Line 6a
4.50 350 Kanawha & Michigan 65....
Equipment 654.
4.75 4 00 KansasCity Southern 534._
Baltimore & Ohio fis
4 75 4 00 Louisville & Nashville 6e...
Equipment 454e & Ss...-. 5 00 4.25
Equipment 634s
Buff Rods d5 Pitts equip 6a. 5 00 4 20 Minn St P & SS M 43.0 & 58
Canadian Pacific, 454s & fis 5.50 4 50
Equipment 63 & 75_
-Ss
Central RR of N J 68
4.20 3.75 Missouri Pacific 6./58
Chesapeake &Ohio (la
4.15 300
Equipment es
Equipment 6
4.15 300 Mobile & Ohio S.
Equipment 5s
4.15 300 New York Central 43.0 & 51
Chicago & North West es_ .._
8.00 6 50
Equipment 6s
Equipment 63-0
8 03 6 50
Equipment 78
Chic R I& Pac 4%s & Se__
11.00 8.00 Norfolk & Western 4 34.......
Equipment 68
11.00 8.00 Northern Pacific 7s
Colorado Ar Southern 6a-- _
5.50 6.00 Pacific Fruit Express 7.......
Delaware & Hudson 68
4.75 4.00 Pennsylvania RR equip 5s
Erie 43-4e 5s
6 00 5.00 Pittsburgh de Lake Erie 6548
Equipment 68
6 00 5 00 Reading Co 454s ds be
Great Northern 68
4 75 4 00 St Louis & San Fran be
Equipment 5a
4 75 4.00 Southern Pacific Co 434
Hocking Valley 55
4 40 4.00
Equipment 78
Equipment Bs
4 40 4 00 Southern Ry 410 & be
4 75 4 40
Illinois Central 4 3-4. & 58_
Equipment Os
Equipment Os
4 75 4 40 Toledo & Ohio Central Bs._ Equipment is & 644s_ _ 4.75 4.40 Union Pacific 78
• No par value. 4 Last reported market.
e Defaulted. s Ex-dividend.
Financial Chronicle
2262
Sept. 23 1933
Current Earnings-Monthly, Quarterly, Half Yearly
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,covers merely the companies whose returns have come to hand since the ept. 22 issue of our "Monthly
Earnings Record" went to press, and is presented with the view simply of making it easy for subscribers to the "Monthly Earnings Record''
to find new statements.
Issue al Chronicle
When Published
Page
Name or CompanySept. 23.2280
International Investing Corp
Sept.23_ 22,5
Internat. Tel. & Tel. Co
Sept.23..2272
Iowa Southern Utilities Co
Sept.23_ _221.5
Keith-Al bee-Orpheum Corp
Sept.23..i263
Loblaw Groceterias, Ltd
Sept.23..2282
Metropolitan Paving Brick Co
Sept. 23._2265
Mexican Light & Power Co
Sept. 23_ _2265
Mexico Tramways Co
Sept.23_ _2282
Mexico-Ohio Oil Co
Mickelberrys Food Products Corp_ _Sept. 23..2265
Sept. 23_ _2282
Muirheads Cafeterias, Ltd
Sept. 23_ _2282
National Baking Co
Sept.23._2282
National Breweries, Ltd
Sept. 23 _2283
National Grocers Co,Ltd
Sept. 23..2283
National Oil Products Co
Sept.23_ 2283
Natomas Co
Sept. 23_ _2283
New England Fuel 011 Co
New York Central Electric Corp_ _Sept. 23_ _2265
New York Chicago & St Louis RR_ _Sept. 23_ _2262
Sept. 23_ _2283
Niagara Wire Weaving Co, Ltd
Sept. 23_ _2284
North Star 011 Co
Sept. 23_ _2284
Northam Warren Corp
Sept. 23..2284
Northwest Engineering Co
Sept. 23..2284
Ontario Silknit, Ltd
Sept. 23..2285
Oppenheim Collins & Co
Packer Corp
Sept. 23_ _2285
Page-Hersey Tubes, Ltd
Sept. 23_ _2285
Sept.23_ _2285
Palmer Bros Co
Issue of Cleontcle
When Published. Pape
Name of ConitrallitSept. 23_.2275
Acme Gas & Oil Co.,Ltd
Sept. 23..2262
Alton & Southern
Sept. 23_ _2263
American Chain Co
American La France & Foamite Co Sept. 23._2263
Sept. 23_ _2276
American Shipbuilding Co
Sept.23 _ _2276
Blue Ribbon Corp., Ltd
Sept.23 _2263
Bridgeport Machine Co
Sept.23.2264
Butterick Co
Sept.23_ _2263
Central Vermont Ry Inc
Sept. 23..2264
Chapman Ice Cream Co
Sept.23..2262
Chesapeake & Ohio Ry
Sept. 23..2267
Compania Cubans
Consolidated Railroads of Cuba _ _ _ _Sept. 23..2268
Sept.23..2264
Coty,Inc
Sept.23_ _2278
Crystalite Products Corp
Sept. 23...2268
Cuba Co
Sept.23_ _2267
Cuba Northern Ry. Co
Sept. 23.2267
Cuba RR. Co
Sept. 23.2264
Eastern Utilities Associates
Sept. 23..220
Fall River Gas Works Co
Sept.23..2265
Flock Brewing Co
Sept.23_ _2265
Galveston Electric Co
Sept. 23..2265
Galveston-Houston Electric Co
Sept.23_ _2278
Gamewell Co
Sept.23_ _2279
German Credit Corp
Sept.23..2280
Harbauer Co
Sept.23_ _2265
Haverhill Gas Light Co
Sept. 23_ _2265
Houston Electric Co
Galveston Wharf-
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia .4 Florida
Minneapolis & St. Louis
Southern
St. Louis Southwestern
Western Maryland
2d
2d
1st
2d
2d
2d
2d
Current
Year.
Previous
Year.
Inc. (-I-) or
Dec.(-).
3,455,341
2,454,000
17,000
176,863
1,886,857
251,000
237,668
Period
Covered.
wk of Sept
wk of Sept
wk of Sept
wk of Sept
wk of Sept
wk of Sept
wk of Sept
3,115,000
2,649,000
18,600
208,452
1,812,772
212,991
231,426
+340,341
-195,000
-1,600
-31,589
+74,085
+38,009
+6,242
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.
1932.
Inc.(+107
Dec.(-).
1933.
1932.
274,890,197
231,978.621
288,880.547
267.480.682
254.378,672
245.869,626
237.493,700
$
-46.000.770
--46.080.759
--69,022,941
--40,180,139
+3,584,364
+35.484.283
+59,691.784
Miles.
241,881
241,189
240,911
241.680
241.484
241.455
241,348
Miles.
241,991
241.467
241.489
242.160
242,143
242.333
241,006
1933.
228,889.421
185.891.862
219.857.606
227.300,543
257.963.036
281,353.909
297,185.484
January
February
March
April
May
June
July
Inc.(+) or Dec.(-).
Net Earnings.
Month.
1933.
$
45,603,287
41,460,593
43,100.029
52,585.047
74,844.410
94.448,669
100,482,838
January
February
March__
April
May
June
July
1932.
45.964.987
56.187,604
68.350,042
56.261,840
47,416,270
47.018,729
46,146.017
Amount.
-361.700
-14,727,011
-25.256,013
-3,676.793
+27,428.140
+47,429.940
+54.334,821
Per Cent.
-0.79
-26.21
-36.95
-6.54
+57,85
+100.87
+ 117.74
Net Earnings Monthly to Latest Dates.
Alton & SouthernAugust-
Gross from railway--Net from railway_ _
Net after rents
August-
Gross from railway.-Net from railway....
Net after rents
1,161.983
399,291
214,675
1,159,340
384,442
201,907
1,138,296
363.300
177.940
From Jan 1
-
695.910
Gross from railway..170.584
Net from railway....
Net after rents
14,976
Kansas City Southern SystemAugust1933.
Gross from railway.-- $848,876
Net from railway
254,984
Net after rents
141.670
1931.
1930.
1932.
$763,465 11,231.076 $1,858,261
714,744
442,092
178,688
492,622
251,472
49.537
From Jan 1
-
Gross from railway.-- 6,247,947
Net from railway.... 1.743,172
Net after rents
762,916
MontourAugust1933.
Gross from railway... $182,552
Net from railway_ _ -69,160
Net after rents
86,151
9,915,875 13,532,997
4,470,812
3,299.931
2.755,405
1,957.261
6,607.363
1,593.095
476.183
1932.
1103.120
34,743
53,543
1931.
$202,060
72,039
91,609
1930.
$214,430
69,508
79,910
881,143
222,749
352,728
1,421,985
477,468
597,678
1,674,947
549,273
616.513
From Jan 1
Gross from railway_ - - 1,172,974
Net from railway. _ _ 472,085
Net after rents
598.218
New York Chicago & St Louie
-
1932.
August
-1933.
Gross from railway__ $2,894.493 12,279,441
Net from railway_
559.536
Net after rents
170.186
585.011
1930.
1931.
13,129,199 33.955.652
723,292 1,087,340
603,220
259,260
From Jan 1
-
Gross from railway-- 20,111,635 19,655.774 25,482,879 32,004,526
Net from railway_ _ _ _
7,762,798
4,234,953 6,134,034
Net after rents
837.923 2,143,954 4,178,279
3.465.340
Pere Marquette1932.
ugust1930.
1933.
1931.
Gross from railway__ - $2,127,594 31,662,151 32,271.845 13,406,190
Net from railway....
216.682
536,140
009,551
341,155
Net after rents
-43,415
330,938
693.177
101,017
From Jan 1
Gross from railway... 14,601,630 14,098,431 18.743,021 25,983.890
Net from railway.... 2,679,185
1,769.046 2,842.179 5,880,576
Net after rents
1,101,829
-86,842
886,936 3,344.075
Southern Pacific SystemAugust1932.
1933.
1930.
1931.
Gross from railway_-$11.709.161 111,393,450 $16,636,701 $22,893,059
Net front railway.... 2.822,084
2,207.316 4,428,090 7,317,465
Net after rents
1,289.874
504,548 2,574,768 4,906,856
From Jan 1
Gross from railway... 82,755.780 96.073,042 138,280,034 173,573,233
Net from railway.... 15,786,694 17,299.770 31,944;558 43,338,924
Net after rents
2.288.114
1.675.390 15,133,963 24.979,962
Union Pacific SystemAugust1933.
1932.
1930.
1931.
Groan from railway-110337.992 $9.829,356 $13,327,917 318,336,751
Net from rallwaa
3,725,161
6,742,323
3.189,485 3,933,751
Net after rents
1.960.285 1,689.612 2,087,067 4.529,500
1930.
$96,282
29,952
28,395
669.931
274,497
196,639
592.797
194,519
127.384
739,345
250,106
161,667
726,604
227,278
189.732
Gross from railway- 67,871,192 73,512,006 103,136,876 119,332,741
Net from railway
20,538.229 19,932,480 24,228,450 31,394,581
Net after rents
9,653,227
7.355.288 9,683.71.8 16,718,947
1933.
3492,016
112.512
81.826
1932.
1451.036
58.111
39,582
1931.
1589.520
134,045
105.869
1930.
$668,899
121,646
123,272
Earnings of Large Telephone Companies.
-The InterState Commerce Commission at Washington has issued a
monthly statement of the earnings of large telephone companies having an annual operating revenue in excess of
$250,000. Below is a summary of the return:
From Jan. 1
69.243,996 61.753,565 80,837,484 91,454,335
Gross from railway
Net from railway__ _ _ 36.202,404 25,286,385 30,217,087 31,962,234
22,845,295 18.340,850 23.380,350 25,737.634
Net after rents
Conemaugh & Black Lick1930.
1931.
1932.
1933.
August$112,307
$58,436
$19.880
Gross from railway.-- $128,613
23,406
11,637
-5,864
57.570
Net from railway....
25,873
13,527
-5.389
59.522
Net after rents
1930.
$219,697
103,209
80.120
1931.
$92,594
30.358
19,298
From Jan 1
From Jan 1
1931.
$193,462
83,115
60.015
1932.
$70,746
28,225
19,728
3,311,889 3,600,643 4,622.296 5.212,793
Gross from railway
832,833
305.119
531,978
356.121
Net from railway_
844,957
90.267
474,989
175,974
Net after rents
Chesapeake & Ohio Lines1930.
1931.
1932.
1933.
AugustGross from railway- _310,766,589 18,335,859 $11,040,979 112,219,840
Net from railway...- 5,233,528 3,970.268 4,652,208 5,050,694
3,815,387 4,288,159
4,095,347 3.071,641
Net after rents
Gross from railway
Net from railway....
Net after rents
•
1932.
1933.
3106.558
$72,257
25.791
8,742 ..
2,583
--9,163
1933.
$99,326
46,134
36.889
From Jail. 1
Gross from railway__ _
Net from railway_ _ _ _
Net after rents
Central Vermont-
August
Gross from railway...
Net from railway....
Net after rents
Jesse of Chronicle
Name of Company-When Published. Page
Sept. 23..2265
Park Utah Consol Mines Co
Sept. 23..2263
Pere Marquette Ry
Photo Engr & Electrotypers, Ltd.._Sept. 23..2285
Sept. 23_ _2266
Pittsburgh Steel Co
Postal Telegraph & Cable Corp
Sept.23.2265
Provincial Paper, Ltd
Sept.23_ _2285
Raymond Concrete Pile Co
Sept. 23..2286
Sept. 23_ _2286
Reliance Grain Co
Sept. 23_ _2286
Richfield Oil Co. of Calif
Sept. 23_ _2266
Seattle Gas Co
Selected American Shares
Sept. 23_ _2286
Sept. 23_ _2287
Seton Leather Co
Sept. 23_ _2266
Sierra Pacific Electric Co
Singer Mfg Co
Sept. 23_ _2287
Sept.23..2266
Sioux City Stock Yards Co
Sept. 23_ _2287
Skenandoa Rayon Corp
Sept. 23_ _2266
Southern Bell Tel & Tel Co
Sept. 23_ _2266
Southern Ice Co
Sept.23_ _2263
Southern Pacific Lines
Sept. 23_ _2287
Standard Chemical Co,Ltd
Sept. 23.. _2287
Standard Gas Equipment Corp
Sept.23..2288
Standard Steel Spring Co
Sept. 23_ _2288
Standard Textile Products Co
Sept. 23_ _2266
Tampa Electric Co
Sept. 23_ _2266
Texas Gulf Producing Co
Sept. 23_ _2266
United Dyewood Corp
Sept. 23_ _2289
United Electric Coal Co.
Western Reserve Investin,. Corp._ __Sept. 23_ _2266
413,948
95,497
103,346
227,699
--51,458
--46,115
521,546
-47,651
-28,791
1,053,980
144.860
160,383
From Jan 1
No. of Co. Operating
Stations in Revenues.
Service.
14,398,531 79,420,647
July 1933
July 1932
15,874,909 82,311,211
7 months ended July 311033....553,684,766
7 months ended July 311932....622,670,923
Operating
Expenses.
Operating
Income.
55,473,115
61,253,814
395,779,155
451,357,914
15,953,629
13,284,098
104,426,577
115,279,207
-In the folOther Monthly Steam Railroad Reports.
lowing we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission:
Central Vermont Ry., Inc.
1931.
1932.
1933.
$115,993
$40,706
$96,787
Ry. oper. Icome
29,046
48,634
35,915
Non-operating income__
5145.039
$89,339
$132,702
Gross income
135,062
146,060
151,154
Deduct from gross inc._
Month of August—
def$18,452 def$56,721
Net income
Ratio of ry. oper. exp. to
87.12%
77.13%
revenue
Ratio of ry. oper. exp. &
90.95%
/5
80.3 1,
taxes to revenue
457
Miles of road operated
8 Mos.End. Aug.31—
$165,201
5231,052
Ry. oper. income
331,606
316.894
Non-operating income
$547,946
1,166,977
Gross income
Deduct from gross inc
$496,807
1,173,541
1930.
$105,800
57,645
$163,445
136,077
$9.977
$27.368
77.26%
81.81%
.
80.31a
84.18
4
$419,893
346,953
383.800
$766,846 51,033,002
933,265
1,056,459
def$619,031 def$676.733 del3289,612
Net income
Ratio of ry. oper. exp. to
88.49%
91.53%
89.25%
revenue
Ratio of ry. oper. exp. &
90.90%
95.22%
93.01%
taxes to revenue
457
457
457
Miles of road operated
$99,736
83.51%
85.93
Kansas City Southern Ry.
(Texarkana & Fort Smith Ry.)
1930.
1931.
1932.
1933.
Month of August—
$763,465 51,231.076 $1.858,260
Railway oper. revenues.. $848,876
1.143.516
789,046
584.777
593.892
Railway oper. expenses_
5714.744
$442.029
5178.688
Net rev. ft. ry. oper-- $254,984
100.136
110,032
96,954
83,717
Railway tax accruals_ _ _
514
189
1.162
5
Uncollectible ry. revs___
5614.093
$331,807
$80,571
Railway oper.Income- $171,263
8 Mos.End. Aug.31—
Railway oper. revenues.. 0,247,947 56.607,363 59,915,875 $13.532,997
Railway oper. expenses_ 4.504,775 5.014,268 6.615.943 9.062,185
Net,rev.fr. ry. oper_- $1,743,172 $1.593.05 $3.299.931 $4,470,812
951.088
842,758
775.633
669.736
Railway tax accruals--_
2.468
1,952
2,182
1.806
Uncollectible ry. revs__
$815,280 52.455.219 $3.517.256
Railway oper. income_ $1.071.630
lO Last complete annual report in Financial Chronicle May 8 '33, p. 3149
Pere Marquette Ry.
Month of August—
Net railway oper. Inc_ Non-operating income__
1932.
1933.
$330.938 de(543,415
15.908
16,081
1931.
$101,016
def19,549
1930.
$693.176
32.797
Gross income
Interest on debt
Other deductions
3347.019 def$27,507
303.708
298,609
7.396
15.629
$81,466
304.041
12,293
$725,974
261,436
10,254
$32,780 der$338,611 def$234.868
284
412
690
$454,283
Net income
Inc. appl. to sinking and
other reserve funds
• 280
$454,003
$32,090 def$339,023 def$235,153
Balance
8 Mos. End. Aug.31—
$886,935 $3,344,075
$1,101,829 def$86,842
ry. oper. income
Net
303.415
413,289
364,087
333,007
Non-operating income
Gross income
Interest on debt
Other deductions
2263
Financial Chronicle
Volume 137
$1.434,836
2,393,021
126,683
$277.245 $1,190,351 $3.757,366
1,819,947
2,415.143 2,377,975
84.207
106.650
105,394
def$1,084,868def$2243,292 $1,294,275 $1.853,211
Net income
Inc. appl, to sinking and
2,222
1.231
2,017
2,606
other reserve funds__ _
Balance
def$1,087,474def$2245,309 $1,295.506 $1,850,988
535"Last complete annual report in Financial Chronicle May 21 '33, p. 3525
Southern Pacific Lines.
1930.
1931.
1932.
1933.
Month of August—
13,811
13.846
13,701
13,496
Aver. miles of road oper_
Revenues—
38,972,679 58,413,183 512,272.113 517.012,291
Freight
1,828.216 2.831.972 3,986,671
1,574,027
Passenger
395,958
378,261
356.662
347.453
Mail
547,948
308,785
265,406
255,227
Express
436,130
473,938
295,004
355,781
All other transportation
564,371
436,362
302,476
256,993
Incidental
25,018
16,994
11,592
12,100
Joint facility—Cr
81,722
75.430
79.597
64,592
Joint facility—Dr
Railway oper. revs_ --511.709,161 $11.393,450 $16,636,701 522,893.059
Expenses—
1.336,462 1.921.583 2.580,858
Maint. of way & struct_ 1,145.342
2,710,560 3,745,505
.
Maint. of equipment _ _ 2,258,539 2,126.801
564,928
496,584
420.826
Traffic
380.870
5,971,755 7.516,884
4,209,797 4,318.481
Transportation
393,752
322.761
216,938
193,388
Miscellaneous
908.172
822.572
786.458
717,457
General
134,508
37,210
Trans. for Inv.—Cr_ _ def18,317 de719.833
Railway oper. exp..- $8.887,076 59,186.134 512,208,611 515,575,591
Income-Net rev,from ry. oper_ - 2,822.084 2,207.316 4.428,090 7,317,465
1,241.828 1,433.677 1.697,978
Railway tax accruals_ _ - 1,142.837
3,473
7.878
2,436
15.402
Uncollectible ry. revs_ _ 741,553
438,702
423,271
356,371
Equipment rents (net)_ 36,936
Cr32,395
35,232
17,601
Joint facility rents (net)Net ry. oper. Income_ $1,289,874 • $504,548 52,574.768 54,906,856
8 Mos. End. Aug.31—
13,842
13,820
13,719
13,590
Aver. miles of road oper_
Revenues
$62,825,700 570,924,1085101,915,4955128,322,324
Freight
11,629,307 15,554.918 23,631,957 30,558,151
Passenger
2,623,058 2,909.928 3.126,961 3.248,219
Mail
2.074,643 2.301,1913,421,888. .
Express
2,173,390 2,447,929 3,334.467 3,358,431
All other transportation_
1,814,232 2,440,269 3,408.706 4,436,167
Incidental
193,703
150,794
91,101
80,955
Joint facility—Cr
875.563
710.233
596.407
• 465.506
Joint fxcility—Dr
345173,573,233
Railway oper. revs__ _a82.155,780 596,073,0425138,280,0
Expenses—
Maint.of way dc struct__ 8,758,844 11.594,012 17.577,777 23,260,951
Maint. of equipment- -- 16,142,222 8,396,406 24.571,040 32.011,934
4.334,928 5,020,983
3,116,503 3,535,991
Traffic
31.549,332 37,115,645 50,808,035 60.121.716
Transportation
1,793.549 2,534.374 3,290,483
1,414.007
Miscellaneous
6,099,727 6,478,536 6,957,434 7.703,580
General
448,112
140.865
1.175.341
Transp. for Inv.—Cr__ _ def111.550
-566,969,085 578,773,2735106,335,4765130.234.309
Railway oper. exp_ _ Income—
Net rev, from ry. oper— 15.786,694 17.299,770 31,944.558 43.338,924
Railway tax accruals- - - 9,477.593 10,716.972 11,401,384 12,803,842
47,886
55,130
39,872
74,421
Uncollectible ry. revs_ -.
Equipment rents (net).— 3.620,540 4,539,650 5,351,870 5,437,795
13,455
Dr62,193
327.886
326.026
Joint facility rents (net)Net ry. oper. income- $2,288,114 51,675.390 $15,133,963 $24,979,962
ra"Last complete annual report in Financial Chronicle April 29'33, p. 2967
Union Pacific System.
1930.
1931.
1932.
1933.
Month of August—
Operating Revenues—
$8.380,204 $7,084,053 510.556,073 514.639.722
Freight
1,598.996 2,254,822
984.935
918,033
Passenger
390,887
365,534
334,625
323.822
Mail
310.633
176,189
114,382
102.414
Express
474,640
399.953
266,628
268,088
All other transportation
295.287
231,172
144,732
145,431
Incidental
Railway oper.rev_..--510.137.992 59.829.356 513,327,917 518.366.751
Operating Expenses—
2.438,325
1,091,487 1,746.851
Maint. of way & struc— 1,011,311
Maint. of equipment..... 1,654,929 1,628,231 2,238.296 2,766,162
346.012
347.622
240.433
209,895
Traffic
2.951.440 3,015.538 4.146.540 5,062.941
Transportation
342,565
253,732
146.173
126,343
operations
Miscell.
668.423
661,146
518,009
458.913
General
1
Transp. of inv.—Cr_
Railway oper. expense 56.412,831 56.639.871 59.394.166 511,624.429
Income Items—
6,742,323
3.189,485 3.933,751
Net rev, from ry. oper_- 3.725.161
1.249.859
1,188,851
887.201
Railway tax accruals_ _ _ 1,215,000
556
1.521
2.097
602
Uncollectible ry. revs__
Railway oper. income $2.509,559 $2,300,187 $2,743,579 55.491.908
908,154
614,194
563,870
497.231
Equipment rents—Dr...
.54,254
42,318
46,705
52,043
Joint facility rents—Dr.
Net railway oper. Inc_ $1,960,285 51.689,612 52,087.067 $4,529,500
9.899
9,866
9.843
9,817
Aver. miles ofroad oper_
63.29%
70.48%
67.55%
63.26%
Ratio of exps. to revenue
8 Mos. End. Aug.31—
Operating Revenues—
855,578,311 558,626,072 $81,947,138 $92,861,600
Freight
5,964,110 7,460.813 11,512,734 15,031,082
Passenger
2.711,247 2,894.811 3.183,146 3.313,951
Mail
1.882,019 2.603,545
1,221,001
911.584
Express
2.124,910 2.655,298 3,419,540
All other transportation 1,666,821
2.103,023
1,956.541
1.184.399
1,039,119
Incidental
Railway oper. revs-- 467,871,192 $75,512,0065103.136,8765119,332,741
Operating Expenses—
7,425,728 15.069,957 16,382,554
Maint. of way & struc-- 6,839,349
Maint. of equipment_ _ _ 12,007.295 12,984.146 20,464.068 23.148,750
1,800,723 2,287.737 2,986.925 3,290.316
Traffic
21,789.899 25,116,751 32.925.657 37.429.822
Transportation
872,145 1,207,361 2.026,970 2,342.583
Miscell. operations
5,440.847 5,344,135
4,023,552 4,557,161
General
5.998
642
Transp. for invest.—Cr.
Railway oper. expense $47,332,963 $53,579,526 $78,908.426 $87.938,160
Income Items—
Net rev,from ry. oper_- 20,538,229 19,932,480 24,228.450 31,394,581
Railway tax accruals— 7,740.000 8,426,429 9,838.100 10,528.822
5,517
9.560
8.179
11.438
Uncollectibe ry. revs.-Railway oper. income 512.786.791 511.497,872 514.380,790 $20.860,242
Equipment rents—Dr... 3,391,735 3,753.269 4,325.749 3,741.057
400,238
371.333
389,315
341,829
Jt. facil. rents, net—Dr..
Net railway oper. inc- $9,053.227 57.355.288 59.683.708 516,718.947
9.878
9.860
9,842
9.817
Aver. miles of road oper.
76.51%
73.69%
72.89%
69.74%
Ratio of exps, to revenue
Chronicle Apr. 29 '33, p. 2982
arLast complete annual report in Financial
INDUSTRIAL AND MISCELLANEOUS CO'S.
American Chain Co., Inc.
(And Subsidiary Companies, but not incl. English Cos.)
6 Mos.End. June 30—
42 $5,491,722
.
5744,504 32,290.8
Nfanufg. profit (net).. _ -- $975,071
Selling, adminis. & gen.
3,112,561
1,840,429 2,406,613
927,782
expenses (net)
Deprec. of plants, mach.
653,988
641,318
489.957
441,404
& equipment
181,632
164,552
178,616
129.130
Amortization of patents_
Funded debt exp., int.,
177.112
159,891
137,991
180.589
taxes, &c
77,532
Profit on redemp.of bds.
17,118
Cr12,860
1,839
Gen,int. exps.(net)_
Balance, loss
Profit on sale of patents_
Reduct.ofres. for foreign
exch.fluct. (net)
3703,834 31.823.118 $1,068,672 pf$1349.311
99,353
Net loss
Prov. for income taxes...
Minority interests
$654,938 51,823.118
Net loss for six mos.. _ _
Divs, on pref. stock_
Divs. on corn. stock_
5656,753 81,823,118
48,896
$969,318 pf$1349.311
164,096
1,815
069.318pf$1,185,216
359,999
354.200
375,159
312,776
5656,753 51.823,118 31.636.294 sur$450.058
Deficit
TO'Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1371
American-La France & Foamite Corp.
Period End. June 30— 1933-3 Mos.-1932.
385.346
$19,501
Operating loss
41,627
40,975
Interest paid
21.041
16,395
Interest received--Cr
42,028
Depreciation
Gain in liquid, of gold
3.320
notes—Cr
13,810
1933-6 Mos.-1932.
3218.034
81.830
83,333
82,431
40,640
31,942
83,917
13,810
37,757
5222,969
8122.425
3102,612
572.299
Vi'Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1378
Net loss
Bridgeport Machine Co.
Income Account for 8 Months Ended Aug. 31 1933.
$21,615
Net loss
-L
tar ast complete annual report in FIna ncia l Chronicle Apr. 8 '33, p. 2428
Brooklyn-Manhattan Transit System.
(including Brooklyn & Queens Transit System)
—Month of August— —2 Mos. End. Aug. 311932.
1933.
1932.
1933.
Total oper. revenues..... 54,195,444 $4,412,752 $8,436,076 58,917,970
2.833,196 5,346,944 5,779.672
Total oper. expenses___ 2.711,502
Net rev, from oper_ -- $1,483,942 51,579.556 53.089.132 $3,138,298
692.965
667,537
342.575
301.149
Taxes on oper. propert_
Operating income_ _ _ - 51,182,793 $1,236,981 52,421,595 $2,445,333
64,191
133.367
127,960
65.331
Net non-oper. income..
51.246,984 51.302,312 52.549,555 52,578,700
Gross income
1,595,168
1.548.425
789,960
769,933
Total income deduct'ns_
Current income carried
$983.532
5512,352 *51,001,130
$477,051
to surplus
117.524
Accruing to minority int. of B.& Q. T. Corp_ 118.402
a"Last complete annual report in Financial Chronicle Sept. 17'32, p. 1988
2264
Financial Chronicle
American Light & Traction Co.
(And Subsidiary)
Period End. June 30- 1933-3 Mos.-1932.
1933-12 Mos.-1932.
Subsidiay Operating Companies
Gross revenue
$8,360,509 $9,061,648 $34,242,931 $38,077,921
Gen. oper. expenses.._ _ 3,908,945 4,130,009 16,389,593 17,441,622
Prov.for retire.of gen.plt
503,651 2,037,132 3,022,289
452,258
Maintenance
545,870 2,037,227 2,136,931
485.327
Gen.& Fed. inc. taxes_. 1,243,999
1,337,814 4,946,159 5.039,743
Operating profit
$2,269.981 $2,544,304 $8,832,819 $10,437,335
8,231
Misc.non-op.rev.
Dr54,429
-net_
9,103
16,937
Total revenue
$2.286,918 $2,553,408 $8,778,391 $10,445,566
Int. and diva, on bonds,
pref. stocks and notes
owned by public
1.005,623 4,061,304 4,018,126
1,011,791
Amortization of bond
163,434
173,206
42,829
discount and expense_
43,779
26,504
21,311
Portion seer.to mm.int_
6,410
5,122
Bal. applic. to Amer.
Light & Traction Co $1,226224 $1,498.546 $4,522,570 $6,237,502
Subsidiary Investment Companies
$751,477 $1,209,440
$266,374
Gross revenue
$144,845
3,270
2,912
438
General expenses
1,949
33,207
27,505
9,372
Gen.& Fed. inc. taxes- _
5,227
Bal. applic. to Amer.
$721,059 $1,172,961
3256,563
Light & Traction CO $137,668
Total accruing to Amer.
L.& T.Co.from subs_ $1,363,893 $1,755,109 $5,243,630 $7,410,464
Amer. Light & Trac. Co. IncomeInt. & divs. (excl. of int.
$798,654 $1,131,853
$309,315
&):Iivs.from sub. cos.) $154,559
271,712
326,255
125,573
150,000
Miscellaneous income.... _
Total inc. accruing to
Amer. L.& T.Co.._ $1,668,452 $2,189,998 $6,313,996 $8,868,572
365,492
351,851
108.880
99,210
Generalexpenses
59,000
42,600
30,000
23,600
Gen. & Fed. inc. taxes
40,000
Reserve for contingencies
255,745
326,455
81.590
52,745
Interest
$1,492,896 $1,969,527 $5,663,800 $8.077,625
Net income
804,486
804,486
201,122
201,121
Preferred stock dividends
Bal.avail,for corn.stk $1,291,775 $1,768.406 $4,859,314 $7,273,139
rZPLast complete annual report in Financial Chronicle April 22'83,p.2789
British Columbia Power Corp., Ltd.
-Month of August- -2 Mos.End. Aug.311932.
1933.
1932.
1933.
$1,013,678 $1,047.553 82.016.855 $2,113,509
Gross earnings
1,540,043
1,444,998
773,876
734,935
Operating expenses
$571,857
$573.466
$273,677
$278.743
Net earnings
rarLast complete annual report in Financial Chronicle Oct. 8 '32, p. 2489
Brooklyn & Queens Transit System.
-Month of August--2 Mos.End. Aug.311932.
1932.
1933.
1933.
$1,643.472 $1,756,103 $3,313,041 $3,561,238
Total operating revs_ _
1,284,684
1,375.219 2,567,454 2.782,250
Total oper. expenses_
Net rev,from oper__Taxes on oper. props_ _-
$358.788
117,806
$380,884
133,499
$745.587
250,875
$778.988
271,209
Operating income_ _ _ _
Net non-oper. income__
$240,982
17.966
$247,385
17,498
$494.712
37.317
$507.779
35.568
Gross income
Total Income deduc ns_ _
$258,948
138,408
$264.883
144,637
$532,029
275,269
3543,347
288,469
Current income carried
$120.246
$256,760
$254,878
$120,540
to surplus
lai'Last complete annual report in Financial Chronicle Sept.17'32, p.1990
Butterick Co.
(And Subsidiaries)
1933-6 Mos.-1932.
Period End. June30- 1933-3 Mos.-1932.
$1,894.154 $2,413.073 $3,631,157 $4.773,348
Sales
1,774,725 2,217,976 3.486,132 4,517,686
Costs and expenses
Operating profit
Other income
6119.429
60.880
$195,097
25,645
$145,025
95,740
$255.662
58,801
Total income
Interest, deprecta'n, &c_
$180.309
96,077
$220,743
91,617
$240,765
191,649
$314,463
179,212
$49.116
$84,232
$129.126
$135.251
Net profit
183.969
183.969
183,477
Shs.com.stk.out.(no par)
183.477
$0.70
$0.26
$0.46
$0.73
Earnings per share
report in Financial Chronicle May 20 '33, p. 3540
12P Last complete annual
Canada Northern Power Corp., Ltd.
Month of July- -7 Mos. End. July 311932.
1933.
1932.
1933.
5280.288 82.087.171 81.994.485
Gross earnings
5299.895
632.174
621.451
Operating expenses
91.469
89,8.39
Net earnings
1208,426
5190,449 51.454,997 $1.373,034
'Last complete annual report in Financial Chronicle Mar. 25'33, p. 2066
Caterpillar Tractor Co.
Period End. Aug. 31- 1933-Month-1932.
1933-8 Mos.-1932.
51,730.718 $1,403,556 58,366,033 310.102.313
Net sales
44,394
377,377
624,214
Net loss after charges.. prof.77.987
ItarLast complete annual report in Financial Chronicle Feb. 11 '33, p. 1020
Chapman Ice Cream Co.
-Month--1932. 1933-8 Mos.-1932.
Period End.Aug.31- 1933
525.616
530.958
$157,202
$220.816
Gross vies
2,023
608
loss7,471 lossll,903
Net profits
gl"Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1021
Cincinnati Street Railway Co.
-Month-1932.
1933-8 Mos.-1932.
Period End. Aug.31- 1933
Net income after inter$10.950
$30,423
$87,770
$469,655
est, taxes & deprecia'n
$0.18
$0.99
Earns, per sh. on 475.239 shs. stock (par $50)---rarLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2066
Connecticut Electric Service Co.
(Controlled by United Gas Improvement Co.)
1932.
1931.
1933.
12 Mos. Ended Aug.31$16,254,381 816,865,488 317,790,748
Gross earnings
Net income after deprec., taxes, interest, subsidiary pref. dive., &c_ _ _ 3,745.795 5,396.170 4,289,928
larLast complete annual report in Financial Chronicle May 13 '33, p. 2341
Sept. 23 1933
Coty, Inc.
(And Domestic Subsidiaries)
Period End. June 30- 1933-3 Mos.-1932.
1933-6 Mos.-1932
Gross profit
8828.720
$731,657 $1,504,827 31.423,657
Expenses
1,255,281
1,078,110
721,486
585.284
Operating profit
Other income
5107.234
15,415
$146.373
24,177
$249,546
27,649
$345,547
49,105
Total income
Depreciation
Federal tax
5122.649
9,649
17,037
1170.550
14,370
27,000
$277.195
21.044
37,779
$394,652
25.679
57,000
Net income
$129.180
$311,973
$218,372
595.963
Shs. cap,stock outstanding (no par)
194
1,537.435
1,536,194
1,537,435
Earningi per share
30.08
50.06
Note.
-Above figures are exclusive of the proportionsof profits and loss
1,536,.
"
2
of foreign subsidiary and associated companies applicable
holdings of
Coty, Inc., in these companies.
12rLast complete annual report in Financial Chronicle May 20 '33, p. 3542
Detroit Street Rye.
-Month of August- 12 Mos. End. Aug. 31
1932.
Operating Revenues1932.
1933.
1933.
Railway oper. revenues_ $874.035
$756.107 510.048.552 $12,059.626
Coach oper. revenues._ 215,952 2,700.445 3,264,689
207.676
Total oper. revenues__ $1,081,712
Operating Expenses
Railway oper. expenses_ $549.798
Coach oper. expenses__
183,795
5972,059 $12,748,997 $15,324,315
Total oper.expenses_ _
Net operating revenue._
Taxes assignable to oper.
$733.594
$348.118
72,989
$696.712 89.471,625 812.080,583
$275,346 63.277.372 53,243.732
95.235
1,180,635
978,739
Operating incomeNon-operating income. _
$275,128
2,291
8180.111 52.096.736 52.264,993
9,199
128.354
155,536
Gross income
Deductions
Interest on funded debt:
Construction bonds.. _
Purchase bonds
Additions and betterments bonds
Equip. & eaten. bonds
Replacements & tmment bonds
Purchase contract..
Bond anticipat'n notes
Total interest
Other deductions...--
5277,420
5189.310 12,225,091 $2,420,529
$62,923
9.637
562.923
9,637
8740.875
113,475
$757,642
117.702
14.637
18,870
15.058
18,870
173.773
222,190
180,406
227,734
26.084
26.084
307.125
24,985
157,139
7.470
24,985
157,560
7,304
293,774
1,851,213
89.468
312.346
72.232
194.976
1,863.041
107.138
$164,610
Total deductions
Net income
112.809
Disposition of Net Income
Sinking funds:
$37,065
Construction bonds
11,295
Puychaee bonds
Additions & betterments bonds
13,589
Equip.& exten. bonds
15,797
Replacements & hnprovement bonds. _
14.863
Purchase contract..
Bond anticipat'n notes
11,678
Total sinking funds_ _ _
104.289
Residue
8,520
Total
$494.883 57.059.070 $9.275,509
201,829 2.412,555 2,805.074
8112.809
1164,864 81,940,682 $1,970,179
284,4138
450,349
24,446
$37.065
11,295
$4436.418
133,000
$490,188
133,000
13,589
15,797
160,000
180,000
160.000
186,000
175,000
175.000
14,863
249,315
91.541
137,500
11.678
1.485,045
104.289 1,227.918
def79.842 def943,509def 1,034,695
524,446
3284,408
$450,849
Dunhill International, Inc.
1930.
1931.
1932.
6 Mos.End. June 301933.
Net loss after charges and
$111,423 prof$68,657
$40,954
taxes
658,588
144,131
145.866
145,866
Shs.com.stk.out.(no par)
145,866
Nil
$0.47
Nil
Earnings per share
Nil
00 Last complete annual report in Financial Chronicle May 20 '33, p. 3543
-
Eastern Gas & Fuel Associates.
1932.
1933.
12 Months Ended Aug. 31310.830.076 $11,142,356
Total income
2,828,694 2,572,785
Depreciation and depletion
Interest, debt discount and expense, Federal taxes,
4,105,524 3,946,413
minority interest
$3,895.858 $4,623,158
Net income
Dividends paid on 4J4% prior preference stock_....- 1,104,772 1,103,182
Divs. paid on 6% pref. stock exclusive of diva, on
1,971,141
stock owned by Eastern Gas & Fuel Associates... 1,970,514
$820.572 $1,548,835
Surplus
$0.78
$0.41
Earnings per share on 1,987,762 she, corn. stock.. _
"Last complete annual report in Financial Chronicle Apr. 15 '33, p. 2604
Eastern Utilities Associates.
(And Constituent Companies)
-Month ofAugust--12 Mos.End.Aug.311932.
1932.
1933.
1933.
$617,417 $8,187,732 88,337,958
Gross earnings
8685.880
E. U.A.income from in232,854
233,053
12.909
vest. & other sources_
12.909
234,085 3,557,443 3,583,616
Net operating revenue
282,302
Net income after taxes, int.. deprec.,subsid. pref.
1,752,887 1,817,628
dividends and minority interests
larLast complete annual report in Financial Chronicle Mar. 25 '33, p.2067
Evans Products Co.
1933-6 Mos.-4932.
Period End. June 30- 1933-3 Mos.-1932.
Net profit after deprec.,
$7,682 loss$90,065
Federal taxes, &c_--$40,594 1088372,702
reLast complete annual report in Financial Chronicle April 28'33, p. 2432
Federal Mining & Smelting Co.
Tons Produced-Quarters Ended.
July 311932.
July 311933.
April 30 1933.
3,978
May 1932
4,338
May 1933
3,694 Feb. 1933
66
3,915 June 1932
June 1933
4,371
Mar. 1933
None
July 1932
3,941
July 1933
4,109
Apr. 1933
4,044
Total
12,194
Total
Total
12,174
Net Losses Before Depletion, Depreciation, .Income Taxes and Year-End
Write-Offs-Quarters Ended.
July 311932.
April 30 1933.
July 311933.
May 1833.... _ _48,008 Feb. 1933.......$41,019 May 1932..... 830.814
June 1933- _ - x33,753 Mar. 1933---- 13.323 June 1932_ _ - 31,041
x40 July 1932..-- 70,039
July 1933 _ - x97,433
.
Apr. 1933.- .Total
$131,895
854,303
Total.... _x$139,195
Total
x Profits.
Financial Chronicle Mar. 11' 33, p. 1724
la'Last complete annual report in
Volume 137
Financial Chronicle
Fall River Gas Works Co.
-Month of August- -12 Mos. End. Aug. 311933.
1932.
1933.
1932.
Gross earnings
$68.461
$68.684
$905.855
$964,723
Net oper. revenue
19,608
16,866
266,456
294,351
Balance before depreciation
241,295
270,535
Federal
Water Service Corp.
(And Subsidiaries)
12 Months Ended June 3C1933.
1932.
Operating revenues
316,048.495 316.959,703
Operation expense
4,528.346 4,878.948
Gen. expense charged to construction (credit)
10.009
185.634
Reserved for uncollectible accounts
164,301
74,311
Amortization of rate case expense
210,364
129,543
Special legal & other expenses of Federal Water
Service Corp
177,959
58,747
Maintenance
625,168
717.156
Reserved for retirements and replacements
1,044.789
925,376
General taxes
1,248,127 1,313.634
Reserved for contingencies
170,000
170,000
Net earnings from operation
37.889.445 38,877.621
Other income
175.243
345,333
Gross corporate income
38,064,688 $9,222,954
Charges of Subsidiary Companies:
Interest on funded debt
4.989,126 5.072.259
Amortization of debt discount, miscall. int., &c
303.667
318.216
Provision for Federal income tax
285,308
258.588
Dividends on pref. sotck-r aid or accrued
400.996
756.664
Divs, on pref. stock-not declared
940.709
583.226
Charges of Federal Water Service Corp.:
Interest on debentures
386,073
386.072
Miscellaneous interest and other charges
253.267
275.648
Net income
3505,543 $1,572,279
OrLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1714
Flock Brewing Co.
Earnings for Two Months Ended Aug. 31 1933.
Net income after all charges, but before prov.for Fed.inc. taxes_ ---826.177
Galveston Electric Co.
Gross earnings
Operation
Maintenance
-month of August- -12 Mos. End. Aug. 311932.
1933.
1933.
1932.
322,821
$232.368
318.958
3297.872
13,389
14,451
159.563
193.791
3.027
2.902
30.839
41.265
Total oper. expenses__
Balance
Taxes
$16,292
2.665
1,394
317.479
5.342
1,456
8190.402
41,966
18.456
8235.057
62.815
24.141
$3,885
Net oper. revenue_x-_
$1,271
$23.510
$38.673
x Interest on 8% secured income bonds is deducted from surplus when
declared and paid. Last payment was July 31 1933 and interest for one
month since then not declared or paid is $1.400,.000 and is not Includedd
in this statement.
Galveston-Houston Electric Ry.
-Month of August-- -12 Mos. End. Aug. 311932.
1933.
1933.
1932.
320.652
$18.078
3208.400
3271,709
12,397
9.843
117,177
157.929
3.246
4.516
41,671
54.172
Total oper. expenses
$13,090
$16,914
3158,842
3212.101
Balance
4,988
3,737
49.557
59,608
Taxes
2,133
' 1.389
20,347
25.309
Net operating revenue
$3,599
31.604
$29.210
$34,298
5,108
Interest (public)
5,108
61,300
66,041
Deficit x
$1.509
33.503
$332.089
$31.742
x Interest on income bonds and notes has not been earned or paid and
$3317.373.40 for 24 months since Sept. 1 1931 Is not included in this statement, also, interest receivable on secured income notes since Oct. 20 1932
in the amount of $197.08 is not Included.
Grose earnings
Operation
Maintenance
Glidden Co.
Period End. Aug. 31- 1933-Month-1032.
1933-10 Mos.-1932.
Net profit after deprec.,
Federal taxes, &c.
$174,053
$89,799 31,096,912
352.360
larLast complete annual report in Financial Chronicle Jan. 7 '33, p. 166
(And Associated Companies)
6 Mos.End. June 30-- 1933.
1932.
1931.
1930.
Earnings
$33,059,189 $35,983,148 847,963.223 $52,212,595
Oper., sell. St gen. exps.,
taxes and depreciation 27,973.691 30,470,072 37,588.533 39,790.389
Net earnings
$5,085,498 $5.513,076 $10,374,690
Charges of assoc. cos__ _ 2,842,934 2,882.875 2.049,521 812,422,205
3,009,111
Net inc. before deduc.
in on deb. bonds__ $2,242,564 32,630,201 38,325.169 $9.413,095
Int. on debenture bonds 2,884,875 2,884,875 2,884.875 2.586.264
Net income
loss3642,311 loss$254,673 $5,440,294 86,826,831
Earned surplus Jan. 1_ _
18,472,356 22,645.817 28,054.707
Sundry surplus credits__
38,386
49.489
Total
def$603,924 $18,217,683 328,086,112 $34,931,027
Dividends
6.642.508 6.226,061
Int. on 41i% bonds now
converted into stock_ _
223
Sundry surplus charges_
275,142
241,785
Earned surp. June 30_def$603.924 317,942,540
She.ofstk. out. June 30- 6.399,092 6,399.352 $21.201,819 328.704.742
6,642,508 6,580,599
Earns, per sh. on stock
outstanding June 30__
Nil
Nil
$0.82
$1.04
This statement was compiled in part from preliminary reports and is
subject to minor adjustments.
'Last complete annual report in Financial Chronicle May 27 '33, p. 3713
Keith-Albee-Orpheum Corp.
(And Subsidiaries)
Period End. June 30- 1933-3 Mos.-1932.
1933-6 Mos.-1932.
Profit from operations__
$15,383 log83196,426
3289.663 loss$128.725
Deprec.& amortization_
294,335
537,561
645.358
990.327
Net loss
3278,953
3733,987
5355,695 $1,119,051
orkast complete annual report in Financial Chronicle May 27 '33, p. 3730
Loblaw Groceterias, Ltd.
--4 Weeks Ended- -12 Weeks Ended
Aug. 26 '33. Aug. 20'32. Aug. 26 '33. Aug. 20'33.
Sales
$992,271 $1,003,232 $2,979,192 $33,110,525
Net profit after charges
and income taxes
46,600
58.407
143.232
175.523
larLast complete annualreport in Financial Chronicle July 22 '33, p. 701
Mexican Light & Power Co.
(And Subsidiaries)
-Month of August- -8 Mos.End. Aug.311933.
1932.
1933.
1932.
Gross earns,from oper
3720,442
$737,473 85.971,938 36.285.253
°per.and depree. exps
437.704
453.490 3,780.471
3.960.825
Net earnings
282,738
3283,983 $2,191,467 32.324,428
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 Aug.26' 33, p. 1676
Mexico Tramways Co.
(And Subsidiaries)
--Month of August- -8 Mos.End. Aug.311933.
1932.
1933.
1932.
Gross earns,from oper__ $220.834
3235,229 31,877.778 31,974,511
Oper. St deprec.expenses
302.146
327.894 2.480,928 2,552,853
Net earnings-Dr_ __ _
$81,312
$92,665
$603.150
3578.342
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.
ll;f'Last complete annual report in Financial Chronicle Aug. 26 '33, p. 1576
Mickelberry's Food Products Co.
-4 Weeks Ended
-28 Wks.End. 31 Wks.End,
PeriodJuly 15 '33. June 16'32. July 15 '33. Aug. 2 *32.
Gross profit
347.846
362.788
3279.777
34 231 4
61: 14
5 4
Operating profit
68
0
7, 50
55
11:7 4
8 8:
5,613
Other income
3.5
67
Net profit
7,462
12,403
59.089
•
arLast complete annual report in Financial Chronicle Sept. 16'33, p.2114
Haverhill Gas Light Co.
-Month of August- -12 Mos. End. Aug. 311932.
1933.
1933.
1932.
Gross earnings
348.079
349.144
3599.303
3658.092
Net operating revenue
12.681
11.961
148,675
165,824
Balance before depreciation
143,018
161,122
Hercules Motors Corp.
Period End. June 30- 1933-3 Mos.-1932.
1933-6 Mos.-1932.
Net Iriss after deprec.,
taxes, &c
$24,638
$4,145
$68,613
$52.712
la"Last complete annual report in Financial Chronicle May 13 '33, p. 3356
Hobart Mfg. Co.
(And Subsidiaries)
1933.1932.
6 Months Ended June 301931.
Net Sales
$1.373.036 31,695.702 32.860.663
xless61,842
Net prof. after chtts.. taxes. &c
9.209
259,615
Nil
Earn.., per eh. on 200.000 no par shs_ _
$0.04
$1.30
x But before exchange credit from conversion of foreign subsidiary accounts. After applying exchange credit amounting to $85,043. there was a
profit for first ithlf of 1933 of 623201, of which $44.081 applies to initrrity
shareholders of foreign subsidiaries, the balance of $19,119 accruing to
Hobart shareholders.
larLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2078
Houston Electric Co.
-Month of August- -12 Mos. End. Aug. 311933.
1932.
1933.
1932.
3162.655
$159.424 31,941.311 82.291.432
Gross earnings
81.380
84.958
peration
987,610 1.155.145
4
22,454
24,731
266.449
366,345
aintenance
15.693
19,743
211,892
Taxes
246.766
343.126
$29,990
$4475,360
8523.174
Net oper. revenue_ _ _ _
22.329
24,702
284,656
Int. & amortlz. (public)_
304,276
320,797
25,287
2190.703
Balance x
8218.898
x Interest on 8% secured income bonds is deducted from surplus when
declared and paid. Interest not declared or paid to Aug. 31 1933 amounts to
$16.400 and is not included in this statement.
years
s. During the last 32 the the company has expended for maintenance
entire gross earnings over this period, and in
a'total of 13.55% of
during this period hest sot aside for reserves or retained as surPlus
addition
a total of 9.69% of these gross earnings.
2265
International Telephone & Telegraph Corp.
New York Central Electric Corp.
12 Months Ended June 30-1933.
1932.
Total operating revenues
31.739,908 31,779.742
Operating expenses
872.884
975,168
Maintenance
118.410
78.773
Prov.for retire.-renewals &
93.927
Taxes
replacements.3 8
164.76
09 55
123,681
Operating Income
$574.489
3508.191
Other income
81.557
134.179
Gross income
3656.047
$642.370
Interest on funded debt
238.297
198,164
Interest on unfunded debt
131.984
235.129
Amortiz. of debt discount and expense
18.315
15.712
Interest during construction
Cr7.192
Cr14.661
Net income
$274.643
$208,026
IffLast complete annual report in Financial Chronicle May 27 '33, p. 3721
Park Utah Consolidated Mines Co.
6 Mos. End. June 30-Ore sales
Other income
$30,145
1932.
39.327
33.501
1931.
$264,454
x69.099
1930.
3830.810
33.562
Total income
Expenses
Ordinary taxes
Depreciation
$30,145
55,193
6.370
6,100
342.849
143.686
7.910
45,665
8333.553
481.882
26,207
52.800
$864.372
829,535
27.061
57,032
1933.
Net loss before deplet$37.519
3154.413
3227,336
$49.256
x Includes 324.365 tax refunds and interest.
lar•Last complete annual report in Financial Chronicle Mar. 18 '33, p. 1900
Postal Telegraph & Cable Corp.
6 Mos.End. June 30- 1933.
1932.
1931.
1930.
Earnings
313.516.188 314,786.238 $17,696,119
Exp., taxes and deprec_ 12.771,687 14,162.946 17,076,189 $19.431,881
17,622.565
Gen.int. charges of associated companies
204.594
30.551
12,165
227,740
Interest on 5% bonds_ _ .. 1,248,413 1.227,739
1.266,755
1.266,755
Net loss
$708,506
$634,997
3658,990prof$314.821
Dividend on pref. stock_
1.068,532
Deficit
$708,506
$634.997
$658.990
$753.711
OrLast complete annual report in Financial Chronicle Mar. 26'33, p.2069
Sept. 23 1933
Financial Chronicle
2266
Peerless Motor Car Corp.
1933-9 Mos.-1932.
1933-3 Mos.-1932.
Period End. June 30Net loss after charges,
$155,388
$55,558
$45,304
$18,398
depreciation, &c
PO Last complete annual report in Financial Chronicle Jan,21 '33. p, 505
Public Service Corp. of New Jersey.
-Month of August- -12 Mos.End. Aug.311932.
1933.
1932.
1933.
$9,050,102 $9,261,172 8118520,383 8129930,663
Gross earnings
Oper. exp., mainten.,
6.589,107 76.171.105 85,750,002
6,058.844
taxes and deprec
Net income from oper. $2,991,258 $2,672,065 $42,349,277 $44,180,661
1,413,083 27,108,265 29.818,587
Bal.for diva,and surplus 1.735,084
la"Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2060
Seattle Gas Co.
-Month of August- -12 Mos.End. Aug.311932.
1933.
1932.
1933.
$163,405 $1,806,266 $2,130,578
$141,773
Gross revenues
1,293,943
1,218,260
108,294
87,547
Operating expenses
836,634
588,006
55,110
54.226
Net earnings
Int. and other income
680.117
675,912
58,296
55,827
charges (net)
Netincome before provision for retirem'ts def$1,601
Provision for retirements
(automotive equipment
433
only)
3156,517
def$87,905
def$1,186
8,058
6.019
700
$148,458
def$1,886 def$93,925
def22,035
Net income
2070
la"Last complete annual report in Financial Chronicle Mar. 25 '33, p.
Sierra Pacific Electric Co.
(And Subsidiary Companies)
-Month of August- -12 Mos. End. Aug. 311932.
1933.
1932.
1933.
$128,531 $1,381,489 $1.529,229
$128.241
Gross earnings
637,910
560,818
62,313
40,001
Net operating revenue
545.818
438,261
Balance before depreciation
4 '33, p. 843
larLast complete annual report in Financial Chronicle Feb.
Sioux City Stock Yards Co.
1932.
$102.633
$0.36
1933.
3253.863
$1.41
8 Months Ended Aug. 31Net income
Earnings per sh. on 120,000 shs. common stock
Bell Telephone & Telegraph Co.
-Month of August- -8 Mos.End. Aug.31' 1932.
1933.
1932.
1933.
$3,884,927 $4,041.418 $31.181.211 $34,705,340
Operating revenues
505,000
462.049
65,000
36,793
Uncollective oper. rev
Southern
335,210,340
Operating revenues__ _ 33,921,720 $4,106,418 331.643,260 24.152,059
2.749.430 21.091,373
2.654,624
Operating expenses
$11,058,281
Net oper. revenues... $1,267,096 $1,356,988 310.551.987
3.938,598
3.906.929
494,398
479,728
Operating taxes
3862,590 $6,645,058 $7,119,683
$787.368
Net operating income_
4 '33, p. 1549
Last complete annual report in Financial Chronicle Mar.
f"
Southern Ice Co.
12 Months Ended July 31
Gross sales and earnings
x Net sales-Ice
a Net sales-coal
1933.
3900.709
466.276
58.306
1932.
3997,391
541,787
56,217
Net sales-Ice and coal
Delivery, selling & general expenses
Taxes
5524,582
348,177
45,502
5598,004
392,886
44,698
Operating income
Non-operating income-net
5130,902
5,247
3160,420
5,268
Gross income
Interest charges
3136,149
61.590
5165,688
64,236
Balance
Prior earned surplus
574.559
342,636
$101,452
342,994
Total
y Retirement reserve
l'sret direct charges
$417,196
105,000
12,770
$444,446
105,000
Cr3.190
$342,636
$299,425
Earned surplus
set aside by the
x Gross sales less cost of products sold. y Amount
directors during the 12 months' period.
June 3 '33, p. 3921
-Last complete annual report in Financial Chronicle
.
(0
Tampa Electric Co.
-Month of August- -12 Mos. End. Aug. 311932.
1933.
1932.1933.
$293,119 33.650,556 83,900.824
$292,227
Gross earnings
1,395,285
1,303.905
84,171
91,511
Net oper. rev. after depr.
1,354,297
1,278,580
Balance for dividends and surplus
11 '33, p. 1016
ItO'Last complete annual report in Financial Chronicle Feb.
Texas
Gulf Producing
Co.
Balance
Month.
$94.778
26,850
16,017
7 Months.
3745,514
160,170
110,822
510,833
Period Ended July 31Total operating income
Net income after interest, deprec. & depletion
Reserved for conting. Hob. under oil sales contract..
349.348
Thompson Products, Inc.
1933-8 Mos.-I932.
Period End. Aug.31- .1933-Month-1932.
Net profit after interest,
$289,370 los/445,851
$70,091 loss$22,325
deprec. & Fed. taxes_ 3178
a"Last complete annual report in Financial Chronicle May 6 '33. p.
Thompson-Starrett Co., Inc.
•
(And Subs diary)
July 27
1932.
1933.
July 30
1930.
1931.
3 Months Endedearnings after deNet
5326.467
8214,727
84.769
prec. & Fed. taxes__ loss$55,808
Chronicle June 24 '33. p, 4477
OrLast complete annual report in Financial
Corp. (Del.)
Earningsfor Six Months Ended June 30 1933.
other interest,
Dividends, $35.412: interest on bonds, $13,758;
550.222
$1,045; miscellaneous income, $7: total income total
69,825
expenses. 816.668;
Interest on debentures. $53,158;
sale of securities.
Loss on sale of securities, $349,743; profit on
304,527
$15,216; total
$324,131
Net loss
Feb. 11 '33, p. 1039
!"Last complete annual report in Financial Chronicle
Western Reserve Investing
United Dyewood Corp.
(And Subsidiary Companies)
1931.
1932.
1933.
6 Mos. End. June 30-$170,163
Net profitfrom oper__ -- $143,693 loss$44,178
34,580
34,392
34,469
Other Inc., miscell. (net)
1930.
$227.823
38,222
loss$9,786
42,542
33,707
15,932
3,756
$204,743
56,948
44,079
17,150
$266,045
67,217
29,399
27,168
$93,586 loss$105,722
Net Income
2,692,667
2.362,981
Previous surplus
Cr14,271
Misc. adjust. (net)
Diff. between cost & par
114,683
21,470
of treas. pf.stk. acq
Exchange adjust, arising
from valuation of net
90,984
236,384
assets of foreign subs_
Increase in market value
27,156
of securities held
888.584
3,424,741
Cr3,232
$142,261
3,525,270
Dr33,422
Gross income
Depreciation
Income and profits taxes
Miscellaneous deducts_ _
Equity of min.int
$178.162
35,207
29,737
15.356
4.275
Gross prof. & loss surp 32,741.576 52.806,883 33,514,538 $3.634,109
207.375
135,240
127.278
124,492
Preferred dividends_ _ _ Paid to mm.sharehlders.
792
_ ..
of sub. companies_ ..9,400
19,569
53,941
Miscellaneous reserves. 2,660
6,697
Addiel taxes prior years_
Adjust, of book values of
13,491
plant property
3.817
Miscellaneous'charges
Profit and loss surplus,
$2,606,571 82,609,512 33,350,330 $3,425,942
June 30
Equity therein of minor18.938
10,125
8,262
ity interests
Equity therein of United
3,407,004
3,340,205
2,609.512
Dyewood Corp. shhIrs
139.183
139,183
139,183
139.183
Shs. cons. stock outstdg_
$0.03
Nil
Nil
Nil
Earnings per share
are
-In the above statements the accounts of foreign companies
Note.
prevailing at June 30. but does not includg
included at rates of exchange
exchange. All interrevaluation of net foreign assets at current rate of
company payments of dividends and interest have been eliminated.
27 '33, p. 3737
rffrLast complete annual report in Financial Chronicle May
United Gas Corp.
(And Subsidiar:es.)
1933.
1932.
12 Months Ended June 30Subsidiaries
Operating revenues
Operating expenses, including taxes
$21,444,789 $23,129,237
11,132,216 10,277,174
Net revenues from operation
Other income
$10,312,573 $12,852,063
222,803
107,054
$10.419,827 813,074.866
Gross corporate income
31.385,124 81,525,541
Interest to public and other deductions
Cr.15,084 Cr.515,976
n
Interest charged to constructio
2.059,000
2,650,204
Retirement and depletion reserve appropriations
$6,399,383 $10,006,301
Balance
Preferred dividends to public (full dividend requirements applicable to respective 12-month
444
27,
30,153
periods, whether earned or unearned)
47,449
Dr.24,445
Portion applicable to minority interests
$9,931,408
Net equity of United Gas Corp.in income ofsubs. 36,393,675
United Gas Corporation
Net equity of United Gas Corp. in income of subs.
$8,393,675 $9,931,408
(as shown above)
48,565
59,122
Other income
Total income
Expenses, including taxes
Interest to public and other deductions
36,452,797 $9,979,973
120,000
108,864
3,131.918
2,977,906
$3.366,027 $6,728.055
Balance carried to earned surplus
Gas &
-The above statements include the operations of Houston
Note.
receivership Sept. 24 1932, and which operated at
Fuel Co., which entered
a loss during the periods covered by the statements.
p. 3524
"Last complete annual report in Financial Chronicle May 20 '33.
FINANCIAL REPORTS.
Pittsburgh Steel Co.
-Year Ended June 30 1933.)
(Annual Report
Homer D. Williams, President, says in part:
better-During the year $148,901 was expended in There
Capital Expenditures.
properties.
ments and improvements and in the acquisition of new sum of $413,920,
sources the
was credited to plant account from various
snaking a net decrease in capital investment of $265,019.
fiscal year
-The result of the operations of company for the
Results.
depression through which
ended June 30 1933. reflects strongly the severecompanies and business in
not only this company but nearly all other steel
by the Pittsburgh
general has passed. The production of steel products
department was placed in
Steel Co. was the lowest since the open hearthdouble those of June, and
operation in 1907. Operations for July were that the expected business
August was about the same as July, so we feel
revival is imminent.
the current assets
Financial -Company la in a strong financial condition,
of $2,037,800
as of June 30 1933 being 814,194,258, against current liabilities
seven to one.
or a ratio of practically
of
-During the year the physical condition
Physical Condition of Plants.
expended on mainteplants was fully maintained, $815,000 having been
$1,222,510 was
nance, repairs and replacements, and in addition thereto
reserved for depreciation and depletion.
bonds during the fiscal
Bonds -The trustee retired $622,000 par value ofoutstanding $8,487,000
are
year ended June 30 1933, On Sept.9 1933 thereleaving in the hands of the
of bonds, of which $117,000 are in the treasury,
public $8,370,000.
COMPARATIVE INVENTORIES AT JUNE 30.
1930.
1931.
1932.
1933.
$1,281,817
$1,770,611 $2,147,650 $1,610.720
Ore and limestone
93,531
93.762
46,886
115,898
Coal and coke
1,377,776
907,704
393,932
725,599
Pig iron and scrap
2,325,550
1,948.214
1,797,246
1,453,961
Semi-finished products
3,835,596
3,273,178
2,988,013
2,562,030
Finished products
1,085.091
983.100
836,971
856,260
Supplies and stores
89,999.361
$7.484,160 88,210,697 $8,816,678
Total
or market price, whichAs usual, inventory values are calculated at cost
ever was lower.
1930.
1931.
1932.
1933.
Employees & PayrollsAver. No,of employees:
5.881
4,282
2,448
2,233
At steel works
424
348
170
176
At coal properties...-.
$4,598,136 $8,436,015 $12,224,423
Total sal's & wages paid.. $3,379.797
Financial Chronicle
Volume 137
CONSOL. INCOME ACCOUNT YEARS END. JUNE 30 (INCL. SUBS.).
.1930.
1932.
1933.
1931.
a Net earnings
$263,906
$287,694 $2,349,301 $7,558,981
Maint.,repairs & replace
1,155,000 2,356,752 3,490,390
815,000
Depreciation
1,644.101
1,225,273
1,125,739
1,120,116
Depletion
142,363
92,860
41,354
102,395
Net loss from opera'n_ $1,773,604 $2,034,398 $1,325.584prof2282,127
Other income
396,843
275,327
279.953
272,172
Net loss, all sources_ _ _ $1,501,432 $1,754,445 $1,050,257 prof2678970
Interest paid
688,112
647.100
667,694
619,398
Loan on prop,abandoned
or replaced
60,639
Fed.income tax reserve_
240,527
Propor.of idle expense of
ore mining companies78,941
88,343
Loss on miscell. assets
scrapped or replaced..16,368
90,227
Prov,for loss on funds in
closed banks
40,000
Net loss
Pref. dive. (7%)
Common dividends
82,339.402 $2,501,081 $1,713.726 prof1689692
733,250
733,250
(84)1014,000
---- 40.50)126,750
Deficit
$2.339,402 $2,501.081 $2,573,726
Shs.com.out.(par $100).
253,500
253,500
253,500
Earns. per share on com_
Nil
Nil
Nil
a After deducting all expenses incident to operations.
$57.558
253.500
$3.77
Total
1932.
$
57,037,226
1,551,348
397,789
2,179,769
2,121,120
8,210,697
466,742
2,569,097
351,387
1933.
Liabilities
Preferred stock _ __10,475,000
Common stock_ _ _25,350,000
Funded debt
8,394,000
Accrued Int. longterm 1ndebt'ness 209,850
Notes payable__ _
700,000
Res. for depletion
of minerals
1,225,697
Accounts payable_ 1,127,950
Deere.). reserve_ 20,289,504
Fed.inc.tax reserve 257,408
Repairs, &c., res
309,218
Res.for Insurance_ 232,500
Profit and loss_ _ _ _ 4,961,601
73,533,423 74,885,177
Total
1932.
10,475,000
25,350,000
8,878,000
221,950
850,000
1,123,302
652,502
19,365.494
258,308
413,389
232,500
7,064,732
73,533,428 74,885,177
x Market value $368.312 in 1933 and $308,659 in 1932.-V. 137, p. 2118.
Cuba Northern Rys.
(Annual Report-Year Ended June 30 1933.)
INCOME ACCOUNT YEARS ENDED JUNE 30.
1932.
1933.
1931.
1930.
Gross rev,from own's$1.954,272 $2.483.151 $2,747,989 $4,633,380
Expenses,incl. tans_ _ _ - 1,335.168
1,580,753
1,889.640 2,821,233
Net rev, from oper--Non-oper. income
$619,103
378,439
Gross income
Int. on funded debt_ _ - _
Other interest
Amort. of debt discount
and expense
Uncollectible /tools rec'le
written off
Loss from sale and retirement of equipment_
Other tax accruals
Equipment rentals
Taxes prior years
Miscellaneous
$997,543 $1,301,071 $1,436,323 $2,434,072
952,857
972,530
1,136,133
1,152.100
11,000
8,268
34,150
$902,398
398.673
$858,349 $1,812,147
577,974
621,925
43,405
180,180
16,430
49,132
16,710
1,470
4,415
4,717
Net Inc. for the year.,_ def$59.722
Common dividends
$207,704
Balance, surplus
def$59.722
20,497
30.166
Cr2,163
36.612
$227,001 $1,027,903
200,200
816,200
$207.704
$26,801
Profit and Loss Account June 30.
1933.
Net income for year (as above)
def$59,722
Donations
27
Deferred revenue, prior years
Profit from sales of materials, &c
1,978
Refund awarded of taxes paid in prior years
102,901
'Transfer of uncollected subsidies from Govt. of
Cuba (years 1924 to 1928). heretofore treated as
a deferred credit
Miscellaneous credits
252
Total surplus
Loss from sales and retirement of equipment
Additional taxes, prior years
Refunds of excess charges, uncollectible accounts
written off, &c
Allocation to reserve for adjustment of materials
and supplies inventory
Deferred depreciation charges, prior years
Allocation to reserve for extraordinary retirements,
obsolescence, contingencies, &c
Miscellaneous debits
Surplus for the year before dividends
Previous surplus
Adjustments applicable to prior years
$211.703
1932.
$207.704
365
24,262
2.618
1,339,056
2,579
$45,437 $1,576,584
1.072
46,146
197.739
979
189,604
70.000
313.833
891
$42,494
10,591,586
Surplus June 30
510.000
524
$248,738
10,547,465
Dr.204,618
$10,634,080 $10.591,586
COMPARATIVE BALANCE SHEET JUNE 30.
1933.
1932.
1933,
1932.
$
AssetsLiabilities$
$
$
Prop. invest. (road
Common stock _ _ _14,000,000 14.000.000
and equipment) 46.540,159 46,493,052 Total funded debt_ 17,524,733 17,698,733
Investment
117,600
117,600 Govt. of Cuba.... 1,659,467 1,735,544
824,900 Accounts payable_
Due from attn. cos. 641,633
48,339
63,939
1,370,945 1,088.752 Int.on fund.debt_
Cash
137,620
127,120
6,060 Accrued taxes__ _ _
779
Remit.1n transit_ _
5,742
26,306
542,055 Due to Mill. co.__
Cash on spec. dep. 326,617
186
Operating reserves
Secur. deposited in
1,656
4,717
144,625
Dep. for construe.
escrow
52,374
33,863
& transportation
Traffic bal. rec. _
23,251
14,318
53,794
40,292 Res've for deprec. 6.758.912 6,428,845
Notes & accts. rec.
11.079
13,849 Res. for extraord.
Work, fund advretire., obsolesc.,
21,955
16,091
Agts.& conductors
149,653
161,284
coining., &c _ _ _ _ 460,000
Materials & supp_
510,000
Def'd credit items_
Due from Govt. of
54,079
52,975
Surplus
Cuba for subsid.
10,634,080 10,591,586
and cervices__ 1,583,338 1,513,580
Total deferred deb.
402.704
293,516
Items
Total
51,308,069 51,254,084
--V. 136. P. 4454.
Total
For the first time since 1929 sugar mill operations for the year have resulted in a profit, the amount of which was $216.719. There was also a
profit of $174,565 from the sale ofsugar and molasses on hand June 30 1932
and the increase in inventory value of the unsold balances. Net income
from other operations 'was $16,379, making the total net gain from operations for the year $372,802 before depreciation of sugar mills and interest
charges. Inasmuch as the result of each year's operations depends upon
the price of sugar, it is of interest that this year's production was taken
In the operating statement at an average price of 1.284c. per pound f.o.b.
Cuba against 1 067c. last year. 1 313c. in 1931 and 1 265c. in 1930.
The damage to buildings and to sugar by the cyclone of November 1932.
amounting to $22,052, has been charged to profit and loss. Permanent
damage to the growing cane, which is the company's security for advances
to colones, cannot yet be accurately determined, but a reserve has been
set up against this and other losses on colono accounts.
Interest on total indebtedness amounted to 023,775 gross. $315.986 net
and depreciation to $393,767. Including these charges, the loss for the
fiscal year was $532,286 and the reduction in surplus after charges to profit
and loss was $869,223.
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
1931.
1932.
1933.
1930.
Loss from operations_.. 4124,112
$471.344
$677,773 $1,018.819
Adminis. & general exps.
76,453
64,861
95,112
116,679
$188,973
525,793
Gross deficit
Income credits
$714,766 $1,763.923 $1,179,309 $1.510.422
182,481
142.563
276,386
112.025
$547,798
1,216,126
$772,885 $1,135,497
374,925
406,424
Net deficit for year.. $532,285 $1,487,538 $1,036,745 $1,398,397
Surplus charges (net)_ _ _
549,442
184,213
336,938
Previous surplus
4,055,922 5,642,109 7.040,507
2.384,171
Surplus June 30
$1.514,948 $2,384,171 $4.055.922 $5.642.109
x After deducting depreciation applicable to sugar mill operations
amounting to $387,210.
BALANCE SHEET JUNE 30.
1932.
1933.
1933:
Assets
Liabilities
a Net property II:m.12,634,014 13,029,908 Coin. stock (320,Mtges. receivable,
000 abs. no par
incl. accr. Int_
598,791
5,977,601
value)
.598,791
Cash
1,758 Loan payable__ _ 5,000,000
49,714
Marg. dep. on sug.
Acceptances and
exch.transactla
17,986
note payable(seAccr. int. receiv_
4,595,366
220
2,666
cured)
Accts. rec., &c
212,307
228,091 Accrued int. on
Sugar Inventories_ 2,235,422 2,268,211
loan payable..
69,836
Molasses inventory 125,498
31,630 Accounts & wages
Rep. of Cuba sugar
14,443
payable
stabilization, sk.
Notes & accts. pay.
fund 5I4s
48,060
581,680
to affiliated cos_ 611,199
Adv. to colonos
14,538
691,449
936,626 Taxes payable_ _ _ _
Growing cane_
1,424
2,848 Reserve for accts.
Accts.receivable,
doubtful of colland departin't_
395,905
lection
109,136
109,838
Breed cattle
9,814
23,311
26,577 Deferred credits_
Matis & supplies_ 383,037
1,514,948
431,550 Surplus
Prepaid expenses_
142
2,129
Prepd. ins. prems_
13,981
30,386
Detd. chgs. & unadjusted debits_ 477,144
317,790
Total
17,603,650 18,618,468
Total
1932.
5,977,601
5,000.000
4,687,526
13,898
399,512
153.611
2,150
2,384,171
17,603,650 18,618,468
a After deducting depreciation of $6,202.196 in 1933 and 85.808,324 in
1932. b Accounts payable only.
-F. 135, p. 2168.
691
24,105
49,614
23,101
Compania Cubana.
(Annual Report-Year Ended June 30 1933.)
F. Adair Monroe Jr., President, states in part:
Net loss from operat'ns
Income charges
CONSOLIDATED BALANCE SHEET JUNE 30.
1933.
Assets$
Real estate, plant,
ezo
56,694,547
Investments
1,612.940
x Securities held as
Invest. of res've_ 399,273
Cash
1,632,082
Notes & acc'ts rec. 2,424,471
Inventories
7,484.160
Prepaid insurance,
taxes, &c
460,116
U. S. Govt. scour_ 2,403,177
Other securities_
241,372
Balance in closed
banks
172,292
2267
51,308,069 51,251,084
Cuba Railroad Co.
(Annual Report
-Year Ended June 30 1933.)
Horatio S. Rubens, President, says in part:
On Dec. 5 1932, the directors resolved to issue and offer for sale, out of
500,000 shares remaining unissued in the treasury, 200,000 shares of its
common capital stock. It was decided to offer this additional stock for sale
at the rate of $5 per share. The Consolidated Railroads of Cuba offered to
purchase tnis stock at the price designated and company accepted this offer
on the part of its sole common stockholder. Upon receipt of the proceeds
of this sale, the directors on Dec. 27 1932, decided upon the payment
to Royal Bank of Canada of $346,006 in cash and to deliver to that bank
two promissory notes, each in the amount of $341,973, payable, one on
March 1 1934. and the other on March 11935. The Royal Bank of Canada
thereupon released 32.186 shares of Consolidated Railroads of Cuba pref.
stock which had been pledged with it in pursuance of the agreement dated
Nov. 11931. On Dec. 27 1932, the directors declared a dividend. payable
on June 211933. of all the preferred stock of the Consolidated Railroads of
Cuba then owned by The Cuba RR. There was, therefore, delivered to the
Consolidated Railroads of Cuba as such dividend 95,224 375-1.000 shares of
preferred stock of Consolidated Railroads of Cuba which had been acquired
by this company at a cost of $3.404.715.
OPERATING STATEMENTFOR FISCAL YEARSENDED JUNE 30.
Gross Earnings1933.
1932.
1931.
1930.
Passengers
8711.470 81.493.262 83,117.167
$513,736
Mali
106,405
148,684
109.839
172,521
Express and baggage...
97,463
216,150
62,135
321.835
Freight
2,233,416 3,183,149 4.711,728 6,731,105
Sleeping car
32,217
21,810
62,755
116.266
Other transportation...
36.715
5.180
7,325
10,607
Antilla terminal
315,630
134,051
396.520
385,444
Pastedilo terminal
297,662
98,601
179,331
346,402
Miscellaneous
260.920
83.896
238.029
59.652
Total
$3.238.421 84.788,557 87.529.837 $11,462,266
Opaating ExpensesMaint. of way & struct
$658.458 $1.156.708 81,929.784
$656,397
Maint, of equipment_ -1,100.657 1.916.141
772.209. 1,055.770
Conducting transport'n_
995,882 1,197,605 1,822,990 2,280,350
General expenses
433.887
498,305
666.144
877.990
Traffic
18.215
21,502
16,085
18,418
Taxes
52,869
52,110
88.987
360.131
Antilla terminal
149,416
221,727
282.877
223.229
Pastelillo terminal
113.981
118,151
235,753
233.850
Tramp, for investment_
Cr2,326
Cr12.475
Cr18,009
Cr23.323
Railway oper.income_
Other income
Miscall. oper. income.
Gross income
Non-oper. expenses
Balance, surplus
Preferred dividend
Common dividend
$44,605
407,605
Dr29,789
898C,694 82.177.644 $3,645.696
605,655
715,295
687,109
D/29.937
Dr2.434
Dr19.951
$422,422 81,556.413 S2.90,505 84.312.855
1.419.013
1,424,733
1.388,254
1.510.050
def$996,591
4131.680 $1,502,251 $2,802,805
150,000
y750,000 (see x)
600,000
1.600,000
1.800,000
Deficit
$1.146,591
8618.319
$97.749 sur$402.805
ating revenues
96.99%
78.43%
69.90%
65.05%
x Preferred dividends appropriation of 8600.000 paid during the year,
was not charged against year's earnings, as amount had been set up in
previous year. y Of which $450,000 taken from segregated cash reserved
therefor. z $3,404.715 paid on common stock in preferred stock of Consolidated Railroads of Cuba (see text above).
Ratio oper. exp. to oper-
2268
Financial Chronicle
PROFIT AND LOSS ACCOUNT JUNE 30.
1933.
def$996,591
Net income (as above)
50
Donations
50,350
Refund awarded for taxes paid in prior years
7.722
Profit from sales and retirement of equipment
Deferred revenue - prior years
7,664
Profit from sales of materials, &c
Transfer of uncollected subsidies from the Government of Cuba (years 1923 to 1928), heretofore
653.301
treated as a deferred credit
386
Miscellaneous
1932.
$131.680
232
194,648
9.683
689,991
12,328
def$277.118 $1.038,564
Total surplus
164,239
6,772
Loss from sales and retirement of equipment
84,898
15,164
Additional taxes
-prior years
Refunds of excess charges, uncollectible accts.
35,929
6,100
written off, &c
Allocation to reserves for doubtful accounts and
432,475
contingencies
18,919
Miscellaneous
Adjust, of employees compens. insur. prem.21,418
prior years
Balance
Previous surplus
def$326,572 sur$302,103
9,751,960 10,326.358
$9,425,388 810.628,461
Total
126.501
Adjustments applicable to prior years
Res. for expenses on acct. of damages caused by
110.000
cyclone
750,000
150,000
Dividends on preferred stock
Divs. paid on corn, stock in pref. stock of Consol.
3,404,715
REts. of Cuba
Surplus, June 30
$5.760.673
Net deficit
Profit and loss credits_
1932.
210,385
282,637
1930.
1931.
6,748
41,589
86,617
102,466.
347.951
515,650
70,000
313.833
510,000
10.775
19,443
21,820
220,430
152,638
11.818
10,205.
12,393.463
864,446
14,257,806
2,275.763
$254,984 sur$1996834
176,360
.
Deficit
$1,529,016
Divs. on pref. stocks of
Cuba RR. Co
149,985
Divs, on pref. stock of
Consol. RRs. of Cuba
$1,982.042
$254,984 sur$2173195
1,112,600
2,206,787
2,206,401
Consolidated deficit_ $1,679,001
Cuba Co.'s proportion of
consol. surp. at beginning of period
9,493,115
Adj. applic. to prior yrs.
Par value of pref. shs. of
Consol. RRs. of Cuba
receiv. as div. (net).
3,926.500
$3,844,567
$2,461,771
1633,148
13,869.278
dr.444,056
16,506,102
17,330,410
Total
$11,740,654
Dividends on pref. stock
Reduc. due to changes in
stock owner shares in
subsidiary companies_
Res, for exp. on account
of cyclone
110.000
19.580.655 114,044.332 $16,697,264
87.500
175,000
175,000
Surplus, June 30-- - -$11.630,653
19.493,155 $13,869,278 116,506,103
749.925
599,940
19,751,960
BALANCE SHEET JUNE 30.
1933.
1932.
1933.
Liabilities$
$
Assets8
.
Cost road & eqpt _ _ 72,945,340 72,374,492 Preferred stock _ _10,000,000
2,374,763 x Common stock_ _ 19,800,000
Market. secure_
771,368 1st M.bds. 5%- _14,415,000
Mat'l and supplies 723,948
525,482 1st lien & ref. 73413 3,285,000
1,015,976
Cash
1st lien & ref. Os__ 1,012,000
Segregated for divs.
on pref. stock..243,457 Impt.& equip. is. 4,000,000
4,984 Notes, loans and
17,453
Remit.In transit_ _
546,647
accts. payable__
323,948
1,050
Due from affil.cos.
Int,on fund.debt. 451,942
Pt. stk. of Consol.
6,156
RR.of Cubs...1,029,952 Accrued taxes_
266,250 Deprec., &c., res....17,759,934
69,731
Agents & conduc
242,342 Notes payable due
Notes & accts. rec. 242,348
341,973
March 1 1935__
394,216
72,227
Traffic balances..
943,033
39,212 Due to affil. cos_ _ _
23,361
Working fund adv.
Excess charges on
Due from Cuban
2,115
way bills
Govt. for sub,
2,492,698 2,160,380 Purch. obligation_
and service
44,914
Deferred liabilities
Mtges.rec.on town
5,554
109,245 Operating reserves
109,799
lots sold
Pref. stock diva.
Damages due from
13,526
unclaimed
581,090
581,090
Cuban Govt... _
60,203 Deferred items_ _. 683,200
30,988
Prepd. insur. prem
Deps.for construeUnamortized debt
tion and trans345,597
408,740
discount & exp_
portation
81,415
82,218
95.461
Other def'd items_
Earned surplus__ _ 5,107,372
Cash on deposit In
3,990 Donated props._surp.653,302
escrow
93,198
Addit. tax cases.
337,213
386,013
Other assets
1932.
g
10,000,000
18,800,000
14,415,000
3,319,000
1,045,000
4.000,000
464,855
442,826
89,684
17,256,969
988,693
5,268
1,029,952
44,914
10,195
13,624
659,914
88,893
19,751,960
I
79,153,084 82,426,746
Total
79,153,084 82,426,746
Total
x Represented by 700,000 no par shares in 1933 and'500,000 in1932.V. 137, p. 2100.
(The) Cuba Company.
(Annual Report-Year Ended June 30 1933.)
F. Adair Monroe Jr., President, says in part:
Due to conditions in Cuba the report of Compania Cubans shows a loss
for the year despite drastic economies in operations, and no dividends have
been received from the common stock of Consolidated Railroads of Cuba.
Moreover company's revenue from rentals has been curtailed by the
default of tenants.
Under these circumstances, company was unable to meet the Jan. 1
1933. interest payment on its 6% debenture bonds. Holders of debentures
in substantial amounts formed a committee which agreed to act without
compensation. This committee formulated a plan of readjustment
136, p. 1631 to avoid a judicial administration of company's properties.
This plan, elated as of Dec. 15 1932, was submitted to debenture holders
and creditors and when declared operative by the commtitee on Sept. 1
1933, had received the approval of approximately 95% of company's
creditors, including approximately 77% of the debentures.
Under the plan, assenters agreed not to take action to enforce the collection of principal or interest on company's indebtedness to them before
Jan. 1 1939. Company agreed to advance the maturity of the debentures
to Jan. 1 1939, and not to pay dividends or to sell or mortgage its property
without the consent of the committee during the period up to Jan. 11939.
The expenses of carrying out the plan, which are small, have been assumed
by the company.
Pursuant to an agreement dated Nov. 1 1931, 32,186 shares of preferred
stock of Consolidated Railroads of Cuba, which had been pledged as
collateral to $2,381,525 of demand notes of company, were sold to the Cuba
RR., for $1,029,952, and the proceeds were applied to a reduction of this
Item of company's indebtedness.
CONSOLIDATED INCOME ACCOUNT YEAR ENDED JUNE 30
(INCLUDING SUBSIDIARY AND AFFILIATED COMPANIES.)
1930.
1932.
1931.
1933.
Gross Revenues$5,887,027 $7.981,106 $11,082,498 $16,695,150
Railroad operations_ _
2.162,940
3.071,010
1.477,129
Sugar mill operations___ 1,297,638
$7,184,665 $9,458,235 $13,245,438 119,766,160
Total
Expenses
5,502,269
7,326,760 10,554,53
4,630.241
9
Railroad operations
4,098.493
2.840,713
1,429,325
1,948,474
Sugar mill operations
215,701
139.217
179.900
115.650
Admin. & gen. expenses_
Net rev, from oper--- $1,009,449 .81,868,275 $2,898,065 $4,897,426
654,413
612,651
62.015
171.080
Interest
Profit from commercial
10.410
dept. (Comp. Cub.)_
84,460
10,161
18,244
16,211
Rentals from lands
from sugar &
Net profit
molasses of crops of
174,565
prior years
Profit from land dept.
16,167
6,110
(Comp. Cubana)_
17,033
7,190
Profit from ice plants_
30,000
Divs, on stocks owned_
34.398
59,540
96,892
14.594
Miscellaneous (net)
$1,336,834 $2,109.057 $3,648,997 15,734,463
Gross income
Income Charges
2,751.510
2,456.146
2,679,593
Interest on funded debt_ 2,421,547
423,924
508,371
587,510
623,709
Interest on other indebt_
Amort. of debt discount
280.171
88,714
27,400
79,459
and expense
Cuban and U. S. Gov44
ernment taxes
138,866
138.854
Misc, taxes accruals....
127,646
118,726
32,940
41,145
Miscellaneous
Deprec. on Cuban prop.
34,915
34,976
34,976
34,976
owned
Loss from sale of sugars
747.035
& molasses on hand_
$2.002,857 $1,977.130 pf.$279,930 pf$2,116,254
Net loss
Sept. 23 1933
Profit and Loss Charges
-1933.
Loss from sales & ret.
of equipment
7,844
Add'l taxes prior years_
52,540
Uncoil. accounts, &c_
Ref. of excess charges..
uncoil. accts. written
off, &c
7,078
Alloc. to res.for doubtful
accounts
276,914
Alloc. to res. for adjust.
of mat. St supp.invent
Def. depr.chgs. prior yrs.
Alloc. to res. for extraordinary retirement_
Extraord, exp. and loss
incurred on account of
cyclone
22,053
Adjust, of empl. compension insur. prem.
21,418
Adjust, of inventory of
materials & supplies_
Cane planrgs written off
Adjust. applic. to prior
years
Other P. &. L charges...
2,759
54
16,161
CONSOL. BALANCE SHEET JUNE 30 (INCL. SUB. j: AFFIL. COS.
1933.
1932.
1933.
1932.
LIabilUiesAssets
-3
x Property Inv_ _108,450,191 109,094,851 Capital stock:
Cash
Cuba Co. pref. 2,500,000
2,500,000
2,955,316
2,593,927
do corn.stock
Cash for pref.div
243,457
(640,000 shs.
Cash & see. dep.
no par value)_ 9,142,400
9,142,400
in escrow_ _ _
471,243
546,045
Remit.In transit
18,231
11,045 Cuba RR. pref. 9,999,000 9,999,000
Traffic bal. rec.
124,602
428,078 Minority int. in
Notes and accts.
subsidiaries_ _ 30,307,563 30,305,563
receivable, &c
457,387
655,712 Notes and loans
11,288,912 11,586,291
payable
Margin deposit
on exch.trans.
17,986 Notes paysec by
stabiliz. bonds
482,760
Inv.Cuba North.
Audited vouchRR. 1st mtge.
ers, wages and
bonds
117,600
117,600
accts. payable
Adv.to colonos.
626,551
548,437
691,449
936,626
Int. due & accr'd 1,029,445
Accts. rec. aris711,734
ing from town
Accrued U. S. &
26,568
Cub.tax., &c..
site sales
-un118,027
paid install_
218,934
219,084 Excess of par val.
over cost of pt.
Mans & suppl's 1,256,639
1,364,202
Due from Cuban
stk. of Consol.
Govt. for sub112,608
RR. of Cuba_
4,043,682
sidies & serv. 4,076,035
_
3,673,960 Res. for doubtful
accounts
Sugar & molasses
395,905
153,611
inventory._ _ _ 2,360,920
2,299,841 Res. for retire.,
obsolesc.cont.,
Repub. of Cuba
460.000
510,000
dr°
Sugar Stabiliz.
16,834
bonds
15,943
48,060
581,680 Pref. diva. unci_
Growing cane_
2,848 Funded & other
Breed cattle_ _ _
long term debt 44,236,733 44,477,733
23,311
26,577
Dep.for constr.,
Mtge. rec. on
103,211
trepan., &c..
cane plant, &c
104,665
598,791
598,791
1,735,544
Repub. of Cuba. 1,659,467
Unamortized dis14,912
7,211
counts
1,3.52,629 Oper. reserves
1,137,267
722,792
Deferred credits
Oper.expenses
754,867
9,493,155
Sugar crop_ _ _
11,630,653
142
2,128 Surplus
Expend,on acct.
of damage due
tr.Cuban Gov.
611,910
611,910
Other def. assets
655,838
588,104
Other assets.... 386,013
337,212
Total
124,298,493 126,665,686
Total
124,298,493 126,665,686
x After reserve for depreciation of $30,864,688 in 1933 and $29,602,671
in 1932.-V. 137, p. 2107.
Consolidated Railroads of Cuba.
(Ferrocarriles Consolidador de Cuba.)
(Annual Report-Year Ended June 30 1933.)
Horatio S. Rubens, President, says in part:
No dividends were paid during the fiscal year, there having been no
income from which to declare them. Dividends on the preferred shares
became cumulative at 6% after Jan. 311932.
On Dec. 5 1932. Cuba RR., having authorized an issue of additional
shares amounting to 200,000 of the unissued authorized common capital
stock of that company, offered them for sale at $5 per share. As the Consolidated Railroads of Cuba then owned all the outstanding common
capital stock of Cuba RR., the board of directors decided to purchase the
additional stock so offered by Cuba RR. The Consolidated Railroads of
Cuba, therefore, remains the sole common stockholder of Cuba RR.
On June 211933, company received as a dividend 95,224 375-1000 shares
of its own preferred stock declared In its favor by Cuba RR. A special
meeting of the stockholders of this company has been called for Sept. 29
1933. for the purpose of determining on the advisability of canceling the
shares 80 received as a dividend. Should the approval of the stockholders be
obtained, the result will be the reduction of the outstanding number of
shares of the preferred stock of this company from 400,000 to slightly
over 300,000 shares. This would relieve the company of an annual charge
of almost $600.000. together with the cumulative dividends on the shares
so canceled dating from Jan. 31 1932. The subsidiary companies would
also be relieved from the necessity of declaring dividends in favor of this
company to the annual amount thus saved.
The Cuba RR.shows a net loss due to the conditions in Cuba. To meet
these conditions, operating economies wero achieved and it was found
necessary to cut salaries and wages again. The subsidiaries have both
charged the same amount of depreciation as was taken last year and they
have paid all amortizations and tied charges.
On June 30 1933. Cuba RR. had In cash $1,015.977 and the Cuba Northern Rys. had $1.370.945. Both subsidiaries were operated under extreme
difficulties in November and December 1932, as a result of the disastrous
cyclone which struck the territories served by them.
Financial Chronicle
Volume 137
CONSOLIDATED INCOME ACCOUNT
-YEAR ENDED JUNE 30.
1931.
1932.
1933.
Railway operating revenues
35.192.693 $7,271.707 $10.277.826
Railway operating expenses
4.443,873
7,147.569
5,307.282
Railway tax accruals
85,111
124.268
81.334
Railway operating income
Miscellaneous operating income
Non-operating income
$663,709 $1.883,092 $3,005,989
1)r29,937
Dr29,789
Dr2,434
1,394,735
863.565
793.978
Gross income
$1,427,898 $2.716,721 $4,398,290
Equipment rentals
84.927
83,716
71,468
Interest
11.000
Administration & general expenses
21,770
19,736
Amortization of debt disct. it expense
61,314
52.059
Interest on funded debt
2.439,593
2,216,146
2,181.547
Other tax accruals
133,097
131.864
63,095
Miscellaneous
25,990
39,495
17.552
Net inc. transf. to prof. & loss_def$1,068.271
$174.687 $1,782,123
Credits to profit and loss
824,631
40,502
2.275.764
Total surplus
def$243.640 $2,450.451 81.822.625
Debits to profit and loss
53,646 2,064.307
11,622
Surplus for the year
$386,144 81.811,002
def$297,286
Dividends on preferred stock
1.225,250
1,799.926
Net deficit for the year
8839.107 sur311,077
3297.286
SURPLUS ACCOUNT JUNE 30.
1933.
1932.
Previous surplus
35,057.806 $7,090,331
Surplus for year (as above)
def297,286
386,144
Dividends received from Cuba RR
x9,522,438
Total surplus
$14,282,958 87.476,475
Adjustments applicable to prior years
443,419
Divs, on cum. pref. stock of Consolidated RRs. of
Cuba
1,225.251
Res. for exp. on accts. of damages
110.000
Dividends paid by Cuba RR
3,554,715
750,000
Surplus, June 30
310,618.243 35.057.806
x Consisting of 95.224 375-1,000 shares of pref. stock of Consolidated
RR. of Cuba at par.
CONSOLIDATED BALANCE SHEET JUNE 30.
1933.
1932.
1933.
AssetsLiabilities$
$
$
Property invest_119,374,874 118,758,919 Preferred stock:
Cash
2,528,666 2,844,179
Cuba RR__-_ 10,000,000
Cash segregated
Consol. ERs.
for div. on pf.
of Cuba ___ 30,307,563
stk.when reqd
243,457 x Corn.stock_ __ 9.495,547
Due fr. affil. co_
399,512 Fund. debt &c.,
9,955
Pref. stk. of co.
long-term debt 40,236,733
to be rec. by
Cove. of Cuba__ 1,659,467
Cuba RR_
1,029,952 Accts. payable..
595,286
Investments ___
117,600
117,600Note pay. due
Remittances in
March 1 1935
341,973
18,231
transit
11,045 Int. on Id. debt_
589,583
296,141
Notes&accts.rec
282,634 Excess chgs. on
Traffic balls. rec.
124,601
way bills
428,078
2,115
Agents and conPurch. °Wig. efductors
91,886
fect.July 1___
282,341
Work'g fund adDeferred ilab___
44,914
VaSCeS
38,440
57,063 Excess of par val.
Mat. & supplies
873,802
932,653 over cost of pf.
Cash & sec. destk. reacq__ __
112,607
posited in esRm.for extraor471,243
CrOW
548,045
rettre't obsol.
Due from Govt.
contIng.,&c__
480,000
of Cuba for
Pref. stk. dive.
subsidies and
15,943
unclaimed ___
services
4,076,035 3,673,960 Accrued taxes12,030
Mtges. rec. on
Res.-deprec. of
town lots sold
109,799
property
24,519,848
109,248
Unamortiz. debt
Oper. reserve_ __
7,211
548,168
disct.& expel°.
736,130 Depos.for constr.
On acct, of dam104,865
& transport'n
ages due from
Res. on acct. of
611,910
Cuban Govt.
611,910
damages due
Prepd.Insurance
from Cuban
premiums _ .
53,997
Govt
90,830
618,355
0th. debt debits
137,641
190,974 0th. def. credits
124,539
386,013
Other assets_ __ _
337,213 Earned surplus. 3,847,218
Capital surplus_ 6,771,024
2269
1932.
$
10,000,000
33.524,163
9,495,547
40,477,733
1,735,544
529,093
569,946
5,267
1,029,952
44,914
4,043,682
510,000
18,835
118,027
23,686,679
14,912
103,211
618,355
100,075
15,057,805
Total
129,866,605 131,681,741
129,866,605 131,681,741
Total
x Represented by 400.000 no par shares.
-V. 137. p. 2100.
General, Corporate and Investment News
STEAM RAILROADS.
Afatters Covered in the "Chronicle" ofSept. 16.-(a) Gross and net earnings
of United States Railroads for the month of July, P. 1990;(b) Co-ordinator
Eastman begins inquiry into trucking-Data bearing on competition with
railroads is sought from 16.000 concerns.
Atchison Topeka & Santa Fe Ry.-To Buy Rail.
This company is considering the purchase of about 35.000 tons of rail in
addition to building up its stocks of other materials and supplies in anticipation of possible price advances, according to President Samuel T.Bledsoe.
The order would amount to about $1,300,000.
"Among the contemplated purchases is a good deal of rail." Mr. Bledsoe
said. "In response to the Administration's effort toward stimulation of
rail buying, we have advised that we will take at least 200 miles of 112-1b.
rail if we can buy it on the basis indicated. This would amount to about
-V. 137. p. 2099.
35,000 tons."
Baltimore & Ohio RR.
-To Retire 165,000,000 Cleveland
Lorain &Wheeling Bonds on Oct. 1 1933
-Refunding Plan
Now Unnecessary
George M. Shriver, Senior Vice-President of the company announced on
Sept. 18 that, as a result of improved business conditions, the company is
In a position to provide for full payment of the 85,000.000 of Cleveland
Lorain & Wheeling 1st consol. bonds maturing Oct. 1 1933, and that ea.
cordingly it will be unnecessary to carry out the plan for refunding these
bonds, published last July. Payment will be made on or after Oct. 2 1933
upon presentation of the bonds at the company's office, 2 Wall St., New
York City.
In Deal to Use Cleveland Terminal.
The company has been negotiating for the use of the Cleveland Union
Terminal, according to F. E. Williamson, President of New York Central
RR. The New York Central holds 93% control of the Terminal and Mr.
Williamson is President of the Terminal company.
Mr. Williamson's statement pointed out that the use of the Terminal was
open to lines such as the Pennsylvania and the Erie, which do not now use it.
The New York Chicago & St. Louis (Nickel Plate) and New York Central
are among its tenants.
"It was the original thought in the construction of this Terminal that
it would be generally used as a union passenger station by practically all
of the major lines," said Mr. Willianumn. "The Terminal company recognizes the fact that under changed conditions rentals and operating charges
must generally be offered on a basis other than that originally contemplated, and that this is the policy which will be followed in negotiations
with prospective tenant lines.
"There have been some negotiations with the Baltimore & Ohio looking
toward the use of the Terminal by that line, but no conclusion has been
reached,
Rise in Net Income Indicates Full Year's Interest Charges.
The New York "Times," Sept. 22, had the following:
A statement that the B. & 0. would earn its interest charges for the
first nine months of the year by a margin of 3500.000 has been submitted
to the company's board by Daniel Willard, President, a director of the
company said yesterday. Mr. Willard's statement went on to say that,
unless unforeseen developments took place, the road should earn its interest
for the full year by a substantial amount.
The upturn was realized despite the addition of 7,000 men to the payrolls
since June 1. The company suffered a net loss of $6,334,978 last year.
V. 137, p. 1576.
Belgian National Rys.-$5.86 Dividend.
The directors have declared a dividend of $5.86 per share on the partic,
pref. stock, "American shares," payable Sept. 26 to holders of record
Sept. 19. This compares with $4.09 per share paid on Sept. 20 1932 and
with $4.12 on Sept. 22 1931 and 69 cents on June 25 1931. No payment
was made in June last and in June 1932.-V. 137. p. 1409.
Chicago Indianapolis & Louisville Ry.-Withdraws
Request for Loan from RFC.
The company has withdrawn its application filed with the I.
-S. C. Commission in February 1932, for a loan of $2,500,000 from the RFC. The
application was dismissed by the Commission at the instance of the carrier
because the maturities and other requirements the loan was intended to
meet were provided for through other sources, chiefly the RCC.-V. 136,
P. 3904.
Chicago Milwaukee St. Paul & Pacific RR.
-Abandonment, &c.
-S. C. Commission on Sept. 15 issued a certificate permitting the
The I.
company to abandon a branch line of railroad extending northwesterly from
Dexterville Junction to Lindsey, 15.73 miles, all in Wood County, Wis.
The Commission on Sept. 8 also issued a certificate (1) permitting the
company to abandon its line of railroad extending from Oconto Junction
to a point in the outskirts of the city of Oconto, about 10 miles, and (21
authorizing it (a) to operate under trackage rights over the Chicago &
North Western By. between Stiles Junction and a point at or near Oconto,
about 7.97 miles, and (b) to construct a connecting track, about 580 feet
In length, between its line and the Chicago & North Western Ry. near
Oconto, all in Oconto County, Wis.-V. 137, p. 1761, 1577.
Cleveland Union Terminals Co.-Rents Cut.
F. E. Williamson, President of the New York Central RR., on Sept. 19
stated that lower rentals will be offered at the Cleveland Union Terminal
to other lines in an effort to bring all roads serving Cleveland into the
Terminal.
Ntg3tiations are at present under way between the Cleveland Union
Terminals Co., a subsidiary of the New York Central RR., and the Baltimore & Ohio RR., Mr. Williamson said. Discussions will probably be
held with other lines at a later date, he said.
"As President of the Cleveland Union Terminals Co.," Mr. Williamson
said, "I recognize the fact that changed conditions make it necessary
to offer rentals and operating charges on a basis other than that originally
contemplated. This is a policy that will be followed with prospective
tenant lines."
It was said leases had not been made with the Terminal by other lines
because they considered rental charges "out of line" and preferred to
continue using their own stations in the city.
The Cleveland Union Terminals Co., which operates the terminal.
is 93% owned by the New York Central Lines. At present the Terminal
is used by the New York Central Lines and by the Nickel Plate.
-V.
136. p. 3337.
Delaware Lackawanna & Western RR.
-Promotions.
Nat Duke, Vice-President in charge of traffic, has appointed George
Herbert as Assistant to Vice-President. Mr. Herbert has been Assistant
General Freight Agent, at New York.
E. Morris Sellers has been appointed Assistant General Freight Agent.
to succeed Mr. Herbert. Both promotions are effective at once.
-V.137.
P. 1237.
Denver & Rio Grande Western RR.
-Must Obey All
Co-ordinator's Orders While $950,000 RFC Loan Remains
Unpaid.
The "Wall Street Journal" Sept. 15 stated:
Absolute observance by the Rio Grande of any order issued by the Federal Co-ordinator of Transportation was required as a condition to the
approval by the RFC of the loan of $950,000 to the road in June last.
Other supplemental conditions were attached at that time by the RFC,
examination of the correspondence In the I.
-S. C. Commission docket
(F. D. 9777) of this loan application disclosed.
Pursuant to a supplemental resolution of the RFC board on June 28
1933, tne Rio Grande road, effective July 1 last, was compelled also to make
further reductions in salaries of its officers.
The RFC required that the salary of its President. J. S. Pyeatt. be reduced to $336,000 a year, the road's General Counsel to $13,500 and the
Chairman of the board. Chairman of the executive committee and counsel
to the board to $8,000 each. The Assistant Secretary and Assistant Treasurer to the board each had their pay cut to $4,500. All otner officers,
directors and employees receiving compensation, prior to any reduction.
in excess of $6,000 were cut 20%•
The condition requiring observance of the Co-ordinator's orders provides
that so long as the railroad company is indebted to the RFC,its successors
or assigns, the railroad will observe and will cause all its subsidiaries and
controlled companies to observe "all lawful orders of the Federal Co-ordinator of Railroads."
Lawyers or law firms receiving a stipulated and regular retainer or salary
were specifically included in the term "employees" whose basic salary of
$6,000 or more was reduced 20%. In addition it was provided that any
legal fees paid In any year to any lawyer or law firm aggregating in excess
of 86.000 a year must be submitted to the RFC for approval as to its reasonableness.
The D. & R. G. W. also is prohibited from increasing the compensation
of any officer, director or employee without FRC approval so long as the
loan is outstanding.
It was in connection with this loan that the RFC asked for and received
from T. M. Schumacher, Chairman of the board of D. & R. G. W., and
L. W. Baldwin, Chairman of the executive committee, a commitment to
undertake immediate negotiations looking toward the merger, consolidation or unification of the Rio Grande with a view to "substantially improving the financial and traffic conditions of the railroad." Chairman Jesse
Jones of the RFC advised the railroad executives that they would be glad
to consider with them, at any time, plans looking to reorganization, consolidation or adjustment in any manner affecting the road.
Plans looking to the merger of the D. & R. G. W. with the Western
Pacific and a possible interest in the merged line by the Chicago Burlington
& Quincy RR., now are under discussion.
-V.137, p. 2100.
Erie RR.
-To Scrap Wooden Cars.
Replacement by this company of all its wooden passenger cars with steel
cars will be completed by Sept. 25, the New Jersey Board of Public Utility
Commissioners announced on Sept. 16.
2270
Financial Chronicle
The wooden cars, which are used on the round trip from Jersey City to
Spring Valley. N. Y. will be retired.
The Board In May 1923 called attention to the fact that the railroad
had 406 wooden cars in use from the Jersey City terminal—V. 137, p. 681.
Fonda Johnstown & Gloversville RR.—Stricken from
the List. —
The New York Stock Exchange has stricken from the list (a) 1st consol.
gen. ref. 4y4% mtge. coupon bonds due Nov. 1 1952 (proof of claim not
filed by owner); (b) amended 1st consol. gen. ref. 2-4% mtge. coupon
bonds due Nov. 1 1982 (proof of claim not filed by owner).—V. 137,
p. 1936, 1761.
Illinois Terminal Co.—Fare Cut Approved.—
The Illinois Commerce Commission on Sept. 15 granted permission to the
company, operating an electric railway system in the central part of the
State of Illinois, to inaugurate a passenger rate of 2 cents a mile. The
present basic passneger rate is 3.6 cents a mile.
The company also was granted permission to suspend application of
surcharges for space occupied in parlor and sleeping cars for a period of
appr,ximately 90 days. This surcharge amounts to 50% of the berth rate.
—V.135, p. 1820.
Indianapolis Union Ry.—Tende?s.—
Holders of gen. & ref. mtge. bonds, dated Jan. 1 1915, are being notified
by W. J. Daniels, Treasurer, that the City Bank Farmers Trust Co..
trustee, will purchase an amount of these bonds offered at the lowest price.
but not exceeding 103 and int., sufficient to exhaust the sum of $113,112.
Proposals to sell these bonds will be received at the office of the trustee,
22 William St., N. Y. City, at any time up to the close of business on
Sept. 30 1933.—V. 136, p. 4082.
Louisiana Southern Ry.—Asks Bond Extension.—
-S. C. Commission for authority to extend
The company has asked the I.
until Sept. 1 1941 the maturity date of $1.000.000 6% 1st mtge. refunding
gold bonds dated Sept. 1 1911.—V. 136, p. 1372.
Meridian & Bigbee River Ry. —Would Increase Loan.—
-S. C. Commission to increase from
The trustee has requested the I.
$600.000 to $750.000 the amount of its conditionally approved loan from
the RFC. The major purpose of the loan is to complete construction of
an extension of the line from Cromwell to Myrtlewood, Ala. The increased
costs due to rise in commodity prices and labor were assigned as reasons for
needing the larger amount. The $150,000 increase would be spent to
extent of $61.000 for increased wages, lumber and steel costs and $72.000
to replace 30 miles of rails.—V. 136. p.4264.
-Texas RR.—Loadings Continue to In-Kansas
Missouri
crease—Adds $500,000 to Monthly Payroll.—
As a result of an aggressive newspaper advertising campaign and the
general improvement in business in the southwest, the Katy showed traffic
increases in August and during the first half of September which, if continued for the remainder of the year, will enable it to earn its fixed charges,
M. H. Cahill, Chairman of the Board, and President of the Missouri-Texas Lines told directors at their meeting on Sept. 19. Mr. Cahill
Kansas
said the Katy's increase in loadings, which commenced in May,is steadily
growing in momentum; the daily average of loadings and receipts for the
first half of September being 332 cars greater than the daily average fo the
same period of last month, and 179 cars greater than the daily average for
the first half of September, a year ago.
"Business generally is showing a healthier tone than it has in years,"
he said, "and all through the Katy-served territory there are evidences of
marked improvements. The tendency of the public to co-operate with the
government and all its agencies in the stimulation of business is daily
becoming more apparent. That buying is increasing is shown by the fact
that in .August the Katy's loadings and receipts from connections totaled
321 more cars than in August of last year, in spite of considerable decreases
in the movement of wheat, oil and live stock. Because of the failure of the
Wheat crop in a large portion of Oklahoma, we handled 1,131 fewer cars of
wheat last month than in August of last year. The unsettled condition of the
oil industry last month, now apparently adjusted, resulted in a decrease of
1,052 cars, while poor markets caused a decrease of 422 cars of live stock.
"To have overcome these losses in staple traffic and still show a gain in
cars handled indicates very clearly that the southwest is buying and selling
other commodities in greater volume than has been apparent for the last
few years. Our revenue per car has increased also, further indicating the
increased movement of higher class freight. We had increases in coal,
showing a gain in manufacturing; in farm implements, showing renewed
awicultural activity, and in all food stuffs and grains, other than wheat.
There was a marked increase in the movement of automobiles and in steel
and machinery. During August the M-K-T Transportation Co., the Katy's
Texas subsidiary which handles the free pick-up and delivery of less carload
freight, showed an increase of more than 2,000,000 pounds, having handled
7,189,885 pounds as against 4,919,714 in August of last year—the largest
single month's operation since its organization three years ago, and showing
conclusively a marked pick up in the movement of general merchandise."
Mr. Cahill said interest in the Chicago Century of Progress, and the
fact that the Katy has built new air cooled equipment for its principal trains
have given the Katy the largest passenger traffic movement this summer
that It has enjoyed in years.
The directors were told that the Katy is co-operating with the government's re-employment program and with the policies of the Federal Coordinator of Transportation, and that employment of additional forces
had added more than $500,000 to the Katy's payroll. He added that the
company's supply of equipment is adequate for present needs and that its
roadway is in satisfactory condition for much heavier traffic than is now
moving.
Mr. Cahill said the response to the special advertising campaign, commenced early in August, was proving substantially encouraging, and that the
Katy's full page messages appearing in all on line newspapers had produced
excellent results. "New business attracted to the Katy as a result of our
advertising, plus the improvement in the business situation and the success
of our employee solicitation movement, encourages the hope that the Katy
will again be able to earn its fixed charges, despite the fact that during the
first six months of the year our revenue, due to general conditions, was
12% less than for the first half of the preceding year," he said.—V. 137
P. 485, 1410.
Missouri Pacific RR.—President Baldwin Sees Net Holding
with 1932—Estimates August Gross Up 10%, September
6% So Far.—
According to President Baldwin, net operating income for eight months
and probably nine should about match the like 1932 months. Fair increases in gross have been offset to some extent by increases running around
ahead
$300,600 a month in maintenance. September gross is running 6%quoted
of 1932. while August was aaout 10% above 1932. Mr.Baldwin is
as follows: "We would have about covered our old fixed charges had we
montn.
not increased maintenance beginning in July about $300,000 a that deWe felt we should take advantage of increased revenues in order
maintenance would not accumulate too heavily.
ferred
"I am reasonably cheerful as to the balance of the year, although confronted with not only a short wheat crop, but damaged peach and citrus
fruit crops."—V. 137, p. 2100.
Nashville Chattanooga & St. Louis Ry.—Interest.—
The interest warrants due Oct. 1 1933 from the equipment trust series
"B" 434% gold certificates are payable at the Central Hanover Bank &
Trust Co., N. Y. City.—V. 136. p. 3332.
New York Chicago & St. Louis RR.—Trustee Resigns.—
tendered
The Union Trust Co. of Cleveland. 0.(now in liquidation), has
its resignation as trustee for the second equipment trust certificates of 1922
equipment trust certificates of 1923.—V. 137, p. 312.
and for the
Pennsylvania RR.—President Atterbury Cuts Salary to
$60,000—Action Taken Sept. 13.—
reduced his salary
At W. W.Atterbury's request, the board of directors
telegram
as president to $60,000 a year. The announcement was made in a
received Sept. 20 by Joseph B. Eastman, the Federal Co-ordinator of
Transportation.
General Atterbury telegraphed to Mr. Eastman that the directors had
voted to fix his annual salary at $60,000 at a meeting on Sept. 13. The
Sept. 23 1933
board's resolution insisted, however, upon its right to set such salaries for
Its officers as it deemed proper. The telegram read:
"Referring to my letter to you, dated Aug. 14 1933:
"Under the by-laws of the Pennsylvania RR., the determination of all
salaries of $6,600 per annum and over is subject to approval by the board of
directors. At a meeting of the board held on Wednesday, Sept. 13, the
first such meeting to be held since your statement of July 14 as Railroad
Co-ordinator suggesting reduction of executive salaries, the following
resolution was adopted:
"'Whereas it appears from the statement made to this board by its
president that he desires to have his salary fixed at $60,000 per annum,
effective the first of September 1933.
'And whereas this board is of the opinion that having made reasonable
"
revision of the salaries of the executives and other officers of the company
it should not surrender its right to determine the compensation of its officers,
nevertheless, under the existing circumstances and in deference to the wishes
of its president, it is hereby.
"'Resolved, that the salary of the president at his request is fixed at
$60,000 per annum, effective Sept. 1 1933, and until further action of this
board.'
"In connection with this resolution, I beg to call your attention to the
fact that prior to this action by the board of the Pennsylvania RR.on Sept.
13 regarding the salary of the president of the company, the board had
since 1929 taken action which had resulted in a reduction of 46% of the
number of officers and 52.5% in the total compensation paid to officers of
the Pennsylvania RR."
Number of Stockholders Decreases.—
The number of stockholders continued to decrease during August the
total on Sept. 1 1933, being 241,150 as compared with 242,113 on Aug.l.
1933, a decrease 963, and with 252,142 on Sept. 1 1932, a decrease 10,99 2
The Sept. 1 1932, total marked the all-time peak in the number of owners
of the company's shares. August marked the fifth consecutive month to
show a decrease as compared with the preceding month, July having shown
a decrease of 2,182, June 1,706, May 2,013 and April 674. March showed
an increase of 33 stockholders.
The total on Sept. 1 1933, was also the lowest reported in a period of two
years or since Sept. 1 1931, when the figure was 240.693. The average holding on Sept. 1 1933, was 54.60 shares as compared with 54.39-shares on
Aug. 1 1933, and with 52.22 shares on Sept. 11932. the latter marking the
widest distribution of the company's shares. Outstanding stock on Sept. 1
1933, was 13,167,696 shares, an increase 9 shares over a year ago.
&troll Increased.—
General W. W. Atterbury. President, on Sept. 20 stated that the company has assumed a prominent part in the restoration of work and wages
on its system. Since last April the number of its employees has increased
by more than 10,000 and the monthly payroll h ts risen from $10.961,000
to approximately $14,000,000 for August.—V. 137, p. 2100, 1936.
Pittsburgh & Shawmut RR.—Abandonment.—
-S. C. Commission on Sept. 9 issued a certificate permitting the
The I.
Company to abandon that part of its line of railroad extending from Tait
to Knoxdale (also sometimes known as Knox Dale). 1.32 miles, all in
Jefferson County, Pa.—V. 131, p. 2534.
St. Louis
-San Francisco Ry.—Mellon Protective Committee Makes Report of Activities Since Formation in August
1932.—
The protective committee for the prior lien mortgage gold bonds, series
A and B,and the consolidated mortgage 4M % gold bonds, series A (Harold
E. Mellon, Chairman) in a circular letter dated Aug. 12 1933, addressed
to the foregoing bondholders states:
Your committee, organized in August, 1932, in the interest of prior lien
and consolidated mortgage bondholders, makes this report of its activities:
(1) Oa Aug. 29 1932 it issued a circular letter setting forth eight grounds
of objection to the proposed readjustment plan of July 6 1932, as discriminatory and unfair to the prior lien and consolidated mortgage bondholders.
(2) Opposing receivership, your committee caused to be instituted an
action in the Supreme Court. New York County, the object of which was
to secure a judicial modification of the plan without receivership. This
action was rendered fruitless by the Railway company's subsequent consent to receivership in the U. S. District Court in St. Louis, which vested
jurisdiction of the readjustment plan in that Court. Your committee
thereupon filed petitions to intervene in the receivership suit.
(3) After enactment of Section 77 of the Bankruptcy Act, changing the
law as to railroad reorganizations, and the filing of a petition by the company thereunder, your committee has been diligent in presenting the viewpoint of its adherents, including many persons who have not so far given
it written authorization to represent them. Its petition to intervene in
-S. C. Commission at Washington pursuant to the
the hearings before the I.
provisions of Section 77 of the Bankruptcy Act was filed by leave of the
Commission, and your committee accordingly is now an intervening party
In such proceedings. Your committee was represented by counsel at the
hearings in Washington on July 18 and 19 1933, and participated in the
cross-examination of witnesses thereat.
The hearings disclosed an amazing concurrance of thought that the readjustment plan of July 6 1932, which your committee has consistently opposed, was for p:actical purposes done tor. While not actually withdrawn
by its sponsors, its inadequacy as a plan of permanent reorganization was
virtually conceded. It was variously referred to and conceded to be a
"stop-gap," a "stand-still plan" and "temporary." The Chairman of the
board of the railway company testified in this regard as follows:
"Q. Now, Mr. Brown, this plan as proposed, you would say, would you
not, is in effect a moratorium with respect to the payment of both principal and interest of your obligations? A. A moratorium in modified form.
I should call it."
That the plan effected no permanent solution of the Railway company's
ills was conceded. That it effected no reduction in the company's excessive
funded debt and permanent fixed interest charges was likewise conceded.
That, as your committee has right along contended, the prior lien and consolidated mortgage bondholders are the chief bearers of the burden of the
plan, was also testified by the same witness, as follows:
"Q. Would you say it was a fair statement that this plan contemplates
that the burden of carrying this property along is placed upon the bondholders? A. In a sense, yes.
"Q. And you understood that when I said the burden was placed upon
the bondholders—you understood, of course, that I meant the burden of
financing this reorganization was placed upon the bondholders? A. Under
this plan?
"Q. Under the plan. A. Yes."
There was also testimony that general and bank creditors acquire preferential treatment under the plan and that the present stockholders, without
incurring obligation, retain a controlling stock interest—theSe being among
the objections heretofore raised by your committee. The same witness's
testimony in this regard was in part as follows:
"Q. And you don't question the correctness, do you, of the statement
that the short term noteholders, including the banks and the RFC, do
receive more favorable treatment with respect to the interest than the
bondholders? A. No question about that.'
(4) Your committee has from the outset contended that a proper reorganization required as a basis either an independent valuation of the properties or an acceptance of the I.-S. C. Commission valuation of 1918, with
additions; and improvements to date. Under such last-mentioned valuation. $317,000,000 is the approximate present-day value of the road and
Its equipment. Inasmuch as the funded indebtedness exceeds $292,000,000. the equity value of the stock is negligible, and this committee has contended that any proper reorganization must take such fact into account.
The plan which your committee has opposed, in preserving the present
stockholders' control, has utterly disregarded and violated this basic consideration.
The hearings in Washington on July 18 and 19 disclosed that no comprehensive or independent valuation of the railroad was made in connection
with the readjustment plan of July 6 1932, and that there has been no such
valuation made either by the company or independently within the last
ten years. The Chairman of the board testified:
"Q. So there has not been, within ten years prior to Jan. 1 1932, would
you say, an independent valuation of the railroad? A. No, not that I
know of.
"Q. Now, has there been a comprehensive valuation of the railroad
properties as of a certain date in the manner in which an inventory would
be taken, for instance, within ten years prior to Jan. 1 1932, by the railroad company's own staff? A. No."
It was revealed,furthermore, that certain of the readjustment managers,
including the Chairman, were extensively interested as stockholders of the
Volume 137
2271
Financial Chronicle
company, and that the Chairman of the consolidated mortgage bondholders' committee had a large personal stock interest. Other facts were disclosed which indicated the existence of serious question as to the disinterestedness of some of the committeemen presumably representing the prior
lien and consolidated mortgage bondholders' interests.
(5) As announced in the newspapers, the RFC stated at the hearings
that the readjustment managers of the Chicago Rock Island & Pacific Ry.
had proposed a consolidation of 'Frisco with the Rock Island under the
auspices of the I.
-S. C. Commission, and the hearings were suspended with
the understanding that such proposal would receive the consideration of
-San Francisco Ry. readjustment managers and others interthe St. Louis
ested. It is your committee's intention to follow this matter in the interests
of the bondholders whom it represents.
(6) An alternative plan of reorganization, involving the St. Louis-San
Francisco Ry. solely, was submitted at the hearing in Washington by a
representative of independent bondholders. Your committee, which had
been afforded a prior opportunity to inspect and consider this plan, indicated that in its opinion the same contained much of merit to recommend it.
As an alternative to consolidation of the 'Frisco and Rock Island, this plan
is being studied by your committee.
Your committee is tne only committee of security holders of the St. Louis
San Francisco Ry. independent of the management under which the present
crisis occurred and of the banking interests heretofore represented on the
board of directors. Its interest is solely in and its activities have been
solely on behalf of the prior lien and consolidated mortgage bondholders.
Since the receivership proceedings, your committee has not actively
solicited adherents or support. One reason for this was that the receivership placed the matter in the hands of the Court, where a small group
could properly make representations as adequately as a large group. Another reason was that Section 77 of the Bankruptcy Act, dealing with
railroad reorganization, was only recently enacted, and whether the St.
Louis-San Francisco Ry. would submit to jurisdiction thereunder was until
recently uncertain.
The terms of this statute, under which reorganization is now proceeding,
require co-operation of certain percentages of security holders for various
purposes, including the submission of an alternative readjustment plan
as a matter of right. Conformably with such requirement, your committee is presently soliciting additional formal adherence from prior lien
and consolidated mortgage bondholders. Deposit of bonds is not requested,
nor is any legal obligation incurred by adherence to this committee.
The committee is presently calling for authorization., from bondholders.
These authorizations are similar to those which it holds from the bondholders whom it already represents.
We believe it is in your interest, as a prior lien or consolidated mortgage
bondholder of St. Louis-San Francisco Ry., to be represented by a committee having no affiliation with either the management of the road, its
bankers, or holders of other classes of its securities. This committee is
the only one holding such an independent position, and it pledges you its
best efforts to work out a reorganization or readjustment fair to the categories of bonds which it represents. We urge you to authorize this committee to act in your behalf in the extensive legal proceedings now being
prosecuted to determine the fate of this railroad system. In view of the
immensity of the financial amounts involved, it is by co-operative action
only that individual security holders can make their influence felt.
-V.137,
p. 2101.
ducted as merely to make it an instrumentality or adjunct of another
corporation.' the Commissioner said.
"
'The contention that defendants may employ independent contractors
to provide service and facilities which it is defendants' duty to provide,
and that it is a matter of indifference to the public what agencies and instrumentalities are employed for that purpose so long as the public duty is
adequately performed, does not meet the situation. Defendants cannot
through independent contractors provide common carrier services and
facilities and charge less therefor than the tariffs provide for, were such
services performed and facilities furnished by the defendants themselves.'
"Accordingly the Commission found that the charging intra-State in
Nebraska of rates named in tariffs filed in the name of the Union Pacific
Stages, Inc., and application of the classifications and practices in that
connection, results in undue prejudice to Atchison manufacturers and
unjust discrimination against inter-State commerce.
"No order was entered in the proceeding, but defendants were told to
immediately remove the undue prejudice or the Commission would take
appropriate action."
-V, 137. p. 1048.
Savannah & Statesboro Ry.-Reorganication Plan.
A reorganization plan for the first mortgage 5% bonds has been approved
and adopted by the yorotective committee consisting of Leslie G. Weldon,
Chairman. William E. Bush and Glenn W. Kissel. Helen M. Fink, Sec.,
72 Wall St., New York and Delaney & Myles, Counsel 60 East 42d St.,
New York.
The depositary is Maryland Trust Co., Baltimore, Md.
Purchase of Mortgaged Properties by Bondholders' Committee.
The Continental Trust Co., as successor trustee under the first mortgage
Indenture pursuant to the order of the U. S. District Court for the Southern
District of Georgia, dated Dec. 3 1932, foreclosed the first mortgage of the
Savannah & Statesboro Railway. The properties, (excluding a small
portion thereof previously released under the terms of the mortgage) were
sold on the only old for the property wnich was made by the bondholders'
protective committee in the sum of $7.500. A decree was duly made by the
court confirming and approving the sale on Feb. 8 1933.
Lease of Terminal Properties and Sale of Rails.
The bondholders' protective committee has leased to the receivers of the
Georgia pSr Florida Ry. the Terminal properties of tne Savannah & Statesboro Ry. for a rental of $75 per month. from April 1 1933 until March 31
1935. By the terms of the lease the lesees are given an option to purchase
the properties during the life of the lease for the sum of $30,000.
A contract for the sale of the scrap rails has also been executed with
delivery contemplated on or anent Sept. 1 1933.
New Corporation to Be Formed.
Application has been made by the memaers of the bondholders' committee
for a cnarter under the laws of Georgia for a new corporation under the name
of Statesnoro Terminal Co. It is contemplated to transfer to this corporation the properties which the bondholders' protective committee continue
to own and to issue one voting trust certificate to each bondholder for each
$1,000 bond of tne Savannah St Statesboro Railway which he has deposited
under the deposit agreement and to issue the capital stock of the corporation
to three voting trustees to be selected by the committee.
Cash Distribution-Holders of Certificates of Deposit.
Front all sums received by the bondholders' protective committee shall
be deducted the following:
1. Payment of the sums due non-depositing bondholders on account of
the purchase price of the property of the Savannah & Statesboro Ry.
2. Expenses of the reorganization, including fees of counsel.
3. Expenses and disbursements of the bondholders' protective committee
including fees of counsel as same are limited in the deposit agreement.
4. Compensation of the bondholders' protective committee as same is
limited in the deposit agreement.
5. All other expenses.
The net balance shall be ratably distributed to the holders of the certificates of deposit.
-V. 136, p. 2236.
The voting trust representing the common stock of this company wa
on Sept. 19 dissolved, effective as of the close of business Oct. 2 1233
The voting trustees are Wilbur L. Commings, Chester Dale and H. Hobart
Porter.
Temiskaming 8c Northern Ontario Ry.-Tenders
Loan.
-
on
Wabash Ry.-To Pay Increase.
Walter S. Franklin and Frank C. Nicodemus Jr.. as receivers, have
been authorized by Federal Judge Davis at St. Louis to pay $55,308 semiannual interest, due Oct.j. 1933, upon tne Omaha division 1st mtge. 33i%
bonds.
-V. 137, P. 1762.
Wheeling & Lake Erie Ry.
-7% Dividend.- The
directors on Sept. 20 declared a dividend of 7% OD the
7% cum. prior lien stock, par $100, for the period from
May 1 1927 to April 30 1928 (being quarterly dividends
numbered 43, 44, 45 and 46) to be due and payable Sept. 27
to holders of record Sept. 25. A payment of 54% was
made OD this issue on Oct. 19 1932, as against 7% each on
June 2 and on Nov. 19 1931.-V. 136, p. 3718.
PUBLIC UTILITIES.
Matters Covered In the "Chronicle" of Sept. 16.-(a) A smaller percentage
gain in electric output shown during week ended Sept. 9 1933. p. 2001;
Costs of seven New York Electric Companies to increase more than $3.500.000 annually under NRA-Additional expenses tabulated in rate
hearing before Public Service Commission-18% light rate cut ordered for
Queens Borough Gas & Electric Co., p. 2045.
American Light & Traction Co.
-Earnings.
For income statement for 3 and 12 montns ended June 30 see "Earnings
Department" on a preceding page.
-V. 136, p. 3155.
American Water Works & Electric Co., Inc.-Voting
Trust to Be Dissolved.
-
Weekly Electric Production Up 34%.
Output of electric energy of the company's electric properties for the
week ended Sept. 16 1933 totaled 34.738.000 kwh., an increase of 34%
over the output of 26,007,000 kwh,for the corresponding period of 1932.
'
Comparative table of weekly output of electric energy for the last five
years follows:
1929.
1930.
1931.
Week Ended1933.
1932.
August 12
35,394,000 23,958,000 31,104,000 33.514.000 35,805.000
August 19
36,370.000 24,000,000 30,561.000 33.757,000 36.175.000
August 26
36,288,000 24,085,000 29,734,000 34,399,000 36.442.000
September 2...._ _36,471,000 25,727,000 30,475,000 34.051,000 36,727,000
September 9
33,920,000 25,694,000 29,876,000 32,674,000 34,771,000
September 16.- -34,738,000 26,007,000 31.771,000 35.279,000 37,610,000
output of the company's electric subsidiaries for the month
The power
of August totaled 161,252,239 kwh., against 108,838.028 kwh. for the
corresponding month of 1932, an increase of 48%.
For the eight months ended Aug. 31 power output totaled 1,088.948,646
kwh., as against 967,656,890 kwh. for the same period last year, an increase of 13%.-V. 137, p. 2101, 1937.
Appalachian Power Co.
-Tenders.
The Continental National Bank & Trust Co. of Chicago, trustee, 231
So, La Salle St., Chicago, Ill., will until noon on Oct. 2 receive bids for the
sale to it of 1st mtge. 5% s. f. gold bonds, dated June 1 1911, to an amount
sufficient to exhaust $250,700, now held in the sinking fund, at prices
not exceeding 105 and int.-V. 136, p. 2418.
-Preferred Dividends.
Arkansas Power & Light Co.
The directors have declared dividends of 58 cents per share on the $7
cum. pref. stock, no par value, and 50 cents per share on the $6 cum. pref.
stock, no par value, both payable Oct. 2 to holders of record Sept. 15.
Like amounts were distributed on the respective issues on April 1 and
on July 1 last.
Previously the company made reguler qu'arterly payments of $1.75 per
share on the $7 pref. and $1.50 per share on the $6 pref. stock.
-V. 136,
P. 4265.
Associated Gas & Electric Co.-Output Up 11.1%.
For the week ended Sept. 9 1933 the Associated System reports electric
output of 50,136,937 units (kwh.), an increase of 5,008,690 units over
the same week of 1932, or 11.1%.
Gas sendout for this same week amounted to 281.760,500 cubic feet,
which was 3.8% less than for the corresponding week in 1932.-V. 137.
P. 2101, 1937.
'Atlantic Utilities, Ltd.
-Bonds Called.
Holders of the 1st mtge. 6% bonds, due 1947, of the Eastern Telephone
& Telegraph Co., a subsidiary, have been notified that their bbnds will be
redeemed on Oct. 2 next at a premium of 5%. See also V. 137, p. 1763.
The company is calling for tenders on a $7,500,000 loan maturing in
20 years and carrying 4 % interest rate. The principal and interest will'"'Birmingham Electric Co.
-Resumes Dividends.
be guaranteed by the Province of Ontario.
-V. 131, p. 1563.
The directors have declared dividends of 87 cents per share on the no
Par $7 cum. pref. stock and 75 cents per share on the no par $6 cum, pref.
Union Pacific RR.
-Commission Rules Road Cannot
stock, both payable Oct. 2 to' holders of retord Sept. 22. Six months ago
Charge Less for Haulage Through Affiliate-Practice Held the quarterly payment due April 1 1933 on the $7 pref. stock was decreased
to 88 cents from $1.75 per share and the dividend on tne $6 pref. stock
Illegal.
to 75 cents from $1.50 per share. The July 1 payments were deferred.
-S. C. Commission has held as unlawful the practice of the road
The I.
-V. 137. P. 862, 135.
of affording station-to-station service in the handling of less
-than-carload
traffic for its subsidiary, the Union Pacific Stages, Inc., at rates less than
Boston Elevated Ry.-Increases Wages.
those published by the railroad for like service. Continuing, the "Wall
Wage increases averaging 20 cents a day have been awarded some 3.500
Street Journal" further states:
employees of this company by an arbitration board headed by David A.
"The arrangement was made as a means of meeting motor truck comMarshall of Boston.
petition in Kansas and Nebraska through a co-ordinated truck-rail freight
The increase will add about $275,000 to the company's yearly paryoll.
service offered by the Union Pacific Stages. The Stage company's rates
-V. 137. P. 1763.
were canceled by the Kansas Commission some time after they had been
allowed to go into effect.
Brooklyn Borough Gas Co. 63 Cent Extra Pref. Div.
- .
j
"The service involved was established as a pickup and delivery operation
The company has declared on the 6% cum. & panic. pref. stock, par $50.
for less-than-carload freight. The rates charged by the stage company
an extra distrioution of 61i cents per share in addition to the regular quarwere made primarily with reference to rates charged by motor-truck lines
terly payment of 75 cents per share, both payable Oct. 2 to holders of record
and were generally lower than the rail rates.
Sept. 20. An extra of like amount was paid each quarter from July 1927
"The railroad's contract with its stage subsidiary also provided that the
to and incl. July 1933. while in April 1932 and 1933 an extra participating
affiliate should collect all revenue accruing from the co-ordinated service,
dividend of 50 cents per share was also paid.
and, after deducting from the gross revenue all of its own expenses and an
The directors also declared the regular quarterly dividend of $1.50 per
amount equal to 10% ofsuch expenses, turn over the balance to the railroad
share on the no par value common stock. payaole Oct. 10 to hloders of
as payment for the service rendered by the latter.
record Sept. 30. Quarterly payments at this rate have been made on the
"Complaint against the arrangement was registered with the I.
-S. C.
junior stock since and incl. April 1927. On Jan. 10 1932 an extra disCommission by the Atchison (Han.) Chamber of Commerce, which alleged
bursement of $6 per share was also made.
-V. 136. p. 4458.
the rates were prejudicial.
"Summing up the case for the decision, Commissioner Hugh M. Tate NolatBrooklyn-Manhattan Transit Corp.
-To Redeem $1,statutory prohibition against State rates and pracsaid it is clear that the
000,000 of Notes-Declares Regular Dividend.
tices which discriminate against inter State shippers may not be defeated
through the medium of a separate corporation which is plainly their mere
The directors on Sept. 18 declared the regular quarterly dividend of $1.50
instrumentality. 'The fiction of distinct corporate entity is disregarded
per share on the pref. stock, payable Oct. 16 to holders of record on Sept.30
when a corporation was so organized and controlled and its affairs so con1933.
2272
Financial Chronicle
The directors also authorized the officers of the corporation to redeem
on Oct. 10 1933 81,006,000 of the 2
-year 6% notes of the corporation due
Aug. 1 1934. These notes were issued in August 1932 in the amount of
$13,500,000, and with the redemption of $1,000,000 on the notes on Oct. 10
the total amount outstanding will be reduced on that date to $8,500.000.
G. M. Dahl, Chairman of the board, made the following
statement on Sept. 19 in answer to questions asked by
stockholders:
1. No bonuses of any sort were paid by B.M.T. or any of its subsidiaries
during the year concluding June 30. or since that date.
2. At the suggestion of Mr. Dahl, who was re-elected Chairman of the
board at the directors' meeting, his salary, all inclusive, was set at the rate
of $40,000 per year. This figure was agreed upon by Mr. Danl and the
executive committee as a recommendation to the board two weeks ago.
IA reduction in Mr. Dahl's salary to $90,000 a year from $135,000 was
effected earlier this year, it was announced at the annual meeting of stockholders held on Sept. 18.1
Mr. Dahl reported business as being good the two months ending Aug.31,
running above the rate of net earnings for the same period last year.
New Director.
Mortimer N. Buckner, Chairman of the board of the New York Trust
-V. 137
Co has been elected a director, succeeding William H. Johns.
p. 1914.
"-..Brooklyn & Queens Transit Corp.-Reduces Bonded
Debt.
The directors on Sept. 18 authorized the payment on Oct. 1 1933 of the
general mortgage bonds of the Brooklyn Bath & West End RR. which are
outstanding in the amount of $121,000.-V. 137, P. 1935.
-Tenders.
Central Maine Power Co.
The State Street Trust Co., trustee, Boston, Mass., will until noon
Sept. 29 receive bids for the sale to it of 1st mtge. bonds dated Nov. 1
1909 to an amount sufficient to exhaust $80,982, at prices not exceeding
-V. 137, p. 313.
105 and Interest.
Sept. 23 1933
"Every effort has been made to offset decreased gross earnings by reductions in expenses. The extent to which this was successful is shown by
the percentages in the foregoing table and contrasts with an actual increase
in taxes during the period. Further reductions in total expenses will be
very difficult to effect because of increased costs of operation under the
NRA. code which our companies have signed.
"Although the parent company has a bank debt of $1.575,000, it has
available for sale senior securities of certain of its subsidiaries (representing
the cost of extensions to their properties) which have a face value greatly
in excess of this debt. These securities are not saleable at present but
with an improvement in business and in the earnings of these subsidiaries
and a better investment market than now exists It should be possible to
sell sufficient of these securities to discharge the entire bank debt.
"This bank debt would not be important if earnings were adequate and
security markets normal but with falling earnings and present inability to
finance on a permanent basis, the company is not justified in jeopardizing
its position with its creditors by using its cash resources to pay preferred
dividends. This policy is in the long run for the benefit of the preferred
stockholders.
"As to the future, a relatively small improvement in gross business would
restore the earning power of your preferred stock. All of the subsidiary
companies have excess generating capacity so that the results of increased
business should show promptly in improved net earnings without deduction
for charges on additional generating plant.
"While the present combined financial showing of the company is disappointing, there is every reason for feeling that the business is basically
sound. As an indication of the continually broadening use of electricity
in the home, the customers of our companies have since 1929 purchased
about 819.000.000 worth of electrical devices for use In their homes, and
during that period the average annual energy consumption per residence
customer Increased from 605 to 811 kwh. During the first few years of the
depression there was a rapid rise in residential consumption, with a very
slight drop this year, while industrial and commercial demand, which are
both sensitive to business conditions, receded sharply after 1930. Industrial demand has improved somewhat since April of this year.
"The preferred dividends are cumulative and must be discharged in full
before any dividend is paid on the common stock: we hope that their deferment will not be long continued."
-V. 137, P. 2102.
Federal Water Service Corp.-Earnings.L-
Cincinnati Street Railway Co.--Earnings.--
For income statement for month and 8 months ended Aug. 31 see
-V. 137, P. 1412.
"Earnings Department" on a preceding page.
-Rehearing Deni.qd.Columbus Gas & Fuel Co.
The company has been denied a rehearing by the Ohio Supreme Court
of the Columbus (0.) gas rate of 48 cents which was recently held adequate
by the court.
-cent rate which
The Ohio P. U. Commission had previously set a 55
was attacked by the city of Columbus and the Commission's rate was
set aside.
Denial of a rehearing opens the way for the company to appeal to the
U. S. Supreme Court.
-V. 131, p. 268.
Connecticut Electric Service Co.-Earnings.
For income statement for 12 months ended Aug. 31 see "Earnings De-V. 137, p. 1412.
partment" on a preceding page.
-Obituary.
Consumers Power Co. (Me.), Mich.
Charles W. TIPPY, Vice-President & General Manager, died on Sept. 15.
-V. 136, p. 2604.
Dallas (Tex.) Gas Co.-Tenders.
The Bank of the Manhattan Co. will until noon. Sept. 26, receive bids
for the sale to it of 1st mtge..6% gold bonds at a price not to exceed 104 %
-V. 136. p. 1884.
of the principal.
-Rate Cut.
Dayton Power & Light Co.
The City Commission of Dayton, 0., has approved an offer of this
company, a subsidiary of the Columbia Sas & Electric Corp., to reduce
Its gas rate an average of 4.6%, which will result in a reduction to consumers
of $100.000 annually. The new average scale is 62 cents per 1,000 cubic
feet, against 65 cents previously, and will be in effect from Oct. 20 1933
to Jan. 1 1935.
In November 1932 the City Commission passed an ordinance estanlishing
,
a rate of 50 cents, which was protested by the Dayton company. The
Ohio P. U. Commission reported it would be some time in 1935 before it
could hear the case. The comoany then offered the new schedule, which
-V. 135. p. 40.53.
was accepted.
-New Rates Approved.--'
uetroit Edison Co.
The Michigan P. U. Commission has accepted the new rate schedules
voluntarily filed by the Detroit Edison Co., stipulating, however, that the
reductions are regarded as in partial compliance with its order for a $1.500,000 a year reduction. The Commission Is restrained by a court order
from enforcing its rate cut order.
In filing the new rates the company stated that the new schedules were
not in compliance with the rate cut order. The new rates affect approximately 50,000 small commercial consumers and will amount to reductions
-V. 137, p. 2102.
of approximately $800,000 a year.
•
-Earnings.
Eastern Gas & Fuel Associates.
For income statement for 12 months ended Aug. 31 see "Earnings
-V. 137. p. 1412.
Department" on a preceding-page.
Eastern Massachusetts Street Ry.-Fares Cut.
The company has made effective a five cent cash fare on Smith Salem
-cent cash fare on Salemdivision against 10 cents formerly, and a 15
-V. 136. p. 3906.
Marblehead division against 20 formerly.
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
Comparative Consolidated Balance Sheet.
June 30'33. Dec. 31 '32.
June 30'33. Dee. 31 '32.
Assets
Liabilities$
Plant, property.
Fed. Water Ser.
&minim% &c.173,134,493 172,940,817
Corp. 5% %
Invest, in and
gold
_ 7,019,500 7,019,500
loans to MM.
Fd. debt of subs. 96,495,700 96,860,000
deben_.'
& other comShort-term notes
panies
of subsidiaries 2,133,250 2,716.000
6,538,350 6,651,846
Miscell. special
Notes payable__ 6,152.368 5,386,124
deposits
314,622
86,299 Accts. payable_
272,054
393,883
Def. accts. rec
1,648,861
1,451,499 Interest accrued 1,347,016 1.328,313
Cash and workDivs. accrued__
41,447
44,788
ing funds._
1,018,458 1;279,035 Taxes accrued__ 1,540,867 1,537,653
a Notes & accts.
Misc. curr. liab_
137,718
127,628
receivable.... 2,231,875 1,993,455 Cast. deps., &c_ 1,547.841
1,772,997
Unbilled rev__ _
503,955
492,681 Unearned rev-894,082
545,162
Materials & sup.
855,784
853,798 Res. tor retire. de
Prepaid taxes,
replacements_ 13,318,381 12,928,035
Insurance, &c.
Other over. res.
228,235
80,907
138,546
Miscell. current
Contr for extens
680,313
669,126
assets
Min. int. In cap.
85,095
Commission on
434,047
stock & surp_
433,201
capital stock_ 2,983,671 2,987.258 Cum. pref.stock
Debt disc. & exp 2,454,139 2,298,059 (corp.)
15,179,140 15,181,040
Organiz. exp. of
C'a.ss A stock_ _x13,685.05611316,171,558
Parent co _ _
446,113
446,117 Class D stock_ d2.500,0001
Def. charges &
Subs. pref. stock 22,254,156 22,243,014
unadi. debits_ 1.111,490 1,188,710 Capital and paid
in surplus_ _ _ 3,229,329 3,304,731
Earned Eurplus_ 4,517,095 3,888,310
Total
193,405,395 192,687,587
Total
193,405,395 192,887,587
a After reserve for uncollectible notes and accounts of 8284,057 on
June 30 1933 and 8272,640 on Dec. 31 1932. b Represented by 568,968
shares of class A stock (no par value) and 542,450 shares of class B stock
(no par value). c Represented by 569.507 shares of no par value. e Represented by 542,450 shares of no par value.
-V. 137, p. 1049.
Electric Bond & Share Co.
-Output of Affiliates (Kwh.).
Week Ended Sept. 14American Power & Light Co
Electric Power & Light Corp
National Power & Light Co
-V. 137. p. 2102. 1937.
-Kilowatt
1933.
1932.
83.615,000 70,691.000
38.192,000 38.364,000
70,355.000 58,473,000
Increase.
+18.37
-.04
+20.3%
Elizabethtown Consolidated Gas Co.-Extra Dividend.
An extra dividend of El per share has been declared on the capital stock,
par $100, payable Dec. 1 to holders of record Nov. 27.
The directors also declared the regular quarterly dividend of $1 per share.
payable Oct. 2 to holders of record Sept. 27.-V. 137, p. 1937.
Florida Public Service Co. -Offer Extended.
-
The offer made to the holders of the 1st mtge. 6s series A, 1st mtge.
6s series B and 7% secured gold bonds to exchange their bonds for a new
series, par for par, has been extended to Sept. 22. See also V. 137, P• 864.
-- "Greenfield (Mass.) Gas Light Co.-Increases Dividend.
Engineers Public Service Co.-Statement by President.
The directors have declared a quarterly dividend of $1 per share On the
common stock,
C. W. Kellogg, President in a circular sent to preferred stockholders in
reference to the deferment of the dividends on the cumulative preferred
stock normally payable Oct. 1, states:
Although the income of the parent company for the first three quarters of
this year will cover its preferred dividends by a small margin, on the other
hand, aggregate current earnings of subsidiaries both gross and net are
still falling below the corresponding period of the preceding year and this
together with the Federal tax on electric energy beginning Sept. 1 and the
Increase in expenses required to comply with the provisions of the NRA
code, which will together amount to over a million dollars. will prevent the
earning of the full preferred dividends until business improves. Under
these conditions, the directors believed they should defer the preferred
dividends and conserve cash.
The extent of the drop from 1930 (the company's best year) to the
present time is shown by the following summary of consolidated earnings
and expenses:
Cal. Year 12Mos.End.
1930. Ju y 111933. Decrease.
853.041,640 842,341.007 810,700,633 20.2%
Gross earnings
7.727,513 29.1%
Oper. exps. and maintenance 26.543.522 18.816.009
Balance
Taxes
826.498.118 823.52(998 82,973.120 11.2%
3.765,795
4.008,534 Inc.242.739/nc6.5%
Net operating revenue_ ___$22,732,323 $19,516.464 83.215,859 14.2%
899,695
57.923 6.0%
957,618
Income from other sources-13.8%
15.0%
Net income
Interest and amortization
823.689.941 $20.416,159 83.273.782
8,704.748 inc1.136.097
7.568,651
Balance
Reserve for retirements
816.121.290 311.711.411 81,409.879 27.3%
4,516,068
183,422 3.9%
4.699.490
$11.421.800 87,195,343 $4,226,457 37.0%
Balance
4.334,910
24,586
5.6%
Pref. dive. of subsidiaries.... 4,359.496
$7,062,304 82,860.433 84.201,871 59.6%
Balance
Amt.applicable to com.stks.
ofconstituent cos.in hands
14,213
75,281 84.1%
89.494
of public
Bal. for Engineers Public
Service Co. pref.stock__ 86.972.810 $2,846,220 $4,126.590 59.2%
Inc.55
2,323.550
2,323.495
Pref. div. requirements
par $50, payable Oct. 2 to holders of record Sept. 15. This
compares with 75 cents per share paid on April 1 and on July 1 last and $I
per share previously paid each quarter.
-V.136, p. 2422.
Indianapolis Rys., Inc.
-Places Equipment Orders:
-
This company has placea orders with the J. G. lirill Co. and the General
Electric Co. for 50 new street cars and 80 trackless trolley cars,'costing
approximately $2,550,000.-V. 135, p. 4214, 4033.
Interborough Rapid Transit Co.
-Move to Oust Judge
Manton from Receivership. Proceedings Goes to Supreme
Coult.-See Manhattan Ry. below.
' Judge Martin T. Manton has extended for six months from Sept. 28 the
time within which receivers may affirm or disaffirm the 999
-year lease on
Manhattan Railway properties. He also extended until March 20 1934,
the time in which all claims must be filed against the I. It, T. In order for
the claimants to participate in any distributions.
-V. 137, p. 2098.
International Telephone & Telegraph Corp.
-Earns.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Net current assets in foreign currencies when computed in U. S. dollars
at rates of exchange existing at June 30 1933 and other exchange items
showed an appreciation of approximately $4,500.000 at that date. This
amount has been credited temporarily to a special exchange reserve account.
It was announced that the 827,000,000 of indebtedness represented by
notes of operating subsidiaries, purchased by banks from the Corporation
under an agreement of guarantee and endorsement which became due
on Aug. 1 1933, was reduced to 826,000.000 as of that date and the agreement covering this credit was extended to Feb. 11934.-V. 137. D• 1579.
Iowa Southern Utilities Co. of Del.-Exten ion 'of
$2,895,800 Bonds Proposed.
-The holders of $1,361,000
Burlington Ry. ez Light Co. 1st mtge. 5% sinking fund gold
bonds (extended at 8%) and $1,496,800 Iowa Southern
Utilities Co.(of Me.) 1st mtge. gold bonds (both 6%and 8%)
are in receipt of a circular letter from the company asking
them to consent to have their bonds extended. to Oct. 1
1938. The criculars state in substance:
Volume 137
Financial Chronicle
On Oct. 1 1933 $1,361.000 Burlington bonds, extended at 8%. will
become due and payable, and on the same date $1.496,800 Iowa
bonds, including those 'uith 2% coupons attached, ill become due and
payable. Of the outstanding Burlington bonds, $38,000 were not previously extended. The total of these two issues now outstanding is
$2,895,800.
Conditions at the present time are such that it is impossible to refund
these bonds on any reasonable basis.
As lowa Southern Utilities Co. of Delaware is also unable to pay off
the maturing bonds out of its current funds, it is therefore imperative
that it obtain the assistance and co-operation of the holders of such bonds.
Accordingly, the company has determined to request the holders of the
Iowa bonds and the Burlington bonds to extend the payment of the principal
thereof to Oct. 1 1938, and the company will agree to pay interest
on the extended bonds during the period of extension at the rate of 8%
per annum, payable semi-annually April 1 and Oct.
After the extension, the deed of trust securing the bonds will, as heretofore, remain a lien on the mortgaged property to secure the payment of
the principal of the extended bonds and interest thereon from Oct. 1 1933
at the rate of 5% per annum on the Burlington bonds and 6% on the
Iowa bonds. The additional 3% interest, payable on the extended bonds
In the case of the Billlington bonds and 2% in the case of the Iowa bonds
will be an unsecured ;general obligation of the Delaware company.
By extending, therefore, the holders of the bonds will receive a rate of return for the next five years considerably higher than the rate usually
obtainable on bonds of this character. The properties securing both the
Iowa bonds and the Burlington bonds are in excellent physical condition,
and despite the present severe business depression, the earnings of the
company were more than sufficient to pay all operating charges, the interest on these bonds and on all of its other indebtedness and to leave a
surplus above such requirements.
The company requests that holders of the Iowa bonds and holders of
the Burlington bonds give the extension offer their careful and serious
attention. While each issue is secured by a first mortgage on a valuable
portion of the company's property, the properties so mortgaged are not
complete operating units in themselves, being physically tied in and dependent upon properties covered by other mortgages. The practical value
of the properties mortgaged under these issues therefore is largely dependent
upon their being a part of the company's general system.
The extended Iowa bonds will be cabbie at the option of the company.
in whole but not in part, upon 30 days' published notice, at 102 to and
including Sept. 30 1935, thereafter at 101 to and including Sept. 30 1937,
and thereafter at 100 to maturity, plus int. at the rate of 8%,in accordance
with the extension agreement.
The extended Burlington bonds will be callable at the option of the
company, in whole but not in part, upon 30 days' notice, at 102 to and
including Sept. 30 1935, thereafter at 101 to and including Sept. 30 1937,
and thereafter at 100 to maturity, plus int. at the rate of 8%,in accordance
with the extension agreement.
No charge of any kind will be made against the holders of he maturing
bonds making the extension.
The company is making this offer direct to security holders under Section 4
of the Securities Act of 1933 and is therefore paying no commissions or
other remuneration to underwriters or dealers in connection therewith.
The company believes that the best interests of the holders of the maturing
bonds will be served by agreeing to the extension. Holders of Iowa bonds
are requested to forward their bonds immediately to Central Republic
Trust Co., 208 S. La Salle St., Chicago. Holders of Burlington bonds are
forward their bonds to Chase National Bank. 11 Broad St., New York,
N. Y. Coupons providing for the payment of interest during the period
of extension will be affixed to the bonds and will then be returned to the
holders.
The Oct. 1 1933 coupon on the maturing bonds should be detached and
presented for payment in the usual manner.
Earnings for Year Ended June 30 1933.
[Accounts of subsidiary companies are not consolidated.]
Electric revenue
$2,780,638
Gas revenue
306,475
Heating revenue
118.013
Transportation revenue
318,464
Total revenue
Loss on merchandise and jobbing
Operating expenses
Maintenance
Depreciation as determined by company
State and local taxes
Provision for Federal income taxes
$3.523.591
23,394
1,454,679
199,341
315.000
177,985
46.000
X Net earnings from operations
Non-operating income
$1,307,191
67.577
Total income
Interest on funded debt
General interest
Amortization of debt discount and expense
$1,374,769
974.099
19.155
147,625
x Net income
Balance June 30 1932 (including $49,301 capital surplus arising
from donation of current assets in connection with property
acquisitions)
Total surplus
Reserves provided for
$233,889
861,683
$1,095.572
957.276
2273
Consolidated Balance Sheet June 30 1933.
Assets
Liabilities
Plant & franchises
$5,000,000
$18,760,597 Preferred stock
100.000
Investments
4,636,916 Common stock
Sinking funds & special
Surplus
1,492,246
deposits
96,774 Equity of minority stockholders in corn, cap.
Cash
394,620
Accts. rec.-.consumers
stock & undistributed
420,739
5,336
Other accts. & notes rec_
surplus of subs
142,148
6.166,381
Inventories
348,131 Funded debt
Prepayments
29,809 Prop. purch. obligation_ 2,500,000
97,653
Receivable from affil. co.
778 Accounts payable
68,301
Sundry def, debit items_
69,135 Accrued interest
Accrued general taxes_ _ _
42.917
Deferred liabilities
74,951
Payable to parent co_
et,114,286
414
Deferred credit items_ _ _
3,237.159
Reserves
Total
$24,899,646
Total
_ $24,899,646
Lexington Water Power Co.
-Offer Extended.The offer made to the holders of 1st mtge. 5% bonds and 534% debentures (V. 137, P. 865) to exchange their bonds for new bonds on a par
for par basis has been extended to Sept. 22.-V. 137, p. 1579.4
rLone Star Gas Corp.-Appeals Rate Cut.-
r
This comuany and the Community Natural Gas Co. have appealed
to the Oklahoma State Supreme Court from a Corporation Commission
order for a reduction in gas rates in six Oklahoma towns. The Commission
recently ordered the Lone Star company to reduce its rate to the Community
concern, the distributing company, from 40 to 30 cents per thousand and
ordered the Community company to pass the saving on to the consumer.
The Texas RR. Commission last week ordered he Lone Star Gas Corp.
to reduce from 40 cents to 32 cents per 1.000 cubic feet its city gate natural
gas rates at 250 cities and towns in Texas. Total savings to consumers by
the reduction was estimated by the Commission to be approximately
51.400.000. The new rates are based on a valuation by Commission
engineers of $46.246,617 for the company's properties; the company's
valuation was approximately $72,000.000. The company is prepared to
take all necessary action to prevent enforcement of the rate cut, according
to L. B. Denning, President. He added that the finding was without basis
in either law or fact and that little difficulty was anticipated in getting the
Commission's order set aside. ("Wall Street Journal. )-V. 137, p. 2102.
Manhattan (Elevated) Ry.-Move to Oust Judge Manton
from Receivership-Proceeaings Goes to Supreme Court.
The Manhattan Sty. Co., owner of the elevated lines operated under
lease by the Interborough Rapid Transit Co., has asked the U. S. Supreme
Court to bar Senior Judge Martin T. Manton of the U. S. Circuit Court
of Appeals from further participation in the Interborough equity receivership proceedings.
In a petition for a writ of prohibition, filed in Washington on Sept. 16,
the Manhattan company charges that Judge Manton's conduct in the
receivership proceedings "has created a public scandal which has brought
and is bringing great discredit upon the historic traditions, integrity and
public reputation of the Federal judicial system."
"The great public esteem in which the Federal courts have been traditionally held has been outraged by Judge Manton's conduct," the petition
asserts, "and the continuance of his control of the receiverships of the
Interborough and Manhattan companies threatens to destroy the public
faith and confidence in the Federal courts generally and in the Federal
courts of the Southern District of New York particularly."
The petition, filed by Charles Franklin, counsel for the Manhattan
company, asks for either a mandamus or a writ of prohibition directing
Judge Manton to desist from further action in the case. It asks also
for an immediate stay, pending adjudication on the merits of the application. It asks, too,for an order directing Judge Manton to rescind all orders
made by him since July 27 1933, except those of routine nature.
Judge Manton's recent decision to retain jurisdiction over the receivership proceedings, despite advice to the contrary contained in a Supreme
Court opinion written by Justice Van Devanter, is the subject of comment
In the petition.
"The strange spectacle of an inferior judge entering into a public debate
with this Court (the U. S. Supreme Court), casting reflections upon its
comprehension of a case before it and flouting its considered judgment,"
the petition declares, "threatens to destroy the prestige and the public
confidence which this Court has so richly earned and must continue to
command."
In deciding to continue his jurisdiction over the receivership, Judge
Manton said that the Supreme Court, in advising him to withdraw, had
acted under a misunderstanding of the real situation.
In its petition to the Supreme Court the Manhattan company recites
Judge Manton's recent rejection of an affidavit of prejudice filed on its
behalf by Mr. Franklin. It contends that the mere filing of the affidavit
automatically ended Judge Manton's jurisdiction in the proceedings, so
that any order he may have made since July 27 was void.
The petition recites also that the company sought relief in the Circuit
Court of Appeals and was advised by one of its judges to proceed directly
to the Supreme Court.
The petition further declares that Judge Manton's order i denying
mAter
anfia
ndwas
oer or co_receivet ofL
v
imlicagon , as therol intment of Nathan itiAmster, les ent f the
a
tia a for a
o
datecl
July 27 1933, although not served until Aug. 14 and issued under an opinion
The petition alleges that the predating was due to the
dated Aug. 2.
fact that the Manhattan had already served notice on all parties that it
would not consider itself bound by any order issued by Judge Manton after
July 27.-V. 137, p. 1050.
Balance June 30 1933
$138,297
x Subject to the adequacy of the provision for depreciation
Balance Sheet June 30 1933.
(The accounts of subsidiary companies are not consolidated.)
AssetsLiabilities
Plant, property, rights fran7% preferred stock
$4,971,000
-Prefer,ed Dividend.
Nevada-California Electric Corp.
chises, &i:
$21,838,066 634.% preferred stock
389,300
The directors on Sept. 20 declared a dividend of $1 per share on the 7%
Investments and advances_ _ _ 2,452,942 6% preferred stock
2,655,200
ctun. pref. stock, par $100, payable Nov. 1 to holders of record Sept. 30.
Cash sinking funds and other
x Common stock
1,000,000
A like amount was paid on this issue on May 1 and on Aug. 1 last, as comspecial deposits
21,955 Funded debt
16,098,700
pared with regular quarterly dividends of $1.75 per share previously each
Pref.stk.commissions & exps.
125,792 Deferred liabilities
128,566
quarter.
-V. 137. p. 866. I ,.... .
Debt discount and expense in
Notes payable
56,886
process of amortization_ __ _
861,028 Accounts payable
178,109 ....--?lew England Public Service Co.
-Removed from List.
Prepd.accts.& dot.charges_
.
59,746 Contracts recle discounted
8,150
The New York Curb Exchange has removed from unlisted tradi
Cash
69,678 Accrued interest
371,623
privileges the common stock, pri
en preferred stock. $6 dividend series.
Working funds
14,656 Accrued State and local taxes
163,895
preferred stock, $6 dividend series, prior lien preferred stock, $7 dividend
Cash deposited with trustees
Reserve for Federal taxes_ _ _
149,495
series, and the preferred stock, $7 dividend series, all of no par value.
for Interest on bonds
224,644 Reserves
138,865
V. 137, p. 2103.
y Notes and accounts receivle
460,843 Surplus
138,297
Unbilled revenues
18,383
New York Central Electric Corp.-Earnings.
Construction and operating
For income statement for 12 months ended June 30 see "Earnings
materials and supplies and
Department" on a preceding page.
-V. 137. P. 8 .
67
merchandise for resale
300,353
" "'Northeastern Public Service Co.-Reorganization-7'Jan
Total
$26,448,085 Total
$26 448 085-x Represented by 100,000 no par shares. y After reserves of $88,792.Under Way-Foreclosure Deferred.
V. 137. P• 865,
bondu olders' protective committee for the gen. lien & coll. trust
• % gold bonds (James T. Woodward, Chairman) in a letter dated
Laclede Gas Light Co.
-Rate Cut Ordered.
Sept. 18 states:
The Missouri P. S. Commission on Sept. 21 ordered the company to
The committee has for severs I months past been preparing and making
reduce temporarily its rates to domestic and commercial consumers$212,000
an intensive study of the data bearing upon the operations of the properties
annually, pending completion of an audit and appraisal by Commission
comprising Northeastern Public Service Co . their needs from the standengineers and auditors. This is a reduction of approximately 3.5%.
point of fixed and working capital and estimating what funds will be necesIn denying the application of the City of St. Louis (Mo.) for a 20%
sary to effect a comprehensive reorganization. To this end discussions
decrease in rates and a 20% increase asked by the company,the Commission
and negotiations have been under way with responsible parties who could
"fair return" of the company should be 6.5%. Heretofore the
found the
supply the requisite capital.
fair return allowance has been 7.5%.
Prior to the appointment of receivers extended conferences were held
Based on 1932 revenues, the reduction will mean an average saving of
with executive officers of the Chemical Bank & Trust Co. by members of
10 cents a month to the two classes of customers affected by the order.
the committee and also with officers of the company. At such conferences
The company was ordered to file a new schedule of rates by Oct. 12,
the question of the appointment of receivers was thoroughly discussed and
which will make the reduction effective Nov. 1.-V 136. p. 3720.
much consideration was given to the effect of such an appointment upon
the indenture securing the first lien bonds.
Islands Gas 8c Electric Co.(& Subs.).-Earnings.
Since the appointment of receivers, this committee has actively followed
Consolidated Income Account for Year Ended June 30 1933.
the operations of the company by its receivers and has, from time to time.
Total gross revenues
been in contact with the Chemical Bank & Trust Co.. which institution
$2,259,374
Operating expenses, maintenance & taxes
333
now owns the entire issue ($4.670.500) of first lien & collateral trust bonds.
,
Interest & sundry charges of subs
47,009
The general lien bonds have a second lien on all the collateral deposited as
Interest charges of Islands Gas & Electric Co
security for the first lien bonds which are due July 1 1961. There has been
773,921
Provision for retirements
no default in the payment of interest on the first lien bonds and the interest
397,626
due on July 1 1933 was more than three times earned, after depreciation.
Net loss for year
and was paid on that date. In addition, funds had been accumulated by
$51.515
2274
Financial Chronicle
the City Bank-Farmers Trust Co., successor trustee under the first lien
Indenture, out of the income on pledged securities, sufficient so that on
June 30 1933 it had in its hands $105,656 after providing for such interest.
We are advised that as of Aug. 31 1933 the City Bank-Farmers Trust Co.,
as such successor trustee, had in its hands $175,291, a sum which is more
than adequate to pay the semi-annual interest of $128,439 due on Jan. 1
1934 on the outstanding first lien bonds.
On Sept. 8 1933 the Chemical Bank & Trust Co., as owner of all the first
lien bonds, directed the City Bank-Farmers Trust Co., trustee, to declare
the principal of all ofsuch bonds due and payable on account of the appointment of receivers and on certain questions of contested title to one item
of pledged securities. It is manifest that the successful consummation
of said foreclosure action by the trustee under the indenture securing the
first lien bonds would be distinctly adverse to the general lien bondholders,
as it might result in the sale of the company's assets at a time when the
sale price might leave little or nothing for the general lien bondholders if
the latter could not provide $4,670,500 cash with which to retire the first
lien bonds at par.
Press reports under date of Sept. 9 1933 stated that the actions of the
Chemical Bank & Trust Co. were in pursuance of a plan of reorganization
under preparation ty that institution. This committee was not informed
of the contemplated action above referred to and members of the committee promptly conferred with officials of the Chemical Bank & Trust Co.
At this conference officials of the bank stated they had not yet formulated
a plan of reorganization and none would be prepared until certain audit
figures and engineering data now under preparation are obtained, which
data would require several weeks for completion. This committee was
further assured that the bank would not present any plan of reorganization
which did not in the opinion of the bank fairly recognize the position of the
general lien bmi holders, and that such plan would first be presented to
this committee for consideration and discussion. In the meantime, the
bank agreed to take no action in furtherance of the foreclosure proceedings.
The committee will actively pursue its plans for reorganization in the
Interest of the general lien bondholders and will further consult with the
owners of the first lien bonds in an endeavor to obtain their consent thereto.
Should we fail to obtain the acquiescence of tne owners of the first lien
bonds, it may become necessary to combat the foreclosure action, which
this committee is prepared to do. Should the owners of the first lien bonds,
however, evolve a plan providing as liberal treatment for the general lien
bonds as afforded under the program of this committee, it will be received
and transmitted to the general lien bondholders.
Tne committee has on deposit at this time in excess of $5.000.000 cf
general lien bonds, but it is manifest that action by the committee can be
made very much more effective through deposit of a larger percentage of
the issue, and it is essential that n united front be presented and concerted
action taken should the committee be forced into litigation.
The committee desires to impress upon bondholders who have not deposited their securities the necessity of immediate action on their part.
The depositaries are: Central Hanover Bank & Trust Co., 70 Broadway,
N. Y. City, or Continental Illinois National Bank & Trust Co., 231 South
La Salle St., Chicago, Ill.
The members of the committee are: James T. Woodward, Chairman:
W. W. Battles, Ernest J. Capen, A. S. Cummins, David A. Edgar, E. L.
McBride, Gerald W. Peck Douglas G. Wagner, Sec., 67 Wall St.,
N. Y. City.—V. 137, p. 2103.
Oklahoma Natural Gas Corp.—Two Protective Committees Formed.—
The formation of two protective committees for the holders of the 1st
mtge.series A,6% bonds and series B.5% bonds was announced this week.
The members of the respective committees are:
(1) Ernest W. Myer, Chairman (Vice-Free. Halsey, Stuart & Co. Inc.)
'
New York; W. Findlay Downs (Pres., Day & Zimmerman, Inc.) Philadelphia, Pa.; Francis E Frothingham (Vice-Pres., Coffin & Burr, Inc.)
Boston; James C. Chaplin (Pres. Colonial Trust Co.) Pittsburgh; Thomas
B. Gregory (Crawford & Gregory) Pittsburgh; David E. Mitchell(Attorney,
at
-Law) Pittsburgh; J. Howard Carlson, Sec., 15 Broad St., New York;
H. C. Bell, Asst. Sec., Colonial Trust Co., Pittsburgh, Pa.; Frueauff,
Robinson & Sloan, Counsel, 60 Wall St., New York.
The committee in an announcement said:
"The committee is advised that it is planned next week to present to the
Federal Court in Oklahoma for its approval a plan of reorganization which
includes provision for the prompt payment of the past due interest and
sinking fund instalments in respect of both series of the first mortgage bonds
and the curing of all other existing defaults. The committee does not deem
it necessary at the present time to arrange for the deposit of bonds but will
make such further recommendations to the bonhdolders as it may feel
advisable."
(2) William R. K. Taylor (W. R. K. Taylor & Co.) New York: H. J.
Hutchinson (Glover & MacGregor, Inc.) Pittsburgh; W. A. Nash (W. A.
Nash Si Co.) Boston. Counsel, Battle, Levy, Van Tine & Fowler, New
York and Hurley, McCawley & Shinn, Shoreham Building, Washington,
D. C. H. M. Blair Jr., Sec., 11 W. 42d St., New York; D.M.Ackerman,
.Asst. Sec., Union Trust Building, Pittsburgh, Pa.
This committee on Sept. 20 stated:
The corporation has defaulted in the payment of interest on its 6% and 5%
bonds and receivers have been appointed in Oklahoma.
The corporation has a large outstanding indebtedness and a readjustment
of its financial structure or a reorganization is inevitable.
We have been requested to and have consented to act as a committee to
represent and protect the interests of those bondholders who desire to
co-operate for that purpose. All holders of the above bonds should immediately deposit their bonds with the Commercial National Bank &
Trust Co., New York, which has been designated depositary for the committee, or with the Union Trust Co. of Pittsburgh, Pa., which has been
appointed agent of the depositary.—V. 136. p. 3722.
Pacific Gas & Electric Co.—Reduces Quarterly Dtvidend.
—The directors or Sept. 21 declared a dividend of 373i cents
per share on the common stock, par $25, payable Oct. 16.
to holders of record Sept. 30. This compares with gual terly
d'stributions of 50 cents per share made or this issue from
.April 1927 to and incl. July 1933.—V. 137, p. 1413.
-The diPhiladelphia Co.—Common Dividend Halved.
rectors on Sept. 18 declared a quarterly dividend of 1234
cents per share on the common stock, no par value, payable
Oct. 25 to holders of record Oct. 2. This compares with 25
cents per share paid on this issue on April 25 and on July 25
last, 35 cents per share each quarter from April 30 1932 to
and incl. Jan. 25 1933, and 55 cents per share on Jan. 25
1932.—V. 137, p. 1765.
Postal Telegraph & Cable Corp.—Earnings.-For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
The corporation announced that on Aug.30 1933, the NRA approved the
petition of toe telegraph communications companies to make effective for
the industry the President's Reemployment Agreement with certain substituted provisions. The corporation has been operating under this agreement since Sept. 1 of this year.—V. 137, p.867.
Radio Corp. of America.—Royalty Suit.—
The Arcturus Radio Tube Co. of Newark. N. J., filed suit in Chancery
Court, Wilmington, Del. Sept. 15 to enjoin the Radio Corp. of America
'
from prosecuting a suit It filed in July against Arcturus in the New Jersey
Supreme Court. R. C. A. filed the suit to force payment of minimum
royalties for 1931 and 1932 as provided for in _a license agreement granted
Arcturus by R. C. A.
The agreement provides for payment of $50,000 annually in minimum
royalties. Arcturus alleges that it was understood that this provision was
to have no effect and was not to be enforced and tnat the suit to enforce the
payment is a fraud upon the rights of complainant and a violation of the
terms of the agreement between the two companies.
R. C. A. is ordered to appear Oct. 11 to show cause why it should not be
enjoined from prosecuting the suit. Arcturus also asks that the minimum
oyalty provision be declared void and of no effect.—V. 137, p. 1242.
Sept. 23 1933
Rapid Transit in N. Y. City.—Transit Unification Is
Urged by Amster—Says City Could Realize Upward of $12,000,000 and Restore Credit.—
The "Journal of Commerce" Sept. 20 stated:
The city administration and those who are concerned in the city's credit
and the easing of the tax burden were urged to consider transit unification
at this time as a means of restoring the credit of the city by Nathan L.
Amster, President of the Manhattan By. and chairman of the stockholders'
protective association, in a statement Sept. 19:
Mr. Amster predicted that "the minute" transit unification is effected
"the city's credit will rise, its interest rates drop and its financial problems
solved for always." He said that the suggestion that unification must
await improved city credit "Is putting the cart before the horse." He
expressed judgment that the city's improved credit is awaiting transit
unification and the knitting together of the city's segregated transit system,
representing an investment of a billion dollars of city money,into an integral
and economical operating unit.
He pointed out that this is the "opportune time to expedite transit unification, whicn, according to Mr. Utermyees plan and that of the Transit
Commission's, would save the city upward of $12,000,000 a year, with no
fare raise and with added facilities and comfort to the riding public."
"Mr. Untermyer in nis several unification plans and toe Transit Commission in its plan have shown a way of improving the city's transit investment without increasing the 5
-cent fare." ne said,"but fortuitous conditions
arose militating against consummating their plans." He pointed out that
"now tnings have changed and toe city's finances are in worse straits than
ever before."
Mr. Amster said that the Interborough operating statement or the year
ended June 30 1933, "should prove an interesting document for toe city
administration ard tnose who are grappling with city finances and Its tax
proolems." He pointed out that the city's investment, with accumulated
interest, now stands at over $300,000,000.
The net income, according to the statement, was $14,926,419. Mr.
Amster said, and the city's share this year was only $589,804, or $2,095,583
less than the preceding year, wnile the company's share was $14,336,615, or
$55,000 more net income than toe preceding year.
City's Investment.
"Th's corroborates my oft-repeated statement that the Eighth Avenue
subway operation would affect only the city's income on its investment in
the old subways," he said, "and not the company's fixed annual
preferentials."
Mr. Amster pointed out that when amortization, depreciation and interest
are figured in the expense of the Eighth Avenue subway, it costs the city
vastly more than it is making. He said that it cost the city 12 Mc.in interest
charges alone for each of the 80,000.000 passengers carried. "But it is my
firm conviction," he said, "that the city's investment, which is figures will
amount to over $700,000,000 oefore the system is completed, will grow
much faster than toe passengers will increase to ansorb the interest charges
on the increased investment required to complete the system."
He believed that this vital matter should be solved quickly if' the city's
credit is to be saved at all.—V. 137, p. 1765.
epublic Gas Corp.—
--.•
Manufacturers Trust Co., as trustee for bondholders, began suit
Sept. 19, in the U. S. District Court to foreclose on properties of the corporation unier a $7,791,500 1st lien 6% convertible bond issue, dated
n
t.ttig sets forth that semi-annual installments of interest amounting
li
to $233,745 each, which fell due on Sept. 15 1931, and since then have not
been paid. According to the complaint corporation was known as the Saxet
Co. when the bond issue was issued and the Chatham Phenix National
Bank & Trust Co. was the first trustee.
Among the securities posted as collateral are bonds of the Moody Seagraves Producing Co. worth $2,400.000 at par of the Saxet Gas Co.. $2,855,000; Saxet Oil Co., $1,465,500; Saxet Sand & Gravel Co., $1,100,000, and
an assortment of stock subsidiary companies.—V. 137. P. 1414.
Safe Harbor Water Power Corp.—Installs New 42,500
Horsepower Generating Unit.—
An additional 42,500 h.p. generating unit is being place&in operation
at the hydro-electric development of this corporation on the Susquehanna
River at Safe Harbor, it was announced on Sept. 22. Officials of the
company point out that the expenditures now being made in increasing
the capacity of the plant are an expression of their confidence in the future.
In addition to the work created by the installation of this new unit, the
Pennsylvania Water & Power Co. is proceeding with various construction
jobs. This work has been advanced and by making possible additional
employment is contributing at this time to the general re-employment
program.
The company states that the work being carried on this summer and fall
requires the services of some 400 men. The amount being expended for
labor and engineering is $260,000. Expenditures for materials, including
the new unit at Safe Harbor and the 132,000 k.v, transmission line from
Safe Harbor to Perryville, total $700,000.
Work on the Safe Harbor plant was started during the depression. The
investment in the mile-long dam and power house and extension of the
transmission system of the Pennsylvania Water & Power Co. called for
expenditures by these two hydro-electric companies during the depression
years 1930-32 of upwards of $28.000,000.
The new turbo generator, which is being placed in operation, is the fifth
to be placed in service and brings the installed capacity of Safe Harbor to
212,500 h.p. The plant began generating power in December 1931 when
two generators were placed in operation. Two more units went into service
in January 1932. The unit being started this week is the fifth of the six
originally planned for the initial project. The plant is designed for the
ultimate installation of 12 units.—V. 136, P. 2245.
Shawinigan Water & Power Co.—To Push Completion
of 160,000-H.P. Plant.—
The company on Sept. 21 announced that for a period of several months
the power load, both primary and secondary, on its lines has steadily increased until the demand has reached the highest point in its history. To
meet this growing demand for electric power, the directors instructed the
management to put forward the completion of the plant at Rapids Blanc,
so as to make available as early as possible a substantial additional amount
of power.
Julian C. Smith. managing director of the company, stated that this
will mean active construction work at the plant during the entire winter
months, in order to complete the necessary work to bring the plant up to
a capacity of at least 80,000 h.p. by May 1. This work will employ several
hundreds of people, and will be a distinct contribution to the activities in
the Province of Quebec during the coming winter. This amount will be
increased by the fall of 1934 so as to make available the complete plant
capacity of 160.000 h.p. The carrying out of this work will require no
financing on the part of the company, as it has on hand the necessary funds
required for this purpose.—V• 137. p. 687.
Southern California Edison Co., Ltd.—New Pres.—
Harry J. Bauer has been elected President to succeed the late George C•
Ward, Mr. Bauer is Chairman of the board and his two positions will be
combined under the title of President, a Los Angeles dispatch states.
—V. 136. p. 1874.
Southwestern Light & Power Co.—Pref. Div. Reduced.
The directors on Sept. 18 declared a dividend of 50 cents per share on
the $6 cum. pref. stock, no par value, payable Oct. 2 to holders of record
Sept. 22. Three months ago the quarterly payment due July 1 1933 was
reduced to 75 cents from $1.50 per share.
The company, in its announcement, stated: "Owing to the inadequacy
of the company's earnings, this dividend is at the rate of one third the
normal rate."
--V. 137, P. 867, 137. ,
Third Avenue Ry.—Interest on Adjustment Bonds.—
Notice having been received by the New York Stock Exchange that
interest amounting to 13,4% will be paid on Oct. 1 1933 on the adjustment
mortgage 50
-year 5% income gold bonds, due 1960, on presentation of
coupon No. 34, the committee on securities on Sept. 14 ruled that said
bonds be quoted ex-interest 11.4 % on Oct. 2 1933, and in settlement of
transactions beginning that date bonds, to be a delivery, must carry the
No. 35 and subsequent coupons.—V. 136, p. 1549.
2275
Financial Chronicle
Volume 137
-Merger Completed
ri-State Telephone &Telegraph Co.
rl'he merger of this company with the Northwestern Bell Telephone Co.,
sUbject of a long fight before the Minnesota RR. & Warehouse Ceiate
-S. C.Commission, was completed officially on Sept. 11
mission and the I.
No sale price was stated in the announcement, but the Northwestern
Bell's proposal submitted to the L-S. C. Commission placed the price at
$12,544,425. Of the stock, 90% was reported transferred. An earlier
proposal for the merger had been turned down by the Conunission on
grounds that the valuation of $19,000,000 at that time was too high.
-S. C. Commission on the more recent
The sale was approved by the I.
price basis, although the Minnesota RR. & Warehouse Commission Is on
record as opposed to it by a two to one vote.
At the same time the proposal introduced a new type of service known
as metered or message-rate service by which residence and business subscribers who use their telephones sparingly may reduce their cost by paying
on the basis of the number of messages rather than a flat monthly rate.
Immediately after the first directors' meeting under the consolidation
officials announced plans for telephone rate reductions to become effective
Oct. 1 and an increase of the payroll by employment of about 200 men
and women.
.
;
The proposed rate reductions will include cuts of 25 cents a month on
single and two-party residence phones and 50 cents a month to rural
residence subscribers on the St. Paul exchange, varying reductions in
other rural rates and lowering of costs of special foreign service utilized
by some St. Paul industries for inter-city calls.
W. B. T. Belt, President of the Northwestern company, has been elected
President of the Tri-State company.
C. B. Randall of St. Pai6, who has been President and General Counsel
of the'Fri-State company,will continue as General Counsel,it was announced
R. F. Wilder, Vice-President in charge of operations, becomes General
Manager of the Tri-State company and A. C. Cragg, Vice-President and
Treasurer, of the old Tri-State, becomes General Auditor.
"The '14i-State company continues as a separate corporation with its
own organization as in the past, and its employees will continue as TriState employees," said the satement issued by the directors.
The directors have authorized the filing with the Minnesota RR. &
Warehouse Commission of an application such that the reduction in rates
promised the people of St. Paul may be made effective on Oct. 1 provided
approval is had without delay."
Authorization for the sale of 90% of the 'Fri-State common stock to the
Northwestern Bell company becatne effective on Sept. 9 on action taken
by the L-S. C. commission Aug. 15 when it held that the merger should
provide better and more economical service to St. Paul and Minneapolis.
The company to reduce its rates, must go through the same formality
as in increasing them, hence the application for approval of the promised
reduction by the RR.& Warehouse Commission.
The law requires a lapse of 10 days after the filing of a rate change
application before it can become effective. (St. Paul "Pioneer Press.')r. 137. p. 1414.
kt
United Gas Corp.
-Earnings.
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
Balance Sheet June 30.
1932.
1933.
1932
1933.
$
$
LiabilitiesAssets
a
Investments__ _ _207,520,611 337,356,238 87 pref. stock. _b44,982,200
Cash
1,473,217 1,006,987 $7 2d pret. stockc88,408,000}249,971,365
Common stock_ d7,818,959
Notes and loans
receivable_
636,470 Bank notes pay_ 21,250,000 21,250,000
Notes and loans
Accounts receivpay. to Elec.
able, subside_
298,325
304,076
Bond & Share 25,925,000 25,925,000
Accounts receiv55,500
2,216 Contracts pay_
3,273
able, other.. _
27,946
30,791
Accts. payable..
Unamortiz. debt
800,821
233,266
Accrued accts._
discount and
4,474,213 4,649,868
212,500 Reserve
11,805
expense
Capital surplus_ 13,417,684 35,299,079
Earned surplus_ 2,707,119 1,538,907
209,307,231 339,518,487
Total
Total
209,307,231 339,518,487
a Represented by $7 preferred stock (value in liquidation $100 a share),
449.801 shares; $7 second preferred stock (value in liquidation $100 a share).
884,680 shares; common stock, 7,817,143% shares; option warrants to purchase common stock equivalent to 4,864,96736 shares.
,
Holders of option warrants outstanding are entitled to purchase one share
of common stock without limitation as to time at $33.33 1-3 per share for
each option warrant held, and each share of the company's $7 second preferred stock, when accompanied by three option warrants, will be accepted
at $100 in payment for three shares of such common stock in lieu of cash.
There are also outstanding common stock purchase warrants equivalent
to 3,015 shares. These were issued by United Gas Cor as successor to
a former subsidiary (merged in 1931 into the corporation and give holders
the right to purchase one share of common stock of United Gas Corp. at
any time, on or before Feb. 11933, at $18.66 2-3 per share and thereafter
at any time on or before Feb. 1 1938 at $20 per share for each common
stock purchase warrant of the company surrendered.
b Represented by 449.822 no par shares.
c Represented by 884,680 no par shares.
d Represented by shares of $1 par value.
-V. 137. p. 687.
\
The Commission pointed out, after a number of hearings and rehearings,
that figures of the company showing a decline in travel on the line and a
decline in passenger revenue were offset by the fact that net losses reported
showed a constant reduction. The report added that although the company
was using buses on many of its divisions its debt items were apportioned
to the electric division only. More than 300,000 persons use the line
-V. 132, p. 4244.
annually, it was said.
INDUSTRIAL AND MISCELLANEOUS.
Matters Covered in the "Chronicle" of Sept. 16.-(a) New Reo Motor Car
models at lower prices, p. 2003; (b) Activity in major metals increases-Large sales of lead-7inc steadies, p. 2013; (c) Steel production declines
from 45 to 41% of capacity-Industry continues to wrestle with code
problems-Steel scrap prices decline further, p. 2013 ;(d) Stetson & Blackman, Philadelphia Brokerage Firm, suspended by New York Stock Exchange, p. 2024: (e) George M. Bechtel & Co., Davenport, Iowa, in
receivership, p. 2024: (f) Statement of President Whitney of New York
Stock Exchange before board of estimate regarding proposed New York
City Tax on Stock Transfers-Offers to move exchange to New Jersey.
of American Iron and
p. 2026: (g) Robert P. Lamort resigns as President Cabinet indicates lack
Steel Institute-Letter of former member of Hoover
of sympathy with NRA-Asserts "no one knows how far" Government
regulation of business may go, p. 2030:(h) Strike of more than 40,000 silk
-Many mills in
workers may end next Monday under truce agreement
New Jersey close, fearing violence to those still working-Clash with
pickets results in 30 injuries, p. 2041.
Acme Gas & Oil Co., Ltd.-Earnings.
1932.
$74.317
Balance Sheet Dec. 31.
1932.
Lietetitttes1931.
1932.
$562
85,699 Accounts payable_
837,710
10,500
35,980 Reserve for taxes_
26,838
475,100
yeapital stock_ _
49,442
1,730 Profit & loss acct._
1,722
10,027
11,649
Years Ended Dec. 31Net income
Assets
Cash
Accts.receivable
Stores & prepaid
expenses
Investrnents
x011 dc gas wells &
leases in Canada
& United States
457,685
480,305
Agricultural Insurance Co. of Watertown, N. Y.
Increases Dividend Rate.
The directors have declared a quarterly dividend of 55 cents per share on
the capital stock, par $25. payable Oct. 2 to holders of record Sept. 20.
-V.136. p. 1551.
This campares with 50 cants per share paid on July 1 last.
Air-Way Electric Appliance Corp. -Sales Increase.
The corporation is now operating at a profit and sales are better than at
any time since 1930, according to President B. C. Manor Jr. The company is now operating under the new 13-month year and during the period
from Aug. 13 to Sept. 9 sales Increased over those of the month of August
--V. 137, p. 1242.
last year, he said.
Allied Brewing & Distilling Co., Inc.-.A.squisitiatft--
7O
The corporation announces the acquisition of the gaerties formerly
WII as the Old Hermitage Distillery at Frankfort, Ky. Initial capacity
ately 100 barrels
will be at least 1,000 bushels of grain per day, or appro
of whiskey per day. The cooperage plant probably will be the first unit
put into operation, as the company will use approximately 100 barrels
daily at its orewery in New York, 100 barrels for whiskey storage, and
also distribute a large number of barrels through its own organization to
joboers and dealers. A large part of the property is in condition for use
witnin a short period and contracts will be placed immediately for all
necessary equipment.
The distillery was establisned in 1853 and is located on the Kentucky
River. Coal may be transported by oarge from either Kentucky or Pittsburgh and West Virginia fieids, and consideestion is being gives to the
transportation of grain and staves in the same manner. The company
-V. 137. 1.). 687,
plant. to employ between 100 and 150 men.
Allied-Distributors, Inc.-Investment Trust Average Little
Changed.
Investment trust securities were irregular during the week ended Sept. 15.
The av rage for the common stocks of the five leading management trusts,
influenced by the leverage factor, as compiled by this corporation, stood
at 17.15 as of Sept. 15, compared with 17.23 on Sept. 8. The low for the
current year to date was 8.22 on March 31.
The average of the non-leverage stocks stood at 14.86 as of the close
Sept. 15, compared with 14.26 at the close on Sept. 8. The average of the
mpared
..mutual funds closed at 11.39, compared with 11.22.-V. 137, 2104, 1938.
--Removed from List.
Products Corp.
ed
The New York Curb Exchange as removed from unlist
,
1932
1913
-V. 1
leges the class A convertible com on stock (no par).
69,268,131 61,491,305
trading privp. 4269.
Aluminum Co. of America.-Preferred Dividend.
Utilities Service Co.
-Bank Will Liquidate Notes for
56,375,000.
Stocks in several small telephone companies constituting the collateral
securing the $6,375,000 promissory notes are to be sold at auction in the
Auctioneer's salesroom, Jersey City, on Sept. 27 on behalf of the Chase
National Bank. The sale will be under an order of the New York Supreme
Court dated Sept. 14, entered in an action titled Chase Bank against
Everett B. Sweezy et al.
Payment of the purchase price may be made in participation certificates
evidencing a participation in the $6.375,000 notes. The sale is to be made
in order to liquidate the notes.
A partial reorganization of the properties formerly in this system was
effected when holders of $5,000,000 first lien bonds purchased stocks of
companies securing their bonds at auction and set up two new companies to
continue the business.
The committee representing holders of $2,983,000 debentures lost a
decision in the New York State Court of Appeals on its contention that
It had a prior lien on the collateral securing the promissory notes. The
status of the debenture holders now is that of general creditors of the
-V. 137, p. 3164.
Utilities Service Co.
Virginia Electric & Power Co.-Receipts Off.
Passenger revenues of this company continue to decline, showing a drop
of 13.4% for the first eight months of this year compared with the corresponding 1932 period.
The company transported 25,540,805 passengers on street cars and buses
-cents weekly
through August. Since the inauguration of the $1.25 and 75
passes in Richmond, Va., the average fare to-day is 5 cents, officials stated.
In 1927 the company hauled 54,594,993 passengers. The sharp drop
in earnings in the six years period is attributed largely to increased use of
-V. 136, p. 2975.
automobiles (Richmond "Dispatch").
-Halves Preferred Dividend:
West Texas Utilities Co.
per share
The directors on Sept. 16 declared a dividend 0(75 cents Sept. 15.on the
Prepayable Oct. 1 to holders of record
$6 cum. pref. stock,
viously the company made regular quarterly distributions of $1.50 per share
on this issue.
It was stated that the above action was taken due to the necessity for
making additional provision for depreciation and an increase in Federal
and other taxes, to conserve cash and to protect the company's financial
-V. 137, P. 1052.
Position.
-Plea Denied
Westchester Electric RR.'
..-
The New York P. S. Commission has affirmed its refusal to permit this
company to abandon its trolley line in Pelhamdale Ave. in Pelham Manor
and Wolf's Lane in Pelham, N. Y.
1931.
$8,054
10.000
475,100
40,586
8535,603 $533,741
Total
5535,603 $533,741
Total
x After reserve for depreciation and depletion of $50,000 in 1932. y Represented by 2,012,732 shares of no par value.
United Gas Improvement Co.
-Electric Output.
Week Ended Sept 16Electric production ofsystem (in kwh.)
137, p. 2104, 1938.
1931.
$93.303
The directors have declared a dividend of37% cents per share on the 6%
cum. pref stock, par 8100, payable Oct. I to holders of record Sept. 15.
A like amount was paid on April 1 and on July 1 last, while in each of the
four preceding quarters a payment of 75 cents per share was made. Previously, the company paid regular quarterly dividends of $1.50 per share
on this issue.
-V. 136, p. 4269.
-Earnings.
American Chain Co., Inc.
For income statement for 6 months ended June 30 see "Earnings Depart-V.136, p. 4462.
ment" on a preceding page.
American Discount Co. (Ga.).-Extra Distribution.
An extra dividend of 10 cents per share has been declared in addition to
the regular quarterly dividend of 7% cents per share on the no par common
stock, ooth payaole Oct. 2 to holders of record Sept. 20. Quarterly distributions of 736 cents per snare have been made since and incl. Oct. 1 1932,
prior to which; he stock received 123- cents per share each quarter.
V. 137, p. 1414.
-New Director.
American Hide & Leather Co.
Carlton M. Higby of Detroit, Mich., has been added to the board of
directors -V. 137,p. 1939, 1581.
-Earnings.
American-La France & Foamite Corp.
For income statement for 3 and 6 months ended June 30 see 'Earnings
Department" on a preceding page.
-V. 136, p. 3910.
-Refunding Plan Approved.
.---..American Metal Co., Ltd.
The stockholders on Sept. 20 approved a resolution authorizing the
company to pledge certain assets as collateral against loans up to $16,000,000
in connection with the retirement of a $15,935,000 note issue due on April 1
1934. (See plan in V. 137, p. 1766.)
The management stated after the meeting that if no practical alternative
presented itself, this power would enable it to deal successfully with the
maturing note issue and that, barring unforeseen contingencies, the company would not have to exercise the power granted it with respect to more
than a portion of the $16,000,000.
The company does not intend to pledge any more collateral than may be
necessary nor to borrow in any larger amounts nor for any longer period
than may be necessary, it was recently announced. The consent, as approved by thestockhoiders, remains effective only up to Dec. 31 1937. and
the proposed borrowing power shall cease after April 3 1934, with respect
to such portion of the $16,000.000 as may not have been borrowed by that
date.
Under date of Sept. 12 1933, a circular letter was addressed to the pref.
stockholders of this company by Charles 0, Cornell, Myron S. Falk and
Carl M. Loeb in the name of a pref, stockholders' committee. Since then
the said committee advised the management that its objections have In
2276
Financial Chronicle
substance been met by the limitations incorporated in the resolution,
ratified at the meeting.
s The company on Sept. 15 stated in substance: "As soon as conditions so
change as to render it practicable and advisable for the company to undertake public financing, the management will act accordingly. Under present
circumstances no plan can be adopted that will, with certainty, enable the
company to meet its note issue of $15,935.000 on April 1. The company
will use the consent to the proposed power only to the extent that emergencies may require. Whether or not the company may be obliged t o
exercise this power during its limited duration, the company's right to use
It will definitely improve the position of the pref. stockholders and their
dividend prospects." See also V. 137. p. 2104.
American Ship Building Co.
-Earnings.
-
Years End. June 30-Net loss after all charges
-V. 136, p. 2612.
1933.
$241,034
1930.
$175,360 prof$43,0.0 prof$765,805
1932.19 11
3
American Stores Co.
-Sales.
-
Period Ended Sept.2- 1933-5 Wks.
-1932. 1933-8 Mos.-I932.
Sales
$9,900,972 $9,919,823 $72,436,685 $79,141,650
-V. 137, p. 1581, 1242.
American Trustee Share Corp.-Div. on Ser. B Shares.
The corporation announces that the semi-annual distribution on Diversified Trustee shares, series B. payable Oct. I will amount to $146.32 per
unit of 1,000 shares, equivalent to $0.14632 per share. Six months ago a
distribution of $0.16983 per series II share was made, as against $0.27296
on Oct. 1 1932.-V. 137, p. 1242.
Anchor Post Fence Co.-Awarded Government Naval
Contract.
The company has been awarded a contract for the construction of 50,000
lineal feet of =climbable fencing to be used at the U. S. Naval Ammunition
Depot at Oahu Island, Hawaii. Materials to cover this contract will be
shipped in the near future, it is announced.
-V. 137. p. 2105.
Angostura-Wuppermann Corp.
-Bitters Sales Increase.
The corporation reports that sales of its bitters product during July and
August showed an increase of 12.83% over the same months in 1932.
Domestic business of the company for the first 18 days in September is
11% more than August of this year, the upward seasonal trend following
the same lines shown in September last year.
-V. 137, p. 140.
Co. of New York.
-Receivership Suit.- /
Press dispatches from Wilmington, Del., Sept. 18 state:
A receivership suit was filed in Cnancery Court Sept. 18 by Joseph A.
Plummer of Cranford, N. J., against the Angus Co. of New 'York, which
subsequent to its incorporation in May 1928 acquired all the capital stock
of the Piumoers Trade Journal Publishing Co.. the Motion Picture News,
Inc., the Spur Publiseing Co., Ltd., and the Modern Hospital Publishing
Co. The complaint alleges toe corporation is insolvent.
The oill states that in 1930 the capital -tock of the Motion Picture News,
Inc., was sold and that two years later the corporation lost the capital stock
of the Modern Hospital Puolishing Co. by foreclosure on a promissory note
held by the Rnode island Hospital Trust Co. of Providence, R. I.
It is alleged that when the Angus concern took over control of the
Plumoers and Spur companies they were in a flourishing condition, but
that in 1932 tne Angus Co. had an operating loss of $94,000 and a capital
loss of $583,000.
A. P. W. Paper Co., Inc.
-To Reduce Preferred Stock.
The stockholders will shortly vote on approving a proposal to reduce the
authorized preferred stock from 30,000 shares to 15,000 shares.
-V. 136.
p. 3165.
Associated Apparel Industries, Inc.
-Bankruptcy Petition Filed.A petition for a receiver for the company on the allegation of three creditors that the firm was bankrupt was filed Sept. 14 in Federal Court in
Chicago. The action followed a petition for appointment of a receiver in
equity filed Sept. 13 by a stockholder. The latest action was taken on
behalf of two holders of the company's 5
-year 6% notes and the holder of
an unpaid promissory note with claims of $2,500.
The notes now in default due Sept. 1 1932 were originally extended a year
under an agreement with the protective committee and in March of this
year a further agreement was made under which maturity of one-third of
the $861,500 outstanding was further extended to Sept. 11934, while maturity of the other two-thirds was deferred to Sept. 1 1935. When originally
offered in 1927 they were the obligation of the H. W. Gossard Co., the
predecessor company.
The petition filed Sept. 13 by a stockholder asked an equity receivership,
alleging that it was planned to dispose of collateral deposited and pledged
under the noteholders' protective agreement. Disposal of this stock, the
capital stock of H. W. Gossard Co. of Delaware, imperiled the equity
of the stockholders, it was stated.
-V. 137. P• 1415.
Associated Dry Goods Corp.
-New Subs. President.
J. C. Buck has been elected President of Hahne & Co. Newark, N. J.,
a subsidiary, succeeding Albert S. Cronheim. who will remain a director
of the parent concern.
-V. 136. 12. 3539.
Atlas Corp.
-Increases Industrial Holdings
-Cash Reserves
Lower.
Resources of this corporation and subsidiary companies were in excess of
$130,000,000 as of Aug. 31 1933, thus indicating virtually no change in
total resources, compared with the June 30 report to shareholders. Investments in various industries have undergone material changes since the last
report.
Prominent among the changes is a decline of approximately 50% in
holdings of public utility securities at the end of August, compared with
June 30. Investments in public utilities are for the most part Central
States Electric stock in the portfolio of the Blue Ridge Corp.
Another important shift in holdings is an increase of 31% in industrial
securities during this period. In the latter group investments totaled 49.8%
of total resources at the close of the mid-year, compared with 65.4% as of
Aug. 31. "All other- holdings, which totaled 8.7.7 and represented sundry
0
securities, have been pared to 4.6%. There has been an increase of 30%
in railroad securities. Cash is below $10,000,000, compared with $12,700_,000 on June 30 1933, and $20,119,000 as of Dec. 311932.
The following figures indicate the percentage of quoted securities held in
the Atlas consolidated group as at Aug. 31 1933, and June 30 1933:
Aug. 311933. June 30 1933.
Bonds
6.5
6.9
Preferred stocks
5.2
6.0
Common s
ommon
88.3
87.1i
The holdings of quoted common stocks as of Aug. 31 1933, June 30
1933, and Dec. 31 1932, priced at market or bid prices, are classified
approximately:
Aug. 311933. June 30 1933. Dec. 311932.
Industrials
65.4%
49.8%
40.5%
Utilities
14.8
27.7
10.5
Railroads
8.8
6.4
0.4
Investment trusts
6.4
7.4
36.6
All other
4.6
, 8.711.8
-V. 137, p. 492. 1054.
Atomite Products Co., Portland, Ore.
-Acquisition.
-Reorganization of the Diatomite company, election of new officers, new
plans for operation and creation of a new company known as the Atomite
Products Co. to take over the, 10,000.000-ton deposit of diatomaceo
earth on the Deschutes River near Redmond, was announced on Sept. 9.
Reorganization of the old concern, which has been hampered by topheavy financial structure for several years, was effected by Robert H.
Strong of Strong & Associated and P. M. Robinson of Portland, Under the
new plan $188.000 of the outstanding Issue of $500.000 in bonds have been
converted into stock along with the claims ofsecured and unsecured creditors.
Mr. Strong has been elected President, John S. Campbell of WilcoxHayes Co. as Vice-President. P. M. Robinson as Secretary-Treasurer and
Hugh G. Mount as General Manager.
Plans are being made for continuous operation of the deposits. (The
"Oregonlan.'')•
Sept. 23 1933
Auto City Brewing Co., Detroit, Mich.-Stock Offered.
-John L. Brown & Co., Detroit, recently offered (in Michigan) 125,000 shares of capital stock at market. A circular shows:
Capitalization.-AuthorIzed 400,000 shares, to be presently outstanding.
325,000 shares; held in treasury under right to purchase by old stockholders
on or before July 21 1934 at $1 per share (full proceeds to go into treasury).
75.000 shares (par value $1)•
National Bank of Detroit. transfer agent; Detroit Trust Co. registrar.
History and Business.-Company was organized in Michigan. May 5
1911, with authorized capital of $100,000. A site was acquired and a
plant erected and equipped for the brewing and bottling of beer. The
original capacity was 25,000 barrels of beer a year.
In the year 1928, the company began the manufacture of liquid malt
and continued in this business until May 1933, when manufacturing operations were suspended and the plant put into condition for the manufacture
of 3.2% beer.
Earnings.
-The company consistently earned a substantial return on its
invested capital and prior to Prohibition paid cash dividends of as high as
46% per annum. Even after Prohibition, when the company was engaged
in the malt business, it was successful practically from the very beginning.
After the first year in the malt business, in 1928. when a loss of $14,528
was shown principally due to charge offs incidental to the starting of an
entirely new business, the company made an enviable record.
An audit of the company's books, prepared by White, Bower and Prevo,
C. P. A.. Detroit, shows the following net earnings after all charges including depreciation: 1929, $12,282; 1930, $33,676: 1931, $34,864; 1932
(deficit). $6.644.
Brewing operations for the manufacture of 3.2% beer were started May
1933, and the company began shipping its beer, July 1 1933. Earnings
for the one month period from July 1 1933 to July 31 1933 (certified),
after all charges including depreciation. Federal and State beer stamp
taxes but before Federal income tax totaled $14.181.
Purpose.
-Proceeds from the sale of this treasury stock will be used to
increase the settling, fermenting and storage facilities of the brewery.
expanding the capacity of the brewery from 40,000 to 70,000 barrels of beer
a year; and for working capital.
Baldwin Locomotive Works.
-August Bookings and
Shipments Higher.
Business booked by this corporation and its subsidiary companies for
the month of August amounted to $1,050,000 as compared with $1,036,000
in July and with $468,000 in August 1932, according to the consolidated
order report. This brought bookings for the first eight months of 1933,
on the consolidated basis, to $6,233,000 as compared with $4.790,000 in
the corresponding period of 1932.
Consolidated shipments in August amounted to $833,000 as compared
with $753,000 in July and with $680.000 in August 1932. For the eight
months' period consolidated shipments amounted to $5,049,000 against
$8.353.000 in the same period a year ago.
Unfilled orders on the books Aug. 31 amounted to $3.778,000 as compared with $2,627,000 on Jan. 1 1933 and with $3,328,000 a year ago.
V. 137. p. 1243, 1054.
-New
Berkeley-Carteret Hotel, Asbury Park, N. J.
Company.
George E. Roosevelt, New York, has been appointed President of the
Berkeley-Carteret Hotel Co., a new organization to which have been transferred ownership and operation of the Berkeley-Carteret Hotel, which went
into bankruptcy in December 1932. The receiver reports a profit of
$50,484 after the payment of taxes and water rentals for the period of receivership. Other officers are: Arthur C. Steinbach, Vice-Pros, and Treas.;
Arthur F. Enger, Vice-Pros.; Ben B. Flofstedter, Sec'y.-V. 135, p. 4387.
-Directorate Reduced-Retiring Bank
(E. W.) Bliss Co.
Loans.
The board of directors has been reduced to seven, according to H. H.
Pinney, Executive Vice-President. The board now consists of John F.
MacKay, F. C. B. Page, H. H. Pinney, Reeve Schley, Alfred II. Swayne,
Melville D. Truesdale and Philip D. Wagoner.
Mr. Pinney states that orders received by the company show a gratifying
increase, that bank loans have been greatly reduced, and that he expects
that all such loans will be paid off before the end of the year.
-V. 136.
P. 4272.
Blue Ribbon Corp., Ltd.-Earnings.-
Years Ended June 30Profit for year
Depreciation
Federal income tax
Revs!. stks. & bonds of
customer cos
Organization expenses_
Net income
Previous surplus
Total surplus
Preferred dividends__
Common dividends
Adj.re holdings & min.int
Previous year's inc. tax..
1933.
$130,883
30.000
15,372
1932.
$128,313
30,000
8,792
15,000
10.000
1931.
$265,929
30,000
19,660
1930.
$254,688
18.914
6,000
5.848
4,000
$70,510
42.340
$79,521
139,993
$210,269
121,633
$225,926
141,274
$112.850
57.590
$219.514
75 5 7
,8
74,266
$331,802
95,1481
97,104}
Cr4431
8367.199
242,499
3,168
27.321
Balance. June 30
$121.533
$42.340
$139,993
$55.261
Consolidated Balance Sheet June 30.
Liabilities1932.
Assets1933.
1933.
1932.
Cash
$45,837 Bank advances__ $146,123 $147,592
$28,143
xAccts.receivable_ 297,510
304.345 Accts. pay., incl.
82,041
Inventory
Fed. Inc. tax_.._
700,514
60,144
771,145
Res. for deprec. of
Stocks & bonds of
bldgs.,machlnery
cust.cos.,arc__
54,433
70,841
138,034
Due by directors_
8,079 & equipment ___ 161,558
Pay. under agree.
Preferred stock_ __ 1,439,150 1,439,750
839.067
re Willards ChocyCommon stock__ 839,067
42,340
olates, Ltd
65,261
19,576
19,302 Surplus
Land,bldgs„mach.
& equipment_ 1,242,482 1,243,068
Tr.
-marks, patent
rights & goodwill 268,638
268,638
Deferred charges13,614
14,386
Organization exp_
14,588
14,588
Total
Total
$2,710,903 $2,688,826
$2,710,903 $2,688,825
x After reserve. y Represented by 63,475 no par shares.
-V.137. p. 1055
Bon Ami Co.
-Business Improving.
President Henry D.Crippen on Sept. 21 stated that sales totals have been
very satisfactory. "For the entire year we anticipate a better profit than
last year," he said. "Our foreign business has shown a marked improvement."
Mr. Crippen said further that the outlook for the company's business
in the final quarter is good, although business in that period is usually
somewhat slower than in the second and third quarters -V.
137, p. 1055.
-------.Bourjois, Inc.
-Resumes Common Dividend.
The directors have declared a dividend of 50 cents per share on the no
par common stock, payable Oct. 10 to holders of record Sept. 30. A distribution of 25 cents per share was made on Dec. 31 1930, on June 15 and
Dec. 15 1931 and on June 15 1932; none since.
-V. 136. p. 4272.
rewing Corp. of Canada, Ltd.
-To Increase Capital,
The stockholders at a meeting Oct. 31 will be asked to approve changes
in the by-laws, whereby the debit balance in the profit and loss account will
be eliminated through the transfer of a substantial amount from capital to
surplus. The stockholders also will be asked to increase the capital of the
company by the creation of prior preference shares and additional preferred
and common shares.
-V. 137, p. 1583.
Bridgeport Machine Co.
-Earnings.
For income statement for 8 months ended Aug. 31 see "Earnings Department" on a preceding page.
-V. 136. p. 4272.
Volume 137
" )Bristol Brass Corp.
-Re oved!from List.
he New York Curb Exchange has removed from
pri lieges the common stock, par 5.-V. 135, p. 438
Financial Chronicle
listed trading
Bruck Silk Mills, Ltd., Montreal.
-New Director:
William M. Chadbourne of New York has been elected to the board
of directors.
-V. 135, P. 4219.
(Edward G.) Budd Mfg. Co.
-Operating at P)ofit.The company has been operating at a profit during July and August and
current indications are that September will also show a profit. This indicates that the company will report a profit for the third quarter.
The current production during September has been at a higher rate than
August which is directly contrary to the usual seasonal course.
The 25,000-ton steel order recently announced by the company is the
argest single order for steel the company has ever placed at one time. The
order goes for the requirements for one customer at the beginning of the
manufacturing season and will be used both for current and new models.
Significance of the order is seen in that the Budd company at its peak
used 150.000 tons in the calendar year 1929.
The company has now in excess of 5,000 men at work, including over
1,000 tool makers in Philadelphia and Detroit plants. Budd is now engaged
In a tool-making program, which will carry them through December. Their
tool-making program for next year's models will involve the expenditure of
*1.500.0000 Philadelphia "Financial Journal.")
-V.137, p.2106.
Butte Copper & Zinc Co.
-New Strike.
The company has opened up some ore on the lower levels of its Emma
mine at Butte, Montana, that is much richer, especially in lead and silver,
than usual for its high-grade ore, and than is characteristic for the lower
levels, which are the best in the mine. However, the company has not had
sufficient time to determine the full importance of the new str ke.
In re-opening the mine the company found some rich ore 2.3 feet wide
in the west end of the bottom or 1 600, foot level. The company put up a
raise and at 100 feet above the level, or at a depth of about 1,500 feet from
surface, the ore got richer. At the top of the raise the ore averages 7.9%
lead, 42.3% zinc and 51.6 ounces silver a ton. The ore was cut off by a
fault. The company is now exploring on the other side of the fault to pick
up the vein.
Average grade of the ore shipped from the Emma mine is around 124%
zinc, 5 ounces silver a ton and 4% lead. On this grade of ore and shipping
12,500 tons of ore a month, the rate of mining that has prevailed since
Sept. 1 1933, when shipments were resumed, the Emma mine with prime
western zinc 5 cents a pound. East St. Louis, can show a profit of $25,000
a month, it is estimated. At present the mine is shipping ore averaging
13.7% zinc, 5% lead and 7 ounces silver a ton. This profit is split equally
between the Butte Copper & Zince Co. and the Anaconda Copper Mining
Co., which operates and manages the mine.
The company can mine and ship about 3.000 tons of manganese ore a
month in addition to the zinc. Recently the company has shipped several
orders of 1.000 tons of manganese ore to eastern steel plants, but the company has not been able as yet to get regular orders for the managanese ore
and is not mining managanese at present. ("Wall Street Journal")
.-V.
137, p. 1244.
Butterick Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1940.
Campbell Soup Co.
-To Enlarge Advertising:-
"Campoell's newspaper advertising, combined with Campbell's greatly
increased national magazine advertising will this fall and winter constitute
the most far-reaching and powerful publicity ever promulgated by the
company," said President A. C. Dorrance.-V. 133, p. 485.
Canada Dry Ginger Ale, Inc.-Drops Negotiations to
Acquire Cuba Concern.
Negotiations with Cia Ron Bacardi S. A. of Santiago de Cuba have been
dropped, it is announced. The Canada Dry Co. will not distribute Bacardi
rum in this country.
The Canada Dry company has closed a brewery contract for the distribution and manufacture of beer and has completed tentative arrangements
for the distribution of American rye, bourbon and gin. Canada Dry also
intends to distribute Scotch whiskey, either under its own label or that of
one of the popular brands.
The company's operations in August and September showed a decided
improvement over the previous month, both in units and dollars. The
Canadian business also showed an improvement during the summer months.
-V. 137, p. 1940.
Canadian Wineries, Ltd.
-Rights.
Toe stockholders of record Sept. 11 were recently given the right to
subscribe on or before Sept. 21 for 50,000 additional shares of capital
stock, no par value, at $6 per share, on the basis of one new snare for
each two shares owned. Stockholders had the option of paying subscriptions in Canadian funds in full or in three instalments of $2 each
on Sept. 21, Nov. 21 1933 and on Jan. 22 1934 at the Montreal Trust Co.,
61 Yonge St., Toronto 2, Canada.
This company owns and operates Stamford Park Wine Co.,Ltd. Niagara
Falls, Ont.; Dominion Wine Growers, Ltd., Oakville, Out.; Lincoln Wines,
Ltd., St. Catharines, Ont.; Peerless Wine Manufacturers, Ltd. Toronto.
Ont.; Thorold Winery Co., Ltd., Thorold, Out, and National Wine Co.
'
and Toronto, Ont.
Secretary Kenneth F. Mackenzie, Sept. 2 stated in part:
The directors are of opinion that the time is approaching when the
company should take advantage of its experience and resources to establish
itself in the United States. Our principal unit is on the border at Niagara
Falls, adjacent to some of the largest grape-growing areas in the United
States. We have exclusive rights in the United States to special equipment
for the making ofchampagne and sparkling wines of all kinds. Our principal
wine-maker had long experience in wine-manufacture in the United States,
as have other employees.
We have canvassed the possibility of associating ourselves with some
existing organization in the United States, and while this could be done,
we are of opinion that it would not be in the best interests of the company.
To do so would involve a sacrifice of some, if not the major part, of the
financial benefits to which we think we are entitled by reason of our experience, resources and rights.
At this time it appears assured that the 18th Amendment will be repealed,
but it seems equally certain that if any volume of business is to be done in
the United States it must be done not by exportation but by actual manufacturing in that country.
lb It therefore seems desirable that at this time the company should provide
itself with funds to establish itself in the United States at the proper time,
and otherwise extend its business as conditions warrant. For this purpose,
and in accordance with a resolution passed by the board, the directors have
decided to issue and sell 50,000 additional shares of the company's treasury
stock. There are now outstanding 100,000 shares of an authorized capital
of 200,000 no par shares, and the new issue of 50,000 shares will make the
total issued capital stock 150,000 shares of no par value. The new issue
will provide additional capital to the extent of $300,000 which, added to
the book value of the outstanding capital stock as of April 30 last, amounting
to.$9e1,387, will make a total capitalization of $1,291,387. In addition.
as of April 30 last, there was an earned surplus of $102,144, so that the
net book value as of that date with the additional capital now being pro-V. 137, p. 2106.
vided was *1.393,532 or $9.29 per share.
Caterpillar Tractor Co.-Earnings.
For income statement for month and 8 months ended Aug. 31 see -Earn-V. 137, p. 1416.
ings Department" on a preceding page.
-New Directors.
Central Manitoba Mines, Ltd.
Settlement of differences through election of two members of the Shareholders' protective committee to the new board of directors marked the
adjourned annual meeting held on Sept. 12.
,
The directors elected included H. C. Davis of Boston, Chairman; A. D.
Miles, Toronto; F. G. Mathers, Colonel L. D. N. Baxter, A. H. Pulford,
William Hurst and H. C. Ritchie, all of Winnipeg.
P. A stock purchase deal, involving $30,000 has been settled. E. D, Honeyman, member of the protective committee, intimated. Shareholders had
objected to the deal, and the money will be returned to the treasury of
Central Manitoba Mines.
2277
In his report to the shareholders. Mr. Davis reported good development
at the mine, with approximately 20.000 tons of ore put through the mill
from May 1 to Sept. 1 this year. Additional ore reserves had been developed, he said (Toronto "Globe.")
-V. 137. p. 1940.
Canal Construction Co., Memphis, Tenn.-Bal. Sheet.
Comparison of an Audited Adjusted Balance Sheet Dec. 31 1932 (Before and
After Giving Effect to Capital Changes).
After.
Before.
.4ssett-After.
Liabilities-Before.
$38,521
Cash
$31,461 Accts. payable__ _ $38,521
831,461
36,092
Accts. receivables _
36,092
16,015
60,015 Notes payable..__ _
Sundry debtors_ _ _
5,048 Due to sub-con5,048
7,543
7,543
tractors
Inventories
133,271
133,271
1,277
1,277
Cash val.of life ins.
1,092
1,092 Sundry creditors
8.076
8,076
Other assets
11,945
280,199 Accruals
352,282
Mach.and equip_ _ 799,600 1,415,074 Reserve for deprec. 251,328
51.256
Reserve for taxes_
22,500
Prepaid and de1,900
1,900
ferred charges_ _
13,245
13,245Reserve for coating
100,000
Organiz. expenses
25,355 Res.for Fl.loss
800,000
Preferred stock.... 400,000
77.000
385.000
Common stock_ _ _
138,813
P.dr I. surplus__ _ 167,440
Total
$1,011,677 $1,920,760
-V.137, p. 1416.
Total
$1,011,677 $1,920,760
-Operating at Capacity.
Century Ribbon Mills, Inc.
President Herman Levy stated:
"Sales of the ribbon division of this corporation in July and August ran
41% ahead of the like months of 1932, and the factoring business in those
months ran 80% ahead of last year. The best months of the year, September, October and November have still to be reported.
"We have sent orders to our mills to place them at capacity operation.
This will be the first time that operations have reached so high a level
since 1916.
"In July and August we realized a profit of about $43,000, equal to
the results for the first six months of the year, so that by Aug. 31 1933
we had earned $96,000. After allowing for preferred dividends, this
would be equal to roughly 45 cents a share on the 100,000 common shares."
-V. 137, p. 692.
Chapman Ice Cream Co. -Earnings. For income statement for 8 months ended Aug. 31 see "Earnings De-V. 136, P. 1021.
partment" on a preceding page.
-Preferred Dividend.
Cherry-Burrell Corp.
The directors have declared a dividend of $1.75 per share on the 7%
cum. cony, pref. stock, par $100, payable Nov. 1 to holders of record Oct.
15, to cover the Aug. 1 1933 payment. A similar distribution was made
on this issue on Feb. 1 and on Aug. 1 last. The May 1 distribution had
been deferred.
Accumulations, after the payment of the above dividend, will amount
-V. 137, P. 692.
to $1.75 per share.
Louisville,
Chess & Wymond, Inc. (Del.), Louisville Ky.-Stock
recently
Offered.-Edward Brockhaus & Co. Louisville,
of participating
offered at $1.20 per share 100,00o share
preference stock.
Convertible into common stock, share for share, at any time. Callable
at any time on 60 days' notice at $2 per share and accrued divs. In the
event stock is called for redemption, holders are to have 60 daysfrom date
of call in which to convert into Common stock. Transfer agent, Bank of
Commerce. Louisville; registrar, Chess & Wymond, Inc.
Data from Letter of William I. Wymond, President of Company.
-Incorporated in Delaware. Has been organized
History and Business.
to acquire the Chess & Wymond plant in Louisville, together with the
good-will, trade-marks. &c. Chess & Wymond is the outgrowth of a small
hand shop known as Gibson and Wymond,which operated at Madison,Ind.,
and was engaged in the manufacture of whiskey and oil barrels, by hand,
some years prior to 1877. In that year the business was moved to Louisville, IKy., and the partnership of Chess & Wymond was formed.
Chess & Wymond was incorp. under Kentucky laws in 1896 and made
rapid strides in enlarging its business. The company assumed leadership
In the cooperage industry and was making 65% of the Bourbon whiskey
barrels used by the distilleries.
With the advent of prohibition the company was obliged to discontinue
the manufacture of cooperage. But the passage of the beer bill enables
company to immediately get into large earnings, and the anticipated early
repeal of the Eighteenth Amendment should put the company in a better
earning capacity than prior to prohibition.
-Stock is being offered for the purpose of providing funds for
Purpose.
rehabilitating and retooling plants and to furnish additional working capital.
Authorized. Outstanding.
Capitalization100,000 shs. 100,000 shs.
Participating preference stock ($1 par)
*400,000 shs. 300.000 shs.
Common stock (no par)
* 100,000 shares reserved for conversion of participating preference stock.
The participating preference stock shall be entitled to fixed cumulative
preference dividends from July 1 1933, at the rate of 10 cents per share
per annum, payable semi-annually Jan. 1 and July 1. After payment of
or provision for such fixed semi-annual dividends on the participating
preference stock, dividends may be paid on the common stock in any year
In an amount not exceeding 5 cents per share before any further dividends
are paid on the participating preference stock. Any further dividends
during any year shall be paid on each class of stock equally to all shares
of stock of both classes then outstanding.
-William I. Wymond, President; Jim R. Williams, Vice-Pres.
Officers.
John H. McClure, Sec. & Treas.
Directors.
-William I. Wymond, John H. McClure, Edward Brockhaus,
Jim R. Williams. Stanley B. Young and Elam Huddleston.
Pro Forma Balance Sheet as of May 15 1933.
(Giving Effect to the Proposed Issue of Capital Stock and Leasing of
Properties.)
I Liabilities
AssetsCash
*50.0001 Participating preference stk.$100.000
Real estate
255,948 t Common stock (300.000 shs.
150.000
I no par)55,948
[Capital surplus
Total
*305.9481
Total
hicago Artificial Ica :.-Removed from List.
b
C
removed from the list the
t Chicago Stock Exchange
he
ls mtge.6% sinking fund go
305,948
.147,000
nds.-V. 135, p. 1827.
Chicago Mill & Lumber Co.
-Bankruptcy.
A bankruptcy petition has been filed against the company by three petitioning creditors who are holders of its bonds. The petition alleges assets
of $2,500,000 and liabilities of over 85,000,000.-V. 137, p. 1941; V. 136.
p. 4274; V. 135. p. 4038.
Chickasha Cotton Oil Co.-Special Distribution.
A special dividend of 25 cents per share has been declared on the capital
stock, par $10, payable Oct. 16 to holders of record Oct. 2. A dividend of
like amount was paid on May 1 and July last.
-V. 137, p. 1768
Chrysler Corp.-Plymouth Shipments Higher.
Factory shipments of Plymouth cars for the week ended Sept. 9 totaled
7,400 units, or ten times more cars than were shipped during the same week
of last year, according to H. G. Moock, General Sales Manager.
"Despite our heavy shipments," he said. "the week's supply of new cars
in transit and on dealers'show floors is the lowest thus far this year.
"Retail Plymouth sales as reported by dealers for the week totaled 6,019
units, a decrease from the previous week, owing to the Labor Day holiday,
-V. 137. p. 2107, 1941.
but a 267% increase over the 1932 week."
City Savings & Loan Co.-Taken Over by Superintendent
for Liquidation.
The State Superintendent of Building and Loan Associations of Ohio has
taken over the company for liquidation. A recent examination of the
company under the direction of the Superintendent disclosed that many of
Financial Chronicle
2278
the company's mortgages are seriously delinquent, 22.5% of the mortgages
having paid no interest for 25 months, and 23.6% are delinquent for an
average of 9.3 months.
The company's statement, as of May 31 1933, showed that nearly onefourth of its cash was tied up in closed banks. First mortgage loans and
property owned by the company totaled almost $8,000,010,leaving virtually
no liquid assets. At that time savings deposits amounted to $6,424,482
with more than 18,000 depositors. Total assets were nearly $8,300,000.
Claude Neon Electrical Products Corp., Ltd., Los
Angeles.
-New President,
M. M. Kauffman, formerly Secretary and Treasurer, has been elected
M.
President to succeed the late Paul D. Howse. Howard L. Sargent, formerly
Assistant Secretary and Treasurer, has been appointed to Mr. Kauffman's
post.
-V. 137, p. 1584.
Columbia Mills, Inc.
-Removed from List.
The New York Curb Exchange has remov ed from unli
ileges the capital stock (par $100)
.-V. 135, p. 4389.
d trading priv-
Commercial Credit Co.-Baltimore.-Grants Stock Option.
It was announced on Sept. 12 that this company has granted the Chairman
of the board of the Textile Banking Co. an assignable option, to expire
Aug. 24 1936, on 15,000 shares of its common stock at-$18 per share.
-V. 137, p. 2107, 1941.
Consolidated Lead & Zinc Co.-Merger A-pproved.-
^o
he stockholders on Sept. 19 approved plan f r exchanging one share oC
Eagle-Picher Lead Co. stock for each four shares of Consolidated stoc
Final dissolutior of the Consolidated company is expected to be voted ny
the board of directors on Sept. 25. The meeting was adjourned to that
date as a formality to complete the plan.
-V. 137, p. 1417.
Consolidated Mining & Smelting Co. of Canada,
Ltd.
-New Vice-President, &c.
E. W. Beatty, President of the Canadian Pacific RR., has been appointed
Vice-President of the above company, to succeed the late W. L. Matthews.
R. S. McLaughlin, President of General Motors of Canada, has been appointed to the vacancy on the directorate of the Mining company.
-V. 137.
D. 693.
Continental Casualty Co.-Balance Sheet June 30 1933.
Assets
Cash
U. S. Govt. obligations
Other public bonds
Railroad, public utility and
miscellaneous bonds
Pref. & guaranteed stocks
Other stOcIcs
Mortgage loans
Real estate
Prems. In course of collection
Accrued interest
Other assets
Gross assets
Non-admitted assets
Liabilities
$725,155 Unearned premium reserve__
x1,960,198 Pending claim reserve
x1,995,317 Miscellaneous Insurance and
tax liabilities
x5,012,766 Contingency reserve (for security fluctuations)
y2,511,649
y2,750,085 General contingency reserve_
754,297 Capital
1,405,258 Surplus
3,709,419
179,362
714,067
$7,484,873
6,678,659
1,129,777
z1,000,000
500,000
1,750,000
2,560,637
Sept. 23 1933
Dunhill International, Inc.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 137, p. 1246.
Duquesne Brewing Co. of Pittsburgh.-Initial Div.
An initial quarterly dividend of 1234 cents per share has been declared on
the 50
-cent cum. cony. class A preference stock, par $5, payable Oct. 2 to
holders of record Sept. 20. See offering in V. 137, p. 144.
Economic Investment Trust, Ltd.
-Smaller Dividend.
The directors have declared a semi-annual dividend of 18% cents per
share on the common stock, par $50, payable in Canadian funds on Oct. 1
to holders of record Sept. 20. This compares with 373. cents per share
paid on April 1 last and on Oct. 11932, 75 cents per share on April 1 1932,
873i cents per share on Oct. 1 1931, and semi-annual payments of $1.25
per share made from Oct. 1 1929 to and incl. April 11931.-v. 137, lo• 146.
-Retires Bonds.,
Edgewater Beach Hotel Co., Chicago.
Retirement of $100,000 of the funded debt against the Edgewater Beach
Hotel was announced on Sept. 11 by William M. Dewey, Managing Director. This was four days ahead of the scheduled time of payment, he said.
Interest amounting to $22.000 also was paid. This makes a total of $500,000 paid down on the original bond of $1,200,000, which matures in 1938.
-V. 127, P. 2095.
Empire Safe Deposit Co., N. Y.
-Smaller Distribution.
A regular quarterly dividend of 2% has been declared on the capital stock,
payable Sept. 29 1933 to holders of record Sept. 22. This compares with
$2.50 per share paid each quarter from Sept. 29 1931 to and incl. June 29
1933. Previously, the company made quarterly distributions of $3 per
share.
-V. 133. p. 1772.
Engineers Exploration & Mining Corp.-Registrm,
The Continental Bank & Trust Co. has been appointed registrar for
600,000 shares of $1 par value common stock.
The Registrar & Transfer Co. of New York has been appointed transfer
agent of the common stock.
The Registcar & Transfer Co. of New Jersey has been appointed transfer
agent in New Jersey.
-V. 137, p. 875, 696.
Eureka Vacuum Cleaner Co.-August Sales Increased.August sales maintained the increasing business curve which has followed
the company's decision to resume its aggrEssive specialty selling campaign,
according to an announcement by President Fred Wardell. Sales during
tne month were 45% greater than those for July and were 65% greater
than sales for August 1932.
A considerable increase in sales through public utlity merchandising
outlets is responsible for much of the increase, Mr. Wardell said. He
pointed out that Eureka several months ago announced a large expansion
program in the sales organizations of its resale dealers. Sales increase
followed almost immediately after the first moves in this program were
made.
Now engaged in its greatea drive for business in two years, Eureka is at
present building specialty selling organizations, operating through dealers
in key cities, Mr. Wardell said.
-V. 137, p. 1059.
Evans Products Co.-Earnings.--
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V.136, p. 3915.
321,717,572
613,628
$21,103,946
Admitted assets
821,103,946
Total
x Amortized value. y Convention value. z This reserve is more than
adequate to write down to market quotations of June 30 1933 all bonds
Ineligible for amortization and all stocks -V. 136, p. 1722.
-Case Continued.
Corporation Securities Co.
Hearing on motion of defense attorneys for a bill of particulars in the
mail fraud case has been continued by stipulation to Dec. 1. The U. S.
District Attorney's office (Chicago) intends to contest this motion, but was
willing to have the matter continued, as it would prefer to try the charges
that acts of bankruptcy were knowingly committed by officers and directors
before trying the mail fraud case. Extradition of Samuel Insult from
-V. 137, P. 1942.
Greece on the bankruptcy charges is being sought.
Falstaff Brewing Corp.-Initial Dividend.
The directors have declared an initial dividend of 25 cents per share on
the common stock, par $1, payable Oct. 15 to holders of record Oct. 1.
-V. 137, p. 147; V. 136. p. 3728.
-Extra Dividend.
Family Loan Society, Inc.
The directors have declared an extra dividend of 37M cents per share
in addition to the regular quarterly dividend of 87Yv", cents per share on
the $3.50 cum. and partic. pref. stock, no par value, both payable Oct. 1
to holders of record Sept. 20. Like amounts were paid on this issue on
July 1 last.
-V. 136. p. 4467
-Earnings.
Federal Mining & Smelting Co.
Coty, Inc.- Earnings.-
For income statement for 3 months ended July 31 see "Earnings Department" on a preceding page.
-V. 136, P. 4277.
Crosley Radio Corp.-Increasing Production.
he New York Curb Exchang has removed from unlisted trading pr
lieges the class B common stock no par)
.-V. 137, p. 697.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 136, p 3542..
Department" on a preceding page.
According to President Powel Crosley, Jr., the corporation is currently
producing around 2,500 radio sets daily and prodUction lines are being assembled to enable daily output to be stepped up to more than 3,000 units.
The company has a backlog of orders for approximately 3b,000 sets, it was
stated.
Employment increased 43% during August at the Crosley plant. On
Sept. 1 the company was employing 2,456, an increase of 746 over the
total a month previous.
-V. 137, P. 872.
Crystallite Products Co.-Earnings.
:Years Ended June 30Sales
Cost of sales
Selling and delivery
General and administrative
Non-operating expenses & losses
-net
Federal income tax fiscal year 1931Expense due to unused plant capacity
Net loss
Assets
Cash
Cust. accts., notes
dr trade accept.
rec., after prey.
for uncollectible
accounts
Inventory
Investments
Land
:Buildings & equip
Def. charges dr dep
Pats., develop. &
organizaln exp.
1933.
$31,654
22,419
3,296
6,934
681
8,432
$10,110
1931.
$89,416
62,817
7,567
9,722
4,563
591
1932.
$52,553
36.817
6.041
8,785
Cr.894
10,670
$8,867 prof.$4,154
Comparative Balance Sheet June 30.
1933.
1933.
1932.
Liabilities-82,632
$5,499 Accr. wages, trade
accts, pay. and
Federal Inc. tax
$1,400
payable
196
St.assess. bds. pay
4,500
13,215 Preferred stock
90,900
59,319
58,410 Common stock_
109,138
29,882
29,882 Surp. arising from
28,057
28,057 disct.on repurch.
42,203
47,311
of capital stock_
4.312
1,373
1,900 Deficit
37,976
1
$651
235
90,900
109,138
4,312
11,922
9,040
Total
8167,971 8193,315
Total
$167,971 $193,315
x After reserve for depreciation of $27,177 in 1933 and $51,809 in 1932.
-V.137, p. 1417.
Joseph) Dixon Cruci e Co.
-Removed from List.
removed
The New York Curo Exchange as remov from unlisted tradin
es the capital stock (par $100.-V. 136, p.4277.
riv-
-Extra Distribution.
Dome Mines, Ltd.
-The directors
have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of 25 cents per
share, both payable in United States funds on Oct. 20 to
holders of record Sept. 30. Like amounts were distribut9d
on July 20 last.
-V. 137, p. 1942.
Dominion Stores, Ltd.-Sales.-1932.
1933-36 Wks.
-1932.
Period End. Sept. 9- 1933-4 Wks.
Sales
$1,470,398 $1,594,898 $13,523,260 $15,753,488
The company operated 54 fewer stores in the four weeks ended Sept. 9
-V. 137, p 1585, 1246.
1933, than in the like period of the previous year.
-Stricken from List
" --Drug, Inc.
. The capital stock ($10 par) will be stri
Exchange list effective Sept. 25.-V. 137,
k o•
n fr
77
i st-4 4,
/ 1
the New
or
-
First Insuranstocks Corp.-Registrar.
-
The Manufacturers Trust Co. has been appointed registrar for 300.000
shares authorized capital stock, par $1, of which 13,822 shares are outstanding.
-V. 137, p. 498.
Flock Brewing Co.
-Earnings.
-
For income statement for 2 months ended Aug. 31 1933 see "Earnings
Department" on a preceding page.
-V. 137. P. 1247.
Flour Mills of America, Inc.-Accumulated Dividend.
The directors have declared a dividend of $2 per share on account of
accumulations in addition to the regular quarterly dividend of $2 per share
on the no par value $8 cum pref. stock, series A, both payable Oct. 1 to
holders of record Sept. 16. Dividends were resumed on this issue on
July 1 last by the payment of a dividend of$2 per share. From July 1 1931
to and incl. Jan. 1 1933 distributions of $I per share were made each quarter
as against $2 per share previously.
-V. 137. P• 1771.
-Larger Distribution.
Fostoria Pressed Steel Corp.
The directors have declared a quarterly dividend of 15 cents per share
on the common stock, no par value, payable Sept. 30 to holders of record
Sept. 25. In each of the two preceding quarters a distribution of 12A
cents per share was made, as against 25 cents per share previously.
V. 136, p. 2076.
1932.
7il:
inance Co. of Ameri7 at Balt.-Removed from List
.
Stock
Fundamental Investors, Inc.-Larger Distribution.
The directors on Sept. 15 declared a dividend of 3 cents per share on
the voting trust certificates, payable Oct. 1 to holders of record Sept. 15.
An initial distribution of 2 cents per share was made on July 1 last.
V. 136, p.4278.
General Electric Co.
-New President of Subsidiary.
John H. Clough has been made President of the General Electric X-Ray
Corp., a wholly-owned subsidiary, to succeed C. F. &trams, who becomes
Chairman of the board. Mr.Clough was formerly Assistant to the President.
-V. 137, p. 1772.
Gamewell Co.-Earnings.Years Ended May 311933.
Netoperating profit.. _ _ _ loss$170.989
Miscellaneous inc.(net).
32,057
1932.
$278,127
17,012
1930.
1931.
$938,639 $1,203,115
54,346
41,757
Netincome
Depreciation
Federal income tax
loss$138,932
104,789
$295,140
98,277
25,486
$980,396 $1,257.461
106,576
138,596
125,660
101,453
Net income
los4243,721
Previous surplus
621,471
Discounted on $6 cum.
pref. stock retired_ _ _ _
32,551
$171,376
830,742
$740,347 $1,025,225.
419,262
849,807
4,056
Total surplus
Convertible pref. divs_ _
Common dividends
Premium on $6 preferred
stock retired
State excise taxes, applicable to prior years.
$410,302 $1,006,174 $1,590,154 $1,444,487
161,226
156,591
150,843
594,680
596,558
208,796
Surplus as at may 3E
Shares corn, stock outstanding (no par) _ _ __
Earnings per share
$259,459
$621,472
$830,742
119,304
Nil
119,304
$0.12
119,304
$4.85
1.628
19,316
$849,85
118,928
$8.62,
Volume 137
Financial Chronicle
Comparative Balance Sheet May 31.
1932.
1933.
1932.
1933.
AsseteAccts. pay.& accr. $60,743 $157,140
Cash, U.S. Treas.
38,897
37,082
$1,970,763 $1,881,262 Dividends payable
etfs., &e
29,424
17,557
Res.for Fed.tax__
Notes & accounts
668,478 Res. for unrealized
600,330
rec., less reserve
profits on install.
34,668
Dep. with bids.
56,316
54,686
notes
1,059,165 1,455.848
Inventories
Cust. adv. pay. on
MunIe. notes and
19.750
207,385 contract
accounts receiv..
Reserve for State
Munic. rental con63,292
& local taxes.
14,373
tracts
Preferred stock... 2,258,824 2,355,990
355,275
Deferred receiv_
Common stock _ _ 4,176.349 4,176,349
24,215
Cash in closed bks.
28,665
28.665
Paid-In surplus_ _
Stocks & bonds of
621,472
Earned surplice. - 259.459
7,204
Other companies
Employ, demand
190,810
178,093
notes
142,916
Install. notes rec.
Cost of uncomp.
25,225
construction
209,920
Claims in suspense 207,778
Develop. & exper.
31,309
52,940
expense
41,441
41,123
Prepaid expenses_
12,334
Sales rights, &e..
77,623
89,916
Life insur. policies
453,207
Investments
Capital assets-- y1,959,272 2,022,527
Land not used In
425.250
operation
1
1
Pat. & franchises.
$6,976,407 87,464,254
Total
$6,976.407 $7,464,254
Total
x Represented by 119,304 no par shares. y After depreciation reserves
of 11,087,301.-V. 136. D. 2077.
General Indemnity Corp. of America.-To Liquidate
Canadian Business.The corporation has ceased to carry on business in Canada and will apply
to the Minister of Finance on Dec. 23 1933, for the release of the securities
forming its deposit under the provisions of the Foreign Insurance Companies Act, 1932. Policyholders in Canada of the company opposing such
release should file their opposition with the Minister on or before the said
-V. 137, P. 1419.
date.
-Financial StateGerman Credit & Investment Corp.
ment.-Presithnt Alexander Kreuter Sept. 12 said in part:
restrictions
Owing to economic conditions now prevailing and exchange
in force, it is impossible to form an adequate opinion as to the probable
realizable value of company's investments in Germany.
The profit and loss account,surplus account, and balance sheet presented
herewith have been prepared by Price. Waterhouse & Co. in accordance
with usual accounting conventions. While they summarize the figures
shown on the company's books, in so far as they relate to assets in Germany,
they should not be construed as representing tither the actual dollar income received for the period covered by the income account or the value of
the company's assets on the date of the balance sheet.
Profit and Loss Account Year Ended Jan. 311933.
Relating to assets in the United States:
115,405
Interest received
75,187
Net loss on sale of securities
6.463
Expenses and taxes
Net loss
Relating to assets in Germany (see note):
Interest received
Profit on syndicate
Rents received
Total
Net loss on securities
Expenses and taxes
Net profit
$66,245
$139,079
2,764
5,739
$147,582
7.824
90,507
$49,251
$16,993
Loss for the year carried to surplus account
-The income from assets in Germany has been converted at the
Note.
rate of RM.4.20 to $1, which was substantially the rate prevailing on
Jan. 31. Calculated in this manner, this account shows a net profit from
assets in Germany of $49,251, without writing down assets or establishing
reserves for any losses which may be sustained on these assets. Company
actually received from Germany during the year $237,241, which sum was
remitted under the regulations issued by the German Government controlling removal of funds from that country.
Surplus Account.
Capital surplus account:
$161,749
Jan. 31 1932
Balance,
Credit arising from purchase of 4,027 shares of first
68,445
preferred stock for retirement
$230.195
Operating surplus account:
$723,097
Balance, Jan. 31 1932
$16,993
Loss for year, as above
Provision to reduce securities in United
States at Jan.31 1933 to quoted market
386,866 403,859
319.237
value at that date
$549,433
Surptus, Jan. 31 1933
-During the year 4,027 shares of first preferred stock were purNote.
chased at prices below the amount at which they were carried on the books
of the corporation, these purchases resulting in an increase in surplus account of $68,445. Surplus account was charged with $386,866 to reduce
the book value of securities in the United States to quoted market value
at Jan. 31 1933.
Balance Sheet Jan.31 1933.
Assets
$1,606.544
Assets in the United States-Cash in bank
7,074
Marketable securities at market prices
$1,613.618
x Assets in Germany, at cost
122,353
Cash in bank
109,033
Marketable securities
27,666- 159,053
Accrued interest receivable
$1,915,995
Long-term loans
312,319
Stock of industrial corporation
152,214-2,380,528
Real estate
3,457-2,543,039
Prepaid taxes
Total
Liabilities
Accounts payable
Reservefor taxes
7 Capital stock and surplus account
14,156,658
$940
3,710
4.152,008
2279
Since Jan. 31 1933 company has purchased American securities at a cost
of $1,612,157; on Sept. 11 these securities had a quoted value market of
approximately $1,964.387.-V. 135. p. 306.
-Oldsmobile Production Up.
General Motors Corp.
Oldsmordle, having sold 7,800 more cars in the first eight months of
this year than were delivered during the same period of 1932, entered
September with a production schedule calling for the building of four times
as many units as were produced in September of last year.
Oldsmobile 1933 sales at the end of August had exceeded total retail
deliveries made during the entire 12 months of 1932. Complete August
data showed that reported sales maintained substantially the high levels
of July and were ahead of August 1932.
A consistent increase in new car sales during the three months of June.
July and August placed Oldsmobile's delh eries for that period 163%
ahead of the same period of last year and despite the sharply increased
production and the fact that dealers' orders for new car shipments have
are
risen considerably above a year ago, their stocks on hand the only slightly
company, is
higher than in 1932. Current demand, according to
.
running more than four to one over 1932.-V. 137. 13• 2108. 1043
Gillette Safety Razor Co.-Operations Increased.
Within the last three weeks, or since this company reduced the price of
cents, the
blades to permit the sale of 5 for 25 cents, at retail, or 10 for 49number of
company has been forced to increase by more than 100% its of orders
employees. The drastic price reduction was followed by a rush (Boston
and a night shift has been instituted at the South Boston factory
-V. 137, p. 877, 1587.
"News Bureau").
Glidden Co.-Earnings.
For income statement for month and 10 months ended Aug. 31 see'
-V. 137, p. 2108.
on a preceding page.
"Earnings Department"
Globe & Rutgers Fire Insurance Co.-Tri-Continental
Corp. Moves to Buy Jameson Group's Stock Interest if Court
Lifts Order on Rehabilitation.
The "Herald Tribune" Sept. 21, had the following:
"The Tr -Continental Corp. has signed a contract with E. C. Jameson,
President of Globe & Rutgers }ire Insurance Co., and his associates to
acquire their holdings in the fire insurance company, which at present is
under the supervision of the New York Insurance Department.
The contract becomes effective in the event that the Court releases the
Globe & Rutgers Fire Insurance Co. from the rehabilitation order under
which George S. Van Schaick, Superintendent of Insurance, has been
acting as rehabilitator,and in the event that the RFC permits the conversion
of the outstanding secured loan which it has already granted to the company in the principal amount of 110,000,000. Conversion would be accomplished through the purchase of Globe & Rutgers preferred stock by the
RFC.
"Negotiations between Tr -Continental Corp. and the New York Insurance Department have been going on. Officials of the department and
representatives of Tr -Continental and Globe & Rutgers conferred Sept. 20,
with RFC officials to sanction the conversion through the purchase of
preferred stock by the RFC. It could not be learned whether the government relief organization had approved the step.
The Globe & Rutgers Fire Insurance Co. has been in the hands of the
difficulties were
Insurance Department since last March. The company'sto its embarrassattributed to the severe decline in its investments. Prior
in this country, and
ment it was one of the largest fire insurance companies
had assets of approximately $100,000.000.
A reorganization committee was formed immediately following the
Court's order placing the company on rehabilitation. This committee consisted of H. E. Macey, Charles Dana, William Gilmour, Charles Hayden
and A. H. Swayne."-V. 137, p. 1944.
Goodyear Tire & Rubber Co., Akron, Ohio.-Schedule
23% Under 1933 Peak.•
its
The September production schedule of this company is 23% under
schedule for the peak months of this year, compared with a decline of 37%
in September production last year from the peak and of 46% in September
1930. President P. W. Litchfield stated.
"We endeavor to carry a sufficient inventory of finished tires to permit
have to gamble,
us to supply all demands without delay," he said. "We inventory rather
to a certain extent, that we will be able to turn over our there is always
be kept too long in storage and
rapidly because tires cannot
the danger that the type on hand may become obsolete. would take seri"It is therefore difficult for me to believe that any one
out of
ously this half-baked idea of preventing tire companies from selling from
inventory for a specified time. If you are not permitted to take the
you are not going to add to inventory. In
inventory, then certainly
to keep
case of the Goodyear company, the current demand is not sufficient
remaining
If
more than 85% of our present factory personnel busy. to the
be laid off."
they would have
0
15% were not making tires for inventory,
Mr. Litchfield added that the average hourly earnings in Goodyear
female
factories during September was 75 cents, including both male andfor last
employees, which was 13 cents per hour higher than the averagecents an
April and equal to the average for 1929. The minimum rate is 48
hour and applies to comparatively few jobs, he said.
Trustee Resigns.
its
The Union Trust Co. of Cleveland, 0. (in liquidation), has tendered
5% bonds
resignation as trustee of an issue of 1st mtge. & collat. trusta successor
due May 1 1957, effective Oct. 21 1933, unless previously
trustee shall have been appointed.
Sells Textile Village for 82,000,000.
In a deal which dispatches said was completed on Sept. 11, the company
was reported to have sold its model textile town of Goodyear. Conn., to a
group of Eastern capitalist., for approximately $2,000,000.
Officials of the company admitted that the town was for sale, but failed
to confirm the report that the transaction had taken place.
The town, whicn is built around the plant of the Goodyear Textile Mills,
Inc.. was formerly known as Killingly. It was acquired by the Goodyear
company in 1914 and was rebuilt into a modern factory town, until
about a year ago the plant fUrnished most of the faoric used in making tires
at the Akron plant. With the acquiring of a new textile plant in Georgia,
toe machinery was moved to the new location and the Connecticut plant
was allowed to become idle.
The town consists of one four-story mill, 218 dwelling houses, a seven-room hotel. ("Cleveland Plain Dealer.")
story warehouse, a bank and a 40
-V.137. p. 1249.
-Production Schedule InGraham-Paige Motors Corp.
creased.
The year's schedule for production of Graham-Paige motor cars has been
stepped up materially to meet the demand of autumn business, it was
Stated.
Robert C. Graham, Executive Vice-President, said the unusual volume
of Graham business evidenced in the first two weeks of September apparently was due both to well sustained buying in the large industrial centres
and to a material strengthening in general business in the rural districts.
,
"A spirited upward surge in buying in the rural districts, which began to
make itself felt last month," he said, 'is providing the spur which will give
general business a tremendous stimulus as the fall progresses. This is indi-V. 137.
cated definitely by reports we have received from our dealers."
p. 2108.
-Dividend Increased.
14,156,658 "'Grand Rapids Varnish Corp.
Total
A dividend of 10 cents per share has been declared on the capital stock,
x These assets are calculated at RM.4.20 to $1, which was approximately
no par value, payable Sept. 30 to holders of record Sept. 20. This compares
exchange rate prevailing on Jan. 31 1933. Due to conditions now
the
with 5 cents per share paid on June 12 last and with 7)-i cents per share
prevailing and exchange restrictions in force, the value of these assets,
paid on June 30, Sept. 30 and Dec. 31 1932. The March 1933 payment
measured in terms of dollars is indeterminable
-V. 136. P. 4097.
was omitted.
entitled in liquidation to $100 per share: Authorized
y First preferred,
purchased for
(100.000 shares), $10,000,000; lessless uncalled retirement(23.897 shares),
Great Western Electro-Chemical Co., San Francisco,
payments, 85.707,725; balbalance. $7,610,300;
$2.389.700;
Calif.-Initial Common Dividend.
ance, $1 ,9C2,575. Second preferred, entitled in liquidation to $100 per
General reserve,
share: Authorized and issued (20,000 shares). $20.000; second preferred
An initial dividend of 50 cents per share has been declared on the common
12.000.000 paid in cash by subscribers to
set up out of
stock, payable Oct. 2 to holders of record Sept. 20.-V. 130, p. 3888.
stock, $1,680,000. Common stock and surplus account: Authorized and
-Resumes Div.
Griggs, Cooper & Co.,St. Paul, Minn.
shares no par,less 3,500 shares held in treasury,and surplus,
issued. 500,000
The directors have declared a dividend of 50 cents per share on the
5549.432.
common stock, payable Oct. 1 to holders of record Sept. 25. The last
e dividends have not been declared on first preferred
Note.-CumulatIv
regular quarterly payment of similar amount was made on this issue on
stock since July 31 1931 at $7 per annum; and on second preferred stock
-V. 133. P. 2770.
July 11931; none since.
since Jan. 31 1926 at $6 per annum.
2280
Financial Chronicle
Harbauer Co.-Earnings.
Years Ended June 30Net loss from operations
Loss from adjust. of inventories to present values_
Prov. for pos.ible loss on funds in closed banks_
Net adjust, for items applicp. prior years
Preferred dividends
Common dividends
Deficit
Previous earned surplus
Previous capital surplus-appreciation
Adjustments (net)
1933.
$78.744
1932.
$67.146
92,927
65,516
581
3.500
3.500
15.375
$82,825
264,630
36.084
Total surplus June 30
$217.889
2.122
5302.836
2.123
5215.766
Balance. surplus
Write-off of apprec. Included in permanent assets_
$244.464
507.877
38,207
1.216
$300.714
Balance sheet June 30.
Assets1933.
Cash
$151,120
Accts.rec.(less res.)
73,620
Inventory
266,220
Value of life insur_
29,609
Other assets
80,974
Trade-marks
1
Land, buildings &
equipment
238,562
Prepaid exp. and
supplies
26,856
1932.
$68,766
41,537
469,755
25,312
61,617
1
1933.
Notes payable__ $100,000
Accounts payable_
46,710
Accrued Payroll.
taxes, &c
10,654
Dividend declared
831
Res. for canting__
25.000
Preferred stock ___
50,000
261,183 x Common stock__ 418,000
Capital surplus &
35,932
undivided profits 215.766
1932.
$140,000
18,927
Total
$866,962 $964,104
$866,962
Total
z Represented by 41,000 no par shares.
-V. 135. D. 4041.
$964,104
10,588
875
25.000
50,000
418,000
300,714
Heiberg Brewing Co., Inc., Waverly, Iowa.-Stock
Offered.
Harry H. Smith & Co., Chicago, in July last offered 135,000 shares of
common stock at market (about $2 per share).
Transfer agent, National Builders Bank of Chicago; registrar, Trust
Co. of Chicago.
CapitalizationAuthorized.
To Be Outstanding.
Common stock ($1 par)
251,404 shs.
300.000 she.
Harry H. Smith & Co. has a contract dated July 7 1933 to purchase
125.000 shares ($1 par) capital stock at a price of $I per share net to the
company. All sales expense, fees of counsel for the bankers, advertising,
dealers' and salesmen's commissions are to be paid by Harry II. Smith &
Co., less $1,500 to be paid by the company. Upon the sale of 100.000
shares of capital stock and the payment thereof of $1 per share net to the
company a shareholder has agreed to assign a total 10.000 shares to Harry
H. Smith & Co., without a cash consideration, which 10.000 shares are
included in above offering.
Data from Letter of William Heiberg, Pres. & Can. Mgr. of Company.
History and Business.
-The brewery plant of the company at Waverly.
Ia. was originally built by the Waverly Brewing Co. in 1909 and was
successfully operated as a brewery until 1914, when Statewide prohibition
'
became effective in Iowa. In 1919 the property was acquired by the
Pacific Extract Co. (which later became the Soren J. Heiberg Co.) and
was used for the purpose of manufacturing malt syrup and by-products
until 1929. In which year the plant was closed. However, custodians have
been in charge of the property since it was closed and have maintained the
buildings and equipment in first-class condition. In May 1933 the property was acquired by the Heiberg Brewing Co., Inc., and is being reconditioned to manufacture legal beer, featuring the name "Heiberg's Quality
Beer."
Purpose of Issue.
-Proceeds of this financing will be used for retiring all
obligations against the property, new equipment, reconditioning and
working capital.
Listed.
-Stock listed on the Chicago Curb Exchange.
Officers and Directors.
-Officers and directors of the company, with their
holdings of stock, are as follows*
William Heiberg. Pres. (91.354 shs.); R. A. Sager, V.-Pres. (2.500 she.);
Wm. Koch, Sec. (2,500 shs.); H. L. Leslie, Treas. (12.500 shs.); J. L.
McClure (50 shs.).
No salaries can be paid to any of the officers until the brewery is in actual
operation and the combined salaries of all officers will not exceed $5,000
per year until July 1 1934.
Pro Forma Balance Sheet July 11 1933.
Assets
Liabilities
Cash
$48,458 Accounts payable
$254
Cash proposed to be expended
Accrued taxes
250
for rehabilitation of plant____ 40,716 Capital stock
251,404
Plant property
174,617 Capital surplus
14,367
2,485
Deferred charges
Total
$266,276
Total
$266,276
Hercules Motors Corp.-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 136. p. 3356.
Hobart Mfg. Co.
-Earnings.
For income statement for six months ended June 30 see "Earnings Department" on a preceding Page.
Current assets of June 30 1933, amounted to $5,225,348 and current
liabilities were $336,255. This compares with current assets of $5,603.174
and current liabilities of $368.257 on June 30 1932.-V. 136.9. 3356.
Holeproof Hosiery Co.
-Reorganization Planned.
A special meeting of stockholders has been called for Oct. 8 to act on
a proposed plan of reorganization, under which the $100 par value pref.
stock, paying 7%, would be reduced to $60 par and the dividend rate
cut to 62-3%. Cumulative privileges will be postponed till Jan. 11936.
Of the $17.50 preferred dividends in arrears, $10 a share will be paid and
the balance will be paid prior to the declaration of any common dividend.
The outstanding common stock will be reduced to 70.697 shares from 108,177. and 50% of the common stock will be surrendered to the company,
of which 30% will be held in treasury for preferred stockholders and the
balance in trust for Felix Lowy, newly elected Vice-President and General
Manager.
-V. 137, p. 1250.
--...Howe Sound Co.
-Dividend Rate Increased.
-The directors on Sept. 19 declared a quarterly dividend of 25 cents
per share on the common stock, par $5, payable Oct. 14 to
holders of record Sept. 30. This compares with 10 cents per
share paid each quarter from July 15 1932 to and incl.
July 15 1933 and 25 cents per share paid on April 15 1932.
-V.137, p. 699.
Indiana Pipe Line Co.
-Extra Distribution.-The directors, it was announced on Sept. 16, have declared an
extra dividend of 10 cents per share in addition to a dividend
of 15 cents per share on the capital stock, par $10, both
payable Nov. 15 to holders of record Oct. 20. On May 15
last a distribution of 15 cents per share was made, as compared with 10 cents per share and an extra of five cents per
share on Nov. 15 1932 and 10 cents per share paid on May 14
1932.-V. 136, p. 2078.
Inter-Southern Life Insurance Co.
-Sale Opposed-.
Contempt Ruling Is Sought.
An intervening petition in the original receivership proceedings against
the company was tendered Sept. 1$ in Franklin Circuit Court, Frankfort.
Ky. by Henry M. Johnson and Clarence R. Smith, in behalf of InterSouthern policyholders.
Sept. 23 1933
The suit asks for a contempt ruling against purchasers of the company,
now known as the Kentucky Home Life Insurance Co.; for 53,500.000
damages for alleged failure to carry out a reinsurance agreement, and that
those responsible for the alleged misdeeds be fined and given "further
kunishment." The suit also asked for a 100% assessment against Kentucky
Home Life Insurance Co. stockholders.
Judge H. Church Ford said he would hear argument next week on the
right of Johnson and Smith to file the petition.
lThe Contal Corp., an affiliate of the Continental Bank & Trust Co.
last week bid in at auction 51% of the capital stock of the Kentucky Home
Life Insurance Co. The Contal Corp. acquired the stock against a loan
made to the Insurance Equities Corp. The latter organized the Kentucky
Home Life as successor to the Inter-Southern Life Insurance Co. which
went into receivership. The Insurance Equities, through the organization
of the Kentucky Home Life, acquired a substantial block of stock of
Missouri State Life insurance Co., which Inter-Southern held in its portfolio. Th'e Missouri State Life went into receivership recently. The
General American Life Insurance Co. was organized under the auspices of
Equity Corp. and its affiliated comparies. General American Life has
succeeded the Missouri State Life.i-V. 134, P. 4333.
International Investing Corp., Baltimore. -Earnings
[Including Iroquois Investors, Inc.]
Consolidated Income Accountfor Year Ended Jan. 31 1933.
Gross income
$90.877
Net loss from sales ofsecurities
146.868
Interest paid
77.666
Amortized bond expense
3,099
Trustee, reristra.r or transfer agent's fee and expense
608
Miscellaneous charges
2.071
Netloss
$139,436
Consolidated Balance Sheet Jan. 31 1933.
AssetsI Liabilities
Cash
$186,884 1 Accounts payable
$59
Dividends & interest receivable
695 I Accrd. Int. pay. on deb. bonds
6,445
Investments
1,445,949 Funded debt
1,289,000
Sinking fund
90 x Capital stock
165,600
Unamorthed bond expense
56.213 Held in escrow for exercise of
stock warrants attached to
debenture bonds
130,400
Capital surplus
324,000
Deficit
225,673
Total
Total
*1.689,831
$1,689,831
x Represented by 16,560 shares of $10 par value.
-V. 130. p. 2221.
Investment Foundation, Ltd., Montreal.-Accrued Div.
A dividend of 37 cents per share (being at the rate of 3% per annum)
and a further dividend of 13 cents per share (on account of arrears) have
been declared on the 6% cum. cony, pref. stock, par $50, both payable
Oct. 16 to holders of record Sept. 30. Three months ago the company
paid on this issue a quarterly dividend of 38 cents per share and a further
dividend of 12 cents per share on account of accumulations.
-V. 136.
p. 4471.
Irving Air Chute Co., Inc.
-Defers Dividend Action.
The directors on Sept. 21 decided to defer action on the quarterly dividend
ordinarily payable about Oct. 2 on the common stock, no par value.
Quarterly distributions of 10 cents per share were made on this issue from
Oct. 2 1932 to and incl. July 1 1933.-V. 136, D. 1027.
(Rudolph) Karstadt, Inc.
-To Vote on Readiustment Plan.
The holders of "American shares" will vote Sept. 28 on approving a
plan for the readjustment of debt and capitalization. dated April 18 1933,
involving a change in the status of the 513,735.000 outstanding 1st mtge.
collat. 6% bonds originally sold here and a reduction in the company's
capital stock. (See outline of plan in V. 136, p. 2806.)
The stockholders will consider a resolution regarding a reductlion of
share capital in the amount of 67,340,000 marks from 75,000,000 marks to
7,660,000 marks in order to cover the deficit shown in the balance sheet for
the year 1932-1933 and the diminution in the value of the company's assets
as follows: (a) Cancellation of common shares aggregating 96,600 marks
in par value held in treasury acquired by purchase prior to Feb. 19 1932
and of futher common shares aggregating 3,400 marks in par value acquired
without cost;(b) reduction of the par value of each 100 marks common share
of 20 marks and reclassification of three of such 20 marks shares into one
new 20 marks share; (c) reduction of the par value and reclassification of
the 1,000 marks common shares in such manner that for each 1,000 marks
share three new shares of 20 marks each will be substituted and in addition for each three 1,000 marks shares a further new share of 20 marks will
be issued; (d) reclassification of each 1.000 marks pref. share into one 200
marks common share, all claims to accumulated preference dividends being
waived.
The stockholders will also consider (1) A resolution regarding the appropriation of the book profit arising from the partial dissolution of the statutory reserve fund and the reduction of capital stock: (2) a resolution to
increase the capital stock by an amount of 21,194.000 marks by the issuance
of 211,940 bearer shares of 100 marks each with dividend rights from Feb.
1 1934, against cancellation of an equivalent amount of Indebtedness.
The statutory preemptive right of shareholders to such new shares is to be
waived; (3) an authorization to the board of management to issue scrip
in an amount not exceeding 10,800,000 marks against cancellation of an
equivalent amount of the company's Indebtedness, such scrip not to be
entitled to interest nor to participate in the distribution of assets on the
luqidation of the company; (4) an authorization to the board of management to de.care operative the readjustment plan and the allocation plan of
April 18 1933.-V. 137, p. 878.
Keith-Albee-Orpheum Corp.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 137. P. 2112.
Kentucky Home Life Insurance Co.
-New Officers.
In the reorganization of the company, following acquisition of 51% of
its stock by the Conte! Corp. of New 'York, Ben. S. Washer, Louisville,
becomes president succeeding William B. Harrison, Mayor of Louisville.
Mr. Washer had previously been made general counsel and director. Ellsworth Regenstein, director of agents, has been made Vice-President;
S. Lewis Guthrie. Bardstown, Ky., Secretary-Treasurer; J. H. Williams,
Assistant Secretary-Treasurer; Burton Van Dyke, actuary. and Dr. W. T.
McKinney, Louisville, medical director.
New directors named include the offices and Sidney M. Handmaker.
L. H. Hilton, Charles It. Pietsch, Frank J. Dougherty, Lawrence S.
Lepold. Lieut. Gov. A. B. Chandler; Peter C. Newell, Henry M. Weise,
President of Contal Corp.; Siegfried Gabel and Jeremiah D. Maguire of
New York.
Major Austin Kinnard of Louisville, director and Executive VicePresident; Frank Cohen, Julius Barnes. Warren T. Godfrey and Carl
Sherman of New York; George Perkins, Louisville, and W.'1'. O'Donahue,
formerly with the Manhattan Life, have been dropped from the board,
along with several local and State directors, who filed their resignations
some months ago, but who had not been replaced.
-V. 137, p. 2112.
Kidder Peabody Acceptance Corp.-Meeting Adjourned.
Roger Amory, President, in a circular to stockholders of this corporation
and Kidder Participations, Inc., Nos. 1, 2 and 3,states that stockholders'
meetings to vote on the consolidation plan has e been adjourned from
Sept. 12 to Sept 27. A majority of the prof. stockholders of all four
companies entitled to vote have indicated that they are in favor of the
proposed consolidation of the four companies. The stock, however, is
very widely scattered and the necessary two-thirds has not yet been secured.
Stockholders who have not yet recorded themselves in favor are asked to
return a form of assent which will be voted in favor of the plan unless the
stockholder otherwise indicates.
"Your officers and directors believe this plan of merger to be to the
best interests of all stockholders,"says Mr.Amory,"and are suggesting it
as a means if reducing expenses and improving the marketability of the
stock.
"Various stockholders have inquired as to their rights in case they should
object to the plan of consolidation. Under Section 46 of Chapter 156 of
the General Laws of Massachusetts, If the plan of consolidation is duly
adopted by the stockholders of all the corporations, any stockholder who
Volume 137
Financial Chronicle
at the meeting has voted against the sale of the assets of his corporation
pursuant to the plan, may upon proper demand have his stock appraised
and will be entitled to receive in cash the appraised value of his shares upon
assigning and delivering his certificate to the corporation.
"If there is a large amount of stock voted against the plan of consolidation, the plan will not be declared operative. If the plan is declared
operative, it is believed that the market value of the shares of the new
Trust will be in excess of the present market value of the stocks of the
present companies
."—V. 137, p. 2112, 1063.
Kingshighway Bridge Co.—Interest—Earnings.—
The directors have declared to be due and payable in legal tender on
-year 6t4
Oct. 1 1933 interest in the amount of 1 Yi % on the let mtge. 30
cumulative income gold bonds, payable either at The First National Bank
of Chicago or at First National Bank, New York
Income and Expenses 6 Months Ended Aug. 31 1933.
$67,150
Gross income
31,863
Operating expenses
10,000
Provision for depreciation and extraordinary maintenance.... _
Net income for period
Undistributed interest at Feb. 28 1933
525,288
2,678
Balance available for interest on first mortgage bonds*
Provision for interest at 1 % on $1,400.000 first mortgage bds_
$27,966
24,500
$3,466
Balance
-year 5 % cumulative income gold bonds are entitled
* The 1st mtge.30
to a semi-annual distribution of all available net income, as defined in the
trust indenture, until the full rate has been satisfied. Under the terms
of the trust indenture all unpaid accumulations are added to the next
succeeding coupon. The tabulation below gives the current status of
such accumulations:
Three.
Two.
One.
Coupon Number—
Oct. 1 1932 Apr. 1 1933 Oct. 1 1933
Paysole
31 7
,
3X%
Amount
34%
Plus cumulative balance
0
Total
34%
5511
o
1X
Declared payments
1%
2%
5X%
Cumulative balance
3Wi
(S. S.) Kresge Co.—Leases Large Store.—
One of the largest store leases in many months in the Broadway (N. Y.)
district of the upper west side was announced on Sept. 18 for the above
company, which rented for 21 y•ears the space at the southeast corner of
Broadway and Eightieth Street for a new unit in its chain. The guaranteed
12
. l t, p 19
rztgortV acainst 0,7entre of gross sales was repo
p
Kreuger & Toll Co.—Creditors Unite for Salvage—Act in
Harmonyfor First Time Since Suicide of Sponsor of Companies(
The New York "Times" Sept. 22 stated:
Acting in harmony for the first time since the extent of the debacle of the
Kreuger & Toll Co. was revealed, several weeks after Ivar Kreuger killed
himself in Paris on March 12 1932, the security holders and creditors of
the Kreuger & Toll, Swedish Match and International Match companies
have appointed delegates in Stockholm to assist in a general reorganization of the world match business.
In proceeding with plans for a restoration of this industry, the numerous
opposing interests in this and a dozen foreign countries have suspended all
action against one another as the only visible means of avoiding a disintegration of the match properties in which little of value would remain to any
single group.
It is expected that the entire group of match monopolies granted by the
governments of a score of countries in Europe and on other continents can
be retained in a single system for the benefit of all the various classes of
creditors and security holders.
Most of the government match monopolies, which are held by the
Swedish Match CO., are based on contracts that would lapse tithe monopolies were sold or conveyed to any other company. Swedish Match,therefore, is to be made the core of the new corporate set-up proposed by the
Stockholm conferees.
Kreuger & Toll and International Match, which are bankrupt, may be
succeeded by two new corporations with assets roughly corresponding to
those now in the hands of the receivers, with certain important differences,
it is estimated here, if a new parent holding company is formed to succeed
Kreuger & Toll its name will 'be descriptive of its character and will drop
any reference to the names of the founders of the enterprise.
Many Companies to Pass Out.
Scores of real and dummy corporations in this and other countries will be
eliminated and written off in the general reorganization proposed, in order
that the set-up will be as simple and comprehensible as possible.
The work under way in Stockholm will take probably six months to conclude, it is estimated here, because of the amount of detail.
The conferees will consider each property separately, weigh its relation
to the whole picture, and determine the best means of disposing of the
particular asset, with due regard to the rights held or claimed by the various
groups of creditors or security holders. If conflicts develop arbitration will
be amicably arranged.
Many properties had been pledged with banks or other institutions,some
on the late Ivar Kreuger's personal account, and each of the controversies
over the alienated assets will be settled in the best possible manner through
the comoined efforts of the representatives of the various interests. Hundreds of separate assets will have to be dealt with before a final structure can
be set up in which the security holders and creditors may share.
Swedish authorities formerly urged complete liquidation of the properties
as rapidly as possible, except in the case of Swedish Match. The position
taken by many foreign interests which are creditors of Swedish Match,
however,is understood to have resulted in a reversal of the official attitude
in favor of a settlement equitable to all parties at interest.
The pressing of claims of direct and indirect creditors of Swedish Match,
it is indicated, would have resulted in the bankruptcy of this company also
and in the loss of the important government monopolies held by the
Swedish company.
Plans Will Be Presented.
When the detail work has been completed a combined plan or separate
reorganization plans will be presented to the security holders and creditors
of the three principal companies. The proposed reconstruction will not be
announced until the positions of all the separate groups have been conciliated. The final plan will therefore bear the approval and recommendation of acceptance by representatives of all the creditors and security holders
interested in the three companies.
So far as possiole, all properties and assets not directly concerned with
the match business are to be disposed of at the best possible price or held
for future sale, if no satisfactory disposition of them can be made in the
next few months.
Properties formerly owned in the Kreuger group included iron mines,
gold mines, real estate properties, banking institutions, pulp and lumber
companies, forest lands, water power properties and miscellaneous
investments.
Many of the securities held, especially those issued by governments that
were to service the loans with proceeds from the match monopolies granted
to Swedish Match, will be retained in the reorganized system because of
their direct relation to the match business.
Other securities are to be sold whenever possible, besides assets unnecessary to the international match business of the group.
Legal measures will have to be carried out in this and other countries by
security holders and creditors for the reduction to possession of assets held
by the receivers of International Match and Kreuger & Toll—V. 131
p. 1774.
Kroger Grocery & Baking Co.—Sales.—
—4 Weeks Ended
36 Weeks Ended
Sept. 9'33. Sept. 11 '32. Sept.9'33. Sept. 11 '32.
Period—
$15,156,035 $15,184,787 $140,322,173 $149,611,267
Sales
The average number of stores in operation for the ninth period 1933
was 4,512 as against 4,801 for the corresponding period of 1932, or a de. 137, P. 1589. 880.
cline
(Fred) Krug Brewing Co., Omaha, Neb.—Stock Offered.
Associated Distributors, Inc., recently offered 215,000 shares of common
stock at $1.50 per share. A circular shows:
2281
Outstanding.
Authorized.
Capitalization—
$500.000
$500,000
Common stock ($1 par)
made whereby upon completion of this financing
A contract has been
the Fred Krug Brewing Co. is to receive $1.40 per share. Associated Distributors. Inc., is to receive 10 cents per share commission.
History and Business.—Company, a Nebraska corporation, organized
July I 1933, has been formed to acquire the Fred Krug Brewing plant,
employed in the brewing business in Omaha,Neb. The plant has been idle
since 1919. The business was founded by Fred Krug, now deceased, in
1859.
The Fred Krug Brewery is one of the largest in the Middle West. On
completion of its new bottling unit it will be equipped to produce approximately 150,000 barrels per year. With additional equipment, for which
the plant is designed, an excess of 350,000 barrels per year can be manufactured. Present annual bottling capacity of 150,000 barrels can be increased
by the installation of additional bottling machinery and a new brew kettle.
Profits.—The management estimates a profit of $2 per barrel, and the
annual indicated earnings on the 500,000 shares of common stock should
be substantial.
Pro Forma Balance Sheet.
Liabilities—
Assets—
$500,000
$160,625 Capital
Cash
240,625
Plant, equipment, die
500,000 Capital surplus
New bottling equipment, die_ 135,000 Due Fred Krug Products Co.
from proceeds of sale 01 40,000
sham paid it as part of pur55,000
chase price
$795.625
Total
$795,625
Total
Officers.—Albert Krug, President; Anna Krug Wiedeman, Vice-Pres.;
Becht, Treas., all of Omaha. Neb,
D. Krug Sec'y; Tillie
DirectOrs.—Albert Krug, Anna Krug Wiedeman, D. Krug, Tillie Krug,
L. Krug, M. Krug, Omaha, Neb.,and Kelly I. Drey of Minneapolis, Minn.
Layne & Bowler Inc.—Reariangement of Bond Issue.—
A meeting was held in New Orleans on Aug. 2, attended by all members
'
of the bondholders committee, the trustee and co-trustee, and officials of
the company. The object of the meeting was the further investigation of the
corporation's affairs and to decide whether some form of relief was necessary
and advisable, and if so, what is should be.
A plan was adopted by the committee which the management believes
will give the corporation adequate relief and which the committee considers fair to the bondholders. A digest of this plan is given below.
Before the plan finally becomes effective, it will be registered under the
Federal Securities Act if counsel for the committee advises that this is
required.
Amended Memorandum of Re-arrangement of Bond Issue.
(1) Have a single maturity of Dec. 31 1947.
(2) Suspend compulsory operation of the sinking fund until Jan. 1 1938.
(3) Interest to be paid semi-annually (J. & J.) at rate of 3% per annum.
In addition there are to be semi-annual or annual interest coupons at the
rate of 334% per annum to be paid out of net income or earnings, which
coupons shall be cumulative.
(4) Upon resumption of the sinking fund, operation should be limited so
as to depend upon the financial position of company. It should not be
operative so as to reduce net current assets to less than $400,000 or to lees
than the bonds and accumulated interest, whichever is smaller. It should
also be limited in any one year to 50% of the net income (after interest
actually paid or to be paid upon the bonds and after an allowance for
renewals and replacements not in excess of $20,000, such renewal and
replacement allowance to be in lieu of depreciation allowance).
(5) No dividends are to be paid upon the capital stock of the corporation
unless there has been retired during that calendar year at least $50,000
principal amount of bonds. No dividend, shall be paid unless interest has
been paid for that year and all accumulated interest has been paid, and
y
ess
toaforethan
, ( r
div n theison s rweluocheerneret
tnend m 3 t igit
31.61 720% of
is smaller, and
to less
dividends may be paid the amount of outstanding bonds must have been
reduced to not to exceed $300,000. After any dividend has been declared
interest shall become fixed at 6 , % per annum.
;
5
(6) The balance sheet should be so adjusted as to cut depreciation to
approximately $20,000 per annum on the present assets (subject to adjustment for additions to property hereafter made). The indenture should
provide that further earnings will not be charged with past losses in such a
way as to cut down the earnings available either for interest on the bonds
or for operation of the sinking fund.
(7) The present bonds with July I 1933 Interest coupons attached should
be exchanged for new bonds of an amount equal to the principal amount of
the present bonds which should be dated Jan. 1 1933, and carrying a 1%%
coupon and a 1%% income coupon due July 1 1933, and the 1J4% coupon
due July 1 1933 vrill be detached and paid upon deposit of the old bond with
July 1 1933 coupon attached.
(8) The new indenture to contain the usual provisions as to default,
remedies, &c.
(9) There shall be a voting trust with bondholders in control until the
company is in position to declare and pay a dividend as hereinbefore defined. The voting trustees are to re-elect'the present directorate (that is to
say, directors nominated by the holders of the voting trust certificates.
plus one representative of the bondholders) until and unless the ratio of
current assets to current liabilities drops below 200%, or unless the net
current assets drop below $250,000, or unless and in event of default under
the indenture has occurred.
(10) A majority of the board (to which a representative of the bondholders
therein must assent) must act in order: (1) to declare a dividend (until the
voting trust has ceased as above);(2) to invest any assets of the company in
securities of any other company;(3) to raise the salary of Lloyd F. Layne or
J. G. Gordon Jr., or their respective successors.
The voting trust shall cease when the bond issue shall have been reduced
to not to exceed $300,000.
The above plan has been approved as to principle (subject to modification
as to detail) by the bondholders' protective committee which consists of
Norman Mayer, Chairman; C. G. Robinson, H. S. Player. Henry E.
Hardtner and Parkes Armistead and by Lloyd F. Layne (Pres., Layne &
Bowler, Inc.) and J. G. Gordon Jr. (Gen. Mgr., Layne & Bowler, Inc.) in
behalf of the company
Short Resume of History, Present Band Issue, &c.
The corporation had its beginning 50 years ago when M. E. Layne
began a small well drilling business in Iowa. He later removed to I louston,
Tex.. where rice irrigation was then in its infancy. P. D. Bowler became a
partner and in 1907 the partnership•was incorporated as Layne & Bowler
Co. The business expanded and in 1914 the main offices and factory were
located in Memphis, Tenn., leaving the Houston factory and offices intact
and operating. In 1923, M. E. Layne turned over 90% of his holdings.
except those.on the Pacific Coast, to his three living sons. Leslie Layne
acquired the Houston factory and the States of Louisiana and Texas, and
Lloyd and 011yn Layne the Memphis factory and the balance of the United
States, excepting the eight Pacific Coast States. The Memphis company
was incorporated as Layne & Bowler Manufacturing Co. Lloyd F. Layne
bought 011yn Layne's Interest, thus acquiring 90% of the company. One
reason for later floating the present bond issue was to secure money with
which to pay 011yn Layne and a considerable percent of the proceeds
accruing to Mr. Lloyd Layne was used for this purpose.
The present bond issue was underwritten in 1927, being for $850,000,
635% interest, and with a descending annual sinking fund which in 1932
,
amounted to $44,076. In 1927 the corporation was reincorporated as
Layne & Bowler, Inc. The amount of outstanding bonds on June 30 1933
was $496,000, a reduction of $354.000 from the original issue.
The present situation is due principally to lack of business. Annual gross
sales dropped from $844,000 in 1927 to $315,000 in 1932 when a loss was
sustained. A further falling off in business is noted during the first six
months of 1933. In 1932 the sinking fund requirement was met out of the
corporation's resources.
The corporation appears to be in good going condition. Its total indebtedness, aside from the outstanding bonds,is quite small. The inventory
is somewhat low and will require building up when business increases.
The management appears to have effected all feasible economy measures
and retrenchment moves and apparently nothing has been overlooked in an
urces nd keep it in condition to
attempt to conserve the corporation's r
continue efficiently when business iner
Liberty Brewing Corp.—Stocrithelrawn from Market.—
latt
acquired the
This company was formed in the
part of 1932 and ac
Pittston (Pa.) Beverage Co. Capital stock authorized, $1,000,000 (Par 51).
At the time of organization it was announced that 400,000 shares of stock
Financial Chronicle
2282
would be offered to the public. We are informed that the issue was withdrawn from the market and that the present management (elected at time
of legalization of 3.2% beer in 1933) is purchasing all stock as it comes into
the market.
-V. 135, P. 2663.
Life Insurance Co. of Virginia.--Status.--The company as of June 30 1933, reported admitted assets of $75,013.724,
compared with $74,407,234 on Dec.31 1932. Life insurance in force dropped
slightly to $368,661,000 from $374,278,796 at the end of 1932. New life insurance written during the first six months amounted to $45,154,273.
Surplus and reserves amounted to $9,610,909, compared with $8,891,821
at the end of 1932.
• Lincoln Stores, Inc.
-Sales Higher.
Sales for Month and Seven Months Ended Aug. 31.
Increase.
1933
-Month-1932.
Increase.i 1933-7 Mos.-1932.
$76,054
$234,351
$78,595 I $1,517,372 $1,441,318
$155.756
The company opened an additional store in the latter part of 1932 and
another, Aug. 5 1933. making 10 stores in operation during August 1933,
against eight dicing August 1932.
Sales of old stores for August showed an increase of 19.15% in 1933 as
compared with 1932.-V. 137, p. 152.
Lloyds Insurance
Canadian Business.
-
Co. of America.-To Liquidate
The company which absorbed and assumed all obligations of Lloyds
Casualty Co., has ceased to carry on business in Canada and will apply
to the Minister of Finance on Dec. 23 1933, for the release of the securities
forming its deposit under the provisions of the Foreign Insurance Companies
Act, 1932. Policyholders in Canada opposing such release should file their
opposition with the Minister on or before Dec. 23.-\. 137, p. 1422.
-Earnings.
Loblaw Groceterias Co., Ltd.
For income statement for 4 and 12 weeks ended Aug:26 see "Earnings
Department" on a preceding page.
-V. 137, p. 881.
-Declares a Larger Dividend.
MacAndrews 8,r Forbes Co.
-The directors on Sept. 21 declared a quarterly dividend ot
50 cents per share on the common stock, par $10, payable
Oct. 14 to holders of record Sept. 30. This compares
with 40 cents per share paid on this issue on July lb last
and with 25 cents per share paid on Jan. 16 and on April 15
1933.-V. 137, p. 701.
from List
---- s
t
&
le
ing priviThe New York Curb Exchange as removed from unlisted t
.-V. 137, . 325.
the class A participating ef. stock (no par)
of.
Massey-Harris Co., Ltd.-Obituary.
Chairman Joseph Newton Shenstone died on Sept. 18 at Toronto, Ont.,
Canada.
-V. 136, p. 3733.
Merchants' National
Bonds Urged.
-
Properties, Inc.-Deposit of
The protective committee for the 6% sinking fund gold bonds due 1958
(Robert L. Rooke of E. A. Pierce & Co. Chairman) states that deposit
under the plan, as amended, of not less than 76% of the outstanding bonds
is the minimum requirement necessary before the plan as amended can be
put into effect. The percentage of deposits since last February has increased until at present there is deposited under the plan as amended over
67%, or $1,436,000, of the $2,131,500 principal amount of bonds outstamIng.
The committee urges the non-depositing bondholders to forward their
bonds promptly to the Bank of New York & Trust Co„ depositary, 48
Wall St., New York, N. Y.
-V. 137. p. 881.
Metropolitan Paving Brick Co.(& Subs.).-Earnings.
1
Earnings for Year Ended Dec. 31 1932.
Manufacturing profit on sales of paving,face and common brick,
$394,215
tile, &c
373,572
Selling, administrative and general expense
Operating profit
Other income (net)
$20,643
2,024
Total profit
Charges for depletion and depreciation
$22,667
105,593
$82.926
233.481
Dr.40,694
Cr.5,040
Net loss
Balance, Dec. 31 1931
Preferred dividends paid or provided for
Discount on purchase of preferred stock
$114,901
Balance Dec. 31 1932
Condensed Consolidated Balance Sheet Dec. 31 1932.
Liabilities
Assets
$17,454
$329,251 Accounts payable
Cash
10,145
Pref. div. payable Jan. 1 1933..
.
U. S. Govt., &c., marketable
18,918
69,597 Accr.prop.taxes. royalties, &c_
securities
579,000
191,204 Preferred stock
Customers' sects receivable
2,909,000
587.751 c Common stock
Inventory
188,860
a Other assets
439,974 Capital surplus
114,901
b Permanent assets
2,210,989 Profit and loss
9,511
Deferred assets
$3,838,277
Total
$3,838,277
Total
a'After reserve of $252.000. b After reserve for depreciation and deple-V. 136.
no par shares.
tion of $3,027,518. c Represented by 119,860
p. 1897.
Mexico-Ohio Oil Co.
-Earnings.-]
Earnings for Year Ended Dec. 31 1932.
Sales (July 23 to Dec. 31)
Operating and general expense
$18,416
26,590
$8,174
24,000
42
Operating loss
Income from investments
Miscellaneous interest earnings
$15.869
11,765
Total income
Interest expense
$4,103
5,109.996
583,859
• Net income
Deficit Dec. 31 1931
Abandonments
$5.689.751
Deficit Dec.31 1932
Balance Sheet Dec. 31.
Liabilities1931.
1932.
1931.
1932.
a Capital stock __ _36,163,998 $6,163,998
$291,042 $720,347 Minority int. In
465 subsid. company
3,334
7,680
1,500 Loans
268,819
400
407,338 Exchange
6,617
407,338
425
9,057 Accounts payable_
77,025
Deficit
5,689,751 5,109,996
5,069
29,302
13,622
•
Assets
Leases, concess'ns
and equipment_
Cash
Work,fund advs_ _
Invest. securities_
Deposits
Acc'ts receivable_ _
Supplies
Deferred charges
Total
$750,108 $1,138,707
$750,108 $1,138,707
Total
-V. 134, p. 4334.
a Represented by 500,000 shares (no par value).
Mickelberry's Food Products Co.-Earnings.r- For income statement for 4 and 28 weeks ended July 15 see "Earnings
-V. 137, p. 2114.
Department" on a preceding page.
Sept. 23 1933
-Increases Dividend.
"'Minnesota Mining & Mfg. Co.
A quarterly dividend of 12% cents per share has been declared on the
capital stock, no par value, payable Oct. 2 to holders of record Sept. 22.
A distribution of 73 cents per share was made on April 1 and July 1 last,
as against 12% cents per share in each of the three preceding quarters.
V. 136, p. 2081.
-Suit Hearing.
Missouri State Life Insurr nee Co.
Federal Judge Charles B. Davis has set Sept. 27 as the date for a hearing
on suit of five non-Missouri policyholders in the Missouri State Life Insurance Co. who seek to prevent the General American Life Insurance Co.from
taking charge of the Missouri State's assets. The plaintiffs ask that the
Court nullify sale of the Missouri State Life Insurance Co. to the other concern. The sale was approved Sept. 7 in Circuit Court after R. Emmet
O'Malley, State Superintendent of Insurance, previously had taken charge
of the Missouri State company after alleging insolvency.
Plaintiffs to the current suit declared that O'Malley, who recommended
the sale, wrongfully claimed title to assets of the concern outside of Missouri.
They also asserted the company, was disposed of at a fraction of its value.
V. 137, P. 1948.
Mock, Judson, Voehringer, Inc.
-Pays Dividend on
Account of Accumulations.
The directors have declared a dividend of 1 % on account of accumulations on the 7% cum. pref. stock, par $100. payable Oct. 2 1933 to holders
of record Sept. 15. A quarterly distribution of like amount was made on
this issue on Oct. 1 1932; none since.
-V.136, p.4473.
Morris Plan Co. of New York.-Loans Increase.
During the 34 business days between Aug. 8 and Sept. 16, the company
approved and paid out a total of $2,658,921 in loans to 11,138 people, at
increase of 12% over the same period of days previous, it was announced on
Sept. 19. An increased demand for commercial funds coupled with the
"buy now" trend of the public and a liberalized repayment policy put into
effect by the company Aug. 8 were regarded as responsible for the increase.
The number of loans during this period also represents a gain of 6%
over the same period last year, it was said -V.137, p. 2115, 1775.
Muirheads Cafeterias, Ltd.-Earnings.Years EndedFeb. 28 '33. Feb. 29 '32. Feb. 28 '31. Feb. 28 '30
Net earnings
$50,330
$47,591
$45,575
$17,086
Prov. for depreciation
30,000
30,000
30,000
30,000
Organiz. exp. written-off
3.000
Net income
def$12,914
Previoussurplus
8,446
Miscell. adjustment_ __ _
607
Income tax adjust, prior
period
$17,591
12,894
306
$15,575
12,179
$17,330
40,592
Total surplus
Preferred dividends_ _ _ _
Common dividends_
Miscell. adjustments__ _
Res. for Fed. inc. tax_
$30,791
5,796
7,871
7,678
1,000
$27,754
6,055
7,871
934
$60,694
6.262
23.613
18,641
def$3,861
1,758
447
2.772
Surplus
$12,179
$8,446
$12,894
def$6,067
Shs. corn. stk. outstanding (no par)
78,710
78.710
78.710
78,710
$0.13
Earnings per share
Nil
$0.12
$0.
Comparative Balance Sheet.
AssetsLiabilities- Feb. 28 '33. Feb. 29 '32.
Feb. 28 '33. Feb. 29 '32.
$15,299
Cash
37,675
$21,971 Accounts payable_ $13,775
Investments
71,615 Accrued expenses &
69,962
5.849
5,393
Bills receivable_
prep. revenue__
2,947
9,732
Call loan
Dividends payable
17,000
1,000
Prepaid tax reel__
7,500
7,500 Rea.for Fed. taxes
74,450
Inventory
69,700
11,398
13,370 Preference shares_
480,205
Prepaid expenses &
y Common shares.. • 480,205
accrued revenue
8.445
def6,067
6,766
7,135 Surplus
a Bldgs.(rapt., restaurant plant &
equipment, &c
292,704
320,438
Leases, tr. names,
good-will, &c._ _ 150,00C
150,000
Total
Total
5563,006 5594,976
,
$563,006 $594,976
x After depreciation of $136,500 in 1933 and $106,500 in 1932. y Represented by 78,710 no par shares.
-V. 135, p. 3176.
National Baking Co.
-Earnings.Years Ended June 30-Profitfrom oper. after all
expenses
Provision for deprec'n_ _
Prov. for Fed. taxes_
•
1932.
1931.
1930.
$123,936
177,876
16,245
$394,977
190,343
42,761
$422,412
183,370
35,776
Net income
loss$104,001 loss$70,185
7% preferred dividend_
101,059
$161,874
104.090
$203,266
107,403
1933.
$65,218
169,219
Amt. earned on corn.
stock
def$104,001 def$171,244
$95,863
$57.784
Condensed Consolidated Balance Sheet June 30.
Assets 1933.
1932. I Liabilities1932.
1933
Cash
$150,677 3222,611 Accts. payable.... $138,592 5110,853
Accts. receivable_
94,779Accr. Fed, income
Cust'm'r's & sales-204,9811
tax, payroll, &c.
68,500
men's notes__
13,385 Accr. exps., pref.
Inventories
698,961
428,973 stk. dive., &c_
162,807
Cash surr. value of
Bond indebtedness 697,500
144,500
life insurance 32,232
56,435 Res. for conting_ _
16,138
15,944
Foreign, railroad.
Deferred Income.
2,875
Industrial stocks
MM. stockholders
& bonds
495,581
Interest
512,825
133,550
127,550
Other assets
20,012
14,567 Preferred stock _.... 1,259,600 1,293,600
Permanent assets_ 1,729,272 1,820,394 Common stock __ _ y148,169 x519,192
Good-will
154,687
185,624 Surplus
641,195
1,009,644
73,403
80,211
Deferred charges__
Total
$3,559,805 $3,529,804
Total
$3,559,805 $3,529,814
x 159,291 shares no par value. y Shares of $1 par value.
-V.135, p.2183.
National Breweries, Ltd.-Earnings.
-Calendar YearsProfits
Depreciation
1932.
1931.
1929.
1930.
31,908,615 $1,981,630 $2,456,700 $2,346,410
543,705
541,928
469,819
526,389
Net income
$1,364,910 $1,439,702 $1,930,311 $1,876,592
194,250
Preferred divs. (7%)- - 194,250
194,250
194,250
Common dividends
1,154,195
1,154,195
1,154,195
721.372
Surplus
Profit and loss surplus__
$91,257
$16,465
$581,866
5,327,587
5,311,123
5,219,866
Balance Sheet Dec. 31.
1931.
1932.
1932.
Assets
$
Liabilities$
7,323,222 7,209,421 Preferred stock__ 2.775,000
Property
Plant,&a
4,313,254 4,345,491 a Common stock__ 5,410,285
Good-will
1.500.000 1,500,000 Deprec. reserve_ __ 4,427,120
Deferred charges
114,731 General reserve_ _
. 500,000
109,038
Call loan
167,665
548,000 Accounts payable_ 499,237
Guaranteed invest5,327,587
Surplus
ment receipts_
500,000
Cash
763,975
319,983
Accts. receivable
977.499
1,005,054
Inventories
1,271,964 1.501,939
1.345,804 1,086,417
Investments
Other invests
766,501
639,251
$960.970
4.638.001
1931.
3
2,775,000
5,410,285
3.883,415
500,000
490,158
5.311,123
18,939,230 18,369,981
Totals
18,939.230 18,369,981
Total
x Represented by 721,372 shares (no par)
.-V. 137, p. 1591.
Financial Chronicle
Volume 137
National Bearing Metals Corp.
-Accumulated Dividend.
The directors have declared a dividend of $1 per share on account of
accumulations in addition to the regular quarterly dividend of $1.75 per
share on the 79" cum. pref. stock, par $100, both payable Nov. 1 to holders
of record Oct. 16. Like amounts were paid on this issue on Aug. 1 last.
Accumulations on the pref. stock, following the above payments, will
amount to $10.25 per share.
-V. 137, P. 154.
National Grocers Co., Ltd.-Earnings.Years End. June 30Pxofit from operation_ __
Depreciation
Interest
Income taxes
1933.
$601,109
119,902
82,863
68.193
1932.
$569.291
112,330
88,430
52,315
1931.
$567,064
121,504
95,336
40,919
1930.
$620.587
120,156
104,959
29,824
Net income
Divs. on 1st pref. stock..
Divs. on 2d pref.stock_ _
$330,151
$316,215
$309,304
26,734
103,362
51,681
$365,648
48.972
103.362
Balance, surplus
Previous surplus
$226,789
809.327
$264,534
634,176
$282,570
562,798
$213,314
452,716
$1,036,117
198.110
$898,710
89,382
$845,368
211,192
$666,030
103,233
$634,176
$562,798
Total
Adjustments
Profit & loss surplus
Assets
-
1933.
$809,327
$838,007
Balance Sheet June 30.
Liabilities1932.
Land, buildings &
equipment
82.586,426 $2,555,076
Cash
305,613
87,800
Inventories
1,806,986 1,681,559
Adv. on merchandise purchased__
63,298
60,584
Investm'ts at cost_
204,318
181,527
Accts. receivable,
less reserve
2,136,680 1,708,005
Sinking fund cash.
3,541
Deferred charges
252,229
249,514
Total
1933.
1932.
7% 2d pref. shs _$2,953,200 $2,953,200
x Common stock_
295,852
295,852
616% gold not.es.
1,086,500
Bank loans
992,560
Outstand. checks.. 181,896
Dividends payable
51,681
Mortgage payable
7,500
Accts. & bills pay, 1,013,481
886.427
Accr. int.,taxes,&c
62,717
53,284
Res. for depree. of
bldgs.& equip__
605,844
541,871
Res. for conting _
135,000
118,958
Surplus
838,007
809,328
$7,137,738 86,745,421
Total
$7,137,738 $6,745,421
x Represented by 295,852 shares of no par value.
-V. 136. p. 4102.
National Oil Products Co. Inc. (8t Subs.) -Earn:Calendar Years1932.
1931.
- 1930.
Gross profit
Expenses
$1,023,997
738,335
$919,140
615,214
$827.175
546,299
Profit from operations
Other income
8285,663
7,652
$303,926
10,605
$280,876
8.055
Total income
Discount on sales, interest, &c
Federal taxes
$293.315
29,016
35,588
$314,531
37,853
31,049
$288,931
35,091
30.241
Net income
$228,711
$245,629
Earns, per sh. on 30,002 shs. com.
(no par)
$6.73
$7.17
Consolidated Balance Sheet Dec. 31.
1931. 1 Liabilities-.
1932.
Assets1932.
$223,599
a Land, buildings,
mach.& equip.._ 5884.800
145,632
Cash
214,562
Accts. receivable_
Notes receivable
10,189
5,225
Advances
Investments
18,700
Inventories
388,176
Deferred charges.._
70.757
Good-will, patents,
&c
2
Total
$904,962
92,568
190,943
3,779
5,877
20,300
416,006
56,741
$6.36
1931.
b Capital stock &
surplus
$1,485,976 $1,459,219
Accounts payable..
63,120
73,836
Letters of credit..
.
49,610
26,756
Notes payable_
25,000
Accrued expenses_
31,065
5,453
Accrued taxes_ _ _ _
41,567
33,288
Dividends payable
66,704
67,566
2
$1,738,044 $1,691,118
Total
$1,738,044 $1,691,118
a After depreciation of $287,549 in 1932 and $240,653 in 1931. b Represented by 3,829 (4.321 in 1931) (no par) shares of $7 cony. pref. stock and
30,002 (no par) shares of corn. stock.
-V. 136, p. 4102.
National Surety Co.
-Protective Group Seeks $10,000,000
RFC Loan.
C. Prevost Boyce of Stein Bros. & Boyce of Baltimore and James J.
Minot. Jr., of Jackson & Curtis of Boston, Chairman and member of the
executive committee, respectively, of the protective committee for holders
of mortgage bonds guaranteed by the National Surety Co., announced
Sept. 21 that they had conferred witn officials of the RFC regarding a
loan of $10,000,000 to make part payments in cash to the bondholders.
The committee, which reported more than $12,000,000 face value of the
bonds deposited with it, said it would soon submit a plan to the bondholders.
It added that it had assured the RFC that it was not interested in any
creditors other than the bondholders.-V. 137, p. 2116.
National Tea Co., Chicago.-Sales.-'
Period End. Sept.91933-4 Wks.
-1932.
1933-36 Wks.
-1932.
Consolidated sales
$4,474,520 $4,677,734 $43,337,898 $46,180,017
The number of stores in operation declined from 1.445 to 1,317 as of
Sept.9 1933, which is a decrease in number of stores in operation of 8.86%.
-V. 137, p. 882, 1591.
Nation-Wide Securities Co.(Md.).-Stock
idend.-
A 600% stock dividend has been declared on the voting shares, payable
in new 2.c. par shares on Oct. 2 to holders of record Sept. 20.
A quarterly cash dividend of 11 cents per share was made on this issue on
July 1 last as against 10 cents on April 1 19:33, 15 cents on Jan. 3 1933 and
an initial payment of 12 cents per share on Oct. 1 1932.-V. 135. P. 4226.
Natomas Co. -Earnings.Earnings for Year Ended Dec. 31 1932.
Gold dredging
Rock operations
Land rentals
Land sales
Water system
Miscellaneous revenues
$527,867
22,442
115,144
def46,551
10,516
2,060
Gross income
$631,479
Salaries and general expenses
48,546
Insurance
12.532
Taxes-property
120,916
Taxes-corporate and other (except income)
2,497
Reclamation district assessments for: Maintenance and repairs_ __ _
7,261
Interest
118,573
Depreciation
60,635
Depletion-gold properties
117,783
Net income-operations
Other income
$142,733
104.093
Total income
Other expenses
$246.827
143,318
Net income
Balance Jan. 11932. as adjusted
Other surplus credits
$103,509
$5,410
3,606
Total, surplus
Income tax accrued 1932
Additional tax prior years
Dividend declared (net)
$112,525
11,931
353
90,870
Earned surplus
$9,371
2283
Capital Surplus Account.
Paid-in surplus
Account of reduction of capital stock
$19,288
995,820
Total
Dividends paid out of capital
$1,015,108
417,731
Capital surplus, Dec.31 1932
Consolidated Balance Sheet, Dec.31 1932.
$597,377
LiabitUtesAssets-Cash & certificates of deposit_ $810,422 Audited payrolls, vouchers &
other current liabilities
$67,547
Reclamation district warrants..
8,696
12,047
Accounts receivable
70,665 Accrued Federal income tax
248,955
Accrued interest
6,139 Dividend declared
1,664
95,963 Deferred credits
Inventories
8,962,380
Land sales contracts
738,87C y Capital stock
597,377
38,137 Capital surplus
Other notes receivable
9,371
Securities and investments_ _ _ _
255,528 Earned surplus
x Properties
7,669,174
Deferred charges
205,746
$9,899,340
Total
Total
$9,899,340
x After depletion and depreciation of $756,677.
y Represented by
99,582 no par shares.
-V. 133, p. 3638.
New England Confectionery Co.
-Balance Sheet Dec. 31.
Assets1931.
1932.
Cash
$371,048 $453,719
Accts.& notes rec. 142,777
180,082
Inventories
340.022
442,608
Investments
641,960
539,678
Real estate
2,785,253 2,902,895
Notes and stock at
cost
21,433
13,100
Good-will
1
1
Treasury stock (at
par)
37,200
37,200
Claim in suspense_
22,786
Deferred charges
47,295
42,481
Total
$4,409,776 $4,611,765
1931.
1932.
Liabilities-$40,214 $124,991
Current liabilities_
39,256
Dividend payable_
2,000,000 2,000,000
Capital stock
50.450
50,450
Capital surplus...
Earned surplus... 2,279,856 2,436,324
$4,409,776 $4,611,765
Total
-V.132, p. 4255.
New England Fuel Oil Corp. -Earnings.Calendar YearsGross inc. (incl. sales
royalty oil)
Expenses and taxes__ _ _
1932.
1931. \
1930.
$3.023
y16,280
$34,875
y34,242
$32,580
y23,510
1929.
x$29,425
20,511
Net income
$9,070
$8,914
loss$13,257
$633
Earns, per sh. on 50,000
$0.18
$0.16
shares (no par)
Nil
$0.01
x Including New England Fuel Oil Co. of Mass. from Jan. 1 1929 to
Aug. 15 1929 and New England Fuel Oil Corp. from Aug. 16 1929 to
Dec. 31 1929. y Includes loss from sale of securities of $6,425 in 1932,
$19,260 in 1931 and $6,184 in 1930.
Balance Sheet Dec. 31.
A sagsCash
Investment secure.
Accr. int. & diva.
receivable
Total
1932.
$34,765
873
$35,639
x 50,000 no par shares.
$37.500.-V. 136. p. 2624.
1932.
Liabilities1931.
87,186 x Capital stock__ y$77,561
46,125
74,920 Deficit
Liab.for unclaimed
div. on cap. stk.
687
of New England
Fuel Oil Co. of
../
100
Massachusetts__
453
Account payable__
3,650
Bank overdraft_ __
1931.
$115,061
32,868
$35,639
$82,793
$82,793
Total
100
.500
y After deducting liquidating dividend of
New River Co.
-Changes in Personnel.
Robert H. Gross has resigned as President and has been elected Chairman of the board. S. A. Scott, formerly Vice-President, has, been elected
President. F. Ward Paine has been elected Vice-President of the company
and all its subsidiaries except White Oak Coal Co. Ralph Hornblower
has been elected a director, succeeding the late Henry N. Sweet. S. Scott
Nicholls, sales manager, has been elected a director of New River Co. and
-V
Vice-President of White Oak Coal Co.
137, p. 1064.
New York Shipbuilding Corp.-Transfer Office.
It is announced that the corporation will maintain its own transfer office
at 40 Wall St., N. Y. City, effective Sept. 16.-V. 137. p. 2116. 1064.
Niagara Share Corp.-Suit Slated for Oct. 2. The $300,000,000 stockholders' suit against the management of the
corporation is expected to open in the equity term of Supreme Court
of New York, which begins at Buffalo on Oct. 2.
The management of the corporation is accused of "fraudulent and
" "manipulate
illegal" acts in the purchase of stock and with "conspiring
-V. 137, P• 1064.
the finances and affairs of the Niagara Share Corp."
-75-Cent Pref. Div.
Niagara Wire Weaving Co., Ltd.
A dividend of 75 cents per share has been declared on the $3 cumul.
pref. stock, no par value, payable Oct. 2 to holders of record Sept. 26.
A similar payment was made on this issue on June 30 last, which was the
first dividend since June 30 1932 on which date 75 cents per share was
also paid.
Accruals on the pref. stock, after the above disbursement, will amount
to $2.25 per share.
1930.
Years End. March 311932.
1931.
1933.
Net profit for year after
$128,823
$172.845
all exps., depr. & taxes $33,821
$94,379
Adjustment of securs. to
9.007
market value (net)___
See x
Other income
14,540
Surplus
Previous surplus
$33,821
15,544
3108,919
62,625
50.000
8128.823
66,000
60,000
8163.8.38
66,000
40,000
$18,277
Net income
Preferred dividends
Common dividends__ _ _
Approp. of profit for
stock purchase fund
der$3.706
18,459
$2,823
$21,838
36,000
14,753
Addl res. necessary ror
income tax applicable
to previous period_ __ _
21,537
Dr5,902
Balance, surplus
$21,838
$18,458
$14,753
$33,030
Earns, per sh. on 40,000
shs. corn. stk. (no par)
Nil
S2.19
$1.05
$1.57
x Includes income from securities and adjustments of investments
to market value.
Balance Sheet March 31.
Assets
,
Cash
$239,561
Invest. in bonds
280,087
Accts. receivable.
33,635
Inventory
68,579
Advance to trust _ _
32,138
Prepaid insurance.
3,552
Land, &c
488,492
Patents
1
Total
$299,003
188,956
27,710
95,434
43,328
3,752
488.310
1
51,146,048 $1,146,494
Accounts payable_
Dividends payable
Deprec. reserve....
Res. fund for red.
of pref. shs.,
Return. containers'
reserve
x Preferred stock_
y Common stock_
Capital surplus_ _ _
Earned surplus...
Total
x Represented by 20,725 no par shares.
no par shares.
-V. 136, p. 4285.
279,295
1932."
$60,211
25,544
242,260
24,148
20,725
40,000
707,514
33,030
10,917
-4
24,569
20,725
40,000
707,514
14,754
1933.
$41,334
$1,146,048 $1,146,494
y Represented by 40,000
2284
Financial Chronicle
North American Bond Trust Certificates.-Semi
Annual Report.
The report on the administration of this Trust for the six months ended
Aug. 31 states in part;
Total assets of fund amounted to $1,048.986 at the close of business on
Feb. 28. On Aug. 31, total assets stood at $2,192,074. This increase of
31,143,088 represents principally growth of fund through purchase of additional interests by invesi ors. At the beginning of the period, the market
value of securities then held, including accrued interest, was $56,939 lees
than cost. At Aug.31, the market value of securities then held was $61,211
in excess of cost. Appreciation in market value of the deposited securities,
including accrued interest, amounted to $118.150 during the semi-annual
period.
Early in April for example the purchase of industrial bonds was stressed
to a greater degree than formerly. During the six months ended Aug. 31
1933. purchases of this type of security represented 23.57 of all purchases.
As a result of this policy, the proportion of industrial bondholciings was
increased from 13.2% of the total market value at the beglpning of the
period to 19.9% at the end, an increase of about 50% in the relative
importance of these holdings. The effect of this control over buying policeies
also resulted in a decline in the proportion of bonds of telephone and telegraph companies from 2.3% to 1.4% and in other public utility obligations
from 61.47 to 53.2%. The holdings of railroad bonds were increased from
23.1% to 25.6% during the period.
Three issues have become ineligible for further deposit under the terms of
the trust agreement since the close of the last period. On April 1 1933,
Birmingham Water Works Co. 5Yis due 1954, because of relative market
Inactivity, were removed from unlisted trading privileges by the New
York Curb Exchange. Since the trust agreement requires, amoOg other
things, that bonds to be el gible for deposit must be either listed or commonly dealt in on the New York Stock Exchange or New York Curb
Exchange, no further deposits of this issue have been made. Central RR.
Co. of New Jersey earned 67% of its fixed charges during 1932 and this
ratio was sufficiently low to reduce the five year average to 1.43 times or
less than the 1.50 times required by the trust agreement. In view of this
fact, the company's general mortgage 5% bonds, due 1987 and 4X%
equipment trust certificates due 1938 are not now eligible for deposit. At
the close of the period covered by this report, the total market value of
all bonds of issues not now eligible for deposit represented only 1.56% of
the market value of all of the underlying bonds.
-Annual Period Ended Aug. 31
Statement of Distribution per Interest for Semi
-Payable Sept. 151933.
1933
3.011210
Amount carried forward from preceding distribution
21.465182
Coupons
.012333
Interest on cash balances
$21.488725
Less
-Administration fees pursuant to Section 5.09 of the trust
.732816
agreement
$20.755909
Less
-Minor fractions not practicaole to distribute, carried over
.055909
to next semi-annual peribd
320.700000
Distribution
-V.136,P. 1899
.
-New Securities Ready.
North American Cement Corp.
John J. Porter. President of the corporation, announces that the new
securities of the corporation issuable under the plan for readjustment of the
capital structure, recently declared operative, are now ready for delivery.
The interest due Sept. 1 on the new 6A % mortgage bonds Is being paid on
presentation of coupons.
Holders of the corporation's sinking fund gold debentures, series A
636%, due Sept. 1 1940, who have not yet deposited their debentures for
,
exchange pursuant to the plan, but desire to do so are requested to communicate with the corporation.
Holders of the preferred and common stock who have not received a
letter from the corporation in respect to the exchange of their stock, as
provided in the plan, are also requested to communicate with the corporation.
Common Stock Removed from List.
The New York Curb Exchange has removed from unlisted trading privileges the common stock (no par).
-V. 137, p. 882.
Northam Warren Corp. (4k Subs.):-Earnings.
Calendar YearsNet income after Federal
income tax
Previous surplus
1932.
1931.
1930.
1929.
3527,173
2,033,267
$816,708
1,639,414
$807,015
997,071
$727,901
417,674
Total surplus
$2,560,440
109,843
Preferred dividends.. _ _ _
300,000
Common dividends
Reserve for securities_
100,000
Res.for contingencies__ 16,115
Adjustments
$2,456,121 $1,804.086 $1,145,574
148,503
123,905
138,634
200,000
72,391
26,559
Dr26,037
$2,034.482
Surplus Dec.31
Common shares outstdg_
200,000
$2.08
Earnings per share
$2,033,267
200,000
$3.46
31,639.414
192.500
$3.47
$997,071
192,500
$3.04
Condensed Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
Assets1032.
$755,045 $404,478 Accounts pay., &e 5220,044 $271.191
Cash
236.280
160,403
Accounts receiv__ _ 360,184
487.083 Reserves
303,800
440,573
450,320 Mortgages payable 295,200
Inventories
Securities at cost _ 601,963
803,203 Reserve for conting 100,00C
940.000
y Cony. pref.stock 910,000
Life insur. policies
200,000
surrender value_
127,044
105.528 Common stock__ _ 200,0C0
Miscellaneous sects
31,765
Capital stock arising from eale of
Sundry for. assets_
93,706 •
82,500
82,500
Invest. In & adv.
common stock_ _
2.034.482 2,033,207
19,247
35,190 Surplus
to subs., &e _ _
Treasury stock__ _ 308,665
312,565
x West17thSt.pro p 160,682
163,687
x Land. bldgs.. machry.& equip_ _ 201,982
188,288
Leaseh'd & impt
388,732
916,762
Good will, trade
marks & names,
537,784
537,590
formulae, &c_ _ _
60,139
91,466
Deferred charges-54,087,511 33,996,161
Total
$4,087,511 $3,996,161
Total
x After depreciation. y Represented by 45,500 no par shares in 1932
and 47,000 in 1931.-V. 136, p. 3175.
orthern Paper Mills.
-Removed from List
..*-----r New York Curb Exchan)has removed from unlist
The
I
the common stock (no pas -V. 134. p. 3109; V. I
trading privip. 493.
North Star Oil, Ltd.-Earnings.Earnings for Year Ended Dec. 31 1932.
Gross profit
Wages & general expenses
Taxes
Depreciation
Interest
Profit for year
Accumulated profit on drums sold
Previous surplus
Total surplus
Income tax adjustments(1931)
Reserved for 1932income tax (estimated)
Preferred dividends
Amount transferred to reserve for doubtful debts
Balance Dec. 31 1932
$968,112
558,823
57,625
235,959
69,166
$46,540
24,307
283,323
$354,170
3,004
10,291
70,000
200,000
$70,875
Sept. 23 1933
Balance Sheet Dec. 31 1932.
Liabilities
Assets
$1,936,910
Cash
$89,390 Accounts Payable
Trust funds
17,500
8.223 Dividend on preferred shares
10,291
Sundry debtors
1,371,464 Income taxes 1922 (est.)
Stock in trade
3,261
729,138 Reserve for agency fire insur
Temporary investments
26,250 7% cum. pref. shares (par $5)_ 1,000,000
Prepaid expenses
1,000,000
9.335 Common shares (par 55)
Invest. in de adv. to sub
70,875
152,580 Surplus
Miscellaneous investments
525
Fixed assets
1.651,932
Goodwill and trade marks_ _
1
Total
$4,038,838
Total
$4,038,838
-Earns.
Northwest Engineering Co.(Del.)(& Subs.).
Earningsfor Year Ended Dec. 311932.
Gross profits from trading
Sales and administrative expense
$377,783
630,804
Loss from trading
Interest, discounts and other income
$253,021
206,178
Loss
Interest on debentures
$46,842
115,398
Net loss carried to surplus
Capital stock and surplus, Jan. 1 1932
Reserve for income tax restored to surplus
$162.240
4,210,361
9,130
Total
Dividends paid
Provision for bad debts, prior years
Provision for State taxes, prior years
$4,057,252
75,000
68,383
110,000
Capital stock and surplus, Dec. 31 1932
$3,803,868
Consolidated Balance Sheet Dec. 31 1932.
Liabilities
Assets
$48,585
Cash
51,394.259 Accounts payable
U. S. Government securities
356,000 Accrued payrolls, taxes, commissions, &c
101,344
a Accounts & notes receivable. 1,217,699
55,770
Accrued interest receivable_
47,504 Accrued interest payable
123,486
Inventories
1,458.285 Reserve for taxes
Cash surrender value of life ins.
28,200 10 yr.6% sink,fund gold debs.
due 1938
1,859,000
Other assets: securities, at cost
15,000
b Fixed assets
1,443,591 c Capital stock and surplus... 3,803,868
Deferred charges
31,512
Patents, good-will, &c
1
Total
Total
$5,992,054
$5,992,054
a After reserve for bad debts of $170.891. b After depreciation of
-V. 134. p. 2738.
$652.639. c Represented by 300,000 no par shares.
-Pre(T. M.) Norton Brewing Co., Anderson, Ind.
ferred Stock Offered.
A. H. Harrison & Co., Chicago, recently offered 187,500 shares of preferred stock at market. Stock is listed on the Chicago Board of Trade.
Northern Trust Co., Chicago, transfer agent. City National Bank & Trust
Co., Chicago, registrar.
Stock is convertible into common stock share for share in the event of
call for redemption as an entirety at $5 per share, plus divs. upon 30 days'
notice to the holders thereof and by publication as provided in the articles
of incorporation. Preferred as to cumulative dividends at the rate of
8 cents per share per annum and as to assets at the rate of $2.50 per share
and divs. on liquidation, voluntary or involuntary. Participates fully
with the common stock on a share for share basis after the common stock
has received 8 cents per share. Red. on any div. day as a whole only upon
30 days' notice at $5 per share and divs. Semi-annual dividends payable
January and July beginning January 1 1934.
Authorized.
Outstanding.
Capitalization200,000 shs.
Class A particip.preference stock($1par).-200.000 shs.
300.000 shs.
100,000 shs.
Common stock ($1 par)
Note.
-200,000 shares of the common stock reserved in the treasury
the company for conversion purposes when, as and if authorized in
of
accordance with the articles of incorporation of the company.
Data from Letter of Martin C. Norton, Pres. of Company.
-Company was founded in 1866 and was organized
History and Business.
as an Indiana corporation In 1896 and operated continuously until prohibition. The orewery has been owned since its foundation by the Norton
family.
Upon completion of the proposed improvements the brewery will have
an estimated annual capacity of approximately 50,000 barrels.
Purpose.
-The entire proceeds of this issue will be used to repair and
recondition the brew house and its equipment; erect a modern bottling
plant with modern bottling equipment and to purchase bottles, cases,
trucks, raw materials, &c., and provide ample working capital. The
entire work of rehabilitation and erection of the new building will be under
the direct supervision of Richard Griesser & Son, Brewery Architects and
Engineers of Chicago. In accordance with an agreement on file with the
Northern Trust Co. of Chicago as escrow agent, certain funds will be
deposited ftom time to time with them and released only as provided in
said agreement to assure completior of these improvements.
-New Director.
Occidental Petroleum Corp.
J. W. Hartung, Secretary, has been elected a member of the board of
directors, succeeding T. W. Okey.-V. 136, P• 1899.
Ontario Silknit, Ltd.
(& Subs.).-Earnings.
1932.
Calendar Years1931.
1930.
a Profit for year
$158,270
$170,419
$116,118
Depreciation
50,780
64.203
53,174
Provision for income tax
54,944
2,293
22,026
Additional prov. for exchange reserve
37,420
Profit before dividend
Surplusfrom previous year
$15,126
53,646
b$95,219
112,213
b$49,622
288,206
Total surplus
Preferred dividend
Write-off of Mexican investments
$68,773
$207,432
52,500
$337,828
70,000
191,341
Balance, surplus
Life insurance adjustment
$68,773
$154,932
$76.487
35,726
Balance
Foreign exchange writeoff 1930
Writedowns of subsidiaries 1931
Australian income taxes & other exps_
$68,773
$154,932
50,000
51,286
$112,213
9,839
Balance
$112,213
$58,934
$53,646
Earns, per sh. on 40,085 shs. common
Nil
stock (no par)
Nil
$1.06
a After providing for all manufacturing, selling and administrative
Before
expenses but before depreciation,taxes and foreign exchange basis. b
providing for losses on foreign exchange.
Consolidated Balance Sheet Dec. 31.
1031.
Assets1932.
1931.
1932.
Cash
$56,582
$29,591 Preferred stock._ _ $1,000,000 $1,000,000
219,680
Accts. & notes reCommon stock.. 219,680
Y
4,296
243,771 Bank loans, dcc_
ceivable
213,032
228.183
Due from div.,Ac _
10,739 Accts. & notes pay 155,674
13.642
Inventories
426,291
6,950
487,752 Accrued expenses.
14.321
Life insur. policies_
48,060
10,083
5.956 Res.for inc. taxes_
Inv.In WOO.COE-117,875
2
2 Mtges. payable... 109,375
Deferred charges
9,446
10,418 Earned surplus ot
267,057
x Land, buildings,
predecessor co_ _ 267,957
53,647
58,934
plant, equip.... 1,151,124 1,131,372 Profit & loss. BurpTotal
$1.866.562 $1,919;601
51,866,562 $1,919,601
Total
x After reserve for depreciation of $260,545 in 1932 and $212,847 in 1931.
y Represented by 40,085 no par shares.
-V. 137. 13• 1591.
Financial Chronicle
Volume 137
2285
Oppenheim, Collins & Co.
-Earnings.
-
Park Utah Consolidated Mines Co.
-Earnings.Years End. July 31For income statement for 6 months ended June 30 see "Earnings De1931.
1930.
1933.
1932.
Sales
partment" on a preceding page.
-V.137, p.
$7.083,303 $9.687,628 $13.889.892 $16,551,806
Net loss after all charges
110.698 prof507,248 prof952,614
515,535
-V. 136, p. 3551.
"
'"Peerless Motor Car Corp,- o Increase çzpitaJization
Pacific Eastern Corp.
-$40,000 More Offered to Gold- and Change Name-Rig,4*.-,..
man Sachs Trust.
The stockholders will vote Oct. 4 on approving the lssuancM of 92,348
An additional offer of settlement of suits against the former Goldman
Sachs Trading Corp.'s officers and directors has been made by Ralph
Jonas, a former director. He has offered to pay $40,000 "in full and final
settlement of all claims that have been or might be asserted in behalf of the
corporation against him." The corporation is now known as the Pacific
Eastern Corp.
The meeting at which stockholders of Pacific Eastern Corp. are to
vote on the acceptance of this offer, with that made by other former officers
and directors previously made, has been postponed until Sept. 25. These
other officers and directors have offered to _pay $85,000 in cash and 100.000
shares of capital stock in the company as full settlement of any past, present
or future claims against them.
Originally called for Aug. 28, the meeting has been delayed by the filing
of injunctions by stockholders who had not previously sued. Final disposition of these suits is expected prior to Sept. 25.
An answer to the suits brought by Edward Jacobs and Tillie Harasik of
New York, against the Goldman Sachs Trading Corp. to enjoin it from
accepting an offer of $85,000 in cash and 100,000 shares of its own stock was
filed in Chancery Court, Wilmington, Del., Sept. 14.
The answer admits the offer of settlement was made and that it was
approved by directors contingent on approval by stockholders. The answer
denies the offer is fraudulent and contents that under existing circumstances it is fair and desirable to the corporation and its stockholders.
The co-partners of Goldman, Sachs & Co., who had intervened as defendants,recently filed a similar answer.
-V.137, p. 1949.
Pacific Southern Investors, Inc.
-Pays Accum. Div.
The directors have declared a dividend of 75 cents per share,on account
of accumulations on the $3 cum. pref. stock, no par value, payable Oct. 2
to holders ofrecord Sept. 15. This covers the disbursement due Jan. 1 1933.
A similar distribution was made on the above issue on Aug. 5 and
Sept. 1 last.
Accruals, after the Oct. 2 payment, will amount to $2.25 per share.
-V. 137, p. 1254.
Package Machinery Co.-Dividend Again Reduced.
The directors recently declared a dividend of 25 cents per share on the
commcn stock, par $50. payable Sept. 1 to holders of record Aug. 19.
This compares with 50 cents per share paid on Juno 1 last, 75 cents per share
on March 11933,$1 per share on Dec. 1 1932 and $1.50 per share previously
each quarter.
-V. 137. p. 1949.
Packer Corp. (& Subs.).-Earnings.
Earnings for Year Ended Dec. 31 1932.
Earnings-bill posting and painting
Paint and poster departments
Shop expense
Automobile and garage
Office and general administration
Bad debts
Depreciation
Interest earned (less interest paid)
$310,342
154,289
14.214
3
69.526
7,535
Cr2,. 01
93 0
312
Loss before prepaid rentals to surplus
Dividends paid
$30,289
60,000
Consolidated Balance Sheet Dec. 31 1932.
LiabaittesAssets
Cash
$94,095 Notes payable
Value of life insurance
25,053 x Capital stock (authorized
Accounts receivable
40,014
and issued 60,000 shares of
Investments, stocks owned
no par value) issued at
7,000
Fixed assets, deprec. value_ _
. 1,289,630 Surplus
Total
-V. 135. P. 4228.
$1,455,792
$15,000
1,200,000
240,792
$1,455,792
Total
Page-Hersey Tubes, Ltd.-Earnings.
Calendar YearsOperating profit
Investment income
1932.
$312.637
169,215
1931.
$1.138,618
161.389
Total income
Depreciation
Tax reserve
$481,852
75,000
64,200
$1,300,007
178,799
107.469
Net income
Preferred dividends
Common dividends
$342,652
1.274
675.533
$1.013,739
1,384
855,769
def$334,155
1,057,326
$156,586
940.703
$723,171
174.256
$1.96
$1,097,289
174,252
$5.81
Balance
Previous surplus
Total surplus
Shares common stock outstanding (no Par)
Earnings per share
Balance Sheet Dec. 31.
1932.
1931.
1931.
1932.
Assets
Real estate, bldgs.,
7% cum. prat.stk..
18,400
18,200
plant, mach.and
a Common etock__ 6,248,671 6,248,471
equipment
4,415,339 4,328,598 Accts. & bills pay_
202,601
251,838
Invest, in stks. of
7,171
Accrued wages__ -subs.&allied COO. 739,000
739,000 Miscellaneous_
1,225
Cash
474,271
644,238 Dividends payable 126,180
214,137
Call loans(aecured) 600.000
600,000 Reserves
1,042,266 1,036,619
accts. and bill rec. 170.109
332.182 Surplus
2,500,000 2,500,000
Adv. to sub. cos
195,347
346,481 Profit and loss__
723,171 1,057,326
Empl. bonus fund. 351,139
310,530
Investments bonds 2,463,878 2,466,253
Merch. inventory_ 1,453,229 1,666,680
Total
10,862,314 11,333,963
Total
10,862,314 11,333,963
x Represented by 174,256 no par shares in 1932 and 174,252 in 1931.
-v. 135, P. 2004.
Palmer Brothers Co.(& Subs.), New London, Conn.
Earnings for Year Ended. Dec. 31 1932.
Gross manufacturing profit
-after providing for all expenses for
labor, materials & factory overhead, excepting depreciation__
Interest earned & other miscellaneous income
-net
$73,957
10,295
Total income
General administrative & selling expenses
Depreciation
$84,252
195.275
66.457
Net loss
Operating deficit
-Surplus, Jan. 1 1932
$177,480
33,901
Deficit
-Dec. 31 1932
$143,579
-arising from discount on pref, stk. purchased _
Capital surplus
665,985
Condensed Consolidated Balance Sheet Dec. 31 1932.
Liabilities
Assets
$458,562 Accounts payable
Cash
$13,697
229,894 Accrued taxes, wages, &c
Marketable securities
23,928
2,271 $4 cumul. cony. pref. stock
Accrued interest receivable_
126,713
(par $60)
Accounts receivable
1,062,000
289,407 yCommon stock
Inventories
420,000
57,264 Capital surplus
Real estate mtge., invest., &e.
665,985
869,535 Operating deficit
xi-and, bldgs., machinery, &c_
143,579
8,385
Deferred charges
$2,042,031
Total
Total
x After reserve for depreciation of $911,120.
-V. 136, P. 3735.
par) shares.
y Represented
$2,042,031
by 126 (no
additional shares of capital stcck and on changing the name of this corporation to Peer'ess Corp.
The shares will be offered to stockholders at $5 a share in the ratio of
one new share for each five shares held.
With the proceeds of the sale the company proposes to finance its brewery
venture through the Brewery Corp. of America. The new issue will be
underwritten by a member firm of the New York Stock Exchange.
Earnings.For Income statement for 3 and 9 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 137. P. 1254.
Philadelphia
Deferred.
Dairy Products Co., Inc.
-Dividend
The directors have taken no action on the quarterly dividend due Oct. 1
on the $6.50 cum. prior pref. stock, no par value. The last regular quarterly
payment of $1.62Y6 per share was made on this issue on July 1 1933.
President C. C. Burden in a letter to the stockholders, dated Sept. 15,
says:
"Because of the sharply reduced volume of business, of the company
during the current year, a condition common to most companies in the dairy
Industry, and the consequent reduction in earnings, together with the
normally low earning months ahead, and the chaotic conditions now facing
the dairy industry, the directors deemed it advisable at their meeting on
Sept. 14 to defer the dividend due Oct. 1 1933. on the prior preferred stock.
'With any reasonable increase in business and settlement of the present
unfavorable conditions in the industry, the board feels that it would soon be
in a position to resume the preferred dividend payment which, in the meantime, is cumulative.
"The management has been reducing indebtedness and has strengthened
the cash position of the company and all efforts will continue to be concentrated in that direction. Drastic economies have been effected in the
cost of doing business and certain changes have been made in the management."
-V. 137, p. 1066.
Photo Engravers & Electrotypers, Ltd.-Earnings.
Years EndedFeb 28 '33. Feb. 29 '32. Feb. 28 '31. Feb. 28 '30.
Net profit after depreciation, but before deductions for Dominion inc.
$104,841
$96.175
tax
$75,232
$76,209
Earns, per sh. on com.
$2.95
$3.19
stock
$2.51
$2.54
Assets
Cash
y Accts. receivle_
Inventories
Life insurance_
Def. chgs. to opera
Fixed assets
Inv. In subsidiary_
1933.
$6,911
94,600
35.877
14,773
5,175
664,394
224,502
Balance Sheet Feb. 28.
Ltabtlities1932.
821,079 Accounts payable_
141,081 Accrued items__ _
60,387 Div. pay. March 1
13,651 Bank loan
8,522 Notes payable.--757,197 Accrued charges.
227,911 x Capital stock_ _ _
Surplus
1933.
$30,401
23,278
250,000
550,000
192,553
1932.
$68,081
16,788
15,000
250,000
153,013
36,204
550,000
140,743
81,046,233 $1,229,831
Total
81,046,233 81,229,831
Total
x Represented by 30,000 shares no par. y After reserve for bad debts of
$5,000 in 1933 and $141,081 in 1932.-V. 135, p. 1506.
Pie Bakeries, Inc.
-Pays Part of Accum. Dividends.
The directors have declared a dividend of $1.75 per share on account of
accumulations in addition to the regular quarterly dividend of like amount
on the 7% cum, pref. stock, par $100, both payable Oct. 2 to holders of
record Sept. 22. A distribution of $1.75 per share was also made on this
Issue on July 1 last, which was the first payment since July 1 1932.
After the above distributions, accruals will amount to $3.50 per share.
-V. 136, p. 4285.
-The
-Plan Approved.
Pierce-Arrow Motor Car Co.
stockholders on Sept. 15 approved the plan of recapitalization
outlined in the "Chronicle" of Sept. 2, page 1777.-V. 137,
p. 1949, 2117.
-New Directors, dec.Pillsbury Flour Mills Co.
Continuing its policy of recognizing the services of the younger key men
in its organization, the company at its annual stockholders meeting last
week chose four as additional directors of the company and promoted two
to Vice-Presidencies.
The new directors chosen were Emory J. Price, personnel director;
John I. Beatty, Comptroller: C. O'Donnell. Assistant Treasurer, and
M. H. Matschke, Credit Manager.
Promoted to the offices of Vice-President were H. W. Files, General
Sales Manager, and A. E. Mallon, Export Manager, both of whom are
directors.
-V. 133. p. 1626.
Piovincial Paper, Ltd.-Earnings.
1931.
$782,784
1930.
$995.748
1929.
$1,136,088
213.098
26,216
207,645
229,559
251.620
100,000
250,000
250.000
250.000
10,000
40,000
$275,364
245,000
100,000
$325,139
245.000
8516.189
245,000
125.000
8584.468
245,000
Balance, surplus
def69,636
Earns. per sh. on 100,000
shs.com.stock (no par)
$0.30
$80,139
$146,189
$339,468
$0.80
$2.71
$3.39
Calendar YectrsTotal profit
Interest on bonds, bank
loans. &c
U. S. exchange thereon_
Reserve for deprec. of
building and plant_ _ _
Res. for doubtful accts.. _
Reserve for income tax
Net income
Divs, on pref. stock_ __ _
Common dividends- _ --
8614,678
Balance Sheet Dec. 31.
1932.
1931.
LiabtlUtesAssets
Real estate, bldgs.
7% cum. pref. stk.
Common stock_
equipment, &c. 9,116,672 9,066,260
Cash
386,364
492,171 Mortgage debt _ __
Accounts payable
Dom.of Can. bele_
499,625
Accts. & bills rec. 673,919
851,871
accrued charges
Inventories
& reserve for in784,622 1,088,073
come tax
Govt. deposits on
timber limits_ _ _
18,000
18,000 Div. on pref. stock
Investments
61,631 1,069,176 Bond int. accrued_
Res. for deprec. of
plant & bldgs_ _
General reserve...
Surplus
1932.
1931.
3,500,000 3,500.000
100,000
100,000
3,874,500 4,900,000
175,333
61,250
35,516
248,863
61,250
38,582
1,600,000 1,500,000
1,511,301 1,484,286
682,934
752,570
Total
11,540,834 12,585,552
11,540,834 12,585,552
Total
x Represented by 100,000 shares (no par).
-V. 135, p. 2505.
Pullman, Inc.
-Creates Research Department.
This corporation on behalf of its subsidiaries, the Pullman Co., the
Pullman Car & Manufacturing Corp., the Standard Steel Car Corp. and the
Pullman-Bradley Car Corp., announces the creation of a research department for the development of transportation equipment under the supervision of Vice-President E. E. Adams.
-V. 137, p. 1066.
Financial Chronicle
2286
Quarterly Income Shares, Inc. Pass
-
10-Million Share
Mark.
The number of Quarterly Income Shares now outstanding has passed the
10 million share mark, according to a statement made Sept. 15 'by Cedric
H. Smith, Vice-President of Administrative and Research Corp., underwriters for the trust.
"With 10,168,920 shares now in hands of investors more than one-third
of the authorized capital stock of Quarterly Income Shares, Inc., has been
issued," Mr. Smith stated. "Since the initial date of public offering,
Dec. 19 1932, an average of more than 1,100,000 shares have been distributed per month."
-V. 137, p. 1950.
Raymond Concrete Pile Co.
-Earnings.
Years Ended Dec. 311931.
1932.
$207,742$314.225
Loss from operations
Other income charges
30,225
20,063
. Gross loss
Income credits
Net loss for the year
Surplus at beginning of the year
Surplus credits (net)
Surplus before dividends
Preferred dividends
Common dividends
$237,967
71,814
$334,287
117.152
$166,153
1,161,240
237,871
$217,136
1,650,859
7,950
$1,232,958 $1,441,673
95,540
94,989
184,893
Surplus at end orthe year
$1,137.969 $1,161,240
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
Assets1932.
Cash
$286,020 $288,484 Accounts and notes
$73,732 $117,137
payable
Notes and accounts
360,000
404,618 1,060,321 Dank loans payable
receivable
3,3C0
2,090
Marketable bonds 1,206,493 1,048,787 Accrued taxes_ ___
4,990
5,140
521,853 Unclaimed divs.pay
Inventories
372,853
Res. for contIng_ 600,000
500,000
Contracts-unbIlled
89,534
49,963 Res. for Indemnity
Portion
16,099
claims
27,862
Other accounts and
104,834 Preferred stock
1,698,400 1,698,400
notes receivable 115,691
976,586
539,853 x Common stock
976,586
Other securIties___ 591,562
128,115 Surplus
1,137,969 1,161,240
Treasury stock__ 128,115
225,368
204,658
Patents
y Plant and other
853,361
1,105,783
Property
16,451
16,872
Deferred charge_
Patents and good1
will
Calif. has been construed in certain quarters as meaning that the sale has
actually taken place. To correct the misconception, William C. McDuffie,
receiver for the company, issued the following statement:
"The Richfield receivership is still in operation and the business of the
company, as a separate entity, is being carried forward as in the past.
From the latest information which the receiver has, the committee representing the Richfield and Pan American bondholders and creditors, after
months of negotiations, has agreed upon the terms of an offer with the
Standard 011 Co. of Calif which, the receiver is informed, it is planned will
be made public by the committee after certain legal obstacles have been
overcome. Just when this offer will be made public is not kown, but it
is believed it will be made shortly.
"In the meantime the committee representing the bondholders and
creditors may receive offers for the purchase of the property from any
other prospective bidders. The operations of the Richfield business will
continue in receivrship unchanged as no sale has been made and it seems
likely that a long period of time will elapse before a sale can be consummated."
Earnings.
The company and subsidiaries showed for the 6 months ended June 30
1933 an operating profit of $755,401 before depreciation and depletion,
according to a report filed with the court by William C. McDuffie,receiver.
Operating profit before depreciation and depletion for the entire period of
receivership from Jan. 15 1931 to June 30 1933, amounted to $8,212,819.
The Richfield receivership proper, shorn cf all subsidiaries except Richfield Oil Co., a California corporation, and United Oil Co. showed an
operating profit over the six-month period of $639,503 and net loss of
$606,209 after charges of $1.245.712 for depletion, depreciation and loss on
properties abandoned and sold.
Receiver Will Seek Write-down Unless Oil Properties Are
Sold Soon.
Commenting upon the heavy charges for depletion and depreciation in
the report of the company for the six months ended June 30 1933, W. C.
McDuffie, receiver, states:
"As repeatedly pointed out in all previous reports, the properties in the
hands of the receiver are carried on the receiver's books at a figure very
greatly in excess of present possibility of realization under sale. The resuiting depletion and depreciation charges accrued on this excess value of
properties are so excessive as to prohibit any substantial net profit under
existing conditions. Another factor which prohibits the earning of any
substantial net profit is the fact that it is necessary to purchase the main
portion of the crude oil supply.
"Unless the properties can be brought to an early sale, it is the receiver's
intention to petition the Court to allow him to rewrite the assets of the
company more in line with present conditions, so that the creditors may
more truly know the present-day value of the assets as well as their earning
ability."
-V. 137. P. 2118.
Rossville
$4,521,779 $4,837,751
Total
$4,521,779 84,837,751
Total
x Represented by 184,893 shares of no par value. y After reserves of
$1,493,656 in 1932 and $1,656,743 in 1931.-V. 135, p. 311.
Sept. 23 1933
Union
Distilleries,
Inc.
--Sale of Carthage
(Ohio) Plant.
-
The Penn-Maryland Inc.. jointly owned subsidiary of the U. S. Industrial
Alcohol Co. and of the National Distillers Products Corp., has purchased
the distillery of the Rossville Union Distilleries, Inc. at Carthage. Ohio,
-Stock Sale Barred by Jersey /
Rayon Industries Corp.
equipped to make either whiskey or spirits, for $1,215,000 in cash.
-V.137.
The 'Herald Tribune" Sept. 17 stated:
1: 1779.
0•
An injunction, prohibiting Rayon Industries Corp., Marshall Ward &
Co., a brokerage house of New York, the "National Investment TransSafeway Stores, Inc.
-Sales.
-cript," a newspaper of Camden, and others, from the promotion and sale
-1932.
-1932.
1933-36 Wks.
Period End. Sept.91933-4 Wks.
of any securities within or from the State of New Jersey, was granted by
Sales
$17,128,165 $16,820,506 $148801,310 $160502,575
Alfred A. Stein, Vice-Chancellor of Elizabeth on Sept. 12. It will be
-V.
Stores in operation now total 3,297, compared with 3,406 last year.
returnable on Sept. 26.
137, P. 1593
.
According to information from the office of Richard C. Plumer, Assistant
Attorney-General of New Jersey, who represents the State, it is alleged that---rn St. Joseph Stock Yards Co.
-Dividend Increased.
those named in the action have violated the New Jersey Securities Act and
The directors have declared a quarterly dhidend of 75 cents per share
further sale of securities by them would be contrary to public interests.
on the common stock, no par value, payable Sept. 30 to holders of record
It is said that part of the action revolves around sale of securities by
Sept. 20. This compares with 50 cents per share paid in March and June
employees of "National Investment Transcript," of which Clement H.
last. $1 per share in September and December 1932 and $1.50 per share
Congdon is publisher, over the telephone.
previously each quarter.
-V. 136, p. 2084.
Class A stock of Rayon Industries Corp. is listed on the New York
Produce Exchange and trading has been quite active recently.
-Quarterly Div.
St. Louis National Stock Yards Co.
Included among those named in the injunction are Rayon Industries Corp.
The directors have declared a quarterly dividend of $1.3158 per share
Marshall Ward & Co.; Continental Corp. of New York; "National Investon the capital stock, payable Oct. 2 to holders of record Sept:25. This is
ment Transcript" and its publisher, Clement H. Congdon; Simon Levin,
equivalent, after deduction of the Federal tax of 5%,to the $1.25 per share,
President of Rayon corporation; George Donovan,a director of the corporathe rate paid in each of the two preceding quarters -V. 1;37, p. 1951.
tion; Jesse Hecht and Ernest Wilson, of New York; College Weaver, Inc.
of Mass.; College Throwsters, Inc. of New Jersey; Beldray Throwsters ""-""St. Paul Union Stock Yards Co.
-Dividend Inmeased.Corp and Beldray Throwsters Inc., and Beldray industries Corp., all of
The directors have declared a quarterly dividend of 75 cents per share on
Michigan; S. Levin & Co., Inc. of New York; Norfolk Weavers, Inc. of
the common stock, no par value, payable Oct. 1 to holders of record Sept. 18.
Virginia: First Continental Corp. of Del.•, Samuel Vance of Merriam, Pa.;
This compares with 50 cents per share paid in each of the two preceding
Marshall Ward and Loftin E. Johnson, trading as Marshall Ward & Co.;
quarters and 75 cents per share previously.
-V.137, p. 705.
Patton & Co. of Del.: Henry J. Patton and various employees of "National
-V. 137, p. 1067.
Investment Transcript."
Second International Securities Corp.
-Resumes Pref.
-Extension of Bonds.
Reading Co.
Dividend.-The directors on Sept. 20 declared a dividend
The I.
-S. C. Commission has authorized the company to extend for 10
of 50 cents per share on the 6% cum. 1st prd. stock, par $50,
years from Oct. 1 1933. the maturity date of $2,644,000 Philadelphia &
Reading RR. prior lien mortgage bonds. The Reading Co. also was perpayable Oct. 2 to holders of record Sept. 23. Regular quarmitted to guarantee the principal and interest of the bonds during the
terly distributions of 75 cents per share had been made on
extended period.
-V. 137, p. 3101.
Reliance Grain Co., Ltd.-Earnings.-1932.
1931.
Years End. July 311933.
$325,783
$506.114
$351,972
Profits, after expenses__
'116.122
114,836
Bond interest
110,701
203,973
208,671
211,520
Depreciation reserve__ 21,000
Income tax reserve
4,500
130.000
130.000
Preferred dividends
130.000
1930.
$110.132
118,609
130,000
$35,019 def$138,478
Surplus
def$104,748 def$127.724
Earns, per sh. on 100,000
Nil
Nil
$0.35
ebs. corn. stk.(no par)
Nil
Consolidated Balance Sheet July 31.
1933.
1932.
1933.
1932.
Assets$
$
Cash
$19,597
$6,965 Bank loans & overGrain & coal inven. 8,117,574 3,738,163 drafts (occur.).... 7,226,083 2,536,855
Smith-Murphy Co.
Accr.st'ge on grain
148,520
63,970
37,134 Inc
stored
9,680
Accts. & adv. res. 535,618
281.701 Accts. payable,&c.
Mtges. & agreem't
63,830
72,075 Incl. prov. for
432,851
307,292
income tax
Dep. with WinniBond int. accrued_
8,700
8,927
peg Grain & Pro1st mtge. and coll.
85,000
duce Exchange_
;.f. 20-yr.
Bonds of the co_ __
97,400
gold bonds
1,825,000 1,872,600
Shares In Indus. &
82,011 Cum.pr et.stock__ 2,000,000 2,000,000
other co
148,029 x Com. stock and
Membership & shs. 153,590
surplus
1,104,646 1,209,395
Smith-Murphy Co.
Inc
250,000
250,000
Smith Murphy &
40,000
Milroy, Ltd.__
3,257,931 3,406,424
y Properties
27,776
60,000
Bond discount
3,257
1,088
Raps. paid In adv.
Total
12,661,251 8,083,590
12,661,251 8,083,590
Total
x Represented by 100,000 shares of no par value. y After reserve for
$900.571 in 1933 and $691,734 in 1932.-V. 135, p. 2185.
depreciation of
-Larger 2d Pref. Dividend.
Rice-Stix Dry Goods Co.
The directors have declared a quarterly dividend of $1.75 per share on
the 7% cum. 2nd pref. stock, par $100, payable Oct. 1 to holders of record
Sept. 15. This compares with 87% cents per share paid on this issue on
April 1 and on July 1 last, prior to which regular quarterly payments of
-V. 136. p. 1567.
$1.75 per share were made.
-Sales Not Concluded
Richfield Oil Co. of Calif.
Acceptance of Standard of California Terms Will Not Preclude
Other Proposals.
The statement that the reorganization committee has accepted the terms
of the Standard Oil Co. of Calif.'s offer for the assets of Richfield Oil Co. of
this issue to and incl. April 1 1932; none since.-V. 137,
P. 1594.
Selected American Shares, Inc.-Report.
On Aug. 31 1933 company's assets were invested in stocks of 47 leading
corporations. The percentage of investment [percentage of total assets, exclusive of amounts set aside for the Sept. 15 dividend, taken at market
values on Aug. 31 1933] in the major groups was as follows: Industrial
stocks. 73.5%; railroad stocks, 12.3%: publid utility stocks, 12.0%; cash,
2.2%. The distribution of the 73.5% which was invested in industrial
stocks was as follows:
Merchandising
Automobile
5.2
8.2
Chemical
Medicine and drug
1.4
17.0
Electrical equipment
4.07 Metal
0.3
Food
8.1
9.70 Metal container
Household equipment
2.1
Oil
3.8
Kodak and film
3.7
Railroad equipment
O.89
Machinery
2.9 o
6.3% Tobacco
Statements of Distribution Surplus and Capital Surplusfor Period of Operations
to Aug. 31 1933.
Distribution Surplus
Aggregate amounts of distribution surplus paid in, from time to
time, by purchasers of cap, stk., representing equivalent of
equities ofshares outstanding at dates of purchase,in accumulated income
$58,769
Dividends earned
32.300
Interest on bank balances
53
Total
Transfer agent fees
Custodian fees
Management fees
$91,122
1,144
1,853
3,472
Distribution surplus available for dividend
Dividend declared Aug. 31 1933 on 2,237,696 shares at the rate
of .034737 per share
$84,652
77,731
$5,921
Distribution surplus
Capital Surplus
Aggregate amounts of capital surplus paid in,from time to time.
'
by purchasers of capital stock as follows:
2,653,984
Total payments for capital stock
58.769
Amounts credited to distribution surplus
Amounts credited to capital stock, representing par value of
559.424
25c. per share
Balance
Issuance tax
$2,035,791
666
Balance
Realized profit on sale of investments
$2,035,125
988
Capital surplus
$2,036,113
Financial Chronicle
Volume 137
Balance Sheet Aug. 31 1933.
Assets
LfabfliliesCash
$113,109 Due for investments purchased
$32,666
and not received
Investments
2,541,439
77,731
Due rom subscribers kr capiDividend pay. Sept. 15 1933
3,144
tal stock
54,825 Accrued expenses
559,424
Cash dividends receivable
6,627 Y Capital stock (par 25c.)_ _ _
6,921
Distribution surplus
2,036,113
Capital surplus
Total
Total
$2,715,999
$2,715,999
x Market value, at per share quotations, Aug. 31 1933. $2,804,088.
3 Par value 25c.
,
-V. 137, p. 1428.
Seton Leather Co. -Earnings.Income Account for Year Ended Dec. 31 1932.
Gross profit
Loss from hide depreciation
Administrative, selling & other expenses
Depreciation on building & equipment
Deductions from income
Miscellaneous income
$79,654
84.480
100,406
6,724
9,679
Cr6,696
Net loss
$114.939
Balance Sheet Dec. 31 1932.
Asset.
Liabilities
Cash
$14,829
$175,124 Accounts payable
Accounts receivable
55,545 Advances against merchandise
Cash surrender value of life
on consignment
12,992
Insurance policies
42,476 Reserve for loss on foreign exMerchandise inventory
794
change contracts
314,417
Loans to officers, empl.& oth's
y494,000
21,706 Common stock
Sundry investments
14.146 Capital surplus
590
Capital assets
257,715
x157,506 Surplus
Total
$780,920
Total
x After reserve for depreciation of $186.845.
shares of no par value.
-V. 137. p. 705.
$780,920
y Represented by 98,800
Sharon (Pa.) Steel Hoop Co.
-New Chairman.
Henry A. Roemer has been elected Chairman of the Board to succeed
Severn P. Her, who resigned recently, but who will continue a director.
Mr. Roomer also will retain the Presidency of the company.
-V. 137. P.
1951, 1067.
Shell Union Oil Corp.
-To Move.
The corporation has leased space in Rockefeller Center, New York City,
for its headquarters. It is understood that the company, together with
some of its affiliated interests, will move from their offices at 80 Broad
Street within two months.
-V. 137, p. 1067.
ignal Oil & Gas Co. Removed from List.
he New York Curb Exchangejhas removed from unlist
legk the class A stock, par
-V. 136, p. 4104.
trading privi-
Singer Mfg. Co.
-Earnings.
Years End, Dec. 311932.
Less after depreciation.
taxes, &c
$2,964,589
Income from inv., &c__ - 5,377,287
$1,090,284 pf$14729119 pf$19529176
5.162,839
5,176,143
5.194.626
Net profit
Dividends paid
$4.072,555 $19,905,262 $24,723,802
13,950,000 19,800.000 23,400.000
$2,412,698
7,200,000
Deficit
34,787.302
Earn, per sh. on 900,000
shs.cap. stk.(par 3100)
$2.68
Balance Sheet
1932.
1931.
Assets$
al
Cash
2,338,913
3,641,933
Investments _ _ _ 95,789,015 83,906,850
Bills & accts. rec.
Or stocks & bds
of subsidiary_ 41,635,573 52,550,352
Tools, mach. &
merchandise. 17,672,641 22,263,436
Real estate
10,524,075 10,740,363
Total
167,960,217 173,102,934
-V. 136, p. 1902.
1931.
1930.
1929.
$9.877,445 sur.$105.262 sur$1323802
$4.52
Dec. 31.
$22.12
StabilitiesCapital stock _ _
Accts. payable__
Insurance res've
Surplus
Total
$27.47
1932.
1931.
$
$
90,000,000 90,000,000
8,966,416
9,495,388
10,956,496 10,782,939
58,037,305 62,824,907
167,960,217 173,102,934
Sioux City Stock Yards Co.
-Earnings.
For income statement for 8 months ended Aug. 31 1933 see "Earnings
Department" on a preceding page.
-V. 136. p. 3554.
Skenandoa Rayon Corp.-Earnings.
-Calendar YearsNet sales
Cost of sales and depreciation
Admin., selling & general expenses
Miscellaneous charges, net
1932.
$1,501,039
1,454,690
85,054
1931.
$1.804,329
1,797,765
97,350
1930.
$1,606,928
1,525,003
104.477
37,804
Net loss
Extraordinary charges
Previous surplus
$38,704
30,947
def334,728
$90,787
93,007
def150,935
$60,356
Deficit
Divs. on $7 cum. pref. & cony. pref.
stocks
Cost ofplant & equip,scrapped or disposed of
$404.379
117,341
$334,728 sur$56,985
114,695
93.225
Deficit Dec.31
$404,379
$334,728
$150.935
Balance Sheet Dec. 31.
Assets1932.
1931.
1932.
1931.
Accounts payable_
x Land,b1dgs., ma$46,470
333,227
chin'y, eq.. dro-84,041,512 $4,122,802 Notes payable__ _ _
125,000
Invest. at cost _ _ ..
125,805
125,805 Accrued accounts_
17,613
17,899
121
92 y Capital stock_ __ 6,213,500 6,213,500
Treasury stock _ __
Deficit
Patents, formulae,
404,380
334,728
ilk trade names and
) contracts
709,764
799,764
241,087
Cash
20,983
262
Notes receivable.8,068
89,180
175,299
Acc'ts receivable...
141,853
384,799
Inventories
402,879
402,87
Organ.& dev.exp_
22,212
22,935
Def'd debit items_
Total
-35,873,203 $6,054,897
Total
85,873,2 3 $6,054,897
x After reserve for depreciation of $636,314 in 1932 and $519,810 in
Represented by 1st pref. stock $7 cumulative (no par), original
,
1931. 3
Issue 10 shares: convertible pref. $7 cumulative (no par). 5.622 shares
(1931. 5,632 shares), and common stock, 343,579 shares (no par).
-V. 135.
p.644.
uthern Acid & Suliur Co.
-Removed from List
:
York Curb Exchange has removed from unlisted trading rivithe common stock (no • .-V. 136, p. 4287.
Southern Indiana Ice & Beverage Co., Inc.
Lennox. Brooks & Co., Louisville. Ky.,in May last, offered 7,500 units of
class A and class 13 stock at $20 per unit. Units consisted of two shares of
class A and one share of class B. The stock was sold locally and no general
public offering was made.
Capitalization
Authorized. Outstanding.
15,000 shs. 15,000 shs.
Class "A" common stock $10 par)
15,000 shs. 15,000 shs.
Class "B common stock no par)
Class "A" stock to receive $1 per share div. in any year before any div.
an be declared on class "B." After class "A" receives $1 per year, each
.......X New
'" ho
2287
class shares equally in any distribution. In any liquidation class "A" is
preferred up to $10 per share. Callable after May 8 1934, at $12 per share,
increasing $1 per year each year thereafter. Class "B"stock is non-callable.
Class "A" and class "B" stocks have equal voting rights.
History and Business.
-The property formerly known as the Paid Reising
Brewery has been acquired by the Southern Indiana Ice & Beverage Co.,
an Indiana corporation, and will immediately be put in condition to manufacture beer. With minor improvements the present capacity of plant will
be approximately 65,000 barrels per year. With additional equipment the
capacity can be raised to 150,000 barrels per year.
Southern Ice Co.-Earnings.
For income statement for 12 months ended July 31 see "Earnings Department" on a preceding page.
Balance Sheet July 31.
1932.
1933.
Liabilities
1933.
1932.
Assets5986,260 $986,200
Plant
$2,403,856 82,448,847 Preferred stock.
-C. P. S.
b60,114
52,448 Bonds
Cash
710,100
Co. 8s, I942___ 692,600
6,925
Notes receivable
6,825
68,500
100,000
129,682 Notes payable___ _
Accts. receivable_
108,068
41,738
57..228
14,914
12,594 Accounts payable_
Mans Sr supplies_
18,743
18,936
7,501 Interest accrued__
Ice inventory_ __ _
1,497
17,006
17,557
12,849 Taxes accrued_ _ _ _
.
13,725
Fuel inventory_ _
1,248
1,207
15,521 Miscell. liabilities_
Prepayments
9,625
312,912
30,705 Retirement reserve 371,188
Miscell. Investm'is
30,705
1,393
141 Operating reserves
141
Sinking funds_ _ _ _
172,486
172,486
Unadjusted debits
21,059
2,050 a Common stock_
299,425
342,637
Earned surplus_ _ _
$2,670,529 52,719,284
Total
Total
82,670,529 52,719,264
a Represented by 37,497 shares of no par value. b Includes 314,572
-V. 136, p.
restricted cash in banks which are in hands of conservators.
3921.
-Co-registrar.
Squibb-Pattison Breweries, Inc.
The Manufacturers Trust Co., has been appointed co-registrar for
-V. 137, p. 1256.
200,000 shares of cum. partic. preference stock.
-Earnings.
Standard Chemical Co., Ltd.
1932.
$1,391
17,500
1931.
556,819
35,000
1,711
1,500
1930.
$192,001
35.000
9,567
11,635
loss$177,105 loss$16.109
37,277
18,639
$18,608
37,277
3135.800
111.831
def$18,669
523.969
Years End. Mar.311933.
Profits
loss$159.605
Depreciation
17,500
Debenture interest
Prov. for income taxes
Net profit
Dividends paid
Deficit
Earns, per sh. on 37.277
shs. corn. stk.(no par)
$195,744
def$53,386
$0.50
$3.64
Nil
Nil
Balance Sheet March 31.
1932.
1933.
A ssetsLiabilities-1933.
1932.
$458,225 $467.247 y Capital stock_ _ _81,336,582 $1,336,582
Properties
90,090
Bank loans
Investments
109,771
96,721
10,067 Accounts payable_
Fire insurance fund
17.039
.59,545
53,486
954,929 Res. for coating_
Inventories
883,440
5,060
199,149 Res. for Inc. tax_
175,222
Accts. receivable_ _
3,076
188,819
9,233 Surplus
Working funds_ _ _
8,355
Cash
33,863
19,225
25,227
18,361
Prepaid charges
$1,579,866 $1.699,717
Total
Total
$1,579,866 $1,699,717
x After deducting reserve for depreciation of $175,000 in 1933 and $157.-V. 136.
shares of no par value.
500 in 1932. y Represented by 37,277
P. 4105.
Standard Fruit & Steamship Corp.-Capital Readjust-To Dissolve Voting Trust.
ment Plan Approved.
At the adjourned meeting of stockholders held Sept. 14 1933, the plan
for the reorganization of this company was voted and steps are being taken
to consummate the plan as outlined in V. 137, p. 1594 and 1780. Moreover,
consents were received from the holders of more than two-thirds of the shares
represented by outstanding voting trust certficates to the dissolution of the
voting trust.
On and after Sept. 25 1933, holders of voting trust certficates may
present them to the Hibernia National Bank in New Orleans, La., and
receive in lieu thereof the common stock to which they are entitled. Pursuant to the action of the stockholders, each 10 shares wihtout nominal or
par value represented by a voting trust certificate will receive one share of
new common stock of the par value of $10. Fractional shares will be
represented by appropriate scrip certificates.
There will be no further transfers of voting trust certificates into voting
trust certificates.
Holders of cum. $7 pref. stock may also present their certificates for
exchange into partic. preference stock and common stock at the rate of
one share of cum.$7 pref. stock for one share of partic. preference stock and
one-half share of common stock.
To facilitate handling of the exchange, transfer books will remain closed
until Sept. 25 1933.
In connection with the plan, Chairman Felix P. Vaccaro,
Sept. 5, stated in part:
In our letter of July 29 reference is made to the $1,000,0000 obligation of
Eastern Seaboard Corp.. to be assumed by us and refunded by an obligation due serially from June 30 1935, to Dec. 31 1942. The pro forma
balance sheets attached to that letter and to our letter of Aug. 21 showed
this obligation as being issued by a subsidiary, Seaboard Steamship Corp.
While no difference in substance is involved, we take this occasion of pointing out that this will be an obligation of Standard Fruit & Steamship Co.
guaranteed by Standard Fruit & Steamship Corp., secured by the pledge
of the stocks of the companies owning the 10 vessles to be acquired through
the Eastern Seaboard merger.
-V. 137, p. 1780.
Standard Gas Equipment Corp. (Md.).-Earnings.
Earnings for Year Ended Dec. 31 1933.
Loss from operations
Interest on bonds and notes, provision for doubtful accounts,
discounts allowed, &c., net
Provision for depreciation
Net loss for the year
Inventory adjustments, &c
Deficit for year
3276.295
62,980
104.807
$444.082
41,439
$485,521
Consolidated Balance Sheet Dec. 31 1932.
AssetsMOit
$13,661 Notes payable
$222,000
Notes & accounts receivable__
115,778 Accounts payable
175,665
Inventories
---. 500 371 Accrued wages, interest,taxes.
Investments
48,118
13,016
&e
Premium deposited with MuFirst mtge. 65V7,, sink, fund
tual Insurance Cos
16,360
gold bonds
250,000
a Property
2,250,597 Preferred stock
2,235.600
Patents, trade-marks, &c
174,762 y Common stock
1,098,395
Deferred charges
9,003 Deficit
866,026
Total
$3,128,650
Total
x After reserves for depreciation of $1,1 54,633,
shares of no par value.
-V. 132. p. 4078.
$3,128,650
y Represented by 21,578
Standard Oil Co. of India na.-Present and Former
Officers Sued for Millions-Accused of "Breach of Trust."
The New York "Times" of Sept. 17 had the following:
A suit charging 17 present and former directors or officers of the company
with making $6,000,000 to $8,000,000 in "secret profits" through breaches
of trust was filed in the Federal District Court Chicago, Sept. 16.
Among the defendants is Colonel Robert W. Stewart, former chairman
of the board, who was ousted by time Rockefeller interests in 1929 following a
Senate investigation of the Continental Trading Co., Ltd., in connection
with oil scandals during the Harding administration.
Financial Chronicle
2288
The suit, filed by Harrison F. Fryberger of New York and Erwin Seago
of Chicago as counsel on behalf of Frederick W. Wilhelmi of Minnesota,
who owns 22 shares of common stock in the Standard of Indiana, seeks an
accounting of certain stock transactions between 1925 and 1931- and the
recovery of what may be shown to be due the stockholders.
Demand for Salary Refunds.
The petition charges that the defendants "committed so great a number
of violations of duty and so many breaches of trust that they have forfeited
all right to compensation for their services rendered" and asks that "a
number of said defendants" return to the company treasury their salaries
for 1925-31.
It also demands termination of a pension of $75.000 a year which it says
was granted to Colonel Stewart upon his removal from office.
The charges concern stock transactions involved in the acquisition of
certain oil properties by Standard of Indiana
They centre on the forming of the Pan-American Eastern Petroleum Co.
to acquire control of the Pan-American Petroleum & Transfort Co. and the
organization of the Panamex Co. preliminary to a plan for selling these
properties to the Standard Oil Co.
Stock Deal Laid to Stewart.
Colonel Stewart is charged witn subscribing for 150,000 shares of the
'
,
Pan-American Petroleum & Transport Co. in 1925, of which 40,000 share
were allotted to directors of Standard of Indiana, according to the petition.
These shares, it is alleged, were purchased for $10 each, and for each four
of them one share of stock in Standard of Indiana was received.
At the time of the sale, in 1927. Standard of Indiana shares were selling
at 73, so that the defendants made a profit of $33 on each four shares of
Pan-American Petroleum & Transport stock, the bill alleges.
The petition further charges that "during this same period and prior to
January 1931,the said Standard Oil Co.(Ind.) acquired from said Panamex
co'and its directors at the price of $86 a share many thousands of shares of
. and that
said Pan-American Petroleum & Transport Co. stock . .
said directors thereby secured to themselves a secret profit of somewhere
between six and eight million dollars."
Status of Five Qualified.
Other defendants named in the suit are E. G. Seubert, now president of
Standard of Indiana; Melvin A. Traylor, President of the First National
Bank of Chicago; W. M. Burton, William E. Warwick, Allan Jackson,
R. H. McElroy, Edwin J. Bullock. T. J. Thompson, Amos Ball, Robert
Si. Humphreys, Charles J. Barkdull, Bruce Johnstone, Robert E. Wilson,
A. S. Peaks, Louis L. Stephens and Max G. Paulus.
The petition states, however. that Messrs. Traylor. Johnstone, Wilson,
Peak and Paulus, all members of the present board, were not directors
during the year 1925-30.
Mr.Stephens,speaking as counsel for Standard of Indiana,stated that he
knew of no grounds for the action.
Diversity ofcitzensnip is the ground on welch the suit was filed in Federal
Court.
-Pan American Petroleum TransDirectors Explain Deal
action Defended.
In a statement from their General Counsel, officials of the company
replied to the charges by explaining the financial operations whereby the
company gained an interest in a Venezuelan Oil field. The reply by Louis
L. Stephens' general counsel described the transaction as follows:
"In 1925 an eastern syndicate acquired control ofPan American Petroleum
& Transport Co. Its holding company was Pan American Eastern. The
Indiana company desired to obtain an active interest because through Pan
Eastern it would become part owner of a great field of crude oil in Venezuela. The syndicate refused to sell voting shares to the Indiana company,
but was willing to sell a block of stock to individuals friendly to the Indiana
company. Thereupon. Stewart. then chief executive of the Indiana company, together with nine other directors. purchased 150,000 shares of Pan
American Eastern, each director paying for his stock out of his own funds.
"To facilitate holding/ this Pan American stock intact, the Pan-Amex
Co. was formed and its stock exchanged, share for share, for the 150.000
shares of Pan Eastern owned by Colonel Stewart and his associates. Colonel
Stewart and his associates in Pan-Amex held their Pan Eastern stock for
about two years."
Mr. Stephens said that in this period they were offered a larger price
for this stock than they subsequently received from the Indiana company
and that the Indiana company paid to outsiders a much higher price for
Pan Eastern stock than it subsequently paid to the Pan-Amex company.
"As to the annuity paid to Colonel Stewart," the statement concluded.
"this was granted in strict accord with an employees' annuity plan adopted
by the Indiana stockholders many years ago. The amount paid to Colonel
Stewart is much less than the amount alleged in the complaint. Colonel
Stewart received no preference over any other employee under the terms
of the plan."
-V. 137, p. 885.
le
Standard Screw Co.-oved from List.
The New York Curb Exchange as removed from unl
the common stock (par $10).-V. 136. p. 4105.
trading privi-
Standard Steel Spring Co., Caraopolis, Pa.-Earnings.
1932.
Years Ended Dec. 31$244,676
Net loss for year
1,274,025
Previous surplus
Adjustment
-Credit to surplus by internal revenue
6,646
department
6,167
Cash value life insurance
1931.
1220.830
1,710.579
$1,042,161
2,564
$1,547,093
Total surplus
Additional assessment
Dividends paid
273.069
$1,039,598 $1,274,025
Surplus Dec. 31
Cash
Cash
Cash val., life
Mktable. secure
Acets receivable
Inventory
Prepaid exps., insurance,
Investments
x Prop., plant and
equipment
1.525
55.820
Balance Sheet Dec. 31.
1931.
1932.
Liabilities$38,038
$846.300 $1,004,a37 /keels payable_ ___ $37,022
5,619
6,151
55,820 Accrued payroll_..,
61,987
945,128
2,170
2,000 y Capital stack... 945,128
1,039,598 1,274,025
42,431
61,563 Surplus
44,445
46,207
7,674
100,190
7,490
90,429
922,701
994,963
Standard Textile Products Co.-Earnings.'
Operating income..__ _loss$421.556
23.358
Other income
$15,512 loss$203,594 11,475,200
30,203
63.596
51,195
1oss$398,198
Gross income
344,081
Interest
498,264
Depreciation
Non-current accts. rec,
51.852
written off
Special res. against acct.
with affil. company
69.000
Federal taxes
179,108 loss$152.399 $1,505,404
361,088
410,185
397.495
507,448
507,671
520.843
$1,361,394
$789.650 $1,083,427prof$535.451
409,345
136.000
31,361,394
8789.650 81,219,427
12,902,433 14,479.494
Total
Total
12,902.433 14,479,494
a After deducting reserve for depreciation of $7.717.795 in 1932 and
$7,085,955 in 1931. b Represented by 50.000 shares class A pref. stock;
40,000 shares class B pref. stock and 186,650 shares com. stock all of no
par value.
-V. 135, P. 2350.
-Contract.
Stone & Webster Engineering Corp.
The corporation on Sept. 19, announced the receipt of a contract from the
Midwest Industrial Development Co.for the supervision of the construction
of a building over the tracks of the Illinois Terminal RR. in St. Louis.
The building will be leased to the "Star-Chrinicle" Publishing Co. of St.
-V. 136, p. 2628.
Louis, publisher of the St. Louis "Star" and "Times."
-Takes Over Management and Sales of
Superheater Co.
The Air Preheater Corp.
As of Sept. 12 1933. the Superheater Co.,. acquired an interest in and
assumed the management of the Air Preheater Corp., Wellsville, N. Y..
manufacturers of Ljungstrom air preheaters. The Air Preheater Corp.
retains Its corporate indentity under the new management, and will continue the manufacture of its products at its Wellsville plant. Its sales
activities, however, will be handled by the Superheater Co., with headquarters at 60 East 42d St. N. Y. City.
H. S. Colby, formerly President, will remain with the organization as
Vice-President. Other new officers of the Air Preheater Corp., are as
follows: F. A. Schaff, President; M. Schiller, Vice-President and Treasurer;
T. F. Morris. Secretary and Assistant Treasurer: H. S. Marshall, Assistant
Secretary and Assistant Treasurer. The directors are: George L. Bourne
(Chairman), W. L. Batt, H. S. Colby, R. M. Gates, F. A. Schaff and
M. Schiller.
-V.137. p. 1069.
-New Directors.-Proxy Fight Waged.
Texas Corp.
Countering the formation of a proxy committee by the stockholders of
the Texas Corp., supporting R. C. Holmes' effort to regain executive
control, the corporation has announced the resignation of Henry G.Lapham
as a director and the election of three new directors. Mr. Holmes and
the committee had attacked the alleged control of the corporation by the
Lapham group, represented on the board by Henry G. Lapham,.1. 11. Lapham alnd Albert Rockwell.
The directorate thus has been increased to 15 members from 13. The
new directors are Lester J. Norris of St. Charles, Ill.; William H. Mitchell
of Chicago, and Walter G. Dunnington of New York. Mr. Norris represents the John W. Gates estate and affiliated interests. Mr. Mitchell is a
son of the late John J. Mitchell, who was a director of the company from
1910 until his death in October 1927. Mr. Dunnington represents Mrs.
Hill and the estate of her late husband, James N. Hill, who was a director
from 1913 until his death in 1932. These men bring to the board direct
representatives of three very large groups of stockholders, the corporation
stated.
On Sept. 18 the committee of stockholders favorable to Mr. Holmes and
representing interests identified with the corporation since its inception in
1902 sent a circular letter to the corporation's 90,000 stockholders asking
that a special meeting of the stockholders be called for Oct. 24. The
purposes of the meeting are "to create 12 additional memberships on the
board of directors, thereby insuring against any small minority control;
to elect to the additional memberships so created persons truly representative of the great body of stockholders and who possess the ability, integrity
and experielence commensurate with these responsibilities." Such action
would increase the board to 25 members.
Organization of the committee, which solicits proxies, followed recommendations made by Mr. Holmes, who on May 5 this year, as a result of a
conflict over policies, resigned as Chairman of the board of the Texas Corp.,
to which position he had been appointed a week before. Mr. Holmes had
been with the company since 1902, a director since 1907 and President
since 1926.
Control of the directorate, the committee stated, was held by three repre-H.G.Lapham, J.H. Lapham and Albert
sentatives of the Lapham group
-and five employee directors. 'It has been ascertained," the
Rockwell
committee said. -that these men who now completely dominate the corporation, own less than 2% of its outstanding stock."
The stockholders' committee is composed of J. E. Camsbie, Tulsa, Okla.;
Mrs. S. J. Campbell-Scott, Lampasas, Tex.; Mrs. Margaret M. Edson,
Kansas City; George S. Davis. Tuisa.•, N. V. V. Franchot, Olean, N. Y.;
John H. Morrison. Middletown, N. Y.•, Daniel G. Taylor, St. Louis and
J. E. Wallis, Los Angeles, with B. E. Evans, P.O. Box 491, Grand Central
-V.136. p.4287.
Annex, New York, as Secretary.
Texas Gulf Producing Co.-Earnings, etc.
For income statement for 1 and 7 months ended July 31 see "Earnings
Department" on a preceding page.
The company reports four successive Increases in the pasted price of
Gulf Coast crude since June 20 when the price was increased from 30 cents
to 47 cents per barrel. Two subsequent increases of 10 cents each and
another of 16 cents on Sept. 9 have established the present price of 83 cents
per barrel.
The company's production in this field is averaging at the present time
-V. 137. p.2120.
in excess of 45,000 barrels per week, it is announced.
At a meeting held on Sept. 20 the board accepted the resignations of
Herman Waldeck (a Vice-President of the Continental Illinois National
Bank & Trust Co.), Charles A. McCulloch (receiver for Middle West
Utilities Co.) and Charles M. Collins (formerly of President John R.
Thompson Co. until the successful battle last spring of John It. Tamps=
Jr., for control of the company). The three directors were not replaced.
V. 137. p. 1781, 1256.
-Earnings.
Thompson Products, Inc.
[Including Wholly Owned Subsidiaries.]
1931.
1929.
1932.
1930.
Calendar Years$5,415,167 37,426,487 $10,069,137 $13,912,726
Net sales
Cost of sales, admin. and
7.410,975 10,272,731 12,437.525
5.836,723
general expenses
Deficit
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
Liabilities
Assets
b Capital stock._ _ 5,000,000 9,000,000
Cash in banks and
492,839 Mortgage bonds of
174,934
on hand
42,000
441,232 subsidiaries
Accts. receivable.._ 332.178
117,756
1,622,982 1,609,493 Accounts payable_ 191,101
Inventories
Prov. for Federal
Accts. rec, from
165,000
110,300
1,191
92,862 income tax
affiliated cos_ _ _
189,334
Accrued liabilities_ 157,903
Sundry noels and
16,011
15,459 Standard 1st mtge.
notes receivable
5,222,100 5,089,550
bonds
Due from ofticers
3,718 Scrip ctfs.outstand. 141,099
and employees
171,340 Investment reserve
87,345
Prepaid expenses.
27.488
40,333 affiliated cos..
600
Treasury stock
47.054 Mortgage bond sk.
25,641
Misc. accts. rev...
210.450
421,416 fund hist'
487,825
Investments
Capital surplus_ _ _ 2,079,930
Engr. rolls. mfg.
del362.0e4
975,304 Surplus
585,581
supplies. dcc
a Plant account. _ 9,199,914 9,800,210
Excess of consid.
paid on amps.
368,233
368 233
of subsids
-Resignations.
(John R.) Thompson Co.
Total
52,027,899 52.262,809
2,027,899 $2,262,809
Total
x After reserve for depreciation of $907,562 in 1932 and $805,621 in 1931.
-V. 135. p. 146.
y Represented by 93,303 no par shares.
Net loss
Dividends paid
Sept. 23 1933
For income btatement for month and 8 months ended Aug. 31 see "Earn-V. 137, p. 1595.
ings Department" on a preceding page.
-Earnings.
Thompson-Starrett Co., Inc.
For income statement for three months ended June 30 see "Earnings
-V.136.P.4477.
Department" on a preceding page.
Title Guarantee & Trust Co.-New Vice-President.
At a meeting of the board of trustees held on Sept. 19 1933, John Y.
Robbins was elected Vice-President in charge of Trusts: Thomas A. Foster,
Trust Officer; Frank M. Votaw and Alfred NI. Lefevre, Assistant Trust
-V. 137. p. 707.
Officers, and William II. Deatly, Comptroller.
-To Receive Dividend of 3775,000:
Transamerica Corp.
65,000
8126.116
Announcement of a combined dividend of Bank of America National
Trust and Savings Association and Bank of America (California) totaling
3775,000 was made on Sept. 18 by Dr. A. II. Giannini, Chairman of the
general executive committee.
Of this amount the National Bank will pay $750.000, which is at the
rate of 323i cents a share, and the State bank $25,000 at the rate of 15%
cents a share. The combined dividend will be paid to Transamerica Corp.,
-V.136, ri• 3901.
which owns more than 99% of the stock in the two banks.
Financial Chronicle
Volume 137
Transcontinental & Western Air, Inc.-Resignation.-The resignation of T. B. Clement, Vice-President in charge of traffic,
was announced on Sept. 19.-V. 137. P. 1257.
200 Madison Avenue Corp.-Depositary.-Manufacturers Trust Co. is depositary for the 15-year 7% sinking fund
2nd mtge. gold bonds, of which there are $1,264,400 outstanding.
-V.
120, p. 1758.
Union Indemnity Co. of New Orleans.
-New York
Claims.
Clay W. Beckner and S. Sanford Levy, receivers for the company, have
notified agents of the company in New York State that payments made
to Superintendent of Insurance George S. Van Schaick as Conservator of
the company in New York State will be recognized by the receivers. They
had previously advised agents that such payments would not be recognized.
The second notice is the result of an agreement entered into between
the receivers and the New York Conservator to provide a definite plan
for the collection and distribution of assets of the Union Indemnity Co.
in New York. In addition to the recognition given to payment of agents'
balances to the New Yor¢ Conservator, the agreement provides that claims
filed with Superintendent Van Schaick prior to Sept. 30 1933, will be considered as having been duly filed as claims against the receivership estate of
the company. Mr. Van Schaick is to adjudicate and pay New York
workmen's compensation claims, which are to De preferred, and in his
discretion may adjust and adjudicate other claims.
-V.13 p. 158.
"Union
le
Metal Mfg. Co.
---Removed from List.
he New York Curb Exchange
the common stock (no pa
removed from unli
V. 135, p. 1176.
trading privi-
United-Carr Fastener Corp.
-Resumes Dividend.
The directors have declared a dividend of 10 cents per share, payable
Oct. 16 to holders of record Oct. 2. A quarterly distribution of like amount
was made on July 15 and Oct. 15 1931 and on Jan. 15 1932; none since.
-V.137, p. 1257.
United Dyewood Corp.(& Subs.).
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Consolidated Batance Sheet June 30.
1932.
1933.
1933.
1932.
Assets
Plant property.. - 1,810,926 1,990,732 Preferred stock___ 3,536,800 3,614,000
Securities
288,559
431,888 Common stock_ _ _ 13,918,300 13,918,300
Cash & certificate
Equity of minority
of deposit
shareholders In
384,639
733,572
Bills and accounts
capital stocks of
85,129
receivable
137,732
939,918
subsidiary
1,637,135
Materials & suppl.
Bills and accounts
goods In process,
648,647
835,566
Payable
& finished prods. 2,600,748 2,781,555 Dividend payable
63,245
Sundry adv. pay__
62,113
150,632
on pref. stock
171,542
Cash on deposit for
Suspended credit
6,917
pref. stock diva_
17,465
Items
62,113
63,245
619,969
Suspended
debit
Res.for conting.ikc 518,100
Items
77,811
75,306 Surplus from acGood-will, patents,
quisition of trea258,195
trade marks
sury pref. stock_
_13,875,746
932,458
Cost ofsecurities of
Profit & loss Burp_ 2,606,571 2,351,318
subs. cos. owned
over par value
13,815,255
thereof
Deferred debit _ __ 374,495
21,632,647 21,565,620
Total
-V 136, p. 3737.
United Electric
Years End. July 31Gross profit
Royalties
Deprec. & depletion_ _ _ _
Int., tax.& other deduc_
Total
21,632,647 21,565,620
Coal Cos.(& Subs.).-Earnings.-1933.
1932.
1931.1930.
$491,694
x$994,094
$853,373
1888,198
32,938
85.273
75,792
106,476
354,129
353,006
342,770
290,585
188,342
244.704
245,807
284,249
Net profit
loss$140.077
General pref. dividends..
$310,008
2,472
$150.562
6,247
$302,795
8,088
2289
par value, to 12,500 shares of preference stock, par $100 per share, such
decrease being effected by the cancellation of the said 50,000 issued common
shares of the capital stock of the said company without nominal or par
value;(b) converting the said 12,500 shares of preference stock into 400,000
common shares without par value to be issued and allotted rot such consideration as the board of directors may from time to time determine,
not exceeding, however, the sum of $3.50 per share, provided that 325,000
common shares without par value shall be issued in exchange for the said
10,600 shares of preference stock already issued and outstanding; and (c)
changing the corporate name of the company to Walkerville Brewery
Limited.
Welch Grape Juice Cc: -Removed from List.
II
le„
he New York Curb Exchange as removedfrom unlist
the common stock (no pa .-V. 135, p. 4050.
ading privi-
Western Reserve Investing Corp.-Earnings.-For income statement for 6 months ended June 30 1933 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
LiabifdiesJune30'33. Dec.31'32.
Ands-June30'33. Dec.31'32.
Cash on deposit_ _ - $200,386 $357,928 Accr. Int. on debs_ $47,137
$44,298
a Marketable seUnpaid subscript'n
30,000
curities (at cost) 4,991,507 5,171,579 15-yr. 554% gold
Acer. Int. & divs__
1,926,000 1,933,000
22,114
25,165
debentures
Subsc. to cap. stk.
6% prior pref.stk_ 1,956,500 1,956,500
100,000
100,000
of Nat. City Bk.
b $6 pref.stock_
Cleveland
330,000
330,000
30,000
c Common stock
Dep. In Union Tr.
Paid-in surplus
1,948,099 1,948,100
Co., Cleveland_
1,020,237
700,091
19,135
P.& L. deficit
Unamort. portion
of disc, on debs_
54,358
57,134
Total
$5,317,500 $5,611,807
Total
$5,317,500 $5,611,807
a The indicated market value of securities at June 30 1933 was $2.752.342,against $1.537,172 on Dec.31 1932. b 20,000 no par shares. c 60,000
no par shares.
Note.
-(1) Common stock in treasury is reserved for the following purposes: For effecting cancellation and modification of certain rights belonging to prior pref. stock, 10,000 shares; for possible issuance under terms
and conditions to be determined by board of directors, 10.000 shares.
Note.
-(2) Dividends on the $6 cum. pref. stock are in arrears from
July 1 1930, and on the 6% prior pref. stock from July 1 1931.-V. 136
P. 3039.
(George) Weston, Ltd.
-Listing Expansion.
The Committee on Listings of the Toronto Stock Exchange has approved
the addition of 21,944 no par value common shares called for trailing on
Sept. 14. This is part of the new authorized capital stock, increased by
granting of supplementary letters patent on June 22 from 9,000 to 10,000
7% cum. pref. shares, and from 50.000 to 100,000 no par value common
shares.
President W.Garfield Weston on Sept. 12 made the following statement:
"We have just bought the biscuit business of the old-established firm
of Mitchell & Mulls, at Aberdeen, Scotland. A subsidiary company has
been formed known as the Weston Biscuit Co. Ltd. with headquarters
'
at Edinburgh, the common stock of which will all be owned by George
Weston, Ltd., Toronto. There is no funded debt but pref. stock will be
issued, part of which will be held by Mitchell & Muils as part of the price
for their biscuit business. The Scottish concern has been famous for its
biscuits for 80 years. It will continue the bread department of its business."
Employment at the Weston company's Passaic, N. J. plant has substantially increased and plans are on foot to double its capacity, Mr. Weston
stated. This plant has been employing about 350 persons, who work
daily in shifts of eight hours. The need for this expansion is shown by the
fact that orders placed with the Passaic plant are now three weeks behind
In delivery. All Weston plants manufacture sweet biscuits exclusively.
-V.137.
Earnings are currently at a rate of 100% above those of a year ago.
p. 332.
-Resumes Dividend, &c.
West Point Mfg. Co.
The directors have declared an extra dividend of $1 per share in addition
to a dividend of like amount, both payable on the capital stock Oct. 2
to holders of record Sept. 18. Quarterly distributions of $1 per share
were made from July 1 1931 to and incl. Jan. 2 1932; none since.
Removed from List.
The New York Curb Exchange has removed from unlisted trading privileges the capital stock, par $100.-V. 136, p. 173.
Surplus
def$140,077
$307,536
$144,315
$294,707
x Includes $18,452 excess of face value over cost of bonds retired.
-Accumulated Dividend.
Whittall Can Co., Ltd.
The directors have declared a dividend of 1%% on account of accumulaComparative Balance Sheet July 31.
pref. stock, par $100. payable Oct. 2 to
Cons on the 63i% cum. cony.
1932.
1933.
1933.
1932.
holders of record Sept. 15. A similar distribution was made on this issue
Assets
$
on July I last, thefirst since July 2 1931 when a regular quarterly payment
b Common stock_ 8,657,318 8,657,318
a Coal props., I'd,
of 1(4% was madb.
buildings,equity
Notes payable_ __ _ 233,985
192,723
Accumulations on this stock, after the payment of the above, will amount
Ace
9,909,720 11,385,461 c Pur.oblIg.(eurr.)
338,139
-V. 137. p. 887.
to $11.37X per share.
c Pur.oblig.(def'd)
42,172
Cash
42.172
Accts.& notes me_
289,617 d Notes payable__ 1,649,808 1,649,808
172:497
-Removed from List.
Inventories
686,588 Accts.ik wages pay 128,218
" -NWil-Low Cafeterias, Inc.
.
152,954 ..' "
386,980
053 shares
107,839 Unsecured porch.
Other assets
108,623
The Chicago Stock Exchange has removed from the list the
on stock.
money oblig_
4,000
234,355 shares of the
Coal lands Purch.
of the convertible preference stock and
719,935 Bonded debt
contr., &c. (net) 732,915
847,000
864,000
-V. 136, p. 508.
Prepaid & deferred
Donated surplus_ _
18,000
18,000
expense
247,313 Earned surplus__ _
144,113 1,420,948
409,106
CURRENT NOTICES.
Total
Total
11,724,614 13,336,063
11.724,614 13,336,063
a After deducting $2.545.520 depreciation and depletion in 1933 and
-The former executives of the securities department of Henry L.Doherty'
$2,191,919 in 1932. b Represented by 306,000 shares of no liar value.
& Co. have organized a new company, known as Alpha Distributors. Inc.,
c Chattel mortgages on certain equipment issued to secure $701.906 of
for the purpose of dealing in securities of every kind. The major portion
these obligations. d Due on or before Dec. 15 1933.-V. 137. p. 2121.
of the business will te confined to the distribution of securities through
its own branca offices, which were the former retail securities offices of
United Loan Corp.-Extra Dividend.
An extra dividend of 50 cents per share has been declared on the common
Henry L. Doherty & Co., and through established security dealers. The
stock, in addition to the regular quarterly dividend of $1.25 per share, both
principal office will be at 60 Wall Street. New York. The President of
payable Oct. 1 to holders of record Sept. 20.-V. 135, p. 477.
Alpha Distributors, Inc., is R. C. Russum and the First Vice-President
-Recent Developments.Utah-Apex Mining Co.
and General Manager is S. B. Irelan.
Relative to the operations of the Montezuma-Apex Minh* Co., a wholly
-Stuart Redden, formerly a partner in the New York Stock Exchange
owned subsidiary operating two California gold properties, President
irm of Puller, Rodney & Co., announces the formation of a new firm to be
R. F. Haffenreffer states:
"Development of one of these mines, the Montezuma, has been carried
known as Hedden, Farwell & Co., Inc., wnich will be engaged primarily
on during the last six months, and the second, the Nashville mine, is at
in the underwriting of new capital issues or industry. The firm will include
present being de-watered. Connection between underground workings of
Grosvenor Farwell, formerly a partner in Hitt, Farwell & Co.. and will
the two shafts will be made and the mines operated as one unit.
have offices in the llankers Trust Building at 14 Wall Street.
"The vein opened up in the mines in earlier days produced gold from
several ore shoots. Recent development has been confined to one of these
-Donald C. Alford, formerly New York Stock Exchange member of
shoots and has proved its extension to the lowest level now opened at 1,200
Lege & Co.; F. V. Z. Didrichsen, formerly with Dunne & Co.. and Charles
feet. Lateral extensions of exploration are now contemplated in order to
V. Z. Didricbsen, formerly with Chater & Edey, have formed the firm of
investigate the area below other ore-bearing sections of the mines. Further
shaft sinking also will be done to explore immediately the continuation in
Alford & Didrichsen to conduct a general investment business, specializing
depth of known ore.
in Southern municipal bonds, at 120 Broadway, N. Y.
-tons daily capacity has been operating and
"Since April a mill of 100
-New York Chapter, American Institute of Banking, 420 Lexington
has produced enough gold to repay in part the total costs of development.
of better grade recently discovered on the lowest levels will probably
Ore
Avenue, is beginning its 33rd school year this week by registering students.
permit a material increase in gold output with the present plant. We feel
Among the 47 courses offered this fall in banking and investments are
that to date working costs have been kept unusually low for a mining
bank management, current tax problems, current economic and financial
operation of this size and although rising cost may be expected under present
conditions, it is hoped that with the larger reserves of higher grade ore
problems, and public utility security analysis.
expected in depth and with the premium on gold, a profitable operation of
-Seth Low, Bernard Lamb and Edward S. White announce the forma-V. 136, p. 3555.
the property will result."
tion of the firm of Seth Low & Co., dealers and brokers in municipal
-Resumes Dividend.
Bag Co., Toledo, Ohio.
Valve
general market and unlisted securities, with offices at 120 Broadway,
The directors have declared a dividend of 1;4% on the 6% cum. pref.
New York. Walter A. Doyle has become associated with them in charge
stock, par $100, payable Oct. 2 to holders of record Sept. 20. The last
of their trading department.
nent on this issue was a quarterly of like amount on April 1 1932.
134, p. 4510.
-Arthur Robinson & Co.,60 Wall St., N.Y. C.,announce that Louis H.
Newkirk Jr., formerly manager of the municipal department of A. C.
-New Name, &c.
Walkerville Brewery, Ltd.
Supplementary letters patent have been issued under the Seal of the
Allyn & Co., Inc.. has become associated with them in charge of their
Secretary of State of Canada. dated Aug. 23 1933. (a) decreasing the
trading department, and that Eugene L. Woodfin is now in charge of the
capital stock of "The Walkerville Brewery, Ltd., from 12,500 shares of
retail sales department.
preference stock. par $100 per share, and 50,000 common shares without
pw
Financial Chronicle
2290
Sept. 23 1933
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-METALS
-DRY GOODS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF
BUSINESS ACTIVITY.
Friday Night, Sept. 22 1933.
COFFEE futures were more active on the 18th inst. and
closed 10 to 22 points higher in sympathy with other markets. The weakness of the dollar and expectations of an
early announcement of an inflationary character attracted
some demand. Trading was fairly active. Brazilian exchange was stronger. On the 19th inst. futures after early
weakness rallied and ended irregular, 4 points lower to 7
points higher. On the 20th inst. futures closed 3 to 10
points higher on buying by roasters. On the 21st inst.
futures closed 6 to 14 points lower under selling by Wall
Street induced by generally lower markets for other commodities and easier sterling exchange. To-day Rio futures
closed unchanged to 2 points lower and Santos 3 to 5 points
down. Rio coffee prices closed as follows:
Spot (unofficial)
September
December
734 1March
May
6.20 July
Santos coffee prices closed as follows:
934 I March
Spot (unofficial)
September
December
January
May
8.57 July
1.56
6.28
6.37
6.43
1.62
1.66
1.72
COCOA futures OD the 16th inst. closed 15 to 18 points
higher with sales of 2,693 tons. The weakness of the dollar
influenced some demand. Hedge selling caused a setback
at one time. October closed at 4.52c.; December at 4.68c.;
January at 4.76c.• March at 4.90c.; May at 5.06c., and
'
July at 5.22c. On the 19th inst., after early weakness,
futures recovered and ended 3 points lower to 1 point higher
with sales of 2,372 tons. October closed at 4.52c.; December
at 4.68c.; January at 4.750.; March at 4.90c.; May at 5.04c.,
and July at 5.19c. On the 20th inst., after a steady opening,
futures declined in sympathy with the weakness in other
markets and ended 9 to 7 points lower with sales of 1,903
tons. The closing was with October at 4.44c.• December at
4.60c.; January at 4.67c.; March at 4.81c.; ilay at 4.96c.,
and July at 5.12c. On the 21st inst., in response to the
decline in other commodities futures fell 8 points. Sales
were 1,528 tons. October closed at 4.36c.; December at
4.60c.; March at 4.81c.; May at 4.96c., and July at 5.12c.
To-day futures closed 8 to 10 points lower with December,
4.420.; January, 4.51c.; March, 4.53c.; May, 4.80c., and
July, 4.96c.
SUGAR futures on the 18th inst. closed unchanged to 2
points higher on buying inspired by the weakness of the
dollar and the strength of other commodities. Sales were
12,650 tons. On the 19th inst. futures closed 2 points
lower to 2 points higher with sales of 11,600 tons. Early
weakness on general selling by commission houses and refiners was followed by a rally as dollar exchange moved
lower. On the 20th inst. futures closed 1 to 4 points lower
with sales of 14,350 tons. The disturbed political situation
in Cuba had its effect. Rows were steadier at 1.62c. for
Cuba. On the 21st inst. futures closed 4 points lower to
4 points higher with sales of 5,350 tons. Rows were unchanged. Early in the day Western refiners announced
an advance of 15 points to 4.850. for refined but leading
Eastern refiners announced a cut of 10 points to 4.60c.
effective until to-morrow, when they say the price will be
raised to either 4.70 or 4.75e. To-day prices ended unchanged to 3 points lower. There was still much confusion regarding the refined price situation. Some refiners
announced advances to 4.75c. with others still quoting 4.600.
Sugar futures closed as follows:
Spot
September
December
January
1.62 March
May
1.55 July
1.56
1.62
1.66
1.72
LARD futures on the 16th inst. closed 5 to 13 points higher
under general buying induced by agitation at Washington for
a plan of an inflationary nature, and the expectation that
the government will purchase 2,000,000 new pigs for slaughter.
The strength of grain also helped. Liverpool was higher.
Exports were 397,055 lbs. to Glasgow, Antwerp and Gothenberg. Hogs lost most of an early advance of 10 to 25c.
The top price was $5. Cash lard was firm; in tierces, 5.900.;
refined to Continent, 63c.; South American, 632c. On the
18th inst. futures closed 18 to 20 points higher on a better
demand owing to the strength in other markets. Some
realizing sales and hedge selling causing a reaction at one
time. Exports were 719,805 lbs. to Southampton,• London,
Antwerp and Bremen. Hogs were 10 to 15c. higher, with
the top $5. Cash in tierces, 6.12c.; refined to Continent,
/
65sc.; South American,6% to 7c. On the 19th inst. futures
closed unchanged to 3 points lower. The market held steady
most of the day with trade interests buying. Exports were
1,091,375 lbs. to United Kingdom, Oslo, Rotterdam, and
Copenhagen. Hogs were 100. higher with the top $5.10.
Total receipts for the western run were 206,900 against
91,600 on the same day last year. On the 20th inst.. prices
ended 7 to 15 points lower on general selling influenced by
the weakness in grains. Cash demand, however, was better
and prices firmer. Exports were 612,708. lbs. to Hamburg,
Genoa and Rotterdam. Liverpool closed 3d. to 9d. lower.
Hogs were 15 to 25c. higher with the top $5.25, the highest
price seen since May 19th. Cash lard in tierces, 6c.; refined
%
to Continent, 63/ic.; South America, 63 to 6%c. On the
21st inst. futures declined 5 to 20 points on selling influenced
by the weakness in other markets. Liverpool was dull and
3d. lower. Exports were 128,875 lbs. to 'Bordeaux and St.
Nazaire. Hogs, however, were 10c. higher with the top
$5.50, the highest price reached since October 1931. Cash,
%
in tierces, 5.870.; refined to Continent, 6% to 63c.; South
American,64 to 63 c. To-day futures closed 7 to 13 points
4
lower and are about that amount off for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed. Thurs. Fri.
Tues.
5.8Sat. Mon.
5.75
5.85
6.00
6.07
September
6.10
7
5.75
5.82
6.00
6.15
December
6.15
5.97
6.10 5.97-6.00
6.30
May
6.40
6.40
6.25
Season's Low and When Made.
Season's High and When Made.
July 19 1933 September----4.02
8eptember----8.35
4.57
October
July 19 1933 October
8.50
5.20
Aug. 17 1933
December_ ___8.87
July 19 1933 December-
PORK, steady; mess, $18.75 per bbl. family, $17.50 per
'
bbl., nominal; fat backs, $13 to $13.75 per bbl. Beef,
steady; mess, nominal; packet, nominal; family, $11.87 to
$12.75 per bbl., nominal; extra India mess, nominal. Cut
/
meats, steady; pickled hams, 4 to 6 lbs., 534c.; 6 to 8 lbs.,
%
53/2c.;8 to 10 lbs., 53c.; 14 to 16 lbs., 103%c.; 18 to 20 lbs.,
103c.; 22 to 24 lbs., 93/2c.; pickled bellies, 6 to 10 lbs.,
/
93 0.• 10 to 12 lbs., 932c.; bellies, clear, dry salted, boxed,
/
'
New York, 14 to 20 lbs., 75,4c. Butter, *creamery, firsts
to premium marks and higher score than extras, 173/i to
25c. Cheese, flats, 20 to 213/2c. Eggs, mixed checks to
special packs, 133/2 to 263/20.
OILS.
-Linseed was rather firm with the inside price
generally 9.7c. Resale oil was reported available at 1
point or so lower. Demand was slow. Cocoanut, Manila,
/
coast, tanks, 278c.; tanks, New York, spot, 3%c. Corn,
/
crude, tanks, f.o.b. Western mills, 43 to 43 c. China
wood, N. Y., drums, delivered, 83 to 83/2c.; tanks, spot,
7.7 to 7.8c.; Pacific Coast, tanks, spot, 7.5c. Olive, denatured, spot, Greek, 74 to 80c.• Spanish, 78 to 800.; ship'
ment, carlots, Greek, 74 to 77c.; Spanish, 78c. Soya bean,
tank cars, f.o.b. Western mills, 6 to 63/2c.; cars, N. Y.,
7.6c.; L.C.L., 8c. Edible, olive, $1.45 to 81.60. Lard,
prime, 93/2c.; extra strained winter, 8c.
COTTONSEED OIL sales to-day, including switches,
50 contracts. Crude, S. E., 83/2c. Prices closed as follows:
spot
September
October
November
December
4 60
4.60
4.70
4.80
4 88
January
February
March
April
4.95
4.95
.12
5.20
-The summary and tables of prices forPETROLEUM.
merly appearirg here will be found on an earlier page in our
department of "Business Indications," in the article entitled
"Petroleum and Its Products."
RUBBER futures on the 16th inst. closed 20 to 29 points
under a good demand from the trade and commission houses.
Actuals were 3-16d. higher. Expectation of favorable inflation news helped the rise. October closed at 7.42c.;December
at 7.63 to 7.64c.• January at 7.780.; March at 8.04 to 8.050.;
'
May at 8.32 to 8.33c. On the 18th inst. futures closed 21
to 50 points higher with sales of 6,100 tons. Actuals were
higher. The weakness of the dollar and the strength of
other markets had their effect. October closed at 7.63c.;
Deeember at 7.92 to 7.930.- January at 8.09c.; March at
'
8.38 to 8.430.; May at 8.68 to 8.700.; July, 8.96o. On the
19th inst. futures 22 to 37 points higher with sales of 7,610
tons. A decline in the dollar influenced buying. October
closed at 8.00c.; December at 8.22 to 8.24c.• January at
8.43o.; March at 8.62 to 8.65c.; May at 8.90c., and July
at 9.18c. On the 20th inst. futures closad 17 to 35 points
lower with sales of 8,360 tons. Early prices were unchanged
to 31 points higher. Actuals were steady. Futures closed
with October 7.74c.; December at 7.90 to Sc.; January at
8.080.; March at 8.35 to 8.450.; May at 8.73 to 6.800., and
July at 9.01c. On the 21st inst. prices ended 32 to 51 points
lower in sympathy with generally lower markets in other
commodities. Sales were 5440 tons. The spot price dropped
F.0 points. October closed at 7.36c.; Thcember at 7.56c.•
January at 7.76c.; March at 7.98 to 80.; May at 8.22 tx;
8.26c., and July at 8.50 to 8.58c. To-day futures closed
13 to 28 points higher owing to the strength of other commodities. Spot closed at 7.380.; September at 7.48c.;
December at 7.76c.; March at 8.250.; May at 8.500., and
July at 8.700.
HIDES futures ended unchanged to 10 points higher on
a better demand and lighter offerings. Tanners were more
interested in spot offerings but no sales were reported.
Volume 137
Financial Chronicle
Futures closed with September, 11.30c.; December, 11.70c.;
March, 11.90c., and June, 12.15e. On the 18th inst. futures
closed 5 points lower to 25 points higher with sales of
1,000,000 lbs. December closed at 11.95 to 12c.; March at
12.15 to 12.20c., and June at 12.35 to 12.45c. On the 19th
inst. futures closed 10 to 20 points higher with sales of
920,000 lbs. December ended at 12.05 to 12.15c.; March
at 12.30 to 12.35c., and June at 12.50c. On the 20th inst.
futures closed 35 points lower on September but other months
showed an advance of 5 to 15 points. Sales were 1,360,000
lbs. December closed at 12.20 to 12.21c.; March, 12.40c.,
and June at 12.55 to 12.70e. On the 21st inst. prices ended
25 to 30 points lower with sales of 720,000 lbs. Weakness
in nearly all major markets and easier sterling exchange
were the depressing factors. December closed at 11.80 to
11.90c., and March at 12.00 to 12.10e. To-day futures
ended unchanged with December selling at 11.80c. and March
at 12e. There was a better feeling in actual hides but trading
continued moderate.
OCEAN FREIGHTS of late have been in fair demand and
rates were higher.
2291
tons at the end of August 1932 according to the American
Bureau of Metal Statistics. Shipments in August totaled
35,821 tons against 45,177 in July and 29,624 in August
1932. Production in August was 25,058 tons against 23,469
in July and 24,589 in August 1932.
ZINC was rather quiet but prices were $2. higher at 4.75e.
East St. Louis. Sales for the week were 3,300 tons according
to the American Zinc Institute. In London on the 21st
inst. prices dropped is. 3d. to £16 15s. for spot and £16
18s. 9d. for futures; sales 150 tons of spot and 325 tons or
futures.
STEEL.
-A feature in the trade was the placing of contracts for 25,000 tons of steel among several steel makers
involving $1,250,000. This is the largest order of this kind
ever placed and will be in the form of cold-rolled sheets.
Bar, shapes and pates were advanced $2to$3 per ton. Plates
and shapes are now 1.70c. per pound, Pittsburgh, as against
1.60c. formerly while bars were quoted at 1.75e. Pittsburgh.
Steel mills in Pittsburgh raised the prices on shapes and
plates $2 and on bars $3.
PIG IRON demand was chiefly from smaller consumers
CHARTERS included grain, 7,000 ton steamer, Montreal. October,
who could not finance purchases when prices were cheaper.
Antwerp-Rotterdam, 7c., 8%c. Hamburg; 30,000 qrs., Montreal, OctoberIt was mostly for prompt shipment. Larger consumers
November, Antwerp, 7c., with options; booked about 50 loads, prompt
Montreal, Mediterranean, 9%c, Canadian; New York to Antwerp. 5c., and
showed a little interest in fourth quarter shipment but the
30 loads to Mediterranean, 7c. Coal-Hamnton Roads to La Plate,
demand was not large. Prices for foundry iron in the prinabout 7.000 tons, October, about 9s. Scrap iron-Gulf, October. scrap
iron. Japan, about $2.25. Sisal
-El Progresso, October. Dunkirk, Ghent,
cipal eastern markets were as follows: Bethlehem, Pa.,
Is. 5d.
$17.50; Swedeland, Pa., $17.50; Everett, Mass., $18;
COAL has been in rather small demand for this time of the Buffalo, $17.50; Sparrows Point, Md.,$17.50. Sales in the
year. Last week bituminous carloaded production increased New York district last week were estimated at 1,500 to 2,000
nearly 700,000 tons to 7,125,000 tons against 6,145,000 tons tons.
in 1932. Output for three weeks down to Sept. 16 stood at
WOOL was in better demand and firmer. There were
21,610,000, a weekly average of 7,203,000 tons compared good sales of fleece wools of fine grades. Generally 40c.
respectively with 16,993,000 and 5,664,000 tons a year ago. was asked in the grease for both three-eighths and oneA fair demand for coal has developed to La Plata and else- quarter blood staple. Territory wools were strong. Fine
where in South America. Pennsylvania bituminous operators wools sold at 80c. scoured basis for average combing and 2
expect prices to advance 25 to 50c. by October.
to 3e. hiss for average quality of good staple. Ordinary
SILVER futures on the 16th inst. advanced 80 to 110 type clothing wools sold at 72c. clean basis. Sales of 12
points with sales of 3,400,000 ounces. Spot rose 3IA to months Texas were made at 80c. clean basis for best quality
383 0. London bar price was up 1-16 to 18 5-16d. Sept. and 75 to 770. for good average wools. Texas 8 months
/
closed at 39.55c.; Oct. at 39.65c.; Dec. at 40.10c.; Mar. at were quoted at 75 to 77e. clean basis for fairly good stock
40.85c., and May at 41.40e. On the 18th inst. futures and 78 to 80c. for choice lots. Pulled and scoured wools were
closed 72 to 87 points higher with sales of 14,300,000 ounces. in good demand owing to a general belief that some sort of
The chief bullish influence was a decline in the dollar. inflation to stimulate commodity prices is to be put into
The closing was with Sept., 40.37c.; Oct., 40.37c.; Dec., effect soon and an expectation that London would open at
40.82 to 40.850.; Jan., 41.15c.• Feb. 41.43c.; Mar. 41.70 least 10% above the close of the previous series. Boston
Mar.,
to 41.75c.; Apr., 41.98.; May,42.20 to 42.25e.; July,
wired a government report on Sept. 21st which said: "A
On the 19th inst., after an early decline, futures developed fairly active demand is being received on a wide selection
strength as the dollar dropped and the ending was 42 to of greasy domestic wools. Prices generally are very strong
58 points higher with sales of 9,700,000 ounces. Sept. and tend higher. Fine Ohio delaine sells readily at 32 to
ended at 40.95c.; Oct. at 40.95c.; Dec. at 41.30 to 41.35c.; 33c. in the grease, but houses asking 34c. are not getting
Jan. at 41.60c.; Feb. at 41.8.5c.; Mar., 42.10 to 42.15c., the call at the moment. Good bright stiictly combing 58s,
and May at 42.65c. On the 20th inst. futures closed 45 to 60s, half-blood Ohio and similar fleeces are mostly firm at
70 points lower despite an advance of /c. in the spot to the 34c. in the grease and 35c. is being asked by some houses
3
old high of 403
/
'c. Sales were 10,550,000 ounces. Sept. having very limited offerings. Choice original bag lines of
closed at 40.40c.; Oct. at 40.50c.; Dec. at 40.70 to 40.80c.;
finer teriitory wools of largely strictly combing staple
Jan. at 40.97c.; Mar. at 41.40e., and May at 42.10c. On 64s and
scoured basis.' In London on
the 21st inst. futures closed 62 to 85 points lower with sales are bringing around 81c., London Colonial wool auctions
Sept: 19th the fifth series of
of 9,275,000 ounces. The spot price was down I M to opened with total offerings of 174,800 bales. According to
39%c. Sept. ended at 39.65c.; Oct. 39.65c.• Dec., 0.05 present arrangements the sales will close on Oct. 12th.
to 40.10c.• Jan., 40.25c.• Feb., 40.50c.; Mar., 40.80c.; Attendance was large of home and foreign buyers. Offerings
'
May, 41.40c., and July, '
41.90c. To-day futures ended 15 of 11,000 bales met with good demand and prices advanced
to 35 points higher owing to the strength in securities and a in sympathy with the values established on merinos and
better technical position. Sept. closed at 40.00c.• Dec. at
overseas markets in the interim. Prices were
40.25c.; Mar. at 41.05c.; May at 41.55e. and July at crossbreds in higher as compared with July. Frequently
'
10 to 15%
40.25c. The'
bar price here was up 3'
39 8c., while greasy fine halfbreds were 20% higher and Cape merinos
London was unchanged at 181 d.
4
10 to 15% higher. Details:
COPPER of late has been in better demand for domestic
Sydney, 7.154 bales: scoured merinos. 23 to 24d.. greasy, 12% to 19%d.
18 to 28d.; greasy,
account and sales were larger abroad. Purchasing in the Queensland, 1.989 bales: scoured merinos,to 25d.,• greasy, 14% 14 to 17d.
to 18%d.;
Victoria, 1,035 bales: scoured
domestic market was confined to carlots. Foreign prices greasy crossbreds, 15 to 18d. merinos, 24
South Australia. 857 bales:scoured merinos;
14% to 26%d.: greasy, 13 to 16d. New Zealand. 6,341 bales: scoured
were 8.10 to 8.20c. while the domestic level was held at 9c.
13%d.;scoured crossbreds, 10%
merinos. 23% to 26}id.: greasy,
for delivery over the rest of the year. In London on the to 233d.; greasy, 55i to 15d. 11}id. to bales: grt. i (-Tinos . to
Cape. 102
New Zealand slipe ranged from 6d. to 18d., latter price for half21st inst. spot standard dropped is. 3d. to £34 10s.; futures 14%d.
off 2s. 6d. to £34 12s. 6d.; sales 450 tons of futures; electro- bred lambs.
In London on Sept. 20th offerings of 10,853 bales met
lytic bid up 10s. to £37 15s.; asked unchanged at £38 5s.;
at the second London session spot standard was up 2s. 6d. with a good demand from home and German buyers at firm
and futures gained 3s. 9d. with sales of 250 tons of futures. prices. Details: greasy merinos. 12% to 18%cl. Queensland, 2,838
Sydney. 587 bales:
Futures here on that day closed 2 to 10 points lower with bales: scoured merinos, 19 to 28d.; greasy, 11 to I8d. Victoria. 934 bales:
20d.; scoured
sales of 125 tons. October sold at 7.78e. and December at scoured merinos, 21 to 26d.; greasy, 16 tomerinos, 16% crossbreds, 11 to
to 173d. New
21d. West Australia, 30 bales: greasy
. 8 to 8.08c.
Zealand, 6,464 bales: scoured merinos, 22 to 26d.; scoured crossbreds. 8X
5
TIN was rather quiet with the price of late easier at 47%e. to 24%d.; greasy.forll to 15%d. New Zealand slipe ranged from 8d. to
16%cl., the latter
hall'bred lambs.
Tin plate prices for the first half of next year promise to
bales included
In
range from $4.05 to $4.65 per box the lower price applying 3,041London on Sept. 21st offerings of 11,844
bales of English specially classed, washed and greasy
to stock plate as usual. The usual discount on large tonnages crossbred wool which sold readily to home and Continent
will be available to large consumers. In London on the 21st at prices 10 to 15%
Best washed realized
inst. standard dropped 12s. 6d. to £215 15s. for spot and 14%d. and greasy above July levels.
brisk
13d. Colonial wools
futures; sales, 10 tons of spot and 150 tons of futures; spot demand at firm prices. Speculators' lots met with
were frequently
dropped 15s. to £222 10s.; Eastern c. i. f. London withdrawn at firm limits.
Straits
Details:
unchanged at £222; at the second London session standard
Sydney. 1,379 bales: greasy merinos, 16 to 19d. Queensland, 1.213
advanced 7s. 6d. on sales of 5 tons of spot and 75 tons of bales: scoured merinos, 23 to 28d.; greasy. 12 to 14d. Victoria, 2.006
bales: scoured merinos. 18 to 24d.: greasy. 14 to 21d. South Australia.
futures.
317 bales: scoured merinos, 18 to 24d. New Zealand, 3,508 bales; scoured
150. Cape:
merinos, 22 to 24d.;scoured crossbreds, 8 to 15d.;
LEAD was more active and firm at 4.50c. New York, 216 bales:scoured merinos, 18 to 22d.; greasy.9 to greasy, 6 toZealand slipe
lid. New
and 4.35e. East St. Louis. In London on the 21st inst. ranged from 6M to 14 d.
SILK.
-On the 18th inst. futures closed 8 to 10 points
spot advanced 2s. 6d. to £11 18s. 9d.; futures up is. 3d. to
£12 3s. 9d.; sales 50 tons of spot and 350 tons of futures; .higher, with the dollar weaker and other commodities
prices were unchanged at the second session with sales of stronger. Sales were 2,040 bales. Closing prices were with
50 tons of spot and 200 tons of futures. Surplus stocks of Sept., $1.89 to $1.91; Oct., $1.89 to $1.90; Nov. and Dec.,
lead in this country fell off about 10,000 tons in August $1.88 to $1.89, and Jan., Feb., Mar. and Apr., $1.88.
following a drop of 22,000 tons in the preceding month. On the 19th inst. prices closed unchanged to 2 points lower
Stooks in this country at the end of August were 160,486 after early weakness, with sales of 750 bales. Sept., Oct.
short tons against 171,275 at the end of July and 175,907 and Dec. ended at $1.87 to $1.89; Jan. at $1.87; Feb. at
2292
Financial Chronicle
$1.87 to $1.88; Mar. at $1.88 to $1.89 and Apr. at $1.88.
On the 20th inst. futures closed 3 to 6 points lower in response to the decline in other commodities; sales, 2,000
bales. The closing was with Sept. at $1.84 to $1.85; Oct.,
$1.83 to $1.84; Nov., $1.82 to $1.84; Dec., $1.83; Jan.,
$1.82, and Feb., Mar. and Apr., $1.82 to $1.83. On the
21st inst. futures closed 4 to 6 points lower, with sales of
1,750 bales. Nov. ended at $1.78 to $1.80; Dec., Jan.
and Feb., $1.77 to $1.79, and Mar. and Apr. at $1.78.
To-day futures ended unchanged to 2 points higher, with
Nov., $1.80; Dec., $1.78, and Jan., Feb., Mar. and Apr.
at $1.79.
Friday Night, Sept. 22 1933.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below.
For the week ending this ivening the total receipts have
reached 328,745 bales, against 276,295 bales last week
and 188,484 bales the previous week, making the total
receipts since Aug. 1 1933 ,1357,037 bales, against 1,183,802
bales for the same period of 1933, showing an increase since
Aug. 1 1933 of 173,235 bales.
Receipts al-
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Total.
Galveston
12,667 17,649 27,196 8,573 7,782 12,322 82,331
Texas City
8,247 8.247
Houston
16,935 18,835 10,743 14,384 51,710 125,274
Corpus Christi
3,067 5,614 4,102 3,141 3,598 2,415 21,937
New Orleans__ -- 5,315 3,283 9,645 9,925 4,780 4,711 37,659
811
781 1,250 1,167 1,619
685 6,313
Mobile
1,697 1,697
Jacksonville
Savannah
2
,45§ 3
,3W1 3,558 1,5
3:§8d 1,868 16,713
Charleston
457
670 1,243
761
637 8,047 11,815
_
_
__
12,394 12,394
Lake Charles__ - _
Wilmington
1§§
ii6
555
566
5g
384 1,396
408
349
335 1,813
Norfolk
307
135
279
Baltimore
1,156 1,156
Petals thin week B4.107 45.576 118.667 :18.055 :111.4:19 105.1171 '12R.745
The following table shows the week's total receipts, the
total since Aug. 1 1933 and stocks to-night, compared with
last year.
1933.
Receipts to
Sept. 22.
TntAla
1932.
Stock.
This Since Aug This Since Aug
Week. 1 1933. Week. 1 1932.
Galveston
Texas City
Houston
Corpus Christi
Beaumont
New Orleans
Gulfort
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles---Wilmington
Norfolk
Newport News
New York
Boston
Baltimore
Philadelphia
82,331
8,247
125,274
21,937
37,659
6,313
1,697
16,713
11,815
12,394
1,396
1,813
224.715 44,243
21,047 3,538
496,896 101,008
235,426 9,408
4.209
____
139,089 54,425
24,597 7,329
21,290
___5,162
471
73,964 6,913
4,971
46,048 7,876
44,586 15,681
3,547 1,219
4,989 1,738
1933.
1932.
122.181 492,069 477,800
12.312
24,253
14,707
369,664 1,271,597 1,091,538
201,567 178,691 116,862
16,008
17,560
15;08
193,710 678.258 936,176
47,367
36,536
2,825
53,938
7.692
49,782
55,264
5,375
5,255
115,564
18.091
6.546
138,485
168,413
12,438
19,608
201.465
57,413
65.768
16,256
18,327
90,029
85,098
11.554
44,229
123,717
14,662
1,000
203,087
10,954
1,250
5.389
99R 74c1 qc7 All ?cc 1971 152R gro '1 9qk 9q7 q KIM nnA
1,156
6,501
1,278
4,326
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts atGalveston.....
Houston
New Orleans_
Mobile
Savannah _
Brunswick_
Charleston_ _ _
Wilmington__
Norfolk
Newport News
All others_ _ _ Total this wk_
ale... A e.r. 1
1933.
1932.
1931.
82,331
125,274
37,659
6,313
16,713
44,243
101,008
54,425
7,329
6.913
71,654
145,144
18,218
4,788
26,300
11,815
1,396
1,813
7,876
1,219
1,738
45,431
1930.
1929.
1928.
153,860
144,220
47,455
11,561
27,335
12,366
4,052
325
5,728
1,776
434
42,085
30,376
75,314
127,211
64.127
17,944
36,869
9,527
1,747
3,235
55.705
164,394
47,550
12,295
42,646
500
14,382
1,129
7,749
39,343
30,327
25,282
385,693 368,535 417,651
1 2k7 n97 1 ISM Qn9 I nag lag 9 nAn nAs i fifIl 'AAR 1 dACI rad.
328,745
255,127
322,698
The exports for the week ending this evenmg reach a total
of 180,328 bales, of which 16,129 were to Great Britain,
15,845 to France, 40,999 to Germany, 24,462 to Italy, nil to
Russia, 57,956 to Japan and China, and 24,937 to other
destinations. In the corresponding week last year total
exports were 131,124 bales. For the season to date aggregate exports have been 1,078,334 bales, against 952,324
bales in the same period of the previous season. Below
are the exports for the week:
Exported to
Week Ended
GerGreat
Sept. 22 1933.
Exports from
- Britain. France. many.
13,714
Galveston
Houston
1,582
Corpus Christi_
Texas City
-7 55
7
New Orleans.._ _
Lake Charles_ _
Mobile
Pensacola
Savannah
Charleston
Norfolk
51
San Francisco_ _ _
Total
Total 1932
Total 1931
Japan&
Russia. China. Other.
6.594 7,459 6,730
738 17,446 12,201
491
5,718
1,226
2:i68 5,062 5;851
. 2:788
7
1,214
5,035
250
50
Total.
18,291 10,174 62,962
8,586 7,988 48,541
22,897 3,275 32,381
2,008
2:668 2:566 18,293
5,600
5,600
566 2,966
1,214
5,035
"lob' 400
250
677
678
16,129 15,845 40,999 24,462
57,956 24,937 180,328
3,611
4,184
18,557 14,423 131,124
45,696 15,045 81,349
15,224 18,762 60,547
4.931
999 10,494
From
Aug. 1 1933 to
Sept. 22 1933. Great
GerExports from- Britain. France. many.
Galveston_ __
Houston _ _ _
Corp. Christi
Texas City
Beaumont_
New Orleans_
Lake Charles
Mobile
Jacksonville
Pensacola _
Panama City
Savannah --
22,259 20,963
42,530 46,397
46,707 37,837
782
815
3,900
30,657 16,055
1,428 5,178
3,994 2,359
147
____
3,667
Charleston _ _
Wilmington
Norfolk
New York_ _ _
Los Angeles_
San Francisco
Total
____
13,980
11,270
2,488
8,493
Brunswick
COTTON
Sept. 23 1933
____
____
____
____
1,478
7,399
1,175
93
Exported to
Japan &
Italy. Russia China. Other.
Total.
50,032 33,181 160,485
117,185 48,384 365,333
69,175 21,543 198,368
4,378
80
4,704
804
19,920 23,12621,274 28,820 17,925 157,777
30,491
8,950
2,524
8,000 4,411
17,597 2;666
4,700 2,006 32,656
2,624
100
2,377
17,563
50
11,746
2,100
20,825
6,845
3,173
975 39,209
23,791
25
4,971
2,458
12,591
796 21,880
1,500
1,500
2,659
1,075
106
7,724
175
150
4,388
2,590
623
799
656
50
18,416 15,634
70,961 39,876
17,295 5,811
2,701
198,547 133,504 212,022 86,44730,224 286,431 131,159 1,078,334
Total 1932.._ 124,132 156,661 287,516 89,046
Total 1931.. 21,061 22,820 92,360 42,055
182,553 112,416 952,324
301,277 84,785 564,358
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
Sept. 22 at
Galveston
New Orleans_
Savannah
Charleston_
Mobile
Norfolk
Other ports *
Other CoastGerGreat
Britain. France. many. Foreign wise.
Leaving
Stock.
-515
1;566
:::: 2;856
2,000
1,500
6,000 52,000
462,079
651,186
---- 138.485
57,413
____ 4;683 111,531
18,327
1,500 63,000 1,675.141
8,680 12,210 81,252
7,383 19,822 89,466
3,601 6,150 66,839
4,000 124,1053,114,152
7,950 138,815 3,367,690
900 81.321 3.054.288
7,000
8,650
Total 1933
17,963
Total 1932
14,194
Total 1931.. 3,831
* Estimated.
2,500
3.480
5,500 13,000
710 13.732
Total.
2,000 30,000
500 27,072
Speculation in cotton for future delivery was more active
with bullish enthusiasm rampant early in the week owing
to a belief that Washington would announce some plan
of an inflationary character very soon. But increased
hedge selling and other liquidation owing to the failure of
inflationary agitation at Washington to make headway
caused an abrupt decline of over $2 a bale at one time.
Government officials are also said to have refused to consider the elimination of the processing tax as requested by
a committee representing cotton growers. On the 16th inst.
prices continued their upward swing and ended at an
advance of 11 to 15 points. The opening was unchanged
to 8 points higher, with Liverpool cables better than due
and orders were well divided in an active market. There
was some buying reported for Worth Street account and
a good volume of mill price fixing orders from the South
as a result of the heavy goods business done last week.
Wall Street, Commission houses, Liverpool, the Continent
and the Far East were buying. There was week-end evening-up on both sides of the account. Buying was inspired
by the possibility of early action of an inflationary character. On the 18th inst. there was a further advance of
38 to 42 points with expectations of early inflation measures
still predominating in the market. Other contributing
factors were the firmness of Worth Street, a decline in
the gold value of the dollar and estimates that the crop
had deteriorated more than average in the first half of
Septetmber. When hedge selling failed to increase, believers in inflation grew more confident and there was
some new outside buying noted.
On the 19th inst. prices closed 32 to 39 points higher on a
wave of buying from all directions, domestic and foreign.
led by Government agents. Agitation in Washington for
immediate action of an inflationary nature was the chief
bullish influence and brought out active professional buying. Steady buying by the trade and commission houses
readily absorbed the offerings. Plans for acreage control
of the 1935 as well as next year also attracted considerable
buying.
On the 20th inst. prices turned downward and ended
40 to 46 points lower. The failure of inflationary agitation
to make progress at Washington, a refusal by Government
officials to consider elimination of the processing tax
and a rise in sterling exchange led to general liquidation
and selling by speculative interests. There was a rally
of about $1.50 at one time, but pressure was resumed and
the ending was at about the low point of the day. Weakness in the stock market caused some selling. Towards
the close the supply of contracts increased. Exports passed
the 1,000,000 mark for the first time this season, an increase of 126,000 bales over the total a year ago.
On the 21st inst. the market was depressed by heavy
selling on rumors of possible unfavorable developments
as regards inflation. Hedging pressure was heavy. Other
depressing factors were the weakness in sterling, easier
foreign markets and generally weaker commodities. The
ending was at a net loss of 40 to 47 points. Reports from
Washington intimated that Government officials had agreed
upon terms of a loan which will enable Russia to buy
1,000,000 bales of American cotton. This checked the decline
for a time. A plan was also said to have been submitted
at the Washington conference which proposed that the
Government expend the sum of $350,000,000 in the pur-
Financial Chronicle
Volume 137
chase of cotton to be taken off the market and held for
the benefit of farmers who agree to reduce their acreage
next year to an amount equal to their sales to the Government. The weather was excellent for growth and picking.
To-day prices lost nearly half of an early advance of
about $1.50 a bale and ended 15 to 27 points higher. The
early strength was due to good buying from the trade,
spot interests and Commission houses. The Continent,
Liverpool and the Far East were also buying. Sellers
included the South, New Orleans and local operators. The
weather was generally favorable except for rain in parts
of Texas. The Dallas "News," in its weekly survey said
that the weather had been mostly favorable and had tended
to increase the Texas crop, especially on the south plains.
Some decrease in the size of the crop in various north and
central counties of the State was reported. Final prices
show a rise for the week of 18 to 22 points. Spot cotton
ended at 9.80c. for middling, an advance since last Friday
of 20 points.
Staple Premiums
60% of average of
six markets quoting
or deliveries on
Sept. 28 1933.
15-16
Inch.
markets designated by the Secretary of
Agriculture.
1-inch /le
longer.
.11
.11
.11
.11
.11
.10
.09
Differences between grades established
for deliveries on contract Sept. 28 1933
are the average quotations of the ten
.31
.31
.31
.31
.29
.25
.22
Middling Fair
White
.67 on
Strict Good Middling_
do
.55
Good Middling
do
.42
Strict Middling
do
.29
Middling
do
Basis
Strict Low Middling
do
.37 off
Low Middling
do
.80
*Strict Good Ordinary_ do
128
' Ordinary
Good
do
1 72
Good Middling
Extra White
42 on
Strict Middling
do do
.29
Middling
Even
do do
Strict Low Middling-- do do
.37 off
Low Middling
do do
.80
.30
Good Middling
Spotted
.24 on
.29
Strict Middling
do
.01 off
.25
Middling
do
38 off
*Strict Low Middling__ do
.79
*Low Middling
1.25
do
.25
Strict Good Middling__ _Yellow Tinged
02 off
.25
Good Middling
do do
25 off
.25
Strict Middling
do do
43
*Middling
do do
79
*Strict Low Middling__ do do
1.22
*Low Middling
de do
1.65
.10
.24
Good Middling
Light Yellow Stained__ .41 off
*Strict Middling
de do
do _ .79
*Middling
do do
do _1.21
.10
Good Middling
.24
Yellow Stained
.78 off
*Strict Middling
do do
1.21
*Middling
do do
1.65
.10
.25
Good Middling
Gray
.28 off
.10
Strict Middling
.25
do
.53
*Middling
do
.83.-.
' Middling
Good
Blue Stained
78 off
*Strict Middling
do do
1.22
*Middling
do do
1.65
*Not deliverable on future contract.
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sept. 16 to Sept. 22Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
9.70 10.15 10.45 10.05
9.65 9.80
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
2293
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.
1933.
bales_ 743,000
Sept. 22Stock at Liverpool
Stock at London
Stock at Manchester
Monday,
Sept. 18.
Tuesday, Wednesday, Thursday,
Sept. 19. Sept. 20. Sept. 21.
Prirlail,
Sept. 22.
Se/A.(1933)
Range..
Closing.. 9.49n
10.22n
9.89n
9.81n
9.38n
---2c1.
Range... 9.41- 9.56 9.70- 9.97 9.80-10.40 9.84-10.27 9.43- 9.86 9.53- 9.70
Closing. 9.54- 9.56 9.94- 9.95 10.27-10.28 9.86- 9.87 9.43- 9.46 9.61- 9.62
Nov.
Range...
10.35-10.35
Closing.. 9.65n
10.38n
10.054
9.98n
9.54n
9.73n
Om
Range__ 9.61- 9.79 9.95-10.17 10.01-1023 10.05-10.48 9.65-10.09 9.75- 9.96
Closing.. 9.76- 9.78 10.16-10.18 10.50-10.52 10.10-10.11 9.65- 9.68 9.85- 9.88
Ian.(1934)
Range__ 9.70- 9.88 10.07-10.27 10.14-10.71 10.12-10.58 9.72-10.48 9.84-10.03
Closing. 9.87- 9.88 10.26-10.27 10.6010.20- 9.73- 9.75 9.95
Feb.RangeClosing_ 9.95n
10.34n
10.70n
10.27n
9.83n
10.02n
NIarch
Range.. 9.88-10.05 10.26-10.45 10.29-10.90 10.30-10.78 9.93-10.35 10.03-10.23
Cosing
.10.04-10.05 10.42-10.43 10.80-10.35-10.39 9.93- 9.94 16.10-10.11
.1 prilRange...
closing. 10.12n
10.50n
10.89n 10.43n
10.02n
10.18n
Hey
Range_ 10.05-10.2110.43-10.80 10.49-11.08 10.50-10.92 10.10-10.54 10.21-10.39
closing.. 10.21 -- 10.59-10.60 10.98-10.52-10.1210.27-10.28
June
Range __
Closing 10.29n
10.69n
.
11.05n
10.61n
10.19n
10.354
July
Range__ 10.26-10.38 10.60-1C.80 10.67-11.21 10.69-11.08 10.27-10.72 10.40-10.59
10.8011.12-11.18 10.71Closing.. 10.3810.2710.46
lug.
Range.01nalno
n Nominqi.
Range of future prices at New York for week ending
Sept. 22 1933 and since trading began on each option:
Option for
Sept. 1933_
Oct. 1933._ 9.41
Nov. 1933.. 10.35
Dec. 1033._ 9.61
Jan. 1934_ 9.70
Feb. 1934
Mar. 1934._ 9.88
April 1934_
May 1934 10.05
June 1934
July 1934 10.26
Range for Week.
Range Since Beginning of Option.
6.07
5.93
6.50
6.30
6.35
6.62
6.84
8.91
9.28
Dec. 8 1932 11.82 July 18 1933
Dec. 8 1932 12.00 July 18 1933
Feb. 21 1933 10.50 July 21 193e
Feb.
1933 12.20 July 18 1933
Feb.
1933 12.25 July 18 1933
Feb. 2 1933 9.92 Aug. 28 1933
Sept. 16 10.90 Sept. 19
Mar.2 1933 12.39 July 18 1933
May 2 1933 9.80 May 27 1933
Sept. 16 11.08 Sept. 19
Sept. 1933 12.52 July 18 1933
Sept. 16 11.21 Sept. 19 9.42 Sept. 9 1933 11.78 July 27 1933
Sept. 16 10.40
Sept.20 10.35
Sept. 16 10.63
Sept. 16 10.71
Sept. 19
Sept.20
Sept. 19
Sept. 19
1931.
679.000
1930.
625.000
98,000
144.000
116.000
784,000
823,000
741,000
436,000
176,000
24,000
.58,000
91,000
Total Continental stocks
126,000
841,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
297,000
143,000
14,000
59,000
54,000
222.000
231,000
8,000
63.000
25,000
207,000
143,000
13.000
80.000
21,000
785,000
567.000
549,000
464,000
Total European stocks
1,626,000 1,351,000 1,372,000 1,205.000
India cotton afloat for Europe.- 77,000
35,000
37,000
74,000
American cotton afloat for Europe 361,000 394,000 163,000 440,000
Egypt, Brazil,&c.,afl't for Europe 84,000 109,000 100,000
86.000
Stock in Alexandria. Egypt
230,000 433,000 542,000 483,000
Stock in Bombay. India
683,000 777,000 594,000 593.000
Stock in U. S. ports
3.238,257 3,506.505 3,135,602 2,490.742
Stock in U. S. interior towns
1,231.502 1,452,801 811,978 818.124
U. S. exports to-day
17,709
10.186
36,629
Total visible supply
7.567.386 8,070.492 6,771,289 6,189.866
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
398,000 305,000 267.000 208,000
Manchester stock
44,000
69,000
46,000
51,000
Continental stock
708.000 515,000 457.000 343,000
American afloat for Europe
361,000 394,000 163.000 440.000
U. S. port stocks
3,238,257 3,506,505 3,135,602 2.490.742
U. S. interior stocks
1 231.502 1,452,801 811.978 818,124
U. S. exports to-day
17,709
10,186
36,629
Total American
6.024.388 6,252,492 4,896.289 4,345.866
East Indian, Brazil, eke.Liverp-ol stock
345,000 353,000 412,000 417.000
London stock
Manchester stock
47,000
57,000 100,000
70,000
Continental stock
52,000
77,000
92.000 121,000
Indian afloat for Europe
74,000
77,000
35,000
37.000
Egypt, Brazil, &c., afloat
84,000 109,000 100,000
86.000
Stock in Alexandria. Egypt
230,000 433,000 542,000 483,000
Stock in Bombay, India
683.000 777.000 594.000 593.000
Total East India, &c
1,543,000 1,818,000 1,875,000 1,844,000
Total American
6.024.388 6,252.492 4.896.289 4.345.866
Total visible supply
7,5o .688 8,070.492 6,771,289 6,189,866
Middling uplands, Liverpool
5.19d.
5.89d.
6.42d.
6.07d.
Middling uplands, New York.... 9.80c.
6.30c. 10.35c.
7.35c.
Egypt, good Sake!. Liverpool.,... 7.88d.
9.85d.
8.95d. 11.15d.
Peruvian. rough good, Liverpool_
Broach. fine, Liverpool
4.31d.
540d.
4.256.
4.53d.
Tinnevelly, good, Liverpool
5.93d.
4.76d.
5.50d.
5.26d.
Continental imports for past week have been 90,000 bales.
The above figures for 1933 show an increase over last
week of 203,798 bales, a loss of 503,104 from 1932, an
increase of 796,099 bales over 1931, and a gain or 1,377,522
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 period of the previous year-is set out in
detail below:
Movement to Sept. 22 1933.
Salurdag.
Sept. 16.
1932.
658,000
Towns.
Ala., Birming'm
Eufaula
Montgomery.
Selma
Ark.,Blytheville
Forest City
Helena
Hope
Jonesboro_ _ _
Little Rock.._
Newport_ ..
Pine Bluff......
Walnut Ridge
Ga., Albany_ _ _
Athens
Atlanta
Augusta
Columbus
Macon
Rome
La., Shreveport
Miss, Clarksdale
Columbus...
Greenwood
Jackson
Natchez
Vicksburg
Yazoo City_
Mo., St. Louis_
N.C.,Greensb'ro
Oklahoma15 towns.-S.C., Greenville
Tenn.,Memphls
Texas, Abilene_
Austin
Brenham_ __.
Dallas
Paris
Robstown_
San Antonio_
Texarkana
Waco
Receipts.
Ship- Stocks
meats. Sept.
Week. Season. Week. 22.
457
721
2,617
4.091
3,873
357
2,310
4,571
174
1,260
200
3,779
45
803
2,180
767
11,558
2,000
845
235
5,022
9,863
659
12,819
2.873
80
898
2,708
1,409
129
8.703
1,647
25,237
1,437
3,041
2,901
8,980
5,247
369
458
1,698
9,523
1,022
2,858
7,313
12,706
4,258
439
3,470
8,494
201
4,186
395
5,890
76
5,225
4,420
3,752
47,435
3,600
4,141
283
12.413
17,903
1,318
27,364
0,264
117
1,559
6,235
17,275
423
,
16,097
16,340
88,712
1,636
10,486
16,176
20,604
9,895
4,182
7,198
2,850
34,110
movement to Sept. 23 1932.
Receipts.
Week. Season.
409
131 5,543
457
577 5,923
597 34,220 2,893
684 33,757 2,92
500 18,568 12,268
637 9,696 1,184
554 21,508 4,09:
874 15,314 4,210
48 1,563
193
1,100 37,888 5,598
200 6,891 4,279
1,105 25,986 5,645
____ 2,031 3,204
220 4.868
112
350 46,965 1,140
4,412178,657 2,156
2291116,577 5,395
1,000 17,251
610
1,729 33,292 1,214
200 5,400
190
2,828 30,486 7,078
1,784 26,204 9,107
782
220 4,896
1.420 55,340 11,338
1,023 19,173 2,981
22 2,587
698
74 5,933 7,221
669 13,299 3.804
1,409
2 2,461
47 17,067
35
2,328
2,303
8,560
12,697
34,762
1,847
9,261
13,254
508
8,002
4,744
9,931
3,843
508
3,965
7,468
28,322
2,160
7,002
526
23,455
25,281
1,172
32,492
10,468
1,231
9,582
8,702
12,265
498
Ship- Stocks
meas. Sept.
Week. 23.
1,418 6,909
388 6,220
1,332 45,734
1,663 43,927
5,058 51,544
729 14,589
1,244 29,042
1,519 17,954
69 1.167
3,618 43,454
313 13,983
1,325 39,928
442 7,416
26 2,775
500 42,680
4,454 128,812
2,973102,650
251 21,500
584 38,369
2 I 8,277
5,381 70,373
8,43 87,515
10: 6,178
1,821 82.928
744 25.236
5 4,705
1,044 15,259
324 21,099
2,461
255
2,648 13.441
4.460 22,163 20,095 33,997 9,132 40,814
4.180 79,655 4,931 10,754 4,937 65,542
12,270261,265 60,256 155,918 25,520315,258
906
706
79
1,312
96
135
2,865 5,4601,523
7,261 1,162 3,811
2,002 6,879 2,214
6,776
879 6,704
5,661 15,481 4,579 10,895 3,885 8,700
931 8,564 3,274
9,901 1,588 9,652
811 2,628
62
6,047
296 2,523
758 2,008
801
7,384
679 1.451
676 12,300 3,755
8,646 1,703 14,164
5,596 17,528 4,504
9,004 3.093 7,128
* Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
increased during the week 79,288 bales and are to-night
221,299 bales less than at the same period last year. The
receipts at all the towns have been 64,144 bales less than
the same week last year.
Financial Chronicle
2294
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Sept. 22 for each of the past 32 years have been as follows:
1933
1932
1931
1930
1929
1928
1927
1926
9.R0c.
7.55c.
6.25c.
10.75c.
18.55c.
18.90c.
20.70c.
16.45c.
1925
1924
1923
1922
1921
1920
1919
1918
24.40c.
22.40c.
13.10c.
21.25c.
20.20c.
30.50c.
31.60c.
32.65c.
17.15c.
9.30c.
12.20c.
9.70c.
10.95c.
11.30c.
11.60c.
9. c.
25.70c. 1909
16.0Tc. 1908
11.40c. 1907
1906
13.55c. 1905
11.85c. 1904
11.00c. 1903
13.90c. 1902
1917
1916
1915
1914
1913
1912
1911
1910
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spat each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Saturday__ _
Monday _
Tuesday
Wednesday_
Thursday -Friday
SALES.
Futures
Market
Closed.
Spot Market
Closed.
Spot. Contet. Total.
Firm,10 pts. adv_ _ _ Firm
Firm,45 pts. adv_ _ _ Firm
Steady, 30 pts. adv_ Steady
B'ly st'dy,40 pts.dec Barely steady
Steady, 40 pts. dec_ Barely steady_ _
Steady, 15 pts. adv.. ateady
6.200
6,200
100
100
-866
-Loo
272
272
6.972
13,836
Total week_
Since Aug. 1
100 7,072
4.700 18.536
OVERLAND MOVEME:NT 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:
Week.
2,461
54
1932
Since
Aug. 1.
12,801
414
-----1933
Week.
1,409
Since
Aug. 1.
17,013
188
4,156
4,678
1.283
28,762
26,799
233
4,278
3,000
1,1A9
26,355
19,000
'Total gross overland
10,431
Deduct Shipments
Overland to N.Y., Boston, &c__ _ 1,156
243
13ewteen interior towns •
3,109
Inland, &c.,from South
73,857
10,026
59,659
6,496
1,830
23,609
1,278
195
3,034
4,316
1,350
17,506
4.508
31,935
4,507
23.172
Leaving total net overland *___ 5,923
41,922
5.519
36,487
Sept. 22ShippedN ia St. Louis
Via Mounds. &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total to be deducted
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 5,923 bales, against 5,519 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 5,435 bales.
1932
1933
Since
Since
In Sight and Spinners'
Aug. 1. Week.
Week.
Aug. 1.
Takings.
328,745 1,357.037 255,127 1.183,802
Receipts at ports to Sept. 22
41.922
5.923
5,519
36,487
Net overland to Sept. 22
910,000
85,000
Southern consumption to Sept.22 105,000
615,000
439,668 2,308,959 345,646
Total marketed
39,638 108,501
Interior stocks in excess
79,288
. Excess of Southern mill takings
- - *190,238
over consumption to Sept. 1_ _ _
518,956
Came into sight during week
Total in sight Sept. 22
*121,424
454,147
2,158.359
North spinn's' takings to Sept. 22_
1,835,289
104,096
9,285
121,760
1,817.961
24.854
122,289
* Decrease.
Movement into sight in previous years:
Bales.
Since Aug. 1491,128 1931
574.999 1930
636,230 1929
Week1931-Sept 19
1930-Sept. 20
1929
-Sept. 21
Bales.
1,727,650
2,913,099
2.706.518
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. 22.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
New Orleans__ _
Mobile
Savannah
Norfolk
Montgomery.. _ _
Augusta
Memphis
Houston
Little Rock_ ..... _
Dallas
Fort Worth _ _ _ _
9.40
9.47
9.25
9.36
9.35
9.10
9.37
9.05
9.70
8.94
9.00
9.00
9.80
9.86
9.56
9.76
9.75
9.50
9.87
9.45
9.80
9.34
9.45
9.45.
10.15
10.25
9.97
10.07
10.15
9.80
10.21
9.75
10.15
9.67
9.75
9.75
9.75
9.84
9.97
9.77
9.75
9.45
9.81
9.35
9.75
9.26
9.35
9.35
9.35
9.40
9.13
9.36
9.35
9.00
9.36
9.05
9.35
8.83
8.95
8.95
9.55
9.60
9.30
9.51
9.55
9.20
9.56
9.25
9.55
901
9.10
9.10
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Sept. 16.
Monday,
Sept. 18.
Tuesday, Wednesday, Thursday,
Sept. 19. Sept. 20. Sept. 21.
Friday,
Sept. 22.
Sept 1933)
(
October __ 9.52- 9.91 -10.25- 9.83- 9.84 9.36- 9.40 9.60November
December. 9.75- 9.76 10.13-10.14 10.47-10.50 10.05-10.07 9.63- 9.65 9.85Jan.0930 9.84 Bld. 10.24-10.57 BM. 10.15 Bid. 9.70 -9.72 9.95,
February _
10.12March____ 10.01-10.02 10.41-10.76-10.78 10.33- 9.89April
May
10.18-10.20 10.58-10.94-16.95 10.51 -10.06-10.29-10.30
June
July
10.27-10.48 bid
10.35 Bid. 10.74 Bid. 11.09 Bid. 10.67August
Tone
Steady
Steady.
Steady.
Steady.
Spot
Steady.
Steady.
Firm.
Firm. Barely stdy Easier.
F.asy.
Steady
Options_
Sept. 23 1933
TO REPORT COTTON QUALITY WEEKLY-STAPLE
IMPROVED IN LAST FOUR YEARS.
-National reports
on the grade and staple of ginned cotton will be issued by
the Bureau of Agricultural Economics at noon each Saturday
throughout the active ginning season this year, beginning
Sept. 16. State reports will be released at the same time
each week from the Bureau's offices at Atlanta, Memphis,
Dallas, Austin and El Paso.
The weekly reports will give cotton growers and the cotton trade information on the quality of cotton classed during the current week, and also
show the quality of all cotton classed for the season up to the date of each
report. The reports will show the percentages of the different grades and
staple lengths represented by samples received from co-operating ginners.
The grade and staple work by the Bureau is in its sixth year, having been
authorized by Congress in 1928. The practicality of the work as providing
authentic information on the quality of the cotton crop caused growers,
ginners. and the cotton trade last year to request more frequent reports,
and the Bureau put the work on a weekly basis, whereas formerly reports
were issued only at short intervals during the season.
Marked improvement in the staple quality of American cotton in the
last four years is reported by the Bureau on the basis of grade and staple
analyses made in co-operation with State Experiment Stations. The
improvement has been moat marked in that part of the crop which had been
most criticized as having deteriorated in quality, says the Bureau. For
example,20% of the 1929 crop was found by the Bureau to be shorter than
%-inch in length of staple, but only 6% of the 1932 crop was found to be
shorter than %-inch.
The improvement in the shorter cottons has been so great, says the
Bureau, that the crop as a whole has gained almost 1-32 of an inch, attaining last year an average of 15-16 of an inch, according to the official standards of the United States. This length is equivalent to 1 1-16 inch staple
according to old concepts still used by some reporters in other countries
where, also, cotton which was 1 inch in staple according to United States
i
standards has been described as commercial 1 3 inch.
ACTIVITY IN THE COTTON-SPINNING INDUSTRY
FOR AUGUST.
-Persons interested in this report will find
it in our department headed "Indications of Business
Activity." on earlier pages.
WEATHER REPORTS BY TELEGRAPH.
-Reports
to us by telegraph this evening denote that the weather
during the week has been mostly favorable for cotton.
There has been little rain and the crop is maturing rapidly.
Picking and ginning are making good advance.
Texas.
-The weather in this State during the week has
been favorable in most sections and harvesting is progressing rapidly.
Memphis, Tenn.
-Picking is active, it having rained only
one day during the week.
Rainfall.
dry
dry
dry
dry
dry
4 days 0.46 in.
3 days 1.52 in.
dry
2 days 0.27 in.
dry
dry
2 days 1.10 in.
dry
dry
dry
dry
1 day 0.02 in.
dry
1 day 1.08 in.
2 days 0.54 In.
dry
dry
dry
dry
1 day 0.30 In.
1 day 0.22 in.
dry
dry
1 day 0.05 in.
dry
lday 1.04 in.
1 day 0.04 in.
dry
dry
dry
2 days 0.84 in.
dry
2 days 1.34 in.
dry
2 days 1.14 in.
dry
dry
dry
1 day 0.02 in.
dry
dry
dry
dry
1 daY 0.02 in.
dry
1 day 0.20 in.
dry
1 day 0.32 in.
1 day 0.38 in.
1 day 0.15 in.
2 days 0.42 in.
2 days 0.16 in.
Rain.
Galveston, Tex
Amarillo. Tex
Austin, Tex
Abilene, Tex
Brenham, Tex
Brownsville, Tex
Corpus Cnristi, 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 Artonio, Tex
Taylor, Tex
Weatherford, Tex
Oklahoma City, Okla
Eldorado, Ark
Fort Smitn, Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria, La
Amite, La
New Orleans, La
Shreveport, La
Columbus, Miss
Meridian, Miss
Vicksburg, Miss
Mobile, Ala
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
Miami, Fla
Pensacola, Fla
Savannah, Ga
Athens, Ga
Atlanta, Ga
Augusta, Ga
Macon, Ga
Charleston, S. C
Greenwood, S. 0
Columbia, S. C
Conway, S. C
Asheville, N. C
Charlotte, N.C
Newborn, N. C
Raleigh, N. C
Weldon, N. C
Wilmington, N. C
Memphis, Tenn
Chattanooga, Tenn
Nasnville, Tenn
Thermometer
high 93 low 79 mean 86
nigh 92 low 58 mean 75
nigh 98 low 72 mean 85
high 98 low 70 mean 84
high 98 low 72 mean 85
high 90 low 74 mean 82
high 88 low 76 mean 82
high 96 low 70 mean 83
high 96 low 72 mean 79
high 96 low 68 mean 82
high 98 low 64 mean 81
hign 96 low 62 mean 79
high 102 low 62 mean 82
high 98 low 56 mean 77
nigh 100 low 72 mean 86
high 94 low 56 mean 75
high 96 low 68 mean 82
high 98 low 62 mean 80
hign 98 low 68 mean 83
high 100 low 68 mean 84
high 98 low 64 mean 81
high 94 low 56 xnean 75
high 99 low 54 mean 77
high 96 low 56 mean 76
high 94 low 60 mean 80
high 101 low 54 mean 78
high 96 low 59 mean 78
high 100 low 47 mean 74
high 98 low 72 mean 86
high 98 low 63 mean Si
high 100 low 53 mean 77
nigh 96 low 50 mean 73
high 96 low 62 mean 79
high 97 low 65 mean 81
high 94 low 52 mean 73
nigh 96 low 58 mean 77
high 94 low 72 mean 83
high 92 low 78 mean 85
nigh 94 low 66 mean 80
high 97 low 69 mean 83
high 101 low 52 mean 77
high 92 low 58 mean 75
hign 96 low 56 mean 76
high 96 low 50 mean 73
high 95 low 73 mean 84
high 95 low 52 mean 74
high 96 low 58 mean 77
nigh 96 low 55 mean 76
high 86 low 42 mean 64
high 89 low 61 mean 76
nigh 95 low 56 mean 76
high 92 low 54 mean 73
high 93 low 45 mean 69
high 90 low 60 mean 75
high 92 low 60 mean 80
high 92 low 54 moan 73
high 92 low 52 mean 82
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Sept. 22 1933. Sept. 23 1932.
Feel.
Feet.
2.5
2.2
4.1
6.0
9.1
8.6
4.7
9.5
5.8
8.2
Above zero of gauge_
Above zero of gauge..
Above zero of gauge..
Above zero of gauge_
Above zero of gauge_
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Financial Chronicle
Volume 137
I
Receipts at Ports.
WeekI
Ended
I 1933. 1932. I 1931.
Stocks at Interior Towns.
1933. 1
1932. 1
Receiptsfrom Plantations
1931.
June
23__ 60.353 40,793 21,13411.392,60311,450,0541
30-- 75,954 44,758 17,602.1.343,68411,430,563
July
7__ 80,277 34,435 13,152 1,310,4561,409,172,
14__ 82,935 31,295 16,170 1,283,3111,388,864,
21__ 125,404 31.530 16.304 1,255,5691,361,8541
103,031 62.468 40,927 1,204,9891,352,270,
Aug.
4__ 96,563 98.638 12,9861,177,6531.332,994
__ 77,824 75,602 24,0231.151,5241,313,467
18__ 103,437 85,716 42,406 213,9731,293,783
25._ 142,921 111,142 80,8091,109,0021,269,523
Sept.
1_ 206,619154,553126,9621,111,5251,261,495
8_ 188.484183,676167,44111.118,7791,271,735
15_ _ 276,295235,434241,8001,152,2141,344,300
22_ _ 328.745255.127322.6981,231,5021,452.801
1933.
1932. 9131.
910,874 10,929 14,242
877.605 27,035 25,367
854,340
833,586
818,425
798,241
Nil
N11
79,362
N11
56.075 3.518
66,032 36.901
86,882 72,600
725,436109,142146,525117,587
728,548195,738193,916170,559
749,99 309,7101307,999263,246
811,978408,033356.228384.682
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 1,396,677 bales;
in 1932 were 1,232,944 bales and in 1931 were 1,049,102
bales. (2) That, although the receipts at the outports the
past week were 328,745 bales, the actual movement from
plantations was 408,033 bales, stock at interior towns
having increased 79,288 bales during the week. Last year
receipts from the plantations for the week were 356,228
bales and for 1931 they were 384,682 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings,
Week and Season.
1932.
1933.
Season.
Week.
Season.
Week.
Visible supply Sept. 15
7.817.201
7,363.590
Visible supply Aug. 1
7,791.048
7,632,242
American in sight to Sept. 22_
454,147 1,817,961
518.956 2,158,:359
Bombay receipts to Sept. 22_ _
36.000
9,000
219,000
86,000
Other India shIp'ts to Sept. 23
2,000
44,000
104,000
5,000
Alexandria receipts to Sept. 20
14,000
30,400
16.000
25,000
Other supply to Sept. 20 *b
13,000
7,000
82,000
68,000
Total supply
7,916,546 10.079,001 8,339,348 9.979,009
Deduct
Visible supply Sept. 23
7,567.388 7,567.388 8.070.492 8.070,492
Total takings to Sept. 22-a349,158 2,511,613
268,856 1,908,517
Of which American
276,158 1,976,213
206,856 1,463.517
Of which other
73.000
035.400
62.000
445,000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 910,000 bales in 1933 and 615.000 bales in 1932
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 1,601,613 bales in 1933 and 1,293,517 bales in 1932, of
which 1,066,213 bales and 848,517 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1 as cabled, for three years, have been as follows:
1933.
Sept. 21.
Receipts at
Week.
Bombay
Exports
from
Bombay
1933
1932
1931
Other India1933
1932
1931
Total all
1933
1932
1931
9,000
1932.
Since
Aug. 1.
86,000 36,000
For the Week.
1931.
Wee*.
219,000 14,000
Since
Aug. 1.
106,000
Since Aug. 1.
Great COWS Japan&
Britain. nent. China. Total.
1,000
Since
Aug. 1.
Week.
Great
BrUctin.
5,
7,000 3,0001 11,000
3,000 20,000 23,000
1.000 23,000 24,000
1,000
3,000
1,000
2,000
5,000
2,000
3,000
8,000 3,000 13,000
5,000 20,0001 28,000
6.000 23,000 29,000
2,000
5,000
5,000
Corgi- 1.1apan &
new. I China.
2,000
3,000
50,000
17,000
30,000
31,000
14,000
19,000
73,000
30,000
42,000
36,0 0 123,000
0 1
0
16,000
47,000
22,
72.000
35,
106,000
225,
Total.
90,000
125,000
258,000
104,000
44,000
61,000
35
106,
225.000
194,000
169,000
319.000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
28,000 bales. Exports from all India ports record a decrease
of 15,000 bales during the week, and since Aug. 1 show an
increase of 25,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
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,
Sept. 20.
Receipts (Cantars)This week
Since Aug. 1
1933.
1932.
1931.
80,000
149,379
70,000
123,332
145.000
642,017
This Since
Week. Aug. 1.
This
Since
Week. Aug. 1.
This
Since
Week. Aug. 1.
11,076
To Liverpool
4,000 13,911
To Manchester. dm
To Continent and India _ _ 5.000 48,493
1,000 7,811
To America
10.814
4,000 8,622
5,000 51,071
1,000 4,300
13.471
4,000 13,036
4.000 8.3,427
2,957
10,000 81,291 10,000 74,807
8.000 112,891
Exports (Bales)
Total exports
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 pounds.
This statement shows that the receipts for the week ended Sept. 20 were
80,000 cantars and the foreign shipments 10,000 balm.
1933.
47,049 13,044
Nil
55,790 10,987
N11
97,662 4,52
1,143
64,451 52,884 20,743
776.01557.227
755,510 51,108
743,005 82.275
734,805121,850
2295
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and cloths is. steady. Demand for cloth is
improving. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
32s Cop
Twist.
d.
June
23____
30____
July
7....
14____
21._.
28_
Aug.
4____
11........
18____
25____
Sept.
1____
q _
1932.
831 Lbs. Shirt- Cotton
,
ings, Common Mickirg
Uprols.
to Finest.
s. d.
s. d.
934®1054 8 7 @ 9 1
9401014 8 7 0 9 1
09
09
09
09
32s Cop
Twist.
d.
d.
83.j Lbs. Shirt- Cotton
trigs, Common Middrg
to Finest.
Uprels.
s. d.
7140 914 8 0 ® 8 3
7540 944 8 1 0 8 4
954 ®10%
94501014
91.4(41034
93401054
8
8
8
8
1
1
1
1
6.40
6.33
6.23
6.47
8340
8 0
734(5
7540
91.4
934
934
954
8
8
8
8
1
1
1
1
9540101.4
954(51054
814010
834010
8 7 09 1
87 0 9 1
8 4 08 6
84 ® 86
6.25
5.90
5.s6
5.53
7140 944
85041046
854010
91401144
8
8
8
8
9
7
7
7
7
01054 84 0 8 6
854(5934 83 0 8 5
15__ __ 834010
22_ 8Hia10
8 3 08 5
8 4 at. 8 6
s. d.
6.18
6.38
d.
4.41
4.88
4
4.87
4
4
4
4.66
4.56
467
1 (41 8 4
2 0 8.5
3 086
7 ig 9 0
4.69
5.51
5.76
6.45
5.60 95401144 87
5.38 1054(41134 85
.5.47 95401034 8 3
5.42 9..,4al1
83
08
08
08
08
09 2
090
08 6
a86
8.57
6.38
5.88
6.07
SHIPPING NEWS.
-Shipments in detail:
Bales.
CORPUS CHRISTI.
-To Havre-Sept. 14-Effingham, 1,612
Sept. 19
-San Pedro, 3,021
4,633
To Ghent
-Sept. 14
-Effingham, 587
587
-Effingham, 550___Sept. 19
To Dunkirk-Sept. 14
-City of
Joliet, 100; San Pedro, 300
950
To Antwerp-Sept. 14-Effingham, 150
150
To Rotterdam-Sept. 14-Effingham, 100
100
To Bordeaux-Sept. 14-Effingham, 135
135
To Bremen-Sept. 13-Abana, 491
491
To Gdynia-Sept.14-Abana,300
300
To Abo-Se t. 14-Abana, 50
50
To Royal-Sept. 14-Abana,75
75
To Japan-Sept. 14-Kurama Maru, 12.950___Sept. 16Fernmoor, 2,150_ _ _Sept. 20-Hartismere, 7.397
22,497
To China-Sept. 14-Kurama Maru, 200
Sept. 16
-Fernmoor. 200
400
To Barcelona-Sept. 16
-Mar Negro,2.013
2,013
GALVESTON.-To Havre-Sept. 14-Nishmaha, 932--Sept. 16
__ an Mateo.4,7385,670
To Ghent
-Sept. 14-Nishmaha, 1,071--_Sept. 16
-San
Mateo, 115
1.186
To Trieste-Sept. 14-Jolee, 20
20
To Genoa-Sept. 14-Monbaldo, 3.126--Jolee, 903
4,029
To Rotterdam-Sept. 13-Tennesste, 45---Sept. 14-Nisbmaha. 859
904
To Copenhagen-Sept. 13
-Tennessee, 100
100
To Gdynia-Sept. 13
-Tennessee, 70--_Sept. 16-Thode Fagelund, 218
288
To Bremen-Sept. 15-Agari. 1.495- _Aug. 26-Kersten
Miles. 4,060_ _Sept. 18
-West Cobalt. 1,904
7,459
To Liverpool-Sept. 16
-Benefactor, 3.418-_Sept. 20
Nyanza. 7.423: West Cohas, 1,844
12,685
To Manchester-Sept. 16
-Benefactor, 830_ _Sept. 20
-West
Cohas, 199
1,029
-San Mateo, 562... Sept. 16-Thode
To Dunkirk-Sept. 16
Fagelund,362
924
To Barceiona-Sept.20
-Mac Negro, 7.517
7,517
To Venice-Sept. 18
-Alberta, 935
935
To Trieste-Sept. 18
-Alberta, 1,74(L.....
1,746
To Japan-Sept. 16
-Belfast Maru, 10,889___Sept. 19Fernmoor,7,264
18,153
To Copenhagen-Sept. 16-Thode Fagelund, 179
179
To China-Sept. 19-Fernmoor, 138
138
HOUSTON.
-To India-Sept. 14
-City of Worcester. 1.400
1,400
To Liverpool-Sept. 21-Adolf Leonhardt, 1,582
1,582
To Genoa-Sept. 15-Jolee. 2,353- _Sept. 16---Monbaldo,
4,005
6,358
To Trieste-Sept. 15--Jolee. 480_ _ _Sept. 13
-Alberta, 1.379_ _ 1,859
To Venice-Sept. 13
-Alberta. 3,315_ __Sept. 15_ __Jolee, 450.. 3,765
To Naples-Sept. 16-Monbaldo,219
219
-Mar Negro,500
To Malaga-Sept. 18
500
To Barcelona-Sept. 18
-Mar Negro, 4,630
4,630
To Bremen-Sept. 18-Kersten Miles, 7,994__ -Sept. 20Abana, 2,212___Sept. 21-West Cobalt, 6,690
16,896
To Dunkirk-Sept. 19-Thode Fagelund. 738
738
-Sept. 21-West Cobalt, 550
To Hamburg
550
To Oslo-Sept. 19-Thode Fagelund. 100
100
To Copenhagen-Sept. 19-Thode Fagelund, 321
321
To Gdynia-Sept. 19-Thode Fagelund, 1,037
1,037
-Buenos Aires Marti, 2,925.... Sept. 18
To Japan-Sept. 19
Belfast Meru,5,661
8,586
CHARLESTON.
-To Ghent
-Sept.15-Wildwood,400
400
NORFOLK.
-To Bremen-(7)
-Lubeck, 250
250
SAVANNAH.
-To Bremen-Sept. 16-Jethou, 5,035
5,035
SAN FRANCISCO.
-To Great Britain-(?)-51
51
To Germany-(1)-50
50
To Japan-(fl-577
577
PENSACOLA.-To Breman-Sept. 18
-Ingram, 964
964
To Hamburg-Sept. 21-Topa Topa, 250
250
NEW ORLEANS.
-To Bremen-Sept. 15-Grandon, 4.512_ _ _
Sept. 19
-Youngstown,550
5.062
To Rotterdam-Sept. 15-Bilderdlik, 950_ - _Sept. 14-1Iybert,200
1,150
To Antwerp-Sept. 15-Bilderdijk. 50--Sept. 15-Hybert,
450
500
To Barcelona-Sept. 16-Sapinere, 100
100
To Japan-Sept. 16
-Buenos Aires-Maru, 2,005
2,005
To Havre-Sept. 16-Hybert, 2,795
2,795
To Ghent
-Sept. 16-Ilynert, 300
300
To Genoa-Sept. 18-Nlarthara, 5.531
5,531
To Gothenburg-Sept.19-Lagoholm,200
200
To Gdynia-Sept. 19-Lagonolm.650
650
TEXAS CITY.
-To Liverpool
-Sept. 15
-West Cobs's, 782
782
To Bremen-Sept. 16-Kersten Miles, 1,226
1,226
LAKE CHARLES.
-To Japan-Sept. 19
-Liberator. 5.600
5.600
MOBILE.
-To Bremen-Sept. 15
-West Madaket, 2,766
2,766
To Rotterdam-Sept. 15
-West Madaket. 100
100
To Ghent
-Sept. 15
-West Madaket, 100
100
Total
180,328
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Sept. 1.
41,000
749,000
394.000
39.000
14,000
173,000
87,000
Sept. S. Sept. 15. Sept. 22.
48,000
43,000
53,000
747,000 721,000 743,000
388,000 368,000 398,000
19,000
74,000
46,000
18,000
4,000
61,000
180,000 222,000 179,000
91,000 134.000
92.000
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:
Financial Chronicle
2296
Spot.
Saturday.
Monday,
Tuesday, Wednesday. Thursday.
Market.(A fair
business
More
Quiet.
Quiet.
Quiet.
12:15
doing.
demand,
P.M.
Mid.UpFds
5.48d.
5.544.
5.54d.
5.58d.
5.67d.
Friday.
A fair
business
doing.
5.42d.
Steady,
Steady
Futures.
1 Steady,
Steady, Steady, wr Steady,
2 to 4 pts. 4 to 5 pts. ch'ged to 2810 10 pts 5 to 7 pts. 9 to 10 pts.
Market
decline.
decline.
pts. dec. advance.
decline,
advance.
opened
Quiet but Quiet but
Steady, Very st'dy. Steady.
Market, { Steady, 1
4
pt adv. to 6 to 7 pts 3 to 4 Dts 3 to 4 pts st'dy, 9 to st'dy,3 pts.
1 ot. dec.
advance, advance. advance. 10 pts. dec. decline.
P.M.
Prices of futures at Liverpool for each day are given below:
Sat.
Sept. 16
to
Sept. 22.
Mon.
Tues.
Wed.
Thurs.
Fri.
12:15 12:30 12:15 4:0012:15 4:0012:15 4:0012:15 4:0012:15 4:00
p. m.p. m.p. m.p. m.p. m.p. m p. m.p. m. p. m.p. m p. m. p. m.
New Contract. d.
October (1933) __ __
January (1934) _ __
March
May
-_
July
October
December
__ January (1935) __ __
March
May
July
__ __
d.
d.
5.34 5.39
5.37 5.42
5.41 5.47
5.45 5.51
5.49 5.55
5.,53__ __
5.57__ __
5.58.,_ __
5.61
5.66
5.70__ __
d.
4.
d.
d.
5.40 5.39 5.44 5.52
5.44 5.42 5.47 5.55
5.48 5.46 5.51 5.59
5.52 5.50 5.55 5.63
5.56 5.54 5.59 5.67
5,59__ __ 5.63.._ __
5.63__ __ 5.66__ __
5,64__ __ 5.67__ __
5.71_ __
5.68_
5.72__5.75__
5.76__ __ 5.79_ __
d.
d.
5.47 5.43
5.51 5.46
5.55 5.50
5.59 5.54
5.63 5.58
5.66_ __
5.70__ __
5.71__ __
5.74.._ __
5.78 .._ __
5.82_
d.
d.
5.38 5.32
5.41 5.35
5.45 5.39
5.49 5.43
5.53 5.47
5.57.._ __
5.60__ __
5.61.._ __
5.65__ __
5.68_ __
5.72_ __
d.
5.35
5.38
5.42
5.46
5.50
5.54
5.57
5.58
5.62
5.65
5.69
BREADSTUFFS.
Friday Night, Sept. 22 1933.
FLOUR continued comparatively qtiet. Some business
was reported for distant delivery. Production for the last
week reported was about 20% less than for the same week
last year, about 300,000 barrels less than two years ago, and
nearly 800,000 barrels less than three years ago. Prices
recently declined.
WHEAT was more active and prices advanced early in
the week under the influence of a belief that some news
of an inflationary character was to be announced from
Washington, but when this news failed to appear there was
some reaction later on. On the 10th inst. heavy Eastern
buying, based on the expectation of early developments in
regard to inflation, caused a rise of 3% to 3%c. Other
bullish factors were the strength of other commodities and
strong cash markets at Kansas City and Minneapolis. Some
outside demand was noted. B. W. Snow estimated the
carryover at the end of the current season at less than
100,000,000 bushels, after allowing for Pacific Coast exports. Liverpool ended'% to %El. lower, but this was partially offset by higher sterling. Winnipeg closed 1% to
1%c. higher. There was a fair export demand for Canadian wheat
/
On the 18th inst. prices ended % to 34c. higher. May
reached 101%c. This was the first time since Aug. 11 that
wheat reached $1. An early bulge was followed by a reaction, owing to selling by Eastern interests and a lack of
outside demand. Winnipeg was higher. So was Liverpool.
Disappointing threshing returns were received from the
northern areas in the Canadian Prairie Provinces, and
Winnipeg advices suggested the possibility of final returns
being 25,000,000 to 50,000,000 bushels under the 268,000,000
busbzls indicated at the close of August. Lake freights were
firmer, being quoted at 4%c, a bushel from Fort William
4c. late last week.
to Montreal, against 4 to 41
On the 19th inst. prices ended 1% to 2
/ higher, under
1
4c.
heavy buying by the East, inspired by further inflation talk.
May went above $1. Arthur W. Cutten was quoted as expressing the belief that wheat would sell at $1.40 a bushel,
corn at 80c., and oats at 60c. His bullishness was based
on the shortage in the crops of all grains this season, both
in this country and in Canada, the comparatively small
supplies of rough feed, and prospects of some early developments of an inflationary character. Saskatchewan reports indicated that 45 to 50% of the crop remained to be
threshed. Export demand was smaller.
On the 20th inst. prices ended 1% to 1%c. lower. The
apparent failure of inflationary agitation at Washington,
for the moment, at least, led to considerable liquidation and
other selling. Buying by early sellers brought about a
rally at one time, but selling increased on the bulge, and
the close was at or near the low of the day. Winnipeg
closed 1%c. lower, with the weather in Canada more favorable for threshing. Liverpool advanced 1% to 1%c., owing
to the rise in sterling.
On the 21st inst. prices broke the limit of 5c. allowed
for one day, under heavy selling induced by weakness in
cotton and sterling, and unfavorable news from Washington on inflation. Recent buyers sold out their holdings.
Reports to the Government, according to Washington news,
show that 219,818 growers up to Sept. 18 had applied to
join in the voluntary allotment plan, thus agreeing to cut
plantings 15% under the acreage harvested for three to
five years up to July 1 1932, in return for cash benefits.
Farmers who have signed control 21,291,694 acres, indicating a reduction of 3,193,000 acres.
Sept. 23 1933
To-day prices ended 1% to 1%c. lower. Minneapolis
was 1% to 34c. off; Kansas City, 14 to 1%c. down, and
Winnipeg was 1% to 1%c. lower. The early weakness was
the result of renewed liquidation, which carried prices down
some 3 c., or about 10c. under the recent high. But aggres/
1
2
sive buying by leading Eastern interests and commission
houses brought about a complete recovery at one time.
Millers were reported to have made liberal purchases
against flour sales. There was further liquidation on the
bulge, and this, together with selling, supposedly by a
Western operator, caused a break to about the low point
of the day. Near the close, however, another rally set in
on good buying, and there was a recovery of about 2c. a
bushel. The reports generally were of a bullish nature.
Cash wheat was in good demand, and firm. The primary
movement was small, and marketings in Canada are still
about half of a year ago. The technical position was
stronger. Final prices are 2% to 2%c. lower than a
week ago.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
108% 1083j 110% 108% 103% 102%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
7
93% 92
87% 85%
September
91% 92
9514 9594 9791 95
90% 89%
December
May
9394
9994 99% 101% 10031 95
Season's Low and When Made.
Season's High and When Made.
Jan. 3 1933
September_ _ _12034
July 17 1933 September- 451
Apr.28 1933
December _.124
July 18 1933 December ___ 68
88
Sept.11 1933
May
July 18 1933 May
128%
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Man. Tues. Wed. Thurs. Fri.
68% 67" 65%
.
6814 69% 70
October
71% 70% 683's 67
7094 72
December
77% 76% 75% 73A 72
76
May
No. 2 red
INDIAN CORN followed the trend of wheat upward early
in the week on a good volume of business. On the 16th inst.
prices closed 2% to 3c. higher, under local and outside buying, combined with aggressive short covering. Commission
houses were selling early, owing to heavier country offerings
to arrive. On the 18th inst. prices ended % to 1%c. lower,
owing to general liquidation and other selling. On the 19th
/
inst. prices ended % to 73c. higher, in sympathy with the
advance in wheat On the 20th inst. prices declined under
general selling influenced by the weakness in wheat. Hedge
selling was not large, but demand was small. Country
offerings to arrive were smaller, receivers booking only
38,000 bushels over night
On the 21st inst. prices declined 3% to 3%c., or within a
fraction of the limit for fluctuations allowed for one day
by the Exchange. The weakness of cotton and sterling
exchange and the failure of the Government to accede to
demands for action of an inflationary character caused
rather heavy liquidation. To-day prices, after an early
advance, receded 2% to 33c. from the high, but recovered
c. lower to
1% to 2%c. from the low point and ended
1
4c. higher. Heavy liquidation caused the decline. Bullish
factors were the strong absorption by large professionals
and commission houses, stimulated by the report that the
Administration plan to expend $75,000,000 to purchase surplus stocks for the needy will include corn. Receipts
continued large, but there was less selling by the country.
Shipping demand was better. Cash interests bought. Final
4c.
prices show a decline for the week of 2% to 21
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
62
6734 663-i 6734 66
6234
-DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September
51% 50
50% 50
46% 46%
December
509
May
55% 55 % 55% 60544
6254 61
61H
5507%
Season's Low and When Made.
Season's High and When Made.
September _ _ _71%
July 17 1933 September _ _ _26%
Feb 28 1933
July 17 1933 December_3894
December_ _ _ _77
Apr. 28 1933
May
82
July 17 1933 May
5394
Aug. 17 1933
OATS responded to the advance in wheat early in the
week on inflation talk, but reacted with it later on. On
the 16th inst. the close was % to 1%c. higher, on good
buying by cash interests. On the 18th inst. prices closed
unchanged to %c. higher, following the trend of other grain.
On the 19th inst. prices followed those of other grain and
ended % to 14c. higher. On the 20th inst. prices followed
/
the trend of other grain and ended % to %c. lower. On
the 21st inst. prices followed those of other grain downward,
and ended 3c. lower, or the limit allowed on fluctuations
for one day by the Exchange. To-day prices ended % to
higher, after early weakness. Oats for the most part
followed the trend of wheat. Final prices show a decline
for the week of 1% to 1%c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed, Thurs. Fri.
5091 5091 51% 5034 4734 4834
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September
38$ 38% 39
38% 35% 36
December
41% 42% 4194 3891 39%
41
May
45
4534 46% 4534 42% 42%
Season's Low and When Made.
Season's High and When Made.
Feb. 28 1933
September -49%
July 17 1933 September -- _16%
May 92 1933
December__ _ 52%,
July 17 1933 December_ _ _.2891
May
Aug. 17 1933
July 17 1933 May
38%
5634
FUTURES IN WINNIPEG.
DAILY CLOSING PRICES OF OATS
Sat. Mon. Tues. Wed. Thurs. Fri.
October
3534 3614 3794 35% 33% 33%
December
3694 3794 3714 3594 3434 33%
No. 2 white
RYE followed the course taken by other grain, and advanced early in the week, only to decline later on. Trading
Financial Chronicle
Volume 137
2297
was quite active. Eastern interests were buying. On the
18th inst. prices ended % to %c, lower, under general
liquidation. On the 19th inst. prices ended % to %c. higher,
in response to the advance in other grain. On the 20th inst.
prices were influenced by the trend in other grain, and
ended 1 to 1%c. lower. On the 21st inst. prices declined
the limit of 3c. allowed by the Exchange. The weakness of
cotton and wheat and easier sterling exchange caused general selling. To-day prices ended % to 214c. lower. Final
/
prices are 4 to 5%c. lower for the week.
The destination of these exports for the week and since
July 1 1933 is as below:
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September
73
72% 73
72
67
64%
December
77% 76% 773
, 75% 70% 70
1
May
83% 83% 83% 81% 76% 76%
Season's High and When Made. I Season's Low and When Made.
September _..105%July 19 1933 September _-..4134
Apr. 1 1933
December-111%
July 19 1933 December..---51
May 5 1933
116%
July 19 1933 May
71
May
Aug. 17 1933
18,000
DAILY CLOSING PRICES OF RYE FUTURES IN WINN/PEG.
Sat
Mon. Tues, Wed. Thurs. Fri.
October
56% 56% 56% 54
52% 52
December
58% 58% 58% 55% 54% 54%
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September
53
54% 56% 54
51% 52
December
58
59% 61% 59
56% 57
May
63% 64% 66% 64% 61% 62
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
38% 39% 39% 38% 36% 37%
December
40% 41% 41% 40% 38% 39%
Closing quotations were as follows:
GRAIN.
Wheat.New YorkOats, New York
No.2 red, c.i.f.. domestic_102%
No. 2 white
48
Manitoba No.1,f.o.b. N.Y.. 75
No. 3 white
47
Rye,No.2,f.o.b.bond N.Y- 58
Corn, New YorkChicago, No.2
nom'l
No.2 yellow, all rail
62% Barley
No.3 yellow.all rail
47% lbs. malting62
N.Y.
69%
Chicago. cash
46©81
FLOUR.
Spring pats., high protein $6.75-$7.05 Rye flour patents
$5.05- $5 30
Spring patents
6.55- 6.95 Seminole, bbl., Nos. 1-3 7.90- 8.40
Clears, first spring
6.25- 6.55 Oats goods
2.30
Soft winter straights
5.70- 6.20 Corn flour
1.70
Hard winter straights_ 6.55- 6.75 Barley goads
Coarse
Hard winter patents
6.80- 7.05
4.00
Fancypearl.Nos.2.4&7 5.50- 5.70
Hard winter clears
5.65- 6.00
All the statements below regarding the movement of grain
-are prepared by us
-receipts, exports, visible supply, &c.
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at
Chicago
Minneapolis..
Duluth
Milwaukee.
Toledo
Detroit
Indianapolis_
St. Louis
Peoria
Kansas City-.
Omaha
St. JosephWichita
Sioux City Buffalo
Total wk'33
Same wk.1932
Same wk.1931
Flour. I
Wheat.
I
Corn.
Oats.
Rye.
I Barley.
bls.196Ibs bush.60 lbs bush. 56 183.1bush. 32 lbs. bush.48114.bush.561bs.
.
161,000
194,000 1,473,0
419,000
151,000 173,000
2,103,000
265,0001
615,000
97,000 799,000
2,502,000
73,000
168,000
93,000 207,000
11,000
4,000
876,000
291,111
2,000 461,000
267,000
40,000
38,000
I
1.000
45,000
58,000
6,000,
4.000
66,000
470,000
120,
117,000
309,000
296.000
109,
3,000
18.000
39,000
405,000
62,000
96,0
10,000
28,000
10.000
413,000
523,000
50,000
205.000,
335,000
51,000
129.000'
94,000
18,000
23,000
313,000
46,0001
6,000
9,000,
1,000
24,000
1
3,102,000,
10,000
133,000
338,000 9,928,0001 4,744,000
411,000 13,332,000 5,475,000
447,000 8,907,0001 1,521,000
2,172,000
2,327,
1,547,000
363,000 1,715,000
539,000 1,456,000
187,000 1,050,000
Since Aug.12,050,000 47,784,0001 25,137,000 25,184,000 2,757,00010,771,000
1933
2,539,000 79,153,000 30,619,000 34,260,000 2,887,000 9,681,000
1932
1931
3,430,000107,229,000 19,549,000 20,179,000 1,880,000 8,898,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Sept. 16, follow:
Receipts al-
Flour.
Wheat.
Corn.
Oats.
I
Rye.
119,111
4,187,000
79,000
3,256,0001
8,000
237,000
2,000
515,000
The exports from the several seaboard ports for the week
ending Saturday, Sept. 16 1933, are shown in the annexed
statement:
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
New York
Boston
New Orleans
Galveston
Montreal
Sorel
Halifax
Bushels. Bushels. Barrels. Bushels. Bushels, Bushels.
498,000
14,210
1,000
2,000
12,000
959,000
81,000
29,000
267,000
19,000
3,000
Total week 1933.. 1,743,000
Same week 1932_ - _ - 3.918.000
5.000
113,210
69.422
29,000
150.000
228.000
since
July 1
1933.
Week
Sept. 16
1933.
Total 1933
Total 1932
113,210 1,161,677 1,743,000 24,845,000
747.849 3,918,000 37,561,000
69,422
5,000
Since
July 1
1933.
Bushels.
2,000
20,000
399.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Sept. 16, were as follows:
United StatesBoston
New York
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chlcago
.
.
afloat
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
" afloat
On Canal
GRAIN STOCKS.
Oats,
Wheat,
Corn,
bush,
bush,
bush,
6,000
80,000
538,000
274,000
44,000
545,000
144,000
12,000
36,000
1,704,000
30,000
273,000
116,000
478 000
21:m
7,042,000
2,253,000
5,802,000
4,593,000
37,915,000
10,088,000
804,000
5,830,000
1,106,000
27,000
17,475,0®
467,000
1,029,000
28,766,000
21,634,000
350,000
5,620,000
3,630,000
76,000
44,000
2,783,000
2,891,000
7,319,000
419,000
2,265,000
1,623,000
425,000
2008
:0 00
1162751
1; 4
337,000
2,792,000
2,520,000
3,848,000
7,000
9,003,000
815,000
18,000
Rye,
bush.
1,000
2,000
11,000
2,000
Barley,
bush.
7,000
2,000
9,000
3,000
80,000
20,000
599,000
34,000
80,000
507,000
69,000
196,000
2,518,000
17,000
11,000
508,000
1,000
70,000
573,000
1,133,000
62,000
411,000
5,972,000 3,653,000 1,490,000
1,154,000
781,000
34,000
3,130,000
16,841,000 3,607,000 8,407,000
10,201,000 2,659,000 2,911,000
12,000
23,000
28,000
1,703,000 1,114,000
758,000
99,000
Total Sept. 16 1933-147,289,000 55,411,000 45,428,000 12,634,000 14,651,000
Total Sept. 9 1933_145,476,000 54,708,000 44,532,000 12,402,000 14,429,000
Total Sept. 17 1932-184,324,000 17,001,000 26,390,000 9,113.000 5.897,000
Note.
-Bonded grain not included above: Wheat, New York, 289,000 bushels;
N. Y. afloat, 128,000: Buffalo, 2,151,000; Buffalo afloat, 419.000; Duluth. 106,000;
Erie, 1,982,000; Canal, 377,000: total, 5,452,000 bushels, against 7,398,000 bushels
In 1932.
Barley,
Rye,
Wheat,
Corn,
Oats,
bush.
bush,
bush,
bush,
bush.
Canadian-.
Montreal and other water
684,000
2,734,000
958,000
35,486,000
points
2,982,000 2,914,000 4,201,000
Ft. William & Pt. Arthur 63,581,000
115,000
550,000
880,000
10,851,000
Other Canadian
Total Sept. 16 1933-.109.918,000
Total Sept. 9 1933_ _ _106,434,000
Total Sept. 17 1932_ __ 81,347,000
Summary
147,289,000 55,411,000
American
109,918,000
Canadian
6,596,000 3,987,000 5,435,000
6,233,000 4,046,000 5.214,000
2,960,000 4,066,000 1,426,000
45,428,000 12,634,000 14,651,000
6,596,000 3,987,000 5,435,000
Total Sept. 16 1933-257,207,000 55,411,000 52,024,000 16,621,000 20,086,000
Total Sept. 9 1933...251,910,000 54,708,000 50,765,000 16,448,000 19,643,000
Total Sept. 17 1932.-265.671,000 17,001,000 29,350,000 13,179,000 7,323,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Sept. 16 ,and since July 1 1933 and July 2
1932, are shown in the following:
Corn.
Wheat.
Exports.
North Amer_
Black Sea.
Argentina_ _ _
Australia
India
0th. countr'
Week
Sept 15
1933.
Bushels.
3,771,000
1,800,000
1,763,000
1,431,000
568,000
Since
July 1
1933,
Since
July 2
1932.
Week
Sept 15
1933.
Since
July 1
1933.
Since
July 2
1932.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
4,000
51,000
523,000
42,753,000 58,222,000
3,456,000 4,056,000 901,000 11,651,000 6,377,000
35,176,000 8,257,000 3,721,000 48,234,000 67,887,000
21,105,000 15,821,000
4,968,000
8,229,000
77,000
1,380,000
4,771,000
I 9,333,000 107,458,000 94,585,000 4,703,000 61,316.000 79,558,000
Barley.
299,616 3,957,000
Week 193267,000
263,0001 229,000 208,000
Since Jan. 13211,532,000104,453,000 4,338.000 6,870,000610,824,000 6.756,000
Receipts do not include grain passing through New Orleans for foreign ports
•
on through bills of lading.
Exports from-
Corn.
Wheal.
Week
Se*. 16
1933.
Bushels.
Bushels.
Barrels. Barrels.
Bushels.
748,010
676,000 10,223,000
United Kingdom_ 67,820
Continent
21,390
178,102 1,045,000 14,409,000
59,000
So.& Cent. Amer
10,000
3,000
West Indies
22,000
174,000
3,000
Brit. No.Am.Col.
3,000
48,565
19,000
151,000
Other countries.- 2,000
Total
bbls.1183lbs.bush.60 lb:.bush. 58 lbs
.bush. 32 lbs.l bush.461bs.bush.561bs.
New York - 127,000
186,000
Philadelphia 23,000
5,000
53,000
12,000
1,000
2,000
Baltimore.-15,000
65,000
14,000
8,000
6,000
NewportNews
114,000
33,000
Orleans•
New
51,000
24,000
81,000
Montreal- --959,000
29,000
14,000
Boston
1,000
6.000
1,000
Sorel
267,000
3,000
Halifax
19,000
Total wk.1933 296,000 1,615,000
Since Jan. 1'33 10,661,000 64,026,000
Flour.
Exports for Week
and Since
Week
Since
July 110Sept. 16 July 1
1933.
1933.
20g non
WEATHER REPORT FOR THE WEEK ENDED
SEPT. 20.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Sept. 20,follows:
The first part of the week had widespread, substantial rains from the
Upper Mississippi Valley eastward to the Atlantic Ocean, and good shower..
occurred about the middle in central-northern districts. A severe tropical
storm, moving in a general northwesterly direction, reached eastern North
Carolina on the 16th, and thence curved northeastward advancing to the
Canadian Maritime Provinces by the 18th. The storm passed northward
a short distance off snore, and, consequently, damaging winds and heavy
rains were confined to narrow belts along the coast, principally in eastern
North Carolina and southeastern Virginia. During the first part of the
week it was unseasonably cool in the northeastern States, with killing
frosts reported from the colder localities of the interior. Otherwise, temperatures were generally moderate to high for the season, though freezing
weather was reported from some higher localities of the more western
States. In Gulf districts the temperatures did not go as low as 70 deg, at
any time during the week.
Chart I shows that the weekly mean temperatures were much above
normal in toe northwest and from the Ohio and Lower Missouri Valleys
southward to the Gulf, where the excesses were as much as 6 deg. to 9 deg.
over large areas. The extreme northeast was relatively cool, and the
temperature averaged °Wow normal along the Pacific Coast, especially in
the south where the deficiencies were large.
Chart II shows that rainfall was neavy to excessive along the Atlantic
coast from North Carolina to Maine. The heaviest reported from first
order stations was 8 inches at Boston, Mass., and 12.6 inches at Hatteras.
N. C. Tee falls were generous in most sections from the eastern portions
of the central and northern Plains States eastward to the Atlantic coast
2298
Financial Chronicle
especially in Iowa and some adjoining sections. Rainfall was generally
light in the southern States, though there were some locally heavy falls
In southern Appalachian Mountain sections and in Texas. In the more
western portions of the country the week was mostly fair, except for rather
frequent rains in north Pacific localities.
Except in local areas, the week brought weather decidedly favorable for
maturing late crops, improving the soil for fall seeding in a good many
places where it had been too dry, and also for seasonal farm operations.
The most favorable feature wa., the additional moisture from the Upper
Mississippi Valley eastward, and tne rather general aosence of harmfully
low temperatures. Very little frost damage was reported, though some
occurred in the far northwest and locally in the extreme northeast. In
an average year killing frost occurs by this date in the colder sections of
the interior northeast, parts of Michigan, the northern portions of Wisconsin and Minnesota, practically all of North Dakota, Montana, and
Wyoming, and in western South Dakota. The warm weather this season
has advanced crops rapidly, and tney are considerably more than normally
safe from frost harm at this date.
Rains of the week decreased materially the droutny areas of the country, and only limited sections are now urgently needing moisture. They
were especially favorable in tne Ohio Valley, Wisconsin, Iowa, and Minnesota, and were helpful, but mostly insufficient, in the Dakotas, especially North Dakota. Michigan, Illinois, and eastern Missouri. In addition
rains would be helpful in the extreme Lower Mississippi Valley, including
Mississippi, Louisiana, and soutnern Arkansas. Elsewhere east of the
Rocky Mountain soil moisture is sufficient for present needs, and is especially favorable in the western wheat belt—Montana and Wyoming.
Tne Pacific northwest needs more rain and dourthy conditions in the
Great Basin have been intensified.
SMALL GRAINS.—Plowing and seeding conditions were generally Improved in tne Ohio Valley, the western Lake Region, the Upper Mississippi Valley, and parts of the northern Great Plains. but in the western
Ohio Valley and much of the Lake region the ground is still dry and hard.
Some winter wheat has been seeded in the northern part of the Ohio Valley,
while this work is progressing rapidly in north-central sections. It is still
too dry for much plowing or seeding in North Dakota and much of South
Dakota, but the weather was very favorable in the northern Rocky Mountain region. In the central and southern Great Plains the soil is now in
excellent condition, with fall plowing and seeding making good advance;
sowing winter wheat is one-tenth to one-half done in the western part of
Kansas, where much is up and making good growth, while seeding has
begun in the east. In the Pacific northwest rains were unevenly distributed,
with many areas still awaiting moisture for plowing and seeding.
CORN.—The corn crop this year has matured rapidly, with much more
of it now safe from frost than normally at this date, though there was
some retardation by showers of the week in many principal producing
sections. This was favorable for the late crop.
In Missouri over 90% of corn is safe and more than half has beep cut,
while in Kansas the bulk is now beyond danger. Northward of Kansas
maturity is rather general. In Iowa some late corn will be benefited by
rains of the week if frost holds off, but about four-fifths of the crop has
matured sufficiently to be safe from frost.
COTTON.—The weather was abnormally warm and mostly fair in the
Cotton Belt, though there were some locally heavy rains in the more
eastern and some western districts. In general the week was favorable
for the cotton crop, which is maturing rapidly, with picking and ginning
making good progress.
In Texas harvest advanced rapidly with favorable weather in most
'
sections, though there was some local damage by rain in the north. In
Oklahoma development was fair to good and bolls are opening satisfactorily, with very good progress in picking, except locally where it was too
wet.
In the central States of the belt the week was rather generally favorable,
except locally in northern sections where there was considerable rainfall.
Tao crop is maturing rapidly and conditions were favoraole for harvest.
In the eastern belt last week's rains caused lowering of staple in parts of
the South, especially in southern Georgia. and there was some harm by
the more recent storm in the northeast, but, otherwise, conditions continued favorable.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Richmond: Temperatures unduly high in soutn and slightly
hign in north; rainfall heavy in southeast, out light elsewhere. Southeastern crops damaged about 25% by storm of 16th and spinach, cabbage,
kale, and collard will need replanting. Except storm-damaged sections,
all crops are good to excellent. Picking cotton continues. Early corn
shocked: late corn developing rapidly. Cutting tobacco well advanced and
much in barns. Plowing continues in most section...
North Carolina.—Raleigh: Storm damage to property and crops very
heavy on coast and in sound section from Carteret County to Virginia line
and some damage in interior coastal plain. Estimated loss over two
million dollars. Weather generally favorable for crop development in
Piedmont and mountain region. Harvesting tobacco nearly finished.
Mountain corn matured safe from frost. Cotton opening rapidly and
picking good progress, except where delayed by storm.
South Caroltna.—Columbia: Practically dry and warm, with abundant
sunshine. Fall plowing good progress since heavy to excessive rains of
previous week. Cotton opening rapidly and nearly all open in middle
and low country and ready for picking and ginning which are well advanced.
Late corn, sweet potatoes, truck, forage, and lesser crops growing vigorously. Sorghum molasses being made. Fall truck planting In coastal
sections.
Georgia.—Atlanta: Warm, with scattered showers, mostly in north.
Favorable for harvesting. Cotton opening rapidly in all sections and
nearly all open, except in extreme north; moderate shedding in places;
picking excellent advance generally; some low-grade staple in south as a
result of storm of last week. Stacking peanuts continues. Harvesting
other crops progressing well. Late corn, truck, pastures, meadows, and
rice good.
Florida.—Jacksonville: Hot and dry. Cotton good; picking and ginning
about completed. Corn nearly all harvested: fair to good. Preparing
potatoes for fall planting. Truck seed beds being replanted over storm
area. Strawberries recovering. Citrus good and ripening, but considerable
splitting and dropping.
Alabama.—Montgomery: Light to moderate showers and warm. Cotton
picking fair to good advance and nearing completion in south; opening
rapidly in north; condition mostly fair. Week favorable for haying, farm
work, and miscellaneous crops.
Mississippi.—Vicksburg: Warm throughout; light to moderate showers
locally in northeast, but dry elsewhere. Progress of cotton opening very
good and nearing completion in south; progress of picking excellent generally
and ginning poor to fair advance. Progress of housing early planted corn
very good in south; growth of late-planted mostly poor and needing rain.
Progress of gardens and pastures mostly poor.
Louisiana.—New Orleans: Another warm week, with only scattered
showers. Cotton opening rapidly; progress of picking excellent and finished
in some southern localities. Favorable for harvesting corn and late rice,
also for saving hay and planting truck. Cane and truck need rain for
continued growth.
Texas.—Houston: Warm throughout State, excess most pronounced in
east; rainfall in scattered localities of northwest and central. Progress of
picking and ginning good under favorable conditions in mostsections, but
some damage by rain in north. Feed and truck crops doing well generally.
Pastures and ranges benefited by rain in many localities and mostly in good
condition. Fall plowing fair to good progress.
Oklahoma.—Oklahoma City: Warm, with moderate to excessive rains
quite general first two days, but little thereafter. Generally favorable for
all crops. Condition and progress of cotton fair to good and opening
satisfactorily; picking good advance, except where too wet; favorable for
weevil activity in some south-central localities. Progress and condition
of corn fair on bottom lands, but a failure elsewhere. Good progress in
sowing wheat and oats; some already up.
Arkansas.—Little Rock: Progress of cotton very good, except near
northern border where only fairly good due to rainy weather first of week;
bolls opening and picking good progress, except in north. Weather too
dry in most southern portions for all crops, except cotton, but very favorable
elsewhere for late corn, rice, meadows, pastures, and all minor crops.
Tennessee.—Nashville: Condition of late corn mostly very good, but
damaged locally in west by wind and rain. Progress and condition of
cotton fairly good; opening satisfactorily, except too wet locally; picking
general; more sunshine needed. Tobacco in barns damaged by dampness:
firing continuing; considerable dark yet in fields. Prospects good for late
hay, potatoes, and vegetables.
Sept. 23 1933
Kentucky.—Louisville: High temperatures favorable for crop growth.
Showery first half unfavorable for tobacco in barns, also stopped hay
making and corn cutting, which has commenced generally, and delayed
maturity of late crops. These conditions corrected by fine weather last
half. Progress and condition of late corn excellent, also toaacco.
THE DRY GOODS TRADE
New York, Friday Night, Sept. 22 1933.
Retail business during the first part of the week under
review continued to lag, but the improvement in weather
conditions during the last few days was sufficient to
cause an increase in buying interest, raising hopes that
with continued cool and dry weather the losses in sales
suffered in the first half of the month may yet be made
up. Total department store sales in the metropolitan area
from Sept. 1 to Sept. 15 were 6Y2% below the total for
the corresponding period of 1932, according to figures supplied by the Federal Reserve Bank of New York, and Brooklyn sales were 6.4% lower, while Newark department store
sales declined 7.0%. Chain stores also experienced a less
satisfactory sales trend. While unseasonably wet weather
undoubtedly was a factor, it was consumer resistance to
higher prices and exhaustion of consumer reserves for advance buying in anticipation of higher prices that supplied,
it is believed, that main cause for this drop in retail sales
that even concentrated promotional efforts were not strong
enough to overcome. Whether this buying reticence on the
part of the consumer, as is feared in some quarters, will
develop into some kind of a "buyers' strike" will largely
depend on the extent of the further mark-up in prices
by the retailers and on the measure of improvement in the
buying power of the consuming public.
While sentiment in the wholesale markets has undergone
a certain improvement, the actual volume of business reflected plainly the lull in retail trade during last week.
A cheering feature was the reappearance of buying by the
mail order and chain store firms, particularly in staple
textile goods, to cover their requirements for January and
early spring sales. Larger fall re-orders by other retailers
are looked for as soon as the appearance of colder weather
brings another spurt in sales, inasmuch as retail inventories
are believed to be small, particularly in style goods in which
deliveries have been notably slow of late. Finished silk
staples moved in better volume, due to the fear of a fairly
long tie-up in the dyeing and finishing field. A virtual
shortage of same types of silk goods was looked for as a
result of the continuance of the strike in the industry. A
lack of sufficient broad silks is prompting dress manufacturers to cover on rayon, prices of which are advancing.
Rayon yarn shipments continue at high levels.
DOMESTIC COTTON GOODS.—Following last week's
buying wave in the gray cloth market, activity was at first
continued, largely under the influence of further inflation ,
talk and higher prices for the raw material. Prices advanced rapidly, and the quantities sold were sufficient to
put mills in a much stronger position. Many large mills
have sold ahead through the last quarter, and some have
accepted business on contract into next year. During the
latter part of the week, when the talk of imminent inflation subsided and raw cotton prices suffered a relapse,
trading in the cloth markets assumed a more orderly character, and some of the price advances were wiped out. The
slowing down of the market was looked upon as beneficial,
since it prevented what might have developed into too rapid
advances. As a result of the broadening of the gray cloth
markets, good buying appeared also for sheetings, drills and
heavy goods, such as ducks. Trading in fine yarn cloth
received sufficient support to overcome the recent trend
toward price concessions, which had been a disturbing factor last week. Closing quotations in print cloths were as
follows: 39-inch 80's, 9%c.; 39-inch 68x72's. 8 to 81
4c.;
3812-inch 64x60's, 6%c.; 38%-inch 60x48's, 5% to 6c.; 38Y2/
inch 44x40's, 4%c.
WOOLEN GOODS.—Producers of men's fabrics have received substantial orders for spring merchandise. A number of mills have booked enough business to warrant fulltime operation until the end of the year. Due to large
sales in August and early September, considerable re-ordering by retailers was done, although retail sales since Labor
Day have shrunk perceptibly, owing chiefly to rainy weather
and resistance to higher prices. Cloakings and dress goods
continue to move in heavy volume, and some garment manufacturers are reported to have sold their production for
several weeks ahead.
FOREIGN DRY GOODS.—The gyrations in the foreign
exchange market served to stifle what little activity prevailed on the linen market. Importers declared themselves
unable to accent any further orders for later deliveries and
restricted business to spot goods. Prices of suitings were
advanced 10% to compensate for the depreciation of the
dollar. Household linens were inactive. Under the influence of moderately better reports from Calcutta and advancing sterling rates, burlap prices showed a steady trend,
helped for some fairly heavy covering of last quarter needs
by American users. Private cables from Calcutta predicted
that stocks at the end of September In that port would be
off about 10,000,000 yards. Domestically, lightweights were
quoted at 4.90c., heavies at 6.15c.
Financial Chronicle
Volume 137
2299
State and City Department
NEWS ITEMS
Arkansas.
--Temporary Injunction Granted by Federal
District Court to Restrain Further Tax Revenue Disbursements.
-On Sept. 15 a temporary injunction was granted by Federal Judge J. E. Martineau upon the petition of the State of
Arkansas Bondholders' Protective Committee of New York,
to restrain State Treasurer Leonard from making further
disbursements of gasoline and motor vehicle tax funds
collected under the Martineau Act, which also covered the
issuance of $94,000,000 in highway and bridge bonds now
outstanding against the State. Judge Martineau, when
occupying the Governor's chair in 1927, wrote the above
mentioned road law. The suit was filed by the committee
following long and unsuccessful efforts to obtain a review
of the State's action in passing the Ellis Bill, which is construed as a practical repudiation of the State's road bonds.
A Little Rock dispatch to the New York "Journal of Commerce" of Sept. 16 reports as follows on the new development in this case:
Federal Judge J. E. Martineau, who as Governor in 1927 wrote the
Martineau road law under which $94,000,000 of State highway bonds
were Issued, to-day granted a temporary injunction upon petition of the
State of Arkansas Bondholders' Protective Committee of New York to
restrain State Treasurer Roy V. Leonard from use of highway revenue
except for operation of the State Highway Department and for the payment
of principal and interest on direct State highway bonds. The writ is
returnable Oct. 30 for hearing by a three-judge Federal Court.
It specifically prohibits Leonard from making any payment on the proposed $146,000,000 refunding 3% 25
-year issue and also from payments
to contractors and to other States holding Arkansas highway bonds. At
this recent special session, the Legislature in an effort to block a suit in the
United States Supreme Court. threatened by Pennsylvania, Nevada and
Connecticut, appropriated sufficient funds to meet charges on their bonds.
States may sue only when obligations of another State are in default.
William L. De Bost, President of Union Dime Savings Bank, New York,
spokesman for Bondholders' Protective Committee, in a formal statement
explaining the suit in Federal Court, declared that in making appropriations to pay contractors and charges on bonds held by other States an attempt had been made to show preference among creditors.
"This would seem to constitute a frank admission upon the part of the
Legislature that there is an obligation to pay highway bonds in accordance
with their terms, which the courts will enforce in those cases where they
have jurisdiction," Mr. De Bost said.
Mr. De Bost was joined in the suit by Kenneth Keefe, Henry W. George.
Harold Palagano, New York; Fred W.Hubbell, Des Moines; Fred Hayward,
Boston, and Philip Benson, Brooklyn, as representatives of the Bondholders'
Protective Committee, which has under its legal control $20,000,000 of
State highway bonds.
The injunction represents the second setback encountered by Gov. J. M.
Futrell in attempting to secure acceptance of the Ellis refunding bill.
Judge Martineau on the petition of the New York Trust Co. placed the
Devalls Bluff Bridge in receivership and impounded its tolls to meet bond
charges.
Massachusetts.
-Legal Investments for Savings Banks.
We publish in full below a list issued by the State Bank
Commissioner on July 1 1933, showing the bonds and notes
which, in the opinion of the Banking Department, are now
legalinvestments for savings banks in Massachusetts under
the provisions of clauses second, third, fourth, fifth, sixth
sixth a and seventeenth of Section 54, Chapter 168 of the General Laws. Clause second, relating to investments in public
funds, has been applied only to those counties, cities, towns
and districts which appear to have bonds or notes outstanding, and from which debt statements could be obtained.
Clause third is the general law relating to railroad bonds.
Clauses fourth, fifth, sixth and sixth a relate to investments
in street railway bonds, telephone company bonds and gas,
electric and water company bonds. Clause seventeenth provides that issues which complied with the old law shall continue, under certain conditions, to be legal investments,
and that banks may not only continue to hold such bonds
but may further invest in them.
Investments in bonds or notes of cities, towns and districts mentioned in the list should not be made, the Bank
Commissioner says, "without further inquiry, as to both
their indebtedness and their valuations for the assessment of
taxes are constantly changing."
The issues added to the list since July 1 1932, the date
the last list was issued (V. 135, p. 491) are designated below
by means of an asterisk, while those that have been dropped
are enumerated by us below in a separate list. Further
additions to this list were given in a bulletin issued by the
Commissioner on Aug. 1. They also are incorporated below. In contrast with the 1932 list, which showed a large
number of deletions in the section devoted to railroad issues,
this present list is notable for the quantity of railroad obligations which have since been found eligible for investment.
Quite a few public utility bonds‘have been added during the
year and a number of municipalities were dropped.
PUBLIC FUNDS.
(Covering counties, cities, towns and districts which appear to have bonds or notes outstanding, and from which
debt statements could be obtained.)
Public funds of the United States or of this Commonwealth, or in the legally authorized bonds of any other
State of the United States, but not including a territory,
which has not within the twenty years prior to the making
of such investment defaulted in the payment of any part
of either principal or interest of any legal debt.
Bonds or notes of the following counties, cities, towns
and districts in New England:
Maine.
Counties.
Androscoggin
Aroostook
Cumberland
Kennebec
Washington
Cities.
Auburn
Augusta
Bangor
Biddeford
Brewer
Calais
Eastport
Ellsworth
Gardiner
Lewiston
Old Town
Portland
Waterville
Westbrcok
Towns.
Baileyville
Bar Harbor
Brunswick
Dexter
Fort Fairfield
Gorham
Howland
Kennebunk
Kittery
Lincoln
Mars Hill
Old Orchard Beach
Paris
Pittsfield
Water Districts.
Augusta
Brunswick and
Topsham
New Hampshire.
Counties.
Coos
Grafton
Hillsborough
Rockingham
Sullivan
Cities.
Berlin
Concord
Dover
Franklin
Keene
Laconia
Manchester
Nashua
Portsmouth
Rochester
Somersworth
Towns.
*Claremont
Derry
*Exeter
Gorham
Hampton
Jaffrey
New London
Northumberland
Pembroke
Stratford
Whitelield
Wolfeboro
Vermont.
Cities.
Barre
Rutland
Vergennes
Towns.
Hartford
Richford
Massachusetts.
Bonds or notes of
any county, city,
town or incorporated district of
the Commonwealth of Mass.
Rhode Island.
Newport
Providence
Towns.
Barrington
Bristol
Burrillville
Lincoln
North Kingstown
Smithfield
South Kingstown
Tiverton
Warren
Warwick
West Warwick
Connecticut.
Counties.
Fairfield
Hartford
Cities.
Ansonia
*Bridgeport
Bristol
Derby
Hartford
Meriden
Middletown
New Britain
New Haven
Connecticut(Conc.)
New London
*Norwalk
Putnam
Rockville
Shelton
Stamford
Torrington
Waterbury
Willimantic
Towns.
Berlin
Bethel
*Branford
Colchester
Cromwell
Darien
East Hampton
East Windsor
Hamden
Kent
Madison
Milford
Montville
New Canaan
New Hartford
New Milford
Norfolk
Norwich
Plymouth
Putnam
Seymour
Southbury
South Windsor
Stamford
Thomaston
Trumbull
Wallingford
Windsor
Legally authorized bonds for municipal purposes of the
following cities outside of New England:
Alameda, Calif.
Albany, N. Y.
Allentown, Pa.
*Altoona, Pa.
Amarillo, Tex.
*Amsterdam, N.Y.
Anderson, Ind.
Atlanta, Ga.
Auburn, N. Y.
Battle Creek, Mich.
*Bayonne, N. J.
Bellingham, Wash.
Berkeley, Calif.
Birmingham, Ala.
Bloomington, Ill,
Canton, Ohio.
CedarRapids,Iowa.
Chester, Pa,
Chicago, Ill.
Cincinnati, Ohio.
Cleveland, Ohio.
Columbus, Ohlo,
*Council Bluffs. Ia.
Covington, Ky.
Cumberland, Md.
Dallas, Tex.
Davenport, Iowa.
Dayton, Ohio.
Des Moines, Iowa.
Dubuque, Iowa.
Duluth, Minn.
East Chicago, Ind.
East St. Louis, Ill.
El Paso, Test.
Elmira, N. Y.
Erie, Pa.
Santa Monica, Cal.
Milwaukee, Wis.
Evanston, Ill.
Minneapolis, Minn. Savannah, Ga.
Evansville, Ind.
Scranton. Pa.
Moline, Ill,
Everett, Wash.
Seattle, Wash.
Muskegon. Mich.
Flint, Mich.
Sheboygan, Wis.
Fort Wayne, Ind. Nashville, Tenn.
Shreveport, La.
Fort Worth, Tex. *Newark, Ohio.
Newburgh, N. Y. Sioux City, Iowa.
Fresno, Calif.
Sioux Falls, S. Dak.
New Castle, Pa.
Glendale, Calif.
GrandRapids,Mich. Newport News, Va. South Bend, Ind.
Springfield, Ill.
*Green Bay, Wis. Norwood, Ohio.
Spokane, Wash.
Oakland, Calif.
Hamilton, Ohio.
*Springfield, Mo.
Ogden, Utah.
Harrisburg, Pa.
OklahornaCity,Okla. *St. Joseph, Mo.
Hazleton,Pa.
St. Louis, Mo.
Omaha, Neb.
Houston, Tex.
St. Paul, Minn.
Huntington, W.Va. Oshkosh, Wis.
Steubenville, Ohio.
*Indianapolis, Ind. Pasadena. Calif.
Superior, Wis.
Peoria, Ill.
Jackson, Mich,
Syracuse, N.Y.
Phoenix, Ariz.
Jacksonville, Fla.
Tampa, Fla.
Jamestown, N.Y. Pittsburgh, Pa.
Port Huron, Mich. Terre Haute, Ind.
Johnstown, Pa.
Toledo, Ohio.
Kalamazoo, Mich. Portland, Ore.
Topeka, ICan.
Kansas City. Kan. Racine, Wis.
Tulsa, Okla.
Kansas City. Mo. Reading, Pa.
Waco,Tex.
Richmond, Ind.
Kenosha, Wis.
Warren, Ohio.
Richmond, Va.
La Crosse, Wis.
Waterloo. Iowa.
Rochester, N. Y.
Lancaster, Pa.
Sacramento, Calif. West Allis, Wis.
Lansing, Mich.
Wheeling, W. Va,
Saginaw, Mich.
Laredo, Tex.
SaitLakeCity,Utah. Wichita. Kan.
Lexington, Ky.
San Antonio, Tex. Wichita Falls,Tex.
Lincoln, Neb.
SanBernardino,Cal. Wilkes-Barre, Pa.
*Lorain, Ohio.
Williamsport, Pa.
Los Angeles, Calif. San Diego, Calif.
San Francisco, Calif. Wilmington, Del.
*Louisville,Ky.
Wilmington. N. C.
San Jose, Calif.
Lynchburg. Va.
York, Pa.
Santa Ana, Calif.
Madison, Wis.
Santa Barbara, Cal. Youngstown, Ohio.
Mansfield, Ohio.
RAILROAD BONDS.
ATCHISON TOPEKA & SANTA FE SYSTEM.
Atchison Topeka & Santa Fe By.Chicago Santa Fe it Cal. By. let 58, 1937
General mortgage 4s, 1995
San Francisco & San Joaquin Valley By,
Trans. Short Line 1st 4s, 1958
1st 58, 1940
Rocky Mountain Div. let 4s, 1965
ATLANTIC COAST LINE.
Atl. Coast Line RR. 1st cons. 4s, 1952
Florida Southern RR, 1st 4s. 1945
All. Coast Line RR. gen. unit. series A Norfolk & Carolina RR. lst 58, 1939
434s and B 4s of 1964
Norfolk & Carolina RR. 2d 58, 1946
All. Coast Line RR, equip, trust ctfs. Rich. & Pet. RR. comet. 4345, 1940
6345. 1936
Savannah Fla. dr Western By. 6s, 1934
Ati. Coast Line RR. equip. trust ctfs. Savannah Fla. & Western Ry. 58, 1934
430, 1941
Wilco. & Weldon RR. gen. 5s, 1935
All. Coast Line RR.of So. Caro. 48, 1948 Wilm. & Weldon RR. gen. ts, 1935
Brunswick & Western RR. 48, 1938
Wilm. & New Berne RR. 48, 1947
Charleston dr Savannah Ry. 7s, 1936
*BALTIMORE & OHIO SYSTEM.
(Added as of Aug. 1.)
Baltimore & Ohio RR.1 Cleveland Lorain & Wheeling By.
Ref. & gen. ser. A 5s, 1995
Cons. let 58, 1933
Ref. & gen. ser. B 6s, 1995
Gen. 5s, 1936
Ref. & gen. ser. C 6s, 1995
Ohio River RR.
Ref. & gen. ser. D 58, 2000
let 58, 1936
Ref. & gen. ser. E 6s, 2000
Gen. 5s, 1937
Ref. & gen. ser. F 58, 1996
Pittsburgh Lake Erie & West Virginia
let mortgage 4s. 5s, 1948
ref. 4s, 1941
Southwestern Div. let 58, 1950
West Virginia & Pittsburgh RR. 1st 48,
Cleveland Term. Zs: Val. RR. 1st 4s, 1995
1990
BANGOR & AROOSTOOK SYSTEM.
Aroostook Northern RR. let 58, 1947
B. & A. RR. cons. ref. 4s, 1951
Bangor & Aroostook RR. 1st 55, 1943
Washburn Ext. let 58, 1939
Piscataquis Div. 1st 58, 1943
St. Johns River Ext. let 55, 1939
Van Buren Ex. 1st 58, 1943
North Maine Seaport RR.
Medford Ex. 1st 58, 1937
Railroad and terminal 1st 58, 1935
BOSTON & MAINE SYSTEM.
Connecticut & Passumpsic Rivers RR.- st 48, 1943
CENTRAL OF NEW JERSEY SYSTEM.
Equip. trust ctfs. ser. L 4348, 1935
Central RR.of N.J. gen. 48 & 58, 1987
CHICAGO BURLINGTON & QUINCY SYSTEM,
Quincy RR.I 1st & ref. series B 4348, 1977 "9
Chicago Burlington de
Illinois Div. mortgage 330, 1949
General 48, 1958
Mortgage 4s, 1949
let & ref. series A 58, 1971
*CHICAGO INDIANAPOLIS az LOUISVILLE SYSTEM.
Ref. mtge. 5s, 1947
Chicago Indianapolis & Louisville By.Ref. mtge. 6s. 1947
let & gen. ser. A 55, 1966
Indianapolis & Louisville Ry.1st & gen. ser. B 6s, 1966
1st 4s. 1956
Ret. mtge. 48, 1947
2300
Financial Chronicle
CHESAPEAKE dr OHIO SYSTEM.
Big Sandy Ry. let 4s, 1944
Columbus & Hocking Val. RR. 151 45,'48
Chesapeake dr Ohio Ry.Columbus & Toledo RR. 1st 4s, 1955
First consolidated 5s, 1939
Craig Valley Branch 1st 58, 1940
Richmond & Alleg. Div. let 4s, 1989
Greenbrier Ry. 1st 4s, 1940
Equip,gold notest No. 13 (ser.) (is, '35 Hocking Valley Ry, equip. trust series
Equip,gold notmt No. 13A(ser.)8s,'35
1923 and 1924, 58, 1938-39
Equip, trust offs. series U (ser.) 5s,'38 Kanawha Bridge & Term. Co. 18t 55,'48
Gen. mtge. 4348, 1992
Paint Creek Branch 1st 48, 1945
Ref. dz impt. series A 414s, 1993
Potts Creek Branch 1st 4s, 1948
Ref. &(rapt. series B 414s, 1995
Raleigh dr Southwestern Ry. let 48, 1936
*Ref, dr impt. series C 4148, 1996
Richmond dr Alleghany Div. 2d 4s, 1989
Chesapeake & Ohio North. Ry,1st 55,'45 Virginia Air Line Ry. let 5s, 1952
Coal River Ry, 1st 45, 1945
Warm Springs Valley Branch 1st 55, 1941
*CHICAGO & NORTH WESTERN SYSTEM.
(Added as of Aug. 1)
Chicago & North Western Ry.Fremont Elkhorn & Missouri valley RR.
1st & ref. 4148. 58, 65, 2037
cons. 88, 1933
Gen. mtge. 314s,4s,414s,43is, 55,1987 Iowa Minnesota & Northwestern Ry.
Equip, trust ser. M 5s (serially). 1939
1st 3345• 1935
Equip, trust ser. N 5s (serially) 1938 Manitowoc Green Bay & North West
Equip, trust ser. 0 513 (serially), 1938
ern Ry. 1st 3345, 1941
Equip, trust ser. P 5s (serially), 1939 Milwaukee Sparta dr North Western Ry.
Equip, trust ser. Q 4145 (serially), 1940
1st 4g, 1947
Equip,trust set'. St 4148(serially), 1942 Milwaukee dr State Line Ry. 1st 3348,'41
Equip,trust ser. S4348 (serially), 1942 Minnesota & South Dakota Ry.
Equip,trust ser. T 414s (serially), 1942
1st 3145, 1935
Equip,trust ser. U 414s (serially), 1943 St. Louis Peoria & North Western Ay.
Equip,trust ser. V 414s (serially), 1944
1st 5s, 1948
Equip, trust ser. W 4148 (serly). 1944 St. Paul Eastern Grand Trunk Ry.
Equip,trust ser. X 4148 (serially) 1945
1st 434s, 1947
Des Plaines Valley Ry. 1st 4148, 1947
Sioux City & Pacific RR. 1st 3145, 1936
DELAWARE LAcICAWANNA dr WESTERN SYSTEM.
Morris & Essex RR. 1st refunding 3148, IN. Y. Lackawanna dr Western Ry.
I 1st & ref. A & B 414s & 5s, 1973
2000
*ELGIN JOLIET & EASTERN SYSTEM.
Elgin Joliet & Eastern Ry. 1st 58, 1941
*GREAT NORTHERN SYSTEM.
Great Northern Ry.Spokane Falls & Northern Ry. 1st 813,1939
Gen. ser. A 7s, 1938
St. Paul Minneapolis & Manitoba Ry.Gen. ser. B 5148, 1952
*Consolidated 4s, 4148, 88, 1933
Gen. ser. C 5s, 1973
Cons. mtge. ext. 5s, 1943 (added as of
Gen. ser. D 414s, 1978
Aug. 1)
Gen. ser. E 414s, 1977
Montana extension 4s, 1937
1st dr ref. 434s, 1981
Pacific extension 4s. 1940
Equip, trust ctfs. ser. B (ser.) 58, 1938 Willmar & Sioux Falls Ry. 1st 58, 1938
Eastern Ry. of Minnesota, Northern Western Fruit Express Co.
Equip, trust etre. ser. 13 (ser.) 4148,'44
Division 4s, 1948
Montana Central Ry. let 58, 68, 1937
Equip. trust Otis. ser. E (ser.) OM '45
ILLINOIS CENTRAL SYSTEM.
Chic. St. L.& N.0.RR.cons. 3148, 1951
St. Louis Div. lst 3s, 1951
St. Louis Div. 1st 3145, 1951
Illinois Central RR.
Purchased lines 1st 3148, 1952
Sterling extended 48, 1951
Gold extended 3148, 1950
Collateral trust 1st 334s, 1950
Western Lines 1st 48, 1951
Sterling 38, 1951
Gold Is, 1951
Louisville Div. 1st 3148, 1953
Gold 3145, 1951
Omaha Div. 1st 38, 1951
Litchfield Div. 1st 3s, 1951¢
Gold extended 3148, 1951
Collateral trust 48, 1952
Springfield Div. 1st 3148, 1951
Equip, trust ctfs. ser. N 4148, 1941
rtefunding 4s, 1955
Equlp, trust ctfs. ser. 0 43.4s, 1942
Refunding Is, 1955
*Equip. trust ars. ser. P 4148, 1944
Cairo Bridge 1st 48, 1950
LEHIGH VALLEY SYSTEM.
I Lehigh Valley By. 1st 4145, 1940
Lehigh Valley RR. 1st 4s, 1948
General cons. 48, Cos 5s of 2003
Cons. annuity 414s & 6s irredeemable I
*LONG ISLAND SYSTEM.
Long Island City & Flushing Hit, cons.
Long Island RR.
5s, 1937
Gen. mtge. 45, 1938
Montauk Extension RR. 1st 5s, 1945
Unified mtge. 4s, 1949
N. Y.Bay Extension RR. 1st 58, 1943
Ref. mtge. 45, 1949
Brooklyn & Montauk RR. secured (now
151) 58, 1938
LOUISVILLE & NASHVILLE SYSTEM.
Southeast & St. Louis Div. (3s, 1971
Louisville & Nashville RR.
Mobile & Montgomery 414s. 1945
Unified 48, 1940
Nashville Florida & Sheffield Ry. 1st
let 5s, 1937
5s, 1937
1st & refunding 4148, 2003
So. & No. Ala. RR. lst COOS. 5s, 1938
1st & refunding 55, 2003
So. & No. Ala. RR.gen. cons. 55, 1963
lst & refunding 5148, 2003
Lexington & East. Ry. 1st Es, 1985
Equip. trust Ws.ser D 8148. 1936
Paducah & Mem. Div. lst 45, 1946
Equip, trust ctfs. ser. E 4348, 1937
Atl. Knox. & Cln. Div. 4s, 1955
Equip. trust Ws. ser. F Is, 1938
MAINE CENTRAL SYSTEM.
Portland az Rumford Falls Ry. 1st 58,
European dr No. Amer. *151 58, 1958
1951
*MICHIGAN CENTRAL SYSTEM.
Michigan
Central-Jackson-Lansing &
Michigan Central RR. 1st 3148, 19.52
Saginaw RR. 1st 310, 1951
-Michigan Air Line
Michigan Central
Michigan Central-Jollet & Northern IndiRR. 1st 4s, 1940
ana RR.* let 48, 1957
Michigan Central-Kalamazoo & South
Haven RR.* 1st 58, 1939
NASHVILLE CHATTANOOGA & ST. LOUIS SYSTEM.
Nashville Chattanooga & St. Louis Ry.!Nashville Chattanooga dr St. Louis Sty'
equip, trust etfs. series B 4148, 1937 : 1st mtge. ser. A 4s, 1978
NEW YORK CENTRAL SYSTEM.
N. Y. C. & Hudson River RR.Beech Creek RR. 1st 4s, 19381
Equip, gold notes No. 43(3s, 193.5
Carthage & Adirondack Ry. lst 4s, 1981
Debenture 4s, 1934
Chicago Indiana & So. HR. 45, 1956
Debenture 48, 1942
Cleveland Short Line Ry. 151 4145, 1981
Consolidation 4s, 1998
Gouverneur & Oswegatchie RR. 1st 55
Ref. & impt. 414s, 2013
1942
Ref. & 'rapt. 5s, 2013
Jamestown Franklin dr Clearfield RR.
1st 48, 1959
Ref. & impt. 88, 2013
Ind. Ill. & Iowa RR. 15(4g. 1950
Mortgage 3148, 1997
Equip. tr. ctfs. 4148 (serial), 1944
Kalamazoo A ilegan & Grand Rapids RR.
1st Is. 19381
2d equip. trust, 1929 (serially) 1944
Kalamazoo & White Pigeon RIO.Equip. trust, 1930 (serially) 1945
S.D.& Pt. M.RR. 1st 3148, 1959
1st 5s, 1940
Lake Shore coll. 3148, 1998.
Lake Shore & Mich. Southern Ry.First general 3348, 1997
Michigan Central coll. 3148, 1998
Mahoning Coal RR. 1st 5s, 19341
Boston & Albany RR.Mohawk & Malone Ry. 1st 48, 1991
Plain, 58, 1938
Plain. 3148, 1952
Plain, 58, 1942
Plain, 3148, 1951
Consol 3148, 2002
N.Y. Ai Harlem RR. mtge.3348.2000*
Plain, 4s, 1934
Plain, 58, 1983
Imp. 43is, 1978
N. Y. & Putnam RR. 1st cons. 48, 1993
Plain, 4s, 1935
Sturgis Goshen & St. L. Sty. let 35, 1989
Plain, 4345, 1937
*Ref. Os, 1943
NEW YORK NEW HAVEN dr HARTFORD SYSTEM.
Boston & Providence RR. plain 55, 1938 Old Colony RR.(Concluded)
1st series B 5s, 1945
Holyoke & Westfield RR. 1st 4148, 1951
1st series C 4148, 1950.
Norwich & Worcester RR. 181 4345, 1947
*1st series D 6s, 1952.
Old Colony RR.
Providence & Worcester RR. 1st 48, 1947
Plain 4s, 1938
1st series A 5145, 1944
NORFOLK & WESTERN SYSTEM.
Norfolk & West. Ry. consol. 4s, 1996
Norfolk & Western RR.
Scioto Valley & New England RR. 1st
Equip. trust Ms.4148, 1934
4s, 1989
Equip. trust ctfs. 4145, 1935
Improvement & extension 13s. 1934
Sept. 23 1933
*NORTHERN PACIFIC SYSTEM.
Northern Pacific Ry.Northern Pacific Ry. (Concluded)
General lien 4s, 2047
Ref. and imp. series A, 4145, 2047
Ref, and imp. series B 88, 2047
St. Paul-Duluth Division 48, 1998
Ref. and imp,series C 55, 2047
Equip.tr, ctf of1925(serially) 4148,40
Ref. and imp. series D 55, 2047
St. Paul dr Duluth RB.consol. 4s, 1968
Prior lien 48, 1997
Wash.& Columbia River By. lst 48. 1935
PENNSYLVANIA SYSTEM.
Pennsylvania RR.
Hollidaysburg Bedford & Cumberland
Consolidated 4s, 1943
RR. 1st 48, 1951
General 5s, 1988
Harrisburg Portsmouth Mt. Joy dr LanGeneral 434s, 1965
ester RR. lst 4s, 1943
General 65, 1970
Grand Rapids & Indiana HR.
Consolidated 3148, 1945
1st ext. 4148, 1941.
Consolidated 4s, 1943
Consolidated 4145, 1980
Pittsburgh Youngstown dz Ashtabula Ry.
General 410, 1981
general series D,4148, 1977
Allegheny Valley Ry. gen. 4s, 1942
Pittsburgh, Virginia & Charleston Ry.
Cambria & Clearfield RR. 1st 58, 1941
1st 4s, 1943
Cambria & Clearfield Ry. gen ts. 1955
Sunbury & Lewiston Ry. 1st 4s, 1938
Cleveland & Pittsburgh RR.
Sunbury Hazleton dr Wilkes-Barre Sty.
General 43.48, 1942
2d 8s, 1938
General 314s. 1942
United N. J. RR.& Canal Co.
General 310, 1948
General 4s, 1944
General 314s, 1950
General 48, 1948
Delaware River RR.& Br. Co.
General 314s, 1951
1st 42, 19361
General 411s, 1973
*Delaware RR. 1st series A 5s, 1982
General 414s, 1979
Erie & Pittsburgh RR.gen. 314s, 1940¢
Pere Marquette Ry.1st series A 5s, 1956
*PERE MARQUETTE SYSTEM.
I 1st series B 4s, 1958
I 1st series C 4145, 1980
PHILADELPHIA BALTIMORE dr WASHINGTON SYSTEM.
Phila. Bait. dr Wash.RR,48, 1943
Phila. Bait. & Wash. (Concluded)
General Os, 1980
*General series D 58, 1981
General series B 58, 1974
Col. dr Port Deposit Ry. 1st 48. 1940
General series C 4148, 1977
Phila. Bait. Cent. RR. 1st 4s. 1951
PITTSBURGH CINCINNATI CHICAGO & ST. LOUIS SYSTEM,
Pitts. Cinc. Chic. & St. Louis RR.
Pitts. Chic. Chic & St. L. Ry.(Cone.)General series A 58, 1970
Consol. gold series D 4s, 1945
General series B, 1975
Consol. gold series E 3145, 1949
General series B 55, 1975
Consol. gold series F 4s, 1953
General series C 414s, 1977
Consol. gold series 0 45, 1957
*General series D 58, 1981
Consol. gold series H 4s, 1980
Pitts. Cinc. Chic. dr St. Louis Ry.Consol. gold series 143.48, 1983
Consol. gold series A 4145, 1940
Consol. gold series .3 4145, 1984
Consol. gOld series B 410, 1942
Vandalla RR.-Consol. series Aels, 1955
Consol. gold series C 4148, 1942
Consol. series B 48, 1957
READING SYSTEM.
New York Short Line RR. 1st 4s, 1957
Reading Co.equip. Or. ser M 4118, 1945
Norristown & Maine Line Con't'ng RR.
- *Equip. trust series N 5s, 1938
1st 4s, 1952.
Gen. & ref. series A 414s, 1997
Gen & ref. series B 414s, 1997
Phila. dr Frankford Rd. 1st 4145, 1952
Schuylkill & Lehigh RR. 1st 4s, 1948
Phila & Reading RR. 1st 58, 1933
Shamokin, Sunbury & Lewisburg HR.
Phila. & Reading RR. imp. 45, 1947
-'1st 4s, 1975.
Phila & Reading consul. 4s, 1937
2d 58, 1945
Reading Belt RR. 1st 4s, 1950
SOUTHERN PACIFIC SYSTEM.
Central Pacific Ry. Through ShortiLine
Southern Pacific RR. 1st ref. 45, 1955
let 4s, 1954
1st consol. 5s, 1937
Oregon Lines 1st mtge.series A 4145, 1977
Northern Ry. lst Is. 1938
Central Pacific Ry. 1st ref. 4s, 1949
So. Pacific Branch By. 1st 6s, 1937
SOUTHERN RAILWAY SYSTEM.
Oregon Lines
Southern Ry, 1st cons. mtge. 4s, 1994
Series X (serially) 58, 1938
Southern Ry., Memphis Div. 1st 58, 1996
Series Y (serially) 5s, 1939
Southern Ry., St. Louis Div. lst 4s, 1951
Series Z (serially) 4148, 1939
Southern By. East Tenn. reorg. 55, 1938
Series BB (serially) 48, 1943
Southern By. Equip. trust
Series CC (serially) 4145, 1944
Series W (serially) 5148, 1937
UNION PACIFIC SYSTEM.
Oregon Short Line RR.
Union Pacific RR. 1st mtge 4s, 1947
1st and consolidated 4s, 1080
1st lien and ref. 48, 2008
Consolidated 1st 5s, 1948
1st lien & ref. 58, 2008
Guaranteed consol. 1st 5s, 1948
Utah & Northern Sty.Income A 5s, 1948
Extended 1st 48, 1933
*VIRGINIAN SYSTEM.
Virginian Ry.-lst series A 5s, 1962
I 1st series 13 4145, 1982
MISCELLANEOUS.
New London Northern RR. 1st 4s, 1940
Boston Terminal Co. 1st 314s, 1947a
New York & New England RR.
1st mtge. 48, 1950
Boston Terminal let 4s, 1939a
*Boston Revere Beach & Lynn RR.1st 434s, 1947
General 8s. 1938
t Only those not stamped subordinate.
I Continued on legal list under provisions of General Laws, Chapter 168. Section
54, Clause 17.
a Legalized by special Act of General Court.
STREET RAILWAY BONDS.
Boston Elevated Ry. Co.
Debenture 5s, 1937
-Debenture Os, 1933
Debenture 5145, 1934
Debenture 88, 1934
Plain 4s, 1935
Plain 4148, 1937
Plain 414s, 1941
Plain 58, 1942
Plain 58, 1940
Boston Elevated By. Co. (Concluded)
*Plain 814s, 1957
Plain 8s, 1971
West End Street Ry. Co.
Debenture 4s, 1932
Debenture 5s, 1932
Debenture 5s, 1938
Debenture 58, 1944
Debenture 7s, 1947
TELEPHONE COMPANY BONDS.
American Telephone & Telegraph Co.
Collateral trust 5s, 1948
Bell Telephone Co. of Pa.
let & ref. mtge. 58, 1948
1st & ref. mtge. 5s, 1980
Illinois Bell Tel. Co.
1st & ref. mtge. .58, 1958
New England Tel. di Tel. Co.
1st mtge. gold ser. A 58, 1952
1st mtge. gold, ser B 4145, 1981
N. Y. Telephone Co.
1st & gen. mtge. 414s, 1939
Pacific Tel. & Tel. Co.
1st mtge. & coll, trust gold 55, 1937
Southern New England Telephone Co.
1st mtge. gold 5s, 1948
Southwestern Bell Telephone Co.
15t and ref. 5s, 1954
GAS,ELECTRIC AND WATER COMPANY BONDS.
(Massachusetts Companies.)
Charlestown Gas & Electric Co.I Marlboro-Hudson Gas Co. 18( 5348, 1937
1st 5s, 1943
Milford Water Co. 1st 4118 1948
co
1st 5s, 1950
Newburyport Gas& Elec. Co. 1st 5s, 1942
Dedham Water Co. 1st 55, 1935
New England Power Co. 1st 58, 1951
Fall River Elec. Lt. Co. 1st 5s. 1945
Old Colony Gas Co. lst 58, 1981
Greenfield Gas Lt. Co. 1st 410, 1945
*Pittsfield Coal Gas Co. 1st mtge. 5/3,1952
Hingham Water Co. 1st 6s, 1943
Quincy Elec. Lt. dr Pow. Co. 1st 58, 1947
Lawrence Gas & Elec. Co. ist 414s, 1940 Turners Falls Pow.& El. Co. 1st 5s, 1952
*Lowell Gas Light Co.
Weymouth Lt. & Pow. Co. 1st 5148, 1934
1st mtge. 5345, 1947
OTHER GAS & ELECTRIC LIGHT COMPANY BONDS,
BANGOR HYDRO
-ELECTRIC CO.
1st lien & ref. mtge. 5s, 1955
I 1st lien & ref. mtge. 5148, 1949
1st lien & ref. mtge. 414s, 1980
BROOKLYN BOROUGH GAS CO.
18t mtge. gold 58, 1938
Volume 137
Financial Chronicle
BROOKLYN UNION GAS CO.
I *Series B 5s, 1957
1st cons. mtge. Is, 1945
1st lien & ref. mtge. gold 68. 1947
BROOKLYN EDISON CO., INC.
Edison Elec. Ill. Co. of Brooklyn 1st Brooklyn Edison Co., Inc.
Gen. mtge. ser. A 58, 1949
cons. mtge. 45, 1939
Ser. E 55, 1952
Kings County Elec. Lt. & Pr. Co. 1st
mtge. 58, 1937
BUFFALO GENERAL ELECTRIC CO.
Buffalo Gen.Elec. Co. 1st mtge.58, 1939 Buff. Gen. El. Co. 1st & ref. M.58, 1939
1 Gen. & ref. mtge. gold ser. A 55, 1956
CALIFORNIA-OREGON POWER CO.
*Ref. mtge. gold 6365, 1942
1st & ref. mtge. series B 68, 1942
1st & ref. mtge. series C 5365, 1955
1
CENTRAL HUDSON GAS & ELECTRIC CO.
1st az ref. mtge. 55. 1957
CENTRAL MAINE POWER CO.
1st & gen. mtge.ser. E 4365, 1957
1st mtge. 58, 1939
1st & gen. mtge. ser. F 5365, 1961
1st & gen. mtge.see. B 65, 1942
Oxford Elec. Co. let mtge. 5s, 1936
1st & gen. mtge.ser. D 58, 1955
CENTRAL VERMONT PUBLIC SERVICE CORP.
let az ref. mtge. 58, 1959
Rutland Ry. Lt. & Power Corp. let mtge. 5s, 1946
CITIZENS GAS CO. OF INDIANAPOLIS.
Citizens Gas Co. of Indianapolis 1st & ref. 58, 1942
CLEVELAND ELECTRIC ILLUMINATING CO.
Cleveland Electric Ilium. 1st mtge. gold 5s, 1939
Series A and B gen. mtge. 58, 1954 and 1961
CONNECTICUT LIGHT az POWER CO.
Connecticut Light & Power Co.
Eastern Conn. Power Co.let & ref. mtge. ser. B 5365. 1954
1st mtge. 5. 1. gold series A 55, 1948
let & ref. mtge.ser. C 4365. 1956
Connecticut Light & Power Co.•lst & ref. mtge.ser. D 58, 1962
1st & ref. mtge. ser. A 78. 1951
Waterbury Gas & Light Co. 1st mtge.
gold 4345, 1958
*CONNECTICUT RIVER POWER CO.
*1st mtge. 5. 1. gold 5s, 1952
CONSOLIDATED GAS,ELECTRIC LIGHT & POWER CO.OF BALTIMORE
Consolidated Gas, Elec. Light & Power Consol. Gas Co.of Baltimore City
Cons. 1st mtge. 55, 1939
Co. gen. mtge. 4368. 1935
Gen. mtge. 434s, 1954
CONSUMERS POWER CO.
Jackson Gas Co. 1st mtge. Is, 1937
Consumers Power Co.Michigan Light Co. let & ref. 55, 1946
1st lien & ref. 58, 1936
1st lien & unit. mtge.ser. C 5s, 1952
1st lien & unit. mtge.4345, 1958
THE DETROIT DISON CO.
The Detroit Edison Co.gen. & ref. mtge. The Detroit Edison Co.gen. az ref. mtge.)
gold (ser. D) 434s, 1961
gold (ser. A) 55, 1949
*Gen.&ret. mtge.gold (ser.E)58,1957
The Detroit Edison Co. gen. & ref. mtge.
gold (ser. B) 55, 1955
*Gen.& ref. mtge.gold (ser. C)5%1962
DUQUESNE LIGHT CO.
Duquesne Light Co. let mtge. gold (ser. B) 4345, 1957
EMPIRE DISTRICT ELECTRIC CO.
'Ozark Power & Water Co.
Empire District Electric Co.1 1st mtge. Ss, 1952
18t mtge. & ref. 5e, 1952
EMPIRE GAS az ELECTRIC CO.
'Empire Gas & Elec. Co.and Empire Coke
Empire Gas & Electric Co.Gen.& ret. mtge.gold (ser. A)68, 19521 Co. joint 1st & ref. mtge. gold 5s, 1941
GREEN MOUNTAIN POWER CORP.
!Green Mountain Power Corp. 1st mtge.
Burlington Gas Light Co.1 45, 1948
1st mtge. 58, 1955
GENERAL SERVICE CO.
INDIANA
1st mtge. 58, 1948
INDIANAPOLIS POWER & LIGHT CO.
Indianapolis Power & Light Co. 1st mtge. gold (ser. A) 5s, 1957
JERSEY CENTRAL POWER & LIGHT CO.
Jersey Central Power & Light Co.1Jersey Central Power & Light Co.
1st mtge. & ref• gold (ser. B),5s, 19471 1st mtge.& ref. gold (ser. C)4345, 1961
KANSAS CITY POWER & LIGHT CO.
1st mtge. 4345, 1961
11St mtge. ser. B 4345, 1957
KINGS COUNTY LIGHTING CO.
refunding mtge. 58, 1954
1st
list refunding mtge. 6345, 1954
LAKE SUPERIOR DISTRICT POWER CO.
1st mtge. & ref. 58. 1956
LONG ISLAND LIGHTING CO.
1st mtge. 5s, 1936
1st ref. ser. B 58, 1955
let ref. ser. A 68, 1948
LOS ANGELES GAS & ELECTRIC CORP.
Los Angeles Gas & Electric Co.Los Angeles Gas & Electric Corp.
Gen. mtge. gold 53, 1934
Gen.& ref. mtge. gold (set.F) 5348,'43
Los Angeles Gas & Electric Corp.Geo.& ref. mtge. gold (s.z.G) 68, 1942
1st & ref. mtge. gold 5s, 1939
Gen.& ref. mtge.gold (ser. H)65, 1942
Gen.& ref. mtge. gold (ser. D)6s, 1942
Gen.& ref. mtge. gold (ser. I) 534s.'49
Gen.& ret. mtge.gold (ser.E)5345,'471 1st & gen. mtge. gold 55, 1961
METROPOLITAN EDISON CO.
York Haven Water & Power Co. 1st mtge. gold 5s, 1951
NARRANGANSETT ELECTRIC CO.
1st mtge. series A & B 58, 1957
1.1st mtge.series C 5s, 1958
NEW JERSEY POWER & LIGHT CO.
1st mtge. 4365. 1960
NEW YORK EDISON CO.
New York Elec. Lt., Ht. &Tyr. Co.- I 1st lien & ref. mtge.let mtge. 58, 1948
Series A 6345. 1941
I
Purchase money mtge. 45, 1949
Series B 5s, 1944
I
Series C 5s, 1951
NEW YORK STATE ELECTRIC az GAS CORP.
N.Y. State Elec. dc Gas Corp. 181 mtge.I N. Y. State Gas & Elec. Corp. 1st mtge.
gold 4365. 1960
gold 65, 1952
•536s, 1962
NIAGARA, LOCKPORT & ONTARIO POWER CO.
!Western N.Y. UM.Co. 1st 55, 1946
1st mtge. & ref. 58, 1955
1 1st 55, 1952
NORTHERN PENNSYLVANIA POWER CO.
Northern Penn. Pr. Co. let & ref. mtge.'Northern Penn. Pr. Co. 1st dc ref. mtge.
1 gold 5s, 1962
gold (ser. A) 58, 1956
PACIFIC GAS & ELECTRIC CO.
Islet & ref. mtge. ser. E 4348, 1957
1st & ref. mtge. ser. B 6s, 1941
let & ref. mtge. ser. F 43.4s, 1960
1st & ref. mtge. ser. C 5365, 1952
Gen. & ref. mtge. .55, 1942
18t & ref. mtge. ser. D 55. 1955
PENNSYLVANIA ELECTRIC CO.
•
Citizens Lt., Ht. az Pr. Co. of Pa. 1st Penn Public Service Corp. 1st & ref.
mtge. gold 58, 1934
mtge. gold (ser.
5s, 1954
Penn Public Service Corp. 1st & ref. Penn. Elec. Co. 1st & ref. mtge, gold
mtge. gold (ser. C)5.68, 1947
(ser. G) 45, 1961
*Series H 5*, 1962
2301
PENNSYLVANIA POWER CO.
Penn. Power Co. 1st mtge. gold 55, 1956
*THE PEOPLES GAS LIGHT & COKE CO,
The Peoples Gas Light & Coke Co. 1st & ref. mtge. gold (series C) 6s, 1957
*PHILADELPHIA ELECTRIC CO.
Philadelphia Suburban Counties Gas & Elec. Co. 1st az ref. mtge gold 434s, 1957
POTOMAC ELECTRIC POWER CO.
!General & refunding (ser. B) 58. 1953
Consolidated mtge Is. 1936
PUBLIC SERVICE CO. OF NEW HAMPSHIRE.
I 1st & ref. mtge.(series B)4545, 1957
Public Service Co. of N.H.1st & ref. (series A) 5s, 1956
QUEENS BOROUGH GAS & ELECTRIC CO. •
'Refunding mtge. 4345, 1958
General mtge. 55, 1952
General mtge. 55, 1955
ROCHESTER GAS & ELECTRIC CORP.
I *General mtge. gold (series E) 58. 1962
Rochester Ry. & Lt. Co.Cons. mtge. 5s. 1954
ROCKLAND LIGHT & POWER CO.
1st & refunding mtge.430,1958
list mtge 56, 1938
SAN DIEGO CONSOLIDATED GAS & ELECTRIC CO.
1st mtge. gold 55, 1939
I 1st & ref. mtge. series C 68, 1947
*1st & ref. mtge. series D,534s, 1960
1st & ref. mtge. series A 68, 1939
1st & ref. M.series B Is, 1947
SOUTHERN CALIFORNIA EDISON CO.
So. Calif. Edison Co. gen. mtge. 5s, 1939
Pacific Light & Power Co.Ref. mtge. 56, 1952
let mtge. 55, 1942
Ref. mtge. Is, 1954
Ref. mtge. Is. 1951
Ref. mtge. 4348, 1955
*SOUTHERN INDIANA GAS & ELECTRIC CO.
*Southern Indiana Gas & Elec. Co. let mtge. gold 534s. 1957
SYRACUSE LIGHTING CO., INC.
'Syracuse Lighting Co. 1st 5s, 1951
Syracuse Gas Co. let 55, 1946
1st & ref. mtge. gold ser. B 55, 1957 1 1st and ref. mtge. gold 5365, 19.54
*TOLEDO EDISON CO.
*Toledo Edison Co. let mtge gold Is, 1962
THE TWIN STATE GAS & ELECTRIC CO.
Ilst Uen & ref. ser. A. 5368, 1945
let and ref. 5e, 1953
*UNION ELECTRIC LIGHT & POWER CO.
General mtge. gold 4Ms, 1957
'General mtge. gold &I, 1957
WEST PENN POWER CO.
West Penn Power Co.(Concluded)West Penn Power Co.let mtge. gold (series A) 55, 1946
1st mtge. gold (series (1) Se. 1956
1st mtge. gold (series n)45, 1961
•lst mtge. gold (series E)5s, 1963
WISCONSIN MICHIGAN POWER CO.
Wisconsin Mich. Pow. Co. 1st & ref.
.1Wisconsin Mich. Pow. Co. 1st mtge. gold
mtge gold 5s, 1957
1 4368, 1961.
The following is a list of the bonds which have been
dropped from the list of legal investments since the publication of the 1932 list:
Municipalities and subdivisions in the New England States: South Portland,
Houlton and Sanford. Me.;the towns of Lebanon and Pittsfield in New Hampshire;
the Vermont towns of Bennington. Brattleboro and Sheldon; the City of Cranston
and the town of Cumberland in Rhode Island; the city of Windsor Locks and the
towns of Danbury, Enfield, Fairfield, Greenwich, Litchfield, Manchester, Portland,
Southington and Stafford, all in Connecticut.
The following municipalities outside of New England have been dropped: Baltimore, Md.; Bay City, Mich.: Buffalo, N. Y.; Columbia, S. C.: Columbus, Ga.:
Denver, Colo.: Elgin, Ill.; Hammond, Ind.; Joliet, Ill.; Little Rock, Ark.: Long
Beach, Calif.; Muncie. Ind.; Muskogee, Okla.; Roanoke, Va.; Rockford, Ill.; Rock
Island, Ill.; Schenectady, N. Y.; Springfield, Ohio: Tacoma, Wash.; Utica, N. Y.,
and Waukegan, Ill.
Railroad ooligations as follows: Northeastern RR.comp!68, 1933 on the Atlantic
Coast Line System; all issues of the Baltimore & Ohio System; Central of N. J.
System equip. trust ctfs. series J 55, 1933: Dexter & Piscataquis RR.1st 434s, 1949
on the Maine Central System; on the New York Central System-Little Falls &
Dolgeville ItR. 1st Zs of 1932, Pine Creek Ry. 1st 68. 1932, Pittsburgh McKeesport
& Youghiogheny RR. 1st (18 of 1932 and the Boston & Albany RR. plain 45, 1933:
New York New Haven & Hartford System, Old Colony RR. plain 334s, 1932:
Norfolk & Western System equip. trust ctfs. 414s, 1933; point. •e‘ mobilo°. &
Baltimore RR. 4s, 1932 on the Phila. Baltimore & Washington System; Chicago
St. Louis az Pittsburgh RR. cons. 55, 1932 on the Pitts. Cin. Chicago & St. Louis
System; Southern Ry. System-Central Pacific Ry.-Through Short Line 1st 4s,
1954, and Oregon Lines 1st mtge. series A, 410, 1977.
Telephone company bonds: New England Tel. & Tel. Co. 1st mtge. 5.s. 1932.
Gas, electric & water company bonds: East Mass. Elec. Co. 1st 65, 1933 and
Pittsfield Electric Co. let 6s, 1933.
In the section devoted to general public utilities we have deleted the following:
New Milford Power Co. 1st 55, 1932 of the Connecticut Light & Power Co. group:
the Detroit Edison Co. 1st mtge. gold 58, 1933; all the issues of the Wisconsin Power
& Light Co., the Wisconsin Public Service Corp. and the Wisconsin Valley Electric
Company.
-Special Legislative Session Called to Act on
Delaware.
Federal Aid Measures.
-According to a United Press dispatch from Wilmington on Sept. 16 to the New York "Herald
Tribune," Governor C. Douglass Buck on that day called a
special session of the Legislature for Oct. 18 to consider
ways and means of utilizing Federal public works funds.
It Is said that authority will also be given to the State and
State Commissions to borrow these funds for public works.
Indiana.
-Supreme Court Rules County Tax Boards Must
Levy Sufficient Taxes to Meet Poor Relief Obligations Despite
Tax Limitation Act.
-In an opinion handed down on Sept. 9
it was held by the State Supreme Court that County boards
of tax adjustment must levy sufficient taxes to take care of
township poor elief obligations despite the $1.50 tax levy
limitation act. The opinion was delivered in an action
brought to the Supreme Court in behalf of creditors against
Wayne Township in Wayne County and the decision was
concurred in by the whole Court, which held that the payment of poor relief claims is plainly the duty of Township
trustees. The decision clarifies the $1.50 tax limit law passed
by the 1932 special legislative session in holding that a
township is liable for its poor relief claims over and above
that amount when necessary. We quote in part as follows
from the Indianapolis "News" of Sept. 9 regarding the
opinion:
To Meet Emergency.
"The board of tax adjustment," the decision continued, going into the
controversial powers of the setup made by the special session of the Legislature, "not only has the power, but it becomes its Imperative duty to fix
such tax levy for sucn municipal corporation as is necessary to meet such
;TI
L:c
E duty cannot be sidestepped or evaded on the theory that it would
raise the levy above the $1 or the $1.50 rate. The legislative body purposely made that exception to take care of emergencies that might exist
In any municipal corporation.'
2302
Financial Chronicle
The Court also held that judgments that "may be taken" after Aug. 8
1932. the day the $1.50 limitation law went into effect, are valid obligations
against townships.
t County boards of tax adjustment must levy sufficient taxes to take
care of township poor relief obligations despite the $1.50 tax levy limitation
act, the Indiana Supreme Court held Saturday in an opinion handed down
in the widely discussed Wayne County poor relief action.
s The opinion, written by Judge James Hughes and concurred in by the
whole Court, arose in the action brought by Clarence M. Brown, Richmond attorney,in behalf of creditors against Wayne Townsnip.that County.
•
Opinion Affirmed.
The County Court held that the Township was liable and the opinion
was affirmed by the Supreme Court.
Pr The decision clarifies the $1.50 tax law passed oy the 1932 special legislative session and holds constitutional the commissariat act passed by the
same Legislature.
r It also strikes at the system maintained for many years whereby poor
relief claims, filed with the County Auditor, were paid by the County Commissioners.
t The decision nolds that payment of poor relief claims is plainly the
duty of township trustees.
Duty Set Out.
"While it is the duty of the County to advance money to the Township,"
County..
the Court held, "it is a Township liability to take care of its poor and
'
not the obligation of the
"The money advanced by the County becomes a loan to the Township
and the Township under the provisions of the law must reimburse the
County for all advancements or loans made."
I It was held that the arrangement whereby supplies were provided for
the poor of Wayne Tovrnsnip were "valid and legal obligations" and asserted
further that "those who furnished them are entitled to be paid."
The porport of the decision was to validate judgments ootained by
the creditors against the Township.
•
New Mexico.—Voters Favor Prohibition Repeal.—Thirtyfirst State to Ratify.—Associated Press dispatches from
Albuquerque on Sept. 20 reported that the voters piled up
a three-to-one majority for lepeal of the Eighteenth Amendment at an election held on the previous day. New Mexico
was the 31st State to register approval of the Twenty-first
Amendment to the Federal Constitution, the Repeal Amendment. Only five more States are needed to obtain the
requisite majority to remove National Prohibition from the
Constitution and it is expected that these States will favor
repeal between now and Nov. 7.
New York City.—Governor Lehman Confers TVith Bankers
and City Officials in Effort to Aid Financial Standing.—Plans
for placing the city's credit on a firm foundation so as to
enable it to obtain from the bankers a loan of $72,000,000 or
more to carry it over the remainder of the year, were discussed at a conference held on Sept. 19 in Governor Lehman's
home in New York City, at which the Governor, Mayor
O'Brien, George McAneny, who was appointed Comptroller
by Mayor O'Brien earlier in the day to serve out the unexpired term of Comptroller Berry, who resigned on Sept. 15;
Samuel Untermyer, special financial adviser to the city, and
representatives of the banks were present. It was reported
in the press that after three hours of general discussion, the
conference adjourned without definite result. Those who
attended are' said to have gone over the general financial
condition of the city in broad terms but made no attempt to
consider specific matters. It was agreed that the conferees
would meet again at 2 o'clock on Sept. 22 at the home of
Governor Lehman. The only definite conclusion said to
have been reached at the initial meeting was that the Legislature will be called into extraordinary session only if a plan
can be agreed upon to restore the city's credit.
Samuel Untermyer Sumits Program to Add $7,000,000 a
Year to City's Revenues.—Earlier on Sept. 19 Samuel Untermyer submitted a program to the Board of Estimate which
he considered would add almost $7,000,000 more a year to
the city's revenues. The New York "Times" of Sept. 20
carried the following on the new proposals:
The text of Mr. Untermyer's letter to the Board of Estimate follows:
Sept. 19 1933.
The Board of Estimate and Apportionment.
City Hall,
New York City.
Dears Sirs:
At this time I have the following recommendations to make, which I
hope will receive immediate attention:
1. Before the budget is closed, there should be included in it, for further
safety, the sum of at least $10,000,000 toward next year's home and unemployment relief.
It is already apparent that the relief required will extend throughout
the year,or at least the greater part of the coming year, whilst the emergency
legislation, unfortunately, expires on Feb. 28 1934. The aggregate that
is
this legislation will yield is problematical. The provision now suggestedits
permit
to make asurance doubly sure, as the city cannot at any costnot needed
money is
unemployed ot go without food and shelter. If this
applied.
for relief there are many other necessary uses to which it can be
Department,
2. There should be substantial charges made by the Building
performed for
as in all other cities, to cover the cost of important services and alteration
owners and contractors in connection with the constructionspecfifications,
of buildings, in the way of supervision, approval of plans and
documents
and in many cases, of the virtual drawing or redrawing of thesethe various
so as to make sure that they comply with the requirements of
dedepartments. The case of Radio City is a fair illustration: There the
means
partment work cost the city $100,000, for which there is no redress or
of repayment.
boroughs
It is estimated that the revenue from this source in the five
should, in nornal times, amount to at least $5,000,000.
electric
3. The streets of the city are cluttered in every direction with across
cases
signs and marquees that extend beyond the house line, in many push-cart
city property. The poor
the pavement to the curb, and occupy
per week,
peddler who can scarecely keep body and soul together, is taxed $1 curb for
the
or $52 per year. for the privilege of backing his cart up against to pay aderequired
a few hours a day. fie should not be the only one
estimated at
quately for the use of the streets. A large sum, cooservatively
$2,000,000 per year,should be gathered from these two sources. billboards.
k., 4. I suggest, also, for your consideration a moderate tax on
to the non-payment of taxes.
Po' 5. The city's chief difficulty is, of course. duepayments. The owners pay
Some way must be devised to stimulate these
on their mortgages, because of the penalty attached to nonthe interest
payment, but allow their taxes, which are a prior lien, to go unpaid.
the payment of these taxes, the
I. I suggest that, in order to stimulate the taxes have been 30 days in
penalty be increased from 7 to 10% after
arrears. .4
a nightirs If the city can only collect its taxes its troubles will be largely
mare of the past.
many respects disThe report of the Grimm Committee has been in are not economies.
r
appointing, in that most of its proposed economies
They are largely conjectures and proposed reforms based on securing legisif it were
lation, most of which I fear it will be impossible to obtain—even
reasonable we
wise to ask for some of them. In so far as this legislation is
committee
should of course, co-operate and urge it. I am meeting with the
Sept. 23 1933
this afternoon, at my office, in the hope of reconciing some of these differences.
The unfortunate phase of the situation is that a mistaken impression
has been created, and expectations have been aroused by this report
Which the committee must know cannot possibly be realized. The committee having been called into existence by me, I am still hoping that
some constructive results can be secured. Many of the economies to
Which the committee refers. I am told, have already been embodied in
the budget you are now making. There are others, not covered by the
report, that I shall expect to suggest if justified by the investigation now
under way by officials who have the means of getting inside the departments.
I would be pleased to have your reaction to these recommendations.
Very truly yours,
SAMUEL UNTERIVIYER.
P. S.—I am hoping that the Board of Aldermen will be called in session
as soon as possible to deal with my recommendation for the reduction
of their salaries.
(The text of Mr. Untermyer's statement in original form contained the
additional recommendation that "the accrued 7% penalty on arrears be
wholly or partly remitted as to those who pay within 30 days." Following
Publication of this statement Mr. Untermyer requested that it be eliminated from the text.)
Criticizes Economy Report.
Mr. Untermyer's expressed disappointment over the economy survey
made by the Municipal Economy League brought about a slight spat
between committee members and the city's financial adviser. Despite
Mr. Untermyer's reluctance to engage in a controversy with the committee, he permitted himself several criticisms of its work. In reply
Peter Grimm and Harold RiegeLman of the Committee said they realized
that there were "certain political limitations which necessarily affect his
work as adviser to the city, and we are willing to make full allowance
for that."
The committee members conferred with Mr. Untermyer for two hours
yesterday and emerged with the statement that they had smoked the
pipe of peace. The committee refused to accept Mr. Untermyer's statement that its $25,225,063 economy program was largely impossible of
realization. On the contrary, it insisted that that amount was fully
documented in an 80
-page report to Mr. Untermyer, which had not been
made public in its entirety. Discussing the committee's recommendation
that mandatory salary legislation be relaxed by the Legislature, Mr.
Untermyer said:
"I am not as optimistic as Mr. Grimm or his counsel, and do not believe
that the whole structure of the State will be overturned overnight by the
Legislature. I don't think that the State Board of Education will authorize
reductions in teachers' salaries, and I do not think the Legislature will
reduce the pay of police or firemen, or interfere with pension funds generally.
These reductions, all included in the Grimm report, seem at this time
unlikely of attainment."
Mr. Grimm said that while the committee sought to alter salary legislation it did not approve the horizontal salary cut under consideration
by Mr. Untermyer, to affect all city employees earning $3,000 a year or
more. The Citizens Budget Commission, Mr. Grimm said, considered
such a cut "lazy and dishonest budget cutting" and advocated elimination
of useless jobs before any salaries were cut.
Mr. Untermyer had the final word in the day's squabble.
"Sufficient, unto the day is the evil thereof," he said. "We shall get
along as best we can."
The New York State Chamber of Commerce registered vigorous oppo,sition yesterday to the new city tax plan. The Chamber renewed its
arguments for municipal economies and advocated unification of the city's
rapid transit lines. The New York City League of Women Voters urged
that a comprehensive financial policy for the city be formulated now to
avoid the recurrence of present conditions.
Results of Primary Elections for City Offices.—The
following are the results of the principal contests for party
nominations at the primaries held on Sept. 19, as they were
given in the press on the 21st:
Mayor, Democratic.—O'Brien, 277.899: Black, 97.499; Ambro,
27.443; Fredlund, 5.345; plurality for O'Brien, 180,400.
Comptroller. Democratic.—Prial, 241,857; Harman, 153,722; Madigan,
10.866; plurality for Prial, 88,135.
Borough President, Brooklyn, Democratic.—Love, 34,250; Hesterberg, 96,861; Mackin. 5,189; plurality for Hesterberg, 57.422.
Borough President, Queens, Democratic.—Farley, 30,002; Coiden,
44,490; plurality for Coiden, 14,388.
Borougn President. Queens, Republican.—Harvey. 13,549; Wolfertz.
1,570; plurality for Harvey, 11.979
Borough President, Richmond, Democratic.—Pallister, 12,076; Hart,
11,145; plurality for Palliator. 931.
Mayor O'Brien Postpones Tax Hearing.—The final formal
hearing before the Board of Estimate on the new tax bills,
scheduled for Sept. 21, was adjourned because of the Jewish
holiday. Mayor O'Brien is reported to have said that the
hearing would be held as soon as possible, but he was not
sure when it would take place.
Nueces County, Texas.—Bond Debt Refunding Plan
Adopted by Commissioners' Court.—According to a dispatch
from Corpus Christi to the "Wall Street Journal" of Sept.
11, the Commissioners' Court has adopted a plan for refunding the indebtedness of this county. It provides that
all maturities for the next two fiscal years on outstanding
bonds shall be advanced into the succeeding 13 years and
the principal maturities of these 13 years will be readjusted
to allow for a level tax plan with present debt service requirements. It is said that the tax rate under the plan may
be set at $1.35 and the plan will allow the 15% reduction in
valuations recently announced by the Court.
Tampa, Fla.—Bond Refunding Plan Reported 98% Complete.—Of a total of $2,501,000 bonds maturing from July 1
1932 to Dec. 31 1935, included in the refunding plan and
exchange of bonds, offered by the above city in May 1932,
a total of $2,460,000 or slightly more than 98% have been
exchanged, according to an announcement made on Sept. 20
by B. J. Van Ingen & Co., Inc. fiscal agents, who have
handled the refunding for the city. Additional bonds are
expected to be exchanged shortly and the said fiscal agents
expect that the refunding will be very close to 100% complete before the end of this year. It is stated that this is
probably the most successful municipal refunding operation
attempted in recent years.
Texas.—Special Session of Legislature Convenes to Act
on Relief Measures.—The Legislature convened in special
session on Sept. 14 to pass needed legislation to fully meet the
Federal relief and recovery program. Among the measures
to be considered are anti-trust law modifications to conform
to the NRA, taxation and bills on banking and other subjects, but the chief issue up for discussion is the question of
how the recently approved $20,000,000 relief bond issue
shall be administered. An Associated Press dispatch from
Austin to the Houston "Post" of Sept. 15 reported in part
as follows on the opening of the session:
Volume 137
Financial Chronicle
The Texas Legislature, convened in special session here Thursday by
Governor Miriam A. Ferguson, neard from the Governor her suggestions
of needed legislation to fully meet the existing relief and recovery program of
the President.
She sent to the Legislature witn ner message three proposed bills. One
would suspend the existing anti-trust laws, another suggested machinery
for issuing and administering not to exceed 320.000.000 from State relief
bonds and a tnird would give added powers to counties, cities and towns
in participating in the Federal emergency administration of public works.
The subjects opened up to the Legislature and the Governor's specific
suggestions as to how best to meet the need for toe emergency legislation,
were expected to precipitate one of the most quarrelsome sessions in history.
Attorney-General Allred Eyes Move.
James V. Allred, Attorney-General, has been prosecuting a suit for
$17,000,000 in penalties against 15 oil companies and two petroleum
associations for alleged anti-trust law violations. He claimed the defendants
had entered into a monopoly through a code of ethics and business practices. Mr. Allred has said he would not approve a too liberalization of the
laws that would prevent monopolies and combines.
The Governor pointed out that "our National Government has thought
it wise to suspend all anti-trust prosecution pending our national recovery,
and if the high and noble purposes of our President are to be attained,
each State of the Union should fall in line witn the general idea and purpose."
"It would be wonderful if our dear Lone Star State should be the first to
lead the way." the Governor told the legislators.
Relief Laws Urged.
The Governor suggested passage of laws necessary "for our State to
receive the benefit of the Federal emergency administration of public works
and in order that any county, city or town may act on a resolution of its
governing board for the major purpose of relieving unemployment."
Virginia.
-Governor Signs Bill Authorizing State to Apply
-Governor Pollara
for $16,000,000 Federal Highway Loan.
on Sept. 15 signed Senate Bill No. 28, authorizing the
State to apply to the Federal Government for a $16,000,000
loan to be used for highways, of which $4,000,000 would
be an outright grant, and the remainder would be repaid
by the State out of the gasoline tax in seven equal annual
instalments, beginning in 1937, it is stated in the Richmond
"Dispatch" of Sept. 16. It is not known whether such
a loan can be made to Virginia, owing to a clause in the
State Constitution which forbids this Commonwealth to
borrow money for such a purpose. The bill was signed by
Governor Pollard without an opinion from Attorney-General
John R. Saunders as to its constitutionality. The measure
is said to be regarded by various legal authorities as unconstitutional.
-State Supreme Court Holds UnconstituWashington.
-Business and Income
tional Income Tax Approved in 1932.
Tax Measure Passed by 1933 Legislature Held Constitutional.
In a compilation issued on Sept. 20, the Spokane News
Bureau reports that the Supreme Court of Washington has
held unconstitutional the State income tax voted by the
people in November 1932. It goes on to state that the
same Court held constitutional the classified business and
income tax passed by tjie 1933 Legislature-V. 136, P. 2280.
In declaring the income tax law unconstitutional it was
held that it violated the 14th Amendment to the State
Constitution, which provides that tax rates must be uniform
on one class of property.
The State income tax law imposed varying rates, ranging
from 1% to 7% on net incomes.
BOND PROPOSALS AND NEGOTIATIONS
-NOTICE TO HOLDERS OF DEAKRON, Summit County, Ohio.
-E. C. Galleher, Director of
FAULTED AND MATURING BONDS.
Finance, under date of Sept. 15 made plublic the following statement:
"To Holders of Bonds: City of Akron, Ohio-Village of Kenmore, Ohio.
"Due to bank and delinquent tax conditions, we have been unable
to meet 1933 principal maturities and cannot pay in full October. November
and December principal when due. Funds have been provided to clear
up all interest defaults and we will pay, through usual agencies, October,
November and December interest.
-We are preparing an adjustment plan for 1933 principal obligations
and holders of past due or about to mature bonds are requested to advise
us bond numbers and amount of holdings. Our adjustment plan will
be ready in October, we believe, and full details will be sent to known
holders as soon as proposal is ready.
"Coupons should be presented October first; bonds should be held
until receipt of proposal.
-It is
-BOND OFFERING.
ALBERT LEA, Freeborn County, Minn.
announced by A. E. Carlsen, City Clerk, that he will receive both sealed
and auction bids until Oct. 2, at 7:30 p. nI. for the purchase of coupon
street 'mut. bonds to the amount of $150,000, $135,000 or $120,000.
Interest rate is not to exceed 6%, payable A. & 0. Denom. $1,000
Dated Oct. 2 1933. If the $150,000 issue is sold, $10,000 will
mature on Oct. 2 1935 to 1949. If the $135,000 issue is sold, $9.000 will
mature each year on the above dates, and if the $120,000 issue is sold,
$8,000 will mature each year on the above dates. Prin, and int. will be
made payable at any suitable bank or trust company designated by the
purchaser. Bids on interest rate requested to nearest quarter per cent but
shall be not less than par. The approving opinion of June'), Driscoll.
Fletcher, Dorsey & Barker, of Minneapolis, will be furnished. A certified
check for 2% must accompany the bid.
-It is reALCESTER, Union County, S. Dak.-BOND ELECTION.
ported that an election will be held on Oct. 2 in order to vote on the proposed issuance of 314,299.50 in bonds, divided as follows: $1,502 storm
sewer extension, and 312,797.50 water repair bonds. It is said that the
city expects to obtain the funds from the Federal Government.
ANNE ARUNDEL COUNTY (P. 0. Annapolis), Md.-BONDS PUB-The syndicate headed by the Mercantile Trust Co.
LICLY OFFERED.
of Baltimore, which was awarded on Sept. 14 an issue of 3750.000 5% floatrefunding bonds at 94.07, a basis of about 5.58%-V. 137. p.2135
ing debt
made public reoffering of the loan on Sept. 18 at prices to yield 2% for the
1934 maturity: 1935. 4':1936. 4.50%; 1937, 4.75%; par and interest for
the 1938 to 1943 maturities; 99.50 and interest for the bonds due from 1944
to 1953, incl., and a price of 99 and interest for the bonds due from 1954 to
1963, incl. The successful group, in addition to the Mercantile Trust Co.,
Includes E. H. Rollins & Sons, Inc., W. W.Lanahan & Co.. Edward Lowber
Stokes & Co., Baker, Watts & Co., Strother, Brogden & Co., Maryland
Trust Co.. Union Trust Co.of Maryland, Stein Bros.& Boyce and Mackubin, Goodrich & Co.
Tax Collections.
1932.
1933.
Fiscal Year Beg. Jan. 1- 1930. 1931 (6 Mo.)
genTotal ad valorem or
$653,086 $1,255,440 $1,180,971
31.106,786
eral property tax
Uncollected at end of tax
364,380
213,389
278,875
or fiscal year
Uncollected latest availa269,431
59,877
546.660
53.020
ble date (Sept. 1 1933)Uncollected at approxisame date last
mately
557.611
127.368
92,779
year
Fiscal Year 6 Months
Sept. 1 '33.
1932.
1931.
1930.
3866,016
$659,882 $1.376,496
Total receipts, all sources _31,171,460
866,548
1,371.042
704.757
1.314.825
expenditures
Total
2303
-ADDITIONAL
ALTOONA SCHOOL DISTRICT, Blair County,Pa.
-In connection w th the proposed sale on Sept. 28 of
INFORMATION.
$475,000 not to exceed 447 coupon tax ant cipation bonds, notice and
description of' wnich appeared in V. 137, p. 2135, the official call for bids
makes note of the following: "An emergency sinking fund will be established for this issue and will be maintained by both annual levy and
delinquent taxes, as prov:ded in Act No. 132, approved May 18 1933."
-BOND SALE.
ANDERSON COUNTY (P. 0. Garnett), Kan.
The $29,500 issue of 57 coupon semi-annual funding bonds offered for
-was purchased by the Garnett State
sale on July 17-V. 137, p. 523
Savings Bank, of Garnett, for a premium of $250, equal to 100.847, a
basis of about 4.77%. Dated July 11933. Due from Aug. 1 1935 to 1939.
-REFERENDUM ON
ASBUR1 PARK, Monmouth County, N. J.
-Miss A. Grace King, City
CITY MANAGER FORM OF GOVERNMENT.
Clerk, has issued a call for a referendum on Oct. 10, when the voters will
decide whether to abandon the commission form of government and adopt
the city manager plan. Should the change be favored, there will be another
election on Nov. 7 to elect a city council.
-CREDITORS DEMAND
ASHEVILLE, Buncombe County, N. C.
-The following is taken from
PAYMENT ON CITY'S OBLIGATIONS.
an Asheville dispatch to the Raleigh "News and Observer" of Sept. 14:
"Henry Steffens, representing a majority of the creditors of the city
of Asheville, informed George L. Hackney, City Manager, yesterday
morning that holders of the city's obligations will demand that a lump sum
of $700,000 be paid them for the fiscal year which began July 1.
-This is a departure from the practice pursued during the past fiscal
year, when the bond and noteholders agreed to have the city levy sufficient
taxes to collect $590,951.21, or 24% interest.
"The lump sum payment would mean an interest rate of slightly more
than 3% on outstanding principal. It would not provide for liquidating
any of the indebtedness.
'City Council will probably be called together in the near future to
discuss the demand. Members of City Council have expressed the opinion
that Asheville should not pay more than $200.000 this year, or approxiinate13o
ythe amount its creditors actually received during the year ended
June
"As of June 30 the city had $7,498,000 in notes outstanding, of which
$6,080,000 was in default and $15,430,429.61 in bonds, of which $984.301.72
was in default. Interest in default at that time amounted to $1,491,619.48.
The total interest and principal in default was $8.555.921.20 and the total
outstanding indebtedness, interest and principal, $24,320,049.09.
-The $10.000
ASHLAND, Saunders County, Neb.-BOND SALE.
-is stated
issue of 5% refunding bonds recently approved-V.137, p. 1794
by Mr. Eugene C. Dinsmore, of Omaha.
to have since been purchased
Denom. $500. Dated Oct. 1 1933. Due on Oct. 1 1943. Prin. and int.
(A.& 0.) payable at the office of the County Treasurer at Wahoo. Legality
will be approved by Wells, Martin, Lane & Offutt, of Omaha.
AUGUSTA SCHOOL DISTRICT (P. 0. Augusta), Richmond
-'The Public Works
County, Ga.-FEDERAL FUND ALLOTMENT.
Administration announced on Sept. 15 that it had made an allotment of
$710,000 to this district for the construction of schools. It is asid that a
grant of $174,000 was allowed out of this allotment. representing 30% of
the cost of labor and materials. The balance is reported to be a loan secured by 4% general obligation bonds, maturing over a period of 25 years.
-BOND ELECTION.
BALLSTON SPA, Saratoga County, N. Y.
A proposal to issue 885.000 sewage disposal plant construction bonds
will be submitted for consideration of the voters at an election to be held
on Sept. 26.
-A pro-BOND ELECTION.
BALTIMORE, Fairfield County, Ohio.
posal to issue $50,000 water works system improvement bonds and to pro-mill
taxes outside of the 15
vide for their payment through the levy of
limitation will be submitted to the voters at the general election on Nov. 7.
The issue would be dated approximately March 1 1934 and mature in from
1 to 25 years.
-At a
-SPECIAL BOND ELECTION.
BATH, Steuben County, N. Y.
special election to be held on Sept. 28 the voters will be asked to approve
of the issuance of $370.000 bonds, consisting of $200,000 water system.
3150,000 sanitary sewer and $20,000 storm sewer issues.
-REPORT ON
BAYOU DE VIEW DRAINAGE DISTRICT, Ark.
PROPOSED REFINANCING.
-The following communication was sent out
by Bowman & Co.of St. Louis, on Sept. 19, to holders of bonds of the above
district, reporting on the present status of the bond default situation:
To the Bondholders,
Bayou de View Drainage District,
Cross, Jackson and Woodruff Counties, Ark.:
On Sept. 14 1933, Messrs. Roy D.Campbell, attorney for, and Dr. H. L.
Fraser, Commissioner of the above district, met with our representatives
with respect to an application for a proposed loan which the district has been
considering asking from the RFC at Washington.
The representatives of the district informed us that while they did not
have any concrete idea of price at which they would ask the bondholders to
lodge their securities, they thought that a figure "in the neighborhood of
50 cents on the dollar" would be reasonable and fair.
To this we promptly demurred, for reasons which will presently appear:
(1) An appraisal of the lands in the three counties made recently show as
follows-this appraisal being made by the Commissioners of the district
themselves:
$62.507.50
Cross County. Ark.. 8,232 acres
1C9,693.30
Jackson County. Ark., 14,738.20 acres
133,715.00
acres
Woodruff County, Ark., 24,271
$305.915.80
Total appraised value of land in district
2) The assessment for benefits in the entire district (which can be
levied to pay principal and interest on the outstanding bonded debt)
amounts to $689,461.23.
(3) The present total amount of bonded debt in this district is:
$66,787.80
First issue
61,428.79
Second issue
$128,216.59
therefore bear an average drainage debt
(4) Per acre the 47,241.87 acres
of only about $2.73.
While it is true that the district has taken over for non-payment of taxes
some 18,628 acres, of which 5,049 acres was forfeited to the State, we nevertheless believe that some other plan can ultimately be worked out which
will be to the greater interest of the bondholders.
As bonds we represent are all of the first issue, we recommend that you
take no steps without first communicating with us. We have certain plans
under way which we hope will protect all holders of the first issue and
earnestly request that you let us know by return mail the exact amounts
and maturities you hold, together with any and all unpaid and overdue
principal and (or) interest.
Very truly yours.
BOWMAN & CO.
BEL AIR, Harford County, Md.-PUBLIC WORKS ADMINISTRA-It is reported that an allotment of $124,750
TION ADVANCES FUNDS.
has been made to the City by the PWA, for the purpose of financing
the construction of a complete sewage system. The funds will be made
available on the basis of 30% of the total, estimated at $31,000, as a grant,
and the balance as a loan,secured by 4% general obligation bonds to mature
over a period of 20 years. The loan and grant are subject to completion
•
of a contract satisfactory to the Administration, it is said.
-BONDS PARTIALLY
BIRMINGHAM, Jefferson County, Ala.
-We are informed by the City Comptroller that of the $400.000
SOLD.
refunding and public improvement refunding bonds offered on Sept. 19V. 137, p. 1966-a block of $50,000 was sold as 7s, at a price of 95.00.
The Comptroller also advises us that he expects to dispose of additional
bonds in the next few days.
•
-We are informed by our
-BOND SALE.
BOISE, Ada County, Ida.
western correspondent that an issue of $100,000 6% funding bonds was
purchased recently by the First Security Bank, and the First National
Bank, both of Boise. jointly, at a price of 103.05. a basis of about. Dated
July 1 1933. Due on July 1 as follows: $23.000. 1935:824,000. 1936:326.000,
1937. and $27.000 in 1938.
BISMARCK SCHOOL DISTRICT (P. 0. Bismarck), Burleigh
-We are informed that at an election
County, N. Dak.-BONDS VOTED.
held on Sept. 14 the voters approVed the issuance of 3203,000 in 4% high
school building bonds. Due from 1936 to 1953. It is said that the projec
2304
Financial Chronicle
will cost $350,000 of which $105,000 is expected as a grant from the Federal
Government.
BOSTON, Suffolk County, Mass.
-OFFERS $8,500,000 BONDS FOR
SALE.
-Edmund L. Dolan, City Treasurer, will receive sealed bids unti
12 m. on Sept. 27 for the purchase of the whole or any part of $8,500,000
coupon bonds, divided as follows:
$3.500,000 4% relief bonds. Due $700,000 annually on Oct. 1 from 1934
to 1938, incl. Authorized by Legislative Act of 1933.
2,000,000 431% traffic tunnel bonds, authorized by Chapter 297. Acts of
Massachusetts of 1929, as amended by Chapter 287 of Acts of
Massachusetts of 1932. These bonds shall be due on Oct. 1
1983. but may be called, retired and canceled by the City of
Boston after 20 years from the date of this loan, on any date
upon which interest is payable on these bonds, by payment by
the city of the amount of the face of the bond, with any unpaid
accumulated interest to date fixed for redemption, and when so
called, interest shall cease.
2,000,000 4 % series B traffic tunnel bonds, also authorized by Chapter
297. Acts of Massachusetts of 1929, as amended by Chapter
287 of Acts of Massachusetts of 1932. These bonds shall be
due on Oct. 1 1963. but may be called, retired and canceled
by the City of Boston after 20 years from the date of this loan
on any date upon which interest is payable on these bonds, by
payment by the city of the amount of the face of the bond,
with any unpaid accumulated interest to date fixed for redemption, and when so called interest shall cease.
400,000 4 % street reconstruction bonds. Due $40,000 annually on
Oct. 1 from 1934 to 1943, incl.
% sewerage bonds. Due $20,000 annually on Oct. 1 from
400.000
1934 to 1953, incl.
% highway bonds. Due 310,000 annually on Oct. 1 from
200,000
1934 to 1953, incl.
Each issue will be dated Oct. 1 1933. Denom. $1,000. Prin. and int.
(A. & 0.) payable at the City Treasurer's office. Interest will begin on
Oct. 1 1933 and will cease on the date on which the bonds are payable or
called for redemption. The bonds, it is said, are exempt from taxation in
the State of Massachusetts and from the Federal income tax, and will be
ready for delivery and payment on Oct. 10 1933. Bidders must clearly
state whether their offer is for the whole or part of the offering, and, if for
Part, the amount. Proposals must be accompanied by a certified check on
a Boston National bank or trust company or by cash, equal to 1% of the
amount of bonds bid for and payable to the order of the City Treasurer.
Accrued interest from Oct. 1 1933 to date of delivery is to be paid by the
successful bidder.
-The last previous award
RECORD OF MOST RECENT BOND SALE.
made by the city consisted of the sale on Sept. 15 1932 of $5,363,000 4 %
bonds, comprising various issues, to Halsey, Stuart & Co. Inc.. of New
York. and associates, at a price of 100.614, a basis of about 4.18%• Public
'
reoffering of the securities was made at prices to yield from 2.25 to 4.10%.
according to maturity. The one other bid received at that time, an offer
of 100.609, was submitted by a group headed by the Guaranty Company
of New York
-V. 135, p. 2020.
BOURBON COUNTY (P. 0. Paris), Ky.-PROPOSED BOND ISSUANCE.
-It is said that at the regular election in November the voters will
be asked to pass on the proposed issuance of $75,000 In court house bonds.
The total cost will be $100,000 and the Federal Government will be asked
for a grant of 30% for labor and materials.
-It is reported
-BONDS VOTED.
BOVEY, Itasca County, Minn.
that a recent election resulted in favor of issuing $42,000 in village hall
construction bonds.
BRENTWOOD SCHOOL DISTRICT (P. 0. Pittsburgh), Allegheny
-Charles H. Bracken, Secretary of the
-BOND OFFERING.
County, Pa.
School -Board, will receive sealed bids until 8 p. m. on Oct. 3, for the purchase of $60,000 4)j, 434, 4 or 5% coupon school bonds. Dated Oct. 1
1933. Denom. $1,000. Due Oct. 1 as follows: $5,000 from 1940 to 1945
incl. and $10.000 from 1946 to 1948 incl. Interest is payable In (A. & 0.).
A certified check for 31.000. 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 approval of the Pennsylvania Department
of Internal Affairs.
BRIGHTON TOWNSHIP SCHOOL DISTRICT (P. 0. Beaver
-Sealed bids ad-BOND OFFERING.
R. D.), Beaver County, Pa.
dressed to S. J. Holt, District Secretary, will be received until 6 p. m.
on Oct. 5 for the purchase of $5,000 4M.5 or 53‘3,'% school bonds. Denom.
$1.000. Due $1,000 each year on Oct. 1 from 1938 to 1942 incl. Interest
is payable in A. & 0. A certified check for $500, payable to the order
of the School District, must accompany each proposal.
BROOKINGS, Brookings County, S. Dak.-BONDS VOTED.
At an election held on Sept. 12 the voters are reported to have approved
the issuance of $70,000 in bonds, divided as follows: $45,000 filtration
plant and $25,000 swimming pool bonds.
-The
-BONDS AUTHORIZED.
BUCYRUS, Crawford County, Ohio.
City Council recently adopted an ordinance providing for the issuing of
$10.000 6% sewer construction bonds, to be dated Oct. 1 1933 and mature
32,000 annually on Oct. 1 from 1935 to 1939.incl. Denom.$500. Principal
and interest (A. & 0.) are payable at the City Treasurer's office.
-CORRECTION.
BURLINGTON COUNTY(P.O.Mount Holly), N.J.
-Alfonza Adams, Clerk of the Board of Chosen li`reeholders, advises that
the report in V. 137. p. 721-of the sale of 3150,000 6% tax revenue bonds
was incorrect, inasmuch as only $40,000 of the total had been sold. This
block, due in three years, was purchased as 6s, at par, by C. Cl. Collings
& Co. of Philadelphia. Sufficient tax money was collected prior to the
completion of the sale of the entire issue and the balance of the loan was
withdrawn from the market,the Clerk further states.
-John Bormuth,
-NOTE SALE.
BUTLER, Morris County, N. J.
Borough Clerk, informs us that the Paterson Savings Institution has purchased at par an issue of 3270,000 6% notes, to mature on Sept. 15 1934.
This corrects the report that appeared in-V. 137, p. 2136.
-BOND ELECTION.
BUTTERFIELD, Watonwan County, Minn.
It is reported that an election will be held on Sept. 26 in order to vote on the
proposed issuance of 311.000 in 4h % water works system bonds.
-CORRECTION.
-In conCANYON COUNTY (P. 0. Caldwell), Ida.
nection with the sale of the $93,000 tax anticipation notes to the First
-we are now informed
Security Bank of Nampa, at 6%-V. 137, p. 1967
by the County Auditor that the notes were actually purchased at par by
the First National Bank of Ogden, and mature $45,000 on Feb. 1, and
$48,000 on July 6 1934.
-BONDS
CARTHAGE SCHOOL DISTRICT, Hancock County, III.
-At an election held on Sept. 1 the voters authorized the issuance
VOTED.
of $43,000 high school building construction bonds by a count of 598 to 299.
It is expected that the aid of the Federal Government will be sought in the
financing of the project.
CARUTHERSVILLE, Pemiscot County, Mo.-BONDS DEFEATED.
-the voters are stated
-At the election held on Sept. 12-V. 137. P. 1612
to have rejected the wopoeal to issue $210,000 in municipal light plant
bonds by a count of 884 "for" to 473 "against,' the issue failing to receve
the required two-thirds majority.
-BOND ELECTION.
CEDARHURST, Nassau County, N. Y.
At an election to be held on Oct. 5 the voters will consider proposals providing for the issuance of $550,000 sanitary sewer system construction and
$170.000 street paving bonds. Present plans call for the financing of the
projects by the Federal Government. Of the amount needed. 30% will be
sought as an outright gift, while the balance will be acknowledged as a
loan and the bonds offered as collateral, it is said. The sewer loan would
mature in 40 years and the paving issue in 20 Years.
-We
CHAMBERLAIN, Brule County, So. Dak.-BONDS VOTED.
are informed by the City Clerk that at an election held on Sept. 12 the voters
approved the issuance of 821,000 in 4% water works bonds by a count of
316 to 26. The bonds mature 31,000 annually from 1936 to 1952, and $4,000
in 1953. Optional on any interest payment date after 5 years from date of
issuance. Dated Oct. 2 1933.
-It is
-BOND ELECTION.
CHARLES CITY, Floyd County, Iowa.
reported that an election will be held on Oct. 3 in order to vote on the proof $45,500 in hospital bonds.
posed issuance
Sept. 23 1933
CHEROKEE, Cherokee County, Iowa.
-It is
-BOND ELECTION.
reported that an election will be held on Oct. 9 in order to vote on the proposed issuance of $25,000 in school building bonds.
-BOND ELECTION.CHERRYVALE, Montgomery County, Kan.
An election will be held on Oct.4 according to report,in order to vote on the
issuance of $80,000 in gas plant bonds.
CHESTER, Randolph County, Ill.
-PROPOSED FEDERAL LOAN.
The city is contemplating the construction of a municipal light and power
Plant and distribution system, to cost approximately $150.000. It is
probable that application for the necessary funds vrill be made to the
Federal Government in accordance with the $3,300,000,000 public works
program.
CHICAGO SANITARY DISTRICT, Cook County,
PAY
DEFAULTED INTEREST.
-1tis announced that all interest coupons which
were due in January 1933 should be presented for payment, on or after
Sept. 25 1933, at the First National Bank of Chicago.
CHOK 10, Stevens County, Minn.
-At the elec-BONDS VOTED.
tion held on Sept. 12-V. 137, p. 1967
-the voters approved the issuance of
$2,000 in 4 % funding bonds by a count of 90 "for" to 12 "against."
Due $500 from 1939 to 1942. The Town Clerk reports that these bonds
will be sold to the State of Minnesota.
CINCINNATI, Hamilton County, Ohio.
-PUBLIC WORKS AD-The PWA has made allotMINISTRATION MAKES ALLOTMENT.
ments to the city as follows: $204,580 for sanitary and storm sewer construction and $27,000 for street improvement purposes. These allotments
are grants of30% of the cost oflabor and materials on the projects, it is said.
CLARK l-OUNTY SCHOOL DISTRICT NO. 100 (P. 0. Vancouver),
Wash.
-BONDS NOT SOLD.
-The 314,000 issue of school bonds offered
on Sept. 1-V. 137, P. 1612
-was not sold as no bids were received, according to the County Treasurer. Interest rate not to exceed 6%, payable
semi-annually.
CLEAR SPRING, Washington County, Md.-PUBLIC WORKS
ADMINISTRATION ALLOTS FUNDS.
-The town has received an allotment of $23,000 from the PWA in order to finance the construction of a
new gravity water system, it was reported on Sept. 16. The total includes
$5,400, or 30%, made available as a grant. The balance will be in the
form of a loan secured by 4% general obligation town bonds, due over a
Period of 25 years.
CLEVELAND, Cuyahoga County, Ohio.
-BORROWS $1,250,000 TO
-Following his return from New York
MEET OCT. 1 DEBT CHARGES.
City on Sept. 14, where he had obtained a loan of 81,250.000, Ray L.
Lamb, Director of Finance, announced that the $3,769,426 due in bond
principal and interest charges on Oct. 1 1933 will be met in full and on time.
The Cleveland "Plain Dealer" of Sept. 15, after noting the foregoing,
further stated:
"The loan was made by the Irving Trust Co. and was necessary, Mr.
Lamb said, because 81.750.000 in tax funds due the city is in county deposits in closed banks, and because the closing of the county treasurer's
office to permit an audit held up advances of taxes collected in the second
half of this year.
"The loan will be for 60 days, starting Sept. 30. at 43-%. City bonds
were posted as collateral. Of tile $3,769,426 to be paid Oct. 1, 32.711,200
will.be for principal and $1,058.426 for interest."
-Ray L.
PROPOSED $2,000,000 ELECTRIC LIGHT BOND ISSUE.
Lamb, Director of Finance, under date of Sept. 20 advised as follows regarding the proposed vote in November on the projected 32,000.000 electric
light plant bond issue (V. 137, p. 2136):
"Legislation has been introduced in the City Council of Cleveland
providing for the submission to the people for a vote in November a proposal providing for the issuance of 32,000,000.00 municipal electric light
plant improvement and expansion bonds. However, your attention is
called to the fact that this legislation provides for an interest rate of 4M %
on the bond issue in the event that it should carry with the definite idea
the bonds would be offered to the PWA uncle; the terms of the Federal
Public Works Act.
"It is to the city's advantage that these bonds be sold to the Federal
Government through the PWA not only because of the saving in interest,
but also due to the 30% free grant provisions of the Public Works Act."
CLEVELAND METROPOLITAN PARK DISTRICT, Cuyahoga
County, Ohio.
-PUBLIC WORKS ADMINISTRATION ADVANCES
FUNDS.
-An allotment of $650,000 to the district to be expended on highOf the
ways, bridges and shelter houses has been made by the
PWA'
total, 30%, estimated at approximately 8150,000, will be in the form of a
direct grant, while the balance will constitute a loan to the district, secured
by 4% general obligation bonds, it is said.
COLLINGSWOOD,Camden County, N. .-REPORT OF DEFAULT.
-The Borough Clerk recently reported that default has occurred on all
Interest payments since July 1 1933 and that all bonds maturing in 1933,
In amount of $241,000, are being extended. Inability to borrow money on
tax revenue and tax anticipation notes and the fact that the "bank is in the
hands ofa conservator," were cited by the Clerk as reasons for the default.
COLOME, Tripp County, S. Dak.-PUBLIC WORKS ADMINIS-It was announced on Sept. 15 by
TRATION MAKES ALLOTMENT.
the PWA that an allotment of 325,500 had been made to this place. It
is said that a grant of 36,000 was allowed out of the allotment, representing
30% of the cost of labor and materials. According to report, the balance
Is a loan secured by 4% general obligation bonds maturing serially over a
period of 20 years.
-FEDERAL FUND ALLOTCOLORADO, State of (P. 0. Denver).
MENT.
-The Public Works Administration is said to have made an allot,ment of $10,000,000 to the State for highway construction. The allotment is reported to include a grant of 30% of the cost of materials and labor,
with the balance, a loan bearing 4% interest, to be secured by the gas tax
revenues of the State. (At the recent special session the Legislature author-V. 137,
ized the borrowing of $20,000,000 from the Federal Government
P. 1609).
-BOND SALE.
-The $44,795
COLUMBUS, Franklin County, Ohio.
-were
coupon or registered bonds offered on Sept. 21-V. 137, p. 2136
awarded as 5s to the Huntington Securities Corp. of Columbus, at par plus
a premium of $91, equal to 100.205. a basis of about 4.97%. The sale
included:
35,000 electric light extension No. 28 fund oonds. 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 $4400 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. & S.
All of the bonds are dated Oct. 1 1933.
-BORROWS ADDITIONAL $300,000.
CONNECTICUT (State of).
State Treasurer J. William Hope on Sept. 15 announced the borrowing of an
additional $300,000 from local banks to cover current expenses, thereby
Increasing to $2,400,000 the amount obtained on temporary loans during
the past few weeks. A further loan is expected to be sought at the close
of September. All of the money has been obtained at an interest rate of
%,it is said.
-WARRANTS CALLED FOR
COOK COUNTY (P. 0. Chicago), 111.
PAYMENT.
-Joseph B. McDonough, County Treasurer, has called for
corporate tax warrants numbered from 3.501 to 6,025 inpayment 1931
clusive. The warrants will be paid on presentation through any bank or
to the County Treasurer. Interest accrual will terminate on Sept. 25 1933,
If foregoing described warrants are not presented for collection on or before
that date.
-BOND OFFERING.
COOPERSBURG, Venango County, Pa.
Charles T. Coyne, Borough Secretary, will receive sealed bids until 5s. m.
on Oct. 3 for the purchase of $10,000 4% coupon funding bonds. Dated
Sept. 1 1933. Denom. $500. Due $500 on Sept. 1 from 1934 to 1953 incl ,.•
optional Sept. 1 1938. Interest is payable in M. & S. A certified check
for 2% of the amount bid for, payable to the order of the Borough Secretary,
must accompany each proposal. The bonds are being offered for sale subject to approval of the Pennsylvania Department of Internal Affairs.
•
Volume 137
DALE SCHOOL DISTRICT (P. 0. Johnstown), Cambria County,
-BOND SALE.
Pa.
-The $13,000 5% coupon school bonds offered on
Sept.2-V.137, p. 1613
-were purchased at a price of par by the Teaching
Staff, according to Frank Mintmier, District Secretary, Dated Sept. 1
1933 and due on Sept. 11943.
-BOND ISSUANCE APPROVED.
DALLAS, Dallas County, Tex.
At a meeting of the City Council held on Sept. 13 proper ordinances are
said to have been passed, approving the issuance of 52.16S 000 in bonds
to refund the city's overdraft as it existed on Oct. 11931. The bonds are
to be issued in two groups, one totaling $1,264,000, which represents the
overdraft up to May 211931. and the other for $904,000, from May 21 up
to Sept.30 1931.
In connection with the above report we quote as follows from the "Wall
Street Journal" of Sept. 19:
"It is probable the city will accept bids, some time in October, for $2,168,000 bonds, issued to retire the city's overdraft, according to City
Manager John N. Edy. But the city will reserve the right to sell the
bonds, on a bid better than par, at any time before April 1 1934. Bonds
,
retiring $1.264,000 of the deficit may be sold legally now. This part of
the overdraft was on the city books prior to May 20 1931. the date the
Texas Legislature passed laws enabling cities to issue bonds to amortize
deficits already created."
DAWSON COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Glandive)
-BOND SALE.
Mont.
-The $22,000 IRSUO of coupon refunding bonds
offered for sale on July 1-V. 136. p. 4306
-was purchased ny the Mercnants National Bank, and the Glendive Board for the Volkert Trust
Fund, both of Glendive. jointly, as 5s, at par. Denom. $1,000. Dated
July 1 1933. Due from July 1 1934 to 1943, incl. Interest payable J. A-. J.
DAYTON, Montgomery County, Ohio.
-BOND OFFERING.
-E. E.
Hagerman. Director of Finance, will receive sealed bids until 12 m.(Eastern
Standard Time) on Oct.6 for the purchase of $40,000 6% "deficiency bonds
of 1932." Dated Dec. 311932. Denom. $1,000. Due as follows: $12,000
from 1934 to 1936 Incl. and $4,000 in 1937. Coupon bonds payable as to
both principal and interest (M.& S.) in lawful money of the United States
at the office of the fiscal agent of the City of Dayton in New York City.
A certified chock for 3% of the bonds bid for, payable to the order of the
above-mentioned official, must accompany each proposal. The successful
bidder will be furnished upon request and without expense with the opinion
of Squire, Sanders & Dempsey of Cleveland, that the bonds are binding
and legal obligations of the City. Purchaser to pay accrued interest from
Sept. 1 1933 to date of purchase price. These bonds are part of an original
issue of 5399.000, of which $300,000 have already been sold. The current
offering of $40,000 bonds represents the last of the issue to be sold, as the
remaining $59,000 are to be canceled, it is said.
-The City Commission adopted
$150,000 TAX NOTES AUTHORIZED.
a resolution on Sept. 12 at the request of Finance Director Earl E. Hagerman, authorizing the issuance of 5450.000 tax anticipation notes to provide
for the payment of salaries and other municipal expenses during the remainder of 1933. The Dayton "News" of the following day reported on
Mr. Hagerman's explanation of the necessity for the issue as follows:
"As an indication of this necessity he pointed out that whereas the city
in 1933 received from taxes the sum of 5717.938.17, the amount received
in 1931 was $1,730,675. The figures were given to show the falling off
in tax income. All other Incomes also have suffered, it was shown, while
an attendant paring of $700,000 in the budget in the last two years has
been made.
"It was explained that while the 5500,000 of scrip issued in May was
against the accumulated delinquent taxes due the city, that which might
be Issued now, because of a new law, may beset up against only the current
delinquent tax. This is $1,383,771.19, which would permit the city to
issue, if approved, notes in the amount of $625,163.16.
DAYTON SCHOOL DISTRICT, Montgomery County, Ohio.
-The Board of Education met on Sept. 14
BONDS TO BE REFUNDED.
to consider the refunding of approximately $270,000 bonds which mature
during October, November and December of this year. The band re-
2305
Financial Chronicle
-At the
CORTLAND, Gage County, Neb.-BONDS DEFEATED.
election held on Sept. 15-V. 137, p. 2136
-the voters are stated to have
rejected the proposed issuance of $14,000 in water works bonds by a count
of 84 "for" to 71 "against.' falling short of the required majority.
-At the
COVINGTON, Kenton County, Ky.-BOND ELECTION.
general election in November, the voters will be asked to pass on the
proposed issuance of $350,000 in elementary and high school building bonds.
Interest rate not to exceed 5%. Due $8.000 annually for the first 10 years.
and $9.000 per year for the remaining 30 years.
CUYAHOGA COUNTY (P.O.Cleveland), Ohio.-BCND OFFERING.
-George H. Stahler, Clerk of the Board of County Commissioners, will
receive sealed bids until 11 a. m.(Eastern Standard Time)on Oct.6 for the
purchase of $210,500 6% coupon or registered bonds, divided as follows:
$121,000 County Sewer District No. 5 bonds. Denom. 31.000. Due
Oct. 1 as follows: $8,000 from 1935 to 1948 incl. and $9,000
in 1949.
58,200 County Sewer District No. 1 bonds. One bond for $200, others
for 51.000. Due Oct. 1 as follows: $6,200, 1935; 36,000, 1936:
17,000. 1937; $6.000, 1938; $7,000, 1939; 86,000. 1940; $7,000
1941; $6,000 in 1942, and $7,000 in 1943.
19,200 County Sewer District No. 5 bonds. One bond for $200, others
for $1,000. Due Oct. 1 as follows: 51,200, 1935; 51.000 in 1936
and 1937; $2,000. 1938; 51.000. 1939; 52.000, 1940; 51.000 in
1941 and 1942; 52,000, 1943; $1.000 in 1944 and 1945: 32,000,
1946; 31.000 in 1947, and $2,000 in 1948.
10.400 County Sewer District No. 1 bonds. One bond for $400. others
for $500. Due Oct. 1 as follows: $900 in 1935: $500 in 1936 and
1937; 51.000. 1938; $500 in 1939 and 1940; 51.000 in 1941 and
1942; $500, 1943; $1,000. 1944; 3500, 1945; $1,000, 1946; $500 in
1947, and $1,000 in 1948.
1,700 County Sewer District No. 13 bonds. Denom. $100. Due
Oct. 1 as follows: $100 in 1935 and $200 from 1936 to 1943 incl.
Each issue will be dated Nov. 1 1933. Principal and interest (A. & 0.)
are payable at the County Treasurer's office. Bids for the bonds to bear
interest at a rate other than 6'. expressed in a multiple of 3i of 1%, will
o
also be considered. Bids may lae made for all of the bonds or separately
for each issue. Proposals must be accompanied by a certified check for
1% of the bonds bid for, payable to the order of the County Treasurer.
The favorable legal opinion of Squire, Sanders & Dempsey of Cleveland,
with a full transcript of the proceedings covering each issue, will be furnished the successful bidder.
-PLAN EXCUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
--George H.
CHANGE OFFER TO HOLDERS OF MATURING BONDS.
Stabler, Clerk of the Board of Commissioners, stated on Sept. 19 that in
the event that the offering on Oct. 3 of 53,760.000 refunding bonds (V. 137.
IL 2137)is unsuccessful, it will be necessary for the County to meet Oct. 1
debt charges on the basis of the payment in cash of all interest and 50% of the
general bond principal due at that time. Holders of the remaining 50%
of general bonds will be offered refunding bonds in exchange, while all of
the special assessment securities due on that date will be exchanged for
refunding bonds. Mr. Stahler pointed out that on Oct. 1 the cash balance
in the general sinking fund will be approximately $1.650.000. while the
maturities to be met consist of 52,043342 bond principal and $629,111
interest. Similarly, the cash in the special assessment fund will amount to
about $475.000. although the principal and interest scheduled for payment
comprise 932,740,858 and $475,962, respectively. In the event of the nonsale of the refunding bonds, the County will request the holders of maturing
obligations, in forwarding same for collection, to instruct the collection
agents to exchange securities on the basis outlined above. The County's
authority for such action, according to Mr. Stabler, is found in that portion
of Section 2293-29 of the Uniform Bond Act of the General Code of Ohio.
which reads as follows:
"When bonds are authorized to refund outstanding bonds and are so
advertised and still remain unsold at private sale after a period of ten days,
the holder or holders of such maturing bonds may exchange such bonds
with interest thereon for a lesser or like amount of the refunding bonds at
not less than their par value and accrued interest. And any excess or
deficit in par value of maturing bonds or refunding bonds shall be paid by
the bondholder or the subdivision as the case may be. The amount of cash
and the amount of refunding bonds to be given to such bondholders shall be
determined by the amount of cash in the sinking fund or bond retirement
fund available for such payment and shall be certified to by the fiscal officer
and approved by resolution of the taxing authority before any such bonds
are exchanged."
tirement fund. after Oct. 1, will be sufficient only to meet interest pay
ments during the remainder of the year, it is said.
DAYTONA BEACH, Yolanda County, Fla.
-BOND INTEREST
-It is reported that the above city has forPAYMENT TO BE MADE.
warded to the Guaranty Trust Co. of New York funds aggregating $36.000
for the payment of interest coupons due Nov. 1 and Dec. 1 1932. Payment is said to have been delayed due to slow tax collections. It is stated
that tax collections to date have reached about 45% of the total levy of
$624.038.
-At the
-BOND ELECTION.
DEARBORN, Wayne County, Mich.
primary election on Oct. 9 the voters will consider the question of issuing
$2,143,000 water works plant construction bonds.
-The
-TEMPORARY LOAN.
DEDHAM, Norfolk County, Masi.
Second National Bank of Boston recently purchased an 185.000 revenue
anticipation loan at 1.25% discount basis. Dated Sept. 22 1933 and due
on Feb. 16 1934. Bids obtained at the sale were as follows:
Dtscount Basis.
Bidder1.257
Second National Bank (purchaser)
1.30
F. S. Moseley & Co.(plus $1.50 premium)
1.57
Merchants National Bank of Boston
1.70
Faxon, Gade & Co
1.98
Dedham National Bank
2.23%
National Shawmut Bank of Boston
-BONDS AUTHORIZED.
DELAWARE, Delaware County, Ohio.
The City Council recently adopted a resolution authorizing the refunding
of $28,000 bonds which matured on Sept. 1 1933. The total includes
$21,500 general sewage treatment works bonds, numbered from 111 to 132.
incl.; $4,500 special assessment improvement bonds, numbered from 79 to
87, inci.. and $2,000 special assessment improvement bonds numbered from
9 to 12, incl.
DENISON SCHOOL DISTRICT (P. 0. Denison) lowa.-BONDS
-the
-At the election held on Sept. 12-V. 137. p. 1445
DEFEATED.
voters are stated to have rejected the proposal to issue $150,000 in school
bonds by a small margin.
-VOTERS TO CONSIDER PRODETROIT, Wayne County, Mich.
-The City Council adopted
POSED 588.000.000 SUBWAY BOND ISSUE.
a resolution on Sept. 13 providing for the submission to the voters at the
general election on Nov. 7 of a proposal to issue $88,000,000 subway construction bonds. The city proposes to have the Federal Government
finance the project, in accordance with its $3,300,000.000 public works
program. Should that be done, the Government would provide $26,000.000, or 30% of the entire cost, as a direct grant to the city, and accept
revenue and mortgage bonds as collateral for the balance of $62,000,000
as a loan.
-PUBLIC
DICKINSON COUNTY (P. 0. Iron Mountain), Mich.
-The Board of Supervisors has voted to obtain
WORKS LOAN VOTED.
provide for an addition and other improvements
$300,000 from the PWA to
to the Pinecrest Sanitarium at Powers.
DICKINSON SCHOOL DISTRICT (P. 0. Dickinson), N. Dak.-The District Clerk informs us that the $100.000 issue
BOND DETAILS.
-will not be offered for
of school bonds voted on Aug. 29-V. 137, p. 1967
public sale but will be sold to the Federal Government.
-At the election
DODGE, Dodge County, Neb.-BONDS VOTED.
-the voters approved the proposal to
held on Sept. 8-V. 137. p. 1795
issue $12,000 in water works improvement bonds by a count of 127 "for"
to 68 "against." The bonds will bear interest at 4%, maturing in 20 years
and optional after five years. The City Clerk reports that they will apply
to the P. W. A. for the necessary money.
DOUGLAS COUNTY (P.O. Armour),S. Dak.-BOND ELECTION.
We are advised that an election will be held on Oct.7to vote on the proposed
issuance of $50,000 in road bonds. Interest rate is not to exceed 6%.
payable semi-annually.
-WARRANTS
DOUGLAS COUNTY (P. 0. Castle Rock), Col.
-It is reported that various warrants on the support of poor
CALLED.
revenue fund, contingent fund and road fund,
fund, ordinary county
and various school warrants, are called for payment at the office of the
County Treasurer. Interest to cease on county warrants on June 1,
June 12, Sept. 10 and Oct. 9, and on school warrants on Aug. 31 and
Sept. 28.
-MATURITY.
DUBUOUE COUNTY (P. 0. Dubuque), Iowa.
The $46.500 issue of 4ji% coupon poor relief funding bonds that was
purchased by the White-Phillips Co. of Davenport at a price of 100.46-is stated to be due on Nov. 1 as follows: $10,000. 1936
V. 137. p. 2137
to 1939, and $6,500 in 1940, giving a basis of about 4.39%. Dated Sept. 1
Interest payable M. & N.
1933.
EAST BAY MUNICIPAL UTILITY DISTRICT (P. 0. San Fran.
-In con-FEDERAL LOAN APPLICATION DETAILS.
cisco), Calif.
nection with the report given in V. 137, p. 2137. of the proposed loan from
the RFC for this district of 58.409.000 to construct additional power facilities, we quote as follows from the Sept. 16 issue of the "Electrical World":
"East Bay Municipal Utilities District is applying for a loan of $8.500,000
from the RFC to construct additional power facilities to the Oakland area.
The proposed project contemplates the construction of a dam and 12,000 hp.
hydro-electric plant at Middiebar on the Mokelumne River, the addition
of a 10.000 hp. unit to the present 20,000 hp. Pardee plant, erection of a
transmission line from the plants to Oakland and the San Francisco Bay
region and construction of a steam standby plant on tidewater. Estimated
cost 56.500.000. The remaining 52.000.000 of the loan would be spent on
the district's water system. Output of the Pardee plant is sold at wholesale
rates at the station to the Pacific Gas & Electric Co. at the present time.
Under the new plan the district would use a part of the energy itself and sell
the balance at wholesale rates to Alameda and other cities in the bay area
which operate municipal systems."
-FINANCIAL STATEEAST ORANGE, Essex County, N. J.
AfENT.-In connection with the proposed award on Sept. 25 of 5325,000
coupon or registered bonds, notice and description of which appeared
In V. 137, p. 2137, we have received the following:
Financial Statement.
Indebtedness
$11,597,745.00
-Bonds (outstanding)
Gross Debt
Floating debt (including temporary bonds
2.346,967.06
outstanding)
$13,944,712.06
$1,268.000.00
Deductions
-Water debt
646.399.73
Sinking funds, other than for water bonds_
1.914.399.73
Net debt
Bonds to be issued:
General No. 14
Sewer series No.8
School aeries PP
$12,030.312.33
5110,000.00
177,000.00
'39.000.00
Floating debt to be funded by such bonds.. _
5326,000.00
275,005.17
50,994.83
$12.081,307.16
Net debt, including bonds to be issued
-This statement does not include the county and State debt, of
Note.
paid from taxes levied upon the propwhich a proportionate share may be
erty within the city.
Assessed Valuations
$120,652,094.00
-1933
Real property, including improvements
9,226,150.00
Personal property-1933
123,372,044.00
Real property-1931
122,597,284.00
1932
120,652,094.00
1933
Population, census of 1930. 68,020.
Tax rate, fiscal year 1933. $29.80 per $1,000.
Tax Report.
Uncollected at
Uncollected
Latest Available Dale
at End of
Fiscal Year
Year of Levy.
Aug. 311933.
Total Levy.
Beginning192.963.53
$1,340,859.16
$4,493,615.00
1930
1.471,399.96
333.18,0.77
4,447,587.60
1931
1,175,455.41
4.363.106.94
1,743,788.65
1932
2306
Financial Chronicle
EAU CLAIRE,Eau Claire County, Wis.-ALLOTMENT OF FEDERAL
FUNDS.
-It was announced on Sept. 13 by the PWA that an allotment of
$250.000 had been made to the city for the construction of water works
system improvements. It is said that 70% of the allotment will be a loan
made upon a security of 434% revenue bonds, payable semi-annually, so
that the complete loan can be repaid by 1953. A grant of 30% of the cost
of the labor and materials is reported to be included in the allotment. (The
above bonds were authorized recently by the City Council
-V. 137. P.
1274.)
EIDSVOLD SCHOOL DISTRICT NO. 7 (P. 0. Bottineau), Bottineau County, N. Dak.-CERTIFICATE OFFERING.
-Sealed bids
will be received until 2 p. m. on Oct. 7, according to report, by Julius
Dalen, District Clerk, for the purchase of an issue of $1,500 certificates of
indebtedness. Interest rate is not to exceed 7%. Denom. $500. A certified check for 2% must accompany the bid.
EKALAKA, Carter County, Mont.
-It is reported
-BONDS VOTED.
that at the election held on Aug. 30-V. 137, P. 1613
-the voters favored
the proposal to issue $35,000 in water works bonds by a wide margin.
ELDORA, Hardin County, Iowa.
-BOND ELECTION.
-We are informed that an election will be held on Oct. 4 to vote on the proposed
issuance of $12,000 in park purchase bonds.
ELK POINT, Union County, S. Dak.-BOND ELECTION.
-It is
said that an election will be held on Sept. 26 in order to pass on the proposed
issuance of $10,000 in water main bonds. Of this amount, 307 would be
donated by the Federal Government, the remainder to be loaned
the city
at a 4% rate of interest, payable in 20 years.
ELLINGDALE SCHOOL DISTRICT NO. 23 (P. 0. Orrin) Pierce
County, N. Dak.-CERTIFICATES OFFERED.
-It is reported that
sealed bids were received until Sept. 23. by L. K. Bickler, District Clerk,
for the purchase of a $4,000 issue of certificates of indebtedness. Denom.
$500. Due in one year.
ELM CITY, Wilson County, N. C.
-BOND .SALE.
-It is reported by
W. E. Easterling, Secretary of the Local Government Commission, that
Mr. Cnarles E. Land of Elm City, purchased on Sept. 19 a $2,000 issue
of 6% sewage disposal plant bonds at par. Denom. $400. Dated Sept.
15 1933. Due $400 from March 15 1933 to 1939 incl.
ERIE COUNTY (P. 0. Buffalo) N. Y-$2,665,000 BONDS RECOMMENDED.
-The Finance Committee of the Board of Supervisors recently
recommended the issuance of $2,665,000 tax revenue bonds for the purpose
of providing for the payment of certificates of indebtedness marketed
during the past three years to meet tax delinquencies. A two-thirds vote
of the entire Board is necessary for sanction of the issue.
ESSEX COUNTY (P. 0. Salem), Mass.
-LOAN OFFERING.
-Sealed
bids addressed to the County Treasurer will be received until 11 a. m.
on Sept. 26 for the purchase at discount basis of a $50,000 temporary
loan, dated Sept. 26 1933 and due on Nov. 7 1933.
FAIRMONT, Martin County, Minn.
-BONDS VOTED.
-At the election held OD Sept. 12-V. 137. p. 1796
-the voters are stated to have
approved the issuance of the $45.000 4% sewage disposal plant bonds.
FARGO, Cass County, N. Dak.-TENTATIVE ALLOTMENT OF
-The PWA is said to have announced on Sept. 13
FEDERAL FUNDS.
that it had tentatively allotted $512,000 to the city for the construction
of a sewage disposal plant. It is reported that of the allotment a grant
of $127,000 was allowed, representing 30% of the cost of material and labor.
The balance is a loan at 4% secured by Government purchase of the city's
4% bonds. It is stated that repayment of the loan is to be made from
revenues derived from semi-annual charges against the water users in the
city, and the bonds are a first mortgage on the water and sewer disposal
plants. The allotment is said to be subject to the execution of a contract
satisfactory to the Government.
FORT ATKINSON, Jefferson County, Wis.-ALLOTMENT OF
FEDERAL FUNDS.
-The PWA is stated to have made an allotment of
$18,350 to the city for the construction of a sewage disposal plant. It was
announced on Sept. 13 by the PWA that the allotment Is a straight grant of
307 of the labor cost and the material on the Job. The estimated total cost
Is $58.310. The city is to pay the balance out of its own revenues. The
allotment is subject to completion of a contract satisfactory to the Administration.
FORT CALHOUN, Washington County, Neb.-BONDS AUTHORITED.
-A resolution is reported to have been passed by the City Council
at a meeting held on Aug. 30, providing for the issuance of $17,200 in
refunding bonds.
FREMONT, Sandusky County, Ohio.
-$325,000 LOAN AUTHORI7ED.-The City Council has adopted an ordinance providing for the
borrowing of $325,000 on 4% notes or certificates of indebtedness, with
the proceeds to be used for the construction of sewers. The securities are
to be dated Oct. 1 1933 and mature $5,000 annually. Principal and interest payable at the City Treasurer's office.
FREMONT SCHOOL DISTRICT (P. 0..Fremont), Dodge County,
-It is said that the Board of
Neb.-BOND ISSUE CONTEMPLATED.
Education has decided to put before the voters a proposition to issue
$260.000 in bonds for new school buildings. If the bonds carry, it is understood that a grant of 30% of the cost will be asked from the Federal Government.
-BONDS AUTHORIZED.
GALLIPOLIS, Gallia County, Ohio.
The City Council recently adopted an ordinance providing for the issuing of
fire department equipment purchase bonds, to be dated Nov. 15
815,0006%
1933 and mature $1.500 annually on Nov. 15 from 1935 to 1944, incl.
Denom. $500. Principal and interest (A. & 0.) will be payable at the City
Treasurer's office.
-BOND OFFERING.
GIRARD, Trumbull County, Ohio.
-P. J. Wilson, City Auditor, will receive sealed bids until 12 m. (Eastern Standard
Time) on Sept. 30 for the purchase of $680 534% judgment payment oonds.
Dated Dec. 1 1931. Denom. $136. Due $136 annually on Oct. 1 from
1933 to 1937 incl. Principal and interest (A. & 0.) are payable at the
First National Bank of Girard. Bids for the bonds to bear interest at a
rate other than 534%. expressed in a multiple of 34 of 1%, will also be
considered. A certified check for $100, payable to the order of the City
Treasurer, must accompany each proposal.
(The city is receiving bids until Sept. 23 for the purchase of $20.000
bonds
-V. 137, p. 1968.)
BOND OFFERING.
-Mr. Wilson will also receive sealed bids until 12 m.
(Eastern Standard Time) on Oct. 10 for the purchase of $4,520 67. water
main construction bonds. Dated Sept. 1 1933. Due Oct. 1 as follows:
$920 in 1934 and $900 from 1935 to 1938. incl. Denems. $70 and $50.
Prin. and int. (A. & 0.) are payable at the First National Bank, Girard.
Bids for the bonds to bear interest at a rate other than 6%, expressed in
a multiple of 34 of 1%, will also be considered. A certified check for $200.
payable to the order of the City Treasurer, must accompany each proposal.
GLENWOOD, Pope County, Minn.
-BOND ELECTION.
-It is
reported that a special election will be held on Sept. 26 in order to vote
on the issuance of $140.000 in 4% semi-ann. light and power plant bonds.
GLOUCESTER, Essex County, Mass.
-BOND ISSUEPETITIONED
-The Board of Water Commissioners' request that an issue of $150,000
-year bonds be offered as security for aid from the Punlic Works Ad25
ministration has been referred to the Finance Committee of the Municipal
Council.
-BOND
GRANITE FALLS, Yellow Medicine County, Minn.
OFFERING.
-It is announced by 0. P. Berg, City Clerk, that he will
receive both sealed and auction bids until Sept. 29, at 2 p.m. for the
'
purchase of two issues of bonds, aggregating $58,500, as follows:
$50,000 sewage disposal plant bonds. BPI enoms. $1,000 and $500. Due on
Oct. 1 as follows: $1,500 in 1936 and 1937; $2,000, 1938 and 1939:
$2,500, 1940 to 1943; $3,000, 1944 to 1947, and $3,500, 1948 to
1953.
8,500 bridge bonds. Denoms. $500 and $250. Due on Oct. 1 as follows:
$250 in 1936 and 1937, and $500. 1938 to 1953.
Interest rate is not to exceed 5%. payable A. & 0. Dated Oct. 1 1933.
Prin. and in, will be payable at any suitable bank or trust company
designated by the purchaser. The approving opinion of Junell, Driscoll.
Fletcher. Dorsey and Barker, of Minneapolis, will be furnished. A certified
check for 2% of the bid, payable to the City Treasurer, is required. (This
report supersedes the offering scheduled for Sept. 22-V. 137, p. 2139.)
Sept. 23 1933
GRANTS PASS, Josephine County, Ore.
-ADDITIONAL INFORMATION,
-In connection with the $40.000 of sewage disposal plant bonds
that were voted at the election on July 21-V. 137, p. 1090
-we are informed that the plant will be constructed only in the event that Federal
funds are made available for the work. Application for these funds is
said to have been made by the city.
GRAYS HARBOR COUNTY SCHOOL DISTRICT NO. 112 (P. 0.
-BOND OFFERING.
Montesano), Wash.
-Sealed bids will be received
until 10 a.m. on Sept. 25 by Asa B. Wilson, County Treasurer, for the purchase of a $2,600 issue of school bonds. Interest rate is not to exceed 6%,
payable semi-ann. Prin. and int. payable at the County Treasurer's office.
A certified check for 5% must accompany the bid.
GRAYS HARBOR COUNTY SCHOOL DISTRICT NO. 117 (P. 0.
Montesano), Wash.
-BONDS OFFERED.
-Sealed bids were received
until 10 a. m. on Sept. 23 by Asa B. Wilson, County Treasurer, for the
purchase of a $30,000 issue of school bonds. Interest rate not to exceed
6%, payable semi-annually. Prin. and int. payable at the County Treasurer's office or at the fiscal agency of the State in New York.
GREAT BEND, Barton County, Kan.
-BONDS VOTED.
-At the
election held on Sept. 12-V. 137, p. 1614
-the voters are stated to have
approved the issuance of the $30.000 in swimming pool construction bonds
by a wide margin. It is reported that funds will be sought from the Government.
GREEN BAY METROPOLITAN SEWERAGE DISTRICT (P. 0.
Green Bay), Wis.-PUBLIC WORKS ADMINISTRATION MAKES
ALLOTMENT.
-It was announced on Sept. 15 by the PWA that it had
made an allotment of $722,907 to the city for an intercepting sewerage system and sewage disposal plant. Of the allotment, a grant of $174,000 was
allowed, representing 30% of the cost of labor and materials. The balance
is a loan secured by 4% general obligation bonds maturing over a period of
20 years.
(The issuance of these bonds was authorized on Aug.30--V. 137, p. 1968.)
GREEN TREE SCHOOL DISTRICT (P. 0. Carnegie), Allegheny
County, Pa.
-William M. Torrance, Secretary of
-BOND OFFERING.
the Board of School Directors, will receive sealed bids until 8'15 p. m.
(Eastern Standard Time) on Oct. 10 for the purchase of $15,000 434, 434
or 5% school bonds. Dated Nov. 1 1933. Denom. $1,000. Due $1,000
annually on Nov. 1 from 1944 to 1958 incl. Interest payable in M. & N.
Successful bidder to pay for the printing of the bonds. A certified check
for $1.000 must accompany each offer.
HADDON TOWNSHIP (P. 0. Westmont), N. J.
-ADDITIONAL
INFORMATION.
-Referring to the 8266.450 improvement bonds authorized by the Township Committee on Sept. 5-V. 137, P. 2138
-we are
advised by Township Clerk R. Griffith that it is not likely that a public
sale will be held, inasmuch as it is planned to issue the securities in exchange
for maturing bonds.
HAMILTON, Butler County Ohio.
-BONDS AUTHORIZED.Ordinances were adopted by the City Council on Sept. 6 providing for the
issuance of $5,381.60
% bonds, divided as follows:
$3.200.00 real estate purchase bonds. Due $320 annually on Oct. 1 from
1935 to 1944 incl.
2.181.60 special asst. Hayes Ave. sewer bonds. Due Oct. 1 as follows:
$381.60 in 1935 and $200 from 1936 to 1044 incl.
Each issue will be dated Oct. 1 1933. Principal and interest (A. & 0.)
payable at the office of the Director of Finance.
HAMILTON COUNTY (P. 0. Webster City), Iowa.
-BOND DETAILS.
-The $13.000 (not $15,000) issue of funding bonds that was pur-V. 137, p. 1446-is stated
chase by the White-Phillips Co. of Davenport
to have been sold as 4345 and matures on Nov. 1 as follows: $3,000 in 1936,
$2,000 in 1937 and 1938, and $3,000 in 1939 and 1940. Interest payable
M.Sr N.
-BOND OFFERING.HANCOCK COUNTY (P. 0. Findlay), Ohio.
. R. Nlorehart, County Auditor, will receive sealed bids until 10 a. m.
on Oct. 9 for the purchase of $9,000 5% poor relief bonds. Dated Oct. 1
1933. Due April 1 as follows: 81.800, 1934: 81,650, 1935: 81,750. 1936;
$1,850 in 1937 and $1,950 in 1938. Principal and Interest (A. & 0.) are
payable at the County Treasurer's office. A certified check for $250,
payable to the order of the County Auditor, must accompany each proposal.
HARRISBURG, Saline County, III.
-At an
-BOND ELECTION.
election to be held on Oct. 12 the voters will consider a proposal to finance
the construction of a municipal light and power plant and d stribution system through the issuance of $410.0006% revenue bonds. The City Council
will petition the Public Works Administration to accept the bonds as collateral for a loan in order to pay the cost of the project, it is said.
-PROPOSED FEDERAL LOAN.
HAVERHILL,Essex County, Mass.
Mayor George E. Dalrymple has stated that application will be made to
the Public Works Administration for a total of $390,000 to finance necessary
public works, of which 307 will be sought as an outright gift, with the balance of 70% accepted as a loan.
HEMPSTEAD SCHOOL DISTRICT NO. 20(P. 0. Rockville Centre),
Nassau County, N. Y.
-An election will be held on
-BOND ELECTION.
Oct. 17 to permit of consideration of a proposed $150.000 school building
construction bond issue.
HENNEPIN COUNTY (P. 0. Minneapolis), Minn.
-TAX DELINQUENT PROPERTY INCOME TO BE SEIZED.
-The following is taken
from a Minneapolis dispatch to the "Wall Street Journal" of Sept. 19, regarding a law which is to be put in effect in an effort to enforce delinquent
tax collections:
"Officials of Hennepin County, of which Minneapolis is the seat, have
Indicated they will follow the lead of Chicago and seize the income from
tax delinquent property. They have found that a law was enacted by the
1927 Legislature similar to the one that enabled Chicago to end its tax strike
and bring millions into the county coffers. It enables the county auditor
to present to the courts an affidavit showing that a tax-delinquent property
is producing an income for its owner, and alpows tne court to issue a writ
of attachment to the sheriffso that he may collect rentals from the property.
The action is being planned due to a serious shortage in collections. The
county commissioners have been forced to borrow $451,000 on tax anticipation notes to meet expenses."
.
HIBBING, St. Louis County, Minn.
-BOND ELECTION POSTPONED.
-It is now reported that the election to vote on the proposed issuance of $350,000 in sewage disposal plant bonds has been changed from
-to Nov. 7.
Oct. 3-V. 137, p. 2138
HILLSIDE TOWNSHIP(P.O. Hillside), N. J.
-EXCHANGE OFFER
FOR MATURING BONDS.
-Due to the inability of the township to effect
public sale of its obligations, holders of $500.000 6% temporary impt.
bonds, due Oct. 1 1933, are being requested to surrender the securities
in exchange for permanent obligations, to bear the same coupon rate and
mature serially from 1934 to 1968 incl. H. L. Allen & Co. of New York
have been appointed fiscal agents, and holders of the bonds involved are
asked to communicate with that firm in order to effect the exchange.
The township has been unsuccessful on numerous occasions in the past
two years in its attempts to obtain a bid for bond issues. The most recent
failure occurred on Sept. 13 and consisted of $912,000 bonds.
-V. 137,
p. 2138.
HOBOKEN, Hudson County, N. J.
-The issue
-BONDS NOT SOLD.
of $300,000 5% coupon or registered funding bonds offered on Sept. 18
-V. 137, p. 2138
-failed of sale, as no bids were obtained. Dated Oct. 2
1933 and due $20,000 on Oct. 2 from 1935 to 1949 inclusive.
HOLDREGE, Phelps County, Neb.-CORRECTION.-In connection
with the report appearing in V. 137. p. 1614. to the effect that the voters
had approved the issuance of $330,000 in bonds at an election held Aug. 14,
it is now reported by the City Clerk that the propositions voted on were
only to get the sentiment of the electors as to whether or not the Council
should apply to the Federal Government for a loan under the provisions
of the PW.A and proceed with the improvements set forth in order to provide work for the unemployed. However, it is stated, if the loan is made
and the improvements done no bonds will be issued, as the projects will
be financed in other ways.
HOT SPRINGS, Fall River County, S. Dak.-BONDS VOTED.
The issuance of $32.200 in sewage disposal bonds is said to have been approved by the voters at an election held on Sept. 12.
HOUSTON, Harris County, Texas.
-NEW FEDERAL LOAN APPLICATION DIM WN.-At a meeting held on Sept. 13 the City Council
Is reported to have ordered that an alternate application for $2,502,000 for
Volume 137
Financial Chronicle
Improvement of the municipal water works system be filed with the Federal Public Works Administration. The city recently applied to the PWA
for a loan of $4,700.000 with which to finance water works improvements
V. 137, P. 1968.
-PROPOSED FEDERAL
HUDSON COUNTY(P.O. Jersey City), N.J.
-The Bored of Freeholders voted on Sept. 14 to ask The Public
LOAN.
Works Administration to grant loans of 86,500.000 to finance the construction of a new hall of records in Jersey City and a new tuberculosis hospital.
-PUBLIC WORKS ADMINHUNTINGBURG,Dubois County,Ind.
-The PWA has made announceISTRATION MAKES ALLOTMENT.
ment of the allotment of $84,750 to the city for water system construction
purposes. The city will receive 30% of the total as a grant, while the balance will be accepted as a loan payable from revenues derived through
operation of the system.
-Both sealed
HURON, Beadle County, S. Dak.-BOND OFFERING.
and auction bids will be received until 2 p.m. on Oct. 2 by M. F. Walt.
City Auditor, for the purchase of an issue of $100.000 coupon street improvement bonds. Interest rate is not to exceed 57,, payable M. & N.
BlIenom. $1,000. Dated Nov. 1 1933. Due $5,000 from Nov. 1 1934 to
1953, incl. Prin. and int. payable at any bank or trust company designated by the purchaser. The approving opinion of June'', Driscoll,
Fletcher, Dorsey & Barker of Minneapolis will be furnished.
ADDITIONAL BOND OFFERING.
-It is also reported that sealed bids
will be received until 2 p.m. on Oct.2 oy the above Auditor for the purchase
of a $90,000 issue of coupon storm sewer bonds. Interest rate is not to
exceed 5%, payable semi-annually.
-The State
INDIANA (State of).
-TAX VALUATIONS DECLINE.
Board of Tax Commissioners has reported that the net valuation of taxable
property in the State, on which taxes will be paid in 1934, has decreased
$321,832,502 from the figure in the previous year, it was stated on Sept.
16. Total valuation of property now has been placed at $3.610,026.788,
of which $2,943.822,820 was fixed by the local taxing authorities and $666.203,968 by the State Board, it is said.
IONIA, Ionia County, Mich.
-BONDS DEFEATED -The City Clerk
reports that although the $50,000 water works plant bond issue was favored
by a vote of 582 to 302 at the election held on Sept. 18-V. 137, p. 2138
the measure failed of approval, as a two-thirds majority vote was necessary.
IOWA, State of (P. 0. Des Moines).
-FEDERAL LOAN TO BE
-It is stated by J. W. Wegman, State Treasurer, tnat he has
MADE.
received the assurance of Federal officials that the State will receive a loan
of $17,000.000 from the Government to take care of State sinking fund
indebtedness, and also a loan of $3,000.000 to retire outstanding al to1;ipatory warrants. The $17,000,000 is said to represent the claims of more than
2,500 political sub-divisions of the State.
-BONDS DEITASCA COUNTY (P. 0. Grand Rapids), Minn.
-the
FEATED.
-At the special election held on Sept. 12-V. 137. D. 1614
voters are reported to have defeated the proposal to issue $500,060 in road
and bridge Improvement bonds.
-PROPOSED FEDERAL
JACKSONVILLE, Duval County, Fla.
LOAN.
-At a meeting held on Sent. 12 the City Council passed a formal
resolution approving the action of the City Planning Advisory Board in
asking for a loan of $1 000.000 from the Federal Government for the development of the metropolitan park area as approved in the city plan.
2307
Bond
Amount
DejofInn.
,
Date. Int. Rate. July 1 1933. Outstanding. Nos.'
Issue85-148
864.000
9-1-27 6
Road and bridge
67-150
84,000
824.000
Funding
4-1-23 6
67-115
10.000
39.000
1-1-20 6
Funding
86-134
38,800
9,000
5-1-20 6
Funding
74.50085-183
14.000
Funding
7-1-21 6'.
45,000
253-300
45,000
1-2-14 5
Road
1- 50
50.000
50,000
Refunding,series 13- -- -7-1-12 4 07
144-150
7,000
7,000
8-1-12 4 %
Ditches 1. 2, 3,9
32- 34
3,000
3.000
Ditch 4
7-1-13 5
95
1,000
1.000
7-1-13 5
Ditch 6
122-127
6,000
6,000
7-1-13 5
Ditch 7
168-175
8.000
8,000
7-1-13 5
Ditch 8
8.000 218-225
8,000
7-1-13 5
Ditch 10
37- 42
6.000
6.000
1-2-14 5
Ditch 11
44452
9,000
3,000
1-1-15 5%
Ditch 12
161-186
26,000
10,000
1-1-15 5
Ditch 13
0
84-115
30.000
8,000
Ditches 16. 19. 21-26-1-1-27 5g
Di
$499,300
$212,000
-BONDS AUTHORIZED.
LAKE FOREST, Lake County, III.
The City Council recently adopted a resolution providing for the issuance
4% water revenue bonds, to be dated Aug. 1 1933. Denom.
of $338,000
1
1 000. Due .Aug. 1 as follows: $6,000 from 1934 to 1936, incl.; $7.000.
193! to 1939, incl.•, $8,000. 1940 to 1942. incl.; $9.000, 1943 to 1945. incl.;
$10.000. 1946 to 1948, incl.; $11,000 in 1949 and 1950; $12,000 in 1951rand
1952: 813,000 in 1953 and 1954; 814.000 in 1955 and 1956; 815.000 in 1957
and 1958; $16,000 in 1959: $17,000 in 1960 and 1961; $18.000 in 1962, and
$20,000 in 1963. Prin. and int. (F. & A.) will be payable in lawful money
of the United States at the office of the City Treasurer. The resolution
provides for the prior redemption of the issue, which is payable solely from
revenues derived from the water system, as follows:
This bond and all other bonds of this issue may be called for redemption
and payment prior to maturity in numerical order at the option of said city
on any interest payment date whenever said city has on hand in its "water
fund." as hereinafter mentioned, a surplus in excess of the interest requirements upon the next two succeeding interest payment dates. Noticet of
its option to retire bonds in an amount sufficient to exhaust such excess shall
be given by publishing notice of its intention so to do once each week for
four consecutive weeks in a newspaper published and of general circulation
in each of the cities of New York, N. Y., and Chicago, Ill., the first publication to be at least 30 days prior to date of call and by notifying by registered mail the last-known holder of the bonds to be redeemed, and thereafter interest shall cease on the bonds so called.
-BONDS AUTHORIZED.
LANCASTER, Fairfield County, Ohio.
-The City Council has authorized the issuance of $12,500 street improvement bonds, to be dated Nov. 1 1933 and mature Oct. 1 as follows: 81,500
from 1934 to 1938, incl. and $1,000 from 1939 to 1943. incl. Principal and
Interest (A. & 0.) are payable at the City Treasurer's office.
-TEMPORARY BOND
LA PLATA COUNTY (P. 0. Durango) Colo.
-In response to our inquiry regarding the present
DEFAULT CURED.
of a small bond default reported in this county, we are informed by
status
T. S. Duff, Deputy County Treasurer, that the default was entirely cured
by the payment on Sept. 2 of Bond No. 75.
LARIMORE SCHOOL DISTRICT (P. 0. Larimore) Grand Forks
-We are now informed that the
County, N. Dak.-BOND DETAILS.
JEFFERSON CITY, Cole County, Mo.-BOND ISSUANCE CON860,000 in 4% semi-ann. school bonds voted on Sept. 1-V. 137. p. 2138
Treasurer, will probably have
were approved by a count of 275 to 8. They will bear interest at 4% and
TEMPLATED.-Charies A. Catlett, City
ready for sale about Oct. 1, a 820,000 issue of 6% funding bonds, according
mature $3,000 annually for a period of 20 years. The date of sale has not
to report.
yet been set.
-The
-MATURITY.
JEFFERSON COUNTY (P. 0. Jefferson), Wis.-BONDS AUTHORLINN COUNTY (P. 0. Cedar Rapids), l08.
ITED.-At a meeting of the County Board held on Sept. 12 it is reported
$126,000 issue of poor funding bonds that was purchased by the Merchants
-is due as
that an ordinance was passed providing for the issuance of $25,000 in court
Bank of Cedar Rapids as 5s at par-V. 137, p. 527
National
51.
house annex bonds.
follows: $13,000 on May and Nov. 1 1935: 810,000 on May and Nov.
1936 to 1939, and $5.000 on May and Nov. 1 1940 and 1941.
JOHNSON COUNTY (P. 0. Iowa City), lowa.-BOND ISSUANCE
-PLANS BOND
CON TE PEA TED -The Board of Supervisors is said to have instituted
LOGAN COUNTY (P. O. Bellefonte ine), Ohio.
Proceedings for the issuance of $21,900 In 5% semi-ann. poor fund bonds.
-The Board of Commissioners has applied to the State Relief
ISSUE.
Denom. $1,000. one for $900. Duo $4,000 on May and $3.000 on Nov. 1
Commission for authority to issue $24.000 poor relief bonds.
1940 and 1941; and 84,900 on May and $3,000 on Nov. 11942.
-FEDERAL LOAN
LONG BEACH, Los Angeles County, Calif.
KEARNY (P. 0. Arlington), Hudson County, N. J.
-BOND OFFER-We are informed by James F. Collins, Port
APPLICATION FILED.
-William 13. Ross, Town Clerk, will receive sealed bids until 8 P. In.
ING.
Manager, that the Board of Harbor Commissioners has filed an application
on Sept. 27 for the purchase of 82,228.000 5%,5 K or 6% coupon or regiswith the State Advisory Board for a loan of 83.450,000. to be obtained
tered bonds, divided as follows:
through the Federal PWA for harbor improvements. Be states that the
$830,000 water bonds of 1931. Dated Dec. 1 1931. Due Dec. 1 as follows:
application is now being considered by the technical committee of the
$40.000 from 1950 to 1954 incl.: $45,000 from 1955 to 1965 incl.•,
Board.
$20,000 in 1966 and 1967; $45,000 in 1968 and 1969. and $5.000
LONG BEACH SCHOOL DISTRICT (P. 0. Los Angeles), Calif.
in 1970. Interest is payable in J. & D.
-At the election held on Aug. 29-V. 137, p. 1275
BONDS VOTED.
693,000 water distribution bonds of 1932. Dated Aug. 1 1932. Due
the voters are stated to have approved the issuance of $4,930,000 in bonds
Aug. 1 as follows: $40,000, 1939: 85,000, 1940; $4.000. 1941;
by wide margins. The bonds are divided as follows: $3,000,000 city
none from 1942 to 1948: 814.000 in 1949; none in 1950: 825.000
school district bonds; $1,830,000 city high school district bonds, and
In 1951 and 1952; $35,000, 1953: $40.000, 1954: none from 1955
$100,000 city junior college district bonds.
to 1957; $25,000 in 1958. and $40,000 from 1959 to 1970 incl.
Interest is payable in F. & A.
LOS ANGELES COUNTY SCHOOL DISTRICTS(P.O. Los Angeles)
360,000 water supply bonds of 1932. Dated Aug. I 1932. Due Aug. 1
-BONDS NOT SOLD.
-The two issues of school bonds aggregating
Calif.
as follows: S10.000. 1938: 815,000, 1939: $20,000 from 1940 to
-were not sold as no bids
$6.808.000, offered on Sept. 18-V. 137, p. 2139
1945 incl.; none from 1946 to 1953: 15.000 in 1954: none from
were received, according to the County Clerk. The issues are divided as
1955 to 1959; 820.000 from 1960 to 1969 incl., and $10,000 in 1970.
.
follows 83.565.000 city high school district. and $3,243,000 city school
Interest is payable in F. & A.
,
district bonds. Interest rate not to exceed 435%. payable J. & D. Dated
295,000 improvement bonds of 1932. Dated Aug. 1 1932. Due Aug. 1
June 11931.Due from June 1 1934 to 1956 incl.
as follows: $10,000 from 1936 to 1939 Ina.; none in 1940: 815.000
from 1941 to 1944 incl.; none from 1945 to 1947, and $15,000 from
LOUISIANA, State of (P. 0. Baton Kouge).-HIGHWA YBOARD'S
-The following repert on the
CREDITORS AGREE TO ACCEPT BONES.
1948 to 1960 incl. Interest is payable in F. & A.
steps recently completed by the State Highway Board to clear itself of
50,000 assessment bonds of 1932. Dated Aug. 1 1932. Due $5,000 on
Aug. 1 from 1934 to 1943 incl. Interest is payable in F. & A.
indebtedness is taken from a Baton Rouge dispatch to the New Orleans
"Times
-Picayune" of Sept. 12:
All of the above issues will be of $1,000 denoms. Principal and semi"Approximately 50 smaller creditors of the Louisiana Highway Comannual interest payable in lawful money of the United States at the Kearny
mission, meeting here to-day on the call of A. P. Tugwell, Chairman of the
National Bank, Kearny, or, at holder's option, at the Irving Trust Co..
Commission, agreed to accept short-term bonds and trust certificates_for
New York, as to the three water issues; and at the West Hudson County
4
amounts the Commission owes them.
Trust Co., Harrison, or. at holder's option, at the Bankers Trust Co.,
"Tugwell was elected trustee for creditors to whom the Commission
New York, as to the impt. and assess. issues. Bonds will not be sold at
owes less than $25,000. Previously he had been named trustee for the
less than a price of 99 and the amounts required to be obtained at the sale
larger creditors, to whom the Commission owes $25,000 or more and for
of the respective issues are as fellows: $821,700. $686,070, $356.400. $292.the railroads and the city of New Orleart..
050 and $49,500. A separate certified check for each of the issues bid for.
"The larger creditors named Harry Nelson of Baton Rouge as agent to
In an amount equal to 2% of the bonds of such issue, must accompany
work with the trustee. Smaller creditors to-day selected a committee comeach proposal. Checks are to be made payable to the order of the town.
posed of Ralph Tnornton of Alexandria, Martin Young of Zachery and Frank
The approving opinion of Hawkins, Delafleld & Longfellow of New York
Barber of Baton Rouge to work with Tugwell in carrying out the details.
will be furnished the successful bidder. (The above bonds are part of the
"Bids for sale of $7.500.000 highway bonds out of the authorized $75.total of $2.333,000 originally offered on Dec. 28 1932, at which time no bids
000.000 issue, to mature serially during the next five years, will be received
were obtained-V. 135, p. 4585.)
by the Commission Sept. 313. A pool of iarger creditors is -wing formed to
buy these onda. Tugwe,I. as trustee, wil distribute the bonds in proportion
KENOSHA COUNTY (P. 0. Kenosha), Wis.-BOND SALE ARto the amount of debts to each creditor. Certificates may be presented
-We are informed that arrangements have been completed for
RANGED.
until Sept. 20 for the formation of this pool.
the sale to the State Annuity Board of $200,000 out of a total issue of
"The Commission will receive bids Oct. 15 for sale of the $2,500,000
$500,000 recently authorized by the County Board-V. 137. p. 1446.
bonds to the syndicate of the smaller creditor., which is now being formed.
The Annuity Board is said to have purchased the bonds on a basis which
This syndicate will close on Oct. 5 and those desiring to go into it must send
would net the Board 6% interest. This will be slightly below par, as the
their certificates to the highway chairman by that time.
bonds call for a rate of 534%. It is reported that the Annuity Board also
expressed a readiness to buy an additional $80,000 worth of the bonds
,
400 May II in Pool.
at a later date.
"Tugwell said he estimates that some 400 creditors will make up the
- smaller pool and that approximately $2.000,000 bonds will be delivered to
COUNTY SCHOOL DISTRICTS (P. 0. Seattle), Wash.
KING
the holders of certificatses. Trust certificates will oe given for the $1,000
-The two Issues of school bonds aggregating $52,500, offered
BOND SALE.
denominations. Mr. Tugwell estimates about $500,000 of the bonds
for sale on Sept. 2-V. 137, p. 1614-were purchased by the State of Washwill be held in this trust pool, which will be supervised by the creditors'
ington, as 5s at par. The issues are divided as follows: $36.000 School
committee.
District No. 51, and $16,500 School District No. 208 bonds. Due serially
"The delivery of the $10.000.000 bonds to the creditors of the Comin from 3 to 23 Years.
mission will relieve the Commission of all its indebtedness and permit
the Commission to go on a cash basis, on which it has not operated since
KOOCHICHING COUNTY (P. 0. International Falls), Minn.
October 1931. when it was ascertained that Louisiana bonds could not be
-Under date of Sept. 9
PROPOSED BOND REFUNDING PROGRAM.
sold on the markets at par.
we were informed by T. G. Evensen, counsellor on municipal finance in
"Last year $15.000,000 of the debts were paid with bonds delivered to
Minneapolis, tha the above county was in default on 16212,000 of principal
a syndicate of directors which borrowed 80% of the face value of the bonds."
of its outstanding bonds as of July 11933. He states that in addition, the
county has a large number of bonds due the rest of this year, and also a
McINTOSH COUNTY (P. 0. Ashley), N. Dak.-CERTIFICATE
very heavy load in each of the next few years. He goes on to say that it is
-It is reported that sealed bids will be received until 9 a. m.
OFFERING.
necessary for the county at this time to execute a plan of refunding certain
on Oct. 3, by G. A. Iiietz, County Auditor, for the purchase of a $50,000
of its outstanding bonds. All the outstanding bonds of the county are inIssue of certificate of indebtedness. A certified check for 2% must acthe exception of the secluded in the proposed refunding program with
company the bid.
ceded game preserve, State Highway Reimbursements, and one issue of
McKENZIE COUNTY (P. 0. Shafer), N. Dak.-BOND ELECTION.
funding bonds which were issued under a specific statute authorizing a
-An election will be held on Sept. 22, according to report, in order to vote
particular set of bond maturities which it would be unwise to change at
on the issuance of $32,000 in court house building bonds.
this time. A description of the bonds included in the program is as follows:
2308
Financial Chronicle
MADISON, Dane County, Wis.-PUBLIC WORKS ADMINIS-It was announced on Sept. 13 by
TRATION MAKES ALLOTMENT.
the PWA that it had made an allotment of $135.000 to the city for sections
of a proposed storm and sanitary sewer project. Of the allotment a grant
of30% was allowed for the cost of labor and materials estimated at $32,000.
The balance is said to be a loan secured by general obligation 4% 20-year
serieal bonds. (These bonds aware authorized by the City Council on
Sept. 8-V. 137. p. 2139.)
-We see it
MADISON, Lake County, S. Dak.-BONDS VOTED.
stated that at an election held on Sept. 12 the voters approved the issuance
of a total of $50,000 in bonds by substantial margins. The bonds are
divided asfollows: $25,000 water tower;$15,000 swiming pool,and $10,000
city garage bonds.
MADISON METROPOLITAN SEWERAGE DISTRICT (P. 0.
-An allotment
Madison), Wis.-ALLOTMENT OF FEDERAL FUNDS.
of $913,000 for the construction of sewerage works by the District, was
announced on Sept. 13 by the PWA. Included in the allotment was a
grant of 30% of the cost of the labor and materials, estimated at $281,000.
It is stated that the balance of the loan is secured by general obligation
bonds bearing 4% interest, maturing over a period of 30 years.
MANISTEE SCHOOL DISTRICT, Manistee County, Mich.
-The Board of Education
PROVIDES FOR DEBT SERVICE CHARGES.
has included in its budget a sum of $23,337.50 to meet maturing bond
principal and interest charges.
-PUBLIC WORKS ADMARLBORO, Middlesex County, Mass.
-The PWA announced on
MINISTRATION ADVANCES $25,000.
Sept. 15 that an allotment of $25,000 had been made to the city for improvements to the sewage treatment plant. Of the total, $8,400 was
allowed as a grant, representing 30% of the cost of labor and materials.
The balance will constitute a loan secured by 4% general obligation bonds
of the city, maturing serially over a period of 10 years.
-BOND DETAILS.
MARION COUNTY (P. 0. Columbia), Miss.
The $35,000 issue of 69', semi-annual refunding bonds that was purchased
-was awarded
-V. 137, p. 2139
by the First National Bank of Memphis
at par and matures in 1938.
MARSHFIELD, Wood County, Wis.-BONDS AUTHORIZED.
A resolution is said to have been passed by the City Council on Sept. 5,
providing for the issuance of $70,000 in 49' sewer and sewage disposal
bonds. Denom. $3,500. Dated Oct. 15 1933. Due $3,500 from Oct. 15
1934 to 1953 incl. Prin. and int. payable in lawful money at the office
of the City Treasurer.
-At the election
-BONDS VOTED.
MARSHALL,Lyon County, Minn.
-the voters are stated to have approved
held on Sept. 12-V._137, P. 1276
the issuance of $26,000 in sewage disposal plant bonds by a large margin.
It is said that the money will be obtained from the Federal Government.
MARTINSVILLE, Henry County, Va.-BONDS AUTHORIZED.
The City Council is reported to have authorized the issuance of $68,000
In serial bonds to take the place of $70,000 refunding bonds, maturing
on Oct. 1. It is said that these bonds will be taken at par by two local
banks.
-It is reported
MASKELL, Dixon County, Neb.-BOND ELECTION.
that an election will be held on Sept. 29 in order to vote on the proposed
Issuance of $5,000 in water works system bonds.
-BOND OFFERING.
MASON, Warren County, Ohio.
-R. W. Gutermuth, Village Clerk, will receive sealed bids until 12 m. on Oct. 6 for the
purchase of $31,500 6% water works purchase bonds. Dated July 11933.
Due as follows: $500 April and Oct. 1 from 1936 to 1941, incl.; $1,000 April
and $500 Oct. 1 from 1942 to 1945, incl.• $1,000 April and Oct. 1 from
.
1946 to 1948. incl.; $1,000 April and $1,500 Oct. 1 from 1949 to 1951, incl.,
and $1,500 April and Oct. 1 in 1952 and 1953. Interest is payable semiannually. 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 $250, payable to the order of the Village Treasurer, must accompany each proposal.
-SEEKS FEDERAL FUNDS.
MASSILLON, Stark County, Ohio.
The City Council on Sept. 5 voted to make application for a Federal grant
of $180,000 and a long-term loan of $420,000. The total of $600,000 will
be used to finance the construction of a sewage disposal plant.
MAYBROOK, Orange County, N. Y.
-ACTION ON PROPOSED
-The Board of Trustees on Sept. 15 deFEDERAL LOAN DEFERRED.
ferred action on the plan to inaugurate a $65,000 public works program with
funds to be sought from the Public Works Administration. It is proposed
that $18,000 of the total be obtained as a direct grant, with the balance
of $47,000, representing the Village's share of the outlay, to be raised by a
-year bond issue.
40
MEDFORD, Jackson County, Ore.
-BONDS NOT SOLD.
-The
$311,000 issue of 6% semi-ann. refunding bonds offered on Sept. 19-was not sold as no bids were received, according to the
V. 137. p• 1798
City Recorder. Dated Jan. 1 1934. Due from Jan. 1 1939 to 1953.
MEDFORD IRRIGATION DISTRICT (P. 0. Medford), Jackson
-At the election held on Sept. 8-V. 137,
-BONDS VOTED.
County, Ore.
p. 1969 the voters are stated to have approved the issuance of the
in 4% refunding bonds by a count of 116 to 1. Due in 40 years.
$460.000
MESA COUNTY (P. 0. Grand Junction), Colo.
-WARRANTS
CALLED.
-It is reported that various general, county and school warrants
are called for payment, interest to cease on school warrants 20 days from
Sept. 8, and on the general and county warrants 30 days from Sept. 8.
MILAM COUNTY (P. 0. Cameron), Tex.
-FEDERAL LOAN APPLICATION FILED.
-It is reported that the county has asked for a Federal
oan of $75,000 to be used on a proposed Records Building.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-PUBLIC WORKS
-It is said that the PWA
ADMINISTRATION MAKES ALLOTMENT.
announced on Sept. 13 that it had made an allotment of $1,850,000 to
the Board of Supervisors for the construction of a sewage system. The
allotment is said to include a grant equal to 30% of the cost of labor and
materials employed.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND SALE.
The $240,000 issue of 434% coupon semi-ann. Metropolitan Sewerage Area
bonds offered for sale on Sept. 18-V. 137, p. 1969
-was awarded to a
syndicate composed of the City Co. of New York, Inc.; the First Wisconsin
Co. of Milwaukee; the Central Republic Co. of Chicago. and the Milwaukee
Co. of Milwaukee at a price of 95.27, a basis of about 4.78%. Dated
May 11932. Due $24,000 from May 1 1943 to 1952 incl.
BONDS OFFERED FOR INVESTMENT.
-The successful bidders reoffered the above bonds for public subscription at prices to yield 4.75%
on all maturities. The bonds are said to be direct and general obligations
of the area and payable from unlimited ad valorem taxes levied against
all property therein.
MINNESOTA, State of (P. 0. St. Paul).
-TAX RATE INCREASE
-According to a statement issued by the Minnesota TaxPREDICTED.
payers' Association, the State tax levy for 1934 will be the highest in
the history of the State-around 11 mills. The increase from the 8.25
mills rate for 1933, despite economies effected by the recent Legislature,
will be caused largely by the debts accumulated through the operations
of the Rural Credit Bureau, the Association asserts.
MINNESOTA LAKE, Faribault County, Minn.
-FEDERAL FUNDS
ALLOTMENT.
-The PWA is said to have made an allotment of $2,730
to the city for a water works system extension, and the erection of an
elevated storage tank. The allotment represents a grant of 309' of the cost
of labor and materials employed. The total estimated cost of the project is
approximately $9.100. The city pays the balance out of its own revenues.
The grant is said to be subject to the completion of a contract satisfactory
to the Administration.
MINOT SCHOOL DISTRICT (P.0. Minot), Ward County, No. Dak.
-.Sealed bids will be received by the Clerk
-CERTIFICATE OFFERING.
of the Board of Education, according to report, until 10 a. m. on Sept. 30.
for the purchase of a $25,000 issue of certificates of indebtedness. Interest
rate is not to exceed 7%. Due in six months.
MISSISSIPPI, State of (P. 0. Jackson).
-PROPOSED BOND PURCHASE BY FEDERAL GOVERNMENT -It is said that Governor Conner
will discuss with the officials of the PWA the purchase of $10,000,000 of
4% bonds to be used for highway construction. The issue would be retired
through the assignment of a part of the 6
-cent gas tax, from which the
Sept. 23 1933
annual return is approximately $6.000,000. The Administration is said
to have allotted $10.000,000 to the State, and it is expected the unemployment relief fund of $2,000,000 can also be used for highway construction.
MITCHELL, Davison County, S. Dak.-NO BIDS RECEIVED.
It is stated by the City Auditor that no bids were received other than the
offer of the PWA for the four issues of serial coupon bonds aggregating
$300,000, offered on Sept. 20-V. 137, p. 2139. The issues are as follows:
$172,000 sanitary sewer: $75.500 storm sewer; $43,000 water works, and
$9,500 city hall improvement bonds. Interest rate not to exceed 4%.
Due in 20 years.
-NO VOTE ON BOND ISSUE
MOLINE, Rock Island County, 111.
-The City Clerk informs us that at the election to be held on
PLANNED.
Oct. 3 the voters will be asked to authorize an increase in the general corporate fund tax, and that a proposal to issue $60,000 airport bonds will not
-V. 137, p. 1970.
be considered, as previously reported.
-NOTES NOTSOLD.
MONROE COUNTY (P.O. Rochester), N.Y.
No bids were obtained at the offering on Sept. 20 of $1,319.000 not to exceed
69' interest tax anticipation notes dated Sept. 20 1933 and due on March 20
1934-V. 137,p.2139.
-It was subsequently reLOCAL BANKS TO PURCHASE NOTES.
ported that the notes would be purchased by a group of local banks.
-PROPOSED FEDERAL
Chippewa County, Minn.
MONTEVIDEO,
LOAN.
-In connection with the $60,000 sewer bonds that were voted on
Aug. 24-V. 137. p. 2140
-we are informed by B. 0. Brown, City Clerk,
that an application has been made to the PWA on this project.
Official Financial Statement.
.
$1,507:240. 00
Assessed valuation
Total bonded indebtedness
7,795.00
Total amount in sinking fund
86.50
Total tax rate, per $1,000
-PLANS FEDERAL LOAN.
MORENCI, Lenawee County, Mich.
The Village Council has voted to apply to the PWA for $125,000 with
which to finance the construction of a municipal electric light plant and
distribution system.
-BOND SALE.
-The $67,000 coupon
MORIAH, Essex County, N. Y.
-were awarded
or registered bonds offered on Sept. 21-V. 137, p. 2139
as 53.4s at a price of par, to the Manufacturers & Traders Trust Co. of Buffalo. The sale consisted of:
$50,000 home relief bonds. Due $5,000 on March 1 from 1934 to 1943,incl.
17,000 funding bonds. Due March 1 as follows: $2,000 from 1934 to
1941. incl., and $1,000 in 1942.
Each issue is dated March 1 1933. Bids for the bonds were as follows:
Premium.
Int. Rate.
BidderPar
Manufacturers & Traders Trust Co.(purchaser)_ _ _ _ 5;4'%
$140.70
534%
A. C. Allyn & Co
101.00
5.80%
Rutter & Co
MOUNTRAIL COUNTY SCHOOL DISTRICT NO. 120 (P. 0.
-It is reported that an election
Stanley), N. Dak.-BOND ELECTION.
will be held on Sept. 22 to vote on the proposed Issuance of $3,000 in 4%
bonds will pay off a loan to be obtained from
school erection bonds. The
the Federal Government, or elsewhere, of funds to be used for this school
house. Due from 1936 to 1945.
-PAYMENT OF DEFAULTED
MUSKEGON HEIGHTS, Mich.
-The City Council has informally agreed to pay
INTEREST PLANNED.
,
defaulted interest of $18.000, which was due in July ,August and September,
and to refund the $222,325 general obligation and $72,250 special assessment bonds which matured and have not been paid.
-PROPOSED REFERENNASHVILLE, Davidson County, Tenn.
-It is stated by the City Clerk that ordinances proDUM ELECTION.
viding for the expenditure of $3.900.000 on improvement projects have
Passed one reading in the City Council and if they are finally passed, a
referendum election will be held on Nov. 16, which, if successful, will
determine the issuance of bonds for these projects at a maximum interest
rate of 4%. It is said that the Federal Government is expected to take the
bonds if they are voted.
-PARTIAL SETTLEMENT
NEBRASKA, State of (P. 0. Lincoln).
-An Associated Press
OFFERED ON DEFAULTED DRAINAGE BONDS.
dispatch from Lincoln on Sept. 9 reported as follows on a proposal to settle
the claims of holders of outstanding drainage bonds by the payment of
25% of their face value in cash:
"A supreme court action to determine the State board of educational
lands and funds right to accept partial payment settlement for defaulting
bonds was probable Saturday as officials considered the request of a group
of Lincoln County residents to take 25% cash on $30,000 worth of drainage
district bonds belonging to the school fund.
"Governor Bryan said the board has asked Attorney General Paul
Good to decide the best method of getting the matter before the Supreme
Court and that a declaratory judgment might be requested.
"If the right were granted, he added, each case would be settled on its
merits. Farmers whose land is mortgaged for the $225,000 worth of bonds
against Drainage District No. 1 in Lincoln County claim the debt must be
scaled down or they will be unable to pay off. To get the 25% cash, they
propose to obtain a loan."
-21,500,000 BONDS PRONEW BEDFORD, Bristol County, Mass.
POSED.
-The City Council will be asked to approve of the issuance of
construction of an addition to
$1,500,000 bonds for such projects as the
the high school building, completing the main to the High Hill reservoir
and for highway improvement work. It is planned to offer the bonds as
security for funds from the $3,300,000,000 PWA appropriation.
-BONDS PUBLICLY OFFERED.
NEW HAMPSHIRE (State of).
The $950,000 336% coupon Dover Point and Bellamy River Bridge bonds
awarded on Sept. 14 to the N. W. Harris Co., Inc., of New York, at 104.52,
-are being re-offered for investa basis of about 3.01%-V. 137. p. 2140
ment at prices to yield as follows: 2.50% on the bonds due in 1939; 2.75%
in 1940, 2.80% in 1941, 2.8.5% in 1942. 2.909' in 1943. 2.959' in 1944.
and 3% for the bonds due from 1945 to 1953 incl. The issue is callable
at par and accrued interest at any time after Sept. 1 1945 upon 30 days'
advance published notice. The bankers state that the latest available
information indicates that the bonds are legal investment for savings
banks in New York, Massachusetts and other States.
-FLOATING DEBT
NEW HAVEN, New Haven County, Conn.
-The payment on Sep. 15 of $300,000 notes held
FURTHER REDUCED.
Edwardes & Co. of New York, served to reduce the total
by Leavitt.
floating indebtedness to $2,025,000. The latest payment was made from
current tax collections, although previous retirements have been made from
the proceeds of the sale in June of $2,250,000 4Y9' bonds to the Chase*
-V. 137, p. 178. Collection
National Bank of New York and associates.
of current taxes as of Sept. 13 totaled $7,135,956, as compared with
$6,429,701 at the same time in 1932, according to report.
The City plans to retire the entire $2,025,000 notes maturing on Oct. 2,
thereby liquidating the last of its floating indebtedness, it was reported
on Sept. 20. Of the notes outstanding, $1,500,000 are held by New York
banks, $.500,000 by New Haven institutions and $25,000 by the Travelers
Bank & Trust Co. of Hartford. Their retirement will be made from tax
funds now on deposit in banks and from the balance of the proceeds of the
last sale of $2.250,000 bonds, according to report. Further short-term
borrowing in amount of about $600,000 will probably be necessary later
on in the year to cover the approximately $1,400,000 of city funds tied
up in the Mechanics Bank. The amount of the projected borrowing is
the sum which it is expected will be eventually received in dividends. In
connection with the above report, it was noted that the city's bonded debt
at the present time amounts to $16,277,856.80, while the gross debt, less
the money in escrow, amounts to $17,770,281.75.
NEW JERSEY (State of).
-PROPOSED $35.000,000 FEDERAL LOAN.
-Governor A. Harry Moore announced on Sept. 20 that the Federal
Government will be asked to extend a loan of $35,000,000 for a self-liquidating water supply project in North Jersey. He stated that recommendation
would be made to the State Legislature, when it convenes on Nov. 14,
that it create a water authority,similar to the Port of New York Authority.
,
having for its purpose the financing of water supply developments in the
northern counties in the State.
NEW ORLEANS, Orleans Parish, La.
-BONDS CALLED.
-It is is
nounced by Horace P. Phillips, Secretary of the Board of Liquidation
that the eighth allotment of Constitutional bonds, bearing 4% interest
dated July 1 1892, maturing on July 1 1942, is being called for payment
on Jan. 1 1934. Interest shall cease on and after that date.
Volume 137
Financial Chronicle
2309
NEW PHILADELPHIA, Tuscarawas County, Ohio.
-BOND OFFERING.
-Sealed bids addressed to Rey L. Swinderman, City Auditor, will be
received until 12 m.on Oct. 3 for the purchase of $18,530.81 6% refunding
bonds. Dated Oct. 1 1933. One bond for $530.81, others for $1,000.
Due two bonds annually on Oct. 1 from 1934 to 1942, incl., and one bond
on Oct. 1 1943. Interest payable annually in October. A certified check
for 5% of the bonds bid for, payable to the order of the City Treasurer,
must accompany each proposal.
NEWTON SCHOOL DISTRICT NO. 46 (P. 0. Montesano), Grays
Harbor County, Wash.
-BONDS OFFERED.
-It is stated that sealed
bids were received until 10 a. m. on Sept. 22, by Asa B. Wilson, County
Treasurer, for the purchase of a $4,800 issue of school bonds. Interest
rate not to exceed 6%.Payable semi-annually. Dated Oct. 1 1933. Prin.
.
and int, payable at the office of the County Treasurer.
NEW TRIER HIGH SCHOOL DISTRICT NO. 203, Cook County,
111.-350,000 WARRANTS TO BE PAID.
-There are still outstanding a
block of $50,000 tax anticipation warrants of 1931 which were called for
payment some weeks ago. Holders are requested to present them for payment to F. A. Andrew, Township School Treasurer, Room 203 Wilmette
State Bank Bldg., Wilmette. All warrants up to No.E-6837 and to B-6156
have been legally called for payment, it is said.
NEW YORK (State of).
-CITIES REDUCE BUDGET BY 15%.
-In
a report issued on Sept. 20, the New York State Conference of Mayors
stated that the budgets of 60 cities for 1933 show an aggregate reduction
of 15%. or $123,068,329. below the total in the previous year. The amount
of appropriations for the present year is $670,001.000. This compares
with the 1928 total of $645,037.756, it is said. The gross budgets of only
eight of the cities examined were greater than in 1932, while 13 of the cities
have smaller budgets for 1933 than in 1928.
"The report further showed that the amount levied on real estate for
municipal purposes this year, exclusive of New York, is 15% less than
1932, and 2% less than 1928. It is also shown that the police appropriations
for the 60 cities this year is 7% or $5.101,082 less than 1932; for fire protection 8%, or $2,941,274 less, and health work 15%, or $847.384 less.
The total 1933 appropriations for police is 26% and for fire 8% more than
five years ago, while health appropriations have dropped 22% since 1928."
exchange of $990.000 in refunding bonds for the original issue of 6% bonds
in special road and bridge district No. 11.
It is also reported that refunding bonds for district No. 6, Clearwater.
in the amount of $950,000 will next be exchanged.
POLK COUNTY SCHOOL DISTRICT NO.29(P.O.Independence),
Ore.
-PRICE PAID.
-The $17,500 issue of school bonds that was purchased by the First National Bank of Independence as 5%s (not 45(s)
-V. 137, p. 1971-is stated to have been awarded at a price of 98.00, a
basis of about 6.40% to optional date. Due from Aug. 15 1934 to 1943,
optional after Aug. 15 1935.
PORT JERVIS, Orange County, N. Y.
-FINANCIAL STATEMENT.
-In connection with the proposed award on Sept. 25 of $50.000 not
to exceed 6% interest relief bonds, notice and description of which appeared
In V. 137,P. 2140,the following has been issued:
Financial Statement.
Gross debt (including present issue)
$906.500
Bonds outstanding-Water
$570,000
Garbage incinerator plant
30.000
Fire alarm system
23,000
East Main Street paving
25,000
Street improvement of 1931
112,000
West Main Street bridge
39.000
O'Neill judgment
3.000
Fire apparatus
4,500
Improvement bonds of 1931.series A
80,000
Relief bonds of 1933, series A
20,000
NORRISTOWN, Montgomery. County, Pa.
-BOND OFFERING.F. Lester Smith, Borough Secretary, will receive sealed bids until 12 m.
on Oct.3for the purchase of 8100.0003,3(,3%,33( or 4% coupon bonds.
Dated Oct. 15 1933. Denom.$1,000. Due $5,000 on Oct. 1 from 1934 to
1953, incl. Bonds are registerable as to principal. Bids will be received
for the entire issue, to bear one of the interest rates mentioned above.
A certified check for 2% of the amount bid for, payable to the order of the
Borough, must accompany each proposal. The bonds are being issued subject to the favorable legal opinion of Townsend, Elliott & Munson of
Philadelphia.
NORTHAMPTON, Northampton County, Pa.
-OPTION GRANTED.
-Hale A. Guss, Borough Manager, writing in connection with the disposition of the $167,000 4 % coupon sewer refunding bonds offered on
Sept. 19, states that a 30-day option on the issue has been grarted to
Leach Bros. of Philadelphia. An offer on that basis cons ituted the only
bid received for the issue. Dated Sept. 15 1933. Denom. $1,000. Due
Sept. 15 as follows: $40,000 in 1938, 1943 and 1948, $32,000 in 1952 and
$15,000 in 1954. The issue is subject to call after five years from date
of the bonds. Principal and interest(M.& S.) are payable in Northampton.
NORTHAMPTON, Northampton County, Pa.
-BOND ELECTION.
-The Borough Council has adopted an ordinance providing for the sulymission to the voters at the general election on Nov. 7 of a proposal to issue
$110,000 street paving bonds.
NORTH CAROLINA, State of (P. 0. Raleigh).
-NOTE RENEWAL.
-A news dispatch from Raleigh on Sept. 22 reports that the State has
renewed for 60 days at 43-i% a total of $3.460.300 notes held by several
banks in the State. The notes were due on Sept. 25.
NORTH KINGSTON, R. I.
-FEDERAL AGENCY MAKES ALLOTMENT OF $110,000.
-The PWA announced on Sept. 15 that an allotment
of $110,000 has been made to the Town for various construction projects,
including an artesian well, pump house, elevated tank and distribution
system for fire protection. The money was made available on the basis of
a grant of $29,700, representing 30% of the cost of labor and materials.
with the balance constituting a loan, secured by 4% general obligation
bonds of the Town.
OKLAHOMA COUNTY (P. 0. Oklahoma City), Okla.
-BOND
AGREEMENT SIGNED.
-It is reported that on Sept. 7 an agreement for a
$322,964.61 refunding bond issue to take up judgments on unpaid county
warrants for four years prior to July 1 1932 was signed by the County Commissioners and five Oklahoma City banks, which hold the judgments. The
bonds would be retired within 10 years and bear interest at 4%. The
judgments bear 6% interest.
ONTARIO TOWNSHIP (P. 0. Devils Lake), Ramsey County,
N. Dak.-BONDS NOT SOLD.
-The $5,000 issue of 5% semi-ann. funding bonds offered on Sept. 12-V. 137. p. 1970
-was not sold, as no bids
were received, according to the Township Clerk. Due $500 from May 1
1936 to 1945, inclusive.
OSHKOSH, Winnebago County, Wis.-PUBLIC WORKS ADMINISTRATION MAKES ALLOTMENT.
-On Sept. 15 the PWA is said to
have announced that it had allotted $968.000 to the city for sewage works
and treatment plants. It is reported that of this allotment a grant of
$261,000 was allowed, representing 30% of the cost of labor and materials.
The balance is to be a loan represented and secured by 4% general obligation bonds.
OSLOE TOWNSHIP (P. 0. Stanley) Mountrail aunty, N. Dak.CERTIFICATES NO3'SOLD.
-The issue of $1,000 certificates of indebtedness offered for sale on Aug. 7-V. 137. p. 905
-was not sold as no bids
were received, according to the Township Treasurer. Interest rate not to
exceed 6%.
PALISADES IRRIGATION DISTRICT (P. 0. Palisades) Douglas
County, Wash.
-BONDS VOTED.
-At the election held on Sept. 5-the vaters approved the issuance of $27,500 in 4 reV. 137, p. 1970
funding bonds by a cotuit of 40 to 0, according to the District Clerk.
PARKER, Turner County, S. Dak.-BONDS UP FOR APPROVAL.
It is reported that an election was held on Sept. 19 in order to vote on the
proposed issuance of $8,000 in pot exceeding 4% iron removal plant bonds.
Due in not more than 20 years.
PATEROS, Okanogan County, Wash.
-BOND OFFERING.
-It is
reported that sealed bids will be received by J. H. Miller, Town Clerk,
until 7 p.m. on Oct. 3 for the purchase of a $16,000 issue of water bonds.
Interest rate is not to exceed 6%. payable semi-annually. A certified check
for 5% must accompany the bid.
$11.400,730
Budget an 3
1 Tax Collection Statistics.
1
1932.
1930.
Total budget
$231,985.70 1255,083.74 $2615,73011.45 8251,469.92
9
Uncollected end of year_
23,523.70
16,181.57
18.617.25
Uncollected Sept. 9 1933 43.862.94
3,299.15
13,536.78
5,388.89
Uncollected Sept. 9 1933 for years prior to 1930. $796.34. Total tax
rate, year 1933, $30.72.
RACINE COUNTY(P.O.Racine), Wis.-BONDSALE.-The $500,000
issue of 5% semi-annual poor relief bonds offered for sale on Sept. 20V. 137, p.2141-was purchased by A. G. Becker & Co.of Chicago, according to the County Clerk. Dated Oct. 1 1933. Due from Oct. 1 1934
to 1943, inclusive.
RADCLIFFE INDEPENDENT SCHOOL DISTRICT (P. 0. Radcliffe) Hardin County, Iowa.
-BOND ELECTION.
-It is said that an
election will be held on Oct. 6 in order to vote on the proposed issuance of
$8,500 in school bonds.
RED LAKE FALLS, Red Lake County, Minn.
-BONDS VOTED.
It is reported that at an election held on Sept. 12 the voters approved the
issuance of $15,000 in community hall bonds by a substantial majority.
REDWOOD FALLS, Redwood County, Minn.
-BOND ELECTION
POSTPONED.
-We are informed by F. V. Forbes, CIO Recorder, that the
.
election scheduled for Sept. 12 to vote on the proposed issuance of $15,000
sewer bonds
-V. 137, p. 1971-has been postponed to Oct. 3 becaUse of
an opinion by the Attorney-General that the previous bond voting date
would have been contrary to the law calling a repeal election.
PATTON TOWNSHIP (P. 0. Turtle Creek, R. D. No. 1), Allegheny
-BOND SALE.
-The issue of $42,000 coupon school bonds
County, Pa.
-was awarded as 53.s to S. K. Cunoffered on Sept. 16-V. 137, P. 1616
ningham & Co. of Pittsburgh at par plus a premium of $170.20, equal to
100.429, a basis of about 5.43%. Dated Sept. 1 1933 and due on Sept.
as follows: $5,000. 1936; $8,000, 1939: $5,000 from 1940 to 1942, incl.,
and $14,000 in 1943.
PEEKSKILL, Westchester County, N. Y.
-BOND OFFERING.
Sealed bids addressed to the Village Clerk will be received until Oct. 10
for the purchase of $520,900 bonds, comprising $392.000 highway, $116,000
sewer and $12,900 centennial apparatus issues.
PEMBINE, Marinette County, Wis.-BOND ELECTION.
-It is
stated that an election will be held on Sept. 25 in order to vote on the proposed issuance of $35,000 in school building bonds. If the bonds carry,
it is expected that the town will receive 30% of the 'cost from the Federal
Government, about $10,500.
-At the elecPHILIP, Haakon County, S. Dak.-BONDS VOTED.
-the voters are said to have approved
tion held on Sept. 12-V. 137. p. 2140
the issuance of the $8,000 in water works bonds by a big majority.
PIERCE COUNTY (P. 0. Tacoma), Wash.
-BONDS NOT SOLD.
The $500,000 issue of 5%% semi-annual funding bonds offered on Sept. 18
-V. 137, p. 1616-was not sold, as there were no bids received, according
to the County Treasurer. Due from 1934 to 1943.
-BOND EXCHANGE
PINELLAS COUNTY (P. 0. Clearwater), Fla.
AUTHORIZED.
-The County Commission is said to have authorized the
$906,500
Deductions
-Water bonds
$570.000
Bonds to be issued-Relief bonds of 1933.series B
$336,500
50,000
Net debt, including bonds to be issued
Assessed valuation-Real property
Special franchise
$386,500
111.071.300
329,430
Year-
-BONDS VOTED.
-The
REMBRANDT, Buena Vista County, Iowa.
Town Clerk reports that at the election held on Sept. 13-V. 137. p. 1617
the voters approved the issuance of the $9,500 water works bonds by a
count of 59 to 12. It is said that no date of sale has been set as yet.
-At
RICE COUNTY (P. 0. Faribault), Minn.
-BONDS VOTED.
-the voters are reported to
the elections held on Sept. 12-V 137, p. 726
have approved the issuance of the $70,000 in court house bonds.
RICHLAND COUNTY SCHOOL DISTRICT NO. 12 (P.O. Sidney),
-BONDS NOT SOLD.
-We are informed by the Chairman of the
Mont.
Board of Trustees that the $3,731.47 issue of funding bonds offered on
-was not sold up to Sept. 11.
Aug. 16-V. 137, p. 1449
-BONDS VOTED.
-It is stated
RIDGEFIELD, Clark County, Wash.
by the Town Clerk that at the election held on Sept. 5-V. 137, p. 1971
the voters approved the issuance of the $16,000 in not exceeding 6% water
system bonds by a big majority. Due in 30 years, optional in 2 years.
An application is said to have been filed with the Federal Government to
take the bonds.
-BONDS VOTED.
-At the
ROCKVILLE, Stearns County, Minn.
election held on Sept. 6-V. 137, p. 1971-the voters approved the issuance
of $24,000 in water and sewer bonds by a count of 84 for to 26 against.
-BOND OFFERING.
RUSH COUNTY (P. 0. Rushville), Ind.
Edgar Stiers, County Auditor, will receive sealed bids until 10 a. m. on
Oct. 2 for the purchase of $16,390.60 not to exceed 6% interest poor relief
bonds. Dated Oct. 2 1933. Denom. $819.53. Due one bond semiannually on May 15 and Nov. 15 from 1934 to 1943 incl. Principal and
Interest (May 15 and Nov. 15) are payable at the County Treasurer's
office. A certified check for 3% of the bonds bid for, payable to the
order of the Board of County Commissioners, must accompany each
proposal. Successful bidder to furnish legal opinion.
RUTLAND INDEPENDENT CONSOLIDATED SCHOOL DISTRICT NO. 3 (P. 0. Rutland), Lake County, S. Dak.-BOND SALE
CANCELED.
-We are informed by G. J. Graff. District Clerk, that the
sale of the $21,000 school bonds
-V. 137, p. 2141
-has been canceled,
as the issue was not large enough to cover the debt. He states that the
district will offer $25,000 in bonds as soon as possible.
SAN FRANCISCO (City and County), Calif.
-WARRANT OFFERING DETAILS.
-We quote as follows from a San Francisco dispatch to
the "Wall Street Journal" of Sept. 13 regarding the offering of tax-anticipation warrants on Sept. 25. reported previously in V. 137. p. 2141:
"Board of Supervisors of San Francisco passed final ordinance setting
tax rate for 1933-34 fiscal year at $3.48 per $100 of assessed valuation.
The Board also provided for sale of tax-anticipation notes in total amount
of 85.135,000. The first block will reach the market on Sept. 25 and will
approximate $1,500,000. A similar amount will be offered in October,
with the largest block, roundly $2.000,000, to be sold in November. The
,
notes are to mature within 30 60, and 90 days and will be retired from
tax moneys collected in December.
ST. JOHN SCHOOL DISTRICT NO. 3 (P. 0. St. John), Rolette
County, N. Dak.-BOND ELECTION -It is reported that an election
will be held on Sept. 28 in order to vote on the proposed issuance of $35,000
in school bonds. It is expected that a Federal grant of 30% for labor
and materials will be given on this project.
ST. JOSEPH COUNTY (P. O. Centreville), Mich.
-$34,000 BONDS
SOLD.
-John W.Marvin,Clerk of the Board of supervisors,recently stated
that a block of $34,000 bonds of the $41,500 5% refunding issue unsuccessfully offered on June 15-V. 137, p. 180- has since been sold. The entire
issue is dated July 1 1933 and due on July 1 as follows: $3,500 from 1936
to 1946 inclusive and $3,000 in 1947.
ST. LOUIS, Mo.-POND OFFERING.
-Sealed bids will be received
until 10 a. m.(Central Standard Time) on Sept. 28 by Louis Nolte, City
3L
Comptroller, for the purchase of an issue of $1,700,000 3%. 3.. or 4%
public buildings and improvement bonds. Dated Oct. 1 1933. Due on
Oct. 1 1933. Due on Oct. 1 as follows: $296,000 in 1938; $68,000, 1939;
$70,000, 1940; $73,000, 1941; $77,000, 1942; 179,000. 1943; $85,000, 1944;
888,000. 1945: 192.000. 1946; $97,000, 1947: 1100.000, 1948: 1104.000,
1949; $110,000, 1950; $114,000, 1951: $121,000. 1952, and $126,000 in
1953. These bonds are coupon bonds, registerable as to principal or as to
principal and interest, and are exchangeable for fully registered bonds
in the denominations of 310,000, $50,000 and $100,000. Fully registered
bonds may again be exchanged for coupon bonds in the denomination of
$1,000 on payment of $2 per $1,000. Prin. and int.(A. & 0.) payable at
2310
Financial Chronicle
the National Bank of Commerce in New York City (Guaranty Trust Co.,
N. Y.). These bonds are part of an authorized issue of 8,5,372.500.
No bid at less than par and accrued interest will be considered. The full
faith, credit and resources of the city are pledged to the punctual payment
of the principal and interest of these bonds, which are payable from the
proceeds of an unlimited ad valorem tax, authorized by the State Constitution, to be levied upon all the taxable property in the city. The approving opinion of Benj. H. Charles of St. Louis will be furnished. A certified
check for 1% of the amount of bonds bid for, payable to the City Comptroller, is required. (The tentative report on this offering appeared in
V. 137, p. 2141.)
The following information is furnished with the official offering notice:
Financial Statement, Fiscal Year 1932-1933.
Assessed valuation for taxes of year 1933
$1,073,994,559.00
Value of property owned by the city
232,738,168.57
Total debt outstanding
81,885.000.00
9,320,000.00
Water works debt (included in above)
8,196,774.55
Sinking fund
575,684.62
Water works sinking fund (included in above)
Interest and sinking fund receipts and balance
5,735,447.25
5,116,965.44
Interest and sinking fund payments
Water works revenue receipts and balance
5,275,993.72
Water works revenue expenditures. including interest and
3,354,619.81
sinking fund
19,891,184.56
Municipal revenue receipts
Municipal revenue expenditures, appropriations and in20,618,914.25
cumbrances
The tax rate for taxes of 1933 is $27.40 per $1,000 of assessed valuation,
divided as follows: For the State, $1.50; schools, $8.50; interest and sinkhag fund, $3.90; municipal purposes. $13.50.
-BONDS VOTED.
ST. LOUIS COUNTY (P. 0. Duluth), Minn.
At the election held on Sept. 12-V. 137. p. 1800
-the voters approved
the issuance of the $2,000,000 4% semi-annual highway, work relief bonds.
Due in 10 years.
-PUBLIC WORKS
SACRAMENTO, Sacramento County, Calif.
-The PWA
ADMINISTRATION MAKES ALLOTMENT OF FUNDS.
announced on Sept. 13 that it had made an allotment of $11,700,000 to
the Sacramento Municipal District for a water system. It is stated that
30% of this allotment is a grant for the cost of labor and materials, estimated at approximately $2,800,000. The balance is said to be a loan secured
by 4% general obligation bonds. The allotment is subject to completion of
a satisfactory contract with the PWA, including the conditions required to
obtaining a two-thirds vote by the voters of the District, and the execution of a contract with the city, legally binding it to pay to the District
an amount sufficient for operating costs and debt service on the project.
-The Mer-TEMPORARY LOAN.
SALEM, Essex County, Mass.
chants National Bank of Salem has purchased a $300,000 revenue anticipation loan at 3% discount basis, plus a premium of $4. Due $100,000 on
April 27, May 25 and June 25 1934. The First of Boston Corp., the only
other bidder, named a rate of 3.67%.
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. 0. San
-TEMPORARY BORROWING -The
Antonio), Bexar County, Tex.
Board of Education is reported to have borrowed from the National Bank
of Commerce, and the Frost National Bank, both of San Antonio, the sum
of $1,287,000 for the maintenance and operation of public schools during
the current year. The loan will bear 6% interest and mature on June
30 1934.
-PROPOSED FEDERAL LOAN.
SANFORD, Seminole County, Fla.
-It is said that the city is seeking a loan of $75,000 from the Reconstruction Finance Corporation in order to fix the entire city sewer system.
According to report, the apFlication for this loan is now being drawn.
-REFUNDING
SAULT STE. MARIE, Chippewa County, Mich.
-The City Commission has authorized an issue of
ISSUE PLANNED.
$30,000 refunding bonds to provide for the payment of a like amount of
Water Department obligations maturing on Nov. 1 1933. The new issue
will mature serially over a period of 10 years.
-BOND OFFERING.
SEATTLE, King County, Wash.
-Sealed bids
will be received by H. W. Carroll, City Comptroller, until noon on Oct. 6,
for the purchase of two issues of bonds aggregating $1,213,000, divided as
follows: $1,128.000 arterial highway, and $85.000 bridge bonds. Denom.
$1,000. Dated Nov. 11933. The bonds will be in serial form and numbered from one up, consecutively, and shall mature annually, commencing
with the second year and ending with the 30th year after said date ofissue in
such amounts as nearly as practicable, to be specified by resolution of the
City Council, as will together with interest on all outstanding bonds of the
same series be met by an equal tax levy for the payment of said bonds and
Interest. Interest rate is not to exceed 6%,payable semi-annually. Prin.
and int. payable at the fiscal agency of the State In New York, or at the
City Treasurer office. The approving opinion of Thomson, Wood &
Hoffman of New York, will be furnished the purchaser without cost.
Bidders shall be required to furnish upon blank forms obtained from the
City Comptroller separate bids specifying (a) the lowest rate of interest
and the premium, if any, above par, at which the bidder will purchase said
bonds; or (b) the lowest rate of interest at which the bidder will purchase
said bonds at par; said bids to be without condition, interlineation, explanation or erasure. A certified check for 5% of theamou nt bid Is required.
(The above-mentioned bonds were offered for sale without success on
Sept. 8-V. 137. p. 2141.)
-Sealed bids will also be received
ADDITIONAL BOND OFFERING.
by It, W. Carroll, City Comptroller, until noon on Oct. 6, for the purchase of a $700,000 issue of sewer bonds. Interest rate is not to exceed
6%, payable semi-annually. Denom. $1,000. Dated Nov. 1 1933.
The bonds shall mature annually, commencing with the second year and
ending with the 30th year after their said date of issue, in such amounts (as
nearly as practicable) to be specified by the City Council by resolution, as
will, together with interest on all outstanding bonds of the same series, be
met by an equal annual tax levy for the payment of said bonds and interest.
These bonds are part of a $2,125,000 issue authorized at an election held on
March 9 1926. Prin. and int. payable at the fiscal agency of the State in
New York, or at the City Treasurer's office. The approving opinion of
Thomson,Wood & Hoffman of New York, will befurnished. The purchaser
will be given the privilege of taking up $300,000 of such bonds immediately,
and the balance in amount of 3100,000 or more covering a period of six
months from date of issue. A certified check for 5%, payable to the
City Comptroller, must accompany the bid.
General Bond Debt Statement July 11933.
Assessed valuation in 1932 for 1933(50% of actual)
$268,758,290.00
Constitutional limit ofindebtedness 10% ofassessed valua'n 26,875,829.00
5% of assessed valuation for light, water and
$13,437,914.50
sewer
13,437,914.50
5% of assessed valuation for gen'l purposes
14,564,150.00
The total general lien bond indebtedness of the City
Sinking fund assets-for redemption of general lien bonds_ _
1,196,804.13
Of the $14,564,150 general lien bond indebtedness listed above, $375,000
has been issued for water system, $400,000 for light and power system,
and $2,073,000 for sewer system. The principal and the interest payments
on these bonds are all being made from revenues of the respective utilities.
Included in the above sinking fund assets are $371,144.42 provided by the
water department for the redemption of water system general lien bonds,
and $335,047.75 provided by the light department for redemption of light
and power general lien bonds.
-EXCHANGE PLAN OFFERED TO
SHAKER HEIGHTS, Ohio.
.-E.P.Rudolph, Director of Finance,
HOLDERS OF MATURING BONDS
recently announced that. owing to deficient collection of taxes and assessments, the city is able to pay only 10% of the principal amount of bonds
maturing on Oct. 1 1933. Interest on that date, however, will be paid in
full. The city will offer refunding bonds in exchange for the securities
which it is unable to retire. Interest coupons should be forwarded as usual
for payment to the Central United National Bank. Cleveland. The notice
to holders of bonds due Oct. 1 1933 includes the following paragraph:
"Maturing bonds, after detaching coupons, should be retained pending
receipt of 'Plan of Exchange,' which will be forwarded, upon request, by
the corporate trust department of the above-named bank, the duly appointed agent of the city to conduct the exchange. All holders of maturing
bonds are urged to act promptly."
-BONDS VOTED.
-It is reported
SHELTON, Mason County, Wash.
that at an election held on Aug. 29, the voters approved the issuance of
$20.000 in sewer completion bonds by a wide margin. It is said that this
amount is to be matched by an equal contribution from the State.
Sept. 23 1933
SHOREWOOD HILLS (P. 0. Madison), Dane County, Wis.BONDS VOTED.
-At a special election held on Sept. 12 the voters are
stated to have approved the issuance of $60,000 in sanitary sewer bonds by
a count of 74 to 32.
SIBLEY COUNTY INDEPENDENT SCHOOL DISTRICT NO. 69
-BONDS VOTED.
-At the election held on
(P. 0. Arlington), Minn.
Sept. 12-V. 137. p. 1800
-the voters are stated to have approved the
issuance of the $49,000 slhool construction beryls. They will bear interest
at 43.1% and will mature in from 5 to 25 years after date. The District
Clerk states that these oonas will be issued to the State of Minnesota.
-WARRANTS
SNOHOMISH COUNTY (P. 0. Everett), Wash.
CALLED.
-It is reported that various school district, current expense
fund, road district No. 1, Mulkilteo Water District and Riverside Water
District warrants, were called for payment at the office of the County
Treasurer on Sept. 12.
-At the genSOMERSET, Perry County, Ohio.-BOND ELECTION.
eral election on Nov. 7 the voters will be asked to approve of the issuance of
$6.500 fire department equipment purchase bonds to mature in ten years.
It is estimated that a tax, outside of the 15
-mill limitation, of 1.50 mills
per dollar on taxable property will be necessary to provide for the payment
of principal and interest on the issue.
SOUTH ORANGE, Essex County, N. J.
-ADOPTS DELINQUENT
TAX PAYMENT PLAN-The Village Board of Trustees adopted a resolution on Sept. 18 providing that delinquent taxes may be paid quarterly,
at 7% interest, over a period of five years. This arrangement, however,
Will apply only in the case of those taxpayers who meet their current taxes
and assessments for local improvements on the legal date of payment.
The action was taken under authority of Chapter 109 of the Laws of 1933.
approved April 11 1933, it is said.
-BONDS DEFEATED.
SOUTH ST. PAUL, Dakota County, Minn.
At the election on Sept. 12-V. 137, o. 1800
-the voters are said to have
rejected the proposed issuance of $20,000 in not to exceed 6% trunk sewer
extension bonds.
-At an elecSPENCER, McCook County, S. Dak.-BONDS VOTED.
tion held recently the voters are reported to have favored the issuance of
$21,000 in water works bonds by a majority of almost 3 to 1.
-BONDS CALLED.
-It is reSPOKANE, Spokane County, Wash.
ported that the City Treasurer is calling for payment at his office on Oct. 1
various local improvement district bonds.
SPRINGFIELD, Hampden County, Mass.-IMPROVEMENTBONDS
AUTHORIZED.
-The City Council on Sept. 11 approved a bond issue
of $325,000 for the purpose of constructing an addition to the technical
high school building. It also approved of various other projects providing for a Federal loan in amount of $871,700.
SPRINGFIELD, Sangamon County, III.-PWA ALLOTS SUM OF
31.385.000.
-The city will finance the construction of a water purification
and pumping plant from the proceeds of an allotment of $1,385.000 made
recently by the PWA. Of the total, about $288,000 will be in tne form of a
grant, while the balance will constitute a loan secured by 4% city revenue
bonds oased on collections from water users.
SPRINGFIELD, Greene County, Mo.-FEDERAL LOAN APPLICATION TO BE FILED.
-At a meetirg of thE City Council held on Sept. 13
an ordinance is said to have been passed authorizing the construction of a
$2,750,000 municipa water works system with funds to be sought from the
Federal Government. It is said that the application asks 30% to be granted
to the city and 70% to be loaned at 4% interest to be repaid in 20 years,
solely from the earnings of the mu aicipal plant.
SPRINGFIELD, Clark County, Ohio.-PWA ALLOTS SUM OF
3904,364.
-It was announced by the PWA on Sept. 15 that an allotment of
$904,364 had been made to the city for sewage works purposes. The
total includes $232,500 allowed as a grant, with the balance constituting
a loan to the city and secured by 4% general obligation bonds maturing
over a period of 25 years.
-An
SPRINGVIEW, Keyapaha County, Neb.-BOND ELECTION.
election will be held on Sept. 29, according to report, to vote on the proposed issuance of $4,000 in village bonds. Interest rate not to exceed
6%. Due in 20 years, optional in 5 years.
-BONDS CALLED.
STEVENS COUNTY (P. 0. Colville), Wash.
It is reported that the County Treasurer called for payment at his office
on Sept.9 various current expense bonds.
-An
STRATFORD, Marathon County, Wis.-BOND ELECTION.
election will be held on Sept. 27 in order to have the voters pass on the proped issuance of $24.000 47 coupon annual water works bonds. Denom.
$500. Dated Nov. 11933. Due $1,000 from 1934 to 1957 incl. Prin, and
int. (Nov. 1) payable at the office of the Village Treasurer.
-BOND DEFAULT.
SULLIVAN COUNTY (P. 0. Sullivan), Ind.
Marie Ward Yant, County Auditor, under date of Sept. 8 made public a
record of the general ooligation bonds on which principal has been defaulted.
Interest payments have been fully maintained. The Auditor attributes the
default to the failure of a local bank and the failure of the Tax Adjustment
Board to make a sufficient levy last fall. The bonds in default are reported
as follows:
Purpose of IssueDate of Default. Principal in Default.
Court house construction
1932
$40,000
Court house equipment
1933
4,000
Tr -County State Park
1933
2,700
County unit road
1933
64,000
-PROPOSED FEDERAL LOAN.
SUMTER, Sumter County, S. C.
It is reported that at a recent meeting of the City Council an ordinance was
passed authorizing the Mayor to apply to tne RFC for a loan of $45,000 to
complete the city's southern sewer system.
SYRACUSE, Onondaga County, N. Y.
-BOND SALE.
-The $1.060.000 coupon or registered bonds offered on Sept. 22 were awarded as
4.20s to a syndicate composed of Halsey. Stuart & Co., Inc,: J. & W.
Seligman & Co.: Graham, Parsons & Co.; Jackson & Curtis, and Stranahan,
Harris & Co., all of New York, at a price of 100.21, a basis of about 4.16%•
The sale consisted of the following:
$500,000 welfare bonds of 1933. Due $50.000 annually on Oct. 1 from
1934 to 1943 incl.
150,000 sewer bonds of 1933. Due $15,000 annually on Oct. 1 from 1934
to 1943 incl.
130.000 general impt. bonds of 1933. Due $13,000 annually on Oct. I
from 1934 to 1943 incl.
120,000 local impt, bonds of 1933. Due $12,000 annually on Oct. 1
from 1934 to 1943 incl.
80,000 grade crossing bonds of 1933. Due $4,000 annually on Oct. I
from 1934 to 1953 incl.
80,000 street reimpt. bonds of 1933. Due $8,000 annually on Oct. 1
from 1934 to 1943 incl.
Each issue is dated Oct. 1 1933. Principal and interest (A. & 0.1 payable in lawful money of the United States at the Chase National Bank,
New York City. The bonds, it is said, are exempt from taxation under
Section 8, Chapter 24. of the Consolidated Laws, and interest thereon is
exempt from Federal income tax and from New York State income tax.
Legality of the issues has been approved by Caldwell & Raymond of New
York.
Bonds Publicly Offered.
-The successful group made immediate re-offering of the securities at prices to yield from 2.50 to 4.10%, according to
maturity. The second high bid of 100.15 for 4.20s Was tendered by Estabrook & Co. of New York and associates.
Financial Statement.
$387,189,041.00
Assessed valuation taxable property
475,000.000.00
Actual valuation taxable property (est.)
372,189,041.00
Assessed valuation real property
15.652,278.00
Assessed valuation special franchises
38,829.764.06
Bonded debt, including above issues
6.279,000.00
Water bonds, included in above (exempt debt)
Local improvement bonds, included In above (exempt debt) 3,512,500.00
771,800.15
Temporary debt
209,326
Population Census 1930
-MUNICIPAL °TYNERTARRANT CITY, Jefferson County, Ala.
SHIP OF LIGHT PLANT APPROVED.
-The following report is takeh from
a news dispatch appearing in the Memphis"Appeal" of Sept. 13:
"Municipal ownership of electric light plants and distributing system
was voted here to-day by nearly a 3 to 1 majority. Under the provisions
Volume 137
Financial Chronicle
of the election the City Council was authorized to acquire and operate
electric power facilities.
"Tarrant City was the sixth Alabama municipality to vote municipal
ownership since May 1. Florence, Sheffield, Tuscumbia, Muscle Shoals
City and Guntersville voted previously.
P TEANECK TOWNSHIP (P. 0. Teaneck) Bergen County, N. J.BONDS NOT SOLD.
-The $280,000 6% coupon or registered bonds, consisting of $251,000 improvement and $29,000 assessment issues, offered
on Sept. 12-V. 137, P. 1800
-failed of sale, as no bids were obtained.
Gated May 5 1933 and due serially on June 15 from 1934 to 1948. incl.
General and Financial Data.
(Comparative Figures)
Tax Money
Net
Tax
Town
Net
Gross
ValuaDebt
Year. Rate. Purpose,
Debt.
Debt.
lions.
%
1930-$6.08 $592,038.00 $6,211,131.64 $1,692,106.00 9.0 $21,800 853
1931_ _ 5.46 508,990.00 5,494,675.55
972,664.78 4.8
22,477.600
1932__ 5.06 588,479.00 4,997,926.82
25.433,723
799,481.00 3.7
1933__ 4.64 486,271.20
26,034,493
Note.
-In above total note that the peak in taxes, tax rate and debt
appeared in 1930, since which time there has been a steady decline in all
of these. The City Manager Form of Government went into effect Nov. 11
1930.
Taxes Outstanding Aug. 31 1933.
1933.
1932.
1931.
1929.
1930.
Taxes levied_ _ _ _81,207,023 $1,289,009 $1,235,602 $1,329,485 $1,211,792
Collections
368,935
941,844 1,139,227 1,319,869 1,206,416
Rate
30%
92%
99%
73%
98%
$638,085 $347,165 1965,374
$9,615
$5,375
These figures do not include $290.000 of tax titles against which there is
a surplus of $216,000.
Date of last sale, June 30 1933, for 1931 taxes. County, State and
school taxes are paid to date. No default on principal or interest.
Bonds outstanding as of Aug. 31 1933.
-Capital, $332,109.02. These are
paid from the budget. Assessment bonds 53,244,890.98
-these are
paid from assessment collections. Floating debt, $239.000. Tax revenue
and tax anticipation notes. Owing to trust account. Bank loans, $20,000
(included in floating debt).
Population 1933, estimated at 19,000.
TERRA BELLA IRRIGATION DISTRICT (P. 0. Terra Bella)
fulare County, Calif.
-BOND EXCHANGE PROGRESSING FAVORABLY.
-The following report is taken from a news dispatch from Terra
Bella to the Los Angeles "Times" of Sept. 14, regarding the refunding
of the old bonds of this district:
"Eighty-one per cent of the $875,000 of first issue 6% bonds of the
Terra Bella Irrigation Dstict have been taken up by the district in exchange
for the refunding bonds. The old bonds have been canceled and are in
the district vault at Terra Bella. Additional bonds are drifting into
the Bank of America in Los Angeles for exchange and it is expected that;
up to 85% of the old bonds will be included in the immediate transfer.
P THURSTON COUNTY SCHOOL DISTRICT NO. 204 (P. 0. Olym.
pia), Wash.
-BONDS OFFERED.
-Sealed bids were received until 10 a.m.
on Sept. 23 by J. R. Johnson, County Treasurer, for the purchase of a
$7.500 issue of school bonds. Interest rate not to exceed 6%.payable semiannually.
TIOGA COUNTY (P. 0. Owego), N. Y.
-BOND OFFERING.
Sealed bids addressed to E. Burt Cornell, County Treasurer, will be received until 2 p. m. on Sept. 28 for the purchase of $75.000 not to exceed
6% interest coupon or registered general bonds. Dated Oct. 1 1933.
Denoting. $1,000 and $500. Due $7,500 annually on Oct. 1 from 1934
to 1943 incl. Prin, and int. (A. & 0.) are payable in lawful money of
t lie United States at the Owego National Bank, Owego. Bidder to name
a single rate of interest for all of the bonds, expressed in a multiple of
1-10th of 1 7. A certified check for 2% of the bonds bid for, payable to
the order ofthe County Treasurer, must accompany each proposal. The
approving opinion of Hawkins, Delafield & Longfellow of New York
will be furnished the successful bidder.
TIPTON, Moniteau County, Mo.-BOND ISSUANCE APPROVED.
-It is reported that the city recently voted to issue $63,000 in water
and
sewer bonds.
TOLEDO, Lucas County, Ohio.-OCT. 1 DEBT CHARGES PARTLY
AVAILABLE.
-Carl Tillman, Acting Director of Finance, has announced
that as a result of the advance payment of $100.000 in taxes by the county,
payment is assured on Oct. 1 of maturing interest charges on the city's
general bonds and both principal and interest on special assessment
and
water works indebtedness. General bond interest due on
to $88.000, while charges on special assessment and waterthat data amounts
works bond.. total
$109.000. Mr. Tillman also stated that refunding bonds will be issued in
exchange for the $240.000 general assessment bonds which mature
1933. Holders of $275.000 of the $800,000 general assessment bondsOct. 1
which
came due on Sept. 1 have agreed to surrender them for refunding obligations, according to Mr. Tillman.
TOPEKA, Shawnee County, Kan.
-BOND ELECTION.
-The
Topeka "Capital" of Sept. 7 reports that an election will be held
in order to have the voters pass on a building program involvingon Oct. 3
ance of more than $1,000,000 in bonds. The newspaper report the issulista the
projects up for consideration on that date as follows:
Bond Projects.
Board of Education (East Topeka, junior high school, $200,000
and Sumner grade school, $125,000)
$325,000
City auditorium
350,000
Public library
100,000
City jail
105,000
Municipal airport
65,000
Straightening Shunganunga channel
23.000
Washington Street storm sewer
8,000
Locust Street storm sewer
26,000
Gage Park improvements
15,000
Deer Creek Lake
60,000
Lakewood Park improvements
25,000
Greenhouse, Gage Park
25,000
Shelter House, Gage Park
5,000
TOWNSEND, Middlesex County, Mass.
-VOTES BOND ISSUE.
At a special meeting on Sept. 15 the voters approved of the issuance of
bonds to be applied to the cost of constructing a water system The project
is expected to cost $154.000, of which $42,000 will be sought from the
PWA as a direct grant in accordance with the $3,300,000,000 public works
program.
TROY, Miami County, Ohio.
-BOND SALE.
-The issue of $16,225
paving bonds offered on Sept. 2-V. 137, p. 1450
-was awarded as 5s to
the First National Bank & Trust Co. of Troy at par plus a premium of $10.
equal to 100.06, a basis of about 4.99%. Dated Sept. 1 1933. Due
Sept. 1 as follows: $1.225 in 1935; $2,000, 1936; $1,000, 1937; $2,000, 1938;
$1,000. 1939; $2,000, 1940; $1,000, 1941, and $2,000 from 1942 to 1944 incl.
The following is an official list of the bids received at the sale:
BidderInt. Rate.
Premium.
First National Bank & Trust, Troy
,1ssel, Goetz & Moerlein, Cincinnati
4
5 %
68.00
Provident Savings & Trust, Cincinnati
42.19
Ryan, Sutherland & Co., Toledo
5
28.00
Seasongood & Mayer, Cincinnati
5
4.00
TRUMBULL COUNTY (P.O. Warren), Ohio.
-BOND OFFERING.
David II. Thomas, Clerk of the Board of County Commissioners, will reef:dye sealed bids until 2 p. m. on Oct.. 3 for the purchase of $142,800 45 7.,
refunding bonds. Dated Oct. 1 1933. Due as follows: $7,800 April and
1.7,000 Oct. 1 1935; $7.000 April and Oct. 1 from 1936 to 1943 incl., and
88,000 April and Oct. 11944. Interest is payable in A. & 0. Bids for the
bonds to bear interest at a rate other than 4si%. expressed in a multiple
of y, of 1%, will also be considered. A certified check for $1,428, payable
to the order of the County Commissioners, must accompany each proposal.
Bonds are being issued under authority of Sections 2293-5, 2293-23 and
2293-26 of the General Code of Ohio.
TURTLE CREEK SCHOOL DISTRII-T, Allegheny County, Pa.-At the election held on Sept. 19-V. 137, p. 1618
BONDS VOTED.
the voters approved of an issue of $125,000 school construction bonds by
a count of 1,044 to 787.
2311
UTICA, Oneida County, N. Y.
-BOND OFFERING.
-William S.
Pugh, City Comptroller, will receive sealed bids until 12 m. on Sept. 26
for the purchase of $553,370.71 not to exceed 5% interest coupon corporate
bonds, divided as follows:
$302,000.00 delinquent tax bonds, issued pursuant to the provisions of
Section 11 of Article V of Chapter 658 of Laws of 1923 and
Chapter 287 of Laws of 1913. Dated Sept. 1 1933. Denom.
$1,000. Due Sept. 1 as follows: $62.000 in 1934 and $60,000
from 1935 to 1938 incl. Interest is payable semi-annually.
86,370.71 public impt. bonds, issued for the purpose of providing funds
for the refund of taxes collected and paid to the city under
provision of Article 2 of the Tax Law, upon the shares of stock
of National banks in the city for the year 1926. pursuant to
Chapter 219 of the Laws of 1932. Dated Sept. 1 1933. One
bond for $370.71, others for $1,000 and $500. Due Sept. 1
as follows: $9,870.71 in 1934 and $8,500 from 1935 to 1943 incl.
Interest is payable semi-annually.
80,000.00 public impt. bonds, issued for the purpose of providing funds
for street impt. purposes. Dated Sept. 1 1933. Denom.
$1,000. Due $4,000 on Sept. 1 from 1934 to 1953 incl. Interest is payable semi-annually.
75,000.00 deferred assessment bonds, issued pursuant to Chapter 658 of
the Laws of 1923. Dated Sept. 1 1933. Denoms. $1.000 and
$500. Due $7,500 on Sept. 1 from 1934 to 1943 incl. Interest on this issue is payable annually.
10,000.00 public impt. bonds, issued for the purpose of providing funds
for the purchase and installation of a police radio system.
Dated May 151933. Denom.$1,000. Due $1.000 on May 15
from 1934 to 1943 incl. Interest is payable semi-annually.
Bidder to name a single rate of interest for all of the bonds, expressed in
a multiple of K or 1-10 of 1%. A certified check for $11,067.41, payable
to the order of the City Comptroller, must accompany each proposal.
Legality approved by Clay, Dillon & Vandewater of New York. Bonds
will be delivered to the purchaser on Oct. 18 1933, or such other time as
may by mutual agreement be determined.
Financial Statement Sept. 11933.
Property Valuations.
Assessed valuation of real estate, less exemptions
$131,719,285
Assessed valuation of special franchises
4.272,645
Assessed valuation of personal property
66.50j)
$136,058,430
Assessed valuation of real property purchased with pension
money; assessed for schools and highways
523,325
Valuation of property exempt from taxation
Total value of all property
Bonded Indebtedness.
Bonded debt, exclusive of this issue
_s.
Sinking funds and cash
Net bonded debt
$136,581,755
19,579.340
$156,161,095
$12,426,990.40
962,572.78
$11,464,417.62
VIENNA, Dorchester County, Md.-PWA ALLOTS FUNDS.Announcement has been made of the allotment of $27,000 to the town
by the PWA. The money will be used for the construction of a water works
and sewage system. The total includes $7,500 as an outright grant, with
the balance to constitute a loan secured by 4% general obligation bonds of
the town, due serially over a period of four years.
VIRGINIA BEACH, Princess Anne County, Va.-FEDERAL LOAN
APPLICATION FILED.
-An application for a loan of $168.000 is said
to have been received on Sept. 18 by the State Advisory Board for the
PWA from the above town, in order to construct a municipal sewage
disposal plant.
WALDEN, Orange County, N. Y.
-BOND SALE.
-The $86,000
coupon or registered sewer and drain bonds offered on Sept. 18-V. 137.
p. 1972
-were awarded as 5.40s to A. C. Allyn & Co. of New York at par
plus a premium of $490.20, equal to 100.57, a basis of about 5.34%. Dated
July 1 1933 and due on July 1 as follows: $3,000 from 1935 to 1944 incl.,
$2,000, 1945 to 1954 incl., and $3,000 from 1955 to 1966 incl.
The following is a list of the bids received at the sale:
BidderInt. Rate.
Premium.
A. C. Allyn & Co. (successful bidder)
5.40%
$490.20
Graham, Parsons Sr Co
5.40%
258.00
Manufacturers & Traders Trust Co
162.54
5.40%
Charles H. Drew
51.60
5.75%
Rutter & Co
5.80%
226.18
George B. Gibbons & Co., Inc
172.00
5.90%
WALLA WALLA SCHOOL DISTRICT (P.O. Walla Walla), Wash.FEDERAL LOAN APPLICATION.
-Application L. said to have been made
to the Federal Government for a loan of $21,000 to help finance school
construction, while $49,000 would be raised by a bond issue. It is said
that if the application is approved by the State and National agencies
It will then require a special election to float the issue.
r• WALLOWA, Wallowa County, Ore.
-ADDITIONAL INFORMATION.
-We are informed by the City Clerk that the $60,000 of water
system bonds recently' approved by the voters
-V. 137, p. 1801-is to
secure a loan fromt he Federal Government out of the Public Works Fund.
WARREN COUNTY (P.O. Glens Falls), N. Y.
-LIST OF BIDS.
The offering of $350,000 coupon or registered highway bonds on Sept. 6
award of which was made as 4s, at 100.689, a basis of about 3.93%
V. 137, P. 1972-attracted the following bids:
BidderInt. Rate. Premium.
Manufacturers & Traders Trust Co.; Adams, McEntee &
Co.; Kean, Taylor & Co., and A. C. Allyn & Co.,
jointly (successfully group)
$2,411.50
4
E. H. Rollins & Son
1,924.30
Roosevelt & Son
1,225.00
Blyth & Co
839.65
4
Halsey, Stuart & Co
4
735.00
Hemphill, Noyes & Co
5,031.00
4
City Co. of New York
3.289.65
43(%
Lehman Bros
2,170.00
4(%
B.J. Van Ingen & Co
4K o
451.51
WASHINGTON, State of (P. 0. Olympia).
-BONDS PARTIALLY
SOLD.
-OPTION TAKEN ON REMAINDER.
-It is stated by D. Harold
McGrath, Secretary of the State Finance Committee, that of the $3,000,000
Issue of coupon or registered general obligation bonds of 1933 offered for
sale on Sept. 18-V. 137,P.2142-a block of $1,000,000 bonds was awarded
to a syndicate headed by the Spokane Eastern Co. of Spokane, as 4s.at a
price of 100.565, with a 30
-day option on the remainder at the same price.
Dated July 1 1933. The total issue matures in from 10 to 20 years after
said date of issuance.
eel
WATERTOWN, Codington County, S. Dak.-BOND ELECTION.It is said that an election was held on Sept. 23 in order to vote on the proposed issuance of $20,000 in 4% semi-annual street impt. bonds.
WESTHOPE, Bottineau County, N. Dak.-BOND ELECTION:
An election will be held on Sept. 22, according to report, In order to vote
on the proposed issuance of $12.000 in 3h% water works construction
bonds. Due in 20 years.
WESTPORT, Essex County, N. Y.
-BOND SALE.
-The $54.500
coupon or registered water bonds offered on Sept. 15-V. 137. P. 1618
were awarded as 5.70s to the Lake Champlain National Bank of Westport,
at a price of par. Dated Sept. 1 1933 and due on Sept. 1 as follows: $2.500
in 1937 and $2,000 from 1938 to 1963, incl. The Manufacturers & Traders
Trust Co. of Buffalo the only other bidder, named an interest rate of5.90%.
WEST SPRINGFIELD, Hampden County, Mass.
-BOND SALE.
Henry E. Schmuck, Town Treasurer, reports that the issue of $82.000
CO1113011 or registered relief bonds offered on Sept. 20 was awarded as 33(s
to Brown Bros. Harriman & Co. of Boston, at a price of 100.17. a basis of
about 3.18%. Dated Sept. 11933. Due Sept. 1 as follows: $18,000 in 1934
and 216,000 from 1935 to 1938 incl.
Financial Chronicle
2312
Bids for the issue, all for 33,i% bonds, were as follows:
Bidder
Brown Bros. Harriman & Co. (purchasers)
Estabrook & Co
E.H. Rollins & Sons
Financial Statement, Sept. 1 1933.
Assessed value of real estate, 1932
$23,701.183
Assessed value of personal property. 1932
3.173,842
Motor excise tax, 1932
1.130,040
Rate Bid.
100.17
100.08
100.03
$28,005,065
Total valuation, 1932
5,677,716
Increase in valuation over 1923(10 years' growth)
The assessed valuation is based on a fair mini value.
Tax rate, 1932. was $33.60 per $1,000; 1931 was $30.00; 1930 was $30.70.
West Springfield has no outstanding taxes prior to 1932.
Bonded Indebtedness (Exclusive of This Issue).
$78,000
Total water debt (exempt)
112,500
Junior High School, 1922 (exempt)
49.000
North End Bridge, 1924 (exempt)
429.000
Habnpden County Memorial Bridge, 1915 (exempt)
508,500
All other indebtedness
$1,177,000
25,000
Total indebtedness
Less sinking fund
$1,152,000
Total net debt
The present net debt, exclusive of water debt, is 4.23% of the assessed
°
valuation. This is a reduction of 3.027 from the high a 7.25% in 1924,
when the bonds for the new bridges had just been issued.
Population: Census of 1910, 9.224; 1920, 13,443; 1925, 15326; 1930.
16,683.
-PROPOSED BOND
WHITE PLAINS, Westchester County, N. Y.
SALE POSTPONED.
-The scheduled sale of $964,000 coupon or registered
bonds, bids for which were invited until Sept. 22, was postponed. The
offering included the following:
$569,000 series A refunding bonds. Due Sept. 1 as follows: $75,000 from
1935 to 1941 incl. and $44.000 in 1942.
250,000 emergency relief bonds. Due Sept. 1 as follows: $35,000 from
1936 to 1942 incl. and $5,000 in 1943.
102,000 series B refunding bonds. Due Sept. 1 as follows: $15,000 from
1935 to 1940 incl. and $12.000 in 1941.
43,000 street 'rapt. bonds. Due Sept. 1 as follows: $5,000 from 1935 to
1942 incl. and $3,000 in 1943.
Each issue is dated Sept. 11933. Denom. $1,000. Rate of interest on the
bonds was to be named by the bidder. Said rate was not to exceed 6%.
expressed in a multiple of 1-20th of 1%. Principal and interest (M. & S.)
payable in lawful money of the United States at the Citizens Bank, White
Plains, or at the Central Hanover Bank & Trust Co., New York,at holder's
option. Legality approved by Clay, Dillon St Vandewater of New York.
Financial Statement (Sept. 7 1933).
Assessed valuation of the real estate in the city of White Plains subject
to taxation as it appears by Use assessment rolls of said city on the last
assessment for State or County taxes, is $171,755.275.
Total indebtedness of said city of all kinds as of the date of this statement
Including the proposed Issues of bonds aggregating $964,000 to be dated
Sept. 1 1933, but excluding all permanent bonds and temporary obligations
to be paid or refunded out of the proceeds of sale of said $964,000 bonds. is
$14,484,533.03.
In addition to the foregoing statement a temporary certificate of $500,000
has been issued in anticipation of tax collections, which certificate is due
Feb. 15 1934.
Included in the total indebtedness set forth in the preceding paragraph
Is $1,830,800 indebtedness incurred to provide for the supply of water.
Amount of the sinking fund on hand for the redemption of outstanding
Indebtedness of the city other than for the rededmption of said water works
indebtedness, is $54,808.57.
Tax Collection Report.
Percentage
Collected To
-Sept.
1 1933. of Collection
Year
98.81
$3,637,345.85
,45.76
"
$3.610
1930
96.15
3,922,716.48
3,771,801.23
1931
3,440.409.70
84.97
4,048,897.61
1932
2,504,427.36
4,031,298.37
62.12 0
1933
-Mayor
-BOND ISSUE SUGGESTED.
WILLISTON PARK, N. Y.
Walter E. Smith has recommended that an issue of $25,000 relief work
bonds be sold.
WOLCOTT, HURON, BUTLER AND ROSE CENTRAL SCHOOL
-BONDS
DISTRICT No. 1 (P. 0. Wolcott), Wayne County, N. Y.
-To bids were obtained at
-FURTHER OFFERING MALE.
NOT SOLD
the offering on Sept. 11 of $385,000 not to exceed 5% interest school bonds
-V.137, p. 1972. The issue is being reoffered for award on Sept. 25 with
the rate of interest increased to a limit of6%. Sealed bids will be received
until 2 p.m. on that date by W. M. Tyrrell, District Clerk. Bonds are
dated Oct. 1 1933. Denom. $1,000. Due April 1 as follows: $7,000 in
1935 and 1936; $8,000, 1937 and 1938: $9,000, 1939 and 1940; $10,000,
1941 and 1942: $11,000 from 1943 to 1946. incl.; $12,000 in 1947 and 1948:
$13.000 in 1949 and 1950; $14,000 in 1951 and 1952; $15.000 in 1953 and
1954: $16,000 in 1955: $17,000 in 1956; $18,000 in 1957 to 1959, incl.;
$19,000 in 1960 and 1961, and $20,000 in 1962 and 1963. Bidder to name
a single interest rate for all of the bonds, expressed in a multiple of 3i of 1%.
Principal and interest (A. St 0.) are payable at the First National Bank,
Wolcott, or at the Marine Midland Trust Co., New York. A certified
check for 2% of the bonds bid for, payaole to the order of the Board of
Education, must accompany each proposal. The approving opinion of
Reed, Hoyt & Washburn of New York will be furnished the successful
bidder.
Sept. 23 1933 ,
WILMINGTON, New (-male County, Del.-CONSIDERINO $5,901.
195 PUBLIC WORKS PROGRAM.
-Mayor Speer conferred with other
officials on Sept. 14 regarding a public works program involving the expenditure of $5,901,195. Federal aid will be souglat immediately on projects
estimated to cost S445,500.
WINNER, Tripp County, S. Dak.-BOND DETAILS.
-The $85,000
in water works system bonds that were voted on Sept. 5 by a wide margin
-V. 137, p. 2142
-bear interest ht 4% and mature in 20 years from date
of issue. The City Auditor reports that an application for funds has been
filed with the Federal Government.
WOODBURY COUNTY (P. 0. Sioux City), lowa.-BOND SALE.
We are informed by F. Price Smith, County Treasurer, that an issue of
$100,000 warrant funding bonds was jointly purchased recently by the
Iowa-Des Moines National Bank & Trust Co. of Des Moines and the WhitePhillips Co. of Davenport as 5s, for a premium of $261, equal to 100.261,
a basis of about 4.97%. Due $20,000 from Nov. 1 1940 to 1944, incl.
Prin. and int.(M.& N.) payable at the County Treasurer's office.
WORCESTER, Worcester County, Mass.
-CONSIDERS $3,000,000
PUBLIC WORKS PROGRAM.
-The city has under consideration a public
works program providing for the expenditure of $3,000,000. The money
will be sought from the Federal Government in connection with the activities of the PWA.
-The
WRIGHT COUNTY (P. 0. Clarion), Iowa.
-BOND SALE.
$300,000 issue of primary road bonds offered for sale on Sept. 15-V. 137,
p. 2142
-was awarded to the Iowa-Des Moines National Bank & Trust Co.
of Des Moines as 430, paying a premium of $1,715, equal to 100.571, a
basis of about 4.12% to optional date. Dated Sept. 1 1933. Due $25,000
from May 1 1935 to 1946, optional on May 1 1939.
The following bids were also received:
$1,710
Carleton D. Beh Co. of Des Moines
Glaspell, Vieth & Duncan
1,705
•
YAKIMA COUNTY SCHOOL DISTRICT No. 49 (P. 0. Yakima),
Wash.
-BOND SALE.
-The $25.000 issue of school bonds offered for sale
on Sept. 16-V. 137, p. 1972
-was purchased by the State of Washington
as 5s, at par. Coupon bonds dated Oct. 1 19'33. Denom. $500. Due in
from 2 to 20 years from date. Interest payable A. & 0. No other bids
were received.
-BONDS AUTHORIZED.YONKERS, Westchester County, N. Y.
The Common Council on Sept. 12 adopted an ordinance authorizing the
issuing of $1,123.000 not to exceed 6% interest local improvement bonds.
Issue will be dated Oct. 1 1933 and mature serially on Oct. 1 as follows:
$60,000 from 1935 to 1952 incl. and $43,000 in 1953. The action was taken
on recommendation of City Comptroller James E. Hushion.
-PROPOSED FEDERAL
YOUNGSTOWN, Mahoning County, Ohio.
LOAN.
-The City plans to make application to the PWA for $100,000 to be
expended in dam repair work. Bonds will be offered as security for the loan,
it is said.
YPSILANTI SCHOOL DISTRICT, Washtenaw County, Mich.
-Arthur G. Erickson, SuperREPORT ON BOND INTEREST DEFAULT.
tendent of Schools, under date of Sept. 21 reports as follows on the default
of Aug. 1 1933 bond interest:
"In reply to your letter of Sept. 19, the School District of the City of
Ypsilanti, Mich., was unable to pay the interest due Aug. 1. The fiscal
year of the school district beans July 1. The collection of taxes for all
operating costs and indebtedness does not begin until Dec. 1. Heretofore
it has been possible to make all necessary loans to pay all obligations, but
this year owing to the bank situation and general conditions, it was impossible to do so. The school district is willing to negotiate the loan at any time
possible and to repay it when money from taxes becomes available in December or January. The default is only temporary and if the loan cannot be
arranged In the meantime, the overdue interest will be paid in December."
CANADA, Its Provinces and Municipalities
-An issue of $40,000 5Yi% improveCOBOURG, Ont.-BOND SALE.
ment bonds was purchased recently by C. II. Burgess & Co. and J. L.
Graham & Co., both of Toronto, jointly, at a price of 101.76, a basis of
about 5.27%. Dated Oct. 1 1933 and due in 20 annual instalments.
HALIFAX, N. S.
-The Royal Securities Corp.
-BOND SALE.
Montreal recently purchased an issue of $100,000
% improvement
bonds at a price of 99.15, a basis of about 4.81%. Due serially in from
1 to 5 years.
NIAGARA FALLS, Ont.-PROPOSED BOND ISSUE.
-The city is
desirous of selling an issue of $135,000 poor relief bonds.
ST. BENOIT-JOSEPH LABRE D'AMQUI, Que.-DECLARED IN
DEFAULT.
-Public notice has been given that the Quebec Municipal
Commission will file with a Judge of the Superior Court sitting at Rimouski
on Oct. 10 a petition for the purpose of having declared in default the Cor-Joseph Labre d'Amqui, in
poration of the Parish Trustees of St. Benoit
the County of Matapedia, in conformity with Article 33 of the Quebec
Municipal Commission Act (R. S. 1925. Chapter 111a, as enacted by
22 Geo. V. ch. 56).
SASKATCHEWAN (Province of).
-$10,000,000 RELIEF EXPENDI.
,
TUtitS t(S.itLA.-lt is reportea that the ON ince may spend a total of
$10.000.000 for unemployment relief and related purposes.
WESTMOUNT, Que.-NO BOND SALE CONTEMPLATED.
-A. T.
Bell, Secretary-Treasurer, under date of Sept. 14 informs us that the city
Is not at present proposing to dispose of a bond issue. It was recently
reported that an issue of $220,000 had been authorized.
-V. 137. p. 1972.
a
Xrut Companieg
uttioneersi
CHARTERED 1853
United States Trust Company of New York
45-47 WALL STREET
4
Capital,
. . •
•
• . $2,000,000.00
$27,052,401.31
Surplus and Undivided Profits,
Adrian H. Muller & Son
Established 1837
81 William Street
NEW YORK
July 1, 1938
This Company acts as Executor, Administrator, Trustee, Guardian,
Committee, Court Depositary and in all other recognized trust capacities.
EDWARD W. SHELDON, Chairman of the Board
WILLIAM M. KINGSLEY, President
GEORGE F. LEE, Asst. Vice President
WILLIAMSON PELL, let Vice President
FREDERIC W. ROBBERT, V. Pres. & Comp. STUART L. HOLLISTER,Asst. Comptroller
LLOYD A. WAUGH, Asst. Comptroller
THOMAS H. WILSON, Vice Pres. & Sec'y
HENRY G. DI EFENBACH, Asst. Comptroller
ALTON S. KEELER, Vice President
HENRY L. SMITHERS, A at. Secretary
BENJ. STRONG, Vice President
ELBERT B. KNOWLES, Asst. Secretary
ROBERT S. OSBORNE, Asst. Vice President
ALBERT G. ATWELL, Asst. Secretary
WILLIAM C. LEE, Asst. Vice President
HENRY E. SCHAPER, Asst. Secretary
HENRY B. HENZE, Asst. Vice President
HARRY M. MANSELL Asst. Secretary
CARL 0. SAYWARD, Asst. Vice President
IRVIN A. SPRAGUE,Asst. Secretary
GEORGE MERRITT, Asst. Vice President
JAMES M. TRENA RY, Asst. Secretary
TRUSTEES
•
WILLIAMSON PELL
CORNELIUS N. BLISS
FRANK LYMAN
WILLIAM VINCENT ASTOR LEWIS CASS LEDYARD J R
JOHN J. PHELPS
GEORGE F. BAKER
JOHN SLOANE
EDWARD W. SHELDON
WILSON M.POWEL
FRANK L. POLK
ARTHUR CURTISS JAMES
JOHN P. WILSON
THATCHER M.BROWN
WILLIAM M. KINGSLEY
Stock & Bond Auctioneers
Sales Every Wednesday
H. M. CHANCE & CO.
THE SAND FLOTATION PROCESS
FOR CLEANING COAL
AND CONCENTRATING ORES
Drove' Bldg., Philadelphia, Pa
@FedFRASER